National homebuilder ranked No. 12 on inaugural list ranking companies based on trust SCOTTSDALE, Ariz., Dec. 23, 2024 /PRNewswire/ -- With a longstanding reputation for trust, national homebuilder and land developer Taylor Morrison (NYSE: TMHC) has been recognized by Forbes on their inaugural list of the Most Trusted Companies in America. The homebuilder ranked No. 12 out of 300 companies across all industries. "There are few things more powerful than trust and it's something we strive to earn amongst all ...

National homebuilder earned its top score in corporate governance SCOTTSDALE, Ariz., Dec. 19, 2024 /PRNewswire/ -- For the third consecutive year, America's Most Trusted® Home Builder Taylor Morrison (NYSE: TMHC) has been recognized by Newsweek as one of America's Most Responsible Companies for 2025. Taylor Morrison earned its highest score in corporate governance, saw its largest increase in the environmental category, and continues to improve year over year with its overall and environmental scores. Each ...

National homebuilder recognized for advancements in managing its sustainability footprintSCOTTSDALE, Ariz., Oct. 28, 2024 /PRNewswire/ -- For the second consecutive year, America's Most Trusted® Home Builder Taylor Morrison (NYSE: TMHC) has been recognized for its sustainability efforts with inclusion on Newsweek's 2025 America's Greenest Companies list. The list highlights U.S. companies focused on reducing their environmental impact in areas such as greenhouse gas emissions, water management and waste red ...

