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10-Q Filing

TAYLOR MORRISON HOME CORP CIK: 1562476 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000950170-23-014795
Period End Date 20230331
Filing Date 20230426
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance tmhc-20230331_htm.xml
Filing Contents
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $724.49M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $877.72M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $2.15M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $6.72M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $836.34M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $884.43M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $726.63M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $570.83M USD Point-in-time
Owned inventory InventoryRealEstateOwned $5.33B USD Point-in-time
Owned inventory InventoryRealEstateOwned $5.35B USD Point-in-time
Consolidated real estate not owned InventoryRealEstateNotOwned $2.29M USD Point-in-time
Consolidated real estate not owned InventoryRealEstateNotOwned $23.97M USD Point-in-time
Total real estate inventory InventoryRealEstate $5.37B USD Point-in-time
Total real estate inventory InventoryRealEstate $5.33B USD Point-in-time
Land deposits DepositsAssets $263.36M USD Point-in-time
Land deposits DepositsAssets $228.12M USD Point-in-time
Mortgage loans held for sale TradeAndLoansReceivablesHeldForSaleNetNotPartOfDisposalGroup $346.36M USD Point-in-time
Mortgage loans held for sale TradeAndLoansReceivablesHeldForSaleNetNotPartOfDisposalGroup $186.19M USD Point-in-time
Lease right of use assets OperatingAndFinanceLeaseRightOfUseAsset $90.45M USD Point-in-time
Lease right of use assets OperatingAndFinanceLeaseRightOfUseAsset $84.05M USD Point-in-time
Prepaid expenses and other assets, net PrepaidExpenseAndOtherAssets $225.38M USD Point-in-time
Prepaid expenses and other assets, net PrepaidExpenseAndOtherAssets $265.39M USD Point-in-time
Other receivables, net OtherReceivables $191.50M USD Point-in-time
Other receivables, net OtherReceivables $196.18M USD Point-in-time
Investments in unconsolidated entities InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $294.75M USD Point-in-time
Investments in unconsolidated entities InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $282.90M USD Point-in-time
Deferred tax assets, net DeferredIncomeTaxAssetsNet $67.66M USD Point-in-time
Deferred tax assets, net DeferredIncomeTaxAssetsNet $67.66M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $202.40M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $213.37M USD Point-in-time
Goodwill Goodwill $663.20M USD Point-in-time
Goodwill Goodwill $663.20M USD Point-in-time
Total assets Assets $8.47B USD Point-in-time
Total assets Assets $8.38B USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $247.89M USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $269.76M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesAndOtherLiabilities $424.62M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesAndOtherLiabilities $490.25M USD Point-in-time
Lease liabilities OperatingAndFinanceLeaseLiability $92.89M USD Point-in-time
Lease liabilities OperatingAndFinanceLeaseLiability $100.17M USD Point-in-time
Income taxes payable AccruedIncomeTaxes $2.98M USD Point-in-time
Income taxes payable AccruedIncomeTaxes - USD Point-in-time
Customer deposits ContractWithCustomerLiability $412.09M USD Point-in-time
Customer deposits ContractWithCustomerLiability $414.08M USD Point-in-time
Estimated development liabilities EstimatedDevelopmentLiability $43.01M USD Point-in-time
Estimated development liabilities EstimatedDevelopmentLiability $43.75M USD Point-in-time
Senior notes, net SeniorNotes $1.82B USD Point-in-time
Senior notes, net SeniorNotes $1.82B USD Point-in-time
Loans payable and other borrowings LoansPayable $361.49M USD Point-in-time
Loans payable and other borrowings LoansPayable $338.67M USD Point-in-time
Mortgage warehouse borrowings WarehouseAgreementBorrowings $306.07M USD Point-in-time
Mortgage warehouse borrowings WarehouseAgreementBorrowings $146.33M USD Point-in-time
Liabilities attributable to consolidated real estate not owned LiabilitiesAttributableToConsolidatedOptionAgreements $23.97M USD Point-in-time
