霍頓房屋 (DHI) 2024 Q1 法說會逐字稿

Good morning, and welcome to the First Quarter 2024 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.

早安，歡迎參加 D.R. 2024 年第一季財報電話會議。霍頓，美國建築商，美國最大的建築商。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the call over to Jessica Hansen, Senior Vice President of Communications for D.R. Horton.

我現在將把電話轉給 D.R. 通訊資深副總裁 Jessica Hansen。霍頓。

Thank you, Holly, and good morning. Welcome to our call to discuss our financial results for the first quarter of fiscal 2024. 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，早安。歡迎參加我們的電話會議，討論我們 2024 財年第一季的財務業績。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》定義的前瞻性陳述。霍頓認為任何此類陳述均基於合理假設，不能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, which is filed with the Securities and Exchange Commission.

所有前瞻性陳述均基於 D.R. 可獲得的資訊。霍頓在本次電話會議的日期，以及 D.R.霍頓不承擔公開更新或修改任何前瞻性陳述的義務。有關可能導致績效發生重大變化的因素的更多信息，請參見 D.R. Horton 向美國證券交易委員會提交的 10-K 表格年度報告。

This morning's earnings release can be found on our website at investor.drhorton.com, and we plan to file our 10-Q later this 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.

今天早上的收益報告可以在我們的網站 Investor.drhorton.com 上找到，我們計劃在本週稍後提交我們的 10-Q 報告。此次電話會議後，我們將在投資者關係網站的新聞和活動下的簡報部分發布更新的投資者和補充資料簡報，供您參考。

Now I will turn the call over to Paul Romanowski, our President and CEO.

現在我將把電話轉給我們的總裁兼執行長 Paul Romanowski。

Thank you, Jessica, and good morning. I am pleased to also be joined on this call by Mike Murray, our Executive Vice President and Chief Operating Officer; and Bill Wheat, our Executive Vice President and Chief Financial Officer.

謝謝你，潔西卡，早安。我很高興我們的執行副總裁兼營運長 Mike Murray 也參加了這次電話會議；以及我們的執行副總裁兼財務長 Bill Wheat。

For the first quarter, the D.R. Horton team delivered solid results highlighted by earnings of $2.82 per diluted share. Our consolidated pretax income was $1.2 billion on a 6% increase in revenues to $7.7 billion with a pretax profit margin of 16.1%. Our homebuilding return on inventory for the trailing 12 months ended December 31 was 29%, and our return on equity for the same period was 21.8%.

第一季度，D.R. Horton 團隊取得了穩健的業績，稀釋後每股收益為 2.82 美元。我們的綜合稅前收入為 12 億美元，營收成長 6%，達到 77 億美元，稅前利潤率為 16.1%。截至 12 月 31 日的過去 12 個月，我們的住宅建築庫存回報率為 29%，同期股本回報率為 21.8%。

Although inflation and mortgage interest rates remain elevated, our net sales orders increased 35% from the prior year quarter, as the supply of both new and existing homes at affordable price points is still limited and demographic supporting housing demand remain favorable. Early signs for the spring selling season have been encouraging. We will continue to focus on consolidating market share and are well positioned for the spring with 42,600 homes in inventory and our average construction cycle times returning to more normal levels.

儘管通貨膨脹和抵押貸款利率仍然很高，但我們的淨銷售訂單比去年同期增長了 35%，因為價格實惠的新房和現房供應仍然有限，而且人口支持住房需求仍然有利。春季銷售季節的早期跡象令人鼓舞。我們將繼續專注於鞏固市場份額，並為春季做好準備，庫存房屋數量為 42,600 套，我們的平均施工週期時間將恢復到更正常的水平。

We expect our housing inventory turns to improve in fiscal 2024 compared to fiscal 2023 and our ongoing focus on capital efficiency to produce strong homebuilding operating cash flows and consistent returns. Mike?

與 2023 財年相比，我們預計 2024 財年的房屋庫存將有所改善，並且我們將持續關注資本效率，以產生強勁的住宅建設營運現金流和持續的回報。麥克風？

Earnings for the first quarter of fiscal 2024 increased 2% to $2.82 per diluted share compared to $2.76 per share in the prior year quarter. Net income for the quarter was $947 million on consolidated revenues of $7.7 billion. Our first quarter home sales revenues were $7.3 billion on 19,340 homes closed compared to $6.7 billion on 17,340 homes closed in the prior year.

2024 財年第一季稀釋後每股收益成長 2%，達到 2.82 美元，去年同期為 2.76 美元。該季度淨利潤為 9.47 億美元，綜合收入為 77 億美元。我們第一季的房屋銷售收入為 73 億美元，成交了 19,340 套房屋，而去年同期成交的房屋為 17,340 套，收入為 67 億美元。

Our average closing price for the quarter was $376,200, down 2% sequentially and down 3% from the prior year quarter. Bill?

我們本季的平均收盤價為 376,200 美元，比上一季下降 2%，比去年同期下降 3%。帳單？

Our net sales orders in the first quarter increased 35% to 18,069 homes and order value increased 38% from the prior year to $6.8 billion. Our cancellation rate for the quarter was 19%, down from 21% sequentially and down from 27% in the prior year quarter. Our average number of active selling communities was up 2% sequentially and up 14% year-over-year.

我們第一季的淨銷售訂單成長了 35%，達到 18,069 套房屋，訂單價值比上年增長 38%，達到 68 億美元。本季的取消率為 19%，低於上一季的 21%，也低於去年同期的 27%。我們的活躍銷售社群平均數量較上季成長 2%，較去年同期成長 14%。

The average price of net sales orders in the first quarter was $375,800, down 2% sequentially and up 2% from the prior year quarter. To adjust to changing market conditions during fiscal 2023 and into fiscal 2024, we have increased our use of incentives and reduced home prices and sizes of our home offerings where necessary to provide better affordability to homebuyers. Based on current market conditions, mortgage rates and continued affordability challenges, we expect our incentive levels to remain elevated in the near term.

第一季淨銷售訂單平均價格為 375,800 美元，比上一季下降 2%，比去年同期成長 2%。為了適應 2023 財年和 2024 財年不斷變化的市場狀況，我們增加了激勵措施的使用，並在必要時降低了房價和房屋供應規模，以便為購房者提供更好的負擔能力。根據當前的市場狀況、抵押貸款利率和持續的負擔能力挑戰，我們預計短期內我們的激勵水準將保持在較高水準。

Our sales volumes can be significantly affected by changes in mortgage rates and other economic factors. However, we will continue to start homes and maintain sufficient inventory to meet sales demand and aggregate market share. Jessica?

我們的銷售量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。然而，我們將繼續開工並保持充足的庫存，以滿足銷售需求和整體市場份額。傑西卡？

Our gross profit margin on home sales revenues in the first quarter was 22.9%, down 220 basis points sequentially from the September quarter. 100 basis points of the sequential margin decline related to the decrease in the value of hedging instruments we use to offer below-market interest rate financing to our homebuyers, while the remainder was primarily due to an increase in incentive levels on homes closed during the quarter.

第一季房屋銷售收入毛利率為 22.9%，較 9 月季度季減 220 個基點。連續利潤率下降 100 個基點與我們用來向購房者提供低於市場利率融資的對沖工具價值下降有關，而其餘部分主要是由於本季度關閉的房屋激勵水平的提高。

On a per square foot basis, home sales revenues were down 1.5% in the quarter and lot costs increased to 1.5%, while stick and brick costs decreased 1%. As Bill mentioned, we expect our incentive levels to remain elevated in the near term, but with mortgage rates generally declining from the recent highs, we expect our home sales gross margin in the second quarter to be similar to the first quarter.

以每平方英尺計算，本季房屋銷售收入下降 1.5%，地塊成本增加至 1.5%，而棒材和磚塊成本則下降 1%。正如比爾所提到的，我們預計短期內我們的激勵水平將保持在較高水平，但隨著抵押貸款利率普遍從近期高點下降，我們預計第二季度的房屋銷售毛利率將與第一季相似。

Our home sales gross margin for the full year of fiscal 2024 will be dependent on the strength of demand and other market conditions during the spring in addition to changes in mortgage interest rates. Bill?

除了抵押貸款利率的變化外，我們 2024 財年全年的房屋銷售毛利率也將取決於春季的需求強度和其他市場狀況。帳單？

In the first quarter, our homebuilding SG&A expenses increased by 14% from last year, and homebuilding SG&A expense as a percentage of revenues was 8.3%, up 50 basis points from the same quarter in the prior year due primarily to expansion of our operations to support future growth and an increase in equity and stock market-based compensation expense. We will continue to control our SG&A while ensuring that our platform adequately supports our business. Paul?

第一季度，我們的住宅建築 SG&A 費用比去年增長 14%，住宅建築 SG&A 費用佔收入的百分比為 8.3%，比上年同季度上升 50 個基點，這主要是由於我們的業務擴張至支持未來的成長以及基於股權和股票市場的薪酬支出的增加。我們將繼續控制我們的SG&A，同時確保我們的平台充分支援我們的業務。保羅？

We started 19,900 homes in the December quarter and ended the quarter with 42,600 homes in inventory, down 1% from a year ago and up 1% sequentially. 28,800 of our homes at December 31 were unsold. 9,000 of our total unsold homes were completed, of which 730 had been completed for greater than 6 months. Our current level of homes in inventory puts us in a strong position for the upcoming spring selling season.

我們在 12 月季度開工了 19,900 套房屋，本季末庫存房屋為 42,600 套，比去年同期下降 1%，比上一季增加 1%。截至 12 月 31 日，我們有 28,800 套房屋未售出。我們未售出的房屋中有 9,000 套已完工，其中 730 套的完工時間超過 6 個月。我們目前的房屋庫存水準使我們在即將到來的春季銷售季節處於有利地位。

For homes we closed in the first quarter, our construction cycle times continued to improve, and we are essentially back to our historical average of roughly 4 months from start to complete. We will continue to adjust our homes and inventory and start pace based on market conditions and expect our housing inventory turns to improve in fiscal 2024 as compared to fiscal 2023. Mike?

