Century Communities Inc (CCS) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Century Communities Third Quarter 2025 Earnings Conference Call. (Operator Instructions) This call is being recorded on Wednesday, October 22, 2025.

女士們、先生們，午安。歡迎參加世紀社區2025年第三季財報電話會議。（操作員指示）本次通話於2025年10月22日星期三進行錄音。

I would now like to turn the conference over to Tyler Langton. Please go ahead.

現在我將把會議交給泰勒·蘭頓。請繼續。

Good afternoon. Thank you for joining us today for Century Communities Earnings Conference Call for the Third 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 and that could cause actual results to differ materially from those described or implied in the forward-looking statements. 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.

午安.感謝您今天參加世紀社區2025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聲明中描述或暗示的結果有重大差異。其中一些風險和不確定性可以在公司最新的 10-K 表格的「風險因素」標題下找到，也可以在我們最新的 10-Q 表格和其他提交給美國證券交易委員會的文件中找到。

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.

我們不承擔更新前瞻性聲明的義務。此外，本次電話會議也將討論一些非GAAP財務指標。公司提供的這些資訊不應被孤立地看待，也不應被視為替代按照公認會計原則編制的財務資訊。

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

今天主持電話會議的是執行董事長 Dale Francescon、執行長兼總裁 Rob Francescon 和財務長 Scott Dixon。在今天的演講結束後，我們將開放提問環節。這樣，我就把電話交給戴爾了。

Thank you, Tyler, and good afternoon, everyone. In the third quarter, we performed well in a challenging environment and generated solid financial and operational results, meeting or exceeding the expectations detailed on our second quarter conference call. We delivered 2,486 homes, hitting the high end of our guidance and our adjusted homebuilding gross margin of 20.1% was up slightly on a sequential basis as reductions in our direct costs offset higher incentives in the quarter. We continue to control our fixed G&A costs and successfully refinanced our 2027 senior notes with the offering of our 2033 notes at a slightly lower interest rate.

謝謝你，泰勒，大家下午好。第三季度，我們在充滿挑戰的環境下表現出色，取得了穩健的財務和營運業績，達到或超過了我們在第二季度電話會議上詳細闡述的預期。我們交付了 2486 套住房，達到了預期目標的上限，經調整後的房屋建造毛利率為 20.1%，環比略有上升，因為直接成本的降低抵消了本季度更高的激勵措施。我們繼續控制固定一般及行政費用，並透過以略低的利率發行 2033 年票據，成功地為 2027 年的高級票據進行了再融資。

We also repurchased an additional $20 million of our shares this quarter, bringing our year-to-date repurchases to 6% of our shares outstanding at the beginning of the year. While home buyer demand has been more muted this year due to weaker consumer confidence, we continue to believe there is pent-up demand for affordable new homes supported by solid demographic trends. Buyers remain hesitant and cautious given the current level of economic uncertainty but still have the desire to own a new home. As a result, we expect that any interest rate relief and improvement in consumer confidence will start to unlock buyer demand.

本季我們也回購了價值 2,000 萬美元的股票，使我們年初至今的股票回購量達到年初已發行股票總數的 6%。儘管今年由於消費者信心疲軟，購屋者的需求有所下降，但我們仍然認為，在穩健的人口趨勢支撐下，對經濟適用型新房的需求仍然存在。鑑於當前經濟情勢的不確定性，購屋者仍然猶豫不決、謹慎行事，但仍渴望擁有一套新房。因此，我們預期任何利率下調和消費者信心的改善都將開始釋放購買需求。

Before turning the call over to Rob, I wanted to briefly talk about our current strategy and some recent achievements. While we will remain disciplined in slower markets like we are experiencing now, we are still positioning the company for future growth as demonstrated by our expectations for our 2025 year-end community count to increase in the mid-single-digit percentage range. As we have said in the past, we expect this growth to come primarily from increasing our share within our existing markets. We currently hold top 10 positions in 13 of the 50 largest US markets with a goal of further increasing this penetration.

在將電話轉給羅布之前，我想先簡單談談我們目前的策略和最近的一些成就。儘管在像現在這樣市場成長放緩的情況下，我們仍將保持謹慎，但我們仍在為公司的未來成長做好準備，正如我們預計到 2025 年底社群數量將成長個位數百分比所表明的那樣。正如我們過去所說，我們預計這一增長將主要來自提高我們在現有市場份額。我們目前在美國 50 個最大的市場中的 13 個市場佔據前 10 名的位置，目標是進一步提高市場滲透率。

We have also continued to invest in people processes and systems that will drive top and bottom line improvements going forward, and we have made significant progress even in this difficult environment. While the operational benefits of our strategy are already apparent, as Rob will discuss, some of the financial benefits have been clouded by the higher incentives we've been offering this year and the impact of lower deliveries on our fixed G&A. Once the market begins to normalize, we are confident the value of these investments will be fully realized.

