普爾特房屋 (PHM) 2012 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Q3 2012 PulteGroup Inc.

女士們、先生們，美好的一天，歡迎來到 PulteGroup Inc. 2012 年第三季度。

earnings conference call.

收益電話會議。

My name is Carolyn and I am your operator for today.

我叫卡羅琳，是今天的接線員。

At this time, all participants are on listen-only mode.

此時，所有參與者都處於僅監聽模式。

We will conduct a question-and-answer session towards the end of the conference.

我們將在會議結束時舉行問答環節。

(Operator Instructions)

（操作員說明）

As a reminder, this call is being recorded for replay purposes.

謹此提醒，本次通話將被錄音以供重播。

And now I would like to turn the call over to Jim Zeumer.

現在我想把電話轉給 Jim Zeumer。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good morning, everyone.

大家，早安。

I want to thank you for participating in today's call to discuss PulteGroup's 2012 third quarter financial results.

我要感謝您參加今天的電話會議，討論 PulteGroup 2012 年第三季度財務業績。

On the call today are Richard Dugas, Chairman, President and CEO; Bob O'Shaughnessy, Executive Vice President and CFO; and Mike Schweninger, Vice President and Controller.

今天參加電話會議的有董事長、總裁兼首席執行官理查德·杜加斯 (Richard Dugas)； Bob O'Shaughnessy，執行副總裁兼首席財務官；副總裁兼財務總監邁克·施韋寧格 (Mike Schweninger)。

Before we begin, copies of this morning's press release and the presentation slides that accompanies today's call have been posted on our corporate website, at www.PulteGroupInc.com.

在我們開始之前，今天上午的新聞稿和今天電話會議隨附的演示幻燈片的副本已發佈在我們的公司網站 www.PulteGroupInc.com 上。

Further, an audio replay of today's call will be available on the site later today.

此外，今天晚些時候，網站上將提供今天通話的音頻重播。

Please note that any non-GAAP financial measures discussed on this call, including references to gross margins reflecting certain adjustments, are reconciled to the US GAAP equivalent as part of the press release, and as an appendix to the call's presentation slide deck.

請注意，本次電話會議中討論的任何非公認會計原則財務指標（包括反映某些調整的毛利率）均已與美國公認會計原則（US GAAP）相當的內容進行了協調，作為新聞稿的一部分，並作為電話會議演示文稿幻燈片的附錄。

Finally, today's presentation may include forward-looking statements about PulteGroup's future performance.

最後，今天的演示可能包括有關 PulteGroup 未來業績的前瞻性陳述。

Actual results could differ materially from those suggested by our comments made today.

實際結果可能與我們今天評論中建議的結果存在重大差異。

The most significant risk factors that could affect future results are summarized as part of today's earnings release and within the accompanying presentation slides.

今天的收益發布和隨附的演示幻燈片中總結了可能影響未來業績的最重要的風險因素。

These risk factors and other key information are detailed in our SEC filings, including our annual and quarterly reports.

這些風險因素和其他關鍵信息在我們向 SEC 提交的文件中進行了詳細說明，包括我們的年度和季度報告。

Now let me turn the call over to Richard Dugas.

現在讓我把電話轉給理查德·杜加斯。

Richard?

理查德？

Things, Jim, and good morning, everyone.

事情，吉姆，大家早上好。

We are very pleased to report today on PulteGroup's third quarter results, which show a continuation of the positive trends we have been experiencing throughout 2012.

今天，我們非常高興地報告 PulteGroup 第三季度的業績，該業績顯示我們在 2012 年全年所經歷的積極趨勢的延續。

As reported in this morning's earnings release, key business metrics, including orders, revenue, margins, and of course earnings, all showed meaningful year-over-year gains, and in certain instances represent performance numbers not seen since 2006.

正如今天上午的財報中所報導的，包括訂單、收入、利潤率，當然還有收益在內的關鍵業務指標均顯示出顯著的同比增長，並且在某些情況下代表了自2006 年以來從未見過的業績數字。

More specifically, PulteGroup's third quarter earnings of $0.30 per share are up from a reported loss of $0.34 per share last year and are the highest quarterly earnings we have posted since the third quarter 2006.

更具體地說，PulteGroup 第三季度每股收益為 0.30 美元，高於去年報告的每股虧損 0.34 美元，是我們自 2006 年第三季度以來公佈的最高季度收益。

The improvement in our overall operating performance was driven by a number of factors, but the ongoing expansion in PulteGroup's gross margin was clearly an important driver of the results.

我們整體經營業績的改善是由多種因素推動的，但普爾特集團毛利率的持續擴張顯然是業績的重要推動因素。

At 21.6%, our adjusted third quarter gross margin showed an increase of 320 basis points over the prior year and a sequential gain of 130 basis points from the second quarter of 2012.

調整後的第三季度毛利率為 21.6%，比上年增長 320 個基點，比 2012 年第二季度環比增長 130 個基點。

In addition to the 320 basis point increase in adjusted gross margin, we also realized an 80 basis point improvement in our overhead leverage, as SG&A fell to 10.2% of home sale revenues.

除了調整後毛利率增加 320 個基點外，我們的管理費用槓桿也提高了 80 個基點，SG&A 下降至房屋銷售收入的 10.2%。

Taken in combination, it is clear that in just the past 12 to 18 months, PulteGroup's absolute and relative operating margins have improved dramatically.

綜合來看，很明顯，在過去的 12 至 18 個月內，PulteGroup 的絕對和相對營業利潤率均大幅提高。

We recognize the hard work of our employees that went into delivering these gains and are very proud of their efforts.

我們認可員工為實現這些成果所做的辛勤工作，並對他們的努力感到非常自豪。

Another important quarterly metric is the 27% increase in year-over-year net new orders and corresponding 43% increase in order dollars, which has driven our backlog to a much stronger position.

另一個重要的季度指標是淨新訂單同比增長 27%，相應的訂單金額增長 43%，這使得我們的積壓訂單達到了更加強勁的水平。

Our third quarter results and related 25% growth in PulteGroup's nine-month orders offer very encouraging signs about the healthier state of housing demand.

我們的第三季度業績以及 PulteGroup 九個月訂單 25% 的相關增長提供了非常令人鼓舞的跡象，表明住房需求狀況更加健康。

As has been the case throughout the year, third quarter order growth of 27% was realized from 7% fewer communities.

與全年的情況一樣，第三季度訂單增長了 27%，社區數量減少了 7%。

Over the short run, growing absorption pace in existing communities rather than expanding our footprint is allowing us to appropriately work through our land pipeline, in support of delivering better long-term returns on invested capital.

從短期來看，增加現有社區的吸收速度而不是擴大我們的足跡，使我們能夠適當地利用我們的土地管道，以支持提供更好的長期投資回報。

I want to stress this point on returns, as it is clearly influencing the business decisions we are making today and will make tomorrow.

我想在回報方面強調這一點，因為它顯然會影響我們今天和明天做出的業務決策。

I know some of you have heard this before, but I think it warrants repeating, that we are focused on delivering better returns as we believe this is critical to creating greater shareholder value for our investors.

我知道你們中的一些人以前聽說過這句話，但我認為有必要重複一遍，我們專注於提供更好的回報，因為我們相信這對於為我們的投資者創造更大的股東價值至關重要。

The keys to our success in this effort are well-known; better margins, better overhead leverage, improved inventory turns, and more effective allocation of capital.

我們在這項努力中取得成功的關鍵是眾所周知的；更好的利潤率、更好的間接槓桿、改善的庫存周轉率以及更有效的資本配置。

Margins, both gross and operating, are clearly improving and benefiting from better pricing, a better mix of community and house closings, overhead leverage, and better control of our house costs, as approximately 15% of our third quarter closings, up from 10% of second quarter closings, have been value engineered or undergone related should cost analysis.

總利潤率和營業利潤率都在明顯改善，並受益於更好的定價、社區和房屋交房的更好組合、間接​​費用槓桿以及對房屋成本的更好控制，第三季度房屋成交量的比例約為15%，高於10%第二季度的結賬額已進行了價值設計或進行了相關的成本分析。

Actions we have implemented to help support these results can be as obvious as the projects we invest in and the houses we build, to more subtle tactics around strategic pricing and reducing the amount of spec inventory we build.

我們為支持這些結果而採取的行動可以像我們投資的項目和我們建造的房屋一樣明顯，也可以是圍繞戰略定價和減少我們建造的規格庫存量的更微妙的策略。

I would note that our third quarter finished spec number is 566 homes, and is down 57% from last year and 5% from the prior quarter.

我要指出的是，我們第三季度的成品規格數量為 566 套，比去年下降 57%，比上一季度下降 5%。

Margin gains have been dramatic, but we know that moving the needle on inventory turns will take time, given our land bank.

利潤率大幅增長，但我們知道，考慮到我們的土地儲備，庫存周轉率的提高需要時間。

We are, however, implementing the needed actions, which include monetizing existing assets, while remaining disciplined in terms of adding new land positions.

然而，我們正在實施必要的行動，其中包括將現有資產貨幣化，同時在增加新土地頭寸方面保持嚴格的紀律。

Although our net lot position and associated turns are improving slowly, the more immediate impact has been on our cash flow, which was positive in each of the three quarters of 2012, a result that is certainly uncharacteristic for our company and generally, the industry.

儘管我們的淨持倉量和相關周轉率正在緩慢改善，但更直接的影響是對我們的現金流產生的影響，2012 年三個季度的現金流均呈正值，這一結果對於我們公司乃至整個行業來說無疑是不尋常的。

Overall, we are extremely pleased with our third quarter results, both in terms of absolute performance and how they position us for success over the remainder of 2012 and beyond.

總體而言，我們對第三季度的業績非常滿意，無論是在絕對業績方面，還是在它們如何幫助我們在 2012 年剩餘時間及以後取得成功方面。

Looking to broader industry trends, I will tell you that we entered this year with a conservative planning assumption that new home demand in 2012 would be comparable with 2011, at approximately 300,000 new home sales.

展望更廣泛的行業趨勢，我會告訴您，我們在進入今年時採取了保守的規劃假設，即 2012 年的新房需求將與 2011 年相當，新房銷量約為 300,000 套。

Obviously, demand has been, and through the third quarter continued to be, much more robust, with industry wide sales tracking roughly 25% above prior year levels.

顯然，整個第三季度的需求都更加強勁，整個行業的銷售額比去年同期高出約 25%。

The list of factors supporting this recovery is well known and spans from higher rents, low home prices, and low interest rates, to the rapid reduction of existing home inventory and the limited supply of new homes on the market.

