KB Home (KBH) 2025 Q3 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 third-quarter earnings conference call. (Operator Instructions) This conference call is being recorded, and a replay will be accessible on the KB Home website until October 24, 2025.

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 第三季財報電話會議。（操作員指示）本次電話會議正在錄音，重播將在 KB Home 網站上提供，直至 2025 年 10 月 24 日。

And I will now turn the call over to Jill Peters, Senior President, Investor Relations. Thank you, Jill. You may now begin.

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

Thank you, John. Good afternoon, everyone, and thank you for joining us today to review our results for the third quarter of fiscal 2025.

謝謝你，約翰。大家下午好，感謝大家今天加入我們，回顧我們 2025 財年第三季的業績。

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.

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.

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。

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

此外，在今天的新聞稿中和/或我們網站 kbhome.com 的投資者關係頁面上可以找到非 GAAP 調整後住房毛利率指標的解釋和/或對賬，該指標不包括庫存相關費用以及今天討論中引用的任何其他非 GAAP 指標與其最直接可比的 GAAP 指標。

And with that, here's Jeff Mezger.

以下是 Jeff Mezger 的報導。

Thank you, Jill. Good afternoon, everyone. We are pleased with the solid financial results that we achieved in our third quarter, meeting or exceeding our guidance ranges across our key metrics as we continue to navigate the current environment. And with a healthy balance sheet and significant cash flow, our flexibility remains strong.

謝謝你，吉爾。大家下午好。我們對第三季所取得的穩健財務表現感到滿意，隨著我們繼續應對當前環境，我們在關鍵指標上的業績達到或超過了預期範圍。憑藉著健康的資產負債表和充足的現金流，我們的靈活性依然強勁。

While we continue to invest in new communities to position ourselves for future growth, we are also returning a significant amount of cash to our shareholders. We repurchased more than $188 million of our shares in the third quarter, near the high end of our guided range, contributing to total repurchases of roughly $440 million year to date. This total represents approximately 11% of our outstanding share count at the beginning of the fiscal year, which was repurchased at an average price that is below our current book value.

我們繼續投資新社區，為未來成長做好準備，同時也向股東返還大量現金。我們在第三季回購了超過 1.88 億美元的股票，接近我們指引範圍的高端，年初至今的總回購額約為 4.4 億美元。這一總額約佔本財年年初我們流通股數量的 11%，這些股票的回購平均價格低於我們目前的帳面價值。

We believe this is an excellent use of our cash and highly accretive to both our earnings and book value per share. Including dividends, we have now returned more than $490 million in capital to our shareholders this year. From an operational standpoint, we have some critical achievements in terms of materially reducing our build times, which helped to generate closings that were slightly above our expectations and also continuing to lower our direct costs. These accomplishments were realized while maintaining outstanding customer satisfaction levels.

我們相信這是對我們現金的絕佳利用，並且對我們的收益和每股帳面價值都有很大的增值作用。包括股息在內，我們今年已向股東返還了超過 4.9 億美元的資本。從營運角度來看，我們在大幅縮短建造時間方面取得了一些關鍵成就，這有助於實現略高於我們預期的成交量，同時繼續降低我們的直接成本。這些成就是在保持出色的客戶滿意度水準的同時實現的。

As for the details of our results, we produced total revenues of over $1.6 billion and diluted earnings per share of $1.61. We delivered higher profitability on our revenues than we had projected with a gross margin of 18.9%, excluding inventory-related charges, above the high end of our guided range. With a continued focus on prudently managing our costs and aligning our overhead structure with our delivery volume, we held SG&A expenses to 10% of our housing revenues.

具體業績方面，我們的總營收超過16億美元，每股攤薄收益為1.61美元。我們的營收獲利能力高於預期，扣除庫存相關費用後的毛利率達到18.9%，高於我們預期的上限。我們持續專注於審慎管理成本，並根據交付量調整管理費用結構，將銷售、一般和行政費用控制在住房收入的 10% 以內。

The outperformance of these two metrics relative to guidance drove an adjusted operating income margin of 8.8%. We grew our book value per share to over $60, an 11% year-over-year increase.

這兩個指標相對於指導價值的優異表現推動調整後的營業利益率達到 8.8%。我們的每股帳面價值成長至 60 美元以上，年增 11%。

Moving on to market conditions. The longer-term outlook for the housing market remains favorable, driven by demographics and the ongoing undersupply of homes. With respect to current conditions, we are pleased to see stability in demand in June, which continued as our third quarter progressed. We are encouraged by the decline in mortgage interest rates, which should support greater demand for homeownership.

繼續討論市場狀況。受人口結構和持續的房屋供應不足的影響，房地產市場的長期前景仍然看好。就目前情況而言，我們很高興看到 6 月需求保持穩定，並且這種趨勢在第三季持續保持。房貸利率下降令我們感到鼓舞，這應該會支持更大的購屋需求。

We produced 2,950 net orders in the third quarter, maintaining the pricing approach we implemented earlier this year. Our focus is on offering the most compelling value at a transparent price while limiting the use of incentives. When we discuss with buyers the alternative of the lower sales price we offer versus a much higher price that can be offset by incentives, buyers recognize that they have a better opportunity for building wealth through equity over time with our home that has the lower starting price point.

我們在第三季產生了 2,950 份淨訂單，並維持了今年稍早實施的定價方法。我們的重點是以透明的價格提供最具吸引力的價值，同時限制激勵措施的使用。當我們與買家討論我們提供的較低銷售價格與可以透過激勵措施抵消的高得多的價格之間的替代方案時，買家認識到，他們有更好的機會透過我們起始價格較低的房屋隨著時間的推移透過資產淨值積累財富。

We continue to focus on optimizing our assets to generate the highest returns, balancing pace and price on a community-by-community basis relative to local market conditions. We exceeded our community count guidance, which, together with a stable cancellation rate, contributed to a monthly absorption pace per community of 3.8 net orders.

我們繼續致力於優化我們的資產以產生最高的回報，並根據當地市場條件在每個社區的基礎上平衡速度和價格。我們超越了社區數量預期，再加上穩定的取消率，使得每個社區的每月吸收速度達到 3.8 個淨訂單。

This pace was lower than our third quarter pace of the past couple of years. And as a result, our net orders were below our internal sales goal.

這一速度低於過去幾年第三季的速度。結果，我們的淨訂單低於我們的內部銷售目標。

Our fourth-quarter sales approach will emphasize our built-to-order homes, while continuing to sell through our inventory. As we discussed on our last earnings call, our goal is to steer our business back to our historical range of build-to-order homes, which has averaged close to 70% over more than a decade from around 50% currently. It is our core competency and a key competitive differentiator.

我們第四季的銷售方式將強調客製化房屋，同時繼續透過庫存銷售。正如我們在上次財報電話會議上所討論的那樣，我們的目標是將業務引導回我們歷史上的按訂單建造房屋的範圍，十多年來，按訂單建造房屋的比例平均從目前的 50% 左右上升到接近 70%。這是我們的核心競爭力和關鍵的競爭優勢。

And with the significant reduction in our build times, that has become a more compelling selling proposition. We offer buyers an attractive home at an affordable price with features we know they value based on our survey data. Our buyers can then meaningfully influence their final sales price in selecting their lot, floor plan, and exterior elevation as well as personalized design studio selections aligning their monthly payment with their budgets. This choice model contributes to our high customer satisfaction scores as buyers draw value from our process and is a key driver of our monthly absorption pace, which is among the highest in our industry.

隨著我們建造時間的大幅縮短，這已成為一個更具吸引力的銷售主張。我們為買家提供價格實惠、外觀漂亮的房屋，根據我們的調查數據，我們知道這些房屋的特點是他們重視的。然後，我們的買家可以透過選擇地段、平面圖和外觀立面以及個性化設計工作室來影響最終銷售價格，從而使每月付款與預算保持一致。這種選擇模式有助於提高我們的客戶滿意度，因為買家可以從我們的流程中獲得價值，也是我們每月吸收速度的關鍵驅動因素，我們的月吸收速度在業界名列前茅。

As our build-to-order mix grows, we believe it will support a higher gross margin as these homes currently generate a gross margin that is 250 to 500 basis points higher than our inventory homes. In addition, increase in our build-to-order mix will help us establish a larger backlog, which provides greater visibility into future closing projections.

隨著我們按訂單生產的組合不斷增長，我們相信它將支持更高的毛利率，因為這些房屋目前產生的毛利率比我們的庫存房屋高出 250 至 500 個基點。此外，增加按訂單生產組合將有助於我們建立更大的積壓訂單，從而為未來的收盤預測提供更大的可見性。

As we have shared in past years, our fourth quarter is typically one in which we elect not to take aggressive steps to capture inventory sales as it is a seasonally slower period and discounting by the speculative home builders pursuing year-end deliveries tends to be elevated in the final months of their fiscal years. Our land positions are valuable, and there is merit to exhibiting discipline when incremental volume gains are low.

正如我們在過去幾年中所分享的那樣，在第四季度，我們通常選擇不採取激進措施來爭取庫存銷售，因為這是一個季節性的淡季，而追求年底交付的投機性房屋建築商的折扣往往會在其財政年度的最後幾個月提高。我們的土地位置非常寶貴，當增量收益較低時，表現出紀律是有好處的。

We do not intend to sell at any price to make up for the shortfall in net orders in our third quarter. Taking this into consideration, we are projecting $1.65 billion in housing revenues in our 2025 fourth quarter and $6.15 billion in housing revenues for our 2025 fiscal year both at the midpoints of our guidance ranges.

我們不打算以任何價格出售來彌補第三季淨訂單的缺口。考慮到這一點，我們預計 2025 年第四季的住房收入為 16.5 億美元，2025 財年的住房收入為 61.5 億美元，這兩個數字都處於我們指導範圍的中點。

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

請允許我在這裡暫停一下，並請 Rob McGibney 提供有關市場狀況以及營運更新的更多詳細資訊。搶？

Thank you, Jeff. One of the key operational themes of our third quarter was our strong execution. Our divisions continued to perform well on the fundamentals of our business, maintaining high customer satisfaction levels, consistently improving build times, further lowering direct cost, and balancing pace and price to optimize each asset.

