INCLINE VILLAGE, Nev., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Tri Pointe Homes, Inc. (the "Company") today announced results for the second quarter ended June 30, 2026.
Results and Operational Data for Second Quarter 2026 and Comparisons to Second Quarter 2025
-- Home sales revenue of $685.1 million compared to $879.8 million
-- New home deliveries of 1,013 homes compared to 1,326 homes
-- Average sales price of homes delivered of $676,000 compared to
$664,000
-- Homebuilding gross margin percentage of 18.0% compared to 20.8%.
Excluding inventory-related charges of $19.7 million, our homebuilding
gross margin percentage was 20.8%*.
-- Excluding interest and impairments and lot option abandonments,
adjusted homebuilding gross margin percentage was 24.0%*
-- SG&A expense as a percentage of home sales revenue of 32.5% compared to
12.6%. Excluding $122.1 million of compensation-related charges
associated with the Sumitomo Forestry transaction, SG&A expense as a
percentage of home sales revenue was 14.7%*.
-- Loss before income taxes was $165.3 million compared to income before
income taxes of $84.4 million. Results included $196.8 million of charges
associated with the Sumitomo Forestry transaction and $19.7 million of
inventory-related impairment charges. Excluding these items, adjusted
income before income taxes was $51.2 million* compared to $84.4 million.
-- Net new home orders of 1,147 compared to 1,131
-- Active selling communities averaged 164.3 compared to 149.8
-- Net new home orders per average selling community were 7.0 orders
(2.3 monthly) compared to 7.6 orders (2.5 monthly)
-- Cancellation rate of 11% compared to 13%
-- Backlog units at quarter end of 1,494 homes compared to 1,520
-- Dollar value of backlog at quarter end of $1.1 billion compared to
$1.2 billion
-- Average sales price of homes in backlog at quarter end of $713,000
compared to $776,000
-- Ratios of homebuilding debt-to-capital and net homebuilding debt-to-net
capital of 25.9% and 16.9%*, respectively, as of June 30, 2026
-- Ended the second quarter of 2026 with total liquidity of $1.3 billion,
including cash and cash equivalents of $462.1 million and $821.0 million
of availability under our revolving credit facility
* See "Reconciliation of Non-GAAP Financial Measures"
About Tri Pointe Homes, Inc.
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. has a presence in 13 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves--some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. The company is one of the 2026 Fortune World's Most Admired Companies, 2026 Fortune 100 Best Companies to Work For$(R)$, and recognized as a PEOPLE Companies That Care(R) (2023--2026) organization. The company was also named as a Great Place To Work-Certified$(TM)$ company for five years in a row and named on several Great Place To Work(R) Best Workplaces lists. Tri Pointe has also won multiple Builder of the Year and Developer of the Year awards. 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," "assuming," "believe," "contemplate," "could," "estimate," "expect," "forecast," "future," "goal," "guidance," "intend," "likely," "may," "might," "outlook," "plan," "potential," "predict," "project," "projection," "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 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; risks associated with the Company's integration into the Sumitomo Forestry Group, including purchase accounting, financing, systems, controls, reporting processes, and the realization of anticipated benefits from the Merger; 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
KEY OPERATIONS AND FINANCIAL DATA
(dollars in thousands)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
--------------------------------------------------------- ---------------------------------------------------------
2026 2025 Change % Change 2026 2025 Change % Change
-------------- -------------- ------------- ---------- -------------- -------------- ------------- ----------
Operating Data: (unaudited)