對於我們在第一季關閉的房屋，我們的施工週期持續改善，基本上回到了從開始到完工約 4 個月的歷史平均值。我們將繼續根據市場狀況調整我們的住房和庫存並啟動步伐，預計我們的房屋庫存週轉率在 2024 財年將比 2023 財年有所改善。麥克？

Our homebuilding lot position at December 31 consisted of approximately 607,000 lots, of which 24% were owned and 76% were controlled through purchase contracts. 39% of our total owned lots are finished and 52% 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.

截至 12 月 31 日，我們的住宅建築地塊部位約為 607,000 塊，其中 24% 為自有土地，76% 為透過購買合約控制。我們擁有的全部地塊的 39% 已完工，而我們控制的地塊的 52% 在我們購買時已經或即將完工。我們的資本效率和靈活的批次投資組合是我們保持強大競爭地位的關鍵。

Our first quarter homebuilding investments in lots, land and development totaled $2.4 billion, up 3% sequentially. Our investments this quarter consisted of $1.4 billion for finished lots, $740 million for land development and $270 million for land acquisition. Paul?

我們第一季在土地、土地和開發方面的住宅建設投資總額為 24 億美元，比上一季成長 3%。我們本季的投資包括 14 億美元的成品地塊、7.4 億美元的土地開發投資和 2.7 億美元的土地收購投資。保羅？

In the first quarter, our rental operations generated $31 million of pretax income on $195 million of revenues from the sale of 379 single-family rental homes and 300 multifamily rental units. Our rental property inventory at December 31 was $3 billion which consisted of $1.4 billion of single-family rental properties and $1.6 billion of multifamily rental properties.

第一季度，我們的租賃業務透過銷售 379 套單戶出租屋和 300 套多戶出租單位獲得 1.95 億美元的收入，產生了 3,100 萬美元的稅前收入。截至 12 月 31 日，我們的出租物業庫存為 30 億美元，其中包括 14 億美元的單戶出租物業和 16 億美元的多戶出租物業。

We are not providing separate guidance for our rental segment this year due to the uncertainty regarding the timing of closings caused by interest rate volatility and capital market fluctuations. Based on our current pipeline of projects, we expect our rental closings and revenues in the second quarter to exceed the first quarter. Jessica?

由於利率波動和資本市場波動導致關閉時間存在不確定性，我們今年不會為租賃部門提供單獨的指導。根據我們目前的專案儲備，我們預計第二季的租金成交量和收入將超過第一季。傑西卡？

Forestar, our majority-owned residential lot development company reported revenues of $306 million for the first quarter on 3,150 lots sold with pretax income of $51 million. Forestar's owned and controlled lot position at December 31 was 82,400 lots. 61% of Forestar's owned lots are under contract with are subject to a right of first offer to D.R. Horton.

我們控股的住宅地塊開發公司 Forestar 公佈第一季營收為 3.06 億美元，售出 3,150 塊地塊，稅前收入為 5,100 萬美元。截至12月31日，Forestar擁有和控制的手數為82,400手。 Forestar 61% 的自有土地均與 D.R. 簽訂了合同，並享有優先報價權。霍頓。

$270 million of our finished lots purchased in the first quarter were from Forestar. Forestar had more than $840 million of liquidity at quarter end with a net debt-to-capital ratio of 14.9%. Forestar remains uniquely positioned to capitalize on the shortage of finished lots for the homebuilding industry and to aggregate significant market share over the next few years with its strong balance sheet, lot supply and relationship with D.R. Horton. Mike?

我們第一季購買的價值 2.7 億美元的成品地塊來自 Forestar。截至季末，Forestar 的流動資金超過 8.4 億美元，淨負債與資本比率為 14.9%。 Forestar 仍然處於獨特的地位，能夠利用住宅建築業成品地塊的短缺，並憑藉其強大的資產負債表、地塊供應以及與 D.R. 的關係，在未來幾年內積累重要的市場份額。霍頓。麥克風？

Financial Services earned $66 million of pretax income in the first quarter on $193 million of revenues, resulting in a pretax profit margin of 34.3%. During the first quarter, essentially all of our mortgage company's loan originations related to homes closed by our homebuilding operations, and our mortgage company held the financing for 78% of our buyers.

金融服務第一季稅前收入為 6,600 萬美元，營收為 1.93 億美元，稅前利潤率為 34.3%。在第一季度，基本上我們的抵押貸款公司的所有貸款發放都與我們的住宅建築業務關閉的房屋有關，並且我們的抵押貸款公司為 78% 的買家提供了融資。

FHA and VA loans accounted for 57% 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 88%. First-time homebuyers represented 56% of the closings handled by our mortgage company this quarter, Bill?

FHA 和 VA 貸款佔抵押貸款公司貸款量的 57%。本季透過 DHI Mortgage 發放貸款的借款人的平均 FICO 評分為 724，平均貸款價值比為 88%。比爾？本季我們的抵押貸款公司處理的成交量中，首次購房者佔 56%。

Our balanced capital approach focuses on being disciplined, flexible and opportunistic to support and to sustain an operating platform that produces consistent returns, growth and cash flow. We continue to maintain a strong balance sheet with low leverage and significant liquidity, which provides us with flexibility to adjust to changing market conditions.

我們的平衡資本方法著重於紀律嚴明、靈活和機會主義，以支持和維持能夠產生持續回報、成長和現金流的營運平台。我們繼續保持強勁的資產負債表、低槓桿和大量流動性，這為我們提供了適應不斷變化的市場條件的靈活性。

During the first 3 months of the year, our consolidated cash used in operations was $153 million. At December 31, we had $6.4 billion of consolidated liquidity, consisting of $3.3 billion of cash and $3.1 billion of available capacity on our credit facilities. Debt at the end of the quarter totaled $5.3 billion with no senior note maturities in fiscal 2024. Our consolidated leverage at December 31 was 18.6% and consolidated leverage net of cash was 7.8%.

今年前 3 個月，我們營運中使用的綜合現金為 1.53 億美元。截至 12 月 31 日，我們擁有 64 億美元的綜合流動性，其中包括 33 億美元的現金和 31 億美元的信貸額度可用能力。本季末的債務總額為 53 億美元，2024 財年沒有到期的優先票據。截至 12 月 31 日，我們的綜合槓桿率為 18.6%，扣除現金後的綜合槓桿率為 7.8%。

At December 31, our stockholders' equity was $23.2 billion, and book value per share was $69.70, up 19% from a year ago. For the trailing 12 months into December, our return on equity was 21.8% and our consolidated return on assets was 14.8%. During the quarter, we paid cash dividends of approximately $100 million, and our Board has declared a quarterly dividend at the same level to be paid in February. We repurchased 3.3 million shares of common stock for $398 million during the quarter. Jessica?

截至12月31日，我們的股東權益為232億美元，每股帳面價值為69.70美元，比去年同期成長19%。截至 12 月的過去 12 個月，我們的股本回報率為 21.8%，綜合資產回報率為 14.8%。本季度，我們支付了約 1 億美元的現金股息，董事會已宣布將於 2 月支付相同水準的季度股息。本季我們以 3.98 億美元的價格回購了 330 萬股普通股。傑西卡？

Although volatility in mortgage rates and changes in economic conditions could significantly impact our business, for the second quarter, we currently expect to generate consolidated revenues of $8.1 billion to $8.3 billion and homes closed by our homebuilding operations to be in the range of 20,000 to 20,500 homes.

儘管抵押貸款利率的波動和經濟狀況的變化可能會對我們的業務產生重大影響，但我們目前預計第二季度的綜合收入將達到81 億美元至83 億美元，我們的住宅建築業務關閉的房屋數量將在20,000 至20,500 套之間家園。

We expect our home sales gross margin in the second quarter to be approximately 22.6% to 23.1% and homebuilding SG&A as a percentage of revenues to be in the range of 7.5% to 7.7%. We anticipate a financial services pretax profit margin of around 30% to 35% in the second quarter, and we expect our quarterly income tax rate to be approximately 23.5% to 24%. We are well positioned to continue consolidating market share in all of our operations.

我們預計第二季房屋銷售毛利率約為 22.6% 至 23.1%，房屋建築銷售、一般費用佔收入的百分比將在 7.5% 至 7.7% 之間。我們預計第二季金融服務稅前利潤率約為 30% 至 35%，季度所得稅率約為 23.5% 至 24%。我們處於有利地位，可以繼續鞏固我們所有業務的市場份額。

Our full year fiscal 2024 revenue, pricing and margins in our homebuilding, rental, financial services and Forestar businesses will be determined by market conditions and the strength of the spring selling season in addition to our efforts to meet demand by balancing pace and price to maximize returns.

我們在住宅建築、租賃、金融服務和Forestar 業務方面的2024 財年全年收入、定價和利潤率將取決於市場狀況和春季銷售季節的強度，此外我們還努力透過平衡速度和價格來滿足需求，以實現最大化返回。

For the full year of fiscal 2024, we now expect to generate consolidated revenues of approximately $36 billion to $37.3 billion, and expect homes closed by our homebuilding operations to be in the range of 87,000 to 90,000 homes. We expect to generate approximately $3 billion of cash flow from our homebuilding operations. We also plan to repurchase approximately $1.5 billion of our common stock to continue reducing our outstanding share count in addition to annual dividend payments of around $400 million.

對於 2024 財年全年，我們目前預計將產生約 360 億至 373 億美元的綜合收入，並預計我們的住宅建築業務關閉的房屋數量將在 87,000 至 90,000 套之間。我們預計住宅建築業務將產生約 30 億美元的現金流。除了支付約 4 億美元的年度股息外，我們還計劃回購約 15 億美元的普通股，以繼續減少我們的流通股數量。

Finally, we now expect an income tax rate for fiscal 2024 of approximately 24%. We remain focused on balancing our cash flow utilization priorities to grow our operations pay an increased dividend and consistently repurchase shares while maintaining strong liquidity and conservative leverage. Paul?

