LGI Homes, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>LGI Homes, Inc. has filed its 2023 Form 10-K, detailing its financial performance and operational status for the fiscal year ending December 31, 2023.</b>

AI Summary

LGI Homes, Inc. (LGIH) filed a Annual Report (10-K) with the SEC on February 20, 2024. LGI Homes, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 1450 Lake Robbins Drive, Suite 430, The Woodlands, TX 77380. LGI Homes, Inc. is incorporated in Delaware. The Standard Industrial Classification code for the company is Operative Builders [1531].

Why It Matters

For investors and stakeholders tracking LGI Homes, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of LGI Homes' financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's ability to navigate the current housing market conditions and its potential for growth or challenges.

Risk Assessment

Risk Level: — LGI Homes, Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of information. Specific financial performance data or significant new risk factors would be needed to assess a higher risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand LGI Homes' performance in 2023 and its outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-02-20 — Filing Date (Date the 10-K was filed)

Key Players & Entities

• LGI Homes, Inc. (company) — Filer of the 10-K report
• The Woodlands, TX (location) — Business and mailing address
• DE (location) — State of incorporation

FAQ

Industry Context

LGI Homes, Inc. operates in the real estate and construction sector, specifically as an operative builder.

Regulatory Implications

The filing is a standard Form 10-K, mandated by the Securities and Exchange Commission (SEC) for publicly traded companies to report their annual financial performance.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K. Previous filings would be for the fiscal year ending December 31, 2022.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share LGIH NASDAQ Global Select Mar
• $189,000 — sales prices ranged from approximately $189,000 to more than $1,000,000. For the year e
• $1,000,000 — rom approximately $189,000 to more than $1,000,000. For the year ended December 31, 2023,
• $350,510 — average sales price per home closed of $350,510. During 2022, our average home completi
• $190,000 — sales prices ranged from approximately $190,000 to more than $1,200,000. For the year e
• $1,200,000 — rom approximately $190,000 to more than $1,200,000. For the year ended December 31, 2022,
• $348,052 — average sales price per home closed of $348,052. We pursue a flexible land acquisition
• $573,000 — average sales price per home closed of $573,000, compared to 217 Terrata Homes at an av
• $549,551 — average sales price per home closed of $549,551, in 2022. As of December 31, 2023, we o

Filing Documents

• lgih-20231231.htm (10-K) — 1609KB
• a123123ex211.htm (EX-21.1) — 11KB
• a123123ex231.htm (EX-23.1) — 3KB
• a123123ex311.htm (EX-31.1) — 10KB
• a123123ex312.htm (EX-31.2) — 10KB
• a123123ex321.htm (EX-32.1) — 5KB
• a123123ex322.htm (EX-32.2) — 5KB
• a123123ex971.htm (EX-97.1) — 39KB
• lgih-20231231_g1.jpg (GRAPHIC) — 77KB
• 0001580670-24-000012.txt (&nbsp;) — 7788KB
• lgih-20231231.xsd (EX-101.SCH) — 46KB
• lgih-20231231_cal.xml (EX-101.CAL) — 75KB
• lgih-20231231_def.xml (EX-101.DEF) — 182KB
• lgih-20231231_lab.xml (EX-101.LAB) — 674KB
• lgih-20231231_pre.xml (EX-101.PRE) — 437KB
• lgih-20231231_htm.xml (XML) — 1002KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 31 Item 1C . Cybersecurity 31 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. [Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9A.

Controls and Procedures

Controls and Procedures 75 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.

Executive Compensation

Executive Compensation 78 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 78 Item 14. Principal Accounting Fees and Services 78 PART IV Item 15. Exhibits and Financial Statement Schedules 79 Item 16. Form 10-K Summary 82

SIGNATURES

SIGNATURES 82 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General We are engaged in the design, construction and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia, Pennsylvania, Maryland and Utah. Our management team has been in the residential land development business since the mid-1990s. Since commencing home building operations in 2003, we have constructed and closed over 65,000 homes. During the year ended December 31, 2023, we had 6,729 home closings, compared to 6,621 home closings in 2022. LGI Homes, Inc. is a Delaware corporation incorporated on July 9, 2013. Our principal executive offices are located at 1450 Lake Robbins Drive, Suite 430, The Woodlands, Texas 77380, and our telephone number is (281) 362-8998. Information on or linked to our website is not incorporated by reference into this Annual Report on Form 10-K unless expressly noted. Unless otherwise indicated or the context requires, "LGI," the "Company," "we," "our" and "us" refer collectively to LGI Homes, Inc. and its subsidiaries. Business Opportunities Since December 2013, we have grown substantially, expanding our operations from eight markets in four states to 36 markets in 21 states. We currently offer homes for sale in 117 communities throughout the United States. We focus on demographic and economic trends forecasted for these markets and expect to continue to grow. Driven by commitment to our customers and our desire to make their dreams of homeownership a reality, we offer multiple product lines, including attached and detached entry-level homes and active adult offerings that are marketed and sold under our LGI Homes brand and luxury homes that are marketed and sold under our Terrata Homes brand. During 2023, our average home completion time was approximately 108 to 150 days, our home size ranged between 950 to approximately 4,100 square feet

View Full Filing

View this 10-K filing on SEC EDGAR