Company: UHG
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001830188-25-000036
Chunk: 59

Company: United Homes Group, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 the Company was in compliance with all covenants set forth in the Credit Agreement.

Leases

The Company leases several office spaces in South Carolina under operating lease agreements with related parties, and one office space in North Carolina with a third party. The office leases have a remaining lease term of up to four years, some of which include options to extend on a month-to-month basis, and some of which include options to terminate the lease. These options are excluded from the calculation of the ROU asset and lease liability until it is reasonably certain that the option will be exercised. As of March 31, 2025, the future minimum lease payments required under these leases totaled $3.2 million, with $1.2 million payable within the next twelve months. Further information regarding Company’s leases is provided in Note 9 - Commitments and contingencies of the Notes to the Condensed Consolidated Financial Statements. 

Cash Flows

The following table summarizes UHG’s cash flows for the periods indicated (in thousands):

29

Three Months Ended March 31,20252024Net cash flows provided by (used in) operating activities$1,221 $(17,898)Net cash flows provided by (used in) investing activities63 (12,752)Net cash flows provided by financing activities1,103 2,629 

Operating activities

Net cash flows provided by operating activities during the three months ended March 31, 2025 was $1.2 million, as compared to cash flows used of $17.9 million for the three months ended March 31, 2024. The difference in cash flows period over period is an increase of $19.1 million. This change is primarily attributable to an increase in cash provided by accounts payable of $20.7 million, partially offset by a decrease in cash provided by inventory of $1.7 million.

Investing activities

Net cash provided by investing activities for the three months ended March 31, 2025 was primarily attributable to cash proceeds from the sale of property and equipment of $0.1 million. Net cash used in investing activities for the three months ended March 31, 2024 was attributable to cash paid to acquire the homebuilding assets of Creekside Custom Homes of $12.7 million.

Financing activities

Net cash provided by financing activities for the three months ended March 31, 2025 was $1.1 million compared to $2.6 million for the three months ended March