支持這一複甦的因素眾所周知，包括租金上漲、房價低、利率低、現有房屋庫存迅速減少以及市場上新房供應有限。

The corresponding change in other market dynamics compared with the prior year has been equally dramatic.

與上一年相比，其他市場動態的相應變化也同樣引人注目。

As little as 12 to 18 months ago, industry conversations often included discussions about incentives, price discounts, and acquisition of distressed land parcels.

就在 12 到 18 個月前，行業對話還經常包括有關激勵措施、價格折扣和收購不良地塊的討論。

Today, we have upwards of 70% of our markets reporting that they have raised selling prices during the quarter, and that price increases were implemented in a widening number of communities relative to the beginning of the year.

如今，超過 70% 的市場報告稱，他們在本季度提高了銷售價格，而且與年初相比，更多社區實施了提價。

Clearly, demand conditions have changed for the better.

顯然，需求狀況已經好轉。

We don't operate in a vacuum, however; so as you would expect, the stronger demand is beginning to stretch available labor resources.

然而，我們並不是在真空中運作；而是在真空中運作。因此，正如您所料，更強勁的需求開始耗盡可用的勞動力資源。

In the second quarter, we talked about how labor constraints in certain markets were resulting in longer build times, higher costs, or both.

在第二季度，我們討論了某些市場的勞動力限制如何導致建造時間更長、成本更高或兩者兼而有之。

In select communities, we have actually been constraining sales, both to maximize price, but also to avoid having our start dates get out too far.

在某些社區，我們實際上一直在限制銷售，既是為了最大限度地提高價格，也是為了避免我們的開始日期走得太遠。

With new home demand having accelerated quickly and having remained strong throughout the year, the number of markets feeling some degree of labor pressure is growing.

隨著新房需求迅速加速並全年保持強勁，感受到一定程度勞動力壓力的市場數量正在增加。

In fact, almost all of our markets have now reached a point where labor pressures are being experienced to some degree.

事實上，我們幾乎所有的市場現在都已經達到了一定程度的勞動力壓力的程度。

Certainly, this is not anything different than past cycles, so we feel comfortable with our ability to operate successfully in such an environment.

當然，這與過去的周期沒有什麼不同，因此我們對在這樣的環境中成功運營的能力感到滿意。

Not taking anything for granted, however, our operations continue to move forward on our value creation initiatives related to lowering overall house cost, shifting to more of a base house model, with consumers selecting their choice of options, increasing plan throughput and sharing common plans.

然而，我們並不認為任何事情是理所當然的，我們的運營繼續推進我們的價值創造舉措，這些舉措涉及降低總體房屋成本、轉向更多的基本房屋模型、讓消費者選擇他們的選擇、增加計劃吞吐量和共享共同計劃。

In fact, during the quarter, we committed to implementing what we call common plan management zones.

事實上，在本季度，我們致力於實施所謂的共同計劃管理區。

We have been piloting the process in which we share and build common floor plans over multiple markets in Texas and the Southeast for the past 12 to 18 months.

在過去的 12 至 18 個月裡，我們一直在德克薩斯州和東南部的多個市場試行共享和構建共同平面圖的流程。

Based on the success of our initial pilots, we have decided to implement a series of these zones throughout the country in 2013.

基於初步試點的成功，我們決定 2013 年在全國范圍內實施一系列此類區域。

All these actions are geared towards making PulteGroup a more efficient producer of homes and towards supporting our efforts of driving higher long-term returns.

所有這些行動都是為了使 PulteGroup 成為更高效的住宅生產商，並支持我們推動更高長期回報的努力。

Now let me turn over the call to Bob O'Shaugnessy for additional comments on our third quarter financial results.

現在讓我將電話轉給鮑勃·奧肖內西 (Bob O'Shaugnessy)，請其對我們第三季度財務業績提出更多評論。

Bob?

鮑勃？

Thank you, Richard.

謝謝你，理查德。

PulteGroup's third quarter results demonstrate that we're making excellent progress in our efforts to improve the Company's operating and financial performance.

PulteGroup 第三季度業績表明，我們在改善公司運營和財務業績的努力中取得了巨大進展。

As Richard highlighted, our Q3 numbers indicate that our internal initiatives are allowing us to capitalize more effectively on the improved demand environment.

正如理查德強調的那樣，我們第三季度的數據表明，我們的內部舉措使我們能夠更有效地利用改善的需求環境。

Specifically, our net orders in the period totaled 4,544 homes, representing an increase of over 27% versus last year.

具體而言，我們期內的淨訂單總數為 4,544 套，較去年增長超過 27%。

Consistent with the second quarter and our guidance for the year, this increase was generated from 7% fewer communities, as we realized better absorption paces within our existing projects.

與第二季度和我們今年的指導一致，這一增長是由於社區減少了 7%，因為我們在現有項目中實現了更好的吸收速度。

Looking a little deeper into our orders, each brand generated increases compared to the third quarter last year.

更深入地研究我們的訂單，每個品牌的訂單都比去年第三季度有所增加。

On a year-over-year basis, our reported orders increased 53% in our Pulte communities, 3% in our Centex communities, despite a 24% community count decline, and 23% in our Del Webb communities.

與去年同期相比，我們報告的普爾特社區訂單增加了 53%，儘管社區數量下降了 24%，但 Centex 社區訂單增加了 3%，德爾韋伯社區訂單增加了 23%。

It is worth noting that sales within our Webb communities appeared to be picking up, as the 23% year-over-year increase compares with increases of 6% in Q1 and 17% in Q2.

值得注意的是，我們的 Webb 社區內的銷售額似乎正在回升，同比增長 23%，而第一季度的增幅為 6%，第二季度的增幅為 17%。

Hopefully, this momentum can carry through in the coming quarters.

希望這種勢頭能夠在未來幾個季度持續下去。

The mix of our orders was consistent with the second quarter of this year, and breaks down 46% in Pulte, 28% Centex, and 26% Del Webb.

我們的訂單結構與今年第二季度一致，普爾特下降了 46%，Centex 下降了 28%，德爾韋伯下降了 26%。

Looking at our third quarter financial results, home sale revenues were $1.2 billion, an increase of 12% compared with last year.

從我們第三季度的財務業績來看，房屋銷售收入為 12 億美元，比去年增長 12%。

The increase in revenue was driven by a 6% increase in average selling price, to $279,000, combined with a 5% increase in closings, to 4,418 homes.

收入增長的推動因素是平均售價上漲 6%，達到 279,000 美元，成交量增加 5%，達到 4,418 套。

The increase in our average selling price reflects the continued shift in our product mix from the first-time buyer towards the move-up buyer, as well as price increases realized within our markets.

我們平均售價的上漲反映了我們的產品組合從首次購買者向升級購買者的持續轉變，以及我們市場內實現的價格上漲。

Our mix of closings in the third quarter was consistent with the second quarter of this year, and breaks down 42% from Pulte, 33% from Centex, and 25% from Del Webb.

我們第三季度的成交量組合與今年第二季度一致，其中 Pulte 下降了 42%，Centex 下降了 33%，Del Webb 下降了 25%。

In the third quarter of 2011, the closing mix was 36% Pulte, 37% Centex, and 27% Del Webb.

2011 年第三季度，最終的混合比例為 36% Pulte、37% Centex 和 27% Del Webb。

I wanted to take a moment to address questions we've gotten recently related to our conversion rate, which represents the total number of our quarterly closings divided by our backlog at the end of the preceding quarter.

我想花點時間來解決我們最近遇到的與轉化率相關的問題，轉化率代表我們的季度結賬總數除以上一季度末的積壓訂單。

You will note that our conversion rate this quarter was 58%, which compares to 73% in the third quarter of last year.

您會注意到，本季度我們的轉化率為 58%，而去年第三季度為 73%。

This lower percentage is due in large part to our decision 18 months ago to emphasize presales and minimize spec construction, which will naturally cause this ratio to be lower than a spec-heavy model.

這一較低的百分比很大程度上是由於我們 18 個月前決定強調預售並儘量減少規格建設，這自然會導致該比率低於規格較多的型號。

We are confident this strategic shift benefits us in terms of the metrics we use to evaluate our business performance, including revenues, margins, inventory turns and cash flows.

我們相信，這一戰略轉變有利於我們用於評估業務績效的指標，包括收入、利潤率、庫存周轉率和現金流。

Going forward, we would expect our conversion rate to be lower than it was in previous years, as we focus on higher margin presale homes and a larger backlog, allowing more efficient and consistent delivery flow.

展望未來，我們預計我們的轉化率將低於前幾年，因為我們專注於利潤率更高的預售房屋和更大的積壓，從而實現更高效和一致的交付流程。

Looking at land sale revenues, we continue to execute on our strategy to evaluate and, where appropriate, to sell non-core land assets.

就土地出售收入而言，我們繼續執行評估並在適當情況下出售非核心土地資產的戰略。

During the third quarter, we generated land sale proceeds of $23 million, resulting in a net gain of $2 million.

第三季度，我們產生了 2300 萬美元的土地出售收益，淨收益為 200 萬美元。

Land sales can be difficult to forecast, but we plan to remain opportunistic with regard to selling additional land assets in the future.

土地銷售可能很難預測，但我們計劃在未來出售額外的土地資產方面保持機會主義。

As outlined on page 7 of our webcast slides, the Company reported an adjusted gross margin for the third quarter of 21.6%.

正如我們網絡廣播幻燈片第 7 頁所述，該公司報告第三季度調整後毛利率為 21.6%。

This represents an increase of 320 basis points over the third quarter of 2011 and a sequential gain of 130 basis points from the second quarter of this year.

這比 2011 年第三季度增加了 320 個基點，比今年第二季度連續增加了 130 個基點。

Similar to prior quarters, gross margin benefited from company-specific and industry wide factors, including the improved demand and pricing environment, further expansion of our move-up buyer business, our strategic pricing initiative, and our ongoing efforts to lower house construction costs.

與前幾個季度類似，毛利率受益於公司特定和行業範圍內的因素，包括需求和定價環境的改善、我們升級買家業務的進一步擴大、我們的戰略定價舉措以及我們為降低房屋建設成本所做的持續努力。

In the third quarter, we continued to remain disciplined in our overhead spend and benefited from the leverage of our increased revenue base.

第三季度，我們繼續嚴格控制管理費用，並受益於收入基礎增加的槓桿作用。

As a result, SG&A fell 80 basis points, to 10.2% of revenues in the quarter.

結果，SG&A 下降了 80 個基點，佔本季度收入的 10.2%。

In total, our SG&A for the quarter was $125 million, which represents a $4 million increase over the third quarter of 2011.

