Releases

Taylor Morrison Reports Fiscal Year 2018 Closings of 8,760, an increase of 9% over the prior year, and Diluted Earnings per Share of $1.83, or $2.65 when adjusted to exclude unusual items

SCOTTSDALE, Ariz., Feb. 13, 2019 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) today reported fiscal year 2018 total revenue of over $4.2 billion and diluted earnings per share of $1.83, or $2.65 when adjusted to exclude the impact from unusual items.

Taylor Morrison (PRNewsFoto/Taylor Morrison) (PRNewsfoto/Taylor Morrison)

Full Year 2018 Highlights:

  • Home closings were 8,760, a 9% increase over the prior year
  • Total revenue was $4.2 billion, an almost 9% increase over the prior year
  • Net sales orders were 8,400 and sales per outlet were 2.3
  • Home closings gross margin, inclusive of capitalized interest, was 17.1%
  • Adjusted home closings gross margin, inclusive of capitalized interest, was 18.2%
  • Net income was $210 million and net income adjusted to exclude unusual items was $306 million

"We continue to believe that the current new home sales environment has best been described as a break in momentum as the industry finds its new normal.  The conditions the industry experienced during the back half of 2018 in regard to interest rates, affordability and the resulting press coverage, led many potential buyers that had been in the market to take a wait and see approach.  With that said, there continues to be plenty of macro data points that give us confidence in the near-term outlook.  Unemployment and job creation are still at historically very healthy levels, incomes continue to grow, many of the major markets in the U.S. continue to have limited housing supply and the industry continues to be under-built based on historical averages," said Chairman and CEO, Sheryl Palmer.

"We delivered on all of our strategic priorities we laid out at the beginning of 2018, including pursuing smart, strategic growth, producing enhanced operational excellence and differentiating our customer experience.  We grew in a smart and strategic way through the acquisition of AV Homes.  We improved our operations through CRM enhancements, procurement initiatives and centralizing key functions where it made sense, like accounting and purchasing.  And our goal of delivering a more differentiated customer experience was supported through crowdsourcing campaigns and devoting more focus, time and resources to customer research.  Each of these priorities carries with it a common theme of putting Taylor Morrison in a position for future success, which was most recently recognized by LifeStory Research naming us America's Most Trusted Home Builder for the fourth year in a row." 

Palmer also added, "It's been about four months since we closed the AV acquisition and I'm happy to report that we are on track with our integration plan – and in some areas, well ahead of schedule.  Based on our work to-date, we can comfortably take the run rate synergy estimate up to $40 million, $10 million more than originally communicated."

"For 2018, net income on a GAAP basis was $210 million and diluted earnings per share was $1.83.  Home closings gross margin, inclusive of capitalized interest, was 17.1 percent," said Dave Cone, Executive Vice President and Chief Financial Officer.  "When the unusual items that we faced in 2018 are excluded, net income would be $306 million and adjusted diluted earnings per share would be $2.65.  Further, adjusted home closings gross margin, inclusive of capitalized interest, would be 18.2 percent."

The Company recognized $96 million of unusual items in net income, consisting of expenses from the AV acquisition, costs associated with the Canadian unwind and corporate reorganization, land charges and an increase in reserves related to remediating a warranty issue.  Reconciliations of our non-GAAP financial measures are included with this release.       

"Income taxes were $63 million for the year, representing an effective tax rate of 23 percent.  Our net homebuilding debt to capitalization ratio was 41.9 percent.  This is an increase from where we had been the last few quarters due to the acquisition of AV, but we anticipate working this back to well under 40% as we go through 2019," added Cone.

Homebuilding inventories were $4.0 billion at the end of the quarter, including 6,014 homes in inventory, compared to 4,351 homes in inventory at the end of the prior year.  Homes in inventory at the end of the quarter consisted of 3,213 sold units, 486 model homes and 2,315 inventory units, of which 614 were finished. 

