普爾特房屋 (PHM) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Today's conference call will begin momentarily. Until then, your lines will be placed again on a music hold. Thank you for your patience. Thank you for standing by. My name is Jordan, and I'll be your conference operator today. (Operator Instructions) Thank you. I would now like to turn the call over to Jim Zeumer.

女士們、先生們，感謝你們的耐心等待。今天的電話會議馬上開始。在此之前，您的線路將再次進入音樂暫停狀態。感謝您的耐心等待。感謝您的耐心等待。我叫喬丹，今天我將擔任你們的會議接線生。（操作說明）謝謝。現在我想把電話交給吉姆·澤默。

Thank you, Jordan, and good morning. I want to welcome everyone to today's call to review PulteGroup's fourth quarter operating and financial results. Joining me on today's call are Ryan Marshall, President and CEO; and James Ossowski, Executive Vice President and CFO; and David Carrier, Senior VP, Finance.

謝謝你，喬丹，早安。歡迎大家參加今天的電話會議，共同回顧普爾特集團第四季的營運和財務表現。今天與我一起參加電話會議的有總裁兼執行長 Ryan Marshall；執行副總裁兼財務長 James Ossowski；以及資深副總裁兼財務長 David Carrier。

In advance of this call, a copy of our Q4 earnings release and this morning's webcast presentation have been posted to our Corporate website at pultegroup.com. We'll also post an audio replay of this call later today. I would highlight that today's presentation includes forward-looking statements about the company's expected future performance.

在本次電話會議之前，我們已將第四季財報和今天上午的網路直播簡報發佈在公司網站pultegroup.com上。我們也將在今天稍晚發布本次電話會議的錄音回放。我想強調的是，今天的報告包含有關公司未來預期業績的前瞻性陳述。

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所作評論所暗示的結果有重大差異。可能影響未來業績的最重要風險因素已在今天的獲利報告中以及隨附的簡報中進行了總結。

These risk factors and other key information are detailed in our SEC filings, including our annual and quarterly reports. Now let me turn the call over to Ryan Marshall. Ryan?

這些風險因素和其他關鍵資訊已在我們的美國證券交易委員會文件中詳細說明，包括我們的年度報告和季度報告。現在我把電話交給瑞恩·馬歇爾。瑞恩？

Thanks, Jim, and good morning. I hope that many of you had the chance to review our new investor presentation we posted to our website in early December. If you haven't seen it, I would encourage you to take a few minutes to review the deck, which is available on our website.

謝謝你，吉姆，早安。我希望你們中的許多人都有機會查看了我們在 12 月初發佈到網站上的最新投資者簡報。如果您還沒有看過，我建議您花幾分鐘時間瀏覽我們網站上提供的卡組。

The document is designed to provide a comprehensive review of the fundamental goals, strategies and results of our company.

該文件旨在全面回顧我們公司的基本目標、策略和成果。

The process of creating a completely revamped investor presentation afforded us the opportunity to revisit many of the core tenants against which we have been operating for more than a decade.

重新製作投資人簡報的過程，讓我們有機會重新審視我們十多年來一直遵循的許多核心原則。

I have to admit that it was gratifying to see that we have consistently operated in alignment with the strategies established in 2011 and how well they have helped us navigate through the housing cycle. It is also gratifying to see that the underlying operating model has delivered such outstanding results.

我必須承認，令人欣慰的是，我們一直按照 2011 年制定的策略開展業務，而這些策略很好地幫助我們度過了房地產週期。令人欣慰的是，背後的營運模式也取得如此卓越的成果。

I would note that investors have recognized and rewarded us for this performance as PulteGroup has ranked number one in total shareholder returns among homebuilders for both the past year and the past decade. This is a sustained record of success for which we are rightfully proud.

我想指出，投資者已經認可並獎勵了我們這樣的業績，因為在過去一年和過去十年中，PulteGroup 在住宅建築商的總股東回報率方面均排名第一。這是我們所取得的持續成功，我們為此感到無比自豪。

PulteGroup's 2025 operating and financial results further demonstrate the value of our differentiated operating model that emphasizes diversification and balance across markets, buyer groups and spec versus build-to-order production as well as a highly disciplined approach to project underwriting and overall capital allocation.

PulteGroup 2025 年的營運和財務表現進一步證明了我們差異化營運模式的價值，該模式強調在市場、買家群體和規格生產與按訂單生產之間實現多元化和平衡，以及對專案承保和整體資本配置採取高度自律的方法。

In a year that sub buyer demand and overall market dynamics be highly variable, I am pleased to report that our operating model helped us to generate annual revenues, margins and earnings that rank among the highest in the 75-year history of PulteGroup.

在分包商需求和整體市場動態變化劇烈的一年裡，我很高興地報告，我們的營運模式幫助我們創造了年度收入、利潤率和收益，這些數字在 PulteGroup 75 年的歷史中名列前茅。

Among the 2025 financial results that I would highlight, we closed over 29,500 homes and generated wholesale revenues of $16.7 billion. We reported full year gross and operating margins of 26.3% and 16.9%, respectively, and we generated cash flow from operations of $1.9 billion.

在我要重點介紹的 2025 年財務表現中，我們完成了超過 29,500 套房屋的交割，並創造了 167 億美元的批發收入。我們公佈的全年毛利率和營業利率分別為 26.3% 和 16.9%，經營活動產生的現金流量為 19 億美元。

I would also note that we ended the year with $2 billion of cash after investing $5.2 billion into the business and returning $1.4 billion to shareholders through share repurchases and dividends.

我還想指出，在向公司投資 52 億美元並透過股票回購和分紅向股東返還 14 億美元後，我們年底擁有 20 億美元的現金。

I have talked about this on other calls, but a critical driver to pull these results in 2025 and prior years is our highly diversified business platform with homebuilding operations now established in 47 distinct markets.

我曾在其他電話會議上談到過這一點，但要實現 2025 年及以前幾年的這些業績，一個關鍵的驅動因素是我們高度多元化的業務平台，目前我們在 47 個不同的市場建立了住宅建設業務。

We benefit from having a strong presence in the Midwest, Northeast and Florida, where on a relative basis, demand in many of these markets has held up better.

我們在中西部、東北部和佛羅裡達州擁有強大的市場地位，從相對而言，這些市場的需求表現得更好，這對我們大有裨益。

Relative strength in these areas helped offset pressure coming from the markets overall home buying demand was softer such as Texas and in many of our Western markets.

這些地區的相對強勢有助於抵消來自市場整體購屋需求疲軟的壓力，例如德州和我們許多西部市場。

Beyond this broad geographic footprint, PulteGroup continues to benefit from having arguably the deepest and most balanced buyer base in the industry. At 38% first time, 40% move up and 22% active adult, our 2025 closings were in line with our long-term targets.

除了廣泛的地域覆蓋之外，PulteGroup 還繼續受益於其在業界堪稱最龐大、最均衡的買家群體。2025 年，我們的房屋成交量與長期目標一致，其中 38% 為首次購屋者，40% 為改善型購屋者，22% 為活躍成年人。

More importantly, our 2025 sales demonstrate the powerful impact such buyer diversification can have on our results. In a year in which demand was more challenged among first-time and move-up buyers.

更重要的是，我們 2025 年的銷售數據表明，這種買家多元化可以對我們的業績產生強大的影響。在這一年裡，首次購屋者和改善型購屋者的需求受到了更大的挑戰。

Full year signups among active adult buyers increased by 6% over last year and were up 14% in the fourth quarter over the fourth quarter in the prior year.

全年活躍成年購屋者的註冊量比去年增加了 6%，第四季比上年同期成長了 14%。

In addition to the obvious benefit to our subsequent closing volumes, our Del Webb communities routinely deliver our highest gross margins. Del Webb has been and will continue to be an important driver of multigroup superior gross margins and most importantly, high returns.

除了對我們後續成交量帶來的明顯好處外，我們的 Del Webb 社群通常能帶來最高的毛利率。Del Webb 過去是、現在是、未來也仍將是推動多集團實現卓越毛利率和高回報的重要力量。

While I think we all view 2025 as a more challenging year than anticipated, PulteGroup still reported $2.2 billion of net income, the fifth most profitable year in our mystery and generated $1.9 billion in cash flow from operations.

雖然我認為我們都認為 2025 年比預期更具挑戰性，但 PulteGroup 仍然報告了 22 億美元的淨收入，這是我們調查以來盈利第五高的年份，並且產生了 19 億美元的經營現金流。

Consistent with our disciplined capital allocation process, we used our strong 2025 financial results to invest in the future growth of our company investing $5.2 billion in land acquisition and development. Inclusive of 2025.

秉承我們嚴謹的資本配置流程，我們利用2025年強勁的財務業績，投資於公司未來的發展，投資52億美元用於土地收購和開發。包含至2025年。

PulteGroup has invested a total of $24 billion in land acquisition and development over the past five years. We believe our disciplined land investment will enable us to routinely achieve community count growth in the range of 3% to 5% in 2026 and in the years beyond.

過去五年，PulteGroup 已累計投資 240 億美元用於土地收購和開發。我們相信，我們嚴謹的土地投資將使我們能夠在 2026 年及以後的幾年裡，持續實現社區人口數量 3% 至 5% 的增長。

As part of our keen focus on advancing the homebuilding platform that can consistently deliver strong financial results, as reported in this morning's earnings release, we have made the strategic decision to divest of our off-site manufacturing operations.

正如今天早上發布的收益報告中所述，為了集中精力推進能夠持續帶來強勁財務業績的住宅建造平台，我們做出了剝離異地製造業務的戰略決定。

ICG has proven to be a strong operator that can consistently deliver high-quality house shell components that has delivered many benefits to our extending homebuilding platform. but we have determined that our business and in turn, our shareholders are best served by us focusing on our core homebuilding operations.

ICG已被證明是一家實力雄厚的營運商，能夠持續提供高品質的房屋主體結構組件，這為我們不斷擴展的住宅建造平台帶來了許多益處。但我們認為，專注於核心住宅建造業務才是最符合我們公司以及股東利益的做法。

After the sale, we will be able to benefit from any innovation in off-site manufacturing achieved by the building component suppliers, many of which are making significant investments in technology and innovation, while we focus on our core competencies.

交易完成後，我們將能夠受益於建築構件供應商在異地製造方面取得的任何創新成果，其中許多供應商都在技術和創新方面進行了大量投資，而我們將專注於我們的核心競爭力。

Having recorded another year of strong results, PulteGroup enters 2026 in an exceptional financial position with $2 billion of cash and a net debt-to-capital ratio of negative 3%.

PulteGroup 又取得了一年的強勁業績，進入 2026 年時財務狀況非常出色，擁有 20 億美元的現金，淨債務資本比率為負 3%。

We also control a land pipeline of 235,000 lots that will allow us to continue growing community count in 2026. As such, I am optimistic about the year ahead, and PulteGroup's ability to capitalize on any opportunities the market may present.

