Taylor Morrison : Reports Second Quarter 2021 Results, Including 23 Percent Year-Over-Year Growth to 3.4 Net Sales Orders per Community

SCOTTSDALE, Ariz., July 29, 2021 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC), the nation's fifth largest homebuilder, announced results for the second quarter ended June 30, 2021. Reported net income of $124 million, or $0.95 per diluted share, compared to $65 million, or $0.50 per diluted share, in the second quarter of 2020.

The Company's second quarter included the following results, as compared to the prior-year quarter:

• Monthly absorptions increased 23 percent to 3.4 net sales orders per community.
• Home closings gross margin increased 370 basis points to 19.1 percent.
• Backlog increased 50 percent to 10,228 sold homes with a sales value of $5.7 billion, up 78 percent.
• Homebuilding lot supply increased 13 percent to approximately 76,000 total lots owned and controlled.
• Controlled lots as a percentage of total supply increased approximately 700 basis points to 35 percent.

"Our team delivered strong second quarter results and made further progress in achieving our strategic priorities as we continue to capture the synergies of our recent acquisitions and optimize our operations by fully leveraging the benefits of our national and local scale," said Sheryl Palmer, Taylor Morrison Chairman and CEO.

"During the quarter, we strategically managed our sales activity by delaying the release of lots to maximize our margin opportunity and accelerated our monthly production pace by over 140 percent to a record 4.8 starts per community as we build through our backlog of over 10,200 sold homes, positioning us for strong home closings and gross margin expansion in the second half of the year. This disciplined approach gives us confidence to raise our 2021 home closings gross margin guidance to the high-19 to 20 percent range and reaffirm our closings expectation of 14,500 to 15,000 deliveries despite the well-known supply side challenges facing our industry."

"This strength is expected to continue in 2022 with an anticipated home closings gross margin of approximately 22 percent based on the composition of our sold homes in backlog and confidence in the achieved operational enhancements and synergies of our combined business. These enhancements include leveraging our buying power, pursuing cost rationalization and value engineering, expanding our new standardized design packages and streamlining our floorplan and option offerings to fully capture the benefits of scalable, production-oriented homebuilding, especially within our newer markets."

"Coupled with our focus on capital efficiency, we now expect to generate returns on equity in the high-teens percent range this year and over 20 percent in 2022 as we have quickly and meaningfully pulled through the benefits of our acquisitions and strategic initiatives that have transformed our ability to compete effectively and generate long-term value," said Palmer.

"We also recently finalized new land financing vehicles that will enable us to cost-effectively increase our optioned land position to at least 40 percent within the next 18 months. These vehicles supplement our existing asset-light land strategies to improve the capital efficiency of our land portfolio, reduce long-term risk and enhance expected returns over the course of a housing cycle."

"By managing our balance sheet and driving improved cash flow generation, we remain on track to drive our net debt-to-capital ratio to the low-30 percent range by year-end followed by a further reduction in 2022," said Dave Cone, Executive Vice President and Chief Financial Officer. "In addition to investing in our core business for future growth, we spent $107 million to repurchase 3.8 million shares outstanding during the quarter and expect to continue to return excess capital to shareholders as a key element of our balanced capital allocation framework."

Business Highlights (All comparisons are of the current quarter to the prior-year quarter, unless otherwise indicated.)

Homebuilding

• Net sales orders were roughly flat at 3,422 homes but increased 31% in value to $2.0 billion, driven by a 32% increase in average sales price to $597,000. The Company strategically limited sales releases to align with production capacity and to maximize its margin opportunity by delaying the release of spec homes while managing the length of its record backlog of sold homes.
• Monthly absorptions increased 23 percent to 3.4 net sales orders per community, the highest second quarter level in the Company's history.
• Average community count was 332, consistent with prior guidance.
• Home closings revenue increased 12 percent to $1.6 billion, driven by a 10 percent increase in average sales price to approximately $503,000 and a modest increase in closings to 3,268 due to temporary supply chain interruptions and weather delays in some markets.
• Home closings gross margin increased 370 basis points to 19.1 percent, driven by strong pricing power, operational enhancements and the burn-off of transaction-related impacts in the prior-year period. This was ahead of prior guidance due to favorable pricing trends.
• SG&A as a percentage of home closings revenue was 10.2 percent, down 60 basis points sequentially.
• Backlog at quarter end was 10,228 sold homes, up 50 percent, with a sales value of $5.7 billion, up 78 percent.

