SlideShare ist ein Scribd-Unternehmen logo
1 von 21
TAYLOR MORRISON HOME CORPORATION 
Third Quarter 2014
DISCLAIMER 
1 
The statements made by representatives of the Company during the course of this presentation that are not historical 
facts are forward-looking statements. Although the Company believes that the assumptions underlying these statements 
are reasonable, individuals considering such statements for any purpose are cautioned that such forward-looking 
statements are inherently uncertain and necessarily involve risks that may affect the Company’s business prospects and 
performance, causing actual results to differ from those discussed during the presentation. When considering forward-looking 
statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s 
reports filed with the Securities and Exchange Commission (SEC). 
Any forward-looking statements made are subject to risks and uncertainties, many of which are beyond management’s 
control. These risks include the risks described in the Company’s reports filed with the SEC. Should one or more of these 
risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s actual results and plans 
could differ materially from those expressed in any forward-looking statements. 
Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. 
These forward-looking statements are made only as of the date hereof. The Company undertakes no obligation to publicly 
update any forward-looking statements, whether as a result of new information or future events. 
The information in this presentation should be considered together with all information included in the Company’s reports 
filed with the SEC, including the “Risk Factors” described therein.
Company Overview
COMPANY SNAPSHOT AND KEY HIGHLIGHTS 
3 
Recognized lifestyle brand with focus on move-up 
segment in high-growth markets 
 
Balance sheet strength and financial capacity to 
execute growth strategy 
 
Operational excellence with strong financial 
metrics, one of the lowest cost structures in industry 
 
Highly experienced management team that has 
demonstrated leadership, flexibility and agility 
through full cycles 
 
Attractive land inventory in highly desirable 
submarkets and extensive development expertise 
 
OPERATING MARKETS 
 19 markets with 226 average active selling communities1 in Q3 2014 
 Top-10 market share in 12 of our 19 total markets 
Research-based approach to underwriting and 
consumer segmentation 
 
