博士Horton, Inc. 是美國最大的房屋建築商。該公司公佈了強勁的第四季度業績,稅前收入增長 20% 至 21 億美元,收入增長 19% 至 96 億美元。該公司本季度的稅前利潤率提高了 10 個基點至 21.4%,每股攤薄收益增長了 26% 至 4.67 美元。
全年,綜合稅前收入增長 42% 至 76 億美元,收入為 335 億美元,增長 21%。該公司當年的稅前利潤率提高了 350 個基點至 22.8%,每股攤薄收益增長了 45% 至 16.51 美元。
博士今年,霍頓在其整棟建築和單戶出租業務中關閉了創紀錄的 83,518 套房屋。該公司的住宅建築 SG&A 佔收入的 6.8%,創歷史新低。博士霍頓家多庫存回報率為42.8%,其綜合股本回報率為34.5%。
該公司將其在面臨重大挑戰和動蕩的一年中的強勁財務業績歸功於其經驗豐富的團隊的實力、行業領先的市場份額、廣泛的地理足跡和多樣化的產品。
博士霍頓是美國最大的房屋建築商。由於計劃周轉庫存和管理產品供應、激勵措施、舊定價、銷售速度和庫存水平,該公司預計銷售額將比上一年下降。該公司在當今市場上利用了更多的激勵措施,並在必要時降低了房屋銷售價格,這將對公司第一季度的平均銷售價格和毛利率產生比剛剛完成的季度更大的影響。儘管市場條件充滿挑戰,該公司仍預計在 12 月季度產生 60 億至 68 億美元的綜合收入,並且該公司的房屋建築業務關閉的房屋數量將在 15,000 至 16,500 套之間。
博士Horton 強勁的財務業績歸功於該公司經驗豐富的團隊、行業領先的市場份額、廣泛的地理足跡和多樣化的產品供應。這些優勢使公司能夠度過一年的重大挑戰和動盪。 2020 年,D.R.儘管面臨挑戰,霍頓還是創造了一年內關閉的大多數房屋的新紀錄。該公司將這一成功歸功於其專注於繼續投資於其核心住宅建設和租賃業務。通過以低杠桿維持強勁的資產負債表,D.R.霍頓能夠經受住 2020 年的挑戰,變得比以往任何時候都更強大。 2021年,公司計劃繼續這一戰略,投資於核心業務,向股東返還資本。
該公司預計對出租房屋的需求將持續增長。然而,一些預計在第四季度出售的房屋被推到了第二季度。該公司正在保守地為其房屋承保。已售出的房屋表現優於公司的承保。該公司對維持當前已完成規格的水平感到滿意。他們能夠通過管理他們的產品和談判降低成本來駕馭困難的環境。他們能夠在全國大部分社區做到這一點。有些社區更關注產品和計劃的社區階段,可能需要 3 到 6 個月才能完成產品供應的一些變化。
博士霍頓是美國最大的房屋建築商。該公司總部位於德克薩斯州沃思堡,由 Donald R. Horton 於 1978 年創立。該公司在 27 個州的 84 個市場開展業務,並在紐約證券交易所公開交易,股票代碼為 DHI。
2020 年,D.R.儘管面臨挑戰,霍頓還是創造了一年內關閉的大多數房屋的新紀錄。該公司將這一成功歸功於其專注於繼續投資於其核心住宅建設和租賃業務。通過以低杠桿維持強勁的資產負債表,D.R.霍頓能夠經受住 2020 年的挑戰,變得比以往任何時候都更強大。
該公司預計對出租房屋的需求將持續增長。然而,一些預計在第四季度出售的房屋被推到了第二季度。該公司正在保守地為其房屋承保。已售出的房屋表現優於公司的承保。該公司對維持當前已完成規格的水平感到滿意。他們能夠通過管理他們的產品和談判降低成本來駕馭困難的環境。他們能夠在全國大部分社區做到這一點。有些社區更關注產品和計劃的社區階段,可能需要 3 到 6 個月才能完成產品供應的一些變化。
2021年,公司計劃繼續這一戰略,投資於核心業務,向股東返還資本。博士霍頓是美國最大的房屋建築商。該公司從事單戶獨立住宅、聯排住宅(如聯排別墅和公寓)以及服務合同的開發、建設和銷售。它還通過其抵押和所有權子公司為購房者提供抵押融資和所有權服務。該公司在美國的 26 個州和 77 個市場開展業務。
在 2023 財年第四季度,D.R. Horton 的住宅建築部門註銷了與已終止或預計將在未來終止的土地和地塊期權合同相關的 3400 萬美元期權押金和盡職調查費用。該公司預計,由於管理其地塊投資組合,期權成本沖銷的水平將在 2023 財年保持較高水平。
第四季度,D.R. 擁有多數股權的住宅地塊開發公司 Forestar Group Inc. Horton 報告的總收入為 3.814 億美元,售出 3,914 件拍品,稅前收入為 6,640 萬美元。全年,Forestar 交付了 17,691 件拍品,創造了 15 億美元的收入,稅前利潤率為 15.5%。
9月30日,Forestar的自有和控製手數為90,100手。其中,59% 與 D.R. 簽訂了合同。 Horton 或受制於優先報價權。 2.5 億美元的 D.R.霍頓第四季度的地塊採購來自Forestar。 Forestar 與 D.R. 分開大寫。 Horton 在年底擁有約 6.2 億美元的流動資金,淨債務與資本比率為 26.9%。
博士霍頓是美國最大的房屋建築商。該公司從事單戶獨立住宅、聯排住宅(如聯排別墅和公寓)以及服務合同的開發、建設和銷售。它還通過其抵押和所有權子公司為購房者提供抵押融資和所有權服務。該公司在美國的 26 個州和 77 個市場開展業務。
在 2023 財年第四季度,D.R. Horton 的住宅建築部門註銷了與已終止或預計將在未來終止的土地和地塊期權合同相關的 3400 萬美元期權押金和盡職調查費用。該公司預計,由於管理其地塊投資組合,期權成本沖銷的水平將在 2023 財年保持較高水平。
第四季度,D.R. 擁有多數股權的住宅地塊開發公司 Forestar Group Inc. Horton 報告的總收入為 3.814 億美元,售出 3,914 件拍品,稅前收入為 6,640 萬美元。全年,Forestar 交付了 17,691 件拍品,創造了 15 億美元的收入,稅前利潤率為 15.5%。
9月30日,Forestar的自有和控製手數為90,100手。其中,59% 與 D.R. 簽訂了合同。 Horton 或受制於優先報價權。 2.5 億美元的 D.R.霍頓第四季度的地塊採購來自Forestar。 Forestar 與 D.R. 分開大寫。 Horton 在年底擁有約 6.2 億美元的流動資金,淨債務與資本比率為 26.9%。
使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good morning, and welcome to the Fourth Quarter 2022 Earnings Conference Call for D.R. Horton, America's Builder, the largest builder in the United States.
早上好,歡迎參加 D.R. 的 2022 年第四季度收益電話會議。霍頓,美國最大的建築商,美國最大的建築商。
(Operator Instructions) I will now turn the call over to Jessica Hansen, Vice President of Investor Relations for D.R. Horton. Jessica, the floor is yours.
(操作員說明)我現在將把電話轉給 D.R. 投資者關係副總裁 Jessica Hansen。霍頓。傑西卡,地板是你的。
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
Thank you, Tom, and good morning. Welcome to our call to discuss our fourth quarter and fiscal 2022 financial results. Before we get started, today's call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different.
謝謝你,湯姆,早上好。歡迎致電討論我們的第四季度和 2022 財年財務業績。在我們開始之前,今天的電話會議包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。儘管 D.R. Horton 認為任何此類陳述均基於合理的假設,無法保證實際結果不會有重大差異。
All forward-looking statements are based upon information available to D.R. Horton on the date of this conference call and D.R Horton does not undertake any obligation to publicly update or revise any forward-looking statements. Additional information about factors that could lead to material changes in performance is contained in D.R. Horton's annual report on Form 10-K and subsequent reports on Form 10-Q, all of which are filed with the Securities and Exchange Commission.
所有前瞻性陳述均基於 D.R. 可獲得的信息。 Horton 在本次電話會議召開之日,D.R Horton 不承擔任何公開更新或修改任何前瞻性陳述的義務。有關可能導致性能發生重大變化的因素的其他信息包含在 D.R.霍頓關於 10-K 表格的年度報告和隨後的 10-Q 表格報告,所有這些都已提交給證券交易委員會。
This morning's earnings release can be found on our website at investor.drhorton.com, and we plan to file our 10-K towards the end of next week. After this call, we will post updated investor and supplementary presentations to our Investor Relations site on the Presentations section under News and Events for your reference. Now I will turn the call over to David Auld, our President and CEO.
今天上午的收益發布可以在我們的網站investor.drhorton.com 上找到,我們計劃在下週末提交我們的10-K。在本次電話會議之後,我們將在我們的投資者關係網站上的新聞和事件下的演示部分發布更新的投資者和補充演示文稿,供您參考。現在我將把電話轉給我們的總裁兼首席執行官 David Auld。
David V. Auld - President & CEO
David V. Auld - President & CEO
Thank you, Jessica. And good morning. We are also joined on this call by Mike Murray and Paul Romanowski, our Executive Vice President and Co-Chief Operating Officers and Bill Wheat, our Executive Vice President and Chief Financial Officer. The D.R. Horton team finished the year with a solid fourth quarter, which included a 20% increase in consolidated pretax income to $2.1 billion and a 19% increase in revenues to $9.6 billion.
謝謝你,傑西卡。早上好。我們的執行副總裁兼聯合首席運營官 Mike Murray 和 Paul Romanowski 以及我們的執行副總裁兼首席財務官 Bill Wheat 也加入了本次電話會議。 D.R. Horton 團隊以穩健的第四季度結束了這一年,其中包括合併稅前收入增長 20% 至 21 億美元,收入增長 19% 至 96 億美元。
Our pretax profit margin for the quarter improved 10 basis points to 21.4%, and our earnings per diluted share increased 26% to $4.67. For the year, consolidated pretax income increased 42% to $7.6 billion on $33.5 billion of revenue, which increased 21%. Our pretax profit margin for the year improved 350 basis points to 22.8%, and our earnings per diluted share increased 45% to $16.51.
我們本季度的稅前利潤率提高了 10 個基點,達到 21.4%,每股攤薄收益增長了 26%,達到 4.67 美元。全年,綜合稅前收入增長 42% 至 76 億美元,收入為 335 億美元,增長 21%。我們今年的稅前利潤率提高了 350 個基點至 22.8%,每股攤薄收益增長了 45% 至 16.51 美元。
We closed a record of 83,518 this year in our whole building and single-family rental operations. And our homebuilding SG&A as a percentage of revenues of 6.8% was an all-time low. Our home many return on inventory for. the year was 42.8% and our consolidated return on the equity was 34.5%. Our strong financial performance during a year of significant challenges and volatility reflects the strength of our experienced teams, industry-leading market share, broad geographic footprint and diverse product offerings.
