PR Newswire | Jul 30, 2020 06:56AM EDT

Net Sales Growth of 80 Percent for July

07/30 05:55 CDT

Taylor Morrison Reports Second Quarter 2020 Results, Tracking to Year-over-year Net Sales Growth of 80 Percent for July SCOTTSDALE, Ariz., July 30, 2020

SCOTTSDALE, Ariz., July 30, 2020 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) today reported adjusted diluted earnings per share of $0.80 and GAAP diluted earnings per share of $0.50.

Second Quarter 2020 Highlights:

* Net sales orders were 3,453, approximately a 23 percent increase over the prior year quarter * Average monthly sales pace per community was 2.8, tying the highest level for the second quarter in years * Home closings were 3,212, approximately a 24 percent increase over the prior year quarter * Total revenue was $1.53 billion, more than a 20 percent increase compared to the prior year quarter * SG&A as a percentage of home closings revenue was 9.9 percent, down 20 basis points from the prior year quarter

"I'm happy to share that the trends we reported a couple of weeks ago in connection with our recent bond offering have continued through July," said Sheryl Palmer, Taylor Morrison chairman and CEO. "With two days left in the month we're on track to deliver year-over-year growth in net sales of approximately 80 percent and a projected average monthly sales pace per community of nearly 4, about 60 percent growth year-over-year."

The company finished the quarter with 3,453 net sales, representing year-over-year growth of approximately 23 percent, which was driven by May and June's impressive year-over-year growth of nearly 17 percent and 94 percent, respectively. The overall strength in sales drove a quarterly average monthly sales pace per community of 2.8, which ties the highest level for a second quarter in years for the company. June was the standout month in the quarter with a sales pace of 4.3, which was the highest pace in the company's history. "Pace is a critical metric providing an apples-to-apples lens for sales activity levels and it's important to note the strong performance in this data point was driven by both the Taylor Morrison and William Lyon legacy businesses," said Palmer.

"I continue to be encouraged by another significant driver of our strong sales performance and that's our unmatched focus on the virtual experience with new innovative tools and digital capabilities," added Palmer. "This forward-thinking strategy allowed us to move quickly when rapid change was required, as our website offers more than just a digital retail experience, serving as a true extension of our sales teams."

Today, most of the Company's buyers begin their buying experience virtually. "We believe more than half of our buyers take a hybrid approach where they complete nearly the entire buying process virtually but will visit us in-person to complete their purchase agreement or to do their final walk through. And the true 'cherry on top' is our complete end-to-end virtual buyer, who never steps foot in a sales center and completes 100 percent of the sales process virtually. For the second quarter we averaged 2.4, 100 percent virtual sales per day," said Palmer.

As a result of feedback from our customers, effective August 1st all Taylor Morrison homes sold for new construction will include a number of "Taylor Morrison Live Well" product enhancements. These products will be standard features in every home including an upgraded air filtration system, a new whole house water filtration system and a microbicidal interior paint with a chemical free formula which absorbs bacteria and prevents mold-all contributing to cleaner indoor air quality. "With our customers spending much of their time at home these days, we want to positively contribute to their quality of life by providing standard features that will help keep them healthy," said Palmer. Taylor Morrison will also be introducing a suite of additional health and wellness features that can be added as an option during the design center process.

"Earlier this month, the Company completed a bond offering as a part of our previously stated desire to refinance the debt assumed in the William Lyon Homes acquisition," said Dave Cone, Executive Vice President and Chief Financial Officer. "During this offering we raised $500 million in 10-year bonds at 5.125 percent, which was used to partially refinance the acquired 2023 and 2025 bonds. In addition, we used about $125 million of our cash on-hand to pay off a portion of the same sets of notes while also covering the standard fees and call premiums associated with the refinance. In total, this effort will save the company about $10 million in annualized interest while also furthering our focus on de-levering over time."

