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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________
(Mark One)
| | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
or
| | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 1-35796
_____________________________________________________________________________________________
Tri Pointe Homes, Inc.
(Exact Name of Registrant as Specified in Its Charter)
_____________________________________________________________________________________________
| | | | | | | | |
| Delaware | | 61-1763235 |
(State or other Jurisdiction of
Incorporation or Organization) | | (I.R.S. Employer
Identification No.) |
_____________________________________________________________________________________________
940 Southwood Blvd, Suite 200
Incline Village, Nevada 89451
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (775) 413-1030
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
____________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | | TPH | | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
93,590,060 shares of the registrant's common stock were issued and outstanding as of October 10, 2024.
EXPLANATORY NOTE
As used in this quarterly report on Form 10-Q, references to “Tri Pointe”, “the Company”, “we”, “us”, or “our” (including in the consolidated financial statements and related notes thereto in this annual report on Form 10-Q) refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries.
TRI POINTE HOMES, INC.
QUARTERLY REPORT ON FORM 10-Q
INDEX
September 30, 2024
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
TRI POINTE HOMES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (unaudited) | | |
| Assets | | | |
| Cash and cash equivalents | $ | 675,957 | | | $ | 868,953 | |
| Receivables | 113,725 | | | 224,636 | |
| Real estate inventories | 3,412,633 | | | 3,337,483 | |
| Investments in unconsolidated entities | 130,798 | | | 131,824 | |
| Mortgage loans held for sale | 80,071 | | | — | |
| Goodwill and other intangible assets, net | 156,603 | | | 156,603 | |
| Deferred tax assets, net | 37,996 | | | 37,996 | |
| Other assets | 171,472 | | | 157,093 | |
| Total assets | $ | 4,779,255 | | | $ | 4,914,588 | |
| Liabilities | | | |
| Accounts payable | $ | 75,214 | | | $ | 64,833 | |
| Accrued expenses and other liabilities | 456,418 | | | 453,531 | |
| Loans payable | 275,914 | | | 288,337 | |
| Senior notes, net | 646,280 | | | 1,094,249 | |
| Mortgage repurchase facilities | 75,465 | | | — | |
| Total liabilities | 1,529,291 | | | 1,900,950 | |
| | | |
| Commitments and contingencies (Note 13) | | | |
| | | |
| Equity | | | |
| Stockholders’ equity: | | | |
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as September 30, 2024 and December 31, 2023, respectively | — | | | — | |
Common stock, $0.01 par value, 500,000,000 shares authorized; 93,590,060 and 95,530,512 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 936 | | | 955 | |
| Additional paid-in capital | — | | | — | |
| Retained earnings | 3,249,016 | | | 3,010,003 | |
| Total stockholders’ equity | 3,249,952 | | | 3,010,958 | |
| Noncontrolling interests | 12 | | | 2,680 | |
| Total equity | 3,249,964 | | | 3,013,638 | |
| Total liabilities and equity | $ | 4,779,255 | | | $ | 4,914,588 | |
See accompanying condensed notes to the unaudited consolidated financial statements.
TRI POINTE HOMES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Homebuilding: | | | | | | | |
| Home sales revenue | $ | 1,113,681 | | | $ | 825,295 | | | $ | 3,165,042 | | | $ | 2,412,777 | |
| Land and lot sales revenue | 12,552 | | | 1,714 | | | 23,780 | | | 10,506 | |
| Other operations revenue | 790 | | | 749 | | | 2,359 | | | 2,219 | |
| Total revenues | 1,127,023 | | | 827,758 | | | 3,191,181 | | | 2,425,502 | |
| Cost of home sales | 854,499 | | | 641,074 | | | 2,427,484 | | | 1,881,191 | |
| Cost of land and lot sales | 11,986 | | | 1,474 | | | 21,584 | | | 10,287 | |
| Other operations expense | 765 | | | 724 | | | 2,295 | | | 2,171 | |
| Sales and marketing | 53,744 | | | 42,874 | | | 160,772 | | | 127,977 | |
| General and administrative | 66,734 | | | 58,359 | | | 185,809 | | | 158,949 | |
| | | | | | | |
| Homebuilding income from operations | 139,295 | | | 83,253 | | | 393,237 | | | 244,927 | |
| Equity in income of unconsolidated entities | 227 | | | 3 | | | 383 | | | 272 | |
| Other income, net | 6,658 | | | 11,664 | | | 31,818 | | | 30,361 | |
| Homebuilding income before income taxes | 146,180 | | | 94,920 | | | 425,438 | | | 275,560 | |
| Financial Services: | | | | | | | |
| Revenues | 17,650 | | | 10,758 | | | 47,818 | | | 30,004 | |
| Expenses | 12,283 | | | 6,127 | | | 31,900 | | | 19,363 | |
| | | | | | | |
| Financial services income before income taxes | 5,367 | | | 4,631 | | | 15,918 | | | 10,641 | |
| Income before income taxes | 151,547 | | | 99,551 | | | 441,356 | | | 286,201 | |
| Provision for income taxes | (39,788) | | | (22,942) | | | (112,599) | | | (71,764) | |
| Net income | 111,759 | | | 76,609 | | | 328,757 | | | 214,437 | |
| Net(income) loss attributable to noncontrolling interests | — | | | (1,207) | | | 59 | | | (3,569) | |
| Net income available to common stockholders | $ | 111,759 | | | $ | 75,402 | | | $ | 328,816 | | | $ | 210,868 | |
| Earnings per share | | | | | | | |
| Basic | $ | 1.19 | | | $ | 0.77 | | | $ | 3.49 | | | $ | 2.12 | |
| Diluted | $ | 1.18 | | | $ | 0.76 | | | $ | 3.46 | | | $ | 2.10 | |
| Weighted average shares outstanding | | | | | | | |
| Basic | 93,600,678 | | | 98,018,498 | | | 94,294,800 | | | 99,534,570 | |
| Diluted | 94,640,211 | | | 99,030,210 | | | 95,081,173 | | | 100,458,357 | |
See accompanying condensed notes to the unaudited consolidated financial statements.
TRI POINTE HOMES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(in thousands, except share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Number of
Shares of Common
Stock (Note 1) | | Common
Stock | | Additional
Paid-in
Capital | | Retained
Earnings | | Total
Stockholders’
Equity | | Noncontrolling
Interests | | Total
Equity |
| Balance at June 30, 2024 | 93,862,218 | | | $ | 939 | | | $ | — | | | $ | 3,138,545 | | | $ | 3,139,484 | | | $ | 12 | | | $ | 3,139,496 | |
| Net income | — | | | — | | | — | | | 111,759 | | | 111,759 | | | — | | | 111,759 | |
| Shares issued under share-based awards | 619 | | | — | | | — | | | — | | | — | | | — | | | — | |
| Tax withholding paid on behalf of employees for share-based awards | — | | | — | | | (8) | | | — | | | (8) | | | — | | | (8) | |
| Stock-based compensation expense | — | | | — | | | 8,708 | | | — | | | 8,708 | | | — | | | 8,708 | |
| Share repurchases, including excise tax | (272,777) | | | (3) | | | (9,988) | | | — | | | (9,991) | | | — | | | (9,991) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Reclass the negative APIC to retained earnings | — | | | — | | | 1,288 | | | (1,288) | | | — | | | — | | | — | |
| Balance at September 30, 2024 | 93,590,060 | | | $ | 936 | | | $ | — | | | $ | 3,249,016 | | | $ | 3,249,952 | | | $ | 12 | | | $ | 3,249,964 | |
| | | | | | | | | | | | | |
| Number of
Shares of Common
Stock (Note 1) | | Common
Stock | | Additional
Paid-in
Capital | | Retained
Earnings | | Total
Stockholders'
Equity | | Noncontrolling
Interests | | Total
Equity |
| Balance at December 31, 2023 | 95,530,512 | | | $ | 955 | | | $ | — | | | $ | 3,010,003 | | | $ | 3,010,958 | | | $ | 2,680 | | | $ | 3,013,638 | |
| Net income | — | | | — | | | — | | | 328,816 | | | 328,816 | | | (59) | | | 328,757 | |
| Shares issued under share-based awards | 821,172 | | | 8 | | | 1,033 | | | — | | | 1,041 | | | — | | | 1,041 | |
| Tax withholding paid on behalf of employees for share-based awards | — | | | — | | | (16,612) | | | — | | | (16,612) | | | — | | | (16,612) | |
| Stock-based compensation expense | — | | | — | | | 24,327 | | | — | | | 24,327 | | | — | | | 24,327 | |
| Share repurchases, including excise tax | (2,761,624) | | | (27) | | | (97,283) | | | — | | | (97,310) | | | — | | | (97,310) | |
| Distributions to noncontrolling interests, net | — | | | — | | | — | | | — | | | — | | | (2,609) | | | (2,609) | |
| Acquisition of joint venture minority interest | — | | | — | | | (1,268) | | | — | | | (1,268) | | | — | | | (1,268) | |
| Reclass the negative APIC to retained earnings | — | | | — | | | 89,803 | | | (89,803) | | | — | | | — | | | — | |
| Balance at September 30, 2024 | 93,590,060 | | | $ | 936 | | | $ | — | | | $ | 3,249,016 | | | $ | 3,249,952 | | | $ | 12 | | | $ | 3,249,964 | |
| | | | | | | | | | | | | |
| Number of
Shares of Common
Stock (Note 1) | | Common
Stock | | Additional
Paid-in
Capital | | Retained
Earnings | | Total
Stockholders'
Equity | | Noncontrolling
Interests | | Total
Equity |
| Balance at June 30, 2023 | 99,094,458 | | | $ | 991 | | | $ | — | | | $ | 2,895,120 | | | $ | 2,896,111 | | | $ | 709 | | | $ | 2,896,820 | |
| Net income | — | | | — | | | — | | | 75,402 | | | 75,402 | | | 1,207 | | | 76,609 | |
| Shares issued under share-based awards | 361 | | | — | | | — | | | — | | | — | | | — | | | — | |
| Tax withholding paid on behalf of employees for share-based awards | — | | | — | | | (6) | | | — | | | (6) | | | — | | | (6) | |
| Stock-based compensation expense | — | | | — | | | 6,989 | | | — | | | 6,989 | | | — | | | 6,989 | |
| Share repurchases | (1,753,045) | | | (18) | | | (55,081) | | | — | | | (55,099) | | | — | | | (55,099) | |
| Distributions to noncontrolling interests, net | — | | | — | | | — | | | — | | | — | | | (1,160) | | | (1,160) | |
| Reclass the negative APIC to retained earnings | — | | | — | | | 48,098 | | | (48,098) | | | — | | | — | | | — | |
| Balance at September 30, 2023 | 97,341,774 | | | $ | 973 | | | $ | — | | | $ | 2,922,424 | | | $ | 2,923,397 | | | $ | 756 | | | $ | 2,924,153 | |
| | | | | | | | | | | | | |
| Number of
Shares of Common
Stock (Note 1) | | Common
Stock | | Additional
Paid-in
Capital | | Retained
Earnings | | Total
Stockholders'
Equity | | Noncontrolling
Interests | | Total
Equity |
| Balance at December 31, 2022 | 101,017,708 | | | $ | 1,010 | | | $ | 3,685 | | | $ | 2,827,694 | | | $ | 2,832,389 | | | $ | 4,142 | | | $ | 2,836,531 | |
| | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | 210,868 | | | 210,868 | | | 3,569 | | | 214,437 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares issued under share-based awards | 789,164 | | | 8 | | | 510 | | | — | | | 518 | | | — | | | 518 | |
| Tax withholding paid on behalf of employees for share-based awards | — | | | — | | | (9,802) | | | — | | | (9,802) | | | — | | | (9,802) | |
| Stock-based compensation expense | — | | | — | | | 15,012 | | | — | | | 15,012 | | | — | | | 15,012 | |
| Share repurchases | (4,465,098) | | | (45) | | | (125,543) | | | — | | | (125,588) | | | — | | | (125,588) | |
| Distributions to noncontrolling interests, net | — | | | — | | | — | | | — | | | — | | | (6,955) | | | (6,955) | |
| | | | | | | | | | | | | |
| Reclass the negative APIC to retained earnings | — | | | — | | | 116,138 | | | (116,138) | | | — | | | — | | | — | |
| Balance at September 30, 2023 | 97,341,774 | | | $ | 973 | | | $ | — | | | $ | 2,922,424 | | | $ | 2,923,397 | | | $ | 756 | | | $ | 2,924,153 | |
See accompanying condensed notes to the unaudited consolidated financial statements.
TRI POINTE HOMES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
| | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
| Cash flows from operating activities: | | | |
| Net income | $ | 328,757 | | | $ | 214,437 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation and amortization | 23,572 | | | 20,066 | |
| Equity in income of unconsolidated entities, net | (383) | | | (272) | |
| | | |
| Amortization of stock-based compensation | 24,327 | | | 15,012 | |
| Charges for impairments and lot option abandonments | 2,444 | | | 12,675 | |
| Fair value adjustment on mortgage loans held for sale | (758) | | | — | |
| Gain on increase in carrying amount of investment | (3,495) | | | — | |
| | | |
| Changes in assets and liabilities: | | | |
| Real estate inventories | (74,485) | | | (247,846) | |
| Mortgage loans held for sale | (79,313) | | | — | |
| Receivables | 110,911 | | | 50,043 | |
| Other assets | (9,527) | | | 1 | |
| Accounts payable | 10,381 | | | (7,093) | |
| Accrued expenses and other liabilities | 3,332 | | | 67,773 | |
| | | |
| Net cash provided by operating activities | 335,763 | | | 124,797 | |
| Cash flows from investing activities: | | | |
| Purchases of property and equipment | (18,933) | | | (19,136) | |
| Proceeds from investment | 717 | | | — | |
| | | |
| Net investments in unconsolidated entities | (24,789) | | | (6,434) | |
| Distributions from unconsolidated entities | 17,289 | | | — | |
| Net cash used in investing activities | (25,716) | | | (25,570) | |
| Cash flows from financing activities: | | | |
| Borrowings from loans payable | 420 | | | 910 | |
| Repayment of loans payable and senior notes | (462,844) | | | — | |
| | | |
| Borrowings on mortgage repurchase facilities | 282,400 | | | — | |
| Repayments on mortgage repurchase facilities | (206,935) | | | — | |
| | | |
| Distributions to noncontrolling interests | (3,877) | | | (6,955) | |
| Proceeds from issuance of common stock under share-based awards | 1,041 | | | 518 | |
| Tax withholding paid on behalf of employees for share-based awards | (16,612) | | | (9,802) | |
| Share repurchases, excluding excise tax | (96,636) | | | (124,523) | |
| Net cash used in financing activities | (503,043) | | | (139,852) | |
| Net decrease in cash and cash equivalents | (192,996) | | | (40,625) | |
| Cash and cash equivalents–beginning of period | 868,953 | | | 889,664 | |
| Cash and cash equivalents–end of period | $ | 675,957 | | | $ | 849,039 | |
See accompanying condensed notes to the unaudited consolidated financial statements.
TRI POINTE HOMES, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Organization, Basis of Presentation and Summary of Significant Accounting Policies
Organization
Tri Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes across ten states, including Arizona, California, Colorado, Maryland, Nevada, North Carolina, South Carolina, Texas, Virginia, and Washington, and the District of Columbia. In September 2023, we announced our expansion into the greater Salt Lake City region with the launch of a new division in Utah. In April 2024, we announced further expansion into Orlando, Florida, and the Coastal Carolinas area, which includes parts of Georgia and South Carolina. As of September 30, 2024, we had not yet commenced significant homebuilding operations in these new markets.
Basis of Presentation
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 due to seasonal variations and other factors.
The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of September 30, 2024 and December 31, 2023 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation.
Unless the context otherwise requires, the terms “Tri Pointe”, “the Company”, “we”, “us”, and “our” used herein refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries.
Use of Estimates
The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
Cash and Cash Equivalents and Concentration of Credit Risk
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Revenue Recognition
We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.
Home sales revenue
We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
Financial services revenues
Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
For the year ended December 31, 2023, our Tri Pointe Connect mortgage operations were conducted through a joint venture with an established mortgage lender. Tri Pointe Connect acted as a preferred mortgage loan broker to our homebuyers in all of the markets in which we operate, generating income from fees paid by third party lenders for the successful funding and closing of loans for homebuyers that originated through Tri Pointe Connect. For the year ended December 31, 2023, Tri Pointe Connect was fully consolidated in accordance with Accounting Standards Topic 810 (“ASC 810”), Consolidation, under the Financial Services section of our consolidated statements of operations, with the noncontrolling interest recorded on the consolidated statements of operations as net income attributable to noncontrolling interests.
Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing our own funds. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders.
Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. When we act as a mortgage loan broker and originate loans with third party lenders, mortgage loan broker fees and mortgage loan origination fees are recognized at the time the mortgage loans are funded. When we provide mortgage financing, we recognize fees on mortgage loan originations upon loan origination.
Mortgage loans held for sale
We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. As of September 30, 2024, mortgage loans held for sale had an aggregate estimated fair value of $80.1 million and an aggregate outstanding principal balance of $79.3 million. For the nine months ended September 30, 2024, we recorded $758,000 of unrealized gains, in Financial Services revenue, related to our mortgage loans held for sale as of September 30, 2024.
Title and escrow services operations
Tri Pointe Assurance provides title examinations for our homebuyers in the Carolinas and Colorado and both title examinations and escrow services for our homebuyers in Arizona, the District of Columbia, Maryland, Nevada, Texas, Washington and Virginia. Tri Pointe Assurance is a wholly owned subsidiary of Tri Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. Tri Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations.
Property and casualty insurance agency operations
Tri Pointe Advantage is a wholly owned subsidiary of Tri Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. Tri Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations.
Recently Issued Accounting Standards Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-07 will have on our financial statement disclosures.
In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for us for annual periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-09 will have on our financial statement disclosures.
2. Segment Information
We operate two principal businesses: homebuilding and financial services.
In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments within our homebuilding business, we have considered similar economic and other characteristics, including product types, average sales prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments and, as such, our homebuilding segments are reported under the following hierarchy:
West region: Arizona, California, Nevada and Washington
Central region: Colorado, Texas and Utah
East region: District of Columbia, Florida, Maryland, North Carolina, South Carolina and Virginia
In September 2023, we announced our expansion into the greater Salt Lake City region with the launch of a new division in Utah. In April 2024, we announced further expansion into Orlando, Florida, and the Coastal Carolinas area, which includes parts of Georgia and South Carolina. As of September 30, 2024, we had not yet commenced significant operations in these new markets, however we have controlled lots within Utah.
Our Tri Pointe Solutions financial services operation is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, our Tri Pointe Assurance title and escrow services operations, and our Tri Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies.
Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit, risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. All of the expenses incurred by Corporate are allocated to each of the homebuilding reporting segments based on their respective percentage of revenues.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Revenues | | | | | | | |
| West | $ | 690,577 | | | $ | 544,168 | | | $ | 1,921,817 | | | $ | 1,550,905 | |
| Central | 262,485 | | | 165,322 | | | 838,302 | | | 529,952 | |
| East | 173,961 | | | 118,268 | | | 431,062 | | | 344,645 | |
| Total homebuilding revenues | 1,127,023 | | | 827,758 | | | 3,191,181 | | | 2,425,502 | |
| Financial services | 17,650 | | | 10,758 | | | 47,818 | | | 30,004 | |
| Total | $ | 1,144,673 | | | $ | 838,516 | | | $ | 3,238,999 | | | $ | 2,455,506 | |
| | | | | | | |
| Income before income taxes | | | | | | | |
| West | $ | 92,261 | | | $ | 60,965 | | | $ | 255,643 | | | $ | 186,372 | |
| Central | 32,327 | | | 19,075 | | | 119,645 | | | 50,917 | |
| East | 21,592 | | | 14,880 | | | 50,150 | | | 38,271 | |
| Total homebuilding income before income taxes | 146,180 | | | 94,920 | | | 425,438 | | | 275,560 | |
| Financial services | 5,367 | | | 4,631 | | | 15,918 | | | 10,641 | |
| Total | $ | 151,547 | | | $ | 99,551 | | | $ | 441,356 | | | $ | 286,201 | |
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Real estate inventories | | | |
| West | $ | 2,159,917 | | | $ | 2,209,113 | |
| Central | 813,793 | | | 762,051 | |
| East | 438,923 | | | 366,319 | |
| Total | $ | 3,412,633 | | | $ | 3,337,483 | |
| | | |
Total assets(1) | | | |
| West | $ | 2,430,880 | | | $ | 2,557,608 | |
| Central | 985,021 | | | 947,200 | |
| East | 483,872 | | | 421,630 | |
| Corporate | 742,483 | | | 941,824 | |
| Total homebuilding assets | 4,642,256 | | | 4,868,262 | |
| Financial services | 136,999 | | | 46,326 | |
| Total | $ | 4,779,255 | | | $ | 4,914,588 | |
__________
(1) Total assets as of September 30, 2024 and December 31, 2023 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of September 30, 2024 and December 31, 2023 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
3. Earnings Per Share
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Numerator: | | | | | | | |
| Net income available to common stockholders | $ | 111,759 | | | $ | 75,402 | | | $ | 328,816 | | | $ | 210,868 | |
| Denominator: | | | | | | | |
| Basic weighted-average shares outstanding | 93,600,678 | | | 98,018,498 | | | 94,294,800 | | | 99,534,570 | |
| Effect of dilutive shares: | | | | | | | |
| Stock options and unvested restricted stock units | 1,039,533 | | | 1,011,712 | | | 786,373 | | | 923,787 | |
| Diluted weighted-average shares outstanding | 94,640,211 | | | 99,030,210 | | | 95,081,173 | | | 100,458,357 | |
| Earnings per share | | | | | | | |
| Basic | $ | 1.19 | | | $ | 0.77 | | | $ | 3.49 | | | $ | 2.12 | |
| Diluted | $ | 1.18 | | | $ | 0.76 | | | $ | 3.46 | | | $ | 2.10 | |
| Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share | 1,119,501 | | | 2,605,025 | | | 1,426,229 | | | 2,692,950 | |
4. Receivables
Receivables consisted of the following (in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Escrow proceeds and other accounts receivable, net | $ | 47,718 | | | $ | 158,622 | |
| Warranty insurance receivable (Note 13) | 66,007 | | | 66,014 | |
| Total receivables | $ | 113,725 | | | $ | 224,636 | |
Receivables are evaluated for collectability and allowances for potential losses are established or maintained on applicable receivables based on an expected credit loss approach. Receivables were net of allowances for doubtful accounts of $436,000 as of both September 30, 2024 and December 31, 2023.
5. Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Real estate inventories owned: | | | |
| Homes completed or under construction | $ | 1,540,492 | | | $ | 1,402,762 | |
| Land under development | 1,203,923 | | | 1,299,074 | |
| Land held for future development | 156,394 | | | 153,615 | |
| Model homes | 288,079 | | | 306,565 | |
| Total real estate inventories owned | 3,188,888 | | | 3,162,016 | |
| Real estate inventories not owned: | | | |
| Land purchase and land option deposits | 223,745 | | | 175,467 | |
| | | |
| Total real estate inventories not owned | 223,745 | | | 175,467 | |
| Total real estate inventories | $ | 3,412,633 | | | $ | 3,337,483 | |
Homes completed or under construction is comprised of costs associated with homes in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs, which include capitalized interest and real estate taxes, associated with land undergoing improvement activity. Land held for future development principally reflects land acquisition and land development costs related to land where development activity has not yet begun or has been suspended, but is expected to occur in the future.
Real estate inventories not owned represents deposits related to land purchase and land and lot option agreements. For further details, see Note 7, Variable Interest Entities.
Interest incurred, capitalized and expensed were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Interest incurred | $ | 25,253 | | | $ | 36,919 | | | $ | 91,787 | | | $ | 111,792 | |
| Interest capitalized | (25,253) | | | (36,919) | | | (91,787) | | | (111,792) | |
| Interest expensed | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Capitalized interest in beginning inventory | $ | 218,171 | | | $ | 220,352 | | | $ | 221,647 | | | $ | 191,411 | |
| Interest capitalized as a cost of inventory | 25,253 | | | 36,919 | | | 91,787 | | | 111,792 | |
Interest previously capitalized as a cost of inventory, included in cost of sales | (38,762) | | | (27,264) | | | (108,772) | | | (73,196) | |
| Capitalized interest in ending inventory | $ | 204,662 | | | $ | 230,007 | | | $ | 204,662 | | | $ | 230,007 | |
Interest is capitalized to real estate inventory during development and other qualifying activities. During all periods presented, we capitalized all interest incurred to real estate inventory in accordance with ASC Topic 835, Interest, as our qualified assets exceeded our debt. Interest that is capitalized to real estate inventory is included in cost of home sales or cost of land and lot sales as related units or lots are delivered. Interest that is expensed as incurred is included in other (expense) income, net.
Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Real estate inventory impairments | $ | — | | | $ | — | | | $ | — | | | $ | 11,500 | |
| Land and lot option abandonments and pre-acquisition charges | 1,074 | | | 197 | | | 2,444 | | | 1,175 | |
| Total | $ | 1,074 | | | $ | 197 | | | $ | 2,444 | | | $ | 12,675 | |
Impairments of real estate inventory relate primarily to projects or communities that include homes completed or under construction. During the nine months ended September 30, 2023, we recorded a real estate inventory impairment charge of $11.5 million related to one active community in the West segment where the carrying value of the community exceeded the fair value based on a discounted cash flows analysis. The discount rate used to calculate fair value was 10%. We considered both market risk and community-specific risk to arrive at a discount rate appropriate for the level of total risk associated with this community.
In addition to owning land and residential lots, we also have option agreements to purchase land and lots at a future date. We have option deposits and capitalized pre-acquisition costs associated with the optioned land and lots. When the economics of a project no longer support acquisition of the land or lots under option, we may elect not to move forward with the acquisition. Option deposits and capitalized pre-acquisition costs associated with the assets under option may be forfeited at that time.
Real estate inventory impairments and land option abandonments are recorded in cost of home sales in the consolidated statements of operations.
6. Investments in Unconsolidated Entities
As of September 30, 2024, we held equity investments in fourteen active partnerships or limited liability companies. Our participation in these entities may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 8% to 50%, depending on the investment, with no controlling interest held in any of these investments.
Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Assets | | | |
| Cash | $ | 46,185 | | | $ | 35,308 | |
| Receivables | 105,645 | | | 38,839 | |
| Real estate inventories | 400,317 | | | 450,097 | |
| Other assets | 6,584 | | | 27,632 | |
| Total assets | $ | 558,731 | | | $ | 551,876 | |
| Liabilities and equity | | | |
| Debt obligations and other liabilities | $ | 148,610 | | | $ | 155,616 | |
| Company’s equity | 130,798 | | | 131,824 | |
| Outside interests’ equity | 279,323 | | | 264,436 | |
| Total liabilities and equity | $ | 558,731 | | | $ | 551,876 | |
Guarantees
The unconsolidated entities in which we hold an equity investment generally finance their activities with a combination of equity and secured project debt financing. We have, and in some cases our joint venture partner has, guaranteed portions of the loan obligations for some of the homebuilding partnerships or limited liability companies, which may include any or all of the following: (i) project completion; (ii) remargin obligations; and (iii) environmental indemnities.
In circumstances in which we have entered into joint and several guarantees with our joint venture partner, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed-upon share of the guaranteed obligations. In the event our joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, or otherwise fails to satisfy its obligations thereunder, we may be responsible for more than our proportionate share of any obligations under such guarantees.
As of September 30, 2024 and December 31, 2023, we have not recorded any liabilities for these obligations and guarantees, as the fair value of the related joint venture real estate assets exceeded the threshold where a remargin payment would be required and no other obligations under the guarantees existed as of such time. At September 30, 2024 and December 31, 2023, aggregate outstanding debt for unconsolidated entities, included in the “Debt obligations and other liabilities” line of the aggregated assets, liabilities and equity shown in the table above, was $124.1 million and $125.9 million, respectively.
Aggregated results of operations from unconsolidated entities (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net sales | $ | 42,183 | | | $ | 17,588 | | | $ | 106,097 | | | $ | 77,483 | |
| Other operating expense | (42,306) | | | (17,422) | | | (103,657) | | | (76,361) | |
| Other income (expense), net | 24 | | | 100 | | | 849 | | | 94 | |
| Net income | $ | (99) | | | $ | 266 | | | $ | 3,289 | | | $ | 1,216 | |
| Company’s equity in income of unconsolidated entities | $ | 227 | | | $ | 3 | | | $ | 383 | | | $ | 272 | |
The aggregate results of operations from unconsolidated entities include related party transactions with the Company. When we purchase land from a joint venture in which we are a partner, such transactions are reflected as net sales in the joint ventures’ operating results, with any profit eliminated in the consolidated financial statements. Additionally, when we act as the general partner or managing member, we earn an immaterial, market-based administrative fee for services provided, which is
reflected as other operating expense in the joint ventures’ operating results, and as other income (expense) on our consolidated statements of operations.
7. Variable Interest Entities
Land and Lot Option Agreements
In the ordinary course of business, we enter into land and lot option agreements in order to procure land and residential lots for future development and the construction of homes. The use of such land and lot option agreements generally allows us to reduce the risks associated with direct land ownership and development, and reduces our capital and financial commitments. Pursuant to these land and lot option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. These deposits are recorded as land purchase and land option deposits under real estate inventories not owned on the accompanying consolidated balance sheets.
We analyze each of our land and lot option agreements and other similar contracts under the provisions of Accounting Standards Topic 810 (“ASC 810”), Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE.
Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is generally limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots.
The following provides a summary of our interests in land and lot option agreements (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| Deposits | | Remaining
Purchase
Price | | Consolidated
Inventory
Held by VIEs | | Deposits | | Remaining
Purchase
Price | | Consolidated
Inventory
Held by VIEs |
| | | | | | | | | | | |
| Unconsolidated VIEs | $ | 205,505 | | | $ | 1,816,726 | | | N/A | | $ | 159,164 | | | $ | 1,017,791 | | | N/A |
| Other land option agreements | 18,240 | | | 240,021 | | | N/A | | 16,303 | | | 189,007 | | | N/A |
| Total | $ | 223,745 | | | $ | 2,056,747 | | | $ | — | | | $ | 175,467 | | | $ | 1,206,798 | | | $ | — | |
Unconsolidated VIEs represent land option agreements that were not consolidated because we were not the primary beneficiary. Other land option agreements were not with VIEs.
In addition to the deposits presented in the table above, our exposure to loss related to our land and lot option contracts consisted of capitalized pre-acquisition costs of $12.0 million and $9.5 million as of September 30, 2024 and December 31, 2023, respectively. These pre-acquisition costs are included in real estate inventories as land under development on our consolidated balance sheets.
8. Goodwill and Other Intangible Assets
As of September 30, 2024 and December 31, 2023, $139.3 million of goodwill is included in goodwill and other intangible assets, net on each of the consolidated balance sheets, which was recorded in connection with our merger with Weyerhaeuser Real Estate Company (“WRECO”) in 2014. In addition, as of September 30, 2024 and December 31, 2023, we have one intangible asset with a carrying amount of $17.3 million comprised of a Tri Pointe Homes trade name, which has an indefinite useful life and is non-amortizing, resulting from the acquisition of WRECO in 2014.
Goodwill and other intangible assets are evaluated for impairment on an annual basis, or more frequently if indicators of impairment exist.
9. Other Assets
Other assets consisted of the following (in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Prepaid expenses | $ | 15,612 | | | $ | 8,462 | |
| Refundable fees and other deposits | 9,016 | | | 8,726 | |
| Development rights, held for future use or sale | 1,192 | | | 1,192 | |
| Deferred loan costs—loans payable | 3,996 | | | 5,089 | |
| Operating properties and equipment, net | 61,285 | | | 66,284 | |
| Lease right-of-use assets | 63,584 | | | 66,404 | |
| Income tax receivable | 13,051 | | | — | |
| Other | 3,736 | | | 936 | |
| Total | $ | 171,472 | | | $ | 157,093 | |
10. Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Accrued payroll and related costs | $ | 62,427 | | | $ | 68,575 | |
Warranty reserves (Note 13) | 107,307 | | | 106,993 | |
| Estimated cost for completion of real estate inventories | 122,299 | | | 108,175 | |
| Customer deposits | 55,213 | | | 43,991 | |
| Accrued income taxes payable | 5,073 | | | 23,138 | |
| | | |
| Accrued interest | 14,860 | | | 8,470 | |
| | | |
| Other tax liability | 3,494 | | | 2,976 | |
| Lease liabilities | 77,419 | | | 78,782 | |
| Other | 8,326 | | | 12,431 | |
| Total | $ | 456,418 | | | $ | 453,531 | |
11. Senior Notes, Loans Payable and Mortgage Repurchase Facilities
Senior Notes
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):
| | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 | |
5.875% Senior Notes due June 15, 2024 | $ | — | | | $ | 450,000 | | |
5.250% Senior Notes due June 1, 2027 | 300,000 | | | 300,000 | | |
5.700% Senior Notes due June 15, 2028 | 350,000 | | | 350,000 | | |
| Discount and deferred loan costs | (3,720) | | | (5,751) | | |
| Total | $ | 646,280 | | | $ | 1,094,249 | | |
In June 2020, Tri Pointe issued $350 million aggregate principal amount of 5.700% Senior Notes due 2028 (the “2028 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $345.2 million, after debt issuance costs and discounts. The 2028 Notes mature on June 15, 2028 and interest is paid semiannually in arrears on June 15 and December 15 of each year until maturity.
In June 2017, Tri Pointe issued $300 million aggregate principal amount of 5.250% Senior Notes due 2027 (the “2027 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $296.3 million, after debt issuance costs and discounts. The 2027 Notes mature on June 1, 2027 and interest is paid semiannually in arrears on June 1 and December 1 of each year until maturity.
Tri Pointe and its wholly owned subsidiary, Tri Pointe Homes Holdings, Inc., were co-issuers of the $450 million aggregate principal amount 5.875% Senior Notes due 2024 (the “2024 Notes”). The 2024 Notes were issued at 98.15% of their aggregate principal amount in June of 2014. The net proceeds from the offering of the 2024 Notes was $429.0 million, after debt issuance costs and discounts. The 2024 Notes were scheduled to mature on June 15, 2024; however, on May 15, 2024, we redeemed the entire outstanding principal amount of the 2024 Notes at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon to the redemption date.
As of September 30, 2024 and December 31, 2023, there were $3.7 million and $5.2 million of capitalized debt financing costs, included in senior notes, net on our consolidated balance sheet, related to the Senior Notes that will amortize over the lives of the Senior Notes. Accrued interest related to the Senior Notes was $11.1 million and $3.2 million as of September 30, 2024 and December 31, 2023, respectively.
