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Serve Robotics Announces Appointment of Lily Sarafan to its Board of Directors

SAN FRANCISCO, Dec. 09, 2024 (GLOBE NEWSWIRE) — Serve Robotics Inc. (Nasdaq: SERV), a leading embodied AI and automation company, today announced the appointment of Lily Sarafan to its Board of Directors (the “Board”).

Sarafan is an accomplished leader with nearly 20 years of experience in entrepreneurship, executive leadership and board governance. She is co-founder and former chief executive of TheKey, one of the largest and most trusted in-home care provider networks, where she serves as executive chair. Sarafan currently serves on the boards of Instacart, Thumbtack and Kyo as well as on the board of trustees of Stanford University. She has been recognized as an EY Entrepreneur of the Year, a Fortune 40 Under 40, Women Health Care Executives’ Woman of the Year, and a Henry Crown Fellow of the Aspen Institute. Sarafan holds an M.S. in Management Science and Engineering and a B.S. in Science, Technology, and Society from Stanford University.

“We look forward to welcoming Lily as an independent member of the Board. Her extensive leadership experience, particularly in home services and on-demand delivery, will be invaluable as Serve continues to expand our market presence and shape the future of delivery and automation,” said Ali Kashani, Chairman of Serve’s Board.

About Serve Robotics

Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.

For further information about Serve Robotics (Nasdaq:SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Serve intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. These forward-looking statements can be about future events, including statements regarding Serve’s intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Serve’s expectations with respect to the financial and operating performance of its business, its capital position, and future growth. The words “anticipate”, “believe”, “expect”, “project”, “predict”, “will”, “forecast”, “estimate”, “likely”, “intend”, “outlook”, “should”, “could”, “may”, “target”, “plan” and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include those risks and uncertainties set forth in Serve’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (the “SEC”) and in its subsequent filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Serve undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Contacts

Media

Aduke Thelwell, Head of Communications & Investor Relations
Serve Robotics
[email protected] 

Investor Relations

[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bdd098f8-8c80-462f-bc1b-c1f2095ed307



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Natuzzi S.p.A. Announces Dates for the First Nine Months and Third Quarter of 2024 Financial Information and Conference Call

Natuzzi S.p.A. Announces Dates for the First Nine Months and Third Quarter of 2024 Financial Information and Conference Call

SANTERAMO IN COLLE, Bari, Italy–(BUSINESS WIRE)–
Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company”) will disclose its unaudited 2024 first nine months and third quarter financial information on Thursday December 12, 2024, after the market closes.

The Company will host a conference call on Friday December 13, 2024, at 10:00 a.m. U.S. Eastern time (4.00 p.m. Italy time, or 3.00 p.m. UK time) to discuss financial information.

To join live the conference call, interested persons will need to either:

  1. dial-in the following number:

    Toll/International: + 1-412-717-9633, then passcode 39252103#,

    or

  2. click on the following link:

    https://www.c-meeting.com/web3/join/3PQUFXRW48XTKQ to join via video. Participants also have the option to listen via phone after registering to the link.

A replay of the call will be available approximately 3 hours after the conference end time, until Monday, January 13, 2025 at 11:59 PM US Eastern Time. To access the replay of the conference call, interested persons need to dial +1-844-512-2921 (toll-free) for calls from U.S. and Canada, or +1-412-317-6671 for calls from other countries. The access code for the replay is: 13750561.

About Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of the most renowned brands in the production and distribution of design and luxury furniture. As of September 30, 2024, Natuzzi distributes its collections worldwide through a global retail network of 678 monobrand stores and 628. Natuzzi products embed the finest spirit of Italian design and the unique craftmanship details of the “Made in Italy”, where a predominant part of its production takes place. Natuzzi has been listed on the New York Stock Exchange since May 13, 1993. Committed to social responsibility and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), ISO 45001 certified (Safety on the Workplace) and FSC® Chain of Custody, CoC (FSC-C131540).

Natuzzi Investor Relations

Piero Direnzo | tel. +39 080-8820-812 | [email protected]

Natuzzi Corporate Communication

Giancarlo Renna (Communication Manager) | tel. +39. 342.3412261 | [email protected]

Barbara Colapinto | tel. +39 331 6654275 | [email protected]

KEYWORDS: Italy Europe

INDUSTRY KEYWORDS: Home Goods Retail Luxury

MEDIA:

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Viad Corp Announces Mandatory Conversion Date for 5.5% Convertible Series A Preferred Stock

Viad Corp Announces Mandatory Conversion Date for 5.5% Convertible Series A Preferred Stock

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–
Viad Corp (NYSE: VVI) (“Viad” or the “Company”) today announced that it achieved the Company’s right to convert (the “Mandatory Conversion”) all of its outstanding shares of Convertible Series A Preferred Stock (the “Preferred Stock”), which carries a dividend of 5.5%, and delivered a notice of Mandatory Conversion to Crestview Partners, the holder of the Preferred Stock.

The Company’s Mandatory Conversion right was achieved on December 6, 2024, as a result of Viad’s common stock exceeding a volume-weighted-average price in excess of $42.50 for 20 out of 30 consecutive trading days.

The Company has established December 31, 2024 as the effective date for the Mandatory Conversion, at which time, all 135,000 shares of Preferred Stock will be converted into approximately 6.7 million shares of Viad common stock, and no additional dividends will accrue or be payable on the Preferred Stock. Currently, there are approximately 21.3 million shares of Viad common stock outstanding.

“We are pleased to have reached this important milestone based on our strong stock-price performance,” said Steve Moster, President and Chief Executive Officer of Viad. “Converting the shares of preferred stock held by Crestview Partners enables us to simplify our capital structure and avoid cash dividend payments of $8 million annually. We are grateful to Crestview for their support and confidence in our business and our strategic direction.”

“We are very proud of our relationship with the Company and are excited about the opportunity for Pursuit to accelerate growth as a standalone public company following the transformative sale of GES,” said Brian Cassidy, President and Head of Media at Crestview and Viad Board Member.

As previously announced, Pursuit will launch as a standalone publicly traded company upon the sale of Viad’s GES business, which is expected to close on December 31, 2024. As an independent, high-growth and high margin business, Pursuit will have the financial flexibility and balance sheet capacity to accelerate its Refresh, Build, Buy growth strategy and capitalize on its substantial growth prospects in the attractions and hospitality space. Upon completion of the transaction, Viad intends to change its corporate name and relaunch as Pursuit and change its NYSE common stock ticker symbol to PRSU.