Liabilities attributable to consolidated real estate not owned LiabilitiesAttributableToConsolidatedOptionAgreements $2.29M USD Point-in-time
Total liabilities Liabilities $3.82B USD Point-in-time
Total liabilities Liabilities $3.53B USD Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 13) CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 13) CommitmentsAndContingencies - USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.97B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $4.85B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $4.09B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $4.65B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $8.38B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $8.47B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.70B USD 1 Quarter
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.66B USD 1 Quarter
Total cost of revenue CostOfRevenue $1.31B USD 1 Quarter
Total cost of revenue CostOfRevenue $1.26B USD 1 Quarter
Gross margin GrossProfit $399.57M USD 1 Quarter
Gross margin GrossProfit $393.13M USD 1 Quarter
Sales, commissions and other marketing costs SellingAndMarketingExpense $92.76M USD 1 Quarter
Sales, commissions and other marketing costs SellingAndMarketingExpense $89.12M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $66.26M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $68.14M USD 1 Quarter
Net income from unconsolidated entities IncomeLossFromEquityMethodInvestments $1.93M USD 1 Quarter
Net income from unconsolidated entities IncomeLossFromEquityMethodInvestments $1.83M USD 1 Quarter
Interest (income)/expense, net InterestIncomeExpenseNet $1.11M USD 1 Quarter
Interest (income)/expense, net InterestIncomeExpenseNet $-4.25M USD 1 Quarter
Other (income)/expense, net OtherNonoperatingIncomeExpense $-542.00K USD 1 Quarter
Other (income)/expense, net OtherNonoperatingIncomeExpense $4.83M USD 1 Quarter
Income before income taxes IncomeLossIncludingPortionAttributableToNoncontrollingInterest $248.42M USD 1 Quarter
Income before income taxes IncomeLossIncludingPortionAttributableToNoncontrollingInterest $232.90M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $54.44M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $57.19M USD 1 Quarter
Net income before allocation to non-controlling interests ProfitLoss $191.23M USD 1 Quarter
Net income before allocation to non-controlling interests ProfitLoss $178.46M USD 1 Quarter
Net income attributable to non-controlling interests NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable $177.00K USD 1 Quarter
Net income attributable to non-controlling interests NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable $1.76M USD 1 Quarter
Net income available to Taylor Morrison Home Corporation NetIncomeLoss $191.05M USD 1 Quarter
Net income available to Taylor Morrison Home Corporation NetIncomeLoss $176.70M USD 1 Quarter
Basic (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $1.76 USD 1 Quarter
Basic (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $1.46 USD 1 Quarter
Diluted (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $1.74 USD 1 Quarter
Diluted (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $1.44 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 108.43M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 121.19M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 110.05M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 122.66M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net income before allocation to non-controlling interests ProfitLoss $191.23M USD 1 Quarter
Net income before allocation to non-controlling interests ProfitLoss $178.46M USD 1 Quarter
Net income from unconsolidated entities IncomeLossFromEquityMethodInvestments $1.93M USD 1 Quarter
Net income from unconsolidated entities IncomeLossFromEquityMethodInvestments $1.83M USD 1 Quarter
Stock compensation expense ShareBasedCompensation $6.86M USD 1 Quarter
Stock compensation expense ShareBasedCompensation $7.53M USD 1 Quarter
Distributions of earnings from unconsolidated entities EquityMethodInvestmentDividendsOrDistributions $2.06M USD 1 Quarter
Distributions of earnings from unconsolidated entities EquityMethodInvestmentDividendsOrDistributions $847.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $8.84M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $7.09M USD 1 Quarter
Operating lease expense OperatingLeaseExpense $7.14M USD 1 Quarter
