普爾特房屋 (PHM) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the PulteGroup second-quarter-2024 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 PulteGroup 2024 年第二季財報電話會議。 （操作員說明）

I'd like to turn the call over to Jim Zeumer, Vice President of Investor Relations. You may begin.

我想將電話轉給投資者關係副總裁 Jim Zeumer。你可以開始了。

Great. Thanks, [Rob]. I want to welcome everyone to PulteGroup's earnings call to discuss our strong financial performance for our second quarter ended June 30, 2024. Here to review PulteGroup's Q2 results are Ryan Marshall, President and CEO; Bob O'Shaughnessy, Executive Vice President and CFO; Jim Ossowski, Senior Vice President, Finance. A copy of our earnings release in this morning's presentation slides has been posted to our corporate website at pultegroup.com. We'll post an audio replay of this call later today.

偉大的。謝謝，[羅布]。我想歡迎大家參加 PulteGroup 的財報電話會議，討論我們截至 2024 年 6 月 30 日的第二季度強勁的財務業績。 Bob O'Shaughnessy，執行副總裁兼財務長； Jim Ossowski，財務資深副總裁。今天早上演示幻燈片中的收益發布副本已發佈到我們的公司網站 pultegroup.com 上。我們將在今天稍後發布本次通話的音訊重播。

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

我想提醒大家，今天的演示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評論中建議的結果有重大差異。在今天的收益發布和隨附的簡報幻燈片中總結了可能影響未來業績的最重要的風險因素。這些風險因素和其他關鍵資訊在我們向 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 Ryan Marshall. Ryan.

現在，讓我把電話轉給瑞安馬歇爾。瑞安.

Thanks, Jim, and thank you to everyone joining today's call. PulteGroup delivered another quarter of strong financial results, which reflect an approach to the business in which we seek to balance price, pace, and investment over the long term to generate superior returns. Consistent with this strategy, our financial results continue to show the power of capitalizing on the value of each lot and home we sell. Our divisions work extremely hard to secure, entitle, and develop our land assets and work equally hard to generate exceptional profitability while still turning our portfolio at an appropriate rate.

謝謝吉姆，也謝謝參加今天電話會議的所有人。 PulteGroup 又一個季度實現了強勁的財務業績，這反映了我們尋求長期平衡價格、節奏和投資以產生卓越回報的業務方法。根據這項策略，我們的財務表現繼續顯示出利用我們出售的每塊土地和房屋的價值的力量。我們的部門非常努力地保護、授權和開發我們的土地資產，並同樣努力地創造卓越的盈利能力，同時仍以適當的速度調整我們的投資組合。

Specific to our second-quarter performance, we realized a 2% increase in average sales price, an 8% increase in closings, and a 30-basis-point gain in gross margin, which in aggregate, helped drive a 19% increase in earnings to a second-quarter record of $3.83 per share. Another quarter of overall strong financial performance highlighted by our double-digit earnings growth resulted in PulteGroup generating a return on equity of 27.1% for the trailing 12-month period.

具體到我們第二季度的業績，我們實現了平均銷售價格增長 2%，成交額增長 8%，毛利率增長 30 個基點，總體而言，幫助推動收益增長 19%第二季度每股3.83 美元，創歷史新高。又一個季度整體財務業績表現強勁，以兩位數的盈利增長為亮點，導致 PulteGroup 在過去 12 個月內的股本回報率為 27.1%。

Obviously, a key driver of our strong financial results and high returns on invested capital continues to be the company's outstanding gross margins. As Bob will discuss, gross margins in the period benefited from a favorable mix of closings, but I would also highlight the pricing strength evident in our numbers.

顯然，我們強勁的財務表現和高投資資本回報率的關鍵驅動力仍然是公司出色的毛利率。正如鮑伯將討論的那樣，該時期的毛利率受益於有利的成交組合，但我還要強調我們的數據中明顯的定價優勢。

In Q2, product options and lot premiums averaged $104,000 per home and represented approximately 19% of our average sales price of $549,000. As I'm sure you can all appreciate, options and lot premiums are high-margin dollars and an important contributor to PulteGroup's outsize margins relative to peers. I know how hard our employees work to deliver such outstanding results and I want to thank our entire organization for their efforts.

第二季度，每戶產品選項和地塊溢價平均為 104,000 美元，約占我們平均售價 549,000 美元的 19%。我確信你們都能意識到，選擇權和地塊溢價是高利潤的美元，也是 PulteGroup 相對於同行的巨額利潤的重要貢獻者。我知道我們的員工為了取得如此出色的成果付出了多大的努力，我要感謝我們整個組織的努力。

As good as our second-quarter numbers are, it's fair to say that as we navigated through the period, demand was a little less consistent than we experienced in the first quarter of 2024. On our Q1 earnings call, we noted buyer traffic had slowed the first few weeks of April. While subsequent Wall Street channel checks confirmed a change in short-term demand, the fact remains that we are operating in a housing market that has been underbuilt relative to population, immigration, and household formation for more than a decade. The resulting housing deficit of several million homes is likely a structural reality for years to come, given the zoning challenges we face in most municipalities.

儘管我們的第二季數據不錯，但可以公平地說，隨著我們度過這段時期，需求的一致性比2024 年第一季的情況稍差一些。 ，我們注意到買家流量有所放緩四月的前幾週。儘管隨後的華爾街通路檢查證實了短期需求的變化，但事實仍然是，十多年來，我們所處的房地產市場相對於人口、移民和家庭形成而言一直處於建設不足的狀態。鑑於我們在大多數城市面臨的分區挑戰，由此產生的數百萬套住房的住房短缺可能是未來幾年的結構性現實。

Our country's underlying new home supply issue has been exacerbated by the lock-in effect caused by the dramatic rise and interest rates over the last two years. What the market continues to experience is existing homeowners who are unwilling or more likely unable to give up the low rate mortgages originated several years ago. As a consequence, the inventory of quality existing homes remains below long-term averages in many markets. The supply imbalance is one of the reasons that I am confident in the long-term demand trends for housing in this country. But I do appreciate that buyer demand will fluctuate from quarter to quarter.

過去兩年大幅上漲和升息造成的鎖定效應加劇了我國潛在的新房供應問題。市場繼續經歷的是現有房主不願意或更有可能無法放棄幾年前產生的低利率抵押貸款。因此，許多市場的優質現房庫存仍低於長期平均值。供應失衡是我對這個國家住房的長期需求趨勢充滿信心的原因之一。但我確實意識到買家需求會隨著季度的變化而波動。

For example, the bump in interest rates in the second quarter caused some buyers to become more cautious while others saw affordability stretch beyond their financial capacity. While many cities are facing a limited supply of homes for sale, we have seen an increase in existing and new home supply in select markets in Florida and Texas. These markets are now in the process of finding the new clearing price needed to work down any excess inventory.

例如，第二季利率上漲導致一些買家變得更加謹慎，而另一些買家則認為負擔能力超出了他們的財務能力。儘管許多城市面臨待售房屋供應有限的問題，但我們看到佛羅裡達州和德克薩斯州部分市場的現有房屋和新房屋供應增加。這些市場目前正在尋找新的清算價格，以減少多餘的庫存。

Maybe, more impactful than rates and inventory, the feedback we are getting points to a lack of confidence among some consumers that now is a good time to buy. High prices, higher interest rates, and the resulting high monthly payments are making potential buyers more cautious in purchasing a new home to the degree that this lack of confidence among consumers reflects affordability concerns. This isn't new. And in fact, it's something we address on a market by market, even community by community basis every day.

也許，我們收到的回饋比價格和庫存更具影響力，顯示一些消費者對現在是購買的好時機缺乏信心。高房價、高利率以及由此產生的高額月供使得潛在買家在購買新房時更加謹慎，消費者信心的缺乏反映了對負擔能力的擔憂。這並不新鮮。事實上，我們每天都在逐個市場、甚至逐一社區地解決這個問題。

It was more than a year ago that you first heard me say that delivering high returns requires that we turn our assets, and that we won't be margin proud. In an environment where market conditions are more competitive, we have worked to ensure that our products, prices and incentives are clearly meeting buyer needs. Consistent with this focus on turning our assets, we continue to build a more efficient and faster turning land pipeline.

一年多前，你第一次聽到我說，要實現高回報，就需要我們轉變資產，我們不會以利潤為榮。在市場條件競爭更加激烈的環境中，我們努力確保我們的產品、價格和激勵措施明顯滿足買家的需求。與對資產週轉的關註一致，我們繼續建造更有效率、週轉更快的陸地管道。

In the quarter, lots controlled via option increased to 53% of total lots. We are successfully building on our historic base of lots optioned directly with the land sellers by increasing our use of third-party land bankers. Today, we have entered into transactions representing almost 13,000 lots and $1.5 billion of capital. As with all land-related activities, we are being disciplined in how we expand this part of our portfolio, but we are making steady progress in assembling a more efficient land pipeline.

本季度，透過選擇權控制的地塊增加至總地塊的 53%。透過增加對第三方土地銀行的使用，我們成功地建立了我們與土地賣家直接選擇的地塊的歷史基礎。今天，我們已達成代表近 13,000 手和 15 億美元資本的交易。與所有與土地相關的活動一樣，我們在擴大這部分投資組合方面受到嚴格約束，但我們在組建更有效率的土地管道方面正在穩步取得進展。

As we sit here at the midpoint of 2024, I would say that it is shaping up to be a very good year for Pulte. Relative to our expectations coming into 2024, not only did we raise our initial closing guide by 1,000 homes, but we are clearly on a gross margin path well above our initial guide. For various reasons, market conditions got a little tougher in the second quarter, but we continue to actively manage price, pace, and starts to drive the best business outcome.

