This document is Toll Brothers' annual report which summarizes their strong financial performance in fiscal year 2005, ending October 31, 2005. Some key points:
- Toll Brothers had record results in 2005 with net income up 97% to $806.1 million, earnings per share up 90% to $4.78, total revenues up 50% to $5.79 billion, and contracts and backlog also up significantly.
- They attribute their success to expanding their operations nationally, developing high-quality communities across various luxury housing segments, and having over 83,000 home sites under control to support future growth.
- Looking ahead, Toll Brothers expects continued growth through expanding their community count and believes housing market fundament
The document is a private equity investment deck that provides quarterly data and analysis for Q1 2013. It shows that total private equity investment value reached nearly $6 billion for Q1 2013, continuing an upward trend. The majority of deals were between $5-25 million. Exits increased in value to over $1.6 billion primarily through M&A transactions. Key sectors like software, healthcare, and IT saw the most investment activity.
1) Constellation Brands is a leading producer and marketer of beverage alcohol brands in North America and the UK.
2) In 2002, Constellation Brands reported gross sales of $3.6 billion, net sales of $2.8 billion, operating income of $342 million, and net income of $136 million.
3) As the second largest supplier of wine, beer, and distilled spirits in the US, Constellation Brands has a broad portfolio of brands that provides opportunities to satisfy consumer preferences across multiple categories of beverage alcohol.
This document is the 2008 Annual Report of The Clorox Company. It summarizes the company's financial highlights for fiscal year 2008, including net sales of $5.3 billion, net earnings of $899 million, and net cash provided by operations of $730 million. It discusses the company's focus on its Centennial Strategy, aimed at delivering double-digit annual growth in economic profit. Key accomplishments in fiscal 2008 included sales growth of 9%, cost savings of $93 million, and progress on strategic priorities around engagement, innovation, and growth. The report expresses confidence that Clorox is well-positioned in a challenging cost environment through its trusted brands, consumer insights, and operational focus.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
The document provides an overview of Barrick Gold Corporation's presentation at the Scotia Capital's Precious Metals Conference on November 27, 2007. It includes summaries of Barrick's financial performance in Q3 2007, outlook for 2007, focus on project execution including the Nevada power plant and Yanacocha gold mill, exploration and development pipeline including Conga and Akyem, and the proposed acquisition of Miramar Mining and its Hope Bay project. Charts are included showing historical gold prices, gold ETF holdings, Barrick's costs applicable to sales and equity gold sales in Q3 2007.
This annual report summarizes Dole Food Company's financial performance in 1997. Some key points:
- Revenues grew 13% to $4.3 billion and cash flow from operations grew 10% to $372 million.
- Net income grew 23% to $160.2 million, excluding a 1996 charge. Net debt was reduced by $154 million.
- The company focused on growing its core fresh fruit and vegetable business while liquidating underperforming assets.
- Looking forward, the company aims to continue expanding globally, particularly in Asia, to take advantage of new opportunities for growth.
Target Corporation's annual report for 2004 highlights the company's financial performance and strategic initiatives. Revenues grew 17% over the past 5 years to $46.8 billion in 2004. Earnings before interest and taxes grew 165% to $3.6 billion in the same period. The company sold its Mervyn's and Marshall Field's business units for $4.9 billion in pretax cash proceeds. Target also authorized a $3 billion share repurchase program. The report discusses Target's strategy of delivering quality, trend-right merchandise at compelling prices under its "Expect More. Pay Less." brand promise through product design, exclusive brands, store experience, and marketing campaigns. Target expects to operate about 2,000 stores by
Target Corporation reported strong financial results in 2003, with revenues reaching $48.2 billion, an increase of 10% from 2002. Net earnings grew 12% to $1.8 billion. Target opened 101 new stores in 2003, expanding its retail square footage by 8.8% as it pursued profitable growth. The annual report discusses Target's strategies to drive guest traffic and sales, such as focusing on consumable categories and offering exclusive design partnerships. It also outlines plans to continue expanding the Target store base and pursuing other initiatives to create value for shareholders.
The document is a private equity investment deck that provides quarterly data and analysis for Q1 2013. It shows that total private equity investment value reached nearly $6 billion for Q1 2013, continuing an upward trend. The majority of deals were between $5-25 million. Exits increased in value to over $1.6 billion primarily through M&A transactions. Key sectors like software, healthcare, and IT saw the most investment activity.
1) Constellation Brands is a leading producer and marketer of beverage alcohol brands in North America and the UK.
2) In 2002, Constellation Brands reported gross sales of $3.6 billion, net sales of $2.8 billion, operating income of $342 million, and net income of $136 million.
3) As the second largest supplier of wine, beer, and distilled spirits in the US, Constellation Brands has a broad portfolio of brands that provides opportunities to satisfy consumer preferences across multiple categories of beverage alcohol.
This document is the 2008 Annual Report of The Clorox Company. It summarizes the company's financial highlights for fiscal year 2008, including net sales of $5.3 billion, net earnings of $899 million, and net cash provided by operations of $730 million. It discusses the company's focus on its Centennial Strategy, aimed at delivering double-digit annual growth in economic profit. Key accomplishments in fiscal 2008 included sales growth of 9%, cost savings of $93 million, and progress on strategic priorities around engagement, innovation, and growth. The report expresses confidence that Clorox is well-positioned in a challenging cost environment through its trusted brands, consumer insights, and operational focus.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
The document provides an overview of Barrick Gold Corporation's presentation at the Scotia Capital's Precious Metals Conference on November 27, 2007. It includes summaries of Barrick's financial performance in Q3 2007, outlook for 2007, focus on project execution including the Nevada power plant and Yanacocha gold mill, exploration and development pipeline including Conga and Akyem, and the proposed acquisition of Miramar Mining and its Hope Bay project. Charts are included showing historical gold prices, gold ETF holdings, Barrick's costs applicable to sales and equity gold sales in Q3 2007.
This annual report summarizes Dole Food Company's financial performance in 1997. Some key points:
- Revenues grew 13% to $4.3 billion and cash flow from operations grew 10% to $372 million.
- Net income grew 23% to $160.2 million, excluding a 1996 charge. Net debt was reduced by $154 million.
- The company focused on growing its core fresh fruit and vegetable business while liquidating underperforming assets.
- Looking forward, the company aims to continue expanding globally, particularly in Asia, to take advantage of new opportunities for growth.
Target Corporation's annual report for 2004 highlights the company's financial performance and strategic initiatives. Revenues grew 17% over the past 5 years to $46.8 billion in 2004. Earnings before interest and taxes grew 165% to $3.6 billion in the same period. The company sold its Mervyn's and Marshall Field's business units for $4.9 billion in pretax cash proceeds. Target also authorized a $3 billion share repurchase program. The report discusses Target's strategy of delivering quality, trend-right merchandise at compelling prices under its "Expect More. Pay Less." brand promise through product design, exclusive brands, store experience, and marketing campaigns. Target expects to operate about 2,000 stores by
Target Corporation reported strong financial results in 2003, with revenues reaching $48.2 billion, an increase of 10% from 2002. Net earnings grew 12% to $1.8 billion. Target opened 101 new stores in 2003, expanding its retail square footage by 8.8% as it pursued profitable growth. The annual report discusses Target's strategies to drive guest traffic and sales, such as focusing on consumable categories and offering exclusive design partnerships. It also outlines plans to continue expanding the Target store base and pursuing other initiatives to create value for shareholders.
