Landsea Homes (LSEA) - 2025 Q1 - Quarterly Results

Financial Performance - The Company reported a pretax loss of $9.9 million and a net loss of $7.1 million, resulting in a loss per share of $0.20 for Q1 2025 [2]. - Net loss attributable to Landsea Homes Corporation was $7,254,000 in Q1 2025, compared to a net income of $190,000 in Q1 2024 [33]. - Adjusted net loss attributable to Landsea Homes Corporation was $1,733,000 for Q1 2025, a decrease from an adjusted net income of $3,505,000 in Q1 2024 [45]. - Basic earnings per share for Q1 2025 was $(0.20), a decline from $0.01 in Q1 2024 [45]. - Diluted earnings per share for Q1 2025 was also $(0.20), compared to $0.01 in Q1 2024 [45]. Revenue and Sales - Total revenue for the first quarter was $310.8 million, reflecting a 6% increase compared to Q1 2024, driven by a 27% increase in homes closed [3]. - Home sales revenue increased to $299,373,000 in Q1 2025, up 2.5% from $292,592,000 in Q1 2024 [34]. - The gross margin for home sales decreased to 13.0% in Q1 2025 from 14.9% in Q1 2024, reflecting a gross margin of $38,858,000 compared to $43,695,000 [40]. Home Deliveries and Orders - New homes delivered increased by 27.3% to 643 homes, with an average sales price of $466,000, down from $579,000 in the prior year [4]. - Net new home orders rose 11.1% to 679 homes, valued at $317.8 million, with an average sales price of $468,000 [5]. - Home deliveries in Q1 2025 totaled 643 homes, a 27% increase from 505 homes delivered in Q1 2024 [34]. - Monthly absorption rate for new home orders was 3.0 in Q1 2025, down from 3.3 in Q1 2024, reflecting a decrease of 9% [35]. Backlog and Inventory - Total homes in backlog were 426 homes, valued at $230.8 million, with an average sales price of $542,000 as of March 31, 2025 [6]. - The backlog of homes as of March 31, 2025, was valued at $230,835,000, a 32% decrease from $379,974,000 in the previous year [37]. Liquidity and Debt - The Company had total liquidity of $256.3 million, including cash and cash equivalents of $36.7 million and $204.0 million available under its credit facility [12]. - The ratio of debt to capital was 52.1% as of March 31, 2025, with net debt to total capital at 48.3% [13]. - The ratio of debt to capital increased to 52.1% as of March 31, 2025, up from 51.8% at the end of 2024 [49]. - The ratio of net debt to total capital was 48.3% as of March 31, 2025, compared to 47.7% at the end of 2024 [49]. - Total notes and other debts payable, net, stood at $727,507,000 as of March 31, 2025, slightly up from $725,354,000 at the end of 2024 [49]. - Cash and cash equivalents decreased to $36,740,000 as of March 31, 2025, down from $53,322,000 at the end of 2024 [49]. - Cash held in escrow increased to $15,563,000 as of March 31, 2025, compared to $3,921,000 at the end of 2024 [49]. Operational Metrics - Adjusted EBITDA for the quarter was $13.5 million, compared to $17.0 million in the prior year period [11]. - Adjusted EBITDA for Q1 2025 was $13,521,000, down from $17,034,000 in Q1 2024, indicating a decrease of 20.8% [42]. - The average selling price (ASP) of homes sold in Q1 2025 was $466,000, a decrease of 20% from $579,000 in Q1 2024 [34]. - The number of lots owned or controlled increased by 2% to 10,516 as of March 31, 2025, compared to 10,349 in the previous year [38]. - The Company continues to pursue an asset-light strategy, controlling 55% of its lots as of the end of Q1 2025 [6].