Fun Facts

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

Jul 29, 2021
Taylor Morrison Reports Second Quarter 2021 Results, Including 23 Percent Year-Over-Year Growth to 3.4 Net Sales Orders per Community

SCOTTSDALE, Ariz., July 29, 2021 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC), the nation's fifth largest homebuilder, announced results for the second quarter ended June 30, 2021. Reported net income of $124 million, or $0.95 per diluted share, compared to $65 million, or $0.50 per diluted share, in the second quarter of 2020.

The Company's second quarter included the following results, as compared to the prior-year quarter:

  • Monthly absorptions increased 23 percent to 3.4 net sales orders per community.
  • Home closings gross margin increased 370 basis points to 19.1 percent.
  • Backlog increased 50 percent to 10,228 sold homes with a sales value of $5.7 billion, up 78 percent.
  • Homebuilding lot supply increased 13 percent to approximately 76,000 total lots owned and controlled.
  • Controlled lots as a percentage of total supply increased approximately 700 basis points to 35 percent.

"Our team delivered strong second quarter results and made further progress in achieving our strategic priorities as we continue to capture the synergies of our recent acquisitions and optimize our operations by fully leveraging the benefits of our national and local scale," said Sheryl Palmer, Taylor Morrison Chairman and CEO.

"During the quarter, we strategically managed our sales activity by delaying the release of lots to maximize our margin opportunity and accelerated our monthly production pace by over 140 percent to a record 4.8 starts per community as we build through our backlog of over 10,200 sold homes, positioning us for strong home closings and gross margin expansion in the second half of the year. This disciplined approach gives us confidence to raise our 2021 home closings gross margin guidance to the high-19 to 20 percent range and reaffirm our closings expectation of 14,500 to 15,000 deliveries despite the well-known supply side challenges facing our industry."

"This strength is expected to continue in 2022 with an anticipated home closings gross margin of approximately 22 percent based on the composition of our sold homes in backlog and confidence in the achieved operational enhancements and synergies of our combined business. These enhancements include leveraging our buying power, pursuing cost rationalization and value engineering, expanding our new standardized design packages and streamlining our floorplan and option offerings to fully capture the benefits of scalable, production-oriented homebuilding, especially within our newer markets."

"Coupled with our focus on capital efficiency, we now expect to generate returns on equity in the high-teens percent range this year and over 20 percent in 2022 as we have quickly and meaningfully pulled through the benefits of our acquisitions and strategic initiatives that have transformed our ability to compete effectively and generate long-term value," said Palmer.

"We also recently finalized new land financing vehicles that will enable us to cost-effectively increase our optioned land position to at least 40 percent within the next 18 months. These vehicles supplement our existing asset-light land strategies to improve the capital efficiency of our land portfolio, reduce long-term risk and enhance expected returns over the course of a housing cycle."

"By managing our balance sheet and driving improved cash flow generation, we remain on track to drive our net debt-to-capital ratio to the low-30 percent range by year-end followed by a further reduction in 2022," said Dave Cone, Executive Vice President and Chief Financial Officer. "In addition to investing in our core business for future growth, we spent $107 million to repurchase 3.8 million shares outstanding during the quarter and expect to continue to return excess capital to shareholders as a key element of our balanced capital allocation framework."

Business Highlights (All comparisons are of the current quarter to the prior-year quarter, unless otherwise indicated.)

Homebuilding

  • Net sales orders were roughly flat at 3,422 homes but increased 31% in value to $2.0 billion, driven by a 32% increase in average sales price to $597,000. The Company strategically limited sales releases to align with production capacity and to maximize its margin opportunity by delaying the release of spec homes while managing the length of its record backlog of sold homes.
  • Monthly absorptions increased 23 percent to 3.4 net sales orders per community, the highest second quarter level in the Company's history.
  • Average community count was 332, consistent with prior guidance.
  • Home closings revenue increased 12 percent to $1.6 billion, driven by a 10 percent increase in average sales price to approximately $503,000 and a modest increase in closings to 3,268 due to temporary supply chain interruptions and weather delays in some markets.
  • Home closings gross margin increased 370 basis points to 19.1 percent, driven by strong pricing power, operational enhancements and the burn-off of transaction-related impacts in the prior-year period. This was ahead of prior guidance due to favorable pricing trends.
  • SG&A as a percentage of home closings revenue was 10.2 percent, down 60 basis points sequentially.
  • Backlog at quarter end was 10,228 sold homes, up 50 percent, with a sales value of $5.7 billion, up 78 percent.

