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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Toll Brothers Inc | NYSE:TOL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.70 | -0.58% | 120.91 | 121.83 | 119.02 | 120.08 | 822,828 | 01:00:00 |
þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
23-2416878
(I.R.S. Employer
Identification No.)
|
|
|
|
250 Gibraltar Road, Horsham, Pennsylvania
(Address of principal executive offices)
|
|
19044
(Zip Code)
|
Large accelerated filer
þ
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|
|
Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
|
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Smaller reporting company
o
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Emerging growth company
o
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Page No.
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|
|
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|
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|
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|
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July 31,
2018 |
|
October 31,
2017 |
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
522,181
|
|
|
$
|
712,829
|
|
Restricted cash
|
686
|
|
|
2,482
|
|
||
Inventory
|
7,957,616
|
|
|
7,281,453
|
|
||
Property, construction, and office equipment, net
|
195,728
|
|
|
189,547
|
|
||
Receivables, prepaid expenses, and other assets
|
622,402
|
|
|
542,217
|
|
||
Mortgage loans held for sale
|
94,291
|
|
|
132,922
|
|
||
Customer deposits held in escrow
|
136,322
|
|
|
102,017
|
|
||
Investments in unconsolidated entities
|
419,994
|
|
|
481,758
|
|
||
|
$
|
9,949,220
|
|
|
$
|
9,445,225
|
|
LIABILITIES AND EQUITY
|
|
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|
||||
Liabilities
|
|
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|
||||
Loans payable
|
$
|
694,409
|
|
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$
|
637,416
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Senior notes
|
2,860,771
|
|
|
2,462,463
|
|
||
Mortgage company loan facility
|
82,274
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|
|
120,145
|
|
||
Customer deposits
|
470,231
|
|
|
396,026
|
|
||
Accounts payable
|
327,872
|
|
|
275,223
|
|
||
Accrued expenses
|
936,084
|
|
|
959,353
|
|
||
Income taxes payable
|
40,199
|
|
|
57,509
|
|
||
Total liabilities
|
5,411,840
|
|
|
4,908,135
|
|
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Equity
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
||||
Preferred stock, none issued
|
—
|
|
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—
|
|
||
Common stock, 177,937 shares issued at July 31, 2018 and October 31, 2017
|
1,779
|
|
|
1,779
|
|
||
Additional paid-in capital
|
722,461
|
|
|
720,115
|
|
||
Retained earnings
|
4,866,980
|
|
|
4,474,064
|
|
||
Treasury stock, at cost — 29,707 and 20,732 shares at July 31, 2018 and October 31, 2017, respectively
|
(1,060,746
|
)
|
|
(662,854
|
)
|
||
Accumulated other comprehensive loss
|
(1,810
|
)
|
|
(1,910
|
)
|
||
Total stockholders’ equity
|
4,528,664
|
|
|
4,531,194
|
|
||
Noncontrolling interest
|
8,716
|
|
|
5,896
|
|
||
Total equity
|
4,537,380
|
|
|
4,537,090
|
|
||
|
$
|
9,949,220
|
|
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$
|
9,445,225
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
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|
2018
|
|
2017
|
||||||||
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|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
4,688,020
|
|
|
$
|
3,787,151
|
|
|
$
|
1,913,353
|
|
|
$
|
1,502,909
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
3,742,256
|
|
|
2,986,471
|
|
|
1,509,619
|
|
|
1,176,028
|
|
||||
Selling, general and administrative
|
497,990
|
|
|
438,497
|
|
|
174,071
|
|
|
154,650
|
|
||||
|
4,240,246
|
|
|
3,424,968
|
|
|
1,683,690
|
|
|
1,330,678
|
|
||||
Income from operations
|
447,774
|
|
|
362,183
|
|
|
229,663
|
|
|
172,231
|
|
||||
Other:
|
|
|
|
|
|
|
|
||||||||
Income from unconsolidated entities
|
53,913
|
|
|
112,274
|
|
|
12,469
|
|
|
19,925
|
|
||||
Other income – net
|
35,756
|
|
|
38,107
|
|
|
10,965
|
|
|
11,418
|
|
||||
Income before income taxes
|
537,443
|
|
|
512,564
|
|
|
253,097
|
|
|
203,574
|
|
||||
Income tax provision
|
100,268
|
|
|
168,947
|
|
|
59,839
|
|
|
55,011
|
|
||||
Net income
|
$
|
437,175
|
|
|
$
|
343,617
|
|
|
$
|
193,258
|
|
|
$
|
148,563
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income, net of tax
|
512
|
|
|
504
|
|
|
170
|
|
|
167
|
|
||||
Total comprehensive income
|
$
|
437,687
|
|
|
$
|
344,121
|
|
|
$
|
193,428
|
|
|
$
|
148,730
|
|
|
|
|
|
|
|
|
|
||||||||
Per share:
|
|
|
|
|
|
|
|
||||||||
Basic earnings
|
$
|
2.85
|
|
|
$
|
2.11
|
|
|
$
|
1.28
|
|
|
$
|
0.91
|
|
Diluted earnings
|
$
|
2.81
|
|
|
$
|
2.01
|
|
|
$
|
1.26
|
|
|
$
|
0.87
|
|
Cash dividends declared
|
$
|
0.30
|
|
|
$
|
0.16
|
|
|
$
|
0.11
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
153,290
|
|
|
163,186
|
|
|
151,257
|
|
|
163,478
|
|
||||
Diluted
|
155,733
|
|
|
171,127
|
|
|
153,173
|
|
|
171,562
|
|
|
Nine months ended July 31,
|
||||||
|
2018
|
|
2017
|
||||
Cash flow (used in) provided by operating activities:
|
|
|
|
||||
Net income
|
$
|
437,175
|
|
|
$
|
343,617
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
18,724
|
|
|
18,423
|
|
||
Stock-based compensation
|
21,879
|
|
|
22,088
|
|
||
Income from unconsolidated entities
|
(53,913
|
)
|
|
(112,274
|
)
|
||
Distributions of earnings from unconsolidated entities
|
53,166
|
|
|
125,138
|
|
||
Income from foreclosed real estate and distressed loans
|
(1,269
|
)
|
|
(4,287
|
)
|
||
Deferred tax (benefit) provision
|
(19,747
|
)
|
|
59,266
|
|
||
Change in deferred tax valuation allowances
|
|
|
|
(32,154
|
)
|
||
Inventory impairments and write-offs
|
28,746
|
|
|
11,314
|
|
||
Other
|
208
|
|
|
2,299
|
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Increase in inventory
|
(541,889
|
)
|
|
(228,887
|
)
|
||
Origination of mortgage loans
|
(941,336
|
)
|
|
(821,265
|
)
|
||
Sale of mortgage loans
|
979,715
|
|
|
979,625
|
|
||
Decrease in restricted cash
|
1,796
|
|
|
12,461
|
|
||
(Increase) decrease in receivables, prepaid expenses, and other assets
|
(123,521
|
)
|
|
46,941
|
|
||
Increase in customer deposits
|
39,900
|
|
|
64,252
|
|
||
Increase (decrease) in accounts payable and accrued expenses
|
24,428
|
|
|
(133,845
|
)
|
||
Increase in income taxes payable
|
3,698
|
|
|
55,273
|
|
||
Net cash (used in) provided by operating activities
|
(72,240
|
)
|
|
407,985
|
|
||
Cash flow provided by (used in) investing activities:
|
|
|
|
||||
Purchase of property and equipment — net
|
(21,701
|
)
|
|
(22,401
|
)
|
||
Sale and redemption of marketable securities and restricted investments — net
|
|
|
|
18,049
|
|
||
Investments in unconsolidated entities
|
(15,189
|
)
|
|
(119,714
|
)
|
||
Return of investments in unconsolidated entities
|
93,669
|
|
|
139,346
|
|
||
Investment in foreclosed real estate and distressed loans
|
(519
|
)
|
|
(688
|
)
|
||
Return of investments in foreclosed real estate and distressed loans
|
3,934
|
|
|
12,429
|
|
||
Acquisition of a business
|
|
|
|
(85,183
|
)
|
||
Net cash provided by (used in) investing activities
|
60,194
|
|
|
(58,162
|
)
|
||
Cash flow provided by (used in) financing activities:
|
|
|
|
||||
Proceeds from issuance of senior notes
|
400,000
|
|
|
455,483
|
|
||
Debt issuance costs for senior notes
|
(3,531
|
)
|
|
(4,446
|
)
|
||
Proceeds from loans payable
|
1,908,085
|
|
|
1,083,472
|
|
||
Principal payments of loans payable
|
(2,020,495
|
)
|
|
(1,513,078
|
)
|
||
Proceeds from stock-based benefit plans
|
9,731
|
|
|
57,958
|
|
||
Purchase of treasury stock
|
(426,895
|
)
|
|
(90,716
|
)
|
||
Dividends paid
|
(45,519
|
)
|
|
(26,016
|
)
|
||
Receipts related to noncontrolling interest, net
|
22
|
|
|
|
|
||
Net cash used in financing activities
|
(178,602
|
)
|
|
(37,343
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(190,648
|
)
|
|
312,480
|
|
||
Cash and cash equivalents, beginning of period
|
712,829
|
|
|
633,715
|
|
||
Cash and cash equivalents, end of period
|
$
|
522,181
|
|
|
$
|
946,195
|
|
•
|
Retained customer deposits are currently classified in “Other income-net” on our Condensed Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, we expect these retained customer deposits will be reclassified to “Revenue” on our Condensed Consolidated Statements of Operations and Comprehensive Income. Prior period balances for retained customer deposits will not be reclassified and are not material to our condensed consolidated financial statements.
|
•
|
We currently capitalize certain costs related to our marketing efforts, including sales offices and model home upgrades and furnishings within “Inventory” on our Condensed Consolidated Balance Sheets and amortize such costs through “Selling, general, and administrative” on our Condensed Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, we expect to reclassify approximately
$105.0 million
to “Property, construction, and office equipment, net” on our Condensed Consolidated Balance Sheets, primarily related to sales offices and model home improvement costs, that we plan to continue depreciating through “Selling, general, and administrative” on our Condensed Consolidated Statements of Operations and Comprehensive Income. Additionally, we expect to record a cumulative effect adjustment to retained earnings of approximately
$25.0 million
for certain other marketing costs that will no longer qualify for capitalization under the new guidance, and such costs will be expensed as incurred in the future.
