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Taylor Morrison Reports Third Quarter 2020 Results, Including 53% Year-Over-Year Growth in Net Sales Pace per Community

10/28/20

SCOTTSDALE, Ariz., Oct. 28, 2020 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC), the nation's fifth largest homebuilder, today announced financial results for the third quarter ended Sept. 30, 2020. The Company reported net income of $115 million, or $0.87 per diluted share, up 38 percent year over year. Excluding transaction-related expenses and refinancing charges, adjusted net income was $133 million, or $1.01 per diluted share, up 53 percent year over year.

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

  • Monthly absorptions increased 53 percent to 3.8 net sales per community, the highest level in our public company history.
  • Total revenue increased 54 percent to $1.70 billion.
  • GAAP home closings gross margin equaled 17.2 percent.
  • Adjusted home closings gross margin, exclusive of purchase accounting impacts, equaled 17.8 percent.
  • SG&A as a percentage of home closings revenue declined 210 basis points to 9.0 percent.

"I am pleased with how our team has navigated the unprecedented environment, allowing us to deliver our stronger-than-expected third quarter performance, including more than 70 percent growth in our net income," said Sheryl Palmer, Taylor Morrison Chairman and CEO. "Following the third quarter strength, our monthly sales pace per community in October has accelerated from September and is on track to increase more than 50 percent year over year as demand has been remarkably resilient across our markets and price points."

"With a number of tailwinds driving today's robust housing market that we expect will persist for the foreseeable future, we are well suited to meet the demand after years of strategic transformation that has provided us with enhanced operating efficiencies and greater depth in each of our markets and consumer segments. With our integration of William Lyon Homes on track to be mostly complete by year end, our top priority entering 2021 is demonstrating the benefits of our expanded scale through improved financial performance as a fully-aligned organization."

"During the quarter, the Company made further progress in deleveraging our balance sheet by paying off some of the debt assumed in the William Lyon Homes acquisition and a portion of our corporate revolver," said Dave Cone, Executive Vice President and Chief Financial Officer. "Given the faster-than-anticipated deleveraging achieved thus far, we now expect to reduce our net debt-to-capital ratio to the high-30 percent range by the end of 2021. With nearly $1 billion in available liquidity, we are in a strong position to reinvest in the business and opportunistically manage our balance sheet to drive improved returns."  

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

Homebuilding

  • Net sales orders increased 74 percent to 4,425, driven in part by the benefit from our acquisition of William Lyon Homes in February as well as a continuation of strong demand trends. 
  • Monthly absorptions increased 53 percent to 3.8 net sales per community, the highest level in our public company history.
  • Average community count increased approximately 14 percent to 393, although this was down four percent from 411 in the second quarter of 2020 due to accelerated close-outs of existing communities from strong sales activity.
  • Home closings revenue increased 53 percent to $1.64 billion, driven by 51 percent growth in closings and a one percent increase in average sales price to approximately $473,000. Closings volume exceeded our prior guidance due to increased inventory home sales.  
  • Home closings gross margin was 17.2 percent, which exceeded the guidance range provided last quarter. Excluding purchase accounting, adjusted gross margin was 17.8 percent.
  • SG&A as a percentage of home closings revenue was 9.0 percent, representing 210 basis points of leverage over the prior year given increased scale, cost control measures and strong market conditions.
  • The Company had 7,761 units in backlog, up 47 percent, with a sales value of $3.8 billion, up 48 percent.

Land Portfolio

  • The Company invested more than $370 million in land and development during the quarter.
  • Total homebuilding lot supply equaled approximately 68,200, representing 4.8 years of supply based on trailing twelve-month closings on a pro-forma basis giving effect to the acquisition of William Lyon Homes. Owned lots equaled 3.4 years of supply.

Financial Services

  • The financial services' capture rate increased to 83 percent from 81 percent in the second quarter of 2020 and 77 percent in the third quarter of 2019, reaching the highest level since 2015.

Balance Sheet

  • At quarter end, total available liquidity equaled approximately $991 million, including $548 million of unrestricted cash and $443 million of undrawn capacity on the Company's $800 million corporate revolver.
  • The Company refinanced a portion of its 2023 and 2025 senior notes in July and repaid the remaining balance of those same notes in September for a total reduction of $285 million paid with cash on hand and repaid $200 million of its revolver, of which it expects to pay down all or substantially all of the outstanding balance by year end.
  • The net debt-to-capitalization ratio declined to 41.6 percent from 46.0 percent at the end of the second quarter.
  • Since its acquisition of William Lyon Homes in February, the Company has paid down a total of $497 million of net debt, representing an approximate 17 percent decrease.  

