Forestar Group Inc (FOR) 2025 Q2 法說會逐字稿

Good morning and welcome to Forestar's second-quarter 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

早安，歡迎參加 Forestar 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the call over to Chris Hibbetts, Vice President of Finance and Investor Relations for Forestar.

現在我將把電話轉給 Forestar 財務和投資者關係副總裁 Chris Hibbetts。

Thank you, Jenny. Good morning and welcome to our call to discuss Forestar's second-quarter results.

謝謝你，珍妮。早安，歡迎參加我們的電話會議，討論 Forestar 的第二季業績。

Before we get started, I want to remind everyone that today's call includes forward-looking statements as defined by the Private Securities Litigation Form Act of 1995. Although Forestar believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different.

在我們開始之前，我想提醒大家，今天的電話會議包括 1995 年《私人證券訴訟形式法案》所定義的前瞻性陳述。儘管 Forestar 認為任何此類聲明都是基於合理的假設，但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 Forestar on the date of this conference call, and we do not undertake any obligation to update or revise any forward-looking statements publicly. 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 filed with the Securities and Exchange Commission.

所有前瞻性陳述均基於 Forestar 在本次電話會議當天掌握的信息，我們不承擔公開更新或修改任何前瞻性陳述的義務。有關可能導致業績發生重大變化的因素的更多信息，請參閱 Forestar 的 10-K 表年度報告和 10-Q 表最新季度報告，這兩份報告均已提交給美國證券交易委員會。

Our earnings release is on our website at investor.forsetar.com, and we plan to file our 10-Q early next week. After this call, we will post an updated investor presentation to our Investor Relations site under Events & Presentations for your reference.

我們的收益報告發佈在我們的網站 investor.forsetar.com 上，我們計劃在下週初提交我們的 10-Q 報表。本次電話會議結束後，我們將在投資者關係網站的「活動和簡報」下發布更新的投資者簡報，供您參考。

Now, I will turn the call over to Anthony Oxley, our President and CEO.

現在，我將把電話轉給我們的總裁兼執行長安東尼·奧克斯利 (Anthony Oxley)。

Thanks, Chris. Good morning, everyone. I'm also joined on the call today by Jim Allen, our Chief Financial Officer; and Mark Walker, our Chief Operating Officer.

謝謝，克里斯。大家早安。我們的財務長 Jim Allen 也參加了今天的電話會議；以及我們的營運長 Mark Walker。

The Forestar team delivered a solid second quarter, generating $31.6 million of net income, or $0.62 per diluted share on revenues of $351 million. Lots sold increased 4% from a year ago and 46% sequentially to 3,411 lots. Additionally, lots under contract to sell increased 41% from a year ago to 25,400 lots, which is 37% of our own lot position, the highest contracted backlog we've had during the last four years.

Forestar 團隊第二季表現穩健，淨收入 3,160 萬美元，每股收益 0.62 美元，營收 3.51 億美元。售出地塊數量較去年同期成長 4%，較上一季成長 46%，達 3,411 塊。此外，已簽訂銷售合約的土地數量較上年同期增加了 41%，達到 25,400 塊，占我們自身土地儲備量的 37%，是過去四年來我們簽訂的合約積壓量的最高值。

Our current backlog represents $2.3 billion of future revenue. We further strengthened our balance sheet during the quarter by increasing our liquidity position to approximately $800 million while extending our debt maturity profile through refinancing transaction completed in March. We also continue to expand and diversify our operations alongside D.R. Horton's footprint, entering 10 new markets in the last year and increasing our community count by 21%.

我們目前的積壓訂單代表著未來 23 億美元的收入。本季度，我們透過將流動性狀況提高至約 8 億美元，同時透過 3 月完成的再融資交易延長債務到期期限，進一步加強了資產負債表。我們也將繼續與 D.R. 一起擴大和多樣化我們的業務。 Horton 的足跡，去年進入了 10 個新市場，並將社區數量增加了 21%。

The home-building industry continues to face headwinds from home affordability constraints and declining consumer confidence, resulting in a slower than expected start to the spring selling season. We are well positioned to navigate current market conditions, and our experienced operators are responding by adjusting the pace of development where appropriate, and we are moderating our pace of land acquisition. 79% of our investments this quarter were on land development.

