-Diluted Earnings Per Share of $1.33-

-Homebuilding Gross Margin Percentage of 27.2%-

-Monthly Absorption Rate of 3.7-

-Backlog Dollar Value up 18% Year-Over-Year-

INCLINE VILLAGE, Nev., July 21, 2022 (GLOBE NEWSWIRE) -- Tri Pointe Homes, Inc. (the "Company") (NYSE:TPH) today announced results for the second quarter ended June 30, 2022.

"Tri Pointe Homes delivered another quarter of strong top- and bottom-line results for the second quarter of 2022," said Doug Bauer, Tri Pointe Homes Chief Executive Officer. "Home sales revenue eclipsed the $1 billion mark for the quarter thanks to our operating teams who once again did an outstanding job managing backlog, overcoming labor and supply chain issues and delivering homes in a timely manner. Home sales gross margin percentage was 27.2% for the quarter, a record for our company, while SG&A as a percentage of home sales revenue was 9.5%. This strong margin performance was the primary driver behind the 33% year-over-year increase in our fully diluted earnings per share to $1.33."

Mr. Bauer continued, "We generated 1,356 net new home orders during the quarter on a sales pace of 3.7 homes per community per month. While this pace is consistent with our company's pre-pandemic order performance for a second quarter, we experienced softening in order activity as the quarter progressed, as the combination of higher mortgage interest rates and lower consumer confidence began to impact demand. We believe there will likely be a period of adjustment as buyers adapt to this new reality, however, we believe the favorable fundamentals of demographic trends and undersupply of housing in our markets remain in place and we are confident in the long-term health of our industry."

Mr. Bauer concluded, "Our balance sheet remained in excellent condition, as we ended the quarter with total liquidity of $938 million, including cash and cash equivalents of $270 million and $668 million available under our unsecured revolving credit facility. The company's debt-to-capital ratio was 35.0% and our net debt-to-net capital ratio was 30.1%*. We believe this combination of low leverage and ample liquidity will allow us to make smart, rational decisions from a position of financial strength going forward and that Tri Pointe is well prepared for what comes next."

Results and Operational Data for Second Quarter 2022 and Comparisons to Second Quarter 2021

Net income available to common stockholders was $136.4 million, or $1.33 per diluted share, compared to $117.9 million, or $1.00 per diluted share
Home sales revenue of $1.0 billion for both periods
- New home deliveries of 1,485 homes compared to 1,545 homes, a decrease of 4%
- Average sales price of homes delivered of $677,000 compared to $653,000, an increase of 4%
Homebuilding gross margin percentage of 27.2% compared to 24.6%, an increase of 260 basis points
- Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 29.8%*
SG&A expense as a percentage of homes sales revenue of 9.5% compared to 9.6%, a decrease of 10 basis points
Net new home orders of 1,356 compared to 1,622, a decrease of 16%
Active selling communities averaged 121.8 compared to 114.5, an increase of 6%
- Net new home orders per average selling community were 11.1 orders (3.7 monthly) compared to 14.2 orders (4.7 monthly)
- Cancellation rate of 16% compared to 7%
Backlog units at quarter end of 3,826 homes compared to 3,902, a decrease of 2%
- Dollar value of backlog at quarter end of $3.0 billion compared to $2.5 billion, an increase of 18%
- Average sales price of homes in backlog at quarter end of $779,000 compared to $647,000, an increase of 20%
Ratios of debt-to-capital and net debt-to-net capital of 35.0% and 30.1%*, respectively, as of June 30, 2022
Repurchased 3,152,234 shares of common stock at a weighted average price per share of $19.92 for an aggregate dollar amount of $62.8 million in the three months ended June 30, 2022
Increased the maximum amount of our revolving credit facility from $650 million to $750 million and extended the maturity date of our revolving credit facility and term loan facility to June 2027
Ended the second quarter of 2022 with total liquidity of $937.7 million, including cash and cash equivalents of $270.1 million and $667.5 million of availability under our revolving credit facility

*	See "Reconciliation of Non-GAAP Financial Measures"

"Tri Pointe ended the second quarter with a record sold backlog of nearly $3 billion, putting us in an excellent position to continue delivering strong top- and bottom-line results for the remainder of the year," said Tri Pointe Homes President and Chief Operating Officer Tom Mitchell. "We believe that our approach of acquiring land in prime locations close to employment and transportation centers and other lifestyle amenities that homebuyers value, combined with our innovative, premium homes, gives us a distinct selling advantage in a challenging market. We also have strong leadership teams at both the local and national levels who have successfully navigated prior housing cycles and are skilled at operating through such times. Given these positives, we remain as confident as ever in the long-term outlook for Tri Pointe Homes."

