Core Viewpoint - Taylor Morrison Home Corporation will release its second quarter 2025 results on July 23, 2025, before the market opens, followed by a conference call at 8:30 a.m. ET to discuss the results [1]. Company Information - Taylor Morrison is headquartered in Scottsdale, Arizona, and is recognized as one of the leading homebuilders and developers in the United States, serving a diverse range of consumers including first-time, move-up, and resort lifestyle homebuyers and renters [3]. - The company operates under several brands, including Taylor Morrison, Esplanade, and Yardly, and has been recognized as America's Most Trusted® Builder by Lifestory Research from 2016 to 2025 [3]. Conference Call Details - A live audio webcast of the conference call will be available on Taylor Morrison's website, and participants are required to register to receive a unique passcode and dial-in information [2]. - The conference call will be recorded and made available for replay on the company's website [2]. Regulatory Filings - Taylor Morrison's filings will be accessible on the company's website or through the SEC at sec.gov [2].

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Core Insights - Taylor Morrison is expanding its Esplanade resort lifestyle brand to the Las Vegas market, specifically in the Summerlin master-planned community, with nearly 400 homes planned [1][3][5] Group 1: Project Details - The Esplanade at Red Rock will feature homes ranging from approximately 1,550 to 3,000 sq. ft., with configurations of 2-4 bedrooms and 2.5-4.5 baths, including up to 4 car garages [3][4] - Planned amenities include a 10,000 square-foot resort area with a restaurant, bar, spa, fitness center, pool, and golf simulator [3][4] Group 2: Market Positioning - The Esplanade brand has been successful since its launch in Florida over 13 years ago and has expanded to nearly 30 communities across the country, with recent launches in various markets [5] - Sales for the Esplanade at Red Rock are expected to begin in early 2026, with a VIP interest list currently being formed [5] Group 3: Community Features - Summerlin is noted for its extensive amenities, including access to restaurants, retail, entertainment, and cultural venues, as well as over 200 miles of trails in the surrounding natural area [4]

Part I [Item 1. Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Taylor Morrison Home Corporation, including balance sheets, statements of operations, cash flows, and accompanying notes, for the period ended March 31, 2025 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased slightly to $9.38 billion from $9.30 billion at year-end 2024, driven by a rise in real estate inventory, while total liabilities remained stable and total stockholders' equity grew to $5.96 billion Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Total cash | $378,103 | $487,166 | | Total real estate inventory | $6,351,434 | $6,234,084 | | **Total assets** | **$9,384,128** | **$9,297,131** | | **Liabilities & Equity** | | | | Total liabilities | $3,426,604 | $3,418,951 | | Total stockholders' equity | $5,957,524 | $5,878,180 | | **Total liabilities and stockholders' equity** | **$9,384,128** | **$9,297,131** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the first quarter of 2025, the company reported an 11.5% year-over-year increase in total revenue to $1.90 billion, driven by higher home closings revenue, with net income rising to $213.5 million and diluted earnings per share increasing to $2.07 Q1 2025 vs. Q1 2024 Performance (in thousands, except per share amounts) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Home closings revenue, net | $1,830,068 | $1,636,255 | | **Total revenue** | **$1,896,019** | **$1,699,752** | | Gross margin | $463,274 | $416,845 | | Income before income taxes | $278,569 | $248,880 | | **Net income** | **$213,466** | **$190,270** | | **Diluted EPS** | **$2.07** | **$1.75** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first quarter of 2025, net cash provided by operating activities was $77.2 million, a significant improvement from the $130.7 million used in the same period of 2024, primarily due to higher net income and lower cash usage for real estate inventory Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by/(used in) operating activities | $77,231 | $(130,737) | | Net cash used in investing activities | $(45,105) | $(33,047) | | Net cash