房屋建築業持續面臨住房負擔能力限制和消費者信心下降的阻力，導致春季銷售季節的開局比預期慢。我們已做好準備應對當前的市場狀況，我們經驗豐富的營運商正在透過適當調整開發速度來應對，並且我們正在放慢土地收購的速度。本季我們的投資有 79% 用於土地開發。

We remain focused on turning our inventory, maximizing returns, and consolidating market share in the highly fragmented lot development industry. We are able to consistently provide the essential finished lots to home builders with our unique blend of financial strengths, operating expertise, and a diverse national footprint. We will now discuss our second-quarter financial results in more detail.

我們將繼續專注於盤活庫存、最大化回報以及鞏固高度分散的土地開發行業的市場份額。憑藉我們獨特的財務實力、營運專業知識和多元化的全國影響力，我們能夠持續向房屋建築商提供必要的成品地塊。我們現在將更詳細地討論第二季的財務表現。

Jim?

吉姆？

Thank you, Andy. In the second quarter, net income was $31.6 million or $0.62 per diluted share compared to $45 million or $0.89 per diluted share in the prior-year quarter. Revenues for the second quarter increased 5% to $351 million compared to $333.8 million in the prior-year quarter. Our gross profit margin for the quarter was 22.6% compared to 24.9% for the same quarter last year.

謝謝你，安迪。第二季淨收入為 3,160 萬美元，即每股攤薄收益 0.62 美元，而去年同期淨收入為 4,500 萬美元，即每股攤薄收益 0.89 美元。第二季營收為 3.51 億美元，較去年同期的 3.338 億美元成長 5%。本季我們的毛利率為 22.6%，去年同期為 24.9%。

The prior-year quarter was positively impacted by non-recurring revenue items with unusually high margins, including selling excess sewer capacity and a land contract assignment fee. Excluding the effect of these items, our prior-year second-quarter gross margin would have been approximately 22.5%.

去年同期受到利潤率異常高的非經常性收入項目的正面影響，包括出售過剩的下水道容量和土地合約轉讓費。除去這些項目的影響，我們去年同期第二季的毛利率約為 22.5%。

Our pre-tax income was $40.7 million compared to $58.9 million in the second quarter of last year, and our pre-tax profit margin this quarter was 11.6% compared to 17.6% in the prior-year quarter. The decrease in pre-tax profit margin this quarter was primarily due to the non-recurring high-margin items impacting the prior-year quarter and less SG&A leverage in the current quarter.

我們的稅前收入為 4,070 萬美元，而去年第二季為 5,890 萬美元；本季我們的稅前利潤率為 11.6%，而去年同期為 17.6%。本季稅前利潤率的下降主要是由於去年同期的非經常性高利潤項目影響以及本季​​銷售、一般及行政費用槓桿率降低。

Lots sold in our second quarter increased 4% to 3,411 lots with an average sales price of $101,700. We expect continued quarterly fluctuations in our average sales price based on the geographic and lot size mix of our deliveries.

我們第二季售出的土地數量增加了 4%，達到 3,411 塊，平均售價為 101,700 美元。我們預計，根據我們交付的地區和批量大小組合，我們的平均銷售價格將持續出現季度波動。

Chris?

克里斯？

In the second quarter, SG&A expense increased 32% from the prior-year quarter to $38.4 million, primarily due to a 29% increase in employee count to 440 employees. Our increased employee count is supporting the expansion of our operating platform, including entering 10 new markets alongside D.R. Horton's footprint and increasing our community count by 21%.

第二季度，銷售、一般及行政費用較去年同期增加 32% 至 3,840 萬美元，主要原因是員工人數增加 29% 至 440 人。我們增加的員工數量支持了我們營運平台的擴展，包括與 D.R. 一起進入 10 個新市場。 Horton 的足跡並將我們的社區數量增加了 21%。

SG&A expense as a percentage of revenues was 10.9% compared to 8.7% in the prior-year quarter. 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 SG&A while investing in our teams to support future growth.

銷售、一般及行政費用佔收入的百分比為 10.9%，去年同期為 8.7%。我們對團隊建立所取得的進展感到滿意，並且我們將繼續吸引高素質人才。我們將繼續專注於有效管理銷售、一般及行政費用，同時投資我們的團隊以支持未來的成長。

Mark?

標記？

The 2025 spring selling season started slower than expected as potential homebuyers have been more cautious due to continued affordability constraints, declining consumer confidence. Mortgage rate buy down incentives offered by builders are helping to bridge the affordability gap and spur demand for new homes. Our primary focus remains developing lots for new homes at affordable price points.

