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Toll Brothers Inc NYSE: TOL-N

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Toll Brothers Reports FY 2021 2nd Quarter Results

GlobeNewswire - Tue May 25, 3:30PM CDT

Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation's leading builder of luxury homes, today announced results for its second quarter ended April 30, 2021.

FY 2021's Second Quarter Financial Highlights (Compared to FY 2020's Second Quarter):

Douglas C. Yearley, Jr., chairman and chief executive officer, stated: "Our business continues to operate at a very high level. With strong demand and constrained industry-wide supply, we have continued to raise prices in excess of cost increases while setting all-time records for contracts and backlog in both units and dollars, and exceeding our guidance on nearly every metric.

"These exceptional results reflect the strategic expansion of our product lines and geographies, as well as structural changes we have made in how we operate to focus on driving sustainable increases in profit margins and return on equity. Based on the land we currently control, we are projecting community count growth to 340 communities at fiscal year end, with an additional 10% growth in fiscal 2022.

"We are encouraged by the continued strength of the housing market, which is supported by a long-term supply-demand imbalance, favorable demographics, especially the drive to home ownership among millennials, low mortgage rates, and the greater overall appreciation for one's home that has emerged out of the pandemic. These market conditions, which we expect to continue into the foreseeable future, play to our strengths of creating luxury communities in desirable locations, offering a broad range of price points, and providing our home buyers the ability to personalize their homes.

"Based on the strength of our outlook for the remainder of this year and beyond, we are raising our fiscal year 2021 guidance on nearly all key metrics. We expect continued margin improvement through the second half of fiscal 2021 as well as in 2022, and we project return on beginning equity in excess of 20% in fiscal 2022."

Third Quarter and FY 2021 Financial Guidance:
                                                                                              Third Quarter          Full Fiscal Year 2021
Deliveries (1)                                                                                2,675 units            10,200 - 10,400 units
Average Delivered Price                                                                       $820,000 - $840,000    $805,000 - $825,000
Adjusted Home Sales Gross Margin                                                              24.8                %  24.6                  %
SG&A, as a Percentage of Home Sales Revenues                                                  11.6                %  11.8                  %
Quarter-End Community Count                                                                   Approximately 310      Approximately 340
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and other $20.0 million          $110.0 million
Tax Rate                                                                                      26.0                %  25.5                  %

(1) Delivery guidance for the third quarter reflects the slower COVID-19 impacted sales environment of mid-March through May 2020

Financial Highlights for the three months ended April 30, 2021 and 2020 (unaudited):
                                                                                              2021                                          2020
Net Income                                                                                    $127.9 million, or $1.01 per share diluted    $75.7 million, or $0.59 per share diluted
Pre-Tax Income                                                                                $169.8 million                                $102.1 million
Pre-Tax Inventory Impairments                                                                 $1.6 million                                  $14.2 million
Home Sales Revenues                                                                           $1.84 billion and 2,271 units                 $1.52 billion and 1,923 units
Net Signed Contracts                                                                          $3.05 billion and 3,487 units                 $1.55 billion and 1,886 units
Net Signed Contracts per Community                                                            11.3 units                                    5.8 units
Quarter-End Backlog                                                                           $8.69 billion and 10,104 units                $5.49 billion and 6,428 units
Average Price of Homes in Backlog                                                             $860,100 per home                             $854,500 per home
Home Sales Gross Margin                                                                       21.9                                       %  19.5                                      %
Adjusted Home Sales Gross Margin                                                              24.4                                       %  22.9                                      %
Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues      2.4                                        %  2.5                                       %
SG&A, as a percentage of Home Sales Revenues                                                  11.9                                       %  13.8                                      %
Income from Operations                                                                        $184.4 million, or 9.6% of total revenues     $92.5 million, or 6.0% of total revenues
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $21.5 million                                 $16.0 million
Quarterly Cancellations as a Percentage of Signed Contracts in Quarter                        4.0                                        %  9.7                                       %
Quarterly Cancellations as a Percentage of Beginning-Quarter Backlog                          1.6                                        %  3.1                                       %
Financial Highlights for the six months ended April 30, 2021 and 2020 (unaudited):
                                                                               2021                                        2020
Net Income                                                                     $224.4 million, or $1.77 per share diluted  $132.5 million, or $0.99 per share diluted
Pre-Tax Income                                                                 $297.2 million                              $168.0 million
Pre-Tax Inventory Impairments                                                  $2.8 million                                $15.2 million
Home Sales Revenues                                                            $3.25 billion and 4,048 units               $2.81 billion and 3,534 units
Net Signed Contracts                                                           $5.56 billion and 6,361 units               $3.04 billion and 3,692 units
Income from Operations                                                         $303.5 million, or 8.7% of total revenues   $140.0 million, or 4.9% of total revenues
Other Income, Income from Unconsolidated Entities, and Land Sales Gross Profit $71.7 million                               $36.2 million

