Cousins Properties Announces Public Offering of 9,500,000 Shares of Common StockBrittany Mahomes is her husband’s biggest fan. Brittany, 29, took to Instagram on Sunday, December 8, to gush over Patrick Mahomes ’ game day look. Ahead of the Kansas City Chiefs vs. Los Angeles Chargers game, Patrick, 29, looked handsome in a light brown jacket featuring a coffee collar and four large pockets on the body. Patrick paired the top with matching tan pants and a lighter T-shirt. The quarterback added even more drip to his ensemble with back sunglasses featuring white rims, a dark backpack and ivory sneakers. His brunette hair was shaved at the sides with the rest of his mane neatly curled. “I take pride in styling my husband, but I mean damn he looks good in everything 😊,” Brittany, who is currently expecting her third baby with Patrick, captioned a post of Patrick that showed him entering Arrowhead Stadium. A post shared by Kansas City Chiefs (@chiefs) Fans agreed with Brittany in the Chiefs’ official account’s comments section. “Best game fit thus farrrr 🔥🔥,” one social media user wrote. A second added, “Looks fabulous!” A third fan complimented his hairdo, writing, “QB1 with a fresh cut (I see those lines 🔥) Let’s go, Chiefs! ❤️💛💪🏼.” (The Chiefs ended up defeating the Charges with a final score of 19 to 17.) You have successfully subscribed. By signing up, I agree to the Terms and Privacy Policy and to receive emails from Us Weekly Check our latest news in Google News Check our latest news in Apple News Brittany looked just as showstopping at the Sunday Chiefs game, wearing a patent leather Dolce & Gabbana trench coat (4,695), a ribbed white sweater from L’Academie ($168) and straight Re/done jeans ($325). Brittany further glammed up her look with white Fendi booties featuring an artistic gold heel ($750) and a checkered purse from Bottega Veneta ($2,600). In true Brittany fashion , her platinum blonde hair was styled in a voluminous coif with her crown pulled into a pony. The rest of her mane was curled and worn down. The Mahomes could easily win a Super Bowl for their killer fashion sense alone.
Helping to drown out the noiseSwans unleash next Buddy FranklinIn our Reality Check stories, Idaho Statesman journalists seek to hold the powerful accountable and find answers to critical questions in our community. Read more. Story idea? Tips@idahostatesman.com. Lawyers representing Idaho and the state Legislature stood before a panel of 11 federal judges this week to defend the state’s abortion restrictions as part of a case that went before the U.S. Supreme Court earlier this year. The U.S. Department of Justice sued Idaho i n August 2022, shortly after the Supreme Court overturned Roe v. Wade and triggered Idaho’s strict abortion bans . The federal government said Idaho’s narrow exception for abortion only to prevent the death, not protect the health, of a pregnant patient didn’t meet the standards of the Emergency Medical Treatment and Labor Act, or EMTALA. The panel of federal judges Tuesday interrogated attorneys for the state and federal government in an hourlong oral argument hearing. But one question loomed over the entire proceeding: When Donald Trump takes office in January, will the federal government even continue to pursue the case? In the last two years, the lawsuit has been a roller coaster of injunctions, appeals and reversals that took it to the nation’s highest court in April. This summer, the Supreme Court justices sent the case back to the 9th Circuit Court of Appeals, reinstated a preliminary injunction allowing abortions as emergency care and chastised both parties, whose arguments in D.C., the justices said, “rendered the scope of the dispute unclear, at best.” Now the next steps for the case are also unclear. The appeals court could uphold or undo the injunction, which allowed Idaho physicians to provide abortions as stabilizing care in non-life-threatening emergencies without opening themselves up to potential prosecution. If the incoming presidential administration instructs the Department of Justice to drop the case entirely, either decision would be moot. It’s common for a new administration to dismiss pending cases that don’t align with its priorities. For instance, Democratic President Joe Biden’s administration dropped several cases initiated during Trump’s first term, including a lawsuit against former Trump national security adviser John Bolton over Bolton’s tell-all book; a lawsuit against a former aide to Melania Trump who officials said violated a non-disclosure agreement by writing a memoir; and a lawsuit against Yale University that alleged the school discriminated against white and Asian applications. Throughout his 2024 campaign, Trump was inconsistent in his stance on abortion rights , at times criticizing conservative states for harsh laws while simultaneously voicing support for a federal ban on abortion around 15 weeks of pregnancy. Dan Estes, a spokesperson for the Idaho Attorney General’s Office, told the Idaho Statesman in an email that it has not heard anything from the Trump transition team on its plans to pursue the case. Trump transition officials did not respond to an emailed request for comment on the case. Idaho’s attorney argues EMTALA, abortion ban don’t conflict John Bursch, the attorney arguing on behalf of the state of Idaho, on Tuesday reiterated arguments the state made before the Supreme Court in D.C. this spring: that the federal government cannot overstep state law and cannot instruct hospitals to perform a specific procedure like abortion under EMTALA. EMTALA, a federal law dating back to the 1980s, requires hospitals that accept Medicare funds to provide stabilizing care to patients experiencing medical emergencies. Bursch is senior counsel with the Alliance Defending Freedom, a conservative Christian legal advocacy group that has been described by some organizations, like the civil rights nonprofit Southern Poverty Law Center, as an extremist group. Idaho Attorney General Raúl Labrador tapped the Alliance Defending Freedom for help in the case last year. Bursch opened arguments in front of a panel that includes judges appointed by former presidents Bill Clinton, George W. Bush and Barack Obama. Four of the judges were appointed by Trump in his first term, and two are Biden appointees. Bursch told the judges Idaho is being irreparably harmed each day the injunction is in place and argued that EMTALA does not conflict with Idaho’s Defense of Life Act , which includes an emergency exception only when abortion is “necessary to prevent the death of the pregnant woman” and carries the threat of prison time and loss of medical license for any health care professional who breaks the law. “What’s the problem with having an injunction if you’re not being harmed by the non-conflict, from your perspective?” asked Judge Milan D. Smith, Jr., a Bush appointee from El Segundo, California. Bursch said the injunction, originally put in place by Judge B. Lynn Winmill of the U.S. District Court for Idaho, is broader than EMTALA’s allowances. He also said the U.S. Department of Justice has failed to illustrate “real-world” instances like a scenario poised by Smith, where Idaho law would bar a physician from providing an abortion to a patient if it would prevent them from losing a limb when their life wasn’t also at risk. ‘An exercise in futility’: Judges weigh in on future of case under Trump As Bursch defended Idaho’s position, Judge Consuelo M. Callahan, a Bush appointee from Sacramento, first raised the issue of the incoming administration. “Is this an exercise in futility?” Callahan asked. “You said every day that Idaho can’t have its law in effect