About LGI Homes, Inc. Service Impact Day is the hallmark event in the Company's philanthropic initiative LGI Giving, through which it anticipates donating upwards of $500,000 in 2024 to support non-profit, charitable organizations in the communities where it does business. About LGI Giving Started in 2016, the LGI Giving initiative was created for LGI employees to have a larger impact on the communities in which they serve through volunteering and financial contributions – strengthening local relationships ...

CAMBRIDGE, Minn., May 17, 2024 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ:LGIH) today announced the grand opening of Cambridge Cove, a new single-family home community located north of Minneapolis in Cambridge. Of the six plans built by LGI Homes at this community, five are brand-new to the Minneapolis market. Cambridge Cove's convenient location off MN-65 provides homeowners with commuter access to the employment and attractions offered on the north side of Minneapolis, as well as proximity to an array of ...

RIVERBANK, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ:LGIH) today announced the opening of its second community in the Modesto, California, market, Diamond Bar East. This incredible community offers a variety of one and two-story homes and is located northeast of Modesto in the friendly town of Riverbank. "We are excited to be a part of the tremendous growth here in Riverbank. Diamond Bar East is so close to everything and offers an easy commute to the Bay Area. However, you don't need ...

BAKERSFIELD, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ:LGIH) announces the opening of a new section at Morningstar Ranch, its first community in Bakersfield. This community offers single story homes in a highly sought after area and is a quick 10-minute drive to downtown Bakersfield. "We are proud to provide the opportunity of homeownership in Bakersfield. Morningstar Ranch is a special community tucked away in a unique area. We have successfully sold out of all of our previous phases ...

THE WOODLANDS, Texas, May 03, 2024 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ:LGIH) today announced it closed 505 homes in April 2024. As of April 30, 2024, the Company had 127 active selling communities. About LGI Homes, Inc. Headquartered in The Woodlands, Texas, LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes across 36 markets in 21 states. As one of America's fastest growing companies, L ...

MARYSVILLE, Wash., May 03, 2024 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ:LGIH) today announced the grand opening of The Village at Whiskey Ridge, a new community located in Marysville, Washington. The new community is situated 5 miles east of I-5 and less than a mile from WA-9, providing commuters access to major employment centers and attractions in Marysville, Everett and Bellevue. The Village at Whiskey Ridge features family-friendly amenities and an incredible lineup of move-in-ready townhomes at som ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents LGI Homes, Inc.'s unaudited consolidated financial statements for Q1 2024, detailing financial position, performance, and cash flows with accompanying notes [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) - Total assets increased to **$3.52 billion** as of March 31, 2024, primarily driven by a rise in real estate inventory. Total liabilities also grew, mainly due to an increase in notes payable[12](index=12&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$3,522,886** | **$3,407,851** | | Real estate inventory | $3,229,100 | $3,107,648 | | Cash and cash equivalents | $48,996 | $48,978 | | **Total Liabilities** | **$1,653,683** | **$1,551,820** | | Notes payable | $1,383,220 | $1,248,332 | | **Total Equity** | **$1,869,203** | **$1,856,031** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) - For the three months ended March 31, 2024, home sales revenues decreased to **$390.9 million** from **$487.4 million** in the prior-year period. Net income declined to **$17.1 million**, or **$0.72 per diluted share**, compared to **$27.0 million**, or **$1.14 per diluted share**, in Q1 2023[15](index=15&type=chunk) Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Home sales revenues | $390,851 | $487,357 | | Operating income | $18,733 | $26,051 | | **Net income** | **$17,053** | **$26,962** | | Diluted EPS | $0.72 | $1.14 | [Consolidated