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Employees say:"For a national public company and high up in the homebuilder industry, the overall culture both nationally and divisionally does not feel very corporate. &nbsp;Working here feels more like family, and surrounded by a big bunch of relatives all over - near and far. &nbsp;Everyone is approachable. &nbsp;It is a positive corporate culture that is fostered by its leadership who are effective, supportive, empathetic, and approachable. &nbsp;Thank you for making every effort to provide clear communication, opportunities for growth, collaboration, reward systems, and a strong sense of purpose. &nbsp;It is great place to work and be a part of!"

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Employees say:"Toll Brothers is the best place of work I have ever had. I have developed the confidence and trust within myself to perform my duties well. Toll offers so many resources to be good at your job (training, senior employees with loads of knowledge and online tools). I don't even like using the term 'job'. I see this as a long-term career and with long-term success. It has challenged me in ways that I didn't know I had to grow in. I have learned so much. I interact with most all departments on a daily basis and I consider them all my work-family. When things get tough or something is missed, we communicate well to get it all resolved quickly and efficiently."

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Revenues at the luxury homebuilder were essentially flat last year, and earnings sank 21%. The main culprit: slowing demand in a key market, California. Its stock was down sharply in the first few months of 2020 on fears of a coronavirus-driven slump in home sales.

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BESTCOMPANIES2015TOLL BROTHERS

Luxury home builder Toll Brothers has built a high-quality home for its workforce. The company hosts free dinners on Monday and holds occasional fireside chats with CEO Douglas Yearley. Employees are allowed to rent—and vacation at —properties the company owns across the country for discounted prices. Plus, the company bagged the no. 628 spot on this year’s Fortune 1000 list. “You are given ample responsibilities and your success is pretty much in your hands,” says one worker. <a style="color:#ff0000;" href="http://us.greatrated.com/toll-brothers" target="_blank">Read the Great Place to Work review.</a>

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Toll Brothers was founded in 1967 by brothers Robert and Bruce Toll in Pennsylvania as a builder of luxury homes. The company went public in 1986 and expanded nationwide, eventually moving into urban high-rises, active adult communities, and resort properties. Over the decades, Toll Brothers has grown into a leading U.S. builder of luxury homes, operating in 24 states and the District of Columbia. Today it designs, builds, and sells high-end homes, condominiums, and rental communities, and offers related services such as mortgage, insurance, and smart-home technology.

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Toll Brothers (TOL): Company Profile, Stock Price, News, Rankings

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Good morning, and welcome to the Toll Brothers First Quarter Fiscal Year twenty twenty five Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. And please note this event is being recorded.

I would now like to turn the conference over to Mr. Douglas Yearly, CEO. Please go ahead, sir.

Thank you, Chuck. Good morning. Welcome and thank you all for joining us. With me today are Marty Connor, Chief Financial Officer Rob Parrahus, President and Chief Operating Officer Wendy Marlette, Chief Marketing Officer and Greg Zigler, Senior VP, Treasurer and Head of Investor Relations. As usual, I caution you that many statements on this call are forward looking based on assumptions about the economy, world events, housing and financial markets, interest rates, the availability of labor and materials, inflation and many other factors beyond our control that could significantly affect future results.

Please read our statement on forward looking information in our earnings release of last night and on our website to better understand the risks associated with our forward looking statements. Last night, we reported first quarter deliveries of nineteen ninety one homes at an average price of $925,000 for home sales revenues of $1,840,000,000 Our adjusted gross margin was 26.9% or 65 basis points better than guidance and our SG and A expense as a percentage of home sales revenue was 13.1% or 40 basis points above guidance. While our net income and earnings per share came in below expectations, this was due primarily to impairments and a delay in the sale of a stabilized apartment property in one of our joint ventures. Our core homebuilding operations met expectations in the quarter. From a demand perspective, we signed 2,307 net contracts for $2,300,000,000 in the first quarter, up 13% in units and 12% in dollars compared to last year's very strong first quarter when contracts were up approximately 40% in both units and dollars.

On a per community basis, contracts were up 2% compared to last year. We also continue to see a very healthy deposit conversion ratio in the first quarter with 82% of our deposits converted to sales, significantly higher than our five year average of 70%. The average sales price of orders in our first quarter was approximately $1,000,000 which was essentially unchanged compared to the fourth quarter of twenty twenty four. On average, net pricing after incentives was flat in the first quarter compared to the fourth quarter of twenty twenty four. Geographically, first quarter demand was strongest in our North And Mid Atlantic regions from Boston to Atlanta, as well as Houston, Dallas, Boise, Denver, Las Vegas and all of California.

