Core Insights - The 2025 CNBC Changemakers list recognizes 50 women leaders making significant impacts in the business world, highlighting the underrepresentation of women in leadership roles, particularly in Fortune 500 companies where only 10% of CEOs are women [2][5] - Sheryl Palmer, CEO of Taylor Morrison, has been acknowledged for her commitment to increasing opportunities for women in the homebuilding industry, emphasizing the importance of representation in leadership roles [3][4] Company Performance - Under Sheryl Palmer's leadership since 2013, Taylor Morrison has achieved strategic growth through seven acquisitions and has been recognized as America's Most Trusted® Home Builder for ten consecutive years [3] - The company reported over $8 billion in revenue across 20 markets in 2024, showcasing its significant market presence and consumer trust [3] Workforce Diversity - Taylor Morrison boasts a female workforce of 44%, significantly higher than the construction industry average of 11%, reflecting the company's commitment to inclusivity and diversity [4]

Debt and Interest Rates - As of December 31, 2024, approximately 92% of the company's debt was fixed rate, while 8% was variable rate[312]. - The company had no outstanding borrowings under its $1 Billion Revolving Credit Facility as of December 31, 2024, with approximately $947.1 million of additional availability for borrowings[312]. - Each 1% increase in interest rates would increase the interest incurred by the company by approximately $1.7 million per year for its variable rate debt[316]. - The total fixed rate debt amounts to $1,952.6 million, with a weighted average interest rate of 4.9%[316]. - The effective weighted average interest rate for variable rate debt is 6.2%[316]. - The company’s mortgage warehouse facilities use SOFR as the basis for determining interest rates, which may lead to increased costs for variable rate indebtedness[313]. - The total mortgage warehouse borrowings as of December 31, 2024 amounted to $174.46 million, with a total facility amount of $410 million[440]. - The company reported total debt of $2.127 billion as of December 31, 2024, with future minimum principal payments scheduled for 2025 at $307.646 million[443]. - Total debt increased to $2.13 billion in 2024 from $2.02 billion in 2023, marking a 5.5% increase[419]. Financial Performance - Total revenue for 2024 was $8,168,136, an increase of 10.1% from $7,417,831 in 2023[337]. - Home closings revenue reached $7,755,219, up 8.3% from $7,158,857 in the previous year[337]. - Net income for 2024 was $883,309, representing a 14.8% increase compared to $768,929 in 2023[337]. - Earnings per diluted share increased to $8.27 in 2024 from $6.98 in 2023, a rise of 18.5%[337]. - Total assets grew to $9,297,131 in 2024, up from $8,672,087 in 2023, reflecting a 7.2% increase[335]. - Total liabilities increased to $3,418,951 in 2024, compared to $3,339,801 in 2023, marking a 2.4% rise[335]. - Retained earnings rose to $4,393,853 in 2024, up from $3,510,544 in 2023, an increase of 25.1%[335]. - The company reported a gross margin of $1,984,212 for 2024, compared to $1,783,073 in 2023, indicating a margin improvement[337]. - Financial services revenue increased to $199,459 in 2024, up from $160,312 in 2023, a growth of 24.4%[337]. - Comprehensive income available to Taylor Morrison Home Corporation was $884,922 in 2024, compared to $769,466 in 2023, an increase of 15.0%[340]. - Cash provided by operating activities for 2024 was $210,079,000, a significant decrease from $806,169,000 in 2023[344]. - The company repurchased $347,598,000 worth of common stock in 2024, compared to $127,959,000 in 2023, indicating an increase in share buybacks[344]. Real Estate and Inventory - Total real estate inventory as of December 31, 2024, was $6.234 billion, up from $5.545 billion in 2023, with developed and under development real estate valued at $4.456 billion[404]. - Real estate inventory and land deposits decreased by $797,330,000 in 2024, compared to a decrease of $78,575,000 in 2023[344]. - The company acquired approximately 1,700 owned and controlled lots from Pyatt Builders on April 29, 2024, as part of an asset acquisition[396]. - The total number of owned and controlled lots increased to 86,153 as of December 31, 2024, from 72,362 in 2023[406]. - Real estate inventory in unconsolidated entities increased to $1.397 billion in 2024 from $952.2 million in 2023, with net income from these entities at $16.6 million[411]. Stock and Equity - Total stockholders' equity as of December 31, 2024, reached $5,878,180,000, up from $5,332,286,000 in 2023, reflecting a growth of 10.3%[342]. - As of December 31, 2024, the company authorized a stock repurchase program allowing for the repurchase of up to $1.0 billion of common stock through December 31, 2026[457]. - The total amount repurchased under the stock repurchase program for the year ended December 31, 2024, was 5,607,852 shares, compared to 2,814,956 shares in 2023[460]. - The company recognized stock-based compensation expense of $22.461 million for the year ended December 31, 2024, down from $26.095 million in 2023[462]. - The aggregate intrinsic value of options outstanding as of December 31, 2024, was $63.069 million, compared to $59.758 million in 2023[464]. Tax and Deferred Assets - The provision for income taxes for the year ended December 31, 2024 was $269.548 million, with an effective tax rate of 23.3%[450]. - The company’s effective tax rate decreased from 24.4% in 2023 to 23.3% in 2024[450]. - Deferred tax assets totaled $148.897 million and deferred tax liabilities were $66.921 million as of December 31, 2024, resulting in net deferred tax assets of $76.248 million[452]. - The company has approximately $163.2 million in available gross federal NOL carryforwards, which may offset future taxable income for a period of 20 years[453]. Legal and Compliance - The company is currently under examination by the IRS for certain federal income tax returns for tax years 2015 through 2018 and 2021, with outcomes not yet determinable[455]. - The court has approved an agreement regarding class certification in the ongoing litigation, although the ultimate outcome remains uncertain[482]. - The company has recorded an estimated liability accrual related to a class action suit, reflecting potential costs associated with litigation as of December 31, 2024[482]. Commitments and Liabilities - Total future minimum lease payments required under leases as of December 31, 2024, amount to $325.318 million, with $62.378 million in operating lease payments and $262.940 million in finance lease payments[370]. - Total accrued expenses and other liabilities increased to $632.25 million in 2024 from $549.07 million in 2023, representing a 15.1% increase[414]. - Self-insurance and warranty reserves rose to $214.11 million in 2024, up from $184.45 million in 2023, reflecting a 16.0% increase[414]. - Estimated development liabilities were reduced by $23.1 million in 2024, contributing approximately $0.17 per diluted share, compared to a reduction of $14.8 million and $0.10 per diluted share in 2023[417]. Derivative Instruments and Risk Management - The fair value of derivative assets related to interest rate lock commitments is reflected on the balance sheet, with changes recognized in Financial Services revenue[372]. - The fair value of interest rate lock commitments (IRLCs) was $(5,917) thousand as of December 31, 2024, with a notional amount of $233,881 thousand[484]. - The company has exposure to credit loss from derivative instruments used in rate risk management, managed by selecting financially strong counterparties and spreading risk[486]. - The notional amounts in the derivative instruments table include mandatory and best effort mortgages that have been locked and approved[484].

