0001580670-24-000029 | 10-Q | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Shares, Issued	27,596,140	27,521,120
Common Stock, Shares, Outstanding	23,567,441	23,581,648
Treasury Stock, Common, Shares	4,028,699	3,939,472

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Disclosures

STOCK-BASED COMPENSATION

Non-performance Based Restricted Stock Units

The following table summarizes the activity of our time-vested restricted stock units (“RSUs”):


	Three Months Ended March 31,
	2024			2023
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Beginning balance	133,359	$	114.98	146,239	$	100.93
Granted	54,491	$	108.60	36,760	$	104.36
Vested	(19,381)	$	141.00	(42,124)	$	63.47
Forfeited	(599)	$	116.18	(2,647)	$	113.57
Ending balance	167,870	$	109.90	138,228	$	113.02

We recognized $1.4 million and $1.1 million of stock-based compensation expense related to outstanding RSUs for the three months ended March 31, 2024 and 2023, respectively. Generally, the RSUs cliff vest on the third anniversary of the grant date and can only be settled in shares of our common stock. At March 31, 2024, we had unrecognized compensation cost of $11.3 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.2 years.

Performance-Based Restricted Stock Units

The Compensation Committee of the Board has granted awards of performance-based RSUs (“PSUs”) under the Amended and Restated LGI Homes, Inc. 2013 Equity Incentive Plan to certain members of senior management based on three-year performance cycles. The PSUs provide for shares of our common stock to be issued based on the attainment of certain performance metrics over the applicable three-year periods. The number of shares of our common stock that may be issued to the recipients for the PSUs range from 0% to 200% of the target amount depending on actual results as compared to the target performance metrics. The terms of the PSUs provide that the payouts will be capped at 100% of the target number of PSUs granted if absolute total stockholder return is negative during the performance period, regardless of EPS performance; this market condition applies for amounts recorded above target. The compensation expense associated with the PSU grants is determined using the derived grant date fair value, based on a third-party valuation analysis, and expensed over the applicable period. The PSUs vest upon the determination date for the actual results at the end of the three-year period and require that the recipients continue to be employed by us through the determination date. The PSUs can only be settled in shares of our common stock.

The following table summarizes the activity of our PSUs for the three months ended March 31, 2024:


Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2023	Target PSUs Granted	Target PSUs Forfeited	Target PSUs Vested	Target PSUs Outstanding at March 31, 2024	Weighted Average Grant Date Fair Value
2021	2021 - 2023	43,159	—	—	(43,159)	—	$	141.00
2022	2022 - 2024	63,304	—	—	—	63,304	$	118.80
2023	2023 - 2025	72,443	—	—	—	72,443	$	104.36
2024	2024 - 2026	—	70,947	—	—	70,947	$	111.94
Total		178,906	70,947	—	(43,159)	206,694

At March 31, 2024, management estimates that the recipients will receive approximately 100.0%, 100.5% and 0.0% of the 2024, 2023 and 2022 target number of PSUs, respectively, at the end of the applicable three-year performance cycle based on projected performance compared to the target performance metrics. We recognized $2.0 million and $1.6 million of total stock-based compensation expense related to outstanding PSUs for the three months ended March 31, 2024 and 2023, respectively. The 2021 - 2023 performance period PSUs vested and issued on February 27, 2024, at 93.6% of the target number. At March 31, 2024, we had unrecognized compensation cost of $12.7 million, based on the probable amount, related to unvested PSUs, which is expected to be recognized over a weighted average period of 2.6 years.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 17,053	$ 26,962

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Lots Under Option or Contract

The following is a summary of our land purchase deposits included in pre-acquisition costs and deposits (in thousands, except for lot count):


	March 31, 2024		December 31, 2023
Land deposits and option payments (1)	$	28,368	$	26,955
Commitments under the land purchase contracts if the purchases are consummated (1)	$	537,736	$	513,941
Lots under land purchase contracts (1)	15,382		15,750

(1)Includes land banking financing arrangements, see Note 2 and Note 3 for more details regarding real estate not owned.

Lessee, Operating Lease, Liability, Maturity

The table below shows the future minimum payments under non-cancelable operating leases at March 31, 2024 (in thousands):


Year Ending December 31,	Operating leases
2024	1,260
2025	1,434
2026	1,262
2027	1,085
2028	640
Thereafter	35
Total	5,716
Lease amount representing interest	(639)
Present value of lease liabilities	$	5,077

Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 13,600	$ 10,750
Warranty provision	1,790	1,852
Warranty expenditures	(1,390)	(1,252)
Warranty reserves, end of period	$ 14,000	$ 11,350
Other Construction Components
Product Warranty Liability [Line Items]
Limited warranty period	1 year

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Real estate inventory development and construction payable	$ 64,443	$ 71,193
Land banking financing arrangements	77,809	104,459
Accrued compensation, bonuses and benefits	8,737	22,550
Taxes payable	7,661	14,694
Contract deposits	4,244	2,909
Accrued interest	20,105	13,522
Inventory related obligations	11,830	11,924
Warranty reserve	14,000	13,600	$ 11,350	$ 10,750
Operating Lease, Liability	5,077	4,947
Other	10,401	12,074
Total accrued expenses and other liabilities	$ 224,307	$ 271,872

Equity (Details) - USD ($) $ in Thousands	3 Months Ended	25 Months Ended
Equity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2024	Feb. 28, 2022
Equity [Abstract]
Stock repurchase program, additional amount authorized			$ 200,000
Stock repurchase program, authorized amount			$ 550,000
Shares repurchased	89,227	3,028,699
Stock repurchased during period	$ 10,002
Stock repurchase program, remaining authorized repurchase amount	$ 201,500	$ 201,500

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information Disclosures

SEGMENT INFORMATION

We operate one principal homebuilding business that is organized and reports by division. We have seven operating segments (our Central, Midwest, Southeast, Mid-Atlantic, Northwest, West, and Florida divisions) that we aggregate into five qualifying reportable segments at March 31, 2024: our Central, Southeast, Northwest, West, and Florida divisions. These segments reflect the way the Company evaluates its business performance and manages its operations.

