Century Communities Inc (CCS) 2024 Q4 法說會逐字稿

Greetings. Welcome to Century Communities fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

問候。歡迎參加 Century Communities 2024 年第四季和全年財報電話會議。（操作員指示）請注意，該事件正在被記錄。

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

現在，我想將會議交給 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 fourth quarter and full year 2024.

午安.感謝您今天參加 Century Communities 2024 年第四季和全年財報電話會議。

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.

在電話會議開始之前，我想提醒大家，本次電話會議中發表的某些陳述可能構成前瞻性陳述。這些聲明是基於管理層目前的預期，並受到多種風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與前瞻性聲明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.

這些風險和不確定性中的某些可以在公司最新的 10-K 中的「風險因素」標題下找到，並由我們最新的 10-Q 和其他 SEC 文件補充。我們不承擔更新前瞻性陳述的義務。

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.

此外，本次電話會議將討論某些非公認會計準則財務指標。本公司呈現的這些資訊並非旨在單獨考慮或取代根據 GAAP 呈現的財務資訊。

Hosting the call today are Dale Francescon, Executive Chairman; Rob Francescon, Chief Executive Officer and President; and Scott Dixon, Financial Officer. Following today's prepared remarks, we will open up the line for questions.

今天主持電話會議的是執行主席 Dale Francescon； Rob Francescon，執行長兼總裁；以及財務長 Scott Dixon。在今天的準備好的發言之後，我們將開放提問熱線。

With that, I'll turn the call over to Dale.

說完這些，我會把電話轉給戴爾。

Thank you, Tyler, and good afternoon, everyone. We are pleased with our fourth quarter and full year 2024 results, and believe that Century is well positioned to drive continued growth and improved returns in 2025 and beyond. Our full year 2024 deliveries increased 15% year over year to a record 11,007 homes, and our community count increased 28% year over year to a company record 322 communities. Fourth quarter deliveries of 3,198 homes and home sales revenues of $1.2 billion were both quarterly records. Even with the volatility in mortgage rates that we saw this year and our continued use of elevated levels of incentives to drive sales, we increased our full year 2024 adjusted gross margin by 80 basis points to 23.3%.

謝謝你，泰勒，大家下午好。我們對 2024 年第四季和全年的業績感到滿意，並相信 Century 有能力在 2025 年及以後推動持續成長和提高回報。我們 2024 年全年交付量年增 15%，達到創紀錄的 11,007 套房屋，社區數量年增 28%，達到公司創紀錄的 322 個社區。第四季交付房屋 3,198 套，房屋銷售收入 12 億美元，均創下季度紀錄。即使今年我們看到抵押貸款利率波動，並且我們繼續使用高水準的激勵措施來推動銷售，我們仍將 2024 年全年調整後毛利率提高了 80 個基點，至 23.3%。

We also reduced our SG&A as a percentage of wholesale revenues by 40 basis points through leveraging our fixed cost and expect this metric to see further year-over-year improvement in 2025.

我們也透過利用固定成本將銷售、一般及行政費用佔批發收入的百分比降低了 40 個基點，並預期此指標在 2025 年將進一步較去年同期改善。

For the full year, our adjusted net income increased by 36% year over year with our fourth quarter adjusted net income up 18%. While we are clearly focused on growth, both organic and through the two acquisitions we completed and fully integrated in 2024. We also continue to return capital to our shareholders by repurchasing over 3% of our shares that were outstanding at the beginning of 2024 and increasing our quarterly dividend by 30%.

全年而言，我們的調整後淨收入年增 36%，其中第四季度調整後淨收入成長 18%。我們顯然專注於成長，包括有機成長以及透過我們在 2024 年完成並全面整合的兩次收購實現的成長。我們也透過回購 2024 年初流通在外的 3% 以上的股份並將季度股利提高 30% 來繼續向股東返還資本。

Our fourth quarter net new contracts of 2,467 increased by 5% year over year and increased by 4% sequentially, which compares to an average sequential decline in the fourth quarter of 6% from 2019 through 2023. For the full year, our net new contracts increased 21% year over year to 10,676 homes.

我們第四季的淨新合約為 2,467 份，年成長 5%，季增 4%，而 2019 年至 2023 年第四季的平均季減率為 6%。全年我們的淨新合約年增21%，達到10,676套房屋。

Within the quarter, our orders were the highest in November, potentially benefiting from the decline in mortgage rates over much of that month and at roughly equal levels in both October and December. So far through January, our order activity has been in line with typical seasonal pace with improvement over the course of the month, but below the very strong rate we saw in January 2024.

在本季度，我們的訂單量在 11 月最高，這可能受益於當月大部分時間抵押貸款利率的下降，且 10 月和 12 月的水平大致相同。截至 1 月份，我們的訂單活動與典型的季節性速度一致，並且在整個月內有所改善，但低於 2024 年 1 月的非常強勁的速度。

Our average sales price was approximately $390,000 for both the fourth quarter and full year 2024 and remains among the lowest of the publicly traded homebuilders. While housing affordability has been impacted by the recent mortgage rate volatility, we firmly believe that there is strong underlying demand for new homes underpinned by solid demographic trends.

我們 2024 年第四季和全年的平均銷售價格約為 39 萬美元，仍然是上市房屋建築商中最低的。雖然住房負擔能力受到了近期抵押貸款利率波動的影響，但我們堅信，在穩固的人口趨勢的支撐下，新房的潛在需求強勁。

Additionally, we continue to take steps to address the impacts that elevated mortgage rates are having on affordability and believe our actions are helping us maintain an appropriate sales pace in the current environment. We built nearly 100% of our homes on a spec basis in the fourth quarter and for the full year.

此外，我們將繼續採取措施應對抵押貸款利率上升對負擔能力的影響，並相信我們的行動有助於我們在當前環境下保持適當的銷售速度。我們在第四季和全年建造的房屋幾乎 100% 都是按規格建造的。

This business model, along with our captive mortgage subsidiary, allows us to reduce costs, maintain an appropriate supply of quick move-in homes that entry-level buyers are seeking and provide our homebuyers with certainty of financing at the low market interest rates through buydowns and other rate incentives.