最後，我們現在預計 2024 財年的所得稅稅率約為 24%。我們仍然專注於平衡現金流利用優先事項，以發展我們的業務、支付更多股息並持續回購股票，同時保持強勁的流動性和保守的槓桿率。保羅？

In closing, our results and position reflect our experienced teams, industry-leading market share, broad geographic footprint and diverse product offerings. All of these are key components of our operating platform that sustain our ability to produce consistent returns, growth and cash flow, while 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、領先業界的市場份額、廣泛的地理足跡和多樣化的產品。所有這些都是我們營運平台的關鍵組成部分，維持我們產生持續回報、成長和現金流的能力，同時繼續擴大市場份額。

We will 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 family of employees, land developers, trade partners, vendors and real estate agents for your continued focus and hard work. This concludes our prepared remarks. We will now host questions.

我們將維持嚴格的資本投資方式，以提高公司的長期價值，其中包括透過股利和股票回購持續向股東返還資本。感謝整個 D.R.霍頓家族的員工、土地開發商、貿易夥伴、供應商和房地產經紀人，感謝您的持續關注和辛勤工作。我們準備好的演講到此結束。我們現在將主持提問。

(Operator Instructions) Your first question for today is coming from Stephen Kim with Evercore ISI.

（操作員說明）今天您的第一個問題來自 Evercore ISI 的 Stephen Kim。

Appreciate it, and thanks for all your commentary. I guess, just to start off with, could you clarify, I think you mentioned at the beginning of the call about 100 basis points of the gross margin was affected by hedging related to -- I think you said rate buydowns? And in your guide for 2Q, can you also just clarify like what -- I thought I heard you said 20,000 to 20,500 closings and $8.1 billion to $8.3 billion in consolidated revenue. I just want to make sure I heard those right.

感謝您的評論，並感謝您的所有評論。我想，首先，您能否澄清一下，我想您在電話會議開始時提到了大約 100 個基點的毛利率受到與相關對沖的影響——我想您說的是利率下調？在您的第二季指南中，您能否澄清一下——我想我聽到您說過 20,000 至 20,500 筆交易以及 81 億至 83 億美元的合併收入。我只是想確保我沒聽錯。

Yes, Steve, that's correct. For the second quarter, $8.1 billion to $8.3 billion of consolidated revenues and closing to 20,000 to 20,500 homes. And in terms of home sales gross margin, you're also correct that 100 basis points of the impact was due to the rate buydowns that we've been offering and adjustments we had to make to that position during the quarter on a sequential basis.

是的，史蒂夫，這是正確的。第二季綜合收入為 81 億至 83 億美元，房屋數量接近 20,000 至 20,500 套。就房屋銷售毛利率而言，您也正確地認為，100 個基點的影響是由於我們一直在提供的利率購買以及我們必須在本季度按順序對該位置進行的調整造成的。

But what we've guided to for Q2 versus Q1 is relatively flat in terms of a 22.6% to 23.1% gross margin in Q2 versus the 22.9% that we posted this quarter.

但我們對第二季的指引與第一季相比相對持平，第二季的毛利率為 22.6% 至 23.1%，而我們本季公佈的毛利率為 22.9%。

Got you. And that 100 basis points, is that something that you have done in the past? Is that a number that compares? I guess, can you give us some sense of what that number has been over the last couple of quarters?

明白你了。那100個基點，是你們過去做過的事嗎？這是一個可以比較的數字嗎？我想，您能否讓我們了解過去幾季的數字？

Steve, this quarter is the first time that, that amount has been significant at all. It has essentially adjusting the valuation of our hedging positions that we have in place to offer our programmatic rate buydowns across the country. And it's typically a very small move either up or down.

史蒂夫，這個季度這是第一次，這個數字如此之大。它實質上調整了我們在全國範圍內提供程序性利率購買的對沖頭寸的估值。而且它通常是一個非常小的向上或向下的移動。

But this quarter, given the significant volatility in rates during the quarter, of course, mortgage rates moved up to 8% in November and then dropped sharply in December, those hedging positions had to be adjusted to reflect that. So it was an unusual situation this quarter. Generally, we don't plan for any significant move one way or the other.

但本季度，鑑於該季度利率大幅波動，抵押貸款利率在 11 月升至 8%，然後在 12 月大幅下降，這些對沖部位必須進行調整以反映這一點。因此，本季的情況不尋常。一般來說，我們不會以某種方式規劃任何重大舉措。

And if you were to exclude that charge, we would have landed in the gross margin that we had guided to for the quarter. That was really the reason that we came in below.

如果排除這項費用，我們將達到本季指引的毛利率。這確實是我們來到下面的原因。

Got you. Okay. That's really helpful. I'm sure there's going to be more questions about the guide, but I wanted to talk about your capital allocation, and in particular, I guess, I know that the mantra for D.R. Horton over the last several years now has been about consistency and predictability and reliability and that sort of thing, and you've done a great job there.

明白你了。好的。這真的很有幫助。我確信會有更多關於該指南的問題，但我想談談你們的資本配置，特別是，我想，我知道 D.R. 的口頭禪是：霍頓在過去幾年裡一直致力於一致性、可預測性和可靠性等，你在這方面做得很好。

But as I think about your overall cash position. It looks like you have sufficient cash. Currently, you've got another $3 billion coming. I think maybe a little less than $2 billion has spoken for with buybacks and dividends. I was curious about that extra $1 million. And I'm curious how land investment factors into that and rental? So those are the 2 other big pieces it would seem. So I guess, when I look at your land, your land supply has been coming down for -- had been coming down for a number of years, but now for about 3 years, your land and year supply has been flat.

但當我考慮到你的整體現金狀況時。看來你的現金夠了。目前，您還有另外 30 億美元即將到來。我認為回購和股息的支出可能略低於 20 億美元。我對那額外的 100 萬美元很好奇。我很好奇土地投資如何影響租金？這些似乎是另外兩個大塊。所以我想，當我觀察你的土地時，你的土地供應量一直在下降——多年來一直在下降，但現在大約三年了，你的土地和年度供應量一直持平。

I was wondering, do you think you can bring down that land investment down further? Or is this kind of the level that you think that we're going to be seeing in the future? And then in rental, can you give us a sense for what you think the growth in the rental inventory may be over the course of the next year?

我想知道，你認為可以進一步降低土地投資嗎？或者您認為我們將來會看到這種水平？然後在租賃方面，您能否告訴我們您認為明年租賃庫存的成長？

Steve, when we look at our land position, we feel that the forward 1 year's roughly supply of land that we own is important to maintain the production velocity in our neighborhoods, bringing that down significantly is going to be incremental because it's going to be with more developers providing finished lots for us versus self-development.

史蒂夫，當我們審視我們的土地狀況時，我們認為我們擁有的未來一年的土地供應對於維持我們社區的生產速度非常重要，顯著降低將是增量的，因為它將與更多開發商為我們提供成品地塊，而不是自行開發。

And I think we're back up to 76% controlled which is up from where it's been in the past few quarters. So we're going to continue to incrementally look to control more land and acquire lots that are being finished by others, but we will still need to maintain a supply of land on our balance sheet, lots primarily on our balance sheet to feed the production.

我認為我們的控制率已恢復到 76%，高於過去幾季的水平。因此，我們將繼續逐步尋求控制更多土地並收購其他人正在完成的土地，但我們仍然需要在資產負債表上維持土地供應，這些土地主要在我們的資產負債表上用於滿足生產。

And the rental inventory?

出租庫存呢？

And the rental inventory, we'll probably be investing some during fiscal '24 to grow that platform. It's getting closer to a good sustainable volume that will produce consistent revenues and profits quarter-to-quarter, but it's still in the growth mode.

至於租賃庫存，我們可能會在 24 財年期間投資一些來發展該平台。它正在接近一個良好的可持續產量，將產生穩定的季度收入和利潤，但它仍處於成長模式。

And in terms of the overall capital allocation, as you already alluded to, we did guide to the $1.5 billion of common stock. We've got the annual dividend payments of $400 million. We also have a sizable debt maturity that's very early in fiscal '25 of $500 million in October.

就整體資本配置而言，正如您已經提到的，我們確實指導了 15 億美元的普通股。我們每年發放的股利為 4 億美元。我們還有一筆相當大的債務到期，在 25 財年 10 月就已經到期，債務金額為 5 億美元。

So too early to say what we're going to do with that, and we're very focused on maintaining conservative leverage and we'll see as we get closer, but that is something we're going to be prepared to potentially pay out of cash if we don't feel like the market is right to go refi that.

因此，現在說我們要做什麼還為時過早，我們非常注重維持保守的槓桿率，當我們接近時我們會看到，但這是我們準備潛在支付的東西如果我們認為市場不適合進行現金再融資。

Your next question is coming from Carl Reichardt with BTIG.

您的下一個問題來自 BTIG 的 Carl Reichardt。

I want to talk about SG&A for a second. Bill, can you talk about the basis points associated with the incentive comp this quarter? And then you talked about it being also ahead of some growth you're planning. Can you talk a little bit about community count expansion and whether or not this also might be related to some of the new markets you've entered more recently?

我想談談 SG&A。比爾，您能談談與本季激勵補償相關的基點嗎？然後你談到它也領先於你計劃的一些增長。您能否談談社區數量的擴張，以及這是否也可能與您最近進入的一些新市場有關？

Sure. Yes. The first factor this quarter, we could point to our 14% increase in our average selling community. So that's obviously a significant increase, and our SG&A is up 14% this quarter year-over-year as well. So that's a bigger move than we have had in a while that's positioning us to be able to provide the increased guidance, and you have seen our market count increase over the last several years.

當然。是的。本季的第一個因素是我們的平均銷售社區成長了 14%。因此，這顯然是一個顯著的成長，本季我們的 SG&A 也較去年同期成長了 14%。因此，這是我們一段時間內採取的更大舉措，使我們能夠提供更多的指導，而且您已經看到我們的市場數量在過去幾年中有所增加。

Obviously, we expect in time to achieve some leverage on that. And as we grow our revenues, we would expect our SG&A to come back down to historic levels. But I think we've got a couple of quarters here where we're going to see our SG&A little bit higher as a percentage of revenues, primarily driven by that. This quarter, we have one additional factor and really, it's just a timing factor in terms of the impact of equity and stock-based comp.

