KB Home (KBH) 2024 Q2 法說會逐字稿

Good afternoon.

午安.

My name is John, and I'll be your conference operator today.

我叫約翰，今天我將擔任你們的會議操作員。

I would like to welcome everyone to the KB Home 2024 second-quarter earnings conference call.

歡迎大家參加 KB Home 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

Today's conference call is being recorded and will be available for replay at the company's website, kbhome.com through July 18, 2024.

今天的電話會議正在錄製中，並將在 2024 年 7 月 18 日之前在公司網站 kbhome.com 上重播。

And now I would like to turn the call over to Jill Peters, Senior Vice President, Investor Relations.

現在我想將電話轉給投資者關係高級副總裁吉爾彼得斯 (Jill Peters)。

Thank you, Jill.

謝謝你，吉爾。

You may begin.

你可以開始了。

Thank you, John.

謝謝你，約翰。

Good afternoon, everyone, and thank you for joining us today to review our results for the second quarter of fiscal 2024.

大家下午好，感謝您今天與我們一起回顧 2024 財年第二季的業績。

On the call are Jeff Mezger, Chairman and Chief Executive Officer; Rob McGibney, President and Chief Operating Officer; Jeff Kaminski, Executive Vice President and Chief Financial Officer; Bill Hollinger, Senior Vice President and Chief Accounting Officer; and Thad Johnson, Senior Vice President and Treasurer.

董事長兼執行長 Jeff Mezger 出席了電話會議；麥吉布尼 (Rob McGibney)，總裁兼營運長；傑夫‧卡明斯基，執行副總裁兼財務長； Bill Hollinger，資深副總裁兼首席會計官；和資深副總裁兼財務主管 Thad Johnson。

During this call, items will be discussed that are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在本次電話會議中，將討論 1995 年《私人證券訴訟改革法案》含義內被視為前瞻性陳述的項目。

These statements are not guarantees of future results, and the company does not undertake any obligation to update them.

這些陳述不是對未來結果的保證，本公司不承擔任何更新義務。

Due to various factors, including those detailed in today's press release and in our filings with the Securities and Exchange Commission, actual results could be materially different from those stated or implied in the forward-looking statements.

由於各種因素，包括今天的新聞稿和我們向美國證券交易委員會提交的文件中詳述的因素，實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。

In addition, a reconciliation of the non-GAAP measure of adjusted housing gross profit margin, which excludes inventory related charges, and any other non-GAAP measures referenced during today's discussion to its most directly comparable GAAP measure can be found in today's press release and/or on the Investor Relations page of our website at kbhome.com.

此外，調整後房屋毛利率的非公認會計準則衡量標準（不包括庫存相關費用）以及今天討論中提到的任何其他非公認會計準則衡量標準與其最直接可比的公認會計準則衡量標準的調節可以在今天的新聞稿中找到， /或在我們網站 kbhome.com 的投資者關係頁面上。

And with that, here's Jeff Mezger.

以下請聽聽傑夫‧梅茲格的報道。

Thank you, Jill, and good afternoon, everyone.

謝謝吉爾，大家下午好。

Our performance in the second quarter was solid with key metrics that were above the high end of our guidance ranges.

我們第二季的業績穩健，關鍵指標高於我們指引範圍的高端。

In addition, we achieved positive year-over-year comparisons for both net orders and net order value.

此外，我們的淨訂單和淨訂單價值均實現了正面的同比比較。

We believe we are well-positioned to achieve our goals over the remainder of 2024 with a backlog of committed buyers valued over $3 billion and meaningful improvement in our build times.

我們相信，我們有能力在 2024 年剩餘時間內實現我們的目標，積壓的忠實買家價值超過 30 億美元，並且我們的建造時間得到了有意義的改進。

As for the details of our results, we generated total revenues of over $1.7 billion and detailed earnings per share of $2.15. Our margins were healthy with over 21% in growth and above 11% in operating income margin.

至於我們的業績詳情，我們的總收入超過 17 億美元，詳細每股收益為 2.15 美元。我們的利潤率保持健康，成長率超過 21%，營業利益率超過 11%。

This performance, along with the cumulative benefit of ongoing quarterly share repurchases, including an additional $50 million during the second quarter, drove our book value per share up 14% year over year.

這一業績，加上正在進行的季度股票回購的累積收益（包括第二季額外回購 5,000 萬美元），推動我們的每股帳面價值年增 14%。

Longer-term housing market conditions remain favorable, supported by an undersupply of new and resale homes, solid employment, wage growth, favorable demographics, and rising household formations.

長期住房市場狀況依然有利，這得益於新房和轉售房供應不足、就業穩定、工資增長、有利的人口結構和不斷增長的家庭結構。

However, during the second quarter, we did see volatility returned to the market correlated to the rise in mortgage rates.

然而，在第二季度，我們確實看到市場再次出現與抵押貸款利率上升相關的波動。

Periods of rate increases create uncertainty for consumers, which can delay their purchase decisions.

升息時期會給消費者帶來不確定性，這可能會延遲他們的購買決定。

Despite this, the desire for homeownership is strong and the appeal of a personalized home is clear as we generated a higher mix of sales of built to order homes in our second quarter than we have in several quarters.

儘管如此，人們對擁有住房的渴望依然強烈，個性化住宅的吸引力也很明顯，因為我們第二季的客製化住宅銷售組合比前幾季都要高。

Personalization is a key differentiator for our company and its appeal is even stronger as our build times are normalizing and as most large production builders have migrated to an all spec model, particularly for first-time buyers.

個人化是我們公司的關鍵差異化因素，隨著我們的建造時間正常化，並且大多數大型生產建構商已經遷移到全規格模型，尤其是對於首次購買者來說，個性化的吸引力變得更強。

We are affordably positioned in our served markets with products that include features that we know buyers value based on our survey data.

我們在所服務的市場中處於經濟實惠的位置，我們的產品包含我們根據調查數據了解買家看重的功能。

Our buyers can significantly influence their final sales price as they personalize their choice of lot, elevation, and selections in our design studio aligning their monthly payment with their budgets.

我們的買家可以在我們的設計工作室中個性化地塊、標高和選擇，使每月付款與預算保持一致，從而顯著影響他們的最終銷售價格。

While the majority of our business is built to order, we've always offered quick move-in homes in each of our communities.

雖然我們的大部分業務都是按訂單建造的，但我們始終在每個社區提供快速入住的房屋。

As a result, we are in a unique position to satisfy the majority of customers who value choice while also accommodating those buyers who prioritize a quicker move-in date.

因此，我們處於獨特的地位，可以滿足大多數重視選擇的客戶，同時也滿足那些優先考慮更快入住日期的買家。

Operationally and financially, we gained several key benefits from our built to order model.

在營運和財務方面，我們從客製化模式中獲得了幾個關鍵優勢。

The even-flow production inherent in our approach provides visibility and consistency in deliveries, which is particularly important in periods of housing market volatility as we work from a large backlog and do not need to sell homes at any price to achieve our delivery targets in a given quarter.

我們方法中固有的均勻流生產提供了交付的可見性和一致性，這在房地產市場波動時期尤其重要，因為我們有大量積壓訂單，不需要以任何價格出售房屋來實現我們的交付目標給定季度。

In addition, the revenue that we generate from lot premiums and studio revenues helped to enhance our gross margins.

此外，我們從拍品溢價和工作室收入中獲得的收入有助於提高我們的毛利率。

Despite the movement in rates during the quarter, we saw indicators that reinforced strength in demand.

儘管本季利率發生變化，但我們看到了需求強勁的指標。

As the quarter progressed, we experienced a sequentially higher level of traffic in our communities.

隨著本季的進展，我們社區的流量逐漸增加。

In addition, our cancellation rate was well below our average levels and one of the lowest that we have seen during a quarter of volatile rates.

此外，我們的取消率遠低於平均水平，也是我們在價格波動的季度中看到的最低水平之一。

Both of these factors contributed to nearly 4,000 net orders during the quarter, a positive comparison relative to the year ago period.

這兩個因素為本季帶來了近 4,000 份淨訂單，與去年同期相比呈現積極成長。

On a per community basis, our absorption pace grew to 5.5 monthly net orders in line with the expectation that we shared on our last earnings call.

以每個社區為基礎，我們的吸收速度成長至 5.5 個月淨訂單，這與我們在上次財報電話會議上分享的預期一致。

Our focus remains consistent in optimizing each asset on a community-by-community basis and generating high inventory turns.

我們的重點始終是在逐個社區的基礎上優化每項資產並產生高庫存週轉率。

With that, I'll pause for a moment and ask Rob to provide an operational update.

說到這裡，我將暫停片刻並請 Rob 提供操作更新。

Rob?

搶？

Thank you, Jeff.

謝謝你，傑夫。

I will begin by providing additional color on our order results.

我將首先為我們的訂單結果提供額外的顏色。

At 5.5 net orders per community, our monthly absorption pace was above our average second quarter level of the last decade.

每個社區的淨訂單量為 5.5 個，我們的每月吸收速度高於過去十年第二季的平均值。

This is notable, given the volatility in interest rates during the quarter moving above 7% and the fact that we raised prices modestly in the majority of our communities, helping to offset the cost of mortgage concessions.

鑑於本季利率波動超過 7%，而且我們在大多數社區小幅提高了價格，有助於抵消抵押貸款優惠的成本，這一點值得注意。

As Jeff mentioned, our cancellation rate remained low, improving slightly as compared to the first quarter to 13% of our gross orders and stable at 10% of our backlog at the beginning of the quarter.