|
|
July 31,
2018 |
|
October 31,
2017 |
||||
Land controlled for future communities
|
$
|
126,288
|
|
|
$
|
87,158
|
|
Land owned for future communities
|
1,224,504
|
|
|
1,142,870
|
|
||
Operating communities
|
6,606,824
|
|
|
6,051,425
|
|
||
|
$
|
7,957,616
|
|
|
$
|
7,281,453
|
|
|
July 31,
2018 |
|
October 31,
2017 |
||||
Land owned for future communities:
|
|
|
|
||||
Number of communities
|
16
|
|
|
14
|
|
||
Carrying value (in thousands)
|
$
|
125,766
|
|
|
$
|
110,732
|
|
Operating communities:
|
|
|
|
||||
Number of communities
|
1
|
|
|
6
|
|
||
Carrying value (in thousands)
|
$
|
2,733
|
|
|
$
|
26,749
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Land controlled for future communities
|
$
|
1,073
|
|
|
$
|
1,479
|
|
|
$
|
696
|
|
|
$
|
697
|
|
Land owned for future communities
|
1,547
|
|
|
1,540
|
|
|
1,300
|
|
|
340
|
|
||||
Operating communities
|
26,126
|
|
|
8,295
|
|
|
9,065
|
|
|
1,360
|
|
||||
|
$
|
28,746
|
|
|
$
|
11,314
|
|
|
$
|
11,061
|
|
|
$
|
2,397
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest capitalized, beginning of period
|
$
|
352,049
|
|
|
$
|
369,419
|
|
|
$
|
349,918
|
|
|
$
|
376,213
|
|
Interest incurred
|
123,028
|
|
|
130,887
|
|
|
41,760
|
|
|
45,577
|
|
||||
Interest expensed to cost of revenues
|
(128,915
|
)
|
|
(114,365
|
)
|
|
(50,003
|
)
|
|
(45,879
|
)
|
||||
Interest expensed in other income
|
(2,259
|
)
|
|
(2,097
|
)
|
|
(1,259
|
)
|
|
(102
|
)
|
||||
Interest capitalized on investments in unconsolidated entities
|
(5,423
|
)
|
|
(6,485
|
)
|
|
(1,821
|
)
|
|
(2,271
|
)
|
||||
Previously capitalized interest transferred to investments in unconsolidated entities
|
|
|
(4,030
|
)
|
|
|
|
|
|||||||
Previously capitalized interest on investments in unconsolidated entities transferred to inventory
|
1,687
|
|
|
979
|
|
|
1,572
|
|
|
770
|
|
||||
Interest capitalized, end of period
|
$
|
340,167
|
|
|
$
|
374,308
|
|
|
$
|
340,167
|
|
|
$
|
374,308
|
|
|
Land
Development Joint Ventures |
|
Home Building
Joint Ventures |
|
Rental Property
Joint Ventures |
|
Gibraltar
Joint Ventures |
|
Total
|
||||||||||
Number of unconsolidated entities
|
7
|
|
4
|
|
13
|
|
5
|
|
29
|
||||||||||
Investment in unconsolidated entities
|
$
|
198,001
|
|
|
$
|
79,111
|
|
|
$
|
132,938
|
|
|
$
|
9,944
|
|
|
$
|
419,994
|
|
Number of unconsolidated entities with funding commitments by the Company
|
4
|
|
1
|
|
1
|
|
1
|
|
|
7
|
|||||||||
Company’s remaining funding commitment to unconsolidated entities
|
$
|
21,153
|
|
|
$
|
8,300
|
|
|
$
|
1,150
|
|
|
$
|
9,621
|
|
|
$
|
40,224
|
|
|
Land
Development Joint Ventures |
|
Home Building
Joint Ventures |
|
Rental Property
Joint Ventures |
|
Total
|
||||||||
Number of joint ventures with debt financing
|
4
|
|
3
|
|
12
|
|
19
|
||||||||
Aggregate loan commitments
|
$
|
181,081
|
|
|
$
|
381,902
|
|
|
$
|
1,022,085
|
|
|
$
|
1,585,068
|
|
Amounts borrowed under loan commitments
|
$
|
166,156
|
|
|
$
|
255,842
|
|
|
$
|
793,135
|
|
|
$
|
1,215,133
|
|
|
July 31,
2018 |
|
October 31,
2017 |
||||
Cash and cash equivalents
|
$
|
113,526
|
|
|
$
|
153,828
|
|
Inventory
|
1,042,117
|
|
|
1,148,209
|
|
||
Loans receivable, net
|
9,758
|
|
|
22,495
|
|
||
Rental properties
|
788,206
|
|
|
970,497
|
|
||
Rental properties under development
|
394,620
|
|
|
190,541
|
|
||
Real estate owned
|
26,546
|
|
|
53,902
|
|
||
Other assets
|
165,600
|
|
|
156,618
|
|
||
Total assets
|
$
|
2,540,373
|
|
|
$
|
2,696,090
|
|
Debt, net of deferred financing costs
|
$
|
1,201,543
|
|
|
$
|
1,199,583
|
|
Other liabilities
|
173,826
|
|
|
135,292
|
|
||
Members’ equity
|
1,141,773
|
|
|
1,332,285
|
|
||
Noncontrolling interest
|
23,231
|
|
|
28,930
|
|
||
Total liabilities and equity
|
$
|
2,540,373
|
|
|
$
|
2,696,090
|
|
Company’s net investment in unconsolidated entities (1)
|
$
|
419,994
|
|
|
$
|
481,758
|
|
(1)
|
Differences between our net investment in unconsolidated entities and our underlying equity in the net assets of the entities are primarily a result of the acquisition price of an investment in a Land Development Joint Venture in fiscal 2012 that was in excess of our pro rata share of the underlying equity; impairments related to our investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; gains recognized from the sale of our ownership interests; and distributions from entities in excess of the carrying amount of our net investment.
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues
|
$
|
393,522
|
|
|
$
|
690,441
|
|
|
$
|
117,239
|
|
|
$
|
189,714
|
|
Cost of revenues
|
303,209
|
|
|
389,996
|
|
|
93,799
|
|
|
99,102
|
|
||||
Other expenses
|
64,462
|
|
|
62,193
|
|
|
19,880
|
|
|
22,472
|
|
||||
Total expenses
|
367,671
|
|
|
452,189
|
|
|
113,679
|
|
|
121,574
|
|
||||
Gain on disposition of loans and real estate owned
|
52,444
|
|
|
39,530
|
|
|
25,964
|
|
|
7,891
|
|
||||
Income from operations
|
78,295
|
|
|
277,782
|
|
|
29,524
|
|
|
76,031
|
|
||||
Other income
|
106,141
|
|
|
11,175
|
|
|
25,275
|
|
|
1,678
|
|
||||
Income before income taxes
|
184,436
|
|
|
288,957
|
|
|
54,799
|
|
|
77,709
|
|
||||
Income tax provision
|
587
|
|
|
7,453
|
|
|
238
|
|
|
1,138
|
|
||||
Net income including earnings from noncontrolling interests
|
183,849
|
|
|
281,504
|
|
|
54,561
|
|
|
76,571
|
|
||||
Less: income attributable to noncontrolling interest
|
(28,017
|
)
|
|
(16,417
|
)
|
|
(16,079
|
)
|
|
(3,328
|
)
|
||||
Net income attributable to controlling interest
|
$
|
155,832
|
|
|
$
|
265,087
|
|
|
$
|
38,482
|
|
|
$
|
73,243
|
|
Company’s equity in earnings of unconsolidated entities (2)
|
$
|
53,913
|
|
|
$
|
112,274
|
|
|
$
|
12,469
|
|
|
$
|
19,925
|
|
(2)
|
Differences between our equity in earnings of unconsolidated entities and the underlying net income of the entities are primarily a result of a basis difference of an acquired joint venture interest; distributions from entities in excess of the carrying amount of our net investment; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.
|
|
July 31, 2018
|
|
October 31, 2017
|
||||
Expected recoveries from insurance carriers and others
|
$
|
139,413
|
|
|
$
|
153,774
|
|
Improvement cost receivable
|
100,690
|
|
|
99,311
|
|
||
Escrow cash held by our captive title company
|
33,037
|
|
|
45,923
|
|
||
Properties held for rental apartment and commercial development
|
255,616
|
|
|
146,288
|
|
||
Prepaid expenses
|
21,787
|
|
|
23,223
|
|
||
Other
|
71,859
|
|
|
73,698
|
|
||
|
$
|
622,402
|
|
|
$
|
542,217
|
|
|
July 31,
2018 |
|
October 31,
2017 |
||||
Senior unsecured term loan
|
$
|
500,000
|
|
|
$
|
500,000
|
|
Loans payable – other
|
195,820
|
|
|
139,116
|
|
||
Deferred issuance costs
|
(1,411
|
)
|
|
(1,700
|
)
|
||
|
$
|
694,409
|
|
|
$
|
637,416
|
|
|
July 31,
2018 |
|
October 31,
2017 |
||||
Land, land development, and construction
|
$
|
166,034
|
|
|
$
|
146,168
|
|
Compensation and employee benefits
|
150,679
|
|
|
149,145
|
|
||
Escrow liability
|
33,105
|
|
|
45,209
|
|
||
Self-insurance
|
163,330
|
|
|
149,303
|
|
||
Warranty
|
277,753
|
|
|
329,278
|
|
||
Deferred income
|
38,102
|
|
|
42,798
|
|
||
Interest
|
45,809
|
|
|
36,035
|
|
||
Commitments to unconsolidated entities
|
8,945
|
|
|
8,870
|
|
||
Other
|
52,327
|
|
|
52,547
|
|
||
|
$
|
936,084
|
|
|
$
|
959,353
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Balance, beginning of period
|
$
|
329,278
|
|
|
$
|
370,992
|
|
|
$
|
297,343
|
|
|
$
|
355,934
|
|
Additions – homes closed during the period
|
24,588
|
|
|
21,220
|
|
|
9,901
|
|
|
8,519
|
|
||||
Addition – liabilities acquired in a business acquisition
|
|
|
|
1,111
|
|
|
|
|
|
|
|
||||
Increase in accruals for homes closed in prior years
|
4,770
|
|
|
5,539
|
|
|
1,615
|
|
|
2,351
|
|
||||
Reclassification from other accruals
|
|
|
|
1,082
|
|
|
|
|
|
|
|
||||
Charges incurred
|
(80,883
|
)
|
|
(55,579
|
)
|
|
(31,106
|
)
|
|
(22,439
|
)
|
||||
Balance, end of period
|
$
|
277,753
|
|
|
$
|
344,365
|
|
|
$
|
277,753
|
|
|
$
|
344,365
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Total stock-based compensation expense recognized
|
$
|
21,879
|
|
|
$
|
22,088
|
|
|
$
|
6,532
|
|
|
$
|
6,503
|
|
Income tax benefit recognized
|
$
|
6,236
|
|
|
$
|
8,718
|
|
|
$
|
1,877
|
|
|
$
|
2,624
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Number of shares purchased (in thousands)
|
9,874
|
|
|
2,492
|
|
|
3,653
|
|
|
1,929
|
|
||||
Average price per share
|
$
|
43.30
|
|
|
$
|
36.40
|
|
|
$
|
37.24
|
|
|
$
|
39.02
|
|
Remaining authorization at July 31 (in thousands)
|
13,223
|
|
|
13,347
|
|
|
13,223
|
|
|
13,347
|
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income as reported
|
|
$
|
437,175
|
|
|
$
|
343,617
|
|
|
$
|
193,258
|
|
|
$
|
148,563
|
|
Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit (a)
|
|
|
|
|
1,147
|
|
|
|
|
|
378
|
|
||||
Numerator for diluted earnings per share
|
|
$
|
437,175
|
|
|
$
|
344,764
|
|
|
$
|
193,258
|
|
|
$
|
148,941
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average shares
|
|
153,290
|
|
|
163,186
|
|
|
151,257
|
|
|
163,478
|
|
||||
Common stock equivalents (b)
|
|
2,443
|
|
|
2,077
|
|
|
1,916
|
|
|
2,210
|
|
||||
Shares attributable to 0.5% Exchangeable Senior Notes (a)
|
|
|
|
|
5,864
|
|
|
|
|
|
5,874
|
|
||||
Diluted weighted-average shares
|
|
155,733
|
|
|
171,127
|
|
|
153,173
|
|
|
171,562
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other information:
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of antidilutive options and restricted stock units (c)
|
|
486
|
|
|
2,556
|
|
|
635
|
|
|
600
|
|
||||
Shares issued under stock incentive and employee stock purchase plans
|
|
899
|
|
|
2,762
|
|
|
19
|
|
|
788
|
|
(a)
|
On September 15, 2017, we redeemed these notes for cash.
|
(b)
|
Common stock equivalents represent the dilutive effect of outstanding in-the-money stock options using the treasury stock method and shares expected to be issued upon the conversion of restricted stock units under our equity award programs.
|
(c)
|
Weighted-average number of antidilutive options and restricted stock units are based upon the average closing price of our common stock on the New York Stock Exchange for the period.
