Century Communities Inc (CCS) 2024 Q3 法說會逐字稿

Greetings. Welcome to Century Communities third-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

問候。歡迎參加 Century Communities 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I will now turn the conference over to Tyler Langton, Senior Vice President of Investor Relations for Century Communities. Thank you. You may begin.

我現在將會議交給 Century Communities 投資者關係高級副總裁 Tyler Langton。謝謝。你可以開始了。

Good afternoon. Thank you for joining us today for Century Communities earnings conference call for the third quarter of 2024. Before the call begins, I would like to remind everyone that certain statements made during this call may constitute forward-looking statements. These statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described or implied in the forward-looking statements.

午安.感謝您今天參加我們的 Century Communities 2024 年第三季財報電話會議。在電話會議開始之前，我想提醒大家，本次電話會議中所做的某些陳述可能構成前瞻性陳述。這些陳述是基於管理層目前的預期，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與前瞻性陳述中描述或暗示的結果有重大差異。

Certain of these risks and uncertainties can be found under the heading Risk Factors in the company's latest 10-K as supplemented by our latest 10-Q and other SEC filings. We undertake no duty to update our forward-looking statements. Additionally, certain non-GAAP financial measures will be discussed on this conference call. The company's presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

其中某些風險和不確定性可以在公司最新 10-K 的風險因素標題下找到，並由我們最新的 10-Q 和其他 SEC 文件進行補充。我們不承擔更新前瞻性陳述的責任。此外，本次電話會議也將討論某些非公認會計準則財務指標。公司提供的這些資訊不應被孤立地考慮，也不能取代根據 GAAP 提供的財務資訊。

Hosting the call today are Dale Francescon, Chairman and Co-Chief Executive Officer; Rob Francescon, Co-Chief Executive Officer and President; and Scott Dixon, Chief Financial Officer. Following today's prepared remarks, we will open up the line for questions. With that, I'll turn the call over to Dale.

今天主持電話會議的是董事長兼聯合執行長 Dale Francescon； Rob Francescon，聯合執行長兼總裁；和首席財務官斯科特迪克森。在今天準備好的發言之後，我們將開放提問熱線。這樣，我就把電話轉給戴爾。

Thank you, Tyler. Good afternoon, everyone. We are very pleased with our results in the third quarter of 2024, which positions us well for the balance of the year 2025 and beyond. Our community count increased 21% year-over-year and 15% sequentially to a new company record of 305 communities. Deliveries of 2,834 homes were a third quarter record and increased 25% versus the prior year quarter and by 8% quarter-over-quarter, while our home sales revenues of $1.1 billion posted gains of 29% and 10%, respectively.

謝謝你，泰勒。大家下午好。我們對 2024 年第三季的業績感到非常滿意，這為我們在 2025 年及以後的剩餘時間內做好了準備。我們的社群數量年增 21%，較上季成長 15%，達到 305 個社群的公司新紀錄。第三季交車量為 2,834 套，創歷史新高，較去年同期成長 25%，較上季成長 8%，而我們的房屋銷售收入為 11 億美元，分別成長 29% 和 10%。

. Our adjusted homebuilding gross margin of 23.6% was roughly in line with second quarter 2024 levels of 24%. While our SG&A as a percentage of home sales revenues declined by 100 basis points year-over-year and 50 basis points sequentially as we continue to leverage our fixed costs. Turning to sales. Our third quarter net new contracts of 2,563 increased by 19% year-over-year.

。調整後的住宅建築毛利率為 23.6%，與 2024 年第二季 24% 的水準大致一致。由於我們繼續利用固定成本，我們的 SG&A 佔房屋銷售收入的百分比同比下降了 100 個基點，環比下降了 50 個基點。轉向銷售。第三季淨新簽合約數為 2,563 份，年增 19%。

We saw growth in all of our regions during the quarter, with the West increasing by 36%, Tesis by 20% and Century Complete by 17% versus the prior year quarter.

本季我們所有地區都實現了成長，與去年同期相比，West 成長了 36%，Tesis 成長了 20%，Century Complete 成長了 17%。

Within the quarter, our orders increased sequentially in both August and September, while our orders so far in October have moderated from September levels as buyers adjust to the recent increase in mortgage rates. Looking out to the fourth quarter, if typical seasonality holds, we would expect our per community order activity to remain consistent on a sequential basis. Our average sales price was $394,000 in the quarter and remains among the lowest of the publicly traded homebuilders.

在本季內，我們的訂單在 8 月和 9 月均連續增加，而隨著買家適應近期抵押貸款利率的上漲，我們 10 月的訂單較 9 月的水平有所放緩。展望第四季度，如果典型的季節性保持不變，我們預計每個社區的訂單活動將連續保持一致。我們本季的平均銷售價格為 394,000 美元，仍然是上市房屋建築商中最低的。

Given this price point and our focus on more affordable entry-level homes, we think Century is well positioned to benefit from any future declines in mortgage rates as lower rates should allow a greater number of people to both qualify for and feel comfortable purchasing a new home. Additionally, nearly 100% of our homes were built on a spec basis in the third quarter. And this approach, along with our captive mortgage subsidiary, allows us to maintain an appropriate supply of quick move-in homes and provide our homebuyers with certainty of financing at the low market interest rates through buydowns.

考慮到這個價格點以及我們對更實惠的入門級住房的關注，我們認為Century 處於有利地位，可以從未來抵押貸款利率的任何下降中受益，因為較低的利率應該讓更多的人有資格並放心購買新的房屋房屋。此外，我們幾乎 100% 的房屋都是在第三季按規格建造的。這種方法與我們的專屬抵押貸款子公司一起，使我們能夠保持快速入住房屋的適當供應，並透過買斷為我們的購屋者提供以低市場利率融資的確定性。

In the third quarter, 93% of our deliveries were priced below FHA limits and over 60% of the mortgages closed by our captive mortgage company, Inspire Home Loans were FHA, USDA, or VA loans that typically carry interest rates and down payment requirements that are below those of conventional mortgages and help make homes more affordable. The FICO scores of our homebuyers remain healthy and consistent with levels from the first half 2024 and full year 2023.

