Landsea Homes Corp (LSEA) 2024 Q2 法說會逐字稿

Please standby.

請等待。

(Operator Instructions) Good day everyone and welcome to today's Landsea Homes Corporation second quarter 2024 earnings call.

（操作員說明）大家好，歡迎參加今天的朗詩家居公司 2024 年第二季財報電話會議。

(Operator Instructions) Please note that this call may be recorded

（操作員說明）請注意，此通話可能會被錄音

(Operator Instructions)

（操作員說明）

It is now my pleasure to turn today's call over to Drew Mackintosh, Investor Relations.

現在我很高興將今天的電話轉給投資者關係部門的德魯·麥金托什 (Drew Mackintosh)。

Please go ahead.

請繼續。

Good morning and welcome to Landsea Homes second quarter of 2024 earnings call.

早安，歡迎參加朗詩家園 2024 年第二季財報電話會議。

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.

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。

Landsea Homes caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time.

朗詩家居警告稱，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改變。

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.

這些風險和不確定性包括但不限於朗詩家居在向美國證券交易委員會提交的文件中所描述的風險因素。

We do not undertake any obligation to update forward-looking statements.

我們不承擔任何更新前瞻性陳述的義務。

Additionally, reconciliation of non-GAAP financial measures discussed on this call to the most comparable GAAP measure 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對帳可透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 Homes 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家居執行長 John Ho； Mike Forsum，總裁兼營運長；和首席財務長克里斯·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。

Thanks, Drew and good morning to everyone.

謝謝，德魯，大家早安。

Landsea Homes delivered strong top line growth in the second quarter of 2024, generating revenue of $431 million which represented an increase of 47% over the second quarter of 2023.

朗詩家居在 2024 年第二季度實現了強勁的營收成長，營收達 4.31 億美元，較 2023 年第二季成長 47%。

New home deliveries totaled 760 units, well ahead of our stated guidance, as our teams did an excellent job of accelerating build schedules and closing homes in a timely manner.

新房交付總量為 760 套，遠遠超出我們規定的指導，因為我們的團隊在加快建設進度和及時關閉房屋方面做得非常出色。

This allowed us to achieve a fully adjusted home closing gross margin of 21.1%, producing an adjusted net income of $13.3 million and adjusted earnings per share of $0.36.

這使我們能夠實現 21.1% 的全面調整後房屋結算毛利率，產生 1,330 萬美元的調整後淨利潤和 0.36 美元的調整後每股收益。

We continue to see solid demand trends during the quarter, driven by positive housing fundamentals in our markets.

在市場積極的住房基本面的推動下，本季我們繼續看到強勁的需求趨勢。

Though we did experience an increase in home inventory from record low levels in some markets, we do not feel these are a competitive threat at this stage.

儘管我們確實經歷了一些市場的房屋庫存從創紀錄的低水準增加的情況，但我們認為現階段這些並不是競爭威脅。

We generated 760 net new orders for the quarter, 35% more than the second quarter of 2023, on a sales pace of three homes per community per month.

本季我們產生了 760 份淨新訂單，比 2023 年第二季增加了 35%，每個社區每月銷售三套房屋。

Financing incentives remain an important selling tool at our communities to help ease affordability concerns and drive monthly payments down.

融資激勵措施仍然是我們社區的重要銷售工具，有助於緩解負擔能力問題並降低每月付款。

While these incentives spurred demand in the quarter, they continued to weigh on our home sales gross margin which came in a little below our expectations.

雖然這些激勵措施刺激了本季的需求，但它們繼續影響我們的房屋銷售毛利率，略低於我們的預期。

The strong year over year growth we experienced in both sales and closings this quarter was a direct result of our strategic efforts to grow our company and achieve greater economies of scale.

本季我們在銷售和結帳方面所經歷的同比強勁成長是我們為發展公司和實現更大規模經濟而做出的策略努力的直接結果。

Average community count for the quarter was up 47% year over year, thanks to the investments we've made in our markets and the acquisitions we've done to grow our company.

由於我們在市場上進行的投資以及為發展公司而進行的收購，本季的平均社區數量比去年同期增長了 47%。

We are committed to growing the size and scale of our homebuilding platform, so that we realize better fixed cost leverage and receive better terms on the labor and materials that go into building our homes.

我們致力於擴大住宅建築平台的規模和規模，以便實現更好的固定成本槓桿，並在建造住宅的勞動力和材料方面獲得更好的條件。

Benefits of this strategy can be seen in our SG&A ratio in the second quarter which came down 220 basis points on a year over year basis to 13%.

這項策略的好處可以從我們第二季的 SG&A 比率中看出，該比率年減 220 個基點至 13%。

We are a much bigger and more diversified company than we were a year ago and we expect to reap the benefits of our larger homebuilding platform as our volume increases.

與一年前相比，我們是一家規模更大、更加多元化的公司，隨著產量的增加，我們預計將受益於更大的住宅建築平台。

While volume growth is an important part of our long-term strategy, we realized that doing so in a capital efficient and risk averse manner is equally important.

雖然銷售成長是我們長期策略的重要組成部分，但我們意識到以資本效率和規避風險的方式實現這一目標同樣重要。

That is why we have established relationships with land bankers and other capital partners to take some of the upfront cost and risk off our balance sheet.

這就是為什麼我們與土地銀行家和其他資本合作夥伴建立了關係，以消除我們資產負債表上的一些前期成本和風險。

We want to continue to concentrate our efforts on the business of building and selling homes, not speculating on land.

我們希望繼續把精力集中在建造和銷售房屋的業務上，而不是投機土地。

Sourcing lots from third parties on a just in time basis will allow us to do that, while also giving us some downside protection should the market conditions soften.

及時從第三方購買批次將使我們能夠做到這一點，同時在市場狀況疲軟時也為我們提供一些下行保護。

Balancing out our growth objectives is our commitment to maintaining a strong financial position.

平衡我們的成長目標是我們對維持強勁財務狀況的承諾。

We have made great progress over the last few quarters, improving our balance sheet by obtaining fixed rate debt and strengthening our relationships with the lenders in our revolving credit facility.

在過去的幾個季度中，我們取得了巨大進展，透過獲得固定利率債務以及加強與循環信貸安排貸方的關係來改善我們的資產負債表。

We are now on much more solid footing with respect to our access to capital and feel that we have entered a new phase in our company's evolution as a result of these actions.

現在，我們在獲得資本方面的基礎更加穩固，並認為，由於這些行動，我們已經進入了公司發展的新階段。

We ended the second quarter with a net debt-to-cap ratio of 45.4% which we expect to continue to go down as regions generate significant cash flow through the end of the year.

在第二季結束時，我們的淨債務與上限比率為 45.4%，我們預計隨著各地區在年底前產生大量現金流，該比率將繼續下降。

As we look to the back half of 2024, I am pleased with how our company is positioned.

展望 2024 年下半年，我對我們公司的定位感到滿意。

Most of the heavy lifting associated with integration of our recent acquisitions has been completed and we look forward to realizing the benefits of those efforts.

與我們最近收購的整合相關的大部分繁重工作已經完成，我們期待實現這些努力的好處。

We have a solid backlog in place that will help us achieve our delivery goals for the year and bring our leverage ratio down from where it is today.

我們有大量的積壓訂單，這將幫助我們實現今年的交付目標，並將我們的槓桿率從目前的水平降低。

We also have a product profile in our high performance homes that continues to resonate with our buyers.

我們還在高性能住宅中擁有持續引起買家共鳴的產品簡介。

As a result, I remain confident that Landsea is on track to achieve its long-term goals.

因此，我仍然相信朗詩正在實現其長期目標。

Now I'd like to turn the call over to Mike, who will provide more color on our operational performance this quarter.

現在我想將電話轉給麥克，他將為我們本季的營運業績提供更多資訊。

Thanks John, and good morning to everyone.

