霍頓房屋 (DHI) 2024 Q3 法說會逐字稿

Good morning, and welcome to the third quarter 2024 earnings conference call for D.R. Horton, America's Builder, the largest builder in the United States.(Operator Instructions) Please note, this conference is being recorded. I will now turn the call over to Jessica Hansen, Senior Vice President of Communications for D.R. Horton.

早上好，歡迎參加 D.R. 2024 年第三季財報電話會議。霍頓，美國建築商，美國最大的建築商。請注意，本次會議正在錄音。現在我將電話轉給 D.R. 通訊資深副總裁 Jessica Hansen。霍頓。

Thank you, Paul, and good morning. Welcome to our call to discuss our financial results for the third quarter of fiscal 2024.

謝謝你，保羅，早安。歡迎參加我們的電話會議，討論我們 2024 財年第三季的財務表現。

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.

在我們開始之前，今天的電話會議包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。儘管 D.R. Horton 認為，任何此類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.

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之日和 D.R. Horton 不承擔公開更新或修改任何前瞻性聲明的義務。

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. 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. Now I will turn the call over to David Auld, our Executive Chairman.

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。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演示部分，供您參考。現在我將把電話轉給我們的執行主席戴維·奧爾德 (David Auld)。

Thank you, Jessica, and good morning. Before we discuss our results, I wanted to take a moment to pay tribute to our founder, Don Horton, who passed away in May. Don was an incredible man with an unstoppable drive and work ethic and establish the foundation and culture of our company, D.R. Horton, the company would not exist as it does today without Don's tireless pursuit to help as many Americans as possible, achieve the dream of home ownership.

謝謝你，潔西卡，早安。在我們討論結果之前，我想花點時間向我們的創始人唐霍頓 (Don Horton) 致敬，他於五月去世。唐是一個了不起的人，他有不可阻擋的干勁和職業道德，建立了我們公司 D.R. 的基礎和文化。霍頓先生，如果沒有唐不懈地追求幫助盡可能多的美國人實現擁有住房的夢想，公司就不會有今天的存在。

This simple mission has driven us from the first home that Don built built sold and closed himself more than 45 years ago through the more than 1 million homes for our company has provided for families across the country. We are thankful for Don and all D.R. Horton employees are beneficiaries of his life's work. Along with our homeowners, customers, contractors, suppliers, land sellers, real estate brokers and everyone else not included in this family.

這個簡單的使命推動著我們從 45 多年前唐自己建造、出售並關閉的第一所房屋，到如今我們公司已經為全國各地的家庭提供了 100 多萬套住房。我們感謝唐納和所有 D.R。霍頓的員工是他一生工作的受益者。以及我們的房主、客戶、承包商、供應商、土地賣家、房地產經紀人以及不屬於這個家庭的所有人。

It is a bittersweet to be talking about the company's results for the first time since his passing. Not a great pride in the company's growth, profitability and shareholder returns, which have been at the top of all public companies in America for the past decade. We will work every day to preserve this legacy and continue to build upon to improve our operations and the value of our company. We would also like to thank the countless people who contacted us to share their condolences and memories. We received hundreds of messages from employees across the country, and we heard from many industry leaders, citizens of other homebuilding companies.

這是他過世後第一次談論公司業績，讓人感到苦樂參半。對公司的成長、獲利能力和股東回報並不十分自豪，過去十年來，這些方面一直位居美國所有上市公司之首。我們將每天努力維護這項傳統，並繼續努力改善我們的營運和公司的價值。我們也要感謝無數與我們聯繫、分享哀悼和回憶的人們。我們收到了來自全國各地員工的數百條訊息，也聽取了許多行業領袖和其他房屋建築公司公民的回饋。

Our suppliers lot developers, bankers and so many more on behalf of Don's family and our company, we thank you for the kind words and tributes to a remarkable man. He will be missed. Now I'll turn the call over to Romanowski, our President and CEO.

我們代表唐的家人和公司，向眾多供應商、開發商、銀行家和其他人表示感謝，感謝你們對這位傑出人物的讚美和敬意。我們將會懷念他。現在我將電話轉給我們的總裁兼執行長羅曼諾夫斯基。

Thank you, David, for sharing those words and sentiments about Don, on behalf of all of us at D.R. Horton. In addition to David and Jessica, I am pleased to also be joined on this call by Mike Murray, Executive Vice President and Chief Operating Officer, and Bill Wheat, Executive Vice President and Chief Financial Officer.

謝謝您，David，代表 D.R. 的所有人分享有關 Don 的這些話語和感受。霍頓。除了大衛和傑西卡之外，我很高興還有執行副總裁兼首席營運長邁克·默里（Mike Murray）和執行副總裁兼首席財務官比爾·惠特（Bill Wheat）參加本次電話會議。

For the third quarter, the D.R. Horton team delivered solid results, highlighted by earnings of $4.10 per diluted share, which was an increase of 5% from the prior year quarter. Our consolidated pretax income increased 1% to $1.8 billion on a 2% increase in revenues to $10 billion with a pretax profit margin of 18.1%.

第三季度，D.R. Horton 團隊取得了穩健的業績，其中每股攤薄收益為 4.10 美元，較去年同期增長 5%。我們的綜合稅前收入成長 1% 至 18 億美元，營收成長 2% 至 100 億美元，稅前利潤率為 18.1%。

During the nine months ended June 30, we generated $972 million of cash flow from our homebuilding operations and consolidated cash flow of $228 million. Our homebuilding return on inventory for the trailing 12 months ended June 30 was 29.5%, and our return on equity for the same period was 21.5%.

截至 6 月 30 日的九個月內，我們從房屋建築業務中產生了 9.72 億美元的現金流，合併現金流為 2.28 億美元。截至 6 月 30 日的過去 12 個月，我們的房屋建築庫存回報率為 29.5%，同期的股本回報率為 21.5%。

Although inflation and mortgage interest rates remain elevated, the supply of both new and existing homes at affordable price points is still limited and the demographics supporting housing demand remained favorable. Homebuyer demand during the spring selling season was good despite continued affordability challenges.

儘管通貨膨脹和抵押貸款利率仍然居高不下，但價格實惠的新房和現有住房供應仍然有限，支持住房需求的人口結構仍然有利。儘管負擔能力的挑戰仍然存在，但春季銷售季節的購屋者需求仍然良好。

With 42,600 homes in inventory and an average selling price of approximately $380,000. We are well positioned to continue consolidating market share. Our average construction cycle times are back to normal and improved from the second quarter, driving additional improvement in our housing inventory turns. We remain focused on enhancing capital efficiency to produce consistent sustainable returns and to increase our consolidated operating cash flows so that we can return more capital to shareholders through both share repurchases and dividends.

庫存房屋有 42,600 套，平均售價約為 38 萬美元。我們已做好準備繼續鞏固市場佔有率。我們的平均施工週期已恢復正常並從第二季開始改善，進一步改善了我們的房屋庫存週轉率。我們將繼續致力於提高資本效率，以產生持續的可持續回報，並增加我們的合併經營現金流，以便我們能夠透過股票回購和股利向股東返還更多資本。

Mich?

米奇？

Earnings for the third quarter of fiscal 2024 increased 5% to $4.10 per diluted share compared to $3.90 per share in the prior year quarter. And net income for the quarter of just $1.4 billion on consolidated revenues of $10 billion. Our third quarter home sales revenues increased 6% to $9.2 billion on 24,155 homes closed compared to $8.7 billion on 22,985 homes closed in the current. Our average closing price for the quarter was $382,200, up 2% sequentially and up 1% from the prior year quarter. Bill?

2024 財年第三季的每股攤薄收益為 4.10 美元，而去年同期的每股收益為 3.90 美元，成長 5%。本季的綜合營收為 100 億美元，但淨收入僅 14 億美元。我們第三季的房屋銷售收入成長了 6%，達到 92 億美元，而本季的房屋銷售收入為 87 億美元，共售出 22,985 套房屋。本季的平均收盤價為 382,​​200 美元，環比上漲 2%，環比上漲 1%。帳單？

Our net sales orders for the third quarter increased 1% from the prior year to just over 23,000 homes and order value was flat at $8.7 billion. Our cancellation rate for the quarter was 18%, up from 15% sequentially. And flat with the prior year quarter.

我們第三季的淨銷售訂單比去年同期成長了 1%，達到 23,000 餘套，訂單價值持平於 87 億美元。本季的取消率為 18%，高於上一季的 15%。與去年同期持平。

Our average number of active selling communities was up 3% sequentially and up 12% year over year. The average price of net sales orders in the third quarter was $378,900, which is flat sequentially and down 1% from the prior year quarter. To address affordability, we are still using incentives such as more mortgage rate buydowns. And we have reduced the prices and sizes of our homes where necessary. Although our home sales gross margin improved sequentially this quarter, incentives are elevated and we expect them to remain near these levels, assuming similar market conditions and no significant changes in mortgage rates.

我們的平均活躍銷售社群數量較上季成長 3%，較去年同期成長 12%。第三季淨銷售訂單平均價格為 378,900 美元，與上一季持平，較去年同期下降 1%。為了解決負擔能力問題，我們仍在採取更多抵押貸款利率下調等激勵措施。我們在必要時降低了住房價格並縮小了住房面積。儘管本季度我們的房屋銷售毛利率環比提高，但激勵措施已經提高，假設市場條件相似且抵押貸款利率沒有發生重大變化，我們預計激勵措施將保持在這些水平附近。

Jessica?

傑西卡？

Our gross profit margin on home sales revenues in the third quarter was 24%, up 80 basis points sequentially from the March quarter. Our gross margin was better than expected, primarily due to lower incentive costs than in the second quarter. On a per square foot basis, home sales revenues were up 2% and stick and brick costs were down 1% in the quarter, while log costs increased approximately 2.5%.

我們第三季房屋銷售收入的毛利率為24%，較三月季成長80個基點。我們的毛利率優於預期，主要是因為激勵成本低於第二季。以每平方英尺計算，本季房屋銷售收入成長 2%，木棍和磚塊成本下降 1%，而原木成本增加約 2.5%。

For the fourth quarter we expect our home sales gross margin to be similar to the third quarter. Further out our home sales gross margin will continue to be dependent on the strength of new home demand changes in mortgage rates and other market conditions.

