LGI Homes Inc (LGIH) 2025 Q1 法說會逐字稿

Welcome to LGI Homes first quarter 2025 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 comments, there will be an opportunity to ask questions.

歡迎參加 LGI Homes 2025 年第一季電話會議。今天的電話會議將被錄音，重播將在公司網站 www.lgihomes.com 上提供。管理層準備好評論後，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.

現在，我將把電話轉給投資者關係和資本市場執行副總裁 Joshua Fattor。

Thanks, and good afternoon. I'll remind listeners that this call contains four looking statements, including management's views on the company's business strategy, outlook, plans, objectives, and guidance for future periods.

謝謝，下午好。我要提醒聽眾，本次電話會議包含四個展望性陳述，包括管理階層對公司業務策略、展望、計畫、目標和未來時期指導的看法。

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.

此類聲明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錯誤的。您應該查看我們向美國證券交易委員會提交的文件，以了解可能導致實際結果與今天呈現的結果不同的風險、不確定性和其他因素。

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 that are not guarantees of future performance.

所有前瞻性陳述均須根據相關風險進行考慮，您不應過度依賴此類陳述，因為它們反映了管理層當前的觀點，並不能保證未來的表現。

On this call, we'll discuss non-GAAP financial measures that are not intended to be considered in isolation or as substitutes 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 March 31, 2025, that we expect to file with the SEC later today.

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 財務指標與按照 GAAP 編制的最具可比性的指標的對帳表可以在我們今天早上發布的新聞稿和我們預計在今天晚些時候向美國證券交易委員會提交的截至 2025 年 3 月 31 日的季度報告（表格 10-Q）中找到。

This file will be accessible on the SEC's website and in the Investor Relations section of our website. I'm joined today by Eric Lipar, LGI Homes Chief Executive Officer and Chairman of the Board; and Charles Merdian, Chief Financial Officer and Treasurer.

該文件可在美國證券交易委員會網站和我們網站的投資者關係部分查閱。今天與我一起參加活動的還有 LGI Homes 執行長兼董事會主席 Eric Lipar；以及財務長兼財務主管 Charles Merdian。

I'll now turn the call over to Eric.

我現在將電話轉給 Eric。

Thanks, Josh. Good afternoon, and welcome to LGI Homes Earnings Call. During the quarter, we continue to see strong demand for new homes. Families across the country are excited about the possibility of homeownership and the lack of existing inventory combined with our ability to offset persistently high mortgage rates through compelling financing incentives is drawing customers into our information centers.

謝謝，喬希。下午好，歡迎參加 LGI Homes 收益電話會議。本季度，我們繼續看到新房的強勁需求。全國各地的家庭都對擁有住房的可能性感到興奮，現有庫存的缺乏，加上我們透過引人注目的融資激勵措施抵消持續高企的抵押貸款利率的能力，吸引著客戶來到我們的資訊中心。

However, affordability remains the biggest challenge for buyers, and rate volatility affects not only their ability to purchase a home, but also their confidence in moving forward with that decision. Against this challenging and uncertain backdrop, we're pleased with the solid results we delivered in the first quarter of 2025.

然而，負擔能力仍然是購屋者面臨的最大挑戰，利率波動不僅影響他們的購屋能力，也影響他們做出這項決定的信心。在這種充滿挑戰和不確定性的背景下，我們對 2025 年第一季取得的穩健業績感到滿意。

As we noted in our last call, higher mortgage rates in October and November weighed on our year-end backlog, and with rates rising in further in January, the first quarter got off to a slow start. While February brought some improvement, the overall trend remained muted. However, in March, the pace materially improved, signaling a belated start in spring sales activity just as the quarter ended.

正如我們在上次電話會議中指出的那樣，10 月和 11 月的抵押貸款利率上升對我們年底的積壓業務造成了壓力，而且隨著 1 月份利率進一步上升，第一季開局緩慢。儘管二月份有所改善，但整體趨勢依然低迷。然而，3 月份銷售速度明顯加快，標誌著春季銷售活動在本季末開始。

As highlighted in our press release this morning, we delivered 996 homes in the first quarter at an average sales price of $352,831, resulting in revenue of $351.4 million. During the quarter, we recognized a one-time expense related to the completion of our Forward Commitment Incentive Program that weighed on revenue and gross margins, as well as fees related to that charge that flowed through our G&A expense. We ended the first quarter with 146 communities, a 22% increase over the prior year.

正如我們今天早上的新聞稿中所強調的那樣，我們在第一季交付了 996 套房屋，平均售價為 352,831 美元，收入達 3.514 億美元。在本季度，我們確認了與完成遠期承諾激勵計劃相關的一次性費用，該計劃對收入和毛利率產生了影響，並且與該費用相關的費用已計入我們的一般及行政費用中。第一季結束時，我們擁有 146 個社區，比前一年增加了 22%。

During the first quarter, our top markets on a closings per community basis were Richmond with 5.3, Charlotte with 4.6, Raleigh with 4.3, Atlanta with 3.8, and Nashville with 3.6. Congratulations to the teams in these markets on their strong performance last quarter. The improvement in lead and order trends in March enabled us to close out the first quarter with a strong backlog as we transitioned into the second quarter.

第一季度，以每個社區成交量計算，我們排名靠前的市場依序為里士滿（5.3）、夏洛特（4.6）、羅利（4.3）、亞特蘭大（3.8）和納許維爾（3.6）。恭喜這些市場的團隊上個季度的出色表現。3 月領先和訂單趨勢的改善使我們能夠在進入第二季時以強勁的積壓訂單結束第一季。

We signed 1,437 net contracts in the first quarter and ended March with 1,040 homes in our backlog, representing over $406 million. Throughout our history, evidence has shown that training and time spent in the role are the keys to new salespeople hitting standards and delivering their best results.

我們在第一季度簽署了 1,437 份淨合同，截至 3 月底，我們的積壓房屋數量為 1,040 套，價值超過 4.06 億美元。縱觀我們的歷史，有證據表明，培訓和在職位上花費的時間是新銷售人員達到標準並取得最佳業績的關鍵。

As part of last year's rapid community count growth, we welcomed hundreds of new team members across every level of our organization. As these individuals enter their second year with LGI Homes, we're confident that their proficiency with our selling system and growing confidence will positively impact our results.

