0001561680false00015616802025-02-182025-02-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________________
FORM 8-K
_______________________________________________________________________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 18, 2025
_______________________________________________________________________________________
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Tri Pointe Homes, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________________
Delaware 1-35796 61-1763235
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
             
940 Southwood Blvd, Suite 200
Incline Village, Nevada 89451
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (775) 413-1030
Not Applicable
(Former name or former address, if changed since last report.)
_______________________________________________________________________________________ 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareTPHNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition  
On February 18, 2025, Tri Pointe Homes, Inc., a Delaware corporation (the “Company”), announced in a press release its financial results for the quarter ended December 31, 2024 and full year 2024. A copy of the Company’s press release announcing these financial results is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to this Item 2.02, including the exhibits attached hereto, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth in such filing. In addition, the press release furnished as an exhibit to this report includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

Item 9.01    Financial Statements and Exhibits

(d)Exhibits

104    Cover Page Interactive Data File, formatted in Inline XBRL




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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 Tri Pointe Homes, Inc.
   
Date: February 18, 2025By:/s/ Glenn J. Keeler
  Glenn J. Keeler,
Chief Financial Officer

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Exhibit 99.1
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TRI POINTE HOMES, INC. REPORTS 2024 FOURTH QUARTER AND FULL YEAR RESULTS
Fourth Quarter Highlights
-New Home Deliveries of 1,748 for Home Sales Revenue of $1.2 Billion-
-Homebuilding Gross Margin Percentage of 23.3%-
-Selling, General and Administrative Expense as a Percentage of Home Sales Revenue of 10.3%-
-Diluted Earnings Per Share of $1.37-
 
