Home Sales Performance - Home sales revenues for Q4 2024 decreased by 8.4% to 557.4millioncomparedtoQ42023[7]−Fullyearhomeclosingsfor2024totaled6,131homes,includingabulksaleof103leasedhomes,representingadecreaseof10.42,202,598, a decrease from 2,358,580in2023[22]−Thecompanyreported6,028homeclosingsin2024,downfrom6,729in2023,withanaveragesalespriceperhomeclosedof365,394[22] - The average sales price per home closed increased by 5.1% to 363,598inQ42024[7]−TheaveragesalespriceperhomeclosedinQ42024was363,598, compared to 346,083inQ42023[21]FinancialMetrics−Fullyeargrossmarginfor2024was24.2140,295, down from 152,503inQ42023,withagrossmarginpercentageof22.9533,288 for the year ended December 31, 2024, slightly down from 542,187in2023[20]−Projectedfullyeargrossmarginfor2025isexpectedtobebetween23.2360,000 and 370,000[4]−Theeffectivetaxratefor2025isprojectedtobeapproximately24.5236.5 million, with 599 homes in backlog[11] - As of December 31, 2024, the company had a backlog of 599 homes valued at 236,511,comparedto590homesvaluedat224,851 in 2023[25] - The company owned or controlled a total of 70,899 lots as of December 31, 2024, with 53,317 being owned lots[24] Market Activity - Active selling communities increased by 29.1% to 151 as of December 31, 2024[11] - The average community count for the year ended December 31, 2024, was 130.5, compared to 103.9 in 2023[22] - The average monthly absorption rate for the total reportable segments was 3.6 in Q4 2024, down from 5.2 in Q4 2023[21] Cancellation Rates - The cancellation rate for 2024 was 22.8%, an improvement from 25.4% in 2023[25] Liquidity - Total liquidity as of December 31, 2024 was 323.7million,includingcashandcashequivalentsof53.2 million[11]
LGI Homes(LGIH)2025-02-25 13:32