{"id":11627,"date":"2024-05-15T03:59:10","date_gmt":"2024-05-15T08:59:10","guid":{"rendered":"https:\/\/1reason.com\/re\/lgi-homes-reports-first-quarter-2024-results\/11627\/"},"modified":"2024-05-15T22:59:10","modified_gmt":"2024-05-16T03:59:10","slug":"lgi-homes-reports-first-quarter-2024-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/lgi-homes-reports-first-quarter-2024-results\/11627\/","title":{"rendered":"LGI Homes Reports First Quarter 2024 Results"},"content":{"rendered":"<div>    <\/p>\n<p align=\"justify\"><strong><em>First<\/em><\/strong><strong><em> Quarter <\/em><\/strong><strong><em>2024<\/em><\/strong><strong><em> Highlights <\/em><\/strong><\/p>\n<ul>\n<li>Home sales revenues of $390.9 million<\/li>\n<li>Home closings of 1,083<\/li>\n<li>Average sales price per home closed of $360,897<\/li>\n<li>Gross margin as a percentage of home sales revenues of 23.4%<\/li>\n<li>Adjusted gross margin (non-GAAP) as a percentage of home sales revenues of 25.3%<\/li>\n<li>Net income before income taxes of $23.1 million<\/li>\n<li>Net income of $17.1 million, or $0.72 basic EPS and $0.72 diluted EPS<\/li>\n<li>Active selling communities at March31, 2024 of 120<\/li>\n<li>Total owned and controlled lots of 70,145<\/li>\n<li>Ending backlog of 1,335 homes valued at $519.5 million<\/li>\n<\/ul>\n<p align=\"justify\"><em>Please <\/em><em>see \u201cNon-GAAP Measures\u201d for <\/em><em>a reconciliation of Adjusted Gross Margin (a non-GAAP measure) to Gross Margin, the most directly comparable GAAP measure.<\/em><\/p>\n<p><strong><em>Balance Sheet Highlights<\/em><\/strong><\/p>\n<ul>\n<li>89,227 shares of common stock repurchased during the first quarter of 2024 for an aggregate amount of $10.0 million<\/li>\n<li>Total liquidity of $491.5 million at March31, 2024, including cash and cash equivalents of $49.0 million and $442.5 million of availability under the Company\u2019s revolving credit facility<\/li>\n<li>Net debt to capitalization of 41.6% at March31, 2024<\/li>\n<\/ul>\n<p align=\"justify\"><strong>Management Comments<\/strong><\/p>\n<p align=\"justify\">\u201cAlthough closings were down during the first quarter, the positive lead and sales trends we experienced, along with our success at expanding community count and maintaining margins, give us confidence that demand remains healthy, supported by positive, long-term fundamentals including strong demographic trends and a limited supply of affordable homes,\u201d said Eric Lipar, Chairman and Chief Executive Officer of LGI Homes.<\/p>\n<p align=\"justify\">\u201cDemand improved materially each month during the quarter. The appointments and sales generated from those leads enabled us to end the quarter with 1,335 homes in backlog.<\/p>\n<p align=\"justify\">\u201cAlong with increasing demand and sales, another highlight was our success at managing costs and maintaining our margins. We delivered a gross margin of 23.4%, up 310 basis points compared to last year and in line with the fourth quarter of 2023, and our adjusted gross margin was 25.3%, up 320 basis points over last year and up 20 basis points sequentially.<\/p>\n<p align=\"justify\">\u201cFinally, we ended the quarter with a record 120 active communities, an increase of 21.2% over the prior year. Our teams around the country are doing an outstanding job getting new communities online and actively selling, and in March, we opened 13 new communities that will be added to community count as they deliver closings.\u201d<\/p>\n<p align=\"justify\">Mr. Lipar concluded, \u201cI am pleased to report that the positive demand trends we experienced in the first quarter carried over into April. As a result, we have generated over 800 net sales in each of the last two months, representing an absorption pace of six homes, per community, per month. With this significant momentum in leads and sales, supported by our growing community count, well capitalized balance sheet, and inventory of move-in ready homes, we are well-positioned to deliver on all of the guidance expectations we set out for 2024.\u201d<\/p>\n<p align=\"justify\"><strong>Full Year 2024 Outlook<\/strong><\/p>\n<p align=\"justify\">Subject to the caveats in the Forward-Looking Statements section of this press release and the assumptions noted below, the Company is maintaining its prior guidance for the full year 2024. The Company continues to expect:<\/p>\n<ul>\n<li>Home closings between 7,000 and 8,000<\/li>\n<li>Active selling communities at the end of 2024 of approximately 150<\/li>\n<li>Average sales price per home closed between $350,000 and $360,000<\/li>\n<li>Gross margin as a percentage of home sales revenues between 23.1% and 24.1%<\/li>\n<li>Adjusted gross margin (non-GAAP) as a percentage of home sales revenues between 25.0% and 26.0% with capitalized interest accounting for substantially all of the difference between gross margin and adjusted gross margin<\/li>\n<li>SG&amp;A as a percentage of home sales revenues between 12.5% and 13.5%<\/li>\n<li>Effective tax rate between 24.0% and 25.0%<\/li>\n<\/ul>\n<p align=\"justify\">This outlook assumes that general economic conditions, including input costs, materials, product and labor availability, interest rates and mortgage availability, in the remainder of 2024 are similar to those experienced to date in 2024 and that construction costs, availability of land and land development costs in the remainder of 2024 are consistent with the Company\u2019s recent experience. In addition, this outlook assumes that governmental regulations relating to land development and home construction are similar to those currently in place.<\/p>\n<p align=\"justify\"><strong>Earnings Conference Call<\/strong><\/p>\n<p align=\"justify\">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, April30, 2024 (the \u201cEarnings Call\u201d).<\/p>\n<p align=\"justify\">Participants may access the live webcast by visiting the Investor Relations section of the Company\u2019s website at www.investor.lgihomes.com.<\/p>\n<p align=\"justify\">An archive of the Earnings Call will be available for replay on the Company\u2019s website for one year from the date of the Earnings Call.<\/p>\n<p align=\"justify\"><strong>About LGI Homes, Inc.<\/strong><\/p>\n<p align=\"justify\">Headquartered in The Woodlands, Texas, LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes across 36 markets in 21 states. As one of America\u2019s fastest growing companies, LGI Homes has closed over 70,000 homes since its founding in 2003 and has delivered profitable financial results every year. Nationally recognized for its quality construction and exceptional customer service, LGI Homes was named to Newsweek\u2019s list of the World\u2019s Most Trustworthy Companies. LGI Homes\u2019 commitment to excellence extends to its more than 1,000 employees, earning the Company numerous workplace awards at the local, state and national level, including the Top Workplaces USA 2024 Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation, please visit the Company\u2019s website at www.lgihomes.com.<\/p>\n<p align=\"justify\"><strong>Forward-Looking Statements<\/strong><\/p>\n<p align=\"justify\">Any statements made in this press release or on the Earnings Call that are not statements of historical fact, including statements about the Company\u2019s 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 recent net sales experience, projected 2024 home closings, active selling communities, average sales price per home closed, gross margin as a percentage of home sales revenues, adjusted gross margin as a percentage of homes sales revenues, SG&amp;A as a percentage of home sales revenues and effective tax rate, as well as market conditions and possible or assumed future results of operations, including descriptions of the Company\u2019s business plan and strategies. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201cgoal,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cobjective,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cprojection,\u201d \u201cshould,\u201d \u201cwill\u201d 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 \u201cRisk Factors\u201d section in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including the \u201cCautionary Statement about Forward-Looking Statements\u201d subsection within the \u201cRisk Factors\u201d section, the \u201cRisk Factors\u201d and \u201cCautionary Statement about Forward-Looking Statements\u201d sections in the Company\u2019s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 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\u2019s 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.