About Viad

Viad (NYSE: VVI) is a leading global provider of extraordinary experiences, including attractions, hospitality, exhibition services, and experiential marketing through two businesses: Pursuit and GES. Our business strategy focuses on delivering extraordinary experiences for our teams, clients and guests, and significant and sustainable growth and above-market returns for our shareholders. Viad is an S&P SmallCap 600 company.

Pursuit is an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States, Canada, and Iceland. Pursuit’s elevated hospitality experiences include 14 world-class point-of-interest attractions and 28 distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global travel locations.

GES is a global exhibition services and experiential marketing company offering a comprehensive range of services to the world’s leading event organizers and brands through two reportable segments, GES Exhibitions and Spiro. GES Exhibitions is a global exhibition and trade show management business that partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows with teams throughout North America, Europe, and the Middle East. Spiro is a global experiential marketing agency that partners with leading brands around the world to manage and elevate their experiential marketing activities, bonding brand and customer.

For more information, visit www.viad.com.

Forward-Looking Statements

This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “can,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Such forward-looking statements include those that address activities, events or developments that Viad or its management believes or anticipates may occur in the future, including all statements regarding expectations concerning the Mandatory Conversion, the expected timing of the closing of the GES transaction and the expected Chief Executive Officer transition in connection with the closing of the GES transaction, and Pursuit’s opportunities and performance as a standalone public company. Similarly, statements that describe our go-forward business strategy, objectives, plans, intentions, prospects, or goals also are forward-looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those described in our forward-looking statements are set forth under Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K, our most recent Current Report on Form 10-Q, and any Current Reports on Form 8-K filed with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.

Carrie Long or Michelle Porhola

Investor Relations

(602) 207-2681

[email protected]

Scott Bisang or Nick Lamplough

Media Relations

[email protected]

KEYWORDS: Arizona United States North America

INDUSTRY KEYWORDS: Transportation Lodging Destinations Marketing Travel Vacation Communications Tourist Attractions

MEDIA:

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Ellington Credit Prepares for Special Meeting and Issues Mirror Preferred Stock

Ellington Credit Prepares for Special Meeting and Issues Mirror Preferred Stock

—Intends to Hold Special Meeting of Shareholders and Convert to Closed-End Fund/RIC in Early 2025—

—Issues Mirror Preferred Stock to Amplify Vote of Common Shareholders—

—Preferred Stock to be Automatically Redeemed Following Successful Vote on Conversion—

OLD GREENWICH, Conn.–(BUSINESS WIRE)–
Ellington Credit Company (the “Company”) (NYSE: EARN) announced today that its Board of Trustees intends to call a special meeting of shareholders in early 2025 (the “Special Meeting”), to approve its previously announced conversion to a Delaware registered closed-end fund to be treated as a regulated investment company under the Internal Revenue Code, focused on corporate CLO investments (the “Conversion”). In conjunction with the Special Meeting, the Company today filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) (the “Preliminary Proxy Statement”). The Company intends to announce the date of the Special Meeting with the filing of a definitive proxy statement.

The Company had previously placed certain proposals related to the Conversion (the “Conversion Proposals”) on the ballot at its 2024 annual meeting of shareholders, which took place on December 4, 2024. Over 91% of the votes cast at such meeting were cast in favor of the Conversion Proposals, and, excluding abstentions, over 95% of such votes were cast in favor.  However, given the large number of shareholders who did not vote on the Conversion Proposals, the threshold for passage was not reached. Therefore, the Company also announced today that it has issued and sold one thousand (1,000) Series A Preferred Shares, par value $0.01 per share (the “Preferred Shares”), with each Preferred Share having twenty-five thousand (25,000) votes.  Any votes cast by the holder of the Preferred Shares are required to “mirror” the actual votes cast by the common shareholders, and so the Preferred Shares will serve to amplify the voting preference of the common shareholders who vote on a Conversion Proposal, and therefore will not override the affirmatively expressed preference of the voting common shareholders. The issuance of the Preferred Shares increases the likelihood of procuring the votes necessary to effectuate the Conversion should a majority of the common shareholders voting at the Special Meeting vote in favor of the Conversion Proposals. 

The Preferred Shares were sold to Ellington Credit Company Management LLC, the Company’s external manager, for an aggregate purchase price of $1,000. The Preferred Shares will vote together with the Company’s outstanding common shares as a single class; they will only have the right to vote on the Conversion Proposals at the Special Meeting, they are not entitled to receive dividends of any kind, and they will be automatically redeemed upon shareholder approval of the Conversion Proposals (or earlier, in certain scenarios).

Laurence Penn, Chief Executive Officer and President commented:

“Despite the overwhelming support that we received from our shareholders, we unfortunately needed greater participation at the 2024 shareholder meeting to enable the conversion proposals to pass. Given this tremendous support, and our strong belief that the conversion continues to be in the best interests of shareholders, the Company has issued mirror preferred stock, and we are working on scheduling a new shareholder meeting in the near future to ensure that we can fulfill what we believe to be the clear will of the common shareholders.

“Management and the Board thank our shareholders for their continued support and confidence, and for their patience and trust as we work towards completing the conversion in early 2025.”

Additional information about the Preferred Shares is available on a Form 8-K filed by the Company with the SEC and additional information about the Special Meeting is available on the Preliminary Proxy Statement filed by the Company with the SEC.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “may,” “expect,” “project,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. Forward-looking statements are based on our beliefs, assumptions and expectations of our future operations, business strategies, performance, financial condition, liquidity and prospects, taking into account information currently available to us. These beliefs, assumptions, and expectations are subject to numerous risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations and strategies may vary materially from those expressed or implied in our forward-looking statements. The following factors are examples of those that could cause actual results to vary from those stated or implied by our forward-looking statements: changes in interest rates and the market value of the Company’s investments, market volatility, changes in the default rates on corporate loans, the Company’s ability to borrow to finance its assets, changes in government regulations affecting the Company’s business, the Company’s ability to maintain its exclusion from registration under the Investment Company Act of 1940, our ability to pivot our investment strategy to focus on collateralized loan obligations (“CLOs”), a deterioration in the CLO market, our ability to utilize our net operating loss carryforwards, our ability to convert to a closed end fund/RIC, including our ability to obtain shareholder approval of our conversion to a closed end fund/RIC, and other changes in market conditions and economic trends, such as changes to fiscal or monetary policy, heightened inflation, slower growth or recession, and currency fluctuations. Furthermore, as stated above, forward-looking statements are subject to numerous risks and uncertainties, including, among other things, those described under Item 1A of the Company’s Annual Report on Form 10-K, which can be accessed through the link to the Company’s SEC filings under “For Investors” on the Company’s website (at www.ellingtoncredit.com) or at the SEC’s website (www.sec.gov). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected or implied may be described from time to time in reports the Company files with the SEC, including reports on Forms 10-Q, 10-K and 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

This release and the information contained herein do not constitute an offer of any securities or solicitation of an offer to purchase securities. In addition, the release is not a solicitation of votes or proxies. Any such solicitation will only be made pursuant to a proxy statement or other appropriate proxy materials filed with the SEC and labeled as such.

