KB Home (KBH) 2025 Q1 法說會逐字稿

Good afternoon. My name is John, and I will be your conference operator today. I would like to welcome everyone to the KB Home 2025 first quarter earnings conference call. (Operator Instructions) Today's conference call is being recorded and will be available for replay at the company's website, kbhome.com through April 24, 2025. And now I would like to turn the call over to Jill Peters, Senior Vice President, Investor Relations.

午安.我叫約翰，今天我將擔任您的會議主持人。歡迎大家參加 KB Home 2025 第一季財報電話會議。（操作員指示）今天的電話會議正在錄製，並將於 2025 年 4 月 24 日之前在公司網站 kbhome.com 上提供重播。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. You may begin.

謝謝你，吉爾。你可以開始了。

Thank you, John. Good afternoon, everyone, and thank you for joining us today to review our results for the first quarter of fiscal 2025. On the call are Jeff Mezger, Chairman and Chief Executive Officer; Rob McGibney; President and Chief Operating Officer; Bill Hollinger, Senior Vice President and Chief Accounting Officer; and Thad Johnson, Senior Vice President and Treasurer.

謝謝你，約翰。大家下午好，感謝大家今天加入我們，共同回顧 2025 財年第一季的業績。參加電話會議的有董事長兼執行長 Jeff Mezger；羅布·麥吉布尼總裁兼營運長； Bill Hollinger，高級副總裁兼首席會計官；以及高級副總裁兼財務主管 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. These statements are not guarantees of future results, and the company does not undertake any obligation to update them.

在本次電話會議中，我們將討論《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述的內容。這些聲明並非對未來結果的保證，本公司也不承擔更新這些聲明的任何義務。

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，包括今天的新聞稿中以及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. And with that, here's Jeff Mezger.

此外，非公認會計準則調整後房屋毛利率的調整表（不包括庫存相關費用和今天討論中提到的任何其他非公認會計準則指標）可參閱今天的新聞稿和/或我們網站 kbhome.com 的投資者關係頁面，了解最直接可比的公認會計準則指標。以下是 Jeff Mezger 的報導。

Thank you, Jill. Good afternoon, everyone. In addition to reporting our first quarter results today, we also announced that Rob Dillard will be joining the company as our Executive Vice President and Chief Financial Officer. Rob is a well-rounded leader with a solid financial and operational background. He's an excellent addition to our deeply talented and long-tenured finance and accounting team. We're excited for him to join us next week.

謝謝你，吉爾。大家下午好。除了今天報告第一季業績外，我們還宣布 Rob Dillard 將加入公司擔任執行副總裁兼財務長。Rob 是一位全面的領導者，擁有紮實的財務和營運背景。他是我們才華洋溢、任職時間長的財務和會計團隊的優秀補充。我們很高興他下週能加入我們。

Moving on to market conditions. Consumers are continuing to cope with affordability concerns and uncertainties around macroeconomic and geopolitical events. As a result, consumer confidence has declined sequentially each month for the past several months and homebuyers are moving more slowly in making their purchase decisions.

繼續討論市場狀況。消費者仍在繼續應對負擔能力方面的擔憂以及宏觀經濟和地緣政治事件的不確定性。結果，過去幾個月消費者信心逐月下降，購屋者做出購買決定的速度也越來越慢。

While longer-term housing market conditions remain favorable, driven by demographics and an undersupply of homes, demand at the start of the spring selling season has been more muted than we have seen over the past few years.

儘管受人口結構和住房供應不足的推動，長期房地產市場狀況依然良好，但春季銷售季節開始時的需求比過去幾年更加低迷。

As a result of this softer selling environment, we are lowering our revenue guidance for fiscal 2025. As for the details of our results, we produced total revenues of $1.4 billion, and diluted earnings per share of $1.49 in our first quarter. We delivered fewer homes than we anticipated due to about 150 less inventory home sales than we projected and a timing issue that impacted roughly 75 of our deliveries in Southern California following the wildfires early this year.

由於銷售環境疲軟，我們下調了 2025 財年的營收預期。至於我們的業績細節，我們第一季的總營收為 14 億美元，每股攤薄收益為 1.49 美元。由於庫存房屋銷售量比我們預期的少了約 150 套，而且今年年初的山火之後，時間問題影響了我們在南加州大約 75 套房屋的交付，因此我們交付的房屋數量少於預期。

Even with this lower level of deliveries, our gross margin held up well at 20.3%, excluding inventory-related charges, above the midpoint of our guided range. With our SG&A of 11%, we produced an operating income margin of 9.3%.

即使交付量較低，我們的毛利率仍保持在 20.3%（不包括庫存相關費用）的良好水平，高於我們指導範圍的中點。我們的銷售、一般及行政費用為 11%，因此我們的營業收入利潤率為 9.3%。

We increased our book value per share to over $57, a 12% year-over-year increase. We generated 2,772 net orders in the first quarter. While our average community count was in line with our projection and our cancellation rate was fairly steady, our monthly absorption pace per community was 3.6 homes compared to 4.6 in last year's first quarter.

我們將每股帳面價值提高至 57 美元以上，年增 12%。我們在第一季產生了2,772份淨訂單。雖然我們的平均社區數量與我們的預測一致，而且我們的取消率相當穩定，但每個社區的每月吸收量為 3.6 戶，而去年第一季為 4.6 戶。

At the time of our last earnings call in January, track in our communities was higher year-over-year, along with higher website leads and mortgage interest rates were similar to where they were in the year ago period. These metrics indicated to us that we were set up to experience a typical start to the spring selling season, similar to how the 2024 spring season unfolded with the strongest weeks of the first quarter still ahead of us.

在我們一月舉行的上一次收益電話會議上，我們社區的業務量同比增長，網站引導量也更高，抵押貸款利率與去年同期相似。這些指標向我們表明，我們將經歷春季銷售季的典型開端，類似於 2024 年春季的展開方式，第一季最強勁的幾週仍在我們面前。

And with a meaningful number of planned new community openings, we expected to achieve a flat year-over-year net order comparison for the full quarter. As the quarter progressed following our last call, it became apparent that demand was softer than we expected. We took action in mid-February, evaluating our base pricing in every community relative to local market conditions, then repositioning our communities with a focus on offering the most compelling value.

由於計劃開設大量新社區，我們預計整個季度的淨訂單量將與去年同期持平。隨著我們上次通話後本季的進展，很明顯需求比我們預期的要弱。我們在二月中旬採取了行動，根據當地市場狀況評估了每個社區的基本定價，然後重新定位我們的社區，重點是提供最具吸引力的價值。

We were encouraged by buyers' responses to these actions and saw a meaningful improvement in our net orders in the last two weeks of the quarter which has continued into the first three weeks of our second quarter. For the trailing five weeks, our weekly net sales have averaged about [300], which equates to an absorption pace of 5.1 net orders per month, per community.

買家對這些行動的反應令我們感到鼓舞，並且在本季度的最後兩週，我們的淨訂單量出現了顯著改善，並且這種狀況一直持續到第二季​​度的前三週。在過去的五周里，我們每週的淨銷售額平均約為 [300]，相當於每個社區每月 5.1 個淨訂單的吸收速度。

This is approaching a more normalized order base for the spring. While we're pleased with this progress, we recognize that the environment is dynamic, and we are committed to taking further action, if necessary, depending on how market conditions evolve. Let me pause here for a moment and ask Rob to provide more details on our deliveries and sales as well as an operational update. Rob?

這使得春季的訂單基礎更加標準化。雖然我們對這一進展感到高興，但我們認識到環境是動態的，我們致力於根據市場狀況的發展，在必要時採取進一步行動。請允許我在這裡暫停一下，請 Rob 提供有關我們的交付和銷售以及營運更新的更多詳細資訊。搶？

Thank you, Jeff. I will begin by addressing our shortfall in deliveries, which trailed our first quarter expectations by approximately 225 homes. Our revenue guidance is comprised of anticipated deliveries of homes from our backlog, together with sales of inventory homes, which has represented about 40% of our business in each of the past two fiscal years.

謝謝你，傑夫。我首先要解決的是我們的交貨量不足問題，第一季的交付量比我們的預期少了約 225 套。我們的收入預期包括我們積壓房屋的預計交付量以及庫存房屋的銷售額，在過去兩個財年中，庫存房屋的銷售額約占我們業務的 40%。

We expected about 150 more sales of inventory homes than we generated and fell short of this projection due to factors impacting our sales overall, which I will discuss in a moment. We also had roughly 75 deliveries in Southern California shift into the second quarter as we were unable to get [meters] utility hookups and final clearances on completed homes with crews divert to priorities related to wildfires in the Los Angeles area that occurred in January.

我們預計庫存房屋的銷售量將比實際銷售量多出約 150 套，但由於影響我們整體銷售量的因素，我們未能達到這一預期，稍後我將討論。我們在南加州的約 75 批貨物的交付也轉移到了第二季度，因為我們無法連接 [電錶] 公用設施，也無法對已完工的房屋進行最終清理，而且工作人員的首要任務是處理 1 月份發生在洛杉磯地區的山火​​。

While we expect to close all of these homes in the second quarter, and many have already been delivered, we will continue to navigate any wildfire-related issues that arise. Moving on to net orders. At the time of our last earnings conference call, six weeks into our first quarter, our net orders were down about 12% year-over-year.

雖然我們預計將在第二季關閉所有這些房屋，而且許多房屋已經交付，但我們將繼續處理出現的任何與野火相關的問題。繼續討論淨訂單。在我們上次召開收益電話會議時，也就是第一季開始六週後，我們的淨訂單年減了約 12%。

Historically, we begin to see net order momentum build in late January and early February, similar to what we experienced in the year ago first quarter, even with [mortgage] interest rates in the high 6% range at that time. However, the 2025 spring selling season started slower than in previous years, reflecting a decline in consumer confidence as consumers process the variables relating to macroeconomic and geopolitical issues.

