We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Smith Douglas Homes Corp | NYSE:SDHC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.20 | 0.81% | 25.02 | 25.99 | 24.01 | 24.48 | 121,103 | 22:30:00 |
|
|
|
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
|
||
(Address of principal executive offices) (Zip Code)
|
||
(
|
||
(Registrant’s telephone number, including area code)
|
||
N/A
|
||
(Former name or former address, if changed since last report)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
|
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01. |
Financial Statements and Exhibits.
|
Exhibit
No.
|
Description
|
|
Press release dated May 14, 2024
|
||
104
|
Cover Page Interactive Data File (embedded within the inline XBRL document)
|
Date: May 14, 2024
|
SMITH DOUGLAS HOMES CORP.
|
By:
|
/s/ Russell Devendorf
|
|
Russell Devendorf
|
||
Executive Vice President and Chief Financial Officer
|
• |
Net new orders increased 15% to 765
|
• |
Home closings increased 13% to 566
|
• |
Revenue increased 13% to $189.2 million
|
• |
Pre-tax income of $21.4 million
|
• |
Earnings of $0.33 per diluted share
|
• |
Backlog homes increased 19% to 1,110
|
• |
Sales value of backlog homes increased 25% to $381.2 million
|
• |
Debt-to-book capitalization of 1.3%
|
• |
Active community count increased 49% to 70 at quarter end
|
• |
Total controlled lots increased 82% to 14,117
|
Three months ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
Home closing revenue
|
$
|
189,209
|
$
|
168,144
|
||||
Cost of home closings
|
139,749
|
119,611
|
||||||
Home closing gross profit
|
49,460
|
48,533
|
||||||
Selling, general and administrative costs
|
27,541
|
19,794
|
||||||
Equity in income from unconsolidated entities
|
(184
|
)
|
(210
|
)
|
||||
Interest expense
|
698
|
245
|
||||||
Other income, net
|
(2
|
)
|
(122
|
)
|
||||
Income before income taxes
|
21,407
|
28,826
|
||||||
Provisions for income taxes
|
921
|
—
|
||||||
Net income
|
20,486
|
$
|
28,826
|
|||||
Net income attributable to non-controlling interests and LLC members prior to IPO
|
17,514
|
|||||||
Net income attributable to Smith Douglas Homes Corp.
|
$
|
2,972
|
||||||
Period from January 11,
2024 to March 31, 2024
|
||||||||
Earnings per share:
|
||||||||
Basic
|
$
|
0.34
|
||||||
Diluted
|
$
|
0.33
|
||||||
Weighted average shares of common stock outstanding:
|
||||||||
Basic
|
8,846,154
|
|||||||
Diluted
|
51,410,397
|
March 31,
2024
|
December 31, 2023
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
32,778
|
$
|
19,777
|
||||
Real estate inventory
|
234,080
|
213,104
|
||||||
Deposits on real estate under option or contract
|
64,770
|
57,096
|
||||||
Real estate not owned
|
13,617
|
16,815
|
||||||
Property and equipment, net
|
1,634
|
1,543
|
||||||
Goodwill
|
25,726
|
25,726
|
||||||
Deferred tax asset, net
|
13,054
|
—
|
||||||
Other assets
|
15,591
|
18,631
|
||||||
Total assets
|
$
|
401,250
|
$
|
352,692
|
||||
Liabilities and Stockholders’/Members’ Equity
|
||||||||
Liabilities:
|
||||||||
Accounts payable
|
$
|
11,510
|
$
|
17,318
|
||||
Customer deposits
|
8,989
|
7,168
|
||||||
Notes payable
|
4,247
|
75,627
|
||||||
Liabilities related to real estate not owned
|
13,617
|
16,815
|
||||||
Accrued expenses and other liabilities
|
19,371
|
26,861
|
||||||
Tax receivable agreement liability
|
10,401
|
—
|
||||||
Total liabilities
|
68,135
|
143,789
|
||||||
Commitments and contingencies (Note 15)
|
||||||||
Members’ equity:
|
||||||||
Class A units
|
—
|
206,303
|
||||||
Class C units
|
—
|
2,000
|
||||||
Class D units
|
—
|
600
|
||||||
Total members’ equity
|
—
|
208,903
|
||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $0.0001 par value – 10,000,000 shares authorized; none issued and outstanding as of March 31, 2024
|
—
|
—
|
||||||
Class A common stock, $0.0001 par value – 250,000,000 shares authorized; 8,846,154 shares issued and outstanding as of
March 31, 2024
|
1
|
—
|
||||||
Class B common stock, $0.0001 par value – 100,000,000 shares authorized; 42,435,897 shares issued and outstanding as
of March 31, 2024
|
4
|
—
|
||||||
Additional paid-in capital
|
56,746
|
—
|
||||||
Retained earnings
|
2,972
|
—
|
||||||
Total stockholders’ equity attributable to Smith Douglas Homes Corp.
