LGIH - Earnings call 4 2023

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Operator

Welcome to the LGI Homes Fourth Quarter 2023 Conference Call. Today's call is being recorded, and a replay will be available on the company's website at www.lgihomes.com. [Operator Instructions]. I'll now turn the call over to Josh Fattor, Vice President of Investor Relations. Please go ahead.

Joshua Fattor

afternoon. good and Thanks, that LGI contains plans, Homes future guidance listeners management's objectives statements, views for on business periods. this remind forward-looking call including and I'll strategy, outlooks, management's and uncertainties could and reflect Such be involve prove expectations that expectations incorrect. subject risks are cause assumptions statements to estimates current to that to those and

forward-looking You of cause and today. All uncertainties that such could must the actual current of those are management's our to statements other and with from viewpoints not reflect place SEC the in not guarantees related filings review undue performance. considered risks, should future for reliance discussion differ results light on a be risks which and should factors statements, presented of you

non-GAAP to not discuss as that this accordance presented or isolation call, be in for GAAP. financial intended financial substitutes information with in we'll are measures considered On

Reconciliations of in expect the Investor this of accordance on to December be on can in we today. measures annual our for GAAP be Form and XXXX, most SEC's that This release prepared with measures report website. XX-K our press the accessible file the comparable period non-GAAP website SEC and ended in financial found we in with morning filing the section XX, will Relations to the later the issued

Treasurer. Chairman I'm joined and today turn over Board; now the of and Charles Chief Lipar, and Chief LGI Officer by to Officer I'll Eric the Executive Merdian, Financial Homes' Eric. call

Eric Lipar

welcome afternoon, Good and Josh. our to call. earnings Thanks,

our operational for guidance quarter we a fourth of successfully to the and achieved targets that pleased all financial report delivered are full year. We and strong

and considerable for for foundation come. years profitability the continued many laid community count to also growth We

on call, guidance As we full last of our prepared year we year. today's original for February from reflected

our X,XXX X,XXX and expected our year-over-year. last delivered the and an increase homes. close all between X,XXX homes, the X.X% across Looking navigate expectations. executed end headwinds, strategy and of initial to how of of year, guidance teams country we original outperformed our the high the worth At highlighting back, it's beginning We our

ASPs last exceeded generated $XXX,XXX the public expected us growth to billion, revenue over compared year, between year-over-year We homebuilders $XXX,XXX range. who and of in an making revenue both that increase of X% few in one closings delivered We and of $X.X XXXX. we and

that XX% trend of this the targets. our actual time at to gross when year, and was of our expected continued came we between it At The and outperformance results last range. margin to profitability XX% end top range

XX.X% XX.X%. profitability high continued We that XX.X%. adjusted year, gross of range, we on a between to focus Through improving the margin expected throughout delivering the end exceeded

uncertain X.X We last effectiveness year, the and per people closings averaged in our and market. per a demonstrates industry-leading challenging processes pace systems, of month an community that

with Dallas-Fort results. Our Congratulations outstanding markets California X.X, community markets top with Worth X.X. per this the these Fort with X month, X.X, Northern were on per X.X closings X.X with year Las Charlotte in your Vegas and teams to Pierce with

markets and City market in future initial updates geographic offering in footprint grow. City, public milestone in first we to to the to In just We XX new new the Salt markets At a on map Lake a and our across marks successfully XXXX, closings of our with operating significant providing country another the Since growth our of XXXX, and XX we Utah. our time continue systems X states. are active culture replicated calls. then, Lake more were now across look state we and added our company, our forward in states. X Salt across

count remains we're considerable community increase and of not XXX with Expanding forefront year the our communities, active and made we count XX.X% at growing community our of the year-over-year, XXXX, Throughout an progress slowing objectives. ended down.

land more years several development, to is the owned already drive do. our and there's required under next While work the for growth to

invest they to in as continue advantage growth our We long-term of and are arise. taking opportunities

expanding footprint remain a nearly last acquisition Charles, company success disciplined selecting taken as before been the and has XX delivering over by particular. Despite with clearly of the or a and of I'll in but meet to exceed our private and and extremely not we to that as the one inventory have that, share Charles the Even significantly, to conservative model additional that. the in factor handing our quadrupling proven at a community impressive highlight. public lots has I'll never your our closings business The the uncertainty strategy attention I'll and framework our color additional our months, our not of a and challenges an demonstrated of expect we of number call to draw one Before metrics, metrics, future. With the impairment, our on dependable operational count financial increasing company that profitability by turn Xx, for call case results. return over and

