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þ
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
23-2416878
(I.R.S. Employer
Identification No.)
|
|
|
|
250 Gibraltar Road, Horsham, Pennsylvania
(Address of principal executive offices)
|
|
19044
(Zip Code)
|
Large accelerated filer
þ
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
|
|
|
|
(Do not check if a smaller reporting company)
|
|
|
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30,
2013 |
|
October 31,
2012 |
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
703,101
|
|
|
$
|
778,824
|
|
Marketable securities
|
232,899
|
|
|
439,068
|
|
||
Restricted cash
|
33,801
|
|
|
47,276
|
|
||
Inventory
|
4,367,217
|
|
|
3,761,187
|
|
||
Property, construction and office equipment, net
|
125,289
|
|
|
109,971
|
|
||
Receivables, prepaid expenses and other assets
|
165,745
|
|
|
144,558
|
|
||
Mortgage loans held for sale
|
66,538
|
|
|
86,386
|
|
||
Customer deposits held in escrow
|
45,304
|
|
|
29,579
|
|
||
Investments in and advances to unconsolidated entities
|
357,532
|
|
|
330,617
|
|
||
Investments in distressed loans
|
48,707
|
|
|
37,169
|
|
||
Investments in foreclosed real estate
|
71,458
|
|
|
58,353
|
|
||
Deferred tax assets, net of valuation allowances
|
341,014
|
|
|
358,056
|
|
||
|
$
|
6,558,605
|
|
|
$
|
6,181,044
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Loans payable
|
$
|
96,572
|
|
|
$
|
99,817
|
|
Senior notes
|
2,322,397
|
|
|
2,080,463
|
|
||
Mortgage company warehouse loan
|
58,526
|
|
|
72,664
|
|
||
Customer deposits
|
205,821
|
|
|
142,977
|
|
||
Accounts payable
|
149,601
|
|
|
99,911
|
|
||
Accrued expenses
|
469,233
|
|
|
476,350
|
|
||
Income taxes payable
|
84,157
|
|
|
80,991
|
|
||
Total liabilities
|
3,386,307
|
|
|
3,053,173
|
|
||
Equity
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
||||
Preferred stock, none issued
|
|
|
|
||||
Common stock, 169,268 and 168,690 shares issued at April 30, 2013 and October 31, 2012, respectively
|
1,693
|
|
|
1,687
|
|
||
Additional paid-in capital
|
418,844
|
|
|
404,418
|
|
||
Retained earnings
|
2,750,503
|
|
|
2,721,397
|
|
||
Treasury stock, at cost — 2 and 53 shares at April 30, 2013 and October 31, 2012, respectively
|
(78
|
)
|
|
(983
|
)
|
||
Accumulated other comprehensive loss
|
(4,861
|
)
|
|
(4,819
|
)
|
||
Total stockholders’ equity
|
3,166,101
|
|
|
3,121,700
|
|
||
Noncontrolling interest
|
6,197
|
|
|
6,171
|
|
||
Total equity
|
3,172,298
|
|
|
3,127,871
|
|
||
|
$
|
6,558,605
|
|
|
$
|
6,181,044
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Revenues
|
$
|
940,605
|
|
|
$
|
695,636
|
|
|
$
|
516,004
|
|
|
$
|
373,681
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
765,950
|
|
|
578,429
|
|
|
420,013
|
|
|
306,821
|
|
||||
Selling, general and administrative
|
157,597
|
|
|
137,893
|
|
|
79,550
|
|
|
68,256
|
|
||||
|
923,547
|
|
|
716,322
|
|
|
499,563
|
|
|
375,077
|
|
||||
Income (loss) from operations
|
17,058
|
|
|
(20,686
|
)
|
|
16,441
|
|
|
(1,396
|
)
|
||||
Other:
|
|
|
|
|
|
|
|
||||||||
Income from unconsolidated entities
|
8,076
|
|
|
13,676
|
|
|
4,993
|
|
|
6,989
|
|
||||
Other income - net
|
24,160
|
|
|
16,251
|
|
|
19,534
|
|
|
10,056
|
|
||||
Income before income taxes
|
49,294
|
|
|
9,241
|
|
|
40,968
|
|
|
15,649
|
|
||||
Income tax provision (benefit)
|
20,188
|
|
|
(4,845
|
)
|
|
16,294
|
|
|
(1,223
|
)
|
||||
Net income
|
$
|
29,106
|
|
|
$
|
14,086
|
|
|
$
|
24,674
|
|
|
$
|
16,872
|
|
Income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.17
|
|
|
$
|
0.08
|
|
|
$
|
0.15
|
|
|
$
|
0.10
|
|
Diluted
|
$
|
0.17
|
|
|
$
|
0.08
|
|
|
$
|
0.14
|
|
|
$
|
0.10
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
169,222
|
|
|
166,652
|
|
|
169,380
|
|
|
166,994
|
|
||||
Diluted
|
177,949
|
|
|
167,805
|
|
|
178,136
|
|
|
168,503
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Net income
|
$
|
29,106
|
|
|
$
|
14,086
|
|
|
$
|
24,674
|
|
|
$
|
16,872
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Change in pension liability
|
(18
|
)
|
|
92
|
|
|
155
|
|
|
201
|
|
||||
Change in fair value of available-for-sale securities
|
(37
|
)
|
|
156
|
|
|
(133
|
)
|
|
(87
|
)
|
||||
Unrealized income (loss) on derivative held by equity investee
|
13
|
|
|
(728
|
)
|
|
(80
|
)
|
|
67
|
|
||||
Other comprehensive (loss) income
|
(42
|
)
|
|
(480
|
)
|
|
(58
|
)
|
|
181
|
|
||||
Total comprehensive income
|
$
|
29,064
|
|
|
$
|
13,606
|
|
|
$
|
24,616
|
|
|
$
|
17,053
|
|
|
Six months ended April 30,
|
||||||
|
2013
|
|
2012
|
||||
Cash flow used in operating activities:
|
|
|
|
||||
Net income
|
$
|
29,106
|
|
|
$
|
14,086
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
12,768
|
|
|
10,698
|
|
||
Stock-based compensation
|
10,027
|
|
|
8,831
|
|
||
Recovery of investments in unconsolidated entities
|
—
|
|
|
(1,621
|
)
|
||
Income from unconsolidated entities
|
(8,076
|
)
|
|
(12,055
|
)
|
||
Distributions of earnings from unconsolidated entities
|
8,855
|
|
|
1,550
|
|
||
Income from distressed loans and foreclosed real estate
|
(4,893
|
)
|
|
(10,004
|
)
|
||
Deferred tax provision (benefit)
|
18,348
|
|
|
(3,318
|
)
|
||
Deferred tax valuation allowances
|
(1,277
|
)
|
|
3,318
|
|
||
Inventory impairments and write-offs
|
1,738
|
|
|
10,128
|
|
||
Change in fair value of mortgage loans receivable and derivative instruments
|
292
|
|
|
284
|
|
||
Gain on marketable securities
|
(137
|
)
|
|
(39
|
)
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Increase in inventory
|
(617,360
|
)
|
|
(202,466
|
)
|
||
Origination of mortgage loans
|
(301,952
|
)
|
|
(253,866
|
)
|
||
Sale of mortgage loans
|
322,160
|
|
|
266,713
|
|
||
Decrease (increase) in restricted cash
|
13,475
|
|
|
(27,638
|
)
|
||
Increase in receivables, prepaid expenses and other assets
|
(15,172
|
)
|
|
(29,769
|
)
|
||
Increase in customer deposits
|
47,119
|
|
|
28,838
|
|
||
Increase (decrease) in accounts payable and accrued expenses
|
36,405
|
|
|
(67,789
|
)
|
||
Increase (decrease) in income taxes payable
|
3,166
|
|
|
(6,959
|
)
|
||
Net cash used in operating activities
|
(445,408
|
)
|
|
(271,078
|
)
|
||
Cash flow provided by (used in) investing activities:
|
|
|
|
||||
Purchase of property and equipment — net
|
(20,264
|
)
|
|
(6,528
|
)
|
||
Purchase of marketable securities
|
(36,162
|
)
|
|
(177,833
|
)
|
||
Sale and redemption of marketable securities
|
239,484
|
|
|
189,716
|
|
||
Investments in and advances to unconsolidated entities
|
(31,994
|
)
|
|
(75,008
|
)
|
||
Return of investments in unconsolidated entities
|
34,686
|
|
|
20,568
|
|
||
Investments in distressed loans and foreclosed real estate
|
(26,155
|
)
|
|
(27,490
|
)
|
||
Return of investments in distressed loans and foreclosed real estate
|
6,114
|
|
|
11,582
|
|
||
Acquisition of a business
|
|
|
|
(144,746
|
)
|
||
Net cash provided by (used in) investing activities
|
165,709
|
|
|
(209,739
|
)
|
||
Cash flow provided by financing activities:
|
|
|
|
||||
Net proceeds from issuance of senior notes
|
298,050
|
|
|
296,227
|
|
||
Proceeds from loans payable
|
501,884
|
|
|
400,092
|
|
||
Principal payments of loans payable
|
(545,175
|
)
|
|
(429,709
|
)
|
||
Redemption of senior notes
|
(59,068
|
)
|
|
|
|
||
Proceeds from stock-based benefit plans
|
8,430
|
|
|
17,189
|
|
||
Receipts related to noncontrolling interest
|
33
|
|
|
|
|
||
Purchase of treasury stock
|
(178
|
)
|
|
(284
|
)
|
||
Net cash provided by financing activities
|
203,976
|
|
|
283,515
|
|
||
Net decrease in cash and cash equivalents
|
(75,723
|
)
|
|
(197,302
|
)
|
||
Cash and cash equivalents, beginning of period
|
778,824
|
|
|
906,340
|
|
||
Cash and cash equivalents, end of period
|
$
|
703,101
|
|
|
$
|
709,038
|
|
|
April 30,
2013 |
|
October 31,
2012 |
||||
Land controlled for future communities
|
$
|
62,203
|
|
|
$
|
56,300
|
|
Land owned for future communities
|
1,083,250
|
|
|
1,040,373
|
|
||
Operating communities
|
3,221,764
|
|
|
2,664,514
|
|
||
|
$
|
4,367,217
|
|
|
$
|
3,761,187
|
|
|
April 30,
2013 |
|
October 31,
2012 |
||||
Land owned for future communities:
|
|
|
|
||||
Number of communities
|
22
|
|
|
40
|
|
||
Carrying value (in thousands)
|
$
|
157,181
|
|
|
$
|
240,307
|
|
Operating communities:
|
|
|
|
||||
Number of communities
|
23
|
|
|
5
|
|
||
Carrying value (in thousands)
|
$
|
109,442
|
|
|
$
|
34,685
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Charge:
|
|
|
|
|
|
|
|
||||||||
Land controlled for future communities
|
$
|
698
|
|
|
$
|
225
|
|
|
$
|
689
|
|
|
$
|
(552
|
)
|
Land owned for future communities
|
—
|
|
|
918
|
|
|
—
|
|
|
—
|
|
||||
Operating communities
|
1,040
|
|
|
8,985
|
|
|
340
|
|
|
2,560
|
|
||||
|
$
|
1,738
|
|
|
$
|
10,128
|
|
|
$
|
1,029
|
|
|
$
|
2,008
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Interest capitalized, beginning of period
|
$
|
330,581
|
|
|
$
|
298,757
|
|
|
$
|
340,904
|
|
|
$
|
311,335
|
|
Interest incurred
|
64,051
|
|
|
60,467
|
|
|
32,303
|
|
|
31,568
|
|
||||
Interest expensed to cost of revenues
|
(42,990
|
)
|
|
(33,989
|
)
|
|
(23,016
|
)
|
|
(17,668
|
)
|
||||
Write-off against other income
|
(1,221
|
)
|
|
(1,582
|
)
|
|
(1,133
|
)
|
|
(1,582
|
)
|
||||
Interest capitalized on investments in unconsolidated entities
|
(2,872
|
)
|
|
(1,137
|
)
|
|
(1,509
|
)
|
|
(1,137
|
)
|
||||
Interest capitalized, end of period
|
$
|
347,549
|
|
|
$
|
322,516
|
|
|
$
|
347,549
|
|
|
$
|
322,516
|
|
|
April 30, 2013
|
||||||||||||||||||
|
Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Trust
and Trust II
|
|
Structured
Asset
Joint
Venture
|
|
Total
|
||||||||||
Cash and cash equivalents
|
$
|
19,963
|
|
|
$
|
38,771
|
|
|
$
|
12,681
|
|
|
$
|
