United Homes Group Inc (UHG) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the United Home Group 1st quarter 2025 earnings call. (operator instructions). I would now like to turn the call over to Aaron Reeves McGinnis, general counsel. Please go ahead.

感謝您的支持。我叫卡莉，今天我將擔任您的會議主持人。現在，我歡迎大家參加聯合家居集團 2025 年第一季財報電話會議。 （操作員指令）。現在我想將電話轉給總法律顧問 Aaron Reeves McGinnis。請繼續。

Good morning and welcome to United Homes Group's first quarter of 2025 earnings call. Before the call begins, I would like to note that this call will include forward-looking statements within the meaning of the Federal security laws. United Homes Group cautions that forward-looking statements are subject to numerous assumptions, risks, and uncertainties which change over time. These risks and uncertainties include but are not limited to the risk factors described by United Homes Group in its filing with the Securities and Exchange Commission.

早上好，歡迎參加 United Homes Group 2025 年第一季財報電話會議。在電話會議開始之前，我想指出，本次電話會議將包括聯邦安全法所定義的前瞻性陳述。United Homes Group 警告稱，前瞻性陳述會受到許多假設、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而改變。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描述的風險因素。

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. 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 security laws. Additionally, reconciliations of non-gap 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.

因此，前瞻性陳述不應被視為代表我們任何後續日期的觀點，您也不應過度依賴這些前瞻性陳述。我們不承擔更新前瞻性聲明以反映其作出日期之後的事件或情況的任何義務，無論是由於新資訊、未來事件或其他原因，除非適用的安全法可能要求。此外，本次電話會議中討論的非缺口財務指標與最直接可比較的 GAAP 指標的對帳可以透過公司網站和 SEC 文件查閱。

Hosting the call today are United Homes Group's interim Chief Executive Officer Jamie Perrello, President Jack Maseko, and Chief Financial Officer Keith Feldman. With that, I'd like to turn the call over to Jamie.

今天主持電話會議的是 United Homes Group 的臨時執行長 Jamie Perrello、總裁 Jack Maseko 和財務長 Keith Feldman。說完這些，我想把電話轉給傑米。

Thank you for joining us today as we go over our results for the first quarter of 2025 and provide an update on our operations. United Homes Group delivered 252 homes in the first quarter, with an average sales price on production built homes of 345,000, generating home sales revenue of $87 million.

感謝您今天加入我們，我們將回顧 2025 年第一季的業績並提供營運最新情況。聯合房屋集團第一季交付了 252 套房屋，已建成房屋的平均售價為 345,000 美元，房屋銷售收入為 8,700 萬美元。

Home sales gross margins improved 20 basis points year over year, but remained depressed at 16.2% due to elevated incentive activity and our strategic decision to discount move that inventory. Net new orders came in at 296 units.

房屋銷售毛利率年增了 20 個基點，但由於激勵活動的增加以及我們以折扣價出售庫存的戰略決策，仍然低迷於 16.2%。淨新訂單為296台。

Our sales pace in January in the first half of February was disappointing and did not meet our expectations. As a result, we had fewer homes available to close during the second half of the 1st quarter.

我們一月和二月上半月的銷售速度令人失望，沒有達到我們的期望。因此，第一季下半段可供成交的房屋數量減少了。

The slower sales pace had a material impact on our results. Like other builders, we saw improved sales in the second half of February. March met our expectations. In April, and the first part of May has been good.

銷售速度放緩對我們的業績產生了重大影響。與其他建築商一樣，我們在二月下半月的銷售額有所回升。三月滿足了我們的預期。四月和五月初的情況都很好。

Overall, I'm pleased with the progress we made on a number of fronts and then encouraged by the operational momentum we carried into the 2nd quarter.

總體而言，我對我們在多個方面取得的進展感到滿意，並對我們在第二季度保持的營運勢頭感到鼓舞。

As we mentioned in the last quarter, we've undertaken a product refresh and a direct cost reduction initiative that should improve our competitive position and profitability.

正如我們在上個季度提到的那樣，我們已經採取了產品更新和直接降低成本的舉措，這將提高我們的競爭地位和獲利能力。

While we are still in the early stages of these initiatives, the initial results have been encouraging. Our newly designed homes have been well received by buyers and generated margins well in excess of the company's average in the first quarter of 2025. The 23 newly designed homes we closed during the first quarter had an average gross margin of approximately 24%. We closed 27 of these refreshed homes in April.

