0001193125-20-203339.txt : 20200730 0001193125-20-203339.hdr.sgml : 20200730 20200730070825 ACCESSION NUMBER: 0001193125-20-203339 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200730 DATE AS OF CHANGE: 20200730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Taylor Morrison Home Corp CENTRAL INDEX KEY: 0001562476 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 900907433 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35873 FILM NUMBER: 201059159 BUSINESS ADDRESS: STREET 1: 4900 N. SCOTTSDALE ROAD, SUITE 2000 CITY: SCOTTSDALE STATE: AZ ZIP: 85251 BUSINESS PHONE: 480-840-8100 MAIL ADDRESS: STREET 1: 4900 N. SCOTTSDALE ROAD, SUITE 2000 CITY: SCOTTSDALE STATE: AZ ZIP: 85251 8-K 1 d65885d8k.htm 8-K 8-K
Taylor Morrison Home Corp AZ false 0001562476 0001562476 2020-07-30 2020-07-30

 

 

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): July 30, 2020

 

 

Taylor Morrison Home Corporation

(Exact name of registrant as specified in its charter)

 

Delaware   001-35873   83-2026677
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

4900 N. Scottsdale Road, Suite 2000

Scottsdale, Arizona 85251

(Address of principal executive offices and zip code)

(480) 840-8100

(Registrant’s telephone number, including area code)

N/A

(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:

 

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))

Securities registered pursuant to Section 12(b) of the Act:

 

Name of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $0.00001 par value   TMHC   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ☐

 

 

 


Item 2.02 Results of Operations and Financial Condition.

On July 30, 2020, Taylor Morrison Home Corporation (the “Company”) issued a press release setting forth its financial results for its second quarter ended June 30, 2020. 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 (the “Exchange Act”), or to be incorporated by reference into filings under the Securities Act of 1933, as amended (the “Securities Act”).

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
No.

  

Description

99.1    Press release issued July 30, 2020 by Taylor Morrison Home Corporation and furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1


Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, 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:   Executive Vice President, Chief Legal Officer and Secretary

Date: July 30, 2020

 

2

EX-99.1 2 d65885dex991.htm EX-99.1 EX-99.1

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 Second Quarter 2020 Results, Tracking to Year-over-year Net Sales Growth of 80 Percent for July

SCOTTSDALE, Ariz., July 30, 2020 –– Taylor Morrison Home Corporation (NYSE: TMHC) today reported adjusted diluted earnings per share of $0.80 and GAAP diluted earnings per share of $0.50.

Second Quarter 2020 Highlights:

 

   

Net sales orders were 3,453, approximately a 23 percent increase over the prior year quarter

 

   

Average monthly sales pace per community was 2.8, tying the highest level for the second quarter in years

 

   

Home closings were 3,212, approximately a 24 percent increase over the prior year quarter

 

   

Total revenue was $1.53 billion, more than a 20 percent increase compared to the prior year quarter

 

   

SG&A as a percentage of home closings revenue was 9.9 percent, down 20 basis points from the prior year quarter

“I’m happy to share that the trends we reported a couple of weeks ago in connection with our recent bond offering have continued through July,” said Sheryl Palmer, Taylor Morrison chairman and CEO. “With two days left in the month we’re on track to deliver year-over-year growth in net sales of approximately 80 percent and a projected average monthly sales pace per community of nearly 4, about 60 percent growth year-over-year.”

The company finished the quarter with 3,453 net sales, representing year-over-year growth of approximately 23 percent, which was driven by May and June’s impressive year-over-year growth of nearly 17 percent and 94 percent, respectively. The overall strength in sales drove a quarterly average monthly sales pace per community of 2.8, which ties the highest level for a second quarter in years for the company. June was the standout month in the quarter with a sales pace of 4.3, which was the highest pace in the company’s history. “Pace is a critical metric providing an apples-to-apples lens for sales activity levels and it’s important to note the strong performance in this data point was driven by both the Taylor Morrison and William Lyon legacy businesses,” said Palmer.