INCLINE VILLAGE, Nev., February 18, 2025 / Business Wire / – Tri Pointe Homes, Inc. (the “Company”) (NYSE: TPH) today announced results for the fourth quarter ended December 31, 2024 and full year 2024.
“Tri Pointe Homes delivered strong fourth quarter results, capping off another exceptional year for our company,” said Tri Pointe Homes Chief Executive Officer Doug Bauer. “During the quarter, we delivered 1,748 new homes, generating $1.2 billion in home sales revenue. With our homebuilding gross margin improving 40 basis points year-over-year to 23.3% and SG&A as a percentage of home sales revenue of 10.3%, we generated net income available to common stockholders of $129 million, or $1.37 per diluted share.”
“We also achieved several milestones for the full year, including delivering a record-high 6,460 new homes with net income available to common stockholders of $458 million, or $4.83 per diluted share, representing a 40% increase in diluted earnings per share year-over-year,” continued Mr. Bauer. “In addition, we generated record operating cash flows, redeemed $450 million in senior notes, and finished the year with the strongest balance sheet and liquidity in our history. Through these strong results and our disciplined capital allocation, including the repurchase of 4.0 million in shares outstanding through our stock repurchase program, we increased year-over-year book value per share by 14.5%.”
“We recognize that elevated mortgage rates in the fourth quarter caused some buyers to remain on the sidelines for the short-term, resulting in softer seasonal sales in the last part of 2024,” said Tom Mitchell, Tri Pointe Homes President and Chief Operating Officer. “However, we are seeing a weekly increase in demand and reduced incentives in the early part of 2025 and are optimistic for the spring selling season. We are confident that strong long-term fundamentals, including both favorable demographics and the ongoing supply and demand imbalance, position Tri Pointe Homes and our industry for ongoing success. As a company, we continue to invest in our core market strategy, focusing on A locations, a differentiated premium product offering, and an elevated customer experience. This commitment enables us to attract a well-qualified and resilient buyer profile who desires our product, reinforcing our long-term value proposition.”
Mr. Bauer concluded, “With a robust supply of over 36,000 total lots, we believe we are well-positioned to capitalize on the housing shortage and continue to grow our business, delivering strong cash flows and returns to stockholders. Our diverse product offerings, combined with the flexibility of our 54% optioned lot supply, enable us to adapt to changing market conditions and efficiently allocate capital to maximize earnings. Our strong balance sheet supports further capital returns through share repurchases, while maintaining the liquidity necessary to expand our market presence and pursue organic growth opportunities.”
Results and Operational Data for Fourth Quarter 2024 and Comparisons to Fourth Quarter 2023
•Net income available to common stockholders was $129.2 million, or $1.37 per diluted share, compared to $132.8 million, or $1.36 per diluted share
•Home sales revenue for the quarter was $1.2 billion, a decrease of 2%
◦New home deliveries of 1,748 homes compared to 1,813 homes, a decrease of 4%
◦Average sales price of homes delivered of $699,000 compared to $685,000, an increase of 2%
•Homebuilding gross margin percentage of 23.3% compared to 22.9%, an increase of 40 basis points
◦Excluding interest, impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 26.8%*
•Selling, general and administrative (“SG&A”) expense as a percentage of homes sales revenue of 10.3% compared to 9.3%, an increase of 100 basis points
•Net new home orders of 940 compared to 1,078, a decrease of 13%
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•Active selling communities averaged 146.8 compared to 159.3, a decrease of 8%
◦Net new home orders per average selling community decreased by 9% to 6.4 orders (2.1 monthly) compared to 6.8 orders (2.3 monthly)
◦Cancellation rate of 14% compared to 12%
•Backlog units at quarter end of 1,517 homes compared to 2,320, a decrease of 35%
◦Dollar value of backlog at quarter end of $1.2 billion compared to $1.6 billion, a decrease of 28%
◦Average sales price in backlog at quarter end of $768,000 compared to $695,000, an increase of 11%
•Ratios of homebuilding debt-to-capital and net homebuilding debt-to-net capital of 21.6% and (1.6)%*, respectively, as of December 31, 2024
•Repurchased 1,202,913 shares of common stock at an average price of $41.57 for an aggregate dollar amount of $50.0 million during the quarter ended December 31, 2024
•Announced a new stock repurchase program authorizing the repurchase of up to $250 million of common stock through December 31, 2025
•Ended fourth quarter of 2024 with total liquidity of $1.7 billion, including cash of $970.0 million and $694.1 million of availability under the Company’s unsecured revolving credit facility
*    See “Reconciliation of Non-GAAP Financial Measures”
Results and Operational Data for Full Year 2024 and Comparisons to Full Year 2023
•Net income available to common stockholders was $458.0 million, or $4.83 per diluted share, compared to $343.7 million, or $3.45 per diluted share
•Home sales revenue of $4.4 billion compared to $3.7 billion, an increase of 20%
◦New home deliveries of 6,460 homes compared to 5,274 homes, an increase of 22%
◦Average sales price of homes delivered of $679,000 compared to $693,000, a decrease of 2%
•Homebuilding gross margin percentage of 23.3% compared to 22.3%, an increase of 100 basis points
◦Excluding interest, impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 26.8%*
•SG&A expense as a percentage of homes sales revenue of 10.8% compared to 11.0%, a decrease of 20 basis points
•Net new home orders of 5,657 compared to 6,122, a decrease of 8%
•Active selling communities averaged 150.4 compared to 147.5, an increase of 2%
◦Net new home orders per average selling community decreased by 11% to 37.6 orders (3.1 monthly) compared to 41.5 orders (3.5 monthly)
◦Cancellation rate of 10%, unchanged from the prior year
•Repurchased 3,964,537 shares of common stock at an average price of $36.97 for an aggregate dollar amount of $146.6 million during the full year ended December 31, 2024
 
*    See “Reconciliation of Non-GAAP Financial Measures”