Statements of Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Equity) - Total equity increased from **$1.856 billion** at December 31, 2023, to **$1.869 billion** at March 31, 2024. The increase was primarily driven by net income of **$17.1 million**, partially offset by a **$10.0 million** stock repurchase[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) - Cash used in operating activities was **$99.5 million** in Q1 2024, a significant shift from **$77.6 million** provided by operations in Q1 2023, mainly due to an increase in real estate inventory. Cash from financing activities was **$97.5 million**, driven by proceeds from notes payable[21](index=21&type=chunk) Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(99,493) | $77,600 | | Net cash provided by (used in) investing activities | $2,018 | $(4,855) | | Net cash provided by (used in) financing activities | $97,493 | $(61,777) | | **Net increase in cash** | **$18** | **$10,968** | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) - The company designs, constructs, and sells new homes across **21 states**. The financial statements are prepared under U.S. GAAP for interim periods[23](index=23&type=chunk)[24](index=24&type=chunk) - During Q1 2024, the company repurchased **89,227 shares** of its common stock for **$10.0 million**. As of March 31, 2024, **$201.5 million** remained available for repurchase under the program[49](index=49&type=chunk) Real Estate Inventory (in thousands) | Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Land, land under development and finished lots | $2,145,846 | $2,099,133 | | Homes in progress | $419,997 | $313,124 | | Completed homes | $533,284 | $542,996 | | **Total owned inventory** | **$3,151,291** | **$3,003,189** | Notes Payable (in thousands) | Instrument | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Notes payable under Credit Agreement | $703,055 | $569,633 | | 4.000% Senior Notes due 2029 | $300,000 | $300,000 | | 8.750% Senior Notes due 2028 | $400,000 | $400,000 | | **Total notes payable** | **$1,383,220** | **$1,248,332** | Segment Revenues (in thousands) | Segment | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Central | $103,736 | $150,380 | | Southeast | $116,445 | $104,376 | | Northwest | $36,067 | $74,815 | | West | $73,079 | $78,886 | | Florida | $61,524 | $78,900 | | **Total** | **$390,851** | **$487,357** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, highlighting decreased home sales and closings due to affordability pressures, alongside improved gross margins and liquidity analysis - The decrease in home closings was primarily due to pressure on affordability from continued inflation and elevated mortgage rates. The company increased its active communities to **120** at the end of Q1 2024, up from **99** in the prior year[81](index=81&type=chunk)[82](index=82&type=chunk) - The company's lot inventory stood at **70,145** owned or controlled lots as of March 31, 2024, a slight decrease from **71,081** at the end of 2023[88](index=88&type=chunk)[117](index=117&type=chunk) Key Financial Results Summary | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Home sales revenues | $390.9M | $487.4M | -19.8% | | Homes closed | 1,083 | 1,366 | -20.7% | | Average sales price | $360,897 | $356,777 | +1.2% | | Gross margin % | 23.4% | 20.3% | +310 bps | | Adjusted gross margin % | 25.3% | 22.1% | +320 bps | | Net income | $17.1M | $27.0M | -36.8% | [Results of Operations](index=20&type=section&id=Results%20of%20Operations) - Home sales revenues decreased by **19.8%** to **$390.9 million** in Q1 2024, driven by a **20.7%** decrease in homes closed, which was partially offset by a **1.2%** increase in the average sales price per home[93](index=93&type=chunk) - Gross margin as a percentage of home sales revenues increased to **23.4%** in Q1 2024 from **20.3%** in Q1 2023, primarily due to a combination of lower input costs and higher sales prices[96](index=96&type=chunk) - Selling expenses as a percentage of home sales revenues increased to **10.5%** from **8.8%** YoY, driven by increased advertising expenses and lower home sales revenues[97](index=97&type=chunk) - The effective tax rate increased to **26.2%** for Q1 2024 from **16.7%** for Q1 2023, primarily due to changes in deductions for share-based payments and state income taxes[101](index=101&type=chunk) [Non-GAAP Measures](index=23&type=section&id=Non-GAAP%20Measures) Reconciliation