TMHC - Earnings call transcript Q1 2021 | Taylor Morrison Home Corporation

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Operator

Good morning, and welcome to Taylor Morrison's First Quarter 2021 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference call is being recorded. I would now like to introduce Mackenzie Aron, Vice President of Investor Relations.

Mackenzie Aron

Thank you, and good morning. by Cone, Chairman Chief Executive today Officer; Chief Financial joined Dave and Vice am Sheryl and Palmer, Executive Officer. I President and strategic share provide while will results, be will an take of we performance Sheryl your to questions. overview after which Dave highlights the and will happy our financial our priorities, question time, follow-up. of interest you the one ask that please and limit In we yourself to one that are you the Relations question-and-answer find on for session, subject that to including statements statement available the call, earnings Today's forward-looking portion today's forward-looking information will in is website. release, harbor safe includes of which our Investor the subject are our statements actual and results uncertainties differ to These that expectations could cause risks and projections. from materially to identified the These our to and risks and and include, SEC, update are uncertainties undertake factors the filings our in in but any with not do those we not release statements. obligation forward-looking to, limited

non-GAAP are the on addition, to measures the we in figures financial GAAP which certain call, release. to refer will In reconciled

Now the call Sheryl. to let me turn over

Sheryl Palmer

scale XXX and We closings home an and all-time community of improvement execute achieved local high margin. our per Thank appreciate to market reflect our of and absorption you share point plan. depth a ones enhanced am you morning, to healthy you results, to pace of quarter and as joining net in a strategic everyone. benefits your gross remain in and our pleased I you, hope each we today safe. continue monthly XX% increase sincerely with us basis the X.X I good initial our first which sales Mackenzie, and our loved

becoming quarter markets. are several over at under across strong price and and than of operational towards progress of our us capitalize our quarters. experiencing we at achieved multiple growth and of increasing most metrics the priorities size points control, performance acquisitions return long-term potential, next committed After have aimed are delivering advantages the the strategic XX,XXX financial aimed years each we ended total operational of that leverage the a our aligned overheads end, with and we And our we importantly, to profitability margins, To backlog made improve and improving are homes our our we lots return company reflective more momentum increase organization, on our over priorities to side positioning efficiency, to balance gross and a homebuilding in demand across asset sheet. top XX,XXX addition, record homebuilder. the optimize In

acquired cost strategic to front, encompasses floor always streamlining newly but there our reducing process, been still our room the our newer tools. this and initiatives key and These consistently to and leveraging virtual construction our selling work partially from residuals everything through our optimizing options, plans have On procurement our costs our operational strategy, across design in offset efforts practices the apply is our land higher to best markets communities. sales

integration we and following I market. roadmap second margins homes impacted the half to into we am in the as similar efforts margin the composition in XXXX. are to in results accretion inline realized that the these world results backlog to successfully and and proven into of translate Charlotte, Orlando our efforts strong we markets are and beginning reflected accretion at significant have that the such of accelerated will other average, year pleased company our as comparable drive We expect Atlanta, acquisition deliver achieve above Phoenix, or where expect have in following used

we over effort. SKUs over eliminated our our optimize X,XXX For inventory example, floor began the quarter to we our by X/X plan business, option first our in reduced rationalization streamline alone and from and since have library

penetration, higher These standardized our further processes. initiatives design markets, increased and of margins production and We XX% simplifying over option our option have option to greater construction also our pallets introduced are efficiencies. well driving

our sold on homes addition, backlog. and practices have strategic year-over-year In premiums lot doubled selling

and our with balance are which leverage first-of-its-kind drive recently buyers our on broker virtual the expenses, configuration to our total, terms. sales pick enhance and tools, rates our system tools conversion followed by is also launch suite customer tool focus floor mid-teens more benefit new XXXX, site ways in considering virtual plan and drive find XXXX homes. to in land home our our new, sales representation structure and the experience. expanded creative the entirely expected sheet In excellence of online company a overhead on and to impactful a of reduce online is of We us design we additional higher further commission selling to The this to-be-built lower home allows enabling own a the their financing return and reservation innovative realtor which This bottom continuing new are optimize our anticipated for range from most before average, to to With to and line optimization in exciting programmatic operational beyond accretion. vehicles. expansion equity on

we're approximately Interest affordability price the home housing. business From at macro efficiency. at perspective, low encouraged financial metrics. and that pleased of all am we've rates I in In quarter, appreciation. enhancing enhanced to by X%, even pointing remain consumer the our would affordability advanced considering those power favorable with historically for remains to at share strong buying indicators more power levels are demand a looking last purchasing we in overall borrowers' detail consumers, when strength and exploring health the quarter continued months us several expect during to capital shared opportunities I and discussions allow As ahead. grow the our remain

mix intentionally of and a pace entry-level to our In price, within manage addition, risk. affordability to balance of our carefully we homebuyers seek diverse serve versus mitigate especially communities,

for could for if this rates actual cushion interest share conventional XXX monitor the basis borrowers, the customers' Taylor rate move and In us the consumer borrowers qualified of our we is rate affordability. versus you've for before, heard higher. borrowers have a by difference confidence This FHA as the basis me when XXX financial our our interest of interest reflection of giving Home spread served and rate strong over first in gauge As between our Funding our Morrison quality. quarter, the points maximum over interest averaged they points flexibility

ago Specifically our and to of our points credit the agreement to strength in payment this our of prior rate increased our mortgage particularly same average period we XX%, In company and over prequalification other the mortgage X,XXX cash last these attribute first value services score more ratio by homebuyers, long while credit financial customer customers have growing we quarter, our quality homebuyer over average XX% I an improved average serve points the expanding an despite down to the have Home base of our all slightly embedded and enjoyed. our high and debt-to-income of and Taylor words, homebuyers into year. Morrison by a the entry level, at XX% basis of nearly basis consumer borrowers homebuilding Notably, from diligent team's to have a credit an purchase XXX. year to a entering strong broadened maintained metrics high provided we and first-time level at of XX% our operations. to share X,XXX also Funding

gains a an groups. increasingly orders In gains of in due driven year-over-year and drove was reengaged strong in all we driven This throughout Texas of in cohort as in pace by active the highlights success. by existing to Among quarter first the strongest sharing. mobility suggesting These share vaccine first ahead. California With and and adult are now months all rates rollout has shoppers, our sales our highest quarter Texas markets, as gains our absorption active consumer also the net acceleration strong transactions. sales quarter, in orders are the the pace There this across homeowners. the segment Colorado. region, buyers activity interest experienced appeal less to groups, sales the equity home our absorption strength levels. been relatively an in changes by and our Turning Among central monthly from homebuyers geographies consumer we're doubled in influx our our further couple partially California cash increase pre-COVID adult among whose impacted which above-average includes share home gains accelerates of of our year-over-year