當我們正值 2024 年中期時，我想說，這對普爾特來說將是非常好的一年。相對於我們對 2024 年的預期，我們不僅將最初的成交指導提高了 1,000 套，而且毛利率顯然遠高於我們的最初指引。由於各種原因，第二季的市場狀況變得更加嚴峻，但我們繼續積極管理價格和節奏，並開始推動最佳業務成果。

Based on the current demand conditions and construction cycle times, we continue to start homes at a pace consistent with closing 31,000 homes this year, as well as positioning the company to grow 5% to 10% in 2025, consistent with the multi-year outlook we have discussed previously. Through the first few weeks of July, traffic to our communities has been solid. But depending on how demand conditions and absorption paces evolve, up or down, in each market over the balance of the year, we will adjust our start to pace as needed.

根據當前的需求狀況和建設週期時間，我們繼續以與今年關閉 31,000 套住房一致的速度開工，並將公司定位為到 2025 年增長 5% 至 10%，這與多年前景一致我們之前已經討論過。七月的前幾週，我們社區的交通一直很穩定。但根據今年剩餘時間每個市場的需求狀況和吸收速度的變化（上升或下降），我們將根據需要調整我們的啟動速度。

Now, let me turn the call over to Bob for a review of our second-quarter results.

現在，讓我將電話轉給鮑勃，以審查我們第二季度的業績。

Thanks, Ryan, and good morning. PulteGroup generated second-quarter wholesale revenues of $4.4 billion, which represents an increase of 10% over the second quarter of 2023. The increase in revenues for the period was driven by an 8% increase in closings to 8,097 homes, in combination with a 2% increase in our average sales price to $549,000.

謝謝瑞安，早安。 PulteGroup 第二季批發收入為 44 億美元，比 2023 年第二季成長 10%。 549,000 美元。

On a year-over-year basis, the increase in our ASP reflects modest price increases in our first time and active adult communities, while prices in our move-up communities were consistent with last year. The increase in our average sales prices for the quarter also reflects the impact of the fix, as we recorded higher closings within our move-up business which at $650,000 carried much higher prices than our first time in active adult business.

與去年同期相比，我們的平均售價的成長反映了我們的首次和活躍成人社群的價格小幅上漲，而我們的升級社群的價格與去年一致。本季平均銷售價格的上漲也反映了修復的影響，因為我們的升級業務成交額更高，達到 65 萬美元，比我們第一次活躍的成人業務價格高得多。

Broken down by buyer group, closings in the second quarter consisted of 40% first time, 37% move up, and 23% active adult. This compares with the mix of closings in the second quarter of last year which was 41% first time, 34% move up, and 25% active adult. Reflecting the headwinds caused by higher rates and other market dynamics are 7,649 net new orders were down 4% from last year's exceptionally strong results.

依買家群體細分，第二季成交量中，首次成交比例為 40%，後續成交比例為 37%，成人成交比例為 23%。相較之下，去年第二季的成交比例為首次成交比例為 41%，上升成交比例為 34%，成人成交比例為 25%。淨新訂單數量為 7,649 份，較去年異常強勁的業績下降 4%，反映出利率上升和其他市場動態帶來的不利因素。

In particular, I would highlight that last year's Q2 orders benefited from Del Webb brand opening and build-for-rent sales that are lumpy in nature. As has been well reported, operating conditions in select Florida and Texas markets got more competitive in the second quarter as interest rates rose during the month of April. On our first-quarter earnings call this year, we indicated that higher traffic slowed during the first few weeks of April, and this slowdown did ultimately impact orders as we move through the period.

我特別要強調的是，去年第二季的訂單受益於 Del Webb 品牌的開幕和本質上不穩定的出租銷售。正如所報導的那樣，隨著 4 月利率上升，佛羅裡達州和德克薩斯州部分市場的經營狀況在第二季度變得更具競爭力。在今年第一季的財報電話會議上，我們表示 4 月的前幾週流量成長放緩，而這種放緩最終確實影響了這段時期的訂單。

For the second quarter, our average community count was 934, which is an increase of 3% over the same period last year. The resulting absorption pace of 2.7 orders per community per month in the quarter is above the pre-COVID average, but down from the 2.9 we generated last year. More granularly, our net new orders in the second quarter decreased 3% among first-time buyers, increased 4% among move-up buyers, and decreased 17% among active-adult buyers.

第二季度，我們的平均社區數量為 934 個，比去年同期增加了 3%。本季每個社區每月吸收 2.7 個訂單的速度高於新冠疫情前的平均水平，但低於去年的 2.9 個。更具體地說，我們第二季的淨新訂單在首次購屋者中下降了 3%，在升級買家中增加了 4%，在活躍成年買家中下降了 17%。

While we continue to see strong demand among active-adult buyers, we did report a larger year-over-year decrease in their second-quarter orders. That decrease primarily reflects lower community count in the current year and some impacts on the timing of openings and closings of several of our Del Webb communities. Adjusting for the impact of these dynamics, our net new orders at stores that were operating consistently in both periods shows an order decrease of only 3%. Consistent with our overall order results on a unit basis, our quarter-end backlog was down 4% to 12,982 homes, although backlog value was down only 1% to $8.1 billion.

儘管我們繼續看到活躍的成人買家的強勁需求，但我們確實報告稱，他們第二季的訂單同比下降幅度更大。這一減少主要反映了今年社區數量的減少以及對我們的幾個德爾韋伯社區的開放和關閉時間的一些影響。調整這些動態的影響後，我們在兩個時期內持續經營的商店的淨新訂單顯示訂單僅減少了 3%。與我們按單位計算的整體訂單結果一致，季度末積壓訂單下降了 4%，至 12,982 套，但積壓訂單價值僅下降了 1%，至 81 億美元。

Turning to production, we started approximately 8,100 homes in the second quarter and ended the quarter with a total of 17,250 homes under construction. Of the 17,250 homes under construction, approximately 6,900 or 40% were spec, including an average of 1.3 finished specs per community. These levels are in line with our targets of 40% and one finished spec per community, and put us in a position to meet our delivery targets over the balance of the year.

談到生產，我們在第二季度啟動了約 8,100 套房屋，到本季結束時在建房屋總數為 17,250 套。在 17,250 棟在建住宅中，約有 6,900 棟（即 40%）符合規格，其中每個社區平均有 1.3 套成品規格。這些水平符合我們 40% 的目標以及每個社區一個成品規格的目標，並使我們能夠在今年剩餘的時間內實現交付目標。

As always, we are prepared to adjust our cadence of spec starts up or down in response to sustained changes in overall hire theme. Based on the units we have under construction and their stage of production, we currently expect to close between 7,400 and 7,800 homes in the third quarter and continue to expect to close approximately 31,000 homes for the full year. As noted, we realize the average sales price of $549,000 in the second quarter, which is consistent with our prior guide for pricing of $540,000 to $550,000.

像往常一樣，我們準備上下調整規格啟動的節奏，以應對整體招聘主題的持續變化。根據我們在建單位及其生產階段，我們目前預計第三季將關閉 7,400 至 7,800 套房屋，並繼續預計全年將關閉約 31,000 套房屋。如前所述，我們發現第二季的平均銷售價格為 549,000 美元，這與我們先前的定價指南 540,000 美元至 550,000 美元一致。

Looking ahead, we expect closings in the third and fourth quarters to be in that same range of $540,000 to $550,000. While our average price and backlog is higher than our guide, we have a lot of homes left to sell and close this year, most of which will be spec production with our first-time buyer communities where pricing is lower.

展望未來，我們預計第三季和第四季的成交額將在 54 萬美元至 55 萬美元之間。雖然我們的平均價格和積壓訂單高於我們的指導，但今年我們還有很多房屋可供出售和關閉，其中大部分將是我們的首次購房者社區的規格生產，價格較低。

We reported second-quarter gross margins of 29.9%, which represents an increase of 30 basis points over both the second quarter of last year and the first quarter of this year. As in Q1 of this year, our reported gross margins reflect a favorable mix of closing and a generally supportive pricing environment for many of the spec sales we closed in the quarter. Second-quarter gross margins also benefited from opportunities we've taken in prior quarters to improve net pricing in a number of communities across our portfolio.

我們報告第二季毛利率為 29.9%，比去年第二季和今年第一季成長了 30 個基點。與今年第一季一樣，我們報告的毛利率反映了我們在本季完成的許多規格銷售的有利成交和普遍支持的定價環境。第二季的毛利率也受益於我們在前幾季抓住的機會，以提高我們投資組合中許多社區的淨定價。

Consistent with such actions, incentives on closing in the second quarter were 6.3% in selling price, which is down from 6.5% in the first quarter of this year. While recent macro data has sparked optimism about the potential for Fed rate cuts, we don't factor such expectations into our guidance. What we do know is that rates remain elevated, affordability is stretched, and our delivery mix will be less favorable in the back half of the year.

與這些行動一致，第二季成交激勵率為售價的 6.3%，低於今年第一季的 6.5%。儘管最近的宏觀數據引發了人們對聯準會降息潛力的樂觀情緒，但我們並未將此類預期納入我們的指引中。我們所知道的是，利率仍然很高，負擔能力有限，而且我們的交付組合在今年下半年將不太有利。

As we discussed on our Q1 earnings call, in the third and fourth quarters, we will be closing more homes in our west region, where homes carry a lower relative margin profile than we did in the first half of the year. These factors, combined with our need to be price competitive to turn assets, point to an expected gross margin of approximately 29% in the third quarter and 28.5% to 29% in the fourth quarter. As stated previously, we still have homes to sell and close to meet our full-year delivery guide of 31,000 units. So demand conditions over the next few months can have an impact on the results build.

正如我們在第一季財報電話會議上所討論的那樣，在第三季和第四季度，我們將關閉西部地區的更多房屋，該地區房屋的相對利潤率低於上半年。這些因素，再加上我們需要具有價格競爭力才能轉變資產，預計第三季的毛利率約為 29%，第四季的毛利率約為 28.5% 至 29%。如前所述，我們仍有待售房屋並接近完成 31,000 套的全年交付指南。因此，未來幾個月的需求狀況可能會對結果產生影響。

In the second quarter, our reported SG&A expense was $361 million, or 8.1% of home sale revenues. Reported SG&A includes a $52 million pre-tax insurance benefit recorded in the period. In Q2 of last year, our reported SG&A expense was $315 million, or 7.8% of home sale revenue, which includes a $65 million pre-tax insurance benefit. Excluding the impact of the insurance benefits recorded in the first two quarters of this year, we continue to expect SG&A expense for the full year to be in the range of 9.2% to 9.5% of home sale revenue.