33,717
|
|
|
$
|
105,132
|
|
Inventory
|
308,294
|
|
|
272,326
|
|
|
5,685
|
|
|
|
|
|
586,305
|
|
|||||
Non-performing loan portfolio
|
|
|
|
|
|
|
159,925
|
|
|
159,925
|
|
||||||||
Rental properties
|
|
|
|
|
168,340
|
|
|
|
|
|
168,340
|
|
|||||||
Rental properties under development
|
|
|
78,799
|
|
|
|
|
|
|
78,799
|
|
||||||||
Real estate owned (“REO”)
|
|
|
|
|
557
|
|
|
243,245
|
|
|
243,802
|
|
|||||||
Other assets (1)
|
12,539
|
|
|
69,535
|
|
|
9,239
|
|
|
311,806
|
|
|
403,119
|
|
|||||
Total assets
|
$
|
340,796
|
|
|
$
|
459,431
|
|
|
$
|
196,502
|
|
|
$
|
748,693
|
|
|
$
|
1,745,422
|
|
Debt (1)
|
$
|
119,601
|
|
|
$
|
29,532
|
|
|
$
|
193,483
|
|
|
$
|
311,801
|
|
|
$
|
654,417
|
|
Other liabilities
|
22,046
|
|
|
14,320
|
|
|
5,059
|
|
|
1,179
|
|
|
42,604
|
|
|||||
Members’ equity (deficit)
|
199,149
|
|
|
415,579
|
|
|
(2,040
|
)
|
|
174,285
|
|
|
786,973
|
|
|||||
Noncontrolling interest
|
|
|
|
|
|
|
|
261,428
|
|
|
261,428
|
|
|||||||
Total liabilities and equity
|
$
|
340,796
|
|
|
$
|
459,431
|
|
|
$
|
196,502
|
|
|
$
|
748,693
|
|
|
$
|
1,745,422
|
|
Company’s net investment in unconsolidated entities (2)
|
$
|
124,317
|
|
|
$
|
196,584
|
|
|
$
|
3,480
|
|
|
$
|
33,151
|
|
|
$
|
357,532
|
|
|
October 31, 2012
|
||||||||||||||||||
|
Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Trust
and Trust II
|
|
Structured
Asset
Joint
Venture
|
|
Total
|
||||||||||
Cash and cash equivalents
|
$
|
17,189
|
|
|
$
|
40,126
|
|
|
$
|
11,005
|
|
|
$
|
44,176
|
|
|
$
|
112,496
|
|
Inventory
|
255,561
|
|
|
251,029
|
|
|
5,643
|
|
|
|
|
|
512,233
|
|
|||||
Non-performing loan portfolio
|
|
|
|
|
|
|
|
226,315
|
|
|
226,315
|
|
|||||||
Rental properties
|
|
|
|
|
173,767
|
|
|
|
|
|
173,767
|
|
|||||||
Rental properties under development
|
|
|
43,695
|
|
|
|
|
|
|
43,695
|
|
||||||||
Real estate owned (“REO”)
|
|
|
|
|
|
|
254,250
|
|
|
254,250
|
|
||||||||
Other assets (1)
|
12,427
|
|
|
72,301
|
|
|
9,182
|
|
|
237,476
|
|
|
331,386
|
|
|||||
Total assets
|
$
|
285,177
|
|
|
$
|
407,151
|
|
|
$
|
199,597
|
|
|
$
|
762,217
|
|
|
$
|
1,654,142
|
|
Debt (1)
|
$
|
96,362
|
|
|
$
|
30,121
|
|
|
$
|
195,359
|
|
|
$
|
311,801
|
|
|
$
|
633,643
|
|
Other liabilities
|
14,390
|
|
|
9,770
|
|
|
5,202
|
|
|
561
|
|
|
29,923
|
|
|||||
Members’ equity (deficit)
|
174,425
|
|
|
367,260
|
|
|
(964
|
)
|
|
179,942
|
|
|
720,663
|
|
|||||
Noncontrolling interest
|
|
|
|
|
|
|
|
269,913
|
|
|
269,913
|
|
|||||||
Total liabilities and equity
|
$
|
285,177
|
|
|
$
|
407,151
|
|
|
$
|
199,597
|
|
|
$
|
762,217
|
|
|
$
|
1,654,142
|
|
Company’s net investment in unconsolidated entities (2)
|
$
|
116,452
|
|
|
$
|
173,465
|
|
|
$
|
3,357
|
|
|
$
|
37,343
|
|
|
$
|
330,617
|
|
(1)
|
Included in other assets of the Structured Asset Joint Venture at
April 30, 2013
and
October 31, 2012
is
$311.8 million
and
$237.5 million
, respectively, of restricted cash held in a defeasance account which will be used to repay debt of the Structured Asset Joint Venture.
|
(2)
|
Differences between the Company’s net investment in unconsolidated entities and its underlying equity in the net assets of the entities is primarily a result of the acquisition price of an investment in an entity in fiscal 2012 which was in excess of the Company's pro-rata share of the underlying equity, impairments related to the Company’s investments in unconsolidated entities, a loan made to one of the entities by the Company, and distributions from entities in excess of the carrying amount of the Company’s net investment.
|
|
For the six months ended April 30, 2013
|
||||||||||||||||||
|
Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Trust
and Trust II
|
|
Structured
Asset
Joint
Venture
|
|
Total
|
||||||||||
Revenues
|
$
|
35,022
|
|
|
$
|
22,757
|
|
|
$
|
20,303
|
|
|
$
|
21,714
|
|
|
$
|
99,796
|
|
Cost of revenues
|
17,805
|
|
|
19,973
|
|
|
9,010
|
|
|
19,493
|
|
|
66,281
|
|
|||||
Other expenses
|
758
|
|
|
1,292
|
|
|
10,427
|
|
|
2,316
|
|
|
14,793
|
|
|||||
Total expenses—net
|
18,563
|
|
|
21,265
|
|
|
19,437
|
|
|
21,809
|
|
|
81,074
|
|
|||||
Gain on disposition of loans and REO
|
|
|
|
|
|
|
|
|
|
39,704
|
|
|
39,704
|
|
|||||
Income from operations
|
16,459
|
|
|
1,492
|
|
|
866
|
|
|
39,609
|
|
|
58,426
|
|
|||||
Other income
|
5
|
|
|
444
|
|
|
|
|
|
154
|
|
|
603
|
|
|||||
Net income before noncontrolling interest
|
16,464
|
|
|
1,936
|
|
|
866
|
|
|
39,763
|
|
|
59,029
|
|
|||||
Less: Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
(23,858
|
)
|
|
(23,858
|
)
|
||||||
Net income
|
16,464
|
|
|
1,936
|
|
|
866
|
|
|
15,905
|
|
|
35,171
|
|
|||||
Other comprehensive income (loss)
|
|
|
(195
|
)
|
|
477
|
|
|
|
|
282
|
|
|||||||
Total comprehensive income
|
$
|
16,464
|
|
|
$
|
1,741
|
|
|
$
|
1,343
|
|
|
$
|
15,905
|
|
|
$
|
35,453
|
|
Company’s equity in earnings of unconsolidated entities (3)
|
$
|
2,796
|
|
|
$
|
1,199
|
|
|
$
|
1,010
|
|
|
$
|
3,071
|
|
|
$
|
8,076
|
|
|
For the three months ended April 30, 2013
|
||||||||||||||||||
|
Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Trust
and Trust II
|
|
Structured
Asset
Joint
Venture
|
|
Total
|
||||||||||
Revenues
|
$
|
33,395
|
|
|
$
|
13,787
|
|
|
$
|
10,621
|
|
|
$
|
12,009
|
|
|
$
|
69,812
|
|
Cost of revenues
|
16,587
|
|
|
12,868
|
|
|
4,717
|
|
|
9,155
|
|
|
43,327
|
|
|||||
Other expenses
|
567
|
|
|
1,098
|
|
|
4,661
|
|
|
1,259
|
|
|
7,585
|
|
|||||
Total expenses—net
|
17,154
|
|
|
13,966
|
|
|
9,378
|
|
|
10,414
|
|
|
50,912
|
|
|||||
Gain on disposition of loans and REO
|
|
|
|
|
|
|
|
|
|
12,812
|
|
|
12,812
|
|
|||||
Income (loss) from operations
|
16,241
|
|
|
(179
|
)
|
|
1,243
|
|
|
14,407
|
|
|
31,712
|
|
|||||
Other income
|
2
|
|
|
424
|
|
|
|
|
|
75
|
|
|
501
|
|
|||||
Net income before noncontrolling interest
|
16,243
|
|
|
245
|
|
|
1,243
|
|
|
14,482
|
|
|
32,213
|
|
|||||
Less: Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
(8,689
|
)
|
|
(8,689
|
)
|
||||||||
Net income
|
16,243
|
|
|
245
|
|
|
1,243
|
|
|
5,793
|
|
|
23,524
|
|
|||||
Other comprehensive income (loss)
|
|
|
(195
|
)
|
|
175
|
|
|
|
|
(20
|
)
|
|||||||
Total comprehensive income
|
$
|
16,243
|
|
|
$
|
50
|
|
|
$
|
1,418
|
|
|
5,793
|
|
|
$
|
23,504
|
|
|
Company’s equity in earnings of unconsolidated entities (3)
|
$
|
2,894
|
|
|
$
|
356
|
|
|
$
|
585
|
|
|
$
|
1,158
|
|
|
$
|
4,993
|
|
|
For the six months ended April 30, 2012
|
||||||||||||||||||
|
Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Trust
and Trust II
|
|
Structured
Asset
Joint
Venture
|
|
Total
|
||||||||||
Revenues
|
$
|
33,584
|
|
|
$
|
47,466
|
|
|
$
|
18,698
|
|
|
$
|
12,362
|
|
|
$
|
112,110
|
|
Cost of revenues
|
31,771
|
|
|
34,754
|
|
|
6,736
|
|
|
17,227
|
|
|
90,488
|
|
|||||
Other expenses
|
430
|
|
|
2,110
|
|
|
11,427
|
|
|
4,898
|
|
|
18,865
|
|
|||||
Total expenses—net
|
32,201
|
|
|
36,864
|
|
|
18,163
|
|
|
22,125
|
|
|
109,353
|
|
|||||
Gain on disposition of loans and REO
|
|
|
|
|
|
|
|
|
|
22,826
|
|
|
22,826
|
|
|||||
Income from operations
|
1,383
|
|
|
10,602
|
|
|
535
|
|
|
13,063
|
|
|
25,583
|
|
|||||
Other income
|
2,653
|
|
|
79
|
|
|
|
|
|
275
|
|
|
3,007
|
|
|||||
Net income before noncontrolling interest
|
4,036
|
|
|
10,681
|
|
|
535
|
|
|
13,338
|
|
|
28,590
|
|
|||||
Less: Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
(8,004
|
)
|
|
(8,004
|
)
|
||||||||
Net income
|
4,036
|
|
|
10,681
|
|
|
535
|
|
|
5,334
|
|
|
20,586
|
|
|||||
Other comprehensive loss
|
|
|
|
|
(50
|
)
|
|
|
|
(50
|
)
|
||||||||
Total comprehensive income
|
$
|
4,036
|
|
|
$
|
10,681
|
|
|
$
|
485
|
|
|
$
|
5,334
|
|
|
$
|
20,536
|
|
Company’s equity in earnings of unconsolidated entities (3)
|
$
|
3,532
|
|
|
$
|
8,010
|
|
|
$
|
1,081
|
|
|
$
|
1,053
|
|
|
$
|
13,676
|
|
|
For the three months ended April 30, 2012
|
||||||||||||||||||
|
Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Trust
and Trust II
|
|
Structured
Asset
Joint
Venture
|
|
Total
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
24,036
|
|
|
$
|
9,222
|
|
|
$
|
7,654
|
|
|
$
|
40,912
|
|
Cost of revenues
|
—
|
|
|
16,961
|
|
|
3,393
|
|
|
5,701
|
|
|
26,055
|
|
|||||
Other expenses
|
205
|
|
|
1,165
|
|
|
4,642
|
|
|
2,013
|
|
|
8,025
|
|
|||||
Total expenses—net
|
205
|
|
|
18,126
|
|
|
8,035
|
|
|
7,714
|
|
|
34,080
|
|
|||||
Gain on disposition of loans and REO
|
|
|
|
|
|
|
|
|
|
7,517
|
|
|
7,517
|
|
|||||
Income (loss) from operations
|
(205
|
)
|
|
5,910
|
|
|
1,187
|
|
|
7,457
|
|
|
14,349
|
|
|||||
Other income
|
1
|
|
|
74
|
|
|
|
|
|
138
|
|
|
213
|
|
|||||
Net income (loss) before noncontrolling interest
|
(204
|
)
|
|
5,984
|
|
|
1,187
|
|
|
7,595
|
|
|
14,562
|
|
|||||
Less: Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
(4,557
|
)
|
|
(4,557
|
)
|
||||||||
Net income (loss)
|
(204
|
)
|
|
5,984
|
|
|
1,187
|
|
|
3,038
|
|
|
10,005
|
|
|||||
Other comprehensive income
|
|
|
|
|
239
|
|
|
|
|
239
|
|
||||||||
Comprehensive income (loss)
|
$
|
(204
|
)
|
|
$
|
5,984
|
|
|
$
|
1,426
|
|
|
$
|
3,038
|
|
|
$
|
10,244
|
|
Company’s equity in earnings of unconsolidated entities (3)
|
$
|
1,536
|
|
|
$
|
3,490
|
|
|
$
|
458
|
|
|
$
|
1,505
|
|
|
$
|
6,989
|
|
(3)
|
Differences between the Company’s equity in earnings of unconsolidated entities and the Company's percentage interest in the underlying net income (loss) of the entities is primarily a result of impairments related to the Company’s investment in unconsolidated entities, distributions from entities in excess of the carrying amount of the Company’s net investment, and the Company’s share of the entities’ profits related to home sites purchased by the Company which reduces the Company’s cost basis of the home sites.
