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., Feb. 18, 2025 (GLOBE NEWSWIRE) -- 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 shareHome 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 pointsNet new home orders of 940 compared to 1,078, a decrease of 13%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, 2024Repurchased 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, 2024Announced a new stock repurchase program authorizing the repurchase of up to $250 million of common stock through December 31, 2025Ended 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 shareHome 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 pointsNet 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” 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 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. KEY OPERATIONS AND FINANCIAL DATA (dollars in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 Change % Change 2024 2023 Change % ChangeOperating 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, unsold 464 263 201 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-capital 21.6% 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” CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) December 31,2024 December 31,2023Assets(unaudited) Cash and cash equivalents$970,045 $868,953Receivables 111,613 224,636Real estate inventories 3,153,459 3,337,483Investments in unconsolidated entities 173,924 131,824Mortgage loans held for sale 115,001 —Goodwill and other intangible assets, net 156,603 156,603Deferred tax assets, net 45,975 37,996Other assets 164,495 157,093Total assets$4,891,115 $4,914,588 Liabilities Accounts payable$68,228 $64,833Accrued expenses and other liabilities 465,563 453,531Loans payable 270,970 288,337Senior notes, net 646,534 1,094,249Mortgage repurchase facilities 104,098 —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 955Additional paid-in capital — —Retained earnings 3,334,785 3,010,003Total stockholders' equity 3,335,710 3,010,958Noncontrolling interests 12 2,680Total equity 3,335,722 3,013,638Total liabilities and equity$4,891,115 $4,914,588 CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except share and per share amounts) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Homebuilding: Home sales revenue$1,221,405 $1,241,258 $4,386,447 $3,654,035 Land and lot sales revenue 9,284 1,691 33,064 12,197 Other operations revenue 803 752 3,162 2,971 Total revenues 1,231,492 1,243,701 4,422,673 3,669,203 Cost of home sales 936,397 957,322 3,363,881 2,838,513 Cost of land and lot sales 9,007 1,796 30,591 12,083 Other operations expense 766 723 3,061 2,894 Sales and marketing 55,746 56,411 216,518 184,388 General and administrative 70,229 59,045 256,038 217,994 Homebuilding income from operations 159,347 168,404 552,584 413,331 Equity in (loss) income of unconsolidated entities (22) (369) 361 (97)Other income, net 7,822 9,085 39,640 39,446 Homebuilding income before income taxes 167,147 177,120 592,585 452,680 Financial Services: Revenues 22,379 15,997 70,197 46,001 Expenses 14,014 11,959 45,914 31,322 Financial services income before income taxes 8,365 4,038 24,283 14,679 Income before income taxes 175,512 181,158 616,868 467,359 Provision for income taxes (46,299) (46,400) (158,898) (118,164)Net income 129,213 134,758 457,970 349,195 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 Basic 93,064,520 96,142,092 93,985,551 98,679,477 Diluted 94,413,552 97,438,742 94,912,589 99,695,662 MARKET DATA BY REPORTING SEGMENT & STATE(dollars in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 NewHomesDelivered AverageSalesPrice NewHomesDelivered AverageSalesPrice NewHomesDelivered AverageSalesPrice NewHomesDelivered AverageSalesPriceArizona144 $709 133 $764 516 $723 630 $781California635 775 870 722 2,242 768 1,986 745Nevada119 571 108 670 482 618 397 729Washington74 993 67 889 271 914 173 848West total972 757 1,178 731 3,511 752 3,186 756Colorado29 703 34 684 162 707 144 738Texas495 563 366 553 1,827 555 1,141 561Central total524 571 400 564 1,989 567 1,285 581Carolinas(1)158 505 177 466 684 488 616 458Washington D.C. Area(2)94 1,133 58 1,233 276 1,028 187 1,159East total252 739 235 655 960 643 803 621Total1,748 $699 1,813 $685 6,460 $679 5,274 $693 Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net NewHomeOrders AverageSellingCommunities Net NewHomeOrders AverageSellingCommunities Net NewHomeOrders AverageSellingCommunities Net NewHomeOrders AverageSellingCommunitiesArizona98 13.7 76 13.5 562 13.8 511 13.5California278 42.0 390 46.6 1,885 43.5 2,386 49.6Nevada69 8.5 68 11.3 412 8.6 403 9.2Washington45 5.8 62 5.3 281 5.6 228 5.4West total490 70.0 596 76.7 3,140 71.5 3,528 77.7Colorado25 10.0 24 11.0 129 10.5 142 8.4Texas282 49.5 303 54.3 1,578 51.1 1,565 43.8Central total307 59.5 327 65.3 1,707 61.6 1,707 52.2Carolinas(1)75 9.3 100 13.0 489 10.5 678 14.0Washington D.C. Area(2)68 8.0 55 4.3 321 6.8 209 3.6East total143 17.3 155 17.3 810 17.3 887 17.6Total940 146.8 1,078 159.3 5,657 150.4 6,122 147.5 MARKET DATA BY REPORTING SEGMENT & STATE, continued(dollars in thousands) (unaudited) As of December 31, 2024 As of December 31, 2023 BacklogUnits BacklogDollarValue AverageSalesPrice BacklogUnits BacklogDollarValue AverageSalesPriceArizona305 $245,417 $805 259 $190,798 $737California341 257,199 754 698 559,729 802Nevada61 36,031 591 131 91,012 695Washington100 114,418 1,144 90 79,672 885West total807 653,065 809 1,178 921,211 782Colorado15 11,684 779 48 32,963 687Texas457 269,693 590 706 409,769 580Central total472 281,377 596 754 442,732 587Carolinas(1)87 53,168 611 282 140,523 498Washington D.C. Area(2)151 176,992 1,172 106 107,648 1,016East total238 230,160 967 388 248,171 640Total1,517 $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 owned16,609 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. 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 sales 936,397 76.7% 957,322 77.1%Homebuilding gross margin 285,008 23.3% 283,936 22.9%Add: interest in cost of home sales 41,217 3.4% 43,516 3.5%Add: impairments and lot option abandonments 1,713 0.1% 1,482 0.1%Adjusted homebuilding gross margin$327,938 26.8% $328,934 26.5%Homebuilding gross margin percentage 23.3% 22.9% Adjusted homebuilding gross margin percentage 26.8% 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 sales 3,363,881 76.7% 2,838,513 77.7%Homebuilding gross margin 1,022,566 23.3% 815,522 22.3%Add: interest in cost of home sales 148,547 3.4% 116,143 3.2%Add: impairments and lot option abandonments 4,157 0.1% 14,157 0.4%Adjusted homebuilding gross margin$1,175,270 26.8% $945,822 25.9%Homebuilding gross margin percentage 23.3% 22.3% Adjusted homebuilding gross margin percentage 26.8% 25.9% 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, 2024 December 31, 2023Loans payable$270,970 $288,337 Senior notes 646,534 1,094,249 Mortgage repurchase facilities 104,098 — Total debt 1,021,602 1,382,586 Less: mortgage repurchase facilities (104,098) — Total homebuilding debt 917,504 1,382,586 Stockholders’ equity 3,335,710 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’ equity 3,335,710 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. 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, 2024 2023 2024 2023 (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 EBITDA 224,412 229,757 798,171 605,651 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

Tri Pointe Homes, Inc. Reports 2024 Fourth Quarter And Full Year Results

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