這種商業模式，加上我們的專屬抵押貸款子公司，使我們能夠降低成本，維持入門級買家尋求的快速入住房屋的適當供應，並通過買斷和其他利率激勵為我們的購房者提供以低市場利率融資的確定性。

In the fourth quarter, 92% of our deliveries were priced below FHA limits and over 60% of the mortgages closed by our captive mortgage company inspire home loans were for FHA, USDA, or VA loans, they 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 three quarters of 2024 and full year 2023.

在第四季度，我們交付的 92% 的房屋價格低於聯邦住房管理局 (FHA) 限額，而我們的專屬抵押貸款公司 Inspire Home Loans 結清的 60% 以上的抵押貸款均為聯邦住房管理局 (FHA)、美國農業部 (USDA) 或退伍軍人事務部 (VA) 貸款，這些貸款的利率和首付，有助於這些貸款的利率通常低於傳統住房事務。我們的購屋者的 FICO 分數保持健康並與 2024 年前三個季度和 2023 年全年的水平保持一致。

Before turning the call over to Rob, I want to briefly discuss the recent steps our Board of Directors took as part of our ongoing succession planning process. Effective January 1, I have moved to the Executive Chairman Wall from Co-Chief Executive Officer, while Rob has become Century's Sole Chief Executive Officer. As part of this transition, we do not anticipate any immediate changes to either of our day-to-day responsibilities, but it is my plan to devote a higher percentage of time to corporate and strategic initiatives.

在將電話轉給 Rob 之前，我想簡要討論一下我們的董事會作為我們正在進行的繼任計劃過程的一部分所採取的最新措施。從 1 月 1 日起，我從聯合執行長轉任為執行主席，而羅布則成為世紀公司的唯一執行長。作為過渡的一部分，我們預計我們的日常職責不會發生任何立即變化，但我計劃投入更多時間到公司和策略計劃。

In closing, I want to thank all of our team members for their hard work and dedication that drove significant improvements in our business in 2024 and the position Century for continued success in 2025 and beyond.

最後，我要感謝我們團隊的所有成員的辛勤工作和奉獻精神，這推動了我們 2024 年業務的顯著改善，並為 Century 在 2025 年及以後的持續成功奠定了基礎。

I'll now turn the call over to Rob to discuss our operations and land position in more detail.

現在我將把電話轉給羅布，更詳細地討論我們的營運和土地狀況。

Thank you, Dale, and good afternoon, everyone. Before turning to our operations, I wanted to add on to Dale's remarks about our succession planning here at Century. We are incredibly proud of the national platform that we have built at Century over the past 10 years-plus since going public as well as the team that we have assembled to lead it.

謝謝你，戴爾，大家下午好。在談到我們的營運之前，我想補充一下戴爾關於世紀繼任計畫的評論。我們為世紀集團上市十多年來打造的全國性平台以及組成的領導團隊感到無比自豪。

We view succession planning at both the corporate level and throughout our regions and divisions as an ongoing process to ensure that we always have a deep bench of leaders with the skills and experience needed to drive our future success. For the full year 2024, we started 11,789 homes, a 20% year-over-year increase, consistent with our 21% year-over-year increase in net orders.

我們將公司層級以及各個地區和部門的繼任計畫視為一個持續的過程，以確保我們始終擁有一群具備推動未來成功所需技能和經驗的領導者。2024 年全年，我們開設了 11,789 套房屋，年增 20%，與淨訂單年增 21% 保持一致。

In the fourth quarter, we managed our starts down to 1,965 homes given the number of homes started earlier in the year to maintain an appropriate level of spec home inventory.

第四季度，考慮到今年稍早開工的房屋數量，我們將開工數量降至 1,965 套，以維持適當的規格房庫存水準。

We continue to be encouraged by the growth in our community count. We ended the fourth quarter with a community count of 322, the highest level in our company's history, and up 28% on a year-over-year basis and 6% sequentially.

社區數量的不斷增長讓我們倍受鼓舞。截至第四季度，我們的社區數量達到 322 個，為公司歷史上的最高水平，年增 28%，環比增長 6%。

We also continue to believe that our geographically balanced land portfolio that stretches across 17 states and over 45 markets provides us with greater opportunities for growth across our national footprint and mitigates risk from regional downturns. As an example, while there has been some concern recently about rising inventories in Florida and Texas, these two regions combined only accounted for 31% of our full year 2024 deliveries.

我們也繼續相信，我們遍布 17 個州和 45 多個市場的地理平衡土地投資組合為我們在全國範圍內提供了更大的成長機會，並減輕了區域經濟衰退帶來的風險。例如，雖然最近人們對佛羅裡達州和德克薩斯州的庫存增加感到擔憂，但這兩個地區的交付量加起來僅占我們 2024 年全年交付量的 31%。

While it is still early in recognizing the 28% growth in our community count in 2024, we currently expect our year-end 2025 community count to further increase in the mid- to high single-digit percentage range, which will support our plans to grow our deliveries annually by 10% or more over the next couple of years.

雖然現在就認識到 2024 年我們的社區數量將增長 28% 還為時過早，但我們目前預計 2025 年底的社區數量將進一步在中高個位數百分比範圍內增長，這將支持我們在未來幾年內每年將配送量增長 10% 或更多的計劃。

Turning to costs. We had continued success in controlling our costs in the fourth quarter with our direct construction costs on the homes we started roughly flat on a sequential basis. For the full year 2024, our direct construction costs declined by 2% on a year-over-year basis.

談到成本。第四季我們繼續成功控製成本，開建房屋的直接建設成本與上一季基本持平。2024 年全年，我們的直接建設成本年減 2%。

Our finished lot costs in the fourth quarter increased by roughly 2% on a sequential basis. During the fourth quarter, our cycle times modestly improved on a sequential basis and are averaging approximately four months.

我們第四季的成品批次成本較上季增加約 2%。在第四季度，我們的週期時間較上季略有改善，平均約為四個月。

As expected, our incentives on closed homes increased in the fourth quarter to roughly 800 basis points, up from approximately 700 basis points in the third quarter. As we discussed on our third quarter earnings call, our incentives on new orders in the third quarter increased as mortgage risk moved higher and the higher incentives on these sales flowed through to our deliveries in the fourth quarter.

