Financial Data and Key Metrics Changes - In Q4 2023, the company delivered 11,495 homes, generating $7.2 billion in homebuilding revenue with an adjusted gross margin of 24% [14] - Adjusted earnings per diluted share were $7.54, with book value per share increasing by 15% year-over-year to $49 [14] - The company reported a net income of $223 million or $2.05 per diluted share for Q4, with a reported net income of $173 million or $1.58 per diluted share [57] Business Line Data and Key Metrics Changes - Net sales orders increased by 30% year-over-year in Q4, with a strong acceleration in December [27] - The entry-level segment accounted for 34% of net sales orders, while the move-up category represented 42% and resort lifestyle 24% [37] - The average closing price for homes in Q4 was $607,000, reflecting a shift towards more affordable products [62] Market Data and Key Metrics Changes - The company experienced a 29% increase in monthly absorption pace to 2.4 homes per community [65] - Cancellation rates decreased to 11.6% of gross orders, down from 24.4% a year ago, indicating strong demand [66] - The average credit score of buyers financed by the company was 751, with an average household income of nearly $180,000 [39] Company Strategy and Development Direction - The company aims to reaccelerate growth with a target of at least 12,000 home closings in 2024 and approximately 10% growth in 2025 [18] - A $1.8 billion land investment in 2023 supports growth aspirations, with planned land spending of $2.3 billion to $2.5 billion in 2024 [19] - The strategic shift towards larger self-developed communities is expected to enhance margins and improve long-term planning visibility [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating headwinds from rising interest rates and economic uncertainty, citing operational efficiency and a strong land portfolio [15][18] - The company anticipates continued modest pricing opportunities and a reduction in incentives as the market stabilizes [109] - Management highlighted the importance of diversification across buyer groups to mitigate risks and enhance growth potential [17] Other Important Information - The company generated $827 million in cash flow from operations in 2023, ending the year with approximately $1.8 billion in liquidity [70] - The net debt to capitalization ratio improved to 16.8%, down from 24% a year ago, reflecting a strong balance sheet [71] - The company has repurchased approximately $889 million in shares since 2020, reducing the diluted share count by over 30% [73] Q&A Session Questions and Answers Question: Can you elaborate on your gross margin guidance for Q1? - Management indicated that the guidance reflects a slight pullback in incentives, offset by operational efficiencies and cost management strategies [88] Question: How does the company view M&A opportunities in the current environment? - Management is focused on organic growth but remains open to strategic acquisitions that provide geographic or product benefits [90] Question: What is the reasoning behind the expected average selling price of $600,000 for 2024? - The expected price reflects a shift towards more affordable products, particularly in the entry-level segment, compared to the higher ASP in the backlog [92] Question: Can you discuss the company's land banking strategy and its cost? - Management noted that land banking remains an important option, with current costs being higher than previous deals, but expected to normalize [101][104] Question: What is the status of the Yardly single-family rental recognition? - Management stated that they are being prudent in bringing projects to market, with several deals in the pipeline for potential closure this year [132]

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR Commission File Number: 001-35873 TAYLOR MORRISON HOME CORPORATION (Exact name of registrant as specified in its Charter) (State or o ...

Investor Presentation Third Quarter 2023 At a Glance as of the third quarter 2023 year to date 2023 | --- | --- | --- | |--------------------------------------------------|----------------------------|--------------------| | | | | | 74,000 | $611,000 | $5.2 billion | | homebuilding lots owned & controlled | average home closing price | total revenue | | 6.1 years | 18.2% | 8,305 | | total homebuilding lot supply (3.5 years owned) | return on equity | home closings | | 325 | $1.6 billion | 2.9 | | active sel ...

Taylor Morrison Home Corporation (NYSE:TMHC) Q3 2023 Earnings Conference Call October 25, 2023 8:30 AM ET Company Participants Mackenzie Aron - Vice President, Investor Relations Sheryl Palmer - Chairman and CEO Curt VanHyfte - Chief Financial Officer Erik Heuser - Chief Corporate Operations Officer Conference Call Participants Carl Reichardt - BTIG Paul Przybylski - Wolfe Research Anika Dholakia - Barclays Doug Wardlaw - JPMorgan Alan Ratner - Zelman & Associates Ken Zener - Seaport Research Jay McCanless ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35873 TAYLOR MORRISON HOME CORPORATION (Exact name of registrant as specified in its Charter) (State or other ...