Charles Merdian

Eric. Thanks,

our reflecting in results. closings X,XXX homes to more an XX.X% $XXX.X increase and a a price to $XXX,XXX. are million, our Revenue of increase selling increase Here quarter was on average X.X% fourth details in XX.X% year-over-year,

and fourth incentives climbed reflecting November. the X.X% of into October lower was higher the Our sequentially, mid-Xs offered in as a quarter rates in ASP mortgage level

closed in our the of closings in through last XX.X% of homes total our or fourth year. business total the our quarter representing XX% XXX quarter fourth to closings wholesale We homes XXX compared of

point the closings. homes year expenses quarter. Adjusted of sold cost $XXX,XXX basis were to also basis lower last and to the fourth fourth was points of by move the financing to quarter the fourth higher were the basis margin incentives Selling due margin sequentially, XX.X% The general Adjusted of related of increased in our X.X% remind during buyers and increase improvement interest Combined accounting, every XXXX, as million driven XX.X% The margins. XXX incremental this to lower in I'll period X.X% XXXX. spending was administrative XX.X% overall fewer focus gross purchase as margin quarter sales $XX.X million that revenue XXX percentage was fourth margins gross or XXX revenue $X.X improving continued in the compared excludes listeners revenue expenses by inventory on of of points. in profitability were charged wholesale of Gross revenue. together selling, higher and in representing and offered we resulting advertising was primarily percentage to outside higher on driven of on capitalized XX.X%. cost commissions. quarter decided quarter a Gross the older, sales a to of year. in fourth to compared same

to expenses $X.XX X.X% of revenue diluted General X.X% Fourth last or and quarter $XX in quarter or Pretax $XX.X share fourth $XX.X $X.XX revenue. per net administrative per totaled year. the million million same net in share. period was for income or XX.X% revenue of was million income the quarter of the and fourth compared basic

few average results. in X.X% Revenue to of year billion, full year closings increase a a increase full our was a an X.X%, sales $X.X Highlighting price and X.X% $XXX,XXX. home increase driven in by

in of total closings we XXX of homes our business, business expect represent our XXXX. year, revenue. wholesale will million through closed in We generating XX.X% $XXX.X our the total representing currently wholesale approximately closings and During our X%

line the call. adjusted and we our on gross was Our gross with XX% both margin was margin year guidance XX.X%, provided full in last

at general selling, expenses Combined also guidance in administrative with line and were our XX.X%.

Our pretax $XXX.X million revenue. year net for income the was of or XX.X%

we the was last effective in tax rate guidance call. with XX.X%, year provided line our last Our on

in basic per quarter same rate XXXX or to XXX was finally, diluted was XX.X%, the and And during orders per with line net XX.X%, our last quarter Net average. cancellation the our gross compared income $XXX.X XX.X% $X.XX Fourth X,XXX. share orders rate were cancellation historical was full share. year. year were The during the period $X.XX million and generally

the this year at ended Decrease with in backlog homes wholesale $XXX.X contracts million. in last. We of in included primarily to end our backlog the valued was to at compared fewer year due homes XXX

lots, the XX, Of Of year-over-year the year-end. December under sequentially. and a were our and a owned decrease we decrease We approximately developed X.X% year-over-year and development total of lots, ended controlled owned being those X.X% raw with engineering owned X.X% XX% XX,XXX in position. of were XX,XXX actively to of X.X% quarter lots XX,XXX land at sequentially. own lots, XX,XXX blocks. were Turning remaining land land were or and our vacant and lots, about XX% a finished of At XX,XXX

started centers homes or the progress. X,XXX homes, XXX and homes information completed with year we quarter, the finished in During

year-over-year. at of XX, lots, controlled XX,XXX Finally, we increase an XX.X% December

capital our Josh And a I'll the over of with that, to for turn position. call discussion

Joshua Fattor

and to inventory down year Thanks, over and X.XX% Charles. $XXX are with extending total from ended we senior over extending $X.X November, into total of increasing $XXX not billion. of facility beginning new agreement, in group the through commitments XXXX, to pay of of lender year. Concurrent on estate through back In bank billion $X.X The million with next we previously issued the used billion assets $X.X XXXX. the maturity net the notes issuance, callable the amended late a successfully for revolver. proceeds XXXX, mature our million real notes borrowings We and our returning new $X.X commitments and credit our those on billion

additional and flexibility to within transactions capital Taken our liquidity focused and long-term create together, significant support growth. X depth our these profitability provides additional structure

$XX of XX, million our of million, borrow XX.X% liquidity available including net hand billion, As our debt-to-capital and in December was debt-to-capital ratio a of $XXX.X and revolving credit XX.X%. was facility. cash Total $X.XX a total resulting on ratio $XXX.X of million debt to under

the book billion quarter value a $X.X share total in per and of book ended we $XX.XX. Finally, nearly equity with

With that, call over I'll back the to turn Eric.

