Core Insights - Landsea Homes Corporation has acquired 500 homesites for a new master-planned community named Dublin Centre in Dublin, California, marking its largest such community in the Bay Area [1][2][10] Group 1: Community Features - Dublin Centre will consist of 500 homes, including single-family detached and attached townhomes, featuring both traditional and modern architectural styles [2][10] - The community will include amenities such as a large swim center, water park, and a central gathering area, and is located near a planned entertainment district and several parks [4][10] - Residents will benefit from local walking and biking trails, including the Iron Horse Trail, and proximity to highly rated K-12 schools [4][7] Group 2: Home Features - Each home will incorporate Landsea Homes' High Performance Home features, including smart home automation technology compatible with Apple HomeKit, enhancing comfort and health [5][13] - Homes will also be equipped with the REME HALO® air purifier, which reduces airborne contaminants and supports healthy living by eliminating up to 99% of bacteria and allergens [6][13] Group 3: Development Timeline - Development of Dublin Centre is set to begin in 2024, with sales expected to commence in late 2025 [3][10] Group 4: Company Background - Landsea Homes is a publicly traded residential homebuilder based in Dallas, Texas, recognized for its commitment to sustainability and innovative home designs [10][11][12] - The company has received accolades such as the Green Home Builder 2023 Builder of the Year and was previously named Builder of the Year in 2022 [11]

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38545 Landsea Homes Corporation (Exact Name of Registrant as Specified in Its Charter) Delaware 82-2196021 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification Number) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quar ...

Landsea Homes (LSEA) reported $294.04 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 21.6%. EPS of $0.06 for the same period compares to $0.18 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $277.3 million, representing a surprise of +6.04%. The company delivered an EPS surprise of -53.85%, with the consensus EPS estimate being $0.13.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Landsea Homes (LSEA) came out with quarterly earnings of $0.06 per share, missing the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -53.85%. A quarter ago, it was expected that this residential homebuilder would post earnings of $0.34 per share when it actually produced earnings of $0.43, delivering a surprise of 26.47%.Over the last four quarter ...

Exhibit 99.1 Landsea Homes Reports First Quarter 2024 Results First Quarter 2024 Highlights Dallas, Texas – May 1, 2024 – Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly traded homebuilder, reported financial results for the first quarter ended March 31, 2024. For the quarter, the Company reported pretax income of $0.7 million, and net income of $0.2 million, or $0.01 per share. Excluding one-time transaction costs of $1.7 million, net income was $1.9 million or $0.05 ...

Landsea Homes Corporation (LSEA) launched Landsea Insurance Agency, the new addition to its extensive array of financial services under Landsea Elements.Landsea Insurance Agency offers end-to-end support to the company's homebuyers, which will make availing insurance by homeowners fast and hassle-free. Together with Westwood Insurance Agency, this new full-service financial offering provides a diverse line of products and aligns with LSEA’s commitment to providing exclusive services and expert resources tha ...

Spring Valley will feature attainably priced High Performance Homes in northeastern Boulder County Collection of paired homes designed for first-time and move-up buyers  LONGMONT, Colo., April 15, 2024 /PRNewswire/ -- Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly traded residential homebuilder, announced today that it has closed on 28 homesites in the Spring Valley master-planned community in Longmont, Colorado. "We are very excited about entering the city of Lon ...

