Fri, Mar 21, 8:35 PM (37 days ago)
### Financial Performance - **Revenue**: $975.5 million in 2024, up 27.6% from $764.6 million in 2023. - **Net Income**: $111.8 million in 2024, down 9.2% from $123.2 million in 2023. - **Earnings per Share (EPS)**: $1.82 basic and $1.81 diluted for 2024. - **Home Closings**: 2,867 homes in 2024, up 24.8% from 2,297 homes in 2023. - **Average Selling Price (ASP)**: $340,000 in 2024, up 2.1% from $333,000 in 2023. ### Strategic Overview - **Market Position**: Focus on entry-level and empty-nest homebuyers in high-growth markets. - **Operational Efficiency**: Employs a land-light, production-focused, and conservatively leveraged business model. - **Growth Strategy**: Plans to expand within existing markets and enter new markets. ### Future Outlook - **Market Demand**: Optimistic about long-term demand due to favorable homebuyer demographics. - **Financial Performance**: Expects consistent growth and strong risk-adjusted returns. - **Operational Efficiency**: Continues to focus on efficient construction processes and cost management. ### Risk Factors - **Economic Conditions**: Sensitivity to interest rates, inflation, and housing market fluctuations. - **Operational Risks**: Dependence on third-party land developers and suppliers. - **Financial Risks**: Exposure to changes in financing costs and availability. ### Financial Condition - **Liquidity**: $22.4 million in cash and cash equivalents as of December 31, 2024. - **Debt**: $3.1 million in notes payable as of December 31, 2024. - **Credit Facility**: $250.0 million revolving credit facility with a maturity date of January 16, 2027. ### Market Position Changes - **Segment Performance**: Southeast segment showed a 7.3% increase in net income, while the Central segment showed a 10.0% increase. - **Community Growth**: 78 active communities as of December 31, 2024, up 13.0% from 69 communities in 2023.