Landsea Homes Corp. (NASDAQ:LSEA) Q2 2024 Earnings Conference Call August 1, 2024 10:00 AM ET

Company Participants

Drew Mackintosh - Investor Relations
John Ho - Chief Executive Officer
Mike Forsum - President & Chief Operating Officer
Chris Porter - Chief Financial Officer

Conference Call Participants

Matthew Bouley - Barclays
Carl Reichardt - BTIG
Alex Rygiel - B. Riley Securities
Jay McCanless - Wedbush
Alex Barrón - Housing Research Center

Operator

Please standby. Your program is about to begin. [Operator Instructions] Good day everyone and welcome to today's Landsea Homes Corporation Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have an opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note that this call may be recorded and I will be standing by should you need any assistance.

It is now my pleasure to turn today's call over to Drew Mackintosh, Investor Relations. Please go ahead.

Drew Mackintosh

Good morning and welcome to Landsea Homes' second quarter of 2024 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 caution 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. We do not undertake any obligation to update forward-looking statements. Additionally, reconciliation of non-GAAP financial measures discussed on this call to the most comparable GAAP measure can be accessed through Landsea Homes' website and in its SEC filings.

Hosting the call today are John Ho, Landsea Homes' 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

Thanks, Drew and good morning to everyone. Landsea Homes delivered strong top line growth in the second quarter of 2024, generating revenue of $431 million which represented an increase of 47% over the second quarter of 2023. New home deliveries totaled 760 units, well ahead of our stated guidance, as our teams did an excellent job of accelerating build schedules and closing homes in a timely manner. This allowed us to achieve a fully adjusted home closing gross margin of 21.1%, producing an adjusted net income of $13.3 million and adjusted earnings per share of $0.36.