Record fourth quarter home sales revenue of $450.6 millionRecord fourth quarter home closings of 937, up 41%Record full year total revenue of $1.55 billionFourth quarter net new home orders of 636, up 60%Fourth quarter cash from operations of $47.8 millionFourth quarter net income of $3.0 million, or $0.08 per diluted shareFull year net income of $17.2 million or $0.47 per diluted shareYear-end book value per share of $18.37 DALLAS, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (Nasdaq: LSEA) ...

Financial Performance - Fourth quarter total revenue reached a record $486.7 million, up 22% year-over-year, driven by a 41% increase in new home deliveries[5] - Full year total revenue was a record $1.6 billion, representing a 28% increase compared to 2023[12] - Home sales revenue for the year ended December 31, 2024, was $1.487 billion, up 26.9% from $1.170 billion in 2023[42] - Total home sales revenue for the year ended December 31, 2024, was $1,486,938 thousand, a 27% increase from $1,169,867 thousand in 2023[50] Home Deliveries and Orders - New home deliveries for the fourth quarter increased 41% to 937 homes, with an average sales price of $481,000[6] - Net new home orders in the fourth quarter increased 60% to 636 homes, with a dollar value of $289.8 million and an average sales price of $456,000[7] - Home deliveries totaled 937 units in Q4 2024, a 41% increase from 664 units in Q4 2023[42] Profitability and Margins - Full year net income decreased 41.1% to $17.2 million, with net income per share at $0.47, a 37.3% decrease from 2023[17] - Home sales gross margin for the fourth quarter was 12.5%, down from 15.9% in the prior year, primarily due to elevated mortgage rates[9] - Home sales gross margin for the year ended December 31, 2024, was 14.7%, compared to 17.3% in 2023, reflecting a decrease of 1.6 percentage points[50] - The adjusted home sales gross margin excluding interest, inventory impairments, and purchase price accounting for acquired inventory was $302,078 thousand, or 20.3%, in 2024, compared to $261,929 thousand, or 22.4%, in 2023[50] Debt and Capital Structure - The ratio of debt to capital was 51.8% at year-end 2024, compared to 44.1% at the end of 2023[20] - The ratio of net debt to total capital rose to 47.7% in 2024 compared to 30.4% in 2023, reflecting increased indebtedness[61] - Total notes and other debts payable, net, increased to $725,354,000 in 2024 from $543,774,000 in 2023[61] Assets and Liabilities - Total assets increased to $1.701 billion as of December 31, 2024, up from $1.471 billion in 2023, representing a growth of 15.6%[39] - Total liabilities rose to $1.025 billion in 2024, compared to $782.9 million in 2023, marking a 31.0% increase[39] Future Outlook - The company anticipates new home deliveries in 2025 to be between 3,000 and 3,400 homes, with average sales prices expected to range from $500,000 to $525,000[22] - The company plans to continue its stock repurchase program, with discretion on timing and amount based on market conditions[36] Earnings Per Share - The company reported a basic earnings per share of $0.08 for Q4 2024, down from $0.33 in Q4 2023[41] - Adjusted basic earnings per share for the year 2024 was $1.15, down 8.0% from $1.25 in 2023[57] Inventory and Backlog - Total lots owned or controlled at year-end 2024 were 10,944, representing a 4.2-year supply based on the last twelve months' net orders[8] - The total backlog as of December 31, 2024, was 390 homes valued at $212,396 thousand, a decrease of 25% in value from $335,627 thousand in 2023[47] - The number of lots owned or controlled decreased by 2% to 10,944 lots as of December 31, 2024, from 11,176 lots in 2023[48] Regional Performance - The average selling price (ASP) of homes sold in Q4 2024 was $481, down 16% from $572 in Q4 2023[42] - The average selling communities increased by 31% to 78.7 in the three months ended December 31, 2024, compared to 60.0 in 2023[45] - The average selling price (ASP) for homes in Arizona increased by 36% to $446 thousand in 2024, while California saw a decrease of 35% to $837 thousand[44] - The number of homes sold in Florida increased by 24% to 923 homes in 2024, with a total sales value of $429,902 thousand[44]

DALLAS, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (NASDAQ:LSEA) announced today that the company will release its results for the fourth quarter and full year of 2024 before the market opens on Thursday, February 27, 2025. The company will host a conference call on the same day at 10:00 AM Eastern Time to discuss its financial results and conduct a question-and-answer session. Conference Call Details:Date: Thursday, February 27, 2025Time: 10:00 AM Eastern TimeToll-free dial-in number: 800- ...

DALLAS, Jan. 22, 2025 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the “Company”), a publicly traded residential homebuilder, announced today that Susan E. Lattmann has rejoined the Company’s Board of Directors effective immediately. Ms. Lattmann is rejoining the Board following Thomas Hartfield’s decision not to stand for re-election at the 2025 annual meeting of stockholders. “We want to thank Tom for his many contributions as a member of our Board of Directors over the ...

New townhomes will offer affordable high-quality housing in desirable region of Orange County PLACENTIA, Calif., Jan. 9, 2025 /PRNewswire/ -- Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly traded residential homebuilder, announced today that it has closed on 39 new homesites, which will serve as an extension of its existing Hudson community in Placentia in North Orange County, California. Hudson is a gated community of row and back-to-back townhomes that emulate a D ...

DALLAS, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the “Company”), a publicly traded residential homebuilder, today announced the commencement of an underwritten public offering of 5,043,480 shares of its common stock to be offered by selling stockholders of the Company (collectively, the “Offering”). The selling stockholders also expect to grant the underwriters a 30-day option to purchase up to an additional 756,520 shares of common stock. The Company is ...

New office space in Irving will accommodate growing number of division employees Conveniently located near company's communities and important employment bases Space is currently under construction with move-in expected in Spring 2025DALLAS, Nov. 18, 2024 /PRNewswire/ -- Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly traded residential homebuilder, has signed a 14,725-square-foot long-term lease at Tower 1320 in Irving, Texas, which will serve as the company's Dall ...

DALLAS, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (NASDAQ: LSEA) today announced that the company will present at the Southwest IDEAS Investor Conference on Thursday, November 21, 2024 at The Statler in Dallas, TX. Company’s presentation is scheduled to begin at 11:30 AM local time (12:30 ET). The presentation will be webcast and can be accessed through the conference host’s main website: https://www.threepartadvisors.com/southwest and in the investor relations section of the company's web ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share LSEA The Nasdaq Capital Market Warrants exercisable for Common Stock LSEAW The Nasdaq Capital Market ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECUR ...

Landsea Homes Corp. (NASDAQ:LSEA) Q3 2024 Earnings Conference Call November 4, 2024 10:00 AM ET Company Participants Drew Mackintosh - Investor Relations John Ho - Chief Executive Officer Michael Forsum - President & Chief Operating Officer Christopher Porter - Chief Financial Officer Conference Call Participants Matthew Bouley - Barclays Carl Reichardt - BTIG Alexander Rygiel - B. Riley Securities James McCanless - Wedbush Operator Good day everyone and welcome to the Landsea Homes Corporation third Quarte ...