Landsea Homes Corporation (NASDAQ:LSEA) Q4 2022 Earnings Conference Call March 7, 2023 10:00 AM ET
Company Participants
Drew Mackintosh - Mackintosh IR
John Ho - CEO
Mike Forsum - President and COO
Chris Porter - CFO
Conference Call Participants
Alex Rygiel - B. Riley
Carl Reichardt - BTIG
Matthew Bouley - Barclays
Alex Barron - Housing Research Center
Operator
Ladies and gentlemen, greetings. And welcome to the Landsea Homes Corporation Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce you to Drew Mackintosh. Please go ahead.
Drew Mackintosh
Good morning, and welcome to Landsea Homes fourth quarter of 2022 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 its 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 and 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. 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 in Landsea Homes's 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 fourth quarter and full year 2022 and give our thoughts on the outlook for our industry and our company.
Landsea Homes generated total revenue of over $1.4 billion and pretax income of $101 million and earnings of $1.70 per diluted share for fiscal year 2022, all records for our company. We closed 2,370 homes during the year, representing a 45% increase over 2021 and expanded home sales gross margin by 290 basis points to 20.4%. We also returned capital to our shareholders in an earning accretive manner through our share repurchase program and increased our book value per share by 20% to $16.04.