霍頓房屋 (DHI) 2025 Q2 法說會逐字稿

Good morning and welcome to the second-quarter 2025 earnings conference call for D.R. Horton, America's builder.

早安，歡迎參加 D.R. 2025 年第二季財報電話會議。霍頓，美國的建造者。

(Operator Instructions) Please note this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

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, Paul, and good morning. Welcome to our call to discuss our financial results for the second-quarter of fiscal 2025. 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，保羅，早安。歡迎參加我們的電話會議，討論我們 2025 財年第二季的財務表現。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.霍頓認為，任何此類聲明都是基於合理的假設，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 10K and its most recent quarterly report on Form 10Q, 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 10K 表年度報告和 10Q 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 10Q next week. After this call, we will post updated investor and supplementary data presentations to our investor relations site on the presentation 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，我們計劃下週提交我們的 10Q 報告。本次電話會議結束後，我們將在投資者關係網站的新聞和事件下的演示部分發布更新的投資者和補充資料演示，供您參考。

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

現在我將把電話轉給我們的總裁兼執行長 Paul Romanowski。

Thank you, Jessica, and good morning. I am pleased to also be joined on this call by Mike Murray, our executive Vice President and Chief Operating Officer; and Bill Wheat, our Executive Vice President and Chief Financial Officer. For the second quarter, the D.R. Horton team delivered solid results highlighted by earnings of $2.58 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 也參加這次電話會議；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，每股收益為 2.58 美元。

Our consolidated pre-tax income was $1.1 billion on $7.7 billion of revenues with a pre-tax profit margin of 13.8%. We remain focused on improving capital efficiency to generate substantial operating cash flow and deliver compelling returns to our shareholders.

我們的綜合稅前收入為 11 億美元，營收為 77 億美元，稅前利潤率為 13.8%。我們將繼續致力於提高資本效率，以產生大量的經營現金流並為股東帶來豐厚的回報。

Our home building pre-tax return on inventory for the 12 months ended March 31, was 24.3%. Return on equity was 17.4% and return on assets was 12.2%. Although home builders are generally thought of as being capital intensive businesses, our return on assets ranks in the top 15% of all S&P 500 companies for the past 3, 5, and 10 year periods, demonstrating that our disciplined, returns focused operating model produces sustainable results. Over the past 12 months, we have returned all of the cash we generated to shareholders through repurchases and dividends.

截至 3 月 31 日的 12 個月內，我們的房屋建築稅前庫存回報率為 24.3%。股本回報率為17.4%，資產回報率為12.2%。儘管住宅建築商通常被認為是資本密集型企業，但在過去 3 年、5 年和 10 年內，我們的資產回報率在標準普爾 500 指數公司中均位居前 15%，這表明我們嚴謹、注重回報的運營模式能夠產生可持續的成果。在過去的 12 個月中，我們透過回購和股利將產生的所有現金返還給了股東。

This year's spring selling season started slower than expected as potential home buyers have been more cautious due to continued affordability constraints and declining consumer confidence. In the second quarter, our net sales orders and home building revenues decreased 15%.

今年春季銷售旺季的開局比預期要慢，因為持續的負擔能力限制和消費者信心下降導致潛在購屋者更加謹慎。第二季度，我們的淨銷售訂單和房屋建築收入下降了 15%。

Our tenured operators are responding appropriately to market conditions by carefully balancing pace versus price to maximize returns, resulting in a home sales gross margin of 21.8%. Where necessary, we have increased sales incentives to drive traffic and incremental sales.

我們的長期營運商透過仔細平衡速度和價格來適當響應市場狀況，以實現回報最大化，從而使房屋銷售毛利率達到 21.8%。在必要時，我們會增加銷售獎勵來推動流量和增量銷售。

Our weekly sales in March and to date in April have outpaced our February rate. Additionally, our cancellation rate remains at the low end of our historical range, indicating that buyers in today's market are able to qualify financially and are committed to their home purchase despite the volatility and elevated uncertainty of the current economic environment.

我們三月以及四月迄今的每週銷售額都超過了二月的銷售額。此外，我們的取消率仍然處於歷史低位，這表明儘管當前經濟環境波動且不確定性增加，但當今市場的買家仍然具備財務資格並致力於購房。

We expect our incentive levels to remain elevated and increase further the extent to which we will depend on market conditions and changes in mortgage interest rates. With 58% of our second quarter closings also sold in the same quarter.

我們預計我們的激勵水平將保持在較高水平，並進一步增加我們對市場條件和抵押貸款利率變化的依賴程度。我們第二季成交的商品中有 58% 也在同一季度售出。

Our sales, incentive levels, and gross margin are generally representative of current market conditions. We will continue to adjust our product offerings, sales incentives, and number of homes and inventory based on the level of demand for new homes in each of our local markets. We are well positioned, offering our customers an attractive value proposition with quality homes at affordable price points.

我們的銷售額、激勵水準和毛利率通常代表當前的市場狀況。我們將根據每個當地市場對新房的需求水平，繼續調整我們的產品供應、銷售誘因以及房屋和庫存數量。我們擁有優越的定位，能夠以實惠的價格為客戶提供具有吸引力的價值主張和優質的住宅。

Mike?

麥克風？

Earnings for the second-quarter of fiscal 2025 were $2.58 per diluted share compared to $3.52 per share in the prior year quarter. Net income for the quarter was $810 million on consolidated revenues of $7.7 billion. Our second quarter home sales revenues were $7.2 billion on 19,276 homes closed compared to $8.5 billion on 22,548 homes closed in the prior year quarter. Our average closing price for the quarter was $372,500 down 1% both sequentially and year over year.

2025 財年第二季每股攤薄收益為 2.58 美元，去年同期每股攤薄收益為 3.52 美元。本季淨收入為 8.1 億美元，綜合收入為 77 億美元。我們第二季的房屋銷售收入為 72 億美元，售出 19,276 套房屋，而去年同期的房屋銷售收入為 85 億美元，售出 22,548 套房屋。本季我們的平均收盤價為 372,500 美元，季減 1%。

Bill?

帳單？

Our net sales orders for the second quarter decreased 15% from the prior year to 22,437 homes, and order value decreased 17% to $8.4 billion. Our cancellation rate for the quarter was 16%, down from 18% sequentially and up from 15% in the prior year quarter.

我們第二季的淨銷售訂單較上年同期下降 15% 至 22,437 套房屋，訂單價值下降 17% 至 84 億美元。本季的取消率為 16%，低於上一季的 18%，但高於去年同期的 15%。

Our average number of active selling communities was up 5% sequentially and up 10% year over year. The average price of net sales orders in the second quarter was $372,500 which was essentially flat sequentially and down 2% from the prior year quarter.

我們活躍銷售社群的平均數量較上季成長 5%，較去年同期成長 10%。第二季淨銷售訂單的平均價格為 372,500 美元，與上一季基本持平，較去年同期下降 2%。

Jessica?

傑西卡？

Our gross profit margin on home sales revenues in the second quarter was 21.8%, down 90 basis points sequentially from the December quarter due to higher incentive costs and in line with our expectations.

我們第二季房屋銷售收入的毛利率為 21.8%，由於激勵成本較高，較去年 12 月季度環比下降 90 個基點，符合我們的預期。

On a per square foot basis, home sales revenues and stick and brick costs were both relatively flat sequentially, while lot costs increased approximately 3%.

以每平方英尺計算，房屋銷售收入和木磚成本均較上季持平，而地塊成本則上漲約 3%。

We expect our incentive costs to increase further over the next few months, so our home sales gross margin will likely be lower in the third quarter compared to the second quarter. Our actual incentive levels and home sales gross margin for the second half of the fiscal year will be dependent on the strength of demand during the remainder of the spring and summer, in addition to changes in mortgage interest rates and other market conditions.

我們預計未來幾個月我們的激勵成本將進一步增加，因此第三季我們的房屋銷售毛利率可能會低於第二季。我們本財年下半年的實際激勵水準和房屋銷售毛利率將取決於春季和夏季剩餘時間的需求強度，以及抵押貸款利率和其他市場條件的變化。

Bill?

帳單？

In the second quarter, our homebuilding SG&A expenses increased by 4% from last year. And homebuilding SG&A expense as a percentage of revenues was 8.9%, up 170 basis points from the same quarter in the prior year. Our increased SG&A costs are primarily due to the expansion of our operating platform. Our employee count is up 5% from a year ago, our community count is up 10% and our market count has increased 6% to 126 markets in 36 states. The investments we have made in our team and platform position us to continue producing strong returns, cash flow and market share gains.

第二季度，我們的住宅建築銷售、一般及行政費用比去年同期增加了 4%。住宅建築銷售、一般及行政費用佔收入的百分比為 8.9%，比去年同期上升了 170 個基點。我們的銷售、一般及行政費用增加主要是由於我們營運平台的擴張。我們的員工數量比一年前增加了 5%，社區數量增加了 10%，市場數量增加了 6%，達到 36 個州的 126 個市場。我們對團隊和平台的投資使我們能夠繼續產生強勁的回報、現金流和市場份額成長。

Paul?

保羅？

We started 20,000 homes in the March quarter and ended the quarter with 36,900 homes in inventory. 23,500 of our homes in March 31 were unsold. 8,400 of our unsold homes at quarter end were completed, down 2,000 homes from December. 1,200 of our unsold homes have been completed for greater than six months. For homes we closed in the second quarter, our construction cycle times improved a few days from the first quarter and approximately three weeks from a year ago.

我們在三月季度開工了 20,000 套房屋，而本季結束時庫存房屋數量為 36,900 套。 3 月 31 日，我們有 23,500 套房屋未售出。本季末，我們有 8,400 套未售出的房屋已經完工，比 12 月減少了 2,000 套。我們有 1,200 套未售出的房屋已竣工六個月以上。對於我們在第二季完成交割的房屋，我們的施工週期比第一季縮短了幾天，比去年同期縮短了約三週。

Our improved cycle times position us to turn our housing inventory faster, and we will continue to manage our homes and inventory and starch pace based on market conditions.

我們改進的週期時間使我們能夠更快地週轉房屋庫存，並且我們將繼續根據市場狀況管理我們的房屋和庫存以及澱粉速度。

Mike?

麥克風？

Our homebuilding lot position at March 31 consisted of approximately 613,000 lots, of which 25% were owned and 75% were controlled through purchase contracts. We remain focused on our relationships with land developers across the country to allow us to build more homes on lots developed by others which enhances our capital efficiency, returns and operational flexibility.

