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Timo Meier Suspended One Game For Cross-CheckingFORT 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.New system for detecting bugs in water supply is 'very significant improvement'
SANTA CLARA — Brandon Allen prepared as if he was the 49ers’ starting quarterback all week, but the reality didn’t hit home until Friday, when Brock Purdy again missed practice. “I know he had a plan for his shoulder all week, rest it a little bit on Wednesday and we’d split reps,” Allen said of Purdy. “I think the plan Thursday was to come out and practice. I guess in warmups it just wasn’t feeling right. I found out (Friday).” Allen, a 32-year-old veteran in his ninth season, will start Sunday when the 49ers (5-5) visit the Green Bay Packers (7-3) at Lambeau Field. Purdy was ruled out with a shoulder injury sustained in a 20-17 loss to Seattle , the first time he has missed a start because of injury after 31 regular-season and six postseason starts. Here are five things to know about Allen: 1. Arkansas roots The Fayetteville, Arkansas native’s father Bobby spent more than 20 years as an Arkansas assistant coach. After a redshirt season in 2011, Allen played in 42 games with 38 starts for the Razorbacks. As a senior, Allen completed 57.4 percent of his passes for 3,440 yards, 30 touchdowns and eight interceptions as Arkansas went 8-5. His brother Austin took over as the Arkansas quarterback. In his ninth season, only Joe Ferguson (11 seasons) of the Buffalo Bills has more time in the NFL among Arkansas quarterbacks. 2. Professional route Drafted in the sixth round by the Jacksonville Jaguars, Allen spent his rookie season behind Blake Bortles and Chad Henne as a third-string quarterback and did not play. He was claimed off waivers by the Los Angeles Rams in 2017 and played behind Jared Goff and Sean Mannion before being signed by the Denver Broncos in 2019. Allen won his first start against Cleveland 24-19 in Week 9 of that season, passing for 193 yards and two touchdowns. Allen signed with Cincinnati in 2020, spent time on the practice squad and was promoted to the active roster in November. Subbing for Joe Burrow, Allen had his career-best game, passing for 371 yards and two touchdowns in a 37-31 win. Allen is 2-7 as an NFL starter with 1,611 yards passing, 10 touchdowns, six interceptions and a 78.0 passer rating. 3. Signing with the 49ers Allen became a 49er on May 8, 2023, signing as a free agent. The 49ers, who up to that point seldom kept a third quarterback on the 53-man roster, kept Allen as a No. 3 all season behind Purdy and Sam Darnold after the previous year’s injuries to Trey Lance, Jimmy Garoppolo, and finally Purdy in the NFC Championship Game. Allen did not take a snap. 4. Installed as No. 2 QB Allen signed another one-year contract with the 49ers for one year and $1.21 million (which is more than the $985,000 that Purdy makes on his rookie deal). The 49ers also signed Joshua Dobbs to a one-year, guaranteed $2.35 million contract. Allen and Dobbs competed throughout training camp, with Allen earning the nod from coach Kyle Shanahan. “You’ve got to make a decision. Usually I don’t want to have to make it,” Shanahan said. “I want it to be that obvious, let it play out. Brandon had the head start just being here. I thought he did some better things in practice.” 5. Familiarity with the system While in Denver, Allen’s offensive coordinator was Rich Scangarello, who was the quarterbacks coach under Shanahan in 2017-18. In Los Angeles, the head coach was Sean McVay and the offensive coordinator was Matt LaFleur, both of whom run variations of the Shanahan offense. In 2018, Zac Taylor was his quarterbacks coach with the Rams. Taylor, upon being hired as head coach in Cincinnati, signed Allen to back up Burrow.Critics have pointed to instances where Sun Ce's performance fell short of expectations, leading some to question whether the hero was losing his edge. Rumors of missteps and failed strategies have circulated, causing concern among his loyal supporters.
