$LSEA
Landsea Homes Corp

2023 Q2 Form 10-Q Financial Statement

#000172138623000012 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $293.2M $241.7M
YoY Change -20.46% -23.55%
Cost Of Revenue $242.6M $197.8M
YoY Change -16.52% -21.23%
Gross Profit $50.66M $43.97M
YoY Change -35.12% -32.51%
Gross Profit Margin 17.28% 18.19%
Selling, General & Admin $44.31M $39.19M
YoY Change -13.44% -6.1%
% of Gross Profit 87.47% 89.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.139M $1.418M
YoY Change -20.9% -12.63%
% of Gross Profit 2.25% 3.22%
Operating Expenses $44.31M $39.19M
YoY Change -13.44% -6.1%
Operating Profit $6.347M $4.785M
YoY Change -76.4% -79.57%
Interest Expense $7.300M $4.600M
YoY Change -50.58% -28.39%
% of Operating Profit 115.01% 96.13%
Other Income/Expense, Net $1.159M $955.0K
YoY Change -158.62% 261.74%
Pretax Income $7.506M $5.740M
YoY Change -67.68% -68.34%
Income Tax $1.640M $1.617M
% Of Pretax Income 21.85% 28.17%
Net Earnings $4.947M $3.218M
YoY Change -66.88% -75.37%
Net Earnings / Revenue 1.69% 1.33%
Basic Earnings Per Share $0.12 $0.08
Diluted Earnings Per Share $0.12 $0.08
COMMON SHARES
Basic Shares Outstanding 40.05M shares 39.98M shares
Diluted Shares Outstanding 39.97M shares 40.12M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.19M $136.8M
YoY Change -25.58% 77.97%
Cash & Equivalents $74.19M $136.8M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.125B $1.081B
Prepaid Expenses
Receivables $4.800M
Other Receivables $0.00
Total Short-Term Assets $1.199B $1.218B
YoY Change -4.22% 0.39%
LONG-TERM ASSETS
Property, Plant & Equipment $13.80M
YoY Change 0.73%
Goodwill $68.64M $68.64M
YoY Change 0.0% -2.28%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.904M $2.760M
YoY Change -59.26% -82.63%
Total Long-Term Assets $207.3M $210.4M
YoY Change 46.04% 74.16%
TOTAL ASSETS
Total Short-Term Assets $1.199B $1.218B
Total Long-Term Assets $207.3M $210.4M
Total Assets $1.407B $1.428B
YoY Change 0.9% 7.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $72.90M $62.47M
YoY Change -14.69% -16.94%
Accrued Expenses $138.4M $135.2M
YoY Change 30.35% 37.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $212.2M $198.5M
YoY Change 9.38% 2.82%
LONG-TERM LIABILITIES
Long-Term Debt $482.7M $516.9M
YoY Change -9.71% 4.56%
Other Long-Term Liabilities $900.0K
YoY Change 200.0%
Total Long-Term Liabilities $482.7M $516.9M
YoY Change -9.76% 1.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $212.2M $198.5M
Total Long-Term Liabilities $482.7M $516.9M
Total Liabilities $749.3M $715.5M
YoY Change 2.79% 1.73%
SHAREHOLDERS EQUITY
Retained Earnings $166.5M $161.6M
YoY Change 47.62% 65.1%
Common Stock $490.7M $496.7M
YoY Change -1.09% -6.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $657.3M $658.3M
YoY Change
Total Liabilities & Shareholders Equity $1.407B $1.428B
YoY Change 0.9% 7.07%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $4.947M $3.218M
YoY Change -66.88% -75.37%
Depreciation, Depletion And Amortization $1.139M $1.418M
YoY Change -20.9% -12.63%
Cash From Operating Activities -$16.89M $5.477M
YoY Change 6.8% -117.04%
INVESTING ACTIVITIES
Capital Expenditures $2.008M $1.563M
YoY Change -217.63% -202.76%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$2.008M -$1.563M
YoY Change -1151.31% -99.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.70M $9.237M
YoY Change -213.66% -66.18%
NET CHANGE
Cash From Operating Activities -16.89M $5.477M
Cash From Investing Activities -2.008M -$1.563M
Cash From Financing Activities -43.70M $9.237M
Net Change In Cash -62.60M $13.15M
YoY Change -374.28% -104.94%
FREE CASH FLOW
Cash From Operating Activities -$16.89M $5.477M
Capital Expenditures $2.008M $1.563M
Free Cash Flow -$18.90M $3.914M
YoY Change 33.96% -112.78%

Facts In Submission

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
13151000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-266395000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
123634000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
343253000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
136785000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
76858000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 segment
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.
CY2023Q1 lhi Inventory Real Estate Deposits And Pre Acquisition Costs
InventoryRealEstateDepositsAndPreAcquisitionCosts
99458000 usd
CY2022Q4 lhi Inventory Real Estate Deposits And Pre Acquisition Costs
InventoryRealEstateDepositsAndPreAcquisitionCosts
101395000 usd
CY2023Q1 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
185049000 usd
CY2022Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
191047000 usd
CY2023Q1 us-gaap Inventory Real Estate Construction In Process
InventoryRealEstateConstructionInProcess
769798000 usd
CY2022Q4 us-gaap Inventory Real Estate Construction In Process
InventoryRealEstateConstructionInProcess
779352000 usd
CY2023Q1 lhi Inventory Real Estate Model Homes
InventoryRealEstateModelHomes
26572000 usd
CY2022Q4 lhi Inventory Real Estate Model Homes
InventoryRealEstateModelHomes
21575000 usd
CY2023Q1 us-gaap Inventory Real Estate
InventoryRealEstate
1080877000 usd
CY2022Q4 us-gaap Inventory Real Estate
InventoryRealEstate
1093369000 usd
CY2022Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2023Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2023Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
11900000 usd
CY2022Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
7300000 usd
CY2023Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
4600000 usd
CY2022Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
6400000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
5900000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
7200000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
10500000 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11600000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8071000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8878000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
516929000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
505422000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
46657000 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15692000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
911000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1601000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1338000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
536000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
46230000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
16757000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M12D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.047
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.046
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13700000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14700000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15600000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
16400000 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3017000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3357000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2418000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2140000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1915000 usd
CY2023Q1 lhi Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
4183000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17030000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2376000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14654000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.282
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.280
CY2023Q1 lhi Number Of Geographic Regions
NumberOfGeographicRegions
5 segment
CY2023Q1 lhi Number Of Geographic Regions
NumberOfGeographicRegions
5 segment
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241740000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
316227000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5740000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
18128000 usd
CY2023Q1 us-gaap Assets
Assets
1428082000 usd
CY2022Q4 us-gaap Assets
Assets
1440496000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
41200000 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
40000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q1 lhi Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
10000000 usd
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
15525000 shares
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
3218000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
13065000 usd
CY2023Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
0 usd
CY2022Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
289000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3218000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12776000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
39997699 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
46347369 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
0 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
1000000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39997699 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45347369 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
119174 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
161187 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40116873 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45508556 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2400000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7100000 shares
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2023Q1 lhi Change In Right Of Use Assets For New Modified Or Terminated Operating Leases
ChangeInRightOfUseAssetsForNewModifiedOrTerminatedOperatingLeases
-837000 usd
CY2022Q1 lhi Change In Right Of Use Assets For New Modified Or Terminated Operating Leases
ChangeInRightOfUseAssetsForNewModifiedOrTerminatedOperatingLeases
385000 usd

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