of Gross Margin to Adjusted Gross Margin (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Gross margin | $91,401 | $98,816 | | Capitalized interest charged to cost of sales | $6,601 | $6,757 | | Purchase accounting adjustments | $803 | $2,036 | | **Adjusted gross margin** | **$98,805** | **$107,609** | | Adjusted gross margin % | 25.3% | 22.1% | Reconciliation of Net Income to EBITDA (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $17,053 | $26,962 | | Income tax provision | $6,041 | $5,386 | | Depreciation and amortization | $673 | $482 | | Capitalized interest charged to cost of sales | $6,601 | $6,757 | | **EBITDA** | **$30,368** | **$39,587** | [Backlog](index=25&type=section&id=Backlog) - Net orders and ending backlog decreased in Q1 2024 compared to the prior year, primarily due to lower demand resulting from higher mortgage rates. The cancellation rate saw a slight increase[113](index=113&type=chunk) Backlog Data | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net orders | 1,828 | 2,219 | | Cancellation rate | 16.8% | 15.9% | | Ending backlog – homes | 1,335 | 1,555 | | Ending backlog – value | $519.5M | $561.4M | [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2024, the company had **$49.0 million** in cash and cash equivalents[126](index=126&type=chunk) - Under its **$1.205 billion** revolving credit facility, the company had **$442.5 million** available to borrow as of March 31, 2024[134](index=134&type=chunk) - Net cash used in operating activities was **$99.5 million** for Q1 2024, compared to **$77.6 million** provided by operating activities in Q1 2023, mainly due to an increase in real estate inventory[141](index=141&type=chunk) - The company repurchased **$10.0 million** of its common stock during Q1 2024[144](index=144&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk, as higher mortgage rates can negatively affect housing demand and the ability of homebuyers to secure financing - The company's operations are sensitive to interest rates, as increases can adversely affect housing demand and homebuyer financing[155](index=155&type=chunk) - As of March 31, 2024, the company had **$703.1 million** of variable rate debt outstanding under its Credit Agreement. A hypothetical **100 basis point** increase in the SOFR rate would increase annual interest costs by approximately **$7.0 million**[159](index=159&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of March 31, 2024, and concluded they were effective - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period[161](index=161&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2024 that have materially affected, or are reasonably likely to materially affect, internal controls[164](index=164&type=chunk) PART II - OTHER INFORMATION [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 - There have been no material changes to the risk factors disclosed in the company's 2023 Form 10-K[166](index=166&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's stock repurchase activity for the three months ended March 31, 2024, including shares repurchased and remaining authorization - As of March 31, 2024, the approximate dollar value of shares that may yet be purchased under the stock repurchase program was **$201.5 million**[168](index=168&type=chunk) Share Repurchases in Q1 2024 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | January 2024 | 0 | $0.00 | | February 2024 | 17,693 | $113.06 | | March 2024 | 71,534 | $111.85 | | **Total** | **89,227** | **$112.09** | [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information) The company reports that during the first quarter of 2024, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended March 31, 2024[169](index=169&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act and Inline XBRL documents - The exhibits filed with this report include CEO/CFO certifications (**31.1, 31.2, 32.1, 32.2**) and Inline XBRL data files (**101 series**)[172](index=172&type=chunk)

LGI Homes (LGIH) reported $390.85 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 19.8%. EPS of $0.72 for the same period compares to $1.14 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $420.15 million, representing a surprise of -6.97%. The company delivered an EPS surprise of -29.41%, with the consensus EPS estimate being $1.02.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall St ...