2025 年春季銷售旺季的開始速度低於預期，因為潛在購屋者因持續的負擔能力限製而變得更加謹慎，消費者信心下降。建商提供的抵押貸款利率降低激勵措施有助於縮小負擔能力差距並刺激新房需求。我們的主要重點仍然是開發價格實惠的新住宅。

The availability of contractors and necessary materials remains positive. The cost of developing land is stabilized. We have seen improvement in cycle times despite continued governmental delays. We utilize best management practices and work with our trade partners to develop lots in the most efficient way possible.

承包商和必要材料的供應情況仍然良好。土地開發成本穩定。儘管政府持續拖延，但我們已經看到週期時間有所改善。我們利用最佳管理實踐並與我們的貿易夥伴合作，以最有效的方式進行開發。

Jim?

吉姆？

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, and 22% of their finished lot purchases this quarter were lots developed by Forestar. With the mutually stated goal of one out of every three homes D.R. Horton sells to be on a lot developed by Forestar, we have a significant opportunity to grow our market share within D.R. Horton.

D.R.霍頓是我們最大、最重要的客戶。 15% 的房屋 D.R. Horton 在過去 12 個月內開始建設的項目均位於 Forestar 開發的地塊上，而本季度其已完成購買的地塊中有 22% 也由 Forestar 開發。雙方共同的目標是，讓每三戶家庭中就有一戶是 D.R. Horton 的銷售地塊由 Forestar 開發，我們有巨大機會在 D.R. 擴大我們的市場份額。霍頓。

We continue to work on expanding our relationships with other home builders and intermediaries. 27% of our second-quarter deliveries, or 910 lots, were sold to other customers, which includes 352 lots that were sold to a lot banker who expects to sell those lots to D.R. Horton at a future date. We also sold lots to 10 other home builders, two of which are new customers.

我們繼續致力於擴大與其他房屋建築商和中介機構的關係。我們第二季交付的 27%（910 批）已出售給其他客戶，其中包括 352 批出售給一位批次銀行家，該銀行家預計將這些批次出售給 D.R.霍頓未來將會出席。我們也向其他 10 家房屋建築商出售了地塊，其中兩家是新客戶。

Mark?

標記？

Our total opposition at March 31 increased 10% from a year ago to 105,900 lots, of which 68,400 or 65% was owned and 37,500 or 35% were controlled through purchase contracts. 9,500 of our own lots were finished at quarter end, and the majority are under contract to sell. Consistent with our focus on capital efficiency, we target owning a three- to four-year supply of land and lots and manage development in phases that deliver lots at a pace that matches market demand.

截至 3 月 31 日，我們的總反對意見較去年同期增長 10%，達到 105,900 手，其中自有 68,400 手（佔 65%），透過購買合約控制 37,500 手（佔 35%）。我們自己的 9,500 個地塊已於季度末完工，大多數都已簽訂銷售合約。與我們對資本效率的關註一致，我們的目標是擁有三到四年的土地和地塊供應，並分階段管理開發，以符合市場需求的速度交付地塊。

Owned lots under contract to sell increased 41% from a year ago to 25,400 lots, or 37% of our own lot position. $212 million of hard earnest money deposits secure these contracts, which are expected to generate approximately $2.3 billion of future revenue. Our contract to backlog is a strong indicator of our ability to continue gaining market share in the highly fragmented lot development industry.

簽訂銷售合約的自有地塊數量較去年同期增加 41%，達到 25,400 塊，佔自有地塊數量的 37%。 2.12億美元的定金保證金確保了這些合約的順利完成，預計這些合約未來將產生約23億美元的收入。我們的合約積壓量有力地表明了我們有能力在高度分散的地塊開發行業中繼續獲得市場份額。

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. Chris?

我們另外 28% 的自有地塊享有 D.R. 優先購買權。 Horton 根據已執行的購買和銷售協議。克里斯？

Forestar's underwriting criteria for new development projects remains unchanged at a minimum of 15% pre-tax return on average inventory and a return of our initial cash investment within 36 months. During the second quarter, we invested approximately $340 million in land and land development, which was relatively flat with the prior-year quarter.

Forestar 對新開發案的核保標準保持不變，即平均庫存的稅前回報率至少為 15%，並且在 36 個月內收回我們的初始現金投資。第二季度，我們在土地和土地開發方面投資了約 3.4 億美元，與去年同期基本持平。

21% of our investment was for land acquisition and 79% was for land development. Our team remains disciplined, flexible, and opportunistic when pursuing new land acquisition opportunities. We have moderated land acquisition investment as our current land and lot position will allow us to return to strong volume growth in future periods. We now expect to invest approximately $1.9 billion in land acquisition and development in fiscal 2025, subject to market conditions.