總的來說，本季度的 SG&A 為 1.25 億美元，比 2011 年第三季度增加了 400 萬美元。

The increase relates primarily to higher incentive compensation resulting from the Company's improved operating and financial results.

這一增長主要與公司經營和財務業績改善所帶來的更高的激勵薪酬有關。

Turning to financial services, we experienced another outstanding quarter, as we continue to benefit from our strong home sales activities and the favorable interest rate environment.

談到金融服務，我們又經歷了一個出色的季度，因為我們繼續受益於強勁的房屋銷售活動和有利的利率環境。

For the quarter, financial services produced $27 million of pre-tax income, which compares to $9 million in the third quarter of 2011.

本季度，金融服務產生了 2700 萬美元的稅前收入，而 2011 年第三季度的稅前收入為 900 萬美元。

Our current year results reflect a 19% increase in loan origination volume and continued higher gains on mortgage sales.

我們今年的業績反映了貸款發放量增長了 19%，抵押貸款銷售收益持續走高。

In total, third quarter originations amounted to 3,073 loans.

第三季度發放的貸款總數為 3,073 筆。

Our increased originations reflect the increased volume from our homebuilding operations, as well as an increase in our capture rate to 83%, up from 78% in 2011.

我們的發源量增加反映了我們的住宅建築業務量的增加，以及我們的捕獲率從 2011 年的 78% 增加到 83%。

As you can see on slide 10 of our webcast presentation, gross repurchase requests for the most recent quarter showed an increase in activity to the range of 150 to 200, up from the 50 to 150 requests per month we have experienced in prior quarters.

正如您在我們的網絡廣播演示文稿的幻燈片10 中看到的那樣，最近一個季度的總回購請求顯示活動增加到150 到200 個，而我們之前幾個季度的每月請求數量為50 到150 個。

Based on our review to date, the composition and overall profile of the underlying repurchase requests has not changed materially.

根據我們迄今為止的審查，基礎回購請求的構成和總體情況沒有發生重大變化。

As we have indicated previously, we evaluate the reserves we have recorded related to repurchase requests every quarter.

正如我們之前所指出的，我們每個季度都會評估與回購請求相關的記錄的準備金。

We have not adjusted our reserves in the current quarter, as our current estimate of liability is consistent with our reserves.

我們在本季度沒有調整我們的準備金，因為我們當前的負債估計與我們的準備金一致。

As we have also indicated, our liability estimates are based primarily on the number of requests we receive, including the length of time we believe such requests will continue, our ability to refute or cure those requests, and the significance of the loss we will incur on each request.

正如我們還指出的，我們的責任估計主要基於我們收到的請求數量，包括我們認為此類請求將持續的時間長度、我們反駁或解決這些請求的能力以及我們將遭受損失的嚴重程度根據每個請求。

We will continue to evaluate the impact of these elevated levels, including their impact on our assessment of the length of time requests may continue on our reserve estimates.

我們將繼續評估這些升高水平的影響，包括它們對我們評估請求可能持續對我們的儲備估計的時間長度的影響。

We previously indicated that, assuming all factors impacting our reserve estimates remain unchanged, an extension of repurchase requests beyond 2013 would result in additional reserves of approximately $25 million for each incremental year of activity we assume beyond 2013.

我們之前指出，假設影響我們儲備估算的所有因素保持不變，將回購請求延長至 2013 年之後，我們假設 2013 年之後的每個增量活動年度將導致大約 2500 萬美元的額外儲備。

If the factors we consider in our reserve estimates change, the impact of each additional annual period may also change.

如果我們在儲量估算中考慮的因素發生變化，則每個額外年度期間的影響也可能會發生變化。

For perspective, if the level of requests we have received in recent quarters was assumed to continue, and again all other factors being held constant, the additional reserve required for each incremental year of activity would increase from the previous estimate of $25 million to approximately $40 million to $45 million per year.

從長遠來看，如果假設我們最近幾個季度收到的請求水平持續下去，並且所有其他因素保持不變，則每個增量活動年度所需的額外準備金將從之前估計的2500 萬美元增加到約40 美元每年 100 萬至 4500 萬美元。

We continue to focus on this issue and are seeking to resolve our outstanding exposures as efficiently and economically as possible.

我們將繼續關注這一問題，並尋求盡可能高效、經濟地解決我們的未決風險。

Closing out my income statement comments, our consolidated net income was $117 million, or $0.30 per share.

結束我對損益表的評論後，我們的合併淨利潤為 1.17 億美元，即每股 0.30 美元。

Net income for this quarter included $11 million of tax benefits associated with the favorable resolution of certain federal and state income tax matters.

本季度的淨利潤包括與某些聯邦和州所得稅問題的有利解決方案相關的 1100 萬美元稅收優惠。

Turning to our balance sheet, we ended the quarter with $1.6 billion of cash.

看看我們的資產負債表，本季度結束時我們有 16 億美元的現金。

This represents an increase of $243 million from the second quarter of this year, despite an outflow of $96 million in August to fund the maturity of certain of our notes.

儘管 8 月份為某些票據的到期提供了 9,600 萬美元的資金流出，但這比今年第二季度增加了 2.43 億美元。

Our improved cash position results from a number of factors, including the more efficient use of capital by our homebuilding operations for land acquisition and development, the reduction in the level of our spec house inventory, our non-core land asset strategy, and a return of $88 million from our mortgage operation following the establishment of a new third-party line of credit to support its operation.

我們現金狀況的改善源於多種因素，包括我們的住宅建築業務更有效地利用資本進行土地收購和開發、規格房庫存水平的降低、我們的非核心土地資產策略以及回報在建立新的第三方信貸額度以支持其運營後，我們從抵押貸款業務中獲得了8800 萬美元。

The combination of our more disciplined investment practices, improved operating performance and resulting positive cash flows has helped to lower PulteGroup's Q3 net debt to total capital to 39%.

我們更加嚴格的投資實踐、改善的經營業績以及由此產生的正現金流，幫助 PulteGroup 第三季度的淨債務佔總資本的比例降低至 39%。

This compares with a net debt to cap of 50% at the end of 2011.

相比之下，2011 年底淨債務上限為 50%。

As you have likely seen, the Company's announced a tender for up to $1 billion face amount of certain outstanding senior notes.

正如您可能已經看到的，公司宣布對面額高達 10 億美元的某些已發行優先票據進行招標。

The tender offer, details of which are available in last night's release, reflects our strong liquidity profile and is consistent with our previous comments highlighting our desire to reduce our leverage.

此次要約收購的詳細信息可在昨晚的新聞稿中找到，反映了我們強大的流動性狀況，並且與我們之前強調我們希望降低杠桿率的評論一致。

It is important to note that us undertaking the tender is not restricting our ability to invest in the business.

值得注意的是，我們進行招標並不限制我們投資該業務的能力。

In fact, we increased our planned land investment during the quarter by $90 million, to a full year total of $1 billion.

事實上，我們將本季度計劃的土地投資增加了 9000 萬美元，全年總額達到 10 億美元。

This includes new land, as well as the acceleration of certain land development due to the strong sales environment.

這包括新土地，以及由於強勁的銷售環境而加速某些土地開發。

Our liquidity remains strong, and we will continue to evaluate the uses of such liquidity with an eye towards improving our financial return.

我們的流動性仍然強勁，我們將繼續評估此類流動性的使用，著眼於提高我們的財務回報。

I also want to take moment to address questions we get about the accounting for our deferred tax assets, especially in light of the progress we continue to make in delivering sustained profitability.

我還想花點時間解決我們關於遞延稅資產會計的問題，特別是考慮到我們在實現持續盈利能力方面不斷取得的進展。

As of September 30, 2012, we had a net deferred tax asset of $2.5 billion, which was fully reserved.

截至2012年9月30日，我們的遞延稅資產淨額為25億美元，已全額保留。

Assuming the Company remains profitable and the current business trends continue, including continuing improvements in the home building industry, we believe that there may be sufficient evidence to support reducing a large portion of our valuation allowance during 2013.

假設公司保持盈利並且當前的業務趨勢繼續下去，包括住宅建築行業的持續改善，我們相信可能有足夠的證據支持我們在 2013 年期間減少大部分估值準備金。

With respect to potential Section 382 limitations related to the Centex transaction, we do not believe such limitations will significantly limit our ability to use future deductions.

關於與 Centex 交易相關的潛在第 382 條限制，我們認為此類限制不會顯著限制我們使用未來扣除的能力。

It is important to note that there is still a lot of work to be done between now and any potential change with regard to this deferred tax asset, and we will provide updates to this as we progress.

值得注意的是，從現在到有關遞延稅項資產的任何潛在變化，仍有大量工作要做，我們將隨著進展提供最新信息。

Before turning the call back to Richard, let me review a few final data points.

在將電話轉回給理查德之前，讓我回顧一下最後的一些數據點。

We ended the quarter with 707 active communities, down 7% from last year and consistent with our guidance range for the year.

本季度結束時，我們有 707 個活躍社區，比去年下降 7%，與我們今年的指導範圍一致。

At quarter end, we had a total of 7,686 homes in backlog, valued at $2.2 billion, the highest dollar value since the second quarter of 2008.

截至季度末，我們共有 7,686 套待售房屋，價值 22 億美元，這是自 2008 年第二季度以來的最高美元價值。

And we ended the quarter with 6,800 homes under construction, of which 78% were sold and only 22% were spec.

截至本季度末，我們有 6,800 套在建房屋，其中 78% 已售出，只有 22% 是規格房屋。

Now let me turn the call back to Richard.

現在讓我把電話轉回給理查德。

Thanks, Bob.

謝謝，鮑勃。

Before opening the call to questions, I'll provide some additional comments on the market conditions we experienced across different geographies during the third quarter.

在開始提問之前，我將就第三季度我們在不同地區經歷的市場狀況提供一些額外的評論。

Broadly speaking, it is no surprise when I tell you that demand conditions remain positive.

從廣義上講，當我告訴您需求狀況仍然樂觀時，這並不奇怪。

Generally, demand from New England down through Florida was strong, with notable levels of strength in the Northeast, Georgia and the Carolinas, and both North and South Florida.

總體而言，從新英格蘭到佛羅里達州的需求強勁，其中東北部、佐治亞州和卡羅來納州以及北佛羅里達州和南佛羅里達州的需求強勁。

Demand here in the Midwest continued to post significant increases over the prior year, and in certain markets is even showing meaningful gains from the second quarter.

中西部地區的需求繼續比上年大幅增長，某些市場甚至比第二季度出現顯著增長。

We have previously highlighted the strength in Michigan, but I would tell you that demand across all of our Midwest markets improved in the quarter.