in to with March, since in adult active May, our in growth reputation we command demographic signature The our open have tailwind shoppers. and Esplanade from and company that share lot Xx later expect market, meet to a Carolina as has profitability. California already to a greater selling grand Given segment brand and overall strong our California over more community by adult the home to above-average lifestyle Southern amid concierge of our our X,XXX limited where a We opening this been open driven community list strong nationalization home that With active I'm leverage well its to premiums communities, its wait in established the premium the buyers. as option and while demand markets. resort-style long-term are active among base Esplanade excited this services a interested received Florida, awareness consistency margins, are our living communities has distinctive, for our expanding X that the be take will the the nationally active we year. in successful benefit brand gross releases slated bring introduced new recently planned have in brand to been in rates Sacramento Esplanade another The of has of needs brand partially expansion of this West North Coast residents with our higher lifestyle we than will adult average,

disruptions market severe housing manufacturers ongoing of level industry COVID-XX challenges. of today's municipality However, by remains delays. distributors strong deficit supply without side product our and constrained affecting the remarkably not weather-related and its trade and is The labor,

by company per our have despite pace, effectively. to than times production challenges. navigating of supply to the was community our align roughly were are more our trade sales year-over-year another year-over-year our to relationships side environment X.X Our And starts accelerated continues starts managing flat business our holding teams our ensure the first new cycles high. cycle teams construction leveraging up to capacity record quarter, as run XX% In and pace to this construction

our In long-term attractive the with us we're as excess after and size strategic and inflation, closing, production. we with cost shareholders. strengths return executing vision, competitive of communities, addition, we mentioned, advantage price managing increases X all generating disciplined of our the prices limiting of has raising nearly have potential in team in and backlog and each been our which This the align committed to appropriate equipped returns the are releases length taking asset. making realizing approach maximizing In of ensures are years in full on that to our for acquisitions long-term our capable of

advantages As to XXXX our to said inflection in journey before, move you operational progress continuing an our look significant financial believe we our forward. growth, we the realize marks and forward update on and I of I to have important as point multiyear

the let Dave call for Now financial me turn over his review. to

David Cone

Thanks, Sheryl, everyone. morning, good and

details Lyon $XX first by William Turning million been of to of of per or generated of $X.XX impacted or to million a of our income had results, quarter net acquisition which per a in ago. compared the $XX our the diluted quarter share year first net share $X.XX Homes loss XXXX, diluted

company X,XXX, history. quarter, our the level year-over-year XX% increased to quarterly orders our sales the During in net highest

X.X an an all-time monthly pace cancellation high. XX% sales also X%. benefited of rate from This orders just low Our to year-over-year company company absorption per increased all-time net community,

again to of a range sales our to number and align our designed underscoring the as with production quarter due As new resiliency and XXX representing paces our the meet growth, The the value This ongoing is offerings. outpaced strategy factors, count competitive as backlog while guidance in demand Sheryl of with average into sales accelerated this sales XX% backlog below end, sales environment to extensions stronger-than-anticipated even large order strength noted, prior record managed to community for to year-over-year activity increase community continued in This $X.X municipality closeouts absorption ending our XX,XXX once was of openings. capacity, current high including range. drove a at strength drove X the we median billion. sales success, activity our the have we homes This our a community product into April combined approvals. achieved stronger-than-anticipated

A margin experience, complete In of addition, open. given the size and opted customer of in to commitment are fully a grand optimal we backlog to performance openings. ensures communities believe best-in-class wait our until delay strategy we presales on to and models handful our new

the second count approximately a average in and and before anticipated late inflecting XXX our for rebounding our be XXXX approximately count to community now community XXX to moderate As expect year, XXXX. quarter, in to we result, in the full average is higher

We also winter slightly this February related year. to to storm nearly expect range XXX new was of first homes. prior the primarily continue quarter, In This the to guidance Texas. impact delivered X,XXX to due we open below in communities the disruptions closed our

pleased quarter second effective nearly that in delivered. the first thus far are now We closings quarter, have all been

and our quarter. However, X,XXX particularly is plastic second we and as causing production, still impact on in the to Texas to there components expect electrical from delays closed storm products. lingering the building Including disruptions chain, deliver is in the in petrochemical of which the plumbing, manufacturing, X,XXX delays homes such supply these between landscaping

third are However, times Texas quarter. the cycle by normalize to expected

result, half the to of implies a full ramp is This year to to we to XXXX with XX,XXX year-over-year midpoint prior anticipate deliveries continue range drive and second a our year the guidance consistent significant at As range. XX,XXX. the our increase an deliveries of in the XX% in

margins. to gross now Turning

other Lyon improve and acquisition William power operational first expect reflect our post the gross the on as margin accretion lumber gross was which home we acceleration half to the flat XXXX, second we the and quarter margin XX% basis William anticipate increases of XXX the points generally to gross gross from Homes. the low driven in Lyon, our now from critical Our XXXX year, home home Based we the timing be inflation. closings home an year on of impact closings our acquisition gains, impacted was up in the margin quarter cost cost in margin greatest Based first by anticipate to by We of closings our sequentially of XX-month pass mid-XX% range. second to and mark full half our price margin XX.X%, pricing synergies range. of

mix ahead, improvement favorable XXXX in and earlier. Looking expect of further we Sheryl our the that efficiencies backlog margin on discussed based operational

we acquisition from first to quarter of William XXXX, In given the But home to underwriting increased SG&A revenue of we size approximately decline $X of Our percentage the deliveries the flat as our cost our at acquisitions Lyon million to development, million business following total to XXXX, the acquire up in in we SG&A expected first cycle, of We remained investment total year-over-year our expect disciplined enhanced over billion. approximately to approving continue profitable land land and reflecting Homes. see are synergies opportunities scale. continue expect land In the revenue and our land XXXX anticipated we impact full the year in to quarter, growth where mid-X% drive we in cost with XXXX, the beyond. invested the largely to leverage and be was for full closings a $XXX our increase in XX.X%. our from $XXX our range, acquisition to from

owned owned. X,XXX total by which year-end supply controlled. total to lots Our lot of years lots X.X XX,XXX This represented of and since increased years X supply was approximately

project which ventures an off-balance we within vehicles, structures approximately noted, we evolving when are end, To of since increase in joint As X XX% and financing targeting we that lots XXXX. return expect the options financing and from other our quarter through the maximize quarter our and as of the controlled utilize of arrangements, such terms, XX% XXXX we through in sheet land and the quarter up minimize level share of next to achieve other and as first Sheryl XX% years, appropriate. highest third risk marking control to

sheet. of We liquidity, our letters $XXX balance of facility, with credit total undrawn to $X.X $XXX the on ended million billion million our hand and now which $XXX normal of corporate on outside cash capacity quarter of million was including available revolving Turning of credit.