The company was able to incorporate a significant pay down piece to this refinancing project because of its strong liquidity position. At the end of the second quarter, and before the debt refinancing, the company had over $900 million in total available liquidity. About $675 million of that was cash on-hand with the remaining difference comprised of capacity on our $800 million corporate revolver. "We did have $485 million in borrowings on the revolver at quarter end, but similar to the end of the first quarter, much of that has been held in cash on our balance sheet as we've taken a cautious approach to preserve liquidity during these uncertain times," said Cone. "We anticipate paying off some or all of the revolver balance by year-end, subject to other considerations around balance sheet management as previously discussed. Our net debt to capital ratio at the end of the second quarter was 46 percent, and we expect it to be in the low to mid 40 percent range at year-end. Our leverage continues to track well ahead of where we expected to be at this point in 2020 and we now believe we will reduce our leverage to the low 40 percent range by the end of 2021, as compared to our previous expectation of mid 40 percent."

"We had about $51 million in transaction expenses and other items, including purchase price accounting of $32.1 million, that impacted our results for the second quarter," said Cone. "When controlling for these, our adjusted net income for the quarter was approximately $104 million demonstrating the strength of our core operations." GAAP net income was about $66 million.

For the quarter, home closings gross margin was 17.6 percent, adjusted for purchasing accounting and GAAP home closings gross margin was 15.4 percent for the quarter, inclusive of capitalized interest and purchase accounting, which is consistent with the second quarter expectations we shared on our first quarter call," added Cone. "The strong orders success in the second quarter led to better than anticipated sales of finished spec inventory from William Lyon that sold and closed within the quarter. While this did put a bit of pressure on margins, we are excited to be working through this aged finished spec inventory more quickly than we planned and is a big reason in how we drove the number of finished specs per community from 1.7 in the first quarter to 1.3 in the second quarter. I am also pleased to report that even with our effort to reduce this aged inventory, our second quarter total incentive levels were sequentially lower than the first quarter as well as lower on a year-over-year basis."

The Company ended the quarter with 6,805 units in backlog, a year-over-year increase of almost 35 percent, with a sales value of approximately $3.2 billion. As of June 30, 2020, Taylor Morrison owned or controlled approximately 67,000 homebuilding lots, representing 4.9 years of supply of which 3.5 years were owned, based on a trailing twelve months of closings including a full-year impact from William Lyon.

Quarterly Financial Comparison

($ thousands)

Q2 2020 Q2 2019 Q2 2020 vs. Q2 2019

Total Revenue $1,526,685 $1,265,426 20.6%

Home Closings Revenue $1,470,994 $1,232,261 19.4%

$226,770 $222,192 2.1% Home Closings Gross Margin 15.4% 18.0% 260 bps decrease

Adjusted Home Closings Gross $258,908 $222,192 16.5% Margin 17.6% 18.0% 40 bps decrease

SG&A $145,150 $124,817 16.3%

% of Home Closings Revenue 9.9% 10.1% 20 bps leverage

Third Quarter and Full Year 2020 Business Outlook

Third Quarter 2020:

* Average active community count is expected to be about 410 * Home closings are expected to be between 3,000 and 3,200 * GAAP home closings gross margin, inclusive of capitalized interest and purchase accounting, is expected to be in the mid-to-high 16 percent range * A debt refinancing charge of $8 million * Effective tax rate is expected to be about 22 percent * Diluted share count is expected to be about 131 million

Full Year 2020:

* Home closings are expected to be approximately 12,000 * GAAP home closings gross margin, inclusive of capitalized interest and purchase accounting, is expected to be in the low-to-mid 16 percent range * SG&A as a percentage of home closings revenue is expected to be in the low 10 percent range * Effective tax rate is expected to be about 25 percent * Land and development spend is expected to be approximately $1.4 billion to $1.5 billion * Diluted share count is expected to be about 129 million

Earnings Webcast

A public webcast to discuss the second quarter 2020 earnings will be held later today at 8:30 a.m. Eastern time. The participant dial-in is 1 (855) 470-8731 and the passcode is 8068359. More information can be found on the Company's investor relations website at investors.taylormorrison.com. A webcast replay will also be available on the site later today and will be available for one year from the date of the original earnings call.

