Landsea Homes Corp (LSEA) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Landsea Homes Corporation first-quarter 2023 earnings conference call. (Operator Instructions) This call is being recorded today, Wednesday, May 3, 2023.

早上好，女士們、先生們，歡迎參加朗詩家居公司 2023 年第一季度財報電話會議。 （操作員說明）本次通話將於今天（2023 年 5 月 3 日星期三）錄音。

I would now like to turn the conference over to Drew Mackintosh from Mackintosh Investor Relations. Please go ahead.

我現在想將會議轉交給麥金托什投資者關係部的德魯·麥金托什 (Drew Mackintosh)。請繼續。

Good morning, and welcome to Landsea Homes first quarter of 2023 earnings call.

早上好，歡迎參加朗詩家居 2023 年第一季度財報電話會議。

Before the call begins, I would like to note that this call will include forward-looking statements within the meaning of the federal securities laws. Landsea Homes cautions that forward-looking statements are subject to numerous assumptions, risks, and uncertainties which change over time. These risks and uncertainties include, but are not limited to, the risk factors described by Landsea Homes in its filings with the Securities and Exchange Commission.

在電話會議開始之前，我想指出，本次電話會議將包括聯邦證券法含義內的前瞻性陳述。朗詩家居警告說，前瞻性陳述受到眾多假設、風險和不確定性的影響，這些假設、風險和不確定性會隨著時間的推移而發生變化。這些風險和不確定性包括但不限於朗詩家園在向美國證券交易委員會提交的文件中描述的風險因素。

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

因此，不應依賴前瞻性陳述來代表我們在任何後續日期的觀點，並且您在決定是否投資我們的證券時不應過度依賴這些前瞻性陳述。我們不承擔更新前瞻性陳述以反映前瞻性陳述發布之日後發生的事件或情況的義務，無論是由於新信息、未來事件還是其他原因，除非適用的證券法可能要求。

Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most comparable GAAP measures can be accessed through Landsea Homes website and in its SEC filings.

此外，本次電話會議中討論的非公認會計原則財務指標與最具可比性的公認會計原則指標的調節表可通過朗詩家園網站及其向美國證券交易委員會提交的文件進行查看。

Hosting the call today are John Ho, Landsea's Chief Executive Officer; Mike Forsum, President and Chief Operating Officer; and Chris Porter, Chief Financial Officer.

今天主持電話會議的是朗詩首席執行官 John Ho； Mike Forsum，總裁兼首席運營官；和首席財務官克里斯·波特。

With that, I'd like to turn the call over to John.

有了這個，我想把電話轉給約翰。

Good morning, and thank you for joining us today as we go over our results for the first quarter of 2023 and provide an overview of our operations. Landsea Homes delivered strong results in the first quarter, culminating in net income of $3.2 million or earnings of $0.08 per diluted share on home sales revenue of $241 million. Both the number of homes we delivered and the average home sales gross margin came in higher than our previously stated guidance, as our teams did an excellent job of closing homes in a timely manner while holding the line on profitability.

早上好，感謝您今天加入我們，我們將回顧 2023 年第一季度的業績並概述我們的運營情況。朗詩家居第一季度業績強勁，淨利潤達 320 萬美元，稀釋後每股收益達 0.08 美元，房屋銷售收入達 2.41 億美元。我們交付的房屋數量和平均房屋銷售毛利率都高於我們之前規定的指導，因為我們的團隊在及時關閉房屋方面做得非常出色，同時保持了盈利能力。

We also generated cash from operations, doing what is typically a time when we use more cash than we bring in, which we believe is a testament to our ability to respond quickly to the changing market conditions and the flexibility of our operating models.

我們還從運營中產生現金，通常我們使用的現金多於我們帶來的現金，我們相信這證明了我們快速響應不斷變化的市場條件的能力以及我們運營模式的靈活性。

Selling conditions improved considerably in the first quarter relative to the fourth quarter of 2022 as a combination of limited existing home inventory, buyer acceptance of the higher mortgage rates, and more aggressive pricing at our communities led to better traffic and sales.

與 2022 年第四季度相比，第一季度的銷售狀況顯著改善，原因是現有房屋庫存有限、買家接受更高的抵押貸款利率以及我們社區更積極的定價導致了更好的客流量和銷售。

Both order activity and cancellation rates got better as the quarter progressed, resulting in net new orders of 498 on a sales pace of 2.8 orders per community per month. Selling conditions remained stable into April as we generated 219 net orders on a sales pace of 3.8 for the month.

隨著本季度的進展，訂單活動和取消率均有所改善，淨新訂單達到 498 份，每個社區每月銷售 2.8 份訂單。 4 月份銷售狀況保持穩定，當月銷售增速為 3.8，淨訂單 219 份。

From a macro perspective, we believe the new home market is in good shape, thanks to a resilient job market, favorable demographics, and the aforementioned limited supply of existing home inventory. We continue to see motivated buyers in our markets and our ability to offer an array of homes with attractive financing incentives makes for a compelling sales pitch.

