Taylor Morrison Reports First Quarter 2026 Results
First Quarter 2026 Highlights
- Home closings revenue of $1.3 billion
- 2,268 closings at an average sales price of
$578,000
- 2,268 closings at an average sales price of
- Home closings gross margin of 20.0%; adjusted home closings gross margin of 20.6%
- SG&A ratio of 11.4% of home closings revenue
- Net sales orders of 2,914 at an average selling price of $603,000
- Monthly net sales pace of 2.7 per community
- Sales order backlog of 3,465 homes with a sales value of
$2.3 billion
- 75,626 homebuilding lots owned and controlled; 51% controlled off balance sheet
- Homebuilding land and development investment of
$503 million - Repurchased approximately 2.5 million common shares for
$150 million - Total liquidity of approximately
$1.6 billion , inclusive of$653 million of cash
"Our first quarter results reflected the effectiveness of our diversified strategy, the quality of our core locations, and the disciplined execution of our teams. We delivered 2,268 homes at an average price of
Palmer continued, "Encouragingly, our first quarter sales were achieved with a significant increase in the mix of to-be-built orders to 38% from 28% in the fourth quarter, a more than 100 basis point sequential reduction in incentives, and a 30% decline in our finished spec count to 863 homes. With net orders outpacing closings, our backlog grew 23% sequentially to 3,465 homes. We believe our diversification across consumer segments remains a critical driver of our results relative to the broader market. In particular, our resort lifestyle segment provided a strong source of differentiated sales success during the quarter as the only consumer segment to grow year over year, driven by a 9% increase in Esplanade sales. Supported by the underlying strength of our strategy, we are reaffirming our full-year 2026 guidance across all key metrics, despite the evolving market backdrop."
"Our strategic priorities center on a refocusing of our expertise in the discerning entry-level, move-up and resort lifestyle segments, with land investments focused on well-located, core submarkets that best align with our product offerings and target consumer groups. Tactically, we are focused on continuing to rebuild our backlog with ongoing normalization in our sales mix, managing our starts cadence, and ensuring the more than 125 new communities we have slated for the year open with strong momentum. We believe these priorities are laying the groundwork for a meaningful reacceleration in growth in 2027 and beyond while positioning our portfolio to generate attractive long-term returns for our shareholders."
Business Outlook
The Company is providing the following guidance for the second quarter and full year 2026:
|
|
Second Quarter 2026 |
|
Full Year 2026 |
|
Ending Community Count |
Around 370 |
|
Between 365 to 370 |
|
Home Closings |
Between 2,500 to 2,600 |
|
Approximately 11,000 |
|
Average Closing Price |
Approximately |
|
Between |
|
Home Closings Gross Margin 1 (excluding any inventory-related charges) |
At least 20% |
|
Not provided |
|
SG&A as a Percentage of Home Closings Revenue |
Not provided |
|
Mid-10% range |
|
Effective Tax Rate |
Approximately 25.5% |
|
Approximately 25.0% |
|
Average Diluted Share Count |
Approximately 95 million |
|
Approximately 95 million |
|
|
Not provided |
|
Approximately |
|
Share Repurchases |
Not provided |
|
Approximately |
|
(1) |
A reconciliation of our forward-looking adjusted home closings gross margin to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. |
First Quarter Business Highlights
All comparisons are of the current quarter to the prior-year quarter, unless indicated.
Homebuilding
- Home closings revenue decreased approximately 28% to
$1.3 billion , driven by an approximately 26% decline in closings volume to 2,268 homes and an approximately 4% decrease in average closing price to$578,000 . - Home closings gross margin was 20.0% on a reported basis and 20.6% on an adjusted basis, excluding
$8.2 million of inventory impairment charges. - Net sales orders decreased approximately 14% to 2,914 at an average selling price of
$603,000 , up approximately 2% year over year. The monthly sales pace was 2.7 per community, up from 2.4 in the fourth quarter of 2025 but down from 3.3 in the first quarter of 2025. - Ending active selling communities were 356, up 4% year over year.
- The cancellation rate was 10.0% of gross orders, compared to 11.0% a year ago.
