LGI Homes Inc (LGIH) 2024 Q3 法說會逐字稿

Welcome to LGI Homes third-quarter 2024 conference call. Today's call is being recorded, and a replay will be available on the company's website at www.lgihomes.com. After management's prepared remarks, there will be an opportunity to ask questions.

歡迎參加 LGI Homes 2024 年第三季電話會議。今天的通話正在錄音，重播將在公司網站 www.lgihomes.com 上提供。管理層準備好發言後，將有機會提問。

At this time, I'll turn the call over to Joshua Fattor, Executive Vice President of Investor Relations and Capital Markets. You may begin.

這次，我會將電話轉給投資者關係和資本市場執行副總裁 Joshua Fattor。你可以開始了。

Thanks, Latania, and good afternoon.

謝謝，拉塔尼亞，下午好。

Before we begin, I'll remind listeners that this call contains forward-looking statements, including management's views on the company's business strategy, outlook, plans, objectives, and guidance for future periods. Such statements reflect management's current expectations, and involve assumptions and estimates that are subject to risks and uncertainties that could cause those expectations to prove to be incorrect. You should review our filings with the SEC for a discussion of the risks, uncertainties and other factors that could cause actual results to differ from those presented today. All forward-looking statements must be considered in light of those related risks, and you shouldn't place undue reliance on such statements, which reflect management's current viewpoints and are not guarantees of future performance.

在開始之前，我要提醒聽眾，本次電話會議包含前瞻性陳述，包括管理階層對公司業務策略、前景、計畫、目標和未來時期指導的看法。此類陳述反映了管理層目前的預期，並涉及受風險和不確定性影響的假設和估計，這些風險和不確定性可能導致這些預期被證明是不正確的。您應該查看我們向 SEC 提交的文件，以討論可能導致實際結果與今天提供的結果不同的風險、不確定性和其他因素。所有前瞻性陳述都必須根據這些相關風險進行考慮，您不應過度依賴此類陳述，這些陳述反映了管理層當前的觀點，並不是對未來業績的保證。

On this call, we'll discuss non-GAAP financial measures, which are not intended to be considered in isolation or as substitute for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP can be found in the press release we issued this morning and in our quarterly report on Form 10-Q for the quarter ended September 30, 2020, that we expect to file with the SEC later today. This filing will be accessible on the SEC's website and in the Investor Relations section of our website.

在本次電話會議上，我們將討論非 GAAP 財務指標，這些指標不應被單獨考慮或取代根據 GAAP 提供的財務資訊。非 GAAP 財務指標與根據 GAAP 編制的最具可比性指標的調整表可在我們今天早上發布的新聞稿以及截至 2020 年 9 月 30 日的季度 10-Q 表格的季度報告中找到，我們預計今天晚些時候向SEC 提交文件。該文件可在 SEC 網站和我們網站的投資者關係部分取得。

With me today are Eric Lipar, LGI Homes' Chief Executive Officer and Chairman of the Board; and Charles Merdian, Chief Financial Officer and Treasurer.

今天與我在一起的有 LGI Homes 執行長兼董事會主席 Eric Lipar；財務長兼財務主管 Charles Merdian。

I'll now turn the call over to Eric.

我現在將電話轉給埃里克。

Thanks, Josh. Good afternoon, and welcome to LGI Homes earnings call. We're pleased to report another strong quarter driven by sustained demand for new homes across the country. Despite continued affordability challenges, we delivered outstanding financial results that reflect our focus on operational excellence and a commitment to maximize profitability on every home sold.

謝謝，喬許。下午好，歡迎參加 LGI Homes 財報電話會議。我們很高興地報告，在全國新房持續需求的推動下，本季又一個強勁的季度。儘管承受能力持續面臨挑戰，我們仍取得了出色的財務業績，這反映了我們對卓越營運的關注以及對每套售出房屋的盈利最大化的承諾。

As highlighted in our press release this morning, we delivered 1,757 homes in the third quarter. Those closings combined with a record high ASP of more than $371,000 resulted in revenue of $652 million, an increase of 5.6% compared to last year, and the highest revenue we've reported since the second quarter of 2022. For the last several years, we made considerable progress in acquiring and developing attractive land positions across the country.

正如我們今天早上的新聞稿中所強調的那樣，我們在第三季度交付了 1,757 套房屋。這些交割加上超過 371,000 美元的創紀錄高點平均售價，帶來了 6.52 億美元的收入，比去年增長 5.6%，是我們自 2022 年第二季度以來報告的最高收入。過去幾年，我們在全國範圍內獲取和開發有吸引力的土地位置方面取得了長足進步。

Over the last year, you've seen many of these communities come online, and we're extremely pleased to have ended the third quarter with 138 communities, a noteworthy 30% increase over the prior year and our sixth consecutive quarter of community count expansion. Additionally, this was the largest absolute number of communities that we've added in any single year.

去年，您已經看到許多此類社區上線，我們非常高興第三季末社區數量達到 138 個，比上年增加了 30%，並且社區數量連續第六個季度增長。此外，這是我們在任何一年中添加的絕對數量最多的社區。

Given when we acquired these communities, the capital invested in their development, and the rising cost of replacement projects, their inherent value is substantial. In light of this, simply maximizing absorptions at the expense of margins and shortening the economic life span of these assets in the process does not yield the optimal returns we believe are achievable with a little patience and a disciplined approach to pricing and incentives.

考慮到我們收購這些社區時所投入的開發資金以及替換專案成本的上升，它們的內在價值是巨大的。有鑑於此，僅僅以犧牲利潤為代價來最大化吸收並在此過程中縮短這些資產的經濟壽命並不能產生我們認為只要有一點耐心和嚴格的定價和激勵方法就可以實現的最佳回報。

Therefore, we continue to focus on driving profitability on every home we sell even if the result is a pace that is below our historical average. This strategy reflects our commitment to maximizing long-term profitability rather than focusing solely on immediate output. Further, it ensures we sustain our strong margins and generate value for shareholders over a longer period, balancing today's performance with tomorrow's opportunities.

因此，我們將繼續專注於提高我們出售的每套房屋的盈利能力，即使結果低於我們的歷史平均水平。這項策略反映了我們對最大化長期獲利能力的承諾，而不是只專注於眼前的產出。此外，它還確保我們在較長時期內維持強勁的利潤率並為股東創造價值，平衡今天的業績與明天的機會。

The success of the strategy played out again during the third quarter as we delivered an adjusted gross margin of 27.2%, up 20 basis points from the prior quarter and in line with our standout results from the same period last year. Additionally, we delivered a pretax net income margin of 14.1%, up 130 basis points sequentially and significantly higher than our pre-pandemic average of 12.8%. These and other achievements contributed to diluted earnings per share of $2.95, representing an increase of 4% year over year and 19% sequentially.