Business Outlook

Fourth Quarter 2020

  • Average active community count is expected to be approximately 375 to 380
  • Home closings are expected to be about 3,050
  • GAAP home closings gross margin, inclusive of capitalized interest and purchase accounting, is expected to be approximately 18 percent
  • Effective tax rate is expected to be approximately 23.0 percent
  • Diluted share count is expected to be approximately 131 million

Full Year 2020

  • Average active community count is expected to be approximately 385 to 390
  • Home closings are expected to be approximately 12,500
  • GAAP home closings gross margin, inclusive of capitalized interest and purchase accounting, is expected to be in the mid-16 percent range
  • SG&A as a percentage of home closings revenue is expected to be in the high-nine percent range
  • Effective tax rate is expected to be approximately 24.5 percent
  • Diluted share count is expected to be approximately 129 million
  • Land and development spend is expected to be approximately $1.4 billion to $1.5 billion

Quarterly Financial Comparison








(Dollars in thousands)


Q3 2020


Q3 2019


Q3 2020 vs. Q3 2019

Total Revenue


$1,699,434


$1,105,105


53.8%

Home Closings Revenue


$1,640,584


$1,073,110


52.9%

Home Closings Gross Margin


$282,388


$199,008


41.9%


17.2%


18.5%


130 bps decrease

Adjusted Home Closings Gross Margin


$291,301


$199,008


46.4%


17.8%


18.5%


70 bps decrease

SG&A
% of Home Closings Revenue


$147,167


$119,099


23.6%


9.0%


11.1%


210 bps leverage




















Earnings Webcast

A public webcast to discuss the third quarter 2020 earnings will be held later today at 8:30 a.m. Eastern time. The participant dial-in is 1 (855) 470-8731 and the passcode is 3476262. 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

Taylor Morrison Home Corporation (NYSE: TMHC) is a leading national homebuilder and developer that has been recognized as the 2016-2020 America's Most Trusted® Home Builder by Lifestory Research. Based in Scottsdale, Arizona, we operate under three well-established brands, Taylor Morrison, Darling Homes and William Lyon Signature. We serve a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and active adult buyers. In Texas, Darling Homes builds communities with a focus on individuality and custom detail while delivering on the Taylor Morrison standard of excellence. We also have an exclusive partnership with Christopher Todd Communities, a growing Phoenix-based developer of innovative, luxury rental communities to operate a "Build-to-Rent" homebuilding business.

For more information about Taylor Morrison, Darling Homes and William Lyon Signature, please visit www.taylormorrison.com or www.darlinghomes.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 recent 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; risks related to the integration of William Lyon Homes; the ability to recognize the anticipated benefits from the combination of Taylor Morrison and William Lyon Homes; 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 quarterly report on Form 10-Q 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
September 30,


Nine Months Ended
September 30,



2020


2019


2020


2019

Home closings revenue, net


$

1,640,584



$

1,073,110



$

4,376,218



$

3,205,252


Land closings revenue


6,756



4,420



40,241



14,391


Financial services revenue


47,451



23,254



115,787



62,117


Amenity and other revenue


4,643



4,321



39,572



13,863


Total revenues


1,699,434



1,105,105



4,571,818



3,295,623


Cost of home closings


1,358,196



874,102



3,672,923



2,619,968


Cost of land closings


5,217



2,934



42,636



9,418


Financial services expenses


22,207



12,829



65,650



36,595


Amenity and other expense


4,125



4,166



38,986



12,754


Total cost of revenues


1,389,745



894,031



3,820,195



2,678,735


Gross margin


309,689



211,074



751,623



616,888


Sales, commissions and other marketing costs


102,015



76,765



282,380



226,809


General and administrative expenses


45,152



42,334



146,790



120,990


Equity in income of unconsolidated entities


(2,957)



(2,103)



(8,878)



(7,983)


Interest income, net


(347)



(959)



(1,244)



(2,250)


Other expense/(income), net


1,830



389



7,424



(1,492)


Transaction expenses


4,791



617



109,877



6,496


Loss on extinguishment of debt, net


10,247



3,610



10,247



5,806


Income before income taxes


148,958



90,421



205,027



268,512


Income tax provision


33,759



23,385



52,162



68,307


Net income before allocation to non-controlling interests


115,199



67,036



152,865



200,205


Net income attributable to non-controlling interests - joint ventures


(422)



(24)



(3,845)



(211)


Net income available to Taylor Morrison Home Corporation


$

114,777



$

67,012



$

149,020



$

199,994


Earnings per common share









Basic


$

0.88



$

0.64



$

1.17



$

1.86


Diluted


$

0.87



$

0.63



$

1.16



$

1.84


Weighted average number of shares of common stock:









Basic


129,775



105,472



127,113



107,389


Diluted


131,433



106,852



128,081



108,599


 

Taylor Morrison Home Corporation
Condensed Consolidated Balance Sheets
(In thousands)

