$LGIH
LGI Homes, Inc.

2021 Q2 Form 10-Q Financial Statement

#000158067021000084 Filed on August 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $791.5M $481.6M
YoY Change 64.35% 4.28%
Cost Of Revenue $577.4M $363.6M
YoY Change 58.8% 3.74%
Gross Profit $214.1M $118.0M
YoY Change 81.46% 5.99%
Gross Profit Margin 27.05% 24.5%
Selling, General & Admin $68.07M $50.14M
YoY Change 35.77% -5.17%
% of Gross Profit 31.8% 42.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $237.0K $100.0K
YoY Change 137.0% 0.0%
% of Gross Profit 0.11% 0.08%
Operating Expenses $68.07M $50.14M
YoY Change 35.77% -5.17%
Operating Profit $146.0M $67.83M
YoY Change 115.24% 16.07%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $3.776M $800.0K
YoY Change 372.0% -65.22%
Pretax Income $149.1M $68.60M
YoY Change 117.39% 13.32%
Income Tax $30.99M $12.97M
% Of Pretax Income 20.78% 18.91%
Net Earnings $118.1M $55.62M
YoY Change 112.38% 20.78%
Net Earnings / Revenue 14.93% 11.55%
Basic Earnings Per Share $4.75 $2.22
Diluted Earnings Per Share $4.71 $2.21
COMMON SHARES
Basic Shares Outstanding 24.84M shares 25.07M shares
Diluted Shares Outstanding 25.06M shares 25.15M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.7M $49.10M
YoY Change 127.5% 30.59%
Cash & Equivalents $111.7M $49.10M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.751B $1.458B
Prepaid Expenses
Receivables $69.52M $58.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.932B $1.566B
YoY Change 23.41% 11.07%
LONG-TERM ASSETS
Property, Plant & Equipment $8.570M $1.876M
YoY Change 356.82% 31.28%
Goodwill $12.02M $12.02M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.91M $34.40M
YoY Change 30.56% -28.33%
Total Long-Term Assets $126.8M $70.78M
YoY Change 79.09% -7.56%
TOTAL ASSETS
Total Short-Term Assets $1.932B $1.566B
Total Long-Term Assets $126.8M $70.78M
Total Assets $2.059B $1.636B
YoY Change 25.82% 10.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.58M $15.40M
YoY Change 273.88% -31.86%
Accrued Expenses $81.09M $70.50M
YoY Change 15.01% 25.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $177.4M $121.2M
YoY Change 46.34% 42.42%
LONG-TERM LIABILITIES
Long-Term Debt $583.7M $588.0M
YoY Change -0.74% -11.57%
Other Long-Term Liabilities $11.41M $8.400M
YoY Change 35.81% -22.22%
Total Long-Term Liabilities $595.1M $596.4M
YoY Change -0.22% -11.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $177.4M $121.2M
Total Long-Term Liabilities $595.1M $596.4M
Total Liabilities $772.4M $717.6M
YoY Change 7.64% -5.68%
SHAREHOLDERS EQUITY
Retained Earnings $1.152B $708.8M
YoY Change 62.53% 42.87%
Common Stock $269.0K $267.0K
YoY Change 0.75% 11.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $147.7M $49.39M
YoY Change 199.12% 173.54%
Treasury Stock Shares 2.309M shares 1.606M shares
Shareholders Equity $1.286B $918.8M
YoY Change
Total Liabilities & Shareholders Equity $2.059B $1.636B
YoY Change 25.82% 10.12%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $118.1M $55.62M
YoY Change 112.38% 20.78%
Depreciation, Depletion And Amortization $237.0K $100.0K
YoY Change 137.0% 0.0%
Cash From Operating Activities -$20.85M $87.30M
YoY Change -123.88% 510.49%
INVESTING ACTIVITIES
Capital Expenditures $161.0K -$200.0K
YoY Change -180.5% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$30.32M $0.00
YoY Change
Cash From Investing Activities -$30.16M -$200.0K
YoY Change 14981.5% 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 114.6M -156.2M
YoY Change -173.35% 1235.04%
NET CHANGE
Cash From Operating Activities -20.85M 87.30M
Cash From Investing Activities -30.16M -200.0K
Cash From Financing Activities 114.6M -156.2M
Net Change In Cash 63.56M -69.10M
YoY Change -191.99% -2864.0%
FREE CASH FLOW
Cash From Operating Activities -$20.85M $87.30M
Capital Expenditures $161.0K -$200.0K
Free Cash Flow -$21.01M $87.50M
YoY Change -124.01% 507.64%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EntityCentralIndexKey
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Amendment Flag
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dei Document Type
DocumentType
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dei Document Quarterly Report
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dei Document Period End Date
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2021-06-30
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
LGI HOMES, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
46-3088013
dei Entity Address Address Line1
EntityAddressAddressLine1
1450 Lake Robbins Drive,
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EntityAddressAddressLine2
Suite 430,
dei Entity Address City Or Town
EntityAddressCityOrTown
The Woodlands,
dei Entity Address State Or Province
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TX
dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
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dei Local Phone Number
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dei Security12b Title
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dei Trading Symbol
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dei Security Exchange Name
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10757000 USD
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q2 us-gaap Revenues
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us-gaap Revenues
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100 home
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3000 home
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26181000 USD
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36276000 USD
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RealEstateInventoryDevelopmentAndConstructionPayable
29938000 USD
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2928000 USD
CY2020Q4 lgih Inventory Related Obligations
InventoryRelatedObligations
4515000 USD
CY2021Q2 us-gaap Operating Lease Liability
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5055000 USD
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5287000 USD
CY2021Q2 us-gaap Product Warranty Accrual
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6550000 USD
CY2020Q4 us-gaap Product Warranty Accrual
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5350000 USD
CY2021Q2 us-gaap Contract With Customer Liability
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23018000 USD
CY2020Q4 us-gaap Contract With Customer Liability
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17151000 USD
CY2021Q2 us-gaap Other Liabilities
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CY2020Q4 us-gaap Other Liabilities
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7154000 USD
CY2021Q2 us-gaap Accrued Liabilities And Other Liabilities
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131197000 USD
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lgih Inventory Related Obligation Term
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P30Y
CY2021Q1 us-gaap Product Warranty Accrual
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5950000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3750000 USD
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5350000 USD
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3500000 USD
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3396000 USD
CY2020Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1404000 USD
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4785000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5985000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2824000 USD
CY2021Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2796000 USD
CY2020Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1204000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2374000 USD
CY2021Q2 us-gaap Product Warranty Accrual
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6550000 USD
CY2020Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3950000 USD
CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6550000 USD
CY2020Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3950000 USD
CY2021Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2021Q2 us-gaap Notes Payable