我們也持續投資於人員流程和系統，以推動未來營收和利潤的提升，即使在當前這種困難的環境下，我們也取得了顯著進展。正如羅布將要討論的那樣，雖然我們策略的營運效益已經顯而易見，但一些財務效益卻因我們今年提供的更高激勵措施以及交付量減少對我們固定一般及行政費用的影響而變得模糊不清。一旦市場開始恢復正常，我們相信這些投資的價值將會充分實現。

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

現在我將把電話交給羅布，讓他更詳細地討論我們的營運和土地狀況。

Thank you, Dale, and good afternoon, everyone. We are encouraged by the operational improvements that continue to accrue at the company and believe Century is well positioned to further leverage these gains as the market normalizes. These improvements run throughout the organization, including continued success in reducing our costs in the third quarter. Our direct construction costs on the homes we delivered are down 3% on a year-to-date basis. Through the third quarter, we have not seen any material increases in direct costs from tariffs and don't expect any impacts in the fourth quarter given the price protection agreements with our preferred supplier partners.

謝謝你，戴爾，大家下午好。我們對公司營運方面持續取得的進步感到鼓舞，並相信隨著市場恢復正常，Century 已做好充分準備，進一步利用這些成果。這些改善措施貫穿整個組織，包括第三季在降低成本方面持續取得成功。今年迄今為止，我們交付房屋的直接建築成本下降了 3%。第三季至今，我們沒有看到關稅導致直接成本出現任何實質成長，鑑於我們與首選供應商合作夥伴簽訂了價格保護協議，預計第四季也不會受到任何影響。

During the third quarter, our cycle times also continued to improve on both a year-over-year and sequential basis and currently sit at an average of 115 calendar days, with one-third of our divisions at 100 calendar days or less. Our customer satisfaction scores are at all-time highs, which leads to more referrals for both homebuyers and brokers as well as lower warranty costs. We have and continue to make meaningful improvements to both cost structures and cycle times and are proud of the best-in-class operations our teams have built.

第三季度，我們的週期時間也持續逐年和逐週改善，目前平均為 115 個日曆日，其中三分之一的部門週期時間為 100 個日曆日或更短。我們的客戶滿意度得分達到了歷史最高水平，這為購房者和經紀人帶來了更多推薦，同時也降低了保固成本。我們已經並將繼續在成本結構和週期時間方面做出有意義的改進，並為我們的團隊所打造的一流營運模式感到自豪。

Our third quarter net new contracts of 2,386 homes declined by 6% on a sequential basis better than our historical average decline of 9% from 2019 through 2024. We saw a month-over-month increase in our web traffic from June to September and in line with typical seasonality, our net orders and absorption rates were the lowest in July with both August and September levels ahead of July. So far in October, our orders are seasonally consistent with August and September levels. Even with headwinds from the market and seasonal pressures, our incentives on closed homes in the third quarter came in lower than the 100 basis point increase we forecasted on our second quarter conference call and average roughly 1,100 basis points in the third quarter 2025.

第三季淨新增房屋合約數量為 2,386 套，季減 6%，優於 2019 年至 2024 年 9% 的歷史平均降幅。從 6 月到 9 月，我們的網站流量逐月增長，並且與典型的季節性規律一致，我們的淨訂單和吸收率在 7 月最低，而 8 月和 9 月的水平都高於 7 月。截至目前，10月份的訂單量與8月和9月的水平基本持平。即使受到市場不利因素和季節性壓力的影響，我們第三季度對已成交房屋的激勵措施仍低於我們在第二季度電話會議上預測的 100 個基點的增長，並且到 2025 年第三季度平均約為 1100 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 given our success in managing costs. We currently expect incentives to increase by up to another 100 basis points in our fourth quarter deliveries as we compete with other builders for year-end closings.

展望未來，鑑於我們在成本控制方面取得的成功，我們預期激勵水準仍將是近期毛利率變動的最大驅動因素。我們目前預計，隨著我們與其他建築商競爭年底的交屋訂單，第四季度的交付獎勵措施將再增加至多 100 個基點。

In the third quarter, we started 2,440 homes and similar to the past several quarters have continued our focus on maintaining an appropriate level of spec home inventory by generally matching our starts with our sales. Our third quarter ending community count of 321 communities increased by 5% on a year-over-year basis. We continue to expect our year-end 2025 community count to increase in the mid-single-digit percentage range, which coupled with our 28% year-over-year growth for the full year 2024 will position us well for the upcoming spring selling season and provide a strong base for future growth in the years ahead.