我們的投資中有21%用於土地收購，79%用於土地開發。在尋求新的土地收購機會時，我們的團隊始終保持紀律、靈活性和機會主義精神。我們已經減少了土地收購投資，因為我們目前的土地和地塊狀況將使我們能夠在未來時期恢復強勁的銷售成長。根據市場情況，我們目前預計在 2025 財年投資約 19 億美元用於土地收購和開發。

Jim?

吉姆？

We have significant liquidity and are using modest leverage to keep our balance sheets strong and support our growth objectives. We ended the quarter with $792 million of liquidity, including an unrestricted cash balance of $174 million and $618 million of available capacity on our undrawn revolving credit facility.

我們擁有充足的流動性，並利用適度的槓桿來保持強勁的資產負債表並支持我們的成長目標。本季末，我們的流動資金為 7.92 億美元，其中包括 1.74 億美元的非限制性現金餘額和 6.18 億美元的未提取循環信貸額度可用容量。

In March, we issued $500 million or 6.5% senior unsecured notes due 2033. A portion of the net proceeds were used to fund a tender offer to purchase $329 million of our existing 3.85% senior unsecured notes due 2026, leaving $71 million of the 3.85% notes outstanding.

3 月份，我們發行了 2033 年到期的 5 億美元、利率 6.5% 的優先無擔保票據。部分淨收益用於資助一項要約收購，以購買我們現有的 3.29 億美元、2026 年到期的 3.85% 優先無擔保票據，剩餘 7,100 萬美元的 3.85% 票據未償還。

The successful transaction extended our debt maturity profile while enhancing our liquidity position. Total debt at March 31 was $873 million with no senior note maturities until May 2026, and our net debt to capital ratio was 29.8%. We ended the quarter with $1.6 billion of stockholders' equity, and our book value per share increased 11% from a year ago to $32.36.

成功的交易延長了我們的債務期限，同時增強了我們的流動性狀況。截至 3 月 31 日的總負債為 8.73 億美元，直到 2026 年 5 月才有優先票據到期，我們的淨負債資本比率為 29.8%。本季末，我們的股東權益為 16 億美元，每股帳面價值較去年同期成長 11%，達到 32.36 美元。

Forestar's 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. 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.

Forestar 的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。近年來，專案級土地收購和開發貸款越來越少，而且成本越來越高，對我們的大多數競爭對手產生了影響。其他開發商通常使用專案級開發貸款，這種貸款通常限制性更強、利率浮動，並且管理起來更複雜，尤其是在利率波動的環境下。

Our capital structure provides us with operational flexibility while our strong liquidity positions us to take advantage of attractive opportunities as they arise.

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抓住出現的誘人機會。

Andy, I will hand it back to you for closing remarks.

安迪，我將把它交還給你，讓你做最後的總結發言。

Thanks, Jim. I'm pleased with the results that our team delivered this quarter, particularly considering the slower start to the spring selling season for the industry. We expect homeowner affordability constraints and cautious home buyers continue to be headwinds for the homebuilding industry.

謝謝，吉姆。我對我們團隊本季的成績感到滿意，特別是考慮到行業春季銷售季節起步較慢。我們預計，房主的負擔能力限制和謹慎的購屋者將繼續成為住宅建築業的阻力。

Home buyers have responded favorably to recent increases in incentives offered by builders. However, the slower pace of new home sales during the spring selling season is affecting our lot deliveries. As outlined with our press release, we are updating our guidance for fiscal 2025. We now expect to deliver between 15,000 and 15,500 lots this year, generating between $1.5 billion and $1.55 billion of revenue.

購屋者對建築商最近增加的激勵措施反應良好。然而，春季銷售季節新房銷售速度放緩正在影響我們的地塊交付。正如我們的新聞稿中所述，我們正在更新 2025 財年的指導。我們預計今年將交付 15,000 至 15,500 個地塊，創造 15 億美元至 15.5 億美元的收入。

Our team has a track record of adjusting to changing end market conditions quickly, and we are closely monitoring each of our markets as we strive to balance pace and price to maximize returns for each project. We are confident in the long-term demand for finished lots and our ability to gain market share in the highly fragmented lot development industry.

我們的團隊擁有快速適應不斷變化的終端市場條件的記錄，並且我們密切關注每個市場，努力平衡速度和價格，以最大化每個項目的回報。我們對成品地塊的長期需求以及我們在高度分散的地塊開發行業中獲得市場份額的能力充滿信心。

Continued execution of our strategic and operational plans combined with a constrained finished slot supply across the majority of our diverse national footprint positions us for further success. With a clear direction, a dedicated team, and a strong operational and financial foundation in place, I'm excited about Forestar's future.

