普爾特房屋 (PHM) 2025 Q2 法說會逐字稿

Good morning, and thank you for standing by. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to the PulteGroup Inc., second-quarter 2025 earnings conference call. (Operator Instructions)

早安，感謝您的支持。我叫珍妮，今天我將擔任您的會議接線生。現在，我歡迎大家參加 PulteGroup Inc. 2025 年第二季財報電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Jim Zeumer. Please go ahead.

謝謝。現在我想把電話轉給 Jim Zeumer。請繼續。

Thank you, Jenny. Good morning, and thank you for joining today's call as we look forward to discussing PulteGroup's second-quarter operating and financial results. With me today are Ryan Marshall, President and CEO; Jim Ossowski, Executive Vice President and CFO; and David Carrier, Senior VP of Finance.

謝謝你，珍妮。早安，感謝您參加今天的電話會議，我們期待討論 PulteGroup 的第二季度營運和財務業績。今天與我一起出席的有總裁兼執行長 Ryan Marshall、執行副總裁兼財務長 Jim Ossowski 和財務高級副總裁 David Carrier。

As always, a copy of our earnings release and this morning's presentation have been posted to our corporate website at pultegroup.com. We will also post an audio replay of this call later today. I will highlight that today's presentation includes forward-looking statements about the company's expected future performance.

與往常一樣，我們的獲利報告和今天早上的簡報已發佈在我們的公司網站 pultegroup.com 上。我們也將在今天稍晚發布本次電話會議的音訊回放。我要強調的是，今天的演示包含有關公司預期未來業績的前瞻性陳述。

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.

實際結果可能與我們今天的評論所暗示的結果有重大差異。今天的收益報告和隨附的簡報中總結了可能影響未來結果的最重要風險因素。

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

這些風險因素和其他關鍵資訊在我們提交給美國證券交易委員會的文件中詳細說明，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，讓我將電話轉給瑞安馬歇爾 (Ryan Marshall)。瑞安？

Good morning, and thank you for joining our call. As always, I appreciate the opportunity to update you on PulteGroup and our work in delivering outstanding business results. PulteGroup's earnings release details another quarter of positive financial performance that the company delivered strong closings, gross margins and overhead leverage.

早安，感謝您參加我們的電話會議。像往常一樣，我很高興有機會向您介紹 PulteGroup 以及我們為實現出色的業務成果所做的工作。PulteGroup 的收益報告詳細說明了該公司又一個季度的積極財務業績，即公司實現了強勁的收盤價、毛利率和管理費用槓桿。

Consistent with such results, we also continue to realize high returns as the company generated a return on equity of 23% for the trailing 12 months ended June 30. In a few minutes, I'll turn the call over to Jim for a detailed review of the numbers.

與這樣的業績一致，我們也持續實現高回報，因為該公司在截至 6 月 30 日的 12 個月內實現了 23% 的股本回報率。幾分鐘後，我將把電話轉給吉姆，讓他詳細審查這些數字。

Our results demonstrate that in an operating environment that has grown more challenging, our diversified and balanced operating model offer strategic benefits to help sustain performance. In this competitive operating environment, we are reaping the advantages of being diversified across all buyer groups, particularly our industry-leading position in serving active adult buyers.

我們的結果表明，在日益嚴峻的經營環境中，我們多元化、均衡的營運模式能夠提供策略優勢，幫助維持績效。在這種競爭激烈的經營環境中，我們因在所有買家群體中實現多元化而獲得了優勢，尤其是我們在服務活躍成年買家方面佔據行業領先地位。

Specific to this group, I am pleased to report that we are experiencing a great response to our newest Del Webb and Del Webb Explorer communities as buyers embrace the active lifestyle at the core of both brands. As it relates to this part of our business, I would highlight that along with being among our higher priced homes, these homes typically represent our highest margin closings. Along with the broad customer base, we have geographic breadth and market diversity that are again proving their value.

針對這個群體，我很高興地報告，我們最新的 Del Webb 和 Del Webb Explorer 社群獲得了熱烈的反響，因為買家接受了這兩個品牌核心的積極生活方式。就我們業務的這一部分而言，我想強調的是，這些房屋不僅是我們價格較高的房屋，而且通常代表著我們最高的利潤率。除了廣泛的客戶群之外，我們的地理範圍和市場多樣性也再次證明了它們的價值。

Our business results continue to demonstrate the benefit of having large and stable operations in the Midwest, Southeast and Northeast, as these work to offset some of the more challenging market conditions the industry is facing out West and in Texas. And I'm pleased to highlight the relative strength of our Florida operations displayed in the quarter as net new orders increased 2% over last year.

我們的業務成果繼續證明了在中西部、東南部和東北部擁有大規模和穩定業務的好處，因為這些業務可以抵消該行業在西部和德克薩斯州面臨的一些更具挑戰性的市場條件。我很高興地強調我們佛羅裡達州業務在本季度表現出的相對強勁，淨新訂單比去年增長了 2%。

Beyond Florida remaining a beneficiary of long-established migration patterns in this country, we have exceptional land positions throughout the region. I would also highlight that our operating teams across Florida are second to none, and I truly believe we are seeing the importance of having such experienced leadership in place.

除了佛羅裡達州仍然是這個國家長期移民模式的受益者之外，我們在整個地區還擁有優越的土地位置。我還要強調的是，我們在佛羅裡達州的營運團隊是首屈一指的，我堅信我們已經看到了擁有這樣經驗豐富的領導的重要性。

And finally, our ability to serve both the buyer who needs the immediacy of an in-production spec home as well as the buyers seeking to build a more personalized home from scratch remains an important competitive advantage. The former allows us to effectively serve the first-time buyer and use our national rate incentive, while the latter allows the buyer to select a lot and the options that they value most, which in turn provides margin enhancement opportunities for us.

最後，我們能夠同時為需要立即擁有生產樣品屋的買家以及尋求從頭開始建造更個性化住宅的買家提供服務，這仍然是我們重要的競爭優勢。前者使我們能夠有效地服務首次購房者並利用我們的全國利率激勵，而後者允許買家選擇他們最重視的地段和選項，這反過來為我們提供了提高利潤的機會。

Through the first half of 2025, we realized an average of $109,000 of options and lot premiums which is an important driver of PulteGroup superior gross margins. The half of the year, including the important spring selling season now complete, I thought it would be useful to offer a few high-level comments on the demand dynamics we have been experiencing.

到 2025 年上半年，我們實現了平均 109,000 美元的選擇權和地塊溢價，這是 PulteGroup 卓越毛利率的重要驅動力。今年上半年，包括已經結束的重要春季銷售季，我認為就我們所經歷的需求動態提供一些高層次的評論是有用的。

Over the past few quarters, our industry has routinely referenced demand conditions being volatile and that remains the most accurate description of buyer activity in the first and second quarters. Within a market demonstrating a typical seasonal pattern from month to [home], we do see days of strong demand followed by days displaying a step-down in sign up activity.

在過去的幾個季度中，我們的行業經常提到需求狀況不穩定，這仍然是對第一季和第二季買家活動最準確的描述。在一個從月份到[首頁]表現出典型季節性模式的市場中，我們確實看到需求強勁的日子，隨後是註冊活動下降的日子。

Feedback from would-be homebuyers indicates a variety of concerns ranging from affordability and the inability to sell an existing home to a slowing economy and the fear of potentially losing their job. And some, I think consumer confidence is uncertain at best and confidence is something that's difficult to solve with a lower price or higher incentive. This is where our disciplined approach to the market focuses on capturing incremental volume without giving up too much price.

潛在購屋者的回饋表明，他們有各種各樣的擔憂，包括負擔能力、無法出售現有房屋、經濟放緩以及擔心可能失去工作。而有些人，我認為消費者信心充其量是不確定的，而信心是很難透過降低價格或提高激勵來解決的。我們對市場的嚴謹態度致力於在不放棄太多價格的情況下獲取增量銷售。

If we look beyond the day-to-day volatility, the overall demand environment isn't far off our historical pre-COVID absorption paces. Our Q1 absorption pace of 2.7 homes per month was consistent with our pre-COVID averages, while our Q2 absorptions of 2.4 homes per month were just under our 2.6 pre-COVID average. In other words, our demand is reasonable, but we are happy to compete for each home sale, and we are seeing meaningful differences in demand strengths and weaknesses from market to market.

如果我們不去關注日常波動，整體需求環境與疫情之前的歷史吸收速度相去不遠。我們第一季的吸收速度為每月 2.7 套房屋，與新冠疫情之前的平均水平一致，而第二季度的吸收速度為每月 2.4 套房屋，略低於新冠疫情之前 2.6 套房屋的平均水平。換句話說，我們的需求是合理的，但我們樂於為每筆房屋銷售進行競爭，並且我們看到不同市場的需求優勢和劣勢存在顯著差異。

One of the most encouraging dynamics that I would highlight is that a drop in interest rates does stimulate traffic into our communities and a corresponding increase in sign of activity. This was clearly evident as rates dropped in the last two weeks of June as well as at different points during our first and second quarters. I think this supports our view that people desire home ownership and remain actively engaged in the process. They just need to value equation to work and to have confidence in their financial circumstances to feel more comfortable signing the contracts.

我要強調的最令人鼓舞的動態之一是，利率下降確實刺激了我們社區的客流量，並相應增加了活動跡象。這一點顯而易見，因為 6 月最後兩週以及第一季和第二季的不同時間點的利率均有所下降。我認為這支持了我們的觀點，即人們渴望擁有自己的房子並積極參與這個過程。他們只需要重視方程式，並對自己的財務狀況有信心，就能更放心地簽訂合約。

Given the demand conditions we have experienced in the first six months and an overall heightened sense of uncertainty among consumers, we have taken actions to adjust our operations to today's market conditions. We made the decision early in the year to slow our land spend, reduce our starts rate and we have worked aggressively to sell excess spec inventory. We have been proactive and very tactical in responding to demand conditions as they exist in each market.

