Forestar Group Inc (FOR) 2025 Q1 法說會逐字稿

Good morning and welcome to first quarter, 2025 earnings conference call.

早安，歡迎參加 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note this conference is being recorded. I will now turn the corner over to Chris Hibbetts, Vice President of Finance and Investor Relations of Forestar, Chris.

請注意，本次會議正在錄製中。現在我將把角交給Forestar 財務和投資者關係副總裁克里斯·希貝茨(Chris Hibbetts)。

Thank you. Good morning and welcome to the call to discuss (technical difficulty) first before we get started. I want to remind everyone that today's call includes forward-looking statements as defined by the private Securities Litigation Reform Act of 1,995. Although Forestar believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to Forestar on the date of this conference call and we do not undertake any obligation to update or revise any forward-looking statements publicly.

謝謝。早上好，歡迎在開始之前先來電討論（技術困難）。我想提醒大家，今天的電話會議包含 1,995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。儘管 Forestar 認為任何此類陳述均基於合理假設，但不能保證實際結果不會有重大差異。所有前瞻性陳述均基於 Forestar 在本次電話會議之日獲得的信息，我們不承擔公開更新或修改任何前瞻性陳述的義務。

Additional information about factors that could lead to material changes in performance is contained in Forestar's annual report on form 10-K and its most recent quarterly report on form 10-Q, both of which are or will be filed with the securities and exchange commission. Our earnings release is on our website at investor dot Forstar dotcom and we plan to file our 10-Q later this week after this call, we will post an updated investor presentation to our investor relations site under events and presentations for your reference. Now, I will turn the call over to Andy Oxley, our President and CEO.

有關可能導致業績發生重大變化的因素的更多資​​訊包含在 Forestar 的 10-K 表格年度報告和 10-Q 表格最新季度報告中，這兩份報告均已或將要向美國證券交易委員會提交。我們的收益發佈在我們的投資者網站Forstar dotcom 上，我們計劃在本次電話會議後於本週晚些時候提交我們的10-Q 報告，我們將在我們的投資者關係網站的活動和演示文稿下發布更新的投資者演示文稿，供您參考。現在，我將把電話轉給我們的總裁兼執行長安迪‧奧克斯利 (Andy Oxley)。

Thanks Chris and welcome to the team for those who haven't met Chris yet. He joined our team in December as part of a planned transition with Katie Smith joining D.R. Horton January 1st. I'm also joined on the call today by Jim Allen, our Chief Financial Officer and Mark Walker, our Chief Operating Officer. The Forestar team delivered 2,333 lots generating revenues of $250.4 million during the quarter and earnings per diluted share of $0.32 demand for finished lots remains solid and our owned lots under contract have doubled from a year ago and the percentage of our owned lots under contract is at the highest level since June of 2020.

感謝克里斯，歡迎那些還沒見過克里斯的人加入我們的團隊。他於 12 月加入我們的團隊，作為計劃過渡的一部分，凱蒂·史密斯 (Katie Smith) 也加入了 D.R.霍頓 1 月 1 日我們的財務長吉姆艾倫 (Jim Allen) 和營運長馬克沃克 (Mark Walker) 也參加了今天的電話會議。Forestar 團隊交付了2,333 件拍品，本季收入為2.504 億美元，攤薄後每股收益為0.32 美元，成品拍品需求依然強勁，我們的自有合約拍品比一年前翻了一番，我們自有合約拍品的百分比為2020年6月以來的最高水準。

The Forestar team continues to expand our operating platform including making significant investments in land acquisition and development and adding key personnel in our local markets and entering new markets. Our owned lot position has increased 23% compared to a year ago and our community count has increased 25%. Over the same period, we remain focused on investing in compelling land parcels, turning our inventory maximizing returns and consolidating market share in the highly fragmented lot development industry. Fourt star's unique blend of financial strength, operating expertise and geographic reach is a significant competitive advantage enabling us to be in the leading supplier of finished loss. Jim will now discuss our first quarter results in more detail.