第三季度，我們93% 的交付價格低於聯邦住房管理局(FHA) 限額，我們的專屬抵押貸款公司Inspire Home Loans 結清的抵押貸款中有超過60% 是聯邦住房管理局(FHA)、美國農業部(USDA) 或退伍軍人管理局(VA) 貸款，這些貸款的利率和首付要求通常低於聯邦住房管理局(FHA) 的限額。我們的購屋者的 FICO 分數保持健康，並與 2024 年上半年和 2023 年全年的水平一致。

Before turning the call over to Rob, I want to briefly talk about our growth outlook. At the end of July, we completed our second homebuilder acquisition this year with the acquisition of Anglia Homes, which strengthened our position to a top 5 homebuilder in the Houston market. Similar to our acquisition of Landmark Homes back in January, this deal was consistent with our strategy of deepening our share in existing markets in a land-light manner while also increasing our go-forward access to capital-efficient finished lots.

在將電話轉給 Rob 之前，我想先簡單談談我們的成長前景。7 月底，我們完成了今年的第二次住宅建築商收購，收購了 Anglia Homes，這鞏固了我們在休士頓市場排名前 5 名的住宅建築商的地位。與我們一月份收購 Landmark Homes 類似，這筆交易符合我們的策略，即以輕土地的方式深化我們在現有市場的份額，同時也增加我們對資本效率高的成品地塊的未來獲取。

While we will provide more detailed guidance for our 2025 deliveries with our fourth quarter 2024 earnings, given the growth in our lot count and community count so far this year through both acquisitions and organic growth, starting in 2025, we think we are well positioned to drive delivery growth of 10% or more on an annual basis over the next couple of years.

雖然我們將透過2024 年第四季的收益為2025 年的交付提供更詳細的指導，但考慮到今年迄今為止透過收購和有機成長，我們的地塊數量和社區數量有所增長，從2025 年開始，我們認為我們處於有利地位推動未來幾年交付量每年增長 10% 或以上。

We expect this growth to come from increasing our share within our existing markets, and to drive improved margins and returns as we leverage the investments we have made at both the corporate level and throughout our markets at the local level. I'll now turn the call over to Rob to discuss our operations and land position in more detail.

我們預計這種成長將來自於增加我們在現有市場中的份額，並透過利用我們在公司層面和整個地方市場上進行的投資來推動利潤率和回報的提高。我現在將把電話轉給羅布，更詳細地討論我們的營運和著陸位置。

Thank you, Dale, and good afternoon, everyone. To start, I wanted to provide some further details on the growth that we have seen in our lot and community count that as Dale mentioned, positions us well for future growth. On the land front, we ended the third quarter with over 80,000 owned and controlled lots, a 17% year-over-year increase. Our controlled lots increased by 16% on a year-over-year basis and accounted for 55% of our total lots at the end of the third quarter. Texas, the Southeast and Century Complete accounted for 73% of our total lot count, the highest percentage in our company's history and reflective of our strategy to grow our presence in these attractive markets that are benefiting from relative affordability, strong employment and population growth.

謝謝戴爾，大家下午好。首先，我想提供一些關於我們在我們的地段和社區數量中看到的增長的更多細節，正如戴爾所提到的那樣，這為我們未來的成長奠定了良好的基礎。在土地方面，截至第三季末，我們擁有和控制的土地超過 80,000 塊，年增 17%。截至第三季末，我們的控制地塊年增 16%，佔總地塊的 55%。德州、東南部和Century Complete 占我們總地塊數量的73%，這是我們公司歷史上最高的百分比，反映了我們在這些有吸引力的市場中擴大業務的策略，這些市場受益於相對的負擔能力、強勁的就業和人口成長。

Additionally, the strength of our relationships with third-party land developers across the Southeast, Texas and in all of Century Complete markets further supports our land-light strategy that is focused on acquiring finished lots. We are also encouraged by the growth in our home starts and community count so far this year, which will support future growth in our deliveries in the quarters ahead.

此外，我們與東南部、德克薩斯州以及所有 Century Complete 市場的第三方土地開發商之間的牢固關係進一步支持了我們專注於收購成品地塊的輕土地戰略。今年到目前為止，我們的家庭開工率和社區數量的成長也讓我們感到鼓舞，這將支持我們未來幾季交付量的成長。

In the third quarter, we started 3,141 homes, up 29% from the 2,434 homes we started in the prior year quarter. Year-to-date, through the end of the third quarter, we started 9,824 homes, an increase of 25% versus the first three quarters of 2023. We ended the third quarter with a community count of 305, the highest level in our company's history and up 21% on a year-over-year basis and 15% sequentially. Similar to our lot count, Texas, the Southeast and Century Complete accounted for 75% of our total community count, up from 69% in the year-ago period.

第三季度，我們開工了 3,141 套住房，比去年同期開工的 2,434 套住房增長了 29%。年初至今，截至第三季末，我們開工了 9,824 套房屋，與 2023 年前第三季相比成長了 25%。截至第三季末，我們的社區數量為 305 個，這是我們公司歷史上的最高水平，年增 21%，環比增長 15%。與我們的地塊數量類似，德州、東南部和 Century Complete 占我們社區總數量的 75%，高於去年同期的 69%。

On a sequential basis in the third quarter, we added 39 communities with Anglia contributing 26 communities. Given the growth in our community count so far this year, we now expect our year-end 2024 community count to be in the range of 310 to 320, which would represent year-over-year growth of 25% at the midpoint.

第三季季比增加了 39 個社區，其中 Anglia 貢獻了 26 個社區。鑑於今年迄今為止我們社區數量的增長，我們現在預計 2024 年底的社區數量將在 310 至 320 個範圍內，這意味著同比中位數增長 25%。

Turning to costs. We had continued success in controlling our costs in the third quarter with our direct construction costs on homes we started declining by roughly 1% on a sequential basis. We have been able to maintain the stable, direct construction costs by both leveraging and expanding our trade and supply base across our national footprint. During the third quarter, our cycle times continue to improve by about 1 week on a sequential basis and remain in the four to five months pre-COVID levels.

轉向成本。第三季度，我們在控製成本方面繼續取得成功，房屋的直接建築成本開始較上季下降約 1%。透過利用和擴大我們在全國範圍內的貿易和供應基礎，我們能夠保持穩定、直接的建設成本。在第三季度，我們的周期時間繼續環比縮短約 1 週，並保持在新冠疫情爆發前四到五個月的水平。

As expected, our incentives on closed homes increased in the third quarter to an average of 700 basis points, up from approximately 600 basis points in the second quarter. As we discussed on our second quarter earnings call, our incentives on new orders in the second quarter increased as mortgage rates moved higher and the higher incentives on these sales flowed through to our deliveries in the third quarter. Our incentives on new orders in the third quarter increased to approximately 800 basis points as we look to maintain an appropriate level of sales in the seasonally slower months of the year.

