(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Tri Pointe Homes, Inc. | ||||||||
Date: April 27, 2023 | By: | /s/ Glenn J. Keeler | ||||||
Glenn J. Keeler, Chief Financial Officer |
* | See “Reconciliation of Non-GAAP Financial Measures” |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Operating Data: | (unaudited) | ||||||||||||||||||||||
Home sales revenue | $ | 768,405 | $ | 725,251 | $ | 43,154 | 6 | % | |||||||||||||||
Homebuilding gross margin | $ | 180,287 | $ | 194,591 | $ | (14,304) | (7) | % | |||||||||||||||
Homebuilding gross margin % | 23.5 | % | 26.8 | % | (3.3) | % | |||||||||||||||||
Adjusted homebuilding gross margin %* | 26.2 | % | 29.3 | % | (3.1) | % | |||||||||||||||||
SG&A expense | $ | 88,228 | $ | 80,695 | $ | 7,533 | 9 | % | |||||||||||||||
SG&A expense as a % of home sales revenue | 11.5 | % | 11.1 | % | 0.4 | % | |||||||||||||||||
Net income available to common stockholders | $ | 74,742 | $ | 87,478 | $ | (12,736) | (15) | % | |||||||||||||||
Adjusted EBITDA* | $ | 133,975 | $ | 146,091 | $ | (12,116) | (8) | % | |||||||||||||||
Interest incurred | $ | 37,479 | $ | 28,553 | $ | 8,926 | 31 | % | |||||||||||||||
Interest in cost of home sales | $ | 20,226 | $ | 17,065 | $ | 3,161 | 19 | % | |||||||||||||||
Other Data: | |||||||||||||||||||||||
Net new home orders | 1,619 | 1,896 | (277) | (15) | % | ||||||||||||||||||
New homes delivered | 1,065 | 1,099 | (34) | (3) | % | ||||||||||||||||||
Average sales price of homes delivered | $ | 722 | $ | 660 | $ | 62 | 9 | % | |||||||||||||||
Cancellation rate | 10 | % | 8 | % | 2 | % | |||||||||||||||||
Average selling communities | 136.0 | 111.5 | 24.5 | 22 | % | ||||||||||||||||||
Selling communities at end of period | 136 | 116 | 20 | 17 | % | ||||||||||||||||||
Backlog (estimated dollar value) | $ | 1,503,382 | $ | 2,929,187 | $ | (1,425,805) | (49) | % | |||||||||||||||
Backlog (homes) | 2,026 | 3,955 | (1,929) | (49) | % | ||||||||||||||||||
Average sales price in backlog | $ | 742 | $ | 741 | $ | 1 | 0 | % | |||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Balance Sheet Data: | (unaudited) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 966,298 | $ | 889,664 | $ | 76,634 | 9 | % | |||||||||||||||
Real estate inventories | $ | 3,142,412 | $ | 3,173,849 | $ | (31,437) | (1) | % | |||||||||||||||
Lots owned or controlled | 32,055 | 33,794 | (1,739) | (5) | % | ||||||||||||||||||
Homes under construction (1) | 2,264 | 2,373 | (109) | (5) | % | ||||||||||||||||||
Homes completed, unsold | 250 | 288 | (38) | (13) | % | ||||||||||||||||||
Debt | $ | 1,378,936 | $ | 1,378,051 | $ | 885 | 0 | % | |||||||||||||||
Stockholders’ equity | $ | 2,863,623 | $ | 2,832,389 | $ | 31,234 | 1 | % | |||||||||||||||
Book capitalization | $ | 4,242,559 | $ | 4,210,440 | $ | 32,119 | 1 | % | |||||||||||||||
Ratio of debt-to-capital | 32.5 | % | 32.7 | % | (0.2) | % | |||||||||||||||||
Ratio of net debt-to-net capital* | 12.6 | % | 14.7 | % | (2.1) | % |
March 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Assets | (unaudited) | ||||||||||
