霍頓房屋 (DHI) 2024 Q2 法說會逐字稿

Good morning and welcome to the Second Quarter 2024 Earnings Conference Call for D.R. Horton, America's Builder, the largest builder in the United States. (Operator Instructions)

早安，歡迎參加 D.R. 2024 年第二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）

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, Tom, and good morning. Welcome to our call to discuss our financial results for the second 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，湯姆，早安。歡迎參加我們的電話會議，討論我們 2024 財年第二季度的財務業績。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 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 的 10-K 表格年度報告和 10-Q 表格最新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.

今天早上的收益發布可以在我們的網站 Investor.drhorton.com 上找到，我們計劃下週初提交我們的 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'm 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. For the second quarter, the D.R. Horton team delivered solid results, highlighted by earnings of $3.52 per diluted share.

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。對於第二季度，D.R. Horton 團隊取得了穩健的業績，稀釋後每股收益為 3.52 美元。

Our consolidated pretax income increased 23% to $1.5 billion on a 14% increase in revenues to $9.1 billion, with a pretax profit margin of 16.8%. Our homebuilding return on inventory for the trailing 12 months ended March 31 was 29.9%, and our return on equity for the same period was 22.2%. Although inflation and mortgage interest rates remain elevated, our net sales orders increased 46% for the first quarter and 14% from the prior year quarter as the supply of both new and existing homes at affordable price points is still limited, and the demographics supporting housing demand remained favorable.

我們的綜合稅前收入成長 23%，達到 15 億美元，營收成長 14%，達到 91 億美元，稅前利潤率為 16.8%。截至 3 月 31 日的過去 12 個月，我們的住宅建築庫存回報率為 29.9%，同期股本回報率為 22.2%。儘管通貨膨脹和抵押貸款利率仍然居高不下，但我們第一季的淨銷售訂單增長了46%，比去年同期增長了14%，因為價格實惠的新房和現房供應仍然有限，而且人口結構支持住房市場需求依然有利。

Homebuyer demand during the spring selling season thus far has been good despite continued affordability challenges. With 45,000 homes in inventory, we are well positioned to continue consolidating market share our average construction cycle times are back to normal, and our housing inventory turns are improving. We continue to focus on capital efficiency to produce consistent, strong homebuilding operating cash flows and returns. Mike?

儘管負擔能力仍面臨挑戰，但迄今為止春季銷售旺季的購屋者需求仍然良好。憑藉 45,000 套庫存房屋，我們處於有利地位，可以繼續鞏固市場份額，我們的平均施工週期已恢復正常，而且我們的房屋庫存週轉率正在改善。我們繼續關注資本效率，以產生持續、強勁的住宅建設營運現金流和回報。麥克風？

Earnings for the second quarter of fiscal 2024 increased 29% to $3.52 per diluted share compared to $2.73 per share in the prior year quarter. Net income for the quarter was $1.2 billion on consolidated revenues of $9.1 billion. Our second quarter home sales revenues increased 14% to $8.5 billion on 22,548 homes closed compared to $7.4 billion on 19,664 homes closed in the prior year.

2024 財年第二季稀釋後每股收益成長 29%，達到每股 3.52 美元，去年同期為每股 2.73 美元。該季度淨利潤為 12 億美元，綜合收入為 91 億美元。我們第二季的房屋銷售收入成長了 14%，達到 85 億美元，成交了 22,548 套房屋，而去年同期成交了 19,664 套房屋，收入為 74 億美元。

Our average closing price for the quarter was $375,500, flat sequentially and down 1% from the prior year quarter. Bill?

我們本季的平均收盤價為 375,500 美元，與上一季持平，比去年同期下降 1%。帳單？

Our net sales orders in the second quarter increased 14% to 26,456 homes and order value increased 17% from the prior year to $10.1 billion. Our cancellation rate for the quarter was 15%, down from 19% sequentially and 18% in the prior year quarter. Our average number of active selling communities was up 4% sequentially and up 15% year-over-year. The average price of net sales orders in the second quarter was $380,400, up 1% sequentially and up 2% from the prior year quarter.

我們第二季的淨銷售訂單成長了 14%，達到 26,456 套房屋，訂單價值比上年增長 17%，達到 101 億美元。本季的取消率為 15%，低於上一季的 19% 和去年同期的 18%。我們的活躍銷售社群平均數量較上季成長 4%，較去年同期成長 15%。第二季淨銷售訂單平均價格為 380,400 美元，比上一季成長 1%，比去年同期成長 2%。

To address affordability for homebuyers, we are still using incentives such as mortgage rate buydowns and we have reduced the prices and sizes of our homes where necessary. Based on current market conditions and mortgage rates, we expect our incentives to remain at these elevated levels in the near term. Our sales continue to be primarily from homes under construction and completed homes, and we will continue to start homes and maintain sufficient inventory to meet sales demand and aggregate market share. Jessica?

為了解決購屋者的負擔能力問題，我們仍在使用抵押貸款利率購買等激勵措施，並在必要時降低了房屋的價格和麵積。根據當前的市場狀況和抵押貸款利率，我們預計我們的激勵措施將在短期內保持在較高水準。我們的銷售仍然主要來自在建房屋和已竣工房屋，我們將繼續開工房屋並保持充足的庫存，以滿足銷售需求和整體市場份額。傑西卡？

Our gross profit margin on home sales revenue in the second quarter was 23.2%, up 30 basis points sequentially from the December quarter. On a per square foot basis, home sales revenues and stick and brick costs were both essentially flat in the quarter, while lot costs increased 3%. Our home sales gross margin for the full year fiscal 2024 will be dependent on the strength of demand during the rest of the spring selling season in addition to changes in mortgage interest rates and other market conditions. For the third quarter, we expect our home sales gross margin to be similar to or slightly better than the second quarter. Bill?

第二季房屋銷售收入毛利率為 23.2%，較 12 月季度較上季上升 30 個基點。以每平方英尺計算，本季房屋銷售收入以及棍棒和磚塊成本基本持平，而地塊成本則增加了 3%。我們 2024 財年全年的房屋銷售毛利率將取決於春季銷售季剩餘時間的需求強度，以及抵押貸款利率和其他市場條件的變化。對於第三季度，我們預計房屋銷售毛利率將與第二季度相似或略好。帳單？

In the second quarter, our homebuilding SG&A expenses increased by 13% from last year, and homebuilding SG&A expense as a percentage of revenues was 7.2%, down 10 basis points from the same quarter in the prior year. Fiscal year-to-date homebuilding SG&A was 7.7% of revenues, up 20 basis points from the same period last year due primarily to the expansion of our operations to support growth. We will continue to control our SG&A while ensuring that our platform adequately supports our business. Paul?

第二季度，我們的住宅建築 SG&A 費用比去年增加 13%，住宅建築 SG&A 費用佔營收的百分比為 7.2%，比去年同期下降 10 個基點。財年迄今，住宅建築銷售、銷售及管理費用佔收入的 7.7%，比去年同期增長了 20 個基點，這主要是由於我們為支持增長而擴大了業務。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 24,900 homes in the March quarter and ended the quarter with 45,000 homes in inventory. Up 3% from a year ago and up 6% sequentially. 27,600 of our homes at March 31 were unsold. 7,300 of our total unsold homes were completed of which 790 had been completed for greater than 6 months. For homes we closed in the second quarter, our construction cycle time improved slightly from the first quarter and we are back to our historical average of 4 months from start to complete. We will maintain a sufficient start space and homes the inventory to meet demand and continue consolidating market share. Mike?

我們在 3 月季度開工了 24,900 套房屋，本季末庫存房屋為 45,000 套。較去年同期成長 3%，較上一季成長 6%。截至 3 月 31 日，我們有 27,600 套房屋未售出。我們未售出的房屋中有 7,300 套已完工，其中 790 套的完工時間超過 6 個月。對於我們在第二季關閉的房屋，我們的施工週期時間比第一季略有改善，我們回到了從開始到完工 4 個月的歷史平均值。我們將保持充足的開工空間和庫存以滿足需求，並繼續鞏固市場份額。麥克風？

Our homebuilding lot position at March 31 consisted of approximately 617,000 lots, of which 23% were owned and 77% were controlled through purchase contracts. We remain focused on our relationships with land developers across the country to maximize returns. These relationships allow us to build more homes on lots developed by others. Of the homes we closed this quarter, 62% were on a lot developed by Forestar or a third party. Our capital efficient and flexible lot portfolio is a key to our strong competitive position. Our second quarter homebuilding investments in lots, land and development totaled $2.4 billion. Our investments this quarter consisted of $1.4 billion for finished lots $760 million for land development and $230 million for land acquisition. Paul?

截至 3 月 31 日，我們的住宅建築地塊部位約為 617,000 塊，其中 23% 為自有土地，77% 為透過購買合約控制。我們仍然專注於與全國各地土地開發商的關係，以實現最大回報。這些關係使我們能夠在他人開發的土地上建造更多房屋。在我們本季關閉的房屋中，62% 位於 Forestar 或第三方開發的土地上。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。我們第二季在土地、土地和開發方面的住宅建設投資總額為 24 億美元。我們本季的投資包括 14 億美元的成品地塊投資、7.6 億美元的土地開發投資和 2.3 億美元的土地收購投資。保羅？

In the second quarter, our rental operations generated $33 million of pretax income on $371 million of revenues from the sale of 1,109 single-family rental homes and 424 multifamily rental units. Our rental property inventory at March 31 was $3.1 billion, which consisted of $1.3 billion of single-family rental properties and $1.8 billion of multifamily rental properties. We are not providing separate annual guidance for our rental segment due to the uncertainty regarding the timing of closings caused by interest rate volatility capital market fluctuations. Based on our current pipeline of projects, we expect our rental revenues in the third quarter to be similar to the second quarter.

