Landsea Homes — Q1 2024 Earnings Presentation
19 slides from Landsea Homes's earnings presentation, May 1, 2024
Slide 1: 1Q 2024 Earnings Presentation
1Q 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 4 19
Slide 5: Financial Highlights
Financial Highlights 1Q 24 Highlights • Total Revenue of $294.0M up 22% from Q1 2023 driven by 7% increase in deliveries to 505 and a 14% increase in Average Sales Price to $579,000 • Net New Home orders of 612 for a total value of $341M, a 23% increase in volume and 21% increase in dollar value fro
Slide 6: Business Priorities
Business Priorities 1 Continue sales momentum of 2024 and maximize backlog for the remaining 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 communit
Slide 7: Diversified Portfolio In Strong Core Markets
Diversified Portfolio In Strong Core Markets California Florida • Markets: • Markets: - San Francisco Bay Area - Orlando Metro Area - Inland Empire - Palm Bay - Orange County • Lots Owned or Controlled: ~3,600 • Lots Owned or Controlled: ~1,800 (50% Controlled) (68% Controlled) • 1Q24 ASP $461k • 1Q
Slide 8: Diversified Revenue Base
Diversified Revenue Base 1Q 2024 Highlights Home Sale Deliveries Total Revenue by Segment ($ in thousands)2 2 Home Sale Deliveries Total Revenue: $294.0mm 45% Arizona California36% 26% Total 27% 25% 505 Florida Florida 49% $131,894 Deliveries 31% $79,485 California $73,060 Arizona 29% 3% 26% $8,854
Slide 9: Key Operating Metrics
Key Operating Metrics Operating Metrics by Quarter New Home Orders (Units) Home Deliveries (Units) Backlog (Units) 637 538 257 88 498 565 486 398 612 552 572 543 703 472 539 448 664 505 1605 1571 1285 670 696 722 760 517 624 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23
Slide 10: Landsea Homes Key Differentiator
Landsea Homes Key Differentiator High Performance Homes Program Features of High-Performance Homes The High-Performance Homes program provides homebuyers Home Automation with a four-tiered approach that includes home automation, sustainability, energy savings and healthy lifestyle Live the Connected
Slide 11: Financial Highlights
Financial Highlights
Slide 12: Income Statement
Income Statement ($ in millions except ASP) 1Q 2024 Highlights 1Q24 1Q23 % Change Home Sales Revenues $293 $241 22% • Total Revenues were $294.0M • Home sales gross profit margin was 14.9%, compared to prior year of Deliveries 505 472 7% 18.1%. Excluding interest, inventory impairments and purchase
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet 1Q 2024 Highlights ($000s) March 31, 2024 December 31, 2023 Assets • Debt to Capital of 46% Cash and cash equivalents 139,952 168,646 Real estate inventories 1,196,506 1,121,726 Goodwill 68,639 68,639 • Net Debt to Total Capital 35% Other assets 138,280 112,221 Total asset
Slide 14: Appendix
APPENDIX
Slide 15: 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 16: 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 17: 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. 17
Slide 18: Reconciliations Of Adjusted Metrics: EBITDA and Adjusted EBITDA
Reconciliations Of Adjusted Metrics CONT’D (Non-GAAP) EBITDA AND ADJUSTED EBITDA 18
Slide 19: Landsea Homes
LAZNISEX HOMES Live in your element°