Among our buyer segments, both move up and first time luxury were up on a per community basis with a slight decline in empty nester. Although demand was solid in our first quarter, we have seen mixed results so far this spring selling season. While demand has remained healthy in many of our markets and particularly at the higher end, affordability constraints and growing inventories in certain markets are pressuring sales, especially at the lower end. However, all that being said, we are somewhat encouraged by our sales activity this past week. Against this backdrop, we are carefully monitoring our pricing incentives and spec inventory on a community by community basis to match to best match local selling conditions and to appropriately balance pace and price with a view towards generating higher returns in our overall business.

Based on our first quarter results, the gross margin embedded in our backlog and the mix trends that we are seeing early in the spring selling season, we are maintaining all of our key homebuilding guidance for the full year, including deliveries, average price, adjusted gross margin, SG and A margin and community count growth. We continue to see the long term outlook for the new home market to be very positive, particularly for our luxury niche. Demand for our homes continues to be supported by our affluent customer base. Over 70% of our business is luxury move up and empty nester, which serves a wealthy cohort that has benefited from years of home price and stock market appreciation. The remaining 25% to 30 serves as more affluent first time buyer, many of whom are older millennials buying their first home later in life when they have higher incomes and are more financially secure.

Consistent with the past several quarters, approximately 26% of our buyers paid all cash in the first quarter and the LTVs for buyers who took a mortgage was approximately 68%, also consistent with recent quarters. Our contract cancellation rate in the first quarter remained low at two point four percent of beginning backlog. This industry low cancellation rate speaks to the financial strength of our buyers as well as the sizable deposits they make and how emotionally invested they become as they personalize their homes at our design studios. In the first quarter, our spec homes represented approximately 55% of sales and 52% of deliveries. And we had approximately 3,200 spec homes in inventory at quarter end.

Overall, we are comfortable with this level of specs in our inventory and their stage of construction. As I mentioned, we are actively managing our spec starts and we'll adjust them on a community by community basis based on local market conditions. This will mean fewer starts in some communities where inventories are building and may mean increased starts in other communities where demand has been strong. However, on a net basis, we do expect to reduce overall spec starts in the near term. Remember, we sell our spec at various stages of construction from foundation poured to finished home.

One third of our spec sell before framing is completed, so the risk profile and margin for these homes is not all that different from build to order homes. In addition, many of our spec buyers have the opportunity to visit our design studios and personalize their homes with finishes that match their case. This benefits our margins as design studio upgrades tend to be highly accretive. In the first quarter design studio upgrades, structural options, plus lot premiums averaged $200,000 or 25% of our average base sales price as compared to the long term average of about 21%. At first quarter end, we were operating from four zero six communities, slightly below the four ten that we guided to last quarter.

We continue to target 8% to 10% community count growth in fiscal twenty twenty five, which would put us at four forty to four fifty communities by fiscal year end. In the quarter, we saw modest improvements in our construction cycle times as we continue to focus on increasing production efficiency. We have not seen any immediate supply chain impacts from tariffs or labor shortages due to changes in immigration policies. Although we are monitoring developments closely and will pivot as necessary to deal with any issues that arise. We have all learned valuable lessons from the supply chain shocks we navigated through a few years ago with the pandemic.

Turning to land, at the first quarter end, we owned or controlled approximately 77,700 lots, 56% of which were optioned. We are pleased that we continue to make progress in the quarter towards a goal of 60% optioned and 40% owned. Our solid land position provides us flexibility and allows us to be highly selective and disciplined as we assess new land opportunities. Our underwriting standards for the new land continue to incorporate stringent thresholds for both margins and returns, and we continue to seek out land acquisition and development opportunities that allow us to be more capital efficient, including through increases of option arrangements, land banks, joint ventures and similar structures that allow us to defer payments and lot takedowns. Our balance sheet is very healthy.

We have increased liquidity, low net debt and no significant debt maturities this fiscal year. As announced last week, we recently extended the maturities of our credit facilities to February 2030 and upsized our revolver to $2,350,000,000 We also continue to expect strong cash flow generation from operations this year and reaffirm our $500,000,000 of targeted full year share repurchases. We expect to continue investing in the growth of our business, while simultaneously returning excess capital to our shareholders. With that, I will turn it over to Marty.

