FALSE000183018800018301882024-08-082024-08-080001830188us-gaap:CommonClassAMember2024-08-082024-08-080001830188us-gaap:WarrantMember2024-08-082024-08-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 8, 2024
UNITED HOMES GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-39936
85-3460766
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification Number)
917 Chapin Road
Chapin, South Carolina
29036
(Address of principal executive offices)
(Zip Code)
(844) 766-4663
Registrant’s telephone number, including area code
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Class A Common Shares, par value $0.0001 per share
UHG
The Nasdaq Stock Market LLC
Warrants, each exercisable for one Class A Common Share for $11.50 per share
UHGWW
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02. Results of Operations and Financial Condition
On August 8, 2024, United Homes Group, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2024. The press release is being furnished hereto as Exhibit 99.1. The information in this Item 2.02, including the Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
Exhibit No.Description
99.1
104
Cover page interactive data file (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 8, 2024
United Homes Group, Inc.
By:/s/ Keith Feldman
Name:Keith Feldman
Title:Chief Financial Officer


Exhibit 99.1
UNITED HOMES GROUP, INC. REPORTS 2024 SECOND QUARTER RESULTS

Second Quarter 2024 Highlights
•337 homes closed, resulting in revenue, net of sales discounts, of $109.4 million
•Average sale price ("ASP") of production-built homes was approximately $341,000 compared to $313,000 in Q2 2023
•323 net new home orders in Q2 2024 compared to 341 net new home orders in Q2 2023
•Active community count of 59 as of June 30, 2024
•Approximately 9,300 lots owned or controlled by the Company or affiliates as of June 30, 2024
•Available liquidity of $80.4 million as of June 30, 2024, comprised of $24.9 million of cash and $55.5 million of undrawn revolver capacity under our credit facility
COLUMBIA, SC., August 8, 2024 / United Homes Group, Inc. (the “Company”) (NASDAQ: UHG) today announced results for the second quarter ended June 30, 2024.
Second Quarter 2024 Operating Results
For the second quarter 2024, net income was $28.6 million, or $0.50 per diluted share, which included change in fair value of derivative liabilities of $32.1 million, with that change predominantly due to changes in fair value on potential earn-out consideration due to fluctuation in the stock price during the measurement period, representing a non-cash expense item. The earnout consideration would be paid in common shares upon reaching certain stock price hurdles. The Company is required to record the fair value of this earnout as derivative liabilities on the Condensed Consolidated Balance Sheets and to record changes in fair value of derivative liabilities on the Condensed Consolidated Statements of Operations, in each case until UHG shares reach certain predetermined values or expiration of the five year earnout period. Net income for the second quarter 2023 was $245.4 million, or $4.27 per diluted share. Total Stockholders' equity for the second quarter 2024 was $25.7 million. Adjusted book value1, which excludes the derivative liability and goodwill, was $85.6 million.
“United Homes Group continued to execute on its long-term goals in the second quarter of acquiring lots in a capital efficient manner and building out its homebuilding platform in high-growth Southeastern markets, while selling and delivering homes that cater to the more affordable segments of the market,” said Michael Nieri, Chief Executive Officer of United Homes Group. “We delivered 337 homes in the second quarter of 2024, generating revenue of $109 million, and ended the quarter with roughly 9,300 lots owned and controlled. With over 95% of these lots controlled via option agreement or land banking arrangement, we feel we are in a great position to capitalize on our land-light operating model.”
Revenue, net of sales discounts, for the second quarter 2024 was $109.4 million, compared to $122.1 million in the second quarter 2023. Home closings during the second quarter 2024 were 337 compared to 385 in the second quarter 2023. Net new home orders during the second quarter 2024 were 323 compared to 341 in the second quarter 2023. ASP of 299 production-built homes (which excludes 38 general contractor, custom, and build-to-rent homes) closed during the second quarter 2024 was approximately $341,000, compared to $313,000 during the second quarter 2023 for 376 production-built homes (which excludes nine general contractor and custom homes), representing an 8.9% increase. The increase is primarily attributable to changes in product mix as a result of acquisitions.
Gross profit as a percentage of revenue during the second quarter of 2024 was 17.9% compared to 19.6% during the second quarter 2023. Adjusted gross profit as a percentage of revenue2 in the second quarter 2024 was 20.9%, compared to 21.4% in the second quarter 2023. UHG's adjusted gross profit percentage decreased slightly due largely to the Company continuing to offer attractive sales incentives to homebuyers. Gross profit percentage decreased by a larger margin due to amortization of purchase accounting adjustments from acquisitions, severance costs from a June 2024 workforce reduction and abandoned project costs, partially offset by a reduction in interest expense in cost of sales.
Selling, general and administrative expenses ("SG&A") as a percentage of revenues was 17.9% in the second quarter 2024, which included $1.8 million of stock-based compensation, $1.2 million related to severance costs associated with the June
1 Adjusted book value is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures.”
2 Adjusted gross profit percentage is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures.”
1