我們還擁有 235,000 個地塊的土地儲備，這將使我們能夠在 2026 年繼續增加社區數量。因此，我對未來一年充滿信心，並相信 PulteGroup 有能力抓住市場可能提供的任何機會。

Now let me turn the call over to James Ossowski, for a review of our fourth quarter performance. James?

現在我把電話交給詹姆斯·奧索夫斯基，讓他回顧我們第四季的業績。詹姆斯？

Thanks, Ryan. Consistent with Ryan's comments, our fourth quarter performance kept another year of excellent operating and financial results, which I'm excited to review.

謝謝你，瑞恩。與 Ryan 的評論一致，我們第四季度的業績延續了連續第二年優異的營運和財務業績，我很期待對此進行回顧。

We recorded net new orders in the fourth quarter of 6,428 homes which is an increase of 4% over Q4 of last year. The increase in net orders for the quarter reflects a 6% increase in average community count to 1,014, and in combination with a 1% decrease in absorption pace to 2.1 homes per month.

第四季我們錄得淨新增訂單6,428套住房，比去年第四季成長4%。本季淨訂單量的成長反映了平均社區數量成長 6% 至 1,014，同時吸收速度下降 1% 至每月 2.1 套住房。

Reflective of the challenging demand conditions we experienced over the course of 2025, we realized a full year absorption pace of 2.3 homes per month compared to 2.6 homes per month for all of 2024.

2025 年，我們經歷了嚴峻的需求情勢，全年房屋消化速度為每月 2.3 套，而 2024 年全年為每月 2.6 套。

For the fourth quarter, our cancellation rate as a percentage of starting backlog was 12% compared with 10% in the prior year.

第四季度，我們的取消率佔初始積壓訂單的百分比為 12%，而去年同期為 10%。

For the fourth quarter, net new orders among first-time and active adult buyers increased 9% and 14%, respectively, over Q4 of last year. Comparatively, Net new orders in our move-up business declined by 5% from the prior year fourth quarter.

第四季度，首次購屋者和活躍成年購屋者的淨新增訂單量分別比去年同期成長了 9% 和 14%。相較之下，我們升級業務的淨新增訂單量比去年同期下降了 5%。

By buyer group, net new orders in Q4 2025 were 39% first time, 38% move up and 23% active adult. This compares with 37% first time, 42% move-up and 21% active adult in the fourth quarter of 2024.

按購買群體劃分，2025 年第四季淨新增訂單中，首次購買訂單佔 39%，升級購買訂單佔 38%，活躍成年人訂單佔 23%。相較之下，2024 年第四季首次購屋者佔 37%，改善型購屋者佔 42%，活躍成年人佔 21%。

As we have discussed on prior calls, new community openings are helping to increase our active doll business as we grow that segment towards our targeted range 25% of total unit volume.

正如我們在先前的電話會議中所討論的那樣，新社群的開放有助於增加我們的活躍娃娃業務，因為我們正在將該細分市場發展到佔總單位銷售 25% 的目標範圍。

Quarter fourth quarter, home sale revenues totalled $4.5 billion, which is down 5% from the fourth quarter of last year. Lower home sale revenues for the period reflect a 3% decrease in closings of 7,821 homes in combination with a 1% decrease in the average sales price of closing to $573,000.

第四季度，房屋銷售收入總計45億美元，比去年第四季下降5%。該期間房屋銷售收入下降，反映出房屋成交量減少了 3%（7,821 套），同時房屋成交的平均售價下降了 1%（至 573,000 美元）。

By buyer group, closings in the fourth quarter were 37% first time, 39% move-up and 24% active adult. In the prior year fourth quarter, our closing mix was 40% first time move up and 20% active adult.

以購屋者群體劃分，在第四季成交的房屋中，首次購屋者佔 37%，改善型購屋者佔 39%，活躍成年人佔 24%。上年第四季度，我們的房屋組成中，首次改善型購屋者佔 40%，活躍成年人佔 20%。

In response to questions we have received, I would note that our Q4 closings included approximately 100 build for rentals. Given our strategic approach to BFR, it has always been a small part of our operations and accounted for less than 2% of full year 2025 closings.

針對我們收到的問題，我想指出，我們第四季度的成交項目包括大約 100 套用於出租的房屋。鑑於我們對 BFR 的策略方針，它一直是我們業務的一小部分，在 2025 年全年交易量中佔比不到 2%。

Our year-end backlog totalled 8,495 homes with a value of $5.3 billion, and we ended 2025 with 13,705 homes in production, of which 7,216 respectful. Consistent with our stated strategy, our spec inventory is down 18% from the end of 2024. We have remained disciplined in managing spec starts as we rebalance our product mix or to increase the percentage of built-to-order homes and our production pipeline.

截至年底，我們的積壓訂單總計 8,495 套房屋，價值 53 億美元；到 2025 年底，我們在建房屋數量為 13,705 套，其中 7,216 套符合標準。與既定策略一致，我們的現貨庫存比 2024 年底減少了 18%。我們一直嚴格控制新房開工量，同時重新平衡產品組合，增加客製化住宅的比例，並擴大生產規模。

Given the number of homes under construction, -- in the stage of production, we expect to close between 5,700 and 6,100 homes in the first quarter of 2026. We also have provided a guide for full year 2026 closings in the range of 28,500 to 29,000 homes.

鑑於目前在建房屋的數量（處於生產階段），我們預計在 2026 年第一季將交付 5700 至 6100 套房屋。我們也提供了 2026 年全年房屋成交量的指導方針，預計成交量在 28,500 至 29,000 套之間。

Based on pricing in our backlog and the anticipated mix of closings, we expect the average sales price of closings to be in the range of $550,000 to $560,000 for both the first quarter and full year of 2026.

根據我們積壓訂單的定價和預期成交組合，我們預計 2026 年第一季和全年成交的平均售價將在 55 萬美元至 56 萬美元之間。

As Ryan discussed during his comments, even investment made in prior years and a land pipeline of 235,000 lots under control, we expect our average community count for all 4 quarters of 2026 and be 3% to 5% higher than the comparable quarter of 2025.

正如瑞安在評論中提到的那樣，即使有前幾年的投資和 235,000 個地塊的土地儲備，我們預計 2026 年所有 4 個季度的平均社區數量將比 2025 年同期高出 3% 至 5%。

For our fourth quarter, we reported gross margin of 24.7% and compared with 27.5% in Q4 of last year. As noted in this morning's press release, our reported fourth quarter gross margin includes $35 million or 80 basis points of land impairment charges.

第四季度，我們的毛利率為 24.7%，去年同期為 27.5%。正如今天早上的新聞稿中所述，我們公佈的第四季度毛利包括 3500 萬美元或 80 個基點的土地減損費用。

In addition to these charges, Pulte's fourth quarter gross margin was impacted by higher incentive of 9.9% of gross sales pricing. This compares to $7.2 million in Q4 of last year. and 8.9% in the third quarter of 2025.

除了這些費用外，Pulte 第四季的毛利率還受到銷售總價 9.9% 的更高激勵措施的影響。相比之下，去年第四季為720萬美元，預計2025年第三季將成長8.9%。

Higher incentives for the quarter were primarily the result of our efforts to sell finished spec inventory as we closed out 2025. We currently expect to realize gross margins of 24.5% to 25.0% for both the first quarter and for the full year of 2026, but recognize that the spring selling season will be a key driver of our financial results this year.

本季更高的激勵措施主要是由於我們在 2025 年底努力銷售成品庫存所致。我們目前預計 2026 年第一季和全年的毛利率將達到 24.5% 至 25.0%，但我們也意​​識到，今年的春季銷售旺季將是我們財務表現的關鍵驅動因素。

Embedded within our margin guide is the expectation that our house costs in 2026 will be flat to slightly down relative to 2025.

我們的利潤率預期中隱含著這樣的預期：2026 年的房屋成本將與 2025 年相比持平或略有下降。

On a year-over-year basis, we expect our lot costs in 2026 to increase by 7% to 8% from 2025. Our reported gross -- fourth quarter homebuilding SG&A expense of $389 million or 8.7% of wholesale revenues includes an insurance benefit of $34 million recorded in the period.

與 2025 年相比，我們預計 2026 年的地塊成本將成長 7% 至 8%。我們報告的第四季度房屋建造銷售、一般及行政費用總額為 3.89 億美元，佔批發收入的 8.7%，其中包括該期間記錄的 3,400 萬美元保險賠償金。

Prior year homebuilding SG&A expense of $196 million or 4.2% of home sale revenues included an insurance benefit of $255 million. We remain thoughtful in managing our overheads as we continue to identify opportunities to adjust spending levels while still meeting our high standards for build quality and buyer experience.

上一年房屋建造銷售、一般及行政費用為 1.96 億美元，佔房屋銷售收入的 4.2%，其中包括 2.55 億美元的保險賠償。我們始終謹慎管理營運成本，不斷尋找調整支出水準的機會，同時仍保持對產品品質和客戶體驗的高標準。

For full year 2026, we expect our SG&A expense to be in the range of 9.5% to 9.7% of home sale revenue. Given the typical lower delivery volumes we realized in the first quarter of the year, SG&A expense in Q1 is expected to be approximately 11.5% of home sale revenues.

預計 2026 年全年銷售、管理及行政費用將佔房屋銷售收入的 9.5% 至 9.7%。鑑於今年第一季交付量通常較低，預計第一季銷售、管理及行政費用約為房屋銷售收入的 11.5%。

In the fourth quarter, we reported other expenses of $99 million, which includes a charge of $81 million, resulting from the expected divestiture of our off-site manufacturing operations.

第四季度，我們報告了其他支出 9,900 萬美元，其中包括因預期剝離異地製造業務而產生的 8,100 萬美元費用。

For the fourth quarter, our financial services operations reported pretax income of $35 million, which is down from pretax income of $51 million in the fourth quarter of last year.

第四季度，我們的金融服務業務稅前收入為 3,500 萬美元，低於去年第四季的稅前收入 5,100 萬美元。

Financial services pretax income for the period was impacted by a number of factors, including lower ASPs and closing volumes in our homebuilding operations and a lower mortgage capture rate. Our mortgage capture rate in the fourth quarter was 84% compared with 86% last year.

該期間金融服務稅前收入受到多種因素的影響，包括房屋建造業務的平均售價和成交量下降以及抵押貸款獲取率下降。我們第四季的抵押貸款取得率為 84%，而去年同期為 86%。

PulteGroup's reported pretax income for the fourth quarter was $655 million. In the period, we reported a tax expense of $154 million or an effective tax rate of 23.4%. Our effective tax rate benefited from a renewable energy tax credits recorded in Q4.

