This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending April 30, 2006. It includes the company's condensed consolidated financial statements, management's discussion and analysis of financial condition and results, and certifications of controls and procedures. Toll Brothers reports increased revenues and net income compared to the prior year quarter. It also notes various risk factors that could impact future results.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending January 31, 2006. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. The balance sheet shows total assets of $6.56 billion, including $5.53 billion in inventory. Total liabilities are $3.61 billion, including $1.14 billion in senior notes and $350 million in senior subordinated notes. The report provides Toll Brothers' financial position and performance for the quarter and is intended to meet SEC regulatory filing requirements.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ending January 31, 2007. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and discussions of the company's financial condition, results of operations, market risk exposure, controls and procedures, legal proceedings, and other regulatory matters.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ended April 30, 2007. It includes:
- Condensed consolidated financial statements including balance sheets, income statements, and cash flow statements for the periods ended April 30, 2007 and 2006.
- Notes to the financial statements providing additional information about the company's accounting policies, details of items in the financial statements, and other required disclosures.
- Management's discussion and analysis of the company's financial condition and results of operations for the periods presented, including discussions of revenue, expenses, liquidity, capital resources, and other key business metrics.
This document is a quarterly report filed by Toll Brothers, Inc. with the SEC for the quarter ended April 30, 2008. It includes:
- Condensed consolidated financial statements including balance sheets, statements of operations, and statements of cash flows for the periods ended April 30, 2008 and 2007.
- Notes to the condensed consolidated financial statements.
- Management's discussion and analysis of the company's financial condition and results of operations.
- Disclosure of the company's controls and procedures for financial reporting.
The report provides key financial data and analysis of Toll Brothers' performance for the quarter, including revenues, expenses, assets, liabilities, and cash flows. It gives investors information on
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 indicating that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and that no additional confirmation or updating of the information is being provided in this Form 10-Q filing.
This document is Health Net Inc.'s quarterly report filed with the SEC for the second quarter of 2005. It includes financial statements such as the consolidated statement of operations and balance sheet, as well as notes. The report indicates that for the quarter, Health Net's total revenues were $3.02 billion, income from operations was $88.1 million, and net income was $53.6 million. Total assets at the end of the quarter were $3.6 billion, including over $939 million in cash and cash equivalents.
This document is a Form 10-Q quarterly report filed by Toll Brothers, Inc. with the United States Securities and Exchange Commission for the quarter ended July 31, 2007. The report includes condensed consolidated financial statements, management's discussion and analysis of financial condition and results of operations, quantitative and qualitative disclosures about market risk, and controls and procedures. It provides shareholders and the public with financial information about Toll Brothers' performance and operations for the fiscal quarter.
This document is a quarterly report filed with the SEC by Health Net, Inc. for the quarter ended March 31, 2006. It includes financial statements such as the consolidated statements of operations and balance sheets, as well as notes to the financial statements. Some key details include:
- Revenues for the quarter were $3.2 billion, up from $2.9 billion in the same quarter the previous year.
- Net income for the quarter was $76.6 million, up from $21.3 million in the same quarter the previous year.
- As of March 31, 2006, Health Net had $870.2 million in cash and cash equivalents and $1.4 billion in investments.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending January 31, 2006. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. The balance sheet shows total assets of $6.56 billion, including $5.53 billion in inventory. Total liabilities are $3.61 billion, including $1.14 billion in senior notes and $350 million in senior subordinated notes. The report provides Toll Brothers' financial position and performance for the quarter and is intended to meet SEC regulatory filing requirements.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ending January 31, 2007. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and discussions of the company's financial condition, results of operations, market risk exposure, controls and procedures, legal proceedings, and other regulatory matters.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ended April 30, 2007. It includes:
- Condensed consolidated financial statements including balance sheets, income statements, and cash flow statements for the periods ended April 30, 2007 and 2006.
- Notes to the financial statements providing additional information about the company's accounting policies, details of items in the financial statements, and other required disclosures.
- Management's discussion and analysis of the company's financial condition and results of operations for the periods presented, including discussions of revenue, expenses, liquidity, capital resources, and other key business metrics.
This document is a quarterly report filed by Toll Brothers, Inc. with the SEC for the quarter ended April 30, 2008. It includes:
- Condensed consolidated financial statements including balance sheets, statements of operations, and statements of cash flows for the periods ended April 30, 2008 and 2007.
- Notes to the condensed consolidated financial statements.
- Management's discussion and analysis of the company's financial condition and results of operations.
- Disclosure of the company's controls and procedures for financial reporting.
The report provides key financial data and analysis of Toll Brothers' performance for the quarter, including revenues, expenses, assets, liabilities, and cash flows. It gives investors information on
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 indicating that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and that no additional confirmation or updating of the information is being provided in this Form 10-Q filing.
This document is Health Net Inc.'s quarterly report filed with the SEC for the second quarter of 2005. It includes financial statements such as the consolidated statement of operations and balance sheet, as well as notes. The report indicates that for the quarter, Health Net's total revenues were $3.02 billion, income from operations was $88.1 million, and net income was $53.6 million. Total assets at the end of the quarter were $3.6 billion, including over $939 million in cash and cash equivalents.
This document is a Form 10-Q quarterly report filed by Toll Brothers, Inc. with the United States Securities and Exchange Commission for the quarter ended July 31, 2007. The report includes condensed consolidated financial statements, management's discussion and analysis of financial condition and results of operations, quantitative and qualitative disclosures about market risk, and controls and procedures. It provides shareholders and the public with financial information about Toll Brothers' performance and operations for the fiscal quarter.
This document is a quarterly report filed with the SEC by Health Net, Inc. for the quarter ended March 31, 2006. It includes financial statements such as the consolidated statements of operations and balance sheets, as well as notes to the financial statements. Some key details include:
- Revenues for the quarter were $3.2 billion, up from $2.9 billion in the same quarter the previous year.
- Net income for the quarter was $76.6 million, up from $21.3 million in the same quarter the previous year.
- As of March 31, 2006, Health Net had $870.2 million in cash and cash equivalents and $1.4 billion in investments.
This document is Health Net, Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes financial statements such as the consolidated statements of operations and cash flows. For the quarter, Health Net reported total revenues of $3.27 billion, net income of $77 million, and basic earnings per share of $0.67. For the six months ended June 30, 2006, total revenues were $6.45 billion and net income was $153.6 million. The report provides Health Net's financial performance and position for the periods presented.
This document is Tesoro Corporation's quarterly report on Form 10-Q for the quarterly period ended June 30, 2006. It provides Tesoro's condensed consolidated financial statements, including the balance sheet, statements of operations, and cash flows for the periods ended June 30, 2006 and 2005. It also includes management's discussion and analysis of the financial condition and results of operations, as well as disclosures about market risk and controls and procedures.
This document is International Paper Company's Form 10-Q filing for the quarterly period ended June 30, 2004. It provides financial statements and disclosures including:
- Net earnings of $193 million for the quarter and $266 million for the six months ended June 30, 2004.
- Revenues of $6.5 billion for the quarter and $12.9 billion for the six months.
- Segment information is provided for the company's business divisions.
This document is Celanese Corporation's quarterly report on Form 10-Q for the quarterly period ended June 30, 2008 filed with the US Securities and Exchange Commission. It includes Celanese's unaudited interim financial statements and notes. The financial statements show that for the quarter ended June 30, 2008, Celanese had net sales of $1.9 billion, net earnings of $134 million, and earnings per share of $0.87. Celanese reported continuing operations earnings of $203 million and discontinued operations loss of $69 million for the quarter.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ended January 31, 2009. It includes condensed consolidated financial statements for the company, including balance sheets, income statements, and cash flow statements. It also includes notes to the financial statements and sections for management's discussion of financial condition, market risk exposure, controls and procedures, legal proceedings, risks, and other information required by the SEC.