今年,我們在整棟建築和單戶住宅租賃業務中關閉了創紀錄的 83,518 人。我們的住宅建築 SG&A 佔收入的百分比為 6.8%,創歷史新低。我們家很多退貨換貨。年為 42.8%,我們的綜合股本回報率為 34.5%。在充滿重大挑戰和波動的一年中,我們強勁的財務表現反映了我們經驗豐富的團隊的實力、行業領先的市場份額、廣泛的地理足跡和多樣化的產品。
Our homebuilding cash flow from operations for 2022 was $1.9 billion. Over the past 5 years, we have generated $7.5 billion of cash flow from homebuilding operations while growing our consolidated revenues by 138% and our earnings per share by 503%. During this time, we also more than doubled our book value per share, consistently kept our homebuilding leverage under 20% and increased our homebuilding liquidity by $1.8 billion, all while significantly increasing our returns on inventory and equity.
我們 2022 年的住宅建設現金流為 19 億美元。在過去 5 年中,我們從住宅建設業務中產生了 75 億美元的現金流,同時我們的綜合收入增長了 138%,每股收益增長了 503%。在此期間,我們的每股賬面價值也增加了一倍以上,始終將我們的房屋建築槓桿率保持在 20% 以下,並將我們的房屋建築流動性增加了 18 億美元,同時顯著提高了我們的庫存和股本回報率。
During most of the year, demand for our homes was strong. In June, we began to see a moderation in housing demand that has continued and accelerated through today. The rapid rise in mortgage rates, coupled with high inflation and general economic uncertainty, have made many buyers pause in their home buying decision or choose to not move forward with their home purchase. However, the supply of both new and resell homes at affordable price points remains limited and the demographics supporting housing demand remained favorable.
在這一年的大部分時間裡,對我們房屋的需求都很強勁。 6 月,我們開始看到住房需求放緩,這種放緩一直持續到今天。抵押貸款利率的迅速上升,加上高通脹和普遍的經濟不確定性,使許多購房者暫停購房決定或選擇不繼續購房。然而,以可承受價格點的新房和轉售房的供應仍然有限,支持住房需求的人口結構仍然有利。
The uncertainty of this market transition may persist for some time and could get more challenging if mortgage rates continue increasing. However, we are well positioned to meet changing market conditions with our experienced teams, affordable product offerings, flexible lot supply and great trade and supplier relationships. Our strong balance sheet, liquidity and low leverage provide us financial flexibility.
這種市場轉型的不確定性可能會持續一段時間,如果抵押貸款利率繼續上升,可能會變得更具挑戰性。然而,我們經驗豐富的團隊、價格合理的產品供應、靈活的批次供應以及良好的貿易和供應商關係能夠很好地滿足不斷變化的市場條件。我們強大的資產負債表、流動性和低杠桿為我們提供了財務靈活性。
We will continue to focus on turning our inventory and managing our product offerings, incentives, old pricing, sales pace and inventory levels to beat the market, optimize returns, increase market share and generate increased cash flow from our homebuilding operations. Mike?
我們將繼續專注於轉變我們的庫存並管理我們的產品供應、激勵措施、舊定價、銷售速度和庫存水平,以擊敗市場、優化回報、增加市場份額並從我們的住宅建設業務中產生更多的現金流。麥克風?
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
Diluted earnings per share for the fourth quarter of fiscal 2022 increased 26% to $4.67 per share. And for the year, earnings per share increased 45% to $16.51. Net income for the quarter increased 22% to $1.6 billion. And for the year, net income increased 40% to $5.9 billion.
2022財年第四季度攤薄後每股收益增長26%至每股4.67美元。全年每股收益增長 45% 至 16.51 美元。本季度淨收入增長 22% 至 16 億美元。這一年,淨收入增長了 40%,達到 59 億美元。
Our fourth quarter home sales revenues increased 23% and to $9.4 billion on 23,212 homes closed, up from $7.6 billion on 21,937 homes closed in the prior year. Our average closing price for the quarter was $403,700, up 17% from last year and up 3% sequentially. We closed fewer homes than we expected during the fourth quarter due to a slower sales pace, increased cancellations and continued construction delays.
我們第四季度的房屋銷售收入增長了 23%,達到 23,212 套房屋的 94 億美元,高於去年關閉的 21,937 套房屋的 76 億美元。我們本季度的平均收盤價為 403,700 美元,比去年上漲 17%,環比上漲 3%。由於銷售速度放緩、取消數量增加和持續的施工延誤,我們在第四季度關閉的房屋數量少於我們的預期。
In addition, we estimate that approximately 730 home closings in Florida and South Carolina were delayed from September due to Hurricane Ian. Paul?
此外,我們估計佛羅里達州和南卡羅來納州的大約 730 處房屋關閉從 9 月起因伊恩颶風而推遲。保羅?
Paul J. Romanowski - Executive VP & Co-COO
Paul J. Romanowski - Executive VP & Co-COO
During the quarter, we continued to sell homes later in the construction cycle to better ensure the certainty of the home close date and mortgage rate for our homebuyers with almost no sales occurring prior to start of home construction. Our net sales orders in the fourth quarter decreased 15% to 13,582 homes, and our net sales order value was down 10% from the prior year to $5.4 billion.
在本季度,我們繼續在建設週期的後期出售房屋,以更好地確保購房者的房屋關閉日期和抵押貸款利率的確定性,在房屋建設開始之前幾乎沒有銷售發生。我們第四季度的淨銷售訂單減少了 15% 至 13,582 套房屋,我們的淨銷售訂單價值同比下降 10% 至 54 億美元。
Our cancellation rate during the fourth quarter was 32% compared to 19% in the prior year quarter and 24% in the third quarter. Our average number of active selling communities increased 8% from the prior year and was flat sequentially. The average sales price on net sales orders in the fourth quarter was $399,600, up 6% from the prior year but down 4% sequentially from the June quarter. In October, as mortgage rates continue to increase, our net sales orders were below prior year levels, and our cancellation rate remained elevated.
我們在第四季度的取消率為 32%,而去年同期為 19%,第三季度為 24%。我們的活躍銷售社區的平均數量比去年增加了 8%,並且環比持平。第四季度淨銷售訂單的平均銷售價格為 399,600 美元,比去年同期增長 6%,但比 6 月季度環比下降 4%。 10 月份,隨著抵押貸款利率繼續上升,我們的淨銷售訂單低於去年水平,我們的取消率仍然很高。
As a result, we currently expect our first quarter net sales orders to be down approximately 25% to 35% year-over-year. Bill?
因此,我們目前預計第一季度淨銷售訂單將同比下降約 25% 至 35%。賬單?
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Our gross profit margin on home sales revenue in the fourth quarter was 28.3% . up 140 basis points from the prior year quarter, but down 180 basis points sequentially from the June quarter. On a per square foot basis, our revenues were up 4% sequentially while our stick and brick cost per square foot increased 8% and our lot cost increased 3%. The decrease in our gross margin from the third to fourth quarter reflects the increase in our stick and brick costs and increased incentives provided to homebuyers to ensure the closings of our homes and backlog during the rapid rise in mortgage interest rates. We are offering mortgage interest rate locks and buydowns and other sales incentives to address affordability concerns and to drive sales traffic to our communities.
我們第四季度房屋銷售收入的毛利率為 28.3%。比上一季度增長 140 個基點,但比 6 月季度環比下降 180 個基點。按每平方英尺計算,我們的收入環比增長 4%,而每平方英尺的木棒和磚塊成本增長 8%,我們的地塊成本增長 3%。從第三季度到第四季度,我們的毛利率下降反映了我們的棒材和磚塊成本的增加以及為購房者提供的更多激勵措施,以確保在抵押貸款利率快速上升期間我們的房屋關閉和積壓。我們正在提供抵押貸款利率鎖定和減持以及其他銷售激勵措施,以解決負擔能力問題並推動我們社區的銷售流量。
As we adjust to market conditions and focus on turning our inventory to maximize returns, our incentive levels have continued to increase, and we are adjusting base home prices where necessary. We expect our average sales price and home sales gross margin to decrease from current levels in fiscal 2023.
隨著我們適應市場條件並專注於將庫存轉為最大化回報,我們的激勵水平不斷提高,我們正在必要時調整基本房價。我們預計我們的平均銷售價格和房屋銷售毛利率將從 2023 財年的當前水平下降。
As a result, we are working with our trade partners and suppliers to reduce our construction costs on new home starts and are pleased with our early progress. Jessica?
因此,我們正在與我們的貿易夥伴和供應商合作,以降低新房開工的建設成本,並對我們的早期進展感到滿意。傑西卡?
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
In the fourth quarter, homebuilding SG&A expense as a percentage of revenues was 6.7%, down 20 basis points from 6.9% in the prior year quarter. For the year, homebuilding SG&A expense was 6.8%, down 50 basis points from 7.3% in 2021.
第四季度,住宅建設 SG&A 費用佔收入的百分比為 6.7%,比去年同期的 6.9% 下降了 20 個基點。全年,住宅建設 SG&A 費用為 6.8%,比 2021 年的 7.3% 下降 50 個基點。
Our annual homebuilding SG&A expense as a percentage of revenues is at its lowest point in our history, and we will continue to control our SG&A while ensuring that our platform adequately supports our business. In fiscal 2023, our homebuilding SG&A as a percentage of revenues will likely increase from current levels. Paul?
我們每年的住宅建設 SG&A 費用佔收入的百分比處於我們歷史上的最低點,我們將繼續控制我們的 SG&A,同時確保我們的平台充分支持我們的業務。在 2023 財年,我們的住宅建築 SG&A 佔收入的百分比可能會比目前的水平增加。保羅?
Paul J. Romanowski - Executive VP & Co-COO
Paul J. Romanowski - Executive VP & Co-COO
We started fewer homes this quarter as we work to position our inventory with an appropriate number of homes relative to market conditions. We started 13,100 homes during the quarter in our homebuilding operations as we began negotiations to lower our construction costs on future new home starts. We ended the year with 46,400 homes in inventory, down 3% from a year ago and down 18% sequentially.
本季度我們開始減少房屋數量,因為我們努力將我們的庫存與相對於市場狀況的適當數量的房屋進行定位。當我們開始談判以降低未來新房開工的建築成本時,我們在本季度開始建造 13,100 套房屋。到年底,我們的庫存房屋為 46,400 套,比一年前下降 3%,環比下降 18%。
27,200 of our total homes at September 30 were unsold of which 4,400 were completed. For homes we closed this quarter, our construction cycle time increased by a week compared to the third quarter, which reflects continued lingering supply chain issues. However, we are beginning to see some stabilization in cycle times on homes we have recently started, and we expect our cycle time to improve in fiscal 2023.
截至 9 月 30 日,我們共有 27,200 套房屋未售出,其中 4,400 套已完工。對於我們本季度關閉的房屋,與第三季度相比,我們的建設週期時間增加了一周,這反映了持續存在的供應鏈問題。但是,我們開始看到我們最近開始使用的房屋的周期時間有所穩定,我們預計我們的周期時間將在 2023 財年得到改善。
We expect our start pace in the first quarter of fiscal 2023 to increase versus our fourth quarter pace, and we will adjust our starts in homes and inventory to meet the level of demand in the market. Mike?
我們預計 2023 財年第一季度的開工速度將高於第四季度的速度,我們將調整房屋開工和庫存以滿足市場需求水平。麥克風?
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
At September 30, our homebuilding lot position consisted of approximately 573,000 lots, of which 23% were owned and 77% were controlled through purchase contracts. Our total homebuilding lot position decreased by 25,000 lots from June to September. 29% of our total owned lots are finished and 50% of our controlled lots are or will be finished when we purchase them.
