Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 223

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 223
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$2,304,455 Expenses:Cost of sales1,669,310 1,816,393 1,657,855 Selling expenses199,950 191,582 144,928 General and administrative121,192 117,350 111,565 Operating income212,146 233,255 390,107 Other income, net(46,767)(28,499)(28,009)Net income before income taxes258,913 261,754 418,116 Income tax provision62,842 62,527 91,549 Net income$196,071 $199,227 $326,567 Basic earnings per share$8.33 $8.48 $13.90 Diluted earnings per share$8.30 $8.42 $13.76 Other Financial and Operating Data:Average community count130.5 103.9 91.9 Community count at end of period151 117 99 Home closings6,028 6,729 6,621 Average sales price per home closed$365,394 $350,510 $348,052 Gross margin(1)$533,288 $542,187 $646,600 Gross margin %(2)24.2 %23.0 %28.1 %Adjusted gross margin(3)$579,393 $582,047 $673,745 Adjusted gross margin %(2)(3)26.3 %24.7 %29.2 %EBITDA(4)$304,092 $297,530 $439,968 EBITDA margin %(2)(4)13.8 %12.6 %19.1 %

(1)Gross margin is home sales revenues less cost of sales.

(2)Calculated as a percentage of home sales revenues.

(3)Adjusted gross margin is a non-GAAP financial measure used by management as a supplemental measure in evaluating operating performance. We define adjusted gross margin as gross margin less capitalized interest and adjustments resulting from the application of purchase accounting included in the cost of sales. Our management believes this information is useful because it isolates the impact that capitalized interest and purchase accounting adjustments have on gross margin. However, because adjusted gross margin information excludes capitalized interest and purchase accounting adjustments, which have real economic effects and could impact our results, the utility of