Company: UHG
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001830188-25-000036
Chunk: 54

Company: United Homes Group, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 not yet closed with customers. Backlog represents the number of homes in backlog from the previous period plus sales of homes during the current period less cancellations of existing sales contracts and home closings during the current period. A portion of the homes in backlog will not result in homes delivered due to cancellations. 

Backlog for the three months ended March 31, 2025 was 201 units, a decrease of 61 units, or 23.3%, from 262 units for the three months ended March 31, 2024. The following table provides a summary of the Company’s backlog 

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inventory, backlog value, and average sales price of backlog inventory in each of the reportable segments (backlog value in thousands):

As of March 31, 2025As of March 31, 2024Period over period changeBacklog inventoryBacklog value1Backlog ASP2Backlog inventoryBacklog value1Backlog ASP2Backlog inventoryBacklog value1Backlog ASP2GSH South Carolina181 $62,698 $346,398 249 $75,575 $303,514 (27.3)%(17.0)%14.1 %Rosewood14 10,027 716,214 10 5,978 597,800 40.0 %67.7 %19.8 %Other36 2,585 430,833 3 1,909 636,333 100.0 %35.4 %(32.3)%Total201 $75,310 $374,677 262 $83,462 $318,557 (23.3)%(9.8)%17.6 %___________________

1 Backlog value is calculated as the total contract value of homes in backlog.

2 ASP of backlog is calculated as backlog value divided by backlog inventory.

3 Other consists of UHG’s homebuilding operations in Raleigh, NC.

Non-GAAP Financial Measures

Adjusted Gross Profit

Adjusted gross profit is a non-GAAP financial measure used by management of the Company as a supplemental measure in evaluating operating performance. The Company defines adjusted gross profit as gross profit excluding the effects of capitalized interest expensed in cost of sales, amortization included in homebuilding cost of sales, abandoned project costs, non-recurring remediation costs, and severance expense in cost of sales. The Company’s management believes this information is meaningful because it separates the impact that capitalized interest