Taylor Morrison(TMHC) - 2024 Q4 - Annual Results

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$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$608,000[6]. - Home closings revenue for Q4 2024 reached $2,169,703, a 12.0$1,937,632 in Q4 2023[30]. - Total revenue for the twelve months ended December 31, 2024, was $8,168,136, up 10.1$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$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].