Dream Finders Homes, Inc. (DFH) reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $1,006.9 million for the three months ended September 30, 2024, marking a 12.4% increase from $895.8 million in the same period of 2023. Homebuilding revenues specifically rose to $986.3 million, up from $893.5 million, reflecting a 10% increase. For the nine months ended September 30, 2024, total revenues reached $2,890.9 million, compared to $2,610.6 million in the prior year, indicating a growth of 10.7%.
Despite the revenue growth, net and comprehensive income for the third quarter decreased to $71.6 million from $79.6 million year-over-year. For the nine-month period, net income increased to $210.1 million from $203.0 million in 2023. Earnings per share (EPS) for the third quarter were $0.72, down from $0.79, while for the nine months, EPS rose to $2.10 from $1.98.
The company’s total assets increased significantly to $3,324.7 million as of September 30, 2024, up from $2,562.4 million at the end of 2023. This growth was driven by a rise in inventories, which reached $2,060.2 million, compared to $1,440.2 million at the end of 2023. Goodwill also saw a substantial increase to $300.3 million, primarily due to the acquisition of Crescent Homes for $210.4 million, completed on February 1, 2024. This acquisition contributed approximately 12% to total revenues for the quarter.
The company’s liabilities also rose, totaling $2,034.9 million as of September 30, 2024, compared to $1,476.3 million at the end of 2023. The increase in debt was associated with the financing of acquisitions and higher construction lines of credit, which amounted to $991.2 million.
In terms of operational performance, home closings increased by 5% to 1,889 homes in the third quarter, while net new orders rose by 9% to 1,680 homes. The average selling price of homes closed in the third quarter was $518,553, reflecting a 3% increase from the previous year.
The company also reported a significant increase in cash used in operating activities, totaling $(563.1) million for the nine months ended September 30, 2024, compared to $154.8 million in the same period of 2023. This change was attributed to higher inventories and lot deposits. Conversely, net cash provided by financing activities improved to $445.0 million, a turnaround from $(182.6) million in the previous year, largely due to increased borrowings.
Overall, Dream Finders Homes, Inc. continues to expand its market presence through strategic acquisitions while navigating challenges posed by market conditions, including elevated mortgage rates and inflationary pressures.
About Dream Finders Homes, Inc.
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