Part I [Item 1. Business](index=7&type=section&id=Item%201.%20Business) Landsea Homes is a growth-oriented homebuilder specializing in energy-efficient homes across key U.S. markets - Landsea Homes specializes in "High Performance Homes" emphasizing automation, efficiency, and sustainability across Arizona, California, Colorado, Florida, Texas, and Metro New York[16](index=16&type=chunk)[17](index=17&type=chunk) - Revenue grew to over **$1.2 billion in 2023**, with **11,176 lots** owned or controlled as of December 31, 2023, representing a 3-4 year supply[21](index=21&type=chunk) Key Operational Metrics (2023 vs. 2022) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Net New Home Orders** | 1,947 | 1,520 | | **Homes Delivered** | 2,123 | 2,370 | | **Home Sales Revenue (million USD)** | $1,169.9 million | $1,392.8 million | | **ASP of Homes Delivered (USD)** | $551,000 | $588,000 | | **Backlog (Homes)** | 517 | 670 | | **Backlog (Value) (million USD)** | $335.6 million | $380.9 million | Revenue by Market (in thousands) | Market | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Arizona | $288,552 | $317,160 | $340,767 | | California | $439,939 | $503,832 | $557,182 | | Colorado | $7,410 | — | — | | Florida | $468,210 | $474,779 | $93,632 | | Metro New York | $1,649 | $111,423 | — | | Texas | $4,187 | $39,255 | $31,723 | | **Total** | **$1,209,947** | **$1,446,449** | **$1,023,304** | [Item 1A. Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) The company identifies numerous operational, industry, and organizational risks, including its "controlled company" status - Operational risks encompass timely community development, warranty claims, uninsured losses, and dependence on suitable land acquisition[100](index=100&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - Home order cancellation rate significantly decreased to **12.3% in 2023** from **26.4% in 2022**, though rising rates could increase future cancellations[63](index=63&type=chunk)[123](index=123&type=chunk) - As a "controlled company" by Landsea Green, it is exempt from certain Nasdaq governance rules, allowing Landsea Green to determine major corporate transactions[156](index=156&type=chunk)[158](index=158&type=chunk) - Geographic concentration in key states exposes the company to disproportionate impacts from regional economic downturns[173](index=173&type=chunk) - CFIUS may review and impact future acquisitions due to the company's "foreign person" status under Landsea Green's ownership[162](index=162&type=chunk) [Item 1B. Unresolved Staff Comments](index=59&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - No unresolved staff comments were reported[220](index=220&type=chunk) [Item 1C. Cybersecurity](index=59&type=section&id=Item%201C.%20Cybersecurity) The company maintains a cybersecurity risk management program overseen by the Audit Committee, with no material impact to date - The cybersecurity program, managed by the VP of IT, includes risk assessments, a dedicated team, external providers, training, and an incident response plan[221](index=221&type=chunk)[223](index=223&type=chunk) - The Audit Committee oversees cybersecurity risk, receiving quarterly reports from the VP of IT on program status and risks[224](index=224&type=chunk) - Cybersecurity threats have not materially affected and are not reasonably likely to materially affect the company's business or financial condition[223](index=223&type=chunk) [Item 2. Properties](index=61&type=section&id=Item%202.%20Properties) The company owns land and home inventories and leases approximately **85,000 square feet** of office space through April 2031 - The company leases approximately **85,000 square feet** of office space for its corporate and regional offices, with leases extending through April 2031[228](index=228&type=chunk) [Item 3. Legal Proceedings](index=61&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is detailed within the notes to the consolidated financial statements - Legal proceedings details are found in Part II, Item 8, Note 10 – Commitments and Contingencies - Legal[229](index=229&type=chunk) [Item 4. Mine Safety Disclosures](index=61&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no applicable mine safety disclosures for its operations - No mine safety disclosures are applicable to the company's operations[230](index=230&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=62&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock and warrants trade on Nasdaq; no cash dividends are paid, and shares were repurchased in Q4 2023 - The company's common stock (LSEA) and warrants (LSEAW) are traded on The Nasdaq Capital Market[233](index=233&type=chunk) - The company has not paid and does not intend to pay cash dividends on its common stock in the foreseeable future[235](index=235&type=chunk) Common Stock Repurchases (Q4 2023) | Period | Total Shares Purchased | Average Price Paid per Share (USD) | Total Cost (approx.) (million USD) | | :--- | :--- | :--- | :--- | | Oct 2023 | — | $— | $0 | | Nov 2023 | 674,486 | $9.49 | $6.4 million | | Dec 2023 | 599,811 | $11.35 | $6.8 million | | **Total