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 24, 2024
Taylor Morrison Reports Second Quarter 2024 Results

SCOTTSDALE, Ariz., July 24, 2024 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced results for the second quarter ended June 30, 2024. Reported second quarter net income was $199 million, or $1.86 per diluted share, while adjusted second quarter net income was $211 million, or $1.97 per diluted share.

Second quarter 2024 highlights included the following, as compared to the second quarter of 2023:

  • Net sales orders increased 3% to 3,111, driven by a monthly absorption pace of 3.0 per community
  • Home closings revenue of $1.9 billion, driven by 3,200 home closings at an average price of $600,000
  • Home closings gross margin was 23.8%, or 23.9% on an adjusted basis
  • 80,677 homebuilding lots owned and controlled, representing 6.7 years of total supply, of which 2.9 years was owned
  • Repurchased 1.7 million common shares for $105 million
  • Homebuilding debt to capitalization of 25.4% on a gross basis and 22.8% net of $247 million of unrestricted cash
  • Total liquidity of $1.3 billion

"In the second quarter, our team delivered solid results, highlighted by both our closings volume and home closings gross margin exceeding our expectations. Following this strength, we now expect to deliver between 12,600 to 12,800 homes this year at a home closings gross margin around 24%. Most importantly, our performance and updated outlook once again reflect the overall strength and stability of our diversified consumer and geographic strategy. By meeting the needs of well-qualified homebuyers with appropriate product offerings in prime community locations, we continue to benefit from healthy demand and pricing resiliency across our portfolio," said Sheryl Palmer, Taylor Morrison Chairman and CEO.

Palmer continued, "Our balanced and diversified approach offers improved production efficiency, enhanced gross margin and return potential, which we expect will contribute to strong results that exceed our historic performance. Our confidence in this outlook is reflected in the long-term targets that we introduced last quarter. These include: 10%-plus annual home closings growth, an annualized low-three sales pace, low-to-mid 20% home closings gross margins and mid-to-high teens returns on equity. Supported by our capital-efficient investing model, we also expect to generate sufficient cash to continue to grow our business while maintaining our strong balance sheet position and returning capital to shareholders in the form of share repurchases."

"Our long-term targets are based on the evolution of our business to a strategically diversified, well-scaled operating platform that we believe is exceptionally well positioned to take advantage of strong housing fundamentals in the years ahead. Since expanding our company's breadth and depth through smart and accretive growth and refining our operational capabilities through product and process optimization, I am immensely proud of our team's execution and confident in our ability to achieve these targets on a consistent go-forward basis to deliver attractive results for our shareholders. As we head into the remainder of the year and into 2025, while we are awaiting more clarity from the Federal Reserve after next week's meeting, we are cautiously optimistic that lower interest rates and a continuation of positive housing fundamentals has set the stage for continued growth and positive momentum in our business."

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

Homebuilding

  • Home closings revenue decreased 4% to $1.9 billion, driven by a 6% decline in the average closing price to $600,000, which was partially offset by a 2% increase in closings to 3,200 homes.
  • The home closings gross margin was 23.8% on a reported basis and 23.9% adjusted for an inventory impairment. This compared to a reported home closings gross margin of 24.2% in the prior-year period.
  • Net sales orders increased 3% to 3,111, driven by a 6% increase in ending community count to 347, which was partially offset by a slight decline in the monthly absorption pace to 3.0 per community from 3.1 a year ago. The average net sales order price decreased 2% to $601,000.
  • SG&A as a percentage of home closings revenue increased to 10.2% from 9.2% a year ago.
  • Cancellations equaled 9.4% of gross orders, down from 11.2% a year ago.
  • Backlog at quarter end was 6,256 homes with a sales value of $4.2 billion. Backlog customer deposits averaged approximately $56,000 per home.

Land Portfolio

  • Homebuilding land acquisition and development spend totaled $611 million, up from $397 million a year ago. Development-related spend accounted for 40% of the total versus 54% a year ago.
  • Homebuilding lot supply was 80,677 homesites, of which 57% was controlled and 43% was owned. This compared to a homebuilding lot supply of 74,182 homesites at the end of the first quarter, of which 53% was controlled and 47% was owned.
  • Based on trailing twelve-month home closings, total homebuilding lots represented 6.7 years of total supply, of which 2.9 years was owned.

