Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 542

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 542
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DA (non-GAAP) as a percentage of home sales revenues increased to 13.8% from 12.6%.

•Active communities at the end of 2024 increased 29.1% to 151 from 117.

•Total owned and controlled lots decreased 0.3% to 70,899 lots at December 31, 2024 from 71,081 lots at December 31, 2023.

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.”

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Table of Contents

Results of Operations

The following table sets forth our results of operations for the years ended December 31, 2024, 2023 and 2022. 

 Year Ended December 31, 202420232022(dollars in thousands, except per share data and average home sales price)Statement of Income Data:Home sales revenues$2,202,598 $2,358,580 $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