LGI Homes (LGIH) FY2022 results: revenue $2.3 billion, down 24.4% on the year

LGI Homes, Inc. (LGIH) reported revenue of $2.3 billion for fiscal 2022, the year ended 31 December 2022, down 24.4% on the year before. Net income was $327 million, down 24.0%, and diluted earnings per share $13.76. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$2.3 billion

-24.4% on the year

FY2015FY2022

Operating margin

16.9%

18.0% a year earlier

FY2015FY2022

Net income

$327 million

-24.0% on the year

FY2015FY2022

Diluted EPS

$13.76

-20.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,304	3,050	2,368	-24.4%
Cost of revenue	1,658	2,232	1,765	-25.7%
Gross profit	647	818	603	-21.0%
Gross margin	28.1%	26.8%	25.5%
Operating income	390	548	365	-28.8%
Operating margin	16.9%	18.0%	15.4%
Interest expense	0.0	0.0	0.0
Pre-tax income	418	543	368	-23.0%
Income tax	91.5	113	44.0	-19.1%
Effective tax rate	21.9%	20.8%	11.9%
Net income	327	430	324	-24.0%
Net margin	14.2%	14.1%	13.7%
Diluted EPS	$13.76	$17.25	$12.76	-20.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-370	21.7	202
Capital expenditure	1.2	1.7	2.7	-31.3%
Free cash flow	-372	20.0	199
Free cash flow margin	-16.1%	0.7%	8.4%
Cash from investing	-6.0	-70.4	-5.6
Cash from financing	358	63.3	-199	+465.7%
Depreciation and amortisation	1.6	1.2	0.7	+36.6%
Share-based compensation	9.2	13.6	13.5	-32.4%
Buybacks	95.1	194	48.1	-50.9%
Diluted shares, weighted	24m	25m	25m	-4.7%
Shares outstanding at period end	23m	24m	25m	-2.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,642	1,396	1,139	+17.7%
Debt	1,117	805	538	+38.7%
Other liabilities	365	151	149	+142.3%
Total liabilities and equity	3,125	2,352	1,826	+32.9%
Fixed assets	33.0	16.9	3.6	+94.7%
Goodwill	12.0	12.0	12.0	0.0%
Cash and equivalents	32.0	50.5	35.9	-36.7%
Other assets	3,048	2,272	1,775	+34.1%
Total assets	3,125	2,352	1,826	+32.9%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.