正如傑夫所提到的，我們的取消率仍然很低，與第一季相比略有改善，佔總訂單的 13%，並穩定在季度初積壓訂單的 10%。

These levels are below our historical averages, which indicate to us that buyers have confidence in their purchase decisions.

這些水平低於我們的歷史平均水平，這表明買家對他們的購買決定充滿信心。

Mortgage concessions in the second quarter were flat as compared to each of the prior two quarters with roughly 60% of our orders having some form of mortgage concession associated with them.

與前兩個季度相比，第二季的抵押貸款優惠持平，大約 60% 的訂單具有某種形式的抵押貸款優惠。

While we believe that we could lower our use of these incentives as the spring selling season unfolded, given the strength of the market conditions early in the spring, the move-in rates impacted demand to an extent, and we continued using mortgage concessions to support our buyers.

雖然我們認為，隨著春季銷售季節的展開，我們可以減少對這些激勵措施的使用，但考慮到早春市場狀況的強勁，遷入率在一定程度上影響了需求，我們繼續使用抵押貸款優惠來支持我們的買家。

As we had anticipated, we accelerated our starts in the second quarter on a sequential basis.

正如我們預期的那樣，我們在第二季度連續加快了啟動速度。

We started nearly 4,300 homes, ending the quarter with about 7,700 homes in production.

我們開工了近 4,300 套房屋，本季末約有 7,700 套房屋投入生產。

Together with a backlog of 6,270 homes, we believe we are well-positioned for the second half of 2024, and we are beginning to shape the early part of our fiscal 2025 as well.

加上 6,270 套積壓房屋，我們相信我們在 2024 年下半年處於有利地位，並且我們也開始製定 2025 財年的早期階段。

Moving on to build times, we achieved a significant sequential improvement during the second quarter.

繼續討論建置時間，我們在第二季取得了顯著的連續改進。

And as a result, our starts are now being completed in about five months.

因此，我們的開工現在大約在五個月內完成。

We are realizing the benefits of product and design studio simplification, efficiency enhancements in our construction schedules, and systems and processes that are back in rhythm, given the return of a predictable supply chain in most areas.

鑑於大多數地區恢復了可預測的供應鏈，我們正在認識到產品和設計工作室簡化、施工進度效率提高以及系統和流程恢復正常的好處。

Now that we have lowered our build times to the high end of our four to five month historical range, we are focused on further improvement to drive build times closer to four months.

現在，我們已將建置時間降低到四到五個月歷史範圍的高端，我們專注於進一步改進，使建置時間接近四個月。

Delivering a personalized home in a shorter timeframe will make our built to order homes even more appealing to buyers as the gap between a 60-day spec home and a 4.5-month personalized built to order home narrows.

在更短的時間內交付個人化住宅將使我們的客製化住宅對買家更具​​吸引力，因為 60 天的規格住宅和 4.5 個月的個人化客製化住宅之間的差距正在縮小。

We are seeing the benefit of this with built to order homes representing more than 60% of our net orders in the second quarter, as Jeff referenced.

正如傑夫所提到的那樣，我們看到了這一點的好處，第二季我們的淨訂單量超過 60% 是按訂單建造的。

In addition, faster construction times improve our inventory turns and expand the population of homes available for delivery.

此外，更快的施工時間改善了我們的庫存週轉率並擴大了可供交付的房屋數量。

Before I wrap up, I will review the credit metrics of our buyers who financed their mortgages through our joint venture, KBHS Home Loans.

在結束之前，我將回顧透過我們的合資企業 KBHS Home Loans 提供抵押貸款的買家的信用指標。

We had a solid increase in our capture rate with 86% of the mortgages funded during the quarter having been financed through our joint venture as compared to 80% in the prior year quarter.

我們的捕獲率穩步提高，本季 86% 的抵押貸款是透過我們的合資企業融資的，而去年同期為 80%。

Higher capture rates help us manage our backlog more effectively and provide more visibility in closings, which benefits our company as well as our buyers.

更高的捕獲率有助於我們更有效地管理積壓訂單，並提供更多的結案可見性，這對我們的公司和買家都有好處。

In addition, we see higher customer satisfaction levels from buyers who use KBHS versus other lenders.

此外，我們發現使用 KBHS 的買家比其他貸款人的客戶滿意度更高。

The average cash down payment was 16%, up slightly year over year, equating to over $77,000.

平均現金首付為 16%，年比略有上升，相當於超過 77,000 美元。

On average, the household income of our KBHS customers was about $130,000 and they had a FICO score of 744.

平均而言，我們 KBHS 客戶的家庭收入約為 130,000 美元，他們的 FICO 評分為 744。

Even with about one half of our customers purchasing their first home, we are attracting buyers who can qualify for their mortgage while making a significant downpayment.

即使我們大約有一半的客戶購買了他們的第一套房子，我們仍然吸引了那些有資格獲得抵押貸款同時支付大筆首付的買家。

With the first half of the year now behind us, we are focused on a strong close to 2024 with a daily emphasis on maintaining our high customer satisfaction levels, further improving build times and value engineering our products to lower direct costs.

上半年已經過去，我們的重點是在 2024 年即將到來之際，每天都強調保持較高的客戶滿意度，進一步縮短建置時間，並對我們的產品進行價值設計，以降低直接成本。

More broadly, our objectives are to increase our scale, profitability, and returns by or by acquiring more lots while adhering to our underwriting standards, opening our communities on time, driving net orders, and balancing pace and price to grow our margins and returns.

更廣泛地說，我們的目標是透過收購更多地塊來提高我們的規模、盈利能力和回報，同時遵守我們的承保標準，按時開放我們的社區，推動淨訂單，並平衡速度和價格，以提高我們的利潤和回報。

And with that, I will turn the call back over to Jeff.

然後，我會將電話轉回給傑夫。

Thanks, Rob.

謝謝，羅布。

During the quarter, we invested over $275 million to acquire land and another $390 million to develop plots that we already own.

本季度，我們投資超過 2.75 億美元購買土地，另外投資 3.9 億美元用於開發我們已擁有的土地。

In total, an increase of nearly 70% year over year.

總計較去年同期成長近70%。

We are accelerating our land investment in 2024 as we position the company for future growth, while remaining diligent with respect to our underwriting criteria, product strategy, and price points.

我們將在 2024 年加快土地投資，為公司未來的成長做好準備，同時在承保標準、產品策略和價格點方面保持勤奮。

We are also mindful of macroeconomic conditions, and we will remain flexible in adjusting our pace of investment as market conditions warrant.

我們也關注宏觀經濟狀況，並將根據市場情況靈活調整投資節奏。

We grew our lot position by 17%, ending the quarter with over 65,500 lots owned or controlled, of which roughly 39,900 were owned.

我們的地塊部位增加了 17%，截至本季末，我們擁有或控制了超過 65,500 塊地塊，其中約 39,900 塊為我們所擁有。

Of these owned lots, over 16,000 are in a finished condition.

在這些擁有的土地中，超過 16,000 塊處於完工狀態。

We are pleased with the composition of our portfolio, including the quality of the locations, geographic mix, and cost basis.

我們對我們的投資組合的組成感到滿意，包括地點的品質、地理組合和成本基礎。

Our focus is on capital efficiency, developing lots wherever possible in smaller phases and balancing development with our starts pace to manage our inventory of finished lots.

我們的重點是資本效率，盡可能以較小的階段開發批次，並平衡開發與我們的啟動速度以管理成品批次的庫存。

We currently own or control all the lots that we need to achieve our delivery targets for 2025 as well as the majority of our deliveries in 2026.

我們目前擁有或控制實現 2025 年交付目標以及 2026 年大部分交付目標所需的所有批次。

As we have stated in the past, our divisions have roadmaps in place to reach at least a top five position in each of our served markets.

正如我們過去所說，我們的部門制定了路線圖，以在我們所服務的每個市場中至少達到前五名的位置。

For those divisions that are already top five, the next step is to achieve a top three ranking.

對於那些已經進入前五名的部門，下一步是達到前三名的排名。

And for those divisions currently in the top three in their markets, we have targeted growth plans in place.

對於目前在其市場中排名前三的部門，我們制定了有針對性的成長計劃。

Overall, we feel we have significant upside opportunities through taking share in the markets we serve.

總體而言，我們認為透過在我們服務的市場中佔據份額，我們擁有巨大的上昇機會。

We continue to generate a strong level of cash flow and are taking a balanced approach in allocating this capital.

我們繼續產生強勁的現金流，並採取平衡的方式分配資本。

We are reinvesting in our growth and returning cash to stockholders through a significant share repurchase program, utilizing the $1 billion authorization that our Board approved in April as well as our quarterly dividend, which we raised during the second quarter.

我們正在利用董事會四月份批准的 10 億美元授權以及我們在第二季度籌集的季度股息，透過重大股票回購計畫對我們的成長進行再投資，並向股東返還現金。

Our top priority is to invest in the growth of our business.

我們的首要任務是投資我們的業務成長。

Having said that, we are generating sufficient cash to accomplish our growth goals and also return cash to stockholders.

話雖如此，我們正在產生足夠的現金來實現我們的成長目標，並向股東返還現金。

While we had previously guided to share repurchases this year in the range of $200 million to $400 million, we're now raising the minimum level of repurchases to $250 million.

