UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 3, 2015

 
TRI Pointe Group, Inc.
(Exact name of registrant as specified in its charter)

Delaware	 	1-35796	 	61-1763235	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
 
19540 Jamboree Road, Suite 300, Irvine, California	 	 	 	92612	
(Address of principal executive offices)	 	 	 	(Zip Code)	
Registrant’s telephone number, including area code (949) 438-1400
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

 

Item 2.02	Results of Operations and Financial Condition  	
On November 6, 2015, TRI Pointe Group, Inc., a Delaware corporation (the “Company”), announced in a press release its financial results for the quarter ended September 30, 2015. A copy of the Company’s press release announcing these financial results is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to this Item 2.02, including the exhibits attached hereto, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth in such filing. In addition, the press release furnished as an exhibit to this report includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Item 5.02	Departure of Directors or Certain Officers; Election of Directors; -Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.	
On November 3, 2015, Ms. Kristin F. Gannon notified the Company of her decision not to stand for re-election to the Company's Board of Directors (the "Board") at the Company's 2016 Annual Meeting of Stockholders.  Ms. Gannon confirmed that her decision not to stand for re-election to the Board was due to her acceptance of a new position at another company and not due to any disagreement with the Company, including with respect to any matter relating to the Company's operations, policies or practices.
Item 9.01	Results of Operations	
 	(d)	Exhibits	
 	99.1	Press Release dated November 6, 2015	

 
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 	 	TRI Pointe Group, Inc.	
 	 	 	 	 	
Date: November 6, 2015	 	By:	 	/s/ Michael D. Grubbs	
 	 	 	 	Michael D. Grubbs,
Chief Financial Officer and Treasurer	

 
3

INDEX OF EXHIBITS
 
Exhibit
No.	  	Description of Document	
 	 	 	
99.1	  	Press Release dated November 6, 2015	
 
4

	
Exhibit 99.1	

 	
 
TRI POINTE GROUP, INC. REPORTS 2015 THIRD QUARTER RESULTS
 
-Reports Net Income of $50.2 Million, or $0.31 per Diluted Share for the Quarter-
-New Home Orders up 24% and New Home Deliveries up 35% for the Quarter-
-Homebuilding Gross Margin increase to 21.0% for the Quarter-
-Selling, General and Administrative Expenses decrease to 8.8% of Home Sales Revenue for the Quarter-
 
Irvine, California, November 6, 2015 /Business Wire/ – TRI Pointe Group, Inc. (NYSE: TPH) today announced results for the third quarter ended September 30, 2015.
On July 7, 2014, TRI Pointe consummated the merger with Weyerhaeuser Real Estate Company (“WRECO”).  The merger was accounted for as a “reverse acquisition” of TRI Pointe by WRECO.  As a result, legacy TRI Pointe’s financial results are only included in the combined company’s financial statements from the closing date forward and are not reflected in the combined company’s historical financial statements.  Accordingly, legacy TRI Pointe’s financial results are not included in the Generally Accepted Accounting Principles (“GAAP”) results for the periods prior to July 7, 2014 included in this press release.  
Results and Operational Data for Third Quarter 2015 and Comparisons to Third Quarter 2014
 	·	Net income available to common shareholders was $50.2 million, or $0.31 per diluted share compared to $11.0 million, or $0.07 per diluted share	
 	·	New home orders increased to 996 compared to 803, an increase of 24%	
 	·	Active selling communities averaged 120.8 compared to 107.0	
 	o	New home orders per average selling community were 8.2 orders (2.7 monthly) compared to 7.5 orders (2.5 monthly), an increase of 10%	
 	o	Cancellation rate decreased to 16% compared to 18%	
 	·	Backlog units of 1,856 homes with a dollar value increase of 28%, to approximately $1.1 billion	
 	o	Average sales price in backlog of $598,000	
 	·	Home sales revenue of $642.4 million, an increase of 36%  	
 	o	New homes deliveries of 1,138, up 35%	
 	o	Average sales price of homes delivered of $564,000	
 	·	Homebuilding gross margin percentage of 21.0%	
 	o	Excluding interest, impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 23.1%*	
 	·	SG&A expense as a percentage of homes sales revenue improved to 8.8% compared to 10.5%	
 	·	Ratios of debt and net debt to capital of 44.1% and 42.2%*, respectively, as of September 30 2015	
 	·	Cash of $97.0 million and availability under unsecured revolving credit facility of $192.4 million	
* See “Reconciliation of Non-GAAP Financial Measures”
“TRI Pointe Group delivered another strong quarter marked by year-over-year growth in revenues, net income and orders”, commented Chief Executive Officer Doug Bauer.  “In addition, the Company’s third quarter results met or exceeded our guidance for new home deliveries, homebuilding gross margins and community openings.  These achievements are a reflection of TRI Pointe Group’s success in combining and integrating the six homebuilding brands, and the strength of the deeply experienced operating teams in each of their local markets.”
 
