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。 （操作員指令）

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

現在我將電話轉給 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。 Horton 認為，任何此類聲明都是基於合理假設，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. 所掌握的資訊。 Horton 在本次電話會議召開當天，以及 D.R. Horton 不承擔公開更新或修改任何前瞻性聲明的義務。有關可能導致性能發生重大變化的因素的更多信息，請參閱 D.R. Horton 的 10-K 表年度報告和 10-Q 表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.

今天早上的收益報告可以在我們的網站 investor.drhorton.com 上找到，我們計劃在下週初提交 10-Q 報表。本次電話會議結束後，我們將把更新的投資者和補充資料介紹發佈到投資者關係網站的「新聞和事件」下的「介紹」部分，供您參考。

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

現在我將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 也參加本次電話會議；以及我們的執行副總裁兼財務長比爾·惠特（Bill Wheat）。第二季度，D.R. Horton 團隊取得了穩健的業績，其中每股攤薄收益為 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，我們的房屋建築庫存回報率為 29.9%，同期的股本回報率為 22.2%。儘管通貨膨脹和抵押貸款利率仍然居高不下，但由於可負擔價格的新房和現有住房供應仍然有限，且支持住房需求的人口結構仍然有利，我們的第一季淨銷售訂單增長了 46%，比去年同期增長了 14%。

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?

儘管負擔能力的挑戰仍然存在，但迄今為止，春季銷售季節的購屋者需求一直良好。憑藉 45,000 套庫存房屋，我們有能力繼續鞏固市場份額，我們的平均建設週期時間已恢復正常，而且我們的房屋庫存週轉率正在提高。我們持續注重資本效率，以產生持續、強勁的住宅建築經營現金流和回報。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 財年第二季的每股攤薄收益為 3.52 美元，而去年同期的每股攤薄收益為 2.73 美元，成長 29%。本季淨收入為 12 億美元，綜合營收為 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，成交量為 22,548 套房屋，而去年同期則為 74 億美元，成交量為 19,664 套房屋。

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

本季的平均收盤價為 375,500 美元，與上一季持平，較去年同期下降 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比上年增長了 14%，達到 26,456 套房屋，訂單價值比上年增長了 17%，達到 101 億美元。本季的取消率為 15%，低於上一季的 19%，低於去年同期的 18%。我們的平均活躍銷售社群數量較上季成長 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，季增 1%，季增 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降低等激勵措施，並在必要時降低房屋價格和麵積。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在短期內仍將保持在較高水準。我們的銷售仍然主要來自在建房屋和已完工房屋，我們將繼續開工建造房屋並維持足夠的庫存以滿足銷售需求和總市場份額。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?

我們第二季的房屋銷售收入毛利率為23.2%，較12月季度較上季成長30個基點。以每平方英尺計算，本季房屋銷售收入以及木磚成本基本持平，而地塊成本則上漲了 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節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於第二季度。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，我們的住宅建築銷售、一般及行政開支較去年同期增加13%，住宅建築銷售、一般及行政開支佔收入的百分比為7.2%，較去年同期下降10個基點。本財年迄今為止，住宅建築銷售、一般及行政費用佔收入的 7.7%，比去年同期增長 20 個基點，這主要由於我們擴大業務以支持增長。我們將繼續控制銷售、一般及行政開支，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?

我們在三月季度開工了 24,900 套房屋，季度末庫存量為 45,000 套。比去年同期成長 3%，比上一季成長 6%。截至 3 月 31 日，我們有 27,600 套房屋未售出。我們總共有 7,300 套未售出房屋已經完工，其中 790 套已完工超過 6 個月。對於我們在第二季完成交割的房屋而言，我們的建設週期比第一季略有改善，從開始到完成已恢復到 4 個月的歷史平均值。我們將保持充足的開工面積和庫存以滿足需求，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持有量約為 617,000 塊，其中 23% 為自有地塊，77% 透過購買合約進行控制。我們將繼續致力於與全國各地的土地開發商建立關係，以實現最大回報。這些關係使我們能夠在其他人開發的土地上建造更多的房屋。本季我們成交的房屋中，62％位於 Forestar 或第三方開發的地塊上。我們的資本高效且靈活的地塊組合是我們保持強大競爭地位的關鍵。我們第二季在地塊、土地和開發方面的住宅建設投資總額達到 24 億美元。本季我們的投資包括 14 億美元用於成品地塊、7.6 億美元用於土地開發以及 2.3 億美元用於土地收購。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 套單戶租賃房屋和 424 套多戶租賃單元，創造了 3,300 萬美元的稅前收入，營收為 3.71 億美元。截至 3 月 31 日，我們的租賃物業庫存為 31 億美元，其中包括 13 億美元的單戶租賃物業和 18 億美元的多戶租賃物業。由於利率波動和資本市場波動導致成交時間不確定，我們沒有為租賃部門提供單獨的年度指引。根據我們目前的專案計劃，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 報告稱，第二季收入為 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 所擁有和控制的區塊持倉量為 96,100 手。 Forestar 所擁有的土地中有 60% 與 D.R. 簽訂了合約或享有優先購買權。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。截至本季末，Forestar 的流動資金約為 8 億美元，淨負債資本比率為 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 仍具有獨特的優勢，可以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、地塊供應和與 D.R. 的關係，在未來幾年內積累可觀的市場份額。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?

