9
Years America’s Most Trusted® Builder (2016-2024)
327
average active selling communities
20
markets across 12 states
11,495
homes delivered in 2023
~3,000
full time team members
$7.2B
revenue in 2023
SCOTTSDALE, Ariz., May 6, 2015 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE:TMHC) today reported first quarter revenue of $509 million, net income of $96 million and earnings per share of $0.79.
"We are continuing to increase our share of the new home market, growing both organically and by acquisition," said Taylor Morrison President and CEO Sheryl Palmer. "Our recently strengthened balance sheet has allowed us to begin our expansion in the U.S. With the acquisition of JEH Homes, a regional homebuilder in Atlanta, we have purchased or controlled over 2,000 home sites. Looking ahead to the rest of 2015, we intend to continue executing on our four-pillar strategy while conscientiously evaluating opportunities to expand into other high-growth markets in order to drive the best long-term returns for our shareholders."
On January 28, 2015, the Company closed the sale of its Canadian operations resulting in a pre-tax gain on the sale of USD $80.2 million. The Company also initiated a foreign currency forward to mitigate potential currency exchange risks in connection with the transaction that resulted in a gain of nearly USD $30 million.
The Company utilized a portion of the proceeds from the Monarch transaction for the acquisition of JEH Homes in order to expand its geographic footprint and to diversify its consumer base.
1st Quarter 2015 Key Business Highlights
-- Average community count increased 22% to 228 average communities from
187 in the prior year quarter
-- Net sales orders increased over 14% to 1,729
-- Home closings were 1,063
-- Backlog of homes under contract was 2,918 units, with a sales value of
$1.4 billion as of March 31, 2015
-- Cancellations as a percentage of gross sales orders were 11.9%, compared
to 11.4% in the prior year quarter
-- Average price of homes closed increased 7% to $464,000
-- Average monthly absorption pace was 2.5
-- Mortgage operations reported gross profit of $2.6 million on revenue of
$7.6 million
Quarterly Financial Comparison*
------------------------------
($ millions)
-----------
Q1 2015 Q1 2014 Q1 2015 vs. Q1 2014
------- ------- -------------------
Total Revenue $509 $470 8.3%
------------- ---- ---- ---
Home Closings Revenue $494 $455 8.4%
--------------------- ---- ---- ---
Home Closings Gross Margin $88 $99 (10.6)%
17.9% 21.7% (380) bps
---- ---- ---------
Adjusted Home Closings Gross Margin $105 $108 (3.7)%
21.2% 23.8% (260) bps
---- ---- ---------
SG&A $57 $53 8.2%
% of Home Closings Revenue
--------------------------
11.5% 11.6% 10 bps improvement
---- ---- ------------------
* Excludes discontinued
operations.
The Company ended the quarter with homebuilding inventories of $2.8 billion and had 3,490 homes in inventory, compared to 2,949 homes at the end of the prior year quarter. Homes in inventory at the end of the quarter consisted of: 1,994 sold units, 345 model homes and 1,151 inventory units, of which 305 were finished. The Company owned or controlled approximately 39,000 lots at March 31, 2015.
The Company ended the first quarter of 2015 with $400 million of cash, excluding $0.7 million of restricted cash. On April 16, 2015, the Company issued $350 million of 5.875% senior unsecured notes due 2023 and used the offering proceeds on May 1, 2015, together with cash on hand, to redeem the entire $489 million of its outstanding 7.75% senior notes due 2020. On April 24, 2015, the Company amended its revolving credit facility to increase the capacity to $500 million from $400 million, extended the maturity approximately two years to April 24, 2019 and reduced the borrowing rate 25 basis points to Libor plus 1.75%.