第二季度，我們報告的 SG&A 費用為 3.61 億美元，佔房屋銷售收入的 8.1%。報告的 SG&A 包括該期間記錄的 5,200 萬美元的稅前保險福利。去年第二季度，我們報告的 SG&A 費用為 3.15 億美元，佔房屋銷售收入的 7.8%，其中包括 6,500 萬美元的稅前保險福利。排除今年前兩個季度的保險福利的影響，我們繼續預計全年銷售管理費用將佔房屋銷售收入的 9.2% 至 9.5%。

Turning to our financial services operations, we reported pre-tax income of $63 million in the second quarter, which is up from $46 million in the same period last year. The 36% increase in pre-tax income reflects strong financial performance across all business lines, including mortgage, title, and insurance. Our performance also benefited from an increase in capture rates across all business lines, including a mortgage capture rate of 86% in the quarter, up from 80% last year.

談到我們的金融服務業務，我們第二季的稅前收入為 6,300 萬美元，高於去年同期的 4,600 萬美元。稅前收入成長 36% 反映出所有業務線（包括抵押貸款、產權和保險）強勁的財務表現。我們的業績也得益於所有業務線的捕獲率的提高，包括本季抵押貸款捕獲率達到 86%，高於去年的 80%。

In total, reported pre-tax income for the second quarter was $1 billion, which represents an increase of 10% over last year. Our tax expense for the second quarter was $239 million, for an effective tax rate of 22.8%. Our effective tax rate for the quarter includes the benefit of energy tax credits and a $13 million benefit related to the favorable resolution of certain state tax benefits.

整體而言，第二季稅前收入為 10 億美元，比去年同期成長 10%。我們第二季的稅費為 2.39 億美元，有效稅率為 22.8%。我們本季的有效稅率包括能源稅收抵免的好處以及與某些州稅收優惠的有利決議相關的 1300 萬美元的好處。

For the remaining quarters this year, we continue to expect our tax rates to be in the range of 24%, 24.5%. Taken all together, we reported net income of $809 million, $3.83 per share. This compares to prior year reported net income of $720 million, for $3.21 per share. On a per share basis, we continue to benefit from our ongoing share repurchase program, which on a year-over-year basis, reduced shares outstanding by 5% from last year.

今年剩餘的幾個季度，我們繼續預計稅率將在 24% 至 24.5% 的範圍內。總而言之，我們公佈的淨利潤為 8.09 億美元，每股收益 3.83 美元。相比之下，去年報告的淨利潤為 7.20 億美元，每股收益 3.21 美元。以每股計算，我們繼續受益於我們正在進行的股票回購計劃，該計劃使流通股比去年減少了 5%。

Capitalizing on our strong cash flows, we continue to support the future growth of our business as we invested approximately $1.2 billion in land acquisition and development in the second quarter. This brings our year-to-date land spend to just over $2.3 billion, keeping us on track to invest approximately $5 billion in land acquisition and development for the full year.

憑藉強勁的現金流，我們在第二季度投資了約 12 億美元用於土地收購和開發，繼續支持業務的未來成長。這使得我們今年迄今的土地支出略高於 23 億美元，使我們預計全年投資約 50 億美元用於土地收購和開發。

For both the quarter and the first six months of 2024, the allocation of land spend was 60% development and 40% acquisition. At the end of the second quarter, we had approximately 225,000 lots under control, of which 53% were held via option. Given the strength of our land pipeline, we continue to forecast community count growth of 3% to 5% in the third and fourth quarters of this year over the comparable prior periods last year.

2024 年第一季和前六個月，土地支出分配為 60% 用於開發，40% 用於收購。截至第二季末，我們控制約225,000手，其中53%是透過選擇權持有。鑑於我們的土地儲備實力，我們繼續預測今年第三季和第四季的社區數量將比去年同期增加 3% 至 5%。

Consistent with our capital allocation priorities, we are also continuing to return capital to shareholders. In the second quarter, we repurchased 2.8 million common shares that had cost $314 million, or an average price of $113.79 per share. This brings our year-to-date share repurchase activity to a total of 5.1 million shares, repurchased at a cost of $560 million, $110.58 per share.

根據我們的資本配置優先事項，我們也將繼續向股東返還資本。第二季度，我們回購了 280 萬股普通股，成本為 3.14 億美元，平均價格為每股 113.79 美元。這使得我們今年迄今的股票回購活動總數達到 510 萬股，回購成本為 5.6 億美元，即每股 110.58 美元。

In addition to repurchasing stock, we also completed a tender offer for $300 million of our senior notes in the second quarter. As a result, our debt to capital ratio is now just 12.8%, and our notes table have decreased to $1.7 billion, which represents the lowest level since before we acquired Del Webb in 2001. After spending more than $1.8 billion during the quarter on land investment and the purchase of our equity and debt, we ended the quarter with more than $1.4 billion of cash.

除了回購股票外，我們還在第二季完成了 3 億美元優先票據的要約收購。結果，我們的債務與資本比率現在僅為 12.8%，我們的票據表已降至 17 億美元，這是自 2001 年收購 Del Webb 以來的最低水平。投資以及購買股權和債務，本季末我們擁有超過14 億美元的現金。

Adjusting for our cash position, our net debt to capital ratio at the quarter end was 1.8%. I'm also pleased to report that in acknowledgement of our improved operations and strong cash flow generation and outstanding balance sheet, Fitch recently upgraded our debt to BBB+, while Moody's upgraded its outlook to positive.

調整我們的現金部位後，我們季度末的淨負債與資本比率為 1.8%。我還很高興地報告，鑑於我們的營運有所改善、強勁的現金流生成和未償清的資產負債表，惠譽最近將我們的債務升級至BBB+，而穆迪則將其前景升級為正面。

Now, let me turn the call back to Ryan for some final comments.

現在，讓我把電話轉回瑞安，徵求一些最後的意見。

Thanks, Bob. During the first half of 2024, traffic to our communities was good, and absorption pace ran slightly above historic norms. So I feel good about our opportunities in the back half of the year, to the degree that the Fed actually cuts interest rates in the coming months, I think that will provide a powerful tailwind both financially and psychologically as we enter 2025.

謝謝，鮑伯。 2024 年上半年，我們社區的交通狀況良好，吸收速度略高於歷史正常水準。因此，我對今年下半年的機會感到滿意，就聯準會在未來幾個月實際上降息的程度而言，我認為這將在我們進入 2025 年時在財務和心理上提供強大的推動力。

Before turning the call back to Jim, I would draw your attention to a release we issued a couple of weeks ago about one of our newest community openings and our first in Utah in more than 20 years. Along with representing PulteGroup's reentry into my home state, Utah's the seventh greenfield new market entry we have initiated over the past few years.

在將電話轉回吉姆之前，我想提請您注意我們幾週前發布的新聞稿，內容涉及我們最新的社區空缺之一，也是我們 20 多年來在猶他州的首次空缺。除了代表 PulteGroup 重新進入我的家鄉之外，猶他州也是我們在過去幾年中發起的第七個綠地新市場進入。

Through the first half of 2024, we increased home sale revenues by 10% and grew reported earnings per share by 25% over the last year. Over the same period, we increased our land investment by 31% to $2.3 billion while increasing year-to-date share repurchases and dividend payments by 37%, the $645 million. We also retired $300 million of debt. PulteGroup has executed extremely well. And with expectations of closing 31,000 homes for the full year, we are in excellent position to drive strong results going forward.

到 2024 年上半年，我們的房屋銷售收入比去年增長了 10%，報告的每股收益增長了 25%。同期，我們將土地投資增加了 31%，達到 23 億美元，同時將年初至今的股票回購和股息支付增加了 37%，達到 6.45 億美元。我們也償還了 3 億美元的債務。 PulteGroup 的執行情況非常出色。預計全年將關閉 31,000 套房屋，我們處於有利地位，可以推動未來取得強勁業績。

And finally, before opening the call to questions, I want to briefly address the press release we issued yesterday announcing our CFO succession plans. After a truly impactful 13-year career with PulteGroup, Bob O'Shaughnessy has initiated in a transition toward retirement at the end of 2025. Step one in this process is that Bob will relinquish his title as Chief Financial Officer effective early in February of next year. I'm pleased to say that Bob will then remain with us for another 10 months as Executive Vice President.

最後，在開始提問之前，我想先簡單介紹一下我們昨天發布的宣布財務長繼任計畫的新聞稿。在PulteGroup 度過了真正具有影響力的13 年職業生涯後，鮑勃·奧肖內西(Bob O'Shaughnessy) 開始過渡到2025 年底退休。官的頭銜，並於明年2 月初生效年。我很高興地宣布，鮑伯將在我們公司繼續擔任執行副總裁 10 個月。

During that time, he will support a smooth transition of CFO responsibilities, as well as continue to oversee our financial services business, our strategic partnerships and our asset management committee. Since its founding, PulteGroup's greatest strength has always been the talented people who work here. Reflecting this depth of exceptional people, I am proud to announce that Jim Ossowski, currently Senior Vice President of Finance, has been named as the company's next CFO.

在此期間，他將支援財務長職責的順利過渡，並繼續監督我們的金融服務業務、策略合作夥伴關係和資產管理委員會。自成立以來，普爾特集團最大的優勢始終是在這裡工作的人才。我很自豪地宣布，現任財務高級副總裁吉姆·奧索夫斯基 (Jim Ossowski) 被任命為公司下一任首席財務官，這體現了傑出人才的深度。

Jim has had an outstanding 22-year career at PulteGroup, during which time he has served as VP of Finance and Corporate Controller; VP of Finance, Home Building Operations; Area VP of Finance and Director of Corporate Audit. In his current role as SVP of Finance, he manages our Critical Asset Management Committee and FP&A function. Jim has been promoted to Executive Vice President and CFO effective February of 2025.

