Company: SDHC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001982518-25-000020
Chunk: 19

Company: Smith Douglas Homes Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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,040 $76,865 $330,298 $407,163 

See accompanying notes to unaudited condensed consolidated financial statements.

11

SMITH DOUGLAS HOMES CORP.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

 Three months ended March 31, 20252024Cash flows from operating activities:  Net income$18,710 $20,486 Adjustments to reconcile net income to net cash used in operating activities:  Depreciation486 341 Accrued incentive compensation expense151 663 Share-based payment expense612 892 Abandonment of lot option contracts716 — Impairment of real estate inventory642 — Amortization of debt issuance costs223 297 Equity in earnings from unconsolidated entities(219)(184)Distributions of income from unconsolidated entities332 222 Non-cash lease expense214 142 Provision for deferred income taxes139 108 Other(8)(2)Changes in assets and liabilities:  Real estate inventory(19,471)(17,778)Deposits on real estate under option or contract(17,029)(7,674)Other assets(11,510)4,414 Accounts payable2,678 (5,808)Customer deposits284 1,821 Accrued expenses and other liabilities(11,855)(7,213)Net cash used in operating activities(34,905)(9,273)   Cash flows from investing activities:  Purchases of property and equipment(1,035)(435)Investments in unconsolidated entities(1,086)— Other15 5 Net cash used in investing activities(2,106)(430)   Cash flows from financing activities:  Issuance of Class A common stock in IPO, net of underwriting discount— 172,765 Issuance of Class B common stock— 4 Payment of offering costs— (6,264)Redemption of Class C and D units— (2,600)Purchase of LLC interests from Continuing Equity Owners— (47,573)Borrowings under revolving credit facility66,000 13,000 Repayments under revolving credit facility(26,000)(84,380)Payments on notes payable(412)(2)Payments on notes payable - related party— (938)