Company: LGIH
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001580670-25-000058
Chunk: 103

Company: LGI Homes, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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 $18.2 million, or 43.2%; Northwest - $2.2 million, or 5.2%; West - $10.7 million, or 25.5%; and Florida - $1.9 million, or 4.6%.  

Income Taxes. Income tax provision for the three months ended June 30, 2025 was $10.5 million, a decrease of $7.8 million, or 42.6%, from income tax provision of $18.3 million for the three months ended June 30, 2024. The decrease in our income tax provision is primarily due to the overall decrease in net income before income taxes.  The increase in our effective tax rate to 25.0% for the three months ended June 30, 2025 from 23.8% for the three months ended June 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 June 30, 2025 was $31.5 million, a decrease of $27.0 million, or 46.2%, from $58.6 million for the three months ended June 30, 2024. The decrease in net income was primarily attributed to overall lower home sales revenues and gross margin during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.

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Six Months Ended June 30, 2025 Compared to Six Months Ended June 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 six months ended June 30, 2025 and 2024 were as follows (revenues in thousands):Six Months Ended June 30, 2025RevenuesHome ClosingsASPAverage Community CountAverageMonthlyAbsorption RateCentral$214,132 690 $310,336 49.2 2.3 Southeast251,792 768 327,854 31.5 4.1 Northwest87,724 165 531,661 16.3 1.7 West167,295 389 430,064 25.2