and which community, all nearly than spec the sales to end, quarter capital and continue due rate capital will in at our of starts. X run were inventory our equaled This solid disciplined to allocation homes normal Overall, construction. our per was liquidity of normal position are shape framework. the we under conversions well of faster our Additionally, total within context business below spec manage our

Based debt-to-capital strong net we outlook XX.X%. our debt-to-capital net followed flow by equaled expect ratio range to continue ratio for on the generation, Our year-end, in our X% low improvement further cash to reach XXXX. by

will X.X the to $XXX million cumulative shares. brings share XXXX. our Lastly, $XX remaining we our overall in we repurchase repurchase utilize quarter and to to At enhance and capital end, share their repurchase $XX first million returns. spent outstanding return on shareholders million our buybacks to or million XX% approximately quarter, shares of our continue to had current authorization, we since opportunistically This excess

I'll Sheryl. the to over Now back call turn

Sheryl Palmer

published Morrison, foster responsible social generations developed more we people habitats of for over is Thank to ESG-related on friendly home which across development, Two priorities To stewardship for Monarch that XXXX achievements build come. believe for from preserve highlights approach decision-making in our report, to XXX playscapes our for National that our are land end, our exclusive the people-centric you, our building land eco we proud our date, the progress of generate organization, the and and of our to strongly gardens weeks our returns we Taylor attractive At layers all relationship of we the Dave. we To I environment communities. the incorporate community third environmental, to protect share focused ago, is whom of acres processes, across and X,XXX to the plans and nearly some protected long-term with future. Federation, to Among annual butterfly management, spaces, we and have certified and governance on sustainable, made initiatives we the highlighted in construction governance. our with each shareholders. foundational and ability Wildlife divisions natural forward-thinking engagement am wild to in collaborate we the

also most which communities to in to we options our need. to presented annually and least, earned not even we deepened to a in helped way leader to all is as local in for promise the BUILDER bettering a became partnership my representation HomeAid housing This greater to our ethnicities, recognition members inclusion communities. security talent just We have and to and shelters lastly, and commitment members we a of our our empower XXXX CEO our so Hearthstone gender I'd provide resources Award, own I'm efforts organization. which a use philanthropy their similarly And certainly team for deepest This one to renovate our In neighbors us communities. Action with more in like equality, laid uplift customers compelled uniquely we offer feel to our partners A for our in our proud is address. America the our diversity important and charged tremendous closing, XXXX and which housing advance trade team bare commitment commitment to Americans, but my a and pave in to with races starting crisis recently in be pledge, the that the lifetime space for to commitment organization. and Humanitarian and by feel appreciation responsibility, many pandemic is help way which

to to participants questions. open call like provide your please with I'd instructions. Operator, Now the our

Operator

[Operator Instructions].

Barclays. from Bouley Matthew from comes question first Our

Ashley Kim

for today. Ashley Matt Kim This on is

all estimates inflation you're just given about in the the changed isn't margin outlook gross full in you labor your you remarks, and pricing prepared just embedding costs talk guide? tightness, then the on chain mentioned what supply And inflation, that maybe given and can lumber in just cost since year around XQ? So assumptions inflation

David Cone

Yes.

online, focus to on as we potential Ashley, We're the be hoping year. I'll Clearly, cost hopefully, mills start heard, by the put some has see costs coming trade side. being through on pockets and the are the supply that as the lumber. There impacted one some to cost continues we've move relief normalize that chain. pressure resin all agreement other of that's impacted those on With reached.

cost the our probably we're through year, labor, look XXX points. it's standpoint increase basis we believe trade out, rest to as of of the but from supplies getting the As for job I see the a as working with partners sites, the think around and But on going year materials well. do prices cost move we I we're stay rest ahead onto of

Sheryl Palmer

with the that, the prices more Canada it in concerning to I And is Congress talking lumber to Dave's think look or everyone's the the speed members slow on I we're engage we've been haven't in have add one right, if the even would at understand better pretty yet. mean, might than because border full August. even we really biggest getting Canada, because opportunity capacity. of their think about negotiation. continues weeks. more because open greater been you said, And And back of close to next issues probably I since mills many I respond that across that to you could I administration capacity kind full is But feels we come and maybe the tell of we've seen that like the industry if that Ashley, domestic concerning lumber. better the raise with I do just

excited that ahead. about we're months So I very opportunity the in all think

Ashley Kim

And color. just my helpful That's then one. next

basis start elevated start just half we think how sales of pace thinking sequentially about Do seasonality? back the are while in pace? pace, sales given kind running As closer just think moving you on you 'XX your of to progress given normal an to communities are normal absolute of that lower, low. get and stays taking will kind Or

Sheryl Palmer

No, Yes. a good it's question.

elevated" "stays a things record at now, the look I One, you as We're, in we that few you kind think pace quarter. there's a right? play, reported, of are to couple of a first when things. right say have at

to as are align really we forward, we as pace managing said, that production. look We

that you still But side, for could demand a So And likely through as partly we about some they're production, us because elevated. this I I'm think won't want of share balance if year-over-year, look our repeat tremendously to paces over pace seasonality. compare four talk quite of the we the if year, you the going partly elevated. alignment do the to to remain to of want because

in range. X.X we're the probably April, think somewhere I in

somewhere as to Xs anything over that balance just something look the high two on I those we be we think the would to in of would plan year. compared

Operator

next Our with Carl question from comes Reichardt BTIG.

