Company: LGIH
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001580670-25-000076
Chunk: 102

Company: LGI Homes, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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4.1)%.  

Income Taxes. Income tax provision for the three months ended September 30, 2025 was $7.0 million, a decrease of $15.3 million, or 68.7%, from income tax provision of $22.3 million for the three months ended September 30, 2024. The decrease in our income tax provision was primarily due to the overall decrease in net income before income taxes.  The increase in our effective tax rate to 26.2% for the three months ended September 30, 2025 from 24.3% for the three months ended September 30, 2024 was primarily a result of an increase in the rate for state income taxes, net of the federal benefit, and the compensation limitation under Section 162(m) of the Internal Revenue Code, as amended.

Net Income. Net income for the three months ended September 30, 2025 was $19.7 million, a decrease of $49.9 million, or 71.7%, from $69.6 million for the three months ended September 30, 2024. The decrease in net income was primarily attributed to an overall decrease in the number of homes closed, home sales revenues and gross margin during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.

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Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 

Homes Sales. Our home sales revenues, home closings, average sales price per home closed (ASP), average community count and average monthly absorption rate by reportable segment for the nine months ended September 30, 2025 and 2024 were as follows (revenues in thousands):Nine Months Ended September 30, 2025RevenuesHome ClosingsASPAverage Community CountAverage Monthly Absorption RateCentral$313,487 997 $314,430 47.8 2.3Southeast353,211 1,067 331,032 31.8 3.7Northwest137,132 274 500,482 15.8 1.9West258,994 592 437,490 25.3 2.6Florida168,713 454 371,615 24.6 2.1Total$1,231,537 3,384 $363,929 145.3 2