普爾特房屋 (PHM) 2022 Q3 法說會逐字稿

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the PulteGroup, Inc. Q3 2022 Earnings Conference Call. (Operator Instructions)

早上好。我的名字是克里斯，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 PulteGroup, Inc. 2022 年第三季度收益電話會議。 （操作員說明）

Thank you, Jim Zeumer, Vice President of Investor Relations and Corporate Communications. You may begin.

謝謝投資者關係和企業傳播副總裁 Jim Zeumer。你可以開始了。

Great. Thank you, Chris, and good morning. I want to welcome everyone to PulteGroup's earnings call for our third quarter ended September 30, 2022. Joining me to discuss PulteGroup's third quarter results are Ryan Marshall, President and CEO; Bob O’Shaughnessy, Executive Vice President and CFO; and Jim Ossowski, Senior Vice President of Finance.

偉大的。謝謝你，克里斯，早上好。我想歡迎大家參加 PulteGroup 截至 2022 年 9 月 30 日的第三季度財報電話會議。與我一起討論 PulteGroup 第三季度業績的是總裁兼首席執行官 Ryan Marshall； Bob O'Shaughnessy，執行副總裁兼首席財務官；和財務高級副總裁 Jim Ossowski。

A copy of this morning's earnings release and the webcast slides that accompany this call have been posted to our corporate website at pultegroup.com. We will also post a replay of today's call later today.

今天上午的收益發布副本和本次電話會議隨附的網絡廣播幻燈片已發佈到我們的公司網站 pultegroup.com。我們還將在今天晚些時候發布今天電話會議的重播。

As always, I want to alert everyone that today's presentation includes forward-looking statements about the company's expected future performance. Actual results could differ materially from those suggested by the comments we make today. The most significant risk factors that could affect future results are summarized as part of today's earnings release and within the accompanying webcast slides. These risk factors and other key information are detailed in our SEC filings, including our annual and quarterly reports.

與往常一樣，我想提醒大家，今天的演示文稿包含有關公司預期未來業績的前瞻性陳述。實際結果可能與我們今天發表的評論所建議的結果大不相同。可能影響未來業績的最重要風險因素在今天的收益發布和隨附的網絡廣播幻燈片中進行了總結。這些風險因素和其他關鍵信息在我們提交給美國證券交易委員會的文件中有詳細說明，包括我們的年度和季度報告。

Now let me turn the call over to Ryan Marshall. Ryan?

現在讓我把電話轉給 Ryan Marshall。瑞恩？

Thanks, Jim, and good morning. I suspect that throughout this morning's call, we will find ourselves delineating between the favorable demand environment that existed earlier this year which drove PulteGroup's third quarter earnings versus the more challenging market conditions we're encountering today. Stating the obvious, the primary difference between the 2 periods is that mortgage rates have more than doubled since the start of the year to upwards of 7%.

謝謝，吉姆，早上好。我懷疑在今天上午的電話會議中，我們會發現自己在今年早些時候推動 PulteGroup 第三季度收益的有利需求環境與我們今天遇到的更具挑戰性的市場條件之間進行了劃分。顯而易見，這兩個時期的主要區別是抵押貸款利率自年初以來翻了一番多，達到 7% 以上。

Our Q3 earnings reflect the benefits of the strong demand and pricing conditions that existed at the end of 2021 and into the first few months of 2022. The favorable demand and pricing dynamics, which existed at the time are reflected in the 15% or $71,000 increase in the average sales price of closed homes that we reported for our third quarter. Further, even with tight labor and a difficult supply chain, we were able to leverage this pricing gain into a 360 basis point expansion of gross margin and an almost 50% increase in earnings to $2.69 per share. Bob will provide more details on our third quarter results in a few minutes, but it is important to acknowledge the success and recognize the efforts of the entire PulteGroup organization in delivering these great results.

我們的第三季度收益反映了 2021 年底和 2022 年頭幾個月存在的強勁需求和定價條件的好處。當時存在的有利需求和定價動態反映在 15% 或 71,000 美元的增長中在我們第三季度報告的封閉式房屋的平均銷售價格中。此外，即使在勞動力緊張和供應鏈困難的情況下，我們也能夠利用這一定價收益將毛利率提高 360 個基點，並將收益提高近 50%，達到每股 2.69 美元。 Bob 將在幾分鐘內提供有關我們第三季度業績的更多詳細信息，但重要的是要承認成功並承認整個 PulteGroup 組織在實現這些偉大成果方面所做的努力。

If our income statement demonstrates prior demand strength, third quarter order and cancellation rates show the more challenging market dynamics we are operating under today.

如果我們的損益表顯示了先前的需求強度，那麼第三季度的訂單和取消率顯示了我們今天運營的更具挑戰性的市場動態。

As we move throughout the quarter, you could almost see demand ebb and flow with the movement of interest rates. Softness in July's homebuying demand eased as mortgage rates fell in August. The positive trend in demand was short-lived, however, as interest rates surged higher in September in response to Federal Reserve actions and hawkish commentary from Chairman Powell.

當我們在整個季度中移動時，您幾乎可以看到需求隨著利率的變化而起起落落。隨著 8 月抵押貸款利率下降，7 月購房需求疲軟有所緩解。然而，需求的積極趨勢是短暫的，因為利率在 9 月份飆升以回應美聯儲的行動和鮑威爾主席的鷹派言論。

The pullback in demand was widespread across geographies and consumer groups as potential home buyers move to the sidelines, some because they can no longer afford a home and others because they were unsure if now it's truly the best time to buy a home. The impact of consumers dealing with issues of financing or fear also extended to our backlog as cancellation rates increased to 24% in the quarter. While there are a number of factors influencing housing demand, the rise in mortgage rates has likely had the most significant impact on today's consumers.

隨著潛在購房者轉而觀望，需求回落在各個地區和消費群體中普遍存在，其中一些是因為他們再也買不起房，而另一些則是因為他們不確定現在是否真的是購房的最佳時機。隨著本季度取消率增加到 24%，消費者處理融資或恐懼問題的影響也擴大到了我們的積壓。雖然影響住房需求的因素有很多，但抵押貸款利率的上升可能對當今的消費者產生了最顯著的影響。

Based on their commentary, expectations are that the Federal Reserve will continue to aggressively raise rates to control inflation for at least the remainder of 2022, and then likely hold rates higher for longer. Given these market dynamics, we continue to meaningfully adjust our operating practices as we adapt to today's more challenging market conditions.

根據他們的評論，預計美聯儲將至少在 2022 年剩餘時間內繼續積極加息以控制通脹，然後可能會在更長時間內保持較高利率。鑑於這些市場動態，我們將繼續有意義地調整我們的運營實踐，以適應當今更具挑戰性的市場條件。

On the sales side, we are working closely with our divisions on a market-by-market and even community-by-community basis to find pricing or buyers are able and are willing to transact. When demand first begin to slow in response to higher rates, incentives in most of our markets were focused on mortgage rate locks and buy downs. As mortgage rates have moved even higher, incentives have extended to other areas, including more aggressive discounting of standing inventory and price reductions.

在銷售方面，我們正在與我們的部門在逐個市場甚至逐個社區的基礎上密切合作，以找到能夠並願意進行交易的價格或買家。當需求首次因利率上升而開始放緩時，我們大多數市場的激勵措施都集中在抵押貸款利率鎖定和減持上。隨著抵押貸款利率進一步上漲，激勵措施已擴展到其他領域，包括更積極地對庫存進行折扣和降價。

As we move through the third quarter, absorption paces were choppy but on average, slowed as the quarter progressed. This trend continued into October, although ongoing adjustments to incentives and pricing are gaining some traction with consumers. We've told our divisions to be strategic in their decision-making, but we need to intelligently find the market and turn our inventory. The reality is that we can't be margin proud, but rather, we need to protect our share of sales within the markets.

隨著我們進入第三季度，吸收速度波動不定，但平均而言，隨著季度的進展而放緩。這種趨勢一直持續到 10 月，儘管對激勵措施和定價的持續調整正在吸引消費者。我們已經告訴我們的部門在他們的決策中具有戰略意義，但我們需要聰明地找到市場並轉移我們的庫存。現實情況是，我們不能以利潤為榮，相反，我們需要保護我們在市場中的銷售份額。

Housing this front and center in the Federal Reserve's battle against inflation. As the Fed clearly desires, new home sales rates and selling prices are in the process of adjusting lower in response to higher interest rates. With home sales slowing, we are adjusting how we approach ongoing land investment.

在美聯儲對抗通脹的鬥爭中，住房這個前沿和中心。正如美聯儲明確希望的那樣，新房銷售率和售價正在下調以應對更高的利率。隨著房屋銷售放緩，我們正在調整處理正在進行的土地投資的方式。

At the end of the second quarter, we controlled 130,000 lots under options. Given the more challenging demand conditions we face today, we are re-underwriting our land deals using price, pace and cost assumptions based on current market conditions with a view towards assessing whether expected returns still achieve or exceed our required hurdle rates. As a consequence of these reviews, in the third quarter, we canceled agreements accounting for approximately 19,000 lots or 14% of the lots we held via option at the end of the second quarter.

第二季度末，我們控制了130,000手的期權。鑑於我們今天面臨更具挑戰性的需求條件，我們正在根據當前市場條件使用價格、速度和成本假設重新承銷我們的土地交易，以評估預期回報是否仍能達到或超過我們要求的最低迴報率。由於這些審查，在第三季度，我們取消了大約 19,000 手或我們在第二季度末通過期權持有的手的 14% 的協議。

In taking these actions, we walked away from almost $800 million of future land acquisition spend. No one wants to write off $24 million of deposits and pre-acquisition spend, but the flexibility to exit these transactions reaffirms the strategic importance of building more optionality into our land pipeline.

通過採取這些行動，我們擺脫了未來近 8 億美元的土地徵用支出。沒有人願意註銷 2400 萬美元的存款和收購前支出，但退出這些交易的靈活性再次證明了在我們的土地管道中增加更多選擇權的戰略重要性。

Homebuyer demand clearly moved lower as the third quarter progressed, but the dramatic and ongoing rise in interest rates likely being the biggest concern for most consumers. However, there are certainly other factors at play, including inflation, fear of recession or increasing concerns about job loss. Given all of these considerations, it is easy to understand why consumers have moved to the sidelines.

