Tri Pointe Homes, Inc. (NYSE:TPH) Q4 2023 Earnings Conference Call February 20, 2024 10:00 AM ET Company Participants David Lee - Investor Relations Douglas Bauer - Chief Executive Officer Glenn Keeler - Chief Financial Officer Linda Mamet - Chief Marketing Officer Tom Mitchell - President & Chief Operating Officer Conference Call Participants Joe Ahlersmeyer - Deutsche Bank Truman Patterson - Wolfe Research Stephen Kim - Evercore ISI Tyler Batory - Oppenheimer Jesse Lederman - Zelman & Associates Jay McCan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended September 30, 2023 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 _____________________________________________________________________________________________ Washington, D.C. 20549 _____________________________________________________________________________________________ FORM 10-Q _________________________________ ...

2023 Third Quarter Results October 26, 2023 Forward-Looking Statements Various statements contained in this presentation, 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, ...

Tri Pointe Homes, Inc. (NYSE:TPH) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET Company Participants David Lee - Investor Relations Doug Bauer - Chief Executive Officer Glenn Keeler - Chief Financial Officer Linda Mamet - CMO Tom Mitchell - President & Chief Operating Officer Conference Call Participants Alan Ratner - Zelman & Associates Stephen Kim - Evercore ISI Truman Patterson - Wolfe Research Carl Reichardt - BTIG Joe Alesia - Deutsche Bank Mike Dahl - RBC Capital Markets Tyler Batory - Op ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Tri Pointe Homes, Inc.'s unaudited consolidated financial statements, including balance sheets, income statements, equity, and cash flows, reflecting key financial performance and position [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) | Balance Sheet Item | June 30, 2023 (Thousands USD) | December 31, 2022 (Thousands USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $981,567 | $889,664 | | Real estate inventories | $3,193,328 | $3,173,849 | | **Total assets** | **$4,780,559** | **$4,719,940** | | **Liabilities & Equity** | | | | Total liabilities | $1,883,739 | $1,883,409 | | Total stockholders' equity | $2,896,111 | $2,832,389 | | **Total liabilities and equity** | **$4,780,559** | **$4,719,940** | - Total assets increased slightly to **$4.78 billion** from **$4.72 billion** at year-end 2022, primarily driven by an increase in cash and cash equivalents[13](index=13&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) | Metric | Three Months Ended June 30, 2023 (Thousands USD, except EPS) | Three Months Ended June 30, 2022 (Thousands USD, except EPS) | Six Months Ended June 30, 2023 (Thousands USD, except EPS) | Six Months Ended June 30, 2022 (Thousands USD, except EPS) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $826,959 | $1,005,461 | $1,597,744 | $1,732,953 | | Net income available to common stockholders | $60,724 | $136,383 | $135,466 | $223,861 | | Diluted EPS | $0.60 | $1.33 | $1.34 | $2.12 | - For the three months ended June 30, 2023, total revenues decreased by **17.8% YoY**, and net income available to common stockholders decreased by **55.5% YoY**[15](index=15&type=chunk) [Consolidated Statements of Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Equity) - Total stockholders' equity increased from **$2.83 billion** at the end of 2022 to **$2.90 billion** as of June 30, 2023. The increase was driven by net income of **$135.5 million**, partially offset by share repurchases totaling **$70.5 million** for the six-month period[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Activity | Six Months Ended June 30, 2023 (Thousands USD) | Six Months Ended June 30, 2022 (Thousands USD) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $197,734 | $(167,831) | | Net cash used in investing activities | $(20,788) | $(43,942) | | Net cash used in financing activities | $(85,043) | $(199,631) | | **Net increase (decrease) in cash** | **$91,903** | **$(411,404)** | - The company generated positive cash flow from operations of **$197.7 million** in the first six months of 2023, a significant improvement from a cash use of **$167.8 million** in the same period of 2022, primarily due to a smaller increase in real estate inventories[22](index=22&type=chunk) [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company operates in two principal businesses: homebuilding and financial services. The homebuilding business is segmented into West, Central, and East regions[39](index=39&type=chunk)[40](index=40&type=chunk) - For the three and six months ended June 30, 2023, the company recorded a real estate inventory impairment charge of **$11.5 million** related to one active community in the West Segment[50](index=50&type=chunk) - As of June 30, 2023, the company had total outstanding senior notes of **$1.1 billion** and loans payable of **$287.4 million**. The company was in compliance with all financial covenants[71](index=71&type=chunk)[76](index=76&type=chunk)[83](index=83&type=chunk) - Under the 2022 Long-Term Incentive Plan, total