謝謝約翰，祝大家早安。

Landsea posted year over year delivery growth of 41% in the second quarter, as we benefited from faster cycle times and a higher community count relative to last year's second quarter.

朗詩第二季的交付量年增 41%，這得益於與去年第二季相比更快的周期時間和更高的社群數量。

In terms of regional contributions, Florida led the way, followed by Arizona and California.

就地區貢獻而言，佛羅裡達州領先，其次是亞利桑那州和加利福尼亞州。

Build conditions have improved significantly since the beginning of the year and we're seeing much better labor and trade availability to keep our operations running smoothly.

自今年年初以來，建築條件已顯著改善，我們看到勞動力和貿易的可用性大大提高，以保持我們的營運順利進行。

This dynamic has also resulted in lower stick and brick cost inflation and in some instances, a decline in cost, as is the case with lumber.

這種動態也導致木棍和磚塊成本通膨降低，在某些情況下，成本下降，就像木材的情況一樣。

We believe lower lumber costs will be a margin tailwind for our company in the coming quarters so much of it may be offset by higher land costs.

我們相信，較低的木材成本將成為我們公司未來幾季利潤的推動因素，因此其中大部分可能會被較高的土地成本所抵消。

Order activity was solid during the quarter, with weekly traffic fluctuations being dictated by movements in mortgage rates.

本季訂單活動穩定，每週流量波動由抵押貸款利率變動決定。

We made the strategic decision to stay competitive in the marketplace and maintain sales momentum in an effort to stay on track to achieve our delivery goals and cash generation targets for the year.

我們做出了保持市場競爭力並保持銷售勢頭的策略決策，以努力實現我們今年的交付目標和現金產生目標。

We are committed to delevering the company's balance sheet from current levels, as we will be in a position to redeploy capital into higher return projects by year end.

我們致力於將公司的資產負債表從當前水準去槓桿化，因為我們將能夠在年底前將資本重新部署到回報率更高的專案中。

Our operations in California, Colorado, Arizona and Florida all achieved sales paces in excess of 3.0 homes per community per month for the quarter, while our operations in Texas achieved 1.5 per month.

本季度，我們在加州、科羅拉多州、亞利桑那州和佛羅裡達州的業務每個社區每月的銷售量均超過 3.0 套，而德州的業務則達到每月 1.5 套。

We see the pace in Texas improving in the third and fourth quarters, as we have the normal ramping up activities with transitioning an acquisition to our platform behind us.

我們看到德州的步伐在第三和第四季有所改善，因為我們透過將收購過渡到我們身後的平台來正常加強活動。

As has been widely reported, we have seen an increase in home inventory in Texas and Florida and this has marginally impacted demand in these markets.

正如廣泛報導的那樣，我們看到德克薩斯州和佛羅裡達州的房屋庫存增加，這對這些市場的需求產生了輕微影響。

We believe this is a natural occurrence following several quarters of scarce inventory and home price appreciation and does not change the long-term outlook for these markets which should continue to benefit from outsized job growth and in migration.

我們認為，這是在幾個季度庫存稀缺和房價上漲之後自然發生的情況，並且不會改變這些市場的長期前景，這些市場應繼續受益於就業的大幅增長和移民。

Additionally, most of these homes are significantly older and we would not consider them competition for our homes.

此外，這些房屋中的大多數都相當老舊，我們不會認為它們與我們的房屋競爭。

Most buyers are looking for new, modern and up to date homes and our high performance homes continue to stand out as a superior value in our markets.

大多數買家都在尋找新的、現代的和最新的住宅，而我們的高性能住宅在我們的市場上繼續以卓越的價值脫穎而出。

Additionally, new homebuyers can take advantage of our mortgage incentives that existing home sellers cannot offer.

此外，新購屋者可以利用現有房屋賣家無法提供的抵押貸款獎勵措施。

It is also important to note that while home inventory levels have trended higher recently, they still remain well below historical norms.

同樣重要的是要注意，雖然房屋庫存水準最近呈上升趨勢，但仍遠低於歷史正常水準。

Overall, I feel good about the current state of our industry and Landsea's positioning.

整體來說，我對我們行業的現狀和朗詩的定位感到滿意。

The lock in effect of lower mortgage rates for existing homeowners remains in place, while the need for affordable new housing persists, creating an ideal opportunity for new homebuilders to take the market share.

對現有房主較低抵押貸款利率的鎖定效應仍然存在，而對經濟適用房的需求仍然存在，這為新住宅建築商佔領市場份額創造了理想的機會。

Our access to capital as a public company gives us distinct competitive advantages over many of our smaller private builders in our markets, while our quality design and unique product offerings allow us to differentiate ourselves from many of the larger competitors.

作為一家上市公司，我們獲得資本的機會使我們比市場上許多小型私人建築商具有明顯的競爭優勢，而我們的優質設計和獨特的產品使我們能夠從許多較大的競爭對手中脫穎而出。

In short, I believe the homebuilding industry and Landsea Homes continue to have a bright future ahead.

總之，我相信住宅建築業和朗詩家園的未來依然光明。

With that, I'd like to turn the call over to Chris, who will provide more detail on our financial results this quarter and give an update on our forward-looking guidance.

因此，我想將電話轉給克里斯，他將提供有關我們本季度財務業績的更多詳細信息，並提供有關我們前瞻性指導的最新信息。

Thank you, Mike.

謝謝你，麥克。

Landsea Homes reported net income of $2.9 million or $0.08 per share for the second quarter compared to $4.9 million or $0.12 per share in the second quarter of 2023.

朗詩家居報告稱，第二季淨利為 290 萬美元，即每股 0.08 美元，而 2023 年第二季淨利為 490 萬美元，即每股 0.12 美元。

We reported a 9% increase in fully adjusted net income of $13.3 million or $0.36 per share compared to $13 million or $0.33 per share in the same period last year.

我們公佈的完全調整後淨利潤為 1,330 萬美元，即每股 0.36 美元，較去年同期的 1,300 萬美元或每股 0.33 美元增長了 9%。

Additionally, during the quarter, we had several transactions that created one-time items that impacted our net income and will not recur, including $2.6 million in transaction costs associated with our Antares acquisition, $5.2 million in deferred financing cost write-offs associated with the recast of our revolving credit facility with stronger credit banks and $1.4 million in restructuring costs associated with our reduction in force initiatives.

此外，在本季度，我們進行了幾筆交易，這些交易產生了一次性項目，影響了我們的淨利潤，並且不會重複出現，其中包括與收購Antares 相關的260 萬美元交易成本，與收購相關的遞延融資成本沖銷520 萬美元。

We also booked $8.6 million in purchase price accounting in the quarter.

我們也在本季登記了 860 萬美元的購買價格會計。

As Mike mentioned, we had 760 deliveries which was 41% higher than second quarter of 2023 and our $550,000 average selling price was 2% over last year, both exceeding the high end of our guidance and produced a 43% increase in home sales revenue to $418.2 million.

正如麥克所提到的，我們的交付量為760 套，比2023 年第二季高出41%，我們的平均售價為550,000 美元，比去年上漲2%，兩者都超過了我們指導的上限，並使房屋銷售收入成長了43​​%。

Total revenue increased 47% over 2023 to $431.1 million.

總營收比 2023 年成長 47%，達到 4.311 億美元。

Our gross margin of 14.9% came in just below the low end of our guidance, as our purchase price accounting was larger than expected at $8.6 million or an impact of 2.1% to our gross margin.

我們的毛利率為 14.9%，略低於我們指導的下限，因為我們的採購價格計算高於預期，為 860 萬美元，對我們的毛利率產生了 2.1% 的影響。

We booked $52.2 million in total step up on the Antares acquisition, reflecting the fair value of the balance sheet assets we acquired.