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Outlook
For the first quarter of 2025, the Company anticipates delivering between 900 and 1,100 homes at an average sales price between $685,000 and $695,000. The Company expects its homebuilding gross margin percentage to be in the range of 22.0% to 23.0% for the first quarter of 2025 and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 15.0% to 16.0%. Lastly, the Company expects its effective tax rate for the first quarter of 2025 to be approximately 26.0%.
For the full year of 2025, the Company anticipates delivering between 5,500 and 6,100 homes at an average sales price between $660,000 and $670,000. The Company expects its homebuilding gross margin percentage to be in the range of 20.5% to 22.0% for the full year of 2025 and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 11.0% to 12.0%. Lastly, the Company expects its effective tax rate for the year to be approximately 26.0%.
Earnings Conference Call
The Company will host a conference call via live webcast for investors and other interested parties beginning at 7:00 a.m. Pacific Time (10:00 a.m. Eastern Time) on Tuesday, February 18, 2025. The call will be hosted by Doug Bauer, Chief Executive Officer, Tom Mitchell, President and Chief Operating Officer, Glenn Keeler, Chief Financial Officer, and Linda Mamet, Executive Vice President and Chief Marketing Officer.
Interested parties can listen to the call live and view the related presentation slides on the internet through the Events & Presentations heading in the Investors section of the Company’s website at www.TriPointeHomes.com. Listeners should go to the website at least fifteen minutes prior to the call to download and install any necessary audio software. The call can also be accessed toll free at (877) 407-3982, or (201) 493-6780 for international participants. Participants should ask for the Tri Pointe Homes Fourth Quarter 2024 Earnings Conference Call. Those dialing in should do so at least ten minutes prior to the start of the call. A replay of the call will be available for one week following the call toll free at (844) 512-2921, or (412) 317-6671 for international participants, using the reference number 13751349. An archive of the webcast will also be available on the Company’s website for a limited time.
About Tri Pointe Homes®
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company operating in 12 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards and was named 2024 Developer of the Year. The company was also named to the 2024 Fortune World’s Most Admired Companies™ list, is one of the 2023 Fortune 100 Best Companies to Work For® and was designated as one of the PEOPLE Companies That Care® in 2023 and 2024. The company was also named as a Great Place To Work-Certified™ company for four years in a row (2021 through 2024), and was named on several Great Place To Work® Best Workplaces list (2022 through 2024). For more information, please visit TriPointeHomes.com.
Forward-Looking Statements
Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects, and capital spending. Forward-looking statements that are included in this press release are generally accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or other words that convey future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. The following factors, among others, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or
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implied by these forward-looking statements: the effects of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such parcels; access to adequate capital on acceptable terms; geographic concentration of our operations, particularly within California; levels of competition; the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; the prices and availability of supply chain inputs, including raw materials and labor; oil and other energy prices; the effects of U.S. trade policies, including the imposition of tariffs and duties on homebuilding products and retaliatory measures taken by other countries; the effects of weather, including the occurrence of drought conditions in California; the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters; the risk of loss from acts of war, terrorism, civil unrest or public health emergencies, including outbreaks of contagious diseases, such as COVID-19; transportation costs; federal and state tax policies; the effects of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our homebuyers’ confidential information or other forms of cyber-attack; and additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business.

Investor Relations Contact:
Media Contact:
InvestorRelations@TriPointeHomes.com, 949-478-8696
Carol Ruiz, cruiz@newgroundco.com, 310-437-0045

 
 

 