鑑於前六個月我們經歷的需求狀況以及消費者整體不確定性的增強，我們已採取行動根據當今的市場狀況調整營運。我們在今年年初就決定減少土地支出、降低開工率，並積極出售過剩的規格庫存。我們一直積極主動並富有策略地應對每個市場存在的需求狀況。

Our focus on achieving high returns doesn't change, but the approach may as we balance the primary drivers of pace and price within each community. Before turning the call over to Jim, I do want to recognize and thank our incredibly talented team as they continue to deliver the highest quality homes and customer experience while still achieving exceptional financial results.

我們對實現高回報的關注不會改變，但隨著我們平衡每個社區內速度和價格的主要驅動因素，方法可能會改變。在將電話轉給吉姆之前，我確實想認可並感謝我們才華橫溢的團隊，他們繼續提供最高品質的住宅和客戶體驗，同時仍然取得卓越的財務業績。

Now let me turn the call over to Jim Ossowski.

現在，讓我將電話轉給吉姆·奧索夫斯基。

Thank you, and good morning. As Ryan indicated, while there are challenges within today's housing market, there are certainly positives [to be taken] PulteGroup's second-quarter results and how we have positioned our business for long-term success. Net new orders in the second quarter totaled 7,083 homes, which is down 7% from last year's second quarter.

謝謝，早安。正如 Ryan 所指出的，儘管當今的房地產市場存在挑戰，但 PulteGroup 第二季度的業績以及我們如何定位我們的業務以取得長期成功肯定也存在積極的方面。第二季淨新訂單總計7083套房屋，較去年第二季下降7%。

The year-over-year decline in net new orders for Q2 reflects a 13% decrease in overall absorption pace, partially offset by a 6% increase in our average community income for the quarter to 994. As a percentage of starting backlog, our cancellation rate for the second quarter was 11%, which is consistent with Q1 and only 1.5 point increase from Q2 of last year. Stability in the cancellation rate suggests that most homebuyers remain comfortable and confident completing their home purchase once they are under contract.

第二季淨新訂單年減反映出整體吸收速度下降了 13%，但本季我們社區平均收入成長了 6%，達到 994，部分抵銷了這一下降。作為起始積壓訂單的百分比，我們第二季的取消率為 11%，與第一季一致，僅比去年第二季增加 1.5 個百分點。取消率的穩定表明大多數購房者在簽訂合約後仍然感到舒適和自信地完成購房。

Our second-quarter absorption pace of 2.4 homes per month was down from 2.7 homes per month in Q2 of last year. The year-over-year differential of roughly [three] homes is fairly constant through the three months of Q2. Said another way, we experienced a typical seasonal trend, and the core demand is simply running at a lower pace this year.

我們第二季的吸收速度為每月 2.4 套住房，低於去年第二季的每月 2.7 套住房。在第二季的三個月中，大約 [三] 套房屋的年比差異相當穩定。換句話說，我們經歷了典型的季節性趨勢，今年核心需求的成長速度較低。

Looking at our net new orders by buyer group. The first time in move-up buyers were down 9% and 14%, respectively, from last year, while our active adult business was up 9%. Specific to our active adult business, in addition to the underlying demand among these buyers, we are benefiting from new community openings coming online this year. To be clear, while these active adult orders make up 24% of the total this quarter, they will primarily deliver its 2026 closing. It is fair to say that we are pleased to see the new Del Webb communities being well received.

按買家群體查看我們的淨新訂單。首次升級購買者的數量分別比去年下降了 9% 和 14%，而我們的活躍成人業務卻增加了 9%。具體到我們的活躍成人業務，除了這些買家的潛在需求之外，我們還受益於今年上線的新社區開放。需要明確的是，雖然這些活躍的成人訂單佔本季總量的 24%，但它們主要將在 2026 年交付。公平地說，我們很高興看到新的 Del Webb 社區受到熱烈歡迎。

Second-quarter home sale revenues of $4.3 billion were down 4% from prior year revenues of $4.4 billion. The decrease in home sale revenues was driven entirely by lower closing volume as deliveries were down 6% to 7,639 homes. The decrease in [closing] was partially offset by a 2% increase in average sales price of $559,000. By buyer group, closings in the second quarter were 38% first time, 42% move up and 20% active adult.

第二季房屋銷售收入為 43 億美元，較去年同期的 44 億美元下降 4%。房屋銷售收入的下降完全是由於成交量下降，交付量下降 6% 至 7,639 套。成交量的下降被平均銷售價格 559,000 美元的 2% 上漲部分抵消。按買家群體劃分，第二季成交率為首次購屋者 38%、升級購屋者 42% 和活躍成年人購屋者 20%。

In the second quarter of last year, the closings mix was 40% first time, 37% move up, and 23% active adult. Given second-quarter orders and closing activities, we ended the quarter with a backlog of 10,779 homes valued at $6.8 billion. In comparable prior year period, company's backlog totaled 12,982 homes, with a value of $8.1 billion.

去年第二季度，成交量構成：首次成交量 40%、向上移動成交量 37%、活躍成年人成交量 23%。考慮到第二季的訂單和成交活動，我們在本季結束時積壓了 10,779 套房屋，價值 68 億美元。去年同期，該公司的積壓房屋總數為 12,982 套，價值 81 億美元。

In the second quarter, we started 7,220 homes, which is down 11% from the 8,146 homes we started in the second quarter of 2024. Given the volatility and demand that we have experienced thus far in 2025, we continue to carefully manage our start base to better align our available inventory with current rate of sales.

第二季度，我們開工了 7,220 套房屋，比 2024 年第二季的 8,146 套房屋下降了 11%。鑑於我們在 2025 年迄今為止所經歷的波動和需求，我們將繼續謹慎管理我們的起始基礎，以使我們的可用庫存更好地與當前的銷售率保持一致。

As such, we ended Q2 with a total of 16,105 homes in production, of which 47% were spec homes. On a sequential basis, our inventory of 7,606 spec homes under production, is down 3% from the first quarter and up 13% from the start of the year.

因此，我們在第二季結束時共建造了 16,105 套房屋，其中 47％ 為樣品屋。以環比計算，我們正在生產的 7,606 套樣品屋庫存比第一季下降 3%，比年初增加 13%。

Based on expected home sales and starts, we anticipate our spec inventory to be within our target range of 40% to 45% of overall units in production by year-end. In managing specs, we are trying to achieve multiple objectives including having enough units to meet buyer demand, while still allowing our sales counselors to sell from a position of strength.

根據預期的房屋銷售量和開工量，我們預計到年底我們的規格庫存將達到總生產單位數的 40% 至 45% 的目標範圍。在管理規格時，我們試圖實現多個目標，包括擁有足夠的單位來滿足買家的需求，同時仍允許我們的銷售顧問從優勢地位進行銷售。

As the market evolves over the third and fourth quarters, we'll be making decisions as to how much production to start as we plan ahead for 2026. Given the recent pace of sales and stage of units under construction, we currently expect to close between 7,200 and 7,600 homes in the third quarter. As it relates to the full year, given our level of backlog and a slightly lower absorption paces we have realized over the past several months, we are refining our full-year 2025 closing guide to 29,000 homes.

隨著第三季和第四季市場的變化，我們將在規劃 2026 年時決定啟動多少產量。鑑於最近的銷售速度和在建房屋的階段，我們目前預計第三季將售出 7,200 至 7,600 套房屋。就全年而言，考慮到我們的積壓水平以及過去幾個月我們實現的略低的吸收速度，我們正在將 2025 年全年成交指南調整為 29,000 套房屋。

We still expect the average sales price of closings to be in the range of $560,000 and $570,000 each in the remaining quarters and in turn for the full year. Consistent with our prior guidance, we expect our Q3 and Q4 average community count to be 3% to 5% higher than the comparable prior year period. For our second quarter, we are reporting gross margin of 27.0%, which is at the top end of our guide.

我們仍然預計，剩餘季度以及全年的平均成交價格將在 560,000 美元至 570,000 美元之間。與我們先前的指導一致，我們預計第三季和第四季的平均社群數量將比去年同期高出 3% 至 5%。我們報告的第二季毛利率為 27.0%，處於我們預期的最高水準。

Relative to our guidance, our Q2 gross margin reflects both the benefit of a favorable mix of homes closed as well as the headwind of higher incentives. Incentives for the second quarter were 8.7% of gross sales price which is up from 6.3% last year and, on a sequential basis, up from 8.0%. As we assess the back half of 2025, we are affirming our guidance as we expect gross margins in the third and fourth quarters to be in the range of 26.0% to 26.5%.

相對於我們的預期，我們的第二季毛利率既反映了良好的房屋關閉組合帶來的好處，也反映了更高激勵措施帶來的阻力。第二季的激勵措施佔總銷售價格的 8.7%，高於去年的 6.3%，季增 8.0%。當我們評估 2025 年下半年時，我們確認了我們的指導，因為我們預計第三季和第四季的毛利率將在 26.0% 至 26.5% 之間。

During our Q1 call, we indicated a potential impact of tariffs of approximately $5,000 per unit that could hit in the latter part of Q4. At this time, we now expect any impact from tariffs in Q4 to be lower, which will help offset the cost of elevated incentives. While we have reasonable visibility into giving this gross margin guide, I will note that we still need to sell and close a meaningful number of spec homes to achieve our closings guide.

在我們的第一季電話會議上，我們指出關稅的潛在影響約為每單位 5,000 美元，可能會在第四季度後半段產生。目前，我們預計第四季度關稅的影響將會降低，這將有助於抵消提高激勵措施的成本。雖然我們對給出這個毛利率指南有合理的了解，但我要指出的是，我們仍然需要出售和關閉大量樣品屋才能實現我們的關閉指南。

SG&A expense in the second quarter totaled $390 million or 9.1% of home sale revenues. In the prior year, our reported SG&A expense of $361 million or 8.1% of home sale revenues, included a $52 million pretax insurance benefit recorded in the period. We remain diligent in controlling our overhead costs, and we expect SG&A expense for the full year of 2025 to be in the range of 9.5% to 9.7% of home sale revenues.