Sale Runs Through February 28, 2025 FT. LAUDERDALE, Fla. , Dec. 16, 2024 /PRNewswire/ -- Princess Cruises, the most iconic cruise brand in the world, today unveiled its Come Aboard Sale, offering fantastic savings on cruises across the globe. Now is the perfect time to plan a dream vacation with up to 40% off cruise fares, free room upgrades, $99 deposits, and free sailings for 3rd and 4th guests in the same stateroom. The Come Aboard Sale runs through February 28, 2025 , and promises something for everyone, with incredible perks on select 2025, 2026 and 2027 cruises, including*: "No matter what you love, you'll find it on a Princess cruise - from our award-winning cuisine, awe-inspiring adventures in port and entertainment that wows, to our friendly crew who make you feel at home and always welcome," said Terry Thornton , Princess Cruises Chief Commercial Officer. "Princess provides a timeless cruise experience, and our 'Come Aboard Sale' makes is easier than ever to book a dream vacation on 'The Love Boat.'" Whether exploring the wilds of Alaska , the fairytale villages of Europe , the beckoning beaches of the Caribbean , and many more destinations, options abound for every preference. Example Come Aboard Sale fares include: Save $1,400 or more when booking a Sanctuary Collection Suite, Mini-Suite or Balcony on the all-new Sun Princess and the soon-to-debut Star Princess, now through Feb. 28, 2025 . The promotion is applicable to more than 250 cruises in 2025 and 2026 with itineraries in Alaska , California Coast, Caribbean , Europe , Panama Canal, and Transatlantic voyages. Plus, guests can book with confidence knowing the Better than Best Price Guarantee has been extended through December 15, 2025 . If guests find a better cruise fare on Princess.com for the same Princess cruise, stateroom category, and sail date at any time before their final payment, Princess will provide 120% of the difference in the form of an onboard credit. Princess also features the line's exclusive MedallionClass technology offering personalized, premium service, reinforcing Princess Cruises' reputation for delivering exceptional vacations. The Come Aboard Sale runs now through 11:59 pm PT on February 28, 2025 , and is available to residents of all 50 United States, Canada , Puerto Rico , Mexico , Bermuda and the District of Columbia . More details and exclusions can be found at https://www.princess.com/en-us/cruise-deals-promotions/limited-time-offer . Additional information about Princess Cruises is available through a professional travel advisor, by calling 1-800-Princess (1-800-774-6237) or by visiting www.princess.com . About Princess Cruises Princess Cruises is The Love Boat, the world's most iconic cruise brand that delivers dream vacations to millions of guests every year in the most sought-after destinations on the largest ships that offer elite service personalization and simplicity customary of small, yacht-class ships. Well-appointed staterooms, world class dining, grand performances, award-winning casinos and entertainment, luxurious spas, imaginative experiences and boundless activities blend with exclusive Princess MedallionClass service to create meaningful connections and unforgettable moments in the most incredible settings in the world - the Caribbean , Alaska , Panama Canal, Mexican Riviera, Europe , South America , Australia / New Zealand , the South Pacific, Hawaii , Asia , Canada /New England, Antarctica, and World Cruises. Sun Princess, the brand's new, next-level Love Boat named Condé Nast Traveler's Mega Ship of the Year, introduces the groundbreaking Sphere Class platform and will be joined by sister ship, Star Princess, in Fall 2025. The company is part of Carnival Corporation & plc (NYSE/LSE:CCL; NYSE:CUK). *Come Aboard Sale Limited Time Offer Disclaimer GENERAL TERMS APPLICABLE TO ALL OFFERS IN THIS ADVERTISEMENT("Offer(s)"): Offers only available to legal residents of North America . Offers only available for new bookings, on select cruises, on a limited availability, are capacity controlled (regardless of stateroom availability), and may not be combined with other offers or promotions (aside from those listed herein). Other exclusions may apply; void where prohibited. Changes or refunds may not be permitted. Offers and their parts (if any) are not transferable, not substitutable, and not redeemable for cash. Princess Cruise Lines , Ltd. ("PCL") is not responsible or liable for any errors, including printing or other errors. PCL may change or revoke Offers at any time. A deposit is required for all stateroom guests. All values quoted in USD. Offers valid on bookings made 12/16/24 - 2/28/25 . Please refer to princess.com for terms, conditions, and details that apply to all bookings. Fares are per guest and apply to