Financial Services

  • The mortgage capture rate increased to 89%, up from 86% a year ago.
  • Borrowers had an average credit score of 751 and debt-to-income ratio of 40%. 

Balance Sheet

  • At quarter end, total liquidity was approximately $1.3 billion, including $247 million of unrestricted cash and $1.1 billion of total capacity on the Company's revolving credit facilities, which were undrawn outside of normal letters of credit.
  • The gross homebuilding debt to capital ratio was 25.4%, down from 29.7% a year ago. Including $247 million of unrestricted cash on hand, the net homebuilding debt-to-capital ratio was 22.8%, up from 15.4% a year ago.
  • The Company repurchased 1.7 million shares for $105 million during the quarter. At quarter end, the remaining share repurchase authorization was $298 million.

Business Outlook

Third Quarter 2024

  • Home closings are expected to be approximately 3,200
  • Average closing price is expected to be around $600,000
  • Home closings gross margin is expected to be around 24%
  • Ending active community count is expected to be between 330 to 340
  • Effective tax rate is expected to be approximately 25%
  • Diluted share count is expected to be approximately 106 million

Full Year 2024

  • Home closings are now expected to be between 12,600 to 12,800
  • Average closing price is expected to be between $600,000 to $610,000
  • Home closings gross margin is now expected to be around 24%
  • Ending active community count is expected to be between 330 to 340
  • SG&A as a percentage of home closings revenue is expected to be in the high-9% range
  • Effective tax rate is expected to be approximately 25%
  • Diluted share count is now expected to be approximately 107 million
  • Land and development spend is expected to be between $2.3 billion to $2.5 billion
  • Share repurchases are expected to total approximately $300 million

Quarterly Financial Comparison

(Dollars in thousands)

Q2 2024


Q2 2023


Q2 2024 vs. Q2 2023

Total Revenue

$         1,991,053


$         2,060,564


(3.4) %

Home Closings Revenue, net

$         1,920,127


$         1,996,747


(3.8) %

Home Closings Gross Margin

$            457,421


$            482,510


(5.2) %


23.8 %


24.2 %


40 bps decrease

SG&A

$            196,735


$            183,683


7.1 %

% of Home Closings Revenue

10.2 %


9.2 %


100 bps increase

Earnings Conference Call Webcast

A public webcast to discuss the Company's earnings will be held later today at 8:30 a.m. ET. A live audio webcast of the conference call will be available on Taylor Morrison's website at www.taylormorrison.com on the Investor Relations portion of the site under the Events & Presentations tab. For call participants, the dial-in number is (833) 470-1428 and conference ID is 302287. The call will be recorded and available for replay on the Company's website.

About Taylor Morrison

Headquartered in Scottsdale, Arizona, Taylor Morrison is one of the nation's leading homebuilders and developers. We serve a wide array of consumers from coast to coast, including first-time, move-up and resort lifestyle homebuyers and renters under our family of brands—including Taylor Morrison, Esplanade, Darling Homes Collection by Taylor Morrison and Yardly. From 2016-2024, 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 on our website.

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 ""anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "will," "can," "could," "might," "should" 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: inflation or deflation; 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; the seasonality of our business; the physical impacts of climate change and the increased focus by third-parties on sustainability issues; 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 instability in the banking system; risks associated with civil unrest, acts of terrorism, threats to national security, the conflicts in Eastern Europe and the Middle East and other geopolitical events; the scale and scope of current and future public health events, including pandemics and epidemics; any failure of lawmakers to agree on a budget or appropriation legislation to fund the federal government's operations (also known as a government shutdown), and financial markets' and businesses' reactions to any such failure; 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,


2024


2023


2024


2023

Home closings revenue, net

$       1,920,127


$       1,996,747


$       3,556,382


$       3,609,342

Land closings revenue

13,234


12,628


20,459


17,148

Financial services revenue

48,916


41,914


95,875


77,063

Amenity and other revenue

8,776


9,275


18,089


18,868

Total revenue

1,991,053


2,060,564


3,690,805


3,722,421

Cost of home closings

1,462,706


1,514,237


2,705,915


2,741,750

Cost of land closings

18,703


12,703


23,905


17,048

Financial services expenses

28,106


25,342


53,249


47,490

Amenity and other expenses

9,250


8,597


18,603


16,882

Total cost of revenue

1,518,765


1,560,879


2,801,672


2,823,170

Gross margin

472,288


499,685


889,133


899,251

Sales, commissions and other marketing costs

113,956


113,034


216,556


205,794

General and administrative expenses

82,779


70,649


150,343


136,910

Net income from unconsolidated entities

(2,628)


