2019 Q2 Form 10-Q Financial Statement

#000158067019000074 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $461.8M $419.8M
YoY Change 10.0% 29.51%
Cost Of Revenue $350.5M $310.1M
YoY Change 13.04% 30.38%
Gross Profit $111.3M $109.8M
YoY Change 1.41% 27.12%
Gross Profit Margin 24.1% 26.14%
Selling, General & Admin $52.87M $47.60M
YoY Change 11.06% 25.69%
% of Gross Profit 47.5% 43.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $100.0K $200.0K
YoY Change -50.0% 0.0%
% of Gross Profit 0.09% 0.18%
Operating Expenses $52.87M $47.60M
YoY Change 11.06% 25.69%
Operating Profit $58.44M $62.16M
YoY Change -5.99% 28.24%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $2.300M $500.0K
YoY Change 360.0% 150.0%
Pretax Income $60.54M $62.67M
YoY Change -3.41% 28.84%
Income Tax $14.48M $15.06M
% Of Pretax Income 23.92% 24.04%
Net Earnings $46.06M $47.61M
YoY Change -3.26% 47.86%
Net Earnings / Revenue 9.97% 11.34%
Basic Earnings Per Share $2.01 $2.11
Diluted Earnings Per Share $1.82 $1.90
COMMON SHARES
Basic Shares Outstanding 22.93M shares 22.62M shares
Diluted Shares Outstanding 25.36M shares 25.00M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.60M $48.90M
YoY Change -23.11% 79.12%
Cash & Equivalents $37.56M $48.89M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.329B $1.063B
Prepaid Expenses
Receivables $43.20M $31.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.410B $1.143B
YoY Change 23.28% 27.4%
LONG-TERM ASSETS
Property, Plant & Equipment $1.429M $1.675M
YoY Change -14.69% -10.76%
Goodwill $12.02M $12.02M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $48.00M $31.70M
YoY Change 51.42% 128.06%
Total Long-Term Assets $76.56M $56.62M
YoY Change 35.22% 65.17%
TOTAL ASSETS
Total Short-Term Assets $1.410B $1.143B
Total Long-Term Assets $76.56M $56.62M
Total Assets $1.486B $1.200B
YoY Change 23.85% 28.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.60M $19.90M
YoY Change 13.57% 4.74%
Accrued Expenses $56.10M $42.40M
YoY Change 32.31% -1.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $85.10M $66.20M
YoY Change 28.55% -11.14%
LONG-TERM LIABILITIES
Long-Term Debt $664.9M $554.5M
YoY Change 19.91% 25.2%
Other Long-Term Liabilities $10.80M $10.50M
YoY Change 2.86% 32.91%
Total Long-Term Liabilities $675.7M $565.0M
YoY Change 19.59% 25.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.10M $66.20M
Total Long-Term Liabilities $675.7M $565.0M
Total Liabilities $760.8M $631.2M
YoY Change 20.53% 20.16%
SHAREHOLDERS EQUITY
Retained Earnings $496.2M $351.4M
YoY Change 41.2% 69.63%
Common Stock $240.0K $236.0K
YoY Change 1.69% 4.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.06M $16.55M
YoY Change 9.1% 0.0%
Treasury Stock Shares 1.039M shares 1.000M shares
Shareholders Equity $725.2M $568.7M
YoY Change
Total Liabilities & Shareholders Equity $1.486B $1.200B
YoY Change 23.85% 28.79%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $46.06M $47.61M
YoY Change -3.26% 47.86%
Depreciation, Depletion And Amortization $100.0K $200.0K
YoY Change -50.0% 0.0%
Cash From Operating Activities $14.30M $15.20M
YoY Change -5.92% -174.15%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$200.0K
YoY Change -50.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$100.0K -$200.0K
YoY Change -50.0% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.70M -18.10M
YoY Change -35.36% -211.04%
NET CHANGE
Cash From Operating Activities 14.30M 15.20M
Cash From Investing Activities -100.0K -200.0K
Cash From Financing Activities -11.70M -18.10M
Net Change In Cash 2.500M -3.100M
YoY Change -180.65% -27.91%
FREE CASH FLOW
Cash From Operating Activities $14.30M $15.20M
Capital Expenditures -$100.0K -$200.0K
Free Cash Flow $14.40M $15.40M
YoY Change -6.49% -175.49%