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-makers (“CODMs”) in deciding how to allocate resources and in assessing performance. The CODMs primarily evaluate performance based on the number of homes closed, gross margin and average sales price per home closed.

In determining the most appropriate reportable segments, we consider operating segments’ economic and other characteristics, including home floor plans, average selling prices, gross margin percentage, geographical proximity, production construction processes, suppliers, subcontractors, regulatory environments, customer type and underlying demand and supply. Each operating segment follows the same accounting policies and is managed by our management team. We have no inter-segment sales, as all sales are to external customers. Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented.

Financial information relating to our reportable segments is as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Revenues:
Central		$	103,736	$	150,380
Southeast		116,445		104,376
Northwest		36,067		74,815
West		73,079		78,886
Florida		61,524		78,900
Total home sales revenues		$	390,851	$	487,357

Net income (loss) before income taxes:
Central		$	3,474	$	9,064
Southeast		15,746		6,924
Northwest		(467)		7,651
West		2,960		2,383
Florida		2,117		7,487
Corporate (1)		(736)		(1,161)
Total net income before income taxes		$	23,094	$	32,348

(1)The Corporate balance consists of general and administration unallocated costs for various shared service functions offset by non-strategic other income, as well as our warranty reserve. Actual warranty expenses are reflected within the reportable segments.


	March 31, 2024		December 31, 2023
Assets:
Central	$	1,069,887	$	1,026,303
Southeast	660,238		664,877
Northwest	544,424		528,319
West	695,540		671,558
Florida	461,468		420,286
Corporate (1)	91,329		96,508
Total assets	$	3,522,886	$	3,407,851

(1)The Corporate balance consists primarily of cash and investments in unconsolidated entities.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Home sales revenues	$ 390,851	$ 487,357
Cost of sales	299,450	388,541
Selling expenses	41,128	42,805
General and administrative	31,540	29,960
Operating income	18,733	26,051
Other income, net	(4,361)	(6,297)
Net income before income taxes	23,094	32,348
Income tax provision	6,041	5,386
Net income	$ 17,053	$ 26,962
Earnings per share:
Basic (in dollars per share)	$ 0.72	$ 1.15
Diluted (in dollars per share)	$ 0.72	$ 1.14
Weighted average shares outstanding:
Basic (in shares)	23,578,576	23,381,294
Diluted (in shares)	23,675,353	23,629,779

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 17,053	$ 26,962
Basic weighted average shares outstanding	23,578,576	23,381,294
Stock-based compensation units	96,777	248,485
Diluted weighted average shares outstanding	23,675,353	23,629,779
Basic earnings per share (in dollars per share)	$ 0.72	$ 1.15
Diluted earnings per share (in dollars per share)	$ 0.72	$ 1.14
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	34,252	24,288

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Disclosures

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE DISCLOSURES

Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements (“ASC 820”), defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the most significant volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability.

ASC 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows:

Level 1 - Fair value is based on quoted prices in active markets for identical assets or liabilities.

Level 2 - Fair value is determined using significant observable inputs, generally either quoted prices in active markets for

similar assets or liabilities, or quoted prices in markets that are not active.

Level 3 - Fair value is determined using one or more significant inputs that are unobservable in active markets at the

measurement date, such as a pricing model, discounted cash flow or similar technique.

We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived

assets. The fair value of financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and certain accrued liabilities approximate their carrying amounts due to the short-term nature of these instruments. As of March 31, 2024, the Credit Agreement’s carrying value approximates market value since it has a floating interest rate, which increases or decreases with market interest rates and our leverage ratio.

In order to determine the fair value of each of the 2029 Senior Notes and the 2028 Senior Notes, the future contractual cash flows are discounted at our estimate of current market rates of interest, which were determined based upon the average interest rates of similar senior notes within the homebuilding industry (Level 2 measurement).

The following table below shows the level and measurement of liabilities at March 31, 2024 and December 31, 2023 (in thousands):


		March 31, 2024				December 31, 2023
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
2029 Senior Notes (1)	Level 2	$	300,000	$	296,908	$	300,000	$	296,381
2028 Senior Notes (1)	Level 2	$	400,000	$	442,706	$	400,000	$	486,306

(1)See Note 4 for more details regarding the offerings of the 2029 Senior Notes and the 2028 Senior Notes.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Notes Payable - Schedule of Notes Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jun. 28, 2021
Debt Instrument [Line Items]
Notes payable	$ 1,383,220,000	$ 1,248,332,000
Net debt issuance costs	$ (19,835,000)	(21,301,000)
SOFR
Debt Instrument [Line Items]
Base spread on variable rate	1.85%
Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	$ 703,055,000	569,633,000
Line of credit facility	1,205,000,000
4.000% Senior Notes Due 2029
Debt Instrument [Line Items]
Notes payable	$ 300,000,000	300,000,000
4.000% Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Notes payable		300,000,000
Stated interest rate on note	4.00%		4.00%
8.750% Senior Notes Due 2028
Debt Instrument [Line Items]
Notes payable	$ 400,000,000	400,000,000
8.750% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Notes payable	$ 400,000,000	$ 400,000,000
Stated interest rate on note	8.75%

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation Disclosures	ORGANIZATION AND BASIS OF PRESENTATION Organization and Description of the Business LGI Homes, Inc., a Delaware corporation (the “Company”, “we,” “us,” or “our”), is headquartered in The Woodlands, Texas. We engage in the development of communities and the design, construction and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia, Pennsylvania, Maryland and Utah. Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. The accompanying unaudited financial statements as of March 31, 2024, and for the three months ended March 31, 2024 and 2023, include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates 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. Recently Issued Accounting Pronouncements 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. 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.