截至 3 月 31 日，我們的住宅建築地塊持有量約為 613,000 塊，其中 25％ 為自有地塊，75％ 透過購買合約控制。我們仍然專注於與全國各地的土地開發商建立關係，以便我們能夠在其他人開發的地塊上建造更多房屋，從而提高我們的資本效率、回報和營運靈活性。

Of the homes we closed this quarter, 64% weren't a lot developed by either Forestar or a third party, up from 62% in the prior year quarter. Our second quarter homebuilding investments in lots, land and development totaled $2 billion, of which $1.2 billion was for finished lots, $700 million was for land development and $100 million was for land acquisition.

本季我們成交的房屋中，64% 不是由 Forestar 或第三方開發的，高於去年同期的 62%。我們第二季在地塊、土地和開發方面的房屋建築投資總計 20 億美元，其中 12 億美元用於竣工地塊，7 億美元用於土地開發，1 億美元用於土地收購。

Paul?

保羅？

In the second quarter, our rental operations generated $23 million of pretax income on $237 million of revenues from the sale of 519 single-family rental homes and 300 multifamily rental units. We continue to operate a merchant build model in which we construct and sell purpose-built rental communities.

第二季度，我們的租賃業務透過銷售 519 套單戶租賃住宅和 300 套多戶租賃單元，創造了 2.37 億美元的收入，稅前收入為 2,300 萬美元。我們繼續採用商業建設模式，建造和銷售專門的租賃社區。

Our rental operations provide synergies to our homebuilding operations by enhancing our purchasing scale and providing opportunities for more efficient utilization of trade labor and absorption of our land and lot pipeline.

我們的租賃業務透過擴大我們的採購規模、提供更有效地利用貿易勞動力和吸收我們的土地和地段管道的機會，為我們的房屋建築業務提供了協同效應。

During the last several quarters, we have been successful monetizing some of our single-family rental communities prior to leasing stabilization, resulting in higher returns on these sales. We remain focused on improving the capital efficiency and returns of our rental operations. Our rental property inventory at March 31 was $3.1 billion, which consisted of $813 million of single-family rental properties and $2.3 billion of multifamily rental properties.

在過去的幾個季度中，我們在租賃穩定之前成功地將一些單戶租賃社區貨幣化，從而獲得了更高的銷售回報。我們仍致力於提高租賃業務的資本效率和回報。截至 3 月 31 日，我們的租賃物業庫存為 31 億美元，其中包括 8.13 億美元的單戶租賃物業和 23 億美元的多戶租賃物業。

Jessica?

傑西卡？

Forestar, our majority-owned residential lot development company reported revenues of $351 million for the second quarter on 3,411 lots sold with pretax income of $41 million. Forestar's owned and controlled lot position at March 31 was 105,900 lots. 64% of Forestar's owned lots are under contract with are subject to a right of first offer to D.R. Horton. $270 million of our finished lots purchased in the second quarter were from Forestar.

Forestar 是我們控股的住宅地塊開發公司，報告第二季收入為 3.51 億美元，售出 3,411 個地塊，稅前收入為 4,100 萬美元。截至 3 月 31 日，Forestar 擁有和控制的地塊數量為 105,900 塊。 Forestar 擁有的 64% 土地均已簽訂合同，並享有 D.R. 的優先購買權。霍頓。我們在第二季購買的價值 2.7 億美元的成品地塊均來自 Forestar。

Forestar had approximately $790 million of liquidity at quarter end with a net debt-to-capital ratio of 29.8%. Our strategic relationship with Forestar is a vital component of our returns-focused business model. Forestar's strong separately capitalized balance sheet, substantial operating platform, lot supply position them well to consistently provide essential finished lots to the homebuilding industry and aggregate significant market share.

截至本季末，Forestar 的流動資金約為 7.9 億美元，淨負債資本比率為 29.8%。我們與 Forestar 的策略關係是我們以回報為中心的商業模式的重要組成部分。Forestar 擁有強大的獨立資本資產負債表、龐大的營運平台和地塊供應，能夠持續為住宅建築業提供必要的成品地塊，並累積顯著的市場份額。

Mike?

麥克風？

Financial Services earned $73 million of pretax income in the second quarter on $213 million of revenues, resulting in a pretax profit margin of 34.3%. During the second quarter, our mortgage company handled the financing for 81% of our homebuyers. Borrowers originating loans with the HI mortgage this quarter had an average hike of 723 at an average loan-to-value ratio of 89%. First-time homebuyers represented 63% of the closings handled by our mortgage company this quarter.

金融服務部門第二季營收為 2.13 億美元，稅前收入為 7,300 萬美元，稅前利潤率為 34.3%。第二季度，我們的抵押貸款公司為 81% 的購屋者辦理了融資。本季度，使用 HI 抵押貸款的借款人平均貸款額度為 723 加元，平均貸款價值比為 89%。本季度，我們抵押貸款公司處理的購屋交易中，首次購屋者佔 63%。

Bill?

帳單？

Our capital allocation strategy is disciplined and balanced to support an operating platform that produces compelling returns and substantial operating cash flows. We have a strong balance sheet with low leverage and healthy liquidity, which provides us with significant financial flexibility to adapt to changing market conditions and opportunities. During the quarter, Moody's upgraded our credit rating to A3 and we now have an A rating from 2 of the 3 credit rating agencies.

我們的資本配置策略嚴謹且均衡，以支援產生可觀回報和大量營運現金流的營運平台。我們的資產負債表強勁，槓桿率低，流動性健康，這為我們提供了顯著的財務靈活性，以適應不斷變化的市場條件和機會。本季度，穆迪將我們的信用評級上調至 A3，目前我們已從 3 家信用評級機構中的 2 家獲得 A 級評級。

During the first six months of the year, homebuilding cash provided by operations was $876 million and consolidated cash provided by operations was $211 million. At March 31, we had $5.8 billion of consolidated liquidity, consisting of $2.5 billion of cash and $3.3 billion of available capacity on our credit facilities. In February, we issued $700 million of homebuilding senior notes due in 2035. Debt at the end of the quarter totaled $6.5 billion, with $500 million of homebuilding senior notes maturing in the next 12 months.

今年前六個月，房屋建築業務經營活動提供的現金為 8.76 億美元，合併經營活動提供的現金為 2.11 億美元。截至 3 月 31 日，我們的綜合流動資金為 58 億美元，其中包括 25 億美元現金和 33 億美元的可用信貸額度。2 月份，我們發行了價值 7 億美元的 2035 年到期的房屋建築優先票據。本季末的債務總額為 65 億美元，其中 5 億美元的房屋建築優先票據將在未來 12 個月內到期。

Our consolidated leverage at March 31 was 21.1%, and we plan to maintain our leverage around 20% over the long term. At March 31, our stockholders' equity was $24.3 million and book value per share was $78.82, up 9% from a year ago. For the trailing 12 months ended March 31, our return on equity was 17.4% and our consolidated return on assets was 12.2%.

我們3月31日的合併槓桿率為21.1%，我們計劃長期將槓桿率維持在20%左右。截至 3 月 31 日，我們的股東權益為 2,430 萬美元，每股帳面價值為 78.82 美元，比去年同期成長 9%。截至 3 月 31 日的過去 12 個月，我們的股本回報率為 17.4%，合併資產回報率為 12.2%。

During the quarter, we paid cash dividends of $0.40 per share totaling $126 million, and our Board has declared a quarterly dividend at the same level to be paid in May. We repurchased 9.7 million shares of common stock during the quarter for $1.3 billion.

在本季度，我們支付了每股 0.40 美元的現金股息，總計 1.26 億美元，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 970 萬股普通股，價值 13 億美元。

And our fiscal year-to-date stock repurchases were $2.4 billion, which reduced our outstanding share count by 7% from the prior year. We have increased our near-term capital allocation for share repurchases, and our Board recently approved a new share repurchase authorization totaling $5 billion.

本財年迄今為止，我們的股票回購金額為 24 億美元，這使得我們的流通股數量較前一年減少了 7%。我們增加了股票回購的近期資本配置，董事會最近批准了總額為 50 億美元的新股票回購授權。

Jessica?

傑西卡？

Looking forward to the third quarter, we currently expect to generate consolidated revenues in the range of $8.4 billion to $8.9 billion, and homes closed by our homebuilding operations to be in the range of 22,000 to 22,500 homes. We expect our home sales gross margin for the third quarter to be in the range of 21% to 21.5% and our consolidated pretax profit margin to be in the range of 13.3% to 13.8%. Our results for the second half in fiscal 2025 will be largely dependent on the strength of our sales during the remainder of the spring and into the summer.

展望第三季度，我們目前預計綜合收入將在 84 億美元至 89 億美元之間，房屋建築業務完工數量將在 22,000 套至 22,500 套之間。我們預計第三季房屋銷售毛利率在 21% 至 21.5% 之間，綜合稅前利潤率在 13.3% 至 13.8% 之間。我們 2025 財年下半年的業績將在很大程度上取決於春季剩餘時間和夏季的銷售實力。

For the full year, we now expect to generate consolidated revenues of approximately $33.3 billion to $34.8 billion and homes closed by our homebuilding operations to be in the range of 85,000 to 87,000 homes. We still forecast an income tax or fiscal 2025 of approximately 24%. Based on our fiscal year-to-date share repurchase activity, strong financial position and expected operating cash flows of greater than dollars we now plan to repurchase approximately $4 billion of our common stock in fiscal 2025, which is more than double the amount we purchased in fiscal 2024. We also continue to expect annual dividend payments of around $500 million.

我們目前預計全年綜合收入約為 333 億美元至 348 億美元，房屋建築業務竣工數量在 85,000 至 87,000 套之間。我們仍預測 2025 財年的所得稅約為 24%。根據我們本財年迄今的股票回購活動、強勁的財務狀況和預期超過美元的營運現金流，我們現在計劃在 2025 財年回購約 40 億美元的普通股，這是我們在 2024 財年購買金額的兩倍多。我們也預計年度股息將繼續達到 5 億美元左右。

Paul?

保羅？

In closing, our results and position reflect our experienced teams, industry-leading market geographic footprint and focus on delivering quality homes at affordable price points. All of these are key of our operating platform that support our ability to generate substantial operating cash flows and return capital to shareholders 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、領先業界的市場地理覆蓋範圍以及專注於以實惠的價格提供優質住宅。所有這些都是我們營運平台的關鍵，支持我們產生大量營運現金流並向股東返還資本，同時繼續擴大市場份額。

We acknowledge the significant current volatility and uncertainty in the economy to adjust to market conditions in a disciplined manner in our operations and capital allocation to enhance the long-term value of our company by providing compelling returns to our shareholders.