Land Portfolio

• The Company invested $451 million in land acquisition and development.
• Total homebuilding lot supply equaled approximately 76,000, up 13 percent.
• Controlled lots as a percentage of total supply was 35 percent, up from 28 percent in the prior-year quarter.
• Based on trailing twelve-month home closings, the lot position represented 3.9 years of owned supply and 6.0 years of total supply.

Financial Services

• Mortgage capture rate increased to 84 percent from 81 percent in the prior-year quarter.

Balance Sheet

• At quarter end, total available liquidity equaled approximately $1.1 billion, including $366 million of unrestricted cash and $755 million of undrawn capacity on the Company's $800 million corporate revolver.
• Net homebuilding debt-to-capital equaled 40.5 percent. The Company continues to anticipate its net debt-to-capital ratio to decline to the low-30 percent range by the end of 2021 followed by further deleveraging in 2022.
• During the second quarter, the Company repurchased 3.8 million of its outstanding shares for $107 million, bringing the year-to-date total to approximately $145 million and 5.3 million outstanding shares. At quarter end, the Company had approximately $192 million remaining on its share repurchase authorization.

Business Outlook

Third Quarter 2021

• Average active community count is expected to be approximately 330 to 335
• Home closings are expected to be between 3,300 to 3,500
• GAAP home closings gross margin is expected to be about 20 percent
• Effective tax rate is expected to be approximately 23.5 percent
• Diluted share count is expected to be approximately 128 million

Full Year 2021

• Average active community count is now expected to be approximately 330 to 335
• Home closings are expected to be between 14,500 to 15,000
• GAAP home closings gross margin is now expected to be in the high-19 to 20 percent range
• SG&A as a percentage of home closings revenue is expected to be in the mid-9 percent range
• Effective tax rate is expected to be approximately 23.0 percent
• Diluted share count is expected to be approximately 129 million
• Land and development spend is expected to be approximately $2.0 billion

Quarterly Financial Comparison

($ in thousands)		Q2 2021		Q2 2020		Q2 2021 vs. Q2 2020
Total Revenue		$1,719,280		$1,526,685		12.6%
Home Closings Revenue		$1,644,380		$1,470,994		11.8%
Home Closings Gross Margin		$313,339		$226,770		38.2%
		19.1%		15.4%		370 bps increase
Adjusted Home Closings Gross Margin		$313,339		$258,908		21.0%
		19.1%		17.6%		150 bps increase
SG&A		$167,557		$145,151		15.4%
% of Home Closings Revenue		10.2%		9.9%		30 bps deleverage

Earnings Webcast

A public webcast to discuss the second quarter 2021 earnings will be held later today at 8:30 a.m. Eastern time. The participant dial-in is 1 [phone] and the passcode is 6955009. 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