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“I continue to be encouraged by another significant driver of our strong sales performance and that’s our unmatched focus on the virtual experience with new innovative tools and digital capabilities,” added Palmer. “This forward-thinking strategy allowed us to move quickly when rapid change was required, as our website offers more than just a digital retail experience, serving as a true extension of our sales teams.”

Today, most of the Company’s buyers begin their buying experience virtually. “We believe more than half of our buyers take a hybrid approach where they complete nearly the entire buying process virtually but will visit us in-person to complete their purchase agreement or to do their final walk through. And the true ‘cherry on top’ is our complete end-to-end virtual buyer, who never steps foot in a sales center and completes 100 percent of the sales process virtually. For the second quarter we averaged 2.4, 100 percent virtual sales per day,” said Palmer.

As a result of feedback from our customers, effective August 1st all Taylor Morrison homes sold for new construction will include a number of “Taylor Morrison Live Well” product enhancements. These products will be standard features in every home including an upgraded air filtration system, a new whole house water filtration system and a microbicidal interior paint with a chemical free formula which absorbs bacteria and prevents mold—all contributing to cleaner indoor air quality. “With our customers spending much of their time at home these days, we want to positively contribute to their quality of life by providing standard features that will help keep them healthy,” said Palmer. Taylor Morrison will also be introducing a suite of additional health and wellness features that can be added as an option during the design center process.

“Earlier this month, the Company completed a bond offering as a part of our previously stated desire to refinance the debt assumed in the William Lyon Homes acquisition,” said Dave Cone, Executive Vice President and Chief Financial Officer. “During this offering we raised $500 million in 10-year bonds at 5.125 percent, which was used to partially refinance the acquired 2023 and 2025 bonds. In addition, we used about $125 million of our cash on-hand to pay off a portion of the same sets of notes while also covering the standard fees and call premiums associated with the refinance. In total, this effort will save the company about $10 million in annualized interest while also furthering our focus on de-levering over time.”

The company was able to incorporate a significant pay down piece to this refinancing project because of its strong liquidity position. At the end of the second quarter, and before the debt refinancing, the company had over $900 million in total available liquidity. About $675 million of that was cash on-hand with the remaining difference comprised of capacity on our $800 million corporate revolver. “We did have $485 million in borrowings on the revolver at quarter end, but similar to the end of the first quarter, much of that has been held in cash on our balance sheet as we’ve taken a cautious approach to preserve liquidity during these uncertain times,” said Cone. “We anticipate paying off some or all of the revolver balance by year-end, subject to other considerations around balance sheet management


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as previously discussed. Our net debt to capital ratio at the end of the second quarter was 46 percent, and we expect it to be in the low to mid 40 percent range at year-end. Our leverage continues to track well ahead of where we expected to be at this point in 2020 and we now believe we will reduce our leverage to the low 40 percent range by the end of 2021, as compared to our previous expectation of mid 40 percent.”

“We had about $51 million in transaction expenses and other items, including purchase price accounting of $32.1 million, that impacted our results for the second quarter,” said Cone. “When controlling for these, our adjusted net income for the quarter was approximately $104 million demonstrating the strength of our core operations.” GAAP net income was about $66 million.

For the quarter, home closings gross margin was 17.6 percent, adjusted for purchasing accounting and GAAP home closings gross margin was 15.4 percent for the quarter, inclusive of capitalized interest and purchase accounting, which is consistent with the second quarter expectations we shared on our first quarter call,” added Cone. “The strong orders success in the second quarter led to better than anticipated sales of finished spec inventory from William Lyon that sold and closed within the quarter. While this did put a bit of pressure on margins, we are excited to be working through this aged finished spec inventory more quickly than we planned and is a big reason in how we drove the number of finished specs per community from 1.7 in the first quarter to 1.3 in the second quarter. I am also pleased to report that even with our effort to reduce this aged inventory, our second quarter total incentive levels were sequentially lower than the first quarter as well as lower on a year-over-year basis.”

