TRI Pointe Group, Inc. Reports 2018 First Quarter Results

April 25, 2018

-New Home Deliveries up 22% and New Home Orders up 15% for the Quarter-
-Backlog Dollar Value up 39% on a 24% Increase in Backlog Units-
-Homebuilding Gross Margin Percentage Increased 390 Basis Points to 22.7%-
-Reports Diluted Earnings Per Share of $0.28, up from $0.05 in the Prior Year-

IRVINE, Calif., April 25, 2018 (GLOBE NEWSWIRE) -- TRI Pointe Group, Inc. (the "Company") (NYSE:TPH) today announced results for the first quarter ended March 31, 2018.

Results and Operational Data for First Quarter 2018 and Comparisons to First Quarter 2017

  • Net income available to common stockholders was $42.9 million, or $0.28 per diluted share, compared to $8.2 million, or $0.05 per diluted share
  • New home orders of 1,496 compared to 1,299, an increase of 15%
  • Active selling communities averaged 129.8 compared to 125.5, an increase of 3%
    — New home orders per average selling community were 11.5 orders (3.8 monthly) compared to 10.4 orders (3.5 monthly)
    — Cancellation rate remained flat at 14%
  • Backlog units at quarter end of 2,143 homes compared to 1,734, an increase of 24%
    — Dollar value of backlog at quarter end of $1.4 billion compared to $1.0 billion, an increase of 39%
    — Average sales price in backlog at quarter end of $658,000 compared to $585,000, an increase of 12%
  • Home sales revenue of $582.6 million compared to $392.0 million, an increase of 49%
    — New home deliveries of 924 homes compared to 758 homes, an increase of 22%
    — Average sales price of homes delivered of $630,000 compared to $517,000, an increase of 22%
  • Homebuilding gross margin percentage of 22.7% compared to 18.8%, an increase of 390 basis points
    — Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 25.2%*
  • SG&A expense as a percentage of homes sales revenue of 12.9% compared to 15.7%, a decrease of 280 basis points
  • Ratios of debt-to-capital and net debt-to-net capital of 42.9% and 36.9%*, respectively, as of March 31, 2018
  • Ended first quarter of 2018 with total liquidity of $917.2 million, including cash of $324.6 million and $592.6 million of availability under the Company's unsecured revolving credit facility
    * See "Reconciliation of Non-GAAP Financial Measures"

“2018 is off to a great start,” said TRI Pointe Group Chief Executive Officer Doug Bauer. “Earnings per share for the first quarter of 2018 grew more than five-fold on a year-over-year basis, thanks to significant increases in unit deliveries, average sales prices, and homebuilding gross margins. We saw strong demand throughout the quarter, as evidenced by our absorption rate of 3.8 homes per community per month. This demand was broad based, both from a geographic and segmentation standpoint, which enabled us to raise prices in several of our communities and helped offset cost pressures that the homebuilding industry has been facing. Our legacy assets in California continued to deliver strong results for our company, and I am pleased to report that all of our brands posted year-over-year homebuilding gross margin improvement. With excellent momentum on a number of fronts and a 39% increase to quarter-ending backlog on a dollar value basis, TRI Pointe Group is well positioned to achieve its goals in 2018.”

First Quarter 2018 Operating Results

Net income available to common stockholders was $42.9 million, or $0.28 per diluted share, for the first quarter of 2018, compared to net income available to common stockholders of $8.2 million, or $0.05 per diluted share, for the first quarter of 2017.

Home sales revenue increased $190.6 million, or 49%, to $582.6 million for the first quarter of 2018, as compared to $392.0 million for the first quarter of 2017. The increase was primarily attributable to a 22% increase in new home deliveries to 924, and a 22% increase in the average sales price of homes delivered to $630,000, compared to $517,000 in the first quarter of 2017.

