Century Communities Inc (CCS) 2026 Q1 法說會逐字稿

Greetings. Welcome to Century Communities' first quarter 2026 earnings conference call. (Operator Instructions) Please note this conference call is being recorded.

各位好。歡迎參加 Century Communities 2026 年第一季財報電話會議。(接線員指示) 請注意，本次電話會議將被錄音。

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

現在我將把電話會議交給 Century Communities 投資人關係資深副總裁 Tyler Langton。謝謝。您可以開始了。

Good afternoon. Thank you for joining us today for Century Communities' earnings conference call for the first quarter 2026.

各位下午好。感謝各位今天參加 Century Communities 2026 年第一季財報電話會議。

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 different 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 to be filed shortly, and other SEC filings. We undertake no duty to update our forward-looking statements.

在電話會議開始之前，我想提醒各位，本次會議中所作的某些陳述可能構成前瞻性陳述。這些陳述係基於管理層目前的預期，並受到多項風險與不確定性影響，可能導致實際結果與前瞻性陳述中所描述或暗示者出現重大差異。其中部分風險與不確定性可見於公司最新的 10-K（並將由即將提交的最新 10-Q 補充）以及其他向美國證券交易委員會（SEC）提交的文件中「風險因素」章節。我們不承擔更新前瞻性陳述的任何義務。

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，本次電話會議也將討論若干非 GAAP 財務衡量指標。公司呈列此等資訊並非意圖使其被單獨考量，亦不應作為依 GAAP 編製之財務資訊的替代。

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

今天主持電話會議的有：執行董事長 Dale Francescon、執行長 Rob Francescon，以及財務長 Scott Dixon。在今天的預備發言之後，我們將開放提問。

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

接下來，我把電話交給 Dale。

Thank you, Tyler, and good afternoon, everyone.

謝謝你，Tyler，各位下午好。

We are pleased with our first quarter results given continued market pressures, which intensified even further, beginning in early March. While demand at the start of the quarter was roughly in line with year-ago levels, geopolitical issues and increased economic uncertainties coupled with higher interest rates and gas prices further eroded consumer settlement, which weighed on our order activity most meaningfully in March, typically the highest sales month of the quarter.

在市場壓力持續、且自 3 月初起進一步加劇的情況下，我們對第一季的業績表現感到滿意。雖然本季初的需求大致與去年同期相當，但地緣政治問題與經濟不確定性上升，再加上利率與汽油價格走高，進一步削弱了消費者信心，對我們的訂單活動造成影響，其中以 3 月最為明顯；而 3 月通常是本季銷售最高的月份。

Despite these macro challenges, our operations continue to perform well. Our first quarter adjusted gross margin, increased by 140 basis points sequentially, and we grew our first quarter ending community count by 4% versus the prior quarter. We also continued to effectively manage our inventory levels with our finished specs at the end of the first quarter, down 16% sequentially and 31% year-over-year.

儘管面臨這些總體環境挑戰，我們的營運仍持續表現良好。我們第一季調整後毛利率較前一季提高 140 個基點，且第一季期末的社區數量較前一季成長 4%。我們也持續有效管理庫存水位；第一季末的已完工樣品屋（finished specs）較前一季下降 16%，較去年同期下降 31%。

We also continue to be encouraged by bipartisan efforts to address the shortage of affordable housing and are still well positioned for growth when demand improves. Based on our current owned and controlled lot count, we have the ability to grow our deliveries by 10% or more annually, once market conditions improve.

我們也持續受到兩黨共同推動解決可負擔住宅短缺問題的努力所鼓舞，並在需求改善時仍具備良好的成長定位。以我們目前已擁有與已控制的地塊數量來看，一旦市場狀況改善，我們有能力將交屋量每年提高 10% 或以上。

So as long as slower market conditions persist, we will continue to balance pace and price, control our costs and inventory levels, and return capital to our shareholders through dividends, and opportunistically repurchasing shares at what we view as very attractive levels. In the first quarter, we repurchased approximately 2% of our shares outstanding at the beginning of the year at a 27% discount to our book value and increased our quarterly cash dividend by 10% to $0.32 per share.

