Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balance Sheet (in thousands):


	June 30, 2020
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments		Consolidated TRI Pointe Group, Inc.
Assets
Cash and cash equivalents	$	393,481	$	81,064	$	—	$	474,545
Receivables	27,555		60,025		—		87,580
Intercompany receivables	421,075		—		(421,075)		—
Real estate inventories	699,708		2,312,914		—		3,012,622
Investments in unconsolidated entities	—		36,040		—		36,040
Goodwill and other intangible assets, net	156,604		3,022		—		159,626
Investments in subsidiaries	1,968,697		—		(1,968,697)		—
Deferred tax assets, net	9,021		30,723		—		39,744
Other assets	5,192		162,555		—		167,747
Total assets	$	3,681,333	$	2,686,343	$	(2,389,772)	$	3,977,904

Liabilities
Accounts payable	$	16,911	$	54,175	$	—	$	71,086
Intercompany payables	—		421,075		(421,075)		—
Accrued expenses and other liabilities	72,434		242,384		—		314,818
Loans payable	250,000		—		—		250,000
Senior notes	1,166,189		—		—		1,166,189
Total liabilities	1,505,534		717,634		(421,075)		1,802,093

Equity
Total stockholders’ equity	2,175,799		1,968,697		(1,968,697)		2,175,799
Noncontrolling interests	—		12		—		12
Total equity	2,175,799		1,968,709		(1,968,697)		2,175,811
Total liabilities and equity	$	3,681,333	$	2,686,343	$	(2,389,772)	$	3,977,904

Condensed Consolidating Balance Sheet (in thousands):


	December 31, 2019
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments		Consolidated TRI Pointe Group, Inc.
Assets
Cash and cash equivalents	$	186,200	$	142,811	$	—	$	329,011
Receivables	26,016		43,260		—		69,276
Intercompany receivables	576,846		—		(576,846)		—
Real estate inventories	737,662		2,327,774		—		3,065,436
Investments in unconsolidated entities	—		11,745		—		11,745
Goodwill and other intangible assets, net	156,604		3,289		—		159,893
Investments in subsidiaries	1,870,885		—		(1,870,885)		—
Deferred tax assets, net	9,020		40,884		—		49,904
Other assets	14,676		158,749		—		173,425
Total assets	$	3,577,909	$	2,728,512	$	(2,447,731)	$	3,858,690

Liabilities
Accounts payable	$	14,915	$	51,205	$	—	$	66,120
Intercompany payables	—		576,846		(576,846)		—
Accrued expenses and other liabilities	92,479		229,564		—		322,043
Loans payable	250,000		—		—		250,000

Senior notes	1,033,985		—		—		1,033,985
Total liabilities	1,391,379		857,615		(576,846)		1,672,148

Equity
Total stockholders’ equity	2,186,530		1,870,885		(1,870,885)		2,186,530
Noncontrolling interests	—		12		—		12
Total equity	2,186,530		1,870,897		(1,870,885)		2,186,542
Total liabilities and equity	$	3,577,909	$	2,728,512	$	(2,447,731)	$	3,858,690

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations (in thousands):


	Three Months Ended June 30, 2020
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments		Consolidated TRI Pointe Group, Inc.
Homebuilding:
Home sales revenue	$	206,473	$	560,469	$	—	$	766,942
Land and lot sales revenue	—		220		—		220
Other operations revenue	—		648		—		648
Total revenues	206,473		561,337		—		767,810
Cost of home sales	172,086		429,348		—		601,434
Cost of land and lot sales	—		374		—		374
Other operations expense	—		624		—		624
Sales and marketing	10,667		34,527		—		45,194
General and administrative	19,875		17,679		—		37,554
Restructuring charges	1,111		4,438		—		5,549
Homebuilding income from operations	2,734		74,347		—		77,081
Equity in loss of unconsolidated entities	—		(25)		—		(25)
Other loss, net	(6,320)		(8)		—		(6,328)
Homebuilding (loss) income before income taxes	(3,586)		74,314		—		70,728
Financial Services:
Revenues	—		2,296		—		2,296
Expenses	—		1,285		—		1,285
Equity in income of unconsolidated entities	—		2,932		—		2,932
Financial services income before income taxes	—		3,943		—		3,943
(Loss) income before income taxes	(3,586)		78,257		—		74,671
Equity of net income of subsidiaries	60,114		—		(60,114)		—
Provision for income taxes	—		(18,143)		—		(18,143)
Net income	$	56,528	$	60,114	$	(60,114)	$	56,528

