(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. | ||||
99.1 | |||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
Dated: May 3, 2022 | ||||||||
LGI HOMES, INC. | ||||||||
By: | /s/ Eric Lipar | |||||||
Eric Lipar | ||||||||
Chief Executive Officer and Chairman of the Board |
March 31, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | $ | 53,325 | $ | 50,514 | ||||||||||
Accounts receivable | 48,489 | 57,909 | ||||||||||||
Real estate inventory | 2,335,570 | 2,085,904 | ||||||||||||
Pre-acquisition costs and deposits | 39,171 | 40,702 | ||||||||||||
Property and equipment, net | 19,420 | 16,944 | ||||||||||||
Other assets | 83,307 | 81,676 | ||||||||||||
Deferred tax assets, net | 2,933 | 6,198 | ||||||||||||
Goodwill | 12,018 | 12,018 | ||||||||||||
Total assets | $ | 2,594,233 | $ | 2,351,865 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Accounts payable | $ | 21,965 | $ | 14,172 | ||||||||||
Accrued expenses and other liabilities | 145,921 | 136,609 | ||||||||||||
Notes payable | 1,003,596 | 805,236 | ||||||||||||
Total liabilities | 1,171,482 | 956,017 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
EQUITY | ||||||||||||||
Common stock, par value $0.01, 250,000,000 shares authorized, 27,187,895 shares issued and 23,666,284 shares outstanding as of March 31, 2022 and 26,963,915 shares issued and 23,917,359 shares outstanding as of December 31, 2021 | 271 | 269 | ||||||||||||
Additional paid-in capital | 297,451 | 291,577 | ||||||||||||
Retained earnings | 1,442,608 | 1,363,922 | ||||||||||||
Treasury stock, at cost, 3,521,611 shares and 3,046,556 shares, respectively | (317,579) | (259,920) | ||||||||||||
Total equity | 1,422,751 | 1,395,848 | ||||||||||||
Total liabilities and equity | $ | 2,594,233 | $ | 2,351,865 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Home sales revenues | $ | 546,050 | $ | 705,953 | ||||||||||
Cost of sales | 387,643 | 516,004 | ||||||||||||
Selling expenses | 34,398 | 42,783 | ||||||||||||
General and administrative | 28,289 | 24,723 | ||||||||||||
Operating income | 95,720 | 122,443 | ||||||||||||
Other income, net | (3,830) | (833) | ||||||||||||
Net income before income taxes | 99,550 | 123,276 | ||||||||||||
Income tax provision | 20,864 | 23,618 | ||||||||||||
Net income | $ | 78,686 | $ | 99,658 | ||||||||||
Earnings per share: | ||||||||||||||
Basic | $ | 3.30 | $ | 3.99 | ||||||||||
Diluted | $ | 3.25 | $ | 3.95 | ||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 23,837,170 | 24,950,867 | ||||||||||||
Diluted | 24,194,321 | 25,220,872 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Home sales revenues | $ | 546,050 | $ | 705,953 | ||||||||||
Cost of sales | 387,643 | 516,004 | ||||||||||||
Gross margin | 158,407 | 189,949 | ||||||||||||
Capitalized interest charged to cost of sales | 4,513 | 10,672 | ||||||||||||
Purchase accounting adjustments (1) | 2,282 | 812 | ||||||||||||
Adjusted gross margin | $ | 165,202 | $ | 201,433 | ||||||||||
Gross margin % (2) | 29.0 | % | 26.9 | % | ||||||||||
Adjusted gross margin % (2) | 30.3 | % | 28.5 | % |
Three Months Ended March 31, 2022 | As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||
Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | Community Count at End of Period | |||||||||||||||||||||||||||||||||
Central | $ | 262,298 | 844 | $ | 310,780 | 30.0 | 9.4 | 29 | ||||||||||||||||||||||||||||||
Southeast | 72,463 | 238 | 304,466 | 20.0 | 4.0 | 21 | ||||||||||||||||||||||||||||||||
Northwest | 102,874 | 201 | 511,811 | 10.3 | 6.5 | 9 | ||||||||||||||||||||||||||||||||
West | 55,583 | 142 | 391,430 | 10.0 | 4.7 | 10 | ||||||||||||||||||||||||||||||||
Florida | 52,832 | 174 | 303,632 | 18.7 | 3.1 | 19 | ||||||||||||||||||||||||||||||||
Total | $ | 546,050 | 1,599 | $ | 341,495 | 89.0 | 6.0 | 88 | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | As of March 31, 2021 | |||||||||||||||||||||||||||||||||||||
Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | Community Count at End of Period | |||||||||||||||||||||||||||||||||
Central | $ | 288,750 | 1,127 | $ | 256,211 | 37.3 | 10.1 | 38 | ||||||||||||||||||||||||||||||
Southeast | 136,551 | 548 | 249,181 | 27.7 | 6.6 | 29 | ||||||||||||||||||||||||||||||||
Northwest | 118,191 | 296 | 399,294 | 10.6 | 9.3 | 11 | ||||||||||||||||||||||||||||||||
West | 81,148 | 249 | 325,896 | 10.7 | 7.8 | 11 | ||||||||||||||||||||||||||||||||
Florida | 81,313 | 341 | 238,455 | 20.0 | 5.7 | 21 | ||||||||||||||||||||||||||||||||
Total | $ | 705,953 | 2,561 | $ | 275,655 | 106.3 | 8.0 | 110 |
Three Months Ended March 31, 2022 | As of March 31, 2022 | |||||||||||||||||||||||||
Reportable Segment | Home Closings | Owned (1) | Controlled | Total | ||||||||||||||||||||||
Central | 844 | 23,769 | 13,999 | 37,768 | ||||||||||||||||||||||
Southeast | 238 | 15,822 | 5,620 | 21,442 | ||||||||||||||||||||||
Northwest | 201 | 6,790 | 2,559 | 9,349 | ||||||||||||||||||||||
West | 142 | 8,358 | 7,040 | 15,398 | ||||||||||||||||||||||
Florida | 174 | 4,340 | 4,973 | 9,313 | ||||||||||||||||||||||
Total | 1,599 | 59,079 | 34,191 | 93,270 |
Backlog Data | Three Months Ended March 31, | |||||||||||||
2022 (4) | 2021 (5) | |||||||||||||
Net orders (1) | 1,973 | 5,229 | ||||||||||||
Cancellation rate (2) | 15.6 | % | 10.5 | % | ||||||||||
Ending backlog – homes (3) | 2,429 | 5,632 | ||||||||||||
Ending backlog – value (3) | $ | 849,117 | $ | 1,595,879 |
Cover Page Cover Page |
May 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 03, 2022 |
Entity Registrant Name | LGI HOMES, INC. |
Entity Central Index Key | 0001580670 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36126 |
Entity Tax Identification Number | 46-3088013 |
Entity Address, Address Line One | 1450 Lake Robbins Drive, |
Entity Address, Address Line Two | Suite 430, |
Entity Address, City or Town | The Woodlands, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77380 |
City Area Code | 281 |
Local Phone Number | 362-8998 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | LGIH |
Security Exchange Name | NASDAQ |
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