因此，只要市場放緩的狀況持續，我們將持續在銷售速度與價格之間取得平衡、控管成本與庫存水位，並透過股利回饋股東，同時在我們認為極具吸引力的價位上伺機回購股票。第一季我們回購了約當年初流通在外股數約 2% 的股份，回購價格相當於較帳面價值折價 27%，並將季度現金股利提高 10% 至每股 0.32 美元。

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

接下來我把電話交給 Rob，請他更詳細說明我們的策略、營運以及土地部位。

Thank you, Dale, and good afternoon, everyone. Starting with sales, while in the fourth quarter of last year, we focused more on pace versus price. We took the more balanced approach in the first quarter of 2026, that we outlined on our conference call last quarter.

謝謝你，Dale，各位下午好。先從銷售談起，去年第四季我們更著重於速度而非價格。而在 2026 年第一季，我們採取了更為均衡的做法，正如我們在上一季電話會議中所提到的。

The quarter started off on a relatively healthy basis with our absorption rates in January, roughly flat on a year-over-year basis. In line with typical seasonality, we also saw sequential increases in absorption rates in both February and March.

本季一開始的狀況相對健康，1 月的去化率（absorption rates）與去年同期大致持平。符合典型季節性走勢，我們在 2 月與 3 月的去化率也都較前一月呈現增加。

That said, our absorption rate in March declined on a year-over-year basis as the conflict in the Middle East, as well as higher gas prices and interest rates made on home buyer settlement. And we ended the quarter with net new orders totaling 2,379 homes.

不過，3 月的去化率較去年同期下滑，原因在於中東衝突，以及汽油價格與利率上升，影響了購屋者信心。本季淨新增訂單合計為 2,379 戶。

We were pleased to see our traffic increase each month during the first quarter with March levels up 13% over January, and we continue to believe that there is solid underlying demand for new homes. We are also optimistic that any interest rate relief and improvement in consumer confidence will unlock buyer demand and drive our conversion rates higher.

我們很高興看到第一季每個月的來客量（traffic）皆有所增加，3 月水準較 1 月高出 13%，我們也持續相信新屋市場存在穩健的基本需求。我們也樂觀認為，若利率獲得任何程度的緩解、且消費者信心改善，將可釋放買方需求並推升我們的轉換率。

Additionally, our cancellation rate of 12.2% in the first quarter, was below the levels we experienced throughout most of 2025, demonstrating the commitment of buyers once they have made the decision to purchase a home.

此外，第一季的解約率為 12.2%，低於我們在 2025 年大部分時間所經歷的水準，顯示買方一旦決定購屋，其承諾度相當高。

Our order of activities so far in April has trended better than March, with orders also improving sequentially over the past several weeks. We delivered 2,013 homes during the first quarter, and our incentives on these homes averaged approximately 1,250 basis points down roughly 50 basis points from fourth quarter 2025 levels.

截至目前為止，4 月的訂單活動走勢優於 3 月，且過去幾週訂單也呈現逐週改善。第一季我們交付了 2,013 戶住宅，而這些住宅的平均銷售激勵（incentives）約為 1,250 個基點，較 2025 年第四季水準約下降 50 個基點。

Within the first quarter, our incentives on closed homes were at the lowest level in January, and increased as the quarter progressed, as we look to maintain an appropriate pace as macro headwinds intensified. Assuming current market conditions, we expect incentives on closed homes in the second quarter of 2026 to be similar with first quarter levels.

在第一季內，已交屋住宅的激勵在 1 月處於最低水準，並隨著季度推進而增加，因為在總體逆風加劇之際，我們希望維持適當的銷售速度。在假設目前市場狀況不變的情況下，我們預期 2026 年第二季已交屋住宅的激勵將與第一季水準相近。

In the first quarter, adjustable rate mortgages accounted for roughly 30% of the mortgages that we originated by volume of principle. A further increase from fourth quarter 2025 levels of approximately 25% and well above first quarter 2025 levels of less than 5%.