我們承認當前經濟存在巨大的波動性和不確定性，因此我們將在營運和資本配置中以嚴謹的方式適應市場狀況，透過為股東提供豐厚的回報來提升公司的長期價值。

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

感謝整個 D.R. Horton 大家庭的員工、土地開發商、貿易夥伴、供應商和房地產經紀人為你們的持續努力和硬體。我們的準備好的演講到此結束。我們現在開始提問。

Thank you. At this time we will be conducting a question-and-answer session. (Operator Instructions)

謝謝。這次我們將進行問答環節。（操作員指示）

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

Thanks very much guys, and yeah, congratulations. Tough market. You guys are really executing well. I wanted to ask a bigger picture question to start. In the past, being number one in terms of units sold was pretty central to the company's identity.

非常感謝大家，是的，恭喜你們。市場艱難。你們的表現確實很好。首先我想問一個更大的問題。過去，銷售第一對公司形象來說至關重要。

But based on the guidance you and others have provided, it's pretty clear that sheer size isn't the primary metric that the company prioritizes anymore. So -- and this also combined with your significant share repurchases, it seems to crystallize some important changes in the company's management approach over the, call it, last 5 to 10 years.

但根據您和其他人提供的指導，很明顯規模不再是公司優先考慮的主要指標。因此——再加上你們大量的股票回購，這似乎反映了公司在過去 5 到 10 年內管理方式的一些重要變化。

I'm wondering if you'd care to articulate what's behind these changes at the company, particularly with respect to volume, and if there's one metric that investors should focus on for Horton going forward, what would that be?

我想知道您是否願意闡明公司這些變化背後的原因，特別是在銷售方面，以及如果投資者應該關注 Horton 未來發展的一項指標，那會是什麼？

Yeah, Stephen. We have certainly seeing a market that was below our expectations and have responded accordingly with our throughout and remaining focused on providing significant flows. And then as we have with share repurchases returns to our shareholders through share repurchases dividends.

是的，史蒂芬。我們確實看到市場低於我們的預期，並全程做出相應反應，繼續專注於提供大量流量。然後，就像我們回購股票一樣，透過股票回購股利回報股東。

We're going to maintain focus on a return-based business and continue to balance based on that market. We have certainly reached a significant scale, and it continues to be challenging to put new communities in front of us, and we're going to balance our base and price to drive returns and consistent operating cash flows.

我們將繼續專注於基於回報的業務，並繼續根據該市場保持平衡。我們確實已經達到了相當大的規模，但在我們面前開拓新的社區仍然具有挑戰性，我們將平衡基礎和價格以推動回報和穩定的經營現金流。

So would you say that maybe consistent operating cash flow is the primary metric that we should be focused on?

那麼您是否認為持續的經營現金流是我們應該關注的主要指標？

A combination of returns and consistent cash flows. We believe those two are hand-in-hand.

回報和穩定現金流的組合。我們相信這兩者是相輔相成的。

And so we believe we are well positioned over the long term to can sustain our position as the largest builder in the United States and aggregate significant market share. In short-term periods, we're going to do what we need to do to maximize returns, and that could differ, but we do believe we're positioned over the long term to remain the largest builder.

因此，我們相信，從長遠來看，我們有能力保持美國最大建築商的地位，並佔據相當大的市場份額。在短期內，我們將採取必要措施來實現回報最大化，但結果可能有所不同，但我們相信，從長遠來看，我們仍將是最大的建築商。

Okay. And then going to turn attention to SG&A. Another notable difference from the past is your SG&A rate, which historically, that was a real point of pride for the company. I recall when I first visited the company, I think folks told me that D.R. wanted them to use paper clips instead of staples because you couldn't reuse staples.

好的。然後將注意力轉向銷售、一般和行政費用 (SG&A)。與過去相比，另一個顯著的差異是銷售、一般和行政費用率 (SG&A)，從歷史上看，這是公司真正值得驕傲的一點。我記得第一次訪問該公司時，人們告訴我 D.R.希望他們使用回形針代替訂書釘，因為訂書釘不能重複使用。

Your SG&A is still low, but it's up a lot over the last couple of years and in 2Q specifically. So I'm wondering you think maybe some staplers have found their way into the company.

您的銷售、一般及行政費用 (SG&A) 仍然很低，但在過去幾年中，尤其是在第二季度，已經大幅上升。所以我想知道您是否認為一些訂書機可能已經進入了公司。

I would appreciate your question, Steve.

史蒂夫，我很感謝你的提問。

Obviously, keeping a low-cost operating model, it's still very important. It's still a very important part of our culture. And we're focused on being very efficient throughout issues, including in our SG&A. We have made investments over the last two to three years, which have expanded our footprint, our market account has increased significantly, just 6% in the last year on what was already the largest footprint in the industry. Our community count is up 10%.

顯然，保持低成本的營運模式，仍然非常重要。它仍然是我們文化中非常重要的一部分。我們致力於有效率地處理所有問題，包括銷售、一般及行政費用 (SG&A)。我們在過去兩三年中進行了投資，擴大了我們的業務範圍，我們的市場份額大幅增長，去年僅增長了 6%，而我們的市場份額已經是業內最大的。我們的社區數量增加了 10%。

We felt like those investments were important to position ourselves continue to aggregate share over the longer period of time.

我們認為這些投資對於我們在較長時期內持續維持市場佔有率非常重要。

Obviously, for this year, those were in place with an expectation for a bit higher growth rate than the market is giving us right now. But we still feel like those are investments. It's not a change in our focus or a change in our importance and efficiency of SG&A. But this point in time with where volumes are and we're balancing pace and price that we're not getting the same leverage on SG&A today. But we would expect, over time, we would.

顯然，對於今年來說，這些措施已經到位，預計成長率將比市場目前給出的略高一些。但我們還是覺得這些都是投資。這並不是我們關注點的改變，也不是我們對銷售、一般和行政費用的重視程度和效率的改變。但目前，考慮到交易量以及我們平衡速度和價格的情況，我們今天無法在銷售、一般和行政費用上獲得相同的槓桿作用。但我們預計，隨著時間的推移，我們會的。

And over time, we would expect our SG&A to be lower than it is today.

隨著時間的推移，我們預計銷售、一般及行政費用 (SG&A) 將低於現在的水平。

Great, appreciate that. Thanks guys.

太好了，非常感謝。謝謝大家。

Thank you.

謝謝。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Good morning guys. Thanks for taking my questions. The first one is the third quarter gross margin of 21% to 21.5% is definitely better than the expectations that we had heard in the market. And I think that, that's encouraging. If we think about the walk, it sounds like stick and brick costs could be fairly flat. Land, maybe losing and the big sort of delta or unknown being the incentives. I mean is that the right way to think about it?

大家早安。感謝您回答我的問題。首先，第三季的毛利率為21%至21.5%，這絕對好於我們在市場上聽到的預期。我認為這是令人鼓舞的。如果我們考慮步行的話，聽起來木棍和磚塊的成本可能會相當平穩。土地，也許會損失，而巨大的增量或未知數是激勵因素。我的意思是這是正確的思考方式嗎？

And if incentives were actually flat sequentially, would you -- would that hit the higher end of the target?

如果激勵措施實際上連續持平，那麼這會達到目標的高端嗎？

I think you're thinking about it exactly right, John. And certainly, if incentives were flat, we could do towards the higher end of that range. It's just hard to rate volatility last week. Just create some challenges for prediction.

我認為你的想法完全正確，約翰。當然，如果激勵措施保持不變，我們可以朝著該範圍的高端邁進。很難評估上週的波動性。只需創建一些預測挑戰。

Yeah. Understood. And then if we think about sort of the playbook for tariffs, I mean, obviously, there's a lot of uncertainty here. Curious what you're hearing from your suppliers in terms of potential incremental price increases and more importantly, how you guys feel that you stack up in these negotiations and your ability to sort of push back some of that pressure throughout the value chain?

是的。明白了。如果我們考慮一下關稅的策略，那麼顯然這裡存在著許多不確定性。好奇您從供應商那裡聽到了什麼有關潛在增量價格上漲的消息，更重要的是，您覺得自己在這些談判中佔了什麼優勢，以及您在整個價值鏈中如何緩解這些壓力的能力？

John, there's so much noise around tariffs today and is changing day-to-day, sometimes our hour to hour. Hard to figure out exactly where that lands. But over the last several years, our suppliers have done good job of having to respond to supply chain challenges -- and feel like we're in a position to do that.

約翰，如今有關關稅的噪音很大，而且每天都在變化，有時甚至每小時都在變化。很難弄清楚它究竟落在哪裡。但在過去幾年中，我們的供應商在應對供應鏈挑戰方面做得很好——並且感覺我們有能力做到這一點。

Our suppliers are in a good position to do that. We do feel that our strength and size and scale across our markets will put us in a good position to hold those costs and see the lower end of any impact from tariffs wherever they land.

我們的供應商有能力做到這一點。我們確實認為，我們在各個市場的實力、規模和範圍將使我們處於有利地位，能夠控制這些成本，並降低關稅在任何地方產生的影響。

But feel very good about our supply chain today and about our labor force today, and we'll just take whatever comes out of the tariffs as it comes at us once it settles down.

但我們對我們今天的供應鏈和勞動力感到非常滿意，一旦關稅穩定下來，我們就會接受它帶來的一切影響。

Yeah, makes a lot of sense, appreciate it.

是的，非常有道理，非常感謝。

Alan Ratner, Zelman and Associates.

艾倫·拉特納 (Alan Ratner)、澤爾曼和合夥人公司。

Hey guys, good morning. Thanks for all the details so far. A question just about the start pace your spec count, your spec count, if I'm looking at this correctly, is at the lowest level we've seen in about almost four years. And starts are down about 15% year-over-year. So I know a lot of people have been concerned about rising spec counts across the industry. You're clearly moving in the opposite direction, which I'm sure is supporting the gross margin.

大家好，早安。感謝您提供迄今為止的所有詳細資訊。一個關於開始速度的問題，如果我沒看錯的話，您的規格數量處於近四年來最低的水平。與去年同期相比，開工率下降了約 15%。所以我知道很多人都對整個行業規格數量的上升感到擔憂。你顯然朝著相反的方向前進，我確信這會支持毛利率。

I guess my question is, as you start to think about '26, but presumably growth is still in the company or you'd like to grow assuming the market gives you a favorable backdrop.

我想我的問題是，當你開始考慮 26 年時，但想必公司仍在成長，或者您希望在市場為您提供有利背景的前提下實現成長。

So should we expect starts to ramp here over the next quarter or two to position important for growth in '26? Or should we think about any potential changes to the sales strategy? I know you've talked about potentially getting back into BPO. At some point, just kind of curious to think about how low that spec count can go while still positioning your company for growth next year?