TAYLOR MORRISON MARKETS 
HOME CLOSINGS & INVENTORY BOOK VALUE 
East 
46% 
MONARCH MARKETS 
DARLING HOMES MARKETS 
Canada 
24% 
West 
30% 
West 
47% 
East 
45% 
Canada 
8% 
Q3 2014 home closings 
1,748 units1 
9/30/2014 book value 
of inventory $2.8 billion1 
1 Excludes joint ventures
DELIVERING PROFITABLE GROWTH 
 Top-quartile pre-tax income margin 
 Delivered four consecutive years of operating 
profit 
 One of the first builders to return to 
profitability in 2010 
 Focus on efficiencies with low overhead 
4 
LEADING TOTAL REVENUE PER EMPLOYEE1 
($ in millions) 
$1.8 
$1.7 $1.7 
$1.5 $1.5 $1.5 $1.5 
$1.4 
$1.1 $1.0 
$0.9 
SPF MTH RYL MDC PHM KBH DHI NVR LEN TOL 
PRE-TAX MARGIN2 
12.3% 11.7% 11.4% 10.6% 9.7% 9.7% 9.6% 9.6% 
SPF TOL LEN PHM RYL NVR DHI* MTH MDC KBH 
13.3% 12.8% 
SPF LEN DHI NVR MTH TOL PHM RYL MDC KBH 
8.6% 
6.5% 
11.5% 11.2% 
9.9% 9.8% 9.3% 9.3% 9.1% 
7.7% 
6.2% 6.0% 5.6% 5.4% 5.1% 3.8% 3.4% 2.4% 
4.1% 
1.8% 
(5.1)% 
14.7% 
12.8% 
NVR SPF TOL DHI LEN MDC PHM RYL MTH KBH 
7.8% 
3.2% 
0.3% 
(1.8)% (2.0)% (2.4)% (3.7)% 
(7.5)% 
(12.7)% (13.8)% 
11.2% 
NVR LEN DHI SPF TOL MTH RYL PHM MDC KBH 
2011 2012 YTD 2014 
2013 
* DHI as reported through third quarter 2014 earnings 
1 Total 2013 revenue divided by total employees as per fiscal year 2013 annual report. 
2 Taylor Morrison margins are based on adjusted pre-tax income margins. Adjusted pre-tax income margins presented are based on adjusted pre-tax income, which is a non-GAAP financial measure. For more 
information, see “Non-GAAP measures—Adjusted pre-tax income and adjusted pre-tax income margin” in the Offering Memorandum. A GAAP reconciliation is attached to this presentation.
56% 
52% 
48% 
45% 
39% 37% 35% 34% 33% 32% 32% 32% 
29% 
27% 
20% 
17% 
7% 
Sacramento 
San Diego 
Phoenix 
Ft Myers 
San Francisco 
San Jose 
Tampa 
Dallas 
Orlando 
US Average 
Denver 
Austin 
Naples 
Orange Cnty 
Jacksonville 
Houston 
Sarasota 
1.4 1.6 
4% 
2.2 2.5 
2.6 
3.0 
3.1 3.2 3.3 
4% 4% 4% 4% 3% 3% 
3% 3% 3% 
3.8 3.9 4.0 
4.4 
5.1 5.5 
2% 2% 2% 2% 2% 2% 2% 
Austin 
Ft Myers 
Dallas 
Houston 
Sarasota 
Naples 
Orlando 
Phoenix 
Denver 
San Jose 
Tampa 
Orange Cnty 
Sacramento 
Jacksonville 
US Average 
San Diego 
San Francisco 
1 1 Months of supply is calculated as a 4 month rolling average of the months of supply for each market, as of 6/2014 
2 2 Source: Metrostudy as of 6/30/2014 
6.2 
Bay Area 
Denver 
Toronto 
Austin 
Sacramento 
Southern Cal 
Houston 
Phoenix 
Dallas 
Tampa 
Sarasota 
Orlando 
Jacksonville 
Fort Myers 
US average 
Ottawa 
12% 
12% 
11% 
10% 
8% 7% 7% 
7% 7% 6% 6% 6% 6% 6% 6% 5% 
3% 
Ft Myers 
Orlando 
San Francisco 
San Jose 
Phoenix 
Houston 
Sacramento 
Denver 
San Diego 
Orange Cnty 
Tampa 
Naples 
Austin 
Sarasota 
US Average 
Dallas 
Jacksonville 
WELL-POSITIONED IN KEY HOUSING MARKETS 
5 
We benefit from our well-located land portfolio with a highly attractive geographic footprint concentrated in 
homebuilding markets that are leading the U.S. recovery 
MONTHS SUPPLY OF RESALE INVENTORY1 MEDIAN EXISTING HOME PRICE – 1 YR GROWTH RATE2 
2013 – 2016E EMPLOYMENT GROWTH CAGR2 2013 – 2016E SINGLE-FAMILY PERMIT GROWTH CAGR2
ATTRACTIVE LAND INVENTORY 
Our attractive land portfolio should position us well to generate favorable returns and enable us to be opportunistic 
in acquiring new land 
(As of 9/30/2014) 
9.8 
8.4 
8.0 
Raw 
24% 
7.5 
7.1 7.0 6.9 
6.1 6.0 5.8 5.6 5.4 
3.7 
TOL LEN PHM SPF HOV DHI BZH KBH NVR RYL MTH MDC 
 Balanced approach to investments 
− Finished lots available for near-term homebuilding 
operations 
− Strategic entitled land positions to support future growth 
 Significant 6.9 years of owned and controlled lot supply1 to 
execute growth-focused business plan 
− Focused on 2016 and 2017 acquisitions 
− Allows us to be disciplined and selective in land acquisitions 
 Most inventory marked to fair value in 2011 at or near low point 
of market 
LOT INVENTORY1 
Lots 
owned 
Lots 
controlled 
Total 
Lots 
LTM 
deliveries 
Years 
Supply 
East 21,222 7,262 28,484 3,228 8.8 
West 10,378 1,187 11,565 1,909 6.1 
Canada 1,930 964 2,894 1,079 2.7 
Total 33,530 9,413 42,943 6,216 6.9 
Finished 
46% 
Under 
development 
29% 
Long Term 
1% 
(Consolidated total years supply is based on LTM home closings as of latest reported data) 
6 
(As of 9/30/2014) 
1 Excludes 2,831 lots held in unconsolidated joint ventures which are predominately located in Canada. 
BOOK VALUE OF LAND BY DEVELOPMENT STATUS 
YEARS SUPPLY OF OWNED AND CONTROLLED LOTS
CONTINUED GROWTH THROUGH COMMUNITIES 
7 
 Growth strategy focused on profitable 
communities in core locations 
 Significant land acquisition and development 
capabilities, with experienced development 
team retained through downturn 
 Robust yet agile underwriting process 
 Average annual community count expected to 
be approximately 210 in 2014 
East 
88% 
(Consolidated portfolio, excludes JVs) 
West 
12% 
Canada 
0% 
168 
143 135 
122 
173 
~ 210 
2009 2010 2011 2012 2013 2014E 
LAND ACQUISITION AND DEVELOPMENT SPEND 
($ millions) (# of lots) 
Land acquisition Land development 
$993mm 
$333 
$858mm 
$341 
$660 $517 
$1.2bn + 
2013 YTD 2014 2014E 
AVERAGE ACTIVE SELLING COMMUNITIES 
Q3 2014 LAND ACQUISITIONS
COMPELLING CANADIAN BUSINESS 
TORONTO HOME PRICES Q3 1998 – Q3 2014 
180 
160 
140 
120 
100 
80 
60 
40 
20 
0 
 One of Canada’s oldest and most respected 
homebuilders with over 95 years of operating history 
- 73 consecutive years of profitability 
 Builder of single-family communities and high-rise towers 
 Full recourse sales contracts - cancellation rate at 1% 
 30% plus returns over last 20 years due to efficiency of 
the business 
 Self-funding operations 
CANADIAN OPERATING MARKETS ONTARIO HOUSING STARTS 
 Well located lots in 
desirable land 
constrained locations 
 100% of our owned 
and controlled Greater 
Toronto Area (GTA) 
land positions are 
within the legislated 
Greenbelt1 
Kitchener-Waterloo 
Current markets 
Ottawa 
Toronto 
New York 
Ontario 
(Source Canadian Mortgage and Housing Corporation 
90,000 
80,000 
70,000 
60,000 
50,000 
40,000 
30,000 
20,000 
10,000 
0 
Single Family Multi-Family 
1 The Greenbelt is a permanently protected area of green space located in Southern Ontario, Canada. It surrounds a significant portion of Canada's most populated and fastest-growing areas. Created by legislation passed by the Government of 
Ontario in 2005, the 1.8 million acre Greenbelt is intended to aid in the prevention of development and sprawl on environmentally sensitive land in the province.
LIFESTYLE BUILDER WITH MOVE-UP BUYER 
FOCUS 
10 
 Proximity to job centers, strong school systems and a variety 
of amenities 
 Research-based approach to underwriting and consumer 
segmentation 
− Local and national consumer segmentation assists in 
making refined decisions about community positioning, 
floor plan development and community amenitization 
 Master plan communities with lifestyle component 
− Newly launched active adult communities in Florida, 
Denver and Houston 
$732 
$483 
$427 
$371 $364 $366 $368 
$331 $334 $332 $327 
$285 $272 
(Q3 2014) 
$700 
$600 
$500 
$400 
$300 
$200 
$100 
$0 
TOL SPF MDC MTH NVR HOV RYL PHM LEN KBH BZH DHI 
2014 
($ thousands based on latest available data) 
Entry level 
18% 
1st Move-up 
2nd Move-up 36% 
30% 
55+ 
14% 
Urban 
2% 
2013 
$651 
$420 
$387 
$349 $345 $330 $345 
$310 $299 $298 $291 
$254 $252 
TOL SPF NVR MDC MTH HOV PHM KBH RYL LEN BZH DHI 
U.S. HOME CLOSINGS BY BUYER TYPE 
AVERAGE CLOSINGS SALES PRICE COMPARISON Q3 2013 TO Q3 2014
TAYLOR MORRISON HOME FUNDING 
AN INTEGRATED PART OF THE HOME BUYING EXPERIENCE 
 TMHF’s Q3 2014 average borrower FICO score was 741 
 Average Loan Amount $329,400 
 Average Loan to Value (LTV) 76% 
 Capture of Mortgage closings 75% 
40% 
54% 
74% 
89% 89% 
100% 
124% 126% 
134% 134% 
146% 
MHO MDC TOL RYL SPF NVR DHI HOV PHM LEN 
 Counsels and provides prequalification early in the purchase process 
 Enhances the U.S. customer experience 
 Provides valuable pipeline management and mitigation of risk in backlog 
 Source of incremental revenues and profitability 
 YTD 2014 net income of $9.2 Million 
 ARO qualification improvement department 
 Licensed Mortgage Banker, independently financed leveraging 
warehouse facilities 
 Operating as a Correspondent Lender with Delegated Authority for 
Agency, FHA and VA product 
 All loans are sold - servicing released into the secondary marketplace 
 Centralized processing for quality and efficiency with a focus on risk 
mitigation and compliance 