正如預期的那樣，我們對已售出房屋的激勵措施在第四季度從第三季度的約 700 個基點增加到約 800 個基點。正如我們在第三季財報電話會議上所討論的那樣，隨著抵押貸款風險的上升，我們對第三季新訂單的激勵也隨之增加，而這些銷售的更高激勵也流向我們第四季度的交付。

Our incentives on new orders in the fourth quarter increased to approximately 900 basis points as we look to maintain our sales pace as mortgage rates remained elevated in the seasonally slower months of the fourth quarter. We expect mortgage rates and their impact on our incentive levels to be the largest driver of any changes to our gross margins in the near term given our success in controlling direct construction and finished loss.

由於第四季季節性淡季期間抵押貸款利率仍然較高，我們希望保持銷售速度，因此我們將第四季度新訂單的激勵措施增加至約 900 個基點。鑑於我們成功控制直接建設和成品損失，我們預期抵押貸款利率及其對我們的激勵水準的影響將成為短期內我們毛利率變化的最大驅動因素。

Turning to land. We ended the fourth quarter with over 80,000 owned and controlled lots. Century completes total lot count increased by 20% versus the prior year period and accounted for 25% of our total lot count. As a reminder, Century complete only acquires finished lots and the great lot count in 2024 demonstrates the team's continued success in sourcing capital efficient, finished lots in attractive locations throughout the Southeast, Florida, Midwest, and Arizona. Additionally, at the end of the fourth quarter, our consolidated controlled lots accounted for 50% of our total lot count.

轉向陸地。截至第四季末，我們擁有和控制的地塊數量已超過 80,000 塊。世紀完成的總地塊數量比去年同期增加了 20%，占我們總地塊數量的 25%。提醒一下，Century complete 僅收購已完工地塊，而 2024 年的大量地塊證明了該團隊在東南部、佛羅裡達、中西部和亞利桑那州等地有吸引力的地點尋找資本高效的已完工地塊方面持續取得成功。此外，截至第四季末，我們合併的控制批次占我們總批次數量的 50%。

While Scott will provide more details about our guidance for 2025 in his remarks, I wanted to briefly talk about our growth outlook for 2025 and beyond. We expect our full-year 2025 deliveries to increase by approximately 10% on a year-over-year basis at the midpoint of our guidance and barring any changes to the homebuilding environment have the ability to grow our deliveries at least 10% in 2026 as well.

雖然斯科特將在他的演講中提供有關我們對 2025 年的指導的更多細節，但我想簡要談談我們對 2025 年及以後的增長前景。我們預計，2025 年全年交付量將比去年同期增長約 10%，達到我們預期的中位數，並且除非房屋建築環境發生變化，否則 2026 年的交付量也能夠增長至少 10%。

This growth in 2025 is based on increases in our lot count and community count and does not assume any meaningful changes from our full year 2024 absorption pace of 3.2 times or current mortgage rates.

2025 年的成長是基於我們的地塊數量和社區數量的增加，並不假設我們 2024 年全年吸收速度 3.2 倍或當前抵押貸款利率發生任何重大變化。

Additionally, as we have discussed in the past, we expect this delivery growth to come from increasing our share primarily within our existing markets and to benefit margins and returns as we leverage the investments we have made at both the corporate level and throughout our markets at the local level.

此外，正如我們過去所討論過的，我們預計這種交付成長將來自於主要在現有市場中增加我們的份額，並隨著我們利用在公司層面和整個本地市場所做的投資而帶來利潤和回報。

As Dale mentioned, we achieved a number of records in 2024, including community count, deliveries and book value per share and are excited by the potential we have to set new records in the years ahead.

正如戴爾所說，我們在 2024 年創造了多項記錄，包括社區數量、交付量和每股帳面價值，我們對未來幾年創下新紀錄的潛力感到興奮。

I'll now turn the call over to Scott to discuss our financial results in more detail.

現在我將把電話轉給史考特，更詳細地討論我們的財務表現。

Thank you, Rob. In the fourth quarter of 2024, pretax income was $135.2 million, and net income was $102.7 million or $3.20 per diluted share, a 13% year-over-year increase. Adjusted net income of $112 million or $3.49 per diluted share, an 18% year-over-year increase. EBITDA for the quarter was $160.2 million and adjusted EBITDA was $172.6 million, respective increases of 10% and 17% both a year ago levels.

謝謝你，羅布。2024 年第四季，稅前收入為 1.352 億美元，淨收入為 1.027 億美元或每股攤薄收入 3.20 美元，年增 13%。調整後淨收入為 1.12 億美元，即每股攤薄收入 3.49 美元，較去年同期成長 18%。本季的 EBITDA 為 1.602 億美元，調整後 EBITDA 為 1.726 億美元，分別比去年同期成長 10% 和 17%。

Home sales revenue for the fourth quarter were $1.2 billion, a quarterly record for the company and up 5% versus the prior year quarter on both higher deliveries and average sales price. Our fourth quarter average sales price with $389,800, increased by 4% on a year-over-year basis.

第四季的房屋銷售收入為 12 億美元，創下了該公司的季度記錄，由於交付量和平均銷售價格的提高，比去年同期增長了 5%。我們第四季的平均銷售價格為 389,800 美元，年增 4%。

Our deliveries of 3,198 homes in the fourth quarter were a quarterly record for the company, and our full year 2024 deliveries increased 15% on a year-over-year basis to 11,007 homes, also a company record. For the year, we saw growth across all regions with the West, Texas and Southeast, all posting growth rates of over 20%.

我們在第四季度交付了 3,198 套房屋，創下了公司的季度紀錄，2024 年全年交付量同比增長 15%，達到 11,007 套房屋，也創下了公司紀錄。今年，我們看到所有地區都實現了成長，其中西部、德克薩斯和東南部的成長率均超過 20%。

For the first quarter 2025, we expect our deliveries to decline on a sequential basis due to typical seasonality and be similar to first quarter 2024 levels. As a reminder, the first quarter typically represents the low point for our deliveries during the year with the fourth quarter being the strongest. Starting in the second quarter 2025, we expect our deliveries to increase on a sequential basis over the remaining quarters of the year, with each quarter up on a year-over-year basis as well.