is a terrible day, but none of the things that anyone’s talked about have happened. “A lot of things have changed on the ground, and we have a new administration,” Callahan said. “Why shouldn’t we just send this back to the District Court and let the District Court deal with all the changes?” Callahan was referring to changes to Idaho’s abortion law that occurred after the Department of Justice sued the state. The Idaho Legislature amended the law to allow abortions in cases of ectopic or molar pregnancies and to create an explicit exception for abortion to save a pregnant patient’s life. Taylor Meehan, a Chicago-based attorney representing the Idaho Legislature, argued before the panel after Bursch. Meehan faced similar questions from the judges as she argued that Idaho doctors are able to use their “good faith medical judgment” to decide when an abortion is legal. “But if they guess wrong, the prosecutor prosecutes them and they lose their license,” Smith countered. Judge Salvador Mendoza, Jr., a Biden appointee from eastern Washington, asked Meehan if the abortion law had been altered to spell out specific conditions when doctors could legally provide abortions. “The more you put in the statute, the more you start to limit the physicians’ good faith belief,” Meehan said. “How are the doctors supposed to know this if it’s not explicit?” Mendoza asked. Catherine Carroll, who argued on behalf of the Justice Department, also faced criticism from the panel as she reiterated the federal government’s position that abortion is sometimes the appropriate stabilizing care for emergencies that aren’t life-threatening. Trump appointees Daniel Bress, of San Francisco; Lawrence VanDyke, of Reno; and Danielle Forrest, of Portland, questioned the necessity of abortion, whether it falls under the scope of EMTALA and who should have the power to decide when and if ethics come into providing abortions as health care. VanDyke also took the lead questioning Lindsay Harrison, who argued on behalf of St. Luke’s Health System, which has been a vocal supporter of the federal government’s position in the case. When Harrison noted that St. Luke’s airlifted six patients to other states during the six-month period when the U.S. Supreme Court walked back the injunction in the case, VanDyke questioned the motivation for relocating the patients. “How much of this airlifting is because (the patient needs) something you don’t provide?” VanDyke asked. Harrison responded that the patients, most of whom had a condition that causes the amniotic sac to break prematurely and risk infection, were airlifted only because St. Luke’s was unable to comply with EMTALA. She said physicians moved patients to hospitals where they had access to “the full range of stabilizing care.” Forrest asked Harrison where St. Luke’s will stand if the Trump administration drops the federal case against Idaho. Harrison said the health system, which is Idaho’s largest, would either face the same circumstances as it did when it needed to airlift patients, or it could file its own lawsuit. “That’s a troubling scenario in front of us,” Harrison said. Does WA Gov. Jay Inslee really plan to move to Idaho when he leaves office in January? Idaho man charged with murder escaped. Why was he in a minimum-security prison? Stroke, hemorrhage, sepsis: Idaho doctors detail ways abortion ban risks patients’ health U.S. Supreme Court accidentally posted opinion on Idaho abortion case. Here’s what it says
Syria's Druze hope for better future without Assad
Bayan al-Hinnawi, who spent years behind bars in Bashar al-Assad's Syria, joined crowds in the heartland of the Druze minority on Friday to celebrate the president's fall, "a dream" come true for the former prisoner. Hundreds of people descended on Sweida's main square, singing and clapping in jubilation, just days after Islamist-led rebels took the capital Damascus, sending Assad fleeing. The Druze-majority city in Syria's south has been a focal point of renewed anti-government demonstrations over the past year and a half. On Friday, residents waved Syria's pre-Assad flag of white, green and black with three stars, and raised olive branches in a sign of peace. Some of them have lost family members during the anti-government uprising that began in 2011 and spiralled into civil war. Others, like Hinnawi, had languished in prison under the Assad family's five-decade rule. "It was a dream," said 77-year-old Hinnawi of Assad's ouster. Decades ago, a few years after Hafez al-Assad seized power -- which he later handed over to his son Bashar -- a 23-year-old Hinnawi was jailed. He was released 17 years later. The grey-haired man said he had "dreamed that one day the regime would fall", but did not believe that he would live to see the day. "It's a wonderful sight. Nobody could have imagined that this could happen", he said. But his joy was incomplete, remembering the many who have died in jail. "I wish that those who died when I was imprisoned in Mazzeh or Saydnaya could see this scene," said Hinnawi. Since Assad's fall, rebel forces and residents have broken into both detention centres, freeing political prisoners and searching for long-missing loved ones. Activists and rights groups say the Assad government tortured and abused inmates at both facilities. "I got out when I was 40, I missed out of my whole life," said Hinnawi, who served in the Syrian army before being jailed. Recalling torture behind bars, he said that "no oppressor in history has done what they did to us." Since Sunday, the ousted government's security forces were nowhere to be seen in Sweida, and the office of Assad's Baath party has been abandoned, as have army checkpoints on the road to Damascus. Local armed men are present, but not the Islamist group Hayat Tahrir al-Sham which spearheaded the rebel offensive against Assad. Siham Zein al-Din, who lost her son in 2014 after he defected from the national army to join rebel fighters, said he had "sacrificed his life... for freedom, for dignity". The family was still searching for Khaldun's remains, said his 60-year-old mother. Like her son, some members of the Druze community took up arms against Assad's forces during the war. The Druze, who also live in Lebanon, Israel and the Israeli-occupied Golan Heights, make up about three percent of Syria's population, around 700,000 people. Beyond defending themselves from attacks in the areas where they live, Syria's Druze largely stayed on the sidelines of the civil war. Many managed to avoid compulsory conscription since 2011. Residents of Sweida have long complained of discrimination and the lack of basic services. Many buildings in the city are constructed from black volcanic stone that can be found in the area, and its roads have fallen into disrepair. Sheikh Marwan Hussein Rizk, a religious leader, said that "Sweida province has been marginalised" for decades, with most of its residents living in poverty. But, surrounded by the joyful protesters, Rizk said better days may be coming. "Today, we look to the future and ask for a helping hand... Our hand is extended to all Syrians." Next to him, resident Hussein Bondok held up a poster of his brother Nasser, a journalist and opposition activist who was last heard from in 2014 when he was arrested. Bondok, 54, said he believes his brother was likely killed under torture in one of Damascus's prisons. Nasser struggled for freedom, Bondok said. "I want to congratulate him now, because the seeds he had planted with his brothers-in-arms has become a tree." lk/ami/it