隨著第三季度的進展，購房者的需求明顯下降，但利率的急劇和持續上升可能是大多數消費者最關心的問題。然而，肯定還有其他因素在起作用，包括通貨膨脹、對經濟衰退的恐懼或對失業的日益擔憂。考慮到所有這些因素，很容易理解為什麼消費者轉而觀望。

Having said that, people still desire homeownership and are prepared to buy when they find a compelling offer. Operationally, we are appropriately taking a more defensive posture for at least the near term as we work to navigate today's more turbulent conditions. We believe this approach is appropriate today and appreciate that stability whether talking about mortgage rates, the stock market or inflation, maybe what people will need to move off the sidelines and become homebuyers again.

話雖如此，人們仍然渴望擁有房屋，並準備在找到令人信服的報價時購買。在操作上，我們至少在短期內適當地採取了更具防禦性的姿態，因為我們正在努力應對當今更加動蕩的情況。我們相信這種方法在今天是合適的，並且無論談論抵押貸款利率、股市還是通貨膨脹，人們都欣賞這種穩定性，這也許是人們擺脫觀望並再次成為購房者所需要的。

Let me now turn the call over to Bob for a more detailed review of our Q3 operating and financial results.

現在讓我將電話轉給 Bob，以更詳細地審查我們的第三季度運營和財務業績。

Thanks, Ryan, and good morning. There's a lot to review this quarter, so I'll dive right in. Home sale revenues for our third quarter totaled $3.8 billion, which represents an increase of 16% over the same period last year. Higher revenues for the quarter were driven primarily by a 15% increase in our average sales price to $545,000. The year-over-year increase in average sales price of $71,000 was driven by improved pricing across all buyer groups as first time was up 20%, move-up gained 16% and active adult was up 15%.

謝謝，瑞安，早上好。本季度有很多內容需要回顧，所以我將直接進入。我們第三季度的房屋銷售收入總計 38 億美元，比去年同期增長 16%。本季度收入增加主要是由於我們的平均銷售價格上漲 15% 至 545,000 美元。平均銷售價格同比上漲 71,000 美元，這是由於所有買家群體的定價有所改善，首次上漲 20%，上漲 16%，活躍成人上漲 15%。

Unit closings in the quarter increased by 1% over last year to 7,047 homes. It's worth noting that approximately 200 closings that were slated for the fourth -- the third quarter were delayed due to Hurricane Ian as we shut down or slowed operations across a number of our Florida and Carolina markets ahead of the storm.

本季度的單位成交量比去年增加了 1%，達到 7,047 套。值得注意的是，由於颶風伊恩，我們在佛羅里達州和卡羅來納州的一些市場在風暴來臨前關閉或放慢了運營，原定於第四季度的大約 200 家關閉 - 第三季度被推遲。

On a year-over-year basis, the mix of homes delivered in the third quarter changed slightly as 36% were first-time buyers, 38% were move-up buyers and 26% were active adult buyers. In the prior year, 31% of homes delivered were first-time, 44% were move-up and 25% were active adult. The shift in mix to more first time is in alignment with our strategy of having approximately 1/3 of our business in the first-time buyer space.

與去年同期相比，第三季度交付的房屋組合略有變化，36% 為首次購房者，38% 為升級購房者，26% 為活躍的成年購房者。去年，31% 的房屋是首次交付，44% 是升級房屋，25% 是活躍的成年人。將組合轉變為更多的首次購買符合我們在首次購買者空間中擁有約 1/3 業務的戰略。

Net new orders in the third quarter totaled 4,924 homes, which is a decrease of 28% from last year. The year-over-year decline in orders reflect softer demand, resulting primarily from higher interest rates as our absorption pace fell to 2.0 homes per month, down from 3 homes per month for the same period last year. Along with a slower pace of sales, our reported net new orders in the third quarter were impacted by a significant increase in cancellations.

第三季度淨新訂單共計4,924套，比去年下降28%。訂單同比下降反映了需求疲軟，主要是由於利率上升，因為我們的吸收速度從去年同期的每月 3 戶下降到每月 2.0 戶。隨著銷售速度放緩，我們報告的第三季度新訂單淨額受到取消訂單顯著增加的影響。

Our cancellation rate for the third quarter was 24%, which compares with 10% in the third quarter of last year and 15% in the second quarter of this year.

我們第三季度的取消率為 24%，而去年第三季度為 10%，今年第二季度為 15%。

In the quarter, orders among first-time buyers increased 3% over the prior year as sales benefited from a double-digit increase in community count and the availability of quick move-in homes as the majority of our spec production is in our Centex communities. Orders for move-up buyers were lower by 45% than the prior year, while active adult orders decreased by 31%. Changes in community accounts did not materially impact -- did not materially impact order rates among either of these buyer groups.

在本季度，首次購房者的訂單比上一年增加了 3%，因為銷售受益於社區數量的兩位數增長以及由於我們的大部分規格生產都在我們的 Centex 社區提供的快速入住房屋的可用性.升級買家的訂單比去年下降了 45%，而活躍的成人訂單下降了 31%。社區賬戶的變化並沒有產生實質性的影響——沒有對這些買家群體中的任何一個的訂單率產生實質性的影響。

During the quarter, we operated from an average of 823 communities, which is up 7% from last year. The increase in community count is consistent with our previous guidance and reflects both new store openings and the slower closeout of existing communities. Average community count for the fourth quarter should increase slightly to 840.

本季度，我們平均運營 823 個社區，比去年增長 7%。社區數量的增加與我們之前的指導一致，反映了新店開張和現有社區的較慢關閉。第四季度的平均社區人數應略微增加至 840 個。

At quarter end, our backlog totaled 17,053 homes, which is down 14% from the same period last year. While unit backlog is lower, the dollar value of our backlog increased 3% over the prior year to $10.6 billion due to the rise in our average sales prices. We ended the third quarter with a total of 23,010 homes under construction, which is up 22% over last year. Of the units under construction, 65% were sold and 35% were spec.

在季度末，我們的積壓房屋總數為 17,053 套，比去年同期下降了 14%。雖然單位積壓較低，但由於我們的平均銷售價格上漲，我們積壓的美元價值比上一年增加了 3% 至 106 億美元。我們在第三季度結束時共有 23,010 套房屋在建，比去年增長 22%。在建單位中，65% 已售出，35% 為規格。

Consistent with comments made on prior earnings calls, we've been working to increase our inventory of spec homes primarily in our Centex communities to better serve first-time buyers. We continued start expects in the third quarter as we have continued to see buyer preference for homes that can close in 30 to 90 days across all buyer groups.

與之前在財報電話會議上發表的評論一致，我們一直在努力增加主要在 Centex 社區的規格房屋庫存，以更好地為首次購房者提供服務。我們繼續預期第三季度的開工，因為我們繼續看到所有買家群體對可以在 30 到 90 天內關閉的房屋的偏好。

At quarter end, we were still well below our commonly used metric of one finished spec per community. However, with 8,000 specs in production, we believe we are well positioned to meet demand and to compete effectively in our markets. Having achieved our targeted level of spec within our production universe, we have now lowered our spec starts and we'll manage our production to maintain the balance of our spec and dirt inventories with an emphasis on build-to-order production for move-up and active adult consumers.

在季度末，我們仍然遠低於我們常用的每個社區一個完成規範的指標。然而，由於有 8,000 種規格在生產中，我們相信我們已經做好了滿足需求並在市場上有效競爭的準備。在我們的生產範圍內達到了我們的目標規格水平後，我們現在已經降低了我們的規格開始，我們將管理我們的生產以保持我們的規格和污垢庫存的平衡，重點是按訂單生產以進行升級和活躍的成年消費者。

Based on the homes we have in production and current sales rates, we now expect closings in the fourth quarter to be approximately 8,000 homes. The decrease in expected deliveries relative to our prior guide reflects the challenging sales environment, higher cancellation rates and the ongoing impact of Hurricane Ian on our Florida operations. To the last point, while damaged to faulty communities in Florida and the Carolinas was limited, municipal resources are appropriately being diverted to the repair and restoration of services at the expense of getting power to new homes and communities.

根據我們在生產中的房屋和當前的銷售率，我們現在預計第四季度的成交量約為 8,000 套。與我們之前的指南相比，預期交付量的減少反映了充滿挑戰的銷售環境、更高的取消率以及颶風伊恩對我們佛羅里達州業務的持續影響。最後一點，雖然佛羅里達州和卡羅來納州有缺陷的社區受到的損害有限，但市政資源正適當地用於維修和恢復服務，而犧牲了為新住宅和社區供電。

Based on the mix of homes we expect to deliver in the fourth quarter, we anticipate the average sales price on closings to be in the range of $560,000 to $570,000. At the midpoint of our range, this would be up 15% over last year. Please note that all of the guidance we provide on this call, including ASP, reflects our current best estimate, but cancellation rates and pricing dynamics as we move through the quarter could impact our actual results.

根據我們預計在第四季度交付的房屋組合，我們預計成交時的平均銷售價格將在 560,000 美元至 570,000 美元之間。在我們範圍的中點，這將比去年增加 15%。請注意，我們在本次電話會議上提供的所有指導（包括 ASP）都反映了我們當前的最佳估計，但我們在整個季度中的取消率和定價動態可能會影響我們的實際結果。

For the third quarter, our homebuilding gross margin was 30.1%, which represents an increase of 360 basis points over the third quarter last year. Referring back to Ryan's opening comments, our third quarter gross margins benefited from the strong demand and pricing conditions that existed at the end of 2021 and into the first half of 2022. These conditions supported the double-digit price increases we show in the quarter and allowed us to cover higher material and labor costs, including elevated lumber prices.

第三季度，我們的房屋建築毛利率為 30.1%，比去年第三季度增加了 360 個基點。回顧 Ryan 的開場評論，我們第三季度的毛利率受益於 2021 年底和 2022 年上半年存在的強勁需求和定價條件。這些條件支持了我們在本季度和使我們能夠支付更高的材料和勞動力成本，包括木材價格上漲。

The strength of demand in that period can also be seen in our sales discounts which were only 1% for homes closed in the third quarter. By contrast, discounts on new orders taken in the quarter increased 180 basis points over last year to 2.5%. It's worth noting that this increase in discounts is in addition to the higher financing incentives we've discussed during our Q2 earnings call.