About Taylor Morrison

Taylor Morrison Home Corporation (NYSE: TMHC) is a leading national homebuilder and developer that has been recognized as the 2016-2020 America's Most Trusted(r) Home Builder by Lifestory Research. Based in Scottsdale, Arizona we operate under three well-established brands, Taylor Morrison, Darling Homes and William Lyon Signature. We serve a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and active adult buyers. In Texas, Darling Homes builds communities with a focus on individuality and custom detail while delivering on the Taylor Morrison standard of excellence. We also have an exclusive partnership with Christopher Todd Communities, a growing Phoenix-based developer of innovative, luxury rental communities to operate a "Build-to-Rent" homebuilding business.

For more information about Taylor Morrison, Darling Homes and William Lyon Signature, please visit www.taylormorrison.com or www.darlinghomes.com.

Forward-Looking Statements

This earnings summary includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "may," "can," "could," "might," "will" and similar expressions identify forward-looking statements, including statements related to expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

Such risks, uncertainties and other factors include, among other things: the scale and scope of the recent COVID-19 (coronavirus) outbreak and resulting pandemic; changes in general and local economic conditions (including as a result of recent extreme weather conditions); slowdowns or severe downturns in the housing market; homebuyers' ability to obtain suitable financing; increases in interest rates, taxes or government fees; shortages in, disruptions of and cost of labor; higher cancellation rates of existing agreements of sale; competition in our industry; any increase in unemployment or underemployment; inflation or deflation; the seasonality of our business; our ability to obtain additional performance, payment and completion surety bonds and letters of credit; significant home warranty and construction defect claims; our reliance on subcontractors; failure to manage land acquisitions, inventory and development and construction processes; availability of land and lots at competitive prices; decreases in the market value of our land inventory; new or changing government regulations and legal challenges; our compliance with environmental laws and regulations regarding climate change; our ability to sell mortgages we originate and claims on loans sold to third parties; governmental regulation applicable to our financial services and title services business; the loss of any of our important commercial relationships; our ability to use deferred tax assets; raw materials and building supply shortages and price fluctuations; our concentration of significant operations in certain geographic areas; risks associated with our unconsolidated joint venture arrangements; information technology failures and data security breaches; costs to engage in and the success of future growth or expansion of our operations or acquisitions or disposals of businesses; costs associated with our defined benefit and defined contribution pension schemes; damages associated with any major health and safety incident; our ownership, leasing or occupation of land and the use of hazardous materials; material losses in excess of insurance limits; existing or future litigation, arbitration or other claims; negative publicity or poor relations with the residents of our communities; failure to recruit, retain and develop highly skilled, competent people; utility and resource shortages or rate fluctuations; constriction of the capital markets; risks related to our substantial debt and the agreements governing such debt, including restrictive covenants contained in such agreements; our ability to access the capital markets; the inherent uncertainty associated with financial or other projections; the risks associated with maintaining effective internal controls over financial reporting; and risks related to the integration of William Lyon Homes and the ability to recognize the anticipated benefits from the combination of Taylor Morrison and William Lyon Homes. In addition, other such risks and uncertainties may be found in our most recent annual report on Form 10-K and our quarterly report on Form 10-Q for the first quarter ended March 31, 2020 filed with the Securities and Exchange Commission (SEC) as such factors may be updated from time to time in our periodic filings with the SEC. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations, except as required by applicable law.

CONTACT: Investor RelationsTaylor Morrison Home Corporation(480) 734-2060investor@taylormorrison.com

Taylor Morrison Home Corporation

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts, unaudited)



Three Months Ended Six Months Ended June 30, June 30,

2020 2019 2020 2019

Home closings revenue, net $1,470,994$1,232,261$2,735,634$2,132,142

Land closings revenue 10,546 5,858 33,485 9,971

Financial services revenue 40,297 22,819 68,336 38,863

Amenity and other revenue 4,848 4,488 34,929 9,542

Total revenues 1,526,685 1,265,426 2,872,384 2,190,518

Cost of home closings 1,244,224 1,010,069 2,314,727 1,745,866

Cost of land closings 10,287 3,792 37,419 6,484

Financial services expenses 22,796 13,045 43,443 23,766

Amenity and other expense 5,200 4,746 34,861 8,588

Total cost of revenues 1,282,507 1,031,652 2,430,450 1,784,704

Gross margin 244,178 233,774 441,934 405,814

Sales, commissions and other marketing costs 94,038 82,615 180,365 150,044

General and administrative expenses 51,112 42,202 101,638 78,656

Equity in income of unconsolidated entities (3,495) (3,561) (5,921) (5,880)