謝謝你，傑夫。我們第三季的一個關鍵營運主題是強而有力的執行力。我們的部門在業務基本面上繼續表現良好，保持較高的客戶滿意度，不斷縮短建造時間，進一步降低直接成本，並平衡速度和價格以優化每項資產。

In addition, we successfully opened 32 new communities during the quarter. The significant progress we made in continually reducing build times during the third quarter helped to drive better financial performance from capturing slightly more deliveries than we had planned.

此外，我們在本季成功開設了32個新社區。我們在第三季不斷縮短建造時間方面取得了重大進展，透過獲得比計劃略多的交付量，有助於提高財務業績。

Traffic in our communities was steady, and our cancellation rate was stable at 17%, supporting net orders at an average absorption pace of 3.8 per month per community. We continue to utilize a simplified approach to sales, focused more on offering a transparent price rather than incentives to provide the most compelling value that is competitive with resale pricing.

我們社區的流量穩定，取消率穩定在 17%，支持每個社區每月平均吸收 3.8 個淨訂單。我們繼續採用簡化的銷售方式，更加重視提供透明的價格而不是激勵措施，以提供與轉售價格具有競爭力的最具吸引力的價值。

By advertising the true base price on our website, we let buyers know exactly what to expect before they ever visit a community without the need for back-and-forth negotiations to uncover the real deal. It is a clear upfront way of doing business that makes the home buying process easier and more straightforward. As a result, we believe we draw more traffic to our communities than we might otherwise attract if our pricing was dependent on incentives.

透過在我們的網站上公佈真實的基本價格，我們讓買家在訪問社區之前確切地知道會發生什麼，而無需來回談判以了解真正的交易。這是一種明確的、預先的經營方式，讓購屋過程變得更容易、更直接。因此，我們相信，如果我們的定價依賴激勵措施，我們吸引到的流量將比我們可能吸引到的流量更多。

In the third quarter, pricing in our communities was as stable as we've seen this fiscal year, with 70% of our communities experiencing steady or increased prices and the other 30% price reductions as we continue to balance pace and price to optimize our assets. We are encouraged by the stabilization and believe our communities are well positioned in the current market.

第三季度，我們社區的價格與本財年一樣穩定，70% 的社區價格保持穩定或上漲，另外 30% 的社區價格下降，因為我們繼續平衡速度和價格以優化我們的資產。我們對穩定的局勢感到鼓舞，並相信我們的社區在當前市場中處於有利地位。

In terms of affordability, it has improved compared to the start of our third quarter, driven by the decrease in mortgage interest rates, which have fallen roughly 60 basis points. This equates to approximately $30,000 of additional purchasing power at our average sales price, a significant boost for a first time or first time move-up buyer, which comprise about 70% of our home buyers.

就負擔能力而言，與第三季初相比有所改善，這得益於抵押貸款利率下降，抵押貸款利率下降了約 60 個基點。以我們的平均銷售價格計算，這相當於額外增加了約 30,000 美元的購買力，這對於首次購房者或首次升級購房者來說是一個顯著的推動，這類購房者約占我們購房者的 70%。

I will add to Jeff's comments on our fourth-quarter sales approach by reiterating our focus on optimizing our assets as we maintain an appropriate selling cadence in our communities, including sales of inventory homes.

我將補充傑夫對我們第四季度銷售方式的評論，重申我們將專注於優化我們的資產，因為我們在社區中保持適當的銷售節奏，包括庫存房屋的銷售。

We do not need to chase incremental volume in a seasonally inelastic demand period where speculative builders are discounting heavily to close out their fiscal years. In those conditions, the additional sales produced tend to be limited and they come at a great cost to our margins. We have approximately 3,000 homes in backlog that can be delivered in our 2025 fourth quarter, leaving just over 500 same quarter sales and closings needed to achieve our implied fourth quarter delivery guidance.

在季節性需求缺乏彈性的時期，投機建築商會大幅折扣以結束其財政年度，我們不需要追逐增量銷售。在這種情況下，額外的銷售額往往受到限制，而且會嚴重影響我們的利潤率。我們約有 3,000 套積壓房屋可在 2025 年第四季度交付，因此，只需在同一季度完成 500 多套銷售和成交，即可實現我們隱含的第四季度交付指引。

This is less than the number of homes that we sold and delivered in the fourth quarter of last year and equates to less than one sale per community per month. At quarter end, we had 264 active communities, up 4% year over year, contributing to an average of 259, an increase of 3% as compared to the prior year period.

這比我們去年第四季銷售和交付的房屋數量要少，相當於每個社區每月銷售不到一套。截至季末，我們擁有 264 個活躍社區，年增 4%，平均貢獻率為 259，比去年同期成長 3%。

The third quarter marked our best performance in several years in opening communities and the number of communities we opened was the highest in any quarter in more than a year. We typically see an above-average sales pace in new communities and the sales performance of our third-quarter openings was strong with an absorption pace that outperformed their overall average pace for the quarter.

第三季度是我們幾年來社區開幕表現最好的季度，開業社區數量也是一年多來單季最多的。我們通常會看到新社區的銷售速度高於平均水平，而我們第三季新開社區的銷售業績強勁，吸收速度超過了本季的整體平均速度。

We expect to end our 2025 fiscal year with 260 active selling communities, with a projected ramp-up in early 2026 in time for the spring selling season. We moderated our starts in the third quarter with 2,761 homes started as part of our effort to rotate our business back to a higher mix of built-to-order homes over time. We ended the quarter with 6,550 homes in production, including models of which 52% were sold.

我們預計，到 2025 財年結束時，我們將擁有 260 個活躍的銷售社區，並預計在 2026 年初春季銷售旺季之前實現成長。我們在第三季度放緩了房屋開工數量，開工房屋數量為 2,761 套，這是我們努力將業務逐漸轉向更高比例的按訂單建造房屋的努力的一部分。本季末，我們共生產了 6,550 套房屋，其中 52% 已售出。

Further improving our build times was another area of strong execution by our divisions in the third quarter, with a 10-day reduction sequentially to 130 calendar days. Compared to our annual build times going back a decade, we are building homes at some of our best levels today. Although continuous improvement becomes more difficult as we move further away from the peak, our divisions have been producing results each quarter with a focus on returning to a company-wide average of 120 days or better from start to home completion.

進一步縮短建造時間是我們各部門在第三季表現出色的另一個方面，建造時間比上一季減少了 10 天，降至 130 個日曆日。與十年前我們的年度建造時間相比，我們今天建造的房屋達到了最佳水平。儘管隨著我們遠離巔峰，持續改進變得越來越困難，但我們的部門每個季度都在取得成果，重點是恢復到全公司從開始到完成房屋建設的平均時間為 120 天或更短。

We are quickly approaching this point at 122 days for built-to-order homes, and some of our divisions are already below our target level. 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 typically takes to complete an existing or speculative home purchase, better inventory turns, and monetizing our assets quicker.

我們正在快速接近這個點，即按訂單建造房屋需要 122 天，而我們的一些部門已經低於我們的目標水平。縮短建造時間的好處有很多，包括對於購買客製化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購買通常需要 60 天的時間）、更好的庫存週轉率以及更快地將我們的資產貨幣化。

The focus from our divisions, together with our national purchasing team to drive lower cost as well as our value engineering and studio simplification efforts collectively contributed to direct costs that were about 2% lower sequentially and 3% lower year over year on our homes started during the third quarter helping to offset the impact of higher land costs.

我們各部門的重點，加上我們國家採購團隊對降低成本的關注，以及我們的價值工程和工作室簡化工作，共同促成了第三季度開工房屋的直接成本環比下降約 2%，同比下降 3%，有助於抵消土地成本上漲的影響。

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 a high capture rate with 83% of buyers who finance their homes in the third quarter using KBHS. Higher capture rates help us manage our backlog more effectively and provide more certainty in closing dates, 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，第三季有 83% 的買家使用 KBHS 進行房屋融資。更高的捕獲率有助於我們更有效地管理積壓訂單，並更確定成交日期，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 over $76,000.

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%，相當於超過 76,000 美元。

On average, the household income of customers who use KBHS was more than $130,000 and they had a FICO score of 740. 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 or pay in cash. 11% of our deliveries in the third quarter were to all-cash buyers.

平均而言，使用 KBHS 的客戶家庭收入超過 130,000 美元，FICO 分數為 740。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的買家，他們可以在支付大筆首付或現金支付的同時獲得抵押貸款資格。第三季度，我們 11% 的交付對像是全現金買家。

In conclusion, we are focused on delivering results and our third-quarter performance reflected strong operational execution across multiple dimensions. We believe our communities are well positioned in their submarkets, and we are approaching sales in a simple and transparent way, which we feel best serves our buyer. Our divisions are committed to achieving our projected fourth-quarter results for a solid finish to fiscal 2025.

總之，我們專注於取得成果，第三季的業績反映了多方面強大的營運執行力。我們相信我們的社區在其子市場中處於有利地位，並且我們以簡單透明的方式進行銷售，我們認為這最能服務於我們的買家。我們各部門致力於實現預期的第四季業績，為 2025 財年取得圓滿成功。

And with that, I'll 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 over 65,000 lots, 42% of which are controlled. Our footprint is focused on markets that we believe are positioned for long-term economic and demographic growth, and we've been selective with our land positions in these markets.

謝謝，羅布。就我們的地塊狀況而言，我們擁有或控制超過 65,000 個地塊，其中 42% 是我們控制的。我們的業務重點是那些我們認為能夠實現長期經濟和人口成長的市場，並且我們在這些市場中對土地位置進行了選擇性佈局。

Our lot pipeline is healthy and at a sufficient level to support our community count growth targets. We regularly review the land deals in our pipeline to ensure that the rationale for each deal is still sound. During the third quarter, we cancelled contracts to purchase approximately 6,800 lots, representing about 45 communities that no longer meet our underwriting criteria.

