Core Insights - LGI Homes, Inc. has announced the opening of a new community called Choplin Farms in Nash County, offering modern homes on spacious lots ranging from half-acre to over one acre [1][2] - The new home designs include three to four bedrooms, two to two-and-a-half baths, and sizes ranging from 1,531 to 2,373 square feet, featuring both single-story and two-story options [3] - Homes at Choplin Farms start from the mid-$300s, providing significant value with included features such as granite countertops and energy-efficient upgrades [3] Location and Amenities - Choplin Farms is strategically located just 35 minutes from Downtown Raleigh, providing residents with access to major employers, shopping, dining, and essential services [2][4] - The community is near parks and Buckhorn Lake, offering outdoor recreational opportunities such as hiking, biking, boating, and fishing [4] Company Overview - LGI Homes is headquartered in The Woodlands, Texas, and operates in 36 markets across 21 states, having closed over 70,000 homes since its inception in 2003 [6] - The company has consistently delivered profitable financial results and has been recognized for its quality construction and customer service, including being named to Newsweek's list of the World's Most Trustworthy Companies [6] - LGI Homes has received numerous workplace awards, including the Top Workplaces USA 2024 Award, reflecting its commitment to employee satisfaction and excellence [6]

Company Overview - LGI Homes, Inc. is headquartered in The Woodlands, Texas, and operates in 36 markets across 21 states, focusing on innovative home design, construction, and sales [2] - Since its founding in 2003, LGI Homes has closed over 70,000 homes and has consistently delivered profitable financial results every year [2] - The company has been recognized for its quality construction and customer service, being named to Newsweek’s list of the World’s Most Trustworthy Companies [2] - LGI Homes has over 1,000 employees and has received numerous workplace awards, including the Top Workplaces USA 2024 Award [2] New Community Launch - LGI Homes announced the grand opening of Brimington Farm, a new community in Waynesboro, Pennsylvania, offering affordable homes with built-in upgrades [1] - The community features 3-bedroom townhomes starting in the $300s and 3- to 4-bedroom single-family homes starting in the mid-$400s [1] - Each home includes the CompleteHome Plus package, which features granite countertops, stainless steel appliances, and energy-efficient upgrades at no extra cost [1] - Brimington Farm is strategically located near major highways, golf courses, ski resorts, and offers access to parks and recreational amenities [1]

Home Sales Performance - Home sales revenues increased by 5.6% to $651.9 million for the three months ended September 30, 2024, compared to $617.5 million for the same period in 2023[66]. - Homes closed increased by 0.3% to 1,757 homes for the three months ended September 30, 2024, compared to 1,751 homes for the same period in 2023[66]. - Average sales price per home closed rose by 5.2% to $371,004 for the three months ended September 30, 2024, from $352,678 in the same period of 2023[66]. - For the nine months ended September 30, 2024, home sales revenues decreased by 6.0% to $1.6 billion from $1.8 billion in the same period in 2023[69]. - Homes closed decreased by 9.6% to 4,495 homes for the nine months ended September 30, 2024, compared to 4,971 homes for the same period in 2023[69]. - Home sales revenues for the three months ended September 30, 2024 were $651.9 million, an increase of $34.3 million, or 5.6%, from $617.5 million for the same period in 2023[78]. - Home sales revenues in the West reportable segment increased by $55.7 million, or 58.7%, during the three months ended September 30, 2024, due to a 45.0% increase in the number of homes closed[80]. - Home sales revenues in the Florida reportable segment decreased by $23.2 million, or 19.1%, during the three months ended September 30, 2024, primarily due to a 24.3% decrease in the number of homes closed[80]. - Total home sales revenues for the nine months ended September 30, 2024 were $1,645.2 million, with an average sales price per home closed of $366,007[84]. - Home sales revenues in the Central segment decreased by $123.0 million, or 21.8%, primarily due to a 20.9% decrease in the number of homes closed[87]. - Home sales revenues in the Southeast segment increased by $9.5 million, or 2.4%, due to a 1.2% increase in the number of homes closed[87]. - Home sales revenues in the West segment increased by $95.3 million, or 37.1%, due to a 26.2% increase in the number of homes closed[87]. Financial Metrics - Gross margin as a percentage of home sales revenues increased to 24.7% for the nine months ended September 30, 2024, from 22.8% in the same period in 2023[69]. - Adjusted gross margin (non-GAAP) as a percentage of home sales revenues was 26.7% for the nine months ended September 30, 2024, compared to 24.5% for the same period in 2023[69]. - Net income increased by 3.8% to $69.6 million for the three months ended September 30, 2024, compared to $67.0 million for the same period in 2023[68]. - Gross margin for the three months ended September 30, 2024 was $163.5 million, an increase of $4.7 million, or 3.0%, from $158.8 million for the same period in 2023[80]. - Net income for the three months ended September 30, 2024 was $69.6 million, an increase of $2.5 million, or 3.8%, from $67.0 million for the same period in 2023[82]. - Operating income for the nine months ended September 30, 2024 was $166.6 million, a decrease of $6.9 million, or 4.0%, from $173.4 million for the same period in 2023[89]. - Net income for the nine months ended September 30, 2024 was $145.2 million, a decrease of $1.9 million, or 1.3%, from $147.1 million for the same period in 2023[89]. - EBITDA for the three months ended September 30, 2024, was $105.636 million, representing a 6.8% increase from $98.822 million in the same period of 2023[96]. - The EBITDA margin for the nine months ended September 30, 2024, was 13.6%, up from 12.5% in the same period of 2023[96]. Inventory and Backlog - The ending backlog of homes as of September 30, 2024, decreased by 21.0% to 1,088 homes compared to 1,377 homes as of September 30, 2023[97]. - The value of the ending backlog as of September 30, 2024, was $417.798 million, down from $509.932 million in the same period of 2023[99]. - The total number of owned or controlled lots decreased to 68,564 as of September 30, 2024, from 71,081 as of December 31, 2023[101]. - The company had 138 active communities as of September 30, 2024, compared to 117 as of December 31, 2023[101]. Cash Flow and Financing - As of September 30, 2024, the company had $60.9 million in cash and cash equivalents[107]. - The company has a $1.205 billion revolving credit facility, with a maximum available to borrow of $1.9 billion as of September 30, 2024[110]. - As of September 30, 2024, the company reported net cash used in operating activities of $200.7 million, primarily driven by a $390.9 million decrease in real estate inventory[115]. - The company experienced net cash provided by financing activities of $219.3 million during the nine months ended September 30, 2024, primarily from $507.7 million of borrowings under the 2023 Credit Agreement[117]. - The company issued $400.0 million aggregate principal amount of 2028 Senior Notes, maturing on December 15, 2028, with an interest rate of 8.750% per annum[111]. - The company has a stock repurchase program with $193.5 million remaining for future purchases as of September 30, 2024[114]. - The company repurchased 172,990 shares of common stock for $18.0 million during the nine months ended September 30, 2024, with a total of 3,112,462 shares repurchased since the program's inception[114]. Debt and Interest Rate Exposure - As of September 30, 2024, the company had $863.3 million of variable rate indebtedness outstanding under the 2023 Credit Agreement[126]. - The interest rate for the variable rate indebtedness was SOFR plus 1.85%, with SOFR at 4.85% as of September 30, 2024[126]. - A hypothetical 100 basis point increase in the average interest rate above the SOFR floor would increase annual interest costs by approximately $8.6 million[126]. - The company utilizes both fixed-rate debt ($300 million of 2029 Senior Notes and $400 million of 2028 Senior Notes) and variable-rate debt as part of its financing strategy[125]. - The company does not believe that future interest rate risks related to existing indebtedness will materially impact its financial position or liquidity[126]. - The company is exposed to market risks related to fluctuations in interest rates, which may adversely affect revenues, gross margin, and net income[124]. - The company has no obligation to prepay its fixed-rate debt prior to maturity, mitigating interest rate risk on that portion[125]. - The company’s operations are sensitive to interest rate changes, which can affect homebuyer financing capabilities[124]. Strategic Focus and Risks - The company is focused on expanding its business model to include higher price point homes and larger communities[122]. - The company faces various risks including economic changes, supply chain disruptions, and competition that could impact future operations[122]. - The company expects seasonal fluctuations in revenues and capital requirements, with higher activity typically in the second, third, and fourth quarters[106]. - The company is in compliance with all covenants contained in the 2023 Credit Agreement as of September 30, 2024[110]. - The borrowing base under the 2023 Credit Agreement was $2.0 billion as of September 30, 2024[110].