我們持續執行策略和營運計劃，加上覆蓋全國大部分地區的有限成品艙位供應，使我們獲得了進一步的成功。有了明確的方向、專業的團隊以及強大的營運和財務基礎，我對 Forestar 的未來充滿期待。

Jenny, at this time, we'll open the line for questions.

珍妮，現在我們將開放問答熱線。

(Operator Instructions) Carl Reichardt, BTIG.

（操作員指示）Carl Reichardt，BTIG。

Good morning. Nice to talk to you. Thanks for taking my questions. Just on the guidance to start with this year and the change, is that based on transactions that you know have been pushed out, or is it more of an estimate? And I'm thinking in the context of your largest customer who said today we still need the land, we just don't need it now.

早安.很高興和你談話。感謝您回答我的問題。僅就今年開始的指導和變化而言，這是基於您所知道的已被推遲的交易，還是更多的是一種估計？我想到的是，你們最大的客戶說，今天我們仍然需要土地，但現在不需要了。

And regardless of why those 1,000 or so units won't close this year, would your internal expectations for margins for the year change based on those deals? I know you don't guide there, but I'm just curious if you expect your margins to be similar to what you would have, whether those 1,000 units closed or not?

不管這 1,000 家左右的工廠為何今年無法關閉，您對今年利潤率的內部預期是否會根據這些交易而改變？我知道您沒有指導那裡，但我只是好奇您是否預計您的利潤率會與現在的利潤率相似，無論這 1,000 個單位是否關閉？

It's mostly prospective looking, Carl. I mean, it's sort of on a community by community where we've seen a buildup in inventory. We have conversations at the community level and reflect how that's going to look through the balance of the year.

這主要是一種前瞻性的觀察，卡爾。我的意思是，我們看到每個社區的庫存都在增加。我們在社區層面進行了對話，並思考了今年餘下時間的進展。

With respect to margin, as you mentioned, we don't guide to margin, we're more focused on a return. But we're not seeing -- we have not seen and we're not anticipating seeing much of a margin change as we move forward.

關於保證金，正如您所說，我們不指導保證金，我們更關注回報。但我們沒有看到——我們沒有看到，而且我們預計在未來也不會看到利潤率發生太大的變化。

Okay, great, helpful. And then a follow-up, which is also two questions. I'm curious whether or not we started at all to see the raw land sellers begin to think about business for housing demand changing and whether or not they're beginning to become more flexible on asking prices?

好的，很棒，很有幫助。然後是後續問題，也是兩個問題。我很好奇，我們是否開始看到未開發土地賣家開始考慮住房需求變化的業務，以及他們是否開始在要價上變得更加靈活？

And then I just also wanted to ask about the lot banker deal in particular. Can you walk me through sort of how those sales to land bankers work? Do you make the kind of margin you expect there? Is it a bulk sale? Because it's a little bit different than the core business. So thanks a lot, guys.

然後我還想特別詢問一下有關地塊銀行家交易的情況。您能給我講一下向土地銀行出售土地的流程嗎？您在那裡獲得了您期望的利潤嗎？是大量銷售嗎？因為它與核心業務有點不同。非常感謝大家。

Hey, Carl, it's Mark. I'll talk to the raw land sellers and I'll let Jim take your question on the lot banking. But in terms of flexibility, we're seeing more flexibility on terms. We're still not really seeing any flexibility or that much flexibility in price. So sellers are still holding firm on price, but what we are seeing is more conventional lot or land take down terms, which really helps our ROI-based business.

嘿，卡爾，我是馬克。我會與未開發土地賣家交談，並請吉姆回答您關於地塊銀行的問題。但就靈活性而言，我們看到了更多的靈活性。我們仍然沒有真正看到價格有任何靈活性或那麼大的靈活性。因此，賣家仍然堅持價格，但我們看到的是更傳統的地塊或土地收購條款，這確實有助於我們基於投資回報率的業務。

And as far as lot bankers, Carl, we don't contract directly with lot bankers, but we do allow our home building customers to assign their contracts to lot bankers. So from our standpoint, it is a sale to a third party, but again, we don't sell directly, we don't contract directly with lot bankers.