|
|
April 30, 2013
|
|
October 31, 2012
|
||||
Unpaid principal balance
|
$
|
102,131
|
|
|
$
|
99,693
|
|
Discount on acquired loans
|
(53,424
|
)
|
|
(62,524
|
)
|
||
Carrying value
|
$
|
48,707
|
|
|
$
|
37,169
|
|
|
Six-month period ended April 30, 2012
|
||
Contractually required payments, including interest
|
$
|
52,524
|
|
Nonaccretable difference
|
(5,125
|
)
|
|
Cash flows expected to be collected
|
47,399
|
|
|
Accretable yield
|
(20,514
|
)
|
|
Non-performing loans carrying amount
|
$
|
26,885
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Balance, beginning of period
|
$
|
17,196
|
|
|
$
|
42,326
|
|
|
$
|
13,406
|
|
|
$
|
57,844
|
|
Loans acquired
|
|
|
|
20,514
|
|
|
|
|
|
|
|
||||
Additions
|
471
|
|
|
2,826
|
|
|
471
|
|
|
3,010
|
|
||||
Deletions
|
(3,915
|
)
|
|
(9,851
|
)
|
|
(1,528
|
)
|
|
(8,267
|
)
|
||||
Accretion
|
(2,523
|
)
|
|
(6,559
|
)
|
|
(1,120
|
)
|
|
(3,331
|
)
|
||||
Balance, end of period
|
$
|
11,229
|
|
|
$
|
49,256
|
|
|
$
|
11,229
|
|
|
$
|
49,256
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Balance, beginning of period
|
$
|
58,353
|
|
|
$
|
5,939
|
|
|
$
|
68,764
|
|
|
$
|
6,488
|
|
Additions
|
14,317
|
|
|
12,802
|
|
|
3,277
|
|
|
11,638
|
|
||||
Sales
|
(911
|
)
|
|
(615
|
)
|
|
(472
|
)
|
|
|
|||||
Impairments
|
(15
|
)
|
|
|
|
|
|
|
|||||||
Depreciation
|
(286
|
)
|
|
(18
|
)
|
|
(111
|
)
|
|
(18
|
)
|
||||
Balance, end of period
|
$
|
71,458
|
|
|
$
|
18,108
|
|
|
$
|
71,458
|
|
|
$
|
18,108
|
|
|
April 30,
2013 |
|
October 31,
2012 |
||||
Land, land development and construction
|
$
|
132,718
|
|
|
$
|
126,866
|
|
Compensation and employee benefits
|
97,072
|
|
|
111,243
|
|
||
Insurance and litigation
|
96,443
|
|
|
101,908
|
|
||
Warranty
|
41,109
|
|
|
41,706
|
|
||
Interest
|
26,821
|
|
|
28,204
|
|
||
Other
|
75,070
|
|
|
66,423
|
|
||
|
$
|
469,233
|
|
|
$
|
476,350
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Balance, beginning of period
|
$
|
41,706
|
|
|
$
|
42,474
|
|
|
$
|
41,241
|
|
|
$
|
43,109
|
|
Additions – homes closed during the period
|
5,223
|
|
|
3,944
|
|
|
2,934
|
|
|
2,073
|
|
||||
Addition – liabilities acquired
|
|
|
|
731
|
|
|
|
|
|
|
|||||
(Decrease) increase in accruals for homes closed in prior periods
|
(478
|
)
|
|
1,765
|
|
|
(212
|
)
|
|
(18
|
)
|
||||
Charges incurred
|
(5,342
|
)
|
|
(5,917
|
)
|
|
(2,854
|
)
|
|
(2,167
|
)
|
||||
Balance, end of period
|
$
|
41,109
|
|
|
$
|
42,997
|
|
|
$
|
41,109
|
|
|
$
|
42,997
|
|
|
Six months ended April 30,
|
||||||||||
|
2013
|
|
2012
|
||||||||
|
$
|
|
%*
|
|
$
|
|
%*
|
||||
Federal tax provision at statutory rate
|
17,253
|
|
|
35.0
|
|
|
3,234
|
|
|
35.0
|
|
State tax provision, net of federal benefit
|
2,051
|
|
|
4.2
|
|
|
391
|
|
|
4.2
|
|
Increase in unrecognized tax benefits
|
|
|
|
|
|
277
|
|
|
3.0
|
|
|
Reversal of accrual for uncertain tax positions
|
|
|
|
|
|
|
(5,279
|
)
|
|
(57.1
|
)
|
Increase in deferred tax assets – net
|
|
|
|
|
|
|
(2,100
|
)
|
|
(22.7
|
)
|
Valuation allowance – reversed
|
(1,277
|
)
|
|
(2.6
|
)
|
|
(3,318
|
)
|
|
(35.9
|
)
|
Accrued interest on anticipated tax assessments
|
1,982
|
|
|
4.0
|
|
|
1,950
|
|
|
21.1
|
|
Other
|
179
|
|
|
0.4
|
|
|
|
|
|
|
|
Income tax provision (benefit)
|
20,188
|
|
|
41.0
|
|
|
(4,845
|
)
|
|
(52.4
|
)
|
|
Three months ended April 30,
|
||||||||||
|
2013
|
|
2012
|
||||||||
|
$
|
|
%*
|
|
$
|
|
%*
|
||||
Federal tax provision at statutory rate
|
14,339
|
|
|
35.0
|
|
|
5,477
|
|
|
35.0
|
|
State tax provision, net of federal benefit
|
1,705
|
|
|
4.2
|
|
|
662
|
|
|
4.2
|
|
Increase in unrecognized tax benefits
|
|
|
|
|
|
(1,223
|
)
|
|
(7.8
|
)
|
|
Increase in deferred tax assets – net
|
|
|
|
|
|
|
(1,575
|
)
|
|
(10.0
|
)
|
Valuation allowance – reversed
|
(1,061
|
)
|
|
(2.6
|
)
|
|
(4,564
|
)
|
|
(29.2
|
)
|
Accrued interest on anticipated tax assessments
|
817
|
|
|
2.0
|
|
|
|
|
|
|
|
Other
|
494
|
|
|
1.2
|
|
|
|
|
|
|
|
Income tax provision (benefit)
|
16,294
|
|
|
39.8
|
|
|
(1,223
|
)
|
|
(7.8
|
)
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Total stock-based compensation expense recognized
|
$
|
10,027
|
|
|
$
|
8,831
|
|
|
$
|
4,343
|
|
|
$
|
3,205
|
|
Income tax benefit recognized
|
$
|
3,666
|
|
|
$
|
3,235
|
|
|
$
|
1,588
|
|
|
$
|
1,174
|
|
|
2013
|
|
2012
|
Expected volatility
|
44.04% - 48.13%
|
|
44.20% - 50.24%
|
Weighted-average volatility
|
46.70%
|
|
46.99%
|
Risk-free interest rate
|
0.64% - 1.56%
|
|
0.78% - 1.77%
|
Expected life (years)
|
4.48 - 8.88
|
|
4.59 - 9.06
|
Dividends
|
none
|
|
none
|
Weighted-average grant date fair value per share of options granted
|
$13.05
|
|
$8.70
|
|
2013
|
|
2012
|
||||
Six months ended April 30,
|
$
|
4,835
|
|
|
$
|
4,745
|
|
Three months ended April 30,
|
$
|
1,360
|
|
|
$
|
1,225
|
|
|
2013
|
|
2012
|
||||
Estimated number of shares underlying Performance-Based RSUs to be issued
|
289,490
|
|
|
360,000
|
|
||
Closing price of the Company’s common stock on date performance goals were approved
|
$
|
37.78
|
|
|
$
|
20.50
|
|
Estimated aggregate fair value of Performance-Based RSUs to be issued (in thousands)
|
$
|
10,937
|
|
|
$
|
7,371
|
|
Performance-Based RSU expense recognized in the six months ended April 30, (in thousands):
|
$
|
2,588
|
|
|
$
|
1,920
|
|
Performance-Based RSU expense recognized in the three months ended April 30, (in thousands):
|
$
|
2,074
|
|
|
$
|
984
|
|
Unamortized value of Performance-Based RSUs at April 30, (in thousands):
|
$
|
11,986
|
|
|
$
|
5,452
|
|
|
2013
|
|
2012
|
||||
Six months ended April 30,
|
$
|
979
|
|
|
$
|
1,528
|
|
Three months ended April 30,
|
$
|
416
|
|
|
$
|
679
|
|
|
April 30,
2013 |
|
October 31,
2012 |
||||
Aggregate outstanding Stock Price-Based RSUs
|
306,000
|
|
|
506,000
|
|
||
Cumulative unamortized value of Stock Price-Based RSUs (in thousands)
|
$
|
1,064
|
|
|
$
|
2,042
|
|
|
2013
|
|
2012
|
||||
Number of RSUs issued
|
94,080
|
|
|
107,820
|
|
||
Closing price of the Company’s common stock on date of issuance
|
$
|
32.22
|
|
|
$
|
20.50
|
|
Aggregate fair value of RSUs issued (in thousands)
|
$
|
3,031
|
|
|
$
|
2,210
|
|
|
2013
|
|
2012
|
||||
Six months ended April 30,
|
$
|
1,584
|
|
|
$
|
625
|
|
Three months ended April 30,
|
$
|
472
|
|
|
$
|
311
|
|
|
April 30,
2013 |
|
October 31,
2012 |
||||
Aggregate outstanding RSUs
|
228,490
|
|
|
137,764
|
|
||
Cumulative unamortized value of RSUs (in thousands)
|
$
|
2,692
|
|
|
$
|
1,326
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Service cost
|
$
|
236
|
|
|
$
|
194
|
|
|
$
|
117
|
|
|
$
|
97
|
|
Interest cost
|
521
|
|
|
606
|
|
|
261
|
|
|
303
|
|
||||
Amortization of prior service obligation
|
422
|
|
|
369
|
|
|
211
|
|
|
184
|
|
||||
Amortization of unrecognized losses
|
72
|
|
|
33
|
|
|
36
|
|
|
17
|
|
||||
Total costs
|
$
|
1,251
|
|
|
$
|
1,202
|
|
|
$
|
625
|
|
|
$
|
601
|
|
Benefits paid
|
$
|
444
|
|
|
$
|
225
|
|
|
$
|
211
|
|
|
$
|
110
|
|
|
|
Six months ended April 30, 2013
|
||||||||||||||
|
|
Employee Retirement Plans
|
|
Available-for-Sale Securities
|
|
Derivative Instruments
|
|
Total
|
||||||||
Balance, beginning of period
|
|
$
|
(4,446
|
)
|
|
$
|
180
|
|
|
$
|
(553
|
)
|
|
$
|
(4,819
|
)
|
Other comprehensive (loss) income before reclassifications
|
|
(519
|
)
|
|
71
|
|
|
24
|
|
|
(424
|
)
|
||||
Gross amounts reclassified from accumulated other comprehensive income (loss)
|
|
494
|
|
|
(137
|
)
|
|
|
|
357
|
|
|||||
Income tax benefit (expense)
|
|
7
|
|
|
29
|
|
|
(11
|
)
|
|
25
|
|
||||
Other comprehensive (loss) income, net of tax
|
|
(18
|
)
|
|
(37
|
)
|
|
13
|
|
|
(42
|
)
|
||||
Balance, end of period
|
|
$
|
(4,464
|
)
|
|
$
|
143
|
|
|
$
|
(540
|
)
|
|
$
|
(4,861
|
)
|
|
|
Three months ended April 30, 2013
|
||||||||||||||
|
|
Employee Retirement Plans
|
|
Available-for-Sale Securities
|
|
Derivative Instruments
|
|
Total
|
||||||||
Balance, beginning of period
|
|
$
|
(4,619
|
)
|
|
$
|
276
|
|
|
$
|
(460
|
)
|
|
$
|
(4,803
|
)
|
Other comprehensive loss before reclassifications
|
|
—
|
|
|
(67
|
)
|
|
(127
|
)
|
|
(194
|
)
|
||||
Gross amounts reclassified from accumulated other comprehensive income (loss)
|
|
247
|
|
|
(137
|
)
|
|
|
|
110
|
|
|||||
Income tax (expense) benefit
|
|
(92
|
)
|
|
71
|
|
|
47
|
|
|
26
|
|
||||
Other comprehensive income (loss), net of tax
|
|
155
|
|
|
(133
|
)
|
|
(80
|
)
|
|
(58
|
)
|
||||
Balance, end of period
|
|
$
|
(4,464
|
)
|
|
$
|
143
|
|
|
$
|
(540
|
)
|
|
$
|
(4,861
|
)
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Number of shares purchased (in thousands)
|
5
|
|
|
13
|
|
|
3
|
|
|
10
|
|
||||
Average price per share
|
$
|
33.61
|
|
|
$
|
22.51
|
|
|
$
|
34.49
|
|
|
$
|
23.13
|
|
Remaining authorization at April 30 (in thousands)
|
8,760
|
|
|
8,773
|
|
|
8,760
|
|
|
8,773
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income as reported
|
$
|
29,106
|
|
|
$
|
14,086
|
|
|
24,674
|
|
|
16,872
|
|
||
Plus: Interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit
|
804
|
|
|
|
|
|
401
|
|
|
|
|
||||
Numerator for diluted earnings per share
|
$
|
29,910
|
|
|
$
|
14,086
|
|
|
$
|
25,075
|
|
|
$
|
16,872
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average shares (a)
|
169,222
|
|
|
166,652
|
|
|
169,380
|
|
|
166,994
|
|
||||
Common stock equivalents (b)
|
2,869
|
|
|
1,153
|
|
|
2,898
|
|
|
1,509
|
|
||||
Shares attributable to 0.5% Exchangeable Senior Notes
|
5,858
|
|
|
|
|
|
5,858
|
|
|
|
|
||||
Diluted weighted-average shares
|
177,949
|
|
|
167,805
|
|
|
178,136
|
|
|
168,503
|
|
||||
Other information:
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of anti-dilutive options and restricted stock
units(b)
|
1,139
|
|
|
5,355
|
|
|
1,299
|
|
|
3,983
|
|
||||
Shares issued under stock incentive and employee stock purchase plans
|
634
|
|
|
1,603
|
|
|
110
|
|
|
661
|
|
(a)
|
Basic weighted-average shares included the weighted-average number of shares outstanding for the period and vested shares issuable under restricted stock unit awards.
