Green Brick Partners Inc (GRBK) 2025 Q1 法說會逐字稿

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本記錄中標記為（技術難題）的部分錶示有音訊問題。如果有重播，將會提供缺少的文字。

(audio in progress) tariffs and trade wars, government workforce reductions, funding cut immigration restrictions and the sharp decline in stock prices have eroded consumer confidence. While the shifting macroeconomic landscape presents headwinds for the entire industry, we believe the core strengths that have driven Green Brick's success over the past decade will enable us to navigate any challenges with greater confidence and flexibility.

（音訊正在播放）關稅和貿易戰、政府裁員、資金削減、移民限制以及股價大幅下跌削弱了消費者信心。儘管不斷變化的宏觀經濟狀況為整個產業帶來了阻力，但我們相信，過去十年推動 Green Brick 成功的核心優勢將使我們能夠更加自信、靈活地應對任何挑戰。

The essence of our business has been and will always be land, which is a starting point of every builder's profitability. We understand that land has risks, and we mitigate those risks by having decades of experience in our markets, using conservative underwriting, having an investment-grade low leverage balance sheet.

我們業務的本質一直是、並且永遠是土地，這是每個建築商獲利的起點。我們了解土地存在風險，我們透過數十年的市場經驗、保守的承保、投資等級低槓桿資產負債表來降低這些風險。

Our approach to land has allowed us to produce homebuilding gross margins in excess of 30% even with these economic headwinds.

即使在經濟逆風的情況下，我們的土地處理方式也讓我們的房屋建築毛利率超過 30%。

During the first quarter, approximately 80% of home closings revenue was once again generated from infill and infill adjacent submarkets. We believe our superior land and lot positions in stronger markets like DFW will continue to provide a significant advantage in navigating market turbulence.

第一季度，約 80% 的房屋成交收入再次來自填充和填充相鄰子市場。我們相信，我們在 DFW 等更強大的市場中擁有的優越土地和地塊地位將繼續為我們應對市場動盪提供顯著優勢。

Finished lot costs, another headwind that the industry is facing as it grows more committed to the land life model. Will have much less impact on Green Brick because we own 86% of our land and self-develop nearly all of our lots.

竣工地塊成本是該行業在越來越致力於土地壽命模式時面臨的另一個阻力。對 Green Brick 的影響會小得多，因為我們擁有 86% 的土地，幾乎所有的地塊都是我們自行開發的。

This strategic approach of avoiding retail land prices and the future compounding impact associated with land bank allows us to more effectively and efficiently control our lot costs, development and delivery time lines during uncertain periods.

這種避免零售土地價格和與土地儲備相關的未來複合影響的戰略方法使我們能夠在不確定的時期更有效、更有效率地控制地塊成本、開發和交付時間表。

We are under no pressure to purchase lots if the market slows to meet the contractual takedown requirements associated with land banking. The upfront capital, entitlement expertise dedication and effort required to self-develop large, highly amenitized long-term master planned communities are significant, which is a deterrent for many large public homebuilders.

如果市場放緩以滿足與土地儲備相關的合約拆除要求，我們不會承受購買土地的壓力。自行開發大型、設施齊全的長期總體規劃社區需要大量的前期資本、權利專業知識、奉獻精神和努力，這對許多大型公共住宅建築商來說是一個阻礙。

However, being able to undertake and successfully and cost effectively complete these complicated projects is a differentiator that we believe is one of our core strengths both in the short-term volatile conditions and in the longer term.

然而，我們相信，能夠承擔並成功且經濟高效地完成這些複雜的專案是一個差異化因素，無論是在短期波動條件下還是在長期內，這都是我們的核心優勢之一。

We believe our large master plan communities will continue to deliver impressive financial performance and returns to our shareholders. While also providing outstanding value to homebuyers. We believe that investing significantly in desirable locations, premium amenities, and other high-quality enhancements will create an attractive living environment that appeals to prospective homeowners and provides value to existing homeowners over the longer term.