該策略在第三季再次取得成功，調整後毛利率為 27.2%，比上一季成長 20 個基點，與去年同期的優異業績一致。此外，我們的稅前淨利潤率為 14.1%，比上一季成長 130 個基點，顯著高於疫情前 12.8% 的平均值。這些成就和其他成就使稀釋後每股收益達到 2.95 美元，年增 4%，季增 19%。

During the quarter, we averaged 4.4 closings per community per month. Our top market on a closings per community basis were Las Vegas was 9.9, Nashville with 9, Charlotte with 8.9, Dallas/Fort Worth was 6.4, and Tampa also with 6.4 closings per community per month. Congratulations to these teams in these markets and their outstanding performance last quarter.

本季度，每個社區平均每月關閉 4.4 次。以每個社區的成交量計算，我們的頂級市場是拉斯維加斯為9.9 個，納許維爾為9 個，夏洛特為8.9 個，達拉斯/沃斯堡為6.4 個，坦帕每個社區每月的成交量也為6.4 個。恭喜這些市場的這些團隊以及他們上季的出色表現。

One final highlight. We were proud to be recognized by Newsweek for the second consecutive year as one of the world's most trustworthy companies. This award underscores our commitment to integrity and excellence with our customers, with our employees, and with our investors. This recognition highlights the strength of our culture and the integrity of our employees who provide exceptional customer service as they help families across the country achieve the dream of homeownership.

最後一個亮點。我們很榮幸連續第二年被《新聞週刊》評為全球最值得信賴的公司之一。該獎項強調了我們對客戶、員工和投資者的誠信和卓越承諾。這項認可突顯了我們文化的力量和我們員工的誠信，他們提供卓越的客戶服務，幫助全國各地的家庭實現擁有住房的夢想。

With that, I'll invite Charles to provide additional details on our financial results.

接下來，我將邀請查爾斯提供有關我們財務業績的更多詳細資訊。

Thanks, Eric. As mentioned earlier, our revenue in the third quarter increased 5.6% year over year to $651.9 million. During the quarter, we closed 1,757 homes, slightly higher on a year-over-year basis, and 6.2% higher sequentially. We closed 160 homes through our wholesale business, representing 9.1% of our total closings compared to 7.9% last year. Those closings resulted in revenue of $49.5 million an increase of 14.2% compared to last year.

謝謝，埃里克。如前所述，我們第三季的營收年增 5.6% 至 6.519 億美元。本季度，我們關閉了 1,757 套房屋，較去年同期略高，較上季成長 6.2%。我們透過批發業務關閉了 160 間房屋，佔總關閉量的 9.1%，而去年為 7.9%。這些交易的完成帶來了 4,950 萬美元的收入，比去年增長了 14.2%。

Our average sales price was a record $371,004, an increase of 5.2% over the same period last year and 1.9% sequentially. The increase was primarily driven by our decision to maintain profitability through price increases in the majority of our markets, as well as a larger percentage of closings in markets with higher average price points, particularly our West and Northwest segments, and was partially offset by a slightly higher percentage of wholesale closings.

我們的平均銷售價格達到創紀錄的 371,004 美元，比去年同期增長 5.2%，比上一季增長 1.9%。這一增長主要是由於我們決定透過大多數市場的價格上漲來維持盈利能力，以及平均價格較高的市場（特別是我們的西部和西北地區）的成交比例較大，但部分被批發成交比例略高。

Our gross margin performance again reflected the balanced use of financing incentives and our ability to offset the financial impact of these tools are raising prices and taking a disciplined approach to the absolute level of rate buydowns.

我們的毛利率表現再次反映了融資激勵措施的平衡使用，以及我們抵消這些工具的財務影響的能力，即提高價格和對利率購買的絕對水平採取嚴格的方法。

As a result, our third-quarter gross margin was 25.1%, and our adjusted gross margin was 27.2%. As Eric mentioned, adjusted gross margin improved 20 basis points sequentially and was in line with the prior year results in our pre-pandemic average. Adjusted gross margin excluded $13 million of capitalized interest charged to cost of sales and $1.2 million related to purchase accounting together representing 210 basis points compared to 150 basis points last year.

因此，我們第三季的毛利率為 25.1%，調整後的毛利率為 27.2%。正如 Eric 所提到的，調整後的毛利率環比提高了 20 個基點，與去年大流行前的平均值一致。調整後毛利率不包括計入銷售成本的 1,300 萬美元資本化利息和與採購會計相關的 120 萬美元，總計相當於 210 個基點，而去年為 150 個基點。

Combined selling, general, and administrative expenses for the third quarter were $83.2 million or 12.8% of revenue. Selling expenses were $55.2 million or 8.5% of revenue compared with 8.1% in the same period last year. The increase was primarily related to higher advertising spend and to a lesser extent, increased personnel costs related to new community openings. General and administrative expenses totaled $28 million or 4.3% of revenue, in line with the same period last year. Based on our performance to date, we now expect our full year SG&A expense as a percentage of revenue to range between 14% and 14.5%.

第三季的銷售、一般和管理費用合計為 8,320 萬美元，佔營收的 12.8%。銷售費用為 5,520 萬美元，佔營收的 8.5%，去年同期為 8.1%。這一增長主要與廣告支出增加有關，在較小程度上與新社區開業相關的人員成本增加有關。一般及管理費用總計 2,800 萬美元，佔營收的 4.3%，與去年同期持平。根據我們迄今為止的業績，我們現在預計全年 SG&A 費用佔收入的百分比將在 14% 至 14.5% 之間。

Pretax net income was $91.9 million compared to $89.4 million during the same period last year. Pretax net income as a percentage of revenue was 14.1% compared to 14.5% last year and 12.8% in the second quarter. Our effective tax rate was 24.3% compared to 25.1% last year. Given our performance to date, we expect our full year tax rate will be approximately 24.5%. Overall, we generated net income of $69.6 million, or $2.96 per basic share, and $2.95 per diluted share.

稅前淨利為 9,190 萬美元，去年同期為 8,940 萬美元。稅前淨利佔收入的百分比為 14.1%，去年為 14.5%，第二季為 12.8%。我們的有效稅率為 24.3%，而去年為 25.1%。鑑於我們迄今為止的業績，我們預計全年稅率約為 24.5%。總體而言，我們產生了 6,960 萬美元的淨利潤，即每股基本收益 2.96 美元，每股稀釋收益 2.95 美元。

Gross orders in the third quarter were 1,967, net orders were 1,452, and our cancellation rate was 26.2%, down slightly compared to last year. We ended September with 1,088 homes in our backlog, representing $417.8 million.