Commitments and Contingencies Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 1,260
2025	1,434
2026	1,262
2027	1,085
2028	640
Thereafter	35
Total	5,716
Lease amount representing interest	(639)
Present value of lease liabilities	$ 5,077	$ 4,947

Real Estate Inventory (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory

Our real estate inventory consists of the following (in thousands):


	March 31,		December 31,
	2024		2023
Land, land under development and finished lots	$	2,145,846	$	2,099,133
Information centers	52,164		47,936
Homes in progress	419,997		313,124
Completed homes	533,284		542,996
Total owned inventory	3,151,291		3,003,189
Real estate not owned	77,809		104,459
Total real estate inventory	$	3,229,100	$	3,107,648

Segment (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information relating to our reportable segments is as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Revenues:
Central		$	103,736	$	150,380
Southeast		116,445		104,376
Northwest		36,067		74,815
West		73,079		78,886
Florida		61,524		78,900
Total home sales revenues		$	390,851	$	487,357

Net income (loss) before income taxes:
Central		$	3,474	$	9,064
Southeast		15,746		6,924
Northwest		(467)		7,651
West		2,960		2,383
Florida		2,117		7,487
Corporate (1)		(736)		(1,161)
Total net income before income taxes		$	23,094	$	32,348


	March 31, 2024		December 31, 2023
Assets:
Central	$	1,069,887	$	1,026,303
Southeast	660,238		664,877
Northwest	544,424		528,319
West	695,540		671,558
Florida	461,468		420,286
Corporate (1)	91,329		96,508
Total assets	$	3,522,886	$	3,407,851

(1)The Corporate balance consists primarily of cash and investments in unconsolidated entities.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities Disclosures

ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued and other liabilities consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Land banking financing arrangements	$	77,809	$	104,459
Real estate inventory development and construction payable	64,443		71,193
Accrued compensation, bonuses and benefits	8,737		22,550
Taxes payable	7,661		14,694
Warranty reserve	14,000		13,600
Accrued interest	20,105		13,522
Inventory related obligations	11,830		11,924
Lease liability	5,077		4,947
Contract deposits	4,244		2,909
Other	10,401		12,074
Total accrued expenses and other liabilities	$	224,307	$	271,872

Land Banking Financing Arrangements

We have land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns. Principal payments on these financing arrangements will generally coincide with the repurchase of lot takedowns from the land banker. We expect to complete the repurchase of all lots via takedowns associated with these transactions over the course of approximately one to three years.

Inventory Related Obligations

We own lots in certain communities in Florida and Texas that have Community Development Districts or similar utility and infrastructure development special assessment programs that allocate a fixed amount of debt service associated with development activities to each lot. This obligation for infrastructure development is attached to the land, which is typically

payable over a 30-year period and is ultimately assumed by the homebuyer when home sales are closed. The obligations assumed by the homebuyer represent a non-cash cost of the lots.

Estimated Warranty Reserve

We generally provide homebuyers with a one-year warranty on the house and a limited warranty for major defects in structural elements, such as framing components and foundation systems, typically ranging from six to ten years depending on the applicable state.

Changes to our warranty accrual are as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Warranty reserves, beginning of period		$	13,600	$	10,750
Warranty provision		1,790		1,852
Warranty expenditures		(1,390)		(1,252)
Warranty reserves, end of period		$	14,000	$	11,350

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosures

COMMITMENTS AND CONTINGENCIES

Contingencies

In the ordinary course of doing business, we are subject to claims or proceedings from time to time relating to the purchase, development and sale of real estate and homes and other aspects of our operations. Management believes that these claims include usual obligations incurred by real estate developers and residential home builders in the normal course of business. In the opinion of management, these matters will not have a material effect on our consolidated financial position, results of operations or cash flows.

We have provided unsecured environmental indemnities to certain lenders and other counterparties. In each case, we have performed due diligence on the potential environmental risks including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate us to reimburse the guaranteed parties for damages related to environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, we may have recourse against other previous owners. In the ordinary course of doing business, we are subject to regulatory proceedings from time to time related to environmental and other matters. In the opinion of management, these matters will not have a material effect on our consolidated financial position, results of operations or cash flows.

Land Deposits

We have land purchase contracts, generally through cash deposits, for the right to purchase land or lots at a future point in time with predetermined terms. We do not have title to the property, and obligations with respect to the land purchase contracts are generally limited to the forfeiture of the related nonrefundable cash deposits. The following is a summary of our land purchase deposits included in pre-acquisition costs and deposits (in thousands, except for lot count):


	March 31, 2024		December 31, 2023
Land deposits and option payments (1)	$	28,368	$	26,955
Commitments under the land purchase contracts if the purchases are consummated (1)	$	537,736	$	513,941
Lots under land purchase contracts (1)	15,382		15,750

(1)Includes land banking financing arrangements, see Note 2 and Note 3 for more details regarding real estate not owned.

As of March 31, 2024 and December 31, 2023, approximately $14.6 million and $11.4 million, respectively, of the land deposits are related to purchase contracts to deliver finished lots that are refundable under certain circumstances, such as feasibility or specific performance, and secured by mortgages or letters of credit or guaranteed by the seller or its affiliates.

Lease Obligations

We recognize lease obligations and associated right-of-use (“ROU”) assets for our existing non-cancelable leases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We have non-cancelable operating leases primarily associated with our corporate and regional office facilities. Operating lease expense is

recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectations regarding the terms. Variable lease costs such as common area costs and property taxes are expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets, as included in other assets on the consolidated balance sheets, were $4.7 million and $4.6 million as of March 31, 2024 and December 31, 2023, respectively. Lease obligations, as included in accrued expenses and other liabilities on the consolidated balance sheets, were $5.1 million and $4.9 million as of March 31, 2024 and December 31, 2023, respectively.

Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, was $0.4 million and $0.6 million for the three months ended March 31, 2024 and 2023, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating leases during the three months ended March 31, 2024 and 2023 was $0.6 million and $0.5 million, respectively. As of March 31, 2024, the weighted-average discount rate was 5.9% and our weighted-average remaining life was 2.4 years. We do not have any significant lease contracts that have not yet commenced at March 31, 2024.

The table below shows the future minimum payments under non-cancelable operating leases at March 31, 2024 (in thousands):


Year Ending December 31,	Operating leases
2024	1,260
2025	1,434
2026	1,262
2027	1,085
2028	640
Thereafter	35
Total	5,716
Lease amount representing interest	(639)
Present value of lease liabilities	$	5,077

Bonding and Letters of Credit

We have outstanding letters of credit and performance and surety bonds totaling $351.7 million (including $22.5 million of letters of credit issued under the Credit Agreement) and $357.0 million (including $28.1 million of letters of credit issued under the Credit Agreement) at March 31, 2024 and December 31, 2023, respectively, related to our obligations for site improvements at various projects. Management does not believe that draws upon the letters of credit, surety bonds or financial guarantees if any, will have a material effect on our consolidated financial position, results of operations or cash flows.

Investment in Unconsolidated Entities

As of March 31, 2024, we had one equity-method land joint venture and two additional joint ventures engaged in mortgage and insurance activities that primarily provide services to our homebuyers. As of March 31, 2024 and December 31, 2023, we have a total of $21.6 million and $21.5 million, respectively, within other assets on the balance sheet relating to our investment in joint ventures associated with our operations. Contributions into the unconsolidated entities are for the use of investing in certain real estate transactions and residential mortgage services, respectively. Income associated with our investment in unconsolidated entities during the three months ended March 31, 2024 and 2023 was $2.0 million and $2.2 million, respectively.

Accrued Expenses and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Accrued and other liabilities consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Land banking financing arrangements	$	77,809	$	104,459
Real estate inventory development and construction payable	64,443		71,193
Accrued compensation, bonuses and benefits	8,737		22,550
Taxes payable	7,661		14,694
Warranty reserve	14,000		13,600
Accrued interest	20,105		13,522
Inventory related obligations	11,830		11,924
Lease liability	5,077		4,947
Contract deposits	4,244		2,909
Other	10,401		12,074
Total accrued expenses and other liabilities	$	224,307	$	271,872

Changes in Company's Warranty Accrual

Changes to our warranty accrual are as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Warranty reserves, beginning of period		$	13,600	$	10,750
Warranty provision		1,790		1,852
Warranty expenditures		(1,390)		(1,252)
Warranty reserves, end of period		$	14,000	$	11,350

Equity	3 Months Ended
Equity	Mar. 31, 2024
Equity [Abstract]
Equity Disclosures	EQUITY Stock Repurchase Program In February 2022, our Board of Directors (the “Board”) approved a $200.0 million increase to our previously authorized stock repurchase program, pursuant to which we may purchase up to $550.0 million of shares of our common stock through open market transactions, privately negotiated transactions or otherwise in accordance with applicable laws. During the three months ended March 31, 2024, we repurchased 89,227 shares of our common stock for $10.0 million to be held as treasury stock. During the three months ended March 31, 2023, we did not repurchase any shares of our common stock. A total of 3,028,699 shares of our common stock has been repurchased since our stock repurchase program commenced. As of March 31, 2024, we may purchase up to $201.5 million of shares of our common stock under our stock repurchase program. 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.

- Definition

The entire disclosure for equity.

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+ Details

Stock-based Compensation - Summary of Performance Based Restricted Stock Units (Details) - Performance Based Shares	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period (in shares)	178,906
Granted (in shares)	70,947
Forfeited (in shares)	0
Vested (in shares)	(43,159)
Balance at End of Period (in shares)	206,694
2021
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period (in shares)	43,159
Vested (in shares)	(43,159)
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 141.00
2022
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period (in shares)	63,304
Forfeited (in shares)	0
Balance at End of Period (in shares)	63,304
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 118.80
2023
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period (in shares)	72,443
Forfeited (in shares)	0
Balance at End of Period (in shares)	72,443
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 104.36
2024
Share-based Compensation Arrangement by Award [Line Items]
Granted (in shares)	70,947
Balance at End of Period (in shares)	70,947
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 111.94

Notes Payable - Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest incurred	$ 29,363	$ 19,169
Less: Amounts capitalized	(29,363)	(19,169)
Interest expense	0	0
Cash paid for interest	21,286	25,500
Net debt issuance costs	$ 4,900	$ 3,100

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		6 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Land deposits and option payments (1)	$ 28,368			$ 26,955
Commitments under the land purchase contracts if the purchases are consummated (1)	$ 537,736			$ 513,941
Lots under land purchase contracts (1)	15,382			15,750
Refundable land deposits of purchase contracts of finished lots	$ 14,600			$ 11,400
Operating Lease, Right-of-Use Asset	4,700			4,600
Present value of lease liabilities	5,077			4,947
Operating Lease, Cost	400	$ 600
Operating Lease, Payments	$ 600	500
Operating lease, weighted average discount rate	5.90%
Operating lease, weighted average remaining lease term	2 years 4 months 24 days
Letters of credit, surety bonds, and other financials guarantees	$ 351,700			$ 357,000
Contributions to limited partnership	21,600		$ 21,500
Income from unconsolidated entities	$ 2,043	$ 2,245

Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Products

The following table presents our home sales revenues disaggregated by revenue stream (in thousands):


	Three Months Ended March 31,
		2024		2023
Retail home sales revenues		$	362,289	$	456,177
Wholesale home sales revenues		28,562		31,180
Total home sales revenues		$	390,851	$	487,357

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Notes payable under the Credit Agreement ($1.205 billion revolving credit facility at March 31, 2024) maturing in part on April 28, 2025 and in part on April 28, 2028; interest paid monthly at SOFR plus 1.85%	$	703,055	$	569,633
4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%	300,000		300,000
8.750% Senior Notes due December 15, 2028; interest paid semi-annually at 8.750%	400,000		400,000
Net debt issuance costs	(19,835)		(21,301)
Total notes payable	$	1,383,220	$	1,248,332

Schedule of Interest Activity for Notes Payable

Interest activity, including other financing costs, for notes payable and financing arrangements for the periods presented is as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Interest incurred		$	29,363	$	19,169
Less: Amounts capitalized		(29,363)		(19,169)
Interest expense		$	—	$	—

Cash paid for interest		$	21,286	$	25,500

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year.
Use of Estimates	Use of Estimates 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. Recently Issued Accounting Pronouncements 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. 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.