金融服務部門第二季的營收為 2.26 億美元，稅前收入為 7,800 萬美元，稅前利潤率為 34.6%。在第二季度，我們抵押貸款公司所發放的貸款基本上都與我們的房屋建築業務完成的房屋有關，我們的抵押貸款公司為 80% 的買家提供融資。 FHA 和 VA 貸款佔抵押貸款公司貸款總額的 59%。本季向 DHI Mortgage 發放貸款的借款人的平均 FICO 分數為 725，平均貸款價值比率為 89%。首次購屋者佔本季抵押貸款公司處理的成交量的 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.

我們平衡的資本方法注重嚴謹、靈活和把握機會，以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、低槓桿率和充足的流動性，這使我們能夠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，我們經營活動的綜合現金使用量為 4.7 億美元，其中房屋建築業務提供了 4.08 億美元的現金。截至 3 月 31 日，我們的綜合流動資金為 57 億美元，其中包括 31 億美元現金和 26 億美元的信貸可用額度。本季末的債務總額為 59 億美元，2024 財年沒有優先票據到期。

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%。在本季度，我們支付了每股 0.30 美元的現金股息，總計 9,900 萬美元，並且董事會已宣布將於 5 月份支付相同水準的季度股息。我們在本季回購了 270 萬股普通股，回購金額為 4.02 億美元，而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%.

我們目前預計第三季的綜合收入將達到 95 億美元至 97 億美元，而我們房屋建築業務的完工數量將達到 23,500 至 24,000 套。我們預計第三季房屋銷售毛利率約為 23% 至 23.5%，房屋建築銷售、一般及行政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%，我們預期季度所得稅率約為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.

除了我們努力透過平衡銷售速度和價格來滿足需求以最大化回報之外，我們 2024 財年全年的收入、定價和利潤率還將受到市場條件和抵押貸款利率變化的影響。對於 2024 財年全年，我們目前預計綜合收入約為 367 億美元至 377 億美元，預計我們的房屋建築業務完工數量將在 89,000 至 91,000 套之間。我們繼續預計從房屋建築業務中產生約 30 億美元的現金流。我們現在計劃全年購買約 16 億美元的普通股，此外還計劃每年支付約 4 億美元的股息。

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 財年的所得稅率將在 23.5% 至 24% 之間。我們正在平衡我們的現金流利用優先級，以擴大我們的業務，支付更多的股息並持續回購股票，同時保持強大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、廣泛的地理覆蓋範圍和多樣化的產品供應。所有這些都是我們營運平台的關鍵組成部分，它們維持著我們產生持續回報、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.

我們將保持嚴謹的投資方式，以提高公司的長期價值，包括持續透過股利和股票回購向股東返還資本。感謝全體 D.R. 大家。 Horton 員工、土地開發商、貿易夥伴、供應商和房地產經紀人，感謝你們持續的關注和辛勤工作。

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

我們的準備好的演講到此結束。我們現在開始提問。

(Operator Instructions)

（操作員指令）

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。對你們所有人來說，這是一個非常重要的市場，在那裡有著長期的經驗。我們看到該市場部分地區的現有房屋庫存增加，而且我們顯然知道更高的保險成本也將在那裡產生影響。那麼您能否詳細談談您在那裡的表現，也許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.

卡爾，佛羅裡達給我們的感覺仍然很好。確實有很多與保險費率上漲相關的新聞。我們銷售的房屋大多位於沿海地區，建造新建築可以使保險費率保持一定穩定。因此，正如您所看到的，在我們銷售的社區中，房屋價格並沒有出現顯著的增長，據報道，在沿海和高風區，整個佛羅裡達市場仍然看到良好的移民和就業增長。

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到非常滿意，尤其是對我們在佛羅裡達半島更實惠的價格定位。

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.