那個時期的需求強度也可以從我們的銷售折扣中看出，第三季度關閉的房屋只有 1%。相比之下，本季度新訂單的折扣比去年增加了 180 個基點至 2.5%。值得注意的是，折扣的增加是我們在第二季度財報電話會議中討論的更高融資激勵措施的補充。

Financing incentives on new orders in the third quarter were 1.9%, which is approximately 80 basis points above last year and our historic average. Given the demand and pricing dynamics we are currently experiencing in the market, in addition to the increase in incentives needed to attract sales, we currently expect our fourth quarter homebuilding gross margin to be approximately 28%. This would represent an increase of 120 basis points over last year, but would be lower sequentially and is down from our previous guide.

第三季度新訂單的融資激勵為 1.9%，比去年和我們的歷史平均水平高出約 80 個基點。鑑於我們目前在市場上遇到的需求和定價動態，除了增加吸引銷售所需的激勵措施外，我們目前預計第四季度的房屋建築毛利率約為 28%。這將比去年增加 120 個基點，但環比下降，低於我們之前的指南。

Given the changing market dynamics, our procurement teams are already having discussions with suppliers and trade partners in an effort to identify opportunities to reduce our land development and house construction costs. However, at this point, any savings we are able to realize would benefit our business in 2023.

鑑於不斷變化的市場動態，我們的採購團隊已經在與供應商和貿易夥伴進行討論，以尋找機會降低我們的土地開發和房屋建設成本。然而，在這一點上，我們能夠實現的任何節省都將有利於我們在 2023 年的業務。

In the third quarter, our SG&A expense was $350 million or 9.1% of home sale revenues. This compares with prior year SG&A expense of $321 million or 9.6% of home sale revenues. The company remains on track for full year SG&A to be in the range of 9.2% to 9.5%. Given the pullback in buyer demand and expectations that market dynamics will remain challenging for summer all of 2023, we are taking needed actions to better align overheads with current demand.

第三季度，我們的 SG&A 費用為 3.5 億美元，佔房屋銷售收入的 9.1%。相比之下，上一年的 SG&A 費用為 3.21 億美元，佔房屋銷售收入的 9.6%。該公司仍有望實現全年 SG&A 在 9.2% 至 9.5% 的範圍內。鑑於買家需求回落以及市場動態在整個 2023 年夏季仍將充滿挑戰的預期，我們正在採取必要行動，以更好地使管理費用與當前需求保持一致。

For the third quarter, higher gross margin and greater overhead leverage helped PulteGroup generate an operating margin of 21%, which represents an increase of 410 basis points over the prior year.

第三季度，更高的毛利率和更高的間接費用槓桿幫助 PulteGroup 實現了 21% 的營業利潤率，比上一年增加了 410 個基點。

Turning to Financial Services. Our operations continue to face extremely challenging market conditions. In the third quarter, our reported pretax income totaled $28 million, which is down from $49 million last year. In the quarter, lower loan origination volumes driven in part by a lower capture rate and decreased profitability per loan were the primary drivers of the decline in pretax income. Capture rate for the quarter was 77% compared with 85% last year as our mortgage business seeks to be competitive but not to chase unprofitable business.

轉向金融服務。我們的業務繼續面臨極具挑戰性的市場條件。第三季度，我們報告的稅前收入總計 2800 萬美元，低於去年的 4900 萬美元。在本季度，較低的貸款發放量部分是由於較低的捕獲率和每筆貸款的盈利能力下降是稅前收入下降的主要驅動因素。本季度的捕獲率為 77%，而去年為 85%，因為我們的抵押貸款業務尋求具有競爭力但不追逐無利可圖的業務。

Our tax expense for the third quarter was $183 million, which represents an effective tax rate of 22.6%. Our taxes in the third quarter include federal energy-efficient home credits which were extended as part of the Inflation Reduction Act that was enacted into law in August of this year. In total, PulteGroup's reported net income for the third quarter increased to $628 million or $2.69 per share. The company's prior year net income was $476 million or $1.82 per share.

我們第三季度的稅費為 1.83 億美元，有效稅率為 22.6%。我們在第三季度的稅收包括聯邦節能家庭信貸，這些信貸是作為今年 8 月頒布成為法律的《通貨膨脹減少法案》的一部分而延長的。總體而言，PulteGroup 報告的第三季度淨收入增加到 6.28 億美元或每股 2.69 美元。該公司上一年的淨收入為 4.76 億美元或每股 1.82 美元。

In the third quarter, we continued our share repurchase activity, buying 4.4 million shares or another 2% of our outstanding common shares for $180 million or an average price of $41.20 per share. Through the first 9 months of the year, we have repurchased approximately 9% of the shares we had outstanding at the beginning of the year for $975 million. Along with buying back stock, we invested $1.3 billion in land acquisition and development in the quarter, of which 56% was for the development of existing land assets.

在第三季度，我們繼續進行股票回購活動，以 1.8 億美元或平均每股 41.20 美元的價格購買了 440 萬股或另外 2% 的已發行普通股。今年前 9 個月，我們以 9.75 億美元回購了年初發行在外的大約 9% 的股份。除了回購股票，我們在本季度還投資了 13 億美元用於土地收購和開發，其中 56% 用於現有土地資產的開發。

As Ryan discussed, in response to changing market conditions, we are re-underwriting every land transaction based on current price, pace and cost dynamics.

正如瑞安所討論的，為了應對不斷變化的市場條件，我們正在根據當前價格、速度和成本動態重新承保每筆土地交易。

We ended the third quarter with approximately 232,000 lots under control, which is down 11,600 lots from the end of the second quarter of this year due in large part to the deals we elected to terminate. At quarter end, 50% of our total land pipeline was controlled via option and we continue to work toward our long-term goal of getting to 65% to 70%.

我們在第三季度末控制了大約 232,000 手，比今年第二季度末減少了 11,600 手，這在很大程度上是由於我們選擇終止的交易。在季度末，我們總陸上管道的 50% 是通過期權控制的，我們將繼續努力實現達到 65% 至 70% 的長期目標。

While we have terminated a number of transactions, there are land positions that we have under control that we still project to achieve or exceed our required rates of return. As a result, we currently expect to close on such transactions and expect our result in full year land investment to be approximately $4.8 billion, which is in line with our prior guide.

雖然我們已經終止了一些交易，但我們仍然可以控制一些土地頭寸，我們仍然預計這些土地可以達到或超過我們要求的回報率。因此，我們目前預計將完成此類交易，並預計我們全年土地投資的結果約為 48 億美元，這與我們之前的指導一致。

Given the change in buyer demand and the resulting impact on the turning of our own land inventory, we currently expect that our land spend will drop materially next year. While we are still in the planning process, our preliminary estimate is that land acquisition and development spend in 2023 will drop by $1.5 billion to approximately $3.3 billion. Of this spend, we expect that upwards of 2/3 will be for the development of existing land assets. We will provide more details on next year's planned land acquisition and development spend during our Q4 earnings call.

鑑於買家需求的變化以及由此對我們自己的土地庫存轉變的影響，我們目前預計明年我們的土地支出將大幅下降。雖然我們仍在規劃過程中，但我們的初步估計是，2023 年的土地收購和開發支出將減少 15 億美元，至約 33 億美元。在這筆支出中，我們預計超過 2/3 將用於現有土地資產的開發。我們將在第四季度財報電話會議上提供有關明年計劃的土地收購和開發支出的更多詳細信息。

We ended the quarter with $291 million in cash and had $319 million drawn on our revolving credit facility. Our drawings under the revolving credit facility were driven primarily by our land acquisition and development spend, an increase in our house inventories as we move homes through production and the delay in closings related to Hurricane Ian. Our debt-to-capital ratio at quarter end was 22.5%.

我們以 2.91 億美元的現金結束了本季度，並從我們的循環信貸額度中提取了 3.19 億美元。我們在循環信貸額度下的繪圖主要是由於我們的土地收購和開發支出、隨著我們通過生產搬家而增加的房屋庫存以及與颶風伊恩有關的關閉延遲。我們在季度末的債務資本比率為 22.5%。

Wrapping up the higher interest rates being orchestrated by the Federal Reserve are achieving the Fed's objective in terms of slowing demand and negatively impacting price appreciation in the market. While conditions have gotten tougher, I am confident in PulteGroup's competitive position and in our ability to successfully work through this phase of the housing cycle. Now let me turn the call back to Ryan.

結束由美聯儲精心策劃的更高利率正在實現美聯儲在減緩需求和對市場價格升值產生負面影響方面的目標。雖然條件變得更加艱難，但我對 PulteGroup 的競爭地位以及我們成功度過住房週期這一階段的能力充滿信心。現在讓我把電話轉回瑞安。

Looking at the tables in this morning's press release, you can see that on a year-over-year basis, our net new orders were lower across the country, although we continue to see relative outperformance in Florida, Texas and the Southeast. Generally, we are faring better in markets where buyers can still find affordability.

查看今天上午新聞稿中的表格，您可以看到，儘管我們繼續看到佛羅里達州、德克薩斯州和東南部的相對優異表現，但我們在全國范圍內的淨新訂單同比均有所下降。一般來說，我們在買家仍然可以負擔得起的市場上表現更好。

In contrast, conditions in our western markets are clearly more difficult as price appreciation, generally higher selling prices and the spike in mortgage rates have force buyers to pause their buying plans. The softer demand conditions that we experienced in the third quarter continued into October and have likely gotten even more challenging with mortgage rates now pushing 7%.

相比之下，我們西方市場的情況顯然更加困難，因為價格上漲、普遍較高的售價和抵押貸款利率的飆升迫使買家暫停他們的購買計劃。我們在第三季度經歷的疲軟的需求狀況一直持續到 10 月，並且隨著抵押貸款利率現在推高 7%，可能變得更具挑戰性。

Running a homebuilding company during this part of an economic cycle is complicated, but we are fortunate to have an experienced leadership team that knows how to operate the business. We are taking action to impact the critical areas of the business, including finding price at a community level where we can sell homes. We will do the best we can to protect backlog, but we won't sit on inventory. With the right level of home inventory to meet demand and to compete effectively, we are aligning starts with the ongoing pace of sales and remain committed to our build-to-order model.

在經濟周期的這一部分經營一家住宅建築公司很複雜，但我們很幸運擁有一支經驗豐富的領導團隊，他們知道如何經營業務。我們正在採取行動影響業務的關鍵領域，包括在我們可以出售房屋的社區一級尋找價格。我們將盡最大努力保護積壓，但我們不會坐視庫存。憑藉適當水平的房屋庫存來滿足需求並有效競爭，我們將與持續的銷售步伐保持一致，並繼續致力於我們的按訂單生產模式。

We remain disciplined in our approach to land acquisition. It's hard to cancel a land deal that you've worked on for months or even years, but if the return is no longer pencil, then we will walk away. We will work intelligently with our suppliers and trade partners to adjust costs given the new market pricing dynamics. And we will continue to evaluate and adjust our overhead spending and changes in current -- to changes in current and expected construction volumes.

