|
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
|
|
83-2026677
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
4900 N. Scottsdale Road, Suite 2000
|
|
85251
|
|
Scottsdale,
|
Arizona
|
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.00001 par value
|
TMHC
|
New York Stock Exchange
|
Large Accelerated Filer
|
|
☒
|
|
Accelerated filer
|
|
☐
|
|
|
|
|
|||
Non-accelerated filer
|
|
¨
|
|
Smaller reporting company
|
|
☐
|
|
|
|
|
|
|
|
Emerging growth company
|
|
☐
|
|
|
|
|
Class
|
|
Outstanding as of May 11, 2020
|
Common stock, $0.00001 par value
|
|
129,599,966
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
507,761
|
|
|
$
|
326,437
|
|
Restricted cash
|
|
3,671
|
|
|
2,135
|
|
||
Total cash, cash equivalents, and restricted cash
|
|
511,432
|
|
|
328,572
|
|
||
Owned inventory
|
|
5,706,335
|
|
|
3,967,359
|
|
||
Real estate not owned
|
|
186,885
|
|
|
19,185
|
|
||
Total real estate inventory
|
|
5,893,220
|
|
|
3,986,544
|
|
||
Land deposits
|
|
167,029
|
|
|
39,810
|
|
||
Mortgage loans held for sale
|
|
208,231
|
|
|
190,880
|
|
||
Derivative assets
|
|
8,711
|
|
|
2,099
|
|
||
Lease right of use assets
|
|
73,790
|
|
|
36,663
|
|
||
Prepaid expenses and other assets, net
|
|
177,372
|
|
|
85,515
|
|
||
Other receivables, net
|
|
115,119
|
|
|
70,447
|
|
||
Investments in unconsolidated entities
|
|
127,367
|
|
|
128,759
|
|
||
Deferred tax assets, net
|
|
268,693
|
|
|
140,466
|
|
||
Property and equipment, net
|
|
98,798
|
|
|
85,866
|
|
||
Intangible assets, net
|
|
531
|
|
|
637
|
|
||
Goodwill
|
|
612,079
|
|
|
149,428
|
|
||
Total assets
|
|
$
|
8,262,372
|
|
|
$
|
5,245,686
|
|
Liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
230,312
|
|
|
$
|
164,580
|
|
Accrued expenses and other liabilities
|
|
398,186
|
|
|
325,368
|
|
||
Lease liabilities
|
|
79,724
|
|
|
42,317
|
|
||
Income taxes payable
|
|
3,127
|
|
|
3,719
|
|
||
Customer deposits
|
|
204,336
|
|
|
167,328
|
|
||
Estimated development liability
|
|
36,393
|
|
|
36,705
|
|
||
Senior notes, net
|
|
2,762,075
|
|
|
1,635,008
|
|
||
Loans payable and other borrowings
|
|
299,184
|
|
|
182,531
|
|
||
Revolving credit facility borrowings
|
|
485,000
|
|
|
—
|
|
||
Mortgage warehouse borrowings
|
|
154,109
|
|
|
123,233
|
|
||
Liabilities attributable to real estate not owned
|
|
186,885
|
|
|
19,185
|
|
||
Total liabilities
|
|
4,839,331
|
|
|
2,699,974
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 16)
|
|
|
|
|
||||
Stockholders’ Equity
|
|
|
|
|
||||
Total stockholders’ equity
|
|
3,423,041
|
|
|
2,545,712
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
8,262,372
|
|
|
$
|
5,245,686
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
Home closings revenue, net
|
|
$
|
1,264,640
|
|
|
$
|
899,881
|
|
Land closings revenue
|
|
22,939
|
|
|
4,113
|
|
||
Financial services revenue
|
|
28,039
|
|
|
16,044
|
|
||
Amenity and other revenue
|
|
30,081
|
|
|
5,054
|
|
||
Total revenue
|
|
1,345,699
|
|
|
925,092
|
|
||
Cost of home closings
|
|
1,070,503
|
|
|
735,797
|
|
||
Cost of land closings
|
|
27,132
|
|
|
2,692
|
|
||
Financial services expenses
|
|
20,647
|
|
|
10,721
|
|
||
Amenity and other expenses
|
|
29,661
|
|
|
3,842
|
|
||
Total cost of revenue
|
|
1,147,943
|
|
|
753,052
|
|
||
Gross margin
|
|
197,756
|
|
|
172,040
|
|
||
Sales, commissions and other marketing costs
|
|
86,327
|
|
|
67,429
|
|
||
General and administrative expenses
|
|
50,526
|
|
|
36,454
|
|
||
Equity in income of unconsolidated entities
|
|
(2,426
|
)
|
|
(2,319
|
)
|
||
Interest income, net
|
|
(560
|
)
|
|
(333
|
)
|
||
Other expense/(income), net
|
|
6,290
|
|
|
(1,392
|
)
|
||
Transaction expenses
|
|
86,374
|
|
|
4,129
|
|
||
(Loss)/income before income taxes
|
|
(28,775
|
)
|
|
68,072
|
|
||
Income tax provision
|
|
781
|
|
|
16,791
|
|
||
Net (loss/)income before allocation to non-controlling interests
|
|
(29,556
|
)
|
|
51,281
|
|
||
Net income attributable to non-controlling interests — joint ventures
|
|
(1,875
|
)
|
|
(150
|
)
|
||
Net (loss)/income available to Taylor Morrison Home Corporation
|
|
$
|
(31,431
|
)
|
|
$
|
51,131
|
|
(Loss)/earnings per common share
|
|
|
|
|
||||
Basic
|
|
$
|
(0.26
|
)
|
|
$
|
0.46
|
|
Diluted
|
|
$
|
(0.26
|
)
|
|
$
|
0.46
|
|
Weighted average number of shares of common stock:
|
|
|
|
|
||||
Basic
|
|
121,908
|
|
|
110,512
|
|
||
Diluted
|
|
121,908
|
|
|
111,668
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
(Loss)/income before non-controlling interests, net of tax
|
|
$
|
(29,556
|
)
|
|
$
|
51,281
|
|
Post-retirement benefits adjustments, net of tax
|
|
(13
|
)
|
|
(284
|
)
|
||
Comprehensive (loss)/income
|
|
(29,569
|
)
|
|
50,997
|
|
||
Comprehensive loss attributable to non-controlling interests — joint ventures
|
|
(1,875
|
)
|
|
(150
|
)
|
||
Comprehensive (loss)/income available to Taylor Morrison Home Corporation
|
|
$
|
(31,444
|
)
|
|
$
|
50,847
|
|
For the three months ended March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Treasury Stock
|
|
Stockholders' Equity
|
||||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income
|
|
Non-controlling
Interest - Joint
Venture
|
|
Total
Stockholders’
Equity
|
||||||||||||||||
Balance – December 31, 2019
|
|
105,851,285
|
|
|
$
|
1
|
|
|
$
|
2,097,995
|
|
|
19,943,432
|
|
|
$
|
(343,524
|
)
|
|
$
|
782,350
|
|
|
$
|
884
|
|
|
$
|
8,006
|
|
|
$
|
2,545,712
|
|
Net (loss)/income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,431
|
)
|
|
—
|
|
|
1,875
|
|
|
(29,556
|
)
|
|||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
|||||||
Exercise of stock options
|
|
250,149
|
|
|
—
|
|
|
4,548
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,548
|
|
|||||||
Issuance of restricted stock units, net of shares withheld for tax
|
|
602,418
|
|
|
—
|
|
|
(7,075
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,075
|
)
|
|||||||
Issuance of restricted stock units and warrants in connection with business combinations
|
|
28,327,290
|
|
|
—
|
|
|
849,920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
849,920
|
|
|||||||
Repurchase of common stock
|
|
(5,436,479
|
)
|
|
—
|
|
|
—
|
|
|
5,436,479
|
|
|
(90,163
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(90,163
|
)
|
|||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
11,896
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,896
|
|
|||||||
Stock compensation expense related to WLH acquisition
|
|
|
|
|
|
5,107
|
|
|
|
|
|
|
|
|
|
|
|
|
5,107
|
|
||||||||||||||
WLH equity award accelerations due to change in control
|
|
|
|
|
|
8,421
|
|
|
|
|
|
|
|
|
|
|
|
|
8,421
|
|
||||||||||||||
Distributions to non-controlling interests of consolidated joint ventures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,735
