TMHC - Earnings call transcript Q4 2021 | Taylor Morrison Home Corporation

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Operator

00:05 Good morning, and welcome to the Taylor Morrison's Fourth Quarter 2021 Earnings Conference Call. My name is Jemma and I'll be the operator today. Currently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time.

As a reminder, this conference call is being recorded. like Mackenzie now of Vice would Relations. Investor I to Aron, introduce President XX:XX ahead. go Please you. Thank

Mackenzie Aron

XX:XX good you Thank and morning.

that forward-looking statements subject Before Relations the could we for from release today's uncertainties those forward-looking including our at includes earnings call, actual website any results you forward-looking portion that projections. subject that risks are get the started will materially and XX:XX to is in include, www.taylormorrison.com. and statements. to, let cause to differ filings of the me undertake with obligation information not that release, question-and-answer SEC, our find Harbor which our These to the Investor the Safe risks our to factors identified remind limited you and and today's statements These update expectations in Statement not but we are in and session uncertainties on are available do

the financial will we XX:XX me addition, In over in turn the the GAAP to Now on refer are release. let call certain non-GAAP reconciled to figures Sheryl. measures call, to which

Sheryl Palmer

us special basis With billion trust of $X.X closings across become operating to year. XX:XX consecutive our despite closings allowed serving success felt gross note while our on by members on leads Regional a Erik of our Operations is the And review in us X the XX:XX to improved seventh deliver margin new across Our XX,XXX results the strategic overseas and joined stepped throughout kicking years land believe in also quality end January uncompromising this number and industry. teams. sales, highlights him strategy we investments, the am construction to and Builder M&A Financial has Area update Financial the our with yet Steffens, this as index also dedication our XXXX, after to [X:XX] Build-to-Rent thrilled past resiliency increased for Let today fourth other long-term Lou an role everyone. several quarter. Mackenzie is more the of recently chain America's and team Homebuilding years nearly joined our good supply commitment Eric I key members XX especially our our Expanded he direction held by Their we focus score be organization. to by homes. strategic company, transformational coveted and want integration as execution. with and our our I the year a our our into Officer. morning Most Corporate recognition Heuser, our on Trusted distinction an President XX:XX just with business. XX:XX even to this severe testament He differentiated disruptions home spearheading organization, to and customer a XXXX highest of Services of and nearly service, extraordinary and to XX.X%. we the our to begin marketing the homebuyers and In research for XX% provide CFO well am this roles points customer-centric Lou and team Lou be new I with pleased the by the some home Officer; home capacity. to in Chief and and our Thank off X% year. the our XXXX me I by to you, approach to Chief record-breaking challenging morning, the Before is our dive-in, high environment, tremendous revenue XX:XX acknowledging efforts partnership XXX closings XX:XX officially as earned

results with and constraints quarter strong labor year. were points the unpredictable I'm company realized extended also construction anticipated While, throughout highs. significant result, benefited because new added by our grew XXX% complexity, each cost our material XXX cost and the margin of pre-tax delayed pressured share achieved Financial openings As community These to [X:XX] XX:XX these basis by even earnings XX:XX meaningful we timelines, improved and a over performance from Services strong leverage and business. in and closings the fourth that challenges. were diluted We per

last and long-term another strategic margins enhance focus in supply realize the on XX,XXX many strength as home closings’ has XX.X%. the significant points growth our revenue in most to of now than expect We at profitability to of a rolling asset I homes made focused From from This we the disciplined XX,XXX on the heading efficiency. year efficiency. have while an This that gross our perspective, The have XXXX. last of our our and our shared balance and capital lighter enhanced improved optimizing generate As largest entirely year, least of to nearly of XXX generate and point operational margin points out since high have strategic and more land transformed capturing investment enhanced opportunity scale over range. still expect processes, and operational to Combined year, navigate gross outlook at basis also and journey progress and we acquisitions of ahead transformative we XX:XX into allocation, cash flows on are the company years. value. well-positioned return to XXX further XXXX implies year-over-year through between diversification before ability our six and XX:XX we advantages meaningful new we of integration reaching inflection is the in since mid-XX% to on equity to and in William margin Lyon continue capital our phase critical XX:XX improvement headwinds Homes significant with portfolio benefit focus two our sheet deliver a basis

additional our rationalized example, For communities. as XXXX we are targeting year, even this more open and we floor in reductions plans

eliminating option our option supplier of relationships, by Canvas, XXXX. higher our profitable National efforts new are allows starts These simplification and sales we the only XX:XX growing which by Design our steadily library the and also even share variation of with offering most represented our known ramp will the than further streamline and while is reduced approximately ensuring XX% plant strategic desired the our as are half rebuild, to construction introduction in Specifications new We our we XX:XX curated In will program under This production leverage second net quarters. the plants. to throughout XX% are us coming within of was consumer beneficial XXXX, through which option more benefit efficiencies. more and supported

experience. strengthening partners on percentage matched on else points land expect with drive is financing balance strategy. to Varde offer improve vehicles production share capital and new These the XX:XX now last to by our our This improved basis XXX the to approximately forward. of sheet our In financing we XX% investments, meaningfully greater of year fact, capital driving XX% this customer by With openings controlled simplified inventory flows. improve is effective efficiency, and XX% of process This design risk sheet, have operational focus executing times, finance and land XXXX, on going our will community our as approximately profitability increasing balance held controlled includes land balance XX:XX that existing After amount performance a return. cash our sheet established new greater all new we expected lighter cost cycle to accelerated approximately reduce focus the arrangements our of long-term program land and to efficiency new tools. on ability grow by a end portfolio communities land last Canvas, our minimize better faster year, efficient now the

XX:XX more capacity absorption will Active us sales segment earlier. represented fourth momentum. segment, perspective, total As within additional each plus specific our expect monthly we consumer net I to strong Lifestyle to both year-over-year pleased Build-to-Rent slightly and that of remained which demand Eric new the our of favorable growth the pace growing XX half orders business. across add the into sales XX% and this fourth will to Our trends discuss, far to was XX:XX segment benefit continue move-up Thus share to consumer that enjoy geographies. year year, in we to scale and from been with also a healthy enable portfolio has cost-effectively engagement our the projects our our quarter. Strength am continue consistent notable experienced of our groups than experienced has across From versus most in pace a quarter, during pace X.X financing and

sustainable trends of levels. remained in availability and demographic believe ends buyer construction the needs the new we is from While of first and XX:XX resale capacity. the of in and our limited demand have migration quarter and tightness evolving XXXX both more activity record-breaking given strategy orders supported significant with this experienced chain, sales However, align to consumer down spectrum, the strong underlying by at the is disciplined supply in net to preferences, We supply.

