How do you interpret golf club properties — recognition of previously deferred gain?

An increase indicates the release of accounting reserves, which boosts reported earnings but does not reflect current operational performance.

How does golf club properties — recognition of previously deferred gain compare across companies?

Similar to 'gain on sale' recognition adjustments found in real estate development or corporate divestiture accounting.

Toll Brothers TOL Golf Club Properties — Recognition of previously deferred gain

Discontinued — last reported Q4 '20

Similar metrics at other companies

AIZTotal Corporate And Other — Amortizationof Deferred Gainsand Gainson Disposalof Businesses

$12.7M-45.0%

VICIGolf Course Business — Gain upon lease modification

$0—

CMTGGain On Foreclosure Of Real Estate Owned

$0-100%

DQ Pipe Group — Disposal Group Deferred Gain On Disposal

$666M—

AIZSolutions — Amortizationof Deferred Gainon Disposalof Businesses

$0—

ABROperating Segments — Gain On Acceleration Of Deferred Income

$8.16M—

Other financials

Income statement

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Revenue$2.5B-7.6%

Gross profit$604.9M-14.3%

Operating income$346.6M-22.9%

Net income$260.6M-26.1%

EPS (diluted)$2.72-22.3%

Balance sheet

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Cash & equivalents$1.2B+53.9%

Total debt$139.8M+8.1%

Total equity$8.5B+6.6%

Total assets$14.5B+2.4%

Cash flow

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Operating cash flow$134.5M-62.9%

CapEx$24.5M+56.9%

Free cash flow$110.0M-68.3%

Valuation

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Market cap$14.55B+34.0%

Enterprise value$13.52B+32.0%

P/E11.3×+3.4×

P/S1.3×+0.3×

Profitability

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Gross margin24.2%-2.0pp

Operating margin14.6%-2.0pp

Net margin11.7%-1.3pp

FCF margin11%+4.2pp

Returns & leverage

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Return on equity15.7%-2.4pp

Debt / equity0×0.0×

Where this comes from

Reported directly by Toll Brothers in its filing.

Tagged under the XBRL concept tol:RecognitionOfPreviouslyDeferredGain.

The official record: Toll Brothers’s 10-K, filed December 19, 2022, on SEC EDGAR. View the filing →

Questions, answered.

What does golf club properties — recognition of previously deferred gain mean?: The accounting realization of profit from past asset sales that was previously held back.
How do you interpret golf club properties — recognition of previously deferred gain?: An increase indicates the release of accounting reserves, which boosts reported earnings but does not reflect current operational performance.
How does golf club properties — recognition of previously deferred gain compare across companies?: Similar to 'gain on sale' recognition adjustments found in real estate development or corporate divestiture accounting.