從宏觀角度來看，我們認為新房市場狀況良好，這要歸功於有彈性的就業市場、有利的人口結構以及上述有限的現有住房庫存供應。我們繼續在市場上看到積極的買家，並且我們有能力提供一系列具有有吸引力的融資激勵措施的房屋，這使得銷售宣傳具有吸引力。

We demonstrated our ability to find the market in the first quarter with pricing adjustments, which move in inventory and incentives and believe we can continue to do so as long as the overall housing fundamentals remain fairly consistent.

我們展示了我們在第一季度通過價格調整尋找市場的能力，這些調整包括庫存和激勵措施，並且相信只要整體住房基本面保持相當一致，我們就可以繼續這樣做。

Our focus remains on growing our operations in select high-growth markets by attracting buyers with quality, affordable new home options. We believe this is the best path to achieving better economies of scale at the local level and generating higher returns for our shareholders.

我們的重點仍然是通過以優質、實惠的新房選擇來吸引買家，從而擴大我們在特定高增長市場的業務。我們相信，這是在地方層面實現更好的規模經濟並為股東創造更高回報的最佳途徑。

Our high-performance home series continues to be a great differentiator for our company, giving buyers the latest and smart home technology at affordable price. This is especially true for millennial and Gen Z buyers who appreciate the functionality of our home offerings and view the home as more than just a place to live. We have centered our sales efforts around these buyers, understanding that they will be the primary drivers of the new home market for years to come.

我們的高性能家居系列仍然是我們公司的一大優勢，以實惠的價格為買家提供最新的智能家居技術。對於千禧一代和 Z 世代買家來說尤其如此，他們欣賞我們家居產品的功能，並認為房屋不僅僅是一個居住的地方。我們的銷售工作以這些買家為中心，我們知道他們將成為未來幾年新房市場的主要推動力。

With respect to our balance sheet, Landsea ended the first quarter in great financial shape. We grew our quarter ending cash position to approximately $140 million to maintain a conservative leverage profile with a net debt to total capital ratio of 30.7%.

就我們的資產負債表而言，朗詩第一季度的財務狀況良好。我們將季末現金頭寸增加至約 1.4 億美元，以保持保守的槓桿狀況，淨債務與總資本的比率為 30.7%。

We have an additional $150 million available to us under our unsecured revolving credit facility, giving us the financial flexibility to run our business from a position of strength and pursue unique investment opportunities should they arise. We believe that maintaining a conservative balance sheet is prudent for the foreseeable future given the uncertainties surrounding the future of mortgage rates and the economy at large.

我們的無擔保循環信貸額度還提供了 1.5 億美元的額外可用資金，使我們能夠在財務上靈活地以優勢地位經營我們的業務，並在出現獨特投資機會時尋求這些機會。我們認為，鑑於抵押貸款利率和整體經濟未來的不確定性，在可預見的未來維持保守的資產負債表是謹慎的做法。

Our company and the new home industry as a whole demonstrated great resiliency in the first quarter by adjusting to changing market conditions and finding ways to bring buyers back into the market. We believe the momentum we generated in the first quarter can carry into the remainder of 2023 and, as a result, see a bright future ahead for Landsea Homes.

我們公司和整個新房行業在第一季度通過適應不斷變化的市場條件並尋找吸引買家重返市場的方法，表現出了巨大的彈性。我們相信，我們在第一季度產生的勢頭可以延續到 2023 年剩餘時間，因此朗詩家園將迎來光明的未來。

With that, I'd like to turn the call over to Mike who will provide more detail on our homebuilding operations this quarter.

因此，我想將電話轉給邁克，他將提供有關本季度我們的住宅建設業務的更多詳細信息。

Thanks, John, and good morning to everyone on the call.

謝謝約翰，祝所有參加電話會議的人早上好。

Our homebuilding operations made considerable headway in the first quarter by overcoming many of the issues facing our industry at the end of last year. We felt confident that there were many motivated buyers in our market. We also knew that there was some hesitancy associated with the perception of buying at the top of the market, both in terms of pricing and interest rates.

我們的住宅建築業務在第一季度取得了相當大的進展，克服了去年年底我們行業面臨的許多問題。我們相信我們的市場上有許多積極的買家。我們還知道，無論是在定價還是利率方面，對於在市場頂部購買的看法都存在一些猶豫。

In response to this, we pulled the necessary levers to increase buyer confidence and generate traffic at our communities. In some cases, this meant reducing base prices to more accurately reflect the new pricing environment in a given market. In other instances, this meant offering higher incentives typically in the form of rate write-downs to overcome a buyer's concern over affordability. These pricing actions proved successful as sales activity rebounded and gained momentum as the quarter progressed, allowing us to ease up on the discounting at many of our communities over the last few months.