第三季度，我們開工建造了 2440 套房屋，與過去幾個季度類似，我們繼續專注於保持適當的樣品房庫存水平，一般情況下，我們的開工量與銷售量相匹配。第三季末，我們的社區數量為 321 個，年增 5%。我們繼續預計到 2025 年底，我們的社區數量將以個位數百分比的中等水平增長，再加上 2024 年全年 28% 的同比增長，這將使我們為即將到來的春季銷售旺季做好充分準備，並為未來幾年的增長奠定堅實的基礎。

On the land side, our finished lot costs on the homes we delivered in the third quarter increased in the mid-single-digit range on both a year-over-year and sequential basis and we expect our finished lot costs in the fourth quarter to be roughly flat on a sequential basis. We ended the third quarter with over 62,000 owned and controlled lots. Our own block count has remained relatively steady since the third quarter of last year. We have remained disciplined on the land front and continue to underwrite deals to current market assumptions. Land sellers are adjusting terms, and we are starting to see some reductions in our raw land and development costs.

在土地方面，我們第三季度交付房屋的完工地成本同比和環比均增長了中等個位數，我們預計第四季度完工地成本將比去年同期持平。第三季末，我們擁有和控制的土地超過 62,000 個。自去年第三季以來，我們自己的區塊數量一直保持相對穩定。我們在土地投資方面一直保持嚴謹的態度，並繼續按照當前的市場假設來承銷交易。土地出售方正在調整條款，我們開始看到土地和開發成本下降。

I also want to briefly talk about a trend that we have recently seen with mortgages in our Financial Services business. In the first quarter of this year, adjustable rate mortgages accounted for less than 5% of the mortgages that we originated. In the third quarter, however, ARMs accounted for close to 20% of the mortgages we originated. Given the length of time that the average first-time buyer stays in their home and the lower interest rates of ARMs, we think they can make sense for many of our homebuyers and help partially address the market's affordability challenges.

我還想簡要地談談我們金融服務業務中最近在抵押貸款方面觀察到的一個趨勢。今年第一季度，可調利率抵押貸款在我們發放的抵押貸款總額中佔比不到 5%。然而，在第三季度，可調利率抵押貸款占我們發放抵押貸款總額的近 20%。考慮到首次購屋者平均居住時間較長，以及浮動利率抵押貸款的利率較低，我們認為浮動利率抵押貸款對許多購屋者來說都是合理的選擇，並有助於部分解決市場面臨的負擔能力挑戰。

We are pleased with the results we achieved in the third quarter. Our focus on cost reductions and controlling increases in incentives allowed us to improve our homebuilding gross margin as well as pretax and net margins on a sequential basis. Our team has done a good job operating within a difficult market environment, and I want to thank them for their hard work and dedication.

我們對第三季所取得的業績感到滿意。我們專注於降低成本和控制激勵措施的成長，從而提高了住宅建設的毛利率以及稅前和淨利率。在艱難的市場環境下，我們的團隊表現出色，我要感謝他們的辛勤工作和奉獻精神。

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

現在我將把電話交給史考特，讓他更詳細地討論我們的財務表現。

Thank you, Rob. In the third quarter, pretax income was $48 million and net income was $37 million or $1.25 per diluted share, up 7% and 10%, respectively, on a sequential basis. Adjusted net income was $46 million or $1.52 per diluted share. EBITDA for the quarter was $70 million, and adjusted EBITDA was $82 million. Home sales revenues for the third quarter were $955 million, down 2% on a sequential basis.

謝謝你，羅布。第三季度，稅前收入為 4,800 萬美元，淨收入為 3,700 萬美元，即每股攤薄收益 1.25 美元，分別環比增長 7% 和 10%。調整後淨利為 4,600 萬美元，即每股攤薄收益 1.52 美元。本季 EBITDA 為 7,000 萬美元，調整後 EBITDA 為 8,200 萬美元。第三季房屋銷售收入為 9.55 億美元，季減 2%。

Our deliveries of 2,486 homes declined by 4% on a sequential basis, while our average sales price of $384,000 increased by 2% on a quarter-over-quarter basis benefiting from a higher percentage of deliveries from our West and Mountain regions and a lower percentage from Century Complete.

