Smith Douglas Homes Corp (SDHC) 2025 Q2 法說會逐字稿

Hello, and welcome to Smith Douglas Homes second-quarter 2025 call and webcast. Please note that this call is being recorded. (Operator Instructions)

您好，歡迎參加 Smith Douglas Homes 2025 年第二季電話會議和網路廣播。請注意，此通話正在錄音。（操作員指示）

I'd now like to hand the call over to Joe Thomas. You may now go ahead, please.

現在我想把電話交給喬湯瑪斯。現在您可以繼續了。

Good morning, and welcome to the earnings conference call for Smith Douglas Homes. We issued a press release this morning outlining our results for the second quarter of 2025, which we will discuss on today's call and which can be found on our website at investors.smithdouglas.com or by selecting the Investor Relations link at the bottom of our homepage.

早安，歡迎參加 Smith Douglas Homes 的收益電話會議。我們今天早上發布了一份新聞稿，概述了我們 2025 年第二季度的業績，我們將在今天的電話會議上討論該業績，您可以在我們的網站 investors.smithdouglas.com 上找到該業績，也可以通過選擇我們主頁底部的“投資者關係”鏈接找到該業績。

Please note, this call will be simultaneously webcast on the Investor Relations section of our website. Before the call begins, I would like to remind everyone that certain statements made on this call, which are not historical facts, including statements concerning future financial and operating goals and performance, are forward-looking statements.

請注意，本次電話會議將在我們網站的投資者關係部分同時進行網路直播。在電話會議開始之前，我想提醒大家，本次電話會議中所做的某些陳述並非歷史事實，包括有關未來財務和營運目標及績效的陳述，屬於前瞻性陳述。

Actual results could differ materially from such statements due to known and unknown risks, uncertainties and other important factors as detailed in the company's SEC filings. Except as required by law, the company undertakes no duty to update these forward-looking statements.

由於已知和未知的風險、不確定性以及公司提交給美國證券交易委員會的文件中詳述的其他重要因素，實際結果可能與此類聲明有重大差異。除法律要求外，本公司不承擔更新這些前瞻性聲明的義務。

Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most comparable GAAP measures can be found in our press release located on our website and our SEC filings.

此外，本次電話會議討論的非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳可以在我們網站上的新聞稿和我們提交給美國證券交易委員會的文件中找到。

Hosting the call this morning are Greg Bennett, the company's CEO and Vice Chairman; and Russ Devendorf, our Executive Vice President and CFO.

今天早上的電話會議主持人是公司執行長兼副董事長 Greg Bennett 和執行副總裁兼財務長 Russ Devendorf。

I'd now like to turn the call over to Greg.

現在我想把電話轉給格雷格。

Thanks, Joe, and good morning to everyone. Smith Douglas Homes turned in another strong operational performance in the second quarter of 2025, generating pretax income of $17.2 million and an earnings of $0.26 per diluted share. Home sales revenue was $224 million for the quarter on home closings of 669, which exceeded the guidance range we gave last quarter.

謝謝，喬，大家早安。2025 年第二季度，史密斯道格拉斯房屋公司 (Smith Douglas Homes) 再次取得強勁的營運業績，稅前收入達 1,720 萬美元，每股攤薄收益為 0.26 美元。本季房屋銷售收入為 2.24 億美元，房屋成交量為 669 套，超過了我們上個季度給出的指導範圍。

Home closing gross margin came in at the high end of our guidance range at 23.2% and net new orders for the quarter totaled 736 homes. Overall, I'm proud of our company's performance this quarter despite a challenging macroeconomic backdrop for homebuilding and believe it once again demonstrates the strength of our asset-light operational model focused on turning inventory quickly.

房屋成交毛利率達到我們指導範圍的高端，為 23.2%，本季淨新訂單總計 736 套房屋。總體而言，儘管住宅建築面臨嚴峻的宏觀經濟背景，但我對該公司本季的業績感到自豪，並相信這再次證明了我們專注於快速週轉庫存的輕資產運營模式的優勢。

We experienced inconsistent demand trends during the quarter with stretches of solid order activity followed by periods of softness. While we believe there's a strong desire and need for new homes in our markets, affordability constraints, declining consumer confidence and lack of urgency from buyers continue to be a headwind for our industry.

本季度，我們經歷了不一致的需求趨勢，一段時間內訂單活動強勁，隨後又出現疲軟時期。雖然我們相信我們的市場對新房屋有著強烈的渴望和需求，但負擔能力的限制、消費者信心的下降以及買家缺乏緊迫感仍然是我們行業面臨的阻力。

As a result, we remain intensely focused on operating elements that are within our control, which include making our homes as affordable as possible while giving our buyers the choice and customization they desire. Our average sales price on homes closed this quarter came in at $335,000 which is one of the lowest ASPs of our peers.

因此，我們始終高度關注我們能夠控制的營運要素，包括讓我們的房屋盡可能便宜，同時為買家提供他們想要的選擇和客製化。本季我們房屋的平均售價為 335,000 美元，是同業中最低的房屋售價之一。

We ended the second quarter with 92 active communities, a 23% increase over second quarter of 2024 and improved our controlled lot count by 57% compared to a year ago to almost 25,000 lots. Under our asset-light strategy, which gives us operational and financial flexibility to adjust to challenging market conditions, option lots accounted for 96% of our unstarted controlled lot count at the end of the quarter. We continue to focus on growing our operations in existing markets while exploring strategic expansion opportunities where we can deploy our operating model to further increase our overall market share of new home sales and achieve better economies of scale and operating leverage.

