Landsea Homes — Q3 2024 Earnings Presentation
20 slides from Landsea Homes's earnings presentation, Nov 4, 2024
Slide 1: 3Q 2024 Earnings Presentation
3Q 2024 Earnings Presentation
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Certain statements in this presentation may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our b
Slide 3: Today's Presenters
Today’s Presenters John Ho Michael Forsum Chris Porter Chief Executive Officer President and Chief Financial Officer Chief Operating Officer 3
Slide 4: Business Review
BUSINESS REVIEW | hartwell
Slide 5: Financial Highlights
Financial Highlights 3Q 24 Highlights • Total Revenue of $338.5M up 22% from 3Q 2023 driven by 40% increase in deliveries to 629, with an Average Sales Price of $518,000 • Net New Home orders of 626 for a total value of $307.6M, a 29% increase in volume and 8% increase in dollar value from 3Q 2023 •
Slide 6: Business Priorities
Business Priorities 1 Continue sales momentum of 2024 and maximize backlog for the remainder of 2024 2 Drive higher returns with improvements in cycle time and focus on additional cost reductions 3 Fully integrate new acquisitions into Landsea Homes culture and platform 4 Drive growth with new commu
Slide 7: Diversified Portfolio In Strong Core Markets
Diversified Portfolio In Strong Core Markets California • Markets: - San Francisco Bay Area - Inland Empire - Orange County Dallas/Ft. • Lots Owned or Controlled: ~1,600 Worth (59% Controlled) • 3Q24 ASP $881k Arizona Colorado Texas Florida • Markets: • Markets: • Markets: • Markets: - Phoenix Met
Slide 8: Diversified Revenue Base
Diversified Revenue Base 3Q 2024 Highlights Total Revenue by Segment ($ in thousands) 1 Home Deliveries1 Total Revenue: $338.5M Florida 29% 28% 26% 22% Arizona 31% Total $96,900 $95,082 15% 629 Colorado $75,880 Deliveries 6% 6% $51,729 Texas $18,881 California 20% 17% California Arizona Florida Colo
Slide 9: Key Operating Metrics
Key Operating Metrics Operating Metrics by Quarter New Home Orders (Units) Home Deliveries (Units) Backlog (Units) 257 88 498 565 486 398 612 760 626 543 703 472 539 448 664 505 760 629 1285 670 696 722 760 517 624 694 691 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q
Slide 10: Proven Acquisition Playbook
Proven Acquisition Playbook Disciplined Acquisition Strategy Demonstrated Three-Step Approach Roll-up strategy of undercapitalized players that have built their Utilize the same three-step, principled approach developed businesses up as far as they can with local capital and / or during our successf
Slide 11: Landsea Homes Key Differentiator
Landsea Homes Key Differentiator High Performance Homes Program Features of High-Performance Homes The High Performance Homes program provides homebuyers Home Automation with a four-tiered approach that includes home automation, sustainability, energy savings and healthy lifestyle Live the Connected
Slide 12: Financial Highlights
LANISEA HOMES, Live in pour element
Slide 13: Income Statement
Income Statement 3Q24 3Q23 % Change 3Q 2024 Highlights Home Sales Revenues ($M) $326 $258 26% • Total Revenues were $338.5M Deliveries (units) 629 448 40% • Home sales gross profit margin was 17.1%, compared to prior year of 18.7%. Excluding interest, inventory impairments and ASP of Home Deliveries
Slide 14: Consolidated Balance Sheet
Consolidated Balance Sheet ($000s) September 30, 2024 December 31, 2023 3Q 2024 Highlights Cash and cash equivalents 36,252 168,646 • Debt to Total Capital ratio of 52%, 100 bps improvement from Real estate inventories 1,408,277 1,121,726 June 30, 2024 Goodwill 155,597 68,639 • Net Debt to Total Cap
Slide 15: Appendix
APPENDIX
Slide 16: Reconciliations Of Adjusted Metrics
Reconciliations Of Adjusted Metrics (Non-GAAP) In this presentation, we include certain non-GAAP financial measures, including net debt to total capital, adjusted home sales gross margin, adjusted net income, EBITDA and adjusted EBITDA. These non-GAAP financial measures are presented to provide inve
Slide 17: Reconciliations Of Adjusted Metrics (Adjusted Home Sales Gross Margin)
Reconciliations Of Adjusted Metrics CONT’D (Non-GAAP) ADJUSTED HOME SALES GROSS MARGIN (1) This non-GAAP financial measure should not be used as a substitute for the Company's operating results in accordance with GAAP. An analysis of any non-GAAP financial measure should be used in conjunction with
Slide 18: Reconciliations Of Adjusted Metrics (Adjusted Net Income)
Reconciliations Of Adjusted Metrics CONT’D (Non-GAAP) ADJUSTED NET INCOME (1) Our tax-effected adjustments are based on our federal rate and a blended state rate adjusted for certain discrete items. 18
Slide 19: Reconciliations Of Adjusted Metrics (EBITDA and Adjusted EBITDA)
Reconciliations Of Adjusted Metrics CONT’D (Non-GAAP) EBITDA AND ADJUSTED EBITDA 19
Slide 20: Landsea Homes
LANISEX HOMES Live in your element®