我們預計第四季的房屋銷售毛利率將與第三季相似。此外，我們的房屋銷售毛利率將繼續取決於新房屋需求的強度、抵押貸款利率的變化以及其他市場條件。

In the third quarter, our home-building SG&A expenses increased by 12% from last year. And homebuilding SG&A expense as a percentage of revenues was 7.1%, up 40 basis points from the same quarter in the prior year. Fiscal year to date, home-building SG&A was 7.5% of revenues, up 30 basis points from the same period last year, due primarily to the expansion of our operations, including new markets and an increased community count. We will continue to control our SG&A while ensuring that our platform adequately supports our business.

第三季度，我們的房屋建築銷售、一般及行政開支比去年同期增加了 12%。住宅建築銷售、一般及行政開支佔收入的百分比為 7.1%，比去年同期上升了 40 個基點。本財年迄今為止，房屋建築銷售、一般及行政費用佔收入的 7.5%，比去年同期增長 30 個基點，這主要歸因於我們業務的擴張，包括新市場和社區數量的增加。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。

We started 21,400 homes in the June quarter and ended the quarter with 42,600 homes in inventory, down 3% from a year ago. 26,200 of our homes at June 30 were unsold 8,800 of our total unsold homes were completed, of which 990 had been completed for more than six months. For homes we closed in the third quarter. Our construction cycle times improved slightly from the second quarter, bringing us below our historical average cycle times are faster. Construction and housing turns allow us to manage our homes and inventory more efficiently. We plan to maintain a sufficient starts pace and homes in inventory to meet demand while remaining focused on improving capital efficiency.

我們在六月季度開工了 21,400 套房屋，而本季末庫存房屋數量為 42,600 套，比去年同期下降了 3%。截至 6 月 30 日，我們共有 26,200 套房屋未售出，其中 8,800 套已完工，其中 990 套已完工六個月以上。就住宅而言，我們在第三季完成了交易。我們的施工週期時間較第二季略有改善，低於歷史平均週期時間。建築和住房週轉使我們能夠更有效地管理我們的房屋和庫存。我們計劃保持足夠的開工速度和庫存房屋以滿足需求，同時繼續專注於提高資本效率。

Our homebuilding lot position at June 30 consisted of approximately 630,000 lots, of which 24% were owned and 76% 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 64% were in a lot developed by either forced or third parties. Our capital efficient and flexible lot portfolio is a key to our strong competitive position. Our third quarter home-building investments in lots, land and development totaled $2.5 billion. Our investments this quarter consisted of $1.4 billion for finished lots, $750 million for land development and $340 million for land acquisition.

截至 6 月 30 日，我們的住宅建築地塊持有量約為 63 萬塊，其中 24% 為自有地塊，76% 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地段建造更多的房屋。本季度，我們完成了 64% 的土地開發，這些土地要么是強制開發的，要么是第三方開發的。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。我們在第三季的土地、土地和開發方面的房屋建設投資總額為 25 億美元。本季我們的投資包括 14 億美元用於竣工地塊、7.5 億美元用於土地開發以及 3.4 億美元用於土地收購。

In the third quarter, our rental operations generated $64 million of pretax income on $414 million of revenues from the sale of 790 single-family rental homes and 610 multifamily rental units. We continue to operate a merchant built model in which we construct purpose-built rental communities and sell them to investors. Our rental operations provide synergies to our homebuilding business by enhancing our purchasing scale and providing opportunities for more efficient utilization of trade labor and land parcels.

第三季度，我們的租賃業務透過銷售 790 套單戶租賃房屋和 610 套多戶租賃單元，創造了 4.14 億美元的收入，創造了 6,400 萬美元的稅前收入。我們繼續採用商人建造模式，即建造專門的租賃社區並將其出售給投資者。我們的租賃業務透過擴大我們的採購規模並提供更有效地利用貿易勞動力和土地的機會，為我們的房屋建築業務提供了協同效應。

Our rental property inventory at June 30 was $3.1 billion, which consisted of $1.1 billion of single-family rental properties and $2 billion of multifamily rental properties. We expect our total rental inventory to remain around the current level for the next several quarters.

截至 6 月 30 日，我們的租賃物業庫存為 31 億美元，其中包括 11 億美元的單戶租賃物業和 20 億美元的多戶租賃物業。我們預計未來幾季我們的總租賃庫存將保持在當前水準左右。

Forestar, our majority owned residential lot development company reported revenues of $318 million for the third quarter on 3,255 lots sold with pretax income of $52 million. Forestar's owned and controlled lot position at June 30 was 102,100 lots, 63% of Forestar's owned lots are under contract with or subject to a right of first offer to D.R. Horton. $270 million of the finished lots we purchased in the third quarter were from Forestar. Forestar had approximately $745 million of liquidity at quarter end with a net debt to capital ratio of 18.7%.

我們控股的住宅地塊開發公司 Forestar 報告稱，第三季營收為 3.18 億美元，售出 3,255 塊地塊，稅前收入為 5,200 萬美元。截至 6 月 30 日，Forestar 所擁有及控制的土地數量為 102,100 塊，其中 63% 的土地與 D.R. 簽訂了合約或享有 D.R. 的優先購買權。霍頓。我們在第三季購買的成品地塊中有 2.7 億美元來自 Forestar。季末，Forestar 的流動資金約為 7.45 億美元，淨負債資本比率為 18.7%。

Our strategic relationship with Forestar is a vital component of our returns-focused business model for our homebuilding and rental operations. Forestar, strong separately, capitalized balance sheet, growing operating platform and lot supply positioned them well to capitalize on the shortage of finished lots in the homebuilding industry and to aggregate significant market share over the next several years.

我們與 Forestar 的策略關係是我們以回報為重點的住宅建築和租賃業務業務模式的重要組成部分。Forestar 的獨立實力雄厚，其資產負債表資本充足，營運平台不斷增長，地塊供應充足，這使其能夠充分利用住宅建築行業成品地塊的短缺，並在未來幾年內積累相當大的市場份額。

Financial Services earned $91 million in pretax income in the third quarter on $242 million of revenues resulting in a pretax profit margin of 37.7% during the third 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 78% of our buyers. FHA and VA loans accounted for 56% of the mortgage company's volume. Borrowers originating loans with DHI Mortgage this quarter had an average FICO score of 7.5 and an average loan to value ratio of 88%.

金融服務部門第三季的稅前利潤率為 9,100 萬美元，營收為 2.42 億美元，第三季的稅前利潤率為 37.7%，我們抵押貸款公司的所有貸款發放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 78% 的買家提供融資。FHA 和 VA 貸款佔抵押貸款公司貸款總額的 56%。本季從 DHI Mortgage 發放貸款的借款人的平均 FICO 分數為 7.5，平均貸款價值比率為 88%。

First-time homebuyers represented 57% of the closings handled by our mortgage company this quarter, though 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 have a strong balance sheet with low leverage and significant liquidity, which provides us with the ability to adjust to changing market conditions.

首次購屋者佔本季我們抵押貸款公司處理的成交量的 57%，但我們平衡的資本方法注重嚴謹、靈活和抓住機會，以維持一個能產生持續回報、成長和現金流的營運平台。我們擁有強勁的資產負債表，槓桿率低，流動性強，這使我們能夠適應不斷變化的市場條件。

During the first nine months of the year, our consolidated cash provided by operations were $228 million, and our homebuilding operations provided $972 million of cash. At June 30, we had $5.8 billion of consolidated liquidity, consisting of $3 billion of cash and $2.8 billion of available capacity on our credit facilities. Debt at the end of the quarter totaled $5.7 billion with $500 million of senior notes maturing in October, which we expect to refinance. Our consolidated leverage at June 30 was 18.8%, and we plan to maintain our leverage around or slightly below 20% over the long term.

今年前九個月，我們的綜合經營活動提供的現金為 2.28 億美元，其中房屋建築業務提供的現金為 9.72 億美元。截至 6 月 30 日，我們的綜合流動資金為 58 億美元，其中包括 30 億美元現金和 28 億美元的信貸可用額度。本季末的債務總額為 57 億美元，其中 5 億美元的優先票據將於 10 月到期，我們預計將進行再融資。我們6月30日的綜合槓桿率為18.8%，我們計劃將槓桿率長期維持在20%左右或略低於20%。

At June 30, our stockholders' equity was $24.7 billion and book value per share was $75.32, up 18% from a year ago. For the trailing 12 months ended June 30, our return on equity was 21.5%, and our consolidated return on assets was 14.8%.

截至 6 月 30 日，我們的股東權益為 247 億美元，每股帳面價值為 75.32 美元，比去年同期成長 18%。截至 6 月 30 日的過去 12 個月，我們的股本回報率為 21.5%，綜合資產回報率為 14.8%。

During the quarter, we paid cash dividends of $0.3 per share, totaling $99 million, and our Board has declared a quarterly dividend at the same level to be paid in August. We repurchased 3 million shares of common stock for $441 million during the quarter. Our fiscal year to date, stock repurchases through June increased by over 60% from the same period last year to $1.2 billion, which reduced our outstanding share count by 3% from a year ago. Based on our strong financial position and expectation for increased cash flows, our Board recently approved a new share repurchase authorization totaling $4 billion.

在本季度，我們支付了每股 0.3 美元的現金股息，總計 9,900 萬美元，而我們的董事會已宣布將於 8 月份支付相同水準的季度股息。我們在本季回購了 300 萬股普通股，價值 4.41 億美元。本財年截至目前，截至 6 月的股票回購額較去年同期成長了 60% 以上，達到 12 億美元，這使我們的流通股數量較去年同期減少了 3%。基於我們強勁的財務狀況和對現金流增加的預期，我們的董事會最近批准了總額為 40 億美元的新股票回購授權。

For the fourth quarter we currently expect to generate consolidated revenues of $10 billion to $10.4 billion and homes closed by our homebuilding operations to be in the range of 24,000 to 24,500 homes. We expect our home sales gross margin in the fourth quarter to be around 24%. And homebuilding SG&A as a percentage of revenues to be approximately 7%. We anticipate a financial services pretax profit margin of around 35% in the fourth quarter, and we expect our quarterly income tax rate to be approximately 24% to 24.3%.

我們目前預計第四季度的綜合收入將達到 100 億美元至 104 億美元，而我們房屋建築業務的完工房屋數量將達到 24,000 至 24,500 套。我們預計第四季房屋銷售毛利率約為24%。住宅建築銷售、一般及行政費用佔收入的百分比約為 7%。我們預期第四季金融服務稅前利潤率約為35%，我們預期季度所得稅率約為24%至24.3%。

For the full year of fiscal 2024 we now expect to generate consolidated revenues of $36.8 billion to $37.2 billion and expect homes closed by our homebuilding operations to be in the range of 90,000 to 90,500 homes. We continue to expect to generate approximately $3 billion of cash flow from our homebuilding operations in fiscal 2024.