Second Quarter and Full Year 2015 Business Outlook
Second Quarter 2015:
-- Average community count - expected to be up approximately 10 communities
over Q1
-- Home closings - expected between 1,375 and 1,475
-- Adjusted home closings margin - expected to be consistent with first
quarter results
Full Year 2015:
-- Average community count - expected to increase to 235 to 245 communities
-- Home closings - expected to grow approximately 10% to 15% from 2014 U.S.
results
-- Home closings margins - expected around 22%
-- SG&A - expected to be in the mid 9% range
-- Income from unconsolidated joint ventures - expected between $2 and $4
million
-- Land spend - expected to be approximately $1 billion
-- Effective tax rate - expected to be between 32% to 35%
Earnings Webcast
A public webcast to discuss first quarter 2015 earnings will be held later today at 8:30 a.m. Eastern Time Wednesday, May 6, 2015 on the Company's investor relations website at investors.taylormorrison.com. A webcast replay will also be available on the site later today.
About Taylor Morrison
Taylor Morrison Home Corporation (NYSE:TMHC) is a leading national builder and developer based in Scottsdale, Arizona and operates under two well-established brands, Taylor Morrison and Darling Homes. Taylor Morrison builds and develops distinctive communities from coast to coast, serving a wide array of homeowners and aimed mainly at first-time, move-up, luxury and 55 or better customers. Darling Homes builds communities in Texas, catering to move-up and luxury homebuyers seeking a personalized building experience.
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: interest rate changes and the availability of mortgage financing; continued volatility in the debt and equity markets; competition within the industries in which we operate; the availability and cost of land and other raw materials used by us in our homebuilding operations; the impact of any changes to our strategy in responding to continuing adverse conditions in the industry, including any changes regarding our land positions; the availability and cost of insurance covering risks associated with our businesses; shortages and the cost of labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; legal or regulatory proceedings or claims; required accounting changes; terrorist acts and other acts of war; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. 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. In addition, other such risks and uncertainties may be found in Taylor Morrison Home Corporation's Form 10-K filed with the Securities and Exchange Commission (SEC).
Taylor Morrison Home Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
Three Months Ended
March 31,
---------
2015 2014
---- ----
Home closings revenue, net $493,592 $455,295
Land closings revenue 8,188 8,918
Mortgage operations revenue 7,635 6,262
----- -----
Total revenues 509,415 470,475
Cost of home closings 405,104 356,300
Cost of land closings 4,666 6,858
Mortgage operations expenses 5,062 3,936
----- -----
Total cost of revenues 414,832 367,094
Gross margin 94,583 103,381
Sales, commissions and other
marketing costs 36,220 33,384
General and administrative
expenses 20,704 19,241
Equity in income of
unconsolidated entities (303) (984)
Interest (income) expense, net (50) 686
Other expense, net 5,771 3,098
Gain on foreign currency
forward (29,983) -
------- ---
Income from continuing
operations before income taxes 62,224 47,956
Income tax provision 22,042 10,956
------ ------
Net income from continuing
operations 40,182 37,000
Discontinued operations:
Income from discontinued
operations - 6,435
Transaction expenses from
discontinued operations (9,043) -
Gain on sale of discontinued
operations 80,205 -
Income tax expense from
discontinued operations (14,500) (2,139)
------- ------
Net income from discontinued
operations 56,662 4,296
Net income before allocation to
non-controlling interests 96,844 41,296
Net income attributable to non-
controlling interests - joint
ventures (368) (117)
---- ----
Net income before non-
controlling interests -
Principal Equityholders 96,476 41,179
Net income from continuing
operations attributable to
non-controlling interests -
Principal Equityholders (29,133) (27,105)
Net income from discontinued
operations attributable to
non-controlling interests -
Principal Equityholders (41,381) (3,142)
------- ------
Net income available to Taylor
Morrison Home Corporation $25,962 $10,932
