0001104659-23-060940.txt : 20230515 0001104659-23-060940.hdr.sgml : 20230515 20230515171642 ACCESSION NUMBER: 0001104659-23-060940 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230515 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230515 DATE AS OF CHANGE: 20230515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: United Homes Group, Inc. CENTRAL INDEX KEY: 0001830188 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 853460766 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39936 FILM NUMBER: 23924346 BUSINESS ADDRESS: STREET 1: 250 PARK AVE. 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10177 BUSINESS PHONE: 212-572-6260 MAIL ADDRESS: STREET 1: 250 PARK AVE. 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10177 FORMER COMPANY: FORMER CONFORMED NAME: DiamondHead Holdings Corp. DATE OF NAME CHANGE: 20201027 8-K 1 tm2315769d1_8k.htm FORM 8-K
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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): May 15, 2023

 

 

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)

 

90 N Royal Tower Drive

Irmo, South Carolina

 29063
(Address of principal executive offices) (Zip Code)

 

(212) 572 - 6260

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.  ¨

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition

 

On May 15, 2023, United Homes Group, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2023. 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:

 

  99.1 Press Release, dated May 15, 2023
   
  104 Cover page interactive data file (embedded within the Inline XBRL document)

 

2

 

 

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: May 15, 2023

 

  United Homes Group, Inc.
   
  By: /s/ Keith Feldman
  Name:  Keith Feldman
  Title: Chief Financial Officer

 

3

 

 EX-99.1 2 tm2315769d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

UNITED HOMES GROUP, INC. REPORTS 2023 FIRST QUARTER RESULTS

 

First Quarter 2023 Highlights

 

●On March 30, 2023, closed business combination resulting in publicly-traded south east focused homebuilder with a “land-light” operating model

●Average sales price (ASP) of production-built homes increased to $314k from $272k in Q1 2022

●328 closed homes resulted in $94.8 million of revenues

●Backlog value was $103.3 million as of March 31, 2023

●389 net new home orders during the first quarter 2023, 128 net new home orders during April 2023

●Active community count of 52 as of March 31, 2023

●Total lots of approximately 8,100 owned or under control of the Company or affiliates as of May 12, 2023

●Total current liquidity of $151.7 million comprised of $110.9 million of cash and $40.8 million of undrawn capacity under our credit facility

 

COLUMBIA, SC., May 15, 2023 / United Homes Group, Inc. (the “Company”) (NASDAQ: UHG) today announced results for the first quarter ended March 31, 2023.

 

First Quarter 2023 Results

 

Operating Results

 

Net loss attributable to common stockholders was $204.5 million, or $(5.44) per diluted share, which included unrealized loss of $207.1 million predominantly due to changes in fair value on potential earn-out consideration due to increased stock price as of March 31, 2023. The earn-out consideration would be paid in common shares upon reaching certain stock price hurdles. The Company is required to record the fair value of this earn-out as derivative liabilities on the consolidated balance sheets. The net loss at March 31, 2023, is compared to net income of $17.0 million, or $0.46 per diluted share during the first quarter 2022.

 

“We are pleased to share our first quarterly results as a public company,” said United Homes Group Chairman, President, and Chief Executive Officer, Michael Nieri. “While our financial results were impacted by the accounting of certain non-cash GAAP related items, we believe the underlying business performance was solid, as we generated adjusted EBITDA of approximately $9 million for the quarter and regained momentum on the sales front following the rate-induced slowdown in the back half of last year. Net new orders improved significantly relative to the fourth quarter of 2022 thanks to various strategic pricing initiatives that we implemented, which helped drive traffic and alleviate some of the affordability concerns brought about by higher mortgage rates. We are optimistic that our margins will expand throughout the remainder of the year because of the improved market conditions and lower lumber costs. Recent sales on new homes that will be built this year with current lumber costs are expected to generate, on average, adjusted gross margins of 23% and higher.”

 

Mr. Nieri continued, “Looking forward, we believe that we are in a great position to generate strong returns for our shareholders, thanks to our favorable geographic positioning, our affordable product focus and our land light strategy. The funds we received as a result of going public have provided us with the necessary capital to achieve our growth objectives, and we are actively pursuing those opportunities. We are truly appreciative for everyone who had a hand in getting us to this point and are excited for the journey ahead.”

