$LGIH
LGI Homes, Inc.

2022 Q1 Form 10-Q Financial Statement

#000158067022000058 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $546.1M $706.0M
YoY Change -22.65% 55.25%
Cost Of Revenue $387.6M $516.0M
YoY Change -24.88% 48.21%
Gross Profit $158.4M $189.9M
YoY Change -16.61% 78.25%
Gross Profit Margin 29.01% 26.91%
Selling, General & Admin $62.69M $67.51M
YoY Change -7.14% 28.13%
% of Gross Profit 39.57% 35.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $348.0K $288.0K
YoY Change 20.83% 78.88%
% of Gross Profit 0.22% 0.15%
Operating Expenses $62.69M $67.51M
YoY Change -7.14% 28.13%
Operating Profit $95.72M $122.4M
YoY Change -21.82% 127.26%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $3.830M $800.0K
YoY Change 378.75% -20.0%
Pretax Income $99.55M $123.3M
YoY Change -19.25% 124.59%
Income Tax $20.86M $23.62M
% Of Pretax Income 20.96% 19.16%
Net Earnings $78.69M $99.66M
YoY Change -21.04% 132.63%
Net Earnings / Revenue 14.41% 14.12%
Basic Earnings Per Share $3.30 $3.99
Diluted Earnings Per Share $3.25 $3.95
COMMON SHARES
Basic Shares Outstanding 23.84M shares 24.95M shares
Diluted Shares Outstanding 24.19M shares 25.22M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.33M $48.20M
YoY Change 10.63% -59.22%
Cash & Equivalents $53.33M $48.16M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $2.336B $1.610B
Prepaid Expenses
Receivables $48.49M $59.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.437B $1.717B
YoY Change 41.95% 4.38%
LONG-TERM ASSETS
Property, Plant & Equipment $19.42M $6.160M
YoY Change 215.26% 226.27%
Goodwill $12.02M $12.02M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $42.10M $42.80M
YoY Change -1.63% 7.81%
Total Long-Term Assets $156.8M $108.4M
YoY Change 44.71% 46.38%
TOTAL ASSETS
Total Short-Term Assets $2.437B $1.717B
Total Long-Term Assets $156.8M $108.4M
Total Assets $2.594B $1.825B
YoY Change 42.11% 6.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.97M $41.60M
YoY Change -47.2% 117.8%
Accrued Expenses $90.01M $70.20M
YoY Change 28.22% 14.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $155.6M $184.6M
YoY Change -15.7% 84.23%
LONG-TERM LIABILITIES
Long-Term Debt $1.004B $413.9M
YoY Change 142.47% -44.4%
Other Long-Term Liabilities $12.27M $8.400M
YoY Change 46.07% -43.24%
Total Long-Term Liabilities $1.016B $422.3M
YoY Change 140.56% -44.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $155.6M $184.6M
Total Long-Term Liabilities $1.016B $422.3M
Total Liabilities $1.171B $606.8M
YoY Change 93.04% -29.39%
SHAREHOLDERS EQUITY
Retained Earnings $1.443B $1.034B
YoY Change 39.53% 58.28%
Common Stock $271.0K $269.0K
YoY Change 0.74% 1.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $317.6M $91.96M
YoY Change 245.33% 86.2%
Treasury Stock Shares 3.522M shares 1.974M shares
Shareholders Equity $1.423B $1.219B
YoY Change
Total Liabilities & Shareholders Equity $2.594B $1.825B
YoY Change 42.11% 6.19%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $78.69M $99.66M
YoY Change -21.04% 132.63%
Depreciation, Depletion And Amortization $348.0K $288.0K
YoY Change 20.83% 78.88%
Cash From Operating Activities -$137.8M $160.7M
YoY Change -185.75% 173.26%
INVESTING ACTIVITIES
Capital Expenditures -$993.0K -$1.300M
YoY Change -23.62% 225.0%
Acquisitions
YoY Change
Other Investing Activities -$380.0K $1.700M
YoY Change -122.35% -254.55%
Cash From Investing Activities -$1.373M $404.0K
YoY Change -439.85% -126.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $55.65M $23.72M
YoY Change 134.61% -22.24%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $142.0M -$148.9M
YoY Change -195.36% -757.98%
NET CHANGE
Cash From Operating Activities -$137.8M $160.7M
Cash From Investing Activities -$1.373M $404.0K
Cash From Financing Activities $142.0M -$148.9M
Net Change In Cash $2.811M $12.22M
YoY Change -76.99% -84.71%
FREE CASH FLOW
Cash From Operating Activities -$137.8M $160.7M
Capital Expenditures -$993.0K -$1.300M
Free Cash Flow -$136.8M $162.0M
YoY Change -184.45% 173.61%

