UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number 001-36126 LGI HOMES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or o ...

LGI Homes, Inc. (NASDAQ:LGIH) Q2 2023 Results Conference Call August 1, 2023 12:30 PM ET Company Participants Josh Fattor - VP, IR Eric Lipar - Chairman, CEO Charles Merdian - CFO, Treasurer Conference Call Participants Alex Barron - Housing Research Center Andrew Azzi - JP Morgan Jay McCanless - Wedbush Truman Patterson - Wolfe Research Operator Welcome to LGI Homes Second Quarter 2023 Conference Call. Today's call is being recorded, and a replay will be available on the company's website at www.lgihomes.c ...

LGI Homes, Inc. (NASDAQ:LGIH) Q1 2023 Earnings Conference Call May 2, 2023 12:30 PM ET Company Participants Josh Fattor - Vice President, Investor Relations Eric Lipar - Chief Executive Officer and Chairman Charles Merdian - Chief Financial Officer and Treasurer Conference Call Participants Michael Rehaut - JPMorgan Jay McCanless - Wedbush Carl Reichardt - BTIG Operator Welcome to the LGI Homes First Quarter 2023 Conference Call. Today's call is being recorded, and a replay will be available on the company' ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number 001-36126 LGI HOMES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

Financial Data and Key Metrics Changes - In 2022, the company reported home closings of 6,621, a significant decrease from over 10,000 in the previous year, leading to disappointment in meeting guidance [5][9] - Revenue for the fourth quarter was $488.3 million, a 39% year-over-year decline, primarily due to a 42.7% decrease in closings [14] - Full-year revenue was $2.3 billion, down 24.4%, with a net income of $326.6 million, or $13.90 per basic share [18][20] - The gross margin for the full year was 28.1%, and adjusted gross margin was 29.2%, both representing new company records [20] Business Line Data and Key Metrics Changes - The wholesale business accounted for 29.8% of total closings in Q4, up from 14.6% in the same period last year [15] - The average selling price increased by 19.2% year-over-year to $348,052, despite a 4.6% decrease from Q3 [18] Market Data and Key Metrics Changes - The Dallas Fort Worth market led with an average of 11 closings per community per month, followed by San Antonio and Charlotte [8] - The cancellation rate for the full year was 24.4%, with a Q4 cancellation rate of 37.5% [21] Company Strategy and Development Direction - The company is focusing on cash flow and preserving capital, ending the year with a net debt to capital ratio below 40% [10] - Plans for 2023 include closing between 6,000 and 7,000 homes, with an average sales price between $335,000 and $350,000 [34] - The company is also targeting a 20% to 30% growth in community count expected in 2024 [34] Management's Comments on Operating Environment and Future Outlook - Management expressed tempered optimism for 2023, citing a significant increase in leads generated and a strong sales pace early in the year [31][34] - The company is cautious about the impact of rising interest rates on affordability and is adjusting pricing strategies accordingly [48][72] Other Important Information - The company reduced its total owned and controlled lots by almost 22% and ended the year with 3,308 completed homes [10][24] - The company has paused stock repurchases to maintain liquidity and focus on land development [26][93] Q&A Session Summary Question: Insights on Q1 expectations and gross margins - Management expects Q1 gross margins to be similar to Q4 due to the need to move inventory and adjust pricing [39] Question: February closings and sales pace - February closings are expected to be approximately 450, showing a significant increase from January [42] Question: Gross margin guidance and pricing strategies - Management indicated that they have raised prices in several communities due to increased demand, but are cautious about affordability [47] Question: Community openings and closings - The company plans to open around 40 to 50 new communities while closing 20 to 30 [58] Question: Impact of interest rates on capitalized interest - Interest costs are expected to tick up slightly over time as projects are developed, but will be capitalized against communities under development [75] Question: Build times and inventory management - Build times are improving slightly, and the company is managing starts to align with projected deliveries [77] Question: Mortgage payments versus rent - The company noted that the difference between mortgage payments and rent has become more pronounced, with ownership becoming more affordable relative to renting [98]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number 001-36126 LGI HOMES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number 001-36126 LGI HOMES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

LGI Homes, Inc. (NASDAQ:LGIH) Q3 2022 Earnings Conference Call November 1, 2022 12:30 PM ET Company Participants Josh Fattor - Vice President, Investor Relations Eric Lipar - Chief Executive Officer and Chairman Charles Merdian - Chief Financial Officer and Treasurer Conference Call Participants Truman Patterson - Wolfe Research Kenneth Zener - KeyBanc Carl Reichardt - BTIG Jay McCanless - Wedbush Alex Barron - Housing Research Center Operator Welcome to LGI Homes Third Quarter 2022 Conference Call. Today’s ...