雖然我們仍處於這些措施的早期階段，但初步成果令人鼓舞。我們新設計的房屋受到了買家的一致好評，並在 2025 年第一季產生了遠超公司平均的利潤率。我們在第一季完成銷售的 23 套新​​設計住宅的平均毛利率約為 24%。我們在四月關閉了 27 間翻新房屋。

As of Monday, May 12th, we had 95 newly designed homes in backlog, carrying an average gross margin of approximately 24%. Every day these homes are making up a bigger percentage of our closings in the future.

截至 5 月 12 日星期一，我們有 95 套新設計的房屋積壓，平均毛利率約為 24%。這些房屋在我們未來成交量中所佔的比例每天都在增加。

In terms of our cost reduction plan, we have already identified over $3.5 million direct construction cost savings for homes expected to be closed in 2025. We achieved this through the competitive rebidding of our agreements with subcontractors and material suppliers.

就我們的成本削減計劃而言，我們已經確定，對於預計於 2025 年關閉的房屋，直接建築成本可節省 350 多萬美元。我們透過與分包商和材料供應商對協議進行競爭性重新招標實現了這一目標。

We expect the effects of these cost saving initiatives to begin on a small scale in the second quarter and ramp up to the 3rd and 4th quarters. We have not completed this initiative, so we anticipate additional savings.

我們預期這些成本節約措施的效果將在第二季小規模開始顯現，並在第三季和第四季逐漸增強。我們尚未完成這項計劃，因此我們預計還會有額外的節省。

Another initiative we've undertaken to place a greater emphasis on pre-sold homes. In prior quarters, it made sense to carry a higher level of spec inventory, given the extended cycle times resulting from the supply chain issues of years past and the entry level buyer's preference for quick moving homes. Now that cycle times have come down and move a buyers have become more active in the market. We have made this strategic decision to shift away from a high spec home strategy and look for a somewhat more balanced approach in our move up product lines. Pre-sales are currently producing much higher margins, especially when compared to the discounting we do on completed spec home inventory. This shift will allow us to capitalize on buyers who are willing and able to pay for what they want in a new home.

我們採取的另一項措施是更加重視預售房屋。在前幾個季度，考慮到過去幾年的供應鏈問題導致的周期時間延長以及入門級買家對快速搬家的偏好，持有更高水平的規格庫存是有意義的。現在周期時間已經縮短，買家在市場上變得更加活躍。我們做出了這項策略決策，放棄高規格家居策略，並在升級產品線中尋求更平衡的方法。目前，預售產生的利潤率要高得多，尤其是與我們對已建成的規格房屋庫存進行的折扣相比。這種轉變將使我們能夠利用那些願意並且有能力支付新房費用的買家。

This includes upgrades such as structural and interior optional offerings and other upgrades that we sell at higher margins. It will also give us better visibility into our delivery outlook for the year and reduce the capital tied up in standing inventory with pre-sold homes and newly refreshed products expected to make up a higher percentage of our closings going forward, we are optimistic about the trajectory of our margins.

這包括結構和內部可選產品等升級以及我們以更高利潤銷售的其他升級。這也將使我們更了解今年的交付前景，並減少庫存中佔用的資金，預計預售房屋和新更新的產品將占我們未來成交量的更高比例，我們對利潤率的走勢持樂觀態度。

We also remain optimistic about the long-term prospects for our markets. The Carolina and Georgia can to attract employers to the region to their business friendly economic climate, and attractive quality of life. They also boast better housing affordability relative to most major markets, which has led to consistent migration from other parts of the country.

我們對我們的市場的長期前景也保持樂觀。卡羅來納州和喬治亞州可以以其友好的商業經濟環境和誘人的生活品質吸引雇主到該地區。與大多數主要市場相比，它們的住房負擔能力也更好，這吸引了來自該國其他地區的持續移民。

We continue to see greater opportunities for long term growth in these markets and others throughout the Southeast given these favorable housing fundamentals.

