United Homes Group Inc (UHG) 2024 Q3 法說會逐字稿

Good morning.

早安.

My name is Amy, and I'll be your conference operator for today.

我叫艾米，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the United Homes Group's third-quarter 2024 earnings call.

此時此刻，我謹歡迎大家參加聯合家園集團 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I would like to now turn the call over to Erin Reeves McGinnis.

我現在想把電話轉給艾琳·里夫斯·麥金尼斯。

You may begin.

你可以開始了。

Good morning, and welcome to United Homes Group's third-quarter of 2024 earnings call.

早上好，歡迎參加 United Homes Group 2024 年第三季財報電話會議。

Before the call begins, I would like to note that this call will include forward-looking statements within the meaning of the Federal Securities laws.

在電話會議開始之前，我想指出，本次電話會議將包括聯邦證券法含義內的前瞻性陳述。

United Homes Group cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time.

聯合家園集團警告說，前瞻性陳述受到許多假設、風險和不確定性的影響，這些假設、風險和不確定性會隨著時間的推移而改變。

These risks and uncertainties include, but are not limited to, the risk factors described by United Homes Group in filings with the Securities and Exchange Commission.

這些風險和不確定性包括但不限於 United Homes Group 在向美國證券交易委員會提交的文件中所述的風險因素。

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements.

因此，前瞻性陳述不應被視為代表我們在任何後續日期的觀點，並且您不應過度依賴這些前瞻性陳述。

We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable Securities laws.

我們不承擔任何義務更新前瞻性聲明以反映做出後的事件或情況，無論是由於新資訊、未來事件或其他原因，除非適用的證券法可能要求。

Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures can be accessed through the company's website and in its SEC filings.

此外，本次電話會議中討論的非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節表可以透過該公司的網站和其向美國證券交易委員會提交的文件進行查看。

Hosting the call today are United Homes Group's Chief Executive Officer, Jamie M. Pirrello; President, Jack Micenko; and Chief Financial Officer, Keith Feldman.

今天主持電話會議的是 United Homes Group 執行長 Jamie M. Pirrello；主席：傑克·米琴科；和財務長基斯·費爾德曼。

With that, I'd like to turn the call over to Jack.

有了這個，我想把電話轉給傑克。

Thank you, Erin.

謝謝你，艾琳。

Good morning, and thank you, everybody, for joining us today as we go over our results for the third quarter of 2024 and provide an update on our operations.

早安，感謝大家今天加入我們，我們將回顧 2024 年第三季的業績並提供我們營運的最新資訊。

United Homes Group delivered strong results in the quarter, highlighted by home sales revenue growth of 35% year-over-year and a 30% increase in new home deliveries.

United Homes Group 本季業績強勁，房屋銷售收入年增 35%，新房交付量成長 30%。

I want to thank all of our team members for their hard work in delivering a strong quarter of sales and deliveries and making improvements to our operations on a number of fronts.

我要感謝我們所有團隊成員的辛勤工作，實現了強勁的季度銷售和交付，並在多個方面改進了我們的營運。

We continue to see positive housing fundamentals in our markets, highlighted by strong local economies and in migration patterns.

我們繼續看到市場上積極的住房基本面，強勁的當地經濟和移民模式凸顯了這一點。

Traffic in our communities was steady throughout the quarter and our ability to convert traffic in orders was somewhat dictated by movements in mortgage rates.

我們社區的流量在整個季度保持穩定，我們將流量轉化為訂單的能力在一定程度上取決於抵押貸款利率的變化。

Through our use of mortgage rate buydowns and other incentives, we were able to maintain a steady cadence of orders through the quarter, culminating in a total of 341 homes sold, which represented a 25% increase over the prior year period.

透過採用抵押貸款利率下調和其他激勵措施，我們能夠在整個季度保持穩定的訂單節奏，最終售出 341 套房屋，比去年同期增長 25%。

Given the current mortgage rate environment and seasonal slowdown in our industry typically experiences in the fourth quarter, we expect incentives to remain elevated for the remainder of the year.

鑑於當前的抵押貸款利率環境以及我們行業通常在第四季度經歷的季節性放緩，我們預計激勵措施將在今年剩餘時間內保持在較高水準。

We made solid headway in the quarter aligning our product to address the needs of our buyers in our markets, make sure we have sufficient inventory of homes to meet our delivery goals for this quarter and beyond.

我們在本季度取得了堅實的進展，調整我們的產品以滿足市場買家的需求，確保我們有足夠的房屋庫存來滿足本季及以後的交付目標。

Our acquisitions of Rosewood and Creekside homes have been integrated in our homebuilding platform, we're making progress in establishing a foothold in a relatively new market, Raleigh, North Carolina.