從歷史上看，我們開始看到淨訂單動能在 1 月底和 2 月初增強，與去年同期第一季的情況類似，即使當時的抵押貸款利率處於 6% 的高點。然而，2025年春季銷售旺季的開局比往年要慢，反映出隨著消費者處理與宏觀經濟和地緣政治問題相關的變量，消費者信心有所下降。

This decline in confidence is leading homebuyers to take longer to make their purchase decisions. In addition, a number of our planned community openings were delayed until late in the first quarter or early in the second contributing to our first quarter net sales results. With healthy traffic in our communities, we took steps in mid-February to drive an increased urgency to purchase by improving affordability for our customers.

信心的下降導致購屋者需要更長的時間來做出購買決定。此外，我們計劃的許多社區開業活動被推遲到第一季末或第二季初，這影響了我們第一季的淨銷售額。由於我們社區的交通狀況良好，我們在二月中旬採取措施，透過提高客戶的承受能力來提高購買的緊迫性。

We focused on offering the most compelling value, reducing base prices and, in many cases, lowering or eliminating incentives, helping to offset the margin impact of those price changes. As we have shared in the past, although buyers are sensitive to rates and monthly payments, the primary motivation of most of our customers is securing a home that meets their needs at the best price.

我們專注於提供最具吸引力的價值，降低基本價格，並在許多情況下降低或取消激勵措施，以幫助抵消這些價格變化對利潤的影響。正如我們過去所分享的，儘管買家對利率和每月付款很敏感，但大多數客戶的主要動機是以最優惠的價格獲得滿足他們需求的房屋。

We thoughtfully and selectively adjusted pricing as needed on a community-by-community basis to stimulate demand and achieve a higher selling pace. As Jeff shared, consumers responded to these adjustments. We believe we have found the market and are encouraged with our trend over the last five weeks, equating to an average absorption base of 5.1 net orders per month per community within our targeted range for the spring.

我們根據每個社區的需要，精心選擇並調整價格，以刺激需求並實現更高的銷售速度。正如傑夫所分享的，消費者對這些調整做出了回應。我們相信我們已經找到了市場，並對過去五週的趨勢感到鼓舞，這相當於每個社區每月平均吸收 5.1 個淨訂單，符合我們春季的目標範圍。

While base price is the main motivator for our customers, we also provided mortgage-related support to our buyers as needed. Mortgage concessions represented approximately 2% of our housing revenues in our first quarter, 2/3 of which were rate buy downs and the other 1/3 was the cost of loan locks.

雖然基本價格是我們客戶的主要動機，但我們也會根據需要為買家提供抵押貸款相關的支援。抵押貸款優惠約占我們第一季房屋收入的 2%，其中 2/3 是利率下調，另外 1/3 是貸款鎖定成本。

Our sales goals for this year are closely connected to our community count expectations. At the end of the first quarter, we had 255 active communities, up 7% year-over-year, contributing to an average of 257, which also increased 7%. We continue to expect to maintain roughly 250- to 260 active communities throughout our 2025 second and third quarters. In addition, we anticipate ending the year with approximately 250 communities before growing our count again in early 2026 just ahead of that spring selling season.

我們今年的銷售目標與社區數量預期密切相關。一季末，我們活躍社群數量為255個，較去年同期成長7%，平均貢獻人數為257人，也成長了7%。我們預計在 2025 年第二季和第三季將維持約 250 至 260 個活躍社區。此外，我們預計今年年底將有大約 250 個社區，然後在 2026 年初春季銷售季節之前再次增加我們的數量。

Our backlog at the end of February was over 4,400 homes valued at $2.2 billion. We maintained a normalized cancellation rate during the quarter, indicating that buyers are ready and able to close on their homes.

截至二月底，我們的積壓房屋超過 4,400 套，價值 22 億美元。我們在本季保持了正常的取消率，這表明買家已經準備好並能夠完成房屋交易。

While our backlog is lower year-over-year, our build times are nearly 20% faster as compared to the prior year quarter. This allows us to sell built-to-order homes later in the year while still achieving the year-end closing. Our 2025 deliveries will be comprised of the homes we have in backlog, built-to-order homes sold through the early part of our third quarter and sales of inventory homes.

雖然我們的積壓訂單量較去年同期有所下降，但與去年同期相比，我們的建置時間卻加快了近 20%。這使我們能夠在今年稍後出售客製化房屋，同時仍能實現年底成交。我們 2025 年的交貨量將包括積壓房屋、第三季初銷售的按訂單建造的房屋以及庫存房屋的銷售量。

We started approximately 2,800 homes in the first quarter, contributing to over 6,500 total homes in production. We remain consistent in aligning our starts with sales, with the majority of the starts already sold.

我們在第一季開工建造了約 2,800 套房屋，總建造量超過 6,500 套。我們始終堅持將開工量與銷售量一致，大部分開工量已經售出。

Overall, our build times measured in calendar days improved sequentially in the first quarter to 147 days, our best level in the last four years. For built-to-order homes, our build times are currently 139 days. This progress in the first quarter moves us closer to our goal of 120 days from start to home completion, which is at the lower end of our historical range.

總體而言，我們第一季以日曆天數衡量的建造時間環比改善，達到 147 天，這是四年來的最佳水平。對於客製化住宅，我們的建造時間目前為 139 天。第一季的進展使我們更接近從開工到竣工 120 天的目標，這處於我們歷史範圍的低端。

Several of our divisions are already building homes at this target level, and we are confident in our ability to achieve this goal company-wide. The benefits of lower build times are numerous, including a more compelling selling proposition for our customers purchasing a built-to-order home relative to the 60 days it takes to complete an existing or speculative home sale, better inventory turns, monetizing our assets quicker and a lower cost of interest rate locks due to the shorter duration of the lock, which will help reduce our mortgage concession cost over time.

我們的多個部門已開始按照這一目標水平建造房屋，我們有信心在全公司範圍內實現這一目標。縮短建造時間有很多好處，包括對於購買定制房屋的客戶提供更具吸引力的銷售方案（相對於完成現有或投機性房屋銷售所需的 60 天），更好的庫存週轉率，更快地將我們的資產貨幣化，以及由於鎖定期限較短而導致的利率鎖定成本較低，這將有助於隨著時間的推移降低我們的抵押貸款優惠成本。

We are continuing to rely on our long-standing trade relationships with our even flow production to ensure that we have the crews necessary to get our homes built. We have not seen any meaningful trade labor shortages to date. Our value engineering and studio simplification efforts are yielding results as we further reduced direct costs on our homes started during the first quarter.

我們將繼續依靠我們長期的貿易關係和均勻的生產流程來確保我們擁有建造房屋所需的人員。到目前為止，我們還沒有看到任何嚴重的貿易勞動力短缺現象。我們的價值工程和工作室簡化工作正在取得成果，因為我們進一步降低了第一季開工的房屋的直接成本。

Direct costs were down both sequentially and year-over-year, helping to offset the impact of our price reductions and increases in land costs. Our costs, including lumber, are protected for almost all of our second quarter starts under the terms of our supply contracts.

直接成本較上月和年比均有所下降，有助於抵銷價格下降和土地成本上漲的影響。根據我們的供應合約條款，我們的成本（包括木材）幾乎在第二季的所有開工中都受到保護。

Regarding lumber, we have started moving toward longer locks and expectation of tariffs being implemented. Our national purchasing team, working with our divisions has effectively managed to hold off anticipated tariff-related cost increases to date. Before I wrap up, I will review the credit metrics of our buyers who finance their mortgages through our joint venture, KBHS Home Loans.

關於木材，我們已經開始轉向更長的鎖定期並預期實施關稅。我們的國家採購團隊與各部門合作，迄今為止已有效地阻止了預期的關稅相關成本上漲。在結束之前，我將審查通過我們的合資企業 KBHS Home Loans 融資抵押貸款的買家的信用指標。

We increased our capture rate sequentially with 90% of buyers who finance their homes using KBHS. 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.

我們的捕獲率連續提高，90% 的買家使用 KBHS 融資購房。更高的捕獲率有助於我們更有效地管理積壓訂單，並提供更高的成交透明度，這對我們公司和買家都有好處。

In addition, we see higher customer satisfaction levels from buyers who use our joint venture versus other lenders. The average cash down payment was stable, both sequentially and year-over-year at 16%, equating to about $80,000. On average, the household income of customers who use KBHS was about $133,000 and they had a FICO score of 746.

此外，我們發現，與其他貸款機構相比，使用我們合資企業的買家的客戶滿意度更高。平均現金首付保持穩定，環比和年比均為 16%，相當於約 8 萬美元。平均而言，使用 KBHS 的客戶的家庭收入約為 133,000 美元，FICO 分數為 746。

Even with 1/2 of our customers purchasing their first home, we are still attracting buyers with strong credit profiles who can qualify for their mortgage while making a significant down payment.

即使我們有一半的客戶購買了第一套房子，我們仍然吸引著信用狀況良好、有資格獲得抵押貸款並支付大筆首付的買家。

In conclusion, while we believe we are aligned with current market conditions based on the solid net orders we have generated over the past five weeks, we will remain nimble in our approach to the spring selling season, balancing pace and price at the community level.

總而言之，雖然我們相信，根據過去五週產生的穩固淨訂單，我們與當前的市場狀況保持一致，但我們仍將靈活地應對春季銷售季節，在社區層面平衡速度和價格。

Our community count trajectory is consistent with the update we provided at the start of the year, and we have a significant number of planned grand openings in the second quarter as well as the second half of this year.

我們的社區數量軌跡與我們在年初提供的更新一致，我們計劃在今年第二季和下半年舉辦大量盛大開幕活動。

We are committed to executing on the day-to-day fundamentals of our business, maintaining our high customer satisfaction levels, further improving build times, value engineering our products to lower direct costs and balancing pace and price to optimize each asset, and we are confident in our ability to navigate varying market conditions. And with that, I will turn the call back over to Jeff.