Jim 在 PulteGroup 擁有 22 年的傑出職業生涯，期間擔任財務副總裁和公司財務總監；住宅建築營運財務副總裁；區域財務副總裁兼公司審計總監。他目前擔任財務高級副總裁，負責管理我們的關鍵資產管理委員會和 FP&A 職能。 Jim 已晉升為執行副總裁兼財務官，自 2025 年 2 月起生效。

At that time, Jim will report directly to me and will have responsibility for our accounting, tax, audit, risk management, and treasury functions. In announcing these changes now, we ensure having plenty of time to implement a seamless transition of responsibilities.

屆時，吉姆將直接向我匯報，並負責我們的會計、稅務、審計、風險管理和財務職能。現在宣布這些變化是為了確保我們有足夠的時間來實現職責的無縫過渡。

Now, let me turn the call back to Jim.

現在，讓我把電話轉回給吉姆。

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 I'll ask Rob to again explain the process and we'll open the call for questions.

謝謝，瑞安。我們現在準備開始提問。因此，我們可以在本次通話的剩餘時間內回答盡可能多的問題，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，我將請 Rob 再次解釋該流程，然後我們將開始提問。

(Operator Instructions) Stephen Kim, Evercore ISI.

（操作員說明）Stephen Kim，Evercore ISI。

Yeah. Thanks very much guys. Congrats on the results, and congrats to Jim and Bob. I'm glad to hear that we got a great transition going. So congrats to everybody. Wanted to ask a couple of questions. If I could start off just by talking about your gross margin outlook, you indicated that you're going to be doing more in the West, I think, which is a little bit lower margin. And you also talked about on a longer-term basis, increasing your land banking initiative.

是的。非常感謝你們。祝賀結果，也祝賀吉姆和鮑伯。我很高興聽到我們正在順利過渡。所以恭喜大家。想問幾個問題。如果我可以先談談你們的毛利率前景，我認為你們表示你們將在西方做更多的事情，這是一個稍微低一點的利潤率。您還談到了從長遠來看，增加土地儲備計劃。

I was wondering if you could give us a sense, if you were to isolate the land banking, the increased use of land bankers, I know that this is going to take a little time to flow through all your results. But once that has happened and you reach the targeted level that you think land banking is going to represent in your mix, how much of a margin impact overall do you think that that alone would represent relative to where you are today?

我想知道你是否能給我們一個感覺，如果你要隔離土地儲備，增加土地儲備人員的使用，我知道這將需要一點時間來反映你的所有結果。但是，一旦發生這種情況，並且您達到了您認為土地儲備將在您的組合中代表的目標水平，您認為相對於您今天的情況，僅此一項就會對總體利潤率產生多大影響？

Yeah, Stephen, it's Ryan. Thanks for the question. Maybe the first part of the question about the margin in the balance of the year related to the West. We mentioned last quarter and it's continued into this quarter, the West has performed better than it had in prior period. So we've got a heavier mix of West Coast closings coming through. Those margins on a relative basis are a little bit lower. And so, we've factored that into the margin guide that we've given for Q3 and Q4. The margins are, I think you'll agree, incredibly strong at the levels that we've guided to.

是的，史蒂芬，我是瑞安。謝謝你的提問。也許有關年度餘額差額的問題的第一部分與西方有關。我們上個季度提到過，一直延續到本季度，西方的表現比上一季更好。因此，我們將迎來更多西海岸的關閉。相對而言，這些利潤率要低一些。因此，我們已將其納入我們為第三季和第四季提供的利潤指南中。我想你會同意，在我們指導的水平上，利潤率非常高。

As it relates to land banking, we're making great progress. The goal that we've laid out is to get from the historical 50% options that we've been running at to 70%, that incremental 20% move was going to be done with land bankers, where I highlighted in my prepared remarks, we're making great progress. It's steady, it's deliberate, and we're absolutely on the path to get to 70%.

就土地儲備而言，我們正在取得巨大進展。我們制定的目標是從我們一直在執行的歷史 50% 選項提高到 70%，增量 20% 的舉措將由土地銀行家完成，我在準備好的演講中強調了這一點，我們正在取得巨大進展。它是穩定的、經過深思熟慮的，我們絕對正走在達到 70% 的道路上。

In terms of the trade between margin and return, that's what we typically look at, is we're looking -- what we're ultimately looking for is we're looking for transfer of risk. And with that, we typically see somewhere between a 200- to 300-basis-point trade between margin and return. Every deal is unique. So to paint it with any more of a broad brush than that, I think wouldn't be fair. And then, the closing comment I'd make is, and I know you know this, Stephen, but we underwrite return, not the margin. Return is what we believe ultimately drives shareholder value.

就保證金和回報之間的交易而言，這就是我們通常關注的，我們最終尋找的是風險轉移。因此，我們通常會看到保證金和回報之間存在 200 到 300 個基點的交易。每筆交易都是獨一無二的。因此，用比這更廣泛的畫筆來描繪它，我認為是不公平的。然後，我要說的最後一句話是，我知道你知道這一點，史蒂芬，但我們承保回報，而不是保證金。我們認為回報是最終推動股東價值的因素。

Absolutely. Yeah. That's very helpful, that 20% increase and the 200 to 300 base point, which is also pretty standard across the industry. So that's helpful. I wanted to talk about cycle times, because also when you talk about returns, being able to build more quickly, and therefore, more efficiently also helps you in your return goals. Can you update us on where your cycle times sit today relative to, let's say, a pre-pandemic situation? And if you think there's additional opportunities there?

絕對地。是的。這非常有幫助，20% 的成長和 200 到 300 的基點，這也是整個產業的標準。所以這很有幫助。我想談談週期時間，因為當你談論回報時，能夠更快、更有效率地建立也有助於你實現回報目標。您能否向我們介紹一下您今天的周期時間相對於大流行前情況的最新情況？如果您認為那裡還有其他機會？

And wrapped up in that, can you give us an update on ICG? It's been a while since we've heard you talk about it. You've had it now for over about four years, I think. Just give us a sense for where that fits into the overall cycle time progression.

最後，可以為我們介紹一下 ICG 的最新情況嗎？我們已經有一段時間沒有聽到你談論這件事了。我想你已經擁有它大約四年多了。只需讓我們了解它在整個週期時間進程中的位置。

That's a great question, Stephen. So cycle time days in the quarter on closings were 123 days. So that's a pickup of about a week from where we were in Q1. I would tell you today, we've got a number of divisions where the cycle times are at or below that 100 day target that we've set for ourselves. But we do still have some divisions where it's elevated. I'd say trade availability is probably what's holding some of those divisions back.

這是一個很好的問題，史蒂芬。因此，本季結帳的週期時間天數為 123 天。因此，這比第一季的情況增加了大約一周。今天我想告訴您，我們有許多部門的周期時間等於或低於我們為自己設定的 100 天目標。但我們確實仍然有一些部門的地位有所提升。我想說的是，貿易可用性可能是阻礙其中一些部門發展的原因。

Looking forward as we look to the end of the year, we'll probably be slightly elevated over that 100-day target that we set, but we're working hard and we think we can get there in the first half of '25.

展望今年年底，我們的目標可能會略高於我們設定的 100 天目標，但我們正在努力工作，我們認為我們可以在 25 年上半年實現這一目標。

Steven, it's Ryan again. I'll take the ICG question. We're pleased with how ICG is performing. We've got two active plants, both located in the southeast part of the US. They do a mix of our business, along with other single family home builder business, and we have a decent amount of commercial business that runs through those plants as well, predominantly in the frame package for apartments. If there was a part of the ICG business that's lagging, it would be that commercial business with the slowdown in apartment, new apartment development or new apartment project starting.

史蒂文，又是瑞安。我將回答 ICG 的問題。我們對 ICG 的表現感到滿意。我們有兩個活躍的工廠，都位於美國東南部。他們混合了我們的業務以及其他單戶住宅建築商的業務，我們也透過這些工廠開展了大量的商業業務，主要是公寓的框架包。如果說 ICG 業務中有一部分是滯後的，那就是公寓、新公寓開發或新公寓專案啟動放緩的商業業務。

We do have a physical location secured and owned. Actually more than secured, we own a location for our third ICG plant. We have not started construction on that yet. We're just finalizing some of the design parameters for that new location. So as we have more details on that, we'll be sure to share it.

我們確實擁有一個安全且擁有的實體位置。事實上，我們擁有第三家 ICG 工廠的所在地，這不僅是安全的。我們還沒有開始建設。我們剛剛確定了新地點的一些設計參數。因此，當我們了解更多詳細資訊時，我們一定會分享。

We're pleased with not only the cycle time benefits we get out of ICG, the quality pick ups, better safety. We also think we get better costs just in the way that we're able to buy, particularly, lumber as it flows into the ICG plant. So happy with how that business is performing.

我們不僅對 ICG 帶來的週期時間優勢、品質提升和更好的安全性感到滿意。我們也認為，只要我們能夠購買，特別是流入 ICG 工廠的木材，我們就能獲得更好的成本。對業務的表現非常滿意。

Okay, great. Appreciate all the color guys.

好的，太好了。欣賞所有有顏色的人。

John Lovallo, UBS.

約翰‧洛瓦洛，瑞銀集團。

Good morning, guys. Thank you for taking my questions as well. You spoke about the uptick in inventory on the existing home side in certain markets like Southwest Florida and I think Texas you mentioned. Are these levels concerning to you? Are there any markets where that inventory is concerning? And are you seeing more of an impact on your move-up business versus your entry level, or how would you characterize that?

早上好傢伙。也感謝您回答我的問題。您談到了某些市場（如西南佛羅裡達州和德克薩斯州）現有房屋庫存的增加。這些級別與您有關嗎？是否存在與該庫存相關的市場？與入門級業務相比，您是否發現對升級業務的影響更大，或者您如何描述這一點？

Yeah, John, it's a good question. Probably the one market that's higher than what we'd ideally like to see would be Southwest Florida there. We've seen inventory, resale inventory levels approach about nine months with the benchmark or the equilibrium rate being six months. So we're a tad elevated. I wouldn't consider it concerning. That's been a very strong market for a long time. I think it continues to be a really desirable place for retirees and second homeowners.