Condensed Consolidating Statement of Operations (in thousands):


	Three Months Ended June 30, 2019
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments		Consolidated TRI Pointe Group, Inc.
Homebuilding:
Home sales revenue	$	192,752	$	499,386	$	—	$	692,138
Land and lot sales revenue	—		5,183		—		5,183
Other operations revenue	—		637		—		637
Total revenues	192,752		505,206		—		697,958
Cost of home sales	163,356		411,328		—		574,684
Cost of land and lot sales	—		5,562		—		5,562
Other operations expense	—		627		—		627
Sales and marketing	9,961		37,104		—		47,065
General and administrative	18,391		18,463		—		36,854

Homebuilding income from operations	1,044		32,122		—		33,166
Equity in loss of unconsolidated entities	—		(26)		—		(26)
Other income, net	8		145		—		153
Homebuilding income before income taxes	1,052		32,241		—		33,293
Financial Services:
Revenues	—		756		—		756
Expenses	—		627		—		627
Equity in income of unconsolidated entities	—		1,972		—		1,972
Financial services income before income taxes	—		2,101		—		2,101
Income before income taxes	1,052		34,342		—		35,394
Equity of net income of subsidiaries	25,215		—		(25,215)		—
Provision for income taxes	(5)		(9,127)		—		(9,132)
Net income	$	26,262	$	25,215	$	(25,215)	$	26,262

Condensed Consolidating Statement of Operations (in thousands):


	Six Months Ended June 30, 2020
	Issuer (1)		Guarantor Subsidiaries		Consolidating Adjustments		Consolidated TRI Pointe Group, Inc.
Homebuilding:
Home sales revenue	$	365,143	$	996,637	$	—	$	1,361,780
Land and lot sales revenue	—		220		—		220
Other operations revenue	—		1,266		—		1,266
Total revenues	365,143		998,123		—		1,363,266
Cost of home sales	307,986		766,330		—		1,074,316
Cost of land and lot sales	—		576		—		576
Other operations expense	—		1,248		—		1,248
Sales and marketing	21,102		66,729		—		87,831
General and administrative	39,218		38,173		—		77,391
Restructuring charges	1,111		4,438		—		5,549
Homebuilding (loss) income from operations	(4,274)		120,629		—		116,355
Equity in loss of unconsolidated entities	—		(39)		—		(39)
Other (loss) income, net	(6,128)		173		—		(5,955)
Homebuilding (loss) income before income taxes	(10,402)		120,763		—		110,361
Financial Services:
Revenues	—		3,890		—		3,890
Expenses	—		2,364		—		2,364
Equity in income of unconsolidated entities	—		4,488		—		4,488
Financial services income before income taxes	—		6,014		—		6,014
(Loss) income before income taxes	(10,402)		126,777		—		116,375
Equity of net income of subsidiaries	98,813		—		(98,813)		—
Provision for income taxes	—		(27,964)		—		(27,964)
Net income	$	88,411	$	98,813	$	(98,813)	$	88,411

Condensed Consolidating Statement of Operations (in thousands):


	Six Months Ended June 30, 2019
	Issuer (1)		Guarantor Subsidiaries		Consolidating Adjustments		Consolidated TRI Pointe Group, Inc.
Homebuilding:
Home sales revenue	$	364,543	$	820,298	$	—	$	1,184,841
Land and lot sales revenue	—		6,212		—		6,212
Other operations revenue	—		1,235		—		1,235
Total revenues	364,543		827,745		—		1,192,288
Cost of home sales	308,431		687,789		—		996,220
Cost of land and lot sales	—		7,057		—		7,057
Other operations expense	—		1,217		—		1,217
Sales and marketing	19,260		66,794		—		86,054
General and administrative	37,870		37,581		—		75,451