Additional Financial Information:

(1) See "Reconciliation of Non-GAAP Measures" below for more information on the calculation of the Company's net debt-to-capital ratio.

Toll Brothers will be broadcasting live via the Investor Relations section of its website, investors.TollBrothers.com, a conference call hosted by Chairman & CEO Douglas C. Yearley, Jr. at 8:30 a.m. (ET) Wednesday, May 26, 2021, to discuss these results and its outlook for the third quarter and FY 2021. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select "Events & Presentations." Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software.

The call can be heard live with an online replay which will follow.

ABOUT TOLL BROTHERS

Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company was founded over fifty years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.

2021 marks the 10 year Toll Brothers has been named to FORTUNE magazine's World's Most Admired Companies(R) list. Toll Brothers has been honored as Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year by Professional Builder magazine. For more information visit TollBrothers.com.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).

FORWARD-LOOKING STATEMENTS

Information presented herein for the second quarter ended April 30, 2021 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures.

This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "can," "could," "might," "should," "likely," "will," and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: the impact of Covid-19 on the U.S. economy and on our business; expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; demand for our homes; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.

Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties - and assumptions that are made - that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:

Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

TOLL BROTHERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

April 30,             October 31,
                                                 2021                  2020
                                                 (Unaudited)
ASSETS
Cash and cash equivalents                        $     714,968         $     1,370,944
Inventory                                        8,260,664             7,658,906
Property, construction and office equipment, net 276,224               316,125
Receivables, prepaid expenses and other assets   849,764               956,294
Mortgage loans held for sale                     204,421               231,797
Customer deposits held in escrow                 94,432                77,291
Investments in unconsolidated entities           533,595               430,701
Income taxes receivable                          40,951                23,675
                                                 $     10,975,019      $     11,065,733
LIABILITIES AND EQUITY
Liabilities:
Loans payable                                    $     1,033,165       $     1,147,955
Senior notes                                     2,403,163             2,661,718
Mortgage company loan facility                   146,932               148,611
Customer deposits                                609,387               459,406
Accounts payable                                 502,293               411,397
Accrued expenses                                 1,115,437             1,110,196
Income taxes payable                             203,853               198,974
Total liabilities                                6,014,230             6,138,257
Equity:
Stockholders' Equity
Common stock                                     1,529                 1,529
Additional paid-in capital                       709,422               717,272
Retained earnings                                5,352,573             5,164,086
Treasury stock, at cost                          (1,148,406       )    (1,000,454       )
Accumulated other comprehensive loss             (2,048           )    (7,198           )
Total stockholders' equity                       4,913,070             4,875,235
Noncontrolling interest                          47,719                52,241
Total equity                                     4,960,789             4,927,476
                                                 $     10,975,019      $     11,065,733

TOLL BROTHERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data and percentages)

(Unaudited)

