霍頓房屋 (DHI) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Second Quarter 2023 Earnings Conference Call for D.R. Horton, America's Builder, the largest builder in the United States. (Operator Instructions) Please note, this conference is being recorded. I will now turn the call over to Jessica Hansen, Vice President of Investor Relations for D.R. Horton.

早上好，歡迎參加 D.R. 2023 年第二季度收益電話會議。 Horton, America's Builder，美國最大的建築商。 （操作員說明）請注意，正在錄製此會議。我現在將把電話轉給 D.R. 投資者關係副總裁 Jessica Hansen。霍頓。

Thank you, Holly, and good morning. Welcome to our call to discuss our results for the second quarter of fiscal 2023. 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，霍莉，早上好。歡迎來到我們的電話會議，討論我們 2023 財年第二季度的業績。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》定義的前瞻性陳述。儘管 D.R.霍頓認為任何此類陳述均基於合理假設，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 its most recent quarterly report on Form 10-Q, both 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。霍頓在本次電話會議的日期，以及 D.R.霍頓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. Horton 的 10-K 表格年度報告及其最近的 10-Q 表格季度報告均已提交給美國證券交易委員會。

This morning's earnings release can be found on our website at investor.drhorton.com, and we plan to file our 10-Q early next week. After this call, we will post updated investor and supplementary data presentations to our Investor Relations site on the Presentations section under News and Events for your reference.

今天上午的收益發布可以在我們的網站 investor.drhorton.com 上找到，我們計劃在下周初提交我們的 10-Q。此次電話會議後，我們將在“新聞和事件”下的“演示文稿”部分向我們的投資者關係網站發布更新的投資者和補充數據演示文稿，供您參考。

Now I will turn the call over to David Auld, our President and CEO.

現在我將把電話轉給我們的總裁兼首席執行官大衛奧爾德。

Thank you, Jessica. Good morning. I am pleased to also be joined on this call by Mike Murray and Paul Romanowski, our Executive Vice Presidents and Co-Chief Operating Officers; and Bill Wheat, our Executive Vice President and Chief Financial Officer. We are excited to announce that we recently closed our 1 millionth home, a first for any home builder. We are both humbled and proud to have been a part of 1 million families, achieving their dream of homeownership over the past 45 years.

謝謝你，傑西卡。早上好。我很高興我們的執行副總裁兼聯席首席運營官 Mike Murray 和 Paul Romanowski 也加入了這次電話會議；和我們的執行副總裁兼首席財務官 Bill Wheat。我們很高興地宣布，我們最近關閉了我們的第 100 萬套房屋，這對任何房屋建築商來說都是第一次。在過去的 45 年裡，我們成為 100 萬個家庭的一員，實現了他們擁有房屋的夢想，我們感到既謙卑又自豪。

For the second quarter, the D.R. Horton team delivered solid results highlighted by earnings of $2.73 per diluted share. Our consolidated pretax income was $1.2 billion on $8 million in revenues with a pretax profit margin of 15.6%. Our homebuilding return on inventory for the trailing 12 months ended March 31 was 35.1% and our consolidated return on equity for the same period was 27.2%.

第二季度，D.R.霍頓團隊取得了穩健的業績，稀釋後每股收益為 2.73 美元。我們的綜合稅前收入為 12 億美元，收入為 800 萬美元，稅前利潤率為 15.6%。截至 3 月 31 日的過去 12 個月，我們的房屋建築庫存回報率為 35.1%，同期的綜合股本回報率為 27.2%。

The Spring selling season is off to an encouraging start with our net sales orders increasing 73% sequentially from the first quarter. Despite higher mortgage rates and inflationary pressures, demand improved during the quarter due to normal seasonal factors, coupled with our use of incentives and pricing adjustments to adapt to changing market conditions. Although higher interest rates and economic uncertainty may persist for some time, the supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable.

春季銷售旺季開局令人鼓舞，我們的淨銷售訂單較第一季度環比增長 73%。儘管抵押貸款利率和通脹壓力較高，但由於正常的季節性因素，加上我們使用激勵措施和定價調整來適應不斷變化的市場條件，本季度的需求有所改善。儘管較高的利率和經濟不確定性可能會持續一段時間，但價格可承受的新房和現房供應仍然有限，支持住房需求的人口結構仍然有利。

We are well positioned to navigate changing market conditions with our experienced operators, affordable product offerings, flexible lots and great trade and supplier relationships. Our strong balance sheet, liquidity and low leverage provide us with significant financial flexibility. We will continue to focus on managing our product offerings, incentives, home prices, sales pace and inventory levels to meet the market, consolidate market share, optimize returns and generate increased operating cash flow. Mike?

憑藉我們經驗豐富的運營商、價格合理的產品、靈活的批次以及良好的貿易和供應商關係，我們有能力駕馭不斷變化的市場條件。我們強大的資產負債表、流動性和低杠桿率為我們提供了顯著的財務靈活性。我們將繼續專注於管理我們的產品供應、激勵措施、房價、銷售速度和庫存水平，以滿足市場需求、鞏固市場份額、優化回報並產生更多的經營現金流。麥克風？

Earnings for the second quarter of fiscal 2023 decreased 32% to $2.73 per diluted share compared to $4.03 per share in the prior year quarter. Net income for the quarter decreased 34% to $942 million on consolidated revenues of $8 billion. Our second quarter home sales revenues were $7.4 billion on 19,664 homes closed compared to $7.5 billion on 19,828 homes closed in the prior year. Our average closing price for the quarter was $378,800, down 2% sequentially and essentially flat with the prior year quarter. Paul?

與去年同期的每股 4.03 美元相比，2023 財年第二季度的每股攤薄收益下降 32% 至 2.73 美元。本季度淨收入下降 34% 至 9.42 億美元，合併收入為 80 億美元。我們第二季度關閉的 19,664 套房屋的房屋銷售收入為 74 億美元，而去年關閉的 19,828 套房屋為 75 億美元。我們本季度的平均收盤價為 378,800 美元，環比下降 2%，與去年同期基本持平。保羅？

Our net sales orders in the second quarter decreased 5% to 23,142 homes and order value decreased 11% from the prior year to $8.6 billion. Our cancellation rate for the quarter was 18%, up from 16% in the prior year quarter, but down 27% sequentially. Our average number of active selling communities was up 3%, both sequentially and year-over-year. The average sales price of net sales orders in the second quarter was $372,900, down 7% from the prior year quarter and up 1% sequentially.

我們第二季度的淨銷售訂單減少 5% 至 23,142 套，訂單價值較上年同期下降 11% 至 86 億美元。我們本季度的取消率為 18%，高於去年同期的 16%，但環比下降了 27%。我們的活躍銷售社區平均數量環比和同比增長 3%。第二季度淨銷售訂單的平均銷售價格為 372,900 美元，環比下降 7%，環比上升 1%。

To adjust to changing market conditions and higher mortgage rates, we have continued offering incentives and reducing the prices and sizes of our homes where necessary to provide better affordability to home buyers and to optimize the returns on our inventory investments. We expect to continue offering a similar level of incentives throughout 2023, and we are seeing indications that our average sales price and incentive levels are beginning to stabilize.

為了適應不斷變化的市場條件和更高的抵押貸款利率，我們繼續提供激勵措施，並在必要時降低房屋的價格和麵積，以便為購房者提供更好的負擔能力並優化我們的庫存投資回報。我們預計將在 2023 年繼續提供類似水平的激勵措施，並且我們看到有跡象表明我們的平均銷售價格和激勵水平開始趨於穩定。

Our sales volume in the third quarter and for the rest of the year will depend on the continued strength of the Spring selling season and general market conditions, which can be significantly affected by changes in mortgage rates and other economic factors. We will continue to start homes and maintain sufficient inventory to meet sales demand and aggregate market share. Bill?

我們第三季度和今年剩餘時間的銷量將取決於春季銷售旺季的持續強勁和總體市場狀況，這可能會受到抵押貸款利率和其他經濟因素變化的顯著影響。我們將繼續開工並保持充足的庫存以滿足銷售需求和總市場份額。賬單？

Our gross profit margin on home sales revenues in the second quarter was 21.6%, down 230 basis points sequentially from the December quarter. The decrease in our gross margin from December to March reflects the impact of higher sales incentives and home price reductions. On a per square foot basis, home sales revenues were down 1% sequentially. Stick and brick cost per square foot increased 1% and lot costs were up 5%.

我們第二季度的房屋銷售收入毛利率為 21.6%，比去年同期下降 230 個基點。我們從 12 月到 3 月的毛利率下降反映了更高的銷售激勵和房價下降的影響。按每平方英尺計算，房屋銷售收入環比下降 1%。每平方英尺的木棍和磚塊成本增加了 1%，地塊成本增加了 5%。

We are continuing to work with our trade partners and suppliers to reduce our construction costs on new home starts. We are making some limited progress in these efforts, but are also still experiencing some cost increases due to the overall inflationary environment. However, with the benefits of lower lumber costs, the average cost of our homes closed is beginning to stabilize, and we see indications that our home sales gross margin is also starting to stabilize around current levels. Jessica?

我們將繼續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。我們在這些努力中取得了一些有限的進展，但由於整體通脹環境，成本仍在增加。然而，隨著木材成本降低的好處，我們關閉房屋的平均成本開始趨於穩定，我們看到有跡象表明我們的房屋銷售毛利率也開始穩定在當前水平附近。傑西卡？

In the second quarter, our homebuilding SG&A expenses increased by 8% from last year, and homebuilding SG&A expense as a percentage of revenues was 7.3%, up 50 basis points from the same quarter in the prior year. We are controlling our SG&A while ensuring our platform adequately supports our business. Paul?

