Taylor Morrison Home — Apr 23, 2025 release
Fiscal 2025 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001193125-25-089989
Showing in the filing
Returns on equity
“high-teen”
Period
The long term
Measure
Company-defined measure
Source
Prose
All guidance in this release · 19
Home closings for FY2025
“between 13,000 to 13,500”
Home closings for FY2028
“20,000”
Home closings gross margin for the long term
“low-to-mid 20%”
Home closings gross margins
“low-to-mid 20%”
Returns on equity
“high-teen”
Returns on equity for the long term
“high-teen”
Home closings for Q2 FY2025
“approximately 3,200”
Average closing price for Q2 FY2025
“around $585,000”
Home closings gross margin for Q2 FY2025
“approximately 23%”
Ending active community count for Q2 FY2025
“around 345”
Effective tax rate for Q2 FY2025
“approximately 25%”
Diluted share count for Q2 FY2025
“approximately 102 million”
Average closing price for FY2025
“between $590,000 to $600,000”
Ending active community count for FY2025
“at least 355”
SG&A as a percentage of home closings revenue for FY2025
“mid-9% range”
Effective tax rate for FY2025
“between 24.5% to 25.0%”
Diluted share count for FY2025
“approximately 101 million”
Homebuilding land acquisition and developmen… for FY2025
“around $2.4 billion”
Share repurchases for FY2025
“approximately $350 million”
Exhibit 99.1 · full document
Exhibit 99.1
CONTACT:
Mackenzie Aron, VP Investor Relations
(407) 906-6262
investor@taylormorrison.com
Taylor Morrison Reports First Quarter 2025 Results
SCOTTSDALE, Ariz., Apr. 23, 2025 —Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced
results for the first quarter ended March 31, 2025. Reported first quarter net income was $213 million, or $2.07 per diluted share, while adjusted net income was $225 million, or $2.18 per diluted share.
First quarter 2025 highlights:
•
Home closings revenue of $1.8 billion, up 12% year over year
•
3,048 closings, up 12% year over year, at an average price of $600,000
•
Home closings gross margin of 24.0% and adjusted home closings gross margin of 24.8%
•
Net sales orders of 3,374, down 8% from a year ago
•
Monthly absorption pace of 3.3, down from a near-record of 3.7 a year ago
•
Ending outlets of 344, up 4% year over year
•
86,266 homebuilding lots owned and controlled
•
59% controlled off balance sheet, up from 53% a year ago
•
Total homebuilding land spend of $469 million, of which 46% was development related
•
Repurchased 2.2 million common shares for $135 million
•
Homebuilding
debt-to-capitalization of 24.3% on a gross basis and 20.5% net of $378 million of unrestricted cash
•
Total liquidity of $1.3 billion
“In the first quarter, we delivered 3,048 homes at an average price of $600,000, producing $1.8 billion of home closings revenue, up 12% year over
year, with an adjusted home closings gross margin of 24.8%, up 80 basis points year over year. Combined with 70 basis points of SG&A leverage, our adjusted earnings per diluted share increased 25% while our book value per share grew 16% to
approximately $58. Once again, each of our operational metrics met or exceeded our prior guidance. These strong top and bottom-line results reflect the benefits of our diversified consumer and product strategy. Especially in volatile market
environments, this diversification is a valuable differentiator that we believe contributes to greater volume and margin resiliency,” said Sheryl Palmer, Taylor Morrison CEO and Chairman.
“From a sales perspective, the slow start in January gave way to stabilization in February and modest
growth in March, following the historic pattern, albeit with slightly less velocity than we would have otherwise anticipated during the early spring selling season. In total, our monthly absorption pace increased to 3.3 per community from 2.6 in the
fourth quarter but was down from the near-record of 3.7 we achieved a year ago. However, this was still solidly ahead of our pre-COVID historic first quarter average of 2.6 from 2013 to 2019, reflecting our
strategic shift into higher-pacing, larger communities. By consumer group, our net sales were fueled by growth in our resort lifestyle segment, driven by strength in Florida, a modest decline in our move-up
segment and a steeper reduction in entry-level sales—reinforcing the importance of our broad consumer reach,” said Palmer. “Given our
diversified portfolio, there is not a singular approach to our pace-versus-price strategy, but rather an ongoing community-specific process that considers each asset’s unique competitive dynamics, sales momentum and other market influences.
Assuming a continuation of current market conditions as we look out to the remainder of the year, we now expect to deliver between 13,000 to 13,500 homes at a home closings gross margin around 23% in 2025.”