第一季中，以本金金額計算，我們所承作的房貸中，約有 30% 為可調利率房貸（ARM）。此比例較 2025 年第四季約 25% 進一步上升，且遠高於 2025 年第一季不到 5% 的水準。

Receptivity of our buyers to arms has been increasing and this increased adoption of arms could help partially address the market's affordability challenges. While incentives are weighing on our margins, our operations continue to perform extremely well in the first quarter.

我們買家對ARM（可調整利率房貸）的接受度正在提高，而ARM採用率的提升可在一定程度上協助緩解市場的負擔能力挑戰。雖然各項激勵措施正在壓縮我們的利潤率，但我們的營運在第一季仍持續表現非常出色。

Our direct construction costs on the homes we delivered declined by 2% on a sequential basis. Our cycle times averaged 114 calendar days, down 15% from 134 days in the year ago quarter. Our finish lot costs in the first quarter decreased by 1% on a sequential basis, and we continue to expect our average finish slot costs for 2026 to be 2% to 3% higher than the fourth quarter of 2025 levels.

我們已交付住宅的直接建造成本較前一季下降2%。我們的週期時間平均為114個日曆天，較去年同期的134天下降15%。第一季的已完工地塊成本較前一季下降1%，且我們仍預期2026年的平均已完工地塊成本將較2025年第四季水準高出2%至3%。

In the first quarter, we started 2,749 homes in advance of the spring selling season and remained focused on managing our inventory levels, ending the quarter with less than three finished specs per community. Our average community count was 309 communities in the first quarter, and we ended the quarter with 316 communities, up 4% on a sequential basis.

第一季，我們在春季銷售旺季前開工2,749戶，並持續專注於管理庫存水位，季末每個社區的已完工樣品屋（spec）少於三戶。第一季我們的平均社區數為309個，季末為316個社區，較前一季增加4%。

For 2026, we continue to expect our average community count to increase in the low- to mid single-digit percentage range on a year-over-year basis. We ended the first quarter with nearly 60,000 owned and controlled lots with our total lot count roughly flat on a sequential basis, as we continue to proactively manage our land position.

展望2026年，我們仍預期平均社區數將以年增低至中個位數百分比的幅度增加。第一季季末，我們擁有及控制的地塊接近60,000個，總地塊數較前一季大致持平，因我們持續主動管理土地部位。

In 2026, we expect our land acquisition and development expense to be in the range of $1 billion to $1.2 billion. We have the ability to reduce this number of market conditions warrant without impacting our near-term growth prospects, or accelerate if market conditions improve, given the strength of our balance sheet.

2026年，我們預期土地收購與開發支出將介於10億至12億美元。在市場狀況需要時，我們有能力降低此數字而不影響短期成長前景；或在市場狀況改善時，憑藉我們資產負債表的強勁實力加速投入。

As we have stated over the past several quarters, the attractive growth profile and cost position of our land is also underpinned by a traditional land option strategy that is both flexible and reduces risk with minimal exposure to land banking. The flexibility of our option agreements has allowed us to adjust terms in many cases, and increasingly achieve lower prices as sellers have started to adjust their expectations.

如同我們在過去幾個季度所述，我們土地具吸引力的成長輪廓與成本優勢，也由一項傳統的土地選擇權策略所支撐；該策略兼具彈性，並在對土地銀行（land banking）的曝險極小的情況下降低風險。我們選擇權協議的彈性使我們在許多情況下得以調整條款，且隨著賣方開始調整其預期，我們也愈來愈能取得更低的價格。

At the end of the first quarter, only 11 of our 316 communities, or roughly 3% utilized the land bank. As a result, we have much more control over the pace at which we start homes, rather than having fixed takedown schedules and higher interest costs can influence our pace. Additionally, our current option lot count of 24,000 lots is secured by deposits that total just $97 million or less than 4% of equity.