QUALCOMM had a record year in 2004 with increased revenue, earnings, and operating cash flows due to growing adoption of 3G CDMA technology and advanced devices. Key highlights include:
- CDMA2000 and WCDMA 3G networks expanded significantly worldwide, driving strong demand for QUALCOMM's chipsets. QUALCOMM shipped over 137 million chipsets in fiscal year 2004, more than doubling the prior year's shipments.
- Mobile data usage increased as high-speed 3G networks and BREW-enabled devices enabled new multimedia services. Over 200 million BREW applications have been downloaded.
- South Korea and Japan led the rollout of 1xEV-DO wireless broadband networks, achieving over 10
The document is a 2012 private equity reporting deck that provides an overview of private equity investments from 2007 to 2012. It includes statistics on deal volume and value over time as well as breakdowns of deals by type. Key information provided includes over 6,000 private equity, venture capital and M&A deals recorded with a total value of over $150 billion. Deal volumes and values peaked in 2007 and have declined since. The majority of deals and deal value are from private equity deals, followed by venture capital deals. Contact information is provided to request a demo of the private equity reporting platform.
M&A Trends, Valuation and Financial Preparation for an M&A DealWhitmeyerTuffin
This document provides a summary of M&A market activity and valuations for 2011. Key points include:
- Private equity groups have $490 billion of dry powder to invest in deals. However, relatively few high-performing target companies exist compared to available capital.
- Valuations have rebounded from lows in 2008-2009, with total enterprise value to EBITDA multiples between 5-7x for lower middle market deals of $10-250 million.
- Strategic buyers and private equity groups remain active in emerging growth and middle market M&A, seeking growth opportunities without taking on significant risk. Modest economic growth also supports the buy versus build strategy.
The document provides pricing information for forged wheels from ISS for the 2011 model year. It lists prices per wheel for various 3-piece wheel models in diameters ranging from 18 to 26 inches across ISS's Gran Turismo, Sport Compact, and Race series. Additional options and customization prices are also provided.
The document is a 2011 private equity reporting deck that provides an overview of private equity deals, exits, and funds. It includes statistics on total deal volume and value from 2006 to 2011, breakdowns of deals by type and sector, and trends in median/average deal size, exit types, and funds raised and launched. Key metrics and year-over-year comparisons are displayed in tables and charts.
This document summarizes key performance indicators for a Brazilian utility company from 2006 to 2007. Some of the main points are:
- The percentage of captive consumers increased from 97.5% in 2006 to 99.5% in 2007.
- Total market size grew from 38,183 customers in 2006 to 39,932 in 2007.
- Capex spending was BRL433.5 million in 2006 and BRL444 million in 2007, with most spent on system expansion and maintenance.
- EBITDA declined from BRL2,490.8 million in 2006 to BRL2,312.3 million in 2007, while adjusted EBITDA margin fell from 33.3% to 30.
03/31/2008 - 4Q07 and 2007 Earnings Call PresentationAES Tietê
This document summarizes the electricity market in a particular country over several years:
1) Captive consumers made up 80% of the market in 2007, while free clients were only 18.8% and potentially free clients were 1.2%.
2) Total market size grew from 31,656 customers in 2006 to 38,183 in 2007.
3) Technical and commercial losses decreased between 2004 and 2007, with technical losses dropping from 7% to 5% and commercial losses falling from 6.5% to 6.5%.
4) Capital expenditures focused on customer service/system expansion, maintenance, information technology, and loss recovery. Self-financed investments also increased over the period shown.
The private equity investment trends document presented data showing:
1) Private equity investment got off to a slow start in 2012 with fewer deals and less capital invested compared to previous years.
2) Healthcare and information technology industries increased their share of deal volume in 2012.
3) Business products and services and consumer products and services captured the largest share of capital invested in the first half of 2012.
4) Middle market deals between $50-$250 million dominated private equity deal activity.
5) Add-on acquisitions, which are acquisitions by portfolio companies, continued to represent about half of total buyout activity.
- Yahoo reported Q2 2009 financial results on July 21, 2009.
- Total revenue was $1.57 billion, down 13% year-over-year. However, revenue excluding traffic acquisition costs (Revenue ex-TAC) was $1.14 billion, down 16% year-over-year.
- Operating cash flow was $385 million, a 10% decrease from the previous year, representing 34% of Revenue ex-TAC.
Barry-Wehmiller Companies CEO Robert Chapman discusses leadership and achieving principled results with a purpose. He shares that after 30 years as CEO, he has come to understand the importance of leadership. Chapman then provides three examples of how leadership can positively impact people's lives: 1) Inspiring a safety covenant that reduced injuries, 2) A customer service "game" that increased sales and motivation, and 3) Transforming an acquired company from major losses to profits through vision and inspiration. Chapman encourages discovering one's purpose and using leadership to inspire others.
The document is Timken Company's 2004 annual report. It discusses:
1) Timken achieved record sales of $4.5 billion in 2004, a 19% increase over 2003, and net income nearly quadrupled to $135.7 million.
2) The company strengthened its financial position in 2004, lowering its debt-to-capital ratio despite higher working capital needs.
3) Timken made progress integrating its largest acquisition, The Torrington Company, and realized $80 million in integration savings, ahead of target.
This document summarizes financial statistics for Toll Brothers, Inc., a home construction company, from 1997 to 2008. Over this period, the number of selling communities increased from 116 to 300 then decreased to 273 by 2008. Total sales agreements signed peaked at 10,372 in 2005 and fell to 2,927 by 2008. Profits margins such as operating margin and pretax margin were positive from 1997 to 2006 but turned negative in 2007 and 2008. Debt levels as a percentage of total capitalization generally declined from the late 1990s to mid-2000s.
This document provides an overview of a growth company in the home building industry. It highlights the company's strong financial performance over the last decade including 11 consecutive years of record earnings. It also emphasizes the company's growth potential through expanding its community count and large land holdings. Finally, it discusses the company's diversification into new product lines and geographic markets which will drive continued growth.
- Perini Corporation acquired Rudolph and Sletten, a California-based building company, in October 2005 which added $650 million in annual revenues.
- In 2005, Perini reported record revenues of $1.73 billion and a record backlog of $7.9 billion at the end of the year, though net income was impacted by a $24.9 million legal charge.
- Key projects awarded in 2005 included MGM's $3.4 billion CityCenter project in Las Vegas and over $1.28 billion in work on The Cosmopolitan resort and casino.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and press release, and is not being reconfirmed or updated in this filing.
United Stationers focuses on six value drivers to achieve profitable growth:
1) Deliver profitable sales growth through product initiatives, marketing capabilities, and new channels
2) Drive out waste through cost reduction programs like WOW 2 to lower expenses
3) Expand private brand sales which offer higher margins for United and customers
4) Optimize assets like inventory and accounts payable to improve cash flow
5) Unlock value from acquisitions like ORS Nasco which expands into industrial supplies
6) Enhance marketing capabilities with technology improvements to catalogs and customer tools
United made progress in 2007 on these drivers through category growth, cost savings, higher private brand sales, and the ORS Nasco acquisition, helping
In 2005, Perini Corporation significantly increased its construction backlog to a record $7.9 billion, nearly half of which was attributable to the MGM MIRAGE's CityCenter project in Las Vegas. This increase was also due in part to acquisitions of Rudolph and Sletten and Cherry Hill Construction. Perini's diversified portfolio demonstrated the experience and versatility of its employees and project management teams.
