Century Communities Inc (CCS) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Century Communities, Inc. first quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Tyler Langton, SVP of Investor Relations. Please go ahead.

女士們、先生們，下午好，歡迎參加 Century Communities, Inc. 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係高級副總裁 Tyler Langton。請繼續。

Good afternoon. Thank you for joining us today for Century Communities earnings conference call for the first quarter 2025. 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.感謝您今天參加世紀社區 2025 年第一季財報電話會議。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。這些聲明是基於管理層目前的預期，並受到許多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 on 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.

其中一些風險和不確定性可以在公司最新的 10-K 報表中的「風險因素」標題下找到，並由我們最新的 10-Q 報表和其他 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. Hosting the call today are Dale Francescon, Executive Chairman; Rob Francescon, Chief Executive Officer and President; and Scott Dixon, Chief Financial Officer. Following today's prepared remarks, we will open up the line for questions.

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。本公司呈現的這些資訊並非旨在單獨考慮或取代依照 GAAP 呈現的財務資訊。今天主持電話會議的有執行主席 Dale Francescon、執行長兼總裁 Rob Francescon 和財務長 Scott Dixon。在今天的準備好的發言之後，我們將開放提問環節。

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. Over the past few months, we have seen an increase in economic uncertainty, interest rate volatility and eroding consumer confidence, which have contributed to a slower-than-typical spring selling season. Our absorption rate in the first quarter was weaker than we had expected heading into the year as these economic concerns, coupled with constraints on affordability, have led to elongated sales cycles and caused some homebuyers to pause.

謝謝你，泰勒，大家下午好。在過去的幾個月裡，我們看到經濟不確定性增加、利率波動和消費者信心下降，這些都導致​​春季銷售季節比往年慢。由於這些經濟問題加上負擔能力的限制，導致銷售週期延長，並導致一些購房者暫停購房，因此我們第一季的吸收率低於年初的預期。

That said, we still firmly believe there is underlying demand for affordable new homes supported by solid demographic trends. Despite the current headwinds, our deliveries of 2,284 homes were only 3% below year ago levels, while our average sales price declined by approximately 1% on a year-over-year basis.

儘管如此，我們仍然堅信，在穩固的人口趨勢的支持下，對經濟適用新房有潛在需求。儘管目前面臨逆風，但我們交付的 2,284 套房屋僅比去年同期低 3%，而我們的平均銷售價格同比下降了約 1%。

During the quarter, we focused on balancing pace and price while managing our direct construction costs and incentive levels. As a result, we were able to maintain relatively stable homebuilding gross margins of 20.1%, excluding purchase price accounting in the first quarter, which eased by only 80 basis points on a sequential basis.

在本季度，我們專注於平衡速度和價格，同時管理直接建造成本和激勵水平。因此，我們能夠維持相對穩定的房屋建築毛利率 20.1%（不包括第一季的購買價格核算），季減 80 個基點。

Our first quarter net new contracts totaled 2,692 homes, a 6% decline versus the healthy levels we saw in the year ago quarter and a 33% increase over first quarter 2023 levels. Our absorption pace averaged 2.8 in the first quarter of 2025 and increased sequentially in both February and March, likely benefiting from both seasonality and the decline in mortgage rates over much of the first quarter. So far in April, our absorption rate is trending below first quarter 2025.

我們第一季的淨新合約總數為 2,692 套房屋，比去年同期的健康水準下降了 6%，比 2023 年第一季的水準增加了 33%。2025 年第一季度，我們的吸收速度平均為 2.8，2 月和 3 月均較上季上升，這可能得益於季節性因素以及第一季大部分時間抵押貸款利率的下降。截至 4 月份，我們的吸收率趨勢低於 2025 年第一季。

As we mentioned last quarter, given our lot pipeline and community count, we have the ability to grow our deliveries by approximately 10% annually over the next several years. That said, we are not focused on growth for the sake of growth alone, and we'll look to balance pace and price at the community level to optimize our returns.

正如我們上個季度所提到的，考慮到我們的地段管道和社區數量，我們有能力在未來幾年內將交付量每年增加約 10%。話雖如此，我們並不僅僅為了成長而關注成長，我們還將在社區層面平衡速度和價格，以優化我們的回報。

We continue to target our sales efforts and incentives on monetizing, completing and completing comes while matching our start pace with our current and anticipated sales pace to maintain an appropriate level of spec inventory within our communities.

我們繼續將銷售努力和激勵措施集中在貨幣化、完成和完成上，同時將我們的起始速度與當前和預期的銷售速度相匹配，以維持我們社區內適當的規格庫存水準。

I also wanted to briefly address the topic of tariffs. While the situation is obviously fluid at this time, we are not expecting to see any meaningful increase in our direct costs in the near term. The majority of the products that we purchase are either made in the US are currently exempt from tariffs under the USMCA agreement.

我還想簡單談談關稅問題。雖然目前的情況顯然不穩定，但我們預期短期內直接成本不會有任何顯著增加。我們購買的大多數產品都是在美國製造的，根據 USMCA 協議，目前均免關稅。

We also have price protection agreements with our preferred supplier partners for many of the noncommodity products that we purchase and believe that with our relationships, we will be able to work with our suppliers to mitigate the impact of any potential increased costs that could occur throughout their supply chains.

我們還與我們的首選供應商合作夥伴就我們購買的許多非商品產品簽訂了價格保護協議，並相信透過我們的關係，我們將能夠與我們的供應商合作，以減輕其整個供應鏈中可能出現的任何潛在成本增加的影響。

In closing, I want to highlight that Century was recently selected to Newsweek's list of America's Most Trustworthy Companies for the third year in a row. We believe our inclusion on this list is a testament to the dedication of our team members and trade partners, which allows us to execute on our mission of consistently delivering A home For Every Dream, and we want to thank them for their efforts.