第二季銷售、一般及行政費用總計 3.9 億美元，佔房屋銷售收入的 9.1%。上一年，我們報告的銷售、一般及行政費用為 3.61 億美元，佔房屋銷售收入的 8.1%，其中包括該期間記錄的 5,200 萬美元稅前保險福利。我們將繼續努力控制管理費用，預計 2025 年全年銷售、一般及行政費用 (SG&A) 將佔房屋銷售收入的 9.5% 至 9.7%。

For the second quarter, our financial services operations reported pretax income of $43 million, down from $63 million in the prior year. The decrease in pretax income for the quarter reflects the impact of lower closing volumes and slightly higher expenses. Capture rate in the second quarter was 85% compared with 86% last year. PulteGroup's reported pretax income for the second quarter was $807 million. For the period, we recorded a tax expense of $199 million or an effective tax rate of 24.6%.

第二季度，我們的金融服務業務稅前收入為 4,300 萬美元，低於去年同期的 6,300 萬美元。本季稅前收入的減少反映了成交量下降和費用略高的影響。第二季的捕獲率為 85%，而去年同期為 86%。PulteGroup 報告的第二季稅前收入為 8.07 億美元。本期間，我們記錄的稅費為 1.99 億美元，有效稅率為 24.6%。

We continue to expect our tax rate to be approximately 24.5%, excluding the impact of any discrete period specific tax events. On the bottom line, we reported second-quarter net income of $608 million or $3.03 per share. In comparable prior year period, we reported net income of $809 million or $3.83 per share.

我們繼續預期我們的稅率約為 24.5%，不包括任何特定時期稅收事件的影響。總體而言，我們報告第二季淨收入為 6.08 億美元，即每股 3.03 美元。與去年同期相比，我們報告的淨收入為 8.09 億美元，即每股 3.83 美元。

Prior year results are inclusive of $0.25 per share related to an insurance benefit and favorable resolution of certain state tax matters. Our second-quarter earnings per share was calculated based on 201 million shares, which is a decrease of 5% from the prior year as the company continues to execute its share repurchase program.

上一年業績包括與保險福利和某些州稅問題的有利解決方案相關的每股 0.25 美元。我們第二季的每股盈餘是根據 2.01 億股計算的，由於公司繼續執行其股票回購計劃，與上年相比下降了 5%。

In the second quarter, we repurchased 3 million shares to $300 million at an average price of $100.54 per share. Through the first two quarters of 2025, the company has returned $600 million to shareholders through the share repurchase activities. Along with allocating excess capital back to shareholders, we invested $1.3 billion in land acquisition and development in the second quarter.

第二季度，我們以平均每股 100.54 美元的價格回購了 300 萬股，價值 3 億美元。截至2025年前兩個季度，公司已透過股票回購活動向股東返還6億美元。除了將多餘的資本回饋給股東之外，我們還在第二季投資了 13 億美元用於土地收購和開發。

Through the first six months of 2025, we invested $2.5 billion in land acquisition and development which keeps us on track with full-year guidance of investing $5 billion in land and development. Inclusive of these most recent investments, we have further advanced our land pipeline in two critical areas.

到 2025 年上半年，我們在土地收購和開發方面投資了 25 億美元，這使我們能夠實現全年在土地和開發方面投資 50 億美元的目標。包括這些最近的投資，我們在兩個關鍵領域進一步推進了我們的土地儲備。

First, we have increased the total number of lots under control to approximately 250,000. And second, we continue to make progress on becoming more land (inaudible) as option [lots] now comprise 60% for a total land pipeline. This is gratifying progress we are making towards achieving our target of having a land pipeline be comprised of 70% options and 30% owned lots.

首先，我們將控制的地塊總數增加到約25萬塊。其次，我們在增加土地（聽不清楚）方面繼續取得進展，因為可選地塊現在佔總土地管道的 60%。這是我們朝著實現土地管道由 70％ 的選擇權和 30％ 的自有地塊組成的目標所取得的可喜進展。

In just the past 12 months, we have added almost 30,000 option lots to the pipeline or reducing our old lot count by approximately 4,000 lots. Relative to peers, our land options are differentiated in that the vast majority of (inaudible) options are with the underlying land seller for one-off transactions with a select number of land bankers. In assessing each and every land transaction (inaudible) the balance in evaluating the cost versus the risk mitigation opportunities that result from optioning the land parcel.

僅在過去 12 個月中，我們就向管道中增加了近 30,000 個期權手數，或減少了約 4,000 個舊手數。與同業相比，我們的土地選擇權有所不同，因為絕大多數（聽不清楚）選擇權都是由基礎土地賣方與少數土地銀行家進行一次性交易。在評估每筆土地交易時（聽不清楚），要評估成本與選擇土地地塊所產生的風險緩解機會之間的平衡。

As Ryan noted earlier, in an operating environment that has become more challenging, we're adhering to our disciplined business practices and making any needed adjustments consistent with our focus on generating strong cash flow and high returns. Consistent with its focus, we continue to expect cash flow generation for 2025 to be approximately $1.4 billion.

正如瑞安之前指出的，在經營環境中，情況變得越來越具有挑戰性，我們堅持嚴謹的商業慣例，並根據我們創造強勁現金流和高回報的重點進行任何必要的調整。與其重點一致，我們繼續預計 2025 年的現金流將達到約 14 億美元。

Looking at the balance sheet, PulteGroup continues to maintain a strong and highly supportive financial position. We ended the quarter with $1.3 billion of cash and debt to capital ratio of 11.4%. Adjusting for the cash balance, our net debt to capital ratio at quarter end was 2.8%.

從資產負債表來看，PulteGroup 持續保持強勁且高度支持的財務狀況。本季末，我們的現金為 13 億美元，負債資本比率為 11.4%。調整現金餘額後，我們季度末的淨負債資本比率為 2.8%。

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

現在，讓我將電話轉回給瑞安，請他發表一些最後的評論。

Thanks, Jim. As I discussed at the outset of this call, beyond the overall volatile demand dynamics, we are seeing meaningful differences in relative by our strength across our portfolio. More specifically, in the second quarter, we experienced very positive demand conditions in key markets in the Midwest and Southeast, including Cleveland, Chicago, Indianapolis, Charlotte and the Coastal Carolinas.

謝謝，吉姆。正如我在本次電話會議開始時所討論的那樣，除了整體波動的需求動態之外，我們還看到我們整個投資組合的相對實力存在顯著差異。更具體地說，在第二季度，我們在美國中西部和東南部的主要市場經歷了非常積極的需求狀況，包括克利夫蘭、芝加哥、印第安納波利斯、夏洛特和卡羅來納海岸。

I would also call out the positive net new order numbers realized in Florida as our operations grew orders 2% over the prior year. Within the state, gains in our Central, West and Southwest markets were partially offset by softer numbers in our Northeast and Southeast Florida operations. We fully appreciate there is inventory on the ground and builders are competing hard, but we are selling from exceptional communities following years of hard work to assemble an outstanding land pipeline.

我還要指出的是，佛羅裡達州實現了正的淨新訂單數量，因為我們的業務訂單比上一年增長了 2%。在該州，我們中部、西部和西南市場的成長被我們東北部和東南佛羅裡達州業務的疲軟表現部分抵消。我們充分認識到當地存在庫存，建築商正在激烈競爭，但我們經過多年的努力，組建了一條優秀的土地管道，銷售來自優秀的社區。

As shown in this morning's press release, we are experiencing less favorable demand out West and in our Texas markets. Within these geographies, we are seeing some of our biggest challenges in Dallas, Boston and our Northern and Southern California markets, most notably among move-up buyers.

正如今天上午的新聞稿所示，我們在西部和德克薩斯市場的需求正在下降。在這些地區，我們面臨的最大挑戰是達拉斯、波士頓以及北加州和南加州市場，最明顯的是升級買家。

While these are very different markets serving different buyers and price points, they do share some commonalities. These are markets that have realized significant price appreciation in recent years and have a meaningful [tech] employment component within their local economies.

雖然這些市場截然不同，服務於不同的買家和價格點，但它們確實有一些共同點。這些市場近年來價格大幅上漲，並在當地經濟中佔有重要的[科技]就業份額。

Given the tremendous variation in market conditions, it's so important to have experienced operators who know what actions are needed. In some markets, this means raising prices in starting homes and pushing aggressively to get new communities open.

鑑於市場條件的巨大變化，擁有經驗豐富的操作員知道需要採取什麼行動非常重要。在某些市場，這意味著提高新建房屋的價格並積極推動新社區的開放。

In other markets, it means slowing starts, focusing on selling finished inventory and taking the opportunity to retrade or even exit land deals. With an average tenure approaching 20 years among our division presidents, we have experienced leaders running our operations.

在其他市場，這意味著放慢開局速度，專注於銷售成品庫存，並藉此機會重新交易甚至退出土地交易。我們的部門總裁平均任期接近 20 年，我們擁有經驗豐富的領導者來管理我們的業務。

And finally, before opening the call to questions, I want to note a press release issued earlier this month announcing plans for Deb Still to retire at the end of this year. Deb is currently the Vice Chair of Holding Financial Services. But if you have had any involvement with Pulte over the years, you'd know Deb is a force in the mortgage industry.

最後，在開始提問之前，我想提一下本月稍早發布的新聞稿，其中宣布了 Deb Still 計劃於今年年底退休。Deb 目前擔任控股金融服務部副主席。但如果您多年來一直與 Pulte 保持聯繫，您就會知道 Deb 是抵押貸款行業的一股力量。

We and the entire lending industry have benefited from Deb's four decades of insightful leadership and tireless work to make the industry better and more accessible to all home buyers. On behalf of our Board, the company and the shareholders of Pulte, I want to thank Deb for the success she has delivered and the foundation she established and upon which we will continue to build going forward.

我們和整個貸款行業都受益於 Deb 四十年來富有洞察力的領導和不懈的努力，使該行業變得更好，並且所有購房者都可以更容易地獲得貸款。我謹代表董事會、公司和 Pulte 股東，感謝 Deb 所取得的成功和她所建立的基礎，我們將在此基礎上繼續前進。

Now let me turn the call over to Jim Zeumer.

現在，讓我將電話轉給 Jim Zeumer。

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. And Jenny, if you would again explain the process, we will open the call for questions.