|
(b)
|
Based upon the average closing price of the Company’s common stock on the NYSE for the period.
|
Level 1:
|
|
Fair value determined based on quoted prices in active markets for identical assets or liabilities.
|
|
|
|
Level 2:
|
|
Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active.
|
|
|
|
Level 3:
|
|
Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.
|
|
|
|
Fair value
|
||||||
Financial Instrument
|
Fair value
hierarchy
|
|
April 30, 2013
|
|
October 31, 2012
|
||||
Corporate Securities
|
Level 2
|
|
$
|
177,503
|
|
|
$
|
260,772
|
|
Certificates of Deposit
|
Level 2
|
|
$
|
25,077
|
|
|
$
|
148,112
|
|
Short-Term Tax-Exempt Bond Fund
|
Level 1
|
|
$
|
30,319
|
|
|
$
|
30,184
|
|
Residential Mortgage Loans Held for Sale
|
Level 2
|
|
$
|
66,538
|
|
|
$
|
86,386
|
|
Forward Loan Commitments—Residential Mortgage Loans Held for Sale
|
Level 2
|
|
$
|
(755
|
)
|
|
$
|
(102
|
)
|
Interest Rate Lock Commitments (“IRLCs”)
|
Level 2
|
|
$
|
606
|
|
|
$
|
(202
|
)
|
Forward Loan Commitments—IRLCs
|
Level 2
|
|
$
|
(606
|
)
|
|
$
|
202
|
|
|
Aggregate unpaid
principal balance
|
|
Fair value
|
|
Excess
|
||||||
At April 30, 2013
|
$
|
64,777
|
|
|
$
|
66,538
|
|
|
$
|
1,761
|
|
At October 31, 2012
|
$
|
84,986
|
|
|
$
|
86,386
|
|
|
$
|
1,400
|
|
|
April 30, 2013
|
|
October 31, 2012
|
||||
Amortized cost
|
$
|
232,674
|
|
|
$
|
438,755
|
|
Gross unrealized holding gains
|
357
|
|
|
451
|
|
||
Gross unrealized holding losses
|
(132
|
)
|
|
(138
|
)
|
||
Fair value
|
$
|
232,899
|
|
|
$
|
439,068
|
|
|
Selling price per unit (in thousands)
|
|
Sales pace per year
(in units)
|
|
Discount rate
|
Three months ended April 30, 2013
|
—
|
|
—
|
|
—
|
Three months ended January 31, 2013
|
$303 - $307
|
|
15
|
|
15.3%
|
Three months ended October 31, 2012
|
$501 - $536
|
|
11
|
|
18.3%
|
Three months ended July 31, 2012
|
$175 - $571
|
|
4 - 12
|
|
14.0% - 17.5%
|
Three months ended April 30, 2012
|
$413 - $472
|
|
6 - 17
|
|
17.5%
|
Three months ended January 31, 2012
|
$344 - $2,287
|
|
1 - 25
|
|
13.0% - 18.8%
|
|
|
|
Impaired operating communities
|
||||||||
Three months ended:
|
Number of
communities tested |
|
Number of
communities |
|
Fair value of
communities, net of impairment charges |
|
Impairment charges
|
||||
Fiscal 2013:
|
|
|
|
|
|
|
|
||||
January 31
|
60
|
|
2
|
|
$
|
5,377
|
|
|
$
|
700
|
|
April 30
|
79
|
|
1
|
|
$
|
749
|
|
|
340
|
|
|
|
|
|
|
|
|
|
$
|
1,040
|
|
||
Fiscal 2012:
|
|
|
|
|
|
|
|
||||
January 31
|
113
|
|
8
|
|
$
|
49,758
|
|
|
$
|
6,425
|
|
April 30
|
115
|
|
2
|
|
$
|
22,962
|
|
|
2,560
|
|
|
July 31
|
115
|
|
4
|
|
$
|
6,609
|
|
|
2,685
|
|
|
October 31
|
108
|
|
3
|
|
$
|
9,319
|
|
|
1,400
|
|
|
|
|
|
|
|
|
|
$
|
13,070
|
|
|
April 30, 2013
|
|
October 31, 2012
|
||||
Carrying amount
|
$
|
48,707
|
|
|
$
|
37,169
|
|
Estimated fair value
|
$
|
49,110
|
|
|
$
|
38,109
|
|
|
|
|
April 30, 2013
|
|
October 31, 2012
|
||||||||||||
|
Fair value
hierarchy |
|
Book value
|
|
Estimated
fair value
|
|
Book value
|
|
Estimated
fair value
|
||||||||
Loans payable (a)
|
Level 2
|
|
$
|
96,572
|
|
|
$
|
96,144
|
|
|
$
|
99,817
|
|
|
$
|
99,093
|
|
Senior notes (b)
|
Level 1
|
|
2,330,121
|
|
|
2,603,002
|
|
|
2,089,189
|
|
|
2,340,189
|
|
||||
Mortgage company warehouse loan (c)
|
Level 2
|
|
58,526
|
|
|
58,526
|
|
|
72,664
|
|
|
72,664
|
|
||||
|
|
|
$
|
2,485,219
|
|
|
$
|
2,757,672
|
|
|
$
|
2,261,670
|
|
|
$
|
2,511,946
|
|
(a)
|
The estimated fair value of loans payable was based upon their indicated market prices or the interest rates that the Company believed were available to it for loans with similar terms and remaining maturities as of the applicable valuation date.
|
(b)
|
The estimated fair value of the Company’s senior notes is based upon their indicated market prices.
|
(c)
|
The Company believes that the carrying value of its mortgage company warehouse loan borrowings approximates their fair value.
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Interest income
|
$
|
2,677
|
|
|
$
|
2,184
|
|
|
$
|
1,202
|
|
|
$
|
1,270
|
|
Income from ancillary businesses
|
3,432
|
|
|
2,728
|
|
|
2,154
|
|
|
1,645
|
|
||||
Gibraltar
|
1,112
|
|
|
5,864
|
|
|
961
|
|
|
3,726
|
|
||||
Management fee income
|
1,131
|
|
|
1,476
|
|
|
804
|
|
|
789
|
|
||||
Retained customer deposits
|
1,123
|
|
|
1,248
|
|
|
445
|
|
|
594
|
|
||||
Land sales, net
|
255
|
|
|
1,246
|
|
|
110
|
|
|
1,246
|
|
||||
Income recognized from settlement of litigation
|
13,229
|
|
|
|
|
13,229
|
|
|
|
||||||
Other
|
1,201
|
|
|
1,505
|
|
|
629
|
|
|
786
|
|
||||
|
$
|
24,160
|
|
|
$
|
16,251
|
|
|
$
|
19,534
|
|
|
$
|
10,056
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Revenue
|
$
|
39,426
|
|
|
$
|
32,536
|
|
|
$
|
22,785
|
|
|
$
|
18,724
|
|
Expense
|
$
|
35,994
|
|
|
$
|
29,808
|
|
|
$
|
20,631
|
|
|
$
|
17,079
|
|
|
April 30, 2013
|
|
October 31, 2012
|
||||
Aggregate purchase commitments:
|
|
|
|
||||
Unrelated parties
|
$
|
1,173,974
|
|
|
$
|
742,918
|
|
Unconsolidated entities that the Company has investments in
|
61,738
|
|
|
4,067
|
|
||
Total
|
$
|
1,235,712
|
|
|
$
|
746,985
|
|
Deposits against aggregate purchase commitments
|
$
|
44,051
|
|
|
$
|
42,921
|
|
Additional cash required to acquire land
|
1,191,661
|
|
|
704,064
|
|
||
Total
|
$
|
1,235,712
|
|
|
$
|
746,985
|
|
Amount of additional cash required to acquire land in accrued expenses
|
$
|
443
|
|
|
$
|
4,328
|
|
|
April 30, 2013
|
|
October 31, 2012
|
||||
Aggregate mortgage loan commitments:
|
|
|
|
||||
IRLCs
|
$
|
167,588
|
|
|
$
|
111,173
|
|
Non-IRLCs
|
649,659
|
|
|
456,825
|
|
||
Total
|
$
|
817,247
|
|
|
$
|
567,998
|
|
Investor commitments to purchase:
|
|
|
|
||||
IRLCs
|
$
|
167,588
|
|
|
$
|
111,173
|
|
Mortgage loans receivable
|
61,202
|
|
|
80,697
|
|
||
Total
|
$
|
228,790
|
|
|
$
|
191,870
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
North
|
$
|
196,950
|
|
|
$
|
186,733
|
|
|
$
|
104,280
|
|
|
$
|
111,153
|
|
Mid-Atlantic
|
279,697
|
|
|
204,405
|
|
|
147,546
|
|
|
103,606
|
|
||||
South
|
222,742
|
|
|
158,834
|
|
|
135,557
|
|
|
82,368
|
|
||||
West
|
241,216
|
|
|
145,664
|
|
|
128,621
|
|
|
76,554
|
|
||||
Total
|
$
|
940,605
|
|
|
$
|
695,636
|
|
|
$
|
516,004
|
|
|
$
|
373,681
|
|
Income (loss) before income taxes:
|
|
|
|
|
|
|
|
||||||||
North
|
$
|
14,757
|
|
|
$
|
17,705
|
|
|
$
|
7,495
|
|
|
$
|
16,672
|
|
Mid-Atlantic
|
33,575
|
|
|
18,804
|
|
|
18,480
|
|
|
7,729
|
|
||||
South
|
16,895
|
|
|
3,988
|
|
|
14,170
|
|
|
6,213
|
|
||||
West
|
21,055
|
|
|
8,166
|
|
|
13,008
|
|
|
2,697
|
|
||||
Corporate and other
|
(36,988
|
)
|
|
(39,422
|
)
|
|
(12,185
|
)
|
|
(17,662
|
)
|
||||
Total
|
$
|
49,294
|
|
|
$
|
9,241
|
|
|
$
|
40,968
|
|
|
$
|
15,649
|
|
|
April 30,
2013 |
|
October 31,
2012 |
||||
North
|
$
|
1,474,653
|
|
|
$
|
1,205,900
|
|
Mid-Atlantic
|
1,401,122
|
|
|
1,304,798
|
|
||
South
|
930,790
|
|
|
821,001
|
|
||
West
|
1,068,681
|
|
|
913,699
|
|
||
Corporate and other
|
1,683,359
|
|
|
1,935,646
|
|
||
Total
|
$
|
6,558,605
|
|
|
$
|
6,181,044
|
|
|
Net Carrying Value
|
|
Impairments
|
||||||||||||||||||||
|
At April 30,
|
|
At October 31,
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||
