KB Home (KBH) 2025 Q2 法說會逐字稿

Good afternoon. My name is Julian, and I will be your conference operator for today. I would like to welcome everyone to the KB Home 2025 second-quarter earnings conference call. (Operator Instructions) This conference call is being recorded, and a replay will be accessible on the KB Home website until July 23, 2025.

午安.我叫朱利安，今天我將擔任您的會議主持人。歡迎大家參加 KB Home 2025 第二季財報電話會議。（操作員指示）本次電話會議正在錄音，重播可在 KB Home 網站上查閱，直至 2025 年 7 月 23 日。

I will now turn the call over to Jill Peters, Senior Vice President of Investor Relations. Jill, you may begin.

現在我將把電話轉給投資者關係高級副總裁吉爾彼得斯 (Jill Peters)。吉爾，你可以開始了。

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

謝謝你，朱利安。大家下午好，感謝您今天加入我們，共同回顧 2025 財年第二季的業績。參加電話會議的有董事長兼執行長 Jeff Mezger、總裁兼營運長 Rob McGibney、執行副總裁兼財務長 Rob Dillard、資深副總裁兼首席會計長 Bill Hollinger 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. These statements are not guarantees of future results, and the company does not undertake any obligation to update them. 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. 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.

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。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。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。

And with that, here is Jeff Mezger.

以下是 Jeff Mezger 的發言。

Thank you, Jill, and good afternoon, everyone. We delivered solid financial results in the second quarter that met or exceeded our guidance ranges across our metrics, as we continue to navigate the current environment. With a healthy balance sheet, our financial position and flexibility are strong. We are returning an increasing amount of cash to our shareholders, having repurchased $200 million of our shares in the second quarter.

謝謝你，吉爾，大家下午好。隨著我們繼續適應當前環境，我們在第二季度取得了穩健的財務業績，達到或超過了我們各項指標的指導範圍。憑藉健康的資產負債表，我們的財務狀況和靈活性很強。我們在第二季回購了價值 2 億美元的股票，並向股東返還了越來越多的現金。

Operationally, we continue to strengthen our business by further reducing our build times and lowering our direct costs. As to market conditions, while longer term, the outlook for the housing market remains favorable, driven by demographics and an undersupply of homes, consumers are continuing to demonstrate a lack of confidence about the short term, which has impacted their home purchase decisions.

在營運方面，我們透過進一步縮短建造時間和降低直接成本來繼續加強我們的業務。就市場狀況而言，雖然從長期來看，受人口結構和住房供應不足的推動，房地產市場的前景依然看好，但消費者對短期市場仍然缺乏信心，這影響了他們的購房決定。

Affordability challenges have persisted compounded by the variability in mortgage interest rates, which remain elevated as well as macroeconomic and geopolitical uncertainty. These factors resulted in a more subdued demand during the spring selling season. As a result of the softer environment, we are revising our guidance for fiscal 2025.

負擔能力挑戰持續存在，且因抵押貸款利率波動（居高不下）以及宏觀經濟和地緣政治的不確定性而加劇。這些因素導致春季銷售季節需求更加低迷。由於環境疲軟，我們正在修改 2025 財年的指導方針。

As to the details of our results, we produced total revenues of $1.5 billion and diluted earnings per share of $1.50 in our second quarter. We exceeded our delivery expectations driven primarily by faster build times, which improved sequentially by seven days and are now back to pre-pandemic levels.

至於我們的業績細節，我們第二季的總營收為 15 億美元，每股攤薄收益為 1.50 美元。我們超出了交付預期，這主要得益於更快的建造時間，建造時間連續縮短了七天，現在已恢復到疫情前的水平。

We achieved a gross margin of 19.7% and excluding inventory-related charges, above our guidance range. With a focus on prudently managing our costs, our SG&A was at the low end of our guided range at 10.7% and contributing to an operating income margin of 9%. We increased our book value per share to nearly $59, a 10% year-over-year increase.

我們的毛利率達到 19.7%，不包括庫存相關費用，高於我們的預期範圍。我們專注於審慎管理成本，銷售、一般及行政費用處於指導範圍的低端，為 10.7%，並貢獻了 9% 的營業收入利潤率。我們將每股帳面價值提高至近 59 美元，年增 10%。

We generated 3,460 net orders in the second quarter. The actions we began to take late in our 2025 first quarter, evaluating base pricing in every community relative to local market conditions, then repositioning our communities with a focus on offering the most compelling value led to strong net orders in March. However, our net orders declined in April and May which did not follow the typical spring trajectory.

我們在第二季產生了 3,460 份淨訂單。我們在 2025 年第一季末開始採取的行動，根據當地市場條件評估每個社區的基本定價，然後重新定位我們的社區，重點提供最具吸引力的價值，這導致 3 月份淨訂單強勁。然而，我們的淨訂單在四月和五月有所下降，並沒有遵循典型的春季軌跡。

As a result, even though our average community count was in line with our projection and our cancellation rate was fairly steady, our monthly absorption pace per community was 4.5% net orders compared to 5.5% in last year's second quarter. While our net order pace was below our internal goal, we believe it ranks high among the large production homebuilders.

因此，儘管我們的平均社區數量與我們的預測一致，我們的取消率相當穩定，但每個社區的每月吸收速度為淨訂單的 4.5％，而去年第二季為 5.5％。雖然我們的淨訂單速度低於我們的內部目標，但我們相信它在大型生產住宅建築商中名列前茅。

Our focus is on optimizing our assets to generate the highest returns, balancing pace and price on a community-by-community basis. In stronger market conditions, we believe this will yield an annual average absorption pace of about five net orders per month per community, as we would increase price in order to maximize margins, rather than run our communities any faster. When the market slows, we would expect the pace of roughly four net orders per month per community.

我們的重點是優化資產以產生最高的回報，並根據每個社區平衡速度和價格。在更強勁的市場條件下，我們相信這將產生每個社區每月約五份淨訂單的年平均吸收速度，因為我們會提高價格以最大化利潤，而不是更快地運行我們的社區。當市場放緩時，我們預計每個社區每月的淨訂單量約為 4 個。

This is not a fixed approach. It allows for flexibility to adjust to changing market conditions as we determine the appropriate pace to achieve the best possible returns. For example, reducing base prices late in our first quarter at the start of the strongest selling period of the year, optimizes our assets. Doing so in the fourth quarter, when demand is typically more inelastic and speculative builders are competing to finish their fiscal years is not the optimal way to manage our assets.

這不是一個固定的方法。它使我們能夠靈活地適應不斷變化的市場條件，以確定適當的步伐以實現最佳回報。例如，在第一季末，也就是一年中最強勁的銷售期開始時，降低基準價格，可以優化我們的資產。在第四季度這樣做並不是管理我們資產的最佳方式，因為此時需求通常更加缺乏彈性，投機性建築商也在競相完成他們的財政年度。

The incremental volume in that context tends to be minimal and comes at a great cost to our margins. Finding the right balance comes from adjusting prices to maintain or increase our absorption pace so that each community has the appropriate selling cadence while maximizing margins, returns, and cash flow.

在這種情況下，增量往往很小，並且會對我們的利潤造成巨大損失。找到正確的平衡點在於調整價格以維持或增加我們的吸收速度，以便每個社區都有適當的銷售節奏，同時最大化利潤、回報和現金流。

Market conditions change over time. And when resell inventory was lower over the past few years, we started more speculative homes which shifted our business away from our historical mix of between 70% and 75% built to order. As we continue to sell through our inventory, our goal is to steer our business back to this historical range of built-to-order homes over time. It is our core competency and a key differentiator from a competitive standpoint, setting us apart from the other large production homebuilders.

市場狀況隨著時間而改變。過去幾年，當轉售庫存較低時，我們開始建造更多投機性房屋，這使我們的業務擺脫了歷史上 70% 至 75% 按訂單建造的業務結構。隨著我們繼續銷售庫存，我們的目標是隨著時間的推移將我們的業務引導回這一歷史性的客製化住宅系列。這是我們的核心競爭力，也是從競爭角度來看的關鍵區別因素，使我們有別於其他大型生產住宅建築商。

More importantly, from a consumer standpoint, it offers buyers choice with features we know they value based on our survey data. Our buyers can significantly influence their final sales price as they personalize their choice of lot, elevation and design studio selections, aligning their monthly payment with their budget. Our studios also contribute to our high customer satisfaction scores as buyers draw value from that aspect of our process, and they enhance our gross margins. As our build-to-order mix grows, we believe it will drive a higher gross margin for our company over time.

更重要的是，從消費者的角度來看，它為買家提供了選擇，而根據我們的調查數據，我們知道買家重視這些功能。我們的買家可以顯著影響最終的銷售價格，因為他們可以個性化選擇地段、海拔和設計工作室，並使每月付款與預算保持一致。我們的工作室也為我們的高客戶滿意度做出了貢獻，因為買家從我們流程的這一方面獲得了價值，並且提高了我們的毛利率。隨著我們按訂單生產的產品組合不斷增長，我們相信隨著時間的推移它將為我們的公司帶來更高的毛利率。

Before I turn the call over to Rob McGibney, let me spend a moment addressing our lower guidance for 2025. With market conditions having softened, and taking our net order results from the first half of this year into consideration, resetting our revenue expectation is appropriate.

在我將電話轉給 Rob McGibney 之前，請允許我花一點時間談談我們對 2025 年的較低預期。由於市場條件已經疲軟，並且考慮到今年上半年的淨訂單結果，重新調整我們的收入預期是合適的。

Rob will provide additional details on how we expect to achieve the new range of between $6.3 billion and $6.5 billion. We anticipate the lower top line will contribute to lower margins, although we continue to pursue additional improvements in build times and direct costs, and we are rightsizing our overhead structure to align with our lower volume this year.

Rob 將提供更多細節，說明我們如何實現 63 億美元至 65 億美元的新目標。我們預計較低的營業收入將導致較低的利潤率，儘管我們將繼續在建造時間和直接成本方面尋求進一步的改進，並且我們正在調整我們的間接費用結構以適應今年較低的銷售量。

Let me pause here for a moment and ask Rob to provide more details on our sales as well as an operational update. Rob?