偉大的。謝謝，瑞安。我們現在準備開始提問，以便盡可能回答問題。在本次通話的剩餘時間內，我們要求您只提出一個問題並進行一次跟進。珍妮，如果你願意再解釋這個過程，我們就可以開始提問了。

(Operator Instructions) John Lovallo, UBS.

（操作員指示）瑞銀 (UBS) 的 John Lovallo。

The first one I had is that you guys talked about some encouraging signs as rates kind of pull back in late June. Curious rates had been a little bit bouncy, but fairly stable, I guess, due to (inaudible). I'm curious if the improvement that you saw in June kind of carried through into July. And we've also seen some recent improvement in consumer confidence. Is that helping kind of support this demand in your view?

我首先要說的是，你們談到了六月底利率回落的一些令人鼓舞的跡象。好奇利率有點波動，但我認為相當穩定，因為（聽不清楚）。我很好奇您在六月看到的改善是否會延續到七月。我們也看到消費者信心近期有所改善。您認為這是否有助於滿足這項需求？

Yeah, John. We did see real positive response from the consumer the last couple of weeks of June when rates came down. As we highlighted in the prepared remarks, it drove extra or incremental traffic into the communities and we saw good conversion out of that incremental traffic. So we're certainly encouraged by the consumer response. July, I would tell you, July has been a little up and down. There's been just some really good days and there have been some down days as well. The first week of July was -- I feel like the entire country went on vacation with the way the Fourth of July fell, but we're encouraged by what we've been seeing in the last couple of weeks.

是的，約翰。六月最後幾週利率下降時，我們確實看到了消費者的正面反應。正如我們在準備好的評論中所強調的那樣，它為社區帶來了額外或增量的流量，並且我們看到了增量流量帶來的良好轉換。因此，消費者的反應確實令我們感到鼓舞。七月，我要告訴你，七月有點起伏。有一些非常好的日子，也有一些糟糕的日子。七月的第一周——我覺得隨著七月四日的到來，整個國家都去度假了，但過去幾週看到的情況讓我們感到鼓舞。

Okay. That's great. And then maybe just on stick and brick cost, maybe how they trended in the quarter. And then on the land side, we've heard some signs of perhaps a little bit relief on the development side of the cost equation. Maybe if you can comment on both of those would be great.

好的。那太棒了。然後也許只是關於木棒和磚塊的成本，也許它們在本季的趨勢如何。然後在土地方面，我們聽到了一些跡象，表明成本方程式的開發方面可能有所緩解。如果您能對這兩者發表評論就好了。

Sure. Thanks, John. The sticks in bricks, they were at $79 per square foot. So consistent with last year and sequentially the same as Q1. So they're holding firm for us. On the development side, yes, we're hearing some of the same things, a little bit of opportunity on the development side.

當然。謝謝，約翰。這些磚塊的價格為每平方英尺 79 美元。因此與去年一致，且與第一季相同。所以他們正在為我們堅持。在開發方面，是的，我們聽到了一些相同的事情，在開發方面有一些機會。

You've got trades out there, a lot of heavy machinery, people want to put it to work. So it's encouraging with what we're seeing. Don't really see that coming through in kind of our quarterly results. But as we look forward, we're hoping that we see some benefit from that going forward.

那裡有各種行業，有很多重型機械，人們想讓它們投入使用。我們看到的情況令人鼓舞。我們確實沒有看到這一點在我們的季度業績中反映出來。但展望未來，我們希望能夠從中看到一些好處。

Ivy Zelman, Zelman & Associates.

艾薇‧澤爾曼（Ivy Zelman），澤爾曼與合夥人公司。

Great quarter, guys. Congrats. Really strong performance. Maybe we can start with the comments you made, Jim, as it relates to the land options that you're predominantly utilizing land developers as you're the one selling those options as opposed to land bankers. Can you elaborate as to why you think that's better? Or maybe it's a lower cost, I presume. Can you just go through your rationale there?

太棒了，夥計們。恭喜。表現確實強勁。吉姆，也許我們可以從您所做的評論開始，因為它與土地選擇有關，您主要利用土地開發商，因為您是出售這些選擇的人，而不是土地銀行家。你能詳細說明為什麼你認為這樣更好嗎？或者我猜想成本可能更低。能簡單解釋一下您的理由嗎？

Yeah, Ivy. It's Ryan. Good morning, good to hear from you. And we've made optionality specific with land bankers a piece of our business. Our primary focus is with underlying land sellers. And with those individual families or owners that own that land, we think in those -- the reason that we like that, Ivy, is we end up with a more diversified risk profile.

是的，艾薇。我是瑞安。早安，很高興收到你的來信。並且，我們已將土地銀行的特定選擇權作為我們業務的一部分。我們的主要關注點是基礎土地賣家。對於擁有土地的個人家庭或業主，我們認為 — — 我們喜歡這樣做的原因，艾薇，是我們最終會獲得更加多樣化的風險狀況。

And we also get better execution of price with those underlying land sellers and what it costs us to get the options. We found that we ran into natural resistance somewhere between -- around 50% is kind of -- it was about as high as we could get. And so to get more optionality, we went to the idea of using land bankers in a moderate way.

而且，我們還可以與那些基礎土地賣家更好地執行價格，並了解獲得選擇權的成本。我們發現，我們遇到了自然阻力，大約是 50% 左右，這是我們所能達到的最高水平。因此，為了獲得更多的選擇權，我們考慮以溫和的方式利用土地銀行。

And we think that's the tool that allows us to go from 50% option to 70% option. And the reason that we've kind of elected this type of mix, is we think that it's the best tool to give us risk mitigation, which is the primary thing that we're looking for when we think about optionality.

我們認為這是讓我們從 50% 選項轉變為 70% 選項的工具。我們選擇這種組合的原因是，我們認為這是降低風險的最佳工具，也是我們考慮可選性時主要尋找的東西。

Certainly, there is a trade-off. We give up a little bit of margin to get a better return. And we know that return is what creates value for our shareholders. We think that is the second order or a follow-on benefit. The primary benefit we're after with optionality is risk mitigation.

當然，這需要權衡。我們放棄一點利潤以獲得更好的回報。我們知道回報才能為股東創造價值。我們認為這是第二個訂單或後續福利。我們追求的可選性的主要好處是降低風險。

No, that's really helpful. And thinking about, you spent $1.3 billion invested in land acquisition development. Are you able to take some of the options that you have right now and re-trade them and get better pricing because the market has been soft? We've been hearing from our land context that there is a lot of trading going on or re-trading, I should say.

不，這真的很有幫助。想想看，你們在土地收購開發上投資了 13 億美元。由於市場疲軟，您是否能夠採取目前擁有的一些選擇並重新交易它們並獲得更好的定價？我們從土地方面聽說，有很多交易正在進行或重新交易，我應該說。

Yeah. We are definitely taking advantage of that, where appropriate, Ivy. We value the relationships that we have with land sellers. So I think we're being responsive to the current market conditions, and I think land sellers recognize that as well. In some cases, we're getting better price and we're closing.

是的。在適當的情況下，我們肯定會利用這一點，Ivy。我們重視與土地賣家的關係。所以我認為我們正在對當前的市場狀況做出反應，而且我認為土地賣家也認識到了這一點。在某些情況下，我們會得到更優惠的價格並成交。

In other cases, price might be staying similar to what it was in the underlying contract that we're getting more time. And so I think our really experienced operators in the field are picking the lever that needs to be pulled in order to yield the best outcome for the company.

在其他情況下，價格可能會保持與我們獲得更多時間的基礎合約中的價格相似。因此，我認為我們在該領域真正有經驗的操作員正在選擇需要拉動的槓桿，以便為公司帶來最好的結果。

That's great. One quick last one. We see news about Canadian tariffs potentially doubling. Can you comment on -- I don't even know if you guys are using US-sourced lumber or what percent is Canadian, but maybe you can give us some perspective on what that doubling impact might be to your direct costs.

那太棒了。最後再說一句。我們看到有關加拿大關稅可能翻倍的消息。您能否評論一下——我什至不知道您是否使用來自美國的木材，或者有多少百分比是加拿大的，但也許您可以給我們一些關於這種翻倍影響可能對您的直接成本產生什麼影響的看法。

Great question, Ivy. Today, about 20% to 25% of our lumber comes from Canada; the rest of it, we're domestically sourcing.

很好的問題，艾薇。如今，我們約有 20% 至 25% 的木材來自加拿大；其餘的木材均從國內採購。

Got it. And therefore, the ones that you're acquiring from the Canadian, how much will that impact just double -- assume that 25% will go up or by double? Or do you think you'll get better pricing despite that?

知道了。因此，您從加拿大獲得的那些，其影響有多大——假設增加 25% 或翻倍？或者儘管如此，您認為您會得到更好的定價嗎？

Yeah. Hard to say where that ultimately kind of plays out, Ivy. If tariffs double on 25% of our lumber load, we would see a higher cost load. So it had an impact. I don't know that it would necessarily be catastrophic.

是的。很難說最終結果會怎樣，艾薇。如果我們 25% 的木材進口關稅翻倍，我們的成本負擔就會增加。所以它產生了影響。我不知道這是否必然會造成災難性的後果。

I know there was an article and that was out last night or this morning early that was talking about added significant cost of housing. I think that article likely alluded to the fact that the entire lumber package would be Canadian lumber, which in our case is not true.

我知道昨晚或今天早上發表了一篇文章，討論了住房成本的大幅增加。我認為那篇文章可能暗示整個木材包裹都是加拿大木材，但在我們的案例中並非如此。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

Wanted to first just kind of talk about the pluses and minuses on gross margins in the second quarter came in at the high end of guidance. And just kind of curious about how you saw incentives trend during the quarter maybe compared to the first quarter?

首先，我想談談第二季毛利率處於指導值高端的優缺點。我只是有點好奇，與第一季相比，您如何看待本季的激勵趨勢？

And if there was any outliers, any kind of drivers to -- I know it's only 25 bps from the mid-point of guidance to the high end. But if there's any kind of additional tailwinds or headwinds, even, that you saw in the quarter relative to what you were expecting three months ago?