作為去年社區數量快速增長的一部分，我們歡迎來自組織各個層面的數百名新團隊成員。隨著這些人加入 LGI Homes 進入第二年，我們相信，他們對我們的銷售系統的熟練程度和日益增強的信心將對我們的業績產生積極影響。

Earlier this month, we welcomed our sales leaders to our corporate headquarters for intensive sales training that they will roll out to our sales teams across the country, setting the stage for a higher performing, more agile sales organization. By reinforcing foundations, building belief, sharpening skills, enhancing alignment with our core values, we're ensuring that our team is well equipped to seize every opportunity that comes through our doors, particularly while the market remains challenging.

本月初，我們歡迎銷售領導來到公司總部進行密集銷售培訓，他們將向全國各地的銷售團隊推廣這項培訓，為建立更有效率、更靈活的銷售組織奠定基礎。透過鞏固基礎、建立信念、磨練技能、加強與核心價值的一致性，我們確保我們的團隊有能力抓住每一個出現在我們面前的機會，特別是在市場仍然充滿挑戰的時候。

Despite recent headwinds, we're confident in the long-term outlook for the housing market. The persistent shortage of entry-level homes across the country represents a societal challenge that underscores the importance of affordable new residential construction. Underlying demographic fundamentals will only increase this need, setting the stage for a long runway of sustained demand for homeownership. These structural dynamics provide us with clarity and conviction as we continue to invest in our future growth.

儘管近期面臨阻力，但我們對房地產市場的長期前景充滿信心。全國入門級住房的持續短缺代表著一項社會挑戰，凸顯了經濟適用新住宅建設的重要性。潛在的人口基本面只會增加這種需求，為長期持續的住房需求奠定基礎。當我們繼續投資於未來成長時，這些結構性動力為我們提供了清晰的思維和信心。

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

有了這些，我將邀請查爾斯提供有關我們財務業績的更多細節。

Thanks, and good afternoon. Revenue in the first quarter was $351.4 million based on 996 homes closed at an average sales price of $352,831. The 10.1% decrease in revenue year-over-year was driven by an 8% decline in home closings and a 2.2% decline in our average sales price.

謝謝，下午好。第一季營收為 3.514 億美元，基於 996 套房屋成交，平均售價為 352,831 美元。營收年減 10.1% 是由於房屋成交量下降 8% 以及平均銷售價格下降 2.2%。

As Eric noted in his opening comments, we recognized a one-time expense of $8.6 million in the first quarter related to the completion of our forward commitment incentive program, of which $6.5 million was recorded as additional sales incentives in revenue.

正如艾瑞克在開場白中指出的那樣，我們在第一季確認了一筆 860 萬美元的一次性費用，與完成我們的遠期承諾激勵計劃有關，其中 650 萬美元被記錄為收入中的額外銷售激勵。

The decline in our reported ASP was driven by geographic mix, higher wholesale closings, and the one-time expense. Excluding this charge, ASP was essentially flat year-over-year. Of our total closings, 179 homes were through our wholesale channel, representing 18% of total closings, compared to 9.4% last year. Our first quarter gross margin was 21%, compared to 23.4% during the same period last year.

我們報告的平均售價下降是由於地理分佈、批發成交量增加以及一次​​性費用造成的。不計此項費用，平均售價與去年同期基本持平。在我們的全部成交房屋中，有 179 套是透過批發管道成交的，佔總成交量的 18%，而去年為 9.4%。我們第一季的毛利率為21%，而去年同期為23.4%。

The decrease as a percentage of revenue was primarily due to the forward commitment expense, an increase in wholesale closings, and to a lesser extent, higher construction overhead, lot costs, and capitalized interest as a percentage of revenue, as well as reduced operating leverage resulting from lower volumes.

收入百分比的下降主要是由於遠期承諾費用、批發成交量的增加，以及在較小程度上由於建築費用、地塊成本和資本化利息佔收入百分比的增加，以及由於銷量下降導致的經營槓桿的降低。

Adjusted gross margin was 23.6%, compared to 25.3% during the same period last year. Adjusted gross margin excluded $8.3 million of capitalized interest charged cost of sales, and $809,000 related to purchase accounting, together representing 260 basis points, compared to 190 basis points last year.

調整後毛利率為23.6%，去年同期為25.3%。調整後的毛利率不包括 830 萬美元的資本化利息銷售成本和 809,000 美元的採購會計相關費用，合計為 260 個基點，而去年為 190 個基點。

Excluding the $6.5 million charge to revenue, gross margin and adjusted gross margin were slightly below the guidance range we provided on our last call, but were in line with our expectations, which factored into typical first quarter seasonality. Combined selling general and administrative expenses for the first quarter totaled $73.5 million, or 20.9% of revenue. Selling expenses were $42.3 million, or 12% of revenue, compared with 10.5% in the same period last year.

不計入 650 萬美元的收入費用，毛利率和調整後毛利率略低於我們上次電話會議提供的指導範圍，但符合我們的預期，其中考慮到了第一季度的典型季節性。第一季銷售、一般及行政開支總計 7,350 萬美元，佔營收的 20.9%。銷售費用為 4,230 萬美元，佔營收的 12%，去年同期為 10.5%。

The increase was primarily related to higher advertising and personnel costs, and was partially offset by lower commissions due to fewer closings. General and administrative expenses were $31.2 million, or 8.9% of revenue, compared to 8.1% in the same period last year. Included in G&A was $2.1 million related to the buy-down expense.

成長主要與廣告和人事成本增加有關，但由於成交量減少導致佣金減少，部分抵消了這一增長。一般及行政開支為 3,120 萬美元，佔營收的 8.9%，去年同期為 8.1%。一般及行政費用包括與買斷費用相關的 210 萬美元。

For the full year, we are maintaining our view that combined SG&A will be 14% to 15% of revenue. Pre-tax net income was $5.7 million, or 1.6% of revenue. Our effective tax rate was 30.2%, compared to 26.2% in the same period last year. The higher rate was related to the timing of the impact of compensation costs for share-based payments. We continue to expect our full year tax rate will be approximately 24.5%.

對於全年而言，我們仍然認為綜合銷售、一般及行政費用將佔收入的 14% 至 15%。稅前淨收入為 570 萬美元，佔收入的 1.6%。我們的有效稅率為30.2%，去年同期為26.2%。較高的利率與股份支付的薪酬成本影響的時間有關。我們繼續預計全年稅率約為 24.5%。

Finally, net income in the first quarter was $4 million, or $0.17 per basic and diluted share. Gross orders in the first quarter were 1,716, and net orders were 1,437. Our cancellation rate was 16.3%, compared to 16.8% in the same period last year. As highlighted earlier, we ended March with 1,040 homes in backlog, representing $406.2 million.

