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LGI HOMES 10 . LGI Homes Reports Record Third Quarter and Year to Date 2021 Results November 2 , 2021 THE WOODLANDS , Texas , Nov. 02 , 2021 ( GLOBE NEWSWIRE ) -- LGI Homes , Inc. ( NASDAQ : LGIH ) today announced financial results for the third quarter and nine months ended September 30 , 2021 . Third Quarter 2021 Highlights and Comparisons to Third Quarter 2020 • Net Income increased 13.0 % to $ 100.6 million , or $ 4.10 Basic EPS and $ 4.05 Diluted EPS • Net Income Before Income Taxes increased 63.2 % to $ 127.0 million • Home Sales Revenues increased 40.7 % to $ 751.6 million • Home Closings increased 19.5 % to 2,499 homes closed • Average Sales Price Per Home Closed increased 17.7 % to $ 300,764 • Gross Margin as a Percentage of Homes Sales Revenues increased 160 basis points to 26.9 % • Adjusted Gross Margin * as a Percentage of Home Sales Revenues increased 90 basis points to 28.2 % • Active Selling Communities at September 30 , 2021 decreased 6.4 % to 103 * 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 . Nine Months Ended September 30 , 2021 Highlights and Comparisons to Nine Months Ended September 30 , 2020 • Net Income increased 69.8 % to $ 318.3 million , or $ 12.85 Basic EPS and $ 12.72 Diluted EPS • Net Income Before Income Taxes increased 98.4 % to $ 399.4 million • Home Sales Revenues increased 52.9 % to $ 2.2 billion • Home Closings increased 33.5 % to 7,916 homes closed • Average Sales Price Per Home Closed increased 14.6 % to $ 284,117 • Gross Margin as a Percentage of Homes Sales Revenues increased 250 basis points to 27.0 % • Adjusted Gross Margin * as a Percentage of Home Sales Revenues increased 190 basis points to 28.4 % • Total Owned and Controlled lots of 87,512 at September 30 , 2021 * 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 • Total liquidity of $ 506.3 million at September 30 , 2021 including cash and cash equivalents of $ 46.7 million and $ 459.6 million of availability under the Company's revolving credit facility • Net debt to capitalization of 31.7 % at September 30 , 2021 , compared to 30.6 % at December 31 , 2020 • 358,817 shares of common stock repurchased during the third quarter of 2021 Management Comments " We delivered another record breaking quarter , despite continued cost pressures and numerous supply chain headwinds , " stated Eric Lipar , Chairman and Chief Executive Officer of LGI Homes .