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 2020-09-30 Filed 2020-11-02
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 2020-10-28
8-K 2020-09-03
8-K 2020-07-30
8-K 2020-07-22
8-K 2020-07-08
8-K 2020-07-08
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-4.1 a2030indentureexecutio.htm
EX-31.1 tmhc-093020xex311.htm
EX-31.2 tmhc-093020xex312.htm
EX-32.1 tmhc-093020xex321.htm
EX-32.2 tmhc-093020xex322.htm

Taylor Morrison Home Earnings 2020-09-30

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
tmhc-20200930
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Table of Contents
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 September 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 November 2, 2020
Common stock, $0.00001 par value  129,943,094

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

ITEM 1. FINANCIAL STATEMENTS

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

September 30,
2020		December 31,
2019
Assets
Cash and cash equivalents$547,916 $326,437 
Restricted cash1,144 2,135 
Total cash, cash equivalents, and restricted cash549,060 328,572 
Owned inventory5,300,106 3,967,359 
Consolidated real estate not owned 122,776 19,185 
Total real estate inventory5,422,882 3,986,544 
Land deposits138,160 39,810 
Mortgage loans held for sale172,501 190,880 
Derivative assets6,800 2,099 
Lease right of use assets71,319 36,663 
Prepaid expenses and other assets, net223,891 85,515 
Other receivables, net90,722 70,447 
Investments in unconsolidated entities125,132 128,759 
Deferred tax assets, net273,983 140,466 
Property and equipment, net95,546 85,866 
Intangible assets, net950 637 
Goodwill663,502 149,428 
Total assets$7,834,448 $5,245,686 
Liabilities
Accounts payable$188,470 $164,580 
Accrued expenses and other liabilities398,489 325,368 
Lease liabilities80,270 42,317 
Income taxes payable30,497 3,719 
Customer deposits256,295 167,328 
Estimated development liability35,444 36,705 
Senior notes, net2,452,526 1,635,008 
Loans payable and other borrowings332,953 182,531 
Revolving credit facility borrowings285,000 — 
Mortgage warehouse borrowings109,593 123,233 
Liabilities attributable to consolidated real estate not owned 122,776 19,185 
Total liabilities4,292,313 2,699,974 
COMMITMENTS AND CONTINGENCIES (Note 16)
Stockholders’ Equity
Total stockholders’ equity3,542,135 2,545,712 
Total liabilities and stockholders’ equity$7,834,448 $5,245,686 

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements
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TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
Home closings revenue, net$1,640,584 $1,073,110 $4,376,218 $3,205,252 
Land closings revenue6,756 4,420 40,241 14,391 
Financial services revenue47,451 23,254 115,787 62,117 
Amenity and other revenue4,643 4,321 39,572 13,863 
Total revenue1,699,434 1,105,105 4,571,818 3,295,623 
Cost of home closings1,358,196 874,102 3,672,923 2,619,968 
Cost of land closings5,217 2,934 42,636 9,418 
Financial services expenses22,207 12,829 65,650 36,595 
Amenity and other expenses4,125 4,166 38,986 12,754 
Total cost of revenue1,389,745 894,031 3,820,195 2,678,735 
Gross margin309,689 211,074 751,623 616,888 
Sales, commissions and other marketing costs102,015 76,765 282,380 226,809 
General and administrative expenses45,152 42,334 146,790 120,990 
Equity in income of unconsolidated entities(2,957)(2,103)(8,878)(7,983)
Interest income, net(347)(959)(1,244)(2,250)
Other expense/(income), net1,830 389 7,424 (1,492)
Transaction expenses4,791 617 109,877 6,496 
Loss on extinguishment of debt, net10,247 3,610 10,247 5,806 
Income before income taxes148,958 90,421 205,027 268,512 
Income tax provision33,759 23,385 52,162 68,307 
Net income before allocation to non-controlling interests 115,199 67,036 152,865 200,205 
Net income attributable to non-controlling interests — joint ventures(422)(24)(3,845)(211)
Net income available to Taylor Morrison Home Corporation$114,777 $67,012 $149,020 $199,994 
Earnings per common share
Basic$0.88 $0.64 $1.17 $1.86 
Diluted$0.87 $0.63 $1.16 $1.84 
Weighted average number of shares of common stock:
Basic129,775 105,472 127,113 107,389 
Diluted131,433 106,852 128,081 108,599 

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

 Three Months Ended September 30,Nine Months Ended
September 30,
 2020201920202019
Income before non-controlling interests, net of tax$115,199 $67,036 $152,865 $200,205 
Post-retirement benefits adjustments, net of tax— — (13)(284)
Comprehensive income115,199 67,036 152,852 199,921 
Comprehensive income attributable to non-controlling interests — joint ventures(422)(24)(3,845)(211)
Comprehensive income available to Taylor Morrison Home Corporation$114,777 $67,012 $149,007 $199,710 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
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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 September 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 – June 30, 2020129,678,751 $1 $2,915,702 25,379,911 $(433,687)$816,593 $871 $125,260 $3,424,740 
Net income— — — — — 114,777 — 422 115,199 
Exercise of stock options137,553 — 2,507 — — — — — 2,507 
Issuance of restricted stock units, net of shares withheld for tax(1)
49,122 — (1,403)— — — — — (1,403)
Settlement of equity in connection with business combinations— — (1,301)— — — — — (1,301)
Stock compensation expense— — 5,272 — — — — — 5,272 
Distributions to non-controlling interests of consolidated joint ventures— — — — — — — (12,628)(12,628)
Changes in non-controlling interests of consolidated joint ventures— — — — — — — 9,749 9,749 
Balance – September 30, 2020129,865,426 $1 $2,920,777 25,379,911 $(433,687)$931,370 $871 $122,803 $3,542,135 
(1) Dollar amount represents the value of shares withheld for taxes.