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KEY OPERATIONS AND FINANCIAL DATA
(dollars in thousands)
(unaudited)
Three Months Ended December 31,Year Ended December 31,
20242023Change% Change20242023Change% Change
Operating Data:
Home sales revenue
$1,221,405 $1,241,258 $(19,853)(2)%$4,386,447 $3,654,035 $732,412 20 %
Homebuilding gross margin
$285,008 $283,936 $1,072 0 %$1,022,566 $815,522 $207,044 25 %
Homebuilding gross margin %
23.3 %22.9 %0.4 %23.3 %22.3 %1.0 %
Adjusted homebuilding gross margin %*
26.8 %26.5 %0.3 %26.8 %25.9 %0.9 %
SG&A expense
$125,975 $115,456 $10,519 9 %$472,556 $402,382 $70,174 17 %
SG&A expense as a % of home sales revenue
10.3 %9.3 %1.0 %10.8 %11.0 %(0.2)%
Net income available to common stockholders
$129,213 $132,834 $(3,621)(3)%$458,029 $343,702 $114,327 33 %
Adjusted EBITDA*
$235,307 $236,146 $(839)0 %$835,837 $639,727 $196,110 31 %
Interest incurred
$23,162 $35,377 $(12,215)(35)%$114,949 $147,169 $(32,220)(22)%
Interest in cost of home sales
$41,217 $43,516 $(2,299)(5)%$148,547 $116,143 $32,404 28 %
Other Data:
Net new home orders
940 1,078 (138)(13)%5,657 6,122 (465)(8)%
New homes delivered
1,748 1,813 (65)(4)%6,460 5,274 1,186 22 %
Average sales price of homes delivered
$699 $685 $14 2 %$679 $693 $(14)(2)%
Cancellation rate
14 %12 %2 %10 %10 %0 %
Average selling communities
146.8 159.3 (12.5)(8)%150.4 147.5 2.9 2 %
Selling communities at end of period
145 155 (10)(6)%
Backlog (estimated dollar value)
$1,164,602 $1,612,114 $(447,512)(28)%
Backlog (homes)
1,517 2,320 (803)(35)%
Average sales price in backlog
$768 $695 $73 11 %
December 31,
2024		December 31,
2023		Change
Balance Sheet Data:
Cash and cash equivalents
$970,045 $868,953 $101,092 
Real estate inventories
$3,153,459 $3,337,483 $(184,024)
Lots owned or controlled
36,490 31,960 4,530 
Homes under construction (1)
2,386 3,088 (702)
Homes completed, unsold464 263 201 
Total homebuilding debt$917,504 $1,382,586 $(465,082)
Stockholders' equity$3,335,710 $3,010,958 $324,752 
Book capitalization$4,253,214 $4,393,544 $(140,330)
Ratio of homebuilding debt-to-capital21.6 %31.5 %(9.9)%
Ratio of net homebuilding debt-to-capital*(1.6)%14.6 %(16.2)%
_____________________________________
(1)     Homes under construction included 43 and 69 models at December 31, 2024 and December 31, 2023, respectively.
*    See “Reconciliation of Non-GAAP Financial Measures”

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CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
 
December 31,
2024		December 31,
2023
Assets(unaudited)
Cash and cash equivalents
$970,045 $868,953 
Receivables
111,613 224,636 
Real estate inventories
3,153,459 3,337,483 
Investments in unconsolidated entities
173,924 131,824 
Mortgage loans held for sale115,001 — 
Goodwill and other intangible assets, net
156,603 156,603 
Deferred tax assets, net
45,975 37,996 
Other assets
164,495 157,093 
Total assets
$4,891,115 $4,914,588 
Liabilities
Accounts payable$68,228 $64,833 
Accrued expenses and other liabilities465,563 453,531 
Loans payable270,970 288,337 
Senior notes, net646,534 1,094,249 
Mortgage repurchase facilities104,098 — 
Total liabilities
1,555,393 1,900,950 
Commitments and contingencies
Equity
Stockholders' Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no
   shares issued and outstanding as of December 31, 2024 and
   December 31, 2023, respectively
— — 
Common stock, $0.01 par value, 500,000,000 shares authorized;
  92,451,729 and 95,530,512 shares issued and outstanding at
   December 31, 2024 and December 31, 2023, respectively		925 955 
Additional paid-in capital
— — 
Retained earnings
3,334,785 3,010,003 
Total stockholders' equity
3,335,710 3,010,958 
Noncontrolling interests
12 2,680 
Total equity
3,335,722 3,013,638 
Total liabilities and equity
$4,891,115 $4,914,588 

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CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
 
