$LGIH
LGI Homes, Inc.

2014 Q4 Form 10-Q Financial Statement

#000158067014000069 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $108.4M $92.52M $38.04M
YoY Change 65.5% 143.19% 61.19%
Cost Of Revenue $78.80M $67.26M $27.08M
YoY Change 51.25% 148.33% 62.17%
Gross Profit $29.60M $25.26M $9.952M
YoY Change 128.86% 153.82% 61.77%
Gross Profit Margin 27.31% 27.3% 26.16%
Selling, General & Admin $18.10M $15.35M $7.641M
YoY Change 61.61% 100.94% 106.51%
% of Gross Profit 61.15% 60.78% 76.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $300.0K $100.0K $100.0K
YoY Change 200.0% 0.0%
% of Gross Profit 1.01% 0.4% 1.0%
Operating Expenses $18.10M $15.35M $7.641M
YoY Change 61.61% 100.94% 112.25%
Operating Profit $11.50M $9.906M $5.294M
YoY Change 563.26% 87.12% 107.45%
Interest Expense $0.00 $0.00 $41.00K
YoY Change -100.0% -100.0% -91.8%
% of Operating Profit 0.0% 0.0% 0.77%
Other Income/Expense, Net $0.00 $600.0K $0.00
YoY Change -100.0%
Pretax Income $11.57M $10.53M $5.287M
YoY Change 16.71% 99.24% 39.79%
Income Tax $4.000M $3.488M $137.0K
% Of Pretax Income 34.56% 33.11% 2.59%
Net Earnings $0.00 $0.00 $5.588M
YoY Change -100.0% -100.0% 52.89%
Net Earnings / Revenue 0.0% 0.0% 14.69%
Basic Earnings Per Share $0.37 $0.34
Diluted Earnings Per Share $0.34 $0.34 $288.7K
COMMON SHARES
Basic Shares Outstanding 20.76M shares 20.76M shares
Diluted Shares Outstanding 20.88M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.40M $46.20M $9.400M
YoY Change -41.96% 391.49%
Cash & Equivalents $31.37M $46.16M $9.391M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $367.9M $292.0M $66.80M
Prepaid Expenses
Receivables $7.400M $9.700M $2.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $406.7M $347.9M $78.50M
YoY Change 101.84% 343.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.610M $1.373M $700.0K
YoY Change 90.53% 96.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.100M
YoY Change
Other Assets $12.60M $13.20M $6.100M
YoY Change 129.09% 116.39%
Total Long-Term Assets $31.43M $31.80M $13.40M
YoY Change 61.08% 137.34%
TOTAL ASSETS
Total Short-Term Assets $406.7M $347.9M $78.50M
Total Long-Term Assets $31.43M $31.80M $13.40M
Total Assets $438.1M $379.7M $91.90M
YoY Change 98.24% 313.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.50M $15.40M $6.400M
YoY Change 10.71% 140.63%
Accrued Expenses $15.50M $5.700M $4.700M
YoY Change 269.05% 21.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $27.40M
YoY Change -100.0%
Total Short-Term Liabilities $32.40M $22.30M $39.00M
YoY Change -41.41% -42.82%
LONG-TERM LIABILITIES
Long-Term Debt $216.1M $160.2M $0.00
YoY Change
Other Long-Term Liabilities $4.400M $10.90M
YoY Change 214.29%
Total Long-Term Liabilities $220.5M $171.1M $0.00
YoY Change 15650.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.40M $22.30M $39.00M
Total Long-Term Liabilities $220.5M $171.1M $0.00
Total Liabilities $255.6M $193.4M $54.20M
YoY Change 351.35% 256.8%
SHAREHOLDERS EQUITY
Retained Earnings $35.32M $27.79M
YoY Change 396.78%
Common Stock $208.0K $208.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.55M
YoY Change
Treasury Stock Shares 1.000M shares
Shareholders Equity $182.5M $186.3M $37.70M
YoY Change
Total Liabilities & Shareholders Equity $438.1M $379.7M $91.90M
YoY Change 98.24% 313.17%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $0.00 $0.00 $5.588M
YoY Change -100.0% -100.0% 52.89%
Depreciation, Depletion And Amortization $300.0K $100.0K $100.0K
YoY Change 200.0% 0.0%
Cash From Operating Activities -$43.60M -$62.10M -$10.90M
YoY Change 44.37% 469.72% 1262.5%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$300.0K -$200.0K
YoY Change 100.0% 50.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$15.20M $0.00 $200.0K
YoY Change -49.16% -100.0%
Cash From Investing Activities -$15.60M -$300.0K -$100.0K
YoY Change -48.0% 200.0% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 44.40M 65.70M 5.200M
YoY Change -57.63% 1163.46% 126.09%
NET CHANGE
Cash From Operating Activities -43.60M -62.10M -10.90M
Cash From Investing Activities -15.60M -300.0K -100.0K
Cash From Financing Activities 44.40M 65.70M 5.200M
Net Change In Cash -14.80M 3.300M -5.800M
YoY Change -133.18% -156.9% -546.15%
FREE CASH FLOW
Cash From Operating Activities -$43.60M -$62.10M -$10.90M
Capital Expenditures -$400.0K -$300.0K -$200.0K
Free Cash Flow -$43.20M -$61.80M -$10.70M
YoY Change 44.0% 477.57% 1683.33%