第三季總訂單為 1,967 份，淨訂單為 1,452 份，取消率為 26.2%，較去年略有下降。截至 9 月底，我們的積壓房屋數量為 1,088 套，價值 4.178 億美元。

At September 30, our land portfolio consisted of 68,564 owned and controlled lots. Of those lots, 54,029 or 78.8% were owned; and 14,535 lots, or 21.2% were controlled. Of our own lots, 38,734 were classified as raw land and land under development, with less than 30% of those lots in active development. Of the remaining 15,295 owned lots, 10,827 were finished vacant lots; 2,491 were completed homes and information centers. And during the quarter, we started 1,554 homes and had 1,977 homes in progress at quarter end.

截至 9 月 30 日，我們的土地組合包括 68,564 塊擁有和控制的土地。其中 54,029 塊土地已被擁有，即 78.8%； 14,535 批次（21.2%）受到控制。在我們自己的土地中，有38,734塊土地被歸類為未開發土地和開發中土地，其中不到30%的土地正在積極開發中。在剩餘的 15,295 個自有地塊中，有 10,827 個已完工空置地塊； 2,491 所住宅及資訊中心竣工。在本季度，我們開工了 1,554 套住房，截至季度末，我們有 1,977 套住房在建。

With that, I'll turn the call over to Josh for a discussion of our capital position.

這樣，我會將電話轉給喬什，討論我們的資本狀況。

Thank you, Charles. We ended the quarter with $1.5 billion of debt outstanding, including $863.3 million drawn on our revolver, resulting in a debt-to-capital ratio of 43.6% and net debt-to-capital ratio of 42.7%. Total liquidity was $375.4 million, including $60.9 million of cash and $314.5 million available to borrow on our credit facility.

謝謝你，查爾斯。本季結束時，我們的未償債務為 15 億美元，其中包括循環動用的 8.633 億美元，導致債務與資本比率為 43.6%，淨債務與資本比率為 42.7%。總流動資金為 3.754 億美元，其中包括 6,090 萬美元現金和可透過我們的信貸額度借款的 3.145 億美元。

Our stockholders' equity at September 30 was $2 billion, and our book value per share was $84.93. On October 9, we successfully amended our credit agreement, and we're pleased to have several lenders who previously planned to exit in April of next year, choose to extend our capital commitments through April 2028.

截至 9 月 30 日，我們的股東權益為 20 億美元，每股帳面價值為 84.93 美元。 10 月 9 日，我們成功修改了信貸協議，我們很高興先前計劃於明年 4 月退出的幾家貸方選擇將我們的資本承諾延長至 2028 年 4 月。

Their decision to extend for the full duration of the facility offsets $125 million of the $245 million reduction in capacity that we previously expected in April. Therefore, under the terms of the new agreement, we will maintain our total capacity of $1.25 billion through April 2025 and have $1.085 billion of capacity through April of 2020.

他們決定延長該設施的整個期限，抵消了我們先前在 4 月預計的 2.45 億美元產能減少中的 1.25 億美元。因此，根據新協議的條款，我們將在 2025 年 4 月之前保持 12.5 億美元的總產能，並在 2020 年 4 月之前擁有 10.85 億美元的產能。

At this point, I'll turn the call back over to Eric.

此時，我會將電話轉回給艾瑞克。

Thanks, Josh. We're pleased with the strong results we delivered in the third quarter and all of our accomplishments year-to-date.

謝謝，喬許。我們對第三季的強勁業績以及今年迄今的所有成就感到滿意。

Turning to the current sales environment. I'll provide our thoughts on the fourth quarter to date and briefly discuss our updated guidance.

回到目前的銷售環境。我將提供我們對迄今為止第四季度的想法，並簡要討論我們更新的指導。

Later today, we plan to report that we closed 526 homes in October, down slightly from the prior year. While lease and traffic in October were similar compared to September, we did experience a moderation of sales activity in October, a trend that appears to have been broadly experienced across the industry. Part of this is certainly related to our growth and the time it takes to get new hires trained and selling the LGI way as well as the impact of higher rates on affordability. We believe this is a near-term dynamic and not a new normal.

今天晚些時候，我們計劃報告稱，我們 10 月關閉了 526 棟房屋，比去年略有下降。雖然 10 月的租賃和客流量與 9 月相似，但我們確實在 10 月經歷了銷售活動的放緩，這一趨勢似乎在​​整個行業中都普遍存在。其中一部分肯定與我們的成長、培訓新員工和以 LGI 方式銷售所需的時間以及較高的利率對負擔能力的影響有關。我們認為這是近期的動態，而不是新常態。

The fundamentals of the housing market are strong, supported by continued household formations, years of underproduction, and limited supply of resale homes. Finally, the US economy continues to grow and remains productive, resulting in a resilient labor market and historically low unemployment. In short, the long-term outlook is undeniably positive.

在持續的家庭組建、多年的生產不足以及轉售房屋供應有限的支撐下，房地產市場的基本面強勁。最後，美國經濟持續成長並維持生產力，導致勞動市場富有彈性，失業率處於歷史低點。簡而言之，長​​期前景無可否認是正面的。

Based on recent demand trends, our results to date and outlook for the next two months, we now expect to close between 6,100 and 6,400 homes this year at an average selling price between $360,000 and $370,000. Margins in the fourth quarter are expected to be similar to slightly lower than what we delivered in the third quarter, depending on geographic product and retail versus wholesale mix, as well as the cost of incentives offered during an annual make remove sales event.

根據最近的需求趨勢、我們迄今為止的業績以及對未來兩個月的展望，我們現在預計今年將成交 6,100 至 6,400 套房屋，平均售價在 360,000 美元至 370,000 美元之間。預計第四季度的利潤率將略低於我們第三季的利潤率，具體取決於地理產品和零售與批發的組合，以及年度減價銷售活動期間提供的激勵成本。

Based on those variables and our strong performance to date, we are raising our full year margin guidance by 50 basis points at both the low and the high ends, and now expect to deliver gross margins between 24% and 25% and adjusted gross margins between 26% and 27%.

基於這些變數以及我們迄今為止的強勁表現，我們將全年利潤率指引在低端和高端均上調 50 個基點，現在預計毛利率將在 24% 至 25% 之間，調整後毛利率將在26 %和27%。

As I highlighted at the beginning, community count continues to grow. Community count held steady at 138 in October, and we have 12 new community openings planned for November. We continue to expect to end 2024 with approximately 150 active communities. Additionally, we expect another 10% to 20% growth in our community count in 2025.