是的，約翰，這是個好問題。可能比我們理想看到的價格更高的市場是佛羅裡達州西南部。我們已經看到庫存、轉售庫存水準接近九個月左右，而基準或均衡率是六個月。所以我們有點高調了。我不認為這有什麼關係。長期以來，這是一個非常強勁的市場。我認為它仍然是退休人員和第二房主真正理想的地方。

So I think that market had unprecedented price appreciation. Part of the reason that I think we're seeing some of the elevated inventory levels, the market will go through a bit of an adjustment. It'll find a clearing price and I'd expect inventory levels to come back to a more normal range.

所以我認為市場出現了前所未有的價格上漲。我認為我們看到庫存水準上升的部分原因是市場將經歷一些調整。它將找到一個清算價格，我預計庫存水準將回到更正常的範圍。

There are a few markets in Texas that I think are in similar situation. Austin, Dallas would be the two that I would probably highlight. I've also seen unprecedented growth in population jobs and resulting home price increases. But other than the nine months of inventory in Southwest Florida, there's probably nothing that I would characterize as concerning.

我認為德克薩斯州的一些市場也處於類似的情況。奧斯汀和達拉斯是我可能會重點強調的兩個地方。我還看到人口就業崗位空前成長以及隨之而來的房價上漲。但除了佛羅裡達州西南部九個月的庫存之外，可能沒有什麼值得我擔心的。

Yeah, just a minute. Something I might add to that. It's worth it to remember, they're selling a home, more often than not, that's also a buyer so it's not really net supply add to the market. It can influence pricing as much as anything else. And resale has always been our biggest competitor. We always have the -- we have the advantage today of being able to offer rate incentives to the buyer. So for the demand that's there, we are a compelling choice versus that resale inventory.

是的，請等一下。我可能會補充一些內容。值得記住的是，他們出售的房屋通常也是買家，因此並不是真正的淨供應增加到市場。它對定價的影響與其他因素一樣大。而轉售一直是我們最大的競爭對手。我們一直擁有——我們今天的優勢是能夠向買家提供價格激勵。因此，對於現有的需求，與轉售庫存相比，我們是一個令人信服的選擇。

Okay, that's helpful. And then, just on the cash flow, is $1.8 billion still the cash flow guide for the full year? You guys did, I think, $246 million of buybacks in the first quarter, another $314 million in the second quarter. How are you thinking about that cash flow in the back half and the ability to repurchase more shares?

好的，這很有幫助。那麼，僅就現金流而言，18億美元仍然是全年的現金流指引嗎？我認為，你們在第一季回購了 2.46 億美元，在第二季又回購了 3.14 億美元。您如何看待下半年的現金流以及回購更多股票的能力？

Well, certainly, our cash flow guide is still current. I think we've historically not given a view as to how much we're going to be repurchasing in the forward periods. We've let our actions speak for themselves. You can and should expect to see us continue to be in market.

嗯，當然，我們的現金流指南仍然是最新的。我認為我們歷來沒有考慮過我們將在未來時期回購多少股票。我們讓我們的行動不言而喻。您可以而且應該期待看到我們繼續進入市場。

Okay. Thank you, guys.

好的。感謝你們。

Anthony Pettinari, Citigroup.

安東尼佩蒂納裡，花旗集團。

Good morning, and congratulations to Bob and Jim. You indicated your guidance doesn't anticipate lower rates. And I'm just wondering if benchmark mortgage rates were to fall 50 bps or 100 bps, is it possible to quantify what that would do to gross margin, holding all else equal? And then, maybe, a harder question to answer. Do you get a sense that there's meaningful group of prospective buyers that are on the sidelines until we get a move in rates?

早安，祝賀鮑勃和吉姆。您表示您的指導意見預計利率不會降低。我只是想知道如果基準抵押貸款利率下降 50 個基點或 100 個基點，在其他條件相同的情況下，是否有可能量化這對毛利率的影響？然後，也許，一個更難回答的問題。您是否感覺到有一群有意義的潛在買家在我們調價之前處於觀望狀態？

Yeah. It's an interesting question and I wish I had a perfect answer for you, but a lot of it will depend on what is prompting that decline in rates. We've talked about this before. If the economy is healthy, lower rates are good, because it means that the consumer's wallet is still healthy and they still have a job. And the lower interest rate environment allows them to save some money. I think in that environment, we would expect to see margin's a tailwind because our incentive load likely goes down.

是的。這是一個有趣的問題，我希望能為您提供一個完美的答案，但這很大程度上取決於是什麼促使利率下降。我們之前已經討論過這個問題。如果經濟健康，較低的利率是好的，因為這意味著消費者的錢包仍然健康，他們仍然有工作。而較低的利率環境讓他們可以省下一些錢。我認為在這種環境下，我們預計利潤率將成為順風車，因為我們的激勵負擔可能會下降。

If it is in concert with that, we're worried about recessionary impacts, GDP not healthy, jobs not as solid as they are today, that has another influence. The other thing that factors into this is supply, right? We talked about it in some markets. It's a little bit more competitive. And so, there could be a scenario where we've made it clear, we want to sell homes and we're going to find the price that's going to get there.

如果與此一致，我們擔心經濟衰退的影響、國內生產毛額不健康、就業不像今天那麼穩定，這還有另一個影響。另一個影響因素是供應，對嗎？我們在一些市場上討論過這個問題。競爭稍微激烈一些。因此，可能會有一種情況，我們已經明確表示，我們想要出售房屋，並且我們將找到能夠達到的價格。

While we may be able to save a little bit of money on the incentive for the financing, we may be in a position where we're giving some of that in some other form of incentive. So like I said, I don't know, Ryan, if you want to comment, but the broader environment is important to that is just what happened to rates. We've always said rates are interesting, but they're only one element of the consumer equation.

雖然我們可能能夠在融資激勵措施上節省一點錢，但我們可能會以其他形式的激勵來提供其中一些資金。正如我所說，瑞安，我不知道你是否想對此發表評論，但更廣泛的環境對此很重要，這正是利率發生的情況。我們總是說費率很有趣，但它們只是消費者方程式的一個要素。

Okay, that's helpful. And then, sorry if I missed this, but in terms of stick and brick costs in the quarter, and then what your maybe second-half gross margin guidance assume or contemplates, can you just give us color on those trends?

好的，這很有幫助。然後，抱歉，如果我錯過了這一點，但就本季度的棒材和磚塊成本而言，以及您下半年的毛利率指導假設或考慮的內容，您能給我們介紹一下這些趨勢嗎？

The stick and brick costs in the second quarter were $80 per square foot, that's flat with the first quarter of this year. As we look ahead, we expect inflation to be manageable, maybe low-single digits over the balance of the quarter, affecting less.

第二季的木棒和磚塊成本為每平方英尺 80 美元，與今年第一季持平。展望未來，我們預期通膨將是可控的，在本季度剩餘時間可能會保持在個位數左右，影響較小。

And that's incorporated into the guide that we provided.

這已納入我們提供的指南中。

Yeah, and maybe worth highlighting, I think Jim's referencing primarily vertical. The land cost, we've talked about, high-single-digit increases through '24, also embedded in that guide.

是的，也許值得強調的是，我認為吉姆主要指的是垂直方向。我們已經討論過，土地成本在 24 年之前呈現高個位數增長，這也包含在該指南中。

Okay. That's very helpful. I'll turn it over.

好的。這非常有幫助。我會把它翻過來。

Michael Rehaut, JP Morgan.

麥可雷豪特，摩根大通。

Thanks. Good morning, everyone. And I also want to offer my congrats to Bob and Jim. First, I wanted to circle back to the comments around the shift of the business over time to more lot optioning. And just wanted to clarify the comments earlier, you said that when you move from a regular, perhaps owned land position to a lot bank land position, I just want to make sure we understood that right. That it shifts 200 to 300 basis points of gross margin, takes that out of gross margin but shifts it into return on equity, if we heard that right?

謝謝。大家，早安。我還要向鮑伯和吉姆表示祝賀。首先，我想回顧一下有關業務隨著時間的推移轉向更多批次選擇的評論。只是想澄清之前的評論，您說，當您從常規的、可能擁有的土地位置轉移到很多銀行土地位置時，我只是想確保我們正確理解這一點。它將毛利率改變了 200 到 300 個基點，將其從毛利率中剔除，但將其轉變為股本回報率，如果我們沒聽錯的話？

And if we're talking about a 20% shift of the business, effectively, 200 to 300 bps times 20%, we're talking about 40 to 60 bps impact of moving from gross margin to ROE. Just wanna make sure that we're understanding that correctly and if there's any other factors that we should consider in that longer term move to more lot optioning and land banking?

如果我們談論的是 20% 的業務轉變，實際上是 200 到 300 個基點乘以 20%，那麼我們談論的是從毛利率轉向 ROE 帶來的 40 到 60 個基點的影響。只是想確保我們正確理解這一點，以及從長遠來看，我們是否應該考慮任何其他因素，轉向更多的地段選擇和土地儲備？

Yeah. Hey, Mike. Yeah, it's Ryan. I think the way you've articulated is accurate, so I think you're understanding it right. I would reiterate that the 50% that we have in our business today of land options, those are land options with the underlying seller, and that's been the case for the last seven or eight years. So that's not a change. And going forward, we'd expect that to remain in that 50%-ish range. So the incremental optionality taking us from 50% to 70%, that's the piece that will have more land banking in it.

