Legacy Housing Corp (LEGH) 10-K Annual Report August 2022

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity Registrant Name	Legacy Housing Corporation
Entity File Number	001-38761
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	20-2897516
Entity Address, Address Line One	1600 Airport Freeway
Entity Address, Address Line Two	#100
Entity Address, City or Town	Bedford
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76022
City Area Code	817
Local Phone Number	799-4900
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock ($0.001 par value)
Trading Symbol	LEGH
Security Exchange Name	NASDAQ
Entity Public Float				$ 133,405,746
Entity Common Stock, Shares Outstanding			24,406,020
Entity Central Index Key	0001436208
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Weaver, LLP	BKD, LLP
Auditor Firm ID	410	686
Auditor Location	Dallas, Texas	Dallas, Texas

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Inside Legacy Housing Corp's 10-K Annual Report:

Revenue - Product Highlight
Sales through our company-owned retail stores and sales to manufactured home communities have higher margins than our direct sales and consignment sales.

Legal - Other Highlight
These factors are: (1) the length of time the unit was unsold after construction; (2) the amount of time the house was occupied; (3) the cooperation level of the borrowers, i.e., loans requiring legal action or extensive field collection efforts will reduce the value; (4) units located on private property present additional value loss because it tends to be more expensive to remove units from private property as opposed to a manufactured home park; (5) the length of time the borrower has lived in the house without making payments; (6) location and size, including market conditions; and (7) the experience and expertise of the particular dealer assisting in collection efforts.
Financial - Expense Highlight
This increase was primarily due to $2.4 million increase in salaries and incentive costs, a $0.3 million increase in rent and facility costs, a $0.3 million increase in consulting and professional fees, a $0.3 million increase in depreciation & amortization expense, a $0.2 million increase in warranty costs, a $1.0 million increase in legal expenses.
Financial - Cash Flow Highlight
We believe that cash flow from operations, cash and cash equivalents at December 31, 2021, and availability on our lines of credit will be sufficient to fund our operations and provide for growth for the next 12 to 18 months and into the foreseeable future.
Financial - Income Highlight
Consumer and MHP loans interest income grew $1.8 million, or 7.2%, in 2021 as compared to 2020 and is related to our average increase in outstanding consumer loan portfolio and MHP Note portfolio.
Revenue - Product
Retail Store Sales Revenue from...Read more
Other - Other
We consider all cash and...Read more
Revenue - Product
In order to maintain our...Read more
Revenue - Product
Direct Sales Revenue from homes...Read more
Other - Other
We plan to deepen our...Read more
Legal - Other
Effective January 1, 2018, we...Read more
Legal - Other
Effective December 31, 2019, the...Read more
Revenue - Product
Other revenue increased $0.5 million...Read more
Revenue - Product
Retail sales financed by us...Read more
Other - Other
Estimated useful lives for significant...Read more
Financial - Expense
Dealer incentive expense increased $0.9...Read more
Other - Other
We provide floor plan financing...Read more
Revenue - Product
Consignment Sales We provide floor...Read more
Revenue - Product
Product sales increased $18.5 million,...Read more
Other - Other
These types of homes are...Read more
Revenue - Product
Net revenue attributable to our...Read more
Revenue - Product
We had increases in consignment...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Financial - Income
The effective tax rate for...Read more
Financial - Income
The effective tax rate for...Read more
Revenue - Product
Currently, our two Texas manufacturing...Read more
Revenue - Product
Sales under a consignment agreement...Read more
Financial - Earnings
For homes sold to customers...Read more
Other - Other
The allowance for loan losses...Read more
Legal - Other
These increases were partially offset...Read more
Other - Other
We believe that the growth...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Legacy Housing Corp provided additional information to their SEC Filing as exhibits

Exhibit 4.2: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: LEGH
CIK: 1436208
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-011928
Submitted to the SEC: Wed Aug 03 2022 5:01:14 PM EST
Accepted by the SEC: Wed Aug 03 2022
Period: Friday, December 31, 2021
Industry: Mobile Homes

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Legacy Housing Corp (LEGH) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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