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GAAP Third quarter 2015 operating results
Net income available to common shareholders was $50.2 million, or $0.31 per diluted share in the third quarter of 2015, compared to net income of $11.0 million, or $0.07 per diluted share for the third quarter of 2014.   The improvement in net income available to common shareholders was primarily driven by an increase of $48.4 million in home sales gross margin due to higher home sales revenue resulting from a 35% increase in new home deliveries in addition to a savings of $21.7 million related to restructuring and transaction related expenses incurred in the prior year.  This was offset by current year increases in the Company’s provision for income taxes of $22.0 million and higher SG&A costs of $7.5 million.
Home sales revenue increased $170.6 million to $642.4 million for the third quarter of 2015, as compared to $471.8 million for the same period in 2014.  The increase was attributable to a 35% increase in new home deliveries to 1,138 and a 1% increase in the Company's average sales price of homes delivered to $564,000.  New home deliveries increased at all six of our reporting segments with the highest increase at TRI Pointe Homes, which was up 140 units, or 89% compared to the prior year, while delivering at an average sales price of $752,000.
New home orders increased 24% to 996 homes for the third quarter of 2015, as compared to 803 homes for the same period in 2014.  Average active selling communities increased to 120.8 as compared to 107.0 for the same period in the prior year, mainly due to TRI Pointe Homes which increased average active selling communities by 12.3 in the current year. The Company’s overall quarterly absorption rate per average selling community for the three months ended September 30 2015 increased 10% to 8.2 orders (2.7 monthly) compared to 7.5 orders (2.5 monthly) during the same period in 2014.  
The Company ended the quarter with 1,856 homes in backlog, representing approximately $1.1 billion in future home sales revenue. The average sales price of homes in backlog as of September 30, 2015 decreased $6,000, or 1%, to $598,000 compared to $604,000 at September 30 2014.  
Homebuilding gross margin percentage for the third quarter of 2015 increased to 21.0% compared to 18.3% for the same period in 2014 and increased sequentially from 20.0% during the second quarter of 2015.  Excluding interest and impairments and lot option abandonments in cost of home sales, adjusted homebuilding gross margin percentage was 23.1%* for the third quarter of 2015 versus 20.0%* for the same period in 2014.  
Selling, general and administrative expense for the third quarter of 2015 improved to 8.8% of home sales revenue as compared to 10.5% for the same period in 2014.  The decrease in the selling, general and administrative expense ratio was primarily attributable to increased home sales revenue.  
“While California continues to be the main driver of earnings for our Company, each of the TRI Pointe brands continues to make solid contributions to the bottom line”, said Tom Mitchell, TRI Pointe Group’s President and Chief Operating Officer.  “We are extremely pleased with the level of execution demonstrated by each of our brands.”
* See “Reconciliation of Non-GAAP Financial Measures”
Outlook
For the fourth quarter of 2015, the Company anticipates delivering approximately 75% - 80% of its 1,856 units in backlog as of September 30, 2015.  The Company anticipates expanding homebuilding gross margin for the fourth quarter sequentially from the third quarter and ending with a full year 2015 homebuilding gross margin of approximately 21%.  Finally, the Company is reiterating its full year 2015 outlook for earnings per diluted share to a range of $1.15 to $1.30.
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 Friday, November 6, 2015.  The call will be hosted by Doug Bauer, Chief Executive Officer, Tom Mitchell, Chief Operating Officer and Mike Grubbs, Chief Financial Officer.
 Interested parties can listen to the call live 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 15 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 Third Quarter 2015 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.  
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To access the replay, the domestic dial-in number is 1-877-870-5176 , the international dial-i n number is 1-858-384-5517 , and the pass code is 13614256 .  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 one of the top ten largest public homebuilders by equity market capitalization in the United States. The company designs, constructs and sells premium single-family homes through its portfolio of six quality brands across eight states, included 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 .
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 projections and estimates concerning the timing and success of specific projects, our ability to achieve the anticipated benefits of the Weyerhaeuser Real Estate Company (WRECO) transaction and our future production, operational and financial results, financial condition, prospects, and capital spending.  Our forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “estimate,” “goal,” “expect,” “intend,” “project,” “potential,” “plan,” “predict,”  “will,” or other words that convey future events or outcomes.  The forward-looking statements in this presentation speak only as of the date of this presentation, 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 restructuring and cost reduction initiatives; global economic conditions; raw material prices; oil and other energy prices; the effect of weather, including the continuing drought in California; the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters; transportation costs; federal and state tax policies; the effect of land use, environment and other governmental regulations; legal proceedings; 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; the risk that disruptions from the WRECO transaction will harm our business; our ability to achieve the benefits of the WRECO transaction in the estimated amount and the anticipated timeframe, if at all; our ability to integrate WRECO successfully and to achieve the anticipated synergies therefrom; 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; our relationship, and actual and potential conflicts of interest, with Starwood Capital Group or its affiliates; and additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”).  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 
 
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KEY OPERATIONS AND FINANCIAL DATA
(dollars in thousands)
(unaudited)
 