我們的房屋交付量為 2,486 套，環比下降 4%；而平均售價為 384,000 美元，環比增長 2%，這得益於西部和山區交付量比例的提高以及 Century Complete 交付量比例的降低。

At quarter end, our backlog of sold homes was 1,117 valued at $417 million with an average price of $373,000. In the third quarter, adjusted homebuilding gross margin was 20.1% compared to 20% in the second quarter of this year. In GAAP homebuilding gross margin was up 30 basis points to 17.9% versus 17.6% in the second quarter. The improvement of our third quarter gross margin versus second quarter levels was driven by lower direct costs, offsetting higher incentives in finished lot costs.

截至季末，我們已售出房屋的積壓訂單為 1,117 套，價值 4.17 億美元，平均價格為 37.3 萬美元。第三季度，經調整後的房屋建造毛利率為 20.1%，而今年第二季為 20%。以美國通用會計準則 (GAAP) 計算，住宅建築毛利率上升 30 個基點至 17.9%，而第二季為 17.6%。第三季毛利率較第二季有所提高，主要得益於直接成本降低，抵銷了成品批次成本中較高的激勵措施。

Purchase price accounting associated with our two acquisitions in 2024, reduced our third quarter 2025 gross margin by 30 basis points. We would expect purchase price accounting to have a similar impact on our homebuilding gross margin in the fourth quarter of 2025. We took an inventory impairment charge of $3.2 million in the third quarter related to several closeout communities. The $6.1 million of other expense this quarter was comprised of $5.2 million through the abandonment of lot option contracts and $1.4 million for the loss of extinguishment of debt, with a partial offset from other income.

與我們 2024 年的兩項收購相關的購買價格會計處理，使我們 2025 年第三季的毛利率下降了 30 個基點。我們預計，到 2025 年第四季度，購買價格會計處理將對我們的房屋建造毛利率產生類似的影響。第三季度，我們提列了 320 萬美元的庫存減損費用，這與幾個清倉社區有關。本季其他支出 610 萬美元，其中包括因放棄地塊選擇權合約而產生的 520 萬美元，以及因債務清償而產生的 140 萬美元損失，部分被其他收入抵銷。

For the fourth quarter 2025 we expect our homebuilding gross margin to ease on a sequential basis by up to 100 basis points compared to our third quarter, primarily due to higher levels of incentives. SG&A as a percent of home sales revenue was 12.6% in the third quarter and benefited from ongoing cost reduction efforts. Assuming the midpoint of our full year home sales revenue guidance, we expect our SG&A as a percent of home sales revenue to be roughly 13% for the full year 2025, with SG&A as a percentage of home sales revenue of 12.5% for the fourth quarter.

我們預計 2025 年第四季房屋建造毛利率將比第三季環比下降至多 100 個基點，主要原因是激勵措施力度加大。第三季銷售、一般及行政費用佔房屋銷售收入的 12.6%，這得益於持續的成本削減措施。假設我們全年房屋銷售收入預期的中點，我們預期 2025 年全年銷售、管理及行政費用佔房屋銷售收入的百分比約為 13%，第四季度銷售、管理及行政費用佔房屋銷售收入的百分比為 12.5%。

Revenues from financial services were $19 million in the third quarter, and the business generated pretax income of $3 million. We currently anticipate that the contribution margin from financial services in the fourth quarter to be similar to our third quarter results.

第三季金融服務收入為 1,900 萬美元，稅前利潤為 300 萬美元。我們目前預期第四季金融服務業務的貢獻毛利將與第三季業績相近。

Our tax rate was 21.8% in the third quarter, 2025, which was driven by tax credits received in excess of previous estimates. We expect our full year tax rate for 2025 to be in the range of 24.5% to 25.5%. Our third quarter 2025 net homebuilding debt to net capital ratio improved to 31.4% compared to third quarter 2024 levels of 32.1%. Our homebuilding debt to capital ratio also improved to 34.5% in the third quarter compared to year ago levels of 35.8%. We ended the quarter with $2.6 billion in stockholders' equity and $836 million of liquidity.

2025 年第三季度，我們的稅率為 21.8%，這是由於收到的稅收抵免超過了先前的預期。我們預計 2025 年全年稅率將在 24.5% 至 25.5% 之間。2025 年第三季度，我們的淨住宅建設債務與淨資本比率改善至 31.4%，而 2024 年第三季為 32.1%。第三季度，我們的房屋建設債權比率也改善至 34.5%，去年同期為 35.8%。本季末，我們的股東權益為 26 億美元，流動資金為 8.36 億美元。

During the quarter, we completed a private offering of $500 million of 6 5/8% senior notes due 2033 with the proceeds being used to redeem our $500 million 6 3/4% senior notes due 2027. With this transaction, we have no senior debt maturities until August of 2029, providing us ample flexibility with our leverage manager.

