What changed in Taylor Morrison Home Corp's 10-K — 2023 vs 2024
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Paragraph-level year-over-year comparison of Taylor Morrison Home Corp's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.
+175 added−189 removedSource: 10-K (2025-02-19) vs 10-K (2024-02-21)
Top changes in Taylor Morrison Home Corp's 2024 10-K
175 paragraphs added · 189 removed · 154 edited across 1 sections
- Item 4. Mine Safety Disclosures+175 / −189 · 154 edited
Item 4. Mine Safety Disclosures
Mine Safety Disclosures — required of mining issuers
154 edited+21 added−35 removed203 unchanged
Item 4. Mine Safety Disclosures
Mine Safety Disclosures — required of mining issuers
154 edited+21 added−35 removed203 unchanged
2023 filing
2024 filing
Biggest changeThe prior year has been recast under the new methodology. Community Development We create a complete development concept for each community, beginning with an overall community layout and then determine the size, style and price range of the homes, the layout of the streets and positioning of the individual home sites.
Biggest changeAs of December 31, 2024 and 2023 , the allocation of owned and controlled lots held in our land portfolio, by year acquired, was as follows: As of December 31, 2024 As of December 31, 2023 Acquired in 2024 49% —% Acquired in 2023 16% 24% Acquired in 2022 14% 16% Acquired in 2021 8% 20% Acquired in 2020 and prior 13% 40% Total 100% 100% TAYLOR MORRISON HOME CORPORATION 10-K 6 Table of Contents ITEM 1 | BUSINESS Community Development and Home Design We create a complete development concept for each community, beginning with an overall community layout and then determine the size, style and price range of the homes, the layout of the streets and positioning of the individual home sites.
We own and purchase a large number of sites each year and are therefore dependent on our ability to process a very large number of transactions and make a number of budgetary assumptions which include, among other things, evaluating the site purchase, designing the layout of the development, sourcing materials and subcontractors and managing contractual commitments efficiently and accurately.
We own and purchase a large number of sites each year and are therefore dependent on our ability to process a very large number of transactions and make a number of budgetary assumptions which include, among other things, evaluating the site, designing the layout of the development, sourcing materials and subcontractors and managing contractual commitments efficiently and accurately.
We have provided non-recourse carve-out guarantees to certain third-party lenders to our unconsolidated joint ventures (i.e., guarantees of losses suffered by the lender in the event that the borrowing entity or its equity owners engage in certain conduct, such as fraud, misappropriation of funds, unauthorized transfers of the collateral or equity interests in the borrowing entity, or the borrowing entity commences a voluntary bankruptcy case, or the borrowing entity violates environmental law, or hazardous materials are located on the property, or under other circumstances provided for in such guarantee or indemnity).
We have provided non-recourse carve-out guarantees to certain third-party lenders to our unconsolidated joint ventures (i.e., guarantees of losses suffered by the lender in the event that the borrowing entity or its equity owners engage in certain conduct, such as fraud, misappropriation of funds, unauthorized transfers of the collateral or equity interests in the borrowing entity, or the borrowing entity commences a voluntary bankruptcy case or violates environmental law, or hazardous materials are located on the property, or under other circumstances provided for in such guarantee or indemnity).
Further, development and maintenance of these measures are costly and continue to increase and require ongoing monitoring and updating as technologies change and efforts to overcome security measures become increasingly sophisticated.
Further, development and maintenance of these security measures are costly and continue to increase and require ongoing monitoring and updating as technologies change and efforts to overcome security measures become increasingly sophisticated.
In order for our homebuyers to finance their home purchases with FHA-insured, Veterans Administration (“VA”)-guaranteed or U.S. Department of Agriculture-guaranteed mortgages, we are required to build such homes in accordance with the regulatory requirements of those agencies. Some states have statutory disclosure requirements or other pre-approval requirements or limitations governing the marketing and sale of new homes.
In order for our homebuyers to finance their home purchases with FHA-insured, Veterans Administration (“VA”)-guaranteed or U.S. Department of Agriculture ("USDA")-guaranteed mortgages, we are required to build such homes in accordance with the regulatory requirements of those agencies. Some states have statutory disclosure requirements or other pre-approval requirements or limitations governing the marketing and sale of new homes.
Unfavorable media or investor and analyst reports related to our industry, company, brands, marketing, personnel, operations, business performance, or prospects may affect our stock price and the performance of our business, regardless of its accuracy or inaccuracy. Our success in maintaining, extending and expanding our brand image depends on our ability to adapt to a rapidly changing media environment.
Unfavorable media or investor and analyst reports related to our industry, company, brands, marketing, leadership, personnel, operations, business performance, or prospects may affect our stock price and the performance of our business, regardless of its accuracy or inaccuracy. Our success in maintaining, extending and expanding our brand image depends on our ability to adapt to a rapidly changing media environment.
Land and Development Strategies Prudent and disciplined acquisition of land in core locations and thoughtful community development have always been pillars of our long-term strategy. We pride ourselves on our responsible land stewardship. While we focus on investing in land in desirable locations in prime submarkets that appeal to our targeted consumer groups, we also seek to preserve natural habitats.
Land and Development Strategies Prudent and disciplined acquisition of land in desirable locations and thoughtful community development have always been pillars of our long-term strategy. We pride ourselves on our responsible land stewardship. While we focus on investing in land in prime submarkets that appeal to our targeted consumer groups, we also seek to preserve natural habitats.
EVALUATION We manage compliance with environmental laws at the division level with assistance from the corporate and regional legal departments. As part of the land acquisition due diligence process, we utilize environmental assessments to identify environmental conditions that may exist on potential acquisition properties.
ENVIRONMENTAL LAWS We manage compliance with environmental laws at the division level with assistance from the corporate and regional legal departments. As part of the land acquisition due diligence process, we utilize environmental assessments to identify environmental conditions that may exist on potential acquisition properties.
Our full suite of online shopping products includes: an artificial intelligence enhanced chatbot to help provide information, engage the shopper, and leads; online self-service appointments to help customers schedule an appointment with ease and convenience; self-guided tours to enable customers to tour our homes privately, safely, and outside of normal business hours; and online home reservations, which allow shoppers to get an initial price based on their selection of lot, floor plan, exterior, and in some markets structural options, and to reserve their desired home configuration digitally.