 



September 30,
2020


December 31,
2019






Assets





Cash and cash equivalents


$

547,916



$

326,437


Restricted cash


1,144



2,135


Total cash, cash equivalents, and restricted cash


549,060



328,572


Owned inventory


5,300,106



3,967,359


Consolidated real estate not owned


122,776



19,185


Total real estate inventory


5,422,882



3,986,544


Land deposits


138,160



39,810


Mortgage loans held for sale


172,501



190,880


Derivative assets


6,800



2,099


Lease right of use assets


71,319



36,663


Prepaid expenses and other assets, net


223,891



85,515


Other receivables, net


90,722



70,447


Investments in unconsolidated entities


125,132



128,759


Deferred tax assets, net


273,983



140,466


Property and equipment, net


95,546



85,866


Intangible assets, net


950



637


Goodwill


663,502



149,428


Total assets


$

7,834,448



$

5,245,686


Liabilities





Accounts payable


$

188,470



$

164,580


Accrued expenses and other liabilities


398,489



325,368


Lease liabilities


80,270



42,317


Income taxes payable


30,497



3,719


Customer deposits


256,295



167,328


Estimated development liability


35,444



36,705


Senior notes, net


2,452,526



1,635,008


Loans payable and other borrowings


332,953



182,531


Revolving credit facility borrowings


285,000




Mortgage warehouse borrowings


109,593



123,233


Liabilities attributable to consolidated real estate not owned


122,776



19,185


Total liabilities


$

4,292,313



$

2,699,974


Stockholders' Equity





Total stockholders' equity


3,542,135



2,545,712


Total liabilities and stockholders' equity


$

7,834,448



$

5,245,686


 

Homes Closed and Home Closings Revenue, Net:

 


Three Months Ended September 30,


Homes Closed


Home Closings Revenue, Net


Average Selling Price

(Dollars in thousands)

2020


2019


Change


2020


2019


Change


2020


2019


Change

East

1,216


1,029


18.2%


$

499,212


$

434,446


14.9%


$

411


$

422


(2.6)%

Central

913


653


39.8


423,642


309,954


36.7


464


475


(2.3)

West

1,340


614


118.2


717,730


328,710


118.3


536


535


0.2

Total

3,469


2,296


51.1%


$

1,640,584


$

1,073,110


52.9%


$

473


$

467


1.3%


Nine Months Ended September 30,


Homes Closed


Home Closings Revenue, Net


Average Selling Price

(Dollars in thousands)

2020


2019


Change


2020


2019


Change


2020


2019


Change


East

3,298


3,063


7.7%


$

1,362,082


$

1,258,758


8.2%


$

413


$

411


0.5%

Central

2,791


1,944


43.6


1,270,215


924,411


37.4


455


476


(4.4)

West

3,353


1,821


84.1


1,743,921


1,022,083


70.6


520


561


(7.3)

Total

9,442


6,828


38.3%


$

4,376,218


$

3,205,252


36.5%


$

463


$

469


(1.3)%

 

Net Sales Orders:

 


Three Months Ended September 30,


Net Sales Orders 


Sales Value


Average Selling Price

(Dollars in thousands)

2020


2019


Change


2020


2019


Change


2020


2019


Change

East

1,548


1,161


33.3%


$

682,744


$

463,201


47.4%


$

441


$

399


10.5%

Central

1,133


759


49.3


537,265


360,413


49.1


474


475


(0.2)

West

1,744


620


181.3


946,439


331,133


185.8


543


534


1.7

Total

4,425


2,540


74.2%


$

2,166,448


$

1,154,747


87.6%


$

490


$

455


7.7%



Nine Months Ended September 30,


Net Sales Orders 


Sales Value


Average Selling Price

(Dollars in thousands)

2020


2019


Change


2020


2019


Change


2020


2019


Change

East

4,085


3,611


13.1%


$

1,728,989


$

1,469,468


17.7%


$

423


$

407


3.9%

Central

3,042


2,380


27.8


1,398,896


1,129,506


23.9


460


475


(3.2)

West

4,217


1,974


113.6


2,221,838


1,061,312


109.3


527


538


(2.0)

Total

11,344


7,965


42.4%


$

5,349,723


$

3,660,286


46.2%


$

472


$

460


2.6%


Sales Order Backlog:

 


As of September 30,


Sold Homes in Backlog


Sales Value


Average Selling Price

(Dollars in thousands)

2020


2019


Change


2020


2019


Change


2020


2019


Change

East

2,603


2,186


19.1%


$

1,158,391



$

935,273



23.9%


$

445


$

428


4.0%

Central

2,331


1,856


25.6


1,119,626



936,889



19.5


480


505


(5.0)

West

2,827


1,253


125.6


1,474,011



662,440



122.5


521


529


(1.5)