第二季度，我們的房屋建築 SG&A 費用比去年同期增長 8%，房屋建築 SG&A 費用佔收入的百分比為 7.3%，比去年同期提高 50 個基點。我們正在控制我們的 SG&A，同時確保我們的平台充分支持我們的業務。保羅？

We started 19,900 homes this quarter and ended the quarter with 43,600 homes in inventory, down 27% from a year ago and up 1% sequentially. 24,800 of our homes at March 31 were unsold, of which 6,400 were completed. For homes we closed this quarter, our construction cycle time decreased 12 days from the first quarter reflecting our efforts to improve our cycle times and improvements in the supply chain. We will continue to evaluate demand and adjust our homes and inventory and start pace based on current market conditions. Mike?

本季度我們開工了 19,900 套房屋，本季度末有 43,600 套庫存房屋，比去年同期下降 27%，環比增長 1%。截至 3 月 31 日，我們有 24,800 套房屋未售出，其中 6,400 套已完工。對於我們本季度關閉的房屋，我們的施工週期時間比第一季度減少了 12 天，這反映了我們為改善週期時間和改進供應鏈所做的努力。我們將繼續評估需求並根據當前市場狀況調整我們的房屋和庫存以及開工步伐。麥克風？

Our homebuilding lot position at March 31 consisted of approximately 547,000 lots, of which 25% were owned and 75% were controlled through purchase contracts. 32% of our total owned lots are finished and 53% of our controlled lots are or will be finished when we purchase them. Our capital efficient and flexible lot portfolio is a key to our strong competitive position. We are actively managing our investments in lots, land and development based on current market conditions.

截至 3 月 31 日，我們的房屋建築地塊頭寸包括大約 547,000 塊地塊，其中 25% 是我們擁有的，75% 是通過購買合同控制的。我們擁有的全部地塊中有 32% 已經完工，我們控制的地塊中有 53% 已經或將在我們購買時完成。我們資本高效且靈活的地塊組合是我們強大競爭地位的關鍵。我們正在根據當前市場狀況積極管理我們在土地、土地和開發方面的投資。

During the quarter, our homebuilding segment incurred $900,000 of inventory impairments and wrote off $13 million of option deposits and due diligence costs related to land and lot purchase contracts. We expect our level of option cost write-offs remain somewhat elevated in fiscal 2023 as we continue to manage our lot portfolio through changing market conditions.

本季度，我們的住宅建築部門產生了 900,000 美元的庫存減值，並註銷了 1300 萬美元的期權存款以及與土地和地塊購買合同相關的盡職調查成本。我們預計我們的期權成本註銷水平在 2023 財年仍會有所上升，因為我們將繼續通過不斷變化的市場條件來管理我們的地塊組合。

Our second quarter homebuilding investments in lots, land and development totaled $1.7 billion down 19% from the prior year quarter and flat sequentially. Our current quarter investments consisted of $980 million for finished lots, $590 million for land development and $150 million for land acquisition. Bill?

我們第二季度在土地、土地和開發方面的房屋建築投資總計 17 億美元，比去年同期下降 19%，環比持平。我們當前季度的投資包括 9.8 億美元的完工地塊、5.9 億美元的土地開發和 1.5 億美元的土地收購。賬單？

Financial services pretax income in the second quarter was $86 million on $216 million of revenues with a pretax profit margin of 39.6%. During the second 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 76% of our buyers.

第二季度金融服務稅前收入為 8600 萬美元，收入為 2.16 億美元，稅前利潤率為 39.6%。在第二季度，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，我們的抵押貸款公司為 76% 的買家處理了融資。

FHA and VA loans accounted for 46% of the mortgage company's volume. Borrowers originating loans with DHI Mortgage this quarter had an average FICO score of 723 and an average loan-to-value ratio of 88%. The First-time homebuyers represented 55% of the closings handled by our mortgage company this quarter. Mike?

FHA 和 VA 貸款佔抵押貸款公司貸款量的 46%。本季度通過 DHI Mortgage 發放貸款的借款人的平均 FICO 得分為 723，平均貸款價值比為 88%。首次購房者占我們抵押貸款公司本季度處理的成交量的 55%。麥克風？

Our rental operations generated $224 million of revenues during the second quarter from the sale of 721 single-family rental homes, earning pretax income of $35 million. Our rental property inventory at March 31 was $3.3 billion, which included approximately $2.1 billion of single-family rental properties and $1.2 billion of multifamily rental properties. 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. For the third quarter, we expect our rental revenues to be similar to our first and second quarters. Paul?

我們的租賃業務在第二季度通過出售 721 套單戶出租房屋產生了 2.24 億美元的收入，稅前收入為 3500 萬美元。截至 3 月 31 日，我們的出租物業庫存為 33 億美元，其中包括約 21 億美元的單戶出租物業和 12 億美元的多戶出租物業。我們預計，隨著我們的平台成熟並擴展到更多市場，我們的租賃業務將在 2023 財年產生收入和利潤的顯著增長。對於第三季度，我們預計我們的租金收入將與第一季度和第二季度相似。保羅？

Forestar, our majority-owned residential lot development company reported total revenues of $302 million on 2,979 lots sold and pretax income of $36 million for the second quarter. Forestar's owned and controlled lot position at March 31 was 76,400 lots. 54% of Forestar's owned lots are under contract with or subject to a right of first offer to D.R. Horton. $220 million of our finished lots purchased in the second quarter were from Forestar. Forestar is separately capitalized from D.R. Horton and had more than $650 million of liquidity at quarter end with a net debt-to-capital ratio of 25.2%. Forestar is well positioned to meet changing market conditions with its strong capitalization, lot supply and relationship with D.R. Horton. Bill?

我們持有多數股權的住宅地塊開發公司 Forestar 報告稱，第二季度售出 2,979 塊地塊的總收入為 3.02 億美元，稅前收入為 3,600 萬美元。截至 3 月 31 日，Forestar 擁有和控制的手數為 76,400 手。 Forestar 擁有的地塊中有 54% 與 D.R. 簽訂了合同或享有優先購買權。霍頓。我們在第二季度購買的成品地塊中有 2.2 億美元來自 Forestar。 Forestar 與 D.R. 分開資本化。 Horton 在季度末擁有超過 6.5 億美元的流動資金，淨債務資本比率為 25.2%。 Forestar 憑藉其雄厚的資本、大量供應以及與 D.R. 的關係，可以很好地滿足不斷變化的市場條件。霍頓。賬單？

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, which provides us the flexibility to adjust to changing market conditions. During the first 6 months of the year, our cash provided by both our consolidated and homebuilding operations was $1.5 billion. At March 31, we had $4.4 billion of homebuilding liquidity consisting of $2.4 billion of unrestricted homebuilding cash and $2 billion of available capacity on our homebuilding revolving credit facility.

我們平衡的資本方法側重於紀律嚴明、靈活和機會主義。我們致力於維持穩健的資產負債表、低杠桿和大量流動性，這使我們能夠靈活地適應不斷變化的市場條件。今年前 6 個月，我們的綜合業務和房屋建築業務提供的現金為 15 億美元。截至 3 月 31 日，我們擁有 44 億美元的房屋建築流動資金，其中包括 24 億美元的不受限制的房屋建築現金和 20 億美元的房屋建築循環信貸額度的可用容量。

We repaid $300 million of 4.75% senior notes in February at maturity and we have $400 million of senior notes that will mature in August. Our homebuilding leverage was 11.5% at the end of March, and homebuilding leverage net of cash was 1.5%. Our consolidated leverage at March 31 was 22.4%, and consolidated leverage net of cash was 12.3%. At March 31, our stockholders' equity was $20.7 billion, and book value per share was $60.73, up 27% from a year ago. For the trailing 12 months ended March, our return on equity was 27.2%.

我們在 2 月份償還了 3 億美元的 4.75% 到期的優先票據，我們還有 4 億美元的優先票據將在 8 月份到期。截至 3 月底，我們的房屋建築槓桿率為 11.5%，扣除現金後的房屋建築槓桿率為 1.5%。截至 3 月 31 日，我們的綜合槓桿率為 22.4%，扣除現金後的綜合槓桿率為 12.3%。截至 3 月 31 日，我們的股東權益為 207 億美元，每股賬面價值為 60.73 美元，同比增長 27%。截至 3 月的過去 12 個月，我們的股本回報率為 27.2%。

During the quarter, we paid cash dividends of $85.6 million, and our Board has declared a quarterly dividend at the same level as last quarter to be paid in May. We repurchased 3.2 million shares of common stock for $303 million during the quarter for a total of 4.5 million shares repurchased fiscal year-to-date for $421 million. Subsequent to quarter end, our Board authorized the repurchase of up to $1 billion of our common stock, replacing our prior authorization. The new authorization has no expiration date. Jessica?

本季度，我們支付了 8560 萬美元的現金股息，我們的董事會已宣布與上一季度相同水平的季度股息將於 5 月支付。我們在本季度以 3.03 億美元的價格回購了 320 萬股普通股，本財年迄今為止以 4.21 億美元回購了 450 萬股普通股。季度末後，我們的董事會授權回購最多 10 億美元的普通股，取代了我們之前的授權。新授權沒有有效期。傑西卡？

As we look forward, we expect current market conditions to continue with uncertainty regarding mortgage rates, the capital markets and general economic conditions that may significantly impact our business. We are providing detailed guidance for the third quarter as is our standard practice. We are also providing incremental guidance for the full year now that we have seen the beginning of the Spring selling season with good homebuyer demand and signs of stabilization in pricing, incentives and cost [sense].

展望未來，我們預計當前的市場狀況將繼續存在，抵押貸款利率、資本市場和總體經濟狀況的不確定性可能會對我們的業務產生重大影響。我們正在為第三季度提供詳細的指導，這是我們的標準做法。我們還提供了全年的增量指導，因為我們已經看到春季銷售旺季開始，購房者需求良好，價格、激勵措施和成本 [sense] 出現穩定跡象。

We currently expect to generate consolidated revenues in our June quarter of $8 billion to $8.5 billion, and homes closed by our humbling operations to be in the range of 20,000 to 21,000 homes. We expect our home sales gross margin in the second quarter to be approximately 21% to 22% and homebuilding SG&A as a percentage of revenues in the third quarter to be in the range of 7.2% to 7.5%. We anticipate a financial services pretax profit margin of around 30%, and we expect our income tax rate to be approximately 24% to 24.5% in the third quarter.