第二季度，我們的租賃業務透過銷售 1,109 套單戶出租屋和 424 套多戶出租單位獲得 3.71 億美元的收入，產生了 3,300 萬美元的稅前收入。截至 3 月 31 日，我們的出租物業庫存為 31 億美元，其中包括 13 億美元的單戶出租物業和 18 億美元的多戶出租物業。由於利率波動、資本市場波動導致關閉時間存在不確定性，我們不會為租賃部門提供單獨的年度指引。根據我們目前的專案儲備，我們預計第三季的租金收入將與第二季相似。

Jessica?

傑西卡？

Forestar, our majority-owned residential lot development company reported revenues of $334 million for the second quarter on 3,289 lots sold with pretax income of $59 million. Forestar's owned and controlled block position at March 31 was 96,100 lots. 60% of Forestar's owned lots are under contract with or subject to a right of first offer to D.R. Horton. $310 million of the finished lots we purchased in the second quarter were from Forestar. Forestar had approximately $800 million of liquidity at quarter end with a net debt-to-capital ratio of 16.4%.

我們控股的住宅地塊開發公司 Forestar 公佈第二季營收為 3.34 億美元，售出 3,289 塊地塊，稅前收入為 5,900 萬美元。截至 3 月 31 日，Forestar 擁有和控制的區塊持倉量為 96,100 手。 Forestar 擁有的 60% 土地與 D.R. 簽訂了合同，或享有優先報價權。霍頓。我們在第二季購買的成品地塊中有 3.1 億美元來自 Forestar。截至季末，Forestar 擁有約 8 億美元的流動資金，淨負債與資本比率為 16.4%。

Forestar remains uniquely positioned to capitalize on the shortage of finished lots in 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?

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 $78 million of pretax income in the second quarter on $226 million of revenues, resulting in a pretax profit margin of 34.6%. During the second quarter, essentially all of our mortgage company's loan originations related to homes closed by our homebuilding operations, and our mortgage company handled the financing for 80% of our buyers. FHA and VA loans accounted for 59% of the mortgage company's volume. Borrowers originating loans with DHI Mortgage this quarter had an average FICO score of 725 and an average loan-to-value ratio of 89%. First-time homebuyers represented 57% of the closings handled by a mortgage company this quarter. Bill?

金融服務第二季稅前收入為 7,800 萬美元，營收為 2.26 億美元，稅前利潤率為 34.6%。在第二季度，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 80% 的買家處理了融資。 FHA 和 VA 貸款佔抵押貸款公司貸款量的 59%。本季透過 DHI Mortgage 發放貸款的借款人的平均 FICO 評分為 725，平均貸款價值比為 89%。本季抵押貸款公司處理的成交量中，首次購屋者佔 57%。帳單？

Our balanced capital approach focuses on being disciplined, flexible and opportunistic 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 the ability to adjust to changing market conditions.

我們的平衡資本方法著重紀律、彈性和機會主義，以維持一個能夠產生持續回報、成長和現金流的營運平台。我們持續保持強勁的資產負債表、低槓桿和大量流動性，這使我們有能力適應不斷變化的市場條件。

During the first 6 months of the year, our consolidated cash used in operations was $470 million, and our homebuilding operations provided $408 million of cash. At March 31, we had $5.7 billion of consolidated liquidity, consisting of $3.1 billion of cash and $2.6 billion of available capacity on our credit facilities. Debt at the end of the quarter totaled $5.9 billion with no senior note maturities in fiscal 2024. Our consolidated leverage at March 31 was 20% and consolidated leverage net of cash was 10.8%.

今年前 6 個月，我們的綜合營運現金為 4.7 億美元，我們的住宅建築業務提供了 4.08 億美元的現金。截至 3 月 31 日，我們擁有 57 億美元的綜合流動性，其中包括 31 億美元的現金和 26 億美元的信貸額度可用能力。本季末的債務總額為 59 億美元，2024 財年沒有到期的優先票據。

At March 31, our stockholders' equity was $23.8 billion, and book value per share was $72.13, up 19% from a year ago. For the trailing 12 months ended March 31, our return on equity was 22.2%, and our consolidated return on assets was 15.1%. During the quarter, we paid cash dividends of $0.30 per share totaling $99 million, and our Board has declared a quarterly dividend at the same level to be paid in May. We repurchased 2.7 million shares of common stock for $402 million during the quarter and our fiscal year-to-date stock repurchases were $801 million. Jessica?

截至3月31日，我們的股東權益為238億美元，每股帳面價值為72.13美元，比去年同期成長19%。截至 3 月 31 日的過去 12 個月，我們的股本回報率為 22.2%，綜合資產回報率為 15.1%。本季度，我們支付了每股 0.30 美元的現金股息，總計 9,900 萬美元，董事會已宣布將於 5 月份支付相同水準的季度股息。本季我們以 4.02 億美元的價格回購了 270 萬股普通股，本財年迄今的股票回購金額為 8.01 億美元。傑西卡？

For the third quarter, we currently expect to generate consolidated revenues of $9.5 billion to $9.7 billion and homes closed by our homebuilding operations to be in the range of 23,500 to 24,000 homes. We expect our home sales gross margin in the third quarter to be approximately 23% to 23.5% and homebuilding SG&A as a percentage of revenues to be approximately 7%. We anticipate a financial services pretax profit margin of around 30% to 35% in the third quarter, and we expect our quarterly income tax rate to be approximately 24%.

目前，我們預計第三季的綜合收入將達到 95 億至 97 億美元，我們的住宅建築業務竣工的房屋數量將在 23,500 至 24,000 套之間。我們預計第三季房屋銷售毛利率約為 23% 至 23.5%，住宅建築銷售、一般費用佔收入的百分比約為 7%。我們預計第三季金融服務稅前利潤率約為 30% 至 35%，季度所得稅率約為 24%。

Our full year fiscal 2024 revenue pricing and margins will be affected by market conditions and changes in mortgage rates in addition to our efforts to meet demand by balancing sales pace and price to maximize returns. For the full year of fiscal 2024, we now expect to generate consolidated revenues of approximately $36.7 billion to $37.7 billion and expect homes closed by our homebuilding operations to be in the range of 89,000 to 91,000 homes. We continue to expect to generate approximately $3 billion of cash flow from our homebuilding operations. We now plan to purchase approximately $1.6 billion of our common stock for the full year, in addition to our annual dividend payments of around $400 million.

我們的 2024 財年全年收入定價和利潤率將受到市場狀況和抵押貸款利率變化的影響，此外我們還努力透過平衡銷售速度和價格來實現最大化回報來滿足需求。對於 2024 財年全年，我們目前預計將產生約 367 億至 377 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 89,000 至 91,000 套之間。我們仍預期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，我們現在還計劃全年購買約 16 億美元的普通股。

Finally, we now expect an income tax rate for fiscal 2024 in the range of 23.5% to 24%. We are balancing our cash flow utilization priorities to grow our operations paying increased dividend and consistently repurchase shares while maintaining strong liquidity and conservative leverage. Paul?

最後，我們現在預計 2024 財年的所得稅稅率將在 23.5% 至 24% 之間。我們正在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.

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。

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

我們準備好的演講到此結束。我們現在將主持提問。

(Operator Instructions)

（操作員說明）

And the first question this morning is coming from Carl Reichardt from BTIG.

今天早上的第一個問題來自 BTIG 的 Carl Reichardt。

I wanted to talk about Florida. It's a pretty important market for you all, the long experience there. We've seen an increase in existing home inventory in some parts of that market, and we obviously know higher insurance costs are also coming to bear there. So could you talk a little bit in some detail about your performance there, maybe the various markets within Florida and how it feels to you right now?

我想談談佛羅裡達州。這對你們所有人來說都是一個非常重要的市場，那裡有長期的經驗。我們已經看到該市場某些地區的現有房屋庫存增加，而且我們顯然知道那裡也會承受更高的保險成本。那麼您能否詳細談談您在那裡的表現，也許是佛羅裡達州的各個市場以及您現在的感受？

Carl, Florida still feels good to us. There certainly has been a lot of news tied to the rise in insurance rates. And for most of where we sell our homes are off the coast and building new construction allows for some stability in those insurance rates. So haven't seen a significant increase for the homes in the communities where we sell, as you may see, reported along the coastal and high wind zones, still seeing good immigration and good job growth throughout the Florida market.

佛羅裡達州的卡爾對我們來說仍然感覺很好。當然，有很多與保險費率上漲有關的消息。對於我們出售房屋的大部分地方來說，都在沿海地區，建造新建築可以使這些保險費率保持一定的穩定性。因此，正如您所看到的，我們銷售的社區中的房屋並未出現顯著增加，正如您所看到的，沿海和高風區的報道，整個佛羅裡達市場仍然看到良好的移民和良好的就業增長。

So we feel pretty good about the Florida market and especially about our positioning to more affordable price points across the Florida peninsula.

因此，我們對佛羅裡達市場感覺非常好，尤其是我們對整個佛羅裡達半島更實惠的價格點的定位。

And then a follow-up, multifamily and single-family for sale in that portfolio business with some lumpiness there, I'm curious about the markets where you've got fairly good sized operations in multifamily and single-family rental. The one of the reasons for you entering and playing more significantly in that space, I think, is scale benefits for the overall homebuilding operation. So if you think about the markets where you're big in those 2 businesses, are you seeing lower overall vertical costs for the homebuilding operation to or better margins? And maybe sort of expand a little bit on that particular element of the business.