Home sales revenue $ 685,118 $ 879,832 $(194,714) (22.1)% $1,191,614 $1,600,618 $(409,004) (25.6)%
Homebuilding gross
margin $ 123,096 $ 183,202 $ (60,106) (32.8)% $ 218,526 $ 355,715 $(137,189) (38.6)%
Homebuilding gross
margin % 18.0% 20.8% (2.8)% 18.3% 22.2% (3.9)%
Adjusted
homebuilding
gross margin %* 24.0% 25.2% (1.2)% 23.3% 26.1% (2.8)%
SG&A expense $ 222,538 $ 110,974 $ 111,564 100.5% $ 313,384 $ 211,591 $ 101,793 48.1%
SG&A expense as a
% of home sales
revenue 32.5% 12.6% 19.9% 26.3% 13.2% 13.1%
(Loss) income
before income
taxes $ (165,332) $ 84,350 $(249,682) (296.0)% $ (158,441) $ 170,860 $(329,301) (192.7)%
Adjusted EBITDA* $ 83,068 $ 139,322 $ (56,254) (40.4)% $ 122,925 $ 265,020 $(142,095) (53.6)%
Interest incurred $ 18,326 $ 20,374 $ (2,048) (10.1)% $ 36,911 $ 41,693 $ (4,782) (11.5)%
Interest in cost
of home sales $ 21,263 $ 25,578 $ (4,315) (16.9)% $ 37,733 $ 48,613 $ (10,880) (22.4)%
Other Data:
Net new home
orders 1,147 1,131 16 1.4% 2,381 2,369 12 0.5%
New homes
delivered 1,013 1,326 (313) (23.6)% 1,749 2,366 (617) (26.1)%
Cancellation rate 11% 13% (2)% 10% 12% (2)%
Average selling
price of homes
delivered $ 676 $ 664 $ 12 1.8% $ 681 $ 677 $ 4 0.6%
Average selling
communities 164.3 149.8 14.5 9.7% 161.1 147.7 13.4 9.1%
Selling
communities at
end of period 169 151 18 11.9%
Backlog (estimated
dollar value) $1,064,633 $1,179,715 $(115,082) (9.8)%
Backlog (homes) 1,494 1,520 (26) (1.7)%
Average selling
price in backlog $ 713 $ 776 $ (63) (8.1)%
June 30, December 31,
2026 2025 Change % Change
-------------- -------------- ------------- ----------
Balance Sheet Data: (unaudited)
Cash and cash
equivalents $ 462,085 $ 982,814 $(520,729) (53.0)%
Real estate
inventories $3,436,045 $3,178,248 $ 257,797 8.1%
Lots owned or
controlled 33,271 32,219 1,052 3.3%
Homes under
construction(1) 2,514 1,392 1,122 80.6%
Homes completed,
unsold 343 681 (338) (49.6)%
Total homebuilding
debt $1,098,735 $1,104,054 $ (5,319) (0.5)%
Stockholders'
equity $3,140,839 $3,315,834 $(174,995) (5.3)%
Book
capitalization $4,239,574 $4,419,888 $(180,314) (4.1)%
Ratio of
homebuilding
debt-to-capital 25.9% 25.0% 0.9%
Ratio of net
homebuilding
debt-to-net
capital* 16.9% 3.5% 13.4%
__________
(1) Homes under construction included 39 and 48 models as of June 30, 2026 and December 31, 2025, respectively.
* See "Reconciliation of Non-GAAP Financial Measures"
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
June 30, December 31,
2026 2025
------------- ----------------
Assets (unaudited)
Cash and cash equivalents $ 462,085 $ 982,814
Receivables 175,514 147,250
Real estate inventories 3,436,045 3,178,248
Investments in unconsolidated entities 245,695 183,075
Mortgage loans held for sale 86,881 98,514
Goodwill and other intangible assets,
net 156,603 156,603
Deferred tax assets, net 43,132 43,132
Other assets 211,811 187,899
--------- ----------
Total assets $ 4,817,766 $ 4,977,535
========= ==========
Liabilities
Accounts payable $ 79,848 $ 41,693
Accrued expenses and other liabilities 420,675 425,289
Loans payable 450,600 456,468
Senior notes 648,135 647,586
Mortgage repurchase facilities 77,459 90,570
--------- ----------
Total liabilities 1,676,717 1,661,606
--------- ----------
Commitments and contingencies
Equity
Stockholders' equity:
Common stock, $0.01 par value, 100
and 500,000,000 shares authorized
and 100 and 84,478,836 shares issued
and outstanding at June 30, 2026 and
December 31, 2025, respectively -- 844
Additional paid-in capital -- --
Retained earnings 3,140,839 3,314,990
--------- ----------
Total stockholders' equity 3,140,839 3,315,834
Noncontrolling interests 210 95
--------- ----------
Total equity 3,141,049 3,315,929
--------- ----------
Total liabilities and equity $ 4,817,766 $ 4,977,535
========= ==========
CONSOLIDATED STATEMENT OF OPERATIONS
(dollars in thousands)
(unaudited)
Three Months Ended June
30, Six Months Ended June 30,
------------------------ --------------------------
2026 2025 2026 2025
------------- --------- ----------- -------------
Homebuilding:
Home sales
revenue $ 685,118 $879,832 $1,191,614 $1,600,618
