–Net New Home Orders Increased 12% Year-Over-Year to 1,814––Backlog Units Increased 35% Year-Over-Year to 2,741––Active Selling Communities Increased 15% Year-Over-Year to 156––Home Sales Revenue of $918 Million––Homebuilding Gross Margin Percentage of 23.0%––Diluted Earnings Per Share of $1.03––Debt-to-Capital Ratio of 31.2% and Total Liquidity of $1.6 Billion– INCLINE VILLAGE, Nev., April 25, 2024 (GLOBE NEWSWIRE) -- Tri Pointe Homes, Inc. (the "Company") (NYSE:TPH) today announced results for the first quarter ended March 31, 2024. "I am pleased to report our first quarter results, which again met or exceeded the high end of our guidance across all key operating metrics," said Doug Bauer, Tri Pointe Homes Chief Executive Officer. "We delivered 1,393 homes at an average sales price of $659,000, resulting in home sales revenue of $918 million, a 20% increase compared to the previous year. Homebuilding gross margin percentage was 23.0% for the quarter, a sequential improvement compared to our most recent quarter. These outstanding results culminated in net income of $99 million and diluted earnings per share of $1.03, marking a 41% improvement year-over-year." Mr. Bauer continued, "In addition to the strong financial results for the quarter, we wrote 1,814 net new home orders, an increase of 12% compared to the prior year, on a healthy absorption pace for the quarter of 3.9 homes per community per month. Consumer demand has been strong to start the year as the new homebuilders continue to benefit from the lack of resale supply." "Building on our successful start to 2024, we are thrilled to have recently announced the official expansion of our national footprint with the opening of new divisions in Orlando, Florida, and the Coastal Carolinas, further enhancing our presence in two of the fastest-growing regions in the nation," said Tom Mitchell, Tri Pointe Homes Chief Operating Officer. "This move aligns perfectly with our strategic vision of building scale within existing markets, while also driving organic growth where value-enhancing market opportunities exist." Mr. Bauer concluded, "The strong demand we have experienced to start the year has allowed us to reduce incentives and increase pricing in select communities. As a result, we are raising full-year guidance for deliveries, average sales price, and homebuilding gross margin percentage. The underlying fundamentals continue to be strong for homebuilders and we feel Tri Pointe is in a great position to thrive in this environment." Results and Operational Data for First Quarter 2024 and Comparisons to First Quarter 2023 Net income available to common stockholders was $99.1 million, or $1.03 per diluted share, compared to $74.7 million, or $0.73 per diluted share Home sales revenue of $918.4 million compared to $768.4 million, an increase of 20% New home deliveries of 1,393 homes compared to 1,065 homes, an increase of 31% Average sales price of homes delivered of $659,000 compared to $722,000, a decrease of 9% Homebuilding gross margin percentage of 23.0% compared to 23.5%, a decrease of 50 basis points Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 26.4%* SG&A expense as a percentage of home sales revenue of 11.1% compared to 11.5%, a decrease of 40 basis points Net new home orders of 1,814 compared to 1,619, an increase of 12% Active selling communities averaged 153.8 compared to 136.0, an increase of 13% Net new home orders per average selling community were 11.8 orders (3.9 monthly) compared to 11.9 orders (4.0 monthly) Cancellation rate of 7% compared to 10% Backlog units at quarter end of 2,741 homes compared to 2,026, an increase of 35% Dollar value of backlog at quarter end of $2.0 billion compared to $1.5 billion, an increase of 30% Average sales price of homes in backlog at quarter end of $712,000 compared to $742,000, a decrease of 4% Ratios of debt-to-capital and net debt-to-net capital of 31.2% and 12.6%*, respectively, as of March 31, 2024 Repurchased 1,442,785 shares of common stock at a weighted average price per share of $34.66 for an aggregate dollar amount of $50.0 million in the three months ended March 31, 2024 Ended the first quarter of 2024 with total liquidity of $1.6 billion, including cash and cash equivalents of $944.0 million and $703.2 million of availability under our revolving credit facility * See "Reconciliation of Non-GAAP Financial Measures" Outlook For the second quarter, the Company anticipates delivering between 1,500 and 1,600 homes at an average sales price between $670,000 and $680,000. The Company expects homebuilding gross margin percentage to be in the range of 22.5% to 23.5% for the second quarter and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 11.0% to 11.5%. Finally, the Company expects its effective tax rate for the second quarter to be approximately 26.0%. For the full year, the Company anticipates delivering between 6,200 and 6,400 homes at an average sales price between $660,000 and $670,000. The Company expects homebuilding gross margin percentage to be in the range of 22.5% to 23.5% for the full year and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 10.5% to 11.0%. Finally, the Company expects its effective tax rate for the full 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 10:00 a.m. Eastern Time on Thursday, April 25, 2024. 