LGI Homes, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>LGI Homes, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and operational data.</b>

AI Summary

LGI Homes, Inc. (LGIH) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. LGI Homes, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the fiscal quarter from January 1, 2024, to March 31, 2024. The company's principal business address is 1450 Lake Robbins Drive, Suite 430, The Woodlands, TX 77380. LGI Homes, Inc. is incorporated in Delaware and operates in the Operative Builders sector. The filing includes data related to common stock, additional paid-in capital, retained earnings, and treasury stock for various periods.

Why It Matters

For investors and stakeholders tracking LGI Homes, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of LGI Homes, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current health, strategic direction, and potential risks in the housing market.

Risk Assessment

Risk Level: medium — LGI Homes, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial disclosures. However, the housing sector is subject to economic fluctuations and interest rate changes, which could present medium-level risks not fully detailed in this header information.

Analyst Insight

Review the full 10-Q filing to analyze LGI Homes' revenue, net income, debt levels, and cash flow for Q1 2024 to understand its financial performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Fiscal Quarter)
• 2023-12-31 — Previous Year End Date (Fiscal Year End)

Key Players & Entities

• LGI Homes, Inc. (company) — FILER
• 1450 Lake Robbins Drive, Suite 430 (location) — BUSINESS ADDRESS
• The Woodlands (location) — CITY
• TX (location) — STATE
• DE (location) — STATE OF INCORPORATION
• 1934 Act (regulation) — SEC ACT
• 001-36126 (identifier) — SEC FILE NUMBER

FAQ

Industry Context

LGI Homes operates within the residential construction industry, specifically focusing on building and selling homes. This sector is sensitive to economic conditions, interest rates, and consumer confidence.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, cost of goods sold, and operating expenses.
2. Examine the balance sheet for changes in assets, liabilities, and equity, paying attention to debt levels and cash position.
3. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and future outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share LGIH NASDAQ Global Select Mar

Filing Documents

• lgih-20240331.htm (10-Q) — 872KB
• a33124ex311.htm (EX-31.1) — 10KB
• a33124ex312.htm (EX-31.2) — 10KB
• a33124ex321.htm (EX-32.1) — 5KB
• a33124ex322.htm (EX-32.2) — 5KB
• 0001580670-24-000029.txt (&nbsp;) — 4794KB
• lgih-20240331.xsd (EX-101.SCH) — 33KB
• lgih-20240331_cal.xml (EX-101.CAL) — 53KB
• lgih-20240331_def.xml (EX-101.DEF) — 147KB
• lgih-20240331_lab.xml (EX-101.LAB) — 434KB
• lgih-20240331_pre.xml (EX-101.PRE) — 321KB
• lgih-20240331_htm.xml (XML) — 592KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. LGI Homes, Inc. Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 5 Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7 Notes to the Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1A.

Risk Factors

Risk Factors 32 Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 5. Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34 3 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LGI HOMES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share data) March 31, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 48,996 $ 48,978 Accounts receivable 27,151 41,319 Real estate inventory 3,229,100 3,107,648 Pre-acquisition costs and deposits 31,764 30,354 Property and equipment, net 49,775 45,522 Other assets 116,813 113,849 Deferred tax assets, net 7,269 8,163 Goodwill 12,018 12,018 Total assets $ 3,522,886 $ 3,407,851 LIABILITIES AND EQUITY Accounts payable $ 46,156 $ 31,616 Accrued expenses and other liabilities 224,307 271,872 Notes payable 1,383,220 1,248,332 Total liabilities 1,653,683 1,551,820 COMMITMENTS AND CONTINGENCIES EQUITY Common stock, par value $ 0.01 , 250,000,000 shares authorized, 27,596,140 shares issued and 23,567,441 shares outstanding as of March 31, 2024 and 27,521,120 shares issued and 23,581,648 shares outstanding as of December 31, 2023 276 275 Additional paid-in capital 327,182 321,062 Retained earnings 1,906,769 1,889,716 Treasury stock, at cost, 4,028,699 shares as of March 31, 2024 and 3,939,472 shares as of December 31, 2023 ( 365,024 ) ( 355,022 ) Total equity 1,869,203 1,856,031 Total liabilities and equity $ 3,522,886 $ 3,407,851 See accompanying notes to the consolidated financial statements. 4 Table of Contents LGI HOMES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Home sales revenues $ 390,851 $ 487,357 Cost of sales 299,450 388,541 Selling expenses 41,128 42,805 General and administrative 31,540 29,960 Operating income 18,733 26,051 Other income, net ( 4,361 ) ( 6,297 ) Net income before income taxes 23,094 32,348 Income tax provision 6,041 5,386 Net income $ 17,053 $ 26,962 Earnings per share: Basic $ 0.72 $ 1.15 Diluted $ 0.72 $ 1.14 Weighted average shares outstanding: Basic 23,578,576 23,381,

View Full Filing

View this 10-Q filing on SEC EDGAR