 Three Months Ended December 31,Year Ended December 31,
 2024202320242023
Homebuilding:  
Home sales revenue$1,221,405 $1,241,258 $4,386,447 $3,654,035 
Land and lot sales revenue9,284 1,691 33,064 12,197 
Other operations revenue803 752 3,162 2,971 
Total revenues1,231,492 1,243,701 4,422,673 3,669,203 
Cost of home sales936,397 957,322 3,363,881 2,838,513 
Cost of land and lot sales9,007 1,796 30,591 12,083 
Other operations expense766 723 3,061 2,894 
Sales and marketing55,746 56,411 216,518 184,388 
General and administrative70,229 59,045 256,038 217,994 
Homebuilding income from operations159,347 168,404 552,584 413,331 
Equity in (loss) income of unconsolidated entities(22)(369)361 (97)
Other income, net7,822 9,085 39,640 39,446 
Homebuilding income before income taxes167,147 177,120 592,585 452,680 
Financial Services:
Revenues22,379 15,997 70,197 46,001 
Expenses14,014 11,959 45,914 31,322 
Financial services income before income taxes8,365 4,038 24,283 14,679 
Income before income taxes175,512 181,158 616,868 467,359 
Provision for income taxes(46,299)(46,400)(158,898)(118,164)
Net income129,213 134,758 457,970 349,195 
Net (income) loss attributable to noncontrolling interests— (1,924)59 (5,493)
Net income available to common stockholders$129,213 $132,834 $458,029 $343,702 
Earnings per share  
Basic$1.39 $1.38 $4.87 $3.48 
Diluted$1.37 $1.36 $4.83 $3.45 
Weighted average shares outstanding    
Basic93,064,520 96,142,092 93,985,551 98,679,477 
Diluted94,413,552 97,438,742 94,912,589 99,695,662 
 
 

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MARKET DATA BY REPORTING SEGMENT & STATE
(dollars in thousands)
(unaudited)
 
Three Months Ended December 31,Year Ended December 31,
 2024202320242023
New
Homes
Delivered		Average
Sales
Price		New
Homes
Delivered		Average
Sales
Price		New
Homes
Delivered		Average
Sales
Price		New
Homes
Delivered		Average
Sales
Price
Arizona144 $709 133 $764 516 $723 630 $781 
California635 775 870 722 2,242 768 1,986 745 
Nevada119 571 108 670 482 618 397 729 
Washington74 993 67 889 271 914 173 848 
West total972 757 1,178 731 3,511 752 3,186 756 
Colorado29 703 34 684 162 707 144 738 
Texas495 563 366 553 1,827 555 1,141 561 
Central total524 571 400 564 1,989 567 1,285 581 
Carolinas(1)158 505 177 466 684 488 616 458 
Washington D.C. Area(2)94 1,133 58 1,233 276 1,028 187 1,159 
East total252 739 235 655 960 643 803 621 
Total1,748 $699 1,813 $685 6,460 $679 5,274 $693 
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net New
Home
Orders		Average
Selling
Communities		Net New
Home
Orders		Average
Selling
Communities		Net New
Home
Orders		Average
Selling
Communities		Net New
Home
Orders		Average
Selling
Communities
Arizona98 13.7 76 13.5 562 13.8 511 13.5 
California278 42.0 390 46.6 1,885 43.5 2,386 49.6 
Nevada69 8.5 68 11.3 412 8.6 403 9.2 
Washington45 5.8 62 5.3 281 5.6 228 5.4 
West total490 70.0 596 76.7 3,140 71.5 3,528 77.7 
Colorado25 10.0 24 11.0 129 10.5 142 8.4 
Texas282 49.5 303 54.3 1,578 51.1 1,565 43.8 
Central total307 59.5 327 65.3 1,707 61.6 1,707 52.2 
Carolinas(1)75 9.3 100 13.0 489 10.5 678 14.0 
Washington D.C. Area(2)68 8.0 55 4.3 321 6.8 209 3.6 
East total143 17.3 155 17.3 810 17.3 887 17.6 
Total940 146.8 1,078 159.3 5,657 150.4 6,122 147.5 