請允許我在這裡暫停一下，並請 Rob 提供有關我們的銷售以及營運更新的更多詳細資訊。搶？

Thank you, Jeff. Operationally, our divisions are executing well on the fundamentals, maintaining our high customer satisfaction levels, further improving build times, lowering our direct costs and balancing pace and price to optimize each asset.

謝謝你，傑夫。在營運方面，我們的部門在基本面表現良好，保持了較高的客戶滿意度，進一步縮短了建造時間，降低了直接成本，並平衡了速度和價格以優化每項資產。

We exceeded our anticipated deliveries in the second quarter, one example of our solid execution which had a positive impact on our financial results for the quarter. With respect to sales on our last earnings conference call, we had outlined the actions that we had begun to take in February to reposition our communities.

我們在第二季度的交付量超出了預期，這是我們穩健執行的一個例子，這對我們本季的財務表現產生了正面的影響。關於上次收益電話會議上的銷售情況，我們概述了我們在二月開始採取的重新定位社區的行動。

We simplified our sales approach to provide what our buyers want, which is securing a home that meets their needs at the best possible price. Our strategy focuses on delivering the most compelling value and improving affordability with transparency. Rather than relying on incentives, we focused on adjusting base pricing and consumers responded.

我們簡化了銷售方式以滿足買家的需求，即以最優惠的價格獲得滿足他們需求的房屋。我們的策略重點是提供最引人注目的價值並透過透明度提高可負擔性。我們沒有依賴激勵措施，而是專注於調整基本定價，消費者也做出了回應。

Three weeks into March, we had achieved solid weekly net orders with an absorption pace that was approaching seasonally normalized levels. Moving into April, consumers grew increasingly apprehensive about the economy and rising geopolitical tensions, driving consumer confidence to a 13-year low. As a result, the housing market cooled. In response, we proactively adjusted base pricing in our underperforming communities to remain aligned with local market dynamics, including rising resale inventory and softening home prices in some markets.

三月已經過了三週，我們實現了穩定的每週淨訂單量，吸收速度接近季節性正常水平。進入四月份，消費者對經濟和地緣政治緊張局勢的擔憂日益加劇，導致消費者信心跌至 13 年來的最低點。結果，房地產市場降溫。作為回應，我們主動調整了表現不佳的社區的基本定價，以與當地市場動態保持一致，包括轉售庫存的增加和某些市場的房價走軟。

Despite these actions, demand weakened. We believe this was due, not only to the lack of consumer confidence, but also to mortgage interest rates, which edged up in early April and remain high and variable for the balance of the quarter. In addition to these broader macroeconomic factors, we encountered municipal delays in final utility signoffs and certificates of occupancy for model homes that impacted the timing of a number of our planned community openings.

儘管採取了這些措施，需求仍然減弱。我們認為，這不僅是由於消費者信心不足，也是由於抵押貸款利率在 4 月初小幅上升，並在本季剩餘時間內保持高位且波動。除了這些更廣泛的宏觀經濟因素外，我們還遇到了市政部門在最終公用事業簽字和樣品屋入住許可證方面的延誤，這影響了我們計劃的許多社區開放的時間。

While these issues were relatively minor in nature, largely driven by local municipal staffing shortages and administrative bottlenecks, they shifted some of our grand openings to later in the second quarter or into our third quarter, which in turn impacted our net orders in the second quarter.

雖然這些問題本質上相對較小，主要是由於當地市政人員短缺和行政瓶頸所致，但它們將我們的一些盛大開幕活動推遲到第二季度後期或第三季度，進而影響了我們第二季度的淨訂單。

For the full quarter, our average absorption pace was 4.5% net orders per month per community, a good result in this environment, although below our targeted range for the spring. At quarter end, we had 253 active communities, up 2% year over year and within our guided range, contributing to an average of 254, an increase of 5% as compared to the prior year period.

就整個季度而言，我們的平均吸收速度為每個社區每月 4.5% 的淨訂單，在這種環境下取得了不錯的成績，儘管低於我們春季的目標範圍。截至本季末，我們擁有 253 個活躍社區，較去年同期成長 2%，且在我們的指導範圍內，平均貢獻率為 254，比去年同期成長 5%。

We are further strengthening our community opening process by enhancing coordination with municipal stakeholders to improve visibility and responsiveness, helping us better anticipate and navigate potential delays going forward. We continue to expect to maintain roughly 250 active communities for the remainder of fiscal 2025.

我們正在進一步加強與市政利益相關者的協調，以提高可見性和回應能力，從而進一步加強社區開放流程，幫助我們更好地預測和應對未來可能出現的延誤。我們預計在 2025 財年剩餘時間內仍將維持約 250 個活躍社區。

Our backlog at the end of May was 4,776 homes valued at $2.3 billion. We maintained a normalized cancellation rate during the quarter, indicating that buyers are ready and able to close on their homes. While our backlog is lower year-over-year, our build times are 20% faster than the prior year quarter. This allows us to sell built-to-order homes later in the year while still achieving a year-end closing.

截至五月底，我們的積壓房屋數量為 4,776 套，價值 23 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。雖然我們的積壓訂單量較去年同期有所下降，但我們的建置時間比去年同期快了 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。

Our updated fiscal 2025 revenue expectation now implies about 13,200 deliveries using round numbers for simplicity, that means we have roughly 7,300 homes left to deliver. With approximately 4,800 homes in backlog as of the end of May, we need to sell about 2,500 homes to achieve our planned deliveries for this year. These homes will come from a portion of built-to-order homes that are sold early in our 2025 third quarter, as well as inventory homes sold through October.

我們更新後的 2025 財年收入預期現在意味著交付約 13,200 套房屋，為簡單起見使用整數，這意味著我們還剩下大約 7,300 套房屋需要交付。截至 5 月底，我們積壓了約 4,800 套房屋，我們需要銷售約 2,500 套房屋才能實現今年的交付計畫。這些房屋將來自我們 2025 年第三季初售出的部分客製化房屋，以及截至 10 月售出的庫存房屋。

We have nearly 2,800 unsold homes in production, inclusive of deliverable models. Based on this detailed mapping of our projected 2025 deliveries and the visibility we have for the remaining two quarters of the year, we believe our target is reasonable.

我們有近 2,800 套未售出的房屋正在生產中，包括可交付的模型。根據我們對 2025 年交付量的詳細預測以及今年剩餘兩個季度的預測，我們認為我們的目標是合理的。

Overall, our build times measured in calendar days improved sequentially in the second quarter by another seven days to 140 days, which contributed to our beat on deliveries. For build-to-order homes, our build times are currently 132 days. We have returned to pre-pandemic levels, and this progress 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，我們以日曆天數衡量的建造時間在第二季度環比提高了 7 天，達到 140 天，這有助於我們實現更快的交付速度。對於按訂單生產的房屋，我們的建造時間目前為 132 天。我們已經恢復到疫情前的水平，這一進展使我們更接近從開始到完工 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 customers purchasing a build-to-order home relative to the 60 days it typically takes to complete an existing or speculative home purchase. Better inventory turns and monetizing our assets quicker. 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.

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，包括對於購買客製化房屋的客戶來說，相對於完成現有或投機性房屋購買通常需要的 60 天時間，客製化房屋的銷售主張更具吸引力。更好的庫存週轉和更快的資產貨幣化。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。

Our value engineering and studio simplification efforts, in addition to an enhanced focus on costs contributed to direct costs that were 3.2% lower year over year on our homes started during the second quarter helping to offset the impact of our price reductions and increases in land cost. The homes that we started in May came in at the lowest cost per square foot year to date as our divisions are continuing to drive better performance on costs.

我們的價值工程和工作室簡化工作，加上對成本的更多關注，使得第二季開工房屋的直接成本比去年同期下降 3.2%，有助於抵消價格下降和土地成本上漲的影響。由於我們的部門繼續在成本方面取得更好的表現，我們五月開工的房屋每平方英尺的成本是今年迄今為止最低的。

Our costs, including lumber, are protected for almost all of our third quarter starts under the terms of our supply contracts. Our national purchasing team, working with our divisions has done an excellent job holding off tariff-related cost increases with only two minor price increases to date.

根據我們的供應合約條款，我們的成本（包括木材）在第三季幾乎所有開工項目中都受到保護。我們的國家採購團隊與我們的各部門合作，出色地阻止了與關稅相關的成本上漲，迄今為止僅有兩次小幅提價。

Before I wrap up, I will review the credit profile of our buyers who finance their mortgages through our joint venture, KBHS Home Loans. We maintained our high capture rate, with 88% 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.

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狀況。我們保持了較高的捕獲率，88% 的買家使用 KBHS 融資購房，更高的捕獲率幫助我們更有效地管理積壓訂單，並在成交時提供更高的透明度，這對我們公司和買家都有利。

In addition, we see higher customer satisfaction levels from buyers who use our JV versus other lenders. The average cash down payment was stable, both sequentially and year over year at 16% and equating to over $78,000. On average, the household income of customers who use KBHS was about $136,000, and they had a FICO score of 743. Even with one-half 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.

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 78,000 多美元。平均而言，使用 KBHS 的客戶的家庭收入約為 136,000 美元，FICO 分數為 743。即使我們有一半的客戶購買了第一套房子，我們仍然吸引著那些信用良好、有資格獲得抵押貸款並支付大筆首付的買家。

In conclusion, we believe we are navigating market conditions well and have taken action to support affordability for our buyers while balancing pace and price at the community level. Our divisions have done a solid job in controlling what is controllable by reducing build times, lowering cost and remaining committed to serving our buyers.

總之，我們相信我們正在很好地駕馭市場狀況，並已採取行動支持買家的負擔能力，同時在社區層面平衡速度和價格。我們的部門透過縮短建造時間、降低成本並繼續致力於服務我們的買家，在控制可控範圍方面做得非常出色。

Reflecting this commitment, KB Home received an unprecedented number of division-level customer satisfaction honors recently from Avid CX, a trusted platform of home buying experience insights based on comprehensive post move-in customer surveys. As we look to the second half of fiscal 2025, we are focused on driving results for this year and beginning to shape our fiscal 2026.

