2020 Q4 Form 10-Q Financial Statement

#000158067020000085 Filed on November 03, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $897.4M $534.2M $605.6M
YoY Change 48.17% 10.58% 42.45%
Cost Of Revenue $654.1M $399.0M $463.4M
YoY Change 41.15% 8.88% 44.09%
Gross Profit $243.3M $135.2M $142.2M
YoY Change 71.1% 15.93% 37.33%
Gross Profit Margin 27.11% 25.31% 23.48%
Selling, General & Admin $77.80M $57.79M $58.20M
YoY Change 33.68% 9.81% 21.0%
% of Gross Profit 31.97% 42.73% 40.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $200.0K $200.0K $100.0K
YoY Change 100.0% 0.0% -50.0%
% of Gross Profit 0.08% 0.15% 0.07%
Operating Expenses $77.70M $57.79M $58.30M
YoY Change 33.28% 9.81% 21.21%
Operating Profit $165.6M $77.44M $83.91M
YoY Change 97.38% 20.95% 51.31%
Interest Expense $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net $1.000M $400.0K $900.0K
YoY Change 11.11% -42.86% 12.5%
Pretax Income $166.5M $77.82M $84.87M
YoY Change 96.24% 20.21% 50.99%
Income Tax $30.10M -$11.19M $20.00M
% Of Pretax Income 18.07% -14.38% 23.57%
Net Earnings $136.4M $89.00M $64.87M
YoY Change 110.31% 80.36% 52.09%
Net Earnings / Revenue 15.2% 16.66% 10.71%
Basic Earnings Per Share $5.45 $3.55 $2.69
Diluted Earnings Per Share $5.34 $3.52 $2.52
COMMON SHARES
Basic Shares Outstanding 25.10M shares 25.09M shares 22.95M shares
Diluted Shares Outstanding 25.26M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.90M $46.30M $38.30M
YoY Change -6.27% 25.14% -17.81%
Cash & Equivalents $35.94M $46.34M $38.35M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.570B $1.549B $1.500B
Prepaid Expenses
Receivables $115.9M $62.00M $56.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.721B $1.657B $1.594B
YoY Change 7.97% 6.0% 20.99%
LONG-TERM ASSETS
Property, Plant & Equipment $3.618M $2.284M $1.632M
YoY Change 121.69% 40.04% 13.97%
Goodwill $12.02M $12.02M $12.02M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.20M $40.40M $41.90M
YoY Change 5.49% -5.83% -13.61%
Total Long-Term Assets $104.8M $106.0M $71.82M
YoY Change 45.91% 44.88% -7.66%
TOTAL ASSETS
Total Short-Term Assets $1.721B $1.657B $1.594B
Total Long-Term Assets $104.8M $106.0M $71.82M
Total Assets $1.826B $1.763B $1.666B
YoY Change 9.6% 7.74% 19.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.70M $31.20M $12.50M
YoY Change 9.6% 7.59% 35.87%
Accrued Expenses $84.50M $82.50M $71.90M
YoY Change 17.52% 37.04% 30.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $141.5M $115.4M $113.1M
YoY Change 25.11% 18.97% 50.6%
LONG-TERM LIABILITIES
Long-Term Debt $538.4M $618.7M $690.6M
YoY Change -22.04% -17.66% 5.64%
Other Long-Term Liabilities $7.200M $16.10M $17.30M
YoY Change -58.38% 50.47% 63.21%
Total Long-Term Liabilities $545.6M $634.8M $707.9M
YoY Change -22.93% -16.7% 6.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.5M $115.4M $113.1M
Total Long-Term Liabilities $545.6M $634.8M $707.9M
Total Liabilities $687.1M $750.2M $820.9M
YoY Change -16.3% -12.68% 11.01%
SHAREHOLDERS EQUITY
Retained Earnings $934.3M $797.8M $610.4M
YoY Change 53.06% 46.26% 41.37%
Common Stock $267.0K $267.0K $264.0K
YoY Change 1.14% 11.25% 11.39%
Preferred Stock
YoY Change
Treasury Stock (at cost) $66.14M $49.39M $18.06M
YoY Change 266.29% 173.54% 0.0%
Treasury Stock Shares 1.758M shares 1.606M shares 1.039M shares
Shareholders Equity $1.139B $1.013B $845.2M
YoY Change
Total Liabilities & Shareholders Equity $1.826B $1.763B $1.666B
YoY Change 9.6% 7.74% 19.39%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $136.4M $89.00M $64.87M
YoY Change 110.31% 80.36% 52.09%
Depreciation, Depletion And Amortization $200.0K $200.0K $100.0K
YoY Change 100.0% 0.0% -50.0%
Cash From Operating Activities $89.20M -$33.10M $62.30M
YoY Change 43.18% -61.2% -523.81%
INVESTING ACTIVITIES
Capital Expenditures -$1.500M -$600.0K -$200.0K
YoY Change 650.0% 200.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$1.900M $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$3.300M -$600.0K -$200.0K
YoY Change 1550.0% -53.85% -71.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.20M 30.90M -60.80M
YoY Change 58.22% -64.11% -352.28%
NET CHANGE
Cash From Operating Activities 89.20M -33.10M 62.30M
Cash From Investing Activities -3.300M -600.0K -200.0K
Cash From Financing Activities -96.20M 30.90M -60.80M
Net Change In Cash -10.30M -2.800M 1.300M
YoY Change -892.31% 460.0% -85.06%
FREE CASH FLOW
Cash From Operating Activities $89.20M -$33.10M $62.30M
Capital Expenditures -$1.500M -$600.0K -$200.0K
Free Cash Flow $90.70M -$32.50M $62.50M
YoY Change 45.12% -61.81% -528.08%