我們目前預計在我們的 6 月季度產生 80 億至 85 億美元的綜合收入，我們的業務關閉的房屋將在 20,000 至 21,000 所房屋之間。我們預計第二季度我們的房屋銷售毛利率約為 21% 至 22%，而第三季度房屋建築 SG&A 佔收入的百分比將在 7.2% 至 7.5% 之間。我們預計金融服務稅前利潤率約為 30%，我們預計第三季度的所得稅稅率約為 24% 至 24.5%。

We are well positioned to continue aggregating market share in both our homebuilding and rental operations. For the full year, we currently expect to close between 77,000 and 80,000 homes in our homebuilding operations, and between 4,000 and 5,000 homes and units in our rental operations. We expect our consolidated revenues for fiscal 2023 to be in the range of $31.5 billion to $33 billion. We forecast an income tax rate for the year of approximately 24%. We expect to generate increased cash flow from our homebuilding operations and on a consolidated basis in fiscal 2023 compared to fiscal 2022.

我們有能力繼續在我們的房屋建築和租賃業務中積累市場份額。對於全年，我們目前預計將在我們的房屋建築業務中關閉 77,000 至 80,000 套房屋，在我們的租賃業務中關閉 4,000 至 5,000 套房屋和單元。我們預計 2023 財年的綜合收入將在 315 億美元至 330 億美元之間。我們預計今年的所得稅稅率約為 24%。與 2022 財年相比，我們預計 2023 財年的房屋建築業務和綜合現金流量將有所增加。

We also plan to repurchase shares at a similar dollar amount as last year to reduce our share count with the volume of our repurchases dependent on cash flow, liquidity, market conditions and our investment opportunities. We have $400 million of senior notes that matured during the remainder of the year, which we are positioned to repay from cash. We will 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?

我們還計劃以與去年類似的金額回購股票，以減少我們的股票數量，回購數量取決於現金流、流動性、市場狀況和我們的投資機會。我們有 4 億美元的優先票據在今年剩餘時間到期，我們準備用現金償還這些票據。我們將繼續在我們的核心房屋建築業務、我們的租賃業務、保持保守的房屋建築槓桿和強大的流動性、支付更多的股息和持續回購股票之間平衡我們的現金流利用優先級。大衛？

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 effectively operate in changing economic conditions and continued aggregating market share. 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.

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供應。我們強大的資產負債表、流動性和低杠桿率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持續積累市場份額。我們計劃保持我們嚴格的資本投資方法，以提高公司的長期價值，包括通過一致的基礎上的股息和股票回購向我們的股東返還資本。

Thank you to the entire D.R. Horton team for your continued focus and hard work. And a special thank you from Don Horton, our Founder and Executive Chairman, to the countless D.R. Horton employees and trade partners over the past 45 years. We participate in the countless D.R. Horton -- we participated in and contributed to our journey to build, sell and close 1 million homes.

感謝整個 D.R.霍頓團隊感謝您持續的關注和努力。我們的創始人兼執行主席 Don Horton 特別感謝無數 D.R.霍頓員工和過去 45 年的貿易夥伴。我們參與了無數的 D.R.霍頓——我們參與並促成了我們建造、銷售和關閉 100 萬套房屋的旅程。

This concludes our prepared remarks. We will now host questions.

我們準備好的發言到此結束。我們現在將主持問題。

(Operator Instructions) Your first question for today is coming from John Lovallo at UBS.

（操作員說明）您今天的第一個問題來自瑞銀的 John Lovallo。

The first one is to the extent you can comment on April trends, I mean, it sounds like from what we can gather from March checks at April has trended along pretty nicely. And along those same lines, if we think about the third quarter typical absorption declining, call it, 10% sequentially. Is that a reasonable way as a starting point as we move into the third quarter here? Or how are you thinking about that?

第一個是你可以對 4 月份的趨勢發表評論的程度，我的意思是，從我們從 3 月份的支票中收集到的信息來看，4 月份的趨勢似乎相當不錯。沿著同樣的思路，如果我們考慮第三季度的典型吸收率下降，則連續下降 10%。當我們進入第三季度時，以這種方式作為起點是否合理？或者你是怎麼想的？

Sure. We continue to be pleased with our sales pace in April. So you heard us say stabilize a lot on the call, and we really feel like we've seen signs of that and everything has continued into April as we would like to see. In terms of what our Q3 sales look like versus our Q2 sales, typically, it can go either way. A lot of times, it's dead on within a few houses. So we could be slightly up. We could be slightly down sales-wise sequentially. It's going to be dependent, though, on the continued strength of the spring, what happens with mortgage rates and anything else, obviously, economics that could drive that. But right now, it feels pretty good.

當然。我們對 4 月份的銷售速度繼續感到滿意。所以你聽到我們在電話會議上說很多穩定，我們真的覺得我們已經看到了這種跡象，一切都像我們希望看到的那樣持續到四月。就我們第三季度的銷售情況與第二季度的銷售情況而言，通常情況下，兩者都可以。很多時候，它在幾所房子裡就死定了。所以我們可能會略有上升。我們的銷售額可能會略有下降。不過，這將取決於春季的持續走強、抵押貸款利率以及其他任何可能推動這種情況的經濟因素。但是現在，感覺還不錯。

Makes sense. And then just given the demand is holding up reasonably well, do you think there could be somewhat of an industry -- I don't want to say land grab, but more of a push towards companies going out and trying to buy more land as maybe expectations reset a bit more positively looking into 2024.

說得通。然後，鑑於需求保持得相當好，你認為可能會有某種行業——我不想說土地掠奪，而是更多地推動公司走出去並試圖購買更多土地，因為也許對 2024 年的期望會重新設定得更積極一些。

I think you can look across the board and see that most builders have a pretty good lot portfolio out in front of them. I know we, we're over 500 -- roughly 550,000 lots controlled that were owned. So we feel really good about the positioning we have for handling increased demand as well as if we needed -- if demand moderates, we've got flexibility in that portfolio. We will look to continue to add on to our portfolio where it makes sense on a deal-by-deal, market-by-market basis. Haven't seen evidence of a big land grab yet.

我認為您可以縱觀全局，發現大多數建築商在他們面前都有相當不錯的地段組合。我知道我們，我們有超過 500 個——大約 550,000 個控制的地塊。因此，我們對處理不斷增長的需求以及我們需要的定位感到非常滿意——如果需求放緩，我們在該投資組合中就有靈活性。我們將尋求在逐筆交易、逐個市場的基礎上繼續增加我們的投資組合。還沒有看到大面積掠奪的證據。

Your next question is coming from Stephen Kim at Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Stephen Kim。

I got to start off with a comment, which is that if you do the high end of your guide for closings this year, effectively, you'll have had pretty stable closings in '21, '22 and '23, which is a pretty remarkable achievement given the volatility in the adverse environment we saw late last year. So congrats to you guys on that. Now regarding the -- I wanted to talk about market share. One of the things that we've seen as -- I see as an emerging trend is that builders such as yourselves are going to be able to gain share, particularly from some of your private guys who are more dependent upon regional and local banks.

我首先要發表評論，那就是，如果你今年的收盤量達到指南的高端，那麼你在 21 年、22 年和 23 年的收盤量將相當穩定，這是一個很好的結果鑑於我們在去年年底看到的不利環境的動盪，取得了非凡的成就。所以恭喜你們。現在關於——我想談談市場份額。我們已經看到的一件事——我認為是一種新興趨勢，就是像你們這樣的建築商將能夠獲得份額，特別是從一些更依賴區域和本地銀行的私人那裡。

So I wanted to ask you whether you think that a lot of the strength that you've been seeing recently is -- can be attributed to market share gains? And if so, does that mean that you can continue to see your volumes to rebound without seeing a commensurate rise in overall costs, which was a theme that people were wrestling with over the last few months.

所以我想問你，你是否認為你最近看到的很多力量是——可以歸因於市場份額的增加？如果是這樣，這是否意味著您可以繼續看到銷量反彈而不會看到整體成本相應上升，這是過去幾個月人們一直在努力解決的主題。

Steve, in markets where we have our largest market share -- control the largest market share. We see much more stability in both cost and demand and deliveries and margin. So it's our expectation as we continue to consolidate markets. There's going to be kind of a new norm and stability of margin and cost structure, to be honest with you. It allows as we get more efficient and more efficient in delivering houses, we can hit the affordability requirements and still maintain margin. So why we focus on it, it's not just about the number of houses, but controlling the percentage of the market that gives us more access to trades, materials and a stronger relationship with developers and third-party realtors, which all drive our business.

史蒂夫，在我們擁有最大市場份額的市場——控制著最大的市場份額。我們看到成本和需求以及交付和利潤率都更加穩定。因此，隨著我們繼續鞏固市場，這是我們的期望。老實說，利潤率和成本結構將出現一種新的規範和穩定性。它允許我們在交付房屋時變得越來越高效，我們可以達到負擔能力要求並仍然保持利潤率。所以我們關注它的原因，不僅僅是房屋的數量，而是控制市場的百分比，這讓我們有更多的機會獲得貿易、材料，並與開發商和第三方房地產經紀人建立更牢固的關係，這些都推動了我們的業務。

Great. That's encouraging. Appreciate that. Second question relates to what degree you're able to ratchet back incentives looking ahead? I know you sort of talked about a stable environment, and I get that. But I also know that you are probably going to be adjusting what sort of product you put out to market. I would guess that probably has a little bit more of a value orientation. And I'm curious as to whether you anticipate over the medium term that you will be able to ratchet back your incentives as you roll out some more inherently affordable product by design?

偉大的。這是令人鼓舞的。感謝。第二個問題與您能夠在多大程度上減少未來的激勵措施有關？我知道您談到了穩定的環境，我明白了。但我也知道您可能會調整投放市場的產品類型。我想這可能有更多的價值取向。我很好奇你是否預計在中期你將能夠通過設計推出一些本質上更實惠的產品來減少你的激勵措施？

Stephen, as we see stability in the market, it certainly allows us to pull back on incentives and where we have the opportunity, and we have some pricing power. We're taking advantage of that. We aren't seeing a significant change in what we offer in the market. We have some smaller homes that we've been able to put out and where it makes sense, we're taking advantage of that. So we do see an opportunity to continue to peel back on incentives and take advantage of pricing power on a go-forward basis.

