Taylor Morrison(TMHC)2025-04-23 10:20Financial Performance - First quarter 2025 net income was 2.07 per diluted share, with adjusted net income at 2.18 per diluted share[3]. - Total revenue for Q1 2025 was 1,699,752,000 in Q1 2024, reflecting a growth of 11.6%[23]. - Net income for Q1 2025 rose to 190,270,000 in Q1 2024, marking an increase of 12.2%[23]. - Adjusted net income for Q1 2025 was 190,270,000 in Q1 2024, indicating a significant increase[37]. - Adjusted EBITDA rose to 281,083,000 in Q1 2024, marking a significant increase of 19.6%[43]. - The company reported a gross margin of 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 600,000[5][11]. - Home closings revenue increased to 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 934 million available on the revolving credit facility[11]. - Total assets increased to 9,297,131,000 at the end of 2024[25]. - The total stockholders' equity increased to 5,878,180,000 at the end of 2024[25]. - The total stockholders' equity rose to 5,426,168,000 a year earlier, reflecting an increase of 9.8%[45]. - The company repurchased 2.2 million shares for 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 1,363,973,000 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 (43,000) in Q1 2024, indicating a shift in interest costs[43]. Inventory and Impairment - Inventory impairment charges were recorded at 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 599,000 in Q1 2024[26].