是的。嘿，麥克。是的，這是瑞安。我認為你表達的方式是準確的，所以我認為你的理解是正確的。我要重申的是，我們今天的業務中有 50% 是土地選擇權，這些是與相關賣方的土地選擇權，過去七八年都是如此。所以這不是一個改變。展望未來，我們預計這一比例將保持在 50% 左右的範圍內。因此，增量選擇性使我們從 50% 增加到 70%，這將有更多的土地儲備。

Yeah, maybe just one point of clarification. I'd rather we're speaking to the IRR on the transaction as opposed to our return on equity. Our equity gets influenced by lots of other things. It's also ultimately when you get to the parent level. But on a deal-by-deal basis, banks versus non-banks, it is roughly a 200- to 300-basis-point cost in margin. And then, a roughly 200- to 300-basis-point benefit to the return on that transaction.

是的，也許只是澄清一點。我寧願我們談論交易的內部報酬率，而不是我們的股本報酬率。我們的權益受到許多其他因素的影響。最終也是當你達到父母等級時。但就每筆交易而言，銀行與非銀行相比，保證金成本大約高出 200 到 300 個基點。然後，該交易的回報率將獲得大約 200 到 300 個基點的收益。

Great. Now, that's very helpful. And I think it's important to clarify that. Secondly, maybe looking at the balance sheet, I believe you still are running below your target levels, which, correct me if I'm wrong, I believe are the 20% to 30% debt-to-cap ratio, net debt more or less around zero the last several quarters. How should we think about the potential to maybe even getting that leverage back to your targeted range?

偉大的。現在，這非常有幫助。我認為澄清這一點很重要。其次，也許看看資產負債表，我相信你仍然低於目標水平，如果我錯了，請糾正我，我相信債務上限比率為 20% 至 30%，淨債務更多或過去幾個季度減少到零左右。我們應該如何考慮將槓桿率恢復到目標範圍的可能性？

What's the potential for that? I think as you're entering perhaps even a more of a tailwind type of macro backdrop to the extent that rates start coming down, how should we think about the balance sheet and the ability, particularly as you're shifting more and more towards lot optioning? What is the right amount of leverage. And to the extent that there's a potential to increase share repurchase as we've been thinking about this with other companies. How should we think about that for Pulte in the next several years?

這有什麼潛力？我認為，當你進入一個更順風的宏觀背景時，利率開始下降，我們應該如何考慮資產負債表和能力，特別是當你越來越多地轉向很多的時候選擇？多少槓桿才合適。在某種程度上，我們一直在與其他公司考慮這個問題，因此有可能增加股票回購。我們該如何看待普爾特在未來幾年的發展？

Yes, Mike, the way that I'd ask you to think about capital allocation is we look at the needs of the business first and foremost. And that starts with how much investment do we want to put into land? How much investment do we want to put into dividends? How much investment do we want to put into share repo and as evidenced in over the last couple of years, we've even been retiring debt. So we look at the collective needs of the business and then we think about how are we going to finance that.

是的，麥克，我要求您考慮資本配置的方式是我們首先考慮業務的需求。首先是我們想在土地上投入多少投資？我們要投入多少資金分紅？我們想在股票回購上投入多少投資，過去幾年的證據表明，我們甚至已經償還了債務。因此，我們會考慮企業的集體需求，然後考慮如何提供資金。

The business is performing incredibly well, and we've been generating great cash flow and that cash flow put us in a very favorable position where we haven't needed the levels of debt that we've historically used in the business. So I think we can all agree that having an appropriate amount of leverage in a business is advantageous and efficient from a return standpoint. That's part of the reason that we set our target rate at 20% to 30%.

業務的表現非常好，我們一直在產生大量的現金流，而現金流使我們處於非常有利的位置，我們不需要我們歷史上在業務中使用的債務水平。因此，我認為我們都同意，從回報的角度來看，在企業中擁有適當的槓桿是有利且有效率的。這就是我們將目標率設定為 20% 至 30% 的部分原因。

But we're not going to let the tail wag the dog here. We look at how we want to run the business, think about the capital that we need for that and then we look at how we're going to finance it. And in the position that we're in, we're in a great position to have lower leverage, lower debt and still do all of the things that we want to do strategically from an investment standpoint.

但我們不會在這裡讓尾巴搖狗。我們會考慮如何經營業務，考慮所需的資本，然後考慮如何為其融資。就我們目前所處的位置而言，我們處於有利的地位，可以降低槓桿率、降低債務，並且仍然可以從投資的角度進行我們想要策略性地做的所有事情。

So I take the position that we're in from an overall debt level any day of the week and twice on Sunday. Could the business absorb or handle more debt certainly but again, the number one priority is how do we want to run the business and then we go figure out how to finance it. Bob, anything else do you want to add to that?

因此，我根據一周中任何一天和周日兩次的總體債務水平來判斷我們所處的位置。企業肯定可以吸收或處理更多債務，但同樣，首要任務是我們希望如何經營企業，然後我們再考慮如何為其融資。鮑勃，你還有什麼要補充的嗎？

No, other than that furthering Ryan's point, as we get a more efficiently on pipeline, i.e., more optionality, I think, we get to a point where our cash flows better match our earnings. So less of the cyclicality on the balance sheet and the impact on cash flows from inventory changes, which is that the environment we operate today is going to generate a lot of cash. So it's not likely that we would be levering from here.

不，除了進一步推進瑞安的觀點之外，我認為，隨著我們的管道效率更高，即更多的選擇，我們的現金流與我們的收入更加匹配。因此，資產負債表上的周期性以及庫存變化對現金流的影響較小，這就是我們今天營運的環境將產生大量現金。因此，我們不太可能從這裡發揮槓桿作用。

Great. Thank you.

偉大的。謝謝。

Rafe Jadrosich, Bank of America.

拉夫·賈德羅西奇，美國銀行。

Hi. Good morning. Thanks for taking my questions. I just want to follow-up on some of the comments on Florida and Texas. Can you talk about what you would sort of attribute the slowdown and the higher inventory in those markets too? Like what's driving that? And then the comments on the price discovery process, where are we in that process? Have you seen prices correct already? Or is that something you would expect going forward?

你好。早安.感謝您回答我的問題。我只想跟進佛羅裡達州和德克薩斯州的一些評論。您能否談談您對這些市場經濟放緩和庫存增加的歸因？是什麼推動了這一點？然後是對價格發現過程的評論，我們在這個過程中處於什麼位置？您已經看到正確的價格了嗎？或者這是您期待的未來嗎？

Yes, Rafe, thanks for the question. I think what's created some of the increase in inventory is the unprecedented rise in price, which has caused some owners to become sellers for whatever reason. Those high prices have created a bit of an affordability challenge that prospective buyers are struggling to digest at this point. So as I mentioned on one of the prior questions, I think what happens here, there'll be a little bit of a price market clearing price adjustment process that will happen over time.

是的，拉夫，謝謝你的提問。我認為造成庫存增加的部分原因是價格的空前上漲，這導致一些業主出於某種原因成為賣家。這些高價格給潛在買家帶來了一些負擔能力的挑戰，目前他們正在努力消化這項挑戰。正如我在之前的一個問題中提到的，我認為這裡會發生什麼，隨著時間的推移，將會發生一些價格市場出清價格調整過程。

I think it takes a terribly long time. But over the next probably three, six, nine months, I would expect that market to work through some of the buildup of inventory. I'd point you to as an example, Austin. If you looked at the Austin market going back probably two years ago, a couple of years post-COVID unprecedented job growth, combined with unprecedented rise in sales prices, all of a sudden, the market came to a bit of a slowdown.

我認為這需要非常長的時間。但在接下來的三、六、九個月內，我預計該市場將解決一些庫存累積問題。我想舉個例子，奧斯汀。如果你回顧一下大約兩年前的奧斯汀市場，即新冠疫情爆發後的幾年，就業崗位空前增長，加上銷售價格空前上漲，突然間，市場出現了一些放緩。

We saw build in inventory. It took about six months for the market to work through some of that inventory and it settled back into a more normal run rate growth rate. So my expectation would be probably for something similar to happen as it relates to Southwest Florida.

我們看到了庫存的增加。市場花了大約六個月的時間來消化部分庫存，並恢復到更正常的運行速度成長率。因此，我預計佛羅裡達州西南部可能會發生類似的事情。

Thank you. That's really helpful. And then just on the gross margin guidance for the second half of the year, I think you were previously expecting sort of consistent 29% and through the back half, the expectation for the change in the outlook for the fourth quarter for sort of the exit rate, is that driven entirely by mix? Or are there other factors that are changing that expectation for the fourth quarter?

謝謝。這真的很有幫助。然後，就下半年的毛利率指引而言，我認為您預計之前會保持 29% 的穩定水平，而在下半年，對第四季度前景變化的預期會有所退出率，這完全是由混合驅動的嗎？或者有其他因素正在改變第四季的預期嗎？

Yes. It's really a combination of two primary things. One is it's the mix that we've highlighted. And to a degree, we saw that coming. So it was in the 29 area that we had given back at the end of the first quarter, but that has continued. So we've got a bigger mix number than we saw 90 days ago. And really, we've highlighted the market's gotten a little bit choppier and so we see that there's likely to be a little bit more incentive. We told you we've got homes to sell and close.

是的。它實際上是兩個主要事物的組合。一是我們強調的混合。在某種程度上，我們預見了這一點。因此，我們在第一節結束時就在29區進行了反擊，但這種情況仍在繼續。因此，我們的混合數量比 90 天前更大。事實上，我們已經強調市場變得有點波動，因此我們認為可能會有更多的激勵措施。我們告訴過你我們有房子要出售和關閉。

And so we're projecting that into our guide as well. I think it's worth highlighting the range that we've given now is a little bit lower, but it includes that same point that we had been at the beginning -- at the end of the first quarter. So I don't want anybody to misconstrue. We don't see a big change in market. This is really just circumstance driven.

因此，我們也將其納入我們的指南中。我認為值得強調的是，我們現在給出的範圍有點低，但它包括我們在開始時（第一季末）的相同點。所以我不想讓任何人誤解。我們沒有看到市場發生大的變化。這實際上只是環境驅動的。

Thanks for all the color.

感謝所有的顏色。

Thanks, Rafe.

謝謝，拉夫。

Alan Ratner, Zelman & Associates.