如果存在任何異常值或任何類型的驅動因素——我知道從指導中點到高端只有 25 個基點。但是，與三個月前的預期相比，您是否在本季度看到了任何額外的順風或逆風？

Yeah. Great question, Mike. As we look to the quarter, we really just had a different mix product and geography in the quarter. To give you a frame of reference, there were 1,200 homes that we both sold and closed within the quarter. So we make assumptions about where we're going to sell and when we're going to sell and what the costs are associated with that. And it fared a little bit better than we thought. So as we looked at it, incentives were 8.7% in what we closed for the quarter, and again, the mix gave us a little lift and get us to the top end of our guide.

是的。很好的問題，麥克。展望本季度，我們發現本季我們的產品組合和地理分佈確實有所不同。為了提供您參考，我們在本季度售出和成交了 1,200 套房屋。因此，我們對銷售地點、銷售時間以及相關成本做出了假設。而且它的表現比我們想像的好一點。因此，當我們查看時，我們發現激勵措施佔本季成交量的 8.7%，而這種組合再次為我們帶來了一點提升，並使我們達到了指導的最高點。

Great. Great. And then maybe just kind of looking forward, reiterating the 3Q and 4Q gross margin guidance, I know you talked -- I believe I heard that you said maybe incentives, at least -- I'm sorry, tariff headwinds as they are today, maybe outside of the recent headlines around Canadian lumber. It sounded like you talked about maybe tariff headwinds being a little less than expected, offsetting maybe a little bit higher incentives than maybe you were at the beginning of the year. Is that the right way to think about it in terms of being able to reiterate that back half gross margin guide?

偉大的。偉大的。然後也許只是展望未來，重申第三季度和第四季度的毛利率指引，我知道您談到了——我相信我聽到您至少說過可能是激勵措施——對不起，今天的關稅阻力可能超出了最近有關加拿大木材的頭條新聞。聽起來您說的可能是關稅阻力比預期的要小一些，抵消了可能比年初略高的激勵措施。從能夠重申下半年毛利率指南的角度來看，這是正確的思考方式嗎？

In other words, maybe if -- and specifically, I guess I'm just wondering around the incentive loads, that has maybe been a little bit higher. It almost sounded like you said, it sounds a little higher, but tariffs are a little lower, and hence we're able to reiterate the back half guide. I wasn't sure if that was the right way to think about it or if there are other pluses and minuses to consider.

換句話說，也許如果——具體來說，我想我只是想知道激勵負荷，那可能會高一點。這聽起來幾乎就像你說的，聽起來有點高，但關稅有點低，因此我們能夠重申後半部分指南。我不確定這是否是正確的思考方式，或者是否有其他優點和缺點需要考慮。

Yeah, Mike. I think it's really as simple as exactly what you just laid out there. Our procurement teams are the best in the business. They've done a wonderful job navigating another difficult procurement environment. I think we've also gotten a little bit of luck on our side with there being more inventory in the supply chain that has allowed prices to stay more -- to stay stable longer.

是的，麥克。我認為它確實像您剛才所說的一樣簡單。我們的採購團隊是業界最好的。他們在另一個困難的採購環境中出色地完成了工作。我認為我們也有一些運氣，因為供應鏈中有更多的庫存，這使得價格能夠保持更長的穩定性。

I don't think anybody believes that's going to last forever, and we're certainly anticipating tariff load hitting our closings in next year. But we think for this year, it's going to be minimal and mostly in the back half of Q4. So a little bit of the upside, a little bit of upside to our expectations from a quarter ago on that.

我認為沒有人相信這種情況會永遠持續下去，我們當然預計關稅負擔將在明年影響我們的收盤。但我們認為，就今年而言，這種影響將很小，並且主要發生在第四季度後半段。因此，與我們一個季度前的預期相比，有一點點上漲。

You can see the sequential lift in incentives. I think you're hearing from some of our competitors as well that are seeing similar elevated incentive loads as we work to solve the affordability equation for customers. And in total, you think that balances out and we're able to maintain our margin guide, which continue to be the best in the business.

您可以看到激勵措施的連續提升。我想您也聽到了我們的一些競爭對手的說法，在我們努力解決客戶負擔能力問題的過程中，他們也看到了類似的激勵負荷增加。總的來說，您認為這是平衡的，我們能夠維持我們的利潤率指南，這仍然是業內最好的。

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

Ryan, I think you mentioned in your press release that you're positioning to grow market share as demand strengthens in the future. And I wanted to see if you could elaborate what you mean and maybe also what you don't mean with respect to that statement about growth.

瑞安，我想您在新聞稿中提到過，隨著未來需求的增強，您將擴大市場份額。我想看看您是否可以詳細解釋一下關於增長的說法中您的意思以及您不該說的意思。

For instance -- I guess my question would be like, are you planning for spec homes to be up on a year-over-year basis as you head into next spring? Are you willing to carry more owned land in the near term in order to accelerate community count next year? I just wanted to try to frame out what you mean by looking to grow market share as demand strengthens in the future. Thanks.

例如—我想我的問題是，您是否計劃在明年春季實現樣品屋價格的年比上漲？您是否願意在短期內持有更多自有土地，以便明年加速社區數數？我只是想嘗試解釋一下您所說的隨著未來需求的增強而尋求擴大市場份額的意思。謝謝。

Yeah, Stephen, it's really around the strength of our land pipeline. We've got 250,000 lots that we control now, which is -- we're up about 25,000 total lots that we control compared to this time last year, probably even a little bit more than that. So I think our division team has just done an outstanding job putting new communities in the pipeline that are going to be great performers. The most recent quarter that we just reported, our new Del Webb communities, are a great example of that.

是的，史蒂芬，這確實與我們的陸地管道實力有關。我們目前控制著 25 萬個地塊，與去年同期相比，我們控制的地塊總數增加了約 25,000 個，甚至可能更多一點。所以我認為我們的部門團隊在將新社區納入其中方面做得非常出色，這些社區將會表現得非常出色。我們剛剛報告的最新一個季度，我們的新 Del Webb 社群就是一個很好的例子。

And no, I don't think it means that we'll have more owned land. In fact, we've gone the other direction. We owned less land, we control more via option and our option percentage is as high as it's ever been. So I feel like we're doing all the things that we want to do. We continue to think that we have the opportunity to grow this company long term 5% to 10%.

不，我不認為這意味著我們將擁有更多的土地。事實上，我們已經走向了另一個方向。我們擁有的土地減少了，我們透過選擇權控制的土地增加了，而且我們的選擇百分比達到了前所未有的高水準。所以我覺得我們正在做所有我們想做的事情。我們仍然認為我們有機會讓這家公司長期成長 5% 到 10%。

So I continue to reiterate that. And we're seeing in this type of difficult market, quality sells, and we have high-quality land positions. We have high-quality homes. We're delivering great customer experience. And all of those things, we think, yield in the ability to take market share. And so my comments about being positioned and prepared to do that, we're really alluding to those things.

所以我繼續重申這一點。我們看到，在這種困難的市場中，優質產品暢銷，我們擁有高品質的土地。我們擁有高品質的住宅。我們正在提供卓越的客戶體驗。我們認為，所有這些都有助於提高我們佔領市場份額的能力。因此，我關於做好準備並做好這些準備的評論，我們實際上是在暗示這些事情。

Okay. That's helpful. And then one other question. You talked again today a lot about your land positions and how proud you are of them. And this is bringing prop to mind something that we've take -- fielded a lot of questions from regarding your land positions from investors. A lot of people seem to have this view that you have a lot of land that's maybe legacy land from sort of pre-COVID type vintages and that that's supporting your margin, your gross margin specifically.

好的。這很有幫助。還有一個問題。今天您再次談論了很多有關您的土地地位以及您對此感到多麼自豪。這讓我想起了我們已經回答過的許多投資者關於你們的土地狀況的問題。很多人似乎都抱持著這樣的觀點：你擁有大量土地，這些土地可能是疫情前遺留下來的土地，這些土地支撐著你的利潤率，特別是毛利率。

I was wondering if you -- that is not, by the way, what we see running our sort of quick analysis. I was curious if you could elaborate a little bit more on what you see in your land positions. How much of your active communities would you say are actually from kind of pre-COVID vintage land?

我想知道您是否——順便說一句，這不是我們在進行快速分析時看到的結果。我很好奇您是否可以更詳細地闡述您在土地方面的看法。您認為您活躍的社區中有多少實際上來自疫情之前的古老土地？

In terms of pre-COVID vintage land sale, we really have one left. I mean, there's probably a few stragglers here and there, but we're turning our land pipeline every 3.5-years. So we're on fresh land, I think, just like the rest of our competitors. Do we have some bigger, longer legacy communities? Sure, but it's a very small number of our actual closings and a very small number of our total 250,000 lots that we control.

就新冠疫情之前的古老土地出售而言，我們確實還剩下一塊。我的意思是，可能有一些落後者，但我們每3.5年就會更新一次土地儲備。所以我認為，我們擁有的是新土地，就像我們的其他競爭對手一樣。我們是否擁有一些更大、更悠久的傳承社區？當然，但這只是我們實際成交的極小一部分，而且在我們控制的 250,000 個地塊中也只佔很小一部分。

So [this and this is] that some continue this narrative, that some continue to push. I'm going to see if I can get that Discovery TV channel, MythBusters, to come and do a show on the idea that our margin performance comes from land. It's just simply not true.

所以[這是]有些人繼續這種敘述，有些人繼續推動。我將看看是否能邀請探索電視頻道和流言終結者來做一期節目，討論我們的利潤表現來自土地這一話題。這根本就不是事實。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

I wanted to ask a question around product mix and how that's going to impact your margins. I know you mentioned some of the improvement in the active adult business and the new community openings, and it sounded like you're speaking to the benefit of that mix, as that delivers in early 2026, if I heard you correctly.

我想問一個有關產品組合的問題以及它將如何影響你的利潤。我知道您提到了活躍成人業務和新社區開放方面的一些改進，聽起來您是在談論這種組合帶來的好處，如果我沒聽錯的話，這將在 2026 年初實現。

I think at the same time, you're seeing some of that pressure on the move-up business as you spoke to. So I guess my question is, I guess, number one, how does move up margins compare versus active adult margins? And I guess any additional color on how that mix of your product types may affect the gross margins here over these next several quarters?