PulteGroup公佈的第四季稅前收入為6.55億美元。該期間，我們報告的稅項支出為 1.54 億美元，實際稅率為 23.4%。我們的實際稅率受益於第四季度記錄的可再生能源稅收抵免。

Looking ahead to 2026, we expect our tax rate to be approximately 24.5%. Our expected tax rate does not take into consideration any discrete period specific tax events that might occur.

展望 2026 年，我們預計稅率約為 24.5%。我們預期的稅率並未考慮可能發生的任何特定期間的稅務事件。

For the fourth quarter, we reported net income of $502 million or $2.56 per share, which compares with a reported net income of $913 million or $4.43 per share in the fourth quarter of 2024. For the full year, PulteGroup's for net income of $2.2 billion or $11.12 per share.

第四季度，我們報告淨收入為 5.02 億美元，即每股 2.56 美元，而 2024 年第四季報告的淨收入為 9.13 億美元，即每股 4.43 美元。PulteGroup全年淨收入為22億美元，即每股11.12美元。

Our Q4 earnings per share was calculated based on $196 million diluted shares outstanding, which is down 5% from the prior year and reflects the impact of our systematic share repurchase program.

我們第四季每股收益是根據 1.96 億股稀釋後流通股計算得出的，比上年同期下降了 5%，反映了我們系統性股票回購計畫的影響。

In the fourth quarter, PulteGroup repurchased $2.4 million common shares for $300 million. Including our Q4 activity, we repurchased $10.6 million common shares in 2025 and were $1.2 million or an average price of $11.76 per share.

第四季度，PulteGroup 以 3 億美元的價格回購了價值 240 萬美元的普通股。包括我們第四季的活動在內，我們在 2025 年回購了價值 1,060 萬美元的普通股，總價值為 120 萬美元，平均價格為每股 11.76 美元。

We ended the year with $983 million remaining under our existing share repurchase authorization. In the fourth quarter, we invested $1.4 billion in land acquisition and development, which was evenly split between the two activities.

截至年底，我們現有的股票回購授權下還剩餘 9.83 億美元。第四季度，我們在土地收購和開發方面投資了 14 億美元，這筆投資在兩項活動中平均分配。

For the full year, we invested a total of $5.2 million in land acquisition and development, of which 52% went for the development of existing land assets. Inclusive of our Q4 investments, we ended the year with 235,000 lots under control.

全年，我們共投資 520 萬美元用於土地收購和開發，其中 52% 用於現有土地資產的開發。包括我們第四季的投資在內，我們年底控制的地塊數量為 235,000 塊。

This is comparable with the fourth quarter of last year, but down on a sequential basis by 5,000 lots from Q3 as we continue to carefully review each land deal to make tactical decisions to exit select transactions. It is fair to say that the slower housing environment is beginning to have an impact on the land dynamics in some markets around the country.

這與去年第四季的情況類似，但與第三季相比環比減少了 5000 塊土地，因為我們繼續仔細審查每一筆土地交易，以做出退出特定交易的策略性決定。可以肯定地說，房屋市場成長放緩已經開始對全國部分市場的土地動態產生影響。

Depending on the market, the seller and the underlying land assets, they're finding opportunities to renegotiate deals to adjust the timing, the price or sometimes both.

根據市場狀況、賣方和相關土地資產，他們正在尋找機會重新談判交易，以調整時間、價格或有時兩者都進行調整。

Our land teams have and continue to do an excellent job reviewing every transaction to ensure deals still meet our risk-adjusted return hurdles given current prices and bases. Our local teams are also looking for opportunities to upgrade positions, which is land deals that were previously under contract and back to marketing.

我們的土地團隊一直以來都出色地審查每一筆交易，以確保交易在當前價格和基準下仍然符合我們經風險調整後的回報目標。我們的本地團隊也正在尋找提升職位的機會，也就是將先前已簽訂合約的土地交易重新推向市場。

As Ryan mentioned earlier, we generated $1.9 billion of cash flow from operations in 2025 as we managed our housing starts, controllably and spend includes incremental homes in the fourth quarter. We will maintain the same disciplined approach to 2026 as we align investments into the business with buyer activity.

正如 Ryan 之前提到的，我們透過可控地管理房屋開工量，並在第四季度增加了房屋支出，在 2025 年實現了 19 億美元的營運現金流。到 2026 年，我們將繼續保持同樣的嚴謹作風，將對業務的投資與買家的活動相匹配。

Given current market dynamics, our expected 3% to 5% growth in community count, we are projecting land acquisition and development spend $5.4 billion in 2026.

鑑於目前的市場動態，我們預計社區數量將增加 3% 至 5%，預計 2026 年土地收購和開發支出將達到 54 億美元。

Assuming this level of land spend, the expectation that house inventory will increase commensurate with an increased level of build-to-order home sales, we expect 2026 cash flow generation to be approximately $1 billion.

假設土地支出達到這一水平，預計房屋庫存將隨著定制房屋銷售水平的提高而相應增加，我們預計 2026 年現金流將達到約 10 億美元。

And finally, we ended the year with exceptional financial strength and flexibility as we had $2 billion of cash and a debt-to-capital ratio of 11.2%. Adjusting for the cash balance our net debt-to-capital ratio at quarter end and negative 3%.

最後，我們以卓越的財務實力和靈活性結束了這一年，我們擁有 20 億美元的現金，債務資本比率為 11.2%。經現金餘額調整後，我們季度末的淨債務資本比率為負3%。

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

現在我把電話轉回給瑞恩，讓他做最後的總結發言。

Thanks, Jim. Appreciating the more challenging market conditions. I still look back on 2025 and say it was a good year.

謝謝你，吉姆。適應更具挑戰性的市場環境。回首2025年，我仍然覺得那是個好年份。

As you heard repeatedly, demand was highly variable as consumers responded initially to movements in interest rates and later to a slowing economy, which pressured jobs and as important, consumer confidence.

正如你反覆聽到的那樣，需求波動很大，因為消費者最初是對利率變動做出反應，後來是對經濟放緩做出反應，這給就業和消費者信心帶來了壓力。

All that being said, on fleet absorption rates followed a typical seasonal pattern for the year and through the fourth quarter.

綜上所述，艦隊吸收率在全年以及第四季度都遵循了典型的季節性模式。

The first few weeks of January have also demonstrated the expected seasonal increase in demand as we moved from December into the start of the new year. It's too early to glean much in terms of the strength of the entire spring selling season, other than to say we remain optimistic.

1 月的前幾週也顯示出了預期的季節性需求成長，因為我們從 12 月過渡到了新的一年。現在判斷整個春季銷售季的強勁程度還為時過早，但我們仍然保持樂觀。

As was the case through much of the year, in the fourth quarter, we continue to realize stronger homebuyer demand in key markets in the Northeast, in many parts of the Midwest and the Southeast. Fourth quarter demand is seasonally slower.

與今年大部分時間的情況一樣，在第四季度，我們繼續看到東北部主要市場、中西部許多地區和東南部地區的購屋者需求更加強勁。第四季需求通常季節性放緩。

But on a relative basis, we saw positive homebuyer activity in markets that included Boston, the Northern Virginia D.C. area as well as Chicago, Indianapolis and Louisville, and then entering -- extending down into the Carolinas.

但相對而言，我們看到波士頓、北維吉尼亞、華盛頓特區以及芝加哥、印第安納波利斯和路易斯維爾等市場的購屋者活動呈現積極態勢，並逐漸擴展到卡羅來納州。

Once again, I have to recognize the success of our Florida operations, which generated a year-over-year increase in fourth quarter sign-ups of 13%. Beyond the strength of our land positions and our overall homebuilding operations throughout the Florida markets, data suggest that new and existing home inventories are generally stable to improving modestly. Obviously, a strengthening housing market in the state of Florida would be a huge boost to the industry.

我再次要肯定我們在佛羅裡達州的業務取得了成功，第四季度註冊用戶數量同比增長了 13%。除了我們在佛羅裡達州市場擁有的強大土地儲備和整體住宅建設業務外，數據顯示，新房和二手房庫存總體上保持穩定或略有改善。顯然，佛羅裡達州房地產市場的走強將極大地促進該行業的發展。

We closed out the year with our Texas and West markets continuing to experience sluggish demand trends. although we may be seeing some signs of bottoming in Dallas and San Antonio.

年末，我們的德州和西部市場需求持續疲軟，儘管達拉斯和聖安東尼奧市場可能出現了一些觸底反彈的跡象。

At this time, I would tell you that improvements in the pace of sales are likely the result of pricing actions as we work hard to find a clearing price and turn assets. This is particularly true with regard to finished spec inventory that we needed to clear.

此時，我想告訴大家，銷售速度的提升很可能是定價策略的結果，因為我們正在努力尋找合適的清算價格並週轉資產。對於我們需要清理的成品庫存來說，情況尤其如此。

Looking ahead to 2026. The industry enters a new year with improved affordability as mortgage rates are almost a full percentage point lower than a year ago and whether through price reductions or incentives, new home prices have reset lower while consumers benefited from another year of income growth as wages increase by upwards of 4%, a more financially capable consumer in combination with an improved affordability picture puts the industry in a much better position heading into the 2026 spring selling season.

展望2026年。隨著抵押貸款利率比一年前下降了近一個百分點，以及無論是透過降價還是激勵措施，新房價格都已回落，消費者受益於工資增長超過 4%，經濟能力增強，加上購房負擔能力的提高，房地產行業在新的一年裡處於更有利的地位，迎接 2026 年春季銷售旺季的到來。

Given these dynamics, I think consumer confidence will be a critical component to determining just how strong buyer demand will be in the months to come.

鑑於這些動態，我認為消費者信心將是決定未來幾個月買家需求強勁程度的關鍵因素。

Before opening the call to questions, I want to recognize and celebrate the entire Pulte team. Beyond the outstanding financial results, you continue to set the industry standard for build quality and customer satisfaction in 2025. You have been relentless in your efforts, and I am so proud of all that you've accomplished in these areas. Now let me turn the call over to Jim Zeumer.

在正式開始提問環節之前，我想對整個 Pulte 團隊表示感謝和讚揚。除了出色的財務表現外，你們在 2025 年繼續樹立了行業在產品品質和客戶滿意度方面的標竿。你一直堅持不懈地努力，我為你在這些領域的成就感到無比自豪。現在我把電話交給吉姆‧澤默。

Great, thanks, Ryan. 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. Jordan, if you would, was prepared to take question-and-answer, prepared to implement question-and-answer them.

太好了，謝謝你，瑞恩。現在準備開始接受提問。這樣我們就可以在本次通話剩餘時間內盡可能回答問題。請您只提一個問題，並留一個後續問題。喬丹表示，他已準備好接受提問，並準備好對他們進行問答。

John Lovallo, UBS.

瑞銀集團的約翰·洛瓦洛。

Thanks guys. I appreciate you taking my questions and Ryan, we share your optimism heading into the year versus heading into the beginning of last year, I think the setup is a lot better. But maybe starting with just SG&A, you guys did a really good job of managing that in the quarter despite home sales being down about 5% year-over-year.