Our full suite of online shopping products includes: an artificial intelligence enhanced chatbot to help provide information, engage the shopper, and generate leads; online self-service appointments to help customers schedule an appointment with ease; self-guided tours to enable customers to tour our homes privately, safely, and outside of normal business hours; and online home reservations, which allow shoppers to get an initial price based on their selection of lot, floor plan, exterior, and, in some markets, structural options, and to reserve their desired home configuration digitally.
Risks related to our indebtedness Constriction of the capital markets could limit our ability to access capital and increase our costs of capital. We fund our operations with cash from operations, capital markets financings and borrowings under our Revolving Credit Facilities and other loan facilities.
Risks related to our indebtedness Constriction of the capital markets could limit our ability to access capital and increase our costs of capital. We fund our operations with cash from operations, capital markets financings and borrowings under our Revolving Credit Facility and other loan facilities.
The people who work for our company are our most valuable resources and are critical to our continued success and execution of our strategies. Our People Services team focuses on attracting, promoting and retaining qualified employees with the expertise needed to manage and support our operations. Our top division and regional leaders average over 10 years of tenure with us.
The people who work for our company are our most valuable resources and are critical to our continued success and execution of our strategies. Our People Services team focuses on attracting, promoting and retaining qualified employees with the expertise needed to manage and support our operations. Our top division and regional leaders average over 8 years of tenure with us.
Our quarterly operating results may fluctuate because of these factors. See Item 1—Business—Seasonality. Unusual weather events as well as the increased focus by investors and other stakeholders on sustainability issues, could increase our costs, damage our reputation and/or otherwise adversely impact our operations or stock price.
Our quarterly operating results may fluctuate because of these factors. See Item 1—Business—Seasonality . Unusual weather events or natural disasters as well as the increased focus by investors and other stakeholders on sustainability issues, could increase our costs, damage our reputation and/or otherwise adversely impact our operations or stock price.
If we fail to maintain the security of the data we are required to protect, or if we were to be subject to a material successful cyber intrusion, such occurrences could result in business disruption, damage to our reputation, financial obligations to third parties, fines, penalties, regulatory proceedings and private litigation with potentially large remediation and related costs, and also in deterioration in customers’ confidence in us and other competitive disadvantages, and thus could have a material adverse effect on our business, financial condition and operating results.
If we fail to maintain the security of the data we are required to protect, or if we were to be subject to a material successful cyber intrusion, such occurrences could result in business disruption, damage to our reputation, financial obligations to third parties, fines, penalties, regulatory proceedings and private litigation with potentially large remediation and related costs, and also in deterioration in customers’ confidence in us and other competitive disadvantages, each of which could have a material adverse effect on our business, financial condition and operating results.
We are subject to a variety of local, state and federal statutes, rules and regulations concerning land use and the protection of health and the environment, including those governing the discharge of pollutants to water and air, storm water run-off, the presence of and exposure to asbestos, the handling of hazardous materials and the cleanup of contaminated structures and properties.
We are subject to a variety of local, state and federal statutes, rules and regulations concerning land use and the protection of health, safety and the environment, including those governing the discharge of pollutants to water and air, storm water run-off, the presence and handling of (and exposure to) asbestos, and other hazardous materials, and the cleanup of contaminated structures and properties.
We have historically experienced, and expect to continue to experience, variability in our results on a quarterly basis. We may have a varying amount of homes under construction, home closings, revenues and operating income from quarter to quarter. Our results may fluctuate significantly on a quarterly basis, and we must maintain sufficient liquidity to meet short-term operating requirements.
We have historically experienced, and expect to continue to experience, variability in our results on a quarterly basis. We may have a varying amount of homes under construction, home closings, revenue and operating income from quarter to quarter. Our results may fluctuate significantly on a quarterly basis, and we must maintain sufficient liquidity to meet short-term operating requirements.
In addition, the cost of petroleum products, which are used both to deliver our materials and to transport workers to our job sites, fluctuates and may be subject to increased volatility as a result of geopolitical events, catastrophic storms, other severe weather or significant environmental accidents.
In addition, the cost of petroleum products, which are used both to deliver our materials and to transport workers to our job sites, fluctuates and may be subject to increased volatility as a result of geopolitical events, catastrophic storms, other severe weather, natural disasters or significant environmental accidents.
We are subject to various environmental laws and regulations, which may affect aspects of our operations such as how we manage storm water runoff, wastewater discharges and dust; how we develop or operate on properties on or affecting resources such as wetlands, endangered species, cultural resources, or areas subject to preservation laws; and how we address contamination.
We are subject to various environmental laws and regulations, which may affect aspects of our operations such as how we manage storm water runoff, wastewater discharge and dust; how we develop or operate on properties on or affecting resources such as wetlands, endangered species, cultural resources, or areas subject to preservation laws; and how we address contamination.
The impact of those statutes, rules and regulations can increase our homebuyers’ cost of financing, increase our cost of doing business, as well as restrict our homebuyers’ access to some types of loans. The title and settlement services provided by Inspired Title are subject to various regulations, including regulation by state banking and insurance regulators.
The impact of those statutes, rules and regulations can increase our homebuyers’ cost of financing, increase our cost of doing business, as well as restrict our homebuyers’ access to some types of loans. The title and escrow services provided by Inspired Title are subject to various regulations, including regulation by state banking and insurance regulators.
We cannot ensure that our business will generate sufficient cash flow from operations or that future borrowings will be available to us through capital markets financings or under our Revolving Credit Facilities or otherwise in an amount sufficient to enable us to pay our indebtedness, or to fund our other liquidity needs.
We cannot ensure that our business will generate sufficient cash flow from operations or that future borrowings will be available to us through capital markets financings or under our Revolving Credit Facility or otherwise in an amount sufficient to enable us to pay our indebtedness, or to fund our other liquidity needs.
In addition, we may incur charges against our earnings for inventory impairments if the value of our owned inventory, including land we decide to sell, is reduced or for land option contract abandonments if we choose not to exercise land option contracts or other similar contracts, and these charges may be substantial.
In addition, we may incur charges against our earnings for inventory impairments if the value of our owned inventory, including land we decide to sell, is reduced or for land option deposit abandonments if we choose not to exercise land option contracts or other similar contracts, and these charges may be substantial.
For information on land owned and controlled by us for use in our homebuilding activities, please refer to Item 1—Business—Business Strategy and Operations — Land and Development Strategies and Note 4—Real Estate Inventory in the Notes to the Consolidated financial statements included in this Annual Report.