為了體現這一承諾，KB Home 最近從 Avid CX 獲得了數量空前的部門級客戶滿意度榮譽，Avid CX 是一個值得信賴的購房體驗洞察平台，該平台基於全面的入住後客戶調查來提供洞察。展望 2025 財年下半年，我們專注於推動今年的業績並開始規劃 2026 財年。

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

說完這些，我會把電話轉回給傑夫。

Thanks, Rob. With respect to our lot position, we own or control nearly 75,000 lots, 47% of which are controlled. Our build-to-order approach provides visibility into the need and timing for replacement communities based on each community's pace and expected sell-out date, which is beneficial in our effort to be capital efficient.

謝謝，羅布。就我們的地塊持股而言，我們擁有或控制近 75,000 個地塊，其中 47% 是我們控制的。我們的按訂單生產方法可以根據每個社區的速度和預期售罄日期來了解更換社區的需求和時間，這有利於我們提高資本效率。

We are developing lots in smaller phases wherever possible and balancing development with our starts pace to manage our inventory at finished lots. We have long employed a balanced approach to allocating the healthy cash flow that our business generates towards our priorities of future growth and returning capital to our shareholders. Although we continue to view the long-term outlook for the housing market favorably, we are scaling back our land-related investment spend to align to the current market conditions.

我們盡可能以較小的階段開發地塊，並平衡開發速度和啟動速度，以管理已完成地塊的庫存。長期以來，我們一直採用平衡的方法來分配我們業務產生的健康現金流，以實現未來成長和向股東返還資本的優先事項。儘管我們仍然看好房地產市場的長期前景，但我們正在縮減與土地相關的投資支出，以適應當前的市場狀況。

In the second quarter, we invested over $513 million in land acquisition and development of which about 75% went toward development and fees on lots we already own. Through our regular review of land deals in our pipeline, we also canceled contracts to purchase approximately 9,700 lots that no longer meet our underwriting criteria. When markets stabilize, we have the flexibility to again increase our land investments.

在第二季度，我們投資了超過 5.13 億美元用於土地收購和開發，其中約 75% 用於我們已經擁有的地塊的開發和費用。透過定期審查我們準備進行的土地交易，我們也取消了購買不再符合我們承保標準的約 9,700 塊土地的合約。當市場穩定時，我們可以靈活地再次增加土地投資。

With an expected lower level of spend on land for the remainder of the year and given our healthy lot pipeline to support future growth, we intend to continue a meaningful return of capital to our shareholders. In our 2025 first half, we returned just under $290 million in cash to our shareholders, including $250 million in share repurchases and at an average price of approximately $55.70 per share, which is below our current book value. At these levels, the repurchases provide an excellent return and will enhance both our future earnings per share and our return on equity.

由於預計今年剩餘時間的土地支出將下降，且我們擁有健康的土地儲備以支持未來的成長，我們打算繼續為股東帶來有意義的資本回報。在 2025 年上半年，我們向股東返還了近 2.9 億美元的現金，其中包括 2.5 億美元的股票回購，平均價格約為每股 55.70 美元，低於我們目前的帳面價值。在這些水準上，回購提供了極好的回報，並將提高我們未來的每股盈餘和股本回報率。

For our 2025 third quarter, we expect to repurchase between $100 million and $200 million of our shares. Rob Dillard will provide more detail on our capital allocation perspective in a moment.

對於 2025 年第三季度，我們預計將回購 1 億至 2 億美元的股票。Rob Dillard 稍後將提供有關我們的資本配置觀點的更多細節。

In closing, I want to recognize and thank the entire KB Home team for their commitment to operating our business with a daily emphasis on serving our homebuyers and a results-oriented focus. We believe we are taking the right steps in the current market environment by lowering our land spend and redirecting capital towards share repurchases and to maximize our returns and enhance shareholder value. We believe we're well positioned with a strong balance sheet and significant financial flexibility and an experienced team that has successfully navigated varying market cycles in the past.

最後，我要認可並感謝整個 KB Home 團隊致力於經營我們的業務，每天專注於為購房者提供服務並以結果為導向。我們相信，在當前的市場環境下，我們採取了正確的措施，即降低土地支出、將資本重新用於股票回購，從而實現回報最大化並提高股東價值。我們相信，憑藉強大的資產負債表、顯著的財務靈活性以及一支過去成功應對過不同市場週期的經驗豐富的團隊，我們處於有利地位。

And now I will turn the call over to Rob Dillard.

現在我將把電話轉給羅布·迪拉德。

Thanks, Jeff. It's a pleasure to be here, and I'm excited to be part of the KB Home team. I'm also pleased to report on the second quarter 2025 results. As Jeff and Rob stated, we're meeting the market with discipline and with our focus on our employees, our customers and our shareholders. We continue to emphasize our transparent pricing strategy while we promote our build-to-order advantage.

謝謝，傑夫。我很高興來到這裡，我很高興能成為 KB Home 團隊的一員。我也很高興地報告 2025 年第二季的業績。正如傑夫和羅布所說，我們以紀律性來滿足市場需求，並把重點放在我們的員工、客戶和股東身上。我們在推廣按訂單生產優勢的同時，繼續強調我們的透明定價策略。

This price and production flexibility is the embodiment of our continued strategy to optimize every asset. We did this by managing absorption by community based on specific market conditions.

這種價格和生產彈性反映了我們持續優化每項資產的策略。我們透過根據特定的市場條件管理社區的吸收來做到這一點。

This strategy fosters healthy communities that then enable us to optimize profitability and improve cash flows and returns. In the second quarter of 2025, we utilized this strategy and operating model to generate total revenues of $1.53 billion and homebuilding revenues of $1.52 billion, a 10% decrease from the prior year. We delivered 3,120 homes in the quarter. We're pleased with this delivery result as it exceeded our implied guidance during a period when we were refining our pricing strategy to limit or eliminate incentives.

這項策略培育了健康的社區，使我們能夠優化獲利能力並改善現金流和回報。2025年第二季度，我們利用這項策略和營運模式創造了15.3億美元的總收入和15.2億美元的房屋建築收入，比前一年下降了10%。本季我們交付了 3,120 套房屋。我們對這項交付結果感到滿意，因為它超出了我們在改進定價策略以限製或消除激勵措施期間的隱含指導。

In the second quarter, we increased our average selling price on a year-over-year basis to approximately $489,000. We expected this pricing performance despite continued product and regional mix shifts. Prices increased in the West Coast and the Southwest regions but we're down with mixed performance by market and other regions.

第二季度，我們的平均售價年增至約 489,000 美元。儘管產品和區域結構不斷變化，但我們仍預期會有這樣的定價表現。西海岸和西南地區的價格上漲，但市場和其他地區的表現參差不齊，價格下跌。

Housing gross profit margin was 19.3% and adjusted housing gross profit margin, which excludes inventory-related charges was 19.7%. This strong margin performance beat expectations due to our continued success in managing costs and positive regional mix, in a period where pricing power remained limited.

房屋毛利率為19.3%，不包括庫存相關費用的調整後房屋毛利率為19.7%。在定價能力仍然有限的時期內，我們繼續成功地管理成本並進行積極的區域組合，因此利潤率表現強勁超出預期。

Adjusted housing gross profit margin was 150 basis points lower than a year earlier. Due to pricing pressure, regional mix, higher relative land costs and reduced operating leverage, only partially offset by lower construction costs. SG&A expenses as a percent of housing revenues were 10.7% and a 60-basis point increase from a year ago, mainly due to higher marketing expenses and reduced operating leverage.

調整後的房屋毛利率比去年同期下降了150個基點。由於定價壓力、區域組合、相對土地成本較高以及營運槓桿降低，僅部分被較低的建築成本所抵消。銷售、一般及行政費用佔房屋收入的百分比為 10.7%，比去年同期增加了 60 個基點，主要原因是行銷費用增加和營運槓桿降低。

Homebuilding operating income for the second quarter decreased to $131 million and homebuilding operating income, excluding inventory-related charges, was $137 million or 9% of homebuilding revenues. Total pretax income was $142 million or 9.3% of total revenues.

第二季房屋建築營業收入下降至 1.31 億美元，不包括庫存相關費用的房屋建築營業收入為 1.37 億美元，佔房屋建築收入的 9%。稅前總收入為 1.42 億美元，佔總收入的 9.3%。

We reported net income of $108 million or $1.50 per diluted share, benefiting from solid operating performance and an 8% reduction in our average diluted shares outstanding from the prior year.

我們報告的淨收入為 1.08 億美元，即每股 1.50 美元，受益於穩健的經營業績和平均攤薄流通股數較上年減少 8%。

Looking ahead, we are adjusting our guidance for 2025 in response to current market conditions, as Jeff and Rob discussed. Our goal is to remain disciplined and optimize every asset as we focus on maximizing shareholder value.

展望未來，正如 Jeff 和 Rob 所討論的，我們正在根據當前的市場狀況調整 2025 年的指引。我們的目標是保持紀律並優化每項資產，同時專注於最大化股東價值。

In the third quarter of 2025, we expect to generate housing revenues between $1.5 billion and $1.7 billion. For the full year, we now expect housing revenues between $6.3 billion and $6.5 billion. We expect a third quarter average selling price of between $470,000 and $480,000, and the full year 2025 average selling price of between $480,000 and $490,000. The expected variation in average selling price is due to lower prices and regional mix.

2025 年第三季度，我們預計住房收入將達到 15 億至 17 億美元。就全年而言，我們目前預計住房收入將在 63 億美元至 65 億美元之間。我們預計第三季平均售價在 47 萬美元至 48 萬美元之間，2025 年全年平均售價在 48 萬美元至 49 萬美元之間。平均售價的預期變化是由於價格較低和區域混合造成的。

Housing gross profit margin, assuming no inventory-related charges, is expected to be between 18.1% and 18.7% in the third quarter, and 19% and 19.4% in the full year. This expected margin reduction is due to anticipated pricing pressure and mix variation, which we expect to be partially offset by lower construction costs.