|
|
|
6,735
|
|
|||||||
Changes in non-controlling interests of consolidated joint ventures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117,509
|
|
|
117,509
|
|
|||||||
Balance – March 31, 2020
|
|
129,594,663
|
|
|
$
|
1
|
|
|
$
|
2,970,812
|
|
|
25,379,911
|
|
|
$
|
(433,687
|
)
|
|
$
|
750,919
|
|
|
$
|
871
|
|
|
$
|
134,125
|
|
|
$
|
3,423,041
|
|
For the three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
Class A
|
|
Additional
Paid-in
Capital
|
|
Treasury Stock
|
|
Stockholders' Equity
|
||||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Non-controlling
Interest - Joint
Venture
|
|
Total
Stockholders’
Equity
|
||||||||||||||||
Balance – December 31, 2018
|
|
112,965,856
|
|
|
$
|
1
|
|
|
$
|
2,071,579
|
|
|
11,554,084
|
|
|
$
|
(186,087
|
)
|
|
$
|
527,698
|
|
|
$
|
2,001
|
|
|
$
|
3,543
|
|
|
$
|
2,418,735
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,131
|
|
|
—
|
|
|
150
|
|
|
51,281
|
|
|||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
284
|
|
|
—
|
|
|
284
|
|
|||||||
Exercise of stock options
|
|
3,176
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|||||||
Issuance of restricted stock units, net of shares withheld for tax
|
|
474,567
|
|
|
—
|
|
|
(1,493
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,493
|
)
|
|||||||
Exchange of B shares from public offerings
|
|
—
|
|
|
—
|
|
|
3,417
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,417
|
|
|||||||
Repurchase of common stock
|
|
(4,376,879
|
)
|
|
—
|
|
|
—
|
|
|
4,376,879
|
|
|
(77,839
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(77,839
|
)
|
|||||||
Distributions to non-controlling interests of consolidated joint ventures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(17
|
)
|
|||||||
Changes in non-controlling interests of consolidated joint ventures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
905
|
|
|
905
|
|
|||||||
Balance – March 31, 2019
|
|
109,066,720
|
|
|
$
|
1
|
|
|
$
|
2,073,542
|
|
|
15,930,963
|
|
|
$
|
(263,926
|
)
|
|
$
|
578,829
|
|
|
$
|
2,285
|
|
|
$
|
4,581
|
|
|
$
|
2,395,312
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net (loss)/income before allocation to non-controlling interests
|
|
$
|
(29,556
|
)
|
|
$
|
51,281
|
|
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
|
|
|
|
|
||||
Equity in income of unconsolidated entities
|
|
(2,426
|
)
|
|
(2,319
|
)
|
||
Stock compensation expense
|
|
17,002
|
|
|
3,417
|
|
||
Distributions of earnings from unconsolidated entities
|
|
1,489
|
|
|
2,435
|
|
||
Depreciation and amortization
|
|
8,601
|
|
|
7,765
|
|
||
Operating lease expense
|
|
3,752
|
|
|
2,065
|
|
||
Debt issuance costs/premium amortization
|
|
(406
|
)
|
|
(71
|
)
|
||
Land held for sale write-downs
|
|
4,347
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Real estate inventory and land deposits
|
|
73,261
|
|
|
(133,111
|
)
|
||
Mortgages held for sale, prepaid expenses and other assets
|
|
1,535
|
|
|
42,670
|
|
||
Customer deposits
|
|
32,516
|
|
|
11,470
|
|
||
Accounts payable, accrued expenses and other liabilities
|
|
(37,422
|
)
|
|
(13,896
|
)
|
||
Income taxes payable
|
|
(592
|
)
|
|
—
|
|
||
Net cash provided by/(used in) operating activities
|
|
72,101
|
|
|
(28,294
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Purchase of property and equipment
|
|
(6,031
|
)
|
|
(6,194
|
)
|
||
Payments for business acquisitions, net of cash acquired
|
|
(209,446
|
)
|
|
—
|
|
||
Distributions of capital from unconsolidated entities
|
|
6,713
|
|
|
3,180
|
|
||
Investments of capital into unconsolidated entities
|
|
(3,042
|
)
|
|
(1,089
|
)
|
||
Net cash used in investing activities
|
|
(211,806
|
)
|
|
(4,103
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Increase in loans payable and other borrowings
|
|
18,205
|
|
|
2,066
|
|
||
Repayments of loans payable and other borrowings
|
|
(32,726
|
)
|
|
(13,078
|
)
|
||
Borrowings on revolving credit facility
|
|
695,000
|
|
|
35,000
|
|
||
Repayments on revolving credit facility
|
|
(210,000
|
)
|
|
—
|
|
||
Borrowings on mortgage warehouse
|
|
432,488
|
|
|
159,522
|
|
||
Repayment on mortgage warehouse
|
|
(446,555
|
)
|
|
(230,761
|
)
|
||
Repayments on senior notes
|
|
(50,000
|
)
|
|
—
|
|
||
Payment of deferred financing costs
|
|
(3
|
)
|
|
—
|
|
||
Proceeds from stock option exercises
|
|
4,548
|
|
|
39
|
|
||
Payment of principle portion of finance lease
|
|
(1,325
|
)
|
|
—
|
|
||
Repurchase of common stock, net
|
|
(90,163
|
)
|
|
(77,839
|
)
|
||
Payment of taxes related to net share settlement of equity awards
|
|
(7,075
|
)
|
|
(1,493
|
)
|
||
Changes and distributions to non-controlling interests of consolidated joint ventures, net
|
|
10,171
|
|
|
888
|
|
||
Net cash provided by/(used in) financing activities
|
|
322,565
|
|
|
(125,656
|
)
|
||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
$
|
182,860
|
|
|
$
|
(158,053
|
)
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period
|
|
328,572
|
|
|
331,859
|
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period
|
|
$
|
511,432
|
|
|
$
|
173,806
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
||||
Income taxes refund, net
|
|
$
|
325
|
|
|
$
|
(1
|
)
|
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
|
||||
Change in loans payable issued to sellers in connection with land purchase contracts
|
|
$
|
20,189
|
|
|
$
|
11,120
|
|
Change in inventory not owned
|
|
$
|
(22,281
|
)
|
|
$
|
(366
|
)
|
Issuance of common stock in connection with business acquisition
|
|
$
|
867,284
|
|
|
$
|
—
|
|
Net non-cash contributions from non-controlling interests
|
|
$
|
6,697
|
|
|
$
|
—
|
|
Non-cash portion of loss on debt extinguishment
|
|
$
|
1,723
|
|
|
$
|
—
|
|
Beginning operating lease right of use assets due to adoption of ASU 2016-02
|
|
$
|
—
|
|
|
$
|
27,384
|
|
Beginning operating lease right of use liabilities due to adoption of ASU 2016-02
|
|
$
|
—
|
|
|
$
|
30,331
|
|
•
|
Revenue from closings of residential real estate is recognized when closings have occurred, the buyer has made the required minimum down payment, obtained necessary financing, the risks and rewards of ownership are transferred to the buyer, and we have no continuing involvement with the property, which is generally upon the close of escrow. Revenue is reported net of any discounts and incentives.
|
•
|
Revenue from land sales is recognized when a significant down payment is received, title passes and collectability of the receivable, if any, is reasonably assured, and we have no continuing involvement with the property, which is generally upon the close of escrow.