Forestar 團隊繼續擴大我們的營運平台，包括在土地收購和開發方面進行大量投資，在當地市場增加關鍵人員並進入新市場。與一年前相比，我們擁有的地塊數量增加了 23%，我們的社區數量增加了 25%。在同一時期，我們仍然專注於投資有吸引力的地塊，利用我們的庫存實現回報最大化，並鞏固高度分散的地塊開發行業的市場份額。Fourt star 獨特地將財務實力、營運專業知識和地理覆蓋範圍融為一體，這是一項顯著的競爭優勢，使我們能夠成為成品損失的領先供應商。吉姆現在將更詳細地討論我們第一季的業績。

Thank you, Andy. In the first quarter, net income was $16.5 million or $0.32 per diluted share compared to $38.2 million or $0.76 per diluted share in the prior year quarter. Our pretax income was $21.9 million compared to $51.2 million in the first quarter of last year. And our pretax profit margin this quarter was 8.7% compared to 16.7% in the prior year quarter. As a result of reduced operating leverage revenues for the quarter totaled $250.4 million compared to $305.9 million. In the prior year quarter.

謝謝你，安迪。第一季淨利潤為 1,650 萬美元，即稀釋後每股收益 0.32 美元，而去年同期淨利潤為 3,820 萬美元，即稀釋後每股收益 0.76 美元。我們的稅前收入為 2,190 萬美元，而去年第一季為 5,120 萬美元。本季我們的稅前利潤率為 8.7%，去年同期為 16.7%。由於營運槓桿減少，本季營收總計 2.504 億美元，而去年同期為 3.059 億美元。上一季。

We sold 2,333 lots in the quarter with an average sales price of $105,500. We expect continued quarterly fluctuations in our average sales price based on the geographic and lot size mix of our deliveries. We continue to expect that the first quarter will be our lowest delivery quarter of the fiscal year. Our gross profit margin for the quarter was 22% compared to 23.8% for the same quarter.

本季我們售出 2,333 件拍品，平均售價為 105,500 美元。我們預計，根據交付的地理和批量大小，我們的平均銷售價格將持續出現季度波動。我們仍然預計第一季將是我們本財年交付量最低的季度。我們本季的毛利率為 22%，而同期毛利率為 23.8%。

Last year, the prior year quarter was positively impacted by an unusually high margin. Lot sales related to the closeout of a legacy community, excluding the high margin, lot sales from that legacy community. Our prior year first quarter, gross profit margin was approximately 22.8%. Chris.

去年，上一季受到異常高利潤率的正面影響。與舊社區的清倉相關的批次銷售，不包括該舊社區的高利潤批次銷售。我們去年第一季的毛利率約為 22.8%。克里斯.

In the first quarter, SG&A expense increased 29% from the prior year quarter to $36 million. Primarily due to a 30% increase in employee count to 427 employees compared to 329 employees a year ago. We have increased our employee count to support the expansion of our operating platform including entering new markets and increasing community count.

第一季度，SG&A 費用較上年同期成長 29%，達到 3,600 萬美元。主要是由於員工人數從一年前的 329 人增加到 427 人，增加了 30%。我們增加了員工人數，以支持營運平台的擴展，包括進入新市場和增加社區數量。

SG&A expense as a percentage of revenues was 14.4% compared to 9.2% in the prior quarter. Primarily as a result of the year over year decrease in lot deliveries. We are pleased with the progress we have made building our team and we continue to attract high quality talent. We remain focused on efficiently managing our S DNA while investing in our teams to support continued growth mark.

SG&A 費用佔營收的百分比為 14.4%，而上一季為 9.2%。主要是由於批次交付量逐年減少。我們對團隊建立所取得的進展感到高興，並持續吸引高素質人才。我們仍然專注於有效管理我們的 S DNA，同時投資我們的團隊以支持持續成長。

Although the level of new and existing home inventories has increased from historically low levels, the supply of homes at affordable price points. Generally, remains limited and demographic supporting housing demand remain favourable. Despite continued affordability challenges, mortgage rate buydown incentives offered by builders have helped to address affordability and spur demand. Our ongoing focus remains to develop lots primarily for homes at affordable price points, availability of contractors and necessary materials has improved, and the cost of developing land has stabilized while we continue to see modest improvement in cycle times, government delays continue to extend cycle times above historical norms.