Land Portfolio

  • The Company invested $451 million in land acquisition and development.
  • Total homebuilding lot supply equaled approximately 76,000, up 13 percent.
  • Controlled lots as a percentage of total supply was 35 percent, up from 28 percent in the prior-year quarter.
  • Based on trailing twelve-month home closings, the lot position represented 3.9 years of owned supply and 6.0 years of total supply.

Financial Services

  • Mortgage capture rate increased to 84 percent from 81 percent in the prior-year quarter.

Balance Sheet

  • At quarter end, total available liquidity equaled approximately $1.1 billion, including $366 million of unrestricted cash and $755 million of undrawn capacity on the Company's $800 million corporate revolver.
  • Net homebuilding debt-to-capital equaled 40.5 percent. The Company continues to anticipate its net debt-to-capital ratio to decline to the low-30 percent range by the end of 2021 followed by further deleveraging in 2022.
  • During the second quarter, the Company repurchased 3.8 million of its outstanding shares for $107 million, bringing the year-to-date total to approximately $145 million and 5.3 million outstanding shares. At quarter end, the Company had approximately $192 million remaining on its share repurchase authorization.

Business Outlook

Third Quarter 2021

  • Average active community count is expected to be approximately 330 to 335
  • Home closings are expected to be between 3,300 to 3,500
  • GAAP home closings gross margin is expected to be about 20 percent
  • Effective tax rate is expected to be approximately 23.5 percent
  • Diluted share count is expected to be approximately 128 million

Full Year 2021

  • Average active community count is now expected to be approximately 330 to 335
  • Home closings are expected to be between 14,500 to 15,000
  • GAAP home closings gross margin is now expected to be in the high-19 to 20 percent range
  • SG&A as a percentage of home closings revenue is expected to be in the mid-9 percent range
  • Effective tax rate is expected to be approximately 23.0 percent
  • Diluted share count is expected to be approximately 129 million
  • Land and development spend is expected to be approximately $2.0 billion

Quarterly Financial Comparison

($ in thousands)


Q2 2021


Q2 2020


Q2 2021 vs. Q2 2020

Total Revenue


$1,719,280


$1,526,685


12.6%

Home Closings Revenue


$1,644,380


$1,470,994


11.8%

Home Closings Gross Margin


$313,339


$226,770


38.2%



19.1%


15.4%


370 bps increase

Adjusted Home Closings Gross Margin

$313,339


$258,908


21.0%



19.1%


17.6%


150 bps increase

SG&A


$167,557


$145,151


15.4%

% of Home Closings Revenue


10.2%


9.9%


30 bps deleverage

Earnings Webcast

A public webcast to discuss the second quarter 2021 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 6955009. 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

Headquartered in Scottsdale, Arizona, Taylor Morrison is the nation's fifth largest homebuilder and developer. We serve a wide array of consumers from coast to coast, including first-time, move-up, luxury and 50-plus active lifestyle homebuyers under our family of brands—including Taylor Morrison, Esplanade, Darling Homes and Christopher Todd Communities built by Taylor Morrison. Our Financial Services segment provides mortgage financing, title services and homeowners' insurance. From 2016-2021, Taylor Morrison has been recognized as America's Most Trusted® Builder by Lifestory Research. Our strong commitment to sustainability, our communities and our team is highlighted in our latest annual Environmental, Social and Governance (ESG) Report.

For more information about Taylor Morrison, please visit www.taylormorrison.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 financial, operating and performance 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: the scale and scope of the COVID-19 (coronavirus) outbreak and resulting pandemic; changes in general and local economic 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; higher cancellation rates of existing agreements of sale; 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; 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 at competitive prices; decreases in the market value of our land inventory; new or changing government regulations and legal challenges; our compliance with environmental laws and regulations regarding climate change; our ability to sell mortgages we originate and claims on loans sold to third parties; governmental regulation applicable to our financial services and title services business; the loss of any of our important commercial lender 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; 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 substantial debt and the agreements governing such debt, including restrictive covenants contained in such agreements; our ability to access the capital markets; the risks associated with maintaining effective internal controls over financial reporting; provisions in our charter and bylaws that may delay or prevent an acquisition by a third party; and our ability to effectively manage our expanded operations.

