Last10K.com

Taylor Morrison Home Corp (TMHC) SEC Filing 8-K Material Event for the period ending Wednesday, May 6, 2020

Taylor Morrison Home Corp

CIK: 1562476 Ticker: TMHC

Exhibit 99.1

 

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News Release

CONTACT: Investor Relations

Taylor Morrison Home Corporation

(480) 734-2060

investor@taylormorrison.com

Taylor Morrison Reports First Quarter 2020 Results with Sales Orders Up Approximately 33% and Closings Up Approximately 43% Year-over-Year

SCOTTSDALE, Ariz., May 6, 2020 –– Taylor Morrison Home Corporation (NYSE: TMHC) today reported adjusted diluted earnings per share of $0.57 and GAAP diluted earnings per share of ($0.26).

First Quarter 2020 Highlights:

 

   

Net sales orders were 3,466, approximately a 33 percent increase over the prior year quarter

 

   

Average monthly sales pace per community was 3.1, compared to 2.3 from the first quarter 2019

 

   

Home closings were 2,761, an almost 43 percent increase over the prior year quarter

 

   

Total revenue was $1.3 billion, an almost 46 percent increase over the prior year quarter

 

   

SG&A as a percentage of home closings revenue was 10.8 percent, down 70 basis points from first quarter 2019

“When I look at the first 10 weeks of the year compared to the seven weeks since the onset of the pandemic, they couldn’t look more different,” said Sheryl Palmer, Taylor Morrison chairman and CEO. “While we’re pleased with our first quarter results, what I’m most encouraged to see is the momentum we built in April where we saw week-over-week improvement throughout the month in both gross and net sales. Specifically, the number of gross sales in the last week of the month were more than two and a half times the number of sales in the first week, while the number of net sales, given the reduction in cancellations, was nearly five times the sales recorded in the first week.”

The Company finished the first quarter with sales orders of 3,466, which was up approximately 33 percent from the prior year quarter. This represented a sales pace per community for the quarter of 3.1, which was also up nearly 35 percent from the sales pace of 2.3 in the first quarter of 2019. “When looking at the buildup of sales through the quarter, you can easily see the impact of the COVID-19 restrictions that began in mid-March,” added Palmer. “Consistent with most of the industry, our sales orders in the first two months of the year started extremely strong with January sales up 46 percent compared to the same period last year and a pace of 3.2. February sales were up 64 percent with the pace increasing to 3.5 and continuing into the first half of March. However, the last 10 days of March were slower with a deceleration in the sales pace to 2.5 as our team and the broader market adjusted to our new reality.”


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“With the impact of COVID-19, there hasn’t been a single part of our business that hasn’t had to change in some capacity to adapt,” said Palmer. “When I look at our sales team and the 180-degree turn they’ve made to conduct their business virtually, it’s quite impressive. We’ve now seen triple digit sales conducted entirely virtually—meaning no prior physical interaction with the homebuyer whatsoever.”

In response to the crisis, the Company added innovative new features to its website enabling customers to schedule virtual and private in-person appointments with ease. “More than 1,500 appointments have been scheduled within the past four weeks through our new online scheduling feature—a first of its kind in our industry. While customers have the ability to schedule in-person or virtual appointments—the latter of which makes up more than 85 percent of the appointments to-date—they can also schedule appointments specifically to write contracts, which we’re also seeing. In fact, more than 20 percent of our April net sales were completely virtual.”

“We ended the quarter with about $750 million in total available liquidity,” said Dave Cone, Executive Vice President and Chief Financial Officer. “More than $500 million of that was cash on hand with the remaining difference from available capacity on our $800 million corporate revolver. Our net homebuilding debt to homebuilding capitalization ratio was 46.8 percent at quarter end. Given COVID-19, we have been successful in deferring and reducing land and development spend that does not provide near term closings for the business, and we anticipate that our net debt to homebuilding capitalization ratio peaked in first quarter of 2020.”