For information on land owned and controlled by us for use in our homebuilding activities, please see Item 1—Business—Business Strategy and Operations — Land and Development Strategies and Note 4—Real Estate Inventory in the Notes to the Consolidated financial statements included in this Annual Report.
We offer a range of award-winning and innovative designs with a number of features such as single-story, multi-story, multi-family, higher density living, ranch style living, split bedroom plans and first floor master bedroom suites to appeal to diverse buyer needs.
We offer a range of award-winning and innovative designs with a number of features such as single-story, multi-story, multi-family, higher density living, ranch style living, split bedroom plans and first floor master bedroom suites to appeal to various buyer needs.
If we are unable to adequately address such ESG matters or we or our subcontractors fail to comply with all related laws, regulations, policies and expectations, it could negatively impact our reputation, our business results, and the price of our common stock.
If we are unable to adequately address such sustainability matters or we or our subcontractors fail to comply with all related laws, regulations, policies and expectations, it could negatively impact our reputation, our business results, and the price of our common stock.
At December 31, 2023, the lease on this facility covered a space of approximately 25,000 square feet and expires in December 2027. We have approximately 46 other leases for our other division offices and design centers.
At December 31, 2024 , the lease on this facility covered a space of approximately 25,000 square feet and expires in December 2027. We have approximately 46 other leases for our other division offices and design centers.
If the rate at which we sell and deliver homes slows or falls, or if our opening of new home communities for sale is delayed, we may incur additional costs, which would adversely affect our gross profit margins and will lead to a longer period of time for us to recover our costs, including those we incurred in acquiring and developing land.
If the rate at which we sell and deliver homes slows or falls, or if our opening of new home communities for sale is delayed, we may incur additional costs, which would adversely affect our gross margins and could lead to a longer period of time for us to recover our costs, including those we incurred in acquiring and developing land.
In such circumstances, our operating results could be adversely affected. Additionally, market and competitive forces may also limit our ability to raise the sales prices of our homes. Higher cancellation rates of existing agreements of sale may have an adverse effect on our business. Our backlog represents sales contracts with our homebuyers for homes that have not yet been delivered.
In such circumstances, our operating results could be adversely affected. Additionally, market and competitive forces may also limit our ability to raise the sales prices of our homes. Higher cancellation rates may have an adverse effect on our business. Our backlog represents sales contracts with our homebuyers for homes that have not yet been delivered.
Dispositions may also result in lost synergies that could negatively impact our balance sheet, income statement and cash flows. Additionally, while we would seek to limit our ongoing exposure, for example, through liability caps and time limits on warranties and indemnities, some warranties and indemnities may give rise to unexpected and significant liabilities.
Dispositions may also result in lost synergies that could negatively impact our balance sheet, statement of operations and cash flows. Additionally, while we would seek to limit our ongoing exposure, for example, through liability caps and time limits on warranties and indemnities, some warranties and indemnities may give rise to unexpected and significant liabilities.
This, in turn, could adversely impact demand for, and sales prices of, homes and the ability of potential customers to obtain financing and adversely affect our business, financial condition and operating results. Interest rates had been at historic lows for the last several years, which had made the homes we sell more affordable.
This, in turn, could adversely impact demand for, and sales prices of, homes and the ability of potential customers to obtain financing and adversely affect our business, financial condition and operating results. Interest rates had been at historic lows for several years prior to 2022, which had made the homes we sell more affordable.
In addition, the Audit Committee of the Board of Directors receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies. ITEM 2 | P ROPERTIES We lease office facilities for our homebuilding and financial services operations. We lease our corporate headquarters, which is located in Scottsdale, Arizona.
In addition, the Audit Committee of the Board of Directors receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies. ITEM 2 | PROPERTIES We lease office facilities for our homebuilding and financial services operations. We lease our corporate headquarters, which is located in Scottsdale, Arizona.
With each of our consumer groups seeking varying levels of home specification and affordability considerations, we have a dynamic and flexible operating strategy and product offering that allows us to best serve each of these segments and respond quickly to changing market conditions, community by community to maximize our financial performance.
With each of our consumer groups seeking varying levels of home specification and affordability considerations, we have a dynamic and flexible operating strategy and product offering that allows us to serve each of these segments and respond quickly to changing market conditions to maximize our financial performance.
Our Canvas program includes curated design collections, which are created based on consumer preference, take rate analytics, and product procurement availability. This standardized approach not only allows us to create more predictable results, but also time synergies, cost benefits, and support of our digital online sales strategy. We also use our Canvas program in our quick-move-in homes.
Our Canvas program includes curated design collections, which are created based on consumer preference and analytics as well as product procurement availability. This standardized approach not only allows us to create more predictable results, but also time synergies, cost benefits, and support of our digital online sales strategy. We also use our Canvas program in our quick-move-in homes.
The agreements governing our Revolving Credit Facilities limit our ability, and the terms of any future indebtedness may prohibit or limit our ability, among other things, to: incur or guarantee additional indebtedness; make certain investments; repurchase equity or subordinated indebtedness; pay dividends or make distributions on our capital stock; sell assets, including capital stock of restricted subsidiaries; agree to restrictions on distributions, transfers or dividends affecting our restricted subsidiaries; consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; enter into transactions with our affiliates; incur liens; and designate any of our subsidiaries as unrestricted subsidiaries.
The agreement governing our Revolving Credit Facility limits our ability, and the terms of any future indebtedness may prohibit or limit our ability, among other things, to: • incur or guarantee additional indebtedness; • make certain investments; • repurchase equity or subordinated indebtedness; • pay dividends or make distributions on our capital stock; • sell assets, including capital stock of restricted subsidiaries; • agree to restrictions on distributions, transfers or dividends affecting our restricted subsidiaries; • consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; • enter into transactions with our affiliates; • incur liens; and • designate any of our subsidiaries as unrestricted subsidiaries.
We also compete with the resale, or “previously owned,” home market, as well as other housing alternatives such as the rental housing market. To maximize our sales volumes, profitability, and product strategy, we strive to understand our competition and their pricing, product and sales volume strategies, and results.
We also compete with the resale or “previously owned” home market as well as other housing alternatives such as the rental housing market. To maximize our sales volumes, profitability, and product strategy, we strive to understand our competition and their pricing, product and sales volume strategies, and results.