那麼，我們是否應該預期未來一、兩個季度內該產業將開始加速發展，為 2026 年的成長奠定重要基礎？或者我們應該考慮銷售策略的任何潛在變化？我知道您曾談到重返 BPO 的可能性。某種程度上，我只是有點好奇地想一下，在保證公司明年成長的同時，規格數量可以降到多低？

Yeah, Alan, our starts are certainly lower than they have been, but our cycle times are also at their historical efficiency. And so we don't have to carry as many homes in inventory to be able to respond to demand in the market. As it flexes up or down, we can respond in kind with our star space. So this is what we've done. We are in position and would expect that our starch will accelerate into the third quarter.

是的，艾倫，我們的開工率肯定比以前低，但我們的週期時間也達到了歷史效率。因此，我們不需要儲存那麼多房屋來滿足市場需求。當它向上或向下彎曲時，我們可以用我們的星空間做出相應的反應。這就是我們所做的。我們已做好準備，並預計我們的澱粉產量將在第三季加速成長。

And based on the remainder of the spring and summer selling season, that continue into the fourth. And we feel good about our position with our existing spec inventory. We watch very closely our completed spec inventory. We've reduced that by 2,000 units just a quarter, and that allows us to turn our inventory more efficiently, which ties into, again, maintaining strong operating cash flow.

根據春夏銷售季剩餘時間的情況來看，這一趨勢將持續到第四季。我們對現有規格庫存的狀況感到滿意。我們密切注意已完成的規格庫存。我們僅在一個季度內就減少了 2,000 個單位，這使我們能夠更有效地週轉庫存，這又與保持強勁的營運現金流息息相關。

But we feel good about our ability to start homes and respond to the market and put us in a position which we have an always continue to stay focused on growth. And we feel like we're in a good position to achieve our current guide and the market will tell us how to respond from there.

但我們對自己開建房屋和回應市場的能力感到滿意，這讓我們處於始終專注於成長的地位。我們覺得我們處於一個很好的位置來實現我們目前的指導方針，市場將告訴我們如何應對。

Great. I appreciate the detail there. Second, just in terms of as we think about the tariff environment, and I know you mentioned wait and see, but I'm just curious within the gross margin guide. We've started to see some price increase announcements coming from suppliers, whether there's any contemplation of -- because increases there because you mentioned your stickier costs have been pretty flat quarter-over-quarter.

偉大的。我很欣賞那裡的細節。其次，就我們考慮關稅環境而言，我知道您提到了觀望，但我只是對毛利率指南感到好奇。我們已經開始看到一些來自供應商的價格上漲公告，無論是否有任何考慮 - 因為那裡的價格上漲，因為你提到你的黏性成本與上一季度相比基本持平。

Yeah. I don't think we're going to see any impact of that to until we get '26 closings based upon anything we've seen -- we haven't seen anything substantially coming across malaria. Again, it's early days on understanding where things will fall out with the impact of the tariffs. But from what we've seen in the conversations we've had with our suppliers, we're not expecting material changes at this point.

是的。我認為，直到我們根據所見情況得到 26 個結論之前，我們不會看到任何影響 - 我們還沒有看到任何與瘧疾有關的重大影響。再次強調，現在還無法理解關稅將會帶來什麼影響。但從我們與供應商的對話中所了解的情況來看，我們目前並不認為會發生重大變化。

Okay, thanks a lot.

好的，非常感謝。

Carl Reichardt, BTIG.

卡爾·賴哈特（Carl Reichardt），BTIG。

Thanks. Good morning, everybody. I wanted to ask about -- sorry if we slice and dice the orders this particular quarter. Are you seeing a better performance from a, the markets that you've gone into more recently where you might have fewer public peers; and b, while you're perceived to be all entry-level builder, we know you've got a number of communities that are sort of more first move-up or even higher end than that or differentiated. Can you talk about difference in performance, the more entry-level versus others, let's say.

謝謝。大家早安。我想問一下——如果我們對本季度的訂單進行細分，我們深感抱歉。您是否看到了最近進入的市場表現較好，而這些市場的上市公司同業可能較少？ b，雖然你們被認為是入門級的建築商，但我們知道你們有許多社區，這些社區更像是首次升級，甚至比這更高端或更具差異化。您能談談性能方面的差異嗎，比如說入門級與其他的。

So I think we've seen with 63% of our buyers this quarter at the mortgage company being first-time homebuyers, we're still seeing strong demand for the first-time homebuyer. The affordability is that buyer -- there's no doubt about it. And we are seeing, frankly, pretty good demand or you did through the quarter of that move up higher or second move up. And we're not heavily positioned for that in particular buyer type, but we do have a fair number of flats just in absolute terms that have done very well.

因此我認為，本季我們看到抵押貸款公司的 63% 的買家是首次購房者，我們仍然看到首次購房者的需求強勁。買家最重視的是經濟承受能力——這是毫無疑問的。坦白說，我們看到需求相當不錯，或者說，這一季度的需求有所上升，或者說，第二季的需求有所上升。我們並沒有針對特定買家類型進行大力推廣，但從絕對數量上看，我們確實有相當數量的公寓表現非常好。

And then in terms of markets that are performing well, it's those markets that you can see that are more supply constrained, both from new and existing homes where there have been more significant restrictions on development of new communities. Those markets are much more rationed or allocated to the supply that comes into the market and demand is still very strong in those markets.

就表現良好的市場而言，你可以看到這些市場的供應受到更多限制，無論是新房子還是現有住宅，新社區的開發都受到更嚴格的限制。這些市場對進入市場的供應進行了更嚴格的配給或分配，而這些市場的需求仍然非常強勁。

And we've talked about changes in price and balancing pace and price with incentives. And maybe it's two sides of the same coin but are your operators starting to focus a little bit more on effectively price cuts as opposed to incentives related to interest rates. Are you starting to see a move in that direction? And if so, are you seeing some traction with that?

我們也討論了價格的變化以及速度和價格與激勵措施之間的平衡。這也許是同一枚硬幣的兩面，但您的運營商是否開始更專注於有效降價，而不是與利率相關的激勵措施。您是否開始看到朝這個方向的進展？如果是這樣，您是否看到了一些進展？

Not really in any significant manner. The focus still has been on rates and rate buydowns and keeping consistency of that. And if we see a little weakness in the market or by community, we may adjust further down, but still more advantageous to the buyer and the cost is less to increase the rate buydown then to cut the price. Our prices held relatively stable. Certainly, we have communities if we aren't hitting with the incentives we have in place and we need to cut the price to drive activity and increase traffic and sales, we'll do that.

確實沒有什麼重大影響。重點仍然放在利率和利率下調以及保持其一致性。如果我們發現市場或社區出現一些疲軟，我們可能會進一步下調，但這對買家來說仍然更有利，而且提高利率買斷的成本比降低價格的成本要低。我們的價格保持相對穩定。當然，如果我們沒有利用現有的激勵措施來打擊社區，我們就需要降低價格來推動活動、增加流量和銷售，我們會這樣做。

But that's a community by community position and our operators are doing a great job in the field of managing inside of their own submarkets and across their division platforms to drive what they need to at a community level.

但這是一個社區一個社區的立場，我們的運營商在管理自己的子市場內部和跨部門平台方面做得很好，以推動他們在社區層面所需的工作。

To Paul's point, from a year ago, our number of buyers utilizing a rate buydown on a percentage basis is up. And so when we talk about higher incentive costs, it is just more buyers taking advantage of that rate buydown.

正如保羅所說，與一年前相比，使用以百分比購買利率的買家數量有所增加。因此，當我們談論更高的激勵成本時，只不過是更多的買家利用了利率降低。

Which is reflected in our financials as a reduction in the sales price.

這在我們的財務狀況中反映為銷售價格的下降。

Yeah, okay, great, thanks a lot. Appreciate it guys.

是的，好的，太好了，非常感謝。感謝你們。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

Awesome thanks so much. I'm going to touch on 2026 again here. And obviously, I understand you're not providing guidance. But at what point in the current year, would you start to acuity count for the following year? I guess just kind of saying it differently, if demand were to remain soft in Q3 and Q4, would you be biased towards holding count flat in '26? Or is there a scenario where potentially shrink community count.

太棒了，非常感謝。我將在這裡再次談論 2026 年。顯然，我知道您沒有提供指導。但是在今年的什麼時候，您會開始計算下一年的敏銳度呢？我想換一種說法，如果第三季和第四季的需求仍然疲軟，您是否會傾向於在 26 年保持數量持平？或是否存在社區數量可能減少的情況。

And then how much flex is there in your operating plans to make downward adjustments if necessary?

那麼，如果有必要，您的營運計畫有多少彈性可以進行向下調整？

Yeah. So Sam, that's like everything we talk about community by community. And so it's going to be dependent on sales paces in local markets, and where we're closing out of communities and it makes sense to open the next market. Those plans are happening out in terms of our lot position. You've heard us talk a lot about how it's not getting any easier to put finished lots on the ground.

是的。所以，山姆，這就像我們針對各個社區所討論的一切一樣。因此，這將取決於當地市場的銷售速度，以及我們關閉社區的位置以及開闢下一個市場是否合理。這些計劃正在根據我們的地段位置進行。您已經聽我們多次談論過如何讓完成的地塊投入使用變得越來越困難。

So to accelerate community starts is much harder than to slow them down. So in terms of what we actually ultimately grow or not grow community count-wise in fiscal '26. It will be a function of local market conditions and the sales pace that we're seeing in each of our markets.

因此，加速社區啟動比減慢其速度困難得多。因此，就我們 26 財年社區數量最終增長還是不增長而言。它將取決於當地市場條件和我們在每個市場看到的銷售速度。

That's helpful, Jessica. And then I wanted to touch on kind of the geographic composition potentially of where you're taking delivery expectations and starts lower are you making charts to areas like Florida and Texas, just known pressure points? Or would you characterize some of your reduction in delivery guide to perhaps more broad-based cuts? Just would love some additional context there?

這很有幫助，傑西卡。然後我想談談您可能從哪些地方接受交付預期，並從較低的位置開始，您是否製作了佛羅裡達州和德克薩斯州等地區的圖表，只是已知的壓力點？或者您會將交付指南中的部分削減描述為更廣泛的削減？只是想了解一些額外的背景資訊嗎？

I think you look at our concentration in Texas through Florida. And certainly, when those markets are a little softer, it's going to cause us to have fewer starts in those markets in response to market conditions. As Bill had mentioned earlier, we have expanded our geographic footprint and have some newer markets that are seeing good, stable activity without much supply, and we're expecting some of those markets to grow potentially beyond our expectations. So it really is a balance. But it is market to market and community, community across our platform.

