$LGIH
LGI Homes, Inc.

2023 Q2 Form 10-Q Financial Statement

#000158067023000075 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $645.3M $487.4M
YoY Change -10.76% -10.75%
Cost Of Revenue $503.3M $388.5M
YoY Change 2.36% 0.23%
Gross Profit $141.9M $98.82M
YoY Change -38.65% -37.62%
Gross Profit Margin 22.0% 20.28%
Selling, General & Admin $76.85M $72.77M
YoY Change 6.22% 16.08%
% of Gross Profit 54.14% 73.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $505.0K $482.0K
YoY Change 32.2% 38.51%
% of Gross Profit 0.36% 0.49%
Operating Expenses $76.85M $72.77M
YoY Change 6.22% 16.08%
Operating Profit $65.09M $26.05M
YoY Change -59.07% -72.78%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $6.323M $6.297M
YoY Change 57.84% 64.41%
Pretax Income $71.41M $32.35M
YoY Change -56.19% -67.51%
Income Tax $18.28M $5.386M
% Of Pretax Income 25.59% 16.65%
Net Earnings $53.13M $26.96M
YoY Change -56.93% -65.73%
Net Earnings / Revenue 8.23% 5.53%
Basic Earnings Per Share $2.26 $1.15
Diluted Earnings Per Share $2.25 $1.14
COMMON SHARES
Basic Shares Outstanding 23.53M shares 23.31M shares
Diluted Shares Outstanding 23.61M shares 23.63M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.33M $42.97M
YoY Change 3.25% -19.43%
Cash & Equivalents $43.33M $42.97M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $2.754B $2.727B
Prepaid Expenses
Receivables $48.17M $21.87M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.845B $2.791B
YoY Change 4.31% 14.53%
LONG-TERM ASSETS
Property, Plant & Equipment $42.79M $35.27M
YoY Change 110.65% 81.63%
Goodwill $12.02M $12.02M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $135.2M $153.9M
YoY Change
Other Assets $34.11M $31.55M
YoY Change -22.06% -25.06%
Total Long-Term Assets $294.2M $309.5M
YoY Change 102.07% 97.33%
TOTAL ASSETS
Total Short-Term Assets $2.845B $2.791B
Total Long-Term Assets $294.2M $309.5M
Total Assets $3.140B $3.101B
YoY Change 9.26% 19.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.37M $39.94M
YoY Change 47.81% 81.83%
Accrued Expenses $123.8M $114.4M
YoY Change 6.18% 27.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $201.5M $211.7M
YoY Change 8.66% 36.05%
LONG-TERM LIABILITIES
Long-Term Debt $1.189B $1.200B
YoY Change 2.87% 19.55%
Other Long-Term Liabilities $18.40M $15.21M
YoY Change -0.72% 23.97%
Total Long-Term Liabilities $1.207B $1.215B
YoY Change 2.81% 19.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $201.5M $211.7M
Total Long-Term Liabilities $1.207B $1.215B
Total Liabilities $1.409B $1.427B
YoY Change 3.61% 21.79%
SHAREHOLDERS EQUITY
Retained Earnings $1.771B $1.717B
YoY Change 13.07% 19.05%
Common Stock $275.0K $275.0K
YoY Change 1.48% 1.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $355.0M $355.0M
YoY Change 0.0% 11.79%
Treasury Stock Shares 3.939M shares
Shareholders Equity $1.731B $1.674B
YoY Change
Total Liabilities & Shareholders Equity $3.140B $3.101B
YoY Change 9.26% 19.53%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $53.13M $26.96M
YoY Change -56.93% -65.73%
Depreciation, Depletion And Amortization $505.0K $482.0K
YoY Change 32.2% 38.51%
Cash From Operating Activities $15.24M $77.60M
YoY Change -112.14% -156.32%
INVESTING ACTIVITIES
Capital Expenditures $195.0K $76.00K
YoY Change -107.65%
Acquisitions
YoY Change
Other Investing Activities -$1.792M -$4.779M
YoY Change 65.62% 1157.63%
Cash From Investing Activities -$1.987M -$4.855M
YoY Change 83.64% 253.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.88M -$61.78M
YoY Change -111.18% -143.51%
NET CHANGE
Cash From Operating Activities 15.24M $77.60M
Cash From Investing Activities -1.987M -$4.855M
Cash From Financing Activities -12.88M -$61.78M
Net Change In Cash 368.0K $10.97M
YoY Change -103.24% 290.18%
FREE CASH FLOW
Cash From Operating Activities $15.24M $77.60M
Capital Expenditures $195.0K $76.00K
Free Cash Flow $15.04M $77.52M
YoY Change -111.98% -156.67%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53325000 usd
CY2023Q1 us-gaap Inventory Finished Homes
InventoryFinishedHomes
417575000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 periods. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements.</span></div>
CY2023Q1 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
1922275000 usd
CY2022Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
1911307000 usd
CY2023Q1 us-gaap Inventory Operative Builders Other
InventoryOperativeBuildersOther
36636000 usd
CY2022Q4 us-gaap Inventory Operative Builders Other
InventoryOperativeBuildersOther
35074000 usd
CY2023Q1 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
350098000 usd
CY2022Q4 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
287069000 usd
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
57700000 usd
CY2022Q4 us-gaap Inventory Finished Homes
InventoryFinishedHomes
523054000 usd
CY2023Q1 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
2726584000 usd
CY2022Q4 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
2756504000 usd
CY2023Q1 lgih Inventory Real Estate Not Owned
InventoryRealEstateNotOwned
153936000 usd
CY2022Q4 lgih Inventory Real Estate Not Owned
InventoryRealEstateNotOwned
141792000 usd
CY2023Q1 us-gaap Inventory Real Estate
InventoryRealEstate
2880520000 usd
CY2022Q4 us-gaap Inventory Real Estate
InventoryRealEstate
2898296000 usd
CY2023Q1 lgih Transfer Of Real Estate Inventory To Rental Properties
TransferOfRealEstateInventoryToRentalProperties
2700000 usd
CY2023Q1 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P1Y
CY2023Q1 lgih Land Financing Arrangements
LandFinancingArrangements
153936000 usd
CY2022Q4 lgih Land Financing Arrangements
LandFinancingArrangements
141792000 usd
CY2023Q1 lgih Real Estate Inventory Development And Construction Payable
RealEstateInventoryDevelopmentAndConstructionPayable
68239000 usd
CY2022Q4 lgih Real Estate Inventory Development And Construction Payable
RealEstateInventoryDevelopmentAndConstructionPayable
73678000 usd
CY2023Q1 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
51071000 usd
CY2022Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
47037000 usd
CY2023Q1 lgih Inventory Related Obligations
InventoryRelatedObligations
12618000 usd
CY2022Q4 lgih Inventory Related Obligations
InventoryRelatedObligations
13039000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
