TPH - Earnings call transcript Q4 2024

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Operator

Ladies and gentlemen, good morning, and welcome to the Tri Pointe Homes Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Lee, General Counsel of Tri Pointe Homes. Please go ahead.

David Lee

Good morning, and welcome to Tri Pointe Homes Earnings Conference Call. company XXXX. financial the fourth for morning, of quarter this released results its the Earlier these including under detailing through Presentations Documents results, the at are tab. Investors www.tripointehomes.com available link and the and a Events slide deck

involve the and could everyone required cause uncertainties certain remind are no and forward-looking and operating the forward-looking that which not these differ performance, statements like statements company's including other that call that risks statements. historical this are call facts, begins, risks on company concerning update Before A results of materially actual factors detailed SEC would discussion to are to filings. by undertakes and I the uncertainties. in to Except made future duty as statements financial law,

on filings. financial Pointe's today of the to be this Additionally, measures Chief most Executive SEC comparable Keeler, and Chief Tri Officer; company's are accessed through Marketing President discussed and Mamet, its reconciliations Linda Bauer, Hosting Glenn Officer; call in President company's Chief company's and non-GAAP measures can GAAP the the Financial Doug Tom call website Officer. and Chief the Operating the Executive Vice Officer; Mitchell, company's the

turn now that, I to Doug. call With will the over

Douglas Bauer

an revenue. delivered quarter, joining in billion year everyone, and fourth Tri off homes, thank fourth for sales today. Good the that morning, very new our In we you us exceptional to strong generating am capping home quarter, report for company. pleased I Pointe X,XXX a $X.X delivered

of diluted during home basis $X.XX to XX.X%, sales net $XXX as margin XX.X%. percentage gross a XX%. of share SG&A per million generated contributing XX or improved of to was quarter. year-over-year This income homebuilding the Our pretax margin points revenue a

a results quarter new high X,XXX delivered record contributed XXXX fourth We strong to Tri homes. outstanding Pointe. for an These

year was representing share, million gross increase $X.XX a year-over-year. XX% was income XX.X% net $XXX full and per Our margin homebuilding or diluted

senior of liquidity the with $XXX operating flows, year sheet record cash achieved notes, also the and strongest redeemed million history. We and our balance finished in

path significant geographic in deliveries our increase XX% Texas, down accomplishing with increase diversification continue where growth markets, while Carolinas. our the XXXX in XX% We a in to in we achieved in a gains

continue with and expect Coastal divisions Carolinas. in City, We momentum new Lake our that Salt start-up the to Orlando,

For basis average XXXX, return improvement we achieved on of equity a a previous the XX.X%, year. XXX over point

we And program, repurchases announced and our for already first a In the results strong share value repurchase repurchase shares capital in per book repurchased weeks our share year-over-year remain of these spend million including to XX.X%. December, XXX,XXX million $XX XXXX, by million. Through repurchase $XXX of total new for committed authorization. allocation, we have X share disciplined shares XXXX. of approximately outstanding a in via we X the increased our We

create shareholder have XXXX, continue flow Since to are per the value off opportunities outstanding shares book value. cash reduced all-time our we key operating leveraging by a program's to in share market well Coming strategy, year inception of XX%, of record liquidity, this positioned a we high and driver growth.

the some around third Now Elevated XXXX. We to quarter, rates, turning stay in trends dynamics. caused to inflation, to mortgage leading growth softer to current sticky lower consumers company start for sidelines. the slowing and market the sales the seasonal election, backlog experienced a uncertainty and job on fourth the

XXXX, inventory measured half to the in took we the chase of we and approach second increase did market. move completed While incentives a didn't

result, And to the enhance consumer that environment. uncertainties strategy well there in could we operating plan located our Despite macro As political are and balance markets. as margin current to in pace additional cause these and headwinds. price are is XXXX, headwinds, our market hesitancy appropriately for a communities core

quarter and see fourth seen have from order incentives increases. we lower XXXX, as trending in far we pickup momentum So also the demand a in

On the has financing supply Housing cohorts of continued especially there support to financial crisis persistent environment and are continue millennial who and fundamentals. growing public long-term further are a been global to downs market's particularly undersupplied strength and Z believe and buy well buyer rates the since interest softer for through the reinforces the opportunities macro other we of shortage home positioned the higher Gen tackle strong homebuilders demand prices demand. this level, growth flexible through options. demographics, The resilience

our demand well in fluctuations long-term confident staying opportunities short-term remain markets. capitalize while ability the We navigate on positioned to our to growth within

