Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information [Text Block]

NOTE 18. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Our operating results for any quarter are not necessarily indicative of results for any future quarters or for a full year. The residential real estate market is seasonal and varies from market to market. Typically, the greatest number of transactions occur in the spring and summer, with fewer transactions occurring in the fall and winter. Our financial results, including revenue, margins, inventory, and financing costs, have historically had seasonal characteristics generally consistent with the residential real estate market, a trend we expect to continue in the future.

The following summarizes our unaudited quarterly results of operations for each of the fiscal quarters in 2021 and 2020 and should be read in conjunction with other information included in our consolidated financial statements and related notes. We have prepared the unaudited information on the same basis as our audited consolidated financial statements. This table includes all adjustments, consisting of normal recurring adjustments that we consider necessary for a fair presentation of our consolidated financial position and operating results for the quarters presented.


	2021
(In thousands, except per share data, unaudited)	December 31			September 30			June 30			March 31
Revenue	$	867,540		$	540,287		$	378,647		$	283,972
Gross profit		70,292			53,122			50,864			33,537
Income from operations		3,335			3,458			11,529			1,444
Net income (loss)		12,806			(15,303	)		9,190			(233	)
Net income (loss) per share, basic (1)	$	0.05		$	(0.13	)	$	0.15		$	0.00
Net income (loss) per share, diluted (1)	$	0.05		$	(0.13	)	$	0.04		$	0.00

	2020
(In thousands, except per share data, unaudited)	December 31			September 30			June 30			March 31
Revenue	$	223,230		$	186,365		$	287,007		$	367,655
Gross profit		25,255			19,765			17,861			24,898
Income (loss) from operations		424			(1,921	)		(5,240	)		(7,021	)
Net loss		(1,319	)		(2,944	)		(7,390	)		(11,465	)
Net loss per share, basic (1)	$	(0.02	)	$	(0.05	)	$	(0.13	)	$	(0.20	)
Net loss per share, diluted (1)	$	(0.02	)	$	(0.05	)	$	(0.13	)	$	(0.20	)

(1)

Basic and diluted net income (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly basic and diluted net income (loss) per share may not equal annual basic and diluted income (loss) per share.