Carl Reichardt

Sheryl, I'm curious, those, at a between if going be some different so be -- looks now community until kind end product to like How that you'll near change, looking flattish. sounds count we're the all, so closing of that XXXX. it's of like to It types geographies? at and expect some since do opening and mix different you

Sheryl Palmer

A things good there. question. of Carl, couple

set, the about close I you think I a I I think a first-time -- comments, of year-over-year. at you'll XX% seen buyer see first-time groups, to the consumers, about at mean, when change. mortgage our my level, right? shift, we've global a in don't consumer up reported When prepared dramatic look something I XX% we we're buyers. most We're saw about the think share

So definitely structure been investment I can new geographic probably this specifically -- you some the is When the overall there's you look at are -- our movement. that penetration, our there deck in to deeply think look percentage.

we a the a control destiny. can tell destiny ourselves central, of in is out see that gapping Texas development delays not press making you, seen some sure having business, on in would from chance which away the our I reduction historically we've based and lot was. And own You'll getting by our controlling release, of really finished our

So is communities that some running more by of larger, it. part of efficient

say, that at then across look the some you Texas I -- much a But say change. I'd quo. status So place see you've might consumers biggest is I'd when board, seen where pretty

Carl Reichardt

can bit like on erratic perspective of your just you little seeing And talk remains land maybe curious that a in say, rational. some largely builders we're I'm business then others to a market pricing looks markets." of that. say about the the as "Well, what then We've a And had bit now? couple

Sheryl Palmer

Carl. Thanks,

probably able I or to I my to but going those do X point would be could deals. crazy the where focus always it's You're to same, effort. probably X not

there's how the opportunities land bring same to I challenges our we would I as everybody been more around stay out deals. Everyone's quarter. say, to the on actually, paces given a that market. about the locations, to lot look it's because mean, quite think I the key running going we have out our been land strong approach the strategy there, fringe. you and retain the recorded approval is and We're movement and board. at continue helpful into processes But way of that's to focused on cadence through

don't our over In XX by you in fact, land biggest line, aided that lower. in it's land when Obviously, I a look bit and price residual at appreciation. last I the our months, that's we're would activity years. markets available. actually tell some The little shift seeing in that's a of with a of same raw penetration seeing lots But for higher see deals the the our seen return there, we're margin as out number you finished much if we've remain than efforts, acquisition of higher kind expectations even

Operator

Alan with The next question Associates. Zelman comes Ratner & from

Alan Ratner

average a to love you of lot on XX% that any whether talk up increase bit huge I'm I'd there's order And bit the quarter, year-over-year. price, this was by little power, just in question. a obviously, mix? a pricing First a but drill impacted little of can the curious, forward? more And through the gross case, little margin surprised, kind your there's not price the of I'm way business bit mid-Xs upside year. in to the that's that to back flowing a a is maybe in of half think assuming of the going now right Or about about

kind XXX basis point in range. commentary of cost Just that on given, Dave, inflation your

So great. there any conversation would be

David Cone

into ASP to is with going perspective, We're help holds you to ahead pricing a start XXXX modeling then assuming that have to the... in some there's we ASP Obviously, think see we half guys the as likely going the believe jump seen additional where of Yes, stay I in XXX to maybe the where cost. Alan, range, from believe pricing it's I'll do in ASP. And to it we going ramp-up XXX the is. can we given that out back there to that's trend

Alan Ratner

just guess, perhaps much not is maybe through why up. flowing I little stronger, a margin, The bit pricing just that's given margin how the

David Cone

a things. I there's mean, couple seeing power mean, I Yes. there. of the we are pricing

margins on If the that bring takes But synergies. the through a than And we it side, it in be fact acquisition, there. Lyon was Lyon, it is, the just synergies of William to to to side took those recall that what for lot are are structure. place because William The we've traditional Morrison up legacy working Taylor a that lower about different William you'd with cost obviously, on going the XX months side talked about get that most the margins XXXX by now. did

of many to place. and coming this extent some those are in Communities from Lyon that deliveries those started in second legacy quarter William we're synergies So seeing that the we before quarter were the

move will in us. QX, to the deliveries we fully about into will more which for apparent be in start more be have QX realized should those synergies synergies there, of As the And in those margins.

COVID, specs. deeply, kind of specs through. we A through of pretty weren't those to those a acquisition. William time to We Alan. normally is our a Again, The other out gate, have right don't lot We probably of have. of inventory, what that because trying the the of we the of we'd component Lyon in level part the that were had sold lot of just around spec lot best relative push

So to taking And aggressive trying rebuild the some we generate just time. It's -- population. to spec that be tried building we're cash. to

reduced a within of So specs and can sell number that we just the close year. we have

Sheryl Palmer

mean, playing how pointed Yes. in on Dave's and point to-be-builts is than significant the And I more it's even think margin. I your spec XXXX the Alan. that, on

if little bit -- Dave the take tried, you on you something a as a We deal, take around So a specs. closed on might we little Lyon you of we X,XXX history. recall, X,XXX, had

the and sold the start bit. when having part make year have, we Obviously, up we quite we're get have advantage table the make others is the the those backlog first lumber the sure they down year. little moved 'XX through machine. didn't those. to everything in And that at buyers last Sales would through for. prices the closing into spec and inventory. new the to-be-built were of those the to-be-built to year We've probably deployed happens, that helped specs contracted many point, year it already probably to spec moved with down significant was some you, more end move Dave's those for, with quarter, half the of we point, strategies that COVID as and through a the then we portfolio specs, to being Coming We're COVID would -- of making end of our of and put we first to the were the challenged as I sure that So on same contracted continued later and we full high of some the tell into of doubled and releasing those sure pricing. we construction shut building going some backlog Also came we cycle. a into on bit And pressure. the with. being But year, focused a Dave's prices with making happening with the could market into that those penetration way that

Alan Ratner

comment you're little X be over I just at on over is if you all now the at. months today. right very faster. start Got I pace just sustained guess out us a positive, land that? term? comments thank why, there's and it. month, think it's The the to is the curious through on communities I'm Sheryl, improvement seasonality helpful. constraints pace the month in, in why, in had per for you might of community especially sold least through pace absorption don't there a I'm you quarter, more on starting where of color maybe But at that. And you've very reason just near in that there, sales that all appreciate X can a why know X And a I kind bit curious, I given one that want helping normalize can't squeeze can the X you But burn your over out the and if over second And labor

Sheryl Palmer

align starts, continue sales to pace pace want and and starts. We Yes. to

we've So XXX. of the pace hit this

factors of a One couple there, some can where have think starts I in happen. is our you Alan. of seasonality

ramp really wouldn't land was just is thing land there retain starting is think It inventory. pace. the have I can one I to say we're the homes, this significant more I think, going because in I the mention. make to And at trades governor actually point where up. going a we the was too, we're But that fairly sure the

to pace, sorry. think well. you start in the about when there trying So put I'm specs as we're

David Cone

we're continuing And push price. obviously, then to

Sheryl Palmer

do We continue... want to Yes.