<\/p>\n<p align=\"center\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>LGI HOMES, INC.<\/strong><br \/><strong>CONSOLIDATED BALANCE SHEETS<\/strong><br \/><strong>(Unaudited)<\/strong><br \/><strong>(In thousands, except share data)<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>March 31,<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>December 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>ASSETS<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,996<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,978<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Accounts receivable<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">27,151<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">41,319<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Real estate inventory<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,229,100<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,107,648<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Pre-acquisition costs and deposits<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">31,764<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30,354<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Property and equipment, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49,775<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">45,522<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Other assets<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">116,813<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">113,849<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Deferred tax assets, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,269<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,163<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Goodwill<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,018<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,018<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Total assets<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,522,886<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,407,851<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>LIABILITIES AND EQUITY<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Accounts payable<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">46,156<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">31,616<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Accrued expenses and other liabilities<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">224,307<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">271,872<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Notes payable<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,383,220<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,248,332<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Total liabilities<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,653,683<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,551,820<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>COMMITMENTS AND CONTINGENCIES<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>EQUITY<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">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<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">276<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">275<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Additional paid-in capital<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">327,182<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">321,062<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Retained earnings<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,906,769<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,889,716<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Treasury stock, at cost, 4,028,699 shares as of March31, 2024 and 3,939,472 shares as of December31, 2023<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(365,024<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(355,022<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Total equity<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,869,203<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,856,031<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Total liabilities and equity<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,522,886<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,407,851<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>LGI HOMES, INC.<\/strong><br \/><strong>CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong><br \/><strong>(Unaudited)<\/strong><br \/><strong>(In thousands, except share and per share data)<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended <br \/>March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Home sales revenues<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">390,851<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">487,357<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cost of sales<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">299,450<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">388,541<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Selling expenses<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">41,128<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">42,805<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">General and administrative<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">31,540<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">29,960<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">18,733<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,051<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other income, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,361<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,297<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income before income taxes<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,094<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,348<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income tax provision<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,041<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,386<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,053<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,962<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Earnings per share:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Basic<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.72<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.15<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Diluted<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.72<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.14<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Weighted average shares outstanding:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Basic<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,578,576<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,381,294<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Diluted<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,675,353<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,629,779<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td colspan=\"9\" style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><strong><em>Non-GAAP Measures<\/em><\/strong><\/p>\n<p align=\"justify\">In addition to the results reported in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d), the Company has provided information in this press release relating to adjusted gross margin.