然後是後續問題，該投資組合業務中的多戶住宅和單戶住宅​​出售情況有些不穩定，我很好奇您在多戶住宅和單戶住宅​​租賃領域擁有相當規模的業務的市場。我認為，您進入該領域並發揮更大作用的原因之一是整個房屋建築業務的規模效益。那麼，如果您考慮一下您在上述兩項業務中佔據重要地位的市場，您是否認為房屋建築業務的整體垂直成本會降低或利潤率會更高？或許可以稍微擴展一下該特定業務要素。

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.

我認為有兩個重要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，而且我們能夠將更多的土地轉化為最終用途。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、多戶型建築以及出售住宅。這使我們在購買土地方面節省了一些成本，並提高了授權過程的效率。

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，我們可能看到了來自我們自己的建築業務對傳統多戶型住宅成本影響的更大能力，因為與傳統的多戶型住宅開發商相比，我們是建築零件和部件的更大買家。

Your next question is coming from John Lovallo from UBS.

您的下一個問題來自瑞銀的約翰·洛瓦洛。

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?

第一個顯然是，由於 CPI 漲幅高於預期，市場存在許多擔憂，儘管長期抵押貸款利率自 CPI 之前以來僅上漲了約 35 個基點。我的意思是，我想問題是，考慮到利率變動 35 個基點，您是否看到或預計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.

我們希望繼續滿足市場需求，並繼續專注於推動這項活動的激勵措施，而利率買斷一直是我們所做工作的很大一部分。我們傾向於跟隨市場而動。因此，正如您所看到的，市場利率上升，我們將把利率買入幅度提高到比市場利率低 1 到 1.5 個點左右。但我們確實預期激勵措施如今仍將保持在較高水準附近，尤其是穩定性和黏性率如今已升至 7% 左右。

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。也許這裡稍微有點分裂，但你們本季的交付量比預期高出約 2,300 單位，而預期中位數則提高了約 1,500 單位。我的意思是第二季是否有進步？或者這種觀點是否有些保守，又或許預期交付速度能夠在某種程度上放緩。我的意思是，我們該如何看待這個問題？

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。很好的問題，約翰。我們確實在本季度完成了大量規格。因此，我們實際上在本季內銷售並成交了 54% 的房屋。對我們來說這是一個非常高的比例。通常情況下，大約有 35% 至 40% 的房屋會在同一季度內售出並成交。因此我們仍然有超過 7,000 個已完成的規格。因此我確實認為你會看到季度內活動保持高於我們的歷史標準。它可能不會達到本季度的 54%。但這可能確實稍微提前了需求，也給了我們有信心將產品範圍的低端提高整整 2,000 個單位，然後將產品範圍的高端提高 1,000 個單位。現在我們已經恢復正常，如果不比我們的歷史庫存週轉率更好的話，就我們指導的高端水平而言，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，對於能夠擴大這一範圍感到很高興，但認為下個季度不一定有機會達到同樣規模。

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?

本季表現強勁。我感謝迄今為止的所有指導。我很好奇您是否可以進一步說明您的現金流指導。您提到了來自住宅建築的具體 30 億美元，但您確實還有其他部分。你們有租借部門，特別是 Forestar。我很好奇，相對於房屋建築帶來的 30 億美元，我們今年應該從租賃或 Forestar 獲得什麼樣的補償。具體來說，就租賃而言，您目前的庫存價值約為 31 億美元。您認為在接下來的 12 個月左右的時間裡，情況將如何發展？

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，我們一直指導房屋建築現金流，因為這是我們過去幾年的主要現金來源。我們還將其中的一部分投資到了租賃業務中，這為營運產生的綜合現金流提供了支援。

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，與今年的房屋建築現金流相比，存在一些抵消。我們預計房屋建築現金流約為 30 億美元。我預計今年全年合併收入將在 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成長速度開始放緩，未來幾年這一差距將開始縮小，或者我們預計，未來我們的合併現金流和房屋建築現金流將在24財年之後更加接近相同的數字。因此，隨著租賃平台資產成長放緩，我們目前處於 [3.1] 水準。我們仍預計今年這一數字將進一步成長，明年將略有成長，主要來自多戶型平台。我們的多戶型住宅平台持續成長，過去幾年來，我們的開工水準不斷提高。但到 2025 年末，這種情況可能也會開始緩和。因此，我們確實看到，從現在到2024年和2025年，合併現金流將持續成長。