Cash and cash equivalents | $ | 966,298 | $ | 889,664 | |||||||
Receivables | 141,076 | 169,449 | |||||||||
Real estate inventories | 3,142,412 | 3,173,849 | |||||||||
Investments in unconsolidated entities | 134,071 | 129,837 | |||||||||
Goodwill and other intangible assets, net | 156,603 | 156,603 | |||||||||
Deferred tax assets, net | 34,851 | 34,851 | |||||||||
Other assets | 163,929 | 165,687 | |||||||||
Total assets | $ | 4,739,240 | $ | 4,719,940 | |||||||
Liabilities | |||||||||||
Accounts payable | $ | 57,544 | $ | 62,324 | |||||||
Accrued expenses and other liabilities | 436,275 | 443,034 | |||||||||
Loans payable | 287,427 | 287,427 | |||||||||
Senior notes | 1,091,509 | 1,090,624 | |||||||||
Total liabilities | 1,872,755 | 1,883,409 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | — | — | |||||||||
Common stock, $0.01 par value, 500,000,000 shares authorized; 100,172,227 and 101,017,708 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 1,002 | 1,010 | |||||||||
Additional paid-in capital | — | 3,685 | |||||||||
Retained earnings | 2,862,621 | 2,827,694 | |||||||||
Total stockholders’ equity | 2,863,623 | 2,832,389 | |||||||||
Noncontrolling interests | 2,862 | 4,142 | |||||||||
Total equity | 2,866,485 | 2,836,531 | |||||||||
Total liabilities and equity | $ | 4,739,240 | $ | 4,719,940 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Homebuilding: | |||||||||||
Home sales revenue | $ | 768,405 | $ | 725,251 | |||||||
Land and lot sales revenue | 1,706 | 1,597 | |||||||||
Other operations revenue | 674 | 644 | |||||||||
Total revenues | 770,785 | 727,492 | |||||||||
Cost of home sales | 588,118 | 530,660 | |||||||||
Cost of land and lot sales | 1,443 | 475 | |||||||||
Other operations expense | 665 | 646 | |||||||||
Sales and marketing | 41,862 | 32,239 | |||||||||
General and administrative | 46,366 | 48,456 | |||||||||
Homebuilding income from operations | 92,331 | 115,016 | |||||||||
Equity in income (loss) of unconsolidated entities | 227 | (55) | |||||||||
Other income, net | 7,604 | 273 | |||||||||
Homebuilding income before income taxes | 100,162 | 115,234 | |||||||||
Financial Services: | |||||||||||
Revenues | 8,876 | 8,752 | |||||||||
Expenses | 5,831 | 5,308 | |||||||||
Equity in income of unconsolidated entities | — | 46 | |||||||||
Financial services income before income taxes | 3,045 | 3,490 | |||||||||
Income before income taxes | 103,207 | 118,724 | |||||||||
Provision for income taxes | (27,350) | (30,225) | |||||||||
Net income | 75,857 | 88,499 | |||||||||
Net income attributable to noncontrolling interests | (1,115) | (1,021) | |||||||||
Net income available to common stockholders | $ | 74,742 | $ | 87,478 | |||||||
Earnings per share | |||||||||||
Basic | $ | 0.74 | $ | 0.82 | |||||||
Diluted | $ | 0.73 | $ | 0.81 | |||||||
Weighted average shares outstanding | |||||||||||
Basic | 101,019,253 | 107,326,911 | |||||||||
Diluted | 101,706,438 | 108,197,485 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | ||||||||||||||||||||
Arizona | 135 | $ | 785 | 70 | $ | 733 | |||||||||||||||||
California | 339 | 829 | 514 | 680 | |||||||||||||||||||