used in financing activities | $(141,189) | $(85,923) | | **Net Decrease in Cash** | **$(109,063)** | **$(249,707)** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes provide crucial context to the financial statements, detailing the company's business operations, accounting policies, and specific financial items, including inventory impairment, lot details, debt, share repurchases, and legal proceedings - The company operates as a residential homebuilder and land developer across 12 states, with brands like Taylor Morrison, Darling Homes, Esplanade, Yardly (Build-to-Rent), and Urban Form (multi-use properties), also providing financial services through subsidiaries[20](index=20&type=chunk) - In Q1 2025, the company recorded a **$14.9 million inventory impairment charge** related to certain communities in the East segment due to recent price decreases, with no impairment recorded in Q1 2024[28](index=28&type=chunk) Owned and Controlled Lots Summary | Lot Type | As of March 31, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total owned lots | 35,089 | 36,718 | | Total controlled lots | 51,177 | 49,435 | | **Total owned and controlled lots** | **86,266** | **86,153** | - The company repurchased **2.24 million shares for $136.1 million** in Q1 2025. As of March 31, 2025, approximately **$775.0 million remained available** under the stock repurchase program[16](index=16&type=chunk)[72](index=72&type=chunk)[176](index=176&type=chunk) - Regarding the 'Solivita litigation', a court awarded plaintiffs **$22.5 million** for attorneys' fees and other costs in November 2024, which the company has appealed and accrued for its estimated liability[86](index=86&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=22&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for Q1 2025, highlighting a 12% increase in home closings revenue to $1.8 billion, stable gross margin, decreased net sales orders, and a strong liquidity position [First Quarter 2025 Highlights](index=23&type=section&id=First%20Quarter%202025%20Highlights) The first quarter of 2025 was marked by strong revenue growth and shareholder returns, with home closings revenue up 12% to $1.8 billion and significant share repurchases - Home closings revenue: **$1.8 billion** (up **12% YoY**)[100](index=100&type=chunk) - Home closings gross margin: **24.0%**[100](index=100&type=chunk) - Net sales orders: **3,374** (down **8.5% YoY**)[100](index=100&type=chunk) - Share repurchases: **2.2 million shares for $135 million**[100](index=100&type=chunk) - Total liquidity: **$1.3 billion**[100](index=100&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) In Q1 2025, net sales orders decreased by 8.5% while home closings increased by 11.6%, maintaining a consolidated gross margin of 24.0% and improving SG&A efficiency Net Sales Orders by Segment (Q1 2025 vs Q1 2024) | Segment | Net Sales Orders 2025 | Net Sales Orders 2024 | Change | | :--- | :--- | :--- | :--- | | East | 1,391 | 1,295 | 7.4% | | Central | 867 | 904 | (4.1%) | | West | 1,116 | 1,487 | (24.9%) | | **Total** | **3,374** | **3,686** | **(8.5%)** | - The total company cancellation rate increased to **11.0%** in Q1 2025 from **7.0%** in Q1 2024, returning to more historic normalized levels as interest rates stabilized[128](index=128&type=chunk)[130](index=130&type=chunk) - Sales order backlog decreased **18.8% in units** and **20.9% in value** year-over-year, primarily due to fewer net sales orders and improved construction cycle times allowing more homes to close within the quarter[131](index=131&type=chunk) - Consolidated home closings gross margin was **24.0%**, consistent with the prior year. The West segment's margin improved to **23.5%** from **19.9%**, while the East segment's margin fell to **24.3%** from **27.0%**, partly due to a **$14.9 million inventory impairment**[133](index=133&type=chunk)[135](index=135&type=chunk) [Non-GAAP Measures](index=25&type=section&id=Non-GAAP%20Measures) The company uses non-GAAP measures like adjusted net income and gross margin, with adjusted home closings gross margin at 24.8% and net homebuilding debt to capitalization at 20.5% for Q1 2025 Adjusted Home Closings Gross Margin Reconciliation (Q1 2025, in thousands) | Metric | Amount | | :--- | :--- | | Home closings gross margin (GAAP) | $438,708 | | Inventory impairment charges | $14,878 | | **Adjusted home closings gross margin (Non-GAAP)** | **$453,586** | | Home