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CY2020Q4 us-gaap Notes Payable
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CY2021Q2 us-gaap Interest Costs Incurred
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8040000 USD
CY2020Q2 us-gaap Interest Costs Incurred
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9262000 USD
us-gaap Interest Costs Incurred
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15772000 USD
us-gaap Interest Costs Incurred
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19418000 USD
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8040000 USD
CY2020Q2 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
9262000 USD
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
15772000 USD
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
19418000 USD
CY2021Q2 us-gaap Interest Expense
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0 USD
CY2020Q2 us-gaap Interest Expense
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0 USD
us-gaap Interest Expense
InterestExpense
0 USD
us-gaap Interest Expense
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0 USD
us-gaap Interest Paid
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18700000 USD
CY2021Q2 us-gaap Interest Paid
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1859000 USD
CY2020Q2 us-gaap Interest Paid
InterestPaid
3676000 USD
us-gaap Interest Paid
InterestPaid
14492000 USD
CY2020Q2 us-gaap Amortization Of Financing Costs And Discounts
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700000 USD
CY2021Q2 us-gaap Amortization Of Financing Costs And Discounts
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700000 USD
us-gaap Amortization Of Financing Costs And Discounts
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1400000 USD
us-gaap Amortization Of Financing Costs And Discounts
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1400000 USD
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.208
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.200
CY2021Q2 us-gaap Income Taxes Paid
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63500000 USD
CY2020Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
500000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
63700000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
18900000 USD
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
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50000000.0 USD
CY2020Q4 lgih Stock Repurchase Program Additional Authorized Repurchase Amount
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300000000.0 USD
CY2021Q2 us-gaap Stock Repurchased During Period Shares
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335000 shares
CY2021Q2 us-gaap Stock Repurchased During Period Value
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55800000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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81600000 USD
us-gaap Stock Repurchased During Period Shares
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1309214 shares
CY2021Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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218800000 USD
CY2021Q2 us-gaap Net Income Loss
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55624000 USD
CY2020Q2 us-gaap Net Income Loss
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55624000 USD
CY2020Q2 us-gaap Net Income Loss
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55624000 USD
CY2021Q2 us-gaap Earnings Per Share Diluted
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4.71
CY2020Q2 us-gaap Earnings Per Share Diluted
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2.21
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217792000 USD
us-gaap Net Income Loss
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98463000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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24844644 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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25074826 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24897462 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25198952 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
217168 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
78250 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
241229 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
167154 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25061812 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25153076 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25138691 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25366106 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.75
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
8.75
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.91
CY2020Q4 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
26236
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
8.66
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.88
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
835 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2267 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8043 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9808 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1
CY2021Q2 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
36113000 USD
CY2020Q4 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
34097000 USD
CY2021Q2 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
781343000 USD
CY2020Q4 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
663006000 USD
CY2021Q2 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
33418
CY2020Q4 us-gaap Operating Lease Liability
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5300000 USD
CY2021Q2 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
21000000.0 USD
CY2020Q4 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
24000000.0 USD
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4700000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4900000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5100000 USD
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
400000 USD
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
300000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
800000 USD
us-gaap Operating Lease Cost
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700000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
800000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
700000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0523
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y4M24D
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
683000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1178000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1020000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
776000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
524000 USD
CY2021Q2 lgih Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1757000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5938000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
883000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5055000 USD
CY2021Q2 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
182300000 USD
CY2020Q4 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
143800000 USD
us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
5300000 USD
CY2021Q1 us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
3900000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
7 business
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 home
CY2021Q2 us-gaap Revenues
Revenues
791512000 USD
CY2020Q2 us-gaap Revenues
Revenues
481602000 USD
us-gaap Revenues
Revenues
1497465000 USD
us-gaap Revenues
Revenues
936329000 USD
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
149121000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
68597000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
272397000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
123486000 USD
CY2021Q2 us-gaap Assets
Assets
2058837000 USD
CY2020Q4 us-gaap Assets
Assets
1826087000 USD

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