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Yahoo
14-05-2025
- Business
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Landsea Homes Corp (LSEA) Q1 2025 Earnings Call Highlights: Strategic Shifts Amid Revenue ...
Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Home sales revenue increased by 2% year over year, driven by a 27% increase in deliveries. Net new orders for the quarter increased by 11% year over year, indicating strong demand. Florida showed significant growth with a 52% increase in deliveries and a 53% increase in revenue. The company is focusing on a strategic shift towards pre-sold homes, which offers better margin opportunities. Landsea Homes Corp (NASDAQ:LSEA) ended the quarter with $256 million in liquidity, showing financial stability. The company recorded a net loss of $7.3 million for the first quarter. Average closing prices declined by 20% due to a shift towards lower-priced regions and elevated incentives. Gross margins were negatively impacted by discounts and incentives, representing 9.6% of gross home sales revenue. SG&A expenses increased by 180 basis points due to higher sales and marketing costs. The company anticipates that incentive levels will remain elevated throughout 2025, potentially impacting margins. Warning! GuruFocus has detected 8 Warning Signs with LSEA. Q: Can you provide an overview of Landsea Homes' financial performance for the first quarter of 2025? A: John Ho, CEO, reported a net loss of $7.3 million, or $0.20 per diluted share. Home sales revenue increased by 2% year-over-year, driven by a 27% increase in deliveries, although average closing prices declined by 20% due to a shift in sales mix and increased incentives. Q: What strategic decisions did Landsea Homes make regarding its inventory and sales approach? A: John Ho, CEO, stated that the company decided to sell through some of its spec home inventory to achieve a more balanced approach between spec sales and build-to-order homes. The goal is to return to a 50-50 split between these two types of closings over time. Q: How did different regions perform in terms of home deliveries and sales? A: Michael Forsum, President and COO, noted that Florida led in delivery contributions, followed by Arizona and Texas. Florida saw a 52% growth in deliveries and a 53% increase in revenue, while Texas contributed 126 deliveries and $48 million in home sales revenue. Q: What impact did incentives have on Landsea Homes' margins? A: Christopher Porter, CFO, explained that discounts and incentives represented 9.6% of gross home sales revenue, impacting gross margins. The home sales gross margin before inventory impairments was 13.5%, with adjusted gross margin at 20%. Q: What is the outlook for incentives and mortgage rates moving forward? A: Christopher Porter, CFO, indicated that incentive levels are expected to remain elevated through 2025, fluctuating with the mortgage rate environment. The company anticipates incentive levels to be in the 7% to 9% range in the second quarter. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
14-05-2025
- Business
- Yahoo
Landsea Homes Corp (LSEA) Q1 2025 Earnings Call Highlights: Strategic Shifts Amid Revenue ...
Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Home sales revenue increased by 2% year over year, driven by a 27% increase in deliveries. Net new orders for the quarter increased by 11% year over year, indicating strong demand. Florida showed significant growth with a 52% increase in deliveries and a 53% increase in revenue. The company is focusing on a strategic shift towards pre-sold homes, which offers better margin opportunities. Landsea Homes Corp (NASDAQ:LSEA) ended the quarter with $256 million in liquidity, showing financial stability. The company recorded a net loss of $7.3 million for the first quarter. Average closing prices declined by 20% due to a shift towards lower-priced regions and elevated incentives. Gross margins were negatively impacted by discounts and incentives, representing 9.6% of gross home sales revenue. SG&A expenses increased by 180 basis points due to higher sales and marketing costs. The company anticipates that incentive levels will remain elevated throughout 2025, potentially impacting margins. Warning! GuruFocus has detected 8 Warning Signs with LSEA. Q: Can you provide an overview of Landsea Homes' financial performance for the first quarter of 2025? A: John Ho, CEO, reported a net loss of $7.3 million, or $0.20 per diluted share. Home sales revenue increased by 2% year-over-year, driven by a 27% increase in deliveries, although average closing prices declined by 20% due to a shift in sales mix and increased incentives. Q: What strategic decisions did Landsea Homes make regarding its inventory and sales approach? A: John Ho, CEO, stated that the company decided to sell through some of its spec home inventory to achieve a more balanced approach between spec sales and build-to-order homes. The goal is to return to a 50-50 split between these two types of closings over time. Q: How did different regions perform in terms of home deliveries and sales? A: Michael Forsum, President and COO, noted that Florida led in delivery contributions, followed by Arizona and Texas. Florida saw a 52% growth in deliveries and a 53% increase in revenue, while Texas contributed 126 deliveries and $48 million in home sales revenue. Q: What impact did incentives have on Landsea Homes' margins? A: Christopher Porter, CFO, explained that discounts and incentives represented 9.6% of gross home sales revenue, impacting gross margins. The home sales gross margin before inventory impairments was 13.5%, with adjusted gross margin at 20%. Q: What is the outlook for incentives and mortgage rates moving forward? A: Christopher Porter, CFO, indicated that incentive levels are expected to remain elevated through 2025, fluctuating with the mortgage rate environment. The company anticipates incentive levels to be in the 7% to 9% range in the second quarter. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
