LGI Homes Inc (LGIH) 2025 Q3 法說會逐字稿

Welcome to the LGI Homes third 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 年第三季電話會議。今天的電話會議正在錄音，錄音回放將在公司網站www.lgihomes.com上提供。管理階層發言結束後，將安排提問環節。

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

現在，我將把電話轉交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 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 be incorrect.

謝謝，下午好。我在此提醒各位聽眾，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。此類聲明反映了管理層目前的預期，並涉及假設和估計，而這些假設和估計會受到風險和不確定性的影響，可能導致這些預期偏差。

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 should not place undue reliance on such statements, which reflect management's current viewpoints and are not guarantees of future performance.

您應該查閱我們向美國證券交易委員會提交的文件，其中討論了可能導致實際結果與今天公佈的結果不同的風險、不確定性和其他因素。所有前瞻性陳述都必須結合相關風險進行考慮，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，並不能保證未來的績效。

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

在本次電話會議中，我們將討論非GAAP財務指標，這些指標不應單獨考慮，也不應取代依照GAAP編製的財務資訊。有關非 GAAP 財務指標與按照 GAAP 編制的最可比較指標的調整表，請參閱我們今天上午發布的新聞稿以及我們預計將於今天晚些時候向美國證券交易委員會提交的截至 2025 年 9 月 30 日的季度 10-Q 表格季度報告。

This filing will be accessible on the SEC's website and on 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.

這份文件將在美國證券交易委員會網站和我們網站的投資者關係版塊中提供查閱。今天與我一同出席的有 LGI Homes 的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.

現在我將把電話交給埃里克。

Thanks, Josh. Good afternoon, and welcome to our earnings call. During the quarter, our teams remained focused driving leads, managing inventory and supporting our customers by delivering exceptional customer service and providing a seamless road to homeownership. Thanks to our outstanding efforts, we delivered positive third quarter results that were in line with the guidance provided on our last call.

謝謝你，喬希。下午好，歡迎參加我們的財報電話會議。本季度，我們的團隊始終專注於拓展銷售線索、管理庫存，並透過提供卓越的客戶服務和提供無縫的購屋途徑來支援我們的客戶。由於我們付出了巨大的努力，我們取得了積極的第三季業績，與上次電話會議上給出的預期一致。

During the quarter, we closed 1,107 homes. Of this total, 1,065 homes contributed directly to our reported revenue of $397 million. The remaining 42 were currently or previously leased homes, the profits of which reflected in other income.

本季我們完成了1107套房屋的交割。其中，1065 套住房直接為我們報告的 3.97 億美元收入做出了貢獻。其餘 42 套房屋目前或以前是租賃房屋，其利潤反映在其他收入中。

Gross margin came in at 21.5%, and adjusted gross margin was 24.5%, both in line with the guidance range we provided. We've been successful in maintaining the overall strength of our margins even while operating in the most challenging segment of the market. That's on purpose and it's worth spending a few moments discussing why.

毛利率為 21.5%，調整後毛利率為 24.5%，皆符合我們所提供的預期範圍。即使在最具挑戰性的市場領域運營，我們也成功地維持了整體利潤率的強勁勢頭。這是有意為之，值得花點時間討論原因。

First, we take a thoughtful approach to financing incentives. With higher mortgage rates driving affordability challenges, buydowns and other financing tools are among the most effective ways to tell buyers reach the closing table, and we continue to lean into offering the most competitive buydowns possible. However, going to extremes and buydowns just to move a few incremental homes is something we're working hard to avoid.

首先，我們對激勵措施的融資採取了周全的方法。由於抵押貸款利率上升導致購屋能力面臨挑戰，購屋補貼和其他融資工具是促使購屋者最終完成交易的最有效方法之一，我們將繼續努力提供最具競爭力的購屋補貼。然而，為了促成幾套房屋的出售而採取極端措施和降價促銷，是我們正在努力避免的。

Second, we continue to price all of our homes competitively, and we use price adjustments selectively, focusing on aging inventory while maintaining or raising prices in high-performing communities. Third, we prefer not to sacrifice margins to institutional land bankers.

其次，我們繼續對所有房屋進行具有競爭力的定價，並選擇性地進行價格調整，重點關注老舊庫存，同時在表現良好的社區保持或提高價格。第三，我們不願意為了機構土地銀行家而犧牲利潤。

As a result, we don't have a pipeline of lot takedowns pressuring us to start homes prematurely, heavily discounting them to keep the system moving or to renegotiate takedown schedules which leads to higher future lot costs. Avoiding these situations gives us the freedom to be patient and make smart long-term decisions that will benefit our shareholders.

因此，我們沒有大量地塊拆除的壓力，迫使我們提前開工建房，大幅降價以維持系統運轉，或重新協商拆除時間表，從而導致未來地塊成本上漲。避免這些情況，我們就有耐心做出明智的長期決策，從而使我們的股東受益。

Our best land banking partner has been and will continue to be the seller. Finally, because we primarily self-develop our lots, our margins include the profit a developer would have earned. This adds several hundred basis points to our margins and sets our performance apart from other builders who rely on purchasing finished lots.

