Green Brick Partners Inc (GRBK) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Angela and I will be your conference operator today. At this time, I would like to welcome everyone to the Green Brick Partners, Inc. second quarter conference earnings call. (Operator Instructions) I would now like to turn the conference over to Rick Costello, Chief Financial Officer. Please go ahead.

謝謝你的支持。我叫安琪拉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Green Brick Partners, Inc. 第二季財報電話會議。（操作員指示）我現在想將會議轉交給財務長 Rick Costello。請繼續。

Good afternoon and welcome to the Green Brick Partners' earnings call for the second quarter ended June 30, 2024. Following today's remarks, we will hold a Q&A session. As a reminder, this call is being recorded and will be available for playback. In addition, a presentation will accompany today's webcast and is also available on the company's website at investors.greenbrickpartners.com.

下午好，歡迎參加 Green Brick Partners 截至 2024 年 6 月 30 日的第二季財報電話會議。在今天的演講之後，我們將舉行問答環節。謹此提醒，此通話正在錄音中並且可以回放。此外，現今的網路廣播還將附帶演示文稿，也可在公司網站 Investors.greenbrickpartners.com 上觀看。

On the call today is Jim Brickman, Co-Founder and Chief Executive Officer; Jed Dolson, President and Chief Operating Officer; and myself, Rick Costello, Chief Financial Officer. Some of the information discussed on this call is forward-looking, including the company's financial and operational expectations for 2024 and beyond. In yesterday's press release and SEC filings, the company detailed material risks that may cause its future results to differ from its expectations.

今天參加電話會議的是共同創辦人兼執行長吉姆‧布里克曼 (Jim Brickman)；傑德‧多爾森 (Jed Dolson)，總裁兼營運長；還有我本人，財務長里克‧科斯特洛 (Rick Costello)。本次電話會議討論的一些資訊具有前瞻性，包括公司對 2024 年及以後的財務和營運預期。在昨天的新聞稿和向美國證券交易委員會提交的文件中，該公司詳細說明了可能導致其未來業績與預期不同的重大風險。

The company's statements are as of today, August 1, 2024, and the company has no obligation to update any forward-looking statement it may make. The comments also include non-GAAP financial metrics. The reconciliation of these metrics and the other information required by Regulation G can be found in the earnings release that the company issued yesterday and in the presentation available on the company's website. With that, I'll turn the call over to Jim. Jim?

該公司的聲明截至今天，2024 年 8 月 1 日，該公司沒有義務更新其可能做出的任何前瞻性聲明。這些評論也包括非公認會計準則財務指標。這些指標和 G 條例要求的其他資訊的核對可以在該公司昨天發布的收益報告以及該公司網站上的簡報中找到。這樣，我就把電話轉給吉姆。吉姆？

Thank you, Rick. I'm extremely proud of our record performance in the second quarter. During the second quarter, we achieved another set of record-breaking results for the company. First, we delivered a record 987 homes and joined underrated record home closing revenue of $547 million, an increase of 20% year over year.

謝謝你，瑞克。我對我們第二季創紀錄的表現感到非常自豪。第二季度，我們公司又取得了一系列破紀錄的業績。首先，我們交付了創紀錄的 987 套房屋，並創下了 5.47 億美元的被低估的房屋成交收入紀錄，同比增長 20%。

Second, our homebuilding gross margin soared to a record 34.5%, which is the highest among public homebuilding peers as shown on slide 4. Year to date, the net income attributable to Green Brick grew 35.3% and earnings [per] share increased 38% year over year to $4.14. This performance was highlighted by a record quarterly EPS of $2.32, up 42.3% year over year.

其次，我們的住宅建築毛利率飆升至創紀錄的 34.5%，這是公共住宅建築同行中最高的，如幻燈片 4 所示。年初至今，Green Brick 的淨利潤年增 35.3%，每股收益年增 38%，達到 4.14 美元。這一業績的亮點是創紀錄的季度每股收益 2.32 美元，年增 42.3%。

Thanks to the collective effort of our team, we have consistently generated some of the best returns in the industry. We believe that our unique business model will continue to demonstrate its strength and position us for sustainable growth.

由於我們團隊的集體努力，我們持續創造了業內最好的回報。我們相信，我們獨特的商業模式將繼續展示其優勢，並為我們的永續成長奠定基礎。

With our record results, Green Brick's annualized return on equity for the first half of 2024 was 28.3%. Our book value at the end of the quarter increased 26% year over year to $31.21 per share. Equally important, our growth was created on one of the least leveraged balance sheets and one of the lowest costs of debt among our small and mid-cap peers. At the end of the second quarter, our total debt to total capital ratio was 17.7%, while our net debt to total capital ratio was only 10.9% with a weighted average pay rate of 3.4%.

憑藉我們創紀錄的業績，Green Brick 2024 年上半年的年化股本回報率為 28.3%。本季末我們的帳面價值年增 26% 至每股 31.21 美元。同樣重要的是，我們的成長是在中小型企業中槓桿率最低的資產負債表之一和債務成本最低的國家之一創造的。第二季末，我們的總負債與總資本比率為17.7%，而淨負債與總資本比率僅10.9%，加權平均支付率為3.4%。

As shown on slide 5, since 2022, we have consistently generated exceptional homebuilding gross margins, achieving margins of more than 30% in all the three quarters. Our extraordinary performance is a result for superior locations in high-growth markets, our investment grade balance sheet, our self-development strategy, and the commitment and expertise of our team.