 	 	Three Months Ended	 	 	Nine Months Ended	 	
 	 	September 30,	 	 	September 30,	 	
 	 	 	2015	 	 	 	2014	 	 	Change	 	 	 	2015	 	 	 	2014	 	 	Change	 	
Operating Data:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Home sales	 	$	642,352	 	 	$	471,801	 	 	$	170,551	 	 	$	1,443,855	 	 	$	1,023,312	 	 	$	420,543	 	
Homebuilding gross margin	 	$	134,809	 	 	$	86,401	 	 	$	48,408	 	 	$	294,664	 	 	$	203,935	 	 	$	90,729	 	
Homebuilding gross margin %	 	 	21.0	%	 	 	18.3	%	 	 	2.7	%	 	 	20.4	%	 	 	19.9	%	 	 	0.5	%	
Adjusted homebuilding gross margin %*	 	 	23.1	%	 	 	20.0	%	 	 	3.0	%	 	 	22.4	%	 	 	21.6	%	 	 	0.8	%	
Land and lot gross margin	 	$	1,425	 	 	$	3,233	 	 	$	(1,808	)	 	$	57,042	 	 	$	6,204	 	 	$	50,838	 	
Land and lot gross margin %	 	 	29.2	%	 	 	58.3	%	 	 	(29.0	)%	 	 	76.7	%	 	 	17.0	%	 	 	59.7	%	
SG&A expense	 	$	56,821	 	 	$	49,344	 	 	$	7,477	 	 	$	162,219	 	 	$	130,236	 	 	$	31,983	 	
SG&A expense as a % of home sales	 	 	8.8	%	 	 	10.5	%	 	 	(1.7	)%	 	 	11.2	%	 	 	12.7	%	 	 	(1.5	)%	
Net income available to common
   shareholders	 	$	50,162	 	 	$	10,965	 	 	$	39,197	 	 	$	120,389	 	 	$	42,771	 	 	$	77,618	 	
Adjusted EBITDA*	 	$	99,135	 	 	$	57,433	 	 	$	41,702	 	 	$	233,079	 	 	$	146,816	 	 	$	86,263	 	
Interest incurred	 	$	15,454	 	 	$	15,129	 	 	$	325	 	 	$	45,779	 	 	$	25,718	 	 	$	20,061	 	
Interest expense, net of interest
   capitalized	 	$	—	 	 	$	290	 	 	$	(290	)	 	$	—	 	 	$	2,731	 	 	$	(2,731	)	
Interest in cost of home sales	 	$	13,189	 	 	$	7,702	 	 	$	5,487	 	 	$	27,540	 	 	$	16,342	 	 	$	11,198	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Data:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net new home orders	 	 	996	 	 	 	803	 	 	 	193	 	 	 	3,428	 	 	 	2,233	 	 	 	1,195	 	
New homes delivered	 	 	1,138	 	 	 	842	 	 	 	296	 	 	 	2,604	 	 	 	1,978	 	 	 	626	 	
Average selling price of homes delivered	 	$	564	 	 	$	560	 	 	$	4	 	 	$	554	 	 	$	517	 	 	$	37	 	
Average selling communities (QTD)	 	 	120.8	 	 	 	107.0	 	 	 	13.8	 	 	N/A	 	 	N/A	 	 	N/A	 	
Average selling communities (YTD)	 	N/A	 	 	N/A	 	 	N/A	 	 	 	117.4	 	 	 	98.5	 	 	 	18.9	 	
Selling communities at end of period	 	 	118	 	 	 	106	 	 	 	12	 	 	N/A	 	 	N/A	 	 	N/A	 	
Cancellation rate	 	 	16	%	 	 	18	%	 	 	(2	)%	 	 	14	%	 	 	16	%	 	 	(2	)%	
Backlog (estimated dollar value)	 	$	1,109,867	 	 	$	870,365	 	 	$	239,502	 	 	 	 	 	 	 	 	 	 	 	 	 	
Backlog (homes)	 	 	1,856	 	 	 	1,440	 	 	 	416	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average selling price in backlog	 	$	598	 	 	$	604	 	 	$	(6	)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	September 30,	 	 	December   31,	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2015	 	 	 	2014	 	 	Change	 	
Balance Sheet Data:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	 	 	 	 	 	 	 	 	 	 	 	 	$	96,993	 	 	$	170,629	 	 	$	(73,636	)	
Real estate inventories	 	 	 	 	 	 	 	 	 	 	 	 	 	$	2,576,402	 	 	$	2,280,183	 	 	$	296,219	 	
Lots owned or controlled	 	 	 	 	 	 	 	 	 	 	 	 	 	 	28,240	 	 	 	29,718	 	 	 	(1,478	)	
Homes under construction (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,789	 	 	 	1,887	 	 	 	902	 	
Debt	 	 	 	 	 	 	 	 	 	 	 	 	 	$	1,245,621	 	 	$	1,162,179	 	 	$	83,442	 	
Stockholder equity	 	 	 	 	 	 	 	 	 	 	 	 	 	$	1,576,176	 	 	$	1,454,180	 	 	$	121,996	 	
Book capitalization	 	 	 	 	 	 	 	 	 	 	 	 	 	$	2,821,797	 	 	$	2,616,359	 	 	$	205,438	 	
Ratio of debt-to-capital	 	 	 	 	 	 	 	 	 	 	 	 	 	 	44.1	%	 	 	44.4	%	 	 	(0.3	)%	
Ratio of net debt-to-capital*	 	 	 	 	 	 	 	 	 	 	 	 	 	 	42.2	%	 	 	40.5	%	 	 	1.6	%	
 
(1)	Homes under construction includes completed homes	
*	See “Reconciliation of Non-GAAP Financial Measures”	
 
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CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
 