Headquartered in Scottsdale, Arizona, Taylor Morrison is the nation's fifth largest homebuilder and developer. We serve a wide array of consumers from coast to coast, including first-time, move-up, luxury and 50-plus active lifestyle homebuyers under our family of brands—including Taylor Morrison, Esplanade, Darling Homes and Christopher Todd Communities built by Taylor Morrison. Our Financial Services segment provides mortgage financing, title services and homeowners' insurance. From 2016-2021, Taylor Morrison has been recognized as America's Most Trusted® Builder by Lifestory Research. Our strong commitment to sustainability, our communities and our team is highlighted in our latest annual Environmental, Social and Governance (ESG) 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 "believe," "expect," "intend," "estimate," "anticipate," "project," "may," "can," "could," "might," "will" 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: the scale and scope of the COVID-19 (coronavirus) outbreak and resulting pandemic; 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; 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 lender 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; 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 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 June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Home closings revenue, net		$	1,644,380			$	1,470,994			$	3,007,809			$	2,735,634
Land closings revenue		32,057				10,546				36,946				33,485
Financial services revenue		37,392				40,297				81,457				68,336
Amenity and other revenue		5,451				4,848				10,880				34,929
Total revenues		1,719,280				1,526,685				3,137,092				2,872,384
Cost of home closings		1,331,041				1,244,224				2,441,283				2,314,727
Cost of land closings		28,138				10,287				32,165				37,419
Financial services expenses		25,935				22,796				49,934				43,443
Amenity and other expense		5,463				5,200				10,566				34,861
Total cost of revenues		1,390,577				1,282,507				2,533,948				2,430,450
Gross margin		328,703				244,178				603,144				441,934
Sales, commissions and other marketing costs		97,560				94,038				183,512				180,365
General and administrative expenses		69,997				51,112				131,550				101,638
Equity in income of unconsolidated entities		(2,126)				(3,495)				(7,787)				(5,921)
Interest expense/(income), net		3				(337)				(116)				(897)
Other expense/(income), net		45				(696)				1,020				5,595
Transaction expenses		—				18,712				—				105,086
Income before income taxes		163,224				84,844				294,965				56,068
Income tax provision		38,469				17,622				67,767				18,403
Net income before allocation to non-controlling interests		124,755				67,222				227,198				37,665
Net income attributable to non-controlling interests - joint ventures		(608)				(1,548)				(5,030)				(3,423)
Net income available to Taylor Morrison Home Corporation		$	124,147			$	65,674			$	222,168			$	34,242
Earnings per common share
Basic		$	0.97			$	0.51			$	1.73			$	0.27
Diluted		$	0.95			$	0.50			$	1.70			$	0.27
Weighted average number of shares of common stock:
Basic		128,440				129,629				128,661				125,768
Diluted		130,259				130,364				130,766				126,726

 

Taylor Morrison Home Corporation
Condensed Consolidated Balance Sheets
(In thousands)
		June 30, 2021				December 31, 2020
Assets
Cash and cash equivalents		$	366,267			$	532,843
Restricted cash		1,854				1,266
Total cash, cash equivalents, and restricted cash		368,121				534,109
Owned inventory		5,692,753				5,209,653
Consolidated real estate not owned		63,717				122,773
Total real estate inventory		5,756,470				5,332,426
Land deposits		126,015				125,625
Mortgage loans held for sale		277,017				201,177
Derivative assets		3,687				5,294
Lease right of use assets		68,490				73,222
Prepaid expenses and other assets, net		278,806				242,744
Other receivables, net		100,969				96,241
Investments in unconsolidated entities		130,044				127,955
Deferred tax assets, net		238,078				238,078
Property and equipment, net		127,869				97,927
Goodwill		663,197				663,197
Total assets		$	8,138,763			$	7,737,995
Liabilities
Accounts payable		$	269,924			$	215,047
Accrued expenses and other liabilities		435,466				430,067
Lease liabilities		78,814				83,240
Income taxes payable		18,677				12,841
Customer deposits		481,312				311,257
Estimated development liability		39,356				40,625
Senior notes, net		2,452,344				2,452,365
Loans payable and other borrowings		415,074				348,741
Revolving credit facility borrowings		—				—
Mortgage warehouse borrowings		215,230				127,289
Liabilities attributable to consolidated real estate not owned		63,717				122,773
Total liabilities		$	4,469,914			$	4,144,245
Stockholders' Equity
Total stockholders' equity		3,668,849				3,593,750
Total liabilities and stockholders' equity		$	8,138,763			$	7,737,995