本季度，我們完成了 5 億美元的 6 5/8% 高級票據私募發行，該票據將於 2033 年到期，所得款項用於贖回我們 5 億美元的 6 3/4% 高級票據，該票據將於 2027 年到期。透過這項交易，我們在 2029 年 8 月之前沒有到期的優先債務，這為我們與槓桿管理人之間提供了充足的靈活性。

During the quarter, we maintained our quarterly cash dividend of $0.29 per share and repurchased 297,000 shares of our common stock for $20 million at an average share price of $67.36 or a 23% discount to our company record book value per share of $87.74 as of the end of the third quarter. Assuming similar attractive valuations, we expect to continue repurchasing our shares in the fourth quarter. Through the first nine months of the year, we have repurchased 1.9 million shares or 6% of our shares outstanding at the beginning of the year.

本季度，我們維持了每股 0.29 美元的季度現金股息，並以平均每股 67.36 美元的價格回購了 297,000 股普通股，總計 2000 萬美元，較公司截至第三季度末的每股賬面價值 87.74 美元折讓 23%。假設估值保持類似吸引力，我們預計將在第四季度繼續回購我們的股票。今年前九個月，我們回購了 190 萬股，佔年初已發行股份總數的 6%。

Turning to guidance. We are narrowing our full year 2025 home delivery guidance to be in the range of 10,000 to 10,250 homes and home sales revenues to be in the range of $3.8 billion to $3.9 billion. In closing, our healthy balance sheet allows us to both return capital to our shareholders through share repurchases and dividends as well as continue to invest in our business to generate future growth. We believe we are well positioned to navigate the current headwinds facing the market and prosper when the market rebalances. We remain focused on our strategy of deepening our share in our existing markets, growing our community count, lowering our direct costs and cycle times and maintaining an adequate supply of land while controlling our finished lot comps.

尋求指導。我們將 2025 年全年房屋交付量預期範圍縮小至 10,000 至 10,250 套，房屋銷售收入預期範圍縮小至 38 億至 39 億美元。總之，我們健康的資產負債表使我們能夠透過股票回購和分紅向股東返還資本，並繼續投資於我們的業務以實現未來的成長。我們相信，我們已做好充分準備，應對當前市場面臨的不利因素，並在市場重新平衡時蓬勃發展。我們將繼續專注於我們的策略，即深化我們在現有市場的份額，增加我們的社區數量，降低我們的直接成本和週期時間，並在控制我們已建成地塊價格的同時，保持充足的土地供應。

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

接下來，我將開放提問環節。操作員？

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，現在開始問答環節。（操作說明）

Alex Rygiel, Texas Capital.

Alex Rygiel，德州資本。

Can you hear us, Alex?

亞歷克斯，你聽得到我們說話嗎？

Yes, I can. Sorry about that, guys. I appreciate it. As it relates to your adjusted gross margin that came in a bit above your guidance, was this more due to sort of rooting cost controls? Or was it due to less incentives to some of the new sales?

是的，我可以。抱歉啊各位。謝謝。關於您調整後的毛利率略高於預期這一點，這主要是由於成本控制的改善嗎？還是因為部分新銷售的激勵措施較少？

Yes. Alex, great question. A handful of factors obviously, running through that line item. I think we were very pleased with the continued success that we've seen on the direct cost side in terms of and bricks, not only in the third quarter, but really earlier in the first and second quarter as well. So we really saw some of that benefit come through in the third quarter.

是的。Alex，問得好。顯然，影響該項內容的因素有很多。我認為我們對直接成本方面（包括磚塊）的持續成功感到非常滿意，不僅在第三季度，而且在第一季度和第二季度早些時候也取得了成功。因此，我們在第三季確實看到了這些好處的體現。

I think in our prepared remarks, we mentioned that from a year-to-date perspective, we're down 3% on the direct cost. We did see and anticipated that we would see some additional pressures on -- from a competitive standpoint on incentives that we certainly did see that during the quarter, I believe, we were up about 50 basis points on incentives or so. But really, that was moderated by the cost savings that came to the P&L during the quarter.

我認為我們在事先準備好的發言稿中提到過，從今年迄今為止的情況來看，我們的直接成本下降了 3%。我們確實看到並預料到，從競爭角度來看，激勵措施方面會面臨一些額外的壓力——我相信，在本季度，我們在激勵措施方面確實看到了這一點，大約增加了 50 個基點左右。但實際上，本季損益表中的成本節約緩解了這種情況。

So we were pleased with that result. Our teams have been doing tremendous work. really to get as much cost out of our homes as possible as we navigate the current environment.

