Tri Pointe Homes, Inc. · NYSE:TPH
Tri Pointe Homes — Q1 2025 Earnings Presentation
25 slides from Tri Pointe Homes's earnings presentation, Apr 24, 2025
Slide 1: 2025 First Quarter Results
2025 First Quarter Results April 24, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Various statements contained in this presentation, 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 limite
Slide 3: Management Team
Management Team Thomas Mitchell Douglas Bauer Glenn Keeler President & COO Chief Executive Officer Chief Financial Officer • Over 30 years of real estate • Over 30 years of real estate and • Over 10 years of real estate and homebuilding experience homebuilding experience and homebuilding experience
Slide 4: A diversified portfolio of markets
A diversified portfolio of markets West Segment Markets: San Francisco Bay Area, Inland Empire, Orange County-Los Angeles, Sacramento, San Diego, Phoenix, Las Vegas, Seattle Metro Area LTM Orders: 2,754 LTM Deliveries: 3,312 LTM HS Revenue: $2,494,226 LTM ASP: $753 Lots Owned or Controlled: 13,900 E
Slide 5: 2025 First Quarter Highlights
2025 First Quarter Highlights 5
Slide 6: 2025 First Quarter Highlights
2025 First Quarter Highlights • Net new home orders of 1,238 on an absorption rate of 2.8 net new home orders per community per month Metric 1Q25 1Q24 % Change • New home deliveries of 1,040 with an average sales price of $693,000 Orders 1,238 1,814 -32% • Ending active selling communities of 147 De
Slide 7: First Quarter Results
tri pointe HOMES First Quarter Results
Slide 8: Active Selling Communities and Absorption Rate
Active Selling Communities and Absorption Rate Q1 2025 Results Active Selling Communities and Absorption Rate Active Selling Communities by Geography As of and for the quarters ended March 31, 2024 and 2025 As of March 31, 2025 175 4.5 Washington 156 3.9 D.C. Area(2) 147 4.0 6% 150 Washington 3.5 3%
Slide 9: Net New Home Orders – Q1 2025 Results
Net New Home Orders – Q1 2025 Results Net New Home Orders Net New Home Orders by Geography For the quarters ended March 31, 2024 and 2025 For the quarter ended March 31, 2025 2,000 1,814 Washington 1,800 D.C. Area(2) Washington 6% 1,600 5% Carolinas(1) 9% 1,400 1,238 1,200 Colorado California 3% 1,0
Slide 10: Backlog – Units and Dollar Value – Q1 2025 Results
Backlog – Units and Dollar Value – Q1 2025 Results Backlog – Units and Dollar Value Backlog Dollar Value by Geography As of March 31, 2024 and 2025 (dollars in thousands) As of March 31, 2025 3,000 2024 2025 $2,500,000 Washington 2,741 D.C. Area(2) Washington 12% 15% 2,500 $1,950,590 $2,000,000 2,00
Slide 11: New Home Deliveries – Q1 2025 Results
New Home Deliveries – Q1 2025 Results New Home Deliveries New Home Deliveries by Geography For the quarters ended March 31, 2024 and 2025 For the quarter ended March 31, 2025 Washington 1,600 Washington D.C. Area(2) 1,393 5% 5% Carolinas(1) 1,400 8% 1,200 Colorado 1,040 California 2% 1,000 28% Decre
Slide 12: Home Sales Revenue – Q1 2025 Results
Home Sales Revenue – Q1 2025 Results Home Sales Revenue Home Sales Revenue by Geography For the quarters ended March 31, 2024 and 2025 (dollars in thousands) For the quarter ended March 31, 2025 $1,000,000 $918,353 Washington D.C. $900,000 Area(2) Washington 9% $800,000 7% $720,786 Carolinas(1) $700
Slide 13: SG&A Expenses, Income Before Taxes, Net Income and EPS – Q1 2025
SG&A Expenses, Income Before Taxes, Net Income and EPS (Diluted) – Q1 2025 Results Selling, General and Administrative Expenses Income Before Taxes, Net Income Available to For the quarters ended March 31, 2024 and 2025 (dollars in thousands) Common Stockholders and EPS (Diluted) For the quarters en
Slide 14: Land Supply, Orders by Month, Return on Equity and Risk Profile
Land Supply Orders by Month Return on Equity and Risk Profile Book Value Per Share Debt 14
Slide 15: Significant Land Supply to Fuel Growth
Significant Land Supply to Fuel Growth Combined Lot Position As of March 31, 2025 Note: Dollars in thousands Implied Years of Geography Owned Controlled(3) Total Lots % Owned Inventory Dollars LTM Deliveries Supply(4) Arizona 602 1,360 1,962 31% $249,198 518 3.8 California 7,531 2,662 10,193 74% $1,
Slide 16: Net New Home Orders – Historical by Quarter
Net New Home Orders – Historical by Quarter Full-Year Absorption Rate: 2025 – 2.8 per month (YTD) 2024 – 3.1 per month 2023 – 3.5 per month 2022 – 2.9 per month 2021 – 4.8 per month 2,500 2,000 1,987 1,912 2021 1,896 1,814 2022 1,651 1,619 1,622 1,513 1,424 2023 1,500 1,356 1,349 1,238 1,252 2024 1,
Slide 17: Return on Equity and Risk Profile
Return on Equity and Risk Profile Increased focus on generating strong return on equity (ROE) growth through a combination of improved asset efficiency and greater operating margins with a continued focus on maintaining an efficient capital structure. Measured approach to share repurchase activity w
Slide 18: Book Value Per Share
Book Value Per Share Dual impact of the reduction in shares of common stock outstanding through opportunistic share repurchases and strong earnings have contributed to accelerated growth in book value per share and tangible book value per share at a compounded annual growth rate of 15%, respectively
Slide 19: Selected Balance Sheet Metrics
Selected Balance Sheet Metrics $ in thousands 3/31/2025 12/31/2024 Cash and cash equivalents $ 812,937 $ 970,045 ▪ Ended first quarter with total liquidity of Real estate inventories $ 3,265,334 $ 3,153,459 $1.5 billion, including cash and cash Total homebuilding debt $ 914,565 $ 917,504 equivalents
Slide 20: 2025 Second Quarter & Full Year Outlook
2025 Second Quarter & Full Year Outlook
Slide 21: 2025 Second Quarter Outlook
2025 Second Quarter Outlook • Anticipate delivering between 1,100 and 1,200 homes at an average sales price between $680,000 and $690,000 for the second quarter • Anticipate homebuilding gross margin percentage for the second quarter will be in the range of 21.5% to 22.5% • Anticipate SG&A expense r
Slide 22: 2025 Full Year Outlook
2025 Full Year Outlook • Anticipate delivering between 5,000 and 5,500 homes at an average sales price between $665,000 and $675,000 for the full year • Anticipate homebuilding gross margin percentage for the full year will be in the range of 20.5% to 22.0% • Anticipate SG&A expense ratio for the fu
Slide 23: Supplemental Data and Reconciliation
Supplemental Data and Reconciliation 23
Slide 24: Reconciliation of Non-GAAP Financial Measures (unaudited)
Reconciliation of Non-GAAP Financial Measures (unaudited) In this presentation, 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 manage
Slide 25: Reconciliation of Non-GAAP Financial Measures (cont'd) (unaudited)
Reconciliation of Non-GAAP Financial Measures (cont’d) (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 financi