The document is MGM MIRAGE's 2007 annual report detailing their CityCenter project in Las Vegas. It describes the various components of CityCenter, including hotels, condo towers, retail space, and financial highlights. Some key points:
- CityCenter is a 76-acre, $18 billion privately funded project, the largest in US history. It includes multiple hotels, condo towers, and retail space designed by renowned architects.
- ARIA is a 61-story, 4,000 room hotel and conference center. Vdara is a 57-story condo-hotel tower with over 1,500 units. Other components include condo towers, hotels, retail space, and entertainment venues.
Toll Brothers is the leading builder of luxury homes in the United States. It operates in six regions across 21 states and 41 markets. In fiscal year 2001, Toll Brothers achieved record revenues of $2.23 billion, record contracts of $1.81 billion, and record net income of $213.7 million, representing its ninth consecutive year of record earnings. Toll Brothers focuses on move-up, empty-nester, and active-adult home buyers and expects continued strong demand from these segments going forward due to favorable demographics.
1) The document provides financial highlights from Google's Q3 2006 earnings call, including 70% year-over-year revenue growth and plans to acquire YouTube for $1.65 billion in stock.
2) Revenue growth was driven by increased monetization and traffic, with strong growth across advertisers. Operating income and net income reached record levels.
3) Google continued focusing on innovation and user experience while also forming new partnerships with companies like Fox, eBay, and Intuit.
- The document discusses Google's Q3 2006 earnings conference call, reporting 70% year-over-year revenue growth and 10% quarter-over-quarter growth driven by increased monetization and traffic.
- Operating income and net income reached record levels, and the company continued investing in products and infrastructure while forming new partnerships.
- Google agreed to acquire YouTube for $1.65 billion in stock, hoping to enable anyone to upload, watch and share videos worldwide.
- Google reported strong Q3 2006 financial results, with 70% year-over-year revenue growth and 10% quarter-over-quarter growth driven by increased monetization and traffic gains.
- Revenue was $2.69 billion for Q3 2006, with international revenue accounting for 56% of the total.
- Costs of revenue were 39% of total revenue, with research and development accounting for 11.6% and sales and marketing at 7.7% of revenue.
- The acquisition of YouTube for $1.65 billion in stock was announced and expected to close in October.
QUALCOMM had a record year in 2004 with increased revenue, earnings, and operating cash flows due to growing adoption of 3G CDMA technology and advanced devices. Key highlights include:
- CDMA2000 and WCDMA 3G networks expanded significantly worldwide, driving strong demand for QUALCOMM's chipsets. QUALCOMM shipped over 137 million chipsets in fiscal year 2004, more than doubling the prior year's shipments.
- Mobile data usage increased as high-speed 3G networks and BREW-enabled devices enabled new multimedia services. Over 200 million BREW applications have been downloaded.
- South Korea and Japan led the rollout of 1xEV-DO wireless broadband networks, achieving over 10
The document is a 2012 private equity reporting deck that provides an overview of private equity investments from 2007 to 2012. It includes statistics on deal volume and value over time as well as breakdowns of deals by type. Key information provided includes over 6,000 private equity, venture capital and M&A deals recorded with a total value of over $150 billion. Deal volumes and values peaked in 2007 and have declined since. The majority of deals and deal value are from private equity deals, followed by venture capital deals. Contact information is provided to request a demo of the private equity reporting platform.
M&A Trends, Valuation and Financial Preparation for an M&A DealWhitmeyerTuffin
This document provides a summary of M&A market activity and valuations for 2011. Key points include:
- Private equity groups have $490 billion of dry powder to invest in deals. However, relatively few high-performing target companies exist compared to available capital.
- Valuations have rebounded from lows in 2008-2009, with total enterprise value to EBITDA multiples between 5-7x for lower middle market deals of $10-250 million.
- Strategic buyers and private equity groups remain active in emerging growth and middle market M&A, seeking growth opportunities without taking on significant risk. Modest economic growth also supports the buy versus build strategy.
The document provides pricing information for forged wheels from ISS for the 2011 model year. It lists prices per wheel for various 3-piece wheel models in diameters ranging from 18 to 26 inches across ISS's Gran Turismo, Sport Compact, and Race series. Additional options and customization prices are also provided.
The document is a 2011 private equity reporting deck that provides an overview of private equity deals, exits, and funds. It includes statistics on total deal volume and value from 2006 to 2011, breakdowns of deals by type and sector, and trends in median/average deal size, exit types, and funds raised and launched. Key metrics and year-over-year comparisons are displayed in tables and charts.
This document summarizes key performance indicators for a Brazilian utility company from 2006 to 2007. Some of the main points are:
- The percentage of captive consumers increased from 97.5% in 2006 to 99.5% in 2007.
- Total market size grew from 38,183 customers in 2006 to 39,932 in 2007.
- Capex spending was BRL433.5 million in 2006 and BRL444 million in 2007, with most spent on system expansion and maintenance.
- EBITDA declined from BRL2,490.8 million in 2006 to BRL2,312.3 million in 2007, while adjusted EBITDA margin fell from 33.3% to 30.
03/31/2008 - 4Q07 and 2007 Earnings Call PresentationAES Tietê
This document summarizes the electricity market in a particular country over several years:
1) Captive consumers made up 80% of the market in 2007, while free clients were only 18.8% and potentially free clients were 1.2%.
2) Total market size grew from 31,656 customers in 2006 to 38,183 in 2007.
3) Technical and commercial losses decreased between 2004 and 2007, with technical losses dropping from 7% to 5% and commercial losses falling from 6.5% to 6.5%.
4) Capital expenditures focused on customer service/system expansion, maintenance, information technology, and loss recovery. Self-financed investments also increased over the period shown.
The private equity investment trends document presented data showing:
1) Private equity investment got off to a slow start in 2012 with fewer deals and less capital invested compared to previous years.
2) Healthcare and information technology industries increased their share of deal volume in 2012.
3) Business products and services and consumer products and services captured the largest share of capital invested in the first half of 2012.
4) Middle market deals between $50-$250 million dominated private equity deal activity.
5) Add-on acquisitions, which are acquisitions by portfolio companies, continued to represent about half of total buyout activity.
- Yahoo reported Q2 2009 financial results on July 21, 2009.
- Total revenue was $1.57 billion, down 13% year-over-year. However, revenue excluding traffic acquisition costs (Revenue ex-TAC) was $1.14 billion, down 16% year-over-year.
- Operating cash flow was $385 million, a 10% decrease from the previous year, representing 34% of Revenue ex-TAC.
Barry-Wehmiller Companies CEO Robert Chapman discusses leadership and achieving principled results with a purpose. He shares that after 30 years as CEO, he has come to understand the importance of leadership. Chapman then provides three examples of how leadership can positively impact people's lives: 1) Inspiring a safety covenant that reduced injuries, 2) A customer service "game" that increased sales and motivation, and 3) Transforming an acquired company from major losses to profits through vision and inspiration. Chapman encourages discovering one's purpose and using leadership to inspire others.
The document is Timken Company's 2004 annual report. It discusses:
1) Timken achieved record sales of $4.5 billion in 2004, a 19% increase over 2003, and net income nearly quadrupled to $135.7 million.
2) The company strengthened its financial position in 2004, lowering its debt-to-capital ratio despite higher working capital needs.
3) Timken made progress integrating its largest acquisition, The Torrington Company, and realized $80 million in integration savings, ahead of target.
This document summarizes financial statistics for Toll Brothers, Inc., a home construction company, from 1997 to 2008. Over this period, the number of selling communities increased from 116 to 300 then decreased to 273 by 2008. Total sales agreements signed peaked at 10,372 in 2005 and fell to 2,927 by 2008. Profits margins such as operating margin and pretax margin were positive from 1997 to 2006 but turned negative in 2007 and 2008. Debt levels as a percentage of total capitalization generally declined from the late 1990s to mid-2000s.