8873000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
12900000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
11350000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10750000 usd
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
7689000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
10906000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6261000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5545000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5669000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5182000 usd
CY2023Q1 us-gaap Other Liabilities
OtherLiabilities
15211000 usd
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
19299000 usd
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
340917000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
340128000 usd
CY2023Q1 lgih Inventory Related Obligation Term
InventoryRelatedObligationTerm
P30Y
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10750000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7850000 usd
CY2023Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1852000 usd
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2465000 usd
CY2023Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1252000 usd
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1965000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
11350000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8350000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2939472 shares
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
10404000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11349000 usd
CY2023Q1 us-gaap Notes Payable
NotesPayable
1045837000 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
1117001000 usd
CY2023Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
19169000 usd
CY2022Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
7027000 usd
CY2023Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
19169000 usd
CY2022Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
7027000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
0 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
0 usd
CY2023Q1 us-gaap Interest Paid
InterestPaid
25500000 usd
CY2022Q1 us-gaap Interest Paid
InterestPaid
9668000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3100000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
700000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.167
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
100000 usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
400000 usd
CY2022Q1 lgih Stock Repurchase Program Additional Amount Authorized
StockRepurchaseProgramAdditionalAmountAuthorized
200000000 usd
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
550000000 usd
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
475055 shares
CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
211500000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
26962000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
78686000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23381294 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23837170 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
248485 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
357151 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23629779 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24194321 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.15
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.30
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.14
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.25
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24288 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27001 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5700000 usd
CY2023Q1 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
24139000 usd
CY2022Q4 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
22406000 usd
CY2023Q1 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
439666000 usd
CY2022Q4 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
411776000 usd
CY2023Q1 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
12088
CY2022Q4 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
13184
CY2023Q1 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
12800000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5400000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4900000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5200000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
600000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
500000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
500000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
400000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1297000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1434000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1198000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1069000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
962000 usd
CY2023Q1 lgih Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
526000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6486000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
817000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5669000 usd
CY2023Q1 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
361100000 usd
CY2022Q4 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
368100000 usd
CY2023Q1 us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
16000000 usd
us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
11200000 usd
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2200000 usd
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
200000 usd
CY2023Q1 us-gaap Revenues
Revenues
487357000 usd
CY2022Q1 us-gaap Revenues
Revenues
546050000 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
7 business
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 home
CY2023Q1 us-gaap Revenues
Revenues
487357000 usd
CY2022Q1 us-gaap Revenues
Revenues
546050000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
32348000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
99550000 usd
CY2023Q1 us-gaap Assets
Assets
3100923000 usd
CY2022Q4 us-gaap Assets
Assets
3124828000 usd

Files In Submission

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