然後，在該投資組合業務中出售後續的多戶型和單戶型住宅，其中存在一些不穩定性，我很好奇您在多戶型和單戶型租賃方面擁有相當規模的業務的市場。我認為，您進入該領域並在該領域發揮更大作用的原因之一是整個住宅建築運營的規模效益。因此，如果您考慮一下您在這兩項業務中占主導地位的市場，您是否會看到住宅建築業務的整體垂直成本較低或利潤率更高？或許還可以稍微擴展一下業務的特定元素。

I think there's 2 big factors that drive into our push into the rental business. One is we're a better buyer of land, a better user of land and that we're able to convert more of the land to its ultimate final use. So we're a better counterparty to a lot of sellers as we can deal with the build for rent, a multifamily component as well as the residential for sale. That gives us some economies in the purchase of the land and efficiencies in the entitlement process.

我認為有兩大因素推動我們進軍租賃業務。一是我們是更好的土地買家、更好的土地使用者，並且我們能夠將更多的土地轉變為最終用途。因此，對於許多賣家來說，我們是更好的交易對手，因為我們可以處理出租建築、多戶住宅以及待售住宅。這使我們在購買土地方面節省了一些成本，並提高了權利流程的效率。

Certainly, within the vertical cost structure, we've probably seen more ability to influence cost on the traditional multifamily side coming over from our own building operations because we're much bigger buyers of parts and pieces that go into the structures than a traditional multifamily developers.

當然，在垂直成本結構中，我們可能已經看到我們自己的建築業務對傳統多戶家庭方面的成本有更大的影響力，因為與傳統多戶家庭相比，我們是結構中零件的更大買家。

Your next question is coming from John Lovallo from UBS.

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

The first one, obviously, there's a lot of concern in the market given the stickier than expected CPI although rates -- the long-term mortgage rates only moved up by about 35 basis points since pre CPI. I mean, I guess the question is, have you seen or would you expect to see any impact or demand or would there be any change in your incentive activity given this 35 basis point move in rates?

第一個，顯然，鑑於 CPI 的黏性高於預期，市場存在許多擔憂，儘管利率——長期抵押貸款利率自 CPI 之前僅上升了約 35 個基點。我的意思是，我想問題是，鑑於利率 35 個基點的變動，您是否看到或預期會看到任何影響或需求，或者您的激勵活動是否會發生任何變化？

We expect to continue to meet the market and we continue to stay focused on incentives that drive that activity and interest rate buydowns has been a big portion of what we have done. We tend to move with the market. So as you've seen that increase in market rates, we will move up the rate buy-downs to be about 1 point to 1.5 below market. But we do expect incentives to remain near their elevated levels today, especially with the rate in stability and stickiness up in that 7% range today.

我們預計將繼續滿足市場需求，並繼續專注於推動這項活動的激勵措施，而利率下調是我們所做工作的很大一部分。我們傾向於隨市場而動。因此，正如您所看到的市場利率的上漲，我們將把買入利率上調至比市場利率低約 1 至 1.5 個百分點。但我們確實預計激勵措施將保持在今天的較高水平附近，特別是在今天的穩定率和黏性上升到 7% 的範圍內的情況下。

Understood. And maybe splitting here -- slightly here, but you guys beat deliveries versus your outlook in the quarter by about 2,300 units at the midpoint raised the outlook by about 1,500 units at the midpoint. I mean was there some pull forward in the second quarter? Or is there some conservatism in this outlook or maybe the expectation that delivery pace can moderate to some extent. I mean, how should we think about that?

明白了。也許這裡會出現分裂——這裡略有不同，但你們本季的交付量與預期相比，中點高出約 2,300 單位，使預期中點高出約 1,500 單位。我的意思是第二季有一些推動嗎？或者這種前景是否存在某種保守主義，或者可能是交付速度可以在一定程度上放緩的預期。我的意思是，我們該如何思考這個問題？

Yes. Great question, John. We did go into the quarter with a significant number of completed specs. So we actually sold and closed intra-quarter 54% of our houses. And so that is a very high percentage for us. A typical range would be about 35% to 40% of our homes would be sold and closed within the same quarter. So we still have over 7,000 completed specs. So I do think you'll see that intra-quarter activities stay higher than our historical norms. It may not be at the 54% we saw this quarter. But that did allow for probably a little bit of pull forward of demand and it gave us the confidence to up the low end of our range by the full 2,000 units that we beat and then the high end of our range by just 1,000. And we're now back to normal, if not better than our historical inventory turns in terms of what we're guiding to at the high end, it would be a roughly 2.2x term.

是的。好問題，約翰。我們確實在進入本季度時完成了大量規格。因此，我們實際上在季度內出售並關閉了 54% 的房屋。所以這對我們來說是一個非常高的百分比。典型的範圍是大約 35% 到 40% 的房屋將在同一季度內售出並關閉。所以我們仍然有 7,000 多個完整的規格。因此，我確實認為您會看到季度內活動仍高於我們的歷史標準。它可能不會達到我們本季看到的 54%。但這確實允許了需求的一點點提前，並且讓我們有信心將我們的範圍的低端提高了整整 2,000 個單位，然後將我們的範圍的高端提高了 1,000 個單位。我們現在已經恢復正常，如果按照我們在高端的指導目標而言，庫存週轉率不比我們的歷史庫存週轉率更好，那麼這將是大約 2.2 倍。

So feels very good about the ability to take that range up, but don't think there's necessarily an opportunity for the same scale of beat next quarter.

因此，我對提高這一範圍的能力感覺非常好，但認為下個季度不一定有機會實現相同規模的節拍。

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

您的下一個問題來自 Evercore ISI 的 Stephen Kim。

Strong quarter. I appreciate all the guidance thus far. I was curious if you could shed a little bit more light regarding your cash flow guidance. You mentioned about $3 billion from homebuilding specifically, but you do have other segments. You have the rental segment, you have Forestar in particular. And I was curious as to what kind of an offset should we expect from rental or Forestar this year relative to that $3 billion from homebuilding. And then specifically with rental you have about $3.1 billion in inventory value right now. Where do you think that's going to go over the next, let's call it, 12 months or so?

強勁的季度。我感謝迄今為止的所有指導。我很好奇您是否可以對您的現金流量指導提供更多說明。您具體提到了住宅建築領域的 30 億美元，但您確實還有其他領域。你有租賃部門，特別是Forestar。我很好奇，相對於住宅建設的 30 億美元，我們今年應該從租金或 Forestar 中獲得什麼樣的補償。特別是在租金方面，目前庫存價值約為 31 億美元。您認為接下來（我們稱之為 12 個月左右）會發生什麼事？

Sure, Steve. On our cash flow guide, we have been guiding to homebuilding cash flow because that has been the primary generator of cash for us over the last couple of years. And we have invested portions of that into the rental operation as well, which feeds to the consolidated cash flow from ops.

當然，史蒂夫。在我們的現金流指南中，我們一直在指導住宅建設現金流，因為這是過去幾年我們的主要現金來源。我們也將其中的一部分投資於租賃業務，這為營運部門的合併現金流量提供了支援。

So there is some offset versus the homebuilding cash flow this year. We're guiding to around $3 billion of homebuilding cash flow. I would expect in the $800 million to $1 billion range, probably that for the full year this year on consolidated. But we do expect that gap to start narrowing in future years as the growth ramp of our rental platform starts to moderate or we would expect going forward, our consolidated cash flow and our home building cash flow to be much nearer to the same number beyond fiscal '24. And so with the rental platform asset growth moderating, we're at [3.1] today. We do still expect to see that grow a bit further this year and will grow slightly next year, primarily from the multifamily platform. Our multifamily platform continues to grow, and we're building out a more elevated level of starts over the last couple of years. But that will probably late '25 start to moderate as well. And so we do see prospects for the cash flow on a consolidated basis to be increasing consistently from here into '24 and into '25.

因此，今年的房屋建築現金流有一些抵銷。我們預計住宅建設現金流量約 30 億美元。我預計今年全年的合併金額可能在 8 億至 10 億美元之間。但我們確實預計，隨著我們的租賃平台的增長速度開始放緩，這一差距將在未來幾年開始縮小，或者我們預計未來，我們的綜合現金流量和房屋建築現金流量將更接近財政預算之外的相同數字。因此，隨著租賃平台資產成長放緩，我們今天處於 [3.1]。我們仍預計今年會進一步成長，明年也會略有成長，主要來自多戶型平台。我們的多戶型平台持續成長，過去幾年我們正在打造更高水準的開工計畫。但這種情況可能也會在 25 年末開始放緩。因此，我們確實看到，從現在到 24 年和 25 年，綜合現金流的前景將持續成長。

Okay. That's helpful. Appreciate that. And then with respect to uses of cash, I think you -- as always, you talked about the opportunity for growth and your market share across the country still leaves some room there. And so I wanted to ask about your community count. You were up 4% month-to-month, up 15% year-over-year. That's an area where a lot of other builders have struggled. And I'm curious if you can provide a little bit of granularity into how much you expect there's further opportunity for growth this year in your community count and what you generally target for the next year or 2 in terms of community count growth.