New home orders increased 15% to 1,496 homes for the first quarter of 2018, as compared to 1,299 homes for the same period in 2017. Average selling communities increased 3% to 129.8 for the first quarter of 2018 compared to 125.5 for the first quarter of 2017. The Company’s overall absorption rate per average selling community increased 11% for the first quarter of 2018 to 11.5 orders (3.8 monthly) compared to 10.4 orders (3.5 monthly) during the first quarter of 2017.

The Company ended the quarter with 2,143 homes in backlog, representing approximately $1.4 billion. The average sales price of homes in backlog as of March 31, 2018 increased $73,000, or 12%, to $658,000, compared to $585,000 as of March 31, 2017.

Homebuilding gross margin percentage for the first quarter of 2018 increased to 22.7%, compared to 18.8% for the first quarter of 2017. Excluding interest and impairments and lot option abandonments in cost of home sales, adjusted homebuilding gross margin percentage was 25.2%* for the first quarter of 2018, compared to 21.3%* for the first quarter of 2017. The increase in homebuilding gross margin percentage was largely due to the mix of homes delivered, primarily in California.

Selling, general and administrative ("SG&A") expense for the first quarter of 2018 decreased to 12.9% of home sales revenue as compared to 15.7% for the first quarter of 2017 primarily due to increased leverage as a result of a 49% increase in home sales revenue. 

“Our performance this quarter is a testament to the quality of our local leadership teams and the emphasis TRI Pointe Group has put on design and innovation,” said TRI Pointe Group Chief Operating Officer Tom Mitchell. “Housing fundamentals remain strong in the markets in which we build, and we’ve been able to capitalize on this strength by making sure we have the right product in the right location. We have empowered our local teams to run their operations in an entrepreneurial manner, and they in turn have embraced TRI Pointe’s unique approach to homebuilding. This dynamic has been our formula for success for several years now, and we believe it will continue into the future.”

* See “Reconciliation of Non-GAAP Financial Measures”

Outlook

For the second quarter of 2018, the Company expects to open 16 new communities, and close out of 19, resulting in 128 active selling communities as of June 30, 2018. In addition, the Company anticipates delivering 50% to 55% of its 2,143 units in backlog as of March 31, 2018 at an average sales price in a range of $620,000 to $630,000. The Company anticipates its homebuilding gross margin percentage will be in a range of 21.0% to 21.5% for the second quarter. Finally, the Company expects its SG&A expense as a percentage of home sales revenue to be in the range of 11.5% to 12.0% for the second quarter.

For the full year 2018, the Company is reiterating its original guidance of growing average selling communities by 5% compared to 2017 and delivering between 5,100 and 5,400 homes at an average sales price of approximately $610,000. The Company is updating its homebuilding gross margin percentage for the full year 2018 to be in the range of 21.0% to 21.5%, raising the low end of its previously stated range of 20.5% to 21.5%. The Company is reiterating its original guidance of SG&A expense as a percentage of home sales revenue to be in the range of 9.9% to 10.3% and its effective tax rate to be in the range of 25% to 26%.

Earnings Conference Call

The Company will host a conference call via live webcast for investors and other interested parties beginning at 10:00 a.m. Eastern Time on Wednesday, April 25, 2018. The call will be hosted by Doug Bauer, Chief Executive Officer, Tom Mitchell, President and Chief Operating Officer and Mike Grubbs, Chief Financial Officer.

Interested parties can listen to the call live and view the related presentation slides on the internet through the Investor Relations section of the Company’s website at www.TRIPointeGroup.com. Listeners should go to the website at least fifteen minutes prior to the call to download and install any necessary audio software. The call can also be accessed by dialing 1-877-407-3982 for domestic participants or 1-201-493-6780 for international participants. Participants should ask for the TRI Pointe Group First Quarter 2018 Earnings Conference Call. Those dialing in should do so at least ten minutes prior to the start. The replay of the call will be available for two weeks following the call. To access the replay, the domestic dial-in number is 1-844-512-2921, the international dial-in number is 1-412-317-6671, and the reference code is #13678166. An archive of the webcast will be available on the Company’s website for a limited time.