|
59,723
|
—
|
||||||
Non-controlling interests attributable to Smith Douglas Holdings LLC
|
273,392
|
—
|
||||||
Total members’/stockholders’ equity
|
333,115
|
208,903
|
||||||
Total liabilities and stockholders’/members’ equity
|
$
|
401,250
|
$
|
352,692
|
Three months ended March 31,
|
2024
|
2023
|
||||||
|
Amount
|
Amount
|
||||||
Cash (used in) provided by operating activities
|
$
|
(9,273
|
)
|
$
|
26,555
|
|||
Cash (used in) provided by investing activities
|
$
|
(430
|
)
|
$
|
38
|
|||
Cash provided by (used in) financing activities
|
$
|
22,704
|
$
|
(43,800
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
$
|
13,001
|
$
|
(17,207
|
)
|
Three months ended March 31,
|
2024
|
2023
|
Period over period change
|
||||||||||||
|
Amount
|
Amount
|
Amount
|
Percent
|
|||||||||||
Home closings
|
566
|
500
|
66
|
13.2
|
%
|
||||||||||
ASP of homes closed
|
$
|
334
|
$
|
336
|
$
|
(2
|
)
|
(0.6
|
)%
|
||||||
Net new home orders
|
765
|
664
|
101
|
15.2
|
%
|
||||||||||
Contract value of net new home orders
|
$
|
259,440
|
$215,118
|
$
|
44,322
|
20.6
|
%
|
||||||||
ASP of net new home orders
|
$
|
339
|
$324
|
$
|
15
|
4.6
|
%
|
||||||||
Cancellation rate(1)
|
10.6
|
%
|
8.9
|
%
|
1.7
|
%
|
19.1
|
%
|
|||||||
Backlog homes (period end)(2)
|
1,110
|
934
|
176
|
18.8
|
%
|
||||||||||
Contract value of backlog homes (period end)
|
$
|
381,155
|
$
|
305,643
|
$
|
75,512
|
24.7
|
%
|
|||||||
ASP of backlog homes (period end)
|
$
|
343
|
$
|
327
|
16
|
4.9
|
%
|
||||||||
Active communities (period end)(3)
|
70
|
47
|
23
|
48.9
|
%
|
||||||||||
Controlled lots:
|
|||||||||||||||
Homes under construction
|
896
|
638
|
258
|
40.4
|
%
|
||||||||||
Owned lots
|
693
|
370
|
323
|
87.3
|
%
|
||||||||||
Optioned lots
|
12,528
|
6,734
|
5,794
|
86.0
|
%
|
||||||||||
Total controlled lots
|
14,117
|
7,742
|
6,375
|
82.3
|
%
|
1. |
The cancellation rate is the total number of cancellations during the period divided by the total gross new home orders during the period.
|
2. |
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.
|
3. |
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.
|
Three months ended March 31,
|
2024
|
2023
|
||||||||||||||||||||||
Home
closing
revenue
|
Home
closings
|
ASP of
homes
closed
|
Home
closing
revenue
|
Home
closings
|
ASP of
homes
closed |
|||||||||||||||||||
Alabama
|
$
|
39,655
|
132
|
$
|
300
|
$
|
24,067
|
81
|
$
|
297
|
||||||||||||||
Atlanta
|
62,620
|
183
|
342
|
76,174
|
235
|
324
|
||||||||||||||||||
Charlotte
|
13,464
|
34
|
396
|
12,502
|
33
|
379
|
||||||||||||||||||
Houston
|
24,030
|
74
|
325
|
—
|
—
|
—
|
||||||||||||||||||
Nashville
|
22,030
|
63
|
349
|
23,889
|
65
|
368
|
||||||||||||||||||
Raleigh
|
27,410
|
80
|
343
|
31,512
|
86
|
366
|
||||||||||||||||||
Total
|
$
|
189,209
|
566
|
$
|
334
|
$
|
168,144
|
500
|
$
|
336
|
As of March 31,
|
2024
|
2023
|
Period over period change
|
|||||||||||||||||||||||||||||||||
Backlog
homes |
Contract
value of
backlog
homes
|
ASP of
backlog
homes
|
Backlog
homes
|
Contract
value of
backlog
homes |
ASP of
backlog
homes
|
Backlog
homes
|
Contract
value of
backlog
homes
|
ASP of
backlog homes |
||||||||||||||||||||||||||||
Alabama
|
172
|
$
|
52,198
|
$
|
303
|
151
|
$
|
43,928
|
$
|
291
|
21
|
$
|
8,270
|
$
|
12
|
|||||||||||||||||||||
Atlanta
|
434
|
151,356
|
349
|
445
|
140,209
|
315
|
(11
|
)
|
11,147
|
34
|
||||||||||||||||||||||||||
Charlotte
|
93
|
36,143
|
389
|
79
|
28,229
|
357
|
14
|
7,914
|
32
|
|||||||||||||||||||||||||||