我們收購的 Rosewood 和 Creekside 住宅已整合到我們的住宅建築平台中，我們在北卡羅來納州羅利市這一相對較新的市場建立立足點方面正在取得進展。

We've been hard at work transitioning United Homes from a successful private homebuilder into a production focused home builder with a publicly traded company mindset.

我們一直在努力將 United Homes 從一家成功的私人住宅建築商轉變為以生產為中心、具有上市公司思維的住宅建築商。

Helping us execute on this strategy is our new Interim CEO, Jamie Pirrello, who joined our company earlier this year.

今年稍早加入我們公司的新任臨時執行長傑米·皮雷洛 (Jamie Pirrello) 幫助我們執行這項策略。

Jamie comes to us with a wealth of industry knowledge and experience, having most recently served as a consultant to the industry, but before that, as regional president for Centric Communities overseeing the Southeast, Texas and Florida divisions.

Jamie 擁有豐富的行業知識和經驗，最近擔任行業顧問，但在此之前，擔任 Centric Communities 的區域總裁，負責監督東南部、德克薩斯州和佛羅裡達州部門。

Jamie has led a successful career across many facets of the homebuilding industry and understands what it takes to compete effectively in the business.

Jamie 在住宅建築行業的許多方面都取得了成功的職業生涯，並且了解如何在行業中有效競爭。

We're excited about adding a seasoned industry veteran like Jamie to our team, and believe he has the right background, experience and leadership abilities to take United Homes Group to the next level.

我們很高興像傑米這樣經驗豐富的行業資深人士加入我們的團隊，並相信他擁有合適的背景、經驗和領導能力，可以將 United Homes Group 提升到一個新的水平。

With that, I'd like to turn the call over to Jamie, so he can give you more insight into his operational philosophy and his outlook for our company.

因此，我想將電話轉給傑米，以便他可以讓您更深入地了解他的營運理念和對我們公司的展望。

Jamie?

傑米？

Thanks, Jack.

謝謝，傑克。

I'm thrilled to be part of the United Homes team and look forward to the opportunities that lie ahead.

我很高興成為 United Homes 團隊的一員，並期待未來的機會。

I'd like to start by giving special thanks to our Founder and Executive Chairman, Michael Nieri, for building an amazing company and establishing a culture that emphasizes passion, teamwork and a customer-first mindset.

首先，我要特別感謝我們的創辦人兼執行主席 Michael Nieri，他建立了一家令人驚嘆的公司，並建立了一種強調熱情、團隊合作和客戶至上心態的文化。

I'm excited to build upon the foundation that Michael has set and grow United Homes into one of the premier, large-scale production homebuilders in the Southeast.

我很高興能在邁克爾建立的基礎上再接再厲，並將 United Homes 發展成為東南部首屈一指的大型生產住宅建築商之一。

We have an opportunity to build something special here, given the favorable housing fundamentals that exist in this part of the country.

鑑於該地區存在有利的住房基礎，我們有機會在這裡建造一些特別的東西。

People continue to migrate to the Southeast for its relative affordability, quality of life, while employers see the benefits of moving here in a business-friendly climate.

人們繼續遷移到東南部，因為這裡的經濟相對實惠、生活品質好，而雇主則看到了搬到這裡有利於商業的環境的好處。

We believe this dynamic will be in place for the foreseeable future and provides our company with a consistent pipeline of new homebuyers entering the market.

我們相信，這種動態將在可預見的未來持續存在，並為我們公司提供穩定的新購屋者進入市場的管道。

Our focus will continue to be on the more affordable segments of the market, as we believe this represents the most undersupplied and highest demand aspect of housing.

我們的重點將繼續放在市場上更實惠的部分，因為我們相信這代表了住房供應最不足和需求最高的方面。

It's no secret that there is real need for more affordable housing in this country, and we intend to capitalize on this reality.

眾所周知，這個國家確實需要更多經濟適用房，我們打算利用這個現實。

Our average sales price of production-built homes in the third quarter was $320,000, which is one of the lowest ASPs of any of the publicly traded homebuilders.

第三季我們生產的房屋平均銷售價格為 32 萬美元，是所有上市房屋建築商中平均售價最低的之一。

We've launched a number of initiatives focused on driving growth, lowering direct costs and managing overhead.

我們推出了一系列旨在推動成長、降低直接成本和管理管理費用的措施。

We're updating our product to ensure we compete aggressively offering home designs in demand, rebidding all of our direct costs and tightly managing our overhead spend.

我們正在更新我們的產品，以確保我們能夠積極競爭，提供需求的家居設計，重新投標我們的所有直接成本並嚴格管理我們的管理費用。

These factors are aimed at generating positive operating leverage and improved gross margins in the future.

這些因素旨在未來產生積極的營運槓桿並提高毛利率。

Homebuilders are generally rewarded for achieving solid returns on capital.

住宅建築商通常會因實現穩定的資本回報而獲得獎勵。

We intend to leverage our relationships with land bankers and developers in our markets to keep land off our balance sheet.

