KB Home (KBH) 2025 Q4 法說會逐字稿

Good afternoon. My name is John and I'll be your conference operator today. I would like to welcome everyone to the KB Home 2025 fourth quarter earnings conference call. (Operator Instructions) This conference call is being recorded, and a replay will be accessible on the KB Home website until January 18, 2026.

午安.我叫約翰，今天將擔任你們的會議接線生。歡迎各位參加 KB Home 2025 年第四季財報電話會議。（操作員說明）本次電話會議正在錄音，錄音回放可在 KB Home 網站上收聽，有效期至 2026 年 1 月 18 日。

I'll now turn the call over to Jill Peters, Senior Vice President, Investor relations. Thank you, Jill. You may now begin.

現在我將把電話交給投資者關係高級副總裁吉爾彼得斯。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 fourth quarter and full year 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，約翰。各位下午好，感謝各位今天與我們一起回顧2025財年第四季和全年業績。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；以及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 1,995. These statements are not guarantees of future results, and the company does not undertake any obligation to update them.

在本次電話會議中，我們將討論一些根據 1995 年《私人證券訴訟改革法案》被視為前瞻性陳述的內容。這些聲明並非對未來績效的保證，本公司也不承擔更新這些聲明的義務。

Due to various factors, including those detailed in today's press release and in our filings with the Securities and Exchange Commission, actual results could be materially different from those stated or implied in the forward-looking statement. In addition, an explanation and or reconciliation of the non-GAAP measures of adjusted housing gross profit margin.

由於各種因素，包括今天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聲明中陳述或暗示的結果有重大差異。此外，還需對調整後的房屋毛利率的非GAAP指標進行解釋和/或調整。

Adjusted net income and adjusted diluted earnings per share, as well as any other non-GAAP measure referenced during today's discussion to its most directly comparable GAAP measure, can be found in today's press release and or on the investor relations page of our website at kbhome.com. And finally, please note all figures are based on our fiscal November 30, year end, and all comparisons are on a year over year basis unless otherwise stated.

經調整的淨利潤和經調整的攤薄後每股收益，以及今天討論中提及的任何其他非GAAP指標與其最直接可比的GAAP指標，均可在今天的新聞稿或我們網站kbhome.com的投資者關係頁面中找到。最後，請注意，所有數據均基於我們截至11月30日的財年，除非另有說明，所有比較均為同比比較。

And with that, here is Jeff Mezger.

接下來，讓我們歡迎傑夫梅茲格。

Thank you, Jill, and good afternoon, everyone. We are pleased to share our results for our 2025, 4th quarter and fiscal year. It was a year that tested consumers' resilience as they faced various economic and geopolitical issues, yet through it all, they continued to demonstrate a desire to own a home.

謝謝你，吉爾，大家下午好。我們很高興與大家分享我們 2025 年第四季和全年的業績。在這一年裡，消費者面臨各種經濟和地緣政治問題，考驗他們的韌性，但即便如此，他們仍然表現出擁有住房的願望。

We helped nearly 13,000 individuals and families achieve the dream of homeownership while maintaining our industry leading customer satisfaction ratings. The total revenues of over $6.2 billion and nearly $430 million in net income, we produced a 10% increase in our book value per share.

我們幫助近 13,000 個個人和家庭實現了擁有住房的夢想，同時保持了行業領先的客戶滿意度。總收入超過 62 億美元，淨利潤接近 4.3 億美元，每股帳面價值成長了 10%。

We further strengthen our financial flexibility with the recent expansion of our new $1.2 billion revolving credit facility and the extension of our term loan. And through our balanced approach to capital allocation, we rewarded our shareholders with a healthy return of capital totaling more than $600 million in fiscal 2025, including dividends.

我們近期擴大了 12 億美元的循環信貸額度，並延長了定期貸款期限，進一步增強了我們的財務靈活性。透過我們均衡的資本配置方式，我們在 2025 財年為股東帶來了超過 6 億美元的健康資本回報，其中包括股息。

We continue to lead our peer group. In the cumulative amount of capital returned to our shareholders over the past 4.5 years as a percentage of market capitalization. In 2025, we repurchased 13% of our outstanding shares at an average price below our current book value, which we believe is an excellent use of our cash and accretive to both our earnings and book value per share.

我們繼續在同行業中保持領先地位。在過去 4.5 年裡，我們累計返還給股東的資本金額佔市值的百分比。2025 年，我們以低於當前帳面價值的平均價格回購了 13% 的流通股，我們認為這是對現金的極佳利用，並且能夠提高我們的每股收益和帳面價值。

As for the details of our fourth quarter results, we produced total revenues of just under $1.7 billion and adjusted diluted earnings per share of $1.92. We returned about $115 million in cash to our shareholders, including the repurchase of 1.6 million shares.

至於我們第四季的業績詳情，我們實現了近17億美元的總收入，調整後的稀釋每股收益為1.92美元。我們向股東返還了約1.15億美元的現金，其中包括回購160萬股股票。

We remain optimistic about the housing market as we believe favorable demographics will be a key driver supporting higher demand over time, together with the structural undersupply of homes. Near term conditions continue to reflect underlying demand for homes supported by population, household formation. Job and wage growth. However, low consumer confidence, affordability concerns, and elevated mortgage rates continue to constrain the pool of actionable buyers.

我們對房屋市場仍保持樂觀，因為我們相信有利的人口結構將是推動需求長期成長的關鍵因素，再加上房屋結構性供應不足。短期內，住房需求依然存在，這主要得益於人口成長和家庭組成。就業和工資增長。然而，消費者信心不足、購屋能力擔憂以及高企的抵押貸款利率繼續限制潛在購屋者的數量。

Consumers are demonstrating their interest in buying a home, reflected in our website visits, leads, and traffic to our communities. They're just taking much longer to make their home buying decisions. We produced 2,414 net orders in the fourth quarter with a consistent approach to pricing, offering transparent and affordable prices rather than inflated prices masked by heavy incentives.

消費者對購屋表現出濃厚的興趣，這體現在我們的網站訪問量、潛在客戶數量以及我們社區的流量上。他們只是需要更長的時間來做出購屋決定。第四季度，我們透過一致的定價策略，實現了 2414 筆淨訂單，提供透明且實惠的價格，而不是用高額激勵措施掩蓋虛高的價格。

This remains the foundation of our competitive position. As it allows us to advertise our compelling pricing directly on our website, and it's also how we build trust with our customers.

這仍然是我們競爭地位的基礎。因為它使我們能夠直接在網站上宣傳我們極具競爭力的價格，這也是我們與客戶建立信任的方式。

We were disciplined in not taking overly aggressive steps to capture sales during the seasonally slower fourth quarter. By doing so, we believe we are positioned to achieve better margins on these sales in our 20,261 quarter than we would otherwise have produced.

我們在銷售淡季的第四季沒有採取過於激進的措施來搶佔市場份額，這反映了我們的自律。我們相信，透過這樣做，我們能夠在 20,261 季度實現比我們原本預期更高的銷售利潤率。

Before I turn the call over to Rob McGibney, I will make a comment on the approach we are taking with respect to our guidance for fiscal 2026. As detailed in today's press release, we are providing our outlook for fiscal 2026 deliveries and housing revenues.

在將電話交給羅布·麥吉布尼之前，我想就我們對 2026 財年的業績指引所採取的方法發表一些看法。正如今天發布的新聞稿中所詳述的，我們在此提供 2026 財年房屋交付量和住房收入的展望。

We expect to have greater visibility on both operating and gross margins as we get into the spring selling season and plan to provide our projections for these metrics when we report our 2026 first quarter results in March.

隨著春季銷售旺季的到來，我們預計營業利潤率和毛利率將更加明朗，並計劃在 3 月公佈 2026 年第一季業績時提供這些指標的預測。

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

讓我在這裡停頓一下，請羅布提供更多關於我們銷售情況以及營運情況的最新資訊。

Thank you, Jeff. Consistent with our operational success throughout fiscal 2025, our divisions continued to execute well in the fourth quarter in maintaining high customer satisfaction levels, further improving build times, lowering direct costs, and balancing pace and price to optimize each asset.

謝謝你，傑夫。與 2025 財年全年營運成功相一致，我們的各部門在第四季度繼續保持良好的業績，維持了較高的客戶滿意度，進一步縮短了生產時間，降低了直接成本，並平衡了速度和價格，以優化每項資產。

Traffic in our communities was steady during the fourth quarter and at 18% our cancellation rate was stable, supporting net orders at an average absorption pace of 3 per month per community. This pace was in line with our average fourth quarter pace of the past two years.

第四季度，我們社區的流量保持穩定，取消率穩定在 18%，支持每個社區平均每月 3 個淨訂單的吸收速度。這一速度與我們過去兩年第四季的平均速度一致。

As we look ahead to the full year 2026, although we begin the year with a lower backlog than we have carried in some time, the fundamentals of our operating model and the improvements we have made over the last few years provide a clear and we believe achievable path to meeting our delivery objectives. Our beginning backlog represents 27% of the midpoint of our full year delivery target compared to 34% at the start of 2025.

展望 2026 年全年，儘管年初的積壓訂單比一段時間以來都要少，但我們營運模式的基本面以及過去幾年所取得的改進，為我們實現交付目標提供了一條清晰且我們相信可以實現的道路。我們目前的積壓訂單量佔全年交貨目標中點的 27%，而 2025 年初這一比例為 34%。

While this is a smaller starting position, it must be viewed in the context of our significantly faster build times and our expectation of expanding our community count with new community openings. We have become more efficient in building homes with build times improving roughly 20% year-over-year in the fourth quarter.