我們在 Antares 收購中計入了總計 5,220 萬美元的溢價，反映了我們收購的資產負債表資產的公允價值。

We expect roughly $4 million of the Antares purchase price accounting to burn off in third quarter and fourth quarter each and approximately $12.5 million in 2025 and the remainder through 2026 and 2027.

我們預計 Antares 購買價格核算將在第三季和第四季分別消耗約 400 萬美元，到 2025 年消耗約 1,250 萬美元，剩餘部分將在 2026 年和 2027 年消耗掉。

We also have $21 million in purchase price accounting remaining on our Florida acquisition and expect roughly $7 million to burn off for the balance of 2024.

我們在佛羅裡達州的收購中還剩下 2,100 萬美元的購買價格會計，預計到 2024 年剩餘時間將消耗約 700 萬美元。

Our purchase price accounting estimates are highly dependent on the specific homes we are able to close during those periods.

我們的購買價格會計估計很大程度上取決於我們在此期間能夠關閉的特定房屋。

Incentives and discounts for the quarter continued to be elevated and were roughly 6% of revenue, reflecting the volatility of interest rates in the quarter.

本季的激勵和折扣繼續提高，約佔收入的 6%，反映了本季利率的波動。

We did begin to see an improvement in this cost starting in July, as the 10 year treasury dropped below 4.5%.

從 7 月開始，隨著 10 年期公債利率降至 4.5% 以下，我們確實開始看到這一成本有所改善。

We ended the quarter with 84 average selling communities, up 47% from the second quarter of last year.

截至本季末，我們的平均銷售社區數量為 84 個，比去年第二季成長 47%。

During the quarter, we opened seven communities, closed six communities and added 20 from our Antares acquisition, for a total ending community count of 85.

本季度，我們開設了 7 個社區，關閉了 6 個社區，並透過收購 Antares 增加了 20 個社區，最終社區總數達到 85 個。

Backlog ended the quarter with 694 homes for a total value of $391.1 million or an average selling price of $564,000.

截至本季末，待售房屋數量為 694 套，總價值為 3.911 億美元，平均售價為 564,000 美元。

Our SG&A expense was 13% of home sales revenue this quarter, including our $2.6 million in acquisition related costs.

我們的 SG&A 費用佔本季房屋銷售收入的 13%，其中包括 260 萬美元的收購相關成本。

This is a 220 basis points improvement from the second quarter of 2023.

這比 2023 年第二季提高了 220 個基點。

During the quarter, we took efforts to gain efficiencies in the operations through both head count reduction as well as streamlining our reporting structure.

本季度，我們努力透過減少人員數量和簡化報告結構來提高營運效率。

We eliminated 30 positions for an annual run rate savings of approximately $5 million.

我們裁減了 30 個職位，每年節省了約 500 萬美元的營運費用。

We believe we are in a path to be more aligned with our peers and operate in the range of 11% to 12% next year.

我們相信，我們正走在與同行更一致的道路上，明年的營運範圍將在 11% 至 12% 之間。

Our tax rate in the quarter was 29.8% but we do expect a full year tax rate between 22% and 24%.

我們本季的稅率為 29.8%，但我們預計全年稅率在 22% 至 24% 之間。

Turning to our balance sheet, we ended the quarter with $330 million in liquidity, $106 million in cash and cash equivalents and $224 million in availability under our revolving credit facility.

轉向我們的資產負債表，本季末我們的流動資金為 3.3 億美元，現金和現金等價物為 1.06 億美元，循環信貸額度下的可用資金為 2.24 億美元。

During the quarter, we completed the recast of our revolver led by Bank of America, US Bank and Truist, that broadened and strengthened our bank group and extended the term into 2027.

本季度，我們完成了由美國銀行、合眾銀行和 Truist 牽頭的左輪手槍重組，擴大並加強了我們的銀行集團，並將期限延長至 2027 年。

Our capacity is $455 million with an accordion feature to increase up to $850 million should we need the capacity.

我們的產能為 4.55 億美元，如果我們需要產能，可將手風琴功能增加至 8.5 億美元。

Additionally, we updated our pricing to a grid pricing, we now have no debt maturities until 2027.

此外，我們將定價更新為網格定價，現在我們在 2027 年之前沒有債務到期。

Our leverage ratio has increased as expected with the acquisition of Antares, ending the quarter at 52.8% debt to total capital and 45.4% net debt to total capital.

隨著收購 Antares，我們的槓桿率如預期增加，本季末債務佔總資本的比例為 52.8%，淨負債佔總資本的比例為 45.4%。

Our focus remains on generating cash flow from the acquisition and reducing leverage back to within our stated policies of 45% total debt to capital.

我們的重點仍然是透過收購產生現金流，並將槓桿率降低到我們規定的總債務與資本比 45% 的政策範圍內。

Now looking forward to the back half of the year, we anticipate our new home deliveries to be between 625 and 700 in the third quarter and between 1,000 and 1,100 in the fourth quarter.

現在展望今年下半年，我們預計第三季新房交付量將在 625 至 700 套之間，第四季將在 1,000 至 1,100 套之間。

Average selling prices should be between $495,000 and $510,000 for both quarters with a relatively consistent mix of our division's performance.

兩個季度的平均售價應在 495,000 美元至 510,000 美元之間，我們部門的業績組合相對一致。

Adjusted gross margins should be in the range of 20% to 21% in the third quarter and in the fourth quarter between 23% and 24%.

第三季調整後毛利率應在20%至21%之間，第四季調整後毛利率應在23%至24%之間。

Our GAAP gross margins are expected to remain relatively consistent in the third quarter and improved to between 18% and 19% in the fourth quarter.

我們的 GAAP 毛利率預計在第三季保持相對穩定，並在第四季度提高到 18% 至 19% 之間。

These sales and gross margins reflect our best estimate as of today with the current market conditions as inflation, incentives and interest rates continue to change, overall results could change accordingly.

這些銷售額和毛利率反映了我們迄今為止對當前市場狀況的最佳估計，隨著通貨膨脹、激勵措施和利率的持續變化，整體業績可能會相應變化。

With that, that concludes our prepared remarks, and now we'd like to open up the call for questions.

我們準備好的發言到此結束，現在我們開始提問。

(Operator Instructions)

（操作員說明）

Matthew Bouley, Barclays.

馬修·博利，巴克萊銀行。

Morning everyone.

大家早安。

Thank you for taking the question.

感謝您提出問題。

Just kind of looking at the pieces of the guidance over the next couple of quarters.

只是看看接下來幾季的指導意見。

Looks like you're guiding to something like 1,700 plus closings over the next two quarters.

看來您預計未來兩季的成交量將超過 1,700 家。

I think there's around 700 homes in backlog.

我認為大約有 700 套房屋積壓。

So I guess, presumably looking to build and sell a fair bit of spec homes over the next couple of quarters?

所以我想，大概是希望在接下來的幾季建造和銷售相當多的規格住宅？

And sounded like you're expecting Texas to pick up.

聽起來你好像在期待德州的經濟復甦。

So just kind of curious how you're thinking about starts and spec production, given a pretty dynamic market here and sort of how you build to that delivery guide?

因此，我有點好奇，鑑於這裡的市場相當活躍，以及您如何建立交付指南，您如何考慮啟動和規格生產？

Thank you.

謝謝。

Hey Matt, this is John Ho.

嘿馬特，這是約翰何。

I'll start it off and then I'll hand it over to Mike to talk about some of the specifics around the build in sales.

我將首先開始，然後將其交給麥克討論有關銷售構建的一些細節。

For us, as we've said, we've invested in these markets that we think have long term, really strong prospects.

對我們來說，正如我們所說，我們投資了這些我們認為具有長期、真正強勁前景的市場。

I think in the second quarter really demonstrated that with both Florida and Texas coming online and the number of new communities that we have opened now.