(1) (1) Based on delinquent Federal Housing Administration loans. FHA Compare Ratio is the value that reveals the largest discrepancies between a company’s seriously delinquent and claim percentage and the seriously delinquent 
and claim percentage for a geographic region during the most recent 2 year reporting period. A low compare ratio is evidence of a well-performing loan portfolio. U.S. national average was 1.08%. 
11 
(December 31, 2013) 
 Financial institutions use the FHA compare ratio as a qualification 
standard 
40% of 
U.S. average 
TMHF VALUE 
TMHF PLATFORM 
Q3 2014 STATISTICS 
COMPARE RATIO OF U.S. FHA AVERAGE (1)
Financial Overview
STRONG FINANCIAL & OPERATING RESULTS 
13 
NET ORDERS1 CLOSINGS1 
 Q3 2014 U.S. closings increased 11% y-o-y 
AVERAGE SELLING PRICE OF CLOSED HOMES1 BACKLOG2 
($ in millions) 
 Q3 2014 U.S. backlog increased 34% y-o-y 
 Between Q3 2011 and Q3 2014 U.S. net orders increased at a 
CAGR of 33% 
$441 $424 $463 
($ in thousands) 
1 Excludes joint ventures 
2 Canada includes Taylor Morrison’s proportionate share of unconsolidated joint ventures 
$326 
$873 $1,154 $1,472 
U.S. Canada 
$626 
$1,099 
$1,474 
$547 $528 
$373 
$261 
Q3 2011 Q3 2012 Q3 2013 Q3 2014 
$1,735 
583 
910 
1,018 
1,384 
540 
217 145 207 
Q3 2011 Q3 2012 Q3 2013 Q3 2014 
CONSOLIDATED 1,124 1,127 1,163 1,591 
$295 
$323 
$400 
$352 
$311 
Q3 2011 Q3 2012 Q3 2013 Q3 2014 
CONSOLIDATED $357 $345 $387 $427 
506 
689 
1,198 
1,331 
372 
189 
408 417 
Q3 2011 Q3 2012 Q3 2013 Q3 2014 
878 878 1,606 1,748 
 Q3 2014 U.S. average selling price increased 16% y-o-y
STRONG FINANCIAL & OPERATING RESULTS 
(CONTINUED) 
14 
HOME CLOSINGS REVENUE ADJUSTED HOME CLOSINGS GROSS MARGIN 
 Consistently high margins 
$54 
 Q3 2014 U.S. home closings revenue increased 29% 
$616 
$143 $130 
Q3 2011 Q3 2012 Q3 2013 Q3 2014 
CONSOLIDATED $313 $303 $622 $746 
U.S. Canada Consolidated 
$101 
$118 
Q3 2012 Q3 2013 Q3 2014 
($ in millions) 
$149 
$164 
11.0% 
$223 
$80 
10.6% 
$479 
9.5% 
9.2% 
Q3 2011 Q3 2012 Q3 2013 Q3 2014 
16.8% 
21.1% 
23.5% 23.2% 
23.9% 
32.6% 
24.8% 
22.0% 
Q3 2011 Q3 2012 Q3 2013 Q3 2014 
20.6% 24.1% 23.8% 23.0% 
($ in millions) 
SG&A MARGIN ADJUSTED EBITDA
CONSERVATIVE BALANCE SHEET WITH 
SIGNIFICANT GROWTH CAPACITY 
$496 
Loans payable and other borrowings Senior notes 
$40 $65 $56 $23 $35 
$15 
Net debt / total capitalization 
$489 
Revolving credit facility 
$550 
$350 
(3) 
Net Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2024 Thereafter 
15 
 Net debt / total book cap of 46.9%1 
 Significant liquidity of $496 million as of 9/30/2014 
− $282 million unrestricted cash and cash equivalents 
− $214 million availability under credit facility 
 No senior notes maturing before 2020 
Leverage (as of most recent reporting period) 
Note: Net of unrestricted homebuilding cash and marketable securities 
TMHC as adjusted debt maturities ($mm) as of Q3 2014 
$400 
(1) Net debt reflects $1.8 billion in total debt of TMHC (excluding $48.6 million of TMHF related debt), less $282 million in unrestricted cash. TMHF is separately capitalized and its obligations are non-recourse to Taylor Morrison Home 
Corporation (“TMHC”) 
(2) Reflects principal amount outstanding. 
(3) Reflects unrestricted cash of $282M and $250M available under the corporate revolver at 9/30/2014. 
2 
2 
2 
CONSERVATIVE CAPITALIZATION 
SIGNIFICANT DEBT MATURITY RUNWAY1 
5% 11% 
33% 34% 
43% 43% 47% 48% 
52% 53% 
75% 
86% 
142% 
NVR PHM MDC DHI TOL MTH LEN SPF RYL KBH BZH HOV
Appendix
HISTORICAL OPERATING DATA 
U.S. Canada Total Consolidated 
FY 2013 Q3 2014 Q3 YTD 2014 FY 2013 Q3 2014 Q3 YTD 2014 FY 2013 Q3 2014 Q3 YTD 2014 
Operating Data 
Average Active Selling Communities 158 214 201 15 12 13 173 226 214 
Net Sales Orders 5,018 1,384 4,433 596 207 529 5,614 1,591 4,962 
Sales Per Community Per Month 2.6 2.2 2.4 3.3 5.9 4.5 2.7 2.4 2.6 
Cancellations 14.3% 13.6% 12.6% 1.7% 1.0% 2.0% 13.1% 12.1% 11.6% 
Closings 4,716 1,331 3,675 1,113 417 671 5,829 1,748 4,346 
ASP of Homes Delivered $394 $463 $450 $366 $311 $352 $389 $427 $435 
Backlog - Units 2,166 2,924 2,924 822 680 680 2,988 3,604 3,604 
Backlog - $ $988 $1,474 $1,474 $259 $261 $261 $1,247 $1,735 $1,735 
JV Total with JVs 
FY 2013 Q3 2014 Q3 YTD 2014 FY 2013 Q3 2014 Q3 YTD 2014 
Operating Data 
Average Active Selling Communities 4 3 3 177 229 217 
Net Sales Orders 83 12 27 5,697 1,603 4,989 
Sales Per Community Per Month 1.7 1.3 1.0 2.7 2.3 2.6 
Closings 441 108 171 6,270 1,856 4,517 
ASP of Homes Delivered $301 $334 $367 $382 $421 $432 
Backlog - Units 548 404 404 3,536 4,008 4,008 
Backlog - $ $196 $137 $137 $1,443 $1,872 $1,872 
17
HISTORICAL FINANCIAL DATA 
($ in millions) FY 2013 Q3 2014 Q3 YTD 2014 
Financial Data 
Home Closings Revenue $2,265 $746 $1,890 
Land Closings Revenue $28 $5 $23 
Financial Services Revenue $30 $8 $23 
Total Revenue $2,323 $759 $1,936 
Cost of Home Closings $1,775 $597 $1,499 
Cost of Land Closings $27 $4 $17 
Financial Services Costs $16 $5 $14 
Total Cost of Sales $1,818 $606 $1,530 
Total Gross Profit $505 $153 $406 
Total Gross Margin 21.7% 20.2% 21.0% 
Sales Commissions $143 $47 $124 
G&A Expense $91 $22 $66 
Equity in Unconsolidated Entities ($38) ($12) ($22) 
Other (Income) Expense $3 $3 $11 
Loss on Extinguishment of Debt $10 $0 $0 
Transaction Expenses $110 $0 $0 
Indemnification Expense $89 $0 ($0) 
EBT $98 $93 $227 
Tax Expense $3 $27 $64 
Net Income $95 $66 $163 
Margins 
Home Closings Gross Margin 21.6% 20.0% 20.7% 
Adjusted Home Closings Gross Margin¹ 23.9% 23.0% 23.4% 
SG&A as a % of Home Closings Revenue 10.3% 9.2% 10.1% 
Adjusted Pre-Tax Income Margin¹ 12.8% 12.3% 11.7% 
18 1 Adjusted home closings gross margin is a non-GAAP financial measure. Adjusted pre-tax income margins presented are based on adjusted pre-tax income, which is a non-GAAP financial measure. For 
more information, see slide “Reconciliation of Non-GAAP Financial Measures”. A GAAP reconciliation is attached to this presentation.
RECONCILIATION OF NON-GAAP 
FINANCIAL MEASURES 
The following table sets forth a reconciliation between the Company’s home closings gross margin and adjusted home closings 
gross margin, EBITDA and adjusted EBITDA as well as pre-tax income and adjusted pre-tax income. Adjusted home closings 
gross margin, adjusted EBITDA and adjusted pre-tax income are non-GAAP financial measures. Management uses adjusted 
home closings gross margins, adjusted EBITDA and adjusted pre-tax income to evaluate the Company’s performance on a 
consolidated basis as well as the performance of the Company’s regions. The Company believes adjusted gross margin, 
adjusted EBITDA and adjusted pre-tax income are relevant and useful to investors for evaluating the Company’s performance. 
These measures are considered non-GAAP financial measures and should be considered in addition to, rather than as a 
substitute for, the comparable U.S. GAAP financial measures as a measure of the Company’s operating performance. Although 
other companies in the homebuilding industry report similar information, the methods used may differ. The Company urges 
investors to understand the methods used by other companies in the homebuilding industry to calculate gross margins, EBITDA 
and pre-tax income and any adjustments to such amounts before comparing the Company’s measures to those of such other 
companies.
RECONCILIATIONS 
20 
($ in millions) 
Reconciliation of Adjusted Home Closings Margin FY 2013 Q3 2014 Q3 YTD 2014 
Home Closings Revenue $2,265 $746 $1,890 
Cost of Home Closings $1,775 $597 $1,499 
Home Closings Gross Margin $490 $149 $391 
Home Closings Gross Margin % 21.6% 20.0% 20.7% 
Plus: Capitalized Interest Amortization $50 $22 $50 
Adjusted Home Closings Gross Margin $540 $171 $442 
Adjusted Home Closings Gross Margin % 23.9% 23.0% 23.4% 
Reconciliation of Adjusted EBITDA FY 2013 Q3 2014 Q3 YTD 2014 
Net Income $95 $66 $163 
Plus: Interest Expense, Net ($0) $0 $1 
Plus: Capitalized Interest Amortization $50 $22 $50 
Plus: Income Tax Expense/(Benefit) $3 $27 $64 
Plus: Depreciation and Amortization $4 $1 $3 
EBITDA $152 $117 $282 
Plus: Management Fees $1 $0 ($0) 
Plus: Non-Cash Compensation Expense $7 $2 $4 
Plus: Early Extinguishment of Debt $10 $0 $0 
Plus: Transaction and Indemnification Expenses $199 ($0) ($0) 
Adjusted EBITDA $370 $118 $286 
Reconciliation of Adjusted Pre-Tax Income FY 2013 Q3 2014 Q3 YTD 2014 
Income Before Taxes $98 $93 $227 
Indemnification Receivable Reversal $89 $0 $0 
Reorganization Charges $81 $0 $0 
Termination of Management Services Agreement $30 $0 $0 
Adjusted Pre-Tax Income $297 $93 $227 
Total Revenue $2,323 $759 $1,936 
Adjusted Pre-Tax Income Margin % 12.8% 12.3% 11.7%