Loans Payable
The Company’s outstanding loans payable consisted of the following (in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Term loan facility | $ | 250,000 | | | $ | 250,000 | |
| Seller financed loans | 25,914 | | | 38,337 | |
| Total | $ | 275,914 | | | $ | 288,337 | |
On December 15, 2023, we entered into a Fourth Modification Agreement (the “Fourth Modification”) to our Second Amended and Restated Credit Agreement dated as of March 29, 2019 (the “Credit Agreement”). The Fourth Modification, among other things, amends the Credit Agreement to exclude (i) certain indebtedness of the Company’s financial services subsidiaries for purposes of calculating the Company’s “Leverage Ratio” (as defined in the Credit Agreement), and (ii) the Company’s financial services subsidiaries from the determination of “Consolidated EBITDA” (as defined in the Credit Agreement), as well as any interest obligations of the Company’s financial services subsidiaries, for purposes of calculating the Company’s “Interest Coverage Ratio” (as defined in the Credit Agreement). The Credit Facility (as defined below), consists of a $750 million revolving credit facility (the “Revolving Facility”) and a $250 million term loan facility (the “Term Facility” and together with the Revolving Facility, the “Credit Facility”). Both the Revolving Facility and the Term Facility mature on June 29, 2027. We may increase the Credit Facility to not more than $1.2 billion in the aggregate, at our request, upon satisfaction of specified conditions. We may borrow under the Revolving Facility in the ordinary course of business to repay senior notes and fund our operations, including our land acquisition, land development and homebuilding activities. Borrowings under the Revolving Facility will be governed by, among other things, a borrowing base. Interest rates under the Revolving Facility will be based on the Secured Overnight Financing Rate (“SOFR”), plus a spread ranging from 1.25% to 1.90%, depending on the Company’s leverage ratio. Interest rates under the Term Facility will be based on SOFR, plus a spread ranging from 1.10% to 1.85%, depending on the Company’s leverage ratio.
As of September 30, 2024, we had no outstanding debt under the Revolving Facility and there was $698.1 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of September 30, 2024, we had $250 million of outstanding debt under the Term Facility with an interest rate of 5.93%. As of September 30, 2024, there were $4.0 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Credit Facility was $1.8 million and $1.6 million as of September 30, 2024 and December 31, 2023, respectively.
At September 30, 2024 and December 31, 2023, we had outstanding letters of credit of $51.9 million and $52.3 million, respectively. These letters of credit were issued to secure various financial obligations. We believe it is not probable that any outstanding letters of credit will be drawn upon.
As of September 30, 2024 and December 31, 2023, we had $25.9 million and $38.3 million, respectively, outstanding related to two seller-financed loans. All seller-financed loans are to acquire lots for the construction of homes. Principal on these loans are expected to be fully paid by the end of fiscal year 2025, provided certain achievements are met. One of the seller-financed loans, representing $25.5 million of the total balance as of September 30, 2024 and $37.4 million of the balance
as of December 31, 2023, accrues interest at an imputed interest rate of 4.50% per annum. The second seller-financed loan represented $420,000 of the total balance as of September 30, 2024 and $910,000 as of December 31, 2023, respectively.
Mortgage Repurchase Facilities
Between March 2024 and May 2024, Tri Pointe Connect entered into three Master Repurchase Agreements totaling $380 million (“Repurchase Agreements”). The Repurchase Agreements contain various affirmative and negative covenants applicable to Tri Pointe Connect, including thresholds related to net worth, net income, liquidity, and profitability. As of September 30, 2024, Tri Pointe Connect had $75.5 million of outstanding debt related to the Repurchase Agreements at a weighted-average interest rate of 6.9%, and $204.5 million of remaining capacity under the Repurchase Agreements. Tri Pointe Connect was in compliance with all covenants and requirements as of September 30, 2024.
The following table provides a summary of our Repurchase Agreements as of September 30, 2024 ($ in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Facility | Outstanding Balance | | Facility Amount | | Interest Rate | | Expiration Date | | Collateral (1) |
| Warehouse A | $ | 37,528 | | | $ | 80,000 | | | Term SOFR + 1.75% | | 3/11/2025 | | Mortgage Loans |
| Warehouse B | — | | | 100,000 | | | Term SOFR + 1.75% | | 5/28/2025 | | Mortgage Loans |
| Warehouse C (2) | 37,937 | | | 50,000 | | | Term SOFR + 1.75% | | 5/30/2025 | | Mortgage Loans |
| Warehouse C (2) | — | | | 50,000 | | | Term SOFR + 1.75% | | On Demand | | Mortgage Loans |
| | | | | | | | | |
| Total | $ | 75,465 | | | $ | 280,000 | | | | | | | |
__________(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of September 30, 2024, mortgage loans held for sale had an aggregate fair value of $80.1 million.
(2) Warehouse C is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.
Interest Incurred
During the three months ended September 30, 2024 and 2023, the Company incurred interest of $25.3 million and $36.9 million, respectively, related to all debt and land banking arrangements. Included in interest incurred are amortization of deferred financing and Senior Note discount costs of $610,000 and $1.3 million for the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company incurred interest of $91.8 million and $111.8 million, respectively, related to all debt and land banking arrangements and amortization of deferred financing and Senior Note discount costs of $3.1 million and $3.8 million for the nine months ended September 30, 2024 and 2023, respectively. Accrued interest related to all outstanding debt at September 30, 2024 and December 31, 2023 was $14.9 million and $8.5 million, respectively.
Covenant Requirements
The Senior Notes contain covenants that restrict our ability to, among other things, create liens or other encumbrances, enter into sale and leaseback transactions, or merge or sell all or substantially all of our assets. These limitations are subject to a number of qualifications and exceptions.
Under the Credit Facility, the Company is required to comply with certain financial covenants, including those relating to consolidated tangible net worth, leverage, liquidity or interest coverage, and a spec unit inventory test. The Credit Facility also requires that at least 95.0% of consolidated tangible net worth must be attributable to the Company and its guarantor subsidiaries, subject to certain grace periods.
The Company was in compliance with all applicable financial covenants as of September 30, 2024 and December 31, 2023.
12. Fair Value Disclosures
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:
•Level 1—Quoted prices for identical instruments in active markets
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date
•Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
Fair Value of Financial Instruments
A summary of assets and liabilities at September 30, 2024 and December 31, 2023, related to our financial instruments, is set forth below (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30, 2024 | | December 31, 2023 |
| Hierarchy | | Book Value | | Fair Value | | Book Value | | Fair Value |
Senior Notes(1) | Level 2 | | $ | 650,000 | | | $ | 653,925 | | | $ | 1,099,489 | | | $ | 1,066,835 | |
| | | | | | | | | |
Term loan(2) | Level 2 | | $ | 250,000 | | | $ | 250,000 | | | $ | 250,000 | | | $ | 250,000 | |
Seller financed loans(3) | Level 2 | | $ | 25,914 | | | $ | 25,914 | | | $ | 38,337 | | | $ | 38,337 | |
Mortgage loans held for sale(4) | Level 2 | | $ | 80,071 | | | $ | 80,071 | | | $ | — | | | $ | — | |
Mortgage repurchase facilities(5) | Level 2 | | $ | 75,465 | | | $ | 75,465 | | | $ | — | | | $ | — | |
| | | | | | | | | |
| | | | | | | | | |
__________
(1)The book value of the Senior Notes is net of discounts for December 31, 2023, excluding deferred loan costs of $5.2 million. The estimated fair value of the Senior Notes at September 30, 2024 and December 31, 2023 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of September 30, 2024 and December 31, 2023 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of September 30, 2024 and December 31, 2023 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
At September 30, 2024 and December 31, 2023, the carrying value of cash and cash equivalents and receivables approximated fair value due to their short-term nature.
Fair Value of Nonfinancial Assets
Nonfinancial assets include items such as real estate inventories and long-lived assets that are measured at fair value on a nonrecurring basis when events and circumstances indicating the carrying value is not recoverable. The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Nine Months Ended September 30, 2024 | | Year Ended December 31, 2023 |
| | Hierarchy | | Impairment
Charge | | Fair Value
Net of
Impairment | | Impairment
Charge | | Fair Value
Net of
Impairment |
Real estate inventories (1) | | Level 3 | | $ | — | | | $ | — | | | $ | 11,500 | | | $ | 39,970 | |
__________ (1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. Fair Value Net of Impairment represents the fair value of the real estate inventories, net of the impairment charge, as of the date that the fair value measurements were made. The carrying value for these real estate inventories subsequently changed from the fair value reflected due to activity that occurred since the measurement date.
The impairment charge recorded during the year ended December 31, 2023 related to one community in the West reporting segment where the carrying value exceeded the fair value based on a discounted cash flow analysis. For further details, see Note 5, Real Estate Inventories.
13. Commitments and Contingencies
Legal Matters
Lawsuits, claims and proceedings have been and may be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices, environmental protection and financial services. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations.
We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. We accrue for these matters based on facts and circumstances specific to each matter and revise these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. Accordingly, it is possible that the ultimate outcome of any matter, if in excess of a related accrual or if no accrual was made, could be material to our financial statements. For matters as to which the Company believes a loss is probable and reasonably estimable, we had zero legal reserves as of September 30, 2024 and December 31, 2023, respectively.
Warranty
Warranty reserves are accrued as home deliveries occur. Our warranty reserves on homes delivered will vary based on product type and geographic area and also depending on state and local laws. The warranty reserve is included in accrued expenses and other liabilities on our consolidated balance sheets and represents expected future costs based on our historical experience over previous years. Estimated warranty costs are charged to cost of home sales in the period in which the related home sales revenue is recognized.
We maintain general liability insurance designed to protect us against a portion of our risk of loss from warranty and construction defect-related claims. We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations. However, such indemnity is significantly limited with respect to certain subcontractors that are added to our general liability insurance policy.
Our warranty reserve and related estimated insurance recoveries are based on actuarial analysis that uses our historical claim and expense data, as well as industry data to estimate these overall costs and related recoveries. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. Our warranty reserve may also include an estimate of future fit and finish warranty claims to the extent not contemplated in the actuarial analysis. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a warranty or construction defect claim is made, and the ultimate resolution of such claim;
uncertainties regarding such claims relative to our markets and the types of product we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. There can be no assurance that the terms and limitations of the limited warranty will be effective against claims made by homebuyers, that we will be able to renew our insurance coverage or renew it at reasonable rates, that we will not be liable for damages, cost of repairs, and/or the expense of litigation surrounding possible construction defects, soil subsidence or building related claims or that claims will not arise out of uninsurable events or circumstances not covered by insurance and not subject to effective indemnification agreements with certain subcontractors.
We also record expected recoveries from insurance carriers based on actual insurance claims made and actuarially determined amounts that depend on various factors, including the above-described reserve estimates, our insurance policy coverage limits for the applicable policy years and historical recovery rates. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. Outstanding warranty insurance receivables was $66.0 million as of both September 30, 2024 and December 31, 2023. Warranty insurance receivables are recorded in receivables on the accompanying consolidated balance sheets.
Warranty reserve activity consisted of the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Warranty reserves, beginning of period | $ | 107,196 | | | $ | 99,243 | | | $ | 106,993 | | | $ | 104,375 | |
| Warranty reserves accrued | 9,491 | | | 6,337 | | | 27,225 | | | 18,523 | |
| | | | | | | |
| Warranty expenditures | (9,380) | | | (10,471) | | | (26,911) | | | (27,789) | |
| Warranty reserves, end of period | $ | 107,307 | | | $ | 95,109 | | | $ | 107,307 | | | $ | 95,109 | |
Performance Bonds
We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. The beneficiaries of the bonds are various municipalities. As of September 30, 2024 and December 31, 2023, the Company had outstanding surety bonds totaling $755.4 million and $697.2 million, respectively. As of September 30, 2024 and December 31, 2023, our estimated cost to complete obligations related to these surety bonds was $433.8 million and $435.9 million, respectively.
Lease Obligations
Under ASC 842 we recognize a right-of-use lease asset and a lease liability for contracts deemed to contain a lease at the inception of the contract. Our lease population is fully comprised of operating leases, which are now recorded at the net present value of future lease obligations existing at each balance sheet date. At the inception of a lease, or if a lease is subsequently modified, we determine whether the lease is an operating or financing lease. Key estimates involved with ASC 842 include the discount rate used to measure our future lease obligations and the lease term, where considerations include renewal options and intent to renew. Lease right-of-use assets are included in other assets and lease liabilities are included in accrued expenses and other liabilities on our consolidated balance sheet.
Operating Leases
We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms of up to ten years and generally provide renewal options. In most cases, we expect that, in the normal course of business, leases that expire will be renewed or replaced by other leases. Equipment leases are typically for terms of three to four years.
Ground Leases
In 1987, we obtained two 55-year ground leases of commercial property that provided for three renewal options of ten years each and one 45-year renewal option. We exercised the three 10-year extensions on one of these ground leases to extend the lease through 2071. The commercial buildings on these properties have been sold and the ground leases have been sublet to the buyers.
For one of these leases, we are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease has been subleased through 2041 to the buyers of the commercial buildings. For the second lease, the buyers of the buildings are responsible for making lease payments directly to the landowner, however, we have guaranteed the performance of the buyers/lessees. See below for additional information on leases (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| Lease Cost | | | | | | | |
| Operating lease cost (included in SG&A expense) | $ | 3,124 | | | $ | 2,555 | | | $ | 9,028 | | | $ | 7,808 | |
| Ground lease cost (included in other operations expense) | 765 | | | 724 | | | 2,295 | | | 2,170 | |
| Sublease income, operating leases | — | | | — | | | — | | | — | |
| Sublease income, ground leases (included in other operations revenue) | (776) | | | (734) | | | (2,329) | | | (2,202) | |
| Net lease cost | $ | 3,113 | | | $ | 2,545 | | | $ | 8,994 | | | $ | 7,776 | |
| | | | | | | |
| Other information | | | | | | | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | |
| Operating lease cash flows (included in operating cash flows) | $ | 2,842 | | | $ | 2,407 | | | $ | 8,754 | | | $ | 7,279 | |
| Ground lease cash flows (included in operating cash flows) | $ | 664 | | | $ | 663 | | | $ | 1,990 | | | $ | 1,990 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 726 | | | $ | 1,804 | | | $ | 5,990 | | | $ | 3,820 | |
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Weighted-average discount rate: | | | |
| Operating leases | 4.9 | % | | 4.9 | % |
| Ground leases | 10.2 | % | | 10.2 | % |
| Weighted-average remaining lease term (in years): | | | |
| Operating leases | 5.9 | | 6.3 |
| Ground leases | 43.7 | | 44.4 |
The future minimum lease payments under our operating leases are as follows (in thousands):
| | | | | | | | | | | |
| Property, Equipment and Other Leases | | Ground Leases (1) |
| Remaining in 2024 | $ | 2,368 | | | $ | 809 | |
| 2025 | 11,402 | | | 3,237 | |
| 2026 | 10,371 | | | 3,237 | |
| 2027 | 9,094 | | | 3,237 | |
| 2028 | 8,529 | | | 3,237 | |
| Thereafter | 15,772 | | | 75,403 | |
| Total lease payments | $ | 57,536 | | | $ | 89,160 | |
| Less: Interest | 7,864 | | | 61,413 | |
| Present value of operating lease liabilities | $ | 49,672 | | | $ | 27,747 | |
__________
(1) Ground leases are fully subleased through 2041, representing $55.3 million of the $89.2 million future ground lease obligations.
14. Stock-Based Compensation
2022 Long-Term Incentive Plan
On April 20, 2022, our stockholders approved the Tri Pointe Homes, Inc. 2022 Long-Term Incentive Plan (the “2022 Plan”), which had been previously approved by our board of directors. The 2022 Plan replaced the Company’s prior stock compensation plan, the TRI Pointe Group, Inc. Amended and Restated 2013 Long-Term Incentive Plan (the “2013 Plan”). The 2022 Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The 2022 Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2022 Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation.
The number of shares of our common stock that may be issued under the 2022 Plan is 7,500,000 shares. No new awards have been or will be granted under the 2013 Plan from and after February 23, 2022. Any awards outstanding under the 2013 Plan will remain subject to and be paid under the 2013 Plan, and any shares subject to outstanding awards under the 2013 Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the 2022 Plan.
To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2022 Plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally will again be available under the 2022 Plan. However, the 2022 Plan prohibits us from re-using shares that are tendered or surrendered to pay the exercise cost or tax obligation for stock options and stock appreciation rights.
As of September 30, 2024, there were 5,326,521 shares available for future grant under the 2022 Plan.
The following table presents compensation expense recognized related to all stock-based awards (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Total stock-based compensation | $ | 8,708 | | | $ | 6,989 | | | $ | 24,327 | | | $ | 15,012 | |
Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of September 30, 2024, total unrecognized stock-based compensation expense related to all stock-based awards was $48.6 million and the weighted average term over which the expense was expected to be recognized was 1.4 years.
Summary of Stock Option Activity
The following table presents a summary of stock option awards for the nine months ended September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| Options | | Weighted
Average
Exercise
Price
Per Share | | Weighted
Average
Remaining
Contractual
Life | | Aggregate
Intrinsic
Value
(in thousands) |
| Options outstanding at December 31, 2023 | 66,043 | | | $ | 15.76 | | | 0.2 | | $ | 1,297 | |
| Granted | — | | | — | | | — | | | — | |
| Exercised | (66,043) | | | $ | 15.76 | | | — | | | — | |
| Forfeited | — | | | $ | — | | | — | | | — | |
| Options outstanding at September 30, 2024 | — | | | $ | — | | | $ | — | | | $ | — | |
| Options exercisable at September 30, 2024 | — | | | $ | — | | | $ | — | | | $ | — | |
The intrinsic value of each stock option award outstanding or exercisable is the difference between the fair market value of the Company’s common stock at the end of the period and the exercise price of each stock option award to the extent it is considered “in-the-money”. A stock option award is considered to be “in-the-money” if the fair market value of the Company’s stock is greater than the exercise price of the stock option award. The aggregate intrinsic value of options outstanding and options exercisable represents the value that would have been received by the holders of stock option awards had they exercised their stock option award on the last trading day of the period and sold the underlying shares at the closing price on that day.
Summary of Restricted Stock Unit Activity
The following table presents a summary of time-based and performance-based RSUs for the nine months ended September 30, 2024:
| | | | | | | | | | | |
| Restricted
Stock
Units | | Weighted
Average
Grant Date
Fair Value
Per Share |
| Nonvested RSUs at December 31, 2023 | 3,889,380 | | | $ | 22.71 | |
| Granted | 1,126,648 | | | $ | 35.57 | |
| Vested | (1,220,474) | | | $ | 19.87 | |
| Forfeited | (240,955) | | | $ | 19.74 | |
| Nonvested RSUs at September 30, 2024 | 3,554,599 | | | $ | 27.73 | |
On February 21, 2024, the Company granted an aggregate of 430,887 time-based RSUs to certain employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on February 21, 2024 was measured using a price of $35.51 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
On February 21, 2024, the Company granted an aggregate of 656,844 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, Chief Human Resources Officer and division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2024 to December 31, 2026. The fair value of these performance-based RSUs was measured using a price of $35.51 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.
On April 29, 2024, the Company granted an aggregate of 21,835 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to the non-employee directors vest in their entirety on the day immediately prior to the Company’s 2025 annual meeting of stockholders. The fair value of each RSU granted on April 24, 2024 was measured using a price of $37.78 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
For the nine months ended September 30, 2024, the Company granted an aggregate of 17,082 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period.
On February 22, 2023, the Company granted an aggregate of 504,551 time-based RSUs to certain employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on February 22, 2023 was measured using a price of $23.21 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
On February 22, 2023, the Company granted an aggregate of 704,408 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, Chief Human Resources Officer and division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2023 to December 31, 2025. The fair value of these performance-based RSUs was measured using a price of $23.21 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.
On May 1, 2023, the Company granted an aggregate of 29,150 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to the non-employee directors vest in their entirety on the day immediately prior to the Company’s 2024 annual meeting of stockholders. The fair value of each RSU granted on May 1, 2023 was measured using a
price of $28.30 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
On December 26, 2023, the Company granted an aggregate of 364,215 time-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, and Chief Human Resources Officer. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on December 26, 2023 was measured using a price of $35.83 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
For the twelve months ended December 31, 2023, the Company granted an aggregate of 6,787 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period.
As RSUs vest for employees, a portion of the shares awarded is generally withheld to cover employee tax withholdings. As a result, the number of RSUs vested and the number of shares of Tri Pointe common stock issued will differ.
15. Income Taxes
We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates for the years in which taxes are expected to be paid or recovered. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods and tax planning alternatives.
We had net deferred tax assets of $38.0 million as of both September 30, 2024 and December 31, 2023. We had a valuation allowance related to those net deferred tax assets of $3.4 million as of both September 30, 2024 and December 31, 2023. The Company will continue to evaluate both positive and negative evidence in determining the need for a valuation allowance against its deferred tax assets. Changes in positive and negative evidence, including differences between the Company’s future operating results and the estimates utilized in the determination of the valuation allowance, could result in changes in the Company’s estimate of the valuation allowance against its deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation allowance against the Company’s deferred tax assets.
Our provision for income taxes totaled $39.8 million and $22.9 million for the three months ended September 30, 2024 and 2023, respectively and $112.6 million and $71.8 million for the nine months ended September 30, 2024 and 2023, respectively. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company did not have any uncertain tax positions recorded as of September 30, 2024 and December 31, 2023. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years.
The Company files income tax returns in the U.S., including federal and multiple state and local jurisdictions. We are
currently under examination by California for the 2020 and 2021 tax years. The outcome of this examination is not yet determinable.
16. Supplemental Disclosure to Consolidated Statements of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 |
| Supplemental disclosure of cash flow information: | | | |
| Interest paid (capitalized), net | $ | (9,500) | | | $ | (18,954) | |
| Income taxes paid, net | $ | 38,572 | | | $ | 7,919 | |
| Supplemental disclosures of noncash activities: | | | |
| Increase in share repurchase excise tax accrual | $ | 672 | | | $ | 1,065 | |
| Amortization of senior note discount capitalized to real estate inventory | $ | 511 | | | $ | 791 | |
| Amortization of deferred loan costs capitalized to real estate inventory | $ | 2,599 | | | $ | 2,985 | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are based on our current intentions, beliefs, expectations and predictions for the future, and you should not place undue reliance on these statements. These statements use forward-looking terminology, are based on various assumptions made by us, and may not be accurate because of risks and uncertainties surrounding the assumptions that are made.
Factors listed in this section—as well as other factors not included—may cause actual results to differ significantly from the forward-looking statements included in this Quarterly Report on Form 10-Q. There is no guarantee that any of the events anticipated by the forward-looking statements in this Quarterly Report on Form 10-Q will occur, or if any of the events occurs, there is no guarantee what effect it will have on our operations, financial condition, or share price.
We undertake no, and hereby disclaim any, obligation to update or revise any forward-looking statements, unless required by law. However, we reserve the right to make such updates or revisions from time to time by press release, periodic report, or other method of public disclosure without the need for specific reference to this Quarterly Report on Form 10-Q. No such update or revision shall be deemed to indicate that other statements not addressed by such update or revision remain correct or create an obligation to provide any other updates or revisions.
Forward-Looking Statements
Forward-looking statements that are included in this Quarterly Report on Form 10-Q are generally accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or other words that convey the uncertainty of future events or outcomes. 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, the outcome of legal proceedings, the anticipated impact of natural disasters or contagious diseases on our operations, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects and capital spending.
Risks, Uncertainties and Assumptions
The major risks and uncertainties—and assumptions that are made—that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:
•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
•other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2023 and in other filings we make with the Securities and Exchange Commission (“SEC”).
The following discussion and analysis should be read in conjunction with our consolidated financial statements and related condensed notes thereto contained elsewhere in this Quarterly Report on Form 10-Q. The information contained in this Quarterly Report on Form 10-Q is not a complete description of our business or the risks associated with an investment in our securities. We urge investors to review and consider carefully the various disclosures made by us in this report and in our other reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent reports on Form 8-K, which discuss our business in greater detail. The section entitled “Risk Factors” set forth in Item 1A of our Annual Report on Form 10-K, and similar disclosures in our other SEC filings, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Investors should carefully consider those risks, in addition to the information in this report and in our other filings with the SEC, before deciding to invest in, or maintain an investment in, our common stock.
Overview and Outlook
Market fundamentals, including a growing cohort of Millennial and Gen Z buyers and a structural incongruity between housing supply and demand, continue to support sustained growth in the housing sector. Notwithstanding, fluctuations driven by elevated mortgage rates, seasonality, and political and geopolitical factors tempered demand in the third quarter. In September, the FOMC implemented a 50-basis-point rate cut, signaling a shift toward a more accommodative monetary policy in the near term. While the FOMC rate does not directly determine mortgage rates, its easing decision likely will contribute to a downward trend in borrowing costs over time, potentially improving housing affordability and/or unlocking both buyer demand and seller activity. As mortgage rates have remained elevated, however, we continue to employ mortgage rate buydowns and strategic pricing adjustments to maintain sales momentum. Such incentives remain a crucial tool in addressing affordability challenges posed by higher mortgage rates and the rapid price appreciation that occurred during and subsequent to the COVID-19 pandemic. Looking ahead, our increased focus on speculative builds further supports these strategies, allowing us to meet the growing demand for quicker move-ins while enhancing operational efficiency.
The third quarter demonstrated strong financial performance across all reporting segments. We achieved a 32% increase in new home deliveries, reaching 1,619. This drove a 35% increase in home sales revenue to $1.1 billion. Enhanced pricing and cost management, along with broader operational improvements, led to a 23.3% homebuilding gross margin, representing a 100-basis-point improvement compared to the prior-year period. We also realized greater operating leverage, decreasing our sales and marketing and general and administrative (“SG&A”) expense as a percentage of home sales revenue to 10.8%. Ultimately, net income available to common stockholders rose 48% to $111.8 million, and diluted earnings per share rose 55% to $1.18. These results reflect the strong order demand we experienced throughout the first half of the year, coupled with our commitment to cost control and efficiency.
Net new home orders for the quarter were 1,252, on a monthly absorption rate of 2.8 orders per average selling community. Our backlog units and dollar value ended the quarter at 2,325 and $1.7 billion, respectively, positioning us well for a strong fourth quarter. Our increased spec strategy has allowed us to accelerate backlog turnover, and as we continue to execute on this approach, we anticipate some moderation in backlog levels. However, a faster conversion of units into deliveries enhances operational efficiency and supports sustained growth moving forward. Additionally, with a homebuilding debt-to-capital ratio of 22.1% and a net homebuilding debt-to-net capital of 7.0%, our strong balance sheet continues to provide the financial flexibility needed to support our growth initiatives.
Consolidated Financial Data (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Homebuilding: | | | | | | | |
| Home sales revenue | $ | 1,113,681 | | | $ | 825,295 | | | $ | 3,165,042 | | | $ | 2,412,777 | |
| Land and lot sales revenue | 12,552 | | | 1,714 | | | 23,780 | | | 10,506 | |
| Other operations revenue | 790 | | | 749 | | | 2,359 | | | 2,219 | |
| Total revenues | 1,127,023 | | | 827,758 | | | 3,191,181 | | | 2,425,502 | |
| Cost of home sales | 854,499 | | | 641,074 | | | 2,427,484 | | | 1,881,191 | |
| Cost of land and lot sales | 11,986 | | | 1,474 | | | 21,584 | | | 10,287 | |
| Other operations expense | 765 | | | 724 | | | 2,295 | | | 2,171 | |
| Sales and marketing | 53,744 | | | 42,874 | | | 160,772 | | | 127,977 | |
| General and administrative | 66,734 | | | 58,359 | | | 185,809 | | | 158,949 | |
| | | | | | | |
| Homebuilding income from operations | 139,295 | | | 83,253 | | | 393,237 | | | 244,927 | |
| Equity in income of unconsolidated entities | 227 | | | 3 | | | 383 | | | 272 | |
| Other income, net | 6,658 | | | 11,664 | | | 31,818 | | | 30,361 | |
| Homebuilding income before income taxes | 146,180 | | | 94,920 | | | 425,438 | | | 275,560 | |
| Financial Services: | | | | | | | |
| Revenues | 17,650 | | | 10,758 | | | 47,818 | | | 30,004 | |
| Expenses | 12,283 | | | 6,127 | | | 31,900 | | | 19,363 | |
| | | | | | | |
| Financial services income before income taxes | 5,367 | | | 4,631 | | | 15,918 | | | 10,641 | |
| Income before income taxes | 151,547 | | | 99,551 | | | 441,356 | | | 286,201 | |
| Provision for income taxes | (39,788) | | | (22,942) | | | (112,599) | | | (71,764) | |
| Net income | 111,759 | | | 76,609 | | | 328,757 | | | 214,437 | |
| Net (income) loss attributable to noncontrolling interests | — | | | (1,207) | | | 59 | | | (3,569) | |
| Net income available to common stockholders | $ | 111,759 | | | $ | 75,402 | | | $ | 328,816 | | | $ | 210,868 | |
| Earnings per share | | | | | | | |
| Basic | $ | 1.19 | | | $ | 0.77 | | | $ | 3.49 | | | $ | 2.12 | |
| Diluted | $ | 1.18 | | | $ | 0.76 | | | $ | 3.46 | | | $ | 2.10 | |
Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Net New Home Orders, Average Selling Communities and Monthly Absorption Rates by Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | Percentage Change |
| Net New
Home
Orders | | Average
Selling
Communities | | Monthly
Absorption
Rates | | Net New
Home
Orders | | Average
Selling
Communities | | Monthly
Absorption
Rates | | Net New
Home
Orders | | Average
Selling
Communities | | Monthly
Absorption
Rates |
| West | 667 | | | 71.8 | | | 3.1 | | | 827 | | | 78.8 | | | 3.5 | | | (19) | % | | (9) | % | | (11) | % |
| Central | 404 | | | 60.7 | | | 2.2 | | | 493 | | | 58.5 | | | 2.8 | | | (18) | % | | 4 | % | | (21) | % |
| East | 181 | | | 17.5 | | | 3.4 | | | 193 | | | 17.5 | | | 3.7 | | | (6) | % | | — | % | | (6) | % |
| Total | 1,252 | | | 150.0 | | | 2.8 | | | 1,513 | | | 154.8 | | | 3.3 | | | (17) | % | | (3) | % | | (15) | % |
Net new home orders for the three months ended September 30, 2024 decreased by 261, or 17%, to 1,252, compared to 1,513 during the prior-year period. The decrease in net new home orders was due to a 15% decrease in monthly absorption rates and a 3% decrease in average selling communities. While order demand followed typical seasonal patterns, it was slightly slower than usual, which we attribute to a combination of elevated mortgage rates, election-related uncertainty, and the usual seasonal slowdown. These factors contributed to a more cautious buyer environment during the quarter.
Our West segment reported a 19% decrease in net new home orders due to an 11% decrease in monthly absorption rates and a 9% decrease in average selling communities. Despite declines in monthly absorption rates in a majority of our West
markets, our monthly absorption rate of 3.1 remains strong and above the Company’s combined rate of 2.8. Our most challenged West markets were Sacramento and the Bay Area of California, where we achieved monthly absorption rates of 2.3 and 2.2, respectively. Our 9% decrease in average selling communities was due largely to activity in our Orange County-Los Angeles market, where our average community count has dropped by 45% as we continue to experience strong demand and successfully sell through communities at a pace that exceeds our current capacity for community openings. During the current quarter, we opened 9 new communities and closed out 14 communities in our West segment. Our Central segment reported an 18% decrease in net new home orders due to a 21% decrease in monthly absorption rates, offset by a 4% increase in average selling communities. Each of our Central markets experienced a decrease in monthly absorption rates, with the largest impact coming from our Colorado market, where we continue to experience weakened buyer interest and increased competitive pressures. Our East segment reported a 6% decrease in net new home orders due to a 6% decrease in monthly absorption rate. Despite this slowdown, we remain optimistic, as all of our markets in the East segment achieved a monthly absorption rate of 3.4 or higher for the quarter.
Backlog Units, Dollar Value and Average Sales Price by Segment (dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As of September 30, 2024 | | As of September 30, 2023 | | Percentage Change |
| Backlog
Units | | Backlog
Dollar
Value | | Average
Sales
Price | | Backlog
Units | | Backlog
Dollar
Value | | Average
Sales
Price | | Backlog
Units | | Backlog
Dollar
Value | | Average
Sales
Price |
| West | 1,289 | | | $ | 1,017,622 | | | $ | 789 | | | 1,760 | | | $ | 1,329,241 | | | $ | 755 | | | (27) | % | | (23) | % | | 5 | % |
| Central | 689 | | | 409,907 | | | 595 | | | 827 | | | 487,975 | | | 590 | | | (17) | % | | (16) | % | | 1 | % |
| East | 347 | | | 304,061 | | | 876 | | | 468 | | | 300,103 | | | 641 | | | (26) | % | | 1 | % | | 37 | % |
| Total | 2,325 | | | $ | 1,731,590 | | | $ | 745 | | | 3,055 | | | $ | 2,117,319 | | | $ | 693 | | | (24) | % | | (18) | % | | 8 | % |
Backlog units reflect the number of homes, net of actual cancellations experienced during the period, for which we have entered into a sales contract with a homebuyer but for which we have not yet delivered the home. Homes in backlog are generally delivered within seven to ten months from the time the sales contract is entered into, although we may experience cancellations of sales contracts prior to delivery. Our cancellation rate of homebuyers who contracted to buy a home but cancelled prior to delivery of the home (as a percentage of overall orders) was 10% during each three-month period ended September 30, 2024 and 2023. The dollar value of backlog was $1.7 billion as of September 30, 2024 compared to $2.1 billion as of September 30, 2023. The average sales price in backlog increased 8% to $745,000 as of September 30, 2024, compared to $693,000 at September 30, 2023. This increase in average sales price can be attributed to a combination of factors, including the broad housing price resiliency, as evidenced by recent housing data indicating national home prices are at or near all-time high levels.
Backlog dollar value in our West segment decreased 23% due to a 27% decrease in backlog units, offset by a 5% increase in average sales price. The decrease in backlog units was largely due to a 10% decrease in net new home orders for the current year-to-date period, as demand during the current-year has moderated to a more normal level, compared to a slightly more robust prior-year period. The decrease in backlog units was further impacted by our 26% increase in deliveries over this same period, as we continue to execute our spec strategy, leading to more efficient backlog conversion. In our Central segment, backlog dollar value decreased by 16%, driven by a 17% decline in backlog units, partially offset by a 1% increase in average sales price. This reduction in backlog units was largely due to flat order activity year-to-date, coupled with a significant increase in deliveries as we executed our spec strategy and improved backlog conversion. In the East segment, backlog dollar value increased by 1%, driven by a 37% rise in average sales price, offset by a 26% decline in backlog units. Net new home orders in the East segment fell by 9% during the current nine-month period, and higher backlog conversion rates contributed to the reduction in backlog units. A 25% increase in home deliveries during the same period, along with strong backlog conversion, further lowered backlog units. The $235,000 increase in average sales price within the backlog was primarily due to growth in our Charlotte market and a higher proportion of units in the DC Metro market, where prices significantly exceed both segment and company averages.