Part I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements%20of%20Taylor%20Morrison%20Home%20Corporation%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Taylor Morrison Home Corporation, including balance sheets, statements of operations, equity, and cash flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$9.30 billion** as of September 30, 2024, from **$8.67 billion** at year-end 2023, primarily driven by a **significant** rise in real estate inventory from **$5.55 billion** to **$6.44 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Total cash | $257,293 | $807,099 | | Total real estate inventory | $6,440,525 | $5,545,446 | | **Total assets** | **$9,300,436** | **$8,672,087** | | **Liabilities & Equity** | | | | Senior notes, net | $1,470,014 | $1,468,695 | | **Total liabilities** | **$3,576,974** | **$3,339,801** | | **Total stockholders' equity** | **$5,723,462** | **$5,332,286** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the nine months ended September 30, 2024, total revenue **increased** to **$5.81 billion** from **$5.40 billion** year-over-year, driving net income **up** to **$640.9 million** from **$596.3 million** Key Performance Indicators (in thousands, except per share amounts) | Metric | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | | Total revenue | $5,811,647 | $5,397,966 | $1,675,545 | | Gross margin | $1,420,202 | $1,290,969 | $391,718 | | Net income | $640,856 | $596,344 | $170,691 | | Diluted EPS | $5.97 | $5.40 | $1.54 | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity grew from **$5.33 billion** at the end of 2023 to **$5.72 billion** by September 30, 2024 - For the nine months ended September 30, 2024, the company repurchased **4,238,767 shares** of common stock for **$260.4 million**[10](index=10&type=chunk) - Net income of **$642.5 million** was the **primary driver** of the **increase** in stockholders' equity during the first nine months of 2024[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, the company experienced a net cash outflow from operating activities of **$228.2 million**, a **significant shift** from the **$550.6 million** net cash inflow in the same period of 2023 Cash Flow Summary (in thousands) | Activity | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash (used in)/provided by operating activities | $(228,170) | $550,561 | | Net cash used in investing activities | $(82,318) | $(94,104) | | Net cash used in financing activities | $(239,318) | $(568,516) | | **Net Decrease in Cash** | **$(549,806)** | **$(112,059)** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details the company's accounting policies and financial data, covering business operations, inventory, debt, segment performance, and legal contingencies - The company operates residential homebuilding and land development businesses across **12 states**, organized into East, Central, West, and Financial Services segments[14](index=14&type=chunk) - Real estate inventory is stated at cost, and the company reviews it for impairment on a community-level basis each reporting period. For the nine months ended September 30, 2024, the company recorded a **$2.3 million** inventory impairment[17](index=17&type=chunk)[19](index=19&type=chunk) - The company utilizes land banking arrangements to acquire land in staged takedowns, limiting risk. As of September 30, 2024, it had the right to purchase **5,822 lots** for an aggregate price of **$968.4 million** under these arrangements[21](index=21&type=chunk)[22](index=22&type=chunk) - The company is involved in legal proceedings, notably the Solivita and Bellalago litigations in Florida concerning amenity fees. An accrual for estimated liability has been recorded for these matters[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results, highlighting **strong** performance, **increased** earnings, and strategic capital management [Third Quarter 2024 Highlights and Business Overview](index=25&type=section&id=Third%20Quarter%202024%20Highlights%20and%20Business%20Overview) The company's residential homebuilding business achieved **significant** Q3 2024 growth, marked by **increased** EPS, sales orders, and **improved** gross margins - Diluted EPS **increased** **54%** to **$2.37**[97](index=97&type=chunk) - Net sales orders **increased** **9%** to **2,830**[97](index=97&type=chunk) - Home closings gross margin **improved** to **24.8%** from **23.1%** a year ago[97](index=97&type=chunk) - The company controlled a **record** **58%** of its **83,579** homebuilding lots off-balance sheet[97](index=97&type=chunk) - Share repurchases totaled **$61 million** during the quarter[97](index=97&type=chunk) [Results of Operations Analysis](index=26&type=section&id=Results%20of%20Operations%20Analysis) Operational performance for Q3 and nine months ended September 30, 2024, showed **strong** growth in home closings, net sales orders, and **expanded** gross margins Key Operational Metrics (Q3 2024 vs Q3 2023) | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Sales Orders | 2,830 | 2,592 | 9.2% | | Homes Closed | 3,394 | 2,639 | 28.6% | | Home Closings Revenue (in thousands) | $2,029,134 | $1,611,883 | 25.9% | | Average Selling Price (Closings) | $598,000 | $611,000 | (2.1)% | | Cancellation Rate | 9.3% | 11.4% | -210 bps | - Consolidated home closings gross margin **increased** by **170 basis points** to **24.8%** for Q3 2024, driven by **improved** product mix and **lower** incentives in the West region[122](index=122&type=chunk) - Financial Services revenue **increased** **24.0%** in Q3 2024 due to a **33%** **increase** in mortgage originations and **higher** gains on sale of loans[123](index=123&type=chunk)[124](index=124&type=chunk) [Non-GAAP Measures](index=28&type=section&id=Non-GAAP%20Measures) The company utilizes non-GAAP measures like adjusted gross margin and debt-to-capitalization ratio to assess financial performance and leverage Adjusted Home Closings Gross Margin Reconciliation (Q3) | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Home closings gross margin | $503,309 | $372,884 | | Inventory impairment charges | — | $11,791 | | **Adjusted home closings gross margin** | **$503,309** | **$384,675** | | **Adjusted home closings gross margin %** | **24.8%** | **23.9%** | Net Homebuilding Debt to Capitalization Ratio | (in thousands) | Sep 30, 2024 | | :--- | :--- | | Net homebuilding debt | $1,660,501 | | Total stockholders' equity | $5,723,462 | | Total capitalization | $7,383,963 | | **Net homebuilding debt to capitalization ratio** | **22.5%** | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity through cash, credit facilities, and senior notes, with total liquidity at **$1.2 billion** as of September 30, 2024 Total Liquidity (in thousands) | Component | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total cash, excluding restricted cash | $256,447 | $798,568 | | Revolving Credit Facilities availability | $945,778 | $1,038,819 | | **Total liquidity** | **$1,202,225** | **$1,837,387** | - Net cash used in operating activities was **$228.2 million** for the nine months ended Sep 30, 2024, a **shift** from **$550.6 million** provided in the prior-year period, **mainly due to** **higher** spending on real estate inventory[133](index=133&type=chunk) - Net cash used in financing activities **decreased** to **$239.3 million** from **$568.5 million** year-over-year, as the prior year included a **$350 million** repayment of senior notes[136](index=136&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk with most debt at fixed rates, while variable rate debt is tied to SOFR, impacting interest expense - As of September 30, 2024, **approximately 89%** of the company's debt was fixed-rate and **11%** was variable-rate[145](index=145&type=chunk) - A hypothetical **1%** **increase** in interest rates on the outstanding variable rate debt balance as of September 30, 2024, would **increase** annual interest expense by **approximately $2.3 million**[148](index=148&type=chunk) - The company had **no outstanding borrowings** under its **$1 Billion** Revolving Credit Facility as of September 30, 2024[145](index=145&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were **effective** as of September 30, 2024 - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of September 30, 2024[149](index=149&type=chunk) - **No changes occurred** in internal control over financial reporting during the quarter ended September 30, 2024, that materially affected, or are reasonably likely to materially affect, internal controls[150](index=150&type=chunk) Part II - OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=ITEM%201.%20Legal%20Proceedings) Legal proceedings, including ongoing litigations concerning amenity fees, are detailed in Note 13 to the financial statements - The company's legal proceedings are discussed in Note 13 of the financial statements, which is **incorporated by reference**[150](index=150&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=ITEM%201A.%20Risk%20Factors) There have been **no material changes** to the risk factors previously disclosed in the company's Annual Report on Form 10-K - **No material changes** to the risk factors set forth in the Company's Annual Report have occurred[151](index=151&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company continued its stock repurchase program in Q3 2024 and **renewed and increased** its authorization to **$1 billion** through December 31, 2026 - On October 23, 2024, the Board of Directors authorized a renewal of the stock repurchase program, permitting the repurchase of up to **$1 billion** of Common Stock through December 31, 2026[151](index=151&type=chunk) Share Repurchases in Q3 2024 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2024 | 374,231 | $55.57 | | August 2024 | — | — | | September 2024 | 669,248 | $67.94 | | **Total** | **1,043,479** | **$63.50** | - As of September 30, 2024, **approximately $236.8 million** remained available for repurchase under the then-existing program[151](index=151&type=chunk) [Item 5. Other Information](index=42&type=section&id=ITEM%205.%20Other%20Information) During the third quarter of 2024, **no directors or officers adopted or terminated** a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - **No directors or officers adopted or terminated** a Rule 10b5-1 trading arrangement during Q3 2024[155](index=155&type=chunk) [Item 6. Exhibits](index=43&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act and Inline XBRL data files - Filed exhibits include **CEO and CFO certifications** under Sections 302 and 906 of the Sarbanes-Oxley Act[157](index=157&type=chunk)