Outlook

For the third quarter, the Company anticipates delivering between 1,300 and 1,500 homes at an average sales price between $700,000 and $715,000. The Company expects homebuilding gross margin percentage to be in the range of 26.0% to 27.0% for the third quarter and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 10.0% to 11.0%. Finally, the Company expects its effective tax rate for the third quarter to be in the range of 25.0% to 26.0%.

Due to quickly changing market conditions and significant uncertainty related to the broader economy, the Company is providing guidance for the third quarter and is not providing updated guidance for the full year at this time.

Earnings Conference Call

The Company will host a conference call via live webcast for investors and other interested parties beginning at 10:00 a.m. Eastern Time on Thursday, July 21, 2022. The call will be hosted by Doug Bauer, Chief Executive Officer, Tom Mitchell, President and Chief Operating Officer, and Glenn Keeler, Chief Financial Officer. Interested parties can listen to the call live and view the related slides on the Internet under the Events & Presentations heading in the Investors section of the Company's website at www.TriPointeHomes.com. Listeners should go to the website at least fifteen minutes prior to the call to download and install any necessary audio software. The call can also be accessed toll free at (877) 407-3982, or (201) 493-6780 for international participants. Participants should ask for the Tri Pointe Homes Second Quarter 2022 Earnings Conference Call. Those dialing in should do so at least ten minutes prior to the start of the call. A replay of the call will be available for two weeks following the call toll free at (844) 512-2921, or (412) 317-6671 for international participants, using the reference number 13730783. An archive of the webcast will also be available on the Company's website for a limited time.

About Tri Pointe Homes, Inc.

One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE:TPH) is a publicly traded company 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. Tri Pointe has won multiple Builder of the Year awards, most recently in 2019, and made Fortune magazine's 2017 100 Fastest-Growing Companies list. Named one of the Best Places to Work by the Orange County Business Journal for four consecutive years, Tri Pointe Homes was also named a Great Place to Work-Certified™ company in both 2021 and 2022. For more information, please visit TriPointeHomes.com.

Forward-Looking Statements

Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects, and capital spending. Forward-looking statements that are included in this press release are generally accompanied by words such as "anticipate," "believe," "could," "estimate," "expect," "future," "goal," "guidance," "intend," "likely," "may," "might," "outlook," "plan," "potential," "predict," "project," "should," "strategy," "target," "will," "would," or other words that convey future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. The following factors, among others, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements: the effects of the ongoing COVID-19 pandemic, which are highly uncertain and subject to rapid change, cannot be predicted and will depend upon future developments, including the emergence and spread of new strains or variants of COVID-19, the severity and the duration of the outbreak, the duration of existing and future social distancing and shelter-in-place orders, further mitigation strategies taken by applicable government authorities, the availability and acceptance of effective vaccines, adequate testing and treatments and the prevalence of widespread immunity to COVID-19; the impacts on our supply chain, the health of our employees, service providers and trade partners, and the reactions of U.S. and global markets and their effects on consumer confidence and spending; the effects 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; 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, particularly within California; 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 and labor; 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 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; the risk of loss from acts of war, terrorism, civil unrest or outbreaks of contagious diseases, such as COVID-19; transportation costs; federal and state tax policies; the effects of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our homebuyers' confidential information or other forms of cyber-attack; and additional factors discussed under the sections captioned "Risk Factors" included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business.

Investor Relations Contact:

Drew Mackintosh, Mackintosh Investor Relations

InvestorRelations@TriPointeHomes.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 June 30,											Six Months Ended June 30,
		2022			2021		Change			% Change			2022			2021		Change			% Change
Operating Data:	(unaudited)
Home sales revenue	$	1,004,644		$	1,009,307		$	(4,663	)	0	%	$	1,729,895		$	1,725,982		$	3,913		0	%
Homebuilding gross margin	$	273,292		$	248,092		$	25,200		10	%	$	467,883		$	419,411		$	48,472		12	%
Homebuilding gross margin %		27.2	%		24.6	%		2.6	%				27.0	%		24.3	%		2.7	%
Adjusted homebuilding gross margin %*		29.8	%		27.7	%		2.1	%				29.6	%		27.3	%		2.3	%
SG&A expense	$	95,352		$	96,752		$	(1,400	)	(1	)%	$	176,047		$	178,561		$	(2,514	)	(1	)%
SG&A expense as a % of home sales revenue		9.5	%		9.6	%		(0.1	)%				10.2	%		10.3	%		(0.1	)%
Net income available to common stockholders	$	136,383		$	117,869		$	18,514		16	%	$	223,861		$	188,671		$	35,190		19	%
Adjusted EBITDA*	$	220,905		$	201,986		$	18,919		9	%	$	366,996		$	328,066		$	38,930		12	%
Interest incurred	$	28,789		$	22,558		$	6,231		28	%	$	57,342		$	43,737		$	13,605		31	%
Interest in cost of home sales	$	24,963		$	30,851		$	(5,888	)	(19	)%	$	42,028		$	51,529		$	(9,501	)	(18	)%