New Homes Delivered, Homes Sales Revenue and Average Sales Price by Segment (dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | Percentage Change |
| New
Homes
Delivered | | Home
Sales
Revenue | | Average
Sales
Price | | New
Homes
Delivered | | Home
Sales
Revenue | | Average
Sales
Price | | New
Homes
Delivered | | Home
Sales
Revenue | | Average
Sales
Price |
| West | 918 | | | $ | 683,243 | | | $ | 744 | | | 743 | | | $ | 543,398 | | | $ | 731 | | | 24 | % | | 26 | % | | 2 | % |
| Central | 455 | | | 256,480 | | | 564 | | | 304 | | | 163,629 | | | 538 | | | 50 | % | | 57 | % | | 5 | % |
| East | 246 | | | 173,958 | | | 707 | | | 176 | | | 118,268 | | | 672 | | | 40 | % | | 47 | % | | 5 | % |
| Total | 1,619 | | | $ | 1,113,681 | | | $ | 688 | | | 1,223 | | | $ | 825,295 | | | $ | 675 | | | 32 | % | | 35 | % | | 2 | % |
Home sales revenue increased $288.4 million to $1.1 billion for the three months ended September 30, 2024 compared to the prior-year period. The increase was comprised of $267.3 million related to a 396-unit increase in new homes delivered in the three months ended September 30, 2024, offset by a $21.0 million decrease related to a $13,000 increase in average sales price for the three months ended September 30, 2024. We experienced significantly stronger order demand in the second half of 2023 compared to 2022, which helped propel our backlog units and dollar value by 58% and 38%, respectively, heading into the current-year period compared to the prior-year period. This increased backlog elevated our delivery potential in the current-year period, and our seasonally strong backlog conversion ratio of 60% helped drive our delivery and home sales revenue growth. Our strategy to increase specs further supported this strong conversion rate, enabling us to capture more deliveries and contribute to overall growth.
Home sales revenue in our West segment increased 26% due to a 24% increase in new homes delivered and a 2% increase in average sales price during the current-year period. The rise in deliveries reflects a higher backlog at the start of the current-year period compared to the prior year. Home sales revenue in our Central segment increased 57% due to a 50% increase in new homes delivered and a 5% increase in average sales price. The increase in new homes delivered was due to a significant increase in backlog units to start the current-year period compared to the prior-year period. The average sales price in this segment benefited from strong market conditions in Houston and Dallas-Fort Worth, supporting stronger pricing power. Home sales revenue in our East segment increased by 47% due to a 40% increase in new homes delivered and a 5% increase in average sales price, driven by higher opening backlog and seasonally strong backlog conversion.
Homebuilding Gross Margins (dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| | 2024 | | % | | 2023 | | % |
| Home sales revenue | $ | 1,113,681 | | | 100.0 | % | | $ | 825,295 | | | 100.0 | % |
| Cost of home sales | 854,499 | | | 76.7 | % | | 641,074 | | | 77.7 | % |
| Homebuilding gross margin | 259,182 | | | 23.3 | % | | 184,221 | | | 22.3 | % |
| Add: interest in cost of home sales | 37,687 | | | 3.4 | % | | 27,035 | | | 3.3 | % |
| Add: impairments and lot option abandonments | 1,074 | | | 0.1 | % | | 197 | | | 0.0 | % |
Adjusted homebuilding gross margin(1) | $ | 297,943 | | | 26.8 | % | | $ | 211,453 | | | 25.6 | % |
| Homebuilding gross margin percentage | 23.3 | % | | | | 22.3 | % | | |
Adjusted homebuilding gross margin percentage(1) | 26.8 | % | | | | 25.6 | % | | |
__________
(1)Non-GAAP financial measure (as discussed below).
Our homebuilding gross margin percentage increased to 23.3% for the three months ended September 30, 2024 compared to 22.3% for the prior-year period. This increase is primarily attributed to reduced incentives in the current-year period compared to the prior-year, during which demand had weakened significantly due to the onset of the rate-hiking cycle. As mortgage rates have remained elevated for an extended period, we have seen a gradual reduction in the need for incentives during the first half of the year, which has positively impacted our gross margins this quarter. Additionally, a shift in our revenue mix, with a higher contribution from our Central and East segments, has further improved gross margins. Excluding interest, impairments and lot option abandonments in cost of home sales, adjusted homebuilding gross margin percentage was 26.8% for the three months ended September 30, 2024 compared to 25.6% for the prior-year period.
Adjusted homebuilding gross margin is a non-GAAP financial measure. We believe this information is meaningful as it isolates the impact that leverage and noncash charges have on homebuilding gross margin and permits investors to make better
comparisons with our competitors, who adjust gross margins in a similar fashion. Because adjusted homebuilding gross margin is not calculated in accordance with GAAP, it 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. See the table above reconciling this non-GAAP financial measure to homebuilding gross margin, the most directly comparable GAAP measure.
Sales and Marketing, General and Administrative Expense (dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | As a Percentage of
Home Sales Revenue |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Sales and marketing | $ | 53,744 | | | $ | 42,874 | | | 4.8 | % | | 5.2 | % |
| General and administrative (G&A) | 66,734 | | | 58,359 | | | 6.0 | % | | 7.1 | % |
| Total sales and marketing and G&A | $ | 120,478 | | | $ | 101,233 | | | 10.8 | % | | 12.3 | % |
Total SG&A expense as a percentage of home sales revenue decreased to 10.8% for the three months ended September 30, 2024, compared to 12.3% in the prior-year period. Total SG&A expense increased $19.2 million to $120.5 million for the three months ended September 30, 2024 from $101.2 million in the prior-year period.
Sales and marketing expense as a percentage of home sales revenue decreased to 4.8% for the three months ended September 30, 2024, compared to 5.2% for the prior-year period. This decrease was largely due to higher home sales revenue, which improved our fixed cost leverage. Sales and marketing expense increased to $53.7 million for the three months ended September 30, 2024 compared to $42.9 million for the prior-year period, largely driven by an increase in broker commissions, along with internal commissions and advertising expense. Given that many components of sales and marketing expense bear a variable relationship to home sales revenue, which increased by 35% compared to the prior-year period, such an increase in absolute dollars is expected.
General and administrative (“G&A”) expense as a percentage of home sales revenue decreased to 6.0% of home sales revenue for the three months ended September 30, 2024 compared to 7.1% for the prior-year period. This decrease was due primarily to higher leverage on our fixed components of G&A expenses, which is directly associated with the higher home sales revenue in the current-year period. G&A expense increased to $66.7 million for the three months ended September 30, 2024 compared to $58.4 million for the prior-year period, largely driven by an increase in wage and incentive compensation-related costs.
Interest
Interest, which we incurred principally to finance land acquisitions, land development and home construction, totaled $25.3 million and $36.9 million for the three months ended September 30, 2024 and 2023, respectively. All interest incurred in both periods was capitalized.
Other Income, Net
Other income, net for the three months ended September 30, 2024 and 2023 was income of $6.7 million and $11.7 million, respectively. The decrease was primarily due to lower interest income stemming from fluctuations in our existing cash balances.
Income Tax
For the three months ended September 30, 2024, we recorded a tax provision of $39.8 million based on an effective tax rate of 26.3%. For the three months ended September 30, 2023, we recorded a tax provision of $22.9 million based on an effective tax rate of 23.0%.
Financial Services Segment
Income before income taxes from our financial services operations increased to $5.4 million for the three months ended September 30, 2024 compared to $4.6 million for the prior-year period.
The following table presents selected financial information for Tri Pointe Connect, our mortgage financing operations, excluding brokered loan originations (dollars in thousands):
| | | | | | | | | | | |
| Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 |
| Total Originations: | | | |
| Loans | 430 | | | — | |
| Principal | $ | 209,182 | | | $ | — | |
| | | |
| Mortgage Loan Origination Product Mix: | | | |
| Government (FHA, VA, USDA) | 10 | % | | — | % |
| Other agency | 90 | % | | — | % |
| Total agency | 100 | % | | — | % |
| | | |
| Loan Type: | | | |
| Fixed rate | 100 | % | | — | % |
| ARM | — | % | | — | % |
| | | |
| Credit Quality: | | | |
| Average FICO score | 759 | | — | |
| | | |
| Other Data: | | | |
| Average combined LTV ratio | 77 | % | | — | % |
| Full documentation loans | 100 | % | | — | % |
| | | |
| Loans Sold to Third Parties: | | | |
| Loans | 345 | | | — | |
| Principal | $ | 162,897 | | | $ | — | |
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Net New Home Orders, Average Selling Communities and Monthly Absorption Rates by Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | Percentage Change |
| Net New
Home
Orders | | Average
Selling
Communities | | Monthly
Absorption
Rates | | Net New
Home
Orders | | Average
Selling
Communities | | Monthly
Absorption
Rates | | Net New
Home
Orders | | Average
Selling
Communities | | Monthly
Absorption
Rates |
| West | 2,650 | | | 72.3 | | | 4.1 | | | 2,932 | | | 78.2 | | | 4.2 | | | (10) | % | | (8) | % | | (2) | % |
| Central | 1,400 | | | 62.2 | | | 2.5 | | | 1,380 | | | 48.4 | | | 3.2 | | | 1 | % | | 29 | % | | (22) | % |
| East | 667 | | | 17.1 | | | 4.3 | | | 732 | | | 17.7 | | | 4.6 | | | (9) | % | | (3) | % | | (7) | % |
| Total | 4,717 | | | 151.6 | | | 3.5 | | | 5,044 | | | 144.3 | | | 3.9 | | | (6) | % | | 5 | % | | (10) | % |
Net new home orders for the nine months ended September 30, 2024 decreased by 327, or 6%, to 4,717, compared to 5,044 during the prior-year period. The decrease in net new home orders was due to a 10% decrease in monthly absorption rates, partially offset by a 5% increase in average selling communities. The current-year period began with strong momentum, but conditions moderated to more seasonally normal levels, particularly during the second and third quarters. While demand remains healthy, the prior-year period experienced heightened activity due to a more pronounced supply-demand imbalance, driven by limited resale inventory. Although this dynamic allowed homebuilders to capture a larger share of total home sales, the recent increase in monthly housing supply has tempered that impact somewhat.
Our West segment reported a 10% decrease in net new home orders due to an 8% decrease in average selling communities along with a 2% decrease in monthly absorption rates. This change in average selling communities was largely due to strong demand in the West and our ability to sell through communities at a faster pace than we open new ones. Our Central segment reported a 1% increase in net new home orders due to a 29% increase in average selling communities, offset by a 22% decrease in monthly absorption rates. The 29% increase in average selling communities was due to growth in each of our Austin, Dallas-Fort Worth, Houston, and Colorado markets. While the monthly absorption rate dipped by 22% year-over-year, demand remained seasonally normal in each of our Texas markets. We experienced softer market conditions in Colorado. Our East segment reported a 9% decrease in net new home orders due to a 7% decrease in monthly absorption rates and a 3% decrease in average selling communities. Despite the lower absorption rate compared to the prior-year period, demand in the East remained strong, exceeding seasonal expectations with a 4.3 absorption rate. The decrease in average selling communities was due to a decrease in Charlotte and Raleigh, where strong sales activity has resulted in selling through communities faster than our new community openings.
New Homes Delivered, Homes Sales Revenue and Average Sales Price by Segment (dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | Percentage Change |
| New
Homes
Delivered | | Home
Sales
Revenue | | Average
Sales
Price | | New
Homes
Delivered | | Home
Sales
Revenue | | Average
Sales
Price | | New
Homes
Delivered | | Home
Sales
Revenue | | Average
Sales
Price |
| West | 2,539 | | | $ | 1,905,056 | | | $ | 750 | | | 2,008 | | | $ | 1,547,057 | | | $ | 770 | | | 26 | % | | 23 | % | | (3) | % |
| Central | 1,465 | | | 828,928 | | | 566 | | | 885 | | | 521,074 | | | 589 | | | 66 | % | | 59 | % | | (4) | % |
| East | 708 | | | 431,058 | | | 609 | | | 568 | | | 344,646 | | | 607 | | | 25 | % | | 25 | % | | — | % |
| Total | 4,712 | | | $ | 3,165,042 | | | $ | 672 | | | 3,461 | | | $ | 2,412,777 | | | $ | 697 | | | 36 | % | | 31 | % | | (4) | % |
Home sales revenue increased $752.3 million to $3.2 billion for the nine months ended September 30, 2024 compared to the prior-year period. The increase was comprised of $840.7 million related to an 1,251-unit increase in new homes delivered in the nine months ended September 30, 2024, offset by a $86.5 million decrease related to a $25,000 decrease in average sales price for the nine months ended September 30, 2024. We experienced significantly stronger order demand in the second half of 2023 compared to 2022, which helped propel our backlog units and dollar value by 58% and 38%, respectively, heading into the current-year period compared to the prior-year period. This increased backlog elevated our delivery potential for the current-year period, and our seasonally strong backlog conversions over the first nine month of 2024 have helped drive higher new home deliveries. Our ability to increase our backlog conversion rate in the current-year period is due to a combination of operational efficiency and our strategic shift to higher spec starts, resulting in a condensed timeframe from home sale to delivery.
Home sales revenue in our West segment increased 23% due to a 26% increase in new homes delivered, offset some by a 3% decrease in average sales price during the current-year period. The increase in new home deliveries was driven by a 25% higher backlog value at the beginning of the current year compared to the prior year. The slight decrease in average sales price was due to market and product mix factors, most notably in our San Diego market where the prior-year activity was positively impacted by some higher end communities in which the last unit closed in late 2023. Home sales revenue in our Central segment increased 59% due to a 66% increase in new homes delivered, offset by an 4% decrease in average sales price. The increase in new home deliveries was driven by a 96% higher backlog value at the beginning of the current year compared to the prior year. The average sales price of homes delivered decreased due primarily to a change in our product mix within our Houston market, along with some softer demand experienced in our Colorado market, resulting in higher incentives and weaker pricing power. Home sales revenue in our East segment increased by 25% due to an 25% increase in new homes delivered. The increase in new homes delivered was due to an increase in backlog units to start the current-year period compared to the prior-year period.
Homebuilding Gross Margins (dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | % | | 2023 | | % |
| Home sales revenue | $ | 3,165,042 | | | 100.0 | % | | $ | 2,412,777 | | | 100.0 | % |
| Cost of home sales | 2,427,484 | | | 76.7 | % | | 1,881,191 | | | 78.0 | % |
| Homebuilding gross margin | 737,558 | | | 23.3 | % | | 531,586 | | | 22.0 | % |
| Add: interest in cost of home sales | 107,330 | | | 3.4 | % | | 72,627 | | | 3.0 | % |
| Add: impairments and lot option abandonments | 2,444 | | | 0.1 | % | | 12,675 | | | 0.5 | % |
| Adjusted homebuilding gross margin(1) | $ | 847,332 | | | 26.8 | % | | $ | 616,888 | | | 25.6 | % |
| Homebuilding gross margin percentage | 23.3 | % | | | | 22.0 | % | | |
| Adjusted homebuilding gross margin percentage(1) | 26.8 | % | | | | 25.6 | % | | |
__________
(1)Non-GAAP financial measure (as discussed below).
Our homebuilding gross margin percentage increased to 23.3% for the nine months ended September 30, 2024 compared to 22.0% for the prior-year period. This increase is primarily attributed to reduced incentives in the current period, compared to the prior-year when demand had weakened significantly due to the onset of the rate-hiking cycle. As mortgage rates have remained elevated for an extended period, we have seen a gradual reduction in the need for incentives, and have improved our incentives as a percentage of home sales revenue by 200 basis points compared to the prior-year period. Additionally, a shift in our revenue mix, with a higher contribution from our Central and East segments, has further improved gross margins. Excluding interest, impairments and lot option abandonments in cost of home sales, adjusted homebuilding gross margin percentage was 26.8% for the nine months ended September 30, 2024 compared to 25.6% for the prior-year period.
Adjusted homebuilding gross margin is a non-GAAP financial measure. We believe this information is meaningful as it isolates the impact that leverage and noncash charges have on homebuilding gross margin and permits investors to make better comparisons with our competitors, who adjust gross margins in a similar fashion. Because adjusted homebuilding gross margin is not calculated in accordance with GAAP, it 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. See the table above reconciling this non-GAAP financial measure to homebuilding gross margin, the most directly comparable GAAP measure.
Sales and Marketing, General and Administrative Expense (dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | As a Percentage of
Home Sales Revenue |
| 2024 | | 2023 | | 2024 | | 2023 |
| Sales and marketing | $ | 160,772 | | | $ | 127,977 | | | 5.1 | % | | 5.3 | % |
| General and administrative (G&A) | 185,809 | | | 158,949 | | | 5.9 | % | | 6.6 | % |
| Total sales and marketing and G&A | $ | 346,581 | | | $ | 286,926 | | | 11.0 | % | | 11.9 | % |
Total SG&A expense as a percentage of home sales revenue decreased to 11.0% for the nine months ended September 30, 2024, compared to 11.9% in the prior-year period. Total SG&A expense increased $19.2 million to $346.6 million for the nine months ended September 30, 2024 from $286.9 million in the prior-year period.
Sales and marketing expense as a percentage of home sales revenue decreased to 5.1% for the nine months ended September 30, 2024, compared to 5.3% for the prior-year period. This decrease was largely due to higher home sales revenue in the current-year period, helping to improve the operating leverage on fixed costs associated with sales and marketing expense. Sales and marketing expense increased to $160.8 million for the nine months ended September 30, 2024 compared to $128.0 million for the prior-year period, largely driven by an increase in broker commissions, along with internal commissions and advertising expense. Given that many components of sales and marketing expense bear a variable relationship to home sales revenue, which increased by 31% compared to the prior-year period, such increase in absolute dollars is expected.
G&A expense as a percentage of home sales revenue decreased to 5.9% of home sales revenue for the nine months ended September 30, 2024 compared to 6.6% for the prior-year period. This decrease was due primarily to higher leverage on our fixed components of G&A expenses, which is directly associated with the higher home sales revenue in the current-year
period. G&A expense increased to $185.8 million for the nine months ended September 30, 2024 compared to $158.9 million for the prior-year period, largely driven by an increase in wage and incentive compensation-related costs.
Interest
Interest, which we incurred principally to finance land acquisitions, land development and home construction, totaled $91.8 million and $111.8 million for the nine months ended September 30, 2024 and 2023, respectively. All interest incurred in both periods was capitalized.
Other Income, Net
Other income, net for the nine months ended September 30, 2024 and 2023 was income of $31.8 million and $30.4 million, respectively. The increase was primarily due to a combination of a gain on an investment, offset by lower interest income stemming from fluctuations in our existing cash balances.
Income Tax
For the nine months ended September 30, 2024, we recorded a tax provision of $112.6 million based on an effective tax rate of 25.5%. For the nine months ended September 30, 2023, we recorded a tax provision of $71.8 million based on an effective tax rate of 25.1%.
Financial Services Segment
Income before income taxes from our financial services operations increased to $15.9 million for the nine months ended September 30, 2024 compared to $10.6 million for the prior-year period.
The following table presents selected financial information for Tri Pointe Connect, our mortgage financing operations, excluding brokered loan originations (dollars in thousands):
| | | | | | | | | | | |
| Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| Total Originations: | | | |
| Loans | 578 | | | — | |
| Principal | $ | 278,966 | | | $ | — | |
| | | |
| Mortgage Loan Origination Product Mix: | | | |
| Government (FHA, VA, USDA) | 8 | % | | — | % |
| Other agency | 92 | % | | — | % |
| Total agency | 100 | % | | — | % |
| | | |
| Loan Type: | | | |
| Fixed rate | 100 | % | | — | % |
| ARM | — | % | | — | % |
| | | |
| Credit Quality: | | | |
| Average FICO score | 760 | | — | |
| | | |
| Other Data: | | | |
| Average combined LTV ratio | 77 | % | | — | % |
| Full documentation loans | 100 | % | | — | % |
| | | |
| Loans Sold to Third Parties: | | | |
| Loans | 427 | | | — | |
| Principal | $ | 200,989 | | | $ | — | |
Lots Owned or Controlled by Segment
Lots owned or controlled include our share of lots controlled by our unconsolidated land development joint ventures. Investments in joint ventures are described in Note 6, Investments in Unconsolidated Entities, of the notes to our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q. The table below summarizes our lots owned or controlled by segment as of the dates presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, | | Increase
(Decrease) |
| | 2024 | | 2023 | | Amount | | % |
| Lots Owned | | | | | | | |
| West | 10,044 | | | 11,872 | | | (1,828) | | | (15) | % |
| Central | 5,531 | | | 5,523 | | | 8 | | | — | % |
| East | 1,578 | | | 1,526 | | | 52 | | | 3 | % |
| Total | 17,153 | | | 18,921 | | | (1,768) | | | (9) | % |
Lots Controlled(1) | | | | | | | |
| West | 4,734 | | | 4,366 | | | 368 | | | 8 | % |
| Central | 6,818 | | | 6,466 | | | 352 | | | 5 | % |
| East | 4,783 | | | 3,211 | | | 1,572 | | | 49 | % |
| Total | 16,335 | | | 14,043 | | | 2,292 | | | 16 | % |
Total Lots Owned or Controlled(1) | 33,488 | | | 32,964 | | | 524 | | | 2 | % |
__________
(1)As of September 30, 2024 and 2023, lots controlled represented lots that were under land or lot option contracts or purchase contracts. As of September 30, 2024 and 2023, lots controlled for Central include 3,358 and 3,042 lots, respectively, and East include 29 and 86 lots, respectively, which represent our expected share of lots owned by our unconsolidated land development joint ventures.
Liquidity and Capital Resources
Overview
Our principal uses of capital for the nine months ended September 30, 2024 were operating expenses, land purchases, land development, home construction and repurchases of our common stock. We used funds generated by our operations to meet our short-term working capital requirements. We monitor financing requirements to evaluate potential financing sources, including bank credit facilities and note offerings. We also continue to monitor the credit markets as we remain focused on generating positive margins in our homebuilding operations and acquiring desirable land positions in order to maintain a strong balance sheet and keep us poised for growth. As of September 30, 2024, we had total liquidity of $1.4 billion, including cash and cash equivalents of $676.0 million and $698.1 million of availability under our Credit Facility, as described below, after considering the borrowing base provisions and outstanding letters of credit.
Our board of directors will consider a number of factors when evaluating our level of indebtedness and when making decisions regarding the incurrence of new indebtedness, including the purchase price of assets to be acquired with debt financing, the estimated market value of our assets and the availability of particular assets, and our Company as a whole, to generate cash flow to cover the expected debt service.
Senior Notes
In June 2020, Tri Pointe issued $350 million aggregate principal amount of 5.700% Senior Notes due 2028 (the “2028 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $345.2 million, after debt issuance costs and discounts. The 2028 Notes mature on June 15, 2028 and interest is paid semiannually in arrears on June 15 and December 15.
In June 2017, Tri Pointe issued $300 million aggregate principal amount of 5.250% Senior Notes due 2027 (the “2027 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $296.3 million, after debt issuance costs and discounts. The 2027 Notes mature on June 1, 2027 and interest is paid semiannually in arrears on June 1 and December 1.
Tri Pointe and its wholly owned subsidiary, Tri Pointe Homes Holdings, Inc., were co-issuers of the $450 million aggregate principal amount 5.875% Senior Notes due 2024 (the “2024 Notes”). The 2024 Notes were issued at 98.15% of their aggregate principal amount in June of 2014. The net proceeds from the offering of the 2024 Notes was $429.0 million, after debt issuance costs and discounts. The 2024 Notes were scheduled to mature on June 15, 2024; however, on May 15, 2024, we redeemed the entire outstanding principal amount of the 2024 Notes at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon to the redemption date.
As of September 30, 2024 and December 31, 2023, there were $3.7 million and $5.2 million of capitalized debt financing costs, included in senior notes, net on our consolidated balance sheet, related to the Senior Notes that will amortize over the lives of the Senior Notes. Accrued interest related to the Senior Notes was $11.1 million and $3.2 million as of September 30, 2024 and December 31, 2023, respectively.
Our outstanding senior notes (the “Senior Notes”) contain covenants that restrict our ability to, among other things, create liens or other encumbrances, enter into sale and leaseback transactions, or merge or sell all or substantially all of our assets. These limitations are subject to a number of qualifications and exceptions. As of September 30, 2024, we were in compliance with the covenants required by our Senior Notes.
Loans Payable
On December 15, 2023, we entered into a Fourth Modification Agreement (the “Fourth Modification”) to our Second Amended and Restated Credit Agreement dated as of March 29, 2019 (the “Credit Agreement”). The Fourth Modification, among other things, amends the Credit Agreement to exclude (i) certain indebtedness of the Company’s financial services subsidiaries for purposes of calculating the Company’s “Leverage Ratio” (as defined in the Credit Agreement), and (ii) the Company’s financial services subsidiaries from the determination of “Consolidated EBITDA” (as defined in the Credit Agreement), as well as any interest obligations of the Company’s financial services subsidiaries, for purposes of calculating the Company’s “Interest Coverage Ratio” (as defined in the Credit Agreement). The Credit Facility (as defined below), consists of a $750 million revolving credit facility (the “Revolving Facility”) and a $250 million term loan facility (the “Term Facility” and together with the Revolving Facility, the “Credit Facility”). Both the Revolving Facility and the Term Facility mature on June 29, 2027. We may increase the Credit Facility to not more than $1.2 billion in the aggregate, at our request, upon satisfaction of specified conditions. We may borrow under the Revolving Facility in the ordinary course of business to repay senior notes and fund our operations, including our land acquisition, land development and homebuilding activities. Borrowings under the Revolving Facility will be governed by, among other things, a borrowing base. Interest rates under the Revolving Facility will be based on the Secured Overnight Financing Rate (“SOFR”), plus a spread ranging from 1.25% to 1.90%, depending on the Company’s leverage ratio. Interest rates under the Term Facility will be based on SOFR, plus a spread ranging from 1.10% to 1.85%, depending on the Company’s leverage ratio.
As of September 30, 2024, we had no outstanding debt under the Revolving Facility and there was $698.1 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of September 30, 2024, we had $250 million of outstanding debt under the Term Facility with an interest rate of 5.93%. As of September 30, 2024, there were $4.0 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Term Facility was $1.8 million and $1.6 million as of September 30, 2024 and December 31, 2023, respectively.
At September 30, 2024 and December 31, 2023, we had outstanding letters of credit of $51.9 million and $52.3 million, respectively. These letters of credit were issued to secure various financial obligations. We believe it is not probable that any outstanding letters of credit will be drawn upon.
As of September 30, 2024 and December 31, 2023, we had $25.9 million and $38.3 million, respectively, outstanding related to two seller-financed loans. All seller-financed loans are to acquire lots for the construction of homes. Principal on these loans are expected to be fully paid by the end of fiscal year 2025, provided certain achievements are met. One of the seller-financed loans, representing $25.5 million of the total balance as of September 30, 2024 and $37.4 million of the balance as of December 31, 2023, accrues interest at an imputed interest rate of 4.50% per annum. The second seller-financed loan represented $0.4 million of the total balance as of September 30, 2024 and $910,000 as of December 31, 2023, respectively.
Under the Credit Facility, we are required to comply with certain financial covenants, including, but not limited to, those set forth in the table below (dollars in thousands):
| | | | | | | | | | | |
| Actual at
September 30, | | Covenant
Requirement at
September 30, |
| Financial Covenants | 2024 | | 2024 |
| Consolidated Tangible Net Worth | $ | 3,089,035 | | | $ | 2,160,551 | |
| (Not less than $1.58 billion plus 50% of net income and 50% of the net proceeds from equity offerings after March 31, 2022) | | | |
| Leverage Test | 9.1 | % | | ≤60% |
| (Not to exceed 60%) | | | |
| Interest Coverage Test | 6.5 | | | ≥1.5 |
| (Not less than 1.5:1.0) | | | |
In addition, the Credit Facility limits the aggregate number of single family dwellings (where construction has commenced) owned by the Company or any guarantor that are not presold or model units to no more than the greater of (i) 50% of the number of housing unit closings (as defined) during the preceding 12 months; or (ii) 100% of the number of housing unit closings during the preceding 6 months. However, a failure to comply with this “Spec Unit Inventory Test” will not be an event of default or default, but will be excluded from the borrowing base as of the last day of the quarter in which the non-compliance occurs. The Credit Facility further requires that at least 95.0% of consolidated tangible net worth must be attributable to the Company and its guarantor subsidiaries, subject to certain grace periods.
As of September 30, 2024, we were in compliance with all of these financial covenants.
Stock Repurchase Program
On December 21, 2023, our board of directors approved a share repurchase program (the “2024 Repurchase Program”), authorizing the repurchase of shares of common stock with an aggregate value of up to $250 million through December 31, 2024. Purchases of common stock pursuant to the 2024 Repurchase Program may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Exchange Act. We are not obligated under the 2024 Repurchase Program to repurchase any specific number or amount of shares of common stock, and we may modify, suspend or discontinue the program at any time. Company management will determine the timing and amount of any repurchases in its discretion based on a variety of factors, such as the market price of our common stock, corporate requirements, general market economic conditions, legal requirements and applicable tax effects. During the three months ended September 30, 2024, we repurchased and retired an aggregate of 272,777 shares of our common stock under the Repurchase Program for $9.9 million, excluding commissions. For the nine months ended September 30, 2024, we repurchased and retired an aggregate of 2,761,624 shares of our common stock under the Repurchase Program for $96.6 million, excluding commissions.
Leverage Ratios
We believe that our leverage ratios provide useful information to the users of our financial statements regarding our financial position and cash and debt management. The ratio of homebuilding debt-to-capital and the ratio of net homebuilding debt-to-net capital are calculated as follows (dollars in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Loans payable | $ | 275,914 | | | $ | 288,337 | |
| Senior notes | 646,280 | | | 1,094,249 | |
| Mortgage repurchase facilities | 75,465 | | | — | |
| Total debt | 997,659 | | | 1,382,586 | |
| Less: mortgage repurchase facilities | (75,465) | | | — | |
| Total homebuilding debt | 922,194 | | | 1,382,586 | |
| Stockholders’ equity | 3,249,952 | | | 3,010,958 | |
| Total capital | $ | 4,172,146 | | | $ | 4,393,544 | |
| Ratio of homebuilding debt-to-capital(1) | 22.1 | % | | 31.5 | % |
| | | |
| Total homebuilding debt | $ | 922,194 | | | $ | 1,382,586 | |
| Less: Cash and cash equivalents | (675,957) | | | (868,953) | |
| Net homebuilding debt | 246,237 | | | 513,633 | |
| Stockholders’ equity | 3,249,952 | | | 3,010,958 | |
| Net capital | $ | 3,496,189 | | | $ | 3,524,591 | |
| Ratio of net homebuilding debt-to-net capital(2) | 7.0 | % | | 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 a non-GAAP financial measure and 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. The most directly comparable GAAP financial measure is the ratio of homebuilding debt-to-capital. We believe the ratio of net homebuilding debt-to-net capital is a relevant financial measure for investors to understand the leverage employed in our operations and as an indicator of our ability to obtain financing. See the table above reconciling this non-GAAP financial measure to the ratio of homebuilding debt-to-capital. Because the ratio of net homebuilding debt-to-net capital is not calculated in accordance with GAAP, it 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.
Cash Flows—Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
For the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023:
•Net cash provided by operating activities increased by $211.0 million to $335.8 million for the nine months ended September 30, 2024 compared to $124.8 million for the prior-year period. The increase was driven by a $173.4 million rise in cash from real estate inventories, a $114.3 million increase in net income, and a $60.9 million increase in cash provided by receivables. These sources of cash were offset by an $79.3 million decrease related to mortgage loans held for sales, as we initiated our loan origination business during the current-year period and this use of cash represents loans held on our balance sheet. In addition to these primary drivers, changes in accounts payable, accrued expenses and other liabilities was an additional driver of the fluctuations in operating activities.
•Net cash used in investing activities was $25.7 million for the nine months ended September 30, 2024, compared to cash used of $25.6 million for the prior-year period.
•Net cash used in financing activities was $503.0 million for the nine months ended September 30, 2024, compared to net cash used in financing activities of $139.9 million for the prior-year period. Net cash used in financing activities in the current-year period was primarily comprised of the $450 million of 5.875% Senior Notes due 2024 we redeemed in May 2024. Additionally, cash used in financing activities was comprised of $96.6 million of cash used for share repurchases, compared to $124.5 million during the prior-year period.
Off-Balance Sheet Arrangements and Contractual Obligations
In the ordinary course of business, we enter into purchase contracts in order to procure lots for the construction of our homes. We are subject to customary obligations associated with entering into contracts for the purchase of land and improved lots. These purchase contracts typically require a cash deposit and the purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements by the sellers, including obtaining applicable property and development
entitlements. We also utilize option contracts with land sellers and land banking arrangements as a method of acquiring land in staged takedowns, to help us manage the financial and market risk associated with land holdings, and to reduce the use of funds from our corporate financing sources. These option contracts and land banking arrangements generally require a non-refundable deposit for the right to acquire land and lots over a specified period of time at pre-determined prices. We generally have the right, at our discretion, to terminate our obligations under both purchase contracts and option contracts by forfeiting our cash deposit with no further financial responsibility to the land seller. In some cases, however, we may be contractually obligated to complete development work even if we terminate the option to procure land or lots. As of September 30, 2024, we had $223.7 million of cash deposits, the majority of which are non-refundable, pertaining to land and lot option contracts and purchase contracts with an aggregate remaining purchase price of $2.1 billion (net of deposits). See Note 7, Variable Interest Entities, to the accompanying condensed notes to unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
Our utilization of land and lot option contracts and land banking arrangements is dependent on, among other things, the availability of land sellers or land banking firms willing to enter into such arrangements, the availability of capital to finance the development of optioned land and lots, general housing market conditions, and local market dynamics. Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions.
As of September 30, 2024, we held equity investments in fourteen active homebuilding partnerships or limited liability companies. Our participation in these entities may be as a developer, a builder, or an investment partner. See Note 6, Investments in Unconsolidated Entities, to the accompanying condensed notes to unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
Supplemental Guarantor Financial Information
2027 Notes and 2028 Notes
On June 5, 2017, Tri Pointe issued the 2027 Notes and on June 10, 2020, Tri Pointe issued the 2028 Notes. All of Tri Pointe’s 100% owned subsidiaries that are guarantors (each a “Guarantor” and, collectively, the “Guarantors”) of the Credit Facility, including Tri Pointe Homes Holdings, are party to supplemental indentures pursuant to which they jointly and severally guarantee Tri Pointe’s obligations with respect to these Notes. Each Guarantor of the 2027 Notes and the 2028 Notes is 100% owned by Tri Pointe, and all guarantees are full and unconditional, subject to customary exceptions pursuant to the indentures governing the 2027 Notes and the 2028 Notes, as described in the following paragraph. All of our non-Guarantor subsidiaries have nominal assets and operations and are considered minor, as defined in Rule 3-10(h) of Regulation S-X. In addition, Tri Pointe has no independent assets or operations, as defined in Rule 3-10(h) of Regulation S-X. There are no significant restrictions upon the ability of Tri Pointe or any Guarantor to obtain funds from any of their respective wholly owned subsidiaries by dividend or loan. None of the assets of our subsidiaries represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X.