我們之前強調了密歇根州的實力，但我想告訴您，本季度所有中西部市場的需求都有所改善。

The second quarter pickup in demand that we noted in our Texas operations continued into the third quarter, as we realized solid year-over-year increases in all four major markets in Texas.

我們在德克薩斯州業務中註意到的第二季度需求回升持續到第三季度，因為我們實現了德克薩斯州所有四個主要市場的同比強勁增長。

Demand out West was strong throughout the quarter, with high order rates ranging from the Pacific Northwest down through Northern and Southern California and across into Nevada.

整個季度，西部地區的需求強勁，從太平洋西北地區到加利福尼亞州北部和南部，再到內華達州，訂單率都很高。

I would add that demand in Arizona remains exceptional.

我想補充一點，亞利桑那州的需求仍然非常出色。

As we discussed last quarter, however, we have taken direct action to meaningfully slow our sales pace to avoid getting too far out of production in the Arizona -- ahead of production in the Arizona market.

然而，正如我們上季度討論的那樣，我們已採取直接行動，有意義地減緩我們的銷售速度，以避免亞利桑那州的生產遠遠超出亞利桑那州市場的生產。

With net new orders up 27% in units and 43% in dollars, clearly we are capitalizing on the improved demand conditions and finding opportunities to raise prices in a growing percentage of our markets.

淨新訂單量（單位）增長了 27%，淨新訂單量（美元）增長了 43%，顯然我們正在利用需求狀況的改善，並在越來越多的市場中尋找提高價格的機會。

There were a number of very positive points in this morning's release.

今天早上發布的消息中有許多非常積極的點。

So just to summarize, over $100 million in after-tax earnings for the quarter, significant year-over-year and sequential expansion in gross and operating margins, and strong cash flows, enabling us to lower our net debt to cap to below 40% and support a tender for as much as $1 billion of outstanding debt.

總而言之，本季度稅後收益超過 1 億美元，毛利率和營業利潤同比和環比大幅增長，以及強勁的現金流，使我們能夠將淨債務限制在 40% 以下並支持對高達10 億美元的未償債務進行招標。

Let me thank our entire organization for their sustained commitment to the success of PulteGroup.

讓我感謝我們整個組織對普爾特集團成功的持續承諾。

Your hard work and implementation of key initiatives has been critical to the dramatic operating and financial gains we continue to deliver.

你們的辛勤工作和關鍵舉措的實施對於我們繼續實現巨大的運營和財務收益至關重要。

Now let me turn the call back to Jim Zeumer.

現在讓我把電話轉回吉姆·澤默。

Jim?

吉姆？

Thank you, Richard.

謝謝你，理查德。

At this time, we will open the call for questions.

此時，我們將開放提問。

So that we can speak with as many participants as possible during the remaining time of this call, we ask that you be concise in your comments and limit yourselves to one question and one follow-up.

為了讓我們能夠在本次電話會議的剩餘時間內與盡可能多的參與者進行交談，我們要求您的評論簡明扼要，並僅限於一個問題和一個後續行動。

With that, Operator, if you'll explain the process, we'll get started.

那麼，操作員，如果你能解釋一下這個過程，我們就可以開始了。

Thank you, Jim.

謝謝你，吉姆。

(Operator Instructions)

（操作員說明）

David Goldberg, UBS.

大衛·戈德堡，瑞銀集團。

Thanks.

謝謝。

Good morning, everybody.

大家早上好。

And, nice quarter.

而且，美好的季度。

Impressive results.

令人印象深刻的結果。

Thanks, David.

謝謝，大衛。

I wanted to start and talk about the capital structure.

我想首先談談資本結構。

And Bob, your comments about the tender not affecting the growth rate, or the ability to grow, I'm kind of wondering if you can give us an idea if that is kind of a short-term or near-term year, 12 to 18 month comment, or kind of a longer-term question?

鮑勃，您對招標的評論不會影響增長率或增長能力，我想知道您是否可以告訴我們這是短期還是近期的一年，12 到18 個月的評論，還是某種更長期的問題？

And I totally understand buying back the debt.

我完全理解回購債務。

You have excess cash on the balance sheet; makes a lot of sense.

您的資產負債表上有多餘的現金；很有意義。

But as you look forward and as you envision where you think the recovery's going to go, does capital become more of a constraining issue, or can you support the growth that you see effectively through the cash that you're going to generate in the business?

但是，當您展望未來並設想復甦的走向時，資本是否會成為更多的限制性問題，或者您能否通過您將在業務中產生的現金有效支持您所看到的增長？

Sure.

當然。

Obviously, we put the tender out.

顯然，我們進行了招標。

We are excited to see where that goes.

我們很高興看到它的發展方向。

We have $1.6 billion on the balance sheet today.

今天我們的資產負債表上有 16 億美元。

Obviously, the fourth quarter is always going to be one of our best cash flow generating periods.

顯然，第四季度始終是我們現金流最好的時期之一。

We are fortunate, I guess in one regard, that we won't be a taxpayer, so our earnings become purely cash accretive.

我想從一方面來看，我們很幸運，因為我們不會成為納稅人，因此我們的收入純粹是現金增值。

So as we look at our liquidity profile, although the leverage that we are taking back is fairly expensive, there is yield there.

因此，當我們審視我們的流動性狀況時，儘管我們收回的槓桿相當昂貴，但還是有收益的。

So we are comfortable with the decision to buy that back.

因此，我們對回購該產品的決定感到滿意。

We're giving a lot of the economics back to the holders, but still positive yield for us.

我們將大量經濟回報回饋給持有者，但我們仍然獲得正收益。

In terms of your longer-term question, I think, as we look at the market, we feel pretty good and have said consistently that our land position will give us the opportunity to grow with the market.

就你的長期問題而言，我認為，當我們審視市場時，我們感覺很好，並一直表示我們的土地地位將使我們有機會與市場一起成長。

And as we look at capital allocation for future growth, obviously, we committed another almost $100 million to land acquisition and development during the fourth quarter.

當我們考慮未來增長的資本配置時，顯然，我們在第四季度又投入了近 1 億美元用於土地收購和開發。

So I think we feel like we have the ability to do both, with the given cash flow and cash position that we have today.

因此，我認為，鑑於我們今天擁有的現金流和現金狀況，我們有能力做到這兩點。

Got it.

知道了。

Great.

偉大的。

And then just sort of a follow-up question.

然後是一個後續問題。

Richard, you talked about the ability to successfully navigate the market, given the labor constraints that you are seeing.

理查德，您談到了鑑於您所看到的勞動力限制，成功駕馭市場的能力。

I wanted to get some color on how you are seeing the subcontractor trades adjust to the improvement in demand that we have seen.

我想了解一下您如何看待分包商貿易如何適應我們所看到的需求改善。

We've got some color in our channel check that some of the subs are concerned about bringing on additional labor, just because they're not sure the pace of improvement that we've seen so far in this upturn is going to continue.

我們在渠道檢查中發現，一些潛艇擔心引入額外的勞動力，只是因為他們不確定我們迄今為止在這種好轉中看到的改進速度是否會持續下去。

Are you seeing that trend, or are you seeing the subs being willing to try to grow with you guys, and even though there are shortages, to try to adjust to what's happening in the market?

您是否看到了這種趨勢，或者您是否看到替補球員願意嘗試與你們一起成長，即使存在短缺，也要嘗試適應市場上發生的情況？

David, that is a great question.

大衛，這是一個很好的問題。

I would say that earlier in the year I was hearing more about subs not necessarily wanting to add personnel because of the concerns as to how sustained the recovery was.

我想說，今年早些時候，我聽到更多關於潛艇不一定想增加人員的消息，因為擔心復甦的持續性。

I am hearing, as the year progresses, that more and more people are coming back to the space, as you might imagine, overall.

我聽說，隨著時間的推移，越來越多的人回到這個領域，就像你想像的那樣。

I would also point out that I believe we have -- we being the big builders -- have an advantage, given our land supply.

我還想指出，鑑於我們的土地供應，我相信我們——我們是大型建築商——擁有優勢。

Obviously, our subcontractors want to keep their folks employed.

顯然，我們的分包商希望讓他們的員工繼續就業。

And based on what they see out in front of them, while we are clearly facing some price pressure, I believe we are going to be very successful at being able to get our homes built.

根據他們眼前的情況，雖然我們顯然面臨著一些價格壓力，但我相信我們將非常成功地建造我們的房屋。

And that is what our teams continue to report.

這就是我們的團隊繼續報告的內容。

So as I outlined in the prepared remarks, we have seen this movie before.

正如我在準備好的評論中概述的那樣，我們以前看過這部電影。

We've operated successfully within it.

我們已經在其中成功運作。

And it is not a long-term concern.

這不是一個長期的問題。

It is just something to be aware of.

這只是需要注意的事情。

Great.

偉大的。

Thank you.

謝謝。

Ivy Zelman, Zelman and Associates.

艾維·澤爾曼，澤爾曼及其同事。

Thank you.

謝謝。

Good morning, guys.

早上好傢伙。

Congratulations on a great quarter.

祝賀您度過了一個美好的季度。

Richard, you have spoken about the margin improvement.

理查德，您談到了利潤率的提高。

The 21.6% gross margin was pretty impressive.

21.6%的毛利率相當可觀。

And recognizing this feels as if you've made some significant changes in the cost structure of your company.

認識到這一點就好像您已經對公司的成本結構做出了一些重大改變。

Can you talk -- two part question.

你能談談嗎——分為兩部分的問題。

First part, how much of that is permanent versus how much of it do you think is just a benefit of the improving environment, with respect to less incentives and certainly some of the benefits from market absorptions?

第一部分，其中有多少是永久性的，以及您認為其中有多少只是環境改善帶來的好處，相對於較少的激勵措施，當然還有市場吸收帶來的一些好處？

Can you talk maybe about permanent versus what would be industry growth rate normally?

您能否談談永久增長率與正常行業增長率之間的關係？

And then also, 21.6%, do you feel that with incentives decreasing, pricing improving that you can go well beyond that and you're feeling pretty comfortable with a pretty sizable upside, with pricing, assuming, staying very positive?

然後，21.6% 的人是否認為，隨著激勵措施的減少，定價的提高，您可以遠遠超出這一水平，並且您對相當大的上漲空間感到非常滿意，假設定價保持非常積極的態度？

Thanks, Ivy.

謝謝，艾維。

With regard to how permanent we feel the environment is, I would suggest that a number of the things that we are doing internally, we believe, can be long-held gains for us.