截至 9 月 30 日,我們的房屋建築地塊持倉約 573,000 塊,其中 23% 為自有,77% 由購買合同控制。從 6 月到 9 月,我們的住宅建築地塊總持倉量減少了 25,000 塊。當我們購買它們時,我們擁有的總地塊中有 29% 已經完成,我們控制的地塊中有 50% 已經完成或將要完成。
Our capital efficient and flexible lot portfolio is a key to our strong competitive position. We continually underwrite all of our lot and land purchases based on current and expected home prices and cost. We are actively managing our lot and land pipeline and our investments in lots, land and development to meet our needs during this transition in the housing market.
我們的資本效率和靈活的批次組合是我們強大競爭地位的關鍵。我們根據當前和預期的房價和成本不斷為我們所有的地塊和土地購買提供擔保。我們正在積極管理我們的地段和土地管道以及我們在地段、土地和開發方面的投資,以滿足我們在房地產市場轉型期間的需求。
During the quarter, our homebuilding segment wrote off $34 million of option deposits and due diligence cost related to land and lot option contracts we terminated or expect to terminate in the future. We expect our level of option cost write-offs to remain elevated in fiscal 2023 as we manage our lot portfolio.
在本季度,我們的房屋建築部門註銷了與我們終止或預計在未來終止的土地和地塊期權合同相關的 3400 萬美元期權押金和盡職調查成本。隨著我們管理我們的地塊投資組合,我們預計我們的期權成本沖銷水平將在 2023 財年保持較高水平。
Our homebuilding segment had no inventory impairments during the quarter or the year. Our fourth quarter homebuilding investments in lots, land and development totaled $1.5 billion, down 19% from the prior year quarter and down 15% sequentially. Our current quarter investments consisted of $780 million for finished lots, $560 million for land development and $150 million to acquire land. Paul?
我們的住宅建築部門在本季度或本年度沒有庫存減值。我們第四季度在地塊、土地和開發方面的住宅建設投資總額為 15 億美元,比去年同期下降 19%,環比下降 15%。我們當前季度的投資包括 7.8 億美元的完工地塊、5.6 億美元的土地開發和 1.5 億美元的土地收購。保羅?
Paul J. Romanowski - Executive VP & Co-COO
Paul J. Romanowski - Executive VP & Co-COO
For the fourth quarter, Forestar, our majority-owned residential lot development company reported total revenues of $381.4 million, 3,914 lots sold and pretax income of $66.4 million. For the full year, Forestar delivered 17,691 lots, generating $1.5 billion of revenues with a pretax profit margin of 15.5%.
第四季度,我們擁有多數股權的住宅地塊開發公司 Forestar 報告總收入為 3.814 億美元,售出 3,914 塊地塊,稅前收入為 6,640 萬美元。全年,Forestar 交付了 17,691 件作品,創造了 15 億美元的收入,稅前利潤率為 15.5%。
At September 30, Forestar's owned and controlled lot position was 90,100 lots. 59% of Forestar's owned lots are under contract with D.R. Horton or subject to a right of first offer. $250 million of D.R. Horton's lot purchases in the fourth quarter were from Forestar. Forestar is separately capitalized from D.R. Horton and had approximately $620 million of liquidity at year-end with a net debt-to-capital ratio of 26.9%.
9月30日,Forestar的自有和控製手數為90,100手。 Forestar 擁有的 59% 的地塊與 D.R. 簽訂了合同。 Horton 或受制於優先報價權。 2.5 億美元的 D.R.霍頓第四季度的地塊採購來自Forestar。 Forestar 與 D.R. 分開大寫。 Horton 在年底擁有約 6.2 億美元的流動資金,淨債務與資本比率為 26.9%。
Forestar is well positioned to meet changing market conditions with a strong capitalization, lot supply and relationship with D.R. Horton. Bill?
Forestar 憑藉強大的資本化、批量供應以及與 D.R. 的關係,能夠很好地滿足不斷變化的市場條件。霍頓。賬單?
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Financial services pretax income in the fourth quarter was $2.4 million on $134 million of revenue, with a pretax profit margin of 1.8%. As expected, our financial services pretax profit margin decreased this quarter primarily due to a significant pull forward of revenue from rate lock commitments in the third quarter, as we discussed on last quarter's call.
第四季度金融服務稅前收入為 240 萬美元,收入為 1.34 億美元,稅前利潤率為 1.8%。正如預期的那樣,本季度我們的金融服務稅前利潤率下降主要是由於第三季度利率鎖定承諾的收入大幅增長,正如我們在上一季度的電話會議上所討論的那樣。
Also during the fourth quarter, there were increased competitive pressures in the mortgage market and increased cost of rate locks provided to customers due to rising rates. For the year, financial services pretax income was $291 million, on $795 million of revenue, representing a 36.6% pretax profit margin.
同樣在第四季度,抵押貸款市場的競爭壓力增加,由於利率上升,向客戶提供的利率鎖定成本增加。全年,金融服務稅前收入為 2.91 億美元,收入為 7.95 億美元,稅前利潤率為 36.6%。
We expect our financial services pretax profit margin for fiscal 2023 to be higher than the fourth quarter but below the full year of fiscal 2022. During the fourth quarter, 99% of our mortgage company's loan originations related to homes closed by our homebuilding operations, and our mortgage company handled the financing for 73% of our homebuyers.
我們預計我們 2023 財年的金融服務稅前利潤率將高於第四季度但低於 2022 財年全年。在第四季度,我們抵押貸款公司 99% 的貸款發放與我們的房屋建築業務關閉的房屋有關,以及我們的抵押貸款公司為 73% 的購房者處理了融資。
FHA and VA loans accounted for 42% of the mortgage company's volume. Borrowers originating loans with DHI Mortgage this quarter had an average FICO score of 724 and an average loan-to-value ratio of 87%. First-time homebuyers represented 57% of the closings handled by our mortgage company this quarter. Mike?
FHA 和 VA 貸款佔抵押貸款公司總量的 42%。本季度通過 DHI Mortgage 發放貸款的借款人平均 FICO 得分為 724,平均貸款價值比為 87%。首次購房者占我們抵押貸款公司本季度處理的成交量的 57%。麥克風?
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
During fiscal 2022, our rental operations generated $510 million from the sale of 775 multifamily rental units and 774 single-family rental homes, earning pretax income of $202 million. In the fourth quarter, our rental operations generated $21 million of revenues from the sale of 96 single-family rental homes and incurred a pretax loss of $13 million, which were below our expectations going into the quarter.
在 2022 財年,我們的租賃業務通過出售 775 套多戶出租單元和 774 套單戶出租房屋產生了 5.1 億美元,稅前收入為 2.02 億美元。在第四季度,我們的租賃業務通過出售 96 套單戶出租房屋產生了 2100 萬美元的收入,並產生了 1300 萬美元的稅前虧損,低於我們對該季度的預期。
We had several single-family rental projects in Florida, totaling 562 homes that were scheduled to close in September, but were delayed due to Hurricane Ian. These projects closed in October and will be reflected in our first quarter results. Also one multifamily project and multiple Single-family rental projects that were expected to be sold and closed in the fourth quarter were delayed due to changes in the capital markets that affected the timing of buyers' financing.
我們在佛羅里達州有幾個單戶出租項目,共有 562 套房屋原定於 9 月關閉,但由於伊恩颶風而推遲。這些項目於 10 月結束,並將反映在我們的第一季度業績中。此外,由於資本市場的變化影響了買家融資的時機,預計將在第四季度出售和關閉的一個多戶型項目和多個單戶型租賃項目也被推遲。
Our rental property inventory at September 30 was $2.6 billion, which included approximately $900 million of multifamily rental properties and $1.7 billion of single-family rental properties. As a reminder, our multifamily and single-family rental operating results are separately reported in our rental segment and are not included in our homebuilding segments homes closed revenues or inventories.
截至 9 月 30 日,我們的出租物業庫存為 26 億美元,其中包括約 9 億美元的多戶出租物業和 17 億美元的單戶出租物業。提醒一下,我們的多戶型和單戶型租賃經營業績在我們的租賃分部中單獨報告,不包括在我們的房屋建築分部中,房屋關閉收入或庫存。
We expect our rental operations to generate significant increases in both revenues and profits in fiscal 2023 as our platform matures and expands across more markets. Bill?
隨著我們平台的成熟和在更多市場的擴展,我們預計我們的租賃業務將在 2023 財年產生顯著的收入和利潤增長。賬單?
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Our balanced capital approach focuses on being disciplined, flexible and opportunistic. We are committed to maintaining a strong balance sheet with low leverage and significant liquidity to provide a firm foundation for our operating platforms during changes in market conditions and to support our ability to provide consistent returns to our shareholders.
我們的平衡資本方法側重於自律、靈活和機會主義。我們致力於保持穩健的資產負債表、低杠桿和大量流動性,以便在市場條件變化期間為我們的運營平台提供堅實的基礎,並支持我們為股東提供持續回報的能力。
During fiscal 2022, our cash provided by homebuilding operations was $1.9 billion and the cumulative cash generated from our homebuilding operations for the past 5 years was $7.5 billion. At September 30, we had $4 billion of homebuilding liquidity, consisting of $2 billion of unrestricted homebuilding cash and $2 billion of available capacity on our homebuilding revolving credit facility.
在 2022 財年,我們的住宅建設業務提供的現金為 19 億美元,過去 5 年我們的住宅建設業務產生的累計現金為 75 億美元。截至 9 月 30 日,我們擁有 40 億美元的房屋建設流動性,其中包括 20 億美元的不受限制的房屋建設現金和 20 億美元的房屋建設循環信貸額度的可用容量。
Our liquidity provides significant flexibility to adjust to changing market conditions. Our homebuilding leverage was 13.2% at fiscal year-end and homebuilding leverage net of cash was 4.4%. Our consolidated leverage at September 30 was 23.8%, and consolidated leverage net of cash was 15.4%.
我們的流動性為適應不斷變化的市場條件提供了極大的靈活性。財政年度末,我們的房屋建築槓桿為 13.2%,扣除現金後的房屋建築槓桿為 4.4%。我們在 9 月 30 日的綜合槓桿率為 23.8%,扣除現金後的綜合槓桿率為 15.4%。
We repaid $350 million of senior notes at maturity this quarter and we have $700 million of senior notes that mature during fiscal 2023. At September 30, our stockholders' equity was $19.4 billion, and book value per share was $56.39 and up 35% from a year ago. For the year, our return on equity was 34.5%, an improvement of 290 basis points from 31.6% a year ago.
我們在本季度償還了 3.5 億美元的優先票據,我們有 7 億美元的優先票據將在 2023 財年到期。截至 9 月 30 日,我們的股東權益為 194 億美元,每股賬面價值為 56.39 美元,較上年增長 35%一年前。全年,我們的股本回報率為 34.5%,比一年前的 31.6% 提高了 290 個基點。
During the quarter, we paid cash dividends of $78.2 million for a total of $316.5 million of dividends paid during the year. During the quarter, we repurchased 3.6 million shares of common stock for $251.7 million for a total of 14 million shares repurchased during the year for $1.1 billion. As a result, our outstanding share count is down 3% from a year ago. Based on our strong financial position, our Board of Directors increased our quarterly cash dividend by 11% to $0.25 per share. Jessica?