minimum lead-in categories on a space available basis at time of booking. Fares for other categories may vary. Fares are non-air, cruise- or cruisetour-only, based on double occupancy and apply to the first two guests in a stateroom only. These fares do not apply to singles or third/fourth-berth guests. All cruise fares are inclusive of government-imposed taxes and fees. Government-imposed taxes and fees include but are not limited to any and all fees, tolls and taxes imposed by a governmental authority such as wharfage, head taxes, dockage, Panama canal tolls, US Customs fees, immigration and naturalization fees, government inspection fees, hotel or VAT taxes as part of a land tour, air taxes, and similar government-imposed taxes and fees for the performance of the cruise. Government-imposed taxes and fees are subject to change and PCL reserves the right to collect any increases in effect at the time of sailing even if the fare has already been paid in full. Up to 40% off fares Offer - Discount based off applicable Launch Fare, which fare excludes government-imposed taxes, fees and expenses. Offer available on a space-available basis at time of booking, on select categories and sailings. Discount applies to cruise standard fare element only and is based on destination and stateroom category and does not apply to Princess Plus or Premier packages, or any cruise tour and/or land tour elements, even when included in the cruise fare. Discount only applies to first two guests in a stateroom. Free Room Upgrade Offer applies to booking the stateroom location you wish to sail in for the price of the lowest non-guarantee category within that stateroom type during this Offer only and is subject to availability. Offer is based on availability in like-to-like stateroom types (Interior to Interior, Oceanview to Oceanview, Balcony to Balcony, Mini-Suite to Mini-Suite). Offer excludes upgrades on select categories, including but not limited to Sancturary Collection, premium categories and suites. Offer does not apply to land portion of a cruisetour. In order to take advantage of the upgrade, guest must select and book the upgraded room type during checkout, but cannot select the highest cabin category for such stateroom type as a part of the upgrade. Guests that book a lower room type in a stateroom category may not be upgraded, even if there is availability for the upgrade. Guests that book the highest cabin classification of stateroom category will be charged the full category fare and will NOT receive the lowest fare for such category. Guests will only see (and pay for) the lowest fare within the selected room type and will not see any discounted amount at checkout. If you are unable to book an eligible upgraded room type, the upgrade is not available on such room for that category or cruise. Free 3rd & 4th guest offer applies to cruise fare only for recipient and guests covered by the complimentary offer (if any) and excludes Government Taxes & Fees, and the Required Cruise Fees & Expenses. Also excludes required deposit (if any) and other cruise-related expenses and travel expenses. Actual amounts owed by recipient and applicable guests may vary and shall be calculated at the time of booking. First or Second guest in stateroom will be responsible for their cruise rates as well as the free guest's out of pocket charges and expenses. Offer only applies: (i) to Offer recipient and guests covered by the complimentary cruise Offer (if any) and (ii) to the third or fourth guests booked in the same stateroom as the first and second guests. Approximate value of free sailing for 3rd and 4th guests varies from $99 to $6,759 USD per person. There is no guarantee of Free Offer availability at time of booking. Offer is available on select voyages and guest will know if their selected voyage is available for free 3rd/4th guests if, when selecting to travel with 3rd or 4th guests, whether the fare summary page lists $0 or whether it lists an actual cruise fare amount for such guests. $99 Deposits applies to full, standard deposits only and shall not further reduce already reduced or discounted deposits. Offer not available on World Cruises, Full suites, Sanctuary Collection categories, cruises 45 days or longer, and cruises in which final payment is required. Voyages eligible for select Instant Savings offers require a non-refundable $99 deposit. Princess Cruise Lines LTD's ("PCL") Better