如投影片 5 所示，自 2022 年以來，我們的住宅建築毛利率持續保持出色，三個季度的利潤率均超過 30%。我們卓越的表現得益於高成長市場的優越地理位置、投資等級資產負債表、自我發展策略以及團隊的承諾和專業知識。

The land light model has gained traction on Wall Street with many major home builders prioritizing being land light regardless of the cost and resulting potential degradation of margins. Green Brick, however, has taken a different approach.

土地照明模式在華爾街獲得了關注，許多主要的住宅建築商都優先考慮土地照明，而不考慮成本以及由此導致的潛在利潤下降。然而，Green Brick 採取了不同的方法。

By thoroughly evaluating and understanding our markets, we prioritize acquiring, entitling, and developing land ourselves, allowing us to achieve significant cost savings compared to retail-priced option lots. We understand land risk and compensate for that risk with strong underwriting and a very low-leverage balance sheet.

透過徹底評估和了解我們的市場，我們優先考慮自行收購、授權和開發土地，與零售價的選擇權地塊相比，我們能夠大幅節省成本。我們了解土地風險，並透過強大的承保和極低槓桿的資產負債表來補償該風險。

Land bankers known for their sophistication in the real estate industry often aim to maximize their profit by demanding high implicit interest rates and significant earnest money deposits, where the builders assume land development costs and completion risk. Builders agree to these additional costs in order to transfer land risk and financial burden off the home builder's balance sheet.

以在房地產行業的老練而聞名的土地銀行家通常會透過要求高隱性利率和大量保證金來實現利潤最大化，而建築商則承擔土地開發成本和竣工風險。建築商同意這些額外成本，以便將土地風險和財務負擔從房屋建築商的資產負債表上轉移出去。

Given the current interest rate environment, the increasing finished lot costs associated with the land light model make it an unattractive option for us, and we anticipate these dynamics to continue. For Green Brick, we are not experiencing those increased finished lot costs as Rick will cover shortly.

考慮到當前的利率環境，與土地照明模型相關的成品地成本不斷增加，使其對我們來說不再是一個有吸引力的選擇，我們預計這種動態將持續下去。對於 Green Brick，我們並沒有遇到成品批次成本增加的情況，Rick 很快就會對此進行說明。

More importantly, for Green Brick being land-heavy hasn't translated into inferior returns. In fact, we have produced consistently strong return on assets and equity as shown on slide 5. Our return on equity since 2022 average 28% and our return on assets average 18%. We have been able to significantly increase our lot position, while de-leveraging our balance sheet as shown on slide 11.

更重要的是，綠磚佔地重並沒有轉化為較低的回報。事實上，如投影片 5 所示，我們的資產和股本回報率始終強勁。自 2022 年以來，我們的股本回報率平均為 28%，資產回報率平均為 18%。我們已經能夠大幅增加我們的持倉量，同時降低資產負債表的槓桿率，如投影片 11 所示。

Additionally, in our largest markets, Dallas-Fort Worth and Atlanta, there are very few third-party lot developers. Being able to self-develop land, unlocks access to more land opportunities, especially in desirable infill and infill adjacent submarkets. This approach also allows us to produce finished lots at wholesale prices as opposed to buying at retail and control the pace of lot deliveries.

此外，在我們最大的市場達拉斯-沃斯堡和亞特蘭大，第三方地塊開發商很少。能夠自行開發土地，可以釋放獲得更多土地的機會，特別是在理想的填充和填充相鄰子市場。這種方法還使我們能夠以批發價生產成品，而不是零售購買，並控制批次交付的速度。

We believe our unique strategy and land provides us with strong competitive advantages to continue to gain market share in a capital-efficient manner. So the US housing market, it has been challenging for most homeowners to break free from the golden handcuffs of mortgage rates at 76% of outstanding mortgages are still locked in at mortgage rates of less than 5%, as shown on slide 6.

我們相信，我們獨特的策略和土地為我們提供了強大的競爭優勢，能夠以資本高效的方式繼續獲得市場份額。因此，在美國房地產市場，對於大多數房主來說，擺脫抵押貸款利率的金手銬一直是一項挑戰，因為76% 的未償抵押貸款仍被鎖定在低於5% 的抵押貸款利率，如幻燈片6 所示。

As a result, existing home inventory continues to remain near historic lows during the second quarter, as shown on slide 7. The lack of supply is more evident in infill and infill of adjacent sub-markets where we get consistently generated over 80% of our revenues. Green Brick is strategically posed to capitalize on what we believe are long-term secular demographic shifts.

因此，第二季現有房屋庫存繼續保持在歷史低點附近，如幻燈片 7 所示。供應不足在鄰近子市場的填充和填充中更為明顯，我們的收入始終來自這些子市場的 80% 以上。Green Brick 的策略定位是利用我們認為的長期長期人口變化。

As shown on slide 8, a wave of millennials and Gen Z continue to enter their prime home buying age over the next decade. Too few of homes were built over the years since the great financial crisis, which created systemic housing shortage estimated to be between 4 million to 7 million units. An aging housing stock presents another challenge.

如投影片 8 所示，未來十年，一波千禧世代和 Z 世代將繼續進入購屋黃金年齡。自金融危機爆發以來，多年來建造的房屋太少，造成系統性住房短缺，估計在 400 萬至 700 萬套之間。房屋存量老化帶來了另一個挑戰。

The average age of owner-occupied homes in the US is estimated to be 40 years old. These dynamics create significant growth opportunity for new home sales, and we believe Green Brick is well-positioned to capture additional market share over the longer term. Over the past year, we have focused on securing new land opportunities to fill our pipeline and to build up many lots to our builders as quickly as possible. Jed will discuss more about our land and lot position shortly.

