−Removed: We are engaged in the design, construction, and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia and Pennsylvania.
+Added: We are engaged in the design, construction and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia, Pennsylvania and Maryland.
Our management team has been in the residential land development business since the mid-1990s.
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Since our initial public offering in November 2013, we have grown substantially by expanding our operations from nine markets in four states to 35 markets in 20 states.
−Removed: We believe there is an opportunity to continue to grow in our existing markets.
−Removed: Given our knowledge of and proven success in these markets, as well as the favorable demographic and economic trends forecasted for these markets, we expect to continue to grow in our current markets.
−Removed: We intend to continue to expand into new markets where we identify opportunities to build homes and develop communities that meet our profit and return objectives.
−Removed: One of the keys to our successful geographic expansion is our operating model which enables us to enter new markets efficiently and effectively.
−Removed: During 2022, we expect to continue operating in our existing markets and expect to continue land development in Utah.
−Removed: 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.
−Removed: In addition, our recently announced joint venture, LGI Mortgage Solutions, will have the opportunity to facilitate financing for the majority of our customers.
−Removed: At December 31, 2021, we had 93 active communities with our LGI Homes brand and eight with our Terrata Homes brand.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Our attached townhome product in certain markets enables us to keep our entry-level price point within reach of more new homebuyers.
−Removed: We believe that our attached townhome product helps to counter rising land and home costs, and supports our expansion into more densely populated markets.
−Removed: Our active adult communities offer both open and age-restricted lifestyles in amenity-rich communities with affordable homes.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: We are experienced in converting raw land into residential communities, given our successful history as a land developer.
−Removed: We endeavor to maintain a pipeline of desirable land positions for replacement communities and new communities.
+Added: We currently offer homes for sale in 99 communities throughout the United States.
+Added: We focus on demographic and economic trends forecasted for these markets and expect to continue to grow.
+Added: Our sales and marketing-focused operating model has enabled us to enter new markets efficiently and profitably.
+Added: We intend to continue to expand into new markets where we identify opportunities to develop communities and sell homes that meet our profit and return objectives.
+Added: Driven by commitment to our customers and our desire to make their dreams of homeownership a reality, we offer multiple product lines, including attached and detached entry-level homes and active adult offerings that are marketed and sold under our LGI Homes brand and luxury homes that are marketed and sold under our Terrata Homes brand.
+Added: During 2022, our average home completion time was approximately 90 to 165 days, our average home size ranged between 1,000 to 4,100 square feet and our overall sales prices ranged from approximately $190,000 to more than $1,200,000.
+Added: For the year ended December 31, 2022, we closed 6,621 homes at an average sales price per home closed of $348,052.
+Added: During 2021, our average home completion time was approximately 90 to 130 days, our average home size ranged between 1,000 to 4,100 square feet and our overall sales prices ranging from approximately $150,000 to more than $1,100,000.
+Added: For the year ended December 31, 2021, we closed 10,442 homes at an average sales price per home closed of $292,104.
+Added: We pursue a flexible land acquisition strategy of purchasing or optioning finished lots at attractive prices, or purchasing raw land for residential development.
+Added: Given our successful history as a land developer, we are experienced in converting raw land into residential communities.
+Added: We endeavor to maintain a pipeline of desirable land positions for replacement 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.
−Removed: 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.
+Added: Such areas generally result in a better value for the homeowner, either through lower sales prices or larger lot sizes.
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.
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We also determine the number of potential residents in the market and rental households that are within driving distance of the proposed project.
−Removed: We will continue to focus primarily on entry-level home buyers.
−Removed: We expect our wholesale business to represent approximately 10.0% of our annual home closings during 2022.
−Removed: Additionally, we expect that home closings in our Terrata Homes branded communities will be approximately 5.0% of our annual home closings during 2022.
+Added: We will continue to focus primarily on entry-level homebuyers.
+Added: Additionally, we engage in other business activities that leverage or complement our core homebuilding operations.