For the quarter ended September 2024, LGI Homes (LGIH) reported revenue of $651.85 million, up 5.6% over the same period last year. EPS came in at $2.95, compared to $2.84 in the year-ago quarter.The reported revenue represents a surprise of +1.57% over the Zacks Consensus Estimate of $641.77 million. With the consensus EPS estimate being $2.53, the EPS surprise was +16.60%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine ...

LGI Homes (LGIH) came out with quarterly earnings of $2.95 per share, beating the Zacks Consensus Estimate of $2.53 per share. This compares to earnings of $2.84 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.60%. A quarter ago, it was expected that this entry-level homebuilder in the Texas, Arizona, Florida and Georgia markets would post earnings of $2.24 per share when it actually produced earnings of $2.48, delivering a ...

EXHIBIT 99.1 LGI Homes Reports Third Quarter 2024 Results and Updates Full Year 2024 Guidance THE WOODLANDS, Texas, November 5, 2024 (GLOBE NEWSWIRE) - LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the third quarter 2024 and the nine months ended September 30, 2024. Third Quarter 2024 Highlights • Home sales revenues increased 5.6% to $651.9 million • Home closings increased 0.3% to 1,757 homes • Average sales price per home closed increased 5.2% to $371,004 • Gross margin as a percen ...

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, 2024 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 (LGIH) came out with quarterly earnings of $2.48 per share, beating the Zacks Consensus Estimate of $2.24 per share. This compares to earnings of $2.25 per share a year ago. These figures are adjusted for nonrecurring items. LGI Homes, which belongs to the Zacks Real Estate - Development industry, posted revenues of $602.5 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 5.09%. This compares to year-ago revenues of $645.27 million. The company has topped consensus r ...

• Gross margin as a percentage of home sales revenues between 23.5% and 24.5% Forward-Looking Statements LGI HOMES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share data) June 30, December 31, COMMITMENTS AND CONTINGENCIES EQUITY Common stock, par value $0.01, 250,000,000 shares authorized, 27,612,742 shares issued and 23,500,280 shares outstanding as of June 30, 2024 and 27,521,120 shares LGI HOMES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share a ...

*Non-GAAP Please see "Non-GAAP Measures" for a reconciliation of Adjusted Gross Margin (a non-GAAP measure) to Gross Margin, the most directly comparable GAAP measure. Balance Sheet Highlights Total liquidity of $405.9 million at June 30, 2024, including cash and cash equivalents of $51.1 million and $354.8 million of availability under the Company's revolving credit facility Net debt to capitalization of 43.0% at June 30, 2024 83,763 shares of common stock repurchased during the second quarter of 2024 for ...