LGI Homes, Inc. (NASDAQ:LGIH) Q1 2024 Earnings Conference Call April 30, 2024 12:30 PM ET

Company Participants

Joshua Fattor - VP, IR & Capital Markets
Eric Lipar - Chairman & CEO
Charles Merdian - CFO & Treasurer

Conference Call Participants

Andrew Azzi - JPMorgan
Carl Reichardt - BTIG
Alex Barron - Housing Research Center
Jay McCanless - Wedbush

Operator

Hello, and welcome to LGI Homes' First Quarter 2024 Conference Call. Today's call is being recorded and a replay will be available on the company's website at www.lgihomes.com. After management's prepared comments, there will be an opportunity to ask questions. [Operator Instructions]

I would now like to hand the conference over to Executive Vice President of Investor Relations and Capital Markets, Joshua Fattor.

Joshua Fattor

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

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

On this call, we'll discuss non-GAAP financial measures that are not intended to be considered in isolation or as substitutes for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP can be found in the press release we issued this morning and in our quarterly report on Form 10-Q for the quarter ended March 31, 2024, that we expect to file with the SEC later today. This filing will be accessible on the SEC's website and in the Investor Relations section of our website.

With me today are Eric Lipar, LGI Homes' Chief Executive Officer and Chairman of the Board; Charles Merdian, Chief Financial Officer and Treasurer.

And I'll now turn the call over to Eric.

Eric Lipar

Thanks, Josh. Good afternoon, and welcome to our first quarter earnings call. We delivered 1,083 homes in the first quarter at an average sales price of over $360,000 resulting in total revenue of $391 million. During the first quarter, our top markets on a closings per community basis were Raleigh with 7.7 closings per month, followed by Southern California with 5.5 closings and Washington DC with 5. Congratulations to the teams in these markets for the results last quarter.