 

Homes Closed and Home Closings Revenue, Net:
		Three Months Ended June 30,
		Homes Closed									Home Closings Revenue, Net											Average Selling Price
($ in thousands)		2021			2020			Change			2021				2020				Change			2021				2020				Change
East		1,245			1,097			13.5	%		$	563,326			$	467,154			20.6	%		$	452			$	426			6.1	%
Central		791			1,059			(25.3)			382,743				473,549				(19.2)			484				447				8.3
West		1,232			1,056			16.7			698,311				530,291				31.7			567				502				12.9
Total		3,268			3,212			1.7	%		$	1,644,380			$	1,470,994			11.8	%		$	503			$	458			9.8	%

 

		Six Months Ended June 30,
		Homes Closed									Home Closings Revenue, Net											Average Selling Price
($ in thousands)		2021			2020			Change			2021				2020				Change			2021				2020				Change
East		2,297			2,082			10.3	%		$	1,009,211			$	862,870			17.0	%		$	439			$	414			6.0	%
Central		1,482			1,878			(21.1)			702,920				846,573				(17.0)			474				451				5.1
West		2,310			2,013			14.8			1,295,678				1,026,191				26.3			561				510				10.0
Total		6,089			5,973			1.9	%		$	3,007,809			$	2,735,634			9.9	%		$	494			$	458			7.9	%

 

Net Sales Orders:
		Three Months Ended June 30,
		Net Sales Orders									Sales Value											Average Selling Price
($ in thousands)		2021			2020			Change			2021				2020				Change			2021				2020				Change
East		1,302			1,176			10.7	%		$	713,398			$	484,701			47.2	%		$	548			$	412			33.0	%
Central		850			1,003			(15.3)			500,976				437,568				14.5			589				436				35.1
West		1,270			1,274			(0.3)			828,731				643,156				28.9			653				505				29.3
Total		3,422			3,453			(0.9)	%		$	2,043,105			$	1,565,425			30.5	%		$	597			$	453			31.8	%

 

		Six Months Ended June 30,
		Net Sales Orders									Sales Value											Average Selling Price
($ in thousands)		2021			2020			Change			2021				2020				Change			2021				2020				Change
East		3,079			2,537			21.4	%		$	1,591,982			$	1,046,245			52.2	%		$	517			$	412			25.5	%
Central		1,922			1,909			0.7			1,084,457				861,631				25.9			564				451				25.1
West		2,913			2,473			17.8			1,839,497				1,275,399				44.2			631				516				22.3
Total		7,914			6,919			14.4	%		$	4,515,936			$	3,183,275			41.9	%		$	571			$	460			24.1	%

 

Sales Order Backlog:
		As of June 30,
		Sold Homes in Backlog									Sales Value											Average Selling Price
($ in thousands)		2021			2020			Change			2021				2020				Change			2021				2020				Change
East		3,617			2,271			59.3	%		$	1,903,206			$	974,860			95.2	%		$	526			$	429			22.6	%
Central		2,838			2,111			34.4			1,581,686				1,006,002				57.2			557				477				16.8
West		3,773			2,423			55.7			2,250,680				1,245,301				80.7			597				514				16.1
Total		10,228			6,805			50.3	%		$	5,735,572			$	3,226,163			77.8	%		$	561			$	474			18.4	%

 

Average Active Selling Communities:
		Three Months Ended June 30,									Six Months Ended June 30,
		2021			2020			Change			2021			2020			Change
East		126			153			(17.6)	%		127			148			(14.2)	%
Central		101			132			(23.5)			102			133			(23.3)
West		105			126			(16.7)			106			112			(5.4)
Total		332			411			(19.2)	%		335			393			(14.8)	%

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 press release relating to: (i) adjusted income before income taxes and related margin, (ii) EBITDA and adjusted EBITDA, (iii) adjusted net income and adjusted earnings per share, (iv) net homebuilding debt to capitalization ratio and(v) adjusted home closings gross margin.