好的。這很有幫助。感謝。然後，關於現金的使用，我認為您一如既往地談到了成長機會，並且您在全國的市場份額仍然留有一些空間。所以我想問一下你們的社區數量。季增 4%，年增 15%。這是許多其他建築商一直在苦苦掙扎的領域。我很好奇您是否可以提供一些詳細信息，說明您預計今年社區數量有多少進一步增長的機會，以及您在未來一兩年的社區數量增長的總體目標。

Sure, Steve. We've been up a double-digit percentage on a year-over-year basis for community count now for several quarters. So we've probably got at least another quarter or so until we've cycled and anniversaried that and would expect the growth to moderate a bit. But as we look at our overall lot position and our positioning for the future to continue to drive growth, we have shifted to a lot of that coming from community count rather than just continuing to have to drive more absorption out of each and every community.

當然，史蒂夫。幾個季度以來，我們的社區數量比去年同期增長了兩位數。因此，我們可能至少還有一個季度左右的時間，直到我們循環並紀念這一點，並預計成長會有所放緩。但當我們審視我們的整體定位以及對未來繼續推動成長的定位時，我們已經轉向社區數量，而不僅僅是繼續推動每個社區的更多吸收。

So I do think you'll continue to see our community count grow. It just probably won't continue to be at the double-digit percentage year-over-year increase here in a quarter or two.

所以我確實認為您將繼續看到我們的社區數量增長。只是可能不會在一兩個季度內繼續保持兩位數的同比增長。

Okay. Got you. So more like kind of like a high single-digit kind of rate is what you're talking about, right?

好的。明白你了。所以你所說的比較像是高個位數的利率，對吧？

Yes, mid to high.

是的，中高。

Your next question is coming from Matthew Bouley from Barclays.

您的下一個問題來自巴克萊銀行的 Matthew Bouley。

I wanted to ask around start pace going forward. Perhaps we -- assuming we live in this kind of mid- to high 7s mortgage rate environment. Is there a scenario where you would dial back production at all to the extent it supports price or margin? Or maybe said another way, is there a mortgage rate at which you would consider pulling back a little bit on starts?

我想問一下接下來的開始速度。也許我們——假設我們生活在這種中高 7 的抵押貸款利率環境中。是否存在這樣的情況：您會在支持價格或利潤的範圍內完全減少生產？或者換句話說，是否存在您會考慮在啟動時稍微下調的抵押貸款利率？

I think we're going to manage the start space at a community-by-community level based upon what we're seeing with buyers in the market and how they're responding to the current interest rate environment and mix of incentives that we're offering.

我認為我們將根據我們在市場上看到的買家以及他們對當前利率環境和我們的激勵措施組合的反應，在社區層面上管理啟動空間。

Traditionally, we've had a limiter for the past several periods on lot supply in terms of what we could actually start. So as we're seeing our lots get developed and get brought online, we're able to bring good production starts into the market. I think we started just under 25,000 homes in the quarter, and we probably expect that to continue into the June quarter as if we see continued absorptions and sales.

傳統上，我們在過去幾個時期對我們實際可以開始的批次供應進行了限制。因此，當我們看到我們的產品被開發並上線時，我們就能將良好的生產帶入市場。我認為本季我們開工的房屋數量略低於 25,000 套，我們可能會預期這種情況將持續到 6 月季度，就好像我們看到持續的吸收和銷售一樣。

And so with our gross margin currently over 23% and very solid, it would take a pretty big disruption in the market for you to see us have a broad-based across the board pull back in starts, as Mike alluded to, it's going to be just driven on a community-by-community basis like it always is based on our finished lot position and what makes the most sense to maximize returns at that individual community level. So as we see right now, without another big shocks or any sort of big shock to the system or a more significant move in rates, I think we would expect our starts to be pretty consistent through the remainder of the year.

因此，鑑於我們目前的毛利率超過 23%，而且非常穩定，市場需要發生相當大的混亂才能看到我們的開工率全面回落，正如邁克提到的那樣，這將是只是在各個社區的基礎上進行驅動，就像它始終基於我們的成品地段位置以及在各個社區層面上最大化回報最有意義的因素一樣。因此，正如我們現在所看到的，如果沒有另一次重大衝擊或對系統的任何形式的重大衝擊或利率發生更重大的變動，我認為我們預計我們的開局在今年剩餘時間內將保持相當一致。

Got it. Very helpful. Secondly, I wanted to ask around credit and DTI metrics, particularly for your first-time buyers. Are you seeing any sort of incremental signs of stress in your mortgage applications just given this affordability backdrop?

知道了。很有幫助。其次，我想詢問信用和 DTI 指標，特別是對於首次購房者。在這種負擔能力的背景下，您是否在抵押貸款申請中看到任何壓力增加的跡象？

No. We've seen a pretty solid level of qualified buyer. Our average FICO store this last quarter was sale at 7.25%. And with the low level of inventory and available homes to purchase out there. We still see a strong buyer demographic and demand, and we remain pretty consistent we have seen fluctuation in rates, but they've really not been significant enough to have any meaningful impact on our backlog and people's ability to qualify.

不。上個季度我們 FICO 商店的平均銷售額為 7.25%。而且庫存水準較低，可供購買的房屋也較少。我們仍然看到強勁的買家人口和需求，我們仍然相當一致地看到價格波動，但它們確實不足以對我們的積壓和人們的資格能力產生任何有意義的影響。

Your next question is coming from Michael Rehaut from JPMorgan.

您的下一個問題來自摩根大通的 Michael Rehaut。

Good morning, everyone. Just wanted to drill down, if possible, a little bit on the demand trends over the last couple of months. And I know you don't typically go too far down the rabbit hole in terms of month-to-month. But obviously, with the change in rates with some of the concerns in the market, any kind of January, February, March, April type of progression. We've heard that, for example, March -- I'm sorry, March and April maybe are a little bit more moderate than what we saw in February. I'd love your take on just how the demand trends, how the sales pace has come in through the door, maybe versus your expectations? And if incentives in the marketplace have changed at all around that.

大家，早安。如果可能的話，我只想深入了解過去幾個月的需求趨勢。我知道你通常不會在每個月的兔子洞裡走得太遠。但顯然，隨著利率的變化以及市場的一些擔憂，任何一月、二月、三月、四月類型的進展。例如，我們聽說，三月——對不起，三月和四月可能比我們在二月看到的要溫和一些。我很想聽聽您對需求趨勢、銷售速度的看法，也許與您的預期相反？如果市場上的激勵措施發生了根本性的變化。

Sure, Mike. We did see at the end of our first fiscal quarter in December, we saw I'd say, better than normal seasonality in terms of sales demand and that continued on into January when we had our call in January, we were still seeing, I'd say, probably a little bit better than normal seasonality into January. And then as we've talked many times, anytime you see a lot of volatility in rates, there's always an adjustment period for buyers. And so we saw more volatility in rates in February and March. And so we saw some intermittent periods where buyers were having to adjust, which does affect weekly sales pace. But then as we look at like over the last 6 weeks or so, we've seen that stabilize and are seeing a very good sales pace in line with our overall plans and very pleased that that's positioned us to increase our guide for the year.

當然，麥克。我們確實在12 月份的第一個財政季度末看到，我想說，就銷售需求而言，比正常的季節性要好，並且這種情況一直持續到1 月份，當我們在一月份接到電話時，我們仍然看到，我可以說，可能比一月份的正常季節性要好一些。正如我們多次談到的，只要您看到利率大幅波動，買家總會有一個調整期。因此，我們看到二月和三月的利率波動更大。因此，我們看到買家必須進行一些間歇性調整，這確實影響了每週的銷售速度。但當我們回顧過去 6 週左右的時間時，我們發現這種情況趨於穩定，並且銷售速度非常好，符合我們的總體計劃，我們很高興這使我們能夠增加今年的指導。

Going forward, as Jessica has said a couple of times already, going forward, it's going to be subject to the rate what happens in the market with rates and in the last week, we've seen another period of volatility. So I think we'll continue to see that the market adjusts and we'll adjust to it as the rate environment changes.

展望未來，正如傑西卡已經說過幾次的那樣，展望未來，它將受到市場利率變化的影響，而在上週，我們看到了另一個波動時期。因此，我認為我們將繼續看到市場調整，並且我們將隨著利率環境的變化進行調整。

Great, Bill. Appreciate that. And I guess just maybe along those lines in terms of the impact of higher rates at points -- it seems like if you go back to your guidance last quarter, there was a little bit of surprise that maybe the out quarter for gross margins a little less than people were looking for. And it kind of went back to the higher level of rates and incentives seen in the calendar third quarter.

太棒了，比爾。感謝。我想也許沿著這些思路，就利率提高的影響而言，似乎如果你回到上個季度的指導，可能會有一點驚訝，可能季度外的毛利率會有所下降少於人們正在尋找的。這有點回到了第三季的更高水準的利率和激勵措施。

Wondering, obviously, you haven't given guidance for the fourth quarter, but all else equal, if perhaps you're having some of the delayed impact of perhaps higher incentives, perhaps more costly incentives, and I know there's some warehouse buying and delaying of an impact on the incentive front from the mortgage rate buydowns. If we were to stay at these levels, just from a standpoint, basically of the buydowns being maybe a little more expensive all else equal, would that impact be more on your fiscal fourth quarter than your third quarter?

顯然，你還沒有給出第四季度的指導，但在其他條件相同的情況下，如果你可能受到更高激勵措施、或許更昂貴激勵措施的延遲影響，而且我知道有一些倉庫購買和延遲抵押貸款利率下調對激勵方面的影響。如果我們要保持在這些水平，僅從一個角度來看，基本上，在其他條件相同的情況下，收購可能會更貴一些，這對您的第四財季的影響會比第三季度更大嗎？

I think right now, Mike, with the number of homes that we're selling and closing intra quarter, you're seeing a pretty good real-time average gross margin. And so unlike a lot of other builders, I think you'll see more real-time market conditions show up in our results faster.