Additional Information and Where to Find It

This communication relates to the proposed Conversion, along with related proposals for which shareholder approval will be sought (collectively, the “Proposals”). In connection with the Proposals, the Company intends to file relevant materials with the SEC, which will include a definitive proxy statement (the “Proxy Statement”). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE CONVERSION AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s web site, http://www.sec.gov.

Participants in the Solicitation

The Company and its respective directors, executive officers and certain other members of management and employees of Ellington Management Group, L.L.C. and its affiliates, may be deemed to be participants in the solicitation of proxies from the shareholders of the Company in connection with the Proposals. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Company’s shareholders in connection with the Proposals will be contained in the Proxy Statement when such document becomes available. This document may be obtained free of charge from the sources indicated above.

About Ellington Credit Company

Ellington Credit Company, formerly known as Ellington Residential Mortgage REIT, was initially formed as a real estate investment trust (“REIT”) that invested primarily in residential mortgage-backed securities (“MBS”). On March 29, 2024, the Company’s Board of Trustees approved a strategic transformation of its investment strategy to focus on corporate CLOs, with an emphasis on mezzanine debt and equity tranches. In connection with this transformation, the Company revoked its election to be taxed as a REIT effective January 1, 2024, and rebranded to Ellington Credit Company. In early 2025, the Company intends, subject to shareholder approval of certain matters, to convert to a closed-end fund and complete its transition from an MBS-focused company to a CLO-focused company.

Ellington Credit Company is externally managed and advised by Ellington Credit Company Management LLC, an affiliate of Ellington Management Group, L.L.C. 

Investors:

Ellington Credit Company

Investor Relations

(203) 409-3773

[email protected]

or

Media:

Amanda Shpiner/Grace Cartwright

Gasthalter & Co.

for Ellington Credit Company

(212) 257-4170

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

MEDIA:

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Macy’s, Inc. to Report Third Quarter 2024 Results on December 11, 2024

Macy’s, Inc. to Report Third Quarter 2024 Results on December 11, 2024

NEW YORK–(BUSINESS WIRE)–
Macy’s, Inc. (NYSE: M) will report its third quarter 2024 sales and earnings results on Wednesday, December 11, 2024. The company will host a call and webcast with financial analysts and investors at 8:00 a.m. EST. The call will be hosted by Macy’s, Inc.’s Chairman and Chief Executive Officer Tony Spring and Chief Operating Officer and Chief Financial Officer Adrian Mitchell.

The general public and the media will be able to access the live webcast and associated presentation via the company’s website at www.macysinc.com.

To participate in the call, analysts and investors may call 1-877-407-0832. A replay of the conference call will be available on the company’s website or by calling 1-877-660-6853, using passcode 13750441, about two hours after the conclusion of the call.

About Macy’s, Inc.

Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit macysinc.com.

Media – Chris Grams

[email protected]

Investors – Pamela Quintiliano

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Cosmetics Footwear Retail Consumer Home Goods Online Retail Luxury Lifestyle Department Stores Catalog Jewelry Other Retail Other Consumer Fashion

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Valero Energy Corporation to Announce 2024 Fourth Quarter and Full Year Earnings Results on January 30, 2025

Valero Energy Corporation to Announce 2024 Fourth Quarter and Full Year Earnings Results on January 30, 2025

SAN ANTONIO, Texas–(BUSINESS WIRE)–
Valero Energy Corporation (NYSE: VLO) announced today that it will host a conference call on January 30, 2025 at 10:00 a.m. ET to discuss 2024 fourth quarter and full year earnings results, which will be released earlier that day, and provide an update on company operations.

Persons interested in listening to the conference call may join the webcast on Valero’s Investor Relations website at investorvalero.com.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See our Annual Report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.

Investors:

Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982

Eric Herbort, Director – Investor Relations and Finance, 210-345-3331

Gautam Srivastava, Director – Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Chemicals/Plastics Energy Manufacturing Oil/Gas

MEDIA:

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VICI Properties Announces Pricing of Public Offering of $750 Million of Senior Unsecured Notes

VICI Properties Announces Pricing of Public Offering of $750 Million of Senior Unsecured Notes

NEW YORK–(BUSINESS WIRE)–
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that its subsidiary, VICI Properties L.P. (the “Issuer”), has priced a public offering of $750 million in aggregate principal amount of 5.125% senior unsecured notes due 2031 (the “Notes”). The Notes will be issued at 99.643% of par value and will mature on November 15, 2031.

Interest on the Notes is payable in cash in arrears on May 15 and November 15 of each year, beginning on May 15, 2025. The offering is expected to close on December 19, 2024, subject to the satisfaction of customary closing conditions.

The Issuer intends to use the net proceeds from the offering to repay its outstanding $750 million in aggregate principal amount of 3.500% senior notes due 2025 and any remaining net proceeds will be used for general corporate purposes, which may include the acquisition and improvement of properties, capital expenditures, working capital and the repayment or refinancing of indebtedness.

J.P. Morgan, Wells Fargo Securities, Barclays, Deutsche Bank Securities, Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, Citigroup, Scotiabank, BNP PARIBAS, Citizens Capital Markets, Truist Securities, SMBC Nikko, Mizuho and Capital One Securities are acting as joint book-running managers for the offering. CBRE is acting as co-manager for the offering.