鑑於這些良好的住房基本面，我們繼續看到這些市場以及東南部其他市場有更大的長期成長機會。

As we turn our attention to the latter part of the spring selling season, we remain focused on maintaining a consistent level of new home sales while executing on the initiatives I discussed above. So far this quarter, demand has been fairly solid, with April orders up 6% year over year. While incentives continue to run at a higher level than we would like. We believe our improved product design, pre-sold home focus can offset some of that their margin impact.

當我們將注意力轉向春季銷售季節的後半段時，我們仍然專注於保持穩定的新房銷售水平，同時執行我上面討論的舉措。本季迄今為止，需求相當穩定，4 月訂單年增 6%。但激勵措施仍然處於比我們所希望的更高的水平。我們相信，我們改進的產品設計和預售房屋重點可以抵消部分利潤影響。

As a result, I believe United Homes Group is on the right path to achieve its long-term goals. With that, I'd like to turn the call over to Jack, who will provide more detail on our operational results Discourse.

因此，我相信聯合家園集團正走在實現其長期目標的正確道路上。說到這裡，我想把電話交給傑克，他將提供有關我們營運結果討論的更多細節。

Thanks James, and good morning to everyone. First quarter of 2025 was a tale of two halves for our company.

謝謝詹姆斯，大家早安。2025 年第一季對我們公司來說是兩個半段的故事。

The second half being materially better than the 1st January started slowly due to normal seasonality and some abnormal snowfall which impacted our sales efforts. We saw a bounce back in February and that momentum carried into March. Our profitability also followed a similar trajectory with gross margins improving corner basis points from the beginning of the quarter through the end. Jamie mentioned April orders were up 6% year over year.

由於正常的季節性因素和一些異常降雪影響了我們的銷售工作，下半年的銷售情況比 1 月 1 日有了顯著改善。我們在二月看到了反彈，而這種勢頭延續到了三月。我們的獲利能力也遵循了類似的軌跡，從本季初到末，毛利率逐個基點提高。傑米提到，四月的訂單年增了 6%。

Affordability continues to be an issue for buyers, which is a necessity to use financing incentives to get people to their desired monthly payment. Incentives have been a key selling tool for our industry and a distinct advantage over the resale market, but it has come at a cost to our profitability.

負擔能力仍然是買家面臨的一個問題，因此有必要利用融資激勵措施來讓人們達到他們期望的每月還款額。激勵措施一直是我們行業的關鍵銷售工具，也是轉售市場的一個明顯優勢，但它是以犧牲我們的獲利能力為代價的。

Financing incentive as a percentage of ASP was 4% for the quarter, which is consistent with the prior quarter. We expect incentive activity to remain elevated. We are optimistic that our shift to more pre-sale homes and the appeal of our fresh products will dampen their effect, however, on our margins.

本季融資激勵措施佔平均售價的百分比為 4%，與上一季一致。我們預計激勵活動將保持在高水準。我們樂觀地認為，我們轉向更多的預售房屋以及我們新產品的吸引力將減弱它們對我們利潤率的影響。

We took 16 days out of our average cycle time in the first quarter as compared to last year. Part of the improvement was a result of labor and material availability, returning to pre-COVID levels, but another factor has been our focus on becoming a more efficient builder with product rationalization and better build practices. This has been another key initiative for our company in addition to the product improvements cost containment measures we've undertaken.

與去年相比，我們第一季的平均週期時間縮短了 16 天。部分改善是由於勞動力和材料的可用性恢復到了疫情之前的水平，但另一個因素是我們專注於透過產品合理化和更好的建造實踐成為更有效率的建造者。這是我們公司除採取的產品改進成本控制措施之外的另一項重要措施。

We are a returns focused builder, and our ability to build and close homes in a timely manner is an important aspect of that focus.

我們是一家注重回報的建築商，及時建造和關閉房屋的能力是這一重點的重要方面。

Another important aspect of our strategy is to tie up land in a capital efficient manner. At the end of the first quarter, we owned or controlled approximately 7,500 lives. We believe this asset light strategy puts us in a great position to pursue our growth initiatives in a capital efficient, risk averse manner.

我們的策略的另一個重要面向是以資本有效率的方式佔用土地。截至第一季末，我們擁有或控制約 7,500 條生命。我們相信，這種輕資產策略使我們處於有利地位，能夠以資本高效、規避風險的方式追求我們的成長計畫。

We are staying disciplined to our underwriting of new land deals given the uncertainty in the market today and continue to work with our land partners on terms of our future lot takedowns. We expect to open 10 new communities in the 2nd quarter and in 18 communities in the 3rd quarter, giving our sales efforts a boost. Most of these communities will feature our newly refreshed product, which have been selling well and carry higher margins.