 	 	September 30,	 	 	December 31,	 	
 	 	2015	 	 	2014	 	
Assets	 	(unaudited)	 	 	 	 	 	
Cash and cash equivalents	 	$	96,993	 	 	$	170,629	 	
Receivables	 	 	32,921	 	 	 	20,118	 	
Real estate inventories	 	 	2,576,402	 	 	 	2,280,183	 	
Investments in unconsolidated entities	 	 	17,340	 	 	 	16,805	 	
Goodwill and other intangible assets, net	 	 	162,162	 	 	 	162,563	 	
Deferred tax assets	 	 	141,479	 	 	 	157,821	 	
Other assets	 	 	84,516	 	 	 	105,405	 	
Total assets	 	$	3,111,813	 	 	$	2,913,524	 	
 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	 	
Accounts payable	 	$	67,747	 	 	$	68,860	 	
Accrued expenses and other liabilities	 	 	210,707	 	 	 	210,009	 	
Unsecured revolving credit facility	 	 	349,392	 	 	 	260,000	 	
Seller financed loans	 	 	7,572	 	 	 	14,677	 	
Senior notes	 	 	888,657	 	 	 	887,502	 	
Total liabilities	 	 	1,524,075	 	 	 	1,441,048	 	
Commitments and contingencies	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Equity	 	 	 	 	 	 	 	 	
Stockholders' Equity:	 	 	 	 	 	 	 	 	
Preferred stock, $0.01 par value, 50,000,000 shares authorized;
   no shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	 	 	—	 	 	 	—	 	
Common stock, $0.01 par value, 500,000,000 shares authorized;
   161,813,750 and 161,355,490 shares issued and outstanding
   at September 30, 2015 and December 31, 2014, respectively	 	 	1,618	 	 	 	1,614	 	
Additional paid-in capital	 	 	907,762	 	 	 	906,159	 	
Retained earnings	 	 	666,796	 	 	 	546,407	 	
Total stockholders' equity	 	 	1,576,176	 	 	 	1,454,180	 	
Noncontrolling interests	 	 	11,562	 	 	 	18,296	 	
Total equity	 	 	1,587,738	 	 	 	1,472,476	 	
Total liabilities and equity	 	$	3,111,813	 	 	$	2,913,524	 	

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CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except share and per share amounts)
 
 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Home sales	 	$	642,352	 	 	$	471,801	 	 	$	1,443,855	 	 	$	1,023,312	 	
Land and lot sales	 	 	4,876	 	 	 	5,550	 	 	 	74,366	 	 	 	36,449	 	
Other operations	 	 	913	 	 	 	569	 	 	 	2,695	 	 	 	8,854	 	
Total revenues	 	 	648,141	 	 	 	477,920	 	 	 	1,520,916	 	 	 	1,068,615	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of home sales	 	 	507,543	 	 	 	385,400	 	 	 	1,149,191	 	 	 	819,377	 	
Cost of land and lot sales	 	 	3,451	 	 	 	2,317	 	 	 	17,324	 	 	 	30,245	 	
Other operations	 	 	570	 	 	 	556	 	 	 	1,724	 	 	 	2,755	 	
Sales and marketing	 	 	30,038	 	 	 	28,393	 	 	 	78,958	 	 	 	73,096	 	
General and administrative	 	 	26,783	 	 	 	20,951	 	 	 	83,261	 	 	 	57,140	 	
Restructuring charges	 	 	2,010	 	 	 	7,024	 	 	 	2,730	 	 	 	9,202	 	
Total expenses	 	 	570,395	 	 	 	444,641	 	 	 	1,333,188	 	 	 	991,815	 	
Income from operations	 	 	77,746	 	 	 	33,279	 	 	 	187,728	 	 	 	76,800	 	
Equity in loss of unconsolidated entities	 	 	(3	)	 	 	(82	)	 	 	(84	)	 	 	(219	)	
Transaction expenses	 	 	—	 	 	 	(16,710	)	 	 	—	 	 	 	(17,216	)	
Other income (loss), net	 	 	47	 	 	 	499	 	 	 	272	 	 	 	(242	)	
Income before income taxes	 	 	77,790	 	 	 	16,986	 	 	 	187,916	 	 	 	59,123	 	
Provision for income taxes	 	 	(28,021	)	 	 	(6,021	)	 	 	(66,088	)	 	 	(16,352	)	
Net income	 	 	49,769	 	 	 	10,965	 	 	 	121,828	 	 	 	42,771	 	
Net (income) loss attributable to noncontrolling interests	 	 	393	 	 	 	—	 	 	 	(1,439	)	 	 	—	 	
Net income available to common shareholders	 	$	50,162	 	 	$	10,965	 	 	$	120,389	 	 	$	42,771	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	$	0.31	 	 	$	0.07	 	 	$	0.74	 	 	$	0.31	 	
Diluted	 	$	0.31	 	 	$	0.07	 	 	$	0.74	 	 	$	0.31	 	
Weighted average shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	161,772,893	 	 	 	158,931,450	 	 	 	161,651,177	 	 	 	139,550,891	 	
Diluted	 	 	162,366,744	 	 	 	159,158,706	 	 	 	162,299,282	 	 	 	140,213,655	 	

 
Page 6

	