 



 
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MARKET DATA BY REPORTING SEGMENT & STATE, continued
(dollars in thousands)
(unaudited)
 
As of December 31, 2024As of December 31, 2023
Backlog
Units		Backlog
Dollar
Value		Average
Sales
Price		Backlog
Units		Backlog
Dollar
Value		Average
Sales
Price
Arizona305 $245,417 $805 259 $190,798 $737 
California341 257,199 754 698 559,729 802 
Nevada61 36,031 591 131 91,012 695 
Washington100 114,418 1,144 90 79,672 885 
West total807 653,065 809 1,178 921,211 782 
Colorado15 11,684 779 48 32,963 687 
Texas457 269,693 590 706 409,769 580 
Central total472 281,377 596 754 442,732 587 
Carolinas(1)87 53,168 611 282 140,523 498 
Washington D.C. Area(2)151 176,992 1,172 106 107,648 1,016 
East total238 230,160 967 388 248,171 640 
Total1,517 $1,164,602 $768 2,320 $1,612,114 $695 
December 31,
2024		December 31,
2023
Lots Owned or Controlled:
Arizona2,099 2,394 
California10,291 10,148 
Nevada1,437 1,785 
Washington597 712 
West total14,424 15,039 
Colorado1,561 1,908 
Texas12,711 10,056 
Utah1,006 — 
Central total15,278 11,964 
Carolinas(1)5,004 4,038 
Florida252 — 
Washington D.C. Area(2)1,532 919 
East total6,788 4,957 
Total36,490 31,960 
December 31,
2024		December 31,
2023
Lots by Ownership Type:
Lots owned
16,609 18,739 
Lots controlled (1)
19,881 13,221 
Total36,490 31,960 
__________
(1)    As of December 31, 2024 and 2023, lots controlled included lots that were under land option contracts or purchase contracts. As of December 31, 2024 and 2023, lots controlled for Central include 5,816 and 3,561 lots, respectively, and lots controlled for East include 14 and 71 lots, respectively, which represent our expected share of lots owned by our investments in unconsolidated land development joint ventures.
 
 
Page 9
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited)
In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
The following tables reconcile homebuilding gross margin percentage, as reported and prepared in accordance with GAAP, to the non-GAAP financial measure adjusted homebuilding gross margin percentage. We believe this information is meaningful as it isolates the impact that leverage and non-cash impairments and lot option abandonments, as applicable, have on homebuilding gross margin and permits investors to make better comparisons with our competitors, who may adjust gross margins in a similar fashion.
 
Three Months Ended December 31,
2024%2023%
(dollars in thousands)
Home sales revenue$1,221,405 100.0 %$1,241,258 100.0 %
Cost of home sales936,397 76.7 %957,322 77.1 %
Homebuilding gross margin285,008 23.3 %283,936 22.9 %
Add:  interest in cost of home sales41,217 3.4 %43,516 3.5 %
Add:  impairments and lot option abandonments1,713 0.1 %1,482 0.1 %
Adjusted homebuilding gross margin$327,938 26.8 %$328,934 26.5 %
Homebuilding gross margin percentage23.3 %22.9 %
Adjusted homebuilding gross margin percentage26.8 %26.5 %


Year Ended December 31,
2024%2023%
(dollars in thousands)
Home sales revenue$4,386,447 100.0 %$3,654,035 100.0 %
Cost of home sales3,363,881 76.7 %2,838,513 77.7 %
Homebuilding gross margin1,022,566 23.3 %815,522 22.3 %
Add:  interest in cost of home sales148,547 3.4 %116,143 3.2 %
Add:  impairments and lot option abandonments4,157 0.1 %14,157 0.4 %
Adjusted homebuilding gross margin$1,175,270 26.8 %$945,822 25.9 %
Homebuilding gross margin percentage23.3 %22.3 %
Adjusted homebuilding gross margin percentage26.8 %25.9 %








Page 10
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)
 
The following table reconciles the Company’s ratio of homebuilding debt-to-capital to the non-GAAP ratio of net homebuilding debt-to-net capital. We believe that the ratio of net homebuilding debt-to-net capital is a relevant financial measure for management and investors to understand the leverage employed in our operations and as an indicator of the Company’s ability to obtain financing.
 