關於我們對環境的持久性的看法，我認為我們內部正在做的許多事情可以為我們帶來長期收益。

With regard to some of the structural changes we've made, I mentioned on the prepared remarks, our common plan management and focus on zones, we believe that is a structural change that is going to benefit us going forward.

關於我們所做的一些結構性變化，我在準備好的發言中提到，我們的共同計劃管理和對區域的關注，我們相信這是一種結構性變化，將有利於我們未來的發展。

I also would point out that I mentioned that only 15% of the homes that we closed during Q3 had benefited from value engineering and should costing, and we fully expect that number to go up in the coming years.

我還想指出，我提到過，我們在第三季度關閉的房屋中，只有 15% 受益於價值工程和成本核算，我們完全預計這個數字在未來幾年會上升。

Having said that, certainly some of the margin improvement that we have seen was from pricing.

話雖如此，我們看到的利潤率改善肯定有一部分來自於定價。

But as I indicated, we raised price in the quarter in upwards of 70% of our communities, and that is up fairly dramatically from where it was just a quarter or two ago.

但正如我所指出的，我們在本季度提高了超過 70% 的社區的價格，這比一兩個季度前的水平大幅上漲。

So we feel pretty good about that.

所以我們對此感覺很好。

I can't promise that forever and ever we can enjoy this kind of margin performance, given not knowing where the business is going to be, going forward.

我不能保證我們可以永遠享受這種利潤表現，因為不知道業務未來會走向何方。

I would also say that there is pressure on commodities, there's no question about that.

我還想說，大宗商品面臨壓力，這是毫無疑問的。

So we're not realizing every dollar of price increases to the bottom line.

因此，我們並沒有意識到價格上漲的每一美元都會達到底線。

But we continue to feel confident about our ability to get more in pricing than we are getting in cost pressure.

但我們仍然對我們在定價方面獲得比成本壓力更大的能力充滿信心。

Moving to the question about we go from here, I would say, as we've said before, margins quarter to quarter are going to be choppy.

談到我們下一步的發展問題，我想說，正如我們之前所說，每個季度的利潤率都會波動。

And clearly, there won't be a straight-line continued sequential improvement every single quarter.

顯然，每個季度都不會出現直線連續改善。

But as we look into our backlog, we do see opportunity to move margins higher from here.

但當我們研究積壓訂單時，我們確實看到了提高利潤率的機會。

So we feel good about that and expect that, candidly, in 2013.

因此，我們對此感覺良好，並坦率地期望在 2013 年實現這一點。

Great.

偉大的。

My second question is related to your buyer, the profile.

我的第二個問題與您的買家、個人資料有關。

You are certainly across all price points in the spectrum.

您當然涵蓋了該範圍內的所有價位。

Can you talk a little bit about the traffic and people that are coming in the door?

你能談談交通和進門的人嗎？

And we're seeing such improved environment.

我們看到環境得到如此改善。

What are people telling you?

人們告訴你什麼？

And how is the quality of the buyer in terms of credit and the stringency in mortgages still pretty much at the high-level, but it seems as if it is not an impediment.

買家的信用質量如何，抵押貸款的嚴格程度仍然處於較高水平，但這似乎並不是一個障礙。

So maybe kind of a busy question, but if you can address those, I'd appreciate it.

也許這是一個很繁忙的問題，但如果您能解決這些問題，我將不勝感激。

Thank you, again, and great quarter.

再次感謝您，祝您季度愉快。

Thank you.

謝謝。

Listen, with regard to the last part first, with regard to mortgage availability.

首先聽聽最後一部分，關於抵押貸款的可用性。

It's still continues to be tight.

仍然繼續緊張。

It's been tight for the better part of a couple of years.

幾年來的大部分時間裡，情況一直很緊張。

We're not seeing a big change there.

我們沒有看到那裡有很大的變化。

So we're pleased with our ability to still get buyers, not only to the sales table, but closed, today.

因此，我們對今天仍然吸引買家的能力感到滿意，不僅是在銷售台上，而且在結束時也是如此。

And Mike can speak maybe later to our FICO scores, if you would like that, but they continue to stay strong.

如果您願意的話，邁克也許可以稍後談論我們的 FICO 分數，但它們仍然保持強勁。

With regard to the buyer profile, the move-up buyer continues to be very strong for us, the Pulte buyer.

就買家概況而言，升級買家對於我們普爾特買家來說仍然非常強勁。

I would point out, so does Centex, on a same store sales basis.

我想指出的是，Centex 也是如此，以同店銷售為基礎。

We feel good about it.

我們對此感覺很好。

The notable shift this quarter that we're beginning to see, Bob alluded to this in his remarks, is the Del Webb buyer.

鮑勃在講話中提到，本季度我們開始看到的顯著變化是德爾韋伯買家。

It appears that the Del Webb buyer is slowly but surely coming back into the business.

看來德爾·韋伯的買家正在緩慢但堅定地重返該行業。

We kind of predicted that they would lag the other categories in terms of coming back.

我們有點預測他們在回歸方面會落後於其他類別。

But as existing homes stock falls, as that buyer gets more and more comfortable that housing is here to stay, in terms of more of a sustained recovery, we are seeing some additional action.

但隨著現有房屋庫存下降，隨著買家越來越相信住房將繼續存在，就持續復甦而言，我們看到了一些額外的行動。

So we're going to watch through the traditionally stronger selling season for us, in our Southern markets for Del Webb, in the coming couple of quarters to see if that is going to continue.

因此，我們將在未來幾個季度觀察德爾韋伯南部市場傳統上強勁的銷售季節，看看這種情況是否會持續下去。

But that is probably the one shift that I would mention vis-à-vis the rest of the year in category.

但這可能是我在今年剩餘時間的類別中要提到的一個轉變。

Michael Rehaut, JPMorgan Chase

邁克爾·雷豪特，摩根大通

Thanks.

謝謝。

Good morning, everyone.

大家，早安。

Good morning, Mike.

早上好，邁克。

You've made great progress in terms of getting your order growth back on track, despite the community count growth streamlining.

儘管社區數量增長有所精簡，但您在訂單增長重回正軌方面取得了巨大進展。

I was wondering, given the better than expected or increased amount of land spend, and obviously you guys continue to see opportunities in the market, combined with already a very good land bank, community count growth plans, if that is something that would shift to a positive in '13, and how do you see that coming about?

我想知道，考慮到土地支出好於預期或增加，顯然你們繼續看到市場上的機會，再加上已經非常好的土地儲備、社區數量增長計劃，這是否會轉向13 年的積極成果，您如何看待這一情況的發生？

And perhaps even, by segment, as you highlighted Centex, the community count down, above average.

甚至，正如您強調的 Centex 那樣，按細分市場來看，社區倒計時也高於平均水平。

Mike, this is Richard.

邁克，這是理查德。

I can help a little bit.

我可以幫忙一點。

We are not going to comment on community count, as we go forward.

隨著我們的進展，我們不會對社區數量發表評論。

We'll have maybe more to say about that on the next quarterly call regarding 2013.

我們可能會在下一次有關 2013 年的季度電話會議上對此進行更多討論。

I will tell you that the land evaluation process, in terms of incremental spend, is an evergreen process for us.

我會告訴你，就增量支出而言，土地評估過程對我們來說是一個常青過程。

We are very, very focused on staying attuned to what is happening in the market.

我們非常非常關注市場上正在發生的事情。

And I think we've demonstrated a couple times here in 2012 that we are going to be flexible and appropriate with regard to the spend, where we need it.

我認為我們在 2012 年已經多次證明，我們將在需要的地方靈活、適當地支出。

The fact is, we have a lot of leverage available from existing assets, particularly in Del Webb, in many of our markets.

事實上，我們可以從現有資產中獲得大量槓桿，特別是在我們許多市場的德爾韋伯。

Other markets, we need to invest.

其他市場，我們需要投資。

And that is exactly what we are doing.

這正是我們正在做的事情。

So we feel very comfortable with the progress we are making.

因此，我們對所取得的進展感到非常滿意。

Our focus is clearly on ROIC, which we believe directly correlates to shareholder returns.

我們的重點顯然是投資回報率，我們認為它與股東回報直接相關。

And that is where is going to stay.

這就是我們要停留的地方。

Having said that, we are continuing to monitor our land position and are investing appropriately.

話雖如此，我們仍在繼續監控我們的土地狀況並進行適當的投資。

But more to say about community count on a future call.

但關於社區的更多內容，請在未來的電話會議上討論。

Okay.

好的。

I guess the second question, on the financial services side, you had a nice improvement in income versus 2Q and certainly you had some better revenues to help with that.

我想第二個問題，在金融服務方面，與第二季度相比，您的收入有了很大的改善，當然您有一些更好的收入來幫助實現這一點。

But were there any other drivers in terms of the marked improvement in profitability?

但盈利能力顯著改善還有其他驅動因素嗎？

And I guess secondly, if I could just more broadly on the financial and mortgage area, appreciate very much the comments and scenario analysis on the put backs.

其次，我想，如果我能更廣泛地了解金融和抵押貸款領域，我非常感謝有關回售的評論和情景分析。

I know it might be sensitive or difficult to talk about, but is there any additional color you can give in terms of where you might be in terms of talks with the other side, or the different counter parties?

我知道這可能很敏感或很難談論，但是就您與另一方或不同對手方的談判情況而言，您是否可以提供任何額外的信息？

We have seen another -- one of your peers be able to settle some of that activity in a more conclusive fashion.

我們還看到了另一種情況——您的一位同事能夠以更具決定性的方式解決其中的一些活動。

Thanks.

謝謝。

To the first question, the profitability is primarily, as we talked about, volume from the builder.

對於第一個問題，正如我們所討論的，盈利能力主要取決於建築商的銷量。

So our increased volume helped.

所以我們增加的交易量有所幫助。

And it is the interest rate environment.

這就是利率環境。

We are experiencing very healthy gains on sales.

我們正在經歷非常健康的銷售增長。

And that is really the driver.

這才是真正的司機。

To your second question, we have expressed a desire to try and resolve these.

關於你的第二個問題，我們已經表示願意嘗試解決這些問題。

We are obviously in constant dialogue with investors.

顯然，我們一直在與投資者進行對話。

We don't have anything more to say about any progress on that.

關於這方面的任何進展，我們沒有更多可說的。

Operator, are there any other questions?

接線員，還有其他問題嗎？

Ken Zener, KeyBanc Capital Markets

Ken Zener，KeyBanc 資本市場

Good morning, gentlemen.

早上好，先生們。

Hello, Ken.

你好，肯。

How are you?

你好嗎？

I'm doing well.

我很好。

Richard, so you are not going to talk about community count.

理查德，所以你不會談論社區計數。

I understand that.