美國自住房屋的平均年齡估計為 40 歲。這些動態為新屋銷售創造了巨大的成長機會，我們相信 Green Brick 處於有利地位，可以在較長時期內佔領更多的市場份額。在過去的一年裡，我們一直致力於確保新的土地機會來填補我們的管道，並儘快為我們的建築商建造許多地塊。傑德很快就會討論更多有關我們的土地和地塊位置的資訊。

Lastly, I'm excited to announce our strategic decision to establish our wholly owned mortgage company, Green Brick Mortgage, which will replace our existing joint venture in which we own 50%. We expect Green Brick Mortgage to harvest a 100% of the mortgage profits in the beginning of 2025.

最後，我很高興地宣布我們的策略決定，即建立我們的全資抵押貸款公司 Green Brick Mortgage，該公司將取代我們擁有 50% 股權的現有合資企業。我們預計 Green Brick Mortgage 將在 2025 年初收穫 100% 的抵押貸款利潤。

This transition will enhance our control over the mortgage origination process, allow us to optimize our customer experience, improve operational efficiency, and capture more earnings and profitability by aligning our mortgage operations more closely with our overall business strategy and company culture. With that, I'll now turn it over to Rick to provide more detail regarding our financial results.

這項轉變將增強我們對抵押貸款發放流程的控制，使我們能夠優化客戶體驗，提高營運效率，並透過使抵押貸款業務與我們的整體業務策略和公司文化更加緊密地結合來獲得更多的收入和盈利能力。現在，我將把它交給 Rick，以提供有關我們財務表現的更多詳細資訊。

Thank you, Jim. Please turn to slide 9 of the presentation. As Jim mentioned earlier, the second quarter was a record for Green Brick on multiple fronts. We achieved record home closings revenue of $547 million up 20.4% year over year on a record 987 homes closed an increase of 26%. The increase in deliveries is attributable to limited competition in our infill and infill adjacent communities. Reduced cycle times and increase starts leading to higher levels of available spec inventory.

謝謝你，吉姆。請翻到簡報的投影片 9。正如吉姆之前提到的，第二季度在多個方面都創下了 Green Brick 的紀錄。我們的房屋成交收入達到創紀錄的 5.47 億美元，年增 20.4%，成交房屋數量創紀錄的 987 套，較去年同期成長 26%。交付量的增加是由於我們的填充區域和填充鄰近社區的競爭有限。縮短週期時間並增加開工率，從而提高可用規格庫存水準。

As discussed during our past earnings calls, our shift in community mix from closing out infill communities to opening new communities in surrounding infill adjacent areas, especially under our trophy brand, has moderately lowered our ASP from a year ago.

正如我們在過去的財報電話會議中所討論的那樣，我們對社區組合的轉變，從關閉填充社區到在周邊填充相鄰區域開設新社區，特別是在我們的獎杯品牌下，我們的平均售價較一年前有所下降。

In the second quarter, ASP declined slightly by 4.4% year over year to $554,000. This was our smallest decline in ASP in the past four quarters. We continue to expect ASP to be in the range of $540,000 to $560,000 for the second half of the year, subject to changes in product mix and business conditions.

第二季度，平均售價年減 4.4% 至 554,000 美元。這是過去四個季度中我們平均售價的最小降幅。我們仍預計下半年平均售價將在 54 萬美元至 56 萬美元之間，具體取決於產品結構和業務狀況的變化。

Another record that we broke this quarter was homebuilding gross margins, which reached 34.5% Gross margins were up 320 basis points year over year and 110 basis points higher than our previous record of 33.4% achieved last quarter. More importantly, homebuilding margins were strong across all builder brands, including Trophy that primarily built entry-level and first-time move-up homes.

本季我們打破的另一項紀錄是住宅建築毛利率，達到 34.5%。更重要的是，所有建築商品牌的住宅建築利潤率都很強勁，包括主要建造入門級和首次升級住宅的 Trophy。

As shown on slide 4, we continue to lead our peers in gross margin performance. The gains in gross margins were due to lower incentives on closed homes year over year as a result of our infill and infill adjacent communities and favorable construction and average lot cost.

如投影片 4 所示，我們的毛利率表現持續領先同業。毛利率的增長是由於我們的填充和鄰近社區的填充以及有利的建築和平均地塊成本導致封閉式房屋的激勵措施逐年減少。

Green Brick expects that over the two years from calendar year 2023 to calendar year 2025, our average developed lot cost as a percentage of average sales price is expected to increase only 30 basis points per year.

Green Brick 預計，從 2023 年到 2025 年的兩年裡，我們的平均開發地塊成本占平均銷售價格的百分比預計每年僅增加 30 個基點。

We anticipate that this expected minimal increase in our average developed lot cost will stand in contrast to our landline peers who often pay annual escalators of 6% to 7% to third-party land developers. Even worse for landline peers as per John Burns Research, brokers indicate that prices rose 11% year over year in Q2 '24 for finish lots and 10% for both undeveloped land and development costs.

我們預計，我們平均開發地塊成本的預期增幅將與固定電話同行形成鮮明對比，後者通常每年向第三方土地開發商支付 6% 至 7% 的自動扶梯費用。根據約翰伯恩斯研究公司(John Burns Research) 的數據，對於固定電話同行來說更糟糕的是，經紀人表示，2024 年第二季度，完工地塊的價格同比上漲了11%，未開發土地和開發成本的價格較去年同期上漲了10%。

Back to slide 9, SG&A as a percentage of residential units' revenue for the second quarter improved 30 basis points year over year to 10.5%. Driven by our record gross margins on record revenues, our net income attributable to Green Brick increased 40% and diluted earnings per share for the second quarter grew 42% to $2.32 per share both records for any quarter in company history.