December 31, 2024December 31, 2023
Loans payable$270,970 $288,337 
Senior notes646,534 1,094,249 
Mortgage repurchase facilities104,098 — 
Total debt1,021,602 1,382,586 
Less: mortgage repurchase facilities(104,098)— 
Total homebuilding debt917,504 1,382,586 
Stockholders’ equity3,335,710 3,010,958 
Total capital$4,253,214 $4,393,544 
Ratio of homebuilding debt-to-capital(1)21.6 %31.5 %
Total homebuilding debt$917,504 $1,382,586 
Less: Cash and cash equivalents(970,045)(868,953)
Net homebuilding debt(52,541)513,633 
Stockholders’ equity3,335,710 3,010,958 
Net capital$3,283,169 $3,524,591 
Ratio of net homebuilding debt-to-net capital(2)(1.6)%14.6 %
__________
(1)    The ratio of homebuilding debt-to-capital is computed as the quotient obtained by dividing total homebuilding debt by the sum of total homebuilding debt plus stockholders’ equity.
(2)    The ratio of net homebuilding debt-to-net capital is computed as the quotient obtained by dividing net homebuilding debt (which is total homebuilding debt less cash and cash equivalents) by the sum of net homebuilding debt plus stockholders’ equity.
























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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)
 
The following table calculates the non-GAAP financial measures of EBITDA and Adjusted EBITDA and reconciles those amounts to net income available to common stockholders, as reported and prepared in accordance with GAAP. EBITDA means net income available to common stockholders before (a) interest expense, (b) expensing of previously capitalized interest included in costs of home sales, (c) income taxes and (d) depreciation and amortization. Adjusted EBITDA means EBITDA before (e) amortization of stock-based compensation and (f) real estate inventory impairments and lot option abandonments. Other companies may calculate EBITDA and Adjusted EBITDA (or similarly titled measures) differently. We believe EBITDA and Adjusted EBITDA are useful measures of the Company’s ability to service debt and obtain financing.

Three Months Ended December 31,Year Ended December 31,
2024202320242023
(in thousands)
Net income available to common stockholders$129,213 $132,834 $458,029 $343,702 
Interest expense:
Interest incurred
23,162 35,377 114,949 147,169 
Interest capitalized
(23,162)(35,377)(114,949)(147,169)
Amortization of interest in cost of sales
41,454 43,737 150,226 116,933 
Provision for income taxes
46,299 46,400 158,898 118,164 
Depreciation and amortization
7,446 6,786 31,018 26,852 
EBITDA224,412 229,757 798,171 605,651 
Amortization of stock-based compensation
9,182 4,907 33,509 19,919 
Real estate inventory impairments and lot option abandonments
1,713 1,482 4,157 14,157 
Adjusted EBITDA$235,307 $236,146 $835,837 $639,727 
 
 
 
 
 
 
 
 
 
 
 










Page 12
v3.25.0.1
Cover Page
Feb. 18, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 18, 2025
Entity Registrant Name Tri Pointe Homes, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 1-35796
Entity Tax Identification Number 61-1763235
Entity Address, Address Line One 940 Southwood Blvd
Entity Address, Address Line Two Suite 200
Entity Address, City or Town Incline Village
Entity Address, State or Province NV
Entity Address, Postal Zip Code 89451
City Area Code 775
Local Phone Number 413-1030
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol TPH
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001561680
Amendment Flag false
TRI Pointe Homes (NYSE:TPH)
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