Landsea Homes Corp (LSEA) 2025 Q1 法說會逐字稿

Good day everyone and welcome to today's Landsea Homes Corporation first-quarter 2025 earnings call. (Operator Instructions) Please note this call may be recorded and I will be standing by if you should need any assistance.

大家好，歡迎參加今天的朗詩地產集團 2025 年第一季財報電話會議。（操作員指示）請注意，此通話可能會被錄音，如果您需要任何協助，我將隨時待命。

It is now my pleasure to turn the conference over to Drew Mackintosh, Investor Relations. Please go ahead.

現在我很高興將會議交給投資者關係部的德魯麥金托什 (Drew Mackintosh)。請繼續。

Good morning and welcome to Landsea Homes first-quarter 2025 earnings call.

早安，歡迎參加朗詩地產 2025 年第一季財報電話會議。

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 and 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 filings with the Securities and Exchange Commission.

在電話會議開始之前，我想指出，本次電話會議將包括聯邦證券法所定義的前瞻性陳述。朗詩地產的警告和前瞻性陳述受多種假設、風險和不確定性的影響，這些假設、風險和不確定性會隨著時間而改變。這些風險和不確定性包括但不限於朗詩地產在提交給美國證券交易委員會的文件中所描述的風險因素。

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 measures. Can be accessed through Landsea Home's website and in its SEC filings.

我們不承擔更新前瞻性陳述的任何義務。此外，本次電話會議也討論了非公認會計準則 (GAAP) 財務指標與最具可比性的公認會計準則 (GAAP) 指標的對帳。可透過朗詩家居的網站及其美國證券交易委員會 (SEC) 文件存取。

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.

今天主持電話會議的有朗詩執行長 John Ho、總裁兼營運長 Mike Forsum 和財務長 Chris Porter。

With that, I'd like to turn the call over to John.

說完這些，我想把電話轉給約翰。

Good morning and thank you for joining us today as we go over our results for the first quarter of 2025 to provide an update on our operations.

早安，感謝您今天加入我們，我們將回顧 2025 年第一季的業績，並介紹我們的營運情況。

Landsea Homes recorded a net loss of $7.3 million in the first quarter for a net loss of $0.20 per diluted share. Home sales revenue increased 2% year over year on a 27% increase in deliveries. Partially offset by a 20% decline in average closing prices.

朗詩地產第一季淨虧損730萬美元，每股淨虧損0.20美元。房屋銷售收入較去年同期成長 2%，交付量成長 27%。平均收盤價下跌 20% 部分抵消了這一影響。

Decline in average prices were due in part to a mixed shift from higher price California communities to a higher contribution of closings from our Florida and Texas operations.

平均價格的下降部分是由於價格較高的加州社區轉向了佛羅裡達州和德克薩斯州業務的更高關閉貢獻。

Elevated incentive activity during the quarter also contributed to the decrease in ASPs. Net new orders for the quarter increased 11% year over year on a sales pace of 3.0 homes per community per month.

本季激勵活動的增加也導致了平均售價的下降。本季淨新訂單年增 11%，每個社區每月銷售 3.0 套房屋。

Overall, we are encouraged by the demand elasticity we saw during the quarter as buyers responded to declines in mortgage rates and higher incentives. Border activity started off slowly to begin the year, then picked up as the quarter progressed.

總體而言，由於買家對抵押貸款利率下降和更高的激勵措施做出了反應，我們對本季看到的需求彈性感到鼓舞。今年年初，邊境活動進展緩慢，但隨著本季的進展而逐漸回升。

Affordability remains an important issue for most buyers, so financing incentives for a key driver of sales during the quarter.

對於大多數買家來說，負擔能力仍然是一個重要問題，因此融資激勵是本季銷售的主要驅動力。

We continue to balance pace versus price at each of our communities with a slight lean towards pace, all things being equal. As a production home builder, we feel it is important to price the market, maintain a base level of sales activity.

