TRI POINTE HOMES, INC. TRI POINTE HOMES, INC.
Annual Report 2023
Orchard at Madera,
Arizona
Highview,
Las Vegas
Luminary at Outlook,
Inland Empire
Who we are
One of the largest homebuilders in the U.S., Tri Pointe Homes (NYSE: TPH) is a publicly traded company and a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities in 10 states with deep ties to the communities it serves- some for as long as a century.
Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams.
WEST | CENTR AL | E AST | |
BAY AREA | SAN DIEGO | AUSTIN | DC METRO |
INLAND EMPIRE | ARIZONA | DALLAS-FORT WORTH | CHARLOTTE |
ORANGE COUNTY- | LAS VEGAS | HOUSTON | RALEIGH |
LOS ANGELES | WASHINGTON | COLORADO | |
SACRAMENTO | |||
UTAH | |||
FINANCIAL AND OPER ATIONAL HIGHLIGHTS
(dollars in thousands except earnings per share)
KEY INCOME STATEMENT DATA | 2023 | 2022 | 2021 |
Home Sales Revenue | $3,654,035 | $4,291,563 | $3,955,154 |
Homebuilding Gross Margin % | 22.3% | 26.4% | 24.9% |
SG&A Expense as a % of Home Sales Revenue | 11.0% | 9.0% | 9.6% |
Homebuilding Income from Operations | $413,331 | $746,516 | $605,040 |
Net Income Available to Common Stockholders | $343,702 | $576,060 | $469,267 |
Diluted Earnings per Share | $3.45 | $5.54 | $4.12 |
KEY BALANCE SHEET DATA | 12/31/2023 | 12/31/2022 | 12/31/2021 |
Cash and Cash Equivalents | $868,953 | $889,664 | $681,528 |
Real Estate Inventories | $3,337,483 | $3,173,849 | $3,054,743 |
Total Debt | $1,382,586 | $1,378,051 | $1,337,723 |
Total Stockholders' Equity | $3,010,958 | $2,832,389 | $2,447,621 |
Ratio of Debt-to-Capital | 31.5% | 32.7% | 35.3% |
OTHER DATA | 2023 | 2022 | 2021 |
Net New Home Orders | 6,122 | 4,377 | 6,382 |
New Homes Delivered | 5,274 | 6,063 | 6,188 |
Average Sales Price of Homes Delivered | $693 | $708 | $639 |
Backlog of Homes at Fiscal Year End | 2,320 | 1,472 | 3,158 |
Backlog Dollar Value at Fiscal Year End | $1,612,114 | $1,164,678 | $2,242,159 |
Lots Owned or Controlled | 31,960 | 33,794 | 41,675 |
2023 % Orders by Segment | |
2% | 48% |
active adult | |
entry-level | |
5% | |
luxury | |
move-up | 4,921 |
45% |
2019
Book Value per Share2
$30 | $31.52 | ||||
$28.04 | |||||
$25 | |||||
$20 | $22.32 | ||||
$18.32 | |||||
$15 | $16.06 | ||||
$10 | |||||
$5 | |||||
$0 | 2 0 1 9 | 2 0 2 0 | 2 0 2 1 | 2 0 2 2 | 2 0 2 3 |
New Homes Delivered1
5,123 | 6,188 | 6,063 | 5,274 |
2020 | 2021 | 2022 | 2023 |
Year-End Shares Outstanding
160,000 | (in thousands) | |||
140,000 | ||||
136,150 | ||||
120,000 | ||||
121,883 | ||||
100,000 | 109,644 | |||
101,018 | ||||
80,000 | 95,531 | |||
60,000 | ||||
40,000 | ||||
20,000 | ||||
2 0 1 9 | 2 0 2 0 | 2 0 2 1 | 2 0 2 2 | 2 0 2 3 |
- For the years ended December 31, 2019 through 2023
- Book Value per Share for each year presented is based on total stockholders' equity as of year-end divided by common shares outstanding as of year-end.
Dear Stockholder
2023 was yet another strong year for Tri Pointe Homes. We delivered 5,274 homes at an average sales price of $693,000 for home sales revenue of $3.7 billion during 2023. Our homebuilding gross margin was a robust 22.3% and diluted earnings per share was $3.45. Additionally, we ended the year with a book value per share of $31.52, which represents a 12% year-over-year increase. We have also increased our opening backlog units by 58% heading into 2024, fueled by a 40% rise in net new home orders in 2023. Finally, during 2023, we returned nearly $175 million to our stockholders through our stock repurchase program.
Delivering these strong results, particularly during a year that was largely defined by the significant challenges caused by inflation and volatile interest rate swings, has given Tri Pointe Homes positive momentum as we enter 2024 and positions us for further success this year and beyond.