我們目前預計 2024 財年全年的綜合收入將達到 368 億美元至 372 億美元，並且預計我們的房屋建築業務完成的房屋數量將在 90,000 至 90,500 套之間。我們繼續預計 2024 財年將從我們的房屋建築業務中產生約 30 億美元的現金流。

Finally, we now plan to repurchase approximately $1.8 billion of our common stock for the full year. In addition to annual dividend payments of around $400 million, we plan to provide guidance for fiscal 2025 in October when we report our fourth quarter earnings and after we've completed our annual budgeting process with our operators. We expect to be positioned to increase our market share further next year. We also expect to generate increased cash flow from operations in fiscal 2025, which we plan to utilize to increase our returns to shareholders through proportionately higher share repurchases and dividends.

最後，我們現在計劃全年回購約 18 億美元的普通股。除了每年約 4 億美元的股息支付外，我們還計劃在 10 月報告第四季度收益並與營運商完成年度預算流程後提供 2025 財年的指引。我們預計明年我們的市場份額將進一步增加。我們也預期 2025 財年的經營現金流將會增加，我們計劃利用這些現金流透過相應增加的股票回購和股利來增加股東回報。

In closing, our results and position reflect our experienced teams, industry-leading market share, broad geographic footprint and focus on affordable product offerings. All of these are key components of our operating platform to sustain our ability to produce consistent returns growth and cash flow while continuing to aggregate market share. We have significant financial flexibility and we plan to maintain our disciplined approach to capital allocation by providing consistently high returns to our shareholders to enhance the long-term value of our company.

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以及對經濟實惠產品的關注。所有這些都是我們營運平台的關鍵組成部分，以維持我們產生持續的回報成長和現金流的能力，同時繼續累積市場份額。我們具有很大的財務靈活性，我們計劃透過向股東提供持續的高回報來保持嚴謹的資本配置方式，從而提高公司的長期價值。

Thank you to the entire D.R. Horton, family of employees, land developers, trade partners, vendors and real estate agents for your continued efforts and hard work.

感謝全體 D.R. 大家。霍頓、員工家人、土地開發商、貿易夥伴、供應商和房地產經紀人，感謝你們持續的努力和辛勤工作。

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。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Joshua Chan, UBS.

瑞銀 (UBS) 的 Joshua Chan。

Morning, guys. Thanks for taking my questions. The first one is your absorptions were somewhat worse than normal seasonality would suggest. I know there's been some noise in normal seasonality over the past few years, but margin was 50 basis points above the high end of your outlook at 24%. So I guess the question is, did you guys focus more on profitability per home versus maintaining the sales pace maybe as rates rose in April and along those lines, absorptions tend to decline in, call it 15%, maybe a little bit more percent quarter over quarter in the fourth quarter. How are you thinking about kind of the seasonality in the fourth quarter?

早安，大家。感謝您回答我的問題。第一個是你的吸收情況比正常季節性所顯示的要差一些。我知道過去幾年的正常季節性因素造成了一些幹擾，但利潤率比您預期的 24% 的高點高出 50 個基點。所以我想問題是，你們是否更關注每套房屋的盈利能力，而不是維持銷售速度，也許因為 4 月份利率上升了，並且按照這種思路，吸收量往往會下降，比如說 15%，第四季度的環比下降幅度可能還要大一點。您如何看待第四季的季節性？

Yes, John, we continue to balance price and pace to drive the returns that we're looking for a community-by-community. We saw choppiness through the quarter and demand as you saw fluctuation in interest rates, and we responded accordingly. And we did did maintain incentives, but didn't lean in too hard. And I think that's where you saw the result in the overall sales pace, but still feel good about our position about the backlog we have and the opportunity to perform on our guidance for the full year.

是的，約翰，我們將繼續平衡價格和速度，以推動我們每個社區所尋求的回報。正如利率波動一樣，我們看到了本季的波動和需求的波動，我們也做出了相應的反應。我們確實保持了激勵措施，但並沒有過度傾斜。我認為這就是您看到的整體銷售速度的結果，但仍然對我們的積壓訂單狀況以及實現全年預期的機會感到滿意。

Got it. Now is a good outcome. And then maybe next question is in the Southeast which you obviously encompasses Florida and South Central, which is Texas and its orders were a little bit lighter than what we were looking for. And I think when we spoke in the quarter, Paul, it seemed that the pickup in existing home inventory in those markets was characterized as more of a normalization than a clot. And I think the thought was that the age of the existing housing stock and the price points just weren't that competitive with the HS. product. How are you thinking about existing home inventory in those two markets specifically today and did higher inventory negatively impact the orders in the quarter?

知道了。現在是一個好的結果。然後下一個問題可能是在東南部，顯然包括佛羅裡達州和中南部地區，也就是德克薩斯州，那裡的訂單比我們預期的要少一些。保羅，我認為當我們在本季度進行談話時，這些市場現有房屋庫存的回升似乎被描述為一種正常化，而不是凝結。我認為現有房屋存量的年齡和價格點與 HS 相比沒有那麼具競爭力。產品。您如何看待目前這兩個市場的現有房屋庫存？

Thank you.

謝謝。

I think similar to what we've seen last quarter and through today, yes, inventory continues to increase not just in Florida but across the markets. But we still feel good about our competitive advantage, especially in the price points that we operate in and with the incentive package and opportunity with being able to be flexible in rates. And so, you know, I don't think that, you know, some of the flatness in sales that you saw across those regions was significantly impacted by increase in inventory, and we still feel good about the demand just not as vibrant as it was in prior quarters.

我認為與我們上個季度以及今天看到的情況類似，是的，庫存不僅在佛羅裡達州持續增加，而且在整個市場也是如此。但我們仍然對我們的競爭優勢感到滿意，特別是在我們營運的價格點以及激勵方案和能夠靈活調整價格的機會方面。因此，您知道，我不認為這些地區的銷售持平是由於庫存增加而受到的顯著影響，我們仍然對需求感到樂觀，只是不像前幾季那麼活躍。

Thank you, guys.

謝謝你們。

Carl Reichardt from BTIG.

BTIG 的 Carl Reichardt。

Thanks morning everybody, once again for me, as I expressed to you all privately, I have my condolences on the dearest passing, I'm really very sorry for your loss and the industry's too. So about that said, John took one of my questions, but I wanted to ask about intra-quarter sales and closings, I think it was over 50% last quarter. I'm curious what it is this quarter and given that you're back to really normalized cycle times and you've got a good amount of inventory heading into Q4 and into next year.

謝謝大家早安，再次感謝我，正如我私下向大家表達的那樣，我對最親愛的人的去世表示哀悼，我對你們的損失以及整個行業的損失感到非常抱歉。關於這一點，約翰回答了我的一個問題，但我想問季度內銷售和收盤情況，我認為上個季度超過了 50%。我很好奇本季的情況如何，鑑於你們已經恢復到真正正常的周期時間，並且在第四季和明年你們有大量庫存。

What's your guess sort of long term is to sort of the sales closings, inter-quarter levels going to be on a go-forward basis.

您猜測長期的銷售成交額、季度間水準將會如何？

I think we've seen with the volatile interest rate environment as choppy choppy traffic patterns when rates move, the traffic patterns are impacted. And we saw that through the quarter. I think we ended the quarter with better traffic patterns, better demand and felt that coming into July. We would also see is that people are trying to have interest rate certainty when they're buying a home. And so homes that are closer to completion are more attractive because they can get into a better interest rate that we can help them with on our builder Forward program.

我認為，我們已經看到，在動盪的利率環境下，當利率變動時，交通模式會受到影響，交通模式也會受到影響。我們在本季看到了這一點。我認為我們以更好的交通模式和更好的需求結束了本季度，並且在進入七月時也感受到了這一點。我們還發現，人們在購買房屋時試圖獲得確定的利率。因此，接近完工的房屋更有吸引力，因為他們可以獲得更優惠的利率，我們可以透過「建築商前進」計畫為他們提供幫助。

And at the same time, that means we're buying a little bit later. And so we're seeing a high level of homes sold and closed in the same quarter, we're focused on the storage space to drive a closings number and the sales are going to occur between those two things.

同時，這意味著我們的購買時間會晚一些。因此，我們看到同一季度房屋銷售和成交量都很高，我們專注於儲存空間來推動成交量，銷售將發生在這兩件事之間。

Okay. And then one of the elements you guys have talked about in the past, I think it's still in your deck. Is this idea of getting your cash in and out of land deals in 24-months. And I'm kind of curious, as you're looking at deals going forward here, obviously, we've seen entitlements lot development times take longer and longer. Is that still realistic to expect that as you underwrite, you're going to see that.

好的。然後你們過去談到的一個元素，我認為它仍然在你們的牌組中。這是在 24 個月內從土地交易中獲得和收回現金的想法嗎？我有點好奇，當你看到這裡的交易進度時，顯然，我們已經看到很多授權開發時間越來越長。當您承保時，您會看到這一點，這仍然是現實的嗎？

And maybe what percentage of your current communities right now have hit that, that goal of getting your cash in and out within 24 months of those transactions?

也許目前您所在的社區中有多少比例已經實現了這一目標，即在交易完成後 24 個月內收到和支付現金？

Thanks.

謝謝。

Yes Carl. Yes, that has been a standard of us on underwriting for several years and we intend to hold to that. We really aren't looking to own that land until it's shovel ready. So although the entitlement may take longer, we are positioning ourselves in expectation of that time so that we can have properties under contract by end or a third party development partners involved to help. And so the more lots that we have more homes that we're building on lots that were developed by a third party developer makes it easier for us to maintain that 24 month cashback. So we don't always hit it. We'd love to say we do, but reality sets in sometimes, but it's absolutely an underwriting standard that we intend to hold onto.

是的，卡爾。是的，這是我們幾年來承保的標準，我們打算堅持這個標準。在土地動工之前，我們確實不想擁有它。因此，儘管獲得授權可能需要更長時間，但我們已經做好了準備，以便最終獲得合約項下的財產，或者有第三方開發合作夥伴參與進來提供幫助。因此，我們擁有的土地越多，在由第三方開發商開發的土地上建造的房屋就越多，這讓我們更容易維持 24 個月的現金回饋。所以我們並不總是能夠擊中它。我們很想說我們會這樣做，但有時現實會這樣，但這絕對是我們打算堅持的承保標準。

Appreciate it, guys. Thanks.