Other Data:
Net new home orders		1,356			1,622			(266	)	(16	)%		3,252			3,609			(357	)	(10	)%
New homes delivered		1,485			1,545			(60	)	(4	)%		2,584			2,671			(87	)	(3	)%
Average sales price of homes delivered	$	677		$	653		$	24		4	%	$	669		$	646		$	23		4	%
Cancellation rate		16	%		7	%		9	%				11	%		7	%		4	%
Average selling communities		121.8			114.5			7.3		6	%		116.7			113.4			3.3		3	%
Selling communities at end of period		123			109			14		13	%
Backlog (estimated dollar value)	$	2,981,255		$	2,524,442		$	456,813		18	%
Backlog (homes)		3,826			3,902			(76	)	(2	)%
Average sales price in backlog	$	779		$	647		$	132		20	%

	June 30,			December 31,
		2022			2021		Change			% Change
Balance Sheet Data:	(unaudited)
Cash and cash equivalents	$	270,124		$	681,528		$	(411,404	)	(60	)%
Real estate inventories	$	3,490,321		$	3,054,743		$	435,578		14	%
Lots owned or controlled		39,082			41,675			(2,593	)	(6	)%
Homes under construction ⁽¹⁾		4,707			3,632			1,075		30	%
Homes completed, unsold		42			27			15		56	%
Debt	$	1,338,895		$	1,337,723		$	1,172		0	%
Stockholders' equity	$	2,487,566		$	2,447,621		$	39,945		2	%
Book capitalization	$	3,826,461		$	3,785,344		$	41,117		1	%
Ratio of debt-to-capital		35.0	%		35.3	%		(0.3	)%
Ratio of net debt-to-net capital*		30.1	%		21.1	%		9.0	%

__________

⁽¹⁾ Homes under construction included 88 and 85 models at June 30, 2022 and December 31, 2021, respectively.

* See "Reconciliation of Non-GAAP Financial Measures"

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	June 30,		December 31,
		2022		2021
Assets	(unaudited)
Cash and cash equivalents	$	270,124	$	681,528
Receivables		145,430		116,996
Real estate inventories		3,490,321		3,054,743
Investments in unconsolidated entities		131,399		118,095
Goodwill and other intangible assets, net		156,603		156,603
Deferred tax assets, net		57,095		57,096
Other assets		163,686		151,162
Total assets	$	4,414,658	$	4,336,223

Liabilities
Accounts payable	$	112,942	$	84,854
Accrued expenses and other liabilities		474,202		466,013
Loans payable		250,000		250,504
Senior notes		1,088,895		1,087,219
Total liabilities		1,926,039		1,888,590

Commitments and contingencies

Equity
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		—		—
Common stock, $0.01 par value, 500,000,000 shares authorized; 101,860,993 and 109,644,474 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively		1,019		1,096
Additional paid-in capital		—		91,077
Retained earnings		2,486,547		2,355,448
Total stockholders' equity		2,487,566		2,447,621
Noncontrolling interests		1,053		12
Total equity		2,488,619		2,447,633
Total liabilities and equity	$	4,414,658	$	4,336,223