------- -------
Earnings per common share -
basic:
Income from continuing
operations $0.33 $0.30
Income from discontinued
operations -net of tax $0.46 $0.03
----- -----
Net income available to Taylor
Morrison Home Corporation $0.79 $0.33
Earnings per common share -
diluted:
Income from continuing
operations $0.33 $0.30
Income from discontinued
operations -net of tax $0.46 $0.03
----- -----
Net income available to Taylor
Morrison Home Corporation $0.79 $0.33
Weighted average number of
shares of common stock:
Basic 33,067 32,858
Diluted 122,355 122,344
Taylor Morrison Home Corporation
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
2015 2014
---- ----
Assets (Unaudited)
------
Cash and
cash
equivalents $399,537 $234,217
Restricted
cash 655 1,310
Real estate inventory:
Owned
inventory 2,750,090 2,511,623
Real
estate
not
owned
under
option
agreements 4,640 6,698
----- -----
Total
real
estate
inventory 2,754,730 2,518,321
Land
deposits 31,364 34,544
Mortgages
receivable 83,407 191,140
Prepaid
expenses
and
other
assets,
net 101,854 89,210
Other
receivables,
net 99,354 85,274
Investments
in
unconsolidated
entities 112,813 110,291
Deferred
tax
assets,
net 251,392 258,190
Property
and
equipment,
net 4,893 5,337
Intangible
assets,
net 6,392 5,459
Goodwill 23,375 23,375
Assets of
discontinued
operations - 576,445
Total
assets $3,869,766 $4,133,113
========== ==========
Liabilities
-----------
Accounts
payable $136,815 $122,466
Accrued
expenses
and
other
liabilities 179,488 200,556
Income
taxes
payable 39,772 50,096
Customer
deposits 85,772 70,465
Senior
notes 1,388,676 1,388,840
Loans
payable
and
other
borrowings 128,184 147,516
Revolving
credit
facility
borrowings - 40,000
Mortgage
warehouse
borrowings 55,245 160,750
Liabilities
attributable
to
consolidated
option
agreements 4,640 6,698
Liabilities
of
discontinued
operations - 168,565
Total
liabilities $2,018,592 $2,355,952
========== ==========
Stockholders' Equity
--------------------
Total
stockholders'
equity 1,851,174 1,777,161
Total
liabilities
and
stockholders'
equity $3,869,766 $4,133,113
========== ==========
Homes Closed: Three Months Ended March 31,
----------------------------
2015 2014
---- ----
(Dollars in thousands) Homes Value Homes Value
----- ----- ----- -----
East 692 $297,566 672 $264,334
West 371 196,026 383 190,961
--- ------- --- -------
Total 1,063 $493,592 1,055 $455,295
===== ======== ===== ========
Net Sales Orders: Three Months Ended March 31,
----------------------------
2015 2014
---- ----
(Dollars in thousands) Homes Value Homes Value
----- ----- ----- -----
East 1,042 $440,464 922 $381,220
West 687 331,033 592 313,108
--- ------- --- -------
Total 1,729 $771,497 1,514 $694,328
===== ======== ===== ========
Sales Order Backlog: As of March 31,
---------------
2015 2014
---- ----
(Dollars in thousands) Homes Value Homes Value
----- ----- ----- -----
East 2,059 $976,036 1,794 $811,300
West 859 441,092 831 451,931
--- ------- --- -------
Total 2,918 $1,417,128 2,625 $1,263,231
===== ========== ===== ==========
Average Active Selling
Communities: Three Months Ended
March 31,
---------
2015 2014
---- ----
East 166 136
West 62 51
--- ---
Total 228 187
--- ---
Average Selling Price of
Homes Closed: Three Months Ended
March 31,
---------
(In thousands) 2015 2014
---- ----
East $430 $393
West 528 499
Total $464 $432
Reconciliation of Non-GAAP Financial Measures
The following table sets forth a reconciliation between our home closings gross margin and our adjusted home closings gross margin. Adjusted home closings gross margin is a non-GAAP financial measure calculated based on gross margins, excluding impairments and capitalized interest amortization. Management uses adjusted home closings gross margins to evaluate our performance on a consolidated basis as well as the performance of our regions. We believe adjusted home closings gross margin is useful to investors because it allows investors to evaluate the performance of our homebuilding operations without the often varying effects of interest costs capitalized.
This measure is considered a non-GAAP financial measure and should be considered in addition to, rather than as a substitute for, the comparable U.S. GAAP financial measures as a measure of our operating performance. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate net income and gross margins and any adjustments to such amounts before comparing our measures to those of such other companies.