我們在土地徵用方面保持自律。你已經工作了幾個月甚至幾年的土地交易很難取消，但如果回報不再是鉛筆，那麼我們就會走開。鑑於新的市場定價動態，我們將與我們的供應商和貿易夥伴明智地合作調整成本。我們將繼續評估和調整我們的間接費用和當前的變化 - 以適應當前和預期建築量的變化。

For all the defensive actions we are implementing, I remain constructive on long-term housing demand. While we expect the coming quarters will be difficult for the industry, long-term dynamics for housing remain positive. If the Federal Reserve just pauses or if the stock market doesn't swing 5% in a single day or if inflation starts to ease, that might go a long way towards giving consumers enough confidence to get back into the market. While we wait for conditions to stabilize, we will be aggressive in managing our day-to-day business to sell homes, efficiently run our operations, intelligently manage land investment and work to deliver high returns.

對於我們正在實施的所有防禦措施，我對長期住房需求仍然持建設性態度。雖然我們預計未來幾個季度對該行業來說將是艱難的，但住房的長期動態仍然是積極的。如果美聯儲只是暫停，或者如果股市沒有在一天內波動 5%，或者如果通脹開始緩解，那麼這可能會大大有助於讓消費者有足夠的信心重返市場。在我們等待情況穩定的同時，我們將積極管理我們的日常業務以出售房屋，高效運營我們的運營，智能管理土地投資並努力提供高回報。

I want to recognize our employees for their tremendous work in delivering a great third quarter. I also want to call out our teams impacted by Hurricane Ian. You have done tremendous work taking care of each other and the communities you serve.

我想表彰我們的員工在第三季度的出色表現中所做的巨大工作。我還想呼籲受颶風伊恩影響的我們的團隊。您在照顧彼此和您所服務的社區方面做了大量工作。

Before opening the call to questions, I want to provide a quick comment on the second press release we issued this morning. After a 30-plus year career with our company, John Chadwick, PulteGroup Executive Vice President and Chief Operating Officer, has announced his plans to retire in 2023. John has had an amazing career with our organization and has been instrumental in its success over the years. I know I speak for our Board and our entire company in wishing John all the best in retirement.

在開始提問之前，我想簡要介紹一下我們今天上午發布的第二份新聞稿。在我們公司工作了 30 多年後，PulteGroup 執行副總裁兼首席運營官 John Chadwick 宣布他計劃在 2023 年退休。John 在我們公司的職業生涯令人驚嘆，並在其成功的過程中發揮了重要作用。年。我知道我代表我們的董事會和整個公司祝愿約翰退休後一切順利。

Brandon Jones, Senior Vice President, Field Operations, has been named to replace John effective January 1, 2023, as Chief Operating Officer. Brandon began his Pulte career 18 years ago as the Director of Operations in Arizona and has held a series of field positions of increasing responsibility, including Division President in several markets and Area President of our Southeast area. Since being named Senior Vice President of Operations in 2021, Brandon has been managing our construction operations throughout the country so I expect a seamless transition into his new role. John will remain with the company through April of next year to assist with the changeover. We are fortunate to have a deep and talented bench within PulteGroup, and I look forward to advancing the great partnership Brandon and I have built over the years.

現場運營高級副總裁 Brandon Jones 已被任命為首席運營官，自 2023 年 1 月 1 日起接替 John。 Brandon 於 18 年前在亞利桑那州擔任運營總監，開始了他的 Pulte 職業生涯，並擔任過一系列責任越來越大的現場職位，包括多個市場的部門總裁和我們東南地區的地區總裁。自 2021 年被任命為運營高級副總裁以來，布蘭登一直在管理我們在全國各地的建築業務，因此我希望能夠無縫過渡到他的新角色。 John 將在公司工作到明年 4 月，以協助進行轉換。我們很幸運能在 PulteGroup 擁有一個有深度和才華橫溢的替補席，我期待著推進我和布蘭登多年來建立的偉大合作夥伴關係。

Now let me turn the call back to Jim.

現在讓我把電話轉回吉姆。

Great. Thanks, Ryan. We're now prepared to open the call for questions so we can get to as many questions as possible during the remaining time of this call. We ask that you limit yourself to one question and one follow-up. Thank you. And now, Chris, if you will explain once again how to ask questions, we'll get started with Q&A.

偉大的。謝謝，瑞恩。我們現在準備打開問題電話，以便在電話的剩餘時間內盡可能多地回答問題。我們要求您將自己限制在一個問題和一個後續行動上。謝謝你。現在，克里斯，如果你再次解釋如何提問，我們將開始問答環節。

(Operator Instructions) Our first question is from Carl Reichardt with BTIG.

（操作員說明）我們的第一個問題來自 BTIG 的 Carl Reichardt。

Ryan, can you talk a little bit -- you mentioned October pricing and it's that October, you saw some pricing and incentives in certain markets are starting to have some traction. Can you expand a little bit on that, sort of where and what you're doing where you might be seeing at least a little bit of stabilization in absorptions?

瑞安，你能談談 - 你提到了 10 月份的定價，那是 10 月份，你看到某些市場的一些定價和激勵措施開始產生一些吸引力。你能稍微擴展一下嗎，比如你在哪里和做什麼，你可能會看到至少一點點的吸收穩定？

Yes, Carl. I appreciate the question this morning. As I mentioned in my prepared remarks, is we've worked through the changing market conditions over the last 3 to 4 months, early on, our incentives were largely financing-related incentives, things that aimed at buying the rate down, extended rate locks, things of that nature. We felt early on that we were getting traction with consumers, especially when you could provide interest rates that were sub-5%. And in some cases, we were able to even get sub-4% with the incentives. As rates have pushed up into the 7% range, we're finding those things to be less effective.

是的，卡爾。我很欣賞今天早上的問題。正如我在準備好的評論中提到的那樣，我們是否已經在過去 3 到 4 個月內經歷了不斷變化的市場條件，在早期，我們的激勵措施主要是與融資相關的激勵措施，旨在降低利率，延長利率鎖定，那種性質的東西。我們很早就感覺到我們正在吸引消費者，尤其是當您可以提供低於 5% 的利率時。在某些情況下，我們甚至能夠通過激勵措施獲得低於 4% 的收益。隨著利率上升到 7% 的範圍，我們發現這些東西的效果較差。

And so we've really focused the majority of our energy on pricing to what we believe current market conditions are. So price rollbacks and price drops. We have been strategic in those, Carl, but as I've talked about, we've worked to protect backlog as best we can, but we really feel it's important to continue to move inventory and to maintain the market share that we've worked so hard to get in the market.

因此，我們確實將大部分精力集中在我們認為當前市場狀況的定價上。所以價格回滾和價格下降。卡爾，我們在這些方面一直是戰略性的，但正如我所說，我們已經盡我們所能保護積壓，但我們真的認為繼續轉移庫存並保持我們已經擁有的市場份額很重要努力進入市場。

It's really those price rollbacks that we've seen get some traction over the last 2 to 3 weeks. And so we do feel while it's tough, we are encouraged with the activity that we're seeing.

在過去的 2 到 3 週內，我們看到的這些價格回落確實引起了一些關注。因此，我們確實感到，雖然這很艱難，但我們對所看到的活動感到鼓舞。

All right. And then can you talk a little bit about can rates by buyer segment and how those might compare currently to what your long-term averages are?

好的。然後，您能否談談按買家細分的罐頭價格，以及目前與您的長期平均水平相比如何？

Yes. We typically don't give that level of detail, Carl. What we have seen with cans is a little bit of a change versus where we were 3 months ago, we were seeing churn in the 30 to 60 days. What we have seen is a little bit more cancellation for folks that have been in backlog a little bit longer, and it's that rapid and substantial rate increase from when they signed.

是的。卡爾，我們通常不會提供那麼詳細的信息。與 3 個月前相比，我們在罐頭上看到的情況略有變化，我們在 30 到 60 天內看到了客戶流失。我們所看到的是，對於那些積壓時間較長的人來說，取消的次數多了一點，而且從他們簽約時起，費率就迅速而大幅度地增加了。

So at the end of the day, I think I don't think that we're surprised by that, but we have seen a little bit of movement from people that have been in backlog a little bit longer.

因此，歸根結底，我認為我們對此並不感到驚訝，但我們已經看到積壓時間稍長的人們的一些動作。

The one comment I would offer to that, Carl, is we have historically seen the lowest can rate out of our active adult consumer, that's a buyer that's not as heavily dependent on financing. That's been consistent over the years, and the trends that we're seeing today continue to support that.

卡爾，我要對此提出的一個評論是，我們從歷史上看，我們活躍的成年消費者中最低的可以率，這是一個不那麼嚴重依賴融資的買家。多年來，這一直是一致的，我們今天看到的趨勢繼續支持這一點。

The next question is from Stephen Kim with Evercore ISI.

下一個問題來自 Evercore ISI 的 Stephen Kim。

Good job in the quarter in a tough market. Wanted to ask you a question related to your strategy going -- your strategy in light of the tremendous mortgage rate volatility that we've seen. I mean, obviously, in the last couple of months, it's just been volatility to the upward direction. But with the spreads over the 10-year treasury being what they are, there's a lot of thought that you might see a drop actually in mortgage rates at some point, tough to predict. You don't want to assume that, but I was curious to what degree you're ready for that if it were to happen in the next several months.

在艱難的市場中，本季度表現出色。想問你一個與你的策略有關的問題——鑑於我們已經看到的巨大抵押貸款利率波動，你的策略。我的意思是，顯然，在過去的幾個月裡，它只是向上波動。但是，由於 10 年期國債的利差如此之大，很多人認為您可能會在某個時候看到抵押貸款利率實際上會下降，這很難預測。你不想假設，但我很好奇，如果它在接下來的幾個月內發生，你準備好到什麼程度。

So do you have a marketing plan to be proactive in the event you do see rates drop, let's say, mortgage rates drop back into the low 6s, let's say? Do you have a list of buyers who couldn't qualify today but could if you had a lower 6% rate? And can you give us a sense for how big that list might be?