- Berkshire Hathaway filed a Form 10-Q with the SEC for the quarter ending March 31, 2006.
- The filing includes condensed consolidated financial statements and disclosures covering Berkshire's insurance, utilities and energy, and finance businesses.
- Berkshire reported total revenues of $22.8 billion for the quarter and net earnings of $2.3 billion, or $1,501 per equivalent Class A share.
This document is a Form 10-Q quarterly report filed by The AES Corporation with the SEC for the quarter ended September 30, 2006. It includes condensed financial statements such as statements of operations and balance sheets, as well as notes to the financial statements and sections on legal proceedings, risks factors, and controls and procedures. The financial statements show that for the quarter, AES reported a net loss of $340 million compared to net income of $244 million in the prior year period. Revenues increased but were offset by higher costs of sales and a $537 million loss on the sale of a subsidiary stock.
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended July 31, 2005. The summary includes:
1) Toll Brothers reported revenues of $3.8 billion for the nine months ended July 31, 2005, with net income of $495.8 million.
2) As of July 31, 2005, Toll Brothers had $5.9 billion in total assets, $3.4 billion in total liabilities, and $2.5 billion in total stockholders' equity.
3) For the three months ended July 31, 2005, Toll Brothers reported revenues of $1.6 billion and net income of $215.5 million.
This document is a Form 10-Q quarterly report filed by United States Steel Corporation with the SEC for the quarter ended September 30, 2008. It includes the company's consolidated financial statements and notes. The financial statements show that for the quarter, U.S. Steel had net income of $919 million on net sales of $7.3 billion, compared to net income of $269 million on net sales of $4.4 billion in the same quarter last year. For the nine months ended September 30, 2008, the company had net income of $1.822 billion on net sales of $19.252 billion, compared to net income of $844 million on net sales of $12.338 billion for the same
This document is a Form 10-Q quarterly report filed by Realogy Corporation with the SEC for the quarter ended March 31, 2008. It includes a forward-looking statement noting that actual results could differ from projections due to various risk factors. The report provides financial statements for the quarter, including statements of operations, balance sheets, and cash flows. It also includes notes to the financial statements and sections on management's discussion of financial results, market risk factors, and controls and procedures.
This document is Health Net, Inc.'s quarterly report filed with the SEC for the quarter ended September 30, 2005. It includes Health Net's consolidated statements of operations, balance sheets, stockholders' equity, and cash flows for the periods presented. The report provides key financial information about Health Net's revenues, expenses, assets, liabilities and stockholders' equity for the relevant periods. It also includes management's discussion and analysis of the company's financial condition and operating results, as well as disclosures about controls and procedures.
This document is Motorola's Form 10-Q filing for the second quarter of 2008:
- It provides unaudited financial statements including the condensed consolidated statement of operations, balance sheet, and statement of cash flows for the quarter.
- Motorola reported a net loss of $190 million for the first six months of 2008 compared to a net loss of $209 million in the same period of 2007.
- Cash used by operating activities from continuing operations was $139 million, driven by changes in working capital accounts.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending April 30, 2005. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also includes notes to the financial statements and sections for management's discussion of financial conditions, market risk disclosures, and controls and procedures. The financial statements show that for the six months ending April 30, 2005, Toll Brothers had net income of $280 million on revenues of $2.2 billion, with basic earnings per share of $3.66.
The document discusses different perspectives that can be taken when viewing a situation, such as being obedient versus taking initiative, and seeing obstacles versus new possibilities. It also discusses how the focus or lens changes one's observation, and how relationships and interactions between elements give meaning and remove ambiguity. Overall, the document examines how communication forms patterns and perspectives, and the importance of considering variation and different viewpoints.
The document outlines the Compensation Committee Charter for Big Lots, Inc. It establishes the purpose, membership, structure, duties, and responsibilities of the Compensation Committee. The key points are:
1) The Committee is responsible for overseeing compensation programs and setting the compensation of the CEO and other executive officers.
2) The Committee must be composed of three independent Board members who meet NYSE requirements.
3) The Committee's duties include establishing compensation philosophy, evaluating CEO performance and compensation, overseeing incentive plans, and producing required reports.
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 through the decade based on favorable demographics.
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.
Big Lots has strict standards for its suppliers regarding ethics, labor practices, and workplace conditions. Suppliers must comply with all applicable laws and maintain ethical business practices. They must provide fair compensation and reasonable working hours, prohibit child and forced labor, and refrain from discrimination. Suppliers must also ensure a safe, healthy work environment for employees. Big Lots reserves the right to inspect supplier facilities to verify compliance with these standards.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ended July 31, 2007. It includes:
- Condensed consolidated balance sheets showing the company's assets (including $5.96 billion in inventory), liabilities (including $3.83 billion in total liabilities), and stockholders' equity as of July 31, 2007 and October 31, 2006.
- Notes to the condensed consolidated financial statements providing additional information about the company's accounting policies, commitments and contingencies, stock-based compensation, and earnings per share calculations.
- Management's discussion and analysis of the company's financial condition and results of operations for the quarter, including information on revenues, operating
This document discusses predictive coding 2.0 as an improved method for e-discovery. Predictive coding 1.0 had limitations in dealing with incomplete document collections that are continuously updated and changing coding decisions. Predictive coding 2.0 uses a flexible analytics framework based on bipartite graphs that can adapt to changes in the document corpus and coding to enable continuous assessment of cases. This dynamic approach avoids early decisions based on incomplete information and allows for improved document review and concept suggestion over time. The authors provide examples of how predictive coding 2.0 could enhance e-discovery in complex litigation matters.
Big Lots is a retail company that offers brand-name merchandise at discounted prices. In 2003, Big Lots saw a 7.9% increase in net sales compared to 2002. Net income increased 12.4% while earnings per share rose 10.6%. The company operates over 1,400 stores across the United States and aims to provide customers with great deals through closeout products and bargains in a unique shopping environment.
This document is Health Net, Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes financial statements such as the consolidated statements of operations and cash flows. For the quarter, Health Net reported total revenues of $3.27 billion, net income of $77 million, and basic earnings per share of $0.67. For the six months ended June 30, 2006, total revenues were $6.45 billion and net income was $153.6 million. The report provides Health Net's financial performance and position for the periods presented.
This document is Tesoro Corporation's quarterly report on Form 10-Q for the quarterly period ended June 30, 2006. It provides Tesoro's condensed consolidated financial statements, including the balance sheet, statements of operations, and cash flows for the periods ended June 30, 2006 and 2005. It also includes management's discussion and analysis of the financial condition and results of operations, as well as disclosures about market risk and controls and procedures.
This document is International Paper Company's Form 10-Q filing for the quarterly period ended June 30, 2004. It provides financial statements and disclosures including:
- Net earnings of $193 million for the quarter and $266 million for the six months ended June 30, 2004.
- Revenues of $6.5 billion for the quarter and $12.9 billion for the six months.
- Segment information is provided for the company's business divisions.