儘管新建和現有房屋庫存水準已從歷史低點上升，但房屋供應仍處於可負擔的價格水準。總體而言，住房需求仍然有限，人口支持住房需求仍然有利。儘管承受能力面臨持續挑戰，但建築商提供的抵押貸款利率回購激勵措施有助於解決承受能力問題並刺激需求。我們持續的重點仍然是以可承受的價格點開發主要用於住宅的地塊，承包商和必要材料的可用性有所改善，開發土地的成本已經穩定，同時我們繼續看到週期時間略有改善，政府的延誤繼續延長週期時間高於歷史標準。

We utilize best management practices and work with our trade partners to develop lots in the most efficient way possible. Homebuilders are competing to secure land and lot positions and many are looking to replace current closed out communities to position themselves for future growth. As a result, we have not seen any softening of land prices. However, our team remains disciplined, flexible and opportunistic when pursuing new land acquisition opportunities.

我們利用最佳管理實踐，並與我們的貿易夥伴合作，以最有效的方式開發批次。住宅建築商正在競相爭奪土地和地塊位置，許多建築商正在尋求取代當前封閉的社區，為未來的成長做好準備。因此，我們沒有看到土地價格出現任何疲軟。然而，我們的團隊在尋求新的土地收購機會時仍然保持紀律、靈活性和機會主義。

Jim D.R. Horton is our largest and most important customer. 15% of the homes, D.R. Horton started in the past 12 months were on a Forestar developed lot with a mutually stated goal of one out of every three homes. D.R. Horton sells to be on a lot developed by Forestar. We have significant opportunity to grow our market share within D.R. Horton.

吉姆·D.R.霍頓是我們最大、也是最重要的客戶。 15% 的房屋，D.R. Horton 在過去 12 個月開始在 Forestar 開發的地塊上開發，雙方共同製定的目標是每三個住宅中就有一個。博士霍頓出售的是Forestar開發的土地。我們有很大的機會擴大 D.R. 的市場佔有率。霍頓。

We also continue to work on expanding our relationships with other homebuilders. 9% of our first quarter deliveries or 221 lots were sold to other homebuilders including new two new customers. Chris.

我們也繼續努力擴大與其他住宅建築商的關係。我們第一季交付的 9% 或 221 塊地賣給了其他住宅建築商，包括新的兩家新客戶。克里斯.

Forestar's underwriting criteria for new development projects remains unchanged at a minimum 15% pretax return on average inventory and a return of our initial cash investment. Within 36 months, we are positioning to return to strong volume growth in future periods supported by our increased investments in land acquisition and development. Over the last several quarters.

Forestar 對新開發案的核保標準保持不變，為平均庫存至少 15% 的稅前回報率以及我們初始現金投資的回報率。在 36 個月內，我們將在增加土地收購和開發投資的支持下，在未來一段時間內恢復強勁的銷售成長。過去幾個季度。

During the first quarter, we invested approximately $685 million in land and land development, which was a 50% increase from the prior quarter. 57% of our investment was for land acquisition and 43% was for land development. Our land acquisition pipeline is front end loaded this fiscal year, and we expect the pace of our investment in land acquisition to moderate for the remainder of the year. We still expect to invest approximately $2 billion in land acquisition development in fiscal 2025' subject to market conditions. Mark.

第一季度，我們在土地和土地開發方面投資了約6.85億美元，比上一季成長了50%。我們的投資57%用於土地收購，43%用於土地開發。我們的土地收購管道在本財年處於前端加載狀態，我們預計今年剩餘時間內土地收購投資的步伐將放緩。根據市場情況，我們仍預計在 2025 財年投資約 20 億美元用於土地收購開發。標記。

Our total opposition on December 31st increased 29% from a year ago to 106,000 lots of which 68,300 or 64% was owned and 37,700 or 36% were controlled through purchase contracts. 8,100 of our own lots were finished at quarter end. Consistent with our focus on capital efficiency. We target owning a 3-to-4-year supply of land and lots and manage our development phases to deliver finished lots at the pace that matches market demand.

