Toll Brothers Q3 2024: Assets $100.97M, Net Income $9.15M

Ticker: TOL · Form: 10-Q · Filed: 2024-09-04T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, real-estate

TL;DR

**Toll Brothers Q3:** Assets $100.97M, Liabilities $112.94K, Net Income $9.15M. Homebuilder shows mixed financial signals.

AI Summary

Toll Brothers, Inc. filed its 10-Q for the period ending July 31, 2024. The company reported total assets of $100,972,000 and total liabilities of $112,937. Net income for the period was $9,146,000. The filing also references specific financial statement items like receivables, prepaid expenses, and accrued liabilities.

Why It Matters

This filing provides a snapshot of Toll Brothers' financial health and operational performance for the third quarter of fiscal year 2024, impacting investor confidence and strategic decisions.

Risk Assessment

Risk Level: medium — The filing indicates liabilities exceeding assets, which could signal financial strain, though a full analysis requires more context.

Key Numbers

Key Players & Entities

FAQ

What was Toll Brothers' total revenue for the quarter ending July 31, 2024?

The provided snippet does not explicitly state total revenue, but it does list total assets as $100,972,000 and net income as $9,146,000 for the period ending July 31, 2024.

What is the company's fiscal year end?

Toll Brothers, Inc.'s fiscal year ends on October 31st.

What is the primary business of Toll Brothers, Inc. according to the filing?

The filing categorizes Toll Brothers, Inc. under 'OPERATIVE BUILDERS [1531]'.

What specific financial statement items are referenced in the filing?

The filing references items such as 'Receivables, prepaid expenses and other assets' and 'Accrued Liabilities Current And Noncurrent'.

What is the filing date of this 10-Q?

This 10-Q filing was submitted on September 4, 2024.

Filing Stats: 4,546 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-09-03 18:23:22

Key Financial Figures

Filing Documents

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) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7

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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Exhibits

Item 6. Exhibits 47

SIGNATURES

SIGNATURES 48 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 build-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, profitability, margins and returns; 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 communities; ou

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TOLL BROTHERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) July 31, 2024 October 31, 2023 (unaudited) ASSETS Cash and cash equivalents $ 893,422 $ 1,300,068 Inventory 10,198,060 9,057,578 Property, construction, and office equipment – net 459,234 323,990 Receivables, prepaid expenses, and other assets (1) 577,993 691,256 Mortgage loans held for sale – at fair value 137,627 110,555 Customer deposits held in escrow 109,783 84,530 Investments in unconsolidated entities (1) 983,592 959,041 $ 13,359,711 $ 12,527,018 LIABILITIES AND EQUITY Liabilities Loans payable $ 1,099,787 $ 1,164,224 Senior notes 1,596,873 1,596,185 Mortgage company loan facility 125,417 100,058 Customer deposits 523,982 540,718 Accounts payable 675,471 597,582 Accrued expenses 1,777,553 1,548,781 Income taxes payable 129,582 166,268 Total liabilities 5,928,665 5,713,816 Equity Stockholders' equity Preferred stock, none issued — — Common stock, 112,937 shares issued at July 31, 2024 and October 31, 2023 1,129 1,129 Additional paid-in capital 692,700 698,548 Retained earnings 7,701,274 6,675,719 Treasury stock, at cost — 11,998 and 9,146 shares at July 31, 2024 and October 31, 2023, respectively ( 1,016,277 ) ( 619,150 ) Accumulated other comprehensive income ("AOCI") 36,038 40,910 Total stockholders' equity 7,414,864 6,797,156 Noncontrolling interest 16,182 16,046 Total equity 7,431,046 6,813,202 $ 13,359,711 $ 12,527,018 (1) As of July 31, 2024 and October 31, 2023, Receivables, prepaid expenses, and other assets and Investments in unconsolidated entities include $ 104.6 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 (Amounts

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