最後，我想強調的是，世紀集團最近連續第三年被《新聞周刊》評選為美國最值得信賴的公司之一。我們相信，我們被列入此名單證明了我們的團隊成員和貿易夥伴的奉獻精神，這使我們能夠始終如一地實現為每個夢想提供家園的使命，我們要感謝他們的努力。

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. As expected, our incentives on closed homes increased to approximately 900 basis points in the first quarter 2025, up from roughly 800 basis points in the fourth quarter 2024. Our incentives on new orders in the first quarter also averaged approximately 900 basis points.

謝謝你，戴爾，大家下午好。正如預期的那樣，我們對已關閉房屋的激勵措施從 2024 年第四季的約 800 個基點增加到 2025 年第一季的約 900 個基點。我們第一季的新訂單激勵措施也平均約為 900 個基點。

Looking forward, we continue to expect incentive levels to be the largest driver of changes to our gross margins in the near term and anticipate second quarter incentives to increase by up to another 200 basis points due to the current conditions that are weighing on order activity. We had continued success in controlling our costs in the first quarter with both our direct construction and finished lot costs on the homes we delivered roughly flat on a sequential basis.

展望未來，我們繼續預期激勵水準將成為短期內毛利率變化的最大驅動力，並預期由於目前對訂單活動造成壓力的情況，第二季的激勵水準將再增加 200 個基點。我們在第一季繼續成功控製成本，我們交付的房屋的直接建設成本和竣工地塊成本與上一季基本持平。

On a year-over-year basis, our direct construction costs declined by 4%. During the first quarter, our cycle times remained at approximately four months, and we have not seen any impacts from immigration reform on our labor base so far. While we are performing well on the cost side, we are still taking actions to further streamline our cost structure.

與去年同期相比，我們的直接建築成本下降了 4%。在第一季度，我們的週期時間保持在四個月左右，到目前為止，我們還沒有看到移民改革對我們的勞動力基礎產生任何影響。雖然我們在成本方面表現良好，但我們仍在採取行動進一步精簡我們的成本結構。

Given the slower-than-expected spring selling season, in mid-April, we made the difficult decision to rightsize our workforce along with implementing other cost-savings programs to lower our fixed costs. The savings from these initiatives will flow through cost of home sales, SG&A, and financial services, more of a benefit in the third and fourth quarters of this year compared to the second quarter.

鑑於春季銷售旺季低於預期，四月中旬，我們做出了一個艱難的決定，調整員工規模並實施其他成本節約計畫以降低固定成本。這些措施節省下來的資金將流向房屋銷售成本、銷售、一般及行政費用以及金融服務，與第二季度相比，今年第三季和第四季的收益更大。

We ended the first quarter with a community count of 318, up 26% on a year-over-year basis. While it is still early and also 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-single-digit percentage range, which will provide a strong base to execute from over the next couple of years. In the first quarter, we started 2,211 homes and similar to last quarter, continued our focus on maintaining an appropriate level of spec home inventory.

第一季結束時，我們的社區數量為 318 個，年增 26%。雖然現在還為時過早，我們也認識到 2024 年我們的社區數量將增長 28%，但我們目前預計 2025 年底我們的社區數量將進一步增加到中等個位數百分比範圍，這將為未來幾年的執行奠定堅實的基礎。第一季度，我們開工建造了 2,211 套房屋，與上一季類似，我們繼續致力於維持適當水準的規格住宅庫存。

Turning to land. We ended the first quarter with close to 80,000 owned and controlled lots with our controlled lots accounting for 55% of our total lot count. Both our owned and total lot count have remained consistent since the third quarter of last year, and we have continued to be disciplined on the land front and underwrite deals to current market assumptions.

轉向陸地。截至第一季度，我們擁有和控制的地塊數量接近 80,000 個，其中我們控制的地塊佔總地塊數量的 55%。自去年第三季以來，我們擁有的土地數量和總土地數量一直保持一致，我們在土地方面繼續嚴守紀律，並根據當前市場假設承銷交易。

Before turning the call over to Scott, I want to provide an overview of our land strategy. While we are involved in land banking agreements in a handful of our current communities, our low-risk, land-light business strategy is primarily based on what I would describe as more traditional option agreements with individual landowners and third-party land developers that require lower levels of deposits and offer a greater transfer of risk.

在將電話轉給斯科特之前，我想概述我們的土地策略。雖然我們目前在少數社區都參與了土地儲備協議，但我們的低風險、輕土地業務策略主要基於我所描述的與個人土地所有者和第三方土地開發商簽訂的更傳統的選擇權協議，這些協議需要的押金水平較低，但風險轉移程度更高。

To highlight this point, at the end of the first quarter, our 43,000 controlled lots were secured by nonrefundable deposits that totaled only $71 million. While there is clearly uncertainty in the market, we are proactively managing our costs, targeting incentives to drive incremental sales, remain disciplined on starts at inventory levels, but still continuing to position the company for growth in the years ahead while mitigating risk.

為了強調這一點，在第一季末，我們控制的 43,000 個地塊均由總額僅為 7,100 萬美元的不可退還押金擔保。儘管市場顯然存在不確定性，但我們正在積極管理成本，瞄準激勵措施以推動增量銷售，在庫存水平上保持紀律，但仍在繼續為公司未來幾年的成長做好準備，同時降低風險。

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，讓他更詳細地討論我們的財務表現。

Thank you, Rob. In the first quarter of 2025, pretax income was $53 million and net income was $39 million or $1.26 per diluted share. Adjusted net income was $42 million or $1.36 per diluted share. EBITDA for the quarter was $73 million and adjusted EBITDA was $76 million. Home sales revenues for the first quarter were $884 million, down 4% versus the prior year quarter on lower deliveries and average sales price.