+Added: Our wholesale business builds and sells homes to large institutions interested in acquiring single-family rental properties through bulk sales agreements.
+Added: Beginning in 2021, we began building and leasing a number of single-family homes in select, existing communities.
+Added: These rental projects are income producing and we maintain the option to sell these homes in a bulk purchase agreement.
+Added: Finally, our strategic joint ventures, LGI Mortgage Solutions and LGI Insurance Solutions, provide mortgage financing and homeowners insurance services to our customers.
+Added: During the second half of 2022, we experienced a slowdown in demand caused by the Federal Reserve’s ongoing actions to stem inflation and the resulting increases in mortgage rates compared to the beginning of 2022.
+Added: As a result, many buyers paused their home purchasing decisions.
+Added: In response to this slowdown in buyer demand, we increased advertising spending to connect with more potential homebuyers.
+Added: Beginning in September 2022, we began offering mortgage buy-down programs and other sales incentives to offset some of the affordability pressures resulting from higher mortgage rates and increased our allocation of inventory available for sale to our wholesale channel.
+Added: Additionally, we evaluated our land position and significantly reduced our owned and controlled lots and right sized the number of finished homes in inventory.
+Added: Given the market conditions experienced during the second half of 2022 and our continued focus on future community count growth, we have chosen to allocate available capital to near-term land development.
+Added: While we expect that many of these challenges will persist in 2023 and could potentially worsen, we believe the long-term outlook for new homes remains strong, driven by solid fundamentals, including a historically low inventory of new and existing homes for sale, an aging housing stock, rising rents, strong household formations and low unemployment.
Sales and Marketing
−Removed: Our well-defined sales and marketing approach is primarily focused on converting renters of apartments and single-family homes into homeowners.
+Added: Our well-defined sales and marketing approach focuses on converting renters of apartments and single-family homes into homeowners.
We use extensive digital and print advertising to attract potential homebuyers.
−Removed: We employ various marketing methods such as interactive online media, social media, direct mail and directional signage and billboards.
+Added: We employ various marketing methods, such as interactive online media, social media, direct mail, 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 messages of value and dream fulfillment.
−Removed: 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.
−Removed: 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.
+Added: While a proportion of our business comes from realtors, our marketing efforts are principally designed to connect directly with potential customers currently renting their residences and encourage them to schedule an in-person appointment at one of our information centers.
+Added: Our information centers are typically open 11 hours per day, 359 days per year, and generally staffed by two to five sales professionals who are supported by a dedicated 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.
−Removed: We also educate customers on our history, vision and values.
−Removed: 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.
+Added: We also inform customers of our history, vision and values.
+Added: Our sales professionals determine credit and income qualifications, provide floor plans and pricing information, 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.
−Removed: Currently, we do not sell a home until construction has begun on the home.
Homebuilding Operations
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Nashville, TN
−Removed: 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.
−Removed: Our even-flow, continuous construction methodology enables us to build and maintain an inventory of move-in ready homes that are available for immediate sale.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Our homes are designed to meet the preferences of our target market of potential homebuyers and enable cost efficient and effective construction processes.
−Removed: 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.
−Removed: 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.
+Added: We offer a set number of floor plans in each community with standardized finishes.
+Added: Doing so enables us to utilize an even-flow, continuous construction process that is designed to efficiently build and maintain an inventory of move-in ready homes that are available for immediate sale.
We employ experienced construction management professionals to perform the tasks of general contractors for home construction in each of our communities.
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We endeavor to obtain favorable pricing from subcontractors through long-term relationships and consistent workflow.
−Removed: 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.
−Removed: We have also expanded upon existing relationships with subcontracting firms located in Texas.
−Removed: A number of our trade partners have subcontracted on our projects since we commenced homebuilding
−Removed: operations in 2003.
−Removed: 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.
−Removed: We typically do not store significant inventories of construction materials, except for work in progress materials for homes under construction.
+Added: A number of our trade partners have subcontracted on our projects since we commenced homebuilding operations in 2003.
