Landsea Homes Corporation (NASDAQ:LSEA) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET
Company Participants
Drew Mackintosh - Mackintosh Investor Relations
John Ho - Chief Executive Officer
Mike Forsum - President & Chief Operating Officer
Christopher Porter - Chief Financial Officer
Conference Call Participants
Matthew Bouley - Barclays
Carl Reichardt - BTIG
Alex Rygiel - B. Riley
Operator
Good morning ladies and gentlemen and welcome to the Landsea Homes Corporation First Quarter 2023 Earnings Conference Call. [Operator Instructions] This call is being recorded today, Wednesday, May 3, 2023.
I would now like to turn the conference over to Drew Mackintosh from Mackintosh, Investor Relations. Please go ahead.
Drew Mackintosh
Good morning and welcome to Landsea Homes first quarter of 2023 earnings call.
Before the call begins, I would like to note that this call will include forward-looking statements within the meaning of the federal securities laws. Landsea Homes cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. These risks and uncertainties include but are not limited to, the risk factors described by Landsea Homes in its filings with the Securities and Exchange Commission. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date and you should not place undue reliance on these forward-looking statements and deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most comparable GAAP measures can be accessed through Landsea Homes website and in its SEC filings.
Hosting the call today are John Ho, Landsea's Chief Executive Officer; Mike Forsum, President and Chief Operating Officer; and Chris Porter, Chief Financial Officer. With that, I'd like to turn the call over to John.
John Ho
Good morning and thank you for joining us today as we go over our results for the first quarter of 2023 and provide an overview of our operations.
Landsea Homes delivered strong results in the first quarter, culminating in net income of $3.2 million or earnings of $0.08 per diluted share on home sales revenue of $241 million. Both the number of homes we delivered and the average home sales gross margin came in higher than our previously stated guidance, as our teams did an excellent job of closing homes in a timely manner while holding the line on profitability. We also generated cash from operations, doing what is typically a time when we use more cash than we bring in which we believe is a testament to our ability to respond quickly to the changing market conditions and the flexibility of our operating models.