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。非常感謝。然後關於現金的用途，我認為您——像往常一樣，談到了成長機會，而且您在全國的市場份額仍然有一定的空間。所以我想詢問一下你們的社區人數。與上月相比，成長了 4%，與去年同期相比，成長了 15%。許多其他建築商都在這一領域苦苦掙扎。我很好奇，您是否可以稍微詳細說明一下，您預計今年您的社區數量還有多少增長機會，以及您在未來一兩年內社區數量增長的總體目標是什麼。

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。我們已經連續幾個季度將社區數量同比增長兩位數。因此，我們可能至少還需要一個季度左右的時間才能完成周期並達到週年紀念日，並且預計成長會有所緩和。但當我們審視我們的整體地段位置和未來繼續推動成長的定位時，我們已經將重點轉向社區計數，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.

因此我確實認為你會繼續看到我們的社區數量不斷增長。在一兩個季度內，它可能不會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。明白了。所以你說的比較像是一種高個位數的利率，對嗎？

Yes, mid to high.

是的，中到高。

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馬修‧布萊 (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?

我想詢問一下未來的起步步伐。也許我們——假設我們生活在這種 7% 至 7% 的抵押貸款利率環境中。是否存在一種情形，您會完全減少產量以支撐價格或利潤？或者換句話說，是否存在一個抵押貸款利率，您會考慮稍微降低開工率？

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，我們將根據市場買家的情況以及他們對當前利率環境和我們提供的激勵措施組合的反應，在每個社區的層面上管理起步空間。

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，過去幾個時期我們對實際可以開工的批次供應量有所限制。因此，當我們看到我們的產品被開發並上線時，我們就能夠為市場帶來良好的生產開端。我認為本季我們開建的房屋數量略低於 25,000 套，我們預計這種趨勢將持續到 6 月季度，因為我們將看到持續的吸收和銷售。

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，由於我們目前的毛利率超過 23％ 並且非常穩定，因此只有在市場出現相當大的混亂的情況下，我們才會全面撤回開工，正如 Mike 提到的那樣，這將像往常一樣，以我們已完成的地塊位置和在單個社區層面實現回報最大化的最合理方式為基礎，由每個社區單獨推動。因此，正如我們現在所看到的，如果沒有另一場大衝擊或任何形式的系統大衝擊或利率出現更顯著的變動，我認為我們預計今年剩餘時間內我們的開局將相當穩定。

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。非常有幫助。其次，我想詢問有關信用和 DTI 指標的問題，特別是針對首次購屋者。在這種負擔能力背景下，您是否看到抵押貸款申請中出現任何形式的壓力跡象？

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。我們上季的平均FICO商店銷售額為7.25%。而且庫存量低，可供購買的房屋數量也低。我們仍然看到強勁的買家人口結構和需求，我們仍然相當一致地看到利率波動，但這些波動實際上並不足以對我們的積壓和人們的資格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，我只是想深入了解過去幾個月的需求趨勢。我也知道，從月度角度來看，你通常不會深入挖掘其中的奧秘。但顯然，隨著利率的變化，市場上出現了一些擔憂，包括一月、二月、三月、四月之類的趨勢。我們聽說，例如，三月——抱歉，三月和四月可能比二月稍微溫和一些。我很想聽聽您對需求趨勢的看法，以及銷售速度如何，與您的預期相比如何？如果市場誘因已經發生根本性變化。

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 月第一財季末看到，就銷售需求而言，情況好於正常季節性，並且這種情況一直持續到 1 月，當我們在 1 月接到電話時，我們仍然看到，我想說，1 月份的情況可能比正常季節性要好一點。正如我們多次談到的那樣，每當利率出現大幅波動時，買家總是會經歷一個調整期。因此我們看到二月和三月的利率波動加劇。因此，我們看到買家必須做出調整的一些間歇期，這確實會影響每週的銷售速度。但回顧過去 6 週左右的情況，我們發現情況已趨於穩定，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提高今年的銷售預期。

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，未來它將受到市場利率的影響，並且在上週，我們又看到了一段波動時期。因此我認為我們將繼續看到市場調整，我們也將隨著利率環境的變化而進行調整。

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.

太好了，比爾。非常感謝。我想，就利率上調的影響而言，可能就是這樣的——如果你回顧上個季度的預期，你會發現，上個季度的毛利率可能比人們預期的要低一些，這有點令人驚訝。而且它有點回到了第三季的較高利率和激勵水平。

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?