我們相信，我們的大型總體規劃社群將繼續為我們的股東帶來令人印象深刻的財務表現和回報。同時也為購屋者提供卓越的價值。我們相信，對理想地段、優質設施和其他高品質改進進行大量投資將創造一個有吸引力的居住環境，吸引潛在的房主，並為現有房主提供長期價值。

This strategy has cultivated a strong reputation for us within our local markets. We rarely bid for land deals, which often leads to overpaying for land. We particularly avoid the highly competitive bidding process for deals with shorter durations of two to three years sought by land bankers. Land sellers desire to work with us because they recognize we are not just another homebuilder our willingness to acquire raw land with various entitlement complexities is proven out with our strong long-term relationships with land sellers, ensuring value for our neighborhoods.

這項策略為我們在當地市場贏得了良好的聲譽。我們很少競標土地交易，這常常導致土地價格過高。我們特別避免了土地銀行家尋求的期限較短（兩到三年）的交易的激烈競爭性競標過程。土地賣家希望與我們合作，因為他們認識到我們不僅僅是另一個房屋建築商，我們願意收購具有各種複雜權利的原始土地，這透過我們與土地賣家建立的長期牢固關係得到了證明，確保了我們社區的價值。

We believe we are viewed as a reliable partner who possesses the balance sheet to close deals quickly who has the expertise to navigate municipal and local government processes efficiently and who build a superior product at compelling values.

我們相信，我們被視為可靠的合作夥伴，擁有快速完成交易的資產負債表，擁有有效引導市政和地方政府流程的專業知識，並且能夠以極具吸引力的價值打造優質產品。

We recognize the importance of maintaining affordability in our neighborhoods. However, we are committed to avoiding a race to the bottom. To succeed in the long run, our goal is to develop neighborhoods of lasting value. Periods of disruption and market transition can lead to new opportunities. We have the capital and flexibility to grow and be opportunistic when the right opportunities present themselves.

我們認識到維持社區負擔能力的重要性。然而，我們致力於避免競相壓價。為了取得長遠成功，我們的目標是開發具有持久價值的社群。混亂和市場轉型時期可能會帶來新的機會。當合適的機會出現時，我們擁有成長和抓住機會的資本和靈活性。

At the end of the first quarter, our total debt-to-capital ratio stood at only 14.5% and net debt to total capital of 9.8%.

截至第一季末，我們的總負債與資本比率僅為14.5％，淨負債與總資本比率為9.8％。

Our total deployable capital is currently over $430 million. We will continue to focus on strategically growing our land pipeline by acquiring only high-quality assets in desirable locations regardless of the economic cycle. In Q1 2025, the Board authorized $100 million in share buybacks, and we repurchased $38.3 million of our stock through April. We will continue to evaluate our capital allocation.

我們目前的總可部署資本超過 4.3 億美元。無論經濟週期如何，我們都會繼續專注於策略性地擴大我們的土地儲備，只收購理想位置的優質資產。2025 年第一季度，董事會批准回購 1 億美元的股票，截至 4 月我們已回購了 3,830 萬美元的股票。我們將繼續評估我們的資本配置。

Finally, while we acknowledge short-term macroeconomic headwinds, we are still optimistic about our markets and industry over the long term. We believe that household formation among millennials and Gen Z will continue to drive demand while the housing market remains undersupplied by an estimated 4 million to 7 million units. We remain focused on growing our business especially our Trophy brand, with our highly diversified brands, we are well positioned to capitalize on the demand from all segments of prospective homebuyers.

最後，雖然我們承認短期宏觀經濟面臨阻力，但我們仍然對我們的市場和產業的長期前景持樂觀態度。我們認為，千禧世代和 Z 世代的家庭組成將繼續推動需求，而住房市場仍將供應不足，預計缺口為 400 萬至 700 萬套。我們將繼續專注於發展我們的業務，特別是我們的 Trophy 品牌，憑藉我們高度多元化的品牌，我們完全有能力滿足各個潛在購屋者的需求。

With that, I'll now turn it over to Jeff to provide more detail about our financial results. Jeff?

現在，我將把時間交給傑夫，讓他提供有關我們財務表現的更多詳細資訊。傑夫？

Thank you, Jim. I am incredibly honored for the opportunity to serve as interim CFO of Green Brick, and I'm excited to bring my dedication and experience to help drive growth and success for our stakeholders. Moving on to the financial results.

