Business
United Homes Group, Inc. Reports 2024 Second Quarter Results
Second Quarter 2024 Highlights 337 homes closed, resulting in revenue, net of sales discounts, of $109.4 million Average sale price ("ASP") of
About this update from United Homes Group, Inc
[{"type":"text","content":"\nSecond Quarter 2024 Highlights\n\n\n\n337 homes closed, resulting in revenue, net of sales discounts, of $109.4 million\n\n\n\nAverage sale price (\"ASP\") of production-built homes was approximately $341,000 compared to $313,000 in Q2 2023\n\n\n\n323 net new home orders in Q2 2024 compared to 341 net new home orders in Q2 2023\n\n\n\nActive community count of 59 as of June 30, 2024\n\n\n\nApproximately 9,300 lots owned or controlled by the Company or affiliates as of June 30, 2024\n\n\n\nAvailable liquidity of $80.4 million as of June 30, 2024, comprised of $24.9 million of cash and $55.5 million of undrawn revolver 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 second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Operating Results\n\n\nFor the second quarter 2024, net income was $28.6 million, or $0.50 per diluted share, which included change in fair value of derivative liabilities of $32.1 million, with that change predominantly due to changes in fair value on potential earn-out consideration due to fluctuation in the stock price during the measurement period, representing a non-cash expense item. The earnout consideration would be paid in common shares upon reaching certain stock price hurdles. The Company is required to record the fair value of this earnout as derivative liabilities on the Condensed Consolidated Balance Sheets and to record changes in fair value of derivative liabilities on the Condensed Consolidated Statements of Operations, in each case until UHG shares reach certain predetermined values or expiration of the five year earnout period. Net income for the second quarter 2023 was $245.4 million, or $4.27 per diluted share. Total Stockholders' equity for the second quarter 2024 was $25.7 million. Adjusted book value1, which excludes the derivative liability and goodwill, was $85.6 million.\n\n\n“United Homes Group continued to execute on its long-term goals in the second quarter of acquiring lots in a capital efficient manner and building out its homebuilding platform in high-growth Southeastern markets, while selling and delivering homes that cater to the more affordable segments of the market,” said Michael Nieri, Chief Executive Officer of United Homes Group. “We delivered 337 home...