By JESSICA DAMIANO Finding the perfect gift can be daunting. The only way to truly ensure you get it right would be to ask the recipient what they want, but that wouldn’t be much fun for either of you. Luckily, there’s another tactic to help you earn a “gift whisperer” reputation: seeking out unique, practical, game-changing gifts that will truly surprise and delight. But that’s about as easy as it sounds, which is to say it’s not easy at all. So, we’ve done the legwork for you. Start making your list with this compilation of some of the most innovative, functional and fun gifts of 2024. There’s something for every budget. Bear with me: The new FinaMill Ultimate Spice Grinder set elevates the pedestrian pepper and spice mill in both function and style. Available in three colors (Sangria Red, Midnight Black and Soft Cream), the rechargeable-battery unit grinds with a light touch rather than hand-tiring twists. That’s easier for everyone and especially helpful for those experiencing hand or wrist issues such as arthritis, carpal tunnel syndrome or tendinitis. And it’s fun to use. The set includes a stackable storage tray and four pods that can be easily swapped as needed: The GT microplane grater for hard spices, nuts and chocolate; the MAX for large spices and dried herbs; the ProPlus for smaller and oily spices; and the Pepper Pod for, well, pepper. $110. Campers and backyard firepit lovers who have experienced the heartbreak of wet wood will appreciate having a three-pack of Pull Start Fire on hand. Made of 89% recycled materials, including sanding dust, wax and flint, the food-safe, eco-friendly, 3-by-2-by-1-inch fire starters will light a fire quickly without matches, lighters or kindling. Just loop the attached green string around a log, incorporate it into a wood stack, and pull the attached red string to ignite. Each windproof, rainproof block burns for 30 minutes. $29.99. The No Mess Utensil Set from Souper Cubes , a company known for its portioned, silicone freezer trays, lives up to its name. The utensils — a serving spoon and a ladle — have innovative, S-shaped handles designed to rest on the edge of a pot, keeping them upright so they won’t slip in. The design also eliminates the need for a spoon rest or, worse, placing dirty utensils on the kitchen counter or stovetop between stirs. A silicone coating in a choice of Aqua, Charcoal, Cranberry or Blueberry keeps handles cool to the touch. $24.99. The FeatherSnap Wi-Fi smart bird feeder could turn anyone into an avid birdwatcher. Equipped with an HD camera, the dual-chamber feeder enables up-close livestreaming of avian visitors, as well as species-logging via the free mobile app. An optional premium subscription ($59.99 annually or $6.99 monthly) includes unlimited photo and video storage, AI identification with species-specific details, and the opportunity to earn badges for logging new visitors. Turn on notifications to get alerts sent to your phone whenever there’s activity at the feeder. $179.99. Fujifilm’s Instax Mini Link 3 smartphone printer offers a touch of nostalgia without sacrificing technology. Just load the 4.9-by-3.5-by-1.3-inch printer with Instax Mini instant film and connect it to your Android or iOS device via Bluetooth to print wallet-size photos. If you want to get fancy, you can adjust brightness, contrast and saturation, or apply filters, including 3D augmented-reality effects, via the free Instax Mini Link app. It can also make collages of up to six images, or animate photos to share on social media. Available in Rose Pink, Clay White and Sage Green. $99.95. The appropriately named easyplant is one of the best gifts you can give your houseplant-loving friends, regardless of their experience level. Select a pot color, size and plant (or get recommendations based on sunlight requirements, pet friendliness and other attributes) and fill the self-watering container’s built-in reservoir roughly once a month. Moisture will permeate the soil from the bottom as needed, eliminating the often-fatal consequences of over- or under-watering. It’s also a literal lifesaver come vacation time. $49-$259. Related Articles Things To Do | Holiday gift ideas for the movie lover, from bios and books to a status tote Things To Do | ‘Gladiator II’ review: Are you not moderately entertained? Things To Do | Beer pairings for your holiday feasts Things To Do | Make these Tahini-Roasted Sweet Potatoes for Thanksgiving Things To Do | How to watch and stream the Macy’s Thanksgiving Day Parade If you’ve got a no-dairy friend on your list, a plant-based milk maker could save them money while allowing them to avoid sugar, stabilizers, thickeners and preservatives. The Nama M1 appliance both blends and strains ingredients, converting nuts, seeds, grains or oats into velvety-smooth milk in just one minute, with zero grit. And for zero waste, the pasty leftover pulp can be used in other recipes for added nutrients. The device also makes infused oils, flavored waters and soups. And, importantly, cleanup is easy. Available in white and black. $400. For friends who prefer stronger beverages, the QelviQ personal sommelier uses “smart” technology to ensure wine is served at its ideal temperature. Unlike traditional wine refrigerators, this device doesn’t take up any floor space. It also doesn’t chill wine to just one or two temperatures based on its color. Instead — paired with the free QelviQ app — the tabletop chiller relies on a database of more than 350,000 wines to bring a bottle to its specific recommended serving temperature in as little as 20 minutes. It also suggests food-wine and wine-food pairings. Plus, the appliance serves as a great icebreaker to inspire dinnertime conversation. Available in Exciting Red, Dashing Black and Dreamy White. $495. Grilling food after dark — and ascertaining its doneness — can prove challenging without outdoor lighting, and it’s nearly impossible to cook while holding a flashlight. But as is often the case, the simplest of solutions can make the biggest of impacts: Uncommon Good’s 2-piece LED Grilling Tool Set puts illumination into the handles of its stainless-steel spatula and tongs. After use, the lights can be removed and the utensils run through the dishwasher. $40.Share Tweet Share Share Email Latin America has rapidly emerged as a vibrant hub for startups, driven by innovation, technological advancements, and a growing pool of entrepreneurial talent. From fintech and edtech to healthcare and tourism, the region is witnessing an explosion of businesses that are transforming industries and opening up new opportunities for growth. Among these trailblazers are Biz Latin Hub and Medical Tourism Packages , two companies exemplifying the potential and dynamism of Latin America’s startup ecosystem. Biz Latin Hub: Simplifying Market Entry and Expansion Biz Latin Hub has established itself as a leading provider of back-office and market entry services across Latin America. Founded by Craig Dempsey, the company is renowned for its professional and reliable approach to helping foreign businesses establish a presence and operate smoothly in the region. Acting as a ‘one-stop shop,’ Biz Latin Hub provides legal, accounting, and recruitment solutions, making it easier for companies to navigate complex regulatory environments and focus on growth. Its reputation for responsiveness and expertise has made it a trusted partner for businesses looking to capitalize on Latin America’s expanding markets. Medical Tourism Packages: Redefining Healthcare and Travel Experiences Another standout example of innovation is Medical Tourism Packages , which is revolutionizing the medical tourism industry. By combining world-class healthcare services with exceptional travel experiences, this company caters to upscale clients seeking reliable treatments in Latin America. With a