|
|
|
|
|
Fair value
|
||||||
Financial Instrument
|
|
Fair value
hierarchy
|
|
July 31,
2018 |
|
October 31, 2017
|
||||
Mortgage Loans Held for Sale
|
|
Level 2
|
|
$
|
94,291
|
|
|
$
|
132,922
|
|
Forward Loan Commitments — Mortgage Loans Held for Sale
|
|
Level 2
|
|
$
|
324
|
|
|
$
|
861
|
|
Interest Rate Lock Commitments (“IRLCs”)
|
|
Level 2
|
|
$
|
(1,232
|
)
|
|
$
|
(1,293
|
)
|
Forward Loan Commitments — IRLCs
|
|
Level 2
|
|
$
|
1,232
|
|
|
$
|
1,293
|
|
|
Aggregate unpaid
principal balance
|
|
Fair value
|
|
Excess
|
||||||
At July 31, 2018
|
$
|
93,481
|
|
|
$
|
94,291
|
|
|
$
|
810
|
|
At October 31, 2017
|
$
|
131,861
|
|
|
$
|
132,922
|
|
|
$
|
1,061
|
|
Three months ended:
|
Selling price
per unit
($ in thousands)
|
|
Sales pace
per year
(in units)
|
|
Discount rate
|
Fiscal 2018:
|
|
|
|
|
|
January 31
|
381 - 1,029
|
|
7 - 10
|
|
13.8% - 19.0%
|
April 30
|
485 - 522
|
|
10 - 16
|
|
16.9%
|
July 31 (1)
|
–
|
|
–
|
|
–
|
|
|
|
|
|
|
Fiscal 2017:
|
|
|
|
|
|
January 31
|
692 - 880
|
|
4 - 12
|
|
16.3%
|
April 30
|
827 - 856
|
|
6 - 11
|
|
16.3%
|
July 31
|
465 - 754
|
|
3 - 10
|
|
16.5% - 19.5%
|
October 31
|
467 - 540
|
|
12 - 30
|
|
16.4%
|
(1)
|
The impairment charges recognized were related to our decisions to sell lots in a bulk sale in certain communities rather than sell and construct homes as previously intended. The sale price per lot used in the fair value determination for these bulk sales ranged from
$10,000
to
$155,000
.
|
|
|
|
Impaired operating communities
|
||||||||
Three months ended:
|
Number of
communities tested |
|
Number of
communities |
|
Fair value of
communities, net of impairment charges |
|
Impairment charges recognized
|
||||
Fiscal 2018:
|
|
|
|
|
|
|
|
||||
January 31
|
64
|
|
5
|
|
$
|
13,318
|
|
|
$
|
3,736
|
|
April 30 (2)
|
65
|
|
4
|
|
$
|
21,811
|
|
|
13,325
|
|
|
July 31 (3)
|
55
|
|
5
|
|
$
|
43,063
|
|
|
9,065
|
|
|
|
|
|
|
|
|
|
$
|
26,126
|
|
||
Fiscal 2017:
|
|
|
|
|
|
|
|
||||
January 31
|
57
|
|
2
|
|
$
|
8,372
|
|
|
$
|
4,000
|
|
April 30
|
46
|
|
6
|
|
$
|
25,092
|
|
|
2,935
|
|
|
July 31
|
53
|
|
4
|
|
$
|
5,965
|
|
|
1,360
|
|
|
October 31
|
51
|
|
1
|
|
$
|
6,982
|
|
|
1,500
|
|
|
|
|
|
|
|
|
|
$
|
9,795
|
|
(2)
|
Includes
$12.0 million
of impairments from
one
community located in our North segment.
|
(3)
|
Includes
$7.3 million
of impairments from
two
communities located in our Mid-Atlantic segment.
|
|
|
|
July 31, 2018
|
|
October 31, 2017
|
||||||||||||
|
Fair value
hierarchy |
|
Book value
|
|
Estimated
fair value
|
|
Book value
|
|
Estimated
fair value
|
||||||||
Loans payable (a)
|
Level 2
|
|
$
|
695,820
|
|
|
$
|
697,187
|
|
|
$
|
639,116
|
|
|
$
|
639,088
|
|
Senior notes (b)
|
Level 1
|
|
2,869,876
|
|
|
2,833,514
|
|
|
2,469,876
|
|
|
2,626,131
|
|
||||
Mortgage company loan facility (c)
|
Level 2
|
|
82,274
|
|
|
82,274
|
|
|
120,145
|
|
|
120,145
|
|
||||
|
|
|
$
|
3,647,970
|
|
|
$
|
3,612,975
|
|
|
$
|
3,229,137
|
|
|
$
|
3,385,364
|
|
(a)
|
The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date.
|
(b)
|
The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date.
|
(c)
|
We believe that the carrying value of our mortgage company loan borrowings approximates their fair value.
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest income
|
$
|
5,259
|
|
|
$
|
3,834
|
|
|
$
|
1,967
|
|
|
$
|
1,904
|
|
Income from ancillary businesses
|
10,209
|
|
|
13,205
|
|
|
2,753
|
|
|
3,489
|
|
||||
Management fee income from home building
unconsolidated entities, net |
9,600
|
|
|
10,448
|
|
|
2,175
|
|
|
2,477
|
|
||||
Retained customer deposits
|
4,951
|
|
|
4,461
|
|
|
796
|
|
|
1,407
|
|
||||
Income from land and other sales
|
4,175
|
|
|
7,503
|
|
|
888
|
|
|
2,417
|
|
||||
Other
|
1,562
|
|
|
(1,344
|
)
|
|
2,386
|
|
|
(276
|
)
|
||||
Total other income – net
|
$
|
35,756
|
|
|
$
|
38,107
|
|
|
$
|
10,965
|
|
|
$
|
11,418
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues
|
$
|
103,049
|
|
|
$
|
96,536
|
|
|
$
|
37,815
|
|
|
$
|
35,242
|
|
Expenses
|
$
|
92,840
|
|
|
$
|
83,331
|
|
|
$
|
35,062
|
|
|
$
|
31,753
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues
|
$
|
56,136
|
|
|
$
|
151,470
|
|
|
$
|
10,949
|
|
|
$
|
4,633
|
|
Expenses
|
(48,127
|
)
|
|
(148,625
|
)
|
|
(10,061
|
)
|
|
(2,420
|
)
|
||||
Deferred gain on land sale to joint venture
|
(3,834
|
)
|
|
|
|
|
|
|
|
|
|
||||
Deferred gain recognized
|
|
|
4,658
|
|
|
|
|
204
|
|
||||||
Income from land and other sales
|
$
|
4,175
|
|
|
$
|
7,503
|
|
|
$
|
888
|
|
|
$
|
2,417
|
|
|
July 31, 2018
|
|
October 31, 2017
|
||||
Aggregate purchase commitments:
|
|
|
|
||||
Unrelated parties
|
$
|
2,361,064
|
|
|
$
|
1,986,276
|
|
Unconsolidated entities that the Company has investments in
|
178,065
|
|
|
248,801
|
|
||
Total
|
$
|
2,539,129
|
|
|
$
|
2,235,077
|
|
|
|
|
|
||||
Deposits against aggregate purchase commitments
|
$
|
157,488
|
|
|
$
|
97,706
|
|
Credits to be received from unconsolidated entities
|
101,857
|
|
|
134,630
|
|
||
Additional cash required to acquire land
|
2,279,784
|
|
|
2,002,741
|
|
||
Total
|
$
|
2,539,129
|
|
|
$
|
2,235,077
|
|
Amount of additional cash required to acquire land included in accrued expenses
|
$
|
683
|
|
|
$
|
4,329
|
|
|
July 31,
2018 |
|
October 31, 2017
|
||||
Aggregate mortgage loan commitments:
|
|
|
|
||||
IRLCs
|
$
|
673,305
|
|
|
$
|
350,740
|
|
Non-IRLCs
|
1,515,409
|
|
|
1,146,872
|
|
||
Total
|
$
|
2,188,714
|
|
|
$
|
1,497,612
|
|
Investor commitments to purchase:
|
|
|
|
||||
IRLCs
|
$
|
673,305
|
|
|
$
|
350,740
|
|
Mortgage loans held for sale
|
85,907
|
|
|
125,710
|
|
||
Total
|
$
|
759,212
|
|
|
$
|
476,450
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
||||||||
North
|
$
|
626,719
|
|
|
$
|
560,812
|
|
|
$
|
266,226
|
|
|
$
|
225,829
|
|
Mid-Atlantic
|
765,925
|
|
|
692,457
|
|
|
304,060
|
|
|
281,915
|
|
||||
South
|
711,466
|
|
|
591,211
|
|
|
299,259
|
|
|
253,904
|
|
||||
West
|
989,877
|
|
|
821,241
|
|
|
382,455
|
|
|
307,406
|
|
||||
California
|
1,336,183
|
|
|
928,303
|
|
|
610,737
|
|
|
335,224
|
|
||||
Traditional Home Building
|
4,430,170
|
|
|
3,594,024
|
|
|
1,862,737
|
|
|
1,404,278
|
|
||||
City Living
|
257,850
|
|
|
193,127
|
|
|
50,616
|
|
|
98,631
|
|
||||
Total
|
$
|
4,688,020
|
|
|
$
|
3,787,151
|
|
|
$
|
1,913,353
|
|
|
$
|
1,502,909
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes:
|
|
|
|
|
|
|
|
||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
||||||||
North
|
$
|
23,276
|
|
|
$
|
37,042
|
|
|
$
|
21,240
|
|
|
$
|
16,436
|
|
Mid-Atlantic
|
54,958
|
|
|
69,171
|
|
|
20,614
|
|
|
35,628
|
|
||||
South
|
74,006
|
|
|
67,496
|
|
|
34,729
|
|
|
33,566
|
|
||||
West
|
138,773
|
|
|
111,002
|
|
|
60,120
|
|
|
43,180
|
|
||||
California
|
286,797
|
|
|
199,232
|
|
|
140,278
|
|
|
72,703
|
|
||||
Traditional Home Building
|
577,810
|
|
|
483,943
|
|
|
276,981
|
|
|
201,513
|
|
||||
City Living
|
60,266
|
|
|
131,782
|
|
|
13,617
|
|
|
46,750
|
|
||||
Corporate and other
|
(100,633
|
)
|
|
(103,161
|
)
|
|
(37,501
|
)
|
|
(44,689
|
)
|
||||
Total
|
$
|
537,443
|
|
|
$
|
512,564
|
|
|
$
|
253,097
|
|
|
$
|
203,574
|
|
|
July 31,
2018 |
|
October 31,
2017 |
||||
Traditional Home Building:
|
|
|
|
||||
North
|
$
|
1,062,941
|
|
|
$
|
1,074,969
|
|
Mid-Atlantic
|
1,216,005
|
|
|
1,121,013
|
|
||
South
|
1,291,591
|
|
|
1,184,956
|
|
||
West
|
1,561,175
|
|
|
1,275,298
|
|
||
California
|
2,908,607
|
|
|
2,630,041
|
|
||
Traditional Home Building
|
8,040,319
|
|
|
7,286,277
|
|
||
City Living
|
540,532
|
|
|
647,174
|
|
||
Corporate and other
|
1,368,369
|
|
|
1,511,774
|
|
||
Total
|
$
|
9,949,220
|
|
|
$
|
9,445,225
|
|
|
|
Nine months ended July 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash flow information:
|
|
|
|
|
||||
Interest paid, net of amount capitalized
|
|
$
|
7,191
|
|
|
$
|
3,142
|
|
Income tax payments
|
|
$
|
116,638
|
|
|
$
|
88,281
|
|
Income tax refunds
|
|
$
|
322
|
|
|
$
|
1,719
|
|
Noncash activity:
|
|
|
|
|
||||
Cost of inventory acquired through seller financing or municipal bonds, net
|
|
$
|
142,003
|
|
|
$
|
25,880
|
|
Financed portion of land sale
|
|
|
|
|
$
|
625
|
|
|
(Increase) decrease in inventory for capitalized interest, our share of earnings, and allocation of basis difference in land purchased from unconsolidated entities
|
|
$
|
(253
|
)
|
|
$
|
12,235
|
|