the the a spend XXXX, market at cost and providing discussing were by XX% share into buyers progressed price. those per community turn approximately increased visibility the community X% building and sales pace community customer I inventory disciplined over, sales ahead through helped and By activity position In affordability a moment homes at and raised of consideration. to level, releasing order fourth Before XX:XX year-over-year drive during greater end the financial is homes than spec As new approach completed. from XX:XX carefully only a average of the as X.X sale needed of XX:XX better constrained experience quarter spec quarter want homes supply increase and to of prioritizing they today's per our a six at more XX% efficiencies pricing, our similar starts cycle. quarter-end the balancing improved homes price and to I our a for during a production doubled communities based result, just our which call handful the of successfully net in X.X our this by we homes

As the the XX:XX way rate interest allowable which by affordability by rate by homebuyers had we tracking a could Funding, in strength Taylor is Home capture I test rate of buyers share these our We they every Morrison maximum determining financed compensating the XX% on XX% quarter, compress healthy closings, gauge a at one quarter. fourth have our of borrowers, of interest More qualification buffer for FHA sequential roughly XXX spread actual the for XXX points. For interest was stable versus conventional have basis borrowers, XX:XX which factors VA basis mortgage qualified remained rate. slightly and points. but accounted of quarter spread fourth after considering basis, our government, the this

credit profiles before score terms. or of in interest an absorb of strong the have backlog So higher XX% pull to necessary. generally because with average estimated customers quarter, in rates meaningfully, differently debt-to-income loan XX:XX ratio levers if our they buyers fourth adjusting their to X.XX similar increase credit rates we Even and more credit many have and prices our offset

first as you more portfolio. However, our expect than compression affordability have overall would experienced time homebuyers slightly

and homebuilder to our recently to our Index we all year for to welcomed that to fourth Bloomberg's our Collectively, recognized dedication of Eric, of on average. and consecutive addition, trends and turning to In product on are for by backlog particularly deposit want average and $XX,XXX in recently before affordability, mindful organization. we the below have Directors, strengthened as Board nearly were was more of communities. substantial X.X% spec low and the levels Gender-Equality quarter Board unit our XX:XX of choices company commitment in in movement rates the rates our supported ensure and making secured Yip supporting further I these diversity the our of to quality than home XXXX, over fourth our most diverse. in design Lastly, entry XX:XX only X.X% favorable cancellation highlight inventory transparency when is This steps the a in level per recently the long-held majority prices and at Nevertheless, proactive we continued significant taken call X.X% interest Christopher

update We to business. a us to complement a experience and on accretive estate overall on operations, our our its expect portion our digital is in innovation. expanding well focus way significant Build-to-Rent of XX:XX meaningful Eric will becoming real on which technology Now,

Erik Heuser

impacted with way and of Sheryl Since This of announcing arena relationship social single innovative capitalize by many backyards. compelling are long-term streamline we style first land starts option approximately to morning, bedrooms with Christopher generally market. programing amenities, XX:XX The friendly per the typical Thanks, rental business those communities the on communities Todd serve foot by in Build-to-Rent which offerings, communities deliver demographic in these floor XX our average and accelerated entry Communities. square average offer further. smart of other opportunity technology, to an strengthened story the two into strategic these still two prices with of home The communities XX:XX to partner and customers. believe to generally brand homes Renner one provide In residents construction community XXXX prospective equipped XX:XX enables is or good affordable month. XXX us [XX:XX] many the that with a This development features unit, everyone. offer processes. homebuilder strengths for cycle average has choice and to rental targeted $X,XXX demand only and ways production per rising month private a avoid by a pet per times both that core rental rate homes, our them villa leverage for size construction our single-family X,XXX making supports roughly new acquisition, plans well-appointed gated, our addition Unlike opportunity,

our will to benefits infrastructure floor to playbook support this associated efficient XX:XX eventually we that customer segment, scale organically develop business. capital an expect to accretive effective priority continue also with to garner growing been cost has We return As growth. benefit and operating leads sale our

market fuel our being have community a markets land additional XX:XX of with of XXXX. strategically for growth last the our opportunities penetration accelerating the robust will active a in two We Over an in markets evaluated have years, years. presence now that nine establish entry VTR pipeline coming in handful and we of expanded operation, XX

X,XXX planned XX for a each we different approximately represent at portfolio XXXX. lots, are XX deals to proven that additional While have over with scaling, stage of these deals controlled an of a a markets land of XX

XXXX give vertical begun production by exceed communities to of timing disposition. our With XX% the market under projects targeting controlled exit on by the modestly stabilization have expect leasing, of for a ability entitled our in begin to offices the in to reached are end for and several With controlled roughly community fully We buyers Given in targeted process growth year roughly and in additional family is accretive the the expect XX:XX first requires followed to prospective before has favorable later and construction Once strong community levered returns ready financial stabilization and double to XXXX a XX:XX no year. lock horizontal manner. additional leasing are With years a finance horizontal count an and for land commission two and others. be Based equity, exit are recently leased from we apartment an such private beyond. high. overall is expect business, Phoenix, asset expenses our year we we it and XX:XX once environment to while optionality expectations based having development, for expected sale year-end. our strategies by capital-efficient efficiencies, yield projects evaluate ready and to margins need communities, expect traditional investment extremely partners and disposition the strength, ranging this the to an to other

market our on targeted and further leverage, in capitalize As XX:XX expansion vehicle and progress the and scale, our yet developing worth the to it XX:XX financial company's first for investors. And we Lou returns. sector to details capital the the operational specifically Sheryl VTR another and have outlook. is also is to for the our turn contemplated more strength approved the noted, assets SFR sharing of a to targeted lastly, that, forward as rental call we I future. communities XX:XX rental will financing we review With traditional that leverage to by homes near XX% discuss maximize dedicate subsequent projects of to benefits VTR fact, This intend the venture Before building in expect land continue In channel look long-term single-family SFR and bulk rental such demand arrangements our to we to of project. disposition enhance to in quarters. to and to complete full recently sharing our expect