我們最好的土地儲備合作夥伴過去是、現在是、將來也仍將是賣方。最後，由於我們主要自行開發地塊，因此我們的利潤包括開發商本應獲得的利潤。這使我們的利潤率增加了幾百個基點，使我們的業績與其他依賴購買已建成地塊的建築商區分開來。

It's also a key reason we have never taken an inventory impairment. In short, our margins reflect disciplined execution, not elevated pricing. We do everything possible to manage costs and deliver high-quality beautiful home at a price that enables as many first-time buyers as possible to achieve the dream of homeownership.

這也是我們從未提列存貨減損損失的關鍵原因之一。簡而言之，我們的利潤率反映的是嚴格的執行力，而不是過高的定價。我們竭盡所能控製成本，以盡可能低的價格提供高品質的漂亮住宅，使盡可能多的首次購房者能夠實現擁有住房的夢想。

During the third quarter, our top market on a closing (technical difficulty) basis were Charlotte was 5.7%, Las Vegas was 4.7%, Raleigh was 4.2%, Greenville was 3.7% and Denver with 3.5% closings per community per month. Congratulations to the teams in these markets on their performance last quarter.

第三季度，以成交量（技術難度）計算，我們成交量最高的市場是夏洛特（5.7%）、拉斯維加斯（4.7%）、羅利（4.2%）、格林維爾（3.7%）和丹佛（3.5%）。恭喜這些市場中的團隊在上個季度取得的優異成績。

Another highlight of our results was a significant increase in net orders and backlog. As we noted on our last call, sales trends improved in the back half of June, continuing into July, as mortgage rates declined from their midyear highs. These trends continued into August and September, driven by continued relief in rates and sales initiatives connected to our year-end, Make your Move national sales event.

我們業績的另一個亮點是淨訂單量和積壓訂單量大幅增加。正如我們在上次電話會議中提到的，隨著抵押貸款利率從年中高點回落，6 月下半月銷售趨勢有所改善，並持續到 7 月。這些趨勢一直延續到 8 月和 9 月，這得益於利率的持續下降以及與我們年末「Make your Move」全國促銷活動相關的銷售舉措。

Because mortgage rates remain the key pressure point for entry-level buyers, we introduced exceptional financing options, including a forward rate buy-down commitment, which has a meaningful impact on improving affordability for many buyers. Additionally, we're offering price discounts of up to $50,000 on select older inventory.

由於抵押貸款利率仍然是入門級購屋者面臨的主要壓力點，我們推出了特殊的融資方案，包括遠期利率下調承諾，這對提高許多購屋者的負擔能力產生了顯著影響。此外，我們也對部分舊庫存商品提供高達 5 萬美元的價格折扣。

Together, these initiatives jump-started sales activity, demonstrated by an 8% increase in net orders compared to the same period last year and a 44% increase compared to the second quarter. As a result, our backlog at quarter end was up 20% year-over-year and 62% sequentially.

這些舉措共同推動了銷售活動，淨訂單量比去年同期增長了 8%，比第二季度增長了 44%。因此，截至季末，我們的積壓訂單年增 20%，季增 62%。

We're encouraged by the momentum these initiatives have generated and view them as a positive step forward as we head into the fourth quarter. Before I hand the call over to Charles, I'll note that our long-term view of the housing market remains solidly optimistic.

這些措施所取得的進展令我們倍感鼓舞，我們認為這是邁入第四季的一個積極步驟。在將電話交給查爾斯之前，我想指出，我們對房地產市場的長期看法仍然非常樂觀。

The underlying demographic trends continue to support our strategy, while the widening supply gap makes the attainable housing options LGI provides more valuable than ever.

潛在的人口趨勢繼續支撐著我們的策略，而不斷擴大的供應缺口使得 LGI 提供的經濟適用房選擇比以往任何時候都更有價值。

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

接下來，我將請查爾斯先生詳細介紹我們的財務表現。

Thanks, Eric. Revenue in the third quarter totaled $396.6 million, down 39.2% compared to the prior year, driven by a 39.4% decline in closings. The average selling price of homes closed was 372,424, up slightly from last year, primarily driven by geographic mix and lower magnitude of incentives and was partially offset by a higher percentage of wholesale closings in the third quarter.

謝謝你，埃里克。第三季營收總計 3.966 億美元，較上年同期下降 39.2%，主因是成交量下降 39.4%。房屋成交價平均為 372,424 美元，比去年略有上漲，主要原因是地域組成和激勵力度降低，但第三季度批發成交比例較高部分抵消了這一漲幅。

The wholesale channel remains a compelling way to balance our home inventory. Our wholesale operation generated $54.5 million of revenue, resulting from 163 home closings or 15.3% of total closings compared to 9.1% of total closings in the same period last year.

批發管道仍然是平衡家庭庫存的有效途徑。我們的批發業務創造了 5,450 萬美元的收入，這得益於 163 筆房屋交易，佔總交易量的 15.3%，而去年同期這一比例為 9.1%。

Our gross margin was 21.5% compared to 25.1% in the same period last year, the decline was primarily driven by a particularly strong comp last year, along with higher lot costs and capitalized interest as a percentage of revenue and a higher mix of wholesale closings.