很顯然，您還沒有給出第四季度的指引，但在其他條件相同的情況下，您是否可能受到更高激勵措施、更昂貴激勵措施的一些延遲影響，而且我知道有一些倉庫購買和抵押貸款利率下調對激勵方面的影響的延遲。如果我們保持在這些水平，僅從某個角度來看，基本上在其他條件相同的情況下，買斷可能會稍微昂貴一些，那麼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，根據我們在本季銷售和成交的房屋數量，你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。但我們對於本季的毛利率感到非常滿意。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降低，儘管如此，我們的毛利率仍略有上升。因此，由於這將取決於利率環境，因此我們不會給出今年剩餘時間的具體指導，但目前我們感覺非常好。

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.

除了激勵措施之外，我們的成本在木棍和磚塊方面基本上保持穩定。我們在面臨壓力的情況下仍然有一些類別的銷售量上升，但我們在使類別銷售下降方面取得了一些成功。顯然，我們仍存在一些地塊成本通膨，我們預期需要繼續抵銷。因此，當我們真正考慮未來兩個季度的情況時，激勵因素將是一個未知數，而且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?

為了確保我們理解，在利率上升以及抵押貸款利率降低的成本變得更加昂貴的範圍內，您是否覺得其中許多已經反映在第二季和第三季了？

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.

我認為，基於我們本季銷售超過 50％ 的房屋這一事實，我們將在下一季（第三季和第四季）看到這一情況如何。但我們的利率是隨著市場變化而變化的，因此這實際上成為一個吸收和速度的問題。我們將繼續管理速度和利潤，以實現我們想要的回報。如果我們需要加強激勵力度，以保持這一步伐持續穩定，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.

但是我們的利率是隨著市場變化而變化的，所以並不一定意味著我們會看到這些買入水準的重大成本，當買家利率上升到 7% 時，他們才開始感到壓力；如果買家利率上升到 8% 的範圍，那麼我們將看到在讓買家獲得資格方面面臨更多挑戰。如果漲幅如此之高，我期望看到我們的激勵措施增加，以保住我們的基礎。

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，本季的毛利率略有改善。是什麼不同造成了這樣的結果？

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

我假設您是按順序談論的？

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，其中的一部分只是核心內容，包括在遠期承諾和利率買斷方面的激勵措施方面的非常溫和的回升，因為當我們發布補充指引時，你會看到，這種核心利潤率上升了約 20 個基點。本季我們對保固和訴訟的影響也較小。這是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，您談到了這一點，但我只是好奇這些激勵措施在本季以及三月和四月的有效性。但只是試圖弄清楚其有效性和最後的評論，即隨著利率走高，你必須對買斷採取什麼不同的措施。我只是好奇，您如何看待轉換客戶或成交客戶相對於購買激勵措施的行為，以及您是否確實需要做一些不同的事情。

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，我們並沒有採取任何顯著不同的做法。我們正在根據當時的費率和客戶做出反應，他們對我們的團隊為各個社區制定的激勵措施反應非常積極。

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.

因此，沒有，我們沒有看到任何與我們目前處理的當前範圍、利率範圍相符的事情。我們感覺就像——我想說一切如常，我們所處的世界瘋狂而動盪。對事物的現狀非常了解。

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

您的下一個問題來自富國銀行的 Sam Reid。

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?

您在恢復週期時間的歷史水準方面取得了很大進展。話雖如此，我在這裡想到的一件事是，今天你建造的房屋可能比疫情前建造的房屋更有價值。所以真正的問題是──是否有機會使週期時間相對於歷史趨勢縮短？或者您真的認為 4 個月左右是我們應該考慮的長期穩定狀態？

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。我們很高興回到了我們所認為的歷史常態。您提出的這個觀點很好，我們正在建造更有效率的房屋，我們一直致力於減少家庭勞動力和工時，以達到並維持可負擔的價格，我們始終相信我們的業務還有改進的空間。因此，我們將繼續關注庫存週轉率以及縮短週期時間並盡可能提高施工效率。我們將繼續為此而努力。我們並不指望從現在開始就會出現大幅的減少。我們回到了這個地方，我們將繼續集中精力，盡一切努力進一步降低它。

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?