Inventory:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Land controlled for future communities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North
|
$
|
19,676
|
|
|
$
|
13,196
|
|
|
$
|
799
|
|
|
$
|
(996
|
)
|
|
$
|
712
|
|
|
$
|
(1,020
|
)
|
Mid-Atlantic
|
25,635
|
|
|
27,249
|
|
|
17
|
|
|
680
|
|
|
1
|
|
|
482
|
|
||||||
South
|
7,749
|
|
|
7,724
|
|
|
361
|
|
|
569
|
|
|
5
|
|
|
13
|
|
||||||
West
|
9,143
|
|
|
8,131
|
|
|
(479
|
)
|
|
(28
|
)
|
|
(29
|
)
|
|
(27
|
)
|
||||||
|
62,203
|
|
|
56,300
|
|
|
698
|
|
|
225
|
|
|
689
|
|
|
(552
|
)
|
||||||
Land owned for future communities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North
|
319,380
|
|
|
226,082
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mid-Atlantic
|
378,386
|
|
|
431,620
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
South
|
133,888
|
|
|
141,644
|
|
|
|
|
|
918
|
|
|
|
|
|
|
|||||||
West
|
251,596
|
|
|
241,027
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
1,083,250
|
|
|
1,040,373
|
|
|
—
|
|
|
918
|
|
|
—
|
|
|
—
|
|
||||||
Operating communities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North
|
955,651
|
|
|
803,085
|
|
|
840
|
|
|
2,725
|
|
|
340
|
|
|
460
|
|
||||||
Mid-Atlantic
|
885,905
|
|
|
729,739
|
|
|
|
|
|
2,100
|
|
|
|
|
|
2,100
|
|
||||||
South
|
709,255
|
|
|
603,239
|
|
|
|
|
|
4,160
|
|
|
|
|
|
|
|||||||
West
|
670,953
|
|
|
528,451
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|||||||
|
3,221,764
|
|
|
2,664,514
|
|
|
1,040
|
|
|
8,985
|
|
|
340
|
|
|
2,560
|
|
||||||
Total
|
$
|
4,367,217
|
|
|
$
|
3,761,187
|
|
|
$
|
1,738
|
|
|
$
|
10,128
|
|
|
$
|
1,029
|
|
|
$
|
2,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investments in and advances to unconsolidated entities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North
|
$
|
166,210
|
|
|
$
|
142,213
|
|
|
|
|
|
|
|
|
|
|
|
||||||
South
|
46,181
|
|
|
31,252
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West
|
108,511
|
|
|
116,452
|
|
|
|
|
|
(1,621
|
)
|
|
|
|
|
(1,621
|
)
|
||||||
Corporate
|
36,630
|
|
|
40,700
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
357,532
|
|
|
$
|
330,617
|
|
|
$
|
—
|
|
|
$
|
(1,621
|
)
|
|
$
|
—
|
|
|
$
|
(1,621
|
)
|
|
2013
|
|
2012
|
||||
Cash flow information:
|
|
|
|
||||
Interest paid, net of amount capitalized
|
$
|
8,947
|
|
|
$
|
1,771
|
|
Income tax payment
|
$
|
1,107
|
|
|
$
|
2,234
|
|
Income tax refunds
|
$
|
1,156
|
|
|
|
|
|
Non-cash activity:
|
|
|
|
||||
Cost of inventory acquired through seller financing or municipal bonds, net
|
$
|
26,566
|
|
|
$
|
15,424
|
|
Financed portion of land sale
|
$
|
7,200
|
|
|
|
|
|
Reduction in inventory for Company's share of earnings in land purchased from unconsolidated entities
|
$
|
(1,327
|
)
|
|
$
|
(75
|
)
|
Defined benefit plan amendment
|
$
|
519
|
|
|
$
|
310
|
|
Increase in accrued expenses related to Stock Price-Based RSUs paid
|
$
|
2,942
|
|
|
|
|
|
Increase (reduction) of investments in unconsolidated entities due to reduction/increase in letters of credit or accrued liabilities
|
$
|
49
|
|
|
$
|
(484
|
)
|
Transfer of inventory to investment in distressed loans and foreclosed real estate
|
|
|
|
$
|
802
|
|
|
Transfer of inventory to investment in unconsolidated entities
|
$
|
27,631
|
|
|
$
|
5,793
|
|
Reclassification of deferred income from investment in unconsolidated entities to accrued liabilities
|
|
|
|
$
|
2,943
|
|
|
Unrealized gain (loss) on derivative held by equity investee
|
$
|
23
|
|
|
$
|
(728
|
)
|
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees
|
$
|
1,291
|
|
|
|
|
|
Miscellaneous increases (decreases) to investments in unconsolidated entities
|
$
|
64
|
|
|
$
|
(130
|
)
|
Acquisition of Business:
|
|
|
|
||||
Fair value of assets purchased
|
|
|
|
$
|
149,959
|
|
|
Liabilities assumed
|
|
|
|
$
|
5,213
|
|
|
Cash paid
|
|
|
|
$
|
144,746
|
|
|
Original Amount Issued
|
|
Amount outstanding at April 30, 2013
|
|||||
5.95% Senior Notes due 2013
|
$
|
250,000
|
|
|
$
|
104,785
|
|
|
4.95% Senior Notes due 2014
|
$
|
300,000
|
|
|
$
|
267,960
|
|
|
5.15% Senior Notes due 2015
|
$
|
300,000
|
|
|
$
|
300,000
|
|
|
8.91% Senior Notes due 2017
|
$
|
400,000
|
|
|
$
|
400,000
|
|
|
6.75% Senior Notes due 2019
|
$
|
250,000
|
|
|
$
|
250,000
|
|
|
5.875% Senior Notes due 2022
|
$
|
419,876
|
|
|
$
|
419,876
|
|
|
4.375% Senior Notes due 2023
|
$
|
300,000
|
|
|
$
|
300,000
|
|
|
0.5% Exchangeable Senior Notes due 2032
|
$
|
287,500
|
|
|
$
|
287,500
|
|
|
April 30,
2013 |
|
October 31,
2012 |
||||
Inventory
|
$
|
214,313
|
|
|
$
|
168,218
|
|
Investments in and advances to unconsolidated entities
|
$
|
103,871
|
|
|
$
|
110,014
|
|
Total assets
|
$
|
327,574
|
|
|
$
|
282,638
|
|
Loans payable
|
$
|
14,576
|
|
|
$
|
30,424
|
|
Intercompany advances
|
$
|
303,879
|
|
|
$
|
253,550
|
|
Total liabilities
|
$
|
333,865
|
|
|
$
|
291,990
|
|
Equity
|
$
|
(6,291
|
)
|
|
$
|
(9,352
|
)
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Revenue
|
$
|
24,316
|
|
|
$
|
—
|
|
|
$
|
13,872
|
|
|
$
|
—
|
|
Operating income
|
$
|
2,930
|
|
|
$
|
(673
|
)
|
|
$
|
1,937
|
|
|
$
|
(428
|
)
|
Income before income taxes
|
$
|
5,030
|
|
|
$
|
958
|
|
|
$
|
4,027
|
|
|
$
|
1,187
|
|
|
As Previously Reported
|
|
Reclassification of intercompany activity
|
|
Change in status from Non-Guarantor to Guarantor
|
|
As Reclassified
|
||||||||
Cash flow (used in) provided by operating activities:
|
|
|
|
|
|
|
|
||||||||
Net cash (used in) provided by operating activities:
|
|
|
|
|
|
|
|
||||||||
Toll Brothers, Inc.
|
$
|
(16,905
|
)
|
|
$
|
(9,460
|
)
|
|
$
|
—
|
|
|
$
|
(26,365
|
)
|
Subsidiary Issuer
|
$
|
(296,227
|
)
|
|
$
|
300,492
|
|
|
$
|
—
|
|
|
$
|
4,265
|
|
Guarantor Subsidiaries
|
$
|
(61,438
|
)
|
|
$
|
(268,885
|
)
|
|
$
|
95,972
|
|
|
$
|
(234,351
|
)
|
Non-Guarantor Subsidiaries
|
$
|
101,711
|
|
|
$
|
(8,953
|
)
|
|
$
|
(94,191
|
)
|
|
$
|
(1,433
|
)
|
Elimination
|
$
|
—
|
|
|
$
|
(13,194
|
)
|
|
$
|
—
|
|
|
$
|
(13,194
|
)
|
|
|
|
|
|
|
|
|
||||||||
Cash flow (used in) provided by investing activities:
|
|
|
|
|
|
|
|
||||||||
Intercompany advances
|
|
|
|
|
|
|
|
||||||||
Toll Brothers, Inc.
|
$
|
—
|
|
|
$
|
9,460
|
|
|
$
|
—
|
|
|
$
|
9,460
|
|
Subsidiary Issuer
|
$
|
—
|
|
|
$
|
(300,492
|
)
|
|
$
|
—
|
|
|
$
|
(300,492
|
)
|
Guarantor Subsidiaries
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-Guarantor Subsidiaries
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Elimination
|
$
|
—
|
|
|
$
|
291,032
|
|
|
$
|
—
|
|
|
$
|
291,032
|
|
|
|
|
|
|
|
|
|
||||||||
Net cash (used in) provided by investing activities
|
|
|
|
|
|
|
|
||||||||
Toll Brothers, Inc.
|
$
|
—
|
|
|
$
|
9,460
|
|
|
$
|
—
|
|
|
$
|
9,460
|
|
Subsidiary Issuer
|
$
|
—
|
|
|
$
|
(300,492
|
)
|
|
$
|
—
|
|
|
$
|
(300,492
|
)
|
Guarantor Subsidiaries
|
$
|
(58,270
|
)
|
|
$
|
—
|
|
|
$
|
(1,602
|
)
|
|
$
|
(59,872
|
)
|
Non-Guarantor Subsidiaries
|
$
|
(149,688
|
)
|
|
$
|
—
|
|
|
$
|
(179
|
)
|
|
$
|
(149,867
|
)
|
Elimination
|
$
|
—
|
|
|
$
|
291,032
|
|
|
$
|
—
|
|
|
$
|
291,032
|
|
|
|
|
|
|
|
|
|
||||||||
Cash flow provided by (used in) financing activities:
|
|
|
|
|
|
|
|
||||||||
Intercompany advances
|
|
|
|
|
|
|
|
||||||||
Toll Brothers, Inc.