14-05-2025
- Business
- Yahoo
Q1 2025 Landsea Homes Corp Earnings Call
Drew Mackintosh; Investor Relations; Landsea Homes Corp John Ho; Chief Executive Officer, Director; Landsea Homes Corp Michael Forsum; President, Chief Operating Officer; Landsea Homes Corp Christopher Porter; Chief Financial Officer; Landsea Homes Corp Operator 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 is now my pleasure to turn the conference over to Drew Mackintosh, Investor Relations. Please go ahead. Drew Mackintosh Good morning and welcome to Landsea Homes first-quarter 2025 earnings 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 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 the call today are John Ho, Landsea's Chief Executive Officer; Mike Forsum, President and Chief Operating Officer; and Chris Porter, Chief Financial 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 2025 to provide an update on our 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 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 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 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 remains an important issue for most buyers, so financing incentives for a key driver of sales during the 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 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 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 build times have returned to pre-COVID levels, which has shortened the time frame between selling and closing on a pre-sold 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 also allows the buyer to pick out high margin options and upgrades for their home as opposed to the standardized packages found in spec 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 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 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 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 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 is why we continue to work with buyers to find a new home solution and monthly payment that suits their 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 incentives do, however, come at a cost to our company, representing 9% of the average closing price in the first 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 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 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 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 a result, I remain optimistic about Landsea's ability to compete and grow our operations over that, I'd like to turn the call over to Mike, who'll provide more details on our Michael Forsum Thanks John, good morning to 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 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 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 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 conditions continue to be favorable with good trade labor availability and steady flow of materials to our job 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 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 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 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 my sense is that we are outselling our competition based on our first quarter absorption pace relative to our publicly traded 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 increased focus on pre-sales versus specs should alleviate some of that margin pressure and give us better visibility through the buildup of so 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 Christopher Porter 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 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 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 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%.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% 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 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 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% 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% 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 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%. Operator At this time I would like to turn the call back to Drew Mackintosh for closing remarks. Drew Mackintosh Thanks, Reisa. In light of the transaction announcement last night, we will not be opening the call for you for your participation. Operator This concludes today's program. Thank you for your participation and you may disconnect at any time. Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
Landsea Homes Stock Soars On Apollo's New Home Buyout At 61% Premium
Landsea Homes (NASDAQ:LSEA) shares are trading higher on Tuesday. On Monday, the company inked a definitive deal to be acquired by Apollo Global Management, Inc.'s (NYSE:APO) managed portfolio company of funds, New Home, for an enterprise value of around $1.2 billion. As per the deal, New Home will acquire Landsea Homes for $11.30 per share in an all-cash transaction. This purchase price represents a premium of around 61% to Landsea Homes' closing share price on May 12, 2025, the last trading day before the completion of the transaction, Landsea Homes will become a privately held company, and its common stock will no longer be listed on Nasdaq. This transaction is supported by Apollo Funds, the majority shareholder of New Home since 2021, who are committing $650 million of new cash equity to facilitate this credit-enhancing transaction and position the business for future growth. The transaction has been unanimously approved by the Landsea Homes Board of Directors and is expected to close early in the third quarter of 2025, subject to customary closing conditions. Following