我想你看一下我們通過佛羅裡達州在德克薩斯州的集中情況。當然，當這些市場稍微疲軟時，為了應對市場狀況，我們將減少在這些市場的開工數量。正如比爾之前提到的，我們已經擴大了我們的地理覆蓋範圍，並且有一些較新的市場，這些市場在供應量不大的情況下，活動良好、穩定，我們預計其中一些市場的增長可能會超出我們的預期。所以這確實是一種平衡。但它是市場對市場和社區，是跨我們平台的社區。

Thanks. I'll pass it on.

謝謝。我會傳達的。

Michael Rehautf, JP Morgan.

摩根大通的麥可雷豪特。

Great, thanks. Good morning, everyone. Thanks for taking my questions. Wanted to start off just trying to understand the balance and obviously, as you say it's community by community, but trying to understand where you are from an incentive standpoint versus the rest of the market. It looks like your gross margins are holding up relatively well. And I was curious, when you think about incentives as a percent of sales, where you are today versus three months ago and maybe even versus a year ago, and more specifically, over the last few months How would you say your incentives are holding relative to rest of the market because it would appear maybe on a first glance of that-- perhaps your holding price a little bit more and allowing volume to slide. So I'd love to hear your thoughts around those -- around that metric and again, kind of comparing the incentives for yourself as well as the market.

太好了，謝謝。大家早安。感謝您回答我的問題。首先想嘗試了解平衡，顯然，正如你所說，這是一個社區一個社區的問題，但嘗試從激勵的角度了解你相對於其他市場所處的位置。看起來你們的毛利率保持得相對較好。我很好奇，當您將激勵措施視為銷售額的百分比時，您今天與三個月前，甚至一年前，更具體地說，與過去幾個月相比，您認為您的激勵措施相對於其他市場而言如何，因為乍一看似乎 - 也許您的維持價格略高一些，從而允許交易量下滑。所以我很想聽聽你對這些指標的看法，並再次比較你自己和市場的激勵措施。

We compete every day in each of our markets and watch closely what's going on across all of our competitors. And when you get down to a market and submarket level, we have different competitors in each of those. And so that's why we rely heavily on our local operators to measure their market, respond and react on a daily basis to drive the returns that we're looking for in each of our communities.

我們每天都在各個市場競爭，密切關注所有競爭對手的動態。當你深入某個市場和次市場層面時，我們會發現每個市場都有不同的競爭對手。因此，我們嚴重依賴當地業者來衡量他們的市場，並每天做出回應和反應，以推動我們在每個社區尋求的回報。

So I think we compete favorably. And we respond in kind to what we're seeing. And although we've seen our sales revenue number per unit remained relatively flat. Our size of home has reduced. And so that changes the inputs.

所以我認為我們的競爭是有優勢的。我們也對所見所聞作出了同樣的回應。儘管我們看到每單位的銷售收入數字保持相對穩定。我們的家的面積縮小了。這樣就改變了輸入。

And I think that's some of where you've seen some of the strength in our margin is a response to the market with a house that meets the buyer with what they can afford on a market basis.

我認為這就是我們所看到的利潤優勢的一部分，它是對市場的反應，我們根據市場情況為買家提供他們負擔得起的房子。

So just trying to parse that out a little bit, and I appreciate the response. I know it's obviously hard to do market by market. But would you say overall your incentive levels are holding relative to the market or maybe holding up a little stronger? In other words, holding price a little bit more than the average competitor.

因此我只是嘗試稍微分析一下，我很感謝您的回覆。我知道逐一市場開展工作顯然很困難。但您是否認為整體而言您的激勵程度相對於市場而言保持不變或可能保持得更強一些？換句話說，價格比一般競爭對手高一點。

Hard to say. It's a daily and weekly price market value discovery process that our teams are going through. Again, community by community. I know you got to be tired of saying that, but it's really what they do. And we kind of encourage and guide them to recognize the fact that in a given submarket where you may have a very deep lot position that's easily replaceable then probably more volume makes sense there and where you have one where the lots are scarce or harder to get on the ground, it's going to be more of a price thing. And that's going to maximize the overall returns produced in the portfolio.

很難說。這是我們的團隊每天和每週都在經歷的價格市場價值發現過程。再次，逐一社區地進行。我知道你這麼說可能有點累了，但他們確實就是這麼做的。我們鼓勵並引導他們認識到這樣一個事實：在特定的子市場中，你可能擁有非常深厚的地段位置，很容易被取代，那麼更多的交易量可能是有意義的，而在地段稀缺或更難獲得的子市場中，這將更多地取決於價格。這將使投資組合產生的整體回報最大化。

And every day, we are out there seeking to be competitive in the marketplace and be sure we're getting attention from the buying community on the value we're providing and then have the ability, once we get somebody in the community to sit down and discover what they need in their housing that housing options and meet that need with the payment they can afford. And so whether that's a combination of various closing cost incentives or rate buy-downs, it's working with individual buyer to understand what is things to get them to commit to the transaction.

我們每天都在努力在市場上保持競爭力，確保購買群體關注我們提供的價值，然後我們有能力，一旦社區中的某個人坐​​下來，發現他們在住房方面需要什麼，住房選擇就會以他們能負擔得起的價格滿足他們的需要。因此，無論是各種成交成本激勵措施還是利率降低的組合，都需要與個人買家合作，以了解如何讓他們參與交易。

And Mike, it's also hard for us to say because builders don't all disclose every metric the same way from an incentive perspective. But I do think we feel that we have a very strong competitive advantage with a very strong financial services partner -- and a high capture rate that works very closely with our builder to make sure we're managing our incentives as tightly as we can and capture as much buyer traffic out there as possible.

麥克，我們也很難說，因為從激勵的角度來看，建築商並不會以相同的方式揭露每個指標。但我確實認為，我們擁有非常強大的競爭優勢，擁有非常強大的金融服務合作夥伴——以及與我們的建築商密切合作的高捕獲率，以確保我們盡可能嚴格地管理我們的激勵措施並儘可能多地吸引買家流量。

I appreciate that. And thanks for the additional color. I guess, second question more, just a quick one on lumber with all the tariff noise and concerns with different types of tariffs that would hit Canada. I was wondering if you could kind of review your exposure to Canadian softwood lumber. Number one, what percent of your homes are built with that?

我很感激。也感謝你增添的色彩。我想，第二個問題是關於木材的快速問題，因為有各種關稅噪音和對可能影響加拿大的不同類型關稅的擔憂。我想知道您是否可以回顧一下您對加拿大軟木材的了解。第一，你們有多少比例的房子是用這種材料建造的？

And number two, historically, if you have seen movements in price on Canadian lumber, does that typically flow through to prior changes more broadly across the US or in certain regions? And what would that look like?

第二，從歷史上看，如果您發現加拿大木材價格有變動，那麼這種變動是否通常會影響到美國或某些地區更廣泛的先前價格變化？那會是什麼樣子呢？

Yeah, Michael. Overall, we've seen lumber holding pretty steady and about 20% of the lumber that we use in our homes is through Canada. Should we see tariffs accelerate or hold up at a higher level, we'll look to adjust that. But again, I think with where we are today, you won't see those lumber prices come through really towards the end of this fiscal year and into '26.

是的，邁克爾。總體而言，我們看到木材價格保持穩定，我們家中使用的木材約 20% 來自加拿大。如果我們看到關稅加速上漲或維持在較高水平，我們就會考慮進行調整。但我再次認為，以我們目前的情況來看，木材價格在本財年末和 26 年不會真正回升。

Great. Thanks so much.

偉大的。非常感謝。

Eric Bosshard, Cleveland Research.

艾瑞克‧博薩德（Eric Bosshard），克里夫蘭研究公司。

Thanks, two things, if I could. First of all, on tariffs in the event that tariffs do manifest themselves in inflation, how do you manage that? I know it sounds like that's not an issue in '25, it might be in '26. Any meant that the supply chain can't manage that on their own and they have to raise price. How do you manage that or adjust for that or digest that?

謝謝，如果可以的話，有兩件事。首先，關於關稅，如果關稅確實導致通貨膨脹，該如何應對？我知道這聽起來好像在 25 年不是問題，但在 26 年可能會成為問題。任何情況都意味著供應鏈無法自行管理，因此必須提高價格。您如何管理、調整或消化這個問題？

I think that's a combination of things, right? The input of the items that will be covered by a tariff are only part of our cost input. We have labor -- we have our vendor partners and labor partners that look at their level of profit. And I think we're all going to have to come to the table and adjust to deliver a house that the market finds compelling and can afford. And I know that's not a direct answer, but I don't think there is one other than we're just going to have to see how this plays out and work with our buy partners, vendors to figure it out together.

我認為這是多種因素共同作用的結果，對嗎？關稅涵蓋的項目的投入只是我們成本投入的一部分。我們有勞動力－我們有供應商夥伴和勞動力夥伴，他們關注的是自己的利潤水準。我認為我們都必須坐下來進行調整，打造出市場認可且能夠負擔得起的房子。我知道這不是一個直接的答案，但我認為除了我們只需要看看事情如何發展並與我們的採購夥伴、供應商合作來解決這個問題之外，沒有其他答案。

I guess there's -- you can raise price, you can take gross margin or you can build a lower cost house to offset it. Is there an initial mindset of this is the path to choose in this market?

我想，你可以提高價格，你可以提高毛利率，或者你可以建造一座成本較低的房子來抵消它。是否有一個初始的心態，認為這是在這個市場中要選擇的道路？

I think it's all of the above at a community level that we'll have to make those decisions.

我認為我們必須在社區層面上根據上述所有情況做出決定。

And tariffs are not, we do expect to be able to continue to leverage our relationships and our scale to navigate the cost environment better than smaller builders.

而且關稅不是，我們確實希望能夠繼續利用我們的關係和規模來比小型建築商更好地應對成本環境。

Okay, fair point. And secondly, you certainly have a great partner with Forestar. I'm curious for Forestar and relationships you have like that, when you end up starting 20% less homes when you end up taking less land, does this create an opportunity for you to get concessions from them or price support from them. At the same time, does this also create strain on those players who bought land expecting to deliver and when the timing changes, does that have a meaningful impact on those businesses?

