v3.21.2
Consolidated Statement of Operations - (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue $ 214,129 $ 218,517 $ 624,822 $ 449,870
Inventory impairments 0 0 0 3,413
Cost of Revenue 178,768 188,724 528,106 397,613
Gross margin 35,361 29,793 96,716 52,257
Sales and marketing expenses 12,299 13,905 34,880 31,523
General and administrative expenses 16,905 11,382 45,826 31,332
Total operating expenses 29,204 25,287 80,706 62,855
Income (loss) from operations 6,157 4,506 16,010 (10,598)
Other income, net 394 277 3,927 347
Equity in net income (loss) of unconsolidated joint ventures (including related party interest of $278, $278, $1,042 and $903, respectively) 168 (616) 814 (16,229)
Gain (loss) on remeasurement of warrant liability 7,040 0 (3,245) 0
Pretax income (loss) 13,759 4,167 17,506 (26,480)
Provision (benefit) for income taxes 2,977 993 3,160 (6,738)
Net income (loss) 10,782 3,174 14,346 (19,742)
Net loss attributable to noncontrolling interests (15) (10) (41) (120)
Net income (loss) attributable to Landsea Homes Corporation $ 10,797 $ 3,184 $ 14,387 $ (19,622)
Income (loss) per share:        
Basic (in dollars per share) $ 0.23 $ 0.10 $ 0.31 $ (0.60)
Diluted (in dollars per share) $ 0.23 $ 0.10 $ 0.31 $ (0.60)
Weighted average common shares outstanding:        
Basic (in shares) 45,281,091 32,557,303 45,077,015 32,557,303
Diluted (in shares) 45,329,891 32,557,303 45,146,552 32,557,303
Home sales        
Revenue $ 208,916 $ 218,517 $ 603,281 $ 449,870
Cost of sales and expenses 175,349 188,724 511,177 394,200
Gross margin 33,567 29,793 92,104 52,257
Lot sales and other        
Revenue 5,213 0 21,541 0
Cost of sales and expenses 3,419 0 16,929 0
Gross margin $ 1,794 $ 0 $ 4,612 $ 0

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