謝謝你，吉姆。我非常榮幸有機會擔任 Green Brick 的臨時首席財務官，我很高興能夠利用我的奉獻精神和經驗來幫助推動我們的利益相關者的成長和成功。繼續討論財務結果。

Home closings revenue for the first quarter increased 11.8% year-over-year to $495 million, a record for any first quarter in company history. The record revenues were predominantly driven by a 10.8% increase in home closings to 910 units.

第一季房屋成交收入年增 11.8%，達到 4.95 億美元，創下公司歷史上第一季的最高紀錄。創紀錄的收入主要得益於房屋成交量增加 10.8% 至 910 套。

The increase in home closings was attributable to: one, a 10.6% year-over-year increase in average active selling communities; two, increased levels of finished and finishing spec home inventory entering the quarter; and lastly, continued healthy demand for our homes.

房屋成交量增加的原因在於：一、平均活躍銷售社區年增 10.6%；二是進入本季度，成品房和精裝修房庫存水準增加；最後，住房需求持續保持健康。

Clothing ASP increased by 1% year-over-year to $544,000. Trophy, our primary growth engine, represented 54% of total deliveries and 40% of total home closings revenue in the first quarter of 2025. During the first quarter, homebuilding gross margin was down 220 basis points year-over-year to 31.2%. The decline was primarily due to higher incentives as a result of elevated mortgage rates and economic uncertainties, but it is still the highest homebuilding gross margin amongst our public homebuilding peers.

服裝平均售價年增 1% 至 544,000 美元。Trophy 是我們的主要成長引擎，佔 2025 年第一季總交付量的 54% 和總房屋成交收入的 40%。第一季度，房屋建築毛利率年減220個基點至31.2%。下降的主要原因是抵押貸款利率上升和經濟不確定性導致激勵措施增加，但它仍然是我們上市房屋建築同行中房屋建築毛利率最高的。

SPNA is a percentage of residential unit revenue for the first quarter decreased 30 basis points year-over-year to 11.1%. We will continue to focus on optimizing SG&A to maintain efficient overhead as market conditions shift. As a reminder, we sold our 49.9% interest in Challenger Homes in Q1 of last year.

SPNA第一季住宅單位營收百分比年減30個基點至11.1%。隨著市場條件的變化，我們將繼續致力於優化銷售、一般和行政費用，以保持高效的管理費用。提醒一下，我們在去年第一季出售了 Challenger Homes 49.9% 的權益。

Challenger Homes contributed $9.5 million or approximately $0.21 per share in Q1 of 2024. As a result, net income attributable to Green Brick decreased year-over-year 9.9% to $75 million and diluted earnings per share for the first quarter was down 8.2% to $1.67 per share.

Challenger Homes 在 2024 年第一季貢獻了 950 萬美元，約每股 0.21 美元。結果，Green Brick 的淨收入年減 9.9% 至 7,500 萬美元，第一季每股攤薄收益下降 8.2% 至 1.67 美元。

It is important for our investors to know that excluding the impact from Challenger Homes, diluted earnings per share in Q1 of 2025 would have increased 3.7% year-over-year -- grew 3.3% year-over-year to 1,106, a new company record.

我們的投資者需要知道的是，如果不考慮 Challenger Homes 的影響，2025 年第一季的每股攤薄收益將同比增長 3.7%——同比增長 3.3% 至 1,106，創下公司新高。

The average sales price for new orders decreased 6.3% to $537,000 as trophy who primarily caters to first time and first-time move-up buyers represented a larger share of units increasing from 44% in the first quarter of 2024 to 50% in the first quarter of this year.

新訂單的平均銷售價格下降 6.3% 至 537,000 美元，因為主要迎合首次購房者和首次升級購房者的獎杯房佔比較大，從 2024 年第一季的 44% 增加到今年第一季的 50%。

As a result, revenues from new home orders decreased 3.2% year-over-year to $594 million. Even with strong home closings during the first quarter, our ending backlog value increased 29% sequentially and to $594 million due to healthy new orders.

結果，新房訂單收入較去年同期下降3.2%至5.94億美元。儘管第一季房屋成交量強勁，但由於新訂單強勁，我們的期末積壓訂單價值仍比上一季增長 29%，達到 5.94 億美元。

Sophy, primarily a spec home builder, continue to represent a low percentage of overall backlog revenue at approximately 14%. As a result, backlog ASP was $688,000 as opposed to our closed homes average sales price of $544,000, up 90 basis points year-over-year. We adjusted our starts down to 865 during the first quarter as we are carefully monitoring inventory levels and market conditions.