我認為同時，正如您所說，您也看到了升級業務面臨的一些壓力。所以我想我的問題是，第一，晉升利潤率與活躍成年人利潤率相比如何？我想請問您能進一步說明一下您的產品類型組合將如何影響未來幾季的毛利率嗎？

We had a really good performance with our new Del Webb communities. And as we've highlighted in the prepared remarks, those will be next year closings. We haven't given any kind of a guide to next year's margin. We'll do that as we get towards the end of the year.

我們的新 Del Webb 社群表現非常出色。正如我們在準備好的演講中所強調的那樣，這些將是明年的收盤價。我們還沒有給出有關明年利潤的任何指導。我們將在年底前完成這項工作。

What we have talked about in the past is our -- when you look at our three consumer groups, the entry-level, first-time buyer group, that's our lowest margin performer, our lowest margin buyer group. The move-up communities generate about 200 basis points higher than that, and then we get an incremental 200 basis points out of the active adult communities.

我們過去談論的是——當你看看我們的三個消費者群體時，入門級、首次購買者群體，這是我們利潤率最低的群體，也是利潤率最低的購買者群體。向上流動社群產生的收益比這高出約 200 個基點，然後我們從活躍成人社群中獲得 200 個增量的基點。

So they are, and I mentioned it in my prepared remarks, they are among our higher priced homes. We're also our highest margin homes. So it's certainly favorable to our overall margin performance. And it's part of the reason that we've been highlighting and sharing today the overall mix of our Del Webb business is 20%. We'll see that going back to the more traditional 24% to 25% in '26, as these new communities came online, which we're certainly going to see that coming. But I'd just reiterate, we haven't given a margin guide for 2026. We'll do that as we get later into the year.

是的，正如我在準備好的演講中提到的那樣，它們是我們價格較高的房屋之一。我們也是利潤最高的房屋。因此，這肯定有利於我們的整體利潤表現。這也是我們今天一直強調和分享 Del Webb 業務總體佔比為 20% 的原因之一。隨著這些新社區的出現，我們將看到這一比例在 26 年回到更傳統的 24% 到 25%，我們肯定會看到這種情況的發生。但我只想重申，我們還沒有給出 2026 年的利潤指南。我們將在今年晚些時候這樣做。

Understood, yeah. And even still, that was very, very helpful color. So then secondly, I wanted to ask back on construction costs. We've certainly seen from a couple of your peers that they've been able to push back a little bit on construction costs. It sounds like you guys are seeing flat stick and brick. And appreciating, obviously, regional differences and product type differences and all that. My question is if there is room for you guys to drive construction costs lower at some point. And if so, when might we begin to see that?

明白了，是的。即使如此，那仍然是非常非常有用的顏色。那其次，我想問建築成本的問題。我們確實從你們的一些同行那裡看到，他們已經能夠稍微降低建造成本。聽起來你們看到的就像是扁平的木棍和磚塊。顯然，我們要重視地區差異、產品類型差異等等。我的問題是，你們是否有空間在某個時候降低建築成本。如果是這樣，我們什麼時候可以開始看到這一點？

As Ryan said earlier, our procurement teams are all over this stuff. Best in the business as it relates to it. Similar to my comments a little earlier on land development, you'd hope to see some opportunity. Our teams are certainly working to see what they can do. Again, the $79 a square foot that we have now, these are homes that we contracted six months ago and started. So as we go forward, our teams are certainly pushing for opportunity [led] to see that opportunity come through in the future.

正如 Ryan 之前所說，我們的採購團隊已經掌握了這些知識。就其相關業務而言，這是最好的。與我之前關於土地開發的評論類似，您希望看到一些機會。我們的團隊正在努力尋找他們能做的事情。再說一次，我們現在的價格是每平方英尺 79 美元，這些都是我們六個月前簽約並開始建造的房屋。因此，隨著我們不斷前進，我們的團隊一定會努力尋找機會，以期在未來看到機會的實現。

And Matt, we have seen in certain categories prices come down. We've taken cost increases. There's been other things where we've had offsetting increases. To Jim's point, we're going to continue to push to get the best prices that we possibly can so that we can pass that value on to the consumer. Affordability is tough out there for everybody, and we want to do everything in our power to pass that savings on to the consumer.

馬特，我們已經看到某些類別的價格下降了。我們已經增加了成本。我們在其他方面也取得了抵消性的成長。正如吉姆所說，我們將繼續努力爭取盡可能最優惠的價格，以便將這一價值傳遞給消費者。對每個人來說，負擔能力都很困難，我們希望盡一切努力將省下的錢轉嫁給消費者。

Anthony Pettinari, Citigroup.

花旗集團的安東尼佩蒂納裡。

Just staying on the cost side, I'm wondering if you could talk a little bit about labor availability and maybe where labor costs might shake out for the full year. And if that's changed maybe relative to expectations on January 1.

僅從成本方面來看，我想知道您是否可以談談勞動力的可用性以及全年勞動力成本可能發生的變化。如果情況發生變化，可能與 1 月 1 日的預期有關。

Labor's available, Anthony. We haven't seen any change there. We continue to be an employer of choice. We've got consistent, predictable work. We pay on time. We pay well and fairly. So I think we'll continue to be a place that will attract available labor. In terms of our cost assumptions, really no change from what we rolled out at the beginning of the year on the labor front.

勞力已經到位，安東尼。我們沒有看到那裡有任何變化。我們將繼續成為首選雇主。我們的工作一致、可預測。我們按時付款。我們的薪酬優厚且公平。所以我認為我們將繼續成為一個吸引勞動力的地方。就我們的成本假設而言，與我們今年年初在勞動力方面推出的假設相比，實際上沒有什麼變化。

Got it. Thank you. And I'm just curious on ICG and off-site manufacturing. How is that business performing? And are there any kind of learnings about off-site as we've moved from kind of this white-hot market in the pandemic to kind of more of a choppy volume environment today, how that fits in the portfolio?

知道了。謝謝。我只是對 ICG 和異地製造感到好奇。這項業務表現如何？當我們從疫情期間白熱化的市場轉向如今波動較大的交易量環境時，對於場外市場，我們有什麼經驗教訓嗎？它如何融入投資組合？

Yeah. I think the things that we've learned or consistent with what we've shared in kind of previous cycles. So I wouldn't suggest there's a lot that's different today. We're getting a lot of benefit out of cycle time improvements with the amount of work that can be done ahead of time in a factory. We're getting really good product quality.

是的。我認為我們所學到的東西與我們在前幾個週期中所分享的東西是一致的。所以我並不認為今天有許多不同。由於工廠可以提前完成大量工作，因此我們從週期時間的改進中獲得了許多好處。我們的產品品質確實很好。

We're certainly getting some efficiencies and economies of scale based on the way that we buy lumber when we're bringing it into the factory as opposed to buying a load of lumber for a specific house. So I think there's a lot of benefits that we continue to get from it. It's been an important part of our overall innovation work, and we look forward to continuing to see that part of the business expand.

我們在將木材運進工廠時購買木材的方式，而不是為特定房屋購買一車木材的方式，無疑地獲得了一些效率和規模經濟。所以我認為我們可以從中繼續獲得很多好處。這是我們整體創新工作的重要部分，我們期待繼續看到這部分業務的擴大。

Mike Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Dahl。

Just to go back on labor quickly. Anecdotally, it sounds like maybe a little more noise in the market in terms of some ICE-related dynamics. It doesn't sound like you're necessarily seeing that on your job sites, but can you just give us your view on or take from the market in terms of any impact there?

只是為了盡快恢復生產。有趣的是，就一些與 ICE 相關的動態而言，市場上的噪音似乎更多。聽起來您不一定會在工作現場看到這種情況，但您能否就市場對其影響的看法或看法告訴我們？

Yeah. Really nothing that I'd probably share with you that's different than I think what you're seeing play out in the news media. We have always and continue to require all the labor that's on our job site to be able to work legally in the country. That's always been the case. We continue to make that a priority.

是的。實際上，我想與您分享的與您在新聞媒體上看到的東西並沒有什麼不同。我們始終並將繼續要求我們工作現場的所有勞動力能夠在該國合法工作。情況一直都是這樣的。我們將繼續把這當作優先事項。

There certainly is, I think, disruptions within the broader labor force, not just in construction related to kind of ICE enforcement. And that's something that I think the country is going to have to grapple with. And as that impacts the total available labor force, I don't think it will be specifically just a construction challenge depending on what level of enforcement deportation ultimately happens.

我認為，更廣泛的勞動力市場肯定會受到干擾，而不僅僅是與 ICE 執法相關的建築業。我認為這是我們國家必須努力解決的問題。由於這會影響到總勞動力，因此我認為這不僅僅是一個建設挑戰，還取決於最終實施何種程度的強制驅逐。

Got it. Okay, thanks. And shifting gears. Your order ASP was down a decent amount of 5% sequentially, 4% year on year. Obviously, there's always a lot of mix dynamics in there.

知道了。好的，謝謝。並換檔。您的訂單平均售價比上一季下降了 5%，比去年同期下降了 4%。顯然，其中總是存在著大量的混合動態。

Can you help us understand kind of what's like-for-like versus what's mix related in that? And maybe how to think about just the back half of the year from -- obviously, your closing ASP is supported by a backlog to a certain degree, but just help us think through kind of on the ground how your order ASP is shaking out?

您能幫助我們理解其中的同類因素和混合因素嗎？也許您如何看待下半年的情況——顯然，您的最終 ASP 在一定程度上受到積壓訂單的支持，但能否幫助我們實際思考一下您的訂單 ASP 是如何波動的？

Sure. As we look at order ASP in the quarter, what we saw there was both MIPS and product and geography. If you look at our West business, and Ryan alluded to it, was the softest and particularly in some of the move-up segments, if you look at places like the California, our two regions out there. So you've got a mix influencing that with some of the move up, taking a little bit of a step down in some of our higher-priced markets. And then it's why you've got the incentives that are underneath that as well. So primarily the mix and then as well as the incentives played into the [549] imported for the quarter and order ASP.

