$LRE
LEAD REAL ESTATE CO., LTD

2023 Q2 Form 20-F Financial Statement

#000110465923118675 Filed on November 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 2022 Q2
Revenue $17.44B $17.44B $14.32B
YoY Change 21.79% 21.79%
Cost Of Revenue $14.69B $14.69B $11.89B
YoY Change 23.56% 23.57%
Gross Profit $2.756B $2.756B $2.436B
YoY Change 13.16% 13.15%
Gross Profit Margin 15.8% 15.8% 17.01%
Selling, General & Admin $1.887B $1.887B $1.787B
YoY Change 5.59% 5.59%
% of Gross Profit 68.44% 68.44% 73.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.22M $76.52M $24.10M
YoY Change 87.64% 74.13% 12.09%
% of Gross Profit 1.64% 2.78% 0.99%
Operating Expenses $1.887B $16.57B $1.787B
YoY Change 5.59% 21.21%
Operating Profit $869.9M $869.9M $649.2M
YoY Change 34.0% 34.0%
Interest Expense -$16.73M $16.73M -$23.33M
YoY Change -28.29% -28.29%
% of Operating Profit -1.92% 1.92% -3.59%
Other Income/Expense, Net $6.060M -$10.67M $186.0M
YoY Change -96.74% -106.56%
Pretax Income $859.2M $859.2M $811.9M
YoY Change 5.84% 5.84%
Income Tax $322.8M $322.8M $283.5M
% Of Pretax Income 37.56% 37.56% 34.92%
Net Earnings $537.0M $537.0M $528.8M
YoY Change 1.56% 1.56%
Net Earnings / Revenue 3.08% 3.08% 3.69%
Basic Earnings Per Share $43.39
Diluted Earnings Per Share $42.96 $43.39 $38.76
COMMON SHARES
Basic Shares Outstanding 13.64M 12.50M
Diluted Shares Outstanding 12.50M

Balance Sheet

Concept 2023 Q2 2023 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $786.4M $786.4M $403.0M
YoY Change 95.13% 95.13%
Cash & Equivalents $786.4M $403.1M
Short-Term Investments
Other Short-Term Assets $236.9M $236.9M $266.0M
YoY Change -10.93% -10.93%
Inventory $10.40B $10.40B $8.846B
Prepaid Expenses
Receivables $467.6M $467.6M $261.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.89B $11.89B $9.776B
YoY Change 21.65% 21.65%
LONG-TERM ASSETS
Property, Plant & Equipment $3.236B $3.440B $2.049B
YoY Change 57.94% 56.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $52.39M $52.39M $49.00M
YoY Change 6.92% 6.92%
Other Assets $332.6M $332.6M $271.8M
YoY Change 22.39% 22.27%
Total Long-Term Assets $3.923B $3.923B $2.641B
YoY Change 48.54% 48.53%
TOTAL ASSETS
Total Short-Term Assets $11.89B $11.89B $9.776B
Total Long-Term Assets $3.923B $3.923B $2.641B
Total Assets $15.82B $15.82B $12.42B
YoY Change 27.37% 27.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $645.7M $645.7M $602.4M
YoY Change 7.18% 7.26%
Accrued Expenses $142.3M $142.3M $364.0M
YoY Change -60.9% -60.9%
Deferred Revenue $299.0M $285.0M
YoY Change 4.91%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.899B $5.899B $6.361B
YoY Change -7.26% -7.26%
Total Short-Term Liabilities $7.182B $7.182B $7.613B
YoY Change -5.66% -5.66%
LONG-TERM LIABILITIES
Long-Term Debt $5.438B $5.438B $2.232B
YoY Change 143.62% 143.62%
Other Long-Term Liabilities $190.0M $377.4M $156.5M
YoY Change 21.41% 23.75%
Total Long-Term Liabilities $190.0M $5.815B $156.5M
YoY Change 21.41% 129.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.182B $7.182B $7.613B
Total Long-Term Liabilities $190.0M $5.815B $156.5M
Total Liabilities $13.07B $13.07B $10.22B
YoY Change 27.96% 27.98%
SHAREHOLDERS EQUITY
Retained Earnings $2.538B $2.001B
YoY Change 26.84%
Common Stock $344.1M $344.1M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.750B $2.750B $2.207B
YoY Change
Total Liabilities & Shareholders Equity $15.82B $15.82B $12.42B
YoY Change 27.37% 27.37%