我們的毛利率為 21.5%，而去年同期為 25.1%，下降的主要原因是去年同期基數特別高，加上地塊成本和資本化利息佔收入的比例較高，以及批發交易佔比更高。

Adjusted gross margin was 24.5% compared to 27.2% in the same period last year. Adjusted gross margin excluded $11 million of capitalized interest charged to cost of sales and $1 million related to purchase accounting, together representing 300 basis points compared to 210 basis points last year. We expect capitalized interest to remain elevated due to higher borrowing costs and have reflected such in our fourth quarter guidance.

經調整後的毛利率為 24.5%，去年同期為 27.2%。調整後的毛利率不包括計入銷售成本的 1,100 萬美元資本化利息和與購買會計相關的 100 萬美元，兩者合計為 300 個基點，而去年為 210 個基點。由於借貸成本上升，我們預計資本化利息將保持高位，並已在第四季度業績預期中反映了這一點。

Combined selling, general and administrative expenses totaled $63.6 million or 16% of revenue, in line with our guidance. Selling expenses were $35.7 million or 9% of revenue, up slightly from 8.5% in the same period last year. General and administrative expenses were flat year-over-year at $28 million.

銷售、一般及行政費用合計為 6,360 萬美元，佔營收的 16%，與我們的預期一致。銷售費用為 3,570 萬美元，佔營收的 9%，比去年同期的 8.5% 略有上升。一般及行政費用與去年持平，為 2,800 萬美元。

As a percentage of revenue, G&A expenses were 7.1% compared to 4.3% in the same period last year. Both selling and general and administrative expenses were higher as a percentage of revenue due to lower volumes.

管理費用佔收入的百分比為 7.1%，去年同期為 4.3%。由於銷售量下降，銷售費用和一般及行政費用佔收入的比例均上升。

Other income in the quarter was $5.2 million, primarily resulting from the gain on sale of leased homes, finished lots, other land held for sale and LGI living lease income. Pretax net income was $26.7 million or 6.7% of revenue. Our effective tax rate was 26.2% compared to 24.3% in the same period last year.

本季其他收入為 520 萬美元，主要來自出售出租房屋、已完工地塊、待售其他土地以及 LGI 居住租賃收入的收益。稅前淨收入為2,670萬美元，佔收入的6.7%。我們的實際稅率為 26.2%，而去年同期為 24.3%。

And for the quarter, we generated net income of $19.7 million or $0.85 per basic and diluted share. Order metrics improved materially in the third quarter with net orders coming in at 1,570 homes, an increase of 8.1% over the same period last year and 43.9% sequentially.

本季度，我們實現了淨收入 1,970 萬美元，即每股基本及攤薄收益 0.85 美元。第三季訂單指標大幅改善，淨訂單量達 1,570 套，較去年同期成長 8.1%，較上季成長 43.9%。

Our cancellation rate in the third quarter was 33.6%, similar to the prior quarter of this year. Backlog at quarter end totaled 1,305 homes, up 19.9% year-over-year, and 61.5% sequentially. The value of our backlog at quarter end was $498.7 million. Of the homes under contract, 60 were tied to contracts with institutional buyers representing 4.6% of total backlog compared to $212 million or 19.5% of backlog in the same period last year.

第三季我們的取消率是 33.6%，與今年上一季的情況類似。截至季末，積壓訂單總計 1305 套房屋，年增 19.9%，季增 61.5%。截至季末，我們的積壓訂單價值為 4.987 億美元。在已簽訂合約的房屋中，有 60 套與機構買家簽訂了合同，佔總積壓訂單的 4.6%，而去年同期積壓訂單總額為 2.12 億美元，佔總積壓訂單的 19.5%。

Currently, we're seeing continued interest from our wholesale partners and we're well positioned for increased engagement from institutional buyers seeking to acquire scaled portfolios of finished inventory. However, the ability to transact continues to depend on alignment around pricing expectations.

目前，我們看到批發合作夥伴持續表現出濃厚的興趣，並且我們已經做好充分準備，迎接尋求收購大規模成品庫存組合的機構買家的更多參與。然而，交易能否進行仍取決於雙方對價格預期的一致性。

Turning to our land position. At September 30, our portfolio consisted of 62,564 owned and controlled lots, a decrease of 8.8% year-over-year and 3.4% sequentially. Of our total lots, 53,148 or 84.9% were owned and 9,416 lots or 15.1% were controlled.

轉向我們的陸地位置。截至 9 月 30 日，我們的投資組合包括 62,564 個自有和控制地塊，年減 8.8%，季減 3.4%。在我們所有的地塊中，53,148 塊（佔 84.9%）為自有地塊，9,416 塊（佔 15.1%）為控制地塊。

Of our owned lots, 36,316 were raw land and land under development, 25% of which were in active development that we expect to deliver over the next few years. The remaining 16,832 owned lots were finished. Of those, 13,136 were vacant and 3,696 were related to completed homes or homes under construction.