Sophy 主要是一家住宅建築商，其在整體積壓收入中所佔比例仍然較低，約為 14%。因此，積壓訂單平均售價為 688,000 美元，而我們已成交房屋的平均售價為 544,000 美元，比去年同期上漲 90 個基點。由於我們正在仔細監控庫存水準和市場狀況，因此我們將第一季的開工數量下調至 865 套。

Total homes under construction increased 2.8% to 2,296. [Back] homes under construction as a percentage of total homes under construction decreased sequentially from 76% at the end of 2024 to 64% at the end of the first quarter 2025, and due to strong demand for quick move-in homes in a high interest rate environment, coupled with fewer spec starts.

在建房屋總數增加 2.8%，達到 2,296 套。 [返回] 在建房屋佔在建房屋總數的百分比從 2024 年底的 76% 連續下降到 2025 年第一季末的 64%，這是由於高利率環境下對快速入住房屋的需求強勁，再加上規格開工減少。

We will continue to focus on balancing our starts to match our sales pace and with our self-development focus, we were able to adjust our development time lines to more efficiently manage our capital.

我們將繼續致力於平衡我們的起步以適應我們的銷售速度，並且透過我們的自我發展重點，我們能夠調整我們的發展時間表以更有效地管理我們的資本。

Our ending community count increased 5% year-over-year to 103, 35 of which were trophy communities. Our sales pace for the first quarter was 10.6 homes per average active selling community or 3.5 per month, and our cancellation rate remained low at 6.1% during the quarter, which was once again the lowest among public homebuilding peers.

我們的最終社區數量年增 5%，達到 103 個，其中 35 個是獎盃社區。我們第一季的銷售速度為每個平均活躍銷售社區 10.6 套房屋，即每月 3.5 套，本季度我們的取消率仍然保持在 6.1% 的低位，再次成為公共房屋建築同行中最低的。

We recognize the heightened importance of liquidity in the current period of economic uncertainty and market volatility. At the end of the first quarter, our net debt to total capital ratio was 9.8% and our total debt to total capital ratio was only 14.5%, which was down 380 basis points year-over-year to the lowest year-end level since 2015.

我們認識到在當前經濟不確定和市場波動的時期流動性的重要性日益增強。一季末，我們的淨負債與總資本比率為9.8%，總負債與總資本比率僅14.5%，年減380個基點，為2015年以來的年末最低水準。

This was also among the best of our public homebuilding peers. 100% of our debt at the end of Q1 2025 was at a fixed rate, averaging 3.4% per annum. Our investment-grade balance sheet and low financial leverage provide us with flexibility to navigate and adapt to evolving market conditions, ensuring we have capital available for strategic opportunities as they arise.

這也是我們公共住宅建築同行中最好的成績之一。截至 2025 年第一季末，我們的 100% 債務均為固定利率，平均年利率為 3.4%。我們的投資等級資產負債表和低財務槓桿使我們能夠靈活地應對和適應不斷變化的市場條件，確保我們有足夠的資本來抓住出現的策略機會。

With that, I'll now turn it over to Jed. Jed?

現在，我將把發言權交給傑德。傑德？

Thank you, Jeff. First, I would like to address the recent developments related to tariffs and immigration policies. Externally, we are actively engaging with our suppliers and vendors to assess the magnitude of potential disruptions to our supply chain. While the precise impact of tariffs remains fluid, we believe our relationships with major national suppliers position us well to navigate these headwinds.

謝謝你，傑夫。首先，我想談談有關關稅和移民政策的最新進展。在外部，我們正在積極與我們的供應商和廠商合作，以評估我們的供應鏈可能中斷的程度。雖然關稅的具體影響仍不確定，但我們相信，我們與主要國家供應商的關係使我們能夠很好地應對這些不利因素。

Furthermore, -- and one of the top 10 builders in Atlanta, our scale provides additional leverage with local vendors. On the labor side, we continue to see healthy labor supply and availability. Our build times for homes that completed construction in the first quarter averaged 5.2 months, consistent with the last quarter.

