2013 Q1 Form 10-K Financial Statement

#000119312514065264 Filed on February 24, 2014

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012 Q3
Revenue $335.7M $556.7M $321.5M
YoY Change 40.21% -0.66%
Cost Of Revenue $300.0M $425.5M $247.4M
YoY Change 53.37% -4.26%
Gross Profit $67.90M $131.2M $74.15M
YoY Change 55.02% 13.73%
Gross Profit Margin 20.23% 23.57% 23.07%
Selling, General & Admin $46.29M $53.60M $32.35M
YoY Change 50.28% -54.51%
% of Gross Profit 68.17% 40.85% 43.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.301M -$200.0K $2.100M
YoY Change -7.07% -114.29% -25.0%
% of Gross Profit 1.92% -0.15% 2.83%
Operating Expenses $46.29M $61.20M $32.35M
YoY Change 49.31% -55.2%
Operating Profit $21.61M $70.02M $41.81M
YoY Change 68.85% -697.27%
Interest Expense $3.600M $13.90M $3.700M
YoY Change 12.5% 362.5%
% of Operating Profit 16.66% 19.85% 8.85%
Other Income/Expense, Net -$742.0K $898.0K
YoY Change
Pretax Income $28.13M $91.81M $44.02M
YoY Change 75.18% -810.03%
Income Tax $15.54M -$257.2M $1.586M
% Of Pretax Income 55.23% -280.14% 3.6%
Net Earnings $349.1M $42.60M
YoY Change -362.98%
Net Earnings / Revenue 62.7% 13.25%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $457.8K $55.89K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $238.0M $300.6M $412.8M
YoY Change 7.63%
Cash & Equivalents $8.244K $300.6M $412.8M
Short-Term Investments
Other Short-Term Assets $168.7M $37.93M $62.70M
YoY Change 0.34%
Inventory $1.738B $1.604B $1.276B
Prepaid Expenses $182.7K $65.02M
Receivables
Other Receivables
Total Short-Term Assets $2.145B $2.019B $1.751B
YoY Change 52.87%
LONG-TERM ASSETS
Property, Plant & Equipment $6.200M $6.423M $6.000M
YoY Change 3.6%
Goodwill $23.38M
YoY Change
Intangibles $18.76M
YoY Change 4.47%
Long-Term Investments $107.1M $103.2M $89.90M
YoY Change 101.56%
Other Assets $328.0M $373.4M $44.60M
YoY Change 857.44%
Total Long-Term Assets -$2.144B $719.3M $405.0M
YoY Change 105.21%
TOTAL ASSETS
Total Short-Term Assets $2.145B $2.019B $1.751B
Total Long-Term Assets -$2.144B $719.3M $405.0M
Total Assets $190.9K $2.738B $2.156B
YoY Change 63.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $191.8K $106.1K $88.90M
YoY Change -99.84%
Accrued Expenses $184.7M $213.4M $167.8M
YoY Change 9.6%
Deferred Revenue
YoY Change
Short-Term Debt $88.00M $50.00M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $581.5M $555.6M $452.8M
YoY Change 26.65%
LONG-TERM LIABILITIES
Long-Term Debt $975.4M $977.9M $834.1M
YoY Change 63.04%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $975.4M $977.9M $834.1M
YoY Change 63.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $581.5M $555.6M $452.8M
Total Long-Term Liabilities $975.4M $977.9M $834.1M
Total Liabilities $1.565B $1.533B $1.295B
YoY Change 45.78%
SHAREHOLDERS EQUITY
Retained Earnings -$1.856K $1.231B
YoY Change
Common Stock $10.00 $10.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.221B $1.205B $869.4M
YoY Change
Total Liabilities & Shareholders Equity $190.9K $2.738B $2.156B
YoY Change 63.85%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $349.1M $42.60M
YoY Change -362.98%
Depreciation, Depletion And Amortization $1.301M -$200.0K $2.100M
YoY Change -7.07% -114.29% -25.0%
Cash From Operating Activities -$53.33M -$56.10M -$74.40M
YoY Change -29.64% -140.68% -462.93%
INVESTING ACTIVITIES
Capital Expenditures $384.0K -$700.0K -$800.0K
YoY Change -142.67% -46.15% -46.67%
Acquisitions
YoY Change
Other Investing Activities -$900.0K -$130.9M $2.800M
YoY Change -18.18% -7800.0% -165.12%
Cash From Investing Activities -$1.283M -$131.5M $2.000M
YoY Change -35.85% -26400.0% -134.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.027M 82.00M 112.2M
YoY Change -87.3% -777.69% -752.33%
NET CHANGE
Cash From Operating Activities -53.33M -56.10M -74.40M
Cash From Investing Activities -1.283M -131.5M 2.000M
Cash From Financing Activities -4.027M 82.00M 112.2M
Net Change In Cash -58.64M -105.6M 39.80M
YoY Change -46.45% -183.61% -1692.0%
FREE CASH FLOW
Cash From Operating Activities -$53.33M -$56.10M -$74.40M
Capital Expenditures $384.0K -$700.0K -$800.0K
Free Cash Flow -$53.72M -$55.40M -$73.60M
YoY Change -28.28% -139.8% -434.55%