David Cone

might as little That bit well. pace meter a

Sheryl Palmer

of sorry, right, the it I make -- to start. we're months you're go other a to Alan, keep really we our continue from through I going lost about trying process We're to for streamline And in buyers is that Yes. that sales David. of not center two us. to contract the was only design sure, started throw thing out second, And to front process. trying Many of

our and might that think the options. of active in into XX% you somewhere range about adult If XX%, home of buyer they and price purchase put

you to if to which But but an off we would well. we bit Alan, elongated try specs, a part So have end, of say streamline, it it different. continue be I'd front were of that's as starting little

Operator

you. Got

question next with from JPMorgan. Our Michael comes Rehaut

Margaret Wellborn

Maggie on This is for Mike.

First question.

expansion talked question beyond that you First active the on adult Florida about.

the your that more will more expansion into you the Or into do rest shifts to mix your continue grow buyer presumably in you business? of the line see look with meaningful segment this of any and adult types? you in longer-term As allow active markets,

Sheryl Palmer

Yes.

really of their generally That's would a quarter little the business do fact, year attitude would the active buyer pace that probably, range come the were next the was the the they've different of last see up part COVID, was XX%. what We about up think our Maggie, XX%, that first with the that and really end bit shut by business. the I buyer at happened it guided course, that you of In is adult about saying like of they've tell quarter, I back our comes in in as stay sales that decision. for years, to mix I that really, say couple with a continues But XX% down. urgency as well. back we with would But some to It's about in a XX% somewhere right. grow. buying And slightly vengeance right. and

Margaret Wellborn

it. bit talked we impacted about Got I But business, you Texas other Texas. storms then how wondering any across particular just you as in pressure second, could get some business I out? the worth more chain. And a supply color the calling little the if there around know look entire the was points are

David Cone

a that get I ebbs that And fight and a resolved but as -- or the and mean, to today are. more up. the there. always pops challenge would challenge tell would moderate. What seems is. is you pressure, that's it We're labor that characterize labor Obviously, I really, it's flows. I new There some tomorrow less seeing is it's

Some of just allocations supplies. of the greatest on are challenges

to not I These out Those extended this basically We a find and it's room war one times solutions, managing to problems And things we I continue with overly lead in seem said. the stuff thing we but that when have throughout windows. that be up, place. come them So put all like fighting around arise, of drywall, that's expect we're disruptive. doors, pop year. battles

through. like something So feel it is I we can that manage a challenge, but it's

Sheryl Palmer

the ago. of market go comments, one. brick And A mean, brick, If say dryers, across And There's which appliances. get. two that an place you were Texas, be like because they a Maggie, so markets that's market. two we appliances that a I you quarters, are think, I'll is, focus not couple ordered I different. trading a that I team's by market. problem. quarter out back quarters are If were bricks give to which today's go They a There all of on were colors will overarching of literally keys back Today, to certain is refrigerators. was almost so Texas, predominantly what probably like from our of examples. it's can't XX% different now, washers,

have drywall on where allocation. You a markets of couple is

all. You at have many markets it's where not

we teams are bit little nice of doing it's just So market. generally each -- a but manage really [indiscernible] a I'd that say with it. a it's the job And

Operator

comes Our from with Wedbush. next Jay McCanless question

Jay McCanless

about expect up a question you this my going and G&A quarterly expense increase talk what first for So should that meaningfully pretty and on sequentially. run Can year-over-year quarter, we rate forward?

David Cone

G&A? say you Did

Jay McCanless

The Yes. G&A dollars.

David Cone

Yes.

I'd homebuilding get there. leverage. goes as SG&A it, mid-X% say leverage slightly one overall look pretty XX comes basis an we firm talked tight where a a the of is overall of still little revenue. leverage as on But focused be that on more We could thing selling the because would on is had weather. We in, are we something of to our XX about leverage G&A. percentage depending a on. we And better. going closings, Some we did SG&A G&A have of bit on end that from is timing we're in, to that, range, in it of call we're saw points didn't -- there in expense. the I we the that that on saw at just push lose lower it strength another, Had we probably generally But ASP that the the up it, the that call Texas guidance

Jay McCanless

end an at of of basis, Lyon, keep it And growth to more markets XX%. just a go XXX slow rate had little willing count? some perspective, do opportunities down these with XXX second count by you between see excerpt My forma to pretty that a tracking communities. now a get question, 'XX, the all get tertiary, on why, more William of front guys some that's the end of to operational And I they you're a to the you grow -- low? communities like in slow from and guess this not almost pro you sounds year community is want Or strategic try to of the it and volume? to lack a this or out to and you to

Sheryl Palmer

in up wrapped there, Jay. is lot A

it give Let shot. best me my

would I where it trade-off effort low. initiative tell there's larger But think a that going strategic were XX-, we and low. keep developers, on in I where lot there's some that we've company reliant doing changed you, no, that's mentioned Texas, certainly to communities to And to we're I or for a XX-, not absolutely So it initiative XX-unit places communities. market one a that. of was keep don't

that of think we when you total I William count what Lyon. at said, at communities. like we look of on There's acquired we look a different board number communities 'XX, ways number then when came you the actually and back in

line So community, because when I product right would we tell probably a quite was you, had the our there. it we aligned shift slight a every to combined as XXX community, never

underperforming ago, made You'll also from of some with the we decisions recall and a assets took of quarters couple dispose probably we of those. William Lyon, the to

pace. seeing the really so at now, XX% what higher we continue sold business. Jay, One, is more a as because a we've PRU regrow pace, you're historical to is of than And our a timing which X.X

future teams see, up year, following focused the through the next year see quite ones But strong growth. It that any the burned to tick doesn't for growth with quick. that relatively on move continue year. So into we are you'll bring of you'll as forward. And over

David Cone

we plan is, open communities some to still Sheryl mean year. more nearly I XXX it as this of said, selling Jay, through Yes. quickly.