<\/p>\n<p align=\"justify\"><strong>Adjusted Gross Margin<\/strong><\/p>\n<p align=\"justify\">Adjusted gross margin is a non-GAAP financial measure used by management as a supplemental measure in evaluating operating performance. The Company defines adjusted gross margin as gross margin less capitalized interest and adjustments resulting from the application of purchase accounting included in the cost of sales. Management believes this information is useful because it isolates the impact that capitalized interest and purchase accounting adjustments have on gross margin. However, because adjusted gross margin information excludes capitalized interest and purchase accounting adjustments, which have real economic effects and could impact results, the utility of adjusted gross margin information as a measure of the Company\u2019s 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\u2019s performance.<\/p>\n<p align=\"justify\">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):<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended <br \/>March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Home sales revenues<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">390,851<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">487,357<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cost of sales<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">299,450<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">388,541<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gross margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">91,401<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">98,816<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Capitalized interest charged to cost of sales<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,601<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,757<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Purchase accounting adjustments<sup> (1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">803<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,036<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted gross margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">98,805<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">107,609<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gross margin % <sup>(2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23.4<\/td>\n<td style=\"border-top: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20.3<\/td>\n<td style=\"border-top: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted gross margin % <sup>(2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:6%;width:6%;min-width:6%;vertical-align: top\">(1)<\/td>\n<td style=\"max-width:94%;width:94%;min-width:94%;vertical-align: top\">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.<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">(2)<\/td>\n<td style=\"vertical-align: top\">Calculated as a percentage of home sales revenues.<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\" \/>\n<td style=\"vertical-align: top\" \/><\/tr>\n<\/table>\n<p><strong>Home Sales Revenues, Home Closings, Average Sales Price Per Home Closed (ASP), Average Community Count, Average Monthly Absorption Rate and Closing Community Count by Reportable Segment<\/strong><\/p>\n<p align=\"justify\"><strong><em>(Revenues in thousands, unaudited)<\/em><\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended March 31, 2024<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>As of March 31, 2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Reportable Segment<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Revenues<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Home Closings<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>ASP<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Average Community Count<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Average<\/strong><br \/><strong>Monthly<\/strong><br \/><strong>Absorption Rate<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Community Count at End of Period<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:20%;width:20%;min-width:20%;vertical-align: middle;text-align: left;padding-left: 20.0px;border-top: solid black 1pt;vertical-align: bottom\">Central<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">103,736<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">319<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">325,191<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">41.7<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.5<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">43<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Southeast<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">116,445<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">355<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">328,014<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26.7<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.4<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Northwest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36,067<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">62<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">581,726<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12.0<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.7<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">West<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">73,079<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">179<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">408,263<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">17.0<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.5<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">17<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Florida<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">61,524<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">168<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">366,214<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">19.3<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.9<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">19<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Total<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">390,851<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,083<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">360,897<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">116.7<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.1<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">120<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended March 31, 2023<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>As of March 31, 2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Reportable Segment<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Revenues<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Home Closings<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>ASP<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Average Community Count<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Average Monthly<\/strong><br \/><strong>Absorption Rate<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Community Count at End of Period<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:20%;width:20%;min-width:20%;vertical-align: middle;text-align: left;padding-left: 20.0px;border-top: solid black 1pt;vertical-align: bottom\">Central<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">150,380<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">453<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">331,965<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">35.0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4.3<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">35<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Southeast<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">104,376<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">316<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">330,304<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24.0<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.4<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Northwest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74,815<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">159<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">470,535<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9.3<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5.7<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">West<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">78,886<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">209<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">377,445<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.4<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5.2<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Florida<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">78,900<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">229<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">344,541<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">16.0<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4.8<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">16<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Total<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">487,357<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,366<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">356,777<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">97.7<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4.7<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">99<\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p><strong>Owned