對於 2025 年第一季度，我們預計由於典型的季節性因素，我們的交付量將環比下降，並與 2024 年第一季的水平相似。提醒一下，第一季通常代表我們全年交付量的最低點，而第四季則代表我們交付量最強勁的季度。從 2025 年第二季開始，我們預計我們的交付量將在今年剩餘的幾個季度中逐季增加，並且每季的交付量也將同比增長。

At quarter end, our backlog of sold homes was 850 units valued at $351.2 million with an average price of $413,100. While the average price of our fourth quarter backlog was above the average sales price for our fourth quarter deliveries, this difference is largely due to mix, including the percentage of Century Complete homes. In the fourth quarter, adjusted homebuilding gross margin percentage was 22.9% compared to 23.6% in the prior quarter.

截至季末，我們已售出積壓房屋 850 套，價值 3.512 億美元，平均價格為 413,100 美元。雖然我們第四季積壓訂單的平均價格高於第四季度交付訂單的平均銷售價格，但這種差異主要是由於產品組合造成的，包括世紀完工房屋的百分比。第四季度，調整後的房屋建築毛利率為 22.9%，而上一季為 23.6%。

The sequential change is primarily driven by a higher level of incentives on homes. Homebuilding gross margin was 20.6% versus 21.7% in the prior quarter. Additionally, purchase price accounting reduced our fourth quarter 2024 gross margin by 30 basis points, which was in line with the reduction in the third quarter. We expect purchase price accounting to have a similar impact on our homebuilding gross margins in the first half of 2025.

這項連續變化主要是由於住房激勵措施水準提高所致。住宅建築毛利率為 20.6%，上一季為 21.7%。此外，採購價格會計將我們 2024 年第四季的毛利率降低了 30 個基點，與第三季的降幅一致。我們預計，購買價格會計將對我們的 2025 年上半年的房屋建築毛利率產生類似的影響。

For the first quarter of 2025, we expect our homebuilding gross margin to ease on a sequential basis, both our direct construction and finished lot costs should be roughly flat quarter-over-quarter as we continue to successfully manage our costs.

對於 2025 年第一季度，我們預計我們的住宅建築毛利率將環比下降，由於我們繼續成功管理成本，我們的直接建築成本和成品地塊成本應與上一季大致持平。

However, as Rob detailed in his remarks, our incentives on orders in the fourth quarter 2024 were approximately 100 basis points higher in our incentives on deliveries as we focus on maintaining an appropriate sales pace in the seasonally slower fourth quarter.

然而，正如 Rob 在演講中詳細闡述的那樣，由於我們專注於在季節性較慢的第四季度保持適當的銷售速度，我們對 2024 年第四季度的訂單激勵比我們的交付激勵高出約 100 個基點。

Additionally, our first quarter homebuilding operating margin should see some impact from reduced operating leverage in the quarter that typically represents the low point for our deliveries.

此外，我們第一季的住宅建築營業利潤率應該會受到本季營業槓桿率下降的影響，這通常代表我們交付量的最低點。

SG&A as a percent of home sales revenue was 11.5% in the fourth quarter and 12% for the full year 2024. For 2025, we expect our SG&A as a percent of home sales revenues to decline on a year-over-year basis as we continue to leverage the investments we have made both at the corporate level and in our divisions that should support the delivery growth we expect over the next couple of years.

銷售、一般及行政費用佔房屋銷售收入的百分比在第四季為 11.5%，在 2024 年全年為 12%。到 2025 年，我們預計銷售、一般及行政費用佔房屋銷售收入的百分比將同比下降，因為我們將繼續利用在公司層面和部門層面所做的投資，這應該會支持我們預期的未來幾年的交付增長。

Revenues from financial services were $26.2 million in the fourth quarter and the business contributed $7.9 million in pretax income. Other income in the quarter was $13.3 million, with this income predominantly driven by the sale of a project within our Century Living business. As a reminder, Century Living is engaged in the development, construction and management of multifamily rental properties.

第四季金融服務收入為 2,620 萬美元，該業務貢獻了 790 萬美元的稅前收入。本季的其他收入為 1,330 萬美元，這筆收入主要來自於我們世紀生活業務內一個項目的銷售。提醒一下，Century Living 從事多戶型出租物業的開發、建造和管理。

Our tax rate was 24% in the fourth quarter and 24.1% for the full year 2024. We expect our full year tax rate for 2025 to be in the range of 25% to 26% with the increase primarily driven by a reduced number of homes expected to qualify for 45L credits.

我們的第四季稅率為 24%，2024 年全年稅率為 24.1%。我們預計 2025 年全年稅率將在 25% 至 26% 之間，稅率上調的主要原因是預計符合 45L 抵免條件的房屋數量減少。

Our fourth quarter net homebuilding debt to net capital ratio improved to 27.4% compared to the third quarter 2024 levels of 32.1%. Our homebuilding debt to capital ratio also decreased to 30.3% at quarter end compared to the third quarter levels of 35.8%. During the quarter, we maintained our quarterly cash dividend of $0.26 per share and repurchased approximately 400,000 shares of our common stock for $30.7 million.

我們第四季的淨房屋建築債務與淨資本比率從 2024 年第三季的 32.1% 改善至 27.4%。本季末，我們的住宅建築債務資本比率也從第三季的 35.8% 下降至 30.3%。在本季度，我們維持每股 0.26 美元的季度現金股息，並以 3,070 萬美元回購約 40 萬股普通股。

For the full year 2024, we paid cash dividends totaling $1.04 per share and repurchased over 1 million shares of our common stock or over 3% of our shares that were outstanding at the beginning of the year were $83.8 million. Through our dividend and share repurchases, we returned over $115 million to our shareholders in 2024.

2024 年全年，我們支付了每股 1.04 美元的現金股息，並回購了超過 100 萬股普通股，佔年初流通股數的 3% 以上，總額為 8,380 萬美元。透過股利和股票回購，我們在 2024 年向股東返還了超過 1.15 億美元。

We grew our book value per share to a record $84.65, a 13% year-over-year increase. We ended the quarter, $2.6 billion in stockholders' equity and $918 million of liquidity. During the fourth quarter, we entered into a new credit agreement which increased the capacity of our unsecured credit facility to $900 million, up from $800 million and extended the maturity to November 2028 from April of 2026. Additionally, we have no senior debt maturities until June of 2027, providing us ample flexibility with our leverage manager.