截至第二季度，我們擁有 92 個活躍社區，比 2024 年第二季度增長 23%，控制地塊數量與去年同期相比增加了 57%，達到近 25,000 個地塊。根據我們的輕資產策略，我們可以靈活地在營運和財務上適應充滿挑戰的市場條件，截至本季末，選擇權手數占我們未開始受控手數的 96%。我們繼續專注於擴大現有市場的業務，同時探索策略擴張機會，我們可以部署我們的營運模式，以進一步提高新房銷售的整體市場份額，並實現更好的規模經濟和營運槓桿。

To that end, I'm happy to share that we'll be entering Dallas-Fort Worth and Gulf Coast of Alabama markets through greenfield start-ups. We have been working to secure several finished lot positions in DFW over the last six months and expect closing our first lots and start selling by year-end. Additionally, we have been working on several opportunities to acquire lots in greater Baldwin County area of Southern Alabama and expect to close on several land deals that would have us targeting communities opening in the second half of 2026.

為此，我很高興地告訴大家，我們將透過綠地新創公司進入達拉斯-沃斯堡和阿拉巴馬州墨西哥灣沿岸市場。過去六個月，我們一直致力於確保 DFW 的幾個已完工地塊位置，並預計將於年底完成首批地塊的交割並開始銷售。此外，我們一直在尋找機會收購阿拉巴馬州南部鮑德溫縣大區地塊，並預計完成幾筆土地交易，目標是在 2026 年下半年開放社區。

We believe in the long-term growth prospects of these markets and they fit nicely into the geographic footprint where we can continue to deliver first-time homebuyers affordable, high-quality personalized homes. Construction efficiency continues to be another major focus area of our company. Excluding Houston, our average cycle time at the end of the quarter was 54 days, which is down from 60 days in second quarter of 2024.

我們相信這些市場的長期成長前景，並且它們與我們的地理覆蓋範圍完美契合，我們可以繼續為首次購房者提供價格合理、高品質的個人化住宅。施工效率仍然是我們公司關注的另一個重點領域。除休士頓外，我們本季末的平均週期時間為 54 天，低於 2024 年第二季的 60 天。

We continue to make headway in the quarter bringing Houston division on board with these principles and look forward to then achieving cycle times closer to the company average in the near future. Despite the challenging sales backdrop, we feel our balance sheet remains in great shape with our net debt to net book capitalization ratio coming in at 12.1% at the end of the quarter. The strength of our balance sheet allows us to operate from a position of strength and remain opportunistic when the market dislocations occur.

本季度，我們繼續在休士頓分部實施這些原則方面取得進展，並期待在不久的將來實現更接近公司平均水平的周期時間。儘管銷售情況嚴峻，但我們認為我們的資產負債表仍然狀況良好，本季末我們的淨負債與帳面淨資本化比率達到 12.1%。我們資產負債表的強勁使我們能夠從強勢地位開展運營，並在市場混亂發生時保持機會主義。

With our previously announced $50 million share repurchase authorization, we also have the flexibility to buy our stock back should the opportunity present itself. As we head into the second half of the year, I feel good about our company's outlook even as the macroeconomic and interest rate environments continue to remain uneven and uncertain.

根據我們先前宣布的 5000 萬美元股票回購授權，如果有機會，我們也可以靈活地回購我們的股票。隨著我們進入下半年，儘管宏觀經濟和利率環境仍然不平衡且不確定，但我對公司的前景感到樂觀。

We have many well-located communities in some of the best markets in the country and deliver homes at an average selling price that represents a good value. We continue to look for ways to curb cost and our build times continue to improve, which will help us turn our inventories faster.

我們在國內一些最好的市場擁有許多地理位置優越的社區，並以具有良好價值的平均售價提供房屋。我們繼續尋找控製成本的方法，我們的建造時間也不斷改善，這將有助於我們更快地週轉庫存。

Despite the uneven sales environment in the second quarter, our can rate was actually down year over year at 10% for the quarter, which is a testament to the appeal of our homes in the shortened time between sales and closings. We also have several new communities opened at the start of the third quarter, which will serve as a tailwind for our sales efforts. Given these positives, I remain optimistic about the future of Smith Douglas Homes.

儘管第二季的銷售環境不平衡，但本季我們的房屋成交率實際上同比下降了 10%，這證明了我們的房屋在銷售和成交時間縮短的情況下仍然具有吸引力。我們還在第三季初開設了幾個新社區，這將為我們的銷售工作帶來助力。鑑於這些積極因素，我仍然對 Smith Douglas Homes 的未來持樂觀態度。

Now, I'd like to turn the call over to Russ, who will provide more detail on our financial and operational performance this quarter and give an update on our outlook for third quarter.

現在，我想將電話轉給拉斯，他將提供有關我們本季財務和營運業績的更多細節，並更新我們對第三季的展望。

Thanks, Greg. I'll now walk through our financial results for the second quarter and then provide an update on our outlook for the third quarter.