最後，第一季淨收入為 400 萬美元，即每股基本收入和稀釋收入 0.17 美元。第一季總訂單量為1,716份，淨訂單量為1,437份。我們的取消率為 16.3%，而去年同期為 16.8%。正如先前強調的，截至 3 月底，我們已經積壓了 1,040 套房屋，價值 4.062 億美元。

Turning to our land position, at March 31, our portfolio consisted of 67,792 owned and controlled lots, a decrease of 3.4% year-over-year and 4.4% sequentially. Of those lots 53,761 or 79.3%, were owned, and 14,031 lots, or 20.7%, were controlled. Of our owned lots, 37,064 were raw land and land under development, with less than 30% of those lots in active development.

談到我們的土地狀況，截至 3 月 31 日，我們的投資組合包括 67,792 個自有和控制的地塊，年減 3.4%，環比下降 4.4%。其中，自有地塊 53,761 塊，佔 79.3%，控制地塊 14,031 塊，佔 20.7%。我們擁有的土地中有 37,064 塊為未開發土地和開發中土地，其中不到 30% 的土地處於活躍開發狀態。

Of the remaining 16,697 owned lots, 12,473 were finished vacant lots, and we had 2,702 completed homes and information centers. During the quarter, we started 1,176 homes and ended March with 1,522 homes in progress.

在剩餘的 16,697 個自有地塊中，有 12,473 個是已完工的空地，我們有 2,702 個已完工的住宅和資訊中心。本季度，我們開工建造了 1,176 套房屋，截至 3 月底，在建房屋數量為 1,522 套。

I'll now turn the call over to Josh for discussion of our capital position.

現在我將把電話轉給喬希，討論我們的資本狀況。

Thanks, Charles. We ended the quarter with $1.6 billion of debt outstanding, including $544.4 million drawn on our revolver, resulting in a debt-to-cap ratio of 44.3% and a net debt-to-cap ratio of 43.4%. Total liquidity was $360 million, including $57.6 million of cash, and $302.4 million of availability under a credit facility.

謝謝，查爾斯。本季末，我們的未償債務為 16 億美元，其中包括使用循環信貸提取的 5.444 億美元，導致債務與資本比率為 44.3%，淨債務與資本比率為 43.4%。總流動資金為 3.6 億美元，其中包括 5,760 萬美元的現金和 3.024 億美元的信貸額度可用資金。

Yesterday, we successfully completed the recast of our credit agreement, extending our maturity from 2028 to 2029. Total commitments through 2028 will be $1.2 billion, after which total commitments will be $972.5 million through 2029.

昨天，我們成功完成了信貸協議的修訂，將期限從 2028 年延長至 2029 年。到 2028 年的總承諾金額將達到 12 億美元，到 2029 年的總承諾金額將達到 9.725 億美元。

During the quarter, we repurchased 41,685 shares of our common stock for $3.1 million and ended the quarter with $177.7 million remaining on our current stock buyback authorization. Finally, our stockholder's equity on March 31, was over $2 billion, and our book value per share was $87.27.

在本季度，我們以 310 萬美元回購了 41,685 股普通股，本季末，我們目前的股票回購授權剩餘金額為 1.777 億美元。最後，截至 3 月 31 日，我們的股東權益超過 20 億美元，每股帳面價值為 87.27 美元。

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

現在，我將把電話轉回給 Eric。

Thanks, Josh. The slower start to the year was factored into the full-year guidance we shared on our last earnings call. Therefore, we remain confident in our original closing target of between 6,200 and 7,000 homes, 160 to 170 active communities by year-end, and an average selling price between $360,000 and $370,000.

謝謝，喬希。我們在上次收益電話會議上分享的全年預期中已經考慮到了今年開局放緩的情況。因此，我們仍然對最初的成交目標充滿信心，即到年底，房屋銷售量達到 6,200 至 7,000 套，活躍社區達到 160 至 170 個，平均售價達到 360,000 至 370,000 美元。

We continue to monitor tariffs and potential impacts that higher costs could have on margins. Beginning in March, we began receiving notices of price increases from some suppliers related to tariffs imposed to date, particularly those utilizing value-added components from China.

我們將繼續監測關稅以及成本上升對利潤率的潛在影響。從三月開始，我們開始收到一些供應商關於迄今為止徵收的關稅的漲價通知，特別是那些使用來自中國的增值零件的供應商。

With this in mind, we are proactively trimming our full-year gross margin expectations by 150 basis points at the low end and 100 basis points at the high end of our prior range to account for these additional costs and the potential for additional market uncertainty over the coming quarters. As a result, we now expect a full-year gross margin between 21.7% and 23.2% and adjusted gross margin between 24% and 25.5%.

考慮到這一點，我們主動下調了全年毛利率預期，低端下調了 150 個基點，高端下調了 100 個基點，以考慮這些額外成本以及未來幾個季度可能出現的額外市場不確定性。因此，我們現在預計全年毛利率在 21.7% 至 23.2% 之間，調整後毛利率在 24% 至 25.5% 之間。

To conclude, I want to thank our team members again for their dedication and congratulate them on the results they delivered in the face of a challenging market. We deeply value our people in being named a Top Workplaces USA recipient for the fifth consecutive year is a powerful testament to how enthusiastic our team members are about being part of LGI Homes.

最後，我要再次感謝我們團隊成員的奉獻精神，並祝賀他們在充滿挑戰的市場中所取得的成就。我們非常重視我們的員工，連續第五年被評為「美國最佳工作場所」得主，這有力地證明了我們的團隊成員對成為 LGI Homes 一員的熱情。

Thank you for your belief in our mission and your continued commitment to our company and our customers. We will now open the call for questions.

感謝您對我們使命的信任以及對我們公司和客戶的持續承諾。我們現在開始提問。

(Operator Instructions) Michael Rue from JP Morgan.

（操作員指示）摩根大通的 Michael Rue。

Hi, good afternoon, everyone. It's Mike Rehaut. Thanks for all the details always. I was hoping to get a little more granular in terms of my first question on the gross margin trajectory that you've adjusted for in terms of guidance.