我們的每股帳面價值成長至創紀錄的 84.65 美元，年增 13%。截至本季末，我們的股東權益為 26 億美元，流動資金為 9.18 億美元。在第四季度，我們簽訂了一項新的信貸協議，將我們的無擔保信貸額度從 8 億美元增加到 9 億美元，並將到期日從 2026 年 4 月延長至 2028 年 11 月。此外，我們的優先債務到期日直到 2027 年 6 月，這為我們的槓桿管理提供了充足的靈活性。

Now turning to guidance. Given the growth in our lot count and community count in 2024, we expect our full year 2025 deliveries to be in the range of 11,700 to 12,400 homes, and our home sales revenue to be in the range of $4.5 billion to $4.8 billion.

現在轉向指導。鑑於 2024 年我們的地塊數量和社區數量的增長，我們預計 2025 年全年交付量將在 11,700 至 12,400 套之間，房屋銷售收入將在 45 億美元至 48 億美元之間。

In closing, we are excited by our outlook for 2025. We expect to grow our deliveries by approximately 10% year over year at the midpoint of our guidance. Additionally, as Rob mentioned, we expect the delivery growth to come from increasing our share primarily within our existing markets and to positively affect margins and returns as we leverage the investments we have made at both the corporate level and throughout our markets at the local level.

最後，我們對 2025 年的展望感到興奮。我們預計，在指導價的中位數水準上，我們的交付量將比去年同期成長約 10%。此外，正如 Rob 所提到的，我們預計交付成長將主要來自於我們在現有市場的份額增加，並且隨著我們利用在公司層面和整個本地市場所做的投資，對利潤率和回報產生積極影響。

While affordability for new homes has been impacted by the recent mortgage rate volatility, we firmly believe that the strong underlying demand for affordable new homes.

雖然近期抵押貸款利率波動影響了新房的可負擔性，但我們堅信，對經濟適用新房的潛在需求仍然強勁。

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

現在，我將開始回答大家的提問。操作員？

(Operator Instructions) Carl Reichardt, BTIG.

(操作員指令) Carl Reichardt，BTIG。

Thanks. Hey, guys, nice to talk to you. Thank you for taking my question. Just to start with, just on -- if we look at the business between communities and complete, can you talk about perhaps any differences in your traffic levels or the incentives you need to offer between those two product types, if there's any significant difference? And how do you expect that mix to look in 2025 in terms of delivery volume?

謝謝。嘿，夥計們，很高興與你們交談。感謝您回答我的問題。首先，如果我們看一下社區和整體之間的業務，您能否談談這兩種產品類型之間的流量水平或您需要提供的激勵措施之間的差異，是否存在顯著差異？就交付量而言，您預計 2025 年該組合將會如何？

Yeah, Carl, great question. When we step back and look at the differences between the brands, I don't know that we're seeing significantly different levels of incentives. Maybe slightly more on the mortgage financing side within Century complete as it compared to our core Century brand. But we're really not significant. In terms of mix of how it's coming through our P&L and operations going forward, we're really trying to grow both of those brands.

是的，卡爾，這個問題問得很好。當我們回顧並觀察各個品牌之間的差異時，我發現我們面臨的激勵程度有顯著差異。與我們的核心品牌 Century 相比，Century 在抵押融資方面的完成度可能略高一些。但我們確實不重要。就未來損益表和營運方式的組合而言，我們確實在努力發展這兩個品牌。

We certainly see opportunities in all of our markets from a lot position standpoint, I think you can see that in our current owned and under control bots. So we'd anticipate both brands really to grow in no significant differences in mix that we're anticipating rolling through 2025's P&L.

從很多方面來看，我們確實在所有市場中看到了機會，我想您可以在我們目前擁有和控制的機器人中看到這一點。因此，我們預期這兩個品牌都會真正成長，產品組合不會有顯著差異，我們預期這種情況將持續到 2025 年的損益表。

Okay. Thanks. And then could you tell me if you have it, what percentage of your homes that you both sold and closed this particular quarter? And as you go next year, whether or not you're expecting -- I assume you're expecting that percentage to increase over time as well, but I'd be curious as to what that number was.

好的。謝謝。然後您能否告訴我，如果有的話，本季度您售出和成交的房屋佔比是多少？隨著明年的到來，無論您是否預期 - 我想您也預期該百分比會隨著時間的推移而增加，但我很好奇該數字是多少。

Yeah, absolutely. For Q4, the number was slightly above 60% that were sold and closed within the quarter. Since we have been on really the 100% spec model for quite some period of time, we've seen that number in the high 50s to even in a couple of quarters in the high 60s. We would anticipate really no significant changes going forward given our cycle times at this point have really stabilized, and we've been pretty consistent with our spec model over the last year or two.

是的，絕對是如此。就第四季度而言，該數字略高於 60%，該數字已在本季度內售出並成交。由於我們實際上已經採用 100% 規格模型很長一段時間了，我們看到這個數字在 50 多歲，甚至在幾個季度中達到了 60 多歲。由於我們目前的周期時間已經真正穩定下來，我們預計未來不會發生重大變化，並且我們在過去一兩年內一直與我們的規範模型保持一致。

Appreciate it. Thanks. I'll get back to the queue.

非常感謝。謝謝。我會回到隊列。

(Operator Instructions) Jay McCanless, Wedbush.

（操作員指示）Jay McCanless，韋德布希。

Hey. Good afternoon, everyone. First question I had, could you talk about what incentive levels you guys are putting on orders in the current quarter?

嘿。大家下午好。我的第一個問題是，您能談談您本季對訂單的激勵程度嗎？

Right now, it's consistent with what we were seeing in Q4, which is around 900 basis points.

目前，它與我們在第四季度看到的情況一致，約為 900 個基點。

Okay. And then I think you answered this in the prior comments, but I just want to double check it. In terms of that growth of 10% roughly in unit volumes, you guys are still thinking about the same level of sales absorption that you saw in '24 is how you're thinking about for '25? Okay --

好的。然後我想您已經在之前的評論中回答了這個問題，但我只是想再檢查一下。就單位銷售量約 10% 的成長而言，你們仍然認為銷售吸收量將達到與 24 年相同的水平，對 25 年的預期也是如此嗎？好的--

Yeah. So that's basically 3.2 times roughly. And so we're looking at that being stagnant. So it's really from community count.