Facts In Submission

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101951000 USD
CY2021Q4 us-gaap Inventory Finished Homes
InventoryFinishedHomes
107736000 USD
CY2022Q1 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
2335570000 USD
CY2021Q4 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
2085904000 USD
CY2021Q3 lgih Number Of Private Home Builders Acquired Real Estate
NumberOfPrivateHomeBuildersAcquiredRealEstate
2 home
CY2021Q3 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
67000000 USD
CY2022Q1 lgih Real Estate Inventory Development And Construction Payable
RealEstateInventoryDevelopmentAndConstructionPayable
54122000 USD
CY2021Q4 lgih Real Estate Inventory Development And Construction Payable
RealEstateInventoryDevelopmentAndConstructionPayable
48656000 USD
CY2022Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
10166000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
24914000 USD
CY2022Q1 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
28918000 USD
CY2021Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
11604000 USD
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
14721000 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
12182000 USD
CY2022Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
4047000 USD
CY2021Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
7431000 USD
CY2022Q1 lgih Inventory Related Obligations
InventoryRelatedObligations
7945000 USD
CY2021Q4 lgih Inventory Related Obligations
InventoryRelatedObligations
8803000 USD
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8350000 USD
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7850000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5382000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5333000 USD
CY2022Q1 us-gaap Other Liabilities
OtherLiabilities
12270000 USD
CY2021Q4 us-gaap Other Liabilities
OtherLiabilities
9836000 USD
CY2022Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
145921000 USD
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
136609000 USD
CY2022Q1 lgih Inventory Related Obligation Term
InventoryRelatedObligationTerm
P30Y
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7850000 USD
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5350000 USD
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2465000 USD
CY2021Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2589000 USD
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1965000 USD
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1989000 USD
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8350000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5950000 USD
CY2021Q2 lgih Credit Agreement Gross Assets
CreditAgreementGrossAssets
500000 USD
CY2022Q1 us-gaap Interest Paid
InterestPaid
9668000 USD
CY2021Q1 us-gaap Interest Paid
InterestPaid
12633000 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11461000 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
12203000 USD
CY2022Q1 us-gaap Notes Payable
NotesPayable
1003596000 USD
CY2021Q4 us-gaap Notes Payable
NotesPayable
805236000 USD
CY2022Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
7027000 USD
CY2021Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
7732000 USD
CY2022Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
7027000 USD
CY2021Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
7732000 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
0 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
0 USD
CY2021Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
700000 USD
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
700000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.210
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
400000 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
200000 USD
CY2022Q1 lgih Stock Repurchase Program Additional Amount Authorized
StockRepurchaseProgramAdditionalAmountAuthorized
200000000 USD
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
550000000 USD
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
475055 shares
CY2021Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
216221 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2521611 shares
CY2022Q1 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
19400000 USD
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
249000000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
78686000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
99658000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23837170 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24950867 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
357151 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
270005 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24194321 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25220872 shares
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
500000 USD
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.30
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.99
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.25
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.95
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27001 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21510 shares
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1
CY2021Q4 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
19300000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
400000 USD
CY2022Q1 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
34905000 USD
CY2021Q4 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
37499000 USD
CY2022Q1 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
837001000 USD
CY2021Q4 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
921345000 USD
CY2022Q1 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
34191
CY2021Q4 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
36978
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5100000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5400000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5300000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
400000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1133000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1335000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1067000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
884000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
776000 USD
CY2022Q1 lgih Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1054000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6249000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
867000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5382000 USD
CY2022Q1 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
268800000 USD
CY2021Q4 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
206800000 USD
CY2022Q1 us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
6000000 USD
CY2021 us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
5600000 USD
CY2022Q1 us-gaap Revenues
Revenues
546050000 USD
CY2021Q1 us-gaap Revenues
Revenues
705953000 USD
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
7 business
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 home
CY2022Q1 us-gaap Revenues
Revenues
546050000 USD
CY2021Q1 us-gaap Revenues
Revenues
705953000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
99550000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
123276000 USD
CY2022Q1 us-gaap Assets
Assets
2594233000 USD
CY2021Q4 us-gaap Assets
Assets
2351865000 USD

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