我們的地段管道狀況良好，足以支持我們的社區數量成長目標。我們定期審查我們正在進行的土地交易，以確保每筆交易的理由仍然合理。第三季度，我們取消了購買約 6,800 個地塊的合同，這意味著約有 45 個社區不再符合我們的承保標準。

We feel we have ample opportunity in our served markets to add to our controlled lot count with lots that have better economics and terms. And with our lot position at quarter end, we can wait until we find better prospects.

我們認為，在我們服務的市場中，我們有充足的機會透過具有更好經濟效益和更好條款的批次來增加我們控制的批次數量。鑑於我們在季度末的許多情況，我們可以等到找到更好的前景。

One of the key benefits of our build-to-order approach is that it 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. We are also developing lots in smaller phases wherever possible and balancing development with our start pace to manage our inventory of finished lots.

我們的訂單生產方法的主要優勢之一是，它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。我們也盡可能分階段開發多個地塊，並平衡開發進度和啟動速度，以管理已完成地塊的庫存。

We remain consistent in our balanced approach towards allocating the healthy cash flow that our business generates. We are achieving our priorities of positioning our business for future growth, managing our leverage within our targeted range, and rewarding our shareholders through share repurchases and our quarterly cash dividend.

我們始終堅持平衡的方法來分配我們業務產生的健康現金流。我們正在實現我們的優先事項：為未來成長定位我們的業務，在目標範圍內管理我們的槓桿率，並透過股票回購和季度現金股息回報我們的股東。

We are maintaining our land investments at a level that will support our current growth projections and invested $514 million in land acquisition and development in the third quarter, with almost 80% going toward development and fees on the land we already own. We are beginning to see a more constructive land market as prices have softened somewhat, and we were able to obtain more favorable terms.

我們將土地投資維持在能夠支持我們當前成長預測的水平，並在第三季投資了 5.14 億美元用於土地收購和開發，其中近 80% 用於我們已擁有土地的開發和費用。我們開始看到一個更具建設性的土地市場，因為價格下降，而且我們能夠獲得更優惠的條款。

As I mentioned earlier, we continue to view the long-term outlook for the housing market favorably and have the flexibility to resume a higher level of investment at any time. With the earnings that we have generated to date in fiscal '25, land acquisition and development spend that is 7% lower year over year and the improvement in our build times unlocking cash, we have returned more than $490 million in capital to our shareholders in the first nine months of fiscal 2025.

正如我之前提到的，我們繼續看好房地產市場的長期前景，並且可以隨時恢復更高水準的投資。憑藉我們在 25 財年迄今創造的收益、同比下降 7% 的土地收購和開發支出以及釋放現金的建設時間的改善，我們在 2025 財年的前九個月向股東返還了超過 4.9 億美元的資本。

This includes approximately $440 million in share repurchases at an average price of $56.30 per share, which, as I noted earlier, is below our current book value. At these levels, the repurchases are an excellent use of capital and will enhance both our future earnings per share and our return on equity.

其中包括約 4.4 億美元的股票回購，平均價格為每股 56.30 美元，正如我之前提到的，這低於我們目前的帳面價值。在這些水準上，回購是對資本的絕佳利用，並將提高我們未來的每股盈餘和股本回報率。

In closing, I want to thank the entire KB Home team for their commitment to serving our homebuyers and driving the best possible performance from our business in the current market. We believe we have the most talented operators in the industry, and we were honored to be the only homebuilder named to Time Magazine's 2025 list of world's best companies.

最後，我要感謝整個 KB Home 團隊致力於服務我們的購屋者，並推動我們的業務在當前市場上取得最佳表現。我們相信我們擁有業內最有才華的營運商，我們很榮幸成為唯一入選《時代》雜誌 2025 年全球最佳公司榜單的房屋建築商。

One of the three dimensions that define the companies recognized on this list was employee satisfaction based on anonymous survey data of a large sample of employees. For this reason, the recognition is particularly meaningful to us.

定義該榜單上公司優劣的三個維度之一是基於大量員工匿名調查資料得出的員工滿意度。因此，這項認可對我們來說意義非凡。

Our divisions are executing well and producing results across some of the most impactful operational areas of our business by reducing build times and direct costs and opening new communities on time. We continue to approach our land opportunities through a thoughtful and selective lens, with a healthy lot position that has our business primed for growth.

我們的部門表現良好，透過減少建設時間和直接成本並按時開放新社區，在我們業務的一些最具影響力的營運領域取得了成果。我們繼續透過深思熟慮和選擇性的視角來對待我們的土地機會，擁有健康的地塊位置，為我們的業務成長做好準備。

Year to date, we've returned the highest level of capital to our shareholders for a nine-month period in our company's history. Over the past four years, our cumulative return of cash for share repurchase and dividends as a percent of market cap leads the industry. We plan to continue our share repurchase program in both our '25 fourth quarter and in fiscal 2026.

今年迄今為止，我們已向股東返還了公司歷史上九個月以來最高的資本。過去四年，我們股票回購和股利的累積現金回報率佔市值的百分比處於行業領先地位。我們計劃在 2025 年第四季和 2026 財年繼續我們的股票回購計畫。

Our balance sheet is strong. We have significant financial flexibility and an experienced team that is committed to producing results going forward.

我們的資產負債表強勁。我們擁有強大的財務靈活性和經驗豐富的團隊，致力於在未來取得成果。

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

現在我將把電話轉給 Rob Dillard 進行財務審查。

Thanks, Jeff. I'm pleased to report on the third-quarter 2025 results. As Jeff and Rob stated, we're managing the business with discipline in an effort to drive employee engagement, customer satisfaction, and long-term shareholder value. We believe that we are well positioned to deliver solid results in the present operating environment, with our dedicated customer focus, leading brand, transparent pricing strategy, and differentiated built-to-order product.

謝謝，傑夫。我很高興報告 2025 年第三季的業績。正如傑夫和羅布所說，我們正在嚴格管理業務，努力提高員工敬業度、客戶滿意度和長期股東價值。我們相信，憑藉我們專注的客戶關注、領先的品牌、透明的定價策略和差異化的客製化產品，我們完全有能力在當前的營運環境中取得穩健的業績。

In the third quarter of 2025, we generated total revenues of $1.62 billion. Housing revenues exceeded the midpoint of our guidance range at $1.61 billion, an 8% decrease from the prior year. We delivered 3,393 homes in the quarter, which exceeded the midpoint of our implied guidance largely due to reduced build times.

2025 年第三季度，我們的總營收為 16.2 億美元。住房收入超過了我們指導範圍的中點，達到 16.1 億美元，比前一年下降了 8%。本季我們交付了 3,393 套房屋，這超過了我們隱含指導的中點，這主要是由於建造時間的縮短。

While we experienced consistent traffic at our communities, net orders totaled 2,950, a 4% decline. Lower orders and improved build times, which reduced backlog more quickly and efficiently contributed to a 24% reduction in our ending backlog to about 4,300 homes.

雖然我們社區的客流量保持穩定，但淨訂單總量為 2,950 份，下降了 4%。訂單減少和建造時間縮短，更快、更有效地減少了積壓訂單，使我們的期末積壓訂單減少了 24%，至約 4,300 套房屋。

In the third quarter, our overall average selling price was relatively consistent on a year-over-year basis and decreased 1% to $475,700. Mix was a factor as lower average selling prices in the Central and Southeast regions were largely offset by increases in our West Coast and Southwest regions. Housing gross profit margin was 18.2%, and adjusted housing gross profit margin, which excludes inventory-related charges, was 18.9%. This strong margin performance exceeded the high end of our guidance range, mainly due to our continued success at managing costs.

第三季度，我們的整體平均售價與去年同期相比相對穩定，下降 1% 至 475,700 美元。混合是一個因素，因為中部和東南部地區的平均售價較低，但很大程度上被西海岸和西南地區的售價上漲所抵消。房屋毛利率為18.2%，不包括庫存相關費用的調整後房屋毛利率為18.9%。這一強勁的利潤率表現超出了我們預期範圍的高端，這主要歸功於我們在成本管理方面的持續成功。

Adjusted housing gross profit margin was 180 basis points lower than a year earlier due to pricing pressure, higher relative land cost, and geographic mix, partially offset by lower construction costs. SG&A expenses as a percent of housing revenues were 10%, a 20 basis points increase from a year ago, primarily due to decreased operating leverage. We're actively managing SG&A for the current market environment and have reduced our headcount to align with volume levels. This focus led to a favorable result relative to our guidance range.

調整後的房屋毛利率比去年同期低 180 個基點，原因是價格壓力、相對土地成本較高以及地理組合，但建築成本較低部分抵消了這一影響。銷售、一般及行政費用佔房屋收入的百分比為 10%，比一年前增加了 20 個基點，主要原因是營運槓桿下降。我們正在積極管理當前市場環境下的銷售、一般和行政費用，並減少員工人數以適應銷售量。相對於我們的指導範圍，這種關注帶來了有利的結果。

Homebuilding operating income for the third quarter decreased to $131 million or 8.1% of homebuilding revenues and homebuilding operating income, excluding inventory-related charges, was $143 million or 8.8% of homebuilding revenues.

第三季房屋建築營業收入下降至 1.31 億美元，佔房屋建築收入的 8.1%，不包括庫存相關費用的房屋建築營業收入為 1.43 億美元，佔房屋建築收入的 8.8%。

Total pretax income was $143 million or 8.8% of total revenues. We reported net income of $110 million or $1.61 per diluted share, benefiting from solid operating performance and a 12% reduction in our weighted average diluted shares outstanding from the prior year. Consistent with our strategy to optimize every asset, we are maintaining discipline on price and pace and have adjusted our guidance for 2025 to reflect this priority.

