LGI Homes, Inc. Reports Fourth Quarter and Full Year 2024 Results and Issues Guidance for 2025
LGI Homes (NASDAQ: LGIH) reported its Q4 and full-year 2024 results. Despite a mixed macroeconomic backdrop, LGI Homes achieved full-year closings of 6,131 homes, including a bulk sale of 103 leased single-family homes. The company ended the year with a record 151 active communities, up 29.1%. Full-year gross margin was 24.2%, and adjusted gross margin was 26.3%, representing increases of 120 and 160 basis points, respectively. Pre-tax net income margin rose to 11.8%, up 70 basis points. For Q4, home sales revenues decreased 8.4% to $557.4 million, and home closings fell 12.8% to 1,533 homes. Average sales price per home increased 5.1% to $363,598. Q4 gross margin decreased 50 basis points to 22.9%, while adjusted gross margin increased 10 basis points to 25.2%. Net income before taxes dropped 2.1% to $67.1 million, and net income decreased 2.3% to $50.9 million.
LGI Homes issued its 2025 guidance, projecting home closings between 6,200 and 7,000 and an average sales price between $360,000 and $370,000. The company expects gross margins between 23.2% and 24.2% and adjusted gross margins between 25.5% and 26.5%.
LGI Homes (NASDAQ: LGIH) ha riportato i risultati del quarto trimestre e dell'intero anno 2024. Nonostante un contesto macroeconomico misto, LGI Homes ha raggiunto chiusure annuali di 6.131 abitazioni, inclusa una vendita in blocco di 103 case unifamiliari in affitto. L'azienda ha concluso l'anno con un record di 151 comunità attive, in aumento del 29,1%. Il margine lordo annuale è stato del 24,2%, mentre il margine lordo rettificato è stato del 26,3%, con aumenti rispettivi di 120 e 160 punti base. Il margine di reddito netto ante imposte è salito all'11,8%, in aumento di 70 punti base. Per il quarto trimestre, i ricavi delle vendite di case sono diminuiti dell'8,4% a 557,4 milioni di dollari, e le chiusure delle case sono calate del 12,8% a 1.533 abitazioni. Il prezzo medio di vendita per casa è aumentato del 5,1% a 363.598 dollari. Il margine lordo del quarto trimestre è diminuito di 50 punti base al 22,9%, mentre il margine lordo rettificato è aumentato di 10 punti base al 25,2%. Il reddito netto prima delle imposte è sceso del 2,1% a 67,1 milioni di dollari, e il reddito netto è diminuito del 2,3% a 50,9 milioni di dollari.
LGI Homes ha emesso le sue previsioni per il 2025, prevedendo chiusure di case tra 6.200 e 7.000 e un prezzo medio di vendita tra 360.000 e 370.000 dollari. L'azienda si aspetta margini lordi tra il 23,2% e il 24,2% e margini lordi rettificati tra il 25,5% e il 26,5%.
LGI Homes (NASDAQ: LGIH) informó sobre sus resultados del cuarto trimestre y del año completo 2024. A pesar de un contexto macroeconómico mixto, LGI Homes logró cierres anuales de 6,131 casas, incluida una venta en bloque de 103 casas unifamiliares arrendadas. La compañía terminó el año con un récord de 151 comunidades activas, un aumento del 29.1%. El margen bruto anual fue del 24.2%, y el margen bruto ajustado fue del 26.3%, representando aumentos de 120 y 160 puntos base, respectivamente. El margen de ingresos netos antes de impuestos aumentó al 11.8%, un incremento de 70 puntos base. Para el cuarto trimestre, los ingresos por ventas de casas disminuyeron un 8.4% a $557.4 millones, y los cierres de casas cayeron un 12.8% a 1,533 casas. El precio promedio de venta por casa aumentó un 5.1% a $363,598. El margen bruto del cuarto trimestre disminuyó 50 puntos base a 22.9%, mientras que el margen bruto ajustado aumentó 10 puntos base a 25.2%. Los ingresos netos antes de impuestos cayeron un 2.1% a $67.1 millones, y los ingresos netos disminuyeron un 2.3% a $50.9 millones.