2 Investor Presentation Fourth Quarter 2024 Strategic priorities grounded in sustaining attractive full-cycle returns Operational Efficiency Returns-Focused Land Investment Balanced Capital Allocation • Diversified Consumer Base • Balanced To-be-Built and Spec Home Strategy • Pace and Price Management • Floorplan and Option Rationalization • "Canvas" Option Packages on All Spec Homes • Digital Sales and Marketing Innovation • Efficiencies with Enhanced Scale • Focused on Investing in Prime Core Locations • ...

Taylor Morrison Home Corporation (NYSE:TMHC) Q4 2024 Earnings Conference Call February 12, 2025 8:30 AM ET Company Participants Mackenzie Aron - Vice President-Investor Relations Sheryl Palmer - Chairman and Chief Executive Officer Erik Heuser - Chief Corporate Operations Officer Curt VanHyfte - Chief Financial Officer Conference Call Participants Elizabeth Langan - Barclays Michael Rehaut - J.P. Morgan Michael Dahl - RBC Trevor Allinson - Wolfe Research Alan Ratner - Zelman and Associates Carl Reichardt - ...

Core Viewpoint - Taylor Morrison Home (TMHC) reported strong quarterly earnings, exceeding expectations and showing significant year-over-year growth in both earnings and revenues [1][2]. Financial Performance - Quarterly earnings were $2.64 per share, surpassing the Zacks Consensus Estimate of $2.40 per share, and up from $2.05 per share a year ago, representing a 10% earnings surprise [1] - Revenues for the quarter ended December 2024 were $2.36 billion, exceeding the Zacks Consensus Estimate by 10.53% and up from $2.02 billion year-over-year [2] - The company has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] Stock Performance and Outlook - Taylor Morrison shares have increased approximately 1.9% year-to-date, compared to a 3.2% gain in the S&P 500 [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Current consensus EPS estimate for the upcoming quarter is $1.85 on revenues of $1.83 billion, and for the current fiscal year, it is $9.32 on revenues of $8.56 billion [7] Industry Context - The Building Products - Home Builders industry is currently ranked in the bottom 3% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry outlook can significantly affect stock performance [5][8]

