Landsea Homes Corporation (LSEA) · 10+ Years of Financial statements

Income Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	631	735	1,023	1,446	1,210
+ Sales & Services Revenue	631	735	1,023	1,446	1,210
- Cost of Revenue	532	640	841	1,160	995
+ Cost of Goods & Services	532	640	841	1,160	995
Gross Profit	99	95	183	287	215
+ Other Operating Income	- -	- -	- -	- -	- -
- Operating Expenses	61	91	123	179	175
+ Selling, General & Admin	61	91	123	179	175
+ Research & Development	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -
Operating Income (Loss)	38	4	59	108	40
- Non-Operating (Income) Loss	10	16	-7	7	-4
+ Interest Expense, Net	-3	-1	- -	- -	- -
+ Interest Expense	- -	- -	- -	- -	- -
- Interest Income	3	1	- -	- -	- -
+ Other Non-Op (Income) Loss	13	17	-7	7	-4
Pretax Income	29	-12	67	101	45
- Income Tax Expense (Benefit)	6	-3	14	25	12
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	22	-9	53	76	33
- Net Extraordinary Losses (Gains)	10	- -	- -	4	7
+ Discontinued Operations	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	10	- -	- -	4	7
Income (Loss) Incl. MI	12	-9	53	71	26
- Minority Interest	-5	- -	- -	-2	-3
Net Income, GAAP	17	-9	53	74	29
- Preferred Dividends	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	17	-9	53	74	29
Basic Weighted Avg Shares	33	33	45	42	39
Basic EPS, GAAP	0.53	-0.27	1.17	1.75	0.75
Basic EPS from Cont Ops	0.69	-0.28	1.17	1.8	0.84
Diluted Weighted Avg Shares	33	33	45	42	39
Diluted EPS, GAAP	0.53	-0.27	1.17	1.74	0.75
Diluted EPS from Cont Ops	0.69	-0.28	1.17	1.79	0.84
EBITDA	41	8	65	114	45
EBITDA Margin (%)	6.5	1.06	6.34	7.87	3.75
EBITA	38	4	59	108	40
EBIT	38	4	59	108	40
Gross Margin (%)	15.76	12.91	17.84	19.84	17.77
Operating Margin (%)	6.03	0.57	5.81	7.49	3.33
Profit Margin (%)	2.73	-1.22	5.16	5.08	2.42
Sales per Employee	- -	2,903,589	2,664,854	3,158,186	2,424,743
Dividend per Share	- -	- -	- -	- -	- -
Depreciation Expense	3	4	5	6	5

