Company: SDHC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001982518-25-000020
Chunk: 47

Company: Smith Douglas Homes Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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,155$(111,073)(29.1)%ASP of backlog homes (period end)$341$343$(2)(0.6)%Active communities (period end)(4)87701724.3%Controlled lots (period end):Homes under construction9958969911.0%Owned lots88869319528.1%Optioned lots18,55912,5286,03148.1%Total controlled lots20,44214,1176,32544.8%

(1)Earnings per share for the three months ended March 31, 2024 is calculated for the period from January 11, 2024, the date of the IPO, to March 31, 2024.

(2)The cancellation rate is the total number of cancellations during the period divided by the total gross new home orders during the period.

(3)Backlog homes (period end) is the number of homes in backlog from the previous period plus the number of net new home orders generated during the current period minus the number of homes closed during the current period.

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(4)A community becomes active once the model is completed or the community has its first sale. A community becomes inactive when it has fewer than two homes remaining to sell.

Home closing revenue

Home closing revenue for the three months ended March 31, 2025, was $224.7 million, an increase of $35.5 million, or 19%, from $189.2 million for the three months ended March 31, 2024. The increase in revenue was primarily attributable to an increase of 19% in the number of homes closed. The growth in the number of homes closed as compared to the three months ended March 31, 2024 reflected increases of 32% in our Southeast segment and 4% in our Central segment. 

The following table sets forth our home closing revenue, number of home closings, and ASP of homes closed for the periods presented, in each of our reportable segments (dollar amounts in thousands):

Three months ended March 31,20252024Period over period changeHome closingrevenueHome closingsASP ofhomes closedHome closingrevenueHome closingsASP ofhomes closedHome closingrevenueHome closings ASP ofhomes closed Southeast$138,218392$353$103,494297$34834%32%1%Central86,50427931085,7152693191%4%(3)%Total$224,722