感謝你們，夥計們。謝謝。

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

Thanks very much, guys. I'll let me also echo what Carl Carl sentiments. You know about D an are really a great man and it was a it was a real pleasure to work with them all these years.

非常感謝大家。我也想附和卡爾卡爾的觀點。你知道 D an 真的是一位偉大的人，這些年來和他們一起工作真的很愉快。

I do want to ask about your cash flow commentary, which I found very encouraging, both in terms of the remaining quarter, you have this year. And then also your estimations about next year, I think you said you were looking to increase you expected or hoped to increase free cash flow next year. And obviously, deploy that maybe more towards repurchases and dividends.

我確實想問一下您的現金流評論，我發現這非常令人鼓舞，無論是就今年剩餘的季度而言。還有您對明年的估計，我想您說過您希望增加預期或希望明年增加自由現金流。顯然，這些資金可能會更多地用於回購和股息。

So just leaning into that a little bit more. Your guidance has typically been around homebuilding operating cash flow, where rental and Forestar you don't have kind of been some offsets to that. And so your consolidated free cash flow obviously being a little lower than your or meaningfully lower than your homebuilding cash flow.

因此，只需稍微傾向這一點即可。您的指導通常圍繞住宅建築經營現金流，而租賃和 Forestar 對此沒有做出一些抵消。因此，您的合併自由現金流顯然比您的房屋建築現金流略低或明顯低於您的房屋建築現金流。

But you said, I think I heard you right that the rental inventory is going to remain consistent going forward. So does that mean that going forward, your homebuilding operating cash flow is going to be much, much closer to your consolidated. And when you talk about hoping to increase your free cash flow, are you talking homebuilding, are you talking or can we say now that's pretty much consolidated free cash flow increasing next year.

但是您說，我想我聽到的沒錯，租賃庫存未來將保持一致。那麼，這是否意味著，未來您的房屋建築營業現金流將會更接近您的合併現金流？當您談到希望增加自由現金流時，您是在談論房屋建築嗎？

Thanks, Steve. Thanks for asking this question. This helps us clarify this. Yes, we are talking about consolidated cash flow and going forward into fiscal '25, we would anticipate any future guidance that we provide on cash flow will be based on on a consolidated basis, with our rental inventory now flattening out stabilizing within a range around the current level, we would anticipate that our consolidated cash flow will be much nearer to the homebuilding cash flow level. There won't be as much of an offset from homebuilding cash flow from from rental.

謝謝，史蒂夫。感謝您提出這個問題。這有助於我們澄清這一點。是的，我們正在談論合併現金流，進入25財年，我們預計我們提供的任何未來現金流指導都將基於合併基礎，我們的租賃庫存現在趨於穩定在當前水平的範圍內，我們預計我們的合併現金流將更接近房屋建築現金流水平。來自租金的房屋建築現金流不會有太大的抵銷。

Forestar is consolidated in our financials. We would expect them to continue to use cash flow. But just as a reminder, they're totally separately capitalized. So it really doesn't impact the cash flow we have available to utilize for shareholder returns. But with the sharp improvement in our cycle times this past year, our inventory turns have improved. We expect the improvement to continue into next year. So the efficiency in our homebuilding operation is improving and therefore, the cash flow generation from our income should continue to improve with stabilization and rental.

Forestar 已併入我們的財務報表中。我們預計他們將繼續使用現金流。但需要提醒的是，它們是完全單獨大寫的。所以它其實並不影響我們可用於股東回報的現金流。但隨著去年我們週期時間的大幅改善，我們的庫存週轉率也得到了改善。我們預計這種改善將持續到明年。因此，我們的房屋建築業務效率正在提高，因此，隨著穩定和租金的提高，我們收入產生的現金流應該會繼續改善。

We do expect an increased level of consolidated cash flow next year, and then that's reflected in the increased share repurchase authorization that our Board authorized that will be utilizing going forward as we expect to see proportionately higher share repurchases and dividends being paid out of that cash flow.

我們確實預計明年合併現金流量水準會增加，而這也反映在董事會批准的增加的股票回購授權中，我們將繼續利用這項授權，因為我們預計從該現金流中支付的股票回購和股利將相應增加。

Well, that all sounds pretty great. So thanks for that. That does also segue very nicely to my next question, which relates to your levels of spec inventory and backlog turns that we can expect . Your guidance for the fourth quarter closings implies a fairly high level of backlog turnover. And I'm wondering if you can give us a sense for what is a comfortable level of backlog turn that we can expect going forward is what we're seeing this year kind of what can we expect kind of a similar level on a going forward basis.

嗯，聽起來很棒。非常感謝。這也很好地引出了我的下一個問題，即我們可以預期的規格庫存和積壓週轉率。您對第四季度收盤的指導意味著相當高的積壓訂單週轉率。我想知道您是否可以告訴我們，未來我們可以預期的舒適積壓水平是多少，以及我們今年看到的積壓水平是多少，未來我們可以預期類似的水平是多少。

And tied to that, your spec inventory, I think you're running at like 26 total specs per community. Actually you don't report community -- let me put it this way. Whatever your spec levels are per community where they are today, is that about what we can expect on a go forward basis, both on a total basis and on a finished basis? Or if you can give us some color there on terms of what is a target range for finished specs and normal specs and backlog turnover ratio?

與此相關，您的規格庫存，我認為每個社區總共有 26 個規格。實際上你並不報告社群——讓我這樣說吧。無論目前每個社群的規格水準是多少，這是否是我們在未來可以預期的，包括總體和完成度？或者您能否向我們詳細說明成品規格、正常規格和積壓週轉率的目標範圍是多少？

Sure. That was a lot to unpack for you, but I'll do my best to answer all of your questions. So on the latter part, there really is no global expectation for number of specs. We run the business, as you know, community by community. And so our operators are adjusting based on their sales environment and in each individual community in terms of what they're starting and how many specs they're going to carry based on their sales run rate that they're experiencing. And so they can adjust very quickly to current market conditions in terms of either slowing down or speeding up, assuming we have the finished lot position to do so.

當然。這對你來說可能有很多問題需要解答，但我會盡力回答你的所有問題。因此，就後者而言，全球對於規格數量確實沒有什麼期望。如您所知，我們是透過社區來經營業務的。因此，我們的營運商會根據他們的銷售環境和每個社區的情況進行調整，包括他們開始做什麼以及根據他們所經歷的銷售運行率要攜帶多少規格。因此，他們可以非常迅速地根據當前的市場狀況進行調整，無論是放慢速度還是加快速度，假設我們已經做好了這樣的準備。

And so that kind of just roll that from a bottoms up perspective, we're very comfortable with where we are today is I think Paul's remarks on the call said we're selling homes still later in construction and to one of Mike's earlier points that we buyers want a certainty of close. And so the 60 to 90 days of being able to lock the rate, we're very comfortable with our completed spec position today, and it is allowing us to run at much higher backlog conversion rates than we have historically.

因此，從自下而上的角度來看，我們對今天的狀況感到非常滿意，我認為保羅在電話會議上說，我們出售的房屋仍處於建設後期，而邁克之前提到的一點是，我們買家希望確定成交。因此，在 60 到 90 天內能夠鎖定利率，我們對今天完成的規格情況非常滿意，這使我們能夠以比歷史上高得多的積壓轉換率運行。

We don't really focus on backlog conversion. We focus on turning our houses and not running with an excess supply of completed specs that have been sitting for an extended period of time unsold. And so that's really our focus is on continuing to turn our houses faster. And as long as those completed specs aren't age for an extended period of time. We're very comfortable running with the levels we're at today.

我們實際上並不關注積壓轉換。我們專注於翻新我們的房屋，而不是儲存大量已完工並長期未售出的房屋。所以我們的重點確實是繼續更快地改造我們的房屋。只要這些完成的規格不會長期過時。我們對目前所處的水平感到非常滿意。

Okay, that's helpful. Thanks very much, guys.

好的，這很有幫助。非常感謝大家。

Mike Rehaut from JPMorgan.

摩根大通的 Mike Rehaut。

Great, thanks. Good morning, everyone. And I also wanted to express my condolences on the loss of D.R's, obviously a great leader and visionary for the industry, and he will be sorely missed.

非常好，謝謝。大家早安。我還想對 D.R 的去世表示哀悼，他顯然是這個行業的偉大領導者和遠見卓識者，我們會非常想念他的。

I wanted to start off my first question, just on some of the comments you made around. I think earlier you said there was some choppiness during the quarter, obviously with rates earlier in the quarter being a little higher. At the same time, you talked about incentives maybe being a little less, then you expected and that drove the gross margin upside. I was just kind of curious as rates maybe subsided a little bit or came down, perhaps to the lower end of their range that we've seen in the last three, four, five months.

我想開始我的第一個問題，只是針對您提出的一些評論。我記得您之前說過本季出現了一些波動，顯然本季早些時候的利率略高。同時，您談到激勵措施可能比您預期的要少一些，這推動了毛利率的上升。我只是有點好奇，因為利率可能有所下降，或許降至過去三、四、五個月所見區間的低端。

If any of that choppiness has subsided. And, you know, it appears that maybe incentives are similar as you see them going in from 4Q versus 3Q, but if it's had any impact on either incentives or just more broadly demand trends as those rates have come in a little bit in the last month or so.

如果任何波動已經消退。您知道，看起來激勵措施可能與第 4 季和第 3 季的激勵措施類似，但如果它對激勵措施或更廣泛的需求趨勢產生任何影響，因為這些利率在過去一個月左右有所上升。

Obviously any pullback in rates we would call beneficial and we would expect to have some relief on the incentive front as incentives are able to be reduced or at least the cost of the incentive that we're offering and that we are still balancing that with just overall affordability issues in the market today. And we do continue to experience higher loss costs, which is why our guide for Q4 would be a relatively flat gross margin because even if we do have the ability to pull back on incentive costs to some extent. And we do have cost pressures, particularly on the loss side.