Taylor Morrison Home Corporation (NYSE:TMHC) Q2 2023 Earnings Conference Call July 26, 2023 8:30 AM ET Company Participants Mackenzie Aron - VP, IR Sheryl Palmer - Chairman, President & CEO Erik Heuser - EVP & Chief Corporate Operations Officer Curt VanHyfte - West Area President & Interim CFO Conference Call Participants Michael Rehaut - JPMorgan Chase & Co. Carl Reichardt - BTIG Truman Patterson - Wolfe Research Elizabeth Langan - Barclays Bank Daniel Oppenheim - Crédit Suisse Alex Barrón - Housing Resear ...

Table of Contents (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35873 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q TAYLOR MORRISON HOME CORPORATION (Exact name of registrant as specified in its Charter) (State or other ...

Financial Performance - Total revenue for 2022 was $8,224,917, an increase of 9.6% from $7,501,265 in 2021[330]. - Home closings revenue reached $7,889,371, up 10% from $7,171,433 in the previous year[330]. - Net income attributable to Taylor Morrison Home Corporation for 2022 was $1,052,800, representing a 58.7% increase from $663,026 in 2021[330]. - Earnings per share (EPS) for 2022 were $9.16 (basic), compared to $5.26 in 2021, reflecting a 74.3% increase[330]. - The company reported a gross margin of $2,092,366 for 2022, an increase of 35.2% from $1,547,881 in 2021[330]. - The net income for the year ended December 31, 2022, was $1,056,247,000, compared to $1,052,800,000 in 2021, indicating a slight increase of about 0.4%[334]. - Net income for the year ended December 31, 2022, was $1,056,247, a 55% increase from $682,367 in 2021[337]. - The company reported an income before income taxes of $1,392,675,000 for 2022, compared to $863,108,000 in 2021, representing an increase of approximately 61.2%[463]. Share Repurchase and Dividends - The company intends to use future earnings for business development, working capital, debt repayment, and possibly share repurchases, with no cash dividends anticipated in the foreseeable future[201]. - In 2022, the company repurchased a total of 14,568,364 shares of Common Stock, compared to 9,918,104 shares in 2021, reflecting a significant increase in share repurchase activity[202]. - The company has authorized a $500 million renewal of its stock repurchase program until December 31, 2023, replacing a prior $250 million authorization[203]. - As of December 31, 2022, the amount available for repurchase was $279.1 million, after repurchasing 14,568,364 shares at a cost of $376.3 million[452]. Debt and Financing - As of December 31, 2022, approximately 88% of the company's debt was fixed rate, while 12% was variable rate, indicating a strong preference for fixed-rate debt[305]. - The company had approximately $1.0 billion of additional availability for borrowings under its Credit Facilities, including $130.8 million for letters of credit as of December 31, 2022[305]. - Total debt as of December 31, 2022, is $2,494.6 million, a decrease from $3,299.8 million in 2021, reflecting a reduction of approximately 24.4%[403]. - The company redeemed its 5.875% Senior Notes due 2023 in full on October 31, 2022, resulting in a net loss on extinguishment of debt of $0.8 million for the year ended December 31, 2022[405]. - The company had $361.5 million in loans payable and other borrowings as of December 31, 2022, compared to $404.4 million in 2021, indicating a decrease of approximately 10.6%[403]. - The company transitioned its mortgage warehouse borrowings from LIBOR to SOFR and BSBY, with total mortgage warehouse borrowings of $306.1 million as of December 31, 2022[431][438]. Assets and Liabilities - Total assets decreased to $8,470,724 in 2022 from $8,727,777 in 2021, a decline of 2.9%[328]. - Total liabilities reduced to $3,823,865 in 2022, down 19.6% from $4,756,795 in 2021[328]. - Total accrued expenses and other liabilities decreased to $490,253 as of December 31, 2022, down from $525,209 in 2021, representing a reduction of 6.7%[401]. - The present value of lease liabilities as of December 31, 2022, was $100.2 million, comprising $75.8 million for operating leases and $24.3 million for finance leases[350]. Real Estate and Inventory - Total owned inventory as of December 31, 2022, was $5,346.9 million, a slight decrease from $5,444.2 million in 2021[389]. - Real estate developed or under development as of December 31, 2022, was $3,607.2 million, down from $3,895.7 million in 2021[389]. - Total real estate inventory as of December 31, 2022, was $5,370.9 million, compared to $5,499.5 million in 2021[389]. - The company had outstanding letters of credit and surety bonds totaling $1.2 billion as of December 31, 2022, consistent with the previous year[466]. Taxation - The provision for income taxes for the year ended December 31, 2022, totaled $336.4 million, significantly higher than $180.7 million in 2021[441]. - The effective tax rate for the year ended December 31, 2022, was 24.2%, an increase from 20.9% in 2021, influenced by state income taxes and energy tax credits[442]. - Total deferred tax assets decreased from $248.6 million in 2021 to $215.0 million in 2022, primarily due to reductions in real estate inventory and accruals[444]. Other Financial Metrics - The company reported capitalized interest of $190,123 for the year ended December 31, 2022, an increase of 12.5% from $168,670 in 2021[394]. - The company recognized PRSU expense of $12,642,000 in 2022, up from $8,125,000 in 2021, reflecting a year-over-year increase of approximately 55.5%[459]. - Stock-based compensation expense for the year ended December 31, 2022, totaled $26.9 million, an increase from $19.9 million in 2021[454].