A Guarantor of the 2027 Notes and the 2028 Notes shall be released from all of its obligations under its guarantee if (i) all of the assets of the Guarantor have been sold; (ii) all of the equity interests of the Guarantor held by Tri Pointe or a subsidiary thereof have been sold; (iii) the Guarantor merges with and into Tri Pointe or another Guarantor, with Tri Pointe or such other Guarantor surviving the merger; (iv) the Guarantor is designated “unrestricted” for covenant purposes; (v) the Guarantor ceases to guarantee any indebtedness of Tri Pointe or any other Guarantor which gave rise to such Guarantor guaranteeing the 2027 Notes or the 2028 Notes; (vi) Tri Pointe exercises its legal defeasance or covenant defeasance options; or (vii) all obligations under the applicable supplemental indenture are discharged.
Inflation
Inflation in the United States persisted at a moderate level for the first half of 2024, although it significantly improved from its peak in 2022. While the Federal Reserve’s interest rate hikes have helped curb inflation, prevailing inflation rates remain elevated as compared to their desired target, and the future path of Federal Reserve policy is uncertain. Our operations can be adversely impacted by inflation, primarily from higher land, financing, labor, material and construction costs. In addition, inflation can lead to higher and more volatile mortgage rates, which can significantly affect the affordability of mortgage financing to homebuyers, as well as the confidence of our consumer base. While we attempt to pass on cost increases to customers through increased prices, when weak housing market conditions exist, we are often unable to offset cost increases with higher selling prices.
Seasonality
We have experienced seasonal variations in our quarterly operating results and capital requirements. We typically take orders for more homes in the first half of the fiscal year than in the second half, which creates additional working capital requirements in the second and third quarters to build our inventories to satisfy the deliveries in the second half of the year. We expect this seasonal pattern to continue over the long-term, although it may be affected by volatility in the homebuilding industry. In addition to the overall volume of orders and deliveries, our operating results in a given quarter are significantly affected by the number and characteristics of our active selling communities; timing of new community openings; the timing of land and lot sales; and the mix of product types, geographic locations and average sales prices of the homes delivered during the quarter. Therefore, our operating results in any given quarter will fluctuate compared to prior periods based on these factors.
Critical Accounting Estimates
The preparation of our consolidated financial statements requires the use of judgment in the application of accounting policies and estimates of uncertain matters. There have been no significant changes to our critical accounting policies and estimates during the nine months ended September 30, 2024 from those disclosed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our Annual Report on Form 10-K for the year ended December 31, 2023.
Recently Issued Accounting Standards
See Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies, to the accompanying condensed notes to unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are exposed to market risks related to fluctuations in interest rates on our outstanding debt. We did not utilize swaps, forward or option contracts on interest rates or commodities, or other types of derivative financial instruments as of or during the nine months ended September 30, 2024. We did not enter into during the nine months ended September 30, 2024, and currently do not hold, derivatives for trading or speculative purposes.
Item 4. Controls and Procedures
We have established disclosure controls and procedures to ensure that information we are required to disclose in the reports we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and accumulated and communicated to management, including the Chief Executive Officer (the “Principal Executive Officer”) and Chief Financial Officer (the “Principal Financial Officer”), as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of senior management, including our Principal Executive Officer and Principal Financial Officer, we evaluated our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act. Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024.
Our management, including our Principal Executive Officer and Principal Financial Officer, has evaluated our internal control over financial reporting to determine whether any change occurred during the three months ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, there has been no such change during the three months ended September 30, 2024.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The information required with respect to this item can be found under Note 13, Commitments and Contingencies—Legal Matters, to the accompanying condensed notes to unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q and is incorporated by reference into this Item 1.
Item 1A. Risk Factors
There have been no material changes to the risk factors in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. If any of the risks discussed in our Annual Report on Form 10-K occur, our business, prospects, liquidity, financial condition and results of operations could be materially and adversely affected, in which case the trading price of our common stock could decline significantly and you could lose all or a part of your investment. Some statements in this Quarterly Report on Form 10-Q constitute forward-looking statements. Please refer to Part I, Item 2 of this Quarterly Report on Form 10-Q entitled “Cautionary Note Concerning Forward-Looking Statements.”
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
On December 21, 2023, our board of directors approved the 2024 Repurchase Program, authorizing the repurchase of shares of common stock with an aggregate value of up to $250 million through December 31, 2024. Purchases of common stock pursuant to the 2024 Repurchase Program may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Exchange Act. We are not obligated under the 2024 Repurchase Program to repurchase any specific number or amount of shares of common stock, and we may modify, suspend or discontinue the program at any time. Company management will determine the timing and amount of any repurchases in its discretion based on a variety of factors, such as the market price of our common stock, corporate requirements, general market economic conditions, legal requirements and applicable tax effects. During the three months ended September 30, 2024, we repurchased and retired an aggregate of 272,777 shares of our common stock under the Repurchase Program for $9.9 million, excluding commissions. For the nine months ended September 30, 2024, we repurchased and retired an aggregate of 2,761,624 shares of our common stock under the Repurchase Program for $96.6 million, excluding commissions.
During the three months ended September 30, 2024, we repurchased and retired the following shares pursuant to our repurchase programs:
| | | | | | | | | | | | | | | | | | | | | | | |
| Total number of shares purchased | | Average price paid per share | | Total number of shares purchased as part of publicly announced program | | Approximate dollar value of shares that may yet be purchased under the program |
| July 1, 2024 to July 31, 2024 | 272,777 | | | $ | 36.24 | | | 272,777 | | | $ | 153,418,260 | |
| August 1, 2024 to August 31, 2024 | — | | | $ | — | | | — | | | $ | 153,418,260 | |
| September 1, 2024 to September 30, 2024 | — | | | $ | — | | | — | | | $ | 153,418,260 | |
| Total | 272,777 | | | $ | 36.24 | | | 272,777 | | | |
Item 5. Other Information
(c) During the quarter ended September 30, 2024, no director or officer subject to Section 16 of the Exchange Act adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).
Item 6. Exhibits
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Exhibit
Number | | Exhibit Description |
| | |
| 3.1 | | |
| | |
| 3.2 | | |
| | |
| 3.3 | | |
| | |
| 10.1† | | |
| | |
| 10.2† | | |
| | |
| 22.1 | | |
| | |
| 31.1 | | |
| | |
| 31.2 | | |
| | |
| 32.1 | | |
| | |
| 32.2 | | |
| | |
| 101 | | The following materials from Tri Pointe Homes, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline eXtensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statement of Cash Flows, and (iv) Condensed Notes to Consolidated Financial Statement. |
| | |
| 104 | | Cover page from Tri Pointe Homes, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL (and contained in Exhibit 101). |
| | |
| † | | Management Contract or Compensatory Plan or Arrangement |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | |
| Tri Pointe Homes, Inc. |
| | |
| Date: October 24, 2024 | By: | /s/ Douglas F. Bauer |
| | Douglas F. Bauer |
| | Chief Executive Officer |
| | (Principal Executive Officer) |
| Date: October 24, 2024 | By: | /s/ Glenn J. Keeler |
| | Glenn J. Keeler |
| | Chief Financial Officer |
| | (Principal Financial Officer) |
AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT
This Amended and Restated Executive Employment Agreement (the “Agreement”) is entered into as of August 29, 2024 (the “Effective Date”), by and between Douglas F. Bauer (“Executive”) and Tri Pointe Homes, Inc. (the “Company”).
WHEREAS, Executive is currently employed by Company as its Chief Executive Officer, and Company desires to have Executive’s employment continue in such capacity, and Executive desires to continue to serve in such capacity, pursuant to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, it is hereby agreed by and between the parties hereto as follows:
ARTICLE I
DEFINITIONS
For purposes of the Agreement, the following terms are defined as follows:
1.1.“Board” means the Board of Directors of the Company.
1.2.“Cause” means any of the following events: (i) Executive’s willful failure to follow the reasonable and lawful directions of the Board; (ii) conviction of a felony (or a plea of guilty or nolo contendere by the Executive to a felony); (iii) acts of fraud, dishonesty or misappropriation committed by the Executive and intended to result in substantial personal enrichment at the expense of the Company; (iv) willful misconduct by the Executive in the performance of the Executive’s material duties required by this Agreement which is likely to materially damage the financial position or reputation of the Company; or (v) a material breach of this Agreement. The foregoing is an exclusive list of the acts or omissions that shall be considered “Cause” provided, however, with respect to the acts or omissions set forth in clauses (i), (iii), (iv) and (v) above, (x) the Board shall provide the Executive with 30 days advance written notice detailing the basis for the termination of employment for Cause, (y) during the 30 day period after the Executive has received such notice, the Executive shall have an opportunity to cure such alleged Cause events and to present his case to the full Board (with the assistance of his own counsel) before any termination for Cause is finalized by a vote of a majority of the Board and (z) the Executive shall continue to receive the compensation and benefits provided by this Agreement during the 30 day cure period; provided, further, no act or failure to act of Executive shall be willful or intentional if performed in good faith with the reasonable belief that the action or inaction was in the best interest of the Company.
1.3.“Change in Control” means (i) the acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1986, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either the then outstanding shares of Common Stock of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition by the Company or any of its Subsidiaries, or any employee benefit plan (or related trust) of the Company or its Subsidiaries, or any entity with respect to which, following such acquisition, more than 50% of, respectively, the then outstanding equity of such entity and the combined voting power of the then outstanding voting equity of such entity entitled to vote generally in the election of all or substantially all of the members of such entity’s governing body is then beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the Common Stock and voting securities of the Company immediately prior to such acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then outstanding shares of Common Stock of the Company or the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors, as the case may be; or (ii) the consummation of a reorganization, merger or consolidation of the Company, in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of the Common Stock and voting securities of the Company immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of Common Stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such reorganization, merger or consolidation; or (iii) a complete liquidation or dissolution of the Company or the sale or other disposition of all or substantially all of the assets of the Company; or (iv) individuals who at the beginning of any two-year period constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual who becomes a director of the Company during such two-year period and whose election, or whose nomination for election by the Company’s stockholders, to the Board was either (A) approved by a vote of at least a majority of the directors then comprising the Incumbent Board or (B) recommended by a nominating committee comprised entirely of directors who are then Incumbent Board members, shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act), other actual or threatened solicitation of proxies or consents, or an actual or threatened tender offer.
Notwithstanding the foregoing, (i) any bona fide primary or secondary public offering shall not constitute a Change in Control and (ii) if a Change in Control constitutes a payment event with respect to any payment or benefit that provides for the deferral of compensation and is subject to Section 409A, the Change in Control transaction or event with respect to such payment or benefit must also constitute a “change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5) to the extent required by Section 409A.
1.4.“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.
1.5.“Code” means the Internal Revenue Code of 1986, as amended.
1.6.“Company” means Tri Pointe Homes, Inc. or any successor thereto.
1.7.“Covered Termination” means (a) an Involuntary Termination Without Cause or (b) a voluntary termination for Good Reason. For the avoidance of doubt, neither (i) the termination of Executive’s employment as a result of Executive’s death or Disability nor (ii) the expiration of this Agreement due to non-renewal pursuant to the terms of Section 2.2 of this Agreement will be deemed to be a Covered Termination.
1.8.“Disability” shall mean a termination of Executive’s employment due to Executive’s absence from Executive’s duties with the Company on a full-time basis for at least 180 consecutive days as a result of Executive’s incapacity due to physical or mental illness which is determined to be total and permanent by a physician selected by the Company or its insurers.
1.9.“Good Reason” means any of the following are undertaken without Executive’s prior written consent: (a) a material diminution in Executive’s title, authority, duties, or responsibilities which substantially reduces the nature or character of Executive’s position with the Company (or the highest parent entity if the Company has one or more parent entities); (b) a reduction by the Company of Executive’s base salary as in effect immediately prior to such reduction; (c) a material reduction by the Company of Executive’s Target Bonus as in effect immediately prior to such reduction; (d) relocation of Executive’s principal office (defined as a relocation of Executive’s principal office to a location that increases Executive’s one-way commute by more than fifty (50) miles), provided, that, for the avoidance of doubt, reasonable required travel by Executive on the Company’s business shall not constitute a relocation; (e) a change in
Executive’s title following a Change in Control such that Executive does not serve as Chief Executive Officer of the surviving entity’s highest parent entity; or (f) any material breach by the Company of any provision of this Agreement. Notwithstanding the foregoing, Executive’s resignation shall not constitute a resignation for “Good Reason” as a result of any event described in the preceding sentence unless (A) Executive provides written notice thereof to the Company within thirty (30) days after the first occurrence of such event, (B) to the extent correctable, the Company fails to remedy such circumstance or event within thirty (30) days following the Company’s receipt of such written notice and (C) the effective date of Executive’s resignation for “Good Reason” is not later than ninety (90) days after the initial existence of the circumstances constituting Good Reason.
1.10.“Involuntary Termination Without Cause” means Executive’s dismissal or discharge by the Company other than for Cause.
1.11.“Section 409A” means Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date.
1.12.“Separation from Service” means Executive’s termination of employment constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h).
ARTICLE II
EMPLOYMENT BY THE COMPANY
2.1Position and Duties. Subject to terms set forth herein, Executive shall continue to serve in an executive capacity and shall continue to perform such duties as are customarily associated with the position of Chief Executive Officer and such other duties as are assigned to Executive by the Board. Executive shall also continue to serve as a member of the Board, and, while Executive is employed hereunder, the Company shall nominate Executive for reelection as a member of the Board at the end of each Board term. During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business time and attention (except for vacation periods and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies or as otherwise set forth in this Agreement) to the business of the Company.
2.2.Term. The initial term of this Agreement shall commence on the Effective Date and shall terminate on the earlier of (i) the third anniversary of the Effective Date and (ii) the termination of Executive’s employment under this Agreement. On the third anniversary of the Effective Date and each annual anniversary of such date thereafter (in either case, provided Executive’s employment has not been terminated under this Agreement prior thereto), this Agreement shall automatically be extended for one additional year unless either Executive or the Company gives written notice of non-renewal to the other at least 60 days prior to the automatic extension date. If a Change in Control occurs during the initial or an extended term of this Agreement, the term of this Agreement shall, notwithstanding anything to the contrary in this Agreement, continue in effect for a period of not less than twenty-four (24) months beyond the month in which the Change in Control occurred. The period from the Effective Date until the earlier of (i) termination of Executive’s employment under this Agreement and (ii) the expiration of this Agreement due to non-renewal pursuant to this Section 2.2 is referred to as the “Term.”
2.3.Employment at Will. Both the Company and Executive shall have the right to terminate Executive’s employment with the Company at any time, with or without cause, and with or without prior notice. Upon certain terminations of Executive’s employment with the Company, Executive may become eligible to receive the severance benefits provided in Article IV of this Agreement.
2.4.Employment Policies. The employment relationship between the parties shall also be governed by the general employment policies and practices of the Company, including those relating to protection of confidential information and assignment of inventions, except that when the terms
of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.
ARTICLE III
COMPENSATION
3.1Base Salary. As of the Effective Date, Executive shall receive for services to be rendered hereunder an annual base salary of $1,000,000 (“Base Salary”), payable on the regular payroll dates of the Company (but no less often than monthly), subject to increase in the sole discretion of the Board or a committee of the Board.
3.2Annual Bonus. For each calendar year ending during the term of Executive’s employment, Executive shall be eligible to receive an annual performance bonus (the “Annual Bonus”) targeted at two-hundred and fifty percent (250%) of Base Salary or such other amount as determined in the sole discretion of the Board or a committee of the Board (the “Target Bonus”), on such terms and conditions determined by the Board or a committee of the Board. The actual amount of any Annual Bonus (if any) will be determined in the discretion of the Board or a committee of the Board and will be (a) subject to achievement of any applicable bonus objectives and/or conditions determined by the Board or a committee of the Board and (b) subject to Executive’s continued employment with the Company through the date the Annual Bonus is paid. The Annual Bonus for any calendar year will be paid at the same time as bonuses other Company executives are paid related annual bonuses generally, but in no event later than March 15th of the year following the year to which such Annual Bonus relates.
3.3Standard Company Benefits. During the Term, Executive shall be entitled to all rights and benefits for which Executive is eligible under the terms and conditions of the standard Company benefits and compensation practices that may be in effect from time to time and are provided by the Company to its executive employees generally, as well as any additional benefits provided to Executive consistent with past practice. Notwithstanding the foregoing, this Section 3.3 shall not create or be deemed to create any obligation on the part of the Company to adopt or maintain any benefits or compensation practices at any time.
3.4Paid Time Off. During the Term, Executive shall be entitled to such periods of paid time off (“PTO”) each year as provided from time to time under the Company’s PTO policies and as otherwise provided for executive officers, as it may be amended from time to time.
3.5Equity Awards. Executive will be eligible to receive stock options and other equity incentive grants as determined by the Board or a committee of the Board in its sole discretion.
ARTICLE IV
SEVERANCE AND CHANGE IN CONTROL BENEFITS
4.1Severance Benefits. Upon Executive’s termination of employment, Executive shall receive any accrued but unpaid Base Salary and other accrued and unpaid compensation, including any accrued but unpaid Annual Bonus that has been earned with respect to any calendar year ending prior to Executive’s termination date, but remains unpaid as of the date of the termination. If the termination is due to a Covered Termination, provided that Executive delivers an effective general release of all claims against the Company and its affiliates in a form acceptable to the Company (a “Release of Claims”) that becomes effective and irrevocable within sixty (60) days following the Covered Termination, Executive shall be entitled to receive the severance benefits described in Section 4.1(a) or (b), as applicable. If the termination is due to Executive’s death or Disability, provided that Executive (or Executive’s beneficiaries or estate) delivers an effective Release of Claims that becomes effective and irrevocable within sixty (60) days following such termination of employment, Executive shall be entitled to receive the severance benefits described in Section 4.1(c).
(a)Covered Termination Not Related to a Change in Control. If Executive’s employment terminates due to a Covered Termination which occurs at any time other than during the period
beginning three (3) months prior to and ending twenty-four (24) months after a Change in Control, Executive shall receive the following:
(i)An amount equal to two times the sum of (i) Executive’s Base Salary at the rate in effect (or required to be in effect before any diminution that is the basis of Executive’s termination for Good Reason) at the time of Executive’s termination of employment and (ii) the greater of (A) the average of the annual cash bonuses received by Executive for the two fiscal years ending before the date of Executive’s termination of employment and (B) Executive’s Target Bonus for the year in which the date of Executive’s termination of employment occurs, payable in a lump sum payment, less applicable withholdings, as soon as administratively practicable following the date on which the Release of Claims becomes effective and, in any event, no later than the sixtieth (60th) day following the date of the Covered Termination.
(ii)Notwithstanding anything set forth in an award agreement or incentive plan to the contrary, a pro-rata portion of Executive’s Annual Bonus for the fiscal year in which Executive’s termination occurs based on actual achievement of the applicable bonus objectives and/or conditions determined by the Board or a committee of the Board for such year (determined by multiplying the amount of the Annual Bonus that would be payable for the full fiscal year by a fraction, the numerator of which shall be equal to the number of days during the fiscal year of termination that Executive is employed by, and performing services for, the Company and the denominator of which is 365 days) payable, less applicable withholdings, at the same time bonuses for such year are paid to other senior executives of the Company.
(iii)The Company shall directly pay, or reimburse Executive for: (A) the premium for Executive and Executive’s covered dependents to maintain continued health coverage pursuant to the provisions of COBRA through the earlier of (i) the twenty-four (24) month anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s) and (B) the premiums for Executive to maintain Executive’s life and disability insurance coverage through the twenty-four (24) month anniversary of the date of Executive’s termination of employment. Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments.
(b)Covered Termination Related to a Change in Control. If Executive’s employment terminates due to a Covered Termination that occurs within the period beginning three (3) months prior to and ending twenty-four (24) months after a Change in Control, Executive shall receive the following:
(i)An amount equal to three times the sum of (i) Executive’s Base Salary at the rate in effect (or required to be in effect before any diminution that is the basis of Executive’s termination for Good Reason) at the time of Executive’s termination of employment and (ii) the greater of (A) the average of the annual cash bonuses received by Executive for the two fiscal years ending before the date of Executive’s termination of employment and (B) Executive’s Target Bonus for the year in which the date of Executive’s termination of employment occurs, payable in a lump sum payment, less applicable withholdings, as soon as administratively practicable following the date on which the Release of Claims becomes effective and, in any event, no later than the sixtieth (60th) day following the date of the Covered Termination.
(ii)Notwithstanding anything set forth in an award agreement or incentive plan to the contrary, a pro-rata portion of Executive’s Annual Bonus for the fiscal year in which Executive’s termination occurs based on actual achievement of the applicable bonus objectives and/or conditions determined by the Board or a committee of the Board for such year (determined by multiplying the amount of the Annual Bonus that would be payable for the full fiscal year by a fraction, the numerator of which shall be equal to the number of days during the fiscal year of
termination that Executive is employed by, and performing services for, the Company and the denominator of which is 365 days) payable, less applicable withholdings, at the same time bonuses for such year are paid to other senior executives of the Company.
(iii)The Company shall directly pay, or reimburse Executive for: (A) the premium for Executive and Executive’s covered dependents to maintain continued health coverage pursuant to the provisions of COBRA through the earlier of (i) the twenty-four (24) month anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s) and (B) the premiums for Executive to maintain Executive’s life and disability insurance coverage through the twenty-four (24) month anniversary of the date of Executive’s termination of employment. Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments.
If there is a dispute as to whether grounds triggering termination with or without Cause or resignation with or without Good Reason have occurred, in each case in connection with a Change in Control, then any fees and expenses arising from the resolution of such dispute (including any reasonably incurred attorneys’ fees and expenses of Executive) shall be paid by the Company or its successor, as the case may be; provided, that Executive shall reimburse the Company on a net after-tax basis to cover expenses incurred by Executive for claims brought by Executive that are judicially determined to be frivolous or advanced in bad faith.
(c)Termination Due to Death or Disability. In the event that Executive’s employment is terminated at any time due to Executive’s death or Disability, Executive (or Executive’s beneficiaries or estate) shall be entitled to receive an amount equal to Executive’s Target Bonus for the fiscal year in which Executive’s termination occurs, payable in a lump sum payment, less applicable withholdings, as soon as administratively practicable following the date of termination (and, in any event, no later than the sixtieth (60th) day following the date of the termination). In addition, in the event that Executive’s employment is terminated due to Disability, the Company shall directly pay, or reimburse Executive for: (A) the premium for Executive and Executive’s covered dependents to maintain continued health coverage pursuant to the provisions of COBRA through the earlier of (i) the twenty-four (24) month anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s) and (B) the premiums for Executive to maintain Executive’s life and disability insurance coverage through the twenty-four (24) month anniversary of the date of Executive’s termination of employment. Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments.
4.2280G Provisions. Notwithstanding anything in this Agreement to the contrary, if any payment or distribution Executive would receive pursuant to this Agreement or otherwise (“Payment”) would (a) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (b) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall either be (i) delivered in full, or (ii) delivered as to such lesser extent which would result in no portion of such Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the largest payment, notwithstanding that all or some portion the Payment may be taxable under
Section 4999 of the Code. The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The accounting firm shall provide its calculations to the Company and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. Any reduction in payments and/or benefits pursuant to this Section 4.2 will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits payable to Executive.
4.3Section 409A.
(a)Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of his Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code which would subject Executive to a tax obligation under Section 409A of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the six- month period measured from the date of the Executive’s Separation from Service or (ii) the date of Executive’s death. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 4.3(a) shall be paid in a lump sum to Executive, and any remaining payments due under the Agreement shall be paid as otherwise provided herein.
(b)Any reimbursements payable to Executive pursuant to the Agreement shall be paid to Executive no later than 30 days after Executive provides the Company with a written request for reimbursement, and to the extent that any such reimbursements are deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (i) such amounts shall be paid or reimbursed to Executive promptly, but in no event later than December 31 of the year following the year in which the expense is incurred, (ii) the amount of any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and (iii) Executive’s right to such payments or reimbursement shall not be subject to liquidation or exchange for any other benefit.
(c)For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive installment payments under the Agreement shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.
4.4Mitigation. Executive shall not be required to mitigate damages or the amount of any payment provided under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by Executive as a result of employment by another employer or by any retirement benefits received by Executive after the date of the Covered Termination, or otherwise.
4.5Equity Coordination. For the avoidance of doubt, all equity awards, including stock options, restricted stock units and other equity-based compensation granted by the Company to Executive under the Company’s equity-based compensation plans shall be subject to the terms of such plans and Executive’s equity award agreements with respect thereto.
ARTICLE V
PROPRIETARY INFORMATION OBLIGATIONS
5.1Agreement. All Company Innovations shall be the sole and exclusive property of the Company without further compensation and are “works made for hire” as that term is defined under the United States copyright laws. Executive shall promptly notify the Company of any Company Innovations that Executive solely or jointly Creates. “Company Innovations” means all Innovations, and any associated intellectual property rights, which Executive may solely or jointly Create, during Executive’s employment with the Company, which (i) relate, at the time Created, to the Company’s business or actual or demonstrably anticipated research or development, or (ii) were developed on any amount of the Company’s time or with the use of any of the Company’s equipment, supplies, facilities or trade secret information, or (iii) resulted from any work Executive performed for the Company. Executive is notified that Company Innovations does not include any Innovation which qualifies fully under the provisions of California Labor Code Section 2870. “Create” means to create, conceive, reduce to practice, derive, develop or make. “Innovations” means processes, machines, manufactures, compositions of matter, improvements, inventions (whether or not protectable under patent laws), works of authorship, information fixed in any tangible medium of expression (whether or not protectable under copyright laws), mask works, trademarks, trade names, trade dress, trade secrets, know-how, ideas (whether or not protectable under trade secret laws), and other subject matter protectable under patent, copyright, moral rights, mask work, trademark, trade secret or other laws regarding proprietary rights, including new or useful art, combinations, discoveries, formulae, manufacturing techniques, technical developments, discoveries, artwork, software and designs. Executive hereby assigns (and will assign) to the Company all Company Innovations. Executive shall perform (at the Company’s expense), during and after Executive’s employment, all acts reasonably deemed necessary or desirable by the Company to assist the Company in obtaining and enforcing the full benefits, enjoyment, rights and title throughout the world in the Company Innovations. Such acts may include execution of documents and assistance or cooperation (i) in the filing, prosecution, registration, and memorialization of assignment of patent, copyright, mask work or other applications, (ii) in the enforcement of any applicable Proprietary Rights, and (iii) in other legal proceedings related to the Company’s Innovations. “Proprietary Rights” means patents, copyrights, mask work, moral rights, trade secrets and other proprietary rights. No provision in this Agreement is intended to require Executive to assign or offer to assign any of Executive’s rights in any invention for which Executive can establish that no trade secret information of the Company were used, and which was developed on Executive’s own time, unless the invention relates to the Company’s actual or demonstrably anticipated research or development, or the invention results from any work performed by Executive for the Company.
5.2Remedies. Executive’s duties under this Article V shall survive termination of Executive’s employment with the Company and the termination of this Agreement. Executive acknowledges that a remedy at law for any breach or threatened breach by Executive of Article V, as well as Executive’s obligations pursuant to Section 6.2 and Article VII below, would be inadequate, and Executive therefore agrees that the Company shall be entitled to seek injunctive relief in case of any such breach or threatened breach.
ARTICLE VI
OUTSIDE ACTIVITIES
6.1Other Activities.
(a)Except as otherwise provided in Section 6.1(b), Executive shall not, during the term of this Agreement undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor, unless he obtains the prior written consent of the Board.
(b)Executive may engage in civic and not-for-profit activities so long as such activities do not materially interfere with the performance of Executive’s duties hereunder. In addition, subject to Executive providing prior written notice to the Board, Executive shall be allowed to serve as a member of the board of directors of one (1) other for-profit entity at any time during the term of this Agreement, so long as such service does not materially interfere with the performance of Executive’s duties hereunder; provided, however, that the Board, in its discretion, may require
that Executive resign from such director position if it determines that such resignation would be in the best interests of the Company.
6.2Competition/Investments. During the term of Executive’s employment by the Company and for a period of one (1) year following Executive’s termination of employment for any reason, Executive shall not (except on behalf of the Company) directly or indirectly, whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever engage in, become financially interested in, be employed by or have any business connection with any other person, corporation, firm, partnership or other entity whatsoever which are known by Executive to compete directly with the Company, throughout the world, in any line of business engaged in (or planned to be engaged in) by the Company; provided, however, that anything above to the contrary notwithstanding, Executive may own, as a passive investor, securities of any competitor corporation, so long as Executive’s direct holdings in any one such corporation do not, in the aggregate, constitute more than 1% of the voting stock of such corporation. The provisions of this Section 6.2 shall survive the termination of Executive’s employment with the Company and shall be fully enforceable thereafter. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 6.2 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state. Company and Executive understand that the post-employment restrictive covenants under this Section 6.2 do not apply and will not be enforced in California or other states where such restrictive covenants are not permitted.
ARTICLE VII
NONINTERFERENCE
Executive shall not during the term of Executive’s employment by the Company and for a period of one (1) year following Executive’s termination of employment for any reason, either on Executive’s own account or jointly with or as a manager, agent, officer, employee, consultant, partner, joint venturer, owner or stockholder or otherwise on behalf of any other person, firm or corporation, directly or indirectly solicit, induce attempt to solicit any of (i) its customers or clients to terminate their relationship with the Company or to cease purchasing services or products from the Company or (ii) its officers or employees or offer employment to any person who is an officer or employee of the Company; provided, however, that a general advertisement to which an employee of the Company responds shall in no event be deemed to result in a breach of this Article VII.
Executive agrees not to harass or disparage the Company or its employees, clients, directors or agents, and the Company hereby agrees not to, and to instruct its officers and directors not to, harass or disparage Executive; provided, however, that nothing in this Agreement shall restrict Executive or the Company from making truthful statements (a) when required by law, subpoena, court order or the like; (b) when requested by a governmental, regulatory, or similar body or entity; (c) in confidence to a professional advisor for the purpose of securing professional advice; or (d) in the course of performing his duties during the Term.
The provisions of this Article VII shall survive the termination of Executive’s employment with the Company and shall be fully enforceable thereafter. If it is determined by a court of competent jurisdiction in any state that any restriction in this Article VII is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state.
ARTICLE VIII
GENERAL PROVISIONS
8.1Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery (including personal delivery by facsimile) or the third day after
mailing by first class mail, to the Company at its primary office location and to Executive at Executive’s address as listed on the Company’s books and records.
8.2Tax Withholding. Executive acknowledges that all amounts and benefits payable under this Agreement are subject to deduction and withholding to the extent required by applicable law.
8.3Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein.
8.4Waiver. If either party should waive any breach of any provisions of this Agreement, they shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.
8.5Complete Agreement. This Agreement, together with the Indemnification Agreement between the Company and Executive, dated as of January 30, 2013, as amended, constitute the entire agreement between Executive and the Company and is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter, and will supersede all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect to the subject matter hereof, including, without limitation, the Executive Employment Agreement by and between TRI Pointe Group, Inc. and Executive dated March 20, 2019, any offer letter agreement or promise of change in control or severance protection. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein or therein, and cannot be modified or amended except in a writing signed by a duly-authorized officer of the Company and Executive.
8.6Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement.
8.7Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.
8.8Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign his rights or delegate his duties or obligations hereunder without the prior written consent of the Company.
8.9Arbitration. Unless otherwise prohibited by law or specified below, all disputes, claims and causes of action, in law or equity, arising from or relating to this Agreement or its enforcement, performance, breach, or interpretation (each, a “Claim”) shall be resolved solely and exclusively by final and binding arbitration held in Orange County, California through Judicial Arbitration & Mediation Services (“JAMS”) in conformity with the then-existing JAMS employment arbitration rules and California law. The arbitrator shall: (a) provide adequate discovery for the resolution of the dispute; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. However, nothing in this section is intended to prevent either party from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. The Company shall bear the costs of any such arbitration. Executive and the Company understand that by agreement to arbitrate any Claim pursuant to this Section 8.9, they will not have the right to have any Claim decided by a jury or a court, but shall instead have any Claim decided through arbitration. Executive and the Company waive any constitutional or other right to bring claims covered by this Agreement other than in their individual capacities. Except as may be prohibited by applicable law, the foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class or representative proceeding.
8.10Executive Acknowledgement. Executive acknowledges that (a) he has consulted with or has had the opportunity to consult with independent counsel of his own choice concerning this Agreement, and has been advised to do so by the Company, and (b) that he has read and
understands the Agreement, is fully aware of its legal effect, and has entered into it freely based on his own judgment.
8.11Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of California without regard to the conflicts of law provisions thereof.
[Signature page follows]
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
TRI POINTE HOMES, INC.
By: /s/ Thomas J. Mitchell Thomas J. Mitchell
Title: President and Chief Operating Officer
Accepted and Agreed:
/s/ Douglas F. Bauer
DOUGLAS F. BAUER
AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT
This Amended and Restated Executive Employment Agreement (the “Agreement”) is entered into as of August 29, 2024 (the “Effective Date”), by and between Thomas J. Mitchell (“Executive”) and Tri Pointe Homes, Inc. (the “Company”).
WHEREAS, Executive is currently employed by Company as its President and Chief Operating Officer, and Company desires to have Executive’s employment continue in such capacity, and Executive desires to continue to serve in such capacity, pursuant to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, it is hereby agreed by and between the parties hereto as follows:
ARTICLE I
DEFINITIONS
For purposes of the Agreement, the following terms are defined as follows:
1.1.“Board” means the Board of Directors of the Company.
1.2.“Cause” means any of the following events: (i) Executive’s willful failure to follow the reasonable and lawful directions of the Board; (ii) conviction of a felony (or a plea of guilty or nolo contendere by the Executive to a felony); (iii) acts of fraud, dishonesty or misappropriation committed by the Executive and intended to result in substantial personal enrichment at the expense of the Company; (iv) willful misconduct by the Executive in the performance of the Executive’s material duties required by this Agreement which is likely to materially damage the financial position or reputation of the Company; or (v) a material breach of this Agreement. The foregoing is an exclusive list of the acts or omissions that shall be considered “Cause” provided, however, with respect to the acts or omissions set forth in clauses (i), (iii), (iv) and (v) above, (x) the Board shall provide the Executive with 30 days advance written notice detailing the basis for the termination of employment for Cause, (y) during the 30 day period after the Executive has received such notice, the Executive shall have an opportunity to cure such alleged Cause events and to present his case to the full Board (with the assistance of his own counsel) before any termination for Cause is finalized by a vote of a majority of the Board and (z) the Executive shall continue to receive the compensation and benefits provided by this Agreement during the 30 day cure period; provided, further, no act or failure to act of Executive shall be willful or intentional if performed in good faith with the reasonable belief that the action or inaction was in the best interest of the Company.