顯然，我們認為任何利率回落都是有益的，並且我們預計激勵措施方面會得到一些緩解，因為激勵措施可以減少，或者至少是我們提供激勵措施的成本可以降低，而且我們仍在平衡目前市場整體的負擔能力問題。而且我們確實繼續經歷更高的損失成本，這就是為什麼我們對第四季度的指導是相對平穩的毛利率，因為即使我們確實有能力在一定程度上削減激勵成本。我們確實面臨成本壓力，特別是在損失方面。

Okay. No, that's that's that's helpful. Makes sense. And also maybe just along this line of questioning. On your prepared remarks, you highlighted that you reduced prices and sizes of homes to a degree over. And I don't know if that was specific to the quarter or just more broadly over the last several quarters, but would love to get a little more clarity around that.

好的。不，那是有幫助的。有道理。也可能只是沿著這個思路提問。在您準備好的發言中，您強調您在一定程度上降低了房屋價格和麵積。我不知道這是否特定於本季度，還是只是過去幾季的普遍現象，但我希望對此有更清晰的了解。

Comment and you'll make maybe just more broadly, obviously we can see the closing ASP. and them your backlog ASP. But just kind of curious, obviously, there's mix that, that that impacts those numbers maybe just give us a sense of percent of homes that you've either lowered or reduced prices. And by how much. By contrast, if there's been some percent of homes or communities that we've raised, prices or sizes and how to think about the ASP for the business going forward into '25?

評論也許會更廣泛，顯然我們可以看到收盤的 ASP。以及您的積壓 ASP。但只是有點好奇，顯然存在著混合因素，這些因素會影響這些數字，也許只是讓我們了解一下降低或削減價格的房屋的百分比。以及減少多少。相較之下，如果我們已經提高了一定比例的房屋或社區的價格或規模，那麼如何考慮 25 年未來業務的 ASP？

Alot a lot there in that question. So in total, our average house sale house size is down about 2% and from a year ago and about flat sequentially. And you're right that is a mix reflection of what our operators are choosing to start in a given community and the communities that they're planning to come online. And we might be moving to a few more townhome communities to meet affordability targets for a given submarket, with regard to price increases or price decreases you have that's occurring very much week to week at a community level by our operators as they're gauging their market demand, their inventory conditions and their future log supply.

這個問題包含很多內容。因此，總體而言，我們的平均房屋銷售面積比一年前下降了約 2％，與上一季持平。您說得對，這反映了我們的運營商選擇在特定社區中啟動的業務以及他們計劃上線的社區的情況。我們可能會轉移到更多的聯排別墅社區，以滿足特定子市場的可負擔性目標，至於價格上漲或下跌，我們的營運商在社區層面每週都會發生這種情況，因為他們在衡量市場需求、庫存狀況和未來的原木供應。

So we feel really good about those teams making the right decision and we really don't aggregate up and say we had working in the communities like a price increase, 20% of decrease, every else was flat. And we just don't look at those numbers that I mean at a high level here, we tend to look at are we turning our housing inventory and are we driving returns community by community? The best we can.

因此，我們對這些團隊所做的正確決策感到非常滿意，我們確實沒有匯總起來說我們在社區中所做的工作，例如價格上漲，下降 20%，而其他一切都持平。我們不僅僅關注這些高層次的數字，我們傾向於關注我們是否正在轉化我們的房屋庫存，以及我們是否在逐個社區地推動回報？盡我們所能。

Great. Thanks a lot.

偉大的。多謝。

Matthew Bouley from Barclays.

巴克萊銀行的 Matthew Bouley。

Good morning, everyone. Thanks for taking the questions. I wanted to go back to the comments around finished spec. I think you were clear that that you're intentionally selling homes later in the construction cycle for a lot of obvious reasons. But obviously, the number of expected rise sequentially, your starts did come down sequentially. I'm trying to understand if there is any kind of signal we should take from that around sort of the state of demand, with finished spec being higher, is there an implication how we should think about margins going forward?

大家早安。感謝您回答這些問題。我想回到有關完成規範的評論。我想您很清楚，由於許多顯而易見的原因，您有意在建築週期後期出售房屋。但顯然，預期數字是連續上升的，而你的開局卻連續下降。我想了解的是，我們是否應該從需求狀況中獲得任何訊號，隨著成品規格的提高，這是否意味著我們應該如何考慮未來的利潤率？

To the extent you have to clear some of that with either incentives or price?

您是否必須透過激勵或價格來解決其中的一些問題？

Yes, Matthew, I think that some of that what you've seen us increase in completed specs is we have seen a consistent improvement in our cycle times so those homes are moving through the construction at a faster pace, which means they're reaching completion sooner. So even though we may still be selling those homes later in the construction process. It now allows us to sell them in with a with a closer certainty. So we'll cycle through that. We don't worry a lot about, you know, how many of them exactly as a percentage are completed.

是的，馬修，我認為您所看到我們完成的規格有所增加，是因為我們的週期時間持續縮短，因此這些房屋的施工速度更快，這意味著它們可以更快地完工。因此，即使在建設後期我們可能仍會出售這些房屋。現在我們可以更有把握地銷售它們了。所以我們會循環進行。您知道，我們並不太擔心其中究竟有多少完成了。

As Jessica pointed out earlier, it's more focused on are they sitting once they reach completion, so as they age and that tends to be an indicator that we've seen slower absorption or demand community-by-community. So we're focused on maintaining housing inventory levels that we need in each community, and we're going to moderate that and I will starts either increase or pull back based on demand, assuming we have lots in front of us that we need to continue the pace that they were looking for. We're very comfortable with the housing inventory that we have. We don't have a buildup of aged inventory and feel good about that going into the fourth quarter.

正如傑西卡之前指出的那樣，我們更關注的是他們在完成學業後是否會繼續學習，以及他們是否會隨著年齡的增長而變化，這往往表明我們看到各個社區的吸收速度或需求都在下降。因此，我們專注於維持每個社區所需的住房庫存水平，我們將對此進行調節，我將根據需求開始增加或減少，假設我們面前有很多事情需要繼續保持他們所期望的速度。我們對現有的房屋庫存非常滿意。我們沒有積壓的庫存，並且對第四季度的情況感到滿意。

Got it. Okay. That's very clear, Paul. Thanks for that. Secondly, I noticed you mentioned earlier in the quarter that stick and brick were down, costs were down sequentially on a per square foot basis. I'm curious as we think about that fourth quarter margin guide of but flat sequentially, I mean, is the expectation that stick and brick is continuing to come down further into the next quarter? And I guess what specifically in terms of construction costs, are you actually able to press down on that?

知道了。好的。這非常清楚，保羅。謝謝。其次，我注意到您在本季早些時候提到，木製品和磚塊的價格下降，每平方英尺的成本也隨之下降。我很好奇，當我們想到第四季的利潤率指引但環比持平時，我的意思是，是否預計木製品和磚塊的利潤率會在下個季度繼續下降？我想問一下，具體從建築成本方面來說，你們實際上能夠降低成本嗎？

I think we're looking for effectively plastic and break costs. We've gotten a lot of the tailwind out of the lumber price decreases coming through. And I think we're coming to a more consistent level there. The balance of our of our stick and brick costs, we're probably seeing some pressing for increases. Some that are we're able to make some progress with them in various markets. It starts and pulled back. People come looking for work and maybe a little bit sharper pencil coming in trying to get the next neighborhood and the next phase of starts.

我認為我們正在尋找有效的塑膠和斷裂成本。木材價格的下降給我們帶來了很大的推動力。我認為我們正在達到更一致的水平。我們的木棍和磚塊成本的平衡，我們可能會看到一些成長的壓力。我們能夠在各個市場與他們取得一些進展。它啟動後又拉回來。人們來這裡尋找工作，也許會有一些更敏銳的洞察力，試圖找到下一個社群並開始下一階段的工作。

And so we expect some plastic and break, we'll probably see an escalation in a lot of cost going forward in the fourth quarter. And then the ultimate margin is going to determine based upon what the concession levels are like in the fourth quarter. And since a significant portion of our closings in the fourth quarter will be sold in that quarter, north of 40%, and that will heavily drives the ultimate margin. So we felt very comfortable looking at a flat margin environment from Q3 to Q4.

因此，我們預計，第四季度，一些塑膠和破損的成本可能會大幅上升。然後，最終的利潤率將根據第四季度的優惠水平來確定。由於我們第四季度成交的很大一部分將在該季度售出，超過 40%，這將極大地影響最終的利潤率。因此，我們對第三季至第四季平穩的利潤環境感到非常滿意。

Thanks, everyone. Good luck.

謝謝大家。祝你好運。

Alan S. Ratner - Zelman & Associates LLC

Alan S. Ratner - Zelman & Associates LLC

Hey, guys. Good morning. And I also share my condolences to you and D.R's family on his passing in the quarter. And so thank you for all the great intro. So far, we've heard from some other builders and also just other consumer facing companies about some deterioration, I guess, in the credit quality of the consumer recently over the last handful of months have seen savings rates on the decline. You guys are done a fantastic job keeping your price point low when you walk through all the drivers of that.

嘿，大家好。早安.我也對您和 D.R 的家人在本季度的去世表示哀悼。非常感謝你們的精彩介紹。到目前為止，我們從一些其他建築商以及其他面向消費者的公司那裡聽說，我認為最近幾個月消費者的信用品質有所惡化，儲蓄率有所下降。當你們了解了所有驅動因素後，你們在保持價格低廉方面做得非常出色。

But I'm just curious if you can provide some insight into what you are seeing from the consumer today in terms of their ability to qualify funds for down payments and your credit card debt et cetera, any color there would be great.

但我只是好奇，您是否可以提供一些見解，說明目前消費者在支付首付和信用卡債務等方面的資金能力，任何顏色都很好。

[Credit Card] rate still being around 18%, we feel very comfortable about the buyers that are making the rand or sales offices and their ability to qualify a historical cancellation rate for us would be high 10s to low 20s. And so we're at the low end actually have a comfortable cancellation rate on what we closed this quarter, very strong cycle at [725], I think for the second quarter consistently. And the only noticeable difference in terms of the buyers that we're ultimately selling and closing to is that their average income has, of course, unfortunately, had to continue to rise because of the interest rate environment today. So on a household income basis, where we were at roughly I think it was the first quarter. It rounded up to $100,000 $99.9 and is the average household income on the buyers who utilize our mortgage company and closed in a home in the third quarter.

