$LGIH
LGI Homes, Inc.

2014 Q2 Form 10-Q Financial Statement

#000158067014000026 Filed on August 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $106.4M $37.34M
YoY Change 184.99% 131.92%
Cost Of Revenue $78.02M $26.33M
YoY Change 196.36% 135.04%
Gross Profit $28.40M $10.19M
YoY Change 178.56% 135.59%
Gross Profit Margin 26.68% 27.3%
Selling, General & Admin $14.52M $6.512M
YoY Change 123.02% 132.57%
% of Gross Profit 51.14% 63.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K
YoY Change 0.0% 0.0%
% of Gross Profit 0.35% 0.98%
Operating Expenses $14.52M $6.512M
YoY Change 123.02% 124.55%
Operating Profit $13.87M $5.154M
YoY Change 169.17% 261.18%
Interest Expense $0.00 $1.000K
YoY Change -100.0% -99.75%
% of Operating Profit 0.0% 0.02%
Other Income/Expense, Net $0.00 -$100.0K
YoY Change -100.0%
Pretax Income $13.90M $5.102M
YoY Change 172.52% 111.09%
Income Tax $4.867M $89.00K
% Of Pretax Income 35.0% 1.74%
Net Earnings $0.00 $5.158M
YoY Change -100.0% 116.36%
Net Earnings / Revenue 0.0% 13.81%
Basic Earnings Per Share $0.44
Diluted Earnings Per Share $0.43 $268.0K
COMMON SHARES
Basic Shares Outstanding 20.76M shares
Diluted Shares Outstanding 20.87M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.90M $15.20M
YoY Change 182.24%
Cash & Equivalents $42.85M $15.21M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $220.6M $49.20M
Prepaid Expenses
Receivables $9.200M $3.600M
Other Receivables $0.00 $0.00
Total Short-Term Assets $272.7M $68.00M
YoY Change 301.03%
LONG-TERM ASSETS
Property, Plant & Equipment $1.195M $900.0K
YoY Change 32.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.300M
YoY Change
Other Assets $13.80M $4.100M
YoY Change 236.59%
Total Long-Term Assets $31.41M $11.80M
YoY Change 166.14%
TOTAL ASSETS
Total Short-Term Assets $272.7M $68.00M
Total Long-Term Assets $31.41M $11.80M
Total Assets $304.1M $79.80M
YoY Change 281.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.40M $6.400M
YoY Change 203.13%
Accrued Expenses $4.000M $3.000M
YoY Change 33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $93.90M $21.80M
YoY Change 330.73%
Total Short-Term Liabilities $119.5M $31.30M
YoY Change 281.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.300M
YoY Change -100.0%
Other Long-Term Liabilities $5.600M
YoY Change
Total Long-Term Liabilities $5.600M $1.300M
YoY Change 330.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $119.5M $31.30M
Total Long-Term Liabilities $5.600M $1.300M
Total Liabilities $125.1M $47.70M
YoY Change 162.22%
SHAREHOLDERS EQUITY
Retained Earnings $20.74M
YoY Change
Common Stock $208.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $179.0M $32.10M
YoY Change
Total Liabilities & Shareholders Equity $304.1M $79.80M
YoY Change 281.08%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $0.00 $5.158M
YoY Change -100.0% 116.36%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$26.10M -$8.400M
YoY Change 210.71% 460.0%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$200.0K
YoY Change 0.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$400.0K
YoY Change -100.0% 300.0%
Cash From Investing Activities -$200.0K -$700.0K
YoY Change -71.43% 600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.50M 16.50M
YoY Change 163.64% 816.67%
NET CHANGE
Cash From Operating Activities -26.10M -8.400M
Cash From Investing Activities -200.0K -700.0K
Cash From Financing Activities 43.50M 16.50M
Net Change In Cash 17.20M 7.400M
YoY Change 132.43% 3600.0%
FREE CASH FLOW
Cash From Operating Activities -$26.10M -$8.400M
Capital Expenditures -$200.0K -$200.0K
Free Cash Flow -$25.90M -$8.200M
YoY Change 215.85% 485.71%

