$LGIH
LGI Homes, Inc.

2024 Q2 Form 10-Q Financial Statement

#000158067024000029 Filed on April 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $602.5M $390.9M
YoY Change -6.63% -19.8%
Cost Of Revenue $451.6M $299.5M
YoY Change -10.28% -22.93%
Gross Profit $150.9M $91.40M
YoY Change 6.3% -7.5%
Gross Profit Margin 25.04% 23.39%
Selling, General & Admin $83.36M $72.67M
YoY Change 8.47% -0.13%
% of Gross Profit 55.25% 79.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $777.0K $673.0K
YoY Change 53.86% 39.63%
% of Gross Profit 0.51% 0.74%
Operating Expenses $83.36M $72.67M
YoY Change 8.47% -0.13%
Operating Profit $67.52M $18.73M
YoY Change 3.74% -28.09%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $9.362M $4.361M
YoY Change 48.06% -30.74%
Pretax Income $76.88M $23.09M
YoY Change 7.67% -28.61%
Income Tax $18.31M $6.041M
% Of Pretax Income 23.82% 26.16%
Net Earnings $58.57M $17.05M
YoY Change 10.24% -36.75%
Net Earnings / Revenue 9.72% 4.36%
Basic Earnings Per Share $2.49 $0.72
Diluted Earnings Per Share $2.48 $0.72
COMMON SHARES
Basic Shares Outstanding 23.57M shares 23.58M shares
Diluted Shares Outstanding 23.60M shares 23.68M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.07M $49.00M
YoY Change 17.85% 14.03%
Cash & Equivalents $51.07M $49.00M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $3.360B $3.151B
Prepaid Expenses
Receivables $43.21M $27.15M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.455B $3.227B
YoY Change 21.41% 15.62%
LONG-TERM ASSETS
Property, Plant & Equipment $56.35M $49.78M
YoY Change 31.69% 41.11%
Goodwill $12.02M $12.02M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $58.95M $77.81M
YoY Change -56.41% -49.45%
Other Assets $41.05M $39.03M
YoY Change 20.33% 23.71%
Total Long-Term Assets $247.4M $295.4M
YoY Change -15.9% -4.54%
TOTAL ASSETS
Total Short-Term Assets $3.455B $3.227B
Total Long-Term Assets $247.4M $295.4M
Total Assets $3.702B $3.523B
YoY Change 17.91% 13.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.75M $46.16M
YoY Change 12.43% 15.56%
Accrued Expenses $210.0M $124.2M
YoY Change 69.57% 8.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $276.7M $178.0M
YoY Change 37.33% -15.92%
LONG-TERM LIABILITIES
Long-Term Debt $1.501B $1.461B
YoY Change 26.31% 21.78%
Other Long-Term Liabilities $16.85M $14.65M
YoY Change -8.45% -3.72%
Total Long-Term Liabilities $1.501B $1.476B
YoY Change 24.38% 21.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $276.7M $178.0M
Total Long-Term Liabilities $1.501B $1.476B
Total Liabilities $1.778B $1.654B
YoY Change 26.24% 15.91%
SHAREHOLDERS EQUITY
Retained Earnings $1.965B $1.907B
YoY Change 11.0% 11.02%
Common Stock $276.0K $276.0K
YoY Change 0.36% 0.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $373.0M $365.0M
YoY Change 5.07% 2.82%
Treasury Stock Shares
Shareholders Equity $1.924B $1.869B
YoY Change
Total Liabilities & Shareholders Equity $3.702B $3.523B
YoY Change 17.91% 13.61%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $58.57M $17.05M
YoY Change 10.24% -36.75%
Depreciation, Depletion And Amortization $777.0K $673.0K
YoY Change 53.86% 39.63%
Cash From Operating Activities -$83.49M -$99.49M
YoY Change -648.01% -228.21%
INVESTING ACTIVITIES
Capital Expenditures $280.0K $1.001M
YoY Change 43.59% 1217.11%
Acquisitions
YoY Change
Other Investing Activities -$4.666M $3.019M
YoY Change 160.38% -163.17%
Cash From Investing Activities -$4.946M $2.018M
YoY Change 148.92% -141.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 90.51M $97.49M
YoY Change -802.73% -257.81%
NET CHANGE
Cash From Operating Activities -83.49M -$99.49M
Cash From Investing Activities -4.946M $2.018M
Cash From Financing Activities 90.51M $97.49M
Net Change In Cash 2.075M $18.00K
YoY Change 463.86% -99.84%
FREE CASH FLOW
Cash From Operating Activities -$83.49M -$99.49M
Capital Expenditures $280.0K $1.001M
Free Cash Flow -$83.77M -$100.5M
YoY Change -656.98% -229.63%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recently Issued Accounting Pronouncements</span></div><div style="margin-top:6pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the impact that this standard will have on our financial statements.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment’s expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact that this standard will have on our financial statements.</span></div>
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CY2024Q1 us-gaap Product Warranty Accrual Payments
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1390000 usd
CY2023Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1252000 usd
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14000000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
11350000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
19835000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
21301000 usd
CY2024Q1 us-gaap Notes Payable
NotesPayable
1383220000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
1248332000 usd
CY2024Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
29363000 usd