正如預期的那樣，我們對封閉式房屋的激勵措施從第二季的約 600 個基點增加到第三季的平均 700 個基點。正如我們在第二季財報電話會議上討論的那樣，隨著抵押貸款利率上升，我們對第二季新訂單的激勵措施有所增加，而對這些銷售的更高激勵措施也影響了我們第三季度的交付。我們第三季對新訂單的激勵增加到約 800 個基點，因為我們希望在一年中季節性放緩的月份中保持適當的銷售水平。

While Scott will provide more details on gross margins in his remarks, we are pleased with our performance on the cost side as our adjusted gross margins in the third quarter were roughly flat on a sequential basis despite higher incentives in the third quarter.

雖然斯科特將在演講中提供有關毛利率的更多詳細信息，但我們對成本方面的表現感到滿意，因為儘管第三季度的激勵措施較高，但第三季度調整後的毛利率與上一季基本持平。

In closing, I want to highlight that Century recently earned a spot on Newsweek's list of the world's Most Trustworthy Companies 2024, which following news earlier in the year that Century had also been voted the highest ranked homebuilder for the second year in a row on Newsweek's list of America's Most Trustworthy Companies 2024. We could not be more proud of our entire team for building a company culture worthy of this recognition, and I want to thank all our team members and trade partners that made both these achievements possible. I'll now turn the call over to Scott to discuss our financial results in more detail.

最後，我想強調的是，Century 最近在《新聞周刊》的2024 年全球最值得信賴公司名單中佔有一席之地，繼今年早些時候有消息稱，Century 也連續第二年被《新聞周刊》評為排名最高的住宅建築商2024 年美國最值得信賴的公司名單。我們為我們整個團隊建立了值得認可的公司文化感到無比自豪，我要感謝我們所有的團隊成員和貿易夥伴，是他們讓這些成就成為可能。我現在將把電話轉給斯科特，更詳細地討論我們的財務表現。

Thank you, Rob. In the third quarter of 2024, pretax income was $109.9 million and net income was $83 million or $2.59 per diluted share. Adjusted net income was $87 million or $2.72 per diluted share. EBITDA for the quarter was $132.3 million and adjusted EBITDA was $137.1 million. Home sales revenues for the third quarter were $1.1 billion, up 29% versus the prior year quarter on both higher deliveries and average sales price.

謝謝你，羅布。2024 年第三季度，稅前收入為 1.099 億美元，淨利為 8,300 萬美元，即稀釋後每股收益 2.59 美元。調整後淨利為 8,700 萬美元，即稀釋後每股收益 2.72 美元。本季 EBITDA 為 1.323 億美元，調整後 EBITDA 為 1.371 億美元。第三季房屋銷售收入為 11 億美元，較去年同期成長 29%，交付量和平均銷售價格均有所提高。

Our average sales price of $393,800 increased by 3% on a year-over-year basis and 1% sequentially. Our deliveries of 2,834 homes increased by 25% versus the prior year period. We saw growth across all our regions with the West, Mountain, Texas, and Century Complete, all posting growth rates of over 20%.

我們的平均銷售價格為 393,800 美元，較去年同期成長 3%，較上季成長 1%。我們交付的 2,834 套房屋比去年同期成長了 25%。我們看到了所有地區的成長，包括西部地區、山區、德州和 Century Complete，成長率均超過 20%。

At quarter end, our backlog of sold homes was 1,580 valued at $671.4 million, with an average price of $424,900. While the average price of our third quarter backlog was above the average sales price of our third quarter deliveries, this difference is largely due to mix, including the percentage of Century Complete homes, and we continue to expect our average sales price for [full year] 2024 deliveries to be approximately $390,000. In the third quarter, adjusted homebuilding gross margin percentage was 23.6% compared to 24% in the prior quarter.

截至季末，我們的待售房屋數量為 1,580 套，價值 6.714 億美元，平均價格為 424,900 美元。雖然我們第三季積壓的平均價格高於第三季交付的平均銷售價格，但這種差異很大程度上是由於混合造成的，包括世紀完整房屋的百分比，我們繼續預計[全年的平均銷售價格] ] 2024 年交付量約為 39 萬美元。第三季度，調整後的住宅建築毛利率為 23.6%，上一季為 24%。

The sequential change was largely driven by a higher level of incentives on closed homes. Homebuilding gross margin was 21.7% versus 22.5% in the prior quarter. Additionally, purchase price accounting reduced our third quarter 2024 gross margin by 30 basis points versus 10 basis point reduction in the second quarter.

連續的變化主要是由對封閉式家庭的更高水平的激勵所推動的。住宅建築毛利率為 21.7%，上一季為 22.5%。此外，採購價格會計使我們 2024 年第三季的毛利率下降了 30 個基點，而第二季則下降了 10 個基點。

We expect purchase price accounting to have a similar impact on our homebuilding gross margins in the fourth quarter with the impact tailing off through the first half of 2025. SG&A as a percent of home sales revenue was 11.9% in the third quarter compared to 12.9% in the year ago period. We achieved this reduction by controlling our fixed levels of G&A while growing both our deliveries and average sales price.

我們預期購買價格會計將對我們第四季的住宅建築毛利率產生類似的影響，但這種影響會在 2025 年上半年逐漸減弱。第三季 SG&A 佔房屋銷售收入的百分比為 11.9%，去年同期為 12.9%。我們透過控制固定的一般管理費用水平，同時提高交付量和平均銷售價格來實現這一減少。

For 2024, we expect our SG&A as a percent of home sales revenue to decline on a year-over-year basis with further decreases in 2025 as we continue to leverage the investments we have made at both the corporate level and in our divisions that should support the delivery growth we expect over the next couple of years. Revenues from financial services were $20.1 million in the third quarter as compared to $23.6 million in the prior year quarter. Consistent with last quarter, margins on mortgages originated were impacted by a more competitive market.

2024 年，我們預計 SG&A 佔房屋銷售收入的百分比將同比下降，並在 2025 年進一步下降，因為我們繼續利用我們在公司層面和部門中所做的投資，支持我們預計未來幾年的交付量增長。第三季金融服務收入為 2,010 萬美元，去年同期為 2,360 萬美元。與上季一致，抵押貸款的利潤率受到市場競爭加劇的影響。

Additionally, revenues were impacted by a quarterly mark-to-market adjustment for our servicing portfolio. We also continue to make investments in people and systems to support the growth of the business. In the third quarter, our tax rate was 24.5% compared to 25.8% in the prior year quarter. We expect our full year tax rate for 2024 to be in the range of 24.5% to 25%. Our net homebuilding debt to net capital ratio was 32.1% compared to second quarter 2024 levels of 28.1%. The largest driver of this change was our acquisition of Anglia Homes and continued growth in our homes under construction, which increased by 12% on a sequential basis and will support a higher level of deliveries in the fourth quarter and throughout 2025.