在我們擁有的地塊中，有 36,316 塊是未開發的土地和正在開發的土地，其中 25% 正在積極開發中，我們預計將在未來幾年內交付。剩餘的 16,832 個自有地塊已完工。其中，13136個為空置房產，3696個與已竣工或正在建設中的房屋有關。

We had 895 homes under construction at quarter end, down 40.8% sequentially and 54.7% year-over-year as we continue to focus on rebalancing inventory in select markets to meet current sales trends. The value of our portfolio of owned lots continues to be a competitive advantage for LGI Homes, with an average finished lot cost of approximately $70,000. And lot costs representing just over 20% of our ASP in the third quarter, our land position provides a meaningful cost advantage that supports margin stability even in a volatile market.

截至季末，我們在建房屋數量為 895 套，環比下降 40.8%，年減 54.7%，因為我們將繼續專注於在特定市場重新平衡庫存，以滿足當前的銷售趨勢。我們擁有的地塊組合的價值仍然是 LGI Homes 的競爭優勢，平均完工地成本約為 70,000 美元。第三季度，我們的土地成本僅佔平均售價的 20% 多一點，這為我們提供了顯著的成本優勢，即使在波動的市場中也能保持利潤率的穩定。

This low basis enables us to offer competitive pricing to buyers while preserving profitability and it reflects years of disciplined land acquisition and development. During the quarter, we started 725 homes. We expect to continue to balance starts in the coming quarters, primarily focusing on new and high-performing communities while slowing or pausing starts in communities where there is unsold existing inventory.

較低的基數使我們能夠在保持盈利能力的同時，為買家提供有競爭力的價格，這反映了我們多年來有條不紊的土地收購和開發。本季我們開工興建了725套住宅。我們預計在接下來的幾季中將繼續保持開工量的平衡，主要集中在新建和表現良好的社區，同時放緩或暫停現有庫存未售出的社區的開工量。

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

現在我將把電話交給喬希，讓他討論我們的資金狀況。

Thanks, Charles. We ended the quarter with $1.75 billion of debt outstanding, including $623.6 million drawn on our revolver. We remain focused on reducing leverage, ending the quarter with a debt-to-capital ratio of 45.7% and a net debt-to-capital ratio of 44.8%.

謝謝你，查爾斯。本季末，我們未償債務為 17.5 億美元，其中包括從循環信貸中提取的 6.236 億美元。我們繼續專注於降低槓桿率，本季末的負債資本比率為 45.7%，淨負債資本比率為 44.8%。

As inventory levels decreased and development spend moderates, leverage will continue moving toward the midpoint of our targeted range of 35% to 45%. Total liquidity at the end of the quarter was $429.9 million, including $62 million of cash and $367.9 million available under our credit facility.

隨著庫存水準下降和研發支出放緩，槓桿率將繼續向我們設定的目標範圍 35% 至 45% 的中點靠攏。截至季末，公司總流動資金為 4.299 億美元，其中包括 6,200 萬美元現金和根據信貸安排可用的 3.679 億美元。

Our liquidity was up by over $107 million compared to the prior quarter, over $54 million compared to the same period last year. As on September 30, our stockholders' equity was $2.1 billion, and our book value per share was $90.10.

與上一季相比，我們的流動資金增加了超過 1.07 億美元；與去年同期相比，增加了超過 5,400 萬美元。截至9月30日，我們的股東權益為21億美元，每股帳面價值為90.10美元。

With that, I'll turn the call back to Eric.

這樣，我就把電話轉回給艾瑞克了。

Thanks, Josh. Rates are down and sales were up. This recent increase in the pace of sales is an encouraging sign, and our October closings demonstrate that the fourth quarter is off to a strong start. Tomorrow, we plan to issue a press release announcing that we close between 390 and 400 homes in October, pending verification of funding. This is our best month since June and reflects early signs of momentum coming from our sales initiatives.

謝謝你，喬希。利率下降，銷售額上升。近期銷售速度的加快是一個令人鼓舞的跡象，我們10月份的成交量顯示第四季開局強勁。明天，我們計劃發布新聞稿，宣布我們將在 10 月關閉 390 至 400 套房屋，具體時間取決於資金核實情況。這是自六月以來我們表現最好的一個月，也反映出我們的銷售措施正在取得初步成效。

Community count at the end of October was 141 communities. We're continuing to write contracts in a market where many of our buyers need additional time to stay for a down payment, make modest improvements in their credit or sell in the existing home. This dynamic results in longer times between contract and close.

截至10月底，社區數為141個。我們仍在繼續簽訂合同，因為在目前的市場環境下，我們的許多買家需要更多時間來支付首付、稍微改善他們的信用狀況或出售現有的房屋。這種動態導致從簽訂合約到完成交易所需的時間更長。

Based on our current backlog, recent pull-through trends, October closings and current sales trends, we currently expect to close between 1,300 and 1,500 homes in the fourth quarter. At the midpoint of this range, that would represent a 26% increase in closings compared to the third quarter.

根據我們目前的積壓訂單、近期成交趨勢、10 月份的成交量和目前的銷售趨勢，我們預計第四季度將完成 1300 至 1500 套房屋的成交。以該範圍的中點計算，這意味著成交量將比第三季增長 26%。

We remain focused on affordability and meeting buyers at a monthly payment where they are able and willing to transact. We expect an average sales price in the fourth quarter to range between $365,000 and $375,000. Community count at year-end is expected to be approximately 145.