- SG&A as a percentage of home closings revenue increased to 11.4% from 9.7% a year ago, as the reduction in SG&A dollar spend was offset by lower home closings revenue.
- Backlog at quarter end was 3,465 homes, up 23% sequentially from 2,819 homes at year end 2025. Backlog customer deposits averaged approximately
$45,000 per home.
Land Portfolio
- Homebuilding land and development investment totaled
$503 million in the first quarter of 2026, inclusive of$224 million for land development, as compared to$469 million in the first quarter of 2025, inclusive of$218 million for land development. - Homebuilding lot supply was 75,626 homesites at quarter end, of which 51% was controlled off balance sheet. This compared to total homesites of 86,266 in the first quarter of 2025, of which 59% was controlled, and 78,835 at year end 2025, of which 54% was controlled.
- Based on trailing twelve-month home closings, total homebuilding lots represented 6.2 years of supply, of which 3.0 years was owned. This compared to 6.5 years of supply and 2.7 years owned in the first quarter of 2025.
Financial Services
- The mortgage capture rate was 88%, stable compared to a year ago.
- Borrowers had an average credit score of 750, average household income of approximately
$181,000 , and average loan-to-value ratio of 80%.
Balance Sheet
- At quarter end, total liquidity was approximately
$1.6 billion , inclusive of$653 million of cash and$905 million of available capacity on the Company's revolving credit facility. - The gross homebuilding debt-to-capital ratio was 26.6% and the net homebuilding debt-to-capital ratio was 20.5%.
- The Company repurchased approximately 2.5 million shares at an average price of approximately
$61 per share during the first quarter. As of quarter end,$863 million remained available under the Company's$1 billion repurchase authorization, which expires inDecember 2027 .
Earnings Webcast
|
Quarterly Financial Comparison |
|||||
|
(Dollars in thousands) |
Q1 2026 |
|
Q1 2025 |
|
Q1 2026 vs. Q1 2025 |
|
Total Revenue |
$ 1,387,092 |
|
$ 1,896,019 |
|
(26.8) % |
|
Home Closings Revenue, net |
$ 1,311,421 |
|
$ 1,830,068 |
|
(28.3) % |
|
Home Closings Gross Margin |
$ 261,721 |
|
$ 438,708 |
|
(40.3) % |
|
|
20.0 % |
|
24.0 % |
|
400 bps decrease |
|
Adjusted Home Closings Gross Margin |
$ 269,903 |
|
$ 453,586 |
|
(40.5) % |
|
|
20.6 % |
|
24.8 % |
|
420 bps decrease |
|
SG&A |
$ 148,847 |
|
$ 176,624 |
|
(15.7) % |
|
% of Home Closings Revenue |
11.4 % |
|
9.7 % |
|
170 bps increase |
About
Headquartered in Scottsdale,
For more information about
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 ""anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "will," "can," "could," "might," "should" and similar expressions identify forward-looking statements, including statements related to expected financial, operating and performance 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: inflation or deflation; changes in general and local economic 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; the seasonality of our business; the physical impacts of climate change and the increased focus by third-parties on sustainability issues; 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; failure to develop and maintain relationships with suitable land banks; availability of land and lots at competitive prices; decreases in the market value of our land inventory; new or changing government regulations, policy initiatives 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 lender relationships; our ability to use deferred tax assets; raw materials and building supply shortages and price fluctuations, including as a result of tariffs; 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; 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 instability in the banking system; risks associated with civil unrest, acts of terrorism, threats to national security, the conflicts in