1.3.“Change in Control” means (i) the acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1986, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either the then outstanding shares of Common Stock of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition by the Company or any of its Subsidiaries, or any employee benefit plan (or related trust) of the Company or its Subsidiaries, or any entity with respect to which, following such acquisition, more than 50% of, respectively, the then outstanding equity of such entity and the combined voting power of the then outstanding voting equity of such entity entitled to vote generally in the election of all or substantially all of the members of such entity’s governing body is then beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the Common Stock and voting securities of the Company immediately prior to such acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then outstanding
shares of Common Stock of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors, as the case may be; or (ii) the consummation of a reorganization, merger or consolidation of the Company, in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of the Common Stock and voting securities of the Company immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of Common Stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such reorganization, merger or consolidation; or (iii) a complete liquidation or dissolution of the Company or the sale or other disposition of all or substantially all of the assets of the Company; or (iv) individuals who at the beginning of any two-year period constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual who becomes a director of the Company during such two-year period and whose election, or whose nomination for election by the Company’s stockholders, to the Board was either (A) approved by a vote of at least a majority of the directors then comprising the Incumbent Board or (B) recommended by a nominating committee comprised entirely of directors who are then Incumbent Board members, shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act), other actual or threatened solicitation of proxies or consents, or an actual or threatened tender offer.
Notwithstanding the foregoing, (i) any bona fide primary or secondary public offering shall not constitute a Change in Control and (ii) if a Change in Control constitutes a payment event with respect to any payment or benefit that provides for the deferral of compensation and is subject to Section 409A, the Change in Control transaction or event with respect to such payment or benefit must also constitute a “change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5) to the extent required by Section 409A.
1.4.“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.
1.5.“Code” means the Internal Revenue Code of 1986, as amended.
1.6.“Company” means Tri Pointe Homes, Inc. or any successor thereto.
1.7.“Covered Termination” means (a) an Involuntary Termination Without Cause or (b) a voluntary termination for Good Reason. For the avoidance of doubt, neither (i) the termination of Executive’s employment as a result of Executive’s death or Disability nor (ii) the expiration of this Agreement due to non-renewal pursuant to the terms of Section 2.2 of this Agreement will be deemed to be a Covered Termination.
1.8.“Disability” shall mean a termination of Executive’s employment due to Executive’s absence from Executive’s duties with the Company on a full-time basis for at least 180 consecutive days as a result of Executive’s incapacity due to physical or mental illness which is determined to be total and permanent by a physician selected by the Company or its insurers.
1.9.“Good Reason” means any of the following are undertaken without Executive’s prior written consent: (a) a material diminution in Executive’s title, authority, duties, or responsibilities which substantially reduces the nature or character of Executive’s position with the Company (or the highest parent entity if the Company has one or more parent entities); (b) a reduction by the Company of Executive’s base salary as in effect immediately prior to such reduction; (c) a material reduction by the Company of Executive’s Target Bonus as in effect immediately prior to such reduction; (d) relocation of Executive’s principal office (defined as a relocation of Executive’s principal office to a location that increases Executive’s one-way commute by more than fifty (50) miles), provided, that, for the avoidance of doubt, reasonable required travel by
Executive on the Company’s business shall not constitute a relocation; (e) a change in Executive’s title following a Change in Control such that Executive does not serve as President and Chief Operating Officer of the surviving entity’s highest parent entity; or (f) any material breach by the Company of any provision of this Agreement. Notwithstanding the foregoing, Executive’s resignation shall not constitute a resignation for “Good Reason” as a result of any event described in the preceding sentence unless (A) Executive provides written notice thereof to the Company within thirty (30) days after the first occurrence of such event, (B) to the extent correctable, the Company fails to remedy such circumstance or event within thirty (30) days following the Company’s receipt of such written notice and (C) the effective date of Executive’s resignation for “Good Reason” is not later than ninety (90) days after the initial existence of the circumstances constituting Good Reason.
1.10.“Involuntary Termination Without Cause” means Executive’s dismissal or discharge by the Company other than for Cause.
1.11.“Section 409A” means Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date.
1.12.“Separation from Service” means Executive’s termination of employment constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h).
ARTICLE II
EMPLOYMENT BY THE COMPANY
2.1Position and Duties. Subject to terms set forth herein, Executive shall continue to serve in an executive capacity and shall continue to perform such duties as are customarily associated with the position of President and Chief Operating Officer and such other duties as are assigned to Executive by the Board. During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business time and attention (except for vacation periods and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies or as otherwise set forth in this Agreement) to the business of the Company.
2.2.Term. The initial term of this Agreement shall commence on the Effective Date and shall terminate on the earlier of (i) the third anniversary of the Effective Date and (ii) the termination of Executive’s employment under this Agreement. On the third anniversary of the Effective Date and each annual anniversary of such date thereafter (in either case, provided Executive’s employment has not been terminated under this Agreement prior thereto), this Agreement shall automatically be extended for one additional year unless either Executive or the Company gives written notice of non-renewal to the other at least 60 days prior to the automatic extension date. If a Change in Control occurs during the initial or an extended term of this Agreement, the term of this Agreement shall, notwithstanding anything to the contrary in this Agreement, continue in effect for a period of not less than twenty-four (24) months beyond the month in which the Change in Control occurred. The period from the Effective Date until the earlier of (i) termination of Executive’s employment under this Agreement and (ii) the expiration of this Agreement due to non-renewal pursuant to this Section 2.2 is referred to as the “Term.”
2.3.Employment at Will. Both the Company and Executive shall have the right to terminate Executive’s employment with the Company at any time, with or without cause, and with or without prior notice. Upon certain terminations of Executive’s employment with the Company, Executive may become eligible to receive the severance benefits provided in Article IV of this Agreement.
2.4.Employment Policies. The employment relationship between the parties shall also be governed by the general employment policies and practices of the Company, including those relating to protection of confidential information and assignment of inventions, except that when the terms
of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control
ARTICLE III
COMPENSATION
3.1Base Salary. As of the Effective Date, Executive shall receive for services to be rendered hereunder an annual base salary of $970,000 (“Base Salary”), payable on the regular payroll dates of the Company (but no less often than monthly), subject to increase in the sole discretion of the Board or a committee of the Board.
3.2Annual Bonus. For each calendar year ending during the term of Executive’s employment, Executive shall be eligible to receive an annual performance bonus (the “Annual Bonus”) targeted at two-hundred and fifty percent (250%) of Base Salary or such other amount as determined in the sole discretion of the Board or a committee of the Board (the “Target Bonus”), on such terms and conditions determined by the Board or a committee of the Board. The actual amount of any Annual Bonus (if any) will be determined in the discretion of the Board or a committee of the Board and will be (a) subject to achievement of any applicable bonus objectives and/or conditions determined by the Board or a committee of the Board and (b) subject to Executive’s continued employment with the Company through the date the Annual Bonus is paid. The Annual Bonus for any calendar year will be paid at the same time as bonuses other Company executives are paid related annual bonuses generally, but in no event later than March 15th of the year following the year to which such Annual Bonus relates.
3.3Standard Company Benefits. During the Term, Executive shall be entitled to all rights and benefits for which Executive is eligible under the terms and conditions of the standard Company benefits and compensation practices that may be in effect from time to time and are provided by the Company to its executive employees generally, as well as any additional benefits provided to Executive consistent with past practice. Notwithstanding the foregoing, this Section 3.3 shall not create or be deemed to create any obligation on the part of the Company to adopt or maintain any benefits or compensation practices at any time.
3.4Paid Time Off. During the Term, Executive shall be entitled to such periods of paid time off (“PTO”) each year as provided from time to time under the Company’s PTO policies and as otherwise provided for executive officers, as it may be amended from time to time.
3.5Equity Awards. Executive will be eligible to receive stock options and other equity incentive grants as determined by the Board or a committee of the Board in its sole discretion.
ARTICLE IV
SEVERANCE AND CHANGE IN CONTROL BENEFITS
4.1Severance Benefits. Upon Executive’s termination of employment, Executive shall receive any accrued but unpaid Base Salary and other accrued and unpaid compensation, including any accrued but unpaid Annual Bonus that has been earned with respect to any calendar year ending prior to Executive’s termination date, but remains unpaid as of the date of the termination. If the termination is due to a Covered Termination, provided that Executive delivers an effective general release of all claims against the Company and its affiliates in a form acceptable to the Company (a “Release of Claims”) that becomes effective and irrevocable within sixty (60) days following the Covered Termination, Executive shall be entitled to receive the severance benefits described in Section 4.1(a) or (b), as applicable. If the termination is due to Executive’s death or Disability, provided that Executive (or Executive’s beneficiaries or estate) delivers an effective Release of Claims that becomes effective and irrevocable within sixty (60) days following such termination of employment, Executive shall be entitled to receive the severance benefits described in Section 4.1(c).
(a)Covered Termination Not Related to a Change in Control. If Executive’s employment terminates due to a Covered Termination which occurs at any time other than during the period
beginning three (3) months prior to and ending twenty-four (24) months after a Change in Control, Executive shall receive the following:
(i)An amount equal to two times the sum of (i) Executive’s Base Salary at the rate in effect (or required to be in effect before any diminution that is the basis of Executive’s termination for Good Reason) at the time of Executive’s termination of employment and (ii) the greater of (A) the average of the annual cash bonuses received by Executive for the two fiscal years ending before the date of Executive’s termination of employment and (B) Executive’s Target Bonus for the year in which the date of Executive’s termination of employment occurs, payable in a lump sum payment, less applicable withholdings, as soon as administratively practicable following the date on which the Release of Claims becomes effective and, in any event, no later than the sixtieth (60th) day following the date of the Covered Termination.
(ii)Notwithstanding anything set forth in an award agreement or incentive plan to the contrary, a pro-rata portion of Executive’s Annual Bonus for the fiscal year in which Executive’s termination occurs based on actual achievement of the applicable bonus objectives and/or conditions determined by the Board or a committee of the Board for such year (determined by multiplying the amount of the Annual Bonus that would be payable for the full fiscal year by a fraction, the numerator of which shall be equal to the number of days during the fiscal year of termination that Executive is employed by, and performing services for, the Company and the denominator of which is 365 days) payable, less applicable withholdings, at the same time bonuses for such year are paid to other senior executives of the Company.
(iii)The Company shall directly pay, or reimburse Executive for: (A) the premium for Executive and Executive’s covered dependents to maintain continued health coverage pursuant to the provisions of COBRA through the earlier of (i) the twenty-four (24) month anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s) and (B) the premiums for Executive to maintain Executive’s life and disability insurance coverage through the twenty-four (24) month anniversary of the date of Executive’s termination of employment. Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments.
(b)Covered Termination Related to a Change in Control. If Executive’s employment terminates due to a Covered Termination that occurs within the period beginning three (3) months prior to and ending twenty-four (24) months after a Change in Control, Executive shall receive the following:
(i)An amount equal to three times the sum of (i) Executive’s Base Salary at the rate in effect (or required to be in effect before any diminution that is the basis of Executive’s termination for Good Reason) at the time of Executive’s termination of employment and (ii) the greater of (A) the average of the annual cash bonuses received by Executive for the two fiscal years ending before the date of Executive’s termination of employment and (B) Executive’s Target Bonus for the year in which the date of Executive’s termination of employment occurs, payable in a lump sum payment, less applicable withholdings, as soon as administratively practicable following the date on which the Release of Claims becomes effective and, in any event, no later than the sixtieth (60th) day following the date of the Covered Termination.
(ii)Notwithstanding anything set forth in an award agreement or incentive plan to the contrary, a pro-rata portion of Executive’s Annual Bonus for the fiscal year in which Executive’s termination occurs based on actual achievement of the applicable bonus objectives and/or conditions determined by the Board or a committee of the Board for such year (determined by multiplying the amount of the Annual Bonus that would be payable for the full fiscal year by a fraction, the numerator of which shall be equal to the number of days during the fiscal year of
termination that Executive is employed by, and performing services for, the Company and the denominator of which is 365 days) payable, less applicable withholdings, at the same time bonuses for such year are paid to other senior executives of the Company.
(iii)The Company shall directly pay, or reimburse Executive for: (A) the premium for Executive and Executive’s covered dependents to maintain continued health coverage pursuant to the provisions of COBRA through the earlier of (i) the twenty-four (24) month anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s) and (B) the premiums for Executive to maintain Executive’s life and disability insurance coverage through the twenty-four (24) month anniversary of the date of Executive’s termination of employment. Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments.
If there is a dispute as to whether grounds triggering termination with or without Cause or resignation with or without Good Reason have occurred, in each case in connection with a Change in Control, then any fees and expenses arising from the resolution of such dispute (including any reasonably incurred attorneys’ fees and expenses of Executive) shall be paid by the Company or its successor, as the case may be; provided, that Executive shall reimburse the Company on a net after-tax basis to cover expenses incurred by Executive for claims brought by Executive that are judicially determined to be frivolous or advanced in bad faith.
(c)Termination Due to Death or Disability. In the event that Executive’s employment is terminated at any time due to Executive’s death or Disability, Executive (or Executive’s beneficiaries or estate) shall be entitled to receive an amount equal to Executive’s Target Bonus for the fiscal year in which Executive’s termination occurs, payable in a lump sum payment, less applicable withholdings, as soon as administratively practicable following the date of termination (and, in any event, no later than the sixtieth (60th) day following the date of the termination). In addition, in the event that Executive’s employment is terminated due to Disability, the Company shall directly pay, or reimburse Executive for: (A) the premium for Executive and Executive’s covered dependents to maintain continued health coverage pursuant to the provisions of COBRA through the earlier of (i) the twenty-four (24) month anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s) and (B) the premiums for Executive to maintain Executive’s life and disability insurance coverage through the twenty-four (24) month anniversary of the date of Executive’s termination of employment. Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments.
4.2280G Provisions. Notwithstanding anything in this Agreement to the contrary, if any payment or distribution Executive would receive pursuant to this Agreement or otherwise (“Payment”) would (a) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (b) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall either be (i) delivered in full, or (ii) delivered as to such lesser extent which would result in no portion of such Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the largest payment, notwithstanding that all or some portion the Payment may be taxable under
Section 4999 of the Code. The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The accounting firm shall provide its calculations to the Company and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. Any reduction in payments and/or benefits pursuant to this Section 4.2 will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits payable to Executive.
4.3Section 409A.
(a)Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of his Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code which would subject Executive to a tax obligation under Section 409A of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the six- month period measured from the date of the Executive’s Separation from Service or (ii) the date of Executive’s death. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 4.3(a) shall be paid in a lump sum to Executive, and any remaining payments due under the Agreement shall be paid as otherwise provided herein.
(b)Any reimbursements payable to Executive pursuant to the Agreement shall be paid to Executive no later than 30 days after Executive provides the Company with a written request for reimbursement, and to the extent that any such reimbursements are deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (i) such amounts shall be paid or reimbursed to Executive promptly, but in no event later than December 31 of the year following the year in which the expense is incurred, (ii) the amount of any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and (iii) Executive’s right to such payments or reimbursement shall not be subject to liquidation or exchange for any other benefit.
(c)For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive installment payments under the Agreement shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.
4.4Mitigation. Executive shall not be required to mitigate damages or the amount of any payment provided under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by Executive as a result of employment by another employer or by any retirement benefits received by Executive after the date of the Covered Termination, or otherwise.
4.5Equity Coordination. For the avoidance of doubt, all equity awards, including stock options, restricted stock units and other equity-based compensation granted by the Company to Executive under the Company’s equity-based compensation plans shall be subject to the terms of such plans and Executive’s equity award agreements with respect thereto.
ARTICLE V
PROPRIETARY INFORMATION OBLIGATIONS
5.1Agreement. All Company Innovations shall be the sole and exclusive property of the Company without further compensation and are “works made for hire” as that term is defined under the United States copyright laws. Executive shall promptly notify the Company of any Company Innovations that Executive solely or jointly Creates. “Company Innovations” means all Innovations, and any associated intellectual property rights, which Executive may solely or jointly Create, during Executive’s employment with the Company, which (i) relate, at the time Created, to the Company’s business or actual or demonstrably anticipated research or development, or (ii) were developed on any amount of the Company’s time or with the use of any of the Company’s equipment, supplies, facilities or trade secret information, or (iii) resulted from any work Executive performed for the Company. Executive is notified that Company Innovations does not include any Innovation which qualifies fully under the provisions of California Labor Code Section 2870. “Create” means to create, conceive, reduce to practice, derive, develop or make. “Innovations” means processes, machines, manufactures, compositions of matter, improvements, inventions (whether or not protectable under patent laws), works of authorship, information fixed in any tangible medium of expression (whether or not protectable under copyright laws), mask works, trademarks, trade names, trade dress, trade secrets, know-how, ideas (whether or not protectable under trade secret laws), and other subject matter protectable under patent, copyright, moral rights, mask work, trademark, trade secret or other laws regarding proprietary rights, including new or useful art, combinations, discoveries, formulae, manufacturing techniques, technical developments, discoveries, artwork, software and designs. Executive hereby assigns (and will assign) to the Company all Company Innovations. Executive shall perform (at the Company’s expense), during and after Executive’s employment, all acts reasonably deemed necessary or desirable by the Company to assist the Company in obtaining and enforcing the full benefits, enjoyment, rights and title throughout the world in the Company Innovations. Such acts may include execution of documents and assistance or cooperation (i) in the filing, prosecution, registration, and memorialization of assignment of patent, copyright, mask work or other applications, (ii) in the enforcement of any applicable Proprietary Rights, and (iii) in other legal proceedings related to the Company’s Innovations. “Proprietary Rights” means patents, copyrights, mask work, moral rights, trade secrets and other proprietary rights. No provision in this Agreement is intended to require Executive to assign or offer to assign any of Executive’s rights in any invention for which Executive can establish that no trade secret information of the Company were used, and which was developed on Executive’s own time, unless the invention relates to the Company’s actual or demonstrably anticipated research or development, or the invention results from any work performed by Executive for the Company.
5.2Remedies. Executive’s duties under this Article V shall survive termination of Executive’s employment with the Company and the termination of this Agreement. Executive acknowledges that a remedy at law for any breach or threatened breach by Executive of Article V, as well as Executive’s obligations pursuant to Section 6.2 and Article VII below, would be inadequate, and Executive therefore agrees that the Company shall be entitled to seek injunctive relief in case of any such breach or threatened breach.
ARTICLE VI
OUTSIDE ACTIVITIES
6.1Other Activities.
(a)Except as otherwise provided in Section 6.1(b), Executive shall not, during the term of this Agreement undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor, unless he obtains the prior written consent of the Board.
(b)Executive may engage in civic and not-for-profit activities so long as such activities do not materially interfere with the performance of Executive’s duties hereunder. In addition, subject to Executive providing prior written notice to the Board, Executive shall be allowed to serve as a member of the board of directors of one (1) other for-profit entity at any time during the term of this Agreement, so long as such service does not materially interfere with the performance of Executive’s duties hereunder; provided, however, that the Board, in its discretion, may require
that Executive resign from such director position if it determines that such resignation would be in the best interests of the Company.
6.2Competition/Investments. During the term of Executive’s employment by the Company and for a period of one (1) year following Executive’s termination of employment for any reason, Executive shall not (except on behalf of the Company) directly or indirectly, whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever engage in, become financially interested in, be employed by or have any business connection with any other person, corporation, firm, partnership or other entity whatsoever which are known by Executive to compete directly with the Company, throughout the world, in any line of business engaged in (or planned to be engaged in) by the Company; provided, however, that anything above to the contrary notwithstanding, Executive may own, as a passive investor, securities of any competitor corporation, so long as Executive’s direct holdings in any one such corporation do not, in the aggregate, constitute more than 1% of the voting stock of such corporation. The provisions of this Section 6.2 shall survive the termination of Executive’s employment with the Company and shall be fully enforceable thereafter. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 6.2 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state. Company and Executive understand that the post-employment restrictive covenants under this Section 6.2 do not apply and will not be enforced in California or other states where such restrictive covenants are not permitted.
ARTICLE VII
NONINTERFERENCE
Executive shall not during the term of Executive’s employment by the Company and for a period of one (1) year following Executive’s termination of employment for any reason, either on Executive’s own account or jointly with or as a manager, agent, officer, employee, consultant, partner, joint venturer, owner or stockholder or otherwise on behalf of any other person, firm or corporation, directly or indirectly solicit, induce attempt to solicit any of (i) its customers or clients to terminate their relationship with the Company or to cease purchasing services or products from the Company or (ii) its officers or employees or offer employment to any person who is an officer or employee of the Company; provided, however, that a general advertisement to which an employee of the Company responds shall in no event be deemed to result in a breach of this Article VII.
Executive agrees not to harass or disparage the Company or its employees, clients, directors or agents, and the Company hereby agrees not to, and to instruct its officers and directors not to, harass or disparage Executive; provided, however, that nothing in this Agreement shall restrict Executive or the Company from making truthful statements (a) when required by law, subpoena, court order or the like; (b) when requested by a governmental, regulatory, or similar body or entity; (c) in confidence to a professional advisor for the purpose of securing professional advice; or (d) in the course of performing his duties during the Term.
The provisions of this Article VII shall survive the termination of Executive’s employment with the Company and shall be fully enforceable thereafter. If it is determined by a court of competent jurisdiction in any state that any restriction in this Article VII is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state.
ARTICLE VIII
GENERAL PROVISIONS
8.1Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery (including personal delivery by facsimile) or the third day after
mailing by first class mail, to the Company at its primary office location and to Executive at Executive’s address as listed on the Company’s books and records.
8.2Tax Withholding. Executive acknowledges that all amounts and benefits payable under this Agreement are subject to deduction and withholding to the extent required by applicable law.
8.3Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein.
8.4Waiver. If either party should waive any breach of any provisions of this Agreement, they shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.
8.5Complete Agreement. This Agreement, together with the Indemnification Agreement between the Company and Executive, dated as of January 30, 2013, as amended, constitute the entire agreement between Executive and the Company and is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter, and will supersede all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect to the subject matter hereof, including, without limitation, the Executive Employment Agreement by and between TRI Pointe Group, Inc. and Executive dated March 20, 2019, any offer letter agreement or promise of change in control or severance protection. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein or therein, and cannot be modified or amended except in a writing signed by a duly-authorized officer of the Company and Executive.
8.6Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement.
8.7Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.
8.8Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign his rights or delegate his duties or obligations hereunder without the prior written consent of the Company.
8.9Arbitration. Unless otherwise prohibited by law or specified below, all disputes, claims and causes of action, in law or equity, arising from or relating to this Agreement or its enforcement, performance, breach, or interpretation (each, a “Claim”) shall be resolved solely and exclusively by final and binding arbitration held in Orange County, California through Judicial Arbitration & Mediation Services (“JAMS”) in conformity with the then-existing JAMS employment arbitration rules and California law. The arbitrator shall: (a) provide adequate discovery for the resolution of the dispute; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. However, nothing in this section is intended to prevent either party from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. The Company shall bear the costs of any such arbitration. Executive and the Company understand that by agreement to arbitrate any Claim pursuant to this Section 8.9, they will not have the right to have any Claim decided by a jury or a court, but shall instead have any Claim decided through arbitration. Executive and the Company waive any constitutional or other right to bring claims covered by this Agreement other than in their individual capacities. Except as may be prohibited by applicable law, the foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class or representative proceeding.
8.10Executive Acknowledgement. Executive acknowledges that (a) he has consulted with or has had the opportunity to consult with independent counsel of his own choice concerning this Agreement, and has been advised to do so by the Company, and (b) that he has read and
understands the Agreement, is fully aware of its legal effect, and has entered into it freely based on his own judgment.
8.11Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of California without regard to the conflicts of law provisions thereof.
[Signature page follows]
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
TRI POINTE HOMES, INC.
By: /s/ Douglas F. Bauer Douglas F. Bauer
Title: Chief Executive Officer
Accepted and Agreed:
/s/ Thomas J. Mitchell
THOMAS J. MITCHELL
Exhibit 31.1
SECTION 302 CERTIFICATION
I, Douglas F. Bauer, certify that:
1.I have reviewed this report on Form 10-Q of Tri Pointe Homes, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
| Date: October 24, 2024 | /s/ Douglas F. Bauer |
| | Douglas F. Bauer |
| | Chief Executive Officer (Principal Executive Officer) |
Exhibit 31.2
SECTION 302 CERTIFICATION
I, Glenn J. Keeler, certify that:
1.I have reviewed this report on Form 10-Q of Tri Pointe Homes, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
| Date: October 24, 2024 | /s/ Glenn J. Keeler |
| | Glenn J. Keeler |
| | Chief Financial Officer (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Tri Pointe Homes, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Douglas F. Bauer, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
| Date: October 24, 2024 | /s/ Douglas F. Bauer |
| | Douglas F. Bauer |
| | Chief Executive Officer (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Tri Pointe Homes, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Glenn J. Keeler, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
| Date: October 24, 2024 | /s/ Glenn J. Keeler |
| | Glenn J. Keeler |
| | Chief Financial Officer (Principal Financial Officer) |
v3.24.3
Cover - shares
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Sep. 30, 2024 |
Oct. 10, 2024 |
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Tri Pointe Homes, Inc.
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DE
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61-1763235
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Suite 200
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v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Assets |
|
|
| Cash and cash equivalents |
$ 675,957
|
$ 868,953
|
| Receivables |
113,725
|
224,636
|
| Real estate inventories |
3,412,633
|
3,337,483
|
| Investments in unconsolidated entities |
130,798
|
131,824
|
| Mortgage loans held for sale |
80,071
|
0
|
| Goodwill and other intangible assets, net |
156,603
|
156,603
|
| Deferred tax assets, net |
37,996
|
37,996
|
| Other assets |
171,472
|
157,093
|
| Total assets |
4,779,255
|
4,914,588
|
| Liabilities |
|
|
| Accounts payable |
75,214
|
64,833
|
| Accrued expenses and other liabilities |
456,418
|
453,531
|
| Loans payable |
275,914
|
288,337
|
| Senior notes, net |
646,280
|
1,094,249
|
| Mortgage repurchase facilities |
75,465
|
0
|
| Total liabilities |
1,529,291
|
1,900,950
|
| Commitments and contingencies (Note 13) |
|
|
| Stockholders’ equity: |
|
|
| Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as September 30, 2024 and December 31, 2023, respectively |
0
|
0
|
| Common stock, $0.01 par value, 500,000,000 shares authorized; 93,590,060 and 95,530,512 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively |
936
|
955
|
| Additional paid-in capital |
0
|
0
|
| Retained earnings |
3,249,016
|
3,010,003
|
| Total stockholders’ equity |
3,249,952
|
3,010,958
|
| Noncontrolling interests |
12
|
2,680
|
| Total equity |
3,249,964
|
3,013,638
|
| Total liabilities and equity |
$ 4,779,255
|
$ 4,914,588
|
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20
Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11
Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15
Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16
Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I
Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Preferred stock authorized (in shares) |
50,000,000
|
50,000,000
|
| Preferred stock issued (in shares) |
0
|
0
|
| Preferred stock outstanding (in shares) |
0
|
0
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock authorized (in shares) |
500,000,000
|
500,000,000
|
| Common stock issued (in shares) |
93,590,060
|
95,530,512
|
| Common stock outstanding (in shares) |
93,590,060
|
95,530,512
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (a)
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenues |
$ 1,144,673
|
$ 838,516
|
$ 3,238,999
|
$ 2,455,506
|
| Income before income taxes |
151,547
|
99,551
|
441,356
|
286,201
|
| Provision for income taxes |
(39,788)
|
(22,942)
|
(112,599)
|
(71,764)
|
| Net income |
111,759
|
76,609
|
328,757
|
214,437
|
| Net(income) loss attributable to noncontrolling interests |
0
|
(1,207)
|
59
|
(3,569)
|
| Net income available to common stockholders |
$ 111,759
|
$ 75,402
|
$ 328,816
|
$ 210,868
|
| Earnings per share |
|
|
|
|
| Basic (in dollars per share) |
$ 1.19
|
$ 0.77
|
$ 3.49
|
$ 2.12
|
| Diluted (in dollars per share) |
$ 1.18
|
$ 0.76
|
$ 3.46
|
$ 2.10
|
| Weighted average shares outstanding |
|
|
|
|
| Basic (in shares) |
93,600,678
|
98,018,498
|
94,294,800
|
99,534,570
|
| Diluted (in shares) |
94,640,211
|
99,030,210
|
95,081,173
|
100,458,357
|
| Homebuilding Segment |
|
|
|
|
| Revenues |
$ 1,127,023
|
$ 827,758
|
$ 3,191,181
|
$ 2,425,502
|
| Other operations expense |
765
|
724
|
2,295
|
2,171
|
| Sales and marketing |
53,744
|
42,874
|
160,772
|
127,977
|
| General and administrative |
66,734
|
58,359
|
185,809
|
158,949
|
| Homebuilding income from operations |
139,295
|
83,253
|
393,237
|
244,927
|
| Equity in income of unconsolidated entities |
227
|
3
|
383
|
272
|
| Other income, net |
6,658
|
11,664
|
31,818
|
30,361
|
| Homebuilding income before income taxes |
146,180
|
94,920
|
425,438
|
275,560
|
| Income before income taxes |
146,180
|
94,920
|
425,438
|
275,560
|
| Financial services |
|
|
|
|
| Revenues |
17,650
|
10,758
|
47,818
|
30,004
|
| Expenses |
12,283
|
6,127
|
31,900
|
19,363
|
| Financial services income before income taxes |
5,367
|
4,631
|
15,918
|
10,641
|
| Income before income taxes |
5,367
|
4,631
|
15,918
|
10,641
|
| Home sales revenue | Homebuilding Segment |
|
|
|
|
| Revenues |
1,113,681
|
825,295
|
3,165,042
|
2,412,777
|
| Cost of home, land and lot sales |
854,499
|
641,074
|
2,427,484
|
1,881,191
|
| Land and lot sales revenue | Homebuilding Segment |
|
|
|
|
| Revenues |
12,552
|
1,714
|
23,780
|
10,506
|
| Cost of home, land and lot sales |
11,986
|
1,474
|
21,584
|
10,287
|
| Other operations revenue | Homebuilding Segment |
|
|
|
|
| Revenues |
$ 790
|
$ 749
|
$ 2,359
|
$ 2,219
|
| X |
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| X |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
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v3.24.3
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands |
Total |
Total Stockholders’ Equity |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Noncontrolling Interests |
| Beginning balance (in shares) at Dec. 31, 2022 |
|
|
101,017,708
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 2,836,531
|
$ 2,832,389
|
$ 1,010
|
$ 3,685
|
$ 2,827,694
|
$ 4,142
|
| Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
| Net income |
214,437
|
210,868
|
|
|
210,868
|
3,569
|
| Shares issued under share-based awards (in shares) |
|
|
789,164
|
|
|
|
| Shares issued under share-based awards |
518
|
518
|
$ 8
|
510
|
|
|
| Tax withholding paid on behalf of employees for share-based awards |
(9,802)
|
(9,802)
|
|
(9,802)
|
|
|
| Stock-based compensation expense |
15,012
|
15,012
|
|
15,012
|
|
|
| Share repurchases (in shares) |
|
|
(4,465,098)
|
|
|
|
| Share repurchases |
(125,588)
|
(125,588)
|
$ (45)
|
(125,543)
|
|
|
| Distributions to noncontrolling interests, net |
(6,955)
|
|
|
|
|
(6,955)
|
| Reclass the negative APIC to retained earnings |
0
|
|
|
116,138
|
(116,138)
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
97,341,774
|
|
|
|
| Ending balance at Sep. 30, 2023 |
2,924,153
|
2,923,397
|
$ 973
|
0
|
2,922,424
|
756
|
| Beginning balance (in shares) at Jun. 30, 2023 |
|
|
99,094,458
|
|
|
|
| Beginning balance at Jun. 30, 2023 |
2,896,820
|
2,896,111
|
$ 991
|
0
|
2,895,120
|
709
|
| Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
| Net income |
76,609
|
75,402
|
|
|
75,402
|
1,207
|
| Shares issued under share-based awards (in shares) |
|
|
361
|
|
|
|
| Shares issued under share-based awards |
0
|
0
|
$ 0
|
0
|
|
|
| Tax withholding paid on behalf of employees for share-based awards |
(6)
|
(6)
|
|
(6)
|
|
|
| Stock-based compensation expense |
6,989
|
6,989
|
|
6,989
|
|
|
| Share repurchases (in shares) |
|
|
(1,753,045)
|
|
|
|
| Share repurchases |
(55,099)
|
(55,099)
|
$ (18)
|
(55,081)
|
|
|
| Distributions to noncontrolling interests, net |
(1,160)
|
|
|
|
|
(1,160)
|
| Reclass the negative APIC to retained earnings |
0
|
|
|
48,098
|
(48,098)
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
97,341,774
|
|
|
|
| Ending balance at Sep. 30, 2023 |
$ 2,924,153
|
2,923,397
|
$ 973
|
0
|
2,922,424
|
756
|
| Beginning balance (in shares) at Dec. 31, 2023 |
95,530,512
|
|
95,530,512
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 3,013,638
|
3,010,958
|
$ 955
|
0
|
3,010,003
|
2,680
|
| Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
| Net income |
328,757
|
328,816
|
|
|
328,816
|
(59)
|
| Shares issued under share-based awards (in shares) |
|
|
821,172
|
|
|
|
| Shares issued under share-based awards |
1,041
|
1,041
|
$ 8
|
1,033
|
|
|
| Tax withholding paid on behalf of employees for share-based awards |
(16,612)
|
(16,612)
|
|
(16,612)
|
|
|
| Stock-based compensation expense |
24,327
|
24,327
|
|
24,327
|
|
|
| Share repurchases, including excise tax (in shares) |
|
|
(2,761,624)
|
|
|
|
| Share repurchases, including excise tax |
(97,310)
|
(97,310)
|
$ (27)
|
(97,283)
|
|
|
| Distributions to noncontrolling interests, net |
(2,609)
|
|
|
|
|
(2,609)
|
| Acquisition of joint venture minority interest |
(1,268)
|
(1,268)
|
|
(1,268)
|
|
|
| Reclass the negative APIC to retained earnings |
$ 0
|
|
|
89,803
|
(89,803)
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
93,590,060
|
|
93,590,060
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 3,249,964
|
3,249,952
|
$ 936
|
0
|
3,249,016
|
12
|
| Beginning balance (in shares) at Jun. 30, 2024 |
|
|
93,862,218
|
|
|
|
| Beginning balance at Jun. 30, 2024 |
3,139,496
|
3,139,484
|
$ 939
|
0
|
3,138,545
|
12
|
| Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
| Net income |
111,759
|
111,759
|
|
|
111,759
|
0
|
| Shares issued under share-based awards (in shares) |
|
|
619
|
|
|
|
| Shares issued under share-based awards |
0
|
|
|
|
|
|
| Tax withholding paid on behalf of employees for share-based awards |
(8)
|
(8)
|
|
(8)
|
|
|
| Stock-based compensation expense |
8,708
|
8,708
|
|
8,708
|
|
|
| Share repurchases, including excise tax (in shares) |
|
|
(272,777)
|
|
|
|
| Share repurchases, including excise tax |
(9,991)
|
(9,991)
|
$ (3)
|
(9,988)
|
|
|
| Reclass the negative APIC to retained earnings |
$ 0
|
|
|
1,288
|
(1,288)
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
93,590,060
|
|
93,590,060
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 3,249,964
|
$ 3,249,952
|
$ 936
|
$ 0
|
$ 3,249,016
|
$ 12
|
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
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-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
-Paragraph 3
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-Publisher FASB
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-Topic 505
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 328,757
|
$ 214,437
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
23,572
|
20,066
|
| Equity in income of unconsolidated entities, net |
(383)
|
(272)
|
| Amortization of stock-based compensation |
24,327
|
15,012
|
| Charges for impairments and lot option abandonments |
2,444
|
12,675
|
| Fair value adjustment on mortgage loans held for sale |
(758)
|
0
|
| Gain on increase in carrying amount of investment |
(3,495)
|
0
|
| Changes in assets and liabilities: |
|
|
| Real estate inventories |
(74,485)
|
(247,846)
|
| Mortgage loans held for sale |
(79,313)
|
0
|
| Receivables |
110,911
|
50,043
|
| Other assets |
(9,527)
|
1
|
| Accounts payable |
10,381
|
(7,093)
|
| Accrued expenses and other liabilities |
3,332
|
67,773
|
| Net cash provided by operating activities |
335,763
|
124,797
|
| Cash flows from investing activities: |
|
|
| Purchases of property and equipment |
(18,933)
|
(19,136)
|
| Proceeds from investment |
717
|
0
|
| Net investments in unconsolidated entities |
(24,789)
|
(6,434)
|
| Distributions from unconsolidated entities |
17,289
|
0
|
| Net cash used in investing activities |
(25,716)
|
(25,570)
|
| Cash flows from financing activities: |
|
|
| Borrowings from loans payable |
420
|
910
|
| Repayment of loans payable and senior notes |
(462,844)
|
0
|
| Borrowings on mortgage repurchase facilities |
282,400
|
0
|
| Repayments on mortgage repurchase facilities |
(206,935)
|
0
|
| Distributions to noncontrolling interests |
(3,877)
|
(6,955)
|
| Proceeds from issuance of common stock under share-based awards |
1,041
|
518
|
| Tax withholding paid on behalf of employees for share-based awards |
(16,612)
|
(9,802)
|
| Share repurchases, excluding excise tax |
(96,636)
|
(124,523)
|
| Net cash used in financing activities |
(503,043)
|
(139,852)
|
| Net decrease in cash and cash equivalents |
(192,996)
|
(40,625)
|
| Cash and cash equivalents–beginning of period |
868,953
|
889,664
|
| Cash and cash equivalents–end of period |
$ 675,957
|
$ 849,039
|
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v3.24.3
Organization, Basis of Presentation and Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Organization, Basis of Presentation and Summary of Significant Accounting Policies |
Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Tri Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes across ten states, including Arizona, California, Colorado, Maryland, Nevada, North Carolina, South Carolina, Texas, Virginia, and Washington, and the District of Columbia. In September 2023, we announced our expansion into the greater Salt Lake City region with the launch of a new division in Utah. In April 2024, we announced further expansion into Orlando, Florida, and the Coastal Carolinas area, which includes parts of Georgia and South Carolina. As of September 30, 2024, we had not yet commenced significant homebuilding operations in these new markets. Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 due to seasonal variations and other factors. The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of September 30, 2024 and December 31, 2023 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation. Unless the context otherwise requires, the terms “Tri Pointe”, “the Company”, “we”, “us”, and “our” used herein refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries. Use of Estimates The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates. Cash and Cash Equivalents and Concentration of Credit Risk
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. Revenue Recognition We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Home sales revenue We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial. Financial services revenues Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations. Mortgage financing operations For the year ended December 31, 2023, our Tri Pointe Connect mortgage operations were conducted through a joint venture with an established mortgage lender. Tri Pointe Connect acted as a preferred mortgage loan broker to our homebuyers in all of the markets in which we operate, generating income from fees paid by third party lenders for the successful funding and closing of loans for homebuyers that originated through Tri Pointe Connect. For the year ended December 31, 2023, Tri Pointe Connect was fully consolidated in accordance with Accounting Standards Topic 810 (“ASC 810”), Consolidation, under the Financial Services section of our consolidated statements of operations, with the noncontrolling interest recorded on the consolidated statements of operations as net income attributable to noncontrolling interests. Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing our own funds. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders. Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. When we act as a mortgage loan broker and originate loans with third party lenders, mortgage loan broker fees and mortgage loan origination fees are recognized at the time the mortgage loans are funded. When we provide mortgage financing, we recognize fees on mortgage loan originations upon loan origination. Mortgage loans held for sale We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. As of September 30, 2024, mortgage loans held for sale had an aggregate estimated fair value of $80.1 million and an aggregate outstanding principal balance of $79.3 million. For the nine months ended September 30, 2024, we recorded $758,000 of unrealized gains, in Financial Services revenue, related to our mortgage loans held for sale as of September 30, 2024. Title and escrow services operations Tri Pointe Assurance provides title examinations for our homebuyers in the Carolinas and Colorado and both title examinations and escrow services for our homebuyers in Arizona, the District of Columbia, Maryland, Nevada, Texas, Washington and Virginia. Tri Pointe Assurance is a wholly owned subsidiary of Tri Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. Tri Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations. Property and casualty insurance agency operations Tri Pointe Advantage is a wholly owned subsidiary of Tri Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. Tri Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-07 will have on our financial statement disclosures. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for us for annual periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-09 will have on our financial statement disclosures.