正如我在一開始強調的那樣，社區數量持續增長。10 月的社區數量穩定在 138 個，我們計劃在 11 月開設 12 個新社區。我們仍預計到 2024 年底會有約 150 個活躍社群。此外，我們預計 2025 年我們的社區數量將再增加 10% 至 20%。

In conclusion, I want to thank our employees. Your hard work, dedication, and execution on our strategy were essential to our success in the third quarter. Thanks to your outstanding efforts, we are well positioned to continue delivering profitable results and creating long-term value for our shareholders.

最後，我要感謝我們的員工。你們的辛勤工作、奉獻精神和對我們策略的執行對於我們第三季的成功至關重要。感謝您的傑出努力，我們有能力繼續實現盈利成果並為股東創造長期價值。

We'll now open the call for questions.

我們現在開始提問。

(Operator Instructions) Trevor Allinson, Wolfe Research.

（操作員說明）Trevor Allinson，Wolfe Research。

Hey, good afternoon. Thank you for taking my questions. First one on gross margin performance, which was really impressive in the quarter. You raised your full year gross margin expectation in what most builders are describing as a challenging incentive environment. Can you talk about what came in better than what you were anticipating and sort of bridge us from your prior guide to your updated guide?

嘿，下午好。感謝您回答我的問題。第一個是毛利率表現，該季度的表現確實令人印象深刻。在大多數建築商所描述的充滿挑戰的激勵環境下，您提高了全年毛利率預期。您能否談談哪些內容比您預期的更好，並將我們從您先前的指南與更新後的指南聯繫起來？

Yeah, Trevor. This is Eric. I can start. It's really just what we're seeing as far as updating the guidance with our results from Q3, and then anticipating what it's going to be in Q4, and the overall yearly guidance needs to be upgraded. And I think it goes back to that pace versus price initiative and probably some questions on that.

是的，特雷弗。這是埃里克。我可以開始了。這確實是我們所看到的，根據第三季的結果更新指導，然後預測第四季度的情況，並且總體年度指導需要升級。我認為這可以追溯到速度與價格舉措之間的關係，以及可能存在的一些問題。

And like other builders, we have to put a margin on top of our costs. And we are looking at incentives closely. We're looking at the value of our land underneath every house we build, and certainly, houses that are complete, we need to incentivize but we've been avoiding wholesale price reductions because in most cases, just reducing the prices doesn't necessarily increase your pace. There's other things we'd look at like marketing, product, training. We have a lot of new hires right now, but we're weighing all of those incentives.

與其他建築商一樣，我們必須在成本之上留出利潤。我們正在密切關注激勵措施。我們正在考慮我們建造的每棟房屋下面土地的價值，當然，對於完工的房屋，我們需要激勵，但我們一直在避免批發價格降低，因為在大多數情況下，僅僅降低價格並不一定加快步伐。我們也會關注其他事情，例如行銷、產品、培訓。我們現在有很多新員工，但我們正在權衡所有這些激勵措施。

Okay. Got you. Makes sense. And then, Eric, I wanted to follow up on a comment you made in your prepared remarks, I think, talking about kind of near-term dynamics, not necessarily being a change for the industry. You've heard a lot of builders talk about non-rate impact to demand conditions. A lot of people cite the election.

好的。明白你了。有道理。然後，埃里克，我想跟進您在準備好的演講中發表的評論，我認為，談論的是近期動態，不一定是行業的變化。您聽說過很多建築商談論對需求狀況的非利率影響。很多人都引用了這次選舉。

So is it your view here is that we get past the election into early next year that even if rates remain elevated, that you could still see some improvement in demand to the spring selling season? Or do you think that's truly going to be dictated by rates and affordability? And then maybe perhaps your view is that where rates are currently isn't going to be sustained as we move through 2025?

那麼您的觀點是，我們在大選結束後進入明年初，即使利率保持在高位，您仍然可以看到春季銷售季節的需求有所改善嗎？或者您認為這真的是由利率和負擔能力決定的嗎？也許您的觀點是，目前的利率在 2025 年之前不會持續下去？

Yes. I think, Trevor, for us, we look at demand as the number of leads that we have coming in. So the demand for homeownership and what we're seeing in the field remains strong. Over 8,000 individual leads last week inquired by homeownership. So we don't believe the election has anything to do with demand. The challenge with our pace right now and what we're working through every day in the offices nationwide is entry-level affordability. Affordability is challenged right now, the combination of rates being higher and the average price, as we stated in our prepared remarks, average sales price this quarter was the highest in company history.

是的。我認為，特雷弗，對我們來說，我們將需求視為我們獲得的潛在客戶數量。因此，對住房所有權的需求以及我們在該領域所看到的情況仍然強勁。上週有超過 8,000 名個人線索詢問了房屋所有權。所以我們不認為選舉與需求有任何關係。我們目前的步伐以及我們每天在全國各地的辦事處面臨的挑戰是入門級的負擔能力。正如我們在準備好的評論中所述，負擔能力目前面臨挑戰，利率較高，平均價格相結合，本季的平均銷售價格是公司歷史上最高的。

Those two are leading to affordability challenges and the amount of income it takes to qualify for an entry level house, we have eliminated, the market has eliminated the customer that makes $60,000 to $100,000 a year in combined income has been eliminated from the market just from a qualification standpoint relative to their income to what the ratios are. So that's the challenge we have on a pace standpoint, but that is about the only component that is cautious right now is the absorption pace, because gross margins are strong, demand is strong. community count growth is strong, a lot of positive things happening in our business.

這兩者導致了負擔能力的挑戰，而獲得入門級房屋資格所需的收入金額，我們已經淘汰了，市場已經淘汰了每年綜合收入 60,000 至 100,000 美元的客戶，已經從市場上淘汰了相對於他們的收入與比率的資格觀點。因此，從速度的角度來看，這就是我們面臨的挑戰，但目前唯一需要謹慎的部分是吸收速度，因為毛利率強勁，需求強勁。社區數量成長強勁，我們的業務中發生了很多積極的事情。

Appreciate the color. Thank you. And good luck moving forward.

欣賞顏色。謝謝。祝你好運。

Andrew, JPMorgan.

安德魯，摩根大通。

Hi, everyone. This is Andrew Azzi on for Mike. Congrats on the quarter. Appreciate you taking the questions. Just to go again on the gross margins. In your view, what's allowing you to maintain this level of margin and hold it relatively steady as compared to your peers? And how should we think about the next two to three quarters as you adjust prices of new communities of their openings.