About TRI Pointe Group, Inc.

Headquartered in Irvine, California, TRI Pointe Group, Inc. (NYSE: TPH) is among the largest public homebuilders in the United States. The company designs, constructs and sells premium single-family homes through its portfolio of six quality brands across eight states, including Maracay Homes® in Arizona; Pardee Homes® in California and Nevada; Quadrant Homes® in Washington; Trendmaker® Homes in Texas; TRI Pointe Homes® in California and Colorado; and Winchester® Homes in Maryland and Virginia. Additional information is available at www.TRIPointeGroup.com. Winchester is a registered trademark and is used with permission.

Forward-Looking Statements

Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects, and capital spending. Forward-looking statements that are included in this press release are generally accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or other words that convey future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. The following factors, among others, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements: the effect of general economic conditions, including employment rates, housing starts, interest rate levels, 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; levels of competition; the successful execution of our internal performance plans, including any restructuring and cost reduction initiatives; global economic conditions; raw material prices; oil and other energy prices; the effect of weather, including the re-occurrence of drought conditions in California; 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; transportation costs; federal and state tax policies; the effect of land use, environment and other governmental 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 customers’ confidential information or other forms of cyber-attack; and additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business.

Investor Relations Contact:

Chris Martin, TRI Pointe Group
Drew Mackintosh, Mackintosh Investor Relations
InvestorRelations@TRIPointeGroup.com, 949-478-8696

Media Contact:
Carol Ruiz, cruiz@newgroundco.com, 310-437-0045

 
KEY OPERATIONS AND FINANCIAL DATA
(dollars in thousands)
(unaudited)
 
  Three Months Ended March 31,
  2018 2017 Change
Operating Data:      
Home sales revenue $582,572  $392,004  $190,568 
Homebuilding gross margin $132,070  $73,600  $58,470 
Homebuilding gross margin % 22.7% 18.8% 3.9%
Adjusted homebuilding gross margin %* 25.2% 21.3% 3.9%
SG&A expense $75,097  $61,349  $13,748 
SG&A expense as a % of home sales
   revenue
 12.9% 15.7% (2.8)%
Net income available to common
   stockholders
 $42,880  $8,193  $34,687 
Adjusted EBITDA* $80,988  $27,681  $53,307 
Interest incurred $21,520  $18,873  $2,647 
Interest in cost of home sales $14,229  $9,680  $4,549 
       
Other Data:      
Net new home orders 1,496  1,299  197 
New homes delivered 924  758  166 
Average sales price of homes delivered $630  $517  $113 
Average selling communities 129.8  125.5  4.3 
Selling communities at end of period 131  123  8 
Cancellation rate 14% 14% 0%
Backlog (estimated dollar value) $1,409,042  $1,014,163  $394,879 
Backlog (homes) 2,143  1,734  409 
Average sales price in backlog $658  $585  $73 
       
  March 31, December 31,  
  2018 2017 Change
Balance Sheet Data:      
Cash and cash equivalents $324,608  $282,914  $41,694 
Real estate inventories $3,145,555  $3,105,553  $40,002 
Lots owned or controlled 28,191  27,312  879 
Homes under construction (1) 2,282  1,941  341 
Homes completed, unsold 201  269  (68)
Debt $1,473,074  $1,471,302  $1,772 
Stockholders' equity $1,963,644  $1,929,722  $33,922 
Book capitalization $3,436,718  $3,401,024  $35,694 
Ratio of debt-to-capital 42.9% 43.3% (0.4)%
Ratio of net debt-to-net capital* 36.9% 38.1% (1.2)%

(1) Homes under construction included 80 and 60 models at March 31, 2018 and December 31, 2017, respectively.
* See “Reconciliation of Non-GAAP Financial Measures”