2024 workforce reduction, and $0.5 million of transaction-related expenses. Excluding stock-based compensation, severance costs, and transaction-related expenses, Adjusted SG&A3 for the second quarter 2024 was 14.7% of revenues.
Adjusted EBITDA4 during the second quarter 2024 was $7.7 million compared to $13.1 million during the second quarter 2023.
Six Months Ended June 30, 2024 Operating Results
For the six months ended June 30, 2024, net income was $53.6 million, or $0.93 per diluted share, which included change in fair value of derivative liabilities of $58.4 million, with that change predominantly due to changes in fair value on potential earn-out consideration due to fluctuation in the stock price during the measurement period, representing a non-cash expense item. Net income for the six months ended June 30, 2023 was $40.9 million, or $0.89 per diluted share.
Revenues for the six months ended June 30, 2024 were $210.3 million, compared to $216.9 million in the six months ended June 30, 2023. Home closings during the six months ended June 30, 2024 were 648 compared to 713 in the six months ended June 30, 2023. Net new orders during the six months ended June 30, 2024 were 707 compared to 730 in the six months ended June 30, 2023.
Gross profit percentage during the six months ended June 30, 2024 was 17.0% compared to 18.8% during the six months ended June 30, 2023. Adjusted gross profit percentage in the six months ended June 30, 2024 was 20.7%, compared to 20.9% in the six months ended June 30, 2023.
SG&A expenses as a percentage of revenues was 17.4% in the six months ended June 30, 2024, which included $3.4 million of stock-based compensation, $1.2 million related to severance costs associated with the June 2024 workforce reduction, and $1.7 million of transaction-related expenses. Excluding these stock-based compensation, severance costs, and transaction-related expenses, Adjusted SG&A for the six months ended June 30, 2024 was 14.5% of revenues.
Adjusted EBITDA during the six months ended June 30, 2024 was $14.9 million compared to $21.6 million during the six months ended June 30, 2023.
Earnings Conference Call
The Company will host a conference call via live webcast for investors and other interested parties beginning at 8:30 a.m. Eastern Time on Thursday, August 8, 2024. Interested parties can listen to the call live and view the related slides on the Internet under the Events & Presentations heading in the Investors section of the Company’s website at www.unitedhomesgroup.com. Listeners should log into the website at least fifteen minutes prior to the call to download and install any necessary audio software. The call can also be accessed toll free at 800-715-9871, or 646-307-1963 for international participants, Conference ID: 3266426. Those dialing in should do so at least ten minutes prior to the start of the call. An archive of the webcast will also be available on the Company’s website.
About United Homes Group, Inc.
UHG is a publicly traded residential builder headquartered in Columbia, SC. The company focuses on southeastern markets with 59 active communities in South Carolina, North Carolina and Georgia.
UHG employs a land-light operating strategy with a focus on the design, construction and sale of entry-level, first move-up and second move-up single-family houses. UHG currently designs, builds and sells detached single-family homes, and, to a lesser extent, attached single-family homes, including duplex homes and town homes in three major market regions in South Carolina: Midlands, Upstate, and Coastal, and also has a presence in Georgia and North Carolina. UHG seeks to operate its homebuilding business in high-growth markets, with substantial in-migrations and employment growth.
Under its land-light lot operating strategy, UHG controls its supply of finished building lots through lot option contracts with third parties, related parties, including its Land Development Affiliates, and land bank partners, which provide UHG with the right to purchase finished lots after they have been developed by the applicable third party or related party. This land-light operating strategy provides UHG with the ability to amass a pipeline of lots without the same risks associated with acquiring and developing raw land.
3 Adjusted SG&A is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures.”
4 Adjusted EBITDA is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures.”
2