Palmer continued, “While the current environment has made it challenging to provide near-term guidance with strong conviction, we remain confident in our
long-term trajectory on our path to 20,000 closings by 2028. The path there will not be a straight line as we navigate the market—with 2025 now expected to represent a speed bump on our path there; however, we believe our disciplined
underwriting and attractive product positioning is strongly supportive of a business capable of generating low-to-mid 20% home closings gross margins and high-teen
returns on equity over time. Additionally, we continue to believe the market overall remains under-supplied and demographics supportive of the strong need for new construction. In aspiring to reach 20,000 closings, we will prioritize bottom-line
earnings and returns for our shareholders while always maintaining the health of our balance sheet. We are not interested in growth for growth’s sake. As our strategy has proven over the last decade-plus, we seek to maximize long-term return
potential by thoughtfully balancing both pace and price through a uniquely diversified portfolio that is well positioned to withstand housing’s cyclicality.”
First Quarter Business Highlights (All comparisons are of the current quarter to the prior-year quarter, unless indicated.)
Homebuilding
•
Home closings revenue increased 12% to $1.8 billion, driven by a 12% increase in closings to 3,048 homes and
a flat average closing price of $600,000.
•
Home closings gross margin was 24.0% on a reported basis and 24.8% on an adjusted basis. This compared to a
reported and adjusted home closings gross margin of 24.0% a year ago.
•
Net sales orders declined 8% to 3,374. This was driven by a decline in the monthly absorption pace to 3.3 from
the near-record of 3.7 a year ago, which was partially offset by a 4% increase in ending community count to 344 outlets.
•
Cancellations equaled 11.0% of gross orders, up from 7.0% a year ago but consistent with historic norms.
•
SG&A as a percentage of home closings revenue declined 70 basis points to 9.7% from 10.4% a year ago.
•
Backlog at quarter end was 5,068 homes with a sales value of $3.4 billion. Backlog customer deposits
averaged approximately $48,000 per home. Land Portfolio
•
Homebuilding land investment totaled $469 million, inclusive of $218 million for development and
$251 million for lot acquisitions. Homebuilding land investment totaled $588 million in the first quarter of 2024.
•
Homebuilding lot supply was 86,266 homesites, of which a record 59% was controlled off balance sheet. This
compared to total homesites of 74,182 a year ago, of which 53% was controlled.
•
Based on trailing twelve-month home closings, total homebuilding lots represented 6.5 years of supply, of which
2.7 years was owned. Financial Services
•
The mortgage capture rate was 89%, up from 87% a year ago.
•
Borrowers had an average credit score of 751 and average debt-to-income ratio of 40%. Balance Sheet
•
At quarter end, total liquidity was approximately $1.3 billion, including $934 million of total
capacity on the Company’s revolving credit facility, which was undrawn outside of normal letters of credit.
•
The gross homebuilding debt to capital ratio was 24.3%. Including $378 million of unrestricted cash on hand,
the net homebuilding debt-to-capital ratio was 20.5%.
•
The Company repurchased 2.2 million shares for $135 million. At quarter end, the remaining share
repurchase authorization was $775 million.
Business Outlook
Second Quarter 2025
•
Home closings are expected to be approximately 3,200
•
Average closing price is expected to be around $585,000
•
Home closings gross margin is expected to be approximately 23%
•
Ending active community count is expected to be around 345
•
Effective tax rate is expected to be approximately 25%
•
Diluted share count is expected to be approximately 102 million
Full Year 2025
•
Home closings are now expected to be between 13,000 to 13,500
•
Average closing price is expected to be between $590,000 to $600,000
•
Home closings gross margin is now expected to be approximately 23%
•
Ending active community count is expected to be at least 355
•
SG&A as a percentage of home closings revenue is expected to be in the
mid-9% range
•
Effective tax rate is expected to be between 24.5% to 25.0%
•
Diluted share count is now expected to be approximately 101 million
•
Homebuilding land acquisition and development investment is now expected to be around $2.4 billion
•
Share repurchases are now expected to be approximately $350 million
Quarterly Financial Comparison
(Dollars in thousands)
Q1 2025
Q1 2024
Q1 2025 vs. Q1 2024
Total Revenue
$
1,896,019
$
1,699,752
11.5
%
Home Closings Revenue, Net
$
1,830,068
$
1,636,255
11.8
%
Home Closings Gross Margin
$
438,708
$
393,046
11.6
%
24.0
%
24.0
%
0 bps change
Adjusted Home Closings Gross Margin
$
453,586
$
393,046
15.4
%
24.8
%
24.0
%
80 bps increase
SG&A
$
176,624
$
170,164
3.8
%
% of Home Closings Revenue
9.7
%
10.4
%
70 bps decrease
Earnings Conference Call Webcast
Taylor Morrison will hold a conference call to discuss its results today at 8:30 a.m. ET. A live audio webcast of the conference call will be available
on Taylor Morrison’s website at www.taylormorrison.com on the Investor Relations portion of the site under the Events tab. 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 the Company’s website. About
Taylor Morrison Headquartered in Scottsdale, Arizona, Taylor Morrison is one of the nation’s leading homebuilders and developers. We
serve a wide array of consumers from coast to coast, including first-time, move-up and resort lifestyle homebuyers and renters under our family of brands—including Taylor Morrison, Esplanade and Yardly.