[信用卡]利率仍然在 18% 左右，我們對那些支付蘭特的買家或銷售辦事處感到非常放心，他們能夠為我們確定歷史取消率，大概在 10% 多到 20% 多一點。因此，我們本季的訂單取消率實際上處於較低水平，週期非常強勁，達到 [725]，我認為第二季的訂單取消率將持續保持在這一水平。就我們最終銷售和成交的買家而言，唯一明顯的區別是，由於當今的利率環境，他們的平均收入當然不幸必須繼續上漲。因此，從家庭收入角度來看，我們大致處於第一季。它四捨五入為 100,000 美元 99.9 美元，這是利用我們的抵押貸款公司並在第三季度購買房屋的買家的平均家庭收入。

And so that's really the only noticeable difference is the buyers coming into our sales offices today do have to have higher income to be able to qualify. And but in terms of what we're selling and closing no noticeable deterioration in those credit metrics, everything has been very stable.

因此，唯一明顯的區別是今天來到我們銷售辦事處的買家必須有更高的收入才有資格。但就我們的銷售和成交情況而言，這些信用指標並沒有明顯惡化，一切都非常穩定。

That's great to hear. Appreciate that, Jessica. And secondly, a really positive commentary on the cash flow and capital allocation. I think that that's going to certainly excite investors, if I look at your last several years, you've been buying back around 3% of your shares each year or at least reducing your share count by that amount. Some other builders have been a bit higher than that. It certainly sounds like you're looking to take that a bit higher. Is there a target you could give us just to think about where that can go on an annualized basis could be to be in the kind of mid to high single digit range. And I know you have the authorization in place, but doesn't really give us a lot of insight into kind of what timing you expect to utilize that?

我很高興聽到這個消息。非常感謝，傑西卡。其次，對現金流量和資本配置的評估非常正面。我認為這肯定會讓投資者興奮，如果我回顧過去幾年，你會發現，你每年都會回購大約 3% 的股份，或至少減少同等數量的股份。其他一些建築商的價格略高於此。聽起來你確實想把它提高一點。您能為我們設定一個目標嗎？我知道您已經獲得了授權，但是您並沒有真正告訴我們您預計在什麼時候利用授權？

You know, yes, it does not have an expiration date of our last authorization was was issued in our first quarter, so that one lasted about nine months. Typically they've been in the 12 month range, but but we're not providing specific cash flow or repurchase guidance for '25 as of yet.

你知道，是的，它沒有到期日，我們上一次授權是在第一季頒發的，所以那次授權持續了大約九個月。通常它們都在 12 個月的範圍內，但是到目前為止，我們還沒有提供 25 年的具體現金流或回購指引。

As we just commented, we want to go through our budgeting process before we provide that specific guidance. But we do expect that as cash flow does provide a significant increase next year, we will increase our repurchases and dividends proportionately to that.

正如我們剛才所說，我們希望在提供具體指導之前先完成預算流程。但我們確實預計，由於明年現金流確實會大幅增加，我們將相應增加回購和股利。

So we do expect it to be a meaningful step up in the level of repurchases and the reduction in share count will be a function of really where our share prices as well in combination with that, because we're allocating dollars and ultimately we will we will be in the market. We'll repurchase shares that we're able to get with those dollars, but would expect the reduction in share count to be greater next year. Than it than it has been the last few years.

因此，我們確實預期回購水準將有一個有意義的提升，而股票數量的減少將取決於我們的股價，因為我們正在分配美元，最終我們將進入市場。我們將用這些資金回購能夠買到的股票，但預計明年股票數量的減少會更大。比起過去幾年來說，情況更是如此。

Understood, appreciate. Thanks a lot.

明白了，欣賞。多謝。

Eric Bosshard from Cleveland Research.

克利夫蘭研究公司的 Eric Bosshard。

Thanks. Two things. First of all, that to circle back to the choppiness on demand relative to the movement in rates, I'm just curious how much of the orders now are using a rate buy-down. And I guess I would have thought with the rate buydown prevalence there'd be less visibility and influence on consumers as a result of that. Can you just help me understand that a little bit better.

謝謝。兩件事。首先，回到相對於利率變動的需求波動問題，我只是好奇現在有多少訂單使用了利率下調。我原本以為，隨著利率買斷的盛行，對消費者的可見度和影響力會降低。你能幫助我更好地理解這一點嗎？

Yes. And we actually saw a slight tick-up in the number of buyers getting the permanent rate buydown, which is the vast majority of what we're offering in the market today of the buyers that utilized our mortgage company. It was roughly 77%. I think that translates to about 60% of the overall business give or take. And that was up slightly from the second quarter and it was up more significantly from from a year ago.

是的。我們實際上看到獲得永久利率買斷的買家數量略有上升，這佔了目前我們向市場上利用我們的抵押貸款公司的買家提供的服務的絕大多數。大約是 77%。我認為這大約占到整體業務的 60% 左右。這比第二季度略有上升，比去年同期上升更為顯著。

I think there's a lot of noise in the marketplace when rates are moving and rates are moving up. And that affects, I think, our prospective buyer behavior as to whether or not they're even going to come into the sales office and talk to us once they come into the sales office and they understand what's available to them, they might have had an expectation that I had to make a 7% mortgage rate work in my budget and they come in and we're able to put them in something different at a different monthly payment.

我認為當利率變動以及利率上升時，市場上會出現很多噪音。我認為這會影響我們潛在買家的行為，他們是否會來到銷售辦公室與我們交談，一旦他們來到銷售辦公室並了解他們可以買到什麼，他們可能會期望我必須在我的預算範圍內提供 7% 的抵押貸款利率，然後他們進來，我們可以以不同的月供為他們提供不同的服務。

It opens our eyes up quite a bit to what's possible. And so they struggle becomes the traffic patterns. If we get we get the traffic, we're pretty good conversion. But sometimes all the headline noise around interest rates can depress the traffic?

它讓我們開闊了眼界，看到了許多可能的事情。所以他們努力改變交通模式。如果我們獲得了流量，我們的轉換率就相當不錯。但有時有關利率的所有頭條新聞都會抑制流量，對嗎？

And then secondly, if Florida has been an important and successful market, it sounds like it continues to be both. I'm curious if you could just dig a little bit more into for us what's going on there in terms of traffic and price sensitivity and what you're doing or what your communities there are doing in response to that to position the business to continue to grow?

其次，如果佛羅裡達一直是一個重要且成功的市場，那麼聽起來它會繼續保持這兩點。我很好奇，您是否可以向我們更深入地介紹一下那裡的交通和價格敏感度情況，以及您或您所在的社區針對這些情況採取了哪些措施，以使業務繼續增長？

Yes, Florida has been an important market to us, and we certainly continue to see in-migration people. People love to live in Florida want to be there, but affordability is challenged like it is across the country. And so we've seen seen significant rise in prices in Florida and across the country. And with interest rates are sticking where they have. It's certainly taxing and that's Jessica spoke to the real change in and buyers is they just need to make a little more to afford homes at a static sales price in a higher interest rate environment.

是的，佛羅裡達州一直是我們的重要市場，而且我們確實繼續看到移民湧入。人們喜歡居住在佛羅裡達州，但與全國各地一樣，其負擔能力也面臨挑戰。因此我們看到佛羅裡達州和全國各地的價格大幅上漲。且利率仍維持在目前水準。這確實很費力，這就是傑西卡所說的真正的變化，買家只需要多賺一點錢，就可以在較高利率的環境下以固定的銷售價格買得起房子。

And I think that that's really what we're saying on the impact of sales in Florida, not so much a significant change in traffic and or basic demand or want it's a matter of continuing to provide the right house at the right affordable price point that reaches as many people as possible and that's what we continue to strive to do as we position our new communities.

我認為，這實際上就是我們對佛羅裡達州銷售影響的看法，並不是交通和基本需求或願望的重大變化，而是繼續以合適的、可承受的價格提供合適的房子，讓盡可能多的人買得起，這就是我們在定位新社區時繼續努力做的事情。

Thank you.

謝謝。

Sam Reid from Wells Fargo.

富國銀行的 Sam Reid。

Sam, your line is live and thanks so much. So I wanted to touch on your rental business. One of your bigger competitors is looking to do more in this space, but they're also approaching it from perhaps a less capital intensive standpoint. So first, maybe talk through the implications as more builders enter the rental space, are the build to rent space? I guess I should say, but second, are there opportunities to recapitalize this segment longer term, perhaps run it with more third party capital? It sounds like your rental inventories are rightsized for now, but just curious if there's room down the road to rethink the approach to capital structure here.

山姆，您的線路已通電，非常感謝。所以我想談談你的租賃業務。您的一個較大的競爭對手正尋求在這個領域做更多的事情，但他們也許從資本密集程度較低的角度來做這件事。因此，首先，也許可以討論一下隨著越來越多的建築商進入租賃領域，這會產生什麼影響，是否需要建造租賃空間？我想我應該說，但其次，是否有機會對這一部分進行長期資本重組，或許透過更多的第三方資本來運作它？聽起來您的租賃庫存現在規模合適，但只是好奇未來是否還有空間重新考慮這裡的資本結構方法。

As we continue to grow in this business, we're continually looking at ways to not only capitalize, but how we want to execute in this space. And I think from a single-family for rent basis, we've become more efficient with the capital and how we produce and we sell these communities. And I think that's some of what you're seeing in our moderation of growth in the inventory levels that we expect to see consistency of the investment level that we have out there. And so we still see a strong demand. We still see an undersupply and ability to meet the demand of what's out there. So we're going to maintain. We're going to continue to be focused on it ourselves and be as efficient as we can with that capital.

隨著我們在這個業務上不斷發展，我們不僅不斷尋找利用資本的方法，而且還在尋找如何在這個領域發揮作用的方法。我認為，從單戶出租的角度來看，我們在資本以及生產和銷售這些社區的方式上變得更有效率。我認為這就是您在我們庫存水準成長放緩中所看到的，我們預計現有的投資水準將保持一致。因此我們仍然看到強勁的需求。我們仍然看到供應不足和無法滿足需求的情況。因此我們將維持現狀。我們將繼續專注於此，並盡可能有效率地利用這些資本。

That's helpful. And then switching gears to community count that was up double digits still in Q3, if I'm not mistaken. And it's really been strong throughout 2024. And I believe in the past, you've indicated you expect that growth to slow. And I know you're not providing guidance obviously for 2025, but curious if there's a level of community account growth that you'll need to sustain next year in order to hit those market share gain aspirations?

這很有幫助。然後轉到社區計數，如果我沒記錯的話，在第三季度社區計數仍然增長了兩位數。它在 2024 年一直表現強勁。我相信，過去您曾表示預計成長將會放緩。我知道您顯然不會為 2025 年提供指導，但您是否好奇，為了實現市場份額增長的願望，您是否需要明年維持一定的社區帳戶增長水平？

Thanks.