在本季度,我們支付了 7820 萬美元的現金股息,全年支付的股息總額為 3.165 億美元。本季度,我們以 2.517 億美元回購了 360 萬股普通股,全年以 11 億美元回購了 1400 萬股普通股。因此,我們的流通股數量比一年前下降了 3%。基於我們強勁的財務狀況,我們的董事會將我們的季度現金股息增加了 11%,達到每股 0.25 美元。傑西卡?
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
As we look forward to the first quarter of fiscal 2023, we expect challenging market conditions to persist with continued uncertainty regarding mortgage rates, the capital markets and general economic conditions that may significantly impact our business. As we have already mentioned, we are utilizing more incentives in today's market and are reducing home sales prices where necessary which will impact our average sales prices and gross margins more in the first quarter than the quarter we just completed.
在我們展望 2023 財年第一季度的同時,我們預計具有挑戰性的市場條件將持續存在,抵押貸款利率、資本市場和總體經濟狀況可能對我們的業務產生重大影響的持續不確定性。正如我們已經提到的,我們在當今市場上使用了更多的激勵措施,並在必要時降低了房屋銷售價格,這將比我們剛剛完成的季度對我們第一季度的平均銷售價格和毛利率產生更大的影響。
We are providing detailed guidance for the first quarter as is our standard practice but due to the current uncertainty in the market, our ranges for expectations are wider than normal. We currently expect to generate consolidated revenues in our December quarter of $6 billion to $6.8 billion and our homes closed by our homebuilding operations to be in the range of 15,000 to 16,500 homes.
我們按照我們的標準做法為第一季度提供詳細的指導,但由於當前市場的不確定性,我們的預期範圍比正常範圍更廣。我們目前預計在 12 月季度將產生 60 億至 68 億美元的綜合收入,我們的房屋建築業務關閉的房屋數量將在 15,000 至 16,500 套之間。
We expect our home sales gross margin in the first quarter to be approximately 23% to 24% and homebuilding SG&A as a percentage of revenues in the first quarter to be approximately 8% to 8.4%. We anticipate a financial services pretax profit margin of around 20% and we expect our income tax rate to be approximately 23% in the first quarter.
我們預計第一季度我們的房屋銷售毛利率約為 23% 至 24%,而房屋建築 SG&A 佔第一季度收入的百分比約為 8% 至 8.4%。我們預計金融服務稅前利潤率約為 20%,我們預計第一季度的所得稅率約為 23%。
Looking further out into fiscal 2023, we have less visibility due to the macro level uncertainties we have mentioned. It is too early to know what housing market conditions will be 3 to 6 months from now during the spring selling season, so we are not providing specific guidance for the full year yet. We will reassess each quarter and give more color on our expectations as we can. We are well positioned to aggregate market share in both our homebuilding and rental operations.
展望 2023 財年,由於我們提到的宏觀層面的不確定性,我們的能見度較低。現在要知道春季銷售旺季從現在起 3 到 6 個月的房地產市場狀況還為時過早,因此我們還沒有提供全年的具體指導。我們將重新評估每個季度,並儘可能多地說明我們的期望。我們有能力在我們的房屋建築和租賃業務中匯總市場份額。
Our fiscal 2023 home closings volume, pricing and margins will be determined by future market conditions and our efforts to meet the market and improve our inventory turns, construction cycle times and costs. Our goal is to generate consolidated revenues in fiscal 2023 that are slightly higher than fiscal 2022.
我們 2023 財年的房屋成交量、定價和利潤率將取決於未來的市場狀況以及我們為滿足市場和改善庫存周轉、施工週期時間和成本所做的努力。我們的目標是在 2023 財年產生略高於 2022 財年的綜合收入。
However, the low end of our current range of expectations includes consolidated revenues potentially down from fiscal 2022 by a mid-teens percentage. We forecast an income tax rate for fiscal 2023 of approximately 23% we expect to generate increased cash flow from our homebuilding operations in fiscal 2023 compared to fiscal 2022, and we plan to consistently repurchase shares to reduce our share count during the year with the amount of our repurchases dependent on cash flow, liquidity, market conditions and our investment opportunities.
然而,我們當前預期範圍的低端包括可能從 2022 財年下降 10% 的綜合收入。我們預計 2023 財年的所得稅率約為 23%,與 2022 財年相比,我們預計 2023 財年的住宅建設業務將產生更多的現金流,我們計劃持續回購股票,以減少年內的股票數量我們的回購取決於現金流、流動性、市場狀況和我們的投資機會。
We plan to continue to balance our cash flow utilization priorities among our core homebuilding operations, our rental operations, maintaining conservative homebuilding leverage and strong liquidity, paying an increased dividend and consistently repurchasing shares. David?
我們計劃繼續在我們的核心房屋建築業務、租賃業務之間平衡我們的現金流利用優先事項,保持保守的房屋建築槓桿和強大的流動性,支付增加的股息並持續回購股票。大衛?
David V. Auld - President & CEO
David V. Auld - President & CEO
In closing, our results and position reflect our experienced teams, industry-leading market share, broad geographic footprint and diverse product offerings. Our strong balance sheet, liquidity and low leverage provide us with significant financial flexibility to operate effectively in changing economic conditions and continuing to aggregate market share.
最後,我們的業績和地位反映了我們經驗豐富的團隊、行業領先的市場份額、廣泛的地理足跡和多樣化的產品。我們強大的資產負債表、流動性和低杠桿為我們提供了顯著的財務靈活性,可以在不斷變化的經濟條件下有效運營並繼續擴大市場份額。
We plan to maintain our disciplined approach to investing capital to enhance the long-term value of the company, which includes returning capital to our shareholders through both dividends and share repurchases on a consistent basis. Thank you to the entire D.R. Horton team for your focus and hard work. Your efforts during 2022 were remarkable. This was a year in which we faced construction and operational challenges we have never faced before with periods of unsustainably high demand, followed by historic rise in mortgage rates.
我們計劃保持嚴謹的資本投資方式,以提高公司的長期價值,其中包括通過股息和股票回購持續向股東返還資本。感謝整個 D.R.霍頓團隊為您的專注和辛勤工作。您在 2022 年的努力非常出色。這一年,我們面臨著前所未有的建設和運營挑戰,需求不可持續的高增長時期,隨後抵押貸款利率出現歷史性上升。
Despite these challenges and market volatility, we closed the most homes in a year in our company's history, completing our 21st year as the largest builder in the United States with record profit and returns, and we are well positioned to continue improving our operations and providing homeownership opportunities to more American families in 2023. This concludes our prepared remarks. We will now host questions.
儘管存在這些挑戰和市場波動,我們還是關閉了公司歷史上一年中最多的房屋,完成了我們作為美國最大的建築商的第 21 個年頭,實現了創紀錄的利潤和回報,我們有能力繼續改善我們的運營並提供到 2023 年,將有更多美國家庭擁有住房的機會。我們準備好的發言到此結束。我們現在將主持問題。
Operator
Operator
(Operator Instructions) And the first question today is coming from Stephen Kim from Evercore ISI.
(操作員說明)今天的第一個問題來自 Evercore ISI 的 Stephen Kim。
Stephen Kim - Senior MD & Head of Housing Research Team
Stephen Kim - Senior MD & Head of Housing Research Team
Thanks very much, guys, and thanks for all the information. Obviously, pretty solid performance in a tough environment. I wanted to ask you specifically about your starts outlook. Can you give us a sense for how much of an increase in starts we might expect in the December quarter, maybe year-over-year or quarter-over-quarter? And maybe alternatively, how many finished specs or total specs per community are you expecting to have as you enter the new calendar year?
非常感謝,伙計們,感謝您提供的所有信息。顯然,在惡劣的環境中表現相當穩定。我想專門問你關於你的開始前景。您能否告訴我們,我們預計 12 月季度的開工率可能會增加多少,可能是同比或環比?或者,當您進入新的日曆年時,您希望每個社區擁有多少已完成的規範或總規範?
Paul J. Romanowski - Executive VP & Co-COO
Paul J. Romanowski - Executive VP & Co-COO
Stephen, looking into the first quarter, we are finishing the year with 46,000 homes in inventory and positioned for our goals as we look forward to the year and looking to maintain a similar balance as we work through the first quarter.
斯蒂芬,展望第一季度,我們將在今年結束時擁有 46,000 套房屋庫存,並為我們的目標定位,因為我們期待這一年,並希望在第一季度工作時保持類似的平衡。
So expect that our starts will keep pace with our closings through the first quarter.
因此,預計我們的開工將與第一季度的收盤保持同步。
Stephen Kim - Senior MD & Head of Housing Research Team
Stephen Kim - Senior MD & Head of Housing Research Team
Got you. And then ...
得到你。接著 ...
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Yes. In terms of the completed specs, Steve, we're in a more normal position now with having some completed specs across more of our communities. That puts us in a good position to sell in the current environment given that buyers are concerned about what their interest rates are going to be.
是的。就已完成的規範而言,史蒂夫,我們現在處於更正常的位置,在我們更多的社區中擁有一些已完成的規範。鑑於買家擔心他們的利率將是多少,這使我們在當前環境下處於有利地位。
So if we have homes that are ready to move into quickly. They can lock their rates with confidence and close on a known schedule.
因此,如果我們有準備好快速搬入的房屋。他們可以自信地鎖定利率並按已知的時間表關閉。
Stephen Kim - Senior MD & Head of Housing Research Team
Stephen Kim - Senior MD & Head of Housing Research Team
So the level of completed specs you have now is you're comfortable with sort of maintaining that level, right? That's what you're saying?
因此,您現在擁有的已完成規格水平是您對保持該水平感到滿意,對嗎?這就是你說的?
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Yes.
是的。
Stephen Kim - Senior MD & Head of Housing Research Team
Stephen Kim - Senior MD & Head of Housing Research Team
Okay. And then the second question relates to your comments about navigating the difficult environment or the uncertain environment by managing your product offerings and negotiating lower cost is certainly the negotiation of lower costs. I understand that's going to be ongoing. But the managing of your product offerings, can you give us a sense for how quickly you're able to swap out models or at least floor plans that you're offering in your communities.
好的。然後第二個問題與您關於通過管理您的產品供應和談判降低成本來駕馭困難環境或不確定環境的評論有關,這當然是降低成本的談判。我知道這將持續進行。但是在管理您的產品供應時,您能否讓我們了解您能夠以多快的速度更換您在社區中提供的模型或至少是平面圖。
Is that something that we could expect you to do in communities that are currently open? Or are we really looking at communities that are going to be new communities opening up. Maybe give us a sense for like what share of the communities you will have open, let's say, for the spring selling season will have a revamped product line.
這是我們可以期望您在當前開放的社區中做的事情嗎?或者我們是否真的在關注將成為新社區開放的社區。也許讓我們了解一下您將開放的社區份額,比如說,春季銷售季節將有一條經過改進的產品線。
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
In most of our communities across the country, Steve, we'll be able to start back smaller homes primarily and change specification levels in those homes. That we start -- have been starting in the most recent quarter and will be starting in the first quarter.
在我們全國大多數社區,史蒂夫,我們將能夠主要從較小的房屋開始,並改變這些房屋的規格水平。我們開始——從最近一個季度開始,並將在第一季度開始。
There are some communities that are a little more locked in on product and planned neighborhood phases that it may take 3 to 6 months to work through some changes in the product offerings. But by and large, most of our communities, those changes are starting today, and we'll continue to see that roll out through the next 6 to 9 months.