此外，收入也受到我們服務組合的季度以市價調整的影響。我們也繼續對人員和系統進行投資，以支持業務的成長。第三季度，我們的稅率為 24.5%，去年同期為 25.8%。我們預計 2024 年全年稅率將在 24.5% 至 25% 之間。我們的淨住宅建築負債與淨資本比率為 32.1%，而 2024 年第二季為 28.1%。這項變更的最大推動力是我們對 Anglia Homes 的收購以及在建住宅的持續成長，較上季成長 12%，並將支援第四季度和 2025 年全年更高的交付水準。

During the quarter, we maintained our quarterly cash dividend of $0.26 per share. We grew our book value per share to a record $81.29, a 13% year-over-year increase and ended the quarter with $2.5 billion in stockholders' equity. At September 30, to support our growth, we had $605.9 million in total liquidity. Additionally, we have no senior debt maturities until June of 2027, providing us ample flexibility with our leverage management.

本季度，我們維持每股 0.26 美元的季度現金股利。我們的每股帳面價值達到創紀錄的 81.29 美元，年增 13%，本季末股東權益達 25 億美元。截至 9 月 30 日，為了支持我們的成長，我們的流動資金總額為 6.059 億美元。此外，我們在 2027 年 6 月之前沒有優先債務到期日，這為我們的槓桿管理提供了足夠的靈活性。

Now turning to guidance. Given our progress through the first three quarters of the year, we are increasing our guidance for the full year 2024 deliveries to be in the range of 10,900 to 11,300 homes, and our home sales revenue to be in the range of $4.3 billion to $4.4 billion. In closing, demand for affordable new homes remains healthy and the declining mortgage rates from the highs this past spring has led to some improvements in affordability. We are successfully managing our costs in cycle times and have seen strong growth in our deliveries and community count so far this year, which positions us well for further growth in 2025 and beyond.

現在轉向指導。鑑於今年前三個季度的進展，我們將 2024 年全年交付量目標提高到 10,900 至 11,300 套房屋，房屋銷售收入達到 43 億美元至 44 億美元。最後，對經濟適用房的需求依然健康，房貸利率從去年春天的高點下降，導致負擔能力改善。我們成功地控制了周期內的成本，並且今年迄今為止我們的交付量和社區數量強勁增長，這為我們在 2025 年及以後的進一步增長做好了準備。

With that, I'll open the line for questions. Operator?

接下來，我將開通提問專線。操作員？

(Operator Instructions)

（操作員說明）

Carl Reichardt, BTIG.

卡爾雷查特 (Carl Reichardt)，BTIG。

Nice to talk to you. Appreciate the time. So just one quick question on the increase in option lots. It's about, let's say, 6,100, I think or so, additional option lots now relative to last year controlled lots. What percentage of those are sort of finished lot option contracts with traditional third-party developers, especially related to complete versus option (inaudible), you're going to self-develop eventually put on balance sheet or land bank deal?

很高興和你說話。珍惜時間。那麼，我想問一個關於選擇權手數增加的簡單問題。我認為，與去年的控制地塊相比，現在大約有 6,100 個額外的選擇權地塊。其中有多少百分比是與傳統第三方開發商簽訂的成品地塊期權合同，特別是與完整與期權（聽不清）相關的合同，您將自行開發最終納入資產負債表或土地儲備交易？

It's really a mix of all of the above, Carly. It wouldn't be predominantly in one of those buckets, but it's really a mix of all of the above.

卡莉，這確實是上述所有因素的混合體。它不會主要集中在其中一個桶中，但它實際上是上述所有桶的混合。

So sort of split evenly, generally speaking, is how I should think about it?

那麼一般來說，平均分配是我該如何考慮的呢？

Yes, I think that's a good way to look at it.

是的，我認為這是一個很好的看待問題的方式。

Okay. Great. And then I have a bigger picture question on the long-term 10% growth concept strategy and goal. So you're talking about taking market share. And obviously, with the store count growth you've got near term if your growing stores and absorptions stay the same faster than the market, then that's a share gain.

好的。偉大的。然後我有一個關於長期 10% 成長概念策略和目標的更大問題。所以你在談論佔領市場份額。顯然，隨著商店數量的成長，如果你的商店成長和吸收量保持與市場相同的速度快於市場，那麼你近期就會獲得份額收益。

As you think about it, who do you think you can take market share from? And I think specifically in the markets where you've got a lot of other public peers doing low-end stuff, headroom is pretty small there. How -- what is the strategy for actual share gains in those kinds of markets? And do you think there might be, especially based on the lot count a mix shift away from the West towards Texas and the East as you go?

你想一想，你認為你可以從誰那裡奪取市場份額？我認為，特別是在有很多其他公共同行從事低端產品的市場中，那裡的發展空間非常小。在這些市場中，實際份額成長的策略是什麼？您認為，特別是根據地塊數量，是否可能會出現從西部向德克薩斯州和東部的混合轉變？

Well, I think the first place it's going to come from is from the private homebuilders. When we look at the markets that we're in, while we have a lot of public peer competition, there's a lot of private homebuilders. And as we've seen, the private homebuilders are having challenges competing with the public, both from a standpoint of availability of lending, capital, just a variety of different constraints that they have reflected by the fact that we've done 2 acquisitions this year, private homebuilders, which allowed us to in Nashville and Houston increase our market share. So I think that's the primary area that we see that we can pick up additional growth. And when we look at it, you highlighted our community count growth. So when we look at that and our increased land portfolio that we have in terms of our pipeline, that's really where we see our growth coming from.

嗯，我認為它首先來自私人住宅建築商。當我們審視我們所在的市場時，雖然我們有很多公共同行競爭，但也有很多私人住宅建築商。正如我們所看到的，私人住宅建築商在與公眾競爭時面臨著挑戰​​，無論是從貸款、資本的可用性角度來看，還是從我們今年進行的兩次收購中反映出來的各種不同的限制因素來看。因此，我認為這是我們可以實現額外成長的主要領域。當我們查看它時，您強調了我們社區數量的成長。因此，當我們看到這一點以及我們在管道方面增加的土地投資組合時，這確實是我們看到成長的來源。

And just to clarify, does the 10% presume additional acquisitions beyond what you've done? Or is it just all organic as you think about that strategically?

