Company: LGIH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001580670-25-000043
Chunk: 109

Company: LGI Homes, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 109
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, 2024, were as follows:

•Home sales revenues decreased 10.1% to $351.4 million from $390.9 million.

•Homes closed decreased 8.0% to 996 homes from 1,083 homes.

•Average sales price per home closed decreased 2.2% to $352,831 from $360,897. 

•Gross margin as a percentage of home sales revenues decreased to 21.0% from 23.4%. 

•Adjusted gross margin (non-GAAP) as a percentage of home sales revenues decreased to 23.6% from 25.3%. 

•Net income before income taxes decreased 75.2% to $5.7 million from $23.1 million.

•Net income decreased 76.6% to $4.0 million from $17.1 million.

•EBITDA (non-GAAP) as a percentage of home sales revenues decreased to 4.2% from 7.8%.

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.”

We owned and controlled 67,792 lots at March 31, 2025 as compared to 70,899 lots at December 31, 2024.

20

Results of Operations

The following table sets forth our results of operations for the three months ended March 31, 2025 and 2024:

 Three Months Ended March 31, 20252024(dollars in thousands, except per share data and average home sales price)Statement of Income Data:Home sales revenues$351,420 $390,851 Expenses:Cost of sales277,707 299,450 Selling expenses42,342 41,128 General and administrative31,202 31,540      Operating income169 18,733 Other income, net(5,555)(4,361)     Net income before income taxes5,724 23,094 Income tax provision1,730 6,041      Net income$3,994 $17,053 Basic earnings per share$0.17 $0.72 Diluted earnings per share$0.17 $0.72 Other Financial and Operating Data:Average community count148.0 116.7 Community count at end of period146