In addition, other such risks and uncertainties may be found in our most recent annual report on Form 10-K and our subsequent quarterly reports filed with the Securities and Exchange Commission (SEC) as such factors may be updated from time to time in our periodic filings with the
|
Condensed Consolidated Statements of Operations (In thousands, except per share amounts, unaudited) |
|||
|
|
Three Months Ended
|
||
|
|
2026 |
|
2025 |
|
Home closings revenue, net |
$ 1,311,421 |
|
$ 1,830,068 |
|
Land closings revenue |
14,479 |
|
4,261 |
|
Financial services revenue, net |
49,264 |
|
51,193 |
|
Amenity and other revenue |
11,928 |
|
10,497 |
|
Total revenue |
1,387,092 |
|
1,896,019 |
|
Cost of home closings |
1,049,700 |
|
1,391,360 |
|
Cost of land closings |
12,002 |
|
3,489 |
|
Financial services expenses |
24,451 |
|
28,321 |
|
Amenity and other expenses |
10,301 |
|
9,575 |
|
Total cost of revenue |
1,096,454 |
|
1,432,745 |
|
Gross margin |
290,638 |
|
463,274 |
|
Sales, commissions and other marketing costs |
89,876 |
|
109,076 |
|
General and administrative expenses |
58,971 |
|
67,548 |
|
Net income from unconsolidated entities |
(2,877) |
|
(1,975) |
|
Interest expense, net |
11,155 |
|
8,499 |
|
Other expense, net |
2,831 |
|
1,557 |
|
Income before income taxes |
130,682 |
|
278,569 |
|
Income tax provision |
30,253 |
|
64,838 |
|
Net income before allocation to non-controlling interests |
100,429 |
|
213,731 |
|
Net income attributable to non-controlling interests |
(1,804) |
|
(265) |
|
Net income |
$ 98,625 |
|
$ 213,466 |
|
Earnings per common share: |
|
|
|
|
Basic |
$ 1.03 |
|
$ 2.11 |
|
Diluted |
$ 1.01 |
|
$ 2.07 |
|
Weighted average number of shares of common stock: |
|
|
|
|
Basic |
96,033 |
|
101,245 |
|
Diluted |
97,530 |
|
103,017 |
|
|
|||
|
Condensed Consolidated Balance Sheets (In thousands, unaudited) |
|||
|
|
|
|
|
|
Assets |
|
|
|
|
Cash and cash equivalents |
$ 652,933 |
|
$ 850,037 |
|
Restricted cash |
500 |
|
1,194 |
|
Total cash |
653,433 |
|
851,231 |
|
Owned inventory |
6,138,036 |
|
6,046,468 |
|
Consolidated real estate not owned |
100,527 |
|
94,195 |
|
Total real estate inventory |
6,238,563 |
|
6,140,663 |
|
Land deposits |
388,277 |
|
360,690 |
|
Mortgage loans held for sale |
139,001 |
|
132,512 |
|
Lease right of use assets |
63,073 |
|
60,800 |
|
Prepaid expenses and other assets, net |
530,473 |
|
566,670 |
|
Other receivables, net |
269,835 |
|
241,678 |
|
Investments in unconsolidated entities |
483,011 |
|
486,978 |
|
Deferred tax assets, net |
74,363 |
|
74,363 |
|
Property and equipment, net |
268,773 |
|
259,015 |
|
|
663,197 |
|
663,197 |
|
Total assets |
$ 9,771,999 |
|
$ 9,837,797 |
|
Liabilities and stockholders' equity |
|
|
|
|
Accounts payable |
$ 255,352 |
|
$ 251,641 |
|
Accrued expenses and other liabilities |
586,138 |
|
682,500 |
|
Lease liabilities |
72,822 |
|
71,525 |
|
Income taxes payable |
8,333 |
|
8,146 |
|
Customer deposits |
154,527 |