“With the closing of our William Lyon acquisition in February, we had about $123 million of transaction expenses that impacted earnings before tax and homebuilding gross margins were impacted by about 220 basis points from purchase accounting,” said Cone. “With that in mind, our adjusted net income for the quarter was approximately $70 million demonstrating the strength of our core operations.” GAAP net income was a loss of $31 million.

For the quarter, GAAP home closings gross margin was 15.4 percent, inclusive of capitalized interest and purchase accounting. “Adjusting for purchase accounting, home closings gross margin was 17.6 percent for the quarter. We anticipate the second quarter purchase accounting impact to be at or slightly below the first quarter recognizing that it will include a full quarter impact of William Lyon operations and should continue to moderate in the second half of the year,” added Cone. “Also, we had a focused effort of selling through finished speculative inventory from legacy William Lyon, which pressured margins during the quarter. We anticipate margins increasing closer to our pre acquisition levels as we move through the second half of the year working through purchase accounting, finished spec inventory and realizing purchasing and construction synergies.”


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The Company ended the quarter with 6,565 units in backlog, a year-over-year increase of almost 36 percent, with a sales value of approximately $3.1 billion. As of March 31, 2020, Taylor Morrison owned or controlled approximately 75,000 lots, representing 5.3 years of supply of which 3.9 years were owned, based on a trailing twelve months of closings including a full-year impact from William Lyon.

 

Quarterly Financial Comparison                                 

($ thousands)

            
     Q1 2020          Q1 2019          Q1 2020 vs. Q1 2019     

Total Revenue

             $1,345,699                  $925,092          45.5%  

Home Closings Revenue

     $1,264,640          $899,881          40.5%  

Home Closings Gross Margin

     $194,137          $164,084          18.3%  
     15.4%          18.2%          280 bps decrease  

Adjusted Home Closings Gross Margin

     $222,503          $164,084          35.6%  
     17.6%          18.2%          60 bps decrease  

SG&A

% of Home Closings Revenue

    

$136,853

10.8%

 

 

      

$103,883

11.5%

 

 

      

31.7%

70 bps leverage

 

 

Earnings Webcast

A public webcast to discuss the first 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 2794208. 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® 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.


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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


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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.


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Taylor Morrison Home Corporation

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts, unaudited)

 

     Three Months Ended
March 31,
 
     2020      2019  

Home closings revenue, net

   $   1,264,640       $   899,881   

Land closings revenue

     22,939         4,113   

Financial services revenue

     28,039         16,044   

Amenity and other revenue

     30,081         5,054   
  

 

 

    

 

 

 

Total revenues

     1,345,699         925,092   

Cost of home closings

     1,070,503         735,797   

Cost of land closings

     27,132         2,692   

Financial services expenses

     20,647         10,721   

Amenity and other expense

     29,661         3,842   
  

 

 

    

 

 

 

Total cost of revenues

     1,147,943         753,052   

Gross margin

     197,756         172,040   

Sales, commissions and other marketing costs

     86,327         67,429   

General and administrative expenses

     50,526         36,454   

Equity in income of unconsolidated entities

     (2,426)        (2,319)  

Interest income, net

     (560)        (333)  

Other expense/(income), net

     6,290         (1,392)  

Transaction expenses

     86,374         4,129   
  

 

 

    

 

 

 

(Loss)/Income before income taxes

     (28,775)        68,072   

Income tax provision

     781         16,791   
  

 

 

    

 

 

 

Net (loss)/income before allocation to non-controlling interests

     (29,556)        51,281   

Net income attributable to non-controlling interests - joint ventures

     (1,875)        (150)  
  

 

 

    

 

 

 

Net (loss)/income available to Taylor Morrison Home Corporation

   $ (31,431)      $ 51,131   
  

 

 

    

 

 

 

(Loss)/Earnings per common share

     

Basic

   $ (0.26)      $ 0.46   

Diluted

   $ (0.26)      $ 0.46   

Weighted average number of shares of common stock:

     

Basic

     121,908         110,512   

Diluted

     121,908         111,668   


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Taylor Morrison Home Corporation