Land and lot
sales revenue 23 3,364 598 5,185
Other operations
revenue 825 814 1,650 1,634
-------- ------- --------- ---------
Total
revenues 685,966 884,010 1,193,862 1,607,437
Cost of home
sales 562,022 696,630 973,088 1,244,903
Cost of land and
lot sales 205 3,253 1,184 4,994
Other operations
expense 812 793 1,625 1,587
Sales and
marketing 45,333 50,171 83,220 93,113
General and
administrative 177,205 60,803 230,164 118,478
-------- ------- --------- ---------
Homebuilding
(loss) income
from
operations (99,611) 72,360 (95,419) 144,362
Equity in
(loss) income
of
unconsolidated
entities (24) 471 (112) 966
Transaction
expense (73,779) -- (79,656) --
Other income,
net 5,652 7,174 12,888 16,303
-------- ------- --------- ---------
Homebuilding
(loss)
income
before
income
taxes (167,762) 80,005 (162,299) 161,631
-------- ------- --------- ---------
Financial Services:
Revenues 16,106 18,403 29,599 35,904
Expenses 13,676 14,058 25,741 26,675
-------- ------- --------- ---------
Financial
services
income
before
income
taxes 2,430 4,345 3,858 9,229
-------- ------- --------- ---------
(Loss) income
before income
taxes (165,332) 84,350 (158,441) 170,860
Benefit (provision)
for income taxes 7,646 (23,640) 7,565 (46,133)
-------- ------- --------- ---------
Net (loss) income (157,686) 60,710 (150,876) 124,727
Net (income) loss
attributable to
noncontrolling
interests (12) 38 (36) 57
-------- ------- --------- ---------
Net (loss) income
available to
common
stockholders $(157,698) $ 60,748 $ (150,912) $ 124,784
======== ======= ========= =========
MARKET DATA BY REPORTING SEGMENT & GEOGRAPHY
(dollars in thousands)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
-------------------------------------------------- --------------------------------------------------
2026 2025 2026 2025
------------------------ ------------------------ ------------------------ ------------------------
Average Average Average Average
New Homes Sales New Homes Sales New Homes Sales New Homes Sales
Delivered Price Delivered Price Delivered Price Delivered Price
--------- ------------- --------- ------------- --------- ------------- --------- -------------
West 458 $ 795 640 $ 735 800 $ 788 1,161 $ 750
Central 376 550 481 546 650 556 858 551
East 179 637 205 717 299 670 347 740
--------- --- -------- --------- --- -------- --------- --- -------- --------- --- --------
Total 1,013 $ 676 1,326 $ 664 1,749 $ 681 2,366 $ 677
========= === ======== ========= === ======== ========= === ======== ========= === ========
Three Months Ended June 30, Six Months Ended June 30,
-------------------------------------------------- --------------------------------------------------
2026 2025 2026 2025
------------------------ ------------------------ ------------------------ ------------------------
Net New Average Net New Average Net New Average Net New Average
Home Selling Home Selling Home Selling Home Selling
Orders Communities Orders Communities Orders Communities Orders Communities
--------- ------------- --------- ------------- --------- ------------- --------- -------------
West 556 74.8 523 68.8 1,161 73.3 1,167 67.8
Central 426 65.0 423 61.0 862 63.5 836 60.6
East 165 24.5 185 20.0 358 24.3 366 19.3
--------- --- -------- --------- --- -------- --------- --- -------- --------- --- --------
Total 1,147 164.3 1,131 149.8 2,381 161.1 2,369 147.7
========= === ======== ========= === ======== ========= === ======== ========= === ========
As of June 30, 2026 As of June 30, 2025
Backlog Backlog
Backlog Dollar Average Backlog Dollar Average
Units Value Sales Price Units Value Sales Price
------- ---------- ------------ ------- ---------- ------------
West 785 $ 629,058 $ 801 813 $ 682,250 $ 839
Central 472 282,083 598 450 271,975 604
East 237 153,492 648 257 225,490 877
------- --------- -------- ------- --------- --------
Total 1,494 $1,064,633 $ 713 1,520 $1,179,715 $ 776
======= ========= ======== ======= ========= ========
As of June 30, 2026 As of December 31, 2025
--------------------------------- ---------------------------------