斯蒂芬，當我們看到市場穩定時，它肯定允許我們取消激勵措施和我們有機會的地方，並且我們有一些定價權。我們正在利用這一點。我們沒有看到我們在市場上提供的產品發生重大變化。我們有一些我們已經能夠推出的較小的房屋，在有意義的地方，我們正在利用它。因此，我們確實看到了一個機會，可以繼續取消激勵措施，並在前進的基礎上利用定價權。

And as with everything, we're not directing anything globally nationwide, community by community, market by market, our local operators are making those decisions to maximize returns at the local level.

與所有事情一樣，我們不會在全國范圍內、逐個社區、逐個市場地指導任何事情，我們當地的運營商正在做出這些決定，以在地方層面實現回報最大化。

Your next question for today is coming from Carl Reichardt at BTIG.

您今天的下一個問題來自 BTIG 的 Carl Reichardt。

In last couple of quarters, there's been sort of a mixed bag in terms of geographic performance for builders with the Southeast Texas pretty good and the West weak. I'm curious in 1 quarter, and I know we're going to see some of this information when you guys put the stuff up on the site. But was there any sort of significant recovery in some of the markets that have been weaker, David, in the first quarter, especially in the West in terms of orders?

在過去的幾個季度裡，建築商的地理表現參差不齊，德克薩斯州東南部相當不錯，而西部則較弱。我很好奇 1 個季度，我知道當你們把這些東西放在網站上時，我們會看到其中的一些信息。但是，大衛，第一季度一些較弱的市場是否有任何顯著復甦，特別是在訂單方面？

Carl, it's less, it's about positioning. We like the way we're positioned out there and then driving stability. So consistency, stability, flag count, I'm not sure that we saw significant improvement. But again, it's a part of the overall and contributor.

卡爾，它少了，它是關於定位的。我們喜歡我們在那裡的定位方式，然後推動穩定性。所以一致性、穩定性、標誌數，我不確定我們是否看到了顯著的改進。但同樣，它是整體和貢獻者的一部分。

Yes. Most of our pickup really was absorption versus community count. Our overall community count was only up 3% sequentially. We saw 3 of our regions up better than normal seasonality, but call it, still less than 60%. And then we have the Southeast, East and North that were much higher. The North is a lot of new communities, new markets, but the Southeast and the East are just showing the continued strength, particularly in Florida and the Carolinas.

是的。我們的大部分拾取實際上是吸收與社區計數。我們的整體社區數量環比僅增長了 3%。我們看到我們的 3 個地區比正常季節性增長好，但仍然不到 60%。然後是東南、東部和北部，這些地區要高得多。北部有很多新社區、新市場，但東南部和東部才顯示出持續的實力，尤其是在佛羅里達州和卡羅來納州。

Okay. And then on supply chain, you mentioned -- or sorry, on the cycle times, you mentioned down 12 days. And I'm curious if that was just really all supply chain improvement or, to some extent, sort of mix and moving down to quicker homes to turn? And then are you expecting additional improvement in the back half of the year in that metric?

好的。然後在供應鏈上，你提到了——或者抱歉，在周期時間上，你提到了 12 天。我很好奇這是否真的只是所有供應鏈的改進，或者在某種程度上，混合併轉移到更快的房屋？那麼您是否期望該指標在今年下半年有進一步的改善？

Yes. Carl, that was primarily supply chain improvements, finally getting houses through various stages of construction, being better organized and prepared with the labor. And we saw improvement sequentially throughout the quarter, and we're continuing to see improvement in early construction stage movements of homes more recently started. So yes, we expect to see better cycle times as we progress through the year.

是的。卡爾，這主要是供應鏈的改進，最終通過各個建設階段獲得房屋，更好地組織和準備勞動力。我們在整個季度都看到了連續的改善，並且我們繼續看到最近開始的房屋早期建設階段的移動有所改善。所以，是的，隨著我們在這一年的進展，我們希望看到更好的周期時間。

Your next question is coming from Mike Rehaut at JPMorgan.

你的下一個問題來自摩根大通的 Mike Rehaut。

First question, I wanted to get a sense. You mentioned that incentives have stabilized or recently stabilized. And based on our conversations with certain privates, there has been somewhat of an improvement in net pricing throughout the March quarter. I'm curious if you saw that as well? In other words, that net pricing by March end was better than the beginning of the year. And if so, all else equal, with that point, your 3Q gross margin towards the higher end of the range or even a little bit above, if you're expecting stabilization from here on in, particularly in this metric?

第一個問題，我想了解一下。你提到激勵措施已經穩定或最近穩定下來。根據我們與某些私人的對話，整個 3 月季度的淨定價有所改善。我很好奇你是否也看到了？換句話說，到 3 月底的淨定價要好於年初。如果是這樣，那麼所有其他條件都相同，如果你期望從現在開始穩定下來，特別是在這個指標上，那麼你的第三季度毛利率將接近該範圍的高端甚至更高一點？

Yes, Mike, I think the key word we keep using here is stabilization. We've started to see pricing and incentive levels stabilized during the quarter. Naturally, as that stabilization remains in place a bit longer, you are stable to tighten things up a bit. And as we've been able to move through the Spring selling season. Community by community, we see strength, we see good turns. We're able to tighten those things up. So that's certainly overall an expectation, but it's community by community.

是的，邁克，我認為我們在這裡一直使用的關鍵詞是穩定。我們已經開始看到本季度的定價和激勵水平趨於穩定。自然地，隨著這種穩定保持的時間更長一些，你可以穩定地收緊一些東西。而且我們已經能夠度過春季銷售旺季。逐個社區，我們看到了力量，我們看到了好的轉機。我們能夠收緊這些東西。所以這當然是總體期望，但它是逐個社區的。

So there are still places where we are seeing pricing still slightly decline, some places where we're seeing it stabilize, some places we're able to start pushing it up a little bit. So on a net basis, as we look forward, we expect our margins to stabilize around current levels. So that's why our guidance range anticipates perhaps slightly below this quarter, perhaps a little above this quarter. And it's too early to know for sure how that will play out over the remainder of the coming quarter.

因此，在某些地方我們仍然看到價格略有下降，在一些地方我們看到它穩定下來，在一些地方我們能夠開始將其推高一點。因此，在我們展望未來的淨基礎上，我們預計我們的利潤率將穩定在當前水平附近。因此，這就是為什麼我們的指導範圍預期可能略低於本季度，可能略高於本季度。現在確定下個季度的剩餘時間將如何發揮作用還為時過早。

Okay. I appreciate that, Bill. I guess, secondly, maybe building on another question around ASP, how should we think about directionally ASPs, not just for the back half of this year, but into fiscal '24. Is it something where you feel like at current levels, there's been -- most of the adjustment has been made or I guess more specifically, I'm even thinking about potential product mix changes to continue to address affordability if you wouldn't want to try and drive ASP may be a little bit lower in fiscal '24, just to more fully address perhaps the market or affordability challenges, et cetera?

好的。我很感激，比爾。我想，其次，也許基於圍繞 ASP 的另一個問題，我們應該如何考慮定向 ASP，不僅僅是今年下半年，而是進入 24 財年。在目前的水平上，你是否覺得它是——大部分調整已經完成，或者我想更具體地說，我什至在考慮潛在的產品組合變化，以繼續解決負擔能力問題，如果你不想嘗試並推動 24 財年的 ASP 可能會略低一些，只是為了更充分地解決市場或負擔能力方面的挑戰，等等？

Yes, Mike, I think that's just all part of the mix here, slightly reductions in the size of our homes trying to address the affordability equation. That's an ongoing effort for us. And that's why we leave a little room around current levels there because we were always going to try to be as affordable as we can. But at the same time, if we have a good market and we're able to take advantage of some pricing power, we will do that also community by community. So stabilization is the word for the day and obviously, we don't guide sales prices very far out. And it's largely going to be dependent ultimately on market conditions over the remainder of the year and what happens in the rate environment.

是的，邁克，我認為這只是這裡組合的所有部分，略微縮小我們的房屋面積，試圖解決負擔能力等式。這對我們來說是一項持續的努力。這就是為什麼我們在當前水平附近留出一點空間的原因，因為我們總是試圖盡可能地負擔得起。但與此同時，如果我們有一個良好的市場並且我們能夠利用一些定價權，我們也會逐個社區這樣做。因此，穩定是今天的關鍵詞，顯然，我們不會將銷售價格指導得太遠。這在很大程度上最終將取決於今年剩餘時間的市場狀況以及利率環境中發生的情況。

Your next question for today is coming from Matthew Bouley at Barclays.

您今天的下一個問題來自巴克萊銀行的 Matthew Bouley。

I wanted to follow up on Steve's question from earlier around sort of what's happening with credit tightening from regional banks. And of course, the smaller private builders generally leveraging the regional banking system. Are you actually seeing any changes competitively yet from those smaller builders in terms of land acquisition starts? How are you guys sort of reacting to any changing conditions from those builders?

我想跟進史蒂夫之前關於區域銀行信貸緊縮情況的問題。當然，較小的私人建築商通常會利用區域銀行系統。您是否真的看到那些較小的建築商在徵地開始方面有任何競爭性變化？你們對這些建設者不斷變化的情況有何反應？

We haven't really seen any significant shift in how they're operating in the market. A lot of builders certainly have come out of the end of this calendar year and had inventory that they may have gone through cancellations. They've been working through that product. Not seeing significant starts on a go-forward basis for most of the smaller privates or regional, and we certainly have picked up a few land positions, lot of positions here and there, but no significant shift in how they're addressing the market.