Weitere ähnliche Inhalte

Was ist angesagt?

20170310 sauc q4 earnings slides final
20170310 sauc q4 earnings slides final20170310 sauc q4 earnings slides final
20170310 sauc q4 earnings slides finaldrhincorporated
 
Neil Kimberley Bevnet Dec 2013 Presentation
Neil Kimberley Bevnet Dec 2013 PresentationNeil Kimberley Bevnet Dec 2013 Presentation
Neil Kimberley Bevnet Dec 2013 PresentationNeil Kimberley
 
White wave Strategy Presentation
White wave Strategy PresentationWhite wave Strategy Presentation
White wave Strategy PresentationNeil Kimberley
 
Green Mountain Coffee Roasters CAGNY 2015
Green Mountain Coffee Roasters CAGNY 2015Green Mountain Coffee Roasters CAGNY 2015
Green Mountain Coffee Roasters CAGNY 2015Neil Kimberley
 
High Liner Foods - October 2009 Investor Presentation
High Liner Foods - October 2009 Investor PresentationHigh Liner Foods - October 2009 Investor Presentation
High Liner Foods - October 2009 Investor PresentationTMX Equicom
 
WGO Investor Presentation November 2016
WGO Investor Presentation November 2016WGO Investor Presentation November 2016
WGO Investor Presentation November 2016WinnebagoInd
 
Hershey Presentatio At CAGNY 2021
Hershey Presentatio At CAGNY 2021Hershey Presentatio At CAGNY 2021
Hershey Presentatio At CAGNY 2021Neil Kimberley
 
Legacy Reserves October 2013 Investor Presentation
Legacy Reserves October 2013 Investor PresentationLegacy Reserves October 2013 Investor Presentation
Legacy Reserves October 2013 Investor PresentationCompany Spotlight
 
KeyBanc Industrial, Automotive and Transportation Conference Presentation
KeyBanc Industrial, Automotive and Transportation Conference Presentation KeyBanc Industrial, Automotive and Transportation Conference Presentation
KeyBanc Industrial, Automotive and Transportation Conference Presentation Hillenbrand_IR
 
Apfh 4 q 2016 earnings call 031092017_final
Apfh 4 q 2016 earnings call 031092017_finalApfh 4 q 2016 earnings call 031092017_final
Apfh 4 q 2016 earnings call 031092017_finaladvancepierre2017ir
 
Abbott Labs 2012 Presentation
Abbott Labs 2012 PresentationAbbott Labs 2012 Presentation
Abbott Labs 2012 PresentationNeil Kimberley
 
WGO Investor Presentation - June 2017
WGO Investor Presentation - June 2017WGO Investor Presentation - June 2017
WGO Investor Presentation - June 2017WinnebagoInd
 
Thor investor presentation 9.26.16 final
Thor investor presentation 9.26.16 finalThor investor presentation 9.26.16 final
Thor investor presentation 9.26.16 finalThor_Industries
 
InvestMNt conference- WGO Presentation
InvestMNt conference- WGO PresentationInvestMNt conference- WGO Presentation
InvestMNt conference- WGO PresentationWinnebagoInd
 
Capital Power June 2015 Investor Presentation
Capital Power June 2015 Investor PresentationCapital Power June 2015 Investor Presentation
Capital Power June 2015 Investor PresentationCapital Power
 

Was ist angesagt? (20)

20170310 sauc q4 earnings slides final
20170310 sauc q4 earnings slides final20170310 sauc q4 earnings slides final
20170310 sauc q4 earnings slides final
 
Neil Kimberley Bevnet Dec 2013 Presentation
Neil Kimberley Bevnet Dec 2013 PresentationNeil Kimberley Bevnet Dec 2013 Presentation
Neil Kimberley Bevnet Dec 2013 Presentation
 
White wave Strategy Presentation
White wave Strategy PresentationWhite wave Strategy Presentation
White wave Strategy Presentation
 
Green Mountain Coffee Roasters CAGNY 2015
Green Mountain Coffee Roasters CAGNY 2015Green Mountain Coffee Roasters CAGNY 2015
Green Mountain Coffee Roasters CAGNY 2015
 
High Liner Foods - October 2009 Investor Presentation
High Liner Foods - October 2009 Investor PresentationHigh Liner Foods - October 2009 Investor Presentation
High Liner Foods - October 2009 Investor Presentation
 
WGO Investor Presentation November 2016
WGO Investor Presentation November 2016WGO Investor Presentation November 2016
WGO Investor Presentation November 2016
 
Hershey Presentatio At CAGNY 2021
Hershey Presentatio At CAGNY 2021Hershey Presentatio At CAGNY 2021
Hershey Presentatio At CAGNY 2021
 
Legacy Reserves October 2013 Investor Presentation
Legacy Reserves October 2013 Investor PresentationLegacy Reserves October 2013 Investor Presentation
Legacy Reserves October 2013 Investor Presentation
 
Campbell's cagny 2015
Campbell's cagny 2015Campbell's cagny 2015
Campbell's cagny 2015
 
Sack Lunch Productions (OTC:SAKL)
Sack Lunch Productions (OTC:SAKL)Sack Lunch Productions (OTC:SAKL)
Sack Lunch Productions (OTC:SAKL)
 
KeyBanc Industrial, Automotive and Transportation Conference Presentation
KeyBanc Industrial, Automotive and Transportation Conference Presentation KeyBanc Industrial, Automotive and Transportation Conference Presentation
KeyBanc Industrial, Automotive and Transportation Conference Presentation
 
Apfh 4 q 2016 earnings call 031092017_final
Apfh 4 q 2016 earnings call 031092017_finalApfh 4 q 2016 earnings call 031092017_final
Apfh 4 q 2016 earnings call 031092017_final
 
Abbott Labs 2012 Presentation
Abbott Labs 2012 PresentationAbbott Labs 2012 Presentation
Abbott Labs 2012 Presentation
 
Hershey CAGNY 2015
Hershey CAGNY 2015Hershey CAGNY 2015
Hershey CAGNY 2015
 
WGO Investor Presentation - June 2017
WGO Investor Presentation - June 2017WGO Investor Presentation - June 2017
WGO Investor Presentation - June 2017
 
Thor investor presentation 9.26.16 final
Thor investor presentation 9.26.16 finalThor investor presentation 9.26.16 final
Thor investor presentation 9.26.16 final
 
Nap investor presentation december 2013
Nap investor presentation december 2013Nap investor presentation december 2013
Nap investor presentation december 2013
 
InvestMNt conference- WGO Presentation
InvestMNt conference- WGO PresentationInvestMNt conference- WGO Presentation
InvestMNt conference- WGO Presentation
 
Q1 fy17-earnings-slides
Q1 fy17-earnings-slidesQ1 fy17-earnings-slides
Q1 fy17-earnings-slides
 
Capital Power June 2015 Investor Presentation
Capital Power June 2015 Investor PresentationCapital Power June 2015 Investor Presentation
Capital Power June 2015 Investor Presentation
 

Ähnlich wie TMHC Third Quarter Investor Presentation - November 2014

Management Investor Presentation - Q2 2014
Management Investor Presentation - Q2 2014Management Investor Presentation - Q2 2014
Management Investor Presentation - Q2 2014RioCan
 