為了應對這一問題，我們採取了必要的手段來增強買家信心並增加社區的流量。在某些情況下，這意味著降低基本價格，以更準確地反映特定市場的新定價環境。在其他情況下，這意味著通常以利率減記的形式提供更高的激勵措施，以克服買家對負擔能力的擔憂。這些定價行動被證明是成功的，隨著銷售活動的反彈並隨著季度的進展而獲得動力，使我們能夠在過去幾個月中放鬆許多社區的折扣。

Another factor that helped our sales effort was the increased availability of quick move-in homes. We made the strategic decision at the end of last year to have more specs on the ground ahead of the spring selling season to capture a higher percentage of buyers who are looking for a quick close. Interest rate volatility, coupled with long build times, have resulted in higher cancellation rates from our backlog, and we felt that having more homes further along in the build process would cut down on the time between sale and close.

有助於我們銷售工作的另一個因素是快速入住房屋的供應量增加。我們在去年年底做出了戰略決定，在春季銷售季節之前推出更多規格，以吸引更高比例的尋求快速成交的買家。利率波動，加上建造時間長，導致我們的積壓訂單取消率更高，我們認為，在建造過程中進一步推進更多房屋將縮短銷售和成交之間的時間。

This proved to be the case in the first quarter as cancellation rates dropped significantly from the levels we experienced in the fourth quarter, and we sold a higher percentage of spec homes. As the market has stabilized, we have begun to ease off on our spec starts, but we still view it as an important part of our sales efforts.

第一季度的情況證明了這一點，因為取消率比第四季度的水平大幅下降，而且我們售出了更高比例的規格房屋。隨著市場趨於穩定，我們已經開始放鬆我們的規格啟動，但我們仍然將其視為我們銷售工作的重要組成部分。

With respect to building conditions, we saw limited improvement in overall cycle times in the first quarter. However, there were signs that things were starting to get even better, particularly in the front end of the construction process. Little by little, we are seeing labor and material availability improve in the initial phases of the build process, and we are optimistic that this will carry into all phases later this year.

就建築條件而言，我們看到第一季度整體週期時間的改善有限。然而，有跡象表明情況開始變得更好，特別是在施工過程的前端。我們看到，在建造過程的初始階段，勞動力和材料的可用性逐漸得到改善，我們樂觀地認為，這將在今年晚些時候滲透到所有階段。

We are doing everything in our power to return to cycle time's pre-COVID levels and believe the lessons we have learned from these supply chain issues will make us a better, more efficient homebuilder in the long run. Overall, I would characterize the new home market as stable. Landsea and the rest of the industry did a great job of reestablishing equilibrium in the market by finding the right levels of pricing and incentives to restore buyer confidence and drive sales activity.

我們正在盡一切努力恢復到新冠疫情前的周期時間水平，並相信從長遠來看，我們從這些供應鏈問題中吸取的教訓將使我們成為更好、更高效的住宅建築商。總體而言，我認為新房市場穩定。朗詩和該行業的其他公司通過找到適當的定價水平和激勵措施來恢復買家信心並推動銷售活動，在重建市場平衡方面做得非常出色。

The lack of existing home inventory has definitely made the new home market more attractive to prospective buyers and has also helped providing a floor in pricing. There are still lingering issues to address with respect to build times and buyer confidence, but I am confident those will be resolved over time. As a result, I am much more optimistic about our prospects for 2023.

現有房屋庫存的缺乏無疑使新房市場對潛在買家更具吸引力，也有助於提供定價底線。在建造時間和買家信心方面仍然存在一些揮之不去的問題需要解決，但我相信這些問題將隨著時間的推移得到解決。因此，我對 2023 年的前景更加樂觀。

With that, I'd like to turn the call over to Chris, who will provide more detail on our financial results for the first quarter and give some guidance for the coming quarter. Chris?

因此，我想將電話轉給克里斯，他將提供有關我們第一季度財務業績的更多詳細信息，並為下一季度提供一些指導。克里斯？

Thanks, Mike, and good morning, everyone. For the first quarter, we generated $240.6 million in homebuilding revenue, a decrease of 19% from the first quarter of 2022 as we saw fewer homes delivered in Florida and California, partially offset by a 19% increase in deliveries in Arizona.

謝謝邁克，大家早上好。第一季度，我們的住宅建築收入為 2.406 億美元，較 2022 年第一季度下降 19%，因為佛羅里達州和加利福尼亞州交付的房屋數量減少，但部分被亞利桑那州交付量增長 19% 所抵消。

Florida's average selling prices increased 14% year over year, while Arizona and California both saw decreases due to increasing incentives. We reported total revenue of $241.7 million for the quarter compared to $316.2 million in the first quarter of last year.

佛羅里達州的平均售價同比增長 14%，而亞利桑那州和加利福尼亞州則因激勵措施的增加而出現下降。我們公佈的本季度總收入為 2.417 億美元，而去年第一季度的總收入為 3.162 億美元。

In the first quarter of 2022, we generated $18.3 million in lot sales and other revenues that did not occur this year. Our pretax income for the quarter was $5.7 million.