 
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
 
  March 31, December 31,
  2018 2017
Assets (unaudited)  
Cash and cash equivalents $324,608  $282,914 
Receivables 55,249  125,600 
Real estate inventories 3,145,555  3,105,553 
Investments in unconsolidated entities 4,699  5,870 
Goodwill and other intangible assets, net 160,827  160,961 
Deferred tax assets, net 73,818  76,413 
Other assets 82,005  48,070 
Total assets $3,846,761  $3,805,381 
     
Liabilities    
Accounts payable $76,249  $72,870 
Accrued expenses and other liabilities 333,190  330,882 
Senior notes 1,473,074  1,471,302 
Total liabilities 1,882,513  1,875,054 
     
Commitments and contingencies    
     
Equity    
Stockholders' Equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no
   shares issued and outstanding as of March 31, 2018 and
   December 31, 2017, respectively
    
Common stock, $0.01 par value, 500,000,000 shares authorized;
   151,922,459 and 151,162,999 shares issued and outstanding at
   March 31, 2018 and December 31, 2017, respectively
 1,519  1,512 
Additional paid-in capital 792,369  793,980 
Retained earnings 1,169,756  1,134,230 
Total stockholders' equity 1,963,644  1,929,722 
Noncontrolling interests 604  605 
Total equity 1,964,248  1,930,327 
Total liabilities and equity $3,846,761  $3,805,381 

 

CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
 
  Three Months Ended March 31,
  2018 2017
Homebuilding:    
Home sales revenue $582,572  $392,004 
Land and lot sales revenue 223  578 
Other operations revenue 598  568 
Total revenues 583,393  393,150 
Cost of home sales 450,502  318,404 
Cost of land and lot sales 503  654 
Other operations expense 602  560 
Sales and marketing 38,283  26,700 
General and administrative 36,814  34,649 
Homebuilding income from operations 56,689  12,183 
Equity in (loss) income of unconsolidated entities (468) 138 
Other income, net 171  77 
Homebuilding income before income taxes 56,392  12,398 
Financial Services:    
Revenues 283  241 
Expenses 137  74 
Equity in income of unconsolidated entities 1,002  266 
Financial services income before income taxes 1,148  433 
Income before income taxes 57,540  12,831 
Provision for income taxes (14,660) (4,614)
Net income 42,880  8,217 
Net income attributable to noncontrolling interests   (24)
Net income available to common stockholders $42,880  $8,193 
Earnings per share    
Basic $0.28  $0.05 
Diluted $0.28  $0.05 
Weighted average shares outstanding    
Basic 151,464,547  158,769,478 
Diluted 152,775,851  159,390,586 

 

MARKET DATA BY REPORTING SEGMENT & STATE
(dollars in thousands)
(unaudited)
 
  Three Months Ended March 31,
  2018 2017
  New
Homes
Delivered
 Average
Sales
Price
 New
Homes
Delivered
 Average
Sales
Price
New Homes Delivered:        
Maracay Homes 125  $468  119  $429 
Pardee Homes 274  659  196  427 
Quadrant Homes 83  739  63  633 
Trendmaker Homes 84  490  106  490 
TRI Pointe Homes 269  708  208  629 
Winchester Homes 89  570  66  524 
Total 924  $630  758  $517 
         
         
  Three Months Ended March 31,
  2018 2017
  New
Homes
Delivered
 Average
Sales
Price
 New
Homes
Delivered
 Average
Sales
Price
New Homes Delivered:        
California 400  $736  299  $570 
Colorado 60  580  30  564 
Maryland 66  544  46  499 
Virginia 23  645  20  582 
Arizona 125  468  119  429 
Nevada 83  503  75  364 
Texas 84  490  106  490 
Washington 83  739  63  633 
Total 924  $630  758  $517 

 

MARKET DATA BY REPORTING SEGMENT & STATE, continued
(unaudited)
 
