Green Brick Partners Inc (GRBK) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is [Lacey] and I will be your conference operator today. At this time, I would like to welcome everyone to the Green Brick Partners Inc. third quarter 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我叫萊西，今天我將擔任你們的會議接線生。在此，我謹代表 Green Brick Partners Inc. 歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

Thank you. I would now like to turn the conference over to Jeff Cox, Chief Financial Officer. You may begin.

謝謝。現在我將把會議交給財務長傑夫考克斯先生。你可以開始了。

Good afternoon and welcome to Green Brick Partners earnings call for the third quarter ended September 30, 2025. Following today's remarks, we will hold a question-and-answer session.

下午好，歡迎參加 Green Brick Partners 截至 2025 年 9 月 30 日的第三季財報電話會議。今天的演講結束後，我們將舉行問答環節。

As a reminder, this call is being recorded and will be available for playback. In addition, a presentation will accompany today's webcast, which is available on the company's investor relations website at investors.greenbrickpartners.com.

再次提醒，本次通話將會被錄音，並可隨時重播。此外，今天的網路直播還將附帶一份演示文稿，可在公司投資者關係網站 investors.greenbrickpartners.com 上觀看。

On the call today is Jim Brickman, Co-Founder, Chief Executive Officer; Jed Dolson, President and Chief Operating Officer; and myself, Jeff Cox, Chief Financial Officer. Some of the information discussed on this call is forward-looking, including a discussion of the company's financial and operational expectations for 2025 and beyond.

今天參加電話會議的有：共同創辦人兼執行長 Jim Brickman；總裁兼營運長 Jed Dolson；以及我，財務長 Jeff Cox。本次電話會議討論的部分資訊具有前瞻性，包括對公司 2025 年及以後的財務和營運預期的討論。

In yesterday's press release and SEC filings, the company detailed material risks that may cause its future results to differ from its expectations. The company's statements are as of today, October 30, 2025, and the company has no obligation to update any forward-looking statement it may make.

在昨天的新聞稿和提交給美國證券交易委員會的文件中，該公司詳細列出了可能導致其未來業績與預期存在差異的重大風險。該公司的聲明截至今日（2025 年 10 月 30 日），該公司沒有義務更新其可能作出的任何前瞻性聲明。

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 relief that the company issued yesterday in the aforementioned presentation.

評論中還包括非GAAP財務指標、這些指標的調節表以及G條例要求的其他信息，這些信息可以在該公司昨天發布的上述演示文稿中找到。

With that, I'll turn the call over to Jim.

這樣，我就把電話交給吉姆了。

Thank you, Jeff. First, I want to formally recognize Jeff's promotion to Chief Financial Officer effective earlier this month. Jeff joined the company in June 2023 as senior Vice President of Finance with over two decades of home building experience. And he has been instrumental in helping us establish our wholly owned mortgage company along with refining our financial systems and processes.

謝謝你，傑夫。首先，我要正式宣布傑夫本月初晉升為財務長。Jeff 於 2023 年 6 月加入公司，擔任財務高級副總裁，擁有超過 20 年的房屋建造經驗。他為我們建立全資擁有的抵押貸款公司以及完善我們的財務系統和流程做出了重要貢獻。

I am excited to have Jeff join the Senior Leadership team and add his talent to Green Brick's deep under 50-year-old talent bench. With that, I am pleased to announce our third quarter results, particularly given that we achieved these results against the backdrop of ongoing and persistent affordability challenges faced by many consumers in this housing market.

我很高興 Jeff 加入高階領導團隊，為 Green Brick 50 歲以下的人才儲備增添了新的活力。在此，我很高興地宣布我們第三季度的業績，尤其值得一提的是，我們是在當前住房市場中許多消費者面臨持續且難以承受的負擔能力挑戰的背景下取得這些業績的。

Our performance remained resilient despite eroding consumer confidence and an increasing supply of housing inventory. Our builders adapted quickly to a volatile housing market, as we continued to bounce price and pace to maximize returns in each of our communities.

儘管消費者信心下降，房屋庫存供應增加，但我們的業績仍保持韌性。我們的建築商迅速適應了動盪的房地產市場，我們不斷調整價格和進度，以最大限度地提高每個社區的收益。

We achieved 898 net orders representing a 2.4% increase year-over-year, which is a record for any third quarter. We also closed 953 homes in the quarter, just three side of beating our record third quarter 2024 results. Net income attributable to Green Brick for the third quarter was $78 million or $1.77 per diluted share.