我們始終專注於價格可負擔性，並努力滿足買家每月能夠且願意進行交易的付款要求。我們預計第四季平均售價將在 365,000 美元至 375,000 美元之間。預計年底社區人口數約為 145 人。

Looking ahead, we expect community count at the end of 2026 to increase by 10% to 15%, reflecting continued investment in growing community count in our existing markets. Fourth quarter gross margin is expected to range between 21% and 22% and adjusted gross margin between 24% and 25%, similar to the results we delivered in the third quarter.

展望未來，我們預計到 2026 年底，社群數量將增加 10% 至 15%，這反映了我們持續投資於現有市場社群數量的成長。預計第四季毛利率將在 21% 至 22% 之間，調整後毛利率將在 24% 至 25% 之間，與我們第三季取得的業績類似。

Finally, SG&A expenses are expected to fall between 15% and 16%, and our tax rate is expected to be approximately 26%. We're pleased with our third quarter results and proud of the hard work our teams have put in to build up the backlog and position us for success in the quarters ahead. Their efforts drive our results and lay the groundwork for future opportunities, and I want to thank them for their continued focus and dedication to our company and to our customers.

最後，銷售、一般及行政費用預計將下降 15% 至 16%，稅率預計約 26%。我們對第三季的業績感到滿意，並為我們的團隊付出的辛勤努力感到自豪，他們努力累積訂單，為我們在未來幾季取得成功奠定了基礎。他們的努力推動了我們的業績，並為未來的機會奠定了基礎，我要感謝他們對公司和客戶的持續關注和奉獻。

We'll now open the call for questions.

現在開始接受提問。

(Operator Instructions) Trevor Allinson, Wolfe Research.

（操作說明）特雷弗·艾利森，沃爾夫研究公司。

Hi, good afternoon. Thank you for taking my questions. First question is on the acceleration in orders of more than 40% sequentially. So clearly much better than normal seasonal trends. You talked about the benefit of lower rates, but since you also talked about some company-specific initiatives.

您好，下午好。謝謝您回答我的問題。第一個問題是關於連續超過 40% 的加速度。顯然比正常的季節性趨勢要好得多。您談到了降低利率的好處，但同時也談到了一些公司特有的舉措。

Can you talk about which of those do you think was the biggest driver of the acceleration? And then should we view this as a strategy shift to lean into more volume? Or were some of the actions or a reflection of a desire to move some of the aged inventory that you guys had?

您認為其中哪一個因素對加速發展起了最大的推動作用？那麼我們是否應該將此視為一種策略轉變，即轉向追求更大的銷售量？或者說，你們採取的某些行動是否反映了你們想要清理一些積壓庫存的慾望？

Yeah, thanks, Trevor. Great question. This is Eric. I want to look at it as a strategy, [Seth], to start with. I think -- what we've been talking to investors about and talking throughout the call, we're in the affordable housing business focused on an entry-level buyer. And we talked about rates are very important in that affordable monthly payment. And rates, the headline rates as the lowest has been in the last 12 to 18 months is that 10-year to below 4%.

是啊，謝謝你，特雷弗。問得好。這是埃里克。首先，我想把它看作是一種策略，[賽斯]。我認為——正如我們一直在與投資者討論以及在整個電話會議中討論的那樣，我們從事的是經濟適用房業務，專注於入門級購房者。我們也討論了利率對於實現可負擔的每月付款非常重要。利率方面，過去 12 到 18 個月以來最低的 10 年期公債利率低於 4%。

And as rates went down, our sales went up, not a surprise to us, just offering a more affordable monthly payment. There are things that's happened, when rates have come down, where our incentives and the value that we're providing, not necessarily spending more money, but being able to offer a $3.99 promotional rates is something we never offered before, and that's new for the quarter. We continue to lean into advertising dollars when appropriate.

隨著利率下降，我們的銷售額上升了，這對我們來說並不意外，因為我們提供了更實惠的每月付款方式。隨著利率下降，我們採取了一些措施，提高了我們的激勵措施和價值。我們不一定需要投入更多資金，但能夠提供 3.99 美元的促銷價格是我們以前從未提供過的，而且這是本季度的新舉措。我們會在適當的時候繼續加大廣告投入。

And this quarter, we were able to increase our advertising, drive more leads because it was working to drive those payments. And also, the team in the field is doing a great job. We're hiring more salespeople. The field is taking more on more responsibility and training our new sales reps and doing a great job with that. So all those in combination is really more a market-driven and affordability driven, not a shift of strategy.

本季度，我們增加了廣告投入，並獲得了更多潛在客戶，因為廣告投放確實有效，促進了付款。此外，現場團隊也做得非常出色。我們正在招募更多銷售人員。該部門正在承擔更多責任，培訓我們的新銷售代表，並且在這方面做得非常出色。因此，所有這些因素結合起來，實際上更多的是市場驅動和價格驅動，而不是策略轉變。

Okay, thanks for that, Eric. That was really helpful. And then second is on your views on your own land position and you had some commentary about the benefits of your own land position, but appreciating you guys your orders did jump here. It does seem overall like the market still remains pretty slow for most of the industry.