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2022			2021			2022			2021
Homebuilding:
Home sales revenue	$	1,004,644		$	1,009,307		$	1,729,895		$	1,725,982
Land and lot sales revenue		114			5,416			1,711			6,939
Other operations revenue		703			660			1,347			1,323
Total revenues		1,005,461			1,015,383			1,732,953			1,734,244
Cost of home sales		731,352			761,215			1,262,012			1,306,571
Cost of land and lot sales		344			4,874			819			5,027
Other operations expense		704			686			1,350			1,310
Sales and marketing		38,523			45,489			70,762			85,949
General and administrative		56,829			51,263			105,285			92,612
Homebuilding income from operations		177,709			151,856			292,725			242,775
Equity in income (loss) of unconsolidated entities		143			(16	)		88			(29	)
Other income, net		116			149			389			257
Homebuilding income before income taxes		177,968			151,989			293,202			243,003
Financial Services:
Revenues		12,228			2,681			20,980			4,786
Expenses		6,322			1,485			11,630			2,892
Equity in income of unconsolidated entities		—			3,949			46			6,640
Financial services income before income taxes		5,906			5,145			9,396			8,534
Income before income taxes		183,874			157,134			302,598			251,537
Provision for income taxes		(45,936	)		(39,265	)		(76,161	)		(62,866	)
Net income		137,938			117,869			226,437			188,671
Net income attributable to noncontrolling interests		(1,555	)		—			(2,576	)		—
Net income available to common stockholders	$	136,383		$	117,869		$	223,861		$	188,671
Earnings per share
Basic	$	1.33		$	1.01		$	2.14		$	1.60
Diluted	$	1.33		$	1.00		$	2.12		$	1.59
Weighted average shares outstanding
Basic		102,164,377			116,824,108			104,731,388			118,082,691
Diluted		102,787,919			117,770,084			105,478,446			118,921,340

MARKET DATA BY REPORTING SEGMENT & GEOGRAPHY

(dollars in thousands)

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	New Homes Delivered	Average Sales Price		New Homes Delivered	Average Sales Price		New Homes Delivered	Average Sales Price		New Homes Delivered	Average Sales Price
Arizona	127	$	732	223	$	652	197	$	733	383	$	658
California	579		698	698		705	1,093		690	1,155		692
Nevada	157		724	127		589	241		711	201		602
Washington	54		1,092	69		968	126		1,023	147		985
West total	917		731	1,117		697	1,657		723	1,886		698
Colorado	76		682	59		568	119		662	99		582
Texas	318		511	233		498	538		507	447		477
Central total	394		544	292		512	657		535	546		496
Carolinas(1)	44		462	21		407	72		458	39		381
Washington D.C. Area(2)	130		770	115		628	198		744	200		618
East total	174		692	136		594	270		668	239		579
Total	1,485	$	677	1,545	$	653	2,584	$	669	2,671	$	646

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	Net New Home Orders	Average Selling Communities		Net New Home Orders	Average Selling Communities		Net New Home Orders	Average Selling Communities		Net New Home Orders	Average Selling Communities
Arizona	195		14.2	233		15.2	410		13.6	494		15.1
California	601		49.2	630		39.0	1,302		44.7	1,320		38.6
Nevada	116		7.3	180		11.3	261		8.0	435		11.6
Washington	21		1.8	90		6.2	69		2.4	161		5.6
West total	933		72.5	1,133		71.7	2,042		68.7	2,410		70.9
Colorado	34		8.0	58		5.8	165		8.0	163		5.3
Texas	153		22.0	278		22.0	568		22.1	707		23.0
Central total	187		30.0	336		27.8	733		30.1	870		28.3
Carolinas(1)	170		11.5	40		3.8	296		10.0	88		3.1
Washington D.C. Area(2)	66		7.8	113		11.2	181		7.9	241		11.1
East total	236		19.3	153		15.0	477		17.9	329		14.2
Total	1,356		121.8	1,622		114.5	3,252		116.7	3,609		113.4

⁽¹⁾ Carolinas comprises North Carolina and South Carolina.

⁽²⁾ Washington D.C. Area comprises Maryland, Virginia and the District of Columbia.

MARKET DATA BY REPORTING SEGMENT & GEOGRAPHY, continued

(dollars in thousands)

(unaudited)

	As of June 30, 2022					As of June 30, 2021
	Backlog Units	Backlog Dollar Value		Average Sales Price		Backlog Units	Backlog Dollar Value		Average Sales Price
Arizona	733	$	586,871	$	801	590	$	424,048	$	719
California	1,245		1,128,517		906	1,423		921,602		648
Nevada	346		279,679		808	370		245,895		665
Washington	72		60,188		836	153		165,314		1,080
West total	2,396		2,055,255		858	2,536		1,756,859		693
Colorado	230		178,845		778	190		126,913		668
Texas	666		408,415		613	758		372,381		491
Central total	896		587,260		655	948		499,294		527
Carolinas(1)	345		162,317		470	64		26,171		409
Washington D.C. Area(2)	189		176,423		933	354		242,118		684
East total	534		338,740		634	418		268,289		642
Total	3,826	$	2,981,255	$	779	3,902	$	2,524,442	$	647

	June 30,	December 31,
	2022	2021
Lots Owned or Controlled:
Arizona	3,522		4,607
California	13,588		15,091
Nevada	2,064		2,161
Washington	937		1,010
West total	20,111		22,869
Colorado	2,045		1,683
Texas	11,321		12,297
Central total	13,366		13,980
Carolinas(1)	4,075		3,458
Washington D.C. Area(2)	1,530		1,368
East total	5,605		4,826
Total	39,082		41,675

	June 30,	December 31,
	2022	2021
Lots by Ownership Type:
Lots owned	21,579		22,136
Lots controlled (3)	17,503		19,539
Total	39,082		41,675

⁽¹⁾        Carolinas comprises North Carolina and South Carolina.

