v3.21.2
Consolidated Statement of Operations - (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue $ 250,274 $ 95,058 $ 410,693 $ 231,353
Inventory impairments 0 3,413 0 3,413
Cost of Revenue 207,717 89,321 349,338 208,889
Gross margin 42,557 5,737 61,355 22,464
Sales and marketing expenses 12,650 7,982 22,581 17,618
General and administrative expenses 13,935 9,934 28,921 19,950
Total operating expenses 26,585 17,916 51,502 37,568
Income (loss) from operations 15,972 (12,179) 9,853 (15,104)
Other income (expense), net 3,594 (739) 3,533 70
Equity in net income (loss) of unconsolidated joint ventures (including related party interest of $416, $347, $764 and $625, respectively) 667 (13,870) 646 (15,613)
Loss on remeasurement of warrant liability (5,335) 0 (10,285) 0
Pretax income (loss) 14,898 (26,788) 3,747 (30,647)
Provision (benefit) for income taxes 4,248 (6,496) 183 (7,731)
Net income (loss) 10,650 (20,292) 3,564 (22,916)
Net loss attributable to noncontrolling interests (14) (22) (26) (110)
Net income (loss) attributable to Landsea Homes Corporation $ 10,664 $ (20,270) $ 3,590 $ (22,806)
Income (loss) per share:        
Basic (in dollars per share) $ 0.23 $ (0.62) $ 0.08 $ (0.70)
Diluted (in dollars per share) $ 0.23 $ (0.62) $ 0.08 $ (0.70)
Weighted average common shares outstanding:        
Basic (in shares) 45,281,091 32,557,303 44,833,600 32,557,303
Diluted (in shares) 45,281,091 32,557,303 44,837,454 32,557,303
Home sales        
Revenue $ 239,600 $ 95,058 $ 394,365 $ 231,353
Cost of sales and expenses 198,987 85,908 335,828 205,476
Gross margin 40,613 5,737 58,537 22,464
Lot sales and other        
Revenue 10,674 0 16,328 0
Cost of sales and expenses 8,730 0 13,510 0
Gross margin $ 1,944 $ 0 $ 2,818 $ 0

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