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CLAIM #927 · Toll Brothers Inc (TOL) · 2023Q4 earnings call · Dec 6, 2023 · due Oct 31, 2024

So let's just say if the average is 26 for the company, maybe affordable luxury, active adult is pushing up to 30 and move up is in call it the 22 to 24 range.

Douglas Yearley · CEO

PENDING
graded after results covering Oct 31, 2024 are reported

How to check this claim

Look at: Company-wide average sales (absorptions) per community for fiscal year 2024

It came true if: Full-year 2024 sales per community >= 26 (i.e., above the prior 24-25 range)

Where: management commentary / company-disclosed absorption pace on quarterly earnings calls or 10-K

In context

5 million boomers are driving the most action in those two segments for us. So we're getting close to where we want to be with a little bit of fluidity as it moves quarter to quarter, but most of the hard work is behind us. Stephen Kim: And absorptions? Douglas Yearley: Thank you. So the last couple of years we've been running at 24, 25 sales per community per year for the company. I think heading into 2024, particularly with rates moving down, economic outlooks beginning to improve, a sense that the FED is done or very close to being done we believe we're going to do better than that 24 to 25 overall for the company. And of course, we have higher absorptions in both affordable luxury and active-adult move down because the price point is lower, there's more buyers with those demographics. So let's just say if the average is 26 for the company, maybe affordable luxury, active adult is pushing up to 30 and move up is in call it the 22 to 24 range. Stephen Kim: Okay, that's helpful. Appreciate it. Next question is related to inventory. Was curious if you could give us a sense maybe, Marty, what your expectations are for inventory dollars, either in -- either for the average of full year 2024 or by year end 2024. Maybe you could put it in terms of inventory turns if you like, or in just the dollar change. And at year end -- at the end of fourth quarter, what was your sticks and bricks number? Martin Connor: I'll let the team scramble to find that sticks and bricks number. In terms of inventory turns, it's a focus of ours. Our spec strategy should improve that. Our mix shift to more affordable luxury and more active adult which are easier to help with that turns, they're quicker to build should be important for us. We do have a number

Verify independently

SEC filings for TOL · Claim quote is verbatim from the 2023Q4 earnings call.