This document is Celanese Corporation's quarterly report on Form 10-Q for the quarterly period ended June 30, 2008 filed with the US Securities and Exchange Commission. It includes Celanese's unaudited interim financial statements and notes. The financial statements show that for the quarter ended June 30, 2008, Celanese had net sales of $1.9 billion, net earnings of $134 million, and earnings per share of $0.87. Celanese reported continuing operations earnings of $203 million and discontinued operations loss of $69 million for the quarter.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ended January 31, 2009. It includes condensed consolidated financial statements for the company, including balance sheets, income statements, and cash flow statements. It also includes notes to the financial statements and sections for management's discussion of financial condition, market risk exposure, controls and procedures, legal proceedings, risks, and other information required by the SEC.
- Berkshire Hathaway filed a Form 10-Q with the SEC for the quarter ending March 31, 2006.
- The filing includes condensed consolidated financial statements and disclosures covering Berkshire's insurance, utilities and energy, and finance businesses.
- Berkshire reported total revenues of $22.8 billion for the quarter and net earnings of $2.3 billion, or $1,501 per equivalent Class A share.
This document is a Form 10-Q quarterly report filed by The AES Corporation with the SEC for the quarter ended September 30, 2006. It includes condensed financial statements such as statements of operations and balance sheets, as well as notes to the financial statements and sections on legal proceedings, risks factors, and controls and procedures. The financial statements show that for the quarter, AES reported a net loss of $340 million compared to net income of $244 million in the prior year period. Revenues increased but were offset by higher costs of sales and a $537 million loss on the sale of a subsidiary stock.
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended July 31, 2005. The summary includes:
1) Toll Brothers reported revenues of $3.8 billion for the nine months ended July 31, 2005, with net income of $495.8 million.
2) As of July 31, 2005, Toll Brothers had $5.9 billion in total assets, $3.4 billion in total liabilities, and $2.5 billion in total stockholders' equity.
3) For the three months ended July 31, 2005, Toll Brothers reported revenues of $1.6 billion and net income of $215.5 million.
This document is a Form 10-Q quarterly report filed by United States Steel Corporation with the SEC for the quarter ended September 30, 2008. It includes the company's consolidated financial statements and notes. The financial statements show that for the quarter, U.S. Steel had net income of $919 million on net sales of $7.3 billion, compared to net income of $269 million on net sales of $4.4 billion in the same quarter last year. For the nine months ended September 30, 2008, the company had net income of $1.822 billion on net sales of $19.252 billion, compared to net income of $844 million on net sales of $12.338 billion for the same
This document is a Form 10-Q quarterly report filed by Realogy Corporation with the SEC for the quarter ended March 31, 2008. It includes a forward-looking statement noting that actual results could differ from projections due to various risk factors. The report provides financial statements for the quarter, including statements of operations, balance sheets, and cash flows. It also includes notes to the financial statements and sections on management's discussion of financial results, market risk factors, and controls and procedures.
This document is Health Net, Inc.'s quarterly report filed with the SEC for the quarter ended September 30, 2005. It includes Health Net's consolidated statements of operations, balance sheets, stockholders' equity, and cash flows for the periods presented. The report provides key financial information about Health Net's revenues, expenses, assets, liabilities and stockholders' equity for the relevant periods. It also includes management's discussion and analysis of the company's financial condition and operating results, as well as disclosures about controls and procedures.
This document is Motorola's Form 10-Q filing for the second quarter of 2008:
- It provides unaudited financial statements including the condensed consolidated statement of operations, balance sheet, and statement of cash flows for the quarter.
- Motorola reported a net loss of $190 million for the first six months of 2008 compared to a net loss of $209 million in the same period of 2007.
- Cash used by operating activities from continuing operations was $139 million, driven by changes in working capital accounts.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending April 30, 2005. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also includes notes to the financial statements and sections for management's discussion of financial conditions, market risk disclosures, and controls and procedures. The financial statements show that for the six months ending April 30, 2005, Toll Brothers had net income of $280 million on revenues of $2.2 billion, with basic earnings per share of $3.66.
The document discusses different perspectives that can be taken when viewing a situation, such as being obedient versus taking initiative, and seeing obstacles versus new possibilities. It also discusses how the focus or lens changes one's observation, and how relationships and interactions between elements give meaning and remove ambiguity. Overall, the document examines how communication forms patterns and perspectives, and the importance of considering variation and different viewpoints.
The document outlines the Compensation Committee Charter for Big Lots, Inc. It establishes the purpose, membership, structure, duties, and responsibilities of the Compensation Committee. The key points are:
1) The Committee is responsible for overseeing compensation programs and setting the compensation of the CEO and other executive officers.
2) The Committee must be composed of three independent Board members who meet NYSE requirements.
3) The Committee's duties include establishing compensation philosophy, evaluating CEO performance and compensation, overseeing incentive plans, and producing required reports.
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 through the decade based on favorable demographics.
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.
Big Lots has strict standards for its suppliers regarding ethics, labor practices, and workplace conditions. Suppliers must comply with all applicable laws and maintain ethical business practices. They must provide fair compensation and reasonable working hours, prohibit child and forced labor, and refrain from discrimination. Suppliers must also ensure a safe, healthy work environment for employees. Big Lots reserves the right to inspect supplier facilities to verify compliance with these standards.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ended July 31, 2007. It includes:
- Condensed consolidated balance sheets showing the company's assets (including $5.96 billion in inventory), liabilities (including $3.83 billion in total liabilities), and stockholders' equity as of July 31, 2007 and October 31, 2006.
- Notes to the condensed consolidated financial statements providing additional information about the company's accounting policies, commitments and contingencies, stock-based compensation, and earnings per share calculations.
- Management's discussion and analysis of the company's financial condition and results of operations for the quarter, including information on revenues, operating
This document discusses predictive coding 2.0 as an improved method for e-discovery. Predictive coding 1.0 had limitations in dealing with incomplete document collections that are continuously updated and changing coding decisions. Predictive coding 2.0 uses a flexible analytics framework based on bipartite graphs that can adapt to changes in the document corpus and coding to enable continuous assessment of cases. This dynamic approach avoids early decisions based on incomplete information and allows for improved document review and concept suggestion over time. The authors provide examples of how predictive coding 2.0 could enhance e-discovery in complex litigation matters.
Big Lots is a retail company that offers brand-name merchandise at discounted prices. In 2003, Big Lots saw a 7.9% increase in net sales compared to 2002. Net income increased 12.4% while earnings per share rose 10.6%. The company operates over 1,400 stores across the United States and aims to provide customers with great deals through closeout products and bargains in a unique shopping environment.
The document outlines an agenda for an ADE Project meeting at Benfield, including a history section, project overview, and sections on winning the deal, financials, and delivering the deal. It discusses assessing the problem definition and stakeholders, using targeted development like coaching and skills training to increase skills, confidence, and best practices. Relationship and competitor matrices are used to evaluate opportunities. The financials section is not outlined. It concludes with summarizing the ADE process of asking questions, easily selling solutions, and providing feedback.
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, finding land in regulated markets, their brand name, and delivering a variety of luxury home products.
- Looking forward, they expect continued growth through expanding their community count, but growth rates may slow from the extraordinary pace of the last
A choice out of my book Tangier to Teheran.
Images of the changing Arab world.
Een keuze uit mijn boek Tanger naar Teheran, beelden uit de veranderende Arabische wereld.
Het boek bevat in totaal 71 foto's op 20x25 cm.
This document does not contain any meaningful information to summarize in 3 sentences or less. It consists of random letters and symbols without any coherent words, sentences, or ideas.