第一季季末，在我們316個社區中，僅有11個社區（約3%）使用土地銀行。因此，我們對開工節奏有更高的掌控度，而非受固定的分期提取（takedown）時程所限制，且較高的利息成本也可能影響我們的節奏。此外，我們目前的選擇權地塊數為24,000個，其所需押金合計僅9,700萬美元，或不到股東權益的4%。

We remain focused on controlling our costs, maintaining an appropriate sales pace and preserving the ability of our favorable land position to drive meaningful growth, so that we can take advantage of improved conditions when the market rebounds.

我們仍專注於控制成本、維持適當的銷售節奏，並保留我們有利土地部位推動顯著成長的能力，以便在市場反彈、條件改善時把握機會。

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

接下來我把電話會議交給Scott，請他更詳細說明我們的財務結果。

Thank you, Rob

謝謝你，Rob

In the first quarter, pre-tax income was $33 million and net income was $24 million or $0.84 per diluted share. Adjusted net income was $26 million or $0.88 per diluted share. Home sales revenues for the first quarter were $734 million, with our average sales price of $365,000, roughly flat on a sequential basis. Our deliveries of 2,013 homes were impacted by the reduced order activity that we experienced in March.

第一季，稅前淨利為3,300萬美元，淨利為2,400萬美元，或稀釋後每股0.84美元。調整後淨利為2,600萬美元，或稀釋後每股0.88美元。第一季住宅銷售收入為7.34億美元，平均售價為36.5萬美元，較前一季大致持平。我們交付2,013戶住宅，受到我們在3月所經歷的訂單活動減弱影響。

For the second quarter 2026, we expect our deliveries to range from 2,200 to 2,400 homes with further sequential increases in both the third and fourth quarters. In the first quarter, land sales and other revenues totaled $33 million and generated a profit of approximately $11 million, driven primarily by a single transaction in our Southeast region.

對於2026年第二季，我們預期交付量將介於2,200至2,400戶，且第三季與第四季將進一步呈現逐季增加。第一季，土地銷售及其他收入合計3,300萬美元，並產生約1,100萬美元的利潤，主要由我們東南區的一筆單一交易所帶動。

Our first quarter 2026 GAAP home building gross margin of 17.8%, increased by 240 basis points over fourth quarter 2025 margins of 15.4%. Our first quarter margin benefited by 90 basis points from a reduction to our warranty accrual and rebate collections and excess of previous estimates, but was impacted by 10 basis points of purchase price accounting.

我們2026年第一季GAAP住宅建造毛利率為17.8%，較2025年第四季的15.4%提高240個基點。第一季毛利率受惠於保固準備金下調，以及回扣收款高於先前估計，帶來90個基點的正面影響，但也受到購買價格會計（purchase price accounting）10個基點的負面影響。

Our adjusted gross margin in the first quarter was 19.7% compared to 18.3% in the fourth quarter of 2025. The sequential improvement in our adjusted gross margin was primarily driven by lower incentives.

第一季調整後毛利率為19.7%，相較2025年第四季的18.3%。調整後毛利率的逐季改善主要由較低的激勵措施所驅動。

For the second quarter 2026, we expect the most significant driver of our adjusted home building gross margin to continue to be incentives needed to generate an acceptable sales pace, which as Rob noted earlier, we currently expect to be similar to first quarter levels.

對於2026年第二季，我們預期影響調整後住宅建造毛利率最重要的因素，仍將是為了達到可接受的銷售節奏所需的激勵措施；如Rob先前所提，我們目前預期其水準將與第一季相近。

SG&A is a percentage of home sales revenue with 15.8% in the first quarter and impacted by lower than expected deliveries. Assuming the midpoint of our full year 2026 home sales revenue guidance, we expect our SG&A as a percent of home sales revenue to be roughly 14% for the full year 2026 with SG&A as a percentage of home sales revenue of 14.5% for the second quarter.

