Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 3

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 3
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 land development costs. In addition, we performed lookback analyses to historical actual costs to assess management’s ability to estimate and performed sensitivity analyses of the significant assumptions to evaluate the changes in total costs of land development that would result from changes in these assumptions.

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2013.

Houston, Texas

February 25, 2025

52

LGI HOMES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 December 31, 20242023ASSETSCash and cash equivalents$53,197 $48,978 Accounts receivable28,717 41,319 Real estate inventory3,387,853 3,107,648 Pre-acquisition costs and deposits36,049 30,354 Property and equipment, net57,038 45,522 Other assets174,391 113,849 Deferred tax assets, net9,271 8,163 Goodwill12,018 12,018 Total assets$3,758,534 $3,407,851 LIABILITIES AND EQUITYAccounts payable$33,271 $31,616 Accrued expenses and other liabilities207,317 271,872 Notes payable1,480,718 1,248,332 Total liabilities1,721,306 1,551,820 COMMITMENTS AND CONTINGENCIESEQUITYCommon stock, par value $0.01, 250,000,000 shares authorized, 27,644,413 shares issued and 23,397,074 shares outstanding as of December 31, 2024 and 27,521,120 shares issued and 23,581,648 shares outstanding as of December 31, 2023276 275 Additional paid-in capital337,161 321,062 Retained earnings2,085,787 1,889,716 Treasury stock, at cost, 4,247,339 shares and 3,939,472 shares, respectively(385,996)(355,022)Total equity2,037,228 1,856,031 Total liabilities and equity$3,758,534 $3,407,851 

See accompanying notes to the consolidated financial statements.

53

LGI HOMES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share