Financial Performance - Fourth quarter net income was $242 million, or $2.30 per diluted share, while adjusted net income was $278 million, or $2.64 per diluted share[2]. - Full year reported net income was $883 million, or $8.27 per diluted share, with adjusted net income at $931 million, or $8.72 per diluted share[2]. - Net income for Q4 2024 was $242,453, representing a 40.5% increase compared to $172,585 in Q4 2023[30]. - Adjusted net income for Q4 2024 was $277,760,000, up from $223,236,000 in Q4 2023, representing a 24.4% increase[41]. - Adjusted earnings per common share (diluted) for the twelve months ended December 31, 2024, was $8.72, compared to $7.54 in 2023, a 15.7% increase[41]. Revenue and Sales - Home closings revenue for the fourth quarter was $2.2 billion, up 12% year over year, with 3,571 closings at an average price of $608,000[6]. - Home closings revenue for Q4 2024 reached $2,169,703, a 12.0% increase from $1,937,632 in Q4 2023[30]. - Total revenue for the twelve months ended December 31, 2024, was $8,168,136, up 10.1% from $7,417,831 in 2023[30]. - Total revenue for Q4 2024 reached $2,356,489,000, compared to $2,019,865,000 in Q4 2023, marking a 11.7% growth[43]. - Home closings revenue for the twelve months ended December 31, 2024, was $7,755,219,000, compared to $7,158,857,000 in 2023, a 8.3% increase[45]. Home Closings and Orders - Net sales orders increased 11% year over year to 2,621, with a monthly absorption pace of 2.6, up from 2.4 a year ago[6]. - Net sales orders for Q4 2024 totaled 2,621, an 11.0% increase from 2,361 in Q4 2023[31]. - The sales order backlog as of December 31, 2024, decreased by 10.3% to 4,742 homes, with a sales value of $3,192,148, down from $3,644,630 in 2023[32]. - The company ended Q4 2024 with 339 active selling communities, a 3.7% increase from 327 in Q4 2023[33]. Margins and Profitability - Home closings gross margin was 24.8% for the fourth quarter, an increase of 70 basis points from the previous year[10]. - The adjusted home closings gross margin for Q4 2024 was 24.9% of home closings revenue, compared to 24.1% in Q4 2023[45]. - Income before income taxes for Q4 2024 was $307,330,000, up from $225,254,000 in Q4 2023, indicating a 36.5% increase[43]. - Adjusted income before income taxes margin for Q4 2024 was 14.9%, compared to 14.4% in Q4 2023[43]. Assets and Equity - Total assets as of December 31, 2024, were $9,297,131, an increase from $8,672,087 in 2023[29]. - The total stockholders' equity increased to $5,878,180 in 2024, up from $5,332,286 in 2023[29]. Debt and Liquidity - Total liquidity at quarter end was approximately $1.4 billion, with a gross homebuilding debt-to-capital ratio of 24.9%[14]. - The net homebuilding debt to capitalization ratio improved to 20.0% as of December 31, 2024, down from 22.5% as of September 30, 2024[49]. - The total homebuilding debt to capitalization ratio was 24.9% as of December 31, 2024, slightly down from 25.1% as of September 30, 2024[49]. Share Repurchase - The company repurchased 5.6 million common shares for $348 million during the year, improving return on equity to approximately 16%[7]. Future Outlook - For 2025, the company forecasts home closings between 13,500 to 14,000, with a gross margin in the range of 23% to 24%[7].

SCOTTSDALE, Ariz., Feb. 12, 2025 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced results for the fourth quarter and full year ended December 31, 2024. Reported fourth quarter net income was $242 million, or $2.30 per diluted share, while adjusted net income was $278 million, or $2.64 per diluted share. For the full year 2024, reported net income was $883 million, or $8.27 per diluted share, while adjusted net income was $931 million ...

SCOTTSDALE, Ariz., Jan. 15, 2025 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) ("Taylor Morrison"), a leading national developer and homebuilder, announced today that it will release its fourth quarter 2024 results before the market opens on Wednesday, Feb. 12, 2025. Taylor Morrison will hold a conference call to discuss its results the same day 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 ...

SCOTTSDALE, Ariz., Jan. 13, 2025 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) ("Taylor Morrison"), a leading national developer and homebuilder, will host its first-ever Investor Day on Thursday, March 6, 2025, in Sarasota, Florida.The event will feature presentations by Taylor Morrison's executive leadership team on the Company's long-term strategic vision and guest speaker Ali Wolf, Chief Economist at Zonda, on the state of the housing market. In-person attendees will also have the opport ...

National home builder leads industry in trust index since 2016SCOTTSDALE, Ariz., Jan. 7, 2025 /PRNewswire/ -- National homebuilder and land developer Taylor Morrison (NYSE: TMHC) has earned the title of America's Most Trusted® Home Builder by Lifestory Research for a record ten years.    Taylor Morrison has earned the title of America’s Most Trusted® Home Builder by Lifestory Research for a record ten years. "Every year that Taylor Morrison has been named America's Most Trusted® Home Builder is meaningf ...