v3.22.2.2
Consolidated Statement of Operations - (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue $ 335,585 $ 214,129 $ 1,020,491 $ 624,822
Total cost of sales 269,099 178,768 810,766 528,106
Gross margin 66,486 35,361 209,725 96,716
Sales and marketing expenses 21,063 12,299 64,366 34,880
General and administrative expenses 21,111 16,905 70,734 45,826
Total operating expenses 42,174 29,204 135,100 80,706
Income from operations 24,312 6,157 74,625 16,010
Other income (expense), net 920 394 (793) 3,927
Equity in net income of unconsolidated joint ventures (including related party interest expense of $0, $278, $69 and $1,042, respectively) 70 168 139 814
Gain (loss) on remeasurement of warrant liability 0 7,040 (7,315) (3,245)
Pretax income 25,302 13,759 66,656 17,506
Provision for income taxes 4,021 2,977 17,460 3,160
Net income 21,281 10,782 49,196 14,346
Net income (loss) attributable to noncontrolling interests 1,311 (15) 1,226 (41)
Net income attributable to Landsea Homes Corporation $ 19,970 $ 10,797 $ 47,970 $ 14,387
Income per share:        
Basic (in dollars per share) $ 0.49 $ 0.23 $ 1.10 $ 0.31
Diluted (in dollars per share) $ 0.49 $ 0.23 $ 1.09 $ 0.31
Weighted average common shares outstanding:        
Basic (in shares) 39,935,152 45,281,091 42,768,269 45,077,015
Diluted (in shares) 40,097,269 45,329,891 42,943,871 45,146,552
Home sales        
Revenue $ 326,496 $ 208,916 $ 975,269 $ 603,281
Cost of sales and expenses 258,362 175,349 770,220 511,177
Gross margin 68,134 33,567 205,049 92,104
Lot sales and other        
Revenue 9,089 5,213 45,222 21,541
Cost of sales and expenses 10,737 3,419 40,546 16,929
Gross margin $ (1,648) $ 1,794 $ 4,676 $ 4,612

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