Business
United Homes Group, Inc. Reports 2023 Second Quarter Results
Second Quarter 2023 Highlights Average sale price (ASP) of production-built homes increased to $313,000 from $300,000 in Q2 2022 385 homes closed resulted in
About this update from United Homes Group, Inc
[{"type":"text","content":"\nSecond Quarter 2023 Highlights\n\n\n\nAverage sale price (ASP) of production-built homes increased to $313,000 from $300,000 in Q2 2022\n\n\n\n385 homes closed resulted in $122.1 million of revenues\n\n\n\n341 net new home orders during Q2 2023\n\n\n\nBacklog value was $94.2 million as of June 30, 2023\n\n\n\nActive community count of 53 as of June 30, 2023\n\n\n\nApproximately 8,000 lots owned or controlled by the Company or affiliates as of June 30, 2023\n\n\n\nTotal liquidity of $178.7 million as of June 30, 2023, comprised of $92.7 million of cash and $86.0 million of undrawn revolver capacity under our credit facility\n\n\n\nSubsequent to the second quarter, closed on new credit facility for $240 million with 3-year term, increasing liquidity by $90 million.\n\n\n\n COLUMBIA, S.C.--(BUSINESS WIRE)--\nUnited Homes Group, Inc. (the “Company”) (NASDAQ: UHG) today announced results for the second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Operating Results\n\n\nFor the second quarter 2023, net income was $245.4 million, or $4.27 per diluted share, which included change in fair value of derivative liabilities of $242.3 million, predominantly due to changes in fair value on potential earn-out consideration due to fluctuation in the stock price during the measurement period. The earn-out consideration would be paid in common shares upon reaching certain stock price hurdles. The Company is required to record the non-cash fair value of this earn-out as derivative liabilities on the consolidated balance sheets until UHG shares reach certain predetermined values. Excluding the derivative liability, our adjusted book value1 was $91.0 million. Net income for the second quarter 2022 was $25.9 million, or $0.69 per diluted share.\n\n\n“United Homes Group produced solid results in the second quarter of 2023, generating adjusted EBITDA2 of approximately $13.1 million,” said Michael Nieri, Chief Executive Officer of United Homes Group. “Order activity throughout the quarter was strong, and as the mix of closings with high lumber costs started to decline, we began realizing margin expansion. Based on current market conditions and what’s already in backlog, we expect to see further sequential margin improvement in the second half of the year.”\n\n\nKeith Feldman, Chief Financial Officer commented, “Our balance sheet is solid with ...