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share Disclosures

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
		2024		2023
Numerator (in thousands):
Net income (Numerator for basic and dilutive earnings per share)		$	17,053	$	26,962
Denominator:
Basic weighted average shares outstanding		23,578,576		23,381,294
Effect of dilutive securities:
Stock-based compensation units		96,777		248,485
Diluted weighted average shares outstanding		23,675,353		23,629,779

Basic earnings per share		$	0.72	$	1.15
Diluted earnings per share		$	0.72	$	1.14
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share		34,252		24,288

Stock-based Compensation - Summary of Non-Performance Based Restricted Stock Units (Details) - Restricted stock units (RSUs) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period (in shares)	133,359	146,239
Granted (in shares)	54,491	36,760
Vested (in shares)	(19,381)	(42,124)
Forfeited (in shares)	(599)	(2,647)
Balance at End of Period (in shares)	167,870	138,228
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the beginning of the period, weighted average grant date fair value (in dollars per share)	$ 114.98	$ 100.93
Granted, weighted average grant date fair value (in dollars per share)	108.60	104.36
Vested, weighted average grant date fair value (in dollars per share)	141.00	63.47
Forfeited, weighted average grant date fair value (in dollars per share)	116.18	113.57
Shares outstanding at the end of the period, weighted average grant date fair value (in dollars per share)	$ 109.90	$ 113.02

Accrued Expenses and Other Liabilities - Narrative (Details)	3 Months Ended
	Mar. 31, 2024
Product Warranty Liability [Line Items]
Inventory related obligation term	30 years
Minimum
Product Warranty Liability [Line Items]
Repurchase period related to takedowns	1 year
Maximum
Product Warranty Liability [Line Items]
Repurchase period related to takedowns	3 years
Other Construction Components
Product Warranty Liability [Line Items]
Limited warranty period	1 year
Structural Elements \| Minimum
Product Warranty Liability [Line Items]
Inventory related obligation term	6 years
Structural Elements \| Maximum
Product Warranty Liability [Line Items]
Inventory related obligation term	10 years

Real Estate Inventory

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Real Estate Inventory Disclosures

REAL ESTATE INVENTORY

Our real estate inventory consists of the following (in thousands):


	March 31,		December 31,
	2024		2023
Land, land under development and finished lots	$	2,145,846	$	2,099,133
Information centers	52,164		47,936
Homes in progress	419,997		313,124
Completed homes	533,284		542,996
Total owned inventory	3,151,291		3,003,189
Real estate not owned	77,809		104,459
Total real estate inventory	$	3,229,100	$	3,107,648

We have land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources. In consideration for this repurchase option, we paid a non-refundable commitment fee. Based on our right to control the ultimate economic outcome of these finished lots, these assets will continue to be held as real estate not owned within our inventory and a corresponding obligation was established within our accrued liabilities as discussed in Note 3 to recognize this relationship. While we are not legally obligated to repurchase the balance of the lots, we will be subject to certain performance obligations, financial and other penalties if the lots are not purchased. We do not have any ownership interest or title to the assets that we have sold to the land banker and we do not guarantee any of the land banker’s liabilities.

We build and lease a number of single-family homes in select, existing communities. During the three months ended March 31, 2024, we transferred $3.9 million of home assets from real estate inventory to rental properties within property and equipment, net. We are lessors of the homes representing these home assets. Our leasing contracts are typically for terms of one year.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosures	INCOME TAXES We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. The statute of limitations with regards to our federal income tax filings is three years. The statute of limitations for our state tax jurisdictions is three to four years depending on the jurisdiction. In the normal course of business, we are subject to tax audits in various jurisdictions, and such jurisdictions may assess additional income taxes. We do not expect the outcome of any audit to have a material effect on our consolidated financial statements; however, audit outcomes and the timing of audit adjustments are subject to significant uncertainty. For the three months ended March 31, 2024, our effective tax rate of 26.2% is higher than the Federal statutory rate primarily as a result of an increase in the rate for state income taxes, net of the federal benefit, the compensation cost in excess of deductions for share-based payments, and the compensation limitation under Section 162(m) of the Internal Revenue Code, as amended, partially offset by a decrease in the rate for the federal energy efficient homes tax credits. Income taxes paid were $12.1 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 17,053	$ 26,962
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in income of unconsolidated entities	(2,043)	(2,245)
Distributions of earnings from unconsolidated entities	1,796	2,425
Depreciation and amortization	673	482
Compensation expense for equity awards	3,829	3,103
Deferred income taxes	894	1,059
Changes in assets and liabilities:
Accounts receivable	14,169	3,273
Real estate inventory	(139,593)	15,945
Pre-acquisition costs and deposits	(1,410)	(1,394)
Other assets	7,216	22,290
Accounts payable	14,539	14,653
Accrued expenses and other liabilities	(16,616)	(8,953)
Net cash provided by (used in) operating activities	(99,493)	77,600
Cash flows from investing activities:
Purchases of property and equipment	(1,001)	(76)
Proceeds from sale of assets	3,019	0
Investment in unconsolidated entities	0	(5,919)
Return of capital from unconsolidated entities	0	1,140
Net cash provided by (used in) investing activities	2,018	(4,855)
Cash flows from financing activities:
Proceeds from notes payable	172,422	32,890
Payments on notes payable	(39,000)	(105,000)
Proceeds from financing arrangements	0		$ 26,885
Payments on financing arrangements	(27,336)		(17,886)
Loan issuance costs	(97)	(212)
Proceeds from sale of stock, net of offering expenses	1,506	1,546
Stock repurchase	(10,002)	0
Net cash provided by (used in) financing activities	97,493	(61,777)
Net increase in cash and cash equivalents	18	10,968
Cash and cash equivalents, beginning of period	48,978	31,998	$ 31,998
Cash and cash equivalents, end of period	$ 48,996	$ 42,966