Than Best Price Guarantee (the "Guarantee") is only available to legal residents of the 50 US/DC or Canada . If a guest books a cruise between December 16, 2024 and December 15, 2025 for any 2025, 2026, or 2027 cruise departure (the "Original Booking") and such guest finds an active, publicly available (as explained below), and lower Cruise Fare for the identical verified booking on the Princess Cruises' website (Princess.com) prior to the final payment of the cruise (the "Located Cruise Fare"), they can submit a Guarantee claim form and PCL will give the guest an On Board Credit with a value of 120% of the difference between what the guest actually paid for the Original Booking and the Located Cruise Fare. The Located Cruise Fare must be a publicly and currently available Cruise Fare, available on Princess.com , and consist of the identical details as the Original Booking (including but not limited to, on the same ship as the Original Booking, the same sail dates, the same stateroom category, the same number of guests, same bundle (Princess Plus or Princess Premier Package) and be booked under the same conditions) to be eligible. 'Publicly available' means that the Cruise Fare must be available to all guests, without any additional eligibility or required qualifications to qualify; 'publicly available' does not include unpublished, negotiated Cruise Fares with corporations, travel agencies, groups, associations, or other Cruise Fares that are specifically agreed upon by PCL and for a specified and limited group. PCL will only consider/compare the Cruise Fare from the Original Booking against the Cruise Fare from the Located Cruise Fare; no credits or other incentives will be considered. Determination as to whether the Located Cruise Fare is identical to the Original Booking will be in PCL's sole discretion. Located Cruise Fare must be in the same currency that Original Cruise Fare was booked (USD or CAD) and must be live/available for purchase for US/Canadian residents. To submit a Guarantee claim, Guest must fill out a claim form with all required information, including providing screenshot proof of qualifying lower Located Cruise Fare. The form must be submitted prior to the final payment date of the Original Booking's time/date of booking to be considered. Cruise fares on websites that require a password or paid membership to complete the booking, except Princess.com , are also ineligible. Guarantee claim will be denied if PCL is unable to independently verify the Located Cruise Fare and may be rejected if it is incomplete or is submitted in a language not used on Princess.com . PCL may deny claims relating to a time during which there is an outage, technical issue or circumstance beyond PCL's reasonable control. If PCL verifies the guest's Guarantee claim, and PCL awards the guest an OBC, PCL will apply the OBC to the guest's onboard folio. OBC must be used on the Original Cruise, expires at the end of such cruise, and may not be used in the casino . Limit: One (1) Guarantee submission per booking and one (1) OBC per person/booking/stateroom for the Original Booking; such OBC's value cannot exceed $2,000 . OBC will be awarded in the same currency as the currency onboard such cruise. OBC is non-refundable, non-transferable, and has no cash value. All decisions and factors regarding this Guarantee and any claim will be determined by PCL in its sole discretion. PCL reserves discretion for applying this Guarantee and awarding a make good, if any, to a guest. PCL is not responsible for any errors in connection with this Guarantee, including any typos or printing or technology errors. PCL may modify, end, or withdraw this Guarantee or any of its terms for any reason, with or without prior notice. Other restrictions and exclusions may apply. Ships of Bermudan and British Registry. Offer expires: Friday, February 28, 2025 ( 11:59 pm PST ) View original content to download multimedia: https://www.prnewswire.com/news-releases/family-friendly-perks-and-huge-discounts-highlight-princess-cruises-come-aboard-sale-on-2025--2027-sailings-302332930.html SOURCE Princess CruisesInter Milan has been making waves in the football world as they prepare to face off against Lazio in a crucial Champions League match. The team's head coach, Simone Inzaghi, has decided to rotate the squad for this highly anticipated clash, with a keen eye on securing victory over their fierce rivals.