(3,186)


(5,379)


(5,115)

Interest expense/(income), net

4,087


(5,120)


4,044


(6,231)

Other expense, net

6,877


8,549


7,472


3,715

Income before income taxes

267,217


315,759


516,097


564,178

Income tax provision

67,303


80,854


125,022


138,045

Net income before allocation to non-controlling interests

199,914


234,905


391,075


426,133

Net income attributable to non-controlling interests

(454)


(303)


(1,345)


(480)

Net income

$          199,460


$          234,602


$          389,730


$          425,653

Earnings per common share:








Basic

$               1.89


$               2.15


$               3.68


$               3.91

Diluted

$               1.86


$               2.12


$               3.61


$               3.85

Weighted average number of shares of common stock:








Basic

105,500


109,210


105,979


108,822

Diluted

107,249


110,856


107,961


110,466

 

Taylor Morrison Home Corporation

Condensed Consolidated Balance Sheets

(In thousands, unaudited)



June 30,
2024


December 31,
2023

Assets




Cash and cash equivalents

$                246,845


$                798,568

Restricted cash

1,928


8,531

Total cash

248,773


807,099

Real estate inventory:




Owned inventory

6,151,776


5,473,828

Consolidated real estate not owned

134,700


71,618

Total real estate inventory

6,286,476


5,545,446

Land deposits

204,551


203,217

Mortgage loans held for sale

313,026


193,344

Lease right of use assets

71,932


75,203

Prepaid expenses and other assets, net

330,093


290,925

Other receivables, net

214,919


184,518

Investments in unconsolidated entities

381,571


346,192

Deferred tax assets, net

67,825


67,825

Property and equipment, net

316,706


295,121

Goodwill

663,197


663,197

Total assets

$             9,099,069


$             8,672,087

Liabilities




Accounts payable

$                310,724


$                263,481

Accrued expenses and other liabilities

518,541


549,074

Lease liabilities

82,059


84,999

Customer deposits

349,066


326,087

Estimated development liabilities

27,416


27,440

Senior notes, net

1,469,574


1,468,695

Loans payable and other borrowings

404,242


394,943

Revolving credit facility borrowings


Mortgage warehouse borrowings

276,205


153,464

Liabilities attributable to consolidated real estate not owned

134,700


71,618

Total liabilities

$             3,572,527


$             3,339,801

Stockholders' equity




Total stockholders' equity

5,526,542


5,332,286

Total liabilities and stockholders' equity

$             9,099,069


$             8,672,087

 

Homes Closed and Home Closings Revenue, Net:



Three Months Ended June 30,


Homes Closed


Home Closings Revenue, Net


Average Selling Price

(Dollars in thousands)

2024


2023


Change


2024


2023


Change


2024


2023


Change

East

1,237


1,228


0.7 %


$       691,129


$       732,279


(5.6) %


$     559


$     596


(6.2 %)

Central

864


936


(7.7) %


480,522


612,630


(21.6) %


556


655


(15.1) %

West

1,099


961


14.4 %


748,476


651,838


14.8 %


681


678


0.4 %

Total

3,200


3,125


2.4 %


$    1,920,127


$    1,996,747


(3.8) %


$     600


$     639


(6.1) %



Six Months Ended June 30,


Homes Closed


Home Closings Revenue, Net


Average Selling Price

(Dollars in thousands)

2024


2023


Change


2024


2023


Change


2024


2023


Change

East

2,170


2,232


(2.8) %


$    1,232,859


$    1,333,890


(7.6) %


$     568


$     598


(5.0 %)

Central

1,696


1,667


1.7 %


952,554


1,076,025


(11.5) %


562


645


(12.9 %)

West

2,065


1,767


16.9 %


1,370,969


1,199,427


14.3 %


664


679


(2.2) %

Total

5,931


5,666


4.7 %


$    3,556,382


$    3,609,342


(1.5) %


$     600


$     637


(5.8) %


Net Sales Orders:



Three Months Ended June 30,


Net Sales Orders


Sales Value


Average Selling Price

(Dollars in thousands)