那麼，如果您確實看到利率下降，比如說抵押貸款利率回落到低 6s，比方說，您是否有一個積極的營銷計劃？您是否有一份今天無法獲得資格但如果您的稅率低於 6% 則可以的買家名單？你能告訴我們這個名單有多大嗎？

Well, Stephen, let me maybe just start with saying we've got -- we've got a really outstanding sales and marketing team that has always focused on the basics of working our entire lead funnel. And that hasn't changed in good market times or even these more challenging market times. So our ability to get relevant and timely messages out to our sales funnel, I'm very confident in our ability to do that.

好吧，斯蒂芬，讓我先說一下我們有 - 我們有一個非常出色的銷售和營銷團隊，他們一直專注於我們整個潛在客戶漏斗的基本工作。在良好的市場時代，甚至在這些更具挑戰性的市場時代，這並沒有改變。因此，我們有能力將相關且及時的消息發送到我們的銷售渠道，我對我們做到這一點的能力非常有信心。

So if we're so fortunate to see rates drop. I know that we can get the right messaging out to let folks know are -- we really emphasize and push with our local sales professionals as well to maintain the relationships with our lead banks and with our interested buyers at a very local and personal level. So I think there's multiple ways using kind of the big bullhorn of the corporate marketing platform, but you've also got the grassroots local relationships with our sales professionals.

因此，如果我們有幸看到利率下降。我知道我們可以發出正確的信息讓人們知道——我們真的強調並推動我們當地的銷售專業人員，以及在非常本地和個人層面上與我們的主要銀行和感興趣的買家保持關係。所以我認為使用企業營銷平台的大擴音器有多種方式，但您也與我們的銷售專業人員建立了基層本地關係。

Maybe just the last thing is I think the market itself, if we were so fortunate to see rates come back, I think we'll probably be the greatest marketing machine of any of them.

也許最後一件事是我認為市場本身，如果我們有幸看到利率回升，我認為我們可能會成為其中最偉大的營銷機器。

Yes. Yes. Hopefully, people have their ear to the ground. Great. Secondly, can we talk about production. Could you give us your sticks and bricks figure to start with? And then when I look at your level of homes under construction, your inventory homes -- or I'm sorry, your spec levels per community, the number of total specs you have per community. You were at 9.8% if I -- if my math is right, that's pretty significantly higher than what you were running at pre-pandemic but you're also intentionally doing more specs. So I'm curious, what is the level of specs per community that -- this is total specs, by the way, that we could expect by the end of the year?

是的。是的。希望人們能聽從地面。偉大的。其次，我們能不能談談生產。你能給我們你的木棍和磚頭人物嗎？然後當我查看您在建房屋的水平，您的庫存房屋 - 或者對不起，您每個社區的規格水平，您每個社區的總規格數量。如果我是 9.8%，如果我的數學是正確的，這比你在大流行前的運行情況要高得多，但你也有意做更多的規格。所以我很好奇，每個社區的規格水平是多少——順便說一下，我們可以在今年年底預期的總規格？

Stephen, Jim will give you the sticks and bricks, and then I'll take the second piece of the question.

斯蒂芬，吉姆會給你木棍和磚頭，然後我會回答第二個問題。

Under production, we've got $3.164 billion and then we have another $328 million in models for sticks and bricks.

在生產中，我們有 31.64 億美元，然後我們還有另外 3.28 億美元的棍棒和磚塊模型。

And then, Stephen, as to your question on our level of spec inventory, we're -- we've been talking for the better part of the last 2 to 3 quarters about our desire to have more spec inventory in the system. Over the last 3 to 4 months as the market has slowed we've seen a real preference for homes that are able to deliver in the next 30 to 90 days, and that continues to this very moment.

然後，斯蒂芬，關於你關於我們的規格庫存水平的問題，我們 - 在過去 2 到 3 個季度的大部分時間裡，我們一直在談論我們希望在系統中擁有更多規格庫存的願望。在過去的 3 到 4 個月中，隨著市場放緩，我們看到了對能夠在未來 30 到 90 天內交付的房屋的真正偏好，並且這種情況一直持續到現在。

In terms of the inventory we have in our system, 35% of our [lip] is spec, and that is right where we want to be. So we feel very comfortable with respect to that. Looking at the finished inventory, we continue to have less than one finished home per active community, which has always been our historical kind of benchmark. So we also feel comfortable that we're not under any pressure with finished inventory.

就我們系統中的庫存而言，我們 [lip] 的 35% 是規格，這正是我們想要的。因此，我們對此感到非常自在。從完工庫存來看，我們每個活躍社區的完工房屋仍然少於一個，這一直是我們的歷史基準。因此，我們也對成品庫存沒有任何壓力感到滿意。

We continue to see good flow-through of our sales rate of specs that are being sold and that are delivering in the near term, which is a real positive for us.

我們繼續看到我們正在銷售和在短期內交付的規格的銷售率良好，這對我們來說是一個真正的積極因素。

And then maybe just the last thing, Stephen, and you've seen this transition over the last couple of years, as we've moved more of our business to the first-time entry-level product, we've intentionally put more spec inventory into those first-time entry-level communities. And certainly, that's where the higher percentage of our spec inventory resides. So we feel comfortable with that.

然後也許只是最後一件事，斯蒂芬，在過去的幾年裡你已經看到了這種轉變，隨著我們將更多的業務轉移到首次入門級產品上，我們有意增加了更多的規格庫存到那些第一次入門級社區。當然，這就是我們規格庫存中較高比例的地方。所以我們對此感到滿意。

The last thing, and I highlighted in my prepared remarks, as it relates to forward starts of new inventory, we've significantly slowed that, and we're matching that to what our sales rate is. So we think we've done exactly what we said we were going to do and we've made additional kind of adjustments based on how we see market conditions at the moment.

最後一件事，我在準備好的評論中強調，因為它與新庫存的遠期開始有關，我們已經大大減緩了這一速度，並且我們正在將其與我們的銷售率相匹配。因此，我們認為我們已經完全按照我們所說的去做了，並且我們已經根據我們目前對市場狀況的看法進行了額外的調整。

The next question is from Michael Rehaut with JPMorgan.

下一個問題來自摩根大通的 Michael Rehaut。

Great. Thanks. I wanted to start, and I apologize if I missed this earlier, but just what as a percent of price or sales price, what were incentives running during the quarter? And where did you end? And if that includes price adjustments as well?

偉大的。謝謝。我想開始，如果我早些時候錯過了這一點，我深表歉意，但是作為價格或銷售價格的百分比，本季度運行的激勵措施是什麼？你在哪裡結束？如果這也包括價格調整？

Yes. So in the most recently particular today, third quarter, our incentive load was 1% on closing.

是的。因此，在最近的今天，第三季度，我們的激勵負載在收盤時為 1%。

On Closing.

收盤時。

On closings, that's right. And that is a little bit better than last year, 30 basis points better than closings during the third quarter of last year. What we did highlight was on the sales in this quarter, so not the closings, but the sales that rate ran up to about 2.5%. So running higher and also that financing incentives, and we talked about this in the second quarter, we're up over sales in the third quarter of last year so that the total load of incentive is up on current sales, by a couple of hundred basis points versus the closings that we had in this quarter. So then that will influence our business over that couple of quarters as those homes flows.

在關閉時，這是正確的。這比去年好一點，比去年第三季度的收盤價高出 30 個基點。我們確實強調的是本季度的銷售額，而不是收盤價，而是銷售額高達 2.5% 左右。所以跑得更高，還有融資激勵，我們在第二季度談到了這一點，我們在去年第三季度的銷售額超過了去年第三季度，所以激勵的總負荷比當前的銷售額增加了幾百基點與我們本季度的收盤價相比。因此，隨著這些房屋的流動，這將影響我們在那幾個季度的業務。

Mike, the only -- in addition to Bob's comments, I'd just highlight that as we make price adjustments, those adjustments are made to base price. And so those adjustments aren't going to necessarily show up in the incentives that Bob just described. And we've talked about it for the last several quarters as well as we're opening new communities, which there are a fair number of those. We've been very intentional in pricing to the current market such that you have what we believe is a more normal incentive load.

唯一的邁克——除了鮑勃的評論之外，我只想強調，當我們進行價格調整時，這些調整是針對基本價格進行的。因此，這些調整不一定會體現在 Bob 剛剛描述的激勵措施中。在過去的幾個季度中，我們已經討論過它，並且我們正在開設新社區，其中有相當多的社區。我們一直在為當前市場定價，以便您擁有我們認為更正常的激勵負載。

Right. That's -- I appreciate that. I mean that's exactly kind of what I was trying to get at in terms of where you are today. You kind of mentioned that as the quarter progressed, you took perhaps a little bit more of an aggressive posture and as I said, trying to meet the market with price reductions and I'm sure price adjustments. So just trying to get a sense, I guess, as you've taken those actions maybe over the last 30, 45 days, if you could give us any sense in terms of what percent of ASP, those price adjustments or reductions might have amounted to at this point? And I would assume that, that's something that we wouldn't see in the gross margin until the first half of next year?

正確的。那是 - 我很感激。我的意思是，就你今天的情況而言，這正是我想要達到的。你有點提到，隨著季度的進展，你可能採取了更激進的姿態，正如我所說，試圖通過降價來滿足市場，我相信價格會調整。因此，我想只是想了解一下，因為您可能在過去 30、45 天內採取了這些行動，如果您能告訴我們平均售價的百分比，這些價格調整或降低可能已經達到到這個地步？我會假設，這是我們要到明年上半年才能在毛利率中看到的東西？

Yes, Mike, it's -- there's so much detail behind that, where -- what the price points are. You can see, though, our sign-up -- average price for sign-ups is down by about 6%. That certainly reflects some of the current pricing. You have to be a little bit careful because our sign-ups were a little bit more skewed towards first time, and so mix matters in that. So I wouldn't want to put a number on x percent down because it really varies by market, by community.

是的，邁克，這是——背後有很多細節，在哪裡——價格點是多少。不過，您可以看到，我們的註冊 - 註冊的平均價格下降了約 6%。這肯定反映了當前的一些定價。你必須要小心一點，因為我們的註冊更傾向於第一次，所以把事情混在一起。所以我不想在 x% 上放一個數字，因為它確實因市場和社區而異。

But again, you can see that ASP is likely to come down and there will be some margin consequence. And you can see it in the guide that we gave, where we at 28%.