謝謝，格雷格。我現在將介紹我們第二季的財務業績，然後提供我們對第三季的展望的最新資訊。

We closed 669 homes during the second quarter, up 2% from 653 closings in the same quarter last year. Homebuilding revenue was $223.9 million, an increase of 1% over the prior year. Our average sales price was approximately $335,000, which is down slightly year over year due to slightly higher discounts and shifts in geographic and product mix.

我們在第二季成交了 669 間房屋，比去年同期的 653 套成長了 2%。房屋建築收入為 2.239 億美元，比上年增長 1%。我們的平均銷售價格約為 335,000 美元，由於折扣略高以及地理和產品組合的變化，比去年同期略有下降。

Gross margin came in at 23.2%, which was at the high end of our guidance range and compares to 26.7% in the prior year. Our lower year-over-year margin reflects the impact of higher average lot costs, which were 26% in the current quarter versus 23.9% of revenue in the year ago period as well as rising incentives and promotional activity, which totaled 4.8% of revenue this quarter, up slightly from 4.2% a year ago.

毛利率達到 23.2%，處於我們預期範圍的高端，而去年同期為 26.7%。我們的年比利潤率較低，反映了平均地塊成本上升的影響，本季度平均地塊成本為 26%，而去年同期為 23.9%，同時也反映了激勵和促銷活動的增加，本季度激勵和促銷活動總計佔收入的 4.8%，略高於去年同期的 4.2%。

SG&A was up $2.9 million versus prior year and was 15.5% of revenue compared to 14.5% last year, driven primarily by increased payroll and associated expenses with a sizable portion of the increase coming from the opening of new divisions over the last few quarters. Net income for the quarter was $16.4 million compared to $24.7 million in the prior year, and pretax income was $17.2 million versus $25.9 million. Adjusted net income was $12.9 million compared to $19.4 million in the prior year.

銷售、一般及行政費用較上年增加 290 萬美元，佔收入的 15.5%，而去年該數字為 14.5%，這主要由於工資和相關費用增加，其中很大一部分增長來自過去幾個季度新部門的開設。本季淨收入為 1,640 萬美元，而去年同期為 2,470 萬美元；稅前收入為 1,720 萬美元，而去年同期為 2,590 萬美元。調整後的淨收入為 1,290 萬美元，而去年同期為 1,940 萬美元。

As a reminder, given the nature of our Up-C organizational structure, our reported net income reflects an effective tax rate of 4.3% this quarter, which is attributable to the approximate 18% economic ownership held by the public shareholders through Smith Douglas Homes Corp., and Smith Douglas Holdings LLC. Because the majority of our earnings are allocated to our Class B members, which is shown as income attributable to noncontrolling interest on our income statement, we provide adjusted net income, which assumes 100% public ownership and a 24.9% blended federal and state effective tax rate.

提醒一下，鑑於我們的 Up-C 組織結構的性質，我們報告的淨收入反映本季度 4.3% 的有效稅率，這歸因於公眾股東透過 Smith Douglas Homes Corp. 和 Smith Douglas Holdings LLC 持有的約 18% 的經濟所有權。由於我們的大部分收益都分配給了 B 類成員，這在我們的損益表中顯示為歸屬於非控制權益的收入，因此我們提供調整後的淨收入，假設 100% 公有製和 24.9% 的聯邦和州混合有效稅率。

We believe this measure is helpful in evaluating our results relative to peers with more traditional C corporation structures. Additional details on our structure and related income tax treatment can be found in the footnotes to our financial statements.

我們相信，這項措施有助於評估我們相對於具有更傳統 C 公司結構的同行的表現。有關我們的結構和相關所得稅處理的更多詳細信息，請參閱我們的財務報表的腳註。

Turning to the balance sheet. We ended the quarter with $16.8 million in cash and had approximately $70 million outstanding on our unsecured revolver with $189 million available to draw. As I mentioned on our last earnings call, we finalized the amendment to our credit facility, which included, among other things, an increase in total size to $325 million and extended the maturity to May 2029. Our debt-to-book capitalization was 15.2%, and our net debt to net book capitalization was 12.1%.

轉向資產負債表。本季末，我們擁有 1,680 萬美元現金，無擔保循環信貸中未償還金額約為 7,000 萬美元，其中可供提取金額為 1.89 億美元。正如我在上次財報電話會議上提到的那樣，我們最終完成了對信貸安排的修訂，其中包括將總規模增加到 3.25 億美元，並將到期日延長至 2029 年 5 月。我們的負債與帳面資本比率為 15.2%，淨負債與帳面資本比率為 12.1%。

Backlog at the end of the quarter was 858 homes with an average sales price of $341,000 and an expected gross margin of approximately 21.5%. Monthly sales per community went from 2.8 in April to 2.4 in May and 2.8 in June. In July, we saw that average dip back to approximately 2.5 sales per community. Affordability remains a key challenge for our buyers, and we continue to lean into targeted incentives to support sales.

