Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations - (Unaudited)

v3.23.1
Consolidated Statements of Operations - (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue $ 241,740 $ 316,227
Total cost of sales 197,767 251,073
Gross margin 43,973 65,154
Sales and marketing expenses 16,408 19,148
General and administrative expenses 22,780 22,586
Total operating expenses 39,188 41,734
Income from operations 4,785 23,420
Other income, net 955 263
Loss on remeasurement of warrant liability 0 (5,555)
Pretax income 5,740 18,128
Provision for income taxes 1,617 5,067
Net income 4,123 13,061
Net income (loss) attributable to noncontrolling interests 905 (4)
Net income attributable to Landsea Homes Corporation $ 3,218 $ 13,065
Income per share:    
Basic (in dollars per share) $ 0.08 $ 0.28
Diluted (in dollars per share) $ 0.08 $ 0.28
Weighted average common shares outstanding:    
Basic (in shares) 39,997,699 45,347,369
Diluted (in shares) 40,116,873 45,508,556
Home sales    
Revenue $ 240,625 $ 297,966
Cost of sales 197,054 235,702
Gross margin 43,571 62,264
Lot sales and other    
Revenue 1,115 18,261
Cost of sales 713 15,371
Gross margin $ 402 $ 2,890