雖然這是一個較小的起點，但必須結合我們更快的建設速度以及我們期望透過新社區的開放來擴大社區規模這一背景來看待。我們在房屋建造方面效率更高了，第四季的建造時間比去年同期縮短了約 20%。

We achieved our company-wide target of 120 days or better from home start to completion on built to order homes during the quarter, with several divisions averaging fewer than 100 days in November. Our faster build times allow us to extend sales much deeper into the year and still achieve delivery of the home.

本季度，我們實現了公司整體的目標，從房屋開工到竣工不超過 120 天，其中幾個部門在 11 月的平均工期不到 100 天。我們更快的建造速度使我們能夠將銷售期延長到一年中的更晚，並且仍然能夠交付房屋。

At quarter end we had 271 active communities, up 5% as compared to the prior year period. In our 2026 1st quarter, we are planning to open between 35 and 40 new communities and expect to hit a high water mark for community count during our second quarter at the height of the spring selling season.

截至季末，我們共有 271 個活躍社區，比上年同期成長 5%。2026 年第一季度，我們計劃開設 35 至 40 個新社區，並預計在第二季度春季銷售旺季期間，社區數量將達到歷史最高水準。

With this broader base of communities, we are very well positioned to capture the typical seasonal lift in demand during this period. Our new communities typically generate strong early demand, benefiting from the newness and excitement of grand openings and supported by our disciplined community opening process.

憑藉著更廣泛的社區基礎，我們完全有能力抓住這段時期典型的季節性需求成長。我們的新社區通常在開幕初期就產生強勁的需求，這得益於盛大開幕帶來的新鮮感和興奮感，以及我們嚴謹的社區開幕流程。

Importantly, these new communities are expected to generate favorable gross margins supported by a sales mix that is predominantly built to order. As we have discussed, we are focused on returning our built to order homes to a higher percentage of our total deliveries, from 57% in Q4 2025 to our historical 70% or higher.

重要的是，這些新社區有望產生可觀的毛利率，這要歸功於以客製化生產為主的銷售組合。正如我們之前討論過的，我們正致力於將客製化房屋在總交付量中所佔的比例從 2025 年第四季的 57% 恢復到我們歷史上的 70% 或更高。

While we always have some inventory homes available for those buyers that need a quicker move-in date, the superior margins we generate on BTO homes will allow us to realize greater value from our communities.

雖然我們始終會為那些需要更快入住的買家提供一些現房，但我們從預購房屋中獲得的更高利潤將使我們能夠從我們的社區中獲得更大的價值。

Our gross margins on BTO homes are trending 3% to 5% points higher than on inventory sales, and we began to see a shift toward more BTO sales during November, an encouraging trend that has continued into December.

我們的預購組屋毛利率比庫存銷售高出 3% 至 5 個百分點，而且我們在 11 月開始看到預購組屋銷售量增加，這是一個令人鼓舞的趨勢，並且一直延續到 12 月。

As we remain focused on selling our BTO homes and these sales become deliveries over the course of fiscal 2026, we expect to achieve a favorable trajectory in our gross margins. We are aligning our starts with our BTO sales and started at 1,827 homes in our fourth quarter.

由於我們將繼續專注於銷售我們的預購組屋，並且這些銷售將在 2026 財年期間交付，我們預計我們的毛利率將取得良好的成長。我們的房屋開工量與預購房屋銷售量保持一致，第四季開工量為 1827 套。

Our divisions together with our national purchasing team are doing an outstanding job in driving costs lower. These efforts combined with our value engineering and studio simplification initiatives contributed to direct costs that were about 4% lower sequentially and 6% lower year over year on our homes started during the fourth quarter, helping to offset the impact of higher land costs.

我們的各部門與全國採購團隊一起，在降低成本方面做得非常出色。這些努力，加上我們的價值工程和工作室簡化舉措，使得第四季度開工房屋的直接成本環比下降約 4%，年減約 6%，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 financed their mortgages through our joint venture KBHS Home Loans. Our capture rate was high, with 80% of our buyers who financed their homes in the fourth 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，我將回顧一下透過我們的合資企業 KBHS Home Loans 獲得抵押貸款的購房者的信用狀況。我們的成交率很高，第四季透過 KBHS 融資購屋的買家中有 80% 使用了 KBHS。更高的成交率有助於我們更有效地管理積壓訂單，並提高成交日期的確定性，這有利於我們公司和買家。

In addition, we see higher customer satisfaction levels from buyers who use our joint venture versus other lenders. The average cash down payment moved up slightly, both sequentially and year over year, to 17%, equating to nearly $80,000. On average, the household income of customers who use KVHS was about $130,000 and they had a FICO score of 743.

此外，我們發現，與使用其他貸款機構的買家相比，使用我們合資企業的買家滿意度更高。平均現金首付比例較上月及年比均略有上升，達 17%，相當於近 8 萬美元。使用 KVHS 的客戶家庭平均收入約為 13 萬美元，FICO 信用評分平均為 743 分。

Even with over 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 or pay in cash. 10% of our deliveries in the fourth quarter were to all cash buyers.

即使超過一半的客戶是首次購屋者，我們仍然吸引著信用良好的買家，他們能夠獲得抵押貸款，並支付相當可觀的首付或全款購房。第四季度，我們10%的房屋交付給了全款購屋者。

In conclusion, we remain firmly committed to delivering high customer satisfaction and strong operational execution to drive our results. We believe our portfolio of communities, products, and pricing are well aligned with the needs of today's buyers, and with improved build times, and expanded community footprint, and stronger operational consistency, we are confident in our ability to achieve our fiscal 2026 delivery objectives.

總之，我們將繼續堅定不移地致力於提供高客戶滿意度和強大的營運執行力，以推動績效成長。我們相信，我們的社群、產品和定價組合與當今買家的需求非常契合，並且隨著建設時間的縮短、社區規模的擴大和營運一致性的增強，我們有信心實現 2026 財年的交付目標。

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

接下來，我會把電話轉回給傑夫。

Thanks, Rob. With respect to our la position, we owned or controlled roughly 65,000 lots at year end, 43% of which were controlled. Our footprint is focused on markets that we believe are positioned for long-term economic and demographic growth. As our newest divisions in Seattle, Boise, and Charlotte continue to mature, their contribution to our results is becoming more meaningful.

謝謝你，羅伯。就我們的 la 持股而言，截至年底，我們擁有或控制了大約 65,000 個地塊，其中 43% 為受控地塊。我們的業務重點放在我們認為具有長期經濟和人口成長潛力的市場。隨著我們在西雅圖、博伊西和夏洛特的新部門不斷成熟，它們對我們業績的貢獻也變得越來越重要。

In addition, we see an opportunity to expand our share in all of our CER markets over time. We remain selective with our land positions across our business. And as part of our regular review of land purchases in our pipeline, we canceled contracts to purchase approximately 3,500 lots, representing about 20 communities in the fourth quarter, which no longer met our underwriting criteria.

此外，我們看到了隨著時間的推移，在所有 CER 市場中擴大份額的機會。我們對業務範圍內的土地佈局始終保持謹慎的態度。作為我們對在建土地收購項目進行定期審查的一部分，我們在第四季度取消了約 3,500 個地塊的收購合同，這些地塊涉及約 20 個社區，不再符合我們的承保標準。

Our la pipeline is healthy, providing us with the flexibility to be patient. And adding to our controlled lock count until we find opportunities with better terms that will provide higher returns. One of the key benefits of our built to order approach is that it provides visibility into the need and timing for replacement communities based on each community's sales pace, local market dynamics, and expected sellout date, which is beneficial in our effort to be capital efficient.

我們的輸油管狀況良好，這讓我們有耐心等待。我們將繼續增加受控鎖定數量，直到找到條款更優、回報更高的投資機會。我們按需建造方式的一個主要優勢是，它可以根據每個社區的銷售速度、當地市場動態和預計售罄日期，清晰地展現出更換社區的需求和時間，這有利於我們提高資本效率。

We're also developing lots in smaller phases wherever possible and balancing development with our starts pace to manage our inventory of finish lots. Our business generates healthy cash flow, and we remain consistent in our balanced approach toward allocating it. 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.

我們也盡可能分階段開發地塊，並平衡開發進度和開工速度，以管理我們的成品地塊庫存。我們的業務產生了健康的現金流，我們始終堅持平衡的現金流分配方式。我們正在實現我們的優先事項，即為未來的業務成長做好準備，將槓桿率控制在目標範圍內，並透過股票回購和季度現金分紅來回報股東。

We are maintaining our land investments at a level that will support our current growth projections. And invested $665 million in land acquisition and development in the fourth quarter, with about two-third of our investment going toward developing the land we already own.

我們將土地投資維持在能夠支持我們目前成長預期的水平。第四季度，公司投資 6.65 億美元用於土地收購和開發，其中約三分之二的投資用於開發我們已經擁有的土地。

With nearly $430 million in net income generated for the year, lower end land acquisition and development spend, and the improvement in our build times unlocking cash, we returned more than $600 million in capital to our shareholders in fiscal 2025.

由於本年度淨收入接近 4.3 億美元，土地收購和開發支出減少，以及建設時間的縮短釋放了現金，我們在 2025 財年向股東返還了超過 6 億美元的資本。

This includes approximately $540 million in share repurchases at an average price of $57.37 per share. 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 5.4 億美元的股票回購，平均價格為每股 57.37 美元。在目前的水平上，股票回購是對資本的絕佳利用，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. We believe we have the most talented and experienced operators in the business who are driven to produce results.