艾倫·拉特納，Zelman & Associates。

Hey guys. Good morning. My congrats to Bob and Jim as well. So I'm actually going to take the opposite side of the margin question because I actually think the guidance is pretty similar to your prior guide when you consider the moving pieces with the upside this quarter, what seems like a bit of a mix shift in the back half of the year. And I guess I was hoping you might reconcile that a little bit with the comments on Texas and Florida because those two states are a pretty sizable part of your business, over 40% of closings.

大家好。早安.我也祝賀鮑勃和吉姆。因此，我實際上要採取利潤率問題的反面，因為我實際上認為，當您考慮本季度的上行趨勢時，該指導與您之前的指南非常相似，這似乎有點混合轉變下半年。我想我希望您能將這一點與德克薩斯州和佛羅裡達州的評論相一致，因為這兩個州在您的業務中所佔的比例相當大，佔成交量的 40% 以上。

And it sounds like you're bracing maybe for a little bit of an incentive war, that's probably too strong of a word, but in the back half of the year in order to generate some volume. So I guess, my question or interpretation of the guidance is it feels like you're not necessarily factoring in that much of an incentive headwind in the back half of the year. So can you just talk through that a little bit?

聽起來你可能正在為一場激勵戰做好準備，這個詞可能太強烈了，但在今年下半年，為了產生一些銷售。所以我想，我對指導意見的問題或解釋是，感覺你不一定要考慮今年下半年的激勵阻力。能簡單談談嗎？

Yes, Alan, I think Bob's prior answer to Ray's question help to address that. Now I'd combine that with the comment that I made that we're not going to be margin proud. It's important for us to turn our assets, the demand environment and specifically, consumer confidence and affordability has been a little bit choppier.

是的，艾倫，我認為鮑勃之前對雷問題的回答有助於解決這個問題。現在我將把這一點與我的評論結合起來，即我們不會以利潤為榮。對我們來說，轉變資產很重要，需求環境，特別是消費者信心和負擔能力有點不穩定。

So the combination of a little bit more West Coast mix with a few markets where we think we're going to have to add in a few incremental incentives. We've given some incremental or some more finite range and where we think margins fall in Q4. The guide for Q3, we left unchanged at approximately 29%, and we just put a range around the fourth quarter to accommodate for some of the things that I just described.

因此，更多的西海岸與一些市場的結合，我們認為我們必須增加一些增量激勵措施。我們給出了一些增量或更有限的範圍，以及我們認為第四季度利潤率下降的範圍。第三季的指導，我們保持在大約 29% 不變，我們只是在第四季度左右設定了一個範圍，以適應我剛才描述的一些事情。

Okay. That's helpful. It just seems like it's pretty -- not too dissimilar from the outlook three months ago, even though maybe there's a little bit more conservatism in your outlook from what it sounds like at least in those two states.

好的。這很有幫助。這看起來很漂亮——與三個月前的前景並沒有太大不同，儘管你的前景可能比聽起來至少在這兩個州的情況更保守。

Well, Alan, maybe just one other point, I mean, we've got 13,000 units of backlog, the vast majority of which are going to deliver over the next six months. So we could see a lot of that. And to your point about forward incentive load, we already know what the incentives are on those homes. So it's really just --

好吧，艾倫，也許只是另一點，我的意思是，我們有 13,000 單位的積壓，其中絕大多數將在接下來的六個月內交付。所以我們可以看到很多這樣的事情。至於您對遠期激勵負載的觀點，我們已經知道這些房屋的激勵措施是什麼。所以這真的只是——

Got it. Okay. Got it. That's helpful. Second question is just a bit of a bigger picture, higher-level question. Some of your peers have put out reset long-term absorption targets for the business and raise that maybe from where the businesses have run historically. And those are for various reasons, maybe more of a spec mix, more entry level or just just better efficiencies.

知道了。好的。知道了。這很有幫助。第二個問題只是一個更大的、更高層次的問題。你的一些同行已經為企業制定了重新設定的長期吸收目標，並可能從企業歷史營運的角度提高這一目標。這些原因有很多，可能更多的是規格組合、更多入門級或只是更高的效率。

I'm curious, as you look at your return focus and obviously, the very strong margins, but the commentary about not being margin proud, is there an opportunity longer term to take the absorption run rate of your business higher compared to where it's run historically? And how much margin, if any, do you have to give up to achieve that?

我很好奇，當你看看你的回報焦點時，顯然，非常強勁的利潤率，但關於不以利潤率為傲的評論，是否有機會在長期內使你的業務的吸收運行率比其運行時更高歷史上？為了實現這一目標，您必須放棄多少利潤（如果有的話）？

Yes, Alan. I think the thing that I would probably reorient the focus would be around how difficult it is to have entitled land in this country. We're in an environment that is largely not in my backyard anti-growth environment both municipalities. So the land that we have entitled and we're able to develop become somewhat of a precious commodity, and we're treating it as such.

是的，艾倫。我認為我可能會重新調整焦點，圍繞在這個國家擁有土地的困難程度。我們所處的環境基本上不是我家後院的反成長環境，這兩個城市都是如此。因此，我們有權並且能夠開發的土地在某種程度上成為一種寶貴的商品，我們也這樣對待它。

And we're treating it as such and balancing pace and price to drive the best returns that we can because we fundamentally believe that's what creates shareholder value. And I think the last decade of performance from this company demonstrates just that. Growth is a very important part of our story. And it's part of the reason that in our last quarter, we laid out a multiyear growth target of 5% to 10% over a multiyear period. So for 2024, we're going to be at the higher end of that range for the business that we'll deliver in 2024.

我們正是如此對待它，並平衡速度和價格，以盡可能獲得最佳回報，因為我們從根本上相信這就是創造股東價值的原因。我認為這家公司過去十年的業績證明了這一點。成長是我們故事中非常重要的一部分。這也是我們在上一季制定了多年成長 5% 至 10% 的目標的部分原因。因此，到 2024 年，我們將在 2024 年交付的業務中處於該範圍的高端。

And then in my prepared remarks, I highlighted that for 2025, we'd expect to be within that range. So the way we've been investing capital, the way that we've been thinking about community level absorption and total volume deliveries out of the business are very much aligned with that 5% to 10% multi-year growth target. And I'd probably leave it there as opposed to going into by community absorption rates.

然後在我準備好的發言中，我強調，到 2025 年，我們預計會在這個範圍內。因此，我們投資資本的方式、我們一直在考慮社區層級吸收和業務總交付量的方式與 5% 至 10% 的多年成長目標非常一致。我可能會把它留在那裡，而不是進入社區吸收率。

Makes a lot of sense. I appreciate the comments.

很有道理。我很欣賞這些評論。

Thanks, Alan.

謝謝，艾倫。

Sam Reid, Wells Fargo.

薩姆·里德，富國銀行。

Awesome. Thanks so much, guys. One more question on Florida here. Just wanted to maybe hear your perspective or your latest perspective, I guess, I should say, on the insurance market. You generally build houses that are further inland obviously, to the latest building codes. But are you finding that higher insurance rates across the state are also potentially a driver behind some of the buyer trepidation there? Just wanted your perspective on that.

驚人的。非常感謝，夥計們。這裡還有一個關於佛羅裡達的問題。我想，我應該說，只是想聽聽您對保險市場的看法或最新看法。您通常會按照最新的建築規範建造更內陸的房屋。但您是否發現全州較高的保險費率也可能是部分買家感到不安的原因？只是想知道你對此的看法。

Yes, Sam, I think it's something that the entire country is grappling with, not just Florida. I think we've seen insurance rates go up in a number of states. Certainly, the issues are maybe more acute in the Florida markets. We are fortunate that we've got our own insurance agency. They do an amazing job. We have high capture rate and they're able to provide, not only provide insurance coverage, but to do it at a very attractive rate for the buyers that are buying in our communities.

是的，薩姆，我認為這是整個國家都在努力解決的問題，而不僅僅是佛羅裡達州。我認為我們已經看到許多州的保險費率上漲。當然，佛羅裡達市場的問題可能更為嚴重。我們很幸運，我們有自己的保險機構。他們做得非常出色。我們的捕獲率很高，他們不僅能夠提供保險，而且能夠以對在我們社區購買的買家非常有吸引力的價格提供保險。

To your point, our homes are built to the most up-to-date code. They're more resilient, both in terms of building materials, but also in terms of how they handle rain events and rising water type events because of the way that we manage land development, on-site retention, drainage, et cetera. So I think it's not to be dismissed, but it's not something that's having an impact on our ability to sell homes. The other thing that I would highlight at least with a lot of Florida buyers, typically, you've got somebody that already lives in Florida.

就您而言，我們的房屋是按照最新的規範建造的。它們更具彈性，無論是在建築材料方面，還是在如何處理降雨事件和水位上升事件方面，這都取決於我們管理土地開發、現場保留、排水等的方式。所以我認為這不能被忽視，但這並不會影響我們出售房屋的能力。我至少要向佛羅裡達州的許多買家強調的另一件事是，通常情況下，有人已經住在佛羅裡達州了。

They're selling the home in Florida, and they might be moving to another location. So they've had insurance. They've been paying on a relative basis, higher insurance rates. And so there's not necessarily a shock there. There's also, as it relates to buyers that are coming in from outside of the State of Florida. They may be on a relative basis to where they're leaving, they might be paying higher rates, but there are other benefits that they might be picking up in terms of lower property tax rates, no state income tax. So there is some -- you don't have to shovel snow and things like that. So there's some puts and takes to insurance rates.

他們正在出售佛羅裡達州的房屋，並且可能會搬到另一個地方。所以他們有保險。他們一直在相對基礎上支付更高的保險費率。因此，這並不一定會令人震驚。還有，因為它涉及來自佛羅裡達州以外的買家。他們可能會相對於他們離開的地方而言，他們可能會支付更高的稅率，但他們可能會獲得其他好處，例如較低的財產稅率，沒有州所得稅。所以有一些——你不必鏟雪之類的事情。因此，保險費率存在一些看跌期權和期權。

No, that helps. And then just maybe switching gears and touching on land really quickly here. And this is more of a clarification question. It sounds like you're talking to more of a high single-digit increase in land costs this year. At least that's what's hitting your P&L and flowing through the gross margin. First of all, I just want to make sure I'm hearing that correctly. And then does that represent any change from your earlier your commentary? Because I believe the original expectation was for that to be closer to, let's call it, mid to high single-digits. Just want to make sure we're thinking of that correctly. Thanks.