大家好。我是安德魯·阿齊 (Andrew Azzi) 替邁克發言。恭喜本季。感謝您提出問題。只是再次討論毛利率。在您看來，是什麼讓您能夠維持這一利潤水平並與同行相比保持相對穩定？當你調整新開張社區的價格時，我們應該如何考慮未來兩到三個季度的情況。

Yeah, Andrew, I'll answer it another way as well from a -- believe it on how we price our homes, but also we tend to do a lot of land development at LGI, a lot of sales development. And also, our gross margin, from a company standpoint, we have to capture both the development profit and the homebuilding profit. So our gross margin should be higher than our peers because we need to capture that development crop.

是的，安德魯，我也會用另一種方​​式回答這個問題——相信我們如何為房屋定價，但我們也傾向於在 LGI 進行大量的土地開發，大量的銷售開發。而且，從公司的角度來看，我們的毛利率必須同時獲得開發利潤和住宅建設利潤。因此，我們的毛利率應該高於同行，因為我們需要抓住發展作物。

But the other item we talk about internally is there is a lot of value in the land that we develop and we're financing that more on balance sheet than off-balance sheet. Relative to our peer group who has really went all in on land banking, land banking is expensive. There is a lot of value to land banking as it relates to certain metrics like return on equity, but it is a headwind to gross margin.

但我們內部討論的另一個問題是，我們開發的土地具有很大的價值，我們在資產負債表上的融資比表外融資更多。相對於我們真正全力投入土地儲備的同行群體來說，土地儲備是昂貴的。土地儲備有很大價值，因為它與股本回報率等某些指標相關，但它對毛利率來說是一個阻力。

We have a cost advantage as it relates to gross margin. And our lot cost, because we are keeping everything on balance sheet than doing a lot of land banking, I think that's also an important point.

我們在毛利率方面具有成本優勢。我們的土地成本，因為我們將所有內容保留在資產負債表上，而不是進行大量土地儲備，我認為這也是重要的一點。

Got it. I appreciate that. And then kind of in terms of land inflation, what are you kind of seeing in terms of land contracted today? And maybe if you can help us understand the difference between development versus the actual land purchases? Any color there would be helpful.

知道了。我很欣賞這一點。然後就土地通貨膨脹而言，您今天的承包土地狀況如何？也許您可以幫助我們了解開發與實際購買土地之間的差異？任何顏色都會有幫助。

Yeah, Trevor. Obviously, it's -- or excuse me, Andrew. Obviously, it's different in every market. Generally speaking, land prices are not coming down still strong demand for land. The bigger component for us is that a larger percentage of the finished lot is the development costs. Development costs remain elevated. Don't see a lot of relief in development costs either, doing business with the cities and counties and planting fees. We just believe costs are going to continue to go up for our development.

是的，特雷弗。顯然，這是——或者對不起，安德魯。顯然，每個市場的情況都不同。整體而言，土地價格並未下降，土地需求仍強勁。對我們來說，更大的組成部分是開發成本佔成品的較大比例。開發成本仍居高不下。開發成本、與市縣做生意以及種植費用也沒有看到很大的減輕。我們只是相信我們的發展成本將繼續上升。

We are starting to see, because of challenges for the private builders, we are starting to see more opportunities to buy finished lots on a takedown or by an opportunity where capital wasn't available for a builder, not necessarily a distressed pricing levels, but it may create more opportunities to grow our community count in the future as well.

我們開始看到，由於私人建築商面臨的挑戰，我們開始看到更多的機會在拆除時購買成品地塊，或者透過建築商無法獲得資金的機會購買成品地塊，不一定是價格水平低下，但它也可能在未來創造更多機會來增加我們的社區數量。

Got it. Thank you so much for taking my questions.

知道了。非常感謝您回答我的問題。

Carl Reichardt, BTIG.

卡爾雷查特 (Carl Reichardt)，BTIG。

Thanks. Nice to talk to you. Just one housekeeping question for you, Charles. Just the other income this quarter, at least relative to our number was basically all the difference between our EPS estimate and what you produced. What was that this quarter? And then do you have a sense of the run rate going forward in the fourth quarter and then even into next year on what that might be?

謝謝。很高興和你說話。查爾斯，我只想問你一個家事問題。只是本季的其他收入，至少相對於我們的數字而言，基本上是我們的每股盈餘預測與你們產生的收入之間的所有差異。這個季度是什麼？然後，您對第四季度甚至明年的運行率有什麼了解嗎？

Yeah, Carl. This quarter, we had about $4.5 million related to land sales compared to last quarter, it was at 2.7%. So the majority of the delta this quarter over the last was related to some additional lot sales. We expect it to be lumpy going into the fourth quarter and into the future. So I don't really have specific guidance for you in terms of what we think fourth quarter or 2025 will be.

是的，卡爾。本季度，我們與土地銷售相關的資金約為 450 萬美元，與上季相比，成長率為 2.7%。因此，本季相對於上一季的大部分增量與一些額外的批次銷售有關。我們預計第四季和未來的情況將不穩定。因此，對於我們對第四季或 2025 年的預期，我確實沒有具體的指導。

Okay. Thanks. I thought that might be it. And then for you, Eric, I think I may have asked this before, so I want to touch on it again. So if I look at your absorption rates per community you're down about 33% from where you were in '22, your ASP is up about 5% from there. If I look at your -- the midpoint of your year-end guide.

好的。謝謝。我想可能就是這樣了。然後，埃里克，我想我以前可能問過這個問題，所以我想再談一下。因此，如果我看一下每個社區的吸收率，您會發現比 22 年時下降了約 33%，而您的 ASP 則上漲了約 5%。如果我看看你的年終指南的中點。

So how are you changing compensation structure for sales to focus more on margin, if absorptions, I assume per salesperson, are falling? How do you sort of true them back up to get them to focus on that dynamic as opposed to turnover?

那麼，如果我認為每位銷售人員的吸收率正在下降，那麼您如何改變銷售的薪酬結構以更專注於利潤？你如何讓他們支持，讓他們專注於動態而不是人員流動？

Yeah, it's a great question, Carl. I think the focus is really leaving that commission percentage the same. We believe we pay one of the highest commission rates to our salespeople in the industry. We know we do, and having that same percentage on a higher ASP, even though the unit volume may be down in a per community, the overall revenue that an individual salesperson creates or a community create is very similar to it was a few years ago. So the income is not as effective as much because they're paid on the revenue part of it.