本季末積壓房屋數量為 858 套，平均售價為 341,000 美元，預期毛利率約為 21.5%。每個社區的月銷售額從 4 月的 2.8 成長到 5 月的 2.4 和 6 月的 2.8。7 月份，我們發現平均銷售量回落至每個社區約 2.5 輛。負擔能力仍然是我們買家面臨的主要挑戰，我們將繼續採取有針對性的激勵措施來支持銷售。

Continuing our program from late March, we utilized forward commitments to buy down interest rates, which we believe help boost conversion rates. During the quarter, we recognized $0.9 million of costs on forward commitments, which is recorded as an offset to revenue. We expect to continue to utilize these rate buydowns through the end of the year as we focus on a pace over price philosophy.

我們繼續執行 3 月底以來的計劃，利用遠期承諾來降低利率，我們相信這有助於提高轉換率。在本季度，我們確認了 90 萬美元的遠期承諾成本，並將其記錄為收入的抵銷。我們預計在今年年底前繼續利用這些利率買斷措施，因為我們注重的是速度而非價格的概念。

Turning to our third-quarter outlook. We expect to close between 725 and 775 homes with an average sales price between $330,000 and $335,000. Gross margin is projected to be in the range of 20.5% to 21.5%. While incentives will continue to pressure margins, we are maintaining discipline in how and where we deploy them.

談談我們對第三季的展望。我們預計將成交 725 至 775 套房屋，平均售價在 33 萬美元至 33.5 萬美元之間。預計毛利率將在20.5%至21.5%之間。儘管激勵措施將繼續對利潤率造成壓力，但我們在如何以及在何處部署激勵措施方面仍保持紀律。

We ended the second quarter with 92 active communities and expect to see that number continue to grow modestly throughout the remainder of the year. We're actively opening new communities across multiple divisions and remain focused on supporting a stable and scalable growth platform.

我們在第二季結束時擁有 92 個活躍社區，並預計這一數字將在今年剩餘時間內繼續適度增長。我們正在積極地在多個部門開闢新的社區，並繼續專注於支援穩定且可擴展的成長平台。

Before I conclude, I want to reiterate that while we're pleased with our results through the first half of the year, our outlook does include several risks. As always, our ability to achieve these results will depend on maintaining an adequate pace of sales, bringing new lots and communities online as scheduled, and managing cost pressures, particularly in labor and materials.

最後，我想重申，雖然我們對上半年的業績感到滿意，但我們的前景確實存在一些風險。與往常一樣，我們實現這些成果的能力將取決於保持適當的銷售速度、按計劃推出新地塊和社區以及管理成本壓力，特別是勞動力和材料方面的成本壓力。

Additionally, broader macroeconomic factors such as inflation, employment trends, interest rates, and consumer confidence could create headwinds to demand and impact the timing of our volume of sales and closings. We remain focused on executing what we can control and believe our land-light model, steady operations, and financial strength position us well to navigate these challenges over the long term.

此外，通貨膨脹、就業趨勢、利率和消費者信心等更廣泛的宏觀經濟因素可能會對需求造成阻力，並影響我們的銷售量和成交時間。我們仍然專注於執行我們能夠控制的事情，並相信我們的輕型土地模式、穩定的營運和財務實力使我們能夠長期應對這些挑戰。

With that, I'll turn the call over to the operator for questions.

說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Sam Reid, Wells Fargo.

（操作員指示）富國銀行的 Sam Reid。

Definitely great to see the gross margin come in at the high end of the guide for the second quarter. Just curious what you're seeing from a stick and brick labor standpoint or either of those tailwinds relative to expectations in the quarter?

看到第二季的毛利率達到預期的高位，真是令人欣喜。我只是好奇，從實體勞動力的角度來看，或者相對於本季的預期，您看到了什麼順風？

And then looking to your third-quarter guide, it does look like the homes you're planning to sell and close intra-quarter will be carrying a lower margin relative to your backlog. Just curious what's embedded in your gross margin assumptions from an incentive standpoint, especially as it sounds like you're stepping up finance incentives?

然後查看您的第三季指南，看起來您計劃在季度內出售和成交的房屋的利潤率相對於您的積壓訂單而言會較低。只是好奇從激勵的角度來看您的毛利率假設中包含了什麼，特別是聽起來您正在加強財務激勵？

Yeah. Good morning, Sam. The sticks and bricks were flat during Q2. They're down year to date a little. I'll let Russ hit a little bit on the gross margin pressure.

是的。早上好，山姆。第二季期間，木棍和磚塊均持平。今年迄今為止，他們的業績略有下滑。我會讓拉斯稍微談談毛利率壓力。

Yeah. So what we assume for Q3 is continued incentives, particularly on the forward commitments. So we've had some success with the rate buydown. So we implemented -- we started really back at the end of the first quarter and carried it through second quarter. So we've seen that it's a pretty good traffic driver. So we've been buying rates down to -- on a fixed basis to 4.99%.

是的。因此，我們假設第三季的激勵措施將繼續存在，特別是對遠期承諾的激勵。因此，我們在利率降低方面取得了一些成功。因此我們實施了——我們實際上從第一季末開始實施，並持續到第二季​​。所以我們看到它是一個相當不錯的流量驅動因素。因此，我們一直將購買利率固定降至 4.99%。

We started to implement a 5/1 ARM at a 3.99%, and it's been pretty good from a traffic standpoint. So that's really the expectation is we'll at least continue that through the third quarter and really just kind of monitor it as we move along. The nice thing is we did see a little bit of a tick down in rates and certainly the cost of the forward. So that was nice this past week, but that's kind of our assumptions going forward.