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v3.24.3
Segment Information
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
Segment Information We operate two principal businesses: homebuilding and financial services. In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments within our homebuilding business, we have considered similar economic and other characteristics, including product types, average sales prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments and, as such, our homebuilding segments are reported under the following hierarchy: West region: Arizona, California, Nevada and Washington Central region: Colorado, Texas and Utah East region: District of Columbia, Florida, Maryland, North Carolina, South Carolina and Virginia In September 2023, we announced our expansion into the greater Salt Lake City region with the launch of a new division in Utah. In April 2024, we announced further expansion into Orlando, Florida, and the Coastal Carolinas area, which includes parts of Georgia and South Carolina. As of September 30, 2024, we had not yet commenced significant operations in these new markets, however we have controlled lots within Utah. Our Tri Pointe Solutions financial services operation is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, our Tri Pointe Assurance title and escrow services operations, and our Tri Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit, risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. All of the expenses incurred by Corporate are allocated to each of the homebuilding reporting segments based on their respective percentage of revenues. The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Revenues | | | | | | | | | West | $ | 690,577 | | | $ | 544,168 | | | $ | 1,921,817 | | | $ | 1,550,905 | | | Central | 262,485 | | | 165,322 | | | 838,302 | | | 529,952 | | | East | 173,961 | | | 118,268 | | | 431,062 | | | 344,645 | | | Total homebuilding revenues | 1,127,023 | | | 827,758 | | | 3,191,181 | | | 2,425,502 | | | Financial services | 17,650 | | | 10,758 | | | 47,818 | | | 30,004 | | | Total | $ | 1,144,673 | | | $ | 838,516 | | | $ | 3,238,999 | | | $ | 2,455,506 | | | | | | | | | | | Income before income taxes | | | | | | | | | West | $ | 92,261 | | | $ | 60,965 | | | $ | 255,643 | | | $ | 186,372 | | | Central | 32,327 | | | 19,075 | | | 119,645 | | | 50,917 | | | East | 21,592 | | | 14,880 | | | 50,150 | | | 38,271 | | | Total homebuilding income before income taxes | 146,180 | | | 94,920 | | | 425,438 | | | 275,560 | | | Financial services | 5,367 | | | 4,631 | | | 15,918 | | | 10,641 | | | Total | $ | 151,547 | | | $ | 99,551 | | | $ | 441,356 | | | $ | 286,201 | |
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Real estate inventories | | | | | West | $ | 2,159,917 | | | $ | 2,209,113 | | | Central | 813,793 | | | 762,051 | | | East | 438,923 | | | 366,319 | | | Total | $ | 3,412,633 | | | $ | 3,337,483 | | | | | | Total assets(1) | | | | | West | $ | 2,430,880 | | | $ | 2,557,608 | | | Central | 985,021 | | | 947,200 | | | East | 483,872 | | | 421,630 | | | Corporate | 742,483 | | | 941,824 | | | Total homebuilding assets | 4,642,256 | | | 4,868,262 | | | Financial services | 136,999 | | | 46,326 | | | Total | $ | 4,779,255 | | | $ | 4,914,588 | |
__________ (1) Total assets as of September 30, 2024 and December 31, 2023 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of September 30, 2024 and December 31, 2023 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
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v3.24.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
Earnings Per Share The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Numerator: | | | | | | | | | Net income available to common stockholders | $ | 111,759 | | | $ | 75,402 | | | $ | 328,816 | | | $ | 210,868 | | | Denominator: | | | | | | | | | Basic weighted-average shares outstanding | 93,600,678 | | | 98,018,498 | | | 94,294,800 | | | 99,534,570 | | | Effect of dilutive shares: | | | | | | | | | Stock options and unvested restricted stock units | 1,039,533 | | | 1,011,712 | | | 786,373 | | | 923,787 | | | Diluted weighted-average shares outstanding | 94,640,211 | | | 99,030,210 | | | 95,081,173 | | | 100,458,357 | | | Earnings per share | | | | | | | | | Basic | $ | 1.19 | | | $ | 0.77 | | | $ | 3.49 | | | $ | 2.12 | | | Diluted | $ | 1.18 | | | $ | 0.76 | | | $ | 3.46 | | | $ | 2.10 | | | Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share | 1,119,501 | | | 2,605,025 | | | 1,426,229 | | | 2,692,950 | |
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v3.24.3
Receivables
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Receivables [Abstract] |
|
| Receivables |
Receivables Receivables consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Escrow proceeds and other accounts receivable, net | $ | 47,718 | | | $ | 158,622 | | | Warranty insurance receivable (Note 13) | 66,007 | | | 66,014 | | | Total receivables | $ | 113,725 | | | $ | 224,636 | |
Receivables are evaluated for collectability and allowances for potential losses are established or maintained on applicable receivables based on an expected credit loss approach. Receivables were net of allowances for doubtful accounts of $436,000 as of both September 30, 2024 and December 31, 2023.
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-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/310-10/tableOfContent
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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v3.24.3
Real Estate Inventories
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Real Estate Inventories |
Real Estate Inventories Real estate inventories consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Real estate inventories owned: | | | | | Homes completed or under construction | $ | 1,540,492 | | | $ | 1,402,762 | | | Land under development | 1,203,923 | | | 1,299,074 | | | Land held for future development | 156,394 | | | 153,615 | | | Model homes | 288,079 | | | 306,565 | | | Total real estate inventories owned | 3,188,888 | | | 3,162,016 | | | Real estate inventories not owned: | | | | | Land purchase and land option deposits | 223,745 | | | 175,467 | | | | | | | Total real estate inventories not owned | 223,745 | | | 175,467 | | | Total real estate inventories | $ | 3,412,633 | | | $ | 3,337,483 | |
Homes completed or under construction is comprised of costs associated with homes in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs, which include capitalized interest and real estate taxes, associated with land undergoing improvement activity. Land held for future development principally reflects land acquisition and land development costs related to land where development activity has not yet begun or has been suspended, but is expected to occur in the future. Real estate inventories not owned represents deposits related to land purchase and land and lot option agreements. For further details, see Note 7, Variable Interest Entities. Interest incurred, capitalized and expensed were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Interest incurred | $ | 25,253 | | | $ | 36,919 | | | $ | 91,787 | | | $ | 111,792 | | | Interest capitalized | (25,253) | | | (36,919) | | | (91,787) | | | (111,792) | | | Interest expensed | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Capitalized interest in beginning inventory | $ | 218,171 | | | $ | 220,352 | | | $ | 221,647 | | | $ | 191,411 | | | Interest capitalized as a cost of inventory | 25,253 | | | 36,919 | | | 91,787 | | | 111,792 | | Interest previously capitalized as a cost of inventory, included in cost of sales | (38,762) | | | (27,264) | | | (108,772) | | | (73,196) | | | Capitalized interest in ending inventory | $ | 204,662 | | | $ | 230,007 | | | $ | 204,662 | | | $ | 230,007 | |
Interest is capitalized to real estate inventory during development and other qualifying activities. During all periods presented, we capitalized all interest incurred to real estate inventory in accordance with ASC Topic 835, Interest, as our qualified assets exceeded our debt. Interest that is capitalized to real estate inventory is included in cost of home sales or cost of land and lot sales as related units or lots are delivered. Interest that is expensed as incurred is included in other (expense) income, net. Real Estate Inventory Impairments and Land Option Abandonments Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Real estate inventory impairments | $ | — | | | $ | — | | | $ | — | | | $ | 11,500 | | | Land and lot option abandonments and pre-acquisition charges | 1,074 | | | 197 | | | 2,444 | | | 1,175 | | | Total | $ | 1,074 | | | $ | 197 | | | $ | 2,444 | | | $ | 12,675 | |
Impairments of real estate inventory relate primarily to projects or communities that include homes completed or under construction. During the nine months ended September 30, 2023, we recorded a real estate inventory impairment charge of $11.5 million related to one active community in the West segment where the carrying value of the community exceeded the fair value based on a discounted cash flows analysis. The discount rate used to calculate fair value was 10%. We considered both market risk and community-specific risk to arrive at a discount rate appropriate for the level of total risk associated with this community. In addition to owning land and residential lots, we also have option agreements to purchase land and lots at a future date. We have option deposits and capitalized pre-acquisition costs associated with the optioned land and lots. When the economics of a project no longer support acquisition of the land or lots under option, we may elect not to move forward with the acquisition. Option deposits and capitalized pre-acquisition costs associated with the assets under option may be forfeited at that time. Real estate inventory impairments and land option abandonments are recorded in cost of home sales in the consolidated statements of operations.
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v3.24.3
Investments in Unconsolidated Entities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity Method Investments and Joint Ventures [Abstract] |
|
| Investments in Unconsolidated Entities |
Investments in Unconsolidated Entities As of September 30, 2024, we held equity investments in fourteen active partnerships or limited liability companies. Our participation in these entities may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 8% to 50%, depending on the investment, with no controlling interest held in any of these investments. Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Assets | | | | | Cash | $ | 46,185 | | | $ | 35,308 | | | Receivables | 105,645 | | | 38,839 | | | Real estate inventories | 400,317 | | | 450,097 | | | Other assets | 6,584 | | | 27,632 | | | Total assets | $ | 558,731 | | | $ | 551,876 | | | Liabilities and equity | | | | | Debt obligations and other liabilities | $ | 148,610 | | | $ | 155,616 | | | Company’s equity | 130,798 | | | 131,824 | | | Outside interests’ equity | 279,323 | | | 264,436 | | | Total liabilities and equity | $ | 558,731 | | | $ | 551,876 | |
Guarantees The unconsolidated entities in which we hold an equity investment generally finance their activities with a combination of equity and secured project debt financing. We have, and in some cases our joint venture partner has, guaranteed portions of the loan obligations for some of the homebuilding partnerships or limited liability companies, which may include any or all of the following: (i) project completion; (ii) remargin obligations; and (iii) environmental indemnities. In circumstances in which we have entered into joint and several guarantees with our joint venture partner, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed-upon share of the guaranteed obligations. In the event our joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, or otherwise fails to satisfy its obligations thereunder, we may be responsible for more than our proportionate share of any obligations under such guarantees. As of September 30, 2024 and December 31, 2023, we have not recorded any liabilities for these obligations and guarantees, as the fair value of the related joint venture real estate assets exceeded the threshold where a remargin payment would be required and no other obligations under the guarantees existed as of such time. At September 30, 2024 and December 31, 2023, aggregate outstanding debt for unconsolidated entities, included in the “Debt obligations and other liabilities” line of the aggregated assets, liabilities and equity shown in the table above, was $124.1 million and $125.9 million, respectively.
Aggregated results of operations from unconsolidated entities (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Net sales | $ | 42,183 | | | $ | 17,588 | | | $ | 106,097 | | | $ | 77,483 | | | Other operating expense | (42,306) | | | (17,422) | | | (103,657) | | | (76,361) | | | Other income (expense), net | 24 | | | 100 | | | 849 | | | 94 | | | Net income | $ | (99) | | | $ | 266 | | | $ | 3,289 | | | $ | 1,216 | | | Company’s equity in income of unconsolidated entities | $ | 227 | | | $ | 3 | | | $ | 383 | | | $ | 272 | |
The aggregate results of operations from unconsolidated entities include related party transactions with the Company. When we purchase land from a joint venture in which we are a partner, such transactions are reflected as net sales in the joint ventures’ operating results, with any profit eliminated in the consolidated financial statements. Additionally, when we act as the general partner or managing member, we earn an immaterial, market-based administrative fee for services provided, which is reflected as other operating expense in the joint ventures’ operating results, and as other income (expense) on our consolidated statements of operations.
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v3.24.3
Variable Interest Entities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Variable Interest Entities |
Variable Interest Entities Land and Lot Option Agreements In the ordinary course of business, we enter into land and lot option agreements in order to procure land and residential lots for future development and the construction of homes. The use of such land and lot option agreements generally allows us to reduce the risks associated with direct land ownership and development, and reduces our capital and financial commitments. Pursuant to these land and lot option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. These deposits are recorded as land purchase and land option deposits under real estate inventories not owned on the accompanying consolidated balance sheets. We analyze each of our land and lot option agreements and other similar contracts under the provisions of Accounting Standards Topic 810 (“ASC 810”), Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE. Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is generally limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots. The following provides a summary of our interests in land and lot option agreements (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Deposits | | Remaining
Purchase
Price | | Consolidated
Inventory
Held by VIEs | | Deposits | | Remaining
Purchase
Price | | Consolidated
Inventory
Held by VIEs | | | | | | | | | | | | | | Unconsolidated VIEs | $ | 205,505 | | | $ | 1,816,726 | | | N/A | | $ | 159,164 | | | $ | 1,017,791 | | | N/A | | Other land option agreements | 18,240 | | | 240,021 | | | N/A | | 16,303 | | | 189,007 | | | N/A | | Total | $ | 223,745 | | | $ | 2,056,747 | | | $ | — | | | $ | 175,467 | | | $ | 1,206,798 | | | $ | — | |
Unconsolidated VIEs represent land option agreements that were not consolidated because we were not the primary beneficiary. Other land option agreements were not with VIEs. In addition to the deposits presented in the table above, our exposure to loss related to our land and lot option contracts consisted of capitalized pre-acquisition costs of $12.0 million and $9.5 million as of September 30, 2024 and December 31, 2023, respectively. These pre-acquisition costs are included in real estate inventories as land under development on our consolidated balance sheets.
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v3.24.3
Goodwill and Other Intangible Assets
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets As of September 30, 2024 and December 31, 2023, $139.3 million of goodwill is included in goodwill and other intangible assets, net on each of the consolidated balance sheets, which was recorded in connection with our merger with Weyerhaeuser Real Estate Company (“WRECO”) in 2014. In addition, as of September 30, 2024 and December 31, 2023, we have one intangible asset with a carrying amount of $17.3 million comprised of a Tri Pointe Homes trade name, which has an indefinite useful life and is non-amortizing, resulting from the acquisition of WRECO in 2014. Goodwill and other intangible assets are evaluated for impairment on an annual basis, or more frequently if indicators of impairment exist.
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- DefinitionThe entire disclosure for goodwill and intangible assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
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v3.24.3
Other Assets
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
| Other Assets |
Other Assets Other assets consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Prepaid expenses | $ | 15,612 | | | $ | 8,462 | | | Refundable fees and other deposits | 9,016 | | | 8,726 | | | Development rights, held for future use or sale | 1,192 | | | 1,192 | | | Deferred loan costs—loans payable | 3,996 | | | 5,089 | | | Operating properties and equipment, net | 61,285 | | | 66,284 | | | Lease right-of-use assets | 63,584 | | | 66,404 | | | Income tax receivable | 13,051 | | | — | | | Other | 3,736 | | | 936 | | | Total | $ | 171,472 | | | $ | 157,093 | |
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v3.24.3
Accrued Expenses and Other Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Payables and Accruals [Abstract] |
|
| Accrued Expenses and Other Liabilities |
Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Accrued payroll and related costs | $ | 62,427 | | | $ | 68,575 | | Warranty reserves (Note 13) | 107,307 | | | 106,993 | | | Estimated cost for completion of real estate inventories | 122,299 | | | 108,175 | | | Customer deposits | 55,213 | | | 43,991 | | | Accrued income taxes payable | 5,073 | | | 23,138 | | | | | | | Accrued interest | 14,860 | | | 8,470 | | | | | | | Other tax liability | 3,494 | | | 2,976 | | | Lease liabilities | 77,419 | | | 78,782 | | | Other | 8,326 | | | 12,431 | | | Total | $ | 456,418 | | | $ | 453,531 | |
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v3.24.3
Senior Notes, Loans Payable and Mortgage Repurchase Facilities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Senior Notes, Loans Payable and Mortgage Repurchase Facilities |
Senior Notes, Loans Payable and Mortgage Repurchase Facilities Senior Notes The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands): | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | 5.875% Senior Notes due June 15, 2024 | $ | — | | | $ | 450,000 | | | 5.250% Senior Notes due June 1, 2027 | 300,000 | | | 300,000 | | | 5.700% Senior Notes due June 15, 2028 | 350,000 | | | 350,000 | | | | Discount and deferred loan costs | (3,720) | | | (5,751) | | | | Total | $ | 646,280 | | | $ | 1,094,249 | | |
In June 2020, Tri Pointe issued $350 million aggregate principal amount of 5.700% Senior Notes due 2028 (the “2028 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $345.2 million, after debt issuance costs and discounts. The 2028 Notes mature on June 15, 2028 and interest is paid semiannually in arrears on June 15 and December 15 of each year until maturity. In June 2017, Tri Pointe issued $300 million aggregate principal amount of 5.250% Senior Notes due 2027 (the “2027 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $296.3 million, after debt issuance costs and discounts. The 2027 Notes mature on June 1, 2027 and interest is paid semiannually in arrears on June 1 and December 1 of each year until maturity.
Tri Pointe and its wholly owned subsidiary, Tri Pointe Homes Holdings, Inc., were co-issuers of the $450 million aggregate principal amount 5.875% Senior Notes due 2024 (the “2024 Notes”). The 2024 Notes were issued at 98.15% of their aggregate principal amount in June of 2014. The net proceeds from the offering of the 2024 Notes was $429.0 million, after debt issuance costs and discounts. The 2024 Notes were scheduled to mature on June 15, 2024; however, on May 15, 2024, we redeemed the entire outstanding principal amount of the 2024 Notes at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon to the redemption date. As of September 30, 2024 and December 31, 2023, there were $3.7 million and $5.2 million of capitalized debt financing costs, included in senior notes, net on our consolidated balance sheet, related to the Senior Notes that will amortize over the lives of the Senior Notes. Accrued interest related to the Senior Notes was $11.1 million and $3.2 million as of September 30, 2024 and December 31, 2023, respectively. Loans Payable The Company’s outstanding loans payable consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Term loan facility | $ | 250,000 | | | $ | 250,000 | | | Seller financed loans | 25,914 | | | 38,337 | | | Total | $ | 275,914 | | | $ | 288,337 | |
On December 15, 2023, we entered into a Fourth Modification Agreement (the “Fourth Modification”) to our Second Amended and Restated Credit Agreement dated as of March 29, 2019 (the “Credit Agreement”). The Fourth Modification, among other things, amends the Credit Agreement to exclude (i) certain indebtedness of the Company’s financial services subsidiaries for purposes of calculating the Company’s “Leverage Ratio” (as defined in the Credit Agreement), and (ii) the Company’s financial services subsidiaries from the determination of “Consolidated EBITDA” (as defined in the Credit Agreement), as well as any interest obligations of the Company’s financial services subsidiaries, for purposes of calculating the Company’s “Interest Coverage Ratio” (as defined in the Credit Agreement). The Credit Facility (as defined below), consists of a $750 million revolving credit facility (the “Revolving Facility”) and a $250 million term loan facility (the “Term Facility” and together with the Revolving Facility, the “Credit Facility”). Both the Revolving Facility and the Term Facility mature on June 29, 2027. We may increase the Credit Facility to not more than $1.2 billion in the aggregate, at our request, upon satisfaction of specified conditions. We may borrow under the Revolving Facility in the ordinary course of business to repay senior notes and fund our operations, including our land acquisition, land development and homebuilding activities. Borrowings under the Revolving Facility will be governed by, among other things, a borrowing base. Interest rates under the Revolving Facility will be based on the Secured Overnight Financing Rate (“SOFR”), plus a spread ranging from 1.25% to 1.90%, depending on the Company’s leverage ratio. Interest rates under the Term Facility will be based on SOFR, plus a spread ranging from 1.10% to 1.85%, depending on the Company’s leverage ratio. As of September 30, 2024, we had no outstanding debt under the Revolving Facility and there was $698.1 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of September 30, 2024, we had $250 million of outstanding debt under the Term Facility with an interest rate of 5.93%. As of September 30, 2024, there were $4.0 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Credit Facility was $1.8 million and $1.6 million as of September 30, 2024 and December 31, 2023, respectively. At September 30, 2024 and December 31, 2023, we had outstanding letters of credit of $51.9 million and $52.3 million, respectively. These letters of credit were issued to secure various financial obligations. We believe it is not probable that any outstanding letters of credit will be drawn upon. As of September 30, 2024 and December 31, 2023, we had $25.9 million and $38.3 million, respectively, outstanding related to two seller-financed loans. All seller-financed loans are to acquire lots for the construction of homes. Principal on these loans are expected to be fully paid by the end of fiscal year 2025, provided certain achievements are met. One of the seller-financed loans, representing $25.5 million of the total balance as of September 30, 2024 and $37.4 million of the balance as of December 31, 2023, accrues interest at an imputed interest rate of 4.50% per annum. The second seller-financed loan represented $420,000 of the total balance as of September 30, 2024 and $910,000 as of December 31, 2023, respectively. Mortgage Repurchase Facilities Between March 2024 and May 2024, Tri Pointe Connect entered into three Master Repurchase Agreements totaling $380 million (“Repurchase Agreements”). The Repurchase Agreements contain various affirmative and negative covenants applicable to Tri Pointe Connect, including thresholds related to net worth, net income, liquidity, and profitability. As of September 30, 2024, Tri Pointe Connect had $75.5 million of outstanding debt related to the Repurchase Agreements at a weighted-average interest rate of 6.9%, and $204.5 million of remaining capacity under the Repurchase Agreements. Tri Pointe Connect was in compliance with all covenants and requirements as of September 30, 2024. The following table provides a summary of our Repurchase Agreements as of September 30, 2024 ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Facility | Outstanding Balance | | Facility Amount | | Interest Rate | | Expiration Date | | Collateral (1) | | Warehouse A | $ | 37,528 | | | $ | 80,000 | | | Term SOFR + 1.75% | | 3/11/2025 | | Mortgage Loans | | Warehouse B | — | | | 100,000 | | | Term SOFR + 1.75% | | 5/28/2025 | | Mortgage Loans | | Warehouse C (2) | 37,937 | | | 50,000 | | | Term SOFR + 1.75% | | 5/30/2025 | | Mortgage Loans | | Warehouse C (2) | — | | | 50,000 | | | Term SOFR + 1.75% | | On Demand | | Mortgage Loans | | | | | | | | | | | | Total | $ | 75,465 | | | $ | 280,000 | | | | | | | |
__________(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of September 30, 2024, mortgage loans held for sale had an aggregate fair value of $80.1 million. (2) Warehouse C is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.
Interest Incurred During the three months ended September 30, 2024 and 2023, the Company incurred interest of $25.3 million and $36.9 million, respectively, related to all debt and land banking arrangements. Included in interest incurred are amortization of deferred financing and Senior Note discount costs of $610,000 and $1.3 million for the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company incurred interest of $91.8 million and $111.8 million, respectively, related to all debt and land banking arrangements and amortization of deferred financing and Senior Note discount costs of $3.1 million and $3.8 million for the nine months ended September 30, 2024 and 2023, respectively. Accrued interest related to all outstanding debt at September 30, 2024 and December 31, 2023 was $14.9 million and $8.5 million, respectively. Covenant Requirements The Senior Notes contain covenants that restrict our ability to, among other things, create liens or other encumbrances, enter into sale and leaseback transactions, or merge or sell all or substantially all of our assets. These limitations are subject to a number of qualifications and exceptions. Under the Credit Facility, the Company is required to comply with certain financial covenants, including those relating to consolidated tangible net worth, leverage, liquidity or interest coverage, and a spec unit inventory test. The Credit Facility also requires that at least 95.0% of consolidated tangible net worth must be attributable to the Company and its guarantor subsidiaries, subject to certain grace periods. The Company was in compliance with all applicable financial covenants as of September 30, 2024 and December 31, 2023.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Fair Value Disclosures
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9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
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| Fair Value Disclosures |
Fair Value Disclosures Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: •Level 1—Quoted prices for identical instruments in active markets •Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date •Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date Fair Value of Financial Instruments A summary of assets and liabilities at September 30, 2024 and December 31, 2023, related to our financial instruments, is set forth below (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Hierarchy | | Book Value | | Fair Value | | Book Value | | Fair Value | Senior Notes(1) | Level 2 | | $ | 650,000 | | | $ | 653,925 | | | $ | 1,099,489 | | | $ | 1,066,835 | | | | | | | | | | | | Term loan(2) | Level 2 | | $ | 250,000 | | | $ | 250,000 | | | $ | 250,000 | | | $ | 250,000 | | Seller financed loans(3) | Level 2 | | $ | 25,914 | | | $ | 25,914 | | | $ | 38,337 | | | $ | 38,337 | | Mortgage loans held for sale(4) | Level 2 | | $ | 80,071 | | | $ | 80,071 | | | $ | — | | | $ | — | | Mortgage repurchase facilities(5) | Level 2 | | $ | 75,465 | | | $ | 75,465 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | |
__________ (1)The book value of the Senior Notes is net of discounts for December 31, 2023, excluding deferred loan costs of $5.2 million. The estimated fair value of the Senior Notes at September 30, 2024 and December 31, 2023 is based on quoted market prices. (2)The estimated fair value of the Term Loan Facility as of September 30, 2024 and December 31, 2023 approximated book value due to the variable interest rate terms of this loan. (3)The estimated fair value of our seller financed loans as of September 30, 2024 and December 31, 2023 approximated book value due to the short term nature of these loans. (4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations. (5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
At September 30, 2024 and December 31, 2023, the carrying value of cash and cash equivalents and receivables approximated fair value due to their short-term nature. Fair Value of Nonfinancial Assets Nonfinancial assets include items such as real estate inventories and long-lived assets that are measured at fair value on a nonrecurring basis when events and circumstances indicating the carrying value is not recoverable. The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Year Ended December 31, 2023 | | | Hierarchy | | Impairment
Charge | | Fair Value
Net of
Impairment | | Impairment
Charge | | Fair Value
Net of
Impairment | Real estate inventories (1) | | Level 3 | | $ | — | | | $ | — | | | $ | 11,500 | | | $ | 39,970 | |
__________ (1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. Fair Value Net of Impairment represents the fair value of the real estate inventories, net of the impairment charge, as of the date that the fair value measurements were made. The carrying value for these real estate inventories subsequently changed from the fair value reflected due to activity that occurred since the measurement date. The impairment charge recorded during the year ended December 31, 2023 related to one community in the West reporting segment where the carrying value exceeded the fair value based on a discounted cash flow analysis. For further details, see Note 5, Real Estate Inventories.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Legal Matters Lawsuits, claims and proceedings have been and may be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices, environmental protection and financial services. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations. We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. We accrue for these matters based on facts and circumstances specific to each matter and revise these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. Accordingly, it is possible that the ultimate outcome of any matter, if in excess of a related accrual or if no accrual was made, could be material to our financial statements. For matters as to which the Company believes a loss is probable and reasonably estimable, we had zero legal reserves as of September 30, 2024 and December 31, 2023, respectively. Warranty Warranty reserves are accrued as home deliveries occur. Our warranty reserves on homes delivered will vary based on product type and geographic area and also depending on state and local laws. The warranty reserve is included in accrued expenses and other liabilities on our consolidated balance sheets and represents expected future costs based on our historical experience over previous years. Estimated warranty costs are charged to cost of home sales in the period in which the related home sales revenue is recognized. We maintain general liability insurance designed to protect us against a portion of our risk of loss from warranty and construction defect-related claims. We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations. However, such indemnity is significantly limited with respect to certain subcontractors that are added to our general liability insurance policy. Our warranty reserve and related estimated insurance recoveries are based on actuarial analysis that uses our historical claim and expense data, as well as industry data to estimate these overall costs and related recoveries. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. Our warranty reserve may also include an estimate of future fit and finish warranty claims to the extent not contemplated in the actuarial analysis. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a warranty or construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. There can be no assurance that the terms and limitations of the limited warranty will be effective against claims made by homebuyers, that we will be able to renew our insurance coverage or renew it at reasonable rates, that we will not be liable for damages, cost of repairs, and/or the expense of litigation surrounding possible construction defects, soil subsidence or building related claims or that claims will not arise out of uninsurable events or circumstances not covered by insurance and not subject to effective indemnification agreements with certain subcontractors. We also record expected recoveries from insurance carriers based on actual insurance claims made and actuarially determined amounts that depend on various factors, including the above-described reserve estimates, our insurance policy coverage limits for the applicable policy years and historical recovery rates. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. Outstanding warranty insurance receivables was $66.0 million as of both September 30, 2024 and December 31, 2023. Warranty insurance receivables are recorded in receivables on the accompanying consolidated balance sheets. Warranty reserve activity consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Warranty reserves, beginning of period | $ | 107,196 | | | $ | 99,243 | | | $ | 106,993 | | | $ | 104,375 | | | Warranty reserves accrued | 9,491 | | | 6,337 | | | 27,225 | | | 18,523 | | | | | | | | | | | Warranty expenditures | (9,380) | | | (10,471) | | | (26,911) | | | (27,789) | | | Warranty reserves, end of period | $ | 107,307 | | | $ | 95,109 | | | $ | 107,307 | | | $ | 95,109 | |
Performance Bonds We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. The beneficiaries of the bonds are various municipalities. As of September 30, 2024 and December 31, 2023, the Company had outstanding surety bonds totaling $755.4 million and $697.2 million, respectively. As of September 30, 2024 and December 31, 2023, our estimated cost to complete obligations related to these surety bonds was $433.8 million and $435.9 million, respectively. Lease Obligations Under ASC 842 we recognize a right-of-use lease asset and a lease liability for contracts deemed to contain a lease at the inception of the contract. Our lease population is fully comprised of operating leases, which are now recorded at the net present value of future lease obligations existing at each balance sheet date. At the inception of a lease, or if a lease is subsequently modified, we determine whether the lease is an operating or financing lease. Key estimates involved with ASC 842 include the discount rate used to measure our future lease obligations and the lease term, where considerations include renewal options and intent to renew. Lease right-of-use assets are included in other assets and lease liabilities are included in accrued expenses and other liabilities on our consolidated balance sheet. Operating Leases We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms of up to ten years and generally provide renewal options. In most cases, we expect that, in the normal course of business, leases that expire will be renewed or replaced by other leases. Equipment leases are typically for terms of three to four years. Ground Leases In 1987, we obtained two 55-year ground leases of commercial property that provided for three renewal options of ten years each and one 45-year renewal option. We exercised the three 10-year extensions on one of these ground leases to extend the lease through 2071. The commercial buildings on these properties have been sold and the ground leases have been sublet to the buyers. For one of these leases, we are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease has been subleased through 2041 to the buyers of the commercial buildings. For the second lease, the buyers of the buildings are responsible for making lease payments directly to the landowner, however, we have guaranteed the performance of the buyers/lessees. See below for additional information on leases (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | Lease Cost | | | | | | | | | Operating lease cost (included in SG&A expense) | $ | 3,124 | | | $ | 2,555 | | | $ | 9,028 | | | $ | 7,808 | | | Ground lease cost (included in other operations expense) | 765 | | | 724 | | | 2,295 | | | 2,170 | | | Sublease income, operating leases | — | | | — | | | — | | | — | | | Sublease income, ground leases (included in other operations revenue) | (776) | | | (734) | | | (2,329) | | | (2,202) | | | Net lease cost | $ | 3,113 | | | $ | 2,545 | | | $ | 8,994 | | | $ | 7,776 | | | | | | | | | | | Other information | | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | Operating lease cash flows (included in operating cash flows) | $ | 2,842 | | | $ | 2,407 | | | $ | 8,754 | | | $ | 7,279 | | | Ground lease cash flows (included in operating cash flows) | $ | 664 | | | $ | 663 | | | $ | 1,990 | | | $ | 1,990 | | | Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 726 | | | $ | 1,804 | | | $ | 5,990 | | | $ | 3,820 | |
| | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Weighted-average discount rate: | | | | | Operating leases | 4.9 | % | | 4.9 | % | | Ground leases | 10.2 | % | | 10.2 | % | | Weighted-average remaining lease term (in years): | | | | | Operating leases | 5.9 | | 6.3 | | Ground leases | 43.7 | | 44.4 |
The future minimum lease payments under our operating leases are as follows (in thousands): | | | | | | | | | | | | | Property, Equipment and Other Leases | | Ground Leases (1) | | Remaining in 2024 | $ | 2,368 | | | $ | 809 | | | 2025 | 11,402 | | | 3,237 | | | 2026 | 10,371 | | | 3,237 | | | 2027 | 9,094 | | | 3,237 | | | 2028 | 8,529 | | | 3,237 | | | Thereafter | 15,772 | | | 75,403 | | | Total lease payments | $ | 57,536 | | | $ | 89,160 | | | Less: Interest | 7,864 | | | 61,413 | | | Present value of operating lease liabilities | $ | 49,672 | | | $ | 27,747 | |
__________ (1) Ground leases are fully subleased through 2041, representing $55.3 million of the $89.2 million future ground lease obligations.
