SIMPSONVILLE, S.C., Jan. 03, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced its newest community, Coachman Reserve, is coming soon to Simpsonville, South Carolina. This exclusive Toll Brothers neighborhood will include seven luxurious home designs set on idyllic half-acre home sites. Coachman Reserve will offer Toll Brothers single-family homes starting from the mid-$600,000s located in a beautiful natural setting within desirable Laure ...

DOWNINGTOWN, Pa., Jan. 03, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced the grand opening of its model home at Preserve at Marsh Creek – Carriage Collection, a neighborhood of carriage-style townhomes within its 55+ active-adult master-planned community, Preserve at Marsh Creek, in Downingtown, Pennsylvania. The highly anticipated Reinhold Elite Huntingdon model home within the Preserve at Marsh Creek – Carriage Collection features st ...

SIMPSONVILLE, S.C., Dec. 21, 2023 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced its newest community, Woodcrest Hills, is coming soon to the Five Forks area of Simpsonville, South Carolina. This exclusive neighborhood will be conveniently located at Woodruff Road and Finley Hill Court in Simpsonville and will feature luxury home designs built with the quality and craftsmanship for which Toll Brothers is known. Site work is underway, and the ...

ATLANTA, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced the highly anticipated release of new condominium homes at its Park 108 community in Decatur, Georgia. A historic boutique building in the Oakhurst neighborhood, Park 108 by Toll Brothers offers a range of modern studio, one- and two-bedroom condominium designs in a convenient location. Move-in ready homes with designer appointed features are now available in Park 108 and ...

MANHASSET, N.Y. and DIX HILLS, N.Y., Dec. 21, 2023 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced the grand opening of its first model homes on Long Island, New York in the Company's Manhasset Crest community in Nassau County and Toll Brothers at Dix Hills community in Suffolk County. The highly anticipated Gatsby Modern Farmhouse at Manhasset Crest and Havemeyer South Shore at Toll Brothers at Dix Hills feature innovative architecture compl ...

CHARLOTTE, N.C., Dec. 21, 2023 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced its new community, Iron Creek at North End, is coming soon to Charlotte, North Carolina. Iron Creek at North End will offer spacious floor plans with rooftop terraces and convenient access to the AvidXchange Music Factory entertainment complex, Camp North End, and everything the vibrant North End neighborhood has to offer. Iron Creek at North End will include 83 lu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-09186 TOLL BROTHERS, INC. (Exact name of Registrant as specified in its charter) Delaware 23-2416878 (State or other jurisdiction of (I.R.S. Employe ...