  Three Months Ended March 31,
  2018 2017
  Net New
Home
Orders
 Average
Selling
Communities
 Net New
Home
Orders
 Average
Selling
Communities
Net New Home Orders:        
Maracay Homes 153  13.2  184  16.5 
Pardee Homes 473  32.5  378  28.5 
Quadrant Homes 108  7.0  120  7.5 
Trendmaker Homes 155  29.8  151  32.0 
TRI Pointe Homes 459  33.8  353  29.3 
Winchester Homes 148  13.5  113  11.7 
Total 1,496  129.8  1,299  125.5 
         
         
  Three Months Ended March 31,
  2018 2017
  Net New
Home
Orders
 Average
Selling
Communities
 Net New
Home
Orders
 Average
Selling
Communities
Net New Home Orders:        
California 628  44.5  564  41.5 
Colorado 102  7.0  53  5.0 
Maryland 100  9.5  67  8.0 
Virginia 48  4.0  46  3.7 
Arizona 153  13.2  184  16.5 
Nevada 202  14.8  114  11.3 
Texas 155  29.8  151  32.0 
Washington 108  7.0  120  7.5 
Total 1,496  129.8  1,299  125.5 

 

MARKET DATA BY REPORTING SEGMENT & STATE, continued
(dollars in thousands)
(unaudited)
 
  As of March 31, 2018 As of March 31, 2017
  Backlog
Units
 Backlog
Dollar
Value
 Average
Sales
Price
 Backlog
Units
 Backlog
Dollar
Value
 Average
Sales
Price
Backlog:            
Maracay Homes 245  $123,617  $505  313  $153,389  $490 
Pardee Homes 608  408,324  672  442  248,621  562 
Quadrant Homes 169  138,025  817  158  111,551  706 
Trendmaker Homes 244  134,632  552  208  107,860  519 
TRI Pointe Homes 667  474,240  711  443  283,986  641 
Winchester Homes 210  130,204  620  170  108,756  640 
Total 2,143  $1,409,042  $658  1,734  $1,014,163  $585 
             
             
  As of March 31, 2018 As of March 31, 2017
  Backlog
Units
 Backlog
Dollar
Value
 Average
Sales
Price
 Backlog
Units
 Backlog
Dollar
Value
 Average
Sales
Price
Backlog:            
California 894  $662,008  $741  667  $421,381  $632 
Colorado 142  81,743  576  82  50,100  611 
Maryland 147  83,339  567  123  73,226  595 
Virginia 63  46,865  744  47  35,530  756 
Arizona 245  123,617  505  313  153,389  490 
Nevada 239  138,813  581  136  61,126  449 
Texas 244  134,632  552  208  107,860  519 
Washington 169  138,025  817  158  111,551  706 
Total 2,143  $1,409,042  $658  1,734  $1,014,163  $585 

 

MARKET DATA BY REPORTING SEGMENT & STATE, continued
(unaudited)
 
  March 31, December 31,
  2018 2017
Lots Owned or Controlled(1):    
Maracay Homes 3,001  2,519 
Pardee Homes 15,613  15,144 
Quadrant Homes 1,773  1,726 
Trendmaker Homes 1,932  1,855 
TRI Pointe Homes 3,717  3,964 
Winchester Homes 2,155  2,104 
Total 28,191  27,312 
     
     
  March 31, December 31,
  2018 2017
Lots Owned or Controlled(1):    
California 16,140  16,292 
Colorado 782  742 
Maryland 1,445  1,507 
Virginia 710  597 
Arizona 3,001  2,519 
Nevada 2,408  2,074 
Texas 1,932  1,855 
Washington 1,773  1,726 
Total 28,191  27,312 
     
     
  March 31, December 31,
  2018 2017
Lots by Ownership Type:    
Lots owned 23,690  23,940 
Lots controlled(1) 4,501  3,372 
Total 28,191  27,312 

(1) As of March 31, 2018 and December 31, 2017, lots controlled included lots that were under land option contracts or purchase contracts.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited)

In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they 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.