Thanks, Doug. First quarter net income was $177,700,000 or $1.75 per share diluted. These results were below expectations due to impairments and lower than projected joint venture land sales and other income. The miss on joint venture and other income was mainly due to a delay in the sale of a stabilized apartment building from one of our joint ventures. We now expect this sale, which is under contract to close in the second half of fiscal twenty twenty five.

Positively, our core homebuilding operations met expectations. In the first quarter, we delivered nineteen ninety one homes at an average price of $925,000 and generated home sales revenue of $1,840,000,000 The average price of homes delivered in the quarter was at the low end of our range due primarily to mix as we delivered more homes in our mountain region and had fewer deliveries in the North And Pacific Regions than we had projected. As Doug mentioned, we signed 2,307 net agreements for $2,300,000,000 in the quarter. This was up 13% in units and 12% in dollars compared to the first quarter of fiscal year twenty twenty four. The average price of contracts signed in the quarter was approximately $1,000,000 which was essentially flat compared to both the fourth quarter of fiscal twenty twenty four and the same period last year.

Our first quarter adjusted gross margin was 26.9, 60 five basis points better than our guidance of 26.25%. Q1 gross margin exceeded our guidance due primarily to mix, increased operating efficiency and slightly better margin from sell and settle spec homes compared to what we had projected. All regions and all property segment product segments exceeded our expectations. Based on our first quarter results, the gross margin embedded in our backlog and the mix trends that we are seeing early in the spring selling season, we are maintaining our full year adjusted gross margin guidance of 27.25. We expect our second quarter adjusted gross margin to also be 27.25%.

Write offs in our home sale gross margin totaled $16,400,000 in the quarter. Dollars 3,900,000.0 of these impairments were associated with pre development costs on deals we are no longer pursuing. And the remaining $12,500,000 was related to a handful of operating communities in various markets around the country. We also had $1,800,000 of land sale impairments and $4,400,000 of pre development write offs in other income related to apartment projects we are no longer pursuing. SG and A as a percentage of revenue was 13.1% in the first quarter compared to our guide of 12.7%.

Note that our SG and A margin in the first quarter is always higher as it is generally our lowest revenue quarter and includes an accelerated employee stock based compensation expense that only hits in that first quarter. A 40 basis point SG and A miss relative to our guidance was due to the loss of fixed cost leverage due to lower than anticipated homebuilding revenues as well as due to higher than anticipated selling and marketing expenses in the quarter. Our tax rate in the first quarter was 19.7% or about two thirty basis points lower than the guidance, due entirely to the accounting benefit of stock compensation deductions on a lower base of pre tax income. These stock compensation deductions will not repeat in the balance of the year. We ended the first quarter with over $2,300,000,000 of liquidity, including approximately $575,000,000 of cash and 1,800,000,000 of availability under our revolving bank credit facility.

We've added $400,000,000 to that subsequent to the quarter end. As Doug mentioned, we increased the capacity of our revolving credit facility and we also extended the maturities of both our revolver and our six fifty million dollars term loan to February 2030. We thank our banks for their continuing support. Our net debt to capital ratio was 21.1% at first quarter end, down from twenty one point four percent one year ago. We have no significant maturities of our long term debt until fiscal twenty twenty six when $350,000,000 of notes come due this November.

Our community count at quarter end was four zero six compared to our guide of four ten. Now let me turn to our forward guidance, which is subject to the usual caveats regarding forward looking information. We are projecting fiscal twenty twenty five second quarter deliveries of approximately 2,500 to 2,700 homes with an average delivered price between $940,000 and $960,000 For full fiscal year 2025, we are maintaining our projected deliveries to be between 222,600 homes with an average price between $945,000 and $965,000 As I noted earlier, we expect adjusted gross margin to be 27.25% for both the second quarter and the full year. We expect interest in cost of sales to be approximately 1.2% in the second quarter and for the full year. We project second quarter SG and A as a percentage of home sales revenues to be approximately 10.3%.