For the three months ended September 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 – June 30, 2019105,184,522 $1 $2,079,224 19,943,432 $(343,526)$660,680 $2,285 $4,587 $2,403,251 
Net income— — — — — 67,012 — 24 67,036 
Exercise of stock options635,524 — 10,841 — — — — — 10,841 
Issuance of restricted stock units, net of shares withheld for tax(1)
6,513 — (8)— — — — — (8)
Stock compensation expense— — 3,693 — — — — — 3,693 
Distributions to non-controlling interests of consolidated joint ventures— — — — — — — (18)(18)
Changes in non-controlling interests of consolidated joint ventures— — — — — — — 1,183 1,183 
Balance – September 30, 2019105,826,559 $1 $2,093,750 19,943,432 $(343,526)$727,692 $2,285 $5,776 $2,485,978 
(1) Dollar amount represents the value of shares withheld for taxes.

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

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

For the nine months ended September 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— — — — — 149,020 — 3,845 152,865 
Other comprehensive loss— — — — — — (13)— (13)
Exercise of stock options440,075 — 7,878 — — — — — 7,878 
Issuance of restricted stock units, net of shares withheld for tax(1)
683,255 — (8,655)— — — — — (8,655)
Issuance of equity in connection with business combinations, including warrants28,327,290 — 787,877 — — — — — 787,877 
Repurchase of common stock(5,436,479)— 5,436,479 (90,163)— — — (90,163)
Stock compensation expense— — 22,154 — — — — — 22,154 
Stock compensation expense related to WLH acquisition— — 5,107 — — — — — 5,107 
WLH equity award accelerations due to change in control— — 8,421 — — — — — 8,421 
Distributions to non-controlling interests of consolidated joint ventures— — — — — — — (36,301)(36,301)
Changes in non-controlling interests of consolidated joint ventures— — — — — — — 147,253 147,253 
Balance – September 30, 2020129,865,426 $1 $2,920,777 25,379,911 $(433,687)$931,370 $871 $122,803 $3,542,135 
(1) Dollar amount represents the value of shares withheld for taxes.

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements












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

For the nine months ended September 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 – December 31, 2018112,965,856 $1 $2,071,579 11,554,084 $(186,087)$527,698 $2,001 $3,543 $2,418,735 
Net income— — — — — 199,994 — 211 200,205 
Other comprehensive income— — — 284 — 284 
Exercise of stock options754,880 — 12,746 — — — — — 12,746 
Issuance of restricted stock units, net of shares withheld for tax(1)
495,171 — (1,511)— — — — — (1,511)
Repurchase of common stock(8,389,348)— — 8,389,348 (157,439)— — — (157,439)
Stock compensation expense— — 10,936 — — — — — 10,936 
Distributions to non-controlling interests of consolidated joint ventures— — — — — — — (35)(35)
Changes in non-controlling interests of consolidated joint ventures— — — — — — — 2,057 2,057 
Balance – September 30, 2019105,826,559 $1 $2,093,750 19,943,432 $(343,526)$727,692 $2,285 $5,776 $2,485,978 
(1) Dollar amount represents the value of shares withheld for taxes.
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
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TAYLOR MORRISON HOME CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)

 Nine Months Ended September 30,
 20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income before allocation to non-controlling interests$152,865 $200,205 
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Equity in income of unconsolidated entities(8,878)(7,983)
Stock compensation expense27,260 10,936 
Loss on extinguishment of debt10,247 5,806 
Distributions of earnings from unconsolidated entities9,251 8,633 
Depreciation and amortization26,939 22,087 
Operating lease expense12,918 6,689 
Debt issuance costs/(premium) amortization(1,970)325 
Land held for sale write-downs4,347 — 
Deferred income taxes11,696 524 
Changes in operating assets and liabilities:
Real estate inventory and land deposits439,842 (244,276)
Mortgages held for sale, prepaid expenses and other assets20,129 45,788 
Customer deposits84,475 19,543 
Accounts payable, accrued expenses and other liabilities(31,303)77,502 
Income taxes payable40,211 7,598 
Net cash provided by operating activities798,029 153,377 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment(25,276)(18,675)
Payments for business acquisitions, net of cash acquired(279,048)— 
Distributions of capital from unconsolidated entities30,853 21,694 
Investments of capital into unconsolidated entities(24,011)(10,166)
Net cash used in investing activities(297,482)(7,147)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in loans payable and other borrowings72,848 13,909 
Repayments of loans payable and other borrowings(110,177)(24,664)
Borrowings on revolving credit facility830,000 95,000 
Repayments on revolving credit facility(545,000)(95,000)
Borrowings on mortgage warehouse1,750,669 752,501 
Repayment on mortgage warehouse(1,809,252)(826,803)
Proceeds from the issuance of senior notes500,000 950,000 
Repayments on senior notes(861,775)(963,252)
Payment of deferred financing costs(6,202)(11,802)
Proceeds from stock option exercises7,877 12,746