The offering is being made pursuant to an effective shelf registration statement filed by the Company and the Issuer with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus and prospectus supplement. A copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, telephone collect at 1-212-834-4533; Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service (telephone: (800) 645-3751 or email: [email protected]); Barclays Capital Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847 or by email at [email protected]; or Deutsche Bank Securities Inc., Attention: Prospectus Department, at 1 Columbus Circle, New York, NY 10019, by telephone at (800) 503-4611 or by email at [email protected], or by visiting the EDGAR database on the SEC’s web site at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About VICI Properties

VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield and Kalahari Resorts. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s or the Issuer’s control and could materially affect actual results, performance, or achievements. Important risk factors that may affect the Company’s business, results of operations and financial position are detailed from time to time in the Company’s filings with the SEC. The Company and the Issuer do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Investor Contacts:

[email protected]

(646) 949-4631

Or

David Kieske

EVP, Chief Financial Officer

[email protected]

Moira McCloskey

SVP, Capital Markets

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: REIT Finance Professional Services Commercial Building & Real Estate Construction & Property

MEDIA:

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Japan Smaller Capitalization Fund, Inc. Declares $0.3118 Ordinary Income Distribution

NEW YORK, Dec. 09, 2024 (GLOBE NEWSWIRE) — Japan Smaller Capitalization Fund, Inc. (NYSE: JOF) (the “Fund”) announced that it would make an ordinary income distribution of $0.3118 per share payable on December 27, 2024 to shareholders of record on December 19, 2024. The ex-dividend date will be December 19, 2024.

The amounts and sources of distributions reported in this press release are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the entirety of its fiscal year and may be subject to changes based on tax regulations. The Fund intends to send a Form 1099-DIV for the calendar year concerning the tax treatment of the dividend distributions that were paid to shareholders of record during the year ending December 31, 2024.

About the Fund

The Fund invests primarily in the securities of smaller capitalization companies in Japan and is designed for investors seeking long-term capital appreciation.   The Manager of the Fund is Nomura Asset Management U.S.A. Inc. (NAM USA), which is based in New York. NAM USA is a subsidiary of Nomura Asset Management Co., Ltd., which is one of the largest investment advisory companies in Japan in terms of assets under management and which serves as the Investment Adviser to the Fund.

Forward Looking Statements

Certain information discussed in this press release may constitute forward-looking statements within the meaning of the United States federal securities laws. Although the Fund and NAM USA believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Fund and NAM USA can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.

Past performance is not indicative of future results. There is a risk of loss.

Contact: Maria Premole
  1-800-833-0018
 
[email protected]



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Toll Brothers Reports FY 2024 Results

FORT WASHINGTON, Pa., Dec. 09, 2024 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, today announced results for its fourth quarter ended October 31, 2024.

FY
2024
’s
Fourth
Quarter Financial Highlights (Compared to FY
2023’s Fourth Quarter):

  • Net income and earnings per share were $475.4 million and $4.63 per diluted share, compared to net income of $445.5 million and $4.11 per diluted share in FY 2023’s fourth quarter.
  • Pre-tax income was $621.1 million, compared to $605.0 million in FY 2023’s fourth quarter.
  • Home sales revenues were $3.26 billion, up 10% compared to FY 2023’s fourth quarter; delivered homes were 3,431, up 25%.
  • Net signed contract value was $2.66 billion, up 32% compared to FY 2023’s fourth quarter; contracted homes were 2,658, up 30%.
  • Backlog value was $6.47 billion at fourth quarter end, down 7% compared to FY 2023’s fourth quarter; homes in backlog were 5,996, down 9%.
  • Home sales gross margin was 26.0%, compared to FY 2023’s fourth quarter home sales gross margin of 27.5%.
  • Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 27.9%, compared to FY 2023’s fourth quarter adjusted home sales gross margin of 29.1%.
  • SG&A, as a percentage of home sales revenues, was 8.3%, compared to 8.2% in FY 2023’s fourth quarter.
  • Income from operations was $611.1 million.
  • Other income, income from unconsolidated entities, and gross margin from land sales and other was $44.5 million.
  • The Company repurchased approximately 1.3 million shares at an average price of $150.19 per share for a total purchase price of $200.9 million.

Full FY
2024
Financial Highlights (Compared to Full FY
2023
):

  • Net income was $1.57 billion, and earnings per share were $15.01 diluted, compared to net income of $1.37 billion and $12.36 per share diluted in FY 2023.
  • Net income and earnings per share included $124.1 million and $1.19, respectively, related to the sale of a parcel of land to a commercial developer in our second quarter. Excluding this gain, net income and earnings per share were $1.45 billion and $13.82 per diluted share in FY 2024.
  • Pre-tax income was $2.09 billion, compared to $1.84 billion in FY 2023.
  • Home sales revenues were $10.56 billion, up 7% compared to FY 2023; delivered homes were 10,813, up 13%.
  • Net signed contract value was $10.07 billion, up 27% compared to FY 2023; contracted homes were 10,231, up 27%.
  • Home sales gross margin was 26.6%, compared to FY 2023’s home sales gross margin of 26.9%.
  • Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 28.4%, compared to FY 2023’s adjusted home sales gross margin of 28.7%.
  • SG&A, as a percentage of home sales revenues, was 9.3%, compared to 9.2% in FY 2023.
  • Income from operations was $2.04 billion.
  • Other income, income from unconsolidated entities, and gross margin from land sales and other was $258.0 million.
  • The Company repurchased approximately 4.9 million shares at an average price of $127.79 per share for a total purchase price of $627.9 million

Douglas C. Yearley, Jr., chairman and chief executive officer, stated: “I am very pleased with our fourth quarter results, which cap the strongest year ever for Toll Brothers. For the full year, we generated a record $10.6 billion of home sales revenue, earned $15.01 per diluted share and grew contracts by 27% in both units and dollars. In the fourth quarter, we delivered 3,431 homes and generated $3.3 billion in home sales revenues, up 25% in units and 10% in dollars compared to last year’s fourth quarter. Our fourth quarter adjusted gross margin was 27.9%, beating guidance by 40 basis points, and our SG&A expense was 8.3% of home sales revenues, or 30 basis points better than guidance. Our strong margin performance and better than projected home sales revenues drove earnings of $4.63 per diluted share in the quarter, up 13% compared to last year. We also signed 2,658 net contracts at an average price of $1,000,000, up 30% in units and 32% in dollars compared to last year’s fourth quarter. Our performance this year and in the fourth quarter demonstrates the power of our luxury brand, the financial strength of our buyers, and the success of our strategies of increasing our spec home production and widening our geographies, price points and product lines.

“Since the start of our fiscal 2025 six weeks ago we have seen strong demand, which is encouraging as we approach the beginning of the spring selling season in mid-January. We are well positioned with communities in over 60 markets across 24 states featuring the widest offering of luxury homes and serving the most affluent customers in our industry. Last year, we increased community count by 10% and are targeting a similar increase in fiscal 2025. We also owned or controlled approximately 74,700 lots at year end, providing sufficient land for further growth in fiscal 2026 and beyond.