2024


2023


Change


2024


2023


Change


2024


2023


Change

East

1,160


1,047


10.8 %


$       616,846


$       582,944


5.8 %


$     532


$     557


(4.5 %)

Central

815


808


0.9 %


485,036


489,142


(0.8 %)


595


605


(1.7) %

West

1,136


1,168


(2.7 %)


767,925


782,046


(1.8 %)


676


670


0.9 %

Total

3,111


3,023


2.9 %


$    1,869,807


$    1,854,132


0.8 %


$     601


$     613


(2.0 %)



Six Months Ended June 30,


Net Sales Orders


Sales Value


Average Selling Price

(Dollars in thousands)

2024


2023


Change


2024


2023


Change


2024


2023


Change

East

2,455


2,126


15.5 %


$    1,393,707


$    1,227,463


13.5 %


$     568


$     577


(1.6) %

Central

1,719


1,482


16.0 %


963,455


873,972


10.2 %


560


590


(5.1) %

West

2,623


2,269


15.6 %


1,752,408


1,538,390


13.9 %


668


678


(1.5) %

Total

6,797


5,877


15.7 %


$    4,109,570


$    3,639,825


12.9 %


$     605


$     619


(2.3) %


Sales Order Backlog:



As of June 30,


Sold Homes in Backlog


Sales Value


Average Selling Price

(Dollars in thousands)

2024


2023


Change


2024


2023


Change


2024


2023


Change

East

2,356


2,477


(4.9) %


$    1,641,116


$    1,626,635


0.9 %


$     697


$     657


6.1 %

Central

1,423


1,532


(7.1) %


875,064


1,009,441


(13.3) %


615


659


(6.7) %

West

2,477


2,156


14.9 %


1,681,639


1,458,395


15.3 %


679


676


0.4 %

Total

6,256


6,165


1.5 %


$    4,197,819


$    4,094,471


2.5 %


$     671


$     664


1.1 %

 

Ending Active Selling Communities:



As of


Change


June 30, 2024


June 30, 2023



East

122


103


18.4 %

Central

106


103


2.9 %

West

119


121


(1.7 %)

Total

347


327


6.1 %

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 provide our investors with supplemental information relating to: (i) adjusted net income and adjusted earnings per common share, (ii) adjusted income before income taxes and related margin, (iii) adjusted home closings gross margin, (iv) EBITDA and adjusted EBITDA and (v) net homebuilding debt to capitalization ratio.

Adjusted net income, adjusted earnings per common share and adjusted income before income taxes and related margin are non-GAAP financial measures that reflect the net income/(loss) available to the Company excluding, to the extent applicable in a given period, the impact of inventory or land impairment charges, impairment of investment in unconsolidated entities, pre-acquisition abandonment charges, gains/losses on land transfers to joint ventures, extinguishment of debt, net, and legal reserves or settlements that the Company deems not to be in the ordinary course of business and in the case of adjusted net income and adjusted earnings per common share, the tax impact due to such items. Adjusted home closings gross margin is a non-GAAP financial measure calculated on GAAP home closings gross margin (which is inclusive of capitalized interest), excluding inventory impairment charges. EBITDA and Adjusted EBITDA are non-GAAP financial measures that measure performance by adjusting net income before allocation to non-controlling interests to exclude, as applicable, interest expense/(income), net, amortization of capitalized interest, income taxes, depreciation and amortization (EBITDA), non-cash compensation expense, if any, inventory or land impairment charges, impairment of investment in unconsolidated entities, pre-acquisition abandonment charges, gains/losses on land transfers to joint ventures, extinguishment of debt, net and legal reserves or settlements that the Company deems not to be in the ordinary course of business, in each case, as applicable in a given period. Net homebuilding debt to capitalization ratio is a non-GAAP financial measure we calculate by dividing (i) total debt, plus unamortized debt issuance cost/(premium), net, and less mortgage warehouse borrowings, net of unrestricted cash and cash equivalents ("net homebuilding debt"), by (ii) total capitalization (the sum of net homebuilding debt and total stockholders' equity).

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 that adjusted net income, adjusted earnings per common share, adjusted income before income taxes and related margin, 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.

A reconciliation of (i) adjusted net income and adjusted earnings per common share, (ii) adjusted income before income taxes and related margin, (iii) adjusted home closings gross margin, (iv) EBITDA and adjusted EBITDA and (v) net homebuilding debt to capitalization ratio to the comparable GAAP measures is presented below.