我明白那個。

And the sooner, the better.

而且越早越好。

But I think you guys are in a very unique position, as you've already highlighted, to actually grow and delever.

但我認為你們處於一個非常獨特的位置，正如你們已經強調的那樣，能夠真正實現增長和去槓桿化。

And that 's because you are overcapitalized on land that you already have, which there's only a few builders in that position.

那是因為你在已有的土地上資本過剩，而只有少數建築商處於這個位置。

So thinking about that, can you talk about the factors that will drive your thinking to bring on more communities, as it relates to higher absorption that you are seeing?

因此，考慮一下這一點，您能否談談推動您的想法帶來更多社區的因素，因為它與您所看到的更高的吸收率有關？

Is there kind of a litmus test there, realizing all communities are different?

是否存在某種試金石，意識到所有社區都是不同的？

And second, your desire to utilize your existing land bank that is available to you.

其次，您希望利用現有的土地儲備。

Yes.

是的。

Ken, that's a great question.

肯，這是一個很好的問題。

Let me be perfectly clear, our decisions are motivated by what generates the highest ROIC for us.

讓我非常明確地說，我們的決策是基於為我們帶來最高投資回報率的因素。

And as you might appreciate, with 707 active communities, we are monitoring it community by community.

您可能會意識到，我們有 707 個活躍社區，我們正在逐個社區對其進行監控。

As an example, we have many, many Del Webb communities that could reasonably expect meaningful increases in same-store sales growth with only putting additional development dollars into those and not reinvesting in anything beyond that.

舉個例子，我們有很多很多德爾韋伯社區，他們可以合理地預期同店銷售增長會出現有意義的增長，而只需投入額外的開發資金，而不是再投資於其他任何事情。

And that would be a very, very nice scenario for us that would be very beneficial.

這對我們來說將是一個非常非常好的場景，非常有益。

So those communities, we're not looking to add community count.

因此，我們不打算增加這些社區的社區數量。

And that is why we think the community count metric is a little bit overplayed.

這就是為什麼我們認為社區計數指標有點被誇大了。

For us, it is more about what happens to total revenue, total leverage, obviously, earnings, and therefore the corresponding impact on return, given the size of our balance sheet.

對我們來說，考慮到資產負債表的規模，更多的是關於總收入、總槓桿率、顯然是收益的變化，以及對回報的相應影響。

So as we speak, we continue to monitor every single community.

因此，就在我們發言時，我們將繼續監控每個社區。

And where we think we have an opportunity to invest appropriately in return friendly transactions, we are doing that.

當我們認為我們有機會對回報友好的交易進行適當投資時，我們就會這樣做。

So I think if you look at what has happened to us this year, our order growth rates being very healthy despite a community count decline; in fact, what we have predicted is continuing to come true, which is that same-store sales growth is going to lead the way initially.

因此，我認為，如果你看看我們今年發生的事情，就會發現，儘管社區數量有所下降，但我們的訂單增長率仍然非常健康；事實上，我們的預測正在繼續實現，即同店銷售增長將首先引領潮流。

We find ourselves, candidly, in a very flexible position.

坦率地說，我們發現自己處於一個非常靈活的位置。

We have the ability -- we are generating so much cash to pay down our debt and continue to reinvest in the business.

我們有能力——我們正在產生大量現金來償還債務並繼續對業務進行再投資。

So I guess, without getting into too much granular detail, you and everybody else should feel very comfortable that we are paying attention to every one of those levers.

所以我想，在不涉及太多細節的情況下，您和其他人應該感到非常放心，因為我們正在關注每一個槓桿。

And our goal is to drive a better return in coming years than we are this year.

我們的目標是在未來幾年實現比今年更好的回報。

And this year, we think we've demonstrated a better return than we have had previously.

今年，我們認為我們的回報比以前更好。

We have been caught in the past before with focusing too much on growth, candidly.

坦率地說，我們過去曾因過於關注增長而陷入困境。

We have a lot of discipline within the company right now around expanding all of the other levers that drive return, most notably margin and SG&A.

目前，我們公司內部有很多關於擴大所有其他推動回報的槓桿的紀律，尤其是利潤率和銷售管理費用（SG&A）。

So we continue to be pleased with our progress there.

因此，我們仍然對我們在那裡取得的進展感到滿意。

And we're not going to let an investment opportunity pass us by that we feel like we should take.

我們不會放過我們認為應該抓住的投資機會。

And we're looking at it each and every day.

我們每天都在關注它。

Right.

正確的。

But I guess if I could just take it to the next level there.

但我想我是否可以將其提升到一個新的水平。

In '06 --excuse me, '05, you had roughly 6 absorptions per month.

在 06 年——對不起，05 年，你每個月大約有 6 次吸收。

And I think, comment how much Del Webb would play into that, given the large community base, where you can drive a lot of volume through.

我認為，考慮到龐大的社區基礎，你可以評論一下德爾·韋伯將在其中發揮多大作用，在那裡你可以推動大量的交易量。

But the main question, though, is of your roughly 700,000,000 moth balled inactive land inventory, could you help us frame out how many lots that is, A?

但主要問題是，在您大約 700,000,000 塊已封存的閒置土地庫存中，您能幫我們算出有多少塊土地嗎，A？

B, how many of your total owned lots are finished?

B，您擁有的總土地中有多少已完工？

And this gets to the fact you can delever during your growth, which is actually a very attractive risk adjusted framework for you guys versus other people.

這說明你可以在成長過程中去槓桿化，與其他人相比，這對於你來說實際上是一個非常有吸引力的風險調整框架。

If starts were to double, would all that moth balled stuff really be brought back online?

如果開工率翻倍，所有那些被封存的東西真的會重新上線嗎？

The main piece, inactive, how many lots that is, and finished lots.

主件、非活動件、有多少批次以及已完成批次。

Thank you.

謝謝。

Ken, there's a lot in that.

肯，這裡面有很多東西。

So I'll take the first part, and then turn it over to Bob, and maybe Mike for a little bit of additional commentary.

因此，我將完成第一部分，然後將其交給鮑勃，也許還交給邁克，以獲得一些額外的評論。

First of all, with regard to Del Webb, I think we have commented before, publicly, that at our peak in '05, we had Del Webb communities generating anywhere from 750 to 1,000 units per single community.

首先，關於 Del Webb，我想我們之前曾公開評論過，在 05 年的巔峰時期，我們的 Del Webb 社區每個社區發電量從 750 到 1,000 套不等。

While nobody's predicting that, I will tell you we don't have any doing more than 250 today.

雖然沒有人預測到這一點，但我會告訴你，我們今天所做的事情沒有超過 250 項。

So that business has the ability to ramp up and ramp up nicely.

因此，該業務有能力快速增長。

And candidly, we have talked about the ability to reduce our overall land bank and reinvest in other land.

坦率地說，我們已經討論了減少總體土地儲備和再投資其他土地的能力。

That would be a great scenario for us, if Del Webb continues on the positive trend than we have seen.

如果德爾韋伯繼續保持我們所看到的積極趨勢，那對我們來說將是一個很好的場景。

With regard to moth balled assets, I believe, recently, that we have been able to bring on about 15 moth balled communities.

關於封存資產，我相信最近我們已經能夠建立大約 15 個封存社區。

Beyond that, Bob, if you have any more color?

除此之外，鮑勃，你還有更多的顏色嗎？

Yes.

是的。

We haven't, Ken, given a moth balled asset lot count or value, candidly.

肯，我們還沒有坦白地給出封存的資產數量或價值。

So I think, what we do is actually look at it.

所以我認為，我們所做的實際上是看看它。

And moth balled means different things to different builders.

對於不同的建設者來說，封存意味著不同的事情。

Certainly, we've got a longer land base, as Richard talked about, in the Webb communities.

當然，正如理查德所說，我們在韋伯社區擁有更長的土地基礎。

But we are focused on, wherever it is appropriate, taking assets, either that are non-core and selling them, if it's appropriate, or opening up communities.

但我們的重點是，在適當的情況下，獲取非核心資產並在適當的情況下出售它們，或者開放社區。

Just from a finished -- maybe to give some data points on finished lots in total, not for mothball, but just our total portfolio.

只是從成品來看——也許是為了提供一些成品批次的數據點，不是為了後備，而是為了我們的總投資組合。

We do have about 30,035 finished lots we own.

我們確實擁有約 30,035 件成品地塊。

We control 35,754 in total, of which 7,900 are related to house.

我們總共控制了35,754個，其中7,900個與房屋有關。

Stephen Kim, Barclays Capital.

斯蒂芬·金，巴克萊資本。

Thanks very much guys.

非常感謝你們。

Just a housekeeping issue.

只是家政問題。

I just assume that you all have somewhere in the order of about 1,200 model homes.

我只是假設你們都有大約 1,200 個樣板房。

And I was just hoping you could update us on that number.

我只是希望您能向我們通報該號碼的最新情況。

But more broadly and more strategically, I was curious about your gross margin commentary.

但更廣泛、更具戰略意義的是，我對你們的毛利率評論感到好奇。

Last quarter, I believe, you made the comment that you thought that normalized gross margins in the business could get to 20% to 22% on your basis, the way you calculate it, but that it would quote - take a few years -- take a couple of years, I think, is what you said.

我相信，上個季度，您曾評論說，您認為按照您的計算方式，業務的正常化毛利率可能會達到 20% 到 22%，但它會引用——需要幾年時間——我想，正如你所說，需要幾年的時間。

I was curious as to -- since you just put up a 21.6%, how your thinking may be evolving there?

我很好奇——既然你剛剛提出了 21.6%，那麼你的想法可能會如何演變？

Steve, this is Richard.

史蒂夫，這是理查德。

Listen, things have panned out pretty nicely for us, perhaps even better than we anticipated.

聽著，事情對我們來說進展順利，甚至可能比我們預期的還要好。

We've got a nice benefit from mix in the quarter.

我們從本季度的混合中獲得了很好的收益。

We've clearly got some pricing in the quarter.

我們顯然已經在本季度獲得了一些定價。

We've clearly got some house costs.

我們顯然有一些房屋費用。

But just to be clear, our 20% to 22% was a non-adjusted number.

但需要明確的是，我們的 20% 至 22% 是未經調整的數字。

So there's still several hundred basis points to go there, when you take out the effect of interest.

因此，當你剔除利息的影響時，還有幾百個基點。

Go ahead, Mike.

繼續吧，邁克。

From a model perspective, we are at 1,120 models at the end of the quarter.

從型號角度來看，截至本季度末，我們擁有 1,120 個型號。

Okay.

好的。

Great.

偉大的。

And then, let's switch to the put back.