Rental property acquired by capital land lease
|
|
|
|
|
$
|
7,167
|
|
|
Deferred tax decrease related to stock-based compensation activity included in additional paid-in capital
|
|
|
|
|
$
|
5,119
|
|
|
Transfer of other assets to inventory
|
|
$
|
20,763
|
|
|
|
|
|
Transfer of inventory to investment in unconsolidated entities
|
|
|
|
|
$
|
36,256
|
|
|
Transfer of other assets to investment in unconsolidated entities
|
|
$
|
21,546
|
|
|
|
|
|
Reclassification of deferred income from accrued expenses to investment in unconsolidated entities
|
|
$
|
5,995
|
|
|
|
|
|
Increase in other assets for noncontrolling interest in VIE
|
|
$
|
2,801
|
|
|
|
|
|
Miscellaneous (decreases) increases to investments in unconsolidated entities
|
|
$
|
(311
|
)
|
|
$
|
1,977
|
|
Acquisition of a Business:
|
|
|
|
|
||||
Fair value of assets purchased
|
|
|
|
|
$
|
90,560
|
|
|
Liabilities assumed
|
|
|
|
|
$
|
5,377
|
|
|
Cash paid
|
|
|
|
|
$
|
85,183
|
|
|
|
Original amount issued and amount outstanding
|
||
4.0% Senior Notes due December 31, 2018
|
|
$
|
350,000
|
|
6.75% Senior Notes due November 1, 2019
|
|
$
|
250,000
|
|
5.875% Senior Notes due February 15, 2022
|
|
$
|
419,876
|
|
4.375% Senior Notes due April 15, 2023
|
|
$
|
400,000
|
|
5.625% Senior Notes due January 15, 2024
|
|
$
|
250,000
|
|
4.875% Senior Notes due November 15, 2025
|
|
$
|
350,000
|
|
4.875% Senior Notes due March 15, 2027
|
|
$
|
450,000
|
|
4.350% Senior Notes due February 15, 2028
|
|
$
|
400,000
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
—
|
|
|
—
|
|
|
333,839
|
|
|
188,342
|
|
|
—
|
|
|
522,181
|
|
Restricted cash
|
|
|
|
|
|
|
|
686
|
|
|
|
|
686
|
|
|||
Inventory
|
|
|
|
|
7,810,796
|
|
|
146,820
|
|
|
|
|
7,957,616
|
|
|||
Property, construction and office equipment, net
|
|
|
|
|
171,560
|
|
|
24,168
|
|
|
|
|
195,728
|
|
|||
Receivables, prepaid expenses and other assets
|
|
|
|
|
|
302,064
|
|
|
420,319
|
|
|
(99,981
|
)
|
|
622,402
|
|
|
Mortgage loans held for sale
|
|
|
|
|
|
|
94,291
|
|
|
|
|
94,291
|
|
||||
Customer deposits held in escrow
|
|
|
|
|
129,855
|
|
|
6,467
|
|
|
|
|
136,322
|
|
|||
Investments in unconsolidated entities
|
|
|
|
|
44,991
|
|
|
375,003
|
|
|
|
|
419,994
|
|
|||
Investments in and advances to consolidated entities
|
4,569,837
|
|
|
2,921,962
|
|
|
155,315
|
|
|
128,331
|
|
|
(7,775,445
|
)
|
|
—
|
|
|
4,569,837
|
|
|
2,921,962
|
|
|
8,948,420
|
|
|
1,384,427
|
|
|
(7,875,426
|
)
|
|
9,949,220
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans payable
|
|
|
|
|
694,409
|
|
|
|
|
|
|
|
694,409
|
|
|||
Senior notes
|
|
|
2,860,771
|
|
|
|
|
|
|
|
|
2,860,771
|
|
||||
Mortgage company loan facility
|
|
|
|
|
|
|
82,274
|
|
|
|
|
82,274
|
|
||||
Customer deposits
|
|
|
|
|
457,712
|
|
|
12,519
|
|
|
|
|
470,231
|
|
|||
Accounts payable
|
|
|
|
|
326,518
|
|
|
1,354
|
|
|
|
|
327,872
|
|
|||
Accrued expenses
|
974
|
|
|
43,350
|
|
|
581,208
|
|
|
418,578
|
|
|
(108,026
|
)
|
|
936,084
|
|
Advances from consolidated entities
|
|
|
|
|
|
1,592,201
|
|
|
592,763
|
|
|
(2,184,964
|
)
|
|
—
|
|
|
Income taxes payable
|
40,199
|
|
|
|
|
|
|
|
|
|
|
|
40,199
|
|
|||
Total liabilities
|
41,173
|
|
|
2,904,121
|
|
|
3,652,048
|
|
|
1,107,488
|
|
|
(2,292,990
|
)
|
|
5,411,840
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common stock
|
1,779
|
|
|
|
|
48
|
|
|
3,006
|
|
|
(3,054
|
)
|
|
1,779
|
|
|
Additional paid-in capital
|
722,461
|
|
|
49,400
|
|
|
|
|
|
93,734
|
|
|
(143,134
|
)
|
|
722,461
|
|
Retained earnings (deficit)
|
4,866,980
|
|
|
(31,559
|
)
|
|
5,296,324
|
|
|
171,483
|
|
|
(5,436,248
|
)
|
|
4,866,980
|
|
Treasury stock, at cost
|
(1,060,746
|
)
|
|
|
|
|
|
|
|
|
|
(1,060,746
|
)
|
||||
Accumulated other comprehensive loss
|
(1,810
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(1,810
|
)
|
||
Total stockholders’ equity
|
4,528,664
|
|
|
17,841
|
|
|
5,296,372
|
|
|
268,223
|
|
|
(5,582,436
|
)
|
|
4,528,664
|
|
Noncontrolling interest
|
|
|
|
|
|
|
8,716
|
|
|
|
|
8,716
|
|
||||
Total equity
|
4,528,664
|
|
|
17,841
|
|
|
5,296,372
|
|
|
276,939
|
|
|
(5,582,436
|
)
|
|
4,537,380
|
|
|
4,569,837
|
|
|
2,921,962
|
|
|
8,948,420
|
|
|
1,384,427
|
|
|
(7,875,426
|
)
|
|
9,949,220
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
—
|
|
|
—
|
|
|
533,204
|
|
|
179,625
|
|
|
—
|
|
|
712,829
|
|
Restricted cash
|
|
|
|
|
1,500
|
|
|
982
|
|
|
|
|
2,482
|
|
|||
Inventory
|
|
|
|
|
7,017,331
|
|
|
264,122
|
|
|
|
|
7,281,453
|
|
|||
Property, construction and office equipment, net
|
|
|
|
|
165,464
|
|
|
24,083
|
|
|
|
|
189,547
|
|
|||
Receivables, prepaid expenses and other assets
|
|
|
|
|
|
|
319,592
|
|
|
296,699
|
|
|
(74,074
|
)
|
|
542,217
|
|
Mortgage loans held for sale
|
|
|
|
|
|
|
132,922
|
|
|
|
|
132,922
|
|
||||
Customer deposits held in escrow
|
|
|
|
|
96,956
|
|
|
5,061
|
|
|
|
|
102,017
|
|
|||
Investments in unconsolidated entities
|
|
|
|
|
66,897
|
|
|
414,861
|
|
|
|
|
481,758
|
|
|||
Investments in and advances to consolidated entities
|
4,589,228
|
|
|
2,514,649
|
|
|
91,740
|
|
|
126,799
|
|
|
(7,322,416
|
)
|
|
—
|
|
|
4,589,228
|
|
|
2,514,649
|
|
|
8,292,684
|
|
|
1,445,154
|
|
|
(7,396,490
|
)
|
|
9,445,225
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans payable
|
|
|
|
|
637,416
|
|
|
|
|
|
|
|
637,416
|
|
|||
Senior notes
|
|
|
2,462,463
|
|
|
|
|
|
|
|
|
2,462,463
|
|
||||
Mortgage company loan facility
|
|
|
|
|
|
|
120,145
|
|
|
|
|
120,145
|
|
||||
Customer deposits
|
|
|
|
|
377,083
|
|
|
18,943
|
|
|
|
|
396,026
|
|
|||
Accounts payable
|
|
|
|
|
271,617
|
|
|
3,606
|
|
|
|
|
275,223
|
|
|||
Accrued expenses
|
141
|
|
|
34,345
|
|
|
563,577
|
|
|
440,631
|
|
|
(79,341
|
)
|
|
959,353
|
|
Advances from consolidated entities
|
|
|
|
|
|
1,584,957
|
|
|
659,904
|
|
|
(2,244,861
|
)
|
|
—
|
|
|
Income taxes payable
|
57,893
|
|
|
|
|
|
|
(384
|
)
|
|
|
|
57,509
|
|
|||
Total liabilities
|
58,034
|
|
|
2,496,808
|
|
|
3,434,650
|
|
|
1,242,845
|
|
|
(2,324,202
|
)
|
|
4,908,135
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common stock
|
1,779
|
|
|
|
|
48
|
|
|
3,006
|
|
|
(3,054
|
)
|
|
1,779
|
|
|
Additional paid-in capital
|
720,115
|
|
|
49,400
|
|
|
|
|
|
93,734
|
|
|
(143,134
|
)
|
|
720,115
|
|
Retained earnings (deficit)
|
4,474,064
|
|
|
(31,559
|
)
|
|
4,857,986
|
|
|
99,673
|
|
|
(4,926,100
|
)
|
|
4,474,064
|
|
Treasury stock, at cost
|
(662,854
|
)
|
|
|
|
|
|
|
|
|
|
(662,854
|
)
|
||||
Accumulated other comprehensive loss
|
(1,910
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(1,910
|
)
|
||
Total stockholders’ equity
|
4,531,194
|
|
|
17,841
|
|
|
4,858,034
|
|
|
196,413
|
|
|
(5,072,288
|
)
|
|
4,531,194
|
|
Noncontrolling interest
|
|
|
|
|
|
|
5,896
|
|
|
|
|
5,896
|
|
||||
Total equity
|
4,531,194
|
|
|
17,841
|
|
|
4,858,034
|
|
|
202,309
|
|
|
(5,072,288
|
)
|
|
4,537,090
|
|
|
4,589,228
|
|
|
2,514,649
|
|
|
8,292,684
|
|
|
1,445,154
|
|
|
(7,396,490
|
)
|
|
9,445,225
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
4,492,956
|
|
|
329,633
|
|
|
(134,569
|
)
|
|
4,688,020
|
|
||
Cost of revenues
|
|
|
|
|
3,561,287
|
|
|
223,990
|
|
|
(43,021
|
)
|
|
3,742,256
|
|
||
Selling, general and administrative
|
57
|
|
|
2,397
|
|
|
514,921
|
|
|
61,543
|
|
|
(80,928
|
)
|
|
497,990
|
|
|
57
|
|
|
2,397
|
|
|
4,076,208
|
|
|
285,533
|
|
|
(123,949
|
)
|
|
4,240,246
|
|
Income (loss) from operations
|
(57
|
)
|
|
(2,397
|
)
|
|
416,748
|
|
|
44,100
|
|
|
(10,620
|
)
|
|
447,774
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
16,743
|
|
|
37,170
|
|
|
|
|
53,913
|
|
|||
Other income
–
net
|
|
|
|
|
|
19,288
|
|
|
5,252
|
|
|
11,216
|
|
|
35,756
|
|
|
Intercompany interest income
|
|
|
105,598
|
|
|
1,052
|
|
|
3,235
|
|
|
(109,885
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(103,201
|
)
|
|
(3,235
|
)
|
|
(1,477
|
)
|
|
107,913
|
|
|
—
|
|
|
Income from subsidiaries
|
537,500
|
|
|
|
|
88,280
|
|
|
|
|
(625,780
|
)
|
|
—
|
|
||
Income before income taxes
|
537,443
|
|
|
—
|
|
|
538,876
|
|
|
88,280
|
|
|
(627,156
|
)
|
|
537,443
|
|
Income tax provision
|
100,268
|
|
|
|
|
100,538
|
|
|
16,470
|
|
|
(117,008
|
)
|
|
100,268
|
|
|
Net income
|
437,175
|
|
|
—
|
|
|
438,338
|
|
|
71,810
|
|
|
(510,148
|
)
|
|
437,175
|
|
Other comprehensive income
|
512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
512
|
|
Total comprehensive income
|