回到投影片 9，第二季 SG&A 佔住宅單位收入的百分比年增了 30 個基點，達到 10.5%。在我們創紀錄的毛利率和創紀錄的收入的推動下，第二季度歸屬於Green Brick 的淨利潤增長了40%，攤薄後每股收益增長了42%，達到每股2.32 美元，這兩項都是公司歷史上任何季度的記錄。

During the quarter, we benefited from a $0.11 discrete tax benefit for equity compensation deductions. However, even excluding this discrete tax benefit, we delivered the highest EPS in company history. Net new orders in Q2 were up 4.0% year over year to 855 homes, the highest level for any second quarter in company history. Jed will further discuss our sales pace momentarily.

本季度，我們受益於股權薪酬扣除的 0.11 美元離散稅收優惠。然而，即使排除這種離散的稅收優惠，我們也實現了公司歷史上最高的每股盈餘。第二季淨新訂單年增 4.0%，達到 855 套，為公司歷史上第二季的最高水準。傑德將立即進一步討論我們的銷售速度。

In the second quarter, we continue to expand our footprint to position us to capture additional market share. Active selling communities at the end of the period grew 22% year over year to 105. In particular, our ending community count for Trophy grew by 41% year over year to 38%.

在第二季度，我們繼續擴大業務範圍，以佔領更多的市場份額。期末活躍銷售社群年增 22%，達到 105 個。特別是，我們的 Trophy 最終社區數量年增 41%，達到 38%。

Our cancellation rate for the second quarter remained low at 9.2%. This was, again one of the lowest cancellation rates among public homebuilding peers as shown on slide 12. Our cancel rate remained in a historically low range under 10%, which it has been since 12/31 of '22.

我們第二季的取消率仍維持在 9.2% 的低水準。如投影片 12 所示，這又是公共住宅建築同行中取消率最低的之一。自 22 年 12 月 31 日以來，我們的取消率一直保持在 10% 以下的歷史低點。

As shown on slide 10 year-over-year units under construction were up 23% with starts averaging 952 homes for the last four quarters. Year to date, we have now sold 1,926 homes delivered 1,808 homes, and started 1,980 homes closely matching the sales pace and the production pace.

如幻燈片所示，過去四個季度在建的 10 套公寓年增 23%，平均開工數量為 952 套。今年迄今為止，我們已售出 1,926 套房屋，交付 1,808 套房屋，並開工 1,980 套房屋，與銷售速度和生產速度緊密配合。

Year to date, we delivered 1,808 homes generating home closings revenue of $990 million, an increase of 9.6% year over year. Home bookings gross margins increased 450 basis points to 34.0%. As a result, net income attributable to Green Brick grew 35.3% year to date to $189 million and diluted EPS climbed 38.0% to $4.14 for the six months ended June 30, 2024.

年初至今，我們已交付 1,808 套房屋，房屋成交收入達 9.9 億美元，年增 9.6%。家庭預訂毛利率成長 450 個基點，達到 34.0%。因此，截至 2024 年 6 月 30 日的六個月，Green Brick 歸屬於淨利潤成長 35.3%，達到 1.89 億美元，攤薄後每股收益成長 38.0%，達到 4.14 美元。

Next, our backlog value at the end of the second quarter increased 11% year over year to $650 million. Backlog is up 17% year to date. Now, as opposed to closing ASP, backlog ASP increase 10.1% to $732,000. Trophy, a spec home builder continues to represent only 15% of the overall backlog value due to its reduced construction cycle times and quick inventory turns.

接下來，第二季末我們的積壓訂單價值年增 11%，達到 6.5 億美元。今年迄今，積壓訂單增加了 17%。現在，與關閉平均售價相反，積壓平均售價增加了 10.1%，達到 732,000 美元。Trophy 是一家規格住宅建築商，由於其施工週期時間縮短且庫存週轉速度快，因此仍僅佔總積壓訂單價值的 15%。

Spec units under construction as a percentage of total units under construction increased slightly sequentially to 65% at the end of the second quarter as we started more spec homes.

隨著我們開工更多規格住宅，在建規格單元佔在建單元總數的百分比在第二季末略有上升，達到 65%。

Our investment grade balance sheet continues to serve as a strong springboard for future growth. At the end of the second quarter, our net debt to total capital ratio was 10.9%, and our total debt to total capital ratio was only 17.7%.

我們的投資等級資產負債表繼續充當未來成長的強大跳板。在第二季末，我們的淨負債與總資本的比率為10.9%，而總負債與總資本的比率僅為17.7%。

As shown on slide 11, this level of financial leverage is running among the best of our small and mid-cap public homebuilding peers. 100% of our outstanding debt is fixed rate with a weighted average interest pay rate of 3.4%. Furthermore, at the end of the quarter, we had $133 million of cash on hand, readily available for deployment, and $360 million in undrawn lines of credit.

如投影片 11 所示，這種財務槓桿水準在我們的中小型公共住宅建築同行中名列前茅。我們的未償債務 100% 為固定利率，加權平均利率為 3.4%。此外，截至本季末，我們手頭上有 1.33 億美元的現金可供隨時部署，還有 3.6 億美元的未提取信貸額度。

Finally, we remained active with share buybacks during the second quarter. We bought back approximately 1.5% of our shares outstanding, valued at $38 million with a weighted average price of $55.58 per share. The remaining dollar value of shares that may yet be purchased under the 2023 repurchase plan was approximately $61.3 million as of June 30, 2024.