澄清一下，這 10% 是否假定您還進行了超出您所做的工作的額外收購？或者，正如您從戰略角度考慮的那樣，這一切都是有機的嗎？

It's primarily organic. When we look at acquisitions at this point, while we're always looking at different opportunities, it's primarily to increase our share within an existing market. Now with that said, we've done 9 acquisitions over our history as a public company. So we're -- we'd look at opportunities as they come around. But we're very happy with our geographic spread as it currently exists. So really, our goal is to get deeper in each of our markets and increase the leverage that we get from that.

它主要是有機的。當我們此時考慮收購時，雖然我們總是在尋找不同的機會，但主要是為了增加我們在現有市場中的份額。話雖如此，作為一家上市公司，我們在歷史上已經完成了 9 次收購。所以我們會在機會出現時尋找機會。但我們對目前的地理分佈非常滿意。事實上，我們的目標是深入每個市場並增加我們從中獲得的槓桿作用。

Ken Zener, Seaport Research Partners.

Ken Zener，海港研究合作夥伴。

Could you repeat what your start number was, please?

請您重複一下您的起始號碼是多少？

Ken, it's in the low [3,000] for the quarter, the exact number, we'll grab it here was [3,100].

Ken，該季度處於低位 [3,000]，確切的數字，我們將在這裡獲取[3,100]。

Yes, it was 3,158, and then through the 9 months ending September 30 was almost 10,000. It was 9,824.

是的，這個數字是 3,158，而截至 9 月 30 日的 9 個月裡，這個數字幾乎達到了 10,000。是 9,824。

Okay. Great. Now related to the strategy of production, the spec building, running above orders, which obviously fills up your inventory, which your closings come from. Is that a level of starts versus orders that we've seen in the last 2 quarters that we should expect to persist over the next, let's say, quarter or two? Could you give us some guidance there or thoughts as to your starting above orders?

好的。偉大的。現在與生產策略、規格建立、訂單之上運行有關，這顯然會填滿你的庫存，而你的結帳也來自於庫存。我們在過去兩個季度中看到的開工率與訂單水準是否應該在接下來的一兩個季度持續存在？您能否給我們一些指導或關於您開始上述訂單的想法？

Yes, Ken, this is Scott. I'll take that one. I mean generally speaking, as Dale alluded to and we discussed from kind of a longer-term perspective with where we're looking from a growth, we generally will be starting over periods of time in excess of closings, and especially as a spec builder, we'll be starting in excess of sales from quarter-to-quarter. That certainly that cadence may vary. I think the opportunities that we saw throughout this year, supported us on a community-by-community level to start those units and quite frankly, put us in a good position to finish out the year and start 2025 strong.

是的，肯，這是史考特。我會接受那個。我的意思是，一般來說，正如戴爾提到的那樣，我們從更長遠的角度討論了我們對增長的看法，我們通常會在超過結束時間的時間內開始，特別是作為規格構建者，我們將開始逐季度超出銷售額。當然，節奏可能會有所不同。我認為我們今年看到的機會為我們在各個社區層面上啟動這些單位提供了支持，坦率地說，這使我們處於有利的位置，可以結束這一年並在 2025 年強勁地開始。

Excellent. And now I do appreciate your commentary around the incentives, which I think you said were 800 basis points. Could you -- and I apologize being new. But could you give us a context for that -- those incentives, what it was last quarter relative to that 800 and then the split of incentives between, let's say, I assume price reductions and mortgage buydowns.

出色的。現在我非常感謝您對激勵措施的評論，我認為您所說的激勵措施是 800 個基點。你可以嗎——我很抱歉是個新人。但你能否為我們介紹一下相關背景——那些激勵措施，上個季度相對於這 800 個激勵措施的情況，然後激勵措施之間的分配，比方說，我假設價格下降和抵押貸款購買。

Sure, absolutely, Ken. So Q2 incentives on orders ran around 700 basis points, Q3 incentives on orders around -- averaged around 800 basis points. Both those quarters generally split approximately 50-50 between true kind of mortgage incentives as well as price incentives. And that split has been relatively consistent for the last 3 to 4 quarters.

當然，絕對，肯。因此，第二季的訂單激勵約為 700 個基點，第三季的訂單激勵平均約為 800 個基點。這兩個季度的真正抵押貸款激勵和價格激勵之間的比例通常約為 50-50。在過去 3 到 4 個季度中，這一比例相對穩定。

Alex Rygiel, B. Riley FBR.

亞歷克斯·里吉爾 (Alex Rygiel)，B. 萊利 (B. Riley) FBR。

Quick follow-up on the incentives question. Incentives on orders in the second quarter were up 100 basis points sequentially, yet your reported adjusted gross margin was only down 40 basis points. Was this driven by lower rates later in the quarter? And how might we think about adjusted gross margins as we model it for the fourth quarter?

快速跟進激勵問題。第二季的訂單激勵措施較上月上升了 100 個基點，但貴公司報告的調整後毛利率僅下降了 40 個基點。這是由本季稍後較低的利率推動的嗎？當我們為第四季度建模時，我們如何考慮調整後的毛利率？

Yes. There's a handful of items that obviously are going into the puts and the takes on on the gross margin side. So generally speaking, the reduction on adjusted gross margin that you saw quarter-over-quarter of the 40 basis points was really driven by the incentives. There's some other items in there that offset, but none of them are particularly material from when we step back and look at it.

是的。有一些項目顯然會進入毛利率方面的看跌期權和認購期權。因此，一般來說，調整後毛利率環比下降 40 個基點實際上是由激勵措施推動的。那裡還有一些其他的項目，但當我們退後一步看時，它們都不是特別重要的。

Larger -- little bit more macro perspective, from where we sit currently on the margin front, we feel very stable from a cost perspective, our land costs have been relatively consistent. Q4, we anticipate land cost to be fairly flat with Q3. We made some commentaries on the direct side in our prepared remarks that we continue to see some incremental savings on the direct side.

更大一點的宏觀角度來看，從我們目前的利潤率來看，從成本角度來看，我們感覺非常穩定，我們的土地成本相對穩定。第四季度，我們預計土地成本將與第三季相當持平。我們在準備好的發言中對直接方面做了一些評論，我們繼續看到直接方面的一些增量節省。

So really, the majority of the driver in the variability in the cost -- or excuse me, on the margin side, will come from incentives, obviously, not necessarily a 1:1 from a basis point, but those directionally are the main driver.