ITEM 1 C | CYBERSECURITY Cybersecurity Risk Management and Strategy We maintain a comprehensive cybersecurity program, including policies and procedures designed to protect our systems, operations, and data. We perform risk assessments on a quarterly basis to identify and remediate potential cybersecurity threats and vulnerabilities.
ITEM 1C | CYBERSECURITY Cybersecurity Risk Management and Strategy We maintain a comprehensive cybersecurity program, including policies and procedures designed to protect our systems, operations, and data. We perform risk assessments on a quarterly basis to identify and remediate potential cybersecurity threats and vulnerabilities.
Inspired Title competes against other title and escrow agents that provide similar services. Specific to our California markets, Inspired California Escrow provides escrow services for homebuyers in our California market and competes against other escrow agents that provide similar services.
Inspired Title competes against other title and escrow agents that provide similar services. Specific to our California markets, Inspired California Escrow provides escrow services for homebuyers and competes against other escrow agents that provide similar services.
Our business can be substantially affected by adverse changes in general economic or business conditions, and other events and conditions that are outside of our control, including: increases in short- and long-term interest rates; high inflation; supply-chains and the cost or availability of building materials; the availability of subcontractors, vendors or other third parties; housing affordability; the cost and availability of suitable land and lots for the development of our communities; the availability and cost of financing for homebuyers; federal and state income and real estate tax laws, including limitations on, or the elimination of, the deduction of mortgage interest or property tax payments; employment levels, job and personal income growth and household debt-to-income levels; consumer confidence generally and the confidence of potential homebuyers in particular; the ability of homeowners to sell their existing homes at acceptable prices; the U.S. and global financial systems and credit markets, including stock market and credit market volatility; inclement weather and natural disasters, including risks associated with global climate change, such as increased frequency or intensity of adverse weather events; civil unrest, acts of terrorism, other acts of violence, threats to national security, escalating global trade tensions, the adoption of trade restrictions, or a public health issue such as COVID-19 or other major epidemic or pandemic; mortgage financing programs and regulation of lending practices; housing demand from population growth, household formations and demographic changes (including immigration levels and trends or other costs of home ownership in urban and suburban migration); demand from foreign buyers for our homes; the supply of available new or existing homes and other housing alternatives; energy prices; and the availability of developable land in our markets and in the United States generally.
Our business can be substantially affected by adverse changes in general economic or business conditions, and other events and conditions that are outside of our control, including: • increases in short- and long-term interest rates; • high inflation; • interruptions in supply-chains and the cost or availability of building materials; • the availability of subcontractors, vendors or other third parties; • housing affordability; • the cost and availability of suitable land and lots for the development of our communities; • the availability and cost of financing for homebuyers; • federal and state income and real estate tax laws, including limitations on, or the elimination of, the deduction of mortgage interest or property tax payments; • employment levels, job and personal income growth and household debt-to-income levels; • consumer confidence generally and the confidence of potential homebuyers in particular; • the ability of homeowners to sell their existing homes at acceptable prices; • the U.S. and global financial systems and credit markets, including stock market and credit market volatility; • inclement weather and natural disasters, including risks associated with global climate change, such as increased frequency or intensity of adverse weather events; • civil unrest, acts of terrorism, other acts of violence, threats to national security, escalating global trade tensions, the adoption of trade restrictions and/or tariffs, or public health issues such as epidemics or pandemics; • mortgage financing programs and regulation of lending practices; • housing demand from population growth, household formations and demographic changes (including immigration levels and trends in urban and suburban migration); • demand from foreign buyers for our homes; • the supply of available new or existing homes and other housing alternatives; • energy prices; and • the availability of developable land in our markets and in the United States generally.
Under the indentures governing our Senior Notes, if a change of control were to occur, we would be required to make offers to repurchase the Senior Notes at prices equal to 101% of their respective principal amounts.
Under the indentures governing our Senior Notes, if a change of control were to occur, we would be required to make offers to repurchase all of our senior notes at a price equal to 101% of their respective principal amounts.
COMMUNITY We believe we have the responsibility of creating communities and neighborhoods which will have long-lasting, positive impacts on their environments and the people who live in them. As such, we are committed to integrating sustainable values into all aspects of our business.
EVALUATION We believe we have the responsibility of creating communities and neighborhoods which will have long-lasting, positive impacts on their environments and the people who live in them. As such, we are committed to integrating sustainable values into various aspects of our business.
In such case, amounts available under our $1 Billion Revolving Credit Facility and $100 Million Revolving Credit Facility (together, the "Revolving Credit Facilities") and cash from operations may not be sufficient to allow TMHF to provide financing required by our business during these times, and our ability to originate and sell mortgage loans at competitive prices could be limited, which could negatively affect our business.
In such case, amounts available under our $1 Billion Revolving Credit Facility (the "Revolving Credit Facility") and cash from operations may not be sufficient to allow TMHF to provide financing required by its business during these times, and our ability to originate and sell mortgage loans at competitive prices could be limited, which could negatively affect our business.
The restrictions contained in the indentures governing all of our Senior Notes and the agreements governing our Revolving Credit Facilities could also limit our ability to plan for or react to market conditions, meet capital needs or make acquisitions or otherwise restrict our activities or business plans.
The restrictions contained in the indentures governing all of our senior notes and the agreement governing our Revolving Credit Facility could also limit our ability to plan for or react to market conditions, meet capital needs or make acquisitions or otherwise restrict our activities or business plans.
Our amended and restated certificate of incorporation and our amended and restated by-laws contain certain provisions that may discourage, delay or prevent a change in our management or control over us that stockholders may consider favorable, including the following: the sole ability of the Board of Directors to fill a vacancy created by the expansion of the Board of Directors; advance notice requirements for stockholder proposals and director nominations; limitations on the ability of stockholders to call special meetings and to take action by written consent; in certain cases, the approval of holders of at least three-fourths of the shares entitled to vote generally on the making, alteration, amendment or repeal of our certificate of incorporation or by-laws will be required to adopt, amend or repeal our bylaws, or amend or repeal certain provisions of our certificate of incorporation; and the ability of our Board of Directors to designate the terms of and issue new series of preferred stock without stockholder approval, which could be used, among other things, to institute a rights plan that would have the effect of significantly diluting the stock ownership of a potential hostile acquirer, likely preventing acquisitions that have not been approved by our Board of Directors.