|
|
For the three months ended March 31,
|
||||||
(Dollars in thousands except per share data)
|
2020
(Pro forma)
|
|
2019
(Pro forma)
|
||||
Total revenues
|
$
|
1,432,797
|
|
|
$
|
1,380,956
|
|
|
|
|
|
||||
Net income/(loss) before allocation to non-controlling interests
|
$
|
9,027
|
|
|
$
|
2,339
|
|
Net income attributable to non-controlling interests — joint ventures
|
(988
|
)
|
|
(7,165
|
)
|
||
Net income/(loss) available to TMHC
|
$
|
8,039
|
|
|
$
|
(4,826
|
)
|
|
|
|
|
||||
Weighted average shares - Basic
|
133,643
|
|
|
139,175
|
|
||
Weighted average shares - Diluted
|
134,935
|
|
|
139,175
|
|
||
|
|
|
|
||||
Earnings/(loss) per share - Basic
|
$
|
0.06
|
|
|
$
|
(0.03
|
)
|
Earnings/(loss) per share - Diluted
|
$
|
0.06
|
|
|
$
|
(0.03
|
)
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Numerator:
|
|
|
|
|
||||
Net (loss)/income available to TMHC
|
|
$
|
(31,431
|
)
|
|
$
|
51,131
|
|
Denominator:
|
|
|
|
|
||||
Weighted average shares – basic
|
|
121,908
|
|
|
110,512
|
|
||
Restricted stock units (1)
|
|
—
|
|
|
922
|
|
||
Stock Options (1)
|
|
—
|
|
|
234
|
|
||
Warrants (1)
|
|
—
|
|
|
—
|
|
||
Weighted average shares – diluted
|
|
121,908
|
|
|
111,668
|
|
||
(Loss)/earnings per common share – basic:
|
|
|
|
|
||||
Net (loss)/income available to Taylor Morrison Home Corporation
|
|
$
|
(0.26
|
)
|
|
$
|
0.46
|
|
(Loss)/earnings per common share – diluted:
|
|
|
|
|
||||
Net (loss)/income available to Taylor Morrison Home Corporation
|
|
$
|
(0.26
|
)
|
|
$
|
0.46
|
|
|
|
As of
|
||||||
|
|
March 31,
2020 |
|
December 31, 2019
|
||||
Real estate developed and under development
|
|
$
|
4,060,004
|
|
|
$
|
2,805,506
|
|
Real estate held for development or held for sale (1)
|
|
157,853
|
|
|
146,471
|
|
||
Operating communities (2)
|
|
1,359,608
|
|
|
899,789
|
|
||
Capitalized interest
|
|
128,870
|
|
|
115,593
|
|
||
Total owned inventory
|
|
5,706,335
|
|
|
3,967,359
|
|
||
Real estate not owned
|
|
186,885
|
|
|
19,185
|
|
||
Total real estate inventory
|
|
$
|
5,893,220
|
|
|
$
|
3,986,544
|
|
|
|
As of
|
||||||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||
|
|
Owned Lots
|
|
Book Value of Land
and Development
|
|
Owned Lots
|
|
Book Value of Land
and Development
|
||||||
Raw
|
|
17,449
|
|
|
$
|
563,228
|
|
|
13,804
|
|
|
$
|
477,997
|
|
Partially developed
|
|
16,741
|
|
|
1,302,211
|
|
|
13,298
|
|
|
914,689
|
|
||
Finished
|
|
21,363
|
|
|
2,352,418
|
|
|
15,504
|
|
|
1,559,291
|
|
||
Total
|
|
55,553
|
|
|
$
|
4,217,857
|
|
|
42,606
|
|
|
$
|
2,951,977
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
Interest capitalized - beginning of period
|
|
$
|
115,593
|
|
|
$
|
96,031
|
|
Interest incurred
|
|
37,575
|
|
|
27,792
|
|
||
Interest amortized to cost of home closings
|
|
(24,298
|
)
|
|
(16,905
|
)
|
||
Interest capitalized - end of period
|
|
$
|
128,870
|
|
|
$
|
106,918
|
|
|
|
As of
|
||||||
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Assets:
|
|
|
|
|
||||
Real estate inventory
|
|
$
|
340,824
|
|
|
$
|
367,225
|
|
Other assets
|
|
181,730
|
|
|
132,812
|
|
||
Total assets
|
|
$
|
522,554
|
|
|
$
|
500,037
|
|
Liabilities and owners’ equity:
|
|
|
|
|
||||
Debt
|
|
$
|
203,231
|
|
|
$
|
178,686
|
|
Other liabilities
|
|
19,294
|
|
|
20,490
|
|
||
Total liabilities
|
|
222,525
|
|
|
199,176
|
|
||
Owners’ equity:
|
|
|
|
|
||||
TMHC
|
|
127,367
|
|
|
128,759
|
|
||
Others
|
|
172,662
|
|
|
172,102
|
|
||
Total owners’ equity
|
|
300,029
|
|
|
300,861
|
|
||
Total liabilities and owners’ equity
|
|
$
|
522,554
|
|
|
$
|
500,037
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
Revenues
|
|
$
|
48,972
|
|
|
$
|
61,016
|
|
Costs and expenses
|
|
(41,494
|
)
|
|
(52,820
|
)
|
||
Income of unconsolidated entities
|
|
$
|
7,478
|
|
|
$
|
8,196
|
|
TMHC’s share in income of unconsolidated entities
|
|
$
|
2,426
|
|
|
$
|
2,319
|
|
Distributions to TMHC from unconsolidated entities
|
|
$
|
8,202
|
|
|
$
|
5,615
|
|
|
|
As of
March 31, 2020 |
|
As of
December 31, 2019 |
||||
Real estate development costs to complete
|
|
$
|
27,094
|
|
|
$
|
20,598
|
|
Compensation and employee benefits
|
|
74,714
|
|
|
95,585
|
|
||
Self-insurance and warranty reserves
|
|
121,964
|
|
|
120,048
|
|
||
Interest payable
|
|
37,615
|
|
|
23,178
|
|
||
Property and sales taxes payable
|
|
14,016
|
|
|
12,537
|
|
||
Other accruals(1)
|
|
122,783
|
|
|
53,422
|
|
||
Total accrued expenses and other liabilities
|
|
$
|
398,186
|
|
|
$
|
325,368
|
|
|
Three Months Ended
March 31, |
|||||||
2020
|
|
2019
|
||||||
Reserve - beginning of period
|
$
|
120,048
|
|
|
$
|
93,790
|
|
|
Net additions to reserves due to WLH acquisition
|
9,130
|
|
|
—
|
|
|||
Other additions to reserves
|
9,738
|
|
|
7,848
|
|
|||
Cost of claims incurred
|
(18,987
|
)
|
|
(14,595
|
)
|
|||
Changes in estimates to pre-existing reserves
|
2,035
|
|
|
844
|
|
|||
Reserve - end of period
|
$
|
121,964
|
|
|
$
|
87,887
|
|
|
|
As of
|
||||||||||||||||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
|
|
Principal
|
|
Unamortized Debt Issuance (Costs)/Premium
|
|
Carrying Value
|
|
Principal
|
|
Unamortized Debt Issuance (Costs) / Premium
|
|
Carrying Value
|
||||||||||||
5.875% Senior Notes due 2023
|
|
350,000
|
|
|
(1,725
|
)
|
|
348,275
|
|
|
350,000
|
|
|
(1,867
|
)
|
|
348,133
|
|
||||||
6.00% Senior Notes due 2023(1)
|
|
350,000
|
|
|
16,242
|
|
|
366,242
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
5.625% Senior Notes due 2024
|
|
350,000
|