所以我們對這個結果很滿意。我們的團隊一直在努力工作，力求在當前環境下盡可能降低房屋成本。

And then secondly, you brought up the shift here in the buyers use of adjustable rate mortgages. Can you talk about how that might change going into the fourth quarter and talk about how that sort of impacts your business? Is it -- are they generally more profitable, less profitable, the margins a little bit better or less and so on.

其次，您提到了購屋者使用可調利率抵押貸款的轉換。您能否談談進入第四季後這種情況可能會發生哪些變化，以及這些變化會對您的業務產生哪些影響？是——它們通常利潤更高還是更低？利潤率是略高還是略低等等。

Yes. Alex, the way we really look at it is it's a product that has certainly continued to gain lighter consumer acceptance this year. Especially for our buyer type, from a first-time home buyer perspective. Really, when you look at historical trends in terms of how long they're in the home, there's not a lot of need for us to buy down a fixed rate for a 30-year period of time. So it allows us to get a buyer into a home at may be a little bit of a lower rate initially go ahead and buy down that rate and provide that really exceptional benefit to the buyer from a monthly payment perspective but not need to do it over the entire 30-year term.

是的。Alex，我們認為這款產品今年確實持續獲得了消費者的認可。尤其是對於我們這類買家而言，從首次購屋者的角度來看。實際上，從歷史趨勢來看，考慮到人們在房子裡居住的時間，我們並沒有太多必要去購買 30 年的固定利率貸款。這樣一來，我們就可以讓購屋者最初以較低的利率買房，然後透過降低利率為購屋者提供真正特殊的優惠，從月供的角度來看，而不需要在整個 30 年期限內都這樣做。

So something that we're excited to see the consumer continue to have some acceptance with we're seeing acceptance on 71 rooms on 76 ARMs as well as 51 ARMs. So really across the different opportunities that are out there, we are certainly seeing good momentum. A little difficult to tell what that will look like in Q4, but I would expect it to be -- continue to be a meaningful part of the loans that we're originating with our financial services side.

所以我們很高興看到消費者繼續接受這種模式，我們看到 76 個 ARM 的 71 個房間以及 51 個 ARM 都接受了這種模式。所以，就目前存在的各種機會而言，我們確實看到了良好的發展動能。很難說第四季會是什麼樣子，但我預計它將繼續成為我們金融服務部門發放貸款的重要組成部分。

Thank you very much.

非常感謝。

Absolutely.

絕對地。

Rohit Seth, B. Riley Securities.

Rohit Seth，B. Riley Securities。

Hey, thanks for taking my question. Great execution on the quarter, guys. Just on the community count guidance, you mentioned -- and if I heard this correctly, the community count going up mid-single digit by year end, is that right?

嘿，謝謝你回答我的問題。夥計們，這節比賽執行得很好。關於您提到的社區感染人數指導意見——如果我理解正確的話，到年底社區感染人數將增長個位數中段，是這樣嗎？

That's correct. That's a year-over-year from beginning of the year to end of the year number. So around that 5% mark year-over-year. .

沒錯。這是從年初到年末的年比數據。所以年比大約是 5%。。

That does imply a significant ramp-up in the fourth quarter, a pretty sizable working out. I guess help me bridge that

這意味著第四季將大幅提升業績，這是一項相當大的挑戰。我想請您幫我彌合這一鴻溝。

Yes. Correct. And it's -- when that number specifically is an ending community counts and not necessarily the average during the quarter. And it's something that we've been monitoring really throughout the year and been pretty consistent with anticipating those communities continuing to come online.

是的。正確的。而且——這個數字特別指期末社區統計數據，而不一定是季度平均值。我們全年都在密切關注此事，並始終如一地預測這些社區將繼續上線。

Okay. Absorption rates are also, I guess, pretty good sequentially into the quarter. Just maybe you any color on what you're seeing on the consumer side and how the consumer is behaving. You did mention that you didn't need as much incentives in the quarter, but then you're raising incentives in the fourth quarter. And so just help me understand what's happening at the consumer level.

好的。我認為，本季各季度的吸收率也相當不錯。或許你對消費者方面的狀況以及消費者的行為方式有任何看法。你之前提到本季不需要那麼多激勵措施，但第四季卻要提高激勵力度。所以，請幫我了解消費者層面發生了什麼事。

Well, we're still seeing a very uncertain consumer, especially at the entry-level price points that we serve and if we look at the fourth quarter, the reason we're putting that out there that it could be up another 100 basis points as all the builders compete for year-end closings. We just think that there's going to be more incentives in the market. But generally speaking, from a consumer standpoint, the entry-level consumer has been the hardest hit along the chain of the various price points. And we're hopeful that going into next year, that starts to settle down a little bit. But just based on some of the uncertainty out there, people are a little more cautious right now.