假設不計入庫存相關費用，預計第三季房屋毛利率在18.1%至18.7%之間，全年房屋毛利率在19%至19.4%之間。預計利潤率的下降是由於預期的定價壓力和產品組合變化，我們預計較低的建築成本將部分抵消這種影響。

The third quarter SG&A ratio is expected to be between 10.3% and 10.7%, and the full year SG&A ratio is expected to be between 10.2% and 10.6%, we're actively managing SG&A for the current environment and will continue to align overhead levels with our volumes. We'll expect the third quarter homebuilding operating income margin of between $76 and 8.2%, and we expect the full year homebuilding operating income margin of between 8.6% and 9%.

預計第三季銷售、一般及行政費用比率將在 10.3% 至 10.7% 之間，預計全年銷售、一般及行政費用比率將在 10.2% 至 10.6% 之間，我們正在積極管理當前環境下的銷售、一般及行政費用，並將繼續使間接費用水準與我們的業務量保持一致。我們預計第三季房屋建築營業收入利潤率在 76 美元至 8.2% 之間，我們預計全年房屋建築營業收入利潤率在 8.6% 至 9% 之間。

These projections assume no inventory-related charges. Our effective tax rate for the third quarter and the full year is expected to be approximately 24% as energy tax credits and other adjustments are expected to remain at their current levels.

這些預測不假設任何與庫存相關的費用。由於能源稅收抵免和其他調整預計將保持在當前水平，我們第三季和全年的有效稅率預計約為 24%。

Turning now to the balance sheet. Our balanced capital strategy is focused on minimizing the cost of capital, maximizing flexibility, optimizing returns from investment in land and inventories, and returning capital to reward shareholders. We had inventories consisting of land in various stages of development and homes completed or under construction, totaling $5.9 billion at the end of the second quarter. We invested over $513 million in land development and fees during the second quarter.

現在來看資產負債表。我們平衡的資本策略專注於最大限度地降低資本成本、最大限度地提高靈活性、優化土地和庫存投資回報以及返還資本以回報股東。我們的庫存包括處於不同開發階段的土地和已完工或正在建造的房屋，截至第二季末總額為 59 億美元。我們在第二季投資了超過 5.13 億美元用於土地開發和費用。

In the first two quarters of fiscal 2025, we invested over $1.4 billion in land development of fees, falling investing $2.8 billion in fiscal 2024. We believe that we are well capitalized for the current market and expect to moderate investment in land to focus on only the highest return opportunities, until more favorable market conditions emerge.

在 2025 財年的前兩個季度，我們在土地開發費用上投資了超過 14 億美元，而 2024 財年的投資額為 28 億美元。我們相信，我們在當前市場擁有充足的資本，並預計將適度投資土地，只專注於最高回報的機會，直到出現更有利的市場條件。

With our inventory position, we own or control over 74,000 lots, over 14% more than this time last year. This provides both a strong basis for future growth and a high degree of flexibility. Included in the 74,000 lots, we control over 34,000 watts that we have the option, but not the obligation to purchase. This provides us with meaningful flexibility to manage our land investment, and we can exercise this flexibility to our advantage when market conditions impact returns.

加上我們的庫存狀況，我們擁有或控制超過 74,000 個地塊，比去年同期增加了 14% 以上。這為未來的成長提供了堅實的基礎和高度的靈活性。在這 74,000 個地塊中，我們控制超過 34,000 瓦的電力，我們有選擇權，但沒有購買義務。這為我們管理土地投資提供了有意義的靈活性，並且當市場條件影響回報時，我們可以利用這種靈活性來發揮我們的優勢。

Because we finance our land investments on our balance sheet, with extremely limited land banking or other off-balance sheet vehicles, we provide maximum transparency while minimizing cost and preserving flexibility. We use this as a meaningful positive in evaluating our liquidity and leverage.

由於我們在資產負債表上為土地投資提供資金，並且土地儲備或其他表外工具極其有限，因此我們提供了最大的透明度，同時最大限度地降低了成本並保持了靈活性。我們將此作為評估流動性和槓桿率的一個有意義的積極因素。

At quarter end, we had total liquidity of $1.2 billion, including $309 million of cash and $882 million available under our revolving credit facility. The current $200 million outstanding on the revolving credit facility is associated with seasonal working capital investment, we expect to pay off the revolver by year-end.

截至季末，我們的總流動資金為 12 億美元，其中包括 3.09 億美元的現金和 8.82 億美元的循環信貸額度。目前，循環信貸額度中未償還的 2 億美元與季節性營運資金投資有關，我們預計將在年底前還清這筆循環信貸。

We believe our strong BB positive credit profile was optimal for our business. It provides reliable access to capital at low cost with investment-grade like covenants and significant flexibility. We will continue to target a total debt to capital ratio in the neighborhood of 30% to support this rating, and we are pleased with our current 32.2% ratio.

我們相信，我們強大的 BB 正向信用狀況對我們的業務來說是最佳的。它以低成本提供可靠的資本獲取途徑，具有投資等級契約和極大的靈活性。我們將繼續以 30% 左右的總負債資本比率為目標來支持此評級，我們對目前 32.2% 的比率感到滿意。

We have no debt maturity until our term loan matures in 2026 and our next note maturities in 2027. This strong balance sheet enables us to provide shareholders with a healthy dividend which currently has an approximately 2% yield, as well as return capital to shareholders in the form of share repurchases.

我們的定期貸款將於 2026 年到期，下一筆票據將於 2027 年到期，屆時我們的債務將不會到期。強勁的資產負債表使我們能夠向股東提供健康的股息（目前收益率約為 2%），並以股票回購的形式向股東返還資本。

We believe our current share price, which is below book value per share is undervalued and represents a strong investment opportunity. Repurchasing shares that are priced below book value, not only improves liquidity in our shares, reduces our weighted average cost of capital, reduces share count and benefits EPS, but also improved return on equity and increase book value per share.

我們認為，我們目前的股價低於每股帳面價值，被低估了，代表著一個強勁的投資機會。回購價格低於帳面價值的股票，不僅可以提高我們股票的流動性，降低我們的加權平均資本成本，減少股票數量並提高每股收益，還可以提高股本回報率並增加每股帳面價值。

In the second quarter, we repurchased 3.7 million shares at an average price of $53.55 a for a return of capital of $200 million, which combined with dividends, resulted in a total return of capital of $217 million.

第二季度，我們以每股平均 53.55 美元的價格回購了 370 萬股，資本回報為 2 億美元，加上股息，總資本回報為 2.17 億美元。

With this strategy and our solid earnings, we have increased our book value per share to $58.64, a more than 10% increase over the prior year. We have now repurchased over 30% of our outstanding common stock since implementing our share buyback program in late 2021.

憑藉這一策略和穩健的盈利，我們的每股帳面價值已增至 58.64 美元，比上一年增長了 10% 以上。自 2021 年底實施股票回購計畫以來，我們已回購了超過 30% 的流通普通股。

Over the past four years, we have returned over $1.59 billion to shareholders in the form of dividends and share repurchases. We have $450 million remaining in our current repurchase authorization and expect to repurchase between $100 million and $200 million of our common stock in the third quarter assuming all other things being equal, especially our outlook for the operating environment, capital market conditions, and other investment opportunities.

過去四年來，我們以股息和股票回購的形式向股東返還了超過15.9億美元。我們目前的回購授權餘額為 4.5 億美元，假設其他所有條件相同，尤其是我們對經營環境、資本市場狀況和其他投資機會的展望，我們預計在第三季回購 1 億至 2 億美元的普通股。

In conclusion, we're pleased with our solid results and disciplined operating strategy and we expect to optimize shareholder value over the long term by augmenting these results with our shareholder-focused capital strategy that prioritizes minimizing the cost of capital, maximizing flexibility, improving returns from investment and increasing returns to the shareholders in the form of share repurchases.

總而言之，我們對穩健的業績和嚴謹的營運策略感到滿意，我們希望透過以股東為中心的資本策略來增強這些業績，從而長期優化股東價值，該策略優先考慮最小化資本成本、最大化靈活性、提高投資回報以及以股票回購的形式增加股東回報。

With that, we'll now take your questions. Julian, would you please open the lines?

現在我們來回答你們的問題。朱利安，你能打開線路嗎？

(Operator Instructions) John Lovallo, UBS.

（操作員指示）瑞銀 (UBS) 的 John Lovallo。

The first one is, I think the flexibility that you guys are demonstrating makes a lot of sense on the production front. The question is on SG&A though. Despite the 6% cut at the midpoint, of revenue. SG&A is only going up by about 20 basis points versus the previous outlook. I'm just curious what steps you're taking to kind of pull back here on some of this fixed overhead costs. What specifically are you guys doing?

首先，我認為你們在生產方面表現出的彈性非常有意義。但問題在於銷售、一般及行政費用 (SG&A)。儘管中間值削減了 6% 的收入。與先前的預期相比，銷售、一般及行政費用僅上漲約 20 個基點。我只是好奇您採取了什麼措施來減少部分固定間接成本。你們具體在做什麼？

John, we've always been really focused on keeping our overhead in line with our revenue and scale. And in part, there's formulas for what kind of headcount we need in construction or sales or whatever, depending on how many delivery. So we are adjusting our headcount to align with our new revenue projections for this year.

約翰，我們一直非常注重保持管理費用與我們的收入和規模保持一致。在某種程度上，我們需要在建築或銷售或其他領域僱用多少員工，這取決於交付量。因此，我們正在調整員工人數以符合今年的新收入預測。

And past that, there's buckets everywhere that we look at to see where else can we save some money. So I actually think, over time, we can get our ratio back down under 10%, where it was a couple of years ago at this revenue level. So we'll be pulling all the levers and really working hard to keep our costs in line.

