Landsea Homes (US:LSEA)2022-08-05 19:28Financial Performance - Q2 2022 - Total revenue increased to $368.7 million compared to $250.3 million in Q2 2021[8] - Net new home orders reached 538 homes with a dollar value of $322.5 million, averaging $599,000 per home, compared to 330 homes valued at $207.3 million, averaging $628,000 per home in Q2 2021[8] - Home sales gross margin increased by 430 basis points to 21.3% from 17.0% in Q2 2021[8] - Adjusted net income attributable to Landsea Homes was $31.5 million, up from $17.5 million in Q2 2021[8] - Adjusted EBITDA increased to $56.6 million from $32.6 million in Q2 2021[8] Lot Inventory and Land Position - Total lots owned and controlled increased by 52% year-over-year to 13,017 from 8,556[8] - Of the total lots, 37% are owned (4,782 lots) and 63% are controlled (8,235 lots)[8,9] - The company's lot supply represents 6.4 years of overall supply[10] Geographic Diversification - The company has a diversified portfolio in high-growth geographies, including Arizona (36%), Florida (36%), and California (21%) based on supply of lots by state[9] - Q2 2022 home sales revenue by geography: California (31%), Arizona (20%), Florida (31%), NY (17%), and Texas (1%)[9,15] Outlook - For Q3 2022, new home deliveries are anticipated to be in the range of 575 to 630, with delivery ASPs expected to be in the range of $550,000 to $575,000[18] - For full year 2022, new home deliveries are anticipated to be in the range of 2,500 to 2,700, with delivery ASPs expected to be in the range of $525,000 to $550,000[18] - Home sales gross margin for full year 2022 is expected to be in the range of 20% to 22% on a GAAP basis, or 24% to 26% on an adjusted basis[18]