第一季SG&A（銷售、一般及行政費用）占住宅銷售收入的比例為15.8%，並受到交付量低於預期的影響。以我們2026年全年住宅銷售收入指引的中位數為假設，我們預期2026年全年SG&A占住宅銷售收入的比例約為14%，而第二季SG&A占住宅銷售收入的比例為14.5%。

Revenues from financial services were $22 million in the first quarter, and the business generated pre-tax income of $18 million. Revenues benefited from a fair value adjustment associated with an increase in our locked loan pipeline and mortgage servicing rights portfolio. We currently anticipate the contribution margin percent from financial services in 2026 to be similar to 2025 levels.

第一季金融服務收入為2,200萬美元，該業務產生稅前淨利1,800萬美元。收入受惠於與鎖定貸款管線及房貸服務權（mortgage servicing rights）投資組合增加相關的公允價值調整。我們目前預期2026年金融服務的貢獻毛利率百分比將與2025年水準相近。

Our tax rate was 26.8% in the first quarter 2026, and we expect our full year tax rate for 2026 to be in the range of 26% to 27%. Our first quarter 2026 net homebuilding debt to net capital ratio was 30.5%, and our home building debt to capital ratio was 32.2%, basically consistent with the prior year quarter. We ended the quarter with $2.6 billion of stockholders equity and $886 million of liquidity.

2026年第一季的稅率為26.8%，我們預期2026年全年稅率將介於26%至27%。2026年第一季住宅建造淨負債對淨資本比率為30.5%，住宅建造負債對資本比率為32.2%，與去年同期基本一致。季末我們的股東權益為26億美元，流動性為8.86億美元。

During the quarter, we increased our quarterly cash dividend by 10% to $0.32 per share and repurchase 617,000 shares of our common stock for $40 million and an average share price of $64.82 or 27% discount to our book that you per share of $88.75 as of the end of the first quarter.

在本季期間，我們將季度現金股利提高10%至每股0.32美元，並以4,000萬美元回購61.7萬股普通股，平均回購股價為64.82美元；相較於第一季末每股帳面價值88.75美元，約有27%的折價。

Given the impact of the conflict in the Middle East, with lower consumer confidence and higher interest rates and gas prices, adversely affecting our order activity, we are reducing our full year 2026 home delivery guidance by 5%, and now expected to be in the range of 9,500 to 10,500 homes, and our home sales revenues to be in the range of $3.5 billion to $3.8 billion.

鑑於中東衝突的影響，消費者信心下降、利率與汽油價格上升，對我們的訂單活動造成不利影響，我們將2026全年交屋指引下調5%，目前預期區間為9,500至10,500戶；住宅銷售收入預期區間為35億至38億美元。

In closing, we are pleased with our performance in the current environment as we effectively balance pace and price and manage our costs and inventory levels. We increased our quarterly dividend and bought back 2% of our shares outstanding in the first quarter and will continue to be opportunistic with buybacks while continuing to position the company for future growth.

最後，我們對在目前環境下的表現感到滿意，因為我們有效平衡推案速度與價格，並管理成本與庫存水位。我們提高了季度股利，並在第一季回購了約2%的流通在外股份；同時也將在持續為公司未來成長布局的同時，把握機會進行回購。

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

接下來，我們開放提問。接線員？

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

謝謝。各位女士、先生，我們現在開始問答環節。(接線員指示)

Alex Rygiel, Texas Capital Securities.

Alex Rygiel，Texas Capital Securities。

Thank you. Good evening, gentlemen, on a nice quarter. A couple quick questions here. So appreciate the commentary with regards to sort of reducing spec inventory and whatnot sequentially and year-over-year.

謝謝。各位先生晚安，本季表現不錯。我這裡有幾個簡短問題。首先感謝你們對於逐季與年對年降低投機性庫存（spec inventory）等方面的評論。

Can you comment on how you think your competitors and your markets have adjusted their spec inventory? And how do you feel about spec inventory just broadly across all your portfolio?