我們實現了 898 筆淨訂單，年增 2.4%，創下了第三季的新紀錄。本季我們也完成了 953 間房屋的交割，僅比我們 2024 年第三季的記錄少了 3 套。Green Brick 第三季淨利為 7,800 萬美元，即每股攤薄收益 1.77 美元。

As Jed will discuss in more detail shortly, driving our sales volume required price concessions and other incentives, as we addressed the affordability challenges faced by home buyers in our markets. As expected, these dynamics put downward pressure on our home building gross margins, which declined 160 basis points year-over-year and 70 basis points sequentially to 31.1%.

正如 Jed 稍後將詳細討論的那樣，為了提高銷售額，我們需要價格讓步和其他激勵措施，以解決我們市場中購房者面臨的負擔能力挑戰。正如預期的那樣，這些動態對我們的住宅建築毛利率造成了下行壓力，年減 160 個基點，環比下降 70 個基點，至 31.1%。

Our results also reflect a $4.8 million warranty adjustment, which improved our gross margins by 90 basis points. Our gross margins remain the highest in the public home milling industry and mark the tenth consecutive quarter in which our gross margins exceeded 30%.

我們的業績也反映了 480 萬美元的保固調整，這使我們的毛利率提高了 90 個基點。我們的毛利率在上市家庭製粉產業中仍然最高，並且連續第十個季度毛利率超過 30%。

While the 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 continue to navigate any challenges with confidence and flexibility.

儘管宏觀經濟情勢對整個產業構成不利影響，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繼續充滿信心和靈活性地應對任何挑戰。

As always, we will focus on maintaining operational excellence centered on our disciplined approach to land acquisition and development to position us for future growth. We are [laser] focused on maintaining an investment grade balance sheet to support our targeted expansion in high volume markets.

我們將一如既往地專注於維持卓越的營運水平，以嚴謹的土地收購和開發方式為核心，為未來的發展奠定基礎。我們正全力以赴地維持投資等級資產負債表，以支持我們在高銷售市場的目標擴張。

As Jed will discuss in more detail momentarily, we also continue to concentrate on reducing construction costs and cycle times. We believe we are well positioned to sustain our return metrics that rank among the very best in the home building industry and create long-term shareholder value.

正如 Jed 稍後將詳細討論的那樣，我們也將繼續致力於降低施工成本並縮短施工週期。我們相信，我們有能力維持在住宅建築業中名列前茅的回報指標，並創造長期的股東價值。

We remain focused on growing our business, particularly our Trophy brand. Trophy's growth in DFW in Austin, combined with our planned entry into Houston by the 2026 spring selling season presents significant opportunities for sustained growth over the next few years.

我們將繼續專注於發展業務，特別是我們的 Trophy 品牌。Trophy 在達拉斯沃斯堡地區和奧斯汀的成長，加上我們計劃在 2026 年春季銷售季進入休士頓市場，為未來幾年的持續成長提供了重要的機會。

This expansion, we believe, allows us to continue serving the critical first time and move up buyer segments, while further diversifying our revenue base and strengthening our presence in key Texas markets. With our highly diversified brand portfolio, we believe we are well positioned to capitalize on demand from all home buyer segments.

我們相信，此次擴張將使我們能夠繼續服務至關重要的首次購買者和升級購買者群體，同時進一步多元化我們的收入來源，並加強我們在德州關鍵市場的地位。憑藉我們高度多元化的品牌組合，我們相信我們能夠很好地滿足所有購房者群體的需求。

While the overall market conditions remain challenging due to a macroeconomic and political uncertainty, we remain vigilant in monitoring and responding to shifts in buyer preferences. We believe that our experienced team and robust land pipeline and desirable infill and infill adjacent locations will drive continued success in the quarters to come.

儘管宏觀經濟和政治的不確定性導致整體市場狀況仍然充滿挑戰，但我們仍將保持警惕，密切關注並應對買家偏好的變化。我們相信，我們經驗豐富的團隊、強大的土地儲備以及理想的填充地塊和鄰近填充地塊將推動我們在未來幾季繼續取得成功。

With that, I'm not turn it over to Jeff to provide more detail about our financial results. Jeff?

因此，我不會把發言權交給傑夫，讓他詳細介紹我們的財務表現。傑夫？

Thank you, Jim. Given the challenging economic conditions and increased supply of housing inventory in our markets, discounts and incentives increased year-over-year, as a percentage of residential unit revenue to 8.1% from 5%. Our average sales price of $524,000 was flat sequentially and down 4.2% year-over-year.