至於地塊銀行家，卡爾，我們不直接與地塊銀行家簽訂合同，但我們允許我們的房屋建築客戶將他們的合同轉讓給地塊銀行家。因此從我們的角度來看，這是向第三方的銷售，但同樣，我們不直接銷售，我們也不直接與批次銀行家簽訂合約。

Do you make the same kind of expect to make the same kind of returns, margins that you would on a more traditional deal in a deal like this?

在這樣的交易中，您是否期望獲得與傳統交易相同的回報和利潤？

It is exactly -- it's basically just a [lot take] that a home builder would have so it's all the same pricing that we've contracted with a home builder. They've just assigned to that.

確實如此 - 這基本上只是房屋建築商所獲得的 [大量收入]，因此這與我們與房屋建築商簽訂的合約中規定的定價相同。他們剛剛分配了那個任務。

Assigned the contract, okay. Great, I appreciate it.

合約分配好了，好的。太好了，我很感激。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good morning. You saw an increase in SG&A and I think other company investments as you move into new markets and grow community count. I'm just wondering, big picture, how you balance kind of this increase in costs as your largest customer expects deliveries to be down year over year?

早安.隨著公司進入新市場並增加社區數量，您會看到銷售、一般及行政費用增加，我認為其他公司投資也增加。我只是想知道，從總體上看，由於您的最大客戶預計交付量將逐年下降，您如何平衡成本的增加？

And I know you've trimmed the land and acquisition and development spend target, but I'm just wondering if there's any other actions that you would take or contemplate taking if the market remains weak?

我知道您已經削減了土地和收購及開發支出目標，但我只是想知道，如果市場仍然疲軟，您是否會採取或考慮採取其他行動？

Sure, SG&A is up, really tied to the increase in headcount from last year, so that headcount increased by 29% compared to a year ago. Only 4% of that increase occurred in the second quarter, so we've slowed down. The vast majority of that increase in headcount is boots on the ground really to support the 21% increase in in active projects and the 10 new markets that we've gone into.

當然，銷售、一般及行政費用有所上漲，這實際上與去年員工人數的增加有關，因此與一年前相比，員工人數增加了 29%。其中只有 4% 的成長發生在第二季度，所以我們的成長速度已經放緩。新增員工人數的絕大部分都是為了支持活躍專案 21% 的成長以及我們進入的 10 個新市場。

We would expect our headcounts to remain basically flat for the remainder of the year and as a result, I think the percentage of SG&A revenues, we would expect to come down to the high-single digits for the year we gain more leverage, revenue leverage with a bigger second half of the year.

我們預計，在今年剩餘時間內，我們的員工人數將基本保持不變，因此，我認為，我們預計銷售、一般和行政費用 (SG&A) 收入的百分比將下降到高個位數，我們將獲得更多槓桿，收入槓桿將在下半年更大。

Got it. And then you talked about the cost of developing land stabilizing, just wondering if you are seeing or anticipate any direct or indirect impact from tariffs on land development costs?

知道了。然後您談到了土地開發成本的穩定，只是想知道您是否看到或預計關稅會對土地開發成本產生任何直接或間接的影響？

Yeah, I think right now, it's a lot of noise. I think it's too early to tell. Again, I think, as we scale our business and we continue to build relationships with our trade partners, I think it's going to give us the ability to either hold pricing or see limited impacts of tariffs. But as of right now, we're seeing really not a lot from our trade partners in terms of cost increases, really nothing at all.

是的，我認為現在噪音很大。我認為現在下結論還為時過早。再次，我認為，隨著我們擴大業務規模並繼續與貿易夥伴建立關係，我認為這將使我們有能力保持價格或看到關稅的有限影響。但截至目前，我們的貿易夥伴的成本增加幅度並不大，實際上並沒有任何增加。

And maybe just one last one, if I could. I think Texas and Florida represents maybe roughly half of your total lot position, and I'm wondering how you characterize demand for lots in Texas and Florida versus the national average? Is it a little weaker or significantly weaker or is it -- just wondering how you kind of characterize it regionally and within the states?

如果可以的話，也許我只想問最後一個問題。我認為德克薩斯州和佛羅裡達州可能佔了您總地塊數量的大約一半，我想知道您如何描述德克薩斯州和佛羅裡達州對地塊的需求與全國平均水平相比？它是稍微弱一點還是明顯弱一點，或者——只是想知道您如何在地區和各州內描述它？

I would say, we are seeing some weakness in Florida and less in Texas. We're seeing some strength in some other markets, Las Vegas, the Carolinas, but it's been more of a pace issue, really returning to more of a pre-COVID take down on a quarterly basis more so than large bulk takes.