Adjusted Home Closings Gross Margin Reconciliation - Continuing Operations
Three Months Ended March 31,
----------------------------
(Dollars in
thousands) 2015 2014
---- ----
Home closings
revenue $493,592 $455,295
Cost of home
closings 405,104 356,300
------- -------
Home closings gross
margin 88,488 98,995
Add:
Capitalized
interest
amortization 16,027 9,490
------ -----
Adjusted home
closings gross
margin $104,515 $108,485
-------- --------
Home closings gross
margin as a
percentage of home
closings revenue 17.9% 21.7%
Adjusted home
closings gross
margin as a
percentage of home
closings revenue 21.2% 23.8%
CONTACT: Investor Relations
Taylor Morrison Home Corporation
(480) 734-2060
[email protected]
http://photos.prnewswire.com/prnvar/20150422/200427LOGO
Logo - http://photos.prnewswire.com/prnh/20150422/200427LOGO
SOURCE Taylor Morrison
http://photoarchive.ap.org/
SOURCE: Taylor Morrison
Taylor Morrison Reports First Quarter Revenue of $509 Million and Earnings per Share of $0.79
Net income increased 134% year-over-year to $96 million for the quarter
Earnings per share increased 139% to $0.79
Total revenue increased 8% to $509 million for the quarter
Average community count expanded 22% to 228 average communities
Expansion into the Atlanta market with the acquisition of JEH Homes
PR Newswire
SCOTTSDALE, Ariz., May 6, 2015
SCOTTSDALE, Ariz., May 6, 2015 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE:TMHC) today reported first quarter revenue of $509 million, net income of $96 million and earnings per share of $0.79.
"We are continuing to increase our share of the new home market, growing both organically and by acquisition," said Taylor Morrison President and CEO Sheryl Palmer. "Our recently strengthened balance sheet has allowed us to begin our expansion in the U.S. With the acquisition of JEH Homes, a regional homebuilder in Atlanta, we have purchased or controlled over 2,000 home sites. Looking ahead to the rest of 2015, we intend to continue executing on our four-pillar strategy while conscientiously evaluating opportunities to expand into other high-growth markets in order to drive the best long-term returns for our shareholders."
On January 28, 2015, the Company closed the sale of its Canadian operations resulting in a pre-tax gain on the sale of USD $80.2 million. The Company also initiated a foreign currency forward to mitigate potential currency exchange risks in connection with the transaction that resulted in a gain of nearly USD $30 million.
The Company utilized a portion of the proceeds from the Monarch transaction for the acquisition of JEH Homes in order to expand its geographic footprint and to diversify its consumer base.
1st Quarter 2015 Key Business Highlights
- Average community count increased 22% to 228 average communities from 187 in the prior year quarter
- Net sales orders increased over 14% to 1,729
- Home closings were 1,063
- Backlog of homes under contract was 2,918 units, with a sales value of $1.4 billion as of March 31, 2015
- Cancellations as a percentage of gross sales orders were 11.9%, compared to 11.4% in the prior year quarter
- Average price of homes closed increased 7% to $464,000
- Average monthly absorption pace was 2.5
- Mortgage operations reported gross profit of $2.6 million on revenue of $7.6 million
|
Quarterly Financial Comparison* |
|||
|
($ millions) |
|||
|
Q1 2015 |
Q1 2014 |
Q1 2015 vs. Q1 2014 |
|
|
Total Revenue |
$509 |
$470 |
8.3% |
|
Home Closings Revenue |
$494 |
$455 |
8.4% |
|
Home Closings Gross Margin |
$88 |
$99 |
(10.6)% |
|
17.9% |
21.7% |
(380) bps |
|
|
Adjusted Home Closings Gross Margin |
$105 |
$108 |
(3.7)% |
|
21.2% |
23.8% |
(260) bps |
|
|
SG&A % of Home Closings Revenue |
$57 |
$53 |
8.2% |
|
11.5% |
11.6% |
10 bps improvement |
|
|
* Excludes discontinued operations. |
The Company ended the quarter with homebuilding inventories of $2.8 billion and had 3,490 homes in inventory, compared to 2,949 homes at the end of the prior year quarter. Homes in inventory at the end of the quarter consisted of: 1,994 sold units, 345 model homes and 1,151 inventory units, of which 305 were finished. The Company owned or controlled approximately 39,000 lots at March 31, 2015.