Balance Sheet	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	- -	816	1,209	1,321	1,339
+ Cash, Cash Equivalents & STI	- -	106	343	124	120
+ Cash & Cash Equivalents	- -	106	343	124	120
+ ST Investments	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	- -	3	11	38	38
+ Accounts Receivable, Net	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	3	11	38	38
+ Inventories	- -	688	845	1,093	1,122
+ Raw Materials	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -
+ Finished Goods	- -	688	845	1,093	1,122
+ Inventory Adjustments	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -
+ Other ST Assets	- -	20	11	66	60
+ Prepaid Expenses	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -
Total Noncurrent Assets	162	80	56	119	132
+ Property, Plant & Equip, Net	- -	12	19	25	25
+ Property, Plant & Equip	- -	12	19	37	40
- Accumulated Depreciation	- -	- -	- -	12	16
+ LT Investments & Receivables	162	21	- -	- -	- -
+ LT Investments	162	21	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -
+ Other LT Assets	- -	46	36	94	107
+ Total Intangible Assets	- -	22	25	69	69
+ Goodwill	- -	21	24	69	69
+ Other Intangible Assets	- -	1	1	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	24	11	25	39
Total Assets	162	896	1,266	1,440	1,471
+ Payables & Accruals	- -	81	131	171	188
+ Accounts Payable	- -	36	74	74	78
+ Accrued Taxes	- -	3	15	5	6
+ Interest & Dividends Payable	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	41	43	92	104
+ ST Debt	1	199	390	505	308
+ ST Borrowings	1	199	390	505	308
+ ST Finance Leases	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	4	- -	- -
+ Deferred Revenue	- -	- -	4	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -
Total Current Liabilities	1	280	526	676	496
+ LT Debt	- -	72	84	16	249
+ LT Borrowings	- -	65	71	505	236
+ LT Finance Leases	- -	6	13	16	13
+ Other LT Liabilities	17	14	35	37	38
+ Accrued Liabilities	6	5	- -	- -	- -
+ Pension Liabilities	- -	11	15	19	26
+ Deferred Revenue	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Misc LT Liabilities	11	-2	20	18	11
Total Noncurrent Liabilities	17	86	119	54	287
Total Liabilities	17	366	644	730	783
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -
+ Share Capital & APIC	143	496	535	498	465
+ Common Stock	140	- -	- -	- -	- -
+ Additional Paid in Capital	3	496	535	498	465
- Treasury Stock	- -	- -	- -	- -	- -
+ Retained Earnings	2	32	85	158	188
+ Other Equity	- -	- -	- -	- -	- -
Equity Before Minority Interest	145	528	620	656	653
+ Minority/Non Controlling Interest	- -	1	1	54	35
Total Equity	145	529	621	710	688
Total Liabilities & Equity	162	896	1,266	1,440	1,471
Shares Outstanding	33	46	46	41	37
Capital Leases - Total	- -	6	13	16	13
Net Debt	1	159	118	887	424
Net Debt to Equity	0.41	30.03	19.04	124.9	61.63
Tangible Common Equity Ratio	89.26	58.09	48.06	46.77	44.18
Current Ratio	0.49	2.92	2.3	1.95	2.7
Cash Conversion Cycle	- -	191.22	312.58	285.85	379.12
Number of Employees	- -	253	384	458	499

Cash Flow Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	22	-9	53	76	33
+ Depreciation & Amortization	3	4	5	6	5
+ Non-Cash Items	12	15	-3	8	4
+ Stock-Based Compensation	- -	- -	6	4	3
+ Deferred Income Taxes	- -	-5	-3	-6	-5
+ Asset Impairment Charge	- -	3	- -	- -	5
+ Other Non-Cash Adj	12	17	-6	10	1
+ Chg in Non-Cash Work Cap	69	4	-22	-73	-15
+ (Inc) Dec in Accts Receiv	19	- -	-2	1	-1
+ (Inc) Dec in Inventories	94	-20	-60	-13	-30
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-33	28	39	6	14
+ Inc (Dec) in Other	-12	-4	- -	-67	2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Operating Activities	106	14	33	16	27
+ Change in Fixed & Intang	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-6	-2	-3	-5	-7
+ Acq of Fixed Prod Assets	-6	-2	-3	-5	-7
+ Acq of Intangible Assets	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-24	-129	-45	-259	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-24	-129	-45	-259	- -
+ Cash for JVs	- -	- -	- -	- -	- -
+ Other Investing Activities	7	5	22	1	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Investing Activities	-22	-125	-26	-264	-7
+ Dividends Paid	- -	- -	- -	- -	- -
+ Net Cash From Debt	-61	96	171	41	43
+ Cash From Debt	277	602	910	282	548
+ Repayments of Debt	-338	-506	-739	-240	-504
+ Cash (Repurchase) of Equity	- -	- -	- -	-41	-35
+ Increase in Capital Stock	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	-41	-35
+ Other Financing Activities	14	-31	54	28	-32
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Financing Activities	-47	65	225	28	-24
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -
Net Changes in Cash	37	-46	233	-220	-4
EBITDA	41	8	65	114	45
EBITDA Margin (%)	6.5	1.06	6.34	7.87	3.75
Net Cash Paid for Acquisitions	24	129	45	259	- -
Free Cash Flow	100	12	30	11	20
Free Cash Flow to Firm	100	- -	30	11	20
Free Cash Flow to Equity	- -	108	202	52	63
Free Cash Flow per Basic Share	3.09	0.36	0.67	0.25	0.51
Price/Free Cash Flow	- -	- -	9.27	10.26	14.99
Cash Flow to Net Income	6.17	-1.52	0.63	0.22	0.93

Landsea Homes Corporation

LSEA US

9.53