Adjusted income before income taxes (and related margin) 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") and transaction expenses. 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 expense/(income), 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 and transaction expenses. 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 and financial services operating loss relating to the acquisition of WLH, transaction expenses and the tax impact due to such items. Net homebuilding debt to capitalization ratio is a non-GAAP financial measure we calculate by dividing (i) total debt, less unamortized debt issuance premiums, net, 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 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. A reconciliation of our forward-looking net homebuilding debt to capitalization ratio to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. 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.

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,
($ in thousands, except per share data)		2021				2020
Net income available to TMHC		$	124,147			$	65,674
William Lyon Homes related purchase accounting adjustments		—				32,138
Transaction expenses		—				18,712
Tax impact due to above non-GAAP reconciling items		—				(12,709)
Adjusted net income		$	124,147			$	103,815
Basic weighted average shares		128,440				129,629
Adjusted earnings per common share - Basic		$	0.97			$	0.80
Diluted weighted average shares		130,259				130,364
Adjusted earnings per common share - Diluted		$	0.95			$	0.80

 

Adjusted Income Before Income Taxes and Related Margin
		Three Months Ended June 30,
($ in thousands)		2021			2020
Income before income taxes		$	163,224		$	84,844
William Lyon Homes related purchase accounting adjustments		—					32,138
Transaction expenses		—					18,712
Adjusted income before income taxes		$	163,224		$	135,694
Total revenues		$	1,719,280		$	1,526,685
Income before income taxes margin		9.5%					5.6%
Adjusted income before income taxes margin		9.5%					8.9%

 

Adjusted Home Closings Gross Margin
		Three Months Ended June 30,
($ in thousands)		2021				2020
Home closings revenue		$	1,644,380			$	1,470,994
Cost of home closings		$	1,331,041			$	1,244,224
Home closings gross margin		$	313,339			$	226,770
William Lyon Homes homebuilding related purchase accounting adjustments		—				32,138
Adjusted home closings gross margin		$	313,339			$	258,908
Home closings gross margin as a percentage of home closings revenue		19.1		%		15.4		%
Adjusted home closings gross margin as a percentage of home closings revenue		19.1		%		17.6		%

 

EBITDA and Adjusted EBITDA Reconciliation
		Three Months Ended June 30,
($ in thousands)		2021			2020
Net income before allocation to non-controlling interests		$	124,755		$	67,222
Interest expense/(income), net		3			(337)
Amortization of capitalized interest		34,070			28,667
Income tax provision		38,469			17,622
Depreciation and amortization		2,193			1,467
EBITDA		$	199,490		$	114,641
Non-cash compensation expense		4,654			4,986
William Lyon Homes related purchase accounting adjustments		—			32,138
Transaction expenses		—			18,712
Adjusted EBITDA		$	204,144		$	170,477
Total revenues		$	1,719,280		$	1,526,685
EBITDA as a percentage of total revenues		11.6%			7.5%
Adjusted EBITDA as a percentage of total revenues		11.9%			11.2%

 

Net Homebuilding Debt to Capitalization Ratio Reconciliation
($ in thousands)	As of June 30, 2021				As of March 31, 2021
Total debt	$	3,082,648			$	3,025,587
Less unamortized debt issuance premiums, net	2,344				2,354
Less mortgage warehouse borrowings	215,230				180,833
Total homebuilding debt	$	2,865,074			$	2,842,400
Less cash and cash equivalents	366,267				392,500
Net homebuilding debt	$	2,498,807			$	2,449,900
Total equity	3,668,849				3,655,564
Total capitalization	$	6,167,656			$	6,105,464
Net homebuilding debt to capitalization ratio	40.5		%		40.1		%

 

CONTACT: Investor Relations
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SOURCE Taylor Morrison