好的，說得對。其次，Forestar 無疑是你們的優秀夥伴。我對 Forestar 和你們之間的類似關係感到好奇，當你們最終建造的房屋減少了 20%、佔用的土地減少了時，這是否為你創造了從他們那裡獲得優惠或價格支持的機會。同時，這是否也會給那些購買土地並期望交付的參與者帶來壓力？當時間改變時，這會對這些企業產生重大影響嗎？

We've communicated pretty early on with our development partner about what we're seeing in the marketplace, and they're very aware of what's happening in their communities as well. And we're continually looking at adjusting base sizing lot delivery time frames and getting to meet the market on a just-in-time basis. I mean, it's never a perfect thing, but you're seeking it. And -- but there are times when we work with them to restructure the takedowns of a given community to potentially slow lot takes and work through maybe going a little faster and one deal that's running faster and going a little slower than another deal that we're working with them on.

我們很早就與開發合作夥伴溝通了我們在市場上看到的情況，他們也非常了解他們社區正在發生的事情。我們不斷考慮調整基本尺寸批量交付時間框架，以便及時滿足市場需求。我的意思是，它從來都不是一個完美的東西，但你在追求它。並且 — — 但有時我們會與他們合作，重組特定社區的拆除工作，以潛在地減緩拆除速度，並可能加快進度，而一項交易的進度可能會比我們正在與他們合作的另一項交易快一點，慢一點。

It's a lot of puts and takes in the context of a long-term relationship that folks who work with are very seasoned. They're not new to this business, and they understand business goes up and down and they're prepared for those days like we are, part of our vetting process and our developers.

在長期合作關係中，我們需要做很多努力和付出，而與我們合作的人都是經驗豐富的。他們對這個行業並不陌生，他們知道業務有起有落，他們像我們一樣做好了準備，作為我們審查流程和開發人員的一部分。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

Good morning everyone. Thank you for taking the questions. So just, I guess, addressing the elephant in the room around overall policy uncertainty and consumer confidence. I guess, what are you seeing from homebuyers from a traffic perspective over these past few weeks? And maybe even into April as we got that tariff news, anything changing around conversions of that traffic or what you need to do to incentivize conversions? Thank you.

大家早安。感謝您回答這些問題。所以，我猜，這只是在解決整體政策不確定性和消費者信心的顯而易見的問題。我想，從過去幾週的交通角度來看，您看到了購屋者的什麼情況？也許甚至到了四月份，當我們收到關稅訊息時，流量轉換方面有什麼變化嗎，或者您需要做些什麼來激勵轉換？謝謝。

We've still seen pretty good traffic. We've had to [incent] a little more to get them off the fence and into contract and working towards their homeownership and hence, the guide on our margins. But we have seen March and into April, sales pace better than we saw in February, and traffic is still pretty good, but there is certainly uncertainty and people watch that.

我們仍然看到相當不錯的交通狀況。我們必須採取更多激勵措施，讓他們下定決心，簽訂合同，努力實現房屋所有權，從而指導我們的利潤。但我們看到，三月和四月的銷售速度比二月好，而且客流量仍然相當不錯，但肯定存在不確定性，人們對此保持關注。

I think when you look at our buyer makeup with 63% of those that took the mortgage or a mortgage company being first-time own buyers, maybe a little less impacted when -- with the markets because they just don't have the portfolio to worry about, they're more focused on getting into their first home. And it ties really to their comfort and their job and their income on a go-forward basis than it does the market for that buyer demographic.

我認為，當你看到我們的買家組成時，63% 的抵押貸款或抵押貸款公司買家都是首次購房者，他們受到的影響可能較小——因為他們不必擔心投資組合，所以他們更專注於購買他們的第一套房子。它實際上與他們的舒適度、工作和收入息息相關，而不是與該購買者群體的市場相關。

Got it. Okay. That's helpful. And then maybe zooming into the delivery outlook for the second half. I think you're implying something like 48,000 homes over the entire second half.

知道了。好的。這很有幫助。然後也許會放大下半年的交貨前景。我認為您指的是整個下半年大約有 48,000 戶家庭。

I think you've got about 37,000 homes in inventory right now. So that ratio is maybe a little bit higher than what we've historically seen with D.R. Horton. So I think you made a comment earlier, correct me if I'm wrong, about starts accelerating going forward. So just wanted to kind of double click on that and get a sense on what you're assuming around the ability to kind of hit that new delivery guide. Thank you.

我認為目前庫存房屋數量約為 37,000 套。因此，這個比例可能比我們歷史上看到的 D.R. 比例要高一點。霍頓。所以我認為你之前發表了一條評論，如果我錯了請糾正我，關於開始加速前進。因此，我只是想雙擊它並了解您對實現新交付指南的能力有何假設。謝謝。

It's two things. It's a more recent uptick we've seen in the sales space has given us more confidence for starts -- and so we'll be increasing our start pace over the March quarter, combined with the fact that we've gotten a much better control of our construction build times. And so we've been able to compress the time frame between start and a home ready for delivery to a customer, which allows us to be more nimble in responding to demand in a given community. And so that's giving us the confidence to run with a lower level of entry of home inventory than we historically had and still be able to deliver numbers in a subsequent quarter.

這是兩件事。我們最近看到的銷售領域的上漲讓我們對開工更有信心——因此，我們將在 3 月季度加快開工速度，再加上我們對施工時間有了更好的控制。因此，我們能夠縮短從開始到交付給客戶的時間，這使我們能夠更靈活地回應特定社區的需求。因此，這讓我們有信心以比歷史上更低的房屋庫存水平運行，並且仍然能夠在隨後的季度提供業績。

All right thanks guys, good luck.

好的，謝謝大家，祝你好運。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

Hi, good morning. Thanks for taking my questions. Just on the land cost, I think you said it was up 3% quarter-over-quarter. Can you just talk about what the year-over-year was. And then you've pulled back on starts here and the market is a little bit softer. Have you seen any relief there on land that is being contracted today? And when would that potentially if so, like when would that flow through? Your cost of goods?

嗨，早安。感謝您回答我的問題。僅就土地成本而言，我認為您說過它比上一季上漲了 3%。能談談同比情況嗎？然後你又撤回了這裡的開工，市場變得有點疲軟。您今天看到那裡承包的土地有減輕嗎？如果是這樣的話，什麼時候可能會實現呢？什麼時候會實現呢？您的商品成本？

So land and lot costs, they were up 3% sequentially, 10% year-over-year. And as we look forward, we don't expect land costs to pull back. We do expect further inflation there. We have not seen any significant change in land cost or land prices. So we've said many times, it's still very difficult to bring communities online.

因此，土地和地塊成本較上季上漲 3%，較去年同期上漲 10%。展望未來，我們預期土地成本不會下降。我們確實預計那裡會出現進一步的通貨膨脹。我們沒有看到土地成本或土地價格有任何顯著變化。我們已經說過很多次了，要讓社區上網仍然非常困難。

It's still not an excess number of finished lots in the market. So we have not seen a big adjustment there. But to the extent, as far as timing from the time we buy a lot, typically, we're going to see that rolling through our cost of goods in the next two to three quarters with our construction cycle times and our inventory turns.

市面上的成品地塊數量仍不算過剩。因此我們尚未看到大的調整。但就我們大量採購的時間而言，通常情況下，我們會看到，在接下來的兩到三個季度中，我們的商品成本會隨著我們的施工週期和庫存週轉而改變。

Okay. That's helpful. And then on the SG&A, you made a comment to an earlier question that you'd expect it lower as a percent of sales longer term. Is that just an improvement on delivery growth that will get you leverage? Or is that like if the market flow remains soft, you would reduce spending? And if it is about like reducing spending, like when would you start to make that adjustment?

好的。這很有幫助。然後關於銷售、一般和行政費用，您在先前的問題中評論說，您預計從長遠來看，銷售、一般和行政費用佔銷售額的百分比會降低。這是否只是交付成長方面的一種改進，可以為您帶來優勢？或者說，如果市場流量仍然疲軟，您就會減少支出？如果是減少開支，您什麼時候開始做出調整？

Well, we're focused primarily on delivering on the guidance we're providing here in terms of volume. And typically, in our Q3 and Q4 better leverage on our SG&A when we close more homes. So in the near term, that's certainly what's in our plans. And then at a market level, just like everything else we do, we manage our business at a market level, each market depending on where their volume is.

嗯，我們主要專注於實現我們在此提供的有關數量的指導。通常，當我們在第三季和第四季關閉更多房屋時，我們的銷售、一般及行政開支 (SG&A) 槓桿會更高。因此，從短期來看，這肯定是我們的計劃。然後在市場層面，就像我們所做的其他事情一樣，我們在市場層面管理我們的業務，每個市場都取決於其規模。

They're managing their overhead, they're managing their land supply. They and their homes and inventory accordingly. So if there's a pullback in volume in a market that we don't feel like is going to itself in the near term, then they make adjustments on all of those factors in their business.

他們管理他們的開銷，他們管理他們的土地供應。他們和他們的家園和庫存相應。因此，如果市場交易量出現回落，而我們認為短期內不會自行恢復，那麼他們就會對業務中的所有這些因素進行調整。

It's helpful. Thank you.

這很有幫助。謝謝。

Trevor Allinson, Wolf Research.

特雷弗·阿林森，沃爾夫研究中心。

Hi, good morning. Thank you for taking my questions. First, I want to follow up on the pace versus price topic. And I appreciate these decisions are being made at the community level, but it appears you guys are being more balanced than what many were expecting. There's clearly a lot of uncertainty right now more so than there was just a few weeks ago.

嗨，早安。感謝您回答我的問題。首先，我想跟進速度與價格的話題。我很欣賞這些決定是在社區層面做出的，但看起來你們比許多人預期的更平衡。顯然，現在的不確定性比幾週前更嚴重。

So if demand were slow even more going forward than one, you currently expect? Should we expect that those impacts to be primarily reflected in fewer closings and orders right now than you currently expect? Or would that be more so reflected in gross margin?

那麼，如果未來需求比您目前預期的更緩慢，那該怎麼辦？我們是否應該預期這些影響主要反映在目前的成交量和訂單量比您目前預期的要少？或者這會更反映在毛利率上嗎？

Yeah, Trevor, we certainly have been watching the market closely. And our second quarter the March quarter is the early part of the spring selling season. And we've watched that pace week-to-week and have pulled back a little bit on our absorption expectations and our starts expectations. And we'll see what the spring and into the summer brings to us. We are anticipating we're going to continue to see consistent sales activity, and that's what we have put forth in our guide.