|
125,029 |
|
Estimated development liabilities |
4,365 |
|
4,365 |
|
Senior notes, net |
1,463,865 |
|
1,463,333 |
|
Loans payable and other borrowings |
787,061 |
|
745,169 |
|
Revolving credit facility borrowings |
— |
|
— |
|
Mortgage warehouse facilities borrowings |
90,855 |
|
82,605 |
|
Liabilities attributable to consolidated real estate not owned |
100,527 |
|
94,195 |
|
Total liabilities |
$ 3,523,845 |
|
$ 3,528,508 |
|
|
|
|
|
|
Total stockholders' equity |
6,248,154 |
|
6,309,289 |
|
Total liabilities and stockholders' equity |
$ 9,771,999 |
|
$ 9,837,797 |
|
|
|||||||||||||||||
|
Homes Closed and Home Closings Revenue, Net: |
|||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||
|
|
Homes Closed |
|
Home Closings Revenue, Net |
|
Average Selling Price |
||||||||||||
|
(Dollars in thousands) |
2026 |
|
2025 |
|
Change |
|
2026 |
|
2025 |
|
Change |
|
2026 |
|
2025 |
|
Change |
|
East |
869 |
|
1,110 |
|
(21.7) % |
|
$ 469,061 |
|
$ 625,714 |
|
(25.0) % |
|
$ 540 |
|
$ 564 |
|
(4.3 %) |
|
Central |
558 |
|
883 |
|
(36.8) % |
|
271,158 |
|
477,494 |
|
(43.2) % |
|
486 |
|
541 |
|
(10.2) % |
|
West |
841 |
|
1,055 |
|
(20.3 %) |
|
571,202 |
|
726,860 |
|
(21.4) % |
|
679 |
|
689 |
|
(1.5) % |
|
Total |
2,268 |
|
3,048 |
|
(25.6) % |
|
$ 1,311,421 |
|
$ 1,830,068 |
|
(28.3) % |
|
$ 578 |
|
$ 600 |
|
(3.7) % |
|
|
|||||||||||||||||
|
Net Sales Orders: |
|||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||
|
|
|
|
Sales Value |
|
Average Selling Price |
||||||||||||
|
(Dollars in thousands) |
2026 |
|
2025 |
|
Change |
|
2026 |
|
2025 |
|
Change |
|
2026 |
|
2025 |
|
Change |
|
East |
1,155 |
|
1,391 |
|
(17.0) % |
|
$ 652,435 |
|
$ 721,027 |
|
(9.5 %) |
|
$ 565 |
|
$ 518 |
|
9.1 % |
|
Central |
736 |
|
867 |
|
(15.1 %) |
|
342,865 |
|
449,363 |
|
(23.7 %) |
|
466 |
|
518 |
|
(10.0) % |
|
West |
1,023 |
|
1,116 |
|
(8.3 %) |
|
762,348 |
|
828,905 |
|
(8.0 %) |
|
745 |
|
743 |
|
0.3 % |
|
Total |
2,914 |
|
3,374 |
|
(13.6 %) |
|
$ 1,757,648 |
|
$ 1,999,295 |
|
(12.1 %) |
|
$ 603 |
|
$ 593 |
|
1.7 % |
|
|
|||||||||||||||||
|
Sales Order Backlog: |
|||||||||||||||||
|
|
As of |
||||||||||||||||
|
|
|
|
Sales Value |
|
Average Selling Price |
||||||||||||
|
(Dollars in thousands) |
2026 |
|
2025 |
|
Change |
|
2026 |
|
2025 |
|
Change |
|
2026 |
|
2025 |
|
Change |
|
East |
1,432 |
|
2,018 |
|
(29.0) % |
|
$ 930,791 |
|
$ 1,286,197 |
|
(27.6) % |
|
$ 650 |
|
$ 637 |
|
2.0 % |
|
Central |
675 |
|
1,082 |
|
(37.6) % |
|
358,424 |
|
640,443 |
|
(44.0) % |
|
531 |
|
592 |
|
(10.3) % |
|
West |
1,358 |
|
1,968 |
|
(31.0 %) |
|
1,013,612 |
|
1,434,734 |
|
(29.4 %) |
|
746 |
|
729 |
|
2.3 % |
|
Total |
3,465 |
|
5,068 |
|
(31.6) % |
|
$ 2,302,827 |
|
$ 3,361,374 |
|
(31.5) % |
|
$ 665 |
|
$ 663 |
|
0.3 % |
|
|
|||||
|
Ending Active Selling Communities: |
|||||
|
|
As of |
|
Change |
||
|
|
2026 |
|
2025 |
|
|
|
East |
148 |
|
137 |
|
8.0 % |
|
Central |
97 |
|
94 |
|
3.2 % |
|
West |
111 |
|
113 |
|
(1.8 %) |
|
Total |
356 |
|
344 |
|
3.5 % |
Reconciliation of Non-GAAP Financial Measures
In addition to the results reported in accordance with accounting principles generally accepted in