是的，這是一個很好的問題，卡爾。我認為重點實際上是保持佣金百分比不變。我們相信我們向我們的銷售人員支付的佣金率是業內最高的一個。我們知道我們確實做到了，並且在較高的 ASP 上保持相同的百分比，即使每個社區的單位銷售可能會下降，但單一銷售人員或社群創造的總收入與幾年前非常相似。因此，收入並不那麼有效，因為他們是根據收入部分支付的。

Okay. Great. Thanks, appreciate it guys.

好的。偉大的。謝謝，謝謝你們。

Jay McCanless, Wedbush.

傑伊·麥卡利斯，韋德布希。

Hey, guys. So a couple of questions. The first one, Eric, that comment you made about households with a $60,000 to $100,000 income priced out of the market now. I mean, how many households, how many potential customers do you think you're talking about there that now can't look at homeownership?

嘿，夥計們。有幾個問題。第一個，艾瑞克，您對收入 60,000 至 100,000 美元的家庭發表的評論現在被市場定價。我的意思是，有多少家庭、有多少潛在客戶現在無法關注住房所有權？

Yeah. I don't have that answer off the top of my head, Jay. But I think it's a pretty significant number. I was in the sales office this last weekend and work and get into the field as much as I can, and there's just a lot of customers in that range that are right now forced to keep running, or they have to save more money for down payment, or have to pay more down debt. So our team does an exceptional job of working with these customers and helping them get in the position where they can buy.

是的。我腦子裡還沒想到這個答案，傑伊。但我認為這是一個相當可觀的數字。上週末我在銷售辦公室工作並儘可能多地進入該領域，而這個範圍內的許多客戶現在被迫繼續運行，或者他們必須節省更多的錢來購買付款，或者必須償還更多的首付債務。因此，我們的團隊在與這些客戶合作並幫助他們獲得可以購買的位置方面做得非常出色。

But household income because of rates in ASP, that measure, as we all know, is just more constrained than it used to be that difference between owning a home and paying for rent. That gap is wider now than it has been in the past. Also, a lot of our customers over the years have used various bond programs that are put out by various states and local community agencies across the United States. And with those local bond programs, you don't have the ability to do a forward commitment and buy down rates. So a lot of those programs today have a market rate of 7%, 7.5%, which is a completely different rate than what it was three or four years ago.

但是，眾所周知，由於平均售價（ASP）的比率，家庭收入比過去擁有房屋和支付租金之間的差異受到更多限制。現在這種差距比過去更大。此外，多年來我們的許多客戶都使用了美國各州和當地社區機構推出的各種債券計劃。對於這些地方債券計劃，您沒有能力做出遠期承諾併購買壓低利率。所以現在很多這樣的項目的市場利率是7%、7.5%，這與三、四年前的利率完全不同。

And I guess not -- I know you aren't ready to give '25 guidance yet, but kind of -- to what Carl was asking about in terms of pace, I mean, what are you guys thinking about is going to be the right pace because closings have missed your mark the last couple of years? And just wondering how you all are thinking about it, especially if rates don't go down from here, should we be expecting a pace in line with what we saw back half of '24 or just how are you guys thinking about it, especially with all the communities that you're going to be bringing out of the ground?

我想不是 - 我知道你們還沒有準備好提供 25 年的指導，但是有點 - 對於卡爾在節奏方面提出的問題，我的意思是，你們在想什麼將是節奏是否正確，因為過去幾年的關店數沒有達到預期目標？只是想知道你們大家是如何看待這個問題的，特別是如果利率不從這裡下降，我們是否應該期待與我們在24 年後半段看到的情況一致的步伐，或者你們是如何看待這個問題的，特別是以及你要從地下帶出來的所有社區？

Yeah. It's a good question, Jay. We're looking at pace. We're also looking at revenue community, ASP, gross margins, et cetera. We're not going to give '25 guidance today. But from the seat we sit in, I think, '25, especially since it's -- we're selling for '25 right now, '25 is basically here.

是的。這是個好問題，傑伊。我們正在關注步伐。我們也關注收入群體、平均售價、毛利率等。今天我們不會提供 25 年的指導。但從我們坐的座位上來看，我認為，'25，特別是因為我們現在的售價是 '25，'25 基本上就在這裡。

No reason to think the '25 pace is any different than the '24 base. But also, we would think that would result in a very positive year for LGI next year. ASP, no reason that doesn't continue to go higher. We just talked about on the call an additional 10% to 20% in community count growth next year, strong gross margin, staying in our elevated range, increasing EPS, a lot of new growth with our employees.

沒有理由認為 '25 的節奏與 '24 的基礎有任何不同。而且，我們認為這將為 LGI 明年帶來非常積極的一年。ASP，沒有理由不繼續走高。我們剛剛在電話會議上談到明年社區數量將再增長 10% 到 20%、強勁的毛利率、保持在我們較高的範圍內、增加每股收益以及我們員工的大量新增長。

One of the things I will point to, Jay, is it has been proven time and time again at LGI is sales representatives, LGI management, LGI employees in their second year of the business do a lot better than the first year of the business. And we have had such strong community outgrowth, and we've got so many new employees, new sales reps, new managers that I'm excited about all of those individuals getting into their second year in the business in 2025, and that will have a positive impact on the company.

Jay，我要指出的一件事是，在 LGI，銷售代表、LGI 管理層、LGI 員工在業務的第二年都一次又一次地證明了比業務第一年做得更好。我們的社區發展如此強勁，我們有如此多的新員工、新銷售代表、新經理，我對所有這些人在 2025 年進入業務的第二年感到興奮，這將帶來對公司產生積極影響。

So then, I guess, the other question, just to take all that, Eric. To stick on affordability for a second. I mean do you feel like your plans and I know you guys have a pretty tight plan book. Do you feel like there's more opportunities to bring down the size of the plans? Or if you kind of hit that terminal bottom where at some point, it's just not a house anymore. It's more of an ADU than it is a house, right.

那麼，我想，另一個問題，就是為了解決所有這些問題，艾瑞克。暫時堅持一下負擔能力。我的意思是，你喜歡你的計劃嗎？您是否覺得有更多機會縮小計畫規模？或者，如果你到達了終點站的底部，在某個時刻，它就不再是房子了。它更像是一個住宅單元，而不是一棟房子，對吧。

Yes. No, I think we're about there, Jay, because we've been looking at affordability and our plans for quite a while now. Certainly, on new communities, we're always looking at that. We want to build a quality affordable house. We're going to look at square footage as the primary driver to reduce the overall affordability and make it as affordable as it possibly can. So I also don't think we're going to chase square footage down to the absolute bottom. Some of our competitors are building product with no garages, one car garage. There's just a product that's here at LGI, we would not be comfortable building with.