謝謝你，吉姆。鑑於經濟形勢嚴峻，且市場上的房屋庫存供應增加，折扣和優惠措施逐年增加，佔住宅單元收入的百分比從 5% 增至 8.1%。我們的平均銷售價格為 524,000 美元，與上一季持平，年減 4.2%。

Home closing revenue of $499 million declined 4.6% compared to the third quarter last year, and our home building growth margins decreased 160 basis points year-over-year and 70 basis points sequentially to 31.1%. As Jim mentioned earlier, we reduced our warranty reserve by $4.8 million during the quarter, which improved our gross margins by 90 basis points for the quarter and 30 basis points year-to-date.

房屋成交收入為 4.99 億美元，較去年第三季下降 4.6%；房屋建造成長利潤率年減 160 個基點，較上季下降 70 個基點，至 31.1%。正如吉姆之前提到的，我們在本季減少了 480 萬美元的保固準備金，這使得本季的毛利率提高了 90 個基點，年初至今的毛利率提高了 30 個基點。

This adjustment was based on an analysis of our warranty reserve accruals compared to actual warranty spend, which was less than previously anticipated. This adjustment reflects continued improvements in our construction quality and the strength and stability of our trade partners.

此調整是基於保固準備金提列與實際保固支出的分析，實際保固支出低於先前的預期。這項調整反映了我們施工品質的持續提升以及我們貿易夥伴的實力和穩定性。

SG&A, the percentage of residential unit revenue for the third quarter was 11.6%, an increase of 60 basis points year-over-year, driven primarily by higher personnel costs and investments in our IT platforms to enhance operational efficiencies. Net income attributable to green brick for the third quarter decreased 13% year-over-year to $78 million, and diluted earnings per share decreased 11% year-over-year to $1.77 per share.

第三季銷售、一般及行政費用佔住宅單元收入的 11.6%，年增 60 個基點，主要原因是人員成本增加以及為提高營運效率而對 IT 平台進行的投資。第三季歸屬於綠磚業務的淨利潤年減 13% 至 7,800 萬美元，稀釋後每股收益年減 11% 至 1.77 美元。

Year-to-date, deliveries increased 5.1% year-over-year to 2,905 homes, and our average sales price declined 3% to 531,000. As a result, we generated home closing revenue of $1.54 billion an increase of 2% year-to-date from the same period in 2024.

今年迄今，房屋交付量年增 5.1%，達到 2,905 套，平均售價下降 3%，至 531,000。因此，我們實現了房屋交易收入 15.4 億美元，比 2024 年同期成長了 2%。

Home building growth margin decreased 270 basis points to 30.9%. Year-to-date net income attributable to brick decreased 15% to $235 million and diluted earnings per share declined 13.6% to $5.29. As a reminder, we sold our 49.9% interest in Challenger homes in the first quarter last year, which had the impact of adding $0.21 to our 2024 diluted earnings per share.

住宅建設成長利潤率下降 270 個基點至 30.9%。截至目前，歸屬於磚瓦業務的淨利潤下降15%至2.35億美元，稀釋後每股收益下降13.6%至5.29美元。需要說明的是，我們去年第一季出售了我們在Challenger Homes持有的49.9%的股份，這使我們2024年的稀釋後每股收益增加了0.21美元。

Net new [home] orders during the third quarter were up 2.4% year-over-year to 898 and down sequentially only 1%. Year-to-date, net new home orders increased 4% year-over-year to 2,912. Average active selling communities of 103 remained relatively unchanged year-over-year. Our sales price for the third quarter increased marginally to 2.9 per month compared to 2.8 per month in the previous year.

第三季淨新增[住宅]訂單年增2.4%至898筆，季減1%。今年迄今，淨新增房屋訂單年增 4%，達到 2,912 套。平均活躍銷售社群數為 103 個，與前一年相比基本保持不變。第三季我們的銷售價格略有上漲，達到每月 2.9 美元，而去年同期為每月 2.8 美元。

We started 950 new homes, which was approximately the same as the prior quarter and down 10% year-over-year. Units under construction at the end of the quarter were approximately 2,200, down 5.5% year-over-year.

我們開工了 950 套新房，與上一季大致相同，年減 10%。截至本季末，在建單位數量約 2,200 套，年減 5.5%。

We will continue to monitor market conditions and seasonal trends and align our starts with our sales [pace] to appropriately manage our investment in spec inventory. Due to a higher proportion of quick move-in sales, coupled with a nine-day improvement in our average construction cycle time, our backlog value at the end of the third quarter was $466 million a decrease of 20% year-over-year.

我們將繼續關注市場狀況和季節性趨勢，並根據銷售速度調整開工計劃，以適當管理我們對現貨庫存的投資。由於快速入住銷售比例較高，加上平均施工週期縮短了 9 天，第三季末的積壓訂單價值為 4.66 億美元，年減 20%。

Backlog average sales price decreased 4.1% to $690,000 due primarily to higher discounts and incentives. Trophy, our spec home builder, represented only 14% of our overall backlog value down slightly from the previous quarter, but they accounted for nearly half of our closing volume.