稅前總收入為 1.43 億美元，佔總收入的 8.8%。我們報告的淨收入為 1.1 億美元，即每股攤薄收益 1.61 美元，這得益於穩健的經營業績以及加權平均攤薄流通股數較上年減少 12%。與我們優化每項資產的策略一致，我們在價格和速度上保持紀律，並調整了 2025 年的指導以反映此優先事項。

In the fourth quarter of 2025, we expect to generate housing revenues between $1.6 billion and $1.7 billion. For the full year, we now expect housing revenues between $6.1 billion and $6.2 billion. We expect a fourth quarter average selling price between $465,000 and $475,000 and a full year 2025 average selling price of approximately $483,000. This variation on projected average selling price is primarily due to regional mix.

2025 年第四季度，我們預計住房收入將達到 16 億至 17 億美元。我們目前預計全年住房收入將在 61 億美元至 62 億美元之間。我們預計第四季度平均售價在 465,000 美元至 475,000 美元之間，2025 年全年平均售價約為 483,000 美元。預計平均售價的這種變化主要是由於地區組合造成的。

Housing gross profit margin, assuming no inventory-related charges is expected to be between 18% and 18.4% for the fourth quarter and between 19.2% and 19.3% for the full year. This expected year-over-year margin reduction is due to market conditions, higher land costs, including development and fees as well as mix variation, which we expect to be partially offset by lower construction costs.

假設不計入庫存相關費用，預計第四季房屋毛利率在18%至18.4%之間，全年房屋毛利率在19.2%至19.3%之間。預計利潤率年減是由於市場狀況、土地成本上升（包括開發和成本）以及組合變化，我們預計這些因素將被建築成本的下降部分抵消。

The fourth-quarter SG&A ratio is expected to be between 9.3% and 9.7%, and the full year SG&A ratio is expected to be between 10.2% and 10.3%. We expect the fourth-quarter homebuilding operating income margin of between 8.5% and 8.9%, and we expect the full year operating income margin of approximately 8.9%.

預計第四季銷售、一般及行政費用率介於9.3%至9.7%之間，預計全年銷售、一般及行政費用率介於10.2%至10.3%之間。我們預計第四季房屋建築營業利潤率在 8.5% 至 8.9% 之間，我們預計全年營業利潤率約為 8.9%。

These projections assume no inventory-related charges. Our effective tax rate for the fourth quarter and the full year is expected to be slightly above 23% as energy tax credits and other adjustments are expected to remain approximately at their current levels.

這些預測假設沒有與庫存相關的費用。由於能源稅收抵免和其他調整預計將保持在當前水平，因此我們第四季和全年的有效稅率預計將略高於 23%。

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 returning capital to reward shareholders. We believe that we are well capitalized for the current market. We continue to invest in land to drive future growth with a continued focus on the highest return opportunities, while also returning more capital to shareholders in the form of share repurchases.

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、優化土地投資回報以及返還資本以回報股東。我們相信，我們已為當前市場做好了充足的資本準備。我們繼續投資土地以推動未來成長，並繼續關注最高回報機會，同時以股票回購的形式向股東返還更多資本。

We had inventories consisting of land in various stages of development and home completed or under construction totaling $5.8 billion at the end of the third quarter. We invested over $514 million in land development and fees during the third quarter compared to $845 million in the third quarter of 2024.

截至第三季末，我們的庫存總額為 58 億美元，包括處於不同開發階段的土地以及已完工或正在建造的房屋。我們在第三季的土地開發和費用上投資了超過 5.14 億美元，而 2024 年第三季的投資為 8.45 億美元。

In the first nine months of 2025, we invested over $1.9 billion in land, development and fees compared to $210 million in the corresponding period of 2024. With our inventory position, we own or control over 65,000 lots, including 27,000 lots that we have the option to purchase. We believe that we are well positioned to benefit from improving market conditions.

2025 年前九個月，我們在土地、開發和費用方面的投資超過 19 億美元，而 2024 年同期的投資為 2.1 億美元。憑藉我們的庫存狀況，我們擁有或控制超過 65,000 個地塊，其中包括 27,000 個我們可以選擇購買的地塊。我們相信，我們有能力從改善的市場條件中獲益。

At quarter end, we had total liquidity of $1.2 billion or $331 million of cash and $832 million available under our revolving credit facility. The current $250 million outstanding on the revolving credit facility is associated with seasonal working capital investment. Our strategy is to maintain our strong BB positive credit profile as we believe it facilitates reliable access to capital at low cost and significant flexibility.

截至季末，我們的總流動資金為 12 億美元，即 3.31 億美元現金和 8.32 億美元的循環信貸額度。目前循環信貸額度中未償還的 2.5 億美元與季節性營運資本投資有關。我們的策略是保持強勁的 BB 正向信用狀況，因為我們相信它有助於以低成本和高度的靈活性可靠地獲取資本。

We'll continue to target a total debt-to-capital ratio in the neighborhood of 30% to support this rating, and we are comfortable with our current 33.2% ratio. This strong balance sheet enables us to provide shareholders with a healthy dividend, which currently has an approximately 1.6% yield as well as return capital to shareholders in the form of share repurchases.

我們將繼續將總債務資本比率控制在 30% 左右以支持此評級，我們對目前的 33.2% 比率感到滿意。強勁的資產負債表使我們能夠為股東提供健康的股息，目前的股息殖利率約為 1.6%，並以股票回購的形式向股東返還資本。

In the third quarter, we repurchased 3.3 million shares at an average price of $57.12 for a return of capital of more than $188 million, which combined with dividends, resulted in a total return of capital of $205 million. Over the first nine months of 2025, we have repurchased approximately 7.8 million shares or approximately 11% of outstanding shares at the beginning of the year. With this strategy and our solid earnings, we have increased our earnings book value per share to $60.25, an 11% increase over the prior year.

第三季度，我們以平均 57.12 美元的價格回購了 330 萬股，資本回報超過 1.88 億美元，加上股息，總資本回報達到 2.05 億美元。2025 年前九個月，我們回購了約 780 萬股，約佔年初流通股的 11%。透過這項策略和穩健的獲利，我們每股盈餘帳面價值已增至 60.25 美元，比上一年增長了 11%。

Over the past four years, we've returned over $1.8 billion to shareholders in the form of dividends and share repurchases. We have now repurchased over 34% of our outstanding common stock since implementing our share buyback program in late 2021. We believe that this is the highest percentage of shares repurchased based on market capitalization among our homebuilder peers over this period and is an indication of our shareholder focused strategy.

過去四年來，我們以股利和股票回購的形式向股東返還了超過18億美元。自 2021 年底實施股票回購計畫以來，我們已回購了超過 34% 的流通普通股。我們認為，這是我們房屋建築商同業在此期間按市值計算回購股票的最高比例，也是我們以股東為中心的策略的體現。

We expect to repurchase between $50 million and $150 million of common stock in the fourth quarter, subject to our outlook for operating environment, capital market conditions, and land investment opportunities, among other factors.

我們預計第四季將回購價值 5,000 萬至 1.5 億美元的普通股，具體取決於我們對經營環境、資本市場狀況和土地投資機會等因素的展望。

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 shareholder-focused capital strategy that balances investing for growth, optimizing returns, and increasing returns to shareholders.

總之，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，該策略在成長投資、優化回報和增加股東回報之間取得平衡。

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

現在，我們將回答您的問題。約翰，你能接通電話嗎？

(Operator Instructions) Stephen Kim, Evercore ISI.

（操作員指示）Stephen Kim，Evercore ISI。

Appreciate all the commentary and guidance. Yes, good results here in a tough environment. I did want to ask you a little bit about the order ASP, if I could. It's kind of been down pretty significantly sequentially. I know you've talked about the simple -- more transparent pricing model. But I was curious, I think you gave a comment that 70% of your communities had stable to increasing prices and I wanted to square that with the 4% sequential decline in the order ASP.

感謝所有的評論和指導。是的，在艱難的環境中取得了良好的成績。如果可以的話，我確實想問您一些有關訂單 ASP 的問題。它已經連續大幅下降了。我知道您談到了簡單—更透明的定價模式。但我很好奇，我認為您給出的評論是，70% 的社區價格穩定上漲，我想將其與訂單平均售價連續 4% 的下降相吻合。

So maybe help us understand sort of maybe how we can reconcile that and what your outlook is for the order ASP as we get into the fourth quarter and into next year? Is this level of ASP a level you're generally comfortable with? Or do you still think it has downward movement?

因此，也許可以幫助我們理解如何調和這一點，以及當我們進入第四季度和明年時，您對訂單 ASP 的展望是什麼？這個等級的 ASP 是您通常感到滿意的等級嗎？或者您仍然認為它有下降趨勢？

Well, a lot of where it's going to head is going to depend on market conditions and where things are headed and we talked in our prepared remarks about optimizing each asset. We're going to continue to do that. We've also had success on moving cost down as well as some of this has been shifting down.

嗯，它的走向很大程度上取決於市場狀況和事態發展，我們在準備好的評論中談到了優化每項資產。我們將繼續這樣做。我們也成功降低了成本，部分成本已經下降。

But I think a lot of what you're seeing in the ASP is just mix driven. If you look at year over year, we've got more deliveries coming out of the Southeast and lower percentage coming out of California. And then there's mix -- sorry, out of the West. And then there's even mix within the West to where we've got ramp-up in deliveries coming out of Boise and Seattle that have some lower ASPs, generally than the rest of California.

但我認為您在 ASP 中看到的很多內容只是混合驅動的。如果按年來看，來自東南部的出貨量更多，而來自加州的出貨量則有所下降。然後還有混合——抱歉，是來自西方的。然後甚至在西部地區，我們增加了來自博伊西和西雅圖的交付量，這些地區的平均售價通常低於加州的其他地區。

So Steve, I think a lot of what you're seeing there is mix. And as far as comfort with the ASP, obviously, we're focused on the margin piece of that. So to the extent we can continue to drive cost down and offset any decreases that we've had to do, we'll be happy with that.