From 2016 to 2025, Taylor Morrison has been recognized as America’s Most Trusted ® Builder by Lifestory Research. Our long-standing commitment to sustainable operations is highlighted
in our annual Sustainability and Belonging Report . For more information about Taylor Morrison, please visit www.taylormorrison.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 ““anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” “may,” “will,” “can,” “could,” “might,” “should” and similar expressions identify forward-looking statements, including statements related to expected financial,
operating and performance 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: inflation or deflation; changes in general and local economic
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; the seasonality of our business; the physical impacts of climate change and the increased focus by third-parties on sustainability issues;
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; failure to develop and maintain relationships with suitable land banks; 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 lender relationships; our ability to use deferred tax assets; raw materials and building supply shortages and price fluctuations, including as a result of
tariffs; 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; 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 instability in the banking system; risks associated with civil unrest, acts of terrorism, threats to national
security, the conflicts in Eastern Europe and the Middle East and other geopolitical events; the scale and scope of current and future public health events, including pandemics and epidemics; any failure of lawmakers to agree on a budget or
appropriation legislation to fund the federal government’s operations (also known as a government shutdown), and financial markets’ and businesses’ reactions to any such failure; 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 risks associated with maintaining effective internal controls over financial reporting; provisions in our
charter and bylaws that may delay or prevent an acquisition by a third party; and our ability to effectively manage our expanded operations. In addition,
other such risks and uncertainties may be found in our most recent annual report on Form 10-K and our subsequent quarterly reports 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.
Taylor Morrison Home Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
Three Months Ended March 31,
2025
2024
Home closings revenue, net
$
1,830,068
$
1,636,255
Land closings revenue
4,261
7,225
Financial services revenue, net
51,193
46,959
Amenity and other revenue
10,497
9,313
Total revenue
1,896,019
1,699,752
Cost of home closings
1,391,360
1,243,209
Cost of land closings
3,489
5,202
Financial services expenses
28,321
25,143
Amenity and other expenses
9,575
9,353
Total cost of revenue
1,432,745
1,282,907
Gross margin
463,274
416,845
Sales, commissions and other marketing costs
109,076
102,600
General and administrative expenses
67,548
67,564
Net income from unconsolidated entities
(1,975
)
(2,751
)
Interest expense/(income), net
8,499
(43
)
Other expense, net
1,557
595
Income before income taxes
278,569
248,880
Income tax provision
64,838
57,719
Net income before allocation to non-controlling
interests
213,731
191,161
Net income attributable to non-controlling
interests
(265
)
(891
)
Net income
$
213,466
$
190,270
Earnings per common share:
Basic
$
2.11
$
1.79
Diluted
$
2.07
$
1.75
Weighted average number of shares of common stock:
Basic
101,245
106,457
Diluted
103,017
108,564
Taylor Morrison Home Corporation
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, 2025
December 31, 2024
Assets
Cash and cash equivalents
$
377,815
$
487,151
Restricted cash
288
15
Total cash
378,103
487,166
Owned inventory
6,225,039
6,162,889
Consolidated real estate not owned
126,395
71,195
Total real estate inventory
6,351,434
6,234,084
Land deposits
302,583
299,668
Mortgage loans held for sale
225,100
207,936
Lease right of use assets
64,960
68,057
Prepaid expenses and other assets, net
387,787
370,642
Other receivables, net
212,196
217,703
Investments in unconsolidated entities
475,192
439,721
Deferred tax assets, net
76,248
76,248
Property and equipment, net
247,328
232,709
Goodwill
663,197
663,197
Total assets
$
9,384,128
$
9,297,131
Liabilities
Accounts payable
$
276,526
$
270,266
Accrued expenses and other liabilities
550,897
632,250
Lease liabilities
75,047
78,998
Income taxes payable
67,057
2,243
Customer deposits
242,718
239,151
Estimated development liabilities
4,365
4,365
Senior notes, net
1,470,893
1,470,454
Loans payable and other borrowings
436,965
475,569
Revolving credit facility borrowings
