United Homes (UHG) - 2024 Q4 - Annual Results

Financial Performance - For Q4 2024, net income was $0.7 million, or$ 0.01 per diluted share, compared to a net loss of $66.6 million, or$ 1.38 per diluted share in Q4 2023[2]. - For the fiscal year 2024, net income was $46.9 million, or$ 0.90 per diluted share, down from $125.1 million, or$ 2.35 per diluted share in 2023[6]. - Net income for Q4 2024 was $666,718, a significant improvement from a net loss of$ (66,640,834) in Q4 2023[30]. - Net income for the year ended December 31, 2024, was $46.91 million, compared to a net income of$ 125.06 million for the year ended December 31, 2023[24]. Revenue and Sales - Revenue for Q4 2024 was $134.8 million, a 15% increase from$ 116.8 million in Q4 2023[3]. - Fiscal year 2024 revenue was $463.7 million, a 10% increase from$ 421.5 million in 2023[7]. - Revenue for Q4 2024 reached $134.81 million, a 15.4% increase from$ 116.83 million in Q4 2023[24]. - Total net new orders for Q4 2024 increased by 19% year-over-year to 351, while total closings rose by 7% to 414[37]. - For the fiscal year 2024, total net new orders increased by 8% to 1,399, while total closings rose by 3% to 1,431[38]. Profitability Metrics - Gross profit percentage for FY 2024 was 17.2%, down from 18.9% in FY 2023, primarily due to increased sales incentives[8]. - Adjusted EBITDA for FY 2024 was $31.6 million, compared to$ 40.5 million in FY 2023[10]. - Gross profit for Q4 2024 was $21.78 million, slightly up from$ 21.62 million in Q4 2023, resulting in a gross profit margin of 16.2%[24][27]. - EBITDA for the year ended December 31, 2024, was $60,431,172, compared to$ 144,815,138 in 2023, reflecting a decrease in EBITDA margin from 34.4% to 13.0%[30]. - Adjusted EBITDA for Q4 2024 was $7,713,763, with an adjusted EBITDA margin of 5.7%, down from 8.6% in Q4 2023[30]. Assets and Liabilities - Total assets decreased to$ 265.38 million in 2024 from $298.65 million in 2023[22]. - Total liabilities decreased significantly from$ 329.83 million in 2023 to $198.51 million in 2024[22]. - The company’s cash and cash equivalents decreased to$ 22.63 million in 2024 from $56.67 million in 2023[22]. - Total stockholders' equity as of December 31, 2024, was$ 66,866,872, while adjusted book value was $96,745,405[36]. Operational Highlights - Home closings in Q4 2024 were 414, up 7% from 387 in Q4 2023, while net new orders increased by 19% to 351 from 294 in Q4 2023[3]. - The average sale price of production-built homes rose to approximately$ 324,000 in Q4 2024, compared to $320,000 in Q4 2023[4]. - The Coastal market saw a 258% increase in net new orders and a 136% increase in closings compared to Q4 2023[37]. - Backlog inventory as of December 31, 2024, was 157 homes valued at$ 58.3 million, a decrease of 17% in inventory but an increase of 1% in backlog value compared to 2023[38]. Financing Activities - The company completed a refinancing of Convertible Notes in December 2024, expected to reduce interest expense by approximately $4 million annually[3]. - The company experienced a loss on extinguishment of Convertible Notes amounting to$ 45.64 million in 2024[24]. - The company reported a loss on extinguishment of convertible notes amounting to $45,642,497 for the year ended December 31, 2024[30]. Expenses - Selling, general and administrative expense for Q4 2024 was$ 19,341,701, with adjusted SG&A at $17,666,568, representing 13.1% of revenue[33].