focus on quality and convenience, Medical Tourism Packages has positioned itself as a trusted partner for patients who value both health and leisure. Its curated approach ensures access to top-tier medical professionals and seamless travel arrangements, setting a new benchmark in the industry. Other Notable Startups in Latin America The startup scene in Latin America extends far beyond these two examples, with fintech, edtech, and healthtech sectors leading the charge. Companies like Nubank , one of the world’s largest independent digital banks, are reshaping financial services with accessible and innovative solutions. Platzi , a prominent edtech platform, is transforming education by offering online courses tailored to Latin America’s workforce. In the healthtech space, Clivi , a telemedicine platform, is making healthcare more accessible through technology. In addition, Rappi , a Colombian delivery service, has evolved into a super-app, providing everything from groceries and restaurant delivery to banking and payment solutions. Its rapid expansion has solidified its status as a major player in Latin America’s tech ecosystem. Similarly, MercadoLibre , often referred to as Latin America’s answer to Amazon, has revolutionized e-commerce and fintech in the region, enabling millions of people to shop and conduct financial transactions online with ease. Driving Innovation and Economic Growth The success of these startups highlights Latin America’s growing role as a center for innovation and entrepreneurship. Factors such as rising internet penetration, an expanding middle class, and increased investment in technology have created fertile ground for startups to thrive. Companies like Biz Latin Hub and Medical Tourism Packages are not only addressing market gaps but also contributing to economic development by creating jobs and attracting foreign investment. Why Invest in Latin America? Latin America offers a unique combination of opportunities for businesses and investors. Its young, tech-savvy population and favorable market conditions make it an attractive destination for startups. Furthermore, the region’s commitment to digital transformation continues to unlock new avenues for growth and innovation. Explore the Possibilities For entrepreneurs and investors looking to tap into Latin America’s dynamic business environment, the time is now. Whether you’re expanding into the region or exploring new ventures, companies like Biz Latin Hub and Medical Tourism Packages showcase what’s possible in this thriving ecosystem. Visit their websites to learn more about how they’re shaping the future of business in Latin America. Bignewsnetwork.com Nearshoring in Latin America: Opportunities for Your Business! As global supply chains continue to evolve, nearshoring has become a key strategy for businesses looking to improve resilience and operational efficiency. With the possibility of a return of Donald Trump to the White House, this trend is likely to accelerate. Companies will increasingly reassess their geographical footprints, considering closer options for manufacturing and service needs. Latin America, particularly countries like Colombia, Costa Rica, Brazil, and Panama, stands out as a prime region for nearshoring, offering strategic advantages that align perfectly with modern business needs. Key Advantages of Nearshoring Nearshoring provides several compelling benefits that can significantly enhance your business operations. One of the main advantages is access to a skilled, cost-effective workforce. Latin America is home to a vast talent pool, with professionals proficient in English and familiar with North American markets, making it easy for businesses to expand their teams. This cultural and language alignment ensures smoother communication and better collaboration, reducing misunderstandings and increasing overall efficiency. Furthermore, nearshoring to Latin America provides businesses with the opportunity to tap into a growing market of skilled professionals in the technology, IT, and customer support sectors. By relocating operations closer to home, your business can take advantage of both the logistical benefits and the cost savings that come with nearshoring. Brazil, Colombia, Costa Rica, and Panama: Leading Nearshoring Destinations for Tech Staffing Brazil: As the largest economy in Latin America, Brazil is a top destination for nearshoring, especially in the tech sector. The country is home to a large, highly skilled workforce in fields such as software development, IT support, and engineering. Brazilian cities like São Paulo, Rio de Janeiro, and Florianópolis are emerging as tech hubs, with a wealth of talent available to support your business. While navigating Brazil’s regulatory landscape can be complex, the opportunity to tap into its skilled workforce makes it an attractive choice for businesses. For those looking to establish a presence, LLC formation in Brazil is a crucial step in setting up operations. Colombia: With its youthful workforce and rapidly growing tech sector, Colombia is becoming a leading destination for nearshoring in IT and customer support. Cities like Bogotá and Medellín are attracting tech startups and multinational companies alike, thanks to a thriving talent pool of software developers, engineers, and IT professionals. The Colombian government offers tax incentives and a favorable business environment, making it an ideal location for businesses seeking to outsource tech services. Costa Rica: Known for its strong educational system and political stability, Costa Rica is another prime location for outsourcing tech roles. The country is home to a highly educated workforce, particularly in fields such as software development and IT support. Costa Rica’s commitment to sustainability and business-friendly policies further enhance its appeal as a nearshoring destination. For companies looking to outsource tech functions while improving their corporate social responsibility profile, Costa Rica offers the ideal balance. Panama: Located at the crossroads of North and South America, Panama provides significant logistical advantages for nearshoring. The country has a growing tech industry and a skilled workforce in software development, data analysis, and IT support. Panama’s strategic location and favorable tax policies, along with a robust legal framework for foreign investors, make it an attractive destination for companies looking to tap into Latin America’s talent pool. Accelerating Trends and Strategic Positioning As global trade policies continue to shift, the need for nearshoring becomes even more compelling. The potential return of Trump to the presidency could lead to changes in tariffs, trade agreements, and foreign policy that may prompt companies to reconsider overseas manufacturing. Rising transportation costs and the increasing demand for resilient supply chains—highlighted by recent global disruptions—have further emphasized the need for businesses to optimize their operational strategies. Countries like Colombia, Costa Rica, Brazil, and Panama are strategically positioned to take advantage of these changes. Their favorable business climates, access to skilled labor, and prime locations make them ideal hubs for companies looking to enhance efficiency, reduce costs, and maintain high-quality standards. What’s Next for Nearshoring in Latin America? The trend of nearshoring in Latin America is set to continue gaining momentum, and now is the time for your business to seize the opportunity. Colombia, Costa Rica, Brazil, and Panama offer the right mix of talent, infrastructure, and business-friendly environments to help you grow. By tapping into these