Financial Performance - In Q3 2024, United Homes Group closed 369 homes, generating revenue of $118.6 million, a 35% increase from $87.7 million in Q3 2023[1][3] - Revenue for the three months ended September 30, 2024, was $118,643,955, a 35.2% increase from $87,728,091 in the same period of 2023[22] - For the nine months ended September 30, 2024, revenues were $328.9 million, compared to $304.6 million for the same period in 2023[6] - Net loss for the three months ended September 30, 2024, was $(7,339,235), a significant decrease from net income of $150,842,687 in the same period of 2023[22] - The company reported a basic loss per share of $(0.15) for the three months ended September 30, 2024, compared to earnings of $3.12 per share in the same period of 2023[22] Profitability Metrics - The gross profit percentage for Q3 2024 was 18.9%, down from 19.8% in Q3 2023, primarily due to increased sales incentives[4][7] - Gross profit for the three months ended September 30, 2024, was $22,383,027, compared to $17,410,295 in the prior year, reflecting a gross profit margin of 18.9%[22][26] - Adjusted gross profit for the three months ended September 30, 2024, was $24,480,958, with an adjusted gross profit margin of 20.6%[26] - Adjusted EBITDA for Q3 2024 was $9.0 million, slightly up from $8.8 million in Q3 2023[5][9] - Adjusted EBITDA for the three months ended September 30, 2024, was $8,978,713, reflecting a slight increase from $8,797,192 in the same period of 2023[29] - The adjusted EBITDA margin for the three months ended September 30, 2024, was 7.6%, compared to 10.0% in the same period of 2023[29] Orders and Backlog - Net new home orders increased by 25% year-over-year, totaling 341 in Q3 2024 compared to 272 in Q3 2023[2][3] - Total net new orders for the three months ended September 30, 2024, reached 341, a 25% increase from 272 in the same period of 2023[39] - The company’s total backlog inventory as of September 30, 2024, was 220 homes, with a backlog value of $79.9 million, representing a 16% increase in inventory and a 39% increase in backlog value compared to the previous year[41] Assets and Liabilities - Total assets decreased to $282,611,518 as of September 30, 2024, down from $298,647,328 at the end of 2023[21] - Total liabilities decreased to $262,822,204 as of September 30, 2024, down from $329,829,864 at the end of 2023[21] - Homebuilding debt decreased to $72,196,208 from $80,451,429 at the end of 2023[21] - Cash and cash equivalents decreased to $25,818,156 from $56,671,471 at the end of 2023[21] Equity and Retained Earnings - Total stockholders' equity for Q3 2024 was $19.8 million, with an adjusted book value of $87.7 million[2][4] - The company’s retained earnings improved to $12,257,158 as of September 30, 2024, from a deficit of $(33,981,864) at the end of 2023[21] - The company’s total stockholders' equity as of September 30, 2024, was $19,789,314, with an adjusted book value of $87,671,035 after excluding goodwill and derivative liabilities[37] Operational Expenses - SG&A expenses as a percentage of revenues were 15.8% in Q3 2024, including $1.6 million in stock-based compensation[4][8] - Adjusted SG&A for the three months ended September 30, 2024, was $16,434,672, with an adjusted SG&A percentage of 15.8%[33] - The company incurred $1,567,945 in stock-based compensation expense for the three months ended September 30, 2024[33] Market Expansion - The company plans to expand into new geographic markets focusing on positive population and employment growth trends[15] Interest and Derivative Liabilities - Interest expense in cost of sales for the three months ended September 30, 2024, was $1,524,748, slightly down from $1,531,318 in the same period of 2023[29] - The change in fair value of derivative liabilities for the three months ended September 30, 2024, was $7,784,965, compared to a loss of $(149,703,161) in the same period of 2023[29]
United Homes (UHG) - 2024 Q3 - Quarterly Results