Q4** | **1,274,297** | **$10.37** | **$13.2 million** | - As of December 31, 2023, approximately **$8.9 million** remained in the authorized stock repurchase program[237](index=237&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=63&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, home sales revenue decreased to **$1.17 billion** due to higher mortgage rates, impacting net income and gross margin Consolidated Financial Summary (in millions, except per share data) | Metric | 2023 (million USD, except EPS) | 2022 (million USD, except EPS) | | :--- | :--- | :--- | | **Total Revenue** | $1,209.9 | $1,446.4 | | **Home Sales Revenue** | $1,169.9 | $1,392.8 | | **Total Gross Margin** | $215.0 | $286.9 | | **Income from Operations** | $40.3 | $108.3 | | **Net Income** | $32.7 | $75.7 | | **Net Income Attributable to LSEA** | $29.2 | $73.6 | | **Diluted EPS** | $0.75 | $1.70 | - Decreased home deliveries and revenue in 2023 were primarily due to reduced demand and affordability challenges from higher mortgage rates[253](index=253&type=chunk) - The net debt to total capital ratio remained stable at **30.4%** as of December 31, 2023, compared to **30.0%** in 2022, indicating consistent leverage[254](index=254&type=chunk)[337](index=337&type=chunk) - In October 2023, the company expanded into Colorado by acquiring Richfield Homes' assets for **$22.5 million**, adding approximately **290 lots**[246](index=246&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures about Market Risk](index=88&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are interest rate fluctuations from its variable-rate credit facility and inflation - Interest rate risk arises from the variable-rate credit facility, with borrowings tied to SOFR plus **3.35%** or Prime Rate plus **2.75%**[344](index=344&type=chunk) - Inflation negatively impacts the business by increasing costs for land, labor, and materials, and by raising mortgage rates, reducing home affordability[345](index=345&type=chunk) [Item 8. Financial Statements](index=89&type=section&id=Item%208.%20Financial%20Statements) Deloitte & Touche LLP audited the consolidated financial statements for 2023 and 2022, issuing an unqualified opinion Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2023 (million USD) | Dec 31, 2022 (million USD) | | :--- | :--- | :--- | | **Total Assets** | **$1,471.2** | **$1,440.5** | | Cash and cash equivalents | $119.6 | $123.6 | | Real estate inventories | $1,121.7 | $1,093.4 | | **Total Liabilities** | **$782.9** | **$730.2** | | Line of credit facility, net | $307.6 | $505.4 | | Senior notes, net | $236.1 | $— | | **Total Equity** | **$688.4** | **$710.3** | - Deloitte & Touche LLP identified real estate inventory valuation as a critical audit matter due to subjective future cash flow estimations for impairment testing[353](index=353&type=chunk)[354](index=354&type=chunk)[355](index=355&type=chunk) - In January 2024, the company agreed to acquire Antares Acquisition, LLC, a Texas homebuilder, for **$185.0 million**, expected to close in Q2 2024[550](index=550&type=chunk)[551](index=551&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=136&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting and financial disclosure - No changes in or disagreements with accountants on accounting and financial disclosure were reported[553](index=553&type=chunk) [Item 9A. Controls and Procedures](index=136&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and auditors concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023 - The CEO and CFO concluded that disclosure controls and procedures were effective as of December 31, 2023[555](index=555&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2023, based on the COSO framework[558](index=558&type=chunk) - Deloitte & Touche LLP issued an unqualified opinion on the effectiveness of internal control over financial reporting as of December 31, 2023[559](index=559&type=chunk)[561](index=561&type=chunk) [Item 9B. Other Information](index=138&type=section&id=Item%209B.%20Other%20Information) No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during Q4 2023 - No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter ended December 31, 2023[567](index=567&type=chunk) Part III [Items 10-14](index=139&type=section&id=Items%2010-14) Information for Items 10-14 is incorporated by reference from the company's 2024 Proxy Statement - Information for Items 10-14 will be incorporated by reference from the company's 2024 Proxy Statement[571](index=571&type=chunk)[573](index=573&type=chunk)[574](index=574&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=140&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Annual Report - This item lists all financial statements, schedules, and exhibits filed with the Form 10-K[579](index=579&type=chunk) - Exhibits include foundational corporate documents, material debt agreements, and management compensation plans[581](index=581&type=chunk)[582](index=582&type=chunk)[583](index=583&type=chunk) [Item 16. Form 10-K Summary](index=143&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - No Form 10-K summary is provided[586](index=586&type=chunk)