stock-based compensation expense was **$4.2 million** for Q2 2023 and **$8.0 million** for the first six months of 2023[102](index=102&type=chunk)[106](index=106&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the improved housing market in Q2 2023, noting increased new home orders despite revenue declines, and highlights the company's strong liquidity and low debt-to-capital ratio [Overview and Outlook](index=28&type=section&id=Overview%20and%20Outlook) - The housing market's positive trajectory continued through Q2 2023, supported by a scarcity of resale home supply, which has helped restore pricing power to the business[134](index=134&type=chunk) - Q2 2023 highlights include **1,912** net new home orders, an **18% YoY** increase in ending community count to **145**, and diluted EPS of **$0.60**[135](index=135&type=chunk) - The company ended the quarter with a strong financial position, including total liquidity of **$1.7 billion** and a record-low debt-to-capital ratio of **32.3%**[135](index=135&type=chunk) [Results of Operations - Three Months Ended June 30, 2023 vs 2022](index=29&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20June%2030%2C%202023%20vs%202022) | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Net New Home Orders | 1,912 | 1,356 | 41% | | Average Selling Communities | 140.3 | 121.8 | 15% | | Monthly Absorption Rate | 4.5 | 3.7 | 22% | | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Backlog Units | 2,765 | 3,826 | (28)% | | Backlog Dollar Value (Billions USD) | $1.9 | $3.0 | (36)% | | Home Sales Revenue (Millions USD) | $819.1 | $1,004.6 | (18)% | | New Homes Delivered | 1,173 | 1,485 | (21)% | - Homebuilding gross margin percentage decreased to **20.4%** from **27.2%** in the prior-year period, primarily due to increased use of incentives and an **$11.5 million** impairment charge[149](index=149&type=chunk) - SG&A expense as a percentage of home sales revenue increased to **11.9%** from **9.5%**, driven by higher broker commissions, increased marketing, and lower leverage on fixed costs due to reduced revenue[151](index=151&type=chunk) [Results of Operations - Six Months Ended June 30, 2023 vs 2022](index=33&type=section&id=Results%20of%20Operations%20-%20Six%20Months%20Ended%20June%2030%2C%202023%20vs%202022) | Metric | H1 2023 | H1 2022 | % Change | | :--- | :--- | :--- | :--- | | Net New Home Orders | 3,531 | 3,252 | 9% | | Average Selling Communities | 138.4 | 116.7 | 19% | | Monthly Absorption Rate | 4.3 | 4.6 | (7)% | | Metric | H1 2023 | H1 2022 | % Change | | :--- | :--- | :--- | :--- | | Home Sales Revenue (Billions USD) | $1.6 | $1.7 | (8)% | | New Homes Delivered | 2,238 | 2,584 | (13)% | | Homebuilding Gross Margin % | 21.9% | 27.0% | -5.1 p.p. | - SG&A as a percentage of home sales revenue increased to **11.7%** from **10.2%** in the prior-year period, mainly due to higher broker commissions and marketing expenses[166](index=166&type=chunk) [Lots Owned or Controlled and Liquidity](index=36&type=section&id=Lots%20Owned%20or%20Controlled%20and%20Liquidity) | Lots | June 30, 2023 | June 30, 2022 | % Change | | :--- | :--- | :--- | :--- | | Lots Owned | 18,378 | 21,579 | (15)% | | Lots Controlled | 14,456 | 17,503 | (17)% | | **Total Lots Owned or Controlled** | **32,834** | **39,082** | **(16)%** | - As of June 30, 2023, the company had total liquidity of **$1.7 billion**, consisting of **$981.6 million** in cash and **$695.0 million** available under its credit facility[174](index=174&type=chunk) | Leverage Ratio | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Ratio of debt-to-capital | 32.3% | 32.7% | | Ratio of net debt-to-net capital | 12.1% | 14.7% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk stems from interest rate fluctuations on debt, with no derivative financial instruments used for trading or speculative purposes - The company is exposed to market risks from fluctuations in interest rates on its outstanding debt[203](index=203&type=chunk) - No derivative financial instruments were utilized during the six months ended June 30, 2023, and the company does not hold derivatives for trading or speculative purposes[203](index=203&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the quarter - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[204](index=204&type=chunk) - There were no changes during the quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[205](index=205&type=chunk) Part II. OTHER INFORMATION [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company faces routine legal proceedings but recorded no legal reserves as of June 30, 2023, as no probable and estimable losses were identified - The company is subject to legal claims and proceedings in the normal course of business but had zero legal reserves as of June 30, 2023, and December 31, 2022[89](index=89&type=chunk)[206](index=206&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for 2022 - No material changes have been made to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022[207](index=207&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company continued its 2023 share repurchase program, repurchasing 1.14 million