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- **Revenue Growth**: 15% YoY driven by North American recovery.
- **AI Strategy**: Gross margin rebound expected in H2.
- **Financial Strength**: Non-GAAP EPS beats with 5% cost savings.
- **Market Resilience**: Sequential demand improvement across consumer groups.
- **Inventory Control**: 61% spec closings, disciplined pace to sales.
- **Tariff Mitigation**: 5-6% cost relief through operational efficiency.

**【CEO Summary Section】**
- Revenue grew 15% YoY, driven by North American market recovery.
- Emphasized continued AI investment and expected gross margin improvement in H2.

**【CFO Financial Commentary】**
- GAAP net income: $420 million; Non-GAAP EPS: $1.08 (exceeds expectations).
- 5% YoY decline in operating expenses due to cost control.

**【Q&A Key Highlights】**
- **Demand Trends**: Sequential improvement in September, broad-based across consumer segments.
- **Inventory Management**: Pacing specs to sales, 61% spec closings vs. 39% to-be-built.
- **Regional Performance**: Florida stabilization, Texas resilience, California core market strength.
- **Land Negotiations**: 8% price reductions, 6-month deferrals on $500M+ deals.
- **Incentives**: 45% financial services, 55% price adjustments, ASP-driven.
- **Cycle Times**: Pre-COVID levels, 74% backlog conversion in Q3.
- **Tariffs**: 5-6% cost relief, operational cost reduction strategies in place.

Taylor Morrison Home Corporation (TMHC) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: $2B revenue (+2% YoY), 3,340 closings (+4% YoY). Spec sales 71% (vs. 59% YoY), moderating gross margin to 22% Q3.
- **Margin Resilience**: Full-year adjusted gross margin 23%, despite incentive-heavy environment. Esplanade segment margin >25% with $270K lot premiums.
- **Financial Strength**: $1.1B liquidity, 22.9% net debt to capital. $350M+ share buybacks for 2025, reducing diluted shares to ~100M.
- **Strategic Moves**: $3B Yardly facility to optimize asset exits. Esplanade expansion with new Summerlin community. Digital tools driving 90bp SG&A leverage.
- **Risk Management**: Cancellations 14.6% (vs. 5.2% YoY), below industry averages. Focused on high-margin, core locations to mitigate market volatility.

**【CEO Summary Section】**
- **Q2 2025 Performance**: Delivered 3,340 homes with $2 billion in revenue, 23% adjusted gross margin, and 90bp SG&A leverage. Spec sales rose to 71% (vs. 59% YoY), impacting margins but maintaining full-year target of 23%.
- **Market Dynamics**: Consumer preference for specs due to incentives, especially in first and move-up markets. Cancellations at 14.6% (vs. 9.4% YoY), below industry averages.
- **Strategic Focus**: Balancing pace and price, emphasizing margin over volume. Digital tools and mortgage programs (e.g., 3.75% ARM) enhance customer experience.
- **Segment Performance**: Resort lifestyle (Esplanade) showed resilience (8% net order decline vs. 12% overall), with high lot premiums. Entry-level and move-up sales down mid-single to high-teens YoY.
- **Long-Term Vision**: Diversified portfolio, capital efficiency, and sustainability initiatives to drive mid- to high-teen ROE.

**【CFO Financial Commentary】**
- **Q2 Financials**: GAAP net income $194M ($1.92 EPS), adjusted $204M ($2.02 EPS). Revenue +2% YoY, closings +4% YoY. Spec penetration 65% (vs. 58% Q1, 59% YoY).
- **Gross Margin**: 22.3% GAAP, 23% adjusted. Q3 guide 22%, full-year 23% (excluding impairments). Full-year closing price $595-600K.
- **Cost Control**: SG&A 9.3% of revenue, down 90bp YoY. Digital tools and back-office consolidation driving efficiency.
- **Balance Sheet**: $1.1B liquidity, 22.9% net debt to capital. Share buybacks $100M Q2, targeting $350M+ for 2025.

**【CFO & COO Land & Operations】**
- **Land Strategy**: 85,051 lots controlled (6.4 years supply), 60% via options. 2025 land spend $2.4B (downside bias). Esplanade expansion with new community in Summerlin.
- **Yardly Update**: Exiting up to 4 rental communities. $3B flexible finance facility with Kennedy Lewis to optimize asset exits.
- **Cost Trends**: Stick-and-brick costs improving, cycle times down 2+ weeks QoQ. Access to trades easing, tariffs minimal impact.