我們還沒有真正看到他們在市場上的運作方式有任何重大轉變。許多建築商肯定已經從這個日曆年年底出來，並且擁有可能已經取消的庫存。他們一直在研究那個產品。對於大多數較小的私營企業或區域性企業來說，沒有看到在前進的基礎上有重大的開端，我們當然已經獲得了一些土地職位，到處都是很多職位，但他們應對市場的方式沒有重大轉變。

Got it. Okay. And then secondly, it looks like you started less homes than you sold during the quarter. I think you guys have previously spoken about sort of aligning starts and sales pace. How are you guys thinking about that going forward? Is there any room to kind of push a little harder on starts here going forward given some of these improving demand trends?

知道了。好的。其次，看起來你開工的房屋數量少於本季度售出的房屋數量。我想你們之前已經談到過調整開始和銷售速度。你們如何看待這件事？考慮到其中一些不斷改善的需求趨勢，是否有任何空間可以稍微加大力度推動這裡的開工？

Yes. We were in a transition in the last couple of quarters, it was more closely to sales. But really, our focus is tied closings in our search space. And if you look at that, we were kind of neck and neck this quarter in sales. And so with our guide for next quarter and what we're trying to do market by market, community by community to build back our production capabilities, we would expect our starts to increase. The extent to which will be dependent on a lot of different factors, but we do expect our starts to increase next quarter.

是的。我們在過去幾個季度處於轉型期，它更接近於銷售。但實際上，我們的重點是在我們的搜索空間中關閉。而且，如果您看一下，本季度我們的銷售額並駕齊驅。因此，根據我們下個季度的指南以及我們正在逐個市場、逐個社區嘗試做的事情以重建我們的生產能力，我們預計我們的開工率會增加。程度將取決於許多不同的因素，但我們確實預計下個季度我們的開工量會增加。

Your next question is coming from Truman Patterson at Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Truman Patterson。

First, hoping to get an update on your mortgage business and the overall environment. Are you seeing any distress in the market from mid-tier banks, tightening of mortgage warehouse financing or tightening in consumer credit or lending standards for agency, non-agency loans? We've heard that it's been kind of business as usual, but I wanted to get your thoughts.

首先，希望了解您的抵押貸款業務和整體環境的最新信息。您是否看到中型銀行對市場造成任何困擾、抵押貸款倉庫融資收緊或消費信貸或代理、非代理貸款的貸款標準收緊？我們聽說一切如常，但我想听聽您的想法。

Yes, obviously, with all the headlines that we've had this quarter, we have been watching that market very closely, having a lot of conversation with our banking relationships, but I would echo what you heard. At the moment, it's still business as usual. But obviously, that's something we'll continue to monitor. We just renewed our mortgage warehouse facility this quarter, and we kept basically the same bank group in place. And so that -- that market is still functioning and working as normal. But obviously, if we see further distress in that market, that's something we'll need to be prepared to adjust to.

是的，很明顯，在我們本季度的所有頭條新聞中，我們一直在非常密切地關注這個市場，與我們的銀行關係進行了很多對話，但我會回應你所聽到的。目前，它仍然照常營業。但顯然，這是我們將繼續監控的事情。本季度我們剛剛更新了我們的抵押貸款倉庫設施，並且我們基本上保留了相同的銀行集團。因此——那個市場仍在正常運作。但顯然，如果我們看到該市場進一步陷入困境，我們就需要做好適應的準備。

Bill, that relates to both D.R. Horton and kind of the broader market, those comments?

比爾，這與 D.R.霍頓和更廣泛的市場，那些評論？

Yes, absolutely. We all see the same headlines there. And depending on what happens in the rate environment and across the spectrum of banks, so there could be further headlines, obviously. But today, no, we have not seen a significant impact.

是的，一點沒錯。我們都在那裡看到相同的標題。並且取決於利率環境和整個銀行範圍內發生的情況，因此顯然可能會有更多的頭條新聞。但是今天，不，我們還沒有看到重大影響。

Okay. Perfect. And then just an update on construction costs outside of lumber. It seems like they've been relatively sticky. And Bill, I think you even mentioned some costs might be increasing a little bit. But could you just give us an update on how you're viewing the magnitude of potential cost savings moving through the year really into 2024? Should we really see improvement outside of lumber? Or are things just pretty stable at this point?

好的。完美的。然後只是更新木材以外的建築成本。看起來他們一直比較粘。比爾，我想你甚至提到了一些成本可能會增加一點。但是，您能否向我們介紹一下您如何看待今年真正進入 2024 年的潛在成本節約規模？我們真的應該看到木材以外的改進嗎？或者在這一點上一切都非常穩定？

I think we're seeing a lot of stability. A lot of the increases that we were taking over the past year have stopped. But we're seeing the effects of those increases coming through more recent starts would be at the more stable cost benefiting from the lumber commodity price declines. But we're getting to the point we're starting to anniversary well into some normalized lumber market pricing. So I'm not expecting to see huge changes in our cost inputs, but they certainly have been -- increases have been a little bit sticky.

我認為我們看到了很多穩定性。我們在過去一年中採取的許多增長措施已經停止。但我們看到，由於木材商品價格下跌，近期開工帶來的這些增長的影響將以更穩定的成本出現。但我們已經到了我們開始進入一些標準化木材市場定價週年紀念日的地步。因此，我不希望看到我們的成本投入發生巨大變化，但它們肯定是——增加有點粘。

Your next question is coming from Anthony Pettinari at Citi.

你的下一個問題來自花旗銀行的 Anthony Pettinari。

Your net order ASP was up, I think, 1% quarter-over-quarter, which is a little bit better than we were expecting. Just wondering if there's any kind of mix effects that you'd call out there, whether regionally or product type kind of given the commentary around incentive stabilizing?

我認為你們的淨訂單 ASP 環比增長了 1%，比我們預期的要好一點。只是想知道是否有任何類型的混合效應，無論是區域還是產品類型，考慮到關於激勵穩定的評論？

I think it's pretty much like-for-like. We saw a stabilizing market through the quarter. And in fact, about half of the homes we delivered this quarter were sold in the quarter. And so we feel pretty good about market conditions right now. We've seen good stabilization in pricing and incentive levels and when we see that, we're hitting absorptions in the communities at a community-by-community level, we're looking to adjust incentive levels and pricing.

我認為這很像。我們看到整個季度市場趨於穩定。事實上，我們本季度交付的房屋中約有一半是在本季度售出的。因此，我們對目前的市場狀況感覺非常好。我們已經看到定價和激勵水平的良好穩定，當我們看到這一點時，我們正在逐個社區層面上實現社區的吸收，我們正在尋求調整激勵水平和定價。

Okay. That's helpful. And then just on the full year outlook, does that assume kind of mortgage rates around current levels? And if rates were to moderate a bit, do you have maybe some room to flex up production? Or should we think about that 80,000 to sort of an upper limit of where you could go for the year?

好的。這很有幫助。然後就全年前景而言，這是否假設抵押貸款利率在當前水平附近？如果利率有所緩和，您是否有一些空間來提高產量？或者我們是否應該將這 80,000 人視為您今年可以去的地方的上限？

I think the range we provided for the year is a realistic range given current conditions and our homes that we currently have an inventory and in production, as we've already stated, we do expect to incrementally increase our starts in the coming quarters. We saw a nice step-up in our starts this quarter and would expect that to incrementally improve from here. But in terms of significant upside to the delivery this year, I think we would say that our current range is a realistic one under all circumstances.

我認為我們今年提供的範圍是一個現實的範圍，考慮到當前情況和我們目前擁有庫存和生產的房屋，正如我們已經說過的那樣，我們確實希望在未來幾個季度逐步增加我們的開工。我們在本季度的開局中看到了很好的提升，並希望從這裡開始逐步改善。但就今年交付的顯著上升而言，我認為我們會說我們目前的範圍在所有情況下都是現實的。

Okay. And the mortgage rate assumptions around the full year guidance or just kind of around where we are or anything you'd call out there?

好的。以及圍繞全年指導的抵押貸款利率假設，或者只是圍繞我們所處的位置或您在那裡所說的任何事情？

Yes, current conditions. We guide based on current conditions. If things change, that obviously could affect our outlook.

是的，目前的情況。我們根據當前情況進行指導。如果情況發生變化，那顯然會影響我們的前景。

Your next question for today is coming from Susan Maklari at Goldman Sachs.

您今天的下一個問題來自高盛的 Susan Maklari。

My question is, can you talk a little bit about what you're seeing on the rental side of the business? As we've seen the for sale side, get a little better in the quarter. Are you seeing any shift there? And how are you thinking about the outlook on the rentals?

我的問題是，你能談談你在租賃方面看到的情況嗎？正如我們所看到的待售方面，本季度會有所好轉。你看到那裡有任何變化嗎？您如何看待租金的前景？

We have seen good pace on our ability to rent up both our apartments and single-family for rent. We have seen stability in rent rates. They've been increasing quite a bit over the prior 12 months, and we've seen stability there. On the purchase side, we still see activity in the market. We have certainly some units that we pushed out and sold consistent this quarter really would last in terms of number of units. And although we have seen the number of buyers back off some and a little bit of tightening in credit in terms of their ability to get to these financed, but we still see pretty solid demand for the communities that we have out to market.

我們已經看到我們出租公寓和單戶住宅的能力取得了長足的進步。我們已經看到租金率穩定。在過去的 12 個月裡，它們一直在增加很多，我們已經看到了那裡的穩定性。在購買方面，我們仍然看到市場活躍。我們當然有一些我們推出並在本季度銷售一致的單位確實會在單位數量方面持續下去。儘管我們已經看到買家的數量有所減少，並且在獲得這些融資的能力方面信貸有所收緊，但我們仍然看到對我們已經上市的社區的需求相當強勁。

Okay. That's helpful. And then given the outlook and the trajectory of demand the way it seems to be coming together. Can you talk a bit about your appetite for land acquisitions? Land spend, I believe you said was about flat sequentially. How are you thinking about that as we go through the next couple of quarters?