我們致力於執行日常業務基本原則，保持較高的客戶滿意度，進一步縮短建造時間，對我們的產品進行價值工程以降低直接成本，平衡速度和價格以優化每項資產，並且我們對應對不同市場條件的能力充滿信心。說完這些，我會把電話轉回給傑夫。

Thanks, Rob. We continue to view the long-term outlook for the housing market favorably and are investing in our future community count growth to support our objective of expanding our scale. During the quarter, we invested $920 million in land acquisition and development, of which about 40% went toward development and fees.

謝謝，羅布。我們繼續看好房地產市場的長期前景，並正在投資未來的社區數量成長，以支持我們擴大規模的目標。本季度，我們投資了 9.2 億美元用於土地收購和開發，其中約 40% 用於開發和費用。

The first quarter will likely represent the high watermark in our land spend for this year and included the purchase of two large parcels in Las Vegas, which will provide continuity as we replace our highly successful Inspirada community. Over the past five years, we've averaged nearly 450 deliveries each year at Inspirada across multiple product lines and the community is approaching closeout.

第一季很可能是我們今年土地支出的最高點，其中包括購買拉斯維加斯的兩塊大地塊，這將為我們取代非常成功的 Inspirada 社區提供連續性。在過去的五年中，我們平均每年在 Inspirada 進行近 450 次跨多條產品線的交付，社區即將完成清倉。

The two new parcels will offer similar product lines as Inspirada at affordable price points. Our Las Vegas business is one of our largest and strongest performers, having consistently generated the highest gross margins and profitability in the company. We continue to adhere to our underwriting criteria, product strategy and price points and remain mindful of the housing market and overall economy with the intention of adjusting our investment spend as necessary to match local market conditions.

這兩個新包裹將以實惠的價格提供與 Inspirada 類似的產品線。我們的拉斯維加斯業務是我們規模最大、表現最強的業務之一，一直保持著公司最高的毛利率和獲利能力。我們將繼續堅持我們的承保標準、產品策略和價格點，並持續專注於房地產市場和整體經濟，以便根據需要調整我們的投資支出以適應當地市場條件。

Our investments have contributed to increasing our lot position by 41% year-over-year to over 78,200 lots owned or controlled, 46% of which are optioned. We have expanded our lot position with a focus on capital efficiency, developing lots in smaller phases wherever possible and balancing development with our [starts pace] to manage our inventory of finished lives.

我們的投資使我們的地塊持有量年增 41%，至擁有或控制的地塊超過 78,200 個，其中 46% 為選擇權地塊。我們擴大了我們的地塊地位，重點關注資本效率，盡可能以較小的階段開發地塊，並平衡開發與我們的[啟動速度]以管理我們的已完工庫存。

We've continued our balanced approach of investing in our growth while returning nearly $70 million in capital to shareholders in our first quarter, including $50 million in share repurchases.

我們繼續採取平衡的方式投資於我們的成長，同時在第一季向股東返還了近 7,000 萬美元的資本，其中包括 5,000 萬美元的股票回購。

In closing, I want to recognize the entire KB Home team for their ongoing commitment to serving our homebuyers. Although we have reduced our revenue guidance for fiscal 2025 up to between $6.6 billion and $7 billion, primarily to reflect the lower level of net orders that we generated in our first quarter, we are encouraged that homebuyers have responded to the actions we took to offer the most compelling value, and we have experienced solid net orders in the past five weeks since implementing those adjustments.

最後，我要感謝整個 KB Home 團隊對服務購屋者的持續承諾。儘管我們已將 2025 財年的收入預期下調至 66 億美元至 70 億美元之間，主要是為了反映我們在第一季度產生的淨訂單水平較低，但我們很高興看到購房者對我們為提供最具吸引力的價值而採取的行動做出了回應，並且自實施這些調整以來的過去五週內，我們的淨訂單量一直保持穩健。

While we believe we have taken the appropriate steps to achieve our sales targets, we have a strong and experienced team that has successfully navigated varying market conditions while supporting our customers and operating our business effectively, and we are confident in our ability to continue to do so.

雖然我們相信我們已經採取了適當的措施來實現我們的銷售目標，但我們擁有一支強大且經驗豐富的團隊，他們在支持客戶和有效運營業務的同時成功應對了不同的市場條件，我們有信心繼續這樣做。

Our company is well positioned for future growth with the lots owned or controlled to support higher revenues with a strong balance sheet and significant financial flexibility. Long term, we remain committed to enhancing shareholder value through profitable scale expansion and producing higher returns as well as continuing to return cash to shareholders. Bill Hollinger will be providing the financial review today. And I'll turn the call over to Bill.

我們公司擁有良好的未來成長條件，擁有或控制的土地能夠以強勁的資產負債表和顯著的財務靈活性支持更高的收入。長期來看，我們依然致力於透過擴大獲利規模、創造更高的回報以及持續向股東返還現金來提升股東價值。比爾霍林格 (Bill Hollinger) 今天將提供財務評論。我將把電話轉給比爾。

Thank you, Jeff. As Jeff and Rob mentioned, the first quarter proved to be challenging for a variety of reasons. As a result, our performance fell short of our expectations, primarily due to lower-than-anticipated deliveries, which impacted both our revenues and net income. Nevertheless, several other key metrics for the quarter were aligned with our previous guidance.

謝謝你，傑夫。正如傑夫和羅布所提到的，由於各種原因，第一季充滿挑戰。因此，我們的業績未能達到預期，主要是因為交付量低於預期，這影響了我們的收入和淨收入。儘管如此，本季的其他幾個關鍵指標與我們先前的預期一致。

Regarding our current outlook for the remainder of 2025, we are revising our guidance to reflect our first quarter results including the more muted start to the spring selling season as well as the selective price adjustments we implemented in mid-February to stimulate demand and support a higher sales pace.

關於我們目前對 2025 年剩餘時間的展望，我們正在修改我們的指導方針，以反映我們第一季度的業績，包括春季銷售季節的開局較為低迷，以及我們在 2 月中旬實施的選擇性價格調整，以刺激需求並支持更高的銷售速度。

In the 2025 first quarter, we produced housing revenues of $1.39 billion, net income of $110 million and diluted earnings per share of $1.49. We continued our balanced approach to capital allocation with $920 million in land-related investments, up 57% year-over-year, while returning over $69 million to our stockholders through share repurchases and dividends. We also capped our debt-to-capital ratio at a healthy level.

2025 年第一季度，我們的房屋收入為 13.9 億美元，淨收入為 1.1 億美元，每股攤薄收益為 1.49 美元。我們繼續採取均衡的資本配置方式，土地相關投資達 9.2 億美元，年增 57%，同時透過股票回購和股利向股東返還超過 6,900 萬美元。我們也將債務資本比率控制在健康水平。

Our housing revenues for the first quarter were down 5% compared to $1.46 billion in the prior year period due to a 9% decrease in the number of homes delivered, partly offset by a 4% increase in their overall average selling price. The 2,770 homes delivered in the quarter represented a backlog conversion rate of 62% compared to 55% in the year-earlier period, largely reflecting our improved build times.

我們第一季的住房收入與去年同期的 14.6 億美元相比下降了 5%，因為交付的房屋數量減少了 9%，但整體平均售價上漲了 4%，部分抵消了這一影響。本季交付的 2,770 套房屋代表積壓轉換率為 62%，而去年同期為 55%，這主要反映了我們建造時間的縮短。

As Rob mentioned, the number of homes delivered was below expectations, mainly due to fewer than expected deliveries from inventory sales and utility services related to delays at some of our Southern California communities as local resources were diverted to address wildfire-related priorities.

正如 Rob 所提到的，交付的房屋數量低於預期，主要是因為庫存銷售交付量低於預期，以及由於當地資源被轉移用於解決與野火相關的優先事項，導致南加州一些社區的公用事業服務延誤。

With our revised outlook, we expect second quarter housing revenues to range from $1.45 billion to $1.55 billion. Looking at the 2025 full year, we are now forecasting housing revenues in the range of $6.6 billion to $7.0 billion. The upper end of this range remains within our previous guidance. In the first quarter of our overall average selling price of homes delivered was [$500,700] also in line with our guidance.

根據我們修改後的預測，我們預計第二季住房收入將在 14.5 億美元至 15.5 億美元之間。展望 2025 年全年，我們預測住房收入將在 66 億美元至 70 億美元之間。該範圍的上限仍在我們先前的指導範圍內。第一季我們交付的房屋整體平均售價為[500,700美元]，這也符合我們的預期。

Reflecting our selective price adjustments and anticipated mix of deliveries, we expect our second quarter overall average selling price to be approximately $488,000. For the full year, we are revising our overall average selling price projection to be in the range of $480,000 to $495,000.

考慮到我們選擇性的價格調整和預期的交付組合，我們預計第二季的整體平均售價約為 488,000 美元。對於全年，我們將整體平均售價預測修改為 480,000 美元至 495,000 美元之間。

For context, our prior guidance was $488,000 to $498,000. Homebuilding operating income was $127.3 million compared to $157.7 million for the year earlier quarter. Operating income included inventory-related charges totaling $1.5 million in the current quarter and $1.3 million in the prior quarter, consisting in both periods entirely of land option contract abandonments.

就背景而言，我們之前的指導價格是 488,000 美元至 498,000 美元。房屋建築營業收入為 1.273 億美元，去年同期為 1.577 億美元。營業收入包括本季總計 150 萬美元和上一季總計 130 萬美元的庫存相關費用，這兩個期間均完全由土地選擇合約放棄構成。

Our homebuilding operating income for the quarter was 9.2% compared to 10.8% in the last year's first quarter, mainly due to our lower housing gross profit margin. We anticipate our 2025 second quarter homebuilding operating income margin will be approximately 8.5%.

本季我們的房屋建築營業收入為 9.2%，而去年第一季為 10.8%，主要是由於我們的房屋毛利率較低。我們預計 2025 年第二季房屋建築營業收入利潤率將約為 8.5%。

For the 2025 full year, we are projecting this metric to be approximately 9.4%, which primarily reflects expected sequential improvement in the latter half of the year, driven by increased operating leverage on higher revenues. Our current projection is lower compared to both our prior guidance of approximately 10.7% and the year earlier results of 11.1%. These operating income margins assume no inventory-related charges.