你能否談談你認為競爭對手以及你們所在市場，對投機性庫存做了哪些調整？以及就你們整體產品組合而言，你對投機性庫存的看法如何？

Yeah, Alex, this is Scott. So generally speaking, I think we're pretty -- I think we're pretty optimistic with what we see from a market perspective in terms of the level that specs are out there, for a finished perspective, especially as we kind of compare back to maybe this quarter or mid last year.

好的，Alex，我是Scott。整體來看，我認為從市場角度而言，我們對所看到的情況相當——我想我們相當樂觀，尤其是就已完工的投機性房源供給水位而言，特別是當我們回頭與本季或去年年中相比時。

So generally speaking, I think we're comfortable with most markets with where the overall finish spec inventory is at. From our perspective, really a focus area, to really ensure at a community level, we feel like we're in a pretty strong position from pricing as well as consumer demand. And so that's really where the focus has come from our perspective on our finished account inventory at the end of the quarter.

因此整體而言，我們對多數市場目前整體已完工投機性庫存的水位感到放心。就我們的角度來看，真正的重點是確保在社區（community）層級，我們在定價以及消費者需求方面都處於相當有利的位置。因此，這也是我們在本季末對已完工庫存（finished spec inventory）所聚焦的方向。

And a few years back, we were, I don't know -- barely on a fairly regular basis, you were entering new geographies or new markets. I feel like that message has slowed a little bit here. At what point do you think Century sort of re-accelerates its geographic expansion?

另外，幾年前我記得你們——我不確定——幾乎相當固定地會進入新的地理區域或新市場。我覺得這個訊息最近似乎放緩了一些。你認為Century在什麼時點會重新加速其地理擴張？

Well, I think the focus, Alex, was to get a larger geographic reach in the past. We're now in over 45 markets coast to coast, and we like the markets we're in. As far as new markets, we continue to look at new markets, but candidly, our biggest focus is growing within our existing footprint and because when you look at our size of company, we actually have -- that's one of our competitive advantages is we have a large geographic reach.

我想，Alex，過去的重點是擴大地理覆蓋範圍。我們現在在全美東西岸超過45個市場，我們也喜歡我們所在的市場。至於新市場，我們仍持續評估，但坦白說，我們最大的重點是在既有版圖內成長；因為以我們公司的規模來看，我們確實——這也是我們的競爭優勢之一——擁有廣泛的地理覆蓋。

But the key is really to start growing deeper in each one of those markets to be in a top 10, if we're not already in a top 10 position, or in a top 5 position or even higher than that within the market. So that's really where our focus is. We would still look at new markets, but that would come secondary to growing in our existing markets.

但關鍵其實是開始在每一個市場做更深的滲透，讓我們在該市場能進入前十——如果我們還不是前十——或前五，甚至更高的排名。所以這才是我們的重點。我們仍會看新市場，但相較於在既有市場成長，這會是次要的。

Natalie Kulasekere, Zelman and Associates.

Natalie Kulasekere，Zelman and Associates。

Hey, good afternoon, and thank you for taking my question. Have you received any communication regarding potential cost increases or fuel surcharges from your vendors? If you have, do you think it’s something that could be negotiated, or do you expect a reacceleration in cost inflation towards the latter part of this year or even heading into next year?

嗨，午安，謝謝讓我提問。你們是否收到供應商關於潛在成本上升或燃油附加費的任何通知？如果有，你認為這是否有協商空間，或你預期今年後半甚至明年成本通膨會再度加速？

Well, to date, we’ve been able to avoid price increases, and sequentially, our costs were down 2% on our directs. With that said, of course, there’s a lot of headlines on oil and petroleum products, diesel fuel, and all of that, and that runs through various channels as you know within the home building SKUs of people we use.

到目前為止，我們一直能避免漲價，而且就序列（逐季）而言，我們的直接成本下降了2%。話雖如此，當然，關於原油與石油產品、柴油燃料等有很多新聞標題，而如你所知，這些會透過各種管道傳導到我們使用的住宅建築各項SKU與相關人員。

With that, so far, we’ve been able to hold off on that. Is that something that’s going to be a topic in Q3 and Q4? Don’t know. We hope that this is short-lived and everything gets back to normal on those prices. To date, what I can tell you is we’ve been able to avoid price increases as it’s related to oil.