積壓訂單平均售價下降 4.1% 至 69 萬美元，主要原因是折扣和優惠力度加大。Trophy 是我們的樣品建造商，其訂單總額僅占我們總訂單額的 14%，比上一季略有下降，但他們的成交量卻佔了我們總成交量的近一半。

We recognize the heightened importance of liquidity in the current period of economic uncertainty and market volatility. Our investment grade balance sheets and low financial leverage, we believe, provide us with the flexibility to navigate and adapt to evolving market conditions, ensuring we have capital available for strategic opportunities as they arise.

我們認識到，在當前經濟不確定性和市場波動時期，流動性至關重要。我們相信，我們投資層級的資產負債表和較低的財務槓桿率，使我們能夠靈活應對和適應不斷變化的市場狀況，確保我們擁有足夠的資金來掌握出現的策略機會。

At the end of the third quarter, our net debt to total capital ratio was 9.8%, and our debt to total capital ratio was 15.8%. Among the dept of our small and mid-cap public combo and peers. Excluding cash and debt from Green Brick mortgage, our home building debt and net debt to capital ratio at the end of the quarter was 15.3% and 9.5% respectively.

第三季末，我們的淨負債與總資本比率為 9.8%，負債與總資本比率為 15.8%。在我們中小市值上市公司組合及同業。除去現金和 Green Brick 抵押貸款的債務，截至季度末，我們的房屋建設債務和淨債務資本比率分別為 15.3% 和 9.5%。

At the end of the quarter, we maintained a robust cash position of $142 million and total liquidity of $457 million. With $315 million undrawn on our home building credit facilities, we believe we are well positioned to weather the challenging market conditions, to opportunistically deploy capital to maximize shareholder returns, and to accelerate growth as the housing market improves.

截至季末，我們維持了1.42億美元的穩健現金狀況和4.57億美元的總流動資金。我們擁有 3.15 億美元的房屋建設信貸額度尚未提取，我們相信我們有能力應對充滿挑戰的市場環境，把握機會部署資本以最大限度地提高股東回報，並在住房市場好轉時加速成長。

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

接下來，我將把麥克風交給傑德。

Thank you, Jeff. We continue to see a challenging sales environment within all consumer segments, which have been impacted by affordability challenges and a weakening job market. While we were encouraged to see mortgage rates decline, approximately 60 bps during the quarter, demand remained steady during each of the months during the quarter, even as interest rates remained above 6% throughout the quarter.

謝謝你，傑夫。我們看到所有消費群都面臨著充滿挑戰的銷售環境，這主要是由於購買力下降和就業市場疲軟所致。儘管我們很高興看到抵押貸款利率在本季度下降了約 60 個基點，但本季每個月的需求都保持穩定，即使利率在本季度一直保持在 6% 以上。

Our team responded well to the evolving market conditions as evidenced by our record third quarter sales volume and our low cancellation rate of 6.7% in Q3, which was an improvement from 9.9% in Q2, and 8.5% in Q3 of 2024.

我們的團隊對不斷變化的市場狀況做出了良好的應對，這體現在我們創紀錄的第三季銷售額和第三季 6.7% 的低取消率上，該取消率較第二季的 9.9% 和 2024 年第三季的 8.5% 均有所改善。

We continue to have one of the lowest cancellation rates in the public home building industry, and we believe it demonstrates the creditworthiness of our buyers, quality of our product, and desirability of our communities.

我們在公共住宅建設行業中保持著最低的取消率之一，我們相信這證明了我們購房者的信譽、我們產品的品質以及我們社區的吸引力。

We continue to address the affordability challenges faced by consumers by providing our home buyers with price concessions, interest rate buy downs and closing cost incentives. Incentives for net new orders during the third quarter were higher by 280 bps year-over-year and 100 bps sequentially increasing to 8.9%.

我們持續致力於解決消費者面臨的購屋能力挑戰，為購屋者提供價格優惠、利率下調和成交費用補貼。第三季淨新增訂單獎勵措施年增 280 個基點，較上季提高 100 個基點，達到 8.9%。

Incentives moderated during the quarter from a peak in July as the average 30-year mortgage rate declined during the quarter, reducing the cost of interest rate buy downs. Rate buy downs remained a necessary tool to drive traffic and sales, especially with our quick move in homes. With our superior infill and infill adjacent communities.