Homebuilding (loss) income from operations	(1,018)		27,307		—		26,289
Equity in loss of unconsolidated entities	—		(51)		—		(51)
Other income, net	6,148		246		—		6,394
Homebuilding income before taxes	5,130		27,502		—		32,632
Financial Services:
Revenues	—		1,058		—		1,058
Expenses	—		948		—		948
Equity in loss of unconsolidated entities	—		2,747		—		2,747
Financial services income from operations before taxes	—		2,857		—		2,857
Income before taxes	5,130		30,359		—		35,489
Equity of net income of subsidiaries	21,208		—		(21,208)		—
Provision for income taxes	(5)		(9,151)		—		(9,156)
Net income	$	26,333	$	21,208	$	(21,208)	$	26,333

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows (in thousands):


	Six Months Ended June 30, 2020
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments		Consolidated TRI Pointe Group, Inc.
Cash flows from operating activities:
Net cash provided by operating activities	$	36,321	$	129,907	$	—	$	166,228
Cash flows from investing activities:
Purchases of property and equipment	(4,162)		(7,840)		—		(12,002)
Proceeds from sale of property and equipment	—		17		—		17
Investments in unconsolidated entities	—		(25,715)		—		(25,715)
Intercompany	158,116		—		(158,116)		—
Net cash used in (provided by) investing activities	153,954		(33,538)		(158,116)		(37,700)
Cash flows from financing activities:
Borrowings from debt	850,000		—		—		850,000
Repayment of debt	(721,673)		—		—		(721,673)
Debt issuance costs	(4,768)		—		—		(4,768)

Proceeds from issuance of common stock under share-based awards	921		—		—		921
Minimum tax withholding paid on behalf of employees for restricted stock units	(5,473)		—		—		(5,473)
Share repurchases	(102,001)		—		—		(102,001)
Intercompany	—		(158,116)		158,116		—
Net cash provided by (used in) financing activities	17,006		(158,116)		158,116		17,006
Net increase (decrease) in cash and cash equivalents	207,281		(61,747)		—		145,534
Cash and cash equivalents–beginning of period	186,200		142,811		—		329,011
Cash and cash equivalents–end of period	$	393,481	$	81,064	$	—	$	474,545

Condensed Consolidating Statement of Cash Flows (in thousands):


	Six Months Ended June 30, 2019
	Issuer		Guarantor Subsidiaries		Consolidating Adjustments		Consolidated TRI Pointe Group, Inc.
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	32,114	$	(136,053)	$	—	$	(103,939)
Cash flows from investing activities:
Purchases of property and equipment	(4,532)		(8,610)		—		(13,142)
Proceeds from sale of property and equipment	—		46		—		46
Investments in unconsolidated entities	—		(712)		—		(712)
Intercompany	(133,658)		—		133,658		—
Net cash used in investing activities	(138,190)		(9,276)		133,658		(13,808)
Cash flows from financing activities:
Borrowings from notes payable	400,000		—		—		400,000
Repayment of notes payable	(381,895)		—		—		(381,895)
Debt issuance costs	(3,125)		—		—		(3,125)



Proceeds from issuance of common stock under share-based awards	199		—		—		199
Minimum tax withholding paid on behalf of employees for restricted stock units	(3,612)		—		—		(3,612)

Intercompany	—		133,658		(133,658)		—
Net cash provided by (used in) financing activities	11,567		133,658		(133,658)		11,567
Net decrease in cash and cash equivalents	(94,509)		(11,671)		—		(106,180)
Cash and cash equivalents–beginning of period	148,129		129,567		—		277,696
Cash and cash equivalents–end of period	$	53,620	$	117,896	$	—	$	171,516