最後，我要感謝 KB Home 的全體團隊成員，感謝他們致力於為購屋者提供服務。我們相信我們擁有業內最有才華、最有經驗的操作人員，他們以取得成果為目標。

Our divisions executed well this past year despite challenging market conditions. And control the controllable in achieving a significant reduction in build times, lowering direct costs, and opening a meaningful number of new communities. In fiscal '25, we returned the highest level of capital to our shareholders in a single year in our company's history.

儘管市場環境充滿挑戰，但我們各部門在過去一年中都表現出色。透過控制可控因素，大幅縮短建設時間，降低直接成本，並開放大量新社區。在 2025 財年，我們向股東返還了公司歷史上單年最高水準的資本。

We plan to continue our share repurchase program in fiscal 2026 with between $50 million and $100 million of repurchases planned for our first quarter. As we begin the new year, we do so with a balance sheet that is stronger than it has ever been and with added financial flexibility.

我們計劃在 2026 財年繼續實施股票回購計劃，第一季計劃回購 5,000 萬美元至 1 億美元。在新的一年伊始，我們的資產負債表比以往任何時候都更加穩健，財務彈性也得到了提升。

We believe we are well positioned for the spring selling season with our expected community account growth and have confidence that our renewed focus on built to order sales will generate higher margins as the year progresses. Our objectives for fiscal 2026 are centered on continuing to deliver outstanding service to our homebuyers and driving higher shareholder value, and we look forward to updating you as the year unfolds.

我們相信，憑藉預期的社區客戶成長，我們已為春季銷售旺季做好了充分準備，並且有信心，隨著今年的推進，我們重新專注於客製化銷售將帶來更高的利潤率。我們 2026 財年的目標是繼續為購屋者提供卓越的服務，並推動股東價值的提升，我們期待在這一年中隨時向您報告最新進展。

Now, I will turn the call over to Rob Dillard, for the financial review.

現在，我將把電話交給羅布·迪拉德，讓他進行財務回顧。

Thanks Jeff. I'm pleased to report on the fourth quarter and full year 2025 results. As Jeff and Rob said, we continue to manage the business with discipline, with a focus on optimizing every asset by pricing to the market, maintaining a healthy pace, and delivering our built to order advantage. This strategy has led to relatively consistent results in a constrained market in 2025.

謝謝傑夫。我很高興向大家報告2025年第四季和全年業績。正如 Jeff 和 Rob 所說，我們將繼續以嚴謹的態度管理業務，專注於透過市場定價優化每項資產，保持健康的步伐，並提供我們的按需客製化優勢。在2025年受限的市場環境下，這項策略取得了相對穩定的成果。

In the fourth quarter of 2025, we exceeded the midpoint of our guidance range with total revenues of $1.69 billion and housing revenues of $1.68 billion a 15% decrease. We delivered 3,619 homes which exceeded the midpoint of our implied guidance, largely due to reduced average build times in our 268 average communities for the quarter. Average selling price declined 7% to $466,000 due to regional and product mix and general market conditions.

2025 年第四季度，我們的總收入達到 16.9 億美元，住房收入達到 16.8 億美元，超過了預期範圍的中點，下降了 15%。我們交付了 3,619 套住房，超過了我們預期目標的中點，這主要是由於本季度我們 268 個平均社區的平均建造時間縮短所致。受地區和產品組合以及整體市場狀況的影響，平均售價下降了 7%，至 466,000 美元。

Housing gross profit margin was 17%, and adjusted housing gross profit margin, which excluded $13.7 million of inventory related charges, was 17.8%. Adjusted housing gross profit margin was 310 basis points lower due to pricing pressure, negative operating leverage, higher relative land costs, regional mix, and product mix, which was pronounced due to the age and price. Of incremental volume versus guidance, this margin pressure was again partially offset by lower direct construction costs per unit.

房屋毛利率為 17%，扣除 1,370 萬美元的庫存相關費用後，調整後的房屋毛利率為 17.8%。經調整的房屋毛利率下降了 310 個基點，原因是價格壓力、負經營槓桿、相對較高的土地成本、區域組合和產品組合，其中房齡和價格因素尤為突出。與預期相比，新增銷售量所面臨的利潤率壓力再次被單位直接建設成本的降低部分抵銷。

It's notable that average cost per unit declined in the quarter as direct construction costs and material costs declined more than lot costs increased. SG&A expenses of a percent of housing revenues was 10%. The SG&A expense ratio was 9.1% when adjusted for the $16 million of accelerated equity-based compensation expense.

值得注意的是，由於直接建築成本和材料成本的下降幅度大於地塊成本的上升幅度，本季度單位平均成本有所下降。銷售、一般及行政費用佔房屋收入的百分比為 10%。扣除 1,600 萬美元的加速股權激勵費用後，銷售、一般及行政費用率為 9.1%。

This expense reflects a change in policy for the vesting of certain long-term incentive awards. This affected only the timing of expense recognition, and there was not an increase in the total compensation costs of these rewards.

這項支出反映了某些長期激勵獎勵歸屬政策的改變。這只會影響費用確認的時間，而不會增加這些獎勵的總補償成本。

Home building operating income for the fourth quarter decreased to $117 million or 6.9% of home building revenues, and home building operating income, excluding the inventory related charges and the accelerated equity-based compensation expense was $147 million or 8.7% of home building revenues. Net income was $102 million or $1.55 per diluted share. Benefiting from a 13% reduction in our wave average diluted shares outstanding.

第四季住宅建築營業收入下降至 1.17 億美元，佔住宅建築收入的 6.9%；若不計入與庫存相關的費用和加速股權激勵支出，住宅建築營業收入為 1.47 億美元，佔住宅建築收入的 8.7%。淨利為1.02億美元，即每股攤薄收益1.55美元。得益於我們平均稀釋後流通股數減少了 13%。

Adjusted net income, which excludes the inventory related charges, the accelerated equity-based compensation expense, and approximately $1 million for early extinguishment of debt, was $126 million or $1.92 per diluted share. For the full year 2025, we delivered 12,902 homes and generated $6.24 billion of total revenues. Housing revenues were down 10% to $6.21 billion. Diluted earnings per share was $6.15 and book value per share increased 10% to $61.75.

經過調整後的淨收入（不包括存貨相關費用、加速股權激勵費用以及約 100 萬美元的提前償債費用）為 1.26 億美元，即每股攤薄收益 1.92 美元。2025 年全年，我們交付了 12,902 套住房，創造了 62.4 億美元的總收入。住房收入下降10%，至62.1億美元。稀釋後每股收益為 6.15 美元，每股帳面價值成長 10% 至 61.75 美元。

Turning now to our guidance.

現在請參考我們的指導意見。

Our guidance for the first quarter and full year 2026 is based on our belief that we're well positioned for the present operating environment through our strategy of providing customers the best buying experience and the best value by delivering a personalized built to order home.

我們對 2026 年第一季和全年業績的預測是基於這樣的信念：透過為客戶提供最佳的購買體驗和最佳的價值，打造個人化客製化住宅，我們能夠很好地適應當前的經營環境。

In the first quarter of 2026, we expect to generate housing revenues between $1.05 billion and $1.15 billion based on expected deliveries of between 2,300 and 2,500 homes. Housing gross profit margin, assuming no inventory related charges, is expected to be between 15.4% and 16% for the first quarter of 2026. Margins are expected to be affected primarily by negative operating leverage and typical seasonality in the quarter.

預計 2026 年第一季度，住房收入將在 10.5 億美元至 11.5 億美元之間，預計交付房屋數量將在 2,300 至 2,500 套之間。假設沒有庫存相關費用，預計 2026 年第一季房屋毛利率將在 15.4% 至 16% 之間。預計利潤率將主要受到負經營槓桿和季度典型季節性因素的影響。

But we also expect the continued margin trend impacts of pricing pressure and higher lot costs, as well as some regional mix. We expect to continue to partially offset this margin pressure with lower direct construction costs per unit.

但我們也預期價格壓力和更高的批量成本將繼續對利潤率趨勢產生影響，以及一些區域性因素也會影響利潤率。我們預期透過降低單位直接建設成本，可以部分抵銷這種利潤率壓力。

We expect margins to improve throughout 2026 due to positive operating leverage and typical seasonality, as well as our strategy to shift the mix of homes sold and delivered to favor built to order homes. We believe that we are well positioned to execute this mixed shift in 2026 as we start the year with 271 communities, and we expect a considerable number of new community openings in the first half of 2026.

我們預計，由於積極的經營槓桿和典型的季節性因素，以及我們調整房屋銷售和交付組合以偏向定制房屋的策略，利潤率將在 2026 年全年有所改善。我們相信，我們已做好充分準備，在 2026 年實現這一混合轉型，因為我們年初擁有 271 個社區，並且我們預計 2026 年上半年將有相當數量的新社區開業。

The first quarter 2026 SG&A ratio is expected to be between 12.2% and 12.8% due mainly to expected reduced operating leverage, despite cost controls. This is our highest seasonal SG&A quarter and compares to 11% in the first quarter of 2025.

儘管採取了成本控制措施，但由於營運槓桿預計將降低，預計 2026 年第一季的銷售、一般及行政費用比率將在 12.2% 至 12.8% 之間。這是我們季節性銷售、一般及行政費用最高的季度，而 2025 年第一季則為 11%。

We had solid results reducing both fixed cost and direct costs throughout 2025, and we expect this to continue in 2026. Our effective tax rate for the first quarter is expected to be approximately 19%. It's notable that we expect the tax rate to be lower only in Q1 of 2026. We expect the tax rate to increase and end the year with an average of between 24% and 26% due to reduced energy credits given the end of 45L credits in 2026.