⁽²⁾        Washington D.C. Area comprises Maryland, Virginia and the District of Columbia.

⁽³⁾        As of June 30, 2022 and December 31, 2021, lots controlled included lots that were under land option contracts or purchase contracts. As of June 30, 2022 and December 31, 2021, lots controlled for Central include 3,447 and 2,950 lots, respectively, and lots controlled for East include 157 and 179 lots, respectively, which represent our expected share of lots owned by our investments in unconsolidated land development joint ventures.

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 tables reconcile 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 June 30,
		2022		%			2021		%
	(dollars in thousands)
Home sales revenue	$	1,004,644		100.0	%	$	1,009,307		100.0	%
Cost of home sales		731,352		72.8	%		761,215		75.4	%
Homebuilding gross margin		273,292		27.2	%		248,092		24.6	%
Add: interest in cost of home sales		24,963		2.5	%		30,851		3.1	%
Add: impairments and lot option abandonments		972		0.1	%		232		0.0	%
Adjusted homebuilding gross margin	$	299,227		29.8	%	$	279,175		27.7	%
Homebuilding gross margin percentage		27.2	%				24.6	%
Adjusted homebuilding gross margin percentage		29.8	%				27.7	%

	Six Months Ended June 30,
		2022		%			2021		%
Home sales revenue	$	1,729,895		100.0	%	$	1,725,982		100.0	%
Cost of home sales		1,262,012		73.0	%		1,306,571		75.7	%
Homebuilding gross margin		467,883		27.0	%		419,411		24.3	%
Add: interest in cost of home sales		42,028		2.4	%		51,529		3.0	%
Add: impairments and lot option abandonments		1,461		0.1	%		445		0.0	%
Adjusted homebuilding gross margin	$	511,372		29.6	%	$	471,385		27.3	%
Homebuilding gross margin percentage		27.0	%				24.3	%
Adjusted homebuilding gross margin percentage		29.6	%				27.3	%

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.

	June 30, 2022			December 31, 2021
Loans payable	$	250,000		$	250,504
Senior notes		1,088,895			1,087,219
Total debt		1,338,895			1,337,723
Stockholders' equity		2,487,566			2,447,621
Total capital	$	3,826,461		$	3,785,344
Ratio of debt-to-capital⁽¹⁾		35.0	%		35.3	%

Total debt	$	1,338,895		$	1,337,723
Less: Cash and cash equivalents		(270,124	)		(681,528	)
Net debt		1,068,771			656,195
Stockholders' equity		2,487,566			2,447,621
Net capital	$	3,556,337		$	3,103,816
Ratio of net debt-to-net capital⁽²⁾		30.1	%		21.1	%

__________

⁽¹⁾ The ratio of debt-to-capital is computed as the quotient obtained by dividing total debt by the sum of total debt plus stockholders' equity.

⁽²⁾ The ratio of net debt-to-net capital is computed as the quotient obtained by dividing net debt (which is total debt less cash and cash equivalents) by the sum of net debt plus stockholders' 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 available to common stockholders, as reported and prepared in accordance with GAAP. EBITDA means net income available to common stockholders 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 and (f) impairments and lot option abandonments. 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 June 30,						Six Months Ended June 30,
		2022			2021			2022			2021
	(in thousands)
Net income available to common stockholders	$	136,383		$	117,869		$	223,861		$	188,671
Interest expense:
Interest incurred		28,789			22,558			57,342			43,737
Interest capitalized		(28,789	)		(22,558	)		(57,342	)		(43,737	)
Amortization of interest in cost of sales		24,963			31,124			42,028			51,802
Provision for income taxes		45,936			39,265			76,161			62,866
Depreciation and amortization		6,741			8,990			12,026			16,120
EBITDA		214,023			197,248			354,076			319,459
Amortization of stock-based compensation		5,751			4,506			11,023			8,162
Impairments and lot option abandonments		1,131			232			1,897			445
Adjusted EBITDA	$	220,905		$	201,986		$	366,996		$	328,066

Tri Pointe Homes, Inc. Reports 2022 Second Quarter Results