大家好，下午好。我是麥克·雷豪特。感謝您一直以來提供的所有詳細資訊。我希望就第一個問題獲得更詳細的信息，關於您在指導方面調整的毛利率軌跡。

Specifically, how we should think about 2Q, 3Q, 4Q in terms of cadence? And of the reduction in overall guidance, what is kind of related to the expected incline in costs related to tariffs as opposed to other drivers of the margin?

具體來說，我們該如何從節奏的角度來思考2Q、3Q、4Q？在整體指導價的下調中，與關稅相關成本的預期上漲有什麼關係，與利潤率的其他驅動因素有什麼關係？

Thanks, Mike. This is Eric. I think on the margin question, there's really three components to it. We start with the tariffs. We've seen minimal cost increases yet, but there's no question we are getting letters from our suppliers with tariff surcharges that are going into effect in April and May.

謝謝，麥克。這是埃里克。我認為利潤問題實際上包含三個部分。我們從關稅開始。我們已經看到成本略有增加，但毫無疑問，我們收到了供應商的來信，其中提到將於 4 月和 5 月生效的關稅附加費。

Right now, it's not a material amount, but it is a factor in our decision to lower gross margins. More than that is just the uncertainty of what will happen next week on tariffs or costs. We're still seeing costs generally increase when it comes to doing business with cities, various fees.

目前，這不是一個實質的數額，但它是我們決定降低毛利率的因素。更重要的是，下週關稅或成本的走勢存在不確定性。我們仍然看到與城市做生意時成本和各種費用普遍增加。

Also, the results of Q1, the gross margin was lost. We thought it was prudent taking all that into consideration. We're leaning into incentives with our customers. Those are averaging 5% to 6% now of ASP, which impacts gross margin. With all those things considered, we thought it was prudent for the end-of-the-year gross margin to be adjusted.

另外，第一季的業績，毛利率也損失了。我們認為，考慮到所有這些因素是明智之舉。我們傾向於向客戶提供激勵措施。目前這些產品的平均售價為 5% 至 6%，這會影響毛利率。考慮到所有這些因素，我們認為調整年末毛利率是明智之舉。

I appreciate that, Eric. I guess your comments also kind of lead into my second question, which is you said that you're maybe leaning into incentives a little more this past quarter. I was curious -- I think you said 5% to 6% just now. What that compares to maybe last quarter and how much of this is just more related to when you think about what's driving the need to do that?

我很感激，埃里克。我想您的評論也引出了我的第二個問題，即您說您可能在過去一個季度中更傾向於激勵措施。我很好奇——我想你剛才說的是 5% 到 6%。與上一季相比，這有何不同？當您思考是什麼推動了這項需求時，這有多少相關性？

Is it more just can buyers kind of maybe on the sideline amid some of the volatility going on here or other factors driving maybe a more competitive market? I know that you kind of said in your prepared remarks a lack of existing inventory across your markets as being a positive fundamental element of the housing backdrop.

在市場出現一些波動或其他因素推動市場競爭更加激烈的情況下，買家是否只能袖手旁觀？我知道您在準備好的發言中提到，您所在市場缺乏現有庫存是住房背景的積極基本因素。

I just wanted to kind of circle back to that as well and if that's at all part of what's driving the higher incentives as well or in fact, to the extent that there is some increase in inventory, that's also been a reason.

我只是想回到這個問題上，如果這也是推動更高激勵措施的部分原因，或者事實上，在某種程度上庫存有所增加，這也是一個原因。

I think incentives as a percentage is similar to last quarter. What we're doing on incentives, and we think we need to be competitive in the market, so the market dynamic is certainly playing a role in that. We don't think we need to be racing to the bottom as far as incentives go.

我認為激勵的百分比與上一季相似。我們正在採取激勵措施，我們認為我們需要在市場上具有競爭力，因此市場動態肯定在其中發揮作用。我們認為，就激勵措施而言，我們不需要競相壓價。

But the three components are closing cost incentive, as most of our competitors are doing, something we've always done with our customers, cash out of pocket is important for our customers and we are incentivizing closing cost assistance.

但這三個組成部分是成交成本激勵，正如我們的大多數競爭對手所做的那樣，這也是我們一直為客戶做的事情，自付現金對我們的客戶很重要，我們正在激勵成交成本援助。

The second one is we're currently incentivizing with rate buy-downs as most builders are doing. That trend continues. That's a big expense for LGI. We're getting that fixed rate as low as we possibly can for our buyers because certainly an affordable payment and qualifying for a mortgage or sales prices are today as important.

第二，我們目前正在像大多數建築商一樣，透過降低利率來提供誘因。這種趨勢仍在持續。對 LGI 來說，這是一筆很大的開銷。我們正在為買家提供盡可能低的固定利率，因為如今，負擔得起的付款和獲得抵押貸款或銷售價格的資格當然同樣重要。

And then finally, and right now the slower sales pace that leads to more finished inventory across our portfolio. And when you have more finished inventory, that leads to more price discounting or more heavily incentives on the older inventory. So all those added up is a more heavier incentive. The percentage is similar, but we're talking about what it's going to look like over the next two or three quarters. Obviously, it depends on the sales pace, but we thought reducing our gross margin was prudent.

最後，目前銷售速度較慢導致我們的產品組合中成品庫存增加。當你擁有更多成品庫存時，就會產生更多的價格折扣或對舊庫存產生更大的誘因。所以所有這些加起來就是更重的激勵。百分比是相似的，但我們正在討論未來兩三個季度的情況。顯然，這取決於銷售速度，但我們認為降低毛利率是明智之舉。

All right, great. Thank you very much.

好的，太好了。非常感謝。

Trevor Allenson, Wolf Research.

特雷弗艾倫森（Trevor Allenson），沃爾夫研究公司。

Hi, good afternoon. Thank you for taking my questions. First one's on the midpoint of the full year closings guide. I think it implies a roughly 3.5 absorption pace on closings. You did more like 2.2 here in the first quarter. So you just talk about your confidence in accelerating pace the rest of the year to drive at that full year target range, especially given some of the volatility we're seeing.

嗨，下午好。感謝您回答我的問題。第一個是關於全年收盤指南的中點。我認為這意味著成交量的吸收速度約為 3.5。您在第一季的成績更像是 2.2。因此，您剛才談到了在今年剩餘時間內加快步伐以實現全年目標範圍的信心，特別是考慮到我們看到的一些波動。

Yeah, it's a great question, Trevor. I can start. January, February certainly were sluggish -- March sales were great. I mean, March sales were more in the four to five a month pace, which is fantastic. April so far, it's been a little bit more sluggish.

