Taylor Morrison(TMHC) - 2025 Q1 - Quarterly Results

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].