雖然我們先前指導今年的股票回購規模為 2 億至 4 億美元，但現在我們將回購的最低水準提高至 2.5 億美元。

Since we began repurchasing shares on a regular basis in 2021, we have repurchased over 22% of the shares then outstanding accretive to both our diluted earnings per share and returns.

自 2021 年我們開始定期回購股票以來，我們已經回購了超過 22% 的當時流通在外的股票，這增加了我們的稀釋每股收益和回報。

Over this period of time, we have returned more than $1 billion in cash to our stockholders.

在此期間，我們已向股東返還超過 10 億美元現金。

In closing, I want to thank the entire KB Home team for their commitment to serving our homebuyers and contributing to our solid performance.

最後，我要感謝整個 KB Home 團隊致力於為我們的購屋者提供服務並為我們的穩健業績做出貢獻。

We are realizing the potential of our business as our operations return to a steady rhythm, given faster build times and a normalizing supply chain.

隨著我們的營運恢復到穩定的節奏、更快的建造時間和標準化的供應鏈，我們正在認識到我們業務的潛力。

Our buyers are demonstrating a preference for our build to order model and see the benefit of flexibility in making choices based on what they value and can afford.

我們的買家表現出對我們按訂單生產模式的偏好，並看到了根據他們的價值和負擔能力做出選擇的靈活性的好處。

We have a healthy backlog, which together with our homes in production and starts is well balanced to achieve our $6.8 billion revenue projection this year.

我們有大量的積壓訂單，加上我們正在生產和開工的房屋，這使得我們今年能夠實現 68 億美元的收入預測。

Our expanding lot count will drive future community count growth and our business is better diversified today relative to the past few years as our newest divisions ramp up their scale, we remain committed to driving stockholder value through the profitable growth of our company in driving volume and returns as well as returning capital to stockholders, which we continue to execute on.

我們不斷擴大的地塊數量將推動未來社區數量的增長，隨著我們最新部門的規模擴大，我們的業務與過去幾年相比今天更加多元化，我們仍然致力於透過我們公司在推動銷量和利潤方面的獲利成長來推動股東價值回報以及向股東返還資本，我們將繼續執行這一點。

We have again incrementally raised our full-year guidance, which we expect will drive an increase in our year-over-year return on equity.

我們再次逐步提高了全年指導，我們預計這將推動我們的年比股本回報率增加。

As we move through the remainder of '24, we look forward to updating you on our business.

在 24 年剩下的時間裡，我們期待向您通報我們的業務最新情況。

With that, I'll now turn the call over to Jeff for the financial review.

這樣，我現在將把電話轉給傑夫進行財務審查。

Jeff?

傑夫？

Thank you, Jeff, and good afternoon, everyone.

謝謝傑夫，大家下午好。

I will now cover highlights of our 2024 second-quarter financial performance and provide our current outlook for the third quarter and full year.

我現在將介紹我們 2024 年第二季財務業績的亮點，並提供我們目前對第三季和全年的展望。

We are pleased with our second-quarter execution that produced financial results, exceeding our expectations across all key metrics amid a volatile and uncertain mortgage interest rate environment.

我們對第二季的執行情況感到滿意，在動盪和不確定的抵押貸款利率環境下，我們的財務表現在所有關鍵指標上都超出了我們的預期。

Alongside our healthy top line performance and double-digit operating margin, we generated robust cash flow, enabling us to reinvest in our business, return capital to our stockholders through common stock repurchases in a higher quarterly dividend, and ended the period with over $1.7 billion of liquidity.

除了健康的營收業績和兩位數的營業利潤率外，我們還產生了強勁的現金流，使我們能夠對我們的業務進行再投資，透過普通股回購以更高的季度股息向股東返還資本，並在該期間結束時獲得超過17 億美元的收入流動性。

Our housing revenues of $1.7 billion for the quarter were down 3% from the prior year period, reflecting a 4% decrease in the number of homes delivered, partially offset by a slight increase in our overall average selling price.

本季我們的房屋收入為 17 億美元，比去年同期下降 3%，反映出交付的房屋數量減少了 4%，但部分被我們整體平均售價的小幅上漲所抵消。

The number of homes delivered in the second quarter represented a backlog conversion rate of 61%, the highest second quarter rate since 2013, and a significant improvement from 52% for the year earlier quarter due to both our improved build times as well as the lower cancellation rate in the current period.

第二季交付的房屋數量代表了61% 的積壓轉換率，這是自2013 年以來第二季的最高水平，與去年同期的52% 相比有了顯著改善，這得益於我們縮短了建造時間以及降低了成本。

Based on our current construction cycle times and backlog, we anticipate our 2024 third-quarter housing revenues will be in a range of $1.65 billion to $1.75 billion.

根據我們目前的建設週期時間和積壓訂單，我們預計 2024 年第三季的房屋收入將在 16.5 億美元至 17.5 億美元之間。

Additionally, based on housing market conditions and anticipated continued improvement in our build times, for the full year, we expect to generate housing revenues in a range of $6.7 billion to $6.9 billion, an increase of $100 million at the midpoint versus our prior guidance.

此外，根據住房市場狀況和預計建設時間的持續改善，我們預計全年住房收入將在 67 億美元至 69 億美元之間，比我們先前的指導增加 1 億美元。

In the second quarter, our overall average selling price of homes delivered increased to $483,000 from $479,500 in the prior year period, reflecting shifts in geographic and product mix.

第二季度，我們交付的房屋的整體平均售價從去年同期的 479,500 美元增至 483,000 美元，反映了地理和產品組合的變化。

For the 2024 third quarter, we are projecting an overall average selling price of approximately $482,000 and expect a sequential increase in the fourth quarter due to a higher mix of deliveries from our West Coast region, which has the highest ASP of our four regions.

對於2024 年第三季度，我們預計總體平均售價約為482,000 美元，並預計第四季度將連續上漲，因為西海岸地區的交付量更高，該地區的平均售價是我們四個地區中最高的。

We believe our average selling price for the full year will be approximately $485,000 to $495,000.

我們相信全年的平均售價約為 485,000 美元至 495,000 美元。

Homebuilding operating income in the current quarter was $188.2 million as compared to $202.1 million in the year earlier quarter.

本季住宅建築營業收入為 1.882 億美元，去年同期為 2.021 億美元。

The current quarter included abandonment charges of $1.2 million versus $4.3 million a year ago.

本季的廢棄費用為 120 萬美元，而去年同期為 430 萬美元。

Excluding inventory-related charges, our operating margin for the current quarter was 11.1% as compared to 11.7% in the prior-year period, primarily reflecting higher selling, general, and administrative expenses incurred to position our operations for future growth.

不包括庫存相關費用，我們本季的營業利潤率為 11.1%，而去年同期為 11.7%，主要反映了為確保我們的業務未來成長而產生的銷售、一般和管理費用的增加。

We expect our 2024 third-quarter homebuilding operating income margin, excluding the impact of any inventory-related charges, to be in the range of 10.8% to 11.4%.

我們預計 2024 年第三季住宅建築營業利潤率（不包括任何庫存相關費用的影響）將在 10.8% 至 11.4% 之間。

For the full year, we expect our operating margin, again excluding any inventory-related charges, to be in the range of 11.0% to 11.4%.

我們預計全年營業利潤率（同樣不包括任何庫存相關費用）將在 11.0% 至 11.4% 之間。

Our 2024 second-quarter housing gross profit margin of 21.1% was even with the year earlier quarter.

我們的 2024 年第二季房屋毛利率為 21.1%，與去年同期持平。

Excluding inventory-related charges, in both periods, our gross margin decreased by 20 basis points to 21.2%.

不包括庫存相關費用，兩個期間的毛利率均下降 20 個基點至 21.2%。

Assuming no inventory-related charges, we are forecasting a 2024 third-quarter housing gross profit margin in the range of 21.0% to 21.4% and a full-year margin in a range of 21.1% to 21.5%.

假設不計入庫存相關費用，我們預計 2024 年第三季房屋毛利率將在 21.0% 至 21.4% 之間，全年利潤率將在 21.1% 至 21.5% 之間。

Our selling, general, and administrative expense ratio was 10.1% for the 2024 second quarter compared to 9.6% for the 2023 second quarter, mainly reflecting higher marketing and other expenses associated with the planned increase in community count and growth in housing revenue.

2024 年第二季的銷售、一般和管理費用率為 10.1%，而 2023 年第二季為 9.6%，主要反映了與社區數量計畫增加和住房收入成長相關的行銷和其他費用增加。

We believe our 2024 third-quarter SG&A expense ratio will be in the range of 9.9% to 10.3% and our full-year ratio will be about 10.1%.

我們認為，我們 2024 年第三季的 SG&A 費用率將在 9.9% 至 10.3% 之間，全年比率將約為 10.1%。

Moving on from operating income, another contributor to our pretax earnings in the current quarter was a $12.5 million gain on the sale of an ownership interest in a privately held technology company, which was included in the interest and other line items.

從營業收入來看，本季稅前收益的另一個貢獻者是出售一家私人科技公司的所有權權益而獲得的 1,250 萬美元收益，該收益已包含在利息和其他項目中。

Our income tax expense for the second quarter of $52.7 million represented an effective tax rate of 23.8% compared to 23.5% for the prior year period.

我們第二季的所得稅費用為 5,270 萬美元，有效稅率為 23.8%，而去年同期為 23.5%。

We expect our effective tax rate for the 2024 third quarter to be approximately 24% and for the full year to be approximately 23%.