437,687
|
|
|
—
|
|
|
438,338
|
|
|
71,810
|
|
|
(510,148
|
)
|
|
437,687
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
3,699,032
|
|
|
224,120
|
|
|
(136,001
|
)
|
|
3,787,151
|
|
||
Cost of revenues
|
|
|
|
|
2,896,053
|
|
|
145,229
|
|
|
(54,811
|
)
|
|
2,986,471
|
|
||
Selling, general and administrative
|
45
|
|
|
3,010
|
|
|
459,606
|
|
|
55,385
|
|
|
(79,549
|
)
|
|
438,497
|
|
|
45
|
|
|
3,010
|
|
|
3,355,659
|
|
|
200,614
|
|
|
(134,360
|
)
|
|
3,424,968
|
|
Income (loss) from operations
|
(45
|
)
|
|
(3,010
|
)
|
|
343,373
|
|
|
23,506
|
|
|
(1,641
|
)
|
|
362,183
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
11,224
|
|
|
101,050
|
|
|
|
|
112,274
|
|
|||
Other income
–
net
|
7,049
|
|
|
|
|
|
19,969
|
|
|
9,482
|
|
|
1,607
|
|
|
38,107
|
|
Intercompany interest income
|
|
|
116,164
|
|
|
48
|
|
|
3,370
|
|
|
(119,582
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(120,178
|
)
|
|
(3,370
|
)
|
|
(1,328
|
)
|
|
124,876
|
|
|
—
|
|
|
Income from subsidiaries
|
505,560
|
|
|
|
|
129,056
|
|
|
|
|
(634,616
|
)
|
|
—
|
|
||
Income (loss) before income taxes
|
512,564
|
|
|
(7,024
|
)
|
|
500,300
|
|
|
136,080
|
|
|
(629,356
|
)
|
|
512,564
|
|
Income tax provision (benefit)
|
168,947
|
|
|
(2,556
|
)
|
|
182,055
|
|
|
49,518
|
|
|
(229,017
|
)
|
|
168,947
|
|
Net income (loss)
|
343,617
|
|
|
(4,468
|
)
|
|
318,245
|
|
|
86,562
|
|
|
(400,339
|
)
|
|
343,617
|
|
Other comprehensive income
|
504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
504
|
|
Total comprehensive income (loss)
|
344,121
|
|
|
(4,468
|
)
|
|
318,245
|
|
|
86,562
|
|
|
(400,339
|
)
|
|
344,121
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
1,865,613
|
|
|
91,975
|
|
|
(44,235
|
)
|
|
1,913,353
|
|
||
Cost of revenues
|
|
|
|
|
1,468,135
|
|
|
52,247
|
|
|
(10,763
|
)
|
|
1,509,619
|
|
||
Selling, general and administrative
|
25
|
|
|
770
|
|
|
181,793
|
|
|
21,209
|
|
|
(29,726
|
)
|
|
174,071
|
|
|
25
|
|
|
770
|
|
|
1,649,928
|
|
|
73,456
|
|
|
(40,489
|
)
|
|
1,683,690
|
|
Income (loss) from operations
|
(25
|
)
|
|
(770
|
)
|
|
215,685
|
|
|
18,519
|
|
|
(3,746
|
)
|
|
229,663
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
10,010
|
|
|
2,459
|
|
|
|
|
12,469
|
|
|||
Other income
–
net
|
|
|
|
|
|
6,605
|
|
|
1,186
|
|
|
3,174
|
|
|
10,965
|
|
|
Intercompany interest income
|
|
|
36,395
|
|
|
663
|
|
|
1,154
|
|
|
(38,212
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(35,625
|
)
|
|
(1,154
|
)
|
|
(691
|
)
|
|
37,470
|
|
|
—
|
|
|
Income from subsidiaries
|
253,122
|
|
|
|
|
22,627
|
|
|
|
|
(275,749
|
)
|
|
—
|
|
||
Income before income taxes
|
253,097
|
|
|
—
|
|
|
254,436
|
|
|
22,627
|
|
|
(277,063
|
)
|
|
253,097
|
|
Income tax provision
|
59,839
|
|
|
|
|
60,096
|
|
|
7,135
|
|
|
(67,231
|
)
|
|
59,839
|
|
|
Net income
|
193,258
|
|
|
—
|
|
|
194,340
|
|
|
15,492
|
|
|
(209,832
|
)
|
|
193,258
|
|
Other comprehensive income
|
170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
170
|
|
Total comprehensive income
|
193,428
|
|
|
—
|
|
|
194,340
|
|
|
15,492
|
|
|
(209,832
|
)
|
|
193,428
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
1,459,115
|
|
|
94,422
|
|
|
(50,628
|
)
|
|
1,502,909
|
|
||
Cost of revenues
|
|
|
|
|
1,128,705
|
|
|
65,595
|
|
|
(18,272
|
)
|
|
1,176,028
|
|
||
Selling, general and administrative
|
21
|
|
|
1,045
|
|
|
162,388
|
|
|
20,207
|
|
|
(29,011
|
)
|
|
154,650
|
|
|
21
|
|
|
1,045
|
|
|
1,291,093
|
|
|
85,802
|
|
|
(47,283
|
)
|
|
1,330,678
|
|
Income (loss) from operations
|
(21
|
)
|
|
(1,045
|
)
|
|
168,022
|
|
|
8,620
|
|
|
(3,345
|
)
|
|
172,231
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
2,746
|
|
|
17,179
|
|
|
|
|
19,925
|
|
|||
Other income
–
net
|
2,367
|
|
|
|
|
|
8,827
|
|
|
673
|
|
|
(449
|
)
|
|
11,418
|
|
Intercompany interest income
|
|
|
41,111
|
|
|
48
|
|
|
1,224
|
|
|
(42,383
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(42,433
|
)
|
|
(3,370
|
)
|
|
(374
|
)
|
|
46,177
|
|
|
—
|
|
|
Income from subsidiaries
|
201,228
|
|
|
|
|
24,954
|
|
|
|
|
(226,182
|
)
|
|
—
|
|
||
Income (loss) before income taxes
|
203,574
|
|
|
(2,367
|
)
|
|
201,227
|
|
|
27,322
|
|
|
(226,182
|
)
|
|
203,574
|
|
Income tax provision (benefit)
|
55,011
|
|
|
(839
|
)
|
|
71,787
|
|
|
9,419
|
|
|
(80,367
|
)
|
|
55,011
|
|
Net income (loss)
|
148,563
|
|
|
(1,528
|
)
|
|
129,440
|
|
|
17,903
|
|
|
(145,815
|
)
|
|
148,563
|
|
Other comprehensive income
|
167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
167
|
|
Total comprehensive income (loss)
|
148,730
|
|
|
(1,528
|
)
|
|
129,440
|
|
|
17,903
|
|
|
(145,815
|
)
|
|
148,730
|
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||
Net cash (used in) provided by operating activities
|
4,283
|
|
|
10,844
|
|
|
(145,009
|
)
|
|
59,749
|
|
|
(2,107
|
)
|
|
(72,240
|
)
|
Cash flow provided by (used in) investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchase of property and equipment - net
|
|
|
|
|
(21,434
|
)
|
|
(267
|
)
|
|
|
|
(21,701
|
)
|
|||
Investments in unconsolidated entities
|
|
|
|
|
(2,210
|
)
|
|
(12,979
|
)
|
|
|
|
(15,189
|
)
|
|||
Return of investments in unconsolidated entities
|
|
|
|
|
28,351
|
|
|
65,318
|
|
|
|
|
93,669
|
|
|||
Investment in foreclosed real estate and distressed loans
|
|
|
|
|
|
|
|
(519
|
)
|
|
|
|
(519
|
)
|
|||
Return of investments in foreclosed real estate and distressed loans
|
|
|
|
|
|
|
3,934
|
|
|
|
|
3,934
|
|
||||
Intercompany advances
|
458,400
|
|
|
(407,313
|
)
|
|
|
|
|
|
|
(51,087
|
)
|
|
—
|
|
|
Net cash provided by (used in) investing activities
|
458,400
|
|
|
(407,313
|
)
|
|
4,707
|
|
|
55,487
|
|
|
(51,087
|
)
|
|
60,194
|
|
Cash flow provided by (used in) financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from issuance of senior notes
|
|
|
400,000
|
|
|
|
|
|
|
|
|
|
400,000
|
|
|||
Debt issuance costs for senior notes
|
|
|
(3,531
|
)
|
|
|
|
|
|
|
|
|
(3,531
|
)
|
|||
Proceeds from loans payable
|
|
|
|
|
590,000
|
|
|
1,318,085
|
|
|
|
|
1,908,085
|
|
|||
Principal payments of loans payable
|
|
|
|
|
(664,542
|
)
|
|
(1,355,953
|
)
|
|
|
|
(2,020,495
|
)
|
|||
Proceeds from stock-based benefit plans
|
9,731
|
|
|
|
|
|
|
|
|
|
|
9,731
|
|
||||
Purchase of treasury stock
|
(426,895
|
)
|
|
|
|
|
|
|
|
|
|
(426,895
|
)
|
||||
Dividends paid
|
(45,519
|
)
|
|
|
|
|
|
|
|
|
|
(45,519
|
)
|
||||
Receipts related to noncontrolling interest, net
|
|
|
|
|
|
|
|
22
|
|
|
|
|
22
|
|
|||
Intercompany advances
|
|
|
|
|
|
15,479
|
|
|
(68,673
|
)
|
|
53,194
|
|
|
—
|
|
|
Net cash (used in) provided by financing activities
|
(462,683
|
)
|
|
396,469
|
|
|
(59,063
|
)
|
|
(106,519
|
)
|
|
53,194
|
|
|
(178,602
|
)
|
Net (decrease) increase in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(199,365
|
)
|
|
8,717
|
|
|
—
|
|
|
(190,648
|
)
|
Cash and cash equivalents, beginning of period
|
—
|
|
|
—
|
|
|
533,204
|
|
|
179,625
|
|
|
—
|
|
|
712,829
|
|
Cash and cash equivalents, end of period
|
—
|
|
|
—
|
|
|
333,839
|
|
|
188,342
|
|
|
—
|
|
|
522,181
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||
Net cash provided by (used in) operating activities
|
131,024
|
|
|
19,726
|
|
|
(60,773
|
)
|
|
326,912
|
|
|
(8,904
|
)
|
|
407,985
|
|
Cash flow (used in) provided by investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchase of property and equipment — net
|
|
|
|
|
(22,797
|
)
|
|
396
|
|
|
|
|
(22,401
|
)
|
|||
Sale and redemption of marketable securities and restricted investments — net
|
10,631
|
|
|
|
|
|
|
|
7,418
|
|
|
|
|
18,049
|
|
||
Investments in unconsolidated entities
|
|
|
|
|
(3,471
|
)
|
|
(116,243
|
)
|
|
|
|
(119,714
|
)
|
|||
Return of investments in unconsolidated entities
|
|
|
|
|
57,068
|
|
|
82,278
|
|
|
|
|
139,346
|
|
|||
Investment in foreclosed real estate and distressed loans
|
|
|
|
|
|
|
|
(688
|
)
|
|
|
|
(688
|
)
|
|||
Return of investments in foreclosed real estate and distressed loans
|
|
|
|
|
|
|
|
12,429
|
|
|
|
|
12,429
|
|
|||
Acquisition of a business
|
|
|
|
|
(85,183
|
)
|
|
|
|
|
|
(85,183
|
)
|
||||
Investment paid - intercompany
|
|
|
|
|
(45,000
|
)
|
|
|
|
45,000
|
|
|
—
|
|
|||
Intercompany advances
|
(82,881
|
)
|
|
(470,763
|
)
|
|
|
|
|
|
553,644
|
|
|
—
|
|
||
Net cash used in investing activities
|
(72,250
|
)
|
|
(470,763
|
)
|
|
(99,383
|
)
|
|
(14,410
|
)
|
|
598,644
|
|
|
(58,162
|
)
