Ivy Lynne Zelman's questions to Toll Brothers Inc (TOL) leadership • Q1 2025
Question
Ivy Lynne Zelman questioned why full-year guidance remained unchanged despite the market becoming 'mixed,' and asked for a quantification of the remaining land that was purchased pre-COVID.
Answer
Executive Chairman Douglas Yearley explained that the initial guidance in December was already cautious and that better-than-expected spec pricing and a favorable mix of luxury homes in the second half support the forecast. CFO Martin Connor specified that approximately 30% of the current land bank was priced pre-COVID (using a December 2020 cutoff).