—
—
Mortgage warehouse facilities borrowings
175,741
174,460
Liabilities attributable to consolidated real estate not owned
126,395
71,195
Total liabilities
$
3,426,604
$
3,418,951
Stockholders’ equity
Total stockholders’ equity
5,957,524
5,878,180
Total liabilities and stockholders’ equity
$
9,384,128
$
9,297,131
Homes Closed and Home Closings Revenue, Net:
Three Months Ended March 31,
Homes Closed
Home Closings Revenue, Net
Average Selling Price
(Dollars in thousands)
2025
2024
Change
2025
2024
Change
2025
2024
Change
East
1,110
933
19.0
%
$
625,714
$
541,730
15.5
%
$
564
$
581
(2.9
%)
Central
883
832
6.1
%
477,494
472,032
1.2
%
541
567
(4.6
)%
West
1,055
966
9.2
%
726,860
622,493
16.8
%
689
644
7.0
%
Total
3,048
2,731
11.6
%
$
1,830,068
$
1,636,255
11.8
%
$
600
$
599
0.2
%
Net Sales Orders:
Three Months Ended March 31,
Net Sales Orders
Sales Value
Average Selling Price
(Dollars in thousands)
2025
2024
Change
2025
2024
Change
2025
2024
Change
East
1,391
1,295
7.4
%
$
721,027
$
776,861
(7.2
%)
$
518
$
600
(13.7
%)
Central
867
904
(4.1
%)
449,363
478,419
(6.1
%)
518
529
(2.1
)%
West
1,116
1,487
(24.9
%)
828,905
984,483
(15.8
%)
743
662
12.2
%
Total
3,374
3,686
(8.5
%)
$
1,999,295
$
2,239,763
(10.7
%)
$
593
$
608
(2.5
%)
Sales Order Backlog:
As of March 31,
Sold Homes in Backlog
Sales Value
Average Selling Price
(Dollars in thousands)
2025
2024
Change
2025
2024
Change
2025
2024
Change
East
2,018
2,433
(17.1
)%
$
1,286,197
$
1,715,398
(25.0
)%
$
637
$
705
(9.6
%)
Central
1,082
1,371
(21.1
)%
640,443
870,550
(26.4
)%
592
635
(6.8
)%
West
1,968
2,440
(19.3
%)
1,434,734
1,662,190
(13.7
%)
729
681
7.0
%
Total
5,068
6,244
(18.8
)%
$
3,361,374
$
4,248,138
(20.9
)%
$
663
$
680
(2.5
%)
Ending Active Selling Communities:
As of March 31,
Change
2025
2024
East
137
113
21.2
%
Central
94
93
1.1
%
West
113
125
(9.6
%)
Total
344
331
3.9
%
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 provide our
investors with supplemental information relating to: (i) adjusted net income and adjusted earnings per common share, (ii) adjusted income before income taxes and related margin, (iii) adjusted home closings gross margin,
(iv) EBITDA and adjusted EBITDA and (v) net homebuilding debt to capitalization ratio. Adjusted net income, adjusted earnings per common share
and adjusted income before income taxes and related margin are non-GAAP financial measures that reflect the net income/(loss) available to the Company excluding, to the extent applicable in a given period, the
impact of inventory and real estate impairment charges, impairment of investment in unconsolidated entities, pre-acquisition abandonment charges, gains/losses on land transfers to joint ventures,
extinguishment of debt, net, and legal reserves or settlements that the Company deems not to be in the ordinary course of business and in the case of adjusted net income and adjusted earnings per common share, the tax impact due to such items.
Adjusted home closings gross margin is a non-GAAP financial measure calculated as GAAP home closings gross margin (which is inclusive of capitalized interest), excluding inventory impairment charges. EBITDA
and Adjusted EBITDA are non-GAAP financial measures that measure performance by adjusting net income before allocation to non-controlling interests to exclude, as
applicable, interest expense/(income), net, amortization of capitalized interest, income taxes, depreciation and amortization (EBITDA), non-cash compensation expense, if any, inventory and real estate
impairment charges, impairment of investment in unconsolidated entities, pre-acquisition abandonment charges, gains/losses on land transfers to joint ventures, extinguishment of debt, net and legal reserves or
settlements that the Company deems not to be in the ordinary course of business, in each case, as applicable in a given period. Net homebuilding debt to capitalization ratio is a non-GAAP financial measure we
calculate by dividing (i) total debt, plus unamortized debt issuance cost/(premium), net, and less mortgage warehouse facilities borrowings, net of unrestricted cash and cash equivalents (“net homebuilding debt”), by (ii) total
capitalization (the sum of net homebuilding debt and total stockholders’ equity). Management uses these
non-GAAP financial measures to evaluate our performance on a consolidated basis, as well as the performance of our segments, 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 financial 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 net income, adjusted earnings per common share, adjusted income before income taxes and related margin, 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. 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.