所以史蒂夫，我認為你看到的很多東西都是混合的。至於 ASP 的舒適度，顯然，我們關注的是其中的利潤部分。因此，只要我們能夠繼續降低成本並抵消我們必須採取的任何措施，我們就會感到滿意。

Yes, that's helpful. I mean, I guess what I'm hearing you say, Rob, is that nobody should read into the sequential order price decline as a leading indicator of a step down in the margins, there's really more mix effects going on. So I appreciate that.

是的，這很有幫助。我的意思是，羅布，我想我聽到你說的是，沒有人應該將連續訂單價格下降解讀為利潤率下降的領先指標，實際上還有更多的混合效應在發生。我很感激。

Speaking about the demand, we've kind of had a number of weeks here where the mortgage rate has sort of moved down pretty meaningfully. I was wondering if you could comment on sort of what you've seen. We've heard that there's been a pickup in traffic pretty much across a lot of builders we speak to and people are kind of waiting for the conversion into sales.

說到需求，我們已經經歷了幾週的抵押貸款利率大幅下降的時期。我想知道您是否可以對您所看到的內容發表評論。我們聽說，我們接觸過的許多建築商的客流量都有所回升，人們都在等待轉換為銷售額。

I was wondering if you could comment on what you are seeing with respect to the conversion of traffic and whether or not you would be more inclined at this point to push price if demand comes in stronger or if you would be more inclined at this point to maybe push volume given the fact that you've pulled your volume down a lot most recently?

我想知道您是否可以評論一下您所看到的流量轉換情況，以及如果需求強勁，您是否更傾向於提高價格，或者考慮到您最近大幅降低了交易量，您是否更傾向於提高交易量？

I guess the way that we would react to it really depends on the community. If it's a community, we've got a lot of runway in front of us, and we see an opportunity to get higher volumes with more demand. We'll probably be less aggressive on price and get a little more volume. If I contrast that with -- some of the -- we call the jewel box communities we've got in California that are infill type communities that are difficult to replace. We're going to continue leaning on price and margin.

我想我們對此的反應方式實際上取決於社區。如果它是一個社區，我們面前就有很多跑道，我們看到了透過更多需求獲得更高銷售的機會。我們可能會在價格上不那麼激進，但會提高銷售量。如果我將其與加州的一些我們稱之為珠寶盒社區的社區進行對比，這些社區是難以取代的填充社區。我們將繼續依靠價格和利潤。

As far as the way the buyers have reacted, I mentioned in my prepared remarks, it's a huge impact to the buyer in terms of affordability. I mean, $30,000 of purchasing power at our ASP is big. We've seen traffic stay steady. Orders have been good, but I wouldn't say that we've seen a big uptick yet or maybe the uptick that we would expect to see from such a change in mortgage rates.

至於買家的反應，我在準備好的發言中提到過，這對買家的負擔產生了巨大的影響。我的意思是，以我們的平均售價計算，30,000 美元的購買力是很大的。我們看到流量保持穩定。訂單情況良好，但我不會說我們已經看到了大幅上漲，或者可能沒有看到我們預期抵押貸款利率變化所帶來的上漲。

And I think to some extent, buyers are in maybe a bit of a wait-and-see mode, maybe waiting for rates to come down further, maybe they were waiting around for the actual Fed event expecting that to have some immediate impact on rates. But the thing that we're focused on is, really, our messaging and the way that we're approaching this in the sales offices.

我認為，在某種程度上，買家可能處於觀望狀態，可能在等待利率進一步下降，也許他們在等待聯準會的實際行動，期望其對利率產生一些直接影響。但我們真正關注的是我們的訊息傳遞以及我們在銷售辦公室處理此事的方式。

And with our build-to-order model, we're really talking to all of our customers about their ability to buy a build-to-order home. And if they believe rates are coming down in the future, then it's perfect because we've got a onetime float down option for them. And if that happens, they can take advantage of that. I think that's something that is unique to our approach, and we're leveraging that everywhere we can.

透過我們的按訂單生產模式，我們實際上正在與所有客戶討論他們購買按訂單生產房屋的能力。如果他們相信未來利率會下降，那麼這是完美的選擇，因為我們為他們提供了一次性浮動利率選擇。如果發生這種情況，他們就可以利用這一點。我認為這是我們的獨特方法，我們正在盡一切可能利用這一點。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

The first one is, if we think about sort of the third-quarter gross margin beat versus expectations, about 20 basis points on the high end and maybe a slightly lower-than-anticipated fourth-quarter gross margin, I'm curious if there was some toggle on delivery timing or mix between the quarters relative to internal expectations, given the fact that the full year gross margin is maybe up a touch from where you had thought before?

第一個問題是，如果我們考慮第三季毛利率超出預期的情況，高端約 20 個基點，第四季度毛利率可能略低於預期，考慮到全年毛利率可能比您之前預想的略有上升，我很好奇，相對於內部預期，各季度的交付時間或組合是否存在一些變化？

Yes, John, that's a good question. It's something we think about a lot, but it actually wasn't really in play there. I mean, the real drivers there were there was some mix there, but it was really, really strong performance on the construction side and getting the right product.

是的，約翰，這是個好問題。這是我們經常思考的事情，但實際上它並沒有真正發揮作用。我的意思是，真正的驅動因素是混合的，但在建設方面的表現確實非常強勁，並且獲得了正確的產品。

So we feel really good about how the third quarter ended from a margin perspective, we're being really thoughtful about what fourth quarter is going to do and we're still working through inventory and transitioning to more BTO.

因此，從利潤率的角度來看，我們對第三季的結束感到非常滿意，我們正在認真考慮第四季度的走勢，並且我們仍在努力處理庫存並過渡到更多的 BTO。

Understood. And then maybe with that in mind, how should we sort of think about the year-over-year and sequential movement in stick and brick costs and land into the fourth quarter? And to the extent that you can comment on what you're expecting in 2026, that would be helpful.

明白了。那麼考慮到這一點，我們應該如何看待第四季木製品和磚塊成本以及土地的同比和連續變動呢？如果您能評論一下您對 2026 年的期望，那將會很有幫助。

Yes. In fourth quarter, we're not expecting like a trend shift from the third quarter in terms of the year-over-year impact of land or sticks and bricks, like I think that we've been able to offset most of that with construction productivity, but you're seeing that kind of having an impact on the margins for sure.

是的。在第四季度，我們預計土地或木棍和磚塊的同比影響不會像第三季度那樣出現趨勢轉變，我認為我們已經能夠透過建築生產力抵消大部分影響，但你會看到這肯定會對利潤率產生影響。

I think going forward, we think that there's still opportunity to continue to offset that. And as Rob said, from a community-by-community perspective, there's a lot of play in price there as well.

我認為展望未來，我們認為仍有機會繼續抵銷這項影響。正如羅布所說，從各個社區的角度來看，價格也有很大的影響。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

If we move historically on this third-quarter call, you've sort of given an outlook on the out here revenue, at least like a preliminary view. I understand that that's a pretty volatile environment. So it might be a little bit tougher right now. But can you maybe just help us and maybe puts and takes like kind of going into next year as you shift back to BTO, just how we might think about the revenue outlook for next year? Or if you're still providing that?

如果我們從歷史角度回顧第三季的電話會議，你至少已經給出了對目前收入的展望，至少是初步的看法。我知道那是一個非常不穩定的環境。所以現在可能會有點困難。但是，您能否幫助我們，也許在您轉向 BTO 時，我們可以如何看待明年的收入前景？或您仍提供該服務？

Rafe, we're not going to give guidance on this call for next year, but directionally, we shared we're going to have an uptick in community count in time for the spring selling season. And with rates coming down and improving affordability, at some point in time, that has to have a favorable impact, and we just don't know when or how strong it will be.

拉夫，我們不會就明年的電話會議給予指導，但從方向上看，我們表示，在春季銷售旺季到來之前，社區數量將會增加。隨著利率下降和負擔能力提高，在某個時間點，這必然會產生有利的影響，我們只是不知道這種影響會在何時或有多強烈。

So our expectation is that -- as we look ahead to next year, affordability improves, community counts up, we'll be setting up a solid year again. And as we shift to more build-to-order and work through the last of the inventory, we expect that our margins will improve over time.

因此，我們的期望是——展望明年，隨著負擔能力的提高、社區人數的增加，我們將再次迎來堅實的一年。隨著我們轉向更多的按訂單生產並處理最後的庫存，我們預計我們的利潤率將隨著時間的推移而提高。

That's helpful. And then just on the fourth quarter, the guidance implies, I think, pretty good leverage on SG&A or at least better than normal seasonality. Can you talk about when -- do I have that right? And then maybe what's driving some of that improvement sequentially as you go into the fourth quarter?

這很有幫助。然後，僅在第四季度，我認為該指引意味著銷售、一般和行政費用的槓桿率相當不錯，或至少比正常的季節性要好。你能說說什麼時候嗎——我說得對嗎？那麼，進入第四季後，是什麼因素推動了這種連續的改善？

Robbie, any detail on that?

羅比，有詳細資料嗎？

Yes. It's not really leverage as much as it is actually the gross number is expected to be down 15% on a year-over-year basis quarterly. And a lot of that is just kind of the fixed costs we've taken out of the business and how the yearly kind of total compensation scheme is going to play through the SG&A profile.

是的。這實際上並不是槓桿，實際上預計總額每季將年減 15%。其中很大一部分只是我們從業務中抽取的固定成本，以及年度總薪酬計劃將如何透過銷售、一般和行政費用 (SG&A) 概況發揮作用。

Alan Ratner, Zelman & Associates.

艾倫·拉特納，澤爾曼與合夥人公司。

Thanks for all the detail so far and nice performance in a tough market. I would love to chat a little bit about the goal or the target to get back to your more historical BTO share. I think this is a market where a lot of builders that have historically been more heavy on BTO have seen that share decline and there's a lot of spec inventory out there that you're competing with.