This document provides an overview of a growth company in the home building industry. It highlights the company's strong financial performance over the last decade including 11 consecutive years of record earnings. It also emphasizes the company's growth potential through expanding its community count and large land holdings. Finally, it discusses the company's diversification into new product lines and geographic markets which will drive continued growth.
- Perini Corporation acquired Rudolph and Sletten, a California-based building company, in October 2005 which added $650 million in annual revenues.
- In 2005, Perini reported record revenues of $1.73 billion and a record backlog of $7.9 billion at the end of the year, though net income was impacted by a $24.9 million legal charge.
- Key projects awarded in 2005 included MGM's $3.4 billion CityCenter project in Las Vegas and over $1.28 billion in work on The Cosmopolitan resort and casino.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and press release, and is not being reconfirmed or updated in this filing.
United Stationers focuses on six value drivers to achieve profitable growth:
1) Deliver profitable sales growth through product initiatives, marketing capabilities, and new channels
2) Drive out waste through cost reduction programs like WOW 2 to lower expenses
3) Expand private brand sales which offer higher margins for United and customers
4) Optimize assets like inventory and accounts payable to improve cash flow
5) Unlock value from acquisitions like ORS Nasco which expands into industrial supplies
6) Enhance marketing capabilities with technology improvements to catalogs and customer tools
United made progress in 2007 on these drivers through category growth, cost savings, higher private brand sales, and the ORS Nasco acquisition, helping
In 2005, Perini Corporation significantly increased its construction backlog to a record $7.9 billion, nearly half of which was attributable to the MGM MIRAGE's CityCenter project in Las Vegas. This increase was also due in part to acquisitions of Rudolph and Sletten and Cherry Hill Construction. Perini's diversified portfolio demonstrated the experience and versatility of its employees and project management teams.
The document is MGM MIRAGE's 2007 annual report detailing their CityCenter project in Las Vegas. It describes the various components of CityCenter, including hotels, condo towers, retail space, and financial highlights. Some key points:
- CityCenter is a 76-acre, $18 billion privately funded project, the largest in US history. It includes multiple hotels, condo towers, and retail space designed by renowned architects.
- ARIA is a 61-story, 4,000 room hotel and conference center. Vdara is a 57-story condo-hotel tower with over 1,500 units. Other components include condo towers, hotels, retail space, and entertainment venues.
Toll Brothers is the leading builder of luxury homes in the United States. It operates in six regions across 21 states and 41 markets. In fiscal year 2001, Toll Brothers achieved record revenues of $2.23 billion, record contracts of $1.81 billion, and record net income of $213.7 million, representing its ninth consecutive year of record earnings. Toll Brothers focuses on move-up, empty-nester, and active-adult home buyers and expects continued strong demand from these segments going forward due to favorable demographics.
1) The document provides financial highlights from Google's Q3 2006 earnings call, including 70% year-over-year revenue growth and plans to acquire YouTube for $1.65 billion in stock.
2) Revenue growth was driven by increased monetization and traffic, with strong growth across advertisers. Operating income and net income reached record levels.
3) Google continued focusing on innovation and user experience while also forming new partnerships with companies like Fox, eBay, and Intuit.
- The document discusses Google's Q3 2006 earnings conference call, reporting 70% year-over-year revenue growth and 10% quarter-over-quarter growth driven by increased monetization and traffic.
- Operating income and net income reached record levels, and the company continued investing in products and infrastructure while forming new partnerships.
- Google agreed to acquire YouTube for $1.65 billion in stock, hoping to enable anyone to upload, watch and share videos worldwide.
- Google reported strong Q3 2006 financial results, with 70% year-over-year revenue growth and 10% quarter-over-quarter growth driven by increased monetization and traffic gains.
- Revenue was $2.69 billion for Q3 2006, with international revenue accounting for 56% of the total.
- Costs of revenue were 39% of total revenue, with research and development accounting for 11.6% and sales and marketing at 7.7% of revenue.
- The acquisition of YouTube for $1.65 billion in stock was announced and expected to close in October.
The document was an investor day presentation for 2010. It discussed emerging stronger from challenging economic times. The agenda included sessions on strategic overview, global components, global ECS, and financial overview. It noted key actions successful companies take after recessions like profitable market share growth and expense reductions. Charts showed opportunities to increase market share in components and the size of IT markets. The strategic framework focused on profitable market share growth, operational efficiency, and shifting investment to sales excellence.
2011 sts marketing college travel green presentation part 2Doug Arbogast
Marketing geotourism assets requires focusing on the best tourists through market selectivity and concentrating on geotourism segments. This can help ensure sustained demand and a sustainable place. Stewardship councils can coordinate geotourism strategies, promote sustainability, gather content, advise on threats and opportunities, and work with tourism offices to both promote and protect geotourism assets. Educating all stakeholders is essential to fostering collaboration and determining a focus region.
Diane Watson | Research to improve public confidence and views on quality in ...Sax Institute
Dr Diane Watson, (then International Visiting Health Services Research Fellow at the Sax Institute from the University of British Columbia, Canada) spoke with the HARC network in April 2009 about ways to strengthen public confidence in the hospital system through research and analysis.
HARC stands for the Hospital Alliance for Research Collaboration. HARC is a collaborative network of researchers, health managers, clinicians and policy makers based in NSW, Australia managed by the Sax Institute.
HARC Forums bring members of the HARC network together to discuss the latest research and analysis about important issues facing our hospitals.
For more information visit saxinstitute.org.au.
- Yahoo reported Q2 2009 financial results on July 21, 2009.
- Total revenue was $1.57 billion, down 13% year-over-year. However, revenue excluding traffic acquisition costs (Revenue ex-TAC) was $1.14 billion, down 16% year-over-year.
- Operating cash flow was $385 million, a 10% decrease from the previous year, representing 34% of Revenue ex-TAC.
1) Google reported 70% year-over-year revenue growth and 10% quarter-over-quarter revenue growth for Q3 2006. Revenue growth was driven primarily by increased monetization and traffic gains.
2) Operating income and net income reached record levels for the company. Google also continued its focus on innovation and partnerships.
3) Google agreed to acquire YouTube for $1.65 billion in stock, with the goal of enabling anyone to upload, watch and share videos worldwide. The acquisition was expected to close in Q4 2006.
This 2004 annual report summarizes Toll Brothers' excellent financial performance in fiscal year 2004, with record levels of net income, revenues, sales contracts, and backlog. It also outlines Toll Brothers' strategy of focusing on the luxury home market, its strong national land position, and growth opportunities. The report expresses confidence that demand for luxury homes will remain strong due to favorable demographic trends, and that Toll Brothers is well positioned for continued growth and market share gains.
This 2004 annual report summarizes Toll Brothers' excellent financial performance in fiscal year 2004, with record levels of net income, revenues, sales contracts, and backlog. It attributes this success to strong demand for luxury homes driven by demographic factors. The report also outlines Toll Brothers' growth strategies, solid financial position, and nationwide opportunities that position it for continued expansion and exceptional growth.
Southwest Airlines reported its 34th consecutive year of profitability in 2006. Despite higher fuel costs and challenges, profits increased nearly 40% over 2005 through strong revenue growth and excellent cost controls. The repeal of the Wright Amendment opened new routes from Dallas Love Field. Looking ahead, Southwest is well positioned for continued growth and success.