|
Cash flow (used in) provided by financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from issuance of senior notes
|
|
|
455,483
|
|
|
|
|
|
|
|
|
|
455,483
|
|
|||
Debt issuance costs for senior notes
|
|
|
(4,446
|
)
|
|
|
|
|
|
|
|
|
(4,446
|
)
|
|||
Proceeds from loans payable
|
|
|
|
|
125,068
|
|
|
958,404
|
|
|
|
|
1,083,472
|
|
|||
Principal payments of loans payable
|
|
|
|
|
(402,596
|
)
|
|
(1,110,482
|
)
|
|
|
|
(1,513,078
|
)
|
|||
Proceeds from stock-based benefit plans
|
57,958
|
|
|
|
|
|
|
|
|
|
|
57,958
|
|
||||
Purchase of treasury stock
|
(90,716
|
)
|
|
|
|
|
|
|
|
|
|
(90,716
|
)
|
||||
Dividends paid
|
(26,016
|
)
|
|
|
|
|
|
|
|
|
|
(26,016
|
)
|
||||
Investment received - intercompany
|
|
|
|
|
|
|
|
45,000
|
|
|
(45,000
|
)
|
|
—
|
|
||
Intercompany advances
|
|
|
|
|
|
638,771
|
|
|
(94,031
|
)
|
|
(544,740
|
)
|
|
—
|
|
|
Net cash (used in) provided by financing activities
|
(58,774
|
)
|
|
451,037
|
|
|
361,243
|
|
|
(201,109
|
)
|
|
(589,740
|
)
|
|
(37,343
|
)
|
Net increase in cash and cash equivalents
|
—
|
|
|
—
|
|
|
201,087
|
|
|
111,393
|
|
|
—
|
|
|
312,480
|
|
Cash and cash equivalents, beginning of period
|
—
|
|
|
—
|
|
|
583,440
|
|
|
50,275
|
|
|
—
|
|
|
633,715
|
|
Cash and cash equivalents, end of period
|
—
|
|
|
—
|
|
|
784,527
|
|
|
161,668
|
|
|
—
|
|
|
946,195
|
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Revenues
|
$
|
4,688.0
|
|
|
$
|
3,787.2
|
|
|
24
|
%
|
|
$
|
1,913.4
|
|
|
$
|
1,502.9
|
|
|
27
|
%
|
Cost of revenues
|
3,742.3
|
|
|
2,986.5
|
|
|
25
|
%
|
|
1,509.6
|
|
|
1,176.0
|
|
|
28
|
%
|
||||
Selling, general and administrative
|
498.0
|
|
|
438.5
|
|
|
14
|
%
|
|
174.1
|
|
|
154.7
|
|
|
13
|
%
|
||||
|
4,240.2
|
|
|
3,425.0
|
|
|
24
|
%
|
|
1,683.7
|
|
|
1,330.7
|
|
|
27
|
%
|
||||
Income from operations
|
447.8
|
|
|
362.2
|
|
|
24
|
%
|
|
229.7
|
|
|
172.2
|
|
|
33
|
%
|
||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from unconsolidated entities
|
53.9
|
|
|
112.3
|
|
|
(52
|
)%
|
|
12.5
|
|
|
19.9
|
|
|
(37
|
)%
|
||||
Other income – net
|
35.8
|
|
|
38.1
|
|
|
(6
|
)%
|
|
11.0
|
|
|
11.4
|
|
|
(4
|
)%
|
||||
Income before income taxes
|
537.4
|
|
|
512.6
|
|
|
5
|
%
|
|
253.1
|
|
|
203.6
|
|
|
24
|
%
|
||||
Income tax provision
|
100.3
|
|
|
168.9
|
|
|
(41
|
)%
|
|
59.8
|
|
|
55.0
|
|
|
9
|
%
|
||||
Net income
|
$
|
437.2
|
|
|
$
|
343.6
|
|
|
27
|
%
|
|
$
|
193.3
|
|
|
$
|
148.6
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues as a percentage of revenues
|
79.8
|
%
|
|
78.9
|
%
|
|
|
|
78.9
|
%
|
|
78.3
|
%
|
|
|
||||||
SG&A as a percentage of revenues
|
10.6
|
%
|
|
11.6
|
%
|
|
|
|
9.1
|
%
|
|
10.3
|
%
|
|
|
||||||
Effective tax rate
|
18.7
|
%
|
|
33.0
|
%
|
|
|
|
23.6
|
%
|
|
27.0
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deliveries – units
|
5,555
|
|
|
4,727
|
|
|
18
|
%
|
|
2,246
|
|
|
1,899
|
|
|
18
|
%
|
||||
Deliveries – average delivered price *
|
$
|
843.9
|
|
|
$
|
801.2
|
|
|
5
|
%
|
|
$
|
851.9
|
|
|
$
|
791.4
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net contracts signed – value
|
$
|
6,105.6
|
|
|
$
|
5,073.3
|
|
|
20
|
%
|
|
$
|
2,032.0
|
|
|
$
|
1,811.0
|
|
|
12
|
%
|
Net contracts signed – units
|
6,804
|
|
|
6,196
|
|
|
10
|
%
|
|
2,316
|
|
|
2,163
|
|
|
7
|
%
|
||||
Net contracts signed – average selling price *
|
$
|
897.4
|
|
|
$
|
818.8
|
|
|
10
|
%
|
|
$
|
877.4
|
|
|
$
|
837.3
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
July 31, 2018
|
|
July 31, 2017
|
|
%
Change |
|
October 31, 2017
|
|
October 31, 2016
|
|
%
Change |
||||||||||
Backlog – value
|
$
|
6,479.1
|
|
|
$
|
5,309.0
|
|
|
22
|
%
|
|
$
|
5,061.5
|
|
|
$
|
3,984.1
|
|
|
27
|
%
|
Backlog – units
|
7,100
|
|
|
6,282
|
|
|
13
|
%
|
|
5,851
|
|
|
4,685
|
|
|
25
|
%
|
||||
Backlog – average selling price *
|
$
|
912.5
|
|
|
$
|
845.1
|
|
|
8
|
%
|
|
$
|
865.1
|
|
|
$
|
850.4
|
|
|
2
|
%
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Income from ancillary businesses
|
$
|
10,209
|
|
|
$
|
13,205
|
|
|
$
|
2,753
|
|
|
$
|
3,489
|
|
Management fee income from home building
unconsolidated entities, net |
9,600
|
|
|
10,448
|
|
|
2,175
|
|
|
2,477
|
|
||||
Income from land and other sales
|
4,175
|
|
|
7,503
|
|
|
888
|
|
|
2,417
|
|
||||
Other
|
11,772
|
|
|
6,951
|
|
|
5,149
|
|
|
3,035
|
|
||||
Total other income – net
|
$
|
35,756
|
|
|
$
|
38,107
|
|
|
$
|
10,965
|
|
|
$
|
11,418
|
|
|
Nine months ended July 31,
|
|||||||||||||||||||||||||||||
|
Revenues
($ in millions)
|
|
Units Delivered
|
|
Average Delivered Price
($ in thousands)
|
|||||||||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
626.7
|
|
|
$
|
560.8
|
|
|
12
|
%
|
|
950
|
|
|
812
|
|
|
17
|
%
|
|
$
|
659.7
|
|
|
$
|
690.6
|
|
|
(4
|
)%
|
Mid-Atlantic
|
765.9
|
|
|
692.5
|
|
|
11
|
%
|
|
1,217
|
|
|
1,133
|
|
|
7
|
%
|
|
$
|
629.3
|
|
|
$
|
611.2
|
|
|
3
|
%
|
||
South
|
711.5
|
|
|
591.2
|
|
|
20
|
%
|
|
942
|
|
|
808
|
|
|
17
|
%
|
|
$
|
755.3
|
|
|
$
|
731.7
|
|
|
3
|
%
|
||
West
|
989.9
|
|
|
821.3
|
|
|
21
|
%
|
|
1,502
|
|
|
1,240
|
|
|
21
|
%
|
|
$
|
659.1
|
|
|
$
|
662.2
|
|
|
—
|
%
|
||
California
|
1,336.2
|
|
|
928.3
|
|
|
44
|
%
|
|
822
|
|
|
621
|
|
|
32
|
%
|
|
$
|
1,625.5
|
|
|
$
|
1,494.8
|
|
|
9
|
%
|
||
Traditional Home Building
|
4,430.2
|
|
|
3,594.1
|
|
|
23
|
%
|
|
5,433
|
|
|
4,614
|
|
|
18
|
%
|
|
$
|
815.4
|
|
|
$
|
778.9
|
|
|
5
|
%
|
||
City Living
|
257.8
|
|
|
193.1
|
|
|
34
|
%
|
|
122
|
|
|
113
|
|
|
8
|
%
|
|
$
|
2,113.1
|
|
|
$
|
1,708.8
|
|
|
24
|
%
|
||
Total
|
$
|
4,688.0
|
|
|
$
|
3,787.2
|
|
|
24
|
%
|
|
5,555
|
|
|
4,727
|
|
|
18
|
%
|
|
$
|
843.9
|
|
|
$
|
801.2
|
|
|
5
|
%
|
|
Three months ended July 31,
|
|||||||||||||||||||||||||||||
|
Revenues
($ in millions)
|
|
Units Delivered
|
|
Average Delivered Price
($ in thousands)
|
|||||||||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
266.2
|
|
|
$
|
225.8
|
|
|
18
|
%
|
|
403
|
|
|
326
|
|
|
24
|
%
|
|
$
|
660.6
|
|
|
$
|
692.7
|
|
|
(5
|
)%
|
Mid-Atlantic
|
304.1
|
|
|
281.9
|
|
|
8
|
%
|
|
487
|
|
|
469
|
|
|
4
|
%
|
|
$
|
624.4
|
|
|
$
|
601.1
|
|
|
4
|
%
|
||
South
|
299.3
|
|
|
253.9
|
|
|
18
|
%
|
|
402
|
|
|
344
|
|
|
17
|
%
|
|
$
|
744.4
|
|
|
$
|
738.1
|
|
|
1
|
%
|
||
West
|
382.5
|
|
|
307.4
|
|
|
24
|
%
|
|
558
|
|
|
464
|
|
|
20
|
%
|
|
$
|
685.4
|
|
|
$
|
662.1
|
|
|
4
|
%
|
||
California
|
610.7
|
|
|
335.2
|
|
|
82
|
%
|
|
367
|
|
|
218
|
|
|
68
|
%
|
|
$
|
1,664.1
|
|
|
$
|
1,537.7
|
|
|
8
|
%
|
||
Traditional Home Building
|
1,862.8
|
|
|
1,404.2
|
|
|
33
|
%
|
|
2,217
|
|
|
1,821
|
|
|
22
|
%
|
|
$
|
840.2
|
|
|
$
|
771.2
|
|
|
9
|
%
|
||
City Living
|
50.6
|
|
|
98.7
|
|
|
(49
|
)%
|
|
29
|
|
|
78
|
|
|
(63
|
)%
|
|
$
|
1,745.4
|
|
|
$
|
1,264.5
|
|
|
38
|
%
|
||
Total
|
$
|
1,913.4
|
|
|
$
|
1,502.9
|
|
|
27
|
%
|
|
2,246
|
|
|
1,899
|
|
|
18
|
%
|
|
$
|
851.9
|
|
|
$
|
791.4
|
|
|
8
|
%
|
|
Nine months ended July 31,
|
|||||||||||||||||||||||||||||
|
Net Contract Value
($ in millions)
|
|
Net Contracted Units
|
|
Average Contracted Price
($ in thousands)
|
|||||||||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
689.7
|
|
|
$
|
675.8
|
|
|
2
|
%
|
|
987
|
|
|
1,052
|
|
|
(6
|
)%
|
|
$
|
698.8
|
|
|
$
|
642.4
|
|
|
9
|
%
|
Mid-Atlantic
|
903.0
|
|
|
884.3
|
|
|
2
|
%
|
|
1,416
|
|
|
1,416
|
|
|
—
|
%
|
|
$
|
637.7
|
|
|
$
|
624.5
|
|
|
2
|
%
|
||
South
|
889.8
|
|
|
750.0
|
|
|
19
|
%
|
|
1,183
|
|
|
1,002
|
|
|
18
|
%
|
|
$
|
752.2
|
|
|
$
|
748.5
|
|
|
—
|
%
|
||
West
|
1,197.0
|
|
|
1,019.7
|
|
|
17
|
%
|
|
1,715
|
|
|
1,592
|
|
|
8
|
%
|
|
$
|
698.0
|
|
|
$
|
640.5
|
|
|
9
|
%
|
||
California
|
2,186.5
|
|
|
1,572.0
|
|
|
39
|
%
|
|
1,342
|
|
|
1,022
|
|
|
31
|
%
|
|
$
|
1,629.3
|
|
|
$
|
1,538.2
|
|
|
6
|
%
|
||
Traditional Home Building
|
5,866.0
|
|
|
4,901.8
|
|
|
20
|
%
|
|
6,643
|
|
|
6,084
|
|
|
9
|
%
|
|
$
|
883.0
|
|
|
$
|
805.7
|
|
|
10
|
%
|
||
City Living
|
239.6
|
|
|
171.5
|
|
|
40
|
%
|
|
161
|
|
|
112
|
|
|
44
|
%
|
|
$
|
1,488.2
|
|
|
$
|
1,531.3
|
|
|
(3
|
)%
|
||
Total
|
$
|
6,105.6
|
|
|
$
|
5,073.3
|
|
|
20
|
%
|
|
6,804
|
|
|
6,196
|
|
|
10
|
%
|
|
$
|
897.4
|
|
|
$
|
818.8
|
|
|
10
|
%
|
|
Three months ended July 31,
|
|||||||||||||||||||||||||||||
|
Net Contract Value
($ in millions)
|
|
Net Contracted Units
|
|
Average Contracted Price
($ in thousands)
|
|||||||||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
239.7
|