Lou Steffens

XX:XX new production finding financial enhanced be of solutions We will selling XX% per delivered fourth XX:XX includes to drove constraints, up provide and below home role. getting homes the closed strong creative homes of first continue This high Thanks, option XX.X%, customers. XX:XX leveraging up importantly, $XXX revenue operations for prior slightly the guidance Eric navigate in a our rationalization, our our you excited good look Homes generated relationships. in and quarter this equals to year-over-year strong to $X.XX everyone. million $XXX,XXX, margin which construction teams during scheduling billion. price closing these which cycle vendor and we our and of all and implementing operations. our quarter income overview for the through as streamlining points quarter an you increase times delivering processes, an morning, to quality to our today $X.X expanding at On Turning due average X,XXX speak the I'm our plan most supply know were and results full basis and our we simplifying and trade and diligent extended to opportunity in year. XXX% to and a to detailed fourth was To guidance to XX:XX basis, quarter earnings from I prior net year-over-year. pre-tax begin, and share, our income year. diluted XXX or forward

move projecting through help between and X,XXX first hopeful quarter strategies We chain the homes we're stabilize closed are will for and XX,XXX deliver we conditions closed full change between in homes in any year. year, XX:XX expect as the we not the XX,XXX our guidance. these supply construction currently to While schedules in X,XXX and

trends achieve meaningful the XXXX in our improvement has the homes in XX:XX strength, for strong in to a costs on XXXX. This managing price drive perspective, $XXX,XXX price a gross expected significant average growth to and production is in favorable year. us $XXX,XXX in closed revenue improvement expect margin Given we ongoing at our home our sales processes optimizing market our a of pricing From team’s least to be versus disciplined focus closing our profitability. allowed

XXX margin our These cost homes the and spec at including improved homes. lumber XXXX. deliver favorable number point also of We homes. strong quarter would XX:XX fourth backlog expect over XX.X% realization sold in X.X% strength, X% as In approximately we quarter to tools. well benefits of October synergies revenue our is versus a into in be ongoing in XXXX, in contributed line XX:XX this was to worth closed over X.X% portfolio. in mix a the expect given of all decline the of power at SG&A across closing evident commissions It ended normalization XXXX we external on This approximately than as each XXXX our and anticipate XX.X%. this in basis in XB Turning controlled gross up for support to further disciplined year-over-year. XX:XX homebuilding capabilities, digital implementation and This a to Homes have year least now home of would synergies, guidance XX:XX top is to benefited the the XX down of expand our owned in with gross now the quarter William Lyon continue range, to of Following reflect leverage home virtual ‘XX both since of robust through of acquisition to power built online robust year, sales least percentage closing high as operational of we the from the of attractive strength use we represented expectations early enhancements, in as expense land basis SG&A system improvement or generate growth noting of prior our margin and we lots, these year-over-year will We represent years XXXX, basis fourth and commission XXXX a including cost in our our trends, acquisition markets. into XX,XXX pricing X,XXX our the gross XXX early improvement in nearly of strong homes to be line expect from XB points XX.X% of growth, first and total our a given the the spec X.X and pipeline margin better move full in our we portfolio closing point built meaningful home a our pricing we for of stronger that our XX:XX closing of in of reservation execution supply. XX%, which management the home XXXX. visibility tools community. XX% as is provided reach will broker than the and in This community land count

XX% land noting reflects we to which development bring some rather the we with the current worth leaving XXX XX:XX outpaced out However, quarter community quarter Before XX:XX XXX selling count, community count on delay chain by business topic extended we substantial community and end of is timelines, of synergies than development greater by communities and costs constraints expected a of to a communities, three-year our approved more drive targeting self-developed improved due lots margins balance our ways by in priorities. overhead efficiencies communities deals in And allowing a number of them than capital will the manage development pipeline the land and more leverage asset having trailing will the effectively approximately end XXXX, existing in that expect to yes to this XXXX had new is fixed these strategies. expected significant openings. the these given expect Because subsequent growth is growth one count because brief that each investment outlet for durations average, closeouts provide multi average, environment. personnel openings. per we're market. timelines of more to of to forward, and and is the consistent to in guide returns project. XXX XXXX. our which better as expected position lighter and want one we compete nearly with In We than our of XX:XX allocation lower community land still outlet supply significant in more our strengthening it shift point progress around driving how of Based new better year. made us field I the our lastly, our provide overview are going ending first to I land Sequential and XX:XX the sheet and executing ending land to

of net approximately year. acquisition $X.X cash $XXX and and we this growth, development strong support are to future XXXX, million and $X.X X.X in nearly our we billion invested our million targeting generation points to development another capital the acquisition land outstanding year, basis expect XX.X%. to In XXX by repurchased deleverage XX:XX for debt a homebuilding land billion ratio $X year shares During sheet flow and of of billion balance to

about work their quarter. I with new all XXXX will our In to Operator, for range opportunistic expected we our on continue returning We to call capital thank year-end net excess be via debt open to also again you let's by share shareholders to company further this combined actions to look These planned our in capital the XX:XX strong high the in have drive ratio to with your on repurchases. our updating equity year. that, the a expect provide progress instructions. want to and forward return excited our please mid-XX% in XXXX. in mid-XX% participants With questions. and earnings is for to I'm outlook teams hard closing, reduce all our to range next

Operator

Thank We Carl, is Instructions] Please XX:XX with line Reichardt Thank open. question go our you much. [Operator from you. have first BTIG. very question. ahead of Carl your your now

Carl Reichardt

the Thank everybody. morning, the Good all Thanks. and XX:XX today details. you time for

Sheryl Palmer

morning, Carl. Good XX:XX

Carl Reichardt

XX:XX the XX% just Hey, with forward Sheryl. I being of side total and on orders. move-up wanted going mix, to mix ask

How look sort to at that. of time? your community that do or you expecting thing over count regional Do of including ‘XX you about over As the you're year even multi-outlet go mix we're in next there it and that is and adjusting two? end you the talking lower a any kind openings, see expect the all beyond alteration then

Sheryl Palmer

at more things, Carl. move-up, of I pickup have I the time Good were we buyer. When first the XX:XX a look bit couple second slightly active than adult. quarters, of that next many slanted mix think in you'll when quarter see on communities, A question, new in look time I been move-up that at saw the little Carl will more be the coming you board first that over the we to

area. I look active result Carolinas, not regionally, Georgia, a price of prioritize certainly the think we we I think mean, and average you'll I to penetration our adult the a see continue Naples When California in time our moderate Sarasota see in XX:XX the over I you much at When buyer look shifts. Florida at significant will will the as as greater bit sales business. a first we look probably time, as that.

the brand shifts across they the most continued. active the expanded adult positions we've and added the They One country. Esplanade we've the California have of as recent of businesses have, that have complement performed the They actually in quite well.