明白了。然後可能稍微觸及一下訂單 ASP。看起來第一季和第二季之間有一點連續的提升。我只是想聽到更多關於該數字的背景信息，在早春時節，激勵措施是否有所減弱的作用？或者是否存在某種地理或其他混合動態也可能推動這種連續的改善？

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。從我們的價格點來看，它仍然主要受地理位置的影響。中南部地區和東南地區是我們平均銷售價格較低的兩個市場，這兩個市場在過去幾季中佔比略低，本季也延續了這種趨勢。

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，關於轉售市場，我很好奇您的一些想法，我們開始看到，在某些市場，庫存比其他市場略有增加。當我想到規格入門級模型時，我認為你們在過去幾年中確實從類型轉售市場中受益匪淺。我只是好奇，現在在哪些市場上您開始看到轉售競爭加劇，也許您的升級產品的購買者增加？更廣泛地說，您如何看待目前轉售庫存的上漲？

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量非常有限，特別是在我們的價位——可以負擔的價格範圍內。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，現有房屋銷售無法提供這些激勵措施），我們能夠比我們能夠進行的一些現有房屋銷售更好地解決負擔能力問題。但到目前為止，我們還沒有看到銷售速度受到重大影響。

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。非常感謝。第二，關於 NAR 與經紀人的和解。我知道現在還為時過早，但多年來，你們一直是經紀界最忠實的用戶之一。我認為您將它們視為吸引買家到我們社區的重要工具。我只是好奇，您是否考慮過該和解協議將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很有幫助。

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來實現。我們與經紀界密切合作，無論事態如何發展，我們都會繼續這樣做。我認為你肯定會看到佣金方面的一些重組，而且我相信這將對在市場上保持活躍的房地產經紀人的數量產生一定的影響。但我們將繼續與房地產經紀人社區保持密切聯繫，與他們保持溝通。對人們來說，這仍然是一個情感上的謊言，我們仍將專注於我們的數位業務和能力，以確保在未來幾年內，無論透過何種形式接觸客戶，我們都處於領先地位。

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?

我想我只是想先談談你所看到的成本通膨問題。對於今年剩餘時間內這一情況的嚴重程度您有何看法？我認為您說過最近一個季度的成長速度處於個位數的低點？

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。我認為我們的預期是將繼續看到適度的成長。我認為低個位數百分比的持續存在是我們目前看到的——這是我們目前看到的。

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，僅在控制地段，當您集中精力於土地光模型時，它就會再次上升。您認為還有多少跑道？有沒有關於到達那裡的時間表的更新？只是思考一下擁有土地或地塊的正確年限。

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.

因此我認為我們會繼續尋找方法來提高我們的地塊投資組合的效率和資本效率。目前 77% 是一個非常受控制的位置數字，而且我們發現 62% 的交付來自實際上由第三方或 Forestar 開發的地塊。因此，我們將繼續擴大這些關係並尋求從第三方購買更多地塊的機會。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。當你取得很大的成功之後，如果我們每天都這樣做的話，那麼要想取得漸進式的成功就需要付出更多的努力。

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?

您是否看到投資者對單戶租賃和多戶住宅的興趣有任何變化？ 撇開利率問題不談，例如，我們看到黑石集團進行了幾次相當大的收購。想知道向您銷售產品的投資者的語氣如何嗎？

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，我們看到市場興趣和投資者數量略有增加。他們依然保持謹慎，利率仍維持在當前水平，資本化率也維持在相應水平。但我想說，從總體來看，我們看到了一些上漲，並且有更多方對我們今天出售的資產感興趣。

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?

後續問題是，許多投資人都在尋求資本配置的規模。您已經做過一些大交易。您是否發現您所關注的交易的平均規模正在增加？

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，但人們都有很大的興趣將大規模資金投入這個領域——是的，多個社區。

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

您的下一個問題來自 RBC Capital Markets 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?

這只是對傑伊關於租賃方面的問題的一個後續問題。預計第三季營收與上季持平。我認為，無論是單戶住宅還是多戶住宅，都有更多的竣工單元。這是不是因為——如果您必須說明為什麼情況沒有變得更好，那麼這是否更多的是因為投資者此時的猶豫？還是您圍繞價格的討論不符合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。但是我們已經完成了項目，我們將繼續將其貨幣化並投入市場，並不是說我們希望看到的利潤率，但這是相對的，這與資本化率和利率有關。但我們不會看到真正顯著的上漲或下跌，而且當我們回顧各個季度時，情況會有些不穩定，因為我們一次出售的是整個社區。這不是一次一個的。

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。我們將焦點轉移回去年秋季房屋建築利潤率，當時正值利率大幅波動的時期。最終，利率下降，市價為負數。

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方面發揮了作用，或者按市價計價在連續的毛利率提高和財政季度中發揮了作用。您能否更具體地說明其影響或量化？您的遠期避險對第二季的毛利率有影響嗎？這實際上是您第三季指南中的持續連續收益嗎？