對於 2025 年全年，我們預計該指標約為 9​​.4%，這主要反映了下半年預期的連續改善，這得益於收入增加帶來的經營槓桿增加。我們目前的預測低於我們先前預測的約 10.7% 和去年同期的 11.1%。這些營業收入利潤率不假設任何與庫存相關的費用。

Our 2025 first quarter housing gross profit margin was 20.2% compared to 21.5% for the year earlier quarter. The decrease mainly reflected higher relative land costs, increased homebuyer concessions and reduced operating leverage. Excluding inventory-related charges, our housing gross profit margin was 20.3% above the midpoint of our guidance for the 2025 first quarter for the year earlier quarter, it was 21.6%.

我們 2025 年第一季的房屋毛利率為 20.2%，去年同期為 21.5%。下降主要反映了相對土地成本的上升、購屋者優惠的增加以及營運槓桿的降低。不計庫存相關費用，我們的房屋毛利率比 2025 年第一季預期中位數高出 20.3%，而去年同期為 21.6%。

We are forecasting a housing gross profit margin for the 2025 second quarter in the range of 19.1% to 19.5% and for the full year in the range of 19.2% to 20.0%, assuming no inventory-related charges. Our gross margin outlook for both periods reflect lower selling prices than we anticipated in January, reduced operating leverage on lower delivery volume and the challenging operating environment.

我們預測，2025 年第二季的房屋毛利率將在 19.1% 至 19.5% 之間，全年的房屋毛利率將在 19.2% 至 20.0% 之間（假設沒有庫存相關費用）。我們對這兩個時期的毛利率前景的預測反映出，銷售價格低於我們一月份的預期，交付量較低導致經營槓桿降低，經營環境充滿挑戰。

Our selling, general and administrative expense ratio for the quarter of 11% was up slightly from the year earlier quarter. Considering the operating leverage effect was approximately 40 basis points, we would have achieved our guidance had we generated the delivery volume we were expecting.

本季我們的銷售、一般及行政費用率為 11%，較去年同期略有上升。考慮到經營槓桿效應約為 40 個基點，如果我們產生了預期的交付量，我們就會實現我們的指導。

We are forecasting a 2025 second quarter SG&A ratio to be in the range of 10.6% to 11.0% and expect our 2025 full year SG&A ratio will be in the range of 10.0% to 10.4%. Our income tax expense of $29.8 million for the quarter represented an effective tax rate of 21.4% compared to 20.6% for the year earlier quarter. The current quarter rate compared favorably to our guidance primarily due to the impact of tax benefits related to stock-based compensation.

我們預測 2025 年第二季的銷售、一般及行政費用比率將在 10.6% 至 11.0% 之間，預計 2025 年全年的銷售、一般及行政費用比率將在 10.0% 至 10.4% 之間。本季我們的所得稅費用為 2,980 萬美元，有效稅率為 21.4%，而去年同期為 20.6%。本季的利率與我們的預期相比較為有利，這主要歸因於與股票薪酬相關的稅收優惠的影響。

We expect our effective tax rate to be approximately 24% for the second quarter and full year. As we said on our previous earnings call, our 2025 full year tax rate is expected to be up slightly from the previous year. This is primarily due to decreases in energy tax credits. In terms of our bottom line results for the quarter, we generated net income of $109.6 million and diluted earnings per share of $1.49. This compares to net income of $138.7 million and diluted earnings per share of $1.76 for the same quarter of last year.

我們預計第二季和全年的有效稅率約為 24%。正如我們在上次收益電話會議上所說，我們 2025 年全年稅率預計將比前一年略有上升。這主要是由於能源稅收抵免減少。就本季的底線業績而言，我們的淨收入為 1.096 億美元，每股攤薄收益為 1.49 美元。相比之下，去年同期的淨收入為 1.387 億美元，每股攤薄收益為 1.76 美元。

Turning to land. We continued the positive momentum of the past few quarters in expanding our portfolio to position our business for future growth and larger scale. In the first quarter, we significantly increased our investment in land acquisition and development to $920 million, ending the quarter with inventory balance of just under $6 billion, up 13% from a year ago.

轉向陸地。我們延續了過去幾季的積極勢頭，擴大了我們的產品組合，為我們的業務未來的成長和規模做好準備。第一季度，我們大幅增加了土地收購和開發投資，達到 9.2 億美元，季度末庫存餘額略低於 60 億美元，比去年同期成長 13%。

In keeping with our balanced approach to capital allocation, we repurchased 754,000 shares of our common stock at a total cost of $50 million during the quarter with $650 million remaining under our current common stock purchase authorization, and our healthy balance sheet, we have both the ability and intent to repurchase additional shares.

為了維持我們均衡的資本配置方法，我們在本季度以 5000 萬美元的總成本回購了 754,000 股普通股，目前的普通股購買授權剩餘 6.5 億美元，並且我們的資產負債表健康，我們有能力和意願回購更多股份。

However, the pace, volume, timing will depend on factors such as our operating cash flow, liquidity forecasts, land investment, prospects and needs, the market price of our shares and the conditions in the housing market and broader economic environment.

然而，速度、數量和時間將取決於我們的營運現金流、流動性預測、土地投資、前景和需求、我們股票的市場價格以及房地產市場和更廣泛的經濟環境狀況等因素。

We ended the quarter with total liquidity of $1.25 billion, including $268 million of cash and $982 million available under our unsecured revolving credit facility with $100 million cash borrowings outstanding. Our first quarter is typically when we have the lowest cash inflows and highest outflows of our fiscal year. As such, in executing on our priority of investing in land and land development for future growth during the 2025 first quarter, we utilized cash borrowings from our credit facility.

本季結束時，我們的總流動資金為 12.5 億美元，其中包括 2.68 億美元現金和 9.82 億美元的無擔保循環信貸額度，以及 1 億美元的未償現金借款。我們的第一季通常是整個財政年度現金流入最低、現金流出最高的季度。因此，在執行 2025 年第一季投資土地和土地開發以實現未來成長的優先事項時，我們利用了信貸額度中的現金借款。

As a result, our debt-to-capital ratio increased to 30.5% at the end of the quarter compared to 29.4% at the end of 2024. We do not expect to have any cash burns outstanding under the credit facility by the end of our fiscal year.

結果，我們的債務資本比率在本季末上升至 30.5%，而 2024 年底為 29.4%。我們預計在本財政年度結束時，信貸安排下不會有任何未償還的現金消耗。

We have no debt maturities until our term loans 2026 expiration with our next senior note maturity in June of 2027. In closing, although conditions were more challenging than anticipated in the 2025 first quarter, we believe we are well positioned to meet our updated outlook for the remainder of the year.

我們的定期貸款在 2026 年到期之前沒有債務到期，我們的下一張優先票據將於 2027 年 6 月到期。最後，儘管 2025 年第一季的條件比預期的更具挑戰性，但我們相信我們已做好準備，以實現今年剩餘時間的最新展望。

At the same time, we plan doing remain flexible to meet the evolving market conditions as we maintain our focus on balancing pace and price at each of our communities. Overall, we believe our solid financial position, including our liquidity profile and long runway for debt maturities, [MRO bus] land portfolio will enable us to navigate the current environment, continue to be opportunistic and balanced with allocating capital in 2025 and beyond, and sustain our returns-focused growth strategy centered on enhancing long-term stockholder value. We will now take your questions.

同時，我們計劃保持靈活性以適應不斷變化的市場條件，因為我們將繼續專注於平衡每個社區的速度和價格。總體而言，我們相信我們穩健的財務狀況，包括我們的流動性狀況和長期債務到期能力，[MRO 巴士] 土地投資組合將使我們能夠應對當前環境，在 2025 年及以後繼續抓住機會並平衡配置資本，並維持以提高長期股東價值為中心的回報型增長戰略。我們現在將回答大家的提問。

John, please open the lines.

約翰，請打開線路。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

I wanted to start with the price adjustments and specifically a question around kind of customer elasticity. I guess what level or what magnitude of price adjustments would you say was enough to kind of get consumers off of the fence here? And how are you kind of able to separate what you were doing with these price adjustments relative to the kind of typical seasonal uptick that you would see in March anyway. So yes, just any more detail around the magnitude and thinking about sort of protecting the backlog as well and customer elasticity.

我想從價格調整開始，特別是有關客戶彈性的問題。我想您認為什麼程度或幅度的價格調整才足以讓消費者下定決心呢？您如何能夠將這些價格調整與您在三月看到的典型季節性上漲區分開來？是的，只是關於規模的更多細節，以及考慮如何保護積壓訂單以及客戶彈性。

Matt, I can make a few comments, and then I'll hand it to Rob for some specifics. There's a lot of things going on in the market. And as we always share it, it really is submarket specific and community specific. And as the divisions we're working to get sales in a lot of cases, they fell in the trap of starting to offer what I would call a pocket incentive where you don't advertise it. The consumer doesn't know about it until they get into the sales office and then they'd find out there's a $10,000 studio credit available if you buy this weekend and things like that.

馬特，我可以發表一些評論，然後我會將其交給羅布來提供一些具體資訊。市場上發生了很多事情。正如我們一直分享的那樣，它確實是針對特定子市場和特定社區的。在很多情況下，當我們的部門努力提高銷售額時，他們陷入了開始提供我稱之為「口袋獎勵」的陷阱，而你不會對其進行宣傳。消費者直到進入銷售辦公室才知道這一點，然後他們才發現如果您在本週末購買，可以獲得 10,000 美元的工作室信用額度等等。

And as we analyze things, we decided let's get rid of all that, what I would call noise and just take it to price so we can advertise on the website what the real price is and that we're already offering anyway. So a lot of the moves we made, really, we're cleaning out incentives and taking it to price. So that was step one.