好的。這很有幫助。然後考慮到需求的前景和軌跡，它似乎融合在一起。你能談談你對土地收購的興趣嗎？土地支出，我相信你說過環比持平。在接下來的幾個季度中，您如何看待這一點？

We're really just continuing to look at replenishing the supply market by market. We've got a good lot position, a good flexible lot position. So we'll continue to incrementally to just replenish it. I don't necessarily expect significant moves 1 way or the other. But as our volume of sales and closings increase, then we'll be -- to be replenishing a little bit more to match that.

我們真的只是在繼續考慮按市場補充供應市場。我們有一個很好的位置，一個很好的靈活位置。因此，我們將繼續逐步補充它。我不一定期望有任何重大舉措。但隨著我們的銷售量和關閉量的增加，那麼我們將 - 補充更多以匹配它。

Your next question for today is coming from Eric Bosshard at Cleveland Research.

您今天的下一個問題來自克利夫蘭研究中心的 Eric Bosshard。

Two things. First of all, I think the gross margin in the quarter was a bit better than you had targeted. What was different that drove the relative better gross margin performance?

兩件事情。首先，我認為本季度的毛利率比您的目標要好一些。是什麼不同推動了相對較好的毛利率表現？

I think the main difference was our pricing stabilized at a slightly higher level than we were projecting. We were not seeing signs of stabilization at the end of the Q1. But once we've gotten into the spring, we've been able to see that really start to stabilize. So I think that -- I think we're seeing that stabilization a little sooner or a little earlier than we would have projected a quarter ago.

我認為主要區別在於我們的定價穩定在略高於我們預期的水平。我們在第一季度末沒有看到穩定的跡象。但是一旦我們進入春天，我們就能夠看到它真正開始穩定下來。所以我認為 - 我認為我們比一個季度前預計的要早或早一點看到這種穩定。

We definitely saw a strong start to the spring selling season in the March quarter. And as I mentioned before, half the homes we closed were sold in the quarter. So they benefited from some of the stabilizing and improving price environment. We carried a fair number of completed specs into the quarter.

我們確實看到了 3 月季度春季銷售旺季的強勁開局。正如我之前提到的，我們關閉的房屋中有一半在本季度售出。因此，他們從一些穩定和改善的價格環境中受益。我們將相當數量的完整規格帶入了本季度。

Okay. And then secondly, in regards to incentives or pricing. I'm curious if you can help with the what the average rate on closings is? I'm just trying to get a sense of where rate buy downs are part of the effort, the magnitude of what that looks like, what the -- I guess, in other words, what the magic number of rates or the bull side that you need to get rates to get consumers comfortable closing on homes?

好的。其次，關於激勵或定價。我很好奇您是否可以幫助了解平均成交率是多少？我只是想了解下調利率是努力的一部分，看起來的程度，我猜，換句話說，利率的神奇數字或牛市面是什麼您需要獲得利率才能讓消費者放心地關閉房屋嗎？

Yes. So our average general buy down is typically a point on the loan value. So I would say there's been a lot of headlines out there talking about 5.5%. It fluctuates probably a little bit, but 5.5% is relatively reasonable in terms of what a consumer is okay with at this point.

是的。因此，我們的平均一般買斷通常是貸款價值的一個點。所以我想說有很多頭條新聞都在談論 5.5%。它可能會有一點波動，但就消費者目前可以接受的程度而言，5.5% 是相對合理的。

Roughly 60%, 65% of our buyers are utilizing that buy down through our mortgage company. And so they're getting that benefit of that point buy down.

大約 60%、65% 的買家正在利用我們的抵押貸款公司購買的首付。因此，他們從這一點購買中獲得了好處。

And then regarding the trend within that, has there been any change within that? Or is that kind of the bulls-eye that works? And obviously, the mortgage market moves around, but is that 5.5% the 60 to 65 , has there been any variability in the trend around either of those?

那麼裡面的趨勢，裡面有沒有變化？還是那種有效的靶心？很明顯，抵押貸款市場四處波動，但 5.5% 是 60 到 65 之間的任何一個，趨勢是否有任何變化？

It's been pretty consistent certainly throughout the quarter, and rates have stayed relatively consistent. And we will fluctuate our rate to the market based on what we see in the overall market rates. So for the last quarter, it's hovered right around that 5.5% and seems to be accepted by our homebuyers.

整個季度肯定是相當一致的，而且利率也保持相對一致。我們將根據我們在整體市場利率中看到的情況來波動我們對市場的利率。所以在最後一個季度，它徘徊在 5.5% 左右，似乎被我們的購房者所接受。

Your next question is coming from Alan Ratner at Zelman & Associates.

您的下一個問題來自 Zelman & Associates 的 Alan Ratner。

Nice quarter. First question, obviously, you guys are an entry-level builder, but you do have exposure at different price points in segments as well. So I'm curious if you're seeing any notable differences in terms of demand trends across your price points? And similar to that effect, we have heard in recent quarters that -- and I think you guys mentioned this as well that there was a reluctance of buyers to kind of sit in backlog for a long period of time given the volatility in rates and you guys were holding specs off until they were further along in the construction process. Has that changed at all? Are you seeing -- with the stability now are you seeing more willingness to maybe sit in backlog for a longer period of time?

不錯的季度。第一個問題，很明顯，你們是入門級建築商，但你們在細分市場的不同價位也有曝光率。所以我很好奇您是否發現不同價位的需求趨勢存在顯著差異？與這種影響類似，我們在最近幾個季度聽說 - 我想你們也提到了這一點，鑑於利率的波動和你們，買家不願意長時間積壓伙計們一直在推遲規格，直到他們在施工過程中走得更遠。這有什麼改變嗎？您是否看到 - 隨著現在的穩定性，您是否看到更多的意願可能會積壓更長的時間？

I think we are seeing some buyers willing to buy earlier in the production process. There's been a little bit of stability in market rates, and they feel good about that. But the better thing for us is we're seeing our cycle times improve. So we're still able to give them sort of a shorter period of time in backlog than they would have had 6 months or certainly a year ago. And so there's a confidence level that we're able to sell from that helps that buyer quite a bit.

我認為我們看到一些買家願意在生產過程的早期購買。市場利率略有穩定，他們對此感覺良好。但對我們來說更好的事情是我們看到我們的周期時間有所改善。因此，與 6 個月或一年前相比，我們仍然能夠為他們提供更短的積壓時間。因此，我們能夠從中出售一個信心水平，這對買家有很大幫助。

Got it. And on the point question, any notable differences that move up and active adult recognizing it's a smaller part of your business?

知道了。在關鍵問題上，是否有任何顯著差異向上移動並且活躍的成年人認識到它是您業務的較小部分？

No, Alan. We really haven't seen market to market a significant difference in terms of levels of demand as we go up and down the price curve, even where we are at the higher end of the price market in any given market, we're still at the value price point for that price. So we're still seeing that demand. And for us, if they've come off of a $700,000 price, that means they may be looking for 6 or 5. And so we are catching those people, I think, as they move down the curve.

不，艾倫。當我們在價格曲線上下波動時，我們確實沒有看到市場與市場之間在需求水平方面存在顯著差異，即使我們處於任何給定市場的價格市場的高端，我們仍然處於該價格的價值價格點。所以我們仍然看到這種需求。對於我們來說，如果他們的價格低於 700,000 美元，這意味著他們可能正在尋找 6 或 5 個。因此，我認為，當他們沿著曲線向下移動時，我們正在抓住這些人。

And what still hasn't changed is the amount of existing home inventory out there and available. That remains very limited. And so if somebody does want to home at a higher price point or a lower price point, new construction is where they can find it right now.

仍然沒有改變的是可用的現有房屋庫存量。那仍然非常有限。因此，如果有人確實想以更高或更低的價格買房，那麼他們現在就可以找到新的建築。

And you also have the trend of migration from high cost states to lower cost states, what seems like a high price point in Florida to our forward operators is a relatively low price for somebody coming from New York or California.

而且你也有從高成本州遷移到低成本州的趨勢，佛羅里達州對我們的遠期運營商來說似乎是一個高價點，但對於來自紐約或加利福尼亞州的人來說，價格相對較低。

Understood. If I can squeeze in a follow-up on the rental segment. If I look at the average order price of your SFR homes, it's come down quite significantly. And I'm sure there might be some mix involved there since we're talking about a relatively small number of homes. But is that 25%, 30% decline in per unit price. I think this quarter's average was in the low 300s. Is that representative of what's going on in the market today? Or have the trends mirrored the for-sale market?

明白了。如果我可以在租賃部分進行跟進。如果我看一下你們 SFR 房屋的平均訂單價格，就會發現它下降了很多。而且我敢肯定，由於我們談論的是相對較少的房屋，因此可能會涉及一些混合因素。但就是單價下降25%、30%。我認為本季度的平均值在 300 左右。這是否代表了當今市場上正在發生的事情？還是趨勢反映了待售市場？

I think we've seen certainly through the fall with the disruption in the capital markets, increases in cap rates for disposition of those properties. But largely what we saw this quarter was a change in mix of geographies of where those homes were being delivered and related rental rates and NOIs on those projects. So still feel good about the overall platform for sure. Very excited about the opportunities that are in front of us with that and excited that the capital markets have been stabilizing a little bit, which is going to help execution for sure, on the disposition of those properties.

我認為，隨著資本市場的中斷，我們肯定已經看到整個秋天，處置這些財產的資本化率提高了。但我們在本季度看到的主要是這些房屋的交付地點以及這些項目的相關租金和 NOI 的地理組合發生了變化。所以肯定對整個平台感覺良好。對擺在我們面前的機會感到非常興奮，對資本市場已經穩定一點感到興奮，這肯定有助於執行這些財產的處置。

And also expect, on a go-forward basis, to see a little more variability in our rental platform just because we're selling whole communities at a time, and they could be townhomes or smaller homes or geographic location can cause that to move around a little more than our for-sale business.

並且還期望，在前進的基礎上，我們的租賃平台會出現更多變化，因為我們一次出售整個社區，它們可能是聯排別墅或較小的房屋，或者地理位置可能導致它四處移動比我們的待售業務多一點。

Until the volume and the number of projects closing in the quarter gets up to larger level in a steady state, you're going to see a little bit more lumpiness in the quarter-to-quarter stats there.