For the full year, we continue to expect it to be 9.4% to 9.5%. Other income, income from unconsolidated entities and land sales gross profit in the second quarter is expected to breakeven. We continue to expect $110,000,000 for the full year, which includes the sale of several stabilized apartment projects in the second half. As noted earlier, we had planned to close one of these apartment sales in the first quarter. The sale is under contract and the transaction is now expected to close in the second half of the year.

We project the second quarter tax rate to be approximately 26% and the full year rate to be approximately 25.5%. Based on land we currently own or control, we expect to grow community count by 8% to 10% by the end of fiscal twenty twenty five and are targeting four forty to four fifty communities. We expect to be operating from four fifteen selling communities at the end of the second quarter. Our weighted average share count is expected to be approximately 101,000,000 shares for the second quarter and 100,500,000.0 shares for the full year. This assumes we repurchase a targeted $500,000,000 of common stock for the full year with most of that occurring later in the year aligned with our anticipated higher cash flows.

Thank you, Marty. Before I open it up for questions, I'd like to thank our Toll Brothers employees for their hard work, dedication and commitment to our customers. Their talent and constant focus on our business is the driver of our long term success. Okay, Chuck, let's open it up to questions.

We will now begin the question and answer session. As a reminder, the company is planning to end the call at 09:30 when the market opens. During the question and answer session, please limit yourself to one question and one follow-up. And our first question will come from Stephen Kim with Evercore ISI. Please go ahead.

Yes. Thanks very much guys. Appreciate all the color.

start off by just talking about your inventory. You talked about the fact that your spec levels were you were comfortable with them as well as the stage of construction. And we can see that your specs actually came in a little lighter than we were particularly the construction in progress number rose pretty significantly. And I was curious if you could talk about what drove that. Was there something about the land or the land on which you're building these homes which has a greater value?

Are you just naturally are you at a later stage of construction, but you're just comfortable with it? Just if you could help us understand sort of what's going into the much higher inventory number that we saw this quarter?

Yes, Stephen, I think you hinted at it. I think we have more specs under construction and they're at a little bit further stage of completion stage of spend than they had been in prior years or more recently. And that's with an eye towards having the inventory to hit our 11,400 delivery guidance for this year.

And I thought you're going to continue there because you also had talked about the fact that you were looking to maybe slow down a little bit on your specs as you headed later in the year in later in the year. Is this something that we should just is this just the kind of the natural cadence that we should expect to see from you from this point forward as we go into the spring, just carrying more specs and that sort of thing and then sort of bringing that down as we go later in the year?

Yes, Steve, we definitely focus on seasonality when most buyers are in the market, when most buyers want to move in, which is generally the summer months. And we try to time the start and the construction and of course then the completion of our spec inventory, so it lines up with seasonality and I think that's what you're seeing right now. We have 3,200 spec homes that are at the beginning of framing or forward, so framing and beyond. And then we have about 1,000 specs that are sitting at foundation. Some of those are on hold at foundation, where we haven't yet released them for framing.

And then we have about 1,600 specs that are sitting at permit that have not been released yet for foundations to go in. And this is all strategic. It's all based on the timing of the year. We're very comfortable with where the levels stand. We did this on purpose to set up for the spring and for the summer delivery.

Over time, over short term timing, we do expect to cut back a bit on the new spec starts. So when I tell you that there are 1,600 at Permit, but they've been held and are not authorized to go to Foundation, we're keeping an eye on that closely. When I tell you there's a 1,000 at Foundation that haven't yet been released for framing, that's all strategic and intentional. It is all decided by market. There are some markets that are performing very well, where we are actually increasing our spec activity and there's other markets as we've talked about that have had more mixed results lately, where we are being more tempered.

And so this is the analysis we do, but at the moment, we are leaning more towards less spec starts than you've seen in the past.

I'd just add to that, Doug, that it's even more specific than by market, it's by community, although the mentality often applies by market.

Yes. That's very helpful. And it kind of leads into the next question that I have, which is about the spring selling season. So you made the comment about it being mixed, and I think that that is something that we've been hearing from a number of folk. I guess what I really wanted to understand is what is the company's posture relative to your production pipeline and your anticipated land spend over the next year or two if the spring selling season continues to be mixed.

Is this an environment which will cause you to have to pivot in some way? And if so, what kind of pivot or nudging the dial one way or the other should we be expecting

If the spring selling season remains mixed, the overall land spend will come down. We will become more conservative in certain markets in the underwriting of new land. As you know and as we brag about all the time, we have a terrific pipeline of owned and optioned land. We are in great shape in all of our markets. We have the opportunity to be very selective.