This document is the 2001 annual report for Big Lots, Inc. It provides an introduction to the company, financial highlights from 2001 and previous years, profiles of several employees, and information about the company's growth strategies. Big Lots is America's largest broadline closeout retailer, operating over 1,300 stores across 45 states. In 2001, the company changed its name and branding to Big Lots and continued expanding, opening 78 new stores and 134 new furniture departments. The financial highlights show sales and earnings growth over the past decade as well as metrics on stores, inventory, and cash flow. The profiles feature regional vice presidents, buyers, and store managers discussing their roles in building the brand and customer experience at Big Lots.
This document is Toll Brothers' 1999 annual report. Some key points:
- Toll Brothers had another record year in 1999 with their 7th consecutive year of record earnings, 8th year of record revenues and backlog, and 9th year of record home sales contracts.
- They attribute their success to diversifying across luxury home buyers, expanding into new markets, increasing market share in existing areas, embracing new technologies, and aligning their financial structure to support growth.
- Going forward, they plan to continue their strategic growth through opportunistic land acquisitions, expanding into new markets, increasing market share, and diversifying their product lines.
1. The document discusses the failures of development policies like the Washington Consensus and financial globalization due to their reliance on first-best thinking when second-best thinking is required given real-world market and institutional failures.
2. It argues policy should be based on second-best thinking and target "binding constraints" through selective, sequential, and context-specific reforms rather than assuming all distortions can be removed at once.
3. Financial globalization failed because capital markets operate under significant market imperfections that cannot be fully addressed, and capital inflows can cause overvaluation and move exchange rates in ways that hinder development.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending January 31, 2006. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. The balance sheet shows total assets of $6.56 billion including $5.53 billion in inventory. Total liabilities are $3.61 billion including $1.14 billion in senior notes and $350 million in senior subordinated notes. Stockholders' equity is $2.95 billion. The report provides Toll Brothers' financial position and operating results for the quarter.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ending January 31, 2007. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and discussions of the company's financial condition, results of operations, market risk exposure, controls and procedures, legal proceedings, and other regulatory matters.
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.
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 that was previously released in a press release and conference call on February 27, 2008 regarding the company's results for the quarter ending January 31, 2008, and is not being reconfirmed or updated.
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.
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.
- Condensed consolidated statements of operations and cash flows for the quarters ending January 31, 2008 and 2007.
- Notes to the condensed consolidated financial statements.
- Management's discussion and analysis of the company's financial condition and results of operations for the quarter.
So in summary, this document provides Toll Brothers
This document is Realogy Corporation's quarterly report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC. It includes Realogy's condensed consolidated financial statements for the first quarter of 2008, compared to the same period in 2007. It also includes management's discussion and analysis of the financial results and condition of the company. Realogy discloses that it has significant debt from its leveraged buyout in 2007, and that a continued downturn in the housing market could negatively impact its business and financial results. The report was filed to comply with SEC reporting requirements for public companies.
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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.
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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.
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Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
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Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
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1. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
6 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
x
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED April 30, 2006
OR
x TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______TO_______
Commission file number 1-9186
TOLL BROTHERS, INC.
(Exact name of registrant as specified in its charter)
Delaware 23-2416878
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
250 Gibraltar Road, Horsham, Pennsylvania 19044
(Address of principal executive offices) (Zip Code)
(215) 938-8000
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13
or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes 6 No x
x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-
accelerated filer. See definition of ‘‘accelerated filer and large accelerated filer’’ in Rule 12b-2 of the
Exchange Act. (Check one):
Large accelerated filer 6
x Accelerated filer x Non-accelerated filer x
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act)
Yes x No 6
x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the
latest practicable date:
At May 31, 2006, there were approximately 153,824,000 shares of Common Stock, $.01 par value,
outstanding.
3. STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information included herein and in our other reports, SEC filings, statements and presentations is
forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements concerning our anticipated operating results, financial resources, changes in
revenues, changes in profitability, interest expense, growth and expansion, anticipated income to be realized
from our investments in unconsolidated entities, the ability to acquire land, the ability to secure governmental
approvals and the ability to open new communities, the ability to sell homes and properties, the ability to
deliver homes from backlog, the average delivered prices of homes, the ability to secure materials and
subcontractors, the ability to maintain the liquidity and capital necessary to expand and take advantage of
future opportunities, and stock market valuations. In some cases you can identify those so called forward-
looking statements by words such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘believe,’’
‘‘estimate,’’ ‘‘predict,’’ ‘‘potential,’’ ‘‘project,’’ ‘‘intend,’’ ‘‘can,’’ ‘‘could,’’ ‘‘might,’’ or ‘‘continue’’ or the
negative of those words or other comparable words. Such forward-looking information involves important
risks and uncertainties that could significantly affect actual results and cause them to differ materially from
expectations expressed herein and in our other reports, SEC filings, statements and presentations. These risks
and uncertainties include local, regional and national economic conditions, the demand for homes, domestic
and international political events, uncertainties created by terrorist attacks, the effects of governmental
regulation, the competitive environment in which we operate, fluctuations in interest rates, changes in home
prices, the availability and cost of land for future growth, the availability of capital, uncertainties and
fluctuations in capital and securities markets, changes in tax laws and their interpretation, legal proceedings,
the availability of adequate insurance at reasonable cost, the ability of customers to finance the purchase of
homes, the availability and cost of labor and materials, and weather conditions. Additional information
concerning potential factors that we believe could cause our actual results to differ materially from expected
and historical results is included in Item 1A ‘‘Risk Factors’’ of our Annual Report on Form 10-K for the
fiscal year ended October 31, 2005. Moreover, the financial guidance contained herein related to our expected
results of operations for fiscal 2006 reflects our expectations as of May 23, 2006 and is not being reconfirmed
or updated by this Quarterly Report on Form 10-Q.
If one or more of the assumptions underlying our forward-looking statements proves incorrect, then our
actual results, performance or achievements could differ materially from those expressed in, or implied by the
forward-looking statements contained in this report. Therefore, we caution you not to place undue reliance on
our forward-looking statements. This statement is provided as permitted by the Private Securities Litigation
Reform Act of 1995.
When this report uses the words ‘‘we,’’ ‘‘us,’’ and ‘‘our,’’ they refer to Toll Brothers, Inc. and its
subsidiaries, unless the context otherwise requires. Reference herein to ‘‘fiscal 2006,’’ ‘‘fiscal 2005,’’ and
‘‘fiscal 2004’’ refer to our fiscal year ending October 31, 2006, and our fiscal years ended October 31, 2005
and October 31, 2004, respectively.
1
7. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of
Toll Brothers, Inc. (the ‘‘Company’’), a Delaware corporation, and its majority-owned subsidiaries. All
significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned
partnerships and affiliates are accounted for using the equity method unless it is determined that the Company
has effective control of the entity, in which case the entity would be consolidated.
The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with the rules and regulations of the Securities and Exchange Commission (‘‘SEC’’) for interim
financial information. The October 31, 2005 balance sheet amounts and disclosures included herein have been
derived from our October 31, 2005 audited financial statements. Since the accompanying condensed
consolidated financial statements do not include all the information and footnotes required by U.S. generally
accepted accounting principles for complete financial statements, we suggest that they be read in conjunction
with the consolidated financial statements and notes thereto included in our October 31, 2005 Annual Report
on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial
statements include all adjustments, which are of a normal recurring nature, necessary to present fairly our
financial position as of April 30, 2006, the results of our operations for the six-month and three-month
periods ended April 30, 2006 and 2005 and our cash flows for the six months ended April 30, 2006 and 2005.
The results of operations for such interim periods are not necessarily indicative of the results to be expected
for the full year.