Our amended and restated certificate of incorporation and our amended and restated by-laws contain certain provisions that may discourage, delay or prevent a change in our management or control over us that stockholders may consider favorable, including the following: • the sole ability of the Board of Directors to fill a vacancy created by the expansion of the Board of Directors; • advance notice requirements for stockholder proposals and director nominations; • limitations on the ability of stockholders to call special meetings and to take action by written consent; • in certain cases, the approval of holders of at least three-fourths of the shares entitled to vote generally on the making, alteration, amendment or repeal of our certificate of incorporation or by-laws will be required to adopt, amend or repeal our bylaws, or amend or repeal certain provisions of our certificate of incorporation; and • the ability of our Board of Directors to designate the terms of and issue new series of preferred stock without stockholder approval, which could be used, among other things, to institute a rights plan that would have the effect TAYLOR MORRISON HOME CORPORATION 10-K 26 Table of Contents ITEM 1A | RISK FACTORS of significantly diluting the stock ownership of a potential hostile acquirer, likely preventing acquisitions that have not been approved by our Board of Directors.
Additionally, increasing governmental and societal attention to environmental, social, and governance ("ESG") matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, human capital, and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess, monitor and report.
Additionally, increasing governmental and societal attention to sustainability matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, human capital, and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess, monitor and report.
We have a health and safety audit system that includes comprehensive twice-yearly independent third-party inspections of selected sites covering all aspects of health and safety. Key areas of focus are on site conditions meeting exacting health and safety standards, and on subcontractor performance throughout our operating areas meeting or exceeding expectations.
We have a health and safety audit system that includes comprehensive bi-annual independent third-party inspections of selected sites covering all aspects of health and safety. Key areas of focus are on site conditions meeting health and safety standards, and on subcontractor performance throughout our operating areas meeting or exceeding expectations.
We have expanded our market footprint and product positioning through our homebuilder acquisitions and smart organic growth and serve a broad range of consumers in the entry-level, move-up and resort lifestyle segments across the country. We are also a land developer, with a portfolio of lifestyle and master-planned communities with single and multi-family detached and attached homes.
We have expanded our market footprint and product positioning through our homebuilder business acquisitions and smart organic growth. We serve a broad range of customers in the entry-level, move-up and resort lifestyle buyer groups across the country. We are also a land developer, with a portfolio of lifestyle and master-planned communities with single and multi-family detached and attached homes.
Further, an obligation to commit our own funds to long-term investments in mortgage loans could, among other things, delay the time when we recognize revenues from home sales on our statements of operations.
Further, an obligation to commit our own funds to long-term investments in mortgage loans could, among other things, delay the time when we recognize revenue from home closings on our statements of operations.
For example, regulations governing wetlands permitting under the federal Clean Water Act have been the subject of extensive rulemakings for many years, resulting in several major joint rulemakings by the EPA and the U.S.
For example, regulations governing wetlands permitting under the federal Clean Water Act have been the subject of extensive rulemakings for many years, resulting in several major joint rulemakings by the Environmental Protection Agency and the U.S.
The most recent significant industry downturn that began in 2008 materially and adversely impacted those in the homebuilding industry, including us. In the event of a significant downturn, we may experience a material reduction in revenues, margins, and cash flow. We cannot predict the trajectory of the U.S. housing market.
The most recent significant industry downturn that began in 2008 materially and adversely impacted those in the homebuilding industry, including us. In the event of a significant downturn, we may experience a material reduction in revenue, margins, and operating cash flows. We cannot predict the trajectory of the U.S. housing market.
The agreements governing our Revolving Credit Facilities contain certain “springing” financial covenants that, if triggered, require Taylor Morrison Home III Corporation, a Delaware corporation and our indirect wholly owned subsidiary, and its subsidiaries to comply with a maximum debt to capitalization ratio and a minimum consolidated tangible net worth test.
The agreement governing our Revolving Credit Facility contains certain “springing” financial covenants that, if triggered, require Taylor Morrison Home III Corporation, a Delaware corporation and our indirect wholly owned subsidiary, and its subsidiaries to comply with a maximum debt to capitalization ratio and a minimum consolidated tangible net worth test.
TAYLOR MORRISON HOME CORPORATION 10-K 12 ITEM 1 | BUSINESS ENVIRONMENTAL LAWS We are subject to a variety of local, state and federal statutes, ordinances, rules and regulations concerning protection of public health and the environment (collectively, “environmental laws”).
TAYLOR MORRISON HOME CORPORATION 10-K 10 Table of Contents ITEM 1 | BUSINESS We are subject to a variety of local, state and federal statutes, ordinances, rules and regulations concerning protection of public health and the environment (collectively, “environmental laws”).
Our substantial debt could have important consequences for the holders of our common stock, including: making it more difficult for us to satisfy our obligations with respect to our debt or to our trade or other creditors; increasing our vulnerability to adverse economic or industry conditions; limiting our ability to obtain additional financing to fund capital expenditures and land acquisitions, particularly when the availability of financing in the capital markets is limited; requiring us to pay higher interest rates upon refinancing or on our variable rate indebtedness if interest rates rise; requiring a substantial portion of our cash flows from operations and the proceeds of any capital markets offerings or loan borrowings for the payment of principal and interest on our debt thus reducing our ability to use our cash flows to fund working capital, capital expenditures, land acquisitions and general corporate requirements; TAYLOR MORRISON HOME CORPORATION 10-K 32 ITEM 1A | RISK FACTORS limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and placing us at a competitive disadvantage to less leveraged competitors.
Our substantial debt could have important consequences for the holders of our common stock, including: • making it more difficult for us to satisfy our obligations with respect to our debt or to our trade or other creditors; • increasing our vulnerability to adverse economic or industry conditions; • limiting our ability to obtain additional financing to fund land acquisitions and development and construction activities particularly when the availability of financing in the capital markets is limited; requiring us to pay higher interest rates upon refinancing or on our variable rate indebtedness if interest rates rise; • requiring a substantial portion of our cash flows from operations and the proceeds of any capital markets offerings or loan borrowings for the payment of principal and interest on our debt thus reducing our ability to use our cash flows to fund working capital, land acquisitions and development and construction activities and general corporate requirements; • limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and • placing us at a competitive disadvantage to less leveraged competitors.