好的，謝謝你，艾瑞克。那真的很有幫助。其次，關於您對自身土地狀況的看法，您對自身土地狀況的好處發表了一些評論，但感謝您的訂單，您的訂單確實在這裡激增。總體而言，該行業的大部分市場似乎仍然相當低迷。

You guys still control give or take 10 years of land. So is there a desire to more significantly work down your land positions here? And if you have already done -- begun doing this to some degree, what's been the appetite from other builders for additional land? Thanks.

你們仍然控制著大約10年的土地。那麼，你們是否希望大幅減少在這裡的土地持有量？如果您已經在某種程度上開始這樣做，那麼其他建築商對更多土地的需求如何？謝謝。

Yeah, Trevor, this is Charles. I can take that one first. So we're constantly looking at our land supply in terms of what our current absorptions are timing our development. We've got 13,000 finished vacant developed lots, which is a little heavier than we typically would like to have, but given the fact that we started development on a number of these communities beginning back in 2021, 2022.

是的，特雷弗，這位是查爾斯。我可以先處理那個。因此，我們會持續關注土地供應情況，並根據目前的市場需求來安排開發計畫。我們有 13,000 個已完工的空置開發地塊，這比我們通常希望擁有的數量要多一些，但考慮到我們早在 2021 年、2022 年就開始開發其中的一些社區。

We have a number of communities that have been either in entitlements or active development for several years, and they're just now coming to fruition and getting online for sales. So we feel very confident in our basis in those finished lots.

我們有一些社區已經進入審批或積極開發階段好幾年了，現在才剛剛竣工並開始在線銷售。因此，我們對已完成批次的底價非常有信心。

So of our 13,000 finished lots, we have an average lot cost basis in the 70s, which we think is a tremendous value to help us maintain stability in margins, gives us a cost advantage when we're thinking about our land inventory and when to bring it on.

因此，在我們已建成的 13,000 個地塊中，平均每個地塊的成本基礎在 70 美元左右，我們認為這是一個巨大的價值，有助於我們保持利潤率的穩定，並在我們考慮土地庫存以及何時進行開發時，為我們提供了成本優勢。

And then the processes and what we're working with is managing our future development spend. So our development spend is sequentially coming down. We had about 9,000 lots that were in active development that's going to come into the operation over the next couple of years.

然後，我們正在處理的流程和工作內容是管理我們未來的發展支出。因此，我們的研發支出正在逐年下降。我們有大約 9000 個地塊正在積極開發中，這些地塊將在未來幾年內投入運作。

So I think as we continue to focus on absorptions, work through the vacant developed land, we think eventually we are going to be in a position where the land inventory has been rightsized and in line with what we would expect.

因此，我認為隨著我們繼續專注於吸收土地，並逐步開發閒置的已開發土地，我們最終將達到土地庫存規模合理化並符合我們預期的水平。

As far as availability of land and what we're offering, we do have some communities where we have excess finished vacant -- vacant developed lots in terms of where we're thinking about we may have another community that we can adjust and put in behind it. So we're actively working on making good decisions on monetizing those where appropriate.

就土地供應和我們提供的土地而言，我們確實有一些社區有多餘的已開發空地——就我們正在考慮的地方而言，我們可能會在後面調整並建立另一個社區。因此，我們正在積極努力，在適當的情況下做出正確的商業決策。

Didn't have a lot of activity close in this quarter, but we just continue to evaluate that and make good decisions, whether to monetize those finished lots or whether to put them in the queue for future home construction.

本季度沒有太多成交活動，但我們會繼續評估並做出正確的決定，例如是將這些已完工的地塊變現，還是將它們放入隊列中以備將來建造房屋。

Kenneth Zener, Seaport.

Kenneth Zener，海港。

Good afternoon, everyone. So the commentary around 10% to 15% community count growth, two aspects. First, given your selling and training process, which is unique to you guys, can you talk about how much of that, I guess, the G&A is in your fourth quarter guidance as we think about modeling that community count growth? And then is that community count growth, could you give us like a first half, second half lift? Or is it steady? Thank you.

大家下午好。所以關於社區數量增加 10% 到 15% 的評論有兩個面向。首先，鑑於你們獨特的銷售和培訓流程，能否談談在你們第四季度業績指引中，有多少（我猜）一般及行政費用包含在你們的社區數量增長模型中？那麼，社區數量成長情況如何？能否提供一下上半年和下半年的成長數據？還是穩定的？謝謝。

Yeah, Ken, good question, Ken. This is Eric. I can talk about the community counts and then Charles can talk about the G&A part of that. But community count, I think is going to be spread equally through 2026. One of the notes I made is the state, that will be primarily driving the increase in community count or Florida, Texas and California, but they'll be spread equally for 2026. They're all bought, they're in process, and we're confident with that number.