|
|
(2,108
|
)
|
|
347,892
|
|
|
350,000
|
|
|
(2,244
|
)
|
|
347,756
|
|
||||||
5.875% Senior Notes due 2025
|
|
436,886
|
|
|
—
|
|
|
436,886
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
5.875% Senior Notes due 2027
|
|
500,000
|
|
|
(5,614
|
)
|
|
494,386
|
|
|
500,000
|
|
|
(5,808
|
)
|
|
494,192
|
|
||||||
6.625% Senior Notes due 2027(1)
|
|
300,000
|
|
|
23,313
|
|
|
323,313
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
5.75% Senior Notes due 2028
|
|
450,000
|
|
|
(4,919
|
)
|
|
445,081
|
|
|
450,000
|
|
|
(5,073
|
)
|
|
444,927
|
|
||||||
Senior Notes subtotal
|
|
2,736,886
|
|
|
25,189
|
|
|
2,762,075
|
|
|
1,650,000
|
|
|
(14,992
|
)
|
|
1,635,008
|
|
||||||
Loans payable and other borrowings
|
|
299,184
|
|
|
—
|
|
|
299,184
|
|
|
182,531
|
|
|
—
|
|
|
182,531
|
|
||||||
Revolving Credit Facility
|
|
485,000
|
|
|
—
|
|
|
485,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Mortgage warehouse borrowings
|
|
154,109
|
|
|
—
|
|
|
154,109
|
|
|
123,233
|
|
|
—
|
|
|
123,233
|
|
||||||
Total Senior Notes and other financing
|
|
$
|
3,675,179
|
|
|
$
|
25,189
|
|
|
$
|
3,700,368
|
|
|
$
|
1,955,764
|
|
|
$
|
(14,992
|
)
|
|
$
|
1,940,772
|
|
|
|
As of March 31, 2020
|
||||||||||||
Facility
|
|
Amount Drawn
|
|
Facility Amount
|
|
Interest Rate
|
|
Expiration Date
|
|
Collateral (1)
|
||||
Warehouse A
|
|
$
|
16,594
|
|
|
$
|
25,000
|
|
|
LIBOR + 1.75%
|
|
On Demand
|
|
Mortgage Loans
|
Warehouse B
|
|
$
|
47,150
|
|
|
$
|
50,000
|
|
|
LIBOR + 1.75%
|
|
On Demand
|
|
Mortgage Loans
|
Warehouse C
|
|
$
|
66,865
|
|
|
$
|
75,000
|
|
|
LIBOR + 1.70%
|
|
On Demand
|
|
Mortgage Loans and Restricted Cash
|
Warehouse D(2)
|
|
$
|
13,875
|
|
|
$
|
60,000
|
|
|
LIBOR + 1.75%
|
|
7/3/2020
|
|
Mortgage Loans
|
Warehouse E(2)
|
|
$
|
9,625
|
|
|
$
|
70,000
|
|
|
LIBOR + 1.875%
|
|
4/15/2020
|
|
Mortgage Loans
|
Total
|
|
$
|
154,109
|
|
|
$
|
280,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
As of December 31, 2019
|
||||||||||||
Facility
|
|
Amount Drawn
|
|
Facility Amount
|
|
Interest Rate
|
|
Expiration Date
|
|
Collateral (1)
|
||||
Warehouse A
|
|
$
|
25,074
|
|
|
$
|
45,000
|
|
|
LIBOR + 1.75%
|
|
On Demand
|
|
Mortgage Loans
|
Warehouse B
|
|
38,481
|
|
|
85,000
|
|
|
LIBOR + 1.75%
|
|
On Demand
|
|
Mortgage Loans
|
||
Warehouse C
|
|
59,678
|
|
|
100,000
|
|
|
LIBOR + 1.70%
|
|
On Demand
|
|
Mortgage Loans and Restricted Cash
|
||
Total
|
|
$
|
123,233
|
|
|
$
|
230,000
|
|
|
|
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
(Dollars in thousands)
|
|
Level in Fair
Value Hierarchy
|
|
Carrying
Value
|
|
Estimated
Fair
Value
|
|
Carrying
Value
|
|
Estimated
Fair
Value
|
||||||||
Description:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage loans held for sale
|
|
2
|
|
$
|
208,231
|
|
|
$
|
208,231
|
|
|
$
|
190,880
|
|
|
$
|
190,880
|
|
Derivative assets, net
|
|
2
|
|
2,686
|
|
|
2,686
|
|
|
1,932
|
|
|
1,932
|
|
||||
Mortgage warehouse borrowings
|
|
2
|
|
154,109
|
|
|
154,109
|
|
|
123,233
|
|
|
123,233
|
|
||||
Loans payable and other borrowings
|
|
2
|
|
299,184
|
|
|
299,184
|
|
|
182,531
|
|
|
182,531
|
|
||||
5.875% Senior Notes due 2023 (1)
|
|
2
|
|
348,275
|
|
|
343,000
|
|
|
348,133
|
|
|
378,669
|
|
||||
6.00% Senior Notes due 2023 (1)
|
|
2
|
|
366,242
|
|
|
336,000
|
|
|
—
|
|
|
—
|
|
||||
5.625% Senior Notes due 2024 (1)
|
|
2
|
|
347,892
|
|
|
329,000
|
|
|
347,756
|
|
|
379,453
|
|
||||
5.875% Senior Notes due 2025 (1)
|
|
2
|
|
436,886
|
|
|
406,304
|
|
|
—
|
|
|
—
|
|
||||
5.875% Senior Notes due 2027 (1)
|
|
2
|
|
494,386
|
|
|
464,400
|
|
|
494,192
|
|
|
548,870
|
|
||||
6.625% Senior Notes due 2027 (1)
|
|
2
|
|
323,313
|
|
|
270,000
|
|
|
—
|
|
|
—
|
|
||||
5.75% Senior Notes due 2028(1)
|
|
2
|
|
445,081
|
|
|
401,805
|
|
|
444,927
|
|
|
491,913
|
|
||||
Revolving Credit Facility
|
|
2
|
|
485,000
|
|
|
485,000
|
|
|
—
|
|
|
—
|
|
(Dollars in thousands)
|
|
|
For the Year Ended December 31,
|
||
Description:
|
Level in
Fair Value Hierarchy |
|
2019
|
||
Inventories
|
3
|
|
$
|
16,509
|
|
|
Three Months Ended March 31
|
||||||
(Dollars in thousands)
|
2020
|
|
2019
|
||||
Amount available for repurchase — beginning of period
|
$
|
—
|
|
|
$
|
57,437
|
|
Additional amount authorized for repurchase
|
100,000
|
|
|
100,000
|
|
||
Amount repurchased
|
(90,163
|
)
|
|
(77,839
|
)
|
||
Amount available for repurchase — end of period
|
$
|
9,837
|
|
|
$
|
79,598
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
Restricted stock units (1), (2)
|
|
$
|
7,719
|
|
|
$
|
2,514
|
|
Stock options
|
|
4,177
|
|
|
903
|
|
||
Total stock compensation
|
|
$
|
11,896
|
|
|
$
|
3,417
|
|
|
|
Units
|
|
Weighted Average
Grant Date Fair
Value
|
|||
Balance at December 31, 2019
|
|
1,708,393
|
|
|
$
|
19.06
|
|
Granted
|
|
663,964
|
|
|
24.80
|
|
|
Vested
|
|
(619,402
|
)
|
|
17.27
|
|
|
Forfeited (1)
|
|
(3,497
|
)
|
|
18.24
|
|
|
Balance at March 31, 2020(2)
|
|
1,749,458
|
|
|
$
|
21.99
|
|
|
|
Units
|
|
Weighted
Average Exercise
Price Per Share
|
|||
Outstanding at December 31, 2019
|
|
3,339,244
|
|
|
$
|
18.98
|
|
Granted(1)
|
|
828,253
|
|
|
21.95
|
|
|
Exercised
|
|
(250,149
|
)
|
|
18.16
|
|
|
Canceled/Forfeited(1)
|
|
(14,685
|
)
|
|
18.68
|
|
|
Outstanding at March 31, 2020(2)
|
|
3,902,663
|
|
|
$
|
19.67
|
|
Options exercisable at March 31, 2020(2)
|
|
1,940,328
|
|
|
$
|
18.64
|
|
|
|
Three Months Ended March 31, 2020
|
||||||
|
|
Total Post-
Retirement
Benefits
Adjustments
|
|
Total
|
||||