我們預計 2024 年第三季的有效稅率約為 24%，全年的有效稅率約為 23%。

Overall, we produced net income for the second quarter of $168.4 million or $2.15 per diluted share compared to $164.4 million or $1.94 per diluted share for the prior year period.

總體而言，我們第二季的淨利潤為 1.684 億美元，即稀釋後每股收益 2.15 美元，而去年同期淨利潤為 1.644 億美元，即稀釋後每股收益 1.94 美元。

The 11% year-over-year growth in earnings per share reflected both the 2% improvement in net income and the favorable impact of our share repurchases over the past several quarters.

每股盈餘年增 11%，既反映了淨利潤 2% 的成長，也反映了過去幾季我們股票回購的有利影響。

Turning now to community count, our second-quarter average of 243 decreased 4% from the year earlier quarter.

現在轉向社區數量，第二季的平均數量為 243 個，比去年同期下降了 4%。

We ended the quarter with 247 communities, roughly flat year over year and up 4% sequentially.

本季結束時，我們有 247 個社區，與去年同期基本持平，但季增 4%。

We anticipate our average community count for the 2024 third quarter to be up in the low-single digits year over year with a sequentially flat quarter-end community count, resulting in a mid- to high-single-digit increase over the third quarter of 2023.

我們預計 2024 年第三季的平均社區數量將同比增長低個位數，季末社區數量將持平，從而導致比 2024 年第三季度實現中個位數到高個位數的增長。

We believe our 2024 fourth-quarter average community count will also be higher than in the prior year period, as we remain focused on increasing the number of open selling communities to drive top-line growth and market share.

我們相信，2024 年第四季的平均社群數量也將高於去年同期，因為我們仍然專注於增加開放銷售社群的數量，以推動營收成長和市場佔有率。

At the same time, while we expect year-over-year growth in our community count in the last two quarters of 2024, we are anticipating more sellouts in the second half of the year.

同時，雖然我們預計 2024 年最後兩個季度的社區數量將同比增長，但我們預計今年下半年的銷售量將會增加。

This will impact our year-end community count now expected to be in the range of 250 to 255.

這將影響我們的年終社區數量，目前預計在 250 到 255 之間。

To drive continued new community openings, we invested 668 million in land and development during the second quarter, an increase of 69% compared to the prior year, and ended the quarter with a pipeline of over 65,500 lots, of which 61% were owned and 39% were under contract.

為了推動新社區的持續開放，我們第二季度在土地和開發方面投資了6.68 億美元，比上年增長了69%，本季末儲備地塊超過65,500 個，其中61% 為自有和開發項目。

The percentage of lots under contract is up significantly compared to 27% as of our 2023 year end and 25% a year ago.

與 2023 年底的 27% 和一年前的 25% 相比，合約中的地塊百分比顯著上升。

During the quarter, Moody's Investor Service upgraded the Company's debt rating to Ba1, reflecting the company's scale and anticipated expansion, strong market position across our regions, deleveraging track record, and disciplined approach to balance sheet management.

本季度，穆迪投資者服務公司將公司的債務評級上調至 Ba1，反映了公司的規模和預期擴張、在各地區的強勁市場地位、去槓桿化記錄以及嚴格的資產負債表管理方法。

We ended the quarter with a debt-to-capital ratio of 29.8%.

本季結束時，我們的債務資本比率為 29.8%。

In April, our Board approved an increase in the quarterly cash dividend to $0.25 per share from $0.20 per share and authorized the repurchase of up to $1 billion of our outstanding common stock.

4 月份，我們的董事會批准將季度現金股利從每股 0.20 美元增加到每股 0.25 美元，並授權回購最多 10 億美元的已發行普通股。

We repurchased nearly 765,000 shares of our common stock at an average price of $65.38 during the quarter.

本季我們以 65.38 美元的平均價格回購了近 765,000 股普通股。

As Jeff mentioned, we intend to continue to repurchase shares and expect the pace, volume, and timing of share repurchases to be based on considerations of our cash flow, liquidity outlook, land investment opportunities and needs, the market price of our shares, and the housing market in general economic environment.

正如傑夫所提到的，我們打算繼續回購股票，並預期股票回購的速度、數量和時間將基於我們的現金流、流動性前景、土地投資機會和需求、我們股票的市場價格以及總體經濟環境下的房地產市場。

At quarter end, our total liquidity was over $1.7 billion, including nearly $1.1 billion of available capacity under our unsecured revolving credit facility with no cash borrowings outstanding and $644 million of cash.

截至季末，我們的總流動性超過 17 億美元，其中包括無擔保循環信貸安排下近 11 億美元的可用能力（無未償還現金借款）和 6.44 億美元的現金。

In conclusion, we are very pleased with our solid second-quarter financial performance and strong operational execution.

總之，我們對第二季穩健的財務表現和強大的營運執行力感到非常滿意。

We intend to sustain our focus on expanding our scale through land investments in new community openings while also maintaining our balanced approach to capital allocation by returning cash to stockholders through common stock repurchases and quarterly dividends.

我們打算繼續專注於透過新社區的土地投資來擴大規模，同時透過普通股回購和季度股息向股東返還現金，保持平衡的資本配置方式。

We will now take your questions.

我們現在將回答您的問題。

John, please open the lines.

約翰，請打開線路。

(Operator Instructions) John Lovallo, UBS.

（操作員說明）John Lovallo，UBS。

Hi, guys.

嗨，大家好。

Thank you for taking my question.

感謝您回答我的問題。

First one just could just kind of trying to do is quickly the back-of-the-envelope math.

第一個可以嘗試做的就是快速進行粗略的數學計算。

It looks like the outlook would sort of imply that fourth quarter revenue of about call it $1.9 billion, so call 14%-ish sequential step up from the third quarter.

看起來前景在某種程度上意味著第四季的營收約為 19 億美元，因此可以認為比第三季季增 14% 左右。

And it seems like gross margin will be relatively flat third quarter, to fourth quarter and the way we thinking about it.

從我們的角度來看，第三季、第四季的毛利率似乎將相對持平。

So first question is, are we thinking about that correctly?

所以第一個問題是，我們的想法正確嗎？

And why would there not be a little bit more leverage on the gross margin front?

為什麼不在毛利率方面增加一點槓桿呢？

What are the kind of the puts and takes there?

那裡的看跌期權和看跌期權是什麼樣的？

Right.

正確的。

First of all, yes, you are thinking about that correctly.

首先，是的，你的想法是正確的。

Did the math on the fly pretty accurately.

即時數學計算得相當準確。

On the leverage, we're facing a lot of things on the gross margin side, as we talked about earlier in the year, we -- like most people had an expectation of rates actually coming down and being able to reduce some of the mortgage interest rate incentives that we've had out there that unfortunately has not happened as of this point and that put a little bit of pressure on the back end margins.

在槓桿方面，我們在毛利率方面面臨很多問題，正如我們在今年早些時候談到的那樣，我們像大多數人一樣預期利率實際上會下降並能夠減少部分抵押貸款不幸的是，我們已經採取了利率激勵措施，但到目前為止還沒有發生，這給後端利潤率帶來了一些壓力。

We are seeing some mix shift in deliveries in the back half of the year.

我們看到今年下半年的交貨量出現了一些混合變化。

But honestly, we're pretty happy that we've been able to raise incrementally the full year gross margin outlook for the company despite some of those headwinds.

但老實說，我們很高興儘管存在一些不利因素，但我們仍能夠逐步提高公司的全年毛利率前景。

And we're continuing to work on all the other factors that go into it.

我們正在繼續研究涉及其中的所有其他因素。

Obviously, pricing has been more difficult, but despite that, we've had some limited price increases in the majority of our communities during the quarter and the largest headwind right now, is to send this mortgage rate side, but we've been powering through that pretty well.

顯然，定價變得更加困難，但儘管如此，本季我們大多數社區的價格上漲有限，目前最大的阻力是降低抵押貸款利率，但我們一直在推動得很好地通過了。

And we're actually fairly pleased with the outlook for the second half of the year and especially being able to incrementally raise some of those guidance points as we look towards the end of 2024.

事實上，我們對下半年的前景相當滿意，尤其是在我們展望 2024 年底時能夠逐步提高其中一些指導點。

Yeah.

是的。

May make sense.

可能有道理。

Okay.

好的。

And then on the land front, the owned and controlled lots, I think a lot of last quarter you had what you needed to satisfy 2025 deliveries and now you're talking about through the majority of 2026.

然後在土地方面，在擁有和控制的土地上，我認為上個季度的大部分時間你都擁有滿足 2025 年交付所需的東西，現在你正在談論 2026 年的大部分時間。

I guess first part of that is how would you sort of frame your confidence in the near term demand is that you're feeling better about that versus just kind of building the pipeline?

我想第一部分是您如何確定對近期需求的信心，與僅僅建造管道相比，您對此感覺更好？

And secondarily, I mean, would we expect you to sort of take your foot off the gas at this point?

其次，我的意思是，我們會期望您在此時停止踩油門嗎？

Or how are you thinking about future land spend?

或您如何看待未來的土地支出？

John, good question.

約翰，好問題。

It's really a pedal and a break.

這實際上是一個踏板和一個休息。

Demand remains very solid right now.

目前需求仍然非常強勁。

As we shared in our prepared comments, there is sensitivity to affordability, and we are not straying from our underwriting approach targeting the median incomes, what type of products in that submarket can kind of allow us to accomplish that.