The Company ended the year with $330 million in cash. Since the start of the fourth quarter 2018 through February 11, 2019, $196 million was spent repurchasing 11.7 million shares at an average stock price of $16.72.  Since the closing of the AV transaction, the Company has reduced its share count by 10%.  This exceeds the 9.0 million shares issued in the AV acquisition by 30%.  As of December 31, 2018, Taylor Morrison owned or controlled approximately 57,000 lots, representing 5.5 years of supply, and is focused on securing land for 2020 and beyond. 

Quarterly Financial Comparison







($ thousands)









Q4 2018


Q4 2017


Q4 2018 vs. Q4 2017

Total Revenue


$1,457,853


$1,299,679


12.2

%

Home Closings Revenue


$1,411,524


$1,272,231


10.9

%

Home Closings Gross Margin


$203,048


$241,964


(16.1)

%



14.4

%


19.0

%


460 bps decrease

Adjusted Home Closings Gross Margin


$244,034


$241,964


0.9

%



17.3

%


19.0

%


170 bps decrease

SG&A


$129,342


$111,435


16.1

%

% of Home Closings Revenue


9.2

%


8.8

%


40 bps increase

 








Annual Financial Comparison







($ thousands)









2018


2017


2018 vs. 2017

Total Revenue


$4,227,393


$3,885,290


8.8

%

Home Closings Revenue


$4,115,216


$3,799,061


8.3

%

Home Closings Gross Margin


$704,363


$706,357


(0.3)

%



17.1

%


18.6

%


150 bps decrease

Adjusted Home Closings Gross Margin


$747,849


$706,357


5.9

%



18.2

%


18.6

%


40 bps decrease

SG&A


$416,943


$390,440


6.8

%

% of Home Closings Revenue


10.1

%


10.3

%


20 bps leverage

First Quarter 2019 Business Outlook

First Quarter 2019:

  • Average active community count is expected to be approximately 350 to 360
  • Home closings are expected to be about 1,800 to 1,900
  • Home closings gross margin, inclusive of capitalized interest and purchase accounting, is expected to be in the mid 17 percent range
  • SG&A as a percentage of homebuilding revenue is expected to be in the low to mid 12 percent range
  • Effective tax rate is expected to be about 25 percent
  • Diluted share count is expected to be about 112 million

Earnings Webcast

A public webcast to discuss the fourth quarter 2018 earnings will be held later today at 8:30 a.m. Eastern time. The participant dial-in is 1 (855) 470-8731 and the passcode is 7486714. More information can be found on the Company's investor relations website at investors.taylormorrison.com. A webcast replay will also be available on the site later today and will be available for one year from the date of the original earnings call.

About Taylor Morrison

Taylor Morrison Home Corporation (NYSE: TMHC) is a leading national homebuilder and developer that has been recognized as the 2016, 2017, 2018 and 2019 America's Most Trusted® Home Builder by Lifestory Research. Based in Scottsdale, Arizona we operate under two well-established brands, Taylor Morrison and Darling Homes. We serve a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and 55 plus buyers. In Texas, Darling Homes builds communities with a focus on individuality and custom detail while delivering on the Taylor Morrison standard of excellence.

For more information about Taylor Morrison and Darling Homes please visit www.taylormorrison.com or www.darlinghomes.com.

Forward-Looking Statements

This earnings summary includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "may," "can," "could," "might," "will" and similar expressions identify forward-looking statements, including statements related to expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