我們在 2025 年全年都取得了降低固定成本和直接成本的顯著成效，我們預計 2026 年將繼續保持這一勢頭。我們預計第一季的實際稅率約為 19%。值得注意的是，我們預計稅率要到 2026 年第一季才會降低。由於 45L 稅收抵免政策將於 2026 年結束，能源稅收抵免減少，我們預計稅率將會上升，到年底平均稅率將達到 24% 至 26%。

For the full year 2026, we expect housing revenues of between $5.1 billion and $6.1 billion based on between 11,000 and 12,500 deliveries. This full year's guidance is based on current market conditions and will be expanded to include our customary components as we gain an understanding of spring selling season market dynamics.

我們預計 2026 年全年住房收入將在 51 億美元至 61 億美元之間，交付量在 11,000 至 12,500 套之間。今年的全年業績指引是基於當前市場狀況制定的，隨著我們對春季銷售旺季市場動態的了解加深，我們將擴大指引範圍，納入我們慣常的組成部分。

Turning now to the balance sheet.

現在來看資產負債表。

We believe that we're well positioned with over $5.7 billion in inventory at the end of 2025. We owned or controlled over 64,000 lots, including 27,000 lots that we have the option to purchase. Our option lot position is 27% lower than a year ago due to our continued focus on only allocating capital to positions that align with our strategy and return expectations. We continue to invest selectively to augment our land position, and we invested over $665 million in land development and fees during the fourth quarter and over $2.6 billion in 2025.

我們相信，到 2025 年底，我們的庫存將超過 57 億美元，這將使我們處於有利地位。我們擁有或控制超過 64,000 個地塊，其中包括我們有權購買的 27,000 個地塊。由於我們持續專注於只將資金分配給符合我們策略和回報預期的頭寸，我們的選擇權持股比一年前減少了 27%。我們繼續有選擇地進行投資，以增加我們的土地儲備。第四季度，我們在土地開發和費用方面投資了超過 6.65 億美元，到 2025 年，投資額將超過 26 億美元。

During the fourth quarter, we entered into a new credit facility to increase liquidity and improve covenants, and we amended our $360 million term loan to extend its maturity to 2029. We now have no debt maturities until June of 2027. At quarter end, we had total liquidity of $1.43 billion due to $229 million in cash and no no cash borrowings on our $1.2 billion revolving credit facility.

第四季度，我們簽訂了一項新的信貸協議，以增加流動性並改善契約，同時修改了 3.6 億美元的定期貸款，將其到期日延長至 2029 年。目前，我們直到 2027 年 6 月之前沒有任何債務到期。截至季末，我們的總流動資金為 14.3 億美元，這得益於 2.29 億美元的現金，以及我們 12 億美元循環信貸額度內沒有現金借款。

We continue to target a total debt to capital ratio in the neighborhood of 30% to support our strong BB positive credit rating, and we are pleased with our current 30.3% 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 or purchases. In the fourth quarter, we were purchased $1.6 million shares for a return of capital of $100 million. In 2025 we were purchased approximately $9.4 million shares, or 13% of our outstanding shares at the beginning of the year.

我們繼續將總負債資本比率的目標維持在 30% 左右，以支持我們強勁的 BB 正面信用評級，我們對目前的 30.3% 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（目前收益率約為 1.6%），並以股票或購買的形式向股東返還資本。第四季度，我們透過1億美元的資本返還，購入了價值160萬美元的股票。2025 年，我們購入了約 940 萬美元的股票，佔年初已發行股票總數的 13%。

We have now repurchased nearly 36% of our outstanding common stock since implementing our share buyback program in late 2021. Over the past 4.5 years, we have returned over $1.9 billion to shareholders in the form of dividends and share purchases. In the fourth quarter, our board of directors approved a new $1 billion share purchase authorization to support our capital return strategy. We ended the year with $900 million available under this authorization.

自 2021 年底實施股票回購計畫以來，我們已回購了近 36% 的流通普通股。在過去的 4.5 年裡，我們以股息和股票購買的形式向股東返還了超過 19 億美元。第四季度，我們的董事會批准了一項新的 10 億美元股票購買授權，以支持我們的資本回報策略。截至年底，我們根據這項授權仍有 9 億美元可用。

We expect to repurchase between $50 million and $100 million of our common stock in the first quarter. As we look ahead, our strategy is to enhance our results through continued discipline and a focus on higher margin built to order homes. We believe that this operating strategy, when combined with our shareholder-focused capital strategy, will maximize shareholder value over the long-term.

我們預計第一季將回購價值 5,000 萬美元至 1 億美元的普通股。展望未來，我們的策略是透過持續的自律和專注於利潤更高的客製化住宅來提高業績。我們相信，這項經營策略與我們以股東為中心的資本策略相結合，將在長期內最大限度地提高股東價值。

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

接下來，我們將回答各位的問題。約翰，請你打開線路好嗎？

(Operator Instructions)

（操作說明）

John Lovallo, UBS.

瑞銀集團的約翰·洛瓦洛。

Guys, thank you for taking my questions tonight. The first one is maybe just a little bit more philosophical. I mean, I understand the changes in the way you're providing the outlook relating to. The full year deliveries and the gross margin, but there also seems to be, a bit of conservatism, particularly in the gross margin guy, that, maybe wasn't always the case. So I mean, can you help me understand if there's been some change there and maybe instilling a little bit more conservatism into the outlook? And also, is there a chunk of spec that's going to be delivered in the first quarter that's going to negatively impact that margin?

各位，感謝你們今晚回答我的問題。第一個可能比較偏向哲學思考一些。我的意思是，我理解您在提供相關展望的方式上所做的改變。全年交付量和毛利率，但似乎也存在一些保守情緒，尤其是在毛利率方面，這種情況可能並非一直如此。所以我的意思是，您能否幫我了解一下，那裡是否發生了一些變化，也許在觀點上註入了一些更保守的思想？此外，第一季交付的大量產品是否會對利潤率產生負面影響？

John, I can make a few comments and then pass it over to Rob Dillard.

約翰，我可以先說幾句，然後把麥克風交給羅伯·迪拉德。

There is still some inventory that we have to clear, as part of our transition to more built to order sales, and we have factored that in in the guidance that we provided. One of the things that we touched on in our comments is that some of this inventory is aged in that it was built at much higher build cost. And as we've reacted to the market we're lowering our costs on new deliveries, but we have to clear these older older specs that have a higher cost basis so it is impacting the margin and it's a short-term thing, but it's something we have to power through.

作為向更多按訂單生產銷售模式過渡的一部分，我們仍有一些庫存需要清理，我們已將此因素納入我們提供的業績指引中。我們在評論中提到的一點是，其中一些庫存已經老化，因為它們的建造成本要高得多。隨著市場變化，我們正在降低新交付產品的成本，但我們必須清理這些成本較高的舊規格產品，這會影響利潤率，而且這只是短期現象，但我們必須克服困難。

Within our guide, I would say that it's just a guide, it's not, conservative, it's not aggressive, it's just realistic and, if you think about it, 11 of the real drivers of the lesser margin in the quarter is the lost leverage because our revenue is down and, it's a fairly significant move sequentially from Q4 to Q1 due to the loss in revenue leverage if you got any other color Rob, you want to.

在我們的指導方針中，我想說它只是一份指導方針，它既不保守，也不激進，只是務實的。如果你仔細想想，本季利潤率下降的11個真正驅動因素是槓桿作用的喪失，因為我們的收入下降了。而且，由於收入槓桿作用的喪失，從第四季度到第一季度，利潤率環比出現了相當大的變化。如果你有其他顏色的羅布，你想…

Yeah, those are the two main points there, John. I think that it's, you can't express enough how important in Q1 the seasonality and the leverage is having an impact on that Q1 margin expectation. Typically that's a 100 to 150 basis points, and we think that we'll be, near the top end of that, if not above it, that there is a real opportunity for leverage as we get through the year, as Jeff said, and that the leverage in Q1, given kind of our conservatism on the delivery numbers, is creating some conservatism as you see it through the cycle of that guide.

是的，約翰，這就是兩個主要點。我認為，無論怎麼強調季節性因素和槓桿作用對第一季利潤率預期的影響有多重要，都是不言而喻的。通常情況下，這個幅度是 100 到 150 個基點，我們認為，即使不是超過這個幅度，我們也會接近上限。正如傑夫所說，隨著我們進入年底，我們將迎來真正的槓桿機會。鑑於我們對交付數量的保守態度，第一季的槓桿作用正在造成一些保守情緒，正如你在該指導週期中所看到的那樣。

They're also, as Jeff said, So with some product mix as we shift through some of the older and older specs that haven't had the benefit of the direct cost reductions and we saw a bit of that also in Q4 as well which I think was really the incremental, units versus guide and a and a big part of the margin compression versus where we thought we were going to be so. We think that there's real opportunity as we go through the year, but we're really pegging where we expect to be in Q1 on those factors.

正如傑夫所說，隨著我們逐步淘汰一些較老的規格產品，這些產品尚未享受到直接成本降低帶來的好處，我們在第四季度也看到了這種情況，我認為這主要是由於增量單位與指導值之間的差異，以及利潤率與我們預期相比大幅下降造成的。我們認為，隨著年數的推移，將會出現真正的機遇，但我們對第一季的預期也主要取決於這些因素。

Okay, yeah, that, that's really helpful and maybe sticking on a similar topic, I don't recall you guys ever giving an adjusted EPS number before, and I'm curious kind of the thought process behind, excluding the accelerated stock comp if it's really just timing related and, seemingly future quarters could benefit from less stock comp if the total amount's changing. And also, it seems a little bit unusual to exclude impairments from adjusted EPS. So just maybe your thoughts on that would be very helpful.