Operating lease expense OperatingLeaseExpense $6.91M USD 1 Quarter
Debt issuance costs amortization AmortizationOfDebtDiscountPremium $868.00K USD 1 Quarter
Debt issuance costs amortization AmortizationOfDebtDiscountPremium $191.00K USD 1 Quarter
Real estate inventory and land deposits IncreaseDecreaseInInventories $286.83M USD 1 Quarter
Real estate inventory and land deposits IncreaseDecreaseInInventories $-51.60M USD 1 Quarter
Mortgages held for sale, prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-171.62M USD 1 Quarter
Mortgages held for sale, prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-190.20M USD 1 Quarter
Customer deposits IncreaseDecreaseInContractWithCustomerLiability $1.99M USD 1 Quarter
Customer deposits IncreaseDecreaseInContractWithCustomerLiability $55.21M USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $138.25M USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-112.10M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $54.21M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $2.98M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $57.46M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $347.45M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $13.81M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.39M USD 1 Quarter
Distributions of capital from unconsolidated entities DistributionsOfCapitalFromUnconsolidatedEntities $350.00K USD 1 Quarter
Distributions of capital from unconsolidated entities DistributionsOfCapitalFromUnconsolidatedEntities - USD 1 Quarter
Investments of capital into unconsolidated entities PaymentsToAcquireInterestInJointVenture $11.12M USD 1 Quarter
Investments of capital into unconsolidated entities PaymentsToAcquireInterestInJointVenture $2.05M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-24.58M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-7.44M USD 1 Quarter
Increase in loans payable and other borrowings ProceedsFromBankDebt $18.29M USD 1 Quarter
Increase in loans payable and other borrowings ProceedsFromBankDebt $2.42M USD 1 Quarter
Repayments of loans payable and other borrowings RepaymentsOfBankDebt $7.38M USD 1 Quarter
Repayments of loans payable and other borrowings RepaymentsOfBankDebt $26.69M USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromRevolvingCreditFacility - USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromRevolvingCreditFacility $32.55M USD 1 Quarter
Repayments on revolving credit facilities RepaymentsOfLongTermLinesOfCredit $64.08M USD 1 Quarter
Repayments on revolving credit facilities RepaymentsOfLongTermLinesOfCredit - USD 1 Quarter
Borrowings on mortgage warehouse facilities ProceedsFromLinesOfCredit $634.40M USD 1 Quarter
Borrowings on mortgage warehouse facilities ProceedsFromLinesOfCredit $562.02M USD 1 Quarter
Repayments on mortgage warehouse facilities RepaymentsOfLinesOfCredit $794.14M USD 1 Quarter
Repayments on mortgage warehouse facilities RepaymentsOfLinesOfCredit $775.25M USD 1 Quarter
Proceeds from stock option exercises and issuance of restricted stock units, net ProceedsFromStockOptionExercisesAndIssuanceOfRestrictedStockUnitsNet $-1.26M USD 1 Quarter
Proceeds from stock option exercises and issuance of restricted stock units, net ProceedsFromStockOptionExercisesAndIssuanceOfRestrictedStockUnitsNet $4.49M USD 1 Quarter
Payment of principle portion of finance lease FinanceLeasePrincipalPayments $1.30M USD 1 Quarter
Payment of principle portion of finance lease FinanceLeasePrincipalPayments $1.33M USD 1 Quarter
Repurchase of common stock, net PaymentsForRepurchaseOfCommonStock $58.03M USD 1 Quarter
Repurchase of common stock, net PaymentsForRepurchaseOfCommonStock $3.57M USD 1 Quarter
Cash and distributions to non-controlling interests of consolidated joint ventures, net PaymentsToMinorityShareholders $1.75M USD 1 Quarter
Cash and distributions to non-controlling interests of consolidated joint ventures, net PaymentsToMinorityShareholders - USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-315.53M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-165.07M USD 1 Quarter
Net Increase/Decrease in Cash and Cash Equivalents and Restricted Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $157.80M USD 1 Quarter
Net Increase/Decrease in Cash and Cash Equivalents and Restricted Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-265.51M USD 1 Quarter
