Revenue and profitability: Q4 2024 revenue of $979.64m, up 10.44% YoY and 35.55% QoQ. Gross profit $204.17m, YoY change -4.15% and QoQ up 48.38%. Operating income $116.49m, YoY up 108.44% and QoQ up 127.40%. Net income $94.35m, YoY -3.00% and QoQ +29.39%. EBITDA $124.99m, EBITDA margin approximately 12.8%. Net income margin 9.63%. Earnings per share (EPS): GAAP basic $13.84; diluted EPS reported as negative (-$19.22) due to one-time phantom stock accounting mechanics disclosed in the quarter; management notes that first-quarter margins are typically the lowest and that SG&A and other fixed costs shape quarterly dynamics. Free cash flow: $111.40m for the quarter, with operating cash flow of $115.82m and capital expenditures of $4.42m. Cash and liquidity: end-period cash and cash equivalents about $210.0m, cash at end of period $266.76m; net change in cash $82.89m; total liquidity inclusive of credit facilities sits around $338m.
Balance sheet strength: Total assets $2.606b, total liabilities $1.805b, stockholders’ equity $800.35m. Long-term debt $986.89m; net debt $776.92m; net debt to net capitalization around 49.3% (improving from higher levels in prior years). Liquidity and balance-sheet trajectory support ongoing growth investment. Growth indicators: 7.9 QMIs per community at year-end; finished QMIs total 233; 41,891 controlled lots (7.8-year supply); 147 open-for-sale communities (130 wholly owned). Land spend surged to $318m in Q4’24, marking the high-water mark in the last five years, underscoring pivot-to-growth in land development. Backlog and ramp metrics: backlog conversion reached 86% in Q4, the highest in 14 years, with 31% of deliveries in the quarter contracted in the same quarter; 72% of deliveries utilized mortgage rate buydowns, underscoring affordability-driven demand and the need for continued incentives.