Balance, beginning of period
|
|
$
|
884
|
|
|
$
|
884
|
|
Other comprehensive loss, net of tax
|
|
$
|
(13
|
)
|
|
$
|
(13
|
)
|
Balance, end of period
|
|
$
|
871
|
|
|
$
|
871
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019
|
|||||||
|
|
Total Post-
Retirement Benefits Adjustments |
|
|
Total
|
||||
Balance, beginning of period
|
|
$
|
2,001
|
|
|
|
$
|
2,001
|
|
Other comprehensive income, net of tax
|
|
$
|
284
|
|
|
|
$
|
284
|
|
Balance, end of period
|
|
$
|
2,285
|
|
|
|
$
|
2,285
|
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||||||
|
|
East
|
|
Central
|
|
West
|
|
Financial Services
|
|
Corporate
and
Unallocated(1)
|
|
Total
|
||||||||||||
Total revenues
|
|
$
|
423,392
|
|
|
$
|
373,339
|
|
|
$
|
496,323
|
|
|
$
|
28,039
|
|
|
$
|
24,606
|
|
|
$
|
1,345,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross margin
|
|
58,017
|
|
|
63,757
|
|
|
68,590
|
|
|
7,392
|
|
|
—
|
|
|
197,756
|
|
||||||
Selling, general and administrative expenses
|
|
(36,339
|
)
|
|
(32,256
|
)
|
|
(34,850
|
)
|
|
—
|
|
|
(33,408
|
)
|
|
(136,853
|
)
|
||||||
Equity in (loss)/income of unconsolidated entities
|
|
—
|
|
|
(119
|
)
|
|
334
|
|
|
2,230
|
|
|
(19
|
)
|
|
2,426
|
|
||||||
Interest and other income (expense), net (2)
|
|
15
|
|
|
(2,252
|
)
|
|
(7,264
|
)
|
|
(1,400
|
)
|
|
(81,203
|
)
|
|
(92,104
|
)
|
||||||
Income/(loss) before income taxes
|
|
$
|
21,693
|
|
|
$
|
29,130
|
|
|
$
|
26,810
|
|
|
$
|
8,222
|
|
|
$
|
(114,630
|
)
|
|
$
|
(28,775
|
)
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||
|
|
East
|
|
Central
|
|
West
|
|
Financial Services
|
|
Corporate
and
Unallocated
|
|
Total
|
||||||||||||
Total revenues
|
|
$
|
354,952
|
|
|
$
|
254,947
|
|
|
$
|
299,149
|
|
|
$
|
16,044
|
|
|
$
|
—
|
|
|
$
|
925,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross margin
|
|
61,176
|
|
|
42,344
|
|
|
63,197
|
|
|
5,323
|
|
|
—
|
|
|
172,040
|
|
||||||
Selling, general and administrative expenses
|
|
(35,559
|
)
|
|
(26,264
|
)
|
|
(20,564
|
)
|
|
—
|
|
|
(21,496
|
)
|
|
(103,883
|
)
|
||||||
Equity in (loss)/ income of unconsolidated entities
|
|
—
|
|
|
(89
|
)
|
|
821
|
|
|
1,409
|
|
|
178
|
|
|
2,319
|
|
||||||
Interest and other (expense)/ income, net
|
|
(1,613
|
)
|
|
(807
|
)
|
|
(389
|
)
|
|
—
|
|
|
405
|
|
|
(2,404
|
)
|
||||||
Income/(loss) before income taxes
|
|
$
|
24,004
|
|
|
$
|
15,184
|
|
|
$
|
43,065
|
|
|
$
|
6,732
|
|
|
$
|
(20,913
|
)
|
|
$
|
68,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2020
|
||||||||||||||||||||||
|
|
East
|
|
Central
|
|
West
|
|
Financial Services
|
|
Corporate
and Unallocated(1) |
|
Total
|
||||||||||||
Real estate inventory and land deposits
|
|
$
|
1,874,786
|
|
|
$
|
1,337,274
|
|
|
$
|
2,847,978
|
|
|
$
|
—
|
|
|
$
|
211
|
|
|
$
|
6,060,249
|
|
Investments in unconsolidated entities
|
|
—
|
|
|
37,425
|
|
|
83,831
|
|
|
(11,335
|
)
|
|
17,446
|
|
|
127,367
|
|
||||||
Other assets
|
|
162,839
|
|
|
164,505
|
|
|
541,753
|
|
|
278,834
|
|
|
926,825
|
|
|
2,074,756
|
|
||||||
Total assets
|
|
$
|
2,037,625
|
|
|
$
|
1,539,204
|
|
|
$
|
3,473,562
|
|
|
$
|
267,499
|
|
|
$
|
944,482
|
|
|
$
|
8,262,372
|
|
|
|
As of December 31, 2019
|
||||||||||||||||||||||
|
|
East
|
|
Central
|
|
West
|
|
Financial Services
|
|
Corporate
and
Unallocated
|
|
Total
|
||||||||||||
Real estate inventory and land deposits
|
|
$
|
1,841,904
|
|
|
$
|
965,039
|
|
|
$
|
1,219,411
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,026,354
|
|
Investments in unconsolidated entities
|
|
—
|
|
|
37,506
|
|
|
86,996
|
|
|
4,015
|
|
|
242
|
|
|
128,759
|
|
||||||
Other assets
|
|
165,777
|
|
|
121,724
|
|
|
60,060
|
|
|
257,760
|
|
|
485,252
|
|
|
1,090,573
|
|
||||||
Total assets
|
|
$
|
2,007,681
|
|
|
$
|
1,124,269
|
|
|
$
|
1,366,467
|
|
|
$
|
261,775
|
|
|
$
|
485,494
|
|
|
$
|
5,245,686
|
|
|
|
As of
|
||||||||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
(Dollars in thousands)
|
|
Fair Value
|
|
Notional Amount
|
|
Fair Value
|
|
Notional Amount
|
||||||||
IRLCs
|
|
$
|
8,711
|
|
|
$
|
261,801
|
|
|
$
|
2,099
|
|
|
$
|
86,434
|
|
MBSs
|
|
(6,025
|
)
|
|
315,000
|
|
|
(167
|
)
|
|
158,000
|
|
||||
Total
|
|
$
|
2,686
|
|
|
|
|
$
|
1,932
|
|
|
|
East
|
|
Atlanta, Charlotte, Jacksonville, Orlando, Raleigh, Sarasota, Naples and Tampa
|
Central
|
|
Austin, Dallas, Denver, and Houston
|
West
|
|
Bay Area, Phoenix, Denver, Las Vegas, Portland, Seattle, Sacramento and Southern California
|
Financial Services
|
|
Taylor Morrison Home Funding, Inspired Title Services and Taylor Morrison Insurance Services
|
•
|
Net sales orders were 3,466, approximately a 33 percent increase over the prior year quarter
|
•
|
Average monthly sales pace per community was 3.1, compared to 2.3 from the first quarter 2019
|
•
|
Home closings were 2,761, an almost 43 percent increase over the prior year quarter
|
•
|
Total revenue was $1.3 billion, an almost 46 percent increase over the prior year quarter
|
•
|
SG&A as a percentage of home closings revenue was 10.8 percent, down 70 basis points from the first quarter 2019
|
|
|
Three Months Ended
March 31, 2020 |
||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
||||
Statements of Operations Data:
|
|
|
|
|
||||
Home closings revenue, net
|
|
$
|
1,264,640
|
|
|
$
|
899,881
|
|
Land closings revenue
|
|
22,939
|
|
|
4,113
|
|
||
Financial services revenue
|
|
28,039
|
|
|
16,044
|
|
||
Amenity and other revenue
|
|
30,081
|
|
|
5,054
|
|
||
Total revenue
|
|
1,345,699
|
|
|