Three Months Ended                                Six Months Ended
                                             April 30,                                         April 30,
                                             2021                     2020                     2021                     2020
                                             $                %       $                %       $                %       $                %
Revenues:
Home sales                                   $    1,836,260           $    1,516,234           $    3,246,964           $    2,813,571
Land sales and other                         93,864                   32,838                   246,536                  66,932
                                             1,930,124                1,549,072                3,493,500                2,880,503
Cost of revenues:
Home sales                                   1,434,493        78.1 %  1,220,978        80.5 %  2,556,286        78.7 %  2,254,100        80.1 %
Land sales and other                         92,091           98.1 %  26,418           80.4 %  203,825          82.7 %  58,700           87.7 %
                                             1,526,584                1,247,396                2,760,111                2,312,800
Gross margin - home sales                    401,767          21.9 %  295,256          19.5 %  690,678          21.3 %  559,471          19.9 %
Gross margin - land sales and other          1,773            1.9  %  6,420            19.6 %  42,711           17.3 %  8,232            12.3 %
Selling, general and administrative expenses 219,170          11.9 %  $    209,128     13.8 %  429,909          13.2 %  427,659          15.2 %
Income from operations                       184,370                  92,548                   303,480                  140,044
Other:
Income from unconsolidated entities          10,483                   (4,271         )         11,677                   7,870
Other income - net                           9,213                    13,836                   17,285                   20,131
Expenses related to early retirement of debt (34,240        )                                  (35,211        )
Income before income taxes                   169,826                  102,113                  297,231                  168,045
Income tax provision                         41,960                   26,443                   72,866                   35,499
Net income                                   $    127,866             $    75,670              $    224,365             $    132,546
Per share:
Basic earnings                               $    1.03                $    0.59                $    1.79                $    1.00
Diluted earnings                             $    1.01                $    0.59                $    1.77                $    0.99
Cash dividend declared                       $    0.17                $    0.11                $    0.28                $    0.22
Weighted-average number of shares:
Basic                                        124,295                  128,205                  125,177                  133,175
Diluted                                      125,999                  128,809                  126,780                  134,349
Effective tax rate                                24.7      %              25.9      %              24.5      %         21.1           %

TOLL BROTHERS, INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

(Amounts in thousands)

(unaudited)

Three Months Ended      Six Months Ended
                                                                  April 30,               April 30,
                                                                  2021        2020        2021         2020
Inventory impairment charges recognized:
Cost of home sales - land owned/controlled for future communities $  1,581    $  13,914   $   1,747    $   14,945
Cost of home sales - operating communities                                    300         1,100        300
                                                                  $  1,581    $  14,214   $   2,847    $   15,245
Depreciation and amortization                                     $  16,305   $  15,618   $   33,181   $   30,285
Interest incurred                                                 $  38,447   $  46,104   $   79,715   $   89,754
Interest expense:
Charged to home sales cost of sales                               $  44,092   $  38,037   $   77,417   $   70,811
Charged to land sales and other cost of sales                     579         737         2,417        1,304
Charged to other income - net                                                 2,440                    2,440
                                                                  $  44,671   $  41,214   $   79,834   $   74,555
Home sites controlled:                                                                    April 30,    April 30,
                                                                                          2021         2020
Owned                                                                                     37,952       37,112
Optioned                                                                                  36,514       25,028
                                                                                          74,466       62,140

Inventory at April 30, 2021 and October 31, 2020 consisted of the following (amounts in thousands):

April 30,        October 31,
                                              2021             2020
Land and land development costs               $    2,101,713   $    2,094,775
Construction in progress                      5,479,780        4,848,647
Sample homes                                  351,932          398,053
Land deposits and costs of future development 327,239          317,431
                                              $    8,260,664   $    7,658,906

Toll Brothers operates in two segments: Traditional Home Building and Urban Infill ("City Living"). Within Traditional Home Building, the Company operates in the following five geographic segments, with current operations in the states listed below:

-- Mountain: Arizona, Colorado, Idaho, Nevada and Utah

-- Pacific: California, Oregon and Washington

Three Months Ended
                          April 30,
                          Units            $ (Millions)                  Average Price Per Unit $
                          2021     2020    2021           2020           2021            2020
REVENUES
North                     562      449     $   390.7      $   296.0      $   695,100     $   659,300
Mid-Atlantic              304      303     218.3          192.9          $   718,100     $   636,600
South                     408      348     280.2          230.8          $   686,700     $   663,400
Mountain                  605      505     431.8          337.5          $   713,800     $   668,300
Pacific                   347      289     458.6          423.3          $   1,321,600   $   1,464,700
Traditional Home Building 2,226    1,894   1,779.6        1,480.5        $   799,500     $   781,700
City Living               45       29      58.0           36.8           $   1,288,500   $   1,268,000
Corporate and other                        (1.3        )  (1.1        )
Total home sales          2,271    1,923   1,836.3        1,516.2        $   808,600     $   788,500
Land sales and other                       93.9           32.8
Total consolidated                         $   1,930.2    $   1,549.0
CONTRACTS
North                     551      377     $   454.4      $   269.8      $   824,600     $   715,700
Mid-Atlantic              386      294     323.9          219.9          $   839,100     $   748,100
South                     800      395     561.8          273.3          $   702,300     $   691,800
Mountain                  1,216    509     920.0          362.0          $   756,600     $   711,300
Pacific                   488      294     707.6          400.5          $   1,450,000   $   1,362,100
Traditional Home Building 3,441    1,869   2,967.7        1,525.5        $   862,500     $   816,200
City Living               46       17      85.3           27.7           $   1,854,500   $   1,627,300
Total consolidated        3,487    1,886   $   3,053.0    $   1,553.2    $   875,500     $   823,500
BACKLOG
North                     1,893    1,677   $   1,477.9    $   1,187.1    $   780,700     $   707,900
Mid-Atlantic              1,218    781     1,039.7        574.2          $   853,600     $   735,200
South                     2,107    1,174   1,492.1        861.4          $   708,200     $   733,800
Mountain                  3,338    1,699   2,533.4        1,271.4        $   759,000     $   748,400
Pacific                   1,432    999     1,949.7        1,450.7        $   1,361,500   $   1,452,100
Traditional Home Building 9,988    6,330   8,492.8        5,344.8        $   850,300     $   844,400
City Living               116      98      197.4          148.1          $   1,701,700   $   1,510,900
Total consolidated        10,104   6,428   $   8,690.2    $   5,492.9    $   860,100     $   854,500
Six Months Ended
                          April 30,
                          Units           $ (Millions)                  Average Price Per Unit $
                          2021    2020    2021           2020           2021            2020
REVENUES
North                     1,013   842     $   703.3      $   550.1      $   694,300     $   653,300
Mid-Atlantic              531     543     382.3          355.4          $   720,000     $   654,500
South                     749     622     497.1          414.5          $   663,700     $   666,400
Mountain                  1,130   906     809.8          600.6          $   716,600     $   662,900
Pacific                   573     556     789.8          818.6          $   1,378,400   $   1,472,300
Traditional Home Building 3,996   3,469   3,182.3        2,739.2        $   796,400     $   789,600
City Living               52      65      65.8           76.6           $   1,265,400   $   1,178,500
Corporate and other                       (1.1        )  (2.2        )
Total home sales          4,048   3,534   3,247.0        2,813.6        $   802,100     $   796,200
Land sales                                246.5          66.9
Total consolidated                        $   3,493.5    $   2,880.5
CONTRACTS
North                     1,000   777     $   811.1      $   557.0      $   811,100     $   716,900
Mid-Atlantic              759     536     651.4          389.4          $   858,200     $   726,500
South                     1,368   748     950.7          517.7          $   695,000     $   692,100
Mountain                  2,194   999     1,671.8        719.5          $   762,000     $   720,200
Pacific                   961     581     1,351.7        783.8          $   1,406,600   $   1,349,100
Traditional Home Building 6,282   3,641   5,436.7        2,967.4        $   865,400     $   815,000
City Living               79      51      124.3          75.1           $   1,573,400   $   1,472,500
Total consolidated        6,361   3,692   $   5,561.0    $   3,042.5    $   874,200     $   824,100

Unconsolidated entities:

Information related to revenues and contracts of entities in which we have an interest for the three-month and six-month periods ended April 30, 2021 and 2020, and for backlog at April 30, 2021 and 2020 is as follows:

Units     $ (Millions)      Average Price Per Unit $
                             2021 2020 2021     2020     2021            2020
Three months ended April 30,
Revenues                     11   9    $ 32.5   $ 24.3   $   2,951,700   $   2,700,100
Contracts                    14   7    $ 42.2   $ 26.7   $   3,016,000   $   3,814,400
Six months ended April 30,
Revenues                     16   32   $ 43.6   $ 91.4   $   2,727,800   $   2,856,500
Contracts                    19   15   $ 53.8   $ 50.5   $   2,832,100   $   3,364,800
Backlog at April 30,         7    9    $ 20.1   $ 35.4   $   2,878,500   $   3,931,200

RECONCILIATION OF NON-GAAP MEASURES

This press release contains, and Company management's discussion of the results presented in this press release may include, information about the Company's adjusted homes sales gross margin and the Company's net debt-to-capital ratio.