2022 年第一季度，我們實現了 1830 萬美元的批量銷售和其他收入，這是今年沒有發生的。我們本季度的稅前收入為 570 萬美元。

During the quarter, our team really balanced sales volume, price, and incentives to produce closings above our plan and hold profits with a home sales gross margin of 18.1%, a decrease of 280 basis points from a year ago. Our incentives in the quarter primarily focused on rate buydowns to help our customers with affordability while attracting strong sales momentum. And as John mentioned, we are very pleased with our new order volume and the consistency produced in the quarter.

本季度，我們的團隊真正平衡了銷量、價格和激勵措施，以實現高於計劃的成交並保持利潤，房屋銷售毛利率為 18.1%，比一年前下降了 280 個基點。我們本季度的激勵措施主要集中在利率購買上，以幫助我們的客戶負擔得起，同時吸引強勁的銷售勢頭。正如約翰提到的，我們對本季度的新訂單量和一致性感到非常滿意。

Net new orders were 498 with an average selling price of $567,000 and a total order value of $282.5 million. Orders were up 466% sequentially from the fourth quarter of 2022 and down 22% for the first quarter of last year. The order strength was relatively balanced between Arizona, California, and Florida.

淨新訂單量為 498 份，平均售價為 567,000 美元，訂單總價值為 2.825 億美元。訂單量較 2022 年第四季度環比增長 466%，較去年第一季度下降 22%。亞利桑那州、加利福尼亞州和佛羅里達州的訂單強度相對均衡。

We also ended the quarter with an average of 59 selling communities, up 8% from a year earlier. Throughout this year, we have remained disciplined on our land acquisitions as we assess the current market conditions and ended the quarter with 11,435 lots under control. 56% of these lots were under option approach as we continue to focus on our asset-light strategy.

本季度結束時，我們平均有 59 個銷售社區，比去年同期增長 8%。今年全年，我們在評估當前市場狀況的同時，仍然嚴格控制土地收購，截至本季度末，我們控制了 11,435 塊土地。隨著我們繼續專注於輕資產戰略，其中 56% 的地塊採用期權法。

The lot position represents approximately 3.5 to 4 years of supply. This year, we also began Landsea Title to further enhance our homebuyers' experience. Landsea Title issued their first policies on closed homes in April in Florida. We will quickly move to Arizona. And then when we start closing homes in Texas at our Anthem project, Landsea Title will be there from the beginning. Having our own title company allows us to ensure the highest level of service and maximize efficiencies throughout the homebuying process by controlling the quality and timing of title and closing.

該地塊的供應量約為 3.5 至 4 年。今年，我們還推出了朗詩產權，以進一步提升購房者的體驗。 Landsea Title 於四月在佛羅里達州發布了第一份關於封閉房屋的政策。我們將很快搬到亞利桑那州。然後，當我們開始關閉德克薩斯州 Anthem 項目的房屋時，朗詩產權將從一開始就在那裡。擁有自己的產權公司使我們能夠通過控制產權和交割的質量和時間，確保最高水平的服務並最大限度地提高整個購房過程的效率。

In the first quarter, our SG&A expense was $39.2 million or 16.3% of home sales revenue. Our G&A expense of $22.8 million was a little elevated and impacted by one-time severance charges of approximately $1 million as we work to rightsize our operation and improve our efficiency. We will continue to monitor and adjust our overhead cost structure as the market evolves.

第一季度，我們的 SG&A 費用為 3920 萬美元，佔房屋銷售收入的 16.3%。我們的一般管理費用為 2280 萬美元，略有增加，並受到約 100 萬美元的一次性遣散費的影響，因為我們正在努力調整運營規模並提高效率。隨著市場的發展，我們將繼續監控和調整我們的間接成本結構。

Our tax expense for the first quarter was $1.6 million, which represents an effective tax rate of 28%. We anticipate this normalizing back into historical rates as we progress through the year and end in the range of 22% to 23%.

我們第一季度的稅費為 160 萬美元，有效稅率為 28%。我們預計，隨著今年的進展，這一比率將恢復到歷史水平，並最終保持在 22% 至 23% 的範圍內。

We ended with just under $300 million in liquidity at March 31, reflecting our strong commitment to our balance sheet. During the height of the banking crisis in March, we fully drew our revolver to ensure access to this liquidity and then repaid the amount once the crisis subsided, ending the quarter with $139.5 million in cash on hand.

截至 3 月 31 日，我們的流動資金接近 3 億美元，這反映了我們對資產負債表的堅定承諾。在 3 月份銀行業危機最嚴重的時期，我們充分調動了左輪手槍以確保獲得流動性，然後在危機平息後償還了這筆資金，本季度末手頭現金為 1.395 億美元。

Now I would like to provide some guidance for the second quarter and full year. This guidance is based on our estimate as of today with the current market conditions. As inflation and interest rates continue to change, their impact may affect our overall results. With that said, we anticipate second-quarter net home deliveries to be in the range of 450 to 500 units and delivery average selling prices to be in the range of $510,000 to $520,000. We anticipate GAAP home sales gross margin to remain relatively consistent at around 18%.