This document provides property listing details and mortgage loan estimates for 22700 Mulholland Drive in Woodland Hills, CA. The 4 bedroom, 2.5 bathroom home on over 10,000 square feet of land is listed for $980,000. The document then provides estimates for a conventional 20% down and 26% down loan on the property, including principal and interest payments, taxes, insurance, and total monthly costs.
Detail on completed domestic M&A deals over the past 10 years by type of consideration (cash, stock, or cash & stock). The vast majority of deals have been cash, with cash deal values peaking at the height of the availability of “cheap" money in 2007. Cash deals also have had the lowest and most consistent average value over the years. Stock deals had their largest years during the height of the internet/tech bubble in ‘99/’00.
Mark Jones- Resources & Energy Symposium 2012Symposium
This document discusses enterprise optimization and increasing the net present value (NPV) of mining projects by 5-35%. It describes how optimizing across all parts of the value chain, assets, and time periods can provide significant value compared to analyzing parts in isolation. As an example, optimizing mining, processing, and marketing simultaneously for a copper/gold project increased NPV by over $200 million to $1.6 billion compared to analyzing components separately. The case study shows most value comes from coordinating production schedules, cut-off grades, stockpiling, and sequencing of open pit phases.
Holly Corporation is an oil refining and marketing company operating refineries in Montana and New Mexico. In its 2002 annual report, Holly Corporation reported a net income of $32 million on sales of $889 million, down from $73 million in net income the previous year. Holly Corporation also discussed ongoing litigation, expansion projects at its Navajo Refinery in New Mexico, and continued implementation of cost reduction initiatives.
- Century Aluminum reported financial results for the first quarter of 2009 with a net loss of $115 million compared to a net loss of $694 million in the fourth quarter of 2008.
- Operations have been impacted by weak end markets with plants performing safely though further capacity curtailments may be required to balance the aluminum market.
- The company has taken aggressive actions to reduce costs including full curtailment of the Ravenswood plant, curtailment of a potline at Hawesville, and production cuts at other facilities. Liquidity was also improved through an equity offering and tax refunds providing $267 million of cash on hand.
- While signs of potential market stabilization are emerging, the macro
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth. Revenue increased 19% sequentially led by growth in international markets like Germany and France. Costs and expenses grew at a slower rate than revenue. As a result, net income increased 40% year-over-year while operating margins expanded. Going forward, Google will continue investing in growth areas like international expansion and mobile partnerships to maintain market leadership in search and advertising.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth. Revenue increased 19% sequentially led by growth in international markets like Germany and France. Costs and expenses grew at a slower rate than revenue. As a result, net income increased 40% year-over-year while operating margins expanded. Going forward, Google will continue investing in growth areas like international expansion and mobile partnerships.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth and 19% quarter-over-quarter growth. Revenues increased due to a healthy holiday season with strong traffic growth as well as international revenue growth, particularly in Germany and France. Costs and expenses grew but Google continued investing aggressively in employees and infrastructure for long term success. Non-GAAP net income was $997.3 million, up 23% from the previous quarter.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Revenue and profitability increased due to higher vehicle and service volumes, price increases, and favorable product mix. However, order bookings for trucks have declined 51% in Western Europe and 34% in Central and Eastern Europe. While flexible production has helped, earnings forecasts for 2009 are not provided due to economic uncertainty. The service business continues growing with increased traffic and workshop utilization.
HQ Bank has experienced volume driven growth in its credit portfolio over the past 9 months of 2008. While the portfolio increased 8% in local currencies, bad debt provisions increased in several markets. The bank has a well balanced portfolio that is diversified across exposure levels, geographic areas, and products. It maintains a conservative refinancing policy and manages risks through matched funding and credit risk management.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook remains uncertain given rapid demand fall in Q4 2008 and high industry inventory levels.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Vehicle deliveries increased 4% while service revenue grew due to the large installed base of vehicles. The outlook acknowledges earnings will be higher in 2008 than 2007 but provides no forecast for 2009 due to uncertainty.
- Scania's operating margin and net margin increased in the first nine months of 2008 compared to the same period in 2007. Net sales rose 11% while order bookings declined 29% due to lower demand in Europe.
- Earnings per share increased and the forecast for higher full-year 2008 earnings remains unchanged. However, due to lower order bookings and higher inventories, Scania will adjust production rates.
- Service revenue continued to show strong growth of 8%, while trucks deliveries increased 4% and various restructuring efforts are expected to generate annual cost savings of SEK 300 million from 2009.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook for 2009 is uncertain due to rapid demand fall in Q4 and high industry inventory levels.
This document is Scania's annual report for 2008. It discusses Scania's vision to be a leading company in its industry by creating value for customers, employees, shareholders, and society. The report outlines Scania's mission to supply high-quality vehicles and services for transporting goods and passengers in a sustainable way. It provides an overview of Scania's operations in trucks, buses, coaches, engines, and financial services. The financial reports indicate that Scania delivered 66,516 trucks, 7,277 buses and coaches, and 6,671 engines in 2008.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards or note any violations. On June 6, 2007, our Chief Executive Officer submitted this unqualified certification, indicating the company was in full compliance with NYSE standards as of that date.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards, though he may qualify the certification if needed. On June 6, 2007, our Chief Executive Officer submitted the certification with no qualification, indicating full compliance with NYSE standards as of that date.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The document outlines the Corporate Governance and Nominating Committee Charter for Perini Corporation. The purpose of the committee is to identify and evaluate potential board candidates and lead corporate governance efforts. The committee must consist of at least two independent directors appointed by the board. It has authority to retain outside advisors and meet at least twice per year. Regarding nominations, the committee evaluates candidates, recommends nominees, and assesses board independence. For corporate governance, the committee develops guidelines, reviews committee performance, and recommends criteria for director tenure.
The document is the Compensation Committee Charter for Perini Corporation. It outlines the committee's purpose of ensuring compensation programs attract and retain employees while representing fair value for shareholders. It details the committee's composition, duties, and responsibilities which include annually reviewing executive compensation programs, recommending director and CEO compensation, overseeing incentive plans, and preparing required compensation disclosures.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
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In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
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My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
TOL_2005_AR
1.
