Taylor morrison home corp (TMHC)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-29,556

54,709

67,036

81,888

51,281

9,215

94,441

59,292

47,532

30,426

54,693

55,930

35,601

76,111

58,684

45,664

26,104

66,385

45,794

20,022

96,844

104,531

66,175

138,091

-41,296

96,185

52,632

-78,286

24,337

Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Equity in income of unconsolidated entities

2,426

1,526

2,103

3,561

2,319

3,555

2,514

4,017

3,246

1,903

2,787

3,071

1,085

2,719

1,647

2,305

782

351

-119

1,224

303

4,238

11,756

8,112

2,629

16,514

9,425

8,466

3,158

Stock compensation expense

17,002

3,827

3,693

3,826

3,417

11,243

3,591

2,747

3,543

1,360

3,377

3,838

3,012

1,953

3,042

3,197

2,720

2,168

2,127

2,038

1,558

1,504

1,507

1,475

1,345

1,206

1,682

83,935

495

Distributions of earnings from unconsolidated entities

1,489

1,840

2,317

3,881

2,435

7,677

870

2,757

541

2,299

1,170

2,160

1,336

1,723

865

1,562

111

325

442

930

507

11,291

2,814

4,884

13,977

23,177

2,998

1,154

2,807

Depreciation and amortization

8,601

9,337

7,733

6,589

7,765

8,785

6,300

6,291

5,015

959

897

1,026

1,071

972

1,026

896

1,078

1,180

1,075

991

861

132

1,333

3,012

-387

917

-178

1,422

1,301

Operating lease expense

3,752

2,400

2,300

2,335

2,065

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs/premium amortization

-406

848

506

-110

-71

-73

790

774

878

955

955

954

955

955

955

977

956

-

-

-

-

-

-

-

-

-

-

-

-

Land held for sale write-downs

4,347

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income from discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,397

0

0

56,662

0

-14,392

10,096

4,296

-

-

-

-

Gain on foreign currency forward

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

29,983

-

-

-

-

-

-

-

-

Contingent consideration

-

-

-

-

-

0

0

0

146

-30

153

390

223

318

1,171

1,252

1,097

-3,716

1,211

5,029

1,676

-

-

-

-

-

-

-

-

Deferred income taxes

-

-

-

-

-

31,690

12,536

140

106

97,528

-2,741

-6,291

0

27,823

0

-708

-261

18,853

-949

0

6,798

-13,932

4,455

-2,500

-5,726

-

-

-

-

Changes in operating assets and liabilities:
Real estate inventory and land deposits