在這方面，到目前為止我們仍能把它擋下來。這會不會在第三季與第四季成為議題？還不確定。我們希望這只是短期現象，相關價格能回到正常水準。截至目前，我能告訴你的是，就與油價相關的部分，我們一直能避免漲價。

All right. Thank you. Are you able to provide more detail about the land sale? I know you said it was a single transaction in the Southeast, but are there any more in the pipeline, and how should we kind of look at this line item going forward?

了解。謝謝。你們能否提供更多關於土地出售的細節？我知道你說這是在東南部的一筆單一交易，但後續是否還有其他交易在進行中？以及往後我們應該如何看待這個科目？

Sure. Natalie, really just an opportunistic item that came up in the Southeast that we went ahead and took advantage of. Much more of an opportunistic transaction that came our way in the first quarter that we went ahead and executed on. It was a community where it was a larger community. These were back-half lots that we did not need for the foreseeable future, so it made sense to pare that investment down.

當然可以。Natalie，這其實只是東南部出現的一個機會性項目，我們就把握機會加以利用。這更像是第一季有一筆機會性交易找上門，我們就執行了。那是一個規模較大的社區。這些是後半段的地塊（lots），在可預見的未來我們用不到，因此縮減這項投資是合理的。

Jay McCanless, Citizens.

Jay McCanless，Citizens。

Hey, good afternoon, guys. Just wanted to kind of pick through the regions. It looks like Southeast saw a jump in closings or a gain in closings there. The West was doing a little better. Were some regions of the country affected more than others, and maybe what have you seen so far in April in terms of regional strength versus weakness?

嘿，各位下午好。我想大致梳理一下各個地區的情況。看起來東南部的成交量出現跳升或成交有所增加。西部表現也稍微好一些。是否有些地區受到的影響比其他地區更大？另外，就4月目前為止各地區的強弱表現而言，你們看到了什麼？

The Southeast still remains really strong. Within that, Nashville would be one of our top markets. Austin, we’re seeing some green shoots coming out of Austin. Candidly, on the West, the Bay Area has probably been the slowest or the weakest market that we’re experiencing right now. Generally, the Southeast has been very good.

東南部依然非常強勁。其中，納什維爾會是我們表現最好的市場之一。奧斯汀方面，我們看到一些回溫的跡象。坦白說，在西部，灣區可能是我們目前所經歷最慢或最疲弱的市場。整體而言，東南部一直表現很好。

Okay. That’s good to hear. And then as you think about trying to hold the line on pricing, I mean, right now, is it still pretty aggressive incentives out there? You said 12.5%, I think, this quarter. You’re expecting maybe the same for second quarter. I guess, what are you seeing out of competitors? Are they still leaning in pretty aggressively on incentives as well? What’s happening there?

好的。很高興聽到這點。接著談到你們試圖守住價格，我的意思是，就目前而言，市場上的優惠激勵是否仍然相當積極？你提到本季是12.5%，我想是這個數字。你預期第二季可能也差不多。我想問的是，你們從競爭對手那邊看到了什麼？他們也仍然在優惠激勵上相當積極嗎？那邊的情況如何？

I think that definitely the market’s driven by incentives, of course. In terms of the peak on that, hopefully it was like Q4 end of last year and things are tempering slightly. We’re at 50 basis points less, we think we’ll be flat in Q2. Still remains to be seen. I think other builders are messaging the same thing that there is a little bit of a pullback. When you look at some buyer uncertainty out there with everything that’s going on, it’s a needed thing today to move houses.