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit Activity

The following table summarizes the activity of our time-vested restricted stock units (“RSUs”):


	Three Months Ended March 31,
	2024			2023
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Beginning balance	133,359	$	114.98	146,239	$	100.93
Granted	54,491	$	108.60	36,760	$	104.36
Vested	(19,381)	$	141.00	(42,124)	$	63.47
Forfeited	(599)	$	116.18	(2,647)	$	113.57
Ending balance	167,870	$	109.90	138,228	$	113.02

Schedule of Performance Based Stock Activity

The following table summarizes the activity of our PSUs for the three months ended March 31, 2024:


Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2023	Target PSUs Granted	Target PSUs Forfeited	Target PSUs Vested	Target PSUs Outstanding at March 31, 2024	Weighted Average Grant Date Fair Value
2021	2021 - 2023	43,159	—	—	(43,159)	—	$	141.00
2022	2022 - 2024	63,304	—	—	—	63,304	$	118.80
2023	2023 - 2025	72,443	—	—	—	72,443	$	104.36
2024	2024 - 2026	—	70,947	—	—	70,947	$	111.94
Total		178,906	70,947	—	(43,159)	206,694

Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table below shows the level and measurement of liabilities at March 31, 2024 and December 31, 2023 (in thousands):


		March 31, 2024				December 31, 2023
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
2029 Senior Notes (1)	Level 2	$	300,000	$	296,908	$	300,000	$	296,381
2028 Senior Notes (1)	Level 2	$	400,000	$	442,706	$	400,000	$	486,306

(1)See Note 4 for more details regarding the offerings of the 2029 Senior Notes and the 2028 Senior Notes.

Notes Payable - Senior Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jun. 28, 2021
Debt Instrument [Line Items]
Notes payable	$ 1,383,220	$ 1,248,332
4.000% Senior Notes Due 2029
Debt Instrument [Line Items]
Notes payable	$ 300,000	300,000
4.000% Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Notes payable		$ 300,000
Stated interest rate on note	4.00%		4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	26.20%
Income taxes paid	$ 12.1	$ 0.1

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock
Beginning Balance (in shares) at Dec. 31, 2022		27,245,278
Beginning Balance at Dec. 31, 2022	$ 1,642,412	$ 272	$ 306,673	$ 1,690,489	$ (355,022)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,962			26,962
Restricted stock units granted for accrued annual bonuses	206		206
Compensation expense for equity awards	3,103		3,103
Stock issued under employee incentive plans (in shares)		226,928
Stock issued under employee incentive plans	1,546	$ 3	1,543
Ending Balance (in shares) at Mar. 31, 2023		27,472,206
Ending Balance at Mar. 31, 2023	1,674,229	$ 275	311,525	1,717,451	(355,022)
Beginning Balance (in shares) at Dec. 31, 2023		27,521,120
Beginning Balance at Dec. 31, 2023	1,856,031	$ 275	321,062	1,889,716	(355,022)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,053			17,053
Restricted stock units granted for accrued annual bonuses	786		786
Stock repurchased during period	(10,002)				(10,002)
Compensation expense for equity awards	3,829		3,829
Stock issued under employee incentive plans (in shares)		75,020
Stock issued under employee incentive plans	1,506	$ 1	1,505
Ending Balance (in shares) at Mar. 31, 2024		27,596,140
Ending Balance at Mar. 31, 2024	$ 1,869,203	$ 276	$ 327,182	$ 1,906,769	$ (365,024)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Schedule of Real Estate Inventory (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Land, land under development and finished lots	$ 2,145,846	$ 2,099,133
Information centers	52,164	47,936
Homes in progress	419,997	313,124
Completed homes	533,284	542,996
Total real estate inventory	3,151,291	3,003,189
Real estate not owned	77,809	104,459
Total real estate inventory	3,229,100	$ 3,107,648
Transfer of real estate inventory to rental properties	$ 3,900
Lessor, contract term	1 year

Revenues

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues Disclosure

REVENUES

Home Sales Revenues

We generate revenues primarily by delivering move-in ready entry-level and move-up spec homes sold under our LGI Homes brand and our move-up and luxury series spec homes sold under our Terrata Homes brand.