We own growth the to Lots, several XX,XXX over previous which over control the XX% Tri next is a compared year. currently Pointe for or poised years. is increase

that to earnings ability values self-develop of our creates these and strong to should business XX% margin communities, Our which from communities. lead approximately represents

As and a are company, core amenities. to continue strategy, in to that good on schools, lifestyle invest our locations employment, we focusing market close A

to a XX aspires Our generation who with core mortgage product, resilient long-term premium us financing well-qualified from now company, old, proposition. maturing land attract The holdings, years our and profile along our allows XX% our millennial buyer customer-focused age backlog in to value Pointe XX our to with represents Connect. brand Tri reinforcing our and ranging strategy differentiated of

debt-to-income Pointe ratio in and XX% household $XXX,XXX. have income of customers Our with an backlog average of FICO of Tri Connect scores average XXX,

personalization and design desire for new X center continue our will Lake customers for expansion organic Salt profit which year, Orlando, City, and in $X.X a Carolinas. XXXX, billion shows nearly strong our our at In studios, markets, our represents to company. Coastal spent we invest consumers' Last

In or we own Lake, currently over X,XXX control Lots. Salt

Orlando, first team and the land in open X of We to have land well communities plan this XXXX year. underway. on our the build Lots the owned with ending controlled ground on we with negotiations make meaningful back year broken and in first continue In half progress project with or front, additional XXX the deliveries expected to new

track for and premium our of remains and Coastal lifestyle deliveries on attractive of remains our in Carolina leveraging beginning Orlando Each expertise divisions out established markets first highly we division Meanwhile, to ensure in operations expect communities brand up XXXX. We ramping for deliveries and are XXXX. success. from is coming these our

success everything a at on creating reaffirm do, in it foundation is Customer core high by to XX% that is experiences I as of evidenced high-quality, homebuyers not focus our Tri priority, I referral want through innovative the satisfaction referred we of by XXXX our the communities. and member. unwavering our to a rate family is As Pointe homes exceptional living with Homes friend just our or desirable of and conclude,

Furthermore, in the top homebuilders XXXX Homebuilder Most of we are the Trusted X study. X America's

committed experience, advances exceed and AI, of including with meeting technology, evolves a digital we more changing needs customers to products the and expectations. their industry remain the experiences and dynamic delivering our in home As shopping that

the our maximizing for industry By shareholders. housing by including and growth believe long-term the favorable demographics. our fundamentals market, continue solid supported positioned, the We of persistent value prioritizing profitable customer, and we undersupply is well driving will

will I the to now that, With turn Glenn. Glenn? over call

Glenn Keeler

the Doug, remarks and for our XXXX. good first full finish I'd Thanks, with like for expectations to year my results and and and fourth morning. our outlook quarter highlight of then for some the quarter

for than a the XX.X% delivered for XX.X%. expense revenue right Gross high Home The percentage margins was at was revenue fourth $X.X home guidance. better guide the the of of financial billion with quarter of near guidance, our sales end while average X,XXX midpoint company. the which quarter, of homes, sales an our for produced our quarter the were price was at $XXX,XXX. We as strong sales SG&A results

was Finally, EPS $X.XX. diluted the quarter for

Net of homes pace new per home per community quarter X.X orders with were month. the XXX fourth in an absorption

largely fourth the during orders gross inventory was fourth on on focused the in for orders rate quarter. to cancellation X%, Incentives increased the quarter Our completed on moving XX%. quarter

orders Doug X.X, from and first month demand far in few to so mentioned, X%. January of absorption in XXXX decreased X.X. incentives have was Average has seen pickup some As so increased far, have for we Absorption of weeks February, XXXX. pace to pace the in the on

meet We count selling fourth or million via community the goals invested in which the controlled to needed XXXX, with our XXXX, Lots, delivery XXX active quarter, XXXX. ended XX% majority XXXX During year the the own land of We land We are communities. of development. option. land and with and we of XX,XXX and all total control ended over for $XXX

expect end with communities XXX we and XXXX, to communities. active XX For XXX open approximately to

growth our growth in strong we Texas, Based meaningful position, our several count expect Utah, startup Florida. the of lot next the years community count markets over community on and grow our we and Carolinas, as

balance of cash, sheet and of $X.X available spend, the under million at facility. revolving with our $XXX Looking credit billion million quarter unsecured ended liquidity, the of approximately $XXX capital consisting we

end ratios XX.X% debt X.X% Our homebuilding our for homebuilding quarter, negative ratio debt-to-capital and Pointe. capital the to was net was to all-time low both ratio Tri net

million. we quarter, for million an dollar aggregate spend $XX fourth the shares repurchased During of X.X

a outstanding million we for $XXX year, count of spend a total full the For X.X%, lowered total our by million. share of X repurchasing shares