Eric Lipar

exceeding our of was and reflect strong targets pleased in success in year, people into and of systems We're confidence and Josh. head XXXX. we us financial It results with but meeting XXXX. our the challenging effectiveness the all a gives delivered as or we our Thanks, operational

on I'll the our what market. provide seeing color sharing outlook, Before currently in we're some

start. December factors, to first stages. closeout several fewer the still leaves, by closings, some wholesale C&Ds of seasonality contributing early shown our There January As closings, higher-performing that pronounced in the a in including new are got were the openings quarter off and slower

to on an average compared expertise up our advertising X in the pleased of best We keeping of by affordability the driven focused first-time the say, traffic. the introduction However, as customers. of serving of beginning homebuyers. to sales February, investment are last February, targeted year, increase to first and prior homeownership headwinds I'm utilizing the our seen Through XX% leads we've the remain in affordable, in months, since solutions combat and and X over new our was week for weekend our and a weeks reaching significant leads of

points for I'll outlook those mind, in share With our XXXX.

Our several over increasing plan on strategy profitability our and count we significant affordability, the driving in laid building years. the or next in remains XXXX of growth anchored groundwork community

be full year, and deliver and the by between we expect closings to up plan X,XXX double to For homes. X,XXX digits

Once will this year. again, count significantly be community up

We XX% to our XXXX sales cost planned on full selling price openings expect mix XX% and communities. prices and are XXX average community a affordability on between will inflation. Based year increasing count margins focus and $XXX,XXX and we expected approximately be as active $XXX,XXX. this balance community by offsetting guiding expected end we to Selling product backlog, to year grow with and higher

expense gross support and our growing we We gross we builders training expected between gross to adjusted is year currently XX%. personnel, margins. margin SG&A margins number While between advertising as and and year full of range target, to set a in XX.X% have out XX.X% increase full between to XX.X% expect once XX.X% XX% a invest and and margins again plan few communities.

Finally, the XX%. on we current believe year, rate rest expect XX% what market if our the this full between will time our the for targets range we guidance and same year of to is Similar attainable reflect tax last the and remain conditions year. view the

result, the to presented. our metrics or exceed we ability meet all we've have a in complete confidence As

year At year. our by people thanking commitment dedication their we'll forward day, results in We past of to them to enthusiasm close all look and that excellent their employees the I together last end for thank the and our of the their achievements our are company. performance for accomplish XXXX. and our this

Operator

Instructions]. [Operator

from of will question Paul Wolfe. be coming Przybylski first Our

Paul Przybylski

was better on I X.X of Typically, think at environment color Is year absorptions your that the strategic for closing this your Any guide I you thinking, focus, implies goal X%. guess, demand price change in add first midpoint. over about can your pace. there? all, around a

Eric Lipar

great a question. is It's Yes, Eric. Paul, this

yours from and little I are talk our bit I'll think through a numbers different that.

we're we opening Our excited it's starting ever XXXX guidance and pretty an highest And And the when a X.X a the in was new at pace count if in our to similar good which communities. were growth lot communities. been we of be XXXX. we to market, year, in because going being our we're We community active in XXXX, X.X what about XXX ASP for in did looked think comparison. affordability to XXXX, challenged confident

We back-end do loaded. believe it's going be to

average where that probably to is community count based we our community to little higher is a lower we thinking. our or think excuse leading X.X the than range of is count LGI what And going on actually is wholesale factor think bit -- flow. Also is guidance a you're So in the how X.X another business. me,

then all volume of half all pace these of is new about it new the Our communities, are, was with slower. expectations our expectation in XXXX. the And that's absorption is opening, communities the

So a way We of year guidance. start X.X X.X the year. think good to with this very range year, X.X a last to it's

Paul Przybylski

And Okay. gross going enough. Obviously, flat it's Fair year-over-year. then to to margin up guide. your