We opened 70 communities in 2023 and ended 2023 with 155 active selling communities, representing a 14% increase compared to 2022. We anticipate that our higher community count, coupled with the ongoing strong demand, will help us achieve our projected 17% year-over- year increase in deliveries in 2024.
We continue to prioritize a strong balance sheet, as evidenced by our $1.6 billion in total liquidity as of the end of 2023, including $869 million of cash and cash equivalents and an additional $698 million available under our corporate credit facility. We generated $195 million of operating cash flow during 2023 and remain committed to
producing positive cash flow going forward as we pursue our growth initiatives. Further, we currently intend to use cash on hand to repay the $450 million of senior notes that are scheduled to mature in June 2024, which we anticipate will save us $26 million in interest costs annually and provide a 30% reduction in our debt-to-capital ratio, which was 31.5% as of December 31, 2023.
Our stock repurchase program remains an important component of our focus on improving stockholder returns and we will continue to be opportunistic in this regard. This aspect of our capital plan has allowed us to reduce the number of outstanding shares of our common stock by 41% since 2015 while increasing our book value per share by 200%, which equates to a 15% compounded annual growth rate. In December 2023, we announced that our Board of Directors approved a new $250 million stock repurchase program, demonstrating our commitment to efficiently returning capital to our stockholders. During 2023, we repurchased approximately 6.3 million shares of common stock at an average price of $27.68 for an aggregate dollar amount of $174 million.
In February 2024, our affiliated mortgage company, Tri Pointe Connect, became a wholly owned subsidiary of Tri Pointe Homes. We believe this alignment of our mortgage operations with our core homebuilding business will be accretive to our long-term growth goals. It will also allow us to offer our homebuyers greater flexibility in terms of the customer experience, as well as competitive pricing, while providing us with increased earnings upside from our financial
SETTING THE FOUNDATION
Tri Pointe Homes | Opened operations | First initial public | WRECO | 2014 | 2015 | Millennial | ||
was formed and | in Northern | offering of a | transaction | Developer | Homebuilder | "Responsive | ||
began operations in | California | homebuilder | closes | of the Year | of the Year | Home" | ||
Southern California | in over 10 years | award1 | award2 | completed | ||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |
$150 million | Expanded into | Launched Tri Pointe | #1 Rated Local | Expanded into | ||||
Starwood Capital | the Colorado | Connect and | Management | the Austin market | ||||
Group equity | market | Tri Pointe Assurance | Teams3 | HIVE 100 | ||||
commitment | for mortgage and | |||||||
Innovators award4 | ||||||||
title services | ||||||||
This letter to stockholders contains "forward-looking statements." Please refer to the Cautionary Note Concerning Forward-Looking Statements in the accompanying
annual report on Form 10-K.
- Builder and Developer magazine, a national homebuilding publication, named Tri Pointe the Developer of the Year in 2014.
- BUILDER magazine named Tri Pointe the Builder of the Year in 2015. The Builder of the Year Award is BUILDER magazine's highest yearly honor.
- Leading homebuilding analyst firm Zelman & Associates found Tri Pointe to have the highest-rated local management teams among public homebuilders in its 2015 survey of land developers and private homebuilders.
services business. As part of this transition, we have made additional investments to improve the customer experience, including the introduction of a Tri Pointe Connect app that simplifies the home loan process for potential homebuyers.
With respect to our land acquisition strategy, as of December 31, 2023, our total lot count was nearly 32,000, comprised of approximately 59% owned and 41% controlled. We have continued to identify opportunities to acquire land in a capital efficient manner, including through the use of land bank arrangements and joint venture structures, with a goal of transitioning our lot count to a mix of 50% owned and 50% controlled over the next few years.
We retain a positive outlook on housing for 2024 and beyond, due in part, to new household formations, strong demand from Millennials and Gen-Z homebuyers, a more normalized supply chain, and shorter cycle times, all coinciding with the scarcity of resale supply, which has given the homebuilding industry an historically high market share of total home sales. We are particularly optimistic that strong and enduring supply and demand dynamics will continue to support that new home market share, and are confident in our ability to capitalize on these favorable conditions, including by strategically increasing spec inventory to meet heightened demand.
We believe Tri Pointe is in an excellent position to expand our scale in each of our markets and to target new markets through organic startup divisions or mergers and acquisitions. In addition to increasing our investments in our Central and East regions to grow community count, we also recently announced our organic entry into Utah, where we currently anticipate our first deliveries starting in 2025. We are also actively looking to grow our operations in the Southeast by expanding into the Coastal Carolinas and Florida markets.