For quarter balance capital XXXX, share the our as annual spending repurchases authorization needs ability to we we million to are be market opportunistic on with $XXX up our a million targeting opportunities. $XX with

quarter to year of first Now I'd the our and outlook full for like XXXX. summarize

between quarter, homes to X,XXX price average and For $XXX,XXX. the first delivering we XXX sales an of anticipate $XXX,XXX at between

and the We XX% XX% expect to to range in be to SG&A range expense be margin XX%. of anticipate in the percentage to XX% ratio homebuilding gross of our

our the to be approximately Lastly, first XX%. for quarter tax we estimate rate effective

projected average our XXXX, to a full between homes the the we price the on between gross X,XXX For margin of sales balance the on on homebuilding communities to lot incentives an X,XXX and $XXX,XXX and strategy we takes with The backlog delivering XX.X% anticipate volume expect of with year of the of the started deliveries new pace full in with we be year, for homes to current costs consideration margin. our into lower in to XX%. $XXX,XXX. range Based price focus year with level mix

expense effective XX%. rate we of year we and XX%, full our Finally, to approximately estimate in be SG&A be our the XX% the for ratio to anticipate to range tax

Doug With that, the to call closing turn will back over for now I some remarks.

Douglas Bauer

Glenn. Thanks,

As ongoing values want that pivotal to the of express and named dedication we take as I talent, Tri Pointe a Pointe wrap recognitions gratitude mission, numerous exceptional fueled with success. recently hard the our Their are XXXX including at Year. to our Tri who moment a Developer being work, team to the enjoyed, core to my up, has to

very future view Our market of for the new the is home positive.

Gen to and with demand market continue effect. Z millennial the persistent and less the cohort, to retail market from strong lingering undersupplied housing from the a see significantly shortage competition a of locked-in We due

outlook we confident the long-term our result, positioned strongly success. future for a Tri and As growth industry remain and that in for is ongoing Pointe

a on see have the capitalize market. right vision, a clear the the strong team to in opportunities we strategy, We and

With open that, I'll the for questions. call

Operator

Instructions] [Operator

Stephen the of question comes Kim from Evercore line first ISI. from The

Stephen Kim

your about of I was embedded guidance the of? there Are And range to sort wondering all guidance. about we if gross you Appreciate What you mix color hit of in commentary in and I trajectory in weeks, lower cause several in thinking for job the the that talk to you good are wanted usual pickup number? XX.X%. yet your encouraging incentives the would margin that, weeks. should that few effects, some of the demand as things in example, quarter. does be that about end could that over particular, you last ask And of kind what gave envision?

gross about of lead the of you end Obviously, amount sort the along in numbers, sustain understand just to that margin would an sort would think, that I your would considerable curious longer comment And about of and as about be expect take imply -- of I could XX.X% in your you a what -- you what feel it over I -- of but that embed to if if guide, pretty conservatism would how that, high is a I'm what's representative always have then us that continuing know for operating helpful, margin? term? you could you SG&A X.X% of you

Glenn Keeler

Stephen, Good it's question. Glenn.

have margin, but from come at the our elevated like 'XX, we And first only imply bit that remarks, in incentives looking in X% at kind So to down gross quarter. far in said a lower the so saw little continued prepared of we end, X%. incentives would that

incentives So X% elevated is for still levels us. of

would to and end to market that that. range improvement from to there And have of it to be drive get higher the incentives market, really lower the of

I X.X% divisions say top more long would start-up our side, revenue low term, growth, As SG&A than margin X.X% the I better we scale right? that On larger the operating grow and be on and get would long term. see line is