謝謝你，羅布。2025 年第一季度，稅前收入為 5,300 萬美元，淨收入為 3,900 萬美元，即每股攤薄收益 1.26 美元。調整後的淨收入為 4,200 萬美元，即每股 1.36 美元。本季的 EBITDA 為 7,300 萬美元，調整後的 EBITDA 為 7,600 萬美元。第一季房屋銷售收入為 8.84 億美元，由於交貨量和平均銷售價格下降，比去年同期下降 4%。

Our first quarter average sales price of $387,000 decreased by 1% on a year-over-year basis primarily due to the higher level of incentives. Our deliveries of 2,284 homes in the first quarter declined by 3% on a year-over-year basis and were impacted by our decision to manage our starts at a lower level over the past two quarters with elevated mortgage rates and economic uncertainty also weighing on order activity.

我們第一季的平均銷售價格為 387,000 美元，年減 1%，主要原因是激勵措施水準較高。我們第一季交付了 2,284 套房屋，年減 3%，這是受到我們過去兩個季度決定將開工量控制在較低水平的影響，而抵押貸款利率上升和經濟不確定性也對訂單活動造成壓力。

For the second quarter 2025, we expect our deliveries to range from 2,300 to 2,500 homes, assuming an absorption pace similar to first quarter 2025 levels of 2.8. Looking out to the back half of the year, we would expect further sequential increases in our deliveries in both the third and fourth quarters of 2025.

假設吸收速度與2025年第一季2.8%的水平持平，我們預計2025年第二季的交付量將在2,300至2,500套之間。展望下半年，我們預計2025年第三季和第四季的交付量將進一步較上季成長。

At quarter end, our backlog of sold homes was 1,258 valued at $521 million with an average price of $414,000. While the average price of our first quarter backlog was above the average sales price of our first quarter deliveries. This difference is largely due to mix, including a percentage of Century Complete homes.

截至本季末，我們已售出房屋積壓量為 1,258 套，價值 5.21 億美元，平均價格為 414,000 美元。而我們第一季積壓訂單的平均價格高於第一季交付的平均銷售價格。這種差異主要是由於混合造成的，其中包括一定比例的 Century Complete 住宅。

In the first quarter, adjusted homebuilding gross margin was 21.6% compared to 22.9% in the fourth quarter 2024. And GAAP homebuilding gross margin was 19.9% versus 20.6% in the prior quarter. Additionally, purchase price accounting associated with our two acquisitions in 2024 reduced our first quarter 2025 gross margin by 20 basis points. We would expect purchase price accounting to have a similar impact on our homebuilding gross margin in the second quarter of 2025.

第一季度，調整後的房屋建築毛利率為 21.6%，而 2024 年第四季為 22.9%。而 GAAP 房屋建築毛利率為 19.9%，上一季為 20.6%。此外，與我們 2024 年兩次收購相關的購買價格核算導致我們 2025 年第一季的毛利率降低了 20 個基點。我們預計購買價格會計將對我們 2025 年第二季的房屋建築毛利率產生類似的影響。

For the second quarter 2025, both our direct construction and finished lot costs should be roughly flat quarter-over-quarter as we continue to successfully manage our costs. However, we expect homebuilding gross margin to ease on a sequential basis due to higher levels of incentives. SG&A as a percentage of home sales revenue was 13.7% in the first quarter.

2025 年第二季度，由於我們繼續成功管理成本，我們的直接建設成本和竣工地塊成本應與上一季基本持平。然而，由於激勵措施力度加大，我們預期住宅建築毛利率將較上季下降。第一季度，銷售、一般及行政費用佔房屋銷售收入的百分比為 13.7%。

Assuming the midpoint of our full year home sales revenue guidance, which I'll detail shortly, we would expect our SG&A as a percent of home sales revenue to be roughly 12.5%. Also, so that people can better model our SG&A, we would expect roughly 70% of our SG&A to be fixed and 30% variable for the full year 2025.

假設我們全年房屋銷售收入指引的中點（我很快就會詳細說明），我們預期銷售、一般及行政費用將佔房屋銷售收入的百分比約為 12.5%。此外，為了讓人們更好地模擬我們的銷售、一般和行政費用 (SG&A)，我們預計 2025 年全年約 70% 的銷售、一般和行政費用是固定的，30% 是可變的。

For the second quarter of 2025, we expect our SG&A as a percent of home sales revenue to be approximately 13.5%. Revenues from financial services were $18.5 million in the first quarter and the business generated pretax income of $2.4 million. We would expect a similar margin profile for the financial services business for the remaining three quarters of this year. Our tax rate was 25% in the first quarter 2025.

對於 2025 年第二季度，我們預計銷售、一般及行政費用將佔房屋銷售收入的百分比約為 13.5%。第一季金融服務收入為 1,850 萬美元，該業務產生的稅前收入為 240 萬美元。我們預計今年剩餘三個季度金融服務業務的利潤率將呈現類似的水準。2025 年第一季我們的稅率為 25%。

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

我們繼續預計 2025 年全年稅率將在 25% 至 26% 之間，較 2024 年全年稅率 24.1% 有所增加，這主要是由於預計符合 45L 抵免條件的房屋數量減少。

Our first quarter 2025 net homebuilding debt and net capital ratio equaled 30.1% and compared to fourth quarter of 2024 levels of 27.4%. Our homebuilding debt-to-capital ratio equaled 32.4% in the first quarter and compared to fourth quarter 2024 levels of 30.3%. During the quarter, we increased our quarterly cash dividend by 12% to $0.29 per share and have consistently grown our dividend on an annual basis since its initiation in 2021.