[First Quarter 2024 Financial and Operational Review](index=1&type=section&id=First%20Quarter%202024%20Financial%20and%20Operational%20Review) LGI Homes reported mixed Q1 2024 results, with decreased closings but strong demand, expanding communities, and maintained margins, alongside detailed financial statements and segment performance [First Quarter 2024 Highlights](index=1&type=section&id=First%20Quarter%202024%20Highlights) LGI Homes reported mixed results for Q1 2024, with a decrease in home closings but positive trends in demand, sales, and an expansion of active communities, while successfully maintaining its gross and adjusted gross margins [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlights strong demand, expanding community count, and maintained margins despite fewer closings, with positive trends continuing into April - Despite fewer closings, **positive lead and sales trends**, an **expanding community count**, and **maintained margins** signal healthy demand, bolstered by strong demographics and limited affordable home supply[5](index=5&type=chunk) - Demand significantly improved each month during the quarter, resulting in **1,335 homes in backlog** by quarter-end[6](index=6&type=chunk) - **Gross margin increased by 310 basis points year-over-year to 23.4%**, and **adjusted gross margin rose by 320 basis points year-over-year (20 basis points sequentially) to 25.3%**[7](index=7&type=chunk) - The company concluded the quarter with a **record 120 active communities**, representing a **21.2% increase** over the prior year[8](index=8&type=chunk) - Positive demand trends persisted into April, yielding **over 800 net sales** in each of the last two months and an **absorption pace of six homes per community per month**[8](index=8&type=chunk) [Key Financial and Operational Metrics](index=1&type=section&id=Key%20Financial%20and%20Operational%20Metrics) This section presents a summary of LGI Homes' key financial and operational performance indicators for the first quarter of 2024 First Quarter 2024 Key Financial and Operational Metrics | Metric | Value | | :------------------------------------- | :------------------- | | Home sales revenues | $390.9 million | | Home closings | 1,083 | | Average sales price per home closed | $360,897 | | Gross margin as % of home sales revenues | 23.4% | | Adjusted gross margin (non-GAAP) as % of home sales revenues | 25.3% | | Net income before income taxes | $23.1 million | | Net income | $17.1 million | | Basic EPS | $0.72 | | Diluted EPS | $0.72 | | Active selling communities at March 31, 2024 | 120 | | Total owned and controlled lots | 70,145 | | Ending backlog (homes) | 1,335 | | Ending backlog (value) | $519.5 million | | Common stock repurchased (Q1 2024) | 89,227 shares for $10.0 million | | Total liquidity at March 31, 2024 | $491.5 million | | Net debt to capitalization at March 31, 2024 | 41.6% | [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q1 2024 show a decrease in home sales revenues and net income compared to the prior year, while the balance sheet reflects an increase in real estate inventory and notes payable from the end of 2023 [Consolidated Statements of Operations](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section details the company's revenues, costs, and net income for the three months ended March 31, comparing 2024 to 2023 Consolidated Statements of Operations (Three Months Ended March 31) | Metric | 2024 ($ thousands) | 2023 ($ thousands) | | :-------------------------- | :------------------ | :------------------ | | Home sales revenues | $390,851 | $487,357 | | Cost of sales | $299,450 | $388,541 | | Selling expenses | $41,128 | $42,805 | | General and administrative | $31,540 | $29,960 | | Operating income | $18,733 | $26,051 | | Net income before income taxes | $23,094 | $32,348 | | Income tax provision | $6,041 | $5,386 | | Net income | $17,053 | $26,962 | | Basic EPS | $0.72 | $1.15 | | Diluted EPS | $0.72 | $1.14 | [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) This section provides a snapshot of the company's assets, liabilities, and equity as of March 31, 2024, compared to December 31, 2023 Consolidated Balance Sheets (As of March 31, 2024 vs. December 31, 2023) | Metric | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :-------------------------- | :---------------------------- | :----------------------------- | | **ASSETS** | | | | Cash and cash equivalents | $48,996 | $48,978 | | Accounts receivable | $27,151 | $41,319 | | Real estate inventory | $3,229,100 | $3,107,648 | | Property and equipment, net | $49,775 | $45,522 | | Total assets | $3,522,886 | $3,407,851 | | **LIABILITIES AND EQUITY** | | | | Accounts payable | $46,156 | $31,616 | | Accrued expenses and other liabilities | $224,307 | $271,872 | | Notes payable | $1,383,220 | $1,248,332 | | Total liabilities | $1,653,683 | $1,551,820 | | Total equity | $1,869,203 | $1,856,031 | | Total liabilities and equity | $3,522,886 | $3,407,851 | [Non-GAAP Measures: Adjusted Gross Margin](index=6&type=section&id=Non-GAAP%20Measures) LGI Homes utilizes Adjusted Gross Margin as a non-GAAP financial measure to provide a clearer view of operating performance by excluding the impact of capitalized interest and purchase accounting adjustments from the GAAP gross margin - Adjusted gross margin is a non-GAAP measure utilized by management to assess operating performance, defined as gross margin excluding capitalized interest and purchase accounting adjustments within the cost of sales[21](index=21&type=chunk) Reconciliation of Gross Margin to Adjusted Gross Margin (Three Months Ended March 31) | Metric | 2024 ($ thousands) | 2023 ($ thousands) | | :------------------------------------- | :------------------ | :------------------ | | Home sales revenues | $390,851 | $487,357 | | Cost of sales | $299,450 | $388,541 | | Gross margin | $91,401 | $98,816 | | Capitalized interest charged to cost of sales | $6,601 | $6,757 | | Purchase accounting adjustments | $803 | $2,036 | | Adjusted gross margin | $98,805 | $107,609 | | Gross margin % | 23.4% | 20.3% | | Adjusted gross margin % | 25.3% | 22.1% | [Segment Performance](index=6&type=section&id=Home%20Sales%20Revenues%2C%20Home%20Closings%2C%20Average%20Sales%20Price%20Per%20Home%20Closed%20(ASP)%2C%20Average%20Community%20Count%2C%20Average%20Monthly%20Absorption%20Rate%20and%20Closing%20Community%20Count%20by%20Reportable%20Segment) In Q1 2024, all reportable segments experienced a decrease in home sales revenues and closings compared to Q1 2023, while the average community count increased across all segments, contributing to a higher total community count at period end Segment Performance (Three Months Ended March 31, 2024) | Reportable Segment | Revenues ($ thousands) | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | Community Count at End of Period | | :----------------- | :---------------------- | :------------ | :-------- | :---------------------- | :------------------------------ | :------------------------------- | | Central | $103,736 | 319 | $325,191 | 41.7 | 2.5 | 43 | | Southeast | $116,445 | 355 | $328,014 | 26.7 | 4.4 | 27 | | Northwest | $36,067 | 62 | $581,726 | 12.0 | 1.7 | 14 | | West | $73,079 | 179 | $408,263 | 17.0 | 3.5 | 17 | | Florida | $61,524 | 168 | $366,214 | 19.3 | 2.9 | 19 | | **Total** | **$390,851** | **1,083** | **$360,897** | **116.7** | **3.1** | **120** | Segment Performance (Three Months Ended March 31, 2023) | Reportable Segment | Revenues ($ thousands) | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | Community Count at End of Period | | :----------------- | :---------------------- | :------------ | :-------- | :---------------------- | :------------------------------ | :------------------------------- | | Central | $150,380 | 453 | $331,965 | 35.0 | 4.3 | 35 | | Southeast | $104,376 | 316 | $330,304 | 24.0 | 4.4 | 24 | | Northwest | $74,815 | 159 | $470,535 | 9.3 | 5.7 | 10 | | West | $78,886 | 209 | $377,445 | 13.4 | 5.2 | 14 | | Florida | $78,900 | 229 | $344,541 | 16.0 | 4.8 | 16 | | **Total** | **$487,357** | **1,366** | **$356,777** | **97.7** | **4.7** | **99** | [Lot Inventory and Backlog Data](index=7&type=section&id=Owned%20and%20Controlled%20Lots) As of March 31, 2024, LGI Homes held 70,145 total owned and controlled lots, with a significant portion being raw/under development. The ending backlog decreased year-over-year in both homes and value, while the cancellation rate slightly increased Owned and Controlled Lots by Reportable Segment (As of March 31, 2024) | Reportable Segment | Home Closings (Q1 2024) | Owned Lots | Controlled Lots | Total Lots | | :----------------- | :---------------------- | :--------- | :-------------- | :--------- | | Central | 319 | 20,840 | 2,279 | 23,119 | | Southeast | 355 | 14,191 | 4,720 | 18,911 | | Northwest | 62 | 5,500 | 2,141 | 7,641 | | West | 179 | 9,068 | 3,031 | 12,099 | | Florida | 168 | 5,164 | 3,211 | 8,375 | | **Total** | **1,083** | **54,763** | **15,382** | **70,145** | - Of the **54,763 owned lots**, **39,601 were raw/under development** and **15,162 were finished lots** (including **2,154 completed homes** and **2,000 