謝謝各位。感謝您回答我的問題。瑞恩，我和您一樣對今年充滿樂觀，與去年年初相比，我認為現在的情況要好得多。但或許僅就銷售、一般及行政費用而言，儘管房屋銷售額比去年同期下降了約 5%，但你們在本季在這方面的管理做得非常好。

Can you just help us with some of the levers that you may have pulled and what else can be done on the SG&A front?

您能否幫我們說說您可能已經採取的一些措施，以及在銷售、管理及行政費用方面還可以做些什麼？

Yeah, John we didn't make a ton of kind of changes. I think we've always prided ourselves in being balanced and consistent. We put a lot of incremental investment into our people, we're five years in a row now recognized as the top 100 best company to work for. We make incremental investments in quality and customer experience.

是的，約翰，我們並沒有做太多改變。我認為我們一直以來都以保持平衡和一致而自豪。我們對員工進行了大量持續投資，我們已經連續五年被評為百強最佳雇主公司之一。我們逐步加大對產品品質和客戶體驗的投入。

So aside that, we've really just tried to run kind of a balanced, thoughtful business, not be wasteful, but make sure that we're investing in the right places. We have made some targeted reductions in force in a handful of markets. We did that in the November time frame of last year.

所以除此之外，我們一直努力經營一家平衡、深思熟慮的企業，不浪費，並確保把錢投資在正確的地方。我們已在少數市場進行了有針對性的裁員。我們在去年11月期間完成了這項工作。

Pretty small numbers overall, but it was focused on some of the markets that you might expect that were a little slower Texas and some of the western markets. Beyond that, John, I wouldn't tell you that there's anything that I'd call out is extraordinary.

整體數字相當小，但它集中在一些你可能預料到的、成長速度較慢的市場，例如德州和一些西部市場。除此之外，約翰，我不會告訴你有什麼特別之處。

Okay. That's helpful. And then I wanted to touch on ICG. I mean we've been pretty big proponents of off-site construction and the benefits there. I can understand not wanting to vertically integrate it.

好的。那很有幫助。然後我想談談ICG。我的意思是，我們一直以來都非常支持異地建造及其帶來的好處。我能理解他們不想進行垂直整合。

But I guess the question is, what is your view overall on just technology infusion into homebuilding as a longer-term solution to the chronic undersupply?

但我想問的是，您整體上如何看待將技術融入住宅建設，以此作為解決長期供應不足問題的長期方案？

Yeah John, I think that's the spot that I would highlight is we are huge proponents of the innovation possibility and the ability to incorporate it into the homebuilding machine -- and we've learned a lot over the last 6 years, gotten a ton of benefits in kind of what the overall housing operation has derived from the innovation that's happen there. . We've just come to the conclusion that we think we're better off focusing on the core competency, buying land and titling, developing, building homes. And including ICG and whoever the eventual owner of that will be combined with many of the other national off-site manufacturers, they're making a truckload of investment in innovation, and we think we'll be able to continue to benefit from those innovations that innovation spending into the whole building operation without necessarily being a direct owner of it.

是的，約翰，我認為我想強調的是，我們非常支持創新，並致力於將創新融入房屋建造過程中——在過去的6年裡，我們學到了很多，也從整個住房運營中受益匪淺，這都得益於創新。。我們最終得出結論，我們認為最好還是專注於核心競爭力，即購買土地、取得產權、開發和建造房屋。包括 ICG 在內的最終所有者，以及許多其他全國性的場外製造商，都在創新方面投入巨資，我們認為，即使我們不一定是這些創新的直接所有者，我們也能繼續從這些創新中受益，因為這些創新支出已經融入整個建築運營中。

Yeah, makes sense. Thank you guys.

嗯，有道理。謝謝大家。

Michael Rehaut, JPMorgan Chase.

麥可雷豪特，摩根大通。

Hi, thanks, for taking my questions. Good morning, everybody. First question, I'd love to get maybe dive in a little bit to the full year gross margin outlook that you laid out on the call and I appreciate that. given that it may be a step more in the direction of guidance than some of your peers are willing to do. I wanted to understand the assumptions, particularly as you anticipate your first quarter gross margin, it seems like being sustained throughout the year. And what that means in terms of the progression of the year because you would think land costs maybe continue to go up throughout the year as just kind of a long-term trend. So I was just wondering the components of that as you think sequentially throughout the year, how you're thinking about promotions of promotions or incentives stabilized.

您好，謝謝您回答我的問題。大家早安。第一個問題，我很想深入了解您在電話會議上提到的全年毛利率預期，非常感謝。因為這可能比一些同行願意提供的預期更明確一些。我想了解其中的假設，特別是當您預測第一季毛利率時，似乎希望這項預期能持續到全年。而從全年發展的角度來看，這又意味著什麼呢？因為你可能會認為土地成本可能會在全年持續上漲，這是長期趨勢。所以我想知道，當你按順序考慮全年的促銷活動或激勵措施時，這些組成部分是什麼，你是如何考慮這些活動的穩定性的。

They obviously rose throughout 2025, labour materials? And if there's any positive impact from the divestiture of ICG?

顯然，到2025年，勞動力材料的需求會持續上升嗎？剝離 ICG 會帶來任何正面影響嗎？

Yeah, hey Mike, it's Ryan. I appreciate the question. And we take kind of the process of giving guidance very seriously as I'm sure you can appreciate. We go through and we try to evaluate every element of the P&L that contributes to the margin guide. Our expectations are really to see ASP flat through the year.

嗨，麥克，我是瑞恩。感謝您的提問。我相信您能夠理解，我們非常重視提供指導的過程。我們會仔細檢視並評估損益表中影響利潤率指引的每一個要素。我們預計全年平均售價將保持穩定。

We've kind of given a guide that's the same for Q1 and the full year. We do expect our house costs to go down slightly. The sticks and bricks, Jim talked about that in his prepared remarks. We're anticipating land cost to increase in the range of 7% to 8%, and we'd expect to see the discounts remain elevated. We'd hoped and we'd be optimistic that we can pull back just a tad on those discounts.

我們給予的指導方針適用於第一季和全年。我們預計住房成本會略有下降。吉姆在事先準備好的演講稿中談到了磚瓦和木棍。我們預計土地成本將上漲 7% 至 8%，預計折扣力道將維持在高水準。我們原本希望，也樂觀地認為，我們可以稍微減少一些折扣。

But broadly, we think they're going to remain elevated.

但總體而言，我們認為它們將保持高位。

So we've strived to keep our margins best-in-class. We'll endeavour to do that in 2026 as well. And as you know, ultimately, what we're focused on is driving the best return on investment and we manage kind of pace and price toward an outcome that gives us the optimal return for the shareholder.

因此，我們一直努力保持業界最佳的利潤率。我們將在2026年努力實現這一目標。如您所知，最終，我們關注的是實現最佳投資回報，我們會控制速度和價格，以期為股東帶來最佳回報。

And look, we think it's work. And it was the reason in my opening comments, I said we've -- that strategy and the way we operate has generated the highest TSR, not only for the last year, but also the last decade. So I would say those are the big components of how we think about margin.

而且，我們認為這是工作。這也是我在開場白中所說的原因——我們的策略和營運方式不僅在過去一年，而且在過去十年中都創造了最高的總股東回報率。所以我認為，這些就是我們思考利潤率的主要組成部分。

No, it's great. Thank you for that. And I guess, secondly, you mentioned in your prepared remarks, Ryan, around maybe some of the inventory trends that you're seeing starting perhaps to stabilize in Florida. We've seen some of that as well, concern of our statistics.

不，它很棒。謝謝。其次，瑞安，你在事先準備好的演講稿中提到了佛羅裡達州的一些庫存趨勢可能開始趨於穩定。我們也看到了一些類似的擔憂，即我們對統計數據的擔憂。

I was wondering if you could kind of go through your major markets, if possible. And particularly from a supply perspective, from an inventory perspective, as you look at your major markets how the trends have been over the last 3 to 6 months? And if you describe that stabilization is kind of broad throughout your footprint or if there's some areas that are still rising perhaps or even some that are starting to come in a little bit?

我想問您能否簡單介紹一下您的主要市場。特別是從供應和庫存的角度來看，您觀察一下主要市場，過去 3 到 6 個月的趨勢如何？如果您描述的穩定情況在您的業務範圍內比較普遍，或者有些地區仍在上升，甚至有些地區開始略有下降，那會怎麼樣？

Sure. Florida is an important market for us, Mike, and we've talked -- we tried because it's such an important market to us, and we think all of housing, really, we try to talk about it every quarter. it's up 14% over last year. So we had good sales in the quarter. I'd start there.

當然。麥克，佛羅裡達對我們來說是一個重要的市場，我們已經談過了——我們努力談過，因為它對我們非常重要，而且我們認為整個房地產市場，實際上，我們每個季度都會談到它。它比去年上漲了14%。所以，我們這個季度的銷售業績不錯。我會從那裡開始。

Generally, I would tell you, every market is positive, but there are some outperformers the outperformers or Myers, Naples, the East Coast of Florida, so Palm Beach, Bureau Beach, Canaccord Lauderdale. Orlando continues to be exceptional. Tampa has been stable, but not as good as the others, and I put Jacksonville in that same category.

總的來說，我會告訴你，每個市場都是正面的，但有些市場表現優異，例如邁爾斯、那不勒斯、佛羅裡達州東海岸，還有棕櫚灘、比羅海灘、卡納科德勞德代爾堡。奧蘭多依然非常出色。坦帕灣一直很穩定，但不如其他球隊，我認為傑克遜維爾也屬於同一類球隊。

Okay, when you talk about that, you're referring to the order trends, not the inventory, just clarifying.

好的，你剛才說的是指訂單趨勢，而不是庫存，我澄清一下。

Correct, I'm speaking to order trends. That's right, or that that's exactly right, Mike.

沒錯，我指的是訂單趨勢。沒錯，或者說，完全正確，麥克。

All right. Thank you.

好的。謝謝。

Sam Reid, Wells Fargo.

山姆·里德，富國銀行。

Thanks so many guys. I wanted to unpack the step-up in incentive lows from the third to fourth quarter. I believe they were up about 100 bps sequentially based on the prepared remarks. It sounds like a lot of that was geared towards clearing spec inventory. So would just love to hear the levers that you pull to clear the spec inventory, maybe delineate between price reductions versus buydown. And then talk a little bit about incentive loads into the first quarter and what's embedded in that guide?

非常感謝各位。我想分析一下第三季到第四季激勵措施力度加大的原因。根據事先準備好的發言稿，我認為他們環比上漲了約 100 個基點。聽起來很多都是為了清理庫存。所以很想聽聽你們採取了哪些措施來清理庫存，也許可以區分一下降價和買斷。然後稍微談談第一季的激勵措施以及該指南中包含的內容？

Thanks for the question, Sam. Yes, the increase in the fourth quarter really was the incentives to move some of the speculative inventory. We closed a couple of extra 100 units at the to the high end of our guide. And so we got a little bit more aggressive in some places. So that's really where it's coming from.