是的，這是一個很好的問題，特雷弗。我可以開始了。一月、二月的銷售確實不景氣，但三月的銷售很棒。我的意思是，三月的銷售每月有四到五個，這真是太棒了。四月份到目前為止，情況稍微低迷。

Even last week's sales, we got to get in the loan application, but not as strong as April. We're going to close approximately 450 houses in April, which is more of the three a month cadence. Every month, January to February, February to March, March to April has been increasing closings, so we're trending in the correct direction.

即使是上週的銷售額，我們也收到了貸款申請，但不如四月那麼強勁。我們將在四月關閉約 450 棟房屋，比每月三棟的節奏還要多。每個月，一月到二月、二月到三月、三月到四月，成交量都在增加，所以我們正朝著正確的方向發展。

And yeah, we need to be in that four closings a month absorption pace for the rest of the year. And I think the rest of the year, does it look more like March or the first couple weeks of April? If it looks more like March, then we're going to be in really good shape. We're still seeing demand, so we're confident in our end of the year closing guidance.

是的，我們需要在今年剩餘時間內保持每月四次收盤的吸收速度。我認為今年剩餘的時間看起來更像三月或四月的頭幾週嗎？如果看起來更像三月，那麼我們的狀態就會非常好。我們仍然看到需求，因此我們對年底的收盤指引充滿信心。

Okay, I appreciate all that color. And then second question is more of kind of the pace and price tradeoff here. You're taking down your gross margin estimates or guidance. Some of that is due to tariffs. Some of that is due to market conditions.

好的，我很欣賞這些顏色。第二個問題更多的是關於速度和價格的權衡。您正在降低毛利率預估或指導。部分原因是關稅。部分原因是由於市場條件。

Should we interpret the adjustment as a view that the 3.3 absorption pace implied by the low end of your guidance represents afford and that if demand were to soften, that you would lean more heavily into either incentives or discounting to make sure you don't fall below that pace?

我們是否應該將這種調整解讀為這樣一種觀點：您的指導下限所暗示的 3.3 吸收速度代表了可承受性，並且如果需求減弱，您會更加依賴激勵措施或折扣來確保您不會低於該速度？

Or should we think that if demand were to soften, that would play through a slower pace? How are you thinking about the tradeoff between those two things? Thanks.

或者我們應該認為，如果需求減弱，那麼其影響速度就會變慢？您如何看待這兩者之間的權衡？謝謝。

Yeah, the other component on demand is our wholesale business. It was 18% of our closings in Q1, so it depends on what percentage that flows through the rest of the year because we're willing to take a lower gross margin when we sell wholesale houses to our investor friends. So that will have a factor as well on gross margin.

是的，另一個按需組成部分是我們的批發業務。這是我們第一季成交量的 18%，所以這取決於今年剩餘時間內成交量的百分比，因為當我們向我們的投資者朋友批發房屋時，我們願意接受較低的毛利率。所以這也會對毛利率產生影響。

And then demand, when we talk about demand at LGI is how many leads are we having come through our systems, how many inquiries we're having, how many people are going to our website. The good news for all of us is the demand is still strong, I would say. We're having 6,000 to 7,000 inquiries a week, people looking to change their address, primarily getting out of a leasing situation to home ownership.

然後是需求，當我們談論 LGI 的需求時，我們指的是有多少線索通過我們的系統，有多少詢問，有多少人訪問我們的網站。我想說，對我們所有人來說，好消息是需求仍然強勁。我們每週收到 6,000 到 7,000 個諮詢，人們希望更改地址，主要是為了擺脫租賃狀態，轉而擁有自己的房屋。

The challenge is in affordability. So we think demand is going to be there. It's just getting the customers qualified, and that comes into what's the tenure doing, where's the mortgage rate market, what is pricing doing. So we're going to keep an eye on all those factors very closely.

挑戰在於能否負擔得起。所以我們認為需求將會存在。這只是讓客戶獲得資格，然後涉及貸款期限、抵押貸款利率市場、定價情況等。因此我們將密切關注所有這些因素。

Thanks for the color, and good luck moving forward.

謝謝你的顏色，祝你未來好運。

Carl Reichardt, BTIG.

卡爾·賴哈特（Carl Reichardt），BTIG。

It's nice to talk to you. Thanks for getting my questions. Eric, you talked about confidence related to rate volatility as a hindrance in Q1. That seemed odd to me. I'm wondering if you're seeing confidence related to, say, worries about income, worries about costs out the door, worries about savings or the market. I'm trying to see how broad the lack of confidence is.

很高興和你談話。感謝您回答我的問題。艾瑞克，您談到與利率波動相關的信心是第一季的一個障礙。我覺得很奇怪。我想知道您是否看到與收入擔憂、支出擔憂、儲蓄或市場擔憂相關的信心。我想看看缺乏信心的現像有多普遍。

We know rate vol impacts business, but I'm curious if you're seeing it morph into deeper concerns when you talk to your sales teams about the consumers they're seeing.

我們知道利率波動會影響業務，但我很好奇，當您與銷售團隊談論他們所看到的消費者時，您是否發現它變成了更深層的擔憂。

Yeah, I think, Carl, it's a great question. I think the first thing we look at is affordability and qualifying, like I said on the previous answer. But certainly, as homes have gotten more expensive, I mean, our average credit score for our buyer is around 700 now last quarter in the 690s, with very good income and very good debt-to-income ratios.

是的，卡爾，我認為這是一個很好的問題。我認為我們首先考慮的是可負擔性和資格，就像我在先前的回答中所說的那樣。但可以肯定的是，隨著房價變得越來越貴，我的意思是，我們買家的平均信用評分上個季度現在約為 700，達到 690 多分，收入非常好，債務收入比也非常好。

So we have a very strong buyer that probably is paying attention more to the market dynamics and the job market and uncertainty in the economy than our entry level -- our true entry level buyer was from five years ago. So I think that's playing a role. So general uncertainty, but the demand is there, obviously, per market conditions. We talked about our five strongest markets on the call for Q1 closings. Those, for us, were all in the southeast. So on a closing volume, Florida, Texas, and the West were not as strong. I think that's playing into the market dynamic as well.

