Form 8-K Taylor Morrison Home For: Nov 05

November 5, 2014 7:06 AM

�

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

�

FORM 8-K

�

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): November 5, 2014

�

TAYLOR MORRISON HOME CORPORATION

(Exact name of registrant as specified in its charter)

�

Delaware

�

001-35873

�

90-0907433

(State or other jurisdiction

of incorporation)

�

(Commission

File No.)

�

(IRS Employer

Identification No.)

4900 N. Scottsdale Road, Suite 2000

Scottsdale, AZ 85251

(Address of principal executive offices)

(480) 840-8100

(Registrant�s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

�

Check the appropriate box below if the Form�8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

�

�	Written communications pursuant to Rule�425 under the Securities Act (17 CFR 230.425)

�

�	Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)

�

�	Pre-commencement communications pursuant to Rule�14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

�

�	Pre-commencement communications pursuant to Rule�13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

�

Item�2.02 Results of Operations and Financial Condition.

On November 5, 2014, Taylor Morrison Home Corporation (the �Company�) issued a press release setting forth its financial results for its third quarter ended September 30, 2014. A copy of the Company�s press release is attached as Exhibit 99.1 to this report. The Company does not intend for this Item�2.02 or Exhibit 99.1 to be deemed �filed� for purposes of Section�18 of the Securities Exchange Act of 1934, as amended, or to be incorporated by reference into filings under the Securities Act of 1933, as amended.

Item�9.01 Financial Statements and Exhibits.

�

(d)

Exhibits

�


Exhibit�No.	��	Description

99.1	��	Press release issued November 5, 2014 by Taylor Morrison Home Corporation and furnished pursuant to Item 2.02, �Results of Operations and Financial Condition.�

�

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

�


TAYLOR MORRISON HOME CORPORATION

By:	�	/s/ Darrell C. Sherman
Name:	�	Darrell C. Sherman
Title:	�	Vice President, Secretary and General Counsel

Dated: November�5, 2014

�

EXHIBIT INDEX

�


Exhibit�No.	��	Description

99.1	��	Press release issued November 5, 2014 by Taylor Morrison Home Corporation and furnished pursuant to Item 2.02, �Results of Operations and Financial Condition.�

�

Exhibit 99.1

�

LOGO

News Release

CONTACT: Erin Willis

Taylor Morrison Home Corporation

(480) 734-2060

[email protected]

Taylor Morrison Reports Third Quarter Revenue of $759 Million,

Net Income of $66.2 Million and an EBT Margin of 12.3%

�

Diluted earnings per share of $0.54 on net income of $66.2 million, representing an increase of 26% over the prior year quarter�s net income

�

Consolidated home closings revenue increased 20% to $745.6 million

�

Consolidated and U.S. net sales orders increased 37% and 36%, respectively

�

Consolidated and U.S. average price of homes closed increased 10% to $427,000 and 16% to $463,000, respectively

SCOTTSDALE, Ariz., November�5, 2014 �� Taylor Morrison Home Corporation (NYSE: TMHC) today reported third quarter revenue of $759 million, net income of $66.2 million and earnings per share of $0.54.

�I am pleased to say that through the deliberate and consistent application of our four-pillar strategy of offering core community locations to mostly move-up buyers, while optimizing price and volume and maximizing overhead efficiency, we continue to execute well and the third quarter results add to our solid year-to-date performance,� said Taylor Morrison President and CEO Sheryl Palmer. �These results show that our long-term strategy has continued to be a profitable one and that our consistent execution of this strategy has proven successful.�

3rd Quarter 2014 Key Business Highlights

�

Consolidated community count increased 30% to 226 average communities from 174 year-over-year, driven by a 35% increase in our U.S. operations

�

Consolidated net sales orders increased 37% year-over-year to 1,591. Net sales orders in the U.S. increased 36% while sales in Canada increased 43%

�

Overall average monthly absorption pace was 2.4, up 9% from 2.2 in the prior year quarter