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- DefinitionThe entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/405-30/tableOfContent
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-Subparagraph (a)
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-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Subparagraph (c)
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v3.24.3
Stock-Based Compensation
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
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| Stock-Based Compensation |
Stock-Based Compensation 2022 Long-Term Incentive Plan On April 20, 2022, our stockholders approved the Tri Pointe Homes, Inc. 2022 Long-Term Incentive Plan (the “2022 Plan”), which had been previously approved by our board of directors. The 2022 Plan replaced the Company’s prior stock compensation plan, the TRI Pointe Group, Inc. Amended and Restated 2013 Long-Term Incentive Plan (the “2013 Plan”). The 2022 Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The 2022 Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2022 Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation. The number of shares of our common stock that may be issued under the 2022 Plan is 7,500,000 shares. No new awards have been or will be granted under the 2013 Plan from and after February 23, 2022. Any awards outstanding under the 2013 Plan will remain subject to and be paid under the 2013 Plan, and any shares subject to outstanding awards under the 2013 Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the 2022 Plan.
To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2022 Plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally will again be available under the 2022 Plan. However, the 2022 Plan prohibits us from re-using shares that are tendered or surrendered to pay the exercise cost or tax obligation for stock options and stock appreciation rights. As of September 30, 2024, there were 5,326,521 shares available for future grant under the 2022 Plan. The following table presents compensation expense recognized related to all stock-based awards (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Total stock-based compensation | $ | 8,708 | | | $ | 6,989 | | | $ | 24,327 | | | $ | 15,012 | |
Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of September 30, 2024, total unrecognized stock-based compensation expense related to all stock-based awards was $48.6 million and the weighted average term over which the expense was expected to be recognized was 1.4 years. Summary of Stock Option Activity The following table presents a summary of stock option awards for the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Weighted
Average
Exercise
Price
Per Share | | Weighted
Average
Remaining
Contractual
Life | | Aggregate
Intrinsic
Value
(in thousands) | | Options outstanding at December 31, 2023 | 66,043 | | | $ | 15.76 | | | 0.2 | | $ | 1,297 | | | Granted | — | | | — | | | — | | | — | | | Exercised | (66,043) | | | $ | 15.76 | | | — | | | — | | | Forfeited | — | | | $ | — | | | — | | | — | | | Options outstanding at September 30, 2024 | — | | | $ | — | | | $ | — | | | $ | — | | | Options exercisable at September 30, 2024 | — | | | $ | — | | | $ | — | | | $ | — | |
The intrinsic value of each stock option award outstanding or exercisable is the difference between the fair market value of the Company’s common stock at the end of the period and the exercise price of each stock option award to the extent it is considered “in-the-money”. A stock option award is considered to be “in-the-money” if the fair market value of the Company’s stock is greater than the exercise price of the stock option award. The aggregate intrinsic value of options outstanding and options exercisable represents the value that would have been received by the holders of stock option awards had they exercised their stock option award on the last trading day of the period and sold the underlying shares at the closing price on that day.
Summary of Restricted Stock Unit Activity The following table presents a summary of time-based and performance-based RSUs for the nine months ended September 30, 2024: | | | | | | | | | | | | | Restricted
Stock
Units | | Weighted
Average
Grant Date
Fair Value
Per Share | | Nonvested RSUs at December 31, 2023 | 3,889,380 | | | $ | 22.71 | | | Granted | 1,126,648 | | | $ | 35.57 | | | Vested | (1,220,474) | | | $ | 19.87 | | | Forfeited | (240,955) | | | $ | 19.74 | | | Nonvested RSUs at September 30, 2024 | 3,554,599 | | | $ | 27.73 | |
On February 21, 2024, the Company granted an aggregate of 430,887 time-based RSUs to certain employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on February 21, 2024 was measured using a price of $35.51 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
On February 21, 2024, the Company granted an aggregate of 656,844 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, Chief Human Resources Officer and division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2024 to December 31, 2026. The fair value of these performance-based RSUs was measured using a price of $35.51 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.
On April 29, 2024, the Company granted an aggregate of 21,835 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to the non-employee directors vest in their entirety on the day immediately prior to the Company’s 2025 annual meeting of stockholders. The fair value of each RSU granted on April 24, 2024 was measured using a price of $37.78 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
For the nine months ended September 30, 2024, the Company granted an aggregate of 17,082 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period.
On February 22, 2023, the Company granted an aggregate of 504,551 time-based RSUs to certain employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on February 22, 2023 was measured using a price of $23.21 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
On February 22, 2023, the Company granted an aggregate of 704,408 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, Chief Human Resources Officer and division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2023 to December 31, 2025. The fair value of these performance-based RSUs was measured using a price of $23.21 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.
On May 1, 2023, the Company granted an aggregate of 29,150 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to the non-employee directors vest in their entirety on the day immediately prior to the Company’s 2024 annual meeting of stockholders. The fair value of each RSU granted on May 1, 2023 was measured using a price of $28.30 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
On December 26, 2023, the Company granted an aggregate of 364,215 time-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, and Chief Human Resources Officer. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on December 26, 2023 was measured using a price of $35.83 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
For the twelve months ended December 31, 2023, the Company granted an aggregate of 6,787 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period. As RSUs vest for employees, a portion of the shares awarded is generally withheld to cover employee tax withholdings. As a result, the number of RSUs vested and the number of shares of Tri Pointe common stock issued will differ.
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- DefinitionThe entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates for the years in which taxes are expected to be paid or recovered. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods and tax planning alternatives. We had net deferred tax assets of $38.0 million as of both September 30, 2024 and December 31, 2023. We had a valuation allowance related to those net deferred tax assets of $3.4 million as of both September 30, 2024 and December 31, 2023. The Company will continue to evaluate both positive and negative evidence in determining the need for a valuation allowance against its deferred tax assets. Changes in positive and negative evidence, including differences between the Company’s future operating results and the estimates utilized in the determination of the valuation allowance, could result in changes in the Company’s estimate of the valuation allowance against its deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation allowance against the Company’s deferred tax assets. Our provision for income taxes totaled $39.8 million and $22.9 million for the three months ended September 30, 2024 and 2023, respectively and $112.6 million and $71.8 million for the nine months ended September 30, 2024 and 2023, respectively. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company did not have any uncertain tax positions recorded as of September 30, 2024 and December 31, 2023. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years. The Company files income tax returns in the U.S., including federal and multiple state and local jurisdictions. We are currently under examination by California for the 2020 and 2021 tax years. The outcome of this examination is not yet determinable.
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- DefinitionThe entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1
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-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-Subparagraph (b)
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SAB Topic 11.C)
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v3.24.3
Supplemental Disclosure to Consolidated Statements of Cash Flows
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Supplemental Cash Flow Elements [Abstract] |
|
| Supplemental Disclosure to Consolidated Statements of Cash Flows |
Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): | | | | | | | | | | | | | Nine Months Ended September 30, | | 2024 | | 2023 | | Supplemental disclosure of cash flow information: | | | | | Interest paid (capitalized), net | $ | (9,500) | | | $ | (18,954) | | | Income taxes paid, net | $ | 38,572 | | | $ | 7,919 | | | Supplemental disclosures of noncash activities: | | | | | Increase in share repurchase excise tax accrual | $ | 672 | | | $ | 1,065 | | | Amortization of senior note discount capitalized to real estate inventory | $ | 511 | | | $ | 791 | | | Amortization of deferred loan costs capitalized to real estate inventory | $ | 2,599 | | | $ | 2,985 | |
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| X |
- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation |
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 due to seasonal variations and other factors. The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of September 30, 2024 and December 31, 2023 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation. Unless the context otherwise requires, the terms “Tri Pointe”, “the Company”, “we”, “us”, and “our” used herein refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries.
|
| Use of Estimates |
The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
|
| Cash and Cash Equivalents |
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
|
| Concentration of Credit Risk |
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
|
| Revenue Recognition |
We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Home sales revenue We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial. Financial services revenues Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations. Mortgage financing operations For the year ended December 31, 2023, our Tri Pointe Connect mortgage operations were conducted through a joint venture with an established mortgage lender. Tri Pointe Connect acted as a preferred mortgage loan broker to our homebuyers in all of the markets in which we operate, generating income from fees paid by third party lenders for the successful funding and closing of loans for homebuyers that originated through Tri Pointe Connect. For the year ended December 31, 2023, Tri Pointe Connect was fully consolidated in accordance with Accounting Standards Topic 810 (“ASC 810”), Consolidation, under the Financial Services section of our consolidated statements of operations, with the noncontrolling interest recorded on the consolidated statements of operations as net income attributable to noncontrolling interests. Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing our own funds. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders. Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. When we act as a mortgage loan broker and originate loans with third party lenders, mortgage loan broker fees and mortgage loan origination fees are recognized at the time the mortgage loans are funded. When we provide mortgage financing, we recognize fees on mortgage loan originations upon loan origination. Mortgage loans held for sale We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. As of September 30, 2024, mortgage loans held for sale had an aggregate estimated fair value of $80.1 million and an aggregate outstanding principal balance of $79.3 million. For the nine months ended September 30, 2024, we recorded $758,000 of unrealized gains, in Financial Services revenue, related to our mortgage loans held for sale as of September 30, 2024. Title and escrow services operations Tri Pointe Assurance provides title examinations for our homebuyers in the Carolinas and Colorado and both title examinations and escrow services for our homebuyers in Arizona, the District of Columbia, Maryland, Nevada, Texas, Washington and Virginia. Tri Pointe Assurance is a wholly owned subsidiary of Tri Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. Tri Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations. Property and casualty insurance agency operations Tri Pointe Advantage is a wholly owned subsidiary of Tri Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. Tri Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations.
|
| Recently Issued Accounting Standards Not Yet Adopted |
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-07 will have on our financial statement disclosures. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for us for annual periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-09 will have on our financial statement disclosures.
|
| Segment Information |
In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments within our homebuilding business, we have considered similar economic and other characteristics, including product types, average sales prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments and, as such, our homebuilding segments are reported under the following hierarchy: West region: Arizona, California, Nevada and Washington Central region: Colorado, Texas and Utah East region: District of Columbia, Florida, Maryland, North Carolina, South Carolina and Virginia In September 2023, we announced our expansion into the greater Salt Lake City region with the launch of a new division in Utah. In April 2024, we announced further expansion into Orlando, Florida, and the Coastal Carolinas area, which includes parts of Georgia and South Carolina. As of September 30, 2024, we had not yet commenced significant operations in these new markets, however we have controlled lots within Utah. Our Tri Pointe Solutions financial services operation is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, our Tri Pointe Assurance title and escrow services operations, and our Tri Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit, risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. All of the expenses incurred by Corporate are allocated to each of the homebuilding reporting segments based on their respective percentage of revenues. The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
|
| Fair Value Measurements |
Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: •Level 1—Quoted prices for identical instruments in active markets •Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date •Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
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v3.24.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Financial Information Relating to Reportable Segments |
Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Revenues | | | | | | | | | West | $ | 690,577 | | | $ | 544,168 | | | $ | 1,921,817 | | | $ | 1,550,905 | | | Central | 262,485 | | | 165,322 | | | 838,302 | | | 529,952 | | | East | 173,961 | | | 118,268 | | | 431,062 | | | 344,645 | | | Total homebuilding revenues | 1,127,023 | | | 827,758 | | | 3,191,181 | | | 2,425,502 | | | Financial services | 17,650 | | | 10,758 | | | 47,818 | | | 30,004 | | | Total | $ | 1,144,673 | | | $ | 838,516 | | | $ | 3,238,999 | | | $ | 2,455,506 | | | | | | | | | | | Income before income taxes | | | | | | | | | West | $ | 92,261 | | | $ | 60,965 | | | $ | 255,643 | | | $ | 186,372 | | | Central | 32,327 | | | 19,075 | | | 119,645 | | | 50,917 | | | East | 21,592 | | | 14,880 | | | 50,150 | | | 38,271 | | | Total homebuilding income before income taxes | 146,180 | | | 94,920 | | | 425,438 | | | 275,560 | | | Financial services | 5,367 | | | 4,631 | | | 15,918 | | | 10,641 | | | Total | $ | 151,547 | | | $ | 99,551 | | | $ | 441,356 | | | $ | 286,201 | |
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Real estate inventories | | | | | West | $ | 2,159,917 | | | $ | 2,209,113 | | | Central | 813,793 | | | 762,051 | | | East | 438,923 | | | 366,319 | | | Total | $ | 3,412,633 | | | $ | 3,337,483 | | | | | | Total assets(1) | | | | | West | $ | 2,430,880 | | | $ | 2,557,608 | | | Central | 985,021 | | | 947,200 | | | East | 483,872 | | | 421,630 | | | Corporate | 742,483 | | | 941,824 | | | Total homebuilding assets | 4,642,256 | | | 4,868,262 | | | Financial services | 136,999 | | | 46,326 | | | Total | $ | 4,779,255 | | | $ | 4,914,588 | |
__________ (1) Total assets as of September 30, 2024 and December 31, 2023 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of September 30, 2024 and December 31, 2023 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
|
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v3.24.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Computation of Basic and Diluted Earnings Per Share |
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Numerator: | | | | | | | | | Net income available to common stockholders | $ | 111,759 | | | $ | 75,402 | | | $ | 328,816 | | | $ | 210,868 | | | Denominator: | | | | | | | | | Basic weighted-average shares outstanding | 93,600,678 | | | 98,018,498 | | | 94,294,800 | | | 99,534,570 | | | Effect of dilutive shares: | | | | | | | | | Stock options and unvested restricted stock units | 1,039,533 | | | 1,011,712 | | | 786,373 | | | 923,787 | | | Diluted weighted-average shares outstanding | 94,640,211 | | | 99,030,210 | | | 95,081,173 | | | 100,458,357 | | | Earnings per share | | | | | | | | | Basic | $ | 1.19 | | | $ | 0.77 | | | $ | 3.49 | | | $ | 2.12 | | | Diluted | $ | 1.18 | | | $ | 0.76 | | | $ | 3.46 | | | $ | 2.10 | | | Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share | 1,119,501 | | | 2,605,025 | | | 1,426,229 | | | 2,692,950 | |
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v3.24.3
Receivables (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Receivables [Abstract] |
|
| Schedule of Receivables |
Receivables consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Escrow proceeds and other accounts receivable, net | $ | 47,718 | | | $ | 158,622 | | | Warranty insurance receivable (Note 13) | 66,007 | | | 66,014 | | | Total receivables | $ | 113,725 | | | $ | 224,636 | |
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v3.24.3
Real Estate Inventories (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Schedule of Real Estate Inventories |
Real estate inventories consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Real estate inventories owned: | | | | | Homes completed or under construction | $ | 1,540,492 | | | $ | 1,402,762 | | | Land under development | 1,203,923 | | | 1,299,074 | | | Land held for future development | 156,394 | | | 153,615 | | | Model homes | 288,079 | | | 306,565 | | | Total real estate inventories owned | 3,188,888 | | | 3,162,016 | | | Real estate inventories not owned: | | | | | Land purchase and land option deposits | 223,745 | | | 175,467 | | | | | | | Total real estate inventories not owned | 223,745 | | | 175,467 | | | Total real estate inventories | $ | 3,412,633 | | | $ | 3,337,483 | |
|
| Schedule of Interest Incurred, Capitalized and Expensed |
Interest incurred, capitalized and expensed were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Interest incurred | $ | 25,253 | | | $ | 36,919 | | | $ | 91,787 | | | $ | 111,792 | | | Interest capitalized | (25,253) | | | (36,919) | | | (91,787) | | | (111,792) | | | Interest expensed | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Capitalized interest in beginning inventory | $ | 218,171 | | | $ | 220,352 | | | $ | 221,647 | | | $ | 191,411 | | | Interest capitalized as a cost of inventory | 25,253 | | | 36,919 | | | 91,787 | | | 111,792 | | Interest previously capitalized as a cost of inventory, included in cost of sales | (38,762) | | | (27,264) | | | (108,772) | | | (73,196) | | | Capitalized interest in ending inventory | $ | 204,662 | | | $ | 230,007 | | | $ | 204,662 | | | $ | 230,007 | |
|
| Schedule of Real Estate Inventory Impairments and Land Option Abandonments |
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Real estate inventory impairments | $ | — | | | $ | — | | | $ | — | | | $ | 11,500 | | | Land and lot option abandonments and pre-acquisition charges | 1,074 | | | 197 | | | 2,444 | | | 1,175 | | | Total | $ | 1,074 | | | $ | 197 | | | $ | 2,444 | | | $ | 12,675 | |
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-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
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v3.24.3
Investments in Unconsolidated Entities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity Method Investments and Joint Ventures [Abstract] |
|
| Schedule of Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments |
Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Assets | | | | | Cash | $ | 46,185 | | | $ | 35,308 | | | Receivables | 105,645 | | | 38,839 | | | Real estate inventories | 400,317 | | | 450,097 | | | Other assets | 6,584 | | | 27,632 | | | Total assets | $ | 558,731 | | | $ | 551,876 | | | Liabilities and equity | | | | | Debt obligations and other liabilities | $ | 148,610 | | | $ | 155,616 | | | Company’s equity | 130,798 | | | 131,824 | | | Outside interests’ equity | 279,323 | | | 264,436 | | | Total liabilities and equity | $ | 558,731 | | | $ | 551,876 | |
Aggregated results of operations from unconsolidated entities (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Net sales | $ | 42,183 | | | $ | 17,588 | | | $ | 106,097 | | | $ | 77,483 | | | Other operating expense | (42,306) | | | (17,422) | | | (103,657) | | | (76,361) | | | Other income (expense), net | 24 | | | 100 | | | 849 | | | 94 | | | Net income | $ | (99) | | | $ | 266 | | | $ | 3,289 | | | $ | 1,216 | | | Company’s equity in income of unconsolidated entities | $ | 227 | | | $ | 3 | | | $ | 383 | | | $ | 272 | |
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v3.24.3
Variable Interest Entities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Interests in Land Option Agreements |
The following provides a summary of our interests in land and lot option agreements (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Deposits | | Remaining
Purchase
Price | | Consolidated
Inventory
Held by VIEs | | Deposits | | Remaining
Purchase
Price | | Consolidated
Inventory
Held by VIEs | | | | | | | | | | | | | | Unconsolidated VIEs | $ | 205,505 | | | $ | 1,816,726 | | | N/A | | $ | 159,164 | | | $ | 1,017,791 | | | N/A | | Other land option agreements | 18,240 | | | 240,021 | | | N/A | | 16,303 | | | 189,007 | | | N/A | | Total | $ | 223,745 | | | $ | 2,056,747 | | | $ | — | | | $ | 175,467 | | | $ | 1,206,798 | | | $ | — | |
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- DefinitionTabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 10
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v3.24.3
Other Assets (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
| Schedule of Other Assets |
Other assets consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Prepaid expenses | $ | 15,612 | | | $ | 8,462 | | | Refundable fees and other deposits | 9,016 | | | 8,726 | | | Development rights, held for future use or sale | 1,192 | | | 1,192 | | | Deferred loan costs—loans payable | 3,996 | | | 5,089 | | | Operating properties and equipment, net | 61,285 | | | 66,284 | | | Lease right-of-use assets | 63,584 | | | 66,404 | | | Income tax receivable | 13,051 | | | — | | | Other | 3,736 | | | 936 | | | Total | $ | 171,472 | | | $ | 157,093 | |
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v3.24.3
Accrued Expenses and Other Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Payables and Accruals [Abstract] |
|
| Schedule of Accrued Expenses and Other Liabilities |
Accrued expenses and other liabilities consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Accrued payroll and related costs | $ | 62,427 | | | $ | 68,575 | | Warranty reserves (Note 13) | 107,307 | | | 106,993 | | | Estimated cost for completion of real estate inventories | 122,299 | | | 108,175 | | | Customer deposits | 55,213 | | | 43,991 | | | Accrued income taxes payable | 5,073 | | | 23,138 | | | | | | | Accrued interest | 14,860 | | | 8,470 | | | | | | | Other tax liability | 3,494 | | | 2,976 | | | Lease liabilities | 77,419 | | | 78,782 | | | Other | 8,326 | | | 12,431 | | | Total | $ | 456,418 | | | $ | 453,531 | |
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v3.24.3
Senior Notes, Loans Payable and Mortgage Repurchase Facilities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Senior Notes, Loans Payable and Mortgage Repurchase Facilities |
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands): | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | 5.875% Senior Notes due June 15, 2024 | $ | — | | | $ | 450,000 | | | 5.250% Senior Notes due June 1, 2027 | 300,000 | | | 300,000 | | | 5.700% Senior Notes due June 15, 2028 | 350,000 | | | 350,000 | | | | Discount and deferred loan costs | (3,720) | | | (5,751) | | | | Total | $ | 646,280 | | | $ | 1,094,249 | | |
The Company’s outstanding loans payable consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Term loan facility | $ | 250,000 | | | $ | 250,000 | | | Seller financed loans | 25,914 | | | 38,337 | | | Total | $ | 275,914 | | | $ | 288,337 | |
|
| Schedule of Repurchase Agreements |
The following table provides a summary of our Repurchase Agreements as of September 30, 2024 ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Facility | Outstanding Balance | | Facility Amount | | Interest Rate | | Expiration Date | | Collateral (1) | | Warehouse A | $ | 37,528 | | | $ | 80,000 | | | Term SOFR + 1.75% | | 3/11/2025 | | Mortgage Loans | | Warehouse B | — | | | 100,000 | | | Term SOFR + 1.75% | | 5/28/2025 | | Mortgage Loans | | Warehouse C (2) | 37,937 | | | 50,000 | | | Term SOFR + 1.75% | | 5/30/2025 | | Mortgage Loans | | Warehouse C (2) | — | | | 50,000 | | | Term SOFR + 1.75% | | On Demand | | Mortgage Loans | | | | | | | | | | | | Total | $ | 75,465 | | | $ | 280,000 | | | | | | | |
__________(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of September 30, 2024, mortgage loans held for sale had an aggregate fair value of $80.1 million. (2) Warehouse C is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.
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- DefinitionTabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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-Section S99
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-Topic 835
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-Section 45
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v3.24.3
Fair Value Disclosures (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis |
A summary of assets and liabilities at September 30, 2024 and December 31, 2023, related to our financial instruments, is set forth below (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Hierarchy | | Book Value | | Fair Value | | Book Value | | Fair Value | Senior Notes(1) | Level 2 | | $ | 650,000 | | | $ | 653,925 | | | $ | 1,099,489 | | | $ | 1,066,835 | | | | | | | | | | | | Term loan(2) | Level 2 | | $ | 250,000 | | | $ | 250,000 | | | $ | 250,000 | | | $ | 250,000 | | Seller financed loans(3) | Level 2 | | $ | 25,914 | | | $ | 25,914 | | | $ | 38,337 | | | $ | 38,337 | | Mortgage loans held for sale(4) | Level 2 | | $ | 80,071 | | | $ | 80,071 | | | $ | — | | | $ | — | | Mortgage repurchase facilities(5) | Level 2 | | $ | 75,465 | | | $ | 75,465 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | |
__________ (1)The book value of the Senior Notes is net of discounts for December 31, 2023, excluding deferred loan costs of $5.2 million. The estimated fair value of the Senior Notes at September 30, 2024 and December 31, 2023 is based on quoted market prices. (2)The estimated fair value of the Term Loan Facility as of September 30, 2024 and December 31, 2023 approximated book value due to the variable interest rate terms of this loan. (3)The estimated fair value of our seller financed loans as of September 30, 2024 and December 31, 2023 approximated book value due to the short term nature of these loans. (4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations. (5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
|
| Schedule of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis |
The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Year Ended December 31, 2023 | | | Hierarchy | | Impairment
Charge | | Fair Value
Net of
Impairment | | Impairment
Charge | | Fair Value
Net of
Impairment | Real estate inventories (1) | | Level 3 | | $ | — | | | $ | — | | | $ | 11,500 | | | $ | 39,970 | |
__________ (1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. Fair Value Net of Impairment represents the fair value of the real estate inventories, net of the impairment charge, as of the date that the fair value measurements were made. The carrying value for these real estate inventories subsequently changed from the fair value reflected due to activity that occurred since the measurement date.
|
| X |
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v3.24.3
Commitments and Contingencies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Schedule of Warranty Reserves |
Warranty reserve activity consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Warranty reserves, beginning of period | $ | 107,196 | | | $ | 99,243 | | | $ | 106,993 | | | $ | 104,375 | | | Warranty reserves accrued | 9,491 | | | 6,337 | | | 27,225 | | | 18,523 | | | | | | | | | | | Warranty expenditures | (9,380) | | | (10,471) | | | (26,911) | | | (27,789) | | | Warranty reserves, end of period | $ | 107,307 | | | $ | 95,109 | | | $ | 107,307 | | | $ | 95,109 | |
|
| Schedule of Lease Costs and Other Information |
See below for additional information on leases (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | Lease Cost | | | | | | | | | Operating lease cost (included in SG&A expense) | $ | 3,124 | | | $ | 2,555 | | | $ | 9,028 | | | $ | 7,808 | | | Ground lease cost (included in other operations expense) | 765 | | | 724 | | | 2,295 | | | 2,170 | | | Sublease income, operating leases | — | | | — | | | — | | | — | | | Sublease income, ground leases (included in other operations revenue) | (776) | | | (734) | | | (2,329) | | | (2,202) | | | Net lease cost | $ | 3,113 | | | $ | 2,545 | | | $ | 8,994 | | | $ | 7,776 | | | | | | | | | | | Other information | | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | Operating lease cash flows (included in operating cash flows) | $ | 2,842 | | | $ | 2,407 | | | $ | 8,754 | | | $ | 7,279 | | | Ground lease cash flows (included in operating cash flows) | $ | 664 | | | $ | 663 | | | $ | 1,990 | | | $ | 1,990 | | | Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 726 | | | $ | 1,804 | | | $ | 5,990 | | | $ | 3,820 | |
| | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Weighted-average discount rate: | | | | | Operating leases | 4.9 | % | | 4.9 | % | | Ground leases | 10.2 | % | | 10.2 | % | | Weighted-average remaining lease term (in years): | | | | | Operating leases | 5.9 | | 6.3 | | Ground leases | 43.7 | | 44.4 |
|
| Schedule of Future Minimum Lease Payments |
The future minimum lease payments under our operating leases are as follows (in thousands): | | | | | | | | | | | | | Property, Equipment and Other Leases | | Ground Leases (1) | | Remaining in 2024 | $ | 2,368 | | | $ | 809 | | | 2025 | 11,402 | | | 3,237 | | | 2026 | 10,371 | | | 3,237 | | | 2027 | 9,094 | | | 3,237 | | | 2028 | 8,529 | | | 3,237 | | | Thereafter | 15,772 | | | 75,403 | | | Total lease payments | $ | 57,536 | | | $ | 89,160 | | | Less: Interest | 7,864 | | | 61,413 | | | Present value of operating lease liabilities | $ | 49,672 | | | $ | 27,747 | |
__________ (1) Ground leases are fully subleased through 2041, representing $55.3 million of the $89.2 million future ground lease obligations.
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v3.24.3
Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Compensation Expense Recognized Related to All Stock-Based Awards |
The following table presents compensation expense recognized related to all stock-based awards (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Total stock-based compensation | $ | 8,708 | | | $ | 6,989 | | | $ | 24,327 | | | $ | 15,012 | |
|
| Schedule of Stock Option Awards |
The following table presents a summary of stock option awards for the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Weighted
Average
Exercise
Price
Per Share | | Weighted
Average
Remaining
Contractual
Life | | Aggregate
Intrinsic
Value
(in thousands) | | Options outstanding at December 31, 2023 | 66,043 | | | $ | 15.76 | | | 0.2 | | $ | 1,297 | | | Granted | — | | | — | | | — | | | — | | | Exercised | (66,043) | | | $ | 15.76 | | | — | | | — | | | Forfeited | — | | | $ | — | | | — | | | — | | | Options outstanding at September 30, 2024 | — | | | $ | — | | | $ | — | | | $ | — | | | Options exercisable at September 30, 2024 | — | | | $ | — | | | $ | — | | | $ | — | |
|
| Schedule of Restricted Stock Units |
The following table presents a summary of time-based and performance-based RSUs for the nine months ended September 30, 2024: | | | | | | | | | | | | | Restricted
Stock
Units | | Weighted
Average
Grant Date
Fair Value
Per Share | | Nonvested RSUs at December 31, 2023 | 3,889,380 | | | $ | 22.71 | | | Granted | 1,126,648 | | | $ | 35.57 | | | Vested | (1,220,474) | | | $ | 19.87 | | | Forfeited | (240,955) | | | $ | 19.74 | | | Nonvested RSUs at September 30, 2024 | 3,554,599 | | | $ | 27.73 | |
|
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v3.24.3
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Supplemental Cash Flow Elements [Abstract] |
|
| Schedule of Supplemental Disclosure to Consolidated Statement of Cash Flows |
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): | | | | | | | | | | | | | Nine Months Ended September 30, | | 2024 | | 2023 | | Supplemental disclosure of cash flow information: | | | | | Interest paid (capitalized), net | $ | (9,500) | | | $ | (18,954) | | | Income taxes paid, net | $ | 38,572 | | | $ | 7,919 | | | Supplemental disclosures of noncash activities: | | | | | Increase in share repurchase excise tax accrual | $ | 672 | | | $ | 1,065 | | | Amortization of senior note discount capitalized to real estate inventory | $ | 511 | | | $ | 791 | | | Amortization of deferred loan costs capitalized to real estate inventory | $ | 2,599 | | | $ | 2,985 | |
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v3.24.3
| X |
- DefinitionThe gains (losses) included in earnings that represent the difference between the sale price and the carrying value of loans made to finance real estate acquisitions. This element refers to the gain (loss) and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Segment Information - Summary of Financial Information Relating to Reportable Segments (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Segment Reporting Information |
|
|
|
|
|
| Revenues |
$ 1,144,673
|
$ 838,516
|
$ 3,238,999
|
$ 2,455,506
|
|
| Income before income taxes |
151,547
|
99,551
|
441,356
|
286,201
|
|
| Real estate inventories |
3,412,633
|
|
3,412,633
|
|
$ 3,337,483
|
| Total assets |
4,779,255
|
|
4,779,255
|
|
4,914,588
|
| Goodwill |
139,300
|
|
139,300
|
|
139,300
|
| Homebuilding Segment |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Revenues |
1,127,023
|
827,758
|
3,191,181
|
2,425,502
|
|
| Income before income taxes |
146,180
|
94,920
|
425,438
|
275,560
|
|
| Real estate inventories |
3,412,633
|
|
3,412,633
|
|
3,337,483
|
| Total assets |
4,642,256
|
|
4,642,256
|
|
4,868,262
|
| Goodwill |
139,300
|
|
139,300
|
|
139,300
|
| Homebuilding Segment | Corporate |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Total assets |
742,483
|
|
742,483
|
|
941,824
|
| Homebuilding Segment | West |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Revenues |
690,577
|
544,168
|
1,921,817
|
1,550,905
|
|
| Income before income taxes |
92,261
|
60,965
|
255,643
|
186,372
|
|
| Goodwill |
125,400
|
|
125,400
|
|
125,400
|
| Homebuilding Segment | West | Operating Segments |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Real estate inventories |
2,159,917
|
|
2,159,917
|
|
2,209,113
|
| Total assets |
2,430,880
|
|
2,430,880
|
|
2,557,608
|
| Homebuilding Segment | Central |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Revenues |
262,485
|
165,322
|
838,302
|
529,952
|
|
| Income before income taxes |
32,327
|
19,075
|
119,645
|
50,917
|
|
| Goodwill |
8,300
|
|
8,300
|
|
8,300
|
| Homebuilding Segment | Central | Operating Segments |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Real estate inventories |
813,793
|
|
813,793
|
|
762,051
|
| Total assets |
985,021
|
|
985,021
|
|
947,200
|
| Homebuilding Segment | East |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Revenues |
173,961
|
118,268
|
431,062
|
344,645
|
|
| Income before income taxes |
21,592
|
14,880
|
50,150
|
38,271
|
|
| Goodwill |
5,600
|
|
5,600
|
|
5,600
|
| Homebuilding Segment | East | Operating Segments |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Real estate inventories |
438,923
|
|
438,923
|
|
366,319
|
| Total assets |
483,872
|
|
483,872
|
|
421,630
|
| Financial services |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Revenues |
17,650
|
10,758
|
47,818
|
30,004
|
|
| Income before income taxes |
5,367
|
$ 4,631
|
15,918
|
$ 10,641
|
|
| Financial services | Operating Segments |
|
|
|
|
|
| Segment Reporting Information |
|
|
|
|
|
| Total assets |
$ 136,999
|
|
$ 136,999
|
|
$ 46,326
|
| X |
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v3.24.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Numerator: |
|
|
|
|
| Net income available to common stockholders |
$ 111,759
|
$ 75,402
|
$ 328,816
|
$ 210,868
|
| Net income available to common stockholders |
$ 111,759
|
$ 75,402
|
$ 328,816
|
$ 210,868
|
| Denominator: |
|
|
|
|
| Basic weighted-average shares outstanding (in shares) |
93,600,678
|
98,018,498
|
94,294,800
|
99,534,570
|
| Effect of dilutive shares: |
|
|
|
|
| Stock options and unvested restricted stock units (in shares) |
1,039,533
|
1,011,712
|
786,373
|
923,787
|
| Diluted weighted-average shares outstanding (in shares) |
94,640,211
|
99,030,210
|
95,081,173
|
100,458,357
|
| Earnings per share |
|
|
|
|
| Basic (in dollars per share) |
$ 1.19
|
$ 0.77
|
$ 3.49
|
$ 2.12
|
| Diluted (in dollars per share) |
$ 1.18
|
$ 0.76
|
$ 3.46
|
$ 2.10
|
| Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (in shares) |
1,119,501
|
2,605,025
|
1,426,229
|
2,692,950
|
| X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Real Estate Inventories - Summary of Real Estate Inventories (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Real estate inventories owned: |
|
|
| Homes completed or under construction |
$ 1,540,492
|
$ 1,402,762
|
| Land under development |
1,203,923
|
1,299,074
|
| Land held for future development |
156,394
|
153,615
|
| Model homes |
288,079
|
306,565
|
| Total real estate inventories owned |
3,188,888
|
3,162,016
|
| Real estate inventories not owned: |
|
|
| Land purchase and land option deposits |
223,745
|
175,467
|
| Total real estate inventories not owned |
223,745
|
175,467
|
| Total real estate inventories |
$ 3,412,633
|
$ 3,337,483
|
| X |
- DefinitionThe net carrying amount as of the balance sheet date of the sum of the various components of an operative builder's owned inventory.