但同樣，你可以看到 ASP 可能會下降，並且會有一些利潤後果。你可以在我們提供的指南中看到它，我們的比例是 28%。

And then Mike, to your margin question, yes, a lot of that will certainly be next year for homes that are on a build-to-order model. If it was a spec home, then those will show up more likely than not in the fourth quarter, and that is incorporated into the margin guide that Bob gave for the fourth quarter. Depending on kind of the nature of the adjustments we've made, some of those incentives also have flown into backlog as we work to protect the backlog and get those homes closed as well. That's also incorporated into the guide for the fourth quarter.

然後邁克，對於您的保證金問題，是的，對於按訂單建造模式的房屋來說，明年肯定會有很多。如果它是一個規範的家，那麼這些將更有可能在第四季度出現，這被納入鮑勃為第四季度提供的保證金指南中。根據我們所做調整的性質，在我們努力保護積壓並關閉這些房屋時，其中一些激勵措施也已積壓。這也被納入第四季度的指南。

Great. One last quick one, if I could. Order trends by month, sometimes you were able to give that out. Just you kind of mentioned that there was few differences a little bit as rates kind of fluctuated a little bit during the quarter. Just trying to get a sense of year-over-year trends. And as you say that October kind of remained a little soft, if any sense of that type of number as well?

偉大的。如果可以的話，最後一個快速的。按月訂購趨勢，有時您可以將其發送出去。只是你提到了一點差異，因為本季度利率有點波動。只是想了解逐年趨勢。正如你所說，10 月仍然有點軟，如果對這種數字也有任何感覺嗎？

Yes. Without getting into the detail month by month, I think you heard it in Ryan's prepared comments, the demand equation followed the rate movements. And so you saw a little bit of a dip in rates in August. We saw some activity around that, where people came off the fence as rates progressed higher after that, we saw a relative decrease in demand.

是的。在沒有逐月詳細介紹的情況下，我想你在 Ryan 準備好的評論中聽到了，需求方程跟隨利率變動。因此，您看到 8 月份的利率略有下降。我們看到了一些圍繞這一點的活動，隨著利率的上漲，人們紛紛離場，我們看到需求相對下降。

Next question is from Matthew Bouley with Barclays.

下一個問題來自巴克萊銀行的 Matthew Bouley。

I wanted to ask on this $24 million write-down, obviously, small kind of in and of itself. But can you kind of speak or sort of how do you think about the risk of maybe larger write-downs occurring in that particular bucket where you saw it in the deposits bucket? And then ultimately, as this market evolves from here, what's the risk of write-down spreading to sort of the owned land portfolio?

我想問一下這 2400 萬美元的減記，顯然，這本身就是一筆小數目。但是，您能否談談或您如何看待在您在存款桶中看到的特定桶中可能發生更大減記的風險？然後最終，隨著這個市場從這裡發展，減記蔓延到某種自有土地投資組合的風險是什麼？

Yes. It's interesting. The market will tell us that. I don't want to predict. We've got, obviously, call it, $400 million, $450 million of total money at risk around option deals. So that's going to be pre-acquisition spend, legal, et cetera, as well as deposits. You heard us say and we've been doing this for a while now, we're reevaluating every land transaction.

是的。這真有趣。市場會告訴我們這一點。我不想預測。顯然，我們有 4 億美元、4.5 億美元的期權交易風險總資金。所以這將是收購前的支出、法律等，以及存款。你聽到我們說，我們已經這樣做了一段時間，我們正在重新評估每筆土地交易。

And it's interesting because we made the point in the prepared remarks, we have been closing on a lot of transactions. And our expectation is that we will for the balance of the year, there will be some stuff that we walk away from. I wouldn't want to try and quantify it.

這很有趣，因為我們在準備好的評論中指出了這一點，我們已經完成了很多交易。我們的期望是，在今年餘下的時間裡，我們會放棄一些東西。我不想嘗試量化它。

But part of the reason our land spend is projected to go down next year is because it's getting harder to make stuff work, especially in things that were negotiated more recently, right? So as that stuff comes to the table, I think we're going to have some questions to answer internally as to whether it still meets our return requirements.

但是，我們的土地支出預計明年會下降的部分原因是因為讓事情變得越來越難，尤其是在最近談判的事情上，對吧？因此，當這些東西擺到桌面上時，我認為我們將在內部回答一些問題，即它是否仍符合我們的退貨要求。

The good news is, and again, it was in Ryan's prepared remarks, the 11,600 lots that we walked away from had a land act spend of $800 million. And if we had bought all that land at a point in time, that might have been some tough markets that we would have had to work through. So we feel -- and Ryan said it, we don't feel good about a $24 million charge. Having said that, having to work through $800 million of land with, oh, by the way, a lot of development spend on top of that. So we feel like it's actually operating the way we are.

好消息是，在瑞安準備好的講話中，我們離開的 11,600 個地塊的土地法花費了 8 億美元。如果我們在某個時間點購買了所有這些土地，那可能是一些我們必須克服的艱難市場。所以我們覺得——Ryan 說過，我們對 2400 萬美元的收費感覺不好。話雖如此，必須在 8 億美元的土地上工作，哦，順便說一下，除此之外還有大量的開發支出。所以我們覺得它實際上是按照我們的方式運作的。

As we look at the market, we're trying to get more of that optionality into our book. We've targeted 65% to 70%. We're pushing our teams to look for optionality, whether it be in time or take down. So I think -- I don't want to guess at what the market is going to bring to us. We'll work through each transaction as we go.

當我們審視市場時，我們正試圖在我們的書中加入更多的可選性。我們的目標是 65% 到 70%。我們正在推動我們的團隊尋找可選性，無論是及時還是取消。所以我想——我不想猜測市場會給我們帶來什麼。我們將在進行時處理每筆交易。

Got it. That's very helpful. And then I guess the second one zooming into the margin guide. I think the Q4 guide is for -- margin is down 200 basis points sequentially. I know you mentioned everything around incentives and the change in price, perhaps more impactful to 2023. I think, Ryan, you just said that there's certainly some spec impact there in the Q4 guide. But just given a lot of these changes won't flow through into 2023, I'm just curious if you can kind of sort of bridge us to that 200 basis points decline in Q4 and sort of why this margin decline is kind of happening this quickly?

知道了。這很有幫助。然後我猜第二個放大了邊距指南。我認為第四季度的指導是——利潤率連續下降 200 個基點。我知道您提到了有關激勵措施和價格變化的所有內容，可能對 2023 年的影響更大。我認為，瑞安，您剛才說第四季度指南中肯定會有一些規範影響。但考慮到很多這些變化不會持續到 2023 年，我只是想知道你是否能在某種程度上把我們與第四季度下降 200 個基點聯繫起來，以及為什麼這種利潤率下降會發生這種情況迅速地？

Yes, Matt, it was really wrapped up and I think the prior answer that I gave. As we looked at what we'll close in the fourth quarter, it incorporates specs that have been sold, some specs that still need to be sold as well as some adjustments that flowed through the backlog based on pricing adjustments that we made in active communities. Those are the big drivers that are influencing the Q4 guide.

是的，馬特，它真的結束了，我想我之前給出的答案。當我們查看我們將在第四季度完成的內容時，它包含已售出的規格、一些仍需要出售的規格以及基於我們在活躍社區中進行的定價調整而通過積壓的一些調整.這些是影響第四季度指南的主要驅動因素。

The only other kind of piece that I would add is there's a little bit of continued labor pressure with back-end trades, specifically the finished trades for what is still a pretty heavy load of inventory that's moving not only through our production machine, but the industry's production machine. We are starting to see some of that subside on the front end of things as starts have started to come down, and it's given us better ability to have productive conversations with front-end trades as we work to pull costs back that are responsive to the dynamic environment that we're seeing.

我要補充的唯一另一種類型是後端交易存在一些持續的勞動力壓力，特別是完成交易的庫存仍然相當繁重，不僅通過我們的生產機器，而且工業生產機器。隨著開始時間開始下降，我們開始看到前端的一些消退，這使我們有更好的能力與前端交易進行富有成效的對話，因為我們努力將成本拉回以應對我們看到的動態環境。

The next question is from Anthony Pettinari with Citi.

下一個問題來自花旗的 Anthony Pettinari。

As demand has slowed and you've pulled the price lever to maintain volumes, is there a base level of absorptions we should think about as being a floor before you start to maybe see some diseconomies of scale? And is it possible to talk about what you see as maybe an ideal absorption pace, understanding it's a very dynamic market?

隨著需求放緩並且您已經拉動價格槓桿以維持銷量，在您開始看到一些規模不經濟之前，我們是否應該將吸收的基本水平視為一個底線？是否可以談論您認為可能是理想的吸收速度，了解這是一個非常活躍的市場？

Yes, Anthony, it's a fair question, and I'll go back to what I think we've talked about for years. We really look to maximize return and so we're focused on both the pace and the price kind of levers. I would tell you, we'd like to see more volume than what we're currently seeing. But as I highlighted in our prepared remarks, we're trying to be strategic and take a long-term view of -- that's really underpinned by what we still see as a very positive housing market. Unfortunately, we've had a doubling of interest rates in 10 months, which we've never seen in this country, at least not in the last 40 years. And that's coming on the heels of an unprecedented global pandemic. It's created certainly some dynamics that we're being responsive to, but we're not going to overreact.

是的，安東尼，這是一個公平的問題，我會回到我認為我們已經討論了多年的話題。我們真的希望最大限度地提高回報，因此我們專注於速度和價格類型的槓桿。我會告訴你，我們希望看到比我們目前看到的更多的交易量。但正如我在準備好的講話中所強調的那樣，我們正試圖從戰略角度出發，從長遠來看——我們仍然認為房地產市場非常積極，這確實為我們提供了支撐。不幸的是，我們的利率在 10 個月內翻了一番，這是我們在這個國家從未見過的，至少在過去 40 年中是這樣。這是在前所未有的全球大流行之後發生的。它確實創造了一些我們正在響應的動態，但我們不會反應過度。

Okay. Okay. That's helpful. And then just following up on your comment on trades and some of those discussions becoming more constructive. Can you quantify the extent to which your cycle times increased in the quarter or decreased, if at all? And would you expect a shortening of cycle times maybe in 4Q or early next year?

好的。好的。這很有幫助。然後只是跟進您對交易的評論，其中一些討論變得更具建設性。您能否量化您的周期時間在本季度增加或減少的程度（如果有的話）？您是否預計可能會在第四季度或明年初縮短週期時間？

Anthony, we're -- as I highlighted in maybe my previous question, we're continuing to see some back-end labor pressure with the finished trades. And then at the current environment, we haven't seen a bunch of progress with cycle times, we're still running right around 6 months, which is kind of unchanged from where we were in the prior quarter.