�

The average selling price for consolidated homes sold increased $4,000 year-over-year to $457,000

�

U.S. backlog increased 13% in units and 34% in value

�

Consolidated backlog of homes under contract was 3,604 units with a sales value of $1.7 billion as of September�30, 2014, representing an 18% increase in value over the prior year quarter

�

Consolidated cancellations as a percentage of gross sales orders was 12.1%, a 19% improvement from the prior year quarter

�

Consolidated home closings increased 9% to 1,748. Home closings in our U.S. operations increased 11%, while closings in our Canadian operations increased 2%

�

Consolidated average price of homes closed increased 10% year-over-year to $427,000 in the quarter with a 5% sequential quarterly decrease due to higher mix of wholly owned high-rise closings. Average price of homes closed in the U.S. increased 16% to $463,000 while homes in Canada decreased 11% to $311,000

�

Mortgage operations reported gross profit of $3.4 million on revenue of $8.4 million

Quarterly Financial Comparison

($ millions)

��

�

��

Q3�2014

�

Q3�2013

�

Q3�2014�vs.�Q3�2013

�

Total Revenue

��

759.0

��

�

634.4

��

�

%�

Home Closings Revenue

��

745.6

��

�

622.1

��

�

%�

Adjusted Home Closings Gross Margin

��

�

171.3

23.0

��

%�

�

148.0

23.8

��

%�

�

(80

%�

) bps�

Total Home Closings Gross Margin

��

�

149.0

20.0

��

%�

�

132.4

21.3

��

%�

�

(130

%�

) bps�

SG&A

% of Home Closings Revenue

��

�

68.8

9.2

��

%�

�

59.0

9.5

��

%�

�

30�bps�improvement

%�

��

Equity in Income of Unconsolidated Entities

��

11.8

��

�

9.4

��

�

%�

We ended the quarter with home building inventories of $2.8 billion. We had 4,277 homes in inventory compared to 4,112 homes at the end of the prior year quarter. Homes in inventory at the end of the quarter consisted of: 2,706 sold units, 300 model homes and 1,271 inventory units, of which only 275 were finished.

We ended the third quarter of 2014 with $281.5 million of cash, excluding $12.9 million of restricted cash. We owned or controlled approximately 43,000 lots at September�30, 2014.

Share Repurchase Authorization

We are announcing today that our Board of Directors has authorized the repurchase of up to $50.0 million of the Company�s Class A Common Stock through December 31, 2015 in open market purchases, privately negotiated transactions or other transactions. The stock repurchase program will be subject to prevailing market conditions and other considerations, including our liquidity, the terms of our debt instruments, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements.

Full Year 2014 Business Outlook

�

Average community count � expected to be approximately 210

�

Home closings � expected to be near the low end of the range, which is 6,700

�

Home closings margins � expected to be down 50 bps relative to 2013

�

SG&A � expected to be under 10%, likely in the mid to high 9% range, as a percentage of home closing revenue

�

Income from unconsolidated joint ventures � expected to be between $24 million and $26 million

Earnings Webcast

A public webcast to discuss third quarter 2014 earnings will be held at 8:30 a.m. Eastern Time on Wednesday, November�5, 2014 on our investor relations website at investors.taylormorrison.com. A webcast replay will also be available on the site later today.

About Taylor Morrison

Headquartered in Scottsdale,�Arizona, Taylor Morrison Home Corporation (NYSE: TMHC) operates in the U.S. under the Taylor Morrison and Darling Homes brands and in Canada under the Monarch brand. Taylor Morrison is a builder and developer of single-family detached and attached homes, serving a wide array of customers including first-time, move-up, luxury�and 55+. Taylor Morrison�divisions operate in Arizona, California, Colorado, Florida and Texas. Darling Homes serves�move-up�and luxury homebuyers in Texas. Monarch, Canada�s oldest homebuilder, builds homes for first-time and�move-up�buyers�in Toronto and Ottawa as well as high rise condominiums in Toronto.