As UHG reviews potential geographic markets into which it could expand its homebuilding business, either organically or through strategic acquisitions, it intends to focus on selecting markets with positive population and employment growth trends, favorable migration patterns, attractive housing affordability, low state and local income taxes, and desirable lifestyle and weather characteristics.
Forward-Looking Statements
Certain statements contained in this earnings release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “continue,” or other similar words.
Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, our management and involve uncertainties that could significantly affect our financial results. Such statements include, but are not limited to, statements about our future financial performance, strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation:
•disruption in the terms or availability of mortgage financing or an increase in the number of foreclosures in our markets;
•volatility and uncertainty in the credit markets and broader financial markets;
•a slowdown in the homebuilding industry or changes in population growth rates in our markets;
•shortages of, or increased prices for, labor, land or raw materials used in land development and housing construction, including due to changes in trade policies;
•material weaknesses in our internal control over financial reporting that we have identified, which, if not corrected, could affect the reliability of our consolidated financial statements;
•our ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined business to grow and manage growth profitably;
•our ability to execute our business model, including the success of our operations in new markets and our ability to expand into additional new markets;
•our ability to successfully integrate homebuilding operations that we acquire;
•delays in land development or home construction resulting from natural disasters, adverse weather conditions or other events outside our control;
•changes in applicable laws or regulations;
•the outcome of any legal proceedings;
•our ability to continue to leverage our land-light operating strategy;
•the ability to maintain the listing of our securities on Nasdaq or any other exchange; and
•the possibility that we may be adversely affected by other economic, business or competitive factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
For further information regarding other risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the documents we file from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and our quarterly reports on
3

Form 10-Q, copies of which may be obtained from our website at https://ir.unitedhomesgroup.com/financials/sec-filings/default.aspx
Investor Relations Contact:
Drew Mackintosh
drew@mackintoshir.com
Mobile:  310-924-9036
Media Contact:
Erin Reeves McGinnis
erinreevesmcginnis@unitedhomesgroup.com
Phone: 844-766-4663
4

