Financial Data and Key Metrics Changes - Total revenue for Q2 2025 reached $154.7 million, a 22% increase compared to Q2 2024, with an 18% growth at constant exchange rates [24] - Galafold revenue was $128.9 million, up 12% at constant exchange rates and 16% in reported terms [10] - Non-GAAP net income for Q2 2025 was $1.9 million, compared to $18.5 million in Q2 2024 [26] Business Line Data and Key Metrics Changes - Galafold saw a 13% year-over-year patient growth, with over 69% global market share for treated Fabry patients with amenable mutations [6][10] - Pombility and Upholda revenue reached $25.8 million, up 58% at constant exchange rates, with the U.S. contributing approximately 42% of revenue [14][15] - The company expects Pombility and Upholda to achieve a combined revenue growth of 50% to 65% for 2025 at constant exchange rates [16] Market Data and Key Metrics Changes - The U.S. market remains a significant driver, with over 1,000 patient starts for Galafold since launch [11] - The company launched Pombility and Upholda in six new countries in Q2 2025, expanding its market presence [18] - The untreated population for Fabry disease is estimated to be significantly larger than previously believed, indicating substantial market opportunity [13] Company Strategy and Development Direction - The company aims to achieve GAAP profitability in the second half of 2025, maintaining financial discipline while expanding its product portfolio [9] - Strategic partnerships, such as with Dimerix for DMX200, are key to addressing unmet needs in rare diseases [7][21] - The company is focused on expanding into new markets and increasing patient access, with plans for further geographic expansion in 2026 [85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for the remainder of 2025, citing strong demand for Galafold and the potential of Pombility and Upholda [5][6] - The company highlighted the importance of real-world evidence in driving physician and patient adoption of its therapies [33] - Management remains optimistic about the long-term potential of its products, particularly in underdiagnosed populations [13] Other Important Information - The company reiterated its full-year financial guidance for 2025, expecting total revenue growth of 15% to 22% [27] - Cash, cash equivalents, and marketable securities were $231 million as of June 30, 2025, down from $250 million at the end of 2024 [26] Q&A Session Summary Question: What clinical assessments resonate with physicians and KOLs for switching from Nexviazyme to Pombility? - Management indicated that physicians look for stability or improvement in patient outcomes, including biomarkers and quality of life measures [32][34] Question: Update on the additional manufacturing facility in Ireland? - The company expects the Irish facility to come online in the latter half of 2025, which will help meet global demand [38][40] Question: Confidence in IP position and potential for settlement? - Management remains confident in the strength of its IP and the potential for favorable settlements, reinforced by previous agreements [46][48] Question: Timelines for the new U.S. manufacturing process and impacts on COGS? - The U.S. drug product manufacturing facility is progressing, with timelines not yet specified, but the company is optimistic about its overall manufacturing strategy [52][54] Question: Insights on patient starts in ex-U.S. markets? - The company reported strong market share growth in the UK and Germany, with ongoing launches in new countries [62][64] Question: Drivers for patient switches at the two-year mark? - Management noted that switches are influenced by patient outcomes and physician assessments, with a focus on proactive treatment strategies [68][70] Question: Regulatory alignment with the FDA on proteinuria for DMX200? - The FDA has indicated that proteinuria can serve as a primary endpoint, which is a positive development for the program [74][80]

Financial Data and Key Metrics Changes - As of the end of Q1 2025, assets under construction and completed construction reached over $275 million, driven by construction activities in Phoenix, Dallas, and Denver [7] - Revenues increased by 133% year-over-year and 20% sequentially, attributed to the acquisition of the Camarillo Campus [7] - Operating expenses increased moderately, with a notable rise in fuel expenses and startup costs due to increased headcount and full operations at the Camarillo Hangar Campus [10][12] Business Line Data and Key Metrics Changes - The financial results of Sky Harbor Capital, including Houston, Miami, and Nashville campuses, showed flat revenues in recent quarters, with expectations for significant increases in Q2, Q3, and Q4 as new campuses lease up [12] - Operating expenses rose due to onboarding personnel in anticipation of new campus operations [12] Market Data and Key Metrics Changes - The company is expanding its ground lease portfolio, with new leases in Seattle and Portland, and anticipates significant revenue growth from these locations [14][15] - The average rent per square foot has increased from $29.08 to $35.75, representing a 23% increase over the original estimate, with expectations of reaching $40.06 based on recent leases [17][18] Company Strategy and Development Direction - The company is focusing on vertical integration in construction to manage costs, improve build quality, and speed up project timelines [22][24] - The strategy includes a significant ramp-up in development activities, with plans for 23 campuses by the end of 2025 and 16 additional campuses in development [38][47] - The company aims to differentiate itself through a unique bundled real estate and service offering, targeting high-quality construction and operational efficiency [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow breakeven by the end of 2025 as new campuses ramp up leasing [8] - The company remains optimistic about demand in business aviation, with no significant impacts from macroeconomic uncertainties reported [90] - Management acknowledged concerns about potential competition but emphasized the strength of their site acquisition capabilities and integrated operational model as competitive advantages [60][62] Other Important Information - The company has approximately $97.5 million in cash and U.S. Treasuries, with a focus on short-term investments for future construction [30] - The company is preparing for a debt issuance of $150 million to $175 million to fund new projects, monitoring market conditions closely [56][99] Q&A Session Summary Question: Plans to raise debt this year - The company is preparing for a financing of $150 million to $175 million for upcoming projects, keeping an eye on market conditions [56][57] Question: Competition from operators replicating the model - Management expressed concern about new competition but believes their integrated model and site acquisition expertise provide a sustainable competitive advantage [60][62] Question: Expected interest rate and timing on financing - Interest rates for a bond deal are expected to be around 5.5%, with bank facilities potentially in the SOFR plus 200 area [99][100] Question: Nashville occupancy - Nashville occupancy is reported at 92%, with actual occupancy exceeding 100% due to the nature of semi-private hangars [92][94]

