-New Home Deliveries of 1,619-

-Home Sales Revenue of $1.1 Billion-

-Homebuilding Gross Margin Percentage of 23.3%-

-Diluted Earnings Per Share of $1.18-

-Homebuilding Debt-to-Capital Ratio Reduced to Record Low of 22.1%-

INCLINE VILLAGE, Nev., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Tri Pointe Homes, Inc. (the "Company") (NYSE:TPH) today announced results for the third quarter ended September 30, 2024.

"Tri Pointe Homes once again delivered excellent financial results for the third quarter," said Doug Bauer, Tri Pointe Homes Chief Executive Officer. "We achieved a 32% increase in deliveries to 1,619 homes, a 2% rise in the average sales price, and a 35% growth in homes sales revenue to $1.1 billion. We are also pleased to report that the improvements in both volume and pricing were well-balanced across our markets with each reporting segment achieving gains in deliveries and revenues. In addition to higher homes sales revenue, we expanded gross margins by 100 basis points to 23.3% and achieved diluted earnings per share of $1.18, representing a 55% increase compared to the previous year."

Mr. Bauer continued, "Building on a strong third quarter, we remain focused on scaling efficiency across existing markets, while continuing to drive operational improvements that bolster long-term profitability and returns. Additionally, our recent strategic expansion into three new markets positions us for further geographic diversification and top-line growth, allowing us to capture emerging opportunities as the housing industry remains well-positioned. We ended the quarter with a net homebuilding debt-to-net capital ratio of 7.0%*, further strengthening our balance sheet. This solid foundation gives us flexibility to continue pursuing growth initiatives and delivering value to our stockholders."

"Tri Pointe Homes is well-positioned to capitalize on the strong fundamentals driving the homebuilding industry," said Tom Mitchell, Tri Pointe Homes President and Chief Operating Officer. "With a solid financial foundation, the right strategic plan in place, and highly skilled teams across the country, we remain focused on optimizing asset turns and generating strong cash flows, which will fuel further growth. The housing market fundamentals, including favorable demographics and a persistent supply-demand imbalance, create a supportive environment for sustained success. As we execute our strategy, we are confident in our ability to deliver value while maintaining our focus on operational and financial discipline."

Results and Operational Data for Third Quarter 2024 and Comparisons to Third Quarter 2023

Net income available to common stockholders was $111.8 million, or $1.18 per diluted share, compared to $75.4 million, or $0.76 per diluted share
Home sales revenue of $1.1 billion compared to $825.3 million, an increase of 35%
- New home deliveries of 1,619 homes compared to 1,223 homes, an increase of 32%
- Average sales price of homes delivered of $688,000 compared to $675,000, an increase of 2%
Homebuilding gross margin percentage of 23.3% compared to 22.3%, an increase of 100 basis points
- Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 26.8%*
SG&A expense as a percentage of home sales revenue of 10.8% compared to 12.3%, a decrease of 150 basis points
Net new home orders of 1,252 compared to 1,513, a decrease of 17%
Active selling communities averaged 150.0 compared to 154.8, a decrease of 3%
- Net new home orders per average selling community were 8.3 orders (2.8 monthly) compared to 9.8 orders (3.3 monthly)
- Cancellation rate steady at 10% in both periods
Backlog units at quarter end of 2,325 homes compared to 3,055, a decrease of 24%
- Dollar value of backlog at quarter end of $1.7 billion compared to $2.1 billion, a decrease of 18%
- Average sales price of homes in backlog at quarter end of $745,000 compared to $693,000, an increase of 8%
Ratios of homebuilding debt-to-capital and net homebuilding debt-to-net capital of 22.1% and 7.0%*, respectively, as of September 30, 2024
Repurchased 272,777 shares of common stock at a weighted average price per share of $36.24 for an aggregate dollar amount of $9.9 million in the three months ended September 30, 2024
Ended the third quarter of 2024 with total liquidity of $1.4 billion, including cash and cash equivalents of $676.0 million and $698.1 million of availability under our revolving credit facility

*	See "Reconciliation of Non-GAAP Financial Measures"

Outlook

For the fourth quarter, the Company anticipates delivering between 1,600 and 1,800 homes at an average sales price between $700,000 and $710,000. The Company expects homebuilding gross margin percentage to be in the range of 23.0% to 23.5% for the fourth quarter and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 10.5% to 10.9%. Finally, the Company expects its effective tax rate for the fourth quarter to be approximately 26.0%.