 

Homebuilding revenues for the first quarter 2023 was $94.8 million, compared to $108.4 million in the first quarter 2022. Home closings during the first quarter 2023 were 328 compared to 414 in the year-ago quarter. Average sales price (“ASP”) of 294 production-built homes (which excludes 34 general contractor and build for rent homes) closed during the first quarter 2023 was $314k, compared to $272k during the first quarter 2022 of 384 production-built homes (which excludes 30 general contractor and build for rent homes), representing a 15.5% increase.

 

5

 

 

Homebuilding gross profit margin during the first quarter of 2023 was 17.7% compared to 25.2% during the first quarter 2022. Homebuilding adjusted gross profit margin in the first quarter 2023 was 20.2%, compared to 26.0% in the first quarter 2022. The decline in both gross profit margin and adjusted gross profit margin can be largely attributable to the Company offering sales incentives and selling inventory with higher lumber costs. The Company expects margins to expand throughout the year due to closings on homes with current lumber costs and as we see price increases on new sales.

 

Selling, general and administrative expenses (SG&A) as a percentage of homebuilding revenues was 17.6% in the first quarter 2023, which included $4.5 million of equity-based compensation of which $4.4 million was a non-recurring expense related to the closing of the business combination. SG&A in the first quarter 2023 also includes $1.0 million of transaction related expenses. Excluding non-recurring equity-based compensation and transaction related expenses, SG&A for the first quarter 2023 was approximately 12.0% of homebuilding revenues.

 

Adjusted EBITDA during the first quarter 2023 was $8.5 million compared to $19.4 million during the first quarter 2022. This decrease is largely related to fewer closings and lower gross margins as described above.

 

New Orders / Backlog / Active Communities

 

Net new orders in the first quarter 2023 were 389 compared to 474 in the comparable quarter of 2022. Our cancellation rate was 13.4% for the first quarter 2023, compared to 14.4% for the comparable quarter in 2022.

 

As of March 31, 2023, the Company had a backlog of 320 homes, valued at $103.3 million, compared to a backlog of 276 homes, valued at $85.6 million as of December 31, 2022.

 

As of March 31, 2023, the Company had 52 active communities including 10 in the Upstate market (South Carolina), 33 in the Midlands market (South Carolina & Georgia) and 9 in the Coastal market (South Carolina).

 

Corporate

 

As of March 31, 2023, the Company had $151.7 million of total liquidity including $110.9 million of unrestricted operating cash and $40.8 million of undrawn capacity on its revolving credit facility based on its current inventory borrowing base.

 

Total Class A and Class B shares outstanding were 47,594,950 as of March 31, 2023.

 

About United Homes Group, Inc.

 

On March 30, 2023, the Company consummated the previously announced business combination pursuant to the Business Combination Agreement, dated September 10, 2022 (“the Closing Date”), by and among the Company, Hestia Merger Sub, Inc., a South Carolina corporation and wholly owned subsidiary of the Company (“Merger Sub”), and Great Southern Homes, Inc., a South Carolina corporation (“GSH”). Pursuant to the terms of the Business Combination Agreement, Merger Sub merged with and into GSH (the “Business Combination”), with GSH surviving the merger as a wholly owned subsidiary of the Company. On the Closing Date, and in connection with the closing of the Business Combination (the “Closing”), the Company changed its name to “United Homes Group, Inc.” (“UHG”).

 

UHG employs an asset-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, with a smaller presence in Georgia. UHG seeks to operate its homebuilding business in high-growth markets, with substantial in-migrations and employment growth.

 

6

 

 

Under its asset-light lot operating strategy, UHG controls its supply of finished building lots through lot purchase agreements with third parties including its Land Development Affiliates, which provide UHG with the right to purchase finished lots after they have been developed by the applicable third party. This asset-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.

 

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. UHG believes that the Southeastern states generally offer these characteristics to a greater extent than other geographic regions of the country, and expects the Southeastern states to be the principal focus of any future expansion of its homebuilding business.

 

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:

 

●the outcome of any legal proceedings;

●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;

●changes in applicable laws or regulations;

●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;

●a slowdown in the homebuilding industry or changes in population growth rates in our markets;

●volatility and uncertainty in the credit markets and broader financial markets;

●disruption in the terms or availability of mortgage financing or an increase in the number of foreclosures 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;

●delays in land development or home construction resulting from natural disasters, adverse weather conditions or other events outside our control;

●our ability to continue to leverage our asset-light operating strategy;

●that we have identified material weaknesses in our internal control over financial reporting which, if not corrected, could affect the reliability of our consolidated financial statements;

●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.