我們 2025 年第一季的淨房屋建築債務和淨資本比率為 30.1%，而 2024 年第四季的水準為 27.4%。我們第一季的房屋建築債務資本比率為 32.4%，而 2024 年第四季的水準為 30.3%。本季度，我們將季度現金股息提高了 12%，達到每股 0.29 美元，自 2021 年設立以來，我們的股息每年都在持續成長。

In the first quarter, we also repurchased 753,000 shares of our common stock for $56 million at an average share price of $73.76 or a 13% discount to our book value per share of $84.41 as of the end of the first quarter. We ended the quarter with $2.6 billion in stockholders' equity and $788 million of liquidity. Additionally, in mid-April, we increased the capacity of our senior unsecured credit facility to $1 billion from $900 million. We also have no senior debt maturities until June of 2027, providing us ample flexibility with our leverage management.

在第一季度，我們也以 5,600 萬美元的價格回購了 753,000 股普通股，平均股價為 73.76 美元，較第一季末每股帳面價值 84.41 美元折價 13%。本季結束時，我們的股東權益為 26 億美元，流動資金為 7.88 億美元。此外，4月中旬，我們將優先無擔保信貸額度從9億美元提高到10億美元。我們的優先債務到期日為 2027 年 6 月，這為我們的槓桿管理提供了充足的靈活性。

Turning to guidance. With the ongoing economic uncertainty, interest rate volatility and declining consumer confidence impacting our order activity, we are reducing our full year home delivery guidance to be in the range of 10,400 to 11,000 homes and home sales revenue to be in the range of $4 billion to $4.2 billion. Our full year home delivery guidance assumes an average absorption rate of approximately 2.8% for the full year 2025.

轉向指導。由於持續的經濟不確定性、利率波動和消費者信心下降影響我們的訂單活動，我們將全年房屋交付指導下調至 10,400 至 11,000 套房屋，房屋銷售收入下調至 40 億美元至 42 億美元。我們的全年外送上門指引假設 2025 年全年的平均吸收率約為 2.8%。

In closing, we are taking the necessary steps to address the headwinds facing the market, including reducing our costs, remaining disciplined on the land front, and maintaining appropriate level of spec home inventory are matching our starts with our sales. At the same time, subject to market demand, we have the ability to grow our deliveries by approximately 10% annually over the next several years given our lot pipeline, community count and strong balance sheet.

最後，我們正在採取必要措施來應對市場面臨的阻力，包括降低成本、在土地方面保持紀律、以及維持適當的規格住宅庫存水平，以使我們的開工量與銷售額相匹配。同時，根據市場需求，憑藉我們的地段管道、社區數量和強勁的資產負債表，我們有能力在未來幾年內將交付量每年增加約 10%。

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

這樣，我就可以開始回答問題了？

(Operator Instructions)

（操作員指示）

Carl Reichardt, BTIG.

卡爾·賴哈特（Carl Reichardt），BTIG。

So I'm looking at your absorption rate between communities and Complete, and Complete was up, I think, if I got it right, 4%. But the core businesses, the regionals were down 38% during the quarter. And wondering if you'd like to talk about why that difference was so stark if the macro has kind of impacted everything the same. Is that a function of the aggressiveness of some of your entry-level peers in their pricing and incentive structures? And if so, how do you combat that as you get further into the spring and into the summer.

因此，我正在查看社群和 Complete 之間的吸收率，如果我沒記錯的話，Complete 的吸收率上升了 4%。但核心業務和地區業務在本季下降了 38%。我想知道您是否願意談談，如果宏觀因素對所有事物的影響都一樣，那麼為什麼差異會如此明顯。這是不是由於一些入門級同行在定價和激勵結構上比較激進？如果是這樣，那麼隨著春季和夏季的臨近，您將如何應對這一問題？

Yeah. Carl, great question and I appreciate it. So a lot of dynamics that obviously are interplaying between our Century brand as well as our Century Complete. I think one of the benefits that we've always had on the Century Complete brand that I think you're seeing run through some of those numbers. Is just the fact that we are playing in some markets where they're, quite frankly, it's not as much direct competition from other builders. And I think that's really played itself through in a little bit more of a stable absorption profile here in the first quarter.

是的。卡爾，這個問題問得很好，我很感激。因此，我們的 Century 品牌和 Century Complete 之間顯然存在著許多相互作用的動態。我認為 Century Complete 品牌一直以來的優勢之一就是您可以從這些數字中看到這一點。事實是，我們在一些市場中，坦白說，與其他建築商的直接競爭並不多。我認為，這確實在第一季的吸收狀況中發揮了更穩定的作用。

But more specifically, Carl, just real quick, when we look at it, though, on the community side, Texas really had the lowest performance at 2.1 absorption. And part of that is some things that we're working on fixing, of course, but that was really one of the outliers that dropped things down as well.

但更具體地說，卡爾，當我們快速看一下時，從社區方面來看，德克薩斯州的表現確實最低，吸收率為 2.1。當然，其中一部分是我們正在努力解決的一些問題，但這確實也是導致事情失敗的異常值之一。

Okay. And when you're thinking about moving product going forward just to maintain the pace that you've got, and I think you said April was slower than Q1 already, are you looking more aggressively at direct price cuts on finished units or near-finished units versus incentives or versus like interest rate buydowns and other kinds of nonbase price cut incentives? And maybe you can talk about if that mix is shifting.