Such risks, uncertainties and other factors include, among other things: changes in general and local economic conditions (including as a result of recent extreme weather conditions); slowdowns or severe downturns in the housing market; homebuyers' ability to obtain suitable financing; increases in interest rates, taxes or government fees; shortages in, disruptions of and cost of labor; competition in our industry; any increase in unemployment or underemployment; inflation or deflation; the seasonality of our business; our ability to obtain additional performance, payment and completion surety bonds and letters of credit; higher cancellation rates; significant home warranty and construction defect claims; our reliance on subcontractors; failure to manage land acquisitions, inventory and development and construction processes; availability of land and lots; decreases in the market value of our land inventory; new or changes in government regulations and legal challenges; our compliance with environmental laws; our ability to sell mortgages we originate and claims on loans sold to third parties; governmental regulation applicable to our mortgage operations and title services business; the loss of any of our important commercial relationships; our ability to use deferred tax assets; raw materials and building supply shortages and price fluctuations; our concentration of significant operations in certain geographic areas; risks associated with our unconsolidated joint venture arrangements; information technology failures and data security breaches; costs to engage in and the success of future growth or expansion of our operations or acquisitions or disposals of businesses; costs associated with our defined benefit and defined contribution pension schemes; damages associated with any major health and safety incident; our ownership, leasing or occupation of land and the use of hazardous materials; material losses in excess of insurance limits; existing or future litigation, arbitration or other claims; negative publicity or poor relations with the residents of our communities; failure to recruit, retain and develop highly skilled, competent people; utility and resource shortages or rate fluctuations; constriction of the capital markets; risks related to our debt and the agreements governing such debt; our ability to access the capital markets; the inherent uncertainty associated with financial or other projections; and risks related to the integration of Taylor Morrison and AV Homes and the ability to recognize the anticipated benefits from the combination of Taylor Morrison and AV Homes. In addition, other such risks and uncertainties may be found in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) as such factors may be updated from time to time in our periodic filings with the SEC. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations, except as required by applicable law.

CONTACT: Investor Relations
Taylor Morrison Home Corporation
(480) 734-2060
investor@taylormorrison.com

Taylor Morrison Home Corporation

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts, unaudited)








Three Months Ended
December 31,


Twelve Months Ended
December 31,



2018


2017


2018


2017

Home closings revenue, net


$

1,411,524



$

1,272,231



$

4,115,216



$

3,799,061


Land closings revenue


21,566



5,674



39,901



17,093


Financial services revenue


20,245



21,774



67,758



69,136


Amenity and other revenue


4,518





4,518




Total revenue


1,457,853



1,299,679



4,227,393



3,885,290


Cost of home closings


1,208,476



1,030,267



3,410,853



3,092,704


Cost of land closings


18,754



4,136



33,458



12,005


Financial services expenses


9,822



10,778



41,469



41,652


Amenity and other expense


3,420





3,420




Total cost of revenue


1,240,472



1,045,181



3,489,200



3,146,361


Gross margin


217,381



254,498



738,193



738,929


Sales, commissions and other marketing costs


92,649



81,054



278,455



259,663


General and administrative expenses


36,693



30,381



138,488



130,777


Equity in income of unconsolidated entities


(3,555)



(1,903)



(13,332)



(8,846)


Interest income, net


(350)



(263)



(1,639)



(577)


Other expense, net


8,388



1,428



11,816



2,256


Transaction and corporate reorganization expenses


49,428





50,889




Income before income taxes


34,128



143,801



273,516



355,656


Income tax provision


24,913



113,375



63,036



179,006


Net income before allocation to non-controlling interests


9,215



30,426



210,480



176,650


Net income attributable to non-controlling interests - joint ventures


(105)



195



(533)



(430)


Net income before non-controlling interests


9,110



30,621



209,947



176,220


Net income attributable to non-controlling interests


(55)



(10,655)



(3,583)



(85,000)


Net income available to Taylor Morrison Home Corporation


$

9,055



$

19,966



$

206,364



$

91,220


Earnings per common share









Basic


$

0.08



$

0.26



$

1.85



$

1.47


Diluted


$

0.08



$

0.26



$

1.83



$

1.47


Weighted average number of shares of common stock:









Basic


116,933



77,696



111,743



62,061


Diluted


118,336



121,099



115,119



120,915


 

Taylor Morrison Home Corporation

Condensed Consolidated Balance Sheets

(In thousands)