“In fiscal 2024, we generated a return on beginning equity of 23.1%, driven by our record earnings and strong cash flows that allowed us to return approximately $720 million of capital to shareholders. Our healthy balance sheet, low leverage, and ample liquidity, including significant projected cash flows from operations in fiscal 2025, should allow us to continue investing in our business while returning cash to shareholders well into the future.”

First Quarter and FY 2025 Financial Guidance:
  First Quarter   Full Fiscal Year
Deliveries 1,900 – 2,100 units     11,200 – 11,600 units  
Average Delivered Price per Home $925,000 – $945,000     $945,000 – $965,000  
Adjusted Home Sales Gross Margin 26.25 %   27.25 %
SG&A, as a Percentage of Home Sales Revenues 12.7 %   9.4% – 9.5 %
Period-End Community Count 410     440 – 450  
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $33 million     $110 million  
Tax Rate 22.0 %   25.5 %
           

Financial Highlights for the three months ended October 31, 2024 and 2023 (unaudited):
  2024   2023
Net Income $475.4 million, or $4.63 per share diluted     $445.5 million, or $4.11 per share diluted  
Pre-Tax Income $621.1 million     $605.0 million  
Pre-Tax Inventory Impairments included in Home Sales Costs of Revenues $24.1 million     $8.3 million  
Home Sales Revenues $3.26 billion and 3,431 units     $2.95 billion and 2,755 units  
Net Signed Contracts $2.66 billion and 2,658 units     $2.01 billion and 2,038 units  
Net Signed Contracts per Community 6.5 units     5.7 units  
Quarter-End Backlog $6.47 billion and 5,996 units     $6.95 billion and 6,578 units  
Average Price per Home in Backlog $1,078,700     $1,055,800  
Home Sales Gross Margin 26.0 %   27.5 %
Adjusted Home Sales Gross Margin 27.9 %   29.1 %
Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues 1.2 %   1.4 %
SG&A, as a percentage of Home Sales Revenues 8.3 %   8.2 %
Income from Operations $611.1 million, or 18.3% of total revenues     $558.6 million, or 18.5% of total revenues  
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $44.5 million     $36.0 million  
Pre-Tax Land and Other Impairments included in Land Sales and Other Costs of Revenues $— million     $12.9 million  
Quarterly Cancellations as a Percentage of Beginning-Quarter Backlog 2.5 %   3.4 %
Quarterly Cancellations as a Percentage of Signed Contracts in Quarter 5.9 %   10.8 %
           

Financial Highlights for the twelve months ended October 31, 2024 and 2023 (unaudited):
  2024   2023
Net Income $1.57 billion, or $15.01 per share diluted     $1.37 billion, or $12.36 per share diluted  
Pre-Tax Income $2.09 billion     $1.84 billion  
Pre-Tax Inventory Impairments included in Home Sales Costs of Revenues $59.4 million     $30.7 million  
Home Sales Revenues $10.56 billion and 10,813 units     $9.87 billion and 9,597 units  
Net Signed Contracts $10.07 billion and 10,231 units     $7.91 billion and 8,077 units  
Home Sales Gross Margin 26.6 %   26.9 %
Adjusted Home Sales Gross Margin 28.4 %   28.7 %
Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues 1.2 %   1.4 %
SG&A, as a percentage of Home Sales Revenues 9.3 %   9.2 %
Income from Operations $2.04 billion, or 18.8% of total revenues     $1.72 billion, or 17.3% of total revenues  
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $258.0 million     $93.1 million  
Pre-Tax Land and Other Impairments included in Land Sales and Other Costs of Revenues $4.4 million     $30.6 million  
           

Additional Information:

  • The Company ended its FY 2024 fourth quarter with $1.30 billion in cash and cash equivalents, compared to $1.30 billion at FYE 2023 and $893.4 million at FY 2024’s third quarter end. At FY 2024 fourth quarter end, the Company also had $1.77 billion available under its $1.96 billion revolving credit facility, which is scheduled to mature in February 2028.
  • On October 25, 2024, the Company paid its quarterly dividend of $0.23 per share to shareholders of record at the close of business on October 11, 2024.
  • Stockholders’ equity at FY 2024 fourth quarter end was $7.67 billion, compared to $6.80 billion at FYE 2023.
  • FY 2024’s fourth quarter-end book value per share was $76.87 per share, compared to $65.49 at FYE 2023.
  • The Company ended its FY 2024’s fourth quarter with a debt-to-capital ratio of 27.0%, compared to 27.6% at FY 2024’s third quarter end and 29.6% at FYE 2023. The Company ended FY 2024’s fourth quarter with a net debt-to-capital ratio(1) of 15.3%, compared to 19.6% at FY 2024’s third quarter end, and 17.7% at FYE 2023.
  • The Company ended FY 2024’s fourth quarter with approximately 74,700 lots owned and optioned, compared to 72,700 one quarter earlier, and 70,700 one year earlier. Approximately 45% or 34,000, of these lots were owned, of which approximately 19,400 lots, including those in backlog, were substantially improved.
  • In the fourth quarter of FY 2024, the Company spent approximately $258.6 million on land to purchase approximately 1,910 lots.
  • The Company ended FY 2024’s fourth quarter with 408 selling communities, compared to 404 at FY 2024’s third quarter end and 370 at FY 2023’s fourth quarter end.

(1) See “Reconciliation of Non-GAAP Measures” below for more information on the calculation of the Company’s net debt-to-capital ratio.

Toll Brothers will be broadcasting live via the Investor Relations section of its website, investors.TollBrothers.com, a conference call hosted by chairman and chief executive officer Douglas C. Yearley, Jr. at 8:30 a.m. (ET) Tuesday, December 10, 2024, to discuss these results and its outlook for the first quarter and FY 2025. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select “Events & Presentations.” Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software.

The call can be heard live with an online replay which will follow.

ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).

From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license.

FORWARD-LOOKING STATEMENTS

Information presented herein for the fourth quarter ended October 31, 2024 is subject to finalization of the Company’s regulatory filings, related financial and accounting reporting procedures and external auditor procedures.

This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; demand for our homes; our build-to-order and spec home strategy; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.

Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:

  • the effect of general economic conditions, including employment rates, housing starts, inflation rates, interest and mortgage rates, availability of financing for home mortgages and strength of the U.S. dollar;
  • market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;
  • the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land;
  • access to adequate capital on acceptable terms;
  • geographic concentration of our operations;
  • levels of competition;
  • the price and availability of lumber, other raw materials, home components and labor;
  • the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries;
  • the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, unavailability of insurance, and shortages and price increases in labor or materials associated with such natural disasters;
  • risks arising from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19;
  • federal and state tax policies;
  • transportation costs;
  • the effect of land use, environment and other governmental laws and regulations;
  • legal proceedings or disputes and the adequacy of reserves;
  • risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects;
  • the effect of potential loss of key management personnel;
  • changes in accounting principles;
  • risks related to unauthorized access to our computer systems, theft of our and our homebuyers’ confidential information or other forms of cyber-attack; and
  • other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended October 31, 2023 and in subsequent filings we make with the Securities and Exchange Commission (“SEC”).

Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

TOLL BROTHERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)
 
  October 31,
2024		   October 31,
2023
  (Unaudited)    
ASSETS      
Cash and cash equivalents $ 1,303,039     $ 1,300,068  
Inventory   9,712,925       9,057,578  
Property, construction and office equipment – net   453,007       323,990  
Receivables, prepaid expenses and other assets   590,611       691,256  
Mortgage loans held for sale   191,242       110,555  
Customer deposits held in escrow   109,691       84,530  
Investments in unconsolidated entities   1,007,417       959,041  
  $ 13,367,932     $ 12,527,018  
       
LIABILITIES AND EQUITY      
Liabilities:      
Loans payable $ 1,085,817     $ 1,164,224  
Senior notes   1,597,102       1,596,185  
Mortgage company loan facility   150,000       100,058  
Customer deposits   488,690       540,718  
Accounts payable   492,213       597,582  
Accrued expenses   1,752,848       1,548,781  
Income taxes payable   114,547       166,268  
Total liabilities   5,681,217       5,713,816  
       
Equity:      
Stockholders’ Equity      
Common stock, 112,937 shares issued at October 31, 2024 and October 31, 2023   1,129       1,129  
Additional paid-in capital   694,713       698,548  
Retained earnings   8,153,356       6,675,719  
Treasury stock, at cost — 13,149 and 9,146 shares at October 31, 2024 and October 31, 2023, respectively   (1,209,547 )     (619,150 )
Accumulated other comprehensive income   31,277       40,910  
Total stockholders’ equity   7,670,928       6,797,156  
Noncontrolling interest   15,787       16,046  
Total equity   7,686,715       6,813,202  
  $ 13,367,932     $ 12,527,018  
               

TOLL BROTHERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data and percentages)

(Unaudited)
 
  Three Months Ended
October 31,		   Twelve Months Ended
October 31,
    2024       2023       2024       2023  
  $ %   $ %   $ %   $ %
Revenues:                      
Home sales $ 3,260,004       $ 2,951,904       $ 10,563,332       $ 9,866,026    
Land sales and other   73,458         68,243         283,408         128,911    
    3,333,462         3,020,147         10,846,740         9,994,937    
                       
Cost of revenues:                      
Home sales   2,413,680   74.0 %     2,141,529   72.5 %     7,753,351   73.4 %     7,207,279   73.1 %
Land sales and other   38,993   53.1 %     78,594   115.2 %     70,911   25.0 %     153,457   119.0 %
    2,452,673         2,220,123         7,824,262         7,360,736    
                       
Gross margin – home sales   846,324   26.0 %     810,375   27.5 %     2,809,981   26.6 %     2,658,747   26.9 %
Gross margin – land sales and other   34,465   46.9 %     (10,351 ) (15.2 )%     212,497   75.0 %     (24,546 ) (19.0 )%
                       
Selling, general and administrative expenses   269,734   8.3 %     241,408   8.2 %     982,291   9.3 %     909,446   9.2 %
Income from operations   611,055         558,616         2,040,187         1,724,755    
                       
Other:                      
(Loss) income from unconsolidated entities   (10,044 )       29,285         (23,843 )       50,098    
Other income – net   20,062         17,065         69,296         67,518    
Income before income taxes   621,073         604,966         2,085,640         1,842,371    
Income tax provision   145,664         159,430         514,445         470,300    
Net income $ 475,409       $ 445,536       $ 1,571,195       $ 1,372,071    
Per share:                      
Basic earnings $ 4.67       $ 4.15       $ 15.16       $ 12.47    
Diluted earnings $ 4.63       $ 4.11       $ 15.01       $ 12.36    
Cash dividend declared $ 0.23       $ 0.21       $ 0.90       $ 0.83    
Weighted-average number of shares:                      
Basic   101,716         107,465         103,653         110,020    
Diluted   102,676         108,388         104,690         111,008    
                       
Effective tax rate   23.5 %       26.4 %       24.7 %       25.5 %  
                                       

TOLL BROTHERS, INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

(Amounts in thousands)

(unaudited)
 
  Three Months Ended
October 31,		   Twelve Months Ended
October 31,
    2024       2023       2024       2023  
Inventory impairments and write-offs included in home sales cost of revenues:              
Pre-development costs and option write offs $ 2,158     $ 1,369     $ 6,676     $ 10,712  
Land owned for future communities   —       799       —       1,493  
Land owned for operating communities   21,925       6,101       52,765       18,501  
  $ 24,083     $ 8,269     $ 59,441     $ 30,706  
               
Land and other impairments included in land sales and other cost of revenues $ —     $ 12,860     $ 4,400     $ 30,560  
               
Joint venture impairments included in (loss) income from unconsolidated entities $ 6,600     $ —     $ 6,600     $ —  
               
Depreciation and amortization $ 25,773     $ 22,224     $ 81,201     $ 76,473  
Interest incurred $ 23,724     $ 27,907     $ 108,269     $ 122,288  
Interest expense:              
Charged to home sales cost of revenues $ 37,841     $ 39,768     $ 128,962     $ 139,410  
Charged to land sales and other cost of revenues   1,321       4,701       3,142       10,787  
  $ 39,162     $ 44,469     $ 132,104     $ 150,197  
               
Home sites controlled:         October 31,
2024		   October 31,
2023
Owned           33,964       35,916  
Optioned           40,755       34,748  
            74,719       70,664  
                       

Inventory at October 31, 2024 and October 31, 2023 consisted of the following (amounts in thousands):

  October 31,
2024		   October 31,
2023
Land deposits and costs of future communities $ 620,040     $ 549,035  
Land and land development costs   2,532,221       2,631,147  
Land and land development costs associated with homes under construction   3,617,266       2,916,334  
Total land and land development costs   6,769,527       6,096,516  
       
Homes under construction   2,458,541       2,515,484  
Model homes (1)   484,857       445,578  
  $ 9,712,925     $ 9,057,578  
               

(1) Includes the allocated land and land development costs associated with each of our model homes in operation.