-73,261

-245,266

140,174

-29,009

133,111

-48,463

68,400

108,274

120,004

-285,066

42,542

153,702

47,099

-270,101

40,852

-46,073

108,979

-6,357

39,284

144,687

246,993

-211,290

96,130

183,414

242,296

-73,109

125,571

309,431

88,254

Mortgages held for sale, prepaid expenses and other assets

-1,535

72,402

8,397

-11,515

-42,670

109,025

-7,675

4,768

-78,862

74,627

-8,824

-2,200

-130,789

97,333

-32,547

30,960

-74,694

71,736

21,642

44,160

-67,888

93,194

7,959

14,486

26,146

12,759

33,804

-10,641

-30,739

Customer deposits

32,516

-17,647

12,024

-3,951

11,470

-37,814

-2,777

22,070

37,294

-53,075

3,164

30,689

40,178

-25,989

-2,269

16,557

30,492

-9,767

1,131

14,102

14,495

-30,075

-6,802

9,009

16,490

-15,107

-1,187

13,221

18,868

Accounts payable, accrued expenses and other liabilities

-37,422

-4,389

52,296

39,102

-13,896

83,311

7,449

32,375

-59,494

-25,006

4,658

33,106

-33,747

-11,064

12,169

-6,619

-14,965

-8,646

29,259

-1,665

-15,952

-7,432

34,742

22,618

-15,981

3,356

39,688

29,167

-39,082

Income taxes payable

-592

-3,879

6,326

1,272

0

0

-14,454

397

9,532

-10,494

2,984

-15,170

16,677

-16,145

11,066

6,663

-28,848

8,414

953

-9,950

-10,912

38,761

-8,484

7,557

-26,389

3,783

29,273

1,519

-1,384

Net cash provided by/(used in) operating activities

72,101

239,839

7,703

173,968

-28,294

79,598

45,507

9,784

705

253,458

32,805

-47,941

147,911

230,179

76,757

82,249

-16,583

9,025

21,195

-122,730

-170,178

237,319

-20,105

-104,458

-246,446

-

-

-

-53,331

Purchase of property and equipment

6,031

11,443

6,648

5,833

6,194

6,004

5,861

5,898

2,695

1,578

928

640

275

974

747

-518

705

2,545

254

1,182

317

977

972

2,467

-693

1,579

1,457

366

384

Payments for business acquisitions, net of cash acquired

209,446

-

-

-

0

-

-

-

-

-

-

-

-

0

0

0

52,819

4,901

158,459

62,440

0

-

-

-

-

-

-

-

-

Distributions of capital from unconsolidated entities

6,713

1,890

5,992

12,522

3,180

34,731

12,306

9,473

492

-140

928

2,892

403

2,541

1,890

1,656

0

-

-

-

-

-25

2

621

1,130

-

-

-

-

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

625

0

-655

518

-4,518

-499

-6,244

6,647

3,409

2,409

-254

Investments of capital into unconsolidated entities

3,042

2,600

5,051

4,026

1,089

-171

179

1,250

2,118

7,803

5,250

9,043

14,561

7,848

2,871

6,479

15,159

5,267

-1,553

22,224

2,726

16,705

24,832

46,250

10,412

66,925

34

522

1,153

Proceeds from sale of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

268,853

-

-

-

-

-

-

-

-

Proceeds from settlement of foreign currency forward, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

29,983

-

-

-

-

-

-

-

-

Net cash used in investing activities

-211,806

-12,153

-5,707

2,663

-4,103

-163,988

6,266

2,325

-4,321

-9,521

-5,250

-6,791

-14,433

-6,281

-1,728

-4,305

-68,683

-9,537

-157,785

-78,989

296,448

-18,225

-21,284

-47,597

-2,345

-

-

-1,193

-1,283

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment on line of credit related to mortgage borrowing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-203,876

-172,869

-181,629

Increase in loans payable and other borrowings

18,205

12,831

8,762

3,081

2,066

2,779

8,854

16,481

1,823

12,977

1

8,643

0

-22,360

19,089

12,972

23,659

18,828

33,081

0

0

9,470

4,116

26,545

1,859

11,606

18,465

7,782

7,436

Repayments of loans payable and other borrowings

32,726

5,719

4,817

6,769

13,078

10,377

6,592

5,466

2,884

5,206

3,258

5,425

2,622

-47,140

34,546

8,971

21,558

29,593

10,559

4,282

20,167

37,294

83,032

39,046

35,288

240,361

-32,888

-18,042

-6,454

Borrowings on revolving credit facility

695,000

220,000

0

60,000

35,000

350,000

0

0

0

-

-

-

-

0

15,000

10,000

230,000

155,000

210,000

115,000

0

50,000

110,000

40,000

53,000

0

0

436,000

471,000

Repayments on revolving credit facility

210,000

420,000

0

95,000

0

-

-

-

-

-

-

-

-

215,000

15,000

105,000

35,000

270,000

85,000

10,000

40,000

160,000

0

0

53,000

-

-

-

-

Borrowings on mortgage warehouse

432,488

393,298

262,807

330,172

159,522

310,201

241,028

165,955

145,925

270,250

179,569

197,929

190,424

418,448

254,974

315,677

211,350

315,065

240,639

196,174

158,638

310,217

146,857

112,456

89,178

193,705

196,645

174,566

138,620

Repayment on mortgage warehouse

446,555

326,116

286,214

309,828

230,761

234,305

236,389

157,659

223,225

212,720

181,427

203,925

319,842

311,050

281,907

289,574

302,798

205,749

237,996

179,934

264,143

198,040

147,566

115,093

112,151

-247,996

0

524,000

433,000

Proceeds from the issuance of senior notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