Facts In Submission

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CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1521000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
845000 USD
CY2013Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
475000 USD
CY2012Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
450000 USD
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
825000 USD
CY2014Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
700000 USD
CY2013Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
475000 USD
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
630000 USD
CY2013Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
39000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
93000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
161000 USD
CY2014Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
59000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
118000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
356000 USD
CY2013Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
39000 USD
CY2014Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
184000 USD
us-gaap Profit Loss
ProfitLoss
13631000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
5013000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
9037000 USD
us-gaap Profit Loss
ProfitLoss
7463000 USD
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
30000 USD
CY2013Q2 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1195000 USD
CY2014Q2 us-gaap Sales Of Real Estate
SalesOfRealEstate
106412000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2374000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
47376000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
7110000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
20741000 USD
us-gaap Revenues
Revenues
182332000 USD
us-gaap Revenues
Revenues
59300000 USD
CY2014Q2 us-gaap Revenues
Revenues
106412000 USD
CY2013Q2 us-gaap Revenues
Revenues
37339000 USD
CY2013Q4 us-gaap Sale Of Stock Percentage Of Ownership Before Transaction
SaleOfStockPercentageOfOwnershipBeforeTransaction
0.5
CY2013Q2 us-gaap Sales Of Real Estate
SalesOfRealEstate
36519000 USD
us-gaap Sales Of Real Estate
SalesOfRealEstate
182332000 USD
us-gaap Sales Of Real Estate
SalesOfRealEstate
57998000 USD
CY2013Q2 us-gaap Selling Expense
SellingExpense
3245000 USD
us-gaap Selling Expense
SellingExpense
5493000 USD
CY2014Q2 us-gaap Selling Expense
SellingExpense
9186000 USD
us-gaap Selling Expense
SellingExpense
16549000 USD
CY2013Q2 lgih Business Acquisition Pro Forma Income Loss Before Income Taxes
BusinessAcquisitionProFormaIncomeLossBeforeIncomeTaxes
7920000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
380000 USD
CY2014Q1 us-gaap Share Price
SharePrice
17.09
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
164374000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
179027000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements. The significant accounting estimates include real estate inventory and cost of sales, impairment of real estate inventory and property and equipment, warranty reserves and loss contingencies.</font></div></div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20867337 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20868910 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20763449 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20763449 shares
lgih Business Acquisition Pro Forma Costof Sales
BusinessAcquisitionProFormaCostofSales
69427000 USD
CY2013Q2 lgih Business Acquisition Pro Forma Costof Sales
BusinessAcquisitionProFormaCostofSales
43205000 USD
lgih Business Acquisition Pro Forma Income Loss Before Income Taxes
BusinessAcquisitionProFormaIncomeLossBeforeIncomeTaxes
11455000 USD
CY2014Q2 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
158855000 USD
CY2013Q4 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
111115000 USD
CY2014Q2 lgih Community Development Districtsand Other Utility Development Obligation
CommunityDevelopmentDistrictsandOtherUtilityDevelopmentObligation
3346000 USD
CY2013Q4 lgih Community Development Districtsand Other Utility Development Obligation
CommunityDevelopmentDistrictsandOtherUtilityDevelopmentObligation
0 USD
lgih Deferred Income Tax Expense Benefit Including Adjustments
DeferredIncomeTaxExpenseBenefitIncludingAdjustments
0 USD
lgih Deferred Income Tax Expense Benefit Including Adjustments
DeferredIncomeTaxExpenseBenefitIncludingAdjustments
-159000 USD
CY2014Q2 lgih Insurance Cost Excess Liability Limits
InsuranceCostExcessLiabilityLimits
3000000 USD
CY2014Q2 lgih Landunder Purchase Options Recorded Purchase Contracts To Deliver Finished Lots
LandunderPurchaseOptionsRecordedPurchaseContractsToDeliverFinishedLots
8700000 USD
CY2014Q2 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
10127 lot
CY2013Q4 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
8214 lot
lgih Numberof Homebuilding Businesses
NumberofHomebuildingBusinesses
1 business
CY2013Q4 lgih Related Party Consulting Agreement Period
RelatedPartyConsultingAgreementPeriod
P3Y
CY2013Q4 lgih Related Party Transaction Consulting Agreement Amountof Payable Per Year
RelatedPartyTransactionConsultingAgreementAmountofPayablePerYear
100000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001580670
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
20763449 shares
dei Entity Registrant Name
EntityRegistrantName
LGI Homes, Inc.

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