925,092
|
|
||
Cost of home closings
|
|
1,070,503
|
|
|
735,797
|
|
||
Cost of land closings
|
|
27,132
|
|
|
2,692
|
|
||
Financial services expenses
|
|
20,647
|
|
|
10,721
|
|
||
Amenity and other expenses
|
|
29,661
|
|
|
3,842
|
|
||
Gross margin
|
|
197,756
|
|
|
172,040
|
|
||
Sales, commissions and other marketing costs
|
|
86,327
|
|
|
67,429
|
|
||
General and administrative expenses
|
|
50,526
|
|
|
36,454
|
|
||
Equity in income of unconsolidated entities
|
|
(2,426
|
)
|
|
(2,319
|
)
|
||
Interest income, net
|
|
(560
|
)
|
|
(333
|
)
|
||
Other expense/(income), net
|
|
6,290
|
|
|
(1,392
|
)
|
||
Transaction expenses
|
|
86,374
|
|
|
4,129
|
|
||
(Loss)/Income before income taxes
|
|
(28,775
|
)
|
|
68,072
|
|
||
Income tax provision
|
|
781
|
|
|
16,791
|
|
||
Net (loss)/income before allocation to non-controlling interests
|
|
(29,556
|
)
|
|
51,281
|
|
||
Net income attributable to non-controlling interests — joint ventures
|
|
(1,875
|
)
|
|
(150
|
)
|
||
Net (loss)/income available to Taylor Morrison Home Corporation
|
|
$
|
(31,431
|
)
|
|
$
|
51,131
|
|
Home closings gross margin
|
|
15.4
|
%
|
|
18.2
|
%
|
||
Sales, commissions and other marketing costs as a percentage of home closings revenue, net
|
|
6.8
|
%
|
|
7.5
|
%
|
||
General and administrative expenses as a percentage of home closings revenue, net
|
|
4.0
|
%
|
|
4.1
|
%
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31,
|
||||||
(Dollars in thousands, except per share data)
|
|
2020
|
|
2019
|
||||
Income before income taxes
|
|
$
|
(28,775
|
)
|
|
$
|
68,072
|
|
Total William Lyon Homes related purchase accounting adjustments
|
|
32,717
|
|
|
—
|
|
||
William Lyon Homes financial services operating loss
|
|
3,666
|
|
|
—
|
|
||
Transaction expenses
|
|
86,374
|
|
|
4,129
|
|
||
Adjusted income before income taxes
|
|
$
|
93,982
|
|
|
$
|
72,201
|
|
|
|
|
|
|
||||
Net income available to TMHC
|
|
$
|
(31,431
|
)
|
|
$
|
51,131
|
|
Total William Lyon Homes related purchase accounting adjustments
|
|
32,717
|
|
|
—
|
|
||
William Lyon Homes financial services operating loss
|
|
3,666
|
|
|
—
|
|
||
Transaction expenses
|
|
86,374
|
|
|
4,129
|
|
||
Tax impact due to William Lyon Homes related purchase accounting adjustments and Transaction expenses
|
|
(20,880
|
)
|
|
(1,020
|
)
|
||
Adjusted net income
|
|
$
|
70,446
|
|
|
$
|
54,240
|
|
|
|
|
|
|
||||
Basic weighted average shares
|
|
121,908
|
|
|
110,512
|
|
||
Adjusted earnings per common share - Basic
|
|
$
|
0.58
|
|
|
$
|
0.49
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Adjusted diluted weighted average shares
|
|
123,200
|
|
|
111,668
|
|
||
Adjusted earnings per common share - Diluted
|
|
$
|
0.57
|
|
|
$
|
0.49
|
|
Adjusted Home Closings Gross Margin
|
||||||||
|
|
Three Months Ended
March 31, |
||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
||||
Home closings revenue
|
|
$
|
1,264,640
|
|
|
$
|
899,881
|
|
Cost of home closings
|
|
1,070,503
|
|
|
735,797
|
|
||
Home closings gross margin
|
|
$
|
194,137
|
|
|
$
|
164,084
|
|
William Lyon Homes homebuilding related purchase accounting adjustments
|
|
28,366
|
|
|
—
|
|
||
Adjusted home closings gross margin
|
|
$
|
222,503
|
|
|
$
|
164,084
|
|
Home closings gross margin as a percentage of home closings revenue
|
|
15.4
|
%
|
|
18.2
|
%
|
||
Adjusted home closings gross margin as a percentage of home closings revenue
|
|
17.6
|
%
|
|
18.2
|
%
|
Adjusted Financial Services Gross Margin
|
||||
|
|
|
||
(Dollars in thousands)
|
|
Three Months Ended March 31, 2020
|
||
Financial services revenue
|
|
$
|
28,039
|
|
Financial services expenses
|
|
20,647
|
|
|
Financial services margin
|
|
$
|
7,392
|
|
William Lyon Homes financial services operating loss
|
|
3,666
|
|
|
Adjusted financial services margin
|
|
$
|
11,058
|
|
EBITDA and Adjusted EBITDA Reconciliation
|
||||||||
|
|
Three Months Ended
March 31, |
||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
||||
Net income before allocation to non-controlling interests
|
|
$
|
(29,556
|
)
|
|
$
|
51,281
|
|
Interest income, net
|
|
(560
|
)
|
|
(333
|
)
|
||
Amortization of capitalized interest
|
|
24,298
|
|
|
16,905
|
|
||
Income tax provision
|
|
781
|
|
|
16,791
|
|
||
Depreciation and amortization
|
|
1,929
|
|
|
2,028
|
|
||
EBITDA
|
|
$
|
(3,108
|
)
|
|
$
|
86,672
|
|
Non-cash compensation expense
|
|
11,896
|
|
|
3,417
|
|
||
Total William Lyon Homes related purchase accounting adjustments
|
|
32,717
|
|
|
—
|
|
||
William Lyon Homes financial services operating loss
|
|
3,666
|
|
|
—
|
|
||
Transaction expenses
|
|
86,374
|
|
|
4,129
|
|
||
Adjusted EBITDA excluding transaction expenses
|
|
$
|
131,545
|
|
|
$
|
94,218
|
|
|
|
|
|
|
||||
Total revenues
|
|
$
|
1,345,699
|
|
|
$
|
925,092
|
|
EBITDA as a percentage of total revenues
|
|
(0.2
|
)%
|
|
9.4
|
%
|
||
Adjusted EBITDA as a percentage of total revenues
|
|
9.8
|
%
|
|
10.2
|
%
|
|
|
Three Months Ended March 31,
|
|||||||
|
|
2020
|
|
2019
|
|
Change
|
|||
East
|
|
144
|
|
|
173
|
|
|
(16.8
|
)%
|
Central
|
|
134
|
|
|
140
|
|
|
(4.3
|
)
|
West
|
|
100
|
|
|
59
|
|
|
69.5
|
|
Total
|
|
378
|
|
|
372
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|||||||||||||||||||||||||||||
|
|
Net Sales Orders (1)
|
|
Sales Value (1)
|
|
Average Selling Price
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|||||||||||||
East
|
|
1,361
|
|
|
1,135
|
|
|
19.9
|
%
|
|
$
|
561,544
|
|
|
$
|
472,336
|
|
|
18.9
|
%
|
|
$
|
413
|
|
|
$
|
416