Interest income, net (337) (958) (897) (1,291)

Other (income)/expense, net (696) (489) 5,595 (1,881)

Transaction expenses 18,712 1,750 105,086 5,879

Loss on extinguishment of debt - 2,196 - 2,196

Income before income taxes 84,844 110,019 56,068 178,091

Income tax provision 17,622 28,131 18,403 44,922

Net income before allocation to non-controlling interests 67,222 81,888 37,665 133,169

Net income attributable to non-controlling interests - joint ventures(1,548) (37) (3,423) (187)

Net income available to Taylor Morrison Home Corporation $65,674 $81,851 $34,242 $132,982

Earnings per common share

Basic $0.51 $0.77 $0.27 $1.23

Diluted $0.50 $0.76 $0.27 $1.21

Weighted average number of shares of common stock:

Basic 129,629 106,238 125,768 108,363

Diluted 130,364 107,232 126,726 109,479

Taylor Morrison Home Corporation

Condensed Consolidated Balance Sheets

(In thousands)



June 30, December 31, 2020 2019



Assets

Cash and cash equivalents $674,685 $326,437

Restricted cash 2,218 2,135

Total cash, cash equivalents, and restricted cash 676,903 328,572

Owned inventory 5,595,951 3,967,359

Consolidated real estate not owned 175,710 19,185

Total real estate inventory 5,771,661 3,986,544

Land deposits 152,960 39,810

Mortgage loans held for sale 209,927 190,880

Derivative assets 7,212 2,099

Lease right of use assets 75,656 36,663

Prepaid expenses and other assets, net 205,954 85,515

Other receivables, net 97,588 70,447

Investments in unconsolidated entities 112,333 128,759

Deferred tax assets, net 277,106 140,466

Property and equipment, net 96,504 85,866

Intangible assets, net 1,090 637

Goodwill 637,440 149,428

Total assets $8,322,334$5,245,686

Liabilities

Accounts payable $215,063 $164,580

Accrued expenses and other liabilities 408,665 325,368

Lease liabilities 84,201 42,317

Income taxes payable 9,320 3,719

Customer deposits 198,763 167,328

Estimated development liability 36,132 36,705

Senior notes, net 2,760,718 1,635,008

Loans payable and other borrowings 374,238 182,531

Revolving credit facility borrowings 485,000 -

Mortgage warehouse borrowings 149,784 123,233

Liabilities attributable to consolidated real estate not owned175,710 19,185

Total liabilities $4,897,594$2,699,974

Stockholders' Equity

Total stockholders' equity 3,424,740 2,545,712

Total liabilities and stockholders' equity $8,322,334$5,245,686

Homes Closed and Home Closings Revenue, Net



Three Months Ended June 30,

Homes Closed Home Closings Revenue, Net Average Selling Price

(Dollars in 2020 2019 Change 2020 2019 Change 2020 2019 Change thousands)

East 1,0971,180(7.0) %$467,154 $476,144 (1.9)%$426$4045.4 %

Central 1,059746 42.0 473,549 361,893 30.9 447 485(7.8)

West 1,056668 58.1 530,291 394,224 34.5 502 590(14.9)

Total 3,2122,59423.8 %$1,470,994$1,232,26119.4 %$458$475(3.6) %



Six Months Ended June 30,

Homes Closed Home Closings Revenue, Net Average Selling Price

(Dollars in 2020 2019 Change 2020 2019 Change 2020 2019 Change thousands)

East 2,0822,0342.4 %$862,870 $824,313 4.7 %$414$4052.2 %

Central 1,8781,29145.5 846,573 614,457 37.8 451 476(5.3)

West 2,0131,20766.8 1,026,191 693,372 48.0 510 574(11.1)

Total 5,9734,53231.8 %$2,735,634$2,132,14228.3 %$458$470(2.6) %



Net Sales Orders:

Three Months Ended June 30,

Net Sales Orders Sales Value Average Selling Price

(Dollars in 2020 2019 Change 2020 2019 Change 2020 2019 Change thousands)