 

7

 

 

For further information regarding 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 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:

Allen Hutto

allenhutto@greatsouthernhomes.com

Mobile:  803-665-2764

 

8

 

 

UNITED HOMES GROUP, INC
CONDENSED CONSOLIDATED BALANCE SHEETS

MARCH 31, 2023 (UNAUDITED) and DECEMBER 31, 2022

 

   March 31, 2023  December 31, 2022 
ASSETS         
Cash and cash equivalents  $110,911,416  $12,238,835 
Accounts receivable, net   1,693,064   1,976,334 
Inventories:         
Homes under construction and finished homes   128,950,892   163,997,487 
Developed lots   21,189,983   16,205,448 
Due from related party   125,987   1,437,235 
Related party note receivable   665,020   — 
Lot purchase agreement deposits   8,113,303   3,804,436 
Investment in Joint Venture   431,894   186,086 
Property and equipment, net   676,408   1,385,698 
Operating right-of-use assets   768,282   1,001,277 
Deferred tax asset   3,891,575   — 
Prepaid expenses and other assets   6,350,037   6,112,044 
Total Assets  $283,767,861  $208,344,880 
          
LIABILITIES AND STOCKHOLDERS' EQUITY         
Accounts payable  $13,414,465  $22,077,240 
Homebuilding debt and other affiliate debt   109,172,986   120,797,006 
Operating lease liabilities   768,282   1,001,277 
Other accrued expenses and liabilities   5,150,413   5,465,321 
Income tax payable   701,871   — 
Derivative liabilities   451,106,576   — 
Convertible note payable   66,714,276   — 
Total Liabilities   647,028,869   149,340,844 
          
Class A common stock, $0.0001 par value; 350,000,000 shares authorized; 10,621,073 shares issued and outstanding on March 31, 2023, and December 31, 2022, respectively.   1,061   37 
Class B common stock, $0.0001 par value; 60,000,000 shares authorized; 36,973,877 shares issued and outstanding on March 31, 2023, and December 31, 2022, respectively.   3,697   3,697 
Preferred Stock, $0.0001 par value; 40,000,000 shares authorized; none issued or outstanding.   —   — 
Additional paid-in capital   —   1,422,630 
Retained Earnings/(accumulated deficit)   (363,265,766)  57,577,672 
Total Stockholders' equity   (363,261,008)  59,004,036 
Total Liabilities and Stockholders' equity  $283,767,861  $208,344,880 

 

9

 

 

UNITED HOMES GROUP, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2023 and 2022 (UNAUDITED)

 

   Three Months Ended March 31, 
   2023  2022 
Revenue, net of sales discounts  $94,826,702  $108,436,860 
Cost of sales   78,048,929   81,164,960 
Gross profit   16,777,773   27,271,900 
          
Selling, general and administrative expense   16,687,401   10,425,050 
Net income from operations  $90,372  $16,846,850 
          
Other income, net   202,715   171,078 
Equity in net earnings from investment in joint venture   245,808   — 
Change in fair value of derivative liabilities   (207,064,488)  — 
 (Loss) Income before taxes  $(206,525,593) $17,017,928 
Income tax benefit   2,021,265   — 
Net (loss) income  $(204,504,328) $17,017,928 
          
Basic and diluted (loss)/earnings per share         
Basic  $(5.44) $0.46 
Diluted  $(5.44) $0.46 
          
Basic and diluted weighted-average number of shares         
Basic   37,575,074   37,347,350 
Diluted   37,575,074   37,347,350 

 

10

 

 

UNITED HOMES GROUP, INC

GAAP TO NON-GAAP RECONCILIATIONS

THREE MONTHS ENDED MARCH 31, 2023 and 2022 (UNAUDITED)

 

Adjusted gross profit is a non-GAAP financial measure used by management of UHG as a supplemental measure in evaluating operating performance. UHG defines adjusted gross profit as gross profit excluding the effects of capitalized interest expensed in cost of sales. UHG’s management believes this information is meaningful because it separates the impact that capitalized interest expensed in cost of sales has on gross profit to provide a more specific measurement of UHG’s gross profits. However, because adjusted gross profit information excludes capitalized interest expensed in cost of sales, which has real economic effects and could impact UHG’s results of operations, the utility of adjusted gross profit information as a measure of UHG’s operating performance may be limited. Other companies may not calculate adjusted gross profit information in the same manner that UHG does. Accordingly, adjusted gross profit information should be considered only as a supplement to gross profit information as a measure of UHG’s performance.

