The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Susan Marie Maklari - Goldman Sachs Group Inc., Research Division - Analyst
: My first question is just around input prices. Can you talk about what you've seen there? We've obviously seen lumber spike more recently. How
sustainable are you thinking that is? And how are you thinking about the outlook for some of the material?
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MAY 28, 2020 / 3:00PM, TOL - Q2 2020 Toll Brothers Inc Earnings Call
Question: Susan Marie Maklari - Goldman Sachs Group Inc., Research Division - Analyst
: Okay. That's helpful. And then following up on that, can you just talk to any supply chain disruptions that you've seen. Has any of that been mitigated
as things have come back? And maybe especially just given how shutdown some of your markets are, how should we think about the impact of
that? I know, Marty, you mentioned some delays on some fiscal third quarter deliveries in there. But can you just give us some sense of the supply
chain and how things are working there?
Question: Ryan John Tomasello - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: This is Ryan Tomasello on for Jade. Just regarding Apartments and City Living, you gave some color in your prepared remarks on the former but
can you speak a bit more about how you're thinking about the outlook for those businesses post the dust settling? Can you remind us how much
equity you currently have allocated in each of those segments? And you mentioned you'll be closing a few apartment JVs in the second half of the
year. I was wondering how much capital that relates to and what the intention is to do with those proceeds, if you expect to reinvest those back
into the Apartment business.
Question: Ryan John Tomasello - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: And just in terms of the outlook, particularly in City Living post this environment becoming a bit more certain, if you expect City Living demand to
be a big -- continue to be a driver for the business?
Question: Ryan John Tomasello - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Okay. And then just in terms of the land market, I was wondering if you're seeing any noticeable adjustments in prices there, either positive or
negative in your major markets over the past few months with the current environment.
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