Nevada | 98 | 761 | 84 | 686 | |||||||||||||||||||
Washington | 18 | 956 | 72 | 972 | |||||||||||||||||||
West total | 590 | 811 | 740 | 714 | |||||||||||||||||||
Colorado | 44 | 788 | 43 | 626 | |||||||||||||||||||
Texas | 210 | 625 | 220 | 501 | |||||||||||||||||||
Central total | 254 | 653 | 263 | 521 | |||||||||||||||||||
Carolinas(1) | 175 | 438 | 28 | 451 | |||||||||||||||||||
Washington D.C. Area(2) | 46 | 1,023 | 68 | 695 | |||||||||||||||||||
East total | 221 | 560 | 96 | 624 | |||||||||||||||||||
Total | 1,065 | $ | 722 | 1,099 | $ | 660 | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | ||||||||||||||||||||
Arizona | 117 | 13.0 | 215 | 13.3 | |||||||||||||||||||
California | 701 | 53.2 | 701 | 39.0 | |||||||||||||||||||
Nevada | 84 | 7.0 | 145 | 9.0 | |||||||||||||||||||
Washington | 52 | 5.0 | 48 | 3.0 | |||||||||||||||||||
West total | 954 | 78.2 | 1,109 | 64.3 | |||||||||||||||||||
Colorado | 41 | 6.0 | 131 | 8.0 | |||||||||||||||||||
Texas | 314 | 33.8 | 415 | 22.5 | |||||||||||||||||||
Central total | 355 | 39.8 | 546 | 30.5 | |||||||||||||||||||
Carolinas(1) | 251 | 14.5 | 126 | 8.5 | |||||||||||||||||||
Washington D.C. Area(2) | 59 | 3.5 | 115 | 8.2 | |||||||||||||||||||
East total | 310 | 18.0 | 241 | 16.7 | |||||||||||||||||||
Total | 1,619 | 136.0 | 1,896 | 111.5 | |||||||||||||||||||
As of March 31, 2023 | As of March 31, 2022 | ||||||||||||||||||||||||||||||||||
Backlog Units | Backlog Dollar Value | Average Sales Price | Backlog Units | Backlog Dollar Value | Average Sales Price | ||||||||||||||||||||||||||||||
Arizona | 360 | $ | 308,514 | $ | 857 | 665 | $ | 515,500 | $ | 775 | |||||||||||||||||||||||||
California | 660 | 506,979 | 768 | 1,223 | 1,016,024 | 831 | |||||||||||||||||||||||||||||
Nevada | 111 | 86,919 | 783 | 387 | 302,271 | 781 | |||||||||||||||||||||||||||||
Washington | 69 | 61,148 | 886 | 105 | 102,756 | 979 | |||||||||||||||||||||||||||||
West total | 1,200 | 963,560 | 803 | 2,380 | 1,936,551 | 814 | |||||||||||||||||||||||||||||
Colorado | 47 | 35,511 | 756 | 272 | 198,666 | 730 | |||||||||||||||||||||||||||||
Texas | 386 | 236,386 | 612 | 831 | 473,755 | 570 | |||||||||||||||||||||||||||||
Central total | 433 | 271,897 | 628 | 1,103 | 672,421 | 610 | |||||||||||||||||||||||||||||
Carolinas(1) | 296 | 139,815 | 472 | 219 | 102,969 | 470 | |||||||||||||||||||||||||||||
Washington D.C. Area(2) | 97 | 128,110 | 1,321 | 253 | 217,246 | 859 | |||||||||||||||||||||||||||||
East total | 393 | 267,925 | 682 | 472 | 320,215 | 678 | |||||||||||||||||||||||||||||
Total | 2,026 | $ | 1,503,382 | $ | 742 | 3,955 | $ | 2,929,187 | $ | 741 | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Lots Owned or Controlled: | |||||||||||||||||||||||||||||||||||
Arizona | 2,766 | 2,901 | |||||||||||||||||||||||||||||||||
California | 11,062 | 11,399 | |||||||||||||||||||||||||||||||||
Nevada | 1,528 | 1,634 | |||||||||||||||||||||||||||||||||
Washington | 811 | 827 | |||||||||||||||||||||||||||||||||
West total | 16,167 | 16,761 | |||||||||||||||||||||||||||||||||
Colorado | 1,236 | 1,600 | |||||||||||||||||||||||||||||||||