除此之外，我們還會到處找水桶，看看還能在哪裡省錢。因此我實際上認為，隨著時間的推移，我們可以將這一比例降至 10% 以下，回到幾年前的這個收入水平。因此，我們將竭盡全力，並努力控製成本。

Makes sense. And then maybe switching over to the gross margin. The outlook was 19.2% to 20%. It went to 19.0%, 19.4%. I mean, obviously, you tightened it a bit and lowered a bit. But maybe just help us sort of bucket the drivers between volume, lower ASP mix, maybe higher land costs, if you could?

有道理。然後也許轉向毛利率。預期值為19.2%至20%。上升至19.0%、19.4%。我的意思是，顯然你把它收緊了一點，又放低了一點。但如果可以的話，也許你能幫助我們將驅動因素分為銷售量、較低的 ASP 組合和較高的土地成本，對嗎？

Yeah, sure. Hi, John, this is Rob Dillard. A lot of that is operating leverage, right? And so with the lower number, that kind of reduced the outlook for gross profit margins in the second half. Land cost on a relative basis with prices coming down a little bit has impacted that margin.

是的，當然。你好，約翰，我是羅布·迪拉德。其中很大一部分是經營槓桿，對嗎？因此，由於數字較低，這降低了下半年毛利率的前景。土地成本相對下降，價格略有下降，對利潤率產生了影響。

And then there's also a pretty meaningful amount that's just mix between communities and regions. That seems to be working against us a bit.

此外，還有相當一部分是社區和地區之間的混合。這似乎對我們有點不利。

And I'd also point out that the reduction in construction cost has offset a fair amount of this pricing pressure, but we're still kind of where we are with an expectation for 19% and 19.4% in the -- for the full year now.

我還要指出的是，建築成本的降低已經抵消了相當一部分價格壓力，但我們仍然預計全年增長率為 19% 和 19.4%。

Understood.

明白了。

Brenda?

布倫達？

Stephen Kim, Barclays.

巴克萊銀行的史蒂芬金 (Stephen Kim)。

(laughter) Thanks, not anymore. Not for a long time, actually. It's Steve Kim from Evercore.

（笑聲）謝謝，現在不再這樣了。事實上，已經很久沒有了。我是 Evercore 的 Steve Kim。

Guys, I appreciate all the color. The guidance -- it does seem to imply a pretty robust closing outlook. Rob, I think you specifically cause for the fourth quarter. it seems to suggest that you're either going to have a very high backlog turnover ratio, maybe in the 80s or something or you're going to have an awful lot of orders in the third quarter.

夥計們，我很欣賞所有的顏色。該指引——它確實似乎暗示了相當強勁的收盤前景。羅布，我認為你特別提到了第四季的情況。這似乎表明，要么你的積壓訂單週轉率會非常高，可能達到 80% 左右，要么你在第三季度會收到大量訂單。

And typically, I would think that the third quarter absorption cadence would be a little lighter than 2Q, but just wondering if you can help us think through -- I know you've given us a lot of guidance already. But just struggling a little bit to try to figure out which lever you're going to be really pulling to get the fourth quarter closings somewhere in the vicinity of 4,000 or something?

通常情況下，我認為第三季的吸收節奏會比第二季稍微輕鬆一些，但我只是想知道您是否可以幫助我們思考——我知道您已經給了我們很多指導。但是，只是稍微努力了一下，試圖弄清楚您要真正利用哪個槓桿來使第四季度的收盤價達到 4,000 左右？

Well, Steve, I think starting with build times, we've made good progress on build times. I don't think we're done there yet. We continue to see those come down quarter over quarter even as we look at the monthly cadence, we've seen build times to come down. So that's going to relieve some of the pressure on units there.

好吧，史蒂夫，我認為從建造時間開始，我們在建立時間方面取得了良好的進展。我認為我們還沒有完成。我們繼續看到這些數字逐季度下降，即使從月度節奏來看，我們也看到建置時間正在下降。這將減輕那裡的單位的一些壓力。

But as I walk through the setup for the balance of the year, we need about the 25 more -- 25,000 more sales. It's really -- that's less than what we did last year. So I'd just point out that in 2024, we really took the same approach that Jeff outlined when Q4 was tough. And despite that, we still sold over 26,000 inventory homes between the third and the fourth quarter and over 1,200 of those were coming in Q4 in tougher market conditions. So it's a similar setup as we go into the back half.

但當我完成今年剩下的安排時，我們還需要大約 25 到 25,000 個銷售額。這確實比我們去年做的少。因此，我只想指出，在 2024 年，我們確實採取了傑夫在第四季度艱難時概述的相同方法。儘管如此，我們在第三季至第四季之間仍然售出了超過 26,000 套庫存房屋，其中超過 1,200 套是在第四季度更加嚴峻的市場條件下售出的。因此，當我們進入後半部分時，設定也是類似的。

Okay. So anything in particular on the -- regarding backlog turnover ratio or absorptions, sequentially?

好的。那麼，關於積壓週轉率或吸收率，有什麼特別之處嗎？

Well, we're going to continue to target high backlog turnover ratios. I mean, some of that comes from the inventory that we're covering during the quarter. But no, I mean nothing specific, unless I'm misunderstanding your question. I mean, we're looking at it similar to the way we had going into last year's set up, and it's actually a little more favorable on what we've got to cover on the inventory side from a sales perspective.

嗯，我們將繼續以高積壓週轉率為目標。我的意思是，其中一些來自我們本季涵蓋的庫存。但不，我沒有什麼具體的意思，除非我誤解了你的問題。我的意思是，我們看待它的方式與去年的設置類似，從銷售角度來看，它在庫存方面要覆蓋的內容實際上更為有利。

Steve, if you went back to the pre-pandemic build times, it was not uncommon for our backlog conversion to be 70% to 80%.

史蒂夫，如果你回顧疫情前的建設時期，我們的積壓轉換率達到 70% 到 80% 是很常見的。

Yeah.

是的。

You're building them much quicker.

你建造它們的速度更快。

Got you. And certainly, with the cycle times being back to normal and even get pressing ahead, that would -- okay, I guess, explain a lot of it. Can you help us -- give us a little bit more color regarding the community delay? It was kind of interesting.

明白了。當然，隨著週期時間恢復正常甚至向前推進，那將 - 好吧，我想，這可以解釋很多事情。您能幫助我們—給我們更多有關社區延遲的詳細資訊嗎？這有點有趣。

You mentioned that you were delayed. You had some communities that kind of opened up late in the quarter. And kind of, I think, pushed, I would assume, that weighed a little bit on your order pace a little bit.

您提到您被耽擱了。一些社區在本季末開放。我認為，這會對您的訂單速度產生一些影響。

So I was wondering if you could elaborate on that at all? And to what degree would you say that your community count and particularly these grand openings, which I know it can be pretty important from an order perspective. To what degree did you maybe not get the full benefit of that like you normally would have expected?

所以我想知道您是否可以詳細說明一下？您認為您的社區在多大程度上具有影響力，特別是這些盛大的開幕式，我知道從訂單的角度來看，這非常重要。您在多大程度上沒有像通常預期的那樣獲得全部益處？

Yeah, it was pretty significant. I mean it's not a new issue, community -- challenges of being communities is an ongoing thing. But it was, I'd say, more significant than our second I'd say order of magnitude, we probably missed a couple of hundred sales from those delays in community openings that we didn't get, which is one of the reasons why I mentioned it in my prepared remarks.

是的，這非常重要。我的意思是這不是一個新問題，社區——社區面臨的挑戰是一個持續存在的問題。但我想說，這比我們的第二個數量級更為重要，我們可能因為社區開放的延遲而錯過了幾百筆銷售，這也是我在準備好的發言中提到它的原因之一。

It's something that's difficult to predict with precision. Maybe our forecasting has been a little too aspirational in some cases, but we are pulling levers and making changes out there to get in front of it to at least be able to forecast better, and hopefully, also open our communities faster than what we've been doing.

這是很難準確預測的事情。在某些情況下，我們的預測可能有點過於理想化，但我們正在努力做出改變，至少能夠做出更好的預測，並希望比現在更快地開放我們的社區。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

Correction, this line comes from Michael Rehaut, JP Morgan.

更正一下，這句話來自摩根大通的 Michael Rehaut。

Thanks for taking my question. Good afternoon, everyone. Wanted to first try and dive in a little bit to the gross margin cadence in 3Q, 4Q. I believe if the math -- if our math is right, we're looking for a decent rebound in gross margins in the fourth quarter to the low 19% range, I believe, from the 18.1% to 18.7% guidance in the third quarter. So I just wanted to understand what's driving that outlook and if there's any anticipated change within that outlook in terms of incentive levels that closings would have in 4Q versus 3Q?

感謝您回答我的問題。大家下午好。首先想試著深入了解第三季、第四季的毛利率節奏。我相信，如果我們的計算正確的話，我們預計第四季度的毛利率將大幅反彈至 19% 的低位，我相信，這一數字將高於第三季的 18.1% 至 18.7% 的預期。因此，我只是想了解是什麼推動了這種前景，以及在第四季度與第三季度相比，這種前景在激勵水平方面是否會發生任何預期的變化？

Yeah. Hi, Michael, this is Rob Dillard. It's really actually -- I mean, you can get the 40 bps of difference between 3Q and 4Q, almost completely from operating leverage. And so that's what really drove our expectation for margin.

是的。你好，邁克爾，我是羅布·迪拉德。事實上——我的意思是，第三季和第四季之間的 40 個基點的差異幾乎完全來自於經營槓桿。這才是真正推動我們對利潤率預期的因素。

And there's a little bit of price, but then that's also probably going to create some mix as well. But really, it's really operating leverage.

而且還有一點價格，但這也可能會造成一些混合。但實際上，這確實是經營槓桿。

Okay. Perfect. And then also, I think earlier in the prepared remarks, it was referenced that there are some communities that lowered price during the quarter, obviously, in response to the softer demand. I was curious what percent of communities did see price reductions? And what was the rough average of those price reductions in those communities? And perhaps which markets were those reductions may be more prominent?