Management Investor Presentation - Q1 2014
Management Investor Presentation - Q1 2014Management Investor Presentation - Q1 2014
Management Investor Presentation - Q1 2014RioCan
 
Management Investor Presentation - Q2 2013
Management Investor Presentation - Q2 2013Management Investor Presentation - Q2 2013
Management Investor Presentation - Q2 2013RioCan
 
4 q15 earnings slide deck final
4 q15 earnings slide deck   final4 q15 earnings slide deck   final
4 q15 earnings slide deck finalinvestorswci
 
Investing in today's low interest rate climate
Investing in today's low interest rate climateInvesting in today's low interest rate climate
Investing in today's low interest rate climatenetwealthInvest
 
Credit Suisse Industrial and Environmental Services Conference 2013
Credit Suisse Industrial and Environmental Services Conference 2013Credit Suisse Industrial and Environmental Services Conference 2013
Credit Suisse Industrial and Environmental Services Conference 2013ProgressiveWaste
 
Raymond James Annual Institutional Investors Conference
Raymond James Annual Institutional Investors ConferenceRaymond James Annual Institutional Investors Conference
Raymond James Annual Institutional Investors ConferenceProgressiveWaste
 
Teranga Gold Q1 2015 Investor Presentation
Teranga Gold Q1 2015 Investor PresentationTeranga Gold Q1 2015 Investor Presentation
Teranga Gold Q1 2015 Investor PresentationTeranga Gold
 
Ace Limited Investor Presentation - December 2014
Ace Limited Investor Presentation - December 2014Ace Limited Investor Presentation - December 2014
Ace Limited Investor Presentation - December 2014AceGroup
 
Dlr 1 q16 earnings presentation
Dlr 1 q16 earnings presentationDlr 1 q16 earnings presentation
Dlr 1 q16 earnings presentationir_digitalrealty
 
Earnings executive commentary 3 q 2017
Earnings executive commentary 3 q 2017Earnings executive commentary 3 q 2017
Earnings executive commentary 3 q 2017franklinresources
 
SUNLIFE PRESENTATION
SUNLIFE PRESENTATIONSUNLIFE PRESENTATION
SUNLIFE PRESENTATIONAkash Anand
 
Investor presentation april 2014
Investor presentation april 2014Investor presentation april 2014
Investor presentation april 2014ProgressiveWaste
 
Management Investor Presentation - YE 2014
Management Investor Presentation - YE 2014Management Investor Presentation - YE 2014
Management Investor Presentation - YE 2014RioCan
 
Credit Suisse Environmental and Industrial Services Conference 2014
 Credit Suisse Environmental and Industrial Services Conference 2014 Credit Suisse Environmental and Industrial Services Conference 2014
Credit Suisse Environmental and Industrial Services Conference 2014ProgressiveWaste
 
Dlr earnings 3 q15 presentation
Dlr earnings 3 q15 presentationDlr earnings 3 q15 presentation
Dlr earnings 3 q15 presentationir_digitalrealty
 

Ähnlich wie TMHC Third Quarter Investor Presentation - November 2014 (20)

Management Investor Presentation - Q2 2014
Management Investor Presentation - Q2 2014Management Investor Presentation - Q2 2014
Management Investor Presentation - Q2 2014
 
Management Investor Presentation - Q1 2014
Management Investor Presentation - Q1 2014Management Investor Presentation - Q1 2014
Management Investor Presentation - Q1 2014
 
Management Investor Presentation - Q2 2013
Management Investor Presentation - Q2 2013Management Investor Presentation - Q2 2013
Management Investor Presentation - Q2 2013
 
4 q15 earnings slide deck final
4 q15 earnings slide deck   final4 q15 earnings slide deck   final
4 q15 earnings slide deck final
 
Investing in today's low interest rate climate
Investing in today's low interest rate climateInvesting in today's low interest rate climate
Investing in today's low interest rate climate
 
Credit Suisse Industrial and Environmental Services Conference 2013
Credit Suisse Industrial and Environmental Services Conference 2013Credit Suisse Industrial and Environmental Services Conference 2013
Credit Suisse Industrial and Environmental Services Conference 2013
 
Raymond James Annual Institutional Investors Conference
Raymond James Annual Institutional Investors ConferenceRaymond James Annual Institutional Investors Conference
Raymond James Annual Institutional Investors Conference
 
Old Mutual MacroSolutions
Old Mutual MacroSolutionsOld Mutual MacroSolutions
Old Mutual MacroSolutions
 
Principal Financial Group Investor Workshop 2015
Principal Financial Group Investor Workshop 2015Principal Financial Group Investor Workshop 2015
Principal Financial Group Investor Workshop 2015
 
Teranga Gold Q1 2015 Investor Presentation
Teranga Gold Q1 2015 Investor PresentationTeranga Gold Q1 2015 Investor Presentation
Teranga Gold Q1 2015 Investor Presentation
 
Ace Limited Investor Presentation - December 2014
Ace Limited Investor Presentation - December 2014Ace Limited Investor Presentation - December 2014
Ace Limited Investor Presentation - December 2014
 
Dlr 1 q16 earnings presentation
Dlr 1 q16 earnings presentationDlr 1 q16 earnings presentation
Dlr 1 q16 earnings presentation
 
Baird nov. 2016 presentation
Baird nov. 2016 presentationBaird nov. 2016 presentation
Baird nov. 2016 presentation
 
Earnings executive commentary 3 q 2017
Earnings executive commentary 3 q 2017Earnings executive commentary 3 q 2017
Earnings executive commentary 3 q 2017
 
SUNLIFE PRESENTATION
SUNLIFE PRESENTATIONSUNLIFE PRESENTATION
SUNLIFE PRESENTATION
 
Investor presentation april 2014
Investor presentation april 2014Investor presentation april 2014
Investor presentation april 2014
 
Management Investor Presentation - YE 2014
Management Investor Presentation - YE 2014Management Investor Presentation - YE 2014
Management Investor Presentation - YE 2014
 
Investor Day 2017
Investor Day 2017Investor Day 2017
Investor Day 2017
 
Credit Suisse Environmental and Industrial Services Conference 2014
 Credit Suisse Environmental and Industrial Services Conference 2014 Credit Suisse Environmental and Industrial Services Conference 2014
Credit Suisse Environmental and Industrial Services Conference 2014
 
Dlr earnings 3 q15 presentation
Dlr earnings 3 q15 presentationDlr earnings 3 q15 presentation
Dlr earnings 3 q15 presentation
 

Kürzlich hochgeladen

Collective Mining | Corporate Presentation | April 2024
Collective Mining | Corporate Presentation | April 2024Collective Mining | Corporate Presentation | April 2024
Collective Mining | Corporate Presentation | April 2024CollectiveMining1
 
Mandalay Resources 2024 April IR Presentation
Mandalay Resources 2024 April IR PresentationMandalay Resources 2024 April IR Presentation
Mandalay Resources 2024 April IR PresentationMandalayResources
 
Falcon Invoice Discounting unlock your cash flow potential
Falcon Invoice Discounting unlock your cash flow potentialFalcon Invoice Discounting unlock your cash flow potential
Falcon Invoice Discounting unlock your cash flow potentialFalcon Invoice Discounting
 
Osisko Gold Royalties Ltd - Corporate Presentation, April 10, 2024
Osisko Gold Royalties Ltd - Corporate Presentation, April 10, 2024Osisko Gold Royalties Ltd - Corporate Presentation, April 10, 2024
Osisko Gold Royalties Ltd - Corporate Presentation, April 10, 2024Osisko Gold Royalties Ltd
 
Collective Mining | Corporate Presentation - April 2024
Collective Mining | Corporate Presentation - April 2024Collective Mining | Corporate Presentation - April 2024
Collective Mining | Corporate Presentation - April 2024CollectiveMining1
 
Q1 Probe Gold Quarterly Update- April 2024
Q1 Probe Gold Quarterly Update- April 2024Q1 Probe Gold Quarterly Update- April 2024
Q1 Probe Gold Quarterly Update- April 2024Probe Gold
 