謝謝你的提問，山姆。是的，第四季的成長確實是為了清理一些投機性庫存。我們在指南的高端部分額外關閉了幾個100個單元。因此，我們在某些​​方面採取了更積極的策略。所以，這才是問題的真正根源。

Financing incentives for the quarter were flat. It was really just had to get a little bit lean in a little bit more in some places. And so that's what we did in the fourth quarter.

本季融資激勵措施維持不變。有些地方確實需要再精簡一點。所以，這就是我們在第四季所做的。

Sam, you had a question about Q1 that I that I didn't hear. What was your Q1 question?

山姆，你之前問了一個關於 Q1 的問題，但我沒聽到。你的第一個問題是什麼？

Just on the incentive loads into the first quarter talking through the guide path there Q4 to Q1.

僅就第一季的激勵措施而言，要從第四季到第一季的指導路徑進行討論。

Yeah, I'd point you back to the answer that I gave to Mike. We're -- we don't specifically guide to incentive loans other than we've given you a margin guide for the quarter. And I made the comment that our expectation is incentives will remain elevated.

是的，我建議你看看我之前給麥克的答案。我們—我們沒有針對激勵貸款的具體指導，只是給了您本季的保證金指導。我曾表示，我們預期激勵措施將維持在高位。

All helpful. And then moving to stick and brick, so obviously, hearing that stick and brick is going to be lower in two any categories, so I'm thinking of material categories where you're getting price concessions would just love to hear the wins that you might be achieving here to get the lower stick and brick. And then perhaps also talk through the labour component. And just what you're seeing on the labour side?

都很有幫助。然後是磚瓦結構，顯然，聽說磚瓦結構在任何類別中都會更低，所以我想到的是材料類別中哪些方面可以獲得價格優惠，我很想聽聽你們為了降低磚瓦結構的價格而取得的成果。然後或許還可以討論一下勞動力方面的問題。那麼，您在勞動力方面看到了什麼？

Sure. So for your benefit in the fourth quarter, our sticks and bricks were $78 a square foot, so slightly less than what they've been for the past year. And as we said in our prepared remarks, they'll be down flat to down slightly next year. Some of the things we've seen a little bit of help on the lumber side a little bit of help on the labour side. Materials are kind of ups and downs.

當然。為了方便您了解第四季度的情況，我們的磚瓦價格為每平方英尺 78 美元，比過去一年的價格略低。正如我們在事先準備好的演講稿中所說，明年它們將持平或略有下降。我們看到一些方面得到了木材方面的幫助，一些方面得到了勞動力方面的幫助。材料價格總是起起伏伏。

The one thing I'd say is included in that, the impact of tariffs are in that guide slightly down for next year. So Again, I think our procurement teams are doing a great job. The labour is available in the market. And so we see that as a good opportunity for next year.

我想說的是，其中也包含了關稅的影響，指南顯示明年關稅的影響將略有下降。所以，我再次強調，我認為我們的採購團隊做得非常出色。勞動力市場上供應充足。因此，我們認為這對明年來說是一個很好的機會。

Always appreciate the color, guys. Thanks so much.

夥計們，我一直都很欣賞這種色彩。非常感謝。

Thanks man.

謝謝老兄。

Stephen Kim, Evercore ISI.

Stephen Kim，Evercore ISI。

Yeah, thanks a lot guys. appreciate all the color so far. Your spec levels look like they were pretty well contained by the time you got to the end of the fourth quarter. I'm curious if you think that there's additional reduction there. I think I have you at about little -- basically at seven specs per community. Was wondering if you could give us some sense or where you'd like to see that as you head into '26.

是的，非常感謝各位。很喜歡目前為止呈現的所有精彩內容。到第四季末，你的投機水準似乎已經得到了很好的控制。我想知道你是否認為那裡還有進一步的減免空間。我覺得我大概掌握了你的資訊——基本上每個社區只有七個規格。我想知道您能否給我們一些建議，或者說您希望在進入 2026 年時看到什麼。

And assuming that your specs will be less of a headwind, I'm curious why you're not assuming that you might see any reduction in your incentives.

假設你的規格不會造成太大阻礙，我很好奇為什麼你沒有預料到你的激勵措施可能會減少。

If I heard you correctly, Ryan, what I'm getting from your guidance is that your guidance does not assume any reduction in incentives. And it feels a little conservative to me. So I am just curious, am I reading that right? Or is there something maybe that I'm missing, maybe the spec level, you think may actually rise next year for some reason. So just a little color there, combining those.

瑞恩，如果我理解沒錯的話，你的指導意見並沒有假設會減少任何激勵措施。我覺得它有點保守。所以我很好奇，我的理解對嗎？還是我忽略了什麼，例如規格水平，你認為明年可能會因為某些原因而上漲？所以，這裡就加了一點顏色，把它們混合在一起。

Sure, Stephen. So let me start with the specs. We're comfortable with where we're at right now, but we have worked very hard through the last 3 to 4 months. to make sure that our start rate matches our sales rate and that we weren't adding to the stocks that we have.

當然可以，史蒂芬。那麼，讓我先從規格參數開始說起。我們對目前的狀況感到滿意，但過去三到四個月我們付出了巨大的努力，以確保我們的開工率與銷售率相匹配，並且沒有增加庫存。

Ideally, what we're really endeavouring to do is to move back more into a build-to-order builder, where 60-plus percent of our sales are built to order, 40% are spec. The last couple of years, we've kind of been inverted. We've been 60% spec, 3% dirt. And it won't happen overnight, but we're moving the company slowly back in the direction of more build to order. We think that's better for the way that we have our capital allocated to homebuilding business.

理想情況下，我們真正努力的方向是回歸按訂單生產的模式，其中 60% 以上的銷售額是按訂單生產的，40% 是規格生產的。過去幾年，情況有點顛倒了。我們60%是合格產品，3%是劣質產品。這不會一蹴而就，但我們正在逐步推動公司回歸按需生產模式。我們認為這樣更有利於我們把資金分配給住宅建設業務。

Our margins are higher on build to order. so we're kind of threading that needle.

按訂單生產的利潤率更高，所以我們現在有點像是在走鋼索。

Our financial services team has done a wonderful job helping to put some forward commitments in market that actually can be used on build-to-order homes. So we're finding a way to kind of get the best of both worlds and making sure that we're tackling the affordability challenge while still moving into or closer into a build-to-order model that we want to be. So as we go into the spring selling season, Stephen, our goal is going to be to sell dirt in a higher percentage than spec while still having some stock available, especially in the entry-level price points.

我們的金融服務團隊出色地完成了工作，幫助市場提出了一些實際可用於客製化房屋的承諾。因此，我們正在尋找一種方法，既能兼顧兩者的優勢，又能確保在解決價格可承受性問題的同時，還能朝著我們想要的按訂單生產模式邁進或更接近該模式。史蒂芬，隨著春季銷售旺季的到來，我們的目標是在保持一定庫存的同時，以高於投機性銷售的比例出售泥土，尤其是在入門級價格方面。

As it relates to the incentives, the spring selling season, I think, is ultimately kind of dictate what we're able to do with incentives. We would certainly be optimistic and hopeful that we can pull those down from where we're at.

就激勵措施而言，我認為春季銷售旺季最終決定了我們能夠提供哪些激勵措施。我們當然會樂觀地認為，我們能夠從目前的水平解決那些問題。

We've given the full year guide that incorporates assumptions that we've made around the incentives plus the increased lot cost, which is not insignificant at 7% to 8% and a little bit of a tailwind or a help from lower house costs. So we think the range is where we sit in kind of early -- or late January, early February. I think it's a pretty good range. but we're optimistic that maybe there's more.

我們已經提供了全年的指導方針，其中包含了我們對激勵措施以及增加的地塊成本（這部分成本增加幅度不小，達到 7% 到 8%）所做的假設，此外，較低的房價也帶來了一些利好或幫助。所以我們認為，價格區間大概在一月初──或是一月底，二月初。我認為這個範圍相當不錯，但我們樂觀地認為可能還有更多。

Yeah, I appreciate that. So if I can just put a little color around what you said. If you were to return back to sort of a BTO mix, I look and see that pre-pandemic, you all were running kind of like 3 to 4 specs per community, which is pretty significantly lower than where you are now. So if I'm reading what you're saying right, it sounds like there's going to be this transition that's taking place.

是的，我很感激。所以，如果我能稍微補充一下你剛才說的內容就好了。如果你們要恢復到類似預購房（BTO）的模式，我查看了一下，發現疫情前你們每個社區大概只生產3到4套樣品房，這比你們現在的產量要低得多。所以如果我理解你的意思沒錯的話，聽起來好像正在發生某種轉變。

As that transition does take place, your turnover rate, I would think would go down. Your backlog turnover rate would go down because you wouldn't be carrying as many specs and be doing more build to order. Your closings guide that you've given would -- if I have your backlog turnover ratio going down, in order for you to hit your closings guide, it will assume that your order pace is going to be up year-over-year, close to double digits. And so I just wanted to make sure that I doing the math properly here? And then I haven't missed something.

隨著這種轉變的發生，我認為你的員工流動率會下降。你的積壓訂單週轉率會下降，因為你不會再持有那麼多規格訂單，而是會更多地進行按需生產。你提供的成交指南－如果我讓你的積壓訂單週轉率下降，為了達到你的成交指南目標，就假設你的訂單速度將比去年同期成長，接近兩位數。所以，我只是想確認一下我的計算是否正確？這樣我就不會錯過什麼了。

Yes, Stephen, not having the luxury of seeing your model, I probably wouldn't want to comment on your math. We'd certainly be happy to follow up with you on that. I would say we've got a pretty complicated model on our side as well. And we've gone through and made assumptions on what our new communities are, what the absorptions are what our sales rate is going to be and what our monthly start rate is going to be. And it really comes down to kind of that start rate.

是的，史蒂芬，由於我沒有機會看到你的模型，我可能不想對你的數學計算發表評論。我們當然樂意就此事與您跟進。我認為我們這邊也有一個相當複雜的模型。我們已經對新社區的情況、入住率、銷售率和每月開工率做出了假設。歸根結底，關鍵在於起跑率。

We do have the benefit of cycle times being back pre-COVID level cycle times at around 100 days. So again, we need the spring selling season to continue to cooperate with us and be strong. As long as that happens, we've got the production capability to put the starts in the ground that will allow us to deliver the closing guide that we've given.

我們的優勢在於，生產週期已經恢復到新冠疫情前的水平，大約 100 天。所以，我們再次需要春季銷售旺季繼續配合我們，保持強勁勢頭。只要這種情況發生，我們就有生產能力啟動項目，從而能夠交付我們給出的竣工指南。

Okay great thanks guys.