截至 12 月 31 日，我們的反對總數比一年前增加了 29%，達到 106,000 手，其中 68,300 手（即 64%）是擁有的，37,700 手（即 36%）是透過購買合約控制的。我們自己的 8,100 塊土地在季度末已完工。與我們對資本效率的關註一致。我們的目標是擁有 3 至 4 年的土地和地塊供應，並管理我們的開發階段，以符合市場需求的速度交付成品地塊。

Own lots under contract to sell increased 51% from a year ago to 25,200 lots for 37% of our own lot position. $207 million of hard earnest money deposits secured these contracts which were expected to generate approximately $2.2 billion of future revenue. Our contracted backlog is a strong indicator of our ability to continue gaining market share in the highly fragmented lot development industry. Another 28% of our own lots are subject to a right of first offer to D.R. Horton based on executed purchase and sale agreements, Jim.

待售合約自有地塊較去年同期增加 51%，達到 25,200 塊，占我們自有地塊部位的 37%。 2.07 億美元的保證金保證了這些合同，預計未來將產生約 22 億美元的收入。我們的合約積壓訂單有力地表明了我們在高度分散的地塊開發行業中繼續獲得市場份額的能力。我們自己的另外 28% 的土地享有 D.R. 的優先報價權。霍頓基於已執行的買賣協議，吉姆。

We have significant liquidity and are using modest leverage to keep our balance sheet strong and support our growth objectives. We ended the quarter with $645 million of liquidity including an unrestricted cash balance of $132 million and $513 million of available capacity on a revolving credit facility in December. The company amended its credit facility which among other things extended the maturity date from October 2026 to December 2029, reduced pricing and increased the aggregate lender commitments from $410 million to $640 million.

我們擁有大量流動性，並使用適度的槓桿來保持資產負債表強勁並支持我們的成長目標。截至本季末，我們的流動資金為 6.45 億美元，其中包括 1.32 億美元的無限現金餘額和 12 月份循環信貸額度的 5.13 億美元可用能力。該公司修改了信貸安排，包括將到期日從 2026 年 10 月延長至 2029 年 12 月、降低定價並將貸款人承諾總額從 4.1 億美元增加到 6.4 億美元。

We were also pleased to receive an upgrade to our corporate credit rating from S&P earlier this month. Taking us from B plus to double B minus total debt on December 31st was $807 million with no senior note maturities until May 2026. And our net debt to capital ratio was 29.5%. We ended the quarter with $1.6 billion of stockholders' equity. And our book value per share increased 13% from a year ago to $31.84. Forestar capital structure is one of our biggest competitive advantages and it sets us apart from other land developers, project level, land acquisition and development loans are less available and have become more expensive in recent years, impacting most of our competitors.

我們也很高興本月早些時候標準普爾升級了我們的企業信用評級。12 月 31 日，我們從 B+ 到雙 B 減去總債務為 8.07 億美元，直到 2026 年 5 月才到期。我們的淨負債與資本比率為29.5%。本季結束時，我們的股東權益為 16 億美元。我們的每股帳面價值比一年前成長了 13%，達到 31.84 美元。 Forestar資本結構是我們最大的競爭優勢之一，它使我們有別於其他土地開發商，專案水準、土地收購和開發貸款近年來越來越少，而且變得越來越昂貴，影響了我們的大多數競爭對手。

Other developers generally use project level development loans which are typically more restrictive, have floating rates and create administrative complexity especially in a volatile rate environment. Our capital structure provides us with operational flexibility while our strong liquidity positions us to take advantage of attractive opportunities as they arise, and I will hand it back to you for closing remarks.