For more information about Taylor Morrison, Darling Homes or Monarch, please visit www.taylormorrison.com, www.darlinghomes.com and www.monarchgroup.net.

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: interest rate changes and the availability of mortgage financing; continued volatility in the debt and equity markets; competition within the industries in which we operate; the availability and cost of land and other raw materials used by us in our homebuilding operations; the impact of any changes to our strategy in responding to continuing adverse conditions in the industry, including any changes regarding our land positions; the availability and cost of insurance covering risks associated with our businesses; shortages and the cost of labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; legal or regulatory proceedings or claims; required accounting changes; terrorist acts and other acts of war; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. 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. In addition, other such risks and uncertainties may be found in Taylor Morrison Home Corporation�s Form 10-K filed with the Securities and Exchange Commission (SEC).

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,

�

2014

�

2013

�

2014

�

2013

�

Home closings revenue

�

745,578

��

�

622,126

��

�

1,890,057

��

�

1,484,928

��

Land closings revenue

�

5,027

��

�

4,524

��

�

23,100

��

�

18,994

��

Mortgage operations revenue

�

8,433

��

�

7,791

��

�

22,870

��

�

20,896

��

�

Total revenues

�

759,038

��

�

634,441

��

�

1,936,027

��

�

1,524,818

��

Cost of home closings

�

596,606

��

�

489,713

��

�

1,498,906

��

�

1,172,748

��

Cost of land closings

�

3,985

��

�

6,120

��

�

17,442

��

�

19,417

��

Mortgage operations expenses

�

5,057

��

�

4,385

��

�

13,641

��

�

11,945

��

�

Total cost of revenues

�

605,648

��

�

500,218

��

�

1,529,989

��

�

1,204,110

��

Gross margin

�

153,390

��

�

134,223

��

�

406,038

��

�

320,708

��

Sales, commissions and other marketing costs

�

47,186

��

�

37,029

��

�

124,303

��

�

97,238

��

General and administrative expenses

�

21,572

��

�

21,944

��

�

66,274

��

�

68,193

��

Equity in income of unconsolidated entities

�

(11,756

)�

�

(9,425

)�

�

(22,497

)�

�

(21,049

)�

Interest expense (income), net

�

322

��

�

(1,332

)�

�

747

��

�

(1,119

)�

Other expense, net

�

3,025

��

�

1,304

��

�

10,296

��

�

2,588

��

Loss on extinguishment of debt

�

��

�

��

�

��

�

10,141

��

Indemnification and transaction expense (income)

�

��

�

396

��

�

(142

)�

�

188,320

��

�

Income (loss) before income taxes

�

93,020

��

�

84,307

��

�

227,057

��

�

(23,604

)�

Income tax provision (benefit)

�

26,845

��

�

31,675

��

�

64,087

��

�

(22,287

)�

�

Net income (loss)

�

66,175

��

�

52,632

��

�

162,970

��

�

(1,317

)�

Net income attributable to non-controlling interests - joint ventures

�

(47

)�

�

471

��

�

(386

)�

�

286

��

�

Net income (loss) before non-controlling interests - Principal Equityholders

�

66,128

��

�

53,103

��

�

162,584

��

�

(1,031

)�

Net (income) loss attributable to non-controlling interests - Principal Equityholders

�

(48,282

)�

�

(38,840

)�

�

(118,990

)�

�

20,621

��

�

Net income available to Taylor Morrison Home Corporation

�

17,846

��

�

14,263

��

�

43,594

��

�

19,590

��

�

Earnings per common share:

�

Basic

�

0.54

��

�

0.43

��

�

1.33

��

�

0.60

��

Diluted

�

0.54

��

�

0.43

��

�

1.33

��

�

0.60

��

Weighted average number of shares of common stock:

�

Basic

�

32,956

��

�

32,858

��

�

32,896

��

�

32,832

��

Diluted

�

122,338

��

�

122,317

��

�

122,345

��

�

122,317

��

Taylor Morrison Home Corporation

Condensed Consolidated Balance Sheets

(In thousands)