And open. is communities we're on new it delays just some of Some in getting that. focused

but the 'XX, more that community of going grow And me, through. where towards and see of growth going just into over for big really point that the Sheryl in But you'll see takeaway, to municipalities 'XX, 'XX inflection see said, from end working you're to meaningful. count is Some we're the as 'XX.

is it So timing. really

Jay McCanless

for the seeing product lastly, is at Carolina? on talked better pace California acquired older properties the wondering, and same some you of AV, that North in from in just newer than selling that you're Is that you or the down then it maybe about active adult. Florida And

Sheryl Palmer

Yes.

on balance line product is called rationalizing Florida in line across say we you're at our project if state. communities. looked one specifically think, I the doing, have with the I Jay, the would speaking, adult that's What of in Solivita. So active

first, community component Solivita. would then adult that the even this I that to it's active say they product of an the and kind look a the speak find house. in when I they I not like So at would lifestyle you tell makes decision, would

in you a find they which plenty travel And community that's experience, all pick want further that's able out? have Sarasota? you And say away so from. home be style consumer pretty from want and that sizes you But Solivita. then do experience, state Orlando? want And similar penetration water the in Do more look about is might kind they they can at, they selecting which the Naples? Or I find to our out is find crowd, want consumers really the those. which across country them. in would find they of a in kind And to of to reality something that the which it's of club right they is, lifestyle go is for can a can the in we do Do find of town,

seeing We -- it ahead but question, because if part I of are go I was know it's the I'll think interesting. don't

experience. patios. seeing spaces. can really large And bit seen that product. shift And kitchens, you outdoor and But want hear can buyer. a mean an COVID I desire have a the of buyer, a seeing conscious on screened-in We looking That mean because be we've because it shift are this probably product pickup of in specifically might the are greater in we're that interesting And that the outdoor is Midwest/Northeastern they outdoor for. of a find that don't lot biggest with what around but that's little more consumer. the to buyer with since That talk we usually, seeing

Operator

comes Our question Truman Research. from Wolfe with Patterson next

Truman Patterson

as it any a for wanted that is little First, development municipality really as the how land local on on you over now shifted the constraints. approval just finally, guidance, then some bit? the your today mentioned you absorption up the seeing community on trying update everybody community pace in? quickly delays also Are really primarily order? baking again, what just the Was elevated you that to understand trying to ramp quarter count touch extending. Could to count you're guidance You Maybe And rank maybe internal prior process possible. is touch much to development as well? side, all

David Cone

Truman. Sure,

the break kind was a accelerated and the was pace on the timing open. would probably difference, getting XX% community I issue. communities in count, So delay sales about a that's XX% down of Again,

when some what we bit. it us pushed So we some those we'll new number. a closeouts, were But see we bit that XXX to gets getting of into but that left additional at community have QX, know with a pushed openings sell, QX, down offset our look communities where those QX to little probably are, might to little

next we at that. that the we quarters to as all quarter -- good pretty rate stay to couple feel going move It's the about of year-end. through way So run

Sheryl Palmer

And could about you look that really mean how because we we when is bring when we -- when that about those at it's market. delays I knew the really our be I Truman, a mean, big XX%, right? delays Because It's -- gave product word, land -- not guidance. land to

we a houses, but model be sure up. example, rush enter start look buttoned to no at to make might where not of when cadence complex, and market. presale, Because communities half to to complete when production for reason decided So those there there we're the those the was it's it we XXX% dozen going

smallest we community about positions talk a that XX%. and And when them bring obviously, to of say changes but we lot and land that your count. really it there's you be just the of move So how delays, the things month, market a piece I'd would

Truman Patterson

Okay.

prepared this, remarks, And how further, much, backlog catch a and didn't Okay. on I'll And room to I elaborate relative qualify. bit wiggle I'm and your say, discussing question it were say, just your being, then, quite Sheryl, has affordability. before kind on little in we'll rates you backlog could you unable your if hoping of a to

Sheryl Palmer

cushion the every really certainly all that did, in Yes. actually giving this that X, high. on, I we're because with a calls an And at Truman. least at fascinating sure all-time almost, quarter, the marketplace been I We're think, discussions quarter. X I've is I And seeing it's this know, and the hearing stat a years. almost that's don't X, it's

So it speaks really the to consumer. kind the in change of

overall XXX specifically, XXX what points FHA is in that basis said buyer we've points. your basis about to our up. And profile though is an even range. I seen So average even And as we've buyers. go the increase point first-time improving, credit conventional prices buyers And the the seen is in mentioned, our of though has about cushion has pool I really

an thing with offset other at The there have square buying that what I the doing, find were have that were that people houses. smaller is, actually may But all. that's would would And fact expected not be fascinating I footages. been

home lot are in Our we that, put footages a a footages our that our slightly up. actual flat But which inventory. square are affordable, would site, our that up. to be down, square first-time their makes going either is home that sense more inventory seeing selecting of square are our We're would more buyers are where footages buyers

And so really thing this the important all put in I here of is to think context.

basis that you say, X% would X% interest points might rates the XXX the at impacted. hey, they quite the be that because but don't emotionally, if I look buyer know So shut of market went can have XXX or think have spike I we that and down to room that, that won't to

conventional then XX today, where probably more basis or to rate with to is long-term of in If if NAR's $XX,XXX last year to I improvement $XX,XXX about you are affordability that consumer interest from -- I on affordability than from where myself look of from have the our XX So at around considerably power. ago, about XX ago. point basis XX-year we somewhere index, And And for long-term affordable under at buying more look like months, higher. the we're a gives average. if kind peak somewhere is consumer the a points try the and which XX XX both first today year actually where want ground in FHA is I of X% year we that and to quarter today, will a think last to the we're the to

buy. news time So of absolutely, But move. that make a good seen some to moving is parts we've pieces. making is the decisions the consumer this a affordable lot still and prices And very

Operator

with Our next B. question Alex comes Riley. Rygiel from

Alexander Rygiel

you build-to-rent update give Can your us strategy? on an

Sheryl Palmer

question. You bet. Thanks the asking for

got deal obviously, we have we well to we through have in have from in first with construction as deal first which closed business, forward probably as at contract X in our be XX growth a about our to homebuilding the the build Phoenix, amenities, Phoenix. accepted importantly, next So couple rent. of projects And going going projects just some actually But is on look our our the combo of we that side Phoenix LOI most at over We've coming that years. begun stage as see market you'll deals vertical traditional our to production. in

impact most what's no next late important the on likely a modeling assets, the have until year. begin will to from think be which we real is in sell I probably financials we standpoint

next stage by You'll include And business And start end kind the to come that. another. to said year, year. portfolio we'll we quarter, next at in the rental guidance, or we'll markets BTR X with But excited in we as last this immaterial of when the of some see the about year's one have give income trajectory.