有些社區更關注產品和計劃的社區階段,可能需要 3 到 6 個月才能完成產品供應的一些變化。但總的來說,我們的大多數社區,這些變化從今天開始,我們將在接下來的 6 到 9 個月內繼續看到這種變化。
David V. Auld - President & CEO
David V. Auld - President & CEO
And Stephen, even with product lines that we've been offering as a spec builder, we release certain houses every month. So when the market is running red hot like it was first half plus of last year. You have a tendency and release the bigger houses because your that dollar profit per house is higher.
斯蒂芬,即使我們作為規範構建者提供的產品線,我們每個月都會發布某些房子。因此,當市場像去年上半年一樣火熱時。你有一個趨勢並釋放更大的房子,因為你每間房子的美元利潤更高。
Now when a price point becomes much more important to the buyers. We made the release, they go from the 2,300 square foot 2-story down to the 1,600 square foot ranch, which drops the overall ASP of the community without really changing the product or impacting valuations within the community.
現在,當價格點對買家來說變得更加重要時。我們發布了這個版本,他們從 2,300 平方英尺的 2 層樓下降到 1,600 平方英尺的牧場,這降低了社區的整體 ASP,而沒有真正改變產品或影響社區內的估值。
Stephen Kim - Senior MD & Head of Housing Research Team
Stephen Kim - Senior MD & Head of Housing Research Team
Great. That's really helpful.
偉大的。這真的很有幫助。
David V. Auld - President & CEO
David V. Auld - President & CEO
We control that by which houses we will lease into production.
我們控制我們將租用哪些房屋投入生產。
Operator
Operator
The next question is coming from John Lovallo from UBS.
下一個問題來自瑞銀的 John Lovallo。
John Lovallo - Senior US Homebuilding and Building Products Equity Research Analyst
John Lovallo - Senior US Homebuilding and Building Products Equity Research Analyst
First one is the first quarter order guide implies quarter-over-quarter improvement, which would sort of buck normal seasonality. Can you just help us with some of the puts and takes there?
第一個是第一季度的訂單指南意味著季度環比的改善,這會有點違背正常的季節性。你能幫我們做一些看跌期權嗎?
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Well, really, we're just looking at our plans and what we're seeing right now week to week. We're already 5 weeks into our quarter. So we've got one month in the books. And as we just look at our pace that we're seeing right now and that we believe that that's where we're going to wind up.
嗯,真的,我們只是在關注我們的計劃以及我們現在每週看到的情況。我們已經進入我們的季度 5 週。所以我們有一個月的時間。當我們看看我們現在看到的速度時,我們相信這就是我們要結束的地方。
There obviously seasonality, if you look at history, has been a little bit unusual in the last couple of years. And I think we're still in a little bit of an unusual time with what has happened with rates. But with our positioning across the board with our community count increasing, we feel like our order position in Q1 is in line with what we guided.
如果你回顧歷史,顯然季節性在過去幾年裡有點不尋常。而且我認為我們仍然處於一個不尋常的時期,因為利率已經發生了變化。但是隨著我們的整體定位以及社區數量的增加,我們覺得我們在第一季度的訂單情況與我們的指導一致。
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
And as our production got further along as well, we felt more comfortable loosening up a lot of the sales restrictions you've heard us talk about. Even though we're continuing to sell later in the process, with some negligible improvement on our cycle times, but getting further along in the construction cycles, we have more homes available for sale going into Q1 than we've had.
隨著我們的生產也取得了進一步進展,我們對放寬您聽到我們談論的許多銷售限制感到更加自在。儘管我們在這個過程的後期繼續銷售,我們的周期時間的改善可以忽略不計,但在建設週期中走得更遠,我們在第一季度有更多的房屋可供出售。
John Lovallo - Senior US Homebuilding and Building Products Equity Research Analyst
John Lovallo - Senior US Homebuilding and Building Products Equity Research Analyst
Makes sense. Okay. Great. And then the ASP in the fourth quarter down about 4% sequentially. How much of that was like-for-like pricing versus mix.
說得通。好的。偉大的。然後第四季度的平均售價環比下降約 4%。其中有多少是同類定價與混合定價。
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Yes, at this point, it's like-for-like. I mean, we're -- as we said, we're increasing incentives and then where necessary community by community, we're adjusting prices. And so I don't believe there's necessarily been a big change in mix yet. And so it's more likely from like-for-like.
是的,在這一點上,它是一樣的。我的意思是,我們正在 - 正如我們所說,我們正在增加激勵措施,然後在必要的情況下逐個社區調整價格。所以我不相信組合一定會有很大的變化。所以它更有可能來自同類。
Operator
Operator
The next question today is coming from Carl Reichardt from BTIG.
今天的下一個問題來自 BTIG 的 Carl Reichardt。
Carl Edwin Reichardt - MD & Homebuilding Analyst
Carl Edwin Reichardt - MD & Homebuilding Analyst
You talked about cutting base prices where necessary. Can you give me a sense of how often it's been necessary that maybe a percentage of communities or percentage of orders this quarter where base prices were cut and what level of cuts are creating some elasticity in unit demand.
你談到在必要時降低基本價格。您能否告訴我,本季度有必要削減基本價格的社區百分比或訂單百分比,以及削減的程度會在單位需求中產生一定的彈性。
Paul J. Romanowski - Executive VP & Co-COO
Paul J. Romanowski - Executive VP & Co-COO
Carl, I don't know that we can get specific in terms of communities or by area. We are finding the market community by community and market by market. Those cuts on base have not been significant to this point. We have focused on financial incentives and interest rate and where needed to, we've been able to adjust price and find the market to drive additional traffic and sales.
卡爾,我不知道我們可以根據社區或地區來具體說明。我們正在逐個社區和逐個市場地尋找市場社區。到目前為止,這些基數削減並不重要。我們專注於財務激勵和利率,在需要的地方,我們已經能夠調整價格並找到市場來推動額外的流量和銷售。
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
And a lot of our guide is coming from what we know we're going to put into the market in terms of when we're opening new communities or new phases, we can reset our base pricing that way. And than so we do expect our ASP to shift down throughout the year. But as Paul mentioned, to date, it's been more heavily incentivized than it has been base price cuts.
我們的很多指南都來自我們知道我們將在何時打開新社區或新階段時投放市場的內容,我們可以通過這種方式重新設置我們的基本定價。而且,我們確實希望我們的 ASP 全年都會下降。但正如保羅所提到的,迄今為止,它受到的激勵比降價還要大。
Carl Edwin Reichardt - MD & Homebuilding Analyst
Carl Edwin Reichardt - MD & Homebuilding Analyst
Okay. And then on cycle times, starting to see a little bit of easing and working with the trades and suppliers, would your guess be that your cycle times could get to sort of normal pre-pandemic levels in fiscal '23? Or is that too much to help for at this point?
好的。然後在周期時間上,開始看到一些放鬆並與行業和供應商合作,您是否會猜測您的周期時間可能會在 23 財年達到大流行前的正常水平?或者在這一點上幫助太多了嗎?
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
Anecdotally, I was talking to a builder last week. He said he started a house in late August, and he's going to close it in December. So he was pretty excited about that. That's 1 story, 1 house out of a lot of houses.
有趣的是,上週我正在和一位建築商交談。他說他在 8 月下旬開始建造一座房子,並將在 12 月關閉它。所以他對此非常興奮。那是一層樓,很多房子中的一棟房子。
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
And builder equals construction superintended -- our employees.
建造者等於被監督的建築——我們的員工。
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
He was really excited about that. So I think we're making the right progress. We're starting to see a little bit of progress pick up in the numbers of October completions. We got a little bit of time back there. Getting all the way back to where we want to be pre-pandemic levels, it might be by the end of the year for the starts that we have later in the year that we're pushing It through, but we're going to make that progress this year.
他對此感到非常興奮。所以我認為我們正在取得正確的進展。我們開始看到 10 月份完成的數量有所增加。我們有一點時間回到那裡。一路回到我們希望達到大流行前水平的水平,可能會在今年年底開始,我們將在今年晚些時候開始推動它,但我們要做到今年取得的進展。
David V. Auld - President & CEO
David V. Auld - President & CEO
Carl, just -- we've talked about it, I think, for a while, but just the discipline in the industry today is it has translated into across-the-board slowdown in starts. And I think it will allow the trade base material suppliers to kind of get the feet under them.
卡爾,我想,我們已經討論過一段時間了,但今天這個行業的紀律是它已經轉化為全面放緩的開工。而且我認為這將使貿易基礎材料供應商能夠站穩腳跟。
And I've been accused of being overly optimistic at times, but I do think 2023 if the industry stays disciplined, we will get back into a situation where we can sell a house, now what it's going to go and what are we going to be able to deliver and that will be a good thing.
我有時被指責過於樂觀,但我確實認為,如果行業保持自律,到 2023 年,我們將重新回到可以賣房子的境地,現在它會發生什麼,我們將要做什麼能夠交付,那將是一件好事。
Carl Edwin Reichardt - MD & Homebuilding Analyst
Carl Edwin Reichardt - MD & Homebuilding Analyst
Well, it starts with one house. So I appreciate the color, guys.
嗯,從一所房子開始。所以我很欣賞顏色,伙計們。
Operator
Operator
Your next question is coming from Mike Rehaut from JPMorgan.
您的下一個問題來自摩根大通的 Mike Rehaut。
Michael Jason Rehaut - Senior Analyst
Michael Jason Rehaut - Senior Analyst
Great. I appreciate you taking my questions. First off, just wanted to get a sense of the cadence and progression of incentives as it works through your fiscal fourth quarter and into October and perhaps even into November. Obviously, a lot of that, I would presume as being reflected in the first quarter gross margin guidance.
偉大的。感謝您回答我的問題。首先,只是想了解激勵措施的節奏和進展,因為它在您的財政第四季度和 10 月甚至可能到 11 月都有效。顯然,我認為其中很多都反映在第一季度的毛利率指導中。
But what I'm trying to get a sense is just the degree of magnitude of the change in trend and how we should be thinking about perhaps where incentives are today versus where they were 3 or 4 months ago?
但我想了解的只是趨勢變化的幅度,以及我們應該如何思考今天的激勵措施與 3 或 4 個月前的激勵措施相比如何?
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
It start with just looking -- taking a step back and looking at where interest rates were. At the end of the last quarter, mortgage rates were still in the low to mid-5s. And by the end of the quarter, they're in the high 6s.
它從只看開始——退後一步,看看利率在哪裡。在上個季度末,抵押貸款利率仍處於 5 至 5 年代中期。到本季度末,他們處於高位 6 分。
And subsequent to the end of the quarter, they've now stepped into the 7s. And so we have been adjusting to reflect that. A lot of our incentives have been on the financing side with interest rate locks and buy downs to try to address the payment shock there from the interest rates. And that has increased sequentially through the quarter and has continued into October. So the levels have continued to increase.
