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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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. 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, 2024 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File r ...

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 ...

EXHIBIT 99.1 LGI Homes Reports First Quarter 2024 Results THE WOODLANDS, Texas, April 30, 2024 (GLOBE NEWSWIRE) - LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the three months ended March 31, 2024. First Quarter 2024 Highlights 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 Management Comments "Although closings were down during the first quarter, th ...

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, ...

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, 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) Delaware 46-3088013 (State or other jurisdiction of in ...

LGI Homes, Inc. (NASDAQ:LGIH) Q3 2023 Earnings Conference Call October 31, 2023 12:30 PM ET Company Participants Joshua Fattor - Vice President of Investor Relations & Capital Markets Eric Lipar - Chairman of the Board & Chief Executive Officer Charles Merdian - Chief Financial Officer & Treasurer Conference Call Participants Andrew Azzi - JPMorgan Truman Patterson - Wolfe Ken Zener - Seaport Research Carl Reichardt - BTIG Jay McCanless - Wedbush Operator Welcome to LGI Homes Third Quarter 2023 Conference C ...

Financial Performance - Home sales revenues increased by 12.9% to $617.5 million from $547.1 million for the three months ended September 30, 2023[90]. - Home closings rose by 13.2% to 1,751 homes compared to 1,547 homes for the same period in 2022[90]. - Average sales price per home closed decreased by 0.3% to $352,678 from $353,635[90]. - Net income decreased by 25.8% to $67.0 million from $90.4 million for the three months ended September 30, 2023[90]. - For the nine months ended September 30, 2023, home sales revenues decreased by 3.6% to $1.75 billion from $1.82 billion[90]. - Net income for the nine months ended September 30, 2023 was $147.1 million, a decrease of $145.3 million, or 49.7%, from $292.5 million for the same period in 2022[118]. - Operating income for the nine months ended September 30, 2023 was $173.4 million, a decrease of $175.9 million, or 50.4%, from $349.3 million for the same period in 2022[115]. Margins and Expenses - Gross margin as a percentage of home sales revenues decreased to 25.7% from 28.5%[90]. - EBITDA as a percentage of home sales revenues decreased to 16.0% from 20.8% for the three months ended September 30, 2023[90]. - Cost of sales increased by $67.5 million, or 17.2%, to $458.7 million for the three months ended September 30, 2023, primarily due to the increase in homes closed[98]. - Selling expenses increased by $15.8 million, or 46.7%, to $49.8 million for the three months ended September 30, 2023, primarily due to increased sales commissions and advertising expenses[99]. - Gross margin for the nine months ended September 30, 2023 was $399.6 million, a decrease of $146.0 million, or 26.8%, from $545.6 million for the same period in 2022[111]. - Selling expenses for the nine months ended September 30, 2023 were $141.8 million, an increase of $30.2 million, or 27.1%, from $111.6 million for the same period in 2022[112]. Market Activity - The company had 106 active communities as of September 30, 2023, up from 93 active communities a year earlier[84]. - The number of net orders increased to 5,646 for the nine months ended September 30, 2023, compared to 4,373 in the same period of 2022, representing a growth of 29.1%[130]. - The ending backlog of homes increased by 9.7% to 1,377 homes as of September 30, 2023, compared to 1,255 homes as of September 30, 2022[129]. - Home sales revenues in the Florida segment increased by $53.4 million, or 78.2%, primarily due to an 81.7% increase in the number of homes closed[102]. - Home sales revenues in the Northwest segment increased by $20.9 million, or 44.7%, due to a 37.9% increase in the number of homes closed[102]. - Home sales revenues in the Southeast reportable segment increased by $69.1 million, or 21.0%, during the nine months ended September 30, 2023[115]. - Home sales revenues in the Florida reportable segment increased by $103.3 million, or 48.0%, during the nine months ended September 30, 2023[115]. Inventory and Lots - The company owned and controlled 72,109 lots as of September 30, 2023, compared to 69,226 lots at June 30, 2023[89]. - The total number of owned or controlled lots increased to 72,109 as of September 30, 2023, from 71,904 as of December 31, 2022[135]. - The company reported 4,971 home closings for the nine months ended September 30, 2023[138]. Cash Flow and Financing - Cash and cash equivalents stood at $47.0 million as of September 30, 2023[143]. - The company has a $1.13 billion revolving credit facility, which can be increased by up to $170 million[149]. - As of September 30, 2023, the borrowing base under the Credit Agreement is $1.8 billion, with $1.4 billion available to borrow[151]. - Net cash used in operating activities was $22.7 million for the nine months ended September 30, 2023, primarily due to a $194.4 million increase in real estate inventory[157]. - Net cash provided by financing activities was $45.3 million for the nine months ended September 30, 2023, driven by net borrowings of $75.9 million[160]. - The company did not repurchase any shares during the nine months ended September 30, 2023, leaving $211.5 million available for future repurchases[156]. Risk and Controls - The company is exposed to market risks related to fluctuations in interest rates on outstanding variable rate indebtedness[175]. - The company does not expect future interest rate risks related to existing indebtedness to materially impact financial position or results of operations[177]. - There have been no material changes to the risk factors previously disclosed in the Annual Report for the fiscal year ended December 31, 2022[182]. - The company’s disclosure controls and procedures are effective as of September 30, 2023, ensuring timely decision-making regarding required disclosures[178]. - No changes in internal control over financial reporting occurred during the three months ended September 30, 2023, that materially affected internal controls[181]. Long-term Outlook - The long-term outlook for new homes remains strong, driven by low inventory and strong household formations, despite current affordability constraints[86]. - The company expects to fund its long-term liquidity needs through cash generated from operations and available borrowing under the Credit Agreement[147]. - The company plans to utilize land banking financing arrangements to maximize long-term liquidity for lot development projects[147]. Inflation and Interest Rates - Inflation has pressured costs, but the company has been able to increase home sales prices to absorb these costs[163]. - As of September 30, 2023, the company had $904.2 million of variable rate indebtedness outstanding under the Credit Agreement[176]. - The interest rate for the variable rate indebtedness was SOFR plus 1.70%, with SOFR at 5.32% as of September 30, 2023[176]. - A hypothetical 100 basis point increase in the average interest rate would increase annual interest costs by approximately $9.0 million[176]. - The company utilizes both fixed-rate debt ($300.0 million aggregate principal amount of the 2029 Senior Notes) and variable-rate debt ($1.13 billion Credit Agreement) for financing operations[174]. - The company does not currently hold derivatives for trading or speculative purposes but may consider doing so in the future[175].