Financial Data and Key Metrics Changes - In Q4 2022, the company delivered over 12,600 homes with a record adjusted home closings gross margin of 25.5%, up more than 500 basis points year-over-year, and an all-time low SG&A ratio of 8.2% [4][5] - Net income increased nearly 60% on a 10% increase in total revenue, with earnings of $2.51 per diluted share, or $2.93 after adjustments [5][22] - The company reduced net home building leverage to 24% from 34% at the end of 2021, and book value per share increased 33% to over $42 [5][31] Business Line Data and Key Metrics Changes - The company reported that 64% of Q4 gross sales orders were for spec homes, up from 47% a year ago, indicating a shift in consumer preference [12] - Average closing price for homes delivered in Q4 was $626,000, generating home closings revenue of $2.4 billion [23] - The average cycle times for home deliveries extended several days due to supply chain challenges, particularly in Florida and the Southeast [23] Market Data and Key Metrics Changes - The company noted a positive momentum in sales activity and shopper sentiment since mid-January, with gross sales orders improving to a normalized pace of approximately three per month [8] - The cancellation rate trended into the mid-teens, with net sales pace at 2.5 compared to 1.9 in Q4 [8][9] - The average deposit from customers in backlog was nearly $70,000 per home, with a capture rate of 78% for buyers financed by Taylor Morrison Home Funding [9] Company Strategy and Development Direction - The company emphasized a balanced and diverse portfolio, serving various consumer segments including entry-level, move-up, and resort lifestyle [6] - Strategic pricing adjustments were made to drive sales and protect backlog value, with a focus on mortgage incentives and selective base price adjustments [7][10] - The company is pursuing cost rationalization opportunities and has moderated starts volume to align with sales activity [11][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that housing market conditions remain below peak levels, but expressed confidence in the enduring demand for home ownership [10] - The company expects to deliver between 2,300 to 2,400 homes in Q1 and between 10,000 to 11,000 homes for the full year [25] - Management highlighted the importance of operational flexibility and innovation in sales programs to navigate the current market [14] Other Important Information - The company was named America’s Most Trusted Homebuilder for the eighth consecutive year and recognized for gender equality in the workplace [33] - The launch of a new build-to-rent brand, Yardly, was announced, focusing on cottage-style homes in branded communities [20] Q&A Session Summary Question: Clarification on normalized net order absorption pace and land spend - Management confirmed that the normalized net order absorption pace was about 2.5 per month and discussed the impact of reduced land spend on future community openings [35][36] Question: Future margin performance relative to peers - Management indicated that while there are challenges, they expect strong margins due to a solid backlog and operational enhancements [40][42] Question: Changes in product mix for 2023 - Management does not anticipate significant changes in the mix between entry-level, move-up, and resort lifestyle products [45] Question: Trends in average selling prices (ASPs) - Management clarified that gross order ASPs were over $600,000, with some adjustments affecting the reported figures [56] Question: Insights on luxury and active adult buyers - Management noted strong engagement from luxury buyers and improvements in active adult segments, particularly in markets like Florida [58][60] Question: Inventory impairment charges and future expectations - Management stated that the impairment charges were expected and attributed to a specific non-core community, with no systemic issues anticipated [67][68] Question: Future incentives and pricing adjustments - Management confirmed a reduction in incentives and a selective approach to base price adjustments, focusing on finance incentives [51][70]

Taylor Morrison Home Corporation (NYSE:TMHC) Q3 2022 Earnings Conference Call October 26, 2022 8:30 AM ET Company Participants Mackenzie Aron - Vice President of Investor Relations Sheryl Palmer - Chairman and Chief Executive Officer Erik Heuser - Chief Corporate Operations Officer Lou Steffens - Chief Financial Officer Conference Call Participants Carl Reichardt - BTIG Elizabeth Langan - Barclays Alan Ratner - Zelman and Associates Doug Wardlaw - JPMorgan Alex Rygiel - B. Riley Securities Paul Przybylski - ...