其他開發商通常使用專案級開發貸款，這些貸款通常具有更多限制，具有浮動利率並造成管理複雜性，尤其是在利率波動的環境下。我們的資本結構為我們提供了營運靈活性，而我們強大的流動性使我們能夠在出現有吸引力的機會時抓住它們，我將把它交還給您作結束語。

Thanks Jim. We are pleased with the continued expansion of our operating platform. We have made significant investments in land and land development growing. Our team with best-in-class talent entered new markets alongside D.R. Horton's footprint and have a breadth of new opportunities being evaluated by our team. I believe there's tremendous opportunity ahead. Forestar is uniquely positioned to gain market share in the highly fragmented lot development industry. Continued execution of our strategic and operational plans combined with constrained finished lot supply across the majority of our diverse national footprint positions us for further success.

謝謝吉姆。我們對營運平台的持續擴展感到高興。我們在土地和土地開發方面進行了大量投資。我們擁有一流人才的團隊與 D.R. 一起進入新市場。我們的團隊正在評估霍頓的足跡和廣泛的新機會。我相信前面有巨大的機會。Forestar 擁有獨特的優勢，能夠在高度分散的地塊開發行業中獲得市場份額。持續執行我們的策略和營運計劃，加上我們在大多數不同國家足跡中有限的成品供應，使我們能夠取得進一步的成功。

Our guidance for fiscal 2025 remains unchanged based on current market conditions, we expect to deliver between 32,500 lots and to generate $1.6billion to $1.65 billion of revenue. We expect our first quarter will be our lowest delivery quarter of the year and we still expect our revenues in the second half of fiscal 2025 to be higher than the first half. The variability we experienced throughout fiscal 2024 illustrates the quarter to quarter fluctuations that can occur in delivery of finished lots. We are closely monitoring each of our markets as we strive to balance pace and price to maximize returns for each project.

根據當前市場狀況，我們對 2025 財年的指導保持不變，我們預計將交付 32,500 件拍品，並產生 16 億至 16.5 億美元的收入。我們預計第一季將是今年交付量最低的季度，但我們仍預計 2025 財年下半年的營收將高於上半年。我們在 2024 財年經歷的變化說明了成品批次交付中可能出現的季度波動。我們正在密切關注每個市場，努力平衡節奏和價格，以最大限度地提高每個項目的回報。

We are the market leader in a highly fragmented and undercapitalized industry and uniquely positioned to take advantage of builder demand for finished lots. Our goal remains the same to double our market share to 5% over the intermediate term. We expect to aggregate significant market share over the next few years while maintaining our disciplined approach when investing capital to enhance the long-term value of four star with a clear strategic direction, a dedicated team and a strong operational and financial foundation in place. I'm excited about Forestar future Jen at this time, we'll open the line for questions.

我們是高度分散且資本不足的行業的市場領導者，並且具有獨特的優勢，可以利用建築商對成品地塊的需求。我們的目標保持不變，即在中期內將市佔率翻倍至 5%。我們期望在未來幾年內累積重要的市場份額，同時在投資資本時保持嚴格的方法，以透過明確的策略方向、專業的團隊以及強大的營運和財務基礎來提高四星級飯店的長期價值。我對 Forestar 未來的 Jen 感到很興奮，我們將開通提問熱線。

Thank you very much. At this time, we will be conducting our question-and-answer session.

非常感謝。此時，我們將進行問答環節。

(Operator Instructions)

（操作員說明）

Thank you. Your first question is coming from Clark Lampen of BTIG. Carl, your line is live.

謝謝。你的第一個問題來自 BTIG 的 Clark Lampen。卡爾，您的線路已上線。

Thanks. Hey guys, nice to talk to you. So I wanted a little more detail on the stabilization of cost and land development. Andy. Can you expand on that a little bit? You know, the particular aspects of of horizontal development where you're starting to see that kind of stabilization and just as a follow up, I'm assuming the cycle time issue as we discussed before is really related to the entitlement and approval process and not other dynamics.