Stephen Kim

the XQ. the that. I Got on talk surprised first you. high each. about than last X you've quarter SG&A, you years average, gave when basis I in XXX appreciate to know the more actually And points a has guide over relative -- guide that very you the you by, your consistently

curious that are about about be understand? So bit better you the than surprised you I sort in have we little quarter guidance. far a if factors your something present results caused to ultimate could when your was what of talk first so that come the first quarters should Is there in

Glenn Keeler

if No, savings leverage. bit get in the more beating up couple of we nothing really, specifically. a S end about revenue, little the side it Generally, been the of years have on we'll But things. last on

due elevated the in having have better the how projecting co-broke quarter beaten were the number better that quarter But and to in or we the quarters a first first the better So quarter. just a sales we past. that's if we the revenue obviously, is from advertising the end reason, first is in in lower up number savings,

Operator

line question comes from Research. the of next Wolfe Paul Przybylski from The

Paul Przybylski

potential I noticed And that X% up do mix? X% What your environment those the about do you along pass I of typically East. any along you ASP cost in Or due increases. component really order have was to to and the that market try pricing have power? also lines, sequentially any think ability you Is the in pass know current do builders to along tariffs?

Douglas Bauer

is this Yes. Doug. Paul,

think into the going look I year, [indiscernible] year. of as third the at you they this affect really tariffs

lot So there's of a unknown.

either, different pricing to broadly I can As it submarkets X%. far power, range as X% speaking, think from in

Glenn Keeler

question, your to quarter answer the of just you fourth part ASP that was change saw. first in Paul, mix the And that

Paul Przybylski

the know know wildfires did insurance weeks? you but I business did California? any build that given early several of had Mid-Atlantic pretty any you controversy DOGE forefront, Okay. in the the this but the falloff on has And don't And you? see it's to in negative on kind of impacts of Pacific the in process, in your demand kind any past brought similarly, I kind impacts have Palisades, back negative over

Douglas Bauer

the of one far As markets. is our Metro no, Coast, East D.C. stronger as actually,

So none of felt. the DOGE been effects have

Assurance as issues, that's that to as our and there entry the at the Empire with we're entry-level far insurance having are where it's solutions incentives yes, some most most through affected out but insurance, especially In insurance As cases, we're as utilizing Pointe the Tri in -- Inland the far for homebuyer, help, consumers. side. the some some level notably working with the that

Operator

next Markets. the RBC The comes Mike question of line from from Dahl Capital

Michael Dahl

is it's I guess just or clear to level you pace. circle back on the look pace comments, typical terms that February, I'm actually articulated your not historically sequential of at and absolute of either -- in back I increase encouraging that January what if

Feb. March XQ X.X January, think And versus XX% in XX% you I if of year-on-year. modestly in last of think That kind So X.X in X.X to a did about February, down year, a month of kind 'XX. implies only usually up I is

can you're but a of speaking bit the balance if that's pace little about plays kind just really price? balanced that more how and approach to about different the and dynamics, talk market that different the and of when through mix, year ballpark you're know you this that thinking I about

Glenn Keeler

Yes, Mike, Glenn. is good This question.

Our comments were to QX. relative

we're so in seen so coming off January, a around was comp. we unseasonably And little tough which you're this right, QX of X.X, we where a February year But far, year. said X.X, of of was is have improvement, strong bit year-over-year that's time and a Last like X.X.

delivery full we guidance and market. this And partly of kind are down the in that's year, the year-over-year, so reflected assuming for

Douglas Bauer

year-over-year interesting when note it to will to mindset. some be -- down that consumer color consumer Yes. you in the the It's consumer. And paces add to 'XX. the absorption compare Obviously, I might

or at today mortgage or same, a you and a If the there. were ago, look where rates here minus they year plus basically they're point

And office. in phrase the going all little really coined on this bit this and sales is so there's about I've what therapy business before, is, financial of a

the it going homebuilder our the A is to make of has of the And changed psychology the peers able like down, great But payment many rates definitely being down, there we rates anticipation went Pointe levers go homebuyer. have all year more pull and discount thing ago, up. of decision be that to about this rates was a Tri mortgage affordable. and to

bit really the uncertainty getting it's little the the So they're confused a administration. current of homebuyers, now with

personal My the to and also the opinion issue, demand term, news a is company, positioned for the going not industry headline. well be is short-term kind this only but is short-term of economy growth. Long