在本季度關閉的項目的數量和數量達到穩定狀態的更大水平之前，您會看到那裡的季度統計數據更加不穩定。

And I will say it's very difficult to put a lot on the ground had to get a house build, very little inventory out there and a lot of money chasing investment properties. So we think we have high hopes for this product segment.

而且我會說很難在地面上投入大量資金來建造房屋，那裡的庫存很少，而且有很多錢追逐投資物業。所以我們認為我們對這個產品領域寄予厚望。

Your next question for today is coming from Rafe Jadrosich at Bank of America.

您今天的下一個問題來自美國銀行的 Rafe Jadrosich。

I wanted to ask, how do you think about how your ability to offer rate buy downs impacts demand and sort of a volatile mortgage rate environment? Do you see volatility in weekly traffic and demand as mortgage rates move around? Or is your ability to offer rate buy down to prevent that?

我想問，你如何看待你提供利率回購的能力如何影響需求和某種不穩定的抵押貸款利率環境？隨著抵押貸款利率的變動，您是否看到每周流量和需求的波動？或者您是否有能力降低利率以防止這種情況發生？

I think you could certainly see, as rates shift in traffic, you're going to see that change either up or down. But the sales cycle time isn't immediate. And so our agents and our realtor partners do a good job of maintaining those buyer relationships and our ability to offer some stability in and that rate helps us really at the close.

我想你肯定會看到，隨著流量的變化，你會看到這種變化要么上升要么下降。但銷售週期時間不是立竿見影的。因此，我們的代理人和我們的房地產經紀人合作夥伴在維護這些買家關係方面做得很好，我們提供一些穩定的能力，而且這個利率在收盤時確實幫助了我們。

And just certainty of payment gives the confidence to the buyer and at a 5.5% rate, we have more qualified buyers than we do at a 6.5% rate. So it opens up ownership to more people if you're able to present that.

支付的確定性給了買家信心，在 5.5% 的利率下，我們有比 6.5% 的利率下更多的合格買家。因此，如果您能夠展示它，它會向更多人開放所有權。

Much easier to manage to the interest rate environment when now you're talking about 20 to 50 basis point moves in rates versus what we were experiencing in the back half of last year. I mean it's just not as impactful as what we had to manage through last year.

當你現在談論利率變動 20 到 50 個基點與去年下半年的情況相比，管理利率環境要容易得多。我的意思是它不像我們去年必須管理的那樣有影響力。

And then just following up on an earlier question on how the gross margin came in versus your initial guidance for the quarter. It sounded like the pricing stability was higher than projected. Is it -- did you start to raise prices at all during the quarter and then the gross margin improved throughout the quarter? Or was there a better elasticity where you didn't have to lower prices as much as you anticipated to sell homes that had the current rate?

然後只是跟進一個較早的問題，即毛利率如何與您對該季度的初始指導進行對比。聽起來定價穩定性高於預期。是嗎 - 您是否在本季度開始提高價格，然後整個季度的毛利率都有所提高？或者是否有更好的彈性，您不必像預期那樣降低價格來出售具有當前利率的房屋？

Versus the guidance we gave, it was the latter. We did not have to lower as much as we had been projecting necessarily. But in terms of how we're actually managing community by community that's a mix bag as we got into the spring, and we did, as Mike said, we sold about half our homes that we closed this quarter in the quarter. So as we started hitting our pace, seeing solid demand into the spring, definitely in certain communities, we are starting to push pricing up, carefully, but are pushing it up.

與我們給出的指導相比，是後者。我們不必像我們所預測的那樣降低價格。但就我們實際管理社區的方式而言，進入春季時，這是一個混合包，正如邁克所說，我們在本季度出售了本季度關閉的大約一半房屋。因此，當我們開始加快步伐，看到春季的強勁需求時，肯定是在某些社區，我們開始謹慎地推高價格，但正在推高價格。

Your next question is coming from Buck Horne at Raymond James.

你的下一個問題來自 Raymond James 的 Buck Horne。

Before we leave the rental segment altogether, I wanted to just maybe drill down a little bit further in terms of breaking apart your expectations for single-family rental versus multifamily for the remainder of the year. You mentioned that there's been some backing up of cap rate expectations, I guess, with higher cost of capital and disruptions in the capital markets. Is that more pronounced on multifamily versus SFR or vice versa? Or kind of -- what are you seeing in terms of buyer expectations for stabilized cap rates in either segment?

在我們完全離開租賃部門之前，我想進一步深入了解一下您對今年餘下時間的單戶租賃與多戶租賃的期望。你提到了資本化率預期的一些支持，我猜，資本成本上升和資本市場中斷。這在多戶型和 SFR 上是否更明顯，反之亦然？或者 - 您對買家對任一細分市場穩定上限利率的期望有何看法？

What are we -- other than saying higher than they were a year ago. On a go-forward basis, it does seem to have stabilized. I don't think it has been changing between the multifamily and the single-family rental. The relative gap that's there has not changed. Generally, the multifamily projects underwrite at a slightly lower cap rate. Like-for-like, it's a more established market. It's a more known market, but still very pleased with the performance we're getting from that segment and the disposition opportunities ahead of us over the next several quarters.

我們是什麼——除了說比一年前更高。在前進的基礎上，它似乎確實已經穩定下來。我不認為它在多戶和單戶租賃之間發生了變化。那裡的相對差距沒有改變。一般來說，多戶項目的承保率略低。類似地，這是一個更成熟的市場。這是一個更為人所知的市場，但我們仍然對我們從該細分市場獲得的業績以及未來幾個季度擺在我們面前的處置機會感到非常滿意。

Okay. That's helpful. Appreciate that. And maybe just kind of hypothetically just thinking ahead here with challenges in the regional banking environment and maybe more capital constraints for -- particularly for smaller and your regional private competition -- homebuilding competition that is, would you think that it's possible that more M&A opportunities might open up either later this year or in the next year if there's just more capital constraints on some of your small private competition out there?

好的。這很有幫助。感謝。也許只是假設性地在這裡考慮區域銀行業環境的挑戰以及可能更多的資本限制 - 特別是對於較小的和您所在區域的私人競爭 - 房屋建築競爭，也就是說，您是否認為有可能有更多的併購機會可能會在今年晚些時候或明年開放，如果那裡的一些小型私人競爭有更多的資本限制？

Well, we do believe that the capital constraints for the privates and smaller builders is going to be impactful in -- we see opportunities. We evaluate the opportunities and based upon positioning people in market that they have, we'll pursue them or not. But irregardless, it's going to help us aggregate markets, whether it's via acquisition or picking up a lots or just providing more inventory availability than can be done by a private or a small region. So It's an opportunity for us.

好吧，我們確實相信私人和小型建築商的資本限制將產生影響——我們看到了機會。我們評估機會，並根據人們在市場中的定位來決定是否追求這些機會。但無論如何，它都將幫助我們整合市場，無論是通過收購或大量收購，還是僅僅提供比私人或小型區域更多的庫存可用性。所以這對我們來說是一個機會。

Your next question for today is coming from Alex Barron at Housing Research Center.

您今天的下一個問題來自住房研究中心的 Alex Barron。

Yes. I was hoping we could think big -- talk big picture. At the end of 2020, there was a lot of demand and everybody just took a lot of orders and then suddenly ran into supply chain issues in the following year, as demand is pretty good here at 6%, 6.5% rates. If rates were to go down, say, below 6% or towards 5% in the next year or something, what do you guys think you could do differently this time around to be able to capture and deliver on those homes? Meaning have you guys thought of doing warehousing of materials or hiring crews to some level of the deliveries or some type of vertical integration? Any thoughts around anything you do different to be able to grow and not just kind of keep your deliveries limited?

是的。我希望我們能放眼大局——談談大局。到 2020 年底，需求量很大，每個人都接了很多訂單，然後在第二年突然遇到供應鏈問題，因為這裡的需求量非常好，分別為 6%、6.5%。如果明年利率下降，比如低於 6% 或接近 5%，你們認為這次你們可以做些什麼不同的事情來捕獲和交付這些房屋？意思是你們有沒有想過在某種程度上進行材料倉儲或僱用人員來進行交付或某種類型的垂直整合？你有沒有想過你做的任何不同的事情，以便能夠成長，而不僅僅是限制你的交付？

I think there is just a built-in capacity issue in the industry. And even when you think you've got everything solved, then something else happens. I mean the transformers that bring (inaudible) could be a huge issue and getting lots delivered within the next 12 to 15 months. And so you're constantly looking at how are you positioned, where can we pick up incremental capacity, both in trade and in lots, and from a division level push, that is really kind of what we've been focused on, simplifying our operations, consolidating markets, consolidating trade capacity. And how do we improve our logistics of getting materials to communities. But it's just within the entire industry, if we had 100% of the trade material capacity, it would still be constructed. It's very difficult for lots on the ground, very difficult to get house built. And I do think that's why we're gaining market share because we are 100% focused on controlling capacity throughout the supply chain.

我認為這個行業只是存在一個內在的能力問題。甚至當你認為你已經解決了所有問題時，其他事情也會發生。我的意思是帶來（聽不清）的變壓器可能是一個大問題，並且會在未來 12 到 15 個月內交付大量產品。因此，您一直在關注自己的定位，我們可以在哪裡獲得增量產能，無論是貿易還是批次，以及從部門層面的推動，這正是我們一直關注的重點，簡化我們的經營、整合市場、鞏固貿易能力。以及我們如何改善將材料運送到社區的物流。但它只是在整個行業內，如果我們擁有 100% 的貿易材料產能，它仍然會被建造。地上的地段非常困難，建房子也非常困難。我確實認為這就是我們獲得市場份額的原因，因為我們 100% 專注於控制整個供應鏈的產能。

Okay. And in terms of the land supply, I mean, you guys have shifted materially in the last few years. What percentage of your lots you own versus how many you option? And you obviously acquired Forestar to kind of help in that process but is there anything else that you could do to I guess, grow Forestar or do something to shift your ability to increase that ratio of going to option even more?