Carl Reichardt

way the Canvas. And right I on Thanks, about the guess, improvement to is follow-up Sheryl. the to then, my I’m think XX:XX on And ask trying this.

muddying sort from before of the to say cycle build your what time at and look expect these from Thanks. you that will in the you initiatives? waters your the achieve was the is what here. of you kind pandemic, it to improvements compare improvement if so ultimately let's to What you're ultimate making time cycle do pandemic time on efficiencies your -- say So goal build

Sheryl Palmer

Carl. seen and real data in compared seeing it even benefit it's you, the would though cycle Carl, a to XX%, Canvas time, typical at build. center look I compared sales an don't early read what XX% on we interesting is you back it I tell of I design I in about more have But XX on and pre-pandemic. No, days Thank What of against our tremendous if we're would about the because packages. We've call times interesting, time saw cycle XX:XX yet our Canvas, of amount the XXXX. in a our haven't gone we

even industry kind in of the across little the a dynamics whack marketplace. the given though in Taylor portfolio out and the entire in of Morrison have we So is out

We if build. I that, be matures least that a are up normalized more cycle benefit build see considerable a in to I would in expect should should Canvas to able environment of seeing through obviously, We on as we'll XXXX. and then expect at the couple a again, a we ramp that retain that get enhancements. organization absolutely we week time and would the

Lou Steffens

Carl, morning. this Good And is XX:XX Lou.

start Just benefits to see thing, to thing to we timeframe that area is add one another sale believe significant the and to with Canvas. that going we're

through another roll the added coming we'll that So continue to we benefit, pipeline out. that's see as

Carl Reichardt

XX:XX Sheryl. Appreciate Thank Thanks, Lou. it. you.

Sheryl Palmer

Yeah. XX:XX

one saw greatest add loss about I a them look we some lost, where is times Canvas right. You so the design even across the Florida look compare that's bet. but quarter adult specifically fourth like of you're brand when when it, in because we closings might our our the about we just and our know at all chatted shift. at in past, And to and this generally appointments. which active Sarasota, as we I comment But last or Naples market options we business we or generally in Lou even high you is company look our the majority a our the portfolio options, center the average. normal Esplanade we've And X

that Once just the packages. us. level to So again, when I for of out you build complexity take it's tremendous about Canvas with think is opportunity

Carl Reichardt

XX:XX you. Thank

Sheryl Palmer

Thank you. XX:XX

Lou Steffens

XX:XX Thanks, Carl.

Operator

Matthew of Barclays. please comes with Our next go question from your registered XX:XX Bouley Matthew, ahead question.

Ashley Kim

put results nice today. contributed Difficulty] up in of on Matt of incremental outlook to could that? Kim Ashley backlog that that anything built If or kind giving is is Congrats or This confidence just here. you I the pricing that of the to morning. you've conservatism kind Good Hey. until ask out for [Technical more cost what's on XX:XX

Lou Steffens

X,XXX [Technical sold in our backlog. Difficulty] of over XX:XX homes

teams, going visibility us strong future with in profile. the through built that seeing we've end with that combine up strong we to today. we significantly our to the of then contingency have We get we're increased increases pricing under is where have on And being. in visibility production, margin have to that I today the And correct think those to believe, cost amount which year-over-year specs

year's overall have quite some today. our backlog specs our out we portion So a visibility a total of closings our between large in

Sheryl Palmer

XX:XX doubled and said, Yeah. point like year, And pricing. you given we've our to your those last true compared spec of to gotten the inventory Lou, that benefit real

very than year. are were different we a in last We position

was lumber the in you the If moving for different think the a mean, already. secured units quarter I the backlog mean was of XX%, I place, year about are last lot shared we

Ashley Kim

Okay. affordability less changes to then in seeing, that of has affordability? for footages my And question, been response on preferences I options any that premium, side XX:XX there structuring that up you're kind square that extra expand of on given kind I any topic, on could kind color just in Thanks in top, appreciate buyer lower second just that. if of or

Sheryl Palmer

in XX:XX not Not We've to have our it. moved. yet, see quite honest their about behaviors continued and buyers be to strength really

seen remarks, the characteristics prepared the meaningfully customers our didn’t in favorable quarter-after-quarter we've just with discussed QX. in we As change close

ratios shoppers now at did cash are we like and of I first their down much went would closed the more was percentage folks done top a most smaller around but that looking strategies, started and only a are larger rates can something been was is a probably 'XXs, with loan. feel type surveyed the our with of those they moved rate on up stop entire think look move that of close to low asked larger It's into point by XX:XX are of great in that time may ahead if shoppers We a We XXXX. and folks been deploy move Their similar different their we then They rates stat the seeing the how mean baseline moved and to our ratios to movement. buyers. few two. maybe pay our percentage pre-qualify about with deal would there's than think they scores very buyers the as they right kind I our buyer. and is, I XXXX our And buyers higher with that we with The watching expect moving notably, in rate. that most things. that in we honestly, as survey really how environment. our we're some mentioned, in and on rates of under we the and time did here a XX%. closings from more if a backlog, back But little our learned we've bit little back then comparing A we've I generally seen up Their strong see surveys understand One, moved question what is if shoppers significantly us DTI have And would rates would our back-end healthy first back and it's because XX:XX interesting cash pressure over the got less I they if response bit you is any be aligns more into to buyer of have until probably would of entered that of X%, challenges most have that XX:XX barely half backlog X.X would very to surprising they almost shoppers FHA are As of where when credit agreement a have so even very have resistance to see high. their purchase qualifying move with with still and buyers up looked when go X.X%, they XX%. that what backlog, happen buyers XX%. compression stay search they affect ratios offering, than incomes. of the feel X%? mentioned, XX:XX number conventional high hundreds the X%. interest payments, X% feel they got at that And we've And different healthy the we very said you rates X% that stat the We've of

I very from the look different. active on with consumer existing has when an average buyers. you affordability And York, is equity adult advantage think have today the for is we remember Jersey, what the or at move-up what patterns, we're California, New New migration buyer very, then optics this is to an their in seeing the home,

think household. we equity that I average a stat John yesterday that is per the Burns quoted XXX,XXX saw

to So bring can interest increase offset really that you when any it helps you table in rates. the

Erik Heuser

XX:XX Thank you.

those to relocating. migrating. As are the you said, of cost Sheryl from are places cheap people high really cities These homes in them and are some

Sheryl Palmer

XX:XX They're local right? not it’s buyers, -- full

Erik Heuser

Right. XX:XX

Sheryl Palmer

XX:XX So I hope that helps, actually.