嗯，我們仍然看到消費者非常不確定，尤其是在我們服務的入門價格點上。如果我們看看第四季度，我們之所以這麼說，是因為隨著所有建築商競相爭取年底成交，價格可能會再上漲 100 個基點。我們認為市場上會有更多激勵措施。但總的來說，從消費者的角度來看，入門級消費者在各個價格點上受到的衝擊最大。我們希望進入明年，這種情況能開始有所改善。但鑑於目前存在的一些不確定因素，人們現在都比較謹慎。

Understood. Okay. All right. I'll pass it along. Thank you.

明白了。好的。好的。我會轉達的。謝謝。

Natalie Kulasekere, Zelman Associates.

Natalie Kulasekere，Zelman Associates。

Hey, congratulations on good quarter. I wanted to drill in a bit more on the SG&A upside you saw this time around and what drove your costs lower year-over-year. Is it operational efficiencies that you've been working on in the back end? Or is it through maybe head count reductions, which you've heard in the past? And just wanted to get your thoughts on what would be a sustainable rate for this going forward.

嘿，恭喜你本季業績出色。我想更深入地探討一下您這次看到的銷售、一般及行政費用增長情況，以及是什麼因素導致您的成本同比下降。你們在後台主要致力於提升營運效率嗎？或者，是不是像你以前聽過的那樣，透過裁員來實現的？我想聽聽大家對未來永續價格的看法。

Sure. Absolutely. Let me touch on a handful of things, and this is Scott. So really, when we look at the SG&A line item, it's certainly been, as we've mentioned on previous calls, a pretty big focus area for us this year, just given the overall market and the tightening on the consumer side. So we have discussed the various points in time this year, various different cost control activities that we've initiated, and we do believe that we're seeing some of the benefit of those coming through here in the third quarter. Those kind of are across the board from back-office efficiencies to ensuring that our head count is really where we think it needs to be to support the current organization.

當然。絕對地。讓我簡單提幾件事，這位是史考特。所以，當我們審視銷售、一般及行政費用項目時，正如我們在之前的電話會議中提到的那樣，鑑於整體市場狀況和消費者方面的緊縮，這無疑是我們今年的一個重點關注領域。所以我們已經討論了今年各個時間點我們啟動的各種不同的成本控制活動，我們相信在第三季我們已經看到了這些活動的一些好處。這些措施涵蓋方方面面，從提高後台辦公效率到確保我們的人員數量真正達到我們認為支持當前組織所需的水平。

There's some additional compensation-related benefits that came through the quarter as well that are in there. And then when we look at -- go forward, we have -- we gave some specific outlines in terms of where we anticipate the fourth quarter to come in. There's a handful of things that could potentially drive the numbers. So from a fourth quarter perspective, we're looking at about 12.5% at the midpoint of our guide. It does assume continued use of broker commissions as well as potentially utilizing a little bit more on the advertising line, just given the competitive market set that's out there.

本季還有一些與薪資相關的額外福利也包含在內。然後，當我們展望未來時，我們已經給出了一些具體的概要，說明我們預計第四季度的情況。有一些因素可能會影響這些數據。因此，從第四季來看，我們預期該季度成長率將達到預期值的中點數值，約為 12.5%。鑑於當前競爭激烈的市場環境，這確實假設繼續使用經紀人佣金，並且可能會在廣告方面投入更多資金。

So a line item that we're continuing to focus on to ensure we're as efficient as possible.

所以，這是我們持續關注的一個項目，以確保我們盡可能提高效率。

All right, got it. Thank you. Got it. And one more for me. Could you drill a bit more on the lots that you walked away from during this quarter, it was pretty sizable similar to the second quarter as well? -- like maybe about like what year these committees were set to come online and what stage of like due diligence ever in?

好的，明白了。謝謝。知道了。再給我來一個。您能否更詳細地談談您在本季放棄的那些項目？數量相當可觀，與第二季的情況類似。 ——例如，這些委員會原計劃在哪一年上線，以及盡職調查進行到了哪個階段？

Yes. So as we mentioned in the prepared remarks, we're underwriting to current market conditions. So as we look at that, our owned lots have remained fairly steady for some period of time right now at just under 37,000, but our controlled lots have changed. We still have almost 26,000 on controlled lots, but that has come down, as you mentioned. And the vintage of those -- a lot of those would have been near-term projects that we just didn't think they fit the underwriting today and so those were positions we exited.