Toll Brothers operates in the following five geographic segments, with operations generally located in the states listed below:

  • North: Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York and Pennsylvania
  • Mid-Atlantic: Georgia, Maryland, North Carolina, Tennessee and Virginia
  • South: Florida, South Carolina and Texas
  • Mountain: Arizona, Colorado, Idaho, Nevada and Utah
  • Pacific: California, Oregon and Washington
  Three Months Ended
October 31,
  Units   $ (Millions)   Average Price Per Unit $
  2024   2023     2024       2023       2024       2023  
REVENUES                      
North 498   422   $ 501.3     $ 412.3     $ 1,006,600     $ 977,000  
Mid-Atlantic 495   380     446.0       388.2     $ 901,100     $ 1,021,500  
South 947   717     819.9       659.9     $ 865,800     $ 920,400  
Mountain 1,039   807     863.5       780.3     $ 831,100     $ 966,900  
Pacific 452   429     629.1       710.3     $ 1,391,700     $ 1,655,700  
Home Building 3,431   2,755     3,259.8       2,951.0     $ 950,100     $ 1,071,100  
Corporate and other           0.2       0.9          
Total home sales 3,431   2,755     3,260.0       2,951.9     $ 950,200     $ 1,071,500  
Land sales and other           73.5       68.2          
Total Consolidated         $ 3,333.5     $ 3,020.1          
                       
CONTRACTS                      
North 355   343   $ 371.2     $ 325.0     $ 1,045,600     $ 947,400  
Mid-Atlantic 377   286     364.1       279.5     $ 965,700     $ 977,500  
South 777   590     654.5       505.0     $ 842,400     $ 856,000  
Mountain 796   517     683.5       438.7     $ 858,700     $ 848,600  
Pacific 353   302     586.0       466.5     $ 1,660,100     $ 1,544,700  
Total Consolidated 2,658   2,038   $ 2,659.3     $ 2,014.7     $ 1,000,500     $ 988,600  
                       
BACKLOG                      
North 855   956   $ 937.5     $ 964.1     $ 1,096,500     $ 1,008,500  
Mid-Atlantic 786   945     824.8       953.0     $ 1,049,400     $ 1,008,400  
South 2,003   2,312     1,807.5       2,093.4     $ 902,400     $ 905,500  
Mountain 1,595   1,577     1,645.5       1,577.7     $ 1,031,700     $ 1,000,500  
Pacific 757   788     1,252.5       1,357.1     $ 1,654,600     $ 1,722,200  
Total Consolidated 5,996   6,578   $ 6,467.8     $ 6,945.3     $ 1,078,700     $ 1,055,800  
                                       

  Twelve Months Ended
October 31,
  Units   $ (Millions)   Average Price Per Unit $
  2024   2023     2024       2023       2024       2023  
REVENUES                      
North 1,522   1,577   $ 1,484.3     $ 1,494.1     $ 975,200     $ 947,400  
Mid-Atlantic 1,512   1,067     1,422.0       1,175.3     $ 940,500     $ 1,101,500  
South 3,316   2,597     2,787.4       2,204.8     $ 840,600     $ 849,000  
Mountain 2,984   2,897     2,590.4       2,660.7     $ 868,100     $ 918,400  
Pacific 1,479   1,459     2,279.1       2,329.4     $ 1,541,000     $ 1,596,600  
Home Building 10,813   9,597     10,563.2       9,864.3     $ 976,900     $ 1,027,900  
Corporate and other           0.1       1.7          
Total home sales 10,813   9,597     10,563.3       9,866.0     $ 976,900     $ 1,028,000  
Land sales and other           283.4       128.9          
Total Consolidated         $ 10,846.7     $ 9,994.9          
                       
CONTRACTS                      
North 1,421   1,411   $ 1,456.8     $ 1,336.9     $ 1,025,200     $ 947,500  
Mid-Atlantic 1,353   1,170     1,292.0       1,165.5     $ 954,900     $ 996,200  
South 3,007   2,386     2,498.2       1,938.3     $ 830,800     $ 812,400  
Mountain 3,002   1,950     2,655.0       1,633.1     $ 884,400     $ 837,500  
Pacific 1,448   1,160     2,170.6       1,834.0     $ 1,499,000     $ 1,581,000  
Total Consolidated 10,231   8,077   $ 10,072.6     $ 7,907.8     $ 984,500     $ 979,100  
                                       

Note: Due to rounding, amounts may not add.

Unconsolidated entities:

Information related to revenues and contracts of entities in which we have an interest for the three-month and twelve-month periods ended October 31, 2024 and 2023, and for backlog at October 31, 2024 and 2023 is as follows:

  Units   $ (Millions)   Average Price Per Unit $
  2024   2023     2024       2023       2024       2023  
Three months ended October 31,                      
Revenues 62   1   $ 71.0     $ 7.3     $ 1,145,700     $ 6,413,200  
Contracts 20   14   $ 27.5     $ 12.8     $ 1,372,700     $ 916,500  
                       
Twelve months ended October 31,                      
Revenues 238   9   $ 267.6     $ 38.9     $ 1,124,400     $ 4,316,800  
Contracts 101   77   $ 125.0     $ 101.3     $ 1,237,800     $ 1,316,000  
                       
Backlog at October 31, 12   149   $ 17.4     $ 160.0     $ 1,448,800     $ 1,073,600  
                                       

RECONCILIATION OF NON-GAAP MEASURES

This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s adjusted home sales gross margin, adjusted net income, adjusted diluted earnings per share and the Company’s net debt-to-capital ratio.

These four measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the home building business.

The Company’s management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other home builders that may use similar non-GAAP financial measures. The Company’s management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other home builders to the extent they provide similar information.

Adjusted Home Sales Gross Margin

The following table reconciles the Company’s home sales gross margin as a percentage of home sales revenues (calculated in accordance with GAAP) to the Company’s adjusted home sales gross margin (a non-GAAP financial measure). Adjusted home sales gross margin is calculated as (i) home sales gross margin plus interest recognized in home sales cost of revenues plus inventory write-downs recognized in home sales cost of revenues divided by (ii) home sales revenues.