是的，肯，問得好。這是埃里克。我可以談談社區統計數據，然後查爾斯可以談談其中的一般及行政費用部分。但我認為，到 2026 年，社區人口數量將保持均衡分佈。我做的筆記之一是，佛羅裡達州、德克薩斯州和加利福尼亞州將主要推動社區數量的增長，但到 2026 年，這些州的數量將平均分配。它們都已購入，正在處理中，我們對這個數字很有信心。

Yeah, Ken, as far as SG&A goes, I'll start with G&A. I mean, we've been averaging around $30 million in quarterly G&A expense going all the way back to the beginning of 2024. So we feel pretty comfortable that we've pretty well established the overhead side from a G&A perspective.

是的，肯，就銷售、管理及行政費用而言，我先從一般及行政費用說起。我的意思是，從 2024 年初至今，我們每季的 G&A 費用平均約為 3,000 萬美元。因此，我們相當有信心，從一般及行政費用的角度來看，我們已經很好地控制了營運成本。

And then as we bring in new community counts, we have the incremental dollars that we're going to have in terms of installing our information centers, hiring new sales staff, our office managers and our sales managers. So incrementally, those come in as a similar percentage of our expected revenue.

隨著我們獲得新的社區統計數據，我們將有額外的資金用於安裝資訊中心、招募新的銷售人員、辦公室經理和銷售經理。因此，這些收入逐漸增加，占我們預期收入的比例也大致相同。

So we don't think there's any front-ending, if you will, on this coming up next 12 months of community count. We're in the same geographic areas. So we're not expanding into any new markets. So our leadership infrastructure is in place, so that should be limited additional costs related to that.

因此，我們認為未來 12 個月的社區統計數據不會有任何提前公佈的情況。我們位於同一地理區域。所以我們不會拓展任何新市場。因此，我們的領導架構已經到位，相關的額外成本應該有限。

And then thinking about leverage, sticking with SG&A on units, obviously, the first quarter was quite high this year, but we've been in that kind of 15% range, implied 4Q or a little higher. But can you comment about given where your SG&A is and the gross margin pressure, I think we can understand.

然後考慮到槓桿作用，繼續以單位銷售、管理及行政費用 (SG&A) 為基準，顯然，今年第一季的 SG&A 費用相當高，但我們一直保持在 15% 左右的範圍內，暗示第四季度或略高一些。但是，鑑於貴公司的銷售、一般及行政費用以及毛利率壓力，您能否對此發表一下看法？我想我們能夠理解。

But what do you think about SG&A given your community count? And how you see the business unfolding. Would it -- should it stay at the same rate or as we are ending this year? Or do you think you're going to get some lift in SG&A in general? Thank you.

但考慮到你們社區的人口數量，您對銷售、管理及行政費用有何看法？以及您如何看待公司的發展前景。它應該保持目前的增速，還是像今年年底？或者你認為整體銷售、管理及行政費用會提升嗎？謝謝。

Yeah, Ken, great question. Charles can add to it. But I think we look at SG&A, it's really all about leverage and volume and absorption. The G&A is predominantly fixed, the amount of marketing dollars fixed, but the total percentage of SG&A that 16% last quarter, that is entirely dependent on the volume. And volume is not where we want it to be right now nor the past couple of years.

是的，肯，問得好。查爾斯可以補充一些內容。但我認為，當我們審視銷售、一般及行政費用時，它實際上與槓桿率、交易量和吸收率息息相關。一般及行政費用主要為固定費用，行銷費用金額也固定，但上季銷售、一般及行政費用佔總費用的 16%，這完全取決於銷售量。目前以及過去幾年，銷量都沒有達到我們希望的水平。

It's improving in Q4, and we're excited about the orders in the backlog heading into Q4 and our guidance is for closings to be up 26%. And that's why we're guiding to a little bit less SG&A percentage in Q4, because of the leverage we're getting from closings.

第四季情況有所改善，我們對第四季積壓的訂單感到興奮，預計成交量將成長 26%。正因如此，我們預計第四季度銷售、管理及行政費用佔比會略有下降，因為我們從交易完成中獲得了槓桿效應。

Alex Rygiel, Texas Capital Securities.

Alex Rygiel，德州資本證券。

Thank you. Can you talk a bit about the types of mortgages that your buyers are taking? And are they -- are you starting to see any use adjustable-rate mortgages?

謝謝。您能談談您的購屋者正在申請的房貸類型嗎？那麼，您是否開始看到可變利率抵押貸款的任何用途了？

Yeah, thanks, Alex. This is Eric. I can take that. About just over 60% of our customers are taking FHA mortgages. And then when you combine that with VA and a very small percentage of I'd say government makes up 70% to 75% of our customers. And then conventional mortgages are another 10% to 15%.

謝謝你，Alex。這是埃里克。我可以接受。大約 60% 以上的客戶選擇申請 FHA 抵押貸款。然後，再加上退伍軍人事務部 (VA) 和一小部分人，我認為政府部門占我們客戶總數的 70% 到 75%。然後，傳統房貸還要再增加 10% 到 15%。

Adjustable rates, more customers are taking adjustable rates only because we are offering -- I mentioned it earlier, a [$3.99 5/1] ARM product, which is a fixed rate for five years at $3.99, which has been very positive in the market and then well received by our customers.

