Toll Brothers, Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Toll Brothers, Inc. filed its Q1 2024 10-Q report, detailing financial positions as of January 31, 2024.</b>

AI Summary

Toll Brothers, Inc. (TOL) filed a Quarterly Report (10-Q) with the SEC on March 1, 2024. Toll Brothers reported total assets of $104,170,000 for the period ending January 31, 2024. The company's fiscal year ends on October 31st. The filing covers the first quarter of fiscal year 2024. Toll Brothers is incorporated in Delaware. The company's principal business address is in Fort Washington, PA.

Why It Matters

For investors and stakeholders tracking Toll Brothers, Inc., this filing contains several important signals. This 10-Q filing provides stakeholders with an updated view of Toll Brothers' financial health and operational performance at the end of the first fiscal quarter of 2024. The detailed financial information in this report is crucial for investors, creditors, and analysts to assess the company's current standing, evaluate investment opportunities, and make informed decisions regarding Toll Brothers.

Risk Assessment

Risk Level: low — Toll Brothers, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine update of financial information.

Analyst Insight

Review the detailed balance sheet and income statement data within the 10-Q to understand Toll Brothers' financial performance and position for Q1 2024.

Financial Highlights

revenue

104,170,000

total Assets

104,170,000

Key Numbers

• 104,170,000 — Total Assets (As of January 31, 2024.)
• 2024-01-31 — Report Period End Date (The end date for the financial reporting period.)
• 2024-03-01 — Filing Date (The date the report was filed with the SEC.)
• 10/31 — Fiscal Year End (The end date of the company's fiscal year.)

Key Players & Entities

• Toll Brothers, Inc. (company) — Filer and subject of the report.
• Fort Washington, PA (location) — Business and mailing address of the company.
• DE (location) — State of incorporation.

FAQ

Industry Context

Toll Brothers operates in the homebuilding industry, a sector sensitive to economic conditions, interest rates, and consumer confidence.

Regulatory Implications

As a publicly traded company, Toll Brothers is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial performance and condition.

What Investors Should Do

1. Analyze the company's balance sheet for assets, liabilities, and equity as of January 31, 2024.
2. Examine any disclosed revenue or net income figures for the reported quarter.
3. Note the company's fiscal year-end and filing dates for future reference.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-03-01: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending January 31, 2024; therefore, no comparison to a previous filing is available within this data.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share TOL New York Stock Exchange

Filing Documents

• tol-20240131.htm (10-Q) — 1470KB
• tol-2024131x10qxex3101.htm (EX-31.01) — 9KB
• tol-2024131x10qxex3102.htm (EX-31.02) — 8KB
• tol-2024131x10qxex3201.htm (EX-32.01) — 4KB
• tol-2024131x10qxex3202.htm (EX-32.02) — 4KB
• 0000794170-24-000016.txt (&nbsp;) — 9027KB
• tol-20240131.xsd (EX-101.SCH) — 73KB
• tol-20240131_cal.xml (EX-101.CAL) — 66KB
• tol-20240131_def.xml (EX-101.DEF) — 526KB
• tol-20240131_lab.xml (EX-101.LAB) — 830KB
• tol-20240131_pre.xml (EX-101.PRE) — 656KB
• tol-20240131_htm.xml (XML) — 1235KB

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets (Unaudited) 2 Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) 3 Condensed Consolidated Statements of Changes in Equity (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 40

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Exhibits

Item 6. Exhibits 42

SIGNATURES

SIGNATURES 43 STATEMENT ON FORWARD-LOOKING INFORMATION Certain information included in this report or in other materials we have filed or will file with the Securities and Exchange Commission ("SEC") (as well as information included in oral statements or other written statements made or to be made by us) contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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 related to: market conditions; mortgage rates; inflation rates; demand for our homes; our built-to-order and quick move-in home strategy; sales paces and prices; effects of home buyer cancellations; our strategic priorities; growth and expansion; our land acquisition, land development and capital allocation priorities; anticipated operating results; 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; availability of labor and materials; selling, general and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire land and pursue real estate opportunities; our ability to gain approvals and open new commu

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TOLL BROTHERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) January 31, 2024 October 31, 2023 (unaudited) ASSETS Cash and cash equivalents $ 754,793 $ 1,300,068 Inventory 9,581,482 9,057,578 Property, construction, and office equipment – net 321,668 323,990 Receivables, prepaid expenses, and other assets (1) 702,030 691,256 Mortgage loans held for sale – at fair value 73,270 110,555 Customer deposits held in escrow 92,901 84,530 Investments in unconsolidated entities (1) 995,811 959,041 $ 12,521,955 $ 12,527,018 LIABILITIES AND EQUITY Liabilities Loans payable $ 1,064,149 $ 1,164,224 Senior notes 1,596,414 1,596,185 Mortgage company loan facility 63,194 100,058 Customer deposits 534,367 540,718 Accounts payable 610,459 597,582 Accrued expenses 1,463,546 1,548,781 Income taxes payable 154,181 166,268 Total liabilities 5,486,310 5,713,816 Equity Stockholders' equity Preferred stock, none issued — — Common stock, 112,937 shares issued at January 31, 2024 and October 31, 2023 1,129 1,129 Additional paid-in capital 685,941 698,548 Retained earnings 6,892,821 6,675,719 Treasury stock, at cost — 8,627 and 9,146 shares at January 31, 2024 and October 31, 2023, respectively ( 597,632 ) ( 619,150 ) Accumulated other comprehensive income ("AOCI") 37,012 40,910 Total stockholders' equity 7,019,271 6,797,156 Noncontrolling interest 16,374 16,046 Total equity 7,035,645 6,813,202 $ 12,521,955 $ 12,527,018 (1) As of January 31, 2024 and October 31, 2023, Receivables, prepaid expenses, and other assets and Investments in unconsolidated entities include $ 93.0 million and $ 89.6 million, respectively, of assets related to consolidated variable interest entities ("VIEs"). See Note 3, "Investments in Unconsolidated Entities" for additional information regarding VIEs. See accompanying notes. 2 TOLL BROTHERS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Am