 
MARKET DATA BY REPORTING SEGMENT & STATE
(dollars in thousands)
(unaudited)
 
 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	 	Homes	 	 	Avg. Selling	 	 	Homes	 	 	Avg. Selling	 	 	Homes	 	 	Avg. Selling	 	 	Homes	 	 	Avg. Selling	 	
 	 	Delivered	 	 	Price	 	 	Delivered	 	 	Price	 	 	Delivered	 	 	Price	 	 	Delivered	 	 	Price	 	
New Homes Delivered:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Maracay Homes	 	 	131	 	 	$	386	 	 	 	94	 	 	$	397	 	 	 	307	 	 	$	380	 	 	 	286	 	 	$	376	 	
Pardee Homes	 	 	314	 	 	 	543	 	 	 	277	 	 	 	468	 	 	 	724	 	 	 	506	 	 	 	658	 	 	 	480	 	
Quadrant Homes	 	 	117	 	 	 	406	 	 	 	74	 	 	 	437	 	 	 	297	 	 	 	426	 	 	 	219	 	 	 	405	 	
Trendmaker Homes	 	 	163	 	 	 	495	 	 	 	135	 	 	 	516	 	 	 	394	 	 	 	512	 	 	 	404	 	 	 	492	 	
TRI Pointe Homes	 	 	298	 	 	 	752	 	 	 	158	 	 	 	781	 	 	 	611	 	 	 	756	 	 	 	158	 	 	 	781	 	
Winchester Homes	 	 	115	 	 	 	599	 	 	 	104	 	 	 	763	 	 	 	271	 	 	 	631	 	 	 	253	 	 	 	747	 	
Total	 	 	1,138	 	 	$	564	 	 	 	842	 	 	$	560	 	 	 	2,604	 	 	$	554	 	 	 	1,978	 	 	$	517	 	

 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	 	Homes	 	 	Avg. Selling	 	 	Homes	 	 	Avg. Selling	 	 	Homes	 	 	Avg. Selling	 	 	Homes	 	 	Avg. Selling	 	
 	 	Delivered	 	 	Price	 	 	Delivered	 	 	Price	 	 	Delivered	 	 	Price	 	 	Delivered	 	 	Price	 	
New Homes Delivered:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
California	 	 	462	 	 	$	720	 	 	 	350	 	 	$	635	 	 	 	969	 	 	$	700	 	 	 	633	 	 	$	590	 	
Colorado	 	 	51	 	 	 	512	 	 	 	15	 	 	 	429	 	 	 	128	 	 	 	488	 	 	 	15	 	 	 	429	 	
Maryland	 	 	58	 	 	 	483	 	 	 	42	 	 	 	556	 	 	 	120	 	 	 	528	 	 	 	114	 	 	 	624	 	
Virginia	 	 	57	 	 	 	716	 	 	 	62	 	 	 	904	 	 	 	151	 	 	 	714	 	 	 	139	 	 	 	847	 	
Arizona	 	 	131	 	 	 	386	 	 	 	94	 	 	 	397	 	 	 	307	 	 	 	380	 	 	 	286	 	 	 	376	 	
Nevada	 	 	99	 	 	 	361	 	 	 	70	 	 	 	348	 	 	 	238	 	 	 	368	 	 	 	168	 	 	 	354	 	
Texas	 	 	163	 	 	 	495	 	 	 	135	 	 	 	516	 	 	 	394	 	 	 	512	 	 	 	404	 	 	 	492	 	
Washington	 	 	117	 	 	 	406	 	 	 	74	 	 	 	437	 	 	 	297	 	 	 	426	 	 	 	219	 	 	 	405	 	
Total	 	 	1,138	 	 	$	564	 	 	 	842	 	 	$	560	 	 	 	2,604	 	 	$	554	 	 	 	1,978	 	 	$	517	 	
Page 7

	

 
MARKET DATA BY REPORTING SEGMENT & STATE, continued
(unaudited)
 
 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	 	New	 	 	Average	 	 	New	 	 	Average	 	 	New	 	 	Average	 	 	New	 	 	Average	 	
 	 	Home	 	 	Selling	 	 	Home	 	 	Selling	 	 	Home	 	 	Selling	 	 	Home	 	 	Selling	 	
 	 	Orders	 	 	Communities	 	 	Orders	 	 	Communities	 	 	Orders	 	 	Communities	 	 	Orders	 	 	Communities	 	
Net New Home Orders:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Maracay Homes	 	 	150	 	 	 	17.2	 	 	 	88	 	 	 	17.3	 	 	 	495	 	 	 	17.3	 	 	 	313	 	 	 	16.4	 	
Pardee Homes	 	 	291	 	 	 	25.0	 	 	 	264	 	 	 	21.3	 	 	 	954	 	 	 	22.8	 	 	 	793	 	 	 	20.3	 	
Quadrant Homes	 	 	87	 	 	 	11.8	 	 	 	82	 	 	 	12.3	 	 	 	353	 	 	 	10.8	 	 	 	286	 	 	 	12.8	 	
Trendmaker Homes	 	 	125	 	 	 	25.0	 	 	 	127	 	 	 	24.8	 	 	 	381	 	 	 	26.0	 	 	 	436	 	 	 	23.5	 	
TRI Pointe Homes	 	 	234	 	 	 	28.3	 	 	 	152	 	 	 	16.0	 	 	 	935	 	 	 	27.0	 	 	 	152	 	 	 	6.4	 	
Winchester Homes	 	 	109	 	 	 	13.5	 	 	 	90	 	 	 	15.3	 	 	 	310	 	 	 	13.5	 	 	 	253	 	 	 	19.1	 	
Total	 	 	996	 	 	 	120.8	 	 	 	803	 	 	 	107.0	 	 	 	3,428	 	 	 	117.4	 	 	 	2,233	 	 	 	98.5	 	

