What changed in this filing

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Item 1. Business

2022-02-15 compared with 2021-02-25 · 102 added, 67 removed, 216 unchanged (44% of the section changed)

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One of the keys to our successful geographic expansion is our operating model which enables us to enter new markets efficiently and effectively.

During 2021, we have opened or expect to open new communities and to have homes for sale in additional markets, including Baltimore, Maryland, Norfolk, Virginia and Knoxville, Tennessee, and land under development in Salt Lake City, Utah.

We see opportunities to develop properties with multiple product lines and within the same communities, which we believe will enable us to grow our business by increasing the number of price points in some of our existing markets.

Our current product offerings include entry-level homes, including both detached and attached homes, and move-up homes, which are sold under our LGI Homes brand, and our luxury series homes, which are sold under our Terrata Homes brand.

At December 31, 2020, we had 113 active communities with our LGI Homes brand and three with our Terrata Homes brand.

During 2022, we expect to continue operating in our existing markets and expect to continue land development in Utah.

In addition to our geographic expansion, we have significantly diversified our operations, offering multiple entry-level product lines, including attached and detached homes as well as active adult offerings, which are sold under our LGI Homes brand, and our luxury series homes, which are sold under our Terrata Homes brand, as well as our wholesale business that builds and sells homes to companies looking to acquire single-family rental properties, primarily through bulk sales agreements.

In addition, our recently announced joint venture, LGI Mortgage Solutions, will have the opportunity to facilitate financing for the majority of our customers.

At December 31, 2021, we had 93 active communities with our LGI Homes brand and eight with our Terrata Homes brand.

To further assess diversification within our operations during 2021, we also began offering a limited number of single-family rental homes in select communities with the intent to ultimately sell these homes through a bulk purchase.

Our Terrata Homes brand allows us to leverage our systems and process approach, including our customer centric sales system, to deliver move-in ready homes with standardized features.

During 2021, we closed 183 Terrata Homes, which had an average sales price per home closed of $482,410, compared to 150 Terrata Homes, which had an average sales price per home closed of $424,132, in 2020.

Our attached product in certain markets enables us to keep our entry-level price point within reach of more new homebuyers.

We believe that our attached product helps to counter rising land and home costs, and support our expansion into densely populated markets.

Similarly, we believe our wholesale home closings provide opportunities for us to leverage our systems and processes to meet the needs of companies looking to acquire multiple homes for rental purposes, primarily through bulk sales agreements.

Our attached townhome product in certain markets enables us to keep our entry-level price point within reach of more new homebuyers.

We believe that our attached townhome product helps to counter rising land and home costs, and supports our expansion into more densely populated markets.

Our active adult communities offer both open and age-restricted lifestyles in amenity-rich communities with affordable homes.

The communities leverage existing floor plans with minor modifications that present a compelling value-proposition, convenience and comfort for the product line’s target demographic.

Additionally, we believe the creation of LGI Mortgage Solutions, a joint venture with one of our long-time, third-party preferred lenders, will facilitate a more streamlined, customer-focused mortgage financing experience for our homebuyers.

Our wholesale business provides opportunities for us to leverage our systems and processes to meet the needs of companies looking to acquire multiple homes for rental purposes, primarily through bulk sales agreements.

During 2021 and 2020, we had 1,515 and 850 wholesale home closings, respectively, which represented 14.5% and 9.1% of our total home closings in 2021 and 2020, respectively.

We expect to continue to pursue a flexible land acquisition strategy of purchasing or optioning finished lots, if they can be acquired at attractive prices, or purchasing raw land for residential development.

We expect to continue to pursue a flexible land acquisition strategy of purchasing or optioning finished lots at attractive prices, or purchasing raw land for residential development.

We are experienced in converting raw land into residential communities, given our successful history as a land developer.

We endeavor to maintain a pipeline of desirable land positions for replacement communities and new communities.

We generally target land acquisitions that are further away from urban centers than many other suburban communities but have access to major thoroughfares, retail districts and centers of business.

These target areas that are further away from urban centers generally result in a better value for the homeowner through either lower price points or larger lot sizes.

We consider development opportunities that meet our profit and return objectives, including opportunities which may involve the sale of home sites as a part of the product mix.

We consider development opportunities that meet our profit and return objectives, including opportunities that may involve the sale of home sites as a part of the product mix.

Projects of interest are typically evaluated at the division level using an extensive due diligence checklist that includes assessing the permitting and regulatory requirements, environmental considerations, local market conditions and anticipated floor plans, pricing and financial returns.