顯然，我們希望及時實現一些槓桿作用。隨著我們收入的成長，我們預期銷售及管理費用將回落到歷史水平。但我認為，在接下來的幾個季度中，我們將看到我們的銷售、管理費用佔收入的百分比略高，這主要是由這一點推動的。本季度，我們還有一個額外因素，實際上，這只是股權和股票比較影響的一個時間因素。

We typically have an amount that we incurred typically in our second quarter or third quarter, but the timing of some grants this year were a little bit earlier into our first quarter. And so there's an amount of roughly $13 million that it was incurred in Q1 this quarter that typically would be a Q2 or Q3 event.

我們通常會在第二季或第三季產生一筆金額，但今年一些補助金的時間稍早於第一季。因此，本季第一季產生的金額約為 1,300 萬美元，通常是第二季或第三季的事件。

Okay. That's small. So it's different this year. Okay. And then I have a bigger picture question for Paul. So obviously, the biggest news that we've seen in the business for a while is a large acquisition by an offshore player of a domestic homebuilder. And historically, long ago, Horton was a fairly significant acquirer public companies and other private companies and still here and there. We've seen you look at some deals.

好的。那很小。所以今年有所不同。好的。然後我有一個更大的問題要問保羅。顯然，我們一段時間以來在該行業看到的最大新聞是一家離岸公司對國內住宅建築商的大規模收購。從歷史上看，很久以前，霍頓是一家相當重要的上市公司和其他私人公司的收購者，現在仍然如此。我們看到您查看了一些優惠。

Paul, can you talk a little bit about from your perspective, what do you think -- whether or not acquisitions are something that Horton would consider historically, I know you've done it more recently, you've talked about doing most of your growth greenfield. I'd just like to know, given current conditions where you sit on this sort of big picture.

保羅，你能從你的角度談談你的看法嗎——收購是否是霍頓歷史上會考慮的事情，我知道你最近已經這樣做了，你已經談到了做你的大部分工作增長綠地。我只是想知道，考慮到目前的情況，你對這種大局的看法是怎麼樣的。

Yes, Carl. We still today, look at -- continually look at acquisitions. And for us, we're more interested in the smaller tuck-in builders that may add to our market share in an existing market or give us some entry, but we do always have that opportunity to greenfield those. I don't see on the horizon, a significant large acquisition.

是的，卡爾。今天，我們仍然持續關注收購。對我們來說，我們對較小的嵌入式建築商更感興趣，這些建築商可能會增加我們在現有市場中的市場份額或為我們提供一些進入機會，但我們總是有機會開發這些建築商。我認為不會出現重大收購。

Certainly, the acquisition that you're referring to make some sense. We speak to scale a lot in market share, and that makes some sense to us. But today, we're going to continue to look at those as they come available, but no significant shift in what you've seen us do over the last couple of years.

當然，你所說的收購是有一定道理的。我們談到市場佔有率的擴大，這對我們來說有一定意義。但今天，我們將繼續關注這些產品的推出，但過去幾年我們所做的事情並沒有重大變化。

Your next question for today is coming from John Lovallo with UBS.

今天的下一個問題來自瑞銀集團 (UBS) 的約翰·洛瓦洛 (John Lovallo)。

The first one here is it seems like the first quarter gross margin at least relative to your expectations was impacted by that 100 basis points of hedging that seemingly was not contemplated in the initial guide. So I guess the question is, why would the 2Q gross margin be flattish sequentially if that hit is not expected to repeat and rates have come in a bit?

第一個是，第一季毛利率至少相對於您的預期而言，似乎受到 100 個基點對沖的影響，而最初的指南中似乎沒有考慮到這一點。所以我想問題是，如果預計這種衝擊不會重複並且利率有所上升，為什麼第二季毛利率會持平？

Well, it starts with, we sold homes with an increased level of incentives while rates were higher during Q1, and some of those closed in December, but there are still a number of them that will be closing in Q2. And so far on a core basis, we still are entering the quarter a little bit lower margin than what the average presents.

首先，我們以更高水準的激勵措施出售房屋，同時第一季利率較高，其中一些房屋於 12 月關閉，但仍有一些房屋將在第二季關閉。到目前為止，就核心基礎而言，我們進入本季的利潤率仍略低於平均水準。

And so that's -- but obviously, rates have dropped, and so those incentive costs are a bit lower in the later sales. And so on balance, we expect we should be able to hold margins around the current levels, excluding the hedging going forward.

所以，很明顯，利率已經下降，因此後期銷售的激勵成本會稍微低一些。總的來說，我們預計我們應該能夠將利潤率保持在當前水準附近，不包括未來的對沖。

Okay. Got it. And then I think last quarter, lot costs were up 10% or 11% year-over-year, but I think there's some geographic mix that was in there and maybe it normalized to up sort of mid-single digits if you kind of accounted for that mix. I mean, how did lot cost trend in the quarter? And how are you thinking about that in 2Q?

好的。知道了。然後我認為上個季度，批量成本同比增長了 10% 或 11%，但我認為其中存在一些地理組合，如果你考慮一下的話，也許它會標準化為中等個位數的增長對於那種混合。我的意思是，本季批量成本趨勢如何？您在第二季對此有何看法？

Well, it's pretty similar to what we said last quarter. That was a year-over-year comp. And so we still were up low double digits on a year-over-year basis, and it did continue to have a little bit of geographic mix. But I would say, stripping out geography, our lot cost on a year-over-year basis probably are up high single digit. And until we cycle an entire year, it probably stays that way, and then it would moderate in terms of year-over-year because it's certainly less than that on a sequential basis.

嗯，這與我們上個季度所說的非常相似。這是一個逐年比較。因此，我們的同比增長率仍然較低，達到兩位數，而且確實仍然存在一些地理混合。但我想說，排除地理位置因素，我們的批量成本比去年比可能會上升高個位數。在我們循環一整年之前，它可能會保持這種狀態，然後它會逐年放緩，因為它肯定比環比少。

Yes. 1.5% on a sequential basis.

是的。環比增長 1.5%。

Your next question is coming from Joe Ahlersmeyer with Deutsche Bank.

您的下一個問題來自德意志銀行的 Joe Ahlersmeyer。

If you are to humor me for maybe a couple more on the gross margin. Could you just talk about the actual P&L impact of that charge, whether it was something that hit deductions from revenue or if it was just a hit to COGS. And then similarly, on the -- what you're expecting going forward, I guess it makes sense, you're not expecting it given rates has kind of stabilized but is there a way to think about the sensitivity based on what you've still got out there notionally, like if we had another 50 to 100 basis point drop, would you have another 100 basis point impact from here?

如果你願意遷就我的話，也許毛利率可以再高一點。您能否談談該費用對損益的實際影響，無論是影響收入扣除額或僅影響銷貨成本。然後類似地，關於您對未來的期望，我想這是有道理的，考慮到利率已經穩定下來，您並沒有期望它，但有沒有辦法根據您的情況來考慮敏感性理論上仍然存在，例如如果我們再下跌50 到100 個基點，那麼您還會受到另外100 個基點的影響嗎？

Joe, the charge -- the amount of the charge was $65 million approximately, and that's basically what hit during the quarter in terms of our position, outstanding we believe that our position is -- reflects the current market and the valuation adjustment in the December quarter takes care of all of it. There's always some sensitivity. We always have some hedging position outstanding. And so anytime there is a significant sudden change in rates that can leave some exposure there. Obviously, the opposite side of that is the benefits to the business.

喬，這筆費用——費用金額約為 6500 萬美元，這基本上是本季度我們的部位受到的影響，我們相信我們的部位是突出的——反映了當前的市場和 12 月份的估值調整季度負責所有這一切。總是有一些敏感的地方。我們總是有一些未兌現的對沖頭寸。因此，任何時候利率突然發生重大變化都可能會留下一些風險敞口。顯然，相反的一面是為企業帶來的好處。

When rates drop, obviously, that improves affordability and improves our ability to sell at a price point in the core business. And so what this hedging position allows us to do is offer below market rates on a consistent basis on a broad basis across our business. And like we said, we try to manage that as best as we can, but in a period of significant sudden volatility, there can be some exposure to the position.

顯然，當利率下降時，負擔能力就會提高，並會提高我們在核心業務的價格點上銷售的能力。因此，這種對沖頭寸使我們能夠在整個業務範圍內一致地提供低於市場的價格。正如我們所說，我們會盡力管理這一點，但在突然大幅波動的時期，該頭寸可能會受到一定的影響。

There were 2 very significant moves in interest rates in the quarter. They went up significantly in the middle of the quarter, and they came down significantly to the end of the quarter. Kind of a very unique dynamic that we have not experienced. That's what led to the mark-to-market adjustment being more severe than it's been in prior quarters.

本季利率出現了兩次非常重大的變動。它們在季度中期大幅上升，到季度末大幅下降。這是一種我們從未經歷過的非常獨特的動態。這就是為什麼導致以市值計算的調整比前幾季更加嚴重的原因。

And that $65 million mark-to-market is in cost of goods sold, whereas the just standard routine interest rate offering does net against revenue and flows through our ASP. But the $65 million specifically is in cost of goods.

以市值計價的 6500 萬美元計入銷售成本，而僅提供標準常規利率確實會扣除收入和通過我們的 ASP 的流量。但這 6500 萬美元具體是指商品成本。

That's all very helpful. As a follow-up, thinking about the outlook for materials either inflation or deflation. Can you just speak to what's in your 2Q guide? And then maybe just generally, if we're looking at starts rising and your volumes obviously growing, how should we think about the competition for materials perhaps driving inflation again in those?

這一切都非常有幫助。作為後續行動，考慮通貨膨脹或通貨緊縮的材料前景。您能簡單談談您的 2Q 指南中的內容嗎？然後，也許一般來說，如果我們看到開工率上升，而且你們的產量明顯增長，我們應該如何考慮材料的競爭可能會再次推動通貨膨脹？

Yes. We're seeing some relative flatness in our cost side of the business and would expect to see similar all things stay consistent through the next quarter. Certainly, with the encouraging signs early in to January, it's possible that we see some increase in starts from all of our peers. That could put pressure on labor and on materials, which could cause some headwinds or some increase in the cost side.