The Company ended the quarter with 6,805 units in backlog, a year-over-year increase of almost 35 percent, with a sales value of approximately $3.2 billion. As of June 30, 2020, Taylor Morrison owned or controlled approximately 67,000 homebuilding lots, representing 4.9 years of supply of which 3.5 years were owned, based on a trailing twelve months of closings including a full-year impact from William Lyon.

 

Quarterly Financial Comparison                                 

($ thousands)

            
     Q2 2020          Q2 2019          Q2 2020 vs. Q2 2019     

Total Revenue

             $1,526,685                  $1,265,426          20.6%  

Home Closings Revenue

     $1,470,994          $1,232,261          19.4%  

Home Closings Gross Margin

     $226,770          $222,192          2.1%  
     15.4%          18.0%          260 bps decrease  

Adjusted Home Closings Gross Margin

     $258,908          $222,192          16.5%  
     17.6%          18.0%          40 bps decrease  

SG&A

% of Home Closings Revenue

    

$145,150

9.9%

 

 

      
$124,817
10.1%
 
 
      

16.3%

20 bps leverage

 

 


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Third Quarter and Full Year 2020 Business Outlook

Third Quarter 2020:

 

 

Average active community count is expected to be about 410

 

 

Home closings are expected to be between 3,000 and 3,200

 

 

GAAP home closings gross margin, inclusive of capitalized interest and purchase accounting, is expected to be in the mid-to-high 16 percent range

 

 

A debt refinancing charge of $8 million

 

 

Effective tax rate is expected to be about 22 percent

 

 

Diluted share count is expected to be about 131 million

Full Year 2020:

 

 

Home closings are expected to be approximately 12,000

 

 

GAAP home closings gross margin, inclusive of capitalized interest and purchase accounting, is expected to be in the low-to-mid 16 percent range

 

 

SG&A as a percentage of home closings revenue is expected to be in the low 10 percent range

 

 

Effective tax rate is expected to be about 25 percent

 

 

Land and development spend is expected to be approximately $1.4 billion to $1.5 billion

 

 

Diluted share count is expected to be about 129 million

Earnings Webcast

A public webcast to discuss the second 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 8068359. 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.

For more information about Taylor Morrison, Darling Homes and William Lyon Signature, please visit www.taylormorrison.com or www.darlinghomes.com.


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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 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
June 30,
     Six Months Ended
June 30,
 
     2020      2019      2020      2019  

Home closings revenue, net

   $   1,470,994     $   1,232,261     $   2,735,634     $   2,132,142 

Land closings revenue

     10,546       5,858       33,485       9,971 

Financial services revenue

     40,297       22,819       68,336       38,863 

Amenity and other revenue

     4,848       4,488       34,929       9,542 
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

     1,526,685       1,265,426       2,872,384       2,190,518 

Cost of home closings

     1,244,224       1,010,069       2,314,727       1,745,866 

Cost of land closings

     10,287       3,792       37,419       6,484 

Financial services expenses

     22,796       13,045       43,443       23,766 

Amenity and other expense

     5,200       4,746       34,861       8,588 
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cost of revenues

     1,282,507       1,031,652       2,430,450       1,784,704 

Gross margin

     244,178       233,774       441,934       405,814 

Sales, commissions and other marketing costs

     94,038       82,615       180,365       150,044 

General and administrative expenses

     51,112       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 expenses

     18,712       1,750       105,086       5,879 

Loss on extinguishment of debt

     —         2,196       —         2,196 
  

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     84,844       110,019       56,068       178,091 

Income tax provision

     17,622       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:

                                   

Basic

     129,629       106,238       125,768       108,363 

Diluted

     130,364       107,232       126,726       109,479 


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Taylor Morrison Home Corporation