UNITED HOMES GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2024December 31, 2023
ASSETS
Cash and cash equivalents$24,915,782 $56,671,471 
Accounts receivable, net879,755 1,661,206 
Inventories168,789,185 182,809,702 
Real estate inventory not owned16,493,565 — 
Due from related party— 88,000 
Related party note receivable571,770 610,189 
Income tax receivable3,164,174 — 
Lot deposits42,391,643 33,015,812 
Investment in joint venture2,024,422 1,430,177 
Property and equipment, net1,001,623 1,073,961 
Operating right-of-use assets2,577,893 5,411,192 
Deferred tax asset3,294,887 2,405,417 
Prepaid expenses and other assets8,648,621 7,763,565 
Goodwill9,279,676 5,706,636 
Total Assets$284,032,996 $298,647,328 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable$23,208,818 $38,680,764 
Homebuilding debt and other affiliate debt72,724,336 80,451,429 
Liabilities from real estate inventory not owned12,949,555 — 
Due to related party75,048 — 
Operating lease liabilities2,781,000 5,565,320 
Other accrued expenses and liabilities8,340,315 8,353,824 
Income tax payable— 1,128,804 
Derivative liabilities69,167,963 127,610,943 
Convertible note payable69,040,609 68,038,780 
Total Liabilities258,287,644 329,829,864 
Commitments and contingencies
Preferred Stock, $0.0001 par value; 40,000,000 shares authorized; none issued or outstanding.
— — 
Class A common stock, $0.0001 par value; 350,000,000 shares authorized; 11,405,770 and 11,382,282 shares issued and outstanding on June 30, 2024, and December 31, 2023, respectively.1,140 1,138 
Class B common stock, $0.0001 par value; 60,000,000 shares authorized; 36,973,876 shares issued and outstanding on June 30, 2024, and December 31, 2023, respectively.3,697 3,697 
Additional paid-in capital6,144,122 2,794,493 
Retained earnings (Accumulated deficit)19,596,393 (33,981,864)
Total Stockholders' equity25,745,352 (31,182,536)
Total Liabilities and Stockholders' equity$284,032,996 $298,647,328 
5

UNITED HOMES GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenue, net of sales discounts$109,420,037 $122,091,629 $210,258,282 $216,918,331 
Cost of sales89,842,341 98,174,149 174,586,539 176,223,078 
Gross profit19,577,696 23,917,480 35,671,743 40,695,253 
Selling, general and administrative expense19,613,484 16,335,318 36,667,983 33,022,719 
Net (loss) income from operations(35,788)7,582,162 (996,240)7,672,534 
Other expense, net(3,582,115)(2,295,330)(5,544,960)(2,092,615)
Equity in net earnings from investment in joint venture338,372 390,674 656,671 636,482 
Change in fair value of derivative liabilities32,055,564 242,342,979 58,435,274 35,278,491 
Income before taxes28,776,033 248,020,485 52,550,745 41,494,892 
Income tax expense (benefit)136,000 2,657,726 (1,027,512)636,461 
Net income$28,640,033 $245,362,759 $53,578,257 $40,858,431 
Basic and diluted earnings per share
Basic$0.59 $5.10 $1.11 $0.95 
Diluted$0.50 $4.27 $0.93 $0.89 
Basic and diluted weighted-average number of shares
Basic48,373,81248,122,14148,368,20042,877,744
Diluted63,372,93657,874,25363,443,45648,800,225
6

UNITED HOMES GROUP, INC
GAAP TO NON-GAAP RECONCILIATIONS
(Unaudited)
Adjusted gross profit is a non-GAAP financial measure used by management of the Company as a supplemental measure in evaluating operating performance. The Company defines adjusted gross profit as gross profit excluding the effects of capitalized interest expensed in cost of sales, amortization included in homebuilding cost of sales (primarily adjustments resulting from the application of purchase accounting in connection with acquisitions), severance expense in cost of sales, abandoned project costs, and non-recurring remediation costs. The Company’s management believes this information is meaningful because it separates the impact that capitalized interest, purchase accounting adjustments, and non-recurring remediation costs directly expensed in cost of sales have on gross profit to provide a more specific measurement of the Company’s gross profits. However, because adjusted gross profit information excludes certain balances expensed in cost of sales, which have real economic effects and could impact the Company’s results of operations, the utility of adjusted gross profit information as a measure of the Company’s operating performance may be limited. Other companies may not calculate adjusted gross profit information in the same manner that the Company does. Accordingly, adjusted gross profit information should be considered only as a supplement to gross profit information as a measure of the Company’s performance.
The following table presents a reconciliation of adjusted gross profit to the GAAP financial measure of gross profit for each of the periods indicated.
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenue, net of sales discounts$109,420,037$122,091,629$210,258,282$216,918,331
Cost of sales89,842,34198,174,149174,586,539176,223,078
Gross profit$19,577,696$23,917,480$35,671,743$40,695,253
Interest expense in cost of sales1,659,0892,159,9675,172,1084,546,799
Amortization in homebuilding cost of sales(a)
912,837—1,861,173—
Severance expense in cost of sales324,540—324,540—
Abandoned project costs320,000—320,000—
Non-recurring remediation costs50,962—109,422—
Adjusted gross profit$22,845,124$26,077,447$43,458,986$45,242,052
Gross profit %(b)
17.9 %19.6 %17.0 %18.8 %
Adjusted gross profit %(b)
20.9 %21.4 %20.7 %20.9 %
______________________________
(a) Represents expense recognized resulting from purchase accounting adjustments
(b) Calculated as a percentage of revenue
7