最後，我們在第二季仍然積極進行股票回購。我們回購了約 1.5% 的已發行股票，價值 3,800 萬美元，加權平均價格為每股 55.58 美元。截至 2024 年 6 月 30 日，根據 2023 年回購計畫可能購買的剩餘股票價值約為 6,130 萬美元。

We continue to weigh and balance investment opportunities with share repurchases with the goal of delivering best-in-class, risk-adjusted returns for shareholders over the long term. With that, I'll now turn it over to Jed. Jed?

我們持續權衡並平衡股票回購的投資機會，目標是為股東提供一流的、經過風險調整的長期回報。有了這個，我現在將把它交給傑德。傑德？

Thank you, Rick. Demand was healthy during the second quarter. Net new orders moderated from a near record level in first quarter of 2024, but grew slightly year over year to 855 sales, representing our best Q2 order level in company history. Our sales pace for the second quarter was 8.5 homes per average active selling community down from 11.4 in Q1, when our backlog grew 31% sequentially.

謝謝你，瑞克。第二季需求健康。淨新訂單量較 2024 年第一季接近創紀錄的水平有所放緩，但同比略有增長，銷量達到 855 份，這是我們公司歷史上最好的第二季度訂單水平。我們第二季的銷售速度為每個活躍銷售社區平均 8.5 套房屋，低於第一季的 11.4 套，當時我們的積壓訂單環比增長了 31%。

In the latter part of the second quarter, we saw sales pace slightly moderate as we exited the spring selling season returning, we believe to the normal pre-pandemic seasonality that we have traditionally experienced.

在第二季後半段，隨著我們退出春季銷售季節，我們看到銷售步伐略有放緩，我們相信我們傳統上經歷過的正常的疫情前季節性。

Increased mortgage rates during the quarter and metering of sales in certain infill communities also contributed to moderated orders. However, incentives for new orders picked up only modestly in the second quarter to 4.5% from 3.8% in March.

本季抵押貸款利率的上升以及某些填充社區的銷售計量也導致訂單減少。然而，第二季新訂單誘因僅小幅回升，從 3 月的 3.8% 升至 4.5%。

We were still able to raise base prices moderately in approximately a third of our communities due to our footprint of infill and infill adjacent submarkets where supply is limited from both new homes and existing homes.

由於我們的填充和鄰近子市場的覆蓋範圍，我們仍然能夠在大約三分之一的社區中適度提高基本價格，這些子市場的新房和現有房屋的供應都有限。

Incentives were only targeted in select communities where traffic and orders were below desired levels and/or respect homes at later stages of construction. We continued to offer many of our buyers the flexibility to use their incentive package for closing costs, partial rate buy-downs, or both.

激勵措施僅針對交通和訂單低於預期水準和/或在施工後期尊重房屋的特定社區。我們持續為許多買家提供靈活的使用激勵方案來降低成交成本、部分利率購買或兩者兼而有之。

Buyers who closed using our affiliated mortgage company, continued to demonstrate strong qualifying profiles with an average FICO score of 741 and a debt-to-income ratio of 38% during the second quarter.

使用我們附屬抵押貸款公司成交的買家繼續表現出強大的資格檔案，第二季平均 FICO 分數為 741，債務收入比為 38%。

With homebuilding gross margins, be it at an all-time high of 34.5%, we possess an abundance of flexibility and price adjustments if the market shifts. We remain optimistic that with our focus on infill and infill adjacent locations, we are well-positioned to capitalize on long-term secular demographic shifts and rising demand if or when mortgage rates drop.

住宅建築毛利率達到 34.5% 的歷史最高水平，如果市場發生變化，我們擁有充足的靈活性和價格調整能力。我們仍然樂觀地認為，由於我們專注於填充和填充鄰近地區，我們處於有利地位，可以在抵押貸款利率下降時利用長期人口變化和不斷增長的需求。

Through the diversification of our seven brands in a wide array of product types and price ranges, we believe Green Brick will appeal to a broad base of home buyers led by the growth of Trophy signature homes in the entry-level and move up segments. As Jim mentioned earlier, Green Brick has been able to generate superior returns and growth over the past several years because of our unwavering approach to capital allocation and our land strategy.

透過我們七個品牌在廣泛的產品類型和價格範圍內的多元化，我們相信 Green Brick 將吸引以入門級和高級細分市場 Trophy 標誌性住宅的增長為主導的廣泛購房者群體。正如吉姆之前提到的，由於我們堅定不移的資本配置方法和土地策略，Green Brick 在過去幾年中能夠產生卓越的回報和成長。

To propel this growth forward, we have diligently executed under a strategic capital allocation plan that we believe positions us for future success. In the second quarter of 2024, we increased our spending and land acquisition and finish lots to approximately $119 million.

為了推動這一成長，我們認真執行了策略資本配置計劃，我們相信該計劃將為我們未來的成功做好準備。2024 年第二季度，我們將支出和土地收購及完工地塊增加至約 1.19 億美元。

We spent another $40 million in land development. Year to date, our total spend has reached over $300 million and we are on track to meet our original land acquisition and development target of $700 million in total for the full year of 2024.

我們又花了 4000 萬美元用於土地開發。今年迄今為止，我們的總支出已超過 3 億美元，我們預計將實現 2024 年全年總計 7 億美元的原始土地收購和開發目標。

Please recall that this is taking place with a total debt-to-capital ratio of under 20%. We have added close to 10,700 new lots offset by approximately 3,800 starts for a net increase of approximately 6,900 lots owned and controlled at 26% increase year over year.