好的，非常感謝各位。

Alan Ratner, Zelman and Associates.

艾倫·拉特納，澤爾曼及合夥人公司。

Hey guys, good morning. Thanks for all the details so far. Ryan, you brought up an interesting point that I was hoping to touch on in terms of the forward commitments on build to order. I think a lot of builders have kind of talked about the fact that, that's really difficult to do from a financial perspective just because you're paying for a longer lock period.

嘿，各位，早安。感謝您目前提供的所有詳細資訊。Ryan，你提出了一個有趣的觀點，我原本也想談談按訂單生產的遠期承諾。我認為很多建築商都談過，從財務角度來看，這樣做真的很難，因為你要為更長的鎖定期付費。

So I would love to hear a little bit more about those programs that you're offering right now on BTO, what kind of rates you're offering the consumer. And I guess just extending that to the margin profile of BTO versus spec right now, if you could talk a little bit about what that differential looks like. Thank you.

所以我很想多了解你們目前在預購組屋（BTO）方面提供的那些項目，以及你們向消費者提供的利率。我想，如果把這個話題延伸到目前的BTO與規格型產品的利潤率情況，您能否談談這種差異的具體情況？謝謝。

Yeah, Alan, what was the last part of that question? I missed it.

艾倫，你剛剛問的最後一部分是什麼？我錯過了。

Just the margin differential between DTO and spec right now.

目前僅存在DTO和規格之間的利潤差異。

Oh, sure, yeah, so Alan, in terms of kind of the forward commitments, it's really driven by the faster cycle times. So we're -- overall, for the entire enterprise, we're at 100 days on single family. We've got some multifamily in there that takes a little longer.

哦，當然，是的，所以艾倫，就未來承諾而言，這實際上是由更快的周期時間所驅動的。所以，整體而言，就整個企業而言，單戶住宅的交付週期已經達到 100 天。我們那裡有一些多戶住宅項目，需要花點時間。

But on single-family, we're 100 days, and we have some markets that are down into the 70s. So that's the predominant driver.

但就獨棟住宅而言，我們已經完成了 100 天，有些市場的進度甚至降到了 70 天。所以這是主要驅動因素。

And then the rates that we can offer on those longer-term rate locks, they're not quite as competitive or as low as what you might see on spec offer, but they're pretty good. they might be within 50 basis points of what we would offer on a spec. So it depends on the community. But roughly, we're somewhere in the low 5s, low to mid-5s. So roughly 100 basis points below what you could get kind of in the open market today.

至於我們能提供的長期利率鎖定方案，雖然不如您在短期貸款中看到的那麼有競爭力或那麼低，但也相當不錯。它們可能與我們短期貸款方案的利率相差不到 50 個基點。所以這取決於社區的情況。但大致來說，我們大概在 5 分左右，或者說 5 分中低端。所以，比你今天在公開市場上能買到的價格低約 100 個基點。

And then in terms of kind of margin differential between spec and build to order, depends. But suffice it to say that I think we've been fairly consistent with us. We have in the hundreds of basis points higher gross margins when it's built to order. And that is simply kind of derived from the fact that when the customer comes in, and they're able to pick out everything they want. That really works well within our strategic pricing model that allows them to pick their floor plan, their options, their lot premium.

至於規格生產和按訂單生產之間的利潤差異，則要視情況而定。但總的來說，我認為我們一直都相當一致。按訂單生產時，我們的毛利率高出數百個基點。這其實源自於這樣一個事實：當顧客進店後，他們可以挑選自己想要的一切。這與我們策略定價模式非常契合，該模式允許他們選擇自己的戶型、配置選項和地塊溢價。

And we've often -- I don't think we quoted it this quarter, but what we can talk about is that the dollars that we make off of lot premiums and options are real and those margins are great. So that's the biggest kind of contributor to the marginal performance as the customer picks what they want.

我們經常——雖然我不認為我們本季度提到過——但我們可以談談的是，我們從地塊溢價和期權中賺取的美元是實實在在的，而且利潤率非常高。因此，顧客自主選擇所需產品是影響邊際績效的最大因素。

Great. I appreciate that detail. And then second question on price point trends. I know you gave the data for, I think, sign-ups and closings. Sounded like active adult was up solidly year-over-year.

偉大的。我很欣賞這個細節。然後是關於價格走勢的第二個問題。我知道你提供了註冊和成交方面的數據。聽起來活躍成年人的數量比去年同期穩定成長。

But I guess just more qualitatively, if you could talk about the demand trends and kind of the pricing trends you're seeing at each of your price points and any notable shifts we've seen over the last, call it, couple of months alongside all the policy noise and interest rates hopping around. Any color you can give would be great. Thank you.

但我想更定性地來說，如果您能談談您在每個價格點上看到的需求趨勢和價格趨勢，以及在過去幾個月裡我們看到的任何顯著變化，同時考慮到所有的政策噪音和利率波動，那就太好了。任何顏色都可以。謝謝。

Yeah, Alan, in terms of price, the biggest change in price came in the first-time segment. So last year, average price in first time was $467 that's down to $438. So we're down about 6% in price on first time, which is where the majority of the affordability pings really being felt. So I think we've learned in. We've really worked to try and address affordability.

是的，艾倫，就價格而言，價格變化最大的是首次購買部分。所以去年首次購屋的平均價格是 467 美元，現在降到 438 美元。所以，我們首次降價了約 6%，這正是價格真正體現其可負擔性優勢的地方。所以我覺得我們已經學到教訓了。我們確實努力解決了價格承受能力的問題。

Move-up and active adult pricing has really been kind of flat. So I hope that kind of helps give you a little color on what you're after.

升級換房和活躍成年人的房價一直比較平穩。所以，我希望這能幫助你更了解你想要的東西。

Thanks a lot.

多謝。

Anthony Pettinari, Citigroup.

安東尼佩蒂納裡，花旗集團。

Good morning. I was wondering if you could talk a little bit more about the 80 bps of impairments in the quarter and maybe the drivers there. And I think some other builders have reported maybe elevated walkaway costs for their lot options. Are you seeing that? Or just any kind of color you can give us moving into the spring.

早安.我想請您再詳細談談本季 80 個基點的減損損失以及造成此損失的原因。而且我認為其他一些建築商也反映過，他們的地塊選擇方案的最終成交價可能會有所上漲。你看到了嗎？或任何能為我們迎接春天帶來色彩的東西。

Yeah, Thanks for the question, Anthony. So Ryan touched on it a little bit earlier in some of our prepared remarks. We learned in a little bit heavier on some incentives where we had a little bit more speculative inventory out there in the market.

是的，謝謝你的提問，安東尼。瑞安之前在準備的發言稿中稍微提到這一點。我們發現，在市場上存在一些投機性庫存的情況下，我們採取了一些力度較大的誘因。

And so the 1,000 communities that we operate in, we had to them that we took a land impairment charge on, which is really just the matter we had to get a little bit more aggressive on pricing. And so we move through the inventory resulted in a charge.

因此，在我們經營的 1000 個社區中，我們不得不對它們徵收土地減損費用，這實際上只是因為我們需要在定價方面採取更積極的措施。因此，我們清點庫存後，產生了一筆費用。

And so as you said, that's what we quoted in here. The other thing that I would tell you, and it was in our prepared remarks, we've been more disciplined as we've been looking at it. In the quarter, we put another 18,000 lots under contract, but we also walked from about 15,000. So we're always prioritizing our land book. And so it's in that, there was about $22 million of land charges which is included in our other expense categories where we classified in the fourth quarter.

正如你所說，這就是我們在這裡引用的內容。還有一點我想告訴你們，這在我們事先準備好的發言稿裡也有提到，那就是我們在研究這個問題時更加嚴謹了。本季度，我們又簽訂了 18,000 個地塊的合同，但同時也放棄了大約 15,000 個地塊。所以我們始終把土地儲備放在第一位。因此，其中約有 2,200 萬美元的土地費用，這筆費用計入了我們第四季的其他支出類別。

Okay. That's very helpful. And then just switching gears, with regards to affordability, do you see the administration's restrictions on institutional ownership of single-family homes? Do you see that as being impactful in any of the major markets where you're operating? And then just more broadly, are there policies?

好的。那很有幫助。那麼，換個話題，關於住房可負擔性，您是否注意到政府對機構擁有獨棟住宅的限制？您認為這會對您經營的任何主要市場產生影響嗎？更廣泛地說，是否有相關政策？

I mean a lot has obviously been floated. But are there policies that you think could help stimulate housing demand in kind of a sustainable way?

我的意思是，顯然已經有很多說法流傳開了。但您認為有哪些政策可以以某種可持續的方式刺激住房需求？

So I'll take the build-to-rent question first. Jim shared the numbers for us and for both the full year and the quarter, and they're really immaterial. We had 100 build-to-rent closings in the quarter. So pretty insignificant. Going back to the very beginning of when we even entered into the build-for-rent space, we strategically limited the percentage of volume that we were willing to put towards that.

那我先回答建造出租房屋的問題。吉姆向我們分享了全年和季度的具體數據，但這些數據其實無關緊要。本季我們完成了 100 套出租型住宅的交割。所以這根本無關緊要。追溯到我們最初進入租賃住宅領域的時候，我們有策略地限制了我們願意投入該領域的建築量比例。

We just -- we felt that we wanted to dip our toe in the water, but we didn't want to be overexposed and I think, hindsight in 2020, that was a great decision. In terms of kind of markets where it could be impactful, significant, I just really don't see it being a big deal kind of anywhere. I know that there is the perception that it's moving prices and taking supply out of the market.

我們當時只是想試水，但又不想過度曝光。現在回過頭來看，2020 年的這個決定真是太明智了。就它可能產生影響、產生重大影響的市場而言，我真的不認為它會在任何地方造成太大的影響。我知道有人認為這會推高價格，並減少市場上的供應。

So I guess time will tell. We're certainly going to adhere to the executive order and some of the things that are being talked about. And if those are the rules of the road, we're going to play by them. And it won't really have an impact on our business.

所以，我想時間會證明一切。我們一定會遵守行政命令以及正在討論的一些事項。如果這就是遊戲規則，我們就遵守規則。而且這不會對我們的業務產生任何影響。

And then Anthony, I'm sorry, what was the other part of your question?

安東尼，不好意思，你問題的另一部分是什麼來著？

Yeah, I'm just wondering if there were policies that you think could help with affordably or home construction and help with housing activity that would be sustainable and positive from your perspective?

是的，我只是想知道，您認為有哪些政策可以幫助人們負擔得起住房或進行住房建設，並促進住房活動，從您的角度來看，這些政策是可持續的、積極的？

Yeah, it's -- we've had conversations with the administration. And the administration has been very active in leading in and trying to address housing affordability. There's a lot being talked about. As I know you can appreciate, it's hard because housing remains very, very local.