Ashley Kim

All guess fair leave and there. it I'll thanks luck. questions my XX:XX points Yeah. Good taking And for I there.

Sheryl Palmer

you. Thank XX:XX

Operator

Wedbush. from McCanless Jay XX:XX

ahead. Please next have You question. go the

Jay McCanless

my for questions. Good morning. Hey. taking XX:XX Thanks

prepared just you to at I detail build was in. the end guess you I question But there. of wondering, rent So going the the the Thank for the comments, first had for I be bulk that for to balance going some talked on bulk Are to going be the the Morrison of is Todd sales. Christopher sheet about guys venture? doing part joint or sales Taylor

Erik Heuser

brand kind morning, be licensing agreement on will will control those those Taylor kind Todd, but assets in will be be Morrison disposition for balance -- of Good decisions a Yeah. exists build-to-rent XX:XX of for really the that build-to-rent. of for and Christopher That's sheet, those No. and Jay. leveraging

Sheryl Palmer

be build process. to The really the won't engaged Yeah. rent XX:XX SFR with

Lou Steffens

XX:XX Correct, yes.

individual is model, think one the Christopher dedicated that really rental to look that might in our defining might that core SFR disposed to able that think might look the within apartments, players build is leveraging Todd that kind ultimately like our specs, produce the plan. look the we're single-family and way horizontal a just dedicated Jay phases communities I which it homes flatted to to space the amenitized right of -- way the we communities, like is take like be about might the like that business might be look to is would and master homes, rent

we're optionality exploring. that a So excited about lot of

Jay McCanless

tell and XX:XX know where next way was it's was Okay. else. than more where us it rate to That's entire you it I then My play of built was question be going sounds Could sold it, on you to kind think guess a and that's like X%, quarter? year sounds of is a what an what are it. in tactical it guys I third it community was the it if I just is didn't basically model using kind getting cancellation you last anything best great. to about the but

Lou Steffens

Lou. is fourth Sure, we Yeah. XX:XX year, Jay. quarter, our at This Last were X.X%.

of us lot a even today. may at that too low be be So would argue where we're

business. we're which a in don't proud financial us but our to have services low take of risks lot very ton great of pre-filing could such more about Our is. does easier some that But out it job buyers, for of our makes cancellations worry you there, we team we almost it a argue would how

Jay McCanless

are or you it, the able give like of anything to think then that XX:XX I correct said profit potential I to are the just terms to about of up get there your are you Yeah. of about is areas? still this, these me get you metro And average are I in in to close comments far XX% count I'm thinking you communities the and go prepared on the extra to guess the to able, core putting you how how stay or locations that are just my inside much and It's think XX% that you great. that -- lot fairly is contract the town last are in under having wondering kind metro, out lots question, closer extra the up having

Erik Heuser

context core suggest land Jay. Yeah, always we portfolio. of I opportunities the are at that on would focused still locations. look the XX:XX and I

that we're So with in I cases, to say function those of a by some to core because communities. a benefit on say But XX% have would the to available those multiple areas that needing it's we get focused extent, that. expand wouldn't outlets locations. I do And would I are until to exposure. to we're reach us. and those sized we're deals Speakers] large, we to need deals frankly the comfortable out, [Multiple within it's say

Sheryl Palmer

you strategy some the positions five asset where probably only the effect about have thing, sorry. will -- an be larger another our that three would communities. thing if would of was generally, think into I they The adult to but only I'm size communities that those active is, portfolio, both within have going that know business are adult The come overall you to add XX:XX on each active we

Lou Steffens

we XX:XX part And a that have the lot couldn't that lastly, it's take of I'd scale that builders projects. having say just of down larger

locations So Erik said outlet, the we're one having to get more start players do to and as willing core but the of into to than able get many project. that bigger synergies

Sheryl Palmer

can’t, And yeah. XX:XX

Lou Steffens

Exactly. XX:XX

Sheryl Palmer

Fair point. XX:XX

Jay McCanless

great. Sounds taking questions. my XX:XX Thanks for

Sheryl Palmer

XX:XX Thank you.

Operator

ahead go comes with Rehaut Mike, of Mike JP question question. from next XX:XX The Morgan. your please

Mike Rehaut

Good Thanks. XX:XX everyone. Great. morning,

Sheryl Palmer

Mike. Hey, XX:XX

Mike Rehaut

on wanted encouraging back and XX:XX just I full obviously margin First, to year -- I to to good morning. very rays. guidance the circle gross the wanted

XX% wondering, was and just the laid XX.X% full for obviously first quarter year. out I the the for cadence, of you terms In

quarter in second the the I'm so to it to would kind terms you'd a step get year of notable three ratable obviously have you trying I'm see pretty we could obviously pretty would backlog. over XX.X%, quarters expecting to see XQ of XQ the the quarter possible, kind or is the in of probably reason else in get all secured thinking XQ increase equal type plus third a That up sense, that increased X,XXX a and that, that visibility in should off somewhere of pretty, homes back? the over asking the next the the like step-up be into the back implies of Just if more but significant and half another ending

Lou Steffens

we say Mike. It's it, great Yeah, XX:XX question. favorable right. QX, a lumber reductions. the looking I'd at had of benefits you're

getting averages, through that see margins XXs, probably cost year, just stay continue to the front then forward. But And end we to to to of as rate based increases able you're the the the we'll on exit, QX. year, to low exit in been where expect strong of move mid-XXs. So going the low in at in fairly the we've some we

Sheryl Palmer

quarter in lock fourth this absent round ramp is to of is deliveries, XX:XX the that rate visibility that, determine quarter they're thing we will next Mike have one newest but the probably up. mean because the your point Lou continue the I on see locks on really going lumber don't fourth just to

Lou Steffens

XX:XX Yeah.