These two measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the home building business.

The Company's management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other home builders that may use similar non-GAAP financial measures. The Company's management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other home builders to the extent they provide similar information.

Adjusted Home Sales Gross Margin

The following table reconciles the Company's homes sales gross margin as a percentage of homes sale revenues (calculated in accordance with GAAP) to the Company's adjusted homes sales gross margin (a non-GAAP financial measure). Adjusted homes sales gross margin is calculated as (i) homes sales gross margin plus interest recognized in homes sales cost of revenues plus inventory write-downs recognized in home sales cost of revenues divided by (ii) homes sale revenues.

Adjusted Home Sales Gross Margin Reconciliation

(Amounts in thousands, except percentages)

Three Months Ended                    Six Months Ended
                                                                                         April 30,                             April 30,
                                                                                         2021               2020               2021               2020
Revenues - homes sales                                                                   $    1,836,260     $    1,516,234     $    3,246,964     $    2,813,571
Cost of revenues - home sales                                                            1,434,493          1,220,978          2,556,286          2,254,100
Home sales gross margin                                                                  401,767            295,256            690,678            559,471
Add:                                Interest recognized in cost of revenues - home sales 44,092             38,037             77,417             70,811
                                    Inventory write-downs                                1,581              14,214             2,847              15,245
Adjusted homes sales gross margin                                                        $    447,440       $    347,507       $    770,942       $    645,527
Homes sales gross margin as a percentage of home sale revenues                           21.9           %   19.5           %   21.3           %   19.9           %
Adjusted home sales gross margin as a percentage of home sale revenues                   24.4           %   22.9           %   23.7           %   22.9           %

The Company's management believes adjusted home sales gross margin is a useful financial measure to investors because it allows them to evaluate the performance of our home building operations without the often varying effects of capitalized interest costs and inventory impairments. The use of adjusted home sales gross margin also assists the Company's management in assessing the profitability of our home building operations and making strategic decisions regarding community location and product mix.

Forward-looking Adjusted Homes Sales Gross Margin

The Company has not provided projected third quarter and full FY 2021 homes sales gross margin or a GAAP reconciliation for forward-looking adjusted homes sales gross margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the third quarter and full FY 2021. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our third quarter and full FY 2021 homes sales gross margin.

Net Debt-to-Capital Ratio

The following table reconciles the Company's ratio of debt to capital (calculated in accordance with GAAP) to the Company's net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders' equity.

Net Debt-to-Capital Ratio Reconciliation

(Amounts in thousands, except percentages)

April 30, 2021       January 31, 2021   October 31, 2020
Loans payable                                  $    1,033,165       $     971,504      $     1,147,955
Senior notes                                   2,403,163            2,652,162          2,661,718
Mortgage company loan facility                 146,932              112,619            148,611
Total debt                                     3,583,260            3,736,285          3,958,284
Total stockholders' equity                     4,913,070            4,786,835          4,875,235
Total capital                                  $    8,496,330       $     8,523,120    $     8,833,519
Ratio of debt-to-capital                       42.2           %     43.8            %  44.8            %
Total debt                                     $    3,583,260       $     3,736,285    $     3,958,284
Less:           Mortgage company loan facility (146,932       )     (112,619        )  (148,611        )
                Cash and cash equivalents      (714,968       )     (949,696        )  (1,370,944      )
Total net debt                                 2,721,360            2,673,970          2,438,729
Total stockholders' equity                     4,913,070            4,786,835          4,875,235
Total net capital                              $    7,634,430       $     7,460,805    $     7,313,964
Net debt-to-capital ratio                      35.6           %     35.8            %  33.3            %

The Company's management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company's operations.

CONTACT: Frederick N. Cooper (215) 938-8312

fcooper@tollbrothers.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d841822c-9b95-4cb8-8763-24cc9776710c

https://ml.globenewswire.com/media/29487d25-04c3-4999-b1de-bb20723daadb/small/toll-brothers-logo-jpg.jpg

https://ml.globenewswire.com/media/29487d25-04c3-4999-b1de-bb20723daadb/small/toll-brothers-logo-jpg.jpg

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COMTEX_387271382/2010/2021-05-25T16:30:00

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