Facts In Submission

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CashAndCashEquivalentsAtCarryingValue
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CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37555000 USD
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48886000 USD
CY2019Q1 lgih Operating Lease Liabilityand Rightof Use Asset
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5400000 USD
CY2019Q2 us-gaap Inventory Homes Under Construction
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297466000 USD
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InventoryHomesUnderConstruction
149506000 USD
CY2019Q2 us-gaap Inventory Finished Homes
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222601000 USD
CY2019Q2 us-gaap Revenues
Revenues
461830000 USD
CY2018Q2 us-gaap Revenues
Revenues
419847000 USD
us-gaap Revenues
Revenues
749424000 USD
us-gaap Revenues
Revenues
698871000 USD
CY2019Q2 us-gaap Revenues
Revenues
461830000 USD
CY2018Q2 us-gaap Revenues
Revenues
419847000 USD
us-gaap Revenues
Revenues
749424000 USD
us-gaap Revenues
Revenues
698871000 USD
CY2019Q2 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
783014000 USD
CY2018Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
736402000 USD
CY2019Q2 us-gaap Inventory Operative Builders Other
InventoryOperativeBuildersOther
25618000 USD
CY2018Q4 us-gaap Inventory Operative Builders Other
InventoryOperativeBuildersOther
21179000 USD
CY2018Q4 us-gaap Inventory Finished Homes
InventoryFinishedHomes
321169000 USD
CY2019Q2 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1328699000 USD
CY2018Q4 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1228256000 USD
CY2019Q2 us-gaap Retention Payable
RetentionPayable
19290000 USD
CY2018Q4 us-gaap Retention Payable
RetentionPayable
18899000 USD
CY2019Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
10651000 USD
CY2018Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
14263000 USD
CY2019Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
12178000 USD
CY2018Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
12339000 USD
CY2019Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
6403000 USD
CY2018Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
10773000 USD
CY2019Q2 lgih Inventory Related Obligations
InventoryRelatedObligations
5648000 USD
CY2018Q4 lgih Inventory Related Obligations
InventoryRelatedObligations
7041000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5317000 USD
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 USD
CY2019Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
3050000 USD
CY2018Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
2950000 USD
CY2019Q2 us-gaap Other Liabilities
OtherLiabilities
10803000 USD
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
10290000 USD
CY2019Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
73340000 USD
CY2018Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
76555000 USD
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3000000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2600000 USD
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2950000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2450000 USD
CY2019Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
879000 USD
CY2018Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
695000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1974000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1683000 USD
CY2019Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
829000 USD
CY2018Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
495000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1874000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1333000 USD
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3050000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2800000 USD
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3050000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2800000 USD
CY2019Q2 us-gaap Notes Payable
NotesPayable
664923000 USD
CY2018Q4 us-gaap Notes Payable
NotesPayable
653734000 USD
CY2019Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
12108000 USD
CY2018Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
8787000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
23525000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
15980000 USD
CY2019Q2 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
12108000 USD
CY2018Q2 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
8787000 USD
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
23525000 USD
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
15980000 USD
CY2019Q2 us-gaap Interest Expense
InterestExpense
0 USD
CY2018Q2 us-gaap Interest Expense
InterestExpense
0 USD
us-gaap Interest Expense
InterestExpense
0 USD
us-gaap Interest Expense
InterestExpense
0 USD
CY2019Q2 us-gaap Interest Paid
InterestPaid
6199000 USD
CY2018Q2 us-gaap Interest Paid
InterestPaid
8100000 USD
us-gaap Interest Paid
InterestPaid
21032000 USD
us-gaap Interest Paid
InterestPaid
13269000 USD
CY2019Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1000000.0 USD
CY2018Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1400000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2100000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2200000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.217
CY2019Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
21400000 USD
CY2018Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
20800000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
21600000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
63700000 USD
us-gaap Net Income Loss
NetIncomeLoss
64389000 USD
us-gaap Net Income Loss
NetIncomeLoss
74910000 USD
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22926156 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22616085 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22835920 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22403266 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2242933 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2166333 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2153777 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2191836 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
188307 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
218229 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
236365 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
289526 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25357396 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25000647 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25226062 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24884628 shares
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.01
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.82
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.34
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.82
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.90
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.55
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.01
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1379 shares
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2871 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11268 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13118 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1
CY2019Q2 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
42658000 USD
CY2018Q4 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
40015000 USD
CY2019Q2 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
745518000 USD
CY2018Q4 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
776224000 USD
CY2019Q2 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
23215
CY2018Q4 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
22820
CY2019Q2 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
30300000 USD
CY2018Q4 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
25200000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5100000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5300000 USD
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
300000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
600000 USD
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
600000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0574 Rate
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y10M24D
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
481000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
927000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
926000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
799000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
722000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2838000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6693000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1376000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5317000 USD
CY2019Q2 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
91500000 USD
CY2018Q4 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
77500000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
7 business
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 business
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
7 business
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 business
CY2019Q2 us-gaap Revenues
Revenues
461830000 USD
CY2018Q2 us-gaap Revenues
Revenues
419847000 USD
us-gaap Revenues
Revenues
749424000 USD
us-gaap Revenues
Revenues
698871000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
60535000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
62671000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
82229000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
93898000 USD
CY2019Q2 us-gaap Assets
Assets
1486060000 USD
CY2018Q4 us-gaap Assets
Assets
1395473000 USD

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