UNITED HOMES GROUP, INC
GAAP TO NON-GAAP RECONCILIATIONS
(Unaudited)
Earnings before interest, taxes, depreciation and amortization, or EBITDA, and adjusted EBITDA are supplemental non-GAAP financial measures used by management of the Company. The Company defines EBITDA as net income before (i) capitalized interest expensed in cost of sales, (ii) interest expensed in other (expense) income, net, (iii) depreciation and amortization, and (iv) taxes. The Company defines adjusted EBITDA as EBITDA before stock-based compensation expense, transaction cost expense, severance expense, abandoned project costs, non-recurring remediation costs, amortization included in homebuilding cost of sales (adjustments resulting from the application of purchase accounting in connection with acquisitions), change in fair value of derivative liabilities, and non-recurring loss on disposal of leasehold improvements. Management of the Company believes EBITDA and adjusted EBITDA are useful because they provide a more effective evaluation of UHG’s operating performance and allow comparison of UHG’s results of operations from period to period without regard to UHG’s financing methods or capital structure or other items that impact comparability of financial results from period to period such as fluctuations in interest expense or effective tax rates, levels of depreciation or amortization, or unusual items. EBITDA and adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. UHG’s computations of EBITDA and adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA 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.
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net income$28,640,033$245,362,759$53,578,257$40,858,431
Interest expense in cost of sales1,659,0892,159,9675,172,1084,546,799
Interest expense in other expense, net3,578,1013,419,3095,720,2933,419,309
Depreciation and amortization476,252251,846926,294466,776
Taxes217,9952,745,736(904,027)637,844
EBITDA$34,571,470$253,939,617$64,492,925$49,929,159
Stock-based compensation expense1,840,127410,5303,350,0914,909,686
Transaction cost expense515,8911,102,0941,740,9042,066,118
Severance expense1,504,416—1,504,416—
Abandoned project costs320,000—320,000—
Non-recurring remediation costs50,962—109,422—
Amortization in homebuilding cost of sales(b)
912,837—1,861,173—
Change in fair value of derivative liabilities(32,055,564)(242,342,979)(58,435,274)(35,278,491)
Adjusted EBITDA$7,660,139$13,109,262$14,943,657$21,626,472
EBITDA margin(a)
31.6 %208.0 %30.7 %23.0 %
Adjusted EBITDA margin(a)
7.0 %10.7 %7.1 %10.0 %
______________________________
(a) Calculated as a percentage of revenue
(b) Represents expense recognized resulting from purchase accounting adjustments
8

UNITED HOMES GROUP, INC
GAAP TO NON-GAAP RECONCILIATIONS
Continued
Adjusted selling, general and administrative expense, or adjusted SG&A, is a supplemental non-GAAP financial measure used by management of the Company. UHG defines adjusted SG&A as SG&A, excluding the effects of stock-based compensation expense, transaction cost expense, and severance expense included in SG&A. Management of UHG believes adjusted SG&A provides useful information to investors because it enables an alternative assessment of the Company's operating results in a manner that is focused on its operating performance.
The following table presents a reconciliation of Adjusted SG&A to the GAAP financial measure of SG&A for the three and six months ended June 30, 2024.
Three Months Ended June 30,Six Months Ended June 30,
20242024
Selling, general and administrative expense$19,613,484$36,667,983
Stock-based compensation expense1,840,1273,350,091
Transaction cost expense515,8911,740,904
Severance expense in SG&A1,179,8761,179,876
Adjusted SG&A$16,077,590$30,397,112
SG&A %(a)
17.9%17.4%
Adjusted SG&A %(a)
14.7%14.5%
______________________________
(a) Calculated as a percentage of revenue
9