A reconciliation of (i) adjusted net income and adjusted earnings per common share, (ii) adjusted income before income taxes and related margin,
(iii) adjusted home closings gross margin, (iv) EBITDA and adjusted EBITDA and (v) net homebuilding debt to capitalization ratio to the comparable GAAP measures is presented below.
Adjusted Net Income and Adjusted Earnings Per Common Share
Three Months Ended March 31,
(Dollars in thousands, except per share data)
2025
2024
Net income
$
213,466
$
190,270
Inventory impairment charges
14,878
—
Tax impact of non-GAAP reconciling items
(3,463
)
—
Adjusted net income
$
224,881
$
190,270
Basic weighted average number of shares
101,245
106,457
Adjusted earnings per common share—Basic
$
2.22
$
1.79
Diluted weighted average number of shares
103,017
108,564
Adjusted earnings per common share—Diluted
$
2.18
$
1.75
Adjusted Income Before Income Taxes and Related Margin
Three Months Ended March 31,
(Dollars in thousands)
2025
2024
Income before income taxes
$
278,569
$
248,880
Inventory impairment charges
14,878
—
Adjusted income before income taxes
$
293,447
$
248,880
Total revenue
$
1,896,019
$
1,699,752
Income before income taxes margin
14.7
%
14.6
%
Adjusted income before income taxes margin
15.5
%
14.6
%
Adjusted Home Closings Gross Margin
Three Months Ended March 31,
(Dollars in thousands)
2025
2024
Home closings revenue, net
$
1,830,068
$
1,636,255
Cost of home closings
1,391,360
1,243,209
Home closings gross margin
$
438,708
$
393,046
Inventory impairment charges
14,878
—
Adjusted home closings gross margin
$
453,586
$
393,046
Home closings gross margin as a percentage of home closings revenue
24.0
%
24.0
%
Adjusted home closings gross margin as a percentage of home closings revenue
24.8
%
24.0
%
EBITDA and Adjusted EBITDA Reconciliation
Three Months Ended March 31,
(Dollars in thousands)
2025
2024
Net income before allocation to non-controlling
interests
$
213,731
$
191,161
Interest expense/(income), net
8,499
(43
)
Amortization of capitalized interest
24,773
23,625
Income tax provision
64,838
57,719
Depreciation and amortization
1,696
3,138
EBITDA
$
313,537
$
275,600
Non-cash compensation expense
7,785
5,483
Inventory impairment charges
14,878
—
Adjusted EBITDA
$
336,200
$
281,083
Total revenue
$
1,896,019
$
1,699,752
Net income before allocation to non-controlling
interests as a percentage of total revenue
11.3
%
11.2
%
EBITDA as a percentage of total revenue
16.5
%
16.2
%
Adjusted EBITDA as a percentage of total revenue
17.7
%
16.5
%
Net Homebuilding Debt to Capitalization Ratios Reconciliation
(Dollars in thousands)
As of March 31, 2025
As of December 31, 2024
As of March 31, 2024
Total debt
$
2,083,599
$
2,120,483
$
2,093,499
Plus: unamortized debt issuance cost, net
6,177
6,616
7,935
Less: mortgage warehouse facilities borrowings
(175,741
)
(174,460
)
(183,174
)
Total homebuilding debt
$
1,914,035
$
1,952,639
$
1,918,260
Total stockholders’ equity
5,957,524
5,878,180
5,426,168
Total capitalization
$
7,871,559
$
7,830,819
$
7,344,428
Total homebuilding debt to capitalization ratio
24.3
%
24.9
%
26.1
%
Total homebuilding debt
$
1,914,035
$
1,952,639
$
1,918,260
Less: cash and cash equivalents
(377,815
)
(487,151
)
(554,287
)
Net homebuilding debt
$
1,536,220
$
1,465,488
$
1,363,973
Total stockholders’ equity
5,957,524
5,878,180
5,426,168
Total capitalization
$
7,493,744
$
7,343,668
$
6,790,141
Net homebuilding debt to capitalization ratio
20.5
%
20.0
%
20.1
%
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.