Cashflow Statement

Concept 2023 Q2 2023 2022 Q2
OPERATING ACTIVITIES
Net Income $537.0M $537.0M $528.8M
YoY Change 1.56% 1.56%
Depreciation, Depletion And Amortization $45.22M $76.52M $24.10M
YoY Change 87.64% 74.13% 12.09%
Cash From Operating Activities -$324.1M -$1.118B -$1.557B
YoY Change -79.18% -61.86% -380.61%
INVESTING ACTIVITIES
Capital Expenditures $208.9M $1.244B $473.0M
YoY Change -55.83% 131.55% 504.86%
Acquisitions
YoY Change
Other Investing Activities -$8.424M -$702.0K $523.3M
YoY Change -101.61% -100.14% -1929.72%
Cash From Investing Activities -$217.3M -$1.248B $50.40M
YoY Change -531.23% 6437.1% -147.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 940.2M 2.744B 1.620B
YoY Change -41.95% -3.8% -1124.48%
NET CHANGE
Cash From Operating Activities -324.1M -1.118B -1.557B
Cash From Investing Activities -217.3M -1.248B 50.40M
Cash From Financing Activities 940.2M 2.744B 1.620B
Net Change In Cash 398.8M 383.3M 113.3M
YoY Change 251.99% -596.37% -60.93%
FREE CASH FLOW
Cash From Operating Activities -$324.1M -$1.118B -$1.557B
Capital Expenditures $208.9M $1.244B $473.0M
Free Cash Flow -$533.0M -$2.362B -$2.030B
YoY Change -73.74% -31.89% -525.89%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the financial statements in conformity with U.S. 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 revenue 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. The significant accounting estimates include real estate inventory and cost of sales, impairment of real estate inventory and property and equipment, warranty reserves, loss contingencies, incentive compensation expenses, and deferred income taxes.</p>
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CY2023 lre Number Of Distinct Performance Obligations
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk and Significant Vendors</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains its cash and cash equivalents at high-quality and accredited financial institutions. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. The Company has not experienced any losses of such amounts and management believes it is not exposed to any significant credit risk beyond the normal credit risk associated with its cash and cash equivalents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">No single customer accounted for 10% or more of the Company’s total revenue for the fiscal years ended June 30, 2023, 2022, and 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">No single contractor accounted for 10% or more of the Company’s total cost for the fiscal year ended June 30, 2023. Approximately 20% of the Company’s outstanding accounts payable was attributable to Kabushiki Kaisha Kenshin for the fiscal years ended June 30, 2022 and 2021.</p>
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.306
CY2022Q2 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
107000
CY2023Q2 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
5118000
CY2023Q2 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
723000
CY2023Q2 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
881000
CY2023Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
183289000
CY2022Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
174504000
CY2023Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
75320000
CY2022Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
66576000
CY2023Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
75320000
CY2022Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
66576000
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2023Q2 lre Number Of Votes For Each Ordinary Share Held
NumberOfVotesForEachOrdinaryShareHeld
1
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12498900
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12498900
CY2023Q2 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
31561000
CY2022Q2 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
31657000
CY2021Q2 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
41868000
CY2021Q2 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
204029000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
155886000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
276228000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
206920000
CY2023 lre Cash Paid For Amounts Included In Measurement Of Lease Liabilities For Operating Leases
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilitiesForOperatingLeases
62652000
CY2022 lre Cash Paid For Amounts Included In Measurement Of Lease Liabilities For Operating Leases
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilitiesForOperatingLeases
42985000
CY2021 lre Cash Paid For Amounts Included In Measurement Of Lease Liabilities For Operating Leases
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilitiesForOperatingLeases
31547000
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.03
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.03
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M24D
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
204029000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
155886000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
204029000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
155886000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
88755000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
58696000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
187473000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
148224000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
276228000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
206920000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
94427000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
79464000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
76014000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
34036000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3901000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
373000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
288215000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11987000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
276228000

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