Business
United Homes Group, Inc. Reports 2023 First Quarter Results
First Quarter 2023 Highlights On March 30, 2023, closed business combination resulting in publicly-traded south east focused homebuilder with a “land-light”
About this update from United Homes Group, Inc
[{"type":"text","content":"\nFirst Quarter 2023 Highlights\n\n\n\nOn March 30, 2023, closed business combination resulting in publicly-traded south east focused homebuilder with a “land-light” operating model\n\n\n\nAverage sales price (ASP) of production-built homes increased to $314k from $272k in Q1 2022\n\n\n\n328 closed homes resulted in $94.8 million of revenues\n\n\n\nBacklog value was $103.3 million as of March 31, 2023\n\n\n\n389 net new home orders during the first quarter 2023, 128 net new home orders during April 2023\n\n\n\nActive community count of 52 as of March 31, 2023\n\n\n\nTotal lots of approximately 8,100 owned or under control of the Company or affiliates as of May 12, 2023\n\n\n\nTotal current liquidity of $151.7 million comprised of $110.9 million of cash and $40.8 million of undrawn capacity under our credit facility\n\n\n\n COLUMBIA, S.C.--(BUSINESS WIRE)--\nUnited Homes Group, Inc. (the “Company”) (NASDAQ: UHG) today announced results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Results\n\n\nOperating Results\n\n\nNet loss attributable to common stockholders was $204.5 million, or $(5.44) per diluted share, which included unrealized loss of $207.1 million predominantly due to changes in fair value on potential earn-out consideration due to increased stock price as of March 31, 2023. The earn-out consideration would be paid in common shares upon reaching certain stock price hurdles. The Company is required to record the fair value of this earn-out as derivative liabilities on the consolidated balance sheets. The net loss at March 31, 2023, is compared to net income of $17.0 million, or $0.46 per diluted share during the first quarter 2022.\n\n\n“We are pleased to share our first quarterly results as a public company,” said United Homes Group Chairman, President, and Chief Executive Officer, Michael Nieri. “While our financial results were impacted by the accounting of certain non-cash GAAP related items, we believe the underlying business performance was solid, as we generated adjusted EBITDA of approximately $9 million for the quarter and regained momentum on the sales front following the rate-induced slowdown in the back half of last year. Net new orders improved significantly relative to the fourth quarter of 2022 thanks to various strategic pricing initiatives that we implemented, which helped drive tra...