因此，我們擁有一個非常強大的買家，他可能比我們的入門級買家更關注市場動態、就業市場和經濟的不確定性——我們真正的入門級買家是五年前的。所以我認為這正在發揮作用。因此總體上存在不確定性，但根據市場情況，需求顯然是存在的。我們在第一季收盤電話會議上討論了我們最強大的五個市場。對我們來說，這些都在東南部。因此，從收盤量來看，佛羅裡達州、德克薩斯州和西部的表現並不那麼強勁。我認為這也對市場動態有影響。

Great. Thank you, Eric. And then just on new community openings as you go, so two things. One, typically I'm expecting that new stores are going to generate faster sales when they open, but at the same time for you guys, because the sales system is so important, training is so important to your folks, I think you've said in the past, sometimes it takes new salespeople at new communities a while to get ramped up.

偉大的。謝謝你，埃里克。然後隨著新社區的開放，有兩件事。首先，通常我預期新店開業時會產生更快的銷售業績，但同時對你們來說，因為銷售系統非常重要，所以培訓對你們的員工來說非常重要，我想你們過去曾說過，有時新社區的新銷售人員需要一段時間才能適應。

So between those two dynamics, as you look out for this year, what are you expecting to see in terms of mix from new communities helping sales rate or improving salespeople as they get experience helping your sales rate?

那麼，在這兩種動態之間，當您展望今年時，您期望看到新社區如何幫助提高銷售率，或者銷售人員在獲得經驗後如何幫助您提高銷售率？

Yeah, those are both great comments, Carl, and probably should have been added to Trevor's comments on why we're confident in our overall year-end closing guidance because with 22% year-over-year closing growth, we hired a lot of new people, a lot of new managers over the last 12 months, and we expect all those salespeople to improve in year two in the business. That's been consistent for the last 25 years. And then also community count will be opening up.

是的，卡爾，這兩則評論都很棒，可能應該添加到特雷弗的評論中，說明為什麼我們對整體年末結帳指引充滿信心，因為隨著年結帳額同比增長 22%，我們在過去 12 個月中僱用了許多新員工、許多新經理，我們預計所有這些銷售人員在第二年都會有所進步。過去 25 年來，情況一直如此。然後社區計數也將開放。

We do expect communities to get off to sometimes a fast start, sometimes a cautious start, but it will improve as the community gets more experience as well. And then just the overall volume of new communities from 146 reported last month to the end of the year, 160, 170, those additional communities will help us achieve our closing target.

我們確實希望社區有時能夠快速起步，有時能夠謹慎起步，但隨著社區獲得更多經驗，情況也會改善。然後，新社區的總數從上個月報告的 146 個到年底增加到 160、170 個，這些新增社區將幫助我們實現最終目標。

Great, I appreciate it. Thank you, Eric.

太好了，我很感激。謝謝你，埃里克。

Kenneth Zener from Seaport Research Partners.

海港研究合作夥伴的 Kenneth Zener。

Afternoon, everybody. Look, obviously one cue came in below what had been a strong 4Q where you guys were confident your land model would be delivering those higher margins, part of your long-term DNA. The street's obviously skeptical given the stock's valuation. So was it January, February slow, March picked up, but you're giving guidance sequentially, right?

各位下午好。你看，顯然在第四季表現強勁的情況下，你們有信心你們的土地模型將帶來更高的利潤率，這是你們長期 DNA 的一部分。鑑於該股票的估值，華爾街顯然持懷疑態度。那麼，一月、二月發展緩慢，三月回升，但您是按順序給予指導的，對嗎？

I think you can understand why people are, given what other builders have been saying, skeptical of that. So it sounds like in reference to Carl's question, mix is playing a big piece of that. And then I wasn't clear if you gave, or I guess I missed it if you did give the answer to the earlier question about is there a ramp-up in gross margins, or is that kind of just the click-up occurs all at once and then we hold steady for the year?

從其他建築商的說法來看，我想你可以理解為什麼人們對此持懷疑態度。因此，聽起來就像是卡爾的問題，混合在其中發揮了重要作用。然後我不清楚您是否給出了答案，或者我想我錯過了您是否給出了之前那個問題的答案，即毛利率是否有所上升，或者只是突然上升，然後全年保持穩定？

If you could just, I know that was a little broad question, but I was trying to get an understanding of where your confidence exists and clearly the market's, lacking a little bit.

如果你可以的話，我知道這是一個有點廣泛的問題，但我想了解你的信心在哪裡，顯然市場有點缺乏信心。

Yeah. I'll start, Kenneth, on the ramp-up in gross margin. I think gross margin will ramp up through the end of the year, primarily because we expect volume to ramp up through the year. I think the cost associated with gross margin and the incentives, I'd say is similar, but I think it will ramp up because of volume components. Charles, do you have anything to add to that? Sure.

是的。肯尼斯，我首先要談談毛利率的提高。我認為到今年年底毛利率將會上升，主要是因為我們預計全年銷量將會上升。我認為與毛利率和激勵措施相關的成本是相似的，但我認為它會因為數量因素而上升。查爾斯，你還有什麼要補充的嗎？當然。

I would just add in terms of the land management, how we're thinking about it is that our acquisition pace has tempered as we're modeling to our current absorption expectations. We are working through our development spend as we are bringing on the communities that we just delivered in addition to the new communities that we expect to deliver into 2026.

我想補充一點，就土地管理而言，我們的想法是，隨著我們根據當前的吸收預期進行建模，我們的收購步伐已經放慢。我們正在利用開發支出來建立剛交付的社區以及預計在 2026 年交付的新社區。

Development timelines continue to be elongated and take longer to get a development from initial completion of engineering and design to getting the community ready and onboarded and ready for sales teams to be active.

開發時間軸不斷延長，從最初完成工程和設計到讓社區做好準備、加入並準備好讓銷售團隊活躍起來，開發時間需要更長的時間。

So I think in the first quarter, what you see is just the lower absorption rate kind of impacts that from a timing standpoint. So as absorptions start to reaccelerate in the back half of the year, you'll see us recover more cash than we're reinvesting because our communities are delivering the sections.

因此我認為，在第一季度，從時間角度來看，較低的吸收率會產生一定的影響。因此，隨著下半年吸收開始重新加速，您會看到我們收回的現金比我們再投資的現金更多，因為我們的社區正在交付這些部分。

The timing of the next section is being pushed out and re-evaluated. That just takes some time for that to happen. So two things, adjust the cash flow spend and then make sure we can get the homes delivered and into the sales process, and that just takes a little bit longer than I think it sees in a single quarter.