正如我們在準備好的評論中所分享的那樣，對負擔能力很敏感，我們並沒有偏離針對中等收入的承保方法，該子市場的哪種類型的產品可以讓我們實現這一目標。

So there's a healthy tension in that land isn't available -- readily available in all locations to achieve that type of strategy.

因此，存在著一種健康的緊張局勢，即土地無法獲得——在所有地點都可以隨時獲得土地來實現這種策略。

So we're finding enough deal flow to expand our investments and we are not looking at it right now as if we would slow that down.

因此，我們正在尋找足夠的交易流來擴大我們的投資，而且我們現在並沒有考慮放慢速度。

We are, however, remaining diligent in our standards.

然而，我們仍然嚴格遵守我們的標準。

So for the year we think our land spend will be up pretty significantly year over year, and we're comfortable with the investments we're making and the returns we expect on those.

因此，今年我們認為我們的土地支出將同比顯著增加，我們對我們正在進行的投資和我們期望的回報感到滿意。

Stephen Kim, Evercore ISI.

史蒂芬金，Evercore ISI。

(technical difficulty) take on the longer-term outlook for growth.

（技術難度）採取更長期的成長前景。

I think you sort of talked about what you're expecting in there here in the next quarter or so a quarter or two.

我認為您談到了您對下個季度左右的一兩個季度的期望。

But from a longer-term perspective, can you give us a sense for what kind of volume growth or revenue growth, you are setting your land strategy up to be able to achieve?

但從更長遠的角度來看，您能否讓我們了解您所製定的土地策略能夠實現什麼樣的銷售成長或收入成長？

Steve, it's a ground-up build in every market and I shared the targets we have for the scale we want in every city and we're working on that, and we're making inroads more into the top five and more into the top three and several that have the opportunity possibly over next year to be number one in their market.

史蒂夫，這是每個市場的基礎建設，我分享了我們在每個城市想要達到的規模目標，我們正在努力實現這一目標，我們正在進一步進入前五名，更多地進入前列三個和幾個有可能在明年成為市場第一的機會。

So it's more about the market share in each city with our investment strategy and how we're allocating capital.

因此，更重要的是每個城市的市場份額以及我們的投資策略以及我們如何分配資本。

We think we can fuel growth in the over 10% a year community count range around the system.

我們認為我們可以推動系統周圍社區數量每年增長 10% 以上。

That probably means on average 14% to 20% revenue growth between a little bit of pricing and a continued community count growth.

這可能意味著一點定價和持續的社區數量增長之間的收入平均增長 14% 到 20%。

So if we do all that, you'll hit 10% to 20% revenue growth and your bottom-line growth would be a little higher than that.

因此，如果我們做到這一切，您將實現 10% 到 20% 的收入成長，並且您的利潤成長將略高於此。

But it's built ground up with a strategy in each market and we don't have limits on the divisions right now on what we'll invest.

但它是建立在每個市場策略的基礎上的，我們現在對我們將投資的部門沒有限制。

It's up to them to go find the deals that pencil.

他們得去找鉛筆上的交易。

Yes, got it.

是的，明白了。

That's great.

那太棒了。

That's exactly what I was looking for.

這正是我一直在尋找的。

And so that kind of leads to my second question, which relates to absorption.

這就引出了我的第二個問題，它與吸收有關。

I guess that those kind of numbers suggest that you expect to have discussions here (technical difficulty) you've talked about the rapid absorption or a little above historical levels (technical difficulty) and whether or not we can expect is to -- why we can expect this to be kind of a new normal or larger (technical difficulty) some of the increase in absorptions or are there other things that we should be thinking about there?

我想這些數字表明您希望在這裡進行討論（技術難度），您已經談到了快速吸收或略高於歷史水平（技術難度），以及我們是否可以預期 - 為什麼我們可以預期這是一種新常態或更大（技術難度）吸收量的增加，或者我們應該考慮其他事情？

Steve, as you know, it's a balance.

史蒂夫，如你所知，這是一種平衡。

And what we heard about 20% of your question, it was really a bad connection, but I'll take a shot at it.

我們聽到你的問題中大約 20% 的情況是，連接確實很糟糕，但我會嘗試一下。

We were balancing things to optimize each asset.

我們正在平衡事物以優化每項資產。

We've been talking that way for quite a while.

我們這樣談論已經有一段時間了。

And our margins are higher now.

現在我們的利潤率更高了。

And we have a nice property equation working and in areas where the land is easily replaceable, we'll go for more absorption than the 5.5.

我們有一個很好的財產方程，在土地很容易更換的地區，我們會比 5.5 尋求更多的吸收。

If it's an infill location in California, we'll go for the best margin we can because you can't replace it and you take your time to optimize profits.

如果它是加州的一個填充位置，我們將盡最大努力爭取最大的利潤，因為你無法取代它，並且你需要花時間來優化利潤。

But as we build our strategy of growth with the community count we're targeting will assume current absorption rates.

但當我們根據社區數量製定成長策略時，我們的目標將假設當前的吸收率。

And if our margins were to move a little higher because there's no inventory, which I think they could over time, our margins move higher.

如果我們的利潤率因為沒有庫存而提高一點，我認為隨著時間的推移，我們的利潤率會提高。

You'd see a higher absorption rate along with it.

您會看到更高的吸收率。

But at the same time, we've kind of got a floor on our run rates at around 4, 4.5 per community.

但同時，我們的運作率下限約為每個社區 4、4.5。

And so you can do the math and toggle between community count growth and any unit growth we get, but it always be to optimize the assets.

因此，您可以進行數學計算，並在社區數量增長和我們獲得的任何單位增長之間進行切換，但這始終是為了優化資產。

Michael Rehaut, JPMorgan.

麥可雷豪特，摩根大通。

Great.

偉大的。

Thanks, everyone.

謝謝大家。

Thanks for taking my questions.

感謝您回答我的問題。

Good afternoon.

午安.

I wanted to first kind of zero in a little bit on how you felt demand has progressed throughout the quarter and even so far into the third quarter rates, obviously, rate came up a bit about the 1 month, 1.5 it's come down a little bit more recently.

我想先把整個季度的需求進展歸零，甚至到目前為止到第三季度的利率，顯然，利率在 1 個月左右上升了一點，1.5 下降了一點最近。

Has this impacted, as you kind of alluded to earlier, maybe incentives being elevated a little bit more in terms of mortgage concessions or other areas of closing cost, perhaps.

正如您之前提到的，這是否會影響抵押貸款優惠或其他結帳成本領域的激勵措施可能會有所提高。

Just wanted to get a sense for how demand and pricing has progressed and any take on the last several weeks with the most recent move in rates.

只是想了解需求和定價的進展以及過去幾週最新利率變動的情況。

Mike I'll ask Rob to answer that question relative to the rhythm and the demand.

麥克，我將請羅布回答有關節奏和需求的問題。

But just to clarify one thing.

但只是為了澄清一件事。

It's not that concessions are up.

並不是說讓步了。

They've held steady.

他們一直保持穩定。

We expected they may go down a little bit as the year unfolded because of the stronger conditions we saw in March and early April before, the rates came up at about the time of our last call.

我們預計隨著今年的展開，利率可能會略有下降，因為我們在 3 月和 4 月初看到了更強勁的情況，大約在我們上次電話會議時利率就上升了。

So we're not seeing concessions go up this time.

所以我們這次沒有看到優惠增加。

They're just not going down the way they we thought they would.

他們只是沒有按照我們想像的方式發展。

Rob you want to give some commentary on the demand through the quarter?

Rob，您想對本季的需求發表一些評論嗎？

Sure.

當然。

In terms of the second quarter sales, I would say the business performed very well on a portfolio basis.

就第二季的銷售而言，我認為該業務在投資組合的基礎上表現非常好。

We mentioned we have 5.5 net orders per month per community.

我們提到每個社區每月有 5.5 個淨訂單。

But in addition to that, each one of our regions on an individual basis achieved at five a month or more every single month of the quarter, and we really didn't see much change.

但除此之外，我們每個地區在本季的每個月都實現了每月五個或更多的目標，我們確實沒有看到太大的變化。

We do expect to see things slow down as it always does seasonally as we move into the summer here.

我們確實希望看到事情會隨著我們進入夏季而放緩，就像季節性的那樣。

But demand really across our footprint and from month to month was fairly consistent.

但在我們的足跡中，每個月的需求確實相當一致。

And as Jeff mentioned, not really a change in the incentives that we had to offer to drive that.

正如傑夫所提到的，我們為推動這一目標而必須提供的激勵措施並沒有真正改變。

It's just we didn't get the mortgage rate pullback that we thought we might.

只是我們沒有像我們想像的那樣下調抵押貸款利率。

And that remained relatively flat over the last couple of quarters.

過去幾季這一數字保持相對穩定。

Okay.

好的。

That's very helpful.

這非常有幫助。

I appreciate that.

我很欣賞這一點。

I guess secondly, would love to just get your thoughts on how to think about gross margins maybe a little bit longer term and you look at what you did from 2013 to 2018, 2019, we averaged about 17% -- 18% you kind of been more consistent in the last year, 1.5 around 21% mid 21%.

我想其次，我很想聽聽您對如何考慮毛利率的想法，也許從長遠來看，您看看您從2013 年到2018 年、2019 年所做的事情，我們平均約為17％ - 18 ％去年的情況較為穩定，1.5 左右為 21% 左右，中間為 21%。

And what's changed in your view that that's kind of allowed you to hold on to this higher level?

您認為是什麼發生了變化，讓您能夠保持更高的水平？

And, I don't want to put words in your mouth.