鑑於當今市場的不確定性，我們對新土地交易的承保保持嚴格，並繼續與我們的土地合作夥伴就未來的土地收購進行合作。我們預計第二季將開設10個新社區，第三季將開設18個新社區，這將進一步促進我們的銷售成長。大多數社群都會採用我們最新推出的產品，這些產品一直銷售良好，利潤率更高。

Given these new 3D rollouts and the way in which our company's performance improved over the 1st 4 months of the year, I'm excited about what's in store for the remainder of 2025.

鑑於這些新的 3D 產品的推出以及我們公司業績在今年前 4 個月的改善方式，我對 2025 年剩餘時間的前景感到興奮。

Now I'm going to call over to Keith who will provide more detail on our financial results for the quarter.

現在我要打電話給 Keith，他將提供有關本季財務表現的更多詳細資訊。

Thank you, Jack and Jamie and good morning. For the first quarter of 2025, we reported net income of $18.2 million which includes a fair value adjustment of $21.2 million, primarily related to the accounting for the contingent burnout liability, which fluctuates each quarter based on our ending stock price.

謝謝，傑克和傑米，早安。2025 年第一季度，我們報告的淨收入為 1,820 萬美元，其中包括 2,120 萬美元的公允價值調整，主要與或有倦怠負債的會計處理有關，該負債每季度根據我們的期末股價而波動。

The earnout will be settled exclusively in common shares upon reaching certain stock price hurdles and will never result in a cash expense for the company.

當股價達到一定門檻時，收益將以普通股形式完全結算，絕不會為公司帶來現金支出。

As Jamie mentioned, revenue for the first quarter of 2025 was $87 million a decrease of 13.8 million or 13.7% from 100.8 million in the first quarter of 2024. The year over year decline was primarily driven by lower home closings, partially offset by an increase in average sales price.

正如 Jamie 所提到的，2025 年第一季的營收為 8,700 萬美元，比 2024 年第一季的 1.008 億美元減少 1,380 萬美元，降幅為 13.7%。年比下降主要是由於房屋成交量下降，但平均銷售價格上漲部分抵消了這一影響。

Home closings for the first quarter of 2025 totalled 252 homes, down from 311 homes in the prior year period.

2025 年第一季房屋成交量總計 252 套，低於去年同期的 311 套。

As we previously mentioned, the industry-wide slow start to the year and unusually poor weather in South Carolina negatively impacted our January. While our sales pace began to improve in the second half of February and into March, the slower activity in January impacted our quarterly closing as a large portion of our sales typically closed in the latter half of the quarter.

正如我們之前提到的，今年整個行業開局緩慢，加上南卡羅來納州異常惡劣的天氣對我們一月份的業績產生了負面影響。雖然我們的銷售速度在 2 月下半月和 3 月開始回升，但 1 月份的活動放緩影響了我們的季度收盤，因為我們的大部分銷售通常在季度後半段完成。

The average sales price for productions of homes during the quarter was approximately 345,000, a 2.9% increase compared to 335,000 in the first quarter of 2024.

本季房屋生產平均售價約為 34.5 萬美元，較 2024 年第一季的 33.5 萬美元上漲 2.9%。

Due to the challenging environment previously discussed, net new orders for the first quarter was 296 homes, down from 384 homes in the prior year period. Backlog as of March 31, 2025 stood at 201 homes, representing approximately $75.3 million in value.

由於前面討論過的充滿挑戰的環境，第一季的淨新訂單為 296 套房屋，低於去年同期的 384 套房屋。截至 2025 年 3 月 31 日，積壓房屋數量為 201 套，價值約 7,530 萬美元。

Gross profit for the first quarter of 2025 was 14.1 million, down 2 million or 12.4% from 16.1 million in the prior year period. Gross margin improved slightly to 16.2% from 16%, driven by lower interest expense and cost of sales as a percentage of revenue partially offset by elevated incentives and price discounting aimed at accelerating the sales of finished inventory.