LGI Homes emitió su guía para 2025, proyectando cierres de casas entre 6,200 y 7,000 y un precio promedio de venta entre $360,000 y $370,000. La compañía espera márgenes brutos entre el 23.2% y el 24.2% y márgenes brutos ajustados entre el 25.5% y el 26.5%.
LGI Homes (NASDAQ: LGIH)는 2024년 4분기 및 연간 실적을 발표했습니다. 혼재된 거시경제 배경에도 불구하고 LGI Homes는 6,131채의 주택을 연간 마감했으며, 이에는 103채의 임대 단독 주택의 대량 판매가 포함됩니다. 회사는 151개의 활성 커뮤니티라는 기록으로 연도를 마감했으며, 이는 29.1% 증가한 수치입니다. 연간 총 마진은 24.2%였고, 조정된 총 마진은 26.3%로 각각 120 및 160 베이시스 포인트 증가했습니다. 세전 순소득 마진은 11.8%로 70 베이시스 포인트 상승했습니다. 4분기 동안 주택 판매 수익은 8.4% 감소하여 5억 5,740만 달러에 이르렀고, 주택 마감은 12.8% 감소하여 1,533채에 이르렀습니다. 주택당 평균 판매 가격은 5.1% 증가하여 363,598달러에 도달했습니다. 4분기 총 마진은 50 베이시스 포인트 감소하여 22.9%였고, 조정된 총 마진은 10 베이시스 포인트 증가하여 25.2%였습니다. 세전 순소득은 2.1% 감소하여 6,710만 달러에 이르렀고, 순소득은 2.3% 감소하여 5,090만 달러에 이르렀습니다.
LGI Homes는 2025년 가이드를 발표하며 주택 마감이 6,200채에서 7,000채 사이가 될 것으로 예상하고, 평균 판매 가격은 360,000달러에서 370,000달러 사이가 될 것으로 전망했습니다. 회사는 총 마진이 23.2%에서 24.2% 사이, 조정된 총 마진이 25.5%에서 26.5% 사이가 될 것으로 예상하고 있습니다.
LGI Homes (NASDAQ: LGIH) a publié ses résultats du quatrième trimestre et de l'année entière 2024. Malgré un contexte macroéconomique mitigé, LGI Homes a atteint des clôtures annuelles de 6 131 maisons, y compris une vente en gros de 103 maisons unifamiliales louées. L'entreprise a terminé l'année avec un record de 151 communautés actives, en hausse de 29,1 %. La marge brute annuelle était de 24,2 %, et la marge brute ajustée était de 26,3 %, représentant des augmentations respectives de 120 et 160 points de base. La marge de revenu net avant impôts a augmenté à 11,8 %, soit une hausse de 70 points de base. Pour le quatrième trimestre, les revenus des ventes de maisons ont diminué de 8,4 % à 557,4 millions de dollars, et les clôtures de maisons ont chuté de 12,8 % à 1 533 maisons. Le prix de vente moyen par maison a augmenté de 5,1 % à 363 598 dollars. La marge brute du quatrième trimestre a diminué de 50 points de base à 22,9 %, tandis que la marge brute ajustée a augmenté de 10 points de base à 25,2 %. Le revenu net avant impôts a chuté de 2,1 % à 67,1 millions de dollars, et le revenu net a diminué de 2,3 % à 50,9 millions de dollars.
LGI Homes a émis ses prévisions pour 2025, projetant des clôtures de maisons entre 6 200 et 7 000 et un prix de vente moyen entre 360 000 et 370 000 dollars. L'entreprise s'attend à des marges brutes entre 23,2 % et 24,2 % et des marges brutes ajustées entre 25,5 % et 26,5 %.
