bi
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number:
(Exact name of registrant as specified in its Charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
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(Zip Code) |
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(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class |
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Outstanding as of July 26, 2023 |
Common stock, $0.00001 par value |
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TAYLOR MORRISON HOME CORPORATION
TABLE OF CONTENTS
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Part I |
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2 |
ITEM 1. |
Financial Statements of Taylor Morrison Home Corporation (Unaudited) |
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2 |
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Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 |
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3 |
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4 |
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Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 |
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Notes to the Unaudited Condensed Consolidated Financial Statements |
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21 |
ITEM 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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33 |
ITEM 3. |
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34 |
ITEM 4. |
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Part II |
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35 |
ITEM 1. |
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35 |
ITEM 1A. |
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36 |
ITEM 2. |
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36 |
ITEM 3. |
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ITEM 4. |
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ITEM 5. |
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38 |
ITEM 6. |
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39 |
TAYLOR MORRISON HOME CORPORATION 10-Q
1
ITEM 1. FINANCIAL STATEMENTS
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
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June 30, |
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December 31, |
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Assets |
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Cash and cash equivalents |
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$ |
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$ |
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Restricted cash |
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Total cash, cash equivalents, and restricted cash |
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Real estate inventory: |
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Owned inventory |
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Consolidated real estate not owned |
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Total real estate inventory |
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Land deposits |
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Mortgage loans held for sale |
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Lease right of use assets |
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Prepaid expenses and other assets, net |
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Other receivables, net |
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Investments in unconsolidated entities |
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Deferred tax assets, net |
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Property and equipment, net |
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Goodwill |
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Total assets |
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$ |
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$ |
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Liabilities |
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Accounts payable |
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$ |
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$ |
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Accrued expenses and other liabilities |
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Lease liabilities |
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Income taxes payable |
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Customer deposits |
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Estimated development liabilities |
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Senior notes, net |
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Loans payable and other borrowings |
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Mortgage warehouse borrowings |
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Liabilities attributable to consolidated real estate not owned |
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Total liabilities |
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$ |
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$ |
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Stockholders’ equity |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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$ |
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$ |
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See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements
TAYLOR MORRISON HOME CORPORATION 10-Q
2
ITEM 1. FINANCIAL STATEMENTS
TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
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Three Months Ended |
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Six Months Ended |
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2023 |
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2022 |
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2023 |
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2022 |
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Home closings revenue, net |
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$ |
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$ |
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$ |
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$ |
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Land closings revenue |
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Financial services revenue |
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Amenity and other revenue |
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Total revenue |
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Cost of home closings |
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Cost of land closings |
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Financial services expenses |
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Amenity and other expenses |
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Total cost of revenue |
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Gross margin |
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Sales, commissions and other marketing costs |
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General and administrative expenses |
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Net (income)/loss from unconsolidated entities |
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Interest (income)/expense, net |
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Other expense/(income), net |
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Gain on extinguishment of debt, net |
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Income before income taxes |
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Income tax provision |
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Net income before allocation to non-controlling interests |
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Net income attributable to non-controlling interests |
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Net income available to Taylor Morrison Home Corporation |
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$ |
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$ |
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$ |
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$ |
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Earnings per common share |
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Basic |
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$ |
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$ |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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$ |
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$ |
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Weighted average number of shares of common stock: |
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Basic |
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Diluted |
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See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements
TAYLOR MORRISON HOME CORPORATION 10-Q
3
ITEM 1. FINANCIAL STATEMENTS
TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data, unaudited)
For the three months ended June 30, 2023
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Common Stock |
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Additional |
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Treasury Stock |
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Stockholders' Equity |
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Shares |
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Amount |
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Amount |
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Shares |
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Amount |
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Retained |
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Accumulated |
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Non- |
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Total |
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Balance – March 31, 2023 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Net income |
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— |
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— |
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— |
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— |
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— |
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— |
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Exercise of stock options and issuance of restricted stock units, net(1) |
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— |
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— |
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Stock compensation expense |
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— |
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— |
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— |
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— |
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Balance – June 30, 2023 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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For the three months ended June 30, 2022
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Common Stock |
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Additional |
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Treasury Stock |
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Stockholders' Equity |
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Shares |
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Amount |
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Amount |
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Shares |
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Amount |
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Retained |
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Accumulated |
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Non- |
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Total |
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Balance – March 31, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Net income |
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— |
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— |
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— |
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— |
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— |
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— |
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Exercise of stock options and issuance of restricted stock units, net(1) |
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— |
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— |
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— |
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— |
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— |
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— |
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Repurchase of common stock |
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( |
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— |
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— |
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— |
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— |
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— |
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( |
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Stock compensation expense |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Distributions to non-controlling interests of |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
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( |
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Changes in non-controlling interests of consolidated |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
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Balance – June 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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TAYLOR MORRISON HOME CORPORATION 10-Q
4
ITEM 1. FINANCIAL STATEMENTS
For the six months ended June 30, 2023
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Common Stock |
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Additional |
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Treasury Stock |
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Stockholders' Equity |
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Shares |
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Amount |
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Amount |
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Shares |
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Amount |
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Retained |
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Accumulated |
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Non- |
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Total |
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Balance – December 31, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Net income |
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— |
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— |
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— |
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— |
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— |
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— |
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'Exercise of stock options and issuance of restricted stock units, net(1) |
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— |
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— |
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— |
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— |
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— |
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— |
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Repurchase of common stock |
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( |
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— |
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— |
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( |
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— |
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— |
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— |
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( |
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Stock compensation expense |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Changes in non-controlling interests of consolidated |
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— |
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