Consistency of our trade partners is an integral part of our homebuilding operations that also leads to reduced warranty costs.
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We also work closely with our construction managers and subcontractors and train them using a comprehensive construction manual that outlines the most efficient way to build an LGI home.
−Removed: Throughout our homebuilding operations, we utilize a paperless purchase order system to conduct business with our subcontractors and suppliers.
+Added: Our homebuilding operations utilize a paperless purchase order system to conduct business with our subcontractors and suppliers.
Our master build schedule allows our trade partners to receive their specific tasks from our electronic system and plan several weeks in advance before starting their work.
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Typically, our contractors are paid every week, which contributes to the strength of our business relationships with them.
+Added: Our homes are designed to meet the preferences of our target market of potential homebuyers and enable cost efficient and effective construction processes.
+Added: In 2019, we introduced our CompleteHome TM and CompleteHome Plus TM packages to continue our legacy of offering buyers well-appointed, move-in ready homes, a streamlined buying experience, and superior quality with even more standard features than offered before.
+Added: Each of these packages includes preselected, upgraded features, including stainless steel appliances, cabinets with crown molding, granite or quartz countertops, undermount sinks, as well as convenient outlets with USB charging capability and a Wi-Fi-enabled garage door opener.
+Added: 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.
+Added: Our CompleteHome Plus package includes everything in the CompleteHome package plus 42” upper cabinets, nine-foot ceilings, designer paint selections, additional landscaping and window blinds in every room of the house.
+Added: We offer an attached townhome product in certain markets that enables us to keep our entry-level price point within reach of more new homebuyers.
+Added: We believe that this product helps to counter rising land and home costs.
+Added: Our active adult communities offer affordable homes in both open and age-restricted lifestyles in amenity-rich communities.
+Added: These communities leverage existing floor plans with minor modifications designed to meet the needs of active adult homebuyers at prices that present a compelling value-proposition.
+Added: Our Terrata Homes brand allows us to leverage our systems and processes, including our customer centric sales system, to deliver move-in ready homes with preselected luxury features.
+Added: During 2022, we closed 217 Terrata Homes at an average sales price per home closed of $549,551, compared to 183 Terrata Homes at an average sales price per home closed of $482,410, in 2021.
+Added: As of December 31, 2022, we offered Terrata Homes in ten of our active communities.
+Added: We expect that home closings in our Terrata Homes branded communities will be approximately 5.0% of our annual home closings during 2023.
+Added: Our mortgage financing and homeowners insurance joint ventures provide a streamlined, customer-focused experience for our homebuyers.
+Added: LGI Mortgage Solutions provides mortgage services to our customers through an unconsolidated joint venture.
+Added: LGI Insurance Solutions provides homeowners and other insurance products to our customers through an unconsolidated joint venture.
+Added: Our wholesale business provides opportunities for us to leverage our even-flow construction methodology to build and sell homes to large institutions interested in acquiring homes to be used as rental properties, primarily through bulk sales agreements.
+Added: During 2022 and 2021, we had 1,233 and 1,515 wholesale home closings, respectively, which represented 18.6% and 14.5% of our total home closings in 2022 and 2021, respectively.
+Added: We expect our wholesale business to represent approximately 5% to 10% of our annual home closings during 2023.
Land Acquisition Policies and Development
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We also maintain a pipeline of desirable land positions for replacement communities and new communities.
−Removed: 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.
−Removed: We decreased our active communities to 101 as of December 31, 2021 from 116 as of December 31, 2020.
−Removed: 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.
−Removed: 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).
+Added: Our lot inventory decreased to 71,904 owned or controlled lots as of December 31, 2022 from 91,845 owned or controlled lots as of December 31, 2021 primarily related to controlled lots that were terminated during the second and third quarters of 2022 to manage our overall inventory.
+Added: Additionally, during 2022, we experienced intermittent delays that lowered the lot counts and have been compounded by nationwide inflationary headwinds.