East 1,1761,315(10.6)%$484,701 $533,931 (9.2)%$412$4061.5 %

Central 1,003820 22.3 437,568 398,770 9.7 436 486(10.3)

West 1,274675 88.7 643,156 360,295 78.5 505 534(5.4)

Total 3,4532,81022.9 %$1,565,425$1,292,99621.1 %$453$460(1.5) %



Six Months Ended June 30,

Net Sales Orders Sales Value Average Selling Price

(Dollars in 2020 2019 Change 2020 2019 Change 2020 2019 Change thousands)

East 2,5372,4503.6 %$1,046,245$1,006,2674.0 %$412$4110.2 %

Central 1,9091,62117.8 861,631 769,092 12.0 451 474(4.9)

West 2,4731,35482.6 1,275,399 730,179 74.7 516 539(4.3)

Total 6,9195,42527.5 %$3,183,275$2,505,53827.0 %$460$462(0.4) %



Sales Order Backlog:

As of June 30,

Sold Homes in Backlog Sales Value Average Selling Price

(Dollars in 2020 2019 Change 2020 2019 Change 2020 2019 Change thousands)

East 2,2712,05410.6 %$974,860 $906,518 7.5 %$429$441(2.7) %

Central 2,1111,75020.6 1,006,002 886,430 13.5 477 507 (5.9)

West 2,4231,24794.3 1,245,301 660,017 88.7 514 529 (2.8)

Total 6,8055,05134.7 %$3,226,163$2,452,96531.5 %$474$486(2.5) %

Average Active Selling Communities:



Three Months Ended Six Months Ended June 30, June 30,

20202019Change 20202019Change

East 153 161 (5.0) %148 167 (11.4)%

Central132 137 (3.6) 133 140 (5.0)

West 126 59 113.6 112 59 89.8

Total 411 357 15.1 %393 366 7.4 %

Reconciliation of Non-GAAP Financial MeasuresIn addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP"), we have provided information in this Quarterly Report relating to: (i) adjusted income before income taxes, (ii) EBITDA and adjusted EBITDA, (iii) adjusted net income and adjusted earnings per share, (iv) net homebuilding debt to capitalization ratio, (v) adjusted home closings gross margin, and (vi) adjusted income before income taxes margin.

Adjusted income before income taxes is a non-GAAP financial measure that reflects our income before income taxes excluding the impact of purchase accounting adjustments related to the acquisition of William Lyon Homes ("WLH"), transaction expenses and loss on extinguishment of debt, as applicable. EBITDA and Adjusted EBITDA are non-GAAP financial measures that measure performance by adjusting net income before allocation to non-controlling interests to exclude interest income/(expense), net, amortization of capitalized interest, income taxes, depreciation and amortization (EBITDA), non-cash compensation expense, if any, purchase accounting adjustments, relating to the acquisition of WLH, transaction expenses and loss on extinguishment of debt, as applicable. Adjusted net income and adjusted earnings per share are non-GAAP financial measures that reflect the net income available to the Company excluding the impact of purchase accounting adjustments, relating to the acquisition of WLH, transaction expenses, loss on extinguishment of debt and the tax impact due to such adjustments. Net homebuilding debt to capitalization ratio is a non-GAAP financial measure we calculate by dividing (i) total debt, less unamortized debt issuance costs/premiums and mortgage warehouse borrowings, net of unrestricted cash and cash equivalents, by (ii) total capitalization (the sum of net homebuilding debt and total stockholders' equity). Adjusted home closings gross margin is a non-GAAP financial measure calculated based on GAAP home closings gross margin (which is inclusive of capitalized interest), excluding purchase accounting adjustments relating to the acquisition of WLH.

Management uses these non-GAAP financial measures to evaluate our performance on a consolidated basis, as well as the performance of our regions, and to set targets for performance-based compensation. We also use the ratio of net homebuilding debt to total capitalization as an indicator of overall leverage and to evaluate our performance against other companies in the homebuilding industry. In the future, we may include additional adjustments in the above described non-GAAP financial measures to the extent we deem them appropriate and useful to management and investors.