The Company ended the first quarter of 2015 with $400 million of cash, excluding $0.7 million of restricted cash. On April 16, 2015, the Company issued $350 million of 5.875% senior unsecured notes due 2023 and used the offering proceeds on May 1, 2015, together with cash on hand, to redeem the entire $489 million of its outstanding 7.75% senior notes due 2020. On April 24, 2015, the Company amended its revolving credit facility to increase the capacity to $500 million from $400 million, extended the maturity approximately two years to April 24, 2019 and reduced the borrowing rate 25 basis points to Libor plus 1.75%.
Second Quarter and Full Year 2015 Business Outlook
Second Quarter 2015:
- Average community count – expected to be up approximately 10 communities over Q1
- Home closings – expected between 1,375 and 1,475
- Adjusted home closings margin – expected to be consistent with first quarter results
Full Year 2015:
- Average community count – expected to increase to 235 to 245 communities
- Home closings – expected to grow approximately 10% to 15% from 2014 U.S. results
- Home closings margins – expected around 22%
- SG&A – expected to be in the mid 9% range
- Income from unconsolidated joint ventures – expected between $2 and $4 million
- Land spend – expected to be approximately $1 billion
- Effective tax rate – expected to be between 32% to 35%
Earnings Webcast
A public webcast to discuss first quarter 2015 earnings will be held later today at 8:30 a.m. Eastern Time Wednesday, May 6, 2015 on the Company's investor relations website at investors.taylormorrison.com. A webcast replay will also be available on the site later today.
About Taylor Morrison
Taylor Morrison Home Corporation (NYSE:TMHC) is a leading national builder and developer based in Scottsdale, Arizona and operates under two well-established brands, Taylor Morrison and Darling Homes. Taylor Morrison builds and develops distinctive communities from coast to coast, serving a wide array of homeowners and aimed mainly at first-time, move-up, luxury and 55 or better customers. Darling Homes builds communities in Texas, catering to move-up and luxury homebuyers seeking a personalized building experience.
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: interest rate changes and the availability of mortgage financing; continued volatility in the debt and equity markets; competition within the industries in which we operate; the availability and cost of land and other raw materials used by us in our homebuilding operations; the impact of any changes to our strategy in responding to continuing adverse conditions in the industry, including any changes regarding our land positions; the availability and cost of insurance covering risks associated with our businesses; shortages and the cost of labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; legal or regulatory proceedings or claims; required accounting changes; terrorist acts and other acts of war; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. 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. In addition, other such risks and uncertainties may be found in Taylor Morrison Home Corporation's Form 10-K filed with the Securities and Exchange Commission (SEC).
|
Taylor Morrison Home Corporation |
||||||
|
Condensed Consolidated Statements of Operations |
||||||
|
(In thousands, except per share amounts, unaudited) |
||||||
|
Three Months Ended |
||||||
|
2015 |
2014 |
|||||
|
Home closings revenue, net |
$ |
493,592 |
$ |
455,295 |
||
|
Land closings revenue |
8,188 |
8,918 |
||||
|
Mortgage operations revenue |
7,635 |
6,262 |
||||
|
Total revenues |
509,415 |
470,475 |
||||
|
Cost of home closings |
405,104 |
356,300 |
||||
|