Houston
|
197
|
63,839
|
324
|
—
|
—
|
—
|
197
|
63,839
|
324
|
|||||||||||||||||||||||||||
Nashville
|
68
|
25,531
|
375
|
116
|
42,110
|
363
|
(48
|
)
|
(16,579
|
)
|
12
|
|||||||||||||||||||||||||
Raleigh
|
146
|
52,088
|
357
|
143
|
51,167
|
358
|
3
|
921
|
(1
|
)
|
||||||||||||||||||||||||||
Total
|
1,110
|
$
|
381,155
|
$
|
343
|
934
|
$
|
305,643
|
$
|
327
|
176
|
$
|
75,512
|
$
|
16
|
Three months ended March 31,
|
2024
|
2023
|
Period over
period change
|
|||||||||
Net income:
|
||||||||||||
Alabama
|
$
|
4,604
|
$
|
2,241
|
$
|
2,363
|
||||||
Atlanta
|
14,571
|
19,549
|
(4,978
|
)
|
||||||||
Charlotte
|
1,624
|
1,933
|
(309
|
)
|
||||||||
Houston
|
3,366
|
—
|
3,366
|
|||||||||
Nashville
|
2,313
|
3,231
|
(918
|
)
|
||||||||
Raleigh
|
4,810
|
7,231
|
(2,421
|
)
|
||||||||
Segment total
|
31,288
|
34,185
|
(2,897
|
)
|
||||||||
Corporate(1)
|
(10,802
|
)
|
(5,359
|
)
|
(5,443
|
)
|
||||||
Total
|
$
|
20,486
|
$
|
28,826
|
$
|
(8,340
|
)
|
(1)
|
Corporate primarily includes corporate overhead costs, such as payroll and benefits, business insurance, information technology, office costs,
outside professional services and travel costs, and certain other amounts that are not allocated to the reportable segments.
|
• |
Total debt, less cash and cash equivalents, divided by
|
• |
Total debt, less cash and cash equivalents, plus stockholders’/members’ equity.
|
As of
(in thousands, except percentages)
|
March 31,
2024
|
December 31,
2023
|
||||||
Notes payable
|
$
|
4,247
|
$
|
75,627
|
||||
Stockholders’/Members’ equity
|
333,115
|
208,903
|
||||||
Total capitalization
|
$
|
337,362
|
$
|
284,530
|
||||
Debt-to-book capitalization
|
1.3
|
%
|
26.6
|
%
|
||||
Notes payable
|
$
|
4,247
|
$
|
75,627
|
||||
Less: cash and cash equivalents
|
32,778
|
19,777
|
||||||
Net debt
|
(28,531
|
)
|
55,850
|
|||||
Stockholders’/Members’ equity
|
333,115
|
208,903
|
||||||
Total net capitalization
|
$
|
304,584
|
264,753
|
|||||
Net debt-to-book capitalization
|
(9.4
|
)%
|
21.1
|
%
|
|
||||||||
Three months ended March 31,
(in thousands, except percentages)
|
2024
|
2023
|
||||||
Net income
|
$
|
20,486
|
$
|
28,826
|
||||
Provision for income taxes
|
921
|
—
|
||||||
Income before income taxes
|
21,407
|
28,826
|
||||||
Tax-effected adjustments(1)
|
5,352
|
7,207
|
||||||
Adjusted net income
|
$
|
16,055
|
$
|
21,619
|
(1)
|
For the year ended December 31, 2023 and 2022, our tax expenses assumes a 25.0% federal and state blended tax rate (assuming 100% public ownership to adjust for the impact of
taxes on earnings attributable to Smith Douglas Holdings LLC as if Smith Douglas Holdings LLC was a subchapter C corporation in the periods presented).
|
Document and Entity Information |
May 14, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 14, 2024 |
Entity File Number | 001-41917 |
Entity Registrant Name | Smith Douglas Homes Corp. |
Entity Central Index Key | 0001982518 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 93-1969003 |
Entity Address, Address Line One | 110 Village Trail, Suite 215 |
Entity Address, City or Town | Woodstock |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30188 |
City Area Code | 770 |
Local Phone Number | 213-8067 |
Title of 12(b) Security | Class A common stock, $0.0001 par value per share |
Trading Symbol | SDHC |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Smith Douglas Homes Chart |
1 Month Smith Douglas Homes Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions