LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results
for the third quarter and nine months ended September 30, 2020.
Third Quarter 2020 Highlights and
Comparisons to Third Quarter 2019
- Net Income increased 80.4% to $89.0 million, or $3.55 Basic EPS
and $3.52 Diluted EPS
- Adjusted Net Income* of $61.9 million, or $2.47 Adjusted Basic
EPS* and $2.45 Adjusted Diluted EPS*
- Net Income Before Income Taxes increased 20.2% to $77.8
million
- Home Sales Revenues increased 10.6% to $534.2 million
- Home Closings increased 4.4% to 2,091 homes
- Average Home Sales Price increased 5.9% to $255,477
- Gross Margin as a Percentage of Homes Sales Revenues increased
120 basis points to 25.3%
- Adjusted Gross Margin* as a Percentage of Home Sales Revenues
increased 100 basis points to 27.3%
- Active Selling Communities at September 30, 2020 increased
6.8% to 110
* Non-GAAP
Please see “Non-GAAP Measures” for a
reconciliation of Adjusted Net Income and Adjusted Earnings Per
Share (non-GAAP measures) to Net Income and Earnings Per Share, the
most directly comparable GAAP measures, and Adjusted Gross Margin
(a non-GAAP measure) to Gross Margin, the most directly comparable
GAAP measure.
Nine Months Ended September 30, 2020
Highlights and Comparisons to Nine Months Ended September 30,
2019
- Net Income increased 64.8% to $187.5 million, or $7.45 Basic
EPS and $7.40 Diluted EPS
- Adjusted Net Income* of $160.9 million, or $6.39 Adjusted Basic
EPS* and $6.35 Adjusted Diluted EPS*
- Net Income Before Income Taxes increased 37.0% to $201.3
million
- Home Sales Revenues increased 19.3% to $1.5 billion
- Home Closings increased 14.6% to 5,931 homes
- Average Home Sales Price increased 4.1% to $247,940
- Gross Margin as a Percentage of Homes Sales Revenues increased
60 basis points to 24.5%
- Adjusted Gross Margin* as a Percentage of Home Sales Revenues
increased 50 basis points to 26.5%
- Total Owned and Controlled Lots increased to 57,185 lots at
September 30, 2020
- Ending Backlog of 3,580 homes at September 30, 2020, an
increase of 119.0%
- Ending Backlog Value of $932.7 million at September 30, 2020,
an increase of 127.2%
* Non-GAAP
Please see “Non-GAAP Measures” for a
reconciliation of Adjusted Net Income and Adjusted Earnings Per
Share (non-GAAP measures) to Net Income and Earnings Per Share, the
most directly comparable GAAP measures, and Adjusted Gross Margin
(a non-GAAP measure) to Gross Margin, the most directly comparable
GAAP measure.
Balance Sheet
- Cash and cash equivalents at September 30, 2020 of $46.3
million, compared to $38.3 million at December 31, 2019
- Net debt to capitalization of 36.1% at September 30, 2020,
compared to 43.6% at December 31, 2019
Management Comments
“We are proud to report another outstanding
quarter for LGI Homes,” stated Eric Lipar, the Company's Chief
Executive Officer and Chairman of the Board. “As we moved past the
early impacts of the COVID-19 pandemic, we saw unprecedented levels
of demand across our markets, driven by continued low interest
rates, an undersupply of homes available for sale and a desire for
the space, flexibility and convenience that single-family homes in
suburban locations offer. Our results this quarter provide clear
evidence that LGI Homes’ 100% spec, entry-level focused model is
especially well-positioned to meet the needs of today’s
buyers.”
“Given all the positive industry news, it should
come as no surprise that this was a quarter for breaking records.
During the quarter we closed 2,091 homes, bringing our year-to-date
total to a record 5,931 closings. Compared to the third quarter of
2019, our home sales revenues were up 10.6%, our industry-leading
gross margin was up 120 basis points and we generated $89.0 million
in net income. Excluding the impact of retroactive energy tax
credits, our quarterly adjusted net income was $61.9 million
compared to net income of $49.3 million in the third quarter of
2019.”