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Subsidiary Issuer
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Guarantor Subsidiaries
|
$
|
—
|
|
|
$
|
268,885
|
|
|
$
|
(95,552
|
)
|
|
$
|
173,333
|
|
Non-Guarantor Subsidiaries
|
$
|
—
|
|
|
$
|
8,953
|
|
|
$
|
95,552
|
|
|
$
|
104,505
|
|
Elimination
|
$
|
—
|
|
|
$
|
(277,838
|
)
|
|
$
|
—
|
|
|
$
|
(277,838
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) financing activities
|
|
|
|
|
|
|
|
||||||||
Toll Brothers, Inc.
|
$
|
16,905
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,905
|
|
Subsidiary Issuer
|
$
|
296,227
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
296,227
|
|
Guarantor Subsidiaries
|
$
|
(17,074
|
)
|
|
$
|
268,885
|
|
|
$
|
(96,083
|
)
|
|
$
|
155,728
|
|
Non-Guarantor Subsidiaries
|
$
|
(12,543
|
)
|
|
$
|
8,953
|
|
|
$
|
96,083
|
|
|
$
|
92,493
|
|
Elimination
|
$
|
—
|
|
|
$
|
(277,838
|
)
|
|
$
|
—
|
|
|
$
|
(277,838
|
)
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
—
|
|
|
—
|
|
|
608,939
|
|
|
94,162
|
|
|
—
|
|
|
703,101
|
|
Marketable securities
|
|
|
|
|
192,562
|
|
|
40,337
|
|
|
|
|
232,899
|
|
|||
Restricted cash
|
15,134
|
|
|
|
|
17,198
|
|
|
1,469
|
|
|
|
|
33,801
|
|
||
Inventory
|
|
|
|
|
4,304,896
|
|
|
62,321
|
|
|
|
|
4,367,217
|
|
|||
Property, construction and office equipment, net
|
|
|
|
|
110,624
|
|
|
14,665
|
|
|
|
|
125,289
|
|
|||
Receivables, prepaid expenses and other assets
|
76
|
|
|
16,363
|
|
|
87,111
|
|
|
82,416
|
|
|
(20,221
|
)
|
|
165,745
|
|
Mortgage loans held for sale
|
|
|
|
|
|
|
66,538
|
|
|
|
|
66,538
|
|
||||
Customer deposits held in escrow
|
|
|
|
|
45,304
|
|
|
|
|
|
|
|
45,304
|
|
|||
Investments in and advances to unconsolidated entities
|
|
|
|
|
183,475
|
|
|
174,057
|
|
|
|
|
357,532
|
|
|||
Investments in distressed loans
|
|
|
|
|
|
|
|
48,707
|
|
|
|
|
48,707
|
|
|||
Investments in foreclosed real estate
|
|
|
|
|
|
|
|
71,458
|
|
|
|
|
71,458
|
|
|||
Investments in and advances to consolidated entities
|
2,894,431
|
|
|
2,334,391
|
|
|
4,740
|
|
|
|
|
|
(5,233,562
|
)
|
|
—
|
|
Deferred tax assets, net of valuation allowances
|
341,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
341,014
|
|
|
3,250,655
|
|
|
2,350,754
|
|
|
5,554,849
|
|
|
656,130
|
|
|
(5,253,783
|
)
|
|
6,558,605
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans payable
|
|
|
|
|
96,572
|
|
|
|
|
|
|
|
96,572
|
|
|||
Senior notes
|
|
|
2,278,941
|
|
|
|
|
|
|
43,456
|
|
|
2,322,397
|
|
|||
Mortgage company warehouse loan
|
|
|
|
|
|
|
58,526
|
|
|
|
|
58,526
|
|
||||
Customer deposits
|
|
|
|
|
205,821
|
|
|
|
|
|
|
|
205,821
|
|
|||
Accounts payable
|
|
|
|
|
149,383
|
|
|
218
|
|
|
|
|
149,601
|
|
|||
Accrued expenses
|
|
|
26,527
|
|
|
327,662
|
|
|
135,412
|
|
|
(20,368
|
)
|
|
469,233
|
|
|
Advances from consolidated entities
|
|
|
|
|
|
1,573,146
|
|
|
427,742
|
|
|
(2,000,888
|
)
|
|
—
|
|
|
Income taxes payable
|
84,157
|
|
|
|
|
|
|
|
|
|
|
|
84,157
|
|
|||
Total liabilities
|
84,157
|
|
|
2,305,468
|
|
|
2,352,584
|
|
|
621,898
|
|
|
(1,977,800
|
)
|
|
3,386,307
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common stock
|
1,693
|
|
|
|
|
48
|
|
|
3,006
|
|
|
(3,054
|
)
|
|
1,693
|
|
|
Additional paid-in capital
|
418,844
|
|
|
49,400
|
|
|
|
|
|
1,734
|
|
|
(51,134
|
)
|
|
418,844
|
|
Retained earnings
|
2,750,503
|
|
|
(4,114
|
)
|
|
3,202,547
|
|
|
23,362
|
|
|
(3,221,795
|
)
|
|
2,750,503
|
|
Treasury stock, at cost
|
(78
|
)
|
|
|
|
|
|
|
|
|
|
(78
|
)
|
||||
Accumulated other comprehensive loss
|
(4,464
|
)
|
|
|
|
(330
|
)
|
|
(67
|
)
|
|
|
|
|
(4,861
|
)
|
|
Total stockholders’ equity
|
3,166,498
|
|
|
45,286
|
|
|
3,202,265
|
|
|
28,035
|
|
|
(3,275,983
|
)
|
|
3,166,101
|
|
Noncontrolling interest
|
|
|
|
|
|
|
6,197
|
|
|
|
|
6,197
|
|
||||
Total equity
|
3,166,498
|
|
|
45,286
|
|
|
3,202,265
|
|
|
34,232
|
|
|
(3,275,983
|
)
|
|
3,172,298
|
|
|
3,250,655
|
|
|
2,350,754
|
|
|
5,554,849
|
|
|
656,130
|
|
|
(5,253,783
|
)
|
|
6,558,605
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
—
|
|
|
—
|
|
|
712,024
|
|
|
66,800
|
|
|
—
|
|
|
778,824
|
|
Marketable securities
|
|
|
|
|
378,858
|
|
|
60,210
|
|
|
|
|
439,068
|
|
|||
Restricted cash
|
28,268
|
|
|
|
|
17,561
|
|
|
1,447
|
|
|
|
|
47,276
|
|
||
Inventory
|
|
|
|
|
3,695,895
|
|
|
65,292
|
|
|
|
|
3,761,187
|
|
|||
Property, construction and office equipment, net
|
|
|
|
|
106,963
|
|
|
3,008
|
|
|
|
|
109,971
|
|
|||
Receivables, prepaid expenses and other assets
|
134
|
|
|
15,130
|
|
|
80,932
|
|
|
64,543
|
|
|
(16,181
|
)
|
|
144,558
|
|
Mortgage loans held for sale
|
|
|
|
|
|
|
86,386
|
|
|
|
|
86,386
|
|
||||
Customer deposits held in escrow
|
|
|
|
|
27,312
|
|
|
2,267
|
|
|
|
|
29,579
|
|
|||
Investments in and advances to unconsolidated entities
|
|
|
|
|
180,159
|
|
|
150,458
|
|
|
|
|
330,617
|
|
|||
Investments in distressed loans
|
|
|
|
|
|
|
|
37,169
|
|
|
|
|
37,169
|
|
|||
Investments in foreclosed real estate
|
|
|
|
|
|
|
|
|
|
58,353
|
|
|
|
|
|
58,353
|
|
Investments in and advances to consolidated entities
|
2,816,607
|
|
|
2,092,810
|
|
|
4,740
|
|
|
|
|
|
(4,914,157
|
)
|
|
—
|
|
Deferred tax assets, net of valuation allowances
|
358,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
358,056
|
|
|
3,203,065
|
|
|
2,107,940
|
|
|
5,204,444
|
|
|
595,933
|
|
|
(4,930,338
|
)
|
|
6,181,044
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans payable
|
|
|
|
|
99,817
|
|
|
|
|
|
|
|
99,817
|
|
|||
Senior notes
|
|
|
2,032,335
|
|
|
|
|
|
|
48,128
|
|
|
2,080,463
|
|
|||
Mortgage company warehouse loan
|
|
|
|
|
|
|
72,664
|
|
|
|
|
72,664
|
|
||||
Customer deposits
|
|
|
|
|
142,919
|
|
|
58
|
|
|
|
|
142,977
|
|
|||
Accounts payable
|
|
|
|
|
99,889
|
|
|
22
|
|
|
|
|
99,911
|
|
|||
Accrued expenses
|
|
|
27,476
|
|
|
344,555
|
|
|
115,922
|
|
|
(11,603
|
)
|
|
476,350
|
|
|
Advances from consolidated entities
|
|
|
|
|
|
1,342,213
|
|
|
378,946
|
|
|
(1,721,159
|
)
|
|
—
|
|
|
Income taxes payable
|
80,991
|
|
|
|
|
|
|
|
|
|
|
|
80,991
|
|
|||
Total liabilities
|
80,991
|
|
|
2,059,811
|
|
|
2,029,393
|
|
|
567,612
|
|
|
(1,684,634
|
)
|
|
3,053,173
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common stock
|
1,687
|
|
|
|
|
48
|
|
|
3,006
|
|
|
(3,054
|
)
|
|
1,687
|
|
|
Additional paid-in capital
|
404,418
|
|
|
49,400
|
|
|
|
|
|
1,734
|
|
|
(51,134
|
)
|
|
404,418
|
|
Retained earnings
|
2,721,397
|
|
|
(1,271
|
)
|
|
3,175,370
|
|
|
17,417
|
|
|
(3,191,516
|
)
|
|
2,721,397
|
|
Treasury stock, at cost
|
(983
|
)
|
|
|
|
|
|
|
|
|
|
(983
|
)
|
||||
Accumulated other comprehensive loss
|
(4,445
|
)
|
|
|
|
(367
|
)
|
|
(7
|
)
|
|
|
|
|
(4,819
|
)
|
|
Total stockholders’ equity
|
3,122,074
|
|
|
48,129
|
|
|
3,175,051
|
|
|
22,150
|
|
|
(3,245,704
|
)
|
|
3,121,700
|
|
Noncontrolling interest
|
|
|
|
|
|
|
6,171
|
|
|
|
|
6,171
|
|
||||
Total equity
|
3,122,074
|
|
|
48,129
|
|
|
3,175,051
|
|
|
28,321
|
|
|
(3,245,704
|
)
|
|
3,127,871
|
|
|
3,203,065
|
|
|
2,107,940
|
|
|
5,204,444
|
|
|
595,933
|
|
|
(4,930,338
|
)
|
|
6,181,044
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
953,625
|
|
|
35,383
|
|
|
(48,403
|
)
|
|
940,605
|
|
||
Cost of revenues
|
|
|
|
|
772,981
|
|
|
9,935
|
|
|
(16,966
|
)
|
|
765,950
|
|
||
Selling, general and administrative
|
61
|
|
|
1,402
|
|
|
170,586
|
|
|
21,057
|
|
|
(35,509
|
)
|
|
157,597
|
|
|
61
|
|
|
1,402
|
|
|
943,567
|
|
|
30,992
|
|
|
(52,475
|
)
|
|
923,547
|
|
Income (loss) from operations
|
(61
|
)
|
|
(1,402
|
)
|
|
10,058
|
|
|
4,391
|
|
|
4,072
|
|
|
17,058
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
5,040
|
|
|
3,036
|
|
|
|
|
8,076
|
|
|||
Other income - net
|
4,685
|
|
|
|
|
|
24,472
|
|
|
2,567
|
|
|
(7,564
|
)
|
|
24,160
|
|
Intercompany interest income
|
|
|
60,060
|
|
|
|
|
|
|
|
|
(60,060
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(63,330
|
)
|
|
|
|
|
(222
|
)
|
|
63,552
|
|
|
—
|
|
|
Income from subsidiaries
|
44,670
|
|
|
|
|
5,100
|
|
|
|
|
(49,770
|
)
|
|
—
|
|
||
Income (loss) before income taxes
|
49,294
|
|
|
(4,672
|
)
|
|
44,670
|
|
|
9,772
|
|
|
(49,770
|
)
|
|
49,294
|
|
Income tax provision (benefit)
|
20,188
|
|
|
(1,830
|
)
|
|
17,493
|
|
|
3,827
|
|
|
(19,490
|
)
|
|
20,188
|
|
Net income (loss)
|
29,106
|
|
|
(2,842
|
)
|
|
27,177
|
|
|
5,945
|
|
|
(30,280
|
)
|
|
29,106
|
|
Other comprehensive (loss) income
|
(18
|
)
|
|
|
|
|
36
|
|
|
(60
|
)
|
|
|
|
|
(42
|
)
|
Total comprehensive income (loss)
|
29,088
|
|
|
(2,842
|
)
|
|
27,213
|
|
|
5,885
|
|
|
(30,280
|
)
|
|
29,064
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
711,351
|
|
|
25,622
|
|
|
(41,337
|
)
|
|
695,636
|
|
||
Cost of revenues
|
|
|
|
|
581,320
|
|
|
2,744
|
|
|
(5,635
|
)
|
|
578,429
|
|
||
Selling, general and administrative
|
27
|
|
|
1,782
|
|
|
149,441
|
|
|
18,961
|
|
|
(32,318
|
)
|
|
137,893
|
|
|
27
|
|
|
1,782
|
|
|
730,761
|
|
|
21,705
|
|
|
(37,953
|
)
|
|
716,322
|
|
Loss from operations
|
(27
|
)
|
|
(1,782
|
)
|
|
(19,410
|
)
|
|
3,917
|
|
|
(3,384
|
)
|
|
(20,686
|
)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
10,803
|
|
|
2,873
|
|
|
|
