托尔兄弟 2024年度报告

ANNUALREPORT2024 TollBrothersCompanyOverview FINANCIALSUMMARY Revenues ForHomeSalesinFY($inmillions) $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $- 192021222324 EarningsPerShare InFY($) $16 $14 $12 $10 $8 $6 $4 $2 $- 192021222324 Contracts InFY($inmillions) $12,000 $9,600 $7,200 $4,800 $2,400 $- 192021222324 INDUSTRY-LEADINGCOMPANYANDBRAND America’sLuxuryHomeBuilder Foundedin1967 NYSE-listed(TOL)since1986 Fortune500Company 4thlargestU.S.homebuilderbyrevenues NationalBuilderoftheYear,Buildermagazine Two-timeBuilderoftheYear,ProfessionalBuildermagazine 10yearsinarowbeingnamedtotheFortuneWorld’sMostAdmiredCompanies™list* Company’sChairmanandCEODouglasC.Yearley,Jr.wasnamedoneof25TopCEOsbyBarron’smagazine LUXURYHOMESANDCOMMUNITIES Nationalpresenceinover60marketsin24statesandWashington,DC Sellingfrom408communities Deliveredover10,800homesinFY2024 Averagedeliveredhomepriceof$976,900 Control74,700homesites(55%optioned/45%owned) High-volumeproductionofhighlypersonalizedhomes Build-to-ordermodel:homebuyersaddedanaverageofapproximately $203,000inlotpremiumsandstructuralanddesignoptionstotheirhomesinFY2024 40DesignStudiolocationsnationwide DiverseProductLines: oLuxurymove-uphomes oMillennial-focusedluxuryfirst-timehomes oActive-adultandsecondhomes oMaster-plannedcommunities;resort-stylegolfandcountryclubliving oTollBrothersCityLiving:luxurymid-andhigh-riseurbanfor-salecommunities oTollBrothersApartmentLivingandTollBrothersCampusLiving:luxuryfor-renturban,suburban,andstudenthousingcommunities $10,000 $8,000 $6,000 $4,000 $2,000 $- Backlog AtFYE($inmillions) 192021222324 FINANCIALANDMANAGEMENTSTRENGTH Liquidityof$3.07billion:$1.30billionincashand$1.77billionavailableunderour$1.96billion,23-bank,5-yearrevolvingcreditfacility $650million,12-bank,4-yeartermloan Over$18.8billionincorporateandjointventurefinancingtransactionscompletedinthelast5years Debt-to-capitalratioof27.0%;netdebt-to-capitalratio†of15.2% Focusondrivingreturnonequitythroughmorecapital-efficientlandbuying,productoptimization,andotherstrategies Seasonedexecutivemanagementteam:average21-yeartenurewithTollBrothers InformationforandasofFYEOctober31,2024,unlessotherwisenoted. *FromFortune,©2024FortuneMediaIPLimited.Allrightsreserved.Usedunderlicense. DECEMBER2024 DEARSHAREHOLDER Fiscal2024wasamilestoneyearforTollBrothers.Forthefirsttimeinourhistory,wegenerated$10.6billionofhomesalesrevenues,over$2.0billionofpre-taxincomeandover$1.5billionofnetincome.Weproducedrecordearningsperdilutedshareof $15.01,a21%increaseoverfiscal2023,andourreturnonbeginningequitywas23.1%,thethirdconsecutiveyearabove20%.Wedelivered10,813homesatanaveragepriceofapproximately$977,000,andwithanadjustedgrossmargin†of28.4%.OurSG&Aexpensewas9.3%ofhomesalesrevenuesandouroperatingmarginwas18.8%.Inaddition,wegrewcontractsby27%inbothunitsanddollarsandincreasedcommunitycountby10%to408communitiesatyear-end,positioningusforcontinuedgrowthinfiscal2025andbeyond.Duringtheyear,wegenerated$1.0billionofcashflowfromoperationsandreturned$720milliontostockholdersthroughsharerepurchasesanddividends,reducingouroutstandingsharecountbynearly5%infiscal2024. Thisoutstandingperformance–evenasmortgageratesremainedelevatedoverthepastyear–demonstratesthepowerofourluxurybrand,thefinancialstrengthofourbuyers,andthesuccessofourmulti-yearstrategyofincreasingspechomeproduction,wideningourgeographies,pricepointsandproductlines,andfocusingoncapitalefficiency.Morebroadly,itunderscoresthefundamentaltransformationthatwe,andmanyofthenation’sotherlarge,publiclytradedhomebuilders,havemadetoourbusinessmodelsandoperationsoverthepastdecade.Wehavegrownrevenuesandgainedmarketshare,loweredleverage,de-riskedbalancesheets,improvedcapitalefficiencyandgeneratedstrongcashflows,allofwhichhasallowedustoreturnasubstantialamountofcapitaltoinvestors. OurStrategytoPropelGrowth Severalyearsago,TollBrothersbeganexecutingonastrategythat,atitscore,wasfocusedonimprovingreturnsonthecapitalentrustedtousbyourshareholders.Thisincludedaplanforstrategicgrowthandexpansionthathasallowedustoreachalargershareoftheluxurymarketwhilemitigatinggeographicandproductconcentrationrisks.Wenowoperateinover60marketsacross24statesandweofferthegreatestvarietyofhomesintheindustry–fromluxurysinglefamilyhomestoupscaletownhomesandactiveadultcommunities.Ourhomepricesrangefromthe$300,000stoover$5million,andwellover25%ofourhomebuyerspaidallcashinourfourthquarter.WehavebeenabletoenternewmarketsandexpandourofferingswhilepreservingallthequalitiesthatsetusapartasAmerica’sluxuryhomebuilder–animpeccablebrand,ouraffluent customerbase,prestigiouslocations,distinctivearchitecture,unrivaledchoice,andanextraordinarycustomerexperience. TollBrothersbuild-to-orderhomeshavealwaysbeenthehallmarkofluxuryintheindustry.OurDesignStudios,theretail-likespaceswherehomebuyerschoosetheirfinishingselections,hit$1billioninrevenuesinfiscal2024.Overthepastfewyears,however,wehavealsowovenintoourgrowthstrategyanincreasedemphasisontheproductionandsaleofspechomes,whichwedefineasanyho