 

   Three Months Ended March 31, 
   2023   2022 
Revenue, net of sales discounts  $94,826,702   $108,436,860 
Cost of sales   (78,048,929)   (81,164,960)
Gross profit   16,777,773    27,271,900 
Gross profit margin   17.7%   25.2%
Interest expense in cost of sales   2,386,832    957,900 
Adjusted gross profit  $19,164,605   $28,229,800 
Adjusted gross profit margin   20.2%   26.0%

 

11

 

 

UNITED HOMES GROUP, INC

GAAP TO NON-GAAP RECONCILIATIONS

THREE MONTHS ENDED MARCH 31, 2023 and 2022 (UNAUDITED)

 

Earnings before interest, taxes, depreciation and amortization, or EBITDA, and adjusted EBITDA are supplemental non-GAAP financial measures used by management of UHG. UHG defines EBITDA as net income before (i) capitalized interest expensed in cost of sales, (ii) depreciation and amortization, and (iii) taxes. UHG defines adjusted EBITDA as EBITDA before stock-based compensation expense, transaction cost expense and change in fair value of derivative liabilities. Management of UHG 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. UHG presents EBITDA and adjusted EBITDA because they believe these metrics provide useful information regarding the factors and trends affecting UHG’s business.

  

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 (unaudited).

 

   Three Months Ended March 31, 
   2023  2022 
Net (loss) income  $(204,504,328) $17,017,928 
Interest expense in cost of sales   2,386,832   957,900 
Depreciation and amortization   214,930   172,611 
Taxes   (2,107,892)  (47,258)
EBITDA  $(204,010,458) $18,101,181 
EBITDA Margin (a)    NM    16.7%
Stock-based compensation expense   4,499,156   1,268,222 
Transaction cost expense   964,024   0 
Change in fair value of derivative liabilities   207,064,488   - 
Adjusted EBITDA  $8,517,210  $19,369,403 
Adjusted EBITDA Margin (a)   9.0%  17.9%

 

NM - Not Meaningful

 

(a) Calculated as a percentage of revenue

 

12

 

 

UNITED HOMES GROUP, INC

GAAP TO NON-GAAP RECONCILIATIONS

Continued

 

The Company does not use derivative instruments to hedge exposure to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments, including issued warrants to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The following table presents information about the Company’s Stockholders’ equity, removing all derivative liabilities that are measured at fair value as of March 31, 2023 to present the Company’s Adjusted Total Stockholders’ equity. The Company believes adjusted Total Stockholders’ equity is useful because it believes this non-GAAP measure provides a more accurate depiction of the company’s true equity to its Stockholders’, removing these longer-term, non-cash liabilities, which fluctuate with their valuation.

 

       March 31, 2023 
Total Stockholders' equity       $(363,261,008)
Contingent earnout liability   445,630,296      
Derivative private placement warrant liability   949,332      
Derivative public warrant liability   2,415,000      
Derivative stock option liability   2,111,948      
Total Derivative Liability        451,106,576 
Adjusted Book Value       $87,845,568 

 

13

 

 

UNITED HOMES GROUP, INC

OPERATIONAL METRICS BY MARKET

 

$’s in millions

 

   Three Months Ended March 31,   Period Over Period 
   2023   2022   % Change 
Market  Net New
Orders		   Closings   Net New
Orders		   Closings   Net New
Orders		   Closings 
Coastal   70    71    49    77    43%   -8%
Midlands   197    176    286    244    -31%   -28%
Upstate   122    81    139    93    -12%   -13%
Total   389    328    474    414    -18%   -21%

 

 

   As of March 31,   As of December 31,   Period Over Period % 
   2023   2022   Change 
Market  Backlog
Inventory		   Revenue   Backlog
Inventory		   Revenue   Backlog
Inventory		   Revenue 
Coastal   70   $24.8    74   $23.7    -5%   5%
Midlands   166    51.8    154    46.0    8%   13%
Upstate   84    26.7    48    15.9    75%   68%
Total   320   $103.3    276   $85.6    16%   21%

 

14

 

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Entity Registrant Name UNITED HOMES GROUP, INC.
Entity Central Index Key 0001830188
Entity Tax Identification Number 85-3460766
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 90 N Royal Tower Drive
Entity Address, City or Town Irmo
Entity Address, State or Province SC
Entity Address, Postal Zip Code 29063
City Area Code 212
Local Phone Number 572 - 6260
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Common Class A [Member]  
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
Warrant [Member]  
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
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