|
13,676
|
|
|||
Other income - net
|
20
|
|
|
|
|
|
7,594
|
|
|
3,471
|
|
|
5,166
|
|
|
16,251
|
|
Intercompany interest income
|
|
|
57,891
|
|
|
|
|
|
|
|
|
(57,891
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(56,109
|
)
|
|
|
|
|
|
|
|
56,109
|
|
|
—
|
|
|
Income from subsidiaries
|
9,248
|
|
|
|
|
10,261
|
|
|
|
|
(19,509
|
)
|
|
—
|
|
||
Income before income taxes
|
9,241
|
|
|
—
|
|
|
9,248
|
|
|
10,261
|
|
|
(19,509
|
)
|
|
9,241
|
|
Income tax benefit
|
(4,845
|
)
|
|
|
|
(4,849
|
)
|
|
(5,380
|
)
|
|
10,229
|
|
|
(4,845
|
)
|
|
Net income
|
14,086
|
|
|
—
|
|
|
14,097
|
|
|
15,641
|
|
|
(29,738
|
)
|
|
14,086
|
|
Other comprehensive (loss) income
|
92
|
|
|
|
|
|
(534
|
)
|
|
(38
|
)
|
|
|
|
|
(480
|
)
|
Total comprehensive income
|
14,178
|
|
|
—
|
|
|
13,563
|
|
|
15,603
|
|
|
(29,738
|
)
|
|
13,606
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
523,403
|
|
|
20,337
|
|
|
(27,736
|
)
|
|
516,004
|
|
||
Cost of revenues
|
|
|
|
|
424,278
|
|
|
5,704
|
|
|
(9,969
|
)
|
|
420,013
|
|
||
Selling, general and administrative
|
45
|
|
|
715
|
|
|
86,079
|
|
|
10,916
|
|
|
(18,205
|
)
|
|
79,550
|
|
|
45
|
|
|
715
|
|
|
510,357
|
|
|
16,620
|
|
|
(28,174
|
)
|
|
499,563
|
|
Income (loss) from operations
|
(45
|
)
|
|
(715
|
)
|
|
13,046
|
|
|
3,717
|
|
|
438
|
|
|
16,441
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
3,890
|
|
|
1,103
|
|
|
|
|
4,993
|
|
|||
Other income - net
|
2,299
|
|
|
|
|
|
18,477
|
|
|
833
|
|
|
(2,075
|
)
|
|
19,534
|
|
Intercompany interest income
|
|
|
30,333
|
|
|
|
|
|
|
|
|
(30,333
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(31,908
|
)
|
|
|
|
|
(62
|
)
|
|
31,970
|
|
|
—
|
|
|
Income from subsidiaries
|
38,714
|
|
|
|
|
3,301
|
|
|
|
|
(42,015
|
)
|
|
—
|
|
||
Income (loss) before income taxes
|
40,968
|
|
|
(2,290
|
)
|
|
38,714
|
|
|
5,591
|
|
|
(42,015
|
)
|
|
40,968
|
|
Income tax provision (benefit)
|
16,294
|
|
|
(897
|
)
|
|
15,160
|
|
|
2,189
|
|
|
(16,452
|
)
|
|
16,294
|
|
Net income (loss)
|
24,674
|
|
|
(1,393
|
)
|
|
23,554
|
|
|
3,402
|
|
|
(25,563
|
)
|
|
24,674
|
|
Other comprehensive (loss) income
|
155
|
|
|
|
|
|
(189
|
)
|
|
(24
|
)
|
|
|
|
|
(58
|
)
|
Total comprehensive income (loss)
|
24,829
|
|
|
(1,393
|
)
|
|
23,365
|
|
|
3,378
|
|
|
(25,563
|
)
|
|
24,616
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
383,659
|
|
|
13,236
|
|
|
(23,214
|
)
|
|
373,681
|
|
||
Cost of revenues
|
|
|
|
|
308,436
|
|
|
824
|
|
|
(2,439
|
)
|
|
306,821
|
|
||
Selling, general and administrative
|
14
|
|
|
1,304
|
|
|
75,909
|
|
|
9,687
|
|
|
(18,658
|
)
|
|
68,256
|
|
|
14
|
|
|
1,304
|
|
|
384,345
|
|
|
10,511
|
|
|
(21,097
|
)
|
|
375,077
|
|
(Loss) income from operations
|
(14
|
)
|
|
(1,304
|
)
|
|
(686
|
)
|
|
2,725
|
|
|
(2,117
|
)
|
|
(1,396
|
)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
5,574
|
|
|
1,415
|
|
|
|
|
6,989
|
|
|||
Other income - net
|
13
|
|
|
|
|
|
4,614
|
|
|
2,678
|
|
|
2,751
|
|
|
10,056
|
|
Intercompany interest income
|
|
|
32,127
|
|
|
|
|
|
|
|
|
(32,127
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(30,823
|
)
|
|
|
|
|
|
|
|
30,823
|
|
|
—
|
|
|
Income from subsidiaries
|
15,650
|
|
|
|
|
6,148
|
|
|
|
|
(21,798
|
)
|
|
—
|
|
||
Income before income taxes
|
15,649
|
|
|
—
|
|
|
15,650
|
|
|
6,818
|
|
|
(22,468
|
)
|
|
15,649
|
|
Income tax benefit
|
(1,223
|
)
|
|
|
|
(1,231
|
)
|
|
(7,326
|
)
|
|
8,557
|
|
|
(1,223
|
)
|
|
Net income
|
16,872
|
|
|
—
|
|
|
16,881
|
|
|
14,144
|
|
|
(31,025
|
)
|
|
16,872
|
|
Other comprehensive income (loss)
|
201
|
|
|
|
|
|
18
|
|
|
(38
|
)
|
|
|
|
|
181
|
|
Total comprehensive income
|
17,073
|
|
|
—
|
|
|
16,899
|
|
|
14,106
|
|
|
(31,025
|
)
|
|
17,053
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Net cash (used in) provided by operating activities
|
45,380
|
|
|
2,599
|
|
|
(484,680
|
)
|
|
3,688
|
|
|
(12,395
|
)
|
|
(445,408
|
)
|
Cash flow provided by (used in) investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchase of property and equipment - net
|
|
|
|
|
(8,588
|
)
|
|
(11,676
|
)
|
|
|
|
(20,264
|
)
|
|||
Purchase of marketable securities
|
|
|
|
|
(25,938
|
)
|
|
(10,224
|
)
|
|
|
|
(36,162
|
)
|
|||
Sale and redemption of marketable securities
|
|
|
|
|
209,484
|
|
|
30,000
|
|
|
|
|
239,484
|
|
|||
Investments in and advances to unconsolidated entities
|
|
|
|
|
(21,637
|
)
|
|
(10,357
|
)
|
|
|
|
(31,994
|
)
|
|||
Return of investments in unconsolidated entities
|
|
|
|
|
23,437
|
|
|
11,249
|
|
|
|
|
34,686
|
|
|||
Investments in distressed loans and foreclosed real estate
|
|
|
|
|
|
|
|
(26,155
|
)
|
|
|
|
(26,155
|
)
|
|||
Return of investments in distressed loans and foreclosed real estate
|
|
|
|
|
|
|
6,114
|
|
|
|
|
6,114
|
|
||||
Intercompany advances
|
(53,632
|
)
|
|
(241,581
|
)
|
|
|
|
|
|
|
295,213
|
|
|
—
|
|
|
Net cash provided by (used in) investing activities
|
(53,632
|
)
|
|
(241,581
|
)
|
|
176,758
|
|
|
(11,049
|
)
|
|
295,213
|
|
|
165,709
|
|
Cash flow provided by (used in) financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net proceeds from issuance of senior notes
|
|
|
298,050
|
|
|
|
|
|
|
|
|
|
298,050
|
|
|||
Proceeds from loans payable
|
|
|
|
|
|
|
501,884
|
|
|
|
|
501,884
|
|
||||
Principal payments of loans payable
|
|
|
|
|
(29,153
|
)
|
|
(516,022
|
)
|
|
|
|
(545,175
|
)
|
|||
Redemption of senior notes
|
|
|
|
(59,068
|
)
|
|
|
|
|
|
|
|
(59,068
|
)
|
|||
Proceeds from stock-based benefit plans
|
8,430
|
|
|
|
|
|
|
|
|
|
|
8,430
|
|
||||
Receipts related to non-controlling interest
|
|
|
|
|
|
|
|
33
|
|
|
|
|
33
|
|
|||
Purchase of treasury stock
|
(178
|
)
|
|
|
|
|
|
|
|
|
|
(178
|
)
|
||||
Intercompany advances
|
|
|
|
|
|
233,990
|
|
|
48,828
|
|
|
(282,818
|
)
|
|
—
|
|
|
Net cash provided by financing activities
|
8,252
|
|
|
238,982
|
|
|
204,837
|
|
|
34,723
|
|
|
(282,818
|
)
|
|
203,976
|
|
Net (decrease) increase in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(103,085
|
)
|
|
27,362
|
|
|
—
|
|
|
(75,723
|
)
|
Cash and cash equivalents, beginning of period
|
—
|
|
|
—
|
|
|
712,024
|
|
|
66,800
|
|
|
—
|
|
|
778,824
|
|
Cash and cash equivalents, end of period
|
—
|
|
|
—
|
|
|
608,939
|
|
|
94,162
|
|
|
—
|
|
|
703,101
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Net cash (used in) provided by operating activities
|
(26,365
|
)
|
|
4,265
|
|
|
(234,351
|
)
|
|
(1,433
|
)
|
|
(13,194
|
)
|
|
(271,078
|
)
|
Cash flow (used in) provided by investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchase of property and equipment — net
|
|
|
|
|
(6,487
|
)
|
|
(41
|
)
|
|
|
|
(6,528
|
)
|
|||
Purchase of marketable securities
|
|
|
|
|
(117,781
|
)
|
|
(60,052
|
)
|
|
|
|
(177,833
|
)
|
|||
Sale and redemption of marketable securities
|
|
|
|
|
189,716
|
|
|
|
|
|
|
|
189,716
|
|
|||
Investments in and advances to unconsolidated entities
|
|
|
|
|
(1,142
|
)
|
|
(73,866
|
)
|
|
|
|
(75,008
|
)
|
|||
Return of investments in unconsolidated entities
|
|
|
|
|
20,568
|
|
|
|
|
|
|
20,568
|
|
||||
Investments in distressed loans and foreclosed real estate
|
|
|
|
|
|
|
|
(27,490
|
)
|
|
|
|
(27,490
|
)
|
|||
Return of investments in distressed loans and foreclosed real estate
|
|
|
|
|
|
|
|
11,582
|
|
|
|
|
11,582
|
|
|||
Acquisition of a business
|
|
|
|
|
(144,746
|
)
|
|
|
|
|
|
(144,746
|
)
|
||||
Intercompany advances
|
9,460
|
|
|
(300,492
|
)
|
|
|
|
|
|
291,032
|
|
|
—
|
|
||
Net cash (used in) provided by investing activities
|
9,460
|
|
|
(300,492
|
)
|
|
(59,872
|
)
|
|
(149,867
|
)
|
|
291,032
|
|
|
(209,739
|
)
|
Cash flow provided by (used in) financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net proceeds from issuance of senior notes
|
|
|
296,227
|
|
|
|
|
|
|
|
|
|
296,227
|
|
|||
Proceeds from loans payable
|
|
|
|
|
|
|
400,092
|
|
|
|
|
400,092
|
|
||||
Principal payments of loans payable
|
|
|
|
|
(17,605
|
)
|
|
(412,104
|
)
|
|
|
|
(429,709
|
)
|
|||
Proceeds from stock-based benefit plans
|
17,189
|
|
|
|
|
|
|
|
|
|
|
17,189
|
|
||||
Purchase of treasury stock
|
(284
|
)
|
|
|
|
|
|
|
|
|
|
(284
|
)
|
||||
Intercompany advances
|
|
|
|
|
|
173,333
|
|
|
104,505
|
|
|
(277,838
|
)
|
|
—
|
|
|
Net cash provided by financing activities
|
16,905
|
|
|
296,227
|
|
|
155,728
|
|
|
92,493
|
|
|
(277,838
|
)
|
|
283,515
|
|
Net decrease in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(138,495
|
)
|
|
(58,807
|
)
|
|
—
|
|
|
(197,302
|
)
|
Cash and cash equivalents, beginning of period
|
—
|
|
|
—
|
|
|
777,013
|
|
|
129,327
|
|
|
—
|
|
|
906,340
|
|
Cash and cash equivalents, end of period
|
—
|
|
|
—
|
|
|
638,518
|
|
|
70,520
|
|
|
—
|
|
|
709,038
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||
|
$
|
|
%*
|
|
$
|
|
%*
|
|
$
|
|
%*
|
|
$
|
|
%*
|
||||
Revenues
|
940.6
|
|
|
|
|
695.6
|
|
|
|
|
516.0
|
|
|
|
|
373.7
|
|
|
|
Cost of revenues
|
766.0
|
|
|
81.4
|
|
578.4
|
|
|
83.2
|
|
420.0
|
|
|
81.4
|
|
306.8
|
|
|
82.1
|
Selling, general and administrative
|
157.6
|
|
|
16.8
|
|
137.9
|
|
|
19.8
|
|
79.6
|
|
|
15.4
|
|
68.3
|
|
|
18.3
|
|
923.5
|
|
|
98.2
|
|
716.3
|
|
|
103.0
|
|
499.6
|
|
|
96.8
|
|
375.1
