Financial Data and Key Metrics Changes - The company generated revenue of $2.4 billion, an increase of over 2% compared to last year, marking one of the few public homebuilders with year-over-year growth in both closings and revenue in 2023 [11] - Gross margin as a percentage of sales in the fourth quarter was 23.4%, up from 20.7% in the same period last year, reflecting a 270 basis point improvement [14] - Fourth quarter net income was $52.1 million, or $2.21 per basic share and $2.19 per diluted share [15] Business Line Data and Key Metrics Changes - The company closed 1,758 homes in the fourth quarter, a 21.4% increase year-over-year, with an average selling price (ASP) of $346,083, which was a 2.6% increase [95] - The wholesale business represented 17% of total closings in the fourth quarter, down from 29.8% in the same period last year [69] Market Data and Key Metrics Changes - The company expanded its geographic footprint, adding Salt Lake City, Utah, marking a total of 36 markets across 21 states [12] - The top five markets for the company included Dallas-Fort Worth, Charlotte, Northern California, Fort Pierce, and Las Vegas, with closings per community per month ranging from 7.3 to 9.1 [67] Company Strategy and Development Direction - The company plans to increase community count by 25% to 30% in 2024, aiming to end the year with approximately 150 active selling communities [76] - The focus remains on driving affordability while increasing profitability, with expectations for higher selling prices and gross margins in 2024 [76][103] Management's Comments on Operating Environment and Future Outlook - Management noted a significant increase in leads and traffic since February, with leads up over 73% compared to the prior two months [21] - The company anticipates a challenging affordability environment similar to 2023, with strategies in place to maintain sales pace while protecting gross margins [80][119] Other Important Information - The company ended the year with total debt of $1.25 billion and a debt-to-capital ratio of 40.2% [19] - The effective tax rate for the previous year was 23.9%, consistent with prior guidance [16] Q&A Session All Questions and Answers Question: What is the expected absorption rate for the year? - The company expects an absorption rate of 4.5 to 5.3, which is lower than previous years due to anticipated market conditions [25][106] Question: How does the company plan to maintain margins amidst rising land costs? - The company plans to be cautious with discounting and focus on maintaining gross margins while incentivizing customers through mortgage rate buy-downs [80] Question: What is the outlook for community count growth in 2025? - The company expects to maintain community count growth in 2025, with 150 communities anticipated to have closings by the end of 2024 [108]

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].

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 ...

LGI Homes, Inc. (NASDAQ:LGIH) Q4 2022 Earnings Conference Call February 21, 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 Truman Patterson - Wolfe Research Carl Reichardt - BTIG Jay McCanless - Wedbush Securities Alex Barron - Housing Research Center Operator Hello and welcome to LGI Homes Fourth Quarter 2022 ...

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 ...