當我們分析事物時，我們決定擺脫所有這些，我稱之為噪音，只關注價格，這樣我們就可以在網站上宣傳真實的價格，無論如何我們已經提供了價格。因此，我們採取的許多舉措實際上都是清除激勵措施並將其納入定價。這是第一步。

Past that, as we analyze each community, if there were communities not selling that were not aligned with the resale data in that submarket or what new home competitors were doing. We took additional steps to pull the price down further as needed.

除此之外，當我們分析每個社區時，如果有些社區的銷售情況與該子市場的轉售數據或新房競爭對手的表現不一致。我們根據需要採取了額外措施進一步降低價格。

And it's not like you can identify that price will work. You have to keep going until you get your sales momentum back. And we took some steps and we were bold all the way around. And it -- as I shared in my comments, it was the very first week after that, our sales picked up quite a bit. But Rob can give you some of the detail between offsets by reducing incentives versus pure price adjustments.

而且你也無法確定這個價格是否有效。您必須堅持下去，直到恢復銷售動能。我們採取了一些措施，並且一路勇敢前進。正如我在評論中分享的那樣，在那之後的第一周，我們的銷售額就大幅回升。但是羅布可以給你一些透過減少激勵措施與純粹的價格調整來抵銷之間的細節。

Yes. Just to add some specifics to it, it was roughly half of our communities that we lowered base price. And as Jeff said, at the same time, we were cleaning up some of the clutter with the incentives. It was a range. I mean, just depending on what the sales pace was, where resale levels are trending and tracking all of those factors kind of into the mix.

是的。具體來說，我們大約有一半的社區降低了基本價格。正如傑夫所說，與此同時，我們正在透過激勵措施清理一些混亂的情況。這是一個範圍。我的意思是，這僅取決於銷售速度、轉售水平的趨勢以及追蹤所有這些因素。

So range from $5,000 up to $30,000 in some cases. I think the average, if you put them all together of the communities that we decreased, it was $15,000 or $16,000. So call it, 3% on our ASP. But at the same time, when we cleaned up the incentives and the other things that Jeff mentioned that were being offered, the net reduction or impact to margins is much lower than that. And in fact, since we've made those moves, the margin roughly on deals that we're seeing coming to backlog is only about 75 basis points lower.

在某些情況下，範圍從 5,000 美元到 30,000 美元。我認為，如果把我們減少的所有社區加在一起，平均數是 15,000 美元或 16,000 美元。所以，我們的平均售價是 3%。但同時，當我們清理激勵措施以及傑夫提到的其他措施時，利潤率的淨減少或影響要低得多。事實上，自從我們採取這些措施以來，我們看到的積壓交易的利潤率大約只下降了 75 個基點。

And we feel pretty good about where we are right now. The communities where we've made the moves are performing. We've got some that have actually started performing better than what our expectations are. So we've got some opportunity to claw back price and margin there, a handful of others that we still need to do some work on. But generally, we feel good about how we're positioned after making those moves and the consumer has really responded to it well.

我們對目前的狀況感到非常滿意。我們採取行動的社區正在發揮作用。有些產品的實際表現已經超出了我們的預期。因此，我們有機會收回價格和利潤，但仍需要在其他方面做一些工作。但總體而言，我們對採取這些措施後的定位感到滿意，而且消費者對此也做出了良好的反應。

And I guess that leads me then to the next question around the margin. I think the way you implied the kind of gross margin cadence, I think you even said the operating margin should be improving sequentially by the second half relative to Q2.

我想這會引出有關邊際的下一個問題。我認為您暗示的毛利率節奏，甚至說過下半年營業利潤率應該會相對於第二季度環比提高。

So I think I heard you say that leverage on some of your fixed cost is a driver of that. But you just mentioned that there's a 75 basis point hit from the kind of net price adjustments. If I think about kind of what's going on with land basis and development costs, other type of inflation, you mentioned lumber on top as well.

所以我想我聽到您說，部分固定成本的槓桿是造成這種情況的因素。但您剛才提到，淨價格調整會帶來 75 個基點的衝擊。如果我考慮一下土地基礎和開發成本以及其他類型的通貨膨脹的情況，你也提到了木材。

Can you just kind of bridge all those pieces together and pluses and minuses and give a little confidence on what drives that step up in margins in the second half?

您能否將所有這些因素綜合起來，分析其優缺點，並對下半年利潤率上升的驅動因素給予一些信心？

Yes. Matt, in general terms, the margin per house is holding pretty similarly as the year unfolds. And everything that we've done is already included in the guide that we provided today. The improvement in the operating margin is coming from leverage. And whether it's SG&A improvement or a little bit of gross margin improvement both sides, it comes from deliver more houses.

是的。馬特，總體而言，隨著時間的推移，每棟房屋的利潤率保持相當相似。我們所做的一切都已包含在我們今天提供的指南中。營業利益率的提高得益於槓桿作用。無論是銷售、一般及行政費用的改善，或是雙方毛利率的略有提高，都源自於房屋數量的增加。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

You actually have Matt [Johnson] on for John. I appreciate the time. I guess just following up on that last question. I'll try and do some quick math. But I think at the midpoint of your guide, the implied back half gross margin is roughly, call it, 19.5% sort of be down about 30 basis points relative to the first half despite home sales being up, call it, 36% half over half.

實際上，你讓馬特[約翰遜]代替約翰。我很感激你抽出時間。我想這只是最後一個問題的後續回答。我會嘗試做一些快速的數學計算。但我認為，按照您給出的指導價的中點計算，隱含的下半年毛利率約為 19.5%，儘管房屋銷售額上半年上漲了 36%，但與上半年相比仍下降了約 30 個基點。

So I guess can you just help us think through some of the puts and takes there as we go from the first half into the second half. And maybe how much of that is from mix as opposed to like-for-like deterioration?

所以我想您能否幫助我們思考一下從上半場到下半場的一些得失。其中有多少是來自混合而不是同類的惡化？

Rob. Do you want to take a shot at that?

搶。你想嘗試嗎？

Yes. It was a little hard to hear your question, but if I got it. I don't we're -- there's always mix involved, but we're not expecting a whole lot of mix here. We are expecting and not to say it this way, but the midpoint of the uncertainty, let's say, ranges, we did look at kind of a high low and sort of looking at things as they are today is kind of what our forecast reflects, and there's really not much more I can add to that.

是的。聽清楚你的問題有點困難，但我明白了。我不認為我們——總是有混合存在，但我們並不期望這裡會出現大量的混合。我們期待並且不會這樣說，但是不確定性的中點，比方說範圍，我們確實看到了某種高低點，並且從今天的狀況來看，這就是我們的預測所反映的，對此我真的沒有什麼可以補充的。

Just say that we are expecting some smaller than improvement in the housing gross profit margin, mostly due to leverage, not due to anything else. And that because of our second half, it is going to be what we believe is going to be far stronger volume-wise. We think most of the leverage that we're going to get to an operating income level will come from the SG&A side.

只是說，我們預期住房毛利率的改善會小於預期，這主要是由於槓桿作用，而不是其他原因。而且由於我們下半年的業績，我們相信銷售量將會更加強勁。我們認為，實現營業收入水準所需的大部分槓桿將來自銷售、一般和行政費用 (SG&A) 方面。

And then I guess just one more. For the full year, you guys are expecting homebuilding operating margins of 9.4%, that'd be down, call it, 170 basis points year-over-year. And so if we look back at last year, operating margins on a regional basis were actually up in both the Southwest and West Coast. While the pressure really came from the central and the Southeast. So I guess you guys expect a similar story to play out this year or how we kind of think about that on a regional basis.

然後我想再來一個。你們預計全年房屋建築營業利潤率為 9.4%，與去年同期相比下降 170 個基點。因此，如果我們回顧去年，西南地區和西海岸的地區營業利潤率實際上都有所上升。而真正的壓力來自於中部和東南部。所以我想你們期待今年上演類似的故事，或者我們如何從地區角度來思考這個問題。

Yea, I think that's the right way to look at it. West-[West] and South-West are preforming better financially right now.

是的，我認為這是正確的看法。西航和西南航目前的財務狀況較好。

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

My first question relates to the cycle times that Robby talked about the fact that cycle times were down and all the benefits that, that provides for the company. And I think you indicated you had not seen any trade labor shortages to date, but we're curious as to are you not seeing -- have you not seen any, for lack of a better term, ICE raids in any of your communities or your neighboring communities?

我的第一個問題與週期時間有關，Robby 談到了週期時間縮短的事實以及這為公司帶來的所有好處。我認為您已經表示過，到目前為止您還沒有發現任何貿易勞動力短缺的情況，但我們很好奇，您是否沒有發現——用更恰當的術語來說，您是否沒有發現您所在的社區或鄰近社區發生過 ICE 突襲？

Is that what you meant by no trade labor shortages? Or are you, in fact, seeing some of that, but it's just not meaningfully disruptive enough to call out. And then you had said, I think direct costs were down year-over-year and quarter-to-quarter. And so I was wondering if you could quantify that a little bit for us.

這就是您所說的無貿易勞動力短缺嗎？或者，您實際上看到了其中的一些，但它的破壞性還不足以引起人們的注意。然後您說，我認為直接成本同比和環比都有所下降。所以我想知道您是否可以為我們稍微量化一下。

Sure. I'll start with the first one last. So sequentially, our direct costs are down about 1%. And then year-over-year, we're looking at about 3%. So that's to quantify that piece.

當然。我將從最後一個開始。因此，我們的直接成本連續下降了約 1%。與去年同期相比，我們預計增幅約為 3%。這就是量化那部分。

On the labor, I'd say outside of the normal things that we would deal with outside of any kind of regulatory change or ICE or immigration policy changes, it's really just been the same. We've seen nothing at all related to immigration. I mean any kind of normal type labor shortage we might see on a day-to-day basis in a typical year may still be there. But nothing at all, Steve, related to immigration policy.