好的，是的，這真的很有幫助。也許可以繼續討論類似的話題，我記得你們以前從未提供過調整後的每股收益數據，我很好奇背後的思路，是否應該排除加速股票補償，這是否真的只是時間安排上的問題，而且如果股票補償總額發生變化，那麼未來的季度似乎可以從減少股票補償中受益。此外，將減損損失從調整後的每股盈餘中剔除似乎也有些不尋常。所以，或許您對此的看法會很有幫助。

Yeah John, we just wanted to give you a like for like number because the timing on the equity expense just where it was significant enough that we wanted to give you a like for like number that was relevant so that you could make comparisons and so that you could also make a comparison versus our guide.

是的，約翰，我們只是想給你一個可比較數據，因為權益費用的時間點恰好非常重要，所以我們想給你一個相關的可比較數據，以便你可以進行比較，也可以與我們的指南進行比較。

Steven Kim with Evercore ISI.

Steven Kim，來自 Evercore ISI。

Yeah, thanks a lot guys. Just to start off with, if we could we get the, spec numbers, the finished and the under construction, specs at the end of the quarter, and also a clarification on your community count comment. I think you said 2Q is going to be the high water mark. I just want to make sure that we're clear that you're saying that the community count will actually be the highest in 2 q and then it will descend from there.

是啊，非常感謝各位。首先，如果可以的話，我們想了解季度末已完工和在建項目的規格數據，以及您對社區數量的評論的澄清。我記得你說過第二季將會是業績的巔峰。我只是想確認一下，你的意思是社區數量實際上會在第二季度達到最高，然後會從那時起下降嗎？

In the comm com cadence and.

在通信節奏和。

Color.

顏色。

Okay, so yeah, Steve, as we're looking at the setup for the year, I mentioned in my prepared remarks we ended the quarter with 271, and we're on an upward trajectory for that. We do expect to hit the peak for community count for the year, kind of right in the heart of the spring selling season, right in the middle of Q2 and be up from that 271. We're not pinpointing a number, but we think we'll be up.

好的，史蒂夫，當我們展望今年的發展規劃時，我在準備好的演講稿中提到，我們本季末的業績為 271，而且我們正處於上升期。我們預計社區數量將在一年內達到峰值，正好在春季銷售旺季的高峰期，也就是第二季中期，並且會比之前的 271 個社區有所增長。我們無法給出一個確切的數字，但我們認為我們會上升。

Some, somewhere between, 9 to 13 communities from that number by the time and, by the time we get right into the middle of that, second quarter, so that's driving some of our assumptions on the on and projections on the deliveries for the year, as far as the, inventory levels. We've got about 1,700 homes and inventory right now across the company and those are those are inventory that we're expecting to cover here over the next few months.

到第二季中期，大約有 9 到 13 個社區受到影響，這影響了我們對全年交付量和庫存水準的一些假設和預測。目前公司共有約 1700 套房屋庫存，這些是我們預計在未來幾個月內完成交付的庫存。

Okay, that's a, that's total, right? Total inventory, not necessarily finished inventory, is that right? It like just trying to get a sense how much is finished and how much is under construction.

好的，那就是總數了，對吧？指的是總庫存，不一定是成品庫存，對嗎？這就像是想了解有多少已經完工，有多少正在建設中。

Well, since we haven't been starting specs, we've seen some of that shift out of the under construction above the 1,700, we've got a little over 1,000 that are at or near the finish stage.

由於我們還沒有開始製定規格，我們看到一些在建項目已經從 1700 多個轉移到了 1000 多個，其中 1000 多個已經達到或接近完成階段。

Okay, got you that's helpful, and then a general question about your community I'm sorry, your shift to BTO, what you're describing is that you know you have a number of new communities that are going to be opening up and that will really facilitate your transition to more BTO sales which are also higher margin.

好的，明白了，這很有幫助。接下來我想問一個關於你們社區的一般性問題，抱歉，關於你們轉向預購模式，你們描述的是，你們知道有很多新的社區即將開放，這將真正促進你們向更多預購銷售模式過渡，這種模式的利潤率也更高。

And I guess it would be helpful for me to understand what is it about a new community that necessarily makes it easier for you to make a shift in your BTO strategy, because to a degree I would think that most of your, pretty much all of your communities were initially designed around the BTO concept and Sort of market reality sort of kind of pushed you to do a little bit more spec than you would normally like. So that's my perception. Is that an incorrect perception? Do you actually have communities that you know you kind of just earmarked to be kind of spec communities and you're just not doing any of those as we go forward if you can help me understand how the transition is facilitated by a new community opening up per se.

我想，了解一個新社區的哪些特質必然會讓您更容易改變預購房策略，這對我很有幫助，因為在某種程度上，我認為您的大多數社區，幾乎所有的社區最初都是圍繞預購房概念設計的，而市場現實某種程度上迫使您進行比您通常希望的更多的投機性開發。這就是我的看法。這種看法有誤嗎？你們是否真的有一些社區，你們已經把它們指定為專門的社區，但隨著我們未來的發展，你們並沒有繼續開展這些社區的活動？如果可以的話，請幫我理解一下，透過開設新的社區來促進這種過渡是如何實現的。

Yeah, it's, let me go back up top and start with, when we got into starting specs, it was largely driven by the supply chain crunch that we had in our cycle times that expanded big time and it just made it difficult for a lot of reasons to sell BTO when it was taking, 220, 240 days to deliver that home. So yeah, that combined with virtually no inventory in the market and then as we've worked through, this process, it's been. Difficult to get off of that and we drew a hard line in the sand, earlier this year or in 2025 and you know as I look at it, I think a core strength of our company is the ability to sell the advantage of the built to order model and frankly we created an internal conflict with ourselves with those specs that we started.

是的，讓我回到開頭，從我們開始製定初始規格開始說起，這主要是由於我們的供應鏈緊張導致周期時間大幅延長，由於很多原因，當交付房屋需要 220 到 240 天時，銷售預購房屋變得非常困難。是的，再加上市場上幾乎沒有庫存，以及我們一直在努力推進的這個過程，情況就是這樣。很難擺脫這種局面，我們在今年早些時候或 2025 年劃下了一條明確的界限。你知道，在我看來，我認為我們公司的核心優勢在於能夠推銷按需生產模式的優勢，坦白說，我們當初制定的那些規格在我們內部造成了衝突。

And a lot of ways we've been competing with ourselves to some extent and with our BTO program, with our build times we're now building in less than 120 days so that competes much better with the timeline for resales and spec homes, and we're giving our customers the ability to lock the loan and leverage the one time float down in the event that mortgage rates decline.

在某種程度上，我們一直在與自己競爭，透過我們的預購房計劃，我們現在可以在不到 120 天的時間內完成建造，這使得我們在與二手房和投機房的建造時間上更有競爭力，而且我們還讓客戶能夠鎖定貸款，並在抵押貸款利率下降時利用一次性利率下調。

So you know it's, it, it's really what's driving the the improvement is sharper. Alignment around our built to order model and just execution and driving that discipline and consistency and how our teams position our value with with a great base price and transparency and the ability to personalize.

所以你知道，正是這一點，正是這一點推動了改進的顯著提升。圍繞著我們的按需生產模式和執行力達成一致，推動這種紀律性和一致性，以及我們的團隊如何透過極具競爭力的基礎價格、透明度和個人化能力來定位我們的價值。

And you know our focus is really reinforcing the importance of selling the home through the customer's eyes and helping them understand the tradeoffs and the cost certainty and the long-term value of getting exactly what they want rather than you know pushing that spec solution so. It's, I would characterize this as less of a change in strategy, just more stronger execution against a proven business model that we've operated with for a long time. And when our sales teams fully believe in and consistently sell the benefits of that, built to order, the results follow and with these new communities we don't have specs to compete with at all, and we're quickly working through the specs in our existing communities where it's creating that competition.

你知道，我們的重點在於真正強調從客戶的角度銷售房屋的重要性，幫助他們理解權衡取捨、成本確定性以及獲得他們真正想要的東西的長期價值，而不是一味地推銷現成的解決方案。我認為這與其說是策略上的改變，不如說是對我們長期以來行之有效的商業模式的更強有力的執行。當我們的銷售團隊完全相信並持續推銷按需客製化的優勢時，結果就會隨之而來。對於這些新社區，我們完全沒有規格需要競爭，而我們正在迅速改進現有社區的規格，以消除競爭。

Alan Ratner, Zelman and Associates.

艾倫·拉特納，澤爾曼及合夥人公司。

Hey guys, good afternoon. Thanks for all the details so far. I was hoping to get an update on kind of your pricing strategy shift. I know you're obviously focusing on increasing the BTO mix and I guess part of that, or in addition to that, I know a few quarters ago you mentioned kind of the push to get towards more of a base price model as opposed to the kind of the kitchen sink incentive model that a lot of your competitors are operating with and.

各位，下午好。感謝您目前提供的所有詳細資訊。希望能了解貴公司定價策略調整的最新情況。我知道你們顯然正在專注於增加預購組屋 (BTO) 的比例，我想作為其中的一部分，或者說除了這個之外，我知道幾個季度前你們提到過要努力轉向更基礎的價格模式，而不是像你們的許多競爭對手那樣採用“大雜燴”式的激勵模式。

It seems like since then if anything the incentive environment has gotten even more competitive. I mean we're seeing rate buy downs advertised on a lot of builder websites, 2%, 3%. So I'm just curious, a, how has it been competing in this environment with your new strategy, and B do you have an update on kind of what the actual base price adjustments that you've seen, up to this point and what the expectation is going forward? Thank you.