是的，我們已經和政府部門談過了。政府一直積極主動地主導並努力解決住房負擔能力問題。大家都在談論很多事情。我知道您也能理解，這很困難，因為住房仍然非常非常具有地域性。

And so I think the entire industry else included, are going to continue to work with the administration to try and create more supply, which ultimately will impact affordability. The American terrain is -- and home ownership is at the core of the American terrain. And we want to make sure that we're doing everything that we can to keep that healthy, and I think the administration is as well.

因此，我認為包括其他各方在內的整個行業將繼續與政府合作，努力創造更多供應，最終將影響價格承受能力。美國的社會風貌是－而房屋所有權是美國社會風貌的核心。我們希望確保盡一切努力保持這種健康狀態，我認為政府也是如此。

Okay, that, very helpful. I'll turn it over.

好的，這很有幫助。我把它翻過來。

Matthew Bouley, Barclays.

馬修·布雷，巴克萊銀行。

Hi, good morning everyone. Thanks for taking the questions. I wanted to ask another one on the build-to-rent side. I think, Ryan, you just alluded to that, I think I heard you say you were, I guess, was glad you didn't learn as much into it as you could have. But I think the way that executive order was written the other day suggested purpose-built build for rent, would still be potentially okay if that does all go through.

大家早安。謝謝您回答問題。我還想問問關於建造出租房的問題。瑞恩，我想你剛才也暗示了這一點，我好像聽到你說你很高興自己沒有深入了解那麼多。但我認為，前幾天那項行政命令的措辭暗示，如果所有事情都得以實施，專門建造用於出租的房屋或許仍然是可以接受的。

So I'm curious if there's actually an opportunity to do more build for rent. Or is that given what you just said, look, the business is still too either cyclical or rate sensitive, what have you, that it's ultimately not where you want to be focusing your investment. Thank you.

所以我很好奇，是否真的有機會建造更多出租的房子。或者說，鑑於你剛才所說，你看，這個行業仍然太受週期性或利率敏感度的影響，等等，所以最終不應該把投資集中在這裡。謝謝。

Yeah, I would tell you, maybe taking the last piece, Matt, it's probably not where you're going to see us lean in no matter what the executive order says. I just think there's better places for our capital that will drive better returns for our shareholders. We'll see ultimately kind of what the rules end up being when the executive order is kind of fully clarified what purpose built means. Does that mean the entire community is built for rent?

是的，我會告訴你，馬特，就最後一點而言，無論行政命令怎麼說，我們可能都不會在這件事上投入太多精力。我認為我們的資金有更好的投資方向，可以為股東帶來更高的回報。最終，當行政命令完全明確「專用建築」的含義後，我們就能看到規則最終會是什麼樣子。那是不是代表整個社區都是為出租而建的？

Does that mean it never goes on the MLS? There are some, I think, open questions, but no matter how those get resolved, I just -- I don't see it being a huge part of our business.

那是不是意味著它永遠不會出現在美國職業足球大聯盟（MLS）的賽程中？我認為還有一些懸而未決的問題，但無論這些問題如何解決，我都不認為它會成為我們業務的重要組成部分。

Got it. Okay. Perfect. And then secondly, on the incentive front. you guys in the past have commented on your mix of, I guess, call it, financing incentives versus other incentives, whether upgrades and options and so forth. Just curious if you can kind of comment on the trends in both of those and maybe how quickly can the different types of incentives sort of respond to this move lower interest rates that we've had? Thank you.

知道了。好的。完美的。其次，關於激勵措施方面。你們過去曾談到你們的激勵措施組合，我猜可以稱之為融資激勵與其他激勵措施，例如昇級和選配等等。我只是好奇您能否就這兩個領域的趨勢發表一下看法，以及不同類型的激勵措施能夠以多快的速度對目前這種低利率局面做出反應？謝謝。

I would tell you the financing incentives have stayed very consistent for the last 3, 4 quarters. really, we've seen it more on the other incentives, so primarily discounting on some of the speculative homes we had. So as Ryan touched on, as we get to the spring selling season, and we've gotten our spec levels down, there's hope that there's opportunities that maybe you could pull back on that other lever. But otherwise, financing incentives have stayed flat for us on expected.

我想說的是，過去三、四個季度以來，融資激勵措施一直非常穩定。實際上，我們看到更多體現在其他激勵措施上，主要是針對我們之前的一些投機性房屋的折扣。正如瑞恩所提到的，隨著春季銷售旺季的到來，我們的庫存水準已經下降，希望能夠抓住機會，或許可以調整另一個槓桿。但除此之外，融資激勵措施一直保持穩定，符合預期。

Okay, thanks, Jim. Thanks, Ryan. Good luck, guys.

好的，謝謝你，吉姆。謝謝你，瑞恩。祝你們好運。

Trevor Allison, Wolf Research.

特雷弗·艾利森，狼研究。

Hi, good morning. Thank you for taking my question. A question on your volume performance in the quarter. From an orders perspective, you outperformed historical seasonal trends for the second straight quarter. With that in mind, should we think of the roughly $2.3 billion absorption rate that you did in 2025 is representing a floor for you guys here? And even if we don't get better demand conditions in '26, would you expect to work to drive absorptions that $2.3 billion level or higher moving forward?

您好，早安。感謝您回答我的問題。關於您本季的銷售表現，請問一個問題？從訂單量來看，你們連續第二季都跑贏了歷史季節性趨勢。考慮到這一點，我們是否應該認為你們在 2025 年實現的約 23 億美元的吸收率代表了你們的底線？即使 2026 年需求狀況沒有好轉，您是否預期未來會努力推動市場吸收量達到 23 億美元或更高？

Trevor, I think we would certainly endeavour to do more. We always like to sell more in terms of saying are we at a floor, that's hard to tell. The market will ultimately kind of dictate that. We have been pretty clear though in saying kind of the way we run our business, we need a minimum amount of volume that's got to go through every store, and we tend to target that around $2 billion.

特雷弗，我認為我們肯定會努力做得更多。我們總是喜歡用「我們是否已經觸底」來形容銷售情況，但這很難說。最終，市場會對此做出決定。不過，我們已經很明確地表示，按照我們的經營方式，我們需要每家門市達到一定的最低銷量，而我們的目標銷售量往往在 20 億美元左右。

So we're above that we endeavour to do more in such a way that we can deliver the guide that we've given for the full year. So hopefully, that helps.

因此，我們力求做得更好，以便能夠提供我們全年所製定的指導方針。希望這能有所幫助。

Yeah, that is helpful. I think what I was trying to get at was kind of the minimum volume level that you guys would target that $2 billion number is very helpful. And then second, just a follow-up question on spec.

是的，這很有幫助。我想問的是你們的目標最低交易量是多少，20億美元的數字非常有幫助。其次，還有一個關於規格的後續問題。

I think last quarter, you had mentioned your finished specs per community were about twice your target level. It sounds like you guys made some real efforts to do some in 4Q. So I may have missed it earlier, but where do you -- where do you finish spec per community to today? And with that in mind, what is your expectation for starts moving forward relative to sales? Thanks.

我記得上個季度你提到過，每個社區的最終規格完成數量大約是目標水平的兩倍。聽起來你們在第四季確實付出了很多努力。我可能之前錯過了，但是你們——你們現在每個社區的最終規範是什麼？考慮到這一點，您對未來的開工量與銷售額之間的關係有何預期？謝謝。

Yeah Trevor, so as I mentioned, for the last 4 or 5 months, we've been matching our starts to our sales. So we haven't really added to kind of the specs in any kind of way. Our total specs are down versus prior year by about 1,500. So we've made a pretty significant dent in it.

是的，特雷弗，正如我之前提到的，在過去的四、五個月裡，我們一直在根據銷售情況調整開工量。所以，我們並沒有以任何方式增加規格。與前一年相比，我們的總規格減少了約 1500 件。所以我們已經取得了相當大的進展。

Spec Vinyls sit at 2000. That's a number that's probably a little higher than what I'd ideally like it to be just because you've got a lot of capital tied up in those homes. So the number in and of itself isn't anything that we're overly freaked out about other than to say, I think we can do better and we'd like to have less finished homes sitting out there.

Spec Vinyls 的售價為 2000 美元。這個數字可能比我理想中的要高一些，因為你在那些房子裡投入了很多資金。所以，這個數字本身並沒有什麼特別讓我們感到恐慌的地方，我們只是想說，我認為我們可以做得更好，我們希望少一些已經完工的房屋閒置在那裡。

I go back to the very first question that I addressed. Ideally, we'd like to see kind of our business revert over time back to predominantly build-to-order model. We think it is a major contributor of our kind of return outperformance. And it's hard to do. It's hard to run a build-to-order business.

我回到我最初提出的問題。理想情況下，我們希望隨著時間的推移，我們的業務能夠逐漸恢復到以訂單生產為主的模式。我們認為這是我們獲得優異回報的主要原因之一。而且這很難做到。按訂單生產的業務很難經營。

but we think we know how to do it. We've got a good model, but we'll endeavour to put back in place.

但我們認為我們知道該怎麼做。我們有一個不錯的模式，但我們會努力將其恢復原狀。

Thank you for all the color and good luck moving forward.

感謝你們帶來的所有美好，祝福你們未來一切順利。

Kenneth Zenner, Seaport Research.

肯尼斯‧齊納 (Kenneth Zenner)，海港研究中心。

Good morning everybody. Ryan and team, I wonder if we thought about your business, which you report consolidated and we look at it, if you could give us some comments by your regional disclosure, I was using like third quarter is kind of a trend line for you to comment on. Florida looks like it's basing. Texas is obviously like still facing headwinds, the Midwest, North doing excellent. But can you talk about the West, it's a broad area for you, but the gross margins, which historically would have been higher to compensate for more asset terms, it's lower.

大家早安。Ryan 和團隊，我想問一下，如果我們考慮到你們的業務（你們的報告是合併的，我們查看後會發現），你們能否根據你們的區域披露情況給我們一些評論？我指的是第三季度，因為第三季的數據可以作為你們評論的趨勢線。佛羅裡達州看起來像是在建基地。德克薩斯州顯然仍然面臨逆風，而中西部和北部地區則表現出色。但你能談談西方市場嗎？這對你來說是一個很大的領域，但從歷史上看，西方市場的毛利率會更高，以彌補更多的資產期限，但現在毛利率卻更低了。

Is this -- what's happening in the West? Is it where affordability is most pronounced. So are incentives greater in the West than your other regions? Is it what we see last call it, quarters? Is there immigration issues or headwinds that are distinct in the West versus Florida or Texas.

這就是──西方正在發生的事情嗎？這裡是否是價格最實惠的地方？那麼，西部地區的激勵措施是否比其他地區更充分？這是我們最後看到的，四分之一嗎？西部地區是否存在與佛羅裡達州或德克薩斯州不同的移民問題或阻力？

Can you just talk about why that region has -- appears to have a structurally greater challenge on the gross margin side? Thank you.