We also determine the number of potential residents in the market and rental households that are within driving distance of the proposed project.

We will continue to focus primarily on entry-level home buyers.

We expect our wholesale home closings to represent approximately 10.0% to 15.0% of our annual home closings during 2021.

Additionally, we expect our home closings in communities with our Terrata Homes brand will be less than 2.0% of our annual home closings during 2021.

We expect our wholesale business to represent approximately 10.0% of our annual home closings during 2022.

Additionally, we expect that home closings in our Terrata Homes branded communities will be approximately 5.0% of our annual home closings during 2022.

Sales and Marketing

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We employ various marketing methods such as interactive online media, social media, direct mail and directional signage and billboards.

These methods have proven highly successful in reaching our target market, placing potential homebuyers in front of our trained sales professionals and communicating our core message of value and dream fulfillment.

While a proportion of our business does come from realtors, our marketing efforts are principally designed to connect directly with potential customers who are currently renting their primary residence and to encourage them to schedule an in-person appointment at one of our information centers.

Our information centers are typically open 12 hours per day, 359 days per year, and generally staffed by two to five sales professionals who are supported by an independent on-site loan officer.

Our commission-based sales professionals are trained to learn about the current housing situation of the customer, educate them on the value proposition of owning an LGI home and provide them with a comprehensive and thorough understanding of the steps required to achieve homeownership.

While a proportion of our business comes from realtors, our marketing efforts are principally designed to connect directly with potential customers who are currently renting their residence and to encourage them to schedule an in-person appointment at one of our information centers.

Our information centers are typically open 12 hours per day, 359 days per year, and generally staffed by two to five sales professionals who are supported by a dedicated, independent loan officer.

Our commission-based sales professionals are trained to learn about the current housing situation of the customer, educate them on the value proposition of owning an LGI home and provide them with a comprehensive understanding of the steps required to achieve homeownership.

We also educate customers on our history, vision and values.

Our sales professionals will determine credit and income qualifications, provide information regarding floor plans and pricing and conduct tours of our homes based on the customer’s needs and budget.

Our focus on move-in ready homes often allows us to show the customer the completed or near-completed home that they will own.

We also provide each customer with a comprehensive introduction to the community and the surrounding area, furnishing them with detailed information regarding utilities, schools, homeowners association dues and restrictions, local entertainment and nearby dining and shopping options.

Our sales professionals determine credit and income qualifications, provide information regarding floor plans and pricing and conduct tours of our homes based on the customer’s needs and budget.

We provide each customer with a comprehensive introduction to the community and the surrounding area, furnishing them with detailed information regarding utilities, schools, homeowners association dues and restrictions, local entertainment and nearby dining and shopping options.

As a result of our transparent approach, customers receive all the information needed to make a buying decision, which we believe sets clear expectations and eliminates confusion during the home buying process.

Recruitment, Training and Development

We focus on identifying and attracting the best talent and providing them with world-class training and continuous development.

We directly invest in our sales professionals by conducting an intensive 100-day introductory training program consisting of 30 days of initial in-depth, in-house education about our time-proven selling strategies, which includes a two-week training program at our headquarters, and an additional 85 days of secondary training at the local division.

Our continued commitment to our sales personnel is reflected in the ongoing weekly training sessions held in each of our information centers coupled with quarterly regional training events.

Typically, all construction managers, purchasing managers and vice presidents come to our corporate headquarters for a week of training in their first 100 days.

We also work closely with our subcontractors, training them using a comprehensive construction manual that outlines the most efficient way to build an LGI home.

A number of our subcontractors have worked on our homes since we commenced homebuilding operations in 2003, and therefore, are familiar with our business model.

Currently, we do not sell a home until construction has begun on the home.

Homebuilding Operations

Our homebuilding operations are organized and managed by seven divisions:

Our homebuilding operations are organized and managed by seven operating segments:

West, Northwest, Central, Midwest, Florida, Southeast and Mid-Atlantic.

The Midwest division is included in our Central reportable segment and the Mid-Atlantic division is included in our Southeast reportable segment.

We operate in the following markets within these seven operating segments:

West Northwest Central Midwest Florida Southeast Mid-Atlantic

Phoenix, AZ Seattle, WA Houston, TX Minneapolis, MN Tampa, FL Atlanta, GA Washington, DC

Phoenix, AZ Seattle, WA Houston, TX Minneapolis, MN Tampa, FL Atlanta, GA Washington, D.C.