現在我想為第二季度和全年提供一些指導。該指導基於我們截至目前對當前市場狀況的估計。隨著通貨膨脹和利率的持續變化，它們的影響可能會影響我們的整體業績。儘管如此，我們預計第二季度房屋淨交付量將在 450 至 500 套之間，交付平均售價將在 510,000 美元至 520,000 美元之間。我們預計 GAAP 房屋銷售毛利率將保持在 18% 左右的相對穩定水平。

For the full-year 2023, we anticipate new home deliveries to be in the range of 1,650 homes to 2,000 homes and delivery ASPs to be in the range of $540,000 to $575,000.

2023 年全年，我們預計新房交付量將在 1,650 套至 2,000 套之間，交付平均售價將在 540,000 美元至 575,000 美元之間。

And with that, that concludes our prepared remarks. And now we'd like to open up the call for additional questions.

我們準備好的發言到此結束。現在我們想開放電話詢問其他問題。

(Operator Instructions) Matthew Bouley, Barclays.

（操作員說明）Matthew Bouley，巴克萊銀行。

I wanted to ask about the spec strategy. Presumably, it was good to have spec in the ground during Q1 and maybe you had some success reselling cancellations from Q4.

我想問一下規格策略。據推測，在第一季度製定規格是件好事，也許您在第四季度成功轉售了一些取消訂單。

And I think I heard you say at the top that you're now easing off on that spec strategy. So just trying to think about that balance there. It still seems like the demand there is good. So how are you guys thinking about the spec positioning and why you're mentioning you're going to pull back a little bit?

我想我聽到您在高層說您現在正在放鬆該規格策略。所以只是想考慮一下那裡的平衡。看來那裡的需求還是不錯的。那麼你們如何看待規格定位以及為什麼你們提到要稍微退縮一點？

I will respond by saying that generally where we're looking at our spec strategy going forward is roughly around, I would say, 50-50 dirt starts, spec starts. So for example, if we have a construction release going forward in sales release, we would probably put four up for dirt starts or four or five up for dirt starts and then the other five, we would do it at sort of a traditional spec release.

我會回應說，一般來說，我們正在考慮未來的規格策略，我想說的是，50-50 污垢開始，規格開始。因此，舉例來說，如果我們在銷售發布中發布一個施工版本，我們可能會為土啟動放四個，或者為土啟動放四個或五個，然後另外五個，我們會以傳統的規格發布的方式進行。 。

The reason we're doing that, Matt, is that we are definitely seeing buyers coming back to the market who want to be earlier in the buying process with us. They want to go to our showrooms. They want to pick out their own options, and they want to feel that they're building this house for themselves.

馬特，我們這樣做的原因是，我們肯定會看到買家回到市場，他們希望儘早與我們一起購買。他們想去我們的陳列室。他們想要選擇自己的選擇，他們想要感覺他們正在為自己建造這座房子。

As well, there are still some quick move-in buyers that are acting as more like resale buyers out in the marketplace. So we believe that an appropriate balance of mixture of spec and dirt starts are appropriate going forward. And we're going to continue to monitor this as the year progresses. But as at right now, we think that that's the proper approach.

此外，仍然有一些快速入住的買家的行為更像是市場上的轉售買家。因此，我們相信，規格和污垢啟動的混合的適當平衡是適當的。隨著時間的推移，我們將繼續關注這一情況。但就目前而言，我們認為這是正確的方法。

Got it. Okay. That's very helpful. The second one, just jumping down to the margin side. I guess just curious, even following on to that, how would you say kind of spec versus your dirt margins are trending?

知道了。好的。這非常有幫助。第二個，只是跳到邊緣一側。我想只是好奇，即使接下來，你會怎麼說規格與你的污垢利潤的趨勢？

And then as you look forward, and I think you guided margins in Q2 to be consistent with Q1, we think about kind of incentives price and then that question on spec versus dirt margins, what are some of the pluses and minuses, I guess, that sort of get you to that flattish margin outlook?

然後，當你展望未來時，我認為你指導第二季度的利潤率與第一季度保持一致，我們考慮了某種激勵價格，然後是關於規格與污垢利潤率的問題，我猜有哪些優點和缺點，這會讓你的利潤前景變得平淡嗎？

Yeah, let me -- I'll start it and then I think John will kind of tag on to this is that as we are currently looking at the business, we do believe that our margins are better with the dirt start because they do not include a buydown of the mortgage incentive in it.

是的，讓我——我會開始，然後我想約翰會強調這一點，因為我們目前正在研究這項業務，我們確實相信我們的利潤率在起步階段會更好，因為他們不其中包括抵押貸款激勵措施的減持。

I think the question generally is, as we go forward, and this is a little bit of our hedging going into the remainder of the year in our spec start strategy is that as those houses move through the cycle process and they come closer to close, will the buyer then seek additional incentives to help buy down the interest rate should it continue to go up? And with that being said, I think John more has specifics around the actual margins.