我認為市場當然是由優惠激勵所驅動的。至於激勵的高峰，希望是在去年第四季末，現在情況稍微趨緩。我們目前大約少了50個基點，我們認為第二季會持平。但仍有待觀察。我想其他建商的說法也差不多，表示確實有些回收。考量到在當前各種事件之下買方的不確定性，今天要推動房屋銷售，這是必要的手段。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

Thanks. Good afternoon, everyone. I wanted to kind of get a sense for sales pace in April. I’m sorry if I missed those comments earlier, but sales pace for the first quarter was down about 9% year-over-year, and it seems like it maybe got worse throughout the quarter, if I also heard that right. If you could give us any kind of sense of how April’s trending, and I guess I have a follow-up as well.

謝謝。各位下午好。我想了解一下4月的銷售速度。如果我先前漏聽了相關評論先說聲抱歉，但第一季的銷售速度年減約9%，而且看起來整季可能逐步惡化，如果我也沒聽錯的話。如果可以的話，請給我們一些4月走勢的概況，我另外也有一個追問。

Just going back to Q1. January started out kind of roughly flat year-over-year. Incrementally, we picked up pace from February versus January and from March versus February. However, March, with a lot of the things that were happening within the marketplace, our year-over-year was actually down quite significantly for March. We didn’t have -- another way to say it, we didn’t have as good of March as we had hoped for based on the Mideast conflict and all that. When you look at April’s actually started out better than March, and we’re trending higher in the month of April. That feels good right now.

先回到第一季。1月一開始大致上與去年同期持平、表現有點艱難。相較於1月，2月的速度有逐步回升；相較於2月，3月也有再提升。不過，3月因為市場上發生了很多事情，我們的年比其實在3月大幅下滑。換句話說，基於中東衝突等因素，3月的表現沒有達到我們原本的期待。至於4月，實際上開局比3月好，而且我們在4月呈現走高的趨勢。目前感覺不錯。

When you say trending higher, do you mean higher sequentially or year-over-year or both?

你說走高，是指環比更高、年比更高，還是兩者皆是？

Both.

兩者皆是。

Okay. No, that’s good to hear. I guess it kind of leads me to the second question with the expectation that incentives will be flat in 2Q versus 1Q, is that something that you think can hold as long as sales pace also kind of holds on a year-over-year basis? Or are there markets that you’re kind of watching right now in terms of inventory levels or competitive trends that could potentially make you rethink the incentive approach if sales pace doesn’t hit a certain level?

好的。不，這很高興聽到。我想這也引出第二個問題：在你們預期第二季的優惠激勵相較第一季持平的前提下，只要銷售速度在年比基礎上也能大致維持，這樣的假設就能成立嗎？或者，有沒有一些市場你們正在關注其庫存水位或競爭趨勢，如果銷售速度未達到某個水準，可能會讓你們重新思考優惠激勵策略？

Well, of course, Michael, it’s always fluid, but right now, we feel fairly comfortable where the market is, that from an incentive basis, we will be flat, at worst, from where we were in Q1 to where we’ll be in Q2. As far as markets, it really goes down to the subdivision level, and you could have a market that is good, but you have a subdivision that may need additional incentive or less incentive, and so that just really plays out at the individual subdivision level. All in all, we think right now incentives are going to be flat from Q2 to Q1.

當然，Michael，情況一直是動態的，但就目前而言，我們對市場狀況相當有信心；以優惠激勵來看，從第一季到第二季，我們將持平，最差也會是持平。至於市場層面，最終其實會落到社區（subdivision）層級；你可能有一個市場整體不錯，但其中某個社區可能需要更多激勵或更少激勵，因此這真的會在個別社區層級上反映出來。總體來說，我們目前認為第二季相較第一季的優惠激勵會持平。

(Operator Instructions) As there are no more questions, we will now turn the line back over to Rob for some brief closing remarks.

(接線員指示) 由於沒有更多問題，我們現在把電話交回給Rob，請他做一些簡短的結語。

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 home buyers.

各位與會者，感謝大家今天撥冗參與並關注Century Communities。也感謝我們的團隊成員，謝謝你們的辛勤付出、對Century的投入，以及對我們珍視的購屋客戶的承諾。

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

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。