麥克，我認為現在，根據我們在季度內銷售和關閉的房屋數量，您會看到相當不錯的即時平均毛利率。因此，與許多其他建築商不同，我認為您會更快地看到更多即時市場狀況出現在我們的結果中。

Hard to say, split and hairs between Q3 and Q4. But we're really pleased with where our gross margin came in this quarter. And we actually did see an increase in the number of buyers sequentially that we're able to utilize the mortgage rate buydown and in spite of that, we had a slight tick up in our gross margin. So without giving specific guidance for the remainder of the year because it is going to be dependent on the interest rate environment, it feels pretty good to us right now.

很難說，Q3 和 Q4 之間存在分歧。但我們對本季的毛利率非常滿意。事實上，我們確實看到買家數量連續增加，我們能夠利用抵押貸款利率下調，儘管如此，我們的毛利率略有上升。因此，由於這將取決於利率環境，因此在今年剩餘時間內沒有給出具體指導，但我們現在感覺相當不錯。

Our cost outside of incentives have generally flattened out on the stick and brick side. We're still having some categories go up where we have pressure, but we've had some success getting categories to go down. We obviously do still have some lot cost inflation we would expect to continue to need to be able to offset. So when we think about really predominantly in the next 2 quarters, it is going to be incentive as a wildcard, and it's going to be dependent solely on market conditions.

我們在激勵措施之外的成本在棍棒和磚塊方面已經基本持平。我們仍然有一些類別在我們有壓力的地方上升，但我們在降低類別方面取得了一些成功。顯然，我們仍然存在一些批次成本通膨，我們預計將繼續需要能夠抵消。因此，當我們真正考慮未來兩個季度的主要情況時，激勵措施將成為通配符，並將完全取決於市場狀況。

Just to make sure we understand then, to the extent that rates have -- rates have risen and the cost of those mortgage rate buydowns become more expensive you feel like a lot of that is already reflected in 2Q and 3Q?

只是為了確保我們理解，在利率上升的情況下，抵押貸款利率購買的成本變得更加昂貴，你覺得其中很多已經反映在第二季度和第三季度了嗎？

I think, again, based on the fact that we are selling more than 50% of our homes in to quarter, we'll see how that plays out as we look at the next -- in the third quarter and the fourth. But we move our rates along with the market and so really, it becomes a question of absorption and pace. We're going to continue to manage pace and margin to the returns that we want. And if we need to press a little more on the incentives to keep that pace consistent, we'll do so.

我再次認為，基於我們在本季度銷售了超過 50% 的房屋這一事實，我們將在接下來的第三季度和第四季度看到情況如何。但我們會隨著市場的變化調整利率，所以實際上，這變成了吸收和速度的問題。我們將繼續管理速度和利潤，以實現我們想要的回報。如果我們需要增加激勵措施以維持這速度的一致性，我們就會這樣做。

But we move our rates along with the market, so it doesn't necessarily mean we're seeing significant cost in the level of those buy downs, it really just starts to stress the buyer when they climb up into the 7% if they go to the 8% range, then we'll see a little more challenge in getting buyers qualified. And if it goes that high, I would expect to see our incentives increase to keep our base.

但我們會隨著市場的變化而調整我們的利率，所以這並不一定意味著我們會看到這些購買價格下降的巨大成本，當買家攀升至7% 時，如果他們繼續購買，這確實會開始給他們帶來壓力如果達到 8% 的範圍，那麼我們將看到在獲得合格買家方面面臨更多挑戰。如果它達到那麼高，我希望看到我們的激勵措施增加以保持我們的基礎。

Your next question is coming from Eric Bosshard from CRC.

您的下一個問題來自 CRC 的 Eric Bosshard。

Two things, if I could. First of all, the gross margin in the quarter was a little bit better. What was different that created that?

如果可以的話，有兩件事。首先，本季的毛利率稍微好一點。造成這種情況的差異是什麼？

I'm assuming you're talking on a sequential basis?

我假設你是按順序談的？

Correct.

正確的。

Yes. So a little bit of it was just core inclusive of just a very modest pickup on the incentive front in terms of the forward commitments and the interest rate buydown because you'll see when we put out our supplemental guidance, that kind of core margin is up about 20 basis points. And then we also had a little bit less of an impact on warranty and litigation this quarter. Those are the 2 kind of biggest pieces of why there was a sequential increase.

是的。因此，其中一點只是核心，包括在遠期承諾和利率購買方面激勵方面的非常適度的提升，因為當我們發布補充指導時，你會看到這種核心利潤是上漲約20個基點。本季我們對保固和訴訟的影響也稍小一些。這是造成連續成長的兩個最大原因。

Okay. And then secondly, you talked about it a little bit, but I'm just curious the effectiveness of the incentives as you moved through the quarter and in March and April, I suppose. But just trying to figure out the effectiveness and the last comment that was made that as rates move higher, what do you have to do different with buydowns. I'm just curious how you're seeing conversion or closing customers behave relative to incentives relative to buydowns and if you indeed are having to do anything different.

好的。其次，你談到了一點，但我只是好奇當你在整個季度以及三月和四月時激勵措施的有效性，我想。但只是想弄清楚有效性以及最後的評論，即隨著利率走高，你必須對買斷採取什麼不同的做法。我只是好奇你如何看待轉換或關閉客戶相對於購買的激勵措施的行為，以及你是否確實需要做任何不同的事情。

Currently, we're not doing anything significantly different. We're responding to the rates and the customers that are in front of us at the time, and they are reacting very positively to the incentive offerings that our teams have crafted for the various neighborhoods we have out there.

目前，我們沒有做任何顯著不同的事情。我們正在對當時擺在我們面前的費率和客戶做出反應，他們對我們的團隊為各個社區精心設計的激勵產品做出了非常積極的反應。

So no, we're not seeing anything with the current range, range of rates we've been dealing with right now. We feel like it's sort of -- I want to say business as usual and there's crazy volatile world we're in. But right now, we feel pretty steady. Pretty good about where things are.

所以不，我們沒有看到任何與我們目前正在處理的利率範圍有關的東西。我們覺得有點——我想說一切照舊，我們所處的世界是一個瘋狂動盪的世界。對事物的位置非常了解。

Your next question is come from Sam Reid from Wells Fargo.

你的下一個問題來自富國銀行的山姆·里德。

You made a lot of progress here in getting back to your historic levels on cycle times. That said, I mean one thing that I'm thinking here is you're also building a more value engineered house today than perhaps what might have been the case pre-pandemic. So the question really is -- is there an opportunity to bring cycle times lower versus that historical trend? Or do you really think kind of 4 months is the steady state we should be thinking about longer term?

您在循環時間恢復到歷史水準方面取得了很大進展。也就是說，我在這裡想到的一件事是，你今天也在建造一座比疫情前的情況更有價值的工程房屋。所以問題實際上是——是否有機會降低週期時間（與歷史趨勢相比）？或者你真的認為 4 個月是我們應該考慮的長期穩定狀態嗎？

Yes, Sam. We're pleased to be back at what we deem our historical norm. And you bring up a good point, we are building a more efficient house, and it's been an extreme focus of us to try and pull labor and man hours out of the home to reach and maintain affordability we're always going to believe there's upside for improvement in our business. And so we continue to stay focused on our inventory turns and the opportunity to reduce cycle times and be more efficient in the construction process where we can. We're going to continue to strive for that. We're not counting on significant reductions from here. We got back to this place, and we'll continue to focus on doing everything we can to drive it down further.

是的，山姆。我們很高興回到我們認為的歷史常態。你提出了一個很好的觀點，我們正在建造一座更有效率的房子，我們的一個極端關注點是嘗試將勞動力和工時從家里拉出來，以達到並維持可負擔性，我們始終相信有上行空間為了改善我們的業務。因此，我們繼續關注庫存週轉以及縮短週期時間並盡可能提高施工流程效率的機會。我們將繼續為此努力。我們不指望從這裡開始大幅減少。我們回到了這個地方，我們將繼續專注於盡我們所能進一步降低它。

Got you. And then maybe to touch on order ASP a little bit. It looks like there was a little bit of a sequential lift between Q1 and Q2. I just would like to hear maybe a bit more context on that number, was there a function of perhaps a little bit of a dial back in incentives in early spring? Or were there any kind of geographic or other mix dynamics that might have also driven that sequential improvement?

明白你了。然後或許會稍微談談訂購 ASP。看起來第一季和第二季之間有一點連續的提升。我只是想聽聽更多關於該數字的背景信息，是否有可能在早春時稍微減少激勵措施？或者是否有任何類型的地理或其他混合動力也可能推動了這種連續的改進？

Yes. It continues to be primarily geographic when you look at our price points. The South Central and the Southeast, which are 2 of our lower price point markets in terms of average sales price has been a slightly lower percentage of our mix for a couple of quarters now, and that continued this quarter.

是的。當你看看我們的價格點時，它仍然主要是地理因素。就平均銷售價格而言，中南部和東南部是我們的兩個價格較低的市場，現在幾個季度在我們的產品組合中所佔的比例略低，本季度這種情況仍在繼續。

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

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

Nice quarter. First, on the resale market, I'm curious some of your thoughts there, we're starting to see inventories ticking up a little bit in some of your markets more meaningfully than others. And when I think about the spec entry-level model, I think you guys have really benefited from the type resale market over the last few years. And I'm just curious, are there any markets now where you're starting to see increased competition from resale, maybe more contingent buyers on your move-up product? And just more broadly, how you're viewing kind of the uptick in resell inventory right now?