是的，特雷弗，我們確實一直在密切關注市場。我們的第二季即三月季度是春季銷售季節的早期。我們每週都在關注這項進展，並稍微降低了對吸收量和開局量的預期。我們將看到春天和夏天為我們帶來什麼。我們預計我們將繼續看到持續的銷售活動，這就是我們在指南中提出的。

We'll respond to that as it comes. We do have volume numbers that we like to hold on to, and we'll adjust accordingly based on what the market tells us.

我們會及時回應。我們確實有一些我們希望保留的交易量數字，並且我們會根據市場情況進行相應的調整。

Okay. I appreciate that color. And then second, just on land and development spend, again, given all the uncertainty, you closing expectations down some here, share repo expectations have gone up. Perhaps could imply that maybe you're pulling back a little bit on land and developed spend than you were previously anticipating. I guess first, is that the correct interpretation?

好的。我很欣賞那個顏色。其次，僅在土地和開發支出方面，考慮到所有的不確定性，您的收盤預期會有所下降，而股票回購預期則會上升。這或許意味著您在土地和開發方面的支出可能比之前預期的有所減少。我首先想，這是正確的解釋嗎？

And then if that is, could you provide some color on perhaps what you're expecting in terms of land and development spend now versus what you had previously?

如果是這樣，您能否提供一些細節，說明您現在對土地和開發支出的預期與以前相比如何？

Our total land and development spend in Q2, the quarter we just reported was lower than it has been over the last year to 1.5 years. And so we are constantly adjusting in each of our markets based on where our sales pace is and what our lot needs are. And so as Mike said earlier, we work with developers who are delivering us lots and to the extent that we can extend timing on the next phase of development and extend then our lot takedown schedules.

我們剛剛報告的第二季的土地和開發總支出低於去年同期的 1.5%。因此，我們會根據銷售速度和批次需求不斷調整每個市場。正如麥克之前所說，我們與向我們提供地塊的開發商合作，在某種程度上我們可以延長下一階段的開發時間，從而延長我們的地塊拆除時間表。

We're doing that. And so yes, as we deal with lower volumes than we expected going into the year, land spend will adjust accordingly. We still love our lot position. We love our overall flexibility that we have in it, and we need all of those lots. We may just not need some of them quite as quickly as we had originally planned.

我們正在這麼做。是的，由於我們今年處理的業務量低於預期，土地支出將相應調整。我們仍然喜歡我們的地段位置。我們喜歡我們所擁有的整體靈活性，並且我們需要所有這些。我們可能並不像最初計劃的那樣很快需要它們。

Very helpful. Thank you for all the color and good luck moving forward.

非常有幫助。感謝您帶來的所有色彩並祝您未來一切順利。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good morning. If I look at your closings year-to-date, the total homes closed in the north and the east are actually up year-over-year. And understanding that's not the biggest part of the company. I'm just -- is that increase in closing is just a function of lack of inventory in the market or anything from a comp perspective or maybe entering new markets that we should be thinking about when we think about that year-over-year growth?

早安.如果我看一下今年迄今為止的成交情況，北部和東部地區成交的房屋總數實際上同比增長。並且要知道這並不是公司最重要的部分。我只是想知道——成交量的增加只是由於市場庫存不足，還是從公司角度來看的其他原因，或者是進入新市場，而我們在考慮同比增長時應該考慮這些因素？

I don't think there's been a few new markets entered in those regions, but it's been -- those are areas that have seen probably more supply constrained historically. And so the demand has just not been satisfied. And so as we're able to bring neighborhood to market and get houses started there, there's very strong demand from the local population for the housing.

我不認為這些地區已經進入了一些新市場，但從歷史上看，這些地區的供應可能受到更大的限制。因此需求尚未滿足。因此，當我們能夠將社區推向市場並在那裡建造房屋時，當地居民對住房的需求非常強烈。

The North has been running a higher increase in community count as well. So they're just continuing to drive additional absorption out of those new communities.

北方的社區數量也一直大幅增加。因此，他們只是繼續推動這些新社區的進一步吸收。

Got it. And then looking at the cost environment, I was wondering kind of what level of labor inflation might be baked into your outlook? And then have you seen anything from a labor cost or labor availability perspective, talking with your contractors or subcontractors that is kind of different than what you might have expected at the beginning of the year?

知道了。然後看看成本環境，我想知道什麼程度的勞動力通膨可能會被納入您的前景？然後，從勞動成本或勞動力可用性的角度來看，在與承包商或分包商交談時，您是否發現與您年初預期的情況有所不同？

I think when you -- we look at labor, we're assuming that that remains relatively flat. We have good labor base across pretty much all of our markets, and that's been a big part of the reduction in our construction cycle times. So our vendors and labor partners out there are already willing and able, if we need to move up the start base on which we will be this quarter to satisfy that pace, and we feel really good about our position with the labor today.

我認為，當我們觀察勞動力時，我們假設它保持相對穩定。我們在幾乎所有市場都擁有良好的勞動力基礎，這對縮短我們的施工週期起到了很大的作用。因此，如果我們需要提高本季的起始基礎以滿足這一速度，我們的供應商和勞工合作夥伴已經願意並且能夠做到，我們對今天在勞工方面的地位感到非常滿意。

Okay, that's helpful. I'll turn it over.

好的，這很有幫助。我把它翻過來。

Ken Zener, Seaport Research Partners.

肯‧澤納 (Ken Zener)，海港研究夥伴。

Thank you. Morning all. Thinking about your gross margin, which if you could just comment, I think it includes about 3% outside commission, just I'm interested in how that's trending, but most importantly, I'm trying to understand conceptually, how you think about the floor and pace that you're willing to cut price to drive sales. As we see another large builder leverage, it's improving with turns and falling land intensity.

謝謝。大家早安。考慮一下您的毛利率，如果您可以評論一下，我認為它包括大約 3% 的外部佣金，我只是對它的趨勢感興趣，但最重要的是，我試圖從概念上理解，您如何看待您願意降價以推動銷售的底線和速度。正如我們所見，另一家大型建築商的槓桿率隨著土地利用強度的下降而改善。

And I'm asking specifically within the context that your order pace, which result in [4.7] in '24, looks to be sub-4 perhaps this year, but it was 3.7 in '18, '19 and 2.6, that's pace in '15, '16. So how would you given that kind of structural lift, where do you think that plays into your focus on returns and cash flow? That's obviously the base side versus the margin. Thank you.

我特別想問的是，您的訂單速度在 24 年是 [4.7]，今年可能要低於 4，但在 2018 年、2019 年是 3.7，在 2015 年、2016 年是 2.6。那麼，考慮到這種結構性提升，您認為這會對您對回報和現金流的關注產生什麼影響？這顯然是底邊與邊際的對立。謝謝。

Okay. I'll start with commissions and then I'll see which one of the guys who wants to answer the latter part of your question. You're right, roughly 300 basis points. On total closings, we're probably looking at closer to about 270 basis points in our gross margin. But we have seen a slight decline in the number of closings that have a realtor associated with them.

好的。我先從佣金開始，然後看看哪個人願意回答你問題的後半部。你說得對，大約 300 個基點。就總成交量而言，我們的毛利率可能接近 270 個基點。但我們發現與房地產經紀人相關的交易數量略有下降。

That was about 83% of the homes we closed this quarter at an average commission of about 3.3%, which is down slightly from a year ago. It was flat sequentially. But on overall closing is about 270 basis points of impact.

本季我們成交的房屋約佔 83%，平均佣金約 3.3%，比一年前略有下降。環比持平。但對整體收盤的影響約為270個基點。

And in terms of the pace or a floor in pace and Ken, I know we say this a lot, but it truly is in each community. We have a business plan when we open a community around what we expect to do in terms of pace, price margin. And then depending on how things go when we open the community, then we adjust from there. But we are focused on hitting our pace in each community.

至於步伐或步伐底線，肯，我知道我們經常這麼說，但每個社區確實都是如此。當我們開設社區時，我們會制定一個商業計劃，圍繞著我們在速度、價格利潤等方面的期望。然後，根據我們開放社區時的進展情況，我們會進行調整。但我們專注於在每個社區中達到自己的步伐。

You threw out some of the stats from the pre-COVID period and then -- and in more recent years, we did see accelerated absorptions during the COVID years from '20 to '22 as we started to see those absorptions start reverting back to more normal levels. While we have focused on the last couple of years increasing our community count.

你拋棄了新冠疫情之前的一些統計數據，然後——在最近幾年，我們確實看到在 20 年至 22 年的新冠疫情期間吸收量加速，因為我們開始看到這些吸收量開始恢復到更正常的水平。過去幾年我們一直致力於增加社區數量。

So we could still keep the scale of our operations, continue aggregating market share through community count increases with an anticipation that absorptions per community, the pace community per community would probably revert back to more normal levels.

因此，我們仍然可以保持營運規模，透過增加社區數量來繼續累積市場份額，預計每個社區的吸收量、每個社區的速度可能會恢復到更正常的水平。

And so I think our general expectation, high level, is that those absorptions are and are getting close back to more normal levels. But ultimately, the real answer is community by community. And each community is going to try to balance the pace that they're driving at to maximize returns. And so there is a floor. There is always a floor.

因此，我認為我們整體的預期，從高水準來看，這些吸收量正在接近更正常的水平。但最終，真正的答案是社區自己決定的。每個社區都將努力平衡各自的發展速度，以實現最大回報。所以有底線。總會有一個底線。

There is no return without pace, but there's also a balance. There's not return without margin either. So you're going to -- each community, you're going to strike a balance between pace and margin.

沒有速度就沒有回報，但也需要平衡。沒有利潤就沒有回報。所以你要──每個社區，都要在速度和利潤之間取得平衡。

Good. And I guess the biggest question I get with investors is putting aside stock volatilities, are the companies -- is the industry different? So if your EBIT had kind of a 10% pre-COVID rate or a bit lower in '15, '16 versus right before pre-COVID. If you turn that 2 times a year, that's still the basic floor on returns that you think is acceptable. And then do you guys expect inventory units to be down year-over-year in 4Q?Thank you.

好的。我想投資人問我的最大問題是，除了股票波動之外，這些公司——這些行業是否有所不同？因此，如果您的息稅前利潤 (EBIT) 在 2015 年和 2016 年的比率在疫情之前達到 10% 左右，或與疫情之前相比略低。如果您每年轉換兩次，這仍然是您認為可以接受的回報的基本底線。那麼，你們預計第四季庫存量會年減嗎？謝謝你。

II think our inventory units, we expect to be about flat from year-over-year at the end of the fiscal. That will depend a bit on the market and whether it's a little above or a little below, but it's going to be somewhere in that ballpark. And we're continually looking to increase our turns.