謝謝。

Sure, Sam. And the great thing is the position of strength we're coming from in terms of even if we grow sub-10%. We're generally growing the size of a top 10 builder and consolidating share regardless. But I think we have tried to get across the point the last couple of quarters that we do believe going forward, more of our growth is going to come from community count. And whereas really for most of this cycle outside of the early years, it's been coming from increased absorption. So we do recognize that to continue to grow. We're going to continue to need the increased communities.

當然，薩姆。即使我們的成長率低於 10%，但我們仍然保持著強大的實力，這是最令人欣慰的事情。無論如何，我們都會擴大十大建築商的規模並鞏固份額。但我認為，過去幾季我們已經嘗試表達了這一觀點，即我們確實相信，未來我們的更多成長將來自社群數量。而實際上，除了早年之外，在大部分週期中，它都是由於吸收增加而產生的。因此我們確實認識到這一點並將繼續增長。我們將繼續需要增加社區。

Some of that come through our increased market count, which has expanded dramatically over the last several years, and we've still got a hit list of quite a few additional markets to enter into. And we're continuing to work on our finished lot position and to where we can get those new flags open open sooner.

其中一些來自於我們不斷增加的市場數量，過去幾年來，我們的市場數量急劇擴大，而且我們還有相當多的額外市場有待進入。我們將繼續努力完成已完成的地段，以便盡快開放這些新旗幟。

I think what we said last quarter does still hold, though within the next quarter or two. I think our community count is going to moderate. It won't be up double digit. But I think we're hopeful we can continue to maintain it in at least a mid to maybe high single digit increase for some period of time. And then at some point, it may not have to grow at a mid to high. It may just be a low to mid is you already kind of indicated that was one of the hardest things for us to talk about and get right, because there's so many moving pieces to either bringing on a new community or closing out one in terms of sales pace. And so we don't ever give specific guidance and that that's our best estimate as we sit here today.

我認為我們上個季度所說的仍然成立，儘管是在未來一兩個季度內。我認為我們的社區數量將會減少。它不會上升到兩位數。但我認為，我們希望能夠在一段時間內繼續維持至少中等到高個位數的成長。然後在某個時候，它可能不需要以中高速度成長。它可能只是一個低到中等的水平，正如您已經指出的那樣，這是我們最難談論和處理的事情之一，因為在銷售速度方面，無論是引入一個新社區還是關閉一個社區，都有很多活動因素。因此，我們從未給出過具體的指導，而這是我們今天所做的最佳估計。

Thanks so much. I'll pass it on.

非常感謝。我會傳達的。

Anthony Pettinari from Citi.

花旗銀行的 Anthony Pettinari。

Hi, good morning. Can you talk about what lot costs were in the quarter, maybe mix-adjusted? And then based on the prices for land that you've been buying and expectations for stronger cash in '25 should should we expect a lot cost inflation to maybe kind of normalize a bit in fiscal '25? Could it kind of go back down to low single digit or mid single digit? Or just any thoughts on those the lot cost trends?

嗨，早安。您能談談本季的批次成本是多少嗎（可能是混合調整後）？然後，根據您購買的土地價格以及對 25 年現金流強勁的預期，我們是否應該預期成本通膨在 25 財年可能會有所正常化？它可能還會回落至低個位數或中個位數嗎？或者只是對這些地塊成本趨勢有什麼看法？

Yes, we have continued to see increase in our log cost and slight increases as a percentage of overall revenue. We don't expect to see that moderate significantly. You know, I don't know whether that settles in at the high singles, low double digits, but we do expect that to be a headwind for us as the reality of the cost to put a lot on the ground. We just haven't seen much relief in that. And so we expect to see a continued climb.

是的，我們看到原木成本持續增加，佔總收入的百分比也略有增加。我們預計這一情況不會大幅緩和。你知道，我不知道這是否會穩定在高個位數或低兩位數，但我們確實預計這對我們來說將是一個阻力，因為這是投入大量資金的現實成本。我們只是還沒有看到多大緩解。因此我們預計其將持續攀升。

In terms of the specifics since you asked for that on a per square foot basis, as I said on the call, sequentially, we were up about 2.5% on a lot cost basis, year over year, we were still up a low double digit percentage, which would still have some mix impact that we've continued to talk to in terms of the South Central and Southeast, making up a slightly lower percentage of our closings.

至於具體情況，由於您要求按每平方英尺計算，正如我在電話中所說的那樣，與去年同期相比，我們的地塊成本連續上漲了約 2.5％，但仍然保持了較低的兩位數百分比增長，這仍然會產生一些混合影響，我們會繼續就中南部和東南部進行討論，這兩個地區在我們的成交量中所佔百分比略低。

And those are generally lower lot cost markets. And to kind of give you another data point we typically talk about in terms of the just the percentage of home sales revenue that our lot cost averages. And it generally is in that 20% to 25% range pretty consistently. And we're right in the heart of that range today, even with the increased lot costs we've been experiencing.

這些市場一般都是成本較低的市場。為了給您另一個數據點，我們通常會討論的是房屋銷售收入與地塊成本平均值的百分比。而且一般來說，它一直處於 20% 到 25% 的範圍內。如今，即使我們的地塊成本增加，我們仍處於這一範圍的中心。

Got it. Got it. That's very helpful. And then just I guess Forestar is obviously a major source of developed lots for you. But putting aside Forestar, can you just touch on the kind of the health of your land banking pipeline and partners?

知道了。知道了。這非常有幫助。那麼我猜 Forestar 顯然是您開發地塊的主要來源。但是撇開 Forestar 不談，您能否談談您的土地儲備管道和合作夥伴的健康狀況？

Yes, I wouldn't necessarily refer to it as a land banking pipeline. I'd refer to as a lot developers pipeline. It's a very large collection of some very seasoned experienced land development companies across the country that have had to, frankly, they've had to look for some different capital sources and we've been able to help them find some other capital sources as a lot of regional and community banks have pulled back from that sort of blending, but there's been other capital sources willing to step up when the developers working for somebody like D.R. Horton said, we've been able to keep those folks in business producing lots for us. And 64% of our closings this quarter came on lots developed by someone else besides D.R. Horton. And that's great three part of our business strategy.

是的，我不會稱之為土地儲備管道。我稱之為很多開發人員的管道。這是來自全國各地的一些非常有經驗的土地開發公司的龐大集合，坦率地說，他們必須尋找一些不同的資金來源，而我們能夠幫助他們找到其他資金來源，因為許多地區銀行和社區銀行已經退出了這種混合，但當開發商為 D.R. 這樣的人工作時，還有其他資金來源願意挺身而出。霍頓說，我們能夠讓這些人繼續為我們生產大量產品。本季度，我們 64% 的成交量來自 D.R. 以外其他公司開發的地塊。霍頓。這就是我們的商業策略的三個重要部分。

Okay. That's very helpful. I'll turn it over.

好的。這非常有幫助。我把它翻過來。

Buck Horne from Raymond James.

雷蒙德詹姆斯 (Raymond James) 的巴克霍恩 (Buck Horne)。

Thank you. Good morning. My question is just a quick one on Forestar and just if there's an update on the longer-term plan for what to do with Forestar or, you know, is there I thought to eventually recapitalize that so Forestar could eventually be deconsolidated?

謝謝。早安.我的問題是關於 Forestar 的一個簡單的問題，是否有關於 Forestar 的長期計劃的更新，或者，您知道，我是否考慮過最終對其進行資本重組，以便 Forestar 最終可以被拆分？

Yes. Forestar is a very important part of our strategy with them being separately capitalized, they are able to support their growth with their own capital sources. And so it does not have any offset on the cash available for the parent company and our shareholders and they're growing their platform. And so we are working alongside them as they grow. Their platforms are now in about 60 markets, I believe. So roughly half of the markets that to the D.R. Horton has. And so they've still got a lot of opportunities to grow that platform.

是的。Forestar 是我們策略中非常重要的一部分，由於他們是獨立資本化的，因此能夠利用自己的資本來源來支持其成長。因此，它對母公司和股東的可用現金沒有任何抵消，而且他們正在擴大他們的平台。因此，我們在他們成長的過程中與他們並肩努力。我相信他們的平台現在已覆蓋大約 60 個市場。因此大約有一半的市場流向了多明尼加共和國。霍頓有。因此他們仍有許多機會來發展該平台。

And so our focus right now is to continue to work with them as they grow, improve their operations, get to get as efficient as they can at delivering lots to us and to the industry. And and then as they mature, they're raising capital. I would expect them to continue to raise capital over time. And so as that capital structure ultimately matures, then that will give us the visibility to be able to make the determinations on what we do in terms of our investment.

因此，我們現在的重點是繼續與他們合作，共同成長，改善他們的運營，盡可能有效地為我們和整個行業提供大量產品。隨著他們逐漸成熟，他們開始籌集資金。我希望他們能隨著時間的推移繼續籌集資金。因此，隨著資本結構最終成熟，我們將能夠清楚地判斷我們的投資行動。

And so obviously, we know we made an additional investment to buy a majority stake, and we have not you contributed or needed to contribute any additional capital to Forestar. And I don't expect that we will need to going forward, but there will be an opportunity at some point down the line to look at their capitalization when they're at a much or more mature level.

因此很明顯，我們知道我們進行了額外投資來購買多數股權，我們沒有向 Forestar 注入或需要注入任何額外資本。我並不認為我們需要繼續前進，但當他們達到更成熟的水平時，在某個時候將有機會審視他們的資本化。

Got it. That's helpful. I appreciate. And quickly on the rental operations in terms of your current inventory balance, it kind of looks like it's about one-third single-family rental, but two-thirds multifamily. Is that the right mix for how you think the inventory is going to track going forward? Or do you think at some point given the amount of multifamily inventory that's out there right now?

知道了。這很有幫助。我很感激。就您目前的庫存餘額而言，快速查看租賃業務，看起來大約有三分之一是單戶住宅租賃，但三分之二是多戶住宅租賃。您認為這就是未來庫存走勢的正確組合嗎？或者您是否認為，考慮到目前多戶型房屋的庫存量，在某個時候會發生這種情況？

Do you think it shifts more towards the SFR waiting.

您認為它更傾向於 SFR 等待嗎？

I think near term, our expectation based on the pipeline that we have of deals is the weighting towards multifamily is probably a little bit higher in the near term. The next few quarters over the long term, I would expect that to balance out a little bit more than where it is today as FSR. picks back up. But near term probably a little bit heavier multifamily.