感謝您迄今為止提供的所有詳細資訊以及在艱難的市場中的出色表現。我很樂意與您聊聊目標或目的，以回到您更具歷史意義的 BTO 份額。我認為在這個市場上，許多歷史上更注重 BTO 的建築商的份額已經下降，而且市場上有大量的規格庫存需要與你競爭。

And I'm just curious, as you move towards that pivot, have you made any headway there yet either throughout this quarter or maybe even thus far in September in terms of the mix of your orders? Is it skewed a little bit more towards BTO? And I guess from a profitability perspective, can you talk about the current margin differentials between your BTO business specs today?

我只是好奇，當您朝著這個轉變邁進時，就您的訂單組合而言，您在本季或甚至到 9 月為止是否取得了任何進展？它是否更偏向 BTO？我想從獲利能力的角度來看，您能談談目前 BTO 業務規格之間的利潤差異嗎？

I can make a few comments, and then I'll pass it to Rob McGibney. We were 70% or more sold as recently as 2022. And if you look at what the industry's dealt with, starting in 2022, that's when the supply crunch hit, build times really extended. We got as high as 11 months to build in many cities. And it's hard to have a compelling build-to-order story when it's 11 months out.

我可以發表一些評論，然後將其傳遞給 Rob McGibney。截至 2022 年，我們的銷量已達到 70% 或更多。如果你看看這個產業所面臨的情況，你會發現從 2022 年開始，供應緊縮就開始了，建造時間也確實延長了。在許多城市，我們的建設時間長達 11 個月。當時間已經過去 11 個月時，很難有一個令人信服的訂單製作的故事。

The buyer can't even lock a rate that long, so you can't tell them what their rate or their payment will be, and they're not going to hang around 11 months to get their personalized home. So we had to do something, and we opted to introduce more inventory into our WIP. And frankly, over the last couple of years, that's been the hardest houses for us to sell because our culture and our wiring as a sales team is to focus on the values of build to order.

買家甚至無法鎖定那麼長時間的利率，所以你無法告訴他們利率或付款是多少，而且他們也不會等待 11 個月來獲得他們的個人化住宅。所以我們必須採取行動，我們選擇在 WIP 中引入更多庫存。坦白說，在過去的幾年裡，這些房子對我們來說是最難賣的，因為我們作為銷售團隊的文化和想法是專注於按訂單生產的價值。

And past that, then rates start to run up and it compounded the problem a little bit more for us. So rates have come back down. Our build times have come right back down to historical. It's a far more compelling value, and we're just not going to introduce a lot of inventory into the ground. We're going to focus on the build-to-order side.

超過這個時間，利率就開始上升，這給我們帶來了更多的問題。因此利率已經回落。我們的建造時間已經回到歷史水準。它的價值更具吸引力，我們只是不會將大量庫存引入地下。我們將重點放在按訂單生產方面。

We've seen some incremental improvement in the build-to-order mix, and we expect to see a lot more as we get into '26. So margin-wise, Rob, do you want to add any more comments or you want to get into the margin difference?

我們已經看到按訂單生產組合取得了一些漸進式的改善，並且我們預計在進入 26 年時還會看到更多的改善。那麼，就邊距而言，Rob，您是否想添加更多評論，或者您想了解邊距差異？

Yes. We mentioned in our prepared remarks that the margin difference is some -- depending on the community and the plan, it can be from 250 to 400 basis points. So it's a significant difference. And today, as Jeff mentioned, we're in an environment where we have the inventory because we started it, and we've got to take a balanced approach to moving through that.

是的。我們在準備好的評論中提到，利潤差異是一定的——根據社區和計劃的不同，可能在 250 到 400 個基點之間。所以這是一個顯著的差異。今天，正如傑夫所提到的，我們處於一個擁有庫存的環境中，因為我們開始了它，我們必須採取平衡的方式來處理它。

But as we look forward, especially as we bring on new communities, we're focused solely on BTO. And so I think it's not going to be an overnight change, but over time, and I think we'll make really good progress towards that as we get into the early part of '26, we expect to shift back to that 70-30 or better ratio at higher margins.

但展望未來，尤其是當我們引入新的社區時，我們只專注於 BTO。所以我認為這不會是一夜之間的變化，但隨著時間的推移，我認為當我們進入 26 年初時，我們會在這方面取得非常好的進展，我們預計利潤率將回到 70-30 或更好的比例。

Got it. That's really helpful, Rob. And then in terms of the 4Q margin guide, I think if I'm doing the math, it's down about 70 bps sequentially. Given your comments about pricing being pretty stable through the quarter in the majority of your communities, should I interpret that sequential decline as more kind of flushing through some of the remaining spec you have and that mix headwind? And then hopefully, as you get into '26, that reverses?

知道了。這真的很有幫助，羅布。然後就第四季利潤率指南而言，我認為如果我進行計算的話，它會連續下降約 70 個基點。鑑於您所說的本季度大多數社區的價格相當穩定，我是否應該將這種連續下降解讀為對您剩餘的一些規格和混合逆風的更多沖刷？然後希望，當你進入 26 年後，情況會逆轉？

A couple of things, Alan. There's a lag effect from sale to when everything runs through into revenue. So a lot of the deliveries on houses that were sold in the spring selling season when it got pretty competitive out there. So there is a lag. And you're seeing more of that than you are an assumption that we're going to go deeper on inventory.

有幾件事，艾倫。從銷售到所有環節轉化為收入存在著滯後效應。因此，許多房屋都是在春季銷售季節售出的，因為那時的競爭非常激烈。因此存在滯後。而且，你所看到的這種情況比你認為的我們會更深入地研究庫存的情況要多。

In fact, we stated in our prepared comments, we're not going to chase the units by a [quote] dump in inventory with a heavy discount. We'd rather be prudent with it and strategic and take our time and cover the inventory in the better selling season January, February and March.

事實上，我們在準備好的評論中表示，我們不會以大幅折扣拋售庫存來追逐單位。我們寧願謹慎行事，制定策略，花時間在一月、二月和三月的銷售旺季補充庫存。

So I can't remember what the other part of his question was, I was going to kick it to you.

所以我不記得他問題的另一部分是什麼，我打算把它踢給你。

Was it margin differential?

這是利潤差異嗎？

Yes.

是的。

It is -- a fair amount of it is still mix, and you're totally right. Some of it is like market conditions, but really, a lot of it is just the mix

是的——其中相當一部分仍然是混合物，你完全正確。有些像市場條件，但實際上，很多只是混合

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

You have Elizabeth Langan for Matt today. I was wondering if you could touch -- you mentioned that you've had success in lowering direct costs. I was wondering if you could touch on what those direct costs are? And like if there are any categories that you would call out where you're having a little bit more success with that?

今天，伊麗莎白·蘭根 (Elizabeth Langan) 為馬特 (Matt) 做客節目。我想知道您是否可以談談——您提到您已經成功降低了直接成本。我想知道您是否可以談談這些直接成本是什麼？您是否可以列舉哪些類別讓您取得了更大的成功？

It's really across the board. Clearly, lumber costs have come down. So that's been a tailwind for us. It's a fair -- lumbers are pretty large component of the overall construction costs. But it's certainly not just limited to the commodity side of it. Across many -- I'd say probably most of our markets, we've seen starts come down pretty significantly over the last several months, and we're using that as an opportunity to work with our trade partners.

這確實是全面的。顯然，木材成本已經下降。這對我們來說是一個順風。這是公平的——木材佔了整個建築成本的很大一部分。但它肯定不僅限於商品方面。在許多市場——我想說可能是我們的大多數市場——過去幾個月的開工量都大幅下降，我們正利用這個機會與我們的貿易夥伴合作。

And they're hungry for work, which gives us an opportunity to drive down cost lower as we feed starts into the system. So on the cost side, whether it's really we're looking at all of the direct costs. When sales prices get pressured, we're looking for any opportunity we can to lower cost, whether that's direct or SG&A.

他們渴望工作，這為我們提供了機會，透過向系統輸入啟動資金來降低成本。因此，在成本方面，我們是否真的在考慮所有的直接成本。當銷售價格面臨壓力時，我們會尋找任何可以降低成本的機會，無論是直接成本或銷售、一般及行政費用。

But I'd say, overall, it's pretty broad-based across all of the direct cost components that go into our homes. And there's part of it that's just renegotiating because market conditions have changed and starts have come down and part of it is true value engineering and changing the product that we build. So I'd say it's probably a pretty even split between those components of the improvement that we've seen.

但我想說，總體而言，它涵蓋了我們家庭的所有直接成本組成部分。其中一部分只是重新談判，因為市場條件已經改變，開工率已經下降，其中一部分是真正的價值工程和改變我們製造的產品。所以我想說，我們所看到的改進的各個組成部分之間可能存在相當均勻的分佈。

Okay, thank you. And just to kind of follow up on the general dynamics of those negotiations, is that something that would carry on into 2026 in terms of seeing those benefits? Or is it something worth more real time and so you might see depending on the demand and if there's a recovery in starts next year?

好的，謝謝。為了跟進這些談判的整體動態，從看到這些好處的角度來看，這是否會延續到 2026 年？或者它是否具有更即時的價值，因此您可能會根據需求以及明年開工率是否會出現復甦來判斷？

Yes. The more recent reductions we've seen in lumber, that's going to show up in our deliveries in early next year. The rest of it, I'd say we're -- it's not ever something that we stopped focusing on, but the market isn't always willing to accept that. A few years ago, we were going through labor and supply chain crunches, we were still trying to fight the lower direct cost, just weren't making much headway.

是的。我們最近看到的木材減少，將在明年年初的交付中體現出來。對於其餘部分，我想說我們——我們從未停止關注它，但市場並不總是願意接受這一點。幾年前，我們經歷了勞動力和供應鏈危機，我們仍在努力降低直接成本，但沒有太多進展。

But we've been able to have more success with that now. And it is somewhat dependent on market conditions. But while starts and volumes are down, we're going to keep working to leverage that into lower cost. If there's a really healthy spring selling season, I would expect that we're going to have less success, but at the same time, our house prices are going to be going up. So that's how I view it.