In conjunction with our strong 2023 financial results, Tri Pointe Homes received numerous recognitions in 2023 for its culture, leadership, and work environment, including
being named as a Great Places to Work-Certified™ company and being selected by Great Place to Work® and Fortune magazine as one of the 2023 Best Workplaces for Millennials™, 2023 Best Workplaces in Construction™, and 2023 Best Workplaces for Women™. Tri Pointe was also recognized as one of the Fortune 100 Best Companies to Work For® in 2023 and 2023 PEOPLE® Companies that Care, and was recently named to the 2024 list of Fortune World's Most Admired Companies™. We also received over 50 awards, recognizing our achievements across a variety of areas including Company Culture, Product Design, Interior Merchandising, Customer Experience, Innovative Use of Technology, Marketing, and Professional Achievements.
We would once again like to thank our team members and trade partners for a successful 2023. Their diligent efforts in delivering our homebuyers with a premium product and experience are deeply appreciated. We also want to express our gratitude to our board members and stockholders for their continued support and guidance, and we look forward to changing more lives in 2024.
Steven J. Gilbert | Douglas F. Bauer |
Chairman of the Board | Chief Executive Officer |
FORTUNE 100
Fastest-Growing
Companies
Dunhill and Nathan | Best Places | 2019 Builder of | Certified as | Fortune Best | Announced |
Carlisle Homes acquired | to Work | the Year award6 | a Great Place | Workplaces for | expansion into |
and become the Dallas- | Award5 4th | to Work®7 | Millennials™, Women™ | the Utah market | |
Fort Worth Division | consecutive year | and in Construction™8 |
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
Expanded | Tri Pointe | Expanded | Tri Pointe | Tri Pointe unified | Launched | Launched LiveAbility™, | Fortune Best Workplaces for |
into the | Advantage | into the | Assurance | its six builder brands | Altis, Tri Pointe | our commitment to | Women™, Construction™, |
Sacramento | Insurance | Carolinas | expanded into | under the name | Homes' | build homes that | Millennials™, and 100 Best |
market | Services | escrow services | Tri Pointe Homes® | 55+ brand | naturally adapt to | Companies to Work For®9 | |
launched | life's changing needs |
- Recognizing housing's most influential innovators, real estate media firm Hanley Wood awarded Tri Pointe with a HIVE 100 Innovators award in the Business Management category.
- Orange County Business Journal and Best Companies Group recognized Tri Pointe as one of the Best Places to Work in Orange County in 2016, 2017, 2018 and 2019.
- Builder and Developer magazine, a national homebuilding publication, named Tri Pointe the Builder of the Year in 2019.
- Tri Pointe Homes was recognized as a Great Place to Work-Certified™ Company in both 2021 and 2022.
- Tri Pointe Homes was recognized in 2022 as a Fortune Best Workplace for Millennials™, Women™, and in Construction™.
- Tri Pointe Homes was recognized in 2023 as a Fortune Best Workplaces for Women™, Construction™, Millennials™, and 100 Best Companies to Work For®.
Sustainability
We recognize the importance of sustainability considerations
to our stakeholders and continue to look for ways to incorporate sustainability into our initiatives.
We've been a leader in green building since 2001. Through our LivingSmart® program and third-party programs such as LEED®, ENERGY STAR® and Indoor airPLUS, as well as our approach to land acquisition and land planning, we are always looking for new and better ways to do business in a considerate, sustainable and healthful way.
We are always looking for new ways to be a responsible neighbor and extend a helping hand at every opportunity. We established Tri Pointe C.A.R.E.S. (Charity, Advocacy, Resources, Enrichment and Stewardship) to encourage team members to use their positive energy, talent and expertise to give back in support of their local communities. We believe in the idea that a diverse staff brings diverse ideas to the table and we want to include anyone and everyone who wants to contribute to the mission.
Tri Pointe Homes is committed to a strong corporate governance structure and practices that reflect a commitment to accountability and transparency to our stockholders and other stakeholders. At the management level, we have appointed a Chief Sustainability Officer and established an internal working group, which is responsible for implementing our sustainability strategy and initiatives. And our board of directors currently has six members,
all of whom, other than our Chief Executive Officer,
are independent under New York Stock Exchange (NYSE) listing standards.
For more detailed information regarding Tri Pointe Homes' approach to sustainability and other initiatives, please visit our website at investors.tripointehomes.com/ESG.
Features
that foster
wellness and
clean air
Materials that
come from
recycled and
sustainable
sources
Features and
landscape
design that help
conserve
water usage
Products and
technology that
reduce energy
use and
utility bills
Well-being by design
Technology that helps you stay comfortable, in control, and connected from anywhere
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TRI Pointe Group Inc. published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2024 16:04:10 UTC.