自那以後，激勵機制似乎變得更有競爭性了。我的意思是，我們看到很多建屋網站上都在宣傳降價優惠，2%、3%。所以我很好奇，a，你們的新策略在這種環境下競爭情況如何？ b，到目前為止，你們觀察到的實際基礎價格調整情況如何？對未來的預期又是什麼？謝謝。

Yeah, so you know there's really not much to report on the price change front. I mean overall it was a relatively stable quarter for us in terms of pricing and as Jeff said in the beginning and we said last quarter we were, we've been disciplined and didn't chase volume during what was typically a lower demand environment and more inelastic.

是的，所以你知道，價格變化方面真的沒什麼好報告的。我的意思是，就定價而言，總體來說，對我們來說這是一個相對穩定的季度。正如傑夫在開頭所說，也是我們上個季度所說的那樣，我們一直保持著自律，沒有在通常需求較低、彈性較小的環境下追求銷售量。

So not a lot of change on the price front. I, expect that will probably change as we get here deeper into Q1 and into the selling season. But so far what we've seen, especially in communities where we've worked down the level of specs we have and we're not competing with ourselves, we've seen our mix shift trend more towards BTO and, in November we saw that move into the mid to high 50s. December, we don't have a lot of data to go off of in December. We've only had one full, week of reported sales so far, but so far we've seen that shift up into the 60s, so we like the trend that we're seeing and expect that's going to result in higher margins over time.

所以價格方面沒有太大變動。我預計隨著第一季深入以及銷售旺季的到來，這種情況可能會有所改變。但到目前為止，我們看到的情況是，尤其是在我們降低了房屋規格水平，不再與自己競爭的社區，我們的房屋組合趨勢更多地轉向了預購組屋，而且在 11 月份，我們看到預購組屋的比例上升到了 50% 到 50% 之間。12月份我們沒有太多數據可以參考。目前我們只有一周的完整銷售數據，但到目前為止，我們已經看到銷售額上升到 60 多美元，所以我們喜歡目前看到的趨勢，並預計隨著時間的推移，這將帶來更高的利潤率。

Got it. Well, that was kind of the second question I was going to ask on that, improvement or increase in BTO you've seen. Is there something you can attribute, the increase you've seen recently too, is that a function of maybe the overall inventory environment kind of improving across the industry? We've heard from a lot of your spec focused peers like they pulled back a lot on starts over the last handful of months. So are you actually seeing a little bit of relief on the spec competition side, or is it more, something you're doing internally that's driven that recent mix shift?

知道了。嗯，這正是我要問的第二個問題，關於您看到的預購組屋（BTO）的改善或增長情況。您認為最近出現的成長，是否與整個產業的庫存環境整體改善有關？我們從許多專注於投機性專案的同行那裡了解到，在過去的幾個月裡，他們大幅減少了開工。所以，您是否真的看到規格競爭方面有所緩解，還是說，最近這種產品組合的變化更多是源於您內部採取的某些措施？

Alan, 11 of the things that got blurred with what Rob walked through on the supply chain crunch and then the inventory that we put in and others put in is, you lose sight of the value in the built to order approach and, don't underestimate the benefit of many of our divisions now building in less than 100 days. So what would you rather have a completed spec with a lot of incentives to move it, or do you want to build your own home and create your own value and close 30 days later or 45 days later, so what what we're seeing is with with our build times coming down.

艾倫，羅布講解供應鏈危機以及我們和其他人投入的庫存時，有 11 件事變得模糊不清，那就是你會忽略按訂單生產方式的價值，而且，不要低估我們許多部門現在能在不到 100 天內完成生產的好處。所以，你是更願意購買一套有很多優惠條件的成品房，還是更願意自己建造房屋，創造自己的價值，然後在 30 天或 45 天後完成交易？因此，我們看到的是建造時間正在縮短。

The the value proposition of the personalized home at an attractive price is more compelling, so we don't think that our customers are competing with the the specs we focus on resale and we offer a a brand new home that's within range of the resale medium, and they really value the personalization so it's naturally coming back to us because we're prioritizing it and, focusing on much better than we did the last couple of years.

個人化住宅以有吸引力的價格提供的價值主張更具吸引力，因此我們認為我們的客戶並非在與我們專注於轉售的規格競爭，我們提供的全新住宅價格在轉售範圍內，他們非常重視個性化，所以自然而然地又回到了我們這裡，因為我們優先考慮個性化，並且比過去幾年做得更好。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

Hi, good evening. Thanks for taking my question. I just wanted to, kind of, follow-up on some of the comments on the BTO makes. I think you said 57% of deliveries were BTO in the fourth quarter. How are you, what are you expecting for the fiscal first quarter? And then what would that be for the full year, kind of at the midpoint of guidance, wondering sort of where the exit rate will be for the year compared to that 70% target you have.

您好，晚上好。謝謝您回答我的問題。我只是想就BTO上的一些評論做一些補充說明。我記得你說過第四季交付的車輛中有 57% 是預購屋 (BTO)。你好嗎？你對第一財季有什麼預期？那麼，全年的情況會如何呢？大概在指導意見的中點，想知道全年的退出率與你們設定的 70% 的目標相比會是多少。

Yeah, that's a good question. I mean, in the, first quarter, I expect that we are going to continue covering some of that inventory, so the ratio is going to be tilted more so towards probably that 57% to 60% range. The exit rate, I think, is what's more important, and we're very focused on getting back to at least a 70-30 ratio, and we see that a great opportunity to drive that change with the new communities we've got coming with the onset of the spring selling season as we work the built to order model and.

嗯，問得好。我的意思是，在第一季度，我預計我們將繼續彌補部分庫存，因此庫存週轉率可能會更接近 57% 到 60% 的區間。我認為，退出率才是最重要的，我們非常注重恢復到至少 70-30 的比例，我們認為這是一個絕佳的機會，可以隨著春季銷售旺季的到來，透過我們即將推出的新社區來推動這一改變，同時我們也在努力實現按需建造模式。

Could go that route. We expect that we'll exit at that rate, and it'll be kind of a gradual progression to get there, through the first couple of quarters of the year.

可以走這條路。我們預計我們將以這樣的速度退出，而且這將是一個循序漸進的過程，將在今年的前幾季逐步實現。

Great so similar mix in fiscal 1st quarter versus the fourth quarter.

很好，第一財季與第四財季的組成非常相似。

Most likely, yes.

很有可能。

Right. And then just the fiscal, the, first quarter gross margin, the quarter to quarter decline you spoke about the fixed cost, the leverage, and the, amount that you're getting pressured there, but the decline is sort of greater than that. But what are the other pieces to sort of bridge us to the first quarter decline?

正確的。然後是財政方面，第一季的毛利率，你提到的季度環比下降，固定成本，槓桿率，以及你在那裡面臨的壓力，但下降幅度比這還要大。但是，還有哪些因素可以彌補第一季的下滑呢？

It's, outside of the leverage piece, it's just largely driven by regional and product mix within our cities combined with some pricing pressure on moving the inventory, as Jeff mentioned, we've got this tail of inventory that we're working through that has higher direct cost and the lower margin, and that's going to, that bled into the deliveries, and will continue in the short-term.

除了槓桿因素之外，這主要還是由我們城市內的區域和產品組合，以及一些清理庫存的價格壓力所驅動的。正如傑夫所提到的，我們正在處理一部分庫存，這些庫存的直接成本較高，利潤率較低，這將會影響到交付，並且在短期內將持續下去。

And overall with the higher margin BTO sales becoming a larger percentage of our deliveries and the improved leverage that we'll get on fixed as we move throughout the throughout 2026 we we expect Q1 to be the bottom in margins and we're going to go up from there.

整體而言，隨著利潤率更高的BTO銷售額在我們交付量中所佔比例越來越大，以及我們在2026年全年固定收益方面獲得的槓桿作用不斷提高，我們預計第一季的利潤率將最低，之後將開始上升。

Mike Dahl, RBC Capital Markets.

Mike Dahl，加拿大皇家銀行資本市場。

Hi, thanks for taking my questions. One more on the BTO dynamic, I guess. Look, if you halt your spec starts, it's pretty easy to mathematically move your mix of BTO up, so I'm trying to understand, it still in context your order pace was light, so as you go into next year, you have a view that you can. Kind of manage this transition and the demand will be there.

您好，感謝您回答我的問題。我想，關於預購模式，還有一點要說明。你看，如果你停止投機性開工，從數學上講，很容易提高預購房的比例，所以我試圖理解，即便在當前情況下，你的訂單速度仍然很慢，所以展望明年，你認為你可以做到。只要妥善處理這種轉型，需求自然就會存在。

What are you willing to tolerate on kind of pace to force the issue versus just if you get into the spring selling season and the demand response isn't there, kind of pivoting back to spec, I guess, and anything you can give us on, aside from just percentage mix maybe like some sales pace stats on. On some of the newer communities that are more BTO versus some of the spec communities, just looking for a little more color there.

您願意容忍怎樣的銷售速度來推動銷售，還是等到春季銷售旺季需求沒有出現時，再回到先前的銷售模式？除了銷售佔比之外，您還能提供什麼信息，例如一些銷售速度統計數據？在一些較新的社區（例如預購房社區，而不是現房社區）中，我只是想讓那裡多一些色彩。

Mike, there's a few factors in the response. One, every community is a different story. And while Rob was sharing the mixed shift we're seeing the BTO, it's not just on the brand new community. Some communities had little inventory and had sustained the mix, and others had more than they should have, and we're slowly working through that. But it, it's working across the system and. I, I've shared on past calls we keep walking through the optimize the asset approach and for our company it seems to you get the best returns of doing at least four a month on average per community.