For the full year, the Company anticipates delivering between 6,300 and 6,500 homes at an average sales price of approximately $680,000. The Company expects homebuilding gross margin percentage to be approximately 23.3% for the full year and anticipates its SG&A expense as a percentage of home sales revenue will be approximately 10.9%. Finally, the Company expects its effective tax rate for the full year to be approximately 25.5%.

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, October 24, 2024. The call will be hosted by Doug Bauer, Chief Executive Officer, Tom Mitchell, President and Chief Operating Officer, Glenn Keeler, Chief Financial Officer, and Linda Mamet, Executive Vice President and Chief Marketing 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 Third Quarter 2024 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 13749196. 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 operating in 12 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities 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, was named to the 2024 Fortune World's Most Admired Companies™ list, is one of the 2023 Fortune 100 Best Companies to Work For® and was designated as one of the 2023 PEOPLE Companies That Care®. The company was also named as a Great Place To Work-Certified™ company for three years in a row (2021 through 2023), and was named on several Great Place To Work® Best Workplaces lists in 2022 and 2023. 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 general economic conditions, including employment rates, housing starts, interest rate levels, home affordability, inflation, consumer sentiment, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such parcels; access to adequate capital on acceptable terms; geographic concentration of our operations; levels of competition; the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; the prices and availability of supply chain inputs, including raw materials, labor and home components; oil and other energy prices; the effects of U.S. trade policies, including the imposition of tariffs and duties on homebuilding products and retaliatory measures taken by other countries; the effects of weather, including the occurrence of drought conditions in parts of the western United States; the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters; the risk of loss from acts of war, terrorism, civil unrest or public health emergencies, including outbreaks of contagious disease, such as COVID-19; transportation costs; federal and state tax policies; the effects of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our homebuyers' confidential information or other forms of cyber-attack; and 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:

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 September 30,											Nine Months Ended September 30,
	2024			2023			Change			% Change		2024			2023			Change			% Change
Operating Data:	(unaudited)
Home sales revenue	$	1,113,681		$	825,295		$	288,386		35	%	$	3,165,042		$	2,412,777		$	752,265		31	%
Homebuilding gross margin	$	259,182		$	184,221		$	74,961		41	%	$	737,558		$	531,586		$	205,972		39	%
Homebuilding gross margin %		23.3	%		22.3	%		1.0	%				23.3	%		22.0	%		1.3	%
Adjusted homebuilding gross margin %*		26.8	%		25.6	%		1.2	%				26.8	%		25.6	%		1.2	%
SG&A expense	$	120,478		$	101,233		$	19,245		19	%	$	346,581		$	286,926		$	59,655		21	%
SG&A expense as a % of home sales revenue		10.8	%		12.3	%	(1.5) %						11.0	%		11.9	%	(0.9) %
Net income available to common stockholders	$	111,759		$	75,402		$	36,357		48	%	$	328,816		$	210,868		$	117,948		56	%
Adjusted EBITDA*	$	208,639		$	139,678		$	68,961		49	%	$	600,530		$	403,581		$	196,949		49	%
Interest incurred	$	25,253		$	36,919		$	(11,666	)	(32)%		$	91,787		$	111,792		$	(20,005	)	(18) %
Interest in cost of home sales	$	37,687		$	27,035		$	10,652		39	%	$	107,330		$	72,627		$	34,703		48	%