是的。所以基本上是大約 3.2 倍。因此，我們認為這一情況將處於停滯狀態。因此這確實是來自社區計數。

And then I guess I like the fact that you guys have said you're going to try and grow inside the footprint, but you have done a couple of acquisitions this year maybe expanding your footprint a little bit. What are you seeing on the M&A front? Are there potential to do more deals? And what are you hearing from that front in terms of possibility to expand the business?

然後我想我喜歡這樣一個事實，你們說你們將嘗試在足跡內成長，但今年你們已經做了幾次收購，也許會稍微擴大你們的足跡。您對併購方面有何看法？是否有潛力達成更多交易？就擴大業務的可能性而言，您聽到了什麼消息？

Sure. Well, so the two acquisitions we did in '24 were both within the footprint, one in Nashville, one in Houston, and it just got us deeper and larger in both of those markets, which has been our strategy all along. And that's really what we're looking for on a go-forward basis.

當然。好吧，我們在 24 年進行的兩次收購都是在我們的業務範圍內，一次在納許維爾，一次在休士頓，這使我們在這兩個市場都變得更深入、更大，這一直是我們的策略。這確實是我們未來所追求的。

Regarding '25 M&A, as we've continued to do M&A through our entire public homebuilding career and to grow the company, we're always looking at deals. We've got, like I'm sure a lot of people has very stringent underwriting criteria. And we'll just see how that goes this year. But we do look at M&A deals. As you saw, we did two last year, TV on what ends up coming through this year.

關於 25 年併購，我們在整個公共住宅建築生涯中一直在進行併購，為了發展公司，我們一直在尋找交易。我相信很多人都有非常嚴格的承保標準。我們只需看看今年的情況如何。但我們確實關注併購交易。正如你所看到的，我們去年做了兩個電視節目，講述今年最終發生的事情。

Okay. Great. That's all I had. Thank you.

好的。偉大的。這就是我所擁有的一切。謝謝。

Alan Ratner, Zelman & Associates.

艾倫·拉特納（Alan Ratner），澤爾曼及合夥人公司。

Hey, guys. Good afternoon. Thanks for all the details of --

嘿，大家好。午安.感謝所有細節--

Hey, Alan.

嘿，艾倫。

Hi. First question, I'd like to just drill in a little bit to the pace versus price strategy right now, recognizing that your guidance implies pretty flattish absorption for '25. Fourth quarter, your absorptions were down 15%. January, it sounds like they were down year over year. I know the comps get maybe a little bit easier as the year goes on. But at what point -- and this is with incentives up more recently.

你好。第一個問題，我想現在深入探討速度與價格策略，並認識到您的指導意味著'25年的吸收量相當平穩。第四季度，你們的吸收量下降了 15%。一月份，聽起來它們的同比數字是下降的。我知道隨著時間的推移，比賽可能會變得稍微容易一些。但是在什麼時候——這是最近激勵措施增加的結果。

So at what point of the year is it in the spring after the spring if you're still trending lower on a year-on-year basis for absorptions, do you either get more aggressive on incentives? Or are there other adjustments that you would consider maybe outright base price adjustments in order to solve for that flat absorption rate? Or is it more balanced between some margin target and sales?

那麼，在春季之後的什麼時候，如果吸收量比去年同期仍呈下降趨勢，您是否會採取更積極的激勵措施？或者您會考慮進行其他調整，例如直接調整基本價格，以解決固定吸收率的問題？或者利潤目標和銷售額之間是否更加平衡？

Yeah, Alan, I think what you're seeing is some of the benefits here of the spec model where we've been able to really ensure that we're rightsizing the amount of inventory that we have on the ground for what we see as the current demand and obviously a community submarket as well as the division level. And so that's some of the moderation in the starts that you saw come across here during the fourth quarter.

是的，艾倫，我認為你看到的是規範模型的一些好處，我們能夠真正確保根據我們所看到的當前需求，以及顯然是社區子市場以及部門級別，適當調整我們現有的庫存量。這就是您在第四節看到的開局緩和的一些表現。

I think generally speaking, we're very bullish in terms of the demand that is out there and our ability to provide affordable housing, we're in markets that we continue to see the demand. So I think we're very bullish on the spring selling season, and we'll make those adjustments from a pace perspective as we move through.

我認為總體而言，我們對現有需求以及我們提供經濟適用住房的能力非常看好，我們所處的市場將繼續保持對經濟適用住房的需求。因此，我認為我們對春季銷售季節非常樂觀，並且我們會從速度的角度進行調整。

In terms of levers that we have, really, the cost side, as you're well aware, has been fairly stable throughout this entire year. We've seen -- we have seen some sequential decreases in direct costs throughout the year, which certainly have helped.

就我們所擁有的槓桿而言，實際上，正如您所知，成本方面在今年全年一直相當穩定。我們已經看到——我們看到全年直接成本有所下降，這無疑有所幫助。

The land from a finished lot cost perspective, has remained relatively stable. And as we look out next year, we really only see, I'll call it, normal and inflation of 3% to 5% coming through. Some of the other items that we've done are just continuing to moderate on the square footage size.

從土地成品成本角度來看，土地保持相對穩定。展望明年，我們實際上只會看到，我稱之為正常的3％至5％的通貨膨脹。我們所做的其他一些項目只是繼續調整平方英尺的大小。

We -- our overall square footage came down. year over year, this year about 2%. So we have some ability to continue to solve tough that affordability at the community level. And that's something that we'll obviously continue to do as we get into the spring selling season.

我們 — — 我們的整體建築面積減少了。與去年同期相比，今年成長了約 2%。因此，我們有能力持續解決社區層面的負擔能力問題。隨著春季銷售季節的到來，我們顯然會繼續這樣做。

Great. I appreciate all the moving pieces there and the comments. Second question, there's been a fair amount of headlines over the last few weeks with some of the ICE raids and crackdowns and deportation rhetoric out there about what impact, if any, that could have on construction labor.