麥克，這個回答有幾個因素。第一，每個社區的情況都不一樣。羅布分享了我們看到的預購房市場（BTO）的混合變化，但這不僅發生在全新的社區。有些社區庫存很少，但仍然保持著混合供應；而有些社區庫存過多，我們正在慢慢解決這個問題。但是，它在整個系統中都有效。我在之前的電話會議中分享過，我們一直在研究如何優化資產，對我們公司來說，平均每個社區每月至少進行四次這樣的操作似乎能獲得最佳回報。

Our sales pace in the 4th quarter would seasonally adjust to four a month, so we were on the four a month pace in the quarter. As we look ahead into the spring selling season, our intent is to support our sales rate with built to order sales more so than forcing the inventory, and in part we like it because we know what the margin is when we start the home, and you can fool yourself with a spec start into thinking you're going to make this margin and then lo and behold 5 months later it's down 4 or 5 points. So we would rather pull the levers on a built to order approach in the spring per community and ensure that we hold to that 4 month pace.

第四季我們的銷售速度會根據季節調整為每月四件，所以我們本季的銷售速度是每月四件。展望春季銷售旺季，我們的目標是透過訂單生產來提高銷售率，而不是強行增加庫存。我們喜歡這種方式的部分原因是，我們知道在房屋開工之初的利潤率是多少。而如果你一開始就按樣品屋開工，你可能會自欺欺人地認為你能獲得這個利潤率，但結果卻發現 5 個月後利潤率下降了 4 到 5 個百分點。因此，我們寧願在春季以社區按需建造的方式逐步推進，並確保我們保持 4 個月的進度。

Okay, thanks, Jeff. My second question. Look, I appreciate the dynamics at play with the margin between seasonality and the spec dynamic that you expect, to work past as the year goes on. If we look at the 12 operating margin guidance, it is low single-digits which, if we think about normal distribution there would.

好的，謝謝你，傑夫。我的第二個問題。你看，我理解季節性因素和投機性因素之間的相互作用，你也希望隨著時間的推移，這種相互作用能夠逐漸消失。如果我們看一下 12 月的營業利潤率預期，那將是一個較低的個位數，如果我們考慮常態分佈，那也是理所當然的。

Presumably be some healthy number of communities that were kind of break even or below, so my question is really around your impairment process and testing, and I know there's a component that's probably duration and your projections about BTO, but hypothetically if you were to sustain these types of margins and kind of. Mid 10s, what are the set of assumptions that would be required where to make the charge? I mean 14 million in charges still kind of nominal this quarter. What would lead you to take kind of.

想必會有相當數量的社區勉強收支平衡或低於收支平衡，所以我的問題實際上與你們的減值流程和測試有關，我知道其中可能包含持續時間和你們對BTO的預測，但假設你們要維持這種利潤率，並且…在 2010 年代中期，要進行充電需要哪些假設？我的意思是，本季1400萬美元的費用仍然算是像徵性的。什麼原因會導致你採取這種做法？

I guess for lack of a better word, much larger charges because it seems like this is getting closer to to where some land might be impaired.

我猜，如果非要用一個詞來形容的話，那就是要收取更高的費用，因為這似乎已經接近損害某些土地的程度了。

Mike, I'll say a few things and hand it to Rob Dillard.

麥克，我來說幾句，然後把麥克風交給羅布·迪拉德。

We, we've already shared that the first quarter margins are the low water mark, and we expect, improvement quarter over quarter as the year progresses from there, and it's a combination of better leverage as we grow revenue back and, better margins as our community mix. Mix rotates around. I can say we've had the same impairment process for years and years. It's very rigorous. Every community is analyzed every quarter, and it starts with what's the margin in the community and do you have a positive margin or not and.

我們已經說過，第一季的利潤率是最低點，我們預計隨著今年的推進，利潤率會逐季改善，這得益於收入回升帶來的槓桿效應增強以及社區組合的優化帶來的利潤率提升。混合物圍繞著旋轉。我可以肯定地說，我們多年來一直採用同樣的損害賠償程序。它非常嚴格。每個社區每季都會進行分析，首先要了解社區的利潤率是多少，以及利潤率是正還是負。

Even at today's margin, there's a significant GAAP before any kind of major impairments would get triggered and when you threw out that number on impairments, keep in mind half of it was abandonments on communities we elected not to go forward with so it's not a reflection of a margin, it's a reflection of a community we decided not to go close on if you want to say anything else.

即使按照今天的利潤率，在觸發任何重大減值之前，也存在相當可觀的GAAP（公認會計準則）損失。而且，當你提到減損損失時，請記住其中一半是我們選擇放棄的社群項目，所以它反映的不是利潤率，而是我們決定不再推進的社群項目。

Yeah, I mean just to concur with what Jeff said, I mean the impairment process is incredibly rigorous and it is. Community by community, and it's a pretty much actually a constant process that we're evaluating these communities and understanding what the trends are within the communities and the relative returns and profitability of the communities. We have, a certain number of communities that kind of hit excess scrutiny and that, list of communities is actually relatively limited.

是的，我同意傑夫的說法，減損程序非常嚴格，確實如此。我們逐一進行評估，這實際上是一個持續不斷的過程，我們需要評估這些社區，了解社區內的趨勢以及社區的相對回報和獲利能力。有一些社區受到了過度的審查，但實際上這類社區的名單相對有限。

We did decide to take an impairment on, two communities, one of which was relatively small as it was about to close out, and then the other one was a community in our central division, in Colorado where, we had had, which was associated with the same issue, which is a change in some of the requirements on housing which. Changed the cost profile of those houses and led us to an impairment on those products we think that that's fully behind us now.

我們決定對兩個社區進行損害賠償，其中一個社區相對較小，因為它即將關閉，而另一個社區位於我們中部地區的科羅拉多州，我們之前在那裡遇到過類似的問題，即住房方面的一些要求發生了變化。改變了這些房屋的成本結構，導致我們對這些產品進行了減值，但我們認為這種情況現在已經完全過去了。

So as we evaluate, these impairments, there would have to be some kind of meaningful shift or a or a trigger that would change our perception of the community's profitability over time and right now we haven't seen that and so I would also say that. All of these profitability measures are fully loaded with, corporate and everything else in there and so that that, has an impact and those are also costs that we're evaluating as we go forward.

因此，在評估這些減損時，必須出現某種有意義的轉變或觸發因素，才能改變我們對社區獲利能力隨時間推移的看法，而目前我們還沒有看到這種情況，所以我還要說這一點。所有這些獲利能力指標都包含了公司營運和其他所有因素，因此會產生影響，這些也是我們未來需要評估的成本。

Trevor Allison, Wolf Research.

特雷弗·艾利森，狼研究。

Hi, good evening. Thank you for taking my questions. First question on the ASP and implied by the midpoint of your 2026 revenue deliveries guidance site. I believe the midpoint in 206 is above your 4Q25 ASP is the expectation to be able to increase prices in fiscal 26, or are there mixed impacts driving that? Just trying to understand why should the base case be for pricing move higher versus where it was in 4Q.

您好，晚上好。謝謝您回答我的問題。第一個問題是關於平均售價 (ASP) 的，這是根據你們 2026 年收入交付指導網站的中點得出的。我認為 206 年的中點高於您 2025 年第四季的平均售價，預計 2026 財年能夠漲價，還是受到多種因素的影響？我只是想弄清楚，為什麼基本預期是價格會比第四季上漲。

And, Trevor, we're not assuming price that is totally mixed. We have some very high end communities and very good locations in California that are opening soon. In fact, one's already open, and they'll be delivering a pretty sizable number of homes in the 3rd and 4th quarter. So our mix shift is going to trigger a higher ASP as these higher price communities hit volume.

特雷弗，我們不認為價格會完全混合。我們在加州有一些非常高端且地理位置優越的社區即將開放。事實上，其中一棟建築已經開工建設，他們將在第三季和第四季交付相當數量的房屋。因此，隨著這些高價社區的交易量增加，我們的產品組合變化將引發更高的平均售價。

Okay, makes sense. And then the second one is on returning cash to shareholders in fiscal '26. You gave the guide for one que typically it's a smaller quarter for you guys. So should we think that you continue to return capital to shareholders at a similar 50 million to 100 million rate post one queue, or how are you thinking about that beyond the first quarter? Thanks.

好的，有道理。第二個問題是 2026 財政年度向股東返還現金。你給出的指南通常只針對一個隊列，對你們來說，這通常是一個較小的季度。那麼我們是否應該認為，在第一季結束後，您會繼續以類似的 5,000 萬至 1 億的速度向股東返還資本，還是您打算如何看待第一季之後的情況？謝謝。

Well, we, we've demonstrated with our activity that we're programmatic now with the share buyback program, and we typically are a little lighter in the first quarter because of the, cash position we're in at the end of the year and we want to, evaluate it as the spring comes and it's a few factors.

嗯，我們已經透過我們的活動證明，我們現在正在有計劃地進行股票回購計劃，而且由於年底的現金狀況，我們通常在第一季度會稍微減少一些，我們希望在春季到來時對其進行評估，這取決於幾個因素。

That, we evaluate not just our cash and balance sheet but where's the stock price and do we have a lot of opportunity to grow the company and that that's one of the the key areas that we want to continue to pursue as well but I would say that as the quarters roll by the 50 to 100 a quarter is reasonable.