但現在我們已經能夠取得更大的成功。並且它在某種程度上依賴市場條件。但是，儘管開工率和產量都在下降，我們仍將繼續努力利用這一點來降低成本。如果春季銷售旺季真的非常旺盛，我預計我們的成功率會降低，但同時，我們的房價將會上漲。這就是我的看法。

Mike Dahl, RBC Capital Markets.

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

First, a follow-up on the recent demand dynamics. Just to kind of put a finer point on it, this is normally a time of the year where you see some seasonal ebb in your absorption pace. So when you say that demand was steady through the quarter, you haven't necessarily seen an uptick in 4Q to date.

首先，注意一下近期的需求動態。更準確地說，這通常是一年中吸收速度出現季節性下降的時期。因此，當您說整個季度需求穩定時，您不一定會看到第四季度迄今為止出現上漲。

Can you be more specific about what your -- maybe what your monthly sales pace cadence has been including how you're tracking in September?

您能否更具體地說明您的每月銷售節奏，包括九月份的追蹤情況？

Yes. Mike, as we shared in the comments and you look back through, the third quarter was pretty consistent for us. June was the best month, but July and August were close. So we would depend on timing of openings and sell-outs and all that, orders were pretty consistent.

是的。麥克，正如我們在評論中分享的，回顧一下，第三季對我們來說相當穩定。六月是最好的月份，但七月和八月的情況差不多。因此，我們會根據開業時間和銷售情況等來決定訂單是否一致。

So I would say it was stable for us through the quarter. We haven't seen much of a shift yet in September. So it's only two weeks for us. So I don't want to make any comments on September, but it's more of the same.

所以我想說，整個季度我們的表現都很穩定。九月我們還沒有看到太大的變化。所以對我們來說只有兩週的時間。所以我不想對九月發表任何評論，但情況大致相同。

Okay. Got it. And then, Jeff, I guess, bigger picture, when you think about the timing of this shift in, say, okay, let's get back to the build-to-order and coupled with your comments around we don't know when the inflection will be, but we do think there's one out there. It seems like that strategy when you're going into next year with a backlog that in the unit and dollar terms, it looks like it will be down pretty meaningful.

好的。知道了。然後，傑夫，我想，從更大的角度來看，當你考慮這種轉變的時間時，比如說，好吧，讓我們回到按訂單生產，再加上你的評論，我們不知道拐點何時會出現，但我們確實認為有一個拐點。看起來，當你進入明年時，積壓訂單的數量和美元數量似乎會大幅下降。

It seems like that strategy is really relying on there being some reasonably good inflection in demand next year. Otherwise, you might have kind of a pretty big gap out year in your revenues. So I don't know if you want to address that a little bit more, but also then a specific question would be, if mortgage rates don't come down, we haven't seen an uptick then over the past week or so.

看起來該策略確實依賴明年需求出現一些相當好的轉折點。否則，您的收入可能會出現相當大的差距。所以我不知道您是否想進一步討論這個問題，但一個具體的問題是，如果抵押貸款利率不下降，那麼我們在過去一周左右就沒有看到上漲。

So if you don't get the relief would, as you go into next year, do you pivot back? Or how do you think about that strategy if we don't actually get the type of results you're looking for?

那麼，如果您沒有得到救濟，那麼進入明年，您會回頭嗎？或者如果我們實際上沒有得到您所期望的結果，您會如何看待該策略？

Yes. Well, there's a few components to your question, Mike, and it's a good one. Our backlog will be down at the end of the year. Fourth-quarter sales and fourth-quarter deliveries obviously influence that, but it will be down a similar range to how much our build time is down. So it actually positions us for similar pull-throughs based on the backlog heading into '26.

是的。嗯，麥克，你的問題有幾個組成部分，而且很好。我們的積壓工作將在年底減少。第四季的銷售額和第四季的交付量顯然會對此產生影響，但其下降幅度將與我們的建造時間下降的幅度相似。因此，根據 26 年的積壓情況，它實際上為我們提供了類似的拉動動機會。

Every year as we go into the year, the spring selling season dictates how good or how poor your results may be for the year. And part of -- it's not like we just flip a switch and say, we want to be built to order with the inventory that we put out there, you create competition among yourself with the consumer and your sales teams when you're trying to sell inventory and build to order. And with the margin erosion to cover the inventory, it gets in the way of sell and build to order.

每年進入新年時，春季銷售旺季都會決定您全年的業績好壞。部分原因在於——我們並不是簡單地按下開關然後說，我們希望根據我們現有的庫存進行客製化生產，當您嘗試銷售庫存並進行客製化生產時，您會與消費者和銷售團隊之間產生競爭。由於為了彌補庫存而導致的利潤率下降，這阻礙了銷售和訂單生產。

And we're already seeing communities where you rotate out of the aged inventory, you're just focused on your core value and your best value to the customer and it works just fine. So we're really not expecting a trough, as you called it. I think you'll see pretty consistent performance. And depending on the spring, we'll share that with you in the springtime, but that's really what will drive the second half of next year.

我們已經看到一些社區在輪換陳舊的庫存，只專注於您的核心價值和對客戶的最大價值，而且效果很好。所以我們確實沒有期待出現你所謂的低谷。我認為你會看到相當一致的表現。根據春季的情況，我們會在春季與您分享，但這才是真正推動明年下半年發展的動力。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

This is Andrew Azzi on for Michael. I'll start to drill down a little bit in terms of the inventory charges and such. If you could comment on the land environment and your ability to find new lots for future growth, especially as the industry is kind of developing a much stronger appetite for the land-light model?

我是安德魯·阿齊 (Andrew Azzi)，代替邁克爾。我將開始深入探討庫存費用等方面的問題。您能否評論一下土地環境以及您為未來成長尋找新地塊的能力，特別是當該行業對輕土地模式的需求越來越強烈時？

Well, as we shared, the land markets are rolling over a little bit. We're seeing some cities where prices have come down a little. You definitely can get more terms, meaning you can close with a better entitlement in place so you can get to turning the dirt and developing a lot quicker. So that's a good thing. So that's helping us on the land market.

嗯，正如我們分享的，土地市場正在發生一些變化。我們看到一些城市的房價有所下降。您肯定可以獲得更多條款，這意味著您可以以更好的權利完成交易，這樣您就可以更快地開始動工和開發。這是一件好事。這對我們在土地市場上有幫助。

Relative to what we shared in the quarter on the abandonments, we walked on deals that we've had tied up and with the shifts in the market, they don't hit our underwriting hurdles. So we elected to abandon them and write off the entitlement and pursuit costs that we had incurred.

相對於我們在本季分享的放棄情況，我們完成了已經達成的交易，隨著市場的變化，它們不會影響我們的承保障礙。因此，我們選擇放棄它們，並註銷我們所承擔的權利和追求成本。

And we know that in some cases, we could go back in and buy the same asset with better price and better terms. We've seen some of that already. But that's a future move. But it's our expectation with starts being way down and what went on in the market this year, we think that the land market will be a little friendlier as we look ahead.

我們知道，在某些情況下，我們可以回去以更優惠的價格和更好的條款購買相同的資產。我們已經看到了一些這樣的情況。但那是未來的舉措。但我們的預期是，鑑於開工率大幅下降以及今年市場的情況，我們認為未來土地市場將會更友善一些。

That makes a lot of sense. I appreciate that. And are there any kind of markets where you're seeing -- I'd love to kind of drill down to see how things are progressing by markets, if you can make a few call-outs, and if you're seeing any -- specifically any increased competition from resale or anything like that?

這很有道理。我很感激。您是否看到任何類型的市場——我很想深入了解各個市場的情況進展，您是否可以提出一些問題，以及您是否看到任何——特別是轉售或類似情況的競爭加劇？

It's a pretty broad question, but I'll do my best to give you a quick overview here. I'd say just in general, demand across the whole footprint of our business remains somewhat mixed. There's clear areas of strength, some that have remained softer in other markets. It seems to be improving or stabilizing faster. It's difficult to paint any one metro or region with a broad brush in terms of demand as it's just nuance based on the submarkets within that metro and then there's even another layer of nuance within those submarkets themselves.

這是一個相當廣泛的問題，但我會盡力在這裡為您提供一個快速概述。我想說，總的來說，我們整個業務範圍的需求仍然有些複雜。有一些領域表現明顯強勁，而其他市場的一些領域則表現疲軟。它似乎正在更快地改善或穩定下來。就需求而言，很難對任何一個大都市或地區進行概括性描述，因為這只是基於該大都市內子市場的細微差別，而這些子市場本身還存在另一層細微差別。

But in the quarter from a demand or sales perspective, some of our stronger markets were Inland Empire, Riverside and (inaudible) North Bay and the Central Valley in California was strong, Las Vegas, Houston, Charlotte, all posted pretty solid demand during the quarter.

但從本季的需求或銷售角度來看，我們的一些較強的市場是內陸帝國、河濱和（聽不清楚）北灣，而加州的中央谷地表現強勁，拉斯維加斯、休士頓、夏洛特等本季的需求都相當強勁。

A couple of the more challenged ones were some of our higher-priced communities, I would say, in coastal California. Seattle was a pretty difficult market for us in Q3, but that tends to follow a little different seasonal pattern, and we've seen demand improve there more recently.

我想說，其中面臨更大挑戰的是加州沿海的一些價格較高的社區。西雅圖在第三季對我們來說是一個相當困難的市場，但它往往遵循略有不同的季節性模式，而且我們最近看到那裡的需求有所改善。

Denver is one of the markets that's more challenged. You just had home prices that surge big time with after COVID and the incomes didn't keep up and you've got supply there meaningfully up. I think the good news there in other markets like that, we're seeing starts come down significantly, 15% to 20%. So I view that as positive as the industry in general, showing some disciplined by not adding further supply to some of those weaker markets.