由於本季 30 年期抵押貸款平均利率下降，降低了利率下調的成本，因此本季激勵措施較 7 月的峰值有所緩和。降低房價仍然是促進客流量和銷售的必要手段，尤其是在我們快速入住的房屋方面。我們擁有卓越的填充式住宅和鄰近填充式住宅社區。

And industry leading gross margins, we believe we are well positioned to adjust pricing as needed to meet market demand and maintain our sales pace. While we recognize the importance of preserving our margins, we also recognize that our industry leading margins provide us with significant pricing flexibility to compete efficiently in a volatile market.

憑藉著業界領先的毛利率，我們相信我們有能力根據市場需求調整價格，以保持銷售速度。我們雖然認識到保持利潤率的重要性，但也認識到我們行業領先的利潤率為我們提供了很大的定價靈活性，使我們能夠在動盪的市場中有效地參與競爭。

Green Brick Mortgage, our wholly owned mortgage company, closed and funded over 350 loans in the third quarter compared to 140 loans in Q2. The average FICO score was 740 and the average debt to income ratio was 40%, consistent with the previous quarter. We are excited about the future prospects of Green Brick Mortgage as we are preparing to expand into Austin, Atlanta, and Houston. Later this year and early next year.

我們全資擁有的抵押貸款公司 Green Brick Mortgage 在第三季完成了 350 多筆貸款的發放，而第二季則為 140 筆。平均 FICO 信用評分是 740 分，平均債務收入比是 40%，與上一季一致。我們對 Green Brick Mortgage 的未來前景感到興奮，因為我們正準備將業務擴展到奧斯汀、亞特蘭大和休士頓。今年晚些時候和明年年初。

Green Brick Mortgage continued to increase its capture rate, while providing top tier service to our home buyers. Operationally, we continue to make meaningful strides in reducing our direct construction costs and enhancing our operational efficiency.

Green Brick Mortgage 的貸款成功率持續提高，同時為購屋者提供一流的服務。在營運方面，我們持續在降低直接建設成本和提高營運效率方面取得實質進展。

The cost for labor and materials for homes closed this quarter was down approximately $2250 per home compared to the same period last year. We also continue to reduce our construction cycle times, which were down nine days from a year ago. Trophy's average cycle time in DFW was under 100 days, the lowest in their history.

本季竣工房屋的人工和材料成本比去年同期每套房屋下降了約 2,250 美元。我們也持續縮短施工週期，比一年前減少了九天。Trophy 在達拉斯沃斯堡地區的平均週期時間不到 100 天，是其歷史上最短的週期。

Labor availability remains relatively stable across all of our markets. We recognize the concerns surrounding tariffs and continue to work closely with our vendors and suppliers to mitigate any potential impact. We believe tariffs will have a minimal impact on our earnings next year. Although we acknowledge the lack of certainty with respect to final tariff timing, scope, or percentages makes it impossible to analyze potential tariff impact with precision.

在我們所有市場中，勞動力供應情況都保持相對穩定。我們了解各方對關稅的擔憂，並將繼續與供應商密切合作，以減輕任何潛在影響。我們認為關稅對我們明年的獲利影響甚微。儘管我們承認，由於最終關稅實施時間、範圍或百分比尚不確定，因此無法精確分析潛在的關稅影響。

As we navigate through various macro challenges, we are carefully recalibrating our capital allocation plan to align both our long-term growth objectives and respond to changing market conditions. During the quarter we spent $121 million on land and lot acquisition, excluding cost share reimbursements and $73 million on land development.

在應對各種宏觀挑戰的過程中，我們正在謹慎地調整資本配置計劃，以兼顧我們的長期成長目標並應對不斷變化的市場狀況。本季我們在土地和地塊購置上花費了 1.21 億美元（不包括成本分攤補償），並在土地開發上花費了 7,300 萬美元。

This brings the year-to-date spend to $231 million for land acquisition and $233 million for land development. Respectively, many of our land development projects involve special financing districts that provide for reimbursement of public infrastructure costs.

今年迄今為止，土地購置支出為 2.31 億美元，土地開發支出為 2.33 億美元。此外，我們的許多土地開發項目都涉及特殊融資區，用於補償公共基礎設施成本。

As work is completed, we're able to recoup a portion of these costs which reduce our net land development spend. We continue to project approximately $300 million in land development spending for the full year of 2025, which will be partially offset by these reimbursements. We believe our superior land position provides a competitive advantage that will be the foundation for strong growth in subsequent years.