“We saw strong demand across our markets during
the quarter. Net orders in July, August and September set all-time
Company records and collectively were up 78% over last year. As a
result, we ended the quarter with a record 3,580 homes in backlog,
a year-over-year increase of 119%. During the quarter we started
approximately 3,500 homes and invested significantly to add new
land and lots to our portfolio. In the three months ended September
30th, we added almost 3,000 new lots to our owned inventory and
nearly doubled our number of controlled lots. At the same time, our
strong operating results enabled us to reduce our net debt to
capitalization ratio to 36.1%, our lowest ratio since June
2014.”
Mr. Lipar concluded, “Our third quarter and
year-to-date results are a testament to the passion and dedication
of our employees. We are proud of what we have accomplished
together as an organization and believe we are well-positioned to
hit all of our key metrics in 2020.”
2020 Third Quarter Results
Home closings during the third quarter of 2020
totaled 2,091, an increase of 4.4% from 2,003 home closings during
the third quarter of 2019. At the end of the third quarter, active
selling communities increased to 110, up from 103 communities at
the end of the third quarter of 2019.
Home sales revenues for the third quarter of
2020 were $534.2 million, an increase of $51.1 million, or 10.6%,
over the third quarter of 2019. The increase in home sales revenues
is primarily due to the increase in home closings and an increase
in the average sales price per home closed during the third quarter
of 2020.
The average sales price per home closed for the
third quarter of 2020 was $255,477, an increase of $14,298, or
5.9%, over the third quarter of 2019. This increase in the average
sales price per home closed was primarily due to changes in product
mix, higher price points in certain new markets and a favorable
pricing environment.
Gross margin as a percentage of home sales
revenues for the third quarter of 2020 was 25.3% as compared to
24.1% for the third quarter of 2019. Adjusted gross margin
(non-GAAP) as a percentage of home sales revenues for the third
quarter of 2020 was 27.3% as compared to 26.3% for the third
quarter of 2019. The increase in gross margin and adjusted gross
margin as a percentage of home sales revenues is primarily due to
an increase in homes closed with a higher average sales price per
home closed, lower capitalized interest and lower overhead offset
by higher lot costs for the third quarter of 2020 as compared to
the third quarter of 2019. Please see “Non-GAAP Measures” for a
reconciliation of adjusted gross margin (non-GAAP) to gross margin,
the most comparable GAAP measure.
Net income for the third quarter of 2020 was
$89.0 million, or $3.55 per basic share and $3.52 per diluted
share, an increase of $39.7 million, or 80.4%, from $49.3 million,
or $2.15 per basic share and $1.93 per diluted share, for the third
quarter of 2019. The increase in net income is primarily attributed
to operating leverage realized from the increase in home sales
revenues, higher average sales price per home closed and
$29.4 million of federal energy efficient homes tax credits
recognized during the third quarter of 2020 as compared to the
third quarter of 2019.
Results for the Nine Months Ended
September 30, 2020
Home closings for the nine months ended
September 30, 2020 totaled 5,931, an increase of 14.6%, from 5,175
home closings during the nine months ended September 30, 2019.
Home sales revenues for the nine months ended
September 30, 2020 were $1,470.5 million, an increase of $238.0
million, or 19.3%, over the nine months ended September 30, 2019.
The increase in home sales revenues is primarily due to the
increase in home closings and an increase in the average sales
price per home closed during the nine months ended September 30,
2020.
The average sales price per home closed for the
nine months ended September 30, 2020 was $247,940, an increase of
$9,775, or 4.1%, over the nine months ended September 30, 2019.
This increase in the average sales price per home closed was
primarily due to changes in product mix and higher price points in
certain markets, partially offset by additional wholesale home
closings.
Gross margin as a percentage of home sales
revenues for the nine months ended September 30, 2020 was 24.5% as
compared to 23.9% for the nine months ended September 30,
2019. Adjusted gross margin (non-GAAP) as a percentage of
home sales revenues for the nine months ended September 30, 2020
was 26.5% as compared to 26.0% for the nine months ended September
30, 2019. The increase in gross margin and adjusted gross margin as
a percentage of home sales revenues is primarily due to an increase
in homes closed with a higher average sales price per home closed,
which was driven by product mix, favorable pricing environments and
operating leverage obtained, partially offset by an increase in
wholesale home closings as a percentage of total home closings in
the nine months ended September 30, 2020 as compared to the nine
months ended September 30, 2019. Please see “Non-GAAP Measures” for
a reconciliation of adjusted gross margin (non-GAAP) to gross
margin, the most comparable GAAP measure.