丹佛是面臨更大挑戰的市場之一。在新冠疫情之後，房價大幅上漲，但收入卻無法跟上，導致供應量大幅增加。我認為其他類似市場的好消息是，我們看到開工率大幅下降，下降了 15% 到 20%。因此，我認為這與整個行業一樣積極，透過不向一些較弱的市場增加進一步的供應，表現出一定的紀律性。

You mentioned resale inventory in Florida and Texas, I think we're the first ones just the states where we saw resale and new home inventory increase. And we responded to that with targeted price adjustments and then cost reductions that supported better absorption. And if you look at Florida, I think our orders in Q3 were actually higher than in Q2.

您提到了佛羅裡達州和德克薩斯州的轉售庫存，我認為我們是第一個看到轉售和新房屋庫存增加的州。我們對此進行了有針對性的價格調整，然後降低了成本，以支持更好的吸收。如果你看看佛羅裡達州，我認為我們第三季的訂單實際上高於第二季。

So seeing some signs, I think, of stabilization there. And the work that we've done has resulted in better absorption so now we're focused on lifting price where we can. We've actually found in some cases, we've gone above what we needed to. So in order to optimize those assets, we're now increasing price.

因此，我認為我們看到了一些穩定的跡象。我們所做的工作已經取得了更好的吸收效果，所以現在我們專注於盡可能提高價格。事實上，我們發現在某些情況下，我們已經超出了我們所需的範圍。因此，為了優化這些資產，我們現在提高了價格。

Texas is pretty similar. But again, it's different by metro. Houston, it's remained relatively strong. We really didn't have the run-up that we saw in San Antonio and Austin where prices moved up, and we've got more resale -- resale was building higher there. But I think Texas and Florida in general, I would say, are stabilizing markets, and that's a good sign for us, and we're seeing that as a result in our communities as well.

德克薩斯州的情況非常相似。但地鐵的情況又有所不同。休士頓仍然保持相對強勁。我們確實沒有看到聖安東尼奧和奧斯汀那樣的房價上漲，而且那裡的轉售量也更大——轉售量正在增加。但我認為德州和佛羅裡達州總體上正在穩定市場，這對我們來說是一個好兆頭，而且我們也在我們的社區中看到了這一點。

Trevor Allinson, Wolfe Research.

特雷弗·阿林森（Trevor Allinson），沃爾夫研究公司。

I want to ask a question about the Southeast region, specifically, order prices were down almost 6% sequentially, but volumes are actually quite good. They were up about 7% quarter over quarter, Rob, I think you were just referring to some of that in Florida. It's quite a bit better than normal seasonality.

我想問一個關於東南地區的問題，具體來說，訂單價格環比下降了近 6%，但交易量實際上相當不錯。羅布，它們的季度環比增長了約 7%，我想你剛才指的是佛羅裡達州的部分情況。這比正常的季節性要好得多。

You've talked about not chasing volume, but was the strategy different in the Southeast in the quarter just to liquidate some inventory? Or what drove the order ramp there, but a pretty big ASP decline sequentially?

您曾說過不追求銷量，但本季東南部的策略是否有所不同，只是為了清算一些庫存？或者是什麼原因導致訂單量增加，但平均售價卻較上季大幅下降？

Yes. It wasn't really chasing the inventory. I think that was a market that we saw the resale inventory and new home inventory start to accumulate and sales had really slowed for us in Q2, which was normally our best time of year. So we took action and we reduced price. I think that's what's showing up in the numbers that you're seeing. But I think the good news for us is that worked, which now you're seeing the orders come back up as a result of that.

是的。這實際上並不是追逐庫存。我認為，我們看到轉售庫存和新房庫存開始積累，而第二季的銷售確實放緩了，而這通常是我們一年中最好的時期。因此我們採取了行動並降低了價格。我認為這就是你所看到的數字所體現的。但我認為對我們來說好消息是，這項舉措奏效了，現在您會看到訂單量因此回升。

It's also, as I mentioned earlier, one of the markets where we've seen the biggest decline in starts. So we've had some of our best result in cost reductions there, too. And now as I'm calling that is starting to stabilize, we've got that combination. And I think we found the market. We've driven costs down, and now we're starting to take it back the other way.

正如我之前提到的，這也是我們所見過的新屋開工量下降幅度最大的市場之一。因此，我們在降低成本方面也取得了一些最好的成果。現在，正如我所說，情況開始穩定下來，我們已經得到了這種組合。我認為我們找到了市場。我們已經降低了成本，現在我們開始以另一種方式收回成本。

So I'm not necessarily calling it an inflection point for the whole state of Florida. But we've been encouraged by what we've seen recently.

所以我不一定稱之為整個佛羅裡達州的轉折點。但最近看到的情況令我們感到鼓舞。

Okay. Makes a lot of sense. And then Jeff, I wanted to follow up on your comment about starting to see land prices soften. Can you just talk about how widespread that is? Any specific geographies where that's most common? And can you help us with some sort of number on the magnitude of the declines that you're seeing in the market (inaudible)?

好的。很有道理。然後傑夫，我想跟進一下你關於開始看到土地價格走軟的評論。你能說說這種現像有多普遍嗎？哪些特定地區最常出現這種情況？您能否提供一些數據來說明市場下跌的幅度（聽不清楚）？

Well, I would say that there's a slight easing. We're not seeing rapid drops, but we are seeing some easing and we're -- the power of no is working. We've had deals tied up where we've said no and walked. And lo and behold, they come back at a lower price. So it tells you that the land sellers are recognizing, it's a little less strong than it was for them and their -- they need to move their inventory, too.

嗯，我想說情況稍微緩和。我們沒有看到快速下降，但我們看到了一些緩解，而且我們——「不」的力量正在發揮作用。我們曾經對一些交易表示拒絕並放棄了。你瞧，他們又以更低的價格回來了。所以這說明土地賣家意識到，現在的情況對他們來說沒有以前那麼強勁了——他們也需要轉移庫存。

And I'd say, we're seeing that pretty much across the system. None of them are big magnitude. They're not market movers, but they are incrementally starting to ease. So we're encouraged with that

我想說，我們幾乎在整個系統中都看到了這一點。它們都不是很大的量級。他們並不是市場的推動者，但他們正開始逐步放鬆政策。所以我們對此感到鼓舞

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My first question is on the design studios. As you think about the shift back to more BTO, can you talk about how you can position the design studios? Is there anything that you're focused on from that element of the business in order to help drive that shift and attract the consumer back to that side of the business relative to the specs that are out there.

我的第一個問題是關於設計工作室的。當您考慮轉向更多 BTO 時，您能談談如何定位設計工作室嗎？為了推動這一轉變並根據現有的規格吸引消費者回到這一業務領域，您是否關注過該業務領域的哪些方面？

Good question. I don't think we need to change anything as far as our approach to the studio. It's just leveraging what we've always done. And we really use the studio as a tool to help us sell homes. And we want to start by offering the best base price we can with a quality home that's designed based on our market survey and the data that we have is kind of a starting point and then really use the studio to let people personalize their home there if they choose to.

好問題。我認為就我們對工作室的態度而言，我們不需要改變任何事情。這只是利用我們一直以來所做的事情。我們確實將工作室用作幫助我們銷售房屋的工具。我們希望首先以最優惠的基本價格提供優質的住宅，這些住宅是根據我們的市場調查而設計的，我們掌握的數據是一個起點，然後真正利用工作室讓人們可以根據自己的選擇個性化他們的住宅。

So I think that there's a lot of personalization options and choices that we offer, and we're always kind of rotating through that to make sure that they stay current and they're up-to-date with what people want. But I don't really see it as a shift in the way that we're approaching that business. We just want to drive more of the business to build to order and leveraging the studio.

所以我認為我們提供了許多個人化選項和選擇，我們總是不斷更新這些選項和選擇，以確保它們保持最新並滿足人們的需求。但我並不認為這是我們處理該業務方式的轉變。我們只是想推動更多的業務按訂單生產並利用工作室。

Yes. Okay. That's helpful. And then maybe turning to capital allocation. You mentioned the continued focus on shareholder returns, especially the share repurchases. Just any thoughts on how we should be thinking about the magnitude and what we can expect there as we finish up this year and look to the next year and how you're balancing that relative to the budget that you've put out for land development and acquisitions?

是的。好的。這很有幫助。然後也許轉向資本配置。您提到繼續關注股東回報，尤其是股票回購。您認為我們應該如何看待這一規模以及在今年結束和展望明年時我們可以期待什麼，以及如何平衡您為土地開發和收購所撥出的預算？

Yes, Susan, that's a good question. We're very thoughtful about kind of how we're allocating capital. You can see this year, we've been really thoughtful and responsive to ensuring that we can continue to fund growth but do it in a smart way and ensure that we're awarding shareholders as well. And the capital return and the cash flow that we're generating right now is really healthy.

是的，蘇珊，這是個好問題。我們非常認真地考慮如何分配資本。您可以看到，今年我們確實經過深思熟慮並積極響應，以確保我們能夠繼續為成長提供資金，但要以明智的方式進行，並確保我們也能為股東帶來回報。我們目前產生的資本回報和現金流確實非常健康。

And so we feel like in the future, we'll be able to continue to reward shareholders at a similar rate, but we haven't quite yet figured out the magnitude. And I think that there's also a component of that, which is market driven by how attractive the land market is.

因此，我們覺得未來我們將能夠繼續以類似的速度回報股東，但我們還沒有確定具體金額。我認為其中還有一個因素，就是土地市場的吸引力決定了市場的發展。

So we feel really good about our way and position going into next year and feel really good about how it's set us up for the next three to four years. And I think that that's going to give us a lot of flexibility in terms of returning capital

因此，我們對明年的走向和定位感到非常滿意，並對未來三到四年的發展前景感到非常滿意。我認為這將為我們在資本回報方面帶來很大的靈活性

Ladies and gentlemen, this concludes today's teleconference. Thank you for your participation. You may now disconnect your lines.

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