Taylor Morrison Home Corp 2024年度报告

Annual Report2024 To our shareholders, solutions and competitive finance incentives. And we’vetaken our trusted reputation to new heights with ourdecade-long streak of being named America’s MostTrusted®Home Builder by Lifestory Research, and the 12thhighest-ranking company in Forbes’ inaugural list of MostTrusted Companies in America. 2024 wasn’t the year we anticipated, but honestly, whenhas that ever been the case? If it’s not a global pandemic, it’s interest rate hikes,geopolitical tensions, devastating natural disasters, atumultuous election season, or another unforeseencircumstance no one could have predicted. Because Idon’t have a crystal ball showing me exactly what’s instore for us next, I’ve learned to view any upcoming yearas 12 months filled with unlimited possibility. The culmination of a fruitful 2024 where we deliveredtop-tier financial results, transformed our operationalcapabilities, and doubled down on the customer andemployee experience has brought us to the momentwe’re in now—the announcement of our long-term growthgoal to deliver 20,000 homes annually by 2028, all whilegenerating attractive and improved returns. This is especially true when you consider the foundationlaid in 2024, where we met or exceeded each of the long-term goals we set for ourselves. What’s more, we havenow pressure-tested our diversified product portfolioagainst a variety of macro-economic conditions and canconfidently say it makes Taylor Morrison undeniably moreresilient in varying market conditions. Now we step boldly into a new era—one that’s ripe andready for the taking. An opportunity for us to separatefrom the pack and show our many stakeholders exactlywhat differentiates Taylor Morrison. We’ve actively engaged with shoppers and buyersto understand their preferences and changingdemographics—even going so far as to anticipate theirneeds with distinct product offerings, digital buying With the courage and conviction to chart our own path,we’re eager to prove our value as a company and showthe industry why we’re the one to watch. 2024FinancialSnapshot $8.2B $7.8B 12,896 TOTAL REVENUE HOMES DELIVERED HOME CLOSINGS REVENUE $601K 3.0 6.6 SALES PACE PER COMMUNITY CLOSING ASP YEARS OF LAND SUPPLY $210M $348M OPERATING CASHFLOW GENERATED INVESTED IN LANDAND DEVELOPMENT SHARESREPURCHASED $1.4BYEAREND LIQUIDITY Turning tofinancials Quarter after quarter, year after year,our team members deliver—andI think our 2024 results speak forthemselves. Last year, we saw ourclosings increase by 12% year overyear, with home closings revenue of$7.8 billion and strong home closingsgross margin of 24.4%. I'm proud tosay we met or exceeded our internalgoals and Street expectations—allwhile setting the stage for meaningfulgrowth in the years to come. Pairing organic growth and a seriesof very intentional acquisitions, westeadily began increasing our scale.After developing our M&A musclesfollowing a series of successfulintegrations of regional builders, wefelt primed to tackle something evenmore substantial. We acquired our first publichomebuilder, AV Homes, in 2018.And two years later, we welcomedWilliam Lyon Homes into the fold—notably, our biggest deal and onethat gained us entry into three newmarkets. It was this growth journeythat catapulted us into the ranksof the nation’s largest communitydevelopers and homebuilders. Today, as I look across every facetof the organization, I see a stronger,more resilient business becauseof the transformation in our scale,operational capabilities and balancesheet. As CEO for nearly 20 years, Ican confidently say Taylor Morrisonhas always strategically taken a long-term view of our business and areguided by doing what’s right for theorganization in the next five, 10, 20years and beyond. When you compare our most recentfinancials to those from 10 years ago,I believe the proof of our long-termstrategy at work is clear. In the pastdecade, we’ve doubled our closingsand owned and controlled lots, ourdiluted earnings per share havegrown five times, and yet, our marketcapitalization can’t seem to catch up. When we first went public in 2013—only shortly after making it to theother side of the worst housingdownturn and economic crisis inhistory—we quickly zeroed in on astrategy anchored in expanding ourdepth in the markets we were alreadyin and adding width to our portfolio.Building a platform of scale thatcould be optimized as the marketscontinued to rebuild and recover wasour primary goal. In my opinion, our current valuationdoesn’t accurately reflect thetransformative journey we’ve beenon, and we’re eager to change thatnarrative moving forward. 20156,311$2.0B$1.8543K 202412,896$6.3B$8.2786K 2x2x3x5x other consumers as we see how thenext few years unfold and the newadministration’s policies (especiallythose surrounding tariffs) arerealized. It is for this reason that wedo not subscribe to the “build it andthey will come," philosophy—whichresonated, briefly, during the