所以實際上，成本變化的大部分驅動因素——或者對不起，在利潤方面，將來自激勵措施，顯然，從基點來看不一定是 1:1，但這些方向是主要驅動因素。

That's helpful. And then I appreciate the longer-term kind of growth view of at least 10% in deliveries. Anything notable in the new communities that were opened more recently, either in the market they're in, the product that's being sold or maybe the size of the communities themselves.

這很有幫助。然後我很欣賞交付量至少成長 10% 的長期成長觀點。最近開設的新社區中任何值得注意的事情，無論是它們所在的市場、正在銷售的產品還是社區本身的規模。

No. We've had a focus as a management team to continue to incrementally increase the number of lots per community [for] a little bit more run rate, especially on our Century Complete side. We do continue to do that, but nothing from a significant driver from the mix of our communities, from our product of our communities or really from the target consumer that we're going after within any of our markets. So I don't know if there's any specific color or items that I would point out regarding the the mix or nature of our communities that are being opened period-over-period.

不。作為管理團隊，我們的重點是繼續逐步增加每個社區的地塊數量，以提高運作率，特別是在我們的 Century Complete 方面。我們確實在繼續這樣做，但沒有任何來自我們社群組合、我們社群產品或我們在任何市場中追求的目標消費者的重要驅動力。因此，我不知道是否有任何特定的顏色或項目需要我指出，關於我們定期開放的社區的組合或性質。

And lastly, any notable change in your cancellation rate in the quarter?

最後，本季取消率有什麼顯著變化嗎？

No, cancellation rate has continued to be very consistent. It's not something that we specifically disclose. But it is one of the benefits of our spec homebuilding model, especially with our buyer profile to ensure that they understand the timing of the home delivery as well as the financing that they're getting from our captive mortgage subsidiary. And both those items have kept our capture rate at very significantly low levels historically.

不，取消率仍然非常穩定。這不是我們專門揭露的內容。但這是我們規格住宅建築模型的好處之一，特別是我們的買家資料，以確保他們了解房屋交付的時間以及他們從我們的專屬抵押貸款子公司獲得的融資。這兩個項目都使我們的捕獲率保持在歷史上非常低的水平。

Alan Ratner, Zelman & Associates.

艾倫·拉特納，Zelman & Associates。

First question, I think it Dale that mentioned kind of the order pace in October. And I just wanted to clarify, I think what I heard was based on where you're at so far if the market kind of follows normal seasonality, you would expect absorptions to be, I think you said stable or similar sequentially. I wasn't sure if you were referring to 4Q versus 3Q or just kind of steady through the remainder of the quarter? And then I have a follow-on clarification question to that.

第一個問題，我認為戴爾提到了十月的訂單速度。我只是想澄清一下，我認為我所聽到的是基於目前的情況，如果市場遵循正常的季節性，你會期望吸收量是，我認為你說的是穩定或類似的順序。我不確定您指的是第四季與第三季還是只是在本季剩餘時間內保持穩定？然後我有一個後續的澄清問題。

(inaudible) if that reference was for the quarter as a whole. So in terms of the commentary...

（聽不清楚）如果該參考是針對整個季度的。那麼就評論而言...

Q4 versus Q3.

Q4 與 Q3。

yes, Q4 versus Q3. When we look at it, September was, as I said in my prepared remarks, of the 3 months in the quarter was the strongest. We've seen some seasonality in October, coupled with some higher rates that probably had some impact on that as well. But when we look at the quarter as a whole, we expect absorptions to be similar in Q4 to what we experienced over Q3.

是的，第四季與第三季。正如我在準備好的發言中所說，當我們審視它時，9 月是本季 3 個月中表現最強勁的。我們在 10 月看到了一些季節性因素，再加上一些較高的利率，也可能對此產生了一些影響。但當我們縱觀整個季度時，我們預計第四季度的吸收量將與第三季的吸收量相似。

Okay. That's helpful. So just to put some numbers on this because it's a little tricky when your community count is kind of rising at the rate it is, and I know you've had the acquisition mid-quarter. So I want to -- I just want to make sure I'm thinking about it the same way you are. You ended the quarter with over 300 communities, but your average community count for 3Q is closer to 285, if I take point over point. So that's roughly a 3 per month sales pace. So is that what you're guiding or not guiding, that's what you're thinking of on the 300-plus community...

好的。這很有幫助。因此，只是在這方面添加一些數字，因為當您的社區數量以這種速度增長時，這有點棘手，而且我知道您已經在季度中期進行了收購。所以我想——我只是想確保我和你的想法是一樣的。本季結束時，您擁有超過 300 個社區，但如果我逐一比較，您第三季的平均社區數量接近 285 個。所以這大約是每月 3 件的銷售速度。這就是你在指導或不指導的內容，這就是你對 300 多個社群的想法…

I think that makes sense. I mean when you look at it, the -- since we count our communities, at the end of the quarter, and we didn't have Anglia for the entirety of the quarter. You get a bit of a distortion there. The other thing on the increase related to the Anglia acquisition, we look at it of the 26 new communities we picked up, about 1/3 of those are nearing close out. But even with that, we expect that our Q4 Indian community count will still be above what we had at the end of Q3.

我認為這是有道理的。我的意思是，當你看它時，因為我們在季度末統計了我們的社區，而整個季度我們都沒有 Anglia。你會在那裡得到一點扭曲。與 Anglia 收購相關的另一件事是，我們觀察了我們收購的 26 個新社區，其中約 1/3 即將關閉。但即便如此，我們預計第四季的印度社區數量仍將高於第三季末的水平。

Very helpful. And then if I can ask another one, just kind of geographic trends, what you're seeing, obviously, you've pretty diversified from a geographic standpoint. A lot going on. You had the storms in the Southeast. I didn't really hear you bring that up at all in terms of any potential impact there. But any kind of winners and losers worth highlighting across your footprint and any impact from the storms either on orders, closings, margin, et cetera, in the fourth quarter.