是的。我們看到業務成本方面相對平穩，並預計下一季所有情況都會保持一致。當然，隨著一月初出現的令人鼓舞的跡象，我們可能會看到所有同行的開工率增加。這可能會對勞動力和材料造成壓力，從而可能導致一些不利因素或成本方面的一些增加。

Your next question for today is coming from Michael Rehaut with JPMorgan.

今天的下一個問題來自摩根大通的 Michael Rehaut。

I wanted just to circle back for a moment on SG&A. And I think, Bill, you talked about the main drivers of the higher or negative leverage, I guess, you could say, being community count and the stock comp. You're going to see a similar type of negative leverage impact on the second quarter.

我想回顧一下 SG&A。我認為，比爾，你談到了較高或負槓桿的主要驅動因素，我想，你可以說，是社群數量和股票比較。您將在第二季度看到類似的負面槓桿影響。

Would you expect that to kind of flatten out everything else equal seems to imply? You said that maybe in the first couple of quarters, you're going to see this impact and that should kind of run through by the time you get to the back half? Or is this more of a '25 event? And as part of this question, I'm also curious if higher sales incentives outside broker commissions, has impacted this at all? Or if you could remind us if that's the portion that's in the COGS?

您是否認為這會壓平似乎暗示的其他所有平等？你說也許在前幾個季度，你會看到這種影響，當你進入後半段時，這種影響應該會貫穿始終？或者這更像是 25 年的事件？作為這個問題的一部分，我也很好奇經紀人佣金之外的更高銷售激勵措施是否對此產生了影響？還是您能否提醒我們這是否屬於銷貨成本中的部分？

Yes. The last part first. Yes, our broker commissions are in our gross margins are in our cost of goods sold. So that's not part of the equation. And I think your general commentary there is fair. We only provide specific SG&A guidance one quarter out. But generally, our expectation over the longer term is that we would get back to a similar SG&A level as last year and beyond. So I think it is a phenomenon here for a couple of quarters where we're guiding a little bit higher than last year.

是的。先說最後一部分。是的，我們的經紀人佣金是在我們的毛利率中，在我們的銷售成本中。所以這不是等式的一部分。我認為你的總體評論是公平的。我們僅在四分之一後提供具體的銷售及行政管理 (SG&A) 指導。但總的來說，從長遠來看，我們的預期是我們將恢復到與去年及以後類似的銷售管理費用水準。因此，我認為這是幾個季度以來的一種現象，我們的指導比去年略高。

Little headwind on the community count market growth, but a little tailwind in Q2 on the equity comp position recognizing that in Q1 versus Q2.

社區計數市場成長幾乎沒有阻力，但第二季的股票比較地位有一點順風，認識到第一季與第二季的情況。

And we're also -- also ASP is down year-over-year. And so it's always a little bit more of a headwind on a percentage basis for SG&A when ASPs are down.

我們的平均售價也逐年下降。因此，當平均售價下降時，以百分比計算，SG&A 總是會面臨更多阻力。

Right. No, that's fair. That makes sense as well. I appreciate that. Secondly, not to beat a dead horse, but I do -- you kind of made a comment on the gross margins, Bill, and I don't know if you misspoke or it would kind of make sense to us if indeed you did not misspeak. But I think you said at one point, we would expect gross margins to get back to the 1Q levels excluding the hedging impact, that would kind of make sense to us to the extent that in the last couple of months, rates have come down and your current orders would include less expensive rate buydowns than, let's say, a couple of months ago.

正確的。不，這很公平。這也是有道理的。我很感激。其次，不是為了死馬，但我確實——你對毛利率發表了評論，比爾，我不知道你是否說錯了，或者如果你確實沒有說的話，這對我們來說是有意義的說錯話。但我認為您曾說過，我們預計毛利率將回到第一季的水平（排除對沖影響），這對我們來說是有意義的，因為在過去幾個月裡，利率已經下降，並且您目前的訂單將包括比幾個月前更便宜的利率購買。

And I think you were kind of saying 2Q is currently being impacted by some of the carryover from 1Q. I just wanted to make sure I heard that right or how to think about where gross margins are today on orders taken in mid-January, let's say, versus a couple of months ago?

我認為您是在說第二季目前受到第一季的一些結轉影響。我只是想確保我沒聽錯，或者如何考慮一月中旬訂單的毛利率與幾個月前的毛利率相比？

Yes. We provided guidance one quarter out. So we've guided to 22.6% to 23.1%. So essentially straddling the GAAP margin that we reported in Q1. Coming into Q2, the closings that we will have early in the quarter are at the -- probably the low end of that range, maybe even a little below that. But then later in the quarter, margins are improving because of the cost of buydowns after rates have dropped is lower.

是的。我們在四分之一後提供了指導。所以我們指導為 22.6% 至 23.1%。因此，基本上跨越了我們在第一季報告的 GAAP 利潤率。進入第二季度，我們在本季度初的成交量可能處於該範圍的低端，甚至可能略低於該範圍。但在本季後期，由於利率下降後的回購成本較低，利潤率正在改善。

And so -- but on average, that's -- we believe that, that will balance out to a margin in the 22.6% to 23.1% range. What will occur after that? We can't really comment. It's really going to be a matter of what of the spring selling season, what does demand look like through the spring and what happens with mortgage rates. And so -- but on average, that's where we believe things will fall for margins in Q2.

因此，但平均而言，我們相信，這將平衡到 22.6% 至 23.1% 範圍內的利潤。之後會發生什麼事？我們無法真正發表評論。這實際上取決於春季銷售季節的情況、整個春季的需求情況以及抵押貸款利率的變化。所以，但平均而言，我們認為第二季的利潤率將會下降。

Right. So basically, what you're saying is beginning of the quarter at the low end, perhaps a little bit below the low end of that range, that would imply towards the end of the quarter at the higher end or perhaps a little bit above the high end of that range. Is that fair?

正確的。所以基本上，你所說的是季度初的低端，可能略低於該範圍的低端，這意味著到季度末時會處於高端，或者可能略高於該範圍的低端。該範圍的高端。這樣公平嗎？

I think on balance, it's going to balance out to 22.6% to 23.1%.

我認為總的來說，它會平衡到 22.6% 到 23.1%。

And we still sell a large portion of our homes inter-quarter. So 35% to 40% is our kind of historical average. And so those are being sold now. And as we look through the quarter and into the spring selling season. So certainly, as the spring selling season emerges and continues, it's going to give us better visibility as we look towards the end of this quarter in to 3Q.

我們仍然在季度間出售大部分房屋。所以 35% 到 40% 是我們的歷史平均值。所以這些現在正在出售。當我們回顧本季並進入春季銷售季節時。因此，當然，隨著春季銷售季節的出現並持續，當我們展望本季末到第三季時，這將為我們提供更好的可見度。

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

您的下一個問題來自沃爾夫研究中心的杜魯門帕特森。

Not to beat a dead horse here, but I just want to understand kind of your old philosophy and some near-term dynamics with rates coming below, a little bit below 7%. I realize there's this hedging noise, but have you all been able to kind of pull back on core incentives, if you will, the past several weeks? Or is this much more taking kind of a bit of a wait-and-see approach?

不是要在這裡打敗一匹馬，但我只是想了解你們的舊理念以及利率低於 7% 的一些近期動態。我意識到有這種對沖噪音，但過去幾週你們是否都能夠減少核心激勵措施（如果你願意的話）？或者這更像是一種觀望態度？

I think you mentioned a good rebound early in the year. Are you taking a wait-and-see approach, so you're not disrupting kind of demand or the momentum ahead of the spring selling season?

我想你在今年早些時候提到了良好的反彈。您是否採取觀望態度，以免擾亂春季銷售季節之前的需求或動力？

Truman. I think that as we look at this today, it's still very early. And for us, consistency of activity has been important. So we haven't made any significant changes in our incentives if the market gives us to us, and we continue to see the early encouragement that we are, then we'll respond to the market in kind.

杜魯門。我認為，當我們今天來看這個問題時，還為時過早。對我們來說，活動的一致性非常重要。因此，如果市場為我們提供了我們的激勵措施，我們還沒有做出任何重大改變，並且我們繼續看到早期的鼓勵措施，然後我們將以同樣的方式回應市場。

If rates continue to stay up, then we'll need to lift our rate offerings like we've done in the past and will fluctuate as those rates move still has been our best incentive is the rate buydown and consistency of rate consistency of payment to our buyers as they shop in market.

如果利率繼續保持上漲，那麼我們將需要像過去那樣提高我們的利率產品，並且隨著利率的變化而波動，這仍然是我們最好的激勵措施是利率購買和支付利率一致性的一致性我們的買家在市場購物時。

And all of that continues to be managed market by market, community by community based on what our local operators are seeing and believe it's the best to drive the strongest returns. I mean, even with a little bit of giveback in our gross margin, our improved cycle times and what we're going to turn this year in terms of inventory is way more important to our bottom line and the returns we're going to generate than giving up a little bit of gross margin and still being at roughly 23%.

所有這一切都將繼續根據我們當地營運商的所見所聞，逐個市場、逐個社區地進行管理，並相信這是推動最強回報的最佳方式。我的意思是，即使我們的毛利率有所回饋，我們改進的周期時間以及我們今年在庫存方面的轉變對於我們的利潤和我們將產生的回報來說更為重要而不是放棄一點點毛利率而仍保持在23% 左右。

Makes total sense. And with that, you all bumped your closings guidance a little bit to about 89,000 around there. That's well above the prior peak of, we'll call it, 83,000 back in 2022 when there were all of these supply chain issues and constraints. Could you just help us get a little more comfortable with that level of growth kind of based on today's labor pool, a lot availability. I'm really trying to understand constraints today and maybe what level of closings would really create bottlenecks in the construction process, not asking about demand or anything along those lines?

