Legacy Housing Corp Files 2023 Annual Report (10-K)

TL;DR

<b>Legacy Housing Corp has filed its 2023 10-K annual report, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Legacy Housing Corp (LEGH) filed a Annual Report (10-K) with the SEC on March 15, 2024. Legacy Housing Corp filed its 2023 10-K report on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 1600 Airport Freeway, #100, Bedford, TX 76022. Legacy Housing Corp was formerly known as Legacy Housing, LTD., with a name change on May 28, 2008. The SIC code for the company is 2451 (Mobile Homes).

Why It Matters

For investors and stakeholders tracking Legacy Housing Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Legacy Housing Corp's financial health, operational activities, and strategic positioning for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's compliance with regulatory requirements and its adherence to accounting standards, ensuring transparency and accountability.

Risk Assessment

Risk Level: medium — Legacy Housing Corp shows moderate risk based on this filing. The company operates in the mobile home industry, which can be subject to economic downturns and changes in consumer spending, as indicated by its SIC code 2451 and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Legacy Housing Corp's performance and potential challenges in the mobile home market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-15 — Filing Date (Date the 10-K was filed)
• 2008-05-28 — Name Change Date (Legacy Housing, LTD. changed its name)
• 2451 — SIC Code (Mobile Homes industry classification)

Key Players & Entities

• Legacy Housing Corp (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-15 (date) — Filing date
• 1600 Airport Freeway, #100, Bedford, TX 76022 (address) — Business address
• Legacy Housing, LTD. (company) — Former company name
• 2008-05-28 (date) — Date of name change
• 2451 (industry_code) — Standard Industrial Classification (SIC) code for Mobile Homes

FAQ

Risk Factors

• Market and Economic Conditions [medium — market]: The company's operations and financial results are subject to general economic conditions, including interest rate fluctuations, inflation, and consumer confidence, which can impact demand for its products.
• Supply Chain and Manufacturing [medium — operational]: Disruptions in the supply chain, availability of raw materials, and manufacturing efficiency can affect production levels and costs.
• Financing and Credit Risk [medium — financial]: The company's ability to secure financing and manage credit risk associated with its customers and dealer network is critical.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: 10-K Filing Date — Date Legacy Housing Corp submitted its annual report.

Key Financial Figures

• $0.001 — ge on which registered: Common Stock ($0.001 par value) LEGH NASDAQ Global Selec
• $33,000 — in price, at retail, from approximately $33,000 to $180,000. During 2023, we sold 2,877
• $180,000 — t retail, from approximately $33,000 to $180,000. During 2023, we sold 2,877 home sectio
• $75,000 — e annual household incomes of less than $75,000 and include young and working class fam
• $150,000 — r high-quality affordable housing below $150,000 has also been driven by increasing rent

Filing Documents

• legh-20231231x10k.htm (10-K) — 2625KB
• legh-20231231xex4d2.htm (EX-4.2) — 6KB
• legh-20231231xex23d1.htm (EX-23.1) — 4KB
• legh-20231231xex23d2.htm (EX-23.2) — 3KB
• legh-20231231xex31d1.htm (EX-31.1) — 12KB
• legh-20231231xex31d2.htm (EX-31.2) — 12KB
• legh-20231231xex32d1.htm (EX-32.1) — 6KB
• legh-20231231xex32d2.htm (EX-32.2) — 6KB
• legh-20231231xex97d1.htm (EX-97.1) — 5KB
• legh-20231231x10k001.jpg (GRAPHIC) — 53KB
• legh-20231231x10k003.jpg (GRAPHIC) — 52KB
• legh-20231231x10k005.jpg (GRAPHIC) — 57KB
• legh-20231231x10k007.jpg (GRAPHIC) — 81KB
• legh-20231231x10k010.jpg (GRAPHIC) — 55KB
• legh-20231231x10k011.jpg (GRAPHIC) — 87KB
• 0001558370-24-003435.txt (&nbsp;) — 12013KB
• legh-20231231.xsd (EX-101.SCH) — 72KB
• legh-20231231_cal.xml (EX-101.CAL) — 88KB
• legh-20231231_def.xml (EX-101.DEF) — 333KB
• legh-20231231_lab.xml (EX-101.LAB) — 616KB
• legh-20231231_pre.xml (EX-101.PRE) — 581KB
• legh-20231231x10k_htm.xml (XML) — 1918KB

Business

Item 1. Business 2

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 15

Cybersecurity

Item 1C. Cybersecurity 15

Properties

Item 2. Properties 16

Legal Proceedings

Item 3. Legal Proceedings 16

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 16 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17

Selected Financial Data

Item 6. Selected Financial Data 17

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 27

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 28

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 64

Controls and Procedures

Item 9A. Controls and Procedures 64

Other Information

Item 9B. Other Information 65 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 66

Executive Compensation

Item 11. Executive Compensation 71

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 83

Principal Accounti ng Fees and Services

Item 14. Principal Accounti ng Fees and Services 84 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 86 1 Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (this "Form 10-K") contains forward-looking statements. Forward-looking statements are predictions based on expectations and projections about future events, and are not statements of historical fact. Forward-looking statements include statements concerning business strategy, among other things, including anticipated trends and developments in and management plans for our business and the markets in which we operate. In some cases, you can identify these statements by forward-looking words, such as "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "would," "can," "could," "predict," and "continue," the negative or plural of these words and other comparable terminology. All forward-looking statements included in this Form 10-K are based upon information available to us as of the filing date of this Form 10-K, and we undertake no obligation to update any of these forward-looking statements for any reason. You should not place undue reliance on forward-looking statements. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include the matters discussed under "Risk Factors" in our Registration Statement on Form S-1 and those described elsewhere in this Form 10-K and from time to time in future reports that we file with the Securities and Exchange Commission. You should carefully consider the risks and uncertainties described in this Form 10-K. In this Form 10-K, unless otherwise indicated or the context otherwise requires, "Legacy," "the Company," "we," "us" or "our" refers to Legacy Housing Corporation, a Texas corporation. Our Company We build, sell and finance manufactured homes and

View Full Filing

View this 10-K filing on SEC EDGAR