December 31,

2018


December 31,
2017






Assets





Cash and cash equivalents


$

329,645



$

573,925


Restricted cash


2,214



1,578


Total cash, cash equivalents, and restricted cash


331,859



575,503


Owned inventory


3,965,306



2,956,709


Real estate not owned


15,259



2,527


Total real estate inventory


3,980,565



2,959,236


Land deposits


57,929



49,768


Mortgage loans held for sale


181,897



187,038


Derivative assets


1,838



1,584


Prepaid expenses and other assets, net


98,225



72,334


Other receivables, net


86,587



94,488


Investments in unconsolidated entities


140,541



192,364


Deferred tax assets, net


145,076



118,138


Property and equipment, net


86,736



7,112


Intangible assets, net


1,072



2,130


Goodwill


152,116



66,198


Total assets


$

5,264,441



$

4,325,893


Liabilities





Accounts payable


$

151,586



$

140,165


Accrued expenses and other liabilities


266,686



201,540


Income taxes payable



4,525


Customer deposits


165,432



132,529


Estimated development liability


37,147



Senior notes, net


1,653,746



1,239,787


Loans payable and other borrowings


225,497



139,453


Revolving credit facility borrowings


200,000




Mortgage warehouse borrowings


130,353



118,822


Liabilities attributable to real estate not owned


15,259



2,527


Total liabilities


$

2,845,706



$

1,979,348


Stockholders' Equity





Total stockholders' equity


2,418,735



2,346,545


Total liabilities and stockholders' equity


$

5,264,441



$

4,325,893


 

Homes Closed and Home Closings Revenue, Net






Three Months Ended December 31,



Homes Closed


Home Closings Revenue, Net


Average Selling Price

(Dollars in thousands)


2018


2017


Change


2018


2017


Change


2018


2017


Change

East


1,533


1,235


24.1

%


$

609,598



$

485,827



25.5

%


$

398



$

393



1.3

%

Central


735


786


(6.5)



345,765



378,430



(8.6)



470



481



(2.3)


West


838


676


24.0



456,161



407,974



11.8



544



604



(9.9)


Total


3,106


2,697


15.2

%


$

1,411,524



$

1,272,231



10.9

%


$

454



$

472



(3.8)

%










Twelve Months Ended December 31,



Homes Closed


Home Closings Revenue, Net


Average Selling Price

(Dollars in thousands)


2018


2017


Change


2018


2017


Change


2018


2017


Change

East


4,061


3,473


16.9

%


$

1,643,152



$

1,377,566



19.3

%


$

405



$

397



2.0

%

Central


2,380


2,298


3.6



1,126,446



1,102,189



2.2



473



480



(1.5)


West


2,319


2,261


2.6



1,345,618



1,319,306



2.0



580



584



(0.7)


Total


8,760


8,032


9.1

%


$

4,115,216



$

3,799,061



8.3

%


$

470



$

473



(0.6)

%










Net Sales Orders:




Three Months Ended December 31,



Net Sales Orders


Sales Value


Average Selling Price

(Dollars in thousands)


2018


2017


Change


2018


2017


Change


2018


2017


Change

East


867


843


2.8

%


$

342,748



$

337,224



1.6

%


$

395



$

400



(1.3)

%

Central


493


565


(12.7)



235,778



259,476



(9.1)



478



459



4.1


West


433


427


1.4



227,871



246,353



(7.5)



526



577



(8.8)


Total


1,793


1,835


(2.3)

%


$

806,397



$

843,053



(4.3)

%


$

450



$

459



(2.0)

%















Twelve Months Ended December 31,



Net Sales Orders


Sales Value


Average Selling Price

(Dollars in thousands)


2018


2017


Change


2018


2017


Change


2018


2017


Change

East


3,471


3,766


(7.8)

%


$

1,438,757



$

1,470,063



(2.1)

%


$

415



$

390



6.4

%

Central


2,697


2,391


12.8



1,300,630



1,124,273



15.7



482



470



2.6


West


2,232


2,240


(0.4)



1,356,634



1,335,015



1.6



608



596



2.0


Total


8,400


8,397


%


$

4,096,021



$

3,929,351



4.2

%


$

488



$

468



4.3

%



Sales Order Backlog:







As of December 31,



Sold Homes in Backlog


Sales Value


Average Selling Price

(Dollars in thousands)


2018


2017


Change


2018


2017


Change


2018


2017


Change

East


1,638


1,513


8.3

%


$

724,564



$

634,949



14.1

%


$

442



$

420



5.2

%

Central


1,420


1,051


35.1



731,795



532,583



37.4



515



507



1.6


West


1,100


932


18.0



623,210



534,539



16.6



567



574



(1.2)