closings gross margin % (GAAP) | 24.0% | | **Adjusted home closings gross margin % (Non-GAAP)** | **24.8%** | Net Homebuilding Debt to Capitalization Ratio Reconciliation (as of March 31, 2025, in thousands) | Metric | Amount | | :--- | :--- | | Total homebuilding debt | $1,914,035 | | Less: cash and cash equivalents | ($377,815) | | **Net homebuilding debt** | **$1,536,220** | | Total stockholders' equity | $5,957,524 | | **Total capitalization** | **$7,493,744** | | **Net homebuilding debt to capitalization ratio** | **20.5%** | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company maintained strong liquidity of $1.31 billion, comprising cash and available credit, and generated $77.2 million in cash from operations Liquidity Summary (in thousands) | Component | As of March 31, 2025 | | :--- | :--- | | Total cash, excluding restricted cash | $377,815 | | Revolving Credit Facility availability | $934,269 | | **Total liquidity** | **$1,312,084** | - Net cash from operating activities improved to a **$77.2 million inflow** in Q1 2025 from a **$130.7 million outflow** in Q1 2024, mainly due to higher net income and changes in inventory spend[148](index=148&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's debt is primarily fixed-rate, with 92% fixed and 8% variable, limiting the impact of interest rate fluctuations on earnings - As of March 31, 2025, approximately **92%** of the company's debt was fixed-rate and **8%** was variable-rate[164](index=164&type=chunk) - A hypothetical **1% increase in interest rates** would increase annual interest expense by approximately **$1.8 million**, based on the variable rate debt outstanding at March 31, 2025[168](index=168&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of March 31, 2025[170](index=170&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2025[171](index=171&type=chunk) Part II [Item 1. Legal Proceedings](index=37&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in various legal claims, with details on ongoing litigation and related accruals provided in Note 13 of the financial statements - This section incorporates by reference the legal proceedings information from Note 13 of the financial statements[173](index=173&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K were reported for the quarter - No material changes to the risk factors set forth in the company's Annual Report were reported for the quarter[174](index=174&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company continued its stock repurchase program in Q1 2025, buying back 2.24 million shares for $137.2 million, with $775.0 million remaining available Share Repurchases for Q1 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2025 | 763,452 | $61.96 | | February 2025 | 898,725 | $61.09 | | March 2025 | 581,818 | $60.32 | | **Total** | **2,243,995** | **$61.19** | - As of March 31, 2025, approximately **$775.0 million remained available** under the company's stock repurchase program, which is authorized through December 31, 2026[176](index=176&type=chunk) [Item 5. Other Information](index=38&type=section&id=ITEM%205.%20Other%20Information) Chairman and CEO Sheryl Palmer adopted a Rule 10b5-1 trading plan for the potential sale of up to 100,000 shares of Common Stock - Chairman and CEO Sheryl Palmer adopted a Rule 10b5-1 trading plan for the sale of up to **100,000 shares** of Common Stock[181](index=181&type=chunk)

Financial Data and Key Metrics Changes - The company delivered 3,048 homes at an average price of $600,000, generating $1.8 billion in home closings revenue, up 12% year-over-year with an adjusted home closings gross margin of 24.8%, up 80 basis points year-over-year [7] - Adjusted earnings per diluted share increased by 25% while book value per share grew 16% to approximately $58 [7] - Reported net income was $213 million or $2.07 per diluted share, with adjusted net income at $225 million or $2.18 per diluted share, up 25% from the previous year [35][36] Business Line Data and Key Metrics Changes - The first quarter orders consisted of 32% entry level, 47% move up, and 21% resort lifestyle, with the resort lifestyle segment posting a 3% increase in net orders year-over-year [12] - The average closing price of deliveries was roughly flat from a year ago at $600,000, with expectations for the second quarter to moderate to approximately $585,000 [36][39] - Cancellations equaled 11% of