而且，我不想把話塞到你嘴裡。

So you had two factors that come to mind.

所以你想到了兩個因素。

But what are your thoughts on the sustainability of the current margins?

但您對當前利潤率的可持續性有何看法？

And if you decide to continue to shift perhaps a little bit more to option lots, which sometimes carry a lower gross margin.

如果你決定繼續轉向選擇權地塊，有時毛利率較低。

And if that any potential strategy shifts might impact that going forward.

如果是這樣的話，任何潛在的策略轉變都可能影響未來的發展。

Sure.

當然。

So yeah, just a few comments on the margins.

是的，只是在頁邊空白處發表一些評論。

So when you look at the company, scale helps a lot.

因此，當你觀察公司時，規模有很大幫助。

Not only on leveraging some of the fixed costs that are included in margin, but particularly on the supplier side, materials, labor, et cetera, in the market.

不僅要利用利潤中包含的一些固定成本，而且特別是在市場上的供應商方面、材料、勞動力等方面。

So that's why there's such a focus within the company, within the company's divisions on achieving a large scale in each of our served markets.

這就是為什麼公司內部、公司各部門都非常注重在我們所服務的每個市場中實現大規模發展。

So that's been a very favorable factor for the company.

所以這對公司來說是一個非常有利的因素。

Number two, as you know, Mike, we've done a tremendous amount of work on our capital structure over the years and particularly back to the period that you mentioned, our interest amortization is way down compared to prior, that's direct improvement in margin that just went right to the margin line, and that is very sustainable.

第二，如你所知，麥克，多年來我們在資本結構方面做了大量工作，特別是回到你提到的時期，我們的利息攤銷比以前下降了很多，這是利潤率的直接改善這正好達到了邊緣線，而且是非常可持續的。

And in fact, future potential there as well as our inventory balance continues to grow, our debt levels stay either constant or slightly decreasing.

事實上，那裡的未來潛力以及我們的庫存餘額持續成長，我們的債務水準保持不變或略有下降。

And we have a really nice capital structure now.

我們現在有一個非常好的資本結構。

And now with our new Ba1 status with Moody's and the recent upgrade.

現在我們獲得了穆迪的新 Ba1 評級以及最近的升級。

We also received -- we're in really good shape on the capital side of things and the interest side of things.

我們也收到——我們在資本方面和利息方面都處於非常好的狀態。

So that's good.

所以這樣很好。

So as far as sustainability goes, if you look at 21% low 20%, let's call it margins.

就永續性而言，如果你看看 21% 低 20%，我們稱之為利潤率。

I think they're very sustainable and in fact, things that we can build upon as we achieve higher levels of scale in our served markets as we grow the total company top line.

我認為它們非常永續，事實上，隨著我們在所服務的市場中實現更高水準的規模，隨著我們公司總收入的成長，我們可以以此為基礎。

And as we move forward with some of our supplier and cost strategies, I certainly think margins are sustainable and could even expand from here.

隨著我們推動一些供應商和成本策略，我當然認為利潤是可持續的，甚至可以從這裡開始擴張。

So we'll see as we go.

所以我們邊走邊看。

I think the single largest tailwind that we could experience is just reduction of incentives.

我認為我們可能經歷的最大的推動因素就是激勵措施的減少。

As you know, we're not really an incentive based company.

如您所知，我們並不是一家真正基於激勵的公司。

We've been playing that game for a while in the face of these higher interest rates in order to generate affordability for our buyers.

面對更高的利率，我們已經玩這個遊戲一段時間了，以便為我們的買家提供負擔能力。

But also along with most people don't think these rates are here to stay for the long term.

但大多數人也不認為這些利率會長期維持下去。

And although they may not reach the low levels that they once were at, there's a fairly sizable margin pickup that could be gained just from seeing that go away.

儘管它們可能不會達到曾經的低水平，但只要看到這種情況消失，就可以獲得相當大的利潤回升。

So those are the I guess my high-level thoughts on that margin question as far as auction lot strategy, we're not seeing much change internally from a margin point of view on that side of things.

因此，這些是我想我對拍賣批次策略的保證金問題的高層想法，從保證金的角度來看，我們內部並沒有看到太多變化。

We'll take the option lots of they're out there and available.

我們會選擇很多現有的選項。

If they're not, we're pretty focused on just expanding community count in developing our own lots as we go.

如果不是，我們將非常專注於擴大社區數量，開發我們自己的土地。

So we'll see how that shakes out.

所以我們會看看情況如何。

But overall, pretty pleased with margins.

但總體而言，對利潤率非常滿意。

So very pleased with the expansion and the sustained higher level that we've been experiencing the last few years, and hopefully we can build upon those in the future.

我們對過去幾年所經歷的擴張和持續的更高水平感到非常滿意，希望我們能夠在未來的基礎上再接再厲。

Matthew Bouley, Barclays.

馬修·博利，巴克萊銀行。

Good evening. (inaudible) for Matthew, thanks for taking my questions.

晚安. （聽不清楚）馬修，感謝您提出我的問題。

So first off, I think you said that bill times are now at around five months, which is within your target historic four to five range.

首先，我想您說過帳單時間現在約為五個月，這在您的目標歷史四到五個月範圍內。

Just wondering if this is still the target range.

只是想知道這是否仍然是目標範圍。

Or maybe if there's further push on this and then what levers you're taking to get there?

或者如果有進一步的推動，那麼您將採取哪些手段來實現這一目標？

Thanks.

謝謝。

Rob?

搶？

So yeah, we're at five months, not satisfied with five months.

所以，是的，我們已經有五個月了，對五個月不滿意。

We've been faster than that in the past.

我們的速度比過去更快。

We've talked about a range of four to five months.

我們討論了四到五個月的範圍。

We've had many businesses that have built in faster than four months.

我們有許多企業在四個月以上的時間內就建立起來了。

So we're not going to take our foot off the gas on that.

因此，我們不會就此放鬆警惕。

I think there are still opportunities out there.

我認為那裡仍然有機會。

We have some divisions that are performing much better than others.

我們有一些部門的表現比其他部門好得多。

So that's an opportunity to kind of get the underperforming divisions aligned with the better performing ones, but also proactive things that we're doing and we've been talking about for several quarters, like simplifying our product and building into cadence, driving cost out just an overall simpler formula.

因此，這是一個讓表現不佳的部門與表現較好的部門保持一致的機會，也是我們正在做的、我們已經討論了幾個季度的積極主動的事情，比如簡化我們的產品、構建節奏、降低成本只是一個整體更簡單的公式。

That combined with really things getting back in rhythm with the supply chain now being much more stable.

再加上供應鏈現在變得更加穩定，一切都恢復了節奏。

The systems, the processes as that we've used for years are working as they should.

我們多年來使用的系統和流程正在正常運作。

And I think that's going to create additional opportunities for us to keep driving build times down and reap the benefits that provides for our business.

我認為這將為我們創造更多機會，以繼續縮短建置時間並獲得為我們的業務帶來的好處。

Got it.

知道了。

Super helpful.

超有幫助。

Thanks.

謝謝。

And then my second question, you guys talked about the resiliency in buyer demand.

然後我的第二個問題，你們談到了買家需求的彈性。

I guess more specifically, what trends are you may be seeing in consumers utilizing the design studio and like around options and upgrades?

我想更具體地說，您可能會在使用設計工作室的消費者中看到什麼趨勢，並喜歡圍繞選擇和升級？

Any thoughts on that would be helpful?

對此有什麼想法會有幫助嗎？

Thanks.

謝謝。

It's very interesting.

這很有趣。

And that's why we always like to share the credit profile of the buyers.

這就是為什麼我們總是喜歡分享買家的信用狀況。

When you think were 50% first time and the average income is over 130 and they're putting $77,000 down with a high cycle, which are very well-heeled first time buyer.

當你認為首次購屋者的比例為 50%，平均收入超過 130 美元時，他們以高週期首付 77,000 美元，這是非常富有的首次購房者。

Having said that, the size of the homes has not moved much for many quarters.

話雖如此，許多季度以來房屋的面積並沒有太大變化。

And the studio spend has been very consistent.

工作室的支出也非常穩定。

What they're selecting in the studio can move around some.

他們在工作室中選擇的內容可能會發生一些變化。

But the dollars that they're spending in the studio has been pretty consistent for the last 8 to 12 quarters.

但在過去 8 到 12 個季度中，他們在工作室上的花費相當穩定。

So not seeing really any change in consumer preference, even with the higher prices that we've been operating at.

因此，即使我們的經營價格較高，消費者的偏好也沒有真正改變。

Alan Ratner, Zelman & Associates.

艾倫·拉特納，Zelman & Associates。

Hey, guys, good afternoon.

嘿，夥計們，下午好。

Nice quarter and thanks for all the detail so far.

不錯的季度，感謝迄今為止的所有細節。

First question maybe this is digging in a little bit to the regional trends a bit.

第一個問題也許是對區域趨勢進行了一些挖掘。

But we have seen you mentioned obviously, rates have stayed higher for longer than expected.

但我們顯然看到您提到，利率維持在較高水準的時間比預期的要長。

I think probably the one other macro development that may or may not be surprising as we have seen, resale inventories are moving higher in certain markets that are at a pretty decent rate, albeit off of incredibly low levels.

我認為，正如我們所看到的，另一個可能令人驚訝或不令人驚訝的宏觀發展可能是，某些市場的轉售庫存正在上升，儘管處於令人難以置信的低水平，但其速度相當不錯。

And if I look at your order performance by region, the Southeast kind of stands out a little bit on roughly flat sequentially orders.