�


�	��	September�30,		�	��	December�31,		�
�	��	2014		�	��	2013		�
�	��	(Unaudited)		�	��	�		�
Assets	��				��
Cash and cash equivalents	��	$	281,528	��	��	$	389,181	��
Restricted cash	��	�	12,871	��	��	�	24,814	��
Real estate inventory:	��				��
Owned inventory	��	�	2,831,874	��	��	�	2,243,744	��
Real estate not owned under option agreements	��	�	11,408	��	��	�	18,595	��
	��	�	�	�	��	�	�	�
Total real estate inventory	��	�	2,843,282	��	��	�	2,262,339	��
Land deposits	��	�	48,816	��	��	�	43,739	��
Loans receivable	��	�	42,125	��	��	�	33,395	��
Mortgages receivable	��	�	72,919	��	��	�	95,718	��
Tax indemnification receivable	��	�	5,383	��	��	�	5,216	��
Prepaid expenses and other assets, net	��	�	112,338	��	��	�	98,870	��
Other receivables, net	��	�	107,429	��	��	�	56,213	��
Investments in unconsolidated entities	��	�	216,777	��	��	�	139,550	��
Deferred tax assets, net	��	�	247,637	��	��	�	244,920	��
Property and equipment, net	��	�	7,871	��	��	�	7,515	��
Intangible assets, net	��	�	10,789	��	��	�	13,713	��
Goodwill	��	�	23,375	��	��	�	23,375	��
	��	�	�	�	��	�	�	�
Total assets	��	$	4,033,140	��	��	$	3,438,558	��
	��	�	�	�	��	�	�	�
Liabilities	��				��
Accounts payable	��	$	142,910	��	��	$	121,865	��
Accrued expenses and other liabilities	��	�	234,419	��	��	�	214,500	��
Income taxes payable	��	�	19,857	��	��	�	47,540	��
Customer deposits	��	�	112,208	��	��	�	94,670	��
Senior notes	��	�	1,389,004	��	��	�	1,039,497	��
Loans payable and other borrowings	��	�	233,507	��	��	�	282,098	��
Revolving credit facility	��	�	150,000	��	��	�	��	��
Mortgage borrowings	��	�	48,573	��	��	�	74,892	��
Liabilities attributable to consolidated option agreements	��	�	11,408	��	��	�	18,595	��
	��	�	�	�	��	�	�	�
Total liabilities	��	$	2,341,886	��	��	$	1,893,657	��
	��	�	�	�	��	�	�	�
Stockholders� Equity	��				��
Total stockholders� equity	��	�	1,691,254	��	��	�	1,544,901	��
	��	�	�	�	��	�	�	�
Total liabilities and stockholders� equity	��	$	4,033,140	��	��	$	3,438,558	��
	��	�	�	�	��	�	�	�

Homes Closed:

��

Three Months Ended September�30,

�

��

2014

�

��

2013

�

(Dollars in thousands)

��

Homes

�

��

Value

�

��

Homes

�

��

Value

�

East

��

�

800

��

341,038

��

�

713

��

275,222

��

West

��

�

531

��

�

274,698

��

�

485

��

�

203,480

��

�

��

�

��

�

��

�

Subtotal U.S.

��

�

1,331

��

615,736

��

�

1,198

��

�

478,702

��

Canada

��

�

417

��

�

129,842

��

�

408

��

�

143,423

��

�

��

�

��

�

��

�

Subtotal

��

�

1,748

��

745,578

��

�

1,606

��

�

622,125

��

Unconsolidated joint ventures

��

�

108

��

�

36,034

��

�

��

�

25,653

��

�

��

�

��

�

��

�

Total

��

�

1,856

��

781,612

��

�

1,698

��

647,778

��

�

��

�

��

�

��

�

Homes Closed:

��

Nine Months Ended September�30,

�

��

2014

�

��

2013

�

(Dollars in thousands)

��

Homes

�

��

Value

�

��

Homes

�

��

Value

�

East

��

�

2,301

��

949,494

��

�

1,986

��

737,790

��

West

��

�

1,374

��

�

704,396

��

�

1,268

��

�

499,521

��

�

��

�

��

�

��

�

Subtotal U.S.

