Company: LGIH
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001580670-25-000058
Chunk: 95

Company: LGI Homes, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 2025, as compared to the six months ended June 30, 2024, were as follows:

•Home sales revenues decreased 16.0% to $834.9 million from $993.3 million.

•Homes closed decreased 15.3% to 2,319 homes from 2,738 homes.

•Average sales price per home closed decreased 0.8% to $360,028 from $362,801. 

•Gross margin as a percentage of home sales revenues decreased to 22.1% from 24.4%. 

•Adjusted gross margin (non-GAAP) as a percentage of home sales revenues decreased to 24.7% from 26.3%. 

•Net income before income taxes decreased 52.2% to $47.8 million from $100.0 million.

•Net income decreased 53.0% to $35.5 million from $75.6 million.

•EBITDA (non-GAAP) as a percentage of home sales revenues decreased to 8.4% from 11.9%.

22

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 64,756 lots at June 30, 2025 as compared to 67,792 lots at March 31, 2025 and 70,899 lots at December 31, 2024.

Results of Operations

The following table sets forth our results of operations for the three and six months ended June 30, 2025 and 2024:

 Three Months Ended June 30,Six Months Ended June 30, 2025202420252024(dollars in thousands, except per share data and average home sales price)Statement of Income Data:Home sales revenues$483,485 $602,497 $834,905 $993,348 Expenses:Cost of sales372,877 451,613 650,584 751,063 Selling expenses41,599 52,872 83,941 94,000 General and administrative29,401 30,491 60,603 62,031      Operating income39,608 67,521 39,777 86,254 Other income, net(2,432)(9,362)(7,987)(13,723)