我認為第二季度確實證明了這一點，佛羅裡達州和德克薩斯州都上線了，而且我們現在開設了很多新社區。

That's really driving significant orders for us with actively selling communities that we have now.

這確實為我們現在擁有的積極銷售社區帶來了大量訂單。

And then being able to deliver that in the second half of the year.

然後能夠在下半年交貨。

So we feel pretty confident that there is really strong demand out there.

因此，我們非常有信心，那裡的需求確實很強勁。

The use of incentives have been very effective, as you can tell.

如您所知，激勵措施的使用非常有效。

We will continue to see that, I think in the second half of the year.

我認為在今年下半年我們將繼續看到這一點。

Mike?

麥克風？

Yeah, sure.

是的，當然。

Hey, Matt, great question.

嘿，馬特，好問題。

Something we're thinking about a lot here but we have prepared ourselves operationally by the fact that we do have a very strong group of individuals running our teams out there, with their goals and objectives around achieving this number that we set forth here in this guidance.

我們在這裡思考了很多事情，但我們已經在營運上做好了準備，因為我們確實有一個非常強大的團隊來管理我們的團隊，他們的目標和目標圍繞著實現我們在此提出的這個數字指導。

That being said, we're a little bit into the third quarter already and we're really happy with the performance around our sales rate.

話雖這麼說，我們已經進入第三季了，我們對銷售率的表現非常滿意。

Our backlog is actually larger than what you were hearing right now because that's the second quarter ending backlog.

我們的積壓訂單實際上比您現在聽到的還要多，因為那是第二季結束的積壓訂單。

So currently, as of right now, we're over 75% of the way in terms of closings we have against the backlog that we have currently against the plan that we're trying to achieve So to be in July and be roughly 75%, 80% of the way there, going into what we call sort of the fall bump that we normally get, we're excited.

因此，目前，就目前的積壓情況而言，我們已經完成了超過 75% 的工作，而我們目前正在努力實現計劃，所以到 7 月份，大約會達到 75% ，80％的路程，進入我們通常所說的那種秋季顛簸，我們很興奮。

And we're particularly excited because we really haven't had the contribution out of our DFW team through the Antares acquisition that closed a little bit later than we had anticipated it was in April.

我們特別興奮，因為我們確實沒有透過 Antares 收購從 DFW 團隊中獲得貢獻，該收購完成的時間比我們 4 月的預期晚了一點。

We were pretty well through the spring selling season at that point so we missed some of that opportunity.

那時我們的春季銷售旺季進展順利，所以我們錯過了一些機會。

But now being fully online, pretty much 100% integrated, having all those communities available to us and what we've been seeing out of Dallas in the last couple of weeks, we're feeling really good about our prospects of meeting or beating our goals here for the end of the year.

但現在完全在線，幾乎 100% 集成，所有這些社區都可供我們使用，以及過去幾週我們在達拉斯看到的情況，我們對滿足或擊敗我們的前景感到非常滿意今年年底的目標。

Perfect, super helpful there.

完美，超級有幫助。

Secondly, maybe sticking with the guide, just kind of noticeable to look at the adjusted gross margin guide.

其次，也許會堅持使用指南，只是看看調整後的毛利率指南就很明顯了。

I think the Q3 to Q4 jump of about 300 basis points.

我認為第三季到第四季的躍升約為 300 個基點。

So I'm thinking e-purchase accounting, the adjusted gross margin.

所以我在考慮電子採購會計，調整後的毛利率。

What are the pieces to that bridge?

那座橋有哪些零件？

I mean, it sounded like maybe incentives have been ticking lower here into Q3.

我的意思是，聽起來激勵措施可能在第三季有所下降。

But between incentives, lower lumber costs, kind of what gets a lot better in the margin in the fourth quarter relative to the third quarter?

但在激勵措施、木材成本降低等因素的影響下，第四季的利潤率比第三季提高了多少？

Hey Matt, this is John.

嘿馬特，這是約翰。

I'll take a stab at that and then other members of my team can add on.

我會嘗試一下，然後我團隊的其他成員可以補充。

It's a combination of incentives but really the contribution from different parts of our business.

這是激勵措施的結合，但實際上是我們業務不同部門的貢獻。

We're seeing some of the communities that have been hit with some higher costs.

我們看到一些社區遭受了更高的成本打擊。

We're really pushing that through the business.

我們確實正在透過業務推動這一點。

So you can see that's why we really deliver on the high end or exceeded our deliveries in the second quarter.

所以你可以看到，這就是為什麼我們在第二季度真正交付了高端產品或超過了我們的交付量。

We're going to have new communities opening up.

我們將開放新的社區。

Some of those communities do have some lower expenses, costs associated with them and they'll be coming through the second half of this year.

其中一些社區的開支和相關成本確實較低，並將持續到今年下半年。

We'll also see some significant contributions from the opening average selling communities in Texas as well.

我們還將看到德克薩斯州開放平均銷售社區的一些重大貢獻。

So it's really a combination of the geographic mix that's coming through our business as well as some of those lower costs

因此，這實際上是我們業務中的地理組合以及一些較低成本的結合

Sure.

當然。

Matt, it's Mike again.

馬特，又是麥克。

I might add also that as we pivot out of over Northern California business and increase our areas of contribution throughout the country, the distortion that comes from the BMR, below market rate units that we're pushing through in the first half of the year against the average sales price that these BMR units are a part of, that's going to be going away.

我還想補充一點，當我們從北加州業務轉向並增加我們在全國範圍內的貢獻領域時，BMR 帶來的扭曲，低於我們在今年上半年推行的市場利率單位這些BMR 設備所包含的平均銷售價格將會消失。

So I think we'll also see just sort of organically that getting better as we go through it.

所以我認為，隨著我們經歷它，我們也會看到有機地變得更好。

We also are very excited about some of the new open communities that we have now.

我們也對我們現在擁有的一些新的開放社區感到非常興奮。

They are performing very well, taking less incentives, rates are going down.

他們的表現非常好，採取的激勵措施較少，利率正在下降。

We're actually still raising prices in some of our locations, particularly in Northern Orlando and in some cases, even in Arizona and places where we can continue to thoughtfully and precisely raise prices to offset or even better beat some of the incentives that we have embedded into the numbers we're seeing right now.

實際上，我們仍在某些地點提高價格，特別是在奧蘭多北部，在某些情況下，甚至在亞利桑那州以及我們可以繼續深思熟慮和精確提高價格的地方，以抵消甚至更好地擊敗我們已有的一些激勵措施嵌入到我們現在看到的數字中。

So we're feeling pretty good again that we're going to see that come through and team is working really hard to make that happen.

因此，我們再次感覺非常好，我們將看到這一目標的實現，並且團隊正在努力實現這一目標。

Awesome.

驚人的。

Thanks for the color.

謝謝你的顏色。

Good luck, guys.

祝你好運，夥計們。

Carl Reichardt, BTIG.

卡爾雷查特 (Carl Reichardt)，BTIG。

Thanks, guys.

謝謝，夥計們。

Hope you're doing well.

希望你一切都好。

Just on this particular quarter, I think you beat your delivery guide on a unit basis, was it 22% at the midpoint that's a ton.

就在這個特定的季度，我認為你們在單位基礎上超出了你們的交付指南，中點是 22%，這已經是一個很大的數字了。

What were the drivers of that outperformance?

其優異表現的驅動因素為何？

I'm going to guess that you weren't really sure on Antares and what you'd get out of it and you got a lot more out of it than you thought.

我猜你並不確定 Antares 以及你會從中得到什麼，而你從中得到的東西比你想像的要多得多。

But can you sort of fill me in on why the beat was so significant?

但你能告訴我為什麼這個節拍如此重要嗎？

Well, it's Mike.

嗯，是麥克。

I got the finger point landed on me, Carl.