隨著工程的完成，我們可以收回部分成本，從而減少我們的土地開發淨支出。我們預計 2025 年全年土地開發支出約為 3 億美元，這些支出將部分被這些補償金抵銷。我們相信，我們優越的土地優勢將為公司提供競爭優勢，並成為未來幾年強勁成長的基礎。

Given the strength of our existing land and lot pipeline, we remain patient and selective with future land opportunities without compromising the ability to grow our business in the near and intermediate term. At the end of the third quarter, our total lots owned and controlled increased by 11% year-over-year to approximately 41,200 lots, of which over 36,000 lots were owned on our balance sheet and approximately 4,500 were controlled lots.

鑑於我們現有的土地和地塊儲備實力雄厚，我們將對未來的土地機會保持耐心和謹慎，同時不會影響我們在近期和中期內發展業務的能力。第三季末，我們擁有和控制的總地塊數量年增 11%，達到約 41,200 個地塊，其中超過 36,000 個地塊在我們的資產負債表上登記，約 4,500 個地塊為控制地塊。

Trophy comprises approximately 70% of our total lots owned and controlled, excluding approximately 25,000 lots in long-term master plan communities. Our lot supply is approximately five years. Finally, we are on schedule to open our first community in Houston.

Trophy 地塊約占我們擁有和控制的總地塊的 70%，不包括長期總體規劃社區中的約 25,000 個地塊。我們的庫存大約夠用五年。最後，我們即將按計劃在休士頓開設我們的第一個社區。

The construction of our first model home began in October, and we anticipate opening for sales in time for the spring selling season. We're excited about expanding Trophy's footprint in one of the largest home building markets in the US.

我們第一套樣品屋的建設於 10 月開始，預計在春季銷售旺季到來之前開盤銷售。我們很高興能夠擴大 Trophy 在美國最大的住宅建築市場之一的商業版圖。

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，請他作總結發言。

Thank you, Jed. In short, we remain optimistic about our long-term prospects and believe we are well positioned to continue producing strong results. We believe our strategic land position, high-quality and diverse product offerings that appeal to multiple segments of the home buyer market, and strong balance sheet will lay the path to future growth and industry leading returns for our shareholders.

謝謝你，傑德。總之，我們對公司的長期前景依然保持樂觀，並相信我們有能力繼續取得優異的績效。我們相信，我們優越的土地位置、高品質且多樣化的產品供應（能夠吸引購屋市場的多個細分群體）以及強勁的資產負債表，將為未來的成長和為股東帶來行業領先的回報鋪平道路。

I also want to thank the entire Green Brick team for their passion and dedication to delivering exceptional results in the face of a challenging market.

我還要感謝 Green Brick 團隊全體成員，感謝他們在充滿挑戰的市場環境下，展現出的熱情和奉獻精神，取得了卓越的成果。

This concludes our prepared remarks, and we want to open the line for questions.

我們的演講稿到此結束，現在我們開放提問環節。

(Operator Instructions) Alex Rygiel, Texas Capital.

（操作說明）Alex Rygiel，德州資本。

Thank you, gentlemen, nice quarter. Incentives were up in the in the third quarter for your new orders. Can you talk a little bit about directionally how we should think about gross margins in the fourth quarter versus the third quarter?

謝謝各位先生，這間房間不錯。第三季度，新訂單的獎勵有所提升。您能否談談我們應該如何看待第四季與第三季毛利率的方向性問題？

Yeah, I can, we can all handle that a little bit. Thanks for your question. This is Jim Brickman. We don't give guidance on gross margins quarter to quarter. But I think your question does give me a really good opportunity to talk about Green Brick's strategic advantages as we look at our business not only next quarter but many quarters going forward.

是的，我可以，我們都能稍微應付一下。謝謝你的提問。這是吉姆·布里克曼。我們不提供季度毛利率指引。但我認為你的問題確實給了我一個很好的機會來談談 Green Brick 的戰略優勢，因為我們不僅要展望下一個季度，還要展望未來許多季度。

And I think there are really two components to that. First, we have a very long runway of low-price lots and infill adjacent locations. And no matter what's happening, we believe that our lot price advantage in these lots is going to give us industry-leading margins compared to peers. So that's the first point.

我認為這其中實際上包含兩個方面。首先，我們有大量低價地塊和相鄰的填充地塊可供選擇。無論發生什麼，我們相信，我們在這些批次中的批量價格優勢將使我們獲得比同行領先的行業利潤率。這是第一點。

And it's really interesting what's happening from my second point is that because we self-develop 90% of our lots. We can deploy capital based upon market demand rather than a land banker's or a land developer's contract terms, and we think that will help us maintain margins in our communities, where we're not faced with having to produce excess inventory.

而我的第二點真正有趣的地方在於，因為我們90%的地塊都是自主開發的。我們可以根據市場需求而不是土地銀行家或土地開發商的合約條款來部署資本，我們認為這將有助於我們在社區中保持利潤率，因為我們不必面臨生產過剩庫存的風險。

It's helpful. And then you mentioned that incentives moderated through the third quarter. Has that continued in October?