偉大的。我欣賞那裡所有的感人作品和評論。第二個問題，過去幾週，有關 ICE 突襲、打擊和驅逐出境的言論佔據了不少頭條新聞，這些言論可能對建築工人產生影響（如果有的話）。

I know many builders, pre-election were pretty complacent or I guess not expecting there to be a dramatic impact. But I'm just curious, over the last few weeks, whether you've seen any impact to your job sites or have heard any rumblings about any impact that could unfold from this?

我知道很多建築商在選舉前都相當自滿，或者我猜沒有想到會產生巨大的影響。但我只是好奇，在過去的幾周里，您是否看到您的工作場所受到了任何影響，或者是否聽到任何可能由此產生的影響的傳言？

Well, all this is still early on unfolding. We have not -- to answer your question, we have not seen any impacts to date. But again, this is early on the unfolding. I mean, we can speculate on how we think that would affect us as well as potentially tariffs. But at this point, we're controlling what we can control.

嗯，這一切才剛開始。我們沒有——回答你的問題，到目前為止我們還沒有看到任何影響。但再次強調，這才剛開始。我的意思是，我們可以推測這將如何影響我們以及潛在的關稅。但就目前而言，我們正在控制我們能夠控制的事情。

We have not seen anything on the ground or in our cost structure that needs us to react in a certain way. And so it's just wait and see. But right now, we're not seeing anything that is negative to the business.

我們在實際情況中或在我們的成本結構中沒有發現任何需要我們以某種方式做出反應的情況。所以只能拭目以待了。但目前，我們還沒有看到任何對業務不利的事情。

All right. That's great to hear. Thanks a lot.

好的。我很高興聽到這個消息。多謝。

Absolutely.

絕對地。

Michael Rehaut, JPMorgan.

摩根大通的麥可‧雷豪特 (Michael Rehaut)。

Hi. Thanks. Good afternoon, everyone. I have a couple of fundamental oriented questions and then a couple of modern oriented questions, if that's okay. Bigger picture, I would love just to get a sense around relative strength across your regions, across your markets.

你好。謝謝。大家下午好。我有幾個基礎性問題，然後是幾個現代性問題，如果可以的話。從更大角度來說，我很想了解你們各個地區、各市場的相對實力。

You had mentioned that Florida and Texas account for roughly 30% of your closings or revenue. I just wanted to get a sense if you could rank order where you feel your different markets and perhaps doing better than corporate average, in line or worse and how those markets are trending currently?

您曾提到佛羅裡達州和德克薩斯州約佔您營業額或收入的 30%。我只是想知道您是否可以對不同市場進行排序，也許它們的表現優於企業平均水平、持平或更差，以及這些市場目前的趨勢如何？

Mike, I'll give some color. Broadly speaking, I think one of the benefits that we've always looked for in terms of the national platform that we have is really one of our primary ethoses to provide diversification, and we are seeing that.

麥克，我會給一些顏色。廣義上講，我認為，就我們所擁有的國家平台而言，我們一直在尋求的益處之一實際上是我們的主要精神之一，即提供多樣化，我們正在看到這一點。

So generally speaking, the West for us, I think, has been strong from an absorption and demand perspective. Mountain has continued to move upward, and we're seeing some underlying fundamentals there that continue to make us excited and optimistic about 2025. As you noted, Texas is a little bit of a smaller piece of our footprint.

因此總體而言，我認為，從吸收和需求的角度來看，西方市場一直很強勁。山勢持續上行，我們看到一些潛在的基本面讓我們對 2025 年感到興奮和樂觀。正如您所提到的，德克薩斯州在我們的足跡中所佔的比例較小。

We obviously have seen some of the rising supply there. When you dig back through those numbers in a little bit more detail, the supply at our price point, in terms of months of supply is certainly on the lower range within that market overall. And I think that gives us comfort and optimism going into 2025, and the both items that long term that we're very optimistic on.

我們顯然已經看到那裡的供應量增加。如果你更詳細地回顧這些數字，你會發現我們價位的供應量，以供應月數來計算，在整個市場中肯定處於較低的範圍。我認為這讓我們對 2025 年充滿信心和樂觀，從長遠來看，我們對這兩件事都非常樂觀。

Generally speaking, from a supply standpoint, we're seeing our markets generally in the 2% to 4% or maybe high 4%s from a month of supply. And we think that's an overall a healthy environment for us to start into 2025 on.

一般來說，從供應的角度來看，我們看到我們的市場一個月的供應量一般在 2% 到 4% 之間，或者可能在 4% 以上。我們認為，這對我們邁入 2025 年來說是一個整體健康的環境。

Okay. So are you saying outside of maybe the Florida and Texas regions, again, a little more granular. Any markets across your footprint stand out more positively or negatively? Or is it more just more similar than not, I guess?

好的。那麼您是否說佛羅裡達和德克薩斯地區之外的情況，再說得更詳細一些。在您的足跡中，有哪些市場表現得更為正面或負面？或者我猜，它們更多的是相似的，而不是不同的？

I mean, I think within the regions, we're generally seeing some consistent themes. I don't know if I necessarily call out any one market within those regions. If I would, Southern California for us, which is Orange County, with certainly a little bit of a strong kit this year.

我的意思是，我認為在各個地區，我們普遍看到一些一致的主題。我不知道是否有必要指出這些地區內的任何一個市場。如果可以的話，南加州，也就是橘郡，今年的裝備肯定比較強。

From a demand perspective as well as Phoenix, which is in our mountain. In Southeast, Atlanta continues to be a very strong market for us. And so those are probably the individual markets that I'll call out.

從需求角度來看，還有鳳凰，它就在我們山裡。在東南部，亞特蘭大仍然是我們非常強大的市場。這些可能是我要提到的個別市場。

Okay. Thanks. Also the -- you laid out your expectation for a 10% or better volume growth this year or next. I was wondering as we get through -- as we move through 2025 and even looking at '26, if the ASP might change at all. Obviously, you guys remain pretty focused on affordability. I think in the past, in 2024, your ASP was up nearly 4%.

好的。謝謝。另外，您也提出了今年或明年銷量成長 10% 或更高的預期。我想知道，當我們進入 2025 年，甚至展望 2026 年時，ASP 是否會改變。顯然，你們仍然非常關注可負擔性。我認為在過去，也就是 2024 年，您的 ASP 上漲了近 4%。

So anything that we should expect in terms of that number, maybe remaining where it is, maybe even going down a little bit, just further addressing the affordability challenge in the country?