我的矛頭指向了我，卡爾。

So we have really, really been working hard with our sales proposition out in our local markets against the inventory that we have and really working with our mortgage affiliate and targeting the houses that needed to get moved.

因此，我們確實非常非常努力地根據我們現有的庫存在當地市場制定銷售主張，並與我們的抵押貸款附屬機構合作，瞄準需要搬遷的房屋。

We are strong believers that this is a business of momentum.

我們堅信這是一項充滿動力的業務。

We really wanted to push as much inventory that we had available to us to close within the quarter because we wanted to get also in front of what we can see possibly coming down the pipe as our competitors, larger competitors also have some inventory that they're going to be pushing here in the next couple of months.

我們真的希望在本季度內盡可能多地投入可用庫存，因為我們也希望領先於我們的競爭對手，更大的競爭對手也有一些庫存。

And so it was really a targeted effort by the team over the last three or four months, essentially and with some increased contributions that we got from Texas.

因此，這確實是團隊在過去三、四個月中的有針對性的努力，本質上是我們從德克薩斯州獲得的一些增加的貢獻。

But really, Arizona has stepped up incredibly Jeff and his team in Florida are really doing great.

但實際上，亞利桑那州的進步令人難以置信，傑夫和他在佛羅裡達州的球隊確實做得很好。

Megan, our sales leader there, is tremendous.

梅根是我們那裡的銷售主管，她非常出色。

They've really have identified the sweet spot of where we need to be pricing incentives and we have houses we can deliver.

他們確實已經找到了我們需要定價激勵的最佳點，並且我們有可以交付的房屋。

And so that's really what came through.

這就是真正發生的事情。

Okay.

好的。

Thank you for that Mike.

謝謝你，麥克。

And then to talk a little bit about well, I guess, really two things.

然後我想談兩件事。

One, if you could help a little bit with the store count over the course of the rest of the year and maybe into '25 in terms of net new openings, that would be helpful.

第一，如果你能在今年餘下的時間裡，甚至在 25 年的淨新開店數量上，為商店數量提供一點幫助，那將會很有幫助。

And then just as a side note, you talked a little bit about July, I am curious, it sounds like the elasticity to changes in rates is still really impacting traffic and turnover.

然後，作為旁注，您談到了 7 月份的情況，我很好奇，聽起來費率變化的彈性仍然確實影響著流量和營業額。

I'm curious how July has been in that regard and whether or not the objections you hear from consumers are still really mathematical, meaning I can't afford it or I don't want to pay this price or whatever versus being psychological.

我很好奇七月在這方面的情況如何，以及您從消費者那裡聽到的反對意見是否仍然是真正的數學問題，這意味著我買不起或我不想支付這個價格或其他與心理上的不同。

I'm afraid to buy, I'm worried about my job, the election, whatever.

我害怕買東西，我擔心我的工作、選舉等等。

So two very different questions but if you guys could address those.

這是兩個非常不同的問題，但如果你們能解決這些問題。

Thanks.

謝謝。

Yeah, Carl, let me start with the community count.

是的，卡爾，讓我從社區計數開始。

I think you saw the impact from the DFW area this quarter.

我想您已經看到了本季 DFW 地區的影響。

And if you look at versus year end, we were at 7.7% organic growth and then added on the Orlando or -- sorry, the DFW segment as well.

如果你看看與年底相比，我們的有機增長率為 7.7%，然後加上奧蘭多或——抱歉，還有 DFW 部分。

We had said that we would be in that 10% to 15% organic growth and then add on DFW.

我們曾說過，我們將實現 10% 至 15% 的有機成長，然後再增加 DFW。

I think we'll still be in that range which would put us in that kind of fourth quarter average right around the 90-ish communities.

我認為我們仍將處於這個範圍內，這將使我們處於 90 歲左右社區周圍第四季度的平均水平。

And then although we're not giving guidance at this stage of the game on 2025, I would definitely see our historical pattern continuing.

儘管我們沒有在 2025 年遊戲的這個階段提供指導，但我肯定會看到我們的歷史模式繼續下去。

So in that low double digits, high single digit organic growth throughout '24 as an average.

因此，整個 24 年的有機成長平均為低兩位數和高個位數有機成長。

Great.

偉大的。

Thanks, Chris.

謝謝，克里斯。

So to follow up on that, Carl, the other part of your question was, I think, the psychology, the vibe that's out there and the narrative that's coming off of our sales floors as it relates to rates and where rates are today.

因此，卡爾，我想，你問題的另一部分是，心理、氣氛以及我們銷售大廳中與費率和當今費率相關的敘述。

I believe and what we're seeing is that essentially, that the market in which we're -- markets in which we're competing against and the competitors that are there that we're competing against.

我相信，我們所看到的本質上是我們所處的市場——我們正在競爭的市場以及我們正在競爭的競爭對手。

For the most part, everybody has some buydown program to the point that it's now become ubiquitous and it's just the same.

在大多數情況下，每個人都有一些購買計劃，以至於它現在變得無處不在，而且都是一樣的。

And what we're really appreciating through that is that we can really now go back to differentiating ourselves by way of the products that we're building, our value proposition through our (inaudible) strategy and just being a separator again where they can see the overall value proposition beyond.

我們真正欣賞的是，我們現在真的可以透過我們正在建立的產品，透過我們的（聽不清楚）策略來體現我們的價值主張，並再次成為他們可以看到的分離者，從而使自己與眾不同。

The rates because for the most part, everybody is down in that kind of teaser rate in that

利率是因為在大多數情況下，每個人都在那種預告利率中下降

[4.99 then it kind of comes up and everybody seems to be in that sweet spot of about 5, 5.5, 30 year fix].

[4.99 然後就出現了，每個人似乎都處於大約 5 年、5.5 年、30 年修復的最佳位置]。

This is big generalization but that kind of gets you to where you need to get to.

這是一個很大的概括，但它可以讓你到達你需要到達的地方。

And that's moving homes, the homes that are moving, again, are the ones that people can clearly see that there's a superior value to them against whoever else were being judged by.

這就是搬家，那些正在搬家的房子，人們可以清楚地看到，與其他評判標準相比，它們具有更高的價值。

So we like that because we're really proud of what we're building, how we're building them and the value that we're creating.

所以我們喜歡這樣，因為我們對我們正在建造的東西、我們建造它們的方式以及我們正在創造的價值感到非常自豪。

So that seems to be working.

這似乎有效。

There seems to be a bit of a capitulation in terms of just we're waiting things out, we're nervous.

我們似乎有點投降，因為我們只是在等待事情的解決，我們很緊張。

I think we've gotten along now there's enough life change into the demand profile that we have out there that people do need to move, their houses are getting bigger, they're maybe shrinking.

我認為我們現在已經相處得很好了，我們的需求狀況已經發生了足夠的生活變化，人們確實需要搬家，他們的房子越來越大，也許正在縮小。

Whatever it is, that is coming back into the purpose of which they're coming to look at homes.

不管是什麼，這又回到了他們來看房的目的。

And so it does kind of go up and down a little bit but it seems like we can modulate that with our buy downs as we're going through as long as we're kind of hitting that number it still is about a monthly payment.

因此，它確實有點上下波動，但似乎我們可以透過我們的買入來調整它，因為只要我們達到這個數字，它仍然是每月付款。

And I just don't see like a lot of real concern or fear or we're going to wait for it to go lower.

我只是沒有看到太多真正的擔憂或恐懼，或者我們將等待它下降。

We're going to wait and see what happens to the election.

我們將拭目以待，看看選舉會發生什麼。

We're going to be -- it's just do you have a house that is a house that can be delivered in the next 60 days that you're providing me with a long-term fixed mortgage rate that's going to make me hit a payment and is that house superior to the other houses that I'm looking at.