Total


4,158


3,496


18.9

%


$

2,079,569



$

1,702,071



22.2

%


$

500



$

487



2.7

%

 

Average Active Selling Communities:




Three Months Ended

December 31,


Twelve Months Ended

December 31,



2018


2017


Change


2018


2017


Change

East


177


131


35.1

%


134


130


3.1

%

Central


131


116


12.9



121


117


3.4


West


58


43


34.9



52


50


4.0


Total


366


290


26.2

%


307


297


3.4

%

Reconciliation of Non-GAAP Financial Measures
The following tables set forth reconciliations of: (i) EBITDA and adjusted EBITDA to net income before allocation to non-controlling interests, (ii) adjusted income before income taxes, (iii) net homebuilding debt to total capitalization ratio, (iv) home closings gross margin and adjusted home closings gross margin and (v) adjusted net income and adjusted earnings per share to net income available to the Company.

Adjusted EBITDA is a non-GAAP financial measure that measures performance by adjusting net income to exclude interest amortized to cost of sales and interest income, net, income taxes, depreciation and amortization, non-cash compensation expense and loss on extinguishment of debt, if any.  Adjusted income before income taxes is a non-GAAP financial measure that reflects our income before income taxes excluding the impact of significant and unusual transactions and transaction and corporate reorganization expenses related to our acquisition of AV Homes and our internal corporate reorganization.  Net homebuilding debt to capitalization is a non-GAAP financial measure we calculate by dividing (i) total debt, less unamortized debt issuance costs and mortgage warehouse borrowings, net of unrestricted cash and cash equivalents, by (ii) total capitalization (the sum of net homebuilding debt and total stockholders' equity).  Adjusted home closings gross margin is a non-GAAP financial measure calculated based on GAAP home closings gross margin (which is inclusive of capitalized interest), excluding impairments (if any), warranty charges (if any) and purchase accounting adjustments. Adjusted net income and adjusted earnings per share are non-GAAP financial measures that reflect the net income available to the Company excluding the impact of: significant and unusual transactions and transaction and corporate reorganization expenses and the tax impact due to such items; the tax reform impact due to the revaluation of deferred assets and liabilities and due to the mandatory deemed repatriation of foreign earnings; and resulting adjustments to non-controlling interest.

Management uses these non-GAAP financial measures to evaluate our performance on a consolidated basis, as well as the performance of our regions, and to set targets for performance-based compensation.  We also use the ratio of net homebuilding debt to total capitalization as an indicator of overall leverage and to evaluate our performance against other companies in the homebuilding industry.  In the future, we may include additional adjustments in the above described non-GAAP financial measures to the extent we deem them appropriate and useful to management and investors.

We believe adjusted EBITDA provides useful information to investors regarding our results of operations because it allows investors to evaluate our performance without the effects of various items we do not believe are characteristic of our ongoing operations or performance and because it assists both investors and management in analyzing and benchmarking the performance and value of our business.  Adjusted EBITDA also provides an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, or unusual items.  Because we use the ratio of net homebuilding debt to total capitalization to evaluate our performance against other companies in the homebuilding industry, we believe this measure is also relevant and useful to investors for that reason.  We believe that adjusted home closings gross margin is useful to investors because it allows investors to evaluate the performance of our homebuilding operations without the varying effects of impairment charges, warranty charges and purchase accounting adjustments. We believe that adjusted income before income taxes, adjusted net income and adjusted earnings per share are useful for investors in order to allow them to evaluate our operations without the effects of various items we do not believe are characteristic of our ongoing operations or performance and also because each assists both investors and management in analyzing and benchmarking the performance and value of our business.

These non-GAAP financial measures should be considered in addition to, rather than as a substitute for, the comparable U.S. GAAP financial measures of our operating performance or liquidity. Although other companies in the homebuilding industry may report similar information, their definitions may differ. We urge investors to understand the methods used by other companies to calculate similarly-titled non-GAAP financial measures before comparing their measures to ours.