Recent Accounting Pronouncements
On December 16, 2004, the Financial Accounting Standards Board (‘‘FASB’’) issued Statement of
Financial Accounting Standards (‘‘SFAS’’) No. 123 (revised 2004), ‘‘Share-Based Payment’’ (‘‘SFAS 123R’’).
In April 2005, the SEC adopted a rule permitting implementation of SFAS 123R at the beginning of the fiscal
year commencing after June 15, 2005. Under the provisions of SFAS 123R, an entity is required to treat all
stock-based compensation as a cost that is reflected in the financial statements. The Company was required to
adopt SFAS 123R beginning in its fiscal quarter ended January 31, 2006. Under the provisions of SFAS
123R, the Company had the choice of adopting the fair-value-based method of expensing of stock options
using (a) the ‘‘modified prospective method,’’ whereby the Company recognizes the expense only for periods
beginning after October 31, 2005, or (b) the ‘‘modified retrospective method,’’ whereby the Company
recognizes the expense for all years and interim periods since the effective date of SFAS 123, or for only
those interim periods during the year of initial adoption of SFAS 123R. The Company adopted SFAS 123R
using the modified prospective method. See Note 7, ‘‘Stock Based Benefit Plans,’’ for information regarding
expensing of stock options in fiscal 2006 and for pro forma information regarding the Company’s expensing
of stock options for fiscal 2005.
Stock Split
On June 9, 2005, the Company’s Board of Directors declared a two-for-one split of the Company’s
common stock in the form of a stock dividend to stockholders of record on June 21, 2005. The additional
shares of stock were distributed as of the close of business on July 8, 2005. All share and per share
information has been restated to reflect this split.
Acquisition
In January 2004, the Company entered into a joint venture in which it had a 50% interest with an
unrelated party to develop Maxwell Place, a luxury condominium community of approximately 800 units in
Hoboken, New Jersey. In November 2005, the Company acquired its partner’s 50% equity ownership interest
5
8. in this joint venture. As a result of the acquisition, the Company now owns 100% of the joint venture and it
has been included as a consolidated subsidiary of the Company as of the acquisition date. As of the
acquisition date, the joint venture had open contracts of sale to deliver 165 units with a sales value of
approximately $128.3 million. The Company’s investment in and subsequent purchase of the partner’s interest
in the joint venture is not material to the financial position of the Company. The Company is recognizing
revenue and costs related to this project using the percentage of completion method of accounting.
Reclassification
The presentation of certain prior period amounts have been reclassified to conform to the fiscal 2006
presentation.
2. Inventory
Inventory consisted of the following (amounts in thousands):
April 30, October 31,
2006 2005
Land and land development costs . . . . . . . . . . . . . .. . .. . . .. . . $2,278,583 $1,717,825
Construction in progress . . . . . . . . . . . . . . . . . . . . .. . .. . . .. . . 3,061,169 2,709,795
Sample homes and sales offices . . . . . . . . . . . . . . .. . .. . . .. . . 216,902 202,286
Land deposits and costs of future development . . . .. . .. . . .. . . 369,957 427,192
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . . .. . . 12,741 11,526
$5,939,352 $5,068,624
Construction in progress includes the cost of homes under construction, land and land development costs
and the carrying costs of lots that have been substantially improved.
The Company capitalizes certain interest costs to inventory during the development and construction
period. Capitalized interest is charged to cost of revenues when the related inventory is delivered for
traditional home sales or when the related inventory is charged to cost of revenues under percentage of
completion accounting. Interest incurred, capitalized and expensed for the six-month and three-month periods
ended April 30, 2006 and 2005 is summarized as follows (amounts in thousands):
Six months ended April 30, Three months ended April 30,
2006 2005 2006 2005
Interest capitalized,
beginning of period . . . . . . . . . . .... $162,672 $173,442 $172,862 $180,673
Interest incurred . . . . . . . . . . . . . .... 66,655 58,148 33,640 28,998
Capitalized interest in inventory
acquired . . . . . . . . . . . . . . . . . .... 6,100
Interest expensed . . . . . . . . . . . . .... (58,629) (49,938) (29,875) (28,126)
Write-off to cost and expenses . . .... (274) (855) (103) (748)
Interest capitalized, end of period . . . . $176,524 $180,797 $176,524 $180,797
Interest included in cost of revenues for the six-month and three-month periods ended April 30, 2006
and 2005 was (amounts in thousands):
Six months ended April 30, Three months ended April 30,
2006 2005 2006 2005
Traditional home sales . . . . . . . . . . . . $55,346 $49,512 $28,516 $27,754
Percentage of completion . . . . . . . . . . 2,545 1,128
Land sales . . . . . . . . . . . . . . . . . . . . . 738 426 231 372
$58,629 $49,938 $29,875 $28,126
6
9. The Company provided for inventory write-downs and the expensing of costs that it believed not to be
recoverable of $13.1 million and $12.0 million in the six-month and three-month periods ended April 30, 2006,
respectively. Of these amounts, $2.4 million and $1.3 million were applicable to land held for future
communities in the six-month and three-month periods ended April 30, 2006, respectively.
The Company provided for inventory write-downs and the expensing of costs that it believed not to be
recoverable of $2.6 million and $.2 million in the six-month and three-month periods ended April 30, 2005,
respectively. Of these amounts, $1.5 million was applicable to land held for future communities in the six-
month period ended April 30, 2005.
The Company has evaluated its land purchase contracts to determine if the selling entity is a variable
interest entity (‘‘VIE’’) and, if it is, whether the Company is the primary beneficiary of the entity. The
Company does not possess legal title to the land, and its risk is generally limited to deposits paid to the
seller. The creditors of the seller generally have no recourse against the Company. At April 30, 2006 and
October 31, 2005, the Company had determined that it was not the primary beneficiary of any VIE related to
its land purchase contracts and had not recorded any land purchase contracts as inventory.
3. Investments in and Advances to Unconsolidated Entities
The Company has investments in and advances to several joint ventures with unrelated parties to develop
land. Some of these joint ventures develop land for the sole use of the venture partners, including the
Company, and others develop land for sale to the venture partners and to unrelated builders. The Company
recognizes its share of earnings from the sale of home sites to other builders. The Company does not
recognize earnings from home sites it purchases from the joint ventures, but instead reduces its cost basis in
these home sites by its share of the earnings on the home sites. At April 30, 2006, the Company had
approximately $148.6 million invested in or advanced to these joint ventures and was committed to
contributing additional capital in an aggregate amount of approximately $170.5 million (net of the Company’s
$129.6 million of loan guarantees related to two of the joint ventures’ loans) if required by the joint ventures.
At April 30, 2006, two of the joint ventures had an aggregate of $1.0 billion of loan commitments, and had
approximately $816.9 million borrowed against the commitments, of which the Company’s guarantee of its
pro-rata share of the borrowings was $103.2 million.
In October 2004, the Company entered into a joint venture in which it has a 50% interest with an
unrelated party to convert a 525-unit apartment complex, The Hudson Tea Buildings, located in Hoboken,
New Jersey, into luxury condominium units. At April 30, 2006, the Company had investments in and
advances to the joint venture of $44.5 million, and was committed to making up to $1.5 million of additional
investments in and advances to the joint venture.
The Company has investments in and advances to two joint ventures with unrelated parties to develop
luxury condominium projects, including for-sale residential units and commercial space. At April 30, 2006,
the Company had investments in and advances to the joint ventures of $17.0 million, and was committed to
making up to $127.2 million of additional investments in and advances to the joint ventures if required by the
joint ventures. At April 30, 2006, one of the joint ventures had a $254.2 million loan commitment and had
approximately $89.4 million borrowed against the commitment, of which the Company guaranteed
$18.0 million.