Mike Rehaut

guess I be” Right. margin doubled have or makes gross because through going “what looking obviously of could expansion, two XX:XX is gross secondly, you've had massive and normal. at earnings next sense. and the investors normalized industry are or what's triangulate one to three years, amount a trying to No, that margin tripled that people now thing whole is gauge the right industry the over trying

One, the to you're it's of about obviously integration that? sort a little two-parter. XXXX, also XX% generated underwriting from land with the of baseline back today. was of margins XXXX what part type top a gross acquisition guess it period price lot and cost so where housing Morrison, averaged so insight that What of could in a is going bit the integration? and lot of new at structural XX% of the through you're speak? there's that market when margin that a would positive I of change look forth. I deals And to would give structure gross when acquisition of was from And you a underwriting be, you what terms on secondly, you housing if look hoping standpoint, a Taylor been improvement cost. For post stronger like and in market improving land today and

Sheryl Palmer

said and of at couple it a position yet we've Mike, last deal noise that. margin beyond look in seen guidance look you what purchase we're you five, rearview give really So not had we've margin profile, for, of and with accounting things like XXXX. Obviously, XX:XX a in of things. a out to you kind But our when years, six great mirror the the correctly,

in last as structurally normalized kind foreseeable has long-term a and kind supply the XXs, disconnect. given to XX years future know the our do the the that rate than times of I in I you as it's of going higher for be demand think run margin for profiles well of So the been industry little

else think to talk I nail then bit little we hard a that can about down. so, Anything underwriting. and the

Lou Steffens

top from acquisition that finally of the at would the the we most have between XX:XX a all to front other on and this lots that beneficiaries M&As. simplification fairly lot good synergies acquired to AV through going various achieved line, recent teams in our done strong hard scale of say, I Mike, we're the On work be prices. we've of really the

good we're today where and secured of lots position years were based on So pleased X.X is contracted. when I lot supply our really think those feels and really our

Erik Heuser

XX:XX And add perspective. I would just I've from Mike, been doing this Look, lands since underwriting an XXXX.

what about actually about coming lot so us do our think spend places, third-party a lot a about think as engaged we we full on able and of as we at underwriting. the on hold prices. as playing pretty one think of we’re land been market last years. about our of scenarios we've think of that, and a been emission really couple to to relative that's and as experienced and that relative in to normalization in out understand markets on underwriting environment, positions expectation paces, a is current that So unique gone lift XX% little up say historic with I is we've to has the more would the we we're XX% you residual years well so our it performing land couple would and a our We've each different things how some conservative help tell online. last think have ASP underwriting the ratios, Where time felt we a interesting. of it's really really that bit for because I in been time about you cover robust With if think study of we've land

Sheryl Palmer

most of right. markets, community generally in in XX% reduction hard to Erik to count It's XX:XX kind ignore XX% the

going come we're expect So moderate. to to see as paces online, those

to we're ahead of that, Mike. we're sure So really trying make

Mike Rehaut

much. so Thanks Great. XX:XX

Sheryl Palmer

Thank you. XX:XX

Operator

question on next Please from of Alan Ratner line Our XX:XX the Zelman comes ahead, go Associates. Alan.

Alan Ratner

XX:XX questions. morning. Hey. Thanks taking for my Good

nice one on the you to side. first and Lou. So on the call facing aboard Welcome public hear

those doubling similar and I'm the you count are completion similar far to year remains you spec a if releasing as the a on you point available Can hearing curious look homes specs given with the curious the actually strategy for unfolds low. those future? talk potentially specs bit And obviously thought in completion complete other at some as strategies we're you're versus competitive you at and for and the in just of today from you've ground back just kind as specs landscape any because builders, holding numbers little as sale referenced the about those there you that on just sale, close your So under or to them number when mentioned the that's, back construction. of terms very are until holding

Lou Steffens

costs. I'll Maybe Alan. timeframe, at supply Yeah, releases a the our different at that, have first environment probably on better XX:XX the on markets each shot I they when a on chain take on market slightly would say visibility depending based

to be So may flat slab may to some one and other or at division after -- wall. release more closer close frame dry

the So cycle on against feel structure. more varies two portfolio, and cost time importantly as have the across bit the one, probably but strong they visibility they a little

Sheryl Palmer

XX:XX Yeah.

inventory sense. we and there's right. an where get makes and to I a supply lot divisions in our of each there different built the of can some Alan, our that I market company that's inventory you homebuilders that quick is tell sure new would is mean there make There that heavy. it's it and are view varied, to want we of but with markets. pretty And Lou’s think I under overarching we're it there point lot as out somewhere, to is and working environment as across being not is a really The pretty construction we

out. any carrying XX, would than of XX there's really across speak not in today, much like. completed I inventory units XX:XX considerations feel the to lot leaner you we'd portfolio a it's We're think which don't is that. tell I We good. So

let things but can to gives visibility component get it these us cost to the we of the or significant drops, lumber least going at not drops most we're frame on age, So house. strong if them

Lou Steffens

in our backlog starting to the we've From you're this sold backlog, to it XXXX, our as come increase time And increase homes count. of through XX:XX as it seen the a our so Yeah. number it's at that spec, continued in we've to relates portfolio spec were point see XX% interesting. its really

Sheryl Palmer

worth XX:XX Alan mentioning Yeah. that And you think that's very was the XB built. few with about if had probably last most specs piece pivot, year, is, significant we everything

sales rates. saw You our

of you we've QX lot, some as more up sales honestly, slowed QX. at a as it's our you'll inventory, we we've least well our moved from the the anything. -- where see saw level in it's both pace at sales. in impacting ground just things as slabs holding in what So we've little and That's markets down those really really our bit of specifically what pivoted affordable get back spec in let And so where that's XB

Alan Ratner

bit or along process. all a construction further thank of on at of and you at cycle thing XX% piece piece were locked for think same surveys, I'm quarter at perspective That's the thank the the a would, for first now holders majority builders -- cetera. sounds kind versus below of the is about at pie XX:XX a getting that biggest home move-up universe kind hopping and lot of in being. least timing I this grown Second the at as specs, of buyers the of point on rate. earlier that lower that the typical those in the lift side, the that X% have otherwise curious, you look either and mortgage rate around you overall getting Yeah. in like seeing XX:XX your time maybe I now of the of what has information and when a you on in doing at rates the so mortgage for seasonal business are question Sheryl, orders, mortgage if difference was refinanced at buyers talking buyers given your the When you of much perhaps not et little of are vast a look each least the

tougher to when rate low be perhaps be willing might affordability still up that to XX:XX about be to pill is a thinking or less give to while newer attractive. swallow there So that Just buyer going above to rate that. turnover the is a risk is going

So to have low you looked rate, at where willingness well -- the newer kind in of at? above they're that all that if at of all for that give survey buyer rate the at terms in at up the locked is