While we haven't guided the 26 community count growth, I can tell you that the land we control today provides the opportunity to continue growing communities as we have the last few years without running out and finding any more land. So it's a very local business. We will still be active in the land buying business, but overall, the land spend would come down.

The next question will come from John Lovallo with UBS. Please go ahead.

Good morning guys. Thanks for taking my questions as well. Maybe just starting off on the gross margin, the second quarter gross margin outlook would seem to imply sort of steady fiscal year 2Q to 4Q gross margins to achieve that full year target of 27.25%. So I guess the question is, how are you thinking about incentives in that forecast? Are you assuming pretty fairly stable levels with what we saw in the first quarter?

Sure. So the second quarter gross margin with our guide jumping up to 27.25% is because we expect to have more Pacific, which is higher margin. We expect to have more luxury, which is higher margin and a bit less affordable luxury and empty nester or age targeted. So the mix aligns with that increased guide. When you look to the second half of the year, and obviously it needs to be modestly above 27.25%.

Modestly. It is a comment that it's pretty steady as a pretty good comment.

Correct. Because the first quarter only had 2,000 deliveries. So the 26.9% is off of a smaller part of it's not a quarter of the year, it's less than that. So we continue to see in the second half of the year, pretty much what I just described, which is more Pacific, more North and North has been very high margin as the Northern region as we talked about has been very strong and we have more luxury than we have affordable and age targeted. With respect to your question about our confidence level and how we have budgeted, because we do recognize there are a number of sales that haven't occurred yet.

We do have 6,300 homes in backlog. We have delivered 2,000 homes in the first quarter. So that is 8,300 of the 11.4. I'm not saying every home in backlog delivers, but most of that delivers. But we do recognize that there are some homes that still have to be sold.

Many of those are spec. All I will tell you is we have a great level of confidence in the conservatism we have brought to the pricing, the incentivizing that needs to occur community by community, market by market to complete the year with the balance of those sales and still hit the guided margin.

Yes. I would just add to that, John, that the specs we have with roughly 1,000 of them complete and so the cost there is known. There's no variability in that cost. And the specs we have under construction, which is another $2,300 or $2,400 behind that are contracted for. So the costs are pretty well locked down there, gives us further confidence in terms of what we will sell and settle from this point forward through the balance of the year.

And we base our estimates based on what we're seeing in the market most recently for the balance of the year with some conservatism.

Okay. So you're not assuming any relief from rates or any pullback in incentives is what I was trying to get at. Okay.

And then on the lower some of the lower price inventory negatively impacting sales, I'm curious what price points specifically that you were seeing some of that competition, what markets you're referring to? I mean, we've heard from some of the more entry level focused folks that the inventory at the very low level is still fairly limited. So I'm just curious where you guys are seeing that real competition intensifying?

Sure. So when we go down in price, it's not nearly as low as many of the other builders and what many define as a starter market. Our 25 to 30% of our business that is first time buyer is still the affluent luxury end of the first time buyer. They are a bit older, late 30s. They may have a combined family income of $200,000 and they can afford a $600,000.700000 dollars 8 hundred thousand dollars home even in today's rate market.

So we rarely go down into the territory where I think there's been the most pain and there's the most affordability pressure. I mentioned in my prepared comments our stronger markets. The softer markets in the first quarter included Jacksonville, Tampa, San Antonio, Phoenix, Reno, Salt Lake City and Portland, which are very small for us. But I will say based on the last week or so of activity, and it's very early, this is a very fluid market. We are a bit encouraged by what's happened in the last week or so in several of these markets that were soft in Q1.

So I would if it was one week you asked me about, I'd probably take Jacksonville, Tampa and even Phoenix off the list. But again, I'm not going to be all that bold because it's one week. But those would be the places where we're feeling the most pressure, particularly as you come down a bit in price.

The next question will come from Trevor Allinson with Wolfe Research. Please go ahead.

Good morning and thank you for taking my questions. First, following up on the geographical question, thinking about Southern California and Washington, D. C. Demand in those markets, Southern California with the wildfires and then D. C.

With the Doge impact on potential employment there. Have you started to see any impacts to either of those markets either from the wildfires or just from overall employment uncertainty in D. C?