We believe that adjusted income before income taxes and related margin, adjusted net income and adjusted earnings per share, as well as EBITDA and adjusted EBITDA, are useful for investors in order to allow them to evaluate our operations without the effects of various items we do not believe are characteristic of our ongoing operations or performance and also because such metrics assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted EBITDA also provides an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, or unusual items. Because we use the ratio of net homebuilding debt to total capitalization to evaluate our performance against other companies in the homebuilding industry, we believe this measure is also relevant and useful to investors for that reason. We believe that adjusted home closings gross margin is useful to investors because it allows investors to evaluate the performance of our homebuilding operations without the varying effects of items or transactions we do not believe are characteristic of our ongoing operations or performance.

These non-GAAP financial measures should be considered in addition to, rather than as a substitute for, the comparable U.S. GAAP financial measures of our operating performance or liquidity. Although other companies in the homebuilding industry may report similar information, their definitions may differ. We urge investors to understand the methods used by other companies to calculate similarly-titled non-GAAP financial measures before comparing their measures to ours.

Adjusted Net Income and Adjusted Earnings Per Share



Three Months Ended June 30,

(Dollars in thousands, except per share data) 2020 2019

Net income available to TMHC $65,674 $81,851

William Lyon Homes related purchase accounting 32,138 - adjustments

Transaction expenses 18,712 1,750

Loss on extinguishment of debt $- 2,196

Tax impact due to Transaction expenses and Loss(12,709) (1,010) on extinguishment of debt

Adjusted net income $103,815 $84,787



Basic weighted average shares 129,629 106,238

Adjusted earnings per common share - Basic $0.80 $0.80





Adjusted diluted weighted average shares 130,364 107,232

Adjusted earnings per common share - Diluted $0.80 $0.79



Adjusted Income Before Income Taxes and Related Margin



Three Months Ended June 30,

(Dollars in thousands) 2020 2019

Income before income taxes $84,844 $110,019

William Lyon Homes related purchase accounting 32,138 - adjustments

Transaction expenses 18,712 1,750

Loss on extinguishment of debt $- 2,196

Adjusted income before income taxes $135,694 $113,965



Total revenues $1,526,685 $1,265,426



Income before income taxes margin 5.6 %8.7 %

Adjusted income before income taxes margin 8.9 %9.0 %



Adjusted Home Closings Gross Margin



Three Months Ended June 30,

(Dollars in thousands) 2020 2019

Home closings revenue $1,470,994 $1,232,261

Cost of home closings 1,244,224 1,010,069

Home closings gross margin $226,770 $222,192

William Lyon Homes homebuilding related 32,138 - purchase accounting adjustments

Adjusted home closings gross margin $258,908 $222,192

Home closings gross margin as a percentage of 15.4 %18.0 %home closings revenue

Adjusted home closings gross margin as a 17.6 %18.0 %percentage of home closings revenue



EBITDA and Adjusted EBITDA Reconciliation



Three Months Ended June 30,

(Dollars in thousands) 2020 2019

Net income before allocation to non-controlling$67,222 $81,888 interests

Interest income/(expense), net (337) (958)

Amortization of capitalized interest 28,667 24,076

Income tax provision 17,622 28,131

Depreciation and amortization 1,467 531

EBITDA $114,641 $133,668

Non-cash compensation expense 4,986 3,826

William Lyon Homes related purchase accounting 32,138 - adjustments

Transaction expenses 18,712 1,750

Loss on extinguishment of debt $- 2,196

Adjusted EBITDA $170,477 $141,440



Total revenues $1,526,685 $1,265,426

EBITDA as a percentage of total revenues 7.5 %10.6 %

Adjusted EBITDA as a percentage of total 11.2 %11.2 %revenues



Net Homebuilding Debt to Capitalization Ratio Reconciliation



(Dollars in thousands) As of June 30, 2020

Total debt $3,769,740

Less unamortized debt issuance costs/premiums 23,832

Less mortgage warehouse borrowings 149,784

Total homebuilding debt $3,596,124

Less cash and cash equivalents 674,685

Net homebuilding debt $2,921,439

Total equity 3,424,740

Total capitalization $6,346,179



Net homebuilding debt to capitalization ratio 46.0 %

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SOURCE Taylor Morrison