LGIH Q1 2017 inventory update

The 10-Q just came out and here’s the inventory update:

Inventory value increased by $71M from $717.8M to $788.8M.

Lots decreased by 211 to 29,249.

Value of lots increased by $13.2M to $490.7M. This could be that the lots that moved to homes in progress were value lower on the books and/or the lots that they purchase today cost more than they used to.

Home in progress inventory increased by $58.2Mfrom $94.7M to $152.9M. This likely means that they are currently building like mad and we will likely see a spike in sales in their Q2 and/or Q3 2017.

Completed homes inventory was roughly flat: decreased by $2.4M from $131.9M to $129.6M.

Debt increased by $25.7M to $426.2M. Their revolving credit limit is $400M and they are at $347.4M so they will likely increase that during Q2 or Q3.

Cash dropped to $31.6M from $49.5M. Remember, though, that they have more than $280M in completed homes and homes currently under construction.