好的。完美的。而且，我認為在之前的準備好的評論中，已經提到過，有些社區在本季度降低了價格，顯然是為了應對疲軟的需求。我很好奇有多少比例的社區確實出現了價格下降？這些社區的降價幅度大致平均是多少？也許哪些市場的降幅可能更為顯著？

Yeah, a few questions embedded there. So we moved pricing in over half of our communities. We had some that were up, some that were down. It was really surgical by community as we're working to optimize each asset.

是的，那裡麵包含一些問題。因此，我們改變了超過一半社區的定價。有些是上升的，有些是下降的。當我們努力優化每項資產時，這確實是社區所做的努力。

We liked how we were positioned coming out of March. We had consumer confidence drop off in April. We found that we had to adjust in more and more communities above what we did in February to get those communities running at their minimum run rate that we've got established for each one. I'd just tell you, as far as numbers go, that's all baked into our guidance for the back half of the year and into our ASP as well.

我們對三月的定位很滿意。四月消費者信心下降。我們發現，我們必須在越來越多的社群中做出比二月更高的調整，以使這些社群按照我們為每個社群設定的最低運作率運作。我只是想告訴你，就數字而言，這些都已納入我們對下半年的預測以及我們的 ASP 中。

The second part of your question on the market color. I'll just take a minute to address kind of what we're seeing across the markets because the story continues to be very local and very dynamic. And I would say that all of the markets we operate in experienced some level of softening at some point during the quarter.

您問題的第二部分是關於市場顏色的。我只想花一點時間來談談我們在整個市場看到的情況，因為這個故事仍然非常本地化且非常動態。我想說的是，我們經營的所有市場在本季的某個時候都經歷了一定程度的疲軟。

Markets that I would say where we're still seeing relatively strong demand and sales performance would be Las Vegas, the Inland Empire, the North Bay in Northern California. Texas markets like Houston and San Antonio, Tampa, Florida as well. And by contrast, some of the markets that are facing some more significant headwinds recently are like Sacramento in Seattle. They've slowed down a little bit, and we've had to do a little more there with price relative to some of the others.

我認為，我們仍然看到相對強勁的需求和銷售業績的市場是拉斯維加斯、內陸帝國、北加州的北灣。休士頓、聖安東尼奧、坦帕、佛羅裡達州等德州市場也是如此。相較之下，最近面臨更大阻力的一些市場，例如西雅圖的薩克拉門托。他們的速度稍微慢了一點，相對於其他一些公司，我們不得不在價格方面做更多的事情。

Markets like Austin, Colorado, Jacksonville, Orlando and Florida, places where resale supply has increased and starts putting pressure on pricing and creating more competition and just more choices for buyers. But it is very local, very specific. You can't put a market condition on an entire state or even an entire market, in most cases, it's community by community.

奧斯汀、科羅拉多、傑克遜維爾、奧蘭多和佛​​羅裡達等市場，轉售供應量增加，開始對定價施加壓力，創造更多競爭，為買家提供更多選擇。但它非常具有地方特色，非常具體。你不能把市場狀況強加於整個州，甚至整個市場，大多數情況下，這是由一個社區決定的。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

Yeah, thanks, guys. I hope you can hear me this time. So my question is on -- back on the topic of ASP and your sort of price philosophy incentives. And I just kind of wanted to understand exactly what you guys were saying.

是的，謝謝大家。我希望這次你能聽到我的聲音。所以我的問題是關於——回到 ASP 和您的價格理念激勵的話題。我只是想確切地了解你們在說什麼。

So obviously, you enacted that strategy back in Q2, and it sounded like April and May, maybe ended up a little disappointing relative to expectations. But as we look forward, you're talking about optimizing the assets. Snd obviously, you need to sell through some spec here in the second half.

顯然，您在第二季實施了這項策略，但聽起來四月和五月的表現可能與預期相比有點令人失望。但展望未來，您正在談論優化資產。顯然，你需要在下半年賣出一些規格。

So just kind of curious around -- were you messaging that maybe you will kind of pull back a little bit on this philosophy a little? Or was the idea that in order to make sure we hit that full year delivery guide, that we will continue to be active with adjusting base prices to kind of make sure we get that volume.

所以只是有點好奇——您是否在傳達這樣的訊息：也許您會稍微放棄這種哲學？或者是為了確保達到全年交付指南，我們將繼續積極調整基本價格，以確保達到該數量。

Matt, we'll respond to the market situation and what our experience is. in every community. So if things -- communities are hitting their pace, we'll let them go, may push price up a little. If they're not hitting their pace, we'll have to take further steps. But we've already baked into our guidance what we think it's going to take to hit the sales we need to hit the deliveries for the year.

馬特，我們會根據市場狀況和我們的經驗在每個社區做出反應。因此，如果事情——社區按照他們的步伐發展，我們就會放手，可能會稍微提高價格。如果他們沒有達到他們的步伐，我們就必須採取進一步的措施。但我們已經將實現全年銷售和交付目標所需的條件納入了我們的預期中。

Okay. Fair enough. Secondly, the adjustment to land investment and hear you loud and clear on the decision you're making around kind of therefore, leaning more into share repurchase. Especially when you're trading below book value, all kind of well understood and adjusting to market conditions. But obviously, just the result of that and the thought around growth going forward? I think I heard you say you're going to say around kind of 250 communities for the balance of this year, and please correct me if I'm wrong.

好的。很公平。其次，對土地投資進行調整，並清楚地聽到您所做的決定，因此更傾向於股票回購。特別是當您的交易低於帳面價值時，一切都很好理解並根據市場情況進行調整。但顯然，這只是結果和圍繞未來成長的想法？我想我聽到您說過，今年餘下的時間裡您將覆蓋大約 250 個社區，如果我錯了，請糾正我。

But as you have pulled back or are pulling back on land development spend, and how should we think about the outlook for community growth kind of going beyond 2025 and setting up for '26?

但是，既然你們已經或正在削減土地開發支出，那麼我們該如何看待 2025 年以後以及 2026 年以後的社區發展前景呢？

A lot of that, Matt, will be driven by the -- whatever the market conditions are for the communities we need to fill in frankly, for '27 or very, very late in '26. We shared on the previous call that we have a little slowdown here in community count growth and expect it to come back the other way, first quarter at '26.

馬特，這在很大程度上取決於——無論我們需要填補的社區的市場條件如何，坦率地說，是在 27 年還是在 26 年末。我們在上次電話會議上提到，我們的社區數量成長略有放緩，預計第一季將回升至 26%。

So with the lot count we have today owned and controlled, we have a platform for growth. It's how much can we mine it out of whatever the market conditions are.

因此，憑藉我們目前擁有和控制的地塊數量，我們擁有了一個成長平台。無論市場狀況如何，我們能挖掘出多少資源。

Mike Dahl, RBC Capital Markets.

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

Hey, everyone. You've actually got Stephen Mea on for Mike Dahl today. I wanted to ask a question about the backlog here. I fully understand the backlog and all your other initiatives like build time are supportive for the volume goals for fiscal '25 here and without asking for a specific guidance. I was hoping to get a sense of how you're thinking the backlog might shake out at the end of the year and how that may affect your thoughts on potential growth through 2026? Thanks.

嘿，大家好。今天實際上請來了 Stephen Mea 來代替 Mike Dahl。我想問一個有關這裡的積壓問題。我完全理解積壓工作和所有其他措施（例如建造時間）都支持 25 財年的產量目標，而無需尋求具體的指導。我希望了解您認為年底積壓訂單情況會如何變化，以及這會如何影響您對 2026 年潛在成長的看法？謝謝。

So we have quite a long way, a lot of sales to make between now and when we get to the end of '25 and get it into '26. But that's all part of our strategy and our plan as we've shifted away from the incentives that we were offering going to offering the best value to the lowest base price, we're seeing that be attractive to people looking to buy a personalized home. So we expect that we'll continue to grow that backlog and hit an inflection point. And all this depends on market conditions and where things are headed. But we're setting minimum run rates that we want to get by community.

因此，從現在到 2025 年底和 2026 年，我們還有很長的路要走，還有很多銷售工作要做。但這都是我們策略和計劃的一部分，因為我們已經從提供的激勵措施轉向以最低的基本價格提供最佳價值，我們發現這對想要購買個人化住宅的人很有吸引力。因此，我們預計積壓訂單將繼續增加，並達到一個轉折點。而這一切都取決於市場狀況和事態發展。但我們正在設定社群希望獲得的最低運作率。

That's geared towards building that backlog to get to a sufficient level to support our strategy for '26, but obviously not guiding to '26 at this point.

這是為了使積壓訂單達到足夠的水平來支持我們 26 年的策略，但顯然目前還不能指導 26 年的策略。

No, that's super helpful. And then I guess, moving closer in time, I wanted to ask about the fourth quarter and kind of how you're looking at that from a margin perspective, that we have the numbers for the third quarter and the full year kind of implies a similar-ish range for the fourth quarter, but a slight uptick at the midpoint.

不，這非常有幫助。然後我想，隨著時間的推移，我想問一下第四季度的情況，以及您從利潤率的角度來看如何看待這個問題，我們有第三季度的數據，全年的數據意味著第四季度的範圍相似，但中點略有上升。

Just kind of how you think margins might play out sequentially from the third to fourth quarter, especially in the context of you guys doing a good job of adapting to the market with price adjustments? Thanks.

您認為利潤率從第三季到第四季會如何變化，特別是在你們透過價格調整很好地適應市場的情況下？謝謝。

Yeah, without giving explicit guidance to the fourth quarter, I mean we've got the third quarter and the full year in there. So you can kind of back into it. But as I said, the deliveries we're expecting to be up in the fourth quarter, and that's going to provide a margin uplift of about 40 basis points really just through operating leverage. And so yes, we do think ASP will be slightly higher, but it's really going to be the operating leverage from having more deliveries in that fourth quarter number.

是的，雖然沒有給出第四季度的明確指引，但我的意思是我們已經給了第三季和全年的指引。所以你可以回到過去。但正如我所說，我們預計第四季度的交付量將會上升，這將僅透過經營槓桿就帶來約 40 個基點的利潤率提升。所以是的，我們確實認為平均售價會略高，但這實際上將是第四季度交付量增加帶來的營運槓桿。

Alan Ratner, Zelman & Associates.