Financial Data and Key Metrics - The company delivered 2,755 homes in Q4 2023, generating $2.95 billion in home sales revenues, $211 million above the midpoint of guidance [4] - Adjusted gross margin was 29.1% in Q4 2023, beating guidance by 60 basis points [4] - Full-year 2023 adjusted gross margin was 28.7%, a 120 basis-point increase over 2022 and 20 basis points better than guidance [5] - Earnings in fiscal year 2023 were $1.4 billion or $12.36 per diluted share, both company records [6] - The company repurchased $326 million of common stock in Q4 2023, bringing full-year repurchases to $556 million at an average price of $72 per share [13] Business Line Data and Key Metrics - Affordable luxury and active adult communities were the strongest performers in Q4 2023, with unit sales up 109% and 82% respectively compared to Q4 2022 [8] - Affordable luxury accounted for 46% of unit sales in Q4 2023, luxury was 31%, and active adult was 23% [8] - Spec homes represented approximately 42% of orders and 33% of deliveries in Q4 2023, with expectations for 35% of deliveries in fiscal 2024 to be spec homes [10] Market Data and Key Metrics - The Pacific region saw a nearly 250% increase in agreements in Q4 2023 compared to the prior year, followed by the Mountain region with a 127% increase and the South with an 87% increase [8] - Strongest markets in Q4 2023 included Denver, Boise, Southern California, all of Texas, and the Mid-Atlantic from Atlanta up the Eastern Seaboard to Boston [8] Company Strategy and Industry Competition - The company's strategy of broadening product offerings to include lower price points and capture greater market share is working, as evidenced by the mix shift and lower ASPs [7] - The company plans to increase community count by 10% in fiscal 2024, targeting 410 operating communities at year-end [12] - The company continues to focus on capital efficiency, with an overall mix target of 60% optioned and 40% owned land over the longer-term [12] Management Commentary on Operating Environment and Future Outlook - Management is encouraged by the recent 75 basis point decline in mortgage rates and believes rates may drop further, setting up nicely for the upcoming spring selling season [10] - The company expects a modestly better trend in Q1 2024 compared to historical seasonality, driven by the decline in mortgage rates and easing inflation [10] - Management is optimistic about the company's ability to raise prices and reduce incentives in the upcoming spring selling season [46] Other Important Information - The company ended fiscal year 2023 with over $3 billion of liquidity, including $1.3 billion of cash and $1.8 billion available under its revolving bank credit facility [17] - The company invested $2.3 billion in land acquisition and land development in fiscal year 2023 [18] - The company's net debt to capital ratio was 17.7% at fiscal year-end, with no significant debt maturities until fiscal 2026 [18] Q&A Session Summary Question: Product Mix Shift and Absorption Rates - The company expects the product mix to stabilize around 45% for affordable luxury on a unit basis, with absorption rates potentially increasing to 26 sales per community per year in 2024 [29][32] Question: Inventory and Construction in Progress - The company's construction in progress (CIP) is $5.5 billion, including backlog and land improvements [35][36] - The company expects inventory turns to improve with the spec strategy and mix shift to more affordable luxury and active adult homes [34] Question: Pricing and Order Trends - Management is optimistic about pricing power in 2024, particularly with the decline in mortgage rates and the upcoming spring selling season [44][46] - The company expects order growth to be around 20% in 2024, driven by community count growth and improved absorption rates [47] Question: Spec vs Build-to-Order Performance - Spec homes sell for about $200,000 less than build-to-order homes, with gross margins approximately 250 basis points lower [51][52] - The return on equity for spec homes is higher than for build-to-order homes, despite the lower gross margins [59] Question: Land Strategy and Inventory Turns - The company's long-term goal is to reduce owned land to 2 to 2.5 years of supply, with almost a year's worth of that land having a backlog or spec home in various stages of construction [56] Question: Incentives and Mortgage Rate Buydowns - The company offers various rate buydown programs, but few clients take advantage of them, preferring to use incentives for home upgrades instead [67][68] Question: Realtor Commissions and NAR Ruling - Two-thirds of the company's sales involve an outside Realtor, with an average commission of 2.25% of the delivered price of the home [80] - Management believes third-party commissions will likely come down in the long term due to ongoing litigation and industry trends [80] Question: Land Banking and Optioned Land - The company may slow the progression to 60% optioned land in 2024 due to higher developer costs of capital, but remains focused on capital efficiency and driving IRRs [82]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended July 31, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-09186 Toll Brothers, Inc. (Exact name of registrant as specified in its charter) Delaware 23-2416878 (State or other jurisdiction ...

Toll Brothers, Inc. (NYSE:TOL) Q3 2023 Earnings Conference Call August 23, 2023 8:30 AM ET Company Participants Douglas Yearley - Chairman and CEO Martin Connor - CFO Conference Call Participants Rafe Jadrosich - Bank of America Stephen Kim - Evercore ISI Joe Ahlersmeyer - Deutsche Bank Mike Dahl - RBC Capital Markets Ken Zener - Seaport Research Alex Barron - Housing Research Center John Lovallo - UBS Operator Good morning, and welcome to the Toll Brothers Third Quarter Fiscal Year 2023 Conference Call. [O ...