我認為問題通常是，隨著我們的前進，這是我們在今年剩餘時間裡對沖的一點，在我們的規格啟動策略中，隨著這些房子經歷週期過程並且它們越來越接近關閉，如果利率繼續上升，買方是否會尋求額外的激勵措施來幫助降低利率？話雖如此，我認為約翰·莫爾對實際利潤有更多細節。

Yeah. We do see probably in the second half of the year, probably improving margins. That has a lot to do with what Mike was speaking to. We always -- historically, it has always been a dirt start buyer that will -- by selecting their options, always results in a higher margin for us than a spec start or someone's coming in. They may not have the options that they particularly like and will seek discounts traditionally.

是的。我們確實預計下半年利潤率可能會有所改善。這與邁克所說的內容有很大關係。我們總是——從歷史上看，它一直是一個土開始的買家——通過選擇他們的選擇，總是為我們帶來比規格開始或某人進來更高的利潤。他們可能沒有他們特別喜歡的選擇並會按照傳統方式尋求折扣。

Obviously, in this market, currently, they're looking for mortgage incentives. So having a dirt start buyer always has higher margins. And that's part of why our strategy in this balanced approach that Mike spoke to.

顯然，目前在這個市場上，他們正在尋求抵押貸款激勵措施。因此，擁有一個從頭開始的買家總是能獲得更高的利潤。這就是為什麼我們採用邁克所說的平衡方法的策略的部分原因。

We also see in the back half of the year as we have turned over the inventory particularly in this first quarter and going to the second quarter. In the second half of the year, we're going to see this improvement with these dirt start buyers and also some improvements on the cost side as well, too, as we're flushing through the inventory that we're carrying into this year and starting new homes into the second half for deliveries in the second half of this year.

我們還看到今年下半年，因為我們已經周轉了庫存，特別是在第一季度和第二季度。在今年下半年，我們將看到這些從頭開始的買家的這種改善，而且成本方面也會有一些改善，因為我們正在清理今年的庫存下半年新房開工，預計今年下半年交付。

Carl Reichardt, BTIG.

卡爾·雷查特 (Carl Reichardt)，BTIG。

I wanted to ask Matt one of my margin questions. Let me ask more about geographic mix and obviously relocating the headquarters. There's going to be a focus on sort of outside of California.

我想問馬特我的保證金問題之一。讓我詳細詢問一下地理組合以及顯然搬遷總部的情況。重點將集中在加利福尼亞州以外的地區。

Can you give me a sense, sort of three, five years from now, how do you think about where your chess pieces are nationally? And is the forward investment as it sort of shrinks in California, is it going to be in the markets you currently occupy? Or are there new ones that make more sense for you, states or city?

你能否給我一個感覺，從現在起三五年後，你如何看待你的棋子在全國的位置？當加利福尼亞州的遠期投資有所縮減時，它會出現在您目前佔據的市場嗎？或者是否有對您、州或城市更有意義的新政策？

I'm going to start at a little higher level, and then I'm going to pass it over to Mike to talk a little bit granular.

我將從更高的級別開始，然後將其交給邁克進行更詳細的討論。

For us, moving to Dallas was a very important milestone. This is our 10th year. We're actually celebrating our 10 years as a company this year. So we believe moving to Dallas is a reflection of where our position as a company is now too.

對我們來說，搬到達拉斯是一個非常重要的里程碑。今年是我們的第十個年頭。今年我們實際上正在慶祝公司成立 10 週年。因此，我們相信搬到達拉斯也反映了我們作為一家公司現在的地位。

Starting out as a California builder then moving into Arizona, and then the last couple of years now into Texas, Florida, we've really positioned the company to be more diversified, bi-coastal company throughout the Sunbelt. So as I see our business move in the next three to five years, I see us having a more balanced portfolio that will probably be equally appropriate in California, Arizona, Texas, and Florida.

從加利福尼亞州的建築商開始，然後搬到亞利桑那州，然後在過去幾年裡搬到德克薩斯州、佛羅里達州，我們確實將公司定位為整個陽光地帶更加多元化的雙海岸公司。因此，當我看到我們的業務在未來三到五年內發生變化時，我看到我們擁有更加平衡的投資組合，這可能同樣適合加利福尼亞州、亞利桑那州、德克薩斯州和佛羅里達州。

Right now, we're actually pretty fairly distributed between California, Arizona, and Florida. We're very, very interested in building and growing our Texas business, and I think that's pretty exciting for us because we believe this is a business of scale. And we believe that Texas obviously has a lot of those attributes.

目前，我們實際上在加利福尼亞州、亞利桑那州和佛羅里達州之間分佈相當均勻。我們對建立和發展我們的德克薩斯州業務非常非常感興趣，我認為這對我們來說非常令人興奮，因為我們相信這是一項規模化業務。我們相信德克薩斯州顯然具有很多這些特徵。

So I'll turn it over to Mike to talk about some specific markets and some other things we're looking at growing.

因此，我將把它交給邁克來討論一些特定的市場和我們正在考慮發展的其他一些事情。

Sure. Thank you, John. Hey, Carl. Let me begin by saying that we are absolutely thrilled with our businesses in California, both Northern California and Southern California. We have tremendous teams there that have planted their flag, and we have a fantastic franchise that we will continue to nurture in the years to come.