Net income for the nine months ended September
30, 2020 was $187.5 million, or $7.45 per basic share and $7.40 per
diluted share, an increase of $73.7 million, or 64.8%, from $113.7
million, or $4.97 per basic share and $4.49 per diluted share, for
the nine months ended September 30, 2019. The increase in net
income is primarily attributed to operating leverage realized from
the increase in home sales revenues, higher average sales price per
home closed and $32.9 million of federal energy efficient homes tax
credits recognized during the nine months ended September 30, 2020
as compared to the nine months ended September 30, 2019.
Stock Repurchase Program
On October 30, 2020, our Board of Directors
approved an increase in our stock repurchase program by an
additional $300.0 million. We established our initial $50.0 million
stock repurchase program in November 2018. As of September 30,
2020, there was $17.2 million of remaining availability under the
program. With the increase, we have increased the available
authorization under the program to purchase up to $317.2 million of
shares of our common stock. The timing, amount and other
terms and conditions of any repurchases of shares of our common
stock under our stock repurchase program will be determined by our
management at its discretion based on a variety of factors,
including the market price of our common stock, corporate
considerations, general market and economic conditions and legal
requirements. Our stock repurchase program may be modified,
discontinued or suspended at any time.
Outlook
Subject to the caveats in the Forward-Looking
Statements section of this press release, the Company updates its
guidance for the full year 2020. The Company believes:
- Home closings between 8,400 and 9,000
- Active selling communities at the end of 2020 between 115 and
120
- Gross margin as a percentage of home sales revenues between
24.0% and 25.0%
- Adjusted gross margin (non-GAAP) as a percentage of home sales
revenues between 26.0% and 27.0% with capitalized interest
accounting for substantially all the difference between gross
margin and adjusted gross margin
- Average sales price per home closed between $245,000 and
$255,000
- SG&A as a percentage of home sales revenues between 10.3%
and 10.8%
- Effective tax rate for 2020 between 10.0% and 12.0%
This outlook assumes that general economic
conditions, including interest rates and mortgage availability, in
the remainder of 2020 are similar to those experienced so far in
the fourth quarter of 2020 and that average sales price per home
closed, construction costs, availability of land, land development
costs and overall absorption rates in the remainder of 2020 are
consistent with the Company’s recent experience. In addition, this
outlook assumes that governmental regulations relating to land
development, home construction and COVID-19 are similar to those
currently in place. Any further COVID-19 governmental
restrictions on land development or home construction could
negatively impact our ability to achieve this guidance.
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, November 3, 2020 (the
“Earnings Call”). The Earnings Call will be hosted by Eric Lipar,
Chief Executive Officer and Chairman of the Board, and Charles
Merdian, Chief Financial Officer and Treasurer.
Participants may access the live webcast by
visiting the Investor Relations section of the Company’s website at
www.lgihomes.com. The Earnings Call can also be accessed by dialing
(855) 433-0929, or (970) 315-0256 for international
participants.
An archive of the Earnings Call webcast will be
available on the Company’s website for approximately 12 months. A
replay of the Earnings Call will also be available later that day
by calling (855) 859-2056, or (404) 537-3406, and using conference
ID “7865812”. This replay will be available until November 10,
2020.
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI
Homes, Inc. engages in the design, construction and sale of homes
in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North
Carolina, South Carolina, Washington, Tennessee, Minnesota,
Oklahoma, Alabama, California, Oregon, Nevada, West Virginia and
Virginia. Since 2018, LGI Homes has been ranked as the 10th largest
residential builder in the United States based on units closed. The
Company has a notable legacy of more than 17 years of homebuilding
operations, over which time it has closed more than 40,000 homes.