LGI Homes (NASDAQ: LGIH) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Trotz eines gemischten makroökonomischen Umfelds erzielte LGI Homes im gesamten Jahr 6.131 Hausabschlüsse, darunter einen Großverkauf von 103 vermieteten Einfamilienhäusern. Das Unternehmen schloss das Jahr mit einem Rekord von 151 aktiven Gemeinschaften ab, was einem Anstieg von 29,1 % entspricht. Die Bruttomarge für das gesamte Jahr betrug 24,2 %, und die bereinigte Bruttomarge lag bei 26,3 %, was jeweils einem Anstieg von 120 und 160 Basispunkten entspricht. Die Nettomarge vor Steuern stieg auf 11,8 %, was einem Anstieg von 70 Basispunkten entspricht. Im vierten Quartal sanken die Einnahmen aus dem Hausverkauf um 8,4 % auf 557,4 Millionen US-Dollar, und die Hausabschlüsse fielen um 12,8 % auf 1.533 Häuser. Der durchschnittliche Verkaufspreis pro Haus stieg um 5,1 % auf 363.598 US-Dollar. Die Bruttomarge im vierten Quartal sank um 50 Basispunkte auf 22,9 %, während die bereinigte Bruttomarge um 10 Basispunkte auf 25,2 % stieg. Das Nettogewinn vor Steuern sank um 2,1 % auf 67,1 Millionen US-Dollar, und der Nettogewinn fiel um 2,3 % auf 50,9 Millionen US-Dollar.
LGI Homes gab seine Prognose für 2025 heraus und rechnet mit Hausabschlüssen zwischen 6.200 und 7.000 sowie einem durchschnittlichen Verkaufspreis zwischen 360.000 und 370.000 US-Dollar. Das Unternehmen erwartet Bruttomargen zwischen 23,2 % und 24,2 % sowie bereinigte Bruttomargen zwischen 25,5 % und 26,5 %.
- Full-year gross margin increased to 24.2%
- Adjusted gross margin increased to 26.3%
- Pre-tax net income margin rose to 11.8%
- Record high 151 active communities, up 29.1%
- Q4 home sales revenues decreased 8.4%
- Q4 home closings fell 12.8%
- Q4 net income before taxes dropped 2.1%
- Full-year home sales revenues decreased 6.6%
- Full-year home closings decreased 10.4%
THE WOODLANDS, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the fourth quarter and year ended December 31, 2024.
“In the face of a mixed macroeconomic backdrop, our strong finish in the fourth quarter enabled us to meet, and in many cases exceed, our strategic goals for 2024,” said Eric Lipar, Chairman and Chief Executive Officer of LGI Homes.
“Our strong execution in the fourth quarter resulted in full year closings of 6,131 homes, including the bulk sale of 103 leased, single-family homes. We successfully ended the year with a record high 151 active communities, an impressive increase of
“Our near-term outlook for 2025 is tempered by our belief that the affordability challenges encountered in 2024 will continue into this year. Our current guidance reflects our conservatism in the face of this uncertainty and is based on what we believe is attainable if conditions this year are similar to our experience in 2024 and year-to-date. With this in mind, we are projecting full year closings between 6,200 and 7,000 homes, at an average sales price between
Mr. Lipar concluded, “As we look out to 2025, we are staying the course and remain committed to driving profitability through operational discipline and positioning LGI Homes for sustainable success. I thank our team members for their dedication and congratulate them all on the successful results they delivered in 2024. I'm confident in the talent and experience we’ve built here at LGI Homes and believe we are well-positioned to navigate whatever comes our way in 2025.”