我們會——只要你有一套房子，可以在未來 60 天內交付，你就可以為我提供長期固定抵押貸款利率，這將使我能夠還款那棟房子比我正在看的其他房子優越嗎？

And if you can win that proposition, you're going to move houses and we're doing that.

如果你能贏得這個提議，你就會搬家，我們正在這樣做。

Very comprehensive.

非常全面。

Thanks so much, guys.

非常感謝，夥計們。

Really, appreciate it.

真的，很欣賞。

Thanks.

謝謝。

Alex Rygiel, B. Riley.

亞歷克斯·里吉爾，B.萊利。

Thanks and good morning, gentlemen.

謝謝，早安，先生們。

One of your business priorities is to drive higher returns with improvements in cycle time and a focus on additional cost reductions.

您的業務重點之一是透過縮短週期時間來提高回報並專注於進一步降低成本。

Where does your cycle time stand today?

您今天的周期時間是多少？

And where might it go?

它可能去哪裡？

And on the cost reduction side, can you provide us with a few of the larger opportunities that you see developing over the next six months?

在降低成本方面，您能為我們提供一些您認為在未來六個月內發展的更大機會嗎？

Alex, it's Mike.

亞歷克斯，這是麥克。

Thanks for the question.

謝謝你的提問。

We're really proud of what we've been able to accomplish year over year in terms of reductions of our cycle time.

我們對我們在縮短週期時間方面逐年取得的成就感到非常自豪。

A year ago, we were roughly around nine months on average and keep in mind that we build a variety of homes, attach and detach so it's a pretty big spectrum.

一年前，我們平均大約在九個月左右，請記住，我們建造了各種房屋，連接和拆卸，所以這是一個相當大的範圍。

But today, currently, we're averaging around 135 days or seven months.

但目前，我們的平均時間約為 135 天或七個月。

And in some cases, in Arizona and Florida, we're going from a start of foundation to final inspection in 4.5 months.

在某些情況下，在亞利桑那州和佛羅裡達州，我們從基礎開始到最終檢查需要 4.5 個月。

So it's almost a 50%, well, close to it, increase in cycle times which is allowing us to do almost two inventory turns per year per house.

因此，週期時間幾乎增加了 50%，接近這個數字，這使得我們每棟房屋幾乎可以進行兩次庫存週轉。

So for us, that is a really exciting thing for us in terms of where we want to go in terms of execution and production capacity.

因此，對我們來說，就執行力和生產能力而言，這對我們來說是一件非常令人興奮的事情。

Obviously, that draws down on the interest from holding those lots and keeping that with because we're going quicker.

顯然，這會降低持有這些地塊並保留這些地塊的興趣，因為我們進展得更快。

It's also allowing us to have more velocity, more volume in the communities and get our starts going which then allows us to get better pricing because we're going to the trades and we're able to commit a certain amount of starts per month, per week actually and getting again, better pricing, better performance, better activity in our communities.

它還使我們能夠在社區中擁有更快的速度、更多的數量並開始我們的啟動，這使我們能夠獲得更好的定價，因為我們將進行交易並且我們能夠每月承諾一定數量的啟動，實際上每週一次，並且再次獲得更好的定價、更好的表現、更好的社區活動。

So from that standpoint, I think it's all organic and interconnected.

因此，從這個角度來看，我認為這一切都是有機的、相互關聯的。

Again, as I said earlier, we really believe this is a business that demands velocity and also scale is super important.

正如我之前所說，我們確實相信這是一項需要速度的業務，而且規模也非常重要。

And so we're also driving collectively now as we've gotten bigger and bringing Antares online and the size of our business and the growth of our business, we're able to international purchasing exact more concessions and rebates that are becoming very, very helpful.

因此，隨著我們規模不斷擴大，Antares 上線，隨著我們業務的規模和業務的增長，我們現在也在共同努力，我們能夠在國際上採購更多的優惠和回扣，這些優惠和回扣正在變得非常非常有幫助。

In fact, we are right now around $2,500 a home in terms of rebates that are coming through.

事實上，就目前的回扣而言，我們目前每棟房屋的價格約為 2,500 美元。

That goes right to the bottom line and we're very excited about that as well.

這直接關係到我們的底線，我們對此也感到非常興奮。

So there's a lot of things that are in motion here for us.

因此，對我們來說，有很多事情正在發生。

And again, as we've always said, we are on this journey of growth and scale and that all those attributes that come with it and the benefits come with it, we're starting to kind of see be coming into our business as we go forward.

再說一次，正如我們一直所說的，我們正處於增長和規模化的旅程中，所有隨之而來的屬性和好處，我們開始看到隨著我們的發展，它們將進入我們的業務。

Then, Alex, this is John.

那麼，亞歷克斯，這是約翰。

The one item I would add to what Mike said is, with that scale, we're also always looking to improve our efficiency over our fixed costs and our SG&A.

我要在麥克所說的基礎上補充的一點是，隨著規模的擴大，我們也一直在尋求提高固定成本和銷售管理費用的效率。

Chris talked about this in his prepared remarks.

克里斯在他準備好的演講中談到了這一點。

And we consolidated our operations in California with the relocation of our headquarters to Dallas, consolidating a lot of our corporate operations here as well.

我們將總部遷至達拉斯，從而鞏固了我們在加州的業務，同時也鞏固了我們在這裡的許多公司業務。

We did a reduction in force that will result in about $5 million in annual savings as well to the company.

我們減少了人力，這將為公司每年節省約 500 萬美元。

So all those things are going to help us to drive higher returns as we continue to grow and scale and maturity as a business.

因此，隨著我們業務的不斷發展、規模和成熟，所有這些都將幫助我們獲得更高的回報。

Very helpful.

非常有幫助。

And then can you talk a little bit more about the increase in inventory in certain communities, particularly in Texas?

然後您能多談談某些社區（尤其是德克薩斯州）的庫存增加嗎？

Part of me wants to think that, that actually might be a positive, given that you could have inventory available as we go into a more improved rate cycle later in the year with the expectation that that's catalyst to demand.

我的一部分想法是，這實際上可能是一個積極的因素，因為當我們在今年晚些時候進入一個更改善的利率週期時，你可能會有可用的庫存，並期望這會成為需求的催化劑。

But maybe you can comment on sort of that inventory position?

但也許你可以評論一下庫存狀況？

Sure.

當然。

Mike again.

又是麥克。

I'll take a stab at this first and anybody can follow up if they want to.

我會先嘗試一下，如果願意的話，任何人都可以跟進。

But Alex, what story goes on as much as we are driving towards even flow production, there are certain ways that go through the business in terms of when you start to sell and then bringing communities online and where they are in terms of the yearly cycle.

但是亞歷克斯，故事發生了什麼，就像我們正在推動均勻的流生產一樣，有一些特定的方式來貫穿業務，包括何時開始銷售，然後將社區帶到網上，以及它們在年度週期中的位置。

So what we are seeing right now is a bit of a bold of some WIP coming through on starts that we started in the first and second quarter, getting ready for the third quarter, getting definitely ready for the fourth quarter.

因此，我們現在看到的是一些大膽的 WIP，我們從第一季和第二季開始，為第三季做好準備，為第四季做好準備。

And with that, what is happening is in the market today is that a good portion, if not 70% roughly of our closings of which the sales took place about 45 to 60 days prior.

因此，今天市場上發生的情況是，我們的成交量中，有很大一部分（如果不是大約 70%）是在大約 45 至 60 天前進行銷售的。

That is generally the dynamic of the business today which is kind of the opposite of what it was years ago, decades ago, where you basically started a house that you sold and sort of built into that order.

這通常是當今商業的動態，與幾年前、幾十年前的情況相反，當時你基本上開始建造一棟房子，然後出售並按照訂單建造。

Effectively, what is happening today is that the new home build industry is really replacing the resell inventory that's out there.

實際上，今天正在發生的事情是，新住宅建築業正在真正取代現有的轉售庫存。

And that buyer is a buyer that needs to move into a house between -- 60 days, 45 days.