For more information about the Company and its new home
developments, 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 2020 home
closings, year-end active selling communities, gross margin as a
percentage of home sales revenues, adjusted gross margin as a
percentage of homes sales revenues, average sales price per home
closed, SG&A as a percentage of home sales revenues, effective
tax rate, and the impact of the COVID-19 pandemic and its effect on
the Company, its business, customers, subcontractors, and its
markets, 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, 2019,
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 each of the Company’s Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and
September 30, 2020, and subsequent filings by the Company with the
Securities and Exchange Commission. 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 data)
|
|
September 30, |
|
December 31, |
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
46,335 |
|
|
|
$ |
38,345 |
|
|
Accounts receivable |
|
62,018 |
|
|
|
56,390 |
|
|
Real estate inventory |
|
1,548,506 |
|
|
|
1,499,624 |
|
|
Pre-acquisition costs and
deposits |
|
34,945 |
|
|
|
37,244 |
|
|
Property and equipment,
net |
|
2,284 |
|
|
|
1,632 |
|
|
Other assets |
|
51,284 |
|
|
|
16,241 |
|
|
Deferred tax assets, net |
|
5,453 |
|
|
|
4,621 |
|
|
Goodwill |
|
12,018 |
|
|
|
12,018 |
|
|
Total assets |
|
$ |
1,762,843 |
|
|
|
$ |
1,666,115 |
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
Accounts payable |
|
$ |
31,223 |
|
|
|
$ |
12,495 |
|
|
Accrued expenses and other
liabilities |
|
100,272 |
|
|
|
117,868 |
|
|
Notes payable |
|
618,678 |
|
|
|
690,559 |
|
|
Total liabilities |
|
750,173 |
|
|
|
820,922 |
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
EQUITY |
|
|
|
|
Common stock, par value $0.01,
250,000,000 shares authorized, 26,706,454 shares issued and
25,100,426 shares outstanding as of September 30, 2020 and
26,398,409 shares issued and 25,359,409 shares outstanding as of
December 31, 2019 |
|
267 |
|
|
|
264 |
|
|
Additional paid-in
capital |
|
263,945 |
|
|
|
252,603 |
|
|
Retained earnings |
|
797,849 |
|
|
|
610,382 |
|
|
Treasury stock, at cost,
1,606,028 shares and 1,039,000 shares, respectively |
|
(49,391 |
) |
|
|
(18,056 |
) |
|
Total equity |
|
1,012,670 |
|
|
|
845,193 |
|
|
Total liabilities and equity |
|
$ |
1,762,843 |
|
|
|
$ |
1,666,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LGI HOMES,
INC.CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(In
thousands, except share and per share data)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Home sales revenues |
|
$ |
534,202 |
|
|
|
$ |
483,081 |
|
|
|
$ |
1,470,531 |
|
|
|
$ |
1,232,505 |
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
398,971 |
|
|
|
366,431 |
|
|
|
1,110,763 |
|
|
|
938,240 |
|
Selling expenses |
|
35,470 |
|
|
|
33,485 |
|
|
|
98,193 |
|
|
|
94,166 |
|
General and
administrative |
|
22,320 |
|
|
|
19,140 |
|
|
|
62,422 |
|
|
|
56,558 |
|
Operating income |
|
77,441 |
|
|
|
64,025 |
|
|
|
199,153 |
|
|
|
143,541 |
|
Loss on extinguishment of
debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
169 |
|
Other income, net |
|
(374 |
) |
|
|
(707 |
) |
|
|
(2,148 |
) |
|
|
(3,589 |
) |
Net income before income
taxes |
|
77,815 |
|
|
|
64,732 |
|
|
|
201,301 |
|
|
|
146,961 |
|
Income tax provision
(benefit) |
|
(11,189 |
) |
|
|
15,383 |
|
|
|
13,834 |
|
|
|
33,223 |
|
Net income |
|
$ |
89,004 |
|
|
|
$ |
49,349 |
|
|
|
$ |
187,467 |
|
|
|
$ |
113,738 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.55 |
|
|
|
$ |
2.15 |
|
|
|
$ |
7.45 |
|
|
|
$ |
4.97 |
|
Diluted |
|
$ |
3.52 |
|
|
|
$ |
1.93 |
|
|
|
$ |
7.40 |
|
|
|
$ |
4.49 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
25,089,424 |
|
|
|
22,939,907 |
|
|
|
25,162,162 |
|
|
|
22,870,948 |
|
Diluted |
|
25,257,053 |
|
|
|
25,521,946 |
|
|
|
25,328,555 |
|
|
|
25,329,461 |
|
Non-GAAP Measures
In addition to the results reported in
accordance with U.S. GAAP, the Company has provided information in
this press release relating to adjusted gross margin, adjusted net
income, and adjusted earnings per share.