LGI Homes, Inc. (NASDAQ:LGIH) Q2 2022 Earnings Conference Call August 2, 2022 12:30 PM ET Company Participants Josh Fattor - Vice President, Investor Relations Eric Lipar - Chairman and CEO Charles Merdian - Chief Financial Officer and Treasurer Conference Call Participants Trevor Allinson - Wolfe Research Michael Rehaut - JPMorgan Jay McCanless - Wedbush Carl Reichardt - BTIG Deepa Raghavan - Wells Fargo Kenneth Zener - Key Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to ...

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20LGI%20Homes%2C%20Inc.%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Presents LGI Homes' unaudited consolidated financial statements, detailing increased inventory, notes payable, mixed revenue and net income, and negative operating cash flow [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202022%20and%20December%2031%2C%202021) Total assets increased to **$2.87 billion** driven by real estate inventory, while liabilities grew to **$1.36 billion** due to notes payable, and equity rose to **$1.51 billion** Consolidated Balance Sheet Highlights | Account | June 30, 2022 | December 31, 2021 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $42.0M | $50.5M | ($8.5M) | | Real estate inventory | $2,633.7M | $2,085.9M | $547.8M | | **Total Assets** | **$2,873.4M** | **$2,351.9M** | **$521.5M** | | **Liabilities & Equity** | | | | | Notes payable | $1,155.5M | $805.2M | $350.2M | | **Total Liabilities** | **$1,359.4M** | **$956.0M** | **$403.4M** | | **Total Equity** | **$1,513.9M** | **$1,395.8M** | **$118.1M** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202022%20and%202021) Q2 2022 home sales revenues decreased **8.6%** while net income increased **4.4%**, contrasting with a **15.2%** revenue decline and **7.2%** net income decrease for the six-month period Quarterly Performance (Three Months Ended June 30) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Home sales revenues | $723.1M | $791.5M | -8.6% | | Operating income | $159.0M | $146.0M | +8.9% | | Net income | $123.4M | $118.1M | +4.4% | | Diluted EPS | $5.20 | $4.71 | +10.4% | Year-to-Date Performance (Six Months Ended June 30) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Home sales revenues | $1,269.1M | $1,497.5M | -15.2% | | Operating income | $254.7M | $268.5M | -5.1% | | Net income | $202.1M | $217.8M | -7.2% | | Diluted EPS | $8.43 | $8.66 | -2.7% | [Consolidated Statements of Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Equity%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202022%20and%202021) Total equity increased to **$1.51 billion** by June 30, 2022, driven by **$202.1 million** in net income, partially offset by **$95.1 million** in stock repurchases - For the six months ended June 30, 2022, total equity increased by **$118.1 million**, reflecting net income of **$202.1 million**, offset by stock repurchases totaling **$95.1 million** ($57.7M in Q1 and $37.4M in Q2)[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20June%2030%2C%202022%20and%202021) Net cash used in operating activities was **$263.3 million** for H1 2022 due to inventory investment, offset by **$257.2 million** from financing activities, resulting in cash and cash equivalents of **$42.0 million** Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash from operating activities | ($263.3M) | $139.9M | | Net cash used in investing activities | ($2.5M) | ($29.8M) | | Net cash from (used in) financing activities | $257.2M | ($34.3M) | | **Net (decrease) increase in cash** | **($8.5M)** | **$75.8M** | | **Cash at end of period** | **$42.0M** | **$111.7M** | [Notes to the Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail accounting policies, **$2.63 billion** in real estate inventory, a **$1.1 billion** credit facility amendment, increased stock repurchase program to **$550 million**, and segment-level data - Real estate inventory increased to **$2.63 billion** as of June 30, 2022, up