我認為，根據我們現有的交易管道，我們預期短期內多戶型住宅的權重可能會稍微高一些。從長遠來看，未來幾個季度，我預計 FSR 將比現在更加平衡。重新拾起。但短期內多戶型住宅可能會更受青睞。

Okay. Is it like 50 50, the right optimal balance kind of where you'd like to get it to?

好的。這是否就像 50 50 那樣，是您想要達到的正確最佳平衡？

We don't have a set level unnecessarily it's whatever the market demand is and whatever the we believe best mixes for returns community-by-community across our markets.

我們沒有不必要地設定一個水平，而是根據市場需求以及我們認為最適合各個市場社區回報的組合。

Thank you.

謝謝。

Susan Maklari from Goldman Sachs.

高盛的蘇珊·馬克拉里（Susan Maklari）。

Good morning, everyone. You mentioned that the cycle times have actually moved below your normalized levels historically. Can you talk about where you saw that improvement come from? And what do you think that is, especially if we do see a world where perhaps rates come down and activity picks up on a relative basis?

大家早安。您提到，從歷史上看，週期時間實際上已經低於正常水平。您能談談這種進步源自於何處嗎？您認為那意味著什麼，特別是如果我們確實看到一個利率可能下降、經濟活動可能相對回升的世界？

Yes, we've seen that mostly from We don't really have supply chain challenges that has largely healed, and we have the parts and pieces we need to build and labor has strengthened. We've seen with our consistent production and market scale. We have the labor that we need and job site maintenance and controls and efficiency, just all of that kind of coming together. And that's where you've seen our cycle times drop a little bit below our historical norms. We continue to focus on being more efficient with the construction process and something we're focused on every day.

是的，我們已經看到，主要是因為我們沒有真正遇到供應鏈挑戰，這些挑戰基本上已經解決，我們擁有建造所需的零件，而且勞動力也得到了加強。我們已經看到了我們始終如一的生產和市場規模。我們擁有所需的勞動力以及工地維護、控制和效率，所有這些都結合在一起。這就是您所看到的我們的周期時間略低於歷史標準的地方。我們將繼續致力於提高施工過程的效率以及我們每天關注的事情。

Okay, that's helpful. And turning to the M&A environment, can you talk a bit about what you're seeing there? Has anything changed and how that pipeline is looking today?

好的，這很有幫助。談到併購環境，您能談談您所看到的情況嗎？有什麼變化嗎？

We still prefer small tuck-in acquisitions. We like things that will either expand our footprint in a new and emerging geography where we can acquire some people along with be up a lot position in other places, it becomes oftentimes a homes in construction finished one. And then we're able to work with the selling principle to stay in the business as a lot entitling and developer. And that's been a very successful strategy for us in creating what development partners around the country as well, still see good flow of deals to look at. But I would say we're pretty selective on what we're willing to do right now.

我們仍然青睞小型的收購。我們喜歡那些既能擴大我們在新興地區的足跡，又能招募一些人，並在其他地方佔據更大地位的事情，它常常成為一個正在建造的房屋。然後，我們能夠按照銷售原則繼續以授權人和開發商的身份開展業務。對我們來說，這是一個非常成功的策略，全國各地的發展夥伴也都看到了良好的交易流程。但我想說，我們對現在願意做的事情非常有選擇性。

Okay. Thank you for the color and good luck with everything.

好的。謝謝你的色彩，祝你一切順利。

Ralph Jadrosich from Bank of America.

美國銀行的 Ralph Jadrosich。

Hi, good morning. Thanks for taking my questions. And I'll add my condolences on D.R's. I'm just going back to your earlier comments on price and pace and then targeting market share gains for 2025. If I look at your starts in the quarter, they're down on their tracking down year over year. The census single-family starts are up 7% quarter-over-quarter in the second quarter. Your margin was it was higher though, on has there been a strategy shift at all like on and why not incentivize or push orders more at this at this gross margin level?

嗨，早安。感謝您回答我的問題。我還要向 D.R 表示哀悼。我只是回到您之前對價格和速度的評論，然後瞄準 2025 年的市佔率成長。如果我看一下本季的開局，就會發現他們的追蹤成績比去年同期下降了。第二季度，單戶住宅開工數量較上季增加 7%。但是，您的利潤率較高，是否有任何策略轉變，例如，為什麼不在這種毛利率水準上提供更多激勵或推動訂單？

And then my second question would be how do we think about the starts pace going forward relative to your plan for market share?

我的第二個問題是，相對於你們的市佔率計劃，我們如何看待未來的開工速度？

Yes. No, no change in strategy, right? We are seeing efficiencies in our operation, which is why you've seen a little lower starts pace than maybe might have been expected. But as we continue to move through this market, we're going to have to see some improvement in the overall increase.

是的。不，策略沒有改變，對吧？我們的營運效率正在提高，這就是為什麼您看到的開工速度可能比預期的要低。但隨著我們繼續進入這個市場，我們將看到整體成長有所改善。

I guess if you will in the overall Star space to keep pace with with our growth goals. But it's really just us managing our inventory, making sure we have that we need community by community to hit the price and pace goals that we're looking for, and we'll manage that inventory based on our ability to to get those homes moved through the construction process and based on availability of lot community by community in front of us.

我想如果你願意的話，整個星空空間都會與我們的成長目標保持同步。但實際上我們只是在管理我們的庫存，確保我們所需要的每個社區都能達到我們想要的價格和速度目標，而且我們會根據我們在施工過程中移動這些房屋的能力以及每個社區面前的可用地段來管理庫存。

Thank you. And then just on the Q4 gross margin guidance of flat quarter over quarter, it sounds like you're expecting that net price to be flattish with incentives. You talked about sticking brick being flattish and land is up. What is it on? Is there another piece in here that that's going to be giving you relief on the cost side, like what's happening with broker commission, I'm to get to that flat quarter over quarter.

謝謝。然後僅從第四季度毛利率預期與上一季持平來看，聽起來您預計淨價格在激勵措施下將持平。您談到了粘貼磚塊使其變平並且土地向上。這是什麼？這裡還有其他可以減輕您成本壓力的東西嗎，例如經紀人佣金的情況，我希望每季的佣金都持平。

Yes, as we look is we're going into the quarter here. Obviously, we've had some rate volatility. We did. We did see sequential ASP growth. And so there's upfront a little bit of price. We saw a little bit of our cost of our incentives go down sequentially this quarter. So it's probably a little bit of an assumption, a little bit of price, a little bit of incentive cost reduction in the quarter to offset the log cost increase.

是的，正如我們所見，我們正進入這個季度。顯然，我們經歷了一些利率波動。我們做到了。我們確實看到了平均售價的連續成長。因此，需要預先支付一點費用。我們發現本季我們的激勵成本較上季有所下降。所以這可能是個假設，一點點價格，一點點季度激勵成本的減少，以抵銷日誌成本的增加。

Great. Thank you.

偉大的。謝謝。

Mike Dahl from RBC Capital Markets.

來自 RBC Capital Markets 的 Mike Dahl。

And just to follow up on Rafes question about kind of the price versus pace. I'm sorry to hit it again, but I guess from a more near term standpoint was the decision to not lean in more heavily on incentives because at the time there was rate volatility, you didn't your perception was that there just wouldn't be a sufficient demand response or anything else you can give as far as just during the quarter, it did see sounds like you kind of made a decision not to not to push more aggressively.

我只是想跟進 Rafes 提出的關於價格與速度的問題。很抱歉再次提及這一點，但我想從更短期的角度來看，決定不再過分依賴激勵措施，因為當時存在利率波動，您認為不會有足夠的需求響應或任何其他您可以提供的措施，就本季度而言，聽起來您似乎做出了不採取更積極措施的決定。

You know, we aren't. We aren't making that decision here on a broad scale. I wish we were good enough to know which way rates were going to go, but we rely on our operators at a community level to make those decisions based on the traffic volume that they have in the sales demand and the people that and buyers that they have in front of them on a daily basis. And I think overall what that resulted in is a solid margin for us and sales that to that seasonally didn't increase maybe like they would. But we're in a good place with the sales pace that we achieved in the quarter and the inventory we have to hit our guidance for the year.

你知道，我們不是。我們並不是在這裡大規模地做出這個決定。我希望我們能夠足夠清楚利率將會如何變化，但我們依靠社區層面的運營商根據他們的銷售需求和每天他們面前的客流量和買家情況來做出這些決定。我認為總體而言，這為我們帶來了穩固的利潤，而且銷售額可能不會像往常那樣出現季節性增長。但就本季我們實現的銷售速度和達到全年預期的庫存而言，我們處於良好的狀態。

Okay. And then on the rental business, just specifically on the fourth quarter, obviously the last three quarters, it's been a volatile environment to sell either SFR and multi-family. Can you talk more specifically about what your expectations are for Q4 for the rental platform ?

好的。然後就租賃業務而言，具體到第四季度，顯然是過去三個季度，無論是 SFR 還是多戶住宅的銷售環境都很不穩定。您能否具體談談您對第四季租賃平台的期望？

The rental is baked into our consolidated revenue guide and there is uncertainty around timing of closings over of rental deals. So there's a little bit of a lumpiness in those numbers, but that's built into the range that we're providing in our revenue guide that no other specific guidance on the Q4 revenues from rental.

租金已計入我們的合併收入指南，租賃交易的完成時間存在不確定性。因此，這些數字有些不一致，但這已經包含在我們在收入指南中提供的範圍中，沒有關於第四季度租賃收入的其他具體指導。

Okay. Thank you.

好的。謝謝。

This does conclude our Q&A session today. I would like to hand the call back to Paul Roman, Askey for closing remark.

今天的問答環節到此結束。我想將電話交還給保羅·羅曼·阿斯基 (Paul Roman Askey) 做最後發言。

Thank you, Paul. We appreciate everyone's time on the call today and look forward to speaking with you again to share our fourth quarter results in October. Congratulations to the entire D.R. Horton family on producing a solid third quarter. We are honored to represent you on this call and greatly appreciate all that you do.

謝謝你，保羅。我們感謝大家今天參加電話會議的時間，並期待在十月份再次與您交談以分享我們的第四季度業績。祝賀整個 D.R.。霍頓家族第三季表現穩健。我們很榮幸能代表您參加此電話會議，並非常感謝您所做的一切。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路。感謝您的參與。