然後，讓我們切換到 put back。

That was really great, the disclosure you just gave.

你剛剛披露的信息真的很棒。

But one question that I had relates to, from our perspective, trying to figure out how long it might be that these elevated level of put backs may occur.

但從我們的角度來看，我提出的一個問題是試圖弄清楚這些回撤水平升高可能會持續多久。

And in that regard, can you tell us what the current vintages are of the put backs?

在這方面，您能告訴我們目前的回撤年份是多少嗎？

Is there any way to characterize it, particularly on a relative basis to maybe what you were experiencing a year ago?

有什麼方法可以描述它的特徵，特別是相對於你一年前經歷的情況？

Yes.

是的。

We haven't seen dramatic change in any of the elements that we look at.

我們還沒有看到我們所關注的任何元素發生顯著變化。

And one of them is the year of origination.

其中之一是起源年份。

So we had talked about that it was primarily '06 and '07.

所以我們討論過主要是 06 年和 07 年。

That is still true.

這仍然是事實。

The severity of loss hasn't changed much.

損失的嚴重程度沒有太大變化。

So again, what we are seeing is a continuation of the same.

再說一次，我們所看到的是同樣的情況的延續。

Obviously, we continue to research them, but we haven't seen a change.

顯然，我們仍在繼續研究它們，但我們還沒有看到任何變化。

Got it.

知道了。

Okay.

好的。

Great.

偉大的。

Thank you very much guys.

非常感謝你們。

Thanks, Steve.

謝謝，史蒂夫。

Stephen East, ISA Group

斯蒂芬·伊斯特，ISA 集團

Thank you.

謝謝。

Good morning, guys.

早上好傢伙。

Bob, if I could just follow on a couple more questions on the put back.

鮑勃，我能再問幾個關於回溯的問題嗎？

The volume went up this quarter.

本季度銷量有所增加。

One, what do you think the reason is for that?

一、您認為造成這種情況的原因是什麼？

What's going on there?

那裡發生了什麼事？

And then two, when you say in future years you're reserved through '13, does that mean -- at what level do put backs need to drop to that you wouldn't have to reserve for '14 or '15?

然後第二個問題，當你說在未來幾年你會保留到'13，這是否意味著 - 回撤需要下降到什麼水平，你就不必保留到'14或'15？

And then I just wanted to make sure I was clear in your prepared remarks.

然後我只是想確保我在你準備好的發言中表達得很清楚。

You said if history holds, another $25 million a year if it goes beyond '13.

你說過，如果歷史成立，如果超過 13 年，每年還會額外獲得 2500 萬美元。

But if the more recent quarter holds, that goes up to $40 million to $45 million?

但如果最近一個季度的情況成立，這個數字會達到 4000 萬至 4500 萬美元嗎？

Is that accurate?

準確嗎？

Yes.

是的。

Sorry, the last one was -- the $40 million to $45 million is based if recent activity -- not necessarily the third quarter.

抱歉，最後一個是 - 4000 萬至 4500 萬美元是基於最近的活動 - 不一定是第三季度。

We tend to look at these things over time.

我們傾向於隨著時間的推移來看待這些事情。

Two months or three months, we don't think necessarily makes a trends.

兩個月或三個月，我們認為不一定會形成趨勢。

So we have to see what that really evolves into.

所以我們必須看看它到底會演變成什麼。

The question on why volume is up, it is, at least as best as we can tell, just normal process from investors.

至少據我們所知，關於成交量為何上升的問題只是投資者的正常過程。

And then for '13, extending out beyond that, again, put backs have always been part of the business.

然後到了 13 年，再次超越這一點，回售一直是業務的一部分。

They were around, but just much less pronounced than they are today.

它們曾經存在過，但只是沒有今天那麼明顯。

And so we would have to see a return to that, for there not to be any impact in '14 and '15.

因此，我們必須看到這種情況的回歸，因為 14 和 15 年不會產生任何影響。

Again, we are evaluating that as we go.

同樣，我們正在評估這一點。

Okay.

好的。

Thank you.

謝謝。

And then, if you look at your debt tender, your cash level, ignoring what you would generate in the fourth quarter.

然後，如果你看看你的債務投標、你的現金水平，忽略你在第四季度產生的收入。

I would be interested in how much you think you can generate there.

我很想知道你認為你能在那裡產生多少。

But you dropped down to $500 million to $600 million or so, if all $1 billion is tendered.

但如果 10 億美元全部投標，則價格會下降到 5 億至 6 億美元左右。

I guess, what level are you comfortable taking that down to?

我想，您願意將其降低到什麼水平？

Do you envision putting a revolver in place to compensate for some of the cash going out the door?

您是否打算用一把左輪手槍來彌補一些流失的現金？

Or would you all look at convert and deal, or future debt deal?

或者你們都會考慮轉換和交易，或者未來的債務交易？

And then also, in the past, you all had said it was very expensive to take this debt out.

而且，在過去，你們都曾說過，償還這筆債務的成本非常高。

I guess, what has changed in your thought process there?

我想，你的思維過程發生了什麼變化？

Well certainly, to the extent that we were able to take in $1 billion, we expect to be cash flow positive in the fourth quarter.

當然，如果我們能夠獲得 10 億美元的收入，我們預計第四季度的現金流將為正。

We haven't given any guidance on that.

我們還沒有對此提供任何指導。

But we did generate $240 million plus of cash in the third quarter.

但我們在第三季度確實創造了 2.4 億美元以上的現金。

In terms of credit facility, we have looked at that, and our view is, we want to be able to put the best credit package in front of people.

在信貸安排方面，我們已經研究過這一點，我們的觀點是，我們希望能夠向人們提供最好的信貸方案。

So the more positive earnings performance we can do, the better we are going to do in terms of the facility we can put in place.

因此，我們的盈利表現越積極，我們在設施方面就能做得越好。

If we were in a position, three months from today or as soon as the tender were over, where we felt we needed to go raise capital, we think we could do it in capital markets pretty inexpensively and efficiently.

如果我們認為從今天起三個月後或招標結束後我們需要籌集資金，我們認為我們可以在資本市場上以相當便宜且高效的方式進行融資。

Whether that would be senior subordinated notes or convertible, we would evaluate, based on economics at this time.

無論是高級次級票據還是可轉換債券，我們都會根據目前的經濟情況進行評估。

But we think, and Richard used the word earlier, it is about flexibility.

但我們認為，理查德之前用過這個詞，它與靈活性有關。

We have the opportunity to make decisions, and from relatively -- we have choices.

我們有機會做出決定，並且相對來說我們有選擇。

The other question you asked is, why were we doing this now?

您問的另一個問題是，我們為什麼現在這樣做？

It is expensive, we have said that from the start.

它很貴，我們從一開始就這麼說過。

Unfortunately, it is what the market is telling us the bonds are worth.

不幸的是，這就是市場告訴我們債券的價值。

And as we look at it, we would get a positive yield versus the cash sitting on the books.

正如我們所看到的，相對於賬面上的現金，我們將獲得正收益。

So we elected to do this today, again, trying to drive down the leverage.

因此，我們今天再次選擇這樣做，試圖降低杠桿率。

We have talked about wanting to do that.

我們已經討論過想要這樣做。

Dan Oppenheim, Credit Suisse

丹·奧本海姆，瑞士信貸

Thank you very much.

非常感謝。

I was wondering if you could talk a little bit more about Del Webb.

我想知道你是否可以多談談德爾·韋伯。

You talked about pricing overall up17% in communities during the quarter.

您談到本季度社區的整體定價上漲了 17%。

I was wondering if you were to look at Del Webb, the order trends improving now, are you seeing any pricing power at Del Webb, or are we still several quarters from that?

我想知道您是否會關注德爾韋伯，訂單趨勢現在正在改善，您是否看到德爾韋伯有任何定價能力，或者我們距離實現這一目標還有幾個季度的時間？

Just a little clarity there.

只是有一點清晰。

Yes, Dan.

是的，丹。

I think Del Webb would be a segment that we would want to drive a lot more volume before we got real aggressive on the price side.

我認為德爾韋伯將是一個我們希望在價格方面真正激進之前提高銷量的細分市場。

I don't have detailed specifics by community for you.

我沒有為您提供社區的詳細信息。

I am certain that each of our Del Webb communities offers three or four different lines of product.

我確信我們的每個德爾韋伯社區都提供三到四種不同的產品線。

And probably in some communities, we've got lot positions and product that is in high demand where we are getting some price.

也許在某些社區，我們有很多需求量很大的職位和產品，我們可以得到一些價格。

But generally speaking, we are going to look to drive much better returns by a lot more volume in Webb, before we drive prices up there aggressively, because that would be the best ROIC decision.

但一般來說，在我們大幅推高價格之前，我們將尋求通過增加韋伯的交易量來獲得更好的回報，因為這將是最佳的投資回報率決策。

Great.

偉大的。

And then in terms of the land development, you talked about increasing that based on the stronger sales and such.

然後在土地開發方面，您談到了基於更強勁的銷售等來增加土地開發。

How much of that is additional phases at existing communities versus bringing on new communities here?

其中有多少是在現有社區進行的額外階段，而不是在這裡引入新社區？

Sorry.

對不起。

Of the current year spend?

今年的支出？

Yes.

是的。

Just wondering, as you increase that, how much are you looking forward and really trying to bring on more community, developing raw land that you have in communities that aren't currently operating versus other phases of existing communities there?

只是想知道，當您增加這一點時，您有多少期待並真正嘗試引入更多社區，開發目前尚未運營的社區中擁有的原始土地，與那裡現有社區的其他階段相比？

Well, again, we are going to commit about $1 billion in 2012.

好吧，我們再次承諾在 2012 年投入約 10 億美元。

Roughly one-third of it is going to be buying land.

大約三分之一將用於購買土地。

The rest is land and land development.

剩下的就是土地和土地開發。

And Dan, the incremental $90 million is a mix of both that we just talked about.

Dan，增量的 9000 萬美元是我們剛才談到的兩者的結合。

Nishu Sood, Deutsche Bank

尼舒·蘇德，德意志銀行

Thanks.

謝謝。

This is Rob Hansen on for Nishu.

我是尼舒 (Nishu) 的羅布·漢森 (Rob Hansen)。

Of the land and land development spend that you're going to do this year, how much of that is already working for you?

您今年打算投入的土地和土地開發支出中，有多少已經為您帶來了效益？

Meaning, how much of that money have communities tied to it that are already open and how much are going to be open for next year?

意思是，這些資金中有多少與已經開放的社區相關聯，以及明年將開放多少？

I don't have the granularity on that, Rob.

