Company: LGIH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001580670-25-000043
Chunk: 122

Company: LGI Homes, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 122
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 closings by reportable segment for the three months ended March 31, 2025 and (ii) our owned or controlled lots by reportable segment as of March 31, 2025.

Three Months Ended March 31, 2025As of March 31, 2025Reportable SegmentHome ClosingsOwned (1)ControlledTotalCentral330 19,948 1,425 21,373 Southeast312 14,097 4,173 18,270 Northwest65 5,162 2,549 7,711 West159 9,197 4,250 13,447 Florida130 5,357 1,634 6,991 Total996 53,761 14,031 67,792 

(1)Of the 53,761 owned lots as of March 31, 2025, 37,064 were raw/under development lots and 16,697 were finished lots.

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Homes in Inventory

When entering a new community, we intend to build a sufficient number of move-in ready homes to meet our budgets. We base future home starts on home closings. As homes are closed, we start more homes to maintain our inventory. As of March 31, 2025, we had a total of 2,702 completed homes, including information centers, and 1,522 homes in progress.

Raw Materials and Labor

When constructing homes, we use various materials and components. We generally contract for our materials and labor at a fixed price for the anticipated construction period of our homes. This allows us to mitigate the risks associated with increases in building materials and labor costs between the time construction begins on a home and the time it is closed. Typically, the raw materials and most of the components used in our business are readily available in the United States. We purchase some components and materials centrally to achieve volume discounts, a practice that often reduces costs and ensures timely deliveries. We typically do not store significant inventories of construction materials, except for work in progress materials for homes under construction.  In addition, the majority of our raw materials are supplied to us by our subcontractors and are included in the price of our contract with such subcontractors. Most of the raw materials necessary for our subcontractors are standard items carried by major suppliers. Our construction work is substantially completed by third-party subcontractors, most of whom are non-unionized. We continue to monitor the supply markets to achieve