艾倫·拉特納（Alan Ratner），澤爾曼與合夥人公司。

Hey, guys. Good afternoon. Thanks for all the detail as usual. Much appreciated. First question, just drilling in a little bit on the pricing strategy. Obviously, you guys are focused on kind of getting away from incentives and more adjusting the base prices were necessary.

嘿，大家好。午安.像往常一樣感謝您提供的所有詳細資訊。非常感謝。第一個問題，稍微深入探討定價策略。顯然，你們專注於擺脫激勵措施，並且有必要進一步調整基本價格。

I'm just curious because we've seen from other builders kind of moving in the opposite direction? If anything, it seems like incentives have continued to increase here through the spring.

我只是很好奇，因為我們看到其他建築商朝著相反的方向發展？如果有什麼不同的話，那就是整個春季，激勵措施似乎持續增加。

And as you think about your order results and March being strong, April, May, a bit weaker, how do you guys deal from a competitive perspective when other builders are increasing incentives? Are consumers coming into your communities asking for those incentives? Do they understand how your strategy differs? And do you feel like the pullback in orders you saw later in the quarter? Was it all due to other builders becoming more aggressive with incentives?

當您考慮您的訂單結果時，三月表現強勁，而四月和五月表現稍弱，當其他建築商都在增加激勵措施時，您從競爭的角度如何應對？來到你們社群的消費者是否要求獲得這些激勵措施？他們是否了解你的策略有何不同？您是否感覺到本季後期訂單有所回落？這是否都是因為其他建築商在激勵措施方面變得更加積極？

I think that that's always a factor and a pullback that people are getting really aggressive with incentives out there. But generally, I think our teams have done a good job of being able to sell the value in the price. I mean, there are -- in a lot of cases, I believe that there are customers that are overpaying for the home to effectively get an incentive. So they're tied into this higher price that they're going to be stuck with for forever until they sell that home.

我認為這始終是一個因素，也是一個阻礙，人們正在積極地提供激勵措施。但總的來說，我認為我們的團隊在以價格體現價值方面做得很好。我的意思是，在許多情況下，我相信有些顧客會為房子支付過高的費用，以便有效地獲得激勵。因此，他們必須永遠承受這個高價，直到他們賣掉房子為止。

They may potentially be upside down when they try to sell that home versus a clean, simple, transparent way of selling the value of what we offer. And I'll tell you, it's -- we do have people to come in and ask for incentives. And the way that we're approaching it, it doesn't work for everybody.

當他們試圖出售房屋時，他們可能會遇到麻煩，而我們無法以乾淨、簡單、透明的方式出售房屋的價值。我會告訴你，我們確實有人來要求獎勵。而我們處理這個問題的方式並不適合所有人。

Some people are enamored by the incentives and they're just stuck on that, and that's what we want to go after. But -- we're happy with the results that we've seen since we've made this change. It's really the way that we've operated for decades before we had this unique situation with mortgage rates doubling effectively overnight and just getting back to our knitting of what we do well and what our sales teams are geared towards selling. So we're happy with the approach and sticking with it.

有些人對激勵措施很著迷，他們只是堅持這一點，而這正是我們想要追求的。但是——我們對做出這項改變以來所看到的結果感到滿意。在我們遇到這種特殊情況之前，幾十年來我們一直採用這種營運方式，抵押貸款利率在一夜之間實際上翻了一番，我們只需要重新梳理我們擅長的領域以及我們的銷售團隊所擅長的銷售領域。因此，我們對這種方法很滿意並會堅持下去。

Got it. I appreciate the thoughts there. Second question on the cost reductions you guys have been able to realize, are you able to break that down at all by input? I'm just curious. If you look at that 3% plus reduction, how much of that is due to lower lumber, which is more of a commodity and maybe a little bit less in your control versus either labor or other inputs that you've directly been able to negotiate lower?

知道了。我很欣賞這些想法。第二個問題是關於你們已經實現的成本降低，您能按投入將其細分嗎？我只是好奇。如果您看一下 3% 以上的減幅，其中有多少是由於木材價格下降造成的？木材價格更像是一種商品，與勞動力或其他投入相比，您可能不太能控制木材價格，而您卻可以透過談判直接降低木材價格？

Yeah. I can't really break it down as far as the 3.2%. There are so many things that go into that percentage, whether it's mix by divisions or which batches of house, even mix within the communities.

是的。我無法真正將其細分為 3.2% 這一數字。影響這一比例的因素有很多，無論是按部門混合，還是按房屋批次混合，甚至是在社區內混合。

Obviously, lumber coming down has been a bit of a help. In fact, I didn't look year over year at what lumber did in the prior year that's in that 3.2%, but we've been seeing that trend continue. We just know based on our not only our started home budgets, but on our house budgets that we maintain for each of the products out there that our divisions are doing an excellent job of driving down costs.

顯然，木材的砍伐提供了一些幫助。事實上，我沒有逐年關注前一年 3.2% 的木材價格表現，但我們看到這種趨勢仍在繼續。我們不僅根據我們開始的家庭預算，而且根據我們為每種產品維持的房屋預算知道，我們的部門在降低成本方面做得非常出色。

And in some cases, fighting off other commodity level increases. And despite that, still getting the 3.2%. So I really can't break it down any further for you than that. But there are significant cost decreases coming out of other things than just commodity drops like lumber.

並且在某些情況下，對抗其他商品的水平也會提高。儘管如此，仍然獲得了 3.2% 的支持率。因此，我真的無法為你進一步解釋。但除了木材等大宗商品價格下降之外，其他因素也帶來了成本的大幅下降。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

Hi, good afternoon. Thanks for taking my question. I just wanted to follow up a little bit on the land spend. Can you just help us understand how much land inflation is flowing through your P&L today sort of in the back half of the year and land that you're contracting today are you seeing any relief on NAND prices?

嗨，下午好。感謝您回答我的問題。我只是想稍微跟進一下土地支出的情況。您能否幫助我們了解今年下半年土地通膨對您的損益產生了多大影響？您今天承包的土地是否對 NAND 價格產生了一些緩解？

Has that come down at all with the softer market? And is there a point here where we could start to see sort of land prices come down as we go out into 2026?

隨著市場疲軟，這數字有沒有下降？那麼，到 2026 年，我們是否會開始看到土地價格下降？

Rafe, I can make a few comments on that. We don't have the exact numbers that you're asking for here with us. One of the things that we're seeing that you don't hear discussed much is you take a piece of land, you get it entitled, you go close, you move on. And the improvement costs went up quite a bit due to the supply chain or in turn, oil prices that drove it up. And a lot of the cities fees went up quite a bit.

雷夫，我可以對此發表一些評論。我們這裡沒有您所要求的確切數字。我們看到但很少聽到討論的事情之一是，你佔領了一塊土地，你獲得了它的權利，你靠近了它，然後你繼續前進。而由於供應鏈或油價上漲，改進成本也大幅上升。許多城市的費用都漲了不少。

So it's not necessarily just land inflation. So we may have owned a piece of land for to years now, we're developing the next phase and the cost bump up because of those components. The land sellers are definitely showing a willingness to give you time and terms.

因此，這不一定只是土地通膨。因此，我們可能已經擁有一塊土地多年了，我們正在開發下一階段，而成本由於這些因素而增加。土地賣家絕對願意給你時間和條件。

Normally, that's the first step, and then you start to see price. I don't think we've seen a lot of price yet, but I expect there will be some coming as we go through the rest of this year.

通常，這是第一步，然後您就會開始看到價格。我認為我們還沒有看到太多的價格，但我預計在今年剩餘時間內會出現一些價格上漲。

Okay. That's helpful. And then just maybe help us understand the quarterly cadence on gross margin. What's the amount of fixed cost that you have in your cost of goods? And how does it vary by quarter? Just how does that contribute to the lower gross margin guide given the revenue reduction in that sort of 40 basis points sequential step-up that you're talking about in the fourth quarter?

好的。這很有幫助。然後也許可以幫助我們了解毛利率的季度節奏。您的商品成本中固定成本是多少？它在每個季度有何變化？考慮到您所說的第四季營收環比下降 40 個基點，這對較低的毛利率指南有何影響？

So just how much of the second half gross margin at is just from deleverage?

那麼下半年的毛利率中有多少是來自去槓桿呢？

Well, it's not deleverage in the second half, really. It's actually gaining leverage from third to fourth. The second to third sequential difference is really more just margin. I mean, it's really mix and lack of pricing power, right? So we're giving up a couple of points of price just as things kind of normalize over that quarter-to-quarter sequence. And that's really the primary driver for margin and the sequential component.

嗯，實際上下半年並不是去槓桿。事實上，它從第三名到第四名的影響力正在增強。第二到第三個連續的差異其實更多的只是幅度。我的意思是，這確實是混合的，並且缺乏定價權，對嗎？因此，隨著季度間情況逐漸正常化，我們放棄了幾個價格點。這確實是利潤率和連續成分的主要驅動因素。

And then in the fourth quarter, really, we'll get some margin through operating leverage, as we discussed, just going from third to fourth sequentially. But it's really going to be a continuation of the trend of where margins are but stabilizing in the second half.

然後，在第四季度，我們確實會透過經營槓桿獲得一些利潤，正如我們所討論的，只是從第三名連續上升到第四名。但下半年利潤率將持續維持穩定趨勢。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

Thanks. Just wanted to ask about some of the lot options that you walked away from during the quarter. I believe it was about 9,700 lots. Would just love some perspective on some of the metrics that you might be using internally to determine when it makes sense to walk away from a lot.

謝謝。只是想詢問一下您在本季度放棄的一些地段選擇。我認為大約有 9,700 批。我只是希望對您可能在內部使用的一些指標有一些看法，以確定何時放棄很多東西是合理的。

And then looking forward, could you just give us a sense as to what gives you confidence that you're optimized from a lot standpoint? And that there's not a risk that you might need to walk away for more options in the second half of the year.