gross orders, consistent with long-term norms [45] Market Data and Key Metrics Changes - The monthly absorption rate increased to 3.3% per community from 2.6% in the fourth quarter, but was down from 3.7% a year ago [9] - The company experienced strong year-over-year improvement in online home reservations, contributing to improved efficiency gains [11] - The total inventory of both existing and new homes has risen sharply across the country, particularly in non-core submarkets [17] Company Strategy and Development Direction - The company emphasizes a diversified consumer and product strategy to enhance volume and margin resiliency, especially in volatile market environments [8] - The strategic shift into higher pacing larger communities supports long-term return on equity targets [10] - The company aims to deliver between 13,000 to 13,500 homes this year, with a long-term goal of reaching 20,000 closings by 2028 [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted significant macroeconomic and political uncertainty impacting buyer urgency, with consumers taking a wait-and-see approach [51] - Despite challenges, management expressed confidence in the company's strong organizational and financial position to weather potential market volatility [52] - The company expects to see a recovery in demand as consumers regain clarity on the macro outlook [16] Other Important Information - The company moderated its first quarter starts pace by 6% year-over-year and will remain selective in new starts moving forward [20] - The company plans to repurchase approximately $350 million of its shares outstanding this year, the high end of its prior target [22][49] - The liquidity at quarter end was approximately $1.3 billion, including $378 million of unrestricted cash [47] Q&A Session Summary Question: Can you walk us across the various Texas and Florida markets and provide any color on demand changes? - Management noted strong year-over-year sales growth in Florida, particularly in Orlando and Naples, while Texas markets like Austin and Dallas showed positive traction despite market turbulence [56][61] Question: Any thoughts on M&A in the current environment? - Management observed an increase in M&A activity, with smaller private builders becoming more rational in their pricing expectations [68][70] Question: Can you provide a better sense of order trends through the first quarter and April? - Management reported a consistent sales cadence in the first quarter, with a 10% increase in February and a 13% increase in March, but noted April has been choppy due to macro events [75][76] Question: What are the expected drivers of back half guidance versus Q2? - Management indicated that higher spec penetration and lot cost inflation would impact margins, with expectations to hover around 23% for the rest of the year [80][81] Question: Can you discuss the pricing environment and elasticity? - Management stated that price adjustments would be a last resort, with a focus on using finance incentives to attract buyers [92][94] Question: What are you seeing in the land market today? - Management noted opportunities to negotiate more favorable terms in the land market, with a focus on balancing patience and opportunism [103] Question: Can you elaborate on the gross margin expectations? - Management expects gross margins to remain around 23% for the second half of the year, influenced by spec home penetration and cost inflation [104][110]

For the quarter ended March 2025, Taylor Morrison Home (TMHC) reported revenue of $1.9 billion, up 11.6% over the same period last year. EPS came in at $2.18, compared to $1.75 in the year-ago quarter.The reported revenue represents a surprise of +4.75% over the Zacks Consensus Estimate of $1.81 billion. With the consensus EPS estimate being $1.85, the EPS surprise was +17.84%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Str ...

Taylor Morrison Home (TMHC) Q1 2025 Earnings Call April 23, 2025 08:30 AM ET Company Participants Mackenzie Aron - VP, IRSheryl Palmer - Chairman & CEOErik Heuser - Chief Corporate Operations OfficerCurt VanHyfte - Executive VP & CFOMichael Rehaut - Executive DirectorAlan Ratner - Managing DirectorMike Dahl - Managing Director - Equity ResearchCarl Reichardt - Managing Director - Equity ResearchJay McCanless - SVP - Equity ResearchBuck Horne - Managing Director - Equity ResearchAlex Barron - President & Fou ...