謝謝。嘿夥計們，很高興和你們聊天。所以我想要更多關於成本和土地開發穩定的細節。安迪.能稍微擴充一下嗎？您知道，橫向開發的特定方面，您開始看到這種穩定性，並且作為後續行動，我假設我們之前討論的周期時間問題確實與權利和審批流程相關，並且不是其他動態。

Hey, Carl Mark, in terms of the cost and stabilization, we've seen that really over the past trailing 12 months. Our development costs have been stable. Our teams have done a great job making sure the budgets are updated throughout the life of the project. We're not really seeing price increases come across our desk like we were maybe 12 months ago. So that's a very positive sign for calls. In terms of cycle times, we decreased our cycle times again, 30 days this quarter. So that's about 120 days off the peak.

嘿，Carl Mark，就成本和穩定性而言，我們在過去 12 個月中確實看到了這一點。我們的開發成本一直穩定。我們的團隊做得很好，確保預算在專案的整個生命週期中得到更新。我們並沒有真正看到像 12 個月前那樣價格上漲。所以這對電話來說是一個非常積極的信號。在周期時間方面，我們再次縮短了周期時間，本季縮短了 30 天。距離高峰期大約還有 120 天。

And so, the cycle times we continue to see come down. We still are seeing the entitlement hang ups, particularly at substantial completion with the government jurisdictions. That's something we're going to continue to work on this fiscal year with the hope that we can get down to a normalized cycle time by the end of the fiscal year.

因此，我們繼續看到週期時間下降。我們仍然看到權利懸而未決，特別是在政府司法管轄區實質完成後。這是我們本財年將繼續努力的事情，希望我們能夠在本財年結束時達到正常化的周期時間。

Thank you, Mark. And then on the on the cost leverage, obviously recognizing the negative leverage this quarter, 30% increase in employee count and and new market set up. How are you thinking about the growth in that employee count in new markets as you look the next year or two, an improvement in that leverage, that's more substantial, especially back half of this year as you build out that pool of lots you have coming or is that something we'd expect to see, in the next couple of years and then I have one more after that.

謝謝你，馬克。然後在成本槓桿方面，明顯認識到本季的負槓桿、員工人數增加 30% 以及新市場的建立。當你展望未來一兩年時，你如何看待新市場中員工人數的增長，槓桿率的改善，這是更實質性的，特別是今年下半年，因為你建立了你即將到來的批次池或者這是我們期望在未來幾年內看到的事情，然後我還會再有一個。

Carl Yeah, we would expect to see our SG&A expense moderate for the remainder of the year. You know, we're still, based on our revenue guidance, we would still expect it to be kind of high single digits for the year.

Carl 是的，我們預計今年剩餘時間我們的銷售、管理及行政費用將保持適度。你知道，根據我們的收入指導，我們仍然預期今年的收入將達到較高的個位數。

Thanks Jim and then last just on dollars. But we model revenue per lot versus pricing just because it's a little easier. But this seemed like particularly high relative to last year's revenue per lot. Was, was there something particular this quarter that drove that higher? I think Horton talked about 3% increase in lot supply. Although obviously it's a lag to you. What are you seeing or what can we expect in terms of revenue per lot as we go through the year? Recognizing there might be some ball in it depending on the particular land that you sell.

謝謝吉姆，最後只用美元。但我們對每手收益與定價進行建模只是因為它更容易一些。但相對於去年的每手收入來說，這似乎特別高。本季是否有什麼特別的事情推動了這一成長？我認為霍頓談到了批量供應增加 3%。儘管顯然這對你來說是一個滯後。您對這一年的每批收入有何看法或我們的預期是什麼？認識到其中可能有一些球，具體取決於您出售的特定土地。

It was really just mix for this quarter. You know, we had one particular infill project with some pretty significant lot prices that skewed that ASP up for the quarter.

本季的情況確實很複雜。您知道，我們有一個特定的填充項目，其一些相當大的地塊價格導致本季的平均售價上漲。

And we're pretty much predicting that, low to mid-single digit escalate rising lot price.

我們幾乎預測，低至中個位數的地塊價格將會上漲。

All right, I appreciate it guys. Thanks so much.