Adjusted net income, adjusted earnings per common share and adjusted income before income taxes and related margin are non-GAAP financial measures that reflect the net income/(loss) available to the Company excluding, to the extent applicable in a given period, the impact of real estate and inventory impairment charges, impairment of investment in unconsolidated entities, pre-acquisition abandonment charges, unique and unusual warranty charges, gains/losses on land transfers to joint ventures, extinguishment of debt, net, and legal reserves or settlements that the Company deems not to be in the ordinary course of business and in the case of adjusted net income and adjusted earnings per common share, the tax impact due to such items. Adjusted home closings gross margin is a non-GAAP financial measure calculated as GAAP home closings gross margin (which is inclusive of capitalized interest), excluding inventory impairment charges and unique and unusual warranty charges. EBITDA and adjusted EBITDA are non-GAAP financial measures that measure performance by adjusting net income before allocation to non-controlling interests to exclude, as applicable, interest expense/(income), net, amortization of capitalized interest, income tax provisions, depreciation and amortization (EBITDA), non-cash compensation expense, if any, real estate and inventory impairment charges, impairment of investments in unconsolidated entities, pre-acquisition abandonment charges, unique and unusual warranty charges, gains/losses on land transfers to joint ventures, extinguishment of debt, net and legal reserves or settlements that the Company deems not to be in the ordinary course of business, in each case, as applicable in a given period. Net homebuilding debt to capitalization ratio is a non-GAAP financial measure we calculate by dividing (i) total debt, plus unamortized debt issuance cost/(premium), net, and less mortgage warehouse facilities borrowings, net of unrestricted cash and cash equivalents ("net homebuilding debt"), by (ii) total capitalization (the sum of net homebuilding debt and total stockholders' equity).
Management uses these non-GAAP financial measures to evaluate our performance on a consolidated basis, as well as the performance of our segments, and to set targets for performance-based compensation. We also use the net homebuilding debt to total capitalization ratio as an indicator of overall financial 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 net income, adjusted earnings per common share, adjusted income before income taxes and related margin, 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 net homebuilding debt to total capitalization ratio 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
A reconciliation of (i) adjusted net income and adjusted earnings per common share, (ii) adjusted income before income taxes and related margin, (iii) adjusted home closings gross margin, (iv) EBITDA and adjusted EBITDA and (v) net homebuilding debt to capitalization ratio to the comparable GAAP measures is presented below. For purposes of our presentation of our non-GAAP financial measures for the three months ended
|
|
|||
|
Adjusted Net Income and Adjusted Earnings Per Common Share |
|||
|
|
Three Months Ended |
||
|
(Dollars in thousands, except per share data) |
2026 |
|
2025 |
|
Net income |
$ 98,625 |
|
$ 213,466 |
|
Inventory impairment charges |
8,182 |
|
14,878 |
|
Pre-acquisition abandonment charges |
5,591 |
|
927 |
|
Tax impact of non-GAAP reconciling items |
(3,189) |
|
(3,679) |
|
Adjusted net income |
$ 109,209 |
|
$ 225,592 |
|
Basic weighted average number of shares |
96,033 |
|
101,245 |
|
Adjusted earnings per common share - Basic |
$ 1.14 |
|
$ 2.23 |
|