+Added: We had 99 and 101 active communities as of December 31, 2022 and December 31, 2021, respectively.
+Added: The overall decrease in community count is seen as transitory, primarily due to the close out of active communities and to a lesser extent available finished lots in certain active markets.
+Added: Generally, it takes us two to three years to turn raw or undeveloped land into an active community.
+Added: To mitigate our exposure to real estate inventory risks, we utilize, on a limited and strategic basis, land banking financing arrangements.
+Added: During the year ended December 31, 2022, we entered into several land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources.
+Added: In consideration for this repurchase option, we paid a non-refundable commitment fee.
+Added: Based on our right to control the ultimate economic outcome of these finished lots, these assets will be held as real estate not owned within our inventory and a corresponding obligation was established within our accrued liabilities to recognize this relationship.
+Added: While we are not legally obligated to repurchase the balance of the lots, we will be subject to certain performance obligations, financial and other penalties if the lots are not purchased.
+Added: We do not have any ownership interest or title to the assets that we have sold to the land banker and we do not guarantee any of the land banker’s liabilities.
Our allocation of capital for land investment is performed at the corporate level with a disciplined approach to portfolio management.
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Typically, the raw materials and most of the components used in our business are readily available in the United States.
−Removed: 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.
+Added: 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.
+Added: We typically do not store significant inventories of construction materials, except for work in progress materials for homes under construction.
+Added: In addition, the majority of our raw materials are supplied to us by our subcontractors and are 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.
−Removed: Substantially all of our construction work is done by third-party subcontractors, most of whom are non-unionized.
+Added: Our construction work is substantially completed by third-party subcontractors, most of whom are non-unionized.
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, commodities and lumber.
−Removed: We could see additional cost pressures associated with lumber in future quarters.
−Removed: Generally, we have been able to increase the sales prices of our homes to absorb these increased costs.
−Removed: Additionally, during the year ended December 31, 2021 and the beginning of 2022, significant supply chain disruptions extended construction cycles across our markets.
−Removed: We have focused on our supply chain and have endeavored to manage it to limit impacts to our business and customers.
−Removed: 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
−Removed: 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.
+Added: In future quarters, we could see various cost pressures associated with widespread global inflation similar to the severity experienced during 2022.
+Added: Generally, we have successfully increased the sales prices of our homes to absorb these increased costs or have successfully made cost-effective changes as we endeavor to keep our homes affordable.
+Added: Additionally, during the year ended December 31, 2022, significant supply chain disruptions have extended our land development and homebuilding construction cycles across the markets we serve.
+Added: We are continuing to focus on our supply chain to limit the impact to both our business and customers.
+Added: We believe these challenges will continue to impact our operations in 2023.
The homebuilding industry generally exhibits seasonality.
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We are also subject to a variety of local, state, federal and other statutes, ordinances, rules and regulations concerning the environment, health and safety.
−Removed: Shortly after taking office in January 2021, President Biden issued a series of executive orders designed to address climate change and requiring agencies to review environmental actions taken by the Trump administration, as well as a memorandum to departments and agencies to refrain from proposing or issuing rules until a departmental or agency head appointed or designated by the Biden administration has reviewed and approved the rule.
−Removed: 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, 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.
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Some homebuyers may not want to purchase a home that is, or may have been, subject to a mitigation plan.
+Added: To date, we have not incurred any material unanticipated liabilities relating to the removal or remediation of toxic wastes or other environmental conditions.
homebuilding industry is highly competitive.
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We believe we have good relations with our subcontractors and tradespeople.
−Removed: 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.
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Our employees are expected to treat their coworkers, our business partners’ employees and our customers with dignity and respect.
−Removed: 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.
−Removed: 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.
+Added: Typically, all new vice presidents, sales professionals and purchasing managers come to our corporate headquarters for a week of training in their first 100 days.
+Added: 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 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.
−Removed: 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.
−Removed: 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.