|
|
|
100.4
|
Income (loss) from operations
|
17.1
|
|
|
|
|
(20.7
|
)
|
|
|
|
16.4
|
|
|
|
|
(1.4
|
)
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from unconsolidated entities
|
8.1
|
|
|
|
|
13.7
|
|
|
|
|
5.0
|
|
|
|
|
7.0
|
|
|
|
Other income - net
|
24.2
|
|
|
|
|
16.3
|
|
|
|
|
19.5
|
|
|
|
|
10.1
|
|
|
|
Income before income taxes
|
49.3
|
|
|
|
|
9.2
|
|
|
|
|
41.0
|
|
|
|
|
15.6
|
|
|
|
Income tax provision (benefit)
|
20.2
|
|
|
|
|
(4.8
|
)
|
|
|
|
16.3
|
|
|
|
|
(1.2
|
)
|
|
|
Net income
|
29.1
|
|
|
|
|
14.1
|
|
|
|
|
24.7
|
|
|
|
|
16.9
|
|
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||||||||||||||
|
2013
Units |
|
2012
Units |
|
2013
|
|
2012
|
|
2013
Units |
|
2012
Units |
|
2013
|
|
2012
|
||||||||||||
North
|
348
|
|
|
337
|
|
|
$
|
197.0
|
|
|
$
|
186.7
|
|
|
187
|
|
|
200
|
|
|
$
|
104.3
|
|
|
$
|
111.1
|
|
Mid-Atlantic
|
518
|
|
|
369
|
|
|
279.7
|
|
|
204.4
|
|
|
276
|
|
|
190
|
|
|
147.5
|
|
|
103.6
|
|
||||
South
|
367
|
|
|
278
|
|
|
222.7
|
|
|
158.8
|
|
|
224
|
|
|
143
|
|
|
135.6
|
|
|
82.4
|
|
||||
West
|
407
|
|
|
251
|
|
|
241.2
|
|
|
145.7
|
|
|
207
|
|
|
138
|
|
|
128.6
|
|
|
76.6
|
|
||||
|
1,640
|
|
|
1,235
|
|
|
$
|
940.6
|
|
|
$
|
695.6
|
|
|
894
|
|
|
671
|
|
|
$
|
516.0
|
|
|
$
|
373.7
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||||||||||||||
|
2013
Units |
|
2012
Units |
|
2013
|
|
2012
|
|
2013
Units |
|
2012
Units |
|
2013
|
|
2012
|
||||||||||||
North
|
688
|
|
|
527
|
|
|
$
|
436.0
|
|
|
$
|
368.3
|
|
|
436
|
|
|
326
|
|
|
$
|
291.1
|
|
|
$
|
189.8
|
|
Mid-Atlantic
|
797
|
|
|
556
|
|
|
456.1
|
|
|
310.7
|
|
|
520
|
|
|
374
|
|
|
302.0
|
|
|
206.4
|
|
||||
South
|
581
|
|
|
410
|
|
|
392.6
|
|
|
257.8
|
|
|
378
|
|
|
251
|
|
|
255.1
|
|
|
161.6
|
|
||||
West
|
660
|
|
|
449
|
|
|
517.7
|
|
|
262.6
|
|
|
419
|
|
|
339
|
|
|
339.7
|
|
|
196.9
|
|
||||
|
2,726
|
|
|
1,942
|
|
|
$
|
1,802.4
|
|
|
$
|
1,199.4
|
|
|
1,753
|
|
|
1,290
|
|
|
$
|
1,187.9
|
|
|
$
|
754.7
|
|
|
At April 30,
|
|
At October 31,
|
||||||||||||||||||||||||
|
2013
Units |
|
2012
Units |
|
2013
|
|
2012
|
|
2012
Units |
|
2011
Units |
|
2012
|
|
2011
|
||||||||||||
North
|
995
|
|
|
743
|
|
|
$
|
688.3
|
|
|
$
|
488.9
|
|
|
655
|
|
|
553
|
|
|
$
|
449.2
|
|
|
$
|
307.4
|
|
Mid-Atlantic
|
937
|
|
|
674
|
|
|
562.6
|
|
|
395.2
|
|
|
658
|
|
|
487
|
|
|
386.2
|
|
|
288.9
|
|
||||
South
|
963
|
|
|
574
|
|
|
653.3
|
|
|
362.2
|
|
|
749
|
|
|
442
|
|
|
483.5
|
|
|
263.2
|
|
||||
West
|
760
|
|
|
412
|
|
|
627.4
|
|
|
252.2
|
|
|
507
|
|
|
185
|
|
|
351.0
|
|
|
121.6
|
|
||||
|
3,655
|
|
|
2,403
|
|
|
$
|
2,531.6
|
|
|
$
|
1,498.5
|
|
|
2,569
|
|
|
1,667
|
|
|
$
|
1,669.9
|
|
|
$
|
981.1
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
North
|
$
|
197.0
|
|
|
$
|
186.7
|
|
|
$
|
104.3
|
|
|
$
|
111.1
|
|
Mid-Atlantic
|
279.7
|
|
|
204.4
|
|
|
147.5
|
|
|
103.6
|
|
||||
South
|
222.7
|
|
|
158.8
|
|
|
135.6
|
|
|
82.4
|
|
||||
West
|
241.2
|
|
|
145.7
|
|
|
128.6
|
|
|
76.6
|
|
||||
Total
|
$
|
940.6
|
|
|
$
|
695.6
|
|
|
$
|
516.0
|
|
|
$
|
373.7
|
|
|
Six months ended April 30,
|
|
Three months ended April 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Income (loss) before income taxes:
|
|
|
|
|
|
|
|
||||||||
North
|
$
|
14.8
|
|
|
$
|
17.7
|
|
|
$
|
7.5
|
|
|
$
|
16.7
|
|
Mid-Atlantic
|
33.6
|
|
|
18.8
|
|
|
18.5
|
|
|
7.7
|
|
||||
South
|
16.9
|
|
|
4.0
|
|
|
14.2
|
|
|
6.2
|
|
||||
West
|
21.0
|
|
|
8.2
|
|
|
13.0
|
|
|
2.7
|
|
||||
Corporate and other (a)
|
(37.0
|
)
|
|
(39.5
|
)
|
|
(12.2
|
)
|
|
(17.7
|
)
|
||||
Total
|
$
|
49.3
|
|
|
$
|
9.2
|
|
|
$
|
41.0
|
|
|
$
|
15.6
|
|
(a)
|
“Corporate and other” is comprised principally of general corporate expenses such as the offices of the Executive Officers of the Company, and the corporate finance, accounting, audit, tax, human resources, risk management, marketing and legal groups, directly expensed interest, interest income and income from the Company’s ancillary businesses, Gibraltar, and income (loss) from a number of its unconsolidated entities.
|
|
|
|
Fixed-rate debt
|
|
Variable-rate debt
|
||||||||
Fiscal year of maturity
|
|
|
Amount
|
|
Weighted-
average
interest rate
|
|
Amount
|
|
Weighted-
average
interest rate
|
||||
2013
|
|
|
$
|
107,985
|
|
|
5.42%
|
|
$
|
58,526
|
|
|
3.00%
|
2014
|
|
|
295,503
|
|
|
4.93%
|
|
150
|
|
|
0.42%
|
||
2015
|
|
|
311,616
|
|
|
5.12%
|
|
150
|
|
|
0.42%
|
||
2016
|
|
|
6,466
|
|
|
5.23%
|
|
150
|
|
|
0.42%
|
||
2017
|
|
|
401,846
|
|
|
8.90%
|
|
150
|
|
|
0.42%
|
||
Thereafter
|
|
|
1,290,732
|
|
|
4.49%
|
|
11,945
|
|
|
0.29%
|
||
Discount
|
|
|
(7,724
|
)
|
|
|
|
|
|
|
|||
Total
|
|
|
$
|
2,406,424
|
|
|
5.40%
|
|
$
|
71,071
|
|
|
|
Fair value at April 30, 2013
|
|
|
$
|
2,686,601
|
|
|
|
|
$
|
71,071
|
|
|
|
Period
|
|
Total number
of shares purchased (b) |
|
Average
price paid per share |
|
Total number
of shares purchased as part of publicly announced plans or programs (a) |
|
Maximum
number of shares that may yet be purchased under the plans or programs (a) |
|||||
|
|
(in thousands)
|
|
|
|
(in thousands)
|
|
(in thousands)
|
|||||
February 1, 2013 to February 28, 2013
|
|
1
|
|
|
$
|
36.35
|
|
|
1
|
|
|
8,762
|
|
March 1, 2013 to March 31, 2013
|
|
1
|
|
|
35.05
|
|
|
1
|
|
|
8,761
|
|
|
April 1, 2013 to April 30, 2013
|
|
1
|
|
|
30.43
|
|
|
1
|
|
|
8,760
|
|
|
|
|
3
|
|
|
$
|
34.49
|
|
|
3
|
|
|
|
(a)
|
On March 20, 2003, we announced that our Board of Directors had authorized the repurchase of up to 20 million shares of our common stock, par value $.01, from time to time, in open market transactions or otherwise, for the purpose of providing shares for our various employee benefit plans. The Board of Directors did not fix an expiration date for the repurchase program.
|
(b)
|
Our stock incentive plans permit participants to exercise non-qualified stock options using a “net exercise” method at the discretion of the Executive Compensation Committee of our Board of Directors. In a net exercise, we generally withhold from the total number of shares that otherwise would be issued to the participant upon exercise of the stock option that number of shares having a fair market value at the time of exercise equal to the option exercise price and applicable income tax withholdings, and remit the remaining shares to the participant. During the three-month period ended
April 30, 2013
, no participant used the net exercise method to exercise stock options.
|
4.1*
|
Twenty-first Supplemental Indenture dated as of February 1, 2013 to the Indenture dated November 22, 2002 by and among the parties listed on Schedule A thereto, and Bank of New York Mellon, as Successor Trustee, is filed herewith.
|
|
|
4.2*
|
Twenty-second Supplemental Indenture dated as of April 30, 2013 to the Indenture dated November 22, 2002 by and among the parties listed on Schedule A thereto, and Bank of New York Mellon, as Successor Trustee, is filed herewith.
|
|
|
4.3*
|
Fourth Supplemental Indenture dated as of April 30, 2013 to the Indenture dated April 27, 2009 by and among the parties listed on Schedule A thereto, and Bank of New York Mellon, as Trustee, is filed herewith.
|
|
|
4.4*
|
Second Supplemental Indenture dated as of April 30, 2013 to the Indenture dated February 7, 2012 by and among the parties listed on Schedule A hereto, and Bank of New York Mellon, as Trustee, is filed herewith.
|
|
|
4.5*
|
First Supplemental Indenture dated as of April 30, 2013 to the Indenture dated September 11, 2012 by and among the parties listed on Schedule A hereto, and Bank of New York Mellon, as Trustee, is filed herewith.
|
|
|
31.1*
|
Certification of Douglas C. Yearley, Jr. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
31.2*
|
Certification of Martin P. Connor pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
32.1*
|
Certification of Douglas C. Yearley, Jr. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
32.2*
|
Certification of Martin P. Connor pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
101.INS*
|
XBRL Instance Document
|
|
|
101.SCH*
|
XBRL Schema Document
|
|
|
101.CAL*
|
XBRL Calculation Linkbase Document
|
|
|
101.LAB*
|
XBRL Labels Linkbase Document
|
|
|
101.PRE*
|
XBRL Presentation Linkbase Document
|
|
|
101.DEF*
|
XBRL Definition Linkbase Document
|
*
|
Filed electronically herewith.
|
|
|
TOLL BROTHERS, INC.
|
||
|
|
(Registrant)
|
||
|
|
|
|
|
Date:
|
June 10, 2013
|
By:
|
|
/s/ Martin P. Connor
|
|
|
|
|
Martin P. Connor
|
|
|
|
|
Senior Vice President and Chief Financial
|
|
|
|
|
Officer (Principal Financial Officer)
|
|
|
|
|
|
Date:
|
June 10, 2013
|
By:
|
|
/s/ Joseph R. Sicree
|
|
|
|
|
Joseph R. Sicree
|
|
|
|
|
Senior Vice President and Chief Accounting
|
|
|
|
|
Officer (Principal Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Equity Residential | EQR |
Suppliers
Supplier name | Ticker |
---|---|
Vulcan Materials Company | VMC |
Deere & Company | DE |
Newmont Corporation | NEM |
Nucor Corporation | NUE |
Parker-Hannifin Corporation | PH |
Whirlpool Corporation | WHR |
The Home Depot, Inc. | HD |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|