當然。當我們查看本季的訂單 ASP 時，我們看到的是 MIPS、產品和地理位置。如果你看看我們的西部業務，瑞安也提到過，這是最疲軟的，特別是在一些上升階段，如果你看看加州這樣的地方，我們在那裡的兩個地區。因此，我們會受到多種因素的影響，有些價格上漲，有些價格下降。這就是為什麼你也會得到背後的動機。因此，主要因素是產品組合以及激勵措施對本季進口量 [549] 和訂單 ASP 產生了影響。

Kenneth Zener, Seaport Global.

肯尼斯‧澤納 (Kenneth Zener)，Seaport Global。

What do you expect your inventory units -- I know you talked about the spec mix, but what do you expect your inventory units to be roughly at the end of the year? And then in Florida, how many of those buyers, which are largely active adult, are actually coming from Florida as opposed to from other states?

您預計您的庫存單位是多少——我知道您談到了規格組合，但您預計到年底您的庫存單位大約是多少？那麼在佛羅裡達州，這些買家中，有多少人（主要是活躍的成年人）實際上來自佛羅裡達州，而不是其他州？

Yeah, Ken, finished inventory at the end of the year is not a number we guide to. So let me start with that. That said, we have guided that overall spec inventory will be in the 40% to 45% range. Our finished inventory today is running a little higher than what we'd normally like to see. We typically like it to be around 1.5 -- 1.25 to 1.5 finished units per active community. So we're probably 400 units north of kind of where we'd like to be optimally. But on the margin. I don't think it's moving the needle one way or the other. But I think our bias would be to continue to work that down.

是的，肯，年底完成的庫存不是我們指導的數字。那麼就讓我從這個開始吧。也就是說，我們指導整體規格庫存將處於 40% 至 45% 的範圍內。我們今天的成品庫存比我們通常希望看到的要高一些。我們通常希望每個活躍社區有大約 1.5 - 1.25 到 1.5 個完成的單位。因此，我們可能位於我們期望的最佳位置以北 400 個單位處。但在邊緣。我不認為這會對事情產生任何影響。但我認為我們的傾向是繼續努力解決這個問題。

And then in terms of kind of Florida, as I mentioned in some of my prepared remarks, we're really happy with the performance that we're getting there. And then where those buyers come from -- Florida is a big melting pot. And so we see a lot of buyers coming from all over the country. The Midwest, the North, the West, Canada foreign, we did buyers from all over the country, all over the world to come into Florida. We also see a healthy mix of folks moving within Florida as well. We can certainly follow up with you on specific numbers.

就佛羅裡達而言，正如我在一些準備好的發言中提到的那樣，我們對在那裡取得的表現感到非常滿意。那麼這些買家來自哪裡呢？佛羅裡達是一個大熔爐。因此我們看到很多買家來自全國各地。中西部、北部、西部、加拿大等國外地區，我們的買家來自全國各地、世界各地，他們來到佛羅裡達。我們也看到佛羅裡達州境內的人口遷徙情況良好。我們當然可以跟進具體數字。

That would be great.

那太好了。

(technical difficulty) my fingertips, but I think what you'll find is that it's a melting pot of buyers.

（技術難度）我的指尖，但我想你會發現它是一個買家的大熔爐。

And Ken, I would add that -- because you made reference to it being heavy active adults. I mean there's parts. So if you look at our Southwest business, you may be more active adult. But you get into Orlando, you get up in the Jacksonville, you get on Tampa, it's pretty well diversified across first time move-up and active adult. Again, you obviously get a drop because of the weather down there. But we've built a business with the divisions of a very diversified business down there. So it is not just Del Webb, Del Webb [Explore].

肯，我想補充一點——因為你提到這是活躍的成年人。我的意思是有零件。因此，如果你看看我們的西南業務，你可能會發現我們是一個更活躍的成年人。但是你到了奧蘭多，到了傑克遜維爾，到了坦帕，你會發現這裡的首次晉升和活躍的成年人的多樣性相當高。再次，你顯然會因為那裡的天氣而受到下降的影響。但我們在那裡建立了一個業務部門非常多元化的企業。所以不只是 Del Webb，Del Webb[探索]。

Paul Przybylski, Wolfe Research.

保羅‧普茲比爾斯基 (Paul Przybylski)，沃爾夫研究中心。

I guess to start off, are you seeing any difference in the elasticity of incentives between your different consumer segments? And then, if you could provide some color on the incentive levels across the consumer segments relative to the 8.7% average in the quarter.

我想首先，您是否發現不同消費者群體之間的激勵彈性有差異？然後，如果您可以提供一些關於各消費者群體的激勵水平相對於本季度 8.7% 的平均水平的詳細資訊。

Yeah, Paul. I think the commentary that you've heard from us is that there's actually inelasticity in pricing and that more incentive doesn't necessarily translate into incremental volume, so we're trying to get incentives to the level where we get the appropriate level of volume, but pouring more incentives on top of that doesn't necessarily translate in the incremental volume that would justify those incentives.

是的，保羅。我認為您從我們這裡聽到的評論是，定價實際上缺乏彈性，更多的激勵並不一定會轉化為增量銷量，因此我們試圖將激勵措施提高到能夠獲得適當銷量的水平，但在此基礎上投入更多的激勵並不一定能轉化為能夠證明這些激勵措施合理的增量銷量。

So that's why we've tried to continue to maintain some discipline around what we're doing on the incentive load. I'd continue to reiterate, we think the opportunity is to bring incentives lower over time. We're clearly not there right now, but I long for the days of more normal incentive loads of kind of 3% to 3.5%.

這就是為什麼我們試圖繼續對激勵負荷方面的工作保持一定的紀律。我想繼續重申，我們認為機會在於隨著時間的推移降低激勵措施。我們現在顯然還沒有達到這個水平，但我渴望看到更正常的激勵負荷，例如 3% 到 3.5%。

Hopefully, as we get out into kind of future years, that will become possible again. And then in terms of kind of where the incentives are, they're everywhere. They're in all buyer groups. They just come in different shapes and sizes.

希望隨著我們步入未來，這將再次成為可能。就激勵機製而言，激勵機制無所不在。他們屬於所有買家群體。它們只是形狀和大小不同。

When we're in the first-time buyer, those incentives predominantly are in our forward commitments and interest rate incentives, and things of that nature. When you're getting into the active adult, the move up, they tend to come in the form of either just outright price discounts or lot premium incentives or option incentives or contributions toward financing related-incentives that aren't necessarily forward commitments. So it's fairly consistent. It's just in different shapes and sizes based on buyer group.

當我們是首次購屋者時，這些激勵主要體現在我們的遠期承諾和利率激勵以及諸如此類的東西上。當你進入活躍的成年人階段時，這些進步往往以直接價格折扣、批量溢價激勵、期權激勵或融資相關激勵貢獻的形式出現，這些激勵不一定是前瞻性的承諾。所以它是相當一致的。只是根據購買者群體的不同，其形狀和大小有所不同。

Okay. And did you see any impact on orders this quarter from the change in FHA eligibility for non-resident buyers? Any pull forward maybe before the May 25 deadline and then slowing us afterwards?

好的。您是否看到 FHA 對非居民買家資格的變化對本季的訂單產生了任何影響？有沒有可能在 5 月 25 日截止日期之前提前，然後在截止日期之後放慢速度？

Yeah. We really didn't see an impact. It's a very small portion of our business.

是的。我們確實沒有看到影響。這只是我們業務的一小部分。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

First question is on the SG&A, which came in a little lower than we had modeled in terms of both dollars and as a percent of the revenue. Can you just talk about maybe some of the puts and takes there and how we should be thinking about the next two quarters?

第一個問題是關於銷售、一般及行政費用 (SG&A) 的，無論是金額還是佔收入的百分比，其數字都比我們建模的要低一些。您能否談談其中的一些優缺點以及我們應該如何考慮接下來的兩個季度？

Great question, Susan. We stay very diligent all the time as we look at our SG&A. We talk with our teams constantly about the discretionary spend that they have. We look at our people costs. So I think we're running a very effective and efficient business that we have. We reiterated our guide of 9.5% to 9.7%. We still think that's a good guide. But again, it's something we talk about all the time, and I think our experience operators are doing a nice drive in this space.

蘇珊，問得好。我們在審查銷售、一般及行政費用時始終保持高度謹慎。我們不斷與我們的團隊討論他們的可自由支配的開支。我們關注的是人力成本。所以我認為我們正在經營一項非常有效和有效率的業務。我們重申 9.5% 至 9.7% 的預期。我們仍然認為這是一個很好的指南。但同樣，這是我們一直在談論的事情，我認為我們的經驗豐富的運營商在這個領域做得很好。

Okay. That's helpful. And then I guess maybe just thinking about capital allocation. With the operating environment being what it is, the guide for the land spend that you reiterated, any thoughts on just buyback activity in the next couple of quarters? And how you're thinking about that given the valuation relative to the outlook for the business?

好的。這很有幫助。然後我想也許只是考慮資本配置。在目前的營運環境下，您重申了土地支出指南，對未來幾季的回購活動有何看法？考慮到相對於業務前景的估值，您如何看待這一點？

Yeah. So, on share buyback, the way we operate there is we report what we do in the quarter. I would reiterate that we've been a consistent buyer of our equity, and we're using it as an opportunity to return excess capital back to the shareholders. So we did another $300 million in the most recent quarter, following $300 million in Q1. And I think our practice will be to share Q3 and Q4 results as they happen.

是的。因此，對於股票回購，我們的運作方式是報告本季所做的事情。我想重申，我們一直是我們的股權的穩定買家，並且我們利用它作為將過剩資本返還給股東的機會。因此，繼第一季籌集 3 億美元之後，最近一個季度我們又籌集了 3 億美元。我認為我們的做法是及時分享第三季和第四季的業績。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

So the first question, what percentage of communities were able to raise price this quarter?

那麼第一個問題是，本季有多少比例的社區能夠提高價格？

Yeah. Probably about 10% for the quarter.

是的。本季大概 10% 左右。

And then I know you talked about Del Webb a lot, but when we think about the communities coming online, does the bulk of these new Del Webb communities coming online by year-end? Or is it going to go into maybe first half of '26?