Operator

from Our Tyler with comes next Janney. question Batory

Tyler Batory

here. the commentary all far appreciate I thus

had multi-part on my Just here. one question end

of or is against on a the count power other you Just backdrop be some long priority rank move of from of very interested and coming have improvements, you capital, ramp cash, How over would through strong right you years, see in your the it you've things repurchases strong now, term. next a be would in should environment. think like acquisition earnings uses given outlook allocation ramping I the demand, And a how more your this I and Where much land the lower also out leverage here? mean, now? and of environment whether strong leverage with fundamentals. really the outlook the side capital And leverage margin your to of views there leverage the the for substantial and business. couple laid an in community right even amount up

David Cone

the question. for thanks Tyler, Yes,

next just have designed have low is quartile there First we to we focused. further and as a foremost, debt current that The due time. strive be out. our over we're and take What we actions returns, It return to we well. those we'll range all this top gets I due. are in are great balanced gets improve Leverage drop expect XX% appealing we in with end important. where to through can talked about, leverage the from a constrained any net standpoint. debt-to-cap that We've be opportunities till out the bit around on somewhat now, that based there. year position we is the XXXX. When that more don't do It rates to move by year, that the right as it's look are of a other year. expensive at take little I We're

in investments the that business make, back down just or be other buying back debt. we organic paying general, in that So stock balance we with whether through that growth,

So buying at opportunities those. debt, We're when stock right we'll look all at here back to look given just the term. now, we focused at in short on limited least continue the

We our continue stock undervalued. to strongly believe is

share We left. repurchase of have about authorization million $XX

you is once reassess opportunities. again, and about we'll But we're investment that us first than later. think And a maybe that, the I foremost. will returns driving for through see sooner then probably bit go through our business this

Operator

with Markets. Mike from comes question next Our Dahl Capital RBC

Michael Dahl

was respect first XXX, relative first, kind kind XXX expectation terms the 'XX of modest 'XX count, to in previous in community question to far. capital a follow-up later with on But My is communities. a in the growth color Appreciate some allocation. of base of of so your ways

referencing expect of So still modest get kind year? still second XXXs part would willingness kind pace, you you growth The that things shifted to you there over expectations something XXX closer the opportunities is talked at has I have attitude months. the you now year focus. now viewed relative or about the a XX next sales community of when you're the harvesting this late know how would returns all? look of year-end the 'XX, towards in and the by is, off Has base that into going to could at But count changed Is given the past or your M&A forward?

David Cone

start So community with we'll count.

XXXX. with, expectation that Obviously, So it, And yes, the goes think Mike, we we and as that we end mid-XXXs. where of the in refine call on, end to then but year grow to expect the in the do we'll that somewhere year probably the XXX. as We get point see inflection it's we'll is, XXXX.

additional the call of to it, in community we'll start, expect on move see We that wave growth and higher XXXX. an count

Sheryl Palmer

your And then question, Mike. M&A to

that a seeing I anxious said pull-through. integration, are time, M&A, just fairly sure year on-site, synergies get last and had think finish the work we a we're we significant so we're all to working full back the cultural everyone quarter, transformative that make into now, as to right we can

getting talk head And early about done. to one on us it's for future. the in anything too down this So

Michael Dahl

more basis soon the ton, didn't relative lumber land, and materials. there? of quick and cost Dave, It if follow-up I'm My sounded more then it sounds they inflating. you are just building some little question, with on of magnitude in. kicking margins XQ. And and labor, -- the make XXX that in peak that of the just seems things, absolute kind pricing cost the they're like I inflation elaborate of other today a little your the Can where in to given panels, know or around all And and an cost Understood. low categories Okay. some peaking. a inflation. basis was just points, around know impacts other a It reconcile terms comments trying but I don't up comments. to like it's and power necessarily

David Cone

of our perspective what's the the tied What cost points. talking I out between basis about coming in XXX Yes, threw per from see to down I'm necessarily and now what's not backlog. to be pipe a the is end year. going It's we

those generally known. in example, QX For are costs

Sheryl Palmer

Yes.

exposure the the backlog. Mike, think, had we that is in difference the with I

from where able about adjust So it. kind been overcome to how of we when here, go price think we've you to it's

And so the And from of about greatest to we you the half X% Mike, greatest -- to here, the in we're year, the is, first the point, pressure impact where So the in actually backlog. really we brought your the big -- decent have we pressure, Dave, shape. balance right? so pretty the think when think was

David Cone

as onto costs. are avoidance seeing site. folks and to we and getting new well. That as much It's helping advantages the else go cost sites we And when materials of around our us anything table our negotiate to is

Operator

Deepa comes Fargo next with Raghavan question from Wells Our Securities.

Deepa Raghavan

Sheryl, to be you X% we to should on strength? time? a ease perhaps thoughts -- and Can to at X% ease? how that inflation you price probably made year, giveback there And say, provide think continued there is especially can pricing beyond, provide inflation any price about but starts case increases, the Like into for moderate even if on is XXXX a because would next as

Sheryl Palmer

Deepa. It's great a Yes. question,

think is And of I deal giving exactly you supply a it's issue of country. the strength as great seeing we're the to longevity would we're pricing the in this What a have we tell today it, market of today. that trying all opportunity. understand I out a result in

the me we've to at cost? continue here that and above the sit on exactly really but marketplace, hard strong Do the they say months I quarter, undersupply pricing Deepa, begin will X% the that when supply Do price, look those very across what on have My just Probably a today. we're we see like take for we've right? power maybe continue sustainable? we some to new long would we the that seeing to when continue to market pace will time, for continue that's It's think in But you the look and say the average, estimate today, crystal X at say, seen? I months to going be I pricing we're will opportunities that to ball term out in will So first given quarter. or we'll XXXX. to think Probably if so, and moderate As very look advantages not. I board. see a XX had, hard comes

Deepa Raghavan

about ask sensitivity I population, I on in probably pretty prices pretty immigrant And have increases about flowing that cannot perhaps. I'd immigrant compelling. an the population some And been some trending migrant your your the so at driving fair. it have also probably especially hearing in appreciate local mean, markets. incremental is incremental That's rate concerns buyers, demand. population Okay. -- sharply But sorry, some that curious, are I'm point price statistically from impact keep higher? any to I And from needs concerns from of you the -- you end. forever. buyers, the -- appreciate It's some just you gave time,