我們開始以 3.99% 的比例實施 5/1 ARM，從流量角度來看效果相當不錯。因此，我們確實期望至少在第三季度繼續這樣做，並在前進的過程中對其進行監控。令人欣慰的是，我們確實看到利率和遠期成本略有下降。過去一周的情況很好，但這只是我們對未來的假設。

That's helpful. And then maybe switching gears, just touching on lots. So it looks like your controlled lot position is up almost about 60% or so year over year. Maybe just break out kind of what that looks like in your existing markets versus how much of that might have come from some of the newer markets that you're looking to enter like Dallas and the Gulf Coast. Just so we can kind of contextualize what that looks like in the context of your existing operations.

這很有幫助。然後也許換個話題，只是觸及很多內容。因此看起來，您控制的地段部位比去年同期成長了約 60% 左右。也許只是看看您現有市場的情況，以及有多少可能來自您希望進入的一些較新的市場，例如達拉斯和墨西哥灣沿岸。這樣，我們就可以將其與您現有的操作連結起來。

Sure. Yes, nothing yet from the Gulf Coast. But for Dallas, we're probably 600 or so lots, I believe, in there. And then we had a significant bump in Chattanooga over the last 6 to 12 months, which is part of our Atlanta division, but really, it's something that we're looking at as a possible stand-alone division in the future.

當然。是的，墨西哥灣沿岸還沒有消息。但對達拉斯來說，我相信我們大概有 600 個左右的地段。過去 6 到 12 個月，我們在查塔努加的業務取得了顯著增長，它是我們亞特蘭大分部的一部分，但實際上，我們正​​在考慮將其作為未來可能的獨立分部。

So we've got some growth in there. Central Georgia as well, which we also mentioned about six months ago, we divisionalized that. That's kind of another split from Atlanta because of the continued growth in our largest division. But Middle Georgia, Central Georgia is Perry making that is really kind of south of I-20, if you know the Atlanta market. And so we've picked up quite a few lot positions.

所以我們在那裡取得了一些成長。我們大約六個月前也提到過，喬治亞州中部也進行了劃分。這是與亞特蘭大的另一種分離，因為我們最大的部門正在持續成長。但如果你了解亞特蘭大市場的話，中喬治亞州、喬治亞州中部地區實際上位於 I-20 以南。因此，我們獲得了相當多的部位。

And then obviously, Greenville was another division that we opened last year, and we continue to pick up lots. So it's coming -- I mean it's actually a pretty good spread across the footprint of the company. Houston, clearly, we continue to drive growth. We think going from close to 400 closings last year, we've got a view that, that can be another 1,000 unit market for us in the next few years, so we continue to add lot positions. So it is spread across the company, but hopefully, that gives you a little bit of color in some of the newer spots that we're entering.

顯然，格林維爾是我們去年開設的另一個分部，並且我們將繼續擴大業務。所以它來了——我的意思是它實際上在公司的整個範圍內傳播得相當好。休士頓，顯然，我們將繼續推動成長。我們認為，從去年接近 400 個成交量來看，未來幾年我們的市場規模可能還會再增加 1,000 個單位，因此我們將繼續增加地塊部位。因此，它遍布整個公司，但希望這能讓您對我們進入的一些較新的領域有所了解。

Mike Dahl, RBC Capital Markets.

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

Hey. Good morning, everyone. You've actually got Stephen Mea on for Mike Dahl today. Thanks for taking my questions. I wanted to start by kind of checking in on your thoughts for the outlook for the full year. Obviously, third guide -- third quarter guide is super helpful and I want to fully respect the volatility in the current macro with everything going on out there. But I was kind of hoping you could share with us how you're thinking about the kind of 3,000 to 3,100-ish homes target you gave us last quarter and kind of what may have changed with that if that's kind of still a good guidepost? And if there's any more details you could give us on how you're thinking about the balance of the year, that would be helpful.

嘿。大家早安。今天實際上請來了 Stephen Mea 來代替 Mike Dahl。感謝您回答我的問題。首先我想了解您對全年前景的看法。顯然，第三季指南非常有用，我想充分尊重當前宏觀經濟的波動性以及正在發生的一切。但我希望您能與我們分享您對上個季度給我們設定的 3,000 到 3,100 套房屋目標的看法，以及如果這仍然是一個很好的指導方針，那麼這個目標可能會發生哪些變化？如果您能提供更多有關您如何考慮今年餘額的詳細信息，那將會很有幫助。

Sure. Yeah. Obviously, we feel a lot better about giving Q3 guidance. It's -- just given the environment, it's pretty difficult to forecast too far out. Obviously, we put out 3,000. That's a goal for us as a company. It's definitely achievable.

當然。是的。顯然，我們對給出第三季指引感覺好多了。考慮到當時的環境，預測未來是相當困難的。顯然，我們投入了 3,000 人。這是我們公司的目標。這絕對是可以實現的。

We certainly have the lot positions. We've got the community count. So it's really going to depend on demand for us. And look, we're -- as Greg mentioned, I mean, we've got a pace over price philosophy. So for us, it's really just finding that price in which we can continue to clear inventory and continue to push sales. But 3,000 is in our sights, 3,000-plus would be great. And so it's really going to depend on the demand and more of the macroenvironment if we can get there.