Cost of land closings |
4,666 |
6,858 |
||||
|
Mortgage operations expenses |
5,062 |
3,936 |
||||
|
Total cost of revenues |
414,832 |
367,094 |
||||
|
Gross margin |
94,583 |
103,381 |
||||
|
Sales, commissions and other marketing costs |
36,220 |
33,384 |
||||
|
General and administrative expenses |
20,704 |
19,241 |
||||
|
Equity in income of unconsolidated entities |
(303) |
(984) |
||||
|
Interest (income) expense, net |
(50) |
686 |
||||
|
Other expense, net |
5,771 |
3,098 |
||||
|
Gain on foreign currency forward |
(29,983) |
- |
||||
|
Income from continuing operations before income taxes |
62,224 |
47,956 |
||||
|
Income tax provision |
22,042 |
10,956 |
||||
|
Net income from continuing operations |
40,182 |
37,000 |
||||
|
Discontinued operations: |
||||||
|
Income from discontinued operations |
- |
6,435 |
||||
|
Transaction expenses from discontinued operations |
(9,043) |
- |
||||
|
Gain on sale of discontinued operations |
80,205 |
- |
||||
|
Income tax expense from discontinued operations |
(14,500) |
(2,139) |
||||
|
Net income from discontinued operations |
56,662 |
4,296 |
||||
|
Net income before allocation to non-controlling interests |
96,844 |
41,296 |
||||
|
Net income attributable to non-controlling interests - joint ventures |
(368) |
(117) |
||||
|
Net income before non-controlling interests - Principal Equityholders |
96,476 |
41,179 |
||||
|
Net income from continuing operations attributable to non-controlling interests - Principal Equityholders |
(29,133) |
(27,105) |
||||
|
Net income from discontinued operations attributable to non-controlling interests - Principal Equityholders |
(41,381) |
(3,142) |
||||
|
Net income available to Taylor Morrison Home Corporation |
$ |
25,962 |
$ |
10,932 |
||
|
Earnings per common share - basic: |
||||||
|
Income from continuing operations |
$ 0.33 |
$ 0.30 |
||||
|
Income from discontinued operations - net of tax |
$ 0.46 |
$ 0.03 |
||||
|
Net income available to Taylor Morrison Home Corporation |
$ 0.79 |
$ 0.33 |
||||
|
Earnings per common share - diluted: |
||||||
|
Income from continuing operations |
$ 0.33 |
$ 0.30 |
||||
|
Income from discontinued operations - net of tax |
$ 0.46 |
$ 0.03 |
||||
|
Net income available to Taylor Morrison Home Corporation |
$ 0.79 |
$ 0.33 |
||||
|
Weighted average number of shares of common stock: |
||||||
|
Basic |
33,067 |
32,858 |
||||
|
Diluted |
122,355 |
122,344 |
||||
|
Taylor Morrison Home Corporation |
|||
|
Condensed Consolidated Balance Sheets |
|||
|
(In thousands) |
|||
|
March 31, |
December 31, |
||
|
2015 |
2014 |
||
|
Assets |
(Unaudited) |
||
|
Cash and cash equivalents |
$ 399,537 |
$ 234,217 |
|
|
Restricted cash |
655 |
1,310 |
|
|
Real estate inventory: |
|||
|
Owned inventory |
2,750,090 |
2,511,623 |
|
|
Real estate not owned under option agreements |
4,640 |
6,698 |
|
|
Total real estate inventory |
2,754,730 |
2,518,321 |
|
|
Land deposits |
31,364 |
34,544 |
|
|
Mortgages receivable |
83,407 |
191,140 |
|
|
Prepaid expenses and other assets, net |
101,854 |
89,210 |
|
|
Other receivables, net |
99,354 |
85,274 |
|
|
Investments in unconsolidated entities |
112,813 |
110,291 |
|
|
Deferred tax assets, net |
251,392 |
258,190 |
|
|
Property and equipment, net |
4,893 |
5,337 |
|
|
Intangible assets, net |
6,392 |
5,459 |
|
|
Goodwill |
23,375 |
23,375 |
|
|
Assets of discontinued operations |
- |
576,445 |
|
|
Total assets |
$3,869,766 |
$ 4,133,113 |
|
|
Liabilities |
|||
|
Accounts payable |
$ 136,815 |
$ 122,466 |
|
|
Accrued expenses and other liabilities |
179,488 |
200,556 |
|
|
Income taxes payable |
39,772 |
50,096 |
|
|
Customer deposits |
85,772 |
70,465 |
|
|
Senior notes |
1,388,676 |
1,388,840 |
|
|
Loans payable and other borrowings |