請記住，這是在總債務與資本比率低於 20% 的情況下發生的。我們新增了近 10,700 塊新地塊，抵銷了約 3,800 塊開工地塊，擁有和控制的地塊淨增加約 6,900 塊，年增 26%。

Approximately, 67% of these lots will be infill and infill adjacent locations with the remaining 33% in outlying high growth corridors. This brings our total lots owned and controlled to over 33,300, a new all-time high for the company, and a 16% increase from the start of the year. Excluding 16,700 lots in long-term communities, it provides approximately five years of lot supply based on the start pace in non-master communities over the last 12 months.

大約 67% 的土地將被填充和填充鄰近地點，其餘 33% 將位於外圍高成長走廊。這使得我們擁有和控制的土地總數超過 33,300 塊，創公司歷史新高，較年初成長 16%。排除長期社區的16,700塊地塊，根據非主力社區過去12個月的開工進度，可提供約五年的地塊供應量。

Over 97% of our current inventory of lots owned and controlled are expected to be self-developed. We believe the emphasis on self-development will allow Green Brick to continue generating industry-leading gross margins and performance as these self-developed lots avoid expensive premiums charged by third-party land developers and allow us to control the pace of lot development and delivery as well as starts.

我們目前擁有和控制的地塊庫存中超過 97% 預計將是自行開發的。我們相信，對自主開發的重視將使Green Brick 能夠繼續創造行業領先的毛利率和業績，因為這些自主開發的地塊避免了第三方土地開發商收取的昂貴地價，並使我們能夠控制地塊開發和交付的節奏以及開始。

Cycle times now have stabilized and average 5.4 months for homes that completed construction during the second quarter. This was a reduction of more than two months from the second quarter of 2023 and five days shorter than the previous quarter. As the third largest home builder in Dallas-Fort Worth, we see potential to further optimize our cycle times and reduce costs by leveraging our scale.

目前，第二季竣工的房屋週期時間已經穩定，平均為 5.4 個月。這比2023年第二季減少了兩個多月，比上一季縮短了五天。作為達拉斯-沃斯堡第三大住宅建築商，我們看到了透過利用我們的規模進一步優化週期時間和降低成本的潛力。

Securing high-quality land remains our top priority. By persistent high mortgage rates, our land markets remain competitive in most of our key sub-markets. We continue to underwrite deals with a minimum of 21% unleveraged IRR threshold. Our deep local market presence, knowledge, relationships, and reputation grants us an unerasable visibility on land opportunities, while a robust balance sheet enables us to act swiftly.

確保優質土地仍然是我們的首要任務。由於抵押貸款利率持續居高不下，我們的土地市場在大多數主要子市場中仍然具有競爭力。我們繼續以至少 21% 的無槓桿 IRR 門檻承銷交易。我們深厚的當地市場影響力、知識、關係和聲譽使我們對土地機會具有不可磨滅的可見性，而穩健的資產負債表使我們能夠迅速採取行動。

Slide 13 and slide 14 provide additional detail on our finished lot pipeline in sub-markets of Dallas-Fort Worth and Atlanta, two of our largest submarkets. We currently have 41 communities under development. Over the next six months, we plan to complete these lots for delivery to our builder brands of approximately 1,700 lots.

投影片 13 和投影片 14 提供了有關我們在達拉斯沃斯堡和亞特蘭大（我們最大的兩個子市場）子市場的成品地塊管道的更多詳細資訊。我們目前正在開發 41 個社區。在接下來的六個月內，我們計劃完成這些地塊，並向我們的建築商品牌交付約 1,700 塊地塊。

By the end of 2024, we expect to have an inventory of approximately 4,700 finished lots for our subsidiary home builders, with over 1,900 of those finished lots being allocated to Trophy. Green Brick is well-positioned for continued growth into 2025 and beyond, having secured both short and long-term land needs.

到 2024 年底，我們預計將為我們的子公司住宅建築商提供約 4,700 個成品地塊庫存，其中超過 1,900 個成品地塊分配給 Trophy。Green Brick 已做好準備，在 2025 年及以後繼續成長，滿足了短期和長期的土地需求。

For the first half of 2024, Trophy, our entry-level first-time move-up value builder closed 810 homes, representing approximately 45% of our total number of home closings, resulting in 34% of our total home closing revenue. We expect this platform for which the company now controls over 23,500 home sites to contributing significantly to our '24 earnings and beyond. With that, I'll turn it over to Jim for closing remarks.

2024 年上半年，我們的入門級首次升級價值創造者 Trophy 關閉了 810 套房屋，約占我們房屋關閉總數的 45%，占我們房屋關閉總收入的 34%。我們預計，該公司目前控制著超過 23,500 個主站點的這個平台將為我們 24 年及以後的盈利做出重大貢獻。接下來，我將把它交給吉姆做總結發言。

Thank you, Jed. In closing, I would like to give another round of applause, and thanks to our incredible team. Our record-breaking quarter is a direct result of the hard work of our people and years of meticulous planning and execution.

謝謝你，傑德。最後，我想再次鼓掌，並感謝我們出色的團隊。我們破紀錄的季度是我們員工辛勤工作以及多年精心規劃和執行的直接結果。

These results are just the beginning for Green Brick. With the cooperative economy, our superior investments in land and lot inventory, and constantly improving building operations have created a long runway for sustained growth, particularly through Trophy. This concludes our prepare remarks and we will now open the line for questions.