下一節的時間正在推遲並重新評估。只是這需要一些時間才能實現。所以有兩件事，調整現金流支出，然後確保我們能夠交付房屋並進入銷售流程，而這只需要比我認為一個季度所需的時間稍微長一點。

Really appreciate that. And then I guess given your comment about gross margins going up partly due to higher volume, could you refresh us on what costs you have, I guess, in gross margin as a percent of sales? Is it like 3% if sales are fixed in that hogs line? And then what do you expect your year-end inventory units to be? Thank you very much.

真的很感激。然後，我想考慮到您所說的毛利率上升部分是由於銷量增加，您能否向我們介紹一下毛利率中的成本佔銷售額的百分比？如果銷售量固定在該生豬線上，那麼利率是不是會達到 3% 呢？那麼您預計年末庫存單位是多少？非常感謝。

Yeah, great questions, Ken. So included in gross margins, you're going to have capitalized overhead as the primary variable. So if you've got lower volume, the amount of dollars that come through related to construction, related costs, that's typical when absorptions are lower, the percentage of revenue that is allocated based on the construction dollars is typically going to be higher. So that levels out through the year. That is not unique to 2025. That's really been the case why we guide to lower gross margins.

是的，很好的問題，肯。因此，在毛利率中，資本化間接費用是主要變數。因此，如果交易量較低，與建設相關的資金數量和相關成本較低，這在吸收量較低時很常見，根據建設資金分配的收入百分比通常會較高。因此全年情況都保持平穩。這並不是 2025 年獨有的現象。這確實是我們指導降低毛利率的原因。

Do you have a number for that? Do you have a number for that, for the 4% per year we could do the modeling ourselves?

你有這個號碼嗎？對於每年 4% 的成長率，您能給出一個數字嗎？我們可以自己進行建模嗎？

Yeah, I'm going to say over time it's going to be somewhere around 30 basis points to maybe up to 50 basis points in improvement directly related to absorptions, but obviously going to be tied to how much volume comes through and then staffing levels per community make a difference as well, but around 30 basis points to 50 basis points.

是的，我想說的是，隨著時間的推移，與吸收量直接相關的改善將在 30 個基點到 50 個基點之間，但顯然這將與通過的數量有關，然後每個社區的人員配備水平也會有所不同，但大約在 30 個基點到 50 個基點之間。

Okay, and then year-end inventory thoughts? Thank you.

好的，那麼年終盤點的想法是什麼呢？謝謝。

Yeah, year-end inventory, I think we're trending to we ended first quarter at about 4,200 units, so I'd say we're probably going to be somewhere in that range. A lot of it is going to depend on timing of 2026 openings and what that outlook looks like, but I'd say we'd end the year somewhere similar to where we are today, maybe a little bit more balanced in terms of we would expect our completed homes and WIP to be a little bit more balanced, 60/40, rather than we're a little bit heavier in completed units at the moment, but that is also typical in the first quarter as we move into the summer.

是的，年終庫存，我認為我們第一季末的趨勢是庫存約為 4,200 台，所以我想我們可能會處於這個範圍內。這在很大程度上取決於 2026 年的開業時間以及前景如何，但我想說，我們今年年底的水平將與今天相似，也許會更加平衡一些，我們預計已完工的房屋和在製品將更加平衡，為 60/40，而不是像現在這樣，已完工的房屋數量略多一些，但隨著我們進入夏季，這在第一季度也很常見。

Thank you.

謝謝。

Jay McCandless, Wedbush.

傑伊麥坎德利斯，韋德布希。

Hey, guys. Thanks for taking my questions. The first one I had, you called out, I think, wholesale at roughly 18% of closings this quarter, and I think that's probably the highest number you all have had in at least the last five or six quarters. Is there enough demand in the wholesale channel that if you needed to lean into that, the buyers are there to support that large of a percentage?

嘿，大家好。感謝您回答我的問題。我所得到的第一個數據是，您提到，本季批發交易約佔成交量的 18%，我認為這可能是過去五、六個季度以來的最高數字。批發管道是否有足夠的需求，如果您需要依靠這一點，那麼買家是否能夠支援那麼大的比例？

Yeah, Jay, I think it's very market specific. And then that 18% number was on a pretty low overall volume number. So it certainly wasn't the biggest wholesale number we've had in our history as an absolute number, I don't believe.

是的，傑伊，我認為這與市場息息相關。而且 18% 這個數字是相對較低的總體數量而言的。因此，從絕對數字來看，我認為這肯定不是我們歷史上最大的批發數字。

So I would say the wholesale appetite for houses, there's still a significant bid-ask-spread difference. But the business is there for the right price, also very market specific and even sub-market specific.

所以我想說，對於房屋的批發需求，仍然有顯著的買賣價差。但只要價格合適，生意就一定存在，而且非常針對特定市場，甚至是次市場。

Okay. And then it was nice to see liquidity went up sequentially from the fourth quarter and also like to see in the stock buyback. Could you tell us how much you have outstanding on the repurchase authorization right now?

好的。很高興看到流動性從第四季開始連續上升，並且股票回購也出現。您能告訴我們您目前還有多少未償還的回購授權嗎？

Hey, Jay, this is Josh. Yeah, we currently have $177 million, still outstanding on that. You saw that we did about $3.1 million. Last quarter was about 41,000 shares. Probably worth hitting on the point that to the comment that Charles made earlier, right, when you're seeing a 2.2 absorption pace and that's going to, delineate where your underwriting criteria is for that period, makes it a little bit more compelling for you to be going out and using some of that cash to buy back shares.

嘿，傑伊，我是喬希。是的，我們目前還有 1.77 億美元未償還。大家看到我們賺了大約 310 萬美元。上個季度約為41,000股。可能值得一提的是，查爾斯之前所作的評論是這樣的，當你看到 2.2 的吸收速度時，這將描述出你在那個時期的承保標準，這會讓你更有吸引力地出去用一部分現金回購股票。

There's obviously a nice arbitrage on that. So you should expect for us to put a higher priority on share repurchases in the future as long as we're, I think today, trading at a 36% discount to the book value we just reported. And so that's a compelling investment for our business.

這顯然是一個不錯的套利機會。因此，只要我們今天的交易價格比我們剛剛報告的帳面價值低 36%，您就應該期待我們將來會優先考慮股票回購。所以這對我們的業務來說是一項引人注目的投資。

Thanks. And then one more, if I may. Eric, I know you said at the beginning that the full year volume guidance was predicated on a slow start to the year. And I know a couple other people have asked about this, but maybe could you talk about where some of the openings are going to happen in the rest of the year?