然後我知道您多次談論 Del Webb，但是當我們考慮上線的社區時，這些新的 Del Webb 社區中的大部分是否會在年底前上線？或可能會持續到 26 年上半年？

Well, you saw, Jay, in this quarter, the percentage of sign-ups in the quarter were 23%. 23% or 24% of this quarter's sign up. So, typically, from the time we sell until deliver, it's about six months. So this quarter sign-ups will end up being first-quarter '26 closings. So what you should expect is that we'll get back into the Del Webb closing mix being about a quarter of our business once we hit 2026.

嗯，傑伊，你看，本季的註冊率為 23%。本季註冊率為 23% 或 24%。因此，通常從銷售到交付大約需要六個月的時間。因此本季的註冊人數最終將成為 26 年第一季的收盤人數。因此，您應該預料到，一旦我們進入 2026 年，Del Webb 收尾業務將重新佔據我們業務的四分之一左右。

And we'll see those communities coming in over the balance of this year and next year. I mean, I'd tell you a lot of excitement. We've got a couple more that are opening in the Tampa market. First one in Greenville, another one opening in Charleston, another one out in Southern California. So I'd say in the coming quarters, we're going to have kind of a big flow up of new Del Webbs coming online.

我們將在今年和明年看到這些社區的加入。我的意思是，我會告訴你很多令人興奮的事情。我們還有幾家店即將在坦帕市場開幕。第一家在格林維爾，另一家在查爾斯頓開業，還有一家在南加州開業。所以我想說，在接下來的幾個季度裡，我們將迎來大量新的 Del Webbs 上線。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

I just wanted to -- you spoke a little bit about land, seeing some relief on the land cost and development side and some more retreating there. Can you talk about when that would potentially start to flow through your P&L on the actual cost side?

我只是想——您談到了土地問題，看到土地成本和開發方面有所緩解，但也有一些退縮。您能否談談實際成本方面何時可能開始影響您的損益表？

Yeah. Ray, typically, land development occurs roughly 6 to 12 months before you see the closing to it. A typical land development cycle is six to nine months. Then you have the home construction period of, call it, four months, and then you start to see those closings.

是的。雷，通常情況下，土地開發大約需要 6 到 12 個月才能完成。典型的土地開發週期為六至九個月。然後，你就有了四個月的房屋建設期，然後你開始看到那些成交。

So it depends on how big the phase is. There's a lot of variables. But I think if you got savings today at this moment in time, you're likely back half of 2026 is when you'll start to see the benefit of those lots closing that have lower land development costs.

所以這取決於相位有多大。有很多變數。但我認為，如果您現在有儲蓄，那麼到 2026 年上半年，您就會開始看到那些土地開發成本較低的土地成交帶來的好處。

That's helpful. And then you spoke a little bit about Del Webb Explorer that launched earlier this year. Can you tell us how that differs from the legacy Del Webb business and what the size of that is? Like how you're planning on growing that?

這很有幫助。然後您談到了今年早些時候推出的 Del Webb Explorer。您能告訴我們這與傳統的 Del Webb 業務有何不同以及規模有多大嗎？您計劃如何發展它？

Yeah. We think it's a huge growth opportunity for the Dell Web kind of overall brand. And the difference between Del Webb Explorer and our traditional Del Webbs. The Del Webb Explorers are not age restricted. The target consumer for that is the Gen X buyer. So think about buyers that are over the age of 45, they're high on homeownership. They've got wealth. They may be looking to start to make that semi-retirement type transition, but they still consider themselves to be very young and active.

是的。我們認為這對戴爾網路品牌來說是一個巨大的成長機會。而 Del Webb Explorer 和我們傳統的 Del Webbs 之間也有區別。德爾韋伯探險者隊不受年齡限制。其目標消費者是X世代的買家。所以想想那些年齡超過 45 歲的買家，他們的房屋所有權很高。他們擁有財富。他們可能正在尋求開始進行半退休式的轉變，但他們仍然認為自己非常年輕且活躍。

And so they're looking for a community that gives them all of those benefits without the restriction of being age-restricted. One, they don't qualify just through physical age. They're not 55 yet. And two, mentally, they don't see themselves or think of themselves as anywhere near the age of 55. But they love the way that these Del Webb communities provide lifestyle, and that's what it's really intended to be.

因此，他們正在尋找一個能夠為他們提供所有這些福利而不受年齡限制的社區。首先，他們不能僅憑身體年齡就獲得資格。他們還未滿55歲。其次，從心理學上來說，他們不認為自己已經 55 歲了。但他們喜歡 Del Webb 社群提供的生活方式，而這正是它的真正目的。

You will see some changes in the programming. So while still heavy on lifestyle, the types of physical activities or the types of physical business will be slightly more geared to that demographic. And then you'll see more in terms of kind of dining and social, almost private club type dine-in social, as opposed to in our Del Webb community [to] see more large-scale community gathering. So a lot of similarities with some nuance around how the programming is actually rolled out and implemented.

您會看到程式設計中的一些變化。因此，雖然仍然注重生活方式，但體育活動的類型或體育業務的類型將更適合該人群。然後你會看到更多的餐飲和社交活動，幾乎是私人俱樂部類型的堂食社交，而不是像我們的 Del Webb 社區那樣看到更多的大型社區聚會。因此，在程式設計的實際推出和實作方式方面存在著許多相似之處，但也存在一些細微差別。

Buck Horne, Raymond James.

巴克霍恩、雷蒙詹姆斯。

I just wanted to go back to Florida real quick and the positive shift you're seeing in those REITs or in those markets there. Specifically, just wondering for a little extra color if you can provide it in terms of like buyer segments. Are we seeing any particular buyers responding more positively right now?

我只是想快速回到佛羅裡達州，看看那裡的房地產投資信託基金或市場是否發生了積極變化。具體來說，我只是想知道您是否可以從買家細分的角度提供一些額外的資訊。我們現在是否看到任何特定買家做出更積極的反應？

It seems to be coinciding with a decline in resale inventory in Florida, which seems to be a little bit happening sooner than seasonal patterns would project. So just wondering if you've noticed any particular dynamics within Florida within the buyer groups or any other characteristics you can explain why that shift is occurring now.

這似乎與佛羅裡達州轉售庫存的下降相吻合，而且這種下降似乎比季節性模式預測的要早一些。所以我只是想知道您是否注意到佛羅裡達州的買家群體中的任何特殊動態或任何其他特徵，您可以解釋為什麼現在會發生這種轉變。

Yeah. Buck, we're really happy with what we saw out of Florida. I don't know that I'm terribly surprised. We've been more bullish on Florida. And then your comment about buyer groups, the move-up buyer in Florida was up 18% for us year over year. So we're pretty pleased with what we got out to move up.

是的。巴克，我們對佛羅裡達的所見所聞感到非常高興。我不知道我是否感到非常驚訝。我們對佛羅裡達州更加看好。然後您關於買家群體的評論是，佛羅裡達州的升級買家同比增長了 18%。因此，我們對於所取得的進步感到非常滿意。

The active adult buyer performed very well in Florida. I highlighted that the Northeast Florida market was a little slower for us. That tends to be a part of the state where we have a little bit more entry-level product. So I don't know that I would consider it to be down, rather.

佛羅裡達州的活躍成年買家表現非常出色。我強調說，佛羅裡達州東北部市場對我們來說發展有點慢。這往往是我們擁有更多入門級產品的州的一部分。所以我不知道我是否會認為它是下降的。

That's a buyer group that continues to be challenged by affordability no matter where you live. In Florida -- the Florida entry-level buyer is certainly not immune to some of those affordability challenges. Overall, though, I'm very pleased with how the inventory has started to clear up in Florida, and we've certainly seen our business perform incredibly well in the most recent quarter.

無論居住在哪裡，這個買家群體都將繼續面臨負擔能力的挑戰。在佛羅裡達州——佛羅裡達州的入門級買家當然也無法免受一些負擔能力挑戰的影響。總體而言，我對佛羅裡達州的庫存開始清理感到非常高興，而且我們確實看到我們的業務在最近一個季度表現得非常好。

That's great news. I appreciate the additional feedback there. And just lastly, in terms of single-family rental partnerships, just wondering if you're getting any further opportunities, inquiries of interest? How you're thinking about blending single-family rentals into the operating platform, what's your kind of current line of thinking on rentals right now?

這真是個好消息。我很感謝那裡的補充回饋。最後，關於單戶住宅租賃合作夥伴關係，我想知道您是否有進一步的機會和有興趣的詢問？您如何考慮將單戶住宅租賃融入營運平台，您目前對租賃的想法是怎麼樣的？

Yeah. Even going back to the go-go days of single-family rental, we wanted it to be a fairly small part of our business. We were targeting somewhere around 5% of our total volume. In terms of what we're delivering today, Buck, it's in that kind of 3%, 4% of our total volume of single-family rental. On new orders for kind of future business, it's certainly been slower and those buyers are not as active.

是的。即使回到單戶住宅租賃的鼎盛時期，我們也希望它只占我們業務的一小部分。我們的目標是佔總銷售量的 5% 左右。就我們今天提供的服務而言，巴克，它占我們單戶住宅租賃總量的 3% 到 4%。對於未來業務的新訂單而言，速度肯定比較慢，而且買家也不那麼活躍。

But in the last couple of quarters, we started to do some more deals not back to the level we were doing a couple of years ago. But there's activity out there, and we'd expect it to still be a small part of our business today and well into the future.

但在過去幾個季度，我們開始進行更多的交易，但交易量並沒有恢復到幾年前的水平。但那裡仍有活動，我們預計它仍然是我們目前和未來業務的一小部分。

That concludes our Q&A. I will now turn the call back over to Jim Zeumer for closing remarks.

我們的問答到此結束。現在我將把電話轉回給 Jim Zeumer 做結束語。

I appreciate everybody's time this morning. It was a busy morning for everyone. We are available for the rest of the day. If you got any other questions. Otherwise, we will look forward to speaking with you on our next earnings call. Thank you.

我感謝大家今天早上抽出的時間。對每個人來說，這都是一個忙碌的早晨。當天剩餘時間我們都可以為您服務。如果您還有其他問題。否則，我們期待在下次收益電話會議上與您交談。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。