from **$2.09 billion** at the end of 2021, with homes in progress seeing a significant jump from **$449.7 million** to **$684.4 million**[31](index=31&type=chunk) - On April 29, 2022, the company amended its credit agreement, increasing commitments by **$250.0 million** to a total of **$1.1 billion** and replacing LIBOR with SOFR as the benchmark interest rate[39](index=39&type=chunk) - In February 2022, the Board of Directors increased the stock repurchase program authorization by **$200.0 million**, bringing the total to **$550.0 million** As of June 30, 2022, **$211.5 million** remained available for repurchases[52](index=52&type=chunk) Segment Revenues | Segment | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | Central | $316.7M | $348.0M | $579.0M | $636.7M | | Southeast | $117.6M | $159.7M | $190.0M | $296.3M | | Northwest | $70.8M | $106.2M | $173.7M | $224.4M | | West | $124.0M | $80.8M | $179.5M | $162.0M | | Florida | $94.1M | $96.8M | $146.9M | $178.1M | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2022 market headwinds from rising mortgage rates, impacting demand and cancellations, while highlighting increased ASP and gross margins, and outlining strategic responses and liquidity position [Business Overview and Key Results](index=20&type=section&id=Business%20Overview%20and%20Key%20Results) The housing market faced Q2 2022 headwinds from rising mortgage rates, leading to decreased home closings but increased average sales prices and expanded gross margins, prompting strategic adjustments - In Q2 2022, a rapid increase in mortgage interest rates led to decreased demand and a higher than normal cancellation rate as potential homebuyers paused or reconsidered purchases[85](index=85&type=chunk) - The company's strategy to combat market headwinds includes increasing targeted advertising and slowing the pace of new home starts to match current absorption levels[86](index=86&type=chunk) Key Results - Q2 2022 vs Q2 2021 | Metric | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | Home Sales Revenues | $723.1M | $791.5M | -8.6% | | Homes Closed | 2,027 | 2,856 | -29.0% | | Average Sales Price | $356,719 | $277,140 | +28.7% | | Gross Margin % | 32.0% | 27.0% | +500 bps | | Net Income | $123.4M | $118.1M | +4.4% | Key Results - H1 2022 vs H1 2021 | Metric | H1 2022 | H1 2021 | % Change | | :--- | :--- | :--- | :--- | | Home Sales Revenues | $1.3B | $1.5B | -15.2% | | Homes Closed | 3,626 | 5,417 | -33.1% | | Average Sales Price | $350,005 | $276,438 | +26.6% | | Gross Margin % | 30.7% | 27.0% | +370 bps | | Net Income | $202.1M | $217.8M | -7.2% | [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q2 2022 saw an **8.6%** revenue decline due to fewer closings, offset by a **28.7%** ASP increase and improved gross margin to **32.0%**, while H1 2022 revenue fell **15.2%** with G&A expenses rising - The increase in gross margin percentage for both Q2 and H1 2022 was primarily due to raising home prices higher than the increases in input costs[101](index=101&type=chunk)[116](index=116&type=chunk) - General and administrative expenses increased **25.0%** in Q2 and **19.5%** in H1 2022 compared to the prior year, mainly due to increased personnel costs and professional fees[103](index=103&type=chunk)[118](index=118&type=chunk) - Wholesale home sales revenues decreased significantly, from **$94.7 million** (430 homes) in Q2 2021 to **$36.9 million** (146 homes) in Q2 2022, due to a strategic prioritization of retail sales and cost volatility[99](index=99&type=chunk) [Non-GAAP Measures](index=29&type=section&id=Non-GAAP%20Measures) The company presents non-GAAP Adjusted Gross Margin and EBITDA, with Adjusted Gross Margin reaching **33.1%** in Q2 2022 and **31.9%** in H1 2022, reflecting core operating performance Adjusted Gross Margin Reconciliation | | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | Gross margin | $231.4M | $214.1M | $389.8M | $404.0M | | Capitalized interest | $5.7M | $10.4M | $10.2M | $21.1M | | Purchase accounting | $2.0M | $1.4M | $4.3M | $2.3M | | **Adjusted gross margin** | **$239.1M** | **$226.0M** | **$404.3M** | **$427.4M** | | **Adjusted gross margin %** | **33.1%** | **28.5%** | **31.9%** | **28.5%** | [Backlog](index=31&type=section&id=Backlog) As of June 30, 2022, backlog decreased **73.6%** to **1,266 homes** valued at **$445.1 million**, with the cancellation rate rising to **20.8%** due to market shifts and strategic changes Backlog and Cancellation Data | Metric | H1 2022 | H1 2021 | % Change | | :--- | :--- | :--- | :--- | | Net orders | 2,837 | 7,254 | -61.0% | | Cancellation rate | 20.8% | 14.8% | +600 bps | | Ending backlog – homes | 1,266 | 4,801 | -73.6% | | Ending backlog – value | $445.1M | $1,434.4M | -68.9% | - The company modified its timing for entering sales contracts to later in the construction cycle to mitigate cost volatility, which contributed to the lower backlog[134](index=134&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2022, the company had **$42.0 million** in cash, relying on operating cash flow and its **$1.1 billion** credit facility, with **$203.7 million** available, and repurchased **$95.1 million** in stock - The company's credit facility was increased to **$1.1 billion** in April 2022 As of June 30, 2022, borrowings (including Senior Notes) were **$1.2 billion** against a borrowing base of **$1.4 billion**, with **$203.7 million** available[153](index=153&type=chunk)[155](index=155&type=chunk) - Net cash used in operating activities was **$263.3 million** for H1 2022, primarily due to a **$547.6 million** increase in real estate inventory[161](index=161&type=chunk) - Net cash provided by financing activities was **$257.2 million** for H1 2022, driven by **$371.2 million** in borrowings, which offset **$95.1 million** in stock repurchases[165](index=165&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate sensitivity, impacting mortgage affordability and variable-rate debt costs, with a **100 bps** rate increase potentially raising annual interest costs by **$8.7 million** - The company's main market risk is from interest rate fluctuations, which can impact both housing demand and its own financing costs[176](index=176&type=chunk) - As of June 30, 2022, a hypothetical **100 basis point** increase in interest rates on the **$868.6 million** of variable rate debt would increase annual interest cost by approximately **$8.7 million**[179](index=179&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of June 30, 2022, the company's disclosure controls and procedures were effective[181](index=181&type=chunk) - There were no material changes to the company's internal control over financial reporting during the second quarter of 2022[185](index=185&type=chunk) [PART II - OTHER INFORMATION](index=39&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2021 Annual Report on Form 10-K have occurred - There have been no material changes to the risk factors from the company's 2021 Form 10-K[186](index=186&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company repurchased **417,861 shares** for **$37.4 million** under its **$550 million** stock repurchase program, with **$211.5 million** remaining available Share Repurchases for Q2 2022 | Period | Shares Purchased | Average Price Paid | Total Cost (approx.) | | :--- | :--- | :--- | :--- | | April 2022 | 0 | $0.00 | $0 | | May 2022 | 177,761 | $95.63 | $17.0M | | June 2022 | 240,100 | $85.15 | $20.4M | | **Total Q2** | **417,861** | **$89.61** | **$37.4M** | - As of June 30, 2022, approximately **$211.5 million** remained available for purchase under the company's stock repurchase program[188](index=188&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and Inline XBRL data, and incorporates previously filed documents by reference - Exhibits filed include Sarbanes-Oxley certifications (31.1, 31.2, 32.1, 32.2) and Inline XBRL documents[191](index=191&type=chunk)