The following table presents our home sales revenues disaggregated by revenue stream (in thousands):


	Three Months Ended March 31,
		2024		2023
Retail home sales revenues		$	362,289	$	456,177
Wholesale home sales revenues		28,562		31,180
Total home sales revenues		$	390,851	$	487,357

Our home sales revenues are disaggregated by geography, based on our determined reportable segments. See Note 12 for tabular presentation of this information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Feb. 27, 2024	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		100.00%
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Line Items]
Share-based compensation expense		$ 1.4	$ 1.1
Share-based compensation not yet recognized		$ 11.3
Share-based compensation not yet recognized, period for recognition		2 years 2 months 12 days
Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Share-based compensation expense		$ 2.0	$ 1.6
Share-based compensation not yet recognized		$ 12.7
Share-based compensation not yet recognized, period for recognition		2 years 7 months 6 days
Performance vesting period		3 years
Percentage of total units vested	93.60%
Performance Based Shares \| Minimum
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		0.00%
Performance Based Shares \| Maximum
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		200.00%
Performance Based Shares \| 2024
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		100.00%
Performance Based Shares \| 2023
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		100.50%
Performance Based Shares \| 2022
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		0.00%

Notes Payable

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Notes Payable Disclosures

NOTES PAYABLE

Revolving Credit Agreement

On December 5, 2023, we entered into a Fourth Amendment to Fifth Amended and Restated Credit Agreement with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent (the “Fourth Amendment”), which amended the Fifth Amended and Restated Credit Agreement, dated as of April 28, 2021, with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent (as amended to date, including the Fourth Amendment, the “Credit Agreement”). The Credit Agreement provides for a $1.205 billion revolving credit facility, which can be increased at the request of the Company by up to $95.0 million, subject to the terms and conditions of the Credit Agreement. The Credit Agreement matures on April 28, 2028 with respect to $960.0 million, or 79.7%, of the $1.205 billion of commitments thereunder and on April 28, 2025 with respect to 20.3% of the commitments thereunder.

Before each anniversary of the Credit Agreement, we may request a one-year extension of its maturity date. The Credit Agreement is guaranteed by, among others, each of our subsidiaries that have gross assets of at least $0.5 million, other than subsidiaries whose sole purpose is to own and operate single-family rental homes.

The borrowings and letters of credit outstanding under the Credit Agreement, together with the outstanding principal balance of our 4.000% Senior Notes due 2029 (the “2029 Senior Notes”) and our 8.750% Senior Notes due 2028 (the “2028 Senior Notes”), may not exceed the borrowing base under the Credit Agreement. The borrowing base primarily consists of a percentage of commercial land, land held for development, lots under development and finished lots held by the Company and its subsidiaries that guarantee the obligations under the Credit Agreement. As of March 31, 2024, the borrowing base under the Credit Agreement was $1.9 billion, and borrowings under the Credit Agreement and the outstanding principal amount of the 2029 Senior Notes and the 2028 Senior Notes totaled approximately $1.4 billion, $22.5 million of letters of credit were outstanding and $442.5 million was available to borrow under the Credit Agreement.

Borrowings under the Credit Agreement bear interest, payable monthly in arrears, at the Company’s option, at either (1) the Adjusted Term SOFR (defined as a term SOFR that is based on a fixed 1, 3 or 6 month interest period, as selected by the Company, plus a 10, 15 or 25 basis point adjustment, respectively), which rate is subject to a 50 basis point floor, plus an applicable margin ranging from 145 basis points to 210 basis points (the “Applicable Margin”) based on the Company’s leverage ratio as determined in accordance with a pricing grid, or (2) the Base Rate (defined as a term SOFR that is based on a daily variable 1 month interest period plus a 10 basis point adjustment), subject to a 50 basis point floor, plus the Applicable Margin. At March 31, 2024, the Applicable Margin was 1.85%, and SOFR was 5.33%, subject to the 0.50% SOFR floor as included in the Credit Agreement.

The Credit Agreement contains various financial covenants, including a minimum tangible net worth, a leverage ratio, a minimum liquidity amount and an EBITDA to interest expense ratio. The Credit Agreement contains various covenants that, among other restrictions, limit the amount of our additional debt and our ability to make certain investments. At March 31, 2024, we were in compliance with all of the covenants contained in the Credit Agreement.

Senior Notes Offering

On November 21, 2023, we issued $400.0 million aggregate principal amount of the 2028 Senior Notes in an offering to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside the

United States pursuant to Regulation S (“Regulation S”) under the Securities Act. Interest on the 2028 Senior Notes accrues at a rate of 8.750% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2024. The 2028 Senior Notes mature on December 15, 2028. The terms of the 2028 Senior Notes are governed by an Indenture, dated as of July 6, 2018, and Fourth Supplemental Indenture thereto, dated as of November 21, 2023, as may be supplemented from time to time, among us, our subsidiaries that guarantee our obligations under the Credit Agreement and Regions Bank, as trustee.

On June 28, 2021, we issued $300.0 million aggregate principal amount of the 2029 Senior Notes in an offering to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S. Interest on the 2029 Senior Notes accrues at a rate of 4.000% per annum, payable semi-annually in arrears on January 15 and July 15 of each year. The 2029 Senior Notes mature on July 15, 2029. The terms of the 2029 Senior Notes are governed by an Indenture, dated as of July 6, 2018, and Third Supplemental Indenture thereto, dated as of June 28, 2021, as may be supplemented from time to time, among us, our subsidiaries that guarantee our obligations under the Credit Agreement and Wilmington Trust, National Association, as trustee.

Notes payable consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Notes payable under the Credit Agreement ($1.205 billion revolving credit facility at March 31, 2024) maturing in part on April 28, 2025 and in part on April 28, 2028; interest paid monthly at SOFR plus 1.85%	$	703,055	$	569,633
4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%	300,000		300,000
8.750% Senior Notes due December 15, 2028; interest paid semi-annually at 8.750%	400,000		400,000
Net debt issuance costs	(19,835)		(21,301)
Total notes payable	$	1,383,220	$	1,248,332

Capitalized Interest

Interest activity, including other financing costs, for notes payable and financing arrangements for the periods presented is as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Interest incurred		$	29,363	$	19,169
Less: Amounts capitalized		(29,363)		(19,169)
Interest expense		$	—	$	—

Cash paid for interest		$	21,286	$	25,500

Included in interest incurred was amortization of deferred financing costs and applicable discounts for notes payable and financing arrangements of $4.9 million and $3.1 million for the three months ended March 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
		2024		2023
Numerator (in thousands):
Net income (Numerator for basic and dilutive earnings per share)		$	17,053	$	26,962
Denominator:
Basic weighted average shares outstanding		23,578,576		23,381,294
Effect of dilutive securities:
Stock-based compensation units		96,777		248,485
Diluted weighted average shares outstanding		23,675,353		23,629,779