此外，作為亞特蘭大十大建築商之一，我們的規模為與當地供應商的合作提供了額外的優勢。在勞動力方面，我們繼續看到健康的勞動力供應和可用性。我們第一季竣工的房屋建造時間平均為 5.2 個月，與上一季一致。

Internally, we are rigorously reviewing all cost line items to identify opportunities for reduction and efficiency improvements. Importantly, our homebuilding gross margins remained above 30% during the first quarter, providing us with greater flexibility to absorb potential tariff increases compared to many of our peers.

在內部，我們正在嚴格審查所有成本項目，以尋找降低成本和提高效率的機會。重要的是，我們的房屋建築毛利率在第一季保持在30％以上，與許多同行相比，這為我們吸收潛在的關稅上漲提供了更大的靈活性。

Despite a more challenging housing and overall economic environment, we experienced a healthy spring selling season with typical seasonality, which aligned with our first quarter expectations.

儘管住房和整體經濟環境更具挑戰性，但我們經歷了一個健康的春季銷售季，具有典型的季節性，這與我們第一季的預期一致。

We are pleased with our net new orders for the first quarter, which increased 3.3% year-over-year and 26% sequentially to 1,106, a company record. Orders in January accelerated by over 30% from December and further accelerated in February.

我們對第一季的淨新訂單感到滿意，該訂單同比增長 3.3%，環比增長 26%，達到 1,106 份，創下了公司最高紀錄。1月訂單較12月份增加30%以上，2月進一步成長。

Demand in March remained consistent compared to February. While we are not immune to the impact from the elevated mortgage rates or economic uncertainties, our concentration of infill and infill adjacent locations continues to provide a significant advantage during the spring selling season.

三月份的需求與二月相比保持穩定。雖然我們無法免受抵押貸款利率上升或經濟不確定性的影響，但我們集中的填充和填充相鄰位置在春季銷售季節繼續提供顯著優勢。

Overall incentives for new orders increased only 30 bps sequentially from 6.4% of average sales price in Q4 of '24 to 6.7% in the first quarter of 2025. Moreover, incentive levels declined steadily each month during the quarter, ending at 6.3% in March.

新訂單的整體激勵措施僅較上季成長 30 個基點，從 2024 年第四季的平均銷售價格的 6.4% 上升至 2025 年第一季的 6.7%。此外，本季激勵水準每月穩定下降，3 月降至 6.3%。

During the first quarter, Trophy's net new orders grew 15% year-over-year and contributed 50% of net new orders by volume. Trophy's cancellation rate for the quarter was 6.5% compared to the company average of 6.1%. Trophy, which primarily targets entry-level and first-time home buyers as homebuyers who experienced higher affordability pressures and this elevated interest rate environment.

第一季度，Trophy 的淨新訂單年增 15%，佔淨新訂單量的 50%。Trophy 本季的取消率為 6.5%，而公司平均取消率為 6.1%。Trophy 主要針對入門級和首次購屋者，他們是那些面臨更高負擔能力壓力和高利率環境的購屋者。

Trophy responded by offering rate buy-down programs and incentives toward closing costs to further assist our homebuyers in addressing these affordability challenges.

Trophy 的回應是提供利率降低計劃和成交成本激勵措施，以進一步幫助我們的購房者解決這些負擔能力挑戰。

Our other brands in the Dallas-Fort Worth market continued to perform as expected. Incentive levels for South Gate, our luxury brand in Dallas-Fort Worth, continued to decrease sequentially reflecting both limited supply of new homes at higher price points and a shortage of resale homes due to the persistent mortgage rate lock-in effect as existing homeowners did not want to place their home on the market and relinquished their existing mortgage rates below 4%.

我們在達拉斯-沃斯堡市場的其他品牌繼續表現符合預期。我們在達拉斯-沃斯堡的豪華品牌 South Gate 的激勵水平繼續下降，這反映了高價位新房供應有限以及轉售房屋短缺，原因是現有房主不想將他們的房屋投放市場並放棄 4% 以下的現有抵押貸款利率，導致抵押貸款利率鎖定效應持續存在。

With only a modest rise in incentives, while our Florida and Austin markets continued to present more affordability challenges. Nonetheless, we started -- We will continue to adjust incentives to achieve our desired absorptions while maintaining inventory on a community-by-community basis.

