Company Quick10K Filing
⚲
Taylor Morrison Home
Financials
Price25.33 EPS2
Shares109 P/E13
MCap2,751 P/FCF18
Net Debt1,907 EBIT278
TEV4,658 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-21
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-15
Reports
8-K 2020-09-03 Regulation FD
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-07-22 Enter Agreement, Off-BS Arrangement, Other Events
8-K 2020-07-08 Regulation FD, Exhibits
8-K 2020-07-08 Earnings, Other Events, Exhibits
8-K 2020-05-28
8-K 2020-05-06
8-K 2020-04-08
8-K 2020-02-28
8-K 2020-02-06
8-K 2020-02-06
8-K 2020-02-05
8-K 2020-01-31
8-K 2020-01-30
8-K 2020-01-27
8-K 2020-01-23
8-K 2020-01-17
8-K 2020-01-03
8-K 2019-12-18
8-K 2019-12-05
8-K 2019-12-05
8-K 2019-11-05
8-K 2019-11-05
8-K 2019-10-30
8-K 2019-08-01
8-K 2019-07-31
8-K 2019-07-18
8-K 2019-07-18
8-K 2019-06-05
8-K 2019-05-29
8-K 2019-05-21
8-K 2019-05-01
8-K 2019-03-11
8-K 2019-02-13
8-K 2019-02-01
8-K 2018-11-21
8-K 2018-10-31
8-K 2018-10-15
8-K 2018-10-02
8-K 2018-09-19
8-K 2018-08-01
8-K 2018-07-18
8-K 2018-06-29
8-K 2018-06-14
8-K 2018-06-07
8-K 2018-06-07
8-K 2018-05-30
8-K 2018-05-02
8-K 2018-02-07
8-K 2018-01-26
8-K 2018-01-11
8-K 2018-01-11
8-K 2018-01-03

TMHC 10Q Quarterly Report

Content
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-31.1 tmhc-063020xex311.htm
EX-31.2 tmhc-063020xex312.htm
EX-32.1 tmhc-063020xex321.htm
EX-32.2 tmhc-063020xex322.htm

Taylor Morrison Home Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
 1.51.20.90.60.30.02014201620182020
Rev, G Profit, Net Income
 0.50.30.20.0-0.1-0.32012201420172020
Ops, Inv, Fin
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
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: 001-35873  
TAYLOR MORRISON HOME CORPORATION
(Exact name of registrant as specified in its Charter)
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)
(480) 840-8100
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.00001 par valueTMHCNew York Stock Exchange
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.    Yes  ý    No  ¨
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).     Yes  ý    No  ¨
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.

Large Accelerated Filer ☒  Accelerated filer ☐
Non-accelerated filer  ¨  Smaller reporting company ☐
Emerging growth company ☐   


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  ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class  Outstanding as of August 5, 2020
Common stock, $0.00001 par value  129,694,810

Table of Contents
TAYLOR MORRISON HOME CORPORATION
TABLE OF CONTENTS
 Page
1
Table of Contents
PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)

June 30,
2020		December 31,
2019
Assets
Cash and cash equivalents$674,685  $326,437  
Restricted cash2,218  2,135  
Total cash, cash equivalents, and restricted cash676,903  328,572  
Owned inventory5,595,951  3,967,359  
Consolidated real estate not owned 175,710  19,185  
Total real estate inventory5,771,661  3,986,544  
Land deposits152,960  39,810  
Mortgage loans held for sale209,927  190,880  
Derivative assets7,212  2,099  
Lease right of use assets75,656  36,663  
Prepaid expenses and other assets, net205,954  85,515  
Other receivables, net97,588  70,447  
Investments in unconsolidated entities112,333  128,759  
Deferred tax assets, net277,106  140,466  
Property and equipment, net96,504  85,866  
Intangible assets, net1,090  637  
Goodwill637,440  149,428  
Total assets$8,322,334  $5,245,686  
Liabilities
Accounts payable$215,063  $164,580  
Accrued expenses and other liabilities408,665  325,368  
Lease liabilities84,201  42,317  
Income taxes payable9,320  3,719  
Customer deposits198,763  167,328  
Estimated development liability36,132  36,705  
Senior notes, net2,760,718  1,635,008  
Loans payable and other borrowings374,238  182,531  
Revolving credit facility borrowings485,000  —  
Mortgage warehouse borrowings149,784  123,233  
Liabilities attributable to consolidated real estate not owned 175,710  19,185  
Total liabilities4,897,594  2,699,974  
COMMITMENTS AND CONTINGENCIES (Note 16)
Stockholders’ Equity
Total stockholders’ equity3,424,740  2,545,712  
Total liabilities and stockholders’ equity$8,322,334  $5,245,686  