我們繼續在每個社區中平衡速度與價格，在其他條件相同的情況下稍微傾向於速度。作為生產住宅建築商，我們認為確定市場價格、維持基本水準的銷售活動非常重要。

We also made the strategic decision to sell through some of our spec home inventory in an effort to return to a more balanced approach between spec sales and built to order homes, with 67% of our first quarter deliveries also sold in the same quarter.

我們也做出了策略決策，出售部分樣品屋庫存，努力在樣品屋銷售和客製化房屋銷售之間恢復更平衡的方式，第一季度交付的 67% 也在同一季度售出。

Our goal is to return to a fifty-fifty split between specs and build to order closings over time. There are several reasons for this strategic shift.

我們的目標是隨著時間的推移，恢復到規格和按訂單生產各佔一半的比例。造成這一戰略轉變的原因有幾個。

First, build times have returned to pre-COVID levels, which has shortened the time frame between selling and closing on a pre-sold home.

首先，建造時間已恢復到疫情之前的水平，這縮短了預售房屋的銷售和成交之間的時間。

Second, the margin opportunities are much greater with a pre-sold home, as it gives us the ability to charge more for lock premiums and other new home amenities.

其次，預售房屋的利潤機會要大得多，因為它使我們能夠對鎖費和其他新房設施收取更高的費用。

It also allows the buyer to pick out high margin options and upgrades for their home as opposed to the standardized packages found in spec homes.

它還允許買家為他們的房屋挑選高利潤的選項和升級，而不是在樣品屋中發現的標準化套餐。

Finally, reducing our spec levels lowers the cash tied up and standing inventory. It gives us better visibility into our future closings with the buildup of a solid backlog.

最後，降低我們的規格水準可以減少現金佔用和庫存。透過累積大量積壓訂單，我們可以更了解未來的收盤情況。

More balanced strategies also aligned with the company's approach to home building, which emphasizes product differentiation as a way to attract customers and grow market share.

更均衡的策略也與公司的房屋建築方針相一致，強調產品差異化以吸引客戶和擴大市場份額。

We believe our core customer is a more discerning buyer who wants more out of a home than just a place to live. That is why we have developed and refined our high performance home series to offer the latest in new home technology and innovation.

我們相信，我們的核心客戶是更挑剔的買家，他們希望從房子中獲得的不僅僅是一個居住的地方。這就是我們開發和改進高性能家居系列以提供最新家居技術和創新的原因。

While the pandemic has been over for some time, people continue to spend more time at home than ever before. Whether it's a work from home situation, in-home entertainment, or just dining in.

雖然疫情已經結束一段時間了，但人們待在家裡的時間仍然比以往任何時候都多。無論是在家工作、在家娛樂，還是在家用餐。

We feel that this stay at home dynamic plays into our strengths and believe buyers will pay a premium for a home that fits their lifestyle. Of course, there are other factors that play into the decision-making process when buying a home, the biggest of which is affordability.

我們認為，這種居家動態發揮了我們的優勢，並相信買家願意為適合他們生活方式的房子支付溢價。當然，購買房屋時還有其他因素會影響決策過程，其中最大的因素就是負擔能力。

That is why we continue to work with buyers to find a new home solution and monthly payment that suits their needs.

這就是為什麼我們繼續與買家合作，尋找適合他們需求的新房解決方案和每月付款方式。

Financing incentives remain a popular option for our customers, looking to lower the monthly cost of home ownership, serve as a great selling tool, with buyers still looking at both new and resale homes.

融資激勵措施仍然是我們客戶的熱門選擇，他們希望降低每月的購房成本，這是一個很好的銷售工具，買家仍然會同時關注新房和轉售房。

These incentives do, however, come at a cost to our company, representing 9% of the average closing price in the first quarter.

然而，這些激勵措施確實為我們公司帶來了成本，佔第一季平均收盤價的 9%。

We're optimistic that the combination of better pricing strategies and a higher mix of pre-sold homes will offset some of the negative effects the incentives have had on our margins.