Other Data:
Net new home orders		1,252			1,513			(261	)	(17) %			4,717			5,044			(327	)	(6) %
New homes delivered		1,619			1,223			396		32	%		4,712			3,461			1,251		36	%
Average sales price of homes delivered	$	688		$	675		$	13		2	%	$	672		$	697		$	(25	)	(4) %
Cancellation rate		10	%		10	%		0	%				8	%		9	%	(1) %
Average selling communities		150.0			154.8			(4.8	)	(3)%			151.6			144.3			7.3		5	%
Selling communities at end of period		148			163			(15	)	(9)%
Backlog (estimated dollar value)	$	1,731,590		$	2,117,319		$	(385,729	)	(18)%
Backlog (homes)		2,325			3,055			(730	)	(24)%
Average sales price in backlog	$	745		$	693		$	52		8	%

	September 30,			December 31,
	2024			2023			Change			% Change
Balance Sheet Data:	(unaudited)
Cash and cash equivalents	$	675,957		$	868,953		$	(192,996	)	(22) %
Real estate inventories	$	3,412,633		$	3,337,483		$	75,150		2	%
Lots owned or controlled		33,488			31,960			1,528		5	%
Homes under construction ⁽¹⁾		3,009			3,088			(79	)	(3) %
Homes completed, unsold		313			263			50		19	%
Total homebuilding debt	$	922,194		$	1,382,586		$	(460,392	)	(33)%
Stockholders' equity	$	3,249,952		$	3,010,958		$	238,994		8	%
Book capitalization	$	4,172,146		$	4,393,544		$	(221,398	)	(5)%
Ratio of homebuilding debt-to-capital		22.1	%		31.5	%	(9.4)%
Ratio of net homebuilding debt-to-net capital*		7.0	%		14.6	%	(7.6)%

__________

⁽¹⁾ Homes under construction included 44 and 69 models as of September 30, 2024 and December 31, 2023, respectively.

* See "Reconciliation of Non-GAAP Financial Measures"

CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)

	September 30,		December 31,
	2024		2023
Assets	(unaudited)
Cash and cash equivalents	$	675,957	$	868,953
Receivables		113,725		224,636
Real estate inventories		3,412,633		3,337,483
Investments in unconsolidated entities		130,798		131,824
Mortgage loans held for sale		80,071		—
Goodwill and other intangible assets, net		156,603		156,603
Deferred tax assets, net		37,996		37,996
Other assets		171,472		157,093
Total assets	$	4,779,255	$	4,914,588

Liabilities
Accounts payable	$	75,214	$	64,833
Accrued expenses and other liabilities		456,418		453,531
Loans payable		275,914		288,337
Senior notes		646,280		1,094,249
Mortgage repurchase facilities		75,465		—
Total liabilities		1,529,291		1,900,950

Commitments and contingencies

Equity
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		—		—
Common stock, $0.01 par value, 500,000,000 shares authorized; 93,590,060 and 95,530,512 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		936		955
Additional paid-in capital		—		—
Retained earnings		3,249,016		3,010,003
Total stockholders' equity		3,249,952		3,010,958
Noncontrolling interests		12		2,680
Total equity		3,249,964		3,013,638
Total liabilities and equity	$	4,779,255	$	4,914,588

CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Homebuilding:
Home sales revenue	$	1,113,681	$	825,295	$	3,165,042	$	2,412,777
Land and lot sales revenue		12,552		1,714		23,780		10,506
Other operations revenue		790		749		2,359		2,219
Total revenues		1,127,023		827,758		3,191,181		2,425,502
Cost of home sales		854,499		641,074		2,427,484		1,881,191
Cost of land and lot sales		11,986		1,474		21,584		10,287
Other operations expense		765		724		2,295		2,171
Sales and marketing		53,744		42,874		160,772		127,977
General and administrative		66,734		58,359		185,809		158,949
Homebuilding income from operations		139,295		83,253		393,237		244,927
Equity in income of unconsolidated entities		227		3		383		272
Other income, net		6,658		11,664		31,818		30,361
Homebuilding income before income taxes		146,180		94,920		425,438		275,560
Financial Services:
Revenues		17,650		10,758		47,818		30,004
Expenses		12,283		6,127		31,900		19,363
Financial services income before income taxes		5,367		4,631		15,918		10,641
Income before income taxes		151,547		99,551		441,356		286,201
Provision for income taxes		(39,788)		(22,942)		(112,599)		(71,764)
Net income		111,759		76,609		328,757		214,437
Net (income) loss attributable to noncontrolling interests		—		(1,207)		59		(3,569)
Net income available to common stockholders	$	111,759	$	75,402	$	328,816	$	210,868
Earnings per share
Basic	$	1.19	$	0.77	$	3.49	$	2.12
Diluted	$	1.18	$	0.76	$	3.46	$	2.10
Weighted average shares outstanding
Basic		93,600,678		98,018,498		94,294,800		99,534,570
Diluted		94,640,211		99,030,210		95,081,173		100,458,357