那麼，對於這個數字，我們該期待什麼呢？也許保持現狀，也許甚至略有下降，以進一步解決該國的負擔能力問題？

Yeah. For '25, to play with the numbers, really the implied guide is effectively flat to slightly down ASP. The reality is that the affordability is the name of the game. And so that is what we are focused on every single day here as management. I think that guide incorporates obviously the continued use of incentive levels and primarily on the mortgage incentive side.

是的。對於'25，用數字來玩，實際上隱含的指南實際上是 ASP 持平或略有下降。現實情況是，可負擔性才是遊戲的關鍵。這就是我們身為管理階層每天關注的重點。我認為該指南顯然包含了激勵水平的持續使用，主要是在抵押貸款激勵方面。

I think longer term, as we get into '26 in future periods, I think would tell us that we that we absolutely should continue to see some appreciation coming through on that top line ASP number.

我認為從長遠來看，隨著我們進入未來 26 年，我認為會告訴我們，我們絕對應該繼續看到頂線 ASP 數字的升值。

Okay. That's helpful. And then just a couple of modeling questions, if I could, real quick. The $13 million in other income, it was mostly due to a sale of a project. What was the actual contribution to that line?

好的。這很有幫助。如果可以的話，我只想快速問幾個建模問題。1300萬美元的其他收入主要來自於項目出售。對這條線路的實際貢獻是什麼？

In other words, what would that line have been without that game? Would it have been zero, or $1 million or $2 million, plus or minus? Just trying to get the exact number there.

換句話說，如果沒有那場比賽，那條線會是什麼樣子？它會是零，還是 100 萬美元或 200 萬美元，或者是正數或負數？只是想獲得確切的數字。

Yeah. Sure. Absolutely. There's a handful of things going through that other income line here this quarter. The primary driver is the disposal of one of our communities on Century Living.

是的。當然。絕對地。本季度，有幾項事務透過其他收入線進行處理。主要驅動力是處置我們在世紀生活 (Century Living) 的社區。

The gain on that was around $20 million. There's a handful of offsets that generally run through that line, including some write-off of feasibility costs, some other expenses that ran through that line item here as well to get to that total of $13 million.

這筆收益約為 2000 萬美元。通常會有少量的抵銷金額通過這條線，包括一些可行性成本的註銷，還有一些其他費用也透過這條線項目進行，以達到總額 1,300 萬美元。

Okay. Thanks. And then just one last one. You highlighted the share repurchase of 1 million shares during the year. You fully diluted share count, though, is roughly unchanged. So I just want to understand the strategy there.

好的。謝謝。還有最後一個。您強調了今年回購了 100 萬股股票。不過，完全稀釋後的股份數量基本上沒有變化。所以我只是想了解那裡的策略。

Are we still looking to effectively just offset share creep through equity awards or whatnot or going -- looking forward, are you trying to reduce this account in the past couple of years, it's gone down by roughly $1 million a year. So this year was more flat?

我們是否仍在尋求透過股權獎勵或其他方式有效地抵消股價上漲，或者展望未來，您是否試圖在過去幾年中減少這個帳戶，它每年減少約 100 萬美元。那麼今年的情況比較平淡嗎？

I think we're -- we haven't really changed, and that is we said we're going to make sure that the share count does not creep up. In terms of bringing it down, that's really opportunistic. When we look at, when we purchase shares towards the end other there, there were shares purchased, so you don't see the full benefit of that. But generally, our strategy is the same. I mean we're focused on growth.

我認為我們並沒有真正改變，那就是我們說過要確保股票數量不會激增。從降低這一點來看，這確實是機會主義的。當我們看到，當我們在最後購買股票時，那裡已經購買了股票，因此您看不到其中的全部好處。但總的來說，我們的策略是一樣的。我的意思是我們專注於成長。

We're focused on making sure that our share count doesn't increase. And as we have opportunistic -- buying opportunities, then we'll step into the market.

我們專注於確保我們的股份數量不會增加。當我們有機會——購買機會時，我們就會進入市場。

Great. Thanks so much.

偉大的。非常感謝。

Carl Reichardt, BTIG.

BTIG 的 Carl Reichardt。

Thanks. So just to be sure about this. The guide for deliveries for '25, does not presume any additional acquisitions beyond what Anglia and others will contribute that you've already made, correct?

謝謝。所以只是為了確定這一點。'25 年的交付指南並未假定除了 Anglia 和其他公司已經做出的貢獻之外還有任何其他收購，對嗎？

Correct.

正確的。

Okay. I just want to be sure about that. And then, Scott, just to go back to Mike's question on the other income. So you had inventory impairments of 6.8%. That's where you're putting option walkaways plus any impairments to dirt, right? And then feasibility on early-stage options, those go in the other expense line. Is that how you guys do it?

好的。我只是想確定這一點。然後，史考特，我們回到麥克關於其他收入的問題。因此你的庫存減值為 6.8%。這就是您要放置選擇走道以及任何對泥土的損害的地方，對嗎？然後是早期選擇的可行性，這些都屬於另一項費用。你們都是這麼做的嗎？

That's correct. Our impairment line item would be that you see on the face financial statements would be anything that is owned in either, owned and in some stage of development or owned in an active community if it's pre-acquisition cost, it will go through the other.

沒錯。我們的減損項目是您在財務報表上看到的，它是所擁有的任何東西，處於某個開發階段，或者在活躍的社區中擁有，如果它是收購前的成本，它將通過另一個。

Okay, great. That's all I have. Thanks, fellows. Appreciate it.

好的，太好了。這就是我的所有了。謝謝大家。非常感謝。

Thank you.

謝謝。

You're welcome.

不客氣。

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。我想將會議交還給 Dale 來做結束語。

Thanks, operator. To everyone on the call, thank you for time today and interest in Century Communities. We're very pleased with the strong growth across a range of metrics that we saw in 2024 and are excited by our outlook for 2025 and beyond.

謝謝，接線生。感謝電話會議中的每個人今天抽出時間並對世紀社區感興趣。我們對 2024 年一系列指標的強勁成長感到非常高興，並對 2025 年及以後的前景感到興奮。

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

此次會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。