激勵措施僅略有增加，而我們的佛羅裡達和奧斯汀市場繼續面臨更多的負擔能力挑戰。儘管如此，我們已經開始——我們將繼續調整激勵措施，以實現我們期望的吸收量，同時在每個社區維持庫存。

Our buyers financial profiles remain consistent. Homebuyers who utilized our wholly owned mortgage company, Green Brick Mortgage had an average FICO score of 741 and a debt-to-income ratio of 40% for homes that closed in the first quarter. We have been methodically rolling out our new mortgage company, which just started taking applications in December of 2024 to communities in Dallas-Fort Worth.

我們的買家財務狀況保持一致。使用我們全資抵押貸款公司 Green Brick Mortgage 的購屋者在第一季成交的房屋的平均 FICO 分數為 741，債務收入比為 40%。我們一直在有條不紊地推出我們的新抵押貸款公司，該公司於 2024 年 12 月開始向達拉斯-沃斯堡社區接受申請。

Green Brick Mortgage has already had a strong start to the year, closing over 100 loans during the first quarter, along with its continued rollout in DFW plans are underway to expand its services to our other operating markets.

Green Brick Mortgage 今年開局表現強勁，第一季已完成 100 多筆貸款，並且繼續在 DFW 開展業務，併計劃將服務擴展到其他營運市場。

We anticipate Green Brick Mortgage will begin contributing meaningful net income in the later half of the year as we scale up its operation. Turning to capital allocation. During the first quarter, we invested $52 million in land acquisition and finished lots -- As previously guided, we still plan to invest approximately $300 million in land development during the year.

我們預計，隨著 Green Brick Mortgage 業務規模的擴大，該公司將在今年下半年開始貢獻可觀的淨收入。轉向資本配置。第一季度，我們投資了 5,200 萬美元用於土地收購和完工——按照先前的指導，我們仍計劃在年內投資約 3 億美元用於土地開發。

With a healthy land pipeline, sticky land prices and economic uncertainties, we will take an opportunistic approach on future land acquisitions. We will continue to weigh land opportunities against share buybacks to maximize shareholder value.

由於土地儲備充足、地價堅挺以及經濟不確定性，我們將在未來的土地收購中採取機會主義的方式。我們將繼續權衡土地機會和股票回購，以實現股東價值最大化。

We ended the quarter with over 40,500 lots owned and controlled. An increase of 32% year-over-year, approximately 85.7% of those lots are owned and we plan to self-develop about 98% of those lots. The geographic footprint of our lot pipeline remained consistent with approximately 92% in Texas, 5% in Georgia and 3% in Florida.

截至本季末，我們擁有和控制的地塊數量超過 40,500 塊。年增 32%，其中約 85.7% 的土地為自有，我們計劃自行開發其中約 98% 的土地。我們的地段管道地理分佈保持一致，其中約 92% 在德克薩斯州、5% 在喬治亞州、3% 在佛羅裡達州。

[Growth] comprised approximately 70% of lots owned and control, excluding 24,000 lots in long-term communities, our current pipeline provides approximately five years of lot supply, based on our start pace over the last 12 months.

[成長] 約佔自有和控制地塊的 70%，不包括長期社區中的 24,000 個地塊，根據我們過去 12 個月的開工速度，我們目前的管道可提供約五年的地塊供應量。

Lastly, we're excited about expanding our trophy brand in Houston, the largest homebuilding market in the United States. We expect to deliver the first phase of finished lots in June this year and Trophy is expected to open its first community this fall.

最後，我們很高興能夠在美國最大的住宅建築市場休士頓擴展我們的獎盃品牌。我們預計今年 6 月交付第一期竣工地塊，Trophy 預計將於今年秋季開放其首個社區。

With that, I'll turn it over to Jim for closing remarks.

接下來，我將把發言權交給吉姆，請他做最後發言。

Thank you, Jed. While the current economic landscape presents some headwinds and uncertainties, we remain confident in the long-term fundamental strength of the housing market as well as our ability to outperform our peers.