我想說的是，我們看到佛羅裡達州的疲軟跡象增強，而德克薩斯州的疲軟跡象減弱。我們看到拉斯維加斯、卡羅來納州等其他一些市場也表現出一些強勁勢頭，但這更多的是一個速度問題，實際上，季度吞吐量更多地恢復到了疫情之前的水平，而不是大宗貨物吞吐量。

So particularly in affordable price points, yes, the customers are challenged, but there's strong activity in the sales centers, so we feel good about the long-term market.

因此，特別是在可負擔的價格點，是的，客戶面臨挑戰，但銷售中心的活動非常活躍，所以我們對長期市場充滿信心。

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

好的，這非常有幫助。我把它翻過來。

Trevor Allinson, Wolfe Research.

特雷弗·阿林森（Trevor Allinson），沃爾夫研究公司。

Hi, good morning. Thank you for taking my questions. You modestly lowered your land and development spend versus your prior expectation. How sensitive is that spend to a potential further weakening demand?

嗨，早安。感謝您回答我的問題。與先前的預期相比，您略微降低了土地和開發支出。這些支出對於潛在的進一步疲軟需求有多敏感？

And then historically, you guys were closer to 70% development as a fraction of that total spend. Do you think that continues to move higher? It looks like it has moved higher here recently. You think that continues going forward?

從歷史上看，你們的開發支出佔總支出的比例接近 70%。您認為該數字還會繼續走高嗎？看起來它最近已經走高了。您認為這種情況會持續下去嗎？

Yeah, I mean, so when we look at our total spend, we did lower it mostly partly because of the market, but we also feel very good about our total lot position to support kind of the growth trajectory that we're on.

是的，我的意思是，當我們看我們的總支出時，我們確實降低了它，主要是因為市場的原因，但我們對我們的整體狀況感到非常滿意，以支持我們所處的成長軌跡。

We were higher in land acquisition in the first quarter when you look at the level of spend and we mentioned in that call that we were going to moderate spend, which we're doing. So we do expect the kind of percentage of total spend to turn down a little bit. But we are still in the growth mode, so acquisition may be a little bit higher percentage than what it was when you mentioned the one-thirds, two-thirds from that standpoint.

從支出水準來看，我們第一季的土地收購金額較高，我們在電話會議中提到，我們將控制支出，我們正在這樣做。因此，我們確實預計總支出的百分比會略有下降。但我們仍處於成長模式，因此從這個角度來看，收購的比例可能比你提到的三分之一、三分之二高一點。

But we do have the ability to moderate our spend if demand changes one way or the other. We have a very robust pipeline of projects that we can look to. So if the market turns up, we can ratchet back up as well as continue to ratchet down if we need to.

但如果需求發生變化，我們確實有能力調整支出。我們擁有非常豐富的專案儲備可供參考。因此，如果市場上漲，我們可以進一步上漲，也可以在必要時繼續下跌。

A quick follow-up on that before getting into my second question. Are you seeing your competitors pull back more significantly to where this becomes perhaps a further acceleration of market share gains for you guys, given you didn't adjust your spend all that much?

在進入我的第二個問題之前，我先快速跟進一下這個問題。考慮到你們沒有對支出進行太多調整，你們是否看到競爭對手的退步更加明顯，這是否會進一步加速你們的市佔率成長？

Yes, I think it's definitely there's opportunity in this market cycle to consolidate market share. That's not only with improving the relationship with our number one customer, D.R. Horton, but also with other builders as evidence with the 10 additional builders that we added this quarter, and also it helps us to strengthen our relationship with our trade base. So we really see this as an opportunity for us to continue to consolidate market share.

是的，我認為在這個市場週期中肯定存在鞏固市場份額的機會。這不僅是為了改善我們與第一大客戶 D.R. 的關係。 Horton，以及其他建築商，本季我們增加了 10 家建築商，證明了這一點，這也有助於我們加強與貿易基礎的關係。因此，我們確實將此視為我們繼續鞏固市場份額的機會。

Yeah, I think that's really helpful and actually a great segue into the next question I have. Your biggest customer is talking about slowing deliveries here in 2025. In that environment, do you look at increasing your penetration with other builders, or is this the type of environment where everybody's probably looking to slow some bit and that's a slowing a bit and that's a bit more challenging? Thanks.