我對此不太了解，羅布。

It is fair to say it is a combination.

公平地說，這是一個組合。

I would suggest that the majority of it is likely already working for us, as newer phases and new lots from existing communities come on.

我建議，隨著現有社區的新階段和新地塊的出現，其中大部分可能已經為我們所用。

But there is not an insignificant amount of new projects.

但新項目的數量也不少。

Exactly when those come on, it is a continual revolving door, as we close some and open others.

正是當這些出現時，這是一扇持續不斷的旋轉門，我們關閉一些，打開另一些。

So sorry, we don't have that level of detail.

很抱歉，我們沒有那麼詳細的信息。

Okay.

好的。

And then just wanted to see if you could talk a little bit more about your common plan management zones.

然後只是想看看您是否可以多談談您的共同計劃管理區域。

And how large are these zones?

這些區域有多大？

And what percent of markets was this that have this in 2012?

2012 年擁有此功能的市場所佔百分比是多少？

And what are you going to ramp that up to in 2013?

2013 年您打算將其提升到什麼程度？

So basically the idea here is to drive our throughput per floor plan up much higher than it is today.

所以基本上這裡的想法是使我們每個平面圖的吞吐量比現在高得多。

And what that means is the number of closings that we can get from an individual plan that has been consumer validated and designed with the consumer in mind upfront and value engineer before it ever goes into production.

這意味著我們可以從單個計劃中獲得成交數量，該計劃在投入生產之前已經過消費者驗證和設計，並在前期和價值工程師的考慮下進行設計。

And contrast that with an existing set of floor plans, where we may go in and attempt to take costs out.

並將其與現有的一套平面圖進行對比，我們可以進去並嘗試降低成本。

It is a lot easier to do it on the upfront.

預先完成要容易得多。

So we have been piloting a process starting in Texas, and we've expanded it to the Southeast, where several cities, all of the major cities in Texas and now all of the major cities in the Southeast, are operating under the mindset, based on consumer research, that buyers in those two geographies will accept and be happy with product that can be shared among those geographies.

因此，我們一直在從德克薩斯州開始試點一個流程，然後將其擴展到東南部，那裡的幾個城市，德克薩斯州的所有主要城市以及現在東南部的所有主要城市，都在這樣的心態下運作：根據消費者研究，這兩個地區的買家會接受並且對可以在這些地區之間共享的產品感到滿意。

So instead of value engineering a floor plan in Dallas, for an example, and getting 30 or 50 closings of benefit from it, maybe we can get 300 closings benefit from it, because all the cities in Texas are now using it.

因此，以達拉斯為例，我們不需要對平面圖進行價值設計，並從中獲得30 或50 個成交量的收益，也許我們可以從中獲得300 個成交量的收益，因為德克薩斯州的所有城市現在都在使用它。

So the idea is that over 2013, we will expand that concept to the rest of the country and implement additional geographic product zones.

因此，我們的想法是，在 2013 年，我們將把這一概念擴展到全國其他地區，並實施更多的地理產品區。

Now I also give a statistic in Q2 that about 10% of our closings that actually came through in Q2, and that went up to 15% in Q3, benefited from value engineering and should costing in the actual closing volume.

現在我還給出了第二季度的統計數據，第二季度實際完成的成交量中約有10% 受益於價值工程，並且在第三季度上升到15%，並且應該計入實際成交量的成本。

So even though we have a zone implemented already in Texas and one in the Southeast, it is going to take a while to get all of the floor plans through that commonly managed product.

因此，即使我們已經在德克薩斯州實施了一個區域，在東南部也實施了一個區域，但仍需要一段時間才能通過該共同管理的產品獲得所有平面圖。

So we see this as a two- or three-year effort before we can drive that 10% or 15% number much higher.

因此，我們認為需要兩三年的努力才能將 10% 或 15% 的數字推得更高。

But our candid expectations are to go much, much higher with that.

但我們的坦誠期望卻要高得多。

And that is one of the sources of ongoing margin expansion that we believe we have.

這是我們認為利潤率持續擴張的來源之一。

Megan McGrath, MKM Partners

梅根·麥格拉思，MKM 合夥人

Thanks.

謝謝。

Good morning.

早上好。

I wanted to follow-up a little bit on your commentary about restricting your sales pace in a couple of geographies.

我想跟進一下您關於在幾個地區限制銷售速度的評論。

Is labor the only real bottleneck you're seeing, or are you experiencing any other bottlenecks in the system, like permitting or land development or anything like that?

勞動力是您所看到的唯一真正的瓶頸嗎？還是您正在經歷系統中的任何其他瓶頸，例如許可或土地開發或類似的瓶頸？

I would suggest labor is only a small part of it.

我認為勞動力只是其中的一小部分。

A lot of it has to do with how far do you want to carry your backlog.

這很大程度上與您想要將積壓的訂單處理到什麼程度有關。

We saw sales explode in Arizona earlier this year and made a very conscious decision to slow it down, because we didn't want a backlog -- keep in mind, like in Q2 of this year, extending out a year or more.

今年早些時候，我們看到亞利桑那州的銷售激增，並做出了一個非常有意識的決定來放慢速度，因為我們不希望積壓——請記住，就像今年第二季度一樣，延長一年或更長時間。

So, Megan, it's based on, in some cases, things like labor constraints or permit delays in a given municipality.

所以，梅根，在某些情況下，它是基於特定城市的勞動力限製或允許延誤等因素。

But the far more broad reason is how far do you want to let the sales run out and how far do you actually want your backlog out.

但更廣泛的原因是你想讓銷售消耗到什麼程度，以及你實際上希望積壓的訂單消耗到什麼程度。

We generally, as an example, feel like that we can protect our cost for roughly 6 months.

舉例來說，我們通常認為我們可以保護大約 6 個月的成本。

And so we may let a backlog in a given community go out to say, nine months or something like that.

因此，我們可能會讓某個社區中的積壓訂單出去，比如九個月或類似的時間。

But generally speaking, two to three quarters worth of backlog in a given community is, in our opinion, at PulteGroup, about where you want to have it to maintain relatively consistent ability to start, et cetera.

但一般來說，我們認為，在 PulteGroup，特定社區中兩到四分之三的積壓工作與您希望保持相對一致的啟動能力等有關。

Now I would suggest if the market ramps up further from here, both permitting and entitlement issues and labor issues, to some degree, may limit your ability to get out and deliver those units in a quick fashion.

現在我建議，如果市場從這裡進一步上漲，許可和權利問題以及勞工問題在某種程度上可能會限制您快速退出並交付這些單元的能力。

But I don't want to overplay the labor issue.

但我不想過分強調勞工問題。

It is more a conscious decision on our part on, frankly, we want to hold back some dry powder for the potentially improved pricing environment and our ability to protect our cost out in the future.

坦率地說，這對我們來說是一個有意識的決定，因為我們希望保留一些乾粉，以改善可能改善的定價環境以及我們未來保護成本的能力。

Just one other comment on that.

對此只有另一條評論。

We are seeing that in more than just Arizona.

我們不僅在亞利桑那州看到了這一點。

We have communities in Florida, DC, Northern California and other places where we are purposely restricting sales.

我們在佛羅里達州、華盛頓特區、北加州和其他地方都有社區，我們故意限制銷售。

Okay.

好的。

I guess you're partially answering my question, but I think that's what I was getting is, if there were no restrictions in terms of labor of supplies, is this the maximum amount of growth that you're comfortable with at this point of the cycle, given where pricing is, because expectations are fairly lofty for 2013, I think, on a national basis.

我想你部分地回答了我的問題，但我認為這就是我得到的，如果供應勞動力方面沒有限制，這是你目前可以接受的最大增長量嗎？考慮到定價情況，我認為，從全國范圍來看，2013 年的預期相當高。

But I don't know if builders are really comfortable pushing units beyond a certain point.

但我不知道建築商是否真的願意將單位推到某個特定點之上。

And so it sounds like, even if there weren't labor constraints or other physical constraints, that you would and you are limiting construction a little bit to maximize price in the long term.

因此，聽起來即使沒有勞動力限製或其他物理限制，您也會並且正在限制建設一點點，以實現長期價格最大化。

Is that fair?

這公平嗎？

I think it is fair to some degree, but let me be clear about this.

我認為這在某種程度上是公平的，但讓我澄清一下。

You said that if we didn't have labor constraints or other constraints.

你說如果我們沒有勞動力限製或其他限制的話。

In some cases, those constraints are lot availability, as an example.

在某些情況下，這些限制例如是批次可用性。

So you've got real strong performance in a given community.

因此，您在特定社區中擁有真正強大的表現。

You thought you were going to sell 50 in a given year, and all of a sudden you're at 100.

您原以為自己會在某一年賣出 50 輛，但突然間您就賣出了 100 輛。

You can only ramp up a lot production so quickly.

你只能這麼快地提高產量。

So we are solving for the highest possible ROIC.

因此，我們正在解決盡可能最高的投資回報率。

And in many cases, we're finding, at least in the short term, that's through price versus additional pace.

在許多情況下，我們發現，至少在短期內，這是通過價格與額外速度來實現的。

So I don't want to give you the impression we would rather not drive volume, but we do have live within the environment of a combination of factors, of lot availability, labor availability, our availability to get permits.

因此，我不想給您留下這樣的印象：我們寧願不推動銷量，但我們確實生活在多種因素組合的環境中，包括批次可用性、勞動力可用性、我們獲得許可證的可用性。

In some municipalities, they are limiting us on the number of permits we can pull.

在一些城市，他們限制我們可以獲得的許可證數量。

So it is not so much what the builder wants to do, it's what we believe is the smartest business decision, given the environment we're in.

因此，考慮到我們所處的環境，這並不是建築商想要做什麼，而是我們認為最明智的商業決策。

Thank you.

謝謝。

We have no further questions at the time.

目前我們沒有進一步的問題。

So now I'd like to hand the call back over to Jim for closing remarks.

現在我想將電話轉回給吉姆，讓他作結束語。

Thank you, Operator.

謝謝你，接線員。

I want to thank everybody for their time this morning.

我要感謝大家今天早上抽出寶貴的時間。

We will certainly be available as the day continues to answer any additional questions.

我們一定會在這一天繼續回答任何其他問題。

And we'll look forward to speaking with you on the next call.

我們期待在下次通話中與您交談。

Thank you, Jim.

謝謝你，吉姆。

Thank you for your participation today, ladies and gentlemen.

女士們、先生們，感謝你們今天的參與。

That concludes the presentation.

演示到此結束。

You may now disconnect.

您現在可以斷開連接。

Have a good day.

祝你有美好的一天。