UNITED HOMES GROUP, INC
GAAP TO NON-GAAP RECONCILIATIONS
Continued
Adjusted book value is a supplemental non-GAAP financial measure used by management of the Company. UHG defines adjusted book value as total stockholders' equity (book value), excluding the effect of goodwill and derivative instruments. Management of UHG believes adjusted book value is useful to investors because it excludes the impact of purchase accounting and fair value adjustments on derivative instruments which are not expected to result in economic gain or loss.
The following table presents a reconciliation of adjusted book value to the GAAP financial measure of total stockholders' equity for the period indicated.
June 30, 2024
Total Stockholders' equity$25,745,352 
Contingent earnout liability61,558,579 
Derivative private placement warrant liability2,106,331 
Derivative public warrant liability5,261,250 
Derivative stock option liability241,803 
Total Derivative Liability69,167,963 
Goodwill(9,279,676)
Adjusted Book Value$85,633,639 
10

UNITED HOMES GROUP, INC
OPERATIONAL METRICS BY MARKET
$’s in millions
Three Months Ended June 30,
20242023Period Over Period % Change
MarketNet New OrdersClosingsNet New OrdersClosingsNet New OrdersClosings
Coastal62 48 39 67 59 %-28 %
Midlands169 175 245 241 -31 %-27 %
Upstate82 106 57 77 44 %38 %
Raleigh10 8 — — NMNM
Total323337341385-5 %-12 %
Six Months Ended June 30,
20242023Period Over Period % Change
MarketNet New OrdersClosingsNet New OrdersClosingsNet New OrdersClosings
Coastal130 93 109 138 19 %-33 %
Midlands378 325 442 417 -14 %-22 %
Upstate185 218 179 158 3 %38 %
Raleigh14 12 — — NMNM
Total707648730713-3 %-9 %
As of June 30,
2024		As of December 31,
2023		Period Over Period % Change
MarketBacklog Inventory5Backlog Value6
Backlog Inventory5
Backlog Value6
Backlog InventoryBacklog Value
Coastal52 $18.1 14 $4.2 271 %331 %
Midlands125 42.4 72 23.4 74 %81 %
Upstate66 18.8 100 28.1 -34 %-33 %
Raleigh5 1.9 3 1.9 67 %— %
Total248$81.2 189$57.6 31 %41 %
______________________________
NM - Not Meaningful
5 Backlog inventory consists of homes that are under a sales contract but have not closed. Backlog may be impacted by customer cancellations.
6 Backlog value is calculated as the total contract value of homes in backlog.
11
v3.24.2.u1
Cover
Aug. 08, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 08, 2024
Entity Registrant Name UNITED HOMES GROUP, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39936
Entity Tax Identification Number 85-3460766
Entity Address, Address Line One 917 Chapin Road
Entity Address, City or Town Chapin
Entity Address, State or Province SC
Entity Address, Postal Zip Code 29036
City Area Code 844
Local Phone Number 766-4663
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Amendment Flag false
Entity Central Index Key 0001830188
Class A Common Shares, par value $0.0001 per share  
Document Information [Line Items]  
Title of 12(b) Security Class A Common Shares, par value $0.0001 per share
Trading Symbol UHG
Security Exchange Name NASDAQ
Warrants, each exercisable for one Class A Common Share for $11.50 per share  
Document Information [Line Items]  
Title of 12(b) Security Warrants, each exercisable for one Class A Common Share for $11.50 per share
Trading Symbol UHGWW
Security Exchange Name NASDAQ
United Homes (NASDAQ:UHG)
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