128,184 |
147,516 |
|
|
Revolving credit facility borrowings |
- |
40,000 |
|
|
Mortgage warehouse borrowings |
55,245 |
160,750 |
|
|
Liabilities attributable to consolidated option agreements |
4,640 |
6,698 |
|
|
Liabilities of discontinued operations |
- |
168,565 |
|
|
Total liabilities |
$2,018,592 |
$ 2,355,952 |
|
|
Stockholders' Equity |
|||
|
Total stockholders' equity |
1,851,174 |
1,777,161 |
|
|
Total liabilities and stockholders' equity |
$3,869,766 |
$ 4,133,113 |
|
|
Homes Closed: |
Three Months Ended March 31, |
||||||
|
2015 |
2014 |
||||||
|
(Dollars in thousands) |
Homes |
Value |
Homes |
Value |
|||
|
East |
692 |
$ 297,566 |
672 |
$264,334 |
|||
|
West |
371 |
196,026 |
383 |
190,961 |
|||
|
Total |
1,063 |
$ 493,592 |
1,055 |
$ 455,295 |
|||
|
Net Sales Orders: |
Three Months Ended March 31, |
||||||
|
2015 |
2014 |
||||||
|
(Dollars in thousands) |
Homes |
Value |
Homes |
Value |
|||
|
East |
1,042 |
$ 440,464 |
922 |
$381,220 |
|||
|
West |
687 |
331,033 |
592 |
313,108 |
|||
|
Total |
1,729 |
$ 771,497 |
1,514 |
$ 694,328 |
|||
|
Sales Order Backlog: |
As of March 31, |
||||||
|
2015 |
2014 |
||||||
|
(Dollars in thousands) |
Homes |
Value |
Homes |
Value |
|||
|
East |
2,059 |
$ 976,036 |
1,794 |
$811,300 |
|||
|
West |
859 |
441,092 |
831 |
451,931 |
|||
|
Total |
2,918 |
$ 1,417,128 |
2,625 |
$ 1,263,231 |
|||
|
Average Active Selling Communities: |
Three Months Ended |
||||||
|
March 31, |
|||||||
|
2015 |
2014 |
||||||
|
East |
166 |
136 |
|||||
|
West |
62 |
51 |
|||||
|
Total |
228 |
187 |
|||||
|
Average Selling Price of Homes Closed: |
Three Months Ended |
||||||
|
March 31, |
|||||||
|
(In thousands) |
2015 |
2014 |
|||||
|
East |
$430 |
$393 |
|||||
|
West |
528 |
499 |
|||||
|
Total |
$464 |
$432 |
|||||
Reconciliation of Non-GAAP Financial Measures
The following table sets forth a reconciliation between our home closings gross margin and our adjusted home closings gross margin. Adjusted home closings gross margin is a non-GAAP financial measure calculated based on gross margins, excluding impairments and capitalized interest amortization. Management uses adjusted home closings gross margins to evaluate our performance on a consolidated basis as well as the performance of our regions. We believe adjusted home closings gross margin is useful to investors because it allows investors to evaluate the performance of our homebuilding operations without the often varying effects of interest costs capitalized.
This measure is considered a non-GAAP financial measure and should be considered in addition to, rather than as a substitute for, the comparable U.S. GAAP financial measures as a measure of our operating performance. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate net income and gross margins and any adjustments to such amounts before comparing our measures to those of such other companies.
|
Adjusted Home Closings Gross Margin Reconciliation - Continuing Operations |
|||
|
Three Months Ended March 31, |
|||
|
(Dollars in thousands) |
2015 |
2014 |
|
|
Home closings revenue |
$ 493,592 |
$ 455,295 |
|
|
Cost of home closings |
405,104 |
356,300 |
|
|
Home closings gross margin |
88,488 |
98,995 |
|
|
Add: |
|||
|
Capitalized interest amortization |
16,027 |
9,490 |
|
|
Adjusted home closings gross margin |
$ 104,515 |
$ 108,485 |
|
|
Home closings gross margin as a percentage of home closings revenue |
17.9% |
21.7% |
|
|
Adjusted home closings gross margin as a percentage of home closings revenue |
21.2% |
23.8% |
|
CONTACT: Investor Relations
Taylor Morrison Home Corporation
(480) 734-2060
[email protected]
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SOURCE Taylor Morrison
Web Site: http://www.taylormorrison.com