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 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 September 30, |
|
Nine Months Ended September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Home sales revenues |
|
$ |
534,202 |
|
|
$ |
483,081 |
|
|
$ |
1,470,531 |
|
|
$ |
1,232,505 |
|
Cost of sales |
|
398,971 |
|
|
366,431 |
|
|
1,110,763 |
|
|
938,240 |
|
Gross margin |
|
135,231 |
|
|
116,650 |
|
|
359,768 |
|
|
294,265 |
|
Capitalized interest charged
to cost of sales |
|
|
9,164 |
|
|
|
9,511 |
|
|
26,778 |
|
|
23,894 |
|
Purchase accounting adjustments (1) |
|
|
1,396 |
|
|
|
671 |
|
|
3,271 |
|
|
2,257 |
|
Adjusted gross margin |
|
$ |
145,791 |
|
|
$ |
126,832 |
|
|
$ |
389,817 |
|
|
$ |
320,416 |
|
Gross margin % (2) |
|
25.3 |
% |
|
24.1 |
% |
|
24.5 |
% |
|
23.9 |
% |
Adjusted gross margin %
(2) |
|
27.3 |
% |
|
26.3 |
% |
|
26.5 |
% |
|
26.0 |
% |
(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.
Adjusted Net Income and Adjusted
Earnings Per Share
Adjusted net income and adjusted earnings per
share are non-GAAP financial measures used by management as
supplemental measures in evaluating operating performance. The
Company defines adjusted net income as net income less the federal
energy efficient homes tax credits. The Company defines adjusted
earnings per share as adjusted net income divided by weighted
average shares outstanding. Management believes that the
presentation of adjusted net income and adjusted earnings per share
provides useful information to investors because such measures
isolate the impact that material retroactive tax adjustments have
on net income and earnings per share. However, because adjusted net
income and adjusted earnings per share information excludes the
federal energy efficient homes tax credits, which have real
economic effects and could impact our results, the utility of
adjusted net income and adjusted earnings per share as measures of
our operating performance may be limited. In addition, other
companies may not calculate adjusted net income and adjusted
earnings per share in the same manner that we do. Accordingly,
adjusted net income and adjusted earnings per share information
should be considered only as a supplement to net income and
earnings per share information as measures of our performance.
The following table reconciles adjusted net
income and adjusted earnings per share to net income and earnings
per share, respectively, which are the GAAP measures that our
management believes to be most directly comparable (dollars in
thousands):
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Numerator (in thousands): |
|
|
|
|
|
|
|
|
Net income (Numerator for basic and diluted earnings per
share) |
|
$ |
89,004 |
|
|
$ |
49,349 |
|
|
$ |
187,467 |
|
|
$ |
113,738 |
|
Retroactive federal energy efficient homes tax credits |
|
27,141 |
|
|
— |
|
|
26,595 |
|
|
— |
|
Adjusted net income (Numerator for adjusted basic and diluted
earnings per share) |
|
$ |
61,863 |
|
|
$ |
49,349 |
|
|
$ |
160,872 |
|
|
$ |
113,738 |
|
Denominator: |
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
25,089,424 |
|
|
22,939,907 |
|
|
25,162,162 |
|
|
22,870,948 |
|
Diluted weighted average shares outstanding |