這些結果只是 Green Brick 的開始。借助合作經濟，我們對土地和地塊庫存的優質投資以及不斷改進的建築運營為持續增長（尤其是通過 Trophy）創造了一條漫長的道路。我們的準備發言到此結束，現在我們將開始提問。

(Operator Instructions) Carl Reichardt, BTIG.

（操作員說明）Carl Reichardt，BTIG。

Thanks. Hey, everybody, hope you're doing well. Rick, historically, we've talked about your starts pace and that being a driver to delivery volume six months out, and you've been running 952, I think was the average, is what you said. So now Trophy's growing, supply chain's more normal, lost count is up. Can we expect that sort of 950, maybe a 1,000 start pace to start picking up as we look quarters out? Or is your anticipation that it'll stay kind of flat from there as we move into '25, based on what you know now?

謝謝。嘿，大家，希望你們一切都好。Rick，從歷史上看，我們已經討論過您的起步速度以及六個月後交貨量的驅動力，而您一直在運行 952，我認為這是平均水平，正如您所說。所以現在獎盃越來越多，供應鏈更正常，失數也增加了。當我們展望季度末時，我們是否可以預期 950 甚至 1,000 的起步速度會開始加快？或者，根據您現在所知，當我們進入 25 年時，您的預期是否會保持穩定？

Well, it's certainly going to be a function of what happens on the sales floor. We're obviously developing a lot of communities and a lot of lots, but we're not really going to suggest forward beyond what you see. I mean, you're talking about the best indicator but we're not -- directionally, eventually it's going to go up, but from the timing standpoint, we're going to remain silent.

嗯，這肯定取決於銷售現場發生的情況。顯然，我們正在開發很多社區，但我們不會真正提出超出您所看到的建議。我的意思是，你談論的是最好的指標，但我們不是——從方向上講，最終它會上升，但從時間的角度來看，我們將保持沉默。

Okay. But the relationship, the six-month relationship, you intend -- you expect that that will continue on a go-forward basis. It won't shorten to five months or go to seven or something like that based on the mix that you plan.

好的。但是這種關係，六個月的關係，你希望這種關係能持續下去。根據您計劃的組合，它不會縮短到五個月或七個月或類似的時間。

Five months or seven months of what?

五個月還是七個月什麼？

Are you talking about cycle time, Carl?

你是在談論週期時間嗎，卡爾？

So what I mean is, if I look at your starts six months ago, two quarters ago, and I model that as deliveries six months, hence, that relationship has held pretty tight, pretty consistently over a long period of time. So I'm wondering if cycle times are improving, if Trophy is more a bigger portion of your mix going forward, does that shrink down to like a five-month lead as opposed to a six?

所以我的意思是，如果我看看六個月前、兩個季度前的開始，並將其建模為六個月的交付，因此，這種關係在很長一段時間內保持著非常緊密、一致的關係。所以我想知道周期時間是否正在改善，如果獎盃在你的組合中佔據更大的比例，那麼領先優勢是否會縮小到五個月而不是六個月？

Over time, it will certainly shorten because Trophy is delivering houses in 3.8 months versus 5.3 months overall. So yeah, I mean certainly that is a dynamic and it's a positive one.

隨著時間的推移，這個時間肯定會縮短，因為 Trophy 在 3.8 個月內交付房屋，而整體交付時間為 5.3 個月。所以，是的，我的意思是，這當然是一種動態，而且是積極的。

Okay, so that answers. And then can you guys, do you mind at all, Jim, talking a little bit about July and as I sort of look at rate movements have come down a lot, there seems to be a lot of elasticity in the marketplace for demand based on how rates are going.

好吧，那就這樣回答吧。然後你們介意嗎，吉姆，談論一下七月的情況，當我看到利率變動已經下降很多時，市場上的需求似乎有很大的彈性，基於費率進展如何。

Is your sense that that's still the critical driver to how sales roll? Or are you seeing any sort of softening related to the consumer being concerned about their job or the election or sort of macro things beyond just sort of the mathematics of home ownership?

您是否認為這仍然是銷售成長的關鍵驅動力？或者您是否看到任何與消費者擔心自己的工作或選舉或房屋所有權數學之外的宏觀事物有關的任何形式的軟化？

Good question, Carl. Let me do a segue on this. And one of the things CEOs just don't talk about very much anymore, because everybody's talking about financial engineering and doing a lot of other stuff, is, our goal is to create value entitling developing larger, longer duration neighborhoods that people want to live in, today and tomorrow, for some reason, that whole message of creating neighborhoods that people want to live in is absent from so many investor calls that I read transcripts of. That's our really, our primary goal.

好問題，卡爾。讓我繼續討論一下。執行長們不再談論太多的一件事是，因為每個人都在談論金融工程並做很多其他事情，我們的目標是創造價值，使人們有權開發更大、持續時間更長的人們想要居住的社區在今天和明天，出於某種原因，我讀到的許多投資者電話會議記錄中都沒有提到創建人們想要居住的社區的整個資訊。這是我們真正的首要目標。

July sales have maintained at a pace that we expected. We didn't have to incentivize sales any more than we expected to achieve those sales, and we aren't seeing really any diminished demand in any of our businesses other than one or two neighborhoods in Florida are soft right now.

7 月的銷售維持了我們預期的速度。我們不需要比我們預期的銷售更多的激勵措施來實現這些銷售，而且除了佛羅裡達州的一兩個社區目前疲軟之外，我們沒有看到任何業務的需求真正減少。

Alex Rygiel, B. Riley.

亞歷克斯·里吉爾，B.萊利。

With incentives up a bit sequentially, does that suggest some modest headwind to gross margins in the third quarter and where were or are incentives in July relative to 2Q?