好的。在土地供應方面，我的意思是，你們在過去幾年中發生了重大變化。您擁有的地塊與您選擇的地塊的百分比是多少？你顯然收購了 Forestar 是為了在這個過程中提供某種幫助，但我想你還有什麼可以做的，發展 Forestar 或做一些事情來改變你的能力，以進一步提高選擇的比例？

Well, let's just continue to work. I mean it's day in, day out, developing great -- our development partners and then building a trust relationship with them. We're -- they know when we bring up a deal or they bring us a deal that there's going to be the highest level of execution from a housing standpoint of anybody in the industry. And it is hard work. It's to build relationships over time and maintain trust through any kind of market. So -- but we're just going to continue to work on it. Try to get a little better next year. That's -- there's no magic wand to make all that happen. It's hard work. It's trust, it's transparency. It's building relationships.

好吧，讓我們繼續工作吧。我的意思是日復一日地發展偉大的——我們的發展夥伴，然後與他們建立信任關係。我們 - 他們知道當我們提出交易或他們給我們帶來交易時，從業內任何人的住房角度來看，這將是最高水平的執行。這是一項艱苦的工作。它是隨著時間的推移建立關係並通過任何類型的市場保持信任。所以 - 但我們將繼續努力。爭取明年好一點。那就是——沒有魔杖可以讓這一切發生。這是一項艱苦的工作。是信任，是透明。它正在建立關係。

Your next question for today is coming from Mike Dahl at RBC Capital Markets.

您今天的下一個問題來自 RBC 資本市場的 Mike Dahl。

Just a follow up on the lot side. A couple of comments already on the call, but you note the flexibility in your current portfolio, not necessarily getting too aggressive on offense. Yes, I'm still expecting somewhat elevated option write-offs. I guess I'm wondering, clearly, as the markets improved, probably some deals that you have in your existing book maybe you didn't think they would pencil a quarter or 2 ago and now they might be. Any way that you could kind of ballpark quantify what deals you think have kind of come back into the underwriting box on what makes sense today versus things you might have thought you would walk from prior?

只是跟進很多方面。電話中已經有一些評論，但你注意到你當前投資組合的靈活性，不一定在進攻上變得過於激進。是的，我仍然期待期權註銷有所提高。我想我想知道，很明顯，隨著市場的改善，可能你現有的書中有一些交易，也許你認為他們不會在一兩個季度前用鉛筆寫，現在他們可能會。您可以通過任何方式量化您認為哪些交易已經回到承銷箱中，以判斷今天有意義的交易與您可能認為以前會放棄的交易？

We have so many deals under contract and evaluation at any point in time. It would be really hard for us to have any sense of what fell out or was falling out and leading our global operations teams to think this deal doesn't work anymore, and now it might. I can tell you, as David said, anytime we have an opportunity to get finished lots that are increasingly difficult to get produced these days, we are aggressively looking for ways to work with our development partners, landowners to make the deals work and to find ways to bring those lots to market. So it's a constant evaluation process and the transparency and the relationships we've built over 45 years of doing this really help us achieve that.

我們在任何時候都有很多合同和評估交易。對我們來說，真的很難了解什麼失敗了或正在失敗，並導致我們的全球運營團隊認為這筆交易不再有效，而現在它可能會失敗。我可以告訴你，正如大衛所說，只要我們有機會完成如今越來越難以生產的成品地塊，我們就會積極尋找與我們的開發合作夥伴、土地所有者合作的方法，以使交易奏效並找到將這些批次推向市場的方法。因此，這是一個持續的評估過程，我們在 45 年的時間裡建立的透明度和關係確實幫助我們實現了這一目標。

Got it. Okay. And then second question, just on capital allocation. With the buyback based on dollar figure in terms of the guide, obviously, you're moving the stock that doesn't necessarily buy as much as it would have a quarter or 2 ago. So when we're thinking about incremental capital allocation and the balance sheet and the cash flow expectations, I guess what's -- do you think you'll keep targeting more of that dollar figure? Or should we expect as the year goes on, that you move back to more targeting a certain level of either dilution offset or net share count reduction?

知道了。好的。然後是第二個問題，關於資本配置。就指南而言，根據美元數字進行回購，顯然，您正在移動不一定像一兩個季度前那樣購買的股票。因此，當我們考慮增量資本配置、資產負債表和現金流量預期時，我想是什麼——你認為你會繼續瞄準更多的美元數字嗎？或者我們是否應該期望隨著時間的推移，您會回到更多的目標是一定程度的稀釋抵消或淨股份數量減少？

Yes. It's always -- obviously, we're looking at both the dollars invested as well as the impact on the share count, and you will never hear me complain about a higher stock price for sure and with respect to our repurchase activity. So -- but end of the day, it's dollars that we're investing. And so we look at our cash flow, we look at our earnings, we look at our liquidity levels, we look at our projections going forward to the extent that our projections are improving and our cash flow prospects are improving versus what we had previously thought then that increases the chance of increasing share repurchase levels. But as of right now, and as we're looking at the rest of the year and our positioning there and our needs for our capital to invest in the business, guiding to around the same level of dollar investment as last year is still where we expect to be, but that's something we'll be constantly reevaluating.

是的。它總是 - 顯然，我們正在研究投資的美元以及對股票數量的影響，你永遠不會聽到我抱怨股價上漲以及我們的回購活動。所以——但歸根結底，我們投資的是美元。因此，我們查看我們的現金流，我們查看我們的收益，我們查看我們的流動性水平，我們查看我們的預測，我們的預測正在改善，我們的現金流前景正在改善，而不是我們之前的想法那麼這就增加了提高股票回購水平的機會。但就目前而言，當我們審視今年剩餘時間、我們在那裡的定位以及我們對資本投資業務的需求時，我們仍然希望將美元投資水平保持在與去年大致相同的水平期望是，但這是我們將不斷重新評估的事情。

Your next question is coming from Jay McCanless at Wedbush.

您的下一個問題來自 Wedbush 的 Jay McCanless。

So if my math is right, I think this is the fifth quarter in a row where your average selling communities have been up year-over-year. I guess, and I think you talked a little bit about this earlier, David, what are the headwinds remaining to continuing that kind of growth streak? And I'm presuming that the lot count you have right now could support further growth, but maybe just talk about that trajectory?

因此，如果我的計算是正確的，我認為這是連續第五個季度平均銷售社區同比增長。我想，我想你早些時候談過一點，大衛，繼續這種增長勢頭的逆風是什麼？而且我假設您現在擁有的批次數量可以支持進一步的增長，但也許只是談論那個軌跡？

It's going to be market to market, I can tell you. Kind of what Mike said earlier, where we have an opportunity to pick up finished lots on a some kind of role or take. We're going to pursue that aggressively. It's consolidating, it's like controlling the lumber yard. If you control the logs, you control the capacity, the ability to meet capacity. So I would anticipate the committed count continue to decline. When it was declining because every time we opened a community, it sold out immediately, which is a good thing. But the market is normalizing. There's much more stability from the -- are much better ability to kind of look at the market, understand the absorption, set a start pace and kind of drive an efficient production operation. So I guess, longs -- that's a long way to say, yes, I do think you're going to see our community count continue to move forward.

這將是市場到市場，我可以告訴你。有點像 Mike 之前所說的那樣，我們有機會在某種角色或角色中挑選完成的作品。我們將積極追求這一目標。它正在整合，就像控制木材場一樣。如果你控制了日誌，你就控制了容量，滿足容量的能力。所以我預計承諾數量會繼續下降。在它衰落的時候，因為每次我們開一個社區，它馬上就賣光了，這是一件好事。但市場正在正常化。有更多的穩定性 - 有更好的能力來觀察市場，了解吸收，設定啟動速度並推動高效的生產運營。所以我想，很長一段時間——這是很長的路要說，是的，我確實認為你會看到我們的社區數量繼續向前發展。

Okay. Great. It is a high-class problem to have. And I guess the question I have, pre-COVID, could you remind us for the fiscal second and fiscal third quarter historically, what was the percentage of homes that you would sell and close intra-quarter?

好的。偉大的。這是一個高級問題。我想我有一個問題，在 COVID 之前，你能否提醒我們歷史上第二財季和第三財季，你將在季度內出售和關閉的房屋百分比是多少？

That really bounces around quite a bit, and it doesn't really have a whole lot of seasonality. It's just kind of dependent on our inventory position at the time, which is why we were able to sell and close 50% of our homes this quarter, intra-quarter sold and closed at the same quarter, which is very high. A more normalized range would be somewhere between 30% and 40%. So when we think about Q3, it could still be elevated, but we don't necessarily expect to replicate the 50%.

這真的有相當多的反彈，而且它並沒有太多的季節性。這只是在某種程度上取決於我們當時的庫存狀況，這就是為什麼我們能夠在本季度出售和關閉 50% 的房屋，季度內銷售並在同一季度關閉，這是非常高的。更規範化的範圍將介於 30% 和 40% 之間。所以當我們考慮第三季度時，它仍然可以提高，但我們不一定期望復制 50%。

Well, our backlog going into this quarter is much better than (inaudible) much better position. So.

好吧，我們進入本季度的積壓比（聽不清）好得多。所以。

Yes.

是的。

Again, things just feel to be normalizing.

再一次，事情只是感覺正在正常化。

We have reached the end of the question-and-answer session, and I will now turn the call over to David Auld for closing remarks.

我們已經結束了問答環節，現在我將把電話轉給大衛奧爾德作結束語。

Thank you, Holly. We appreciate everyone's time on the call today and look forward to speaking with you again to share our third quarter results in July. And finally, congratulations to the entire D.R. Horton team in producing a solid second quarter. Continue to compete and continue to win every day.

謝謝你，霍莉。我們感謝大家今天的電話會議，並期待再次與您交談，分享我們 7 月份的第三季度業績。最後，祝賀整個 D.R.霍頓隊在第二節表現出色。繼續競爭，每天繼續取勝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。