Fourth Quarter 2024 Highlights (comparisons to fourth quarter 2023)
- Home sales revenues decreased
8.4% to$557.4 million - Home closings decreased
12.8% to 1,533 homes - Average sales price per home closed increased
5.1% to$363,598 - Gross margin as a percentage of home sales revenues decreased 50 basis points to
22.9% - Adjusted gross margin (non-GAAP) as a percentage of home sales revenues increased 10 basis points to
25.2% - Net income before income taxes decreased
2.1% to$67.1 million - Net income decreased
2.3% to$50.9 million , or$2.16 b asic EPS and$2.15 diluted EPS
Full Year 2024 Highlights (comparisons to full year 2023)
- Home sales revenues decreased
6.6% to$2.2 billion - Home closings decreased
10.4% to 6,028 homes. Including the bulk sale of 103 leased, single-family homes, home closings decreased8.9% to 6,131 homes - Average sales price per home closed increased
4.2% to$365,394 - Gross margin as a percentage of home sales revenues increased 120 basis points to
24.2% - Adjusted gross margin (non-GAAP) as a percentage of home sales revenues increased 160 basis points to
26.3% - Net income before income taxes decreased
1.1% to$258.9 million - Net income decreased
1.6% to$196.1 million , or$8.33 b asic EPS and$8.30 diluted EPS - Active selling communities at December 31, 2024 increased
29.1% to 151 - Total owned and controlled lots at December 31, 2024 of 70,899
- Ending backlog at December 31, 2024 of 599 homes
- Ending backlog value at December 31, 2024 of
$236.5 million
Please see “Non-GAAP Measures” for a reconciliation of Adjusted Gross Margin (a non-GAAP measure) to Gross Margin, the most directly comparable GAAP measure.
Balance Sheet Highlights
- Net debt to capitalization of
41.2% at December 31, 2024 - Total liquidity of
$323.7 million at December 31, 2024, including cash and cash equivalents of$53.2 million and$270.5 million of availability under the Company’s revolving credit facility
Full Year 2025 Outlook
Subject to the caveats in the Forward-Looking Statements section of this press release and the assumptions noted below, the Company is providing the following guidance for the full year 2025. The Company expects:
- Home closings between 6,200 and 7,000
- Active selling communities at the end of 2025 between 160 and 170
- Average sales price per home closed between
$360,000 and$370,000 - Gross margin as a percentage of home sales revenues between
23.2% and24.2% - Adjusted gross margin (non-GAAP) as a percentage of home sales revenues between
25.5% and26.5% with capitalized interest accounting for substantially all of the difference between gross margin and adjusted gross margin - SG&A as a percentage of home sales revenues between
14.0% and15.0% - Effective tax rate of approximately
24.5%
This outlook assumes that general economic conditions, including input costs, materials, product and labor availability, interest rates and mortgage availability, in the remainder of 2025 are similar to those experienced to date in 2025 and that the average sales price per home closed, construction costs, availability of land and land development costs in the remainder of 2025 are consistent with the Company’s recent experience. In addition, this outlook assumes that governmental regulations relating to land development and home construction are similar to those currently in place and does not take into account any changes to U.S. trade policies, including the imposition of tariffs and duties on homebuilding products.
Earnings Conference Call
The Company will host a conference call via live webcast for investors and other interested parties beginning at 12:30 p.m. Eastern Time on Tuesday, February 25, 2025 (the “Earnings Call”).
Participants may access the live webcast by visiting the Investor Relations section of the Company’s website at https://investor.lgihomes.com.
An archive of the Earnings Call webcast will be available for replay on the Company’s website for one year from the date of the Earnings Call.
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes across 36 markets in 21 states. As one of America’s fastest growing companies, LGI Homes has closed over 75,000 homes since its founding in 2003 and has delivered profitable financial results every year. Nationally recognized for its quality construction and exceptional customer service, LGI Homes was named to Newsweek’s list of the World’s Most Trustworthy Companies. LGI Homes’ commitment to excellence extends to its more than 1,000 employees, earning the Company numerous workplace awards at the local, state, and national level, including the Top Workplaces USA 2024 Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation, please visit the Company’s website at www.lgihomes.com.