and Controlled Lots<\/strong><\/p>\n<p align=\"justify\">The table below shows (i) home closings by reportable segment for the three months ended March31, 2024 and (ii) the Company\u2019s owned or controlled lots by reportable segment as of March31, 2024.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended March 31, 2024<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>As of March 31, 2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:48%;width:48%;min-width:48%;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Reportable Segment<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Home Closings<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Owned<\/strong><sup><strong> (1)<\/strong><\/sup><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Controlled<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Total<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: bottom\">Central<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">319<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">20,840<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,279<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">23,119<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Southeast<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">355<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14,191<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,720<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,911<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Northwest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">62<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,500<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,141<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,641<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">West<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">179<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,068<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,031<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,099<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Florida<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">168<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,164<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,211<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8,375<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Total<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,083<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">54,763<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">15,382<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">70,145<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:6%;width:6%;min-width:6%;vertical-align: top\">(1)<\/td>\n<td style=\"max-width:94%;width:94%;min-width:94%;vertical-align: top\">Of the 54,763 owned lots as of March31, 2024, 39,601 were raw\/under development lots and 15,162 were finished lots. Finished lots included 2,154 completed homes, including information centers, and 2,000 homes in progress.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:6%;width:6%;min-width:6%;vertical-align: top\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><strong>Backlog Data<\/strong><\/p>\n<p align=\"justify\">As of the dates set forth below, the Company\u2019s net orders, cancellation rate and ending backlog homes and value were as follows (dollars in thousands, unaudited):<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td rowspan=\"2\" style=\"vertical-align: bottom\"><strong><u>Backlog Data<\/u><\/strong><\/p>\n<\/td>\n<td rowspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024 <\/strong><sup><strong>(4)<\/strong><\/sup><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023 <\/strong><sup><strong>(5)<\/strong><\/sup><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Net orders <sup>(1)<\/sup><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,828<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,219<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Cancellation rate <sup>(2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Ending backlog\u2013homes <sup>(3)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,335<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,555<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Ending backlog\u2013value <sup>(3)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">519,507<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">561,422<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:6%;width:6%;min-width:6%;vertical-align: top\">(1)<\/td>\n<td style=\"max-width:94%;width:94%;min-width:94%;vertical-align: top\">Net orders are new (gross) orders for the purchase of homes during the period, less cancellations of existing purchase contracts during the period.<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">(2)<\/td>\n<td style=\"vertical-align: top\">Cancellation rate for a period is the total number of purchase contracts cancelled during the period divided by the total new (gross) orders for the purchase of homes during the period.<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">(3)<\/td>\n<td style=\"vertical-align: top\">Ending backlog consists of retail homes at the end of the period that are under a purchase contract that has been signed by homebuyers who have met preliminary financing criteria but have not yet closed and wholesale contracts with varying terms. Ending backlog is valued at the contract amount.<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">(4)<\/td>\n<td style=\"vertical-align: top\">As of March31, 2024, the Company had 178 units related to bulk sales agreements associated with its wholesale business.<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">(5)<\/td>\n<td style=\"vertical-align: top\">As of March31, 2023, the Company had 130 units related to bulk sales agreements associated with its wholesale business.<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:10%;width:10%;min-width:10%;vertical-align: top\">CONTACT:<\/td>\n<td style=\"max-width:90%;width:90%;min-width:90%;vertical-align: top\">Joshua D. Fattor<br \/>Executive Vice President of Investor Relations and Capital Markets<br \/>(281) 210-2586<br \/>investorrelations@lgihomes.com<\/td>\n<\/tr>\n<\/table>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/ZTY4NTZkMTktNGVjZC00NTcwLThmN2ItMWMyNGM0YmJmNjNkLTEwMTYyNjE=\/tiny\/LGI-Homes-Inc-.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"justify\">THE WOODLANDS, Texas, April 30, 2024 (GLOBE NEWSWIRE) &#8212; LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the three months ended March31, 2024.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11627"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=11627"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11627\/revisions"}],"predecessor-version":[{"id":11645,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11627\/revisions\/11645"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=11627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=11627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=11627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}