The following table reconciles homebuilding gross margin percentage, as reported and prepared in accordance with GAAP, to the non-GAAP measure adjusted homebuilding gross margin percentage. We believe this information is meaningful as it isolates the impact that leverage has on homebuilding gross margin and permits investors to make better comparisons with our competitors, who adjust gross margins in a similar fashion.

   
  Three Months Ended March 31,
  2018 % 2017 %
  (dollars in thousands)
Home sales revenue $582,572  100.0% $392,004  100.0%
Cost of home sales 450,502  77.3% 318,404  81.2%
Homebuilding gross margin 132,070  22.7% 73,600  18.8%
Add: interest in cost of home sales 14,229  2.4% 9,680  2.5%
Add: impairments and lot option abandonments 248  0.0% 288  0.1%
Adjusted homebuilding gross margin $146,547  25.2% $83,568  21.3%
Homebuilding gross margin percentage 22.7%   18.8%  
Adjusted homebuilding gross margin percentage 25.2%   21.3%  
           

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)

The following table reconciles the Company’s ratio of debt-to-capital to the non-GAAP ratio of net debt-to-net capital. We believe that the ratio of net debt-to-net capital is a relevant financial measure for management and investors to understand the leverage employed in our operations and as an indicator of the Company’s ability to obtain financing.

     
  March 31, 2018 December 31, 2017
Senior notes $1,473,074  $1,471,302 
Total debt 1,473,074  1,471,302 
Stockholders’ equity 1,963,644  1,929,722 
Total capital $3,436,718  $3,401,024 
Ratio of debt-to-capital(1) 42.9% 43.3%
     
Total debt $1,473,074  $1,471,302 
Less: Cash and cash equivalents (324,608) (282,914)
Net debt 1,148,466  1,188,388 
Stockholders’ equity 1,963,644  1,929,722 
Net capital $3,112,110  $3,118,110 
Ratio of net debt-to-net capital(2) 36.9% 38.1%

(1) The ratio of debt-to-capital is computed as the quotient obtained by dividing debt by the sum of debt plus equity.
(2) The ratio of net debt-to-net capital is computed as the quotient obtained by dividing net debt (which is debt less cash and cash equivalents) by the sum of net debt plus equity.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)

The following table calculates the non-GAAP financial measures of EBITDA and Adjusted EBITDA and reconciles those amounts to net income, as reported and prepared in accordance with GAAP. EBITDA means net income before (a) interest expense, (b) expensing of previously capitalized interest included in costs of home sales, (c) income taxes and (d) depreciation and amortization. Adjusted EBITDA means EBITDA before (e) amortization of stock-based compensation, (f) impairments and lot option abandonments and (h) restructuring charges. Other companies may calculate EBITDA and Adjusted EBITDA (or similarly titled measures) differently. We believe EBITDA and Adjusted EBITDA are useful measures of the Company’s ability to service debt and obtain financing.

   
  Three Months Ended March 31,
  2018 2017
  (in thousands)
Net income available to common stockholders $42,880  $8,193 
Interest expense:    
Interest incurred 21,520  18,873 
Interest capitalized (21,520) (18,873)
Amortization of interest in cost of sales 14,242  9,687 
Provision for income taxes 14,660  4,614 
Depreciation and amortization 5,488  822 
EBITDA 77,270  23,316 
Amortization of stock-based compensation 3,470  3,841 
Impairments and lot option abandonments 248  321 
Restructuring charges   203 
Adjusted EBITDA $80,988  $27,681 

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Source: TRI Pointe Group Inc.
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19540 Jamboree Road, Suite 300, Irvine, CA 92612 | 949-438-1400 |info@TriPointeGroup.com

2015 Builder of the year and 2014 Developer of the year.