Condensed Consolidated Balance Sheets

(In thousands)

 

       March 31,
  2020
       December 31,  
2019
 

Assets

     

Cash and cash equivalents

   $ 507,761       $ 326,437   

Restricted cash

     3,671         2,135   
  

 

 

    

 

 

 

Total cash, cash equivalents, and restricted cash

     511,432         328,572   

Owned inventory

     5,706,335         3,967,359   

Real estate not owned

     186,885         19,185   
  

 

 

    

 

 

 

Total real estate inventory

     5,893,220         3,986,544   

Land deposits

     167,029         39,810   

Mortgage loans held for sale

     208,231         190,880   

Derivative assets

     8,711         2,099   

Lease right of use assets

     73,790         36,663   

Prepaid expenses and other assets, net

     177,372         85,515   

Other receivables, net

     115,119         70,447   

Investments in unconsolidated entities

     127,367         128,759   

Deferred tax assets, net

     268,693         140,466   

Property and equipment, net

     98,798         85,866   

Intangible assets, net

     531         637   

Goodwill

     612,079         149,428   
  

 

 

    

 

 

 

Total assets

   $         8,262,372       $         5,245,686   
  

 

 

    

 

 

 

Liabilities

     

Accounts payable

   $ 230,312       $ 164,580   

Accrued expenses and other liabilities

     398,186         325,368   

Lease liabilities

     79,724         42,317   

Income taxes payable

     3,127         3,719   

Customer deposits

     204,336         167,328   

Estimated development liability

     36,393         36,705   

Senior notes, net

     2,762,075         1,635,008   

Loans payable and other borrowings

     299,184         182,531   

Revolving credit facility borrowings

     485,000         —   

Mortgage warehouse borrowings

     154,109         123,233   

Liabilities attributable to real estate not owned

     186,885         19,185   
  

 

 

    

 

 

 

Total liabilities

   $ 4,839,331       $ 2,699,974  
  

 

 

    

 

 

 

Stockholders’ Equity

     

Total stockholders’ equity

     3,423,041         2,545,712   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 8,262,372       $ 5,245,686   
  

 

 

    

 

 

 


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Homes Closed and Home Closings Revenue, Net

 

     Three Months Ended March 31,  
     Homes Closed      Home Closings Revenue, Net      Average Selling Price  
(Dollars in thousands)        2020              2019              Change          2020      2019          Change              2020              2019              Change      

East

     985         854         15.3%      $ 395,716       $ 348,167         13.7%      $ 402       $ 408         (1.5)%  

Central

     819         545         50.3           373,024         252,565         47.7           455         463         (1.7)     

West

     957         539         77.6           495,900         299,149         65.8           518         555         (6.7)     
  

 

 

    

 

 

       

 

 

    

 

 

             

Total

     2,761         1,938         42.5%      $       1,264,640       $       899,881         40.5%      $ 458       $ 464         (1.3)%  
  

 

 

    

 

 

       

 

 

    

 

 

             

Net Sales Orders:

 

     Three Months Ended March 31,  
     Net Sales Orders      Sales Value      Average Selling Price  
(Dollars in thousands)        2020              2019              Change          2020      2019          Change              2020              2019              Change      

East

     1,361         1,135         19.9%      $ 561,544       $ 472,336         18.9%      $ 413       $ 416         (0.7)%  

Central

     906         801         13.1           424,063         370,323         14.5           468         462         1.3     

West

     1,199         679         76.6           632,243         369,884         70.9           527         545         (3.3)     
  

 

 

    

 

 

       

 

 

    

 

 

             

Total

     3,466         2,615         32.5%      $       1,617,850       $   1,212,543         33.4%      $ 467       $ 464         0.6%  
  

 

 

    

 

 

       

 

 

    

 

 

             

Sales Order Backlog:

 

     As of March 31,  
     Sold Homes in Backlog      Sales Value      Average Selling Price  
(Dollars in thousands)        2020              2019              Change          2020      2019          Change              2020              2019              Change      

