Company: LGIH
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001580670-25-000076
Chunk: 94

Company: LGI Homes, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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ITDA (non-GAAP) as a percentage of home sales revenues decreased to 9.8% from 16.2%.

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.”

Key financial results as of and for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, were as follows:

•Home sales revenues decreased 25.1% to $1.2 billion from $1.6 billion.

•Homes closed decreased 24.7% to 3,384 homes from 4,495 homes.

•Average sales price per home closed decreased 0.6% to $363,929 from $366,007. 

•Gross margin as a percentage of home sales revenues decreased to 21.9% from 24.7%. 

•Adjusted gross margin (non-GAAP) as a percentage of home sales revenues decreased to 24.6% from 26.7%. 

•Net income before income taxes decreased 61.2% to $74.5 million from $191.8 million.

•Net income decreased 62.0% to $55.2 million from $145.2 million.

•EBITDA (non-GAAP) as a percentage of home sales revenues decreased to 8.8% from 13.6%.

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 62,564 lots at September 30, 2025 as compared to 64,756 lots at June 30, 2025 and 70,899 lots at December 31, 2024.

24

Results of Operations

The following table sets forth our results of operations for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(dollars in thousands, except per share data and average home sales price)Statement of Income Data:Home sales revenues$396,632 $651,854 $1,231,537 $1,645,202 Expenses:Cost of sales311,520 488,362 962,104 1