|
25,257,053 |
|
|
25,521,946 |
|
|
25,328,555 |
|
|
25,329,461 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
3.55 |
|
|
$ |
2.15 |
|
|
$ |
7.45 |
|
|
$ |
4.97 |
|
Diluted earnings per share |
|
$ |
3.52 |
|
|
$ |
1.93 |
|
|
$ |
7.40 |
|
|
$ |
4.49 |
|
|
|
|
|
|
|
|
|
|
Adjusted basic earnings per share |
|
$ |
2.47 |
|
|
$ |
2.15 |
|
|
$ |
6.39 |
|
|
$ |
4.97 |
|
Adjusted diluted earnings per share |
|
$ |
2.45 |
|
|
$ |
1.93 |
|
|
$ |
6.35 |
|
|
$ |
4.49 |
|
Home Sales Revenues, Home Closings, Average Sales Price
Per Home Closed (ASP), Average Community Count and Average Monthly
Absorption Rates by Reportable Segment(Revenues in
thousands, unaudited)
|
|
Three Months Ended September 30, 2020 |
|
|
Revenues |
|
Home Closings |
|
ASP |
|
Average Community Count |
|
Average Monthly
Absorption Rate |
Central |
|
$ |
186,909 |
|
|
812 |
|
|
$ |
230,183 |
|
|
33.3 |
|
|
8.1 |
|
Southeast |
|
130,131 |
|
|
550 |
|
|
236,602 |
|
|
33.7 |
|
|
5.4 |
|
Northwest |
|
91,138 |
|
|
229 |
|
|
397,983 |
|
|
11.7 |
|
|
6.5 |
|
West |
|
62,935 |
|
|
220 |
|
|
286,068 |
|
|
12.7 |
|
|
5.8 |
|
Florida |
|
63,089 |
|
|
280 |
|
|
225,318 |
|
|
18.0 |
|
|
5.2 |
|
Total |
|
$ |
534,202 |
|
|
2,091 |
|
|
$ |
255,477 |
|
|
109.3 |
|
|
6.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2019 |
|
|
Revenues |
|
Home Closings |
|
ASP |
|
Average Community Count |
|
Average Monthly
Absorption Rate |
Central |
|
$ |
193,860 |
|
|
876 |
|
|
$ |
221,301 |
|
|
34.0 |
|
|
8.6 |
|
Southeast |
|
91,452 |
|
|
420 |
|
|
217,743 |
|
|
26.3 |
|
|
5.3 |
|
Northwest |
|
92,242 |
|
|
254 |
|
|
363,157 |
|
|
14.0 |
|
|
6.0 |
|
West |
|
61,443 |
|
|
240 |
|
|
256,013 |
|
|
13.0 |
|
|
6.2 |
|
Florida |
|
44,084 |
|
|
213 |
|
|
206,967 |
|
|
14.0 |
|
|
5.1 |
|
Total |
|
$ |
483,081 |
|
|
2,003 |
|
|
$ |
241,179 |
|
|
101.3 |
|
|
6.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2020 |
|
|
Revenues |
|
Home Closings |
|
ASP |
|
Average Community Count |
|
Average Monthly
Absorption Rate |
Central |
|
$ |
520,608 |
|
|
2,300 |
|
|
$ |
226,351 |
|
|
33.8 |
|
|
7.6 |
|
Southeast |
|
347,155 |
|
|
1,512 |
|
|
229,600 |
|
|
34.0 |
|
|
4.9 |
|
Northwest |
|
249,455 |
|
|
655 |
|
|
380,847 |
|
|
11.8 |
|
|
6.2 |
|
West |
|
182,012 |
|
|
692 |
|
|
263,023 |
|
|
14.2 |
|
|
5.4 |
|
Florida |
|
171,301 |
|
|
772 |
|
|
221,892 |
|
|
17.6 |
|
|
4.9 |
|
Total |
|
$ |
1,470,531 |
|
|
5,931 |
|
|
$ |
247,940 |
|
|
111.3 |
|
|
5.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
|
Revenues |
|
Home Closings |
|
ASP |
|
Average Community Count |
|
Average Monthly Absorption
Rate |
Central |
|
$ |
507,951 |
|
|
2,342 |
|
|
$ |
216,888 |
|
|
33.1 |
|
|
7.9 |
|
Southeast |
|
221,686 |
|
|
1,010 |
|
|
219,491 |
|
|
23.1 |
|
|
4.9 |
|
Northwest |
|
207,492 |
|
|
567 |
|
|
365,947 |
|
|
12.0 |
|
|
5.3 |
|
West |
|
174,193 |
|
|
667 |
|
|
261,159 |
|
|
12.4 |
|
|
6.0 |
|
Florida |
|
121,183 |
|
|
589 |
|
|
205,744 |
|
|
12.2 |
|
|
5.4 |
|
Total |
|
$ |
1,232,505 |
|
|
5,175 |
|
|
$ |
238,165 |
|
|
92.8 |
|
|
6.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT: Joshua D. FattorVice President of
Investor Relations(281) 210-2619investorrelations@lgihomes.com
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