安東尼，我們——正如我在之前的問題中強調的那樣，我們繼續看到完成交易的一些後端勞動力壓力。然後在當前環境下，我們還沒有看到週期時間的大量進展，我們仍在運行大約 6 個月，這與上一季度的情況相比沒有變化。

I wouldn't expect to see any improvement in Q4. There's just too much production still on the machine. I am very focused with our production teams to claw back cycle time in 2023. So my hope would be by the time we hit Q2, Q3, Q4 of next year, we're starting to see some meaningful kind of quarter-over-quarter improvement as we get back to more typical cycle times.

我預計第四季度不會有任何改善。機器上還有太多的生產。我非常關注我們的生產團隊，以在 2023 年縮短週期時間。所以我希望到明年第二季度、第三季度和第四季度時，我們開始看到一些有意義的季度環比隨著我們回到更典型的周期時間，我們得到了改進。

So I'm confident based on the drop in volume, but also just the healing of the supply chain, which continues to get better and better -- that, that can become a reality in 2023 and beyond.

因此，基於銷量的下降，我對供應鏈的恢復充滿信心，供應鏈將繼續變得越來越好——這將在 2023 年及以後成為現實。

The next question is from Ivy Zelman with Zelman & Associates.

下一個問題來自 Zelman & Associates 的 Ivy Zelman。

I appreciate all the information. Maybe, Ryan, you could just speak to sort of broadly the consumer that has already put an order in -- in back log and the cancellations that you're seeing. Is this a function of -- how much of a function of not being able to afford the monthly payment versus how many people are just getting colds feet and walking away from built in equity?

我很感激所有的信息。也許，瑞安，你可以廣泛地與已經下訂單的消費者交談 - 在積壓和你看到的取消中。這是一個功能 - 無法負擔每月付款的功能與有多少人剛剛感冒並遠離內置股權的功能？

And then just more broadly, I get a lot of questions from clients, if you look at where rates are today, approaching 7%, what has that done in general to prospective buyer pool? Like where do you see? Is it now 25% of prospective buyers can't afford you more? I mean we see affordability as probably the most stretch it's been going back several decades.

然後更廣泛地說，我從客戶那裡收到了很多問題，如果你看看今天的利率接近 7%，這對潛在買家群體有什麼影響？比如你在哪裡看到的？現在是 25% 的潛在買家買不起嗎？我的意思是，我們認為可負擔性可能是幾十年來最大的延伸。

So maybe you can help us understand what needs to happen with respect to getting buyers more comfortable given such elevated pricing and the dynamics that led us here.

因此，鑑於如此高的定價和導致我們來到這裡的動態，也許您可以幫助我們了解在讓買家更舒適方面需要發生什麼。

Yes, Ivy, thanks for the questions. I appreciate it. In terms of the cancellations that we're seeing, it's both. We're absolutely seeing buyers that can no longer afford. We're also seeing buyers that still can't afford, but they've gotten colds feet for whatever reasons. And in many cases, they're walking away from pretty sizable earnest money deposits that economically don't make a ton of sense -- but that's where you really kind of get into the psychology. They're just not confident in making a purchase.

是的，艾薇，謝謝你的提問。我很感激。就我們看到的取消而言，兩者兼而有之。我們絕對看到買不起的買家。我們也看到買家仍然買不起，但無論出於何種原因，他們都感到冷落。在許多情況下，他們正在放棄相當大的定金存款，這些存款在經濟上沒有多大意義——但這就是你真正進入心理學的地方。他們只是對購買沒有信心。

I'd tell you, as we look at the trends over the last couple of quarters, we haven't seen a noticeable or a significant change in the mix of reasons why folks are canceling. That's been pretty consistent.

我會告訴你，當我們查看過去幾個季度的趨勢時，我們沒有看到人們取消的原因組合有明顯或顯著的變化。這是相當一致的。

In terms of the buyer pool, Ivy, it's understandably less, and I'll specifically focus on who can afford as the industry is going through some pricing adjustments, I think we are working to get more people into that pool. The pool that's harder to quantify, and I'm not even going to attempt to guess is how many people are on the sideline because of psychological fear. Those folks just aren't engaging with us. They're waiting.

就買家群體而言，Ivy 可以理解的更少，我將特別關注誰能夠負擔得起，因為該行業正在經歷一些定價調整，我認為我們正在努力讓更多人進入這個群體。更難量化的池子，我什至不打算猜測有多少人因為心理恐懼而處於觀望狀態。那些人就是不和我們打交道。他們在等。

And as I highlighted in some of my prepared remarks, I think the only way we get that buyer back into the market is through stability and those are unfortunately things that we don't directly control. So -- and we've highlighted kind of what we think they are.

正如我在一些準備好的評論中強調的那樣，我認為我們讓買家重返市場的唯一方法是通過穩定，不幸的是，這些都是我們無法直接控制的事情。所以 - 我們已經強調了我們認為它們是什麼。

No, that's helpful, Ryan. And just if I could just follow up on my second question as it relates to underwriting land right now and appreciating that you've taken some option on abandonments. Given the returns that are currently forecasted with the new pricing on communities that have not been yet open, but are slotted to be open? Or are we talking gross margins that would hit the return requirements because you have always been underwriting to a much lower gross margin than you're currently obviously achieving? So should we expect margins to be more normalized on whatever you're moving forward with new communities given the pricing environment? Or is there a risk that could even be below normal at this point? Maybe you could just qualitatively give us some direction?

不，這很有幫助，瑞恩。如果我可以跟進我的第二個問題，因為它與現在承保土地有關，並感謝您對放棄採取了一些選擇。鑑於目前對尚未開放但計劃開放的社區的新定價所預測的回報？或者我們是否在談論會達到回報要求的毛利率，因為您一直承保的毛利率比您目前明顯達到的低得多？那麼，考慮到定價環境，我們是否應該期望在您與新社區一起前進的任何事情上，利潤率會更加正常化？或者此時是否存在甚至可能低於正常水平的風險？也許你可以定性地給我們一些方向？

Yes, Ivy. What I'd highlight is we underwrite return, we've never underwritten the margin. And so the screen that we're using in the current environment is we're using current pace and price against the historical return on invested capital screen and risk grid that we've always used. And we have not compromised on that. The -- so the deals that we've elected to walk away from simply don't meet that screen. The ones that we've elected to move forward with, by and large, continue to meet our return-based screen and that includes margins that are kind of all over the board in terms of the historical range that we've typically operated.

是的，艾薇。我要強調的是我們承保回報，我們從未承保保證金。因此，我們在當前環境中使用的屏幕是我們使用當前的速度和價格與我們一直使用的投資資本屏幕和風險網格的歷史回報進行對比。我們並沒有就此妥協。 - 所以我們選擇放棄的交易根本不符合那個屏幕。總的來說，我們選擇繼續前進的那些，繼續滿足我們基於回報的篩選，其中包括就我們通常運營的歷史範圍而言，整個董事會的利潤率。

And Bob, anything you'd add in terms of kind of underwriting? So hopefully, Ivy, that helps in terms of your question.

鮑勃，關於承保類型，你有什麼要補充的嗎？因此，Ivy，希望這對您的問題有所幫助。

The next question is from John Lovallo with UBS.

下一個問題來自瑞銀的 John Lovallo。

The first one is just given the more cautious near-term stance, pulling back on land spend, which is clearly prudent in our view. I mean, where do you intend to allocate the capital? I mean could you be more aggressive on buybacks or continue to be aggressive on buybacks?

第一個只是考慮到更謹慎的近期立場，縮減土地支出，我們認為這顯然是審慎的。我的意思是，您打算將資金分配到哪裡？我的意思是你可以更積極地回購還是繼續積極地回購？

Yes. We'll go through the same exact exercise we always have. It's interesting we highlighted in this call. We are out on our revolver, which is -- we started borrowing a little bit last quarter. We're actually out on the line today, first and foremost, we'll pay that off. Our expectation is that we'll be able to do that in short order.

是的。我們將進行與以往完全相同的練習。有趣的是，我們在本次電話會議中強調了這一點。我們已經用左輪手槍了，也就是說——我們上個季度開始借了一點錢。我們今天實際上已經上線了，首先，我們會付清這筆費用。我們的期望是我們能夠在短期內做到這一點。

Then what we always do is look at what the next several years. So it's not a point in time, capital generation and usages and we'll consider investment in land. We've highlighted that we think spend is going to be down, we'll be building and monetizing our backlog. So we think we're going to be cash flow positive. And so we'll look at the capital base that we've got and what to do.

然後我們總是做的是看看未來幾年會發生什麼。所以這不是一個時間點，資本的產生和使用，我們會考慮對土地的投資。我們已經強調，我們認為支出將會下降，我們將建立我們的積壓訂單並將其貨幣化。因此，我們認為我們的現金流將是正數。因此，我們將看看我們擁有的資本基礎以及該做什麼。

And we'll have choices. We can -- we will obviously continue our dividend. We can look at share repurchases. We will also be looking at our leverage. Obviously, the run-up in rates makes our debt a little more attractive on a pricing basis.

我們將有選擇。我們可以——我們顯然會繼續分紅。我們可以看看股票回購。我們還將研究我們的槓桿作用。顯然，利率上升使我們的債務在定價基礎上更具吸引力。

Not suggesting we're going to do anything, but it's -- and we look at these things consistently through time, and we'll consider all those things. But I think you can -- should expect to see us in market for equity, and we'll look at any other use of cash at the same time.

並不是說我們會做任何事情，但它是——我們會隨著時間的推移始終如一地看待這些事情，我們會考慮所有這些事情。但我認為你可以 - 應該期望在股權市場上看到我們，我們將同時研究現金的任何其他用途。

Okay. That's helpful. And then just kind of thinking about your overall land spend strategy now and just land in general, are you actually pulling back on community openings -- communities that were slated to open? Are you holding back those given the demand environment?

好的。這很有幫助。然後只是考慮一下你現在的整體土地支出策略，只是一般的土地，你實際上是否在推遲社區開放 - 計劃開放的社區？鑑於需求環境，您是否在阻止那些？

Not at all. We're continuing to move forward with it and open those communities. And in fact, some of the communities that we've recently opened have been some of our brightest and best performers, which is really encouraging.