|
|
|
(0.7
|
)%
|
Central
|
|
906
|
|
|
801
|
|
|
13.1
|
|
|
424,063
|
|
|
370,323
|
|
|
14.5
|
|
|
468
|
|
|
462
|
|
|
1.3
|
|
||||
West
|
|
1,199
|
|
|
679
|
|
|
76.6
|
|
|
632,243
|
|
|
369,884
|
|
|
70.9
|
|
|
527
|
|
|
545
|
|
|
(3.3
|
)
|
||||
Total
|
|
3,466
|
|
|
2,615
|
|
|
32.5
|
%
|
|
$
|
1,617,850
|
|
|
$
|
1,212,543
|
|
|
33.4
|
%
|
|
$
|
467
|
|
|
$
|
464
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cancellation Rate(1)
|
||||
|
Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
East
|
12.1
|
%
|
|
13.1
|
%
|
Central
|
16.0
|
|
|
12.6
|
|
West
|
13.9
|
|
|
14.6
|
|
Total Company
|
13.8
|
%
|
|
13.3
|
%
|
|
|
As of March 31,
|
|||||||||||||||||||||||||||||
|
|
Sold Homes in Backlog (1)
|
|
Sales Value
|
|
Average Selling Price
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|||||||||||||
East
|
|
2,193
|
|
|
1,919
|
|
|
14.3
|
%
|
|
$
|
957,313
|
|
|
$
|
848,732
|
|
|
12.8
|
%
|
|
$
|
437
|
|
|
$
|
442
|
|
|
(1.1
|
)%
|
Central
|
|
2,167
|
|
|
1,676
|
|
|
29.3
|
|
|
1,041,983
|
|
|
849,553
|
|
|
22.7
|
|
|
481
|
|
|
507
|
|
|
(5.1
|
)
|
||||
West
|
|
2,205
|
|
|
1,240
|
|
|
77.8
|
|
|
1,132,436
|
|
|
693,945
|
|
|
63.2
|
|
|
514
|
|
|
560
|
|
|
(8.2
|
)
|
||||
Total
|
|
6,565
|
|
|
4,835
|
|
|
35.8
|
%
|
|
$
|
3,131,732
|
|
|
$
|
2,392,230
|
|
|
30.9
|
%
|
|
$
|
477
|
|
|
$
|
495
|
|
|
(3.6
|
)%
|
|
|
Three Months Ended March 31,
|
|||||||||||||||||||||||||||||
|
|
Homes Closed
|
|
Home Closings Revenue, Net
|
|
Average Selling Price
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|||||||||||||
East
|
|
985
|
|
|
854
|
|
|
15.3
|
%
|
|
$
|
395,716
|
|
|
$
|
348,167
|
|
|
13.7
|
%
|
|
$
|
402
|
|
|
$
|
408
|
|
|
(1.5
|
)%
|
Central
|
|
819
|
|
|
545
|
|
|
50.3
|
|
|
373,024
|
|
|
252,565
|
|
|
47.7
|
|
|
455
|
|
|
463
|
|
|
(1.7
|
)
|
||||
West
|
|
957
|
|
|
539
|
|
|
77.6
|
|
|
495,900
|
|
|
299,149
|
|
|
65.8
|
|
|
518
|
|
|
555
|
|
|
(6.7
|
)
|
||||
Total
|
|
2,761
|
|
|
1,938
|
|
|
42.5
|
%
|
|
$
|
1,264,640
|
|
|
$
|
899,881
|
|
|
40.5
|
%
|
|
$
|
458
|
|
|
$
|
464
|
|
|
(1.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
Change
|
||||||
East
|
|
$
|
22,624
|
|
|
$
|
1,731
|
|
|
$
|
20,893
|
|
Central
|
|
315
|
|
|
2,382
|
|
|
(2,067
|
)
|
|||
West
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
$
|
22,939
|
|
|
$
|
4,113
|
|
|
$
|
18,826
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
Change
|
||||||
East
|
|
5,052
|
|
|
5,054
|
|
|
$
|
(2
|
)
|
||
Central
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
West
|
|
423
|
|
|
—
|
|
|
423
|
|
|||
Corporate
|
|
24,606
|
|
|
—
|
|
|
24,606
|
|
|||
Total
|
|
$
|
30,081
|
|
|
$
|
5,054
|
|
|
$
|
25,027
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||||||||||
|
|
East
|
|
Central
|
|
West
|
|
Consolidated
|
||||||||||||||||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||
Home closings revenue, net
|
|
$
|
395,716
|
|
|
$
|
348,167
|
|
|
$
|
373,024
|
|
|
$
|
252,565
|
|
|
$
|
495,900
|
|
|
$
|
299,149
|
|
|
$
|
1,264,640
|
|
|
$
|
899,881
|
|
Cost of home closings
|
|
334,024
|
|
|
288,579
|
|
|
309,300
|
|
|
211,266
|
|
|
427,179
|
|
|
235,952
|
|
|
1,070,503
|
|
|
735,797
|
|
||||||||
Home closings gross margin
|
|
61,692
|
|
|
59,588
|
|
|
63,724
|
|
|
41,299
|
|
|
68,721
|
|
|
63,197
|
|
|
194,137
|
|
|
164,084
|
|
||||||||
Purchase accounting adjustment
|
|
|
|
|
—
|
|
|
7,037
|
|
|
—
|
|
|
21,329
|
|
|
—
|
|
|
28,366
|
|
|
—
|
|
||||||||
Adjusted home closings gross margin
|
|
$
|
61,692
|
|
|
$
|
59,588
|
|
|
$
|
70,761
|
|
|
$
|
41,299
|
|
|
$
|
90,050
|
|
|
$
|
63,197
|
|
|
$
|
222,503
|
|
|
$
|
164,084
|
|
Home closings gross margin %
|
|
15.6
|
%
|
|
17.1
|
%
|
|
17.1
|
%
|
|
16.4
|
%
|
|
13.9
|
%
|
|
21.1
|
%
|
|
15.4
|
%
|
|
18.2
|
%
|
||||||||
Adjusted home closings gross margin %
|
|
15.6
|
%
|
|
17.1
|
%
|
|
19.0
|
%
|
|
16.4
|
%
|
|
18.2
|
%
|
|
21.1
|
%
|
|
17.6
|
%
|
|
18.2
|
%
|
|
|
|
|
|
||||
|
|
Three Months Ended
March 31, |
||||||
($ In thousands)
|
|
2020
|
|
2019
|
||||
Financial services revenue
|
|
$
|
22,888
|
|
|
$
|
13,197
|
|
Financial services revenue - other
|
|
1,082
|
|
|
664
|
|
||
Title services revenue
|
|
4,069
|
|
|
2,183
|
|
||
Total financial services revenue
|
|
28,039
|
|
|
16,044
|
|
||
Financial services equity in income of unconsolidated entities
|
|
2,230
|
|
|
1,409
|
|
||
Total revenue
|
|
30,269
|
|
|
17,453
|
|
||
Financial services expenses
|
|
20,647
|
|
|
10,721
|
|
||
Financial services transaction expenses
|
|
1,400
|
|
|
—
|
|
||
Financial services income before income taxes
|
|
$
|
8,222
|
|
|
$
|
6,732
|
|
Total originations:
|
|
|
|
|
|
|||
Number of Loans
|
|
1,699
|
|
|
901
|
|
||
Principal
|
|
$
|
516,530
|
|
|
$
|
316,760
|
|
|
|
Three Months Ended
March 31, |
||||
|
|
2020
|
|
2019
|
||
Supplemental data:
|
|
|
|
|
||
Average FICO score
|
|
750
|
|
|
752
|
|
Funded origination breakdown:
|
|
|
|
|
||
Government (FHA,VA,USDA)
|
|
15
|
%
|
|
13
|
%
|
Other agency
|
|
78
|
%
|
|
70
|
%
|
Total agency
|
|
93
|
%
|
|
83
|
%
|
Non-agency
|
|
7
|
%
|
|
17
|
%
|
Total funded originations
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Borrowings under our Revolving Credit Facility;
|
•
|
Our various series of Senior Notes;
|
•
|
Mortgage warehouse facilities;
|
•
|
Project-level real estate financing (including non-recourse loans, land banking, and joint ventures);
|
•
|
Performance, payment and completion surety bonds, and letters of credit; and
|
•
|
Cash generated from operations.