Forward-Looking Statements
Any statements made in this press release or on the Earnings Call that are not statements of historical fact, including statements about the Company’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements include information concerning projected 2025 home closings, active selling communities, average sales price per home closed, gross margin as a percentage of home sales revenues, adjusted gross margin as a percentage of homes sales revenues, SG&A as a percentage of home sales revenues, and effective tax rate, as well as market conditions and possible or assumed future results of operations, including descriptions of the Company's business plan and strategies. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “will” or, in each case, their negative, or other variations or comparable terminology. For more information concerning factors that could cause actual results to differ materially from those contained in the forward-looking statements please refer to the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including the “Cautionary Statement about Forward-Looking Statements” subsection within the “Risk Factors” section, the “Risk Factors” and “Cautionary Statement about Forward-Looking Statements” sections in the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and subsequent filings by the Company with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 when it is filed with the SEC. The Company bases these forward-looking statements or projections on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release or listen to the Earnings Call, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although the Company believes that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect the Company’s actual results to differ materially from those expressed in the forward-looking statements and projections. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If the Company does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements.
| LGI HOMES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data) | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 53,197 | $ | 48,978 | ||||
| Accounts receivable | 28,717 | 41,319 | ||||||
| Real estate inventory | 3,387,853 | 3,107,648 | ||||||
| Pre-acquisition costs and deposits | 36,049 | 30,354 | ||||||
| Property and equipment, net | 57,038 | 45,522 | ||||||
| Other assets | 174,391 | 113,849 | ||||||
| Deferred tax assets, net | 9,271 | 8,163 | ||||||
| Goodwill | 12,018 | 12,018 | ||||||
| Total assets | $ | 3,758,534 | $ | 3,407,851 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Accounts payable | $ | 33,271 | $ | 31,616 | ||||
| Accrued expenses and other liabilities | 207,317 | 271,872 | ||||||
| Notes payable | 1,480,718 | 1,248,332 | ||||||
| Total liabilities | 1,721,306 | 1,551,820 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| EQUITY | ||||||||
| Common stock, par value | 276 | 275 | ||||||
| Additional paid-in capital | 337,161 | 321,062 | ||||||
| Retained earnings | 2,085,787 | 1,889,716 | ||||||
| Treasury stock, at cost, 4,247,339 shares and 3,939,472 shares, respectively | (385,996 | ) | (355,022 | ) | ||||
| Total equity | 2,037,228 | 1,856,031 | ||||||
| Total liabilities and equity | $ | 3,758,534 | $ | 3,407,851 | ||||
| LGI HOMES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Home sales revenues | $ | 557,396 | $ | 608,414 | $ | 2,202,598 | $ | 2,358,580 | ||||||||
| Cost of sales | 429,885 | 465,785 | 1,669,310 | 1,816,393 | ||||||||||||
| Selling expenses | 50,754 | 49,771 | 199,950 | 191,582 | ||||||||||||
| General and administrative | 31,170 | 33,016 | 121,192 | 117,350 | ||||||||||||
| Operating income | 45,587 | 59,842 | 212,146 | 233,255 | ||||||||||||
| Other income, net | (21,497 | ) | (8,706 | ) | (46,767 | ) | (28,499 | ) | ||||||||
| Net income before income taxes | 67,084 | 68,548 | 258,913 | 261,754 | ||||||||||||
| Income tax provision | 16,214 | 16,459 | 62,842 | 62,527 | ||||||||||||
| Net income | $ | 50,870 | $ | 52,089 | $ | 196,071 | $ | 199,227 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 2.16 | $ | 2.21 | $ | 8.33 | $ | 8.48 | ||||||||
| Diluted | $ | 2.15 | $ | 2.19 | $ | 8.30 | $ | 8.42 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 23,497,275 | 23,565,640 | 23,529,724 | 23,507,136 | ||||||||||||
| Diluted | 23,620,777 | 23,737,448 | 23,610,457 | 23,648,548 | ||||||||||||
Non-GAAP Measures
In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company has provided information in this press release relating to adjusted gross margin.