Financial Data and Key Metrics Changes - The company recorded a net loss of $7.3 million in Q1 2025, translating to a net loss of $0.20 per diluted share [4] - Home sales revenue increased by 2% year over year, driven by a 27% increase in deliveries, although this was partially offset by a 20% decline in average closing prices [4][16] - The gross margin before inventory impairments was reported at 13.5%, while the adjusted gross margin remained consistent at 20% [17] Business Line Data and Key Metrics Changes - Net new orders increased by 11% year over year, with a sales pace of 3.0 homes per community per month [5] - The company delivered 643 homes in Q1 2025, which was near the midpoint of the guidance of 600 to 700 closings [12] - Florida led delivery contributions with a 52% growth, while Texas contributed 20% of home deliveries and 16% of revenue [16] Market Data and Key Metrics Changes - ASPs (Average Selling Prices) were up year over year in Florida and Texas, while they declined slightly in Arizona [13] - The sales pace in Arizona was the highest at 3.8, followed by Colorado at 3.7 and Florida at 2.9 [13] - The company noted that current new home demand conditions are uneven, with consistent traffic levels offset by buyer hesitancy [13] Company Strategy and Development Direction - The company aims to return to a 50-50 split between spec and build-to-order closings over time, emphasizing a balanced approach to home sales [6] - A strategic shift towards presold homes is expected to enhance margin opportunities and reduce cash tied up in standing inventory [7] - The company is focused on product differentiation and maintaining desirable locations to attract customers and grow market share [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for the housing industry, citing the need for additional housing supply and the desire for homeownership [11] - The company anticipates that incentive levels will remain elevated through 2025, fluctuating with the mortgage rate environment [19] - Management noted that while there is uncertainty in the near-term macro environment, they believe their competitive positioning will allow for growth [11] Other Important Information - The company ended the quarter with $256 million in liquidity, including $52.3 million in cash and cash equivalents [19] - The debt to total capital ratio was 52.1%, reflecting a 30 basis point increase from year-end [20] Summary of Q&A Session - The call did not open for questions due to a transaction announcement made prior to the call [22]

Financial Data and Key Metrics Changes - Landsea Homes recorded a net loss of $7.3 million in Q1 2025, translating to a net loss of $0.20 per diluted share [4] - Home sales revenue increased by 2% year over year, driven by a 27% increase in deliveries, despite a 20% decline in average closing prices [4][16] - The gross margin before inventory impairments was reported at 13.5%, while the adjusted gross margin remained consistent at 20% [17] Business Line Data and Key Metrics Changes - The company delivered 643 homes in Q1 2025, which was near the midpoint of the guidance of 600 to 700 closings [12] - Florida led the delivery contributions with a 52% growth in deliveries and a 53% growth in revenue [16] - ASPs were up year over year in Florida and Texas, while ASPs in Arizona declined slightly [13] Market Data and Key Metrics Changes - Net new orders increased by 11% year over year, with a sales pace of 3.0 homes per community per month [5] - The sales pace in Q1 was at the lower end of the targeted range of 3 to 4 sales per community per month, with Arizona posting the highest absorption pace at 3.8 [13] - The company experienced uneven new home demand conditions, with consistent traffic levels offset by buyer hesitancy [13] Company Strategy and Development Direction - The company aims to return to a 50-50 split between spec and build-to-order closings over time, emphasizing product differentiation to attract customers [6][7] - A strategic decision was made to sell through some spec home inventory to balance sales activity [6] - The focus on presales versus spec homes is expected to alleviate margin pressure and provide better visibility into future closings [15] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term outlook for the housing industry, citing the need for additional housing supply [11] - Financing incentives are expected to remain elevated through 2025, with costs fluctuating with the mortgage rate environment [19] - The company believes that the homebuilding ecosystem self-corrects over time, and the industry's move towards a more land-light operating model may accelerate this correction [14] Other Important Information - The company ended the quarter with $256 million in liquidity, including $52.3 million in cash and cash equivalents [19] - The debt to total capital ratio was 52.1%, reflecting a 30 basis point increase from year-end [20] Summary of Q&A Session - The call did not open for questions due to a transaction announcement made prior to the call [22]