這很有幫助。然後您提到，激勵措施在第三季有所緩和。這種情況在十月是否仍在持續？

Yeah, this is Jeff -- Alex. Those incentives moderating during the quarter are really primarily a function of the rates coming down over the last couple of months. We're still utilizing the rate buy downs as an effective tool to drive traffic and get sales. We haven't really gotten a lot more aggressive in terms of the target rate that we've been advertising, which has really helped us be able to reduce our incentives and improve margins at this point.

是的，我是傑夫——亞歷克斯。本季激勵措施的力度有所減弱，這主要是由於過去幾個月利率下降所致。我們仍然利用降價促銷作為吸引流量和促進銷售的有效工具。我們並沒有在宣傳的目標收益率方面採取更激進的措施，這確實幫助我們減少了激勵措施，並在目前階段提高了利潤率。

Jed can [chime in], Alex, we haven't seen the market get a lot better or a lot worse. It's pretty much pretty steady, yeah.

Jed可以插話說，Alex，我們還沒看到市場大幅改善或惡化。是的，它相當穩定。

Rohit Seth, B. Riley Securities.

Rohit Seth，B. Riley Securities。

Hey, good morning. Thanks for taking my question. Just on the incentives, where are you today in terms of your mortgage rate buy down? What is your advertise rate you guys are offering?

嘿，早安。謝謝您回答我的問題。單就優惠政策而言，您目前的房貸利率調降情況如何？你們的廣告價格是多少？

Right, just under 5%.

沒錯，略低於 5%。

On the targeted rate?

達到目標利率了嗎？

[On our] financed target rates.

[基於我們]融資目標利率。

Okay, and it sounds like with the rates coming down a little bit. It is lessen cost for your -- for you guys -- for you're not necessarily buying down rates further, is that correct? From where you were saying.

好的，聽起來利率似乎會稍微下降一些。這樣對你們來說成本更低——因為你們不一定需要進一步降低利率，對嗎？你剛才說的那個地方。

But by down to 4% we have been chased them down that low to generate the sales that we just reported.

但我們一路追趕，最終將他們的利潤率降到了 4%，才實現了我們剛才公佈的銷售額。

Okay. And in our incentives, levels, is there much difference between, DFW and Atlanta?

好的。在激勵措施和水平方面，達拉斯-沃斯堡和亞特蘭大之間有很大區別嗎？

I'd say DFW there's, the ability to produce more homes because it's not as (multiple speaker).

我認為拉斯-沃斯堡地區有能力建造更多房屋，因為它不像…（多人發言）

Yeah, there's a difference because our average price point in Atlanta is $3,000 or $400,000 greater, so it's a very different buyer.

是的，情況有所不同，因為我們在亞特蘭大的平均房價高出 3000 美元到 40 萬美元，所以買家群體非常不同。

I would just add on to that -- well, we do a lot of spec sales here, primarily with Trophy, so they don't have a big backlog of homes that they're necessarily trying to protect Atlanta -- they do a lot of to be built there, so I think we're seeing some higher incentives there generally speaking, relative to our Texas markets.

我還要補充一點——我們這裡做了很多投機性銷售，主要和 Trophy 合作，所以他們沒有大量的房屋積壓，他們也不一定需要保護亞特蘭大——他們在那裡有很多待建房屋，所以我認為總的來說，相對於我們在德克薩斯州的市場，我們看到那裡有一些更高的激勵措施。

Understood. Okay. And then it seems like Trophy, the expansion into Houston will be a key driver for you, I guess from my seat, looking at the community count, I'm not sure how to size this as they look to 2026, so if you get any help there.

明白了。好的。然後看來 Trophy，進軍休士頓市場將是你們的關鍵驅動力，從我的角度來看，從社區數量來看，我不確定如何衡量他們展望 2026 年的情況，所以如果你能得到任何幫助的話。

Well, community count is tough for any analyst right now to look at with this because the new communities are adding are high velocity, lower price communities. So and that's many of the communities we're adding this year. So, community growth isn't that great, but the sales velocity is coming on the new communities are adding, should be favourable.

目前，由於新增社群數量較多，價格較低，因此任何分析師都很難據此分析社群數量。以上就是我們今年新增的許多社區。所以，社區成長雖然不是很好，但隨著新社區的加入，銷售速度正在加快，這應該是有利的。

Yeah, I would just say that we expect Austin to be to basically double from where it was this year and then Houston will really be -- we'll get [some] 100 closings next year and that'll grow meaningfully the year after that in 2027.