在本季度結束之後,他們現在已經進入了 7s。所以我們一直在調整以反映這一點。我們的許多激勵措施都在融資方面,包括利率鎖定和買入減持,以試圖解決利率帶來的支付沖擊。這在整個季度中連續增加,並一直持續到 10 月。所以水平不斷提高。
We were focused on ensuring that we could close our backlog because we did have a lot of homes scheduled to close in September. And so we believe we did hold off on some price adjustments to ensure that we could close that backlog. And so price adjustments have started to fold in a little more commonly as we've stepped into Q1. So it's been a sequential increase along the way. And then what it will be going forward will depend largely on what happens with rates in the market and then our efforts to meet the market.
我們專注於確保我們可以關閉我們的積壓,因為我們確實有很多房屋計劃在 9 月關閉。因此,我們相信我們確實推遲了一些價格調整,以確保我們可以關閉積壓的訂單。因此,隨著我們進入第一季度,價格調整開始變得更加普遍。因此,在此過程中一直在連續增加。然後它將在很大程度上取決於市場利率的變化以及我們滿足市場需求的努力。
We are looking community by community to make adjustments in order to hit our sales pace and turn our inventory and maximize our returns. And so we're looking to find the market and find that pace community by community.
我們正在逐個社區尋找進行調整,以加快我們的銷售速度,周轉我們的庫存並最大化我們的回報。因此,我們正在尋找市場,並在社區中找到這種節奏。
Michael Jason Rehaut - Senior Analyst
Michael Jason Rehaut - Senior Analyst
So I guess I appreciate that answer. I know obviously, projecting gross margins beyond the first quarter is somewhat difficult, but it would seem like given the trends that we're not yet at a point of stabilization. I guess my second question, and if you have any thoughts on that, that would be great.I guess
所以我想我很欣賞這個答案。我顯然知道,預測第一季度之後的毛利率有點困難,但考慮到我們還沒有達到穩定點的趨勢,這似乎有點困難。我想我的第二個問題,如果你對此有任何想法,那就太好了。我想
But second question, just on the SG&A guide for the first quarter, with consolidated revenue being a little bit below, obviously, it's not a surprise to see the SG&A come up. I'm also wondering if there's anything in that number around increased broker commissions to the market as part of encouraging the broker community in a softer environment? And how we should be thinking about that line item within SG&A over the next year?
但第二個問題,就第一季度的 SG&A 指南而言,綜合收入略低於 SG&A,顯然,看到 SG&A 出現也就不足為奇了。我還想知道,作為鼓勵經紀人社區在更軟的環境中的一部分,增加市場經紀人佣金是否有任何意義?以及我們應該如何考慮明年 SG&A 中的該項目?
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
Sure, Mike. So builders report those things separately or differently, I should say. So broker commissions for us are actually in gross margin. So that is contemplated as one of the increased incentives in our gross margin guide and not an impact for us, particularly on SG&A.
當然,邁克。因此,我應該說,建設者分別或不同地報告這些事情。所以我們的經紀人佣金實際上是毛利率。因此,這被認為是我們毛利率指南中增加的激勵措施之一,對我們沒有影響,尤其是對 SG&A。
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
And in terms of SG&A overall, with our ASPs expected to come down with revenues down a bit. That's driving an expected increase in our SG&A as a percentage of revenues. We're coming off of all-time lows there and are still positioning ourselves to continue to gain market share.
就整體 SG&A 而言,我們的 ASP 預計會隨著收入的下降而下降。這推動了我們的 SG&A 佔收入百分比的預期增長。我們正在擺脫那裡的歷史低點,並且仍在定位自己以繼續獲得市場份額。
And so with essentially SG&A spend staying relatively stable with the exception of variable SG&A that moves with revenues or with profitability, that's resulting in the expected increase from all-time lows to a little bit higher level as a percentage of revenues in Q1.
因此,除了隨收入或盈利能力變化的可變 SG&A 之外,基本上 SG&A 支出保持相對穩定,這導致預期在第一季度佔收入的百分比從歷史低點上升到略高的水平。
Operator
Operator
And the next question today is coming from Matthew Bouley from Barclays.
今天的下一個問題來自巴克萊的 Matthew Bouley。
Matthew Adrien Bouley - VP
Matthew Adrien Bouley - VP
Just a follow-up on the incentive side. I think I heard you say at the top that within financial services, you were including some , I think you said rate buydowns and things like that. So in the incentive comments you just made around reaching 6 or 7, I think I heard you say -- is that all in the gross margin? And is there additional incentives on the financial services side that we should look out for? Or is that kind of all in?
只是激勵方面的後續行動。我想我聽到你在頂部說,在金融服務中,你包括了一些,我想你說的是降息和類似的事情。所以在你剛剛發表的關於達到 6 或 7 的激勵評論中,我想我聽到你說——這都是毛利率嗎?我們應該注意金融服務方面的額外激勵措施嗎?或者是那種全部?
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
There's always some of those costs on both sides, Matt, and that can vary a bit depending on the nature of the incentives. But yes, both of our guides, the guidance for financial services margins going into Q1 as well as the guide for our gross margin on the homebuilding side reflect our anticipation for our level of incentives related to financing.
雙方總是有一些成本,馬特,這可能會有所不同,具體取決於激勵措施的性質。但是,是的,我們的兩個指南,第一季度的金融服務利潤率指南以及我們在房屋建築方面的毛利率指南都反映了我們對與融資相關的激勵水平的預期。
Matthew Adrien Bouley - VP
Matthew Adrien Bouley - VP
Understood. Okay. And then just secondly, you mentioned that you would -- I think I heard you say you would expect the option abandonments that occurred this quarter to kind of continue to occur. I mean should we expect the magnitude of that to increase?
明白了。好的。其次,你提到你會 - 我想我聽到你說你會期望本季度發生的期權放棄會繼續發生。我的意思是我們應該期望它的幅度會增加嗎?
And then just kind of any update on actual impairment thoughts around your own land portfolio?
然後只是關於您自己的土地投資組合的實際減值想法的任何更新?
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
With the option write-off cost, as we evaluate projects at various decision points, we'll be working with various land sellers and developers and where we can't reach an agreement on our accommodation, we're not going to move forward with a bad deal. So if it doesn't make sense and what we expect the market conditions are or will be over the life of the project, that's the reason we have the option arrangement.
有了期權核銷成本,當我們在不同的決策點評估項目時,我們將與不同的土地賣家和開發商合作,如果我們無法就住宿達成協議,我們不會繼續前進一個糟糕的交易。因此,如果它沒有意義,並且我們預期市場條件在項目的整個生命週期內是或將是什麼,這就是我們有選擇權安排的原因。
So we may have an increase in those costs, but we do take a pretty accurate look at those things, very realistic expectation, and we'll be very quick to move on those.
所以我們可能會增加這些成本,但我們確實非常準確地看待這些事情,非常現實的期望,我們會很快採取行動。
David V. Auld - President & CEO
David V. Auld - President & CEO
And I'll just add, both when the market was accelerating and now at the center pause, we are very disciplined in how we approach every economic decision on the land side. It's all about creating optionality and efficiency of capital.
我只想補充一點,無論是在市場加速發展還是現在處於中間停頓時,我們在處理土地方面的每一項經濟決策時都非常自律。這一切都是為了創造資本的選擇性和效率。
And that's been our program, and it's going to continue to be our program.
這就是我們的計劃,並且將繼續是我們的計劃。
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
In terms of your impairment question, even with our guide for gross margins today, we're still projecting for our gross margins to remain at very healthy levels that would signify that we're a long way off from any sort of broad-based impairments. We're also in a completely different financial position mid-cycle to prior cycles, which allows us some flexibility in terms of how we look at the land that we have on our balance sheet and what we plan to do with it going forward.
就您的減值問題而言,即使根據我們今天的毛利率指南,我們仍預計我們的毛利率將保持在非常健康的水平,這意味著我們距離任何類型的廣泛減值還有很長的路要走.我們在周期中期與之前的周期也處於完全不同的財務狀況,這使我們在如何看待我們在資產負債表上擁有的土地以及我們計劃在未來做什麼方面具有一定的靈活性。
That being said, we do expect there to be some impairments along the way in weaker submarkets. But right now, I don't expect anything broadly based in the near term.
話雖如此,我們確實預計在較弱的子市場中會出現一些損害。但現在,我預計短期內不會有任何廣泛的基礎。
Matthew Adrien Bouley - VP
Matthew Adrien Bouley - VP
Makes sense.
說得通。
Operator
Operator
And the next question is coming from Eric Bosshard from the Cleveland Research Company.
下一個問題來自克利夫蘭研究公司的 Eric Bosshard。
Eric Bosshard - Co-Founder, CEO, Co-Director of Research & Senior Research Analyst
Eric Bosshard - Co-Founder, CEO, Co-Director of Research & Senior Research Analyst
Context, if you could, around 2 things. First of all, the 23% to 24% gross margin in 1Q. Obviously, a component of that is what's going on with incentives and pricing. You talked today about savings on the cost side or changing the product mix. And so what I'm trying to understand is, is that a baseline the changes that you're making to support gross margin or change mix, can that number improve?
上下文,如果可以的話,大約有兩件事。首先是一季度23%到24%的毛利率。顯然,其中一部分是激勵和定價。您今天談到了成本方面的節省或改變產品組合。所以我想了解的是,這是你為支持毛利率或改變組合所做的改變的基線,這個數字可以改善嗎?
Can you just give us a little bit of sense of what's contributing to that and in terms of the things you're doing to protect gross margin, what the path forward might look like?
您能否讓我們稍微了解一下是什麼促成了這一點,以及您為保護毛利率所做的事情,前進的道路會是什麼樣子?
Paul J. Romanowski - Executive VP & Co-COO
Paul J. Romanowski - Executive VP & Co-COO
Yes, Eric. I think as we are out in the market with our trade partners and suppliers working to reduce cost to provide the best value we can to our homebuyers. And we provided the visibility into the first quarter with those gross margins.
是的,埃里克。我認為,由於我們在市場上與我們的貿易夥伴和供應商一起努力降低成本,為我們的購房者提供最大的價值。我們通過這些毛利率提供了第一季度的可見性。
What we're seeing which is encouraging early on in that isn't going to come through in homes to close for the next 6 to 9 months towards the end of the year. So we've still got the homes that we have in the ground with that cost structure -- but as we continue to find the market, we expect to see gross margins like we have guided to in the first quarter.
我們在早期看到的令人鼓舞的情況不會在今年年底的未來 6 到 9 個月內關閉。因此,我們仍然擁有具有這種成本結構的房屋 - 但隨著我們繼續尋找市場,我們預計會看到我們在第一季度指導的毛利率。
David V. Auld - President & CEO
David V. Auld - President & CEO
And we did suffer through extended bill cycle times. So the houses will be closing in Q1, our houses that were started and bear the cost of high lumber cost. And really trade shortages. So you've got the double whammy of high cost and a more normalized ASP.
我們確實因賬單週期延長而受苦。所以這些房子將在第一季度關閉,我們的房子已經開工並承擔了高昂的木材成本。而且真的是貿易短缺。所以你得到了高成本和更規範化的 ASP 的雙重打擊。
Eric Bosshard - Co-Founder, CEO, Co-Director of Research & Senior Research Analyst
Eric Bosshard - Co-Founder, CEO, Co-Director of Research & Senior Research Analyst
And just within that, is -- like today, can you comment, is that the floor? Or is there both upside and downside through the rest of the year relative to the 1Q gross margin?
就在其中,就像今天一樣,你能評論一下,是地板嗎?或者相對於第一季度的毛利率,在今年剩餘時間裡是否既有上行也有下行?