如果我按地區查看你們的訂單表現，東南部地區的訂單表現大致相當。

And normally you would see a 20% to 30% sequential uptick in your second quarter.

通常情況下，第二季度您會看到 20% 到 30% 的環比增長。

In that also kind of overlaps where we've seen some pretty decent increases in resell inventory.

在這種重疊中，我們看到轉售庫存出現了相當可觀的成長。

So we just hoping you can kind of discuss a little bit what you're seeing on the resale front.

所以我們只是希望您能稍微討論一下您在轉售方面看到的情況。

Do you feel like you are seeing more competition in certain markets?

您是否覺得某些市場的競爭更加激烈？

And if so, what are you doing to respond to that?

如果是這樣，您將採取什麼措施來應對？

Rob, you want to take that?

羅布，你想要那個嗎？

Sure.

當然。

It's a good question.

這是一個好問題。

Resale is always our biggest competitor.

轉售始終是我們最大的競爭對手。

So we're always focused on it.

所以我們始終專注於此。

We've got to stay tethered to resale pricing.

我們必須遵守轉售價格。

We have to have a reasonable premium, but I don't think we've really seen any big changes in demand yet related to resale levels coming up.

我們必須有合理的溢價，但我認為我們還沒有真正看到與即將出現的轉售水平相關的需求發生任何重大變化。

I mean you talk about Florida and the headline is going to be something like resale inventory levels have exploded.

我的意思是，你談論的是佛羅裡達州，標題將是轉售庫存水準爆炸式增長。

They're double year over year.

他們年復一年翻倍。

But when you dig into the markets, like I was specifically looking at [Tampa] earlier today, we're talking about going from, I think 1.8 months of supply to 3.6 months of supply.

但當你深入研究市場時，就像我今天早些時候專門研究[坦帕]一樣，我們正在談論從 1.8 個月的供應量到 3.6 個月的供應量。

So while it has increased and it has become more of a formidable competitor than it was when the supply was less than two months.

因此，儘管供應量有所增加，但與供應量不到兩個月時相比，它已成為更強大的競爭對手。

It's still well below the historical norms.

它仍然遠低於歷史標準。

I think historical norms close to six months of supply that would be considered imbalance.

我認為歷史標準接近六個月的供應量將被視為不平衡。

So definitely keeping an eye on it.

所以一定要密切注意。

Probably some impact to our sales in Florida in the quarter.

可能會對我們本季在佛羅裡達州的銷售產生一些影響。

But as I mentioned earlier, all of our all of our regions performed well, every one of them with sales per month per community above five each month of the quarter.

但正如我之前提到的，我們所有的地區都表現良好，每個地區每季每個社區的月銷售額都超過 5。

So I wouldn't say that we're seeing a big impact from that yet.

所以我不會說我們已經看到了巨大的影響。

It's just something that we will certainly stay tuned into and adjust as needed, though.

不過，我們肯定會繼續關注並根據需要進行調整。

Perfect.

完美的。

And I appreciate that detail.

我很欣賞這個細節。

Second question on the land front.

第二個問題是關於土地方面的。

So your total lot count increased 18% sequentially in that I got to go back to second quarter of 2004 to find a quarter where your lot count rose by such a meaningful rate.

因此，你們的總批次數連續增加了 18%，因為我必須回到 2004 年第二季度才能找到你們的批次數以如此有意義的速度增長的季度。

I know when we've talked about this in the past.

我知道我們過去討論過這個問題。

One of the things you always highlighted a lot of these deals are either in due diligence or has been kind of tied up or locked in way before it shows up as an increase in your lot count.

您總是強調的許多交易之一要么正在進行盡職調查，要么在交易量增加之前就已經被捆綁或鎖定。

So I'm not assuming you went out and all of a sudden contracted for 10,000 loss this quarter.

因此，我不會假設您本季突然虧損 10,000 美元。

But I was hoping you can give us a little color in terms of, where are these lot center, what type of negotiation or pricing, what that has been given the fact that it seems like this growth has all come through auction lots as opposed to owned.

但我希望你能給我們一些信息，比如這些地塊中心在哪裡，談判或定價的類型，考慮到這一增長似乎都是通過拍賣而不是通過拍賣來實現的。

It is a pretty significant one quarter increase compared to what we've seen historically.

與我們歷史上看到的相比，這是一個相當顯著的四分之一增長。

A lot of it, Alan, is the timing of when it's secure to your point, we could be working on a purchase agreement for three, four, five months, sometimes with sellers hammering out the details before you put the money up and control is not entitled or whatever you need to do.

艾倫，很多時候是你的觀點安全的時機，我們可能會在三、四個、五個月內制定一份購買協議，有時賣家會在你付錢之前敲定細節，控制權是無權或任何您需要做的事情。

We've intentionally staffed up our land teams and we are working with the division pretty intensively to grow our community count, and we've had fits and starts over -- ever since COVID there's been interest rate rises, COVID demand, no demand and we pulled some chips off the table a few times to keep the dry powder and let's see where the market's headed and that did impact our community count over the last couple of years.

我們特意為我們的土地團隊配備了人員，我們正在與該部門密切合作，以增加我們的社區數量，而且我們也時斷時續——自從新冠疫情以來，利率上升、新冠需求、無需求和我們幾次從桌面上拿出一些籌碼來保留乾粉，讓我們看看市場的走向，這確實影響了我們過去幾年的社區數量。

We're past that now.

我們現在已經過去了。

We see many markets where the dynamics are no inventory and the lots have value.

我們看到許多市場的動態是沒有庫存並且批次具有價值。

As I shared, we're continuing to be diligent in our underwriting standards, but we're finding adequate deal flow.

正如我所分享的，我們將繼續努力遵守我們的承保標準，但我們正在尋找足夠的交易流。

And it's the healthy tension that I've already mentioned of holding divisions, accountable to our standards, and underwriting and product and geography and encourage them to go tie up deals and the deals that have to hit our return.

這是我已經提到的健康的緊張關係，即控股部門，對我們的標準負責，承銷、產品和地理，並鼓勵他們捆綁交易和必須影響我們回報的交易。

So we were successful in the quarter and it's not one or two large deals it's many, many 100 or 150 lot deals that we've secured around the system.

因此，我們在本季度取得了成功，這不是一兩筆大型交易，而是我們在系統周圍獲得的許多、許多 100 或 150 手交易。

And we we're seeing growth in all of our markets right now in our lots owned and controlled.

我們現在看到我們擁有和控制的所有市場都在成長。

So we like the portfolio and the strategy.

所以我們喜歡這個投資組合和策略。

We've set an update a pretty nice trajectory for '25 and '26.

我們為 25 和 26 年設定了一個相當不錯的更新軌跡。

Susan Maklari, Goldman Sachs.

蘇珊·馬克拉里，高盛。

Thank you.

謝謝。

Good afternoon.

午安.

Thanks for taking the questions.

感謝您提出問題。

My first question is I wanted to go back a bit to the gross margin, you made a comment that you have seen lot premiums and upgrades that are benefiting the profitability of the business.

我的第一個問題是我想回顧一下毛利率，您評論說您看到了很多溢價和升級，這有利於業務的盈利能力。

Can you quantify that?

你能量化一下嗎？

And then can you also talk to the potential upside from there.

然後你還可以談談那裡的潛在好處嗎？

As you think about rates coming down and your buyers perhaps having a bit more purchasing power where that could go over time and how it could benefit profitability?

當您考慮利率下降以及您的買家可能擁有更多購買力時，隨著時間的推移，這種情況會發生變化，以及它如何有利於盈利能力？

Sure, Susan.

當然，蘇珊。

I'll take the second part of that first and then come back on lot premiums in the studios.

我會先拿第二部分，然後再在工作室拿很多溢價。

Like I mentioned before, you were to unusually high level of incentives out there in this mortgage interest rate.

正如我之前提到的，您在抵押貸款利率中獲得了異常高水平的激勵。

And if we can eliminate that, it's a 4% basis margin improvement for the company of all else being equal.

如果我們能夠消除這一點，那麼在其他條件相同的情況下，公司的基礎利潤率將提高 4%。

So if we hold costs equal, assuming land, values, that equal et cetera, it's a pretty significant upside for us.

因此，如果我們保持成本相等，假設土地、價值等相等，這對我們來說是一個相當大的好處。

So that factor alone, I think, gives me some really good feelings about the future potential of gross margins.

因此，我認為，僅憑這一因素就讓我對毛利率的未來潛力產生了一些非常好的感覺。

When you start looking at things like lot premiums and studio, the good news on the studio side is the spend and even as ASPs have gone up.

當你開始考慮地塊溢價和工作室等因素時，工作室方面的好消息是支出，即使平均售價已經上漲。

And as affordability, there's been a lot of headlines and affordability, we're still seeing buyers come into the studio and user studio process.

至於負擔能力，有很多頭條新聞和負擔能力，我們仍然看到買家進入工作室和用戶工作室流程。

And as we've talked often in the past, we use their studio mainly as a differentiator on the sales side and pull more buyers.

正如我們過去經常談論的那樣，我們主要利用他們的工作室作為銷售方面的差異化因素並吸引更多買家。

And we do believe that's part of the reason why we see very high absorption pace per community relative to the peers.

我們確實相信，這就是為什麼我們看到每個社區相對於同行的吸收速度非常高的部分原因。

But despite that, we still do have incrementally higher margin on studio sales in our base house margins, but it's not an area where we really focus to kind of cream it and add a big dollars on that side of it.