Kürzlich hochgeladen (7)

Collective Mining | Corporate Presentation | April 2024
Collective Mining | Corporate Presentation | April 2024Collective Mining | Corporate Presentation | April 2024
Collective Mining | Corporate Presentation | April 2024
 
Mandalay Resources 2024 April IR Presentation
Mandalay Resources 2024 April IR PresentationMandalay Resources 2024 April IR Presentation
Mandalay Resources 2024 April IR Presentation
 
Falcon Invoice Discounting unlock your cash flow potential
Falcon Invoice Discounting unlock your cash flow potentialFalcon Invoice Discounting unlock your cash flow potential
Falcon Invoice Discounting unlock your cash flow potential
 
Osisko Gold Royalties Ltd - Corporate Presentation, April 10, 2024
Osisko Gold Royalties Ltd - Corporate Presentation, April 10, 2024Osisko Gold Royalties Ltd - Corporate Presentation, April 10, 2024
Osisko Gold Royalties Ltd - Corporate Presentation, April 10, 2024
 
Collective Mining | Corporate Presentation - April 2024
Collective Mining | Corporate Presentation - April 2024Collective Mining | Corporate Presentation - April 2024
Collective Mining | Corporate Presentation - April 2024
 
Q1 Probe Gold Quarterly Update- April 2024
Q1 Probe Gold Quarterly Update- April 2024Q1 Probe Gold Quarterly Update- April 2024
Q1 Probe Gold Quarterly Update- April 2024
 
Korea District Heating Corporation 071320 Algorithm Investment Report
Korea District Heating Corporation 071320 Algorithm Investment ReportKorea District Heating Corporation 071320 Algorithm Investment Report
Korea District Heating Corporation 071320 Algorithm Investment Report
 