350,000

-

-

-

-

Repayments on senior notes

50,000

0

413,252

550,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of deferred financing costs

3

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

12,061

-5,806

-

-

-

-

Payment of contingent consideration

-

-

-

-

-

0

0

0

265

0

0

0

0

0

0

2,716

384

0

0

0

3,050

-

-

-

-

-

-

-

-

Proceeds from stock option exercises

4,548

492

10,841

1,866

39

0

299

1,008

580

444

57

4,323

411

146

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payment of principle portion of finance lease

1,325

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of shares from public offerings

-

-

-

-

-

-1

0

0

767,116

229,500

0

464,200

418,106

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock, net

90,163

0

0

-77,839

77,839

0

0

0

201,775

-

-

-

-

-28,543

3,833

19,717

4,993

15,000

0

0

0

-

-

-

-

-

-

-

-

Repurchase of shares from Former Principal Equityholders

-

-

-

-

-

0

0

158

767,967

229,856

100

465,367

418,936

0

0

0

0

-

-

-

272

1,616

296

357

87

-

-

-

-

Repurchase of common stock, net

-

-

-

-

-

138,465

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of taxes related to net share settlement of equity awards

7,075

74

8

10

1,493

74

7

9

1,482

0

18

7

282

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Changes and distributions to non-controlling interests of consolidated joint ventures, net

10,171

2,179

1,165

-31

888

-1,066

2,986

-128

-445

0

-192

290

-390

-1,249

-146

160

-74

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by/(used in) financing activities

322,565

-122,910

23,573

-152,210

-125,656

32,876

10,179

20,024

-282,599

65,389

-9,466

661

-133,131

-83,925

-46,369

-87,169

100,202

-31,609

149,887

-52,289

-168,994

-32,513

30,079

12,444

299,317

-

-

-

-4,027

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-564

17

-19,944

-5,904

-7,983

7,432

-6,707

-13,628

5,105

-9,158

-3,963

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

182,860

104,776

25,569

24,421

-158,053

-51,514

61,952

32,133

-286,215

309,326

18,089

-54,071

347

139,973

28,660

-9,225

14,936

-32,121

12,733

-253,991

-62,668

180,677

-19,293

-132,179

43,819

33,766

-65,732

183,149

-62,604

SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net

-325

-476

16,974

3,630

1

18,915

23,044

19,456

2,069

26,353

24,039

43,938

2,195

29,175

20,642

15,960

42,184

9,100

21,854

19,743

40,067

193,233

-157,553

108,709

-45,318

42,119

-2,197

-4,787

-10,781

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in loans payable issued to sellers in connection with land purchase contracts

-20,189

-9,651

-31,298

-42,117

-11,120

-93,328

-28,820

-16,450

-7,829

-121,836

23,846

10,924

20,381

-118,795

33,012

5,777

16,931

4,527

40,497

-7,154

-21,400

-8,029

-65,729

9,884

-25,019

369,401

-250,924

148,905

-40,941

Issuance of common stock in connection with business acquisition

867,284

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net non-cash contributions from non-controlling interests

6,697

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash portion of loss on debt extinguishment

1,723

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in inventory not owned

-22,281

-4,518

-6,761

15,571

-366

1,448

12,349

-548

-517

-580

-896

-679

-1,570

5,640

0

-383

-6,926

-

-

-

-

-

-

-

-

-

-

-

-

Original accrual of contingent consideration for business combinations

-

-

-

-

-

-

-

-

-

-

-

-

-

-760

0

0

380

0

0

3,200

0

-

-

-

-

-

-

-

-

Change in prepaid expenses and other assets, net due to adoption of ASU 2014-09

-

-

-

-

-

0

0

0

-32,004

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in property and equipment, net due to adoption of ASU 2014-09

-

-

-

-

-

0

0

0

32,004

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Beginning operating lease right of use liabilities due to adoption of ASU 2016-02

0

-

0

0

30,331

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in income taxes payable and related tax indemnification receivable from seller

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-151

267

51

-

-790

80,549

-1,593