我們當然有很多職位。我們已獲得社區統計數據。所以這實際上取決於我們的需求。瞧，正如格雷格所提到的，我們有一個速度高於價格的理念。因此，對於我們來說，實際上只是找到一個可以繼續清理庫存並繼續推動銷售的價格。但我們的目標是 3,000，3,000 以上就很棒了。因此，我們能否實現這一目標實際上將取決於需求和宏觀環境。

We did -- we felt like we had a pretty good balance this quarter, and we've started using incentives and driving traffic. And the nice thing is just this past week, we had -- I don't know if it was a contribution of kind of where rates moved last week, but we did see a nice uptick in traffic and had a pretty good week of sales this past week. So we'll see, but it's still a target of ours.

我們確實做到了——我們覺得本季我們的平衡性非常好，而且我們已經開始使用激勵措施並推動流量。好消息是，就在上週，我們——我不知道這是否是上周利率變動的影響，但我們確實看到流量大幅上升，上週的銷售情況也相當不錯。所以我們會看到，但這仍然是我們的目標。

That's super helpful. I appreciate the context there. Secondly, I had a question on the land side. You mentioned last quarter that you were starting to see some cracks in sellers out there. So I was wondering kind of from a higher level, what your current view of the kind of land landscape is and what may have changed from last quarter to this quarter and your overall views on that.

這非常有幫助。我很欣賞那裡的背景。其次，我有一個關於陸地方面的問題。您在上個季度提到，您開始看到賣家出現一些問題。因此，我想從更高的層面來了解，您目前對土地狀況的看法是什麼，從上個季度到本季可能發生了什麼變化，以及您對此的整體看法。

Yeah. Thanks. I'll take that. We are seeing some softness in the land. It's really not a lot of pullback on price. We are seeing the ability to go back on some terms and more favorable negotiating. But on the land itself, it's still holding. But there's a fair amount of re-trading going on currently, and I think we'll see that continue probably through the end of the year yet.

是的。謝謝。我會接受的。我們看到土地有些鬆軟。價格實際上並沒有大幅回落。我們看到了在某些條款上做出讓步並進行更有利的談判的能力。但在土地本身上，它仍然屹立著。但目前正在進行相當多的重新交易，我認為我們可能會看到這種情況持續到今年年底。

Andrew Azzi, JPMorgan.

摩根大通的 Andrew Azzi。

Hi, guys. Thank you for taking my question. Appreciate the time here. Would love to kind of focus in on maybe give an update for how you're thinking about community count growth. I mean, I think with -- obviously, I don't think you necessarily guided to 3,000, but if that were the case, that would imply a nice year-over-year growth and closings in 4Q. So just wanted to see if you guys can expand on that any further.

嗨，大家好。感謝您回答我的問題。珍惜在這裡度過的時光。希望能集中討論一下您對社區數量增長的看法。我的意思是，我認為——顯然，我不認為你一定會預測到 3,000，但如果是這樣的話，那就意味著第四季度將出現良好的同比增長和收盤。所以只是想看看你們是否可以進一步闡述這一點。

Sure. Yeah. Look, it was -- clearly, that was a little bit of a soft guide I gave on the last question. But like I said, it's good to have goals, right? So that 3,000 is a target for us. We'd like to get there. As far as community count, so like I said, we've got the community count.

當然。是的。瞧，這顯然是我在最後一個問題上給出的一點軟指導。但就像我說的，有目標是件好事，對吧？所以 3,000 是我們的目標。我們想去那裡。至於社區數量，就像我說的，我們已經得到了社區數量。

The other thing to keep in mind with some of our community, the way we count it, we've got a few communities in Houston where we've got some different lot sizes, more or less the same product. So there's probably -- our community counts may be overstated or it includes really like probably three communities where you've got a couple of lot sizes, but we do count them as separate communities.

另一件需要記住的事情是，在我們的一些社區中，我們的計算方式是，我們在休士頓有幾個社區，那裡的地塊大小不同，但產品或多或少是相同的。因此，我們的社區數量可能被誇大了，或者可能包括了三個擁有不同地塊面積的社區，但我們確實將它們算作獨立的社區。

So you typically don't get the same absorption pace in -- where you've got a couple of different single-family lot sizes. So I just want to at least highlight that. But yeah, we think that there'll be some moderate growth with community count through the back half of the year. And you're right, I mean, fourth quarter, we've got some expectations. We've got the inventory in the ground.

因此，通常情況下，當你擁有幾個不同大小的單戶住宅地塊時，你不會獲得相同的吸收速度。所以我至少想強調一下這一點。但是，是的，我們認為今年下半年社區數量將會出現適度成長。你說得對，我的意思是，我們對第四季有一些期望。我們已經將庫存埋在地下。

When you look at our spec levels today, they're a little more elevated than we normally have. We're primarily a presale builder. But with the way that we operate from really an assembly line manufacturing approach, we continue to watch our inventory levels, but we're pushing pace and pushing incentives so that we can target our absorptions and try and get to our closing number. So hopefully, that gives you a little color.