我們樂觀地認為，更好的定價策略和更高的預售房屋組合將抵消激勵措施對我們利潤率造成的一些負面影響。

We head into the latter half of the spring selling season. We continue to see opportunities to refine our operations and increase our size and scale in the markets we currently build in.

我們即將進入春季銷售季的後半段。我們繼續看到機會來改善我們的營運並擴大我們在目前建立的市場中的規模。

While there is some uncertainty surrounding the near-term macro environment, we believe the long-term outlook for our industry remains positive, given the need for additional housing supply, the desire for home ownership that is on display at our communities each week.

儘管近期宏觀環境存在一些不確定性，但我們相信，考慮到對額外住房供應的需求以及我們社區每週展現出的購房願望，我們行業的長期前景依然樂觀。

Product of punctuation is more important than ever when selling homes in uncertain times, and we feel that having communities and desirable locations and new home designs that stand out from the competition give us a distinct advantage.

在不確定的時期出售房屋時，標點符號產品比以往任何時候都更加重要，我們認為擁有社區、理想的位置和在競爭中脫穎而出的新房屋設計為我們帶來了明顯的優勢。

As a result, I remain optimistic about Landsea's ability to compete and grow our operations over time.

因此，我仍然對朗詩的競爭能力和業務的長期成長持樂觀態度。

With that, I'd like to turn the call over to Mike, who'll provide more details on our operations.

說完這些，我想把電話轉給麥克，他將提供有關我們運營的更多細節。

Mike?

麥克風？

Thanks John, good morning to everyone.

謝謝約翰，大家早安。

Landsea delivered 643 homes during the first quarter of 2025, which was near the midpoint of ours of 600 to 700 closings. Florida led the way in terms of delivery contribution, followed by Arizona and Texas.

朗詩在 2025 年第一季交付了 643 套住宅，接近我們 600 至 700 套交付量的中點。佛羅裡達州在配送貢獻方面處於領先地位，其次是亞利桑那州和德克薩斯州。

As John mentioned, the 20% decline in ASPs was a result of a mixed shift away from higher priced communities in California, combined with greater contributions from lower price regions. ASPs were actually up year over year in Florida and Texas, while ASPs in Arizona declined only slightly.

正如約翰所提到的，平均售價下降 20% 是由於加州高價社區的轉移，以及低價地區的貢獻增加所造成的。佛羅裡達州和德克薩斯州的平均售價實際上同比上漲，而亞利桑那州的平均售價僅略有下降。

The sales pace in the first quarter came at the lower end of our targeted range of 3 to 4 sales per community per month. Arizona posted the highest absorption pace at 3.8, followed by Colorado at 3.7, and Florida at 2.9.

第一季的銷售速度處於我們設定的每個社區每月 3 到 4 套銷售目標範圍的低端。亞利桑那州的吸收速度最高，為 3.8，其次是科羅拉多州，為 3.7，佛羅裡達州為 2.9。

Overall, I would characterize current new home demand conditions as uneven, with consistent traffic levels being offset by hesitancy to move forward on behalf of buyers. In most instances, however, we can find a way to keep conversion levels steady with the right combination of incentives and pricing adjustments.

整體而言，我認為目前的新房需求狀況是不均衡的，穩定的客流量被買家猶豫不決的態度所抵消。然而，在大多數情況下，我們可以透過激勵措施和價格調整的正確組合來維持轉換率穩定的方法。

Built conditions continue to be favorable with good trade labor availability and steady flow of materials to our job sites.

建築條件繼續保持良好，有良好的專業勞動力供應，並且我們的施工現場有穩定的材料供應。

The lessons learned during the pandemic and the best practices put in place have resulted in a more streamlined home building operation for a company, leading to much faster backlog conversions and build times.