關於勞工問題，我想說，除了我們處理的正常事務、任何監管變化、ICE 或移民政策變化之外，情況其實都是一樣的。我們根本沒有看到任何與移民有關的事。我的意思是，我們在一年中每天可能看到的任何一種正常類型的勞動力短缺可能仍然存在。但史蒂夫，這與移民政策完全無關。

And then, I guess, if you could just mention, I think you gave a very nice discussion about how you've eliminated the pocket incentives, and you sort of went to sort of putting these base prices on the Internet and all that.

然後，我想，如果您可以提一下，我認為您對如何消除口袋獎勵進行了非常好的討論，並且您開始將這些基本價格放到互聯網上等等。

It sounds like you're talking about this as a permanent change. And I just want to make sure that I'm interpreting that correctly, is this, you referred to it as I think cleaning up and getting some of the noise and all that kind of things. So I just wanted to understand, is this something that you feel no longer has value? Or is there something maybe more nuance that you want to message there?

聽起來您正在談論這是一個永久性的改變。我只是想確保我的理解正確，這就是，你提到的清理和消除一些噪音和所有類似的東西。所以我只是想知道，您是否覺得這不再有價值？或者您想傳達一些更微妙的訊息嗎？

Steve, it's an interesting evolution in that -- when you have a large backlog, you're sensitive to moving price because then you've got to go also deal with the backlog. And so our division started doing these pocket incentives. Fourth quarter, we were already working hard to get sales and a lot of them crept in, and then they were still there in the first quarter and it wasn't reflected in our pricing, but it was reflected in the margins we were generating.

史蒂夫，這是一個有趣的演變——當你有大量積壓訂單時，你對價格變動很敏感，因為你還必須處理積壓訂單。因此我們的部門開始提供這些零用錢獎勵。第四季度，我們已經開始努力提高銷售額，很多銷售額悄悄成長，這些銷售額在第一季度仍然存在，但這並沒有反映在我們的定價上，而是反映在我們產生的利潤上。

So we decided, let's get out of it and get back to our core value. So I would say it's a permanent move because it's the way we like to run the business. Unfortunately, we found the trap of doing some things to try to get sales that really were in line with how we present the best value to the customer.

所以我們決定，擺脫它，回歸我們的核心價值。所以我想說這是一個永久性的舉措，因為這是我們喜歡的經營方式。不幸的是，我們發現了一個陷阱，即為了獲得銷售而採取的一些措施實際上與我們向客戶提供最佳價值的方式一致。

Mike Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Dahl。

I guess I want to press on gross margins a little bit more. Maybe just remind us kind of in the current environment with what your guidance incorporates for the revenue ramp as the year goes on? How would you normally think about how that translates to seasonal gross margin uplift?

我想我想進一步提高毛利率。也許只是提醒我們，在當前環境下，隨著時間的推移，您對收入成長的指導包含哪些內容？您通常如何看待這會轉化為季節性毛利率的提升？

Just trying to get a sense of really like -- Yes. The flat top guide in second half at face value doesn't seem awfully conservative. So maybe you can just help us think through and remind us what the seasonal component actually is from a quantitative standpoint.

只是想感受一下真正的喜歡——是的。從表面上看，下半年的平頂指南似乎並不太保守。所以也許您可以幫助我們思考並從定量的角度提醒我們季節性成分實際上是什麼。

Leverage by quarter.

按季度計算的槓桿。

Yes. I would say that it's, again, our normal sequential cadence in that we are going to see improving quarter-to-quarter with really what I'll say, taking out the leverage impact with a more or less flat gross, so the improvement is, again, mostly from the leverage. And so we're not looking to get much uplift in our gross margin without the leverage. I think, again, what we are hoping and what I maybe said earlier was that there's, again, a lot of uncertainty out there. We're not expecting it to get worse.

是的。我想說的是，這又是我們正常的連續節奏，我們將看到季度環比改善，實際上，我會說，以或多或少持平的毛利率消除槓桿影響，因此，改善主要來自槓桿。因此，如果沒有槓桿作用，我們的毛利率就不會有太大的提升。我認為，我們所希望的以及我之前可能說過的，是存在著許多不確定性。我們並不認為情況會變得更糟。

We're not expecting it to give better. So this really reflects kind of what we think is in our backlog. And with the sales price reductions that we've taken to date, obviously, things change. It will impact our margins. But right now, it assumes a relatively static order right now.

我們並不期望它能有更好的表現。所以這確實反映了我們認為積壓的情況。隨著我們迄今為止採取的銷售價格降低措施，情況顯然發生了變化。這將影響我們的利潤。但現在，它呈現出相對靜態的秩序。

And my follow-up is still on the same line, and it's more -- why is that really the base case assumption when like you just saw in a short period of time, the need to make some changes. Your competitors are making changes based on what we see in terms of price, the demand environment has been very uncertain. There's an uncertain cost environment.

我的後續問題仍然是同樣的，而且更多的是——為什麼這真的是基本情況假設，就像你剛才在短時間內看到的那樣，需要做出一些改變。您的競爭對手正在根據我們在價格方面看到的情況做出改變，需求環境一直非常不確定。成本環境不確定。

Your sales pace is -- its great year that it picked up, but it's still down year-on-year. So why not -- why is assuming that conditions will remain stable the right base case under the current conditions?

你們的銷售速度——今年表現很好，但同比仍然下降。那麼為什麼不呢——為什麼假設條件在當前條件下將保持穩定是正確的基本情況？

Well we're pleased with our sales right now. And as I shared in my prepared comments, we're approaching a normal Q2 sales pace with the current margins we're guiding to. So it's based -- everybody is going to have their own crystal ball on where the world is headed. But as we see it today, we took steps that are working. The steps we took are reflected in the margin guide we've provided, and we're getting our sales numbers.

嗯，我們對目前的銷售情況很滿意。正如我在準備好的評論中分享的那樣，按照我們目前預期的利潤率，我們正在接近正常的第二季銷售速度。所以它的基礎是──每個人都有自己的水晶球來預測世界的發展方向。但正如我們今天所看到的，我們採取的措施是有效的。我們採取的措施反映在我們提供的利潤指南中，並且我們正在獲得銷售數字。

So right now, we're pretty comfortable with where things are at.

所以現在，我們對現狀非常滿意。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

First, I just wanted to -- and I apologize if I missed this earlier, but if -- love to get kind of any regional differentiation across your footprint. When you talk about, in particular, adjustments that you needed to make with incentives or pricing, if there were certain markets or even submarkets that were kind of more prevalent or at the top of the list. And by contrast, which markets might be on the stronger end of the spectrum?

首先，我只是想——如果我之前錯過了這一點，我深感抱歉，但如果——我很想了解你的足跡中的任何區域差異。當您談到需要對激勵措施或定價做出的調整時，如果某些市場或次市場更為普遍或位居榜首。相比之下，哪些市場可能表現較強勁？

Sure, Mike. I'll take that it's Rob. So as we always say, it really is market by market or even submarket by submarket. I'll talk about resale a little bit here because we've always viewed resale as our biggest competitor regardless of what the new home competition is doing. And we've got to stick tethered to that pricing with a reasonable new home premium to drive volume.

當然，麥克。我認為那是羅布。正如我們常說的那樣，這確實是逐個市場，甚至是逐個子市場進行的。我將在這裡稍微談論一下轉售，因為無論新房競爭如何，我們始終將轉售視為我們最大的競爭對手。我們必須堅持這項定價，並採用合理的新房溢價來推動銷售。

So as far as the regional color, I would say, in broad terms, that Florida was our softest state in terms of sales demand in the first quarter. And because of that, we took the most pricing action there to find the market. And I'd say roughly 2/3 of our communities, probably the same price range between $5,000 and $30,000, but we had to do more in Florida to find that market.

就區域特徵而言，我認為，從廣義上講，佛羅裡達州是我們第一季銷售需求最疲軟的州。正因為如此，我們採取了最積極的定價行動來尋找市場。我想說，我們大約 2/3 的社區，價格可能都在 5,000 美元到 30,000 美元之間，但我們必須在佛羅裡達州做更多工作才能找到這個市場。

And I'll just start with like Jacksonville, for example, using that as a proxy. They've got just under -- right at seven months of supply. So it's a month or so above what a historical norm would be in terms of resale supplier where most people consider a balanced market, and resale is a really efficient market.

我將以傑克遜維爾為例，並用它作為代理。他們的供應量剛好夠七個月用。因此，就轉售供應商而言，這比歷史常態高出一個月左右，大多數人認為這是一個平衡的市場，而轉售是一個非常有效的市場。

One positive that we see in that market is it's getting absorbed. So you've got days on market are actually down year-over-year despite that higher supply, but it's likely because pricing has moved. So we're seeing that market react. We've done the same thing in that market to find where we need to be to sell and where we can offer that new personalized energy-efficient product with a small premium to resell, we find that we win. You look at the rest of Florida, Orlando was similar.

我們看到該市場的一個積極跡像是它正在被吸收。因此，儘管供應量增加，但上市天數實際上比去年同期下降，但這可能是因為價格改變了。所以我們看到了市場的反應。我們在該市場做了同樣的事情，找到了我們需要銷售的地方，以及我們可以在哪裡提供新的個人化節能產品並以少量溢價轉售，我們發現我們成功了。看看佛羅裡達州的其他地方，奧蘭多的情況也類似。

They've seen their days are on for their months of supply increase to about the same level have not seen the pricing levels adjust there like they've started to in Jacksonville and their days on market continues to be pretty elevated. So made some more significant adjustments there. The other business we have is Tampa. They've got -- it's a similar situation, but lower overall months of supply than Jackson, Orlando. So even within those three markets, it's submarket by submarket.