但儘管如此，我們在工作室銷售方面的利潤率仍然在逐步提高，但這並不是我們真正關注的領域，而是在這方面增加大量資金。

We'll take it.

我們會接受它。

Where it comes in.

它從哪裡進來。

We tried to keep our options are pretty close to market and go from there.

我們試圖讓我們的選擇非常接近市場，並從那裡開始。

Lot premiums dissolve always a focus area is a focus area of all builders.

地塊溢價始終是所有建築商關注的焦點領域。

It's almost if you think about a pure profit.

如果你考慮純利潤的話，這幾乎是這樣。

There's no incremental cost to one line versus another lot of developed community.

與另一批已開發社區相比，一條生產線沒有增加成本。

But to the extent you can get lot premiums on those lots, it's incrementally positive to gross margins.

但只要你能從這些批次上獲得批次溢價，它就會對毛利率產生正面的影響。

So that's really how we look at it on those two factors.

這就是我們對這兩個因素的看法。

Again, on the incentive thing, we're looking forward to getting back to our base business model, how we like to operate the business, which is more or less everyday low pricing without offering huge incentives out there without discounting our homes and offer and the buyer's choice and personalization in order to drive an above average absorption pace per community.

再次，在激勵方面，我們期待回到我們的基本商業模式，我們喜歡如何經營業務，這或多或少是每天的低價，而不提供巨大的激勵措施，而不打折我們的房屋和報價，買家的選擇和個性化，以推動每個社區高於平均水平的吸收速度。

Yeah, okay.

是啊，好吧。

That's helpful color.

這是有用的顏色。

And then maybe thinking about the consumer at a higher level, there's been a lot of different data points that have come through and comments from various companies, across the consumer landscape in the last couple of months or so.

然後也許從更高的層面考慮消費者，在過去的幾個月左右的時間裡，整個消費者領域出現了許多不同的數據點和來自不同公司的評論。

And even your competitor this morning made some comments about consumers perhaps being under more financial stress, which seems like that's in contrast to the stats that you gave around your buyer in your prepared comments.

甚至您的競爭對手今天早上也發表了一些評論，稱消費者可能面臨更大的財務壓力，這似乎與您在準備好的評論中提供的有關買家的統計數據形成鮮明對比。

I guess when you step back, how do you think about the health of the consumer and the buyer that's coming through today?

我想當您退後一步時，您如何看待當今消費者和買家的健康狀況？

And has it changed at all?

它有什麼變化嗎？

Are you seeing anything different in there?

你看到裡面有什麼不同嗎？

And how do you think about the profile of the businesses as perhaps rates start to come down and we expand pool of demand.

隨著利率可能開始下降並且我們擴大需求池，您如何看待企業的概況。

I think you touched on it, Susan.

我想你已經談到了這一點，蘇珊。

I was -- we quote -- Rob quoted in his script, the income levels, the FICO score and how much they're putting down as observed it's a well-heeled first-time buyer.

我——我們引用——羅佈在他的劇本中引用了收入水平、FICO 評分以及他們觀察到的富裕首次購房者的首付金額。

But their debt loads are up.

但他們的債務負擔卻在增加。

You see it in the statistics.

你可以在統計數據中看到這一點。

Credit card balances are higher, car loans, whatever it is.

信用卡餘額更高，汽車貸款，無論是什麼。

There's a lot of pressure in there in their cost of living outside of homeownership.

除了擁有住房之外，他們的生活成本也面臨很大的壓力。

So we are very sensitive and in tune to doing what we can to help improve affordability.

因此，我們非常敏感，並願意盡我們所能來幫助提高負擔能力。

And I think if rates came down, it would help a lot of things, but we don't assume rates are going to come down anytime soon.

我認為，如果利率下降，將會有很多幫助，但我們不認為利率會很快下降。

So you have to navigate through it and we're benefiting as the buyer demand is strong enough that you're able to operate your business pretty successfully with this higher credit profile customer.

因此，您必須渡過難關，我們將從中受益，因為買家的需求足夠強勁，您可以透過這個信用狀況較高的客戶非常成功地經營您的業務。

But I think we would say to that they're a little more credit challenged and there's a little more debt burden, then there was a couple of years ago.

但我認為我們會說，與幾年前相比，他們面臨的信貸挑戰更大一些，債務負擔也更大一些。

Jay McCanless, Wedbush Securities.

傑伊‧麥肯利斯，韋德布希證券公司。

Thanks for taking my questions.

感謝您回答我的問題。

I guess, Rob, could you talk more about what was going on in the Southeast and also in the West region during the quarter, I know you said absorptions were pretty solid relative to the overall average, but the orders were down there.

我想，羅布，您能否更多地談談本季度東南部和西部地區的情況，我知道您說過相對於整體平均水平而言吸收量相當穩定，但那裡的訂單卻有所下降。

Is that a function of communities and do you expect to catch up on the community side in those regions later this year?

這是社區的功能嗎？

Part of it is a little bit driven by community count and in Florida, and I do expect that to catch up, we've had some general delays in getting communities opened, it's not communities that are going away, but just get pushed out a little bit.

部分原因是社區數量和佛羅裡達州的社區數量推動了這一點，我確實希望能夠趕上，我們在開放社區方面出現了一些普遍的延遲，並不是社區正在消失，而是被趕出了社區。 。

So I don't know, Jay Can, if you've got the specific stat, but I think it was community count was down sequentially there a little bit.

所以我不知道傑伊·坎（Jay Can）是否有具體的統計數據，但我認為社區數量連續下降了一點。

But overall demand in both regions remain relatively strong.

但兩個地區的整體需求仍然相對強勁。

We talk about the Southwest Las Vegas continue to have that highest sales rate we've had in the community.

我們談論的是拉斯維加斯西南部繼續擁有我們社區中最高的銷售率。

Inland Empire did really well in the West, all of California, really Texas performed very, very well.

內陸帝國在西部表現非常好，整個加州，德州都表現得非常非常好。

Those businesses are back in sync, they've normalized can rate actually lower than normal.

這些企業已恢復同步，它們已經正常化，其利率實際上低於正常水平。

That drove a better net sales result.

這推動了更好的淨銷售業績。

So outside of the uptick in inventory in Florida that we've been reading about, which I think is still well below the historical norms.

因此，除了我們一直在讀到的佛羅裡達州庫存上升之外，我認為這仍然遠低於歷史正常水平。

I don't really see any storm clouds out there for us.

我真的沒有看到外面有什麼烏雲。

But as I mentioned before, it will continue to monitor and watch it.

但正如我之前提到的，它將繼續監視和觀察。

Got it.

知道了。

And then just on gross margin, it sounds like you're getting a decent amount of pricing not big pricing, but enough to cover mortgage concessions.

然後就毛利率而言，聽起來您獲得了相當可觀的定價，不是很大的定價，但足以支付抵押貸款優惠。

It also sounds like you might have a positive product shift with more California in the fourth quarter.

聽起來您可能會在第四季度向更多加州進行積極的產品轉移。

I guess why not be a little more aggressive on the gross margin guide for especially for the full year.

我想為什麼不在毛利率指引上更積極一點，尤其是全年的毛利率指引。

What's holding you back there?

是什麼阻礙了你？

Jay, we forecast gross margins based on our backlog, it's one of the advantages of the BTO business.

Jay，我們根據積壓訂單來預測毛利率，這是 BTO 業務的優勢之一。

We have a lot of visibility into the future and for the sales, particularly in the spring selling season, which are mainly delivered out in the fourth quarter, the mix of business and the mix of sales and the mix between the divisions that we see basically, we roll them all up and we're trying to what we're seeing right now in our backlog numbers and what we anticipate selling through move-in ready homes in the third and fourth quarter that deliver up before the end of the year.

我們對未來和銷售有很多了解，特別是在春季銷售季節，主要在第四季度交付，我們基本上看到業務組合、銷售組合以及部門之間的組合，我們把它們全部匯總起來，我們正在努力解決我們現在在積壓訂單中看到的情況，以及我們預計在第三和第四季度透過入住現成房屋銷售的情況，並在年底前交付。

So there's not tons of guesswork there.

所以這裡沒有太多的猜測。

We've been pretty consistent in gross margin in our estimates really have been coming in closer to the high end of our range is now for the past several quarters, and we're pleased with the consistency in the business and what we're seeing and how things are progressing, and we'll keep you guys updated as we go.

我們的毛利率一直非常穩定，在過去的幾個季度裡，我們的估計確實已經接近我們範圍的高端，我們對業務的一致性和我們所看到的感到滿意以及事情進展如何，我們會及時向大家通報最新情況。

So we lifted the full year range up very incrementally right now, and we'll continue to monitor it.

因此，我們現在逐步提高了全年範圍，我們將繼續監控它。

We did expect at the beginning of the year to see a similar pattern to what we're seeing now.

我們在今年年初確實預計會看到與現在類似的模式。

But for different reasons.

但出於不同的原因。

We thought we'd get a little more help on the interest rate side and be able to do things with incentives and pricing that we have not been able to do because of the macro, but we've been able to offset that through other initiatives within the company.

我們認為我們會在利率方面獲得更多幫助，並能夠透過激勵和定價來做一些我們因宏觀原因而無法做到的事情，但我們已經能夠透過其他舉措來抵消這一點公司內部。

We're pleased with that.

我們對此感到滿意。

And ladies and gentlemen, that does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。