��

�

3,675

��

1,653,890

��

�

3,254

��

1,237,311

��

Canada

��

�

671

��

�

236,167

��

�

705

��

�

247,616

��

�

��

�

��

�

��

�

Subtotal

��

�

4,346

��

1,890,057

��

�

3,959

��

1,484,927

��

Unconsolidated joint ventures

��

�

171

��

�

62,773

��

�

234

��

�

70,851

��

�

��

�

��

�

��

�

Total

��

�

4,517

��

1,952,830

��

�

4,193

��

1,555,778

��

�

��

�

��

�

��

�

Net Sales Orders:

��

Three Months Ended September 30,

�

��

2014

�

��

2013

�

(Dollars in thousands)

��

Homes

�

��

Value

�

��

Homes

�

��

Value

�

East

��

�

938

��

385,937

��

�

698

��

300,278

��

West

��

�

446

��

�

247,642

��

�

320

��

�

157,977

��

�

��

�

��

�

��

�

Subtotal U.S.

��

�

1,384

��

633,579

��

�

1,018

��

458,255

��

Canada

��

�

207

��

�

92,784

��

�

145

��

�

67,750

��

�

��

�

��

�

��

�

Subtotal

��

�

1,591

��

726,363

��

�

1,163

��

526,005

��

Unconsolidated joint ventures

��

�

��

�

4,385

��

�

��

�

11,516

��

�

��

�

��

�

��

�

Total

��

�

1,603

��

730,748

��

�

1,194

��

537,521

��

�

��

�

��

�

��

�

Net Sales Orders:

��

Nine Months Ended September 30,

�

��

2014

�

��

2013

�

(Dollars in thousands)

��

Homes

�

��

Value

�

��

Homes

�

��

Value

�

East

��

�

2,868

��

1,182,247

��

�

2,618

��

998,612

��

West

��

�

1,565

��

�

859,467

��

�

1,352

��

�

605,012

��

�

��

�

��

�

��

�

Subtotal U.S.

��

�

4,433

��

2,041,714

��

�

3,970

��

1,603,624

��

Canada

��

�

529

��

�

240,839

��

�

470

��

�

215,023

��

�

��

�

��

�

��

�

Subtotal

��

�

4,962

��

2,282,553

��

�

4,440

��

1,818,647

��

Unconsolidated joint ventures

��

�

��

�

9,961

��

�

��

�

24,428

��

�

��

�

��

�

��

�

Total

��

�

4,989

��

2,292,514

��

�

4,500

��

1,843,075

��

�

��

�

��

�

��

�

Sales Order Backlog:

��

As of September 30,

�

��

2014

�

��

2013

�

(Dollars in thousands)

��

Homes

�

��

Value

�

��

Homes

�

��

Value

�

East

��

�

2,111

��

978,999

��

�

1,834

��

750,158

��

West

��

�

813

��

�

494,671

��

�

746

��

�

349,143

��

�

��

�

��

�

��

�

Subtotal U.S.

��

�

2,924

��

1,473,670

��

�

2,580

��

1,099,301

��

Canada

��

�

680

��

�

261,073

��

�

1,104

��

�

372,916

��

�

��

�

��

�

��

�

Subtotal

��

�

3,604

��

1,734,743

��

�

3,684

��

1,472,217

��

Unconsolidated joint ventures

��

�

404

��

�

137,369

��

�

732

��

�

251,186

��

�

��

�

��

�

��

�

Total

��

�

4,008

��

1,872,112

��

�

4,416

��

1,723,403

��

�

��

�

��

�

��

�

Average Active Selling Communities:

��

Three�Months�Ended

�

��

Nine�Months�Ended

�

��

September 30,

�

��

September 30,

�

��

2014

�

��

2013

�

��

2014

�

��

2013

�

East

��

�

159

��

�

119

��

�

148

��

�

121

��

West

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

�

Subtotal U.S.