In fiscal 2005, the Company, together with the Pennsylvania State Employees Retirement System
(‘‘PASERS’’), formed Toll Brothers Realty Trust Group II (‘‘Trust II’’) to be in a position to take advantage
of commercial real estate opportunities. Trust II is owned 50% by the Company and 50% by PASERS.
At April 30, 2006, the Company had an investment of $8.1 million in Trust II. In addition, the Company and
PASERS each entered into subscription agreements that expire in September 2007, whereby each agreed to
invest additional capital in an amount not to exceed $11.1 million if required by Trust II. The Company
provides development and management services to Trust II and recognized fees for such services under the
terms of various agreements in the amounts of $1.0 million and $.7 million in the six-month and three-month
periods ended April 30, 2006, respectively. Prior to the formation of Trust II, the Company used Toll Brothers
Realty Trust Group (‘‘Trust’’) to invest in commercial real estate opportunities.
7
10. The Trust, formed in 1998, is effectively owned one-third by the Company; one-third by Robert I. Toll,
Bruce E. Toll (and members of his family), Zvi Barzilay (and members of his family), Joel H. Rassman and
other current and former members of the Company’s senior management; and one-third by PASERS
(collectively, the ‘‘Shareholders’’). The Shareholders entered into subscription agreements whereby each group
has agreed to invest additional capital in an amount not to exceed $1.9 million if required by the Trust. The
subscription agreements expire in August 2006. At April 30, 2006, the Company had an investment of
$6.6 million in the Trust. The Company provides development, finance and management services to the Trust
and recognized fees under the terms of various agreements in the amounts of $1.2 million and $.6 million in
the six-month and three-month periods ended April 30, 2006, respectively. The Company recognized fees
under the terms of various agreements in the amounts of $1.5 million and $1.1 million in the six-month and
three-month periods ended April 30, 2005, respectively. The Company believes that the transactions between
itself and the Trust were on terms no less favorable than it would have agreed to with unrelated parties.
The Company’s investments in these entities are accounted for using the equity method.
4. Accrued Expenses
Accrued expenses at April 30, 2006 and October 31, 2005 consisted of the following (amounts in
thousands):
April 30, October 31,
2006 2005
Land, land development and construction costs . . .. . .. . . .. . . .. . $358,374 $385,031
Compensation and employee benefit costs . . . . . . .. . .. . . .. . . .. . 111,095 122,836
Insurance and litigation. . . . . . . . . . . . . . . . . . . . .. . .. . . .. . . .. . 104,128 92,809
Warranty costs . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . . .. . . .. . 54,372 54,722
Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . . .. . . .. . 40,440 34,431
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . . .. . . .. . 88,925 101,940
$757,334 $791,769
The Company accrues for the expected warranty costs at the time each home is closed and title and
possession have been transferred to the home buyer. Costs are accrued based upon historical experience.
Changes in the warranty accrual for the six-month and three-month periods ended April 30, 2006 and 2005
are as follows (amounts in thousands):
Six months ended April 30, Three months ended April 30,
2006 2005 2006 2005
Balance, beginning of period . .. . . .. $ 54,722 $ 42,133 $54,649 $43,479
Additions . . . . . . . . . . . . . . . . .. . . .. 16,924 15,512 8,393 8,830
Charges incurred . . . . . . . . . . .. . . .. (17,274) (11,587) (8,670) (6,251)
Balance, end of period . . . . . . .. . . .. $ 54,372 $ 46,058 $54,372 $46,058
8
11. 5. Employee Retirement Plan
In October 2004, the Company established an unfunded defined benefit retirement plan effective as of
September 1, 2004, which covers four current or former senior executives and a director of the Company. As
of February 1, 2006, the Company adopted an additional unfunded defined benefit retirement plan for nine
other executives. For the six-month and three-month periods ended April 30, 2006 and 2005, the Company
recognized the following costs related to these plans (amounts in thousands):
Six months ended April 30, Three months ended April 30,
2006 2005 2006 2005
Service cost . . . . . . . . . . . . . . . . . . . . $ 168 $ 156 $101 $ 78
Interest cost . . . . . . . . . . . . . . . . . . . . 446 388 241 194
Amortization of initial
benefit obligation . . . . . . . . . . . . . . 952 1,901 503 951
$1,566 $2,445 $845 $1,223
The Company used a 5.65% and a 5.69% discount rate in its calculation of the present value of its
projected benefit obligations for fiscal 2006 and 2005, respectively.
6. Income Taxes
The Company’s estimated combined federal and state income tax rate before providing for the effect of
permanent book-tax differences (‘‘Base Rate’’) was 39.1% at April 30, 2006 for fiscal 2006 and 38.0% at
April 30, 2005 for fiscal 2005.
The effective tax rates for the six-month periods ended April 30, 2006 and 2005 were 38.4% and 38.0%,
respectively. For the six-month period ended April 30, 2006, the difference between the Company’s Base
Rate and effective tax rate was primarily due to the impact on the Company’s tax rate from tax-free income
and a manufacturing tax credit, offset in part by the non-deductible portion of stock option expense related to
incentive stock options. For the six-month period ended April 30, 2005, the primary difference between the
Company’s Base Rate and effective tax rate was the effect of an adjustment due to the recomputation of the
Company’s net deferred tax liability of approximately $3.7 million, resulting from the change in the
Company’s Base Rate from 37.0% at October 31, 2004 to 38.0% at April 30, 2005, offset by tax-free income.
The effective tax rates for the three-month periods ended April 30, 2006 and 2005 were 38.5% and
36.5%, respectively. For the three-month period ended April 30, 2006, the difference between the Company’s
Base Rate and effective tax rate was primarily due to the impact on the Company’s tax rate from tax-free
income and a manufacturing tax credit, offset in part by the non-deductible portion of stock option expense
related to incentive stock options. The difference between the effective rate and the Base Rate in the fiscal
2005 period was the effect of an adjustment due to the recomputation of the Company’s net deferred tax
liability of approximately $2.1 million and the recalculation of the tax provision for the three-month period
ended January 31, 2005 of approximately $.9 million, resulting from a change in the Company’s estimated
Base Rate from 38.5% at January 31, 2005 to 38.0% at April 30, 2005 and by tax-free income.
7. Stock Based Benefit Plans
The Company’s four stock option plans for employees, officers and directors provide for the granting of
incentive stock options and non-qualified options with a term of up to ten years at a price not less than the
market price of the stock at the date of grant. Options granted generally vest over a four-year period for
employees and a two-year period for non-employee directors. No additional options may be granted under the
Company’s Stock Option Plan (1986), the Executives and Non-Employee Directors Stock Option Plan (1993)
and the Company’s Stock Option and Incentive Stock Plan (1995). Shares issued upon the exercise of a stock
option are either from shares held in treasury or new issued shares.