Lots Lots Owned Lots Lots Owned
Lots Controlled or Lots Controlled or
Owned (1) Controlled Owned (1) Controlled
------- ---------- ------------ ------- ---------- ------------
West 9,086 3,498 12,584 8,629 3,864 12,493
Central 5,203 8,397 13,600 5,188 8,017 13,205
East 1,992 5,095 7,087 2,137 4,384 6,521
------- --------- -------- ------- --------- --------
Total 16,281 16,990 33,271 15,954 16,265 32,219
======= ========= ======== ======= ========= ========
(1) As of June 30, 2026 and December 31, 2025, lots controlled included lots that were under land option contracts or purchase contracts. As of June 30, 2026 and December 31, 2025, lots controlled for West include 275 and zero, respectively, and for Central include 5,607 and 5,356, 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 table reconciles 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 June 30,
------------------------------------------------
2026 % 2025 %
------------ --------- ------------ ---------
(dollars in thousands)
Home sales revenue $685,118 100.0% $879,832 100.0%
Cost of home sales 562,022 82.0% 696,630 79.2%
------- ----- ------- -----
Homebuilding gross
margin 123,096 18.0% 183,202 20.8%
Add: interest in
cost of home
sales 21,263 3.1% 25,578 2.9%
Add: impairments
and lot option
abandonments 19,734 2.9% 13,096 1.5%
------- ----- ------- -----
Adjusted
homebuilding
gross margin $164,093 24.0% $221,876 25.2%
======= ===== ======= =====
Homebuilding gross
margin
percentage 18.0% 20.8%
======= =======
Adjusted
homebuilding
gross margin
percentage 24.0% 25.2%
======= =======
Six Months Ended June 30,
----------------------------------------------------
2026 % 2025 %
-------------- --------- -------------- ---------
(dollars in thousands)
Home sales
revenue $1,191,614 100.0% $1,600,618 100.0%
Cost of home
sales 973,088 81.7% 1,244,903 77.8%
--------- ----- --------- -----
Homebuilding
gross margin 218,526 18.3% 355,715 22.2%
Add: interest
in cost of
home sales 37,733 3.2% 48,613 3.0%
Add:
impairments
and lot
option
abandonments 20,802 1.7% 14,169 0.9%
--------- ----- --------- -----
Adjusted
homebuilding
gross margin $ 277,061 23.3% $ 418,497 26.1%
========= ===== ========= =====
Homebuilding
gross margin
percentage 18.3% 22.2%
========= =========
Adjusted
homebuilding
gross margin
percentage 23.3% 26.1%
========= =========
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(dollars in thousands)
(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.
June 30, 2026 December 31, 2025
----------------- ---------------------
Loans payable $ 450,600 $ 456,468
Senior notes 648,135 647,586
Mortgage repurchase facilities 77,459 90,570
--------- -------------
Total debt 1,176,194 1,194,624
Less: mortgage repurchase
facilities (77,459) (90,570)
--------- -------------
Total homebuilding debt 1,098,735 1,104,054
Stockholders' equity 3,140,839 3,315,834
--------- -------------
Total capital $ 4,239,574 $ 4,419,888
========= =============
Ratio of homebuilding
debt-to-capital(1) 25.9% 25.0%
========= =============
Total homebuilding debt $ 1,098,735 $ 1,104,054
Less: Cash and cash equivalents (462,085) (982,814)
--------- -------------
Net homebuilding debt 636,650 121,240
Stockholders' equity 3,140,839 3,315,834
--------- -------------
Net capital $ 3,777,489 $ 3,437,074
========= =============
Ratio of net homebuilding
debt-to-net capital(2) 16.9% 3.5%
========= =============
__________
(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) (dollars in thousands) (unaudited)
The following tables present certain non-GAAP financial measures reflecting adjustments for inventory-related impairment charges and costs associated with the Sumitomo Forestry transaction, including transaction-related compensation costs and professional fees. We believe reflecting these adjustments is useful to investors in understanding our recurring operations by eliminating the effects of certain non-routine events, and may be helpful in comparing the Company to other homebuilders to the extent they provide similar information.