非常有幫助。然後，如果我可以問另一個問題，只是地理趨勢，你所看到的，顯然，從地理的角度來看，你已經相當多樣化了。發生了很多事情。東南部有暴風雨。我真的沒有聽到你提到任何潛在影響。但是，在您的足跡中，任何類型的贏家和輸家都值得強調，以及風暴對第四季度訂單、成交量、利潤率等的影響。

So relating to the storms, Alan, from a closing perspective, we really didn't lose that many closings generally speaking, from the storms. It probably slowed down slightly, what our sales were toward the end there of the quarter. But again, nothing material by any means. So all in all, from our standpoint, it really wasn't a negative effect. Thankfully, from a personnel standpoint, all of our employees were safe. We didn't have any damage, any material damage to any houses and the way the homes are built now in those areas today, the way they're raised up, they're out of the flood plane. So it's really generally the older homes that are having the issues and how the newer homes are built. So we are spared very well. So when I look at it that way, it really wasn't that big of an impact to us.

因此，關於風暴，艾倫，從結束的角度來看，一般來說，我們確實沒有因為風暴而失去那麼多結束。我們本季末的銷售額可能會略有放緩。但同樣，無論如何，都沒有任何實質內容。總而言之，從我們的角度來看，這確實不是負面影響。值得慶幸的是，從人員角度來看，我們所有員工都很安全。我們沒有受到任何損壞，任何房屋都沒有受到任何物質損壞，這些地區現在的房屋建造方式、它們的建造方式、它們都脫離了洪水平面。因此，通常來說，問題出在老房子以及新房子的建造方式。所以我們倖免於難。所以當我這樣看時，這對我們來說確實沒有那麼大的影響。

Jay McCanless, Wedbush Securities.

傑伊‧麥肯利斯，韋德布希證券公司。

I guess the first one, could you guys disclose either on a unit basis or a dollar basis, what Anglia contributed for closings or closing revenue in 3Q?

我想第一個問題，你們能否以單位或美元為基礎揭露安格利亞為第三季的結帳或結帳收入做出的貢獻？

Sorry, Jay, was that specific to the Anglia?

抱歉，傑伊，這是 Anglia 特有的嗎？

Yes, to Anglia. what they contributed either closing or closing revenue for the quarter?

是的，去安格利亞。他們為本季的期末收入或期末收入貢獻了什麼？

Yes. They were relatively small impacts from a delivery perspective, less than 2%. Again, the timing of -- the time of the acquisition of Anglia and us working through transition, we've got system conversions and full integration will be done (inaudible) by the end of this month. So for the quarter itself, it is a relatively minor driver on the closing front.

是的。從交付角度來看，它們的影響相對較小，不到 2%。再次強調一下——收購 Anglia 的時間以及我們正在進行的過渡，我們已經完成了系統轉換和全面整合（聽不清楚），將在本月底完成。因此，就本季本身而言，它是收盤前相對較小的推動因素。

And then Scott, you were talking about some of the puts and takes on gross margin. What type of impact, if any, should we expect from purchase accounting 4Q, 1Q with the Anglia deal?

然後斯科特，你談到了毛利率的一些看跌期權和承兌期權。我們預計第四季度和第一季安格利亞交易的採購會計會產生什麼類型的影響（如果有的話）？

Yes. Great question because there will be a drag as we move forward in Q4 as well as into early 2025. So Q3 itself was 30 basis points. I would expect that to be 30 to 50 basis points potentially in Q4 or maybe the same in Q1 and then starting to trail itself off in Q2 of next year as we work through all those units.

是的。這是一個很好的問題，因為當我們在第四季以及 2025 年初繼續前進時，將會遇到阻力。所以第三季本身就是 30 個基點。我預計第四季可能會出現 30 到 50 個基點，或者第一季可能相同，然後隨著我們處理所有這些單位，明年第二季開始逐漸減弱。

All right. That's helpful. And then the other question I had -- just maybe also one more question on Anglia. Could you maybe talk about what type of annual closings they had in '23 or '22? Just give us a sense of what the run rate for that business could be?

好的。這很有幫助。然後是我的另一個問題——也許還有一個關於安格利亞的問題。您能否談談他們在 23 年或 22 年的年度結帳類型？請讓我們了解一下該業務的運作率是多少？

Yes. I mean there -- when you look at them, they were in business for quite some time in the Houston market as a private builder. Consistently, they were doing between 400 and 500 closings a year. Interesting, their business model was focused on buying finished lots. They didn't develop their own lots, and they were primarily either buying them from developers on a stand-alone basis or in master planned communities. That was part of the appeal from our standpoint is we got a fairly robust pipeline of additional lots. And then the controlled lots are ones that are coming to us in a finished nature. So from our standpoint, it allowed us to get deeper in Houston, which is a market that we like on a long-term basis and to be able to pick up a pipeline of finished lots and not have to do development on an ongoing basis is something that we looked at as a very positive addition to our operation there.

是的。我的意思是，當你觀察他們時，他們作為私人建築商在休士頓市場經營了相當長的一段時間。他們每年都會關閉 400 到 500 家工廠。有趣的是，他們的商業模式專注於購買成品。他們沒有開發自己的土地，他們主要從開發商那裡獨立購買土地，或在總體規劃的社區中購買土地。從我們的角度來看，這是吸引力的一部分，因為我們擁有相當強大的額外批次管道。然後，受控地塊將以成品的形式交給我們。因此，從我們的角度來看，它使我們能夠在休士頓進一步深入，這是一個我們長期喜歡的市場，並且能夠獲得一系列成品地塊，而不必持續進行開發。業務來說是一個非常積極的補充。

And sorry, I did have one more question. So the net debt to cap has moved from, call it, 29% at year-end '23 to over [38%] now. Is this the max we should expect near term? Or maybe talk to us about where the upper bound is on that? And should we see that start to work down over time as you move through some of these assets, both Landmark and Anglia that you've acquired?

抱歉，我還有一個問題。因此，淨債務上限已從 23 年底的 29% 上升到現在的 [38%] 以上。這是我們近期應該預期的最高限額嗎？或是可以跟我們談談上限在哪裡？當您處理其中一些資產（包括您收購的 Landmark 和 Anglia）時，我們是否應該看到隨著時間的推移，這種情況開始減弱？

Yes, Jay, this is Scott. Really consistent kind of thought process from our perspective on the leverage. We've always said in that 30% to 35% range is something that that we would be comfortable doing but that we likely would end up working it down. I think you'll see -- I think you'll see as we monetize, especially Anglia and some of the other investments that we have done during the quarter from a WIP perspective that as we finish the cash cycle, from a homebuilding perspective that, that net debt to cap likely comes down by year-end.

是的，傑伊，這是史考特。從我們對槓桿的角度來看，這是一個真正一致的思考過程。我們總是說，在 30% 到 35% 的範圍內我們會很樂意做，但我們最終可能會降低它。我想你會看到——我想你會看到，當我們貨幣化時，特別是Anglia 和我們在本季度從WIP 角度進行的一些其他投資，當我們完成現金週期時，從住宅建設的角度來看， ，到年底，淨債務上限可能會下降。

Michael Rehaut, JPMorgan.