East

     2,193         1,919         14.3%      $ 957,313       $ 848,732         12.8%      $ 437       $ 442         (1.1)%  

Central

     2,167         1,676         29.3           1,041,983         849,553         22.7           481         507         (5.1)     

West

     2,205         1,240         77.8           1,132,436         693,945         63.2           514         560         (8.2)     
  

 

 

    

 

 

       

 

 

    

 

 

             

Total

     6,565         4,835         35.8%      $       3,131,732       $   2,392,230         30.9%      $ 477       $ 495         (3.6)%  
  

 

 

    

 

 

       

 

 

    

 

 

             

Average Active Selling Communities:

 

     Three Months Ended
March 31,
 
           2020              2019                  Change        

East

     144         173         (16.8)%  

Central

     134         140         (4.3)     

West

     100         59         69.5     
  

 

 

    

 

 

    

 

 

 

Total

     378         372         1.6%  
  

 

 

    

 

 

    

 

 

 


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Reconciliation of Non-GAAP Financial Measures

The following tables set forth reconciliations of: (i) adjusted income before income taxes, (ii) EBITDA and adjusted EBITDA to net income before allocation to non-controlling interests, (iii) adjusted net income and adjusted earnings per share, (iv) net homebuilding debt to homebuilding capitalization ratio, (v) home closings gross margin and adjusted home closings gross margin, (vi) adjusted financial services gross margin, and (vii) income before income taxes margin and 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, financial services operating loss and transaction expenses related to the acquisition of William Lyon Homes. 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, net, amortization of capitalized interest, income taxes, depreciation and amortization (EBITDA), non-cash compensation expense, if any, purchase accounting adjustments, financial services operating loss and transaction expenses related to the acquisition of William Lyon Homes (Adjusted EBITDA). 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, financial services operating loss and transaction expenses related to the acquisition of William Lyon Homes and the tax impact due to such purchase accounting adjustments and transaction expenses. Net homebuilding debt to homebuilding 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 related to the acquisition of William Lyon Homes. Adjusted financial services gross margin is a non-GAAP financial measure calculated based on GAAP financial services margin, excluding financial services operating loss related to the acquisition of William Lyon Homes.

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, 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. Similarly, we believe that adjusted financial services gross margin is useful to investors because it allows investors to evaluate the performance of our financial services business 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.


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Adjusted Net Income and Adjusted Earnings Per Share

 

     Three Months Ended
March 31,
 
(Dollars in thousands, except per share data)    2020      2019  

(Loss)/Income before income taxes

   $ (28,775)      $ 68,072   

Total William Lyon Homes related purchase accounting adjustments

     32,717         —   

William Lyon Homes financial services operating loss

     3,666         —   

Transaction expenses

     86,374         4,129   
  

 

 

    

 

 

 

Adjusted income before income taxes

   $ 93,982       $ 72,201   
  

 

 

    

 

 

 
     

Net income available to TMHC

   $ (31,431)      $ 51,131   

Total William Lyon Homes related purchase accounting adjustments

     32,717         —   

William Lyon Homes financial services operating loss

     3,666         —   

Transaction expenses

     86,374         4,129   

Tax impact due to William Lyon Homes related purchase accounting adjustments and Transaction expenses

     (20,880)        (1,020)  
  

 

 

    

 

 

 

Adjusted net income

   $ 70,446       $ 54,240   
  

 

 

    

 

 

 
     

Basic weighted average shares

     121,908         110,512   

Adjusted earnings per common share - Basic

   $ 0.58       $ 0.49   
     

Adjusted diluted weighted average shares

     123,200         111,668   

Adjusted earnings per common share - Diluted

   $ 0.57       $ 0.49   

Adjusted Income Before Income Taxes and Related Margin

 

