Company: UHG
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001830188-25-000036
Chunk: 112

Company: United Homes Group, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 112
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-GAAP Financial Measures” for an explanation of how UHG computes these non-GAAP financial measures and for reconciliations to the most directly comparable GAAP financial measure.

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Table of Contents

Results of Operations 

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

The following table presents summary results of operations for the periods indicated (dollar amounts in thousands except average sales price):

Three Months Ended March 31,20252024Change ($)Change (%)Statements of operationsRevenue, net of sales discounts$87,001 $100,838 $(13,837)(13.7)%Cost of sales72,873 84,744 (11,871)(13.9)%Selling, general and administrative expense16,160 17,054 (894)(5.3)%Other expense, net(2,510)(1,963)(547)27.9 %Equity in net earnings from investment in joint venture222 318 (96)(30.2)%Change in fair value of derivative liabilities21,209 26,380 (5,171)(19.6)%Income before taxes16,889 23,775 (6,886)(29.0)%Income tax benefit(1,291)(1,163)(128)11.0 %Net income$18,180 $24,938 $(6,758)(26.9)%Other financial and operating data:Active communities at end of period(a)50 63 (13)(20.6)%Home closings252 311 (59)(19.0)%Average sales price of homes closed(b)$344,784 $335,057 $9,727 2.9 %Net new orders296 384 (88)(22.9)%Cancellation rate12.7 %9.6 %3.1 %32.3 %Backlog201 262 (61)(23.3)%Gross profit$14,128 $16,094 $(1,966)(12.4)%Gross profit %(c)16.2 %16.0 %0.2 %1.3 %Adjusted gross profit(d)$16,365 $20,614 $(4,249)(20.4)%Adjusted gross profit %(c)18.8 %20.4 %(1.6)%(7.8)%EBIT