Adjusted Net Income and Adjusted Earnings Per Common Share



Three Months Ended
June 30,

(Dollars in thousands, except per share data)

2024


2023

Net income

$           199,460


$           234,602

Legal reserves or settlements(1)

6,290


Inventory impairments(2)

2,325


Fair value adjustment for land held for sale(3)

6,782


Tax impact due to above non-GAAP reconciling items

(3,878)


Adjusted net income

$           210,979


$           234,602

Basic weighted average number of shares

105,500


109,210

Adjusted earnings per common share - Basic

$                 2.00


$                 2.15

Diluted weighted average number of shares

107,249


110,856

Adjusted earnings per common share - Diluted

$                 1.97


$                 2.12

 

Adjusted Income Before Income Taxes and Related Margin






Three Months Ended
June 30,

(Dollars in thousands)

2024


2023

Income before income taxes

267,217


315,759

Legal reserves or settlements(1)

6,290


Inventory impairments(2)

2,325


Fair value adjustment for land held for sale(3)

6,782


Adjusted income before income taxes

$        282,614


$        315,759

Total revenue

1,991,053


2,060,564

Income before income taxes margin

13.4 %


15.3 %

Adjusted income before income taxes margin

14.2 %


15.3 %

 

Adjusted Home Closings Gross Margin






Three Months Ended June 30,

(Dollars in thousands)

2024


2023

Home closings revenue, net

$     1,920,127


$     1,996,747

Cost of home closings

1,462,706


1,514,237

Home closings gross margin

$        457,421


$        482,510

Inventory impairments(2)

2,325


Adjusted home closings gross margin

$        459,746


$        482,510

Home closings gross margin as a percentage of home closings revenue, net

23.8 %


24.2 %

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

23.9 %


24.2 %

 

EBITDA and Adjusted EBITDA Reconciliation



Three Months Ended
June 30,

(Dollars in thousands)

2024


2023

Net income before allocation to non-controlling interests

$        199,914


$        234,905

Interest expense/(income), net

4,087


(5,120)

Amortization of capitalized interest

28,303


37,352

Income tax provision

67,303


80,854

Depreciation and amortization

3,450


1,540

EBITDA

$        303,057


$        349,531

Non-cash compensation expense

6,072


5,271

Legal reserves or settlements(1)

6,290


Inventory impairments (2)

2,325


Fair value adjustment for land held for sale(3)

6,782


Adjusted EBITDA

$        324,526


$        354,802

Total revenue

$     1,991,053


$     2,060,564

Net income before allocation to non-controlling interests as a percentage of total revenue

10.0 %


11.4 %

EBITDA as a percentage of total revenue

15.2 %


17.0 %

Adjusted EBITDA as a percentage of total revenue

16.3 %


17.2 %



(1)

Included in Other expense, net on the unaudited Condensed consolidated statements of operations.

(2)

Included in Cost of home closings on the unaudited Condensed consolidated statements of operations.

(3)

Included in Cost of land closings on the unaudited Condensed consolidated statements of operations.

 

Net Homebuilding Debt to Capitalization Ratios Reconciliation


(Dollars in thousands)

As of
June 30, 2024


As of
March 31, 2024


As of
June 30, 2023

Total debt

$           2,150,021


$           2,093,499


$           2,393,571

Plus: unamortized debt issuance cost, net

7,496


7,935


9,613

Less: mortgage warehouse borrowings

(276,205)


(183,174)


(249,898)

Total homebuilding debt

$           1,881,312


$           1,918,260


$           2,153,286

Total equity

5,526,542


5,426,168


5,095,313

Total capitalization

$           7,407,854


$           7,344,428


$           7,248,599

Total homebuilding debt to capitalization ratio

25.4 %


26.1 %


29.7 %

Total homebuilding debt

$           1,881,312


$           1,918,260


$           2,153,286

Less: cash and cash equivalents

(246,845)


(554,287)


(1,227,264)

Net homebuilding debt

$           1,634,467


$           1,363,973


$              926,022

Total equity

5,526,542


5,426,168


5,095,313

Total capitalization

$           7,161,009


$           6,790,141


$           6,021,335

Net homebuilding debt to capitalization ratio

22.8 %


20.1 %


15.4 %

CONTACT:
Mackenzie Aron, VP Investor Relations
(480) 734-2060
[email protected]

SOURCE Taylor Morrison

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