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CURRENT REPORTDelaware1-3579661-1763235(State or other jurisdiction
of incorporation)(Commission
File Number)(IRS Employer
Identification No.)Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, par value $0.01 per shareTPHNew York Stock ExchangeSIGNATURESTri Pointe Homes, Inc.Date: February 21, 2023By:/s/ Glenn J. KeelerGlenn J. Keeler,
Chief Financial OfficerKEY OPERATIONS AND FINANCIAL DATAThree Months Ended December 31,Year Ended December 31,20222021Change% ChangeOperating Data:Home sales revenue25%9%Homebuilding gross margin29%15%Homebuilding gross margin %25.0%24.4%0.6%26.4%24.9%1.5%Adjusted homebuilding gross margin %*27.9%28.1%(0.2)%29.0%1.1%SG&A expense12%2%SG&A expense as a % of home sales revenue7.6%8.5%(0.9)%9.0%9.6%(0.6)%Net income available to common stockholders38%23%Adjusted EBITDA*26%16%Interest incurred43%34%Interest in cost of home sales59%5%Other Data:Net new home orders(69)%(31)%New homes delivered7%(2)%Average sales price of homes delivered17%11%Cancellation rate42%33%19%8%Average selling communities24%Selling communities at end of period21%Backlog (estimated dollar value)(48)%Backlog (homes)(53)%Average sales price in backlogDecember 31,
2022December 31,
2021Balance Sheet Data:Cash and cash equivalentsReal estate inventoriesLots owned or controlledHomes under construction (1)Homes completed, unsoldTotal debt, netStockholders' equityBook capitalizationRatio of debt-to-capital32.7%35.3%(2.6)%Ratio of net debt-to-net-capital*14.7%21.1%(6.4)%CONSOLIDATED BALANCE SHEETSAssets(unaudited)ReceivablesInvestments in unconsolidated entitiesGoodwill and other intangible assets, netDeferred tax assets, netOther assetsTotal assetsLiabilitiesAccounts payableAccrued expenses and other liabilitiesLoans payableSenior notesTotal liabilitiesCommitments and contingenciesEquityStockholders' Equity:Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively—Common stock, $0.01 par value, 500,000,000 shares authorized;
101,017,708 and 109,644,474 shares issued and outstanding at
December 31, 2022 and December 31, 2021, respectivelyAdditional paid-in capitalRetained earningsTotal stockholders' equityNoncontrolling interestsTotal equityTotal liabilities and equityCONSOLIDATED STATEMENT OF OPERATIONSHomebuilding:Land and lot sales revenueOther operations revenueTotal revenuesCost of home salesCost of land and lot salesOther operations expenseSales and marketingGeneral and administrativeHomebuilding income from operationsEquity in income (loss) of unconsolidated entitiesOther income, netHomebuilding income before income taxesFinancial Services:RevenuesExpensesEquity in income of unconsolidated entitiesFinancial services income before income taxesIncome before income taxesProvision for income taxesNet incomeNet income attributable to noncontrolling interestsEarnings per shareBasicDilutedWeighted average shares outstandingMARKET DATA BY REPORTING SEGMENT & STATENew
Homes
DeliveredAverage
Sales
PriceArizonaCaliforniaNevadaWashingtonWest totalColoradoTexasCentral totalCarolinas(1)Washington D.C. Area(2)East totalTotalNet New
Home
OrdersAverage
Selling
CommunitiesMARKET DATA BY REPORTING SEGMENT & STATE, continuedAs of December 31, 2022As of December 31, 2021Backlog
UnitsBacklog
Dollar
ValueLots Owned or Controlled:Lots by Ownership Type:Lots ownedLots controlled (1)RECONCILIATION OF NON-GAAP FINANCIAL MEASURES%(dollars in thousands)100.0%75.0%75.6%Add: interest in cost of home sales2.5%2.0%Add: impairments and lot option abandonments0.3%1.7%Adjusted homebuilding gross marginHomebuilding gross margin percentageAdjusted homebuilding gross margin percentage73.6%75.1%2.6%0.2%0.5%RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)December 31, 2022December 31, 2021Total debtStockholders’ equityTotal capitalRatio of debt-to-capital (1)Less: Cash and cash equivalentsNet debtNet capitalRatio of net debt-to-net capital (2)(in thousands)Interest expense:Interest capitalizedAmortization of interest in cost of salesDepreciation and amortizationEBITDAAmortization of stock-based compensationReal estate inventory impairments and lot option abandonmentsAdjusted EBITDAPK ! f docProps/app.xml
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