MARKET DATA BY REPORTING SEGMENT & GEOGRAPHY (dollars in thousands) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	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	95	$	743	167	$	809	372	$	728	497	$	785
California	620		765	425		683	1,607		765	1,116		764
Nevada	133		579	103		749	363		633	289		751
Washington	70		880	48		847	197		884	106		823
West total	918		744	743		731	2,539		750	2,008		770
Colorado	38		719	17		733	133		708	110		754
Texas	417		550	287		527	1,332		552	775		565
Central total	455		564	304		538	1,465		566	885		589
Carolinas(1)	144		498	122		445	526		483	439		454
Washington D.C. Area(2)	102		1,002	54		1,185	182		973	129		1,125
East total	246		707	176		672	708		609	568		607
Total	1,619	$	688	1,223	$	675	4,712	$	672	3,461	$	697

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	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	126		15.0	129		14.0	464		14.0	435		13.6
California	418		43.4	508		48.8	1,607		44.1	1,996		50.6
Nevada	71		8.0	146		10.5	343		8.6	335		8.6
Washington	52		5.3	44		5.5	236		5.6	166		5.4
West total	667		71.7	827		78.8	2,650		72.3	2,932		78.2
Colorado	32		10.8	39		9.5	104		10.7	118		7.6
Texas	372		50.0	454		49.0	1,296		51.5	1,262		40.8
Central total	404		60.8	493		58.5	1,400		62.2	1,380		48.4
Carolinas(1)	105		10.0	139		14.5	414		10.7	578		14.4
Washington D.C. Area(2)	76		7.5	54		3.0	253		6.4	154		3.3
East total	181		17.5	193		17.5	667		17.1	732		17.7
Total	1,252		150.0	1,513		154.8	4,717		151.6	5,044		144.3

⁽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 September 30, 2024					As of September 30, 2023
	Backlog Units	Backlog Dollar Value		Average Sales Price		Backlog Units	Backlog Dollar Value		Average Sales Price
Arizona	351	$	271,255	$	773	316	$	233,631	$	739
California	698		549,851		788	1,178		892,158		757
Nevada	111		62,969		567	171		112,684		659
Washington	129		133,547		1,035	95		90,768		955
West total	1,289		1,017,622		789	1,760		1,329,241		755
Colorado	19		13,654		719	58		39,254		677
Texas	670		396,253		591	769		448,721		584
Central total	689		409,907		595	827		487,975		590
Carolinas(1)	170		96,330		567	359		171,820		479
Washington D.C. Area(2)	177		207,731		1,174	109		128,283		1,177
East total	347		304,061		876	468		300,103		641
Total	2,325	$	1,731,590	$	745	3,055	$	2,117,319	$	693

	September 30,	December 31,
	2024	2023
Lots Owned or Controlled:
Arizona	2,028		2,394
California	10,564		10,148
Nevada	1,608		1,785
Washington	578		712
West total	14,778		15,039
Colorado	1,590		1,908
Texas	10,413		10,056
Utah	346		—
Central total	12,349		11,964
Carolinas(1)	4,751		4,038
Florida	256		—
Washington D.C. Area(2)	1,354		919
East total	6,361		4,957
Total	33,488		31,960

	September 30,	December 31,
	2024	2023
Lots by Ownership Type:
Lots owned	17,153		18,739
Lots controlled (3)	16,335		13,221
Total	33,488		31,960

⁽¹⁾ Carolinas comprises North Carolina and South Carolina.