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0 USD
us-gaap Payments To Acquire Equity Method Investments
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928000 USD
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0 USD
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0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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0 USD
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us-gaap Proceeds From Notes Payable
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7110000 USD
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ProductWarrantyAccrualPayments
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us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
440000 USD
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ProductWarrantyAccrualPayments
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CY2014Q3 us-gaap Product Warranty Accrual Warranties Issued
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
12613000 USD
CY2013Q3 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0 USD
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
30000 USD
CY2014Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2208000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1521000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
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PropertyPlantAndEquipmentNet
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us-gaap Repayments Of Notes Payable
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us-gaap Revenues
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us-gaap Revenues
Revenues
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CY2013Q3 us-gaap Revenues
Revenues
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CY2013Q4 us-gaap Sale Of Stock Percentage Of Ownership Before Transaction
SaleOfStockPercentageOfOwnershipBeforeTransaction
0.5
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37035000 USD
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274848000 USD
us-gaap Sales Of Real Estate
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CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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186320000 USD
us-gaap Selling Expense
SellingExpense
25788000 USD
CY2013Q3 us-gaap Selling Expense
SellingExpense
3589000 USD
us-gaap Selling Expense
SellingExpense
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CY2014Q3 us-gaap Selling Expense
SellingExpense
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us-gaap Share Based Compensation
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627000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
CY2014Q1 us-gaap Share Price
SharePrice
17.09
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
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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20763449 shares
lgih Business Acquisition Pro Forma Costof Sales
BusinessAcquisitionProFormaCostofSales
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CY2013Q3 lgih Business Acquisition Pro Forma Costof Sales
BusinessAcquisitionProFormaCostofSales
49429000 USD
lgih Business Acquisition Pro Forma Income Loss Before Income Taxes
BusinessAcquisitionProFormaIncomeLossBeforeIncomeTaxes
19450000 USD
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BusinessAcquisitionProFormaIncomeLossBeforeIncomeTaxes
7996000 USD
CY2013Q4 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
111115000 USD
CY2014Q3 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
125063000 USD
CY2014Q3 lgih Community Development Districtsand Other Utility Development Obligation
CommunityDevelopmentDistrictsandOtherUtilityDevelopmentObligation
6500000 USD
CY2013Q4 lgih Community Development Districtsand Other Utility Development Obligation
CommunityDevelopmentDistrictsandOtherUtilityDevelopmentObligation
2700000 USD
lgih Deferred Income Tax Expense Benefit Including Adjustments
DeferredIncomeTaxExpenseBenefitIncludingAdjustments
-179000 USD
lgih Deferred Income Tax Expense Benefit Including Adjustments
DeferredIncomeTaxExpenseBenefitIncludingAdjustments
0 USD
CY2013Q4 lgih Inventory Related Obligations
InventoryRelatedObligations
0 USD
CY2014Q3 lgih Inventory Related Obligations
InventoryRelatedObligations
6471000 USD
CY2014Q3 lgih Landunder Purchase Options Recorded Purchase Contracts To Deliver Finished Lots
LandunderPurchaseOptionsRecordedPurchaseContractsToDeliverFinishedLots
8700000 USD
CY2013Q4 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
8214 lot
CY2014Q3 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
8538 lot
lgih Numberof Homebuilding Businesses
NumberofHomebuildingBusinesses
1 business
CY2014Q3 lgih Related Party Business Acquisition Land Acquired Numberof Acres
RelatedPartyBusinessAcquisitionLandAcquiredNumberofAcres
1902 acre
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
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001580670
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
20763449 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
LGI Homes, Inc.

Files In Submission

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0001580670-14-000069-index-headers.html Edgar Link pending
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