不，這有幫助。然後也許就可以在這裡快速切換齒輪並接觸陸地。這更多的是一個澄清問題。聽起來你談論的是今年土地成本的高個位數成長。至少這是影響你的損益表和毛利率的因素。首先，我只是想確保我沒有聽錯。那麼這是否代表您先前的評論有任何變化？因為我相信最初的期望是接近（我們稱之為）中高個位數。只是想確保我們的想法是正確的。謝謝。

Yes. Apologies if we weren't clear. We haven't changed our cost estimates for land. I may be guilty of saying high single-digits versus mid to high single-digits. It means the same thing. And I apologize, it's somewhere between 5% and 10%.

是的。如果我們不清楚的話，我們深表歉意。我們沒有改變土地的成本估算。我可能會因為說高個位數與中高個位數而感到內疚。這意味著同樣的事情。抱歉，這個比例在 5% 到 10% 之間。

Got you. That helps. Thanks so much. I'll pass it on.

明白你了。這有幫助。非常感謝。我會把它傳遞下去。

Mike Dahl, RBC Capital Markets.

麥克·達爾，加拿大皇家銀行資本市場部。

Good morning. Thanks and congrats, Bob and Jim. Bob, I guess you're not free of us all quite yet.

早安.謝謝並祝賀鮑勃和吉姆。鮑勃，我想你還沒有擺脫我們所有人的束縛。

Not quite yet.

還沒有完全。

Sometimes. A couple of quick ones from my end. You characterized the July traffic as solid. Obviously, some moving pieces around rates over the past month and then normal seasonality, you would flow. I think your absorption would typically be down mid-teens quarter-on-quarter in the third quarter. Just given all the attention from investors and analysts like can you give a little more clarity on how the beginning of 3Q has looked? And are you trying to characterize this as against what was choppy, solid is consistent with what you'd expect that are worth. How would you further clarify that?

有時。我的最後幾個快速的。您將 7 月份的流量描述為穩定。顯然，一些圍繞著過去一個月的匯率以及正常季節性的變化，你會流動。我認為第三季的吸收率通常會比季度下降百分之十左右。鑑於投資者和分析師的所有關注，您能否更清楚地介紹一下第三季初的情況？您是否試圖將其描述為與不穩定的事物相對應的事物，堅實的事物與您期望的價值一致。您將如何進一步澄清這一點？

Yes, Mike, it's always tricky when we're giving qualitative descriptions about three weeks of traffic in July. So we try to choose our words carefully. The second quarter, I think, you've heard from us and you've heard from others that have reported. It was choppy throughout the quarter. But things in early July, three weeks in, have been solid, and we're pleased with how the business is performing.

是的，麥克，當我們對 7 月三週的流量進行定性描述時，這總是很棘手。所以我們盡量謹慎選擇我們的用詞。我認為，第二季度，您已經收到了我們的訊息，也收到了其他人的報告。整個季度的情況都很不穩定。但七月初（三週後）的情況一直很穩定，我們對業務表現感到滿意。

And probably the biggest thing that I'd want you to focus on is our reaffirmation of how we view the business for the entire year, our start rate, what we believe we can deliver and how that sets us up for 2025. So certainly, three weeks of data in July, I know they're important. I know there's a lot of focus on it. But I think the bigger picture of what's the full year of '24 are going to look like, how are we thinking about 2025. Those are the things that I think are probably more important.

我希望你們關注的最重要的事情可能是我們重申我們如何看待全年業務、我們的起始率、我們相信我們可以交付什麼以及這如何為我們 2025 年做好準備。的數據，我知道它們很重要。我知道有很多人關注它。但我認為 24 年全年的大局將會是什麼樣子，我們如何看待 2025 年。

Yes. Okay. Understood and fair. And then just sorry to keep going on the Florida and Texas stuff, but just as a level setting exercise. If we look at the orders, your Florida orders were down 9%, your Texas down 8% in the quarter. Is there any way you could give us some additional perspective on in those challenged markets in Southwest Florida and Austin, Dallas? How was the order performance in those markets, specifically in the quarter?

是的。好的。理解且公平。然後很抱歉繼續討論佛羅裡達州和德克薩斯州的事情，但這只是作為一個水平設定練習。如果我們看一下訂單，本季度佛羅裡達州的訂單下降了 9%，德克薩斯州的訂單下降了 8%。對於佛羅裡達州西南部和達拉斯奧斯汀這些充滿挑戰的市場，您有什麼方法可以給我們一些額外的看法嗎？這些市場的訂單表現如何，特別是在本季？

Yes. Mike, the only thing that I'd probably point to there, Bob talked about in his prepared remarks, some of the Del Webb impact in the quarter. Both of those markets are big markets for Del Webb. So beyond some of the community count transition, the community count transition that we're having with some closing and new Del Webbs opening, I wouldn't really go any more granular than that.

是的。麥克，我可能會指出的唯一一件事，鮑勃在他準備好的講話中談到了德爾韋伯在本季度的一些影響。這兩個市場對德爾·韋伯來說都是大市場。因此，除了一些社區計數轉變之外，我們在一些關閉和新的德爾·韋伯斯開幕時所進行的社區計數轉變，我不會比這更具體。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Susan Maklari, Goldman Sachs.

蘇珊·馬克拉里，高盛。

Good morning, everyone. Thanks for squeezing me in. My first question is, you mentioned in your comments that the consumer is a bit more unsure, a bit more cautious. How would you generally characterize the health of them as you come into the third quarter and think about the back half? And what do you think is causing that increased caution? Is there anything that you're hearing from your salespeople on the ground that seems to be a more motivating factor in there for them?

大家，早安。感謝您邀請我參與。當您進入第三季並考慮後半段時，您通常會如何描述他們的健康狀況？您認為是什麼導致了人們更加謹慎？您從當地銷售人員那裡聽到的任何事情似乎對他們來說是更具激勵性的因素嗎？

Yes, Susan, good morning. Thanks for the question. I think it's really around two things. One, psychology and consumer confidence. So when rates uptick in early -- early April, I think that had a real impact in the confidence level of consumer when it comes to is now the right time to buy. We do some surveying on our website with prospective buyers when we ask that question.

是的，蘇珊，早安。謝謝你的提問。我認為這實際上與兩件事有關。一、心理與消費者信心。因此，當四月初利率上升時，我認為這對消費者的信心水平產生了真正的影響，因為現在是購買的最佳時機。當我們提出這個問題時，我們會在我們的網站上對潛在買家進行一些調查。

How do you feel about now is a good time to buy. And it was right in that time period that we saw a noticeable change in response to that question. So some of what, I think, is just the rate change and the things that people are hearing in the news and reading in the newspapers. Some of it is impacted by affordability, how much is attributable to one versus the other hard to know. So I think the prospect that potentially rates might come down later in the year. I think that similarly could play into consumer confidence of buyer psychology in a positive way.

您感覺如何，現在是購買的好時機。正是在那個時期，我們看到這個問題的回答有了明顯的改變。因此，我認為，其中一些只是利率變化以及人們在新聞中聽到和在報紙上讀到的事情。其中一些受到負擔能力的影響，很難知道其中有多少是由其中一個因素造成的。因此，我認為今年稍後利率可能會下降。我認為這同樣可以以正面的方式增強消費者對買家心理的信心。

Okay. That's helpful. And then you also mentioned that you recently reentered Utah. As you think about the -- your current geographic footprint and hitting that 5% to 10% growth target over time, how do you think about the current markets that you're in, are there more markets that perhaps could fit your profile for some of the products that you offer? And anything else that's interesting to you out there from a market or geographic perspective?

好的。這很有幫助。然後你也提到你最近重新進入了猶他州。當您考慮您目前的地理足跡並隨著時間的推移實現 5% 到 10% 的成長目標時，您如何看待您目前所處的市場，是否有更多市場可能適合您的某些情況您提供的產品有哪些？從市場或地理角度來看，您還有什麼感興趣的嗎？

Yes, we're always looking at where is the population going? And are there new growth cities that could create interesting opportunities for us. With the seven markets that we've entered over the last two or three years, I think we've -- we're in all of the markets that we need to be in today.

是的，我們一直在關注人口去了哪裡？是否有新的成長城市可以為我們創造有趣的機會。透過過去兩三年我們進入的七個市場，我認為我們已經進入了今天需要進入的所有市場。

Could there be opportunities down the road? Sure, I never close that off, but we don't have any remaining major growth cities that I think we've got to get into. And then as it relates to the cities that we're in and the growth targets, we're pleased with how all those cities are performing. And they're small, relatively smaller businesses today and our view of growth in those new markets, that's all embedded into our 5% to 10% growth rate.

未來會有機會嗎？當然，我從來沒有關閉過它，但我們沒有任何剩餘的主要成長城市，我認為我們必須進入。然後，由於它與我們所在的城市和成長目標有關，我們對所有這些城市的表現感到滿意。如今，它們規模較小，規模相對較小，而我們對這些新市場成長的看法，都體現在我們 5% 到 10% 的成長率中。

Okay. Thanks for the color and good luck with everything.

好的。感謝您的顏色，祝一切順利。

Thanks, Susan.

謝謝，蘇珊。

And that concludes our question-and-answer session. I will now turn the call back over to Jim Zeumer for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回吉姆·祖默 (Jim Zeumer) 作結束語。

Thank you. Appreciate everybody's time this morning. We're certainly around and available at the remainder of the day. If you have any questions, please submit them. And otherwise, we will look forward to speaking with you on our next call.

謝謝。感謝大家今天早上的時間。我們當然會在當天剩餘的時間為您服務。如果您有任何疑問，請提交。否則，我們將期待在下次通話中與您交談。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。