Financial Data and Key Metrics Changes - Landsea Homes recorded a net loss of $7.3 million in Q1 2025, translating to a net loss of $0.20 per diluted share [4] - Home sales revenue increased by 2% year over year, driven by a 27% increase in deliveries, although this was partially offset by a 20% decline in average closing prices [4][16] - The company reported an adjusted net loss of $1.73 million or $0.05 per share [19] Business Line Data and Key Metrics Changes - Net new orders increased by 11% year over year, with a sales pace of 3.0 homes per community per month [5] - The company delivered 643 homes in Q1 2025, which was near the midpoint of the guidance of 600 to 700 closings [12] - Florida led delivery contributions with a 52% growth in deliveries and a 53% increase in revenue [16] Market Data and Key Metrics Changes - ASPs (Average Selling Prices) were up year over year in Florida and Texas, while they declined slightly in Arizona [13] - The sales pace in Arizona was the highest at 3.8, followed by Colorado at 3.7 and Florida at 2.9 [13] - Discounts and incentives represented 9.6% of gross home sales revenue, impacting gross margins [18] Company Strategy and Development Direction - The company aims to balance spec sales and built-to-order homes, targeting a 50-50 split over time [6] - A strategic shift towards presold homes is expected to enhance margin opportunities and reduce cash tied up in inventory [7] - The focus on product differentiation and desirable locations is seen as a competitive advantage in the current market [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term industry outlook due to the need for additional housing supply [11] - The current new home demand conditions were characterized as uneven, with consistent traffic levels offset by buyer hesitancy [13] - The company anticipates elevated incentive levels through 2025, fluctuating with the mortgage rate environment [20] Other Important Information - The company ended the quarter with $256 million in liquidity, including $52.3 million in cash and cash equivalents [20] - The debt to total capital ratio was reported at 52.1%, a 30 basis point increase from year-end [21] Q&A Session Summary - The call did not open for questions due to a transaction announcement [23]

Financial Data and Key Metrics Changes - First quarter revenue was $104.2 million, down 13% year-over-year, aligning with expectations [5][23] - Adjusted EBITDA improved by $8 million, with a margin increase of 650 basis points compared to last year [6][26] - Adjusted gross margins exceeded 40% for the fourth consecutive quarter, improving by 550 basis points year-over-year [6][25] Business Line Data and Key Metrics Changes - Showroom channel revenue grew by 7%, marking the fifth consecutive period of growth, with comparable sales up 11% [5][24] - Direct-to-consumer (DTC) net revenue was $63.4 million, with showroom sales increasing by 7.4% [23][24] - E-commerce sales declined by 8.2%, reflecting challenges in conversion and messaging [15][24] - Wholesale segment revenue decreased by 24.2% to $40.8 million due to reduced door counts and overall volume declines [24] Market Data and Key Metrics Changes - The overall consumer sentiment remains cautious, impacting spending patterns [38][41] - Brand awareness reached 77%, indicating strong recognition but highlighting the need for better communication of product benefits [14] Company Strategy and Development Direction - The company announced a significant expansion of its partnership with Mattress Firm, increasing distribution slots from 5,000 to 12,000, expected to generate over $70 million in incremental revenue [7][9] - The strategy focuses on three pillars: pioneering new technologies, promoting differentiation, and prioritizing gross margin through operational improvements [9][10] - The launch of the new Rejuvenate 2.0 mattress line aims to enhance product offerings and drive sales [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the consumer psyche and macroeconomic uncertainties affecting the second quarter [38][39] - The company reaffirmed its full-year revenue guidance of $465 million to $485 million, anticipating some headwinds from tariffs [21][30] - Management remains focused on executing strategic priorities while navigating industry challenges [31] Other Important Information - The company entered into an amendment to borrow an additional $20 million to support the expanded distribution agreement and ongoing investments [9][28] - The impact of tariffs is being closely monitored, with an estimated annual cost impact of approximately $10 million [20] Q&A Session Summary Question: Can you elaborate on the $70 million from the Mattress Firm partnership? - The number is based on current productivity and projected incremental slots, considering some cannibalization but expecting overall growth [34][36] Question: What are the trends in the second quarter? - There are concerns about consumer sentiment, with cautious spending observed [38][41] Question: How did the new agreement with Omni Group come about? - The relationship developed due to mutual benefits in driving traffic and improving margins for Mattress Firm [46][48] Question: Will tariffs impact the P&L? - Tariffs will start impacting in the second quarter, and the company is working on strategies to mitigate these costs [54] Question: Is there exclusivity in the new partnership with Mattress Firm? - There is no exclusivity; the focus is on serving all wholesale partners effectively [69] Question: How does the expanded partnership affect guidance for 2025? - The ramp-up from the partnership is still being finalized, but there are expected tailwinds in the latter part of the year [76][77]