麥可雷豪特，摩根大通。

This is Andrew Azzi on for Mike. I really appreciate the long-term targets you put out. I would love to hear any assumptions or thoughts you have towards potential lot cost increases into next year?

我是安德魯·阿齊 (Andrew Azzi) 替邁克發言。我非常感謝您提出的長期目標。我很想聽聽您對明年潛在的批量成本增加有何假設或想法？

It's a little early to fully dial that in for all of next year. Especially on our Century Complete side, we're still able to identify contract for finished lots that can be incremental into next year's closing. I can tell you that we're -- from the immediate future into Q4, fairly consistent and stable from a lot cost perspective. That looks like it will remain in the early Q1. And then generally speaking, we would anticipate, what I would call, normal cost inflation on the land side as we start to get into the back half of '25.

現在就全面調整明年全年的計畫還為時過早。特別是在我們的 Century Complete 方面，我們仍然能夠確定成品合同，這些合約可以增量到明年的成交。我可以告訴你，從不久的將來到第四季度，從大量成本的角度來看，我們相當一致且穩定。看起來它將保留在第一季初期。然後一般來說，當我們開始進入 25 世紀後半葉時，我們會預期，我所說的，陸地方面的正常成本通膨。

Got it. I really appreciate that. And then with you guys getting more into Houston and just kind of how people are viewing Texas and Florida right now in terms of the uptick in inventory, I'm just curious if you've been seeing any increased competition on your side in your specific markets?

知道了。我真的很感激。然後，隨著你們對休斯頓的了解越來越多，人們現在如何看待德克薩斯州和佛羅裡達州的庫存增加，我很好奇你們是否在特定領域看到了你們方面的競爭加劇。

Well, Texas in general, has always been a competitive market. There's a lot of public peer competition that's there. One of the advantages that we look at is being larger in Houston, for example. It's a very large market on its own. Having more scale there allows us to leverage some of our fixed costs. And so when we look at that, we see it as just being a net positive for us.

總體而言，德州一直是一個競爭激烈的市場。那裡有很多公開的同業競爭。例如，我們關注的優勢之一是在休士頓規模更大。它本身就是一個非常大的市場。在那裡擁有更大的規模使我們能夠利用一些固定成本。因此，當我們看到這一點時，我們認為這對我們來說是一個淨積極的結果。

But it's just -- there's a lot of positives about the Texas market. It gets competitive from time to time. In today's world, it's a bit competitive. When we look at Florida, we don't have a tremendous exposure to Florida. I think we've got about 10% of our closings are coming out of Florida between our 2 brands.

但這只是——德克薩斯州市場有很多積極的一面。它不時變得有競爭力。在當今世界，競爭有點激烈。當我們觀察佛羅裡達州時，我們對佛羅裡達州的了解並不多。我認為我們的兩個品牌的成交量中有大約 10% 來自佛羅裡達州。

Our Century Communities brand is in Jacksonville, and Century Complete is spread throughout the state. So when we look at that, there are certain areas that we see that are softer than others. And we look at Jacksonville, where we probably have the largest concentration since we have both Century Communities and Century Complete, that seems to be holding up fairly well for us.

我們的 Century Communities 品牌位於傑克遜維爾，Century Complete 遍布全州。因此，當我們觀察這一點時，我們發現某些區域比其他區域更軟。我們看看傑克遜維爾，自從我們擁有 Century Communities 和 Century Complete 以來，我們可能在那裡擁有最大的集中度，這似乎對我們來說相當有利。

Alex Barron, Housing Research Center.

亞歷克斯·巴倫，住房研究中心。

Yes, I wanted to focus on Anglia Homes, given that it's a fairly sizable number of communities, do they continue to operate their current products strategy, et cetera? Or do you guys -- with something like that change it to make it more like the way you guys operate? Or is it like a phased transition, if you will, what would we expect there?

是的，我想專注於 Anglia Homes，因為它有相當多的社區，他們是否會繼續經營當前的產品策略等等？或者你們會用類似的東西改變它，讓它更像你們的運作方式嗎？或者這就像一個分階段的過渡，如果你願意的話，我們會期待什麼？

Yes. It's a phased transition, but we will utilize our product library going forward, but it's a phased transition depending on how much runway is left in a particular community, whether it makes sense to go in and change the product now or just wait for new communities.

是的。這是一個分階段的過渡，但我們將繼續利用我們的產品庫，但這是一個分階段的過渡，取決於特定社區還剩下多少跑道，現在進入並更改產品是否有意義，或者只是等待新社區。

Okay. So basically, as some sellout, the new ones would be more along the lines of the way you guys operate.

好的。所以基本上，隨著一些售罄，新產品將更符合你們的運作方式。

Yes. But there -- and that's truly just a product thing, Alex, and the value engineering we have in our plans and the efficiency and consumer acceptance. But when you look at it, their business model was very similar to our entry-level business model. And then buying, as Dale mentioned, only finished lots, it just was a really great fit for us.

是的。但這確實只是一個產品問題，亞歷克斯，以及我們計劃中的價值工程以及效率和消費者接受度。但當你仔細觀察時，你會發現他們的商業模式與我們的入門商業模式非常相似。然後，正如戴爾所提到的，只購買完成的批次，這對我們來說非常適合。

And in terms of sales pace, would you expect the sales pace they had been running at to be similar? Or do you guys have something you would do differently to increase it?

就銷售速度而言，您認為他們的銷售速度會相似嗎？或者你們有什麼不同的做法來增加它嗎？

Well, we always hope to increase sales pace. But I think for right now, I think we would just say it would be potentially similar.

嗯，我們一直希望能提高銷售速度。但我認為現在，我想我們只會說它可能是相似的。

This concludes our question-and-answer session. I would like to turn the conference back over to Dale for any closing remarks.

我們的問答環節到此結束。我想將會議轉回戴爾進行閉幕致詞。

To everyone on the call, thank you for your time today and interest in Century Communities. We're very pleased with the solid growth we've seen this year and excited by our outlook for the balance of the year 2025 and beyond. We look forward to speaking with you again at the beginning of next year.

感謝所有參加電話會議的人今天抽出寶貴的時間以及對世紀社區的興趣。我們對今年的穩健成長感到非常滿意，並對 2025 年及以後的前景感到興奮。我們期待明年初再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。