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

⁽³⁾ As of September 30, 2024 and December 31, 2023, lots controlled included lots that were under land option contracts or purchase contracts. As of September 30, 2024 and December 31, 2023, lots controlled for Central include 3,358 and 3,561 lots, respectively, and lots controlled for East include 29 and 71 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 the 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 September 30,
	2024			%		2023			%
	(dollars in thousands)
Home sales revenue	$	1,113,681		100.0	%	$	825,295		100.0	%
Cost of home sales		854,499		76.7	%		641,074		77.7	%
Homebuilding gross margin		259,182		23.3	%		184,221		22.3	%
Add: interest in cost of home sales		37,687		3.4	%		27,035		3.3	%
Add: impairments and lot option abandonments		1,074		0.1	%		197		0.0	%
Adjusted homebuilding gross margin	$	297,943		26.8	%	$	211,453		25.6	%
Homebuilding gross margin percentage		23.3	%				22.3	%
Adjusted homebuilding gross margin percentage		26.8	%				25.6	%

	Nine Months Ended September 30,
	2024			%		2023			%
	(dollars in thousands)
Home sales revenue	$	3,165,042		100.0	%	$	2,412,777		100.0	%
Cost of home sales		2,427,484		76.7	%		1,881,191		78.0	%
Homebuilding gross margin		737,558		23.3	%		531,586		22.0	%
Add: interest in cost of home sales		107,330		3.4	%		72,627		3.0	%
Add: impairments and lot option abandonments		2,444		0.1	%		12,675		0.5	%
Adjusted homebuilding gross margin	$	847,332		26.8	%	$	616,888		25.6	%
Homebuilding gross margin percentage		23.3	%				22.0	%
Adjusted homebuilding gross margin percentage		26.8	%				25.6	%

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)

(unaudited)

The following table reconciles the Company's ratio of homebuilding debt-to-capital to the non-GAAP ratio of net homebuilding debt-to-net capital. We believe that the ratio of net homebuilding 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.

	September 30, 2024		December 31, 2023
Loans payable	$	275,914	$	288,337
Senior notes		646,280		1,094,249
Mortgage repurchase facilities		75,465		—
Total debt		997,659		1,382,586
Less: mortgage repurchase facilities		(75,465)		—
Total homebuilding debt		922,194		1,382,586
Stockholders' equity		3,249,952		3,010,958
Total capital	$	4,172,146	$	4,393,544
Ratio of homebuilding debt-to-capital(1)		22.1%		31.5%

Total homebuilding debt	$	922,194	$	1,382,586
Less: Cash and cash equivalents		(675,957)		(868,953)
Net homebuilding debt		246,237		513,633
Stockholders' equity		3,249,952		3,010,958
Net capital	$	3,496,189	$	3,524,591
Ratio of net homebuilding debt-to-net capital(2)		7.0%		14.6%

__________

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

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

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Net income available to common stockholders	$	111,759	$	75,402	$	328,816	$	210,868
Interest expense:
Interest incurred		25,253		36,919		91,787		111,792
Interest capitalized		(25,253)		(36,919)		(91,787)		(111,792)
Amortization of interest in cost of sales		38,762		27,264		108,772		73,196
Provision for income taxes		39,788		22,942		112,599		71,764
Depreciation and amortization		8,548		6,884		23,572		20,066
EBITDA		198,857		132,492		573,759		375,894
Amortization of stock-based compensation		8,708		6,989		24,327		15,012
Impairments and lot option abandonments		1,074		197		2,444		12,675
Adjusted EBITDA	$	208,639	$	139,678	$	600,530	$	403,581

Tri Pointe Homes, Inc. Reports 2024 Third Quarter Results