Adjusted Gross Margin
Adjusted gross margin is a non-GAAP financial measure used by management as a supplemental measure in evaluating operating performance. The Company defines adjusted gross margin as gross margin less capitalized interest and adjustments resulting from the application of purchase accounting included in the cost of sales. Management believes this information is useful because it isolates the impact that capitalized interest and purchase accounting adjustments have on gross margin. However, because adjusted gross margin information excludes capitalized interest and purchase accounting adjustments, which have real economic effects and could impact results, the utility of adjusted gross margin information as a measure of the Company’s operating performance may be limited. In addition, other companies may not calculate adjusted gross margin information in the same manner that the Company does. Accordingly, adjusted gross margin information should be considered only as a supplement to gross margin information as a measure of the Company’s performance.
The following table reconciles adjusted gross margin to gross margin, which is the GAAP financial measure that management believes to be most directly comparable (dollars in thousands, unaudited):
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Home sales revenues | $ | 557,396 | $ | 608,414 | $ | 2,202,598 | $ | 2,358,580 | ||||||||
| Cost of sales | 429,885 | 465,785 | 1,669,310 | 1,816,393 | ||||||||||||
| Gross margin | 127,511 | 142,629 | 533,288 | 542,187 | ||||||||||||
| Capitalized interest charged to cost of sales | 11,884 | 8,893 | 42,071 | 33,368 | ||||||||||||
| Purchase accounting adjustments (1) | 900 | 981 | 4,034 | 6,492 | ||||||||||||
| Adjusted gross margin | $ | 140,295 | $ | 152,503 | $ | 579,393 | $ | 582,047 | ||||||||
| Gross margin % (2) | 22.9 | % | 23.4 | % | 24.2 | % | 23.0 | % | ||||||||
| Adjusted gross margin % (2) | 25.2 | % | 25.1 | % | 26.3 | % | 24.7 | % | ||||||||
| (1) | Adjustments result from the application of purchase accounting for acquisitions and represent the amount of the fair value step-up adjustments included in cost of sales for real estate inventory sold after the acquisition dates. | ||
| (2) | Calculated as a percentage of home sales revenues. |
Home Sales Revenues, Home Closings, Average Sales Price Per Home Closed (ASP), Average Community Count, Average Monthly Absorption Rate, and Closing Community Count by Reportable Segment
(Revenues in thousands, unaudited)
| Three Months Ended December 31, 2024 | ||||||||||||
| Reportable Segment | Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | |||||||
| Central | $ | 122,999 | 394 | $ | 312,180 | 48.0 | 2.7 | |||||
| Southeast | 131,102 | 404 | 324,510 | 30.0 | 4.5 | |||||||
| Northwest | 71,154 | 139 | 511,899 | 16.7 | 2.8 | |||||||
| West | 120,775 | 292 | 413,613 | 24.7 | 3.9 | |||||||
| Florida | 111,366 | 304 | 366,336 | 24.3 | 4.2 | |||||||
| Total | $ | 557,396 | 1,533 | $ | 363,598 | 143.7 | 3.6 | |||||
| Three Months Ended December 31, 2023 | ||||||||||||
| Reportable Segment | Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | |||||||
| Central | $ | 166,108 | 517 | $ | 321,292 | 36.7 | 4.7 | |||||
| Southeast | 159,190 | 500 | 318,380 | 27.0 | 6.2 | |||||||
| Northwest | 38,286 | 78 | 490,846 | 10.3 | 2.5 | |||||||
| West | 124,527 | 320 | 389,147 | 16.0 | 6.7 | |||||||
| Florida | 120,303 | 343 | 350,738 | 22.3 | 5.1 | |||||||
| Total | $ | 608,414 | 1,758 | $ | 346,083 | 112.3 | 5.2 | |||||
| Year Ended December 31, 2024 | As of December 31, 2024 | |||||||||||||
| Reportable Segment | Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | Community Count at End of Period | ||||||||