Tucson, AZ Portland, OR Dallas Ft.

Worth, TX Orlando, FL Charlotte, NC Richmond, VA

Albuquerque, NM Denver, CO San Antonio, TX Fort Myers, FL Raleigh, NC Baltimore, MD (1)

Las Vegas, NV Austin, TX Jacksonville, FL Wilmington, NC

Worth, TX Orlando, FL Charlotte, NC Norfolk, VA

Albuquerque, NM Denver, CO San Antonio, TX Fort Myers, FL Raleigh, NC Richmond, VA

Las Vegas, NV Austin, TX Jacksonville, FL Wilmington, NC Baltimore, MD

Northern CA Oklahoma City, OK Fort Pierce, FL Winston-Salem, NC

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Nashville, TN

(1) No active communities in this market at December 31, 2020.

During 2020, we expanded our geographic presence in Florida and the Southeast with the addition of Daytona Beach and Sarasota, Florida, Greenville, South Carolina and Richmond, Virginia.

These operating segments reflect the way the Company evaluates its business performance and manages its operations.

During 2021, we expanded our geographic presence in the Mid-Atlantic with the addition of Baltimore, Maryland and Norfolk, Virginia.

These operating segments reflect the way we evaluate our business performance and manage our operations.

Additional information on our operating segments and product information is contained in Note 15 “ Segment Information ” to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

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Driven by commitment to our customers and the desire to make dreams of homeownership come true, we offer a set number of floor plans in each community with standardized finishes.

In 2019, we introduced the CompleteHome TM package to continue our legacy of offering buyers beautiful move-in ready homes, a streamlined buying experience, and superior quality with even more standard features than offered before.

The CompleteHome package includes kitchen appliances by Whirlpool®, 36” upper cabinets with crown molding, granite or quartz countertops, undermount sinks, Moen® faucets and Kwikset® door hardware, as well as convenient outlets with USB charging capability and a Wi-Fi-enabled garage door opener.

Additionally, our CompleteHome inventory includes programmable thermostats, double-pane Low-E vinyl windows, LED flush mount ENERGY STAR lights and a variety of other energy-saving features.

In addition, select communities in 2019 began offering our CompleteHome Plus TM package, which includes everything in the CompleteHome package plus stainless steel Whirlpool® appliances, 42” upper cabinets, blinds throughout and much more.

CompleteHome or CompleteHome Plus inventory is now available at all LGI communities and became standard with all new construction starts beginning in the second quarter of 2019.

In 2019, we introduced the CompleteHome TM and CompleteHome Plus TM packages to continue our legacy of offering buyers beautiful move-in ready homes, a streamlined buying experience, and superior quality with even more standard features than offered before.

Each of these packages offers move-in ready homes with preselected, upgraded standard features, including stainless steel Whirlpool ® appliances, cabinets with crown molding, granite or quartz countertops, undermount sinks, Moen ® faucets and Kwikset ® door hardware, as well as convenient outlets with USB charging capability and a Wi-Fi-enabled garage door opener.

Additionally, both packages include programmable thermostats, double-pane Low-E vinyl windows, LED flush mount ENERGY STAR lights and a variety of other energy-saving features.

Our CompleteHome Plus package includes everything in the CompleteHome package plus 42” upper cabinets, nine-foot ceilings, designer paint selections, enhanced landscaping selections and window blinds throughout the home.

Our homes are designed to meet the preferences of our target market of potential homebuyers and enable cost efficient and effective construction processes.

We maintained an average home completion time of approximately 80 to 105 days during 2020;

with homes closed during 2020 ranging between 1,000 to 4,500 square feet and overall sales prices ranging between the $140,000’s to the $700,000’s.

We maintained an average home completion time of approximately 90 to 130 days during 2021, with homes closed during 2021 ranging between 1,000 to 4,100 square feet and overall sales prices ranging between the $150,000’s to the $1,100,000’s.

We expect to continue to utilize our even flow construction methodology in communities with homes at all of our price points and will maintain our focus on marketing complete or move-in ready homes with standardized features.

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We endeavor to obtain favorable pricing from subcontractors through long-term relationships and consistent workflow.

As we have expanded into new markets outside of Texas, the employees that we have hired in those markets have brought long-term relationships with several subcontracting firms.

We have expanded upon existing relationships with subcontracting firms also located in Texas.