David V. Auld - President & CEO
David V. Auld - President & CEO
It depends on what the capital markets and interest rates do. I mean it's -- if we see stabilization in interest rates, I feel very optimistic about what we can do this year. if we continue to see 100 basis point increase quarter-to-quarter to quarter, I think it's going to be a very challenging year.
這取決於資本市場和利率的作用。我的意思是——如果我們看到利率趨於穩定,我對我們今年能做的事情感到非常樂觀。如果我們繼續看到每季度增加 100 個基點,我認為這將是非常具有挑戰性的一年。
Eric Bosshard - Co-Founder, CEO, Co-Director of Research & Senior Research Analyst
Eric Bosshard - Co-Founder, CEO, Co-Director of Research & Senior Research Analyst
Okay. And then secondly, you mentioned single-family for rent, both of what you're doing and buyers of home of your homes from others. I'm just curious if you can give us a sense of how much of the business is single-family for rent, what the expectation is in '23 and if there's any risk or volatility around that buyer group.
好的。其次,您提到了出租單戶住宅,包括您正在做的事情以及從其他人那裡購買房屋的人。我只是想知道您是否可以讓我們了解有多少業務是單戶住宅出租,23 年的預期是什麼,以及該買家群體是否存在任何風險或波動。
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
So our approach to the single-family rental business is to build communities of traditional single-family homes. Rent those up and stabilization and then sell them to typically institutional owners of that sort of residential asset class. It's about $1.7 billion, I think, is our current investment in the single-family rental platform. We expect that's going to grow during '23.
所以我們對單戶租賃業務的做法是建立傳統的單戶住宅社區。將它們出租並穩定下來,然後將它們出售給這類住宅資產類別的典型機構所有者。我認為,這大約是 17 億美元,是我們目前對單戶租賃平台的投資。我們預計這將在 23 年期間增長。
Depending upon market conditions, probably not more growth than we had from the end of '21 to the end of '22, but we do expect growth in '23. And we still see that when we complete the homes and they go to market to lease, there's still good demand and people are needing a place to live, and they're choosing to live in these communities.
根據市場情況,可能不會比我們從 21 年底到 22 年底的增長更多,但我們確實預計 23 年會有增長。而且我們仍然看到,當我們完成房屋並進入市場出租時,仍然有很好的需求,人們需要一個居住的地方,他們選擇住在這些社區。
Operator
Operator
The next question is coming from Alan Ratner from Zelman & Associates.
下一個問題來自 Zelman & Associates 的 Alan Ratner。
Alan S. Ratner - MD
Alan S. Ratner - MD
Thanks for all the great detail in a difficult market to forecast out here, so we appreciate it. I guess first question, just trying to triangulate all the comments you made about the margin outlook, the goals as far as revenue are concerned in '23. So if I look at your 1Q margin guide, it's down about 600 to 700 basis points from the peak a couple of quarters ago, and I think that's largely consistent with kind of the net price adjustments we've seen across the industry.
感謝您在一個難以預測的市場中提供所有詳細信息,因此我們對此表示感謝。我想第一個問題,只是試圖對你對利潤率前景所做的所有評論進行三角測量,就23年的收入目標而言。因此,如果我查看您的第一季度保證金指南,它比幾個季度前的峰值下降了約 600 至 700 個基點,我認為這與我們在整個行業中看到的淨價格調整基本一致。
As you think about that versus your goal to grow revenues for the year or even maybe the low end of that range, what's the price sensitivity to achieving that goal? How low are you willing to take that margin in the near term, recognizing that maybe longer term, you have some potential cost relief coming or other things that could be offset.
當您考慮這一點與您的目標是增加今年的收入甚至可能是該範圍的低端時,實現該目標的價格敏感性是多少?你在短期內願意把這個利潤降到多低,認識到也許從長遠來看,你有一些潛在的成本減免或其他可以抵消的東西。
But in order to hit your '23 target there? How low could that margin go before you kind of hold back and say, you know what, we're just going to slow the start pace. We're not going to chase that revenue growth because the price environment is too difficult.
但是為了在那里達到你的 '23 目標?在你有點退縮並說,你知道嗎,我們只是要放慢開始速度之前,這個保證金會有多低。我們不會追逐收入增長,因為價格環境太艱難了。
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Alan, there's always a balance. We're always balancing what we're doing on pricing and incentives and what that results in margin versus pace and turning inventory to generate the best return. And so we'll be trying to strike that balance across all our communities throughout the year.
艾倫,總會有平衡的。我們一直在平衡我們在定價和激勵方面所做的事情,以及導致利潤率與速度的因素,以及將庫存轉為產生最佳回報的因素。因此,我們將在全年努力在所有社區中實現這種平衡。
It's too early and too uncertain to know what the year may bring in terms of the macro environment in terms of rates, in terms of the general economy to know exactly what those decisions may need to be. And so that's why we're trying to provide as much color as we can around how we're looking at things, but in reality, we don't have really any specificity or visibility to what those conditions may be into the spring and in to '23 so in terms of where the line is on where margin or pricing might need to go or what we're willing to do to push pace. I think remains to be seen. We're going to be making those decisions day to day, week to week as we march forward here.
現在要知道這一年在利率方面的宏觀環境可能會帶來什麼,就總體經濟而言,要確切地知道這些決定可能需要是什麼還為時過早,也太不確定了。這就是為什麼我們試圖為我們看待事物的方式提供盡可能多的色彩,但實際上,我們對春季和春季可能出現的情況並沒有任何具體性或可見性到 23 年,就利潤或定價可能需要去的地方或我們願意做些什麼來加快步伐而言。我認為還有待觀察。當我們在這裡前進時,我們將日復一日、一周一周地做出這些決定。
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
And as you know, we don't push or dictate that from a high level. It really is managed community by community, market by market so we can make sure we're maximizing our returns at the local level and then blend it overall.
如您所知,我們不會從高層推動或規定這一點。它實際上是一個社區一個社區,一個市場一個市場地管理,所以我們可以確保我們在地方層面最大化我們的回報,然後將其整體融合。
Alan S. Ratner - MD
Alan S. Ratner - MD
Okay. I appreciate the thoughts there. I guess on the Rental segment, so I hear the delays in Florida, but I thought I also heard maybe a couple of projects that you thought would close this quarter that got pushed out because of presumably the higher borrowing costs that your counterparties are experiencing and how that impacts the underwriting.
好的。我很欣賞那裡的想法。我猜是在租賃部分,所以我聽說佛羅里達州的延誤,但我想我也聽說過一些您認為本季度將關閉的項目,這些項目可能因為您的交易對手正在經歷的較高借貸成本而被推出,並且這如何影響承保。
So I guess I'm just thinking out loud here, you do expect growth in that segment and certainly the inventory has been building. But how concerned or not concerned are you about what's going on with borrowing costs for those investors. I mean, we're hearing that there's a bit of a stalemate, if you will, or at least a widening bid-ask spread on the rental side as well given the difficulty underwriting to the new borrowing costs.
所以我想我只是在這里大聲思考,你確實預計該細分市場會增長,而且庫存肯定在增加。但是,您對這些投資者的借貸成本有多少關注或不關注。我的意思是,我們聽說有一點僵局,如果你願意的話,或者至少租金方面的買賣差價也在擴大,因為難以承銷新的借貸成本。
So what's the sensitivity for you to achieve that growth? Is there any risk to that if borrowing costs remain elevated?
那麼,您實現這種增長的敏感度是多少?如果借貸成本居高不下,是否有任何風險?
Paul J. Romanowski - Executive VP & Co-COO
Paul J. Romanowski - Executive VP & Co-COO
Alan, we have certainly seen from that buyer base in the credit markets and their ability to borrow soften, but there's still plenty of buyers out there. Like our buyers on the homebuyer side, they're taking a bit of a pause in some cases, just to evaluate the market.
艾倫,我們當然已經從信貸市場的買家基礎和他們的借貸能力中看到了軟化,但仍然有很多買家。就像我們在購房者方面的買家一樣,他們在某些情況下會暫停一下,只是為了評估市場。
But we've got about 7,400 homes in production on the single-family for rent side, and that's from beginning to those that are complete. We still expect to see people in that market. Not everyone needs to be in the credit markets or borrowing to purchase. And our single-family rental communities tend to be on the lower end side relative to apartment sizes.
但是,我們有大約 7,400 套單戶住宅在生產中出租,而且從開始到已經完成。我們仍然希望在這個市場上看到人們。並非每個人都需要進入信貸市場或借貸購買。相對於公寓面積,我們的單戶出租社區往往處於較低端。
And so we still feel good about that business, but we certainly did see communities that we expected to be sold and closed in the fourth quarter pushed into the second quarter.So...
所以我們仍然對這項業務感覺良好,但我們確實看到我們預計在第四季度被出售和關閉的社區被推遲到第二季度。所以......
Alan S. Ratner - MD
Alan S. Ratner - MD
And when you look at your deals that are under construction or completed or close and if you underwrite those deals as if you're a buyer today, you're still seeing those penciling. In other words, you can make the math work and assume that a buyer theoretically can as well?
當您查看正在建設中、已完成或已結束的交易時,如果您像今天的買家一樣承保這些交易,您仍然會看到這些交易。換句話說,您可以使數學工作並假設買方理論上也可以嗎?
Paul J. Romanowski - Executive VP & Co-COO
Paul J. Romanowski - Executive VP & Co-COO
Yes. And we have been very conservative on our underwriting. We are really looking at each of those communities as we would on the for-sale side. And so the performance we saw on the ones that we sold in the market a year ago and through the last year, were far outperformed our underwriting. And so we still feel good about the position in the active communities that we have, and we will adjust as the market adjusts in terms of that business on a go forward.
是的。我們在承保方面一直非常保守。我們真的在關注每一個社區,就像我們在待售方面一樣。因此,我們一年前和去年在市場上銷售的產品的表現遠遠優於我們的承銷商。因此,我們仍然對我們在活躍社區中的地位感到滿意,並且我們將隨著市場在該業務方面的調整而進行調整。
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
And more of the issue, I think, Alan, related to a change in that buyer. They were -- just to say they were very excited would be an understatement to get their hands on the communities early in fiscal '22. We experienced some of the same construction delays in those products that we did in our single-family for sale business and we had expectations and buyer indications of interest willing to close on the projects prior to completion and prior to full stabilization.
更多的問題,我認為,艾倫,與那個買家的變化有關。他們 - 只是說他們非常興奮,在 22 財年早期接觸社區是輕描淡寫的。我們在這些產品中遇到了一些與我們在單戶待售業務中所做的相同的建設延誤,我們有期望和買家的興趣跡象,他們願意在完成之前和完全穩定之前關閉這些項目。
The markets come back and more normalized now and their expectation is that we get to a stabilized point before they're -- we're going to get a good valuation.
市場現在回來並且更加正常化,他們的期望是我們在他們之前達到一個穩定點 - 我們將獲得一個很好的估值。
Alan S. Ratner - MD
Alan S. Ratner - MD
If I could just sneak in one last one, and I apologize, but it's relevant to this topic here. In the environment where the capital markets remain tough and the borrowing costs continue to rise here, but you're still seeing good fundamentals at the community level, good occupancy, good rents.
