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Reports Q1 revenue $241.7M vs. $316.23M last year. Reports total homes in backlog were 696 homes with a dollar value of $422.9M and an average sales price of $608,000 at March 31 vs. 1,605 homes and $930.4M last year. "2023 is off to a great start for Landsea Homes, as traffic, sales and cancellation rates all showed significant improvement in the first quarter relative to the fourth quarter of 2022." said John Ho, Chief Executive Officer of Landsea Homes. "We recorded net income of $3.2M for the quarter, or earnings of 8c per diluted share, on home sales revenue of $240.6M. We also generated cash from operations and kept our net leverage in check, ending the quarter with a net-debt-to-total-capital ratio of 30.7%."

Reports Q4 revenue $426.0M, consensus $441.48M. "2022 was a banner year for Landsea Homes as we generated total revenue of over $1.4B and earnings of $1.70 per diluted share, both records for our company." said John Ho, CEO. "We successfully grew our presence in key markets while expanding our home sales gross margin and maintaining a strong balance sheet. We also returned capital to shareholders through our share repurchase program and increased our book value per share by 20% to $16.04. While we produced record top and bottom-line results in 2022, our new order activity stalled in the second half of the year, due to the combination of rising mortgage rates and declining homebuyer confidence. These two factors led to a drop in new home sales and a spike in cancellations, which negatively impacted our net order results in Q3 and Q4. However, we began to see sequential improvement in both new order activity and cancellations beginning in December, and this improvement continued into January and February, giving us renewed optimism as we head into the Spring selling season."