CY2023Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
19169000 usd
CY2024Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
29363000 usd
CY2023Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
19169000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
0 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
0 usd
CY2024Q1 us-gaap Interest Paid
InterestPaid
21286000 usd
CY2023Q1 us-gaap Interest Paid
InterestPaid
25500000 usd
CY2024Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
4900000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3100000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.262
CY2024Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
12100000 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
100000 usd
CY2022Q1 lgih Stock Repurchase Program Additional Amount Authorized
StockRepurchaseProgramAdditionalAmountAuthorized
200000000 usd
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
550000000 usd
CY2024Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
89227 shares
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
10000000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
3028699 shares
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
201500000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
17053000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
26962000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23578576 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23381294 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
96777 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
248485 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23675353 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23629779 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.15
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.14
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34252 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24288 shares
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1
CY2024Q1 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
28368000 usd
CY2023Q4 us-gaap Land Under Purchase Options Recorded
LandUnderPurchaseOptionsRecorded
26955000 usd
CY2024Q1 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
537736000 usd
CY2023Q4 lgih Commitment Under Land Purchase Option And Deposit Agreement
CommitmentUnderLandPurchaseOptionAndDepositAgreement
513941000 usd
CY2024Q1 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
15382
CY2023Q4 lgih Lots Under Purchase Options Recorded
LotsUnderPurchaseOptionsRecorded
15750
CY2024Q1 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
14600000 usd
CY2023Q4 lgih Refundable Land Deposits Of Purchase Contractsof Finished Lots
RefundableLandDepositsOfPurchaseContractsofFinishedLots
11400000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4700000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4600000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5100000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4900000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
400000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
600000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
600000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
500000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.059
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1260000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1434000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1262000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1085000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
640000 usd
CY2024Q1 lgih Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
35000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5716000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
639000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5077000 usd
CY2024Q1 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
351700000 usd
CY2023Q4 lgih Lettersof Credit Surety Bondsand Other Financial Guarantees
LettersofCreditSuretyBondsandOtherFinancialGuarantees
357000000 usd
CY2024Q1 us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
21600000 usd
us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
21500000 usd
CY2024Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2000000 usd
CY2024Q1 us-gaap Revenues
Revenues
390851000 usd
CY2023Q1 us-gaap Revenues
Revenues
487357000 usd
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
7 business
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 home
CY2024Q1 us-gaap Revenues
Revenues
390851000 usd
CY2023Q1 us-gaap Revenues
Revenues
487357000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23094000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
32348000 usd
CY2024Q1 us-gaap Assets
Assets
3522886000 usd
CY2023Q4 us-gaap Assets
Assets
3407851000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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a33124ex311.htm Edgar Link pending
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