 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	 	New	 	 	Average	 	 	New	 	 	Average	 	 	New	 	 	Average	 	 	New	 	 	Average	 	
 	 	Home	 	 	Selling	 	 	Home	 	 	Selling	 	 	Home	 	 	Selling	 	 	Home	 	 	Selling	 	
 	 	Orders	 	 	Communities	 	 	Orders	 	 	Communities	 	 	Orders	 	 	Communities	 	 	Orders	 	 	Communities	 	
Net New Home Orders:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
California	 	 	392	 	 	 	35.5	 	 	 	292	 	 	 	26.3	 	 	 	1,421	 	 	 	33.2	 	 	 	686	 	 	 	18.3	 	
Colorado	 	 	34	 	 	 	6.0	 	 	 	31	 	 	 	3.0	 	 	 	168	 	 	 	6.4	 	 	 	31	 	 	 	1.2	 	
Maryland	 	 	71	 	 	 	6.0	 	 	 	48	 	 	 	6.3	 	 	 	165	 	 	 	5.8	 	 	 	117	 	 	 	8.2	 	
Virginia	 	 	38	 	 	 	7.5	 	 	 	42	 	 	 	9.0	 	 	 	145	 	 	 	7.7	 	 	 	136	 	 	 	10.9	 	
Arizona	 	 	150	 	 	 	17.2	 	 	 	88	 	 	 	17.3	 	 	 	495	 	 	 	17.3	 	 	 	313	 	 	 	16.4	 	
Nevada	 	 	99	 	 	 	11.8	 	 	 	93	 	 	 	8.0	 	 	 	300	 	 	 	10.2	 	 	 	228	 	 	 	7.2	 	
Texas	 	 	125	 	 	 	25.0	 	 	 	127	 	 	 	24.8	 	 	 	381	 	 	 	26.0	 	 	 	436	 	 	 	23.5	 	
Washington	 	 	87	 	 	 	11.8	 	 	 	82	 	 	 	12.3	 	 	 	353	 	 	 	10.8	 	 	 	286	 	 	 	12.8	 	
Total	 	 	996	 	 	 	120.8	 	 	 	803	 	 	 	107.0	 	 	 	3,428	 	 	 	117.4	 	 	 	2,233	 	 	 	98.5	 	
Page 8

	

 
MARKET DATA BY REPORTING SEGMENT & STATE, continued
(dollars in thousands)
(unaudited)
 
 	 	As of September 30, 2015	 	 	As of September 30, 2014	 	
 	 	 	 	 	 	Backlog	 	 	Average	 	 	 	 	 	 	Backlog	 	 	Average	 	
 	 	Backlog	 	 	Dollar	 	 	Selling	 	 	Backlog	 	 	Dollar	 	 	Selling	 	
 	 	Units	 	 	Value	 	 	Price	 	 	Units	 	 	Value	 	 	Price	 	
Backlog:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Maracay Homes	 	 	293	 	 	$	118,164	 	 	$	403	 	 	 	143	 	 	$	57,202	 	 	$	400	 	
Pardee Homes	 	 	448	 	 	 	296,477	 	 	 	662	 	 	 	415	 	 	 	222,929	 	 	 	537	 	
Quadrant Homes	 	 	169	 	 	 	79,955	 	 	 	473	 	 	 	163	 	 	 	78,317	 	 	 	480	 	
Trendmaker Homes	 	 	205	 	 	 	108,250	 	 	 	528	 	 	 	254	 	 	 	131,611	 	 	 	518	 	
TRI Pointe Homes	 	 	567	 	 	 	388,336	 	 	 	685	 	 	 	282	 	 	 	240,872	 	 	 	854	 	
Winchester Homes	 	 	174	 	 	 	118,685	 	 	 	682	 	 	 	183	 	 	 	139,434	 	 	 	762	 	
Total	 	 	1,856	 	 	$	1,109,867	 	 	$	598	 	 	 	1,440	 	 	$	870,365	 	 	$	604	 	