Financial Performance - First quarter 2025 net income was $213 million, or $2.07 per diluted share, with adjusted net income at $225 million, or $2.18 per diluted share[3]. - Total revenue for Q1 2025 was $1,896,019,000, up from $1,699,752,000 in Q1 2024, reflecting a growth of 11.6%[23]. - Net income for Q1 2025 rose to $213,466,000, compared to $190,270,000 in Q1 2024, marking an increase of 12.2%[23]. - Adjusted net income for Q1 2025 was $224,881,000, up from $190,270,000 in Q1 2024, indicating a significant increase[37]. - Adjusted EBITDA rose to $336,200,000 in Q1 2025, compared to $281,083,000 in Q1 2024, marking a significant increase of 19.6%[43]. - The company reported a gross margin of $463,274,000 in Q1 2025, up from $416,845,000 in Q1 2024[23]. - EBITDA as a percentage of total revenue improved to 16.5% in Q1 2025 from 16.2% in Q1 2024[43]. Home Closings and Sales - Home closings revenue reached $1.8 billion, up 12% year over year, driven by 3,048 closings at an average price of $600,000[5][11]. - Home closings revenue increased to $1,830,068,000 in Q1 2025 from $1,636,255,000 in Q1 2024, representing an increase of 11.8%[23]. - For full year 2025, home closings are expected to be between 13,000 to 13,500, with a gross margin around 23%[14]. - Net sales orders decreased by 8% to 3,374, with a monthly absorption pace of 3.3, down from 3.7 a year ago[6][11]. - Net sales orders decreased by 8.5% to 3,374 homes in Q1 2025 from 3,686 homes in Q1 2024[27]. - The sales order backlog as of March 31, 2025, was 5,068 homes, down 18.8% from 6,244 homes in the same period last year[28]. Financial Position and Liquidity - Total liquidity stood at $1.3 billion, including $934 million available on the revolving credit facility[11]. - Total assets increased to $9,384,128,000 as of March 31, 2025, compared to $9,297,131,000 at the end of 2024[25]. - The total stockholders' equity increased to $5,957,524,000 as of March 31, 2025, from $5,878,180,000 at the end of 2024[25]. - The total stockholders' equity rose to $5,957,524,000 as of March 31, 2025, compared to $5,426,168,000 a year earlier, reflecting an increase of 9.8%[45]. - The company repurchased 2.2 million shares for $135 million, with remaining authorization of $775 million[11]. Debt and Interest - The total homebuilding debt to capitalization ratio improved to 24.3% as of March 31, 2025, down from 26.1% a year earlier[45]. - Net homebuilding debt increased to $1,536,220,000 as of March 31, 2025, compared to $1,363,973,000 a year prior, indicating a rise of 12.7%[45]. - The net homebuilding debt to capitalization ratio was 20.5% as of March 31, 2025, slightly up from 20.1% a year earlier[45]. - Interest expense increased to $8,499,000 in Q1 2025 from a net income of $(43,000) in Q1 2024, indicating a shift in interest costs[43]. Inventory and Impairment - Inventory impairment charges were recorded at $14,878,000 in Q1 2025, with no such charges in Q1 2024[43]. - Homebuilding land investment totaled $469 million, with 46% allocated to development[11]. Customer Metrics - The mortgage capture rate improved to 89%, up from 87% a year ago, indicating strong financing performance[11]. - The average selling price of homes closed in Q1 2025 was $600,000, slightly up from $599,000 in Q1 2024[26].

SCOTTSDALE, Ariz., April 23, 2025 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced results for the first quarter ended March 31, 2025. Reported first quarter net income was $213 million, or $2.07 per diluted share, while adjusted net income was $225 million, or $2.18 per diluted share.First quarter 2025 highlights: Home closings revenue of $1.8 billion, up 12% year over year 3,048 closings, up 12% year over year, at an average pric ...

SCOTTSDALE, Ariz., March 26, 2025 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) ("Taylor Morrison"), a leading national developer and homebuilder, announced today that it will release its first quarter 2025 results before the market opens on Wednesday, Apr. 23, 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 ...