Condensed Consolidated Balance Sheets

(In thousands)

 

       June 30,
  2020
       December 31,  
2019
 

Assets

     

Cash and cash equivalents

   $ 674,685     $ 326,437 

Restricted cash

     2,218       2,135 
  

 

 

    

 

 

 

Total cash, cash equivalents, and restricted cash

     676,903       328,572 

Owned inventory

     5,595,951       3,967,359 

Consolidated real estate not owned

     175,710       19,185 
  

 

 

    

 

 

 

Total real estate inventory

     5,771,661       3,986,544 

Land deposits

     152,960       39,810 

Mortgage loans held for sale

     209,927       190,880 

Derivative assets

     7,212       2,099 

Lease right of use assets

     75,656       36,663 

Prepaid expenses and other assets, net

     205,954       85,515 

Other receivables, net

     97,588       70,447 

Investments in unconsolidated entities

     112,333       128,759 

Deferred tax assets, net

     277,106       140,466 

Property and equipment, net

     96,504       85,866 

Intangible assets, net

     1,090       637 

Goodwill

     637,440       149,428 
  

 

 

    

 

 

 

Total assets

   $         8,322,334     $         5,245,686 
  

 

 

    

 

 

 

Liabilities

                 

Accounts payable

   $ 215,063     $ 164,580 

Accrued expenses and other liabilities

     408,665       325,368 

Lease liabilities

     84,201       42,317 

Income taxes payable

     9,320       3,719 

Customer deposits

     198,763       167,328 

Estimated development liability

     36,132       36,705 

Senior notes, net

     2,760,718       1,635,008 

Loans payable and other borrowings

     374,238       182,531 

Revolving credit facility borrowings

     485,000       —   

Mortgage warehouse borrowings

     149,784       123,233 

Liabilities attributable to consolidated real estate not owned

     175,710       19,185 
  

 

 

    

 

 

 

Total liabilities

   $ 4,897,594     $ 2,699,974 
  

 

 

    

 

 

 

Stockholders’ Equity

           

Total stockholders’ equity

     3,424,740       2,545,712 
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 8,322,334     $ 5,245,686 
  

 

 

    

 

 

 


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Homes Closed and Home Closings Revenue, Net

 

     Three Months Ended June 30,  
     Homes Closed      Home Closings Revenue, Net      Average Selling Price  
(Dollars in thousands)        2020              2019              Change          2020      2019          Change              2020              2019              Change      

East

     1,097       1,180       (7.0)%      $ 467,154     $ 476,144       (1.9)%      $ 426     $ 404       5.4%  

Central

     1,059       746       42.0           473,549       361,893       30.9           447       485       (7.8)     

West

     1,056       668       58.1           530,291       394,224       34.5           502       590       (14.9)     
  

 

 

    

 

 

       

 

 

    

 

 

             

Total

     3,212       2,594       23.8%      $       1,470,994     $       1,232,261       19.4%      $ 458     $ 475       (3.6)%  
  

 

 

    

 

 

       

 

 

    

 

 

             
     Six Months Ended June 30,  
     Homes Closed      Home Closings Revenue, Net      Average Selling Price  
(Dollars in thousands)    2020      2019      Change      2020      2019          Change          2020      2019      Change  

East

     2,082       2,034       2.4%      $ 862,870     $ 824,313       4.7%      $ 414     $ 405       2.2%  

Central

     1,878       1,291       45.5         846,573       614,457       37.8         451       476       (5.3)     

West

     2,013       1,207       66.8         1,026,191       693,372       48.0         510       574       (11.1)      
  

 

 

    

 

 

       

 

 

    

 

 

             

Total

     5,973       4,532       31.8%      $ 2,735,634     $ 2,132,142       28.3%      $ 458     $ 470       (2.6)%  
  

 

 

    

 

 

       

 

 

    

 

 

             

 

Net Sales Orders:

 

 