homes in progress**)[26](index=26&type=chunk) Backlog Data (Three Months Ended March 31) | Backlog Data | 2024 | 2023 | | :-------------------- | :--- | :--- | | Net orders | 1,828 | 2,219 | | Cancellation rate | 16.8% | 15.9% | | Ending backlog – homes | 1,335 | 1,555 | | Ending backlog – value ($ thousands) | $519,507 | $561,422 | [Company Outlook and General Information](index=2&type=section&id=Company%20Outlook%20and%20General%20Information) This section outlines LGI Homes' full-year 2024 guidance, provides an overview of the company, and includes important disclaimers regarding forward-looking statements [Full Year 2024 Outlook](index=2&type=section&id=Full%20Year%202024%20Outlook) LGI Homes is maintaining its previously issued guidance for the full year 2024, based on assumptions of stable general economic conditions, input costs, interest rates, and regulatory environment - The Company maintains its prior guidance for full year 2024, assuming stable general economic conditions, input costs, labor availability, interest rates, and regulatory environment[10](index=10&type=chunk) Full Year 2024 Guidance | Metric | Guidance Range | | :------------------------------------- | :------------------- | | Home closings | 7,000 to 8,000 | | Active selling communities (end of 2024) | Approximately 150 | | Average sales price per home closed | $350,000 to $360,000 | | Gross margin as % of home sales revenues | 23.1% to 24.1% | | Adjusted gross margin (non-GAAP) as % of home sales revenues | 25.0% to 26.0% | | SG&A as % of home sales revenues | 12.5% to 13.5% | | Effective tax rate | 24.0% to 25.0% | [About LGI Homes, Inc.](index=2&type=section&id=About%20LGI%20Homes%2C%20Inc.) LGI Homes, Inc. is a leading homebuilder headquartered in The Woodlands, Texas, recognized for its innovative approach, consistent profitability since 2003, and commitment to quality and customer service across 36 markets in 21 states - **LGI Homes, Inc.** is a pioneer in the homebuilding industry, employing an innovative and systematic approach to home design, construction, and sales[12](index=12&type=chunk) - The company operates across **36 markets in 21 states**, has closed **over 70,000 homes** since its 2003 founding, and has consistently delivered profitable financial results annually[12](index=12&type=chunk) - **LGI Homes** is nationally recognized for quality construction and exceptional customer service, earning a spot on Newsweek's World's Most Trustworthy Companies and awarded Top Workplaces USA 2024[12](index=12&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section clarifies that statements regarding future performance, expectations, and market conditions are forward-looking and inherently subject to various risks, uncertainties, and assumptions, advising readers not to place undue reliance on them - Statements in the press release or Earnings Call that are not historical facts, including beliefs and expectations about future results, constitute forward-looking statements subject to federal securities laws[13](index=13&type=chunk)[15](index=15&type=chunk) - These statements rely on current expectations and assumptions, but actual results may materially differ due to various risks and uncertainties detailed in the Company's SEC filings[15](index=15&type=chunk) - The Company assumes no obligation to update or revise any forward-looking statements, even if new information, future events, or other circumstances emerge[15](index=15&type=chunk) [Earnings Conference Call](index=2&type=section&id=Earnings%20Conference%20Call) LGI Homes hosted a conference call via live webcast on April 30, 2024, to discuss its financial results, with an archive available on the company's investor relations website - The Company hosted a conference call via live webcast for investors on **Tuesday, April 30, 2024, at 12:30 p.m. Eastern Time**[11](index=11&type=chunk) - Participants accessed the live webcast through the Investor Relations section of the Company's website, with an archive available for replay for one year[11](index=11&type=chunk)

jhorrocks Introduction LGI Homes (NASDAQ:LGIH) has seen a relatively good amount of share price volatility over the past 12 months going from low-$100/share to over $130/share down to mid-$80/share, back up to over $130/share, and now down to mid-$90/share. I can't say I'm totally surprised - my casual observations have been that homebuilders are more volatile than general, trading largely with "macro" factors like interest rates. In the end, however, what ultimately matters are cash flows, and to this end, ...