他們發現，他們數月的供應量增加到了大致相同的水平，但那裡的價格水平並沒有像傑克遜維爾那樣進行調整，而且他們在市場上的銷售天數仍然相當高。因此在那裡做出了一些更重要的調整。我們的另一項業務是坦帕。他們的情況類似，但整體供應月數比傑克森和奧蘭多低。因此，即使在這三個市場中，也是逐個子市場進行的。

Some perform better than others and we've had to adjust the moves that we're making based on that. Texas, I would say, the story was a little more mixed. Many of our communities continue to perform very well, while there were others that we had to adjust in. I'd say Houston and Austin held the best. The moves there were smaller and more surgical, where San Antonio required some more broad-based adjustments. But then when you get into the West, really resale is still very low in terms of where it's been historically.

有些人的表現比其他人更好，我們必須根據這一點調整我們的行動。我想說，德州的故事有點複雜。我們的許多社區繼續表現良好，但有些社區我們必須進行調整。我想說休士頓和奧斯汀表現最好。那裡的舉措規模較小，但更具針對性，而聖安東尼奧則需要進行一些更廣泛的調整。但當你進入西方時，從歷史上看，轉售率仍然很低。

I mean most of them are in the three or four months of supply range and haven't had to make a spinning moves in the West and Southwest has held better.

我的意思是，它們中的大多數都處於三到四個月的供應範圍內，並且不必在西部採取旋轉動作，而西南地區的情況更好。

I guess secondly, I'd love to shift towards the balance sheet. And if you could just kind of remind us how you're thinking about leverage over the longer term? And kind of the dividends and share repurchase and perhaps what the potential is for that over time?

我想其次，我很想轉向資產負債表。您能否提醒我們一下，您是如何考慮長期槓桿的？還有股利和股票回購的種類，以及隨著時間的推移其潛力是什麼？

Mike, our strategy really hasn't changed from where we've been in the last few years. Our ratios will improve because we're growing the equity. We don't see the need to go get more debt, we don't have any maturities for a while. When they do come up, we'll deal with them. Top priority, we have to grow the business and get scaled and be more profitable. Along the way, we're taking our excess cash and repurchasing shares, and we've done a lot of that over the last three to four years.

麥克，我們的戰略與過去幾年相比確實沒有改變。由於我們的股權不斷增加，我們的比率將會提高。我們認為沒有必要增加債務，我們暫時還沒有任何債務到期。當它們出現時，我們會處理它們。首要任務是，我們必須發展業務、擴大規模並提高獲利能力。在這個過程中，我們將多餘的現金用於回購股票，過去三、四年來我們已經做了很多這樣的事。

But that's more of an opportunistic place depends on the price and what our cash forecast are and where we think we're headed. As Bill shared in his comments, we don't expect to have anything out on the revolver. We had a little blip in Q1 because of the two Vegas land deals, and that will get absorbed and go way over the balance of the year. So our ratio guide would be it's going to keep coming down as we grow the equity. It's not going to be taking that out.

但這更像是一個機會，取決於價格、我們的現金預測以及我們認為的發展方向。正如比爾在評論中所說，我們並不指望在左輪手槍上發現任何東西。由於兩筆拉斯維加斯土地交易，我們在第一季遇到了一些小問題，這些問題將會被吸收，並在整個年度餘額中解決。因此，我們的比例指南是，隨著股權的成長，它將持續下降。它不會被取出。

So grow the business and be opportunistic with the other things and take your excess cash and give it back to the shareholders.

因此，發展業務並在其他事情上抓住機會，並將多餘的現金回饋給股東。

Alan Ratner, Zelman & Associates.

艾倫·拉特納（Alan Ratner），澤爾曼與合夥人公司。

My question on the price adjustments. I'm just curious if you can look at the last five weeks of solid order results following those adjustments. Would you say that those have been driven more by kind of going back to buyers that were already in the pipeline, giving yourselves for the tools to kind of go back and say we've made these adjustments and that kind of pulling them off the sidelines given the hesitancy?

我的問題是關於價格調整。我只是好奇您是否可以查看這些調整之後過去五週的穩定訂單結果。您是否認為這些措施更多的是為了讓已經在採購管道的買家回頭看看，給自己一些工具，讓他們回頭看看，然後告訴他們我們已經做出了這些調整，考慮到他們的猶豫，讓他們不再置身事外？

Or would you say that it's actually translated to significant increases in new traffic maybe coming from the website advertising and actually pulling through more sales from new individuals coming into the pipeline?

或者您認為這實際上意味著新流量的顯著增加，可能來自網站廣告，並且實際上從進入管道的新個人那裡帶來了更多的銷售？

Yes, that's a good question. It's both. I think more so, it's bringing in new buyers. I mean, as Jeff said, we are putting our best foot forward, advertising the best price on the Internet. That's where most people see us first. So I think that's generating new traffic that we weren't seeing before.

是的，這是個好問題。兩者都有。我認為更重要的是，它帶來了新的買家。我的意思是，正如傑夫所說，我們正在盡最大努力，在網路上宣傳最優惠的價格。大多數人首先看到我們的地方就是那裡。所以我認為這會產生我們以前從未見過的新流量。

I don't have a ratio or a percentage for you. I'd tell you that some percentage of it is going back to buyers that we already had in the queue or that were former leads that didn't purchase, couldn't purchase, maybe couldn't qualify and with some of the adjustments we've made. We have made sales from going back to past traffic. But the majority of it is new traffic that's being generated from the website.

我沒有給你一個比例或百分比。我想告訴你，其中一部分將退還給那些已經在排隊的買家，或者是以前沒有購買、無法購買、可能不符合資格的潛在客戶，我們已經做出了一些調整。我們透過回顧過去的流量實現了銷售。但其中大部分都是從網站產生的新流量。

And then I think what we've heard in the past is one of the -- I guess, trickier things for build-to-order builders making base price adjustments is the large backlog that you guys have. And I'm curious how you're dealing with your backlog.

然後我想我們過去聽到的是——我想，對於按訂單生產的建築商來說，調整基本價格比較棘手的事情之一就是你們有大量的積壓訂單。我很好奇您如何處理積壓的工作。

Are you proactively reaching out to them in the 50% or so of communities where you have adjusted prices? And are you offering those same adjustments? Are you taking it on a case-by-case basis as they get closer to the closing dates? Any color there would be helpful.

在你們已經調整價格的 50% 左右的社區裡，你們會主動聯繫他們嗎？您是否提供相同的調整？隨著截止日期越來越近，您是否會根據具體情況來處理？任何顏色都會有幫助。

Yes, we're taking it on a case-by-case basis. And really, when you look at a lot of the deals that we have in backhaul, everybody struck their own deal. I mean Jeff mentioned some of the other incentives that were being offered and deals being made. And as we looked at that, we really don't think there's a lot of backlog exposure. We have taken some adjustments where that wasn't the case and the new deal might be better than what somebody had in backlog but in the grand scheme of things, it's pretty small.

是的，我們會根據具體情況處理。事實上，當你看到我們在回程運輸中達成的許多交易時，你會發現每個人都達成了自己的交易。我的意思是傑夫提到了一些正在提供的其他激勵措施和正在達成的交易。當我們觀察這一點時，我們確實認為沒有太多的積壓風險。我們已經做出了一些調整，情況並非如此，新協議可能比某些人積壓的協議更好，但從總體上看，它的影響相當小。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

The first one I had, I just wanted to find out, are you guys still having problems getting meters and other things in California as the rebuild has started there?

這是我遇到的第一個問題，我只是想了解一下，隨著加州的重建工作開始，你們在獲取電錶和其他東西方面是否仍然遇到問題？

It's interesting. We kind of always have problems getting meters in California. But yes, it's still a little more delayed from the impact of the fires. I think we're through the worst part of that. A lot of the rebuilding hasn't started.

這很有趣。我們在加州安裝電錶時總是遇到一些問題。但是，是的，由於火災的影響，它仍然會稍微延遲。我想我們已經度過了最糟糕的時期。許多重建工作尚未開始。

I think that's going to be a long and ongoing process, but it's a big state, a lot of volume, a lot of crews, and I just -- I don't expect that that's going to be an ongoing -- a significant ongoing drag on our timing to get meters and utility look ups on houses. Still there a little bit, getting better every day and think that, that will be back to normal fairly soon.

我認為這將是一個漫長而持續的過程，但這是一個很大的州，工作量很大，需要很多工作人員，而且我只是——我不認為這會是一個持續的過程——這會嚴重拖延我們獲取房屋電錶和公用事業查詢的時間。仍然有一點點，每天都在好轉，我想，很快就會恢復正常。

And so in the 50% of communities where you didn't adjust pricing, I guess, were you able to raise prices in some areas? And if so, maybe highlight one or two that did well during the quarter or highlight one or two regions that did well during the quarter.

那麼，我猜，在你們沒有調整價格的 50% 的社區中，你們是否能夠在某些地區提高價格？如果是這樣，也許可以重點介紹本季表現良好的一兩個案例，或者重點介紹本季表現良好的一兩個地區。

Yes. As I mentioned, the West and Southwest has performed better. I mean on the half that we didn't move prices down. We didn't move prices down because they're selling at pace, and we're happy with what they've done. And now that the spring selling season is here, there are opportunities to lift.

是的。正如我所提到的，西部和西南部的表現更好。我的意思是，有一半我們沒有降低價格。我們沒有降低價格，因為他們的銷售速度很快，我們對他們的做法感到滿意。現在春季銷售旺季已經到來，出現了提振銷售的機會。

Obviously, I use Las Vegas as one of the examples. I mean that market continues to do very well for us. Jeff mentioned, the two large purchases that we've had there. But we've continually raised price there and continue with really strong absorptions. And we've got similar examples throughout some places in California as well on the communities that were already performing well that are now doing even better.

顯然，我以拉斯維加斯作為其中一個例子。我的意思是，市場對我們來說繼續表現良好。傑夫提到，我們在那裡進行了兩次大額採購。但我們一直在不斷提高那裡的價格，並繼續保持強勁的吸收力。在加州的一些地方，我們也看到了類似的例子，這些社區原本表現良好，現在表現得更好。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

Just looking at your updated delivery guide, especially on the back of the Q1 orders just on my very rough math, it looks like we're going to need to see backlog conversion accelerate in the second half. Can you just break down the balance between kind of making better cycle times or more stack homes? Because it would seem like one of those would potentially need to change to hit the revenue guide in the second half? Just hoping to unpack that.