完全有道理。至此，你們都將收盤指引略微上調至 89,000 左右。這遠高於 2022 年我們稱之為 83,000 的先前峰值，當時存在所有這些供應鏈問題和限制。您能否幫助我們對基於當今勞動力池和大量可用資源的成長水準感到更加滿意？我真的很想了解今天的限制，也許什麼程度的關閉會真正在施工過程中造成瓶頸，而不是詢問需求或類似的事情？

We've been very focused on creating a quarter-to-quarter consistent starts plan where we're feeding our neighborhoods with lots that are available in front of us and making sure we have those lots supplied and secured to us. At the same time, we've made a tremendous amount of progress reducing our cycle times and coming back to sort of our historical norms of around 4 months from starting a home to completion.

我們一直非常注重製定一個季度與季度一致的啟動計劃，為我們的社區提供我們面前可用的土地，並確保我們有這些土地的供應和安全。同時，我們在縮短週期時間方面取得了巨大進展，並回到了從開工到竣工約 4 個月的歷史標準。

And so that's giving us much greater flexibility going into this year. With the strong finished lot position we currently have, combined with the reduced cycle times, we're able to reduce our homes in inventory and still deliver a closing target that's going to be at or in excess of our 2x beginning of the year housing terms. So we really feel good about what's happened there. As to what the upside top side is where the bottlenecks would come in, hard to speculate on where that would be.

因此，這為我們今年帶來了更大的靈活性。憑藉我們目前擁有的強勁成品地塊地位，加上週期時間的縮短，我們能夠減少房屋庫存，並仍然實現達到或超過我們年初住房條件兩倍的收盤目標。所以我們對那裡發生的事情真的感覺很好。至於瓶頸會出現在什麼上行頂部，很難推測會在哪裡。

We feel really good about our lot position, neighborhood by neighborhood and the trade partnerships that we have and the supplier relationships that we have, they've been very supportive of us.

我們對我們的地段位置、鄰裡關係以及我們擁有的貿易夥伴關係和我們擁有的供應商關係感到非常滿意，他們一直非常支持我們。

But great point, Truman, and that when we think about overall industry constraints, finished lots are going to continue to be an issue in terms of builders being able to put more houses on the ground today. It's not getting any easier to put a finish lot on the ground. And so we continue to have a focus on building out our lot position and our relationships with third-party developers to make sure we're positioned for growth. But when we think about the biggest constraints to the industry overall, it definitely starts with finished lots.

但杜魯門，有一點很重要，當我們考慮整個行業的限制時，成品地塊將繼續成為建築商今天能夠建造更多房屋的問題。在地面上放置終點站並不容易。因此，我們繼續專注於建立我們的地段地位以及與第三方開發商的關係，以確保我們能夠實現成長。但當我們考慮整個行業的最大限制時，它肯定是從成品批次開始的。

Your next question is coming from Eric Bosshard with Cleveland Research.

您的下一個問題來自克利夫蘭研究中心的 Eric Bosshard。

Curious if you can provide a little bit of perspective. You talked about favorable trends into the spring and 56% first time. Just as you look across the business, in terms of where you're seeing relative strength in regards to price points and product where things are above average and where things are below average?

很好奇您是否能提供一點觀點。您第一次談到了春季的有利趨勢，56%。正如您縱觀整個行業，您在價格點和產品方面看到的相對優勢在哪些方面高於平均水平，哪些方面低於平均水平？

I think it's pretty consistent across the board. We're feeling really good across all of our offerings. I mean as 55% to 56% of our deliveries have been to first-time homebuyers. That's generally where we've kind of geared our neighborhoods that we're positioning and the product that we're positioning with that. I think 70% of our deliveries were at $400,000 or less, which for us is maintaining a focus on affordability and a payment that works for people in their monthly budget.

我認為這是非常一致的。我們對所有產品都感覺非常好。我的意思是，我們 55% 到 56% 的交付對像是首次購屋者。這通常是我們對我們定位的社區以及我們定位的產品進行調整的地方。我認為我們 70% 的交付價格為 400,000 美元或更少，這對我們來說是繼續關注負擔能力和適合人們每月預算的支付方式。

Hence, we've used the interest rate buydowns quite a bit. But feel really good. Coming out in January does not make a quarter or a spring selling season, but we're very encouraged by the early trends in January and are excited for what the spring is going to hold.

因此，我們大量使用了利率購買。但感覺真的很好。一月上市並不構成季度或春季銷售旺季，但我們對一月份的早期趨勢感到非常鼓舞，並對春季的銷售感到興奮。

From a product perspective or price point perspective with lower rates, do you think differently than you did 90 days ago in terms of focus on affordability? Or do you think about expanding a bit more what you're doing?

從產品角度或價格較低的角度來看，您在關注負擔能力方面的想法與 90 天前是否有所不同？還是你考慮擴大你正在做的事情？

I think we have made adjustments as the market has shifted over the last 12 to 18 months and feel comfortable with our trajectory and the product offering that we have. Certainly, as you look across our communities, they're going to trend inside of the product offering that we have based on rate and monthly payment environment, whether that means that they're buying up in size or down in size.

我認為，隨著市場在過去 12 到 18 個月的變化，我們已經做出了調整，並對我們的發展軌跡和我們提供的產品感到滿意。當然，當你觀察我們的社區時，他們將根據費率和每月支付環境來了解我們提供的產品的趨勢，無論這意味著他們購買的規模是增加還是減少。

But we feel like we have a good offering across our markets, and we'll continue to stay as we need to respond to a monthly payment and interest rates and provide affordable opportunities across all of our platforms.

但我們覺得我們在整個市場上都有很好的產品，我們將繼續留下來，因為我們需要應對每月付款和利率，並在我們所有的平台上提供負擔得起的機會。

Your next question for today is coming from Alan Ratner with Zelman & Associates.

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

I got some questions on kind of the spec versus build to order dynamic in the industry right now. You guys being a spec builder, I think, had a pretty strong advantage during the pandemic. Obviously, resale inventory was incredibly tight. The extended cycle time as well, I'm sure it was hard to manage from your side. Kind of gave you an advantage versus the BTO-guys in terms of the consumer experience.

我現在對行業中的規格類型與按訂單生產動態有一些疑問。我認為，你們作為規範制定者，在大流行期間擁有相當強大的優勢。顯然，轉售庫存非常緊張。週期時間也延長了，我確信從您這邊來說這很難管理。在消費者體驗方面，與 BTO 相比，這有點為你帶來了優勢。

So I guess my question is now that cycle times seem to be improving across the industry, resale inventory is ticking a little bit higher. Are you thinking about that dynamic any differently? Are you maybe contemplating selling earlier in the construction process, again, whereas before you were maybe waiting for homes to get closer to completion? Are you seeing more competition from build-to-order builders that have kind of shrunk in their construction cycle times? Any commentary on that would be great.

所以我想我現在的問題是，整個行業的周期時間似乎有所改善，轉售庫存略有上升。您對這種動態有什麼不同的看法嗎？您是否可能再次考慮在施工過程的早期出售，而在此之前您可能正在等待房屋接近竣工？您是否看到來自按訂單生產的建築商的更多競爭，這些建築商的施工週期時間有所縮短？任何對此的評論都會很棒。

I think today, we are still seeing people looking for closing with certainty of close date and in that 30- to 60-day time frame based on their ability to lock in interest rate. And so I don't know that we've seen much significant shift from the build-to-order builders being able to deliver a presale into those time frames.

我認為今天，我們仍然看到人們根據他們鎖定利率的能力，尋求在 30 到 60 天的時間範圍內確定確定的成交日期。因此，我不知道我們是否看到了按訂單生產的建築商能夠在這些時間範圍內交付預售的重大轉變。

We are very comfortable with our inventory position, both in the total homes and in a completed home scenario. It's continued to play into the shortness of resale inventory across our markets and I don't expect a significant change for us. We're going to continue to stay focused on inventory sales and consistent production community to community.

我們對我們的庫存狀況非常滿意，無論是在整個房屋還是在已完工的房屋場景中。它繼續影響我們市場上轉售庫存的短缺，我預計我們不會發生重大變化。我們將繼續專注於庫存銷售和社群之間的一致生產。

Even with the decline in existing home sales, they're still 3x to 4x larger of a market transaction volume than new home sales. So we've always tried to position ourselves to compete against those homes rather than just other new home providers.

即使現房銷售量下降，其市場交易量仍是新房銷售量的 3 至 4 倍。因此，我們一直試圖將自己定位為與這些房屋競爭，而不僅僅是其他新房屋提供者。

The timing of that sale has been able to move up earlier in our stage of construction just because we have gotten back to our historical norms of months of delivery of (inaudible).

在我們的建設階段，銷售的時間能夠提前，只是因為我們已經恢復了幾個月交付的歷史標準（聽不清楚）。

Got it. But in terms of your sales strategy, I mean, I look at your completed spec count, it's been ticking a little bit higher here more recently. Is that still kind of the strategy to hold these homes off until you're maybe a month or 2 from completion to allow the buyer to lock in that rate? Or are you maybe thinking about kind of pulling that forward a little bit?

知道了。但就您的銷售策略而言，我的意思是，我查看了您完成的規格數量，最近這裡的規格數量有所增加。這仍然是一種推遲這些房屋直到竣工後一兩個月才能讓買家鎖定該價格的策略嗎？或者您正在考慮將其向前推進一點？

We're allowing -- we're not restricting the sale of homes. Seasonally, you'll see the completed spec inventory, the completed home inventory tick up through the fall and be positioned that we have houses available for quick deliveries beginning in January for the spring selling season. So we're able to deliver the homes that people are coming in and needing in 30 or 60 days.

我們允許－我們不限制房屋銷售。季節性地，您會看到已完成的規格庫存，已完成的房屋庫存在整個秋季都在增加，並且我們有房屋可供從一月份開始的春季銷售季節快速交付。因此，我們能夠在 30 或 60 天內交付人們入住和需要的房屋。

At the same time, with the compressed cycle times, as Paul mentioned, we are very comfortable selling and locking a rate in for a buyer earlier in the production process than we were a year ago for sure.