markets, your company can optimize its operational strategy, stay ahead of the competition, and ensure resilience in an increasingly dynamic business landscape. Nearshoring isn’t just about cutting costs; it’s about smarter business operations, closer collaboration, and better efficiency. By strategically positioning your business in these leading Latin American countries, you can gain a competitive edge that will help you thrive in the future. As organizations consider the formation of LLCs in Brazil and other Latin American nations, they will find a rich array of opportunities waiting to be harnessed in this dynamic region. The time is ripe for businesses to explore the potential of nearshoring in Latin America—a move that could redefine their operational strategies for years to come. Related Items: Latin America's , Startup Ecosystem Share Tweet Share Share Email CommentsHALIFAX — Former Halifax mayor Mike Savage was sworn in Friday as Nova Scotia’s 34th lieutenant-governor during a ceremony at the provincial legislature. Prime Minister Justin Trudeau announced Savage’s appointment as the King’s representative in Nova Scotia in October. Savage, accompanied by his wife Darlene, was installed after taking the oath of office in the legislature’s ornate Red Room before a host of dignitaries, including Premier Tim Houston and Arthur J. LeBlanc, who had held the viceregal position since 2017. In his address, Savage noted the presence of his two sisters and spoke of his late mother Margaret and his late father John Savage, a former Liberal premier of Nova Scotia in the 1990s. “My late parents, John and Margaret, instilled in all of their children a deep appreciation for public service in every sense,” he said. “They recognized our good fortune and the importance of giving back through service to our families, friends and communities.” Before his appointment by the prime minister, Savage served 12 years as mayor of Atlantic Canada’s largest city and announced in February that he would not seek re-election. Before becoming mayor, he was the MP for the federal riding of Dartmouth-Cole Harbour fro seven years. “Having spent 20 years in elected office, part of it in the highly partisan atmosphere of Parliament and then in the less partisan role as mayor, I welcome this next stage as a non-political servant of the people,” Savage said. Viceregal appointees generally serve five-year terms, although LeBlanc, Nova Scotia’s first Acadian lieutenant-governor, served for nearly seven-and-a-half years. LeBlanc’s last official function took place on Thursday, when he presided over the swearing in of Houston’s new cabinet. This report by The Canadian Press was first published Dec. 13, 2024. The Canadian PressFORT WASHINGTON, Pa., Dec. 09, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. TOL (TollBrothers.com), the nation's leading builder of luxury homes, today announced results for its fourth quarter ended October 31, 2024. FY 2024 's Fourth Quarter Financial Highlights (Compared to FY 2023 ' s Fourth Quarter): Net income and earnings per share were $475.4 million and $4.63 per diluted share, compared to net income of $445.5 million and $4.11 per diluted share in FY 2023's fourth quarter. Pre-tax income was $621.1 million, compared to $605.0 million in FY 2023's fourth quarter. Home sales revenues were $3.26 billion, up 10% compared to FY 2023's fourth quarter; delivered homes were 3,431, up 25%. Net signed contract value was $2.66 billion, up 32% compared to FY 2023's fourth quarter; contracted homes were 2,658, up 30%. Backlog value was $6.47 billion at fourth quarter end, down 7% compared to FY 2023's fourth quarter; homes in backlog were 5,996, down 9%. Home sales gross margin was 26.0%, compared to FY 2023's fourth quarter home sales gross margin of 27.5%. Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 27.9%, compared to FY 2023's fourth quarter adjusted home sales gross margin of 29.1%. SG&A, as a percentage of home sales revenues, was 8.3%, compared to 8.2% in FY 2023's fourth quarter. Income from operations was $611.1 million. Other income, income from unconsolidated entities, and gross margin from land sales and other was $44.5 million. The Company repurchased approximately 1.3 million shares at an average price of $150.19 per share for a total purchase price of $200.9 million. Full FY 2024 Financial Highlights (Compared to Full FY 2023 ): Net income was $1.57 billion, and earnings per share were $15.01 diluted, compared to net income of $1.37 billion and $12.36 per share diluted in FY 2023. Net income and earnings per share included $124.1 million and $1.19, respectively, related to the sale of a parcel of land to a commercial developer in our second quarter. Excluding this gain, net income and earnings per share were $1.45 billion and $13.82 per diluted share in FY 2024. Pre-tax income was $2.09 billion, compared to $1.84 billion in FY 2023. Home sales revenues were $10.56 billion, up 7% compared to FY 2023; delivered homes were 10,813, up 13%. Net signed contract value was $10.07 billion, up 27% compared to FY 2023; contracted homes were 10,231, up 27%. Home sales gross margin was 26.6%, compared to FY 2023's home sales gross margin of 26.9%. Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 28.4%, compared to FY 2023's adjusted home sales gross margin of 28.7%. SG&A, as a percentage of home sales revenues, was 9.3%, compared to 9.2% in FY 2023. Income from operations was $2.04 billion. Other income, income from unconsolidated entities, and gross margin from land sales and other was $258.0 million. The Company repurchased approximately 4.9 million shares at an average price of $127.79 per share for a total purchase price of $627.9 million Douglas C. Yearley, Jr., chairman and chief executive officer, stated: "I am very pleased with our fourth quarter results, which cap the strongest year ever for Toll Brothers. For the full year, we generated a record $10.6 billion of home sales revenue, earned $15.01 per diluted share and grew contracts by 27% in both units and dollars. In the fourth quarter, we delivered 3,431 homes and generated $3.3 billion in home sales revenues, up 25% in units and 10% in dollars compared to last year's fourth quarter. Our fourth quarter adjusted gross margin was 27.9%, beating guidance by 40 basis points, and our SG&A expense was 8.3% of home sales revenues, or 30 basis points better than guidance. Our strong margin performance and better than projected home sales revenues drove earnings of $4.63 per diluted share in the quarter, up 13% compared to last year. We also signed 2,658 net contracts at an average price of $1,000,000, up 30% in units and 32% in dollars compared to last year's fourth quarter. Our performance this year and in the fourth quarter demonstrates the power of our luxury brand, the financial strength of our buyers, and the success of our strategies of increasing our spec home production and widening our geographies, price points and product lines. "Since the start of our fiscal 2025 six weeks ago we have seen strong demand, which is encouraging as we approach the beginning of the spring selling season in mid-January. We are well positioned with communities in over 60 markets across 24 states featuring the widest offering of luxury homes and serving the most affluent customers in our industry. Last year, we increased community count by 10% and are targeting a similar increase in fiscal 2025. We also owned or controlled approximately 74,700 lots at year end, providing sufficient land for further growth in fiscal 2026 and beyond. "In fiscal 2024, we generated a return on beginning equity of 23.1%, driven by our record earnings and strong cash flows