−Removed: Our commitment to wellness, health and safety was demonstrated by our response to the COVID-19 pandemic.
−Removed: 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.
−Removed: 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.
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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.
−Removed: Commitment to community involvement and support.
We are committed to improving and giving back to the communities we serve.
−Removed: In addition to ongoing charitable giving throughout the year, each June we close all offices nationwide for our Service Impact Day.
−Removed: During this annual service event, our focus turns away from sales and home closings as we dedicate the entire day to giving back.
−Removed: Every LGI employee spends the day volunteering in the local community.
−Removed: 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.
+Added: In addition to ongoing charitable giving, we close all of our offices nationwide once a year for our Service Impact Day.
+Added: During this annual service event, our focus turns away from sales and home closings as we dedicate the entire day to charitable giving and volunteerism.
+Added: Every LGI employee spends the day contributing to the local community.
+Added: From constructing fences and cleaning up parks, organizing food, and volunteering at children's centers, we are committed to being a positive presence in the communities we build.
Since 2016, we have contributed over $2.7 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.
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Our SEC filings are also available to the public on the SEC’s website at www.sec.gov .
−Removed: In addition to our SEC filings, our corporate governance documents, including our Corporate Governance Guidelines and Code of Business Conduct and Ethics, are available on the “Investor Relations” page of our website under “Corporate Governance” at https://investor.lgihomes.com/corporate-governance .
+Added: In addition to our SEC filings, our corporate governance documents, including our Corporate Governance Guidelines and Code of Business
+Added: Conduct and Ethics, are available on the “Investor Relations” page of our website under “Corporate Governance” at https://investor.lgihomes.com/corporate-governance .
Our stockholders may also obtain these documents in paper format free of charge upon request made to our Investor Relations department.
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Charles Merdian 53 Chief Financial Officer and Treasurer
−Removed: Jack Lipar 53 Executive Vice President of Acquisitions
−Removed: Rachel Eaton 40 Chief Marketing Officer
Scott Garber 51 General Counsel and Corporate Secretary
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Merdian also serves on the Montgomery County Habitat for Humanity Board of Directors.
−Removed: Lipar has served as our Executive Vice President of Acquisitions since March 2013.
−Removed: He previously served as Vice President of Acquisitions from December 2010 through February 2013, and Acquisitions Manager from 2006 to December 2010.
−Removed: Lipar oversees land acquisitions and development for the Company.
−Removed: Prior to joining us, Mr.
−Removed: Lipar worked at HP Pelzer, an auto parts manufacturing company based in Germany, as the Vice President of Purchasing and Director of Operations.
−Removed: Lipar was also the General Manager and a member of the Board of Directors of Alliance Interiors, an affiliate of HP Pelzer.
−Removed: Prior to HP Pelzer, Mr.
−Removed: Lipar was a worldwide Purchasing Manager for Cooper Standard, one of the world’s leading manufacturers of automotive parts.
−Removed: Rachel Eaton.
−Removed: 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.
−Removed: Eaton is also responsible for technology, recruiting and administrative field operations for the Company.
−Removed: Prior to becoming our Chief Marketing Officer in June 2013, Ms.
−Removed: Eaton served as our Vice President of Marketing and Administration from May 2012 through May 2013, Director of Marketing & Special Events from 2007 to May 2012 and various other roles assisting with the Company’s growth and success since joining the Company in 2003.
−Removed: Eaton was recognized as a rising star in the homebuilding industry by Pro Builder Magazine for her outstanding accomplishments in leading the Company’s marketing, talent acquisitions, and community service initiatives.
−Removed: Eaton is a former member of the Zillow Group Builder Advisory Board.
Scott Garber.
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Patent & Trademark Office.
−Removed: Garber is also a member of the Board of Directors of Archway Insurance, Ltd, a captive insurance company.
+Added: Garber is also a member of the Board of Directors and of the Executive Committee of Archway Insurance, Ltd, a captive insurance company.
Board of Directors of LGI Homes, Inc.
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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.