Total

7,761


5,295


46.6%


$

3,752,028



$

2,534,602



48.0%


$

483


$

479


0.8%

 

Average Active Selling Communities:

 


Three Months Ended
September 30,


Nine Months Ended
September 30,


2020


2019


Change


2020


2019


Change

East

145


153


(5.2)%


146


162


(9.9)%

Central

122


135


(9.6)


130


138


(5.8)

West

126


58


117.2


116


59


96.6

Total

393


346


13.6%


392


359


9.2%

 

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, (ii) EBITDA and adjusted EBITDA, (iii) adjusted net income and adjusted earnings per share, (iv) net homebuilding debt to capitalization ratio, (v) adjusted home closings gross margin,  and (vi) adjusted income before income taxes margin.

Adjusted income before income taxes 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"), transaction expenses and loss on extinguishment of debt, as applicable.  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 income/(expense), 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, transaction expenses and loss on extinguishment of debt, as applicable.  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 relating to the acquisition of WLH, transaction expenses, loss on extinguishment of debt and the tax impact due to such adjustments. Net homebuilding debt to capitalization ratio is a non-GAAP financial measure we calculate by dividing (i) total debt, less unamortized debt issuance costs/premiums 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 September 30,

(Dollars in thousands, except per share data)


2020


2019

Net income available to TMHC


$

114,777



$

67,012


William Lyon Homes related purchase accounting adjustments


8,913




Transaction expenses


4,791



617


      Loss on extinguishment of debt, net


10,247



3,610


Tax impact due to Transaction expenses and Loss on extinguishment of debt


(5,810)



(1,095)


Adjusted net income


$

132,918



$

70,144







Basic weighted average shares


129,775



105,472


Adjusted earnings per common share - Basic


$

1.02



$

0.67












Diluted weighted average shares


131,433



106,852


Adjusted earnings per common share - Diluted


$

1.01



$

0.66




Adjusted Income Before Income Taxes and Related Margin

 



Three Months Ended September 30,

(Dollars in thousands)


2020


2019

Income before income taxes


$

148,958



$

90,421


William Lyon Homes related purchase accounting adjustments


8,913




Transaction expenses


4,791



617


Loss on extinguishment of debt, net


10,247



3,610


Adjusted income before income taxes


$

172,909



$

94,648







Total revenues


$

1,699,434



$

1,105,105







Income before income taxes margin


8.8%



8.2%


Adjusted income before income taxes margin


10.2%



8.6%









Adjusted Home Closings Gross Margin




Three Months Ended September 30,

(Dollars in thousands)


2020


2019

Home closings revenue


$

1,640,584



$

1,073,110


Cost of home closings


1,358,196



874,102


Home closings gross margin


$

282,388



$

199,008


William Lyon Homes homebuilding related purchase accounting adjustments


8,913




Adjusted home closings gross margin


$

291,301



$

199,008


Home closings gross margin as a percentage of home closings revenue


17.2%



18.5%


Adjusted home closings gross margin as a percentage of home closings revenue


17.8%



18.5%




EBITDA and Adjusted EBITDA Reconciliation

 



Three Months Ended September 30,

(Dollars in thousands)


2020


2019

Net income before allocation to non-controlling interests


$

115,199



$

67,036


Interest income, net


(347)



(959)


Amortization of capitalized interest


34,321



22,144


Income tax provision


33,759



23,385


Depreciation and amortization


1,714



1,262


EBITDA


$

184,646



$

112,868


Non-cash compensation expense


5,272



3,693


William Lyon Homes related purchase accounting adjustments


8,913




Transaction expenses


4,791



617


Loss on extinguishment of debt, net


10,247



3,610


Adjusted EBITDA


$

213,869



$

120,788







Total revenues


$

1,699,434



$

1,105,105


EBITDA as a percentage of total revenues


10.9%



10.2%


Adjusted EBITDA as a percentage of total revenues


12.6%



10.9%




Net Homebuilding Debt to Capitalization Ratio Reconciliation

(Dollars in thousands)

As of
September 30,
2020


As of
June 30,
2020

Total debt

$

3,180,072



$

3,769,740


Less unamortized debt issuance premiums, net

2,526



23,832


Less mortgage warehouse borrowings

109,593



149,784


Total homebuilding debt

$

3,067,953



$

3,596,124


Less cash and cash equivalents

547,916



674,685


Net homebuilding debt

$

2,520,037



$

2,921,439


Total equity

3,542,135



3,424,740


Total capitalization

$

6,062,172



$

6,346,179






Net homebuilding debt to capitalization ratio

41.6%



46.0%


 

CONTACT: Investor Relations
Taylor Morrison Home Corporation
(480) 734-2060
investor@taylormorrison.com

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SOURCE Taylor Morrison