A number of our trade partners have subcontracted on our projects since we commenced homebuilding operations in 2003.

As we have expanded into new markets outside of Texas, many employees that we have hired in those markets have brought with them long-term relationships with subcontracting firms.

We have also expanded upon existing relationships with subcontracting firms located in Texas.

A number of our trade partners have subcontracted on our projects since we commenced homebuilding

operations in 2003.

We purchase some components and materials centrally to leverage our purchasing power to achieve volume discounts, a practice that often reduces costs and ensures timely deliveries.

We typically do not store significant inventories of construction materials, except for work in progress materials for homes under construction.

Consistency of our trade partners is an integral part of our homebuilding operations that also leads us to reduced warranty costs.

Consistency of our trade partners is an integral part of our homebuilding operations that also leads to reduced warranty costs.

We believe in building long lasting relationships with our trade partners in order to provide consistent, quality and timely deliveries across our markets.

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We source land from a wide range of landowners, brokers, lenders, builders and other land development companies.

We generally acquire finished lots and raw land in affordable locations that are further away from urban centers than many other suburban communities but have access to major thoroughfares, retail districts and centers of business.

We generally acquire raw land and finished lots in affordable locations that are further away from urban centers than many other suburban communities but have access to major thoroughfares, retail districts and centers of business.

We conduct thorough due diligence on each of our potential land acquisitions, and we typically look at numerous opportunities before finding one that meets our requirements.

We also maintain a pipeline of desirable land positions for replacement communities and new communities.

We increased our active communities to 116 as of December 31, 2020 from 106 as of December 31, 2019.

Our lot inventory

increased to 61,504 owned or controlled lots as of December 31, 2020 from 48,062 owned or controlled lots as of December 31, 2019, primarily due to overall increased lot counts within the Central, Northwest and West reportable segments.

Our lot inventory increased to 91,845 owned or controlled lots as of December 31, 2021 from 61,504 owned or controlled lots as of December 31, 2020 due to overall increased lot count within all reportable segments.

We decreased our active communities to 101 as of December 31, 2021 from 116 as of December 31, 2020.

During 2021, we experienced a decrease in our overall active community count driven by the accelerated pace of absorptions, the time lag between the closing out of certain communities and the readiness of replacement communities and limited availability of finished lots in certain markets in 2021 as compared to 2020.

We expect this trend to continue in the beginning of 2022 until additional new communities are ready to become active communities (i.e., home construction has begun in the community and a home has closed in the community).

Our allocation of capital for land investment is performed at the corporate level with a disciplined approach to portfolio management.

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Homes in Inventory

When entering a new community, we build a sufficient number of move-in ready homes to meet our budgets.

When entering a new community, we intend to build a sufficient number of move-in ready homes to meet our budgets.

We base future home starts on home closings.

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Typically, the raw materials and most of the components used in our business are readily available in the United States.

In addition, the majority of our raw materials is supplied to us by our subcontractors, and is included in the price of our contract with such contractors.

In addition, the majority of our raw materials is supplied to us by our subcontractors, and is included in the price of our contract with such subcontractors.

Most of the raw materials necessary for our subcontractors are standard items carried by major suppliers.

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We continue to monitor the supply markets to achieve the best prices available.

Typically, the price changes that most significantly influence our operations are price increases in labor and commodities, such as lumber.

Specifically, during the second half of 2020, we saw a significant increase in the cost of our lumber related to undersupply as a result of increased demand and shutdowns of lumber mills due to the COVID-19 pandemic.

We may see additional lumber cost pressures in future quarters.

Typically, the price changes that most significantly influence our operations are price increases in labor, commodities and lumber.

We could see additional cost pressures associated with lumber in future quarters.

Generally, we have been able to increase the sales prices of our homes to absorb these increased costs.

Additionally, during the year ended December 31, 2021 and the beginning of 2022, significant supply chain disruptions extended construction cycles across our markets.

We have focused on our supply chain and have endeavored to manage it to limit impacts to our business and customers.

We believe these global shortages are directly related to the novel strain of coronavirus (including new variants thereof, “COVID-19”) and will continue to impact our operations as long as the pandemic

Although we expect COVID-19 to continue to influence our future results, we believe that the desire for single-family homes outside of densely populated urban areas combined with historically low mortgage rates and low availability of existing homes is driving an increase in demand for new homes.

The homebuilding industry generally exhibits seasonality.

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These executive orders may result in the development of additional regulations or changes to existing regulations.