只需查看您更新的交付指南，特別是根據我粗略計算的第一季訂單數據，看起來我們需要在下半年看到積壓轉換加速。您能否打破在縮短循環時間和增加堆疊房屋數量之間的平衡？因為看起來其中一個可能需要改變才能在下半年達到收入指南？只是希望能夠解開這個謎。

Yes. I mean I think it's all the things that you just mentioned there whether its the improvement in cycle time or covering more of the inventory that's available. But while it does increase from where we were in Q1, we think it's a very achievable number. I mean if you just look at where we were in Q4, it's similar to that. And as we said, we're still targeting 120 days company average on cycle time.

是的。我的意思是，我認為這就是您剛才提到的所有事情，無論是週期時間的改善還是覆蓋更多可用的庫存。但儘管它確實比第一季有所增加，但我們認為這是一個非常容易實現的數字。我的意思是，如果你看看我們在第四季的情況，情況與此類似。正如我們所說，我們仍然以 120 天的公司平均週期時間為目標。

So that -- as we continue to progress towards that, we're going to -- that helps with the backlog conversion as well.

因此，隨著我們繼續朝著這個方向前進，我們也將幫助積壓轉換。

And then just a follow-up to something in the prepared remarks. You delivered, and I believe, slightly fewer inventory homes during the quarter than you were expecting. Can you just talk to why that number was a little bit lower. I think it was about 150 units. Apologies if I missed.

然後只是對準備好的發言中的一些內容進行跟進。我相信，本季交付的庫存房屋數量比您預期的要少一些。你能解釋為什麼這個數字稍微低一點嗎？我認為大約有 150 個單位。如果我錯過了，請見諒。

And then can you just remind us what the gross margin spread historically has been between your build-to-order and your inventory homes and was there any mix benefit in the first quarter from that lower inventory home sale volume that we should be aware of?

然後，您能否提醒我們，歷史上您的按訂單生產房屋和庫存房屋之間的毛利率差額是多少，以及第一季度較低的庫存房屋銷售量是否帶來了我們應該注意的混合效益？

At the time we made our earnings call back in January, we assumed another 150 would sell and close in the quarter. Well, we assume more than that, but we missed it by the 150. And if you think through the story we shared, we didn't really take the steps to get our sales going until the second week of February. So one could argue that we were a little slow on taking those steps on the inventory sale, and we missed it and -- Okay. hindsight is always good, but we've taken the steps now and we're selling.

當我們在一月份召開收益電話會議時，我們預計本季將再銷售並完成 150 份。好吧，我們假設的數字不只如此，但我們錯失了 150 這個數字。如果你仔細想想我們分享的故事，你會發現直到二月的第二週我們才真正採取措施來促進銷售。因此，有人可能會說，我們在庫存銷售方面採取的措施有點慢，我們錯過了——好吧。事後諸葛亮總是好的，但我們現在已經採取了措施，並且正在出售。

So it was a one-quarter short-term event. We think we've addressed it. Do you want to go over anything else there?

所以這是一個季度的短期事件。我們認為我們已經解決了這個問題。您還想了解其他事情嗎？

No. I think that covers it. I mean I just -- I personally expect that we would get more same quarter sales and closings in Q1 than we did in Q4, and it didn't turn out that way.

不。我想這就涵蓋了。我的意思是——我個人預計我們第一季的同季銷售額和成交額會比第四季更多，但結果並非如此。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My first question is on the design studios. Given that the consumer does seem to be under a bit more pressure and you did have to take the actions to improve affordability, have there been any changes in what you're seeing in the design studios either in terms of what they're choosing or anything in terms of what you're offering there?

我的第一個問題是關於設計工作室的。鑑於消費者確實面臨更大的壓力，而且您確實必須採取行動來提高可負擔性，您在設計工作室看到的情況是否有任何變化，無論是他們選擇的內容還是您在那裡提供的內容方面？

Not really, Susan. It's interesting. Our percentage of revenue that people are spending in the studio is they're really consistent. Our square footage of homes has stayed really consistent. As to what they're picking, I think we've seen somewhat of a shift and really, we started seeing that maybe a couple of years ago when rates moved up, it was less kind of fit and finish type things and spending more on things that buyers knew they couldn't change that were difficult to change later, like room configuration, structural options, cabinets, countertops, things like that.

不是的，蘇珊。這很有趣。人們在工作室花費的收入占我們收入的百分比非常穩定。我們的房屋面積一直保持穩定。至於他們選擇什麼，我想我們已經看到了某種轉變，實際上，我們開始看到，也許幾年前，當利率上漲時，他們不再注重裝修和完成度之類的東西，而是把更多的錢花在買家知道他們無法改變、以後很難改變的東西上，比如房間配置、結構選擇、櫥櫃、檯面等等。

But they continue to spend about the same amount. And for the most part, buyer behavior in the studio has been consistent.

但他們的支出仍大致相同。並且在大多數情況下，工作室的買家行為是一致的。

And then you mentioned that you are walking in your lumber for a bit longer, just given the potential inflation or the inflation that we're already seeing in that product. Can you talk a bit more about how long that goes out for? How we should think about the potential impact if lumber continues to move from here? And what you're seeing in other wood products as well? Has there also been upward movement in some of those two?

然後您提到，考慮到潛在的通貨膨脹或我們已經在該產品中看到的通貨膨脹，您將繼續堅持一段時間。您能否再多說一下這個持續多久？如果木材繼續從這裡運輸，我們應該如何看待潛在的影響？您在其他木製品中也看到了什麼？這兩個國家中的一些國家是否也出現了上漲趨勢？

I haven't seen it in the other products that may be something that's coming down the road. We haven't seen that yet. As to the lumber we try to diversify on how we lock. And we'll have 90 days, maybe 120 days on the long-term end, some divisions we're locking for shorter term. As we look at the recent locks, most of our divisions are covered for the majority of the quarter here.

我還沒有在其他產品中看到它，但可能會是未來推出的產品。我們還沒有看到這一點。對於木材，我們嘗試採用多樣化的鎖定方式。我們的長期期限為 90 天，甚至可能是 120 天，而有些部門的期限則鎖定在較短的期限。從最近的鎖定情況來看，我們的大多數部門在本季度的大部分時間都受到覆蓋。

But at some point, if lumber continues to go up and depending on what happens with the tariffs, so we don't know what that's going to do to domestic lumber pricing. But when those locks expire, we will have to adjust.

但在某個時候，如果木材價格繼續上漲，並且取決於關稅的變化，我們不知道這會對國內木材價格產生什麼影響。但當這些鎖定到期時，我們將不得不進行調整。

Trevor Allinson, Wolfe Research.

特雷弗·阿林森（Trevor Allinson），沃爾夫研究公司。

First, you talked about closing out of Inspirada in Las Vegas has been a really strong margin market for you guys. Can you talk about what type of gross margins you're earning at Inspirada and maybe the margin impacts as that closes out? And then when do you expect final sales to be from there?

首先，您談到關閉拉斯維加斯的 Inspirada 對您來說是一個非常強大的保證金市場。您能談談 Inspirada 的毛利率是多少嗎？以及最終的利潤率影響是什麼？那麼，您預計最終銷售什麼時候開始？

Yes. Trevor, we really don't get into what the gross margin is per community. Rob and I have both shared that our Vegas margins are strong and well above the company average. The two land deals that we acquired, we had tied up for a couple of years each, had to take him through the entitlement process. They have a very good basis, very similar products to what we offer at Inspirada and we have a lot of builders knocking on the door wanting to get lots from us.

是的。特雷弗，我們確實不知道每個社區的毛利率是多少。羅布和我都表示，我們在拉斯維加斯的利潤率很高，遠高於公司平均。我們獲得的兩筆土地交易，每筆交易都持續了幾年，必須讓他經歷授權程序。他們擁有非常好的基礎，產品與我們在 Inspirada 提供的產品非常相似，並且有很多建築商來敲門，希望從我們這裡獲得大量產品。

So we know we're in a good spot. But our expectation is Vegas will continue to be at the top for us in terms of profitability and margins. It's a great team and a very land-constrained market.

所以我們知道我們處於一個良好的位置。但我們的預期是，拉斯維加斯在獲利能力和利潤率方面仍將位居榜首。這是一支很棒的團隊，但市場土地資源非常緊張。

And then second question is on spec reduction levels. We've heard several builders talk about pulling back on spec production. Given the slower start to the year, are you guys adjusting your spec production as well? And then what are your expectations for spec mix as a percentage of 2025 deliveries? And how does that compare to your spec mix as a percentage of 2024 deliveries?

第二個問題是關於規格降低等級。我們聽到一些建築商談論減少規格生產。鑑於今年開局放緩，你們是否也在調整規格生產？那麼，您對 2025 年交付的規格組合百分比有何預期？這與您的 2024 年交付的規格組合百分比相比如何？

Well, right now, we're running about the same. We've been about 60% BTO, 40% spec. And historically, we've been closer to 80%-20%. And our goal right now is to drive BTO sales. We see higher margins on BTO sales.

嗯，目前，我們的運作情況大致相同。我們的 BTO 比例約為 60%，規格比例約為 40%。從歷史上看，我們的比例更接近 80%:20%。我們現在的目標是推動 BTO 銷售。我們看到 BTO 銷售的利潤率更高。

So our goal is to fill the pipeline with built to order sales, that will drive our starts and get back towards -- over time, get back closer to that mix of 80% BTO, 20% inventory push back.

因此，我們的目標是透過按訂單生產的銷售來填補管道，這將推動我們的開工，並隨著時間的推移，回到接近 80％ BTO、20％ 庫存推遲的組合。

Thank you. And ladies and gentlemen, that does conclude the question-and-answer session, and that also concludes today's teleconference. We thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，問答環節到此結束，今天的電話會議也到此結束。我們感謝您的參與。現在您可以斷開線路了。