For the quarter ended September 2024, Taylor Morrison Home (TMHC) reported revenue of $2.12 billion, up 26.6% over the same period last year. EPS came in at $2.37, compared to $1.62 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.99 billion, representing a surprise of +6.62%. The company delivered an EPS surprise of +15.05%, with the consensus EPS estimate being $2.06.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

Taylor Morrison Home (TMHC) came out with quarterly earnings of $2.37 per share, beating the Zacks Consensus Estimate of $2.06 per share. This compares to earnings of $1.62 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 15.05%. A quarter ago, it was expected that this home builder would post earnings of $1.91 per share when it actually produced earnings of $1.97, delivering a surprise of 3.14%.Over the last four quarters, the ...

Exhibit 99.1 CONTACT: Mackenzie Aron, VP Investor Relations (480) 734-2060 investor@taylormorrison.com Taylor Morrison Reports Third Quarter 2024 Results SCOTTSDALE, Ariz., Oct. 23, 2024—Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced results for the third quarter ended September 30, 2024. Reported third quarter net income was $251 million, or $2.37 per diluted share, as compared to $171 million, or $1.54 per diluted share, in the prior-year quarte ...

SCOTTSDALE, Ariz., Oct. 23, 2024 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced results for the third quarter ended September 30, 2024. Reported third quarter net income was $251 million, or $2.37 per diluted share, as compared to $171 million, or $1.54 per diluted share, in the prior-year quarter.Third quarter 2024 highlights included the following, as compared to the third quarter of 2023: Diluted EPS increased 54% to $2.37Net sa ...

Analysts on Wall Street project that Taylor Morrison Home (TMHC) will announce quarterly earnings of $2.06 per share in its forthcoming report, representing an increase of 27.2% year over year. Revenues are projected to reach $1.99 billion, increasing 18.7% from the same quarter last year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe ...

SCOTTSDALE, Ariz., Sept. 25, 2024 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) ("Taylor Morrison"), a leading national developer and homebuilder, announced today that it will release its third quarter 2024 results before the market opens on Wednesday, October 23, 2024. 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 Inve ...