一點也不。我們將繼續推進並開放這些社區。事實上，我們最近開設的一些社區是我們最聰明、表現最好的一些社區，這確實令人鼓舞。

I think there's 2 reasons for that, John. One. These are good communities and good locations that have got great interest lists that we've been working for a long time referencing back to the marketing comment that was asked a little bit ago. We've also been very deliberate in making sure that we're pricing the current market. Now we do that all the time when we open up new communities, but especially in light of the current environment, when we're opening, we're making sure that we're opening at a value, and we've seen traction there.

我認為有兩個原因，約翰。一。這些是很好的社區和很好的地點，有很多興趣列表，我們已經工作了很長時間，參考了之前提出的營銷評論。我們也非常謹慎地確保我們正在為當前市場定價。現在，當我們開闢新社區時，我們一直這樣做，但特別是鑑於當前的環境，當我們開放時，我們會確保我們以一定的價值開放，並且我們已經看到了那裡的牽引力.

So communities that are opening today have been in our pipeline for a long time. They were bought right. They were arguably developed at a pretty attractive cost basis as well. And so we can continue to deliver nice margins and more importantly, good returns out of those communities.

因此，今天開放的社區已經在我們的管道中運行了很長時間。他們買對了。可以說，它們也是以相當有吸引力的成本基礎開發的。因此，我們可以繼續提供可觀的利潤，更重要的是，從這些社區中獲得豐厚的回報。

The next question is from Mike Dahl with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Mike Dahl。

My first question, just maybe a follow-up on Ivy's questions around cancellations and maybe it's -- I don't know if it's a terminology issue in terms of talking affordability versus outright qualification challenges, but Ryan or Bob, could you address what percentage of your cancellations or as you're kind of hearing from the field around prospective buyers, how you're seeing outright inability to qualify impact versus just a, "Hey, maybe I can qualify, but I can't -- actually afford the x dollars a month in incremental payments."

我的第一個問題，也許只是 Ivy 關於取消的問題的後續問題，也許是 - 我不知道這是否是一個術語問題，就談論可負擔性與完全資格挑戰而言，但是 Ryan 或 Bob，你能解決多少百分比在您的取消中，或者當您從潛在買家周圍的領域聽到，您如何看到完全無法獲得影響，而只是“嘿，也許我可以獲得資格，但我不能 - 實際上負擔得起每月x美元的增量付款。”

Looking. I don't -- we're going to have to get back to you on that. What I could tell you is that it is again, running at a consistent percentage. We haven't seen a run up in the percentage of people who just don't outright qualify or rejections. So -- but what the relative percentage of that is, I don't know off the top of my head.

看著。我不 - 我們將不得不就此與您聯繫。我可以告訴你的是，它再次以一致的百分比運行。我們沒有看到沒有完全符合資格或被拒絕的人的百分比增加。所以 - 但相對百分比是多少，我不知道。

Okay. Got it. And then in terms of thinking through as are obviously pretty diversified in your market exposures in past cycles, you've seen builders of exiting markets during contraction periods. When you look at your land positions, when you look at some of the relative results across some of these markets, obviously, everything is getting hit, but some things harder than others. Are you at the point where you're evaluating whether or not certain markets makes sense? Or maybe if there's any other regional color you can provide around something like that?

好的。知道了。然後在考慮過去週期中您的市場敞口顯然非常多樣化時，您已經看到在收縮期間退出市場的建設者。當您查看您的土地位置時，當您查看其中一些市場的一些相對結果時，顯然，一切都受到了打擊，但有些事情比其他事情更難。您是否正在評估某些市場是否有意義？或者，如果您可以在類似的東西周圍提供任何其他區域顏色？

No, Mike, we actually feel really good about our geographic footprint. We've entered into several new markets over the last 3 to 4 years, and we're as confident in those today as we were when we made the decision to go there. A lot of the places that we've entered into in recent years have been places that have had really attractive job growth and really nothing's changed along those lines. There are also places that are attractive climates. They generally tend to be more affordable places and there are locations that are predominantly kind of in the Sunbelt. So we think our new market expansion strategy still makes a ton of sense.

不，邁克，我們實際上對我們的地理足跡感覺非常好。在過去的 3 到 4 年裡，我們已經進入了幾個新市場，我們今天對這些市場充滿信心，就像我們決定去那裡時一樣。近年來，我們進入的很多地方都是就業增長非常有吸引力的地方，而且在這些方面實際上沒有任何變化。還有一些地方氣候宜人。它們通常往往是更實惠的地方，而且有些地方主要位於陽光地帶。所以我們認為我們新的市場擴張戰略仍然很有意義。

In terms of our existing markets, we're really happy with them. I wouldn't -- I don't know that I have any real additional color to add in terms of the geographies that are doing well versus not other than what I highlighted in my prepared remarks. The Western markets are the toughest for sure. I think that's been widely reported by -- for many sources. We're also seeing relative kind of softness in the Northeast, some of the more expensive locales. The Southeast, Florida, Texas, relatively or performing better for a lot of the reasons that I just touched on as with my comments on expansion markets.

就我們現有的市場而言，我們對它們非常滿意。我不會 - 除了我在準備好的評論中強調的內容之外，我不知道我有什麼真正的額外顏色可以添加到表現良好的地理區域。西方市場無疑是最艱難的。我認為這已被許多來源廣泛報導。我們還看到東北部相對較軟，一些更昂貴的地區。東南部、佛羅里達州、德克薩斯州的表現相對較好或表現更好，原因有很多，我剛才談到了我對擴張市場的評論。

Final question today is from Truman Patterson with Wolfe Research.

今天的最後一個問題來自沃爾夫研究公司的杜魯門帕特森。

First, we've had a nice run of lower realtor and broker commissions throughout '21 and the first part of '22. I'm just seeing if you all started to pull that lever to help augment sales, especially with quick move-in homes are generally preferred by realtors. So just seeing if you're increasing commissions there? And if so, what sort of impact that could be to SG&A?

首先，在 21 年和 22 年上半年，我們的房地產經紀人和經紀人佣金較低。我只是在看看你們是否都開始拉動槓桿來幫助增加銷售，尤其是房地產經紀人通常更喜歡快速入住的房屋。所以只是看看你是否在那裡增加佣金？如果是這樣，這可能對 SG&A 產生什麼樣的影響？

Truman, the view that we've had on realtor commissions kind of through time is to be balanced with it. We certainly appreciate when relators are the procuring cause or our -- truly bring kind of a buyer into our sales office and help with that process. We've paid, I think, a market competitive broker commission. We're still in the same position today. So there's certainly cases here and there where you may have an above average broker commission as an incentive to move a particular property that's got a unique set of circumstances, but broadly, you won't see us as a strategy employ above average broker commissions.

杜魯門，我們長期以來對房地產經紀人佣金的看法是要與之平衡。我們當然很欣賞當相關方是採購原因或我們的 - 真正將某種買家帶入我們的銷售辦公室並幫助完成這一過程。我認為，我們已經支付了具有市場競爭力的經紀人佣金。我們今天仍然處於同樣的位置。因此，在某些情況下，您可能會獲得高於平均水平的經紀人佣金，以激勵您轉移具有獨特情況的特定物業，但從廣義上講，您不會將我們視為採用高於平均水平的經紀人佣金的策略。

Got you. Okay. But for the industry, has it generally kind of ticked up across the board or specific bonuses, et cetera?

得到你。好的。但是對於這個行業來說，它是不是總體上會得到全面提升或特定的獎金等等？

I think it depends on the market and it depends on the builder. I think there are certain builders that part of their strategy -- their marketing strategy is largely directed toward outsized or above average broker commissions. So as the market gets tougher, you're seeing certain competitors that use that as maybe their primary marketing tool, you're starting to see those bigger numbers come into play.

我認為這取決於市場，也取決於製造商。我認為某些建築商是他們策略的一部分——他們的營銷策略主要針對超額或高於平均水平的經紀人佣金。因此，隨著市場變得更加艱難，您會看到某些競爭對手可能將其用作主要營銷工具，您開始看到這些更大的數字開始發揮作用。

Okay. Okay. Got you. And then could you all discuss -- Ryan, you mentioned earlier about negotiations with trades and building products. But -- could you discuss if you're getting any early traction on the price negotiations of any specific trades like framers or materials, building product categories -- really outside of lumber?

好的。好的。得到你。然後你們能不能討論一下——Ryan，你之前提到過與貿易和建築產品的談判。但是 - 你能否討論一下你是否在任何特定行業的價格談判中獲得任何早期牽引力，如製框機或材料，建築產品類別 - 真的在木材之外？

Yes, Truman, it's really the -- we've been talking with all of our trades, but I would tell you the more kind of recent and impactful conversations have been with the front-end trades -- so underground plumbing foundation up through shell, exterior shell, those conversations have been frequent and helpful. Those are the trades that are feeling the slowdown in the industry right now. And so as they evaluate their kind of business situation and kind of the volume that they would like to be doing and what efficiencies look like. We're engaged in what I would tell you, are productive conversations.

是的，杜魯門，這真的是——我們一直在與我們所有的交易進行交談，但我會告訴你，最近更有效的對話是與前端交易——所以地下管道基礎通過外殼，外殼，這些對話頻繁且有益。這些是目前感受到行業放緩的行業。因此，當他們評估他們的業務狀況和他們想要做的數量以及效率的樣子時。我們正在從事我會告訴你的事情，是富有成效的對話。

We need to pull cost out of housing generally. That's our organization, and that's our trades as well. I think we can all appreciate that we've seen unprecedented inflation, both in materials and labor. And those costs are real. And so I think we're trying to take a pragmatic but very intentful approach in how we try to pull cost out of the system.

我們通常需要從住房中提取成本。這是我們的組織，也是我們的行業。我認為我們都可以理解我們已經看到了前所未有的通貨膨脹，無論是在材料方面還是在勞動力方面。這些成本是真實的。因此，我認為我們正在嘗試採取一種務實但非常專注的方法來嘗試將成本從系統中提取出來。

Okay. Got you. And good luck in the upcoming quarter.

好的。得到你。祝下個季度好運。

That concludes our question-and-answer session. I'll turn it over to Jim Zeumer for any closing remarks.

我們的問答環節到此結束。我將把它交給 Jim Zeumer 做任何結束語。

I appreciate everybody's time today. So we could not get through all the questions, but we'll be available over the remainder of the day. Certainly feel free to call or e-mail. Outside of that, we will look forward to speaking with you on our next call. Thank you.

我感謝大家今天的時間。因此，我們無法解決所有問題，但我們將在當天剩餘時間有空。當然，請隨時致電或發送電子郵件。除此之外，我們期待在下一次電話會議上與您交談。謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。