| Central | $ | 564,608 | 1,757 | $ | 321,348 | 44.8 | 3.3 | 50 | ||||||
| Southeast | 538,170 | 1,635 | 329,156 | 27.2 | 5.0 | 31 | ||||||||
| Northwest | 258,407 | 483 | 535,004 | 14.3 | 2.8 | 18 | ||||||||
| West | 472,655 | 1,140 | 414,610 | 21.7 | 4.4 | 26 | ||||||||
| Florida | 368,758 | 1,013 | 364,026 | 22.5 | 3.8 | 26 | ||||||||
| Total | $ | 2,202,598 | 6,028 | $ | 365,394 | 130.5 | 3.8 | 151 | ||||||
| Year Ended December 31, 2023 | As of December 31, 2023 | |||||||||||||
| Reportable Segment | Revenues | Home Closings | ASP | Average Community Count | Average Monthly Absorption Rate | Community Count at End of Period | ||||||||
| Central | $ | 730,688 | 2,241 | $ | 326,054 | 35.7 | 5.2 | 40 | ||||||
| Southeast | 556,808 | 1,716 | 324,480 | 24.8 | 5.8 | 28 | ||||||||
| Northwest | 251,171 | 511 | 491,528 | 10.2 | 4.2 | 11 | ||||||||
| West | 381,102 | 992 | 384,175 | 14.0 | 5.9 | 16 | ||||||||
| Florida | 438,811 | 1,269 | 345,793 | 19.2 | 5.5 | 22 | ||||||||
| Total | $ | 2,358,580 | 6,729 | $ | 350,510 | 103.9 | 5.4 | 117 | ||||||
Owned and Controlled Lots
The table below shows (i) home closings by reportable segment for the year ended December 31, 2024 and (ii) the Company’s owned or controlled lots by reportable segment as of December 31, 2024.
| Year Ended December 31, 2024 | As of December 31, 2024 | |||||||
| Reportable Segment | Home Closings | Owned (1) | Controlled | Total | ||||
| Central | 1,757 | 20,099 | 3,542 | 23,641 | ||||
| Southeast | 1,635 | 13,870 | 4,434 | 18,304 | ||||
| Northwest | 483 | 5,161 | 3,000 | 8,161 | ||||
| West | 1,140 | 8,829 | 4,119 | 12,948 | ||||
| Florida | 1,013 | 5,358 | 2,487 | 7,845 | ||||
| Total | 6,028 | 53,317 | 17,582 | 70,899 | ||||
| (1) | Of the 53,317 owned lots as of December 31, 2024, 37,432 were raw/under development lots and 15,885 were finished lots. |
Backlog Data
As of the dates set forth below, the Company’s net orders, cancellation rate, and ending backlog homes and value were as follows (dollars in thousands, unaudited):
| Year Ended December 31, | ||||||||||||
| 2024 (4) | 2023 (5) | 2022 (6) | ||||||||||
| Net orders (1) | 6,037 | 6,617 | 5,268 | |||||||||
| Cancellation rate (2) | 22.8 | % | 25.4 | % | 24.4 | % | ||||||
| Ending backlog - homes (3) | 599 | 590 | 702 | |||||||||
| Ending backlog - value (3) | $ | 236,511 | $ | 224,851 | $ | 252,002 | ||||||
| (1) | Net orders are new (gross) orders for the purchase of homes during the period, less cancellations of existing purchase contracts during the period. | ||
| (2) | Cancellation rate for a period is the total number of purchase contracts cancelled during the period divided by the total new (gross) orders for the purchase of homes during the period. | ||
| (3) | Ending backlog consists of retail homes at the end of the period that are under a purchase contract that has been signed by homebuyers who have met preliminary financing criteria but have not yet closed and wholesale contracts with varying terms. Ending backlog is valued at the contract amount. | ||
| (4) | As of December 31, 2024, the Company had 146 units related to bulk sales agreements associated with its wholesale business. | ||
| (5) | As of December 31, 2023, the Company had 60 units related to bulk sales agreements associated with its wholesale business. | ||
| (6) | As of December 31, 2022, the Company had 157 units related to bulk sales agreements associated with its wholesale business. |
CONTACT: Joshua D. Fattor
Executive Vice President, Investor Relations and Capital Markets
(281) 210-2586
investorrelations@lgihomes.com
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