shares for $32.3 million in Q2 2023 and 2.71 million shares for $69.9 million in H1 2023 - On February 15, 2023, the board approved a share repurchase program authorizing up to **$250 million** through December 31, 2023[208](index=208&type=chunk) | Period | Total Shares Purchased | Average Price Paid | Total Cost (Millions USD) | | :--- | :--- | :--- | :--- | | Q2 2023 | 1,137,478 | $28.43 | $32.3 | | H1 2023 | 2,712,053 | - | $69.9 | - As of June 30, 2023, approximately **$180.1 million** remained available for repurchase under the program[209](index=209&type=chunk) [Item 5. Other Information](index=43&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2023 - No director or officer subject to Section 16 of the Exchange Act adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[210](index=210&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and required CEO/CFO certifications - The report includes standard corporate governance documents and required CEO/CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act[211](index=211&type=chunk)

Financial Data and Key Metrics Changes - In Q1 2023, the company delivered 1,065 homes, generating $768 million in home sales revenue, with a gross margin of 23.5% and SG&A as a percentage of home sales revenue at 11.5% [5][13] - The pre-tax income for the quarter was $103 million, translating to diluted earnings per share of $0.73 [5] - The company reported positive cash flow from operations of $136 million and returned $38 million to shareholders through share repurchases [5][16] - The net debt to net capital ratio was a record low of 12.6%, with total liquidity of $1.7 billion [5][16] Business Line Data and Key Metrics Changes - The order pace for Q1 was 4.0 orders per community per month, significantly higher than pre-pandemic levels, with a total of 1,619 orders, marking a 265% increase sequentially from Q4 2022 [6][14] - The cancellation rate for the quarter was 10% [6] - The community count grew by 17% year-over-year, ending the quarter with 136 active communities, 64% of which were outside California [7] Market Data and Key Metrics Changes - The company noted a strong job market and no apparent reductions in credit quality among prospective buyers, despite concerns about the banking system and potential recession [7] - The current housing inventory consists of one-third new construction, compared to historical norms of just over 10%, which is expected to support demand for new homes [8] - Demand from millennials and Gen Z buyers is increasing, with millennials making up 59% of the company's buyers financing through its affiliated mortgage company [9] Company Strategy and Development Direction - The company aims to increase new home starts to meet favorable market conditions and has implemented a strategy of product repositioning and targeted pricing [8][10] - A goal to reduce cycle times by four weeks by year-end is in place, with an average reduction of more than two weeks achieved so far [11] - The company plans to open 70 to 80 new communities in 2023, having opened 18 in Q1 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the industry’s long-term fundamentals and the company’s positioning for growth [18] - The company anticipates delivering between 900 and 1,000 homes in Q2 2023, with an average sales price between $720,000 and $730,000 [17] - For the full year, the guidance has been updated to deliveries between 4,500 and 5,000 homes at an average sales price between $690,000 and $700,000 [17] Other Important Information - The company has seen cost reductions of 8% to 10% on average and aims for a total reduction of 10% to 20% by year-end [10] - Spec homes currently represent 60% to 65% of total starts in 2023, with a focus on increasing this percentage as the company diversifies geographically [11][34] Q&A Session Summary Question: Insights on average price trends - The average selling price (ASP) has increased due to lower incentives and raised base pricing in some communities, but a higher mix of more affordably priced products is expected to lower ASP over time [20] Question: Land holdings trajectory - The company expects land holdings to increase, particularly in options, as it becomes more active in the land market [21][22] Question: Plans for low leverage - The company plans to maintain low leverage while being opportunistic in investments, particularly in land acquisitions [24][25] Question: Spec versus build-to-order gross margin - There is a normalization in gross margins between spec and build-to-order homes, with expectations for continued normalization [26] Question: Impact of new FHFA fee structures - The company has not seen significant impacts from the new FHFA fee structures, continuing to provide financing incentives to customers [27] Question: Gross margin guidance - The guidance for gross margin implies a slight sequential dip due to a mix of deliveries and homes sold at lower margins [28] Question: Cost trends beyond lumber - The company is seeing reductions in costs for materials like concrete and drywall, alongside ongoing value engineering efforts [55] Question: Labor availability and market