 	 	As of September 30, 2015	 	 	As of September 30, 2014	 	
 	 	 	 	 	 	Backlog	 	 	Average	 	 	 	 	 	 	Backlog	 	 	Average	 	
 	 	Backlog	 	 	Dollar	 	 	Selling	 	 	Backlog	 	 	Dollar	 	 	Selling	 	
 	 	Units	 	 	Value	 	 	Price	 	 	Units	 	 	Value	 	 	Price	 	
Backlog:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
California	 	 	770	 	 	$	577,053	 	 	$	749	 	 	 	523	 	 	$	393,876	 	 	$	753	 	
Colorado	 	 	124	 	 	 	62,445	 	 	 	504	 	 	 	51	 	 	 	22,657	 	 	 	444	 	
Maryland	 	 	98	 	 	 	59,200	 	 	 	604	 	 	 	72	 	 	 	46,001	 	 	 	639	 	
Virginia	 	 	76	 	 	 	59,485	 	 	 	783	 	 	 	111	 	 	 	93,433	 	 	 	842	 	
Arizona	 	 	293	 	 	 	118,164	 	 	 	403	 	 	 	143	 	 	 	57,202	 	 	 	400	 	
Nevada	 	 	121	 	 	 	45,315	 	 	 	375	 	 	 	123	 	 	 	47,269	 	 	 	384	 	
Texas	 	 	205	 	 	 	108,250	 	 	 	528	 	 	 	254	 	 	 	131,611	 	 	 	518	 	
Washington	 	 	169	 	 	 	79,955	 	 	 	473	 	 	 	163	 	 	 	78,316	 	 	 	480	 	
Total	 	 	1,856	 	 	$	1,109,867	 	 	$	598	 	 	 	1,440	 	 	$	870,365	 	 	$	604	 	
Page 9

	

 
MARKET DATA BY REPORTING SEGMENT & STATE, continued
 
 	 	 	 	 	 	 	 	 	 	September 30,	 	 	December   31,	 	
 	 	 	 	 	 	 	 	 	 	2015	 	 	2014	 	
Lots Owned or Controlled:	 	 	 	 	 	 	 	 	 	(unaudited)	 	 	 	 	 	
Maracay Homes	 	 	 	 	 	 	 	 	 	 	1,798	 	 	 	1,985	 	
Pardee Homes	 	 	 	 	 	 	 	 	 	 	17,075	 	 	 	17,639	 	
Quadrant Homes	 	 	 	 	 	 	 	 	 	 	1,422	 	 	 	1,544	 	
Trendmaker Homes	 	 	 	 	 	 	 	 	 	 	1,976	 	 	 	2,073	 	
TRI Pointe Homes	 	 	 	 	 	 	 	 	 	 	3,393	 	 	 	3,726	 	
Winchester Homes	 	 	 	 	 	 	 	 	 	 	2,576	 	 	 	2,751	 	
Total	 	 	 	 	 	 	 	 	 	 	28,240	 	 	 	29,718	 	

 	 	 	 	 	 	 	 	 	 	September 30,	 	 	December   31,	 	
 	 	 	 	 	 	 	 	 	 	2015	 	 	2014	 	
Lots Owned or Controlled:	 	 	 	 	 	 	 	 	 	(unaudited)	 	 	 	 	 	
California	 	 	 	 	 	 	 	 	 	 	17,939	 	 	 	18,842	 	
Colorado	 	 	 	 	 	 	 	 	 	 	607	 	 	 	639	 	
Maryland	 	 	 	 	 	 	 	 	 	 	1,883	 	 	 	2,048	 	
Virginia	 	 	 	 	 	 	 	 	 	 	693	 	 	 	703	 	
Arizona	 	 	 	 	 	 	 	 	 	 	1,798	 	 	 	1,985	 	
Nevada	 	 	 	 	 	 	 	 	 	 	1,922	 	 	 	1,884	 	
Texas	 	 	 	 	 	 	 	 	 	 	1,976	 	 	 	2,073	 	
Washington	 	 	 	 	 	 	 	 	 	 	1,422	 	 	 	1,544	 	
Total	 	 	 	 	 	 	 	 	 	 	28,240	 	 	 	29,718	 	

 	 	 	 	 	 	 	 	 	 	September 30,	 	 	December   31,	 	
 	 	 	 	 	 	 	 	 	 	2015	 	 	2014	 	
Lots by Ownership Type:	 	 	 	 	 	 	 	 	 	(unaudited)	 	 	 	 	 	
Lots owned	 	 	 	 	 	 	 	 	 	 	25,484	 	 	 	25,535	 	
Lots controlled (1)	 	 	 	 	 	 	 	 	 	 	2,756	 	 	 	4,183	 	
Total	 	 	 	 	 	 	 	 	 	 	28,240	 	 	 	29,718	 	
 
(1)	As of September 30, 2015 and December 31, 2014, lots controlled included lots that were under land option contracts or purchase contracts.	

Page 10

	

 
 
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited)
In this earnings 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 September 30,	 	
 	 	2015	 	 	%	 	 	2014	 	 	%	 	
 	 	(dollars in thousands)	 	
Home sales	 	$	642,352	 	 	 	100.0	%	 	$	471,801	 	 	 	100.0	%	
Cost of home sales	 	 	507,543	 	 	 	79.0	%	 	 	385,400	 	 	 	81.7	%	
Homebuilding gross margin	 	 	134,809	 	 	 	21.0	%	 	 	86,401	 	 	 	18.3	%	
Add:  interest in cost of home sales	 	 	13,189	 	 	 	2.1	%	 	 	7,702	 	 	 	1.6	%	
Add:  impairments and lot option abandonments	 	 	366	 	 	 	0.1	%	 	 	490	 	 	 	0.1	%	
Adjusted homebuilding gross margin	 	$	148,364	 	 	 	23.1	%	 	$	94,593	 	 	 	20.0	%	
Homebuilding gross margin percentage	 	 	21.0	%	 	 	 	 	 	 	18.3	%	 	 	 	 	
Adjusted homebuilding gross margin percentage	 	 	23.1	%	 	 	 	 	 	 	20.0	%	 	 	 	 	