疫情期間學到的教訓和實施的最佳實踐使公司的房屋建築業務更加精簡，從而大大加快了積壓訂單的轉換和建設時間。

We have not seen any impact from the announced tariffs or the increased scrutiny on migrant labor so far. Plot cost inflation will continue to be a margin headwind for a company in the near term, but we have had success renegotiating the terms of our lot takedowns.

到目前為止，我們尚未看到宣布的關稅或對移民勞工加強審查的任何影響。地塊成本上漲將在短期內繼續成為公司利潤率的阻力，但我們已經成功地重新協商了地塊收購條款。

We remain disciplined in our approach to new land deals and have seen similar discipline from our competitors, giving us optimism that future land prices will reflect the realities of today's new home economics.

我們在處理新土地交易時仍然保持嚴謹的態度，我們的競爭對手也採取了類似的嚴謹態度，這讓我們樂觀地認為，未來的土地價格將反映當今新家庭經濟的現實。

We believe the home building ecosystem self-corrects over time, and the industries’ move, a more land light operating model may accelerate the timing of that self-correction.

我們相信，隨著時間的推移，住宅建築生態系統會自我修正，而產業的措施和更輕土地的營運模式可能會加速這種自我修正的時間。

Overall, my sense is that we are outselling our competition based on our first quarter absorption pace relative to our publicly traded peers.

總體而言，我的感覺是，根據我們第一季相對於公開交易的同業的吸收速度，我們的銷量超過了競爭對手。

While we have experienced some margin compression as a result of our use of incentives, we feel it is the appropriate strategy given the current market conditions and the opportunities to reinvest our capital on the other side of this.

雖然由於使用激勵措施，我們的利潤率有所下降，但我們認為，考慮到當前的市場狀況以及在另一方面重新投資資本的機會，這是適當的策略。

Our increased focus on pre-sales versus specs should alleviate some of that margin pressure and give us better visibility through the buildup of so backlog.

我們更專注於售前而非規格，這應該可以減輕部分利潤壓力，並透過積壓訂單的累積讓我們獲得更好的可視性。

Now I'd like to turn the call over to Chris who will provide more detail on our financial results for the first quarter and give an update on our outlook.

現在我想把電話轉給克里斯，他將提供有關我們第一季財務業績的更多詳細信息，並更新我們的前景。

Chris?

克里斯？

Thanks, Mike. As Mike and John mentioned, our top line growth of 11% on orders, 27% on deliveries, and 2% on home sales revenue were bright spots in the quarter. Florida delivered a strong 52% delivery growth and a 53% revenue growth in the quarter. Texas also pulled its weight with 126 deliveries and $48 million in home sales revenue.

謝謝，麥克。正如麥克和約翰所提到的，本季我們的訂單收入成長了 11%，交貨收入成長了 27%，房屋銷售收入成長了 2%，這些都是亮點。本季度，佛羅裡達州的配送量強勁成長 52%，營收成長 53%。德州也貢獻了 126 筆房屋交付和 4,800 萬美元的房屋銷售收入。

Texas as a percentage of our portfolio was 20% of our home deliveries and 16% of our revenue. Discounts and incentives for the quarter continued to weigh on gross margins though, representing 9.6% of our gross home sales revenue.

德州占我們投資組合的比例為 20% ，占我們送貨上門業務的比例為 16% 。本季的折扣和獎勵繼續對毛利率造成壓力，占我們房屋銷售總收入的 9.6%。

Mortgage incentives, which followed the 10-year treasury were volatile through the quarter, starting out at elevated levels, lowered some in the end of January through mid-February, and then peaked again in March.

10 年期公債發行後的抵押貸款激勵措施在本季波動較大，一開始處於較高水平，在 1 月底至 2 月中旬有所下降，然後在 3 月再次達到高峰。

This drove our home sales gross margin before inventory impairments of $1.5 million to 13.5%, the midpoint of our guidance. Adjusted gross margin was reported at a consistent 20%.