Diluted weighted average number of shares |
97,530 |
|
103,017 |
|
Adjusted earnings per common share - Diluted |
$ 1.12 |
|
$ 2.19 |
|
|
|||
|
Adjusted Income Before Income Taxes and Related Margin |
|||
|
|
Three Months Ended |
||
|
(Dollars in thousands) |
2026 |
|
2025 |
|
Income before income taxes |
$ 130,682 |
|
$ 278,569 |
|
Inventory impairment charges |
8,182 |
|
14,878 |
|
Pre-acquisition abandonment charges |
5,591 |
|
927 |
|
Adjusted income before income taxes |
$ 144,455 |
|
$ 294,374 |
|
Total revenue |
$ 1,387,092 |
|
$ 1,896,019 |
|
Income before income taxes margin |
9.4 % |
|
14.7 % |
|
Adjusted income before income taxes margin |
10.4 % |
|
15.5 % |
|
|
|||
|
Adjusted Home Closings Gross Margin |
|||
|
|
Three Months Ended |
||
|
(Dollars in thousands) |
2026 |
|
2025 |
|
Home closings revenue, net |
$ 1,311,421 |
|
$ 1,830,068 |
|
Cost of home closings |
1,049,700 |
|
1,391,360 |
|
Home closings gross margin |
$ 261,721 |
|
$ 438,708 |
|
Inventory impairment charges |
8,182 |
|
14,878 |
|
Adjusted home closings gross margin |
$ 269,903 |
|
$ 453,586 |
|
Home closings gross margin as a percentage of home closings revenue |
20.0 % |
|
24.0 % |
|
Adjusted home closings gross margin as a percentage of home closings revenue |
20.6 % |
|
24.8 % |
|
|
|||
|
EBITDA and Adjusted EBITDA Reconciliation |
|||
|
|
Three Months Ended
|
||
|
(Dollars in thousands) |
2026 |
|
2025 |
|
Net income before allocation to non-controlling interests |
$ 100,429 |
|
$ 213,731 |
|
Interest expense, net |
11,155 |
|
8,499 |
|
Amortization of capitalized interest |
18,672 |
|
24,773 |
|
Income tax provision |
30,253 |
|
64,838 |
|
Depreciation and amortization |
2,535 |
|
1,696 |
|
EBITDA |
$ 163,044 |
|
$ 313,537 |
|
Non-cash compensation expense |
6,560 |
|
7,785 |
|
Inventory impairment charges |
8,182 |
|
14,878 |
|
Pre-acquisition abandonment charges |
5,591 |
|
927 |
|
Adjusted EBITDA |
$ 183,377 |
|
$ 337,127 |
|
Total revenue |
$ 1,387,092 |
|
$ 1,896,019 |
|
Net income before allocation to non-controlling interests as a percentage of total revenue |
7.2 % |
|
11.3 % |
|
EBITDA as a percentage of total revenue |
11.8 % |
|
16.5 % |
|
Adjusted EBITDA as a percentage of total revenue |
13.2 % |
|
17.8 % |
|
|
|||||
|
Debt to Capitalization Ratios Reconciliation |
|||||
|
(Dollars in thousands) |
As of
|
|
As of
|
|
As of
|
|
Total debt |
$ 2,341,781 |
|
$ 2,291,107 |
|
$ 2,083,599 |
|
Plus: unamortized debt issuance cost, net |
11,135 |
|
11,667 |
|
6,177 |
|
Less: mortgage warehouse facilities borrowings |
(90,855) |
|
(82,605) |
|
(175,741) |
|
Total homebuilding debt |
$ 2,262,061 |
|
$ 2,220,169 |
|
$ 1,914,035 |
|
Total stockholders' equity |
6,248,154 |
|
6,309,289 |
|
5,957,524 |
|
Total capitalization |
$ 8,510,215 |
|
$ 8,529,458 |
|
$ 7,871,559 |
|
Total homebuilding debt to capitalization ratio |
26.6 % |
|
26.0 % |
|
24.3 % |
|
Total homebuilding debt |
$ 2,262,061 |
|
$ 2,220,169 |
|
$ 1,914,035 |
|
Less: cash and cash equivalents |
(652,933) |
|
(850,037) |
|
(377,815) |
|
Net homebuilding debt |
$ 1,609,128 |
|
$ 1,370,132 |
|
$ 1,536,220 |
|
Total stockholders' equity |
6,248,154 |
|
6,309,289 |
|
5,957,524 |
|
Total capitalization |
$ 7,857,282 |
|
$ 7,679,421 |
|
$ 7,493,744 |
|
Net homebuilding debt to capitalization ratio |
20.5 % |
|
17.8 % |
|
20.5 % |
CONTACT:
Vice President, Investor Relations
(407) 906-6262
investor@taylormorrison.com
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