TMHF operates as an independent mortgage banker and conducts its business as a Federal Housing Administration (“FHA”) Full Eagle lender. TMHF funds mortgage loans utilizing warehouse credit facilities. Revenue is earned through originating, selling, and servicing residential mortgage loans through its retail channel. Typically, loans are sold and servicing is released.
TMHF operates as an independent mortgage banker and conducts its business as a Federal Housing Administration (“FHA”) Full Eagle lender. TMHF funds mortgage loans utilizing warehouse credit facilities. Revenue is earned through originating, selling, and servicing residential mortgage loans through TMHF's retail channel. Typically, loans are sold and servicing is released, however a small percentage of servicing is retained.
Business Strategy and Operations Our short and long-term priorities and strategies include the following: Short-term priorities strategic land initiatives to mitigate risk and enhance capital efficiency; process and product optimization to promote operational effectiveness; product innovation and standardization to drive operating efficiencies and cost reduction; balancing sales pace and price on a community-by-community basis to maintain targeted sales volume; TAYLOR MORRISON HOME CORPORATION 10-K 5 ITEM 1 | BUSINESS balancing our inventory of homes under construction and our pace of new construction starts; optimizing, at a community level, the intentional balance of to-be-built and quick-move-in homes; ability to swiftly adjust our pricing, discounts/incentives, or financial services product offerings based on our customers' needs; continuing to enhance the customer experience; and further scaling our Build-to-Rent operations to meet the need for rental households.
TAYLOR MORRISON HOME CORPORATION 10-K 4 Table of Contents ITEM 1 | BUSINESS Business Strategy and Operations Our short and long-term priorities and strategies include the following: Short-term priorities • strategic land initiatives to mitigate risk, enhance capital efficiency, and improve returns on investments; • process and product optimization to promote operational effectiveness; • product innovation and standardization to drive operating efficiencies and cost reduction; • balancing sales pace and price on a community-by-community basis to maintain targeted sales volume; • balancing our inventory of homes under construction and our pace of new construction starts; • optimizing, at a community level, the intentional balance of to-be-built and quick-move-in homes; • ability to swiftly adjust our pricing, discounts/incentives, or financial services product offerings based on our customers' needs; • continuing to enhance the customer experience by providing efficient processes and building superior products; and • further scaling o ur Build-to-Rent operations to meet the need for rental households.
Our substantial debt could adversely affect our business, financial condition or results of operations and prevent us from fulfilling our debt-related obligations. We have a substantial amount of debt. As of December 31, 2023, the total principal amount of our debt (including $153.5 million of indebtedness of TMHF) was $2.0 billion.
Our substantial debt could adversely affect our business, financial condition or results of operations and prevent us from fulfilling our debt-related obligations. We have a substantial amount of debt. As of December 31, 2024, the total principal amount of our debt (including $174.5 million of indebtedness of TMHF) was $2.1 billion.
In addition, our executive leadership who are responsible for setting our overall strategy average approximately 16 years with us, and many of them have worked their entire careers in the homebuilding industry. To attract and retain top talent in our industry, we offer our employees a broad range of company-paid benefits and highly competitive compensation packages.
In addition, our executive leaders responsible for setting our overall strategy average approximately 15 years with us, and many of them have worked essentially their entire careers in the homebuilding industry. To attract and retain top talent in our industry, we offer our employees a broad range of company-paid benefits and highly competitive compensation packages.
In particular, shortages and fluctuations in the price of concrete, drywall, lumber or other important raw materials could result in delays in the start or completion of, or increase the cost of, developing one or more of our residential communities. Our lumber needs are particularly sensitive to shortages and related cost increases.
In particular, shortages and fluctuations in the price of concrete, drywall, lumber or other important raw materials could result in delays in the start or completion of, or increase the cost of, developing one or more of our residential communities. Our lumber needs are particularly sensitive to shortages and related cost increases, including imposed tariffs should they occur.
Additionally, if we are unable to originate mortgages for any reason going forward, our customers may experience significant mortgage loan funding issues, which could have a material impact on our homebuilding business and our Consolidated financial statements. The prices of our mortgages could be adversely affected if we lose any of our important commercial relationships.
Additionally, if we are unable to originate mortgages for any reason going forward, our customers could experience mortgage loan funding issues, which could have a material impact on our homebuilding business and our results of operations. The prices of our mortgages could be adversely affected if we lose any of our important commercial relationships.
Such severe weather events can delay home construction, increase costs by damaging inventories, reduce the availability of building materials, and increase transportation delays further TAYLOR MORRISON HOME CORPORATION 10-K 21 ITEM 1A | RISK FACTORS increasing stress on our supply chain and negatively impact the demand for new homes in affected areas, as well as slow down or otherwise impair the ability of utilities and local governmental authorities to provide approvals and service to new housing communities.
Such severe weather events can delay home construction, increase costs by damaging inventories, reduce the availability of building materials, and increase transportation delays further increasing stress on our supply chain and negatively impact the demand for new homes in affected areas, as well as slow down or otherwise impair the ability of utilities and local governmental authorities to provide approvals and service to new housing communities.
Item 4. Mine Safety Disclosures ITEM 1 | BUSINESS ITEM 1 | B USINESS General Overview Taylor Morrison Home Corporation (“TMHC”) is a leading national land developer and homebuilder in the United States and has been named America’s Most Trusted Homebuilder® for nine consecutive years (awarded by Lifestory Research).
Item 4. Mine Safety Disclosures Table of Contents ITEM 1 | BUSINESS ITEM 1 | BUSINESS General Overview Taylor Morrison Home Corporation (“TMHC”) is a leading national homebuilder and land developer in the United States and has been named America’s Most Trusted Homebuilder® for ten consecutive years (awarded by Lifestory Research).
To illustrate the seasonality of our business, a summary of quarterly financial data follows: Three Months Ended 2023 2022 March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Net homes sold 26 % 28 % 24 % 22 % 32% 27% 22% 19% Home closings revenue 22 % 28 % 23 % 27 % 21% 24% 25% 30% Income before income taxes 25 % 31 % 22 % 22 % 17% 28% 29% 26% Net income 25 % 31 % 22 % 22 % 17% 28% 29% 26% Financial Services TMHF provides a number of finance-related services to our customers through our mortgage lending operations.