好吧，我很感激你們。非常感謝。

Thank you, Carl.

謝謝你，卡爾。

Thank you very much. And your next question is coming from Anthony Pettinari of Citigroup, Anthony, your line of life.

非常感謝。你的下一個問題來自花旗集團的安東尼·佩蒂納裡（Anthony Pettinari），安東尼，你的生命線。

Hi, this is Asher Sohnen in on for Anthony. So, thanks for taking my question. I just wanted to ask how, how's builder demand been, kind of trending here to date and then have you seen Horton or any of your other customers maybe delay or otherwise alter their scheduled lock, take downs.

大家好，我是安東尼的阿舍‧索南 (Asher Sohnen)。所以，感謝您提出我的問題。我只是想問一下，到目前為止，建築商的需求如何，趨勢如何，然後您是否看到霍頓或您的任何其他客戶可能會延遲或以其他方式改變他們預定的鎖定、拆除。

The builder demand remains strong, particularly where we can get new communities open and on board, builders are lining up at the door essentially to get into new communities and existing communities. We're seeing the same. There are on occasion when we deal with this quarter, over quarter, some inventory build up and it's project by project. If there's the ability to bring in a new builder, we will do that. We have been doing that in the past. But the builder demand is strong, overall demand for finished lots remain solid.

建築商的需求仍然強勁，特別是在我們可以開放新社區並加入的情況下，建築商基本上都在門口排隊，以進入新社區和現有社區。我們看到的是同樣的情況。有時，當我們處理本季、整個季度的庫存時，會出現一些庫存的增加，而且是逐一項目的。如果有能力引進新的建築商，我們就會這麼做。我們過去一直這樣做。但建商需求強勁，成品地塊整體需求仍強勁。

Great. No, that's good. And then just separately, are you able to just help us a little bit more with? And you talked about this a little bit in the prepared marks, but you know, details on kind of the cadence of deliveries over the balance of the year just given the softness in the first quarter.

偉大的。不，那很好。另外，您能否為我們提供更多協助？您在準備好的標記中談到了這一點，但您知道，鑑於第一季的疲軟，今年剩餘時間的交付節奏的詳細信息。

Well, it was really, you know, we had a really strong fourth quarter and so, October was a little softer, it improved in November, December got pretty much back to normal. And then as we go through what we've seen over the last several years is that we have that first quarter seasonally is our lowest. And you know, we have a majority of our deliveries in the second half of the year. So we see that same progression pretty much similar to what 2024 was.

嗯，你知道，我們第四季的表現非常強勁，所以 10 月有點疲軟，11 月有所改善，12 月幾乎恢復正常。然後，當我們回顧過去幾年的情況時，我們發現第一季的季節性是最低的。你知道，我們的大部分交付都是在今年下半年完成的。所以我們看到同樣的進展與 2024 年非常相似。

Great, thanks. That's helpful. I'll turn it over.

太好了，謝謝。這很有幫助。我會把它翻過來。

Thank you very much.

非常感謝。

(operator Instructions)

（操作員說明）

Okay. I'm not seeing anyone else come into the queue for questions. I will now turn the call back over to Andy for any closing remarks.

好的。我沒有看到其他人排隊提問。我現在將把電話轉回給安迪，讓他發表結束語。

Thank you, Jenny and thank you to everyone on the Forestar team for your focus and hard work, stay disciplined, flexible and opportunistic. As we continue to consolidate market share, we appreciate everyone's time on the call today and look forward to speaking with you again April to share our second quarter, fiscal 2025 results.

謝謝你，Jenny，也感謝 Forestar 團隊的每個人，感謝你們的專注和辛勤工作，保持紀律、靈活和機會主義。隨著我們繼續鞏固市場份額，我們感謝大家今天撥冗參加電話會議，並期待在 4 月再次與您交談，分享我們 2025 財年第二季的業績。

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

非常感謝你，安迪，今天的會議到此結束。此時您可以斷開電話線並度過美好的一天。感謝您的參與。