So I'm very forward. bullish going

Thomas Mitchell

on years, at per to and to we last to focus Tom. relative absorption that year, business making absorption historically, planning Mike, consideration margin thing into is this over run at couple month. and is effort, This our other X projected per discussed. our enhancing our question One the your about really has of take least been month. we're conscious X.X planned a about And we're

in So line thought with 'XX look at you process that's forward. right going as your

Michael Dahl

follow-up the be because kind that, decision my yes, on was targeting. to or going back Okay, of

terms kind So today, and got your you're is X% pace it? trade-off the that's about you business position, saying, margin what push the to of at give and to I've -- for incentive can And your if you or land great is back run. of think up the market how you pace typically incentives towards that run too on the that look have do in I you

Douglas Bauer

always more And that are really resale competitor X there major little our our million turning nationally, at And submarkets exactly. homes. to some bit supply. the But look X.X is about yes, you macro, been the not competitor has Yes, million #X market. a have

laws in be to markets, the And down. but the the of supply market builders to at in look have some it's nothing are supply there's worried resale enough certain about. it -- So supply and not if make you demand,

focus a increasing you So effect to incremental homes, the of flow. doubling your our X%-ish it. talked sell still not final or analysis focused be just But going over margin still pace, to right our little incentives, the generate incentives bit would is mind. the down -- got about way worth cash to on more we're in the not got is in

Operator

line next Zener Research. The from Ken Seaport the from comes of question

Kenneth Zener

the sounds I you XX.X% comments XQ. range the same. full leading margin stay what's for in year? the to to know XX% gross It Can about you progression the the high incentives kind talk for of low made like assuming to

just in new as So is regions? mix you it regional expand the mostly

Glenn Keeler

in It's -- Ken, regions, pretty cost regional mix, new coming the throughout not quarter similar. and out really first closing the margins a because margin first of high-margin communities why are the the quarter. year. rest a see about bit that at you in our higher of the of across It's higher lot the a communities on That's some difference really year little versus

XX opening this We're year. communities new

XXX communities, at So end. we and started of the we gave XXX the to year to XXX range

that of to margin we're over is that as that means progression leading half the what communities throughout mix -- that about the is turning of year. So well. kind just And

Kenneth Zener

you're kind the What realizing be And be are quite we is a get how if it. say of then your should expense doing of going the this year? communities to like? number kind exit would as Appreciate development, you newer, bit land interest the of looking

Glenn Keeler

a $XXX notes senior expense of then kind expense year that than interest just it of will to amortize definitely the this last inventory higher base off Part million be was paying last Our is of year. having over. that lower year and

our So interest down. see you will trend

Operator

question of from Carl next line Reichardt comes from BTIG. the The

Carl Reichardt

or million was in You mentioned $XXX revenue Design that Studios. so 'XX,

revenue. so So about or XX% I it's think of

away count? mean of B, and maybe of and that incremental? move true than also that also you So and 'XX number on of that, beyond. A, margin And sales? community million as beyond grow that points more are in earning the from as look that's does kind spec you'll you to you're that you expanding about build-to-order for what 'XX overall price $XXX the margin at are Maybe thinking to faster expecting focus

Thomas Mitchell

to really is and on Good through operations. specs, I around. it's growth volume just our to Design as our differentiate Studio you ourselves growth try Even basically and our know, revenue Carl, with dependent we all Build-to-Order that business. we questions really the growth relative opportunities business homebuilding Tom. within Studio. the our that And Design way would maximize say on

similar would kind year. revenue target achieved I this of we So expect as number to a very

on margins, now. business, that profitable. look to highly gross last business part is we then you question? the relative the As achieving Studio margin -- as are what your And target is for to XX% look of our you was at Design And it gross our and

Carl Reichardt

-- kind I can looks you'll will spec change in that that I was just to people your allow if to which do knowing in options, customize, if build-to-order versus to of past spec if of you'll that -- you and wondering 'XX. drywall your switch mix like mix add some mean, may. the will It true ability but it

Thomas Mitchell

probably will a running years, towards XX%-XX% it slightly bit. Marginally, as you'll go been it XX%-XX%. Historically, see couple Yes. the down forward, And closer we've of change probably shift mix. last we little a