謝謝你，傑德。儘管當前的經濟狀況存在一些阻力和不確定性，但我們仍然對房地產市場的長期基本實力以及我們超越同行的能力充滿信心。

We will continue to closely monitor market conditions, adapt our strategies as needed and remain focused on delivering sustainable value to our shareholders over the longer term. This concludes our prepared remarks, and we will now open the line for questions.

我們將繼續密切關注市場狀況，根據需要調整我們的策略，並繼續致力於長期為股東提供可持續的價值。我們的準備好的演講到此結束，現在我們將開始回答問題。

(Operator Instructions) Carl Reichardt, BTIG.

（操作員指示）Carl Reichardt，BTIG。

Nice to talk to you. Could you talk about what you've seen so far in April, Jim, obviously, given the tariffs at the very beginning of the month. I'm curious if there's been a significant change.

很高興和你談話。吉姆，您能否談談四月迄今的情況？顯然，考慮到月初的關稅。我很好奇是否發生了重大變化。

And then, Jed, what are you running sales incentives on Trophy Signature did during the first quarter versus the other product lines?

那麼，傑德，與其他產品線相比，您在第一季對 Trophy Signature 實施的銷售激勵措施有何效果？

Well, this is Jim. We haven't seen a lot of impact from tariffs yet. Obviously, that's a wildcard in the industry. We've done various forecasts and estimates that I think could be a percent more or less in the future. But obviously, we all wake up every day to a new set of rules, and we don't know what those rules are.

嗯，這是吉姆。我們尚未看到關稅帶來的巨大影響。顯然，這是行業中的一個未知數。我們做了各種預測和估計，我認為未來可能會增加或減少百分之幾。但顯然，我們每天醒來都會面臨一套新的規則，但我們不知道這些規則是什麼。

So that's a wildcard. Jed, do you have anything you want to add to that?

所以這是一個通配符。傑德，你還有什麼要補充的嗎？

No. Carl, in regard to your question on incentives, Trophy incentives are very in line with our overall company incentives.

不。卡爾，關於你關於激勵的問題，獎杯激勵與我們公司的整體激勵非常一致。

And then Carl, I can add a little color to that. We're seeing basically in all of our businesses that every -- if you draw a circle in what's the AA going to a B market, to a C market, kind of every step that you move away from that circle incentives go up significantly.

然後卡爾，我可以給它一點顏色。我們基本上在所有業務中都看到，如果你在 AA 市場到 B 市場、到 C 市場之間畫一個圓圈，你每離開這個圓圈一步，激勵就會顯著增加。

And so in a Trophy neighborhood that is a more perimeter neighborhood, those incentives may be a little bit greater than a trophy neighborhood that's closer in. And for some of our builders that are like TPG in Atlanta that is all AAA location infill, their incentives have been lower.

因此，在更邊緣的獎杯社區中，這些激勵措施可能比更近的獎杯社區要大一些。對於我們的一些建築商，例如亞特蘭大的 TPG，他們所有的建築都是 AAA 位置填充，他們的激勵措施較低。

Okay. Great. And then I'm interested if given your presence in Dallas, if you're starting to see any cracks, I guess, or improvement in the land market itself in terms of maybe drop deals by other builders, or potentially some sellers of land who are far from getting their [dirt] to market, maybe starting to think about dropping price. Has there been any liquidity there?

好的。偉大的。然後我感興趣的是，鑑於您在達拉斯的存在，如果您開始看到任何裂縫，我想，或者土地市場本身的改善，例如其他建築商可能放棄交易，或者一些土地賣家可能還遠遠沒有把他們的[土地]推向市場，也許開始考慮降低價格。那裡有流動性嗎？

Yes, there has. And it's kind of -- that's following just what I said. Some deals that builders have walked lot option contracts and very perimeter deals. They dropped them for a reason. And in a C minus location, really, those lots are very difficult to move in this kind of market right now because the incentives are so great in those markets.

是的，有。這有點像——這正是我所說的。在一些交易中，建築商已經達成了多項選擇合約和非常週邊的交易。他們放棄它們是有原因的。事實上，在 C 級地段，這些地塊在目前的市場中很難出售，因為這些市場的激勵措施非常好。

And the public builders, a lot of them don't need the lots to start. And a public builder can't make money in -- with all of its efficiencies in a C location, those lots are really hard to move if somebody walks in the we offer them all the time. We just have no interest in buying them.