TMHC Third Quarter Investor Presentation - November 2014

  • 1. TAYLOR MORRISON HOME CORPORATION Third Quarter 2014
  • 2. DISCLAIMER 1 The statements made by representatives of the Company during the course of this presentation that are not historical facts are forward-looking statements. Although the Company believes that the assumptions underlying these statements are reasonable, individuals considering such statements for any purpose are cautioned that such forward-looking statements are inherently uncertain and necessarily involve risks that may affect the Company’s business prospects and performance, causing actual results to differ from those discussed during the presentation. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s reports filed with the Securities and Exchange Commission (SEC). Any forward-looking statements made are subject to risks and uncertainties, many of which are beyond management’s control. These risks include the risks described in the Company’s reports filed with the SEC. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those expressed in any forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. These forward-looking statements are made only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events. The information in this presentation should be considered together with all information included in the Company’s reports filed with the SEC, including the “Risk Factors” described therein.
  • 4. COMPANY SNAPSHOT AND KEY HIGHLIGHTS 3 Recognized lifestyle brand with focus on move-up segment in high-growth markets  Balance sheet strength and financial capacity to execute growth strategy  Operational excellence with strong financial metrics, one of the lowest cost structures in industry  Highly experienced management team that has demonstrated leadership, flexibility and agility through full cycles  Attractive land inventory in highly desirable submarkets and extensive development expertise  OPERATING MARKETS  19 markets with 226 average active selling communities1 in Q3 2014  Top-10 market share in 12 of our 19 total markets Research-based approach to underwriting and consumer segmentation  TAYLOR MORRISON MARKETS HOME CLOSINGS & INVENTORY BOOK VALUE East 46% MONARCH MARKETS DARLING HOMES MARKETS Canada 24% West 30% West 47% East 45% Canada 8% Q3 2014 home closings 1,748 units1 9/30/2014 book value of inventory $2.8 billion1 1 Excludes joint ventures
  • 5. DELIVERING PROFITABLE GROWTH  Top-quartile pre-tax income margin  Delivered four consecutive years of operating profit  One of the first builders to return to profitability in 2010  Focus on efficiencies with low overhead 4 LEADING TOTAL REVENUE PER EMPLOYEE1 ($ in millions) $1.8 $1.7 $1.7 $1.5 $1.5 $1.5 $1.5 $1.4 $1.1 $1.0 $0.9 SPF MTH RYL MDC PHM KBH DHI NVR LEN TOL PRE-TAX MARGIN2 12.3% 11.7% 11.4% 10.6% 9.7% 9.7% 9.6% 9.6% SPF TOL LEN PHM RYL NVR DHI* MTH MDC KBH 13.3% 12.8% SPF LEN DHI NVR MTH TOL PHM RYL MDC KBH 8.6% 6.5% 11.5% 11.2% 9.9% 9.8% 9.3% 9.3% 9.1% 7.7% 6.2% 6.0% 5.6% 5.4% 5.1% 3.8% 3.4% 2.4% 4.1% 1.8% (5.1)% 14.7% 12.8% NVR SPF TOL DHI LEN MDC PHM RYL MTH KBH 7.8% 3.2% 0.3% (1.8)% (2.0)% (2.4)% (3.7)% (7.5)% (12.7)% (13.8)% 11.2% NVR LEN DHI SPF TOL MTH RYL PHM MDC KBH 2011 2012 YTD 2014 2013 * DHI as reported through third quarter 2014 earnings 1 Total 2013 revenue divided by total employees as per fiscal year 2013 annual report. 2 Taylor Morrison margins are based on adjusted pre-tax income margins. Adjusted pre-tax income margins presented are based on adjusted pre-tax income, which is a non-GAAP financial measure. For more information, see “Non-GAAP measures—Adjusted pre-tax income and adjusted pre-tax income margin” in the Offering Memorandum. A GAAP reconciliation is attached to this presentation.
  • 6. 56% 52% 48% 45% 39% 37% 35% 34% 33% 32% 32% 32% 29% 27% 20% 17% 7% Sacramento San Diego Phoenix Ft Myers San Francisco San Jose Tampa Dallas Orlando US Average Denver Austin Naples Orange Cnty Jacksonville Houston Sarasota 1.4 1.6 4% 2.2 2.5 2.6 3.0 3.1 3.2 3.3 4% 4% 4% 4% 3% 3% 3% 3% 3% 3.8 3.9 4.0 4.4 5.1 5.5 2% 2% 2% 2% 2% 2% 2% Austin Ft Myers Dallas Houston Sarasota Naples Orlando Phoenix Denver San Jose Tampa Orange Cnty Sacramento Jacksonville US Average San Diego San Francisco 1 1 Months of supply is calculated as a 4 month rolling average of the months of supply for each market, as of 6/2014 2 2 Source: Metrostudy as of 6/30/2014 6.2 Bay Area Denver Toronto Austin Sacramento Southern Cal Houston Phoenix Dallas Tampa Sarasota Orlando Jacksonville Fort Myers US average Ottawa 12% 12% 11% 10% 8% 7% 7% 7% 7% 6% 6% 6% 6% 6% 6% 5% 3% Ft Myers Orlando San Francisco San Jose Phoenix Houston Sacramento Denver San Diego Orange Cnty Tampa Naples Austin Sarasota US Average Dallas Jacksonville WELL-POSITIONED IN KEY HOUSING MARKETS 5 We benefit from our well-located land portfolio with a highly attractive geographic footprint concentrated in homebuilding markets that are leading the U.S. recovery MONTHS SUPPLY OF RESALE INVENTORY1 MEDIAN EXISTING HOME PRICE – 1 YR GROWTH RATE2 2013 – 2016E EMPLOYMENT GROWTH CAGR2 2013 – 2016E SINGLE-FAMILY PERMIT GROWTH CAGR2
  • 7. ATTRACTIVE LAND INVENTORY Our attractive land portfolio should position us well to generate favorable returns and enable us to be opportunistic in acquiring new land (As of 9/30/2014) 9.8 8.4 8.0 Raw 24% 7.5 7.1 7.0 6.9 6.1 6.0 5.8 5.6 5.4 3.7 TOL LEN PHM SPF HOV DHI BZH KBH NVR RYL MTH MDC  Balanced approach to investments − Finished lots available for near-term homebuilding operations − Strategic entitled land positions to support future growth  Significant 6.9 years of owned and controlled lot supply1 to execute growth-focused business plan − Focused on 2016 and 2017 acquisitions − Allows us to be disciplined and selective in land acquisitions  Most inventory marked to fair value in 2011 at or near low point of market LOT INVENTORY1 Lots owned Lots controlled Total Lots LTM deliveries Years Supply East 21,222 7,262 28,484 3,228 8.8 West 10,378 1,187 11,565 1,909 6.1 Canada 1,930 964 2,894 1,079 2.7 Total 33,530 9,413 42,943 6,216 6.9 Finished 46% Under development 29% Long Term 1% (Consolidated total years supply is based on LTM home closings as of latest reported data) 6 (As of 9/30/2014) 1 Excludes 2,831 lots held in unconsolidated joint ventures which are predominately located in Canada. BOOK VALUE OF LAND BY DEVELOPMENT STATUS YEARS SUPPLY OF OWNED AND CONTROLLED LOTS
  • 8. CONTINUED GROWTH THROUGH COMMUNITIES 7  Growth strategy focused on profitable communities in core locations  Significant land acquisition and development capabilities, with experienced development team retained through downturn  Robust yet agile underwriting process  Average annual community count expected to be approximately 210 in 2014 East 88% (Consolidated portfolio, excludes JVs) West 12% Canada 0% 168 143 135 122 173 ~ 210 2009 2010 2011 2012 2013 2014E LAND ACQUISITION AND DEVELOPMENT SPEND ($ millions) (# of lots) Land acquisition Land development $993mm $333 $858mm $341 $660 $517 $1.2bn + 2013 YTD 2014 2014E AVERAGE ACTIVE SELLING COMMUNITIES Q3 2014 LAND ACQUISITIONS
  • 9. COMPELLING CANADIAN BUSINESS TORONTO HOME PRICES Q3 1998 – Q3 2014 180 160 140 120 100 80 60 40 20 0  One of Canada’s oldest and most respected homebuilders with over 95 years of operating history - 73 consecutive years of profitability  Builder of single-family communities and high-rise towers  Full recourse sales contracts - cancellation rate at 1%  30% plus returns over last 20 years due to efficiency of the business  Self-funding operations CANADIAN OPERATING MARKETS ONTARIO HOUSING STARTS  Well located lots in desirable land constrained locations  100% of our owned and controlled Greater Toronto Area (GTA) land positions are within the legislated Greenbelt1 Kitchener-Waterloo Current markets Ottawa Toronto New York Ontario (Source Canadian Mortgage and Housing Corporation 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Single Family Multi-Family 1 The Greenbelt is a permanently protected area of green space located in Southern Ontario, Canada. It surrounds a significant portion of Canada's most populated and fastest-growing areas. Created by legislation passed by the Government of Ontario in 2005, the 1.8 million acre Greenbelt is intended to aid in the prevention of development and sprawl on environmentally sensitive land in the province.
  • 10.
  • 11. LIFESTYLE BUILDER WITH MOVE-UP BUYER FOCUS 10  Proximity to job centers, strong school systems and a variety of amenities  Research-based approach to underwriting and consumer segmentation − Local and national consumer segmentation assists in making refined decisions about community positioning, floor plan development and community amenitization  Master plan communities with lifestyle component − Newly launched active adult communities in Florida, Denver and Houston $732 $483 $427 $371 $364 $366 $368 $331 $334 $332 $327 $285 $272 (Q3 2014) $700 $600 $500 $400 $300 $200 $100 $0 TOL SPF MDC MTH NVR HOV RYL PHM LEN KBH BZH DHI 2014 ($ thousands based on latest available data) Entry level 18% 1st Move-up 2nd Move-up 36% 30% 55+ 14% Urban 2% 2013 $651 $420 $387 $349 $345 $330 $345 $310 $299 $298 $291 $254 $252 TOL SPF NVR MDC MTH HOV PHM KBH RYL LEN BZH DHI U.S. HOME CLOSINGS BY BUYER TYPE AVERAGE CLOSINGS SALES PRICE COMPARISON Q3 2013 TO Q3 2014