Texas | 10,020 | 10,361 | |||||||||||||||||||||||||||||||||
Central total | 11,256 | 11,961 | |||||||||||||||||||||||||||||||||
Carolinas(1) | 3,464 | 3,857 | |||||||||||||||||||||||||||||||||
Washington D.C. Area(2) | 1,168 | 1,215 | |||||||||||||||||||||||||||||||||
East total | 4,632 | 5,072 | |||||||||||||||||||||||||||||||||
Total | 32,055 | 33,794 | |||||||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Lots by Ownership Type: | |||||||||||||||||||||||||||||||||||
Lots owned | 18,259 | 18,762 | |||||||||||||||||||||||||||||||||
Lots controlled (3) | 13,796 | 15,032 | |||||||||||||||||||||||||||||||||
Total | 32,055 | 33,794 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | % | 2022 | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Home sales revenue | $ | 768,405 | 100.0 | % | $ | 725,251 | 100.0 | % | |||||||||||||||
Cost of home sales | 588,118 | 76.5 | % | 530,660 | 73.2 | % | |||||||||||||||||
Homebuilding gross margin | 180,287 | 23.5 | % | 194,591 | 26.8 | % | |||||||||||||||||
Add: interest in cost of home sales | 20,226 | 2.6 | % | 17,065 | 2.4 | % | |||||||||||||||||
Add: impairments and lot option abandonments | 717 | 0.1 | % | 489 | 0.1 | % | |||||||||||||||||
Adjusted homebuilding gross margin | $ | 201,230 | 26.2 | % | $ | 212,145 | 29.3 | % | |||||||||||||||
Homebuilding gross margin percentage | 23.5 | % | 26.8 | % | |||||||||||||||||||
Adjusted homebuilding gross margin percentage | 26.2 | % | 29.3 | % |
March 31, 2023 | December 31, 2022 | ||||||||||
Loans payable | $ | 287,427 | $ | 287,427 | |||||||
Senior notes | 1,091,509 | 1,090,624 | |||||||||
Total debt | 1,378,936 | 1,378,051 | |||||||||
Stockholders’ equity | 2,863,623 | 2,832,389 | |||||||||
Total capital | $ | 4,242,559 | $ | 4,210,440 | |||||||
Ratio of debt-to-capital(1) | 32.5 | % | 32.7 | % | |||||||
Total debt | $ | 1,378,936 | $ | 1,378,051 | |||||||
Less: Cash and cash equivalents | (966,298) | (889,664) | |||||||||
Net debt | 412,638 | 488,387 | |||||||||
Stockholders’ equity | 2,863,623 | 2,832,389 | |||||||||
Net capital | $ | 3,276,261 | $ | 3,320,776 | |||||||
Ratio of net debt-to-net capital(2) | 12.6 | % | 14.7 | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Net income available to common stockholders | $ | 74,742 | $ | 87,478 | |||||||
Interest expense: | |||||||||||
Interest incurred | 37,479 | 28,553 | |||||||||
Interest capitalized | (37,479) | (28,553) | |||||||||
Amortization of interest in cost of sales | 20,251 | 17,065 | |||||||||
Provision for income taxes | 27,350 | 30,225 | |||||||||
Depreciation and amortization | 7,054 | 5,285 | |||||||||
EBITDA | 129,397 | 140,053 | |||||||||
Amortization of stock-based compensation | 3,861 | 5,272 | |||||||||
Impairments and lot option abandonments | 717 | 766 | |||||||||
Adjusted EBITDA | $ | 133,975 | $ | 146,091 |
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Cover Page |
Apr. 27, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 27, 2023 |
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 |
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