是的。正如我們在準備好的演講稿中所提到的，我們是根據當前的市場情況進行承保的。因此，從這個角度來看，我們擁有的地塊數量在一段時間內一直保持相對穩定，目前略低於 37,000 個，但我們控制的地塊數量發生了變化。我們仍有近 26,000 頭牲畜處於管制狀態，但正如您所提到的，這個數字已經下降了。而且，其中許多都是近期項目，我們認為它們不符合今天的承銷標準，所以我們退出了這些投資。

And so I wouldn't say that we had a necessarily a larger spike in Q3. This is something that's kind of been going on for the most part of 25 million, and as we look going forward, we're still looking to grow in our various markets. We have plenty of land that's owned on our balance sheet to handle this over the next couple of years. But as we look at projects, we're looking for things -- projects that would come on potentially a little bit later in the time frame as opposed to immediate.

因此，我不會說我們在第三季出現了更大的峰值。這種情況在過去2500萬年裡一直持續著，展望未來，我們仍希望在各個市場實現成長。我們資產負債表上擁有大量土地，足以應付未來幾年的土地需求。但是，當我們考察項目時，我們尋找的是那些可能在時間框架內稍晚才會啟動的項目，而不是那些需要立即啟動的項目。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions)

（操作說明）

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

Hi everyone, this is Andy on for Michael. Just wanted to touch a little bit on the order looks like there was a little bit of a sequential lift would love to just get some more context on that number. Was that driven more so by incentives? Or were there any mix dynamics that might have driven that improvement? .

大家好，我是安迪，代麥可發言。我只是想稍微談談訂單情況，看起來環比略有上升，很想了解更多這個數字的背景資訊。這比較是受激勵因素驅動的嗎？或者說，是否存在某種混音動態因素促成了這種提升？。

Yes, Angie, thanks for the question. Really from an ASP perspective, any volatility that we're seeing currently, kind of within various different metrics is a little bit more driven by mix. The incentives commentary that we walked through in our prepared remarks. But while we certainly have some regions that may be a little bit higher on the incentive from a train perspective, it's really consistent across the board. So what you're seeing on the ASP is really a little bit more driven by mix.

是的，安吉，謝謝你的提問。從平均售價的角度來看，我們目前看到的各種不同指標的波動，更多是由產品組合所驅動的。我們在準備好的演講稿中詳細闡述了激勵措施的相關內容。雖然從火車角度來看，某些地區的激勵措施可能略高一些，但整體而言，各地的情況都比較一致。所以，你在平均售價（ASP）上看到的情況，實際上更受到混音的影響。

For instance, on the delivery side, we're a little higher here in Q3 than we had been in Q2. And a lot of that is just a little bit more from the West and Mountain regions coming through this quarter as compared to our Century Complete business line.

例如，在交付方面，我們第三季的交付量比第二季略高。與我們的 Century Complete 業務線相比，本季來自西部和山區地區的訂單量略有增加。

I appreciate that. And then -- sorry, I didn't mean to cut you off, if I did, but just maybe moving on to kind of the tariff impact I believe you said earlier in your prepared remarks that there isn't really an expected impact in 4Q. I was wondering if there's any way you can kind of size or estimate maybe an impact towards next year? Or is it a little bit too early -- would love to hear your thoughts there.

我很感激。然後——抱歉，我不是故意打斷你的，如果我打斷了你，我想談談關稅的影響。我相信你在之前的發言稿中提到過，預計第四季不會受到太大影響。我想知道是否有辦法大致評估或估算一下對明年可能產生的影響？或者現在討論這個問題是不是有點早？很想聽聽大家的想法。

Yes. It's really too early to tell for next year. it's obviously a fluid environment as it relates to the tariffs. But for Q4 and historically, we have not had an impact this year. But going into next year, it's really too early to say exactly what an impact could be.

是的。現在預測明年還為時過早。關稅情勢顯然瞬息萬變。但就第四季以及歷史數據而言，我們今年尚未產生影響。但展望明年，現在斷言具體影響還為時過早。

Got it. I appreciate that. I'll pass it on. Thank you.

知道了。我很感激。我會轉達的。謝謝。

There are no further questions at this time. I will now turn the call over to Dale Francescon for closing remarks. Please continue.

目前沒有其他問題了。現在我將把電話交給戴爾·弗朗西斯康，請他作總結發言。請繼續。

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

感謝所有參加電話會議的各位，感謝你們今天抽出時間並關注世紀社區。致我們團隊的每一位成員，感謝你們的辛勤工作、對世紀公司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. 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。您現在可以斷開連線了。