Landsea Homes Corporation (NASDAQ:LSEA) Q4 2023 Earnings Conference Call February 29, 2024 10:00 AM ET Company Participants Drew Mackintosh - Mackintosh, IR John Ho - CEO Mike Forsum - President and COO Chris Porter - CFO Conference Call Participants Alex Rygiel - B. Riley Securities Carl Reichardt - BTIG Jay McCanless - Wedbush Operator Greetings. Welcome to the Landsea Homes Corporation Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer sessi ...

Revenue and Sales Performance - Full Year Total Revenue decreased by 16% to $1.2 billion compared to $1.4 billion in 2022[11] - Fourth Quarter Home sales revenue was $379.7 million, driven by 664 home closings at an average price of $572,000[4] - Total revenue for the year ended December 31, 2023, was $1,209.9 million, a decrease of 16% compared to $1,446.4 million in 2022[36] - Home sales revenue for the year ended December 31, 2023, was $1,169.9 million, a decrease of 16% compared to $1,392.8 million in 2022[36] - Total home deliveries for the year ended December 31, 2023, were 2,123 homes, a decrease of 10% compared to 2,370 homes in 2022[37] - Average selling price (ASP) for homes in 2023 was $551,000, a decrease of 6% compared to $588,000 in 2022[37] - Net new home orders for the year ended December 31, 2023, were 1,947 homes, an increase of 28% compared to 1,520 homes in 2022[39] - Fourth Quarter Net New Home Orders increased by 352% to 398 homes with a dollar value of $218.9 million[5] Net Income and Earnings - Fourth Quarter Net income was $12.5 million, or $0.33 per diluted share[4] - Full Year Net Income was $29.2 million or $0.75 per diluted share[4] - Net income attributable to Landsea Homes Corporation for the year ended December 31, 2023, was $29.2 million, down 60% from $73.6 million in 2022[36] - Adjusted net income attributable to Landsea Homes Corporation for Q4 2023 was $16.1 million, down from $33.3 million in Q4 2022, reflecting lower net income and adjustments[49] - Net income attributable to Landsea Homes Corporation decreased to $29.236 million in 2023 from $73.551 million in 2022[50] - Adjusted net income attributable to Landsea Homes Corporation was $47.858 million in 2023 compared to $123.306 million in 2022[50] - Basic earnings per share dropped to $0.75 in 2023 from $1.71 in 2022[50] - Diluted earnings per share decreased to $0.75 in 2023 from $1.70 in 2022[50] - Weighted average common shares outstanding used in EPS - basic decreased to 38,885,003 in 2023 from 42,052,696 in 2022[50] Gross Margin and Profitability - Home sales gross margin decreased to 15.9% in the fourth quarter of 2023 compared to 19.0% in the prior year period[8] - Home sales gross margin for Q4 2023 was 15.9%, down from 19.0% in Q4 2022, while adjusted gross margin excluding interest and impairments was 19.6%, down from 21.2%[44] - Adjusted home sales gross margin excluding interest, impairments, and purchase price accounting for acquired inventory was 20.8% in Q4 2023, down from 23.4% in Q4 2022[44] Adjusted EBITDA - Adjusted EBITDA for the full year was $112.3 million compared to $208.0 million in the prior year[15] - Adjusted EBITDA for Q4 2023 was $40.3 million, a decrease from $53.9 million in Q4 2022, primarily due to lower net income and higher transaction costs[46] Assets, Liabilities, and Equity - Total assets as of December 31, 2023, were $1,471.2 million, an increase of 2% compared to $1,440.5 million in 2022[34] - Total liabilities as of December 31, 2023, were $782.9 million, an increase of 7% compared to $730.2 million in 2022[34] - Cash and cash equivalents as of December 31, 2023, were $119.6 million, a decrease of 3% compared to $123.6 million in 2022[34] - Total equity as of December 31, 2023, was $688.4 million, a decrease of 3% compared to $710.3 million in 2022[34] - Total equity decreased to $688.352 million in 2023 from $710.319 million in 2022[54] - Ratio of debt to capital increased to 44.1% in 2023 from 41.6% in 2022[54] - Ratio of net debt to total capital slightly increased to 30.4% in 2023 from 30.0% in 2022[54] - Total notes and other debts payable, net increased to $543.774 million in 2023 from $505.422 million in 2022[54] Backlog and Community Performance - Total backlog homes decreased by 23% to 517 in 2023, with a total value of $335.6 million, down 12% from $380.9 million in 2022[41] - California backlog homes increased by 104% to 161 in 2023, with a total value of $158.2 million, up 102% from $78.4 million in 2022[41] - Florida backlog homes decreased by 49% to 246 in 2023, with a total value of $128.5 million, down 49% from $250.9 million in 2022[41] - Average selling communities in Arizona increased by 21% to 19.0 in Q4 2023 compared to 15.7 in Q4 2022, and by 36% to 17.3 for the full year 2023 compared to 12.7 in 2022[40] Land and Lot Inventory - The company ended the year with 11,176 lots owned and controlled, representing approximately 5 years of supply[7] - Lots owned or controlled in Texas increased by 70% to 1,850 in 2023, driven by a significant increase in controlled lots from 1,083 to 1,720[42] - Total lots owned or controlled decreased by 4% to 11,176 in 2023, with a significant reduction in Arizona (-20%) and Florida (-11%)[42] Acquisitions and Strategic Moves - The company entered into a definitive agreement to buy DFW-based Antares Homes, adding 19 actively selling communities and a pipeline of over 2,000 lots[3] Book Value and Share Performance - Year-end book value per share increased by 11.4% to $17.88[4]