share - Labor availability remains a challenge, but public builders are gaining market share, particularly as smaller builders face capital constraints [52][53] Question: Participation in state programs - The company participated in a state program for down payment assistance, but the funds were depleted quickly, resulting in minimal impact on orders [58][59] Question: Capacity to ramp up starts - The industry has the capacity to increase starts if demand remains strong, with expectations for normalization in supply chain and labor availability [63][65]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Tri Pointe Homes' unaudited consolidated financial statements for Q1 2023, covering Balance Sheets, Operations, Equity, and Cash Flows Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $966,298 | $889,664 | | Real estate inventories | $3,142,412 | $3,173,849 | | **Total assets** | **$4,739,240** | **$4,719,940** | | **Liabilities & Equity** | | | | Senior notes, net | $1,091,509 | $1,090,624 | | **Total liabilities** | **$1,872,755** | **$1,883,409** | | **Total equity** | **$2,866,485** | **$2,836,531** | Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2023 | Three Months Ended Mar 31, 2022 | | :--- | :--- | :--- | | Total revenues | $770,785 | $727,492 | | Homebuilding income from operations | $92,331 | $115,016 | | Net income available to common stockholders | $74,742 | $87,478 | | Diluted Earnings Per Share (EPS) | $0.73 | $0.81 | Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2023 | Three Months Ended Mar 31, 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $135,639 | $(116,114) | | Net cash used in investing activities | $(9,452) | $(19,688) | | Net cash used in financing activities | $(49,553) | $(133,023) | | **Net increase (decrease) in cash** | **$76,634** | **$(268,825)** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail accounting policies and financial statement breakdowns, covering segment information, real estate inventories, debt, and stock-based compensation Segment Revenues and Income Before Taxes (in thousands) | Segment | Revenues (Q1 2023) | Income Before Taxes (Q1 2023) | Revenues (Q1 2022) | Income Before Taxes (Q1 2022) | | :--- | :--- | :--- | :--- | :--- | | West | $480,941 | $72,911 | $530,496 | $100,557 | | Central | $166,140 | $13,939 | $137,097 | $12,951 | | East | $123,704 | $13,312 | $59,899 | $1,726 | | **Total Homebuilding** | **$770,785** | **$100,162** | **$727,492** | **$115,234** | | Financial Services | $8,876 | $3,045 | $8,752 | $3,490 | Real Estate Inventories (in thousands) | Category | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Homes completed or under construction | $1,191,754 | $1,293,681 | | Land under development | $1,335,789 | $1,279,394 | | Land purchase and land option deposits | $215,628 | $228,892 | | **Total real estate inventories** | **$3,142,412** | **$3,173,849** | Outstanding Debt Summary (in thousands) | Debt Instrument | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Senior Notes, net** | **$1,091,509** | **$1,090,624** | | 5.875% Senior Notes due 2024 | $450,000 | $450,000 | | 5.250% Senior Notes due 2027 | $300,000 | $300,000 | | 5.700% Senior Notes due 2028 | $350,000 | $350,000 | | **Loans Payable** | **$287,427** | **$287,427** | | Term loan facility | $250,000 | $250,000 | | Seller financed loans | $37,427 | $37,427 | - As of March 31, 2023, the company had interests in land and lot option agreements with a remaining purchase price of **$1.23 billion**, secured by **$215.6 million** in deposits[61](index=61&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial performance, highlighting improved housing market conditions, key operational metrics, and the company's capital resources and liquidity - The housing market showed signs of improvement in Q1 2023, with modestly decreased mortgage rates positively impacting sales pace, though management expects demand to remain potentially volatile due to macroeconomic factors[125](index=125&type=chunk) - Q1 2023 highlights include **1,619** net new home orders, a **23.5%** homebuilding gross margin, and diluted EPS of **$0.73**[126](index=126&type=chunk) - The company ended the quarter with total liquidity of **$1.7 billion**, including **$966.3 million** in cash and **$691.4 million** available under its credit facility, with the debt-to-capital ratio at an all-time low of **32.5%**[126](index=126&type=chunk)[151](index=151&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q1 2023 results show a 15% decrease in net new home orders, a 6% increase in home sales revenue, and a decline in homebuilding gross margin to 23.5% Net New Home Orders by Segment (Q1 2023 vs Q1 2022) | Segment | Net New Home Orders 2023 | Net New Home Orders 2022 | % Change | | :--- | :--- | :--- | :--- | | West | 954 | 1,109 | (14)% | | Central | 355 | 546 | (35)% | | East | 310 | 241 | 29% | | **Total** | **1,619** | **1,896** | **(15)%** | - Backlog dollar value decreased **49%** to **$1.5 billion** as of March 31, 2023, from **$2.9 billion** a year prior, driven by a **49%** decrease in backlog units[134](index=134&type=chunk) New Homes Delivered and Revenue