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。我們不會說「一次」。我的意思是，這種事情可能會再次發生，但這種情況極不常見。就利率變動如此之快以及發生的時間而言，然後在接近季度末時出現變動。因此，本季度，我們看到的影響最小，我的意思是，我們已經討論過第一季度之外的影響，它不超過正負 10 個基點的變動。從毛利率角度來看。所以希望未來的情況也是如此，你不會看到第一季的情況重演。

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

您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。我認為，傑西卡，你曾經提到過，你看到了一些成功，看到其中一些價格下降，你能否詳細說明一下價格下降的情況？與其他可能出現通貨膨脹的領域相比，您如何看待這個問題？您對木材還有什麼想法嗎？

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，然後再將其他類別放在 Mike 身上，他們可能比我更熟悉。木材價格仍不到2022年3月高峰的一半，但自12月以來已開始上漲，這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，我們去年同期木棍和磚塊的銷量下降大部分仍然來自木材，但就未來的連續走勢而言，我們預計降幅會相對溫和。

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.

非常公平。我認為就其他類別而言，這是一個逐個市場、逐個類別的問題。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。因此這是一個持續戰鬥的季節。我認為，我們現在看到的成長有所緩和，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，您預計第三季的銷售、一般及行政開支將達到 7% 左右，即使實際進行了這些投資，這個數字仍然很低。您能否談談銷售、一般及行政開支中的投入和收益，我們不僅考慮第三季度，還考慮未來的情況？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，我們不斷努力擴大自己的影響力，以獲得成長。隨著我們的規模不斷擴大，在各個市場中的規模也不斷擴大，這涉及到重新調整某些部門，將某些市場拆分為多個部門，以便我們能夠更深入地滲透這些市場的市場份額，同樣的道理也適用於我們在全國的基礎設施。因此我們現在正在進行一些投資。而且我們確實很快就看到了回報。這就是為什麼我們的銷售、一般及行政開支百分比一直保持在低位，但我們進行的投資有時確實必須略微領先於成長。

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.

但主要在於人員，確保我們團隊有足夠的深度，並且在不同的市場都有土地人員，以便能夠鞏固土地地位，發展與第三方開發商和貿易商的關係，繼續定位我們的平台來支持成長。

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.

好的，利潤率穩定，季度間訂單成交量上升了 52%。為什麼具體會更高呢？看起來又是這樣的，我可以自己講述，但我想具體地聽聽。那麼，第二季的 52% 與自然退出積壓訂單的利潤率差距是多少？

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前看過這個，但我們可以看一看並回覆您。需要澄清的是，比例是 54% 對 52%。而推動這項進程的因素是我們在本季完成了超過 9,000 項規格，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，您說的是，我們將跟進保證金積壓與季度內交易的情況，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，我想你談到了佛羅裡達的市場，它沒有受到庫存增加的影響，我們看到沿海市場和/或與保險相關的更高的擁有成本。我們是否可以將該評論局限於德克薩斯州中部這樣的地方，例如奧斯汀。我知道你是在布達建造的，而不是在奧斯汀。但我們看到德州中部的庫存增加，你無權解決沿海問題。你們是否仍然擁有價格合理、需求旺盛的房屋，所以你們看到的是同樣的動態。您談到了我們排除沿海條件的情況。

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.

嗯，關於佛羅裡達州的問題和評論主要與保險及其相關成本的增加有關。庫存，我們今天在轉售方面看到的庫存確實比過去要多。在我們大多數市場上，數月的供應量已經緩慢增加，但我們看到進入市場的大多數產品可能仍然定價過高，或者有大量需求和工作要做，而且在我們傾向於競爭的可承受價格點上，產品數量非常少。

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，我們預計需要有更多房屋上市才能對我們的銷售能力產生很大影響。但我們一直在該市場上競爭。我們一直是一家規格建造商。我們這樣做是為了在新房市場和轉售市場上保持競爭力。相對於那些以轉售形式進入市場的房屋，我們對我們的產品和定位感到非常滿意。我們認為，當這些庫存真正上市時，我們擁有一攬子激勵措施、保固和成交成本基礎來與之競爭，而且在未來的某個時候，這種競爭將會繼續。

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。非常感謝。我想，潔西卡，你說的是陸地上的 3%。您能將其分成您開發的土地和您購買的土地嗎？

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，而且我面前確實沒有這一點。

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

您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?