  • 12. TAYLOR MORRISON HOME FUNDING AN INTEGRATED PART OF THE HOME BUYING EXPERIENCE  TMHF’s Q3 2014 average borrower FICO score was 741  Average Loan Amount $329,400  Average Loan to Value (LTV) 76%  Capture of Mortgage closings 75% 40% 54% 74% 89% 89% 100% 124% 126% 134% 134% 146% MHO MDC TOL RYL SPF NVR DHI HOV PHM LEN  Counsels and provides prequalification early in the purchase process  Enhances the U.S. customer experience  Provides valuable pipeline management and mitigation of risk in backlog  Source of incremental revenues and profitability  YTD 2014 net income of $9.2 Million  ARO qualification improvement department  Licensed Mortgage Banker, independently financed leveraging warehouse facilities  Operating as a Correspondent Lender with Delegated Authority for Agency, FHA and VA product  All loans are sold - servicing released into the secondary marketplace  Centralized processing for quality and efficiency with a focus on risk mitigation and compliance (1) (1) Based on delinquent Federal Housing Administration loans. FHA Compare Ratio is the value that reveals the largest discrepancies between a company’s seriously delinquent and claim percentage and the seriously delinquent and claim percentage for a geographic region during the most recent 2 year reporting period. A low compare ratio is evidence of a well-performing loan portfolio. U.S. national average was 1.08%. 11 (December 31, 2013)  Financial institutions use the FHA compare ratio as a qualification standard 40% of U.S. average TMHF VALUE TMHF PLATFORM Q3 2014 STATISTICS COMPARE RATIO OF U.S. FHA AVERAGE (1)
  • 14. STRONG FINANCIAL & OPERATING RESULTS 13 NET ORDERS1 CLOSINGS1  Q3 2014 U.S. closings increased 11% y-o-y AVERAGE SELLING PRICE OF CLOSED HOMES1 BACKLOG2 ($ in millions)  Q3 2014 U.S. backlog increased 34% y-o-y  Between Q3 2011 and Q3 2014 U.S. net orders increased at a CAGR of 33% $441 $424 $463 ($ in thousands) 1 Excludes joint ventures 2 Canada includes Taylor Morrison’s proportionate share of unconsolidated joint ventures $326 $873 $1,154 $1,472 U.S. Canada $626 $1,099 $1,474 $547 $528 $373 $261 Q3 2011 Q3 2012 Q3 2013 Q3 2014 $1,735 583 910 1,018 1,384 540 217 145 207 Q3 2011 Q3 2012 Q3 2013 Q3 2014 CONSOLIDATED 1,124 1,127 1,163 1,591 $295 $323 $400 $352 $311 Q3 2011 Q3 2012 Q3 2013 Q3 2014 CONSOLIDATED $357 $345 $387 $427 506 689 1,198 1,331 372 189 408 417 Q3 2011 Q3 2012 Q3 2013 Q3 2014 878 878 1,606 1,748  Q3 2014 U.S. average selling price increased 16% y-o-y
  • 15. STRONG FINANCIAL & OPERATING RESULTS (CONTINUED) 14 HOME CLOSINGS REVENUE ADJUSTED HOME CLOSINGS GROSS MARGIN  Consistently high margins $54  Q3 2014 U.S. home closings revenue increased 29% $616 $143 $130 Q3 2011 Q3 2012 Q3 2013 Q3 2014 CONSOLIDATED $313 $303 $622 $746 U.S. Canada Consolidated $101 $118 Q3 2012 Q3 2013 Q3 2014 ($ in millions) $149 $164 11.0% $223 $80 10.6% $479 9.5% 9.2% Q3 2011 Q3 2012 Q3 2013 Q3 2014 16.8% 21.1% 23.5% 23.2% 23.9% 32.6% 24.8% 22.0% Q3 2011 Q3 2012 Q3 2013 Q3 2014 20.6% 24.1% 23.8% 23.0% ($ in millions) SG&A MARGIN ADJUSTED EBITDA
  • 16. CONSERVATIVE BALANCE SHEET WITH SIGNIFICANT GROWTH CAPACITY $496 Loans payable and other borrowings Senior notes $40 $65 $56 $23 $35 $15 Net debt / total capitalization $489 Revolving credit facility $550 $350 (3) Net Liquidity 2014 2015 2016 2017 2018 2019 2020 2021 2024 Thereafter 15  Net debt / total book cap of 46.9%1  Significant liquidity of $496 million as of 9/30/2014 − $282 million unrestricted cash and cash equivalents − $214 million availability under credit facility  No senior notes maturing before 2020 Leverage (as of most recent reporting period) Note: Net of unrestricted homebuilding cash and marketable securities TMHC as adjusted debt maturities ($mm) as of Q3 2014 $400 (1) Net debt reflects $1.8 billion in total debt of TMHC (excluding $48.6 million of TMHF related debt), less $282 million in unrestricted cash. TMHF is separately capitalized and its obligations are non-recourse to Taylor Morrison Home Corporation (“TMHC”) (2) Reflects principal amount outstanding. (3) Reflects unrestricted cash of $282M and $250M available under the corporate revolver at 9/30/2014. 2 2 2 CONSERVATIVE CAPITALIZATION SIGNIFICANT DEBT MATURITY RUNWAY1 5% 11% 33% 34% 43% 43% 47% 48% 52% 53% 75% 86% 142% NVR PHM MDC DHI TOL MTH LEN SPF RYL KBH BZH HOV
  • 18. HISTORICAL OPERATING DATA U.S. Canada Total Consolidated FY 2013 Q3 2014 Q3 YTD 2014 FY 2013 Q3 2014 Q3 YTD 2014 FY 2013 Q3 2014 Q3 YTD 2014 Operating Data Average Active Selling Communities 158 214 201 15 12 13 173 226 214 Net Sales Orders 5,018 1,384 4,433 596 207 529 5,614 1,591 4,962 Sales Per Community Per Month 2.6 2.2 2.4 3.3 5.9 4.5 2.7 2.4 2.6 Cancellations 14.3% 13.6% 12.6% 1.7% 1.0% 2.0% 13.1% 12.1% 11.6% Closings 4,716 1,331 3,675 1,113 417 671 5,829 1,748 4,346 ASP of Homes Delivered $394 $463 $450 $366 $311 $352 $389 $427 $435 Backlog - Units 2,166 2,924 2,924 822 680 680 2,988 3,604 3,604 Backlog - $ $988 $1,474 $1,474 $259 $261 $261 $1,247 $1,735 $1,735 JV Total with JVs FY 2013 Q3 2014 Q3 YTD 2014 FY 2013 Q3 2014 Q3 YTD 2014 Operating Data Average Active Selling Communities 4 3 3 177 229 217 Net Sales Orders 83 12 27 5,697 1,603 4,989 Sales Per Community Per Month 1.7 1.3 1.0 2.7 2.3 2.6 Closings 441 108 171 6,270 1,856 4,517 ASP of Homes Delivered $301 $334 $367 $382 $421 $432 Backlog - Units 548 404 404 3,536 4,008 4,008 Backlog - $ $196 $137 $137 $1,443 $1,872 $1,872 17
  • 19. HISTORICAL FINANCIAL DATA ($ in millions) FY 2013 Q3 2014 Q3 YTD 2014 Financial Data Home Closings Revenue $2,265 $746 $1,890 Land Closings Revenue $28 $5 $23 Financial Services Revenue $30 $8 $23 Total Revenue $2,323 $759 $1,936 Cost of Home Closings $1,775 $597 $1,499 Cost of Land Closings $27 $4 $17 Financial Services Costs $16 $5 $14 Total Cost of Sales $1,818 $606 $1,530 Total Gross Profit $505 $153 $406 Total Gross Margin 21.7% 20.2% 21.0% Sales Commissions $143 $47 $124 G&A Expense $91 $22 $66 Equity in Unconsolidated Entities ($38) ($12) ($22) Other (Income) Expense $3 $3 $11 Loss on Extinguishment of Debt $10 $0 $0 Transaction Expenses $110 $0 $0 Indemnification Expense $89 $0 ($0) EBT $98 $93 $227 Tax Expense $3 $27 $64 Net Income $95 $66 $163 Margins Home Closings Gross Margin 21.6% 20.0% 20.7% Adjusted Home Closings Gross Margin¹ 23.9% 23.0% 23.4% SG&A as a % of Home Closings Revenue 10.3% 9.2% 10.1% Adjusted Pre-Tax Income Margin¹ 12.8% 12.3% 11.7% 18 1 Adjusted home closings gross margin is a non-GAAP financial measure. Adjusted pre-tax income margins presented are based on adjusted pre-tax income, which is a non-GAAP financial measure. For more information, see slide “Reconciliation of Non-GAAP Financial Measures”. A GAAP reconciliation is attached to this presentation.
  • 20. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES The following table sets forth a reconciliation between the Company’s home closings gross margin and adjusted home closings gross margin, EBITDA and adjusted EBITDA as well as pre-tax income and adjusted pre-tax income. Adjusted home closings gross margin, adjusted EBITDA and adjusted pre-tax income are non-GAAP financial measures. Management uses adjusted home closings gross margins, adjusted EBITDA and adjusted pre-tax income to evaluate the Company’s performance on a consolidated basis as well as the performance of the Company’s regions. The Company believes adjusted gross margin, adjusted EBITDA and adjusted pre-tax income are relevant and useful to investors for evaluating the Company’s performance. These measures are considered non-GAAP financial measures and should be considered in addition to, rather than as a substitute for, the comparable U.S. GAAP financial measures as a measure of the Company’s operating performance. Although other companies in the homebuilding industry report similar information, the methods used may differ. The Company urges investors to understand the methods used by other companies in the homebuilding industry to calculate gross margins, EBITDA and pre-tax income and any adjustments to such amounts before comparing the Company’s measures to those of such other companies.
  • 21. RECONCILIATIONS 20 ($ in millions) Reconciliation of Adjusted Home Closings Margin FY 2013 Q3 2014 Q3 YTD 2014 Home Closings Revenue $2,265 $746 $1,890 Cost of Home Closings $1,775 $597 $1,499 Home Closings Gross Margin $490 $149 $391 Home Closings Gross Margin % 21.6% 20.0% 20.7% Plus: Capitalized Interest Amortization $50 $22 $50 Adjusted Home Closings Gross Margin $540 $171 $442 Adjusted Home Closings Gross Margin % 23.9% 23.0% 23.4% Reconciliation of Adjusted EBITDA FY 2013 Q3 2014 Q3 YTD 2014 Net Income $95 $66 $163 Plus: Interest Expense, Net ($0) $0 $1 Plus: Capitalized Interest Amortization $50 $22 $50 Plus: Income Tax Expense/(Benefit) $3 $27 $64 Plus: Depreciation and Amortization $4 $1 $3 EBITDA $152 $117 $282 Plus: Management Fees $1 $0 ($0) Plus: Non-Cash Compensation Expense $7 $2 $4 Plus: Early Extinguishment of Debt $10 $0 $0 Plus: Transaction and Indemnification Expenses $199 ($0) ($0) Adjusted EBITDA $370 $118 $286 Reconciliation of Adjusted Pre-Tax Income FY 2013 Q3 2014 Q3 YTD 2014 Income Before Taxes $98 $93 $227 Indemnification Receivable Reversal $89 $0 $0 Reorganization Charges $81 $0 $0 Termination of Management Services Agreement $30 $0 $0 Adjusted Pre-Tax Income $297 $93 $227 Total Revenue $2,323 $759 $1,936 Adjusted Pre-Tax Income Margin % 12.8% 12.3% 11.7%