Toll Brothers的利润率平庸，与同行相似，并不突出。
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Toll Brothers，我打赌他们的利润率更高，我们去看看。
Toll Brothers I bet you their margins are higher let's go find out
Toll Brothers经营的是豪华细分市场，接近100万。
Toll Brothers operates in the luxury segment closer to a million.
所以这里的利润率更高，但没有高那么多。实际上令人惊讶的是，根本没有高多少。那是税后的。我们这两个都是税后的吗？让我看看营业利润。我在这里看的是什么？资产负债表、净利润、税前利润。嗯，为了隔离这一点，让我们做1226除以9227，13.2的营业利润率。那可能就是他们的水平。346.6除以2531，13.69，几乎没有什么不同。13.2和13.69。哇，那很有趣。是的，利润率几乎相同。而且你知道，这些并不是最好的利润率。你知道，它无法与软件相比。
So here the margins are they're higher but they're not that much higher. Actually surprisingly not that much higher at all. That's after taxes. Are we doing after tax on both of these? Let me look at income from operations. What did I look at over here? Balance sheet, net income, income before taxes. Well, to isolate that, let's do 1226 divided by 9227 13.2 operating. That's probably where they are. 346.6 divided by 2531 13.69 barely any different. 13.2 13.69. Wow, that's interesting. Yeah, the margins almost the same. And there aren't the greatest margins, you know. It doesn't hold a candle like software, you know.
Toll Brothers 10-Q，824，有点意思。
Toll Brothers 10 Q 824 kind of interesting.
13.2的营业利润率。那可能就是他们的水平。346.6除以2531，13.69，几乎没有什么不同。13.2和13.69。哇，那很有趣。是的，利润率几乎相同。而且你知道，这些并不是最好的利润率。你知道，它无法与软件相比。
13.2 operating. That's probably where they are. 346.6 divided by 2531 13.69 barely any different. 13.2 13.69. Wow, that's interesting. Yeah, the margins almost the same. And there aren't the greatest margins, you know. It doesn't hold a candle like software, you know.
嗯，看看这缓慢的攀升。但仍然基本上是我们今天开盘的位置，还没有任何进展。
Well, look at this slow march up. But still basically where we opened this morning haven't gone anywhere.
话虽如此，不仅仅是Dr. Horton。还有Toll Brothers，它的房屋销售中位价是3倍。我想说Dr. Horton的房屋销售中位价大约是36万美元。Toll Brothers大约在96万到99万美元之间。大约在那个百万美元的范围。他们的营业利润率下降了13.69%，而且他们的净利润率也下降了略高于10%。
That said, it's not just Dr. Horton. It's Toll Brothers, which has a 3x median home sales price. I want to say Dr. Horton's home sales price on the median level is about $360,000. Toll Brothers is somewhere around 960 to $990,000. somewhere around that million dollar range. They're bringing down 13.69% in income from operations and they're also bringing down a fraction over 10% to the bottom line.
我们现在看到的是，KB Holmes、Dr. Horton以及其他建筑商的应计负债在上升，在Dr. Horton那里上升得更多，但Toll Brothers的保修准备金也在上升。
What we're seeing right now are acred liabilities at KB Holmes, Dr. Horton and uh and other builders are rising much more so at Dr. important but also Toll Brothers is seeing their warranty reserve rise
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