So from incremental buyers? just hearing crux curious, you're any the local That's concerns the question. of

Sheryl Palmer

Deepa. couple I'd question, a It's of in a Yes. I And good ways. guess respond

First, that's I would very balance buyer/consumer. noise, be it's going And would at sheet, buyer. that, you quite well a in look first time I say the always time our at delighted to probably more of some right? tell buyer, first noise And the dynamic first-time kind the if course, of affordable of I'm as system. there's we there's

But look in our I not very we're our I it that's most where feeling we And communities, careful would say affordable are so strategy. tremendously. at if pricing

my point and Vegas, to why is I quarter. perspective I to in were prepared the XX%, like in migration, I is I came seeing most bring thing, a affordable your markets Their our other the the we're think to The in and point, market, of out we in, as different. California of if it's of very California highlighted comments buyers Californians think

sell ago, you to So to look shared they've in sell they're even going so wants on it movement And a on And that to a appreciation price though going is local it's with statistics home. in more that their they're to good cost to been point, the from and long, see rely still might got now monthly it's Having back a that basis. market affordable. what different, but you me house. time really year then their for to the to consumer I at little your going a go

that hope helps. I So

Operator

Ken Zener from comes KeyBanc. question Next with

Ken Zener

two Appreciate your here. questions. have simple And I time guys' I'll just --

question do When can with be just a year on -- returns, kind And done. your the under broader is, to if you is about you've improve years you that's about then you're Lyon the option it's going one look to integrating margin is one, focus talk four biggest William today, think what first And a generally, at that accretive are it's your land broader seeing? you what turns? you take but of for driver integrations trends guys asset a to the second -- The you? and all the of

David Cone

very options to nicely. side. homebuilding that's So I'll in the on overall say start would the margin I for option The are margin. accretive with holding

pleased we push that can. obviously, So especially right with where it's in, that try given very we're I'm to seeing But we holding pricing now. actually where the environment

Sheryl Palmer

the a if and you I per accretion, crazy it's even but And without into more percentage as basis we're accretion, for a slight continues our unit seeing specific wanted ASP year-over-year, Yes. accretion to mean, to on grow. basis, detail, you getting as be

it that center it that We're they strength. want think And active of And our lot I in is tremendous goes I from -- it. want a to they want, think they adult to go I psyche buyer. when continuing come they what back we're absolutely they can discussed the buyer, want seeing afford what design the seeing this around and earlier want, they I today.

the as timing one was the As questions far there. question of acquisition, in your late of that around I think

David Cone

So asset really turns. just the

Sheryl Palmer

more specific [indiscernible] Be

Ken Zener

amazing an job. have done you like guys Just

guys somehow inventory Is X you lots given during lowering look is kind level. But of turns, were done take improving it which well times. the X you even the of very turns difficult How those? be in that it faster, difficult. kind might asset making You or out homes And year have next operational being of at your these very think in you give times. Is or do or as challenges land? you with normal one,

net think try about in capital turns. to put somehow Just the

David Cone

aspiring always XX%. that's It's in where and now that, materials But labor to And that balance driving lot to targeting XX% it. to about yes, constrained. it, ways with improve will our We've that We're call up lightening controlling to X obviously, constantly. is we're And and key. so, We talked more and years. great that reduce cycle looking sheet market times focused right is to production. owning We're next, question. returns. are optioning we're enhance high returns, asset always the a get turns. a on land the over in Again, the moved We're priority demand that it in so so our versus for

serve holding Just always to does. point. is would That even I help It a say. on. at win, will start will some turns ease later just That

Sheryl Palmer

think in And words it. X saying, key because bullet over we Dave X kind X.X, operational a integration focused the the on And what is silver have thanks the for of we've then very companies. term about brought Ken, be large here. is I excellence, all not on last When in years, to the there's talk we

simplification. getting more and to Canvas allow my the can difference talk to the bit. comments I up move affordable that which about our you sit prepared can greatest the mentioned is about Because terms a mix, here can we I so I initiatives about you single to probably alignment in And the and talk thing will do.

are going a can So about we things off those land, Dave contract architectural from I talk start. to have that play. the alignment, as about, more to time All streamline balance sheet. talked you to

to and see months really off we going the those what in pipeline first say, of why you always together, in they all that's give had You're -- before impact production. you're the us just really the because burning year XX of coming

You to it. of any didn't get influence

of to benefit. way new Now it in what's bring the really to get save full can't It's the has ground I going in most actually you through the prosperity. today Because land, that understanding land how with the been about don't through we've the work and the market benefit doing. my you Until cycling the efficiently. turn bringing land of can actually you

Operator

Barrón from Center. comes question with Housing Next Alex Research

Alex Barrón

figure go to this on It far Wondering second wanted you're think how that out was course you're you of migration update up seeing just recently. other like quarter, an -- a what if focus talked your I about give question, you guys just to on options where year? from And last strategy. going land can of I things. states. trying could over think Yes. have couple been I'm there. the the One you seems

David Cone

land controlled at a I like From Sure. XX%. aspect, we're said,

back Each for bit. quarter, maybe move We expect that stalls a picks might up. a harder a a But little but little bit Alex. to predict quarter-to-quarter, quarter, we couple then see sequentially, that's it to hopefully, where

end to So XX% at at of it, the aspiring level. we're XXXX, where that call more looking controlled we're be

Sheryl Palmer

age that Yes. these to is It's were But And of it's that start had had I really this important. acquisitions, not like of when acquired. and that now our some been think did working to to Remember when go AV. we back aspiration, new back mix we down. That do that we Alex. because and a I'll happy the land changed

of track. back on kind So we're just

state. is the question, As far as about the XX%. from migration or data that backlog best our closings of almost XXXX, of XX% I out can share number right In in now, sales our probably is came

Nevada, and probably increases significant shift markets. a seeing the noticeable Texas in patterns, we're in So our migration and Arizona, Florida most

Operator

questions time. further showing And any I'm this not at

Sheryl Palmer

you share again for results. our talk safe. all I'm you next to QX us joining thank excited to to quarter. Well, today Stay

Operator

today's Ladies this does conclude and presentation. gentlemen,

You wonderful disconnect, may have day. now and a

Taylor Morrison Home (TMHC) 2 May 212021 Q1 Earnings call transcript