同時，正如保羅所提到的，隨著週期時間的壓縮，我們非常樂意在生產過程中比一年前更早向買家出售並鎖定價格。

Okay. Got you. One last quick one, if I could. Just going back to the charge on the hedge. I just want to better understand this. Like we have heard from other builders in the past situations where they would buy kind of forward commitment pools and when rates pull back sharply in a short period of time, those pools would kind of go unused because the market kind of fell below wherever that pool was. Is that kind of what's going on with you guys? Or are the mechanics of this much different? I'm just trying to wrap my arms around that better.

好的。明白你了。如果可以的話，最後快一點。回到對沖的衝鋒。我只是想更好地理解這一點。就像我們過去從其他建築商那裡聽到的那樣，他們會購買某種遠期承諾池，當利率在短時間內大幅回落時，這些池就會被閒置，因為市場會跌破該池的任何地方曾是。你們就是這樣的情況嗎？還是其機制有很大不同？我只是想更好地擁抱它。

No, you've described it exactly. We typically will buy those forward commitment pools really for the next few weeks of deliveries essentially as plan. We're not going out very far, but it is a few weeks. And so that's when we say a very sudden sharp change in rates, that can present some exposure there, but it has not occurred in the past, but the circumstances this quarter were pretty unusual in terms of the significance and the suddenness of the rate moves.

不，你已經描述得很清楚了。我們通常會按照計劃購買這些遠期承諾池，用於接下來幾週的交付。我們不會出去很遠，但也需要幾週的時間。因此，當我們說利率突然急劇變化時，可能會帶來一些風險，但過去沒有發生過這種情況，但就利率變動的重要性和突然性而言，本季度的情況非常不尋常。

And it was really restructuring so it could be used, not that we weren't going to fulfill the pool. We just had to restructure it so it was usable.

它確實是在重組，以便可以使用，而不是我們不打算填滿池。我們只需要對其進行重組，使其可用。

And then at the end of the quarter, we always have to mark-to-market the value at the end of the quarter. So that's always a factor there as well.

然後在季度末，我們總是必須以市價計算季度末的價值。所以這也是一個因素。

So it sounds like this is an industry phenomenon, not necessarily an important phenomena, but obviously, we'll learn more about that in the next few weeks. But I appreciate that. Thank you.

所以聽起來這是一個行業現象，不一定是一個重要現象，但顯然，我們將在接下來的幾週內了解更多。但我很欣賞這一點。謝謝。

Your next question for today is coming from Anthony Pettinari with Citi.

今天的下一個問題來自花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

There was an earlier question on the large builder acquisition we saw last week. I guess we also saw a large acquisition in SFR. And I'm just wondering if you could talk about how institutional demand for build-to-rent homes has been trending, maybe relative to earlier expectations. Do you expect that to grow as a portion of your homebuilding operations and just maybe the impact of that business in this kind of rate environment?

關於我們上週看到的大型建築商收購，有一個較早的問題。我想我們也看到了 SFR 的大規模收購。我只是想知道您是否可以談談機構對建租房屋的需求趨勢如何，也許相對於先前的預期。您是否預期該業務將作為您的住宅建築業務的一部分而成長，以及該業務在這種利率環境下的影響？

Certainly have seen that with the change in the capital markets, that demand environment became much choppier last year. But we still had institutional buyers that were anxious to get the product we were delivering to the market, and they continue to be so. We delivered projects in the first quarter. We expect to deliver more in the second quarter and then throughout the year with the pipeline that's there.

當然我們也看到，隨著資本市場的變化，去年的需求環境變得更波動。但我們仍然有機構買家渴望獲得我們向市場提供的產品，而且他們仍然如此。我們在第一季交付了專案。我們預計將在第二季交付更多產品，然後透過現有的管道在全年交付更多產品。

I mean, for us, it's a strategy to help us derisk land positions and more rapidly monetize our land portfolio. And so we've still seen good demand for the product, good demand on the rentals and the lease-ups when we're taking the stabilization process on and continue to expect that to become a growing part of our business.

我的意思是，對我們來說，這是一種幫助我們降低土地風險並更快地將我們的土地組合貨幣化的策略。因此，當我們進行穩定過程時，我們仍然看到對產品的良好需求，對租金和租賃的良好需求，並繼續期望這將成為我們業務中不斷增長的一部分。

Okay. That's helpful. And then just last quarter, I think 60% of your buyers took some form of a buydown and you were offering 6.25 on a conventional loan. Just wondering if you can update where that stands coming out of fiscal 1Q. And I guess you talked about this earlier a bit. But do you think about kind of a rate level where buydowns maybe stop becoming kind of the chief incentive mechanism or where incentives start to shift back to more kind of traditional ones?

好的。這很有幫助。就在上個季度，我認為你們 60% 的買家採取了某種形式的買斷，而你們提供了 6.25 美元的傳統貸款。只是想知道您是否可以更新第一財季的情況。我想你之前已經談過這個問題了。但您是否考慮過某種利率水平，在該水平上，購買可能不再成為主要激勵機制，或者激勵措施開始轉向更傳統的激勵機制？

We're probably up, call it, roughly 10% sequentially in terms of the take rate on that buydowns. So we were in the 70% and now we'd be in the 80% range of the buyers that utilize our mortgage company. So the 60% you said was on our overall business, so say 60% to roughly 70% of buyers took that this quarter.

就買入的接受率而言，我們可能會連續上漲約 10%。因此，我們屬於使用我們抵押貸款公司的 70% 買家，現在我們屬於 80% 的買家。所以你說的 60% 是我們整體業務的一部分，所以說本季有 60% 到大約 70% 的買家接受了這一點。

And the use of those rate buydowns is not just new to us over the last 12 months. We've been 24-plus months utilizing that incentive. So I believe on a go-forward basis, staying competitive to not only the new home market, but especially to the resale market for us, and the ability to have a lower monthly payment for same cost of home is advantageous. So we have no plan in the near term to stop utilizing it even if we see rates shift down.

在過去 12 個月裡，使用這些利率下調對我們來說並不是新鮮事。我們已經使用該激勵措施超過 24 個月了。因此，我相信，從長遠來看，不僅在新房市場上保持競爭力，而且在轉售市場上對我們來說尤其如此，並且能夠以較低的月付款支付相同的房屋成本，這是有利的。因此，即使我們看到利率下降，我們短期內也沒有計劃停止使用它。

Your next question is coming from Ken Zener with Seaport Research Partners.

您的下一個問題來自 Seaport Research Partners 的 Ken Zener。

I wonder, with the industry, everybody likes to focus on the income statement, right? So the gross margins obviously been a focus today. However, your initial comments were about inventory turns, which together gets you returns on inventory. So because you took up volume for the year modestly and all we see is one quarter forward guidance. Is it fair to say that your guys' internal metrics are generating the same or higher ROI than you had started the year at? I know you kept the $3 billion cash flow the same. But I'm just trying to understand we see one part of the business, but not necessarily the output of the other.

我想，在這個行業裡，大家都喜歡關注損益表吧？因此，毛利率顯然是今天的焦點。然而，您最初的評論是關於庫存週轉率的，這共同為您帶來了庫存回報。因為你適度地佔據了今年的交易量，而我們看到的只是一個季度的前瞻性指引。可以公平地說，你們的內部指標所產生的投資報酬率與你們年初的投資報酬率相同或更高嗎？我知道你保持了 30 億美元的現金流不變。但我只是想了解我們看到的是業務的一部分，但不一定是另一部分的產出。

Sure. Yes. I mean our returns are in line with our plans, and our divisions are out there executing on their plans, their start plans week-to-week, month-to-month and deliver the homes that we expected to this quarter, plus a few hundred more. And so as we enter the spring, we're continuing with that and very consistent with our expectations from an inventory turn standpoint and a return on our assets, our investments in inventory.

當然。是的。我的意思是，我們的回報與我們的計劃一致，我們的部門正在執行他們的計劃，他們每週、每月的啟動計劃，並交付我們預計到本季度的房屋，再加上一些還有一百多個。因此，當我們進入春季時，我們將繼續這樣做，並且從庫存週轉的角度以及我們的資產回報和庫存投資的角度來看，這與我們的預期非常一致。

Right. So you talked about improving cycle times, obviously, part of that stuff. Do you see -- when you started 20,000, the last 3 years starts to have been 14,000, 25,000 all over the place. Can you talk to that level? I mean, do you see some degree of maybe use the word seasonality or what's kind of affecting that? Is it orders? Or is it just a plan that you have to reach your closings, A? And then B, what do you expect your inventory units to be at the end of the year given your underlying assumptions right now?

正確的。所以你談到了改善週期時間，顯然，這是其中的一部分。你看到了嗎——當你開始有 20,000 人時，過去 3 年開始到處都是 14,000、25,000 人。能聊到那個水平嗎？我的意思是，您是否認為在某種程度上可能使用季節性這個詞，或者是什麼影響了它？是命令嗎？或者這只是一個你必須完成的計劃，A？然後 B，根據您現在的基本假設，您預計年底的庫存量是多少？

Yes, Ken, as you look at our past year plus starts space, it has been inconsistent and a lot of that has been in response to the market in response to the elongation of cycle times and then further reduction of cycle times. As you look at our inventory today and our guide to basically turn a little more than 2x that inventory, we can expect to see consistent and sustainable starts expansion over the next few quarters.

是的，肯，當你看看我們過去一年的啟動空間時，你會發現它一直不一致，其中很大一部分是對市場的反應，對週期時間的延長和周期時間的進一步縮短。當您查看我們今天的庫存以及我們的指南基本上將庫存翻了 2 倍多一點時，我們預計在接下來的幾個季度將看到持續且可持續的開工擴張。

We want to maintain the level of inventory that we have and be in a position as we respond to the spring selling season to stay consistent with our starts, but we do need to grow our starts consistently quarter-to-quarter over the remainder of the year.