Adjusted Income Before Income Taxes, Adjusted Net Income and Adjusted Earnings Per Share Reconciliation




Three Months Ended

December 31,


Twelve Months Ended

December 31,

(Dollars in thousands, except per share data)


2018


2017


2018


2017










Income before income taxes


$

34,128



$

143,801



$

273,516



$

355,656


Significant and unusual transactions


42,200





44,700




Transaction and corporate reorganization expense


49,428





50,889



$


Adjusted income before income taxes


$

125,756



$

143,801



$

369,105



$

355,656




















Net income available to TMHC


$

9,055



$

19,966



$

206,364



$

91,220


Significant and unusual transactions


42,200





44,700




Transaction and corporate reorganization expenses


49,428





50,889




Tax impact due to significant and unusual transactions and corporate reorganization expenses


384





(571)




Tax reform impact due to the revaluation of deferred assets and liabilities




57,425





57,425


Tax reform impact due to the mandatory deemed repatriation of foreign earnings




3,553





3,553


Adjustments to non-controlling interest - Former Principal Equityholders


(561)



(21,355)



$

(1,622)



$

(29,341)


Adjusted net income - Basic


$

100,506



$

59,589



$

299,760



$

122,857











Basic weighted average shares


116,933



77,696



111,743



62,061


Adjusted earnings per common share - Basic


$

0.86



$

0.77



$

2.68



$

1.98




















Net income available to TMHC


$

9,055



$

19,966



$

206,364



$

91,220


Net income attributable to non-controlling interests - Former Principal Equityholders


55



10,655



3,583



85,000


Loss fully attributable to public holding company


191



2,840



540



3,128


Net income - Diluted


$

9,301



$

33,461



$

210,487



$

179,348


Significant and unusual transactions


42,200





44,700




Transaction and corporate reorganization expense


49,428





50,889




Tax impact due to significant and unusual transactions and corporate reorganization expenses


384





(571)




Tax reform impact due to the revaluation of deferred assets and liabilities




57,425





57,425


Tax reform impact due to the mandatory deemed repatriation of foreign earnings




3,553





3,553


Adjusted net income - Diluted


$

101,313



$

94,439



$

305,505



$

240,326











Diluted weighted average shares


118,336



121,099



115,119



120,915


Adjusted earnings per common share - Diluted


$

0.86



$

0.77



$

2.65



$

1.98


 

Adjusted Home Closings Gross Margin




Three Months Ended

December 31,


Twelve Months Ended

December 31,

(Dollars in thousands)


2018


2017


2018


2017

Home closings revenue


$

1,411,524



$

1,272,231



$

4,115,216



$

3,799,061


Cost of home closings


1,208,476



1,030,267



3,410,853



3,092,704


Home closings gross margin


$

203,048



$

241,964



$

704,363



$

706,357


        Impairment charge


9,631





9,631




        Warranty charge


36,833





39,333




         Purchase accounting adjustments


(5,478)





(5,478)




Adjusted home closings gross margin


$

244,034



$

241,964



$

747,849



$

706,357


Home closings gross margin as a percentage of home closings revenue


14.4

%


19.0

%


17.1

%


18.6

%

Adjusted home closings gross margin as a percentage of home closings revenue


17.3

%


19.0

%


18.2

%


18.6

%

 

Adjusted EBITDA Reconciliation




Three Months Ended December 31,

(Dollars in thousands)


2018


2017

Net income before allocation to non-controlling interests


$

9,215



$

30,426


Interest income, net


(350)



(263)


Amortization of capitalized interest


26,459



29,493


Income tax provision


24,913



113,375


Depreciation and amortization


2,089



960


EBITDA


$

62,326



$

173,991


Non-cash compensation expense


4,746



1,359


Adjusted EBITDA


$

67,072



$

175,350


 

Net Homebuilding Debt to Capitalization Ratio Reconciliation


(Dollars in thousands)

As of

December 31,
2018

Total debt

$

2,209,596


Less unamortized debt issuance premium, net

3,746


Less mortgage warehouse borrowings

130,353


Total homebuilding debt

$

2,075,497


Less cash and cash equivalents

329,645


Net homebuilding debt

$

1,745,852


Total stockholders' equity

2,418,735


Total capitalization

$

4,164,587




Net homebuilding debt to capitalization ratio

41.9

%

 

SOURCE Taylor Morrison