|
|
$
|
239.9
|
|
|
—
|
%
|
|
353
|
|
|
368
|
|
|
(4
|
)%
|
|
$
|
679.1
|
|
|
$
|
651.8
|
|
|
4
|
%
|
Mid-Atlantic
|
343.0
|
|
|
300.8
|
|
|
14
|
%
|
|
544
|
|
|
473
|
|
|
15
|
%
|
|
$
|
630.6
|
|
|
$
|
636.0
|
|
|
(1
|
)%
|
||
South
|
311.3
|
|
|
251.9
|
|
|
24
|
%
|
|
414
|
|
|
330
|
|
|
25
|
%
|
|
$
|
751.9
|
|
|
$
|
763.4
|
|
|
(2
|
)%
|
||
West
|
417.9
|
|
|
335.3
|
|
|
25
|
%
|
|
566
|
|
|
537
|
|
|
5
|
%
|
|
$
|
738.4
|
|
|
$
|
624.4
|
|
|
18
|
%
|
||
California
|
639.4
|
|
|
642.7
|
|
|
(1
|
)%
|
|
390
|
|
|
408
|
|
|
(4
|
)%
|
|
$
|
1,639.4
|
|
|
$
|
1,575.3
|
|
|
4
|
%
|
||
Traditional Home Building
|
1,951.3
|
|
|
1,770.6
|
|
|
10
|
%
|
|
2,267
|
|
|
2,116
|
|
|
7
|
%
|
|
$
|
860.8
|
|
|
$
|
836.8
|
|
|
3
|
%
|
||
City Living
|
80.7
|
|
|
40.4
|
|
|
100
|
%
|
|
49
|
|
|
47
|
|
|
4
|
%
|
|
$
|
1,646.3
|
|
|
$
|
858.5
|
|
|
92
|
%
|
||
Total
|
$
|
2,032.0
|
|
|
$
|
1,811.0
|
|
|
12
|
%
|
|
2,316
|
|
|
2,163
|
|
|
7
|
%
|
|
$
|
877.4
|
|
|
$
|
837.3
|
|
|
5
|
%
|
|
At July 31,
|
|||||||||||||||||||||||||||||
|
Backlog Value
($ in millions)
|
|
Backlog Units
|
|
Average Backlog Price
($ in thousands)
|
|||||||||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
879.1
|
|
|
$
|
807.7
|
|
|
9
|
%
|
|
1,254
|
|
|
1,217
|
|
|
3
|
%
|
|
$
|
701.0
|
|
|
$
|
663.7
|
|
|
6
|
%
|
Mid-Atlantic
|
878.6
|
|
|
801.9
|
|
|
10
|
%
|
|
1,342
|
|
|
1,269
|
|
|
6
|
%
|
|
$
|
654.7
|
|
|
$
|
631.9
|
|
|
4
|
%
|
||
South
|
994.3
|
|
|
895.2
|
|
|
11
|
%
|
|
1,296
|
|
|
1,154
|
|
|
12
|
%
|
|
$
|
767.2
|
|
|
$
|
775.7
|
|
|
(1
|
)%
|
||
West
|
1,179.0
|
|
|
1,003.8
|
|
|
17
|
%
|
|
1,610
|
|
|
1,500
|
|
|
7
|
%
|
|
$
|
732.3
|
|
|
$
|
669.2
|
|
|
9
|
%
|
||
California
|
2,345.5
|
|
|
1,511.4
|
|
|
55
|
%
|
|
1,407
|
|
|
934
|
|
|
51
|
%
|
|
$
|
1,667.0
|
|
|
$
|
1,618.2
|
|
|
3
|
%
|
||
Traditional Home Building
|
6,276.5
|
|
|
5,020.0
|
|
|
25
|
%
|
|
6,909
|
|
|
6,074
|
|
|
14
|
%
|
|
$
|
908.5
|
|
|
$
|
826.5
|
|
|
10
|
%
|
||
City Living
|
202.6
|
|
|
289.0
|
|
|
(30
|
)%
|
|
191
|
|
|
208
|
|
|
(8
|
)%
|
|
$
|
1,060.7
|
|
|
$
|
1,389.4
|
|
|
(24
|
)%
|
||
Total
|
$
|
6,479.1
|
|
|
$
|
5,309.0
|
|
|
22
|
%
|
|
7,100
|
|
|
6,282
|
|
|
13
|
%
|
|
$
|
912.6
|
|
|
$
|
845.1
|
|
|
8
|
%
|
|
At October 31,
|
|||||||||||||||||||||||||||||
|
Backlog Value
($ in millions)
|
|
Backlog Units
|
|
Average Backlog Price
($ in thousands)
|
|||||||||||||||||||||||||
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
816.1
|
|
|
$
|
692.8
|
|
|
18
|
%
|
|
1,217
|
|
|
977
|
|
|
25
|
%
|
|
$
|
670.6
|
|
|
$
|
709.1
|
|
|
(5
|
)%
|
Mid-Atlantic
|
741.6
|
|
|
610.0
|
|
|
22
|
%
|
|
1,143
|
|
|
986
|
|
|
16
|
%
|
|
$
|
648.8
|
|
|
$
|
618.7
|
|
|
5
|
%
|
||
South
|
815.9
|
|
|
736.4
|
|
|
11
|
%
|
|
1,055
|
|
|
960
|
|
|
10
|
%
|
|
$
|
773.4
|
|
|
$
|
767.1
|
|
|
1
|
%
|
||
West
|
972.0
|
|
|
766.5
|
|
|
27
|
%
|
|
1,397
|
|
|
1,020
|
|
|
37
|
%
|
|
$
|
695.7
|
|
|
$
|
751.5
|
|
|
(7
|
)%
|
||
California
|
1,495.1
|
|
|
867.7
|
|
|
72
|
%
|
|
887
|
|
|
533
|
|
|
66
|
%
|
|
$
|
1,685.6
|
|
|
$
|
1,627.9
|
|
|
4
|
%
|
||
Traditional Home Building
|
4,840.7
|
|
|
3,673.4
|
|
|
32
|
%
|
|
5,699
|
|
|
4,476
|
|
|
27
|
%
|
|
$
|
849.4
|
|
|
$
|
820.7
|
|
|
3
|
%
|
||
City Living
|
220.8
|
|
|
310.7
|
|
|
(29
|
)%
|
|
152
|
|
|
209
|
|
|
(27
|
)%
|
|
$
|
1,452.7
|
|
|
$
|
1,486.5
|
|
|
(2
|
)%
|
||
Total
|
$
|
5,061.5
|
|
|
$
|
3,984.1
|
|
|
27
|
%
|
|
5,851
|
|
|
4,685
|
|
|
25
|
%
|
|
$
|
865.1
|
|
|
$
|
850.4
|
|
|
2
|
%
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
North
|
$
|
23.3
|
|
|
$
|
37.0
|
|
|
(37
|
)%
|
|
$
|
21.3
|
|
|
$
|
16.4
|
|
|
30
|
%
|
Mid-Atlantic
|
54.9
|
|
|
69.2
|
|
|
(21
|
)%
|
|
20.6
|
|
|
35.6
|
|
|
(42
|
)%
|
||||
South
|
74.0
|
|
|
67.5
|
|
|
10
|
%
|
|
34.7
|
|
|
33.6
|
|
|
3
|
%
|
||||
West
|
138.8
|
|
|
111.0
|
|
|
25
|
%
|
|
60.1
|
|
|
43.2
|
|
|
39
|
%
|
||||
California
|
286.8
|
|
|
199.2
|
|
|
44
|
%
|
|
140.3
|
|
|
72.7
|
|
|
93
|
%
|
||||
Traditional Home Building
|
577.8
|
|
|
483.9
|
|
|
19
|
%
|
|
277.0
|
|
|
201.5
|
|
|
37
|
%
|
||||
City Living
|
60.2
|
|
|
131.8
|
|
|
(54
|
)%
|
|
13.6
|
|
|
46.8
|
|
|
(71
|
)%
|
||||
Corporate and other
|
(100.6
|
)
|
|
(103.1
|
)
|
|
(2
|
)%
|
|
(37.5
|
)
|
|
(44.7
|
)
|
|
(16
|
)%
|
||||
Total
|
$
|
537.4
|
|
|
$
|
512.6
|
|
|
5
|
%
|
|
$
|
253.1
|
|
|
$
|
203.6
|
|
|
24
|
%
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Units Delivered and Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues ($ in millions)
|
$
|
626.7
|
|
|
$
|
560.8
|
|
|
12
|
%
|
|
$
|
266.2
|
|
|
$
|
225.8
|
|
|
18
|
%
|
Units delivered
|
950
|
|
|
812
|
|
|
17
|
%
|
|
403
|
|
|
326
|
|
|
24
|
%
|
||||
Average delivered price ($ in thousands)
|
$
|
659.7
|
|
|
$
|
690.6
|
|
|
(4
|
)%
|
|
$
|
660.6
|
|
|
$
|
692.7
|
|
|
(5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Contracts Signed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net contract value ($ in millions)
|
$
|
689.7
|
|
|
$
|
675.8
|
|
|
2
|
%
|
|
$
|
239.7
|
|
|
$
|
239.9
|
|
|
—
|
%
|
Net contracted units
|
987
|
|
|
1,052
|
|
|
(6
|
)%
|
|
353
|
|
|
368
|
|
|
(4
|
)%
|
||||
Average contracted price ($ in thousands)
|
$
|
698.8
|
|
|
$
|
642.4
|
|
|
9
|
%
|
|
$
|
679.1
|
|
|
$
|
651.8
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues as a percentage of revenues
|
88.0
|
%
|
|
84.5
|
%
|
|
|
|
85.1
|
%
|
|
84.7
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes ($ in millions)
|
$
|
23.3
|
|
|
$
|
37.0
|
|
|
(37
|
)%
|
|
$
|
21.3
|
|
|
$
|
16.4
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of selling communities at July 31,
|
54
|
|
|
52
|
|
|
4
|
%
|
|
|
|
|
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Units Delivered and Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues ($ in millions)
|
$
|
765.9
|
|
|
$
|
692.5
|
|
|
11
|
%
|
|
$
|
304.1
|
|
|
$
|
281.9
|
|
|
8
|
%
|
Units delivered
|
1,217
|
|
|
1,133
|
|
|
7
|
%
|
|
487
|
|
|
469
|
|
|
4
|
%
|
||||
Average delivered price ($ in thousands)
|
$
|
629.3
|
|
|
$
|
611.2
|
|
|
3
|
%
|
|
$
|
624.4
|
|
|
$
|
601.1
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Contracts Signed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net contract value ($ in millions)
|
$
|
903.0
|
|
|
$
|
884.3
|
|
|
2
|
%
|
|
$
|
343.0
|
|
|
$
|
300.8
|
|
|
14
|
%
|
Net contracted units
|
1,416
|
|
|
1,416
|
|
|
—
|
%
|
|
544
|
|
|
473
|
|
|
15
|
%
|
||||
Average contracted price ($ in thousands)
|
$
|
637.7
|
|
|
$
|
624.5
|
|
|
2
|
%
|
|
$
|
630.6
|
|
|
$
|
636.0
|
|
|
(1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues as a percentage of revenues
|
84.4
|
%
|
|
81.8
|
%
|
|
|
|
85.1
|
%
|
|
80.6
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes ($ in millions)
|
$
|
54.9
|
|
|
$
|
69.2
|
|
|
(21
|
)%
|
|
$
|
20.6
|
|
|
$
|
35.6
|
|
|
(42
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of selling communities at July 31,
|
62
|
|
|
65
|
|
|
(5
|
)%
|
|
|
|
|
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Units Delivered and Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues ($ in millions)
|
$
|
711.5
|
|
|
$
|
591.2
|
|
|
20
|
%
|
|
$
|
299.3
|
|
|
$
|
253.9
|
|
|
18
|
%
|
Units delivered
|
942
|
|
|
808
|
|
|
17
|
%
|
|
402
|
|
|
344
|
|
|
17
|
%
|
||||
Average delivered price ($ in thousands)
|
$
|
755.3
|
|
|
$
|
731.7
|
|
|
3
|
%
|
|
$
|
744.4
|
|
|
$
|
738.1
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Contracts Signed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net contract value ($ in millions)
|
$
|
889.8
|
|
|
$
|
750.0
|
|
|
19
|
%
|
|
$
|
311.3
|
|
|
$
|
251.9
|
|
|
24
|
%
|
Net contracted units
|
1,183
|
|
|
1,002
|
|
|
18
|
%
|
|
414
|
|
|
330
|
|
|
25
|
%
|
||||
Average contracted price ($ in thousands)
|
$
|
752.2
|
|
|
$
|
748.5
|
|
|
—
|
%
|
|
$
|
751.9
|
|
|
$
|
763.4
|
|
|
(2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues as a percentage of revenues
|
83.1
|
%
|
|
81.2
|
%
|
|
|
|
82.7
|
%
|
|
81.3
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes ($ in millions)
|
$
|
74.0
|
|
|
$
|
67.5
|
|
|
10
|
%
|
|
$
|
34.7
|
|
|
$
|
33.6
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of selling communities at July 31,
|
66
|
|
|
76
|
|
|
(13
|
)%
|
|
|
|
|
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Units Delivered and Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues ($ in millions)
|
$
|
989.9
|