2. $5,793
$806
*
*
%
% .0
.2
$3,862
34
25 –
–
R
R G
AG AA
$2,758
CA
$409
C
$2,315
$2,208
$1,802
$260
$1,456
$220
$214
$1,206
$146
$968
$759
$102
$643
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$393
$280
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$198
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$50
$36
$28
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$10
$5
98 99 00 01 02 03 04 05
90 91 92 93 94 95 96 97
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05
Net Income (in millions)
Total Revenues (in millions)
FYE October 31
FYE October 31
1990–2005
1990–2005
The West Coast
Connecticut Massachusetts New Jersey
Los Angeles Palm Springs Sacramento
The Northeast
New York Rhode Island
San Diego San Francisco
2005 2004
2005 2004
Revenues* (in millions) $722 $573
Revenues* (in millions) $1,082 $846
Contracts (in millions) $1,078 $653
Contracts (in millions) $888 $1,213
Home Sites Controlled 12,806 11,585
Home Sites Controlled 7,943 6,797
Year-end Backlog (in millions) $956 $600
Year-end Backlog (in millions) $670 $865
The Mid-Atlantic
$6,015
The Southwest
$7,152
Delaware Maryland Pennsylvania Virginia
Arizona Colorado Nevada Texas
2005 2004 2005 2004
$5,641
$4,434
*
*
%
% Revenues* (in millions) $936 $528 Revenues* (in millions) $2,057 $1,253
.6
.6
34
28 Contracts (in millions) $1,401 $981 Contracts (in millions) $2,264 $1,788
–
–
R
R G
AG Home Sites Controlled 13,060 8,052 Home Sites Controlled 26,421 23,168
AA
$3,476
CA
$2,632
C Year-end Backlog (in millions) $1,315 $850 Year-end Backlog (in millions) $1,579 $1,372
$2,734
$1,859
$2,159
$2,135
$1,426
$1,404
$1,628
$1,383
$1,054
$1,069
The Southeast
Florida North Carolina South Carolina
Illinois Michigan Minnesota
$815
The Midwest
$885
$627
$526
$660
$587
$401
$491
$371
$285
$343
$187
$124
$230
$164
2005 2004
2005 2004
$70
Revenues* (in millions) $558 $367
Revenues* (in millions) $405 $274
01 02 03 04 05
90 91 92 93 94 95 96 97 98 99 00 Contracts (in millions) $1,082 $612
Contracts (in millions) $439 $395
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05
Backlog (in millions)
Contracts (in millions) Home Sites Controlled 17,873 5,340
Home Sites Controlled 5,023 5,247
At October 31
FYE October 31 Year-end Backlog (in millions) $1,175 $464
Year-end Backlog (in millions) $319 $284
1990–2005
1990–2005
*Revenues = Home Sales
*CAAGR – Compound Average Annual Growth Rate
(FYE) Fiscal Year End
T O L L B R O T H E R S 2 0 0 5 A N N U A L R E P O RT 1
3. The Grande Clubhouse at Frenchman's Reserve
Palm Beach Gardens, Florida
Corporate Overview
Fiscal Year End (FYE) October 31, 2005
Focus On Luxury Homes & Communities Integrated Land & Building Program Strong Financial Performance Brand Name
National presence in the luxury market Own or control over 83,000 home sites 13 consecutive years of record earnings Founded in 1967
Average delivered home price of nearly $660,000 Selling from 230 communities; expect to reach approximately 14 consecutive years of record revenues Publicly traded since 1986
265 communities by FYE 2006
Executive and estate move-up homes 15 consecutive years of record sales contracts Traded on the New York Stock Exchange and
Land acquisition, approvals and development skills contribute Pacific Exchange (TOL)
Upscale empty-nester attached and detached homes Investment-grade corporate credit ratings from Standard & Poor’s
significant profits (BBB-), Moody’s (Baa3), and Fitch (BBB) 10th largest U.S. home builder (by home sale revenues)
Active-adult, age-qualified communities
Combine high-volume home production with extensive Relationships with three dozen U.S. and global financial institutions Award-winning communities across the U.S.
Second-home communities customization offerings
Backed by $1.2 billion credit facility with 30 banks Fortune 500 Company
Urban low-, mid-, and high-rise condominiums Home buyers average $113,000 in upgrades and lot premiums,
Raised more than $1.5 billion in the public capital markets over Forbes Platinum 400 Company
21% above base house price
Luxury resort-style golf, country club, lake and
past 5 years
marina communities Apex Award Winner, Big Builder - 2004
Pre-design and pre-budget options through Toll Architecture
Highest average net profit margin of Fortune 500 home building
and Toll Integrated Systems
Championship golf courses designed by Arnold Palmer, America’s Best Builder, National Association of Home
companies over past decade
Pete Dye, Greg Norman, Peter Jacobsen, and Arthur Hills Builders - 1996
Ancillary businesses: mortgage, title, golf course development
Stock price has appreciated over 3,500% since IPO in July 1986
and management, security, landscape, land sales, cable TV and
Operations in 50 affluent markets; researching two dozen National Housing Quality Award, National Association of
broadband Internet
potential markets with similar levels of affluence Stockholders’ equity, net income, and revenues have grown at Home Builders - 1995
compound average annual rate of over 20% since 1986 IPO Builder of the Year, Professional Builder - 1988
T O L L B R O T H E R S 2 0 0 5 A N N U A L R E P O RT 2 T O L L B R O T H E R S 2 0 0 5 A N N U A L R E P O RT 3
4. The Malvern Chateau at Brandywine Hunt
Wilmington, Delaware
mid-2003. That period was an excellent one for our Company. Our
revenues rose five-fold and our earnings grew seven-fold. We grew
despite the NASDAQ implosion, a terrorist attack, a national recession
and several global financial crises. In 1995, 1997 and 2000, the Fed
raised interest rates, and mortgage rates rose to 9.2%, 8.2% and 8.6%,
respectively; today they are at 6%. Based on our performance in those
periods, we don’t believe interest rates at 6% or at 7.5% are deterrents
for our affluent buyers.
Toll Brothers is on track for growth as we continue to increase our
community count. We expect to end FY 2006 with approximately
265 selling communities, 35 more than we started the year with. To
achieve this, we project completing sales at about 110 communities,
and opening about 145. New communities generally are greeted with
pent-up demand and have a wide array of home sites to choose from,
while those where we are completing sales have a more limited
selection. Based on our community growth and assuming a healthy
rate of demand, we also anticipate record results in FY 2007.
We look to the future with cautious optimism. We believe demand
for luxury homes relies, in large measure, on consumer confidence,
which suffered following Hurricane Katrina and its impact. In the
aftermath speculative buyers fled, contributing to what we believe is
temporary excess industry inventory in what had been some of the
hottest housing markets.
We’ve experienced this before. In late 2004, in Las Vegas, speculative
buyers also fled the market, increasing the supply of inventory. This also
The Windham at The Enclave at Broadlands
occurred around 2000 in the San Francisco area, after that economy
Broomfield, Colorado
was hurt by the tech implosion. Both markets returned to normalcy
in relatively short order.
We begin our twentieth year as a public company having just We operate in an increasingly lot-constrained environment, driven by
set records each year. Affluent households continue to grow in wealth
completed our best year ever with record results in every category: growing regulation and exacerbated by anti-growth NIMBY (not-in-my-
and numbers. The Fed appears to be approaching the end of a period
This year, unfortunately, holders of our stock endured a roller coaster
backyard) politics. This is particularly true in our affluent market. As
of 13 interest rate increases, with mortgage rates still quite attractive by
ride: We began our fiscal year at $23.18 and ended at $36.91, up 57%;
Net income rose 97% over FY 2004 to $806.1 million land supply constraints get tighter, we believe that the U.S. may begin
historical standards. And household growth is projected to accelerate.
but this was 37% below our high of $58.67. We repurchased about
*
Earnings per share rose 90% to $4.78 to mirror Europe where people spend a much greater portion of their
Based on these factors, our luxury focus, proven management team,
2% of our stock over the course of the fiscal year with nearly 2 million
Total revenues rose 50% to $5.79 billion incomes for housing and get much smaller homes.
projected community count growth, land position, diversity of product
shares purchased in our fourth quarter.
Contracts rose 27% to $7.15 billion
offerings, and our strong brand and financial base, we look forward to
Backlog at year end rose 36% to $6.01 billion In this environment, we believe we are positioned to prosper. We have
future growth.
We believe that the fundamentals of supply and demand will prevail.