當然。謝謝你，約翰。嘿，卡爾。首先我要說的是，我們對我們在加州（北加州和南加州）的業務感到非常興奮。我們擁有一支出色的團隊，他們已經在那裡插上了自己的旗幟，我們也擁有一支出色的球隊，我們將在未來幾年繼續培育他們。

That being said, though, as John said, we do believe that ultimately our future, those expansions into these other states, which we have entered into, that have very long runways. Florida is a big market as well as Texas.

儘管如此，正如約翰所說，我們確實相信，最終我們的未來，我們已經進入的其他州的擴張，都有很長的跑道。佛羅里達州和德克薩斯州都是一個大市場。

We are just scratching the surface of those markets that we're now participating in, and we believe that we're going to have huge growth opportunities going forward. But we're never shy about also looking at other opportunities in expansion and growing our business into other states.

我們只是觸及了我們現在參與的這些市場的表面，我們相信未來將有巨大的增長機會。但我們從不羞於尋找其他機會，將我們的業務擴展到其他州。

So we've been having really nice conversations as I think that many of the private builders who have made their way through this last trauma that they have been faced with are coming back to the market probably with more realistic ideas in terms of their valuations and terms. And so we're hopeful that we can also find some synthetic or M&A opportunities to help grow not only in the markets that John described, but also in some areas that we may not be in particularly over the next two, three years.

因此，我們一直在進行非常愉快的對話，因為我認為許多已經度過了他們所面臨的最後創傷的私人建築商正在回到市場，可能在估值和條款。因此，我們希望我們也能找到一些綜合或併購機會，不僅幫助約翰描述的市場增長，而且幫助我們在未來兩三年內可能不會涉足的一些領域增長。

And following up on that particular element of the strategy. So obviously you pulled down your line and then paid back during the quarter, thinking about the regional bank crisis, let's talk about how that might impact homebuilding.

並跟進該戰略的特定要素。顯然，考慮到地區銀行危機，您取消了生產線，然後在本季度償還了貸款，讓我們談談這可能會如何影響住房建設。

So first, you're starting to hear private builders chat about losing capital availability and what they might do. Second, is that also happening on the land development side? And third, what percentage of your lots this year do you intend to self-develop? I think it's more of them than not, but I'd just like a number there, too.

首先，你開始聽到私人建築商談論失去可用資金以及他們可能會做什麼。第二，土地開發方面是否也存在這種情況？第三，今年您打算自行開發的地塊比例是多少？我認為這樣的人比沒有的人多，但我也想要一個數字。

Sure. I'll take a first stab at it. And Chris, I don't know if you want to backstop any of this. But I think we are definitely seeing stress that's in the private builder market in terms of their banking relationships and now their inability to do any spec starts. I mean, I think that's what definitely has happened to them more than others that are financed in a different capacity in a more institutional way. Their ability to manage and run their businesses as they have in the past are going to be hindered.

當然。我會先嘗試一下。克里斯，我不知道你是否願意支持這一切。但我認為，我們確實看到了私人建築商市場在銀行關係方面面臨的壓力，現在他們開始無法制定任何規範。我的意思是，我認為這肯定是他們比其他以更制度化的方式以不同身份獲得融資的人更容易發生的事情。他們像過去一樣管理和經營業務的能力將受到阻礙。

So with that being said, they are seeking, and we have been sought out to see ways in which we can assist them or looking at a way of buying them that had gone dormant really most of last year, frankly. So we're pretty -- I don't want to say excited because it doesn't sound very nice, but we're optimistic that we're going to be seeing some opportunities that we saw a few years ago, whereby we can jump in and make some acquisitions that are very strategic to what we're doing.

話雖這麼說，他們正在尋求，我們也一直在尋求幫助他們的方法，或者尋找一種方法來購買去年大部分時間都處於休眠狀態的它們，坦率地說。所以我們很高興——我不想說興奮，因為這聽起來不太好，但我們很樂觀，我們將看到幾年前看到的一些機會，通過這些機會我們可以介入並進行一些對我們正在做的事情非常具有戰略意義的收購。

On the land side, we haven't seen a lot of capitulation. I think generally around the country coming out of the GFC, those land developers that survived are pretty solvent, savvy, and patient. So what we've really seen mostly is not a reduction in price on lots, but maybe more of terms that are beneficial to us, beneficial to their communities in that there's probably more of an alignment that if we all do well -- we do well, we all do well.

在陸地方面，我們沒有看到太多投降。我認為，在經歷了全球金融危機之後的全國范圍內，那些倖存下來的土地開發商總體上都具有相當的償付能力、精明和耐心。因此，我們真正看到的主要不是地塊價格的下降，而是可能有更多對我們有利的條款，對他們的社區有利，因為如果我們都做得好的話，可能會有更多的一致性——我們會這樣做好吧，我們都做得很好。

And that's kind of the proposition as opposed to us getting any kind of stress by or them being able to get some big premium because they have lots available. In some cases, yes, there's anecdotally, if you have finished lots, you can pay up for that. But generally, I haven't seen that really coming through the land yet. Chris, John?

