托尔兄弟 2024年度报告

ANNUAL REPORT2024 Toll Brothers Company Overview INDUSTRY-LEADING COMPANY AND BRAND FINANCIAL SUMMARY •America’s Luxury Home Builder•Founded in 1967•NYSE-listed (TOL) since 1986•Fortune 500 Company•4th largest U.S. home builder by revenues•National Builder of the Year,Buildermagazine•Two-time Builder of the Year,Professional Buildermagazine•10 years in a row being named to theFortuneWorld’s Most AdmiredCompanies™ list*•Company’s Chairman and CEO Douglas C. Yearley, Jr. was named oneof 25 Top CEOs byBarron’smagazine LUXURY HOMES AND COMMUNITIES •National presence in over 60 markets in 24 states and Washington, DC•Selling from 408 communities•Deliveredover10,800 homes in FY 2024•Average delivered home price of $976,900•Control 74,700 home sites (55% optioned/45% owned)•High-volume production of highly personalized homes•Build-to-order model: home buyers added an average of approximately$203,000 in lot premiums and structural and design options to theirhomes in FY 2024•40 Design Studio locations nationwide•Diverse Product Lines:oLuxury move-up homesoMillennial-focused luxury first-time homesoActive-adult and second homesoMaster-planned communities; resort-style golf and country clublivingoToll Brothers City Living: luxury mid- and high-rise urban for-salecommunitiesoToll Brothers Apartment Living and Toll Brothers Campus Living:luxury for-rent urban, suburban, and student housing communities FINANCIAL AND MANAGEMENT STRENGTH •Liquidity of $3.07 billion: $1.30 billion in cash and $1.77 billion availableunder our $1.96 billion, 23-bank, 5-year revolving credit facility•$650 million, 12-bank, 4-year term loan•Over $18.8 billion in corporate and joint venture financing transactionscompleted in the last 5 years•Debt-to-capital ratio of 27.0%; net debt-to-capital ratio†of 15.2%•Focus on driving return on equity through more capital-efficient landbuying, product optimization, and other strategies•Seasoned executive management team: average 21-year tenure withToll Brothers DECEMBER 2024 DEAR SHAREHOLDER Fiscal 2024 was a milestone year for Toll Brothers. For the first time in our history, wegenerated $10.6 billion of home sales revenues, over $2.0 billion of pre-tax income andover $1.5 billion of net income. We produced record earnings per diluted share of$15.01, a 21% increase over fiscal 2023, and our return on beginning equity was23.1%, the third consecutive year above 20%. We delivered 10,813 homes at anaverage price of approximately $977,000, and with an adjusted gross margin†of 28.4%.Our SG&A expense was 9.3% of home sales revenues and our operating margin was18.8%. In addition, we grew contracts by 27% in both units and dollars and increasedcommunity count by 10% to 408 communities at year-end, positioning us for continuedgrowth in fiscal 2025 and beyond. During the year, we generated $1.0 billion of cashflow from operations and returned $720 million to stockholders through sharerepurchases and dividends, reducing our outstanding share count by nearly 5% in fiscal2024. This outstanding performance – even as mortgage rates remained elevated over thepast year – demonstrates the power of our luxury brand, the financial strength of ourbuyers, and the success of our multi-year strategy of increasing spec home production,widening our geographies, price points and product lines, and focusing on capitalefficiency. More broadly, it underscores the fundamental transformation that we, andmany of the nation’s other large, publicly traded homebuilders, have made to ourbusiness models and operations over the past decade. We have grown revenues andgained market share, lowered leverage, de-risked balance sheets, improved capitalefficiency and generated strong cash flows, all of which has allowed us to return asubstantial amount of capital to investors. Our Strategy to Propel Growth Several years ago, Toll Brothers began executing on a strategy that, at its core, wasfocused on improving returns on the capital entrusted to us by our shareholders. Thisincluded a plan for strategic growth and expansion that has allowed us to reach a largershare of the luxury market while mitigating geographic and product concentration risks.We now operate in over 60 markets across 24 states and we offer the greatest variety ofhomes in the industry – from luxury single family homes to upscale townhomes andactive adult communities. Our home prices range from the $300,000s to over $5 million,and well over 25% of our homebuyers paid all cash in our fourth quarter. We have beenable to enter new markets and expand our offerings while preserving all the qualitiesthat set us apart as America’s luxury homebuilder – an impeccable brand, our affluent customer base, prestigious locations, distinctive architecture, unrivaled choice, and anextraordinary customer experience. Toll Brothers build-to-order homes have always been the hallmark of luxury in theindustry. Our Design Studios, the retail-like spaces where home buyers choose theirfinishing