that allowed us to return approximately $720 million of capital to shareholders. Our healthy balance sheet, low leverage, and ample liquidity, including significant projected cash flows from operations in fiscal 2025, should allow us to continue investing in our business while returning cash to shareholders well into the future." First Quarter and FY 2025 Financial Guidance: First Quarter Full Fiscal Year Deliveries 1,900 - 2,100 units 11,200 - 11,600 units Average Delivered Price per Home $925,000 - $945,000 $945,000 - $965,000 Adjusted Home Sales Gross Margin 26.25 % 27.25 % SG&A, as a Percentage of Home Sales Revenues 12.7 % 9.4% - 9.5 % Period-End Community Count 410 440 - 450 Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $33 million $110 million Tax Rate 22.0 % 25.5 % Financial Highlights for the three months ended October 31, 2024 and 2023 (unaudited): 2024 2023 Net Income $475.4 million, or $4.63 per share diluted $445.5 million, or $4.11 per share diluted Pre-Tax Income $621.1 million $605.0 million Pre-Tax Inventory Impairments included in Home Sales Costs of Revenues $24.1 million $8.3 million Home Sales Revenues $3.26 billion and 3,431 units $2.95 billion and 2,755 units Net Signed Contracts $2.66 billion and 2,658 units $2.01 billion and 2,038 units Net Signed Contracts per Community 6.5 units 5.7 units Quarter-End Backlog $6.47 billion and 5,996 units $6.95 billion and 6,578 units Average Price per Home in Backlog $1,078,700 $1,055,800 Home Sales Gross Margin 26.0 % 27.5 % Adjusted Home Sales Gross Margin 27.9 % 29.1 % Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues 1.2 % 1.4 % SG&A, as a percentage of Home Sales Revenues 8.3 % 8.2 % Income from Operations $611.1 million, or 18.3% of total revenues $558.6 million, or 18.5% of total revenues Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $44.5 million $36.0 million Pre-Tax Land and Other Impairments included in Land Sales and Other Costs of Revenues $— million $12.9 million Quarterly Cancellations as a Percentage of Beginning-Quarter Backlog 2.5 % 3.4 % Quarterly Cancellations as a Percentage of Signed Contracts in Quarter 5.9 % 10.8 % Financial Highlights for the twelve months ended October 31, 2024 and 2023 (unaudited): 2024 2023 Net Income $1.57 billion, or $15.01 per share diluted $1.37 billion, or $12.36 per share diluted Pre-Tax Income $2.09 billion $1.84 billion Pre-Tax Inventory Impairments included in Home Sales Costs of Revenues $59.4 million $30.7 million Home Sales Revenues $10.56 billion and 10,813 units $9.87 billion and 9,597 units Net Signed Contracts $10.07 billion and 10,231 units $7.91 billion and 8,077 units Home Sales Gross Margin 26.6 % 26.9 % Adjusted Home Sales Gross Margin 28.4 % 28.7 % Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues 1.2 % 1.4 % SG&A, as a percentage of Home Sales Revenues 9.3 % 9.2 % Income from Operations $2.04 billion, or 18.8% of total revenues $1.72 billion, or 17.3% of total revenues Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $258.0 million $93.1 million Pre-Tax Land and Other Impairments included in Land Sales and Other Costs of Revenues $4.4 million $30.6 million Additional Information: The Company ended its FY 2024 fourth quarter with $1.30 billion in cash and cash equivalents, compared to $1.30 billion at FYE 2023 and $893.4 million at FY 2024's third quarter end. At FY 2024 fourth quarter end, the Company also had $1.77 billion available under its $1.96 billion revolving credit facility, which is scheduled to mature in February 2028 . On October 25, 2024, the Company paid its quarterly dividend of $0.23 per share to shareholders of record at the close of business on October 11, 2024. Stockholders' equity at FY 2024 fourth quarter end was $7.67 billion, compared to $6.80 billion at FYE 2023. FY 2024's fourth quarter-end book value per share was $76.87 per share, compared to $65.49 at FYE 2023. The Company ended its FY 2024's fourth quarter with a debt-to-capital ratio of 27.0%, compared to 27.6% at FY 2024's third quarter end and 29.6% at FYE 2023. The Company ended FY 2024's fourth quarter with a net debt-to-capital ratio (1) of 15.3%, compared to 19.6% at FY 2024's third quarter end, and 17.7% at FYE 2023. The Company ended FY 2024's fourth quarter with approximately 74,700 lots owned and optioned, compared to 72,700 one quarter earlier, and 70,700 one year earlier. Approximately 45% or 34,000, of these lots were owned, of which approximately 19,400 lots, including those in backlog, were substantially improved. In the fourth quarter of FY 2024, the Company spent approximately $258.6 million on land to purchase approximately 1,910 lots. The Company ended FY 2024's fourth quarter with 408 selling communities, compared to 404 at FY 2024's third quarter end and 370 at FY 2023's fourth quarter end. (1) See "Reconciliation of Non-GAAP Measures" below for more information on the calculation of the Company's net debt-to-capital ratio. Toll Brothers will be broadcasting live via the Investor Relations section of its website, investors.TollBrothers.com, a conference call hosted by chairman and chief executive officer Douglas C. Yearley, Jr. at 8:30 a.m. (ET) Tuesday, December 10, 2024, to discuss these results and its outlook for the first quarter and FY 2025. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select "Events & Presentations." Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software. The call can be heard live with an online replay which will follow. ABOUT TOLL BROTHERS Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations. In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World's Most Admired CompaniesTM list and the Company's Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron's magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com. Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com). From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license. FORWARD-LOOKING STATEMENTS Information presented herein for the fourth quarter ended October 31, 2024 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures. This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "can," "could," "might," "should," "likely," "will," and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; demand for our homes; our build-to-order and spec home strategy; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims. Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to: the effect of general economic conditions, including employment rates, housing starts, inflation rates, interest and mortgage rates, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land; access to adequate capital on acceptable terms; geographic concentration of our operations; levels of competition; the price and availability of lumber, other raw materials, home components and labor; the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries; the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, unavailability of insurance, and shortages and price increases in labor or materials associated with such natural disasters; risks arising from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19; federal and state tax policies; transportation costs; the effect of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects; the effect of potential loss of key management personnel; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our and our homebuyers' confidential information or other forms of cyber-attack; and other factors described in "Risk Factors" included in our Annual Report on Form 10-K for the year ended October 31, 2023 and in subsequent filings we make with the Securities and Exchange Commission ("SEC"). Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements. Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section. TOLL BROTHERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) October 31, 2024 October 31, 2023 (Unaudited) ASSETS Cash and cash equivalents $ 1,303,039 $ 1,300,068 Inventory 9,712,925 9,057,578 Property, construction and office equipment - net 453,007 323,990 Receivables, prepaid expenses and other assets 590,611 691,256 Mortgage loans held for sale 191,242 110,555 Customer deposits held in escrow 109,691 84,530 Investments in unconsolidated entities 1,007,417 959,041 $ 13,367,932 $ 12,527,018 LIABILITIES AND EQUITY Liabilities: Loans payable $ 1,085,817 $ 1,164,224 Senior notes 1,597,102 1,596,185 Mortgage company loan facility 150,000 100,058 Customer deposits 488,690 540,718 Accounts payable 492,213 597,582 Accrued expenses 1,752,848 1,548,781 Income taxes payable 114,547 166,268 Total liabilities 5,681,217 5,713,816 Equity: Stockholders' Equity Common stock, 112,937 shares issued at October 31, 2024 and October 31, 2023 1,129 1,129 Additional paid-in capital 694,713 698,548 Retained earnings 8,153,356 6,675,719 Treasury stock, at cost — 13,149 and 9,146 shares at October 31, 2024 and October 31, 2023, respectively (1,209,547 ) (619,150 ) Accumulated other comprehensive income 31,277 40,910 Total stockholders' equity 7,670,928 6,797,156 Noncontrolling interest 15,787 16,046 Total equity 7,686,715 6,813,202 $ 13,367,932 $ 12,527,018 TOLL BROTHERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data and percentages) (Unaudited) Three Months Ended October 31, Twelve Months Ended October 31, 2024 2023 2024 2023 $ % $ % $ % $ % Revenues: Home sales $ 3,260,004 $ 2,951,904 $ 10,563,332 $ 9,866,026 Land sales and other 73,458 68,243 283,408 128,911 3,333,462 3,020,147 10,846,740 9,994,937 Cost of revenues: Home sales 2,413,680 74.0 % 2,141,529 72.5 % 7,753,351 73.4 % 7,207,279 73.1 % Land sales and other 38,993 53.1 % 78,594 115.2 % 70,911 25.0 % 153,457 119.0 % 2,452,673 2,220,123 7,824,262 7,360,736 Gross margin - home sales 846,324 26.0 % 810,375 27.5 % 2,809,981 26.6 % 2,658,747 26.9 % Gross margin - land sales and other 34,465 46.9 % (10,351 ) (15.2 )% 212,497 75.0 % (24,546 ) (19.0 )% Selling, general and administrative expenses 269,734 8.3 % 241,408 8.2 % 982,291 9.3 % 909,446 9.2 % Income from operations 611,055 558,616 2,040,187 1,724,755 Other: (Loss) income from unconsolidated entities (10,044 ) 29,285 (23,843 ) 50,098 Other income - net 20,062 17,065 69,296 67,518 Income before income taxes 621,073 604,966 2,085,640 1,842,371 Income tax provision 145,664 159,430 514,445 470,300 Net income $ 475,409 $ 445,536 $ 1,571,195 $ 1,372,071 Per share: Basic earnings $ 4.67 $ 4.15 $ 15.16 $ 12.47 Diluted earnings $ 4.63 $ 4.11 $ 15.01 $ 12.36 Cash dividend declared $ 0.23 $ 0.21 $ 0.90 $ 0.83 Weighted-average number of shares: Basic 101,716 107,465 103,653 110,020 Diluted 102,676 108,388 104,690 111,008 Effective tax rate 23.5 % 26.4 % 24.7 % 25.5 % TOLL BROTHERS, INC. AND SUBSIDIARIES SUPPLEMENTAL DATA (Amounts in thousands) (unaudited) Three Months Ended October 31, Twelve Months Ended October 31, 2024 2023 2024 2023 Inventory impairments and write-offs included in home sales cost of revenues: Pre-development costs and option write offs $ 2,158 $ 1,369 $ 6,676 $ 10,712 Land owned for future communities — 799 — 1,493 Land owned for operating communities 21,925 6,101 52,765 18,501 $ 24,083 $ 8,269 $ 59,441 $ 30,706 Land and other impairments included in land sales and other cost of revenues $ — $ 12,860 $ 4,400 $ 30,560 Joint venture impairments included in (loss) income from unconsolidated entities $ 6,600 $ — $ 6,600 $ — Depreciation and amortization $ 25,773 $ 22,224 $ 81,201 $ 76,473 Interest incurred $ 23,724 $ 27,907 $ 108,269 $ 122,288 Interest expense: Charged to home sales cost of revenues $ 37,841 $ 39,768 $ 128,962 $ 139,410 Charged to land sales and other cost of revenues 1,321 4,701 3,142 10,787 $ 39,162 $ 44,469 $ 132,104 $ 150,197 Home sites controlled: October 31, 2024 October 31, 2023 Owned 33,964 35,916 Optioned 40,755 34,748 74,719 70,664 Inventory at October 31, 2024 and October 31, 2023 consisted of the following (amounts in thousands): October 31, 2024 October 31, 2023 Land deposits and costs of future communities $ 620,040 $ 549,035 Land and land development costs 2,532,221 2,631,147 Land and land development costs associated with homes under construction 3,617,266 2,916,334 Total land and land development costs 6,769,527 6,096,516 Homes under construction 2,458,541 2,515,484 Model homes (1) 484,857 445,578 $ 9,712,925 $ 9,057,578 (1) Includes the allocated land and land development costs associated with each of our model homes in operation. Toll Brothers operates in the following five geographic segments, with operations generally located in the states listed below: North: Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York and Pennsylvania Mid-Atlantic: Georgia, Maryland, North Carolina, Tennessee and Virginia South: Florida, South Carolina and Texas Mountain: Arizona, Colorado, Idaho, Nevada and Utah Pacific: California, Oregon and Washington Three Months Ended October 31, Units $ (Millions) Average Price Per Unit $ 2024 2023 2024 2023 2024 2023 REVENUES North 498 422 $ 501.3 $ 412.3 $ 1,006,600 $ 977,000 Mid-Atlantic 495 380 446.0 388.2 $ 901,100 $ 1,021,500 South 947 717 819.9 659.9 $ 865,800 $ 920,400 Mountain 1,039 807 863.5 780.3 $ 831,100 $ 966,900 Pacific 452 429 629.1 710.3 $ 1,391,700 $ 1,655,700 Home Building 3,431 2,755 3,259.8 2,951.0 $ 950,100 $ 1,071,100 Corporate and other 0.2 0.9 Total home sales 3,431 2,755 3,260.0 2,951.9 $ 950,200 $ 1,071,500 Land sales and other 73.5 68.2 Total Consolidated $ 3,333.5 $ 3,020.1 CONTRACTS North 355 343 $ 371.2 $ 325.0 $ 1,045,600 $ 947,400 Mid-Atlantic 377 286 364.1 279.5 $ 965,700 $ 977,500 South 777 590 654.5 505.0 $ 842,400 $ 856,000 Mountain 796 517 683.5 438.7 $ 858,700 $ 848,600 Pacific 353 302 586.0 466.5 $ 1,660,100 $ 1,544,700 Total Consolidated 2,658 2,038 $ 2,659.3 $ 2,014.7 $ 1,000,500 $ 988,600 BACKLOG North 855 956 $ 937.5 $ 964.1 $ 1,096,500 $ 1,008,500 Mid-Atlantic 786 945 824.8 953.0 $ 1,049,400 $ 1,008,400 South 2,003 2,312 1,807.5 2,093.4 $ 902,400 $ 905,500 Mountain 1,595 1,577 1,645.5 1,577.7 $ 1,031,700 $ 1,000,500 Pacific 757 788 1,252.5 1,357.1 $ 1,654,600 $ 1,722,200 Total Consolidated 5,996 6,578 $ 6,467.8 $ 6,945.3 $ 1,078,700 $ 1,055,800 Twelve Months Ended October 31, Units $ (Millions) Average Price Per Unit $ 2024 2023 2024 2023 2024 2023 REVENUES North 1,522 1,577 $ 1,484.3 $ 1,494.1 $ 975,200 $ 947,400 Mid-Atlantic 1,512 1,067 1,422.0 1,175.3 $ 940,500 $ 1,101,500 South 3,316 2,597 2,787.4 2,204.8 $ 840,600 $ 849,000 Mountain 2,984 2,897 2,590.4 2,660.7 $ 868,100 $ 918,400 Pacific 1,479 1,459 2,279.1 2,329.4 $ 1,541,000 $ 1,596,600 Home Building 10,813 9,597 10,563.2 9,864.3 $ 976,900 $ 1,027,900 Corporate and other 0.1 1.7 Total home sales 10,813 9,597 10,563.3 9,866.0 $ 976,900 $ 1,028,000 Land sales and other 283.4 128.9 Total Consolidated $ 10,846.7 $ 9,994.9 CONTRACTS North 1,421 1,411 $ 1,456.8 $ 1,336.9 $ 1,025,200 $ 947,500 Mid-Atlantic 1,353 1,170 1,292.0 1,165.5 $ 954,900 $ 996,200 South 3,007 2,386 2,498.2 1,938.3 $ 830,800 $ 812,400 Mountain 3,002 1,950 2,655.0 1,633.1 $ 884,400 $ 837,500 Pacific 1,448 1,160 2,170.6 1,834.0 $ 1,499,000 $ 1,581,000 Total Consolidated 10,231 8,077 $ 10,072.6 $ 7,907.8 $ 984,500 $ 979,100 Note: Due to rounding, amounts may not add. Unconsolidated entities: Information related to revenues and contracts of entities in which we have an interest for the three-month and twelve-month periods ended October 31, 2024 and 2023, and for backlog at October 