Adjusted Home Sales Gross Margin Reconciliation

(Amounts in thousands, except percentages)
 
    Three Months Ended
October 31,		   Twelve Months Ended
October 31,
      2024       2023       2024       2023  
Revenues – home sales $ 3,260,004     $ 2,951,904     $ 10,563,332     $ 9,866,026  
Cost of revenues – home sales   2,413,680       2,141,529       7,753,351       7,207,279  
Home sales gross margin   846,324       810,375       2,809,981       2,658,747  
Add: Interest recognized in cost of revenues – home sales   37,841       39,768       128,962       139,410  
  Inventory impairments and write-offs in cost of revenues – home sales   24,083       8,269       59,441       30,706  
Adjusted home sales gross margin $ 908,248     $ 858,412     $ 2,998,384     $ 2,828,863  
                 
Home sales gross margin as a percentage of home sale revenues   26.0 %     27.5 %     26.6 %     26.9 %
                 
Adjusted home sales gross margin as a percentage of home sale revenues   27.9 %     29.1 %     28.4 %     28.7 %
                               

The Company’s management believes adjusted home sales gross margin is a useful financial measure to investors because it allows them to evaluate the performance of our home building operations without the often varying effects of capitalized interest costs and inventory impairments. The use of adjusted home sales gross margin also assists the Company’s management in assessing the profitability of our home building operations and making strategic decisions regarding community location and product mix.

Forward-looking Adjusted Home Sales Gross Margin

The Company has not provided projected first quarter and full FY 2025 home sales gross margin or a GAAP reconciliation for forward-looking adjusted home sales gross margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the first quarter and full FY 2025. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our first quarter and full FY 2025 home sales gross margin.

Adjusted Net Income and Diluted Earnings Per Share Reconciliation

The following table reconciles the Company’s net income and earnings per share (calculated in accordance with GAAP) to the Company’s adjusted net income and diluted earnings per share (a non-GAAP financial measure).

Adjusted Net Income and Diluted Per Share Reconciliation

(Amounts in thousands, except per share data)
 
    Three Months Ended
October 31,		   Twelve Months Ended
October 31,
      2024       2023       2024       2023  
Net income $ 475,409     $ 445,536     $ 1,571,195     $ 1,372,071  
Subtract: Net income resulting from the sale of a parcel of land to a commercial developer   —       —       (124,119 )     —  
Adjusted net income $ 475,409     $ 445,536     $ 1,447,076     $ 1,372,071  
                 
Diluted earnings per share $ 4.63     $ 4.11     $ 15.01     $ 12.36  
Subtract: Diluted earnings per share resulting from the sale of a parcel of land to a commercial developer   —       —       (1.19 )     —  
Adjusted diluted earnings per share $ 4.63     $ 4.11     $ 13.82     $ 12.36  
                               

Net Debt-to-Capital Ratio

The following table reconciles the Company’s ratio of debt to capital (calculated in accordance with GAAP) to the Company’s net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders’ equity.

Net Debt-to-Capital Ratio Reconciliation

(Amounts in thousands, except percentages)
 
    October 31, 2024   July 31, 2024   October 31, 2023
Loans payable $ 1,085,817     $ 1,099,787     $ 1,164,224  
Senior notes   1,597,102       1,596,873       1,596,185  
Mortgage company loan facility   150,000       125,417       100,058  
Total debt   2,832,919       2,822,077       2,860,467  
Total stockholders’ equity   7,670,928       7,414,864       6,797,156  
Total capital $ 10,503,847     $ 10,236,941     $ 9,657,623  
Ratio of debt-to-capital   27.0 %     27.6 %     29.6 %
             
Total debt $ 2,832,919     $ 2,822,077     $ 2,860,467  
Less: Mortgage company loan facility   (150,000 )     (125,417 )     (100,058 )
  Cash and cash equivalents   (1,303,039 )     (893,422 )     (1,300,068 )
Total net debt   1,379,880       1,803,238       1,460,341  
Total stockholders’ equity   7,670,928       7,414,864       6,797,156  
Total net capital $ 9,050,808     $ 9,218,102     $ 8,257,497  
Net debt-to-capital ratio   15.2 %     19.6 %     17.7 %
                       

The Company’s management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company’s operations.

CONTACT: Gregg Ziegler (215) 478-3820
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a0456db-a1d7-41b3-b790-3e0a1448ad2b



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Greif Launches New Modular Packaging Solution

DELAWARE, Ohio, Dec. 09, 2024 (GLOBE NEWSWIRE) — Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, announced at the Pack-Expo conference in Chicago the launch of ModCan™, an innovative modular packaging solution designed to improve efficiency and safety in shipping and storing dissimilar materials and waste.

Using a unique wedge-shaped design, the modular components are engineered to fit precisely into a Greif 55-gallon drum, allowing multiple materials, chemicals, or waste components to be shipped together without fear of contamination or exposure. By optimizing the available space inside a single drum, ModCan reduces the number of shipments required and improves safety by eliminating the need to transfer or consolidate materials into larger containers.

This is particularly useful for waste applications in specialty manufacturing, semiconductor operations, clean rooms, laboratories, and pharmaceutical production.

“We’re very proud of ModCan and the way it was developed,” said Geoff Westphal, Director of Sustainable Innovation at Greif. The initial concept originated from a longstanding partner whose experience in the chemical industry proved that a more sustainable, efficient, and versatile packaging solution was possible. With the support of our in-house Innovation Team, we were able to refine this concept and bring it to market. We firmly believe ModCan will be a game changer for industrial waste management and other applications where different materials benefit from being shipped together safely and securely.

ModCan is currently available in North America. For more information, please visit greif.com/modcan.

About Greif

Greif is a global leader in industrial packaging products and services and is pursuing its vision: be the best customer service company in the world. The Company produces steel, plastic and fiber drums, intermediate bulk containers, reconditioned containers, jerrycans and other small plastics, containerboard, corrugated sheets and products, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides other services for a wide range of industries. In addition, Greif manages timber properties in the southeastern United States. The Company has a workforce of over 14,000 colleagues spread across more than 250 facilities in 37 countries to serve global as well as regional customers. Additional information is on the Company’s website at www.greif.com.

Contact:
Geresa Gonsalves-Joe
+1 (843) 368-0052
[email protected]