當您查看我們今天的規格水平時，您會發現它們比通常水平要高一些。我們主要是一家預售建築商。但是，由於我們採用的是流水線製造方式，我們會繼續關注庫存水平，但我們會加快步伐，加大激勵力度，以便能夠瞄準我們的吸收量，並努力達到最終目標。希望這能帶給你一些啟發。

Always helpful. I guess for my second question, I just wanted to expand on -- maybe if you can expand on the decision to enter DFW. Obviously, I think that's positive -- a net positive. But given kind of the inventory dynamics there and potentially some oversupply, what drove that decision and kind of your strategy going forward for greenfields there and into other markets in the future?

總是有幫助的。我想對於我的第二個問題，我只是想擴展一下——也許您可以詳細說明進入 DFW 的決定。顯然，我認為這是積極的——淨積極。但考慮到那裡的庫存動態和潛在的供應過剩，是什麼促使您做出這一決定，以及您未來在那裡開發綠地以及進入其他市場的策略是什麼？

Yeah, I'll take that. We -- if we entered Houston, part of that message was kind of it's a launch pad for us across Texas with DFW being in the sight. We've actually been on the ground in DFW for several months now. Working on some opportunities and trying to be opportunistic where it was available and feel like we've got some really good positions there. We understand the dynamics in that market presently, but feel like as in any of our markets, we're in a good place with those lots that we've secured.

是的，我會接受的。如果我們進入休士頓，部分訊息就是，它是我們穿越德州的發射台，達拉斯-沃斯堡國際機場就在眼前。事實上，我們已經在達拉斯沃斯堡國際機場待了好幾個月了。努力尋找一些機會，並嘗試在可能的情況下抓住機會，感覺我們在那裡獲得了一些非常好的職位。我們了解該市場目前的動態，但感覺就像在我們的任何市場一樣，憑藉我們所獲得的這些地段，我們處於有利地位。

Yeah. The only other thing I'd add there is, obviously, with our business model, we maintain a pretty conservative balance sheet. And there was a really good opportunity to pick up finished lots. And we're definitely seeing some dislocation in the market there.

是的。我唯一要補充的是，顯然，透過我們的商業模式，我們保持了相當保守的資產負債表。這確實是個挑選成品的好機會。我們確實看到那裡的市場出現了一些混亂。

Like you said, I think there's there are some builders that are struggling. Our hope is that, clearly, we're getting it at a time where we think there's opportunity. Could there be some continued softness? Sure. But we just feel like with our balance sheet and really our long-term philosophy, we're going to -- we know we're going to be there. It just felt like the right time, and we can pick up finished lots with some pretty low deposits. And so really limits the risk, but it's a good time for us to start taking advantage of some opportunity.

就像你說的，我認為有些建築商正在苦苦掙扎。我們的希望是，顯然，我們會在我們認為有機會的時候得到它。還會繼續保持疲軟態勢嗎？當然。但我們只是覺得，憑藉我們的資產負債表和真正的長期理念，我們將會——我們知道我們會到達那裡。感覺現在正是適當的時機，我們可以用相當低的訂金來購買成品。這確實限制了風險，但現在是我們開始利用一些機會的好時機。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

First wanted to ask just with the DFW and Gulf Coast entries, how do we think about just the SG&A run rate from here? Is there any sort of incremental investment as you ramp up into some new markets here?

首先想問一下，僅從 DFW 和墨西哥灣沿岸的條目來看，我們如何看待 SG&A 運行率？當您進軍一些新市場時，是否會進行任何形式的增量投資？

And then how do we think about -- you have a building strategy, which is very efficient. How do we think about when those markets are able to get scale and you're able to like implement your R team at what level of deliveries do you need to get to before that hits that run rate?

然後我們如何思考——你有一個非常有效的建設策略。我們如何考慮當這些市場能夠擴大規模時，您能夠實施您的 R 團隊，在達到該運行率之前您需要達到什麼水平的交付？

Sure. Like we mentioned in the prepared remarks, probably about half of where we saw the year-over-year increase in SG&A was really from some of these new divisions. And so it's really payroll, it's headcount cost. That's the big driver when you're doing a greenfield start-up is just putting some boots on the ground there.

當然。正如我們在準備好的發言中提到的那樣，我們看到的銷售、一般和行政費用同比增長中大約有一半實際上來自於一些新部門。所以這其實就是工資，是員工成本。當你在綠地上創業時，最大的驅動力就是在那裡投入一些人力。

So yes, I think, look, the cost is -- there's a cost. It's moderate, but maybe $1 million, a couple of million dollars in the first year to really get a division going before you start seeing some significant sales closings. But when we do a greenfield start-up, the plan is within the first two years, we'd like to get -- and you know the way that we do business with our RT model, kind of our geographic pause.

所以是的，我認為，看，成本是——有成本的。這是適度的，但第一年可能需要 100 萬美元、幾百萬美元才能真正啟動一個部門，然後才能開始看到一些顯著的銷售額。但是，當我們進行綠地創業時，計劃是在前兩年內，我們希望獲得 - 而且您知道我們採用 RT 模型開展業務的方式，這是地理停頓。

But within the first two years, the plan is always to get to a run rate of about that 200 closings, which is one full R team. So it's usually about two years before you start seeing some -- generating some profits. The hope is that those first 12 to 18 months, you're going to get to kind of a breakeven and then kind of you get that run rate of 200.

