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LGI HOMES LGI Homes Reports Record First Quarter 2021 Results May 4 , 2021 THE WOODLANDS , Texas , May 04 , 2021 ( GLOBE NEWSWIRE ) -- LGI Homes , Inc. ( NASDAQ : LGIH ) today announced financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Highlights and Comparisons to First Quarter 2020 • Net Income increased 132.6 % to $ 99.7 million , or $ 3.99 Basic EPS and $ 3.95 Diluted EPS • Net Income Before Income Taxes increased 124.6 % to $ 123.3 million • Home Sales Revenues increased 55.2 % to $ 706.0 million • Home Closings increased 39.6 % to 2,561 homes • Average Sales Price Per Home Closed increased 11.2 % to $ 275,655 • Gross Margin as a Percentage of Homes Sales Revenues increased 350 basis points to 26.9 % • Adjusted Gross Margin * as a Percentage of Home Sales Revenues increased 300 basis points to 28.5 % • Owned lots increased to 38,502 and Controlled lots increased to 28,784 for total Owned and Controlled Lots of 67,286 lots at March 31 , 2021 • Ending Backlog of 5,632 homes at March 31 , 2021 , an increase of 199.7 % • Ending Backlog Value of $ 1.6 billion at March 31 , 2021 , an increase of 257.6 % * Non - GAAP Please see " Non - GAAP Measures " for a reconciliation of Adjusted Gross Margin ( a non - GAAP measure ) to Gross Margin , the most directly comparable GAAP measure . Balance Sheet Highlights • 216,221 shares of common stock repurchased during the first quarter of 2021 at an average price per share of $ 119.45 for an aggregate amount of $ 25.8 million • Total liquidity of $ 565.7 million at March 31 , 2021 including cash and cash equivalents of $ 48.2 million and $ 517.5 million of availability under the Company's revolving credit facility • Net debt to capitalization of 23.1 % at March 31 , 2021 , compared to 30.6 % at December 31 , 2020 Management Comments " We delivered another record - breaking quarter and are off to a great start in 2021 , " stated Eric Lipar , Chairman and Chief Executive Officer of LGI Homes . " During the first four months of the year we have sold a record - breaking number of homes and believe the fundamentals driving the ongoing surge in demand show no signs of abating anytime soon . " During the first quarter we increased our closings 39.6 % to 2,561 homes , grew revenue 55.2 % to $ 706 million and set a first quarter record with an average of eight closings per community , per month . Net orders were the highest in our history and we finished with a record 5,632 homes in backlog valued at $ 1.6 billion , representing year - over - year increases of 199.7 % and 257.6 % , respectively . Measures taken to mitigate cost pressures , including price increases across all our markets , drove additional expansion of our industry - leading margins , profitability and returns . Year - over - year , our quarterly gross margin improved by 350 basis points and our pre - tax profit margin by 540 basis points , all culminating in a 136.5 % increase in our diluted earnings per share . As a result of this strong performance , we delivered best - in - class return on equity of 36.6 % and finished the quarter with a net debt to capitalization ratio of just 23.1 % . " Based on our performance to date , visibility into our backlog and our current view of finished lots available to close in 2021 , we are updating our full year guidance . We now anticipate closing between 9,700 and 10,300 homes , an increase of 500 homes at both ends of our prior guidance range , at an average sales price between $ 275,000 and $ 285,000 . We maintain our prior expectation that active community count at year end will be between 112 to 120. As a result of our strong performance in the first quarter and our success to date passing through cost pressures , we are increasing our full year gross margin guidance range by 70 basis points to 24.7 % to 26.7 % and our adjusted gross margin by 50 basis points to 26.5 % and 28.5 % . " Mr. Lipar concluded , " We are currently operating in the strongest demand environment we have ever experienced . We are confident that our unique