Tri Pointe Homes : 1Q25 Earnings Presentation

Published: 2025-04-24 09:50:05 ET TPH

2025 First Quarter

Results

April 24, 2025

Management Team

Thomas Mitchell

President & COO

• Over 30 years of real estate

and homebuilding experience

Douglas Bauer

Chief Executive Officer

Glenn Keeler

Chief Financial Officer

• Former EVP and Southern

California Regional President at

William Lyon Homes

• Former President and COO of

• CAO for Tri Pointe since 2014

William Lyon Homes

Tri Pointe senior management has significant experience running a large, geographically diverse, growth-oriented public homebuilder. Deep managerial talent at each operating division with key local relationships supports dynamic tailored growth strategies.

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

East Segment

Markets: Washington DC Metro Area,

Charlotte, Raleigh, Coastal Carolinas,

Orlando

LTM Orders: 737

LTM Deliveries: 911

LTM HS Revenue: $628,698

LTM ASP: $690

Lots Owned or Controlled: 6,550

Central Segment

Markets: Houston, Austin, Dallas-Fort Worth,

Denver, Utah

LTM Orders: 1,590

LTM Deliveries: 1,884

LTM HS Revenue: $1,065,956

LTM ASP: $566

Lots Owned or Controlled: 14,751

LTM Orders: 5,081

LTM Deliveries: 6,107

LTM Home Sales ("HS") Revenue: $4,188,880

LTM Average Sales Price ("ASP"): $686

Lots Owned or Controlled: 35,201

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

•

New home deliveries of 1,040 with an average sales price of

$693,000

•

Ending active selling communities of 147

•

Backlog units(1) of 1,715 homes and backlog dollar value (1) of $1.3

billion

•

Home sales revenue of $721 million

•

Homebuilding gross margin increased 90 basis points to 23.9%.

Adjusted homebuilding gross margin(2) increased by 90 basis points to

27.3%.

•

SG&A expense of 14.0% of home sales revenue

•

Net income available to common stockholders of $64 million, or

Metric

1Q25

1Q24

% Change

Orders

1,238

1,814

-32%

Deliveries

1,040

1,393

-25%

ASP of Deliveries ($000)

$693

$659

Ending Active Selling Communities

147

156

-6%

Backlog (units)(1)

1,715

2,741

-37%

Backlog (dollar value) ($mm)(1)

$1,308

$1,951

-33%

Home Sales Revenue ($mm)

$721

$918

-22%

$0.70 per diluted share, vs. $99 million, or $1.03 per diluted share

•

Repurchased 2.3 million shares for an aggregate dollar amount of $75

million

•

Ended with total liquidity of $1.5 billion, including cash and cash

equivalents of $813 million and $678 million of availability under our

unsecured revolving credit facility

HB Gross Margin

Adjusted HB Gross Margin(2)

SG&A Expense (% of Home Sales

Revenue)

Income Before Income Taxes ($mm)

Net Income Available to Common Stockholders ($mm)

EPS (Diluted)

23.9%

23.0%

90 bps

27.3%

26.4%

90 bps

14.0%

11.1%

290 bps

$87

$131

-34%

$64

$99

-35%

$0.70

$1.03

-32%

(1)

Backlog units and dollar value figures are as of March 31, 2025 and 2024, respectively

(2)

See "Reconciliation of Non-GAAP Measures" in the appendix of this presentation

First Quarter Results

Active Selling Communities and Absorption Rate Q1 2025 Results

Active Selling Communities and Absorption Rate

As of and for the quarters ended March 31, 2024 and 2025

175

156

3.9

4.5

147

4.0

150

3.5

125

2.8

3.0

100

YOY

2.5

2.0

Decrease

1.5

1.0

0.5

0.0

2024

2025

Communities

Absorption Rate

Active Selling Communities by Geography

As of March 31, 2025

Washington

D.C. Area(2)

Washington

Carolinas(1)

California

23%

Colorado

Nevada 5%

Texas

Arizona35%

12%

Opened 18 new communities and closed 16 communities in Q1 2025

(2)

Washington D.C. Area comprises Maryland, Virginia and the District of Columbia

Net New Home Orders - Q1 2025 Results

Net New Home Orders

For the quarters ended March 31, 2024 and 2025

2,000

1,814

1,800

1,600

1,400

1,238

1,200

YOY

1,000

800

32%

600

Decrease

400

Net New Home Orders by Geography

For the quarter ended March 31, 2025

Washington

D.C. Area(2)

Carolinas(1)

Colorado

California3%

28%

Texas

200

Nevada

31%

2024

2025

Arizona

10%

(1) Carolinas comprises North Carolina and South Carolina

(2) Washington D.C. Area comprises Maryland, Virginia and the District of Columbia

Backlog - Units and Dollar Value - Q1 2025 Results

Backlog - Units and Dollar Value

As of March 31, 2024 and 2025 (dollars in thousands)

3,000

2,741

2024

2025

$2,500,000

2,500

$1,950,590

$2,000,000

2,000

1,715

$1,307,786

$1,500,000

1,500

YOY

$1,000,000

37%

33%

1,000

500

Decrease

$500,000

Units

$ Value

$712K $763K Average Sales Price in Backlog

Backlog Dollar Value by Geography

As of March 31, 2025

Washington

D.C. Area(2)

12%

15%

Carolinas(1)

California

Colorado

22%

Texas

21%

Nevada

6%Arizona

18%

Disclaimer

TRI Pointe Homes Inc. published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 13:49 UTC.