展望未來，您能否讓我們了解一下是什麼讓您有信心從許多角度進行優化？而且你也不需要冒著在下半年放棄更多選擇的風險。

Sam, it's a pretty fluid process, and we have a good process that we track with all the deals in every division where if it's an entitlement project they'll get approval to spend X dollars on the entitlements. And then when it's time to close on the land, they come back in for approval on the land.

山姆，這是一個非常流暢的過程，我們有一個很好的流程，可以追蹤每個部門的所有交易，如果這是一個權利項目，他們將獲得批准在權利上花費 X 美元。然後，當需要完成土地交易時，他們會回來尋求土地批准。

Then as we develop each phase, they'll come in for approval on the development of that phase. And every one of those submittals has market updates tied to it, what's the competitive landscape, how is resales, what's going on with incomes in that submarket. So it's a pretty fulsome process all the way through.

然後，當我們開發每個階段時，他們會來批准該階段的開發。每一份提交都與市場更新相關，競爭格局如何，轉售情況如何，該子市場的收入情況如何。所以這是一個相當繁瑣的過程。

The lots that we walked on in the last quarter was basically, I would call them, earlier-stage controlled lots that we just determined what the market movement in those submarkets it wasn't something that we felt comfortable would hit our returns. And we always want to make sure we have quality returns on our investment. So it's far better to walk and wait another day on those than to keep putting more money into the but it's where pricing has shifted.

我們上個季度涉足的地塊基本上是，我稱之為早期階段控制地塊，我們只是確定了這些子市場的市場動向，我們認為這不會影響我們的回報。我們始終希望確保我們的投資獲得高品質的回報。因此，與其繼續投入更多資金，不如再等一天，但價格已經改變了。

No, that's helpful. And then just switching gears on third-party broker relationships. There might be a few of your peers that are actually leaning into these as the market slows. So to that end, could you just remind us where your broker attach rate set in the second quarter?

不，這很有幫助。然後就轉換第三方經紀人關係。隨著市場放緩，您的一些同行可能實際上正在傾向於這些。因此，為此，您能否提醒我們第二季度您的經紀人附加率是多少？

How that compare to Q1? And then were there any quarter-over-quarter differences in the commission rate you paid in Q2 versus Q1 that might be worth calling out? Thanks.

與第一季相比如何？那麼，您在第二季支付的佣金率與第一季相比是否存在值得指出的季度間差異？謝謝。

So it's been in a pretty tight band. I think we were about 70% broker participation rate in Q2, maybe 68% or 67% in Q1. After the NAR settlement came out, we saw rates drop a little bit, and now they've kind of bounced back.

所以它一直處於相當緊密的範圍內。我認為我們第二季的經紀人參與率約為 70%，第一季可能是 68% 或 67%。在 NAR 協議出爐後，我們看到利率略有下降，但現在又有所反彈。

We haven't really seen that incentivizing the broker community results in more sales. So we're focused on giving our buyers the best value we can on their home. Our typical commission rate that we're paying is about 2%.

我們還沒有真正看到激勵經紀人社群能夠帶來更多的銷售。因此，我們致力於為買家提供最好的房屋價值。我們支付的典型佣金率約為 2%。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thank you. I was wondering if you could talk about how much of the orders weakness relates to existing home inventory? Do you have any data as to sales prospects you're losing to the existing home market where we've seen a meaningful uptick in homes for sale?

謝謝。我想知道您是否可以談談訂單疲軟與現有房屋庫存有多少關係？您是否有任何數據表明您正在失去現有房屋市場的銷售前景，而我們已經看到現有房屋市場的待售房屋數量顯著上升？

I don't have any specific data that I can point to where we track, we lost a certain buyer. I mean we have our teams that they're going to know that by community, and they're going to know we're some of the prospects that we're an interested lead may have gone.

我沒有任何具體的數據可以指出我們在哪裡追踪，我們失去了某個買家。我的意思是，我們的團隊會透過社群了解這一點，他們會知道我們是一些可能感興趣的潛在客戶。

But we do know in the markets, as I mentioned, as I was going through some of the regional and market color, those markets where you've seen resale inventory or resale get back to norms or above those norms of six or seven months of supply. Those resales become a more formidable competitor than they were to us back when we would measure months of supply in terms of weeks instead of months. And on the flip side, most of the markets were resale supply has stayed fairly suppressed and limited. We're tending to see better results there.

但我們確實知道，正如我所提到的，當我回顧一些區域和市場情況時，那些你看到轉售庫存或轉售恢復到正常水平或高於六七個月供應量的正常水平的市場。當我們以周而不是月來衡量供應量時，這些轉售對我們來說成為更強大的競爭對手。另一方面，大多數市場的轉售供應仍然受到相當的抑制和限制。我們有望在那裡看到更好的結果。

And on the average selling price, which was down 8% year on year, do you know how much to that related to outright price stuff versus geographic or product mix?

平均售價年減了 8%，您知道這與直接價格因素、地理或產品組合的關係有多大嗎？

Yeah, the average selling price year over year in the second quarter was up 1% or so. And a lot of that was just regional variation by region, by market, by community, there were some big swings in certain communities and the mix between the regions actually had a pretty meaningful impact there. But we don't have the specific data that you're asking for.

是的，第二季的平均售價年增了 1% 左右。其中許多只是不同地區、不同市場、不同社區之間的區域差異，某些社區存在一些巨大的波動，而不同地區之間的混合實際上對那裡產生了相當大的影響。但我們沒有您所要求的具體數據。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My first one is on the build times. You mentioned that you do think that you could see further improvement there. Can you talk about where that can go -- how much of it is being driven by perhaps some of the weakness in the market and maybe a loosening of labor? And how we should think about the sustainability of any of those gains when the market does turn.

我的第一個問題是關於建置時間。您提到您確實認為您可以看到那裡有進一步的改善。您能否談談這種情況會如何發展——其中有多少是受到市場疲軟和勞動力寬鬆的影響？當市場轉變時，我們應該如何看待這些收益的可持續性。

Sure. Yeah. So we've stated that our target average for the company is a 120-day built. And we said that as what seemed like a really bold goal about a year ago, but now that we're getting close to it, and we can kind of see that in our sights. I think that is very achievable, and we intend and think that we'll get there this year.

當然。是的。因此，我們聲明，公司的平均目標建成時間為 120 天。大約一年前，我們曾說過，這似乎是一個非常大膽的目標，但現在我們已經接近它了，我們可以看到它在我們的視線中。我認為這是可以實現的，我們打算並且認為我們今年就能實現這個目標。

And once we do, I don't think we'll rest on that. We'll pursue something faster. But I do think it's probably at the point of diminishing returns. I mean there was times in the market over the last couple of decades where we've had divisions that built in 90 days. We've got some divisions today that are approaching that 100-day mark and others that are above it.

一旦我們做到了，我想我們就不會止步於此。我們會追求更快的進展。但我確實認為它可能正處於收益遞減點。我的意思是，在過去的幾十年裡，市場上曾經有過我們在 90 天內建立起部門的情況。今天，我們有一些部門正在接近 100 天大關，而其他部門則已經超過了這個大關。

But overall, for the company, with our current mix and current portfolio, we think $120 million is a good target. As I said, once we get there, we'll set a more aggressive target, but we believe that one is very achievable.

但總體而言，對於公司而言，根據我們目前的組合和目前的投資組合，我們認為 1.2 億美元是一個不錯的目標。正如我所說，一旦我們實現目標，我們就會設定一個更積極的目標，但我們相信這個目標非常容易實現。

There was a second part of that question, I (inaudible) I think right now, with what we're seeing in the market, there is more availability. And overall, starts move around, but generally starts have been in most of our markets have been a little slower, and there's more labor out there, and we're taking advantage of that. We're relying on our trade partner relationships.

這個問題的第二部分是，我（聽不清楚）我認為現在，根據我們在市場上看到的情況，有更多的可用性。總體而言，開工情況有所波動，但總體而言，我們大多數市場的開工速度都比較慢，而且那裡有更多的勞動力，我們正在利用這一點。我們依賴我們的貿易夥伴關係。

So I think it's sustainable. We get supply chain crunch or something like what we dealt with back in '21 and '22, then that could change things. But barring any kind of macro event, I think it's -- I think we can improve, and then I think we can hold on to that improved level.

所以我認為這是可持續的。如果我們遇到供應鏈緊縮或類似我們在 2021 年和 2022 年遇到的情況，那麼情況可能會改變。但除非發生任何宏觀事件，我認為——我們可以改進，然後我們可以保持這種改進的水平。

Okay. That's helpful. And then maybe a question for Rob. He's coming into this role -- can you talk a bit about what you're most focused on? How you're thinking about the positioning of the business given the environment that we're in? And any initiatives that we should be aware of?

好的。這很有幫助。然後也許可以問 Rob 一個問題。他即將擔任這個角色——您能談談您最關注的是什麼嗎？考慮到我們所處的環境，您如何考慮業務的定位？我們該注意哪些措施？

Yeah. I think we're in a really great position. It's still kind of early days, kind of third month coming in, really focused initially on the team. Have a great team here, and we're really getting stabilized and focused. I think there's a lot of things that finance can do to improve performance here.

是的。我認為我們處於非常有利的地位。現在還處於早期階段，大概是第三個月了，最初的重點是團隊。這裡有一支優秀的團隊，我們的狀態確實越來越穩定，注意力也越來越集中。我認為財務可以做很多事情來提高績效。

And I think we're really focused on getting those things -- those initiatives kind of aligned. Nothing kind of yet to announce, but we're certainly focused on adding value in new ways. And I think the focus on shareholders and the share repurchases that we've done initially is a good indication of that.

我認為我們真正關注的是讓這些事情——這些舉措保持一致。目前還沒有任何消息可以宣布，但我們確實專注於以新的方式增加價值。我認為，我們最初對股東的關注和股票回購就很好地證明了這一點。

Thank you. And ladies and gentlemen, that does conclude today's teleconference. We thank you for your participation. You may now disconnect your lines at this time.

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