您能否談談為什麼該地區在毛利率方面似乎面臨著結構性更大的挑戰？謝謝。

Yeah, sure, Ken, we, I think we, along with the entire industry has been pretty clear for over 1.5 years the West has been a more challenged environment, predominantly driven by affordability. It does have -- especially the coastal markets, some of the highest home prices in the country and as interest rates have gone up, but certainly made that challenging.

是的，當然，肯，我認為我們，以及整個行業，在過去一年半的時間裡都非常清楚地認識到，西部地區的環境更具挑戰性，這主要是由於價格承受能力的問題。確實如此——尤其是在沿海市場，那裡的房價是全國最高的，而且隨著利率上升，這無疑為購房帶來了挑戰。

There's also a lot of tech employment on the West Coast. And the tech sector, I think, has gone through some challenges that have contributed to the employees in the tech sector being a little more hesitant in moving forward with buying these expensive homes. We are seeing it in the West. We have had very good success in Las Vegas. We've had some pretty decent success in Arizona.

西海岸也有很多科技業的就業機會。我認為，科技業經歷了一些挑戰，導致科技業的員工在購買這些昂貴的房產時更加猶豫不決。我們在西方已經看到了這種情況。我們在拉斯維加斯取得了非常好的成功。我們在亞利桑那州取得了相當不錯的成績。

The Colorado market has been more challenged. It's expensive and it saw a lot of the same post-covid population surge pricing surge the Texas saw. So I think it's going through some of the similar things, Texas. So that's how I'd characterize the West.

科羅拉多州的市場面臨的挑戰更大。那裡物價昂貴，而且和德州一樣，也經歷了新冠疫情後人口激增導致的物價上漲。所以我認為德州也正在經歷一些類似的事情。這就是我對西方的描述。

It's an important part of our business. But as we've highlighted, the fact that we have such a diversified geographic platform, even with some of the challenges in the West, we've been able to perform incredibly well because of on our Florida Southeast, Midwest and Northeast businesses have done. So another advertorial kind of pitch for why the diversity in geography is so important to kind of who we are.

這是我們業務的重要組成部分。但正如我們所強調的，我們擁有如此多元化的地理平台，即使在西部面臨一些挑戰，但由於我們在佛羅裡達州東南部、中西部和東北部的業務表現，我們仍然能夠取得非常好的業績。所以，這又是一篇類似廣告軟文的文章，闡述了地理多樣性對我們自身的重要性。

Thank you very much.

非常感謝。

Michael Dahl, RBC Capital Markets.

Michael Dahl，加拿大皇家銀行資本市場。

Morning. Thanks for squeezing me in. Just a couple of follow-ups. One to go back on the incentives and sorry to harp on this, but if incentives were kind of up your dips and the quarter. Can you just comment on if you're 9.9% for the quarter, does that imply the exit rate was in the low double digit range. And when you talk about remaining elevated, are you talking remaining elevated to that exit rate, which likely would have been kind of the highest level that you saw through the quarter and year? Or should we be thinking more in line with kind of the average levels that you've seen?

早晨。謝謝你擠出時間陪我。還有幾個後續問題。一是重新審視激勵措施，很抱歉老生常談，但如果激勵措施能稍微緩解你的業績下滑和季度業績下滑。請問，如果本季殖利率為 9.9%，這是否意味著退出率在兩位數低點？當你談到保持高位時，你指的是保持到那個退出率的水平嗎？那很可能是你在本季和本年度看到的最高水準。或者我們應該更傾向於你所看到的平均值？

Yeah Mike, we're probably not going to slice the ballooning quite that thing. So we were 9.9% in the quarter. We were 9% the prior quarter. So the exit rate probably was a little higher than 9.9% as we move through some of the spec inventory that Jim talked about, which primarily was in the form of just outright price discounts, financing, as Jim mentioned, was flat. It has been flat for the last 3 quarters.

是的，麥克，我們可能不會把氣球切成那樣的形狀。所以本季我們的成長率是9.9%。上一季我們的成長率為9%。因此，正如吉姆所提到的，退出率可能略高於 9.9%，因為一些投機性庫存主要以直接降價的形式出現，而融資方面，正如吉姆所提到的，則沒有變化。過去三個季度一直保持穩定。

. As we go into the current year, I wouldn't -- again, I wouldn't slice the ballooning quite so then on exit rate versus quarter rate. Just look, our expectation is that -- we're going to continue to lean into the forward commitments. It's a real important part of addressing affordability. We're going to make sure that we're priced right in a competitive way, both against resale and other new home competitors.

。進入今年，我不會——再說一遍，我不會再像以前那樣，把氣球膨脹按退出率與季度利率來劃分了。你看，我們的預期是－我們將繼續履行前期承諾。這是解決住房負擔能力問題的一個非常重要的環節。我們將確保我們的定價具有競爭力，既能與二手房競爭，也能與新建房屋競爭。

And then all that said, rolls up into the margin guide that we've given of 24.5% to 25%, which kind of no matter the housing cycle and particularly in this environment, I think, is an outstanding margin absolute margin performance. So I guess I'd leave it there.

綜上所述，我們給出的利潤率指導值為 24.5% 至 25%，無論房地產週期如何，尤其是在當前環境下，我認為這是一個非常出色的絕對利潤率表現。所以我想我就說到這裡吧。

Okay. Understood, right. And then second one, just back on ICG. I guess your company and its predecessors had previous experience in owning some of these assets added then when you bought ICG, it was supposed to be kind of like the next evolution and something that would be different.

好的。明白了，對。然後第二個，又回到了ICG。我猜想貴公司及其前身在擁有其中一些資產方面已有經驗，因此，當您收購 ICG 時，它應該算是下一個發展階段，一些不同的東西。

And I guess I'm just wondering what ultimately catalysed your decision here that just for whatever reason, this -- you reached the decision that this doesn't make sense? And can we think of this as -- nothing is ever final, but this is basically now your philosophical view going forward that you don't need to own assets like this in a vertically integrated way.

我想知道，究竟是什麼最終促使你做出這個決定，不管是什麼原因，你最終認為這樣做沒有意義？我們可以這樣理解——沒有什麼事情是最終的，但這基本上就是你未來的哲學觀點，即你不需要以垂直整合的方式擁有這樣的資產。

Yeah, I think it's a couple of things. Number one, we bought it right is coat was starting. So I think the supply chain challenges and some of the things that happened kind of in a post-code environment certainly slowed us down in kind of our ability to get some of the gains out of it that we wanted.

是的，我覺得有幾個原因。第一，我們買對了，這件外套剛好開始穿。所以我認為，供應鏈的挑戰以及在郵遞區號環境中發生的一些事情，無疑減緩了我們從中獲得我們想要的一些收益的能力。

We've also seen a lot of the other suppliers, off-site manufacturers make tremendous investments into this space. and they've got way more scale than what we have. And so when we think about what's the best kind of allocation of our capital, not only for the current operation, but also to grow. We just think that we're better -- we are and our shareholders are better by putting capital to grow in other places. So as much as anything it's really about kind of a capital allocation question.

我們也看到許多其他供應商和異地製造商在這個領域進行了大量投資，他們的規模比我們大得多。因此，當我們思考如何最好地配置我們的資本時，不僅是為了當前的運營，也是為了發展。我們只是認為我們做得更好——事實上，透過將資金投入其他領域的成長中，我們和我們的股東都獲得了更好的結果。所以歸根究底，這其實是個資本配置問題。

We really believe in the innovation that we got out of ICG. We believe we'll continue to benefit from that innovation, but it comes down to what's the best allocation of our resources, both time, money and focus is probably the short answer.

我們非常相信從ICG獲得的創新成果。我們相信我們將繼續從這項創新中受益，但歸根結底，這取決於如何最好地分配我們的資源，包括時間、金錢和精力，這可能是最簡單的答案。

So with that, I think we probably have time for maybe one more question, operator.

那麼，我想我們可能還有時間再回答一個問題，接線生。

Jay McCandles, Citizens.

傑伊‧麥坎德爾斯，市民。

Hey, good morning. Thanks for taking my questions. The first one, just wanted to square up the commentary that Jim Ossowski made about being able to maybe reprice some land deals and relating that to the land inflation you talked about 7% to 8% for this year. Is there any chance you all could work that number down as you rework some of these land deals?

嘿，早安。謝謝您回答我的問題。首先，我想回應 Jim Ossowski 關於或許可以重新定價一些土地交易的評論，並將其與您提到的今年 7% 到 8% 的土地通膨聯繫起來。你們能否在重新協商這些土地交易的過程中，盡量降低這個數字？

Great question, Jay. I would tell you, the land that we're under contract or we're seeking to buy right now, the ones that we're renegotiating, those are 2027 to '28 closing. So really, the increase that's in our guide for this coming years, land we bought a couple of years ago. So really don't see the opportunity in the short term. But as we look for the long term, that's certainly our goal is to see if we can get some price out of it.

傑伊，問得好。我可以告訴你，我們目前正在簽訂合約或尋求購買的土地，以及我們正在重新談判的土地，這些土地的交割日期都在 2027 年到 2028 年之間。所以實際上，我們未來幾年指導方針中的成長，是我們幾年前購買的土地。所以短期內真的看不到什麼機會。但從長遠來看，我們的目標當然是看看能否從中獲得一些利益。

Okay. Great. And then my second question, you guys, in the last couple of quarters, have talked about Del Webb communities more than coming line. Just wanted to get an update on that and see if that's still going to be the case in '26.

好的。偉大的。我的第二個問題是，在過去的幾個季度裡，你們談論德爾韋布社區的次數比談論前線的次數要多得多。我只是想了解最新情況，看看2026年是否還會如此。

Yeah, Jay, it is. You see it in the sign-up trends in the quarter and even in the full year, we're up to -- in the most recent quarter, 24% of our closings were from Del Webb. 23% of the sign-ups in the quarter were Del Webb. Those new communities have opened in the last kind of 1 to 2 quarters. We've got some more that are coming next quarter, which is what we always said.

是的，傑伊，確實如此。從季度乃至全年的註冊趨勢中可以看出這一點，在最近一個季度，我們24%的成交量來自Del Webb，該季度23%的註冊用戶來自Del Webb。這些新社區在過去一到兩個季度內陸續開放。下個季度我們還會推出更多產品，我們一直都這麼說。

In 2026, you'd see us get back up to that kind of targeted mix of 25%.

到 2026 年，我們將恢復到 25% 的那種有針對性的混合比例。

With that, we're going to wrap up this morning's call. We'll certainly be available over the course of the day for any follow-up questions. We thank everybody for your time this morning, and we look forward to speaking to you on our next earnings call.

至此，我們今天上午的電話會議就結束了。今天我們一定會隨時解答您的任何後續問題。感謝各位今天上午抽出時間，我們期待在下次財報電話會議上與大家交流。