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements
2
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TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2020201920202019
Home closings revenue, net$1,470,994  $1,232,261  $2,735,634  $2,132,142  
Land closings revenue10,546  5,858  33,485  9,971  
Financial services revenue40,297  22,819  68,336  38,863  
Amenity and other revenue4,848  4,488  34,929  9,542  
Total revenue1,526,685  1,265,426  2,872,384  2,190,518  
Cost of home closings1,244,224  1,010,069  2,314,727  1,745,866  
Cost of land closings10,287  3,792  37,419  6,484  
Financial services expenses22,796  13,045  43,443  23,766  
Amenity and other expenses5,200  4,746  34,861  8,588  
Total cost of revenue1,282,507  1,031,652  2,430,450  1,784,704  
Gross margin244,178  233,774  441,934  405,814  
Sales, commissions and other marketing costs94,038  82,615  180,365  150,044  
General and administrative expenses51,112  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 expenses18,712  1,750  105,086  5,879  
Loss on extinguishment of debt—  2,196  —  2,196  
Income before income taxes84,844  110,019  56,068  178,091  
Income tax provision17,622  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:
Basic129,629  106,238  125,768  108,363  
Diluted130,364  107,232  126,726  109,479  

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements
3
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TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)

 Three Months Ended June 30,Six Months Ended
June 30,
 2020201920202019
Income before non-controlling interests, net of tax$67,222  $81,888  $37,665  $133,169  
Post-retirement benefits adjustments, net of tax—  —  (13) (284) 
Comprehensive income67,222  81,888  37,652  132,885  
Comprehensive loss attributable to non-controlling interests — joint ventures(1,548) (37) (3,423) (187) 
Comprehensive income available to Taylor Morrison Home Corporation$65,674  $81,851  $34,229  $132,698  

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
4
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TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(In thousands, except share data, unaudited)

For the three months ended June 30, 2020
 Common StockAdditional
Paid-in
Capital		Treasury StockStockholders' Equity
 SharesAmountAmountSharesAmountRetained
Earnings		Accumulated 
Other
Comprehensive
Income/(Loss)		Non-controlling
Interest - Joint
Venture		Total
Stockholders’
Equity
Balance – March 31, 2020129,594,663  $1  $2,970,812  25,379,911  $(433,687) $750,919  $871  $134,125  $3,423,041  
Net income—  —  —  —  —  65,674  —  1,548  67,222  
Exercise of stock options52,373  —  823  —  —  —  —  —  823  
Issuance of restricted stock units, net of shares withheld for tax(1)
31,715  —  (177) —  —  —  —  —  (177) 
Settlement of equity in connection with business combinations—  —  (60,742) —  —  —  —  —  (60,742) 
Stock compensation expense—  —  4,986  —  —  —  —  —  4,986  
Distributions to non-controlling interests of consolidated joint ventures—  —  —  —  —  —  —  (30,408) (30,408) 
Changes in non-controlling interests of consolidated joint ventures—  —  —  —  —  —  —  19,995  19,995  
Balance – June 30, 2020129,678,751  $1  $2,915,702  25,379,911  $(433,687) $816,593  $871  $125,260  $3,424,740  
(1) Amount represents the dollar amount of shares withheld for taxes.

For the three months ended June 30, 2019
 Common StockAdditional
Paid-in
Capital		Treasury StockStockholders' Equity
 SharesAmountAmountSharesAmountRetained
Earnings		Accumulated 
Other
Comprehensive
Income		Non-controlling
Interest - Joint
Venture		Total
Stockholders’
Equity
Balance – March 31, 2019109,066,720  $1  $2,073,542  15,930,963  $(263,926) $578,829  $2,285  $4,581  $2,395,312  
Net income—  —  —  —  —  81,851  —  37  81,888  
Exercise of stock options116,180  —  1,866  —  —  —  —  —  1,866  
Issuance of restricted stock units, net of shares withheld for tax(1)
14,091  —  (10) —  —  —  —  —  (10) 
Repurchase of common stock(4,012,469) —  —  4,012,469  (79,600) —  —  —  (79,600) 
Stock compensation expense—  —  3,826  —  —  —  —  —  3,826  
Changes in non-controlling interests of consolidated joint ventures—  —  —  —  —  —  —  (31) (31) 
Balance – June 30, 2019105,184,522  $1  $2,079,224  19,943,432  $(343,526) $660,680  $2,285  $4,587  $2,403,251  
(1) Amount represents the dollar amount of shares withheld for taxes.

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements




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Table of Contents

TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(In thousands, except share data, unaudited)

For the six months ended June 30, 2020
 Common StockAdditional
Paid-in
Capital		Treasury StockStockholders' Equity
 SharesAmountAmountSharesAmountRetained
Earnings		Accumulated 
Other
Comprehensive
Income		Non-controlling
Interest - Joint
Venture		Total
Stockholders’
Equity
Balance – December 31, 2019105,851,285  $1  $2,097,995  19,943,432  $(343,524) $782,350  $884  $8,006  $2,545,712  
Net income—  —  —  —  —  34,243  —  3,423  37,666  
Other comprehensive loss—  —  —  —  —  —  (13) —  (13) 
Exercise of stock options302,522  —