|
•
|
Cash generated from operations; and
|
•
|
Borrowings under our Revolving Credit Facility.
|
|
|
As of
|
||||||
(Dollars in thousands)
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Cash, excluding Restricted Cash
|
|
$
|
507,761
|
|
|
$
|
326,437
|
|
|
|
|
|
|
||||
Revolving Credit Facility
|
|
800,000
|
|
|
600,000
|
|
||
Letters of Credit Outstanding
|
|
(86,821
|
)
|
|
(77,719
|
)
|
||
Revolving Credit Facility Borrowings Outstanding (1)
|
|
(485,000
|
)
|
|
—
|
|
||
Revolving Credit Facility Availability
|
|
228,179
|
|
|
522,281
|
|
||
|
|
|
|
|
||||
Total Liquidity
|
|
$
|
735,940
|
|
|
$
|
848,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
the timing of the introduction and start of construction of new projects;
|
•
|
the timing of project sales;
|
•
|
the timing of closings of homes, lots and parcels;
|
•
|
the timing of receipt of regulatory approvals for development and construction;
|
•
|
the condition of the real estate market and general economic conditions in the areas in which we operate, including the duration and extent of the impact of the COVID-19 pandemic and our planned reduced land investments and phased development as discussed above under "COVID-19 Impact and Strategy";
|
•
|
mix of homes closed;
|
•
|
construction timetables;
|
•
|
prevailing interest rates and the availability of financing, both for us and for the purchasers of our homes;
|
•
|
the cost and availability of materials and labor; and
|
•
|
weather conditions in the markets in which we build.
|
|
|
Expected Maturity Date
|
|
Fair
Value
|
||||||||||||||||||||||||||||
(In millions, except percentage data)
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
|
|||||||||||||||||
Fixed Rate Debt
|
|
$
|
116.6
|
|
|
$
|
103.7
|
|
|
$
|
29.4
|
|
|
$
|
724.8
|
|
|
$
|
358.6
|
|
|
$
|
1,703.0
|
|
|
$
|
3,036.1
|
|
|
$
|
2,849.7
|
|
Weighted average interest rate(1)
|
|
2.8
|
%
|
|
2.8
|
%
|
|
2.8
|
%
|
|
5.8
|
%
|
|
5.8
|
%
|
|
5.9
|
%
|
|
5.6
|
%
|
|
|
|||||||||
Variable Rate Debt(2)
|
|
$
|
639.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
639.1
|
|
|
$
|
639.1
|
|
Weighted average interest rate
|
|
3.6
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.6
|
%
|
|
|
•
|
A decrease in consumer confidence generally and the confidence of potential homebuyers in particular,
|
•
|
unfavorable general and local economic conditions for our customers, the markets in which we operate and the homebuilding industry generally, including a slowdown or severe downturn in the housing market,
|
•
|
potential delays in home closings or higher rates of cancellations,
|
•
|
a significant disruption in service within our operations, including as a result of having to increasingly shift towards a remote selling environment, virtual appointments for house tours and new home demonstrations and “curbside” or “drive thru” closings,
|
•
|
a disruption to our financial services businesses, including our ability to sell and service the mortgages that we originate, as a result of evolving government regulation, liquidity concerns or otherwise,
|
•
|
increased costs associated with compliance with substantial government regulation, including new laws or regulations or changes in existing laws or regulations, such as the classification of residential construction as “essential” business
|
•
|
economic and market conditions affecting the value of our land inventory or our option contracts or our investments in unconsolidated entities,
|
•
|
an increase in unemployment levels leading to a potential decrease in demand for our homes and/or an increase in the number of loan delinquencies and property repossessions,
|
•
|
disruptions in our business strategy due to our curtailment of non-essential cash expenditures including, but not limited to, temporarily reducing or deferring new land acquisitions, phasing development and implementing a revised cadence on all new inventory homes starts,
|
•
|
increase in the cost or availability of building materials or the availability of subcontractors, vendors or other third parties,
|
•
|
demand from foreign buyers for our homes, particularly due to the widespread impact of the COVID-19 pandemic,
|
•
|
fluctuations in equity market prices, interest rates and credit spreads limiting our ability to raise or deploy capital and affecting our overall liquidity,
|
•
|
significant stock market declines resulting affecting the price of our common stock, and
|
•
|
cyberattacks or other privacy or data security incidents due to the increased use of remote work environments and virtual platforms.
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Period
|
Total number of shares purchased
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
|
|
Approximate dollar value of shares that may yet be purchased under the plans or programs (in thousands) (1)
|
||||||
January 1 to January 31, 2020
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
February 1 to February 29, 2020
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
100,000
|
|
March 1 to March 31, 2020
|
5,436,479
|
|
|
$
|
16.58
|
|
|
5,436,479
|
|
|
$
|
9,837
|
|
Total
|
5,436,479
|
|
|
|
|
5,436,479
|
|
|
|
Exhibit
No.
|
|
Description
|
|
|
|
2.1*†^
|
|
|
|
|
|
2.2
|
|
|
|
|
|
2.3*†^
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
4.6
|
|
|
|
|
|
4.7
|
|
|
|
|
|
4.8
|
|
|
|
|
|
4.9
|
|
|
|
|
|
4.10
|
|
|
|
|
|
4.11
|
|
|
|
|
|
4.12
|
|
|
|
|
|
4.13
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3*†
|
|
|
|
|
|
10.4*†
|
|
|
|
|
|
10.5*†
|
|
|
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32.1**
|
|
|
|
|
|
32.2**
|
|
|
|
|
|
101.INS*
|
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
|
|
101.SCH*
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL*
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF*
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB*
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE*
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
104.1*
|
|
Cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, formatted in inline XBRL (and contained in Exhibit 101).
|
|
|
|
TAYLOR MORRISON HOME CORPORATION
|
|
|
|
Registrant
|
DATE:
|
May 11, 2020
|
|
|
|
|
|
/s/ Sheryl D. Palmer
|
|
|
|
Sheryl D. Palmer
|
|
|
|
Chairman of the Board of Directors and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ C. David Cone
|
|
|
|
C. David Cone
|
|
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Joseph Terracciano
|
|
|
|
Joseph Terracciano
|
|
|
|
Chief Accounting Officer
(Principal Accounting Officer)
|
By: /s/ Darrell C. Sherman
|
|
|
|
Darrell Sherman
|
|
|
|
Executive Vice President, Chief Legal Officer
|
|
|
|
By: /s/ Sheryl D. Palmer
|
|
|
Sheryl Palmer
|
|
|
By: /s/ Sheryl D. Palmer
|
|
|
|
|
Sheryl Palmer
|
|
|
|
|
Chairman, President and CEO
|
|
|
|
|
By: /s/ Darrell C. Sherman
|
|
|
Darrell Sherman
|
|
|
By: /s/ Darrell C. Sherman
|
|
|
|
Darrell Sherman
|
|
|
|
Executive Vice President, Chief Legal Officer
|
|
|
|
By: /s/ C. David Cone
|
|
C. David Cone
|
|
By:
|
|
/s/ Sheryl D. Palmer
|
|
|
Sheryl D. Palmer
|
|
|
Chairman of the Board of Directors and Chief Executive Officer
|
|
|
Taylor Morrison Home Corporation
|
By:
|
|
/s/ C. David Cone
|
|
|
C. David Cone
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
Taylor Morrison Home Corporation
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
May 11, 2020
|
|
/s/ Sheryl D. Palmer
|
|
|
Sheryl D. Palmer
|
|
|
Chairman of the Board of Directors and Chief Executive Officer
|
|
|
Taylor Morrison Home Corporation
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
May 11, 2020
|
|
/s/ C. David Cone
|
|
|
C. David Cone
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
Taylor Morrison Home Corporation
|