The particular environmental laws which apply to any given homebuilding site vary according to multiple factors, including the site’s location, its environmental conditions, the present and former uses of the site, the presence or absence of endangered plants or species or sensitive habitats, and environmental conditions at adjoining or nearby properties.

The particular environmental laws which apply to any given homebuilding site vary according to multiple factors, including the site’s location, whether the site contains wetlands or other features that may create burdensome permitting requirements, its environmental conditions, the present and former uses of the site, the presence or absence of endangered plants or species or sensitive habitats, and environmental conditions at adjoining or nearby properties.

Environmental laws and conditions may result in delays, may cause us to incur substantial compliance and other costs, and can prohibit or severely restrict homebuilding activity in environmentally sensitive regions or areas.

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Human Capital Resources

As of December 31, 2020, we employed 938 people, of whom 90 were located at our corporate headquarters, 579 were on-site sales and support personnel, and 269 were involved with construction.

LGI Homes is committed to being a people-focused organization and actively promotes a workplace of dignity and respect for all.

We strive to uphold all applicable laws and regulations in the markets where we conduct business and pursue business relationships with external partners who share our commitment to lawful, ethical business conduct.

We believe our commitments to diversity and inclusion, training, safety and sustainability form the foundation of our people-focused culture.

As of December 31, 2021, we employed 952 people, of whom 87 were located at our corporate headquarters.

Of our employees located outside our corporate headquarters, 528 were on-site sales and support personnel, and 337 were involved with acquisition and development, purchasing, and construction.

We have built a diverse and inclusive team of professionals with a wide range of industry experience across our markets.

We are dedicated to supporting our employees when times are challenging.

In May 2020, we announced we would not lay off or furlough employees due to the COVID-19 pandemic, and in October 2020, we paid a special bonus to our “frontline” workers whose roles and responsibilities required that they directly interact with the public on a daily basis.

The bonus was in recognition of the extraordinary efforts of such workers during the COVID-19 pandemic.

None of our employees are covered by collective bargaining agreements, and we have not experienced any strikes or work stoppages.

We believe we have good relations with our employees.

Our human capital resources objectives include, as

applicable, identifying, recruiting, training, retaining, incentivizing and integrating our existing and additional employees.

See “—Recruitment, Training and Development.” We offer our employees a wide array of company-paid benefits, which we believe are competitive relative to others in our industry.

Our human capital resources objectives include, as applicable, identifying, recruiting, training, retaining, incentivizing and integrating our existing and additional employees.

We offer our employees a wide array of company-paid benefits, which we believe are competitive relative to others in our industry.

We utilize subcontractors and tradespeople to perform the construction of our homes.

We believe we have good relations with our subcontractors and tradespeople.

Diversity, equity and inclusion.

We are committed to equal employment and advancement opportunities for all individuals regardless of race, color, religion, gender, gender identity or expression, sex, sexual orientation, national origin, age, disability, genetic information, marital status or status as a covered veteran in accordance with applicable federal, state and local laws.

As of December 31, 2021, our workforce at our corporate headquarters was comprised of 65% women and 28% identified as racially or ethnically diverse.

As of December 31, 2021, our on-site sales, sales support and construction workforce located outside of our corporate headquarters was comprised of 25% women and 32% identified as racially or ethnically diverse.

We are committed to maintaining a workplace that is respectful to all individuals and we maintain a zero-tolerance policy on discrimination and harassment of any kind.

Any conduct that creates an offensive or intimidating environment runs counter to our culture and core values and is strictly prohibited.

This policy is expressly described in our Code of Business Conduct and Ethics and our Employee Handbook and includes, but is not limited to, any protected status or characteristic, including race, color, ethnicity or national origin, age, sex, religion, disability, marital status, status as a veteran, genetic information, or any other status or characteristic protected by any federal, state, or local law.

Our employees are expected to treat their coworkers, our business partners’ employees and our customers with dignity and respect.

Commitment to recruitment, training and advancement.

We focus on identifying and attracting the best talent and providing those individuals with world-class training and continuous development.

We directly invest in our sales professionals by conducting an intensive 100-day introductory training program consisting of 30 days of initial in-depth, in-house education about our time-proven selling strategies, which includes a one-week training program at our headquarters, and secondary training at the local division.

Our continued commitment to our sales personnel is reflected in the ongoing weekly training sessions held in each of our information centers and quarterly regional training events.

