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LGI Homes (LGIH) FY2023 results: revenue $2.4 billion, up 2.3% on the year

LGI Homes, Inc. (LGIH) reported revenue of $2.4 billion for fiscal 2023, the year ended 31 December 2023, up 2.3% on the year before. Net income was $199 million, down 39.0%, and diluted earnings per share $8.42. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue
$2.4 billion
+2.3% on the year
FY2016FY2023
Operating margin
9.9%
16.9% a year earlier
FY2016FY2023
Net income
$199 million
-39.0% on the year
FY2016FY2023
Diluted EPS
$8.42
-38.8% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue2,3592,3043,050+2.3%
Cost of revenue1,8161,6582,232+9.6%
Gross profit542647818-16.1%
Gross margin23.0%28.1%26.8%
Operating income233390548-40.2%
Operating margin9.9%16.9%18.0%
Interest expense0.00.00.0
Pre-tax income262418543-37.4%
Income tax62.591.5113-31.7%
Effective tax rate23.9%21.9%20.8%
Net income199327430-39.0%
Net margin8.4%14.2%14.1%
Diluted EPS$8.42$13.76$17.25-38.8%
$ million except per share.
Read moreFree 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow-57.0-37021.7
Capital expenditure1.41.21.7+21.6%
Free cash flow-58.4-37220.0
Free cash flow margin-2.5%-16.1%0.7%
Cash from investing-13.6-6.0-70.4
Cash from financing87.635863.3-75.5%
Depreciation and amortisation2.41.61.2+52.8%
Share-based compensation8.99.213.6-2.9%
Buybacks0.095.1194
Diluted shares, weighted24m24m25m-0.3%
Shares outstanding at period end24m23m24m+1.2%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity1,8561,6421,396+13.0%
Debt1,2481,117805+11.8%
Other liabilities303365151-16.9%
Total liabilities and equity3,4083,1252,352+9.1%
Fixed assets45.533.016.9+38.0%
Goodwill12.012.012.00.0%
Cash and equivalents49.032.050.5+53.1%
Other assets3,3013,0482,272+8.3%
Total assets3,4083,1252,352+9.1%

10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.