Company: UHG
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001830188-25-000036
Chunk: 113

Company: United Homes Group, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 113
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DA(d)$21,389 $29,921 $(8,532)(28.5)%EBITDA margin %(c)24.6 %29.7 %(5.1)%(17.2)%Adjusted EBITDA(d)$2,873 $7,283 $(4,410)(60.6)%Adjusted EBITDA margin %(c)3.3 %7.2 %(3.9)%(54.2)%

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(a)UHG had nine and six communities in closeout for the three months ended March 31, 2025 and 2024. These communities are not included in the count of “Active communities at end of period.”

(b)Average sales price of homes closed, excluding the impact of percentage of completion revenues and build to rent revenues.

(c)Calculated as a percentage of revenue

(d)Adjusted gross profit, EBITDA and adjusted EBITDA are non-GAAP financial measures. For definitions of adjusted gross profit, EBITDA and adjusted EBITDA and a reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP, see “Non-GAAP Financial Measures.”

Revenues: Revenues for the three months ended March 31, 2025 were $87.0 million, a decrease of $13.8 million, or 13.7%, from $100.8 million for the three months ended March 31, 2024. The decrease in revenues was primarily attributable to a decrease in home closings of 19.0% driven by the lower sales activity in January and February, partially offset by an increase in average sales price (“ASP”) of production-built homes of 2.9%. Additionally, for the three months ended March 31, 2024 closings included twenty-four build to rent units with significantly lower ASPs, compared to no build to rent closings for the three months ended March 31, 2025, contributing to an overall increase in ASP of 6.5%. The decline in the number of homes closed as compared to the three months ended March 31, 2024 reflected decreases of 23.5% and 7.1% in the GSH South Carolina and Rosewood reporting segments, respectively, partially offset by an increase of 275.0% in the Other segment related to the Raleigh market.

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The following table provides a summary of the Company’s revenues, home closings, and ASP in each of