Landsea Homes (LSEA) - 2023 Q4 - Annual Results

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$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$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$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$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$543.774 million in 2023 from $505.422 million in 2022[54] Backlog and Community Performance - Total backlog homes decreased by 23$335.6 million, down 12% from $380.9 million in 2022[41] - California backlog homes increased by 104$158.2 million, up 102% from $78.4 million in 2022[41] - Florida backlog homes decreased by 49$128.5 million, down 49% from $250.9 million in 2022[41] - Average selling communities in Arizona increased by 21$17.88[4]