這使得我們的房屋銷售毛利率（不包括存貨減損）從 150 萬美元上升至 13.5%，也就是我們預期的中點。調整後的毛利率穩定在 20%。

The $1.5 million inventory impairment was on a DFW asset where we were closing out homes and represented about 50% of our gross margin impact. Interest capitalized through cost of goods sold represented 4.6% of gross margin, and the amortization of $5.6 million in purchase price accounting in the quarter represented another 1.9% impact.

150 萬美元的庫存減損發生在 DFW 資產上，我們正​​在清倉房屋，這占我們毛利率影響的 50% 左右。透過銷售成本資本化的利息佔毛利率的 4.6%，而本季購買價格會計攤銷 560 萬美元又產生了 1.9% 的影響。

Our SG&A as a percentage of home sales revenue was 17%, a 180 basis point increase primarily related to higher sales and marketing costs. Despite not having DFW operations in our comparable numbers from last year, our G&A expenses were up only $731,000 or 2.8% over the first quarter of last year but remained flat as a percentage of home sales revenue.

我們的銷售、一般及行政費用佔房屋銷售收入的百分比為 17%，增加了 180 個基點，這主要與更高的銷售和行銷成本有關。儘管 DFW 的營運數據與去年相比有所差異，但我們的 G&A 費用僅比去年第一季增加了 731,000 美元或 2.8%，但佔房屋銷售收入的百分比保持不變。

All of these factored into our reported net loss for the quarter of $7.25 million or $0.20 per share. On an adjusted basis, our net loss reduced to $1.73 million or $0.05 per share.

所有這些都導致​​我們本季報告的淨虧損為 725 萬美元或每股 0.20 美元。經過調整後，我們的淨虧損減少至 173 萬美元或每股 0.05 美元。

We expect incentive levels to remain elevated through 2025 with the actual cost fluctuating with the overall mortgage rate environment. Although after the first of the year, consistently saw rate downs in the 4.99% to 5.2% range.

我們預計到 2025 年激勵水準將保持在較高水平，實際成本將隨著整體抵押貸款利率環境而波動。儘管今年年初之後，利率持續下降，在 4.99% 至 5.2% 的範圍內。

For quick move in homes towards late February and throughout March, these moved to 3.99% in many of our markets as we competed for closings. As we look into the second quarter, we would anticipate in incentive levels to be in the 7% to 9% range.

對於 2 月底和整個 3 月份快速入住的房屋，由於我們爭奪成交量，這些房屋在我們許多市場上的入住率上升到了 3.99%。展望第二季度，我們預期激勵水準將在 7% 至 9% 的範圍內。

Turning to our balance sheet, we ended the quarter with $256 million in liquidity, $52.3 million in cash and cash equivalents, and $204 million in availability under our revolver. This was a roughly $15 million dollar improvement from the fourth quarter.

回顧我們的資產負債表，本季末我們的流動資金為 2.56 億美元，現金和現金等價物為 5,230 萬美元，可用循環信貸額為 2.04 億美元。這比第四季增加了約 1500 萬美元。

Our debt to total capital ratio was 52.1% at the end of the quarter. A 30 basis point increase from year end, and our net debt to total capital ratio finished the quarter at 48.3%.

本季末，我們的債務與總資本比率為 52.1%。與去年年底相比增加了 30 個基點，本季我們的淨負債與總資本比率達到 48.3%。

At this time I would like to turn the call back to Drew Mackintosh for closing remarks.

現在，我想請德魯麥金托什 (Drew Mackintosh) 作最後發言。

Thanks, Reisa. In light of the transaction announcement last night, we will not be opening the call for questions.

謝謝，Reisa。鑑於昨晚的交易公告，我們將不會開放問答環節。

Thank you for your participation.

感謝您的參與。

This concludes today's program. Thank you for your participation and you may disconnect at any time.

今天的節目到此結束。感謝您的參與，您可以隨時斷開連線。