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 slides on the Internet under 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 First 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 two weeks following the call toll free at (844) 512-2921, or (412) 317-6671 for international participants, using the reference number 13745505. An archive of the webcast will also be available on the Company's website for a limited time. About Tri Pointe Homes, Inc. 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, was 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 2023 PEOPLE Companies That Care®. The company was also named as a Great Place To Work-Certified™ company for three years in a row (2021 through 2023), and was named on several Great Place To Work® Best Workplaces lists in 2022 and 2023. 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, home affordability, inflation, consumer sentiment, 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; 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, labor and home components; 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 parts of the western United States; 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 disease, 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. Investor Relations 949-478-8696 Media Contact:Carol Ruiz, 310-437-0045   KEY OPERATIONS AND FINANCIAL DATA (dollars in thousands) (unaudited)       Three Months Ended March 31,       2024       2023     Change   % Change Operating Data:   (unaudited) Home sales revenue   $ 918,353     $ 768,405     $ 149,948     20 % Homebuilding gross margin   $ 211,049     $ 180,287     $ 30,762     17 % Homebuilding gross margin %     23.0 %     23.5 %     (0.5 )%     Adjusted homebuilding gross margin %*     26.4 %     26.2 %     0.2 %     SG&A expense   $ 101,552     $ 88,228     $ 13,324     15 % SG&A expense as a % of home sales revenue     11.1 %     11.5 %     (0.4 )%     Net income available to common stockholders   $ 99,055     $ 74,742     $ 24,313     33 % Adjusted EBITDA*   $ 175,893     $ 133,975     $ 41,918     31 % Interest incurred   $ 36,156     $ 37,479     $ (1,323 )   (4 )% Interest in cost of home sales   $ 30,649     $ 20,226     $ 10,423     52 %                   Other Data:                 Net new home orders     1,814       1,619       195     12 % New homes delivered     1,393       1,065       328     31 % Average sales price of homes delivered   $ 659     $ 722     $ (63 )   (9 )% Cancellation rate     7 %     10 %     (3 )%     Average selling communities     153.8       136.0       17.8     13 % Selling communities at end of period     156       136       20     15 % Backlog (estimated dollar value)   $ 1,950,590     $ 1,503,382     $ 447,208     30 % Backlog (homes)     2,741       2,026       715     35 % Average sales price in backlog   $ 712     $ 742     $ (30 )   (4 )%                       March 31,   December 31,               2024       2023     Change   % Change Balance Sheet Data:   (unaudited)             Cash and cash equivalents   $ 943,998     $ 868,953     $ 75,045     9 % Real estate inventories   $ 3,422,883     $ 3,337,483     $ 85,400     3 % Lots owned or controlled     34,153       31,960       2,193     7 % Homes under construction (1)     3,317       3,088       229     7 % Homes completed, unsold     232       263       (31 )   (12 )% Debt   $ 1,383,529     $ 1,382,586     $ 943     0 % Stockholders' equity   $ 3,049,646     $ 3,010,958     $ 38,688     1 % Book capitalization   $ 4,433,175     $ 4,393,544     $ 39,631     1 % Ratio of debt-to-capital     31.2 %     31.5 %     (0.3 )%     Ratio of net debt-to-net capital*     12.6 %     14.6 %     (2.0 )%     __________(1) Homes under construction included 60 and 69 models as of March 31, 2024 and December 31, 2023, respectively.* See "Reconciliation of Non-GAAP Financial Measures" CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)       March 31,   December 31,       2024       2023   Assets   (unaudited)     Cash and cash equivalents   $ 943,998     $ 868,953   Receivables     125,133       224,636   Real estate inventories     3,422,883       3,337,483   Investments in unconsolidated entities     124,723       131,824   Goodwill and other intangible assets, net     156,603       156,603   Deferred tax assets, net     37,996       37,996   Other assets     158,639       157,093   Total assets   $ 4,969,975     $ 4,914,588             Liabilities         Accounts payable   $ 51,736     $ 64,833   Accrued expenses and other liabilities     485,052       453,531   Loans payable     288,337       288,337   Senior notes     1,095,192       1,094,249   Total liabilities     1,920,317       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 March 31, 2024 and December 31, 2023, respectively     —       —   Common stock, $0.01 par value, 500,000,000 shares authorized; 94,877,377 and 95,530,512 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively     949