     Three Months Ended June 30,  
     Net Sales Orders      Sales Value      Average Selling Price  
(Dollars in thousands)        2020              2019              Change          2020      2019          Change              2020              2019              Change      

East

     1,176       1,315       (10.6)%      $ 484,701     $ 533,931       (9.2)%      $ 412     $ 406      1.5%  

Central

     1,003         820         22.3           437,568       398,770       9.7           436       486      (10.3)     

West

     1,274         675         88.7           643,156       360,295       78.5           505       534      (5.4)     
  

 

 

    

 

 

       

 

 

    

 

 

             

Total

     3,453       2,810       22.9%      $       1,565,425     $   1,292,996       21.1%      $ 453     $ 460      (1.5) %  
  

 

 

    

 

 

       

 

 

    

 

 

             
     Six Months Ended June 30,  
     Net Sales Orders      Sales Value      Average Selling Price  
(Dollars in thousands)    2020      2019      Change      2020      2019      Change      2020      2019      Change  

East

     2,537       2,450       3.6%      $ 1,046,245     $ 1,006,267       4.0%      $ 412     $ 411       0.2%  

Central

     1,909       1,621       17.8         861,631       769,092       12.0         451       474       (4.9)     

West

     2,473       1,354       82.6         1,275,399       730,179       74.7         516       539       (4.3)     
  

 

 

    

 

 

       

 

 

    

 

 

             

Total

     6,919       5,425       27.5%      $ 3,183,275     $ 2,505,538       27.0%      $ 460     $ 462       (0.4)%  
  

 

 

    

 

 

       

 

 

    

 

 

             

Sales Order Backlog:

 

     As of June 30,  
     Sold Homes in Backlog      Sales Value      Average Selling Price  
(Dollars in thousands)        2020              2019              Change          2020      2019          Change              2020              2019              Change      

East

     2,271       2,054       10.6%      $ 974,860     $ 906,518       7.5%      $ 429     $ 441       (2.7)%  

Central

     2,111       1,750       20.6         1,006,002       886,430       13.5         477       507       (5.9)     

West

     2,423       1,247       94.3         1,245,301       660,017       88.7         514       529       (2.8)     
  

 

 

    

 

 

       

 

 

    

 

 

             

Total

     6,805       5,051       34.7%      $       3,226,163     $       2,452,965       31.5%      $ 474     $ 486       (2.5)%  
  

 

 

    

 

 

       

 

 

    

 

 

             


LOGO

 

Average Active Selling Communities:

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
           2020                  2019                  Change                  2020                  2019                  Change        

East

     153      161      (5.0)%        148        167      (11.4)%  

Central

     132      137      (3.6)        133        140      (5.0)  

West

     126      59      113.6        112        59      89.8  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     411      357      15.1%        393      366      7.4%  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reconciliation of Non-GAAP Financial Measures

In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”), we have provided information in this Quarterly Report relating to: (i) adjusted income before income taxes, (ii) EBITDA and adjusted EBITDA, (iii) adjusted net income and adjusted earnings per share, (iv) net homebuilding debt to capitalization ratio, (v) adjusted home closings gross margin, and (vi) 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 related to the acquisition of William Lyon Homes (“WLH”), transaction expenses and loss on extinguishment of debt, as applicable. 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/(expense), net, amortization of capitalized interest, income taxes, depreciation and amortization (EBITDA), non-cash compensation expense, if any, purchase accounting adjustments, relating to the acquisition of WLH, transaction expenses and loss on extinguishment of debt, as applicable. 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, relating to the acquisition of WLH, transaction expenses, loss on extinguishment of debt and the tax impact due to such adjustments. Net homebuilding debt to 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 relating to the acquisition of WLH.

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 and related margin, 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.


LOGO

 

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.