by Segment (Q1 2023) | Segment | New Homes Delivered | Home Sales Revenue (in thousands) | Average Sales Price (in thousands) | | :--- | :--- | :--- | :--- | | West | 590 | $478,733 | $811 | | Central | 254 | $165,968 | $653 | | East | 221 | $123,704 | $560 | | **Total** | **1,065** | **$768,405** | **$722** | - Homebuilding gross margin percentage decreased to **23.5%** in Q1 2023 from **26.8%** in Q1 2022, largely due to higher incentives, with adjusted homebuilding gross margin at **26.2%**, down from **29.3%**[139](index=139&type=chunk)[141](index=141&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, the company maintained strong liquidity of $1.7 billion, improved leverage ratios, and repurchased $37.6 million in common stock - Total liquidity was **$1.7 billion** as of March 31, 2023, including **$966.3 million** in cash and cash equivalents[151](index=151&type=chunk) Leverage Ratios | Ratio | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Ratio of debt-to-capital | 32.5% | 32.7% | | Ratio of net debt-to-net capital (Non-GAAP) | 12.6% | 14.7% | - On February 15, 2023, the board approved a new share repurchase program authorizing up to **$250 million**, with the company repurchasing **1,574,575 shares** for **$37.6 million** in Q1 2023[163](index=163&type=chunk) - Net cash provided by operating activities was **$135.6 million** for Q1 2023, a significant improvement from the **$116.1 million** used in Q1 2022, primarily due to a **$265.2 million** decrease in cash used for real estate inventory purchases[167](index=167&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is interest rate fluctuations on outstanding debt, with no use of derivative financial instruments - The primary market risk exposure is related to interest rate fluctuations on outstanding debt[180](index=180&type=chunk) - The company did not utilize any derivative financial instruments during the three months ended March 31, 2023, and does not hold derivatives for trading or speculative purposes[180](index=180&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting - Based on an evaluation by management, the Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[181](index=181&type=chunk) - No changes occurred during the first quarter of 2023 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[182](index=182&type=chunk) [PART II. OTHER INFORMATION](index=38&type=section&id=Part%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings in the normal course of business, with zero legal reserves recorded as of March 31, 2023 - Information regarding legal proceedings is incorporated by reference from Note 13 of the financial statements[183](index=183&type=chunk) - The company had zero legal reserves as of March 31, 2023, and December 31, 2022[84](index=84&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for 2022 - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022[184](index=184&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The board authorized a new $250 million share repurchase program on February 15, 2023, with $37.6 million in repurchases completed in Q1 2023 - A new share repurchase program was approved on February 15, 2023, authorizing up to **$250 million** in repurchases[185](index=185&type=chunk) Share Repurchases for the Three Months Ended March 31, 2023 | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Dollar Value Remaining | | :--- | :--- | :--- | :--- | | Jan 1 - Jan 31, 2023 | — | $— | $250,000,000 | | Feb 1 - Feb 28, 2023 | — | $— | $250,000,000 | | Mar 1 - Mar 31, 2023 | 1,574,575 | $23.87 | $212,420,984 | | **Total** | **1,574,575** | **$23.87** | | [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including governance documents, compensatory plans, and CEO/CFO certifications - The report includes exhibits such as CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, and various corporate agreements[187](index=187&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________________________________________________________ FORM 10-K _______________________________________________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

Tri Pointe Homes, Inc. (NYSE:TPH) Q4 2022 Earnings Conference Call February 21, 2023 10:00 AM ET Company Participants David Lee - Investor Relations Douglas Bauer - Chief Executive Officer Glenn Keeler - Chief Financial Officer and Chief Accounting Officer Linda Mamet - Chief Marketing Officer Tom Mitchell - President and Chief Operating Officer Conference Call Participants Stephen Kim - Evercore ISI Mike Dahl - RBC Capital Markets Alan Ratner - Zelman & Associates Jay McCanless - Wedbush Securities Carl Re ...

Tri Pointe Homes, Inc. (NYSE:TPH) Q3 2022 Results Conference Call October 27, 2022 10:00 AM ET Company Participants David Lee - Investor Relations Doug Bauer - Chief Executive Officer Glenn Keeler - Chief Financial Officer and Chief Accounting Officer Linda Mamet - Chief Marketing Officer Tom Mitchell - President and Chief Operating Officer Conference Call Participants Stephen Kim - Evercore Alan Ratner - Zelman & Associates Carl Reichardt - BTIG Alex Rygiel - B Riley Jay McCanless - Wedbush Truman Patterso ...