是的，我預計奧斯汀今年的成交量將比今年翻一番，而休士頓的成交量將會大幅成長——明年我們將迎來大約 100 筆交易，並在之後的 2027 年實現顯著增長。

Okay, fantastic. And then, on the Mortgage business, there's a pretty nice uptick sequentially, you're growing the business obviously -- I mean, do you think this level of sustainable as a go forward run rate for you guys? Where you're at today or --

好的，太棒了。然後，在抵押貸款業務方面，你們的業務環比增長相當不錯，顯然你們的業務正在增長——我的意思是，你們認為這種增長速度對你們來說是否可持續？你今天所在的地方或--

Yeah, this is Jeff. Yeah, we've been really happy with the progress that the Mortgage company has made so far. We're trying to take a measured approach and how we roll this out tomorrow. Texas builders and communities, but the goal, as you mentioned earlier, is to really have that rolled out to the balance of Texas by the end of this year, targeting Houston and Atlanta. At least by the first part of next year.

是的，這是傑夫。是的，我們對抵押貸款公司目前的進展感到非常滿意。我們正努力採取穩健的方式，並計劃明天如何推出這項計劃。德州的建築商和社區，但正如你之前提到的，目標是在今年年底前真正將這項計劃推廣到德州的其他地區，重點是休士頓和亞特蘭大。至少到明年上半年就能達成。

We've got, people and systems in place to be able to really leverage and scale that business at this point, and so we're excited about where we think we can take them.

我們現在擁有了足夠的人員和系統，能夠真正利用和擴大這項業務，所以我們對我們認為能夠將其帶到何處感到興奮。

Yeah. I think the other thing we do from this financial perspective is that next year, we'll be breaking out financial services separately. And by doing that we'll be pulling SG&A or G&A out of our line, putting it in financial services line that will slightly help our SG&A.

是的。我認為從財務角度來看，我們做的另一件事是，明年我們將把金融服務單獨拆分出來。這樣做，我們將把銷售、一般及行政費用 (SG&A) 或一般及行政費用 (G&A) 從我們的業務線中移除，並將其放入金融服務業務線，這將稍微減輕我們的銷售、一般及行政費用 (SG&A) 的影響。

Okay. And then I guess the last one is maybe you could just comment on the cost [buckets], where, are you seeing any direct cost savings and in your labor, your land costs --

好的。最後，我想問最後一個問題，您能否就成本（細分）方面發表一下看法，例如，您在哪些方面看到了直接成本節約，包括勞動力成本和土地成本？--

Yeah, this is Jed. I'll take that. We've definitely seeing land and loss, either stabilize or slightly come down in price. Lumber continues to be at a yearlong low every new month that occurs, so that has just fallen every single month this year.

是的，這是傑德。我接受。我們已經看到土地和損失的價格趨於穩定或略有下降。木材價格持續處於全年低位，每個月都在下降。

Labor is readily available when we talk to our subs. A lot of them are running at 65% to 70% capacity, so they've been able to negotiate reductions with their staff. So yeah, everything on the vertical side is coming down.

當我們與分包商洽談時，勞動力供應充足。許多企業的產能利用率只有 65% 到 70%，所以他們能夠與員工協商減薪事宜。是的，垂直方向上的一切都在下降。

All right, fantastic. I guess to do the last one, just 4% ASP decline in the quarter. How much of that was, this product mix, plan size and Trophy share versus maybe base pricing.

好的，太棒了。我猜最後一個目標是本季平均售價下降 4%。其中有多少是產品組合、計畫規模和獎盃份額，又有多少是基礎定價造成的？

Trophy share didn't really change year-over-year, but there was some mix that was impacting the average sales price of the 4.3% decline in ASP. I calculate roughly a little less than half of that was related to just the mix of closings across our builders.

獎盃份額與去年相比並沒有真正變化，但一些因素影響了平均售價，導致平均售價下降了 4.3%。我估計其中大約有不到一半與各建築商的房屋交割情況有關。

If there are no further questions at this time, I would now like to turn the call back over to Jim Brickman for closing remarks.

如果目前沒有其他問題，我現在想把電話轉回給吉姆·布里克曼，請他做總結發言。

Well, we're always available if anybody wants to visit with any of the speakers, Jeff, myself or Jed. So send us an email, give us a call, and we'll be happy to add more color to anything we talked about today. Thank you.

當然，如果有人想和演講嘉賓（傑夫、我或傑德）交流，我們隨時都歡迎。所以，請給我們發郵件或打電話，我們很樂意為今天討論的任何內容補充更多細節。謝謝。

This concludes today's conference call. You may disconnect.

今天的電話會議到此結束。您可以斷開連線。