好的。當您考慮推動產品向前發展以保持現有的速度時，我想您說過 4 月份的速度已經比第一季慢了，您是否更積極地考慮對成品或接近成品的單位直接降價，而不是採取激勵措施或利率買斷和其他類型的非基本降價激勵措施？也許您可以談談這種組合是否正在改變。

Well, homes that are complete that are unsold, we're definitely moving both with interest rate buydowns as well as price reductions. So that's why we've messaged here that our margins could be off in Q2 based on another 200 -- up to another 200 basis points in incentives to move that product. So yes, those are being discounted higher if they're complete and unsold.

嗯，對於已完工但未售出的房屋，我們肯定會採取降低利率和降低價格的措施。因此，我們在此傳達的訊息是，由於該產品的銷售激勵措施將再下降 200 個基點，因此我們的利潤率在第二季度可能會下降。所以是的，如果它們是完整的並且未售出，折扣會更高。

Great. Appreciate it. Thanks for those.

偉大的。非常感謝。謝謝你們。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

So I'm just trying to walk through the closing guidance map here. 2,285 closings, I think, for this quarter, and then you're talking roughly somewhere between 2,400 for the second quarter and then a pretty big jump, I guess, in your cadence in the back half of the year. I mean, normally, you would see closings go up in the back half. But if you're seeing this much headwind, what makes you think that's going to happen? Is it going to be community growth or something else? I guess just kind of walk us through how you're thinking about the back half from a volume perspective.

所以我只是想在這裡介紹一下收盤指導圖。我認為，本季收盤量為 2,285 筆，而第二季的收盤量大約在 2,400 筆之間，我猜，下半年的節奏將出現相當大的飛躍。我的意思是，通常情況下，你會看到下半年的收盤價會上升。但是如果你看到這麼大的逆風，是什麼讓你認為這會發生呢？這會是社區成長還是其他？我想請您從數量的角度向我們介紹一下您是如何考慮後半部分的。

Sure. Jay, I think you actually hit the nail on the head. The majority of our community count growth will really come online here in the second and the third quarter from a sales perspective. That's what we're counting a new community come online, which will really support the higher closings in the back half of the year even with kind of generally flat absorptions embedded within our guide.

當然。傑伊，我認為你說得確實很正確。從銷售角度來看，我們社區數量的成長大部分將在第二季和第三季實現。這就是我們所計算的新社區的上線，即使我們的指南中吸收量總體持平，它也將真正支持下半年更高的收盤價。

And then did you -- and I apologize if you said this already, but did you quantify what type of SG&A savings you think you might get from some of the layoffs that have happened?

然後你——如果你已經這麼說了，我很抱歉，但是你是否量化了你認為可以從已經發生的裁員中獲得多少類型的銷售、一般和行政費用節省？

So the savings from the various cost-reduction activities, which are -- which, of course, not just specific to the reduction in force, will flow through a handful of different line items, including cost of sales, SG&A as well as the financial services line items. From an SG&A perspective, those cost savings are incorporated in the guide for the full year of SG&A that we provided.

因此，各種成本削減活動所節省的資金（當然不僅限於裁員）將流向幾個不同的項目，包括銷售成本、銷售、一般及行政費用以及金融服務項目。從銷售、一般和行政費用 (SG&A) 的角度來看，這些成本節省已納入我們提供的全年銷售、一般和行政費用指南中。

And then -- go ahead.

然後——繼續。

No, go ahead, Jay, sorry.

不，繼續吧，傑伊，對不起。

All right. No, I was just going to ask in terms of pricing, I guess, any help you can give us there in terms of some of the level of the price cuts you're having to make? And also with the buydowns that you all are doing and that you talked about, I guess, is it still [5.5 to 5.75]? Is that kind of the sweet spot where people get interested? Or are you having to buy it down even further right now just given some of the other affordability challenges that are out there?

好的。不，我只是想問一下價格方面的問題，我想，您能就您必須做出的降價幅度給我們什麼幫助嗎？還有你們正在進行的和你們談到的收購，我想，這是否仍然[5.5 到 5.75]？這是不是人們感興趣的最佳時機？或者，考慮到目前面臨的其他一些負擔能力挑戰，您是否必須進一步降低價格？

So generally speaking, for the first quarter, that average rate that we were buying down to has been pretty consistent in the [mid-5s]. Now as we move forward, and obviously, with the volatility that's occurred in rates here, that cost could obviously continue to increase. And I think, I mean, generally speaking, from an incentive standpoint, we've been running kind of [55 price, 45 incentive] -- or excuse me, mortgage. And I think you'll see that generally continue to play itself out over that additional 200 basis points that we currently see with how April itself has played itself out.

因此，總體而言，第一季我們購買的平均利率一直相當穩定。[5 秒中]。現在，隨著我們不斷前進，顯然，隨著利率的波動，成本顯然會繼續增加。我認為，一般來說，從激勵的角度來看，我們一直在實行 [55% 價格，45% 激勵] — — 或者對不起，抵押貸款。我認為，您會看到，這一趨勢總體上將繼續在額外的 200 個基點上繼續顯現，就像我們目前在 4 月所看到的一樣。

Okay. Great. Thanks so much for taking my questions today.

好的。偉大的。非常感謝您今天回答我的問題。

Alan Ratner, Zelman & Associates.