我們不僅評估現金和資產負債表，還要評估股價，以及公司是否有許多發展機會。這也是我們希望繼續追求的關鍵領域之一。但我認為，隨著季度的推移，每季成長 50 到 100 是合理的。

Jade Ramani with KBW.

Jade Ramani 與 KBW。

Thank you very much. You mentioned transparency on price and emphasizing pricing over incentives. Are you seeing other builders follow suit in cutting price, and are you worried at all that this could lead to price wars in, many locations?

非常感謝。您提到了價格透明度，並強調定價而非激勵措施。您是否看到其他建商也紛紛效法降價？您是否擔心這會導致許多地區出現價格戰？

I really haven't seen it. I mean, most of what we see is that builders are trying to cover their spec inventory that they've got, and it's kind of the same game. You've got inventory, you've designed it, and it's out there, and it may not be exactly what people want, so they're discounting that product and giving rate by downs and everything else. We see very little competition with our built to order focus, especially on the first time buyer space.

我真的沒看過。我的意思是，我們看到的絕大多數情況是，建築商都在努力滿足他們現有的庫存需求，這其實都是一樣的套路。你已經有了庫存，設計也完成了，產品也已經上市了，但它可能不完全符合人們的需求，所以他們會對產品進行折扣促銷，並提供降價優惠等等。我們專注於按需定制，因此在首次購房者市場方面，我們幾乎沒有遇到任何競爭。

And then on the option walkaway charges, have you identified a pool of communities that you may not exercise additional options, and do you anticipate further charges through this year, 2026?

關於選擇退出費用，您是否確定了一批可能不會行使額外選擇權的社區，並且您是否預計到今年（2026 年）會收取更多費用？

You know that's a that's just a normal part of our of our of our land procurement process that we have you know options which are really just payments you know earnest money or what what have you as we go through the process and. Execute due diligence and sometimes we decide to proceed and sometimes we don't and I think that we're holding the line with really stringent underwriting standards and we're ensuring that we're sticking to our strategy and that's kind of led to maybe what is is more than typical kind of abandonment but it's not something that's indicative of. Us, of a low quality or anything like that we're pretty pleased with how that's progressing and think that that's, it's not a normal way thing that we expect to see in a really fulsome market, but it's a characteristic of this market.

你知道，這只是我們土地收購過程中的正常環節，我們有多種選擇，實際上就是付款方式，例如定金或其他什麼，我們會按照流程進行。進行盡職調查後，有時我們會決定繼續推進，有時則不會。我認為我們堅持了非常嚴格的承保標準，確保我們堅持自己的策略，這或許導致了比通常情況更多的放棄，但這並不代表什麼。對於我們這些品質不高或類似的產品，我們對目前的進展相當滿意，並且認為這雖然不是我們期望在一個真正繁榮的市場中看到的正常情況，但卻是這個市場的特徵。

Sam Reid with Wells Fargo.

Sam Reid，來自富國銀行。

Yeah, thanks so much. Just curious where incentive loads landed in the fourth quarter as a percent of revenues and any sense as to what's embedded in the 1st quarter and then kind of a knock on to that is talk through how you're incentivizing. Some of this aged inventory that you're selling through.

是啊，非常感謝。我只是好奇第四季度激勵費用佔收入的百分比是多少，以及第一季包含哪些激勵措施，然後順便提一下你們是如何進行激勵的。你們正在銷售的一些是積壓的庫存。

So. Yeah, I'm not sure I have a perfect answer for you on the incentive, piece on Q4. I know that if any mortgage concessions that we did, it was right around 1%, when we look at our book of business and the inventory that we've got, that's really the, one of the few places we're applying any of those incentives at all, so most of that's coming through.

所以。是的，關於第四季的激勵措施，我不太確定我能給你一個完美的答案。我知道，如果我們真的提供了任何抵押貸款優惠，那大概只有 1% 左右。看看我們的業務組合和庫存，這實際上是我們應用這些優惠政策的少數幾個地方之一，所以大部分優惠政策都已經到位了。

That side of it as we look out through the balance of the year we projected we're going to get even further away from that and incentive usage should come down even more.

從另一個角度來看，展望今年剩餘時間，我們預期我們將與這種情況漸行漸遠，激勵措施的使用量應該會進一步下降。

Yeah, there's no like unusual incentives like what we, what you would read through our incentive disclosure is really more just the normal way incentive that we give, which is like closing cost assistance and things like that. There's nothing unusual and that equates to just, 1% or 2% typically.

是的，我們沒有提供像您在我們的激勵揭露文件中看到的那種特殊激勵措施，我們提供的激勵措施其實更接近正常的激勵方式，例如成交費用援助等等。沒什麼不尋常的，通常也就佔1%或2%。

That helps. And then this is perhaps more of a follow-up to some of the prior questions, but when you look at your range of delivery volume outcomes in '26, it's pretty wide. The question really is there a different assumption per spec versus build to order embedded at the high end of that delivery volume range versus the low end? And then, I mean, would it be fair to assume that the low end of that range is just a scenario where build to order doesn't come in as planned? We just love some context on that.

那很有幫助。那麼，這或許是對之前一些問題的後續，但是當你查看 2026 年的交付量結果範圍時，你會發現它相當廣泛。真正的問題是，在交付量範圍的高端和低端，針對特定規格的產品和按需生產的產品，是否有不同的假設？那麼，我的意思是，是否可以合理地假設該範圍的低端只是因為按訂單生產未能按計劃完成的情況？我們只是想了解這方面的背景資訊。

Yeah. We're really focused on driving the built to order sales as we said, and the range is driven by, we're in December right now we've got the spring selling season in front of us we've got a lot of communities open, but. We just don't have great visibility into what the spring might be, and I'd say that the 2025 spring selling season was a disappointment and we baked our or we've made our prepared our plan and our strategy for the year around what I would consider a normal spring selling season with that community count growth, maybe even slightly below average, as we piece it all together we're only counting on needing to drive about.

是的。正如我們所說，我們真正專注於推動客製化產品的銷售，而產品系列則是由…現在已是 12 月，春季銷售旺季即將到來，許多社區已經開放，但是。我們目前還無法很好地預測春季的情況，我認為 2025 年春季銷售季令人失望，我們已經根據我認為正常的春季銷售季（社區數量增長可能略低於平均水平）制定了全年的計劃和策略，我們只指望屆時需要開車四處走走。

Just slightly over four built to order sales per community in the first half of the year and as we look at the past years to get us to the the midpoint of our delivery range and when we look at past years, it seems like that should be relatively easy to do, if we're better than that and we have a spring selling season like we saw a couple of years ago, then we'll probably hit the high end, but we just don't know yet.

今年上半年，每個社區的客製化房屋銷售量略高於 4 套。回顧過去幾年，要達到交付範圍的中點，似乎相對容易。如果我們做得更好，而春季銷售旺季像幾年前那樣火爆，那麼我們可能會達到高端水平，但我們現在還無法確定。

Michael Rihart, JPMorgan.

Michael Rihart，摩根大通。

Hi guys, you have, Andrew Rozzi here on for Mike. Just wanted to drill down, I believe you guys said traffic was relatively stable within the quarter. Was there any meaningful difference in sales trends month to month, or was it more of the same?

大家好，我是 Andrew Rozzi，替 Mike 為大家帶來節目。我只是想深入了解一下，我記得你們說過本季的流量相對穩定。各月的銷售趨勢是否有顯著差異，還是基本不變？

Well, month to month, I mean, September was our strongest month and we see that almost every year and then it ticks down in, October and November so this year followed that typical seasonal seasonal pattern that we did, that we.

嗯，按月來看，我的意思是，9 月份是我們業績最好的月份，這種情況幾乎每年都會發生，然後到了 10 月和 11 月就會開始下滑，所以今年也遵循了我們典型的季節性模式。

Saw.

鋸。

Traffic's held steady and our conversion is, actually improved a little, so we're focused on driving more traffic it's just, challenging to do in November and December, so.

流量保持穩定，轉換率實際上略有提高，所以我們專注於吸引更多流量，只是在 11 月和 12 月這樣做很有挑戰性。

Okay, I appreciate that. And then, maybe within one queue's gross margin and even, as we go throughout the year, what are kind of your assumptions for construction costs and lot costs, within your guide and one que and maybe your outlook for the year?

好的，謝謝。然後，也許在一個隊列的毛利率範圍內，甚至隨著我們全年的推進，您在指導方針和一個隊列中對建設成本和地塊成本有什麼假設，以及您對這一年的展望？

Yeah, I mean we're not expecting a meaningful change in construction of lot cost. I mean, we do feel really good that we've kind of built bent the curve a little bit on unit costs in the sense that direct construction costs and material costs we've been able to offset the lot cost inflation and sequentially the year over year change in lot cost has gone went down pretty meaningfully from. 3rd quarter to 4th quarter and so we feel like we're we're getting to a better position there in terms of being able to drive some profitability off of our cost savings initiatives but we don't have like a specific guide on on what cost change that we would give you at this point. Yeah, it's back then.

是的，我的意思是，我們預期地塊建設成本不會發生實質變化。我的意思是，我們確實感覺在單位成本方面已經取得了一些進展，因為直接建築成本和材料成本的下降已經抵消了地塊成本的上漲，而且地塊成本的同比變化從第三季度到第四季度也顯著下降。因此，我們感覺在透過成本節約措施提高獲利能力方面，我們正處於一個更好的位置。但目前我們還沒有具體的成本變化預期可以給。是的，那是以前的事了。

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

謝謝。女士們、先生們，問答環節到此結束，今天的電話會議也到此結束。感謝您的參與。您可以在此時斷開線路。