In addition, other such risks and uncertainties may be found in our most recent annual report on Form 10-K and our subsequent quarterly reports 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.

Taylor Morrison Home Corporation

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts, unaudited)




Three Months Ended
June 30,


Six Months Ended
June 30,



2021


2020


2021


2020

Home closings revenue, net


$

1,644,380



$

1,470,994



$

3,007,809



$

2,735,634


Land closings revenue


32,057



10,546



36,946



33,485


Financial services revenue


37,392



40,297



81,457



68,336


Amenity and other revenue


5,451



4,848



10,880



34,929


Total revenues


1,719,280



1,526,685



3,137,092



2,872,384


Cost of home closings


1,331,041



1,244,224



2,441,283



2,314,727


Cost of land closings


28,138



10,287



32,165



37,419


Financial services expenses


25,935



22,796



49,934



43,443


Amenity and other expense


5,463



5,200



10,566



34,861


Total cost of revenues


1,390,577



1,282,507



2,533,948



2,430,450


Gross margin


328,703



244,178



603,144



441,934


Sales, commissions and other marketing costs


97,560



94,038



183,512



180,365


General and administrative expenses


69,997



51,112



131,550



101,638


Equity in income of unconsolidated entities


(2,126)



(3,495)



(7,787)



(5,921)


Interest expense/(income), net


3



(337)



(116)



(897)


Other expense/(income), net


45



(696)



1,020



5,595


Transaction expenses




18,712





105,086


Income before income taxes


163,224



84,844



294,965



56,068


Income tax provision


38,469



17,622



67,767



18,403


Net income before allocation to non-controlling interests


124,755



67,222



227,198



37,665


Net income attributable to non-controlling interests - joint ventures


(608)



(1,548)



(5,030)



(3,423)


Net income available to Taylor Morrison Home Corporation


$

124,147



$

65,674



$

222,168



$

34,242


Earnings per common share









Basic


$

0.97



$

0.51



$

1.73



$

0.27


Diluted


$

0.95



$

0.50



$

1.70



$

0.27


Weighted average number of shares of common stock:









Basic


128,440



129,629



128,661



125,768


Diluted


130,259



130,364



130,766



126,726


 

Taylor Morrison Home Corporation

Condensed Consolidated Balance Sheets

(In thousands)




June 30,

2021


December 31,
2020






Assets





Cash and cash equivalents


$

366,267



$

532,843


Restricted cash


1,854



1,266


Total cash, cash equivalents, and restricted cash


368,121



534,109


Owned inventory


5,692,753



5,209,653


Consolidated real estate not owned


63,717



122,773


Total real estate inventory


5,756,470



5,332,426


Land deposits


126,015



125,625


Mortgage loans held for sale


277,017



201,177


Derivative assets


3,687



5,294


Lease right of use assets


68,490



73,222


Prepaid expenses and other assets, net


278,806



242,744


Other receivables, net


100,969



96,241


Investments in unconsolidated entities


130,044



127,955


Deferred tax assets, net


238,078



238,078


Property and equipment, net


127,869



97,927


Goodwill


663,197



663,197


Total assets


$

8,138,763



$

7,737,995


Liabilities





Accounts payable


$

269,924



$

215,047


Accrued expenses and other liabilities


435,466



430,067


Lease liabilities


78,814



83,240


Income taxes payable


18,677



12,841


Customer deposits


481,312



311,257


Estimated development liability


39,356



40,625


Senior notes, net


2,452,344



2,452,365


Loans payable and other borrowings


415,074



348,741


Revolving credit facility borrowings





Mortgage warehouse borrowings


215,230



127,289


Liabilities attributable to consolidated real estate not owned


63,717



122,773


Total liabilities


$

4,469,914



$

4,144,245


Stockholders' Equity





Total stockholders' equity


3,668,849



3,593,750


Total liabilities and stockholders' equity


$

8,138,763



$

7,737,995


 

Homes Closed and Home Closings Revenue, Net:




Three Months Ended June 30,



Homes Closed


Home Closings Revenue, Net


Average Selling Price

($ in thousands)


2021


2020


Change


2021


2020


Change


2021


2020


Change

East


1,245



1,097



13.5

%


$

563,326



$

467,154



20.6

%


$

452



$

426



6.1

%

Central


791



1,059



(25.3)



382,743



473,549



(19.2)



484



447



8.3


West


1,232



1,056



16.7



698,311



530,291



31.7



567



502



12.9


Total


3,268



3,212



1.7

%


$

1,644,380



$

1,470,994



11.8

%


$

503



$

458



9.8

%

 



Six Months Ended June 30,



Homes Closed


Home Closings Revenue, Net


Average Selling Price

($ in thousands)


2021


2020


Change


2021


2020


Change


2021


2020


Change

East


2,297



2,082



10.3

%


$

1,009,211



$

862,870



17.0

%


$

439



$

414



6.0

%

Central


1,482



1,878



(21.1)



702,920



846,573



(17.0)



474



451



5.1


West


2,310



2,013



14.8



1,295,678



1,026,191



26.3



561



510



10.0


Total


6,089



5,973



1.9

%


$

3,007,809



$

2,735,634



9.9

%


$

494



$

458



7.9

%

 

Net Sales Orders:




Three Months Ended June 30,



Net Sales Orders


Sales Value


Average Selling Price

($ in thousands)


2021


2020


Change


2021


2020


Change


2021


2020


Change

East


1,302



1,176



10.7

%


$

713,398



$

484,701



47.2

%


$

548



$

412



33.0

%

Central


850


1,003


(15.3)



500,976



437,568



14.5



589



436



35.1


West


1,270


1,274


(0.3)



828,731



643,156



28.9



653



505



29.3


Total


3,422



3,453



(0.9)

%


$

2,043,105



$

1,565,425



30.5

%


$

597



$

453



31.8

%

 






















Six Months Ended June 30,



Net Sales Orders


Sales Value


Average Selling Price

($ in thousands)


2021


2020


Change


2021


2020


Change


2021


2020


Change

East


3,079



2,537



21.4

%


$

1,591,982



$

1,046,245



52.2

%


$

517



$

412



25.5

%

Central


1,922



1,909



0.7



1,084,457



861,631



25.9



564



451



25.1


West


2,913



2,473



17.8



1,839,497



1,275,399



44.2



631



516



22.3


Total


7,914



6,919



14.4

%


$

4,515,936



$

3,183,275



41.9

%


$

571



$

460



24.1

%

 

Sales Order Backlog:




As of June 30,



Sold Homes in Backlog


Sales Value


Average Selling Price

($ in thousands)


2021


2020


Change


2021


2020


Change


2021


2020


Change

East


3,617



2,271



59.3

%


$

1,903,206



$

974,860



95.2

%


$

526



$

429



22.6

%

Central


2,838



2,111



34.4



1,581,686



1,006,002



57.2



557



477



16.8


West


3,773



2,423



55.7



2,250,680



1,245,301



80.7



597



514



16.1


Total


10,228



6,805



50.3

%


$

5,735,572



$

3,226,163



77.8

%


$

561



$

474



18.4

%

 

Average Active Selling Communities:




Three Months Ended

June 30,


Six Months Ended

June 30,



2021


2020


Change


2021


2020


Change

East


126



153



(17.6)

%


127



148



(14.2)

%

Central


101



132



(23.5)



102



133



(23.3)


West


105



126



(16.7)



106



112



(5.4)


Total


332



411



(19.2)

%


335



393



(14.8)

%

Reconciliation of Non-GAAP Financial Measures

In addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP"), we have provided information in this press release relating to: (i) adjusted income before income taxes and related margin, (ii) EBITDA and adjusted EBITDA, (iii) adjusted net income and adjusted earnings per share, (iv) net homebuilding debt to capitalization ratio and(v) adjusted home closings gross margin.