9
12. The following table summarizes stock option activity for the four plans during the six-month and three-
month periods ended April 30, 2006:
Six months ended Three months ended
April 30, 2006 April 30, 2006
Weighted - Weighted -
Average Average
Shares Exercise Shares Exercise
(in thousands) Price (in thousands) Price
Outstanding, beginning of period . . . .. . . .. . . . 26,155 $11.04 26,683 $12.52
Granted . . . . . . . . . . . . . . . . . . . . . . .. . . .. . . . 1,433 35.97 — —
Exercised . . . . . . . . . . . . . . . . . . . . .. . . .. . . . (1,318) 7.01 (424) 7.82
Cancelled . . . . . . . . . . . . . . . . . . . . .. . . .. . . . (137) 28.33 (126) 28.38
Outstanding, end of period . . . . . . . . .. . . .. . . . 26,133 $12.52 26,133 $12.52
Exercisable, end of period . . . . . . . . . . . . . . . . . 21,272 $15.38 21,272 $15.38
Intrinsic value (in thousands):
Options outstanding at April 30, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $512,987
Options exercisable at April 30, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $356,736
Options exercised in the six months ended April 30, 2006 . . . . . . . . . . . . . . . $ 37,099
Options exercised in the three months ended April 30, 2006 . . . . . . . . . . . . . $ 10,230
Options exercised in the six months ended April 30, 2005 . . . . . . . . . . . . . . . $122,971
Options exercised in the three months ended April 30, 2005 . . . . . . . . . . . . . $ 55,426
Fair value of options that became vested (in thousands):
In the six months and three months ended April 30, 2006 . . . . . . . . . . . . . . . $ 23,551
In the six months and three months ended April 30, 2005 . . . . . . . . . . . . . . . $ 17,424
Weighted-average remaining contractual life (in years):
All options outstanding at April 30, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9
Exercisable options at April 30, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1
The intrinsic value of options outstanding and exercisable is the difference between the fair market value
of the Company’s common stock on April 30, 2006 and the exercise price of the options outstanding and
exercisable on April 30, 2006. The intrinsic value of options exercised is the difference between the fair
market value of the Company’s common stock on the date of exercise and the exercise price.
Prior to the adoption of SFAS 123R, the Company accounted for its stock option plans according to
Accounting Principles Board Opinion No. 25, ‘‘Accounting for Stock Issued to Employees.’’ Accordingly, no
compensation cost was recognized upon issuance or exercise of stock options in fiscal 2005.
The fair value of each option award in fiscal 2006 and 2005 is estimated on the date of grant using a
lattice-based option valuation model that uses ranges of assumptions as disclosed in the following table.
Expected volatilities are based on implied volatilities from traded options on the Company’s stock, historical
volatility of the Company’s stock and other factors. The expected life of options granted is derived from the
historical exercise patterns and anticipated future patterns and represents the period of time that options
granted are expected to be outstanding; the range given below results from certain groups of employees
exhibiting different behavior. The risk-free rate for periods within the contractual life of the option is based
on the U.S. Treasury yield curve in effect at the time of grant. Prior to fiscal 2005, the Company used the
Black-Scholes pricing model to value stock options.
10
13. 2006 2005
Expected volatility . . . . . . . . . . . . . . . . . . .. . . .. . .. 36.33% – 38.28% 27.0% – 33.46%
Weighted-average volatility . . . . . . . . . . . .. . . .. . .. 37.55% 31.31%
Risk-free interest rate . . . . . . . . . . . . . . . . .. . . .. . .. 4.38% – 4.51% 3.13% – 4.2%
Expected life (years) . . . . . . . . . . . . . . . . .. . . .. . .. 4.11 – 9.07 2.8 – 9.07
Dividends. . . . . . . . . . . . . . . . . . . . . . . . . .. . . .. . .. none none
Weighted-average grant date fair value
per share of options granted . . . . . . . . . ........... $15.30 $11.67
During the six-month and three-month periods ended April 30, 2006, the Company recognized
$16.3 million and $5.3 million of expense, respectively, and an income tax benefit of $5.7 million and
$1.7 million related to option awards, respectively. Stock option expense is included in the Company’s
selling, general and administrative expenses. At April 30, 2006, total compensation cost related to non-vested
awards not yet recognized was approximately $41.4 million, unrecognized income tax benefits from non-
vested awards was approximately $14.6 million and the weighted average period over which the Company
expects to recognize such compensation and tax benefit was 1.6 years. The Company expects to recognize
approximately $26.8 million of expense and $9.2 million of income tax benefit for the full fiscal 2006 year
related to option awards.
Had the Company adopted SFAS 123R as of November 1, 2004, pro forma income before taxes, income
taxes, net income and net income per share for the six-month and three-month periods ended April 30, 2005
would have been as follows (amounts in thousands, except per share amounts):
SFAS 123 R
Six months ended April 30, 2005 As Reported Adjustment Pro Forma
Income before income taxes . . . . . . . . . . . . . . . . . . $451,822 $(11,133) $440,689
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,496 (3,424) 168,072
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $280,326 $ ( 7,709) $272,617
Income per share
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.83 $ 1.78
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.67 $ 1.63
Three months ended April 30, 2005
Income before income taxes . . . . . . . . . . . . . . . . . . $267,831 $ ( 5,777) $262,054
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,698 (1,777) 95,921
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $170,133 $ ( 4,000) $166,133
Income per share
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.10 $ 1.07
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.00 $ 0.98
11
14. 8. Earnings per Share Information
Information pertaining to the calculation of earnings per share for the six-month and three-month periods
ended April 30, 2006 and 2005 are as follows (amounts in thousands):
Six months ended April 30, Three months ended April 30,
2006 2005 2006 2005
Basic weighted average shares . . . . . . 154,919 153,140 154,763 154,627
Common stock equivalents . . . . . . . . . 11,458 14,578 10,964 14,725
Diluted weighted average shares . . . . . 166,377 167,718 165,727 169,352
9. Stock Repurchase Program
In March 2003, the Company’s Board of Directors authorized the repurchase of up to 20 million shares
of its Common Stock, par value $.01, from time to time, in open market transactions or otherwise, for the
purpose of providing shares for its various employee benefit plans. At April 30, 2006, the number of shares
remaining under the repurchase authorization was approximately 13.8 million shares.
10. Commitments and Contingencies
At April 30, 2006, the aggregate purchase price of land parcels under option, referred to herein as ‘‘land
purchase contracts,’’ ‘‘options,’’ or ‘‘option agreements,’’ was approximately $4.52 billion (including
$1.14 billion of land to be acquired from joint ventures which the Company has invested in, made advances
to or made loan guarantees on behalf of), of which it had paid or deposited approximately $256.8 million.
The amounts included in the purchase price of such land parcels has not been reduced by any amounts the
Company has invested in or made advances to the joint ventures. The Company’s option agreements to
acquire the home sites do not typically require the Company to buy the home sites, although the Company
may, in some cases, forfeit any deposit balance outstanding if and at the time it terminates an option contract.
Of the $256.8 million the Company had paid or deposited on these purchase agreements at April 30, 2006,
$171.3 million was non-refundable. Any deposit in the form of a stand-by letter of credit is recorded as a
liability at the time the stand-by letter of credit is issued. Included in accrued liabilities is $68.6 million
representing the Company’s outstanding stand-by letters of credit issued in connection with its options to
purchase home sites.
At April 30, 2006, the Company had outstanding surety bonds amounting to approximately
$755.5 million, related primarily to its obligations to various governmental entities to construct improvements
in the Company’s various communities. The Company estimates that approximately $348.4 million of work
remains on these improvements. The Company has an additional $124.8 million of surety bonds outstanding
that guarantee other obligations of the Company. The Company does not believe it is likely that any
outstanding bonds will be drawn upon.
At April 30, 2006, the Company had agreements of sale outstanding to deliver 8,739 homes with an
aggregate sales value of approximately $6.2 billion, of which the Company recognized $97.5 million of
revenues using percentage of completion accounting.
