Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 222

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 222
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 Form 10-K. For purposes of this Management’s Discussion and Analysis of Financial Condition and Results of Operation, references to “we,” “our,” “us” or similar terms refer to LGI Homes, Inc. and its subsidiaries.

Key Results

Key financial results as of and for the year ended December 31, 2024, as compared to the year ended December 31, 2023, were as follows:

•Home sales revenues decreased 6.6% to $2.2 billion from $2.4 billion.

•Homes closed decreased 10.4% to 6,028 homes from 6,729 homes.  Including the bulk sale of 103 leased, single-family homes, homes closed decreased 8.9% to 6,131 homes from 6,729 homes.

•Average sales price per home closed increased 4.2% to $365,394 from $350,510. 

•Gross margin as a percentage of home sales revenues increased to 24.2% from 23.0%. 

•Adjusted gross margin (non-GAAP) as a percentage of home sales revenues increased to 26.3% from 24.7%.

•Net income before income taxes decreased 1.1% to $258.9 million from $261.8 million.

•Net income decreased 1.6% to $196.1 million from $199.2 million. 

•EBITDA (non-GAAP) as a percentage of home sales revenues increased to 13.8% from 12.6%.

•Active communities at the end of 2024 increased 29.1% to 151 from 117.

•Total owned and controlled lots decreased 0.3% to 70,899 lots at December 31, 2024 from 71,081 lots at December 31, 2023.

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.”

36

Results of Operations

The following table sets forth our results of operations for the years ended December 31, 2024, 2023 and 2022. 

 Year Ended December 31, 202420232022(dollars in thousands, except per share data and average home sales price)Statement of Income Data:Home sales revenues$2,202,598 $2,358,580