艾倫·拉特納（Alan Ratner），澤爾曼與合夥人公司。

I was hoping just to better understand a little bit the timing of the incentive increase. You mentioned second quarter kind of expecting it to be up about 200 basis points. On the other hand, it sounds like April has been a softer month from an order perspective. So were these incentive increases done kind of more recently in recent days in response to the continued softness in sales? Or were they done earlier in the month, and we still haven't seen a response, I guess, or at least an acceleration from that?

我只是希望能夠更了解激勵增加的時機。您提到第二季度預計它會上漲約 200 個基點。另一方面，從訂單角度來看，四月似乎是一個較為疲軟的月份。那麼，這些激勵措施的增加是否是為了應對持續疲軟的銷售狀況而最近才採取的？或者他們在本月初就完成了，而我們仍然沒有看到回應，我猜，或者至少沒有看到加速？

Yeah. Alan, I think the easiest way to kind of articulate it is, obviously, there's been a change here that we've seen in the consumer profile, at least at the volatility post March, right, into early April. Certainly, that volatility has been in the market has caused the consumer to pause. And so where we're at currently, we believe we are anticipating some additional incentives that we've recently put in place in order to achieve the absorptions that we're booking for into Q2.

是的。艾倫，我認為最簡單的表達方式是，顯然，我們在消費者概況中看到了變化，至少在 3 月之後到 4 月初的波動性方面是如此。當然，市場的波動已經導致消費者猶豫不決。因此，就我們目前的情況而言，我們相信我們預計最近會採取一些額外的激勵措施，以實現我們在第二季度預定的吸收量。

Got it. So it's more of a prospective look based on kind of the continued volatility, I guess, in the market. So I guess that kind of somewhat answers my next question, but it sounds like for your full year absorption guide of 2.8, that's in line with your average in the first quarter, maybe even a bit above year-to-date if you include April softness in there.

知道了。因此，我猜這更多的是基於市場持續波動的前瞻性看法。所以我想這在某種程度上回答了我的下一個問題，但聽起來，對於您全年的吸收指南 2.8 來說，這與您第一季的平均水平一致，如果將 4 月份的疲軟計算在內，甚至可能略高於年初至今的平均水平。

So that's counter seasonal. I mean, normally, we would see absorptions a bit lower, certainly in the fourth quarter. So is that stability just based on your expectation or your, I guess, strategy, if you will, to do what you need to do from an incentive standpoint to kind of hit that type of absorption level?

所以這是反季節的。我的意思是，通常情況下，我們會看到吸收量略低一些，尤其是在第四季度。那麼，這種穩定性是否僅僅基於您的期望或您的策略，如果您願意的話，從激勵的角度做您需要做的事情以達到那種吸收水平？

Yeah. I think that is fair, Alan, yes.

是的。我認為這很公平，艾倫，是的。

Okay. Perfect. All right. And then finally, just on the tariffs. I know you mentioned kind of no significant cost impact. I'm just curious, is there any potential or are you at all kind of concerned about the potential for some supply chain disruptions from all of this noise?

好的。完美的。好的。最後，我們來談談關稅問題。我知道您提到沒有顯著的成本影響。我只是好奇，這些噪音是否有可能造成供應鏈中斷？或者您擔心這些噪音可能會導致供應鏈中斷？

Just kind of thinking like if builders were to try to move around some of their suppliers to try to mitigate some of these potential cost headwinds, would that cause any stress on some domestic suppliers or distributors or any bottlenecks? Have you had any conversations with trade alluding to that at all?

只是有點想，如果建築商試圖轉移一些供應商以試圖減輕一些潛在的成本阻力，這會給一些國內供應商或分銷商帶來壓力或瓶頸嗎？您是否與貿易部門進行過有關此事的對話？

Yeah. I mean we've obviously been cognizant that, that could be a result going forward. We haven't seen anything today, of course. But we're fully aware that, that could happen and working toward, if it did, how we would mitigate that. But again, nothing today. It's still very fluid as things are moving around, but it is a possibility.

是的。我的意思是，我們顯然已經意識到，這可能是未來的結果。當然，我們今天什麼也沒看到。但我們完全意識到這種情況可能會發生，如果發生這種情況，我們將努力減輕這種情況。但今天又什麼都沒有。由於事情仍在不斷變化，所以情況仍然非常不穩定，但這是一種可能性。

Understood. Thanks a lot. Appreciate it.

明白了。多謝。非常感謝。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

This is Andrew Azzi on for Mike. Just wanted to drill down -- I'm not sure if you covered this. I joined a bit late, but if possible, I wanted to drill down a bit into the demand trends over the last couple of months within the quarter. Obviously, we know April was pretty volatile, but yeah.

我是安德魯‧阿齊 (Andrew Azzi)，代替麥克 (Mike)。只是想深入了解一下——我不確定您是否涵蓋了這一點。我加入得有點晚，但如果可能的話，我想深入了解本季過去幾個月的需求趨勢。顯然，我們知道四月相當動盪，但是是的。

Yeah. What we really saw in the first quarter was with very typical seasonality, albeit muted from the very, very strong 2024 that we experienced in the first quarter. So sequentially, demand absorption, traffic, et cetera, were up as we moved through the quarter with March being a fairly typical March and kind of a 3.5 from an absorption standpoint.

是的。我們在第一季看到的是典型的季節性，儘管與我們在第一季經歷的非常強勁的 2024 年相比有所減弱。因此，隨著我們進入本季度，需求吸收、流量等依次上升，3 月份是一個相當典型的 3 月份，從吸收的角度來看，其增長率為 3.5。

And really, the most recent change has been that we want to make sure is articulated here in the materials is certainly the volatility in April has caused our consumer to pause. But again, from a two first-quarter's orders perspective, very typical seasonality, albeit a little bit more muted than 2024, a little bit more on pace with 2023.