首先對第三財季毛利率的預期為持平或略有上升。我們究竟該如何看待每平方英尺木棍和磚塊的假設、淨價格以及達到該指引高峰的土地通膨率呢？具體來說，就土地通膨而言，地塊成本與上一季持平。您看到目前承包土地的通膨情況如何？

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，Rafe，在我們的前瞻性指導中，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，人們普遍預期的是，這裡的成本會非常低，個位數的百分比增幅，而我們的地段成本會比這個高一點，仍然是個位數的低值，但可能在 3% 到 4% 的範圍內。就新土地而言，這是根據具體市場的具體交易而定的。我認為總體而言，我們看到過去一段時間這裡的土地價格趨於穩定，通貨膨脹沒有那麼嚴重。但隨著時間的推移，長期趨勢仍然上升。該行業仍然缺少可用地塊。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。然後關於（聽不清楚）利率買斷，你們所有人的遠期承諾，這些承諾會持續多久，是那幾個月還是本週。所以最近利率的變動還沒有影響到您提供的利率，什麼時候會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.

就我們所做的前期承諾而言，我們通常不會走得太遠。根據預期需求，我們設定了不同的購買級別，即在給定的到期日（可能為 60 天到 90 天）購買多少商品。但是，我們不會指望用任何一種對沖或任何一種建築商的遠期價格來滿足我們現有的所有銷售預期，而且我們會不斷地根據市場情況重新定價，以便提供在市場範圍內的激勵措施，正如保羅之前所說，我會將 1 點到 1.5 點的市場價格作為激勵措施，因為我們認為這種激勵措施最能有效地推動特定社區的回報速度和利潤。

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 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?

本季表現出色。是的，我只是好奇土地開發成本。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，但土地開發成本是否預計會在短期內影響你們的利潤？或者您覺得，為您開發土地的人會更加關注這一點？

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，我們沒有看到土地開發成本有太大的降低，無論是材料還是勞力。我們對勞動力的需求仍然很大，而且不僅僅是我們和其他建築商在做的事情，全國各地的基礎設施改善也對材料和勞動力的需求保持著高漲。所以，這在某種程度上與我們隨著時間的推移而看到的地塊價格上漲有關。因此，我們希望看到一些減少，但我們預計不會在短期內看到它。

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。我想您已經談了一些租賃業務，但我只是好奇，我們本季的利潤率，您是否預計未來的利潤率會與此類似？或不一定？

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.

這些舉措的執行將很大程度取決於資本市場的利率。我認為在這一點上，我們的預期是它將與我們今天的狀況保持一定程度的一致。但這方面也存在一些波動的可能性，特別是在一個季度到下一個季度之間，因為這些都是一些大宗交易。

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.

個人交易規模較大，而我們的多戶型平台尚未達到能夠每季向市場推出大量多戶型社群的規模。因此數量相對較少。它們可能很龐大，而且存在波動的可能性。我們的預期處於今天的範圍內。

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 (Jay McCanless)。

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，您談到的第三季租金指引是否基於已經獲得融資的專案？或者這只是您認為可能在本季度完成的時間表？

It's a mix of both.

兩者兼而有之。

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，如果這不是什麼大問題，我不想對此做太多評論，但現在看起來，你們可能正在從 COVID 時期的激進銷售速度轉變為試圖透過更多社區來獲得市場份額領導地位。我想，您認為您現在的轉變進行到哪一步了？我也認為甦的問題有點像，這最終對未來的銷售、一般和行政費用意味著什麼？如果您開始招募員工並招募更多人來支持更大的組織。

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 COVID 期間試圖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，我們一直在加強我們的地塊佈局，但並不是所有的地塊都已準備好出售。所以我們知道社區正在到來。顯然，市場在一段時間內非常火爆，因此我們能夠在有損失的地方推動額外的吸收。

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.

如今，我們不再面臨同樣強勁的需求和較少的負擔能力挑戰。同時，我們的地塊也已完工，社區也做好了開幕的準備。因此，我們將它們帶到了線上，而且時機恰好很好，這意味著當我們無法在現有社區中進一步推動增量吸收時，我們已經準備好讓社區繼續運作。

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，您認為您在嘗試擴大規模的過程中進展到了哪一步？

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，只需專注於我們的地段位置。最終，社區將會隨著時間的推移而上線。現在從年與年相比，社區數量的成長究竟會是什麼樣的呢？我們不可能預測。

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·羅曼諾斯基作最後發言。

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。我們感謝大家今天參加電話會議的時間，並期待在 7 月再次與您交談，分享我們的第三季業績。祝賀整個 D.R.。霍頓家族。我第二季的業績表現穩健。我們很榮幸能代表您參加此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享受美好的一天。感謝您的參與。