我們希望維持現有的庫存水平，並在應對春季銷售季節時與我們的開工率保持一致，但我們確實需要在剩下的時間裡逐季度持續增加我們的開工率年。

And as we consistently look to position ourselves to grow, we would certainly love one position ourselves to grow in fiscal '25 over fiscal '24. So we would expect our inventory at the end of the year to be a little higher than it was at the start of the year with the expectation of turning it a little more than 2x in fiscal '25.

由於我們始終致力於實現成長，因此我們當然希望自己能夠在 25 財年而不是 24 財年實現成長。因此，我們預計年底的庫存將略高於年初，並預計在 25 財年將其翻至 2 倍多一點。

Your next question is coming from Susan Maklari with Goldman Sachs.

你們的下一個問題來自高盛的蘇珊‧馬克拉里 (Susan Maklari)。

I wanted to talk a bit more about thinking of the competitive dynamics on the ground. As you think about some of the smaller new home markets that you have recently entered and the potential for more existing home turnover to perhaps come through as we move through the year. Any thoughts on what those competitive dynamics could mean for you in various markets and perhaps how you're positioned relative to that?

我想多談談對當地競爭動態的思考。當你想到你最近進入的一些較小的新房市場以及隨著我們今年的發展，現有房屋成交量可能會增加的潛力時。對於這些競爭動態對您在不同市場中意味著什麼以及您相對於此的定位有何想法？

I think, Susan, that we're continually looking to provide affordable homes that hit a payment that's going to work in the monthly budget for our buyers. And that is what's oftentimes overlooked, especially by in the smaller markets, a lot of the builders that are currently existing have capital constraints on what they're able to build and start.

蘇珊，我認為我們一直在尋求提供經濟適用房，其付款金額能夠滿足買家的每月預算。這是經常被忽視的一點，尤其是在較小的市場中，許多現有的建築商在他們能夠建造和啟動的項目上都受到資本限制。

And so they're looking generally to maximize revenue per lot or margin per lot and go with the lower volume. And so they're leaving that first-time homebuyer that family that needs a more affordable home, kind of not really their target. So that's the target customer we seek out and we see good results when we go into a new market, greenfield a new market and focus on the affordable price points.

因此，他們通常希望最大限度地提高每手收入或每手利潤，並減少交易量。因此，他們給首次購屋者留下了一個需要更經濟實惠的住房的家庭，這並不是他們的真正目標。這就是我們尋找的目標客戶，當我們進入新市場、開拓新市場並專注於實惠的價格點時，我們會看到良好的結果。

Okay. That's helpful. And then thinking about the cash generation and the balance sheet, what -- as things have normalized, what level of cash, I guess you're comfortable holding on the balance sheet today? And how do you think about the potential for perhaps increasing the buybacks? Or allocating capital as some of the other growth initiatives that you have out there as you continue to bolster the balance sheet?

好的。這很有幫助。然後考慮現金產生和資產負債表，隨著事情已經正常化，我想您今天持有資產負債表會感到滿意嗎？您如何看待增加回購的潛力？或者在繼續加強資產負債表的同時將資本分配為其他一些成長舉措？

Susan, from the size and scale of our business today and the volume that we have in terms of just our constant production of inventory, the cash balance we have on the balance sheet today is in the range of where we'd like to be. So cash across our business segments and then availability under our credit facilities.

蘇珊，從我們今天業務的規模和規模以及我們持續生產的庫存量來看，我們今天資產負債表上的現金餘額在我們想要的範圍內。因此，我們的業務部門都提供現金，然後根據我們的信貸額度提供資金。

We would like to maintain the current level. And as we scale up over time, we'd incrementally increase that level over time. With our plans this year and our guidance on share repurchase in fiscal '24, we are increasing our share repurchase by 25% this year from $1.2 billion to $1.5 billion, and that's just part of our plan to be consistent with distributions to shareholders as well, increased our dividend this year as well, expect spend $400 million on dividends this year.

我們希望維持目前的水準。當我們隨著時間的推移擴大規模時，我們會隨著時間的推移逐步提高該水準。根據我們今年的計劃以及 24 財年的股票回購指引，我們今年的股票回購額將增加 25%，從 12 億美元增加到 15 億美元，這只是我們與股東分配保持一致的計劃的一部分，今年也增加了股息，預計今年的股息支出為4 億美元。

And so that is an increase over last year. And our plan would be to -- as we continue to scale the business, continue to be able to increase incrementally those repurchases and dividend levels.

因此，這比去年有所增加。我們的計劃是，隨著我們繼續擴大業務規模，繼續能夠逐步增加回購和股利水準。

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

今天的下一個問題來自美國銀行的 Rafe Jadrosich。

It's Rafe. Just on the outlook that for an improvement in build cycles in 2024, can you talk about where your build cycles are now where they were last quarter? How much do you think that can improve? And then like what gets you there from a supply chain perspective?

是拉夫。就展望 2024 年建置週期的改進而言，您能否談談您的建置週期現在與上季相比如何？您認為可以改進多少？然後從供應鏈的角度來看是什麼讓你到達那裡？

We were just over 4 months this quarter, Rafe. And when we think about our historical norm, it really is right at that 4 months in terms of start to complete, and then there's an additional time from complete to close. That's down from 7 months a year ago. So a very substantial improvement in terms of year-over-year basis. Sequentially, it improved by about 10 days. So when we think about further improvements from here, they're not large moved, they're just continued improvements on average. So where hopefully, we can get below 4 months. But that's not something that we expect to drive from 4 to 2.

Rafe，本季我們剛工作了 4 個多月。當我們考慮我們的歷史標準時，從開始到完成這四個月確實是正確的，然後從完成到結束還有一個額外的時間。比一年前減少了 7 個月。因此，與去年同期相比，這是一個非常重大的進步。隨後，情況改善了大約10天。因此，當我們考慮從這裡開始的進一步改進時，它們並沒有太大的改變，它們只是平均而言的持續改進。因此，我們希望能夠將時間控制在 4 個月以下。但這並不是我們期望從 4 增加到 2 的事情。

Got it. That's helpful. And then I just wanted to follow up on the comment that you're seeing encouraging signs as we head into the spring season. Can you just give a little bit more color on what you're seeing? Is that better home buyer traffic or conversion? And do you think that's just driven by sort of the headline rate number that's coming down? Just want to understand what you're seeing that's encouraging in the market.

知道了。這很有幫助。然後我想跟進您在進入春季時看到令人鼓舞的跡象的評論。你能為你所看到的內容提供更多的色彩嗎？購屋者流量或轉換率更好嗎？您認為這只是由整體利率下降所致嗎？只是想了解您在市場上看到的令人鼓舞的內容。

I think there's lots of reasons people are out looking for houses, but ultimately, they need a house, and we're seeing both good traffic and good convergence early in the spring. And so we have set up operating plan for the year. And so far, we feel really good about how the market is responding to that.

我認為人們外出尋找房子的原因有很多，但最終，他們需要房子，而且我們在早春看到了良好的交通和良好的融合。所以我們制定了今年的營運計劃。到目前為止，我們對市場對此的反應感到非常滿意。

Your next question is coming from Matthew Bouley with Barclays.

您的下一個問題來自巴克萊銀行的 Matthew Bouley。

(technical difficulty) In terms of the land market, are you seeing a pickup in land development into 2024? I know that you said that things can kind of get a little bit more crunch just the demand increases. How are you thinking about land development costs and lot costs moving higher and kind of offsetting that?

（技術難度）就土地市場而言，您認為2024年土地開發會有所回升嗎？我知道你說過，隨著需求的增加，事情會變得更迫切。您如何看待土地開發成本和地塊成本上升以及如何抵銷這個問題？

For us, we are set in terms of our consistent delivery of loss into our starts plan. And so that plan is in place for us as we look 12 months out, we have not seen much reduction in development costs and wouldn't expect with the shortness of lots across the industry that we're going to see, and we're not anticipating much reduction in either the labor side or the supply side, product side of the components that go into developing lots. But we have a plan that we have stuck to and are consistent with. We feel good about our lot position in the near term and as we look next year or 2 out.

對我們來說，我們的目標是始終將損失納入我們的啟動計劃中。因此，當我們展望 12 個月後，我們的計劃已經到位，我們沒有看到開發成本大幅下降，也不會預期我們會看到整個行業的地塊短缺，我們正在預計投入開發批次的零件的勞動力方面或供應方面、產品方面不會有太大減少。但我們有一個我們一直堅持並一致的計劃。我們對近期以及明年或兩年的前景感到滿意。

Okay. And then just kind of switching over to affordability. Aside from rate buydowns, is there anything else that buyers have been kind of responsive to as far as like the levers that you have to kind of make payment work for them? Or has there been a type -- any sort of change to those strategies?

好的。然後就轉向負擔能力。除了利率下調之外，買家還有什麼反應，例如你必須為他們提供付款的槓桿嗎？或者這些策略是否有某種類型的改變？

Product selection, generally, they'll buy a smaller home to make the payment work. And sometimes that's within an existing neighborhood or moving to a different neighborhood that's offering a smaller set of plans.

產品選擇，一般來說，他們會購買較小的房屋來進行付款。有時，這是在現有的社區內，或搬到提供較小計劃的不同社區。

So our square footage was down again about 3% year-over-year. It was relatively flat sequentially, but we would expect just continued gradual moves down from a mix shift perspective in terms of average square footage.

因此，我們的面積再次比去年同期下降了約 3%。它連續相對持平，但我們預計從混合轉變的角度來看，平均平方英尺將繼續逐步下降。

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

問答環節已經結束，我現在將電話轉交給保羅·羅曼諾夫斯基（Paul Romanowski）做總結發言。

Thank you, Holly. We appreciate everyone's time on the call today and look forward to speaking with you again to share our second quarter results in April. Congratulations to the entire D.R. Horton family on producing a solid first quarter.

謝謝你，霍莉。我們感謝大家今天抽出時間參加電話會議，並期待再次與您交談，分享我們四月份的第二季業績。恭喜整個 D.R.霍頓家族第一季表現出色。

We're proud to represent you on this call and appreciate all that you do.

我們很榮幸能代表您參加這次電話會議，並感謝您所做的一切。

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，此時您可以掛斷電話了。感謝您的參與。