LGI Homes Files Q2 2024 10-Q
Ticker: LGIH · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1580670
Sentiment: neutral
Topics: 10-Q, earnings, financials, housing
Related Tickers: LEN, DHI, TOL
TL;DR
**LGI Homes Q2 10-Q is IN! Check financials for H1 2024 vs 2023.**
AI Summary
LGI Homes, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data for the six months ended June 30, 2024, and June 30, 2023, are presented, along with balance sheet information as of June 30, 2024, and December 31, 2023.
Why It Matters
This filing provides investors with an update on LGI Homes' financial health and operational performance during the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — Quarterly filings like this 10-Q are standard for public companies and carry inherent risks related to financial performance and market conditions.
Key Numbers
- 20240630 — End of Period (Quarterly financial reporting period)
- 20231231 — Prior Year End (Balance sheet comparison date)
Key Players & Entities
- LGI Homes, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240730 (date) — Filing date
- 0001580670 (company) — Central Index Key for LGI Homes, Inc.
FAQ
What is the total revenue for the six months ended June 30, 2024?
The filing does not explicitly state the total revenue for the six months ended June 30, 2024, in the provided snippet. Detailed financial statements would be required to ascertain this figure.
How does the company's net income for the first six months of 2024 compare to the same period in 2023?
The provided text does not contain specific net income figures for the six-month periods of 2024 and 2023, preventing a direct comparison.
What were the significant changes in LGI Homes' balance sheet from December 31, 2023, to June 30, 2024?
The filing indicates balance sheet data is available for both June 30, 2024, and December 31, 2023, but the specific line-item changes are not detailed in this excerpt.
Are there any mentions of new debt financing or repayment in this filing?
This excerpt does not contain information regarding new debt financing or repayment activities.
What is the company's stock ticker symbol?
The filing does not explicitly state the stock ticker symbol, but the context suggests it is LGI Homes, Inc.
Filing Stats: 4,731 words · 19 min read · ~16 pages · Grade level 13.7 · Accepted 2024-07-30 17:00:15
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share LGIH NASDAQ Global Select Mar
Filing Documents
- lgih-20240630.htm (10-Q) — 1077KB
- a63024ex311.htm (EX-31.1) — 10KB
- a63024ex312.htm (EX-31.2) — 10KB
- a63024ex321.htm (EX-32.1) — 5KB
- a63024ex322.htm (EX-32.2) — 5KB
- 0001580670-24-000037.txt ( ) — 5338KB
- lgih-20240630.xsd (EX-101.SCH) — 34KB
- lgih-20240630_cal.xml (EX-101.CAL) — 52KB
- lgih-20240630_def.xml (EX-101.DEF) — 144KB
- lgih-20240630_lab.xml (EX-101.LAB) — 448KB
- lgih-20240630_pre.xml (EX-101.PRE) — 325KB
- lgih-20240630_htm.xml (XML) — 707KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1. LGI Homes, Inc. Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 4 Consolidated Statements of Operations for the three and six months ended June 30 , 2024 and 2023 5 Consolidated Statements of Equity for the three and six months ended June 30 , 2024 and 2023 6 Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 8 Notes to the Consolidated Financial Statements 9 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 20 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.
Controls and Procedures
Controls and Procedures 36
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1A.
Risk Factors
Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 5. Other Information 37 Item 6. Exhibits 38
SIGNATURES
SIGNATURES 39 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) June 30, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 51,071 $ 48,978 Accounts receivable 43,213 41,319 Real estate inventory 3,360,265 3,107,648 Pre-acquisition costs and deposits 34,004 30,354 Property and equipment, net 56,345 45,522 Other assets 137,968 113,849 Deferred tax assets, net 7,043 8,163 Goodwill 12,018 12,018 Total assets $ 3,701,927 $ 3,407,851 LIABILITIES AND EQUITY Accounts payable $ 66,745 $ 31,616 Accrued expenses and other liabilities 209,975 271,872 Notes payable 1,501,365 1,248,332 Total liabilities 1,778,085 1,551,820 COMMITMENTS AND CONTINGENCIES EQUITY Common stock, par value $ 0.01 , 250,000,000 shares authorized, 27,612,742 shares issued and 23,500,280 shares outstanding as of June 30, 2024 and 27,521,120 shares issued and 23,581,648 shares outstanding as of December 31, 2023 276 275 Additional paid-in capital 331,246 321,062 Retained earnings 1,965,342 1,889,716 Treasury stock, at cost, 4,112,462 shares as of June 30, 2024 and 3,939,472 shares as of December 31, 2023 ( 373,022 ) ( 355,022 ) Total equity 1,923,842 1,856,031 Total liabilities and equity $ 3,701,927 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Home sales revenues $ 602,497 $ 645,270 $ 993,348 $ 1,132,627 Cost of sales 451,613 503,333 751,063 891,874 Selling expenses 52,872 49,225 94,000 92,030 General and administrative 30,491 27,626 62,031 57,586 Operating income 67,521 65,086 86,254 91,137 Other income, net ( 9,362 ) ( 6,323 ) ( 13,723 ) ( 12,620 ) Net income before income taxes 76,883 71,409 99,977 103,757 Income tax provision 18,310 18,275 24,351 2