**【Q&A Highlights】**
- **Spec Mix & Margin**: 71% specs driven by consumer demand for incentives. Q3 margin 22%, Q4 ~22% (full-year 23%). Long-term balance between specs and to-be-built.
- **Yardly Facility**: $3B facility to enhance liquidity, optionality for asset exits. 35 existing assets may transfer, with new deals also included.
- **Land Market Softness**: Acquisition terms improving, development costs moderating. Long-term inflation trends halved (low single digits).
- **Cancellation Rate**: 14.6% (vs. 5.2% YoY), mostly due to home sale delays or competing incentives. Deposits retained in most cases.
- **Regional Trends**: Florida (Orlando, Sarasota) outperforming, California (Bay Area) stable. Tech job concerns minimal impact on NorCal sales.


Taylor Morrison Home Corporation (TMHC) Q2 2025 Earnings Call Transcript

- **Revenue Beat**: 12% YoY growth to $1.8B, driven by 3,048 closings at $600k avg price.
- **Margin Expansion**: 24.8% gross margin (up 80 bps YoY) despite 20 bps sequential incentive increase.
- **Spec Strategy**: 58% Q1 closings from specs, targeting higher Q2 penetration to manage inventory.
- **2025 Outlook**: 13,000-13,500 closings, 23% margin, with $2.4B land spend and $350M buybacks.
- **Resilience Signals**: 3.3 pace vs. 2.6 Q4, Florida/Texas strength, and 70 bps SG&A leverage.


**【CEO Summary Section】**
- **Revenue Growth**: Delivered $1.8 billion in home closings revenue, up 12% YoY, with 3,048 homes sold at an average price of $600,000.
- **Gross Margin Expansion**: Adjusted home closings gross margin improved to 24.8% (up 80 bps YoY), driven by SG&A leverage and strategic inventory management.
- **Market Resilience**: Monthly absorption pace of 3.3 per community (vs. 2.6 in Q4 2024), with Florida and Texas showing relative strength despite broader market headwinds.
- **Spec Inventory Strategy**: 58% of Q1 closings were spec homes, with plans to increase spec penetration in Q2 to manage inventory levels.
- **2025 Outlook**: Guided to 13,000-13,500 closings and 23% home closings gross margin, reflecting cautious near-term outlook amid macro uncertainty.

**【CFO Financial Commentary】**
- **Earnings Performance**: Adjusted EPS of $2.18 (up 25% YoY), driven by higher volume, margin expansion, and share buybacks.
- **Balance Sheet Strength**: $1.3 billion in liquidity, with net debt to capitalization at 20.5%, supporting disciplined land investment of $2.4 billion in 2025.
- **Cycle Time Improvement**: Reduced cycle times by 25 days YoY, enabling more flexible production scheduling.
- **Share Repurchases**: Targeting $350 million in buybacks (high end of prior guidance), reflecting confidence in long-term value.

**【Q&A Key Themes】**
- **Market Dynamics**: Florida and Texas outperformed due to strategic community positioning, while West Coast markets faced inventory challenges and price sensitivity.
- **Tariff Impact**: Anticipating low single-digit cost inflation in 2025, with potential for higher impacts in 2026 depending on trade policy.
- **Spec Inventory Management**: Q2 spec penetration expected to exceed 60%, with average closing price moderating to $585,000.
- **M&A Activity**: Increased deal flow but cautious valuation expectations, with focus on core market expansion.
- **Indy Integration**: Best sales quarter in Q1, positioning for growth in under-$400k ASP segment.


Taylor Morrison Home (TMHC)-23 Apr 25-2025 Q1 Earnings call transcript

- **Revenue & Margin Strength**: Q4 $2.2B revenue, 24.9% gross margin, 30% EPS growth vs. 2024 targets.
- **Demand Resilience**: 11% YoY net orders, 2.6 community pace, move-up segment +27% YoY.
- **2025 Outlook**: 13,500-14,000 closings, 23%-24% margin, mid-9% SG&A ratio.
- **Cost Management**: 7% land cost inflation, 38% forward commitment utilization.
- **Tariff Mitigation**: Reshored products limit impact, 2025 margin range accounts for risks.