而許多公共建築商並不需要土地就可以開工。公共建築商無法在 C 位置賺錢，儘管效率很高，但如果有人走進這些地段，這些地段真的很難移動，我們一直提供這些地段。我們只是沒有興趣購買它們。

Yeah, Carl, I would just add, speaking generally on the Texas market, we get a lot of build for red broken deals come across our desk every day. We just did contract for one that's finished lots that would not have worked if we had to self-develop.

是的，卡爾，我想補充一點，總體來說，在德州市場，我們每天都會遇到很多紅色破產交易。我們剛剛簽訂了一份合同，其中很多工作如果我們自行開發的話是行不通的。

It works since the lots were finished. So -- and it was a bulk buy. So at some point, either bill for rent is going to start working again financially or the sellers are going to have to drop their price because it doesn't work right now.

自從地段完工以來，它就一直有效。所以——這是一次大量購買。因此，在某個時候，要么租金帳單在財務上再次開始發揮作用，要么賣家將不得不降低價格，因為它現在不起作用。

All right. Great. And then I'm also just curious if I can sneak one more in about buybacks and you sort of hit what we expected you to do buyback wise this quarter, but you bought back more in April. Jim, how do you think about that as a use of capital? Obviously, you're going to be -- you're keeping your investment in land that percentage growth, that spend is the same from what you said last quarter.

好的。偉大的。然後，我也很好奇，我是否可以再偷偷地問一下關於回購的問題，您本季度的回購量達到了我們的預期，但您在 4 月份回購了更多。吉姆，您認為這是如何利用資本的？顯然，你會——你會保持對土地的投資百分比成長，支出與你上個季度所說的相同。

But slowing starts, but selling -- continuing to sell houses, maybe cash flow improves this year. So can you maybe walk me through a little bit about how you decide the incremental of additional cash capital you generate from the business when it goes and why it goes into the stock as opposed to somewhere else.

但開始放緩，但銷售——繼續出售房屋，也許今年的現金流會改善。那麼，您能否稍微向我介紹一下，您如何決定從業務中產生的額外現金資本增量，以及為什麼將其投入股票而不是其他地方。

Sure. That's a good question. And let me just say off the bet. The stock repurchases for us can be a little bit lumpier than for some peers. And the reason that takes place is.

當然。這是個好問題。讓我先說一下，賭注取消了。我們的股票回購可能比一些同業稍微多一些。發生這種情況的原因是。

We have a very large deal we've been working on for a very long time. It's very complicated. Frankly, it's not the kind of thing that our peers would look at, which is why we like to look at it. It was too complicated to really go into on this phone call, but it's a $40 million land acquisition.

我們已經為一項大交易努力了很長時間。這非常複雜。坦白說，這不是我們的同齡人會看的東西，這就是我們喜歡看它的原因。這件事太複雜了，無法在電話中詳細討論，但這是一項價值 4000 萬美元的土地收購案。

So stock purchases whenever this land deal closes, and I think it will, but it may not. So that would detract from our ability to buy stock if it closed next quarter, but we may be back in the market pretty strongly in the third quarter.

因此，每當這筆土地交易結束時，就會進行股票購買，我認為會這樣，但也可能不會。因此，如果下個季度關閉，這將削弱我們購買股票的能力，但我們可能會在第三季強勢重返市場。

So it's not like some builders that are kind of leveling out their stock purchases. Ours will probably be a little more lumpy just because we are going after the larger master planned communities that peers aren't going after, which we think is an advantage, and it requires chunks of capital being deployed.

因此，這並不像一些建築商那樣平衡他們的庫存購買。我們的發展可能會更加坎坷，因為我們追求的是同行們沒有追求的更大的總體規劃社區，我們認為這是一個優勢，而且它需要部署大量的資金。

(Operator Instructions). And it seems that we have no further questions for today. This concludes the question-and-answer session in today's conference call. Thank you for your participation. You may now disconnect.

（操作員指令）。看來我們今天沒有其他問題了。今天電話會議的問答環節到此結束。感謝您的參與。您現在可以斷開連線。