I costs your flowing would different setup I those land some allow through. given to what's of current talking your buck peers down you that your are trends? those higher think expectations about guess

Eric Lipar

a think couple Paul. Yes, I of things,

and XXXX, we to we are very profit. think incentives need possible. First it's have don't think lot and mortgage to have than low we we to customers cautious the think that. and we downs in lots be to do more country, important doing finished take These We a we development inventory through get I that the that of We approach to of rate development that capture been needs to all, work. think buy around valuable incentivize as need a that But those as the assets.

discounting think we're be I much. cautious about to too So going them

through increase. And now But protective a of customer, midpoint did margin, be even count margin. if in than need at anticipating I about right range our of and XXXX, one that's incentives all the gross gross growth. per positive plus think lot we a community more the And certainly, we pace of discounting that LGI the things we're is being higher XXXX would probably community of to

Paul Przybylski

able into color of maintain one your one. or On Would How you've that you 'XX. stuff count growth does count Or And are this stage community last community nice -- guidance? year. got the some be going set Any kind pulling to growth? forward? you

Eric Lipar

almost Yes. community are The forward on still the begun construction No lot standpoint. pulling site. from a those are has of A would communities completely baked I XXX expect XXXX. those of in, count growth developed. somewhat all of in

of community So expect XXX count year we year, again by the growth and the have those to well. end as closings then we communities next expect

Operator

of be will question from Seaport Ken next Research. Zener Our coming

Kenneth Zener

Your it of it's that. comments I impairments, but in aware not making end. sure about not I it, having about the to is worthwhile impressive statement. I'm think an was have

we year-over-year. you're to like of where investing expecting in are are the Why -- assume. your perhaps your really looks you're you you, your because guys. that SG&A a getting you're seem increase. guidance? more go I leverage been it much of kind you And of seeing believe have down It leverage communities I with on Because for, kind It's like it's flat selling, absorbing for lot right. good So better you're SG&A doesn't that or

So talk to you dynamic, if would. that

Charles Merdian

is This Charles. Ken. question, Great Yes.

expect couple on than a we're this So spending of is XXXX. year more did this we in advertising One things. to year or

quarter. second as increase we midyear trend last in of and So quarters the the and increased kind started fourth started third to year, into that

community We are increasing well. count as also

comes the point community Eric's absorption count the investing So to faster revenue in growth in the than about people does. that we're

a we'll little So be the of we're as investing -- ahead closings well.

So those biggest the X are pieces. really

Kenneth Zener

of those the Is invested people increase expected you've where I'm in? that guess to your where advertising the together. thinking working offset I incentive kind leave does from about absorption your pieces already that's that X And assumption?

Charles Merdian

Yes. Sure.

assumptions, not revenues, in SG&A flowing terms in incentives incentive line. the into the net are So so of the

So price. sales that affects the average

expect to assumptions average be And So incentives incentives. to they in increasing similar would for XXXX generally as the on XXXX. we overall were the ASP

advertising in driving growth, of leads. then terms spend, And personnel in investing we're

team is to spending drive leads it spending So to where actively what marketing we're our communities. our monitoring we're and

full we're So year. had to in our this some it. the budgeting expecting just use in years haven't we budget that. We're In to use past,

that it. need For for spend example, because to budget. to during results saw the in we're favorable didn't our we COVID a spend lot But we're XXXX, going spend expecting full that of we years,

Kenneth Zener

the If if you I guys question. Good. it another I sheet, more guess, lands. to goes could -- balance and self-develop And ask,

statement And balance to [indiscernible] why you do I'm backs think your just sheet. lot. impairments I a around that your up trying

one you process, about Because where inventory at ways as be? think understand So of do the is would do can high think about that where thinking mean that your units us was like XQ as in X,XXX I your or think you that X,XXX, of kind you in I if X,XXX -- help 'XX.

