Company: UHG
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001830188-25-000036
Chunk: 99

Company: United Homes Group, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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 to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. UHG’s computations of EBITDA and adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA of other companies. 

The following table presents a reconciliation of EBITDA and adjusted EBITDA to the GAAP financial measure of net income for each of the periods indicated (in thousands, except percentages).

Three Months Ended March 31,20252024Net income$18,180 $24,938 Interest expense in cost of sales1,501 3,513 Interest expense in other expense, net2,461 2,142 Depreciation and amortization492 450 Taxes(1,245)(1,122)EBITDA$21,389 $29,921 Stock-based compensation expense1,957 1,510 Amortization in homebuilding cost of sales(b)681 948 Abandoned project costs55 — Change in fair value of derivative liabilities(21,209)(26,380)Transaction cost expense— 1,225 Non-recurring remediation costs— 59 Adjusted EBITDA$2,873 $7,283 EBITDA margin(a)24.6 %29.7 %Adjusted EBITDA margin(a)3.3 %7.2 %

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(a) Calculated as a percentage of revenue

(b) Represents expense recognized resulting from purchase accounting adjustment

Liquidity and Capital Resources

Overview

UHG funds its operations from its current cash holdings and cash flows generated by operating activities, as well as borrowings under the revolving credit facility (“Syndicated Line”), as further described below. As of March 31, 2025, UHG had approximately $25.0 million in cash and cash equivalents, an increase of $2.4 million, from $22.6 million as of December 31, 2024. As of March 31, 2025 and December 31, 2024, UHG had approximately $61.9 million and $96.4 million, respectively, in unused committed capacity, calculated in accordance with the Syndicated Line. 

UHG believes that its current cash holdings including cash generated from continuing operations and cash available under the Syndicated Line will be sufficient to satisfy its short term and long term cash requirements for working capital to support its daily operations, meet current commitments