事實上，最近的變化是，我們希望確保在材料中清楚地表達出來，四月份的波動肯定已經導致我們的消費者停下來。但同樣，從兩個第一季的訂單角度來看，這是非常典型的季節性，儘管比 2024 年稍微溫和一些，但與 2023 年的步伐略有相似。

Got it. And then maybe a bigger-picture question on kind of the long-term 10% growth. What do you envision that to look like from a community count perspective versus, let's say, like a normalized sales pace when you give that number of 10%?

知道了。然後也許還有一個關於長期 10% 成長的更大問題。從社區數量的角度來看，您設想的情況會是如何？與此相比，當您給出 10% 這個數字時，標準化的銷售速度又會如何？

Yeah. Difficult to obviously foresee where absorptions are going to be. As we got into mid- last year with the two acquisitions that we did and the efforts that we provided on the land front, the focus is really getting on the additional store count from which to drive volume from. That really hasn't changed as we sit here today. So we anticipate year-over-year that we'll be up in the mid-single digits from a community count standpoint.

是的。很難明顯預見吸收將發生在哪裡。進入去年年中，我們完成了兩次收購，並在土地方面做出了努力，現在的重點是增加門市數量，從而提高銷售量。直到今天我們坐在這裡，這一點確實沒有改變。因此，從社區數量的角度來看，我們預期同比成長率將達到中等個位數。

So from a position from growth, I think we continue to be in a very good position to drive incremental leverage in G&A over the long term out of our community counts. We continue to review upcoming communities under today's market assumptions to ensure that they're underwriting with the environment that we're in.

因此，從成長的角度來看，我認為我們將繼續處於非常有利的位置，從長遠來看，透過社群計數來推動 G&A 的增量槓桿作用。我們將繼續根據當今的市場假設來審查即將建成的社區，以確保它們符合我們所處的環境。

But we certainly feel optimistic about long-term demand with our consumer profile of the product that we're providing. And so I think we're very optimistic in achieving that growth over a longer period of time. Certainly, the market dynamics of the first quarter and then really recently here in April have slowed down on the absorption side, but we'll continue to work towards getting additional community count open to leverage the infrastructure that we have.

但根據我們所提供產品的消費者概況，我們對長期需求確實感到樂觀。因此我認為我們對在較長時期內實現這一增長非常樂觀。當然，第一季以及最近四月份的市場動態在吸收方面已經放緩，但我們將繼續努力開放更多社區，以利用我們現有的基礎設施。

Really appreciate all the color. That's helpful. Thank you so much.

真的很欣賞所有的顏色。這很有幫助。太感謝了。

Ken Zener, Seaport Research Partners.

肯‧澤納 (Ken Zener)，海港研究夥伴。

Appreciate the transparency around the delta and incentives. That's very useful. Now if that's your general shift in incentives, did it occur more in the Century Complete product line? Or was it more just kind of regional in nature or is it price point in nature? I'm trying to discern how the different buyers might be demanding incentives.

讚賞三角洲和激勵措施的透明度。這非常有用。現在，如果這是您的激勵措施的整體轉變，那麼它是否在 Century Complete 產品線中更多地出現？或者它本質上只是一種區域性因素，還是價格點因素？我試圖辨別不同的買家可能如何要求激勵。

Ken, a handful of dynamics that are running through the various different regions on incentives. I think from a mortgage incentive side, you see it very consistently across our buyer profile. Our Century Complete brand, as you're aware, is a little bit more of direct in terms of the pricing, not a ton of additional options that are available within the spec homes. And so you don't see as many just direct price reductions within that brand just as a normal course.

肯，激勵措施在各個不同地區都存在一些動態。我認為從抵押貸款激勵的角度來看，您會在我們的買家資料中非常一致地看到這一點。如您所知，我們的 Century Complete 品牌在定價方面更加直接，而不是在樣品屋中提供大量附加選項。因此，您不會像平常一樣看到該品牌直接降價。

Within the regions of Century Complete, I think -- or excuse me, the Century brand, we are seeing a little bit of a higher incentive level within likely our Texas region as opposed to our other regions. I don't know that I would necessarily slice it between any other price point. In general, the West has probably held up the strongest amongst all of our regions. But as you know, we're pretty focused on the first-time homebuyer. So generally speaking, the turns on incentives have been consistent across our regions.

我認為，在 Century Complete 區域內——或者對不起，在 Century 品牌內，與其他區域相比，我們在德克薩斯區域的激勵水平可能略高一些。我不知道我是否有必要將它劃分到其他價格點。總體而言，西部地區可能是我們所有地區中表現最強勁的地區。但正如您所知，我們非常關注首次購房者。整體來說，我們各個地區的激勵措施是一致的。

Right. Appreciate that. And then from when you guys gave guidance at the end of January, obviously, a few things happened, [to put it badly]. But what I'm interested in is your kind of process of thinking about it. So if your starts, I think you said 2,211 [first] quarter and you did about 2,700 orders (technical difficulty) --

正確的。非常感謝。從你們在一月底給予指導意見開始，顯然發生了一些事情，[說得不好]。但我感興趣的是你思考這個問題的過程。所以如果你開始的話，我想你說的是第一季有 2,211 個訂單，你大約有 2,700 個訂單（技術難度）——

Ken, did we lose you? Operator, are you still there?

肯，我們失去你了嗎？接線員，你還在嗎？

Yes. I think we lost the signals of Ken. I'll go to the next --.

是的。我想我們失去了肯的訊號。我會去下一個--.

Oh, I'm here.

噢，我在這裡。

Yes. We couldn't -- we heard just the first part of it and then -- apologies, we could not hear the last part of the question.