如果我可以偷偷插入最後一個,我很抱歉,但這與這裡的這個話題有關。在資本市場依然嚴峻且借貸成本繼續上漲的環境下,您仍然看到社區層面的良好基本面、良好的入住率和良好的租金。
Are you willing to kind of shift the strategy in the near term and kind of hold on to more of these assets on your balance sheet and wait for the transaction environment to improve? Or is the goal here really to turn the capital and then you're not looking to necessarily grow a portfolio of stabilized assets?
您是否願意在短期內改變策略並在資產負債表上保留更多此類資產並等待交易環境改善?或者這裡的目標真的是為了轉移資本,然後你並不一定要增加穩定資產的投資組合?
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Our base business model is to sell the assets. That still generally will generate the best return. But we're going to make sure that we stay in a position from a capital perspective to be able to manage timing to manage a bit of a slower process, if necessary, due to some disruptions in the capital markets, which typically don't last that long.
我們的基本商業模式是出售資產。這通常仍然會產生最好的回報。但我們將確保從資本的角度來看,我們能夠把握時機,在必要時管理一些較慢的過程,因為資本市場的一些干擾通常不會持續那麼久。
But we do want to make sure we stay in a flexible position to be able to manage timing when necessary.
但我們確實希望確保我們保持靈活的位置,以便能夠在必要時管理時間。
Operator
Operator
Your next question is coming from Buck Horne from Raymond James.
您的下一個問題來自 Raymond James 的 Buck Horne。
Buck Horne - SVP of Equity Research
Buck Horne - SVP of Equity Research
I was wondering if you could -- I think you mentioned the cancellation rate in October remained elevated. I was just wondering if directionally you could indicate whether that was the cancellation rate was higher or lower than what happened in the fourth quarter in October.
我想知道你是否可以——我想你提到 10 月份的取消率仍然很高。我只是想知道您是否可以直接指出取消率是高於還是低於 10 月第四季度的情況。
Jessica Hansen - VP of IR
Jessica Hansen - VP of IR
Yes. We typically have volatility month-to-month in our can rate throughout the quarter, so we don't give it specifically for the month. But anything for us above the, call it, low 20s, high teens to low 20s is elevated, and we certainly did not see any market improvement in October as compared to Q4.
是的。我們通常在整個季度的罐頭評級中每月都有波動,因此我們不會專門針對該月給出它。但對我們來說,任何高於 20 多歲、十幾歲到 20 多歲的東西都在上升,與第四季度相比,我們當然沒有看到 10 月份的市場有任何改善。
Buck Horne - SVP of Equity Research
Buck Horne - SVP of Equity Research
Okay. Appreciate that. And can we talk about any just regional differences in terms of how buyer traffic and interest levels have behaved as the progression of interest rates kind of marched higher either during the quarter through October.
好的。感謝。我們能否談談在截至 10 月的一個季度中,隨著利率的進展有點走高,買家流量和興趣水平如何表現的任何地區差異。
Just kind of walk us through the map and just kind of where things are -- how buyers are behaving in different geographies?
只需帶我們瀏覽地圖,了解事物的位置——買家在不同地區的表現如何?
Michael J. Murray - Executive VP & Co-COO
Michael J. Murray - Executive VP & Co-COO
We've seen still see a lot of traffic in our models. We still see people coming in looking to get into a home, a little more challenging with the affordability sometimes to get them qualified. But as we see stabilization in rates. And when we see periods when rates have stabilized and that demand is there, we're able to meet it.
我們已經看到我們的模型中仍然有很多流量。我們仍然看到人們進來尋找進入一個家,有時要讓他們獲得資格的負擔能力更具挑戰性。但正如我們看到的利率穩定。當我們看到利率穩定並且需求存在的時期時,我們能夠滿足它。
We do see in our sales process is that we're selling the large majority of our homes passed a certain stage of construction, not just from our restriction of that sale, but from the buyer wanting certainty of what that interest rate payment can be within the lock window that can be afforded to them.
我們在銷售過程中確實看到,我們出售的大部分房屋都經過了一定的建設階段,不僅僅是因為我們對該銷售的限制,還因為買家希望確定可以支付的利率在多少範圍內可以提供給他們的鎖定窗口。
And so that's been important for us to accelerate the cycle times, have more inventoried later in the production process that we can deliver within the interest rate lock window.
因此,這對我們加快週期時間很重要,在生產過程的後期有更多庫存,我們可以在利率鎖定窗口內交付。
Buck Horne - SVP of Equity Research
Buck Horne - SVP of Equity Research
Right. I'm just curious, pockets of strength kind of geographically?
正確的。我只是好奇,地理上的實力口袋?
David V. Auld - President & CEO
David V. Auld - President & CEO
Just from geographically, it's the same markets that are experienced in inflow of buyers. I mean, I think our relocate percentage relocation buyers picked up last quarter again -- there is -- it's -- the market is, I think, evolving maybe is the best word.
僅從地理上看,在買家流入方面所經歷的市場是相同的。我的意思是,我認為我們的搬遷百分比搬遷買家在上個季度再次回升 - 有 - 這是 - 我認為,市場正在發展,也許是最好的詞。
There is still a migration out of urban or out of urban into the suburbs. And there's still housing formation taking place that exceeds the supply of homes. It's easy to get caught up in the short term. Our goal here is to stay focused on the long term. And I can tell you, our efforts are in positioning for now Q2, Q3, Q4 and '24 and '25.
仍然存在從城市或城市到郊區的遷移。而且仍然有超過房屋供應的房屋形成。短期內很容易陷入困境。我們的目標是專注於長期。我可以告訴你,我們現在的努力是定位於 Q2、Q3、Q4 和 '24 和 '25。
And so we're trying to stay out of the short-term reaction, but where do we want to be as this platform continues to develop, improve and get built out.
因此,我們試圖避開短期反應,但隨著這個平台的不斷發展、改進和完善,我們希望成為什麼樣的人。
Operator
Operator
The next question is coming from Susan Maklari from Goldman Sachs.
下一個問題來自高盛的 Susan Maklari。
Susan Marie Maklari - Analyst
Susan Marie Maklari - Analyst
My first question is going back to the land market a bit. Can you talk about what you're hearing from the sellers? And how are the renegotiations of some of those option contracts coming together. What is the pushback that you're getting if there is any? And how is that progressing and changing as the market is changing?
我的第一個問題是回到土地市場。你能談談你從賣家那裡聽到的嗎?以及其中一些期權合約的重新談判是如何進行的。如果有任何阻力,你會得到什麼?隨著市場的變化,這將如何發展和變化?
Paul J. Romanowski - Executive VP & Co-COO
Paul J. Romanowski - Executive VP & Co-COO
Yes, Susan. We have been very proactive with our land sellers and development partners and realistic in terms of expectations with the market as it moves. So largely, they have the understanding and working with us to keep those deals alive where we can. To the extent that it just the underwriting doesn't make sense.
是的,蘇珊。我們對我們的土地賣家和開發合作夥伴非常積極主動,並且在市場變化時對市場的期望是現實的。因此,在很大程度上,他們理解並與我們合作,在我們力所能及的範圍內保持這些交易的活力。在某種程度上,它只是承保沒有意義。
Then we're having to make the decisions that we are. And we will, if needs be, have to walk away from some of those options. But that's why we have the option contracts in place and have made that shift with our land strategy. But by and large, they are reading the headlines like everyone else and understanding of where the market is.
然後我們必須做出我們現在的決定。如果需要,我們將不得不放棄其中一些選擇。但這就是為什麼我們有期權合同,並通過我們的土地戰略實現了這一轉變。但總的來說,他們像其他人一樣閱讀頭條新聞,了解市場在哪裡。
They ultimately want to be in a position to move through those lots and so have been relatively well received and receptive to come to the Table Talk.
他們最終希望能夠通過這些地段,因此受到了相對較好的歡迎和接受來參加桌面談話。
David V. Auld - President & CEO
David V. Auld - President & CEO
And we treat our attempt to treat our development partners like they're part of the family. I mean, we're very transparent. They understand where we're headed and what our start pace is and what our expectations for that community is.
我們對待我們對待我們的發展夥伴的嘗試,就像他們是家庭的一部分一樣。我的意思是,我們非常透明。他們了解我們的發展方向、我們的起步速度以及我們對該社區的期望。
And coming out of the last downturn, we built relationships that are still existing today and our goals in every community, every division is to be kind of the favorite nation builder. And we are going to treat them better. So we really do believe in the transparency and consistency and audit and direct communication, and that's how you build relationships.
從上一次經濟衰退中走出來,我們建立了今天仍然存在的關係,我們在每個社區、每個部門的目標都是成為最受歡迎的國家建設者。我們會更好地對待他們。因此,我們確實相信透明度和一致性以及審計和直接溝通,這就是您建立關係的方式。
Susan Marie Maklari - Analyst
Susan Marie Maklari - Analyst
Yes. Okay. And then can you talk a bit about capital allocation? As the market is changing, how are you thinking about the different uses of cash and especially maybe any thoughts on buybacks as we think about 2023?
是的。好的。然後你能談談資本配置嗎?隨著市場的變化,您如何看待現金的不同用途,尤其是我們對 2023 年的回購有何想法?
Bill W. Wheat - Executive VP & CFO
Bill W. Wheat - Executive VP & CFO
Yes, Sue, we'll continue to take a balanced approach to it all. We're in a good, flexible position to be able to continue to provide returns to our shareholders, both in the terms of increased dividends and share repurchases. Obviously, we'll be adjusting in our business and how much we invest into land and to help home starts and into our rental business based on market conditions.
是的,蘇,我們將繼續對這一切採取平衡的態度。在增加股息和股票回購方面,我們處於一個良好、靈活的位置,能夠繼續為我們的股東提供回報。顯然,我們將根據市場情況調整我們的業務以及我們在土地上投資多少,以幫助家庭啟動和進入我們的租賃業務。
But at a base level, we do expect to generate an increase in our homebuilding cash from operations in fiscal 2023. And with that, that gives us even more flexibility to make those relative decisions, but continue with more of the same in terms of the balance and the consistency in the approach.
但在基本水平上,我們確實希望在 2023 財年從運營中產生更多的住宅建設現金。這樣,我們就可以更加靈活地做出這些相關決定,但在方法的平衡和一致性。
Operator
Operator
Thank you. And that is all the time we have for questions this morning. At this time, I would like to turn the floor back to David Auld for closing remarks.
謝謝你。這就是我們今天早上的所有提問時間。在這個時候,我想請大衛·奧爾德發言結束髮言。
David V. Auld - President & CEO
David V. Auld - President & CEO
Thank you, Tom. We appreciate everybody's time on the call today and look forward to speaking with you again to share our first quarter results in January. And finally, congratulations to the entire D.R. Horton family for another remarkable year. Stay humble, stay hungry, stay focused, go compete and win every day. Thank you.
謝謝你,湯姆。我們感謝大家今天在電話會議上的時間,並期待再次與您交談,分享我們 1 月份的第一季度業績。最後,祝賀整個 D.R.霍頓家族又是非凡的一年。保持謙虛,保持飢餓,保持專注,每天去競爭並贏得勝利。謝謝你。
Operator
Operator
Thank you. Ladies and gentlemen, this does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.
謝謝你。女士們先生們,今天的電話會議到此結束。你可以在這個時候斷開你的電話線,並有一個美好的一天。感謝您的參與。