不錯的季度。首先，在轉售市場上，我很好奇你們的一些想法，我們開始看到你們的一些市場的庫存比其他市場更有意義。當我想到規格入門級模型時，我認為你們確實從過去幾年的類型轉售市場中受益。我只是很好奇，現在是否有任何市場開始看到轉售帶來的競爭加劇，也許會有更多的臨時買家購買您的升級產品？更廣泛地說，您如何看待目前轉售庫存的上升？

I still think it's a very limited amount of inventory that's available in the marketplace, especially at our price point -- at affordable price point. That, coupled with some of the interest rate incentives that we're able to offer that, for the most part, existing home offerings don't provide we're able to solve the affordability problem a little better than some of the existing home sales we'd be able to do. But we haven't seen a significant impact on our sales pace to date.

我仍然認為市場上的庫存數量非常有限，尤其是在我們的價格點上——以實惠的價格點。再加上我們能夠提供的一些利率激勵措施，在大多數情況下，現房產品無法提供，我們能夠比一些現房銷售更好地解決負擔能力問題我們就能做到。但到目前為止，我們還沒有看到對我們的銷售速度產生重大影響。

Great. Appreciate that. And then second, on the NAR settlement with brokers. I know it's still very early, but you guys have been one of the heavier users that were friends to the brokerage community, if you will, over the years. I think you view them as an important tool to bring buyers to our communities. And I'm just curious if you've given any thought to how the settlement might change the economics there, the relationships you have with brokers? Any commentary you can give would be helpful.

偉大的。感謝。其次，關於 NAR 與經紀人的和解。我知道現在還為時過早，但多年來，你們一直是經紀界的重度使用者之一，也是經紀界的朋友。我認為您將它們視為將買家引入我們社區的重要工具。我只是好奇您是否考慮過和解協議可能會如何改變那裡的財務狀況以及您與經紀人的關係？您提供的任何評論都會有所幫助。

Yes. I mean we think this is going to take some time to play out. We work very closely with the brokerage community and will continue to do so regardless of what direction this takes. I think you are going to see some restructuring certainly in terms of commissions, and it will have some impact, I believe, on the number of realtors that stay active through the market. But we are going to continue to stay close to the realtor community, communicate with them. This is still an emotional lie for people and we're also going to stay focused on our digital presence and ability to make sure that we are ahead of the curve in terms of reaching customers through whatever form it takes over the next couple of years.

是的。我的意思是，我們認為這需要一些時間才能實現。我們與經紀界密切合作，無論走向何方，我們都將繼續這樣做。我認為在佣金方面肯定會看到一些重組，我相信這會對在市場上保持活躍的房地產經紀人的數量產生一些影響。但我們將繼續與房地產經紀人社區保持密切聯繫，與他們溝通。對人們來說，這仍然是一個情感謊言，我們也將繼續專注於我們的數位存在和能力，以確保我們在未來幾年透過任何形式接觸客戶方面處於領先地位。

Your next question is coming from Collin Verron from Jefferies.

您的下一個問題來自 Jefferies 的 Collin Verron。

I guess I just want to start off on the lot in cost inflation you're seeing. Any thoughts on the magnitude of that through the remainder of the year? I think you said it was tracking in the low single digits in the most recent quarter?

我想我只是想從你所看到的成本通膨開始。對於今年剩餘時間這種情況的嚴重程度有什麼想法嗎？我想你說過最近一個季度的成長率是低個位數？

Yes. I think our expectation is we'll continue to see moderate increases. I think that low single-digit percentage continuing is in our current -- what we can see in our current pipeline.

是的。我認為我們的期望是我們將繼續看到適度的成長。我認為我們目前的情況仍然是個位數的低百分比——我們在當前的管道中可以看到這一點。

That's helpful. And then just on the lots controlled, it's moved up again as you concentrate on that land light model. How much more runway do you think that there is? And any update on the time line of getting there? And just thoughts on the right number of the years of land or lots owned.

這很有幫助。然後，就在受控地塊上，當您專注於地面燈光模型時，它會再次上升。您認為還有多少跑道？到達那裡的時間軸有什麼更新嗎？只需考慮擁有土地或地塊的正確年限即可。

So I think we continue to look for ways to be more efficient and more capital efficient in our lot portfolio. 77% is a very controlled number of position right now, and we're looking at 62% of our deliveries were on lots that were actually developed by third parties or Forestar. So we're continuing to expand those relationships and seek opportunities to buy more lots from third parties. I'm not going to put a ceiling on how far we can take that but we've made a lot of progress. And when you've got a lot of success, incremental success takes a lot more work, if that's what we do every day.

因此，我認為我們將繼續尋找在我們的批次投資組合中提高效率和資本效率的方法。目前，77% 是一個非常受控的位置數量，我們看到 62% 的交付是在由第三方或 Forestar 實際開發的地塊上。因此，我們將繼續擴大這些關係，並尋求機會向第三方購買更多拍品。我不會對我們能走多遠設定上限，但我們已經取得了很大進展。當你取得了巨大的成功時，漸進的成功需要付出更多的努力，如果這就是我們每天所做的事情的話。

Your next question is coming from Jade Rahmani from KBW.

您的下一個問題來自 KBW 的 Jade Rahmani。

Are you seeing any changes in terms of investor appetite for single-family rentals and multifamily, leaving aside the issue of interest rates, we've seen Blackstone, for example, make a couple of quite large acquisitions. Wondering what the tone is from the investors you sell to?

撇開利率問題不談，您是否發現投資者對單戶租賃和多戶住宅的興趣有任何變化，例如，我們已經看到 Blackstone 進行了幾項規模相當大的收購。想知道您出售產品的投資者的語氣是什麼？

Yes. I would say we've seen a little bit of a tick up in terms of interest and the number of investors out there in the market. They're still being cautious and rates are where they are and cap rates acting in kind. But I would say that just across the board, we've seen a bit of a tick up and have more interested parties in those assets that we have out for sale today.

是的。我想說，我們已經看到市場上投資者的興趣和數量增加。他們仍然保持謹慎態度，利率處於當前水平，上限利率也是如此。但我想說的是，就整體而言，我們已經看到了一些回升，並且對我們今天出售的這些資產有更多的興趣。

And a follow-up would be, a lot of these investors are looking for scale in their capital deployment. You've already done some large deals. Are you seeing on average the size of deals you're looking at increase?

下一步是，許多投資者都在尋求資本配置的規模。你已經完成了一些大交易。您是否發現您正在考慮的交易規模平均有所增加？

Size per community, not necessarily, but there are large appetites to place dollars at scale into this space -- the multiple communities, yes.

每個社區的規模不一定，但人們有很大的興趣將資金大規模投入這個領域——多個社區，是的。

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

您的下一個問題來自加拿大皇家銀行資本市場部的 Mike Dahl。

Just a follow-up on Jay's question on the rental side. Revenue is flat sequentially expected in 3Q. You do have more units completed on, I think, both single-family and multifamilies. Is that a function of -- if you have to characterize why it's not better, is it more the investor hesitancy at this point? Or is it the conversations you're having around price don't meet your objectives for margin and return on those projects?

只是對傑伊關於租賃方面的問題的跟進。預計第三季營收將季持平。我認為，單戶住宅和多戶住宅確實有更多單元竣工。這是一個函數——如果你必須描述為什麼它沒有更好的話，這是否更多的是投資者在這一點上的猶豫？或者您圍繞價格進行的對話是否無法滿足您對這些項目的利潤和回報的目標？

It's really a matter of communities, community size and timing of those closings, and we're going to be selective through the process. But we have projects that are done, and we're going to go ahead and monetize those and put them into the market, not saying the margins where we would like to see them, but that's relative, that's just tied to cap rates and interest rates. But no real significant shift that we're going to see in terms of up or down, and it's going to be a little lumpy as we look through the quarters because we're selling whole communities at a time. It's not one at a time.

這實際上是一個社區、社區規模和關閉時間的問題，我們將在整個過程中進行選擇性。但我們已經完成了一些項目，我們將繼續將這些項目貨幣化並將其投入市場，而不是說我們希望看到它們的利潤率，但這是相對的，僅與資本化率和利率掛鉤費率。但我們不會看到真正的重大變化，無論是上漲還是下跌，而且當我們回顧各個季度時，它會有點不穩定，因為我們一次出售整個社區。這不是一次一個。

Got it. Okay. And then shifting gears back to the homebuilding margins last fall when there was a period of significant rate volatility. And ultimately, rates came down, you had a negative mark-to-market.

知道了。好的。然後，去年秋天，當利率出現大幅波動時，又將目光轉向房屋建築利潤率。最終，利率下降，市價為負。

Jessica, I think you mentioned that lower forward contracts played a role in lower costs or mark-to-market there played a role in sequential gross margin improvement, and fiscal quarter. Can you be more specific around what impact or quantification? Your forward hedges are having on both the 2Q gross margin? And is that actually a continued sequential benefit in your 3Q guide?

傑西卡，我想你提到較低的遠期合約在降低成本或按市值計價方面發揮了作用，在連續毛利率改善和財政季度中發揮了作用。您能更具體地說明什麼影響或量化嗎？您的遠期避險對第二季毛利率有影響嗎？這實際上是您的第三季指南中持續的連續效益嗎？

No. I mean we really think about it, Mike, as last quarter was somewhat of an anomaly. We're not going to say onetime. I mean, it could happen again, but it was highly unusual. In terms of the rate move going up and down so quickly and the timing in which that happened and then a move close to quarter end. So this quarter, when we see minimal impact, I mean, we've talked about outside of Q1, it's been no more than a plus or minus 10 basis point move. From a gross margin perspective. And so hopefully, that will be the case going forward as well, and you won't see a repeat of what happened in Q1.