I'm now, just lot your your you Do closing X-year picking like be own you're lots but ran you supply and pace basically are the land, relative up your And count, same pace. own asking is going which down. to out so think your right came of to

under construction supply lot sheet. And owned because another I part asked your the will your So down. that's go about units balance on obviously

the of that you the of year? where address at could think might that If be terms you in end

Charles Merdian

I to sure. start as with. take can well Yes, one Ken, this

land invested billion So raw of is land, in development million our out in and $X.X lots. of $X.X finished it inventory, under about

of breaking or the under remarks, a you that really, are XX,XXX the lots, lots the down when development. owned break do stage either XX,XXX down, in prepared them in So raw we

field, which engineering, the in type ready be way future include development. of that Or either investment truly status. is future to that So raw, sections, would a low-cost corn active for still

roughly only XX,XXX under So or of are XX% owned lots development. about our

we think but going are what into we pace results of that demand XXXX can the we lots our for going engineered terms to XXXX, in the be in able of in and satisfy what to managing we terms we shape so good into couple think of be expected So just think not the with years. lots the those are for that closing accordingly bring active of delivery next development to

about over shifting vertical, to of then manage And we to months' X inventory. worth

over of midpoint our an our months. be X,XXX X would point guidance on shy implied or just -- units low from So just of

So start to a of introduce expected that terms the closings $XXX X-month have throughout a about of the vertical way year in the to mentioned supply think pace increase is we start slower new on communities in Eric pace we as the that million year. But represents going. are the later where invested it, we we think

Operator

of Rehaut And next be our Michael coming will JPMorgan. question from

Michael Rehaut

was First, have I 'XX. of sorry, the it in and I Eric, described or a there outlook know to not growth And to you X% growth is guidance the XX%. don't community closings digit. I'm intentional openings range your to you the just wanted midpoint, -- pace kind if dial out Eric, the kind community on year your little in rate or this of of of you're closings double of for referring but -- just bit a in

know range. just I don't of kind into higher kind that. half the your, of that's know one conviction of to maybe, that if to I or midpoint referring if of hitting that was So way the don't look upper

say, upper of But if hitting level half, hit of expect let's do a really kind for I it the about let's weighted. conviction, say, you to say. we wanted let's that, Like of indeed, community X,XXX X,XXX How the half to to your sense be, midyear? let's would getting think range, should where does how openings? said back we that XXX? You count to say, was And get

Eric Lipar

asking Yes, of appreciate comments. great it. question, you couple Michael. I A

is closings should be. agree -- of And think always with We our First believe that's you. it closing conservative. guidance I hope the all, we way we

do So we're count loaded. Community to double-digit was be yes, back-end expect growth, when the referring growth, about that we talking to midpoint.

and things XX QX those exciting month community As that we openings here be and for team the we've an expect all active of example, is gearing would communities new one of is of to in got QX up XX then adding in QX. this the year, March. of in sales the And

be So February count. is community to to similar January community count probably going

of So up rest throughout year, back in the primarily really ramping the half. the

to, were and a the possible, week sales that's exciting leads are those couple positive, -- the range we the way perform if midpoint So things. of up, supposed is we're guidance goal. to yes, of And end certainly high really are we're last

Michael Rehaut

getting you And about that goal by on you XXX previously, 'XX. an of Is said at Great. earlier question, then there? mark of above kind the growth, community Or, I XXX better? Great. you've of to talked I count, or and think the getting end kind explicit think know had but still more other been to that in just looking calls in I that the

Eric Lipar

Yes.

Part We growth, proud opportunistic, an the nation never question, and in selective LGI, off, our a great Michael. very following acquisitions Another very the is about the of the inventory community say not life for of pulling to We of teams new which is across on development acquisitions. year. that. hats very are specifically talked feat taking that we're chose and we to for off impairment XXX reason count

buying to cautious we're new acquisitions So on look next being said, for depends really XX like that right it months. our now. And X what in the

would after. deals that we some adding number possible, buy to XXX hit have to So but community keep is year and count new the

Michael Rehaut

tracking wanted sure is well? I had in. know, looking close And it so sense I about that terms amortization more right the X of as perhaps I appreciate And And us usually, for interest month, X, XX I wanted I closings like to can low couple also, X%-ish. A it's other ones, -- Xs. February to days -- the out. make number could the X guidance, like or that. quick on days of you're to you just any in another days of squeeze Okay. how looks in based one, give if or if

Eric Lipar

part Yes, I closings not of can as as question the like, robust sales Mike. we'd for on the were take first February. January

January, And strong So February, down can January, were month very last then have expect been the which probably and closings of the of that to close we lighter. up sales, February, in from XXX, year's will we last year-over-year couple March, increase from weeks closings believe is to In we around February. in March. lead and month of

