Company: LGIH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001580670-25-000043
Chunk: 33

Company: LGI Homes, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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  For additional information on the Credit Agreement (including defined terms used in this paragraph), see Note 4, “Notes Payable” to our consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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For additional discussion regarding our business and operations, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. For additional discussion regarding risks associated with our business and operations, see Item 1A. Risk Factors in Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Key Results 

Key financial results as of and for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, were as follows:

•Home sales revenues decreased 10.1% to $351.4 million from $390.9 million.

•Homes closed decreased 8.0% to 996 homes from 1,083 homes.

•Average sales price per home closed decreased 2.2% to $352,831 from $360,897. 

•Gross margin as a percentage of home sales revenues decreased to 21.0% from 23.4%. 

•Adjusted gross margin (non-GAAP) as a percentage of home sales revenues decreased to 23.6% from 25.3%. 

•Net income before income taxes decreased 75.2% to $5.7 million from $23.1 million.

•Net income decreased 76.6% to $4.0 million from $17.1 million.

•EBITDA (non-GAAP) as a percentage of home sales revenues decreased to 4.2% from 7.8%.

For reconciliations of the non-GAAP financial measures of adjusted gross margin and EBITDA to the most directly comparable GAAP financial measures, please see “—Non-GAAP Measures.”

We owned and controlled 67,792 lots at March 31, 2025 as compared to 70,899 lots at December 31, 2024.

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Results of Operations

The following table sets forth our results of operations for the three months ended March 31, 2025 and 2024:

 Three Months Ended March 31, 20252024(dollars in thousands, except