Return on beginning-year equity reached 42% over 440 communities in the approval or development process, and
The current economy is stronger than during the last recession, which
now control more than 83,000 home sites, compared to about 60,000
We thank our shareholders for their support and commitment; our
did not shut down demand for our homes, nor impair our ability to
Fiscal 2005’s 97% earnings growth came on top of FY 2004’s at FYE 2004. These home sites represent a five-to-six year supply, based
contractor- and supplier-partners, whose skill and craftsmanship help
57% earnings growth. And that was preceded by 17 years of on our historical 20% annual rate of growth.
build our brand; our customers, who place their dreams in our hands;
20% compound average annual net income growth, dating back to
and our associates who have made this year so exceptional and our
1986, when we went public. These results have been primarily achieved Looking forward, we believe FY 2006 should be our fourteenth
Company so strong.
through organic expansion, rather than through acquiring other consecutive year of record earnings, although we will not be able
builders. Although demographics-driven demand has been a significant to match the extraordinary pace of the past two years. To some extent,
factor in our success, we attribute much of our accomplishment to our the temporary slowdown in our growth arises from our own success.
great team of 5,600 associates. We delivered more than 600 homes in FY 2005 that we thought we
would deliver in FY 2006. We also have backlogs of 12 months or
Their commitment; our nationwide expansion; our ability to find more at about 35 communities; as a result, we have temporarily
and entitle well-located land in highly regulated markets; our brand stopped selling homes in these communities.
name; and our skill at delivering the expanding variety of luxury homes ROBERT I. TOLL BRUCE E. TOLL ZVI BARZILAY
Chairman of the Board and Vice Chairman President and
we offer—suburban move-up, empty-nester, active-adult, resort-style In addition, the housing market has softened. The home price increases Chief Executive Officer of the Board Chief Operating Officer
communities, and urban low-, mid- and high-rise product—all have of 2004 and most of 2005 were not sustainable; they were fueled, in
enabled us to significantly broaden our customer base and gain market part, by speculation. Our sales results indicate that housing demand December 14, 2005
share. This combination has led to our growth in size and profitability. is returning to the more normalized levels of the decade from 1994 to
From left to right: Zvi Barzilay, Robert I. Toll, Bruce E. Toll
*Stock prices are adjusted to reflect a two-for-one stock split in 2005.
T O L L B R O T H E R S 2 0 0 5 A N N U A L R E P O RT 4 T O L L B R O T H E R S 2 0 0 5 A N N U A L R E P O RT 5
5. Great Locations
GREAT LAND BECOMES GREAT COMMUNITIES
Constrained Production
The foundation of our business is land. Hundreds of Toll Brothers
associates devote all or some of their time to finding well-located sites
For A Growing Population
and taking them through the entitlement process in affluent markets
around the U.S. As gaining approvals for new communities becomes Since 1970, U.S. households have increased by 75%, from
more and more challenging in virtually every market where we build, under 65 million to more than 113 million. In addition, during
we believe our land expertise is a competitive advantage. that time, the average U.S. household’s net income (in
constant 2004 dollars) has grown by over 50%. Logically,
Our Company started nearly 40 years ago in the Northeast and Mid- one would expect that new home production would keep
Atlantic regions of the U.S., where land approvals are overseen by local pace with this growth, but it has not. In fact, on an annual
average, in the United States more homes were built in the
zoning boards whose members live and work near the communities
1970s than were built in either the 1980s, the 1990s or in
we want to build. Therefore, we were schooled in gaining entitlements
the current decade so far. In the 1970s, production of
in some of the most difficult markets in the nation. Because the land
new single- and multi-family homes averaged 1.77 million
approval process in these areas is so tough, traditional land developers
annually, while in the 2000s so far the average has been
1.74 million per year.
In sum, the evidence points toward The primary reason that home production has not kept
a man-made scarcity of housing in pace with this growth is the constricted land approval
process, which has restricted the supply of building home
the sense that the housing supply has
sites coming to market to meet the housing needs of
been constrained by governmental
The Cellini Tuscan at Barrington
American families. One consequence of this has been
Las Vegas, Nevada
regulation, as opposed to fundamental the steady rise in new home prices over the past 35 years.
geographic limitations. The constraints on supply may have broader consequences
in the next 10 years as demand continues to outpace
Source: Harvard Institute of Economic Research – 2005
supply. Harvard University’s Joint Center for Housing Studies,
in its report, State of the Nation’s Housing – 2005, predicts
that household formations between 2005 and 2015 will
(firms based mainly in the West, Southwest and Southeast, who focus
exceed those of the 1990s and, combined with higher rates
solely on entitling and improving land, then selling it to builders) stayed
of immigration, will spur demand on par with or at a higher
clear of these Northeast areas. Thus, in eastern Pennsylvania, New
rate than in the past decade.
Jersey and other similar markets, local builders typically had to develop
the skill to gain their own approvals and complete their own site With accelerating household growth, it appears that
improvements. We learned this part of the business at an early stage demand for housing could exceed our industry’s ability to
in our history. supply it. We believe this should result in continued steady
demand for new homes and benefit builders like Toll Brothers
with the entitled home sites on which to build.
Our ability to secure approvals and develop our own land provides extra
value to our shareholders, because we generally don’t pay the higher
prices land developers charge home builders for sites with approvals.
It also increases our profits, because we can gain control of land at an Housing Starts vs. Household Growth
earlier stage than builders who only buy home sites once roads and
improvements have been installed by third-party land developers. Average Annual Housing Starts (in millions)
U.S. Households (in 000)
1.767 1.492 1.371 1.735
Housing Starts (in 000)
Each market in which we build has its own unique approval process. 2500
120000
In some areas, such as many Northeast and Mid-Atlantic states, 2000
100000
approvals are overseen by town planning boards, whose volunteer 80000
1500
members are local residents. County, state and federal guidelines are
60000
overlaid on the local zoning regulations so, in many cases, dozens of 1000
40000
permits and approvals are required before a community can open for Number of Households Have Grown 75%
500
20000
sale. In other markets, approvals are overseen by county or even state
0 0
authorities, again with the addition of federal guidelines. In all cases, 1970-1979 1980-1989 1990-1999 2000-2004
the level of oversight and the volume of permitting required continues Total Single- and Multi-Family Housing Starts
to increase. This elongates the approval process, increasing the expense,
Total U.S. Households
resources and skill needed to complete it.
Source: U.S. Census Bureau
The Malvern Heritage at Island Lake of Novi
Novi, Michigan
Mountain View Country Club®
La Quinta, California
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6. Great Locations
FOCUS ON DETAILS IN RESEARCH AND PLANNING
Strong Land Holdings In A
When acquiring land for a Toll Brothers community, we carefully
consider numerous factors. We evaluate a site’s access to major roads,
Supply-Restricted Market
mass transit and employment centers, and the quality of its school
system. We estimate the cost of improving the land based on its Our large, well-located land portfolio positions us to benefit
topography and soil conditions. from the changing dynamics of our industry. The growing
imbalance between the constrained supply of approved
We review zoning restrictions and then engineer each site to determine buildable home sites and the increasing demographics-
what product types, and how many homes we can build once we driven demand that has fueled the strong housing market
account for streets, utilities, water, sewers and other infrastructure. of the past 15 years has favored those builders with the
resources and expertise to control and gain approvals for
Most importantly, we look for evidence of proven, existing demand
home building sites and communities.
for luxury homes. We conduct detailed analyses of our potential
competitors and the tastes of buyers in a local market to gauge their The shortage of buildable home sites, which we believe
appetite for our products and to identify a competitive advantage to results from anti-growth sentiment and increased
help us sell our homes. governmental approval regulation, is magnified in the
established, affluent markets where we operate. Due to our
These guidelines apply to all our potential sites, whether for a financial strength, our land approval and development skills,
community of 50 homes in a single product line or a community of and our legal and planning expertise, we have been able
to grow and gain market share even in years when new
several thousand homes with numerous product lines and large-scale
home sales nationally have slowed.
amenities such as golf courses, lakes and country clubs.