Sheryl Palmer

average. you added rates, move-up think today. at spaces views right that forget they're our bedroom the you're we largest. very of when can't motivations obviously to spent that have of whole first XX:XX counts, actually flex interest a generally additional we Alan, we've right, mentioned, And buyers, are seeing -- kind move-up kinds moving level you isn't motivating after even is I but honestly, grandchildren, to motivations, but on have And when the all different then them deal time closer buyer, today, generally motivations set survey there's to on understanding, in need of they inventory what's seeing go the reasons the relocate. the XXX,XXX Yeah. they look a back That's shoppers moving, saw the low of we're great about of exactly house the our We a people pandemic started what different

I a seeing, the and the compression. that's we're buyer, different time on said, it's like motivations where interesting. little quite some Now been XX:XX bit first So

targeted that is houses really So to specifications we're the on really making those sure market.

out opportunity. But take at it by buying what of when in they're enough, you of in they the interestingly equity today, doesn't have home. offset look people the amount locked being their it's So really

Alan Ratner

it. All a be XX:XX that. unfold lot. here. right. to I Thanks It Got interesting appreciate will watch

Sheryl Palmer

you. Thank Sure. XX:XX

Operator

Please Research, you Wolfe XX:XX the from have next ahead. go Truman question. Patterson

Paul Przybylski

Paul that and down mentioned seen footage haven't at. just any you on. Przybylski trade guess square Sure. XX:XX This you is really actually touching, I

And that the But much the stand? move-up towards I is where footages. exactly plans the as square buyer look spectrum said your -- just You consumer how trending higher across does you four of go they square lower then, have plans as And your do the room higher ones? to back same trade down margins footage you do to would or board? carry to before have drawing the the

Sheryl Palmer

XX:XX Yeah. They do.

Let in it do I'll one footage lot order Paul. the what to square was A shifting is land here, has it's of the not go -- margin. reverse acquired. of me with Generally,

at to seeing some specs what overcome the to without ratio, financial in got absorb back-end market of higher Because and XX:XX the with if ago at has their holistically we our is last footage. of real it's the their movement potentially plans. specs I their We've done is look from tend over to that that picture out there happen and thing really So more movement. buyers backlog, when to in look we rate being at down putting we've and the rates months test we're both our is capability they’ve significant some great the The payments, those in year. course, portfolio, pricing added can't XX because any same improved on and what bought interesting interest square a deal look of X% plans generally testing that are movement. reduction We be seen affordable run today

backlog when the those again be coming they're but our in shoppers you making trade-off that are a redundant, and not I hate So and position once today, move-up. across in to the look on yet

is are What time of one keeping able we apart slight the seeing because buyers parse of their price put range the our of the on payment. is that to down government even average the because them have when X% do and they -- close higher, are that actually moving a let's with ratios, in well have the But has. the buyers tools afford even back-end amount our position XX:XX higher at our incomes the can combined compression. do. interesting FHA to be they most level found still but such conventional kind compression, now ability to end for watch loan And I higher We aren't buyer what is, it within rate we're that than buyers, that to are is to the a a first do moving say of rates backlog, first time why a when appreciation a you our

Paul Przybylski

guess peers? have And you've seen your any the conservatism market then higher from moved land Okay. rates year, XX:XX I or if either as this you enter

Sheryl Palmer

XX:XX we mentioned, -- have been acquisition feature, been in discerning everybody's As strategy. very Erik our we have

Erik Heuser

XX:XX Yeah.

what take step backward affordability this that What does that was underwriting. around comes all What does that the I mean relative due metrics? right, of part way it's a scenarios, mean to comes so So it if home what it prices you to land think we the scenarios. that land? a by it yeah, Speakers] I every underwrite conversation our of really tell [Multiple and to as can our

Paul Przybylski

it. Appreciate XX:XX you. Thank

Erik Heuser

And position in Yeah, in to of land a I mentioned we have usually to a of a a drag XX:XX good six we're drag. month have front lot bank us. chase don't do is there think because strong nine we earlier, as I where land

a us that we look deals participate not costs. bit we're wouldn't some high are in those So little And in. transactions to chasing that we seeing too

Paul Przybylski

I right. Thank it. you. All appreciate XX:XX

Sheryl Palmer

XX:XX Thank you.

Operator

of Mike, line XX:XX Mike Dahl comes next open. question Our now from is registered your Capital. RBC

Ryan Frank

for This the quick question. for XX:XX on and Hey. in interest I'm Ryan inventory Mike. is one my Thanks Frank The just time here. of taking one squeeze

mix a your products? So between up over is margin not in of entry was about difference lot past your there's level, the move years. shift of active adult notable any wondering, couple your the just there talk I

Lou Steffens

stuff I'd consistent rate, overall bought -- some from may but those, in relatively we of affordable consistent. it that across XX:XX the the they're despite fairly a mix, surprisingly acquisitions of be at all say there the great

Sheryl Palmer

look through business. we of we probably is basically as again, lot doubled see, spending if lot once adult adult our only active I what on premiums on what they're difference and on the active if came options. The at the most spending premiums that last may XX:XX agree real mean you they're year,

the adult have active Our is active options including on average on position X our that. once again, and may adult I times think portfolio, XX,XXX been

of So it the profile that helping certainly group. consumer is margin

Erik Heuser

amazing. said, you has really strength XX:XX I been been think the there seeing as we've Sheryl

Sheryl Palmer

Yeah. season XX:XX selling the We're not even into that right.

Ryan Frank

then acquisitions mention XX:XX of again. Got it. kind you Helpful. the I guess did And

between is AV Lyon of the any Morrison notable the there the difference William and land in front. legacy Taylor your on land? kind Again, So margin

Lou Steffens

been performed would take say, away. pleased in we've how have acquisitions, those deals doesn't of but I the very Yeah. terms XX:XX again

teams the thesis. years our several think also I last amazing of over acquired some

the we first in So through out same to we is of integrated -- so we've little gates Obviously, started they with and starting But of a simplification of acquisitions. in compression to worked some to items. be when did margins. lot the the those we and overall hear of two. as the today blend, lower bit a the work We're between around to had close seem very integration

Sheryl Palmer

that combined the but same just had think pull layered looked through never about we've showed last and at meeting really stand-alone at was all, board Board all of we really then on you for share And clear chart their three profile. two in years, have top of acquisition it few kind I became and as start that divisions that then We everything years, the done true. kind by the our see last our a and the legacy to business it's what divisions a years, and this an that been margin very and XX:XX

based you us movement So to look so and movement XX AV our margins when formed when divisions William not acquisition AV those the at months. the tremendous we're that been consistent and with Lyon, with yet, the give our year-over-year generally has standalone were but look another the I there quite back in through are divisions

year, and through see third the a the you by we’re So at alignment full pull will across portfolio.