 	 	Nine Months Ended September 30,	 	
 	 	2015	 	 	%	 	 	2014	 	 	%	 	
 	 	(dollars in thousands)	 	
Home sales	 	$	1,443,855	 	 	 	100.0	%	 	$	1,023,312	 	 	 	100.0	%	
Cost of home sales	 	 	1,149,191	 	 	 	79.6	%	 	 	819,377	 	 	 	80.1	%	
Homebuilding gross margin	 	 	294,664	 	 	 	20.4	%	 	 	203,935	 	 	 	19.9	%	
Add:  interest in cost of home sales	 	 	27,540	 	 	 	1.9	%	 	 	16,342	 	 	 	1.6	%	
Add:  impairments and lot option abandonments	 	 	1,593	 	 	 	0.1	%	 	 	897	 	 	 	0.1	%	
Adjusted homebuilding gross margin	 	$	323,797	 	 	 	22.4	%	 	$	221,174	 	 	 	21.6	%	
Homebuilding gross margin percentage	 	 	20.4	%	 	 	 	 	 	 	19.9	%	 	 	 	 	
Adjusted homebuilding gross margin percentage	 	 	22.4	%	 	 	 	 	 	 	21.6	%	 	 	 	 	

 

 

 

 
 
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)
 
The following table reconciles the Company’s ratio of debt-to-capital to the ratio of net debt-to-capital. We believe that the ratio of net debt-to-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,	 	 	December 31,	 	
 	 	2015	 	 	2014	 	
 	 	(dollars in thousands)	 	
Unsecured revolving credit facility	 	$	349,392	 	 	$	260,000	 	
Seller financed loans	 	 	7,572	 	 	 	14,677	 	
Senior Notes	 	 	888,657	 	 	 	887,502	 	
Total debt	 	 	1,245,621	 	 	 	1,162,179	 	
Stockholders' equity	 	 	1,576,176	 	 	 	1,454,180	 	
Total capital	 	$	2,821,797	 	 	$	2,616,359	 	
Ratio of debt-to-capital (1)	 	 	44.1	%	 	 	44.4	%	
 	 	 	 	 	 	 	 	 	
Total debt	 	$	1,245,621	 	 	$	1,162,179	 	
Less: Cash and cash equivalents	 	 	(96,993	)	 	 	(170,629	)	
Net debt	 	 	1,148,628	 	 	 	991,550	 	
Stockholders' equity	 	 	1,576,176	 	 	 	1,454,180	 	
Total capital	 	$	2,724,804	 	 	$	2,445,730	 	
Ratio of net debt-to-capital (2)	 	 	42.2	%	 	 	40.5	%	
(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-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. The most directly comparable GAAP financial measure is the ratio of debt-to-capital.	

 
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)
 
The following table calculates the non-GAAP measures of EBITDA and Adjusted EBITDA and reconciles those amounts to net income (loss), as reported and prepared in accordance with GAAP. EBITDA means net income (loss) before (a) interest expense, (b) income taxes, (c) depreciation and amortization, (d) expensing of previously capitalized interest included in costs of home sales and (e) amortization of stock-based compensation. Adjusted EBITDA means EBITDA before (f) restructuring expenses (g) impairment and lot option abandonments and (h) transaction related expenses. 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	 	 	Nine Months Ended	 	
 	 	September 30,	 	 	September 30,	 	
 	 	 	2015	 	 	 	2014	 	 	 	2015	 	 	 	2014	 	
 	 	(in thousands)	 	
Net income available to common shareholders	 	$	50,162	 	 	$	10,965	 	 	$	120,389	 	 	$	42,771	 	
Interest expense:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest incurred	 	 	15,454	 	 	 	15,129	 	 	 	45,779	 	 	 	25,718	 	
Interest capitalized	 	 	(15,454	)	 	 	(14,839	)	 	 	(45,779	)	 	 	(22,987	)	
Amortization of interest in cost of sales	 	 	13,339	 	 	 	7,835	 	 	 	28,019	 	 	 	40,451	 	
Provision for income taxes	 	 	28,021	 	 	 	6,021	 	 	 	66,088	 	 	 	16,352	 	
Depreciation and amortization	 	 	2,244	 	 	 	4,489	 	 	 	5,414	 	 	 	10,719	 	
Amortization of stock-based compensation	 	 	2,994	 	 	 	3,547	 	 	 	8,536	 	 	 	6,250	 	
EBITDA	 	 	96,760	 	 	 	33,147	 	 	 	228,446	 	 	 	119,274	 	
Restructuring charges	 	 	2,010	 	 	 	7,024	 	 	 	2,730	 	 	 	9,202	 	
Impairments and lot abandonments	 	 	365	 	 	 	552	 	 	 	1,903	 	 	 	1,124	 	
Transaction expenses	 	 	—	 	 	 	16,710	 	 	 	—	 	 	 	17,216	 	
Adjusted EBITDA	 	$	99,135	 	 	$	57,433	 	 	$	233,079	 	 	$	146,816	 	

 

 
 
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