No. Washington D. C, which for us is Maryland, Northern Virginia, strong Southern Cal, strong.

Okay, great. It's good to hear. And then, second, last fall, we consistently heard of buyers postponing home purchases expecting rates to come down in 2025. And for your buyer who generally is not battling qualification issues, the rates not moving lower here, are you starting to see a shift where some of those buyers that were maybe waiting before for rates to come down are starting to get back into the market and transact here? And then if not, can you talk about maybe what's holding them back?

Is that still an expectation for rates to move lower or anything else to call out? Thanks.

I think in some markets, we are seeing what you described. Our buyers are affluent. Nobody loves the six and seven, eight rate, but they can afford it. And they've been waiting a long time. And I think if anything, they recognize now that rates are probably not going to move significantly lower this year.

I think that's where the indications are and it's time to move on with their lives. The kids have hit middle school, it's time to get a bigger house in a more prestigious town with a better school district and they're going to move forward. Now that's not everywhere. If it was, then it wouldn't be the mixed market that I have described. So in those areas where buyers are a bit more hesitant, I think it's number one, those areas have had more significant price appreciation through the COVID years than other areas.

So instead of a 40% to 50% price increase over the last five years, Maybe they're in a market where there's been 60%, seventy %, eighty %, one hundred % price increase. And that includes Florida, primarily Austin, Texas as an example, where we've seen prices up dramatically. And I think that can cause some concern to people that, boy, they just missed it, the price is up so much. That goes to affordability. There's markets where inventory levels are growing a bit.

And so the resale market is not feeling as strong as it had in the past and there are some fears about the ability to sell my home. And do they want to contract for a new move up home when they are not as confident in selling their existing home as quickly or at the price that they thought they could sell it at. A lot of this growing inventory in existing markets is not with used homes coming on the market, it's with more new spec inventory hitting the market from the builders. And so those markets where you have more national builders, there may be more inventory that those national builders have put on the market. One of the reasons Boston down to Atlanta and particularly Boston down to The Carolinas has been so strong for us is because the resale market does not have a lot of the new home spec sitting on it because the big builders don't build there.

And so the resale market tends to be the older traditional resales and there aren't a lot of those on the market and it's tight and the opportunity is to go new. And so that's one of the reasons the Northeast, Mid Atlantic is so strong. So it's a really mixed story. Part of it is what you described where there is our people are ready to move, but in other areas there is a bit of a hesitancy and we're just we're managing through all of it.

Trevor, the one thing I'd add to Doug's comments since you mentioned rates is that 26% of our buyers pay all cash. So the rate equation is of less relevance to them and that is a really strong number for us.

And the LTV at 68% means people have the ability because of their financial strength to take a bit less mortgage at a higher rate and still make the move. And since we're selling here, let's not forget mom and dad. They are affluent and they are wanting to help their kids move up in life and support down payments or whatever else they can do through gifting to lower the mortgage amount.

The next question will come from Mike Dahl with RBC Capital Markets. Please go ahead.

Good morning. Thanks for taking my questions.

the risk of asking you to extrapolate where none of us really want to extrapolate a day, a week, a few weeks, given your comments on kind of both the mixed, but then the more recent week, can you just help level set kind of what quantify some level of trends quarter to date because typically you would be up very significantly sequentially in terms of order pace. So how are you stacking up compared to that? What are you thinking in terms of 2Q pace how you're tracking?

Yes. As you know, Mike, we're hesitant to give sales guidance, but I'll tell you that we believe that we will hit, we can hit, the market is there to hit with the margin we talked about and with we balance pace and price. We are not margin proud. We want to drive returns, but we're also we have a good mix and it's working really well and we're going to continue to execute upon this strategy to stay in the middle lane between price and pace. And we think we will hit 3,000 contracts in Q2, which is 2.4 agreements per month.

Yes. I think that's an achievable number without much move in the pricing of the homes.

Okay. So status quo 3,000 got it. In terms of then the spec dynamics, Marty, I think you mentioned kind of modest upside to spec margins as a driver for 1Q. Can you give us an update? And I know you've got kind of mix adjusted numbers like for like, there's a lot of things that go into the spec spread when you consider which specific lots you're building on.

Can you give us an update on kind of where those margin spreads are on the specs versus built to order right now?

Toll Brothers (TOL) Q1 2025 Earnings Call Transcript

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