不，我的意思是，麥克，我們確實考慮過這個問題，因為上個季度有點反常。我們不會說一次性。我的意思是，這種情況可能會再次發生，但這是非常不尋常的。就利率上下波動如此之快以及發生這種情況的時間而言，然後是在接近季度末的時候。因此，本季度，當我們看到影響最小時，我的意思是，我們在第一季之外討論過，變化不超過正負 10 個基點。從毛利率角度來看。因此，希望未來的情況也如此，並且您不會看到第一季發生的情況重演。

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

你們的下一個問題來自高盛的蘇珊‧馬克拉里 (Susan Maklari)。

My first question is on the material cost. I think, Jessica, you had mentioned that you're seeing some success on seeing some of those move lower, can you give more detail on what is coming down? And how you're thinking about that relative to some of the other areas where there may be some inflation that's coming through? And any thoughts on lumber as well within that?

我的第一個問題是關於材料成本。我想，傑西卡，你曾提到你看到一些成功，因為看到其中一些價格下跌，你能提供更多關於即將發生的事情的細節嗎？相對於其他可能出現通貨膨脹的領域，您如何看待這一點？其中對木材有什麼想法嗎？

I'll start with lumber, and then I'll leave that up and down on other categories to fall in Mike, they're probably better versed than I am. Lumber is still less than half what it was at its peak back in March of '22, but it has started to increase since December, which would be kind of a typical seasonal trend. So hopefully, we're not going to be talking about lumber in terms of big swings in our closing, most of our year-over-year stick and brick decline is still from lumber, but in terms of sequential moves going forward, we expect it to be relatively modest.

我將從木材開始，然後我將把它留在其他類別上，由麥克決定，他們可能比我更精通。木材價格仍不到 22 年 3 月高峰時的一半，但自 12 月以來已開始增加，這將是典型的季節性趨勢。因此，希望我們不會在收盤時談論木材的大幅波動，我們的大部分棒材和磚塊同比下降仍然來自木材，但就未來的連續走勢而言，我們預計它相對溫和。

Very fair. And I think in terms of the other categories, it's a market by market, category by category. I don't want to say struggle or battle, but it's an ongoing effort to be as efficient as we can do that. And we make some progress on some categories, and then we might have to give back some on others. So it's a constant battle season. And we've seen right now, I think, some moderation in seeing increases, which has been very helpful in margin right now.

很公平。我認為就其他類別而言，這是一個逐個市場、逐個類別的市場。我不想說鬥爭或戰鬥，但我們需要不斷努力才能盡可能有效率地做到這一點。我們在某些​​類別上取得了一些進展，然後我們可能必須在其他類別上回饋一些。所以這是一個持續的戰鬥季節。我認為，我們現在已經看到成長放緩，這對目前的利潤率非常有幫助。

Okay. All right. That's helpful. And then you guided your SG&A to be about 7% for the third quarter, which is still really low in there, even actually making those investments. Can you just talk about the puts and takes into the SG&A as we think about not just the third quarter, but even looking out? Any thoughts there?

好的。好的。這很有幫助。然後，您指導第三季的 SG&A 約為 7%，即使實際進行了這些投資，這仍然很低。您能否談談 SG&A 中的看跌期權和收益，因為我們不僅考慮第三季度，甚至展望未來？有什麼想法嗎？

Yes, sure. So we're continually trying to position ourselves to across our footprint to be in a position to grow. And as we've gotten larger and have more scale in individual markets, that has involved realigning certain divisions, breaking up certain markets into multiple divisions to put ourselves in a position to more deeply penetrate market share in those markets and the same has applied across our infrastructure across the country as well. And so we're making some of those investments right now. And we do see pretty quick payback on that. And so that's why our SG&A percentage remained as low as it has, but we are making those investments that sometimes do have to come a little bit ahead of the growth.

是的，當然。因此，我們不斷努力在我們的足跡中定位自己，以便能夠成長。隨著我們在各個市場變得越來越大，規模越來越大，這涉及到重新調整某些部門，將某些市場分解為多個部門，以使我們能夠更深入地滲透這些市場的市場份額，這同樣適用於整個市場我們全國各地的基礎設施也是如此。因此，我們現在正在進行其中一些投資。我們確實看到了很快的回報。這就是為什麼我們的銷售、管理及行政費用百分比仍然很低，但我們正在進行的投資有時確實必須比成長提前一點。

But it's primarily in people and making sure we've got the depth on our teams, and we've got the land personnel in various markets in order to be able to tie up the land positions and develop those relationships with third-party developers and trades to continue to position our platform to support growth.

但這主要在於人員，並確保我們的團隊有深度，並且我們在各個市場都有土地人員，以便能夠鎖定土地位置並發展與第三方開發商的關係交易以繼續定位我們的平台以支持成長。

Your next question is coming from Kenneth Zener from Seaport Research Partners.

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

All right, margin stability up 52% of closings inter-quarter orders. Why was it higher specifically? It looks to be again, I could make my own narrative, but I want to hear it specifically. And then what was the margin spread between those 52% in 2Q versus the ones that were naturally coming out of backlog.

好吧，季度間訂單結單的利潤率穩定上升了 52%。具體為什麼更高呢？看來又是，我可以自己敘述，但我想具體聽聽看。然後，第二季度 52% 的利潤率與自然消除積壓的利潤率之間的差距是多少。

I frankly don't think any of us looked at that before the call, but we can take a look and get back to you. It was 54% versus the 52%, just to clarify. And the driver on that was just the function that we went into the quarter with over 9,000 completed specs and our cycle times are back to normal.

坦白說，我認為我們中沒有人在通話之前看過這個內容，但我們可以看一下並回覆您。這是 54% 與 52% 的對比，只是為了澄清。其驅動力正是我們進入本季時完成的超過 9,000 個規格的功能，而我們的週期時間已恢復正常。

Okay. So you're getting, we'll follow up on the margin backlog versus intra-Q, is that correct?

好的。所以你知道，我們將跟進保證金積壓與 Q 內的情況，對嗎？

Yes.

是的。

Okay. And then, Paul, I think you had talked about your markets in Florida, not being affected by the rise in inventory we're seeing coastal markets and/or higher cost of ownership related to insurance. Could we maybe isolate that comment to a place like Central Texas, think Austin. I know you're building in Buda, not Austin per say. But we are seeing inventory go up in Central Texas, you don't have right to coastal issues. Is this still that you have homes that are affordable and in demand, so you're seeing the same dynamics. You talked about there where we're kind of excluding coastal conditions.

好的。然後，保羅，我想你已經談到了佛羅裡達州的市場，沒有受到庫存增加的影響，我們看到沿海市場和/或與保險相關的擁有成本更高。奧斯汀認為，我們是否可以將該評論隔離到德州中部這樣的地方。我知道你是在布達建設，而不是奧斯汀。但我們看到德州中部的庫存增加，你無權處理沿海問題。這仍然是因為你擁有負擔得起且需求旺盛的房屋，所以你看到了同樣的動態。你提到我們排除了沿海條件。

Well, the question and the comment back on Florida was mostly as it relates to insurance and increased costs around that. Inventories, we had certainly see more inventory in the market today on the resale side than we have in the past. Months of supply has crept up slowly across most of our markets, but majority of what we see coming to the market is still maybe either overpriced or has significant need and work and very minimal in the affordable price points where we tend to compete.

好吧，關於佛羅裡達州的問題和評論主要是因為它與保險和與之相關的成本增加有關。庫存，我們今天市場上的轉售庫存肯定比過去更多。我們大多數市場的幾個月供應量已經緩慢增加，但我們看到進入市場的大多數產品仍然可能定價過高，或者有大量需求和工作，而在我們傾向於競爭的可承受價格點上卻非常少。

So we expect it's going to take significantly more homes to come on before we see to be a lot of impact on our ability to sell. But we've competed in that market forever. We have been a spec builder. We do that to compete in the new home market as much as we do against the resale market. We feel very good about our product and positioning against the homes that come to market as resale available when they do. And we think we have a great package of incentives warranty and closing cost basis to compete against that inventory when it does come on, and it will at some point in the future.

因此，我們預計，在我們看到對我們的銷售能力產生很大影響之前，需要大量的房屋投入使用。但我們一直在這個市場上競爭。我們一直是規格製定者。我們這樣做是為了在新房市場上競爭，就像我們在轉售市場上競爭一樣。我們對我們的產品和定位非常滿意，因為當它們上市時可以轉售。我們認為，我們擁有一攬子激勵措施、保固和結算成本基礎，可以在庫存確實出現時與庫存競爭，並且會在未來的某個時候出現。

Right. Appreciate it. And I guess, Jessica, you said 3% on land. Could you split that between land you developed and land your buying finished?

正確的。欣賞它。我猜，潔西卡，你說的是陸地上的 3%。您能否將其分配給您開發的土地和您購買的已完成土地？

I don't think we've quantified that, and I definitely don't have that in front of me.

我認為我們還沒有量化這一點，而且我面前絕對沒有這樣的數據。

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

你們的下一個問題來自美國銀行的 Rafe Jadrosich。

Just first on the fiscal third quarter gross margin outlook for flat to slightly up. Just how do we think about the assumptions for the stick and brick per square foot, net pricing and land inflation that's peaked into that guidance? And then specifically on land inflation, just the lot cost is flat quarter-over-quarter. What are you seeing in terms of land inflation for land that's contracted today?