|
|
$
|
821.3
|
|
|
21
|
%
|
|
$
|
382.5
|
|
|
$
|
307.4
|
|
|
24
|
%
|
Units delivered
|
1,502
|
|
|
1,240
|
|
|
21
|
%
|
|
558
|
|
|
464
|
|
|
20
|
%
|
||||
Average delivered price ($ in thousands)
|
$
|
659.1
|
|
|
$
|
662.2
|
|
|
—
|
%
|
|
$
|
685.4
|
|
|
$
|
662.1
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Contracts Signed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net contract value ($ in millions)
|
$
|
1,197.0
|
|
|
$
|
1,019.7
|
|
|
17
|
%
|
|
$
|
417.9
|
|
|
$
|
335.3
|
|
|
25
|
%
|
Net contracted units
|
1,715
|
|
|
1,592
|
|
|
8
|
%
|
|
566
|
|
|
537
|
|
|
5
|
%
|
||||
Average contracted price ($ in thousands)
|
$
|
698.0
|
|
|
$
|
640.5
|
|
|
9
|
%
|
|
$
|
738.4
|
|
|
$
|
624.4
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues as a percentage of revenues
|
78.5
|
%
|
|
79.1
|
%
|
|
|
|
77.4
|
%
|
|
79.6
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes ($ in millions)
|
$
|
138.8
|
|
|
$
|
111.0
|
|
|
25
|
%
|
|
$
|
60.1
|
|
|
$
|
43.2
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of selling communities at July 31,
|
75
|
|
|
78
|
|
|
(4
|
)%
|
|
|
|
|
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Units Delivered and Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues ($ in millions)
|
$
|
1,336.2
|
|
|
$
|
928.3
|
|
|
44
|
%
|
|
$
|
610.7
|
|
|
$
|
335.2
|
|
|
82
|
%
|
Units delivered
|
822
|
|
|
621
|
|
|
32
|
%
|
|
367
|
|
|
218
|
|
|
68
|
%
|
||||
Average delivered price ($ in thousands)
|
$
|
1,625.5
|
|
|
$
|
1,494.8
|
|
|
9
|
%
|
|
$
|
1,664.1
|
|
|
$
|
1,537.7
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Contracts Signed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net contract value ($ in millions)
|
$
|
2,186.5
|
|
|
$
|
1,572.0
|
|
|
39
|
%
|
|
$
|
639.4
|
|
|
$
|
642.7
|
|
|
(1
|
)%
|
Net contracted units
|
1,342
|
|
|
1,022
|
|
|
31
|
%
|
|
390
|
|
|
408
|
|
|
(4
|
)%
|
||||
Average contracted price ($ in thousands)
|
$
|
1,629.3
|
|
|
$
|
1,538.2
|
|
|
6
|
%
|
|
$
|
1,639.4
|
|
|
$
|
1,575.3
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues as a percentage of revenues
|
73.1
|
%
|
|
73.2
|
%
|
|
|
|
72.4
|
%
|
|
72.4
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes ($ in millions)
|
$
|
286.8
|
|
|
$
|
199.2
|
|
|
44
|
%
|
|
$
|
140.3
|
|
|
$
|
72.7
|
|
|
93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of selling communities at July 31,
|
39
|
|
|
36
|
|
|
8
|
%
|
|
|
|
|
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Units Delivered and Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues ($ in millions)
|
$
|
257.8
|
|
|
$
|
193.1
|
|
|
34
|
%
|
|
$
|
50.6
|
|
|
$
|
98.7
|
|
|
(49
|
)%
|
Units delivered
|
122
|
|
|
113
|
|
|
8
|
%
|
|
29
|
|
|
78
|
|
|
(63
|
)%
|
||||
Average delivered price ($ in thousands)
|
$
|
2,113.1
|
|
|
$
|
1,708.8
|
|
|
24
|
%
|
|
$
|
1,745.4
|
|
|
$
|
1,264.5
|
|
|
38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Contracts Signed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net contract value ($ in millions)
|
$
|
239.6
|
|
|
$
|
171.5
|
|
|
40
|
%
|
|
$
|
80.7
|
|
|
$
|
40.4
|
|
|
100
|
%
|
Net contracted units
|
161
|
|
|
112
|
|
|
44
|
%
|
|
49
|
|
|
47
|
|
|
4
|
%
|
||||
Average contracted price ($ in thousands)
|
$
|
1,488.2
|
|
|
$
|
1,531.3
|
|
|
(3
|
)%
|
|
$
|
1,646.3
|
|
|
$
|
858.5
|
|
|
92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues as a percentage of revenues
|
75.9
|
%
|
|
69.2
|
%
|
|
|
|
73.3
|
%
|
|
63.0
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes ($ in millions)
|
$
|
60.2
|
|
|
$
|
131.8
|
|
|
(54
|
)%
|
|
$
|
13.6
|
|
|
$
|
46.8
|
|
|
(71
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of selling communities at July 31,
|
5
|
|
|
5
|
|
|
—
|
%
|
|
|
|
|
|
|
|
Nine months ended July 31,
|
|
Three months ended July 31,
|
||||||||||||||||||||||||
|
2018
Units |
|
2017
Units |
|
2018
$ |
|
2017
$ |
|
2018
Units |
|
2017
Units |
|
2018
$ |
|
2017
$ |
||||||||||||
Deliveries
|
9
|
|
|
120
|
|
|
$
|
42.1
|
|
|
$
|
401.3
|
|
|
4
|
|
|
14
|
|
|
$
|
20.6
|
|
|
$
|
63.9
|
|
Net contracts signed
|
89
|
|
|
46
|
|
|
$
|
204.7
|
|
|
$
|
79.6
|
|
|
15
|
|
|
23
|
|
|
$
|
56.3
|
|
|
$
|
42.5
|
|
|
At July 31,
|
|
At October 31,
|
||||||||||||||||||||||||
|
2018
Units |
|
2017
Units |
|
2018
$ |
|
2017
$ |
|
2017
Units |
|
2016
Units |
|
2017
$ |
|
2016
$ |
||||||||||||
Backlog
|
126
|
|
|
40
|
|
|
$
|
261.7
|
|
|
$
|
86.8
|
|
|
46
|
|
|
114
|
|
|
$
|
99.1
|
|
|
$
|
408.5
|
|
|
|
Fixed-rate debt
|
|
Variable-rate debt (a)
|
||||||||
Fiscal year of maturity
|
|
Amount
|
|
Weighted-
average
interest rate
|
|
Amount
|
|
Weighted-
average
interest rate
|
||||
2018
|
|
$
|
20,525
|
|
|
3.72%
|
|
$
|
—
|
|
|
|
2019
|
|
414,613
|
|
|
3.65%
|
|
82,424
|
|
|
3.98%
|
||
2020
|
|
257,758
|
|
|
6.68%
|
|
150
|
|
|
1.11%
|
||
2021
|
|
10,157
|
|
|
5.11%
|
|
500,150
|
|
|
3.48%
|
||
2022
|
|
428,652
|
|
|
5.86%
|
|
150
|
|
|
1.11%
|
||
Thereafter
|
|
1,920,331
|
|
|
4.78%
|
|
13,060
|
|
|
1.98%
|
||
Bond discounts, premiums and deferred issuance costs, net
|
|
(9,105
|
)
|
|
|
|
(1,411
|
)
|
|
|
||
Total
|
|
$
|
3,042,931
|
|
|
4.93%
|
|
$
|
594,523
|
|
|
3.51%
|
Fair value at July 31, 2018
|
|
$
|
3,017,041
|
|
|
|
|
$
|
595,934
|
|
|
|
(a)
|
Based upon the amount of variable-rate debt outstanding at
July 31, 2018
, and holding the variable-rate debt balance constant, each 1% increase in interest rates would increase the interest incurred by us by approximately
$6.0 million
per year.
|
Period
|
|
Total number
of shares purchased (a) |
|
Average
price paid per share |
|
Total number of shares purchased as part of publicly announced plans or programs (b)
|
|
Maximum
number of shares that may yet be purchased under the plans or programs (b) |
|||||
|
|
(in thousands)
|
|
|
|
(in thousands)
|
|
(in thousands)
|
|||||
May 1, 2018 to May 31, 2018
|
|
—
|
|
|
|
|
|
—
|
|
|
16,876
|
|
|
June 1, 2018 to June 30, 2018
|
|
2,522
|
|
|
$
|
38.25
|
|
|
2,522
|
|
|
14,354
|
|
July 1, 2018 to July 31, 2018
|
|
1,131
|
|
|
$
|
34.99
|
|
|
1,131
|
|
|
13,223
|
|
Total
|
|
3,653
|
|
|
$
|
37.24
|
|
|
3,653
|
|
|
|
(a)
|
Our stock incentive plans permit us to withhold from the total number of shares that otherwise would be issued to a performance based restricted stock unit recipient or a restricted stock unit recipient upon distribution that number of shares having a fair value at the time of distribution equal to the applicable income tax withholdings due and remit the remaining shares to the recipient. During the three months ended
July 31, 2018
, we withheld
277
of the shares subject to performance based restricted stock units and restricted stock units to cover approximately
$10,600
of income tax withholdings and we issued the remaining
774
shares to the recipients. The shares withheld are not included in the total number of shares purchased in the table above.
|
(b)
|
On May 23, 2016, our Board of Directors authorized the repurchase of
20 million
shares of our common stock in open market transactions or otherwise for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. Effective December 13, 2017, our Board of Directors terminated the May 2016 share repurchase program and authorized, under a new repurchase program, the repurchase of
20 million
shares of our common stock in open market transactions or otherwise for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. The Board of Directors did not fix any expiration date for this new repurchase program.
|
31.1*
|
|
|
|
31.2*
|
|
|
|
32.1*
|
|
|
|
32.2*
|
|
|
|
101.INS*
|
XBRL Instance Document
|
|
|
101.SCH*
|
XBRL Schema Document
|
|
|
101.CAL*
|
XBRL Calculation Linkbase Document
|
|
|
101.LAB*
|
XBRL Labels Linkbase Document
|
|
|
101.PRE*
|
XBRL Presentation Linkbase Document
|
|
|
101.DEF*
|
XBRL Definition Linkbase Document
|
*
|
Filed electronically herewith.
|
|
|
TOLL BROTHERS, INC.
|
||
|
|
(Registrant)
|
||
|
|
|
|
|
Date:
|
September 5, 2018
|
By:
|
|
/s/ Martin P. Connor
|
|
|
|
|
Martin P. Connor
Senior Vice President and Chief Financial
Officer (Principal Financial Officer)
|
|
|
|
|
|
Date:
|
September 5, 2018
|
By:
|
|
/s/ Michael J. Grubb
|
|
|
|
|
Michael J. Grubb
Senior Vice President and Chief Accounting
Officer (Principal Accounting Officer)
|
1 Year Toll Brothers Chart |
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