Company: UHG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001830188-25-000012
Chunk: 94

Company: United Homes Group, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 94
---
 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. 

Year Ended December 31,20242023Net income$46,905,740 $125,060,284 Interest expense in cost of sales8,563,039 9,385,970 Interest expense in other expense, net12,438,514 6,042,358 Depreciation and amortization1,945,296 1,217,778 Taxes(9,421,417)3,108,748 EBITDA$60,431,172 $144,815,138 Stock-based compensation expense6,475,649 7,019,183 Transaction cost expense2,428,344 3,239,637 Non-recurring loss on disposal of leasehold improvements— 331,424 Non-recurring remediation costs109,422 527,155 Amortization in homebuilding cost of sales(a)3,049,453 442,231 Severance expense1,645,076 — Abandoned project costs507,500 — Loss on extinguishment of Convertible Notes45,642,497 — Change in fair value of derivative liabilities(88,652,980)(115,904,646)Adjusted EBITDA$31,636,133 $40,470,122 EBITDA margin(b)13.0 %34.4 %Adjusted EBITDA margin(b)6.8 %9.6 %

______________________________

(a) Represents expense recognized resulting from purchase accounting adjustments 

(b) Calculated as a percentage of revenue 

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 December 31, 2024, UHG had approximately $22.6 million in cash and cash equivalents, a decrease of $34.1 million, or 60.1%, from $56.7 million as of December 31, 2023. As of December 31, 2024 and 2023, UHG had approximately $96.4 million and $24.4 million, respectively, in unused committed capacity, calculated in accordance with the Synd