隨著激勵措施相繼有所提高，這是否表明第三季度的毛利率面臨一些溫和的阻力？

Well, I really don't want to talk about that. In specificity, we're focusing on the current quarter, but certainly, what's happening on the sales floor translates more quickly with as much spec concentration that we have, particularly in Trophy, where 70%, 80% of their homes that they close in a quarter were sold the same quarter.

好吧，我真的不想談論這個。具體來說，我們關注的是當前季度，但當然，隨著我們擁有盡可能多的規格集中度，銷售現場發生的事情會更快地轉化，特別是在Trophy，他們關閉的70%、80%的房屋都在其中四分之一在同一季度售出。

So if interest rates are going up, incentives go up, interest rates are going down, incentives come down subject to changes in seasonality, which we really saw a lot of people take vacations in June and traffic was down. So the direct answer is, it will be more variable, but it runs both directions, good and bad.

因此，如果利率上升，激勵措施就會增加，利率下降，激勵措施就會根據季節性變化而下降，我們確實看到很多人在六月度假，交通量下降。所以直接的答案是，它會更加多變，但它會朝兩個方向發展，有好有壞。

That's helpful. And then as we think about monthly absorption clearly the last few years or so, been a notable step up in that absorption and understanding your mix shift and all. But is that sort of kind of the new norm of let's call it three per month per community?

這很有幫助。然後，當我們清楚地考慮過去幾年左右的每月吸收時，在吸收和理解您的混合轉變等方面取得了顯著的進步。但這是每個社區每月三個的新規範嗎？

That's a very comfortable level and really when you look at it from a year-to-date standpoint, Q1 was a lot quicker from an absorption standpoint, but we also grew backlog sequentially 31%. And as a predominantly a spec builder that is not necessarily where we're taking the organization.

這是一個非常舒適的水平，實際上，當你從年初至今的角度來看時，從吸收的角度來看，第一季要快得多，但我們的積壓訂單也環比增長了 31%。作為主要的規範建構者，這不一定是我們組織的目標。

So the fact that we're up sequential -- I'm sorry, year to date still, like 17% is a strong dynamic, but which tells you that the year-to-date numbers are very pleasing to us because we have that equality between sales starts and closings.

事實上，我們連續上升——對不起，年初至今仍然如此，例如 17%，這是一個強勁的動態，但這告訴你，年初至今的數字對我們來說非常令人高興，因為我們有這個銷售開始和結束之間的平等。

(Operator Instructions) Jay McCanless, Wedbush.

（操作員說明）Jay McCanless，Wedbush。

Hey, thanks very much for taking my question. The first one I had, I think, Jed, you may have talked about pricing only being able to raise prices in roughly a third of communities during the quarter. I would've thought with the infill -- the heavier weight of infill, you'd have been able to push a little more price. So maybe what was going on with that?

嘿，非常感謝您提出我的問題。我想，傑德，我的第一個可能已經談到定價只能在本季大約三分之一的社區提高價格。我以為有了填充物——填充物的重量較重，你就可以推高一點價格。那麼也許這是怎麼回事？

I think just some seasonality that we exited toward the later part of the quarter.

我認為這只是我們在本季後期退出的一些季節性因素。

And then I guess with Trophy selling and closing 70% to 80% of their homes in a given quarter, I guess what's plan B if things start to slow down, if we start to see some job losses, et cetera, do you think those homes go into the SFR, BTR market? What's the business plan for those if things do slowdown from the economy standpoint?

然後我猜想，Trophy 在某個季度出售並關閉了 70% 到 80% 的房屋，我想如果事情開始放緩，如果我們開始看到一些失業等等，我想 B 計劃是什麼，你認為這些房屋進入SFR、BTR市場？如果從經濟角度來看情況確實放緩，這些公司的商業計劃是什麼？

Jay, this is Jim Brickman. No, we don't sell into the build-for-rent market. We focus on creating nicer, longer-duration communities. And the people that are moving in those communities are not expecting to move into a rental community.

傑伊，這是吉姆·布里克曼。不，我們不會向建房出租市場出售產品。我們專注於創造更好、持續時間更長的社區。搬入這些社區的人們並不期望搬進出租社區。

We don't -- one of the really huge benefits of making 34.5% margins is that we can take a 10% margin hit and still have margins that are typical to our peers. And if our peers take a 10% margin hit, they go negative income. So I don't lose sleep over a few jobs. We're in this business for the long run and we have plenty of cushion and margin to maintain sales velocity.

我們沒有——獲得 34.5% 的利潤率的真正巨大好處之一是，我們可以承受 10% 的利潤率打擊，但仍然擁有我們同行的典型利潤率。如果我們的同業利潤率下降 10%，他們的收入就會為負。所以我不會因為幾份工作而失眠。從長遠來看，我們從事這項業務，我們有足夠的緩衝和利潤來維持銷售速度。

Hey, Jay, this is Rick. One more -- I mean that was the answer. A and B. But also, in that environment where there are job losses, obviously the fed is going to respond with more aggressive rate cuts and the number of people who will qualify with those rate cuts exceed the number of people who will be without jobs. So I think that the numbers work pretty well for us especially being in stronger job markets like Dallas and Atlanta.

嘿，傑伊，這是瑞克。還有一個——我的意思是這就是答案。A和B。因此，我認為這些數字對我們來說非常有效，尤其是在達拉斯和亞特蘭大等就業市場較強勁的地區。

(Operator Instructions) There are no further questions, and that concludes today's call. Thank you all for joining. You may now disconnect.

（操作員說明）沒有其他問題了，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。