謝謝。如果可以的話，我再說一個。艾瑞克，我知道你一開始就說過，全年銷售預期是基於今年開局緩慢的情況而做出的。我知道還有其他幾個人問過這個問題，但您能否談談今年剩餘時間裡的一些空缺職位在哪裡？

And are they in some of your higher volume markets or lower volume markets? Is there anything geographically besides just the volume of communities opening, maybe something geographically that's going to help you guys get to the full year closing guidance?

他們是否位於一些交易量較大的市場或交易量較小的市場？除了開放社區的數量之外，從地理位置上還有什麼其他因素可以幫助你們獲得全年收盤指引嗎？

Yeah, I think it's more the absolute number, Jay, than the geography and also replacement communities. You know, we're talking about net new communities, a lot of replacement communities coming online. We are opening a number in the Carolinas, which is a higher volume community for us.

是的，傑伊，我認為這更多的是一個絕對數字，而不是地理位置和替代社區。你知道，我們正在談論全新的社區，許多替代社區正在上線。我們正在卡羅來納州開設一些門市，這對我們來說是一個客流量較大的社區。

But we're also opening quite a few communities in the West Coast, which isn't necessarily higher volume, but certainly higher ASV and higher revenues. So we're excited about those openings as well.

但我們也在西海岸開設了不少社區，這不一定意味著數量更多，但肯定會帶來更高的 ASV 和更高的收入。因此，我們也對這些開幕感到興奮。

Okay, great. Thanks, guys.

好的，太好了。謝謝大家。

Alex Barron, Housing Research Center.

住房研究中心的亞歷克斯·巴倫。

Thank you, gentlemen. I wanted to ask some of your larger competitors who focus on specs and the affordable segment seem to be more focused on cutting prices these days? And I'm just wondering how you guys are responding to that and what criteria do you use when you think about the need to cut prices? That's my first question.

謝謝各位。我想問一下你們的一些較大的競爭對手，他們專注於規格和實惠部分，現在似乎更注重降低價格？我只是想知道你們對此有何反應，以及當你們考慮降價的必要性時使用什麼標準？這是我的第一個問題。

The other question is with regards to the forward commitment, what interest rate, generally speaking, are you guys offering to buyers through that incentive?

另一個問題是，關於遠期承諾，一般來說，你們透過這種激勵措施向買家提供什麼利率？

Yeah, it's a good question, Alex. I'll start with the rate question. We're buying down to the lowest fixed rate possible every week, so obviously that changes and there's some market dynamics to it.

是的，這是個好問題，亞歷克斯。我先從利率問題開始。我們每週都會以盡可能低的固定利率進行購買，因此顯然這會發生變化，並且會受到一些市場動態的影響。

Right now we are buying down, and most of our customers are in the mid-fives for the FHA rate with good credit, which we think we can sell a lot of houses at the mid-five rates, but it also comes into price and all the other incentives.

目前，我們正在降低購房利率，我們的大多數客戶都處於 FHA 利率的五分之一左右，並且信用良好，我們認為我們可以以五分之一左右的利率出售大量房屋，但這也涉及到價格和所有其他激勵措施。

So, we're leaning into incentives. We think it's really compelling, the value and the offering we're having for consumers right now. Discounting houses is something we don't do a lot of unless it's a standing inventory house, and then once a house has been in inventory for a while, that's another tool that we have.

因此，我們傾向於採取激勵措施。我們認為，我們目前為消費者提供的價值和服務確實非常引人注目。除非是庫存充足的房屋，否則我們不會經常對房屋進行打折，而一旦房屋庫存充足，這就是我們的另一種工具。

But our communities tend to be larger. They tend to have a couple hundred houses per community, and so we're a little bit more cautious on doing steep discounts to the price and in a lot of cases it's not necessarily as well.

但我們的社區往往更大。每個社區通常有數百棟房子，因此我們在大幅折扣時會更加謹慎，而且在許多情況下也不一定如此。

Got it. Thank you so much.

知道了。太感謝了。

All right. Thank you.

好的。謝謝。

Michael Rehaut, JP Morgan.

摩根大通的麥可雷豪特。

Thanks. Appreciate it. Just wanted to circle back to a couple of clarifying remarks, I guess, around margins. First off, you broke out the charge, I believe, of $8.6 million on the forward commitment expenses kind of one time. $6.5 million was in gross margin, I guess, through by virtue of the ASP. So there obviously we're just want to make sure I have it right that the remainder would be in SG&A, the $2.1 million.

謝謝。非常感謝。我想，只是想回到關於利潤率的幾個澄清性評論。首先，我相信您一次性列出了 860 萬美元的遠期承諾費用。我猜，650 萬美元是毛利，這是透過 ASP 實現的。因此，顯然我們只是想確保我所說的正確，剩餘的 210 萬美元將計入銷售、一般和行政費用 (SG&A)。

Mike, this is Charles. Yes, that's correct -- $6.5 in revenue and $2.1 in SG&A.

麥克，這是查爾斯。是的，沒錯－收入 6.5 美元，銷售、一般及行政費用 2.1 美元。

$6.5 in revenue and $2.1 in SG&A. Okay. And then secondly, again, just any thoughts around 2Q, 3Q, 4Q, gross margin cadence would be helpful for modeling?

收入為 6.5 美元，銷售、一般及行政費用為 2.1 美元。好的。其次，再次強調，有關第二季、第三季、第四季毛利率節奏的任何想法是否有助於建模？

Well, I think it's going to ramp up as we go because of volume component, and Charles already talked about that, 30 basis points to 50 basis points with that. And then we gave our annual guidance of 24% to 25.5% is where we're comfortable for the year-end range.

嗯，我認為隨著交易量的增長，這個數字將會上升，查爾斯已經談到了這一點，從 30 個基點到 50 個基點。然後我們給出了 24% 至 25.5% 的年度指導，這是我們對年底範圍感到滿意的水平。

Okay. All right. So I'll work it that way. Thanks very much.

好的。好的。所以我會這麼做。非常感謝。

Thank you. At this time, I am not showing any further questions.

謝謝。目前，我沒有提出任何其他問題。

Thanks, everyone, for participating on today's call and your continued interest in LGI Homes.

感謝大家參加今天的電話會議以及對 LGI Homes 的持續關注。

This concludes LGI Homes' first quarter 2025 conference call. Have a great day.

LGI Homes 2025 年第一季電話會議到此結束。祝你有美好的一天。