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
Gross Margin
Reconciliation As Reported Adjustments Adjusted As Reported Adjustments Adjusted
------------ ------------- --- ------------ -------------- ------------- --- --------------
Home sales
revenue $685,118 $ -- $685,118 $1,191,614 $ -- $1,191,614
Cost of home
sales 562,022 (19,734) 542,288 973,088 (20,802) 952,286
------- -------- --- ------- --------- -------- --- ---------
Homebuilding
gross margin $123,096 $ 19,734 $142,830 $ 218,526 $ 20,802 $ 239,328
Homebuilding
gross margin
percentage 18.0% 20.8% 18.3% 20.1%
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
SG&A
Reconciliation As Reported Adjustments Adjusted As Reported Adjustments Adjusted
------------ ------------- --- ------------ -------------- ------------- --- --------------
Sales and
marketing $ 45,333 $ -- $ 45,333 $ 83,220 $ -- $ 83,220
General and
administrative
(G&A) 177,205 (122,112) (1) 55,093 230,164 (122,112) (1) 108,052
Total sales and
marketing and
G&A $222,538 $ (122,112) $100,426 $ 313,384 $ (122,112) $ 191,272
As a percentage
of home sales
revenue 32.5% 14.7% 26.3% 16.1%
(Loss) Income Before
Income Taxes Three Months Ended Six Months Ended June
Reconciliation June 30, 2026 30, 2026
--------------------- ---------------------
(Loss) income before
income taxes (as
reported) $ (165,332) $ (158,441)
---- ---------- --- -----------
Add: inventory
impairment charges
and land and lot
option abandonments
and pre-acquisition
charges included in
cost of home sales 19,734 20,802
Add:
transaction-related
expenses included
in G&A 122,112 (1) 122,112 (1)
Add:
transaction-related
expenses included
in financial
services 907 (1) 907 (1)
Add:
transaction-related
expenses included
in other expense,
net 73,779 (2) 79,656 (2)
---- ---------- --- --- ----------- ---
Adjusted income
before income
taxes $ 51,200 $ 65,036
==== ========== === === =========== ===
__________
(1) Comprises costs incurred due to accelerated RSU vestings and other compensation costs incurred in connection with the Sumitomo Forestry transaction.
(2) Comprises investment banking, legal, advisory, and other professional fees incurred in connection with the Sumitomo Forestry transaction.
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, (f) impairments and lot option abandonments, (g) Sumitomo Forestry transaction-related expenses included in general and administrative expenses, (h) Sumitomo Forestry transaction-related expenses included in financial services, and (i) other transaction expenses incurred in connection with the Sumitomo Forestry transaction. 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,
----------------------------
2026 2025 2026 2025
------------- --------- ---------- -----------
(in thousands)
Net (loss) income
available to common
stockholders $(157,698) $ 60,748 $(150,912) $124,784
Interest expense:
Interest incurred 18,326 20,374 36,911 41,693
Interest
capitalized (18,326) (20,374) (36,911) (41,693)
Amortization of
interest in cost of
sales 21,263 25,578 37,733 48,731
Provision for income
taxes (7,646) 23,640 (7,565) 46,133
Depreciation and
amortization 7,585 7,657 15,203 15,044
-------- ------- -------- -------
EBITDA (136,496) 117,623 (105,541) 234,692
Amortization of
stock-based
compensation 3,032 8,603 4,989 16,159
Impairments and lot
option
abandonments 19,734 13,096 20,802 14,169
Transaction-related
expenses included
in G&A 122,112 (1) -- 122,112 (1) --
Transaction-related
expenses included
in financial
services 907 (1) -- 907 (1) --
Transaction expenses 73,779 (2) -- 79,656 (2) --
-------- ------- -------- -------
Adjusted EBITDA $ 83,068 $139,322 $ 122,925 $265,020
======== ======= ======== =======
__________
(1) Comprises costs incurred due to accelerated RSU vestings and other compensation costs incurred in connection with the Sumitomo Forestry transaction.
(2) Comprises investment banking, legal, advisory, and other professional fees incurred in connection with the Sumitomo Forestry transaction.
Comments