Carl Reichardt

just, Great. I've side, or so I Glenn, for about on if it those land And I Lots option right, got JVs. of X,XXX are the think in XX,XXX then and guess,

balance sheet contracts you little via where left, land structures bank over of next versus, XX,XXX put the have lot doing then land bank and year pricing what you'll option capital off-balance change or finished those And of do percentage likely So the upfront farmer or the think the is options self-develop? say, Glenn, sheet are you course very self-developed on to meaningfully so? of those to

Glenn Keeler

back, are them would bank are And question. XX% probably individual the and is Good option of say of deposit haven't more, should options that, options we where down yet. of number, the like some I those true XX% are then rest said, sellers. just land but that more some like we with to like you about take with I because land -- probably that taken have

for capital on land of interested lot will banking, a of lot downward good and in there competition pricing. there. pricing, a positive There's as some out it's far way, people think pressure creating be I the There's As market. a in

Operator

Wedbush The next comes question Jay from of the McCanless from line Securities.

James McCanless

one are had, through they talk what at pretty than looks double it steep homes? year. gross that part is like could the the about where last spread more point? this spec the I So what's And this driving also, were is you margins time decline I those guess, year, in getting your first of completed between versus specs margin this through gross

Glenn Keeler

good of perspective, Jay, question. to a are right But kind where compared up year. it's last line They with in from historical been. we normally have

at things basis. look right pre-pandemic were kind a you per a on X bit, a If of on to when at think X changed now, I basis. we completed quite -- community And we're completed X.X we're

So and of the than for not of That driving margin compared guidance. different to what's new communities with lot the that full normal for closing the a again, was, we're year is XQ the not ones guidance out. mix out more that's us, basis

just that. really driving it's So mix

Thomas Mitchell

spec, higher. with question to and obviously, right about that's from is now to incorporated we that environment, the spread closer higher a rate historically, completed to-be-built relative to interest say bit Jay, in X%. the little numbers that been the more I'd then And the about that's But about presented. X% and

in on right that you're assumption. So

James McCanless

time last versus do are Okay. And this of in where with maybe think buyers your you first-time mix, now terms year? then customer you

Linda Mamet

really this Linda. Jay, question. That's is interesting a

opportunity more about are move-up buyers talked and the is aging in as millennials, the our in Doug and of in backlog, seeing in first-time and We second of first less also script. result certainly particular seeing that a

James McCanless

question Okay. thinking viable? I on about to that Is are quarter still And I guess where guys now? communities you fiscal call, then that the last think 'XX. I XXX talked third Or XXX had you the had, goes by

Glenn Keeler

Jay. depend of ZIP range, code. just market how the the that communities we in it's on timing will and still but close that in and communities, It's Yes. It opening

Operator

next question Associates. Lederman the line of Zelman Jesse from comes from The &

Jesse Lederman

a just quick the one information addressed. price Linda, point on you

sounds from that price the move-up right? Is is like at level. point it buyers the and stronger than entry So those demand

Linda Mamet

some is shift Yes, there there.

adult. quarter for XX% and mix move-up, fourth was the level, order XX% in Our X% premium in entry second segment first then luxury, active XX% X% move-up

So was interest premium at has that lower segment over one time entry-level to time with our rates, XX%. shifted closer

Glenn Keeler

demand mix now, far goes, little it's of is. part a our is but is Jesse, your And is, move-up, higher than consistent which higher considering pace, as as bit with rates absorption question move-up Yes. and entry right about historically, expected I think, where level

Jesse Lederman

we that's or second from the is from of really clients something helpful. the lot from ICE Okay, demand the impact or supply a side seen Have business? either get question equation My any the side rates deportation. the is impact of you

Douglas Bauer

for necessary And teammates maintained Doug. far have them have No, it's no been typically, legal at they're all. our impacts making But have our Jesse, trades citizens. as trades the requirements and as a with that quite sure that employees while.

to still have with -- exactly you. tariffs land to going labor going to but it's would too some where out. I So honest I be that's impact, mean the we're not expecting are any issues this tell to early year,

Operator

his further comments. As Doug hand Bauer I there are questions, the now closing to conference for no over

Douglas Bauer

on thank week. great of Have today's Well, call. you. you, with all Thank chatting in a everybody, forward us to joining We you April. for look

Operator

now you and Thank Thank Pointe of the participation. concluded. has Tri you. your conference gentlemen, Homes Ladies for

your may You lines. disconnect now

Tri Pointe Homes (TPH) 18 Feb 252024 Q4 Earnings call transcript