Taylor Morrison Home — Oct 23, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001193125-24-241415
Showing in the filing
Share repurchases
“approximately $300 million”
Period
FY2024
Measure
Declared action
Source
Prose
All guidance in this release · 21
Annual home closings growth for FY2024
“10%”
Annual home closings growth for the long term
“10%”
Absorption pace for the long term
“an annualized low-three absorption pace”
Absorption pace
“annualized low-three”
Home closings gross margins
“low-to-mid 20%”
Home closings gross margins for the long term
“low-to-mid 20%”
Returns on equity
“mid-to-high teens”
Returns on equity for the long term
“mid-to-high teens”
Share repurchase authorization for FY2026
“up to $1 billion”
Home closings for Q4 FY2024
“approximately 3,400”
Average closing price for Q4 FY2024
“approximately $610,000”
Home closings gross margin for Q4 FY2024
“around 24.5%”
Ending active community count for Q4 FY2024
“between 330 to 340”
Effective tax rate for Q4 FY2024
“approximately 25%”
Diluted share count for Q4 FY2024
“approximately 106 million”
Home closings gross margin for FY2024
“approximately 24.3%”
SG&A as a percentage of home closings revenue for FY2024
“high-9% range”
Effective tax rate for FY2024
“between 24.5% to 25.0%”
Diluted share count for FY2024
“approximately 107 million”
Land and development spend for FY2024
“around $2.5 billion”
Share repurchases for FY2024
“approximately $300 million”
Exhibit 99.1 · the passage around this item
… earlier in the release
Business Outlook
Fourth Quarter 2024
•
Home closings are expected to be approximately 3,400
•
Average closing price is expected to be approximately $610,000
•
Home closings gross margin is expected to be around 24.5%
•
Ending active community count is expected to be between 330 to 340
•
Effective tax rate is expected to be approximately 25%
•
Diluted share count is expected to be approximately 106 million
Full Year 2024
•
Home closings are now expected to be approximately 12,725
•
Average closing price is now expected to be approximately $600,000
•
Home closings gross margin is now expected to be approximately 24.3%
•
Ending active community count is expected to be between 330 to 340
•
SG&A as a percentage of home closings revenue is expected to be in the
high-9% range
•
Effective tax rate is now expected to be between 24.5% to 25.0%
•
Diluted share count is expected to be approximately 107 million
•
Land and development spend is now expected to be around $2.5 billion
•
Share repurchases are expected to total approximately $300 million
Quarterly Financial Comparison
(Dollars in thousands)
Q3 2024
Q3 2023
Q3 2024 vs. Q3 2023
Total Revenue
$
2,120,842
$
1,675,545
26.6
%
Home Closings Revenue
$
2,029,134
$
1,611,883
25.9
%
Home Closings Gross Margin
$
503,309
$
372,884
35.0
%
24.8
%
23.1
%
170 bps increase
SG&A
$
199,341
$
167,791
18.8
%
% of Home Closings Revenue
9.8
%
10.4
%
60 bps decrease
Earnings Conference Call Webcast
A public webcast to discuss the Company’s earnings will be held later today at 8:30 a.m. ET. Call participants are asked to register for the event
here to receive a unique passcode and dial-in information. The call will be recorded and available for replay on Taylor Morrison’s website at www.taylormorrison.com on the Investor Relations
portion of the site under the Events & Presentations tab.
About Taylor Morrison
Headquartered in Scottsdale, Ariz
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.