浮動利率，越來越多的客戶選擇浮動利率，這僅僅是因為我們提供了——我之前提到過——一款[$3.99 5/1] ARM產品，即五年固定利率為$3.99，該產品在市場上反響非常好，也受到了客戶的歡迎。

Super helpful. And then directionally speaking, as we look out into 2026, anything unique dynamic that could affect your average selling price? Or should we just model it based upon our own views as to how much price you might get next year?

非常有用。那麼從發展趨勢來看，展望 2026 年，有哪些獨特的因素可能會影響您的平均售價？或者我們應該根據我們自己對明年價格的預期來建立模型？

Yeah, I think my personal opinion is ASP is really going to have a lot of geographic component to it. And then it also, even on a community-by-community basis, the customers, the range of floor plans and available communities is usually $60,000 to $80,000 from the smallest floor plan to the largest store plan. So that brings layer of variability to it.

是的，我個人認為ASP（應用程式商店排名）很大程度會受到地理因素的影響。而且，即使按社區劃分，顧客、戶型和可用社區的範圍通常為 60,000 美元到 80,000 美元，從最小的戶型到最大的店舖戶型。這就給它增加了一層變數。

We've been seeing our average square foot decrease in a more challenging affordability market. Costs right now are slightly down, which is a little bit of a tailwind to margins, but a little bit lower ASP, all things considered.

在住房負擔能力日益下降的市場環境下，我們看到每平方英尺平均的住房面積減少。目前成本略有下降，這對利潤率有一定的利好，但考慮到各種因素，平均售價略低。

So we have a view that prices are going to continue to go up. Our average sales price was $160,000 in 2019 and $240,000 in 2019. So when you look at cost over the next three to five years, we believe they'll continue to go up, and our ASP is going to continue to go up. Over the next year, we'll see how it plays out and probably use your judgment as well.

因此，我們認為價格將會繼續上漲。2019 年我們的平均售價為 16 萬美元，2019 年為 24 萬美元。因此，展望未來三到五年，我們認為成本將繼續上漲，我們的平均售價也將繼續上漲。接下來的一年，我們將拭​​目以待，看看事態如何發展，或許也會參考您的判斷。

Andrew Azzi, JPMorgan.

Andrew Azzi，摩根大通。

Hi, thanks for taking my questions, guys. Just wanted to dig in a little bit on the community count growth for next year. That definitely helpful guidance. I mean is that outlook inclusive of the view that demand kind of improved significantly from here? Or are you kind of dedicated to that growth, let's say, if current trends were to continue?

嗨，謝謝各位回答我的問題。我想稍微深入探討一下明年社區數量成長的情況。這確實是一個很有幫助的指導。我的意思是，這種觀點是否包含了需求已經從目前水準大幅改善的看法？或者，如果目前的趨勢持續下去，你是否致力於這種成長？

Yeah, we're dedicated to the dollars are on the ground, and that would be at a community count that would be level with the current pace of absorption today.

是的，我們致力於確保資金真正到位，並且社區統計數據將與目前的吸收速度相同。

Got it. And how would you compare your incentives currently, let's say, six months ago? And how are you thinking about kind of adjusting these alongside your strategic initiatives. I believe just to touch on that, I think it was just the rate buydown and the price discounts. I'm curious if there are any others that are in the pipeline, but I would love to hear your thoughts there.

知道了。那麼，您如何評價您目前的激勵措施與六個月前相比呢？您打算如何將這些與您的策略舉措結合起來進行調整？我認為，就這一點而言，我認為就是利率下調和價格折扣。我很想知道是否還有其他項目正在籌備中，很想聽聽你們的看法。

Yeah, I would describe it as similar. We have been leaning into incentives and focus on getting older inventory sold and closed. I think the overall market coming down is what's been the difference for us is our similar pain points to get a lower rate, you just get more value from that right now. You can see in our gross margin guide being similar to -- in Q4 as Q3.

是的，我覺得兩者很像。我們一直在加強激勵力度，並專注於銷售和完成滯銷庫存。我認為整體市場走低是我們與其他公司最大的不同之處，因為我們都面臨著同樣的痛點，那就是獲得更低的利率，而現在這樣做能帶來更大的價值。您可以在我們的毛利率指引中看到，第四季的毛利率與第三季相似。

We're not planning on incentivizing more current levels, current levels of gross margin, and then we'll see what 2026 holds. But I think incentive levels have been consistent and it's something that all of us in the industry have had to do for the last couple of years.

我們不打算激勵員工維持目前的毛利率水平，然後看看 2026 年的情況如何。但我認為激勵水準一直保持穩定，這是我們業內人士在過去幾年都必須做的事情。

Thank you. And I'm showing no further questions at this time. I would now like to turn the call back to Eric for closing remarks.

謝謝。我目前不再提出其他問題。現在我想把電話轉回給艾瑞克，請他作總結發言。

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

好的。感謝各位參加今天的電話會議，也感謝大家一直以來對LGI Homes的關注。祝你有美好的一天。

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

LGI Homes 2025 年第三季電話會議到此結束。祝你有美好的一天。