To illustrate the seasonality of our business, a summary of quarterly financial data follows: Three Months Ended 2024 2023 March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Net sales orders 30 % 25 % 23 % 22 % 26 % 28 % 24 % 22 % Home closings revenue, net 21 % 25 % 26 % 28 % 22 % 28 % 23 % 27 % Income before income taxes 22 % 23 % 29 % 26 % 25 % 31 % 22 % 22 % Net income 22 % 23 % 28 % 27 % 25 % 31 % 22 % 22 % Financial Services TMHF provides a number of finance-related services to our customers through our mortgage lending operations.
The presence of such substances at or in the vicinity of our properties, or the failure to remediate such substances properly, may also adversely affect our ability to sell the affected land or to borrow using it as security.
The presence of such contamination or other environmental conditions at or in the vicinity of our properties, or the failure to remediate such conditions properly, may also adversely affect our ability to sell the affected land or to borrow using it as security.
This commitment to sustainability, our communities and our team is highlighted in our latest Environmental, Social and Governance (ESG) Report available on our website. Our ESG report is not considered part of this Annual Report. HEALTH AND SAFETY We are committed to maintaining high standards in health and safety at all of our sites.
This commitment to sustainability, our communities and our team is highlighted in our latest Sustainability and Belonging Report available on our website. This report is not considered part of this Annual Report. COMMUNITY We are committed to maintaining high standards in health and safety at all of our sites.
A breach of any of the restrictive covenants under the agreements governing our Revolving Credit Facilities or any of our Senior Notes could allow for the acceleration of the Revolving Credit Facilities and all Senior Notes.
A breach of any of the restrictive covenants under the agreement governing our Revolving Credit Facility or any of our senior notes could allow for the acceleration of the Revolving Credit Facility and all senior notes.
TAYLOR MORRISON HOME CORPORATION 10-K 11 ITEM 1 | BUSINESS Regulation, Environmental, Health and Safety Matters Regulatory We are subject to various local, state and federal statutes, ordinances, rules and regulations concerning zoning, building design, construction, safety and similar matters, including local regulations that impose restrictive zoning and density requirements in order to limit the number of homes that can eventually be built within the boundaries of a particular property or locality.
Regulation, Environmental, Health and Safety Matters Regulatory We are subject to various local, state and federal statutes, ordinances, rules and regulations concerning zoning, building design, construction, safety and similar matters, including local regulations that impose restrictive zoning and density requirements in order to limit the number of homes that can eventually be built within the boundaries of a particular property or locality.
Our national model home program standard, known as Portrait, is aligned with a select group of design firms. The design firms follow our Taylor Morrison standards to create an integrated marketing program and a model home TAYLOR MORRISON HOME CORPORATION 10-K 9 ITEM 1 | BUSINESS storefront that conveys the customer preferences we have identified.
Our national model home program, known as Portrait, is aligned with a select group of design firms. The design firms follow our Taylor Morrison standards to create an integrated marketing program and a model home storefront that conveys the customer preferences we have identified.
Any of the above risks could have a material adverse effect on your investment in our common stock. TAYLOR MORRISON HOME CORPORATION 10-K 35 ITEM 1B THROUGH ITEM 4 ITEM 1B | UNRESOLV ED STAFF COMMENTS None.
Any of the above risks could have a material adverse effect on your investment in our common stock. TAYLOR MORRISON HOME CORPORATION 10-K 27 Table of Contents ITEM 1B THROUGH ITEM 4 ITEM 1B | UNRESOLVED STAFF COMMENTS None.
Factors expected to contribute to these fluctuations include, but are not limited to: the timing of the introduction and start of construction of new projects; the condition of the real estate market and general economic conditions in the areas in which we operate; the timing of sales; mix of homes closed; the timing of closings of homes, lots and parcels; construction timetables; TAYLOR MORRISON HOME CORPORATION 10-K 10 ITEM 1 | BUSINESS the timing of receipt of regulatory approvals for development and construction; the cost and availability of materials and labor; and weather conditions in the markets in which we build.
Factors expected to contribute to these fluctuations include, but are not limit ed to: • the timing of the introduction and start of construction of new projects; • the timing of sales; • the timing of closings of homes, lots and parcels; • the condition of the real estate market and general economic conditions in the areas in which we operate; • mix of homes closed; • construction timetables; • the timing of receipt of regulatory approvals for development and construction; • the cost and availability of materials and labor; and • weather conditions in the markets in which we build.
While we have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive, confidential and personal data, including through the use of encryption and authentication technologies, and have increased our monitoring capabilities to enhance early detection and rapid response to potential security anomalies, and, to date, have not had a significant cybersecurity breach or attack that had, or is likely to have, a material impact on our business strategy, results of operations, or financial condition, our security measures may not be sufficient for all possible occurrences and may be vulnerable to hacking, employee error, malfeasance, system error, faulty password management or other irregularities.
While we have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive, confidential and personal data, including through the use of encryption and authentication technologies, and have increased our TAYLOR MORRISON HOME CORPORATION 10-K 20 Table of Contents ITEM 1A | RISK FACTORS monitoring capabilities to enhance early detection and rapid response to potential security anomalies, and, to date, have not had a significant cybersecurity breach or attack that had, or is likely to have, a material impact on our business strategy, results of operations, or financial condition, our security measures may not be sufficient for all possible occurrences and may be vulnerable to hacking (including through the use of artificial intelligence), employee error, malfeasance (including through phishing attempts and ransomware attacks), system error, faulty password management or other irregularities.
Furthermore, because we lack a controlling interest in our unconsolidated joint ventures we cannot exercise sole decision-making authority, which could create the potential risk of impasses on decisions and prevent the joint venture from taking, or not taking, actions that we believe may be in TAYLOR MORRISON HOME CORPORATION 10-K 25 ITEM 1A | RISK FACTORS our best interests.
Furthermore, because we lack a controlling interest in our unconsolidated joint ventures we cannot exercise sole decision-making authority, which could create the potential risk of impasses on decisions and prevent the joint venture from taking, or not taking, actions that we believe may be in our best interests.
TAYLOR MORRISON HOME CORPORATION 10-K 15 ITEM 1A | RISK FACTORS ITEM 1A | RI SK FACTORS Risks related to our industry, business and economic conditions Our business is cyclical and is significantly affected by changes in general and local economic conditions.
