Company: SDHC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001982518-25-000020
Chunk: 118

Company: Smith Douglas Homes Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 118
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.5)%Net income attributable to Smith Douglas Homes Corp.$2,683$2,972$(289)(9.7)%Earnings per share(1):    Basic$0.30 $0.34 Diluted$0.30 $0.33 Other operating data:    Home closings67156610518.6%ASP of homes closed$335$334$10.3%Net new home orders76876530.4%Contract value of net new home orders$258,718$259,440$(722)(0.3)%ASP of net new home orders$337$339$(2)(0.6)%Cancellation rate(2)8.1%10.6%(2.5)%(23.6)%Backlog homes (period end)(3)7911,110(319)(28.7)%Contract value of backlog homes (period end)$270,082$381,155$(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.