是的，我認為這確實很有幫助，並且實際上很好地引出了我的下一個問題。你們最大的客戶正在談論在 2025 年減緩交貨速度。在這種環境下，您是否考慮增加對其他建築商的滲透率，或者這種環境下每個人可能都希望放慢速度，而這確實是一種放慢速度並且更具挑戰性的環境？謝謝。

Well, I mean, as from the commentary this morning, they're looking to increase starts at Horton. Obviously, that'll depend on market conditions, so obviously the first input to that is the lot. And as they noted, there's not an abundance, there's not a surplus of finished lots out there. So I think we see our ability to grow that Horton market share in the current environment.

嗯，我的意思是，從今天早上的評論來看，他們希望增加霍頓的開局。顯然，這取決於市場條件，因此顯然第一個輸入就是批次。正如他們所指出的，成品並不充足，也沒有剩餘。因此我認為，在當前環境下，我們有能力擴大 Horton 的市場佔有率。

But as we talked about in our prepared remarks, we have expanded our relationship with other customers and with repeat customers as well as several new customers. So I think it supports the long-term view that we can continue to grow in the Horton footprint as well as expand our relationship in the larger community.

但正如我們在準備好的演講中談到的那樣，我們已經擴大了與其他客戶、回頭客以及一些新客戶的關係。因此，我認為它支持了我們的長期觀點，即我們可以繼續在霍頓足跡上成長，並擴大我們在更大社區中的關係。

And the other point is our capital structure is a huge advantage for us and when it sets us apart from other developers in terms of just being their availability to develop lots and then having what Andy said the Horton -- but the market share and Horton and other builders.

另一點是，我們的資本結構對我們來說是一個巨大的優勢，它使我們有別於其他開發商，不僅因為他們有能力開發地塊，還因為他們擁有安迪所說的霍頓——但市場份額以及霍頓和其他建築商。

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

感謝您帶來的所有色彩並祝您未來一切順利。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

Hi, good morning. This is Alex Isaac on for Mike. Thanks for taking my question. I want to dive in, ask about the federal deregulation around land and the messaging coming from Horton. I was curious how you feel like that could impact lo supply going forward, particularly in some of the more constrained markets?

嗨，早安。我是 Alex Isaac，代替 Mike 發言。感謝您回答我的問題。我想深入探討聯邦政府對土地放寬管制的情況以及霍頓所傳達的訊息。我很好奇，您認為這會對未來的供應產生什麼影響，特別是在一些較為受限的市場？

Really too early to tell yet. Not sure what has been finalized with the new administration, really just don't have a whole lot of color to offer at this point.

現在說還太早。不確定新政府已經做出了什麼決定，目前確實沒有太多細節可以提供。

But yeah, that makes a lot of sense. Thanks for the answer. Then also, I want to ask about on gross margins. How should we be thinking about them on a longer-term basis? You mentioned more in a growth mode now. How do we see those like on a longer term and where do you think those could reach at a steady state?

但是是的，這很有道理。謝謝你的回答。然後，我還想問毛利率。我們應該如何從長遠角度來考慮這些問題？您現在更多地提到了增長模式。我們如何看待這些長期趨勢以及您認為它們何時能夠達到穩定狀態？

We've really seen a lot of stability in the margin over the last really three or four years being in that 21% to 23%. If you kind of normalize our margins this year over last year, we're real close. We don't see the pressure on the trade and labor side that we saw coming out of that post-COVID. So we think we're in a relatively stable margin environment. Obviously, it's going to be subject to market conditions. So it'll play out over the next several quarters.

過去三、四年來，我們確實看到利潤率保持穩定，維持在 21% 至 23% 之間。如果將我們今年的利潤率與去年的利潤率進行標準化，那麼我們已經非常接近了。我們沒有看到貿易和勞動力方面出現像新冠疫情後那樣的壓力。因此我們認為我們處於相對穩定的利潤環境。顯然，這將取決於市場條件。所以它將在接下來的幾個季度內發揮作用。

Sure, that sounds great. Appreciate the color.

當然，聽起來很棒。欣賞色彩。

Thank you very much. Well, that appears to be the end of our question-and-answer session. I will now turn the call back over to Andy for closing remarks.

非常感謝。好吧，我們的問答環節似乎結束了。現在我將把電話轉回給安迪，請他做最後發言。

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 to share our third-quarter results on Tuesday, July 22.

謝謝你，珍妮，也感謝 Forestar 團隊所有人的專注和辛勤工作。在我們繼續鞏固市場份額的過程中，保持紀律性、靈活性和機會主義。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。

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

非常感謝。今天的會議到此結束。現在您可以斷開電話線並享受美好的一天。我們感謝您的參與。