是的。不，我認為我們已經做到了，傑伊，因為我們已經考慮負擔能力和我們的計劃已經有一段時間了。當然，在新社區中，我們一直在關注這一點。我們想要建造一座優質的經濟適用房。我們將把平方英尺作為降低整體負擔能力並使其盡可能負擔得起的主要驅動因素。因此，我也不認為我們會將面積追至絕對底部。我們的一些競爭對手正在生產沒有車庫、只有一個車庫的產品。LGI 只提供了一種產品，但我們不願意使用它來建造。

We won't be proud of the product that we're building. We're going to be consistent with our fit and finish nationwide all of our houses nationwide have hard surface countertops. There is certainly, in addition to the product exterior. There are certainly components that we could take out more of the fit and finish inside, and probably take a couple of thousand hours out of the house, but we're not sure the value is really there, and we want to be proud of the product that we're building and make sure it's a great product for our customers to move into.

我們不會為我們正在建立的產品感到自豪。我們將在全國範圍內保持我們的裝修和裝飾一致，全國所有的房子都有硬面檯面。除了產品外觀之外，當然還有。當然，有些組件我們可以在內部進行更多的裝配和裝飾，並且可能需要在房子外花費數千個小時，但我們不確定其價值是否真的存在，我們希望為此感到自豪我們正在開發的產品，並確保它是我們的客戶可以使用的出色產品。

Understood. And just one more question. I don't know how much people talk about it, but you guys do have Terrata. Move-up price points seem to be selling really well at this point. I mean, is a thought process that until rates come down, our affordability gets better, maybe you convert some of this over to Terrata and ride some of this wave that we're seeing in the move-up and, call it, entry-level luxury markets.

明白了。還有一個問題。我不知道有多少人談論它，但你們確實有 Terrata。目前，上漲的價格點似乎賣得很好。我的意思是，這是一個思考過程，直到利率下降，我們的負擔能力變得更好，也許你將其中一些轉換為 Terrata 並利用我們在升級中看到的一些浪潮，稱之為入門級奢侈品市場。

Yes. I mean, certainly, depending on the market, depending on the community, since we do a lot of development, we got many larger communities, fact I was in a meeting this morning. We're going to have Terrata and LGI Home product in the same actual community. So Terrata's going well for us.

是的。我的意思是，當然，取決於市場，取決於社區，因為我們做了很多開發，所以我們有許多更大的社區，事實上我今天早上參加了一個會議。我們將在同一個實際社區中擁有 Terrata 和 LGI Home 產品。所以 Terrata 對我們來說進展順利。

We believe it's going to be continued growth in the future. every since, I believe it was 2017 when we had our first Terrata closing, Terrata closings have increased every year. And looking forward to doing more Terrata product in the future, and we'll look at that on a community-by-community basis, Jay, but good comment.

我們相信未來將會持續成長。從那時起，我相信我們第一次 Terrata 關閉是在 2017 年，Terrata 關閉的數量每年都在增加。並期待將來推出更多 Terrata 產品，我們將在逐個社群的基礎上進行研究，Jay，但評論很好。

Great. Thanks, appreciate it.

偉大的。謝謝，感激不盡。

Alex Barron, Housing Research Center.

亞歷克斯·巴倫，住房研究中心。

Yeah. Thank you. Hey, guys, I wanted to ask also along the lines of Dave's questions. I think most of your homes are usually single family. I don't recall you guys doing too much attached product, but is that anything you guys are considering are looking at as a way to make houses more affordable?

是的。謝謝。嘿，夥計們，我也想問戴夫的問題。我想你們的家庭通常都是單戶家庭。我不記得你們做過太多附加產品，但是你們正在考慮將其視為一種讓房屋更便宜的方法嗎？

We are, Alex, and we do have a number of attach home products across the United States, and we certainly look at that. We'll continue to look at that. And part of our community count growth next year will be attached product as well.

亞歷克斯，我們確實在美國各地擁有許多附加家居產品，我們當然會關注這一點。我們將繼續關注這一點。明年我們社區數量成長的一部分也將來自附加產品。

Got it. And then my other question was, I think I heard you say the SG&A ratio is in the 14% range. Many of the larger public builders are now below 10%, whereas in previous years, never used to go below 10%. So is there anything you guys are working on to try to bring down the SG&A ratio?

知道了。然後我的另一個問題是，我想我聽到你說 SG&A 比率在 14% 的範圍內。許多大型公共建築商的比例現在都低於 10%，而在前幾年，這一比例從未低於 10%。那麼，你們正在採取哪些措施來降低 SG&A 比率呢？

Yes. Nothing specific, Alex, this is Charles. I mean I think we're comfortable in our advertising spend, and we're -- we break it down into 2 categories. So you have selling expenses, which is predominantly advertising spend commissions to both inside and outside salespeople and then running our offices. So as community count continues to grow. We continue to invest in new community openings, information centers across the country.

是的。沒什麼具體的，亞歷克斯，這是查爾斯。我的意思是，我認為我們對廣告支出感到滿意，我們將其分為兩類。因此，你有銷售費用，主要是向內部和外部銷售人員支付廣告費用佣金，然後經營我們的辦公室。隨著社區數量的不斷增長。我們繼續投資在全國開設新的社區和資訊中心。

From a G&A standpoint, then that's more of our corporate overhead and support operation, we've been running around an average of about $30 million a quarter. This year, the third quarter came in a little bit under than our average. So we continue to monitor expenses from an overhead standpoint to make sure that we are supporting the field in the best way possible.

從 G&A 的角度來看，這更多的是我們的公司管理費用和支援運營，我們每季平均運行約 3000 萬美元。今年第三季的業績略低於我們的平均值。因此，我們繼續從管理費用的角度監控支出，以確保我們以盡可能最好的方式支援該領域。

And really, right now, we're focused more on community count growth and getting these new communities opening in the markets, not a lot of geographic expansion in terms of where the new communities are coming from. They're coming from our existing markets. So we hope to leverage off of having the established overhead in those markets going into the future.

事實上，現在我們更關注社區數量的增長以及讓這些新社區在市場上開放，而不是在新社區的來源方面進行大量的地理擴張。它們來自我們現有的市場。因此，我們希望在未來能夠利用這些市場中現有的管理費用。

Okay. And if I could ask one last one. Any thoughts around issuing more fixed rate debt to swap out the lines of credit?