TAYLOR MORRISON HOME CORPORATION 10-K 12 Table of Contents ITEM 1A | RISK FACTORS ITEM 1A | RISK FACTORS Risks related to our industry, business and economic conditions Our business is cyclical and is significantly affected by changes in general and local economic conditions.
We may not TAYLOR MORRISON HOME CORPORATION 10-K 16 ITEM 1A | RISK FACTORS be able to recover these increased costs by raising prices because of weak market conditions and because the price of each home we sell is usually set several months before the home is delivered, as many customers sign their home purchase contracts before construction begins.
We may not be able to recover these increased costs by raising prices because of weak market conditions and because the price of each home we sell is usually set several months before the home is delivered, as many customers sign their home purchase contracts before construction begins.
However, in 2022 and 2023, in light of increasing inflation, the Federal Reserve increased interest rates 11 times, which caused buyer apprehension and affordability concerns, resulting in an increase in cancellations and a negative impact on our net sales orders in 2022.
However, in reaction to increasing inflation, the Federal Reserve increased interest rates 11 times from 2022 to 2024, which caused buyer apprehension and affordability concerns, initially resulting in an increase in cancellations and a negative impact on our net sales orders.
To address the state’s mandate and their own available potable water supplies, local water agencies/suppliers could potentially: restrict, delay the issuance of, or proscribe new water connection permits for homes; increase the costs for securing such permits, either directly or by requiring participation in impact mitigation programs; adopt higher efficiency requirements for water-using appliances or fixtures; limit or ban the use of water for construction activities; impose requirements as to the types of allowed plant vegetation or irrigation for outdoor landscaping that are more strict than state standards and less desired by consumers; and/or impose fines and penalties for noncompliance with any such measures.
To address a state mandate and their own available potable water supplies, local water agencies/suppliers could potentially: restrict, delay the issuance of, or proscribe new water connection permits for homes; TAYLOR MORRISON HOME CORPORATION 10-K 23 Table of Contents ITEM 1A | RISK FACTORS increase the costs for securing such permits, either directly or by requiring participation in impact mitigation programs; adopt higher efficiency requirements for water-using appliances or fixtures; limit or ban the use of water for construction activities; impose requirements as to the types of allowed plant vegetation or irrigation for outdoor landscaping that are less desired by consumers; and/or impose fines and penalties for noncompliance with any such measures.
Further, some environmental laws (including many addressing releases of TAYLOR MORRISON HOME CORPORATION 10-K 27 ITEM 1A | RISK FACTORS hazardous substances) impose strict liability, which means that we may be held liable for environmental conditions on property we own, or previously owned, which we did not create or know about, or which resulted from conduct that was lawful.
Further, some environmental laws (including many addressing releases of hazardous substances) impose strict liability, which means that we may be held liable for environmental conditions on property we own, or previously owned, which we did not create or know about, or which resulted from conduct that was lawful.
We are a general contractor for all of our homebuilding projects. Subcontractors perform all home construction and land development, generally under fixed-price contracts. The availability of labor, specifically as it relates to qualified tradespeople, at reasonable prices can be challenging in some markets as a result of the uneven industry growth.
We are a general contractor for all of our homebuilding projects. Subcontractors perform all home construction and land development, generally under fixed-price contracts. The availability of labor, specifically as it relates to qualified tradespeople, at reasonable prices can be challenging in some markets. Yardly For-Rent Brand We operate a “Build-to-Rent” homebuilding business under the brand name Yardly.
Our ability to use our net operating losses is dependent on a TAYLOR MORRISON HOME CORPORATION 10-K 24 ITEM 1A | RISK FACTORS number of factors, including applicable rules relating to the permitted carry back period for offsetting certain net operating losses against prior period earnings and the timing and amount of future taxable income.
Our ability to use our net operating losses is dependent on a number of factors, including applicable rules relating to the permitted carry back period for offsetting certain net operating losses against prior period earnings and the timing and amount of future taxable income.
Being required to hold loans on a long-term basis would subject us to credit risks associated with the borrowers to whom the loans are extended, would negatively affect our liquidity and could require us to use TAYLOR MORRISON HOME CORPORATION 10-K 30 ITEM 1A | RISK FACTORS additional capital resources to finance the loans that TMHF is extending.
Being required to hold loans on a long-term basis would subject us to credit risks associated with the borrowers to whom the loans are extended, would negatively affect our liquidity and could require us to use additional capital resources to finance the loans that TMHF is extending.
People who are not employed, are underemployed, who have left the labor force or are concerned about low wages or the loss of their jobs are less likely to purchase new homes, may be forced to try to sell the homes they own and may face difficulties in making required mortgage payments or qualifying for new mortgage financing.
People who are not employed, are underemployed, who have left the labor force or are concerned about low wages or the loss of their jobs are less likely to purchase new homes, may be forced to try to sell the TAYLOR MORRISON HOME CORPORATION 10-K 16 Table of Contents ITEM 1A | RISK FACTORS homes they own and may face difficulties in making required mortgage payments or qualifying for new mortgage financing.
To support our business strategies, we maintain a balanced capital allocation approach designed to maximize long-term shareholder value. We operate our business to capitalize on market dynamics while mitigating risks from economic downturns as we recognize the cyclical nature of the housing industry.
To support our business strategies, we maintain a balanced capital allocation approach designed to maximize long-term shareholder value. We operate our business to capitalize on market dynamics while mitigating risks from economic TAYLOR MORRISON HOME CORPORATION 10-K 5 Table of Contents ITEM 1 | BUSINESS downturns as we recognize the cyclical nature of the housing industry.
Access to qualified labor may be affected by circumstances beyond our control, including work stoppages, changes in laws relating to union organizing activity and increases in subcontractor and professional services costs. TAYLOR MORRISON HOME CORPORATION 10-K 18 ITEM 1A | RISK FACTORS Labor shortages can be further exacerbated as demand for housing increases.
Access to qualified labor may be affected by circumstances beyond our control, including work stoppages, changes in laws relating to union organizing activity and increases in subcontractor and professional services costs. Labor shortages can be further exacerbated as demand for housing increases.
We have incurred costs in an effort to comply with these data privacy risks and requirements, and our costs may increase significantly as such risks become increasingly complex or if new or changing requirements are enacted, and ultimately based on how individuals choose to exercise their rights.
We have incurred costs in an effort to comply with these data privacy risks and requirements, and our costs may increase significantly as such risks become increasingly complex or if new or changing regulations are enacted.
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