**【CEO Summary Section】**
- Delivered 3,571 homes with $2.2B revenue, 24.9% adjusted gross margin, and 30% YoY growth in adjusted EPS.
- Q4 net orders up 11% YoY, absorption pace 2.6 per community, driven by strong demand in move-up segment (+27% YoY).
- Maintained margin stability despite industry compression, attributing to prime locations and balanced mix of to-be-built/spec homes.
- 2025 guidance: 13,500-14,000 closings, 23%-24% gross margin, mid-9% SG&A ratio.

**【CFO Financial Commentary】**
- Q4 net income $242M ($2.30 EPS), adjusted EPS $2.64 (+29% YoY).
- Closings volume +12% YoY, average price flat at $608K.
- 2025 land investment $2.6B, 60%-65% controlled lots target.
- 2025 share repurchases $300M-$350M, liquidity $1.4B.

**【Q&A Key Highlights】**
- **Gross Margin Guidance**: Q1 23% high range, full year 23%-24% due to land cost inflation (7% YoY) and tariff risks.
- **Incentives Strategy**: Personalized tools (e.g., flex rate programs) minimize margin impact, 38% of closings use forward commitments.
- **Market Dynamics**: Central region outperformance (Austin +20%, Houston pace up), Florida inventory non-competitive to TMHC.
- **Tariff Impact**: Potential $4,000-$5,000/house cost, manageable within 2025 margin range.
- **Yardly Rentals**: 11 communities leased, 40%+ lease-up rate, 14-15x monthly rent.


Taylor Morrison Home Corporation (TMHC) Q4 2024 Earnings Call Transcript

Taylor Morrison Home (TMHC)-23 Oct 24-2024 Q3 Earnings call transcript

Taylor Morrison Home (TMHC)-24 Jul 24-2024 Q2 Earnings call transcript

Taylor Morrison Home (TMHC)-30 Apr 24-2024 Q1 Earnings call transcript

Taylor Morrison Home (TMHC)-14 Feb 24-2023 Q4 Earnings call transcript

Taylor Morrison Home (TMHC)-25 Oct 23-2023 Q3 Earnings call transcript

Taylor Morrison Home (TMHC)-26 Apr 23-2023 Q1 Earnings call transcript

Taylor Morrison Home (TMHC)-15 Feb 23-2022 Q4 Earnings call transcript

Taylor Morrison Home (TMHC)-26 Oct 22-2022 Q3 Earnings call transcript

Taylor Morrison Home (TMHC)-27 Jul 22-2022 Q2 Earnings call transcript

Taylor Morrison Home (TMHC)-27 Apr 22-2022 Q1 Earnings call transcript

Taylor Morrison Home (TMHC)-8 Feb 22-2021 Q4 Earnings call transcript

Taylor Morrison Home (TMHC)-27 Oct 21-2021 Q3 Earnings call transcript

Taylor Morrison Home (TMHC)-31 Jul 21-2021 Q2 Earnings call transcript

Taylor Morrison Home (TMHC)-2 May 21-2021 Q1 Earnings call transcript

Taylor Morrison Home (TMHC)-10 Feb 21-2020 Q4 Earnings call transcript

Taylor Morrison Home (TMHC)-28 Oct 20-2020 Q3 Earnings call transcript

Taylor Morrison Home (TMHC)-1 Aug 20-2020 Q2 Earnings call transcript

Taylor Morrison Home (TMHC)-9 May 20-2020 Q1 Earnings call transcript

Taylor Morrison Home (TMHC)-5 Feb 20-2019 Q4 Earnings call transcript

Taylor Morrison Home (TMHC)-30 Oct 19-2019 Q3 Earnings call transcript

Taylor Morrison Home (TMHC)-3 Aug 19-2019 Q2 Earnings call transcript

Taylor Morrison Home (TMHC)-4 May 19-2019 Q1 Earnings call transcript

Taylor Morrison Home (TMHC)-13 Feb 19-2018 Q4 Earnings call transcript

Taylor Morrison Home (TMHC)-31 Oct 18-2018 Q3 Earnings call transcript

Taylor Morrison Home (TMHC)-1 Aug 18-2018 Q2 Earnings call transcript

Taylor Morrison Home (TMHC)-4 May 18-2018 Q1 Earnings call transcript

Taylor Morrison Home (TMHC)-7 Feb 18-2017 Q4 Earnings call transcript

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