Adjusted Net Income and Adjusted Earnings Per Share

 

     Three Months Ended
June 30,
 
(Dollars in thousands, except per share data)    2020      2019  

Net income available to TMHC

   $ 65,674     $ 81,851 

William Lyon Homes related purchase accounting adjustments

     32,138       —   

Transaction expenses

     18,712       1,750 

Loss on extinguishment of debt

   $ —       2,196 

Tax impact due to Transaction expenses and Loss on extinguishment of debt

     (12,709)        (1,010)  
  

 

 

    

 

 

 

Adjusted net income

   $ 103,815     $ 84,787 
  

 

 

    

 

 

 
     

Basic weighted average shares

     129,629       106,238 

Adjusted earnings per common share - Basic

   $ 0.80     $ 0.80 
     

Adjusted diluted weighted average shares

     130,364       107,232 

Adjusted earnings per common share - Diluted

   $ 0.80     $ 0.79 

Adjusted Income Before Income Taxes and Related Margin

 

     Three Months Ended
June 30,
 
(Dollars in thousands)    2020      2019  

Income before income taxes

   $ 84,844       $ 110,019   

William Lyon Homes related purchase accounting adjustments

     32,138         —     

Transaction expenses

     18,712         1,750   

Loss on extinguishment of debt

   $ —         2,196   
  

 

 

    

 

 

 

Adjusted income before income taxes

   $ 135,694       $ 113,965   
  

 

 

    

 

 

 
     

Total revenues

   $ 1,526,685       $ 1,265,426   
     

Income before income taxes margin

     5.6%        8.7%  

Adjusted income before income taxes margin

     8.9%        9.0%  


Adjusted Home Closings Gross Margin

 

           Three Months Ended June 30,        
(Dollars in thousands)              2020                          2019            

Home closings revenue

   $ 1,470,994       $ 1,232,261   

Cost of home closings

     1,244,224         1,010,069   
  

 

 

    

 

 

 

Home closings gross margin

   $ 226,770       $ 222,192   

William Lyon Homes homebuilding related purchase accounting adjustments

     32,138         —     
  

 

 

    

 

 

 

Adjusted home closings gross margin

   $ 258,908       $ 222,192   
  

 

 

    

 

 

 

Home closings gross margin as a percentage of home closings revenue

     15.4%        18.0%  

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

     17.6%        18.0%  

EBITDA and Adjusted EBITDA Reconciliation

 

           Three Months Ended June 30,        
(Dollars in thousands)              2020                          2019            

Net income before allocation to non-controlling interests

   $ 67,222       $ 81,888   

Interest income/(expense), net

     (337)          (958)    

Amortization of capitalized interest

     28,667         24,076   

Income tax provision

     17,622         28,131   

Depreciation and amortization

     1,467         531   
  

 

 

    

 

 

 

EBITDA

   $ 114,641       $ 133,668   

Non-cash compensation expense

     4,986         3,826   

William Lyon Homes related purchase accounting adjustments

     32,138         —     

Transaction expenses

     18,712         1,750   

Loss on extinguishment of debt

   $ —         2,196   
  

 

 

    

 

 

 

Adjusted EBITDA

   $ 170,477       $ 141,440   
     

Total revenues

   $ 1,526,685       $ 1,265,426   

EBITDA as a percentage of total revenues

     7.5%        10.6%  

Adjusted EBITDA as a percentage of total revenues

     11.2%        11.2%  

Net Homebuilding Debt to Capitalization Ratio Reconciliation

 

(Dollars in thousands)          As of June 30,      
2020
 

Total debt

   $ 3,769,740    

Less unamortized debt issuance costs/premiums

     23,832    

Less mortgage warehouse borrowings

     149,784    
  

 

 

 

Total homebuilding debt

   $ 3,596,124    

Less cash and cash equivalents

     674,685    
  

 

 

 

Net homebuilding debt

   $ 2,921,439    

Total equity

     3,424,740    
  

 

 

 

Total capitalization

   $ 6,346,179    
  

 

 

 
  

Net homebuilding debt to capitalization ratio

     46.0%  
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