我們打算利用我們與市場上的土地銀行家和開發商的關係，將土地排除在我們的資產負債表之外。

This is a more capital efficient and risk adverse way to approach the business.

這是一種資本效率更高且風險較小的業務開展方式。

Inventory turns are an important part of our return-focused strategy.

庫存週轉是我們以回報為中心的策略的重要組成部分。

We've been carrying too many completed specs.

我們已經攜帶了太多完整的規格。

As a production builder, we need to sell homes and move them off our balance sheet as soon as possible.

作為生產建築商，我們需要出售房屋並將其盡快從我們的資產負債表中剔除。

We know that maintaining sales momentum in the community is important and we plan on staying competitive in the marketplace so that we cycle through our lot positions and drive higher inventory returns.

我們知道，保持社區的銷售動能很重要，我們計劃保持市場競爭力，以便我們可以循環利用我們的批次位置並推動更高的庫存回報。

While there's a lot of work to be done to achieve these goals, I'm confident that we have the right people, strategy and focus in place to get there.

雖然要實現這些目標還有很多工作要做，但我相信我們擁有合適的人員、策略和重點來實現這一目標。

The strong year-over-year growth we posted in both orders and deliveries in the third quarter reflects our company's ability to adapt to changing market conditions and execute on strategic initiatives.

第三季我們的訂單和交付量較去年同期強勁成長反映了我們公司適應不斷變化的市場條件和執行策略舉措的能力。

While the market is competitive, United Homes Group is in a great position to capitalize on the positive housing fundamentals that we see in our markets and our internal initiatives to drive improved profitability.

儘管市場競爭激烈，但 United Homes Group 處於有利地位，可以利用我們在市場上看到的積極的住房基本面以及我們的內部舉措來提高盈利能力。

I'm excited to be part of the leadership team that builds on our company's legacy of providing quality, affordable homes and great places to live.

我很高興能成為領導團隊的一員，該團隊以我們公司提供優質、經濟實惠的住房和美好居住場所的傳統為基礎。

With that, I'd like to turn the call over to Keith, who will provide more detail about our financial results in the quarter and give an update on our outlook for the remainder of 2024.

接下來，我想將電話轉給 Keith，他將提供有關我們本季度財務業績的更多詳細信息，並更新我們對 2024 年剩餘時間的展望。

Keith?

基思？

Thank you, Jack and Jamie, and good morning.

謝謝你們，傑克和傑米，早安。

For the third quarter of 2024, net loss was $7.3 million, which included a change in fair value of $7.8 million, primarily related to the accounting for potential earn-out which will fluctuate on our financial statements each quarter based on our ending stock price.

2024 年第三季度，淨虧損為 730 萬美元，其中包括 780 萬美元的公允價值變動，主要與潛在盈利的會計相關，該盈利將根據我們的期末股價在我們的財務報表中每季度波動。

This earn-out will be paid only in common shares upon reaching certain stock price hurdles and can never result in a cash expense for the company.

當達到一定的股價門檻時，這種獲利將僅以普通股形式支付，且絕不會導致公司產生現金支出。

For the 9-months ended September 30, 2024, net income was $46.2 million, which included a change in fair value of $50.7 million, primarily related to the accounting for potential earnout liabilities.

截至 2024 年 9 月 30 日的 9 個月，淨利潤為 4,620 萬美元，其中公允價值變動為 5,070 萬美元，主要與潛在獲利負債的會計處理有關。

Revenue for the third quarter of 2024 was $118.6 million compared to $87.7 million for the third quarter of 2023.

2024 年第三季的營收為 1.186 億美元，而 2023 年第三季的營收為 8,770 萬美元。

Revenue for the 9-months ended September 30, 2024, was $328.9 million compared to $304.6 million for the 9-months ended September 30, 2023.

截至2024年9月30日的9個月的收入為3.289億美元，而截至2023年9月30日的9個月的收入為3.046億美元。

Home closings during the third quarter of 2024 were 369 homes compared to 283 homes in the third quarter of 2023.

2024 年第三季房屋成交量為 369 套，而 2023 年第三季成交量為 283 套。

Home closings for the 9-months ended September 30, 2024, were 1,017 homes compared to 996 homes for the same period in 2023.

截至 2024 年 9 月 30 日的 9 個月內，房屋成交量為 1,017 套，而 2023 年同期為 996 套。

Average sales price during the third quarter of 2024 was approximately $320,000 for 369 production-built homes.

2024 年第三季 369 套生產型住宅的平均銷售價格約為 32 萬美元。

This compares to an average sales price of approximately $316,000 during the third quarter of 2023 for 268 production-built homes.

相比之下，2023 年第三季 268 套生產型住宅的平均售價約為 316,000 美元。

Our net new orders during the third quarter of 2024 were 341 homes compared to 272 homes in the third quarter of 2023.

