Company: SDHC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001982518-25-000020
Chunk: 46

Company: Smith Douglas Homes Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 Condition and Results of Operations of our Annual Report.

Results of Operations Data

The results of operations data in the following tables for the periods presented have been derived from the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

31

Comparison of three months ended March 31, 2025 and 2024

The following table sets forth our statements of income and other operating data for the periods presented (amounts in thousands):

 Three months ended March 31,Year over year change 20252024AmountPercentConsolidated Statements of Income Data:Home closing revenue$224,722$189,209$35,51318.8%Cost of home closings171,192139,74931,44322.5%Home closing gross profit53,53049,4604,0708.2%Selling, general, and administrative costs32,99927,5415,45819.8%Equity in income from unconsolidated entities(219)(184)(35)19.0%Interest expense666698(32)(4.6)%Other expense (income), net517(2)519(25950.0)%Income before income taxes19,56721,407(1,840)(8.6)%Provision for income taxes857921(64)(6.9)%Net income18,71020,486(1,776)(8.7)%Net income attributable to non-controlling interests and LLC members prior to IPO16,02717,514(1,487)(8.5)%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