��

�

214

��

�

159

��

�

201

��

�

156

��

Canada

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

�

Subtotal

��

�

226

��

�

174

��

�

214

��

�

171

��

Unconsolidated joint ventures

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

�

Total

��

�

229

��

�

178

��

�

217

��

�

175

��

�

��

�

��

�

��

�

Average Selling Price of Homes Closed:

��

Three Months Ended

�

��

Nine Months Ended

�

��

September 30,

�

��

September 30,

�

(In thousands)

��

2014

�

��

2013

�

��

2014

�

��

2013

�

East

��

426

��

386

��

413

��

371

��

West

��

�

517

��

�

420

��

�

513

��

�

394

��

Subtotal U.S.

��

463

��

400

��

450

��

380

��

Canada

��

�

311

��

�

352

��

�

352

��

�

351

��

Subtotal

��

427

��

387

��

435

��

375

��

Unconsolidated joint ventures

��

�

334

��

�

279

��

�

367

��

�

303

��

Total

��

421

��

381

��

432

��

371

��

Reconciliation of Non-GAAP Financial Measures

The following tables set forth a reconciliation between our home closings gross margin and our adjusted home closings gross margin. Adjusted home closings gross margin is a non-GAAP financial measure calculated based on gross margins, excluding impairments and capitalized interest amortization. Management uses adjusted home closings gross margins to evaluate our performance on a consolidated basis as well as the performance of our regions. We believe adjusted home closings gross margin is useful to investors because it allows investors to evaluate the performance of our homebuilding operations without the often varying effects of interest costs capitalized.

This measure is considered a non-GAAP financial measure and should be considered in addition to, rather than as a substitute for, the comparable U.S. GAAP financial measures as a measure of our operating performance. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate net income and gross margins and any adjustments to such amounts before comparing our measures to those of such other companies.

Adjusted Gross Margin Reconciliation

�


�	��	Three�Months�Ended�September�30,						�
(Dollars in thousands)	��	2014		�	�	2013		�
Home closings revenue	��	$	745,578	��	�	$	622,126	��
Cost of home closings	��	�	596,606	��	�	�	489,713	��
	��	�	�	�	�	�	�	�
Home closings gross margin	��	�	148,972	��	�	�	132,413	��
Add:	��				�
Capitalized interest amortization	��	�	22,309	��	�	�	15,570	��
	��	�	�	�	�	�	�	�
Adjusted home closings gross margin	��	$	171,281	��	�	$	147,983	��
	��	�	�	�	�	�	�	�
Home closings gross margin as a percentage of home closings revenue	��	�	20.0	%�	�	�	21.3	%�
Adjusted home closings gross margin as a percentage of home closings revenue	��	�	23.0	%�	�	�	23.8	%�

�	��	Nine�Months�Ended�September�30,						�
(Dollars in thousands)	��	2014		�	�	2013		�
Home closings revenue	��	$	1,890,057	��	�	$	1,484,928	��
Cost of home closings	��	�	1,498,906	��	�	�	1,172,748	��
	��	�	�	�	�	�	�	�
Home closings gross margin	��	�	391,151	��	�	�	312,180	��
Add:	��				�
Capitalized interest amortization	��	�	50,430	��	�	�	34,913	��
	��	�	�	�	�	�	�	�
Adjusted home closings gross margin	��	$	441,581	��	�	$	347,093	��
	��	�	�	�	�	�	�	�
Home closings gross margin as a percentage of home closings revenue	��	�	20.7	%�	�	�	21.0	%�
Adjusted home closings gross margin as a percentage of home closings revenue	��	�	23.4	%�	�	�	23.4	%�

StreetInsider

Log in to your account:

Form 8-K Taylor Morrison Home For: Nov 05

Categories

Next Articles