我們 2024 年第三季的淨新訂單量為 341 套住宅，而 2023 年第三季為 272 套。

Net new orders for the 9-months were 1,048 homes compared to 1,002 homes in 2023.

過去 9 個月的淨新訂單量為 1,048 套房屋，而 2023 年為 1,002 套房屋。

Our backlog at the end of the third quarter was 220 homes with a value of approximately $79.9 million.

截至第三季末，我們的積壓房屋數量為 220 套，價值約為 7,990 萬美元。

Gross profit and gross profit margin for the third quarter of 2024 was $22.4 million and 18.9% which changed from $17.4 million and 19.8% from the third quarter of 2023.

2024年第三季的毛利和毛利率分別為2,240萬美元和18.9%，而2023年第三季的毛利和毛利率分別為1,740萬美元和19.8%。

Adjusted gross profit margin was 20.6% for the 3-months ended September 30, 2024, which decreased from 22.1% in the third quarter of 2023.

截至2024年9月30日止三個月的調整後毛利率為20.6%，較2023年第三季的22.1%下降。

The decrease in gross profit and adjusted gross profit percentage is primarily due to the company continuing to offer attractive sales incentives to homebuyers.

毛利和調整後毛利率的下降主要是由於該公司繼續向購房者提供有吸引力的銷售激勵措施。

For the 9-months ended September 30, 2024, gross profit remained consistent at $58.1 million.

截至 2024 年 9 月 30 日的 9 個月，毛利維持在 5,810 萬美元。

However, the gross profit margin decreased to 17.7% from 19.1% for the same period in 2023.

然而，毛利率從2023年同期的19.1%下降至17.7%。

The decrease in gross profit percentage is primarily attributed to higher costs of sales due to higher level of incentives and amortization of purchase price accounting adjustment.

毛利率下降主要是由於較高的激勵水平和購買價格會計調整攤銷導致銷售成本上升。

Adjusted gross profit margin was 20.7% for the 9-months ended September 30, 2024, a slight decrease from 21.2% from the 9-months ended September 30, 2023.

截至2024年9月30日止9個月的調整後毛利率為20.7%，較截至2023年9月30日止9個月的21.2%略有下降。

The company's adjusted gross profit percentage decreased due largely to the company's continuing to offer attractive sales incentives to homebuyers.

該公司調整後毛利率下降主要是由於該公司繼續向購房者提供有吸引力的銷售激勵措施。

SG&A expense in the third quarter of 2024 was $18.7 million.

2024 年第三季的 SG&A 費用為 1,870 萬美元。

After adjusting for one-time transaction fees, noncash stock-based compensation, adjusted G&A was approximately $16.4 million or 13.9% of revenues for the third quarter.

調整一次性交易費用、非現金股票薪酬後，調整後的一般管理費用約為 1,640 萬美元，佔第三季營收的 13.9%。

For the 9-months ended September 30, 2024, SG&A expense was $55.4 million, and adjusted SG&A expense was $46.8 million or 14.2% of revenue.

截至 2024 年 9 月 30 日的 9 個月，SG&A 費用為 5,540 萬美元，調整後的 SG&A 費用為 4,680 萬美元，佔營收的 14.2%。

As of today, we have 55 active communities up from 53 as of Q3 2023.

截至今天，我們的活躍社群數量從 2023 年第三季的 53 個增加到 55 個。

As of September 30, 2024, we had approximately 8,600 lots under control including those owned or controlled by related parties as well as lots we expect to secure through option contracts with third parties or land banks.

截至 2024 年 9 月 30 日，我們控制約 8,600 個地塊，包括關聯方擁有或控制的地塊，以及我們希望透過與第三方或土地銀行簽訂選擇權合約所獲得的地塊。

We had $25.8 million in cash and $63.2 million of availability on our credit facility as of September 30, 2024, resulting in total liquidity of $89 million.

截至 2024 年 9 月 30 日，我們擁有 2,580 萬美元現金和 6,320 萬美元可用信貸額度，流動性總額為 8,900 萬美元。

That concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, please open up the line for questions.

接線員，請開通提問線。

Thank you.

謝謝。

(Operator Instructions) At this time there are no questions.

（操作員說明） 此時沒有任何問題。

So, I would like to turn it over to Jamie Pirrello for closing remarks.

因此，我想請傑米·皮雷羅 (Jamie Pirrello) 致閉幕詞。

Well, thank you.

嗯，謝謝。

Jack, Keith and I would like to thank all of you for joining our call today and your interest in United Homes Group.

傑克、基斯和我要感謝大家今天加入我們的電話會議以及對聯合家園集團的興趣。

We look forward to speaking with you in the future in our fourth quarter call in the New Year.

我們期待在新年第四季的電話會議上與您交談。

Thank you.

謝謝。