是的。我們沒能——我們只聽到了問題的第一部分，然後——抱歉，我們沒能聽到問題的最後一部分。

That's all right. I stopped talking, which is surprising. What I'm asking is, you obviously decelerated starts. So if I match your -- starts to your orders, that gives us a fair indication about your closing range. But do you have to do any destocking? A homebuilder today mentioned that they're actually just going to be, right, lowering their inventory because they want to reduce their spec count. Is that a situation where you are? Or do you see kind of orders and starts, in theory, walking hand in hand through the rest of the year?

沒關係。我停止說話了，這很令人驚訝。我問的是，你明顯減速起步了。因此，如果我將您的開始與您的訂單相匹配，這將為我們提供有關您的收盤範圍的合理指示。但你必須進行去庫存嗎？今天一位房屋建築商提到，他們實際上只是要降低庫存，因為他們想減少規格數量。您現在的情況也是這樣嗎？或者從理論上來說，您是否認為訂單和開工將在今年剩餘時間內齊頭並進？

Yeah. Ken, if you were to go back a couple of quarters into early last year, we were -- as the market was more robust, we certainly at a higher starts level. Really since the back half of last year, third quarter and really into the fourth quarter, we've moderated those starts such that -- especially we feel like we're in an appropriate position from an inventory level for which to move forward on.

是的。肯，如果你回顧去年年初的幾個季度，我們——由於市場更加強勁，我們的開工水平肯定更高。實際上，從去年下半年、第三季度到第四季度，我們已經對這些開局進行了調整——特別是我們覺得從庫存水平來看，我們處於一個可以繼續前進的適當位置。

Okay. Good. And I know I've asked this before, but like many of the builders report inventory and would give us a useful insight into that start number and inventory and stuff. But I do appreciate your clarity. Thank you.

好的。好的。我知道我之前問過這個問題，但就像許多建築商報告庫存一樣，這會讓我們對起始編號、庫存等有有用的了解。但我確實很欣賞你的清晰度。謝謝。

Alex Barrón, Housing Research Center.

住房研究中心的 Alex Barrón。

I wanted to understand how you guys are thinking about using cash flow that comes back as you close homes to buy incremental land versus stepping up on the share buyback given the discount to book value?

我想了解一下，你們是如何考慮利用關閉房屋時產生的現金流來購買增量土地，還是在帳面價值折扣的情況下加大股票回購的？

Yeah. Alex, great question. I think from a high level from a capital allocation perspective, really changes than kind of what we've previously discussed broadly over the last 18 months or so. I think our first priority is to reinvest in the business while keeping our leverage generally where you can see it run, which call it, 30% to 35% at various different points; by the end of the year, likely down into that 30% debt-to-cap range.

是的。亞歷克斯，好問題。我認為從資本配置的高層角度來看，這確實比我們過去 18 個月左右廣泛討論過的變化更大。我認為我們的首要任務是對業務進行再投資，同時將我們的槓桿率保持在您可以看到的水平，即在不同時間點保持在 30％ 到 35％ 之間；到今年年底，可能會降至 30％ 的債務與上限範圍。

Last year, we did over $100 million of returning capital to our shareholders both through our dividends as well as through share repurchases. And certainly, given the $55 million of share repurchases that we paid here during the first quarter, we're certainly well on our pace to hit or exceed that number next year. As we certainly look at -- continuing to look at our land pipeline and underwrite to the current market conditions, we certainly will be opportunistic when we think it makes sense to redeploy some of that capital to share buybacks.

去年，我們透過股利和股票回購向股東返還了超過 1 億美元的資本。當然，考慮到我們在第一季支付的 5,500 萬美元股票回購金額，我們明年肯定能夠達到或超過這個數字。正如我們肯定會考慮的那樣 - 繼續關注我們的土地儲備並根據當前的市場狀況進行承保，當我們認為重新部署部分資本以進行股票回購是合理的時候，我們肯定會抓住機會。

Got it. And as far as the decision whether to increase rate buydown versus cut prices, maybe in response to what your competitors are doing, how are you guys making that decision? What drives it?

知道了。至於是否增加利率買斷或降低價格的決定，可能是為了回應競爭對手的做法，你們是如何做出這個決定的？是什麼驅動了它？

I mean it's really a balancing act, and it goes down to the individual subdivision in house, Alex. And a lot of it depends on that particular market, what some of the competitors are doing. And candidly, we're all doing a lot of the same thing in that regard. But it really just depends on the particular market and the subdivision within that market. It's not just general across the board that one size fits all.

我的意思是這確實是一種平衡行為，它歸結為房子裡的個人細分，亞歷克斯。這在很大程度上取決於特定市場以及一些競爭對手的做法。坦白說，在這方面我們都在做很多相同的事情。但這實際上取決於特定的市場以及該市場內的細分。它並不是適用於所有情況的通用方法。

Okay. Best of luck for this year. Thank you.

好的。祝你今年好運。謝謝。

(Operator Instructions) There are no further questions at this time. I would hand over the call to Dale Francescon for closing remarks. Please go ahead.

（操作員指示）目前沒有其他問題。我將把電話交給 Dale Francescon 來做結束語。請繼續。

Thank you, operator. To everyone on the call, thank you for your time today and interest in Century Communities. For our team members, thank you for your hard work, dedication to Century and commitment to our valued homebuyers.

謝謝您，接線生。對於電話會議中的每個人，感謝你們今天抽出時間並對世紀社區感興趣。對於我們的團隊成員，感謝你們的辛勤工作、對世紀的奉獻以及對我們尊貴的購房者的承諾。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。