Basic earnings per share		$	0.72	$	1.15
Diluted earnings per share		$	0.72	$	1.14
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share		34,252		24,288

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	001-36126
Entity Registrant Name	LGI HOMES, INC.
Entity Incorporation, State or Country Code	DE
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,567,441
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LGIH
Security Exchange Name	NASDAQ
Entity Central Index Key	0001580670
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2024 USD ($) business home	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| business	7
Number of reporting segments \| home	5
Home sales revenues	$ 390,851,000	$ 487,357,000
Net income before income taxes	23,094,000	32,348,000
Assets	3,522,886,000		$ 3,407,851,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
Home sales revenues	0
Operating Segments \| Central
Segment Reporting Information [Line Items]
Home sales revenues	103,736,000	150,380,000
Net income before income taxes	3,474,000	9,064,000
Assets	1,069,887,000		1,026,303,000
Operating Segments \| Southeast
Segment Reporting Information [Line Items]
Home sales revenues	116,445,000	104,376,000
Net income before income taxes	15,746,000	6,924,000
Assets	660,238,000		664,877,000
Operating Segments \| Northwest
Segment Reporting Information [Line Items]
Home sales revenues	36,067,000	74,815,000
Net income before income taxes	(467,000)	7,651,000
Assets	544,424,000		528,319,000
Operating Segments \| West
Segment Reporting Information [Line Items]
Home sales revenues	73,079,000	78,886,000
Net income before income taxes	2,960,000	2,383,000
Assets	695,540,000		671,558,000
Operating Segments \| Florida
Segment Reporting Information [Line Items]
Home sales revenues	61,524,000	78,900,000
Net income before income taxes	2,117,000	7,487,000
Assets	461,468,000		420,286,000
Corporate
Segment Reporting Information [Line Items]
Net income before income taxes	(736,000)	$ (1,161,000)
Assets	$ 91,329,000		$ 96,508,000

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 390,851	$ 487,357
Retail
Disaggregation of Revenue [Line Items]
Home sales revenues	362,289	456,177
Wholesale
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 28,562	$ 31,180

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Line Items]
Notes payable, carrying value	$ 1,383,220	$ 1,248,332
4.000% Senior Notes Due 2029
Fair Value Disclosures [Line Items]
Notes payable, carrying value	300,000	300,000
Senior notes, fair value	296,908	296,381
8.750% Senior Notes Due 2028
Fair Value Disclosures [Line Items]
Notes payable, carrying value	400,000	400,000
Senior notes, fair value	$ 442,706	$ 486,306

Notes Payable - Revolving Credit Agreement (Details) - USD ($) $ in Millions			3 Months Ended
	Dec. 05, 2023	Apr. 29, 2022	Mar. 31, 2024	Dec. 31, 2023	Jun. 28, 2021
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit agreement, gross assets		$ 0.5
SOFR
Line of Credit Facility [Line Items]
Base spread on variable rate			1.85%
Fourth Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum increase	$ 95.0
Debt Instrument, Covenant, Commitments By Lenders	$ 960.0
Debt Instrument, Covenant, Commitments By Lenders, Percent	79.70%
Debt Instrument, Covenant, Commitments By Lenders Remaining, Percent	20.30%
Fourth Amended and Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility	$ 1,205.0
4.000% Senior Notes Due 2029 \| Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate on note			4.00%		4.00%
Fifth Amended and Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility			$ 1,900.0
Line of credit, amount outstanding			1,400.0
Letters of credit outstanding			22.5	$ 28.1
Line of credit facility, remaining borrowing capacity			$ 442.5
Fifth Amended and Restated Credit Agreement \| Line of Credit \| One Month \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Base spread on variable rate		0.10%
Fifth Amended and Restated Credit Agreement \| Line of Credit \| Three Months \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Base spread on variable rate		0.15%
Fifth Amended and Restated Credit Agreement \| Line of Credit \| Six Months \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Base spread on variable rate		0.25%
Fifth Amended and Restated Credit Agreement \| SOFR \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Variable interest rate		0.10%	5.33%
Fifth Amended and Restated Credit Agreement \| Minimum \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Base spread on variable rate		1.45%
Fifth Amended and Restated Credit Agreement \| Minimum \| SOFR \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Variable interest rate		0.50%	0.50%
Fifth Amended and Restated Credit Agreement \| Maximum \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Base spread on variable rate		2.10%
8.750% Senior Notes Due 2028 \| Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate on note			8.75%
The Credit Agreement \| SOFR
Line of Credit Facility [Line Items]
Base spread on variable rate			1.85%

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 48,996	$ 48,978
Accounts receivable	27,151	41,319
Real estate inventory	3,229,100	3,107,648
Pre-acquisition costs and deposits	31,764	30,354
Property and equipment, net	49,775	45,522
Other assets	116,813	113,849
Deferred tax assets, net	7,269	8,163
Goodwill	12,018	12,018
Total assets	3,522,886	3,407,851
LIABILITIES AND EQUITY
Accounts payable	46,156	31,616
Accrued expenses and other liabilities	224,307	271,872
Notes payable	1,383,220	1,248,332
Total liabilities	1,653,683	1,551,820
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 27,596,140 shares issued and 23,567,441 shares outstanding as of March 31, 2024 and 27,521,120 shares issued and 23,581,648 shares outstanding as of December 31, 2023	276	275
Additional paid-in capital	327,182	321,062
Retained earnings	1,906,769	1,889,716
Treasury stock, at cost, 4,028,699 shares as of March 31, 2024 and 3,939,472 shares as of December 31, 2023	(365,024)	(355,022)
Total equity	1,869,203	1,856,031
Total liabilities and equity	$ 3,522,886	$ 3,407,851