Charles Merdian

And for take Yes. you, is, Mike, we projects can the were interest communities a expect question I that lot of new these developed. we

rates So we year income or the and so, last over against capitalized to these that projects, through start been statement. them interest as interest increased development has coming expect the

the interest So from we of do development debt sheer of just up communities plus higher to cost tick volume a capital. expect both

accounting factor we that would number year-over-year. delta to the expect a into generally And guidance well. then And small is that about purchase absolute the in as be same

So smaller will a be portion. it

and purchase bit on interest bit the higher smaller little a a through coming little accounting. on So

Operator

Wedbush. question next Jay be will Our of coming from McCanless

James McCanless

Eric, were January, was surprised first up levels talking really when volume hear that competitors leads pretty you my about because December of I which in in decline soft, So to and most about were interest question, talked December. you picking said your the sales

more please? if maybe could some on you depth us So give that,

Eric Lipar

Yes.

that, think Jay. I see didn't we just

And sales typical of. see what holidays, closings what That's going better we just in we strong around on and do. a focused increase sales in said over It's were closings the we're slow this, been orders we certainly down, allowed for saw. just the the us, are which of pace for I and proud year-over-year. year us to last very think getting that X,XXX the that's part year to It's It strong first lot which but February. December. didn't year really we to we ending to

James McCanless

customers. new And that. you the plays of then is about that could also what affordability as some talked Maybe talk maybe you incentives about have and/or I more think part with

that's And be amount then the neighborhoods? strategies market supply hitting continue is to what the in believe that, year. a What strategy or further significant your that of still into the step it defend multifamily take customer to your this LGI there is to is a from core against I going -- pull to and

Eric Lipar

Yes.

I about mean, there going a think a we're value going or rental is, of couple apartments, home we're more talk houses the to out about talking the there versus units continue be advantage of if supply of to always there's our customers to rental homeownership ownership. renting. still Jay, to things of I

now, had. or Right monthly last The been XX get And we've to a compared the homeownership strained. affordability an discussions the that is the payments goes and ever for the the renting gap a to or probably back over of widest it's between it's previous certainly into apartment, so. widest that's to challenge that us, months lot

How advertising. spend combat challenge? Well, do you that you more money on

get also XX%. customers to couple You footage people in that about talked more to smaller of XXXX, to And qualified. XXXX, under sold previous We're drive that our working that houses. on feet. percentage trend that X,XXX leads continue foot in calls. -- under have XXXX. A of talk And was more We've likely are to leads to square our communities order going is square that because a that we we're square XX% to into of X,XXX houses in houses on probably was were

So increased looking keep to at more that's of that pace some absorption have: tools the doing order marketing, spending on in square footage we smaller that training, up.

Operator

from question Barrón next Alex will coming our Housing of be Center. Research And

Alex Barrón

are specs? production I and under those how of have many homes completed share, hoping you guys you guys Yes, how many was could

Charles Merdian

are got We've X,XXX homes homes. that and sure. in about X,XXX progress Yes, completed

Alex Barrón

Okay.

of total a X,XXX? So

Charles Merdian

Yes. And then the rest would be information centers to X,XXX. get to a

Alex Barrón

try to speaking, going on try right I now, inclined maintain to everything affects Okay. that preserve given Great. pace that's guess, to if guys philosophically are more sales even preserve then to volume And margins? just margins you or

Eric Lipar

a Alex, Yes, question. it's great

gross We looking advertising. what pace. sales means with I about. margin spending that means margin. want it's talking protective mean think incentives, money to for us, our also on maintain And we're more you're mortgage I at it

towards more gross keep because and pace -- we'd as to probably maintain high the the our So margin also margin but right now. adjusted like well,

United to very starting appraisal but still minimal challenges it's the see a across amount. some We're States,

that at market So our prices to if getting our the we're accordingly good we're and watching that we're adjust comfortable value have that, to we'll But dictates sales customers. do so. we

Alex Barrón

in of And how your price? as of sales much terms a incentives, are they roughly, percentage

Eric Lipar

Yes.

forward there's think of We've done big before. there. factors commitments a couple I different

you're incentive, is that to X% say, sales payment a and focused typical good the average. X% average, getting that as possible. low just of Our as I'd be on monthly But would on price really

Operator

hand back remarks. I'm call like not time, showing further And to at this Eric to the any I for questions. would closing

Eric Lipar

you day. for and on LGI Have participating your Thank to everyone interest in call today Thank you. the great a Homes. for

Operator

and in thank for gentlemen, today's conference. Ladies you participating

LGI Homes (LGIH) 20 Feb 242023 Q4 Earnings call transcript