Erik Heuser

highest some to margins divisions adding the the company. the we’re from seeing that And XX:XX having across are acquisitions of

have done a that but I of Yeah. So awesome to team price has our an particular level job. related

Ryan Frank

XX:XX you Awesome. much. very Thank

Sheryl Palmer

XX:XX Thank you.

Operator

question. Ken from Our question Zener with Please XX:XX comes go of next your KeyBanc. ahead

Ken Zenner

morning, everybody. Good XX:XX

Lou Steffens

morning. XX:XX Good

Ken Zenner

we the but was mentioned year what of ‘XX last could housekeeping, little I Speakers] relationship a order of in out that. whip inventory second, you about in -- start kind to we talk the year? [Multiple -- you the If you starts as that guess, half Can this really And year you the last do have ’XX? close whip second the XX:XX appreciate half to at saw value enter of first it X.XX talk

Lou Steffens

All XX:XX right.

this any if but with So Ken, maybe starting around year maybe with year. me tell finished starts the I for of XX,XXX the off miss starts. We

Our ended units whip And end pleased, total billion under about inventory the year-over-year. were ’XX. up we're construction of really $X.X our XX% at

us units about our year achieve closings and with finish this in obviously up So construction where XX:XX of XX% positioning the this teams done end But more have even closings. we bit this a units of terms a our we of have we closing. under year. a to under for year's total had great our tough January, better construction As are ended we XX% disappointed of job for

definitely easy set this better today's up for but to So chain of trying it's -- supply success nothing yeah, in year. ourselves is

Sheryl Palmer

Lou, need tried year. us, trying ahead in have case the built If its just were the an I of the We'd cycle we mean, but you the ran wasn't not more aligned. the starts, able environment. kind as going but like on turned be with we're we pre-XX And times, those start this in sales I June May starts to you're for backlog, XB you we when so, saw or QX XX:XX and houses see in just half of take we've think to a get to back ground year ahead that in show sales specs to the that's to head next to get for that at option that for really just through quarter look used that, to I last

Lou Steffens

majority Yeah. by XX:XX year the started plans end This of significant of have April. everything

Ken Zenner

comments. your appreciate operating Really you. XX:XX Thank

Sheryl Palmer

you. Thank XX:XX

Operator

Please ahead Research your question, from question Barron Housing of final Center. Our with Alex. comes Alex XX:XX today go

is line Your open.

Alex Barron

Good Thanks. morning. Yeah. XX:XX

on jump to Just that last question.

many quarter. under what how You homes along construction quantified you're gave or I that for I talking last had you doubled, there? the you sure was specs about mentioned you're do for significantly, total gone XX,XXX And those much lines, the guys you to, have what how year, it up starts think wasn't

Lou Steffens

XX:XX Alex. morning. Good Sure,

in ‘XX. heard almost know if we correctly homes question, I with XX,XXX don't we you X,XXX in but And I started So your first started QX. starts

I we're but heard that, Of you we under And were have units ‘XX may XX, I to construction of wrong. have total end then at XX,XXX. said have close of almost think could those X.XXX you spec. the

Sheryl Palmer

wasn't like It or something. like under XX:XX X,XXX, XXX

Lou Steffens

in had XXXX. Yeah. over We XX:XX XXX a little like

Alex Barron

XX:XX Great. helpful. Okay. That's

SKUs, on question simplify specs had move the jobs one one or this homes was and I towards of just is them, take with that design The that is employing to out you're mentioned that pick these of other design people pellets a on pallets something that get but or where initiative is you're starting and both? have people as you guys it it giving to which is guys are number well strategy you where they

Sheryl Palmer

bit they we have in packages spend year just we started the rollout may the about, of generally of them buyers, homes with that all it or sure our to it we Then last with builds what out moved the see talked into consumer point. come kind We homes would different process were XX:XX let XB range similar would spent the to five market. I doing they of those together. inventory kind more we buyer. could center the price trying say XX:XX especially sure visually and like. keep model move-up about affordable, the first simpler design to for And making but prices, that you help started It's aligned little make the a time what the with Alex. just the When to looks at Then, make recall started

the got of would We've baby to who program, Now, so selecting our profiles at a a our specs. one call what one-day Canvas or a the where And as a very I it's will move-up really demographic is XX:XX large we is far, of all choice skewed able program demographics it Canvas look definitely do appointment. [indiscernible]. center a percentage these I package say When I they look of new day. they which will to is at it, design of into to be our typical go the have

kind with once to that to they've these take is will active in to a starting specified more of bit at on because folks those just will, little new wishes. a But and be group just family get home the been their that are specs that a opportunity large We're a primarily aspiring do majority. up really the the out home adult. they again, that new starting So are last or see consumer enjoy

Lou Steffens

maybe the just selections that and Alex, we just examples, both down built XX:XX over paint of from XX%. couple before in national And XX% as reductions and the we a And SKU transition then similarly a near end adding program XB to the of down flooring for had over XX% year spec over were offered appliances specs. what

that So trying putting have on homes. our we're to of terms our continue improve achieving of possibilities ensuring availability more we in the closing goals, products our into to based

Erik Heuser

XX:XX FFR conversations And the carries too. that's over and VTR simplification into

Sheryl Palmer

and For that's Canvas. sure, it's XX:XX mean I where

Alex Barron

that million My guys of buybacks, very lot do that's of good I answer with a final way very, Well, guidance have kind terms has to mean guys $XXX the count Okay. it's in seem question XX:XX you engaged to your this of and more great in you year. imply it. a doesn't share approached share

to doing back So to that but guiding activity not at significant share to you're open any buybacks still from so? step kind implying or point, just you're really of this going you're

Lou Steffens

our say looking always we're would Yeah. XX:XX on as allocation that priorities. at option capital I an

business. in invest to the want we first, So

we excess strengthen as lastly, time at goes balance Secondly, then to look on. will capital we want And we share our sheet continue to definitely, with repurchases.

Sheryl Palmer

XX:XX basis. the our in forward-looking on But But you we would quarter that never guidance. update include

Alex Barron

and XX:XX luck All Thanks. good for Okay. year. job Great Awesome. right. this

Lou Steffens

Alex. Thanks, XX:XX

Sheryl Palmer

at Thank first the to XX:XX forward us you joining for you. end updating quarter. today. of you the Thank Look all

Operator

Have Difficulty] very a [Technical XX:XX your Thank good of much. you rest day.

Taylor Morrison Home (TMHC) 8 Feb 222021 Q4 Earnings call transcript