the successful completion of the tender offer, New Home will acquire all remaining shares not tendered through a second-step merger at the same price. The combined entity is expected to provide homebuyers with a wide array of housing choices, including single-family detached and attached homes, across rapidly expanding markets in Arizona, California, Colorado, Florida, Oregon, Texas, and Washington. This combination will establish an asset-light, returns-focused homebuilder with nearly 4,000 annual closings. John Ho, Chief Executive Officer of Landsea Homes said, 'We believe this transaction with New Home will deliver immediate cash value to our stockholders at a significant premium and provide us with a strong, well-capitalized partner to accelerate our next phase of growth.' In a separate release, Landsea reported first-quarter 2025 adjusted loss per share of 5 cents, exceeding the consensus estimate of 9 cents loss, while sales of $310.8 million missed the Street view of $312 million. Price Action: LSEA shares are up 60.2% at $11.24 at the last check on Tuesday. Image via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Landsea Homes Stock Soars On Apollo's New Home Buyout At 61% Premium originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
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New Home Co. to Acquire Landsea Homes Corporation, Creating a Top 25 National Homebuilder
Landsea Homes Shareholders to Receive $11.30 Per Share in Cash, Representing a Premium of Approximately 61% to the Closing Share Price on May 12, 2025 Complementary, Diversified Footprint Positions Combined Company to Accelerate Continued Growth Across the Country IRVINE, Calif. and DALLAS, May 12, 2025 (GLOBE NEWSWIRE) -- New Home Co. ('New Home') and Landsea Homes Corporation (Nasdaq: LSEA) ('Landsea Homes') today announced that they have entered into a definitive agreement under which New Home will acquire Landsea Homes for $11.30 per share in an all-cash transaction that represents an enterprise value for Landsea Homes of approximately $1.2 billion. Upon completion of the transaction, the combined company will be a privately held, top-25 national homebuilder across 10 high-growth markets. The transaction brings together two leading homebuilders, each of which has strong management teams and a reputation for quality construction, differentiated platforms and an exceptional customer experience. Together, New Home and Landsea Homes will offer homebuyers a diverse range of options, including single-family detached and attached residences across some of the nation's fastest-growing markets in Arizona, California, Colorado, Florida, Oregon, Texas and Washington. The transaction will create an asset-light, returns-focused homebuilder generating nearly 4,000 annual closings. The combined company's talent, scale and market diversity will create a strong foundation for the next chapter of growth. New Home is a portfolio company of funds (the 'Apollo Funds') managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries 'Apollo'). 'Our acquisition of Landsea Homes is an important next step in New Home's long-term growth strategy,' said Matthew Zaist, President and Chief Executive Officer of New Home. 'By bringing together two highly complementary businesses and teams with shared customer-first values, we will further scale our platform nationally and help even more buyers realize the dream of homeownership. I look forward to continuing to partner with the talented employees from both organizations and Apollo in this next chapter.' "At Landsea Homes, our mission has always been to create sustainable, high-performance homes that offer a better way to live," said John Ho, Chief Executive Officer of Landsea Homes. "We believe this transaction with New Home will deliver immediate cash value to our stockholders at a significant premium and provide us with a strong, well-capitalized partner to accelerate our next phase of growth. We are proud of our team and the progress we've made in transforming Landsea Homes over the last few years, and we are excited about our future with New Home." 'This transaction underscores our high conviction in the housing market opportunity and the teams at New Home and Landsea Homes,' said Peter Sinensky, Partner at Apollo and a member of New Home's Board of Directors. 'Both companies are on attractive growth trajectories individually, which will be further accelerated and augmented by this combination. We believe the companies' shared vision as well as cultural and operational alignment is a winning formula for success, and we are pleased to continue supporting the business with Apollo's considerable resources behind it.' Transaction DetailsUnder the terms of the agreement, New Home will commence a tender offer to acquire all outstanding shares of Landsea Homes for $11.30 per share in cash. The purchase price represents a premium of approximately 61% to Landsea Homes' closing share price on May 12, 2025, the last trading day prior to the announcement. Upon the completion of the transaction, Landsea Homes will become a privately held company, and its common stock will no longer be listed on Nasdaq. The combined company will be led by Matthew Zaist, President and Chief Executive Officer of New Home. This transaction is supported by the Apollo Funds, the majority shareholder of New Home since 2021, who are committing $650 million of new cash equity to facilitate this credit enhancing transaction and position the business for future growth. The transaction has been unanimously approved by the Landsea Homes Board of Directors and is expected to close early in the third quarter of 2025, subject to customary closing conditions, including the tender of Landsea Homes shares representing a majority of its outstanding common stock to New Home. Following the successful completion of the tender offer, New Home will acquire all remaining shares not tendered in the tender offer through a second-step merger at the same price. Additional Funding SourcesMillrose Properties is providing committed land banking capital to support the acquisition. AdvisorsJ.P. Morgan Securities LLC, RBC Capital Markets, Vestra Advisors, and Wells Fargo served as financial advisors to New Home. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to New Home. Moelis & Company LLC is acting as exclusive financial advisor to Landsea Homes. Latham & Watkins LLP is acting as legal counsel to Landsea Homes. About New Home Home Co. is a diversified asset-light homebuilder focused on the design, construction, and sale of attainable, consumer-driven, attached and detached single-family homes targeting entry level and first time move up buyers within high growth markets in the West, Central and Pacific Northwest regions. For more information, visit About Landsea HomesLandsea Homes (Nasdaq: LSEA) is a publicly traded residential homebuilder based in Dallas, Texas that designs and builds best-in-class homes and sustainable master-planned communities in some of the nation's most desirable markets. Landsea Homes has developed homes and communities in New York, Boston, New Jersey, Arizona, Colorado, Florida, Texas and throughout California in Silicon Valley, Los Angeles, and Orange County. Landsea Homes was honored as the Green Home Builder 2023 Builder of the Year, after being named the 2022 winner of the prestigious Builder of the Year award, presented by BUILDER magazine, in recognition of a historical year of transformation. About ApolloApollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit Forward-Looking Statements This communication includes forward-looking statements which reflect management's current views and estimates regarding the ability of the parties to complete the proposed transaction and the expected timing of completion of the proposed transaction, among other matters. The words 'anticipate', 'assume', 'believe', 'continue', 'could', 'estimate', 'expect', 'forecast', 'future', 'guidance', 'imply', 'intend', 'may', 'outlook', 'plan', 'potential', 'predict', 'project', and similar terms and phrases are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. No assurance can be provided to investors that future developments affecting New Home or Landsea Homes will be those that have been anticipated. Actual results may differ materially from these expectations due to uncertainties related to the timing and expected financing of the tender offer and the merger; uncertainty surrounding how many of Landsea Homes' stockholders will tender their shares in the tender offer; the possibility that any or all of the various conditions to the consummation of the tender offer may not be satisfied or waived in a timely manner, if at all; the possibility of business disruptions due to transaction-related uncertainty; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; risks related to diverting management's attention from Landsea Homes' ongoing business operations; potential litigation and/or regulatory action relating to the proposed transaction; the risk that the anticipated benefits of the proposed transaction may not be fully realized or may take longer to realize than expected; and other risks and uncertainties including those identified under the heading 'Risk Factors' in Landsea Homes' most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, each of which are filed with the SEC and available at and other filings that Landsea Homes may make with the SEC in the future. If one or more of these risks or uncertainties materialize, or if any of the assumptions prove incorrect, the actual results of New Home or Landsea Homes may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made in this communication speaks only as of the date hereof. Factors or events that could cause New Home or Landsea Homes' actual results to differ may emerge from time to time, and it is not possible to predict all of them. Each of New Home and Landsea Homes does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. Important Additional Information and Where to Find It The tender offer for the outstanding shares of common stock of Landsea Homes has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Landsea Homes' common stock. The solicitation and offer to buy shares of Landsea Homes' common stock will only be made pursuant to the tender offer materials that Merger Sub intends to file with the SEC. At the time the tender offer is commenced, Merger Sub will file a tender offer statement on Schedule TO with the SEC, and Landsea Homes will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer. LANDSEA HOMES' STOCKHOLDERS ARE ADVISED TO READ THE SCHEDULE TO (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND THE SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE TENDER OFFER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES THERETO. Both the tender offer statement and the solicitation/recommendation statement will be mailed to Landsea Homes' stockholders free of charge. Investors and stockholders may obtain free copies of the Schedule TO and Schedule 14D-9, as each may be amended or supplemented from time to time, and other documents filed by the parties (when available) at the SEC's web site at by contacting Landsea Homes' Investor Relations either by telephone at (949) 345-8080, e-mail at info@ or on Landsea Homes' website at Contacts: New Home Investors:Robert Irwin(949) 382-7838Investorrelations@ Media:Tim Ragones / Kate ThompsonJoele Frank, Wilkinson Brimmer Katcher (212) 355-4449 Landsea Homes Investors:Drew Mackintosh, CFAMackintosh Investor Relations, LLC(310) 924-9036drew@ Media:Annie NoebelCornerstone Communications(949) 449-2527Anoebel@ Apollo Investors:Noah GunnGlobal Head of Investor Relations(212) 822-0540IR@ Media:Joanna RoseGlobal Head of Corporate Communications(212) 822-0491Communications@