2025 年第一季毛利為 1,410 萬美元，較去年同期的 1,610 萬美元下降 200 萬美元，降幅為 12.4%。毛利率從 16% 略微提高至 16.2%，這得益於利息支出和銷售成本佔收入的百分比降低，但為加速成品庫存銷售而採取的激勵措施和價格折扣有所抵消。

Adjusted gross margin was 18.8%, down from 20.4%. Reflecting the elevated incentive costs and price reduction.

調整後毛利率為18.8%，低於20.4%。反映出激勵成本的提高和價格的降低。

We anticipate improvements in our margins throughout the year as our direct cost reduction efforts materialize into earnings, savings and homes featuring our fresh floor plans start to comprise a larger share or closings in future quarters.

我們預計，隨著我們直接的成本削減努力轉化為收益、儲蓄，以及採用我們全新平面圖的房屋在未來幾個季度開始佔據更大份額或成交量，我們的利潤率全年都會有所提高。

Selling general and administrative expenses for the first quarter was $16.2 million excluding approximately $2 million in non-cash stock-based compensation expense, adjusted SG and A total of $14.2 million or 16.3% of revenue.

第一季銷售一般及行政開支為 1,620 萬美元（不包括約 200 萬美元的非現金股票薪酬費用），調整後的 SG 及總計 1,420 萬美元，佔收入的 16.3%。

In December, we refinanced our standing convertible note debt, which reduced our total debt and lowered our cash interest expense. The refinancing and lower balances on our wells facility resulted in cash interest expense savings of approximately a million dollars in Q1 compared to Q4 of last year.

12 月，我們對長期可轉換票據債務進行了再融資，從而減少了我們的總債務並降低了現金利息支出。與去年第四季相比，我們的油井設施的再融資和較低的餘額導致第一季的現金利息支出節省了約一百萬美元。

As of today, we have 50 active communities down from 63 a year ago. As Jack noted, the planned rollout of new communities in the 2nd and 3rd quarters is expected to provide a meaningful boost to our sales efforts.

截至今天，我們的活躍社群數量從一年前的 63 個減少到了 50 個。正如傑克所說，計劃在第二季和第三季推出的新社區預計將對我們的銷售工作產生重大推動作用。

As of March 31, 2025, we controlled approximately 7,500 lives, which include a mix of owned options and land banked assets, positioning us to drive future growth and capture market opportunities.

截至 2025 年 3 月 31 日，我們控制著約 7,500 條生命，其中包括自有選擇權和土地儲備資產，這使我們能夠推動未來成長並抓住市場機會。

We had approximately $86.9 million of liquidity and cash and availability on our credit facility as of Q1.

截至第一季度，我們的流動資金和現金以及信貸額度可用額度約為 8,690 萬美元。

As we look ahead, we remain focused on execution while the spring selling season got off to a slower start. We're encouraged by the momentum exiting the quarter into April. We're adapting to shifting market dynamics, staying disciplined in our capital allocation, and continuing to position UHG for long-term growth and value creation.

展望未來，我們將繼續專注於執行，而春季銷售旺季的起步將較為緩慢。我們對四月份本季的勢頭感到鼓舞。我們正在適應不斷變化的市場動態，嚴格控制資本配置，並繼續幫助 UHG 實現長期成長和價值創造。

That concludes our prepared remarks. Operator, please open up the line for questions.

我們的準備好的演講到此結束。接線員，請打開熱線以便提問。

At this time, I would like to remind everyone in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. There are no questions at this time. I will now turn the call back over to management for closing remarks.

此時，我想提醒大家，要想提問，請按電話鍵盤上的星號，然後按數字 1。我們將暫停一會兒來整理問答名單。目前沒有問題。現在我將把電話轉回給管理階層，請他們作最後發言。

Jack Keith and I would like to thank all of you for joining us today. I want to thank our entire team for their commitment to our customers, our shareholders, our lenders, and each other. We remain optimistic about the future of the United Homes Group and look forward to updating you on our 2nd quarter results later this summer.

傑克·基斯和我感謝大家今天的參加。我要感謝我們整個團隊對我們的客戶、股東、貸款人以及彼此的承諾。我們對 United Homes Group 的未來仍然持樂觀態度，並期待在今年夏天晚些時候向您報告我們的第二季業績。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。