Our land strategy differs from that of many other major
Generally, we do not take ownership of a land parcel until we have builders. We allocate capital to the most profitable land
secured approvals and are confident we can build on it. Before then, deals, rather than by geographic region or product type.
we maintain control of the property through an option agreement, during When evaluating the worth of a property for acquisition,
which time we typically manage and bear the cost of the approval process. we won’t justify paying a higher price based on assumptions
This policy enables us to control our risk so we do not become owners of that home prices will continue to rise: We believe this leads
to overpaying for land, which we generally have had the
sites on which we cannot build. It also enables our shareholders to benefit
discipline to avoid in our nearly 40 years in business.
from the increase in land value that we create by taking properties from
unapproved to approved, “ready-to-build” status. We use our strong capital base and approvals skills to secure
control of land at an earlier stage than many other builders,
which has enabled us to build our land portfolio into a multi-
New construction has plummeted and year supply. This year we boosted our land position to over
83,000 home sites under control at FYE 2005, up 38% versus
housing prices have soared in a small
the roughly 60,000 at FYE 2004.
but increasing number of places. These
These home sites are located in 21 states in six regions across
changes do not appear to be the result of
the U.S. The geographic diversity of our locations protects us
a declining availability of land, but rather from the vagaries of individual housing markets and offers
are the result of a changing regulatory greater opportunities for profit.
regime that has made large-scale
development increasingly difficult in Optioned & Owned Home Sites
83,126
expensive regions of the country.
60,189
Source: Harvard Institute of Economic Research – 2005
Optioned
48,058
40,844
Owned
39,146
34,431
To increase the appeal of our communities, we plan our sites with an
33,118
30,381
eye to enhancing the land from a lifestyle perspective with walking
21,965
trails, preserved open spaces, playgrounds, recreational facilities,
17,302
14,584
attractive street layouts, winding roads and cul-de-sacs. We emphasize
11,225
10,015
9,255
unique geographic features and strive to position our homes to
7,255
6,665
accentuate natural views and exciting land features that residents can
enjoy both from inside and outside their homes. Our goal is for buyers
to be as pleased with the appearance of our communities as they are 90 92 05
93 94 95 96 97 98 99 00 01 02 03 04
91
The Venado Spanish Colonial at Treviso
FYE
with our homes. Scottsdale, Arizona
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7. Luxury Homes for All Lifestyles
The Hampton – 4,800 Sq. Ft. of Living Space in 2005
DIVERSE PRODUCTS EXPAND OUR CUSTOMER BASE
More House & More Luxury
We are the only major public home building company focused primarily
on the luxury market. As the number of affluent households has
Responding quickly to the changing tastes of our upscale
increased, as the baby boom generation has entered its peak earning and
buyers is one of the characteristics that makes us unique.
wealth-creating years, and as the diversity of our buyers’ lifestyles has
We are a Fortune 500 Company that, through architecture,
broadened, we have introduced new product lines and improved upon
design and management systems, has the flexibility and
existing ones to expand our customer base. From a traditional single-
capability to rapidly adapt to the shifting preferences of
family home builder 20 years ago, we have grown to meet the changing our customers.
expectations of our customers as they mature, and as they look to their
The past decade has seen a tremendous evolution in our
homes to fulfill more of their personal, professional and recreational
homes. First-floor ceiling heights were eight feet, then nine
needs. We believe we now offer the widest range of products in
feet, and are now often ten feet. The number and variety
our industry.
of bathrooms, the size of kitchens and the components of
our amenity packages have grown. Increasing numbers
Move-Up Communities – Targeted to growing families, our
and size of closets, more garage bays and lifestyle features,
move-up homes have been transformed over the past two decades as
such as solariums, broadband Internet service, and
affluent lifestyles have evolved. Upgraded kitchens and family rooms recreation-oriented community centers have all become
have moved front-and-center in buyers’ lives, replacing formal living part of our product lines.
rooms and dining rooms in size and stature. Structural options we offer
This evolution was highlighted by The Wall Street Journal
such as vast master suites, media and exercise rooms, and guest wings
in August 2005, which featured Toll Brothers and the changes
enhance the lifestyles of today’s families. Large play areas for children
The Waterford New England at Hampton Hall
occurring in new luxury homes. The article compared our
and teens have become oases for indoor activities and magnets for
Bluffton, South Carolina
best-selling home model in 2000 – the Columbia – with our
family gatherings.
best seller in 2005 – the Hampton, and noted how new
homes reflect shifting customer tastes.
Empty-Nester Communities – Serving smaller-sized families,
most often those without children at home, this type of community The Columbia is a 3,200-square-foot home (before
additions), whereas the Hampton starts at 4,800 square feet.
is a growing part of our business. Our empty-nester homes are
HOMES FOR EVOLVING LIFESTYLES– Our best-selling homes: 2005 vs. 2000
The Columbia’s 2.5 bathrooms compare to the Hampton’s
characterized by first-floor master suites, sun rooms, home offices,
4.5; its two-car garage contrasts with the Hampton’s three-
hobby rooms and wide-open floor plans for active entertaining.
car garage; its kitchen is 150 square feet versus 260 square
feet for the Hampton; and its master suite closet is 90 square
Active-Adult Communities – Designed especially for the 55+ age
feet compared to 320 square feet for the Hampton.
buyer, these communities often include on-location lifestyle amenities
Second-floor ceiling heights in the Columbia are eight
such as fine dining in country clubs, indoor and outdoor pools, feet versus nine feet for the Hampton.
gardening areas, tennis courts, fitness centers and game rooms.
The increase in size, value and amenities in new homes is
Our home designs offer comfortable single-story living with room
often overlooked as a factor in why home prices have risen.
for socializing with guests and upstairs loft areas to accommodate
New homes today have many more features, ranging from
visiting family members.
greater volume space to home offices and technology and
lifestyle features than in previous decades.
Resort-Style Communities – A growing addition to our offerings,
our large master planned communities offer a variety of our product Many often-quoted studies of home price increases do not
lines and lifestyles centered around major recreational amenities such consider these factors. However, one does: The Bureau of
as golf courses, country clubs, lakes, and marinas. We offer these the Census’ Constant Quality U.S. New Home Index (CQI)
adjusts for the improved quality, size and amenities in homes
communities not only in Sunbelt markets, but also in the Northeast,
today. This study reveals that, on a value-adjusted basis,
Midwest and Mid-Atlantic regions, where buyers also want to enjoy
home prices have actually increased much less than is
year-round resort-style living.
suggested by more often quoted studies which do not
adjust for this increase in quality, size and amenities. For
Urban and Suburban High-Density Communities – With
example, between 2000 and 2004, according to the CQI,
land scarcer and approvals more difficult, we now sell multi-story,
home prices grew at an average annual rate of 5.4%,
high-density living in many locations. We build three- to five-story compared to an annual rate of 8.2%, according to the more
buildings with 60 or more units, underground parking and community often-quoted Office of Federal Housing Enterprise Oversight
recreational amenities in cities and suburbs, as well as high-rise towers study, which does not adjust for changes in quality. The
overlooking the Atlantic Ocean and the Manhattan skyline. implication is that buyers, though paying more for their
homes, are getting more in return.
The Columbia – 3,200 Sq. Ft. of Living Space in 2000
The Aragon by Toll Custom Homes
South Fort Myers, Florida
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