Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Operations

v3.22.0.1
Consolidated Statement of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue $ 1,023,304 $ 734,608 $ 630,988
Cost of sales 840,706 639,737 531,529
Inventory impairments 0 3,413 0
Gross margin 182,598 94,871 99,459
Sales and marketing expenses 52,840 48,100 26,522
General and administrative expenses 70,266 42,598 34,884
Total operating expenses 123,106 90,698 61,406
Income from operations 59,492 4,173 38,053
Other income (expense), net 3,886 80 (1,602)
Equity in net income (loss) of unconsolidated joint ventures (including related party interest of $1,250, $1,146, and $1,908, respectively) 1,262 (16,418) (7,901)
Gain on remeasurement of warrant liability 2,090 0 0
Pretax income (loss) 66,730 (12,165) 28,550
Provision (benefit) for income taxes 13,995 (3,081) 6,159
Net income (loss) 52,735 (9,084) 22,391
Net (loss) income attributable to noncontrolling interests (51) (133) 5,191
Net income (loss) attributable to Landsea Homes Corporation $ 52,786 $ (8,951) $ 17,200
Earnings (loss) per share:      
Basic (in dollars per share) $ 1.14 $ (0.27) $ 0.53
Diluted (in dollars per share) $ 1.14 $ (0.27) $ 0.53
Weighted average shares outstanding:      
Basic (in shares) 45,198,722 32,557,303 32,557,303
Diluted (in shares) 45,250,718 32,557,303 32,557,303
Home Sales      
Revenue $ 936,400 $ 734,608 $ 568,872
Cost of sales and expenses 772,575 636,324 478,054
Gross margin 163,825 94,871 90,818
Lot Sales and other      
Revenue 86,904 0 62,116
Cost of sales and expenses 68,131 0 53,475
Gross margin $ 18,773 $ 0 $ 8,641