只是先對第三財季毛利率前景持平至小幅調高。我們如何看待每平方英尺的棍棒和磚塊、淨定價和在該指導中達到頂峰的土地通膨的假設？特別是在土地通膨方面，地塊成本較上月持平。您認為今天承包的土地的土地通膨情況如何？

Yes, Rafe, in our forward guide, relative stability right now in materials and labor. So but we are still seeing some components go up slightly. So I think a very low single-digit percentage increase is generally the expectation there and our lot cost a little bit higher than that, still low single digits, but probably more in that 3% to 4% range. And in terms of just new land, that's deal-by-deal specific market-by-market specific. I think in general, we've seen land prices settle out here over the last little while, not as much inflation. But the long-term trend still up over time. This industry still has a shortage of lot availability. And so I think that's going to continue to be a constrained situation. And so in that situation, we would not expect to see land prices come down.

是的，拉夫，在我們的前瞻性指南中，目前材料和勞動力相對穩定。但我們仍然看到一些成分略有上漲。因此，我認為非常低的個位數百分比成長通常是人們的預期，而我們的批次成本比這個要高一些，仍然是低個位數，但可能更多在3% 到4% 的範圍內。就新土地而言，這是具體交易具體市場具體情況。我認為總的來說，我們已經看到土地價格在過去一段時間穩定下來，而不是通貨膨脹那麼嚴重。但長期趨勢仍隨著時間的推移而上升。該行業仍然存在批次供應短缺的問題。所以我認為這將繼續是一種受限的情況。因此，在這種情況下，我們預計土地價格不會下降。

That's very helpful. And then on the (inaudible) rate buy-downs, the forward commitments that you all have, how long do those go out are those months or this week. So the recent move in rates, it hasn't impacted the rates that you are offering yet when will that start to be kind of offered to the homebuyer, like how long of forward commitment do you have?

這非常有幫助。然後是（聽不清楚）利率下調，你們所有人的遠期承諾，這些承諾的期限是幾個月還是本週。因此，最近的利率變動尚未影響您提供的利率，但何時開始向購屋者提供利率，例如您有多長時間的遠期承諾？

We generally don't go out too terribly far in terms of the volume of forward commitments that we go with. We have various levels based upon anticipated demand of how much we'll buy for a given expiration date, which can vary from 60 to 90 days out. But we're not going to look to fulfill all of our existing sales expectations with any 1 given hedge or any one given builder forward and we'll continually sort of reprice to market so that we're offering incentives that are within, as Paul said before I take 1 point to 1.5 points of market when that is the incentive that we feel is the most effective at driving appropriate pace and margin for the returns at a given community.

就我們所做的遠期承諾數量而言，我們通常不會做出太多的承諾。我們根據給定到期日（60 到 90 天）內購買量的預期需求制定了不同的等級。但我們不會尋求透過任何一項給定的對沖或任何一個給定的建築商遠期來滿足我們所有現有的銷售預期，我們將不斷根據市場重新定價，以便我們提供內部激勵措施，正如保羅在我之前說過，當我們認為這是在給定社區推動適當的回報速度和利潤率時最有效的激勵措施時，我會採取1 到1.5 點的市場份額。

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

您的下一個問題來自住房研究中心的亞歷克斯·巴倫（Alex Barron）。

Great job in the quarter. Yes, I was just curious around land development costs. I mean you guys are developing. I mean, using a lot more land options and stuff, but are land development costs expected to impact margin for you guys in the near term? Or do you feel that's going to be more absorbed by whoever is developing the land for you?

本季度工作出色。是的，我只是對土地開發成本感到好奇。我的意思是你們正在發展。我的意思是，使用更多的土地選擇和其他東西，但土地開發成本預計會在短期內影響你們的利潤率嗎？或者您認為為您開發土地的人會更多地吸收這些資金？

Alex, we haven't seen much reduction in land development costs, either from materials or labor. We still have significant demand out there for the labor and those that are putting lots on the ground not just in what we're doing and other builders are doing, but you have infrastructure improvements throughout the country that are keeping demand up for materials and labor. So that's kind of baked into what we look at in terms of our increase in lot price over time. So we don't -- we'd love to see some reduction, but we don't expect to see it in the near term.

亞歷克斯，我們還沒有看到土地開發成本大幅下降，無論是材料成本還是勞動成本。我們對勞動力和那些在地面上投入大量資金的人仍然有巨大的需求，不僅是我們正在做的事情和其他建築商正在做的事情，而且全國各地的基礎設施都得到了改善，這保持了對材料和勞動力的需求。因此，這已經融入了我們對批次價格隨著時間的推移而上漲的看法。所以我們不——我們希望看到一些減少，但我們預計短期內不會看到這種情況。

Got it. And I guess you already touched a bit on the rental business, but I was just curious if the margins we saw this quarter, do you expect that's going to be sort of more what they're going to look like in the future? Or not necessarily?

知道了。我想您已經接觸了一些租賃業務，但我只是好奇我們本季看到的利潤率是否會像未來一樣？還是不一定？

It's going to be largely rate dependent in the capital markets as to the execution on those. I think at this point, our expectation is that it's going to be somewhat consistent with where we are today. But there's opportunity for some volatility around that, too, especially within quarters within 1 quarter to the next because these are some chunky transactions.

這些措施的執行將在很大程度上取決於資本市場的利率。我認為在這一點上，我們的期望是它會與我們今天的情況有所一致。但圍繞這一點也存在一些波動的機會，特別是在下一個季度內的幾個季度內，因為這些是一些大額交易。

There are large individual transactions and our multifamily platform is not yet to the scale where they're producing a significant number of multifamily communities delivering every quarter to the marketplace. So there's a relatively small number. They can be chunky and there's opportunity for volatility. Our expectation is somewhere in the range we're in today.

有大量的個人交易，而我們的多戶型平台尚未達到每季向市場交付大量多戶型社區的規模。所以數量相對較少。它們可能很粗壯，並且有可能出現波動。我們的期望在今天的範圍內。

The final question this morning is coming from Jay McCanless from Wedbush.

今天早上的最後一個問題來自韋德布希的傑伊麥坎利斯。

So on that rental guidance you talked about for 3Q, is that guidance based on projects that already have financing in place? Or is that just the schedule of what you think might close during the quarter?

那麼，關於您談到的第三季的租金指導，該指導是否基於已經到位融資的專案？或者這只是您認為本季可能關閉的時間表？

It's a mix of both.

它是兩者的混合體。

Okay. And then the other question I had is I don't want to make too much of this if it's not a big deal, but it does seem like you're going from maybe an aggressive selling pace during the COVID years now to try to gain market share leadership through more communities. I guess, how far along do you think you are in that transition? And I think kind of the Sue's question also, what is that ultimately going to mean for SG&A going forward? if you are starting to staff up and bring more people on to support a larger organization.

好的。然後我的另一個問題是，如果這不是什麼大不了的事，我不想對此做太多，但看起來你確實正在從新冠疫情期間的激進銷售步伐轉向現在試圖獲得的收益。市佔率領先。我想，你認為你在這個轉變中已經走了多遠？我也認為 Sue 的問題是，這最終對 SG&A 的未來意味著什麼？如果您開始招募更多人員來支持更大的組織。

Yes. I wouldn't say, Jay, that it has anything to do with us trying to push more pace during COVID. It's all tied to our lot position. And so we've been building our lot position up, but not all of those lots were ready to go. And so we knew the communities were coming. And obviously, the market was extremely hot for a period of time, so we were able to drive additional absorption where we had the loss available.

是的。傑伊，我不會說這與我們在新冠疫情期間加快步伐有任何關係。這一切都與我們的地段位置有關。因此，我們一直在建立我們的地塊位置，但並非所有這些地塊都準備好了。所以我們知道社區即將到來。顯然，市場在一段時間內非常火熱，因此我們能夠在有損失的情況下推動額外吸收。

We don't have that same kind of strong demand, less affordability challenged environment today. And at the same time, our lots are getting finished and the communities are ready to go. So we're bringing them online, and it happens to be good time, mean that we have the communities ready to go when we're not able to drive incremental absorption further in our existing communities.

今天，我們沒有同樣的強勁需求、承受能力較差的環境。同時，我們的地塊正在完工，社區也已準備就緒。因此，我們將它們帶到網路上，這恰好是一個好時機，這意味著當我們無法進一步推動現有社區的增量吸收時，我們已經準備好了社區。

Okay. And I guess how far along do you think you are maybe in the process of trying to get bigger from a community count standpoint?

好的。我想從社區數量的角度來看，您認為您在努力擴大規模的過程中已經走了多遠？

That's going to be an ongoing plan and goal and positioning -- and I'd say, just watch our lot position. And ultimately, the communities are going to come online over time. Now from year-to-year, what exactly is that community count growth is going to look like? It's impossible for us to predict.

這將是一個持續的計劃、目標和定位——我想說，只要注意我們的位置。最終，隨著時間的推移，社區將會上線。現在，逐年來看，社區數量的成長究竟會是什麼樣子？我們無法預測。

Thank you. I would now like to turn the floor back to Paul Romanowski for closing remarks.

謝謝。現在我想請保羅·羅曼諾夫斯基發表結束語。

Thank you, Tom. 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. Congratulations to the entire D.R. Horton family. I'm producing a solid second quarter. We're proud to represent you on this call and appreciate all that you do.

謝謝你，湯姆。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 7 月份的第三季業績。恭喜整個 D.R.霍頓家族。我正在製作一個穩定的第二季。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。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開電話線並度過美好的一天。感謝您的參與。