該買家是需要在 60 天到 45 天之間搬入房屋的買家。

So you have to have that kind of build-up of inventory to have it ready to be in a position to be able to transact and close in that period of time.

因此，你必須累積一定的庫存，以便能夠在這段時間內進行交易和關閉。

So, that's you're just kind of seeing that little bolts coming through.

所以，你只是看到那些小螺栓穿過。

Very helpful.

非常有幫助。

And then lastly, as it relates to sort of your M&A strategy at least in the near term, understanding Antares' big acquisition.

最後，因為它至少在短期內與您的併購策略有關，所以請了解 Antares 的大型收購。

Is it safe to assume that sort of M&A and kind of between now and year end is probably off the table as you integrate?

是否可以安全地假設，在整合過程中，從現在到年底之間可能不會進行此類併購？

But next year is sort of a new year with a white slate of M&A opportunities.

但明年是充滿併購機會的新的一年。

Alex, this is John.

亞歷克斯，這是約翰。

We are a company that is growth oriented.

我們是一家以成長為導向的公司。

So we are opportunistic but we're also very disciplined about it as we've proven in the past five, six years.

因此，我們是機會主義的，但我們也非常自律，正如我們在過去五、六年中所證明的那樣。

Pick out these opportunities that we think are good opportunities for us to be in Dallas is somewhere we wanted to be in and that's why Antares was so instrumental in establishing this position for us.

挑選出這些我們認為對我們來說是很好的機會，達拉斯是我們想要進入的地方，這就是為什麼 Antares 在為我們確立這一地位方面發揮瞭如此重要的作用。

We are very focused, as we said, on generating cash flow, reducing our debt.

正如我們所說，我們非常專注於產生現金流、減少債務。

At the same time, if our stock continues to remain below book value, while capital towards shared distribution -- shareholder distributions as well.

同時，如果我們的股票繼續保持低於帳面價值，則資本將用於共享分配——股東分配也是如此。

We've also demonstrated that we can really grow the company, 45% growth year over year in terms of our deliveries, I think, is a demonstration of that.

我們也證明了我們確實可以使公司發展，我認為我們的交付量同比增長 45% 就是一個證明。

We're happy with in all the markets that we're in.

我們對我們所處的所有市場都很滿意。

But there are certainly other areas in Texas that we like to expand to as well as Florida.

但我們當然希望將業務擴展到德克薩斯州以及佛羅裡達州的其他地區。

So, we'll be quite opportunistic in that nature and very selective.

因此，我們在本質上會非常機會主義並且非常有選擇性。

Thank you.

謝謝。

Jay McCanless, Wedbush.

傑伊·麥卡利斯，韋德布希。

Hey, good morning, everyone.

嘿，大家早安。

So with all the acquisitions this year, maybe could you level set us on what you think your product mix looks like right now between first time and move up?

那麼，在今年的所有收購中，也許您可以向我們介紹一下您認為從第一次收購到升級的產品組合現在是什麼樣的？

Sure, Jay, it's Mike.

當然，傑伊，是麥克。

Currently, we're roughly around 45% to 47% first time homebuyers.

目前，大約有 45% 到 47% 的人是首次購屋者。

We want to move that up into the 60s, high 60s.

我們希望將其提升到 60 年代，高度 60 年代。

And then the tailing 30% would be half-half between first time move up and then we'd like to have usually in any of our markets, a more of a luxury position.

然後，尾隨的 30% 將是第一次上漲之間的一半，然後我們通常希望在我們的任何市場中擁有更奢侈的地位。

We think it's really good for brand building it helps us to be subtle and future thinking around new products that are coming through and that can permeate back into our businesses in our containable pricing product.

我們認為這對品牌建立確實有好處，它可以幫助我們對即將推出的新產品進行微妙和未來的思考，這些產品可以在我們的可控定價產品中滲透到我們的業務中。

So we are moving in that direction, particularly with Dallas coming online, increasing our activities in Arizona and in the Orlando market, Orlando team.

因此，我們正在朝這個方向前進，特別是隨著達拉斯上線，增加我們在亞利桑那州和奧蘭多市場的活動，奧蘭多團隊。

So you're going to start to see that percentage increasing over time.

因此，您將開始看到該百分比隨著時間的推移而增加。

Organically, it's not going to really take an acquisition to do it.

從本質上講，這並不需要真正透過收購來實現。

So that's the movement so roughly, right now, I would say, I think I'm just looking at right here is about 47.3% of our current buyers are first time home buyers and then the rest is kind of mixed through.

所以，這就是目前的大致走勢，我想說，我想我現在看到的買家中大約有 47.3% 是首次購房者，其餘的則參差不齊。

Right.

正確的。

That's great, Mike.

太棒了，麥克。

And then following up on that, I guess, you talked about land costs potentially coming up and offsetting the savings on lumber.

然後，我想，您談到了可能出現的土地成本並抵消了木材方面的節省。

I guess, what are you seeing from land cost inflation right now?

我想，您現在對土地成本通膨有何看法？

And then also, what can you buy from a lot perspective or move up in luxury lots more available or what are you seeing in the land market at this point?

然後，從地段的角度來看，您可以購買什麼，或者在更可用的豪華地塊上升級，或者您目前在土地市場上看到什麼？

Yeah.

是的。

So unfortunately, with our ability and I guess our industry's ability to continue to drive volume through incentives and mortgage buydowns, everybody is keeping a pretty healthy pace in the communities of which they're building in.

不幸的是，憑藉我們的能力，我想我們的行業也有能力透過激勵措施和抵押貸款購買繼續推動銷量，每個人都在他們所在的社區中保持著相當健康的步伐。

Land sellers see that they don't think there's a problem.

土地賣家看到他們並不認為有問題。

They don't really see or understand what it's taking, I think, from us and our competitors to continue to sell homes and get them done.

我認為，他們並沒有真正看到或理解我們和我們的競爭對手需要付出什麼才能繼續出售房屋並完成任務。

So there's been a stickiness to being able to recalibrate land pricing against the backdrop of higher costs that were associated with some sticks and bricks but mostly around incentives and buy downs.

因此，在成本上升的背景下，重新調整土地定價存在黏性，這些成本與一些大棒和磚塊相關，但主要是圍繞激勵措施和減持。

So what that is forcing a lot of us to do is to go further into the development profile, in other words, where you're finding better value as land that is entitled that may be partially developed or you're going to be doing your own development.

因此，這迫使我們許多人做的就是進一步深入研究開發概況，換句話說，你會發現作為有權部分開發的土地具有更好的價值，或者你將做你的事情自己的發展。

And so that's where you're trying to kind of make those offsets.

這就是你試圖做出這些補償的地方。

That though, is a longer timeline and you have to be thoughtful and you've got to be able to work those in a timely way.

不過，這是一個更長的時間表，你必須深思熟慮，並且必須能夠及時處理這些問題。

So they synchronize in a way in which that it is consistent with what we want to do with our deliveries.

因此，它們的同步方式與我們想要的交付方式一致。

If you are late in getting a community open because you didn't develop it in a timely way, you may find yourself gapping and that then forces you to go into the retail spot market for finished lots and master plan communities.

如果您因為沒有及時開發而遲遲無法開放社區，您可能會發現自己存在差距，然後迫使您進入成品地塊和總體規劃社區的零售現貨市場。

And that's really expensive there's a big delta between a finished lot out there today and then an entitled but raw piece of land.

這真的很貴，今天的成品地和一塊有權利但未開發的土地之間存在著很大的差距。

And so you're trying to do the best that you possibly can to be in a position whereby you cannot find yourself in a hole and you have to be forced to go out there and fill it with finished lots.

因此，你要盡力做到最好，這樣你就不會發現自己陷入困境，而你必須被迫走出去，用成品來填補它。

Got it.