這就是我們的主張，而不是我們受到任何壓力，或者他們能夠獲得一些大的溢價，因為他們有很多可用的。在某些情況下，是的，有傳言說，如果你已經完成了很多，你可以為此付費。但總的來說，我還沒有看到這種情況真正發生在這片土地上。克里斯、約翰？

Carl, to answer your question about capital availability on the land side, there definitely is a tighter market in terms of availability of, call it, ADC loans for land and land development. For us, a majority of our lots are controlled. And I would say probably a majority of our lots also come to us in terms of finished lots.

Carl，為了回答您關於土地方面資本可用性的問題，就土地和土地開發的 ADC 貸款的可用性而言，肯定存在一個更加緊張的市場。對我們來說，我們的大部分土地都受到控制。我想說的是，我們的大部分拍品可能也是以成品拍品的形式提供給我們的。

We do have -- we've been very good in self-developing as well too. We obviously do that in California. We've done that in Arizona successfully and in Texas. So there are opportunities for us to do that.

我們確實有——我們在自我發展方面也做得很好。顯然我們在加利福尼亞就是這樣做的。我們已經在亞利桑那州和德克薩斯州成功做到了這一點。所以我們有機會這樣做。

But with our current strategy where we're about 40% owned, 60% finished, we tend to have more of our majority of our lots are finished lots.

但根據我們目前的策略，我們擁有大約 40% 的股份，60% 為成品，我們的大部分地塊往往是成品地塊。

Okay. I appreciate that. And can I ask one more question just on pricing and incentives? Do you have a sense of what percentage of your communities during first quarter you might have raised base prices in, not removed incentives that raised base prices in?

好的。我很感激。我可以再問一個關於定價和激勵措施的問題嗎？您是否知道第一季度您可能提高了基本價格的社區中有多少百分比，而不是取消了提高基本價格的激勵措施？

Roughly around 10% to 15% of our communities we have been able to get some incremental price increases going forward. Most have been stabilized at current pricing and incentives, which is driving traffic and sales volume. But for the most part, any reduction in pricing or increasing of incentives through our business has ceased.

大約有 10% 到 15% 的社區我們已經能夠獲得一些增量價格上漲。大多數已穩定在當前的定價和激勵措施上，這正在推動流量和銷量。但在大多數情況下，通過我們的業務降低定價或增加激勵措施已經停止。

Alex Rygiel, B. Riley Financial.

Alex Rygiel，B. Riley Financial。

Good morning, gentlemen, very nice quarter. A couple of quick questions here. First, any update on what the cancellation rate looked like in April?

早上好，先生們，非常美好的季度。這裡有幾個簡單的問題。首先，四月份的取消率有什麼最新情況嗎？

Yeah, Alex, this is Chris Porter. We continue to see improvement in the cancellation rate again and got back down into single digits for April.

是的，亞歷克斯，這是克里斯·波特。我們繼續看到取消率再次改善，四月份又回落至個位數。

Fantastic. And then California seemed a bit stronger than I would have thought. Any commentary around that, what product you're launching, so on?

極好的。然後加州似乎比我想像的要強大一些。對此有什麼評論嗎？您要推出什麼產品等等？

Alex, this is Mike. Yeah, as I said earlier, we're really happy about our California performance, particularly coming into the new year. I believe that our positioning in the Inland Empire and out in San Joaquin County, Northern California with our price points is really touching a sweet spot in terms of demand.

亞歷克斯，這是邁克。是的，正如我之前所說，我們對加州的表現感到非常高興，尤其是進入新的一年。我相信，我們在內陸帝國和北加州聖華金縣的定位以及我們的價格點確實觸動了需求的最佳點。

I think we're seeing those buyers that retreated to SFR are now coming back out again, realizing that rates aren't going to drop a whole lot more, and pricing isn't going to get deteriorated a whole lot more and then [sense] what they are, and that we are in a nice position to absorb that demand as it's coming to the market today. So, yeah, Southern California, particularly Northern California as well, have been outstanding this quarter.

我認為我們看到那些撤退到 SFR 的買家現在又回來了，他們意識到利率不會下降更多，而且定價也不會惡化很多，然後[感覺] ] 它們是什麼，並且我們處於一個很好的位置來吸收今天進入市場的需求。所以，是的，南加州，尤其是北加州，本季度表現出色。

(Operator Instructions) There are no further questions, so I will turn the conference back to John Ho for any closing remarks.

（操作員指示）沒有其他問題了，所以我將把會議轉回 John Ho 進行閉幕致辭。

Thank you, everyone, for joining us for our first-quarter earnings call. We look forward to speaking with you again in the quarter.

感謝大家參加我們的第一季度財報電話會議。我們期待在本季度再次與您交談。

Ladies and gentlemen, this does conclude your conference call for this morning. We would like to thank you all for participating and ask you to please disconnect your lines.

女士們先生們，今天早上的電話會議到此結束。我們衷心感謝大家的參與，並請您斷開線路。