31, 2024 and 2023 is as follows: Units $ (Millions) Average Price Per Unit $ 2024 2023 2024 2023 2024 2023 Three months ended October 31, Revenues 62 1 $ 71.0 $ 7.3 $ 1,145,700 $ 6,413,200 Contracts 20 14 $ 27.5 $ 12.8 $ 1,372,700 $ 916,500 Twelve months ended October 31, Revenues 238 9 $ 267.6 $ 38.9 $ 1,124,400 $ 4,316,800 Contracts 101 77 $ 125.0 $ 101.3 $ 1,237,800 $ 1,316,000 Backlog at October 31, 12 149 $ 17.4 $ 160.0 $ 1,448,800 $ 1,073,600 RECONCILIATION OF NON-GAAP MEASURES This press release contains, and Company management's discussion of the results presented in this press release may include, information about the Company's adjusted home sales gross margin, adjusted net income, adjusted diluted earnings per share and the Company's net debt-to-capital ratio. These four measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the home building business. The Company's management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other home builders that may use similar non-GAAP financial measures. The Company's management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other home builders to the extent they provide similar information. Adjusted Home Sales Gross Margin The following table reconciles the Company's home sales gross margin as a percentage of home sales revenues (calculated in accordance with GAAP) to the Company's adjusted home sales gross margin (a non-GAAP financial measure). Adjusted home sales gross margin is calculated as (i) home sales gross margin plus interest recognized in home sales cost of revenues plus inventory write-downs recognized in home sales cost of revenues divided by (ii) home sales revenues. Adjusted Home Sales Gross Margin Reconciliation (Amounts in thousands, except percentages) Three Months Ended October 31, Twelve Months Ended October 31, 2024 2023 2024 2023 Revenues - home sales $ 3,260,004 $ 2,951,904 $ 10,563,332 $ 9,866,026 Cost of revenues - home sales 2,413,680 2,141,529 7,753,351 7,207,279 Home sales gross margin 846,324 810,375 2,809,981 2,658,747 Add: Interest recognized in cost of revenues - home sales 37,841 39,768 128,962 139,410 Inventory impairments and write-offs in cost of revenues - home sales 24,083 8,269 59,441 30,706 Adjusted home sales gross margin $ 908,248 $ 858,412 $ 2,998,384 $ 2,828,863 Home sales gross margin as a percentage of home sale revenues 26.0 % 27.5 % 26.6 % 26.9 % Adjusted home sales gross margin as a percentage of home sale revenues 27.9 % 29.1 % 28.4 % 28.7 % The Company's management believes adjusted home sales gross margin is a useful financial measure to investors because it allows them to evaluate the performance of our home building operations without the often varying effects of capitalized interest costs and inventory impairments. The use of adjusted home sales gross margin also assists the Company's management in assessing the profitability of our home building operations and making strategic decisions regarding community location and product mix. Forward-looking Adjusted Home Sales Gross Margin The Company has not provided projected first quarter and full FY 2025 home sales gross margin or a GAAP reconciliation for forward-looking adjusted home sales gross margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the first quarter and full FY 2025. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our first quarter and full FY 2025 home sales gross margin. Adjusted Net Income and Diluted Earnings Per Share Reconciliation The following table reconciles the Company's net income and earnings per share (calculated in accordance with GAAP) to the Company's adjusted net income and diluted earnings per share (a non-GAAP financial measure). Adjusted Net Income and Diluted Per Share Reconciliation (Amounts in thousands, except per share data) Three Months Ended October 31, Twelve Months Ended October 31, 2024 2023 2024 2023 Net income $ 475,409 $ 445,536 $ 1,571,195 $ 1,372,071 Subtract: Net income resulting from the sale of a parcel of land to a commercial developer — — (124,119 ) — Adjusted net income $ 475,409 $ 445,536 $ 1,447,076 $ 1,372,071 Diluted earnings per share $ 4.63 $ 4.11 $ 15.01 $ 12.36 Subtract: Diluted earnings per share resulting from the sale of a parcel of land to a commercial developer — — (1.19 ) — Adjusted diluted earnings per share $ 4.63 $ 4.11 $ 13.82 $ 12.36 Net Debt-to-Capital Ratio The following table reconciles the Company's ratio of debt to capital (calculated in accordance with GAAP) to the Company's net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders' equity. Net Debt-to-Capital Ratio Reconciliation (Amounts in thousands, except percentages) October 31, 2024 July 31, 2024 October 31, 2023 Loans payable $ 1,085,817 $ 1,099,787 $ 1,164,224 Senior notes 1,597,102 1,596,873 1,596,185 Mortgage company loan facility 150,000 125,417 100,058 Total debt 2,832,919 2,822,077 2,860,467 Total stockholders' equity 7,670,928 7,414,864 6,797,156 Total capital $ 10,503,847 $ 10,236,941 $ 9,657,623 Ratio of debt-to-capital 27.0 % 27.6 % 29.6 % Total debt $ 2,832,919 $ 2,822,077 $ 2,860,467 Less: Mortgage company loan facility (150,000 ) (125,417 ) (100,058 ) Cash and cash equivalents (1,303,039 ) (893,422 ) (1,300,068 ) Total net debt 1,379,880 1,803,238 1,460,341 Total stockholders' equity 7,670,928 7,414,864 6,797,156 Total net capital $ 9,050,808 $ 9,218,102 $ 8,257,497 Net debt-to-capital ratio 15.2 % 19.6 % 17.7 % The Company's management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company's operations. CONTACT: Gregg Ziegler (215) 478-3820 gziegler@tollbrothers.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a0456db-a1d7-41b3-b790-3e0a1448ad2b © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Unlocking the Crypto Mystery: The Surprising Future of Debit Cards You Won’t BelieveHALIFAX - Former Halifax mayor Mike Savage was sworn in Friday as Nova Scotia’s 34th lieutenant-governor during a ceremony at the provincial legislature. Prime Minister Justin Trudeau announced Savage’s appointment as the King’s representative in Nova Scotia in October. Savage, accompanied by his wife Darlene, was installed after taking the oath of office in the legislature’s ornate Red Room before a host of dignitaries, including Premier Tim Houston and Arthur J. LeBlanc, who had held the viceregal position since 2017. In his address, Savage noted the presence of his two sisters and spoke of his late mother Margaret and his late father John Savage, a former Liberal premier of Nova Scotia in the 1990s. “My late parents, John and Margaret, instilled in all of their children a deep appreciation for public service in every sense,” he said. “They recognized our good fortune and the importance of giving back through service to our families, friends and communities.” Before his appointment by the prime minister, Savage served 12 years as mayor of Atlantic Canada’s largest city and announced in February that he would not seek re-election. Before becoming mayor, he was the MP for the federal riding of Dartmouth-Cole Harbour fro seven years. “Having spent 20 years in elected office, part of it in the highly partisan atmosphere of Parliament and then in the less partisan role as mayor, I welcome this next stage as a non-political servant of the people,” Savage said. Viceregal appointees generally serve five-year terms, although LeBlanc, Nova Scotia’s first Acadian lieutenant-governor, served for nearly seven-and-a-half years. LeBlanc’s last official function took place on Thursday, when he presided over the swearing in of Houston’s new cabinet. This report by The Canadian Press was first published Dec. 13, 2024.Freiburg survives late onslaught to beat Wolfsburg in Bundesliga thriller