知道了。

And then, John, I think you talked in the prepared comments about wanting to be more land light.

然後，約翰，我想你在準備好的評論中談到了想要變得更加陸地化。

It looks like option lots for 57% of the total this quarter, which was up, if I'm reading the numbers right, a little bit over last year.

看起來本季的選擇權份額佔總數的 57%，如果我沒看錯的話，比去年有所上升。

I guess, where do you want to go with this longer term?

我想，從長遠來看，你想走向何方？

And how does that play into getting your leverage down?

這對降低你的槓桿率有何影響？

Yeah.

是的。

I think it's a combination of -- we've been growing pretty rapidly and we've always stated that really need land -- owned land and have it -- willing to have it on the balance sheet if we can get on it and build a house and deliver it into the next 12 and 18 months.

我認為這是一個組合 - 我們一直在快速增長，而且我們一直表示確實需要土地 - 擁有土地並擁有它 - 如果我們能夠利用它並建造的話，願意將其納入資產負債表一套房子並在接下來的12 個月和18 個月內交付。

Beyond that, we really want to control land.

除此之外，我們真的想控制土地。

And as we continue to grow, particularly in the geographies like Texas and Florida and also in California as well, too, we're going to want to use land bankers.

隨著我們的不斷發展，特別是在德克薩斯州和佛羅裡達州以及加利福尼亞州等地區，我們將希望聘用土地銀行家。

We're going to want to structure them as options because that allows us to be more asset-light, allows us to drive higher returns which we know continue will drive share price as well, too.

我們希望將它們建構成期權，因為這使我們能夠更輕資產，使我們能夠獲得更高的回報，我們知道這也將繼續推動股價。

So they're connected and it is a strategy that we think, particularly in the markets that we're in will be highly successful for us.

因此，它們是相互連結的，我們認為這是一項策略，特別是在我們所處的市場中，這對我們來說將會非常成功。

Okay, great.

好的，太好了。

And then the last one I had on the last call, you guys talked about being able to raise prices in the majority of your communities.

然後我在最後一次通話中談到了能夠提高大多數社區的價格。

Could you talk about how that trended in the second quarter?

能談談第二季的趨勢嗎？

And then also what type of price increases have you been able to implement in July?

那麼七月份你們又實施了哪些類型的漲價呢？

Yeah.

是的。

So we continue to be anywhere between 3% to 7% Jay, depending upon the releases that are going out.

因此，我們的 Jay 比例仍然在 3% 到 7% 之間，具體取決於即將發布的版本。

We're not getting sort of this exponential jump in pricing that we've seen before coming out of the pandemic.

我們並沒有像疫情結束前那樣出現物價指數級上漲。

So it's a steady price increase around specific homes that we're trying to drive.

因此，我們正在努力推動特定房屋的價格穩定上漲。

We're also using price increases in ways in which we're getting better pricing or we were able to get price increases around dirt starts versus inventory that's out there.

我們也利用漲價的方式來獲得更好的定價，或者我​​們能夠圍繞新產品與現有庫存進行漲價。

So we're kind of using that to move people more towards the inventory.

所以我們利用它來讓人們更專注於庫存。

If they want to do a dirt start, if they want to have the home more built towards their customization, we're able to get in the higher pricing range around 7% to 10% in that regard.

如果他們想要從頭開始，如果他們想要讓房屋更適合他們的定制，我們能夠在這方面獲得約 7% 到 10% 的更高定價範圍。

So it's again, targeted, it's dynamic, it's very focused.

所以它又是有針對性的、動態的、非常集中的。

We're also doing price increases around lot premiums, view premiums, other ways of gathering overall price increases, not just at the absolute pricing that we're marketing it.

我們也圍繞著批次溢價、觀看溢價以及其他收集整體價格上漲的方式進行價格上漲，而不僅僅是我們行銷的絕對定價。

It sounds great.

聽起來很棒。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Alex Barron, Housing Research Center.

亞歷克斯·巴倫，住房研究中心。

Yes, thanks, gentlemen.

是的，謝謝，先生們。

I joined a little bit late, so I apologize if maybe you already answered this.

我加入得有點晚，所以如果您已經回答了這個問題，我深表歉意。

But can you provide updated thoughts on share buybacks, given the price of the stock versus the book value?

但是，考慮到股票價格與帳面價值，您能否提供有關股票回購的最新想法？

That's my first question.

這是我的第一個問題。

Yeah.

是的。

This is John Ho.

這是約翰·何。

As I mentioned, we're -- we've been growing the company and we've been very successful in doing that.

正如我所提到的，我們一直在發展公司，而且我們在這方面非常成功。

Our leverage is a little bit higher than our say policies.

我們的槓桿比我們所說的政策高一點。

And usually, when we make an acquisition like this within 12 months, we're looking to reduce debt.

通常，當我們在 12 個月內進行此類收購時，我們希望減少債務。

At the same time, in the second half of the year, our guidance at this point to significant cash flow generation.

同時，在今年下半年，我們此時的指導是產生大量現金流。

The stock is below the book value which it is.

該股票低於其帳面價值。

We'll look for opportunities to use our share buyback program to buy back stock.

我們將尋找機會利用我們的股票回購計劃來回購股票。

And then lastly, we'll continue to focus on opening new communities in the markets that we're in as well.

最後，我們將繼續專注於在我們所在的市場中開設新社區。

So we can continue to grow our economies of scale in our homebuilding platform.

因此，我們可以繼續發展我們的住宅建築平台的規模經濟。

Okay, thanks.

好的，謝謝。

And the other question was I'm trying to, I guess, understand the sequence you guys are expecting between third and fourth quarter for deliveries and the fourth quarter number seems a bit high compared to previous history.

另一個問題是，我想，我想了解你們期望第三季和第四季之間交付的順序，而第四季的數字與之前的歷史相比似乎有點高。

Are you expecting to get a ton of orders that can close quickly in the next few months?

您是否期望在接下來的幾個月內收到大量可以快速完成的訂單？

Or what would drive that sequential jump in the fourth quarter to that extent?

或者是什麼推動第四季的連續跳躍達到這種程度？

Yeah.

是的。

It's really how our business is growing.

這確實是我們業務的成長方式。

I think Mike mentioned this earlier, is that so we closed on Antares acquisition, April 1.

我想 Mike 之前提到過這一點，因此我們在 4 月 1 日結束了 Antares 收購。

We've got our first quarter being in this market, we see a lot more contribution from that business as well as Florida as well, too, coming into the second half of this year.

我們的第一季已經進入這個市場，我們看到這項業務以及佛羅裡達州也將在今年下半年做出更多貢獻。

So it's really about our business and the organic growth that we experienced but also all these new communities that we've opened.

因此，這實際上與我們的業務和我們經歷的有機成長有關，也與我們開設的所有這些新社區有關。

Our average selling communities increased over 40% year over year.

我們的平均銷售社群年增超過 40%。

So we have a lot more storefronts now.

所以我們現在有更多的店面。

And with that, in the momentum that we're driving through the business in terms of increased orders, the use of incentives, we do see strong order growth absorption in the second half of the year that's going to allow us to deliver on those deliveries.

因此，在我們透過增加訂單和利用激勵措施來推動業務發展的勢頭中，我們確實看到下半年訂單成長吸收強勁，這將使我們能夠交付這些交付。

Okay.

好的。

All right.

好的。

Thank you very much.

非常感謝。

There are no further questions at this time.

目前沒有其他問題。

I'll turn the call back over to management for closing remarks.

我會將電話轉回管理層以供結束語。

Thank you all for joining us on our second quarter earnings call.

感謝大家參加我們的第二季財報電話會議。

We look forward to speaking with you all next quarter.

我們期待下個季度與大家交談。

Thank you.

謝謝。

And this does conclude today's program.

今天的節目到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。