At April 30, 2006, the Company was committed to providing approximately $738.6 million of mortgage
loans to its home buyers and to others. All loans with committed interest rates are covered by take-out
commitments from third-party lenders, which minimize the Company’s interest rate risk. The Company also
arranges a variety of mortgages through programs that are offered to its home buyers through outside
mortgage lenders.
The Company has a $1.8 billion credit facility consisting of a $1.5 billion unsecured revolving credit
facility and a $300 million term loan facility (collectively, the ‘‘Credit Facility’’) with 31 banks, which
extends to March 17, 2011. At April 30, 2006, interest was payable on borrowings under the revolving credit
facility at 0.475% (subject to adjustment based upon the Company’s debt rating and leverage ratios) above
the Eurodollar rate or at other specified variable rates as selected by the Company from time to time. At
12
15. April 30, 2006, the Company had no outstanding borrowings against the revolving credit facility and letters
of credit of approximately $330.5 million were outstanding under the revolving credit facility, of which the
Company had recorded $68.6 million of liabilities under land purchase agreements. Under the term loan
facility, interest is payable at 0.50% (subject to adjustment based upon the Company’s debt rating and
leverage ratios) above the Eurodollar rate or at other specified variable rates as selected by the Company
from time to time. At April 30, 2006, interest was payable on the $300 million term loan at 5.36%. Under the
terms of the Credit Facility, the Company is not permitted to allow its maximum leverage ratio (as defined in
the agreement) to exceed 2.00 to 1.00 and was required to maintain a minimum tangible net worth (as defined
in the agreement) of approximately $2.2 billion at April 30, 2006. At April 30, 2006, the Company’s leverage
ratio was approximately .65 to 1.00 and its tangible net worth was approximately $3.1 billion. Based upon the
minimum tangible net worth requirement, the Company’s ability to pay dividends and repurchase its common
stock was limited to an aggregate amount of approximately $1.0 billion at April 30, 2006.
The Company is involved in various claims and litigation arising in the ordinary course of business. The
Company believes that the disposition of these matters will not have a material effect on the business or on
the financial condition of the Company.
In January 2006, the Company received a request for information pursuant to Section 308 of the Clean
Water Act from Region 3 of the Environmental Protection Agency (‘‘EPA’’) requesting information about
storm water discharge practices in connection with our homebuilding projects in the states that comprise EPA
Region 3. To the extent the EPA’s review were to lead the EPA to assert violations of state and/or federal
regulatory requirements and request injunctive relief and/or civil penalties, the Company would defend and
attempt to resolve any such asserted violations. At this time the Company cannot predict the outcome of the
EPA’s review or estimate the costs that may be involved in resolving any potential claims.
11. Supplemental Disclosure to Statements of Cash Flows
The following are supplemental disclosures to the statements of cash flows for the six months ended
April 30, 2006 and 2005 (amounts in thousands):
2006 2005
Cash flow information:
Interest paid, net of amount capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,120 $ 21,232
Income taxes paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000 $184,600
Non-cash activity:
Cost of inventory acquired through seller financing . . . . . . . . . . . . . . . . . . . . . . $ 55,833 $ 43,709
Contribution of inventory, net of related debt to unconsolidated entities . . . . . . . $ 4,500
Income tax benefit related to exercise of employee stock options . . . . . . . . . . . . $ 16,869 $ 48,827
Stock bonus awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,926 $ 30,396
Contribution to employee retirement plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,411
Acquisition of joint venture assets and liabilities
Fair value of assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $181,473
Liabilities assumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $110,548
Cash paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,751
Reduction in investment and advances to unconsolidated entities . . . . . . . . . . . . $ 30,174
12. Supplemental Guarantor Information
Toll Brothers Finance Corp., a 100% owned indirect subsidiary (the ‘‘Subsidiary Issuer’’) of the
Company, is the issuer of four series of senior notes aggregating $1.15 billion. The obligations of the
Subsidiary Issuer to pay principal, premiums, if any, and interest are guaranteed jointly and severally on a
13
16. senior basis by the Company and substantially all of its 100% owned home building subsidiaries (the
‘‘Guarantor Subsidiaries’’). The guarantees are full and unconditional. The Company’s non-home building
subsidiaries and certain home building subsidiaries (the ‘‘Non-Guarantor Subsidiaries’’) do not guarantee the
debt. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not
presented because management has determined that such disclosures would not be material to investors. The
Subsidiary Issuer has not had and does not have any operations other than the issuance of the four series of
senior notes and the lending of the proceeds from the senior notes to subsidiaries of the Company.
Supplemental consolidating financial information of the Company, the Subsidiary Issuer, the Guarantor
Subsidiaries, the Non-Guarantor Subsidiaries and the eliminations to arrive at the Company on a consolidated
basis are as follows:
Condensed Consolidating Balance Sheet at April 30, 2006 ($ in thousands) (unaudited):
Toll Non-
Brothers, Subsidiary Guarantor Guarantor
Inc. Issuer Subsidiaries Subsidiaries Eliminations Consolidated
ASSETS
Cash and cash equivalents. . . . . . . . . . . 360,383 37,727 398,110
Inventory . . . . . . . . . . . . . . . . . . . . . . . 5,613,165 326,187 5,939,352
Property, construction and office
equipment, net . . . . . . . . . . . . . . . . . 87,781 7,859 95,640
Receivables, prepaid expenses and other
assets . . . . . . . . . . . . . . . . . . . . . . . . 5,258 94,793 70,416 478 170,945
Contracts receivable . . . . . . . . . . . . . . . 53,040 44,484 97,524
Mortgage loans receivable. . . . . . . . . . . 59,606 59,606
Customer deposits held in escrow . . . . . 58,848 28,788 87,636
Investments in and advances to
unconsolidated entities. . . . . . . . . . . . 224,697 224,697
Investments in and advances to
consolidated entities . . . . . . . . . . . . . 3,375,467 1,156,658 (1,362,737) (123,903) (3,045,485) —
3,375,467 1,161,916 5,129,970 451,164 (3,045,007) 7,073,510
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Loans payable . . . . . . . . . . . . . . . . . . 492,669 197,168 689,837
Senior notes . . . . . . . . . . . . . . . . . . . 1,140,597 1,140,597
Senior subordinated notes . . . . . . . . . 350,000 350,000
Mortgage company warehouse loan . . 48,679 48,679
Customer deposits . . . . . . . . . . . . . . . 417,776 28,788 446,564
Accounts payable . . . . . . . . . . . . . . . 248,678 11,317 259,995
Accrued expenses . . . . . . . . . . . . . . . 21,319 640,145 95,873 (3) 757,334
Income taxes payable . . . . . . . . . . . . 278,661 (1,946) 276,715
Total liabilities . . . . . . . . . . . . . . . 278,661 1,161,916 2,149,268 379,879 (3) 3,969,721
Minority interest . . . . . . . . . . . . . . . . . . 6,983 6,983
Stockholders’ equity:
Common stock . . . . . . . . . . . .. . . .. 1,563 2,003 (2,003) 1,563
Additional paid-in capital . . . .. . . . . 230,119 4,420 2,734 (7,154) 230,119
Retained earnings . . . . . . . . . .. . . . . 2,914,848 2,976,282 59,565 (3,035,847) 2,914,848
Treasury stock, at cost. . . . . . .. . . .. (49,724) (49,724)
Total stockholders’ equity . .. . . . . 3,096,806 — 2,980,702 64,302 (3,045,004) 3,096,806
3,375,467 1,161,916 5,129,970 451,164 (3,045,007) 7,073,510
14