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us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
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us-gaap Income Tax Expense Benefit
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20881000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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2699000
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tmhc Income Loss Excluding Portion Attributable To Noncontrolling Interest Net Of Tax
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45898000
tmhc Decrease In Receivable To Predecessor Parent Company Capital Contributions
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8560000
CY2013Q2 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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297600000
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10900000
CY2013Q2 us-gaap Proceeds From Issuance Initial Public Offering
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204300000
CY2013Q2 tmhc Proceeds From Issuance Of Common Stock Net Of Underwriting Discounts And Offering Expenses
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668598000
CY2011 us-gaap Asset Impairment Charges
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CY2011 us-gaap Impairment Of Investments
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CY2011 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
39400000
CY2013 dei Trading Symbol
TradingSymbol
TMHC
CY2013 dei Entity Registrant Name
EntityRegistrantName
Taylor Morrison Home Corp
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001562476
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2013 dei Current Fiscal Year End Date
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--12-31
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2013 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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0.083 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0054 pure
CY2013 us-gaap Earnings Per Share Diluted
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1.38
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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122319000 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.5659 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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22.00
CY2013 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies State And Local
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CY2013 us-gaap Earnings Per Share Basic
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1.38
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2013 us-gaap Finite Lived Intangible Assets Amortization Method
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Straight line basis
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
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CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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P10Y
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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22.41
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000 shares
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-0.083 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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11.57
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.000 pure
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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-151933000
CY2013 us-gaap Property Plant And Equipment Impairment
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>Property and Equipment, net</b> &#x2014; Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is generally computed using the straight-line basis over the estimated useful lives of the assets as follows:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Buildings: 20 &#x2013; 40 years</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Building and leasehold improvements: 10 years or remaining life of building/lease term if less than 10 years</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Information systems : over the term of the license</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Furniture, fixtures and computer and equipment: 5 &#x2013; 7 years</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 8%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Model and sales office improvements: lesser of 3 years or the life of the community</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Maintenance and repair costs are expensed as incurred.</p> </div>
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
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32840000 shares
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
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shares
CY2013 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>Concentration of Credit Risk</b>&#xA0;&#x2014; Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents. Cash and cash equivalents include amounts on deposit with financial institutions in the U.S. that are in excess of the Federal Deposit Insurance Corporation (&#x201C;FDIC&#x201D;) federally insured limits of up to $250,000 and amounts on deposit with financial institutions in Canada that are in excess of the Canadian Deposit Insurance Corporation (&#x201C;CDIC&#x201D;) federally insured limits of up to $100,000. No losses have been experienced to date.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In addition, the Company is exposed to credit risk to the extent that mortgage and loan borrowers may fail to meet their contractual obligations. This risk is mitigated by collateralizing the mortgaged property or land that was sold to the buyer.</p> </div>
CY2013 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <strong>Reclassifications</strong> &#x2014; Certain reclassifications have been made to the prior period cash flows to show additional detail of financing activities in the Consolidated and Combined Statements of Cash Flows to conform to the current period presentation. Additionally, certain December&#xA0;31, 2012 balances affected by purchase price accounting in the accompanying Consolidated and Combined Financial Statements were reclassified in accordance with ASC 805. The reclassifications have no effect on the previously reported net income. Reclassifications related to the Darling Acquisition are described in more detail previously in this footnote in <i>Summary of Significant Accounting Policies &#x2014; Acquisition Accounting &#x2014; Darling Acquisition</i>.</p> </div>
CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2013 us-gaap Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed
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1.01 pure
CY2013 us-gaap Weighted Average Number Of Shares Restricted Stock
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9000 shares
CY2013 us-gaap Line Of Credit Facility Covenant Terms
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The financial covenants would be in effect for any fiscal quarter during which any (a) loans under the Restated Revolving Credit Facility are outstanding during the last day of such fiscal quarter or on more than five separate days during such fiscal quarter or (b) undrawn letters of credit (except to the extent cash collateralized) issued under the Restated Revolving Credit Facility in an aggregate amount greater than $40.0 million or unreimbursed letters of credit issued under the Restated Revolving Credit Facility, are outstanding on the last day of such fiscal quarter or for more than five consecutive days during such fiscal quarter.
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CY2013 us-gaap Operating Loss Carryforwards Limitations On Use
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0.302 pure
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476000
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2264985000
CY2013 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <strong>Use of Estimates</strong>&#xA0;&#x2014; The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated and Combined Financial Statements and accompanying notes. Significant estimates include the purchase price allocations, valuation of certain real estate, valuations of equity awards, valuation allowance on deferred tax assets and reserves for warranty and self-insured risks. Actual results could differ from those estimates.</p> </div>
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Upon a "Change of Control" (as defined in the indenture governing the 2020 Senior Notes), the Bond Co-Issuers would be required to make an offer to repurchase all outstanding 2020 Senior Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest
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5183000
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7200000
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45879000
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9680000
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85624000
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97936000
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7483000
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CY2013 us-gaap Dividends
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49579000
CY2013 us-gaap Income Tax Expense Benefit
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