Facts In Submission

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CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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us-gaap Revenues
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CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3500000 USD
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2950000 USD
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us-gaap Product Warranty Accrual Warranties Issued
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us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3458000 USD
us-gaap Product Warranty Accrual Payments
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3326000 USD
CY2020Q3 us-gaap Product Warranty Accrual
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4150000 USD
CY2019Q3 us-gaap Product Warranty Accrual
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3200000 USD
CY2020Q3 us-gaap Product Warranty Accrual
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4150000 USD
CY2019Q3 us-gaap Product Warranty Accrual
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3200000 USD
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8885000 USD
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10600000 USD
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28303000 USD
us-gaap Interest Costs Capitalized Adjustment
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0 USD
us-gaap Interest Expense
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us-gaap Amortization Of Financing Costs And Discounts
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2200000 USD
us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Income Tax Reconciliation Other Adjustments
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32900000 USD
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14700000 USD
us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
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50000000.0 shares
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0 shares
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31300000 USD
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CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2336017 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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CY2020Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
166393 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
235070 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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25257053 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25521946 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25328555 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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25329461 shares
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3.55
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2.15
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7.45
us-gaap Earnings Per Share Basic
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4.97
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3.52
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EarningsPerShareDiluted
1.93
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.49
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131 shares
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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926 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1561 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3013 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1
CY2020Q3 us-gaap Land Under Purchase Options Recorded
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32493000 USD
CY2019Q4 us-gaap Land Under Purchase Options Recorded
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CY2020Q3 lgih Commitment Under Land Purchase Option And Deposit Agreement
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CY2019Q4 lgih Commitment Under Land Purchase Option And Deposit Agreement
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539122000 USD
CY2020Q3 lgih Lots Under Purchase Options Recorded
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24557
CY2019Q4 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
16205
CY2020Q3 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
21800000 USD
CY2019Q4 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
26300000 USD
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
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5000000.0 USD
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5300000 USD
CY2020Q3 us-gaap Operating Lease Liability
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5300000 USD
CY2019Q4 us-gaap Operating Lease Liability
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5600000 USD
CY2020Q3 us-gaap Operating Lease Cost
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400000 USD
CY2019Q3 us-gaap Operating Lease Cost
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300000 USD
us-gaap Operating Lease Cost
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1200000 USD
us-gaap Operating Lease Cost
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900000 USD
us-gaap Operating Lease Payments
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700000 USD
us-gaap Operating Lease Payments
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300000 USD
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0542
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y7M6D
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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304000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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1168000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1010000 USD
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77815000 USD
CY2020Q3 lgih Lessee Operating Lease Liability To Be Paid After Year Four
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2279000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
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6392000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1075000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5317000 USD
CY2020Q3 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
120400000 USD
CY2019Q4 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
108700000 USD
us-gaap Payments To Acquire Limited Partnership Interests
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2100000 USD
us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
1100000 USD
us-gaap Number Of Operating Segments
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7 business
us-gaap Number Of Reportable Segments
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5 business
us-gaap Number Of Operating Segments
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7 business
us-gaap Number Of Reportable Segments
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5 business
CY2020Q3 us-gaap Revenues
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534202000 USD
CY2019Q3 us-gaap Revenues
Revenues
483081000 USD
us-gaap Revenues
Revenues
1470531000 USD
us-gaap Revenues
Revenues
1232505000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
64732000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
201301000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
146961000 USD
CY2020Q3 us-gaap Assets
Assets
1762843000 USD
CY2019Q4 us-gaap Assets
Assets
1666115000 USD

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