XML 18 R6.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 20,486 $ 28,826
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 341 250
Accrued incentive compensation expense 663 395
Share-based payment expense 892 0
Amortization of debt issuance costs 297 169
Equity in earnings from unconsolidated entities (184) (210)
Distributions of income from unconsolidated entities 222 272
Noncash lease expense 142 113
Provision for deferred income taxes 108 0
Other (2) 0
Changes in assets and liabilities:    
Real estate inventory (17,778) (5,162)
Deposits on real estate under option or contract (7,674) (1,034)
Other assets 4,414 1,286
Accounts payable (5,808) 3,685
Customer deposits 1,821 434
Accrued expenses and other liabilities (7,213) (2,469)
Net cash (used in) provided by operating activities (9,273) 26,555
Cash flows from investing activities:    
Purchases of property and equipment (435) (201)
Distributions of capital from unconsolidated entities 0 205
Other 5 34
Net cash (used in) provided by investing activities (430) 38
Cash flows from financing activities:    
Issuance of Class A Common stock in IPO, net of underwriting discount 172,765 0
Purchase or redemption of LLC Interests 4 0
Payment of offering costs (6,264) 0
Redemption of Class C and D units (2,600) 0
Purchase of LLC interests from Continuing Equity Owners (47,573) 0
Borrowings under revolving credit facility 13,000 15,000
Repayments under revolving credit facility (84,380) (30,000)
Payments on notes payable (2) (1)
Payments on notes payable related party (938) (25)
Proceeds from sales of real estate not owned 352 294
Payments related to repurchases of real estate not owned (3,550) (1,753)
Distributions to members of Smith Douglas Holdings LLC (16,259) (27,315)
Payment of debt issuance costs (1,851) 0
Net cash provided by (used in) financing activities 22,704 (43,800)
Net increase (decrease) in cash and cash equivalents 13,001 (17,207)
Cash and cash equivalents, beginning of period 19,777 29,601
Cash and cash equivalents, end of period 32,778 12,394
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of amounts capitalized 897 187
Cash paid for income taxes $ 0 $ 0