     Three Months Ended
March 31,
 
(Dollars in thousands)    2020      2019  

(Loss)/Income before income taxes

   $ (28,775)       $ 68,072     

Total William Lyon Homes related purchase accounting adjustments

     32,717           —     

William Lyon Homes financial services operating loss

     3,666           —     

Transaction expenses

     86,374           4,129     
  

 

 

    

 

 

 

Adjusted income before income taxes

   $ 93,982         $ 72,201     
  

 

 

    

 

 

 
     

Total revenues

   $ 1,345,699         $ 925,092     
     

Income before income taxes margin

     (2.1)%        7.4%  

Adjusted income before income taxes margin

     7.0%        7.8%  


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Adjusted Home Closings Gross Margin

 

     Three Months Ended
March 31,
 
(Dollars in thousands)    2020      2019  

Home closings revenue

   $       1,264,640         $       899,881     

Cost of home closings

     1,070,503           735,797     
  

 

 

    

 

 

 

Home closings gross margin

   $ 194,137         $ 164,084     

William Lyon Homes homebuilding related purchase accounting adjustments

     28,366           —     
  

 

 

    

 

 

 

Adjusted home closings gross margin

   $ 222,503         $ 164,084     
  

 

 

    

 

 

 

Home closings gross margin as a percentage of home closings revenue

     15.4%        18.2%  

Adjusted home closings gross margin as a percentage of home closings revenue

     17.6%        18.2%  

Adjusted Financial Services Gross Margin

 

(Dollars in thousands)    Three Months Ended
March 31, 2020
 

Financial services revenue

   $       28,039     

Financial services expenses

     20,647     
  

 

 

 

Financial services margin

   $ 7,392     
  

 

 

 

William Lyon Homes financial services operating loss

     3,666     
  

 

 

 

Adjusted financial services margin

   $ 11,058     
  

 

 

 

EBITDA and Adjusted EBITDA Reconciliation

 

           Three Months Ended March 31,        
(Dollars in thousands)              2020                          2019        

Net income before allocation to non-controlling interests

   $ (29,556)        $ 51,281     

Interest income, net

     (560)          (333)    

Amortization of capitalized interest

     24,298           16,905     

Income tax provision

     781           16,791     

Depreciation and amortization

     1,929           2,028     
  

 

 

    

 

 

 

EBITDA

   $ (3,108)        $ 86,672     

Non-cash compensation expense

     11,896           3,417     

William Lyon Homes related purchase accounting adjustments

     32,717           —     

William Lyon Homes financial services operating loss

     3,666           —     

Transaction expenses

     86,374           4,129     
  

 

 

    

 

 

 

Adjusted EBITDA excluding transaction expenses

   $ 131,545         $ 94,218     
  

 

 

    

 

 

 
     

Total revenues

   $ 1,345,699         $ 925,092     

EBITDA as a percentage of total revenues

     (0.2)%        9.4%  

Adjusted EBITDA as a percentage of total revenues

     9.8%        10.2%  


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Net Homebuilding Debt to Homebuilding Capitalization Ratio Reconciliation  
(Dollars in thousands)          As of March 31,      
2020
 

Total debt

   $     3,700,368      

Less unamortized debt issuance costs/premiums

     25,189      

Less mortgage warehouse borrowings

     154,109      
  

 

 

 

Total homebuilding debt

   $ 3,521,070      

Less cash and cash equivalents

     507,761      
  

 

 

 

Net homebuilding debt

   $ 3,013,309      

Total equity

     3,423,041      
  

 

 

 

Total capitalization

   $ 6,436,350      
  

 

 

 
  

Net homebuilding debt to homebuilding capitalization ratio

     46.8%  

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Taylor Morrison Home Corp provided additional information to their SEC Filing as exhibits

Ticker: TMHC
CIK: 1562476
Form Type: 8-K Corporate News
Accession Number: 0001193125-20-134288
Submitted to the SEC: Wed May 06 2020 7:02:10 AM EST
Accepted by the SEC: Wed May 06 2020
Period: Wednesday, May 6, 2020
Industry: Operative Builders
Events:
  1. Earnings Release
  2. Financial Exhibit

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