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionThe net carrying amount as of the balance sheet date of the sum of the various components of an operative builder's real estate not owned.
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| Namespace Prefix: |
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| Data Type: |
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| X |
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| X |
- DefinitionReal estate inventories owned model homes.
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
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| X |
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| X |
- DefinitionCarrying amount as of the balance sheet date, net of valuation allowances and impairment losses, of costs of land expected to be developed in the near term plus capitalized costs of development, for purposes of selling completed units to home buyers or commercial or industrial entities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| Period Type: |
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|
v3.24.3
Real Estate Inventories - Summary of Interest Incurred, Capitalized and Expensed (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Real Estate [Abstract] |
|
|
|
|
| Interest incurred |
$ 25,253
|
$ 36,919
|
$ 91,787
|
$ 111,792
|
| Interest capitalized |
(25,253)
|
(36,919)
|
(91,787)
|
(111,792)
|
| Interest expensed |
0
|
0
|
0
|
0
|
| Real Estate Inventory, Capitalized Interest Costs [Roll Forward] |
|
|
|
|
| Capitalized interest in beginning inventory |
218,171
|
220,352
|
221,647
|
191,411
|
| Interest capitalized as a cost of inventory |
25,253
|
36,919
|
91,787
|
111,792
|
| Interest previously capitalized as a cost of inventory, included in cost of sales |
(38,762)
|
(27,264)
|
(108,772)
|
(73,196)
|
| Capitalized interest in ending inventory |
$ 204,662
|
$ 230,007
|
$ 204,662
|
$ 230,007
|
| X |
- DefinitionAmount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.
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| X |
- DefinitionTotal interest costs incurred during the period and either capitalized or charged against earnings. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483013/835-20-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483013/835-20-50-1
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| X |
- DefinitionAmount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-24
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483013/835-20-50-1
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| X |
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-Topic 835
-SubTopic 20
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483013/835-20-50-1
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-Topic 835
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483013/835-20-50-1
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-Topic 835
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483013/835-20-50-1
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v3.24.3
Real Estate Inventories - Schedule of Real Estate Inventory Impairments and Land Option Abandonments (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Real Estate [Abstract] |
|
|
|
|
| Real estate inventory impairments |
$ 0
|
$ 0
|
$ 0
|
$ 11,500
|
| Land and lot option abandonments and pre-acquisition charges |
1,074
|
197
|
2,444
|
1,175
|
| Total |
$ 1,074
|
$ 197
|
$ 2,444
|
$ 12,675
|
| X |
- DefinitionLand option abandonments and pre-acquisition charges.
| Name: |
tph_LandOptionAbandonmentsAndPreAcquisitionCharges |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2
| Name: |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- References
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| Namespace Prefix: |
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v3.24.3
| X |
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-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2
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-Topic 976
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477332/976-310-50-1
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| X |
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v3.24.3
| X |
- DefinitionInvestment ownership percentage.
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| X |
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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4
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-Topic 235
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
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-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
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v3.24.3
Investments in Unconsolidated Entities - Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Assets |
|
|
|
|
|
| Cash |
$ 675,957
|
|
$ 675,957
|
|
$ 868,953
|
| Receivables |
113,725
|
|
113,725
|
|
224,636
|
| Real estate inventories |
3,412,633
|
|
3,412,633
|
|
3,337,483
|
| Other assets |
171,472
|
|
171,472
|
|
157,093
|
| Total assets |
4,779,255
|
|
4,779,255
|
|
4,914,588
|
| Liabilities and equity |
|
|
|
|
|
| Company’s equity |
3,249,952
|
|
3,249,952
|
|
3,010,958
|
| Outside interests’ equity |
12
|
|
12
|
|
2,680
|
| Total liabilities and equity |
4,779,255
|
|
4,779,255
|
|
4,914,588
|
| Net income |
111,759
|
$ 76,609
|
328,757
|
$ 214,437
|
|
| Equity Method Investment, Nonconsolidated Investee or Group of Investees |
|
|
|
|
|
| Assets |
|
|
|
|
|
| Cash |
46,185
|
|
46,185
|
|
35,308
|
| Receivables |
105,645
|
|
105,645
|
|
38,839
|
| Real estate inventories |
400,317
|
|
400,317
|
|
450,097
|
| Other assets |
6,584
|
|
6,584
|
|
27,632
|
| Total assets |
558,731
|
|
558,731
|
|
551,876
|
| Liabilities and equity |
|
|
|
|
|
| Debt obligations and other liabilities |
148,610
|
|
148,610
|
|
155,616
|
| Company’s equity |
130,798
|
|
130,798
|
|
131,824
|
| Outside interests’ equity |
279,323
|
|
279,323
|
|
264,436
|
| Total liabilities and equity |
558,731
|
|
558,731
|
|
$ 551,876
|
| Net sales |
42,183
|
17,588
|
106,097
|
77,483
|
|
| Other operating expense |
(42,306)
|
(17,422)
|
(103,657)
|
(76,361)
|
|
| Other income (expense), net |
24
|
100
|
849
|
94
|
|
| Net income |
(99)
|
266
|
3,289
|
1,216
|
|
| Company’s equity in income of unconsolidated entities |
$ 227
|
$ 3
|
$ 383
|
$ 272
|
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v3.24.3
Variable Interest Entities - Summary of Interests in Land Option Agreements (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Variable Interest Entity |
|
|
| Deposits |
$ 223,745
|
$ 175,467
|
| Remaining Purchase Price |
2,056,747
|
1,206,798
|
| Consolidated Inventory Held by VIEs |
0
|
0
|
| Unconsolidated VIEs |
|
|
| Variable Interest Entity |
|
|
| Deposits |
205,505
|
159,164
|
| Remaining Purchase Price |
1,816,726
|
1,017,791
|
| Other land option agreements |
|
|
| Variable Interest Entity |
|
|
| Deposits |
18,240
|
16,303
|
| Remaining Purchase Price |
$ 240,021
|
$ 189,007
|
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v3.24.3
Other Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
| Prepaid expenses |
$ 15,612
|
$ 8,462
|
| Refundable fees and other deposits |
9,016
|
8,726
|
| Development rights, held for future use or sale |
1,192
|
1,192
|
| Deferred loan costs—loans payable |
3,996
|
5,089
|
| Operating properties and equipment, net |
61,285
|
66,284
|
| Lease right-of-use assets |
$ 63,584
|
$ 66,404
|
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] |
Total
|
Total
|
| Income tax receivable |
$ 13,051
|
$ 0
|
| Other |
3,736
|
936
|
| Total |
$ 171,472
|
$ 157,093
|
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- References
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v3.24.3
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Payables and Accruals [Abstract] |
|
|
|
|
|
|
| Accrued payroll and related costs |
$ 62,427
|
|
$ 68,575
|
|
|
|
| Warranty reserves (Note 13) |
107,307
|
$ 107,196
|
106,993
|
$ 95,109
|
$ 99,243
|
$ 104,375
|
| Estimated cost for completion of real estate inventories |
122,299
|
|
108,175
|
|
|
|
| Customer deposits |
55,213
|
|
43,991
|
|
|
|
| Accrued income taxes payable |
5,073
|
|
23,138
|
|
|
|
| Accrued interest |
14,860
|
|
8,470
|
|
|
|
| Other tax liability |
3,494
|
|
2,976
|
|
|
|
| Lease liabilities |
$ 77,419
|
|
$ 78,782
|
|
|
|
| Operating Lease, Liability, Statement of Financial Position [Extensible List] |
Total
|
|
Total
|
|
|
|
| Other |
$ 8,326
|
|
$ 12,431
|
|
|
|
| Total |
$ 456,418
|
|
$ 453,531
|
|
|
|
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v3.24.3
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Senior Notes (Details) - Senior Notes - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2020 |
Jun. 30, 2017 |
| Debt Instrument |
|
|
|
|
| Discount and deferred loan costs |
$ (3,720)
|
$ (5,751)
|
|
|
| Total |
$ 646,280
|
$ 1,094,249
|
|
|
| 5.875% Senior Notes due June 15, 2024 |
|
|
|
|
| Debt Instrument |
|
|
|
|
| Interest rate on senior note (percent) |
5.875%
|
5.875%
|
|
5.875%
|
| Aggregate outstanding debt |
$ 0
|
$ 450,000
|
|
|
| 5.250% Senior Notes due June 1, 2027 |
|
|
|
|
| Debt Instrument |
|
|
|
|
| Interest rate on senior note (percent) |
5.25%
|
5.25%
|
|
5.25%
|
| Aggregate outstanding debt |
$ 300,000
|
$ 300,000
|
|
|
| 5.700% Senior Notes due June 15, 2028 |
|
|
|
|
| Debt Instrument |
|
|
|
|
| Interest rate on senior note (percent) |
5.70%
|
5.70%
|
5.70%
|
|
| Aggregate outstanding debt |
$ 350,000
|
$ 350,000
|
|
|
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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-Topic 835
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
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|
v3.24.3
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Narrative (Details)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
May 15, 2024 |
Dec. 15, 2023
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2017
USD ($)
|
Sep. 30, 2024
USD ($)
loan
|
May 31, 2024
USD ($)
agreement
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
loan
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
loan
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Deferred loan costs—loans payable |
|
|
|
|
$ 3,996,000
|
|
|
$ 3,996,000
|
|
$ 5,089,000
|
| Accrued interest |
|
|
|
|
14,860,000
|
|
|
14,860,000
|
|
8,470,000
|
| Loans payable |
|
|
|
|
$ 275,914,000
|
|
|
$ 275,914,000
|
|
$ 288,337,000
|
| Number of seller-financed loans | loan |
|
|
|
|
2
|
|
|
2
|
|
2
|
| Mortgage repurchase facilities |
|
|
|
|
$ 75,465,000
|
|
|
$ 75,465,000
|
|
$ 0
|
| Interest incurred |
|
|
|
|
25,253,000
|
|
$ 36,919,000
|
91,787,000
|
$ 111,792,000
|
|
| Amortization of deferred financing costs |
|
|
|
|
610,000
|
|
$ 1,300,000
|
3,100,000
|
$ 3,800,000
|
|
| Mortgage repurchase facilities |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Maximum borrowing capacity under facility |
|
|
|
|
280,000,000
|
$ 380,000,000
|
|
280,000,000
|
|
|
| Line of credit facility, current borrowing capacity |
|
|
|
|
204,500,000
|
|
|
204,500,000
|
|
|
| Number of master repurchase agreements | agreement |
|
|
|
|
|
3
|
|
|
|
|
| Mortgage repurchase facilities |
|
|
|
|
$ 75,465,000
|
|
|
$ 75,465,000
|
|
|
| Repurchase agreement weighted average interest rate |
|
|
|
|
6.90%
|
|
|
6.90%
|
|
|
| Senior notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Deferred loan costs—loans payable |
|
|
|
|
$ 3,700,000
|
|
|
$ 3,700,000
|
|
5,200,000
|
| Accrued interest |
|
|
|
|
11,100,000
|
|
|
11,100,000
|
|
3,200,000
|
| Seller financed loans |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Loans payable |
|
|
|
|
$ 25,914,000
|
|
|
$ 25,914,000
|
|
$ 38,337,000
|
| Seller financed loans | Seller-Financed Loans, Seller One |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Interest rate on senior note (percent) |
|
|
|
|
4.50%
|
|
|
4.50%
|
|
4.50%
|
| Loans payable |
|
|
|
|
$ 25,500,000
|
|
|
$ 25,500,000
|
|
$ 37,400,000
|
| Second Seller Financed Loan | Seller-Financed Loans, Seller Two |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Loans payable |
|
|
|
|
$ 420,000
|
|
|
$ 420,000
|
|
$ 910,000
|
| 5.700% Senior Notes due June 15, 2028 | Senior notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
|
$ 350,000,000
|
|
|
|
|
|
|
|
| Interest rate on senior note (percent) |
|
|
5.70%
|
|
5.70%
|
|
|
5.70%
|
|
5.70%
|
| Debt issuance, percentage of aggregate principal (percent) |
|
|
100.00%
|
|
|
|
|
|
|
|
| Proceeds from issuance of senior notes, net |
|
|
$ 345,200,000
|
|
|
|
|
|
|
|
| 5.250% Senior Notes due June 1, 2027 | Senior notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
|
|
$ 300,000,000
|
|
|
|
|
|
|
| Interest rate on senior note (percent) |
|
|
|
5.25%
|
5.25%
|
|
|
5.25%
|
|
5.25%
|
| Debt issuance, percentage of aggregate principal (percent) |
|
|
|
100.00%
|
|
|
|
|
|
|
| Proceeds from issuance of senior notes, net |
|
|
|
$ 296,300,000
|
|
|
|
|
|
|
| 5.875% Senior Notes due June 15, 2024 | Senior notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Aggregate principal amount |
|
|
|
$ 450,000,000
|
|
|
|
|
|
|
| Interest rate on senior note (percent) |
|
|
|
5.875%
|
5.875%
|
|
|
5.875%
|
|
5.875%
|
| Debt issuance, percentage of aggregate principal (percent) |
100.00%
|
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of senior notes, net |
|
|
|
$ 429,000,000.0
|
|
|
|
|
|
|
| Notes issue price as a percentage of principal amount |
|
|
|
98.15%
|
|
|
|
|
|
|
| Amended Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Line of credit facility, potential maximum borrowing capacity under specified conditions |
|
$ 1,200,000,000
|
|
|
|
|
|
|
|
|
| Amended Revolving Credit Facility | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Deferred loan costs—loans payable |
|
|
|
|
$ 4,000,000.0
|
|
|
$ 4,000,000.0
|
|
|
| Accrued interest |
|
|
|
|
1,800,000
|
|
|
1,800,000
|
|
$ 1,600,000
|
| Maximum borrowing capacity under facility |
|
$ 750,000,000
|
|
|
|
|
|
|
|
|
| Loans payable |
|
|
|
|
0
|
|
|
0
|
|
|
| Line of credit facility, current borrowing capacity |
|
|
|
|
698,100,000
|
|
|
698,100,000
|
|
|
| Amended Revolving Credit Facility | Revolving Credit Facility | Minimum |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Debt instrument variable interest rate (percent) |
|
1.25%
|
|
|
|
|
|
|
|
|
| Amended Revolving Credit Facility | Revolving Credit Facility | Maximum |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Debt instrument variable interest rate (percent) |
|
1.90%
|
|
|
|
|
|
|
|
|
| Amended Revolving Credit Facility | Letters of Credit |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Outstanding letters of credit |
|
|
|
|
51,900,000
|
|
|
51,900,000
|
|
52,300,000
|
| Term loan facility | Term loan facility |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Maximum borrowing capacity under facility |
|
$ 250,000,000
|
|
|
|
|
|
|
|
|
| Loans payable |
|
|
|
|
$ 250,000,000
|
|
|
$ 250,000,000
|
|
$ 250,000,000
|
| Interest rate of outstanding debt (percent) |
|
|
|
|
5.93%
|
|
|
5.93%
|
|
|
| Term loan facility | Term loan facility | Minimum |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Debt instrument variable interest rate (percent) |
|
1.10%
|
|
|
|
|
|
|
|
|
| Term loan facility | Term loan facility | Maximum |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Debt instrument variable interest rate (percent) |
|
1.85%
|
|
|
|
|
|
|
|
|
| Revolving Facility and Term Loan Facility |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
| Consolidated tangible net worth attributed to Company required under covenants (percent) |
|
|
|
|
95.00%
|
|
|
95.00%
|
|
|
| X |
- DefinitionDebt Instrument, Covenant, Required Company Consolidated Tangible Net Worth
| Name: |
tph_DebtInstrumentCovenantRequiredCompanyConsolidatedTangibleNetWorth |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionDebt instrument issue price as percentage of principal amount.
| Name: |
tph_DebtInstrumentIssuePriceAsPercentageOfPrincipalAmount |
| Namespace Prefix: |
tph_ |
| Data Type: |
dtr-types1:percentItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLine Of Credit Facility, Number Of Master Repurchase Agreements
| Name: |
tph_LineOfCreditFacilityNumberOfMasterRepurchaseAgreements |
| Namespace Prefix: |
tph_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLine Of Credit Facility, Potential Maximum Borrowing Capacity Under Specified Conditions
| Name: |
tph_LineOfCreditFacilityPotentialMaximumBorrowingCapacityUnderSpecifiedConditions |
| Namespace Prefix: |
tph_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionSeller Financed Loan to Acquire Lots for the Construction of Homes.
| Name: |
tph_NumberOfSellerFinancedLoan |
| Namespace Prefix: |
tph_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of amortization expense attributable to debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-3
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPercentage points added to the reference rate to compute the variable rate on the debt instrument.
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
- DefinitionFace (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
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| X |
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| X |
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| X |
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v3.24.3
| X |
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-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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| X |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
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v3.24.3
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Mortgage Repurchase Facilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
May 31, 2024 |
Dec. 31, 2023 |
| Participating Mortgage Loans [Line Items] |
|
|
|
| Outstanding Balance |
$ 75,465
|
|
$ 0
|
| Warehouse C |
|
|
|
| Participating Mortgage Loans [Line Items] |
|
|
|
| Facility Amount |
100,000
|
|
|
| Mortgage repurchase facilities |
|
|
|
| Participating Mortgage Loans [Line Items] |
|
|
|
| Outstanding Balance |
75,465
|
|
|
| Facility Amount |
280,000
|
$ 380,000
|
|
| Mortgage loans held for sale |
80,100
|
|
|
| Facility uncommitted amount |
204,500
|
|
|
| Mortgage repurchase facilities | Warehouse A |
|
|
|
| Participating Mortgage Loans [Line Items] |
|
|
|
| Outstanding Balance |
37,528
|
|
|
| Facility Amount |
$ 80,000
|
|
|
| Interest Rate |
1.75%
|
|
|
| Mortgage repurchase facilities | Warehouse B |
|
|
|
| Participating Mortgage Loans [Line Items] |
|
|
|
| Outstanding Balance |
$ 0
|
|
|
| Facility Amount |
$ 100,000
|
|
|
| Interest Rate |
1.75%
|
|
|
| Mortgage repurchase facilities | Warehouse C |
|
|
|
| Participating Mortgage Loans [Line Items] |
|
|
|
| Outstanding Balance |
$ 37,937
|
|
|
| Facility Amount |
$ 50,000
|
|
|
| Interest Rate |
1.75%
|
|
|
| Mortgage repurchase facilities | Warehouse C |
|
|
|
| Participating Mortgage Loans [Line Items] |
|
|
|
| Outstanding Balance |
$ 0
|
|
|
| Facility Amount |
$ 50,000
|
|
|
| Interest Rate |
1.75%
|
|
|
| Facility uncommitted amount |
$ 50,000
|
|
|
| X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
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-Topic 210
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-Section S99
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-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
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-Topic 470
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-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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-Topic 210
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(1))
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v3.24.3
Fair Value Disclosures - Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Deferred loan costs |
$ 3,996
|
$ 5,089
|
| Level 2 | Recurring | Book Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Mortgage loans held for sale |
80,071
|
0
|
| Level 2 | Recurring | Fair Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Mortgage loans held for sale |
80,071
|
0
|
| Mortgage repurchase facilities |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Mortgage loans held for sale |
80,100
|
|
| Mortgage repurchase facilities | Level 2 | Recurring | Book Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Mortgage repurchase facilities |
75,465
|
0
|
| Mortgage repurchase facilities | Level 2 | Recurring | Fair Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Mortgage repurchase facilities |
75,465
|
0
|
| Term Loan | Level 2 | Recurring | Book Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets and liabilities related to financial instruments |
250,000
|
250,000
|
| Term Loan | Level 2 | Recurring | Fair Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets and liabilities related to financial instruments |
250,000
|
250,000
|
| Senior notes |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Deferred loan costs |
3,700
|
5,200
|
| Senior notes | Level 2 | Recurring | Book Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets and liabilities related to financial instruments |
650,000
|
1,099,489
|
| Senior notes | Level 2 | Recurring | Fair Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets and liabilities related to financial instruments |
653,925
|
1,066,835
|
| Seller financed loans | Level 2 | Recurring | Book Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets and liabilities related to financial instruments |
25,914
|
38,337
|
| Seller financed loans | Level 2 | Recurring | Fair Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets and liabilities related to financial instruments |
$ 25,914
|
$ 38,337
|
| X |
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
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-Section 50
-Paragraph 10
-Publisher FASB
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-Topic 835
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-Section 45
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Section 55
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Fair Value Disclosures - Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Impairment Charge |
$ 0
|
$ 0
|
$ 0
|
$ 11,500
|
|
| Fair Value Net of Impairment |
3,412,633
|
|
3,412,633
|
|
$ 3,337,483
|
| Level 3 | Fair Value, Nonrecurring |
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
| Impairment Charge |
|
|
0
|
|
11,500
|
| Fair Value Net of Impairment |
$ 0
|
|
$ 0
|
|
$ 39,970
|
| X |
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-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3
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-Topic 230
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-Paragraph 28
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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v3.24.3
Commitments and Contingencies - Narrative (Details)
|
12 Months Ended |
|
|
|
Dec. 31, 1987
lease
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Commitment And Contingencies [Line Items] |
|
|
|
| Legal reserves |
|
$ 0
|
$ 0
|
| Outstanding warranty insurance receivables |
|
66,007,000
|
66,014,000
|
| Estimated remaining liabilities related to surety bonds |
|
$ 8,326,000
|
12,431,000
|
| Office Leases |
|
|
|
| Commitment And Contingencies [Line Items] |
|
|
|
| Lease obligation original term (in years) |
|
10 years
|
|
| Equipment Leases | Minimum |
|
|
|
| Commitment And Contingencies [Line Items] |
|
|
|
| Lease obligation original term (in years) |
|
3 years
|
|
| Equipment Leases | Maximum |
|
|
|
| Commitment And Contingencies [Line Items] |
|
|
|
| Lease obligation original term (in years) |
|
4 years
|
|
| Ground leases |
|
|
|
| Commitment And Contingencies [Line Items] |
|
|
|
| Lease obligation original term (in years) |
55 years
|
|
|
| Number of properties subject to ground leases | lease |
2
|
|
|
| Ground leases | Ten Year Renewal Option |
|
|
|
| Commitment And Contingencies [Line Items] |
|
|
|
| Number of lease renewal options | lease |
3
|
|
|
| Term of lease extension (in years) |
10 years
|
|
|
| Ground leases | Forty-five Year Renewal Option |
|
|
|
| Commitment And Contingencies [Line Items] |
|
|
|
| Lease obligation original term (in years) |
45 years
|
|
|
| Number of properties subject to ground leases | lease |
1
|
|
|
| Ground leases | Extension Through 2071 |
|
|
|
| Commitment And Contingencies [Line Items] |
|
|
|
| Number of ground leases extended | lease |
1
|
|
|
| Surety Bonds |
|
|
|
| Commitment And Contingencies [Line Items] |
|
|
|
| Outstanding surety bonds |
|
$ 755,400,000
|
697,200,000
|
| Estimated remaining liabilities related to surety bonds |
|
$ 433,800,000
|
$ 435,900,000
|
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-Topic 842
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-Section 50
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-Topic 842
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-3
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-Topic 450
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 450
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-Section 50
-Paragraph 10
-Publisher FASB
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-Topic 942
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Section 55
-Paragraph 12
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
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-Section S99
-Paragraph 1
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-Publisher FASB
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| X |
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v3.24.3
Commitments and Contingencies - Schedule of Warranty Reserves (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Movement in Standard Product Warranty Accrual |
|
|
|
|
| Warranty reserves, beginning of period |
$ 107,196
|
$ 99,243
|
$ 106,993
|
$ 104,375
|
| Warranty reserves accrued |
9,491
|
6,337
|
27,225
|
18,523
|
| Warranty expenditures |
(9,380)
|
(10,471)
|
(26,911)
|
(27,789)
|
| Warranty reserves, end of period |
$ 107,307
|
$ 95,109
|
$ 107,307
|
$ 95,109
|
| X |
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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
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-Section 50
-Paragraph 4
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Section 50
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-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(5)
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-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(2)
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-Topic 460
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v3.24.3
Commitments and Contingencies - Lease Costs and Other Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Lessee, Lease, Description |
|
|
|
|
|
| Net lease cost |
$ 3,113
|
$ 2,545
|
$ 8,994
|
$ 7,776
|
|
| Right-of-use assets obtained in exchange for new operating lease liabilities |
726
|
1,804
|
5,990
|
3,820
|
|
| Operating leases |
|
|
|
|
|
| Lessee, Lease, Description |
|
|
|
|
|
| Lease cost |
3,124
|
2,555
|
9,028
|
7,808
|
|
| Sublease income, ground leases (included in other operations revenue) |
0
|
0
|
0
|
0
|
|
| Cash paid for amounts included in the measurement of lease liabilities |
$ 2,842
|
2,407
|
$ 8,754
|
7,279
|
|
| Weighted-average discount rate (percent) |
4.90%
|
|
4.90%
|
|
4.90%
|
| Weighted-average remaining lease term (in years) |
5 years 10 months 24 days
|
|
5 years 10 months 24 days
|
|
6 years 3 months 18 days
|
| Ground leases |
|
|
|
|
|
| Lessee, Lease, Description |
|
|
|
|
|
| Lease cost |
$ 765
|
724
|
$ 2,295
|
2,170
|
|
| Sublease income, ground leases (included in other operations revenue) |
(776)
|
(734)
|
(2,329)
|
(2,202)
|
|
| Cash paid for amounts included in the measurement of lease liabilities |
$ 664
|
$ 663
|
$ 1,990
|
$ 1,990
|
|
| Weighted-average discount rate (percent) |
10.20%
|
|
10.20%
|
|
10.20%
|
| Weighted-average remaining lease term (in years) |
43 years 8 months 12 days
|
|
43 years 8 months 12 days
|
|
44 years 4 months 24 days
|
| X |
- DefinitionAmount of lease cost recognized by lessee for lease contract. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Section 50
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A
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-Topic 842
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Topic 842
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-Section 45
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-5
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-Topic 842
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-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Topic 842
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 842
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Topic 842
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
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|
v3.24.3
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Lessee, Lease, Description |
|
|
| Present value of operating lease liabilities |
$ 77,419
|
$ 78,782
|
| Property, Equipment and Other Leases |
|
|
| Lessee, Lease, Description |
|
|
| Remaining in 2024 |
2,368
|
|
| 2025 |
11,402
|
|
| 2026 |
10,371
|
|
| 2027 |
9,094
|
|
| 2028 |
8,529
|
|
| Thereafter |
15,772
|
|
| Total lease payments |
57,536
|
|
| Less: Interest |
7,864
|
|
| Present value of operating lease liabilities |
49,672
|
|
| Ground Leases |
|
|
| Lessee, Lease, Description |
|
|
| Remaining in 2024 |
809
|
|
| 2025 |
3,237
|
|
| 2026 |
3,237
|
|
| 2027 |
3,237
|
|
| 2028 |
3,237
|
|
| Thereafter |
75,403
|
|
| Total lease payments |
89,160
|
|
| Less: Interest |
61,413
|
|
| Present value of operating lease liabilities |
27,747
|
|
| Payments to be received |
$ 55,300
|
|
| X |
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-Section 50
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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-Topic 842
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-Topic 842
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-Topic 842
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-Section 50
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-Topic 842
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-Section 50
-Paragraph 6
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-Topic 842
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-Section 50
-Paragraph 6
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-Topic 842
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-Section 50
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479041/842-20-45-1
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|
v3.24.3
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions |
|
|
|
|
|
9 Months Ended |
12 Months Ended |
|
Apr. 29, 2024
$ / shares
shares
|
Feb. 21, 2024
metric
$ / shares
shares
|
Dec. 26, 2023
$ / shares
shares
|
May 01, 2023
$ / shares
shares
|
Feb. 22, 2023
metric
$ / shares
shares
|
Sep. 30, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
shares
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Unrecognized stock based compensation related to all stock-based awards | $ |
|
|
|
|
|
$ 48.6
|
|
| Weighted average period, expense to recognized (in years) |
|
|
|
|
|
1 year 4 months 24 days
|
|
| Number of separate performance metrics | metric |
|
2
|
|
|
2
|
|
|
| Restricted Stock Units (RSUs) |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Restricted stock units, granted (in shares) |
|
|
|
|
|
1,126,648
|
|
| Granted (in dollars per share) | $ / shares |
|
|
|
|
|
$ 35.57
|
|
| Employees and Officers | Restricted Stock Units (RSUs) |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Restricted stock units, granted (in shares) |
|
430,887
|
|
|
504,551
|
|
|
| Award vesting period (in years) |
|
3 years
|
|
|
3 years
|
|
|
| Granted (in dollars per share) | $ / shares |
|
$ 35.51
|
|
|
$ 23.21
|
|
|
| Officers | Restricted Stock Units (RSUs) |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Restricted stock units, granted (in shares) |
|
656,844
|
364,215
|
|
704,408
|
|
|
| Award vesting period (in years) |
|
|
3 years
|
|
|
|
|
| Granted (in dollars per share) | $ / shares |
|
$ 35.51
|
$ 35.83
|
|
$ 23.21
|
|
|
| Officers | Restricted Stock Units (RSUs) | Minimum |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Vesting rights (percent) |
|
0.00%
|
|
|
0.00%
|
|
|
| Officers | Restricted Stock Units (RSUs) | Maximum |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Vesting rights (percent) |
|
100.00%
|
|
|
100.00%
|
|
|
| Officers | Restricted Stock Units (RSUs) | Homebuilding Revenue |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Performance percentage (percent) |
|
50.00%
|
|
|
50.00%
|
|
|
| Officers | Restricted Stock Units (RSUs) | Pre-tax Earnings |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Performance percentage (percent) |
|
50.00%
|
|
|
50.00%
|
|
|
| Non-employee Members on Board of Directors | Restricted Stock Units (RSUs) |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Restricted stock units, granted (in shares) |
21,835
|
|
|
29,150
|
|
|
|
| Granted (in dollars per share) | $ / shares |
$ 37.78
|
|
|
$ 28.30
|
|
|
|
| Employees | Restricted Stock Units (RSUs) |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Restricted stock units, granted (in shares) |
|
|
|
|
|
17,082
|
|
| Award vesting period (in years) |
|
|
|
|
|
3 years
|
|
| Other Employees | Restricted Stock Units (RSUs) |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Restricted stock units, granted (in shares) |
|
|
|
|
|
|
6,787
|
| Award vesting period (in years) |
|
|
|
|
|
|
3 years
|
| 2022 Plan |
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award |
|
|
|
|
|
|
|
| Common stock authorized for incentive plan (in shares) |
|
|
|
|
|
7,500,000
|
|
| Shares available for future grant (in shares) |
|
|
|
|
|
5,326,521
|
|
| X |
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-Topic 718
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-Topic 718
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)
|
9 Months Ended |
|
Sep. 30, 2024
$ / shares
shares
|
|---|
| Restricted Stock Units |
|
| Nonvested RSU's beginning balance (in shares) | shares |
3,889,380
|
| Granted (in shares) | shares |
1,126,648
|
| Vested (in shares) | shares |
(1,220,474)
|
| Forfeited (in shares) | shares |
(240,955)
|
| Nonvested RSU's ending balance (in shares) | shares |
3,554,599
|
| Weighted Average Grant Date Fair Value Per Share |
|
| Beginning balance (in dollars per share) | $ / shares |
$ 22.71
|
| Granted (in dollars per share) | $ / shares |
35.57
|
| Vested (in dollars per share) | $ / shares |
19.87
|
| Forfeited (in dollars per share) | $ / shares |
19.74
|
| Ending balance (in dollars per share) | $ / shares |
$ 27.73
|
| X |
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v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
|
| Deferred tax assets, net |
$ 37,996
|
|
$ 37,996
|
|
$ 37,996
|
| Valuation allowance related to net deferred tax assets |
3,400
|
|
3,400
|
|
$ 3,400
|
| Provision for income taxes |
$ 39,788
|
$ 22,942
|
$ 112,599
|
$ 71,764
|
|
| X |
- DefinitionAmount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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-Subparagraph (c)
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v3.24.3
Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Supplemental disclosure of cash flow information: |
|
|
| Interest paid (capitalized), net |
$ (9,500)
|
$ (18,954)
|
| Income taxes paid, net |
38,572
|
7,919
|
| Supplemental disclosures of noncash activities: |
|
|
| Increase in share repurchase excise tax accrual |
672
|
1,065
|
| Amortization of senior note discount capitalized to real estate inventory |
511
|
791
|
| Amortization of deferred loan costs capitalized to real estate inventory |
$ 2,599
|
$ 2,985
|
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