Cash, Cash Equivalents, and Restricted Cash - Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $836.34M USD Point-in-time
Cash, Cash Equivalents, and Restricted Cash - Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $884.43M USD Point-in-time
Cash, Cash Equivalents, and Restricted Cash - Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $726.63M USD Point-in-time
Cash, Cash Equivalents, and Restricted Cash - Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $570.83M USD Point-in-time
Cash, Cash Equivalents, and Restricted Cash - End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $836.34M USD Point-in-time
Cash, Cash Equivalents, and Restricted Cash - End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $884.43M USD Point-in-time
Cash, Cash Equivalents, and Restricted Cash - End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $726.63M USD Point-in-time
Cash, Cash Equivalents, and Restricted Cash - End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $570.83M USD Point-in-time
Income tax refunds/(payments) IncomeTaxesPaidNet $228.00K USD 1 Quarter
Income tax refunds/(payments) IncomeTaxesPaidNet $-1.94M USD 1 Quarter
Change in loans payable issued to sellers in connection with land purchase contracts IncreaseDecreaseInLoansPayableIssuedToSellersInConnectionWithLandPurchaseContracts $-39.87M USD 1 Quarter
Change in loans payable issued to sellers in connection with land purchase contracts IncreaseDecreaseInLoansPayableIssuedToSellersInConnectionWithLandPurchaseContracts $-59.83M USD 1 Quarter
Change in inventory not owned NoncashInvestingAndFinancingActivitiesIncreaseDecreaseInInventoryNotOwned $-11.90M USD 1 Quarter
Change in inventory not owned NoncashInvestingAndFinancingActivitiesIncreaseDecreaseInInventoryNotOwned $-21.68M USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
stock options exercised StockIssuedDuringPeriodValueStockOptionsExercised $13.50M USD 1 Quarter
stock options exercised StockIssuedDuringPeriodValueStockOptionsExercised $2.40M USD 1 Quarter
Balance, beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.97B USD Point-in-time
Balance, beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $4.85B USD Point-in-time
Balance, beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $4.09B USD Point-in-time
Balance, beginning of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $4.65B USD Point-in-time
Net income ProfitLoss $191.23M USD 1 Quarter
Net income ProfitLoss $178.46M USD 1 Quarter
Exercise of stock options and issuance of restricted stock units, net StockIssuedValueExerciseOfStockOptionsAndIssuanceOfRestrictedStockUnitsNet $-1.26M USD 1 Quarter
Exercise of stock options and issuance of restricted stock units, net StockIssuedValueExerciseOfStockOptionsAndIssuanceOfRestrictedStockUnitsNet $4.49M USD 1 Quarter
Repurchase of common stock (shares) TreasuryStockSharesAcquired 109,325.00 shares 1 Quarter
Repurchase of common stock (shares) TreasuryStockSharesAcquired 1.95M shares 1 Quarter
Repurchase of common stock TreasuryStockValueAcquiredCostMethod $58.03M USD 1 Quarter
Repurchase of common stock TreasuryStockValueAcquiredCostMethod $3.57M USD 1 Quarter
Stock compensation expense AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition $6.86M USD 1 Quarter
Stock compensation expense AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition $7.53M USD 1 Quarter
Distributions to non-controlling interests of consolidated joint ventures MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $1.75M USD 1 Quarter
Changes in non-controlling interests of consolidated joint ventures NoncontrollingInterestIncreaseDecreaseFromContributionsDistributionsToNoncontrollingInterestHolders $1.00K USD 1 Quarter
Changes in non-controlling interests of consolidated joint ventures NoncontrollingInterestIncreaseDecreaseFromContributionsDistributionsToNoncontrollingInterestHolders $-462.00K USD 1 Quarter
Balance, end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.97B USD Point-in-time
Balance, end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $4.85B USD Point-in-time
Balance, end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $4.09B USD Point-in-time
Balance, end of period StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $4.65B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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