好的。如果我可以問最後一個問題的話。關於發行更多固定利率債務來置換信貸額度有什麼想法嗎？

It's something that's always on the radar for us, Alex. We evaluate those opportunities. We're constantly informed by our syndicate where rates are and where our current bonds are trading. So we want to make sure it's an attractive situation and there's actually a good use for the capital, but it is something that we're constantly looking at.

亞歷克斯，這是我們一直在關注的事情。我們評估這些機會。我們的銀團不斷向我們通報利率以及我們目前債券的交易地點。因此，我們希望確保這是一個有吸引力的情況，並且實際上對資本有很好的用途，但這是我們一直在關注的事情。

Got it. That's all, guys. Thank you.

知道了。就這些了，夥計們。謝謝。

Kenneth Zener, Seaport.

肯尼思·齊納，海港。

Good afternoon, everybody.

大家下午好。

Good afternoon.

午安.

A few questions here for you. I understand that you don't want to give FY25 pace gross margin. Maybe you could illuminate in terms of your either returns on capital or equity goals, so we could understand how you are balancing that margin, which is clearly against peers trends right now. Just in terms of the asset efficiency side, as you outlined your return goals.

這裡有幾個問題想問你。我知道您不想給 25 財年的毛利率。也許您可以從資本回報率或股本目標方面進行說明，這樣我們就可以了解您如何平衡利潤率，這顯然與目前的同行趨勢相反。正如您概述的回報目標一樣，就資產效率而言。

Yeah, Ken. This is Eric. I can start and then Charles can add specific to. I think for next year, without getting into specific guidance, which will get very similar pain and similar gross margins to this year because we believe we're at a historical average, and we'll always be there. Obviously, it depends on wholesale versus retail mix and geographic mix and incentives, there's variables there. And then when we're buying a deal, we're underwriting to a 20% ROE.

是的，肯。這是埃里克。我可以開始，然後查爾斯可以添加具體內容。我認為明年，在沒有具體指導的情況下，明年將面臨與今年非常相似的痛苦和相似的毛利率，因為我們相信我們處於歷史平均水平，而且我們將永遠保持在那裡。顯然，這取決於批發與零售組合以及地理組合和激勵措施，其中存在變數。然後，當我們購買一筆交易時，我們會以 20% 的 ROE 承保。

But what has happened over the last couple of years, we've got a lot of investment in land all these communities that we are bringing online the 30% year over year and the additional 10% to 20% growth. That has all just been expensed right now. We are not seeing any revenue for those communities. So we believe our ROE is going to be increasing over the next couple of years and heading in a positive direction.

但過去幾年發生的情況是，我們在所有這些社區的土地上進行了大量投資，我們正在使這些社區的上線速度同比增長 30%，並額外增長 10% 到 20%。現在這一切都已支出。我們沒有看到這些社區有任何收入。因此，我們相信我們的股本回報率將在未來幾年內不斷增加，並朝著積極的方向發展。

Appreciate that. Very good. As we think about your land, which has been in development on the balance sheet and capitalized interest, it's been picking up. Is it reasonable to assume the current -- I know you gave fourth quarter guidance in terms of the gross margin, interest expense spread, but is that going to be increasing next year as these longer-dated land physicians come on or through the income statement?

很欣賞這一點。非常好。當我們考慮您的土地時，資產負債表和資本化利息一直在開發中，它一直在回升。假設目前的情況是否合理——我知道您在毛利率、利息費用利差方面給出了第四季度的指導，但隨著這些長期土地醫生出現或通過損益表，明年這一比例是否會增加？

Yeah, Ken. This is Charles. I mean, I think we've been running around 180 and up to 200 basis points as far as what we can see in terms of visibility right now, I would say we're going to be somewhere in and around that 200 basis point range as we go into 2025, but we'll certainly give more color on that as we get closer into giving guidance for next year.

是的，肯。這是查爾斯.我的意思是，我認為就目前可見性而言，我們的利率一直在 180 到 200 個基點左右，我想說我們將在 200 個基點範圍內或附近的某個位置隨著我們進入2025 年，隨著我們越來越接近為明年提供指導，我們肯定會對此給予更多的說明。

Excellent. And then my one last question because you're development is so specific. And I think it's obviously been helping you guys consistent with your past. Is there a way you could comment on the cost of your land cost as a percent of sales versus your variable costs, which I assume both on the development of land are more similar to other builders considering the common trade that you use? Thank you very much.

出色的。然後是我的最後一個問題，因為你的開發是如此具體。我認為這顯然有助於你們與過去保持一致。有沒有一種方法可以對土地成本佔銷售額的百分比與可變成本進行評論，我認為土地開發方面的成本與考慮到您使用的共同貿易的其他建築商更相似？非常感謝。

Yeah, I can start. I think our average finished lot cost as a percentage of our ASP has been pretty close to around 20%, just under for quite some time. I think that's part of the way, as Eric was explaining how we think about pricing and achieving a return is that we would expect that to remain relatively consistent when you're buying finished lots, that number can push up.

是的，我可以開始了。我認為我們的平均成品批次成本佔 ASP 的百分比非常接近 20% 左右，並且在相當長的一段時間內一直低於這一比例。我認為這是部分原因，正如 Eric）解釋我們如何考慮定價和實現回報一樣，我們希望當您購買成品批次時保持相對一致，該數字可能會上升。

But from a development standpoint, that usually stays in somewhere around that number, the actual raw land portion is somewhere around 10% of the total finished lot cost. So most of the variability we see when we look at development costs and what it cost to replace the project are going to be included in the infrastructure requirements.

但從開發的角度來看，通常會保持在這個數字左右，實際的未開發土地部分約為完工地塊總成本的 10% 左右。因此，當我們考慮開發成本以及替換項目的成本時，我們看到的大部分可變性都將包含在基礎設施要求中。

Are there off sites required, what are the municipalities requiring us to do in order to bring that deal online, how much yield can we get out of the project due to detention requirements and those things, so the vast majority of the replacement costs come in the development spend.

是否需要場外，市政當局要求我們做什麼才能使交易在線上進行，由於拘留要求等原因，我們可以從該項目中獲得多少收益，因此絕大多數重置成本都來自於開發支出。

At this time, I'm not showing any further questions. I'd like to hand the call back to Eric for closing remarks.

目前，我不會提出任何進一步的問題。我想將電話轉回給埃里克，讓他作結束語。

Thanks, everyone, for participating on today's call and your continued interest in LGI Homes. Have a great rest of the day.

感謝大家參加今天的電話會議以及對 LGI Homes 的持續關注。祝你這一天好好休息。

This concludes LGI Homes third-quarter 2024 conference call. Have a great day.

LGI Homes 2024 年第三季電話會議至此結束。祝你有美好的一天。