Typically, all employees including construction managers, purchasing managers and vice presidents come to our corporate headquarters for a week of training in their first 100 days.

We also work closely with our subcontractors and tradespeople, training them on the most efficient way to build an LGI home.

A number of our subcontractors and tradespeople have worked on our homes since we commenced homebuilding operations in 2003 and, therefore, are familiar with our business model.

Employee wellness, health and safety.

We are committed to providing competitive benefits to attract and retain employees, including benefits that facilitate healthy lifestyles, mental well-being and preparedness for retirement.

Our commitment to wellness, health and safety was demonstrated by our response to the COVID-19 pandemic.

The bonus was in recognition of the extraordinary efforts of such workers during the COVID-19 pandemic.

We are committed to creating a safe and secure business environment that protects the health and safety of our employees, business partners and customers.

Our workplaces are required to comply with all applicable laws and regulations, including those established by the Occupational Safety and Health Administration, as they pertain to health and safety in the workplace.

As part of this commitment, we have implemented a systems-based program of regularly scheduled safety reviews, meetings and continuing education that are held in our communities and include our employees and the employees of our subcontractors and tradespeople.

Commitment to community involvement and support.

We are committed to improving and giving back to the communities we serve.

In addition to ongoing charitable giving throughout the year, each June we close all offices nationwide for our Service Impact Day.

During this annual service event, our focus turns away from sales and home closings as we dedicate the entire day to giving back.

Every LGI employee spends the day volunteering in the local community.

From constructing fences and cleaning up parks, organizing food, and volunteering at children's clubs, we are committed to being a positive presence in the communities we build.

Since 2016, we have contributed over $1.8 million in corporate, non-profit sponsorships, donated over 20,000 employee service hours and collaborated with over 100 non-profit organizations in an effort to make a meaningful impact in our local communities.

Available Information

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Rachel Eaton.

Eaton serves as our Chief Marketing Officer and is responsible for the overall growth and direction of all marketing initiatives, brand image, and social media.

Eaton has served as our Chief Marketing Officer since June 2013 and is responsible for the overall growth and direction of our marketing initiatives, brand image, and social media.

Eaton is also responsible for technology, recruiting and administrative field operations for the Company.

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Prior to joining the Company, Mr.

Garber served as Assistant General Counsel at Chevron Phillips Chemical Company (CPChem) from March 2012 to April 2018, where he was responsible for major company transactions (both domestic and international), as well as corporate governance of its Qatar-based joint ventures, and commercial legal matters for various company product lines and divisions.

Garber served as Assistant General Counsel at Chevron Phillips Chemical Company (CPChem) from March 2012 to April 2018, where he was responsible for major company transactions (both domestic and international), corporate governance of its Qatar-based joint ventures, and management of commercial legal matters for various company product lines and divisions.

Prior to joining CPChem, Mr.

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Garber previously worked at Howrey Simon Arnold & White, a major international law firm, where he specialized in all aspects of intellectual property law.

Garber is a member of the State Bar of Texas and is admitted to practice before the U.S.

Garber is a member of the State Bar of Texas and is also admitted to practice before the U.S.

Patent & Trademark Office.

Garber is also a member of the Board of Directors of Archway, a captive insurance company.

Garber is also a member of the Board of Directors of Archway Insurance, Ltd, a captive insurance company.

Board of Directors of LGI Homes, Inc.

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Ryan Edone - Chief Financial Officer of Petroleum Wholesale L.P., a distributor of branded and wholesale motor fuel products and operator of retail convenience stores/travel centers.

Duncan Gage - Former President and Chief Executive Officer of Giant Cement Holdings, Inc., a producer of cement, concrete and aggregate for the construction industry.

Laura Miller - Former Senior Vice President and Global Chief Information Officer of InterContinental Hotels Group PLC, a multinational hospitality company.

Miller also serves on the Board of Directors of EVO Payments, Inc., a global merchant acquirer and payment processor.

Shailee Parikh - Global Head of Strategy and Solution Development for Health Solutions at Aon plc, a leading global professional services firm.

Bryan Sansbury - Chief Executive Officer, Chairman, and a founding partner of AEGIS Hedging Solutions, LLC, formerly known as AEGIS Energy Risk, LLC.

Sansbury serves as our Lead Independent Director.

Maria Sharpe - Managing Principal of Sharpe Human Solutions, LLC, a human resource consulting and commercial real estate investment company.

Steven Smith - Owner and solo practitioner of Steven R.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business