我認為我們的庫存單位預計在本財年末將與去年同期持平。這將在一定程度上取決於市場，以及它是略高於還是略低於，但將會在這個範圍內。我們一直在尋求增加我們的轉彎次數。

Historically, they have been running for few years. We had a few years we did better than two on the units, and we expect to do better than two this year on units and into next year, our units as well, just taking it out to our compressed construction times and focus on that part of our operation.

從歷史上看，他們已經運行了幾年。有幾年，我們在單位建設上的表現都比兩年好，我們預計今年和明年在單位建設上的表現都會比兩年好，只需將其壓縮到我們壓縮的施工時間並專注於我們運營的這一部分。

Thank you.

謝謝。

Jay McCanless, Wedbush Securities.

麥坎利斯 (Jay McCanless)，韋德布希證券公司。

So looking at finished specs, it looks like you guys had 8,400 this year versus roughly 7,300 last year. I guess maybe could you square up that increase in inventory with what I think they said, you guys are going to start to increase starts this quarter?

因此，從最終的規格來看，今年你們的數量是 8,400 輛，而去年大約是 7,300 輛。我想也許您能將庫存的增加與他們所說的情況一致，你們將在本季開始增加開工量嗎？

Yeah, the 8,400 is up versus last year. However, it's down 2,000 versus the December quarter. So we were at 10,400 in December. So down 2,000. We expect that to continue to decline.

是的，與去年相比，今年增加了 8,400。然而，與去年 12 月季度相比，這一數字下降了 2,000。因此，12 月我們的數字是 10,400。所以減少了 2,000。我們預計這一數字將繼續下降。

It goes back to Paul's discussion earlier around our improved cycle time. So our construction cycle times are shorter. We're very focused on turning our housing inventory more quickly because the construction times allow it. So we are expecting to operate with fewer overall homes in inventory, but we're going to turn them faster. And so in order to be at the volume levels that we would expect to be at, that does start to require us to increase our starts. But I think you will see our terms continue to improve from where they are right now.

這可以追溯到保羅之前關於我們改進的周期時間的討論。因此我們的施工週期更短。我們非常注重更快地週轉我們的住房庫存，因為施工時間允許這樣做。因此，我們預期庫存房屋總量會減少，但我們將以更快的速度週轉。因此，為了達到我們期望的產量水平，我們確實需要開始增加產量。但我認為你會看到我們的條款在現有基礎上不斷改善。

And we saw our aged completed specs declined slightly as well, which is really our biggest focus. In today's environment, having completed specs continues to be an advantage buyers want that certainty of rate and ability to take advantage of the rate lock.

我們發現，我們已完成的規格也略有下降，這確實是我們最關注的重點。在當今環境下，擁有完整的規格仍然是一個優勢，買家希望獲得確定的利率並能夠利用利率鎖定。

Okay thanks. And the second question I had. Congrats on keeping the cancellation rate I think fairly low relative to historical numbers. I guess, has there been communication from corporate out to the division presidents to keep the can rate low. And then also we've seen some commentary in the market about rising insurance property insurance rates and just wondering what type of impact do you guys think that rising insurance could have on can rates? And what you're hearing from the field right now about maybe can rates in April?

好的，謝謝。我的第二個問題是。恭喜您將取消率保持在我認為相對於歷史數字而言相當低的水平。我想，公司是否已經與各部門總裁進行了溝通，以保持低罐率？然後，我們也看到市場上一些關於保險財產保險費率上漲的評論，想知道你們認為保險費率上漲會對保險費率產生什麼樣的影響？您現在從現場聽到的關於四月利率可能是多少的消息是怎樣的？

I think what we're seeing, reflective in the low can rates is that we have buyers that when they're writing a sales contract are very committed to that house process. There's a lot of headlines out there about people and consumer sentiment saying it's not a great time to buy a house. And so the people that are out buying homes today and we're seeing a pickup in spring traffic are committed to the process.

我認為，我們看到的低罐頭價格反映出，我們的買家在簽訂銷售合約時非常重視房屋購買流程。許多頭條新聞都報道人們和消費者情緒認為現在不是買房子的好時機。因此，今天出去買房的人以及我們看到的春季交通量回升都致力於這個過程。

And so when they get on paper and they get the right of contract, they've done their homework, they've likely prequalified with the mortgage company, and they're following through on that process.

因此，當他們拿到紙本文件並獲得合約權利時，他們就做好了準備，他們很可能已經獲得了抵押貸款公司的預審資格，並且他們正在完成整個流程。

So there's -- we actually would always encourage our division presidents. If you think you have a contract that's not going to make a customer is not going to get there with the contract, it's better to know that sooner rather than later, take the cancellation early so you can sell that house and not have a spec in your inventory. So I think from the cancellation rate, I think to me, that's a little bit of a sign of the strength of the underlying buyers and the commitment they have to the process right now.

所以——我們實際上總是會鼓勵我們的部門總裁。如果您認為您簽訂的合同不會讓客戶滿意，那麼最好儘早知道，儘早取消合同，這樣您就可以賣掉那棟房子，而不會在庫存中留下任何規格。因此，我認為從取消率來看，對我來說，這在一定程度上表明了潛在買家的實力以及他們對當前流程的承諾。

Okay. That's great. Thanks for taking my questions.

好的。那太棒了。感謝您回答我的問題。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Thank you. Good morning, everyone. My first question is on the rental segment of the business, changing topics a bit. It was nice to see that the margin actually came up a bit year-over-year even though you're still seeing some pressure there. Can you just generally about how the change in the macro has perhaps impacted that business? And any thoughts on the outlook there?

謝謝。大家早安。我的第一個問題是關於業務的租賃部分，稍微改變一下話題。很高興看到利潤率實際上同比有所上升，儘管仍然面臨一些壓力。您能否大致談談宏觀變化可能對該業務產生的影響？對那裡的前景有什麼看法？

Yeah. We're still dealing with a lot of the markets where we've seen the much written and talked about buildup in inventory. So we have still seen pretty good rent pace. We've had to add a little more concessions in the process depending again similar to our full sale market, the competitive environment, market by market. But we still feel pretty good about that business.

是的。我們仍在處理許多市場中存在的庫存積壓問題。因此，我們仍然看到相當不錯的租金成長速度。我們不得不在這個過程中做出一些讓步，這又取決於我們的全面銷售市場、競爭環境和市場狀況。但我們仍然對這項業務感到十分滿意。

I would say that the macro environment hasn't done a lot to change either the pace or the concessions as much as it's been the availability of inventory in the market. We are moving through that inventory in a lot of the markets and the search space has been down on apartments quite a bit.

我想說的是，宏觀環境並沒有對步伐或讓步產生太大影響，而只是改變了市場上的庫存狀況。我們正在許多市場上處理這些庫存，公寓的搜尋空間已經下降了不少。

So we feel good about the position and the communities that we have under development today. And I think on the single-family for rent side, we've been successful in transitioning several of those to more of a forward sale. In other words, selling those prior to lease stabilization. And in doing so, that's created higher returns for those sales.

因此，我們對目前所處的地位和正在發展的社區感到滿意。我認為，在單戶住宅租賃方面，我們已經成功地將其中一些轉變為預售。換句話說，在租賃穩定之前出售這些。這樣做就為這些銷售創造了更高的回報。

Okay. That's good to hear. And then it's nice to see you increasing the buyback for this year even with all the pressures that you're obviously operating under. Can you just talk about how you're thinking about the potential for any further upside to that as things perhaps change out there. And then also other uses of cash, maybe perhaps M&A opportunities or anything else that you're seeing?

好的。聽到這個消息真好。很高興看到您儘管面臨著許多壓力，但仍然增加了今年的回購量。您能否談談，隨著情況可能發生的變化，您如何看待這一現象可能帶來的進一步好處？然後還有現金的其他用途，也許是併購機會或您看到的其他任何用途？

Sure. So, yeah, we have taken advantage of the flexibility that we have in our balance sheet and our liquidity to increase our near-term allocation for share repurchase and so $1.3 billion this quarter, $2.4 billion year-to-date. We've increased our guide to $4 billion for the year, which would be more than double than we did a year ago. So we do see that as a compelling opportunity, utilization of our cash in the near term.

當然。所以，是的，我們利用了資產負債表和流動性的靈活性來增加股票回購的近期分配，因此本季已增加 13 億美元，年初至今已增加 24 億美元。我們已將今年的預算增加至 40 億美元，比一年前增加一倍以上。因此，我們確實認為這是一個極具吸引力的機會，可以在短期內利用我們的現金。

However, we're still approaching it in a disciplined manner. We are going to balance our utilization to keep our liquidity at a healthy level where it has been and keep our consolidated leverage around 20%. So that's the constraint is ultimately the cash flow that we generate in the business. and then where our balance sheet and liquidity levels are.

然而，我們仍然以嚴謹的方式處理此事。我們將平衡利用率，將流動性保持在健康水平，並將綜合槓桿率保持在 20% 左右。所以，最終的限制就是我們在業務中產生的現金流。我們的資產負債表和流動性水準如何。

There's obviously further flexibility depending on where the business is and what we see in terms of our need for capital in the business. There could be further flexibility beyond the current guide, but that will be dependent on what we see in the business, what we've seen in our cash flow and then what we see in the stock over the next couple of quarters.

顯然，根據業務的現狀以及我們對業務資本需求的了解，我們還可以獲得更大的靈活性。除了目前的指導之外，可能會有更大的靈活性，但這將取決於我們對業務的看法、我們對現金流的看法以及我們對未來幾季的股票的看法。

Beyond you mentioned beyond share repurchase. I mean, we need constantly see and have conversations with potential builders who are looking to sell assets, but we haven't had nothing to close this quarter and would expect anything that we do to continue to be small private operations.

除了您提到的股票回購之外。我的意思是，我們需要不斷地與那些想要出售資產的潛在建築商見面並進行對話，但本季度我們還沒有任何交易可做，並且預計我們所做的任何事情都將繼續是小型私人運營。

Yeah, okay. Thank you for all the color. Good luck.

嗯，好的。謝謝你帶來的所有色彩。祝你好運。

Thank you. And that does conclude today's Q&A session. I will now hand the call back to Paul Romanowski for closing remarks.

謝謝。今天的問答環節到此結束。現在我將把電話轉回給保羅·羅曼諾夫斯基，請他作結束語。

Thank you, Paul. We appreciate everyone's time on the call today and look forward to speaking with you again to share our third-quarter results on Tuesday, July 22. Congratulations to the entire D.R. Horton family on producing a solid second 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 7 月 22 日星期二再次與您交談，分享我們的第三季業績。恭喜整個 D.R.霍頓家族第二季度表現穩健。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。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。