Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations - (Unaudited)

v3.23.3
Consolidated Statements of Operations - (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue $ 277,348 $ 335,585 $ 812,332 $ 1,020,491
Total cost of sales 223,062 269,099 663,412 810,766
Gross margin 54,286 66,486 148,920 209,725
Sales and marketing expenses 16,930 21,063 51,672 64,366
General and administrative expenses 25,463 21,111 74,223 70,734
Total operating expenses 42,393 42,174 125,895 135,100
Income from operations 11,893 24,312 23,025 74,625
Other income (loss), net 656 990 2,770 (654)
Loss on remeasurement of warrant liability 0 0 0 (7,315)
Pretax income 12,549 25,302 25,795 66,656
Provision for income taxes 3,066 4,021 6,323 17,460
Net income 9,483 21,281 19,472 49,196
Net income attributable to noncontrolling interests 887 1,311 2,711 1,226
Net income attributable to Landsea Homes Corporation $ 8,596 $ 19,970 $ 16,761 $ 47,970
Income per share:        
Basic (in dollars per share) $ 0.22 $ 0.49 $ 0.43 $ 1.10
Diluted (in dollars per share) $ 0.22 $ 0.49 $ 0.42 $ 1.09
Weighted average common shares outstanding:        
Basic (in shares) 38,336,100 39,935,152 39,402,507 42,768,269
Diluted (in shares) 38,440,392 40,097,269 39,549,035 42,943,871
Home sales        
Revenue $ 258,062 $ 326,496 $ 790,199 $ 975,269
Cost of sales 209,753 258,362 647,642 770,220
Gross margin 48,309 68,134 142,557 205,049
Lot sales and other        
Revenue 19,286 9,089 22,133 45,222
Cost of sales 13,309 10,737 15,770 40,546
Gross margin $ 5,977 $ (1,648) $ 6,363 $ 4,676