Adjusted income before income taxes (and related margin) is a non-GAAP financial measure that reflects our income before income taxes excluding the impact of purchase accounting adjustments related to the acquisition of William Lyon Homes ("WLH") and transaction expenses. EBITDA and Adjusted EBITDA are non-GAAP financial measures that measure performance by adjusting net income before allocation to non-controlling interests to exclude interest expense/(income), net, amortization of capitalized interest, income taxes, depreciation and amortization (EBITDA), non-cash compensation expense, if any, purchase accounting adjustments relating to the acquisition of WLH and transaction expenses. 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 purchase accounting adjustments and financial services operating loss relating to the acquisition of WLH, transaction expenses and the tax impact due to such items. Net homebuilding debt to capitalization ratio is a non-GAAP financial measure we calculate by dividing (i) total debt, less unamortized debt issuance premiums, net, 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 based on GAAP home closings gross margin (which is inclusive of capitalized interest), excluding purchase accounting adjustments relating to the acquisition of WLH.

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. A reconciliation of our forward-looking net homebuilding debt to capitalization ratio to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. 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 that adjusted income before income taxes and related margin, adjusted net income and adjusted earnings per share, as well as EBITDA and adjusted EBITDA, 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 such metrics assist 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 items or transactions we do not believe are characteristic of our ongoing operations or performance.

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 Net Income and Adjusted Earnings Per Share




Three Months Ended

June 30,

($ in thousands, except per share data)


2021


2020

Net income available to TMHC


$

124,147



$

65,674


William Lyon Homes related purchase accounting adjustments




32,138


Transaction expenses




18,712


Tax impact due to above non-GAAP reconciling items




(12,709)


Adjusted net income


$

124,147



$

103,815







Basic weighted average shares


128,440



129,629


Adjusted earnings per common share - Basic


$

0.97



$

0.80












Diluted weighted average shares


130,259



130,364


Adjusted earnings per common share - Diluted


$

0.95



$

0.80


 

Adjusted Income Before Income Taxes and Related Margin



Three Months Ended June 30,

($ in thousands)


2021


2020

Income before income taxes


$

163,224


$

84,844

William Lyon Homes related purchase accounting adjustments




32,138

Transaction expenses




18,712

Adjusted income before income taxes


$

163,224


$

135,694







Total revenues


$

1,719,280


$

1,526,685







Income before income taxes margin


9.5%



5.6%

Adjusted income before income taxes margin


9.5%



8.9%

 

Adjusted Home Closings Gross Margin



Three Months Ended

June 30,

($ in thousands)


2021


2020

Home closings revenue


$

1,644,380



$

1,470,994


Cost of home closings


$

1,331,041



$

1,244,224


Home closings gross margin


$

313,339



$

226,770


William Lyon Homes homebuilding related purchase accounting adjustments




32,138


Adjusted home closings gross margin


$

313,339



$

258,908


Home closings gross margin as a percentage of home closings revenue


19.1

%


15.4

%

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


19.1

%


17.6

%

 

EBITDA and Adjusted EBITDA Reconciliation




Three Months Ended

June 30,

($ in thousands)


2021


2020

Net income before allocation to non-controlling interests


$

124,755


$

67,222

Interest expense/(income), net


3


(337)

Amortization of capitalized interest


34,070


28,667

Income tax provision


38,469


17,622

Depreciation and amortization


2,193


1,467

EBITDA


$

199,490


$

114,641

Non-cash compensation expense


4,654


4,986

William Lyon Homes related purchase accounting adjustments



32,138

Transaction expenses



18,712

Adjusted EBITDA


$

204,144


$

170,477






Total revenues


$

1,719,280


$

1,526,685

EBITDA as a percentage of total revenues


11.6%


7.5%

Adjusted EBITDA as a percentage of total revenues


11.9%


11.2%

 

Net Homebuilding Debt to Capitalization Ratio Reconciliation


($ in thousands)

As of

June 30, 2021


As of

March 31, 2021

Total debt

$

3,082,648



$

3,025,587


Less unamortized debt issuance premiums, net

2,344



2,354


Less mortgage warehouse borrowings

215,230



180,833


Total homebuilding debt

$

2,865,074



$

2,842,400


Less cash and cash equivalents

366,267



392,500


Net homebuilding debt

$

2,498,807



$

2,449,900


Total equity

3,668,849



3,655,564


Total capitalization

$

6,167,656



$

6,105,464






Net homebuilding debt to capitalization ratio

40.5

%


40.1

%

 

CONTACT: Investor Relations
(480) 734-2060
[email protected]

 

SOURCE Taylor Morrison

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