但在前兩年內，我們的計畫始終是達到約 200 個成交的運行率，也就是一個完整的 R 團隊。因此通常需要大約兩年的時間你才能開始看到一些利潤。希望在最初的 12 到 18 個月內，你能達到收支平衡，然後達到 200 的運行率。

And then every, call it, 18 months or so, you -- you'd like to see adding another R team, so another 200 units and get to 400. I mean that's our approach is that we want to enter markets where we can get at least two full R teams. And certainly, with Dallas, that's the largest market in the country.

然後每隔 18 個月左右，你 — — 你會希望看到增加另一個 R 團隊，因此再增加 200 個單位，達到 400 個。我的意思是，我們的方法是，我們希望進入能夠擁有至少兩個完整 R 團隊的市場。當然，達拉斯是美國最大的市場。

That's a market where we'd love to see within five years-plus, 1,000 -- we hope that we can get to 1,000, deliveries there, just kind of like we're targeting in Houston when we did that acquisition. So that's really the thought process and how that math works for us.

我們希望在五年多的時間裡，這個市場的交付量能達到 1,000 輛——我們希望能在那裡實現 1,000 輛的交付量，就像我們在休士頓進行收購時所瞄準的目標一樣。這就是真正的思考過程以及數學如何為我們發揮作用。

That's really helpful. And then when we look at the backlog is obviously down quite a bit year over year. Like how do you think about the percentage of spec going forward here? Like where has it been historically? Where was it in the quarter? And like how do we think about it going forward and like your comfort level in spec shifting to a little bit more spec versus BTO?

這真的很有幫助。然後，當我們查看積壓情況時，發現與去年同期相比，積壓情況明顯下降了很多。您如何看待未來的規格百分比？例如歷史上它在哪裡？它在本季的什麼地方？我們如何看待它的未來發展，以及您對規格轉向比 BTO 更規範的舒適度如何？

Yeah. Historically, really pre-COVID, we really are 70%-plus presale versus spec -- and before we hit drywall, which we call line in the sand, we're normally 90%-plus of our homes have a contract on it. So again, we are -- we continue to be focused -- heavily focused on presale.

是的。從歷史上看，在疫情之前，我們的預售率確實是 70% 以上，而在我們安裝乾牆（我們稱之為「沙中線」）之前，我們通常有 90% 以上的房屋簽訂了合約。所以，我們再次強調，我們將繼續專注於預售。

It's just -- really, it's the market that's kind of driving a little higher spec levels for us and what we're seeing in our new home competitors just with the specs on the ground, and that's where a lot of the opportunities are for buyers from an incentive standpoint. So we're probably closer to 50%, 60% right now, but we are -- we continue to push and have some ideas to try and continue to push more presale.

只是——實際上，市場在某種程度上推動了我們的規格水平略有提高，而且我們在新房競爭對手中也看到了同樣的規格，從激勵的角度來看，這對買家來說有很多機會。所以我們現在可能接近 50% 或 60%，但我們會繼續努力，並有一些想法嘗試繼續推動更多的預售。

I mean that's obviously a focus. But we've been successful. We do have some higher levels of inventory. So while the backlog is down, you will see our inventories up a bit -- but again, we've just been selling at a higher spec rate. So backlog turnover is obviously increased and -- but we're getting some higher spec sales.

我的意思是這顯然是一個重點。但我們成功了。我們的庫存確實有一些較高水準。因此，雖然積壓訂單減少了，但你會看到我們的庫存增加——但同樣，我們只是以更高的規格價格銷售。因此，積壓訂單週轉率顯然增加了——但我們獲得了一些更高規格的銷售。

So again, given our guidance for the third quarter and a little bit of that soft guidance I gave for the back half of the year, I feel like we can get to our numbers. But our focus is and always will be presales, but it's just -- it's really kind of the market that's driving a little bit of that shift right now, and we're focused on getting back to higher presale levels when the market starts to hopefully move in our direction.

因此，再次考慮到我們對第三季的指導以及我對下半年給出的一些軟指導，我覺得我們可以達到我們的數字。但我們的重點是並且永遠是預售，但這只是——這實際上是目前推動這種轉變的市場，當市場開始朝著我們的方向發展時，我們專注於回到更高的預售水平。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

Jay, are you there on mute?

傑伊，你靜音了嗎？

Sorry about that. So Russ, if you don't mind, I heard the June and the July absorption numbers, but could you give the April and May, please?

很抱歉。所以拉斯，如果你不介意的話，我聽到了六月和七月的吸收數字，但你能給出四月和五月的數字嗎？

Joe is pulling it up. I think April was 3, if I recall, because I think we gave that on the last.

喬正在把它拉起來。如果我沒記錯的話，我認為是 4 月 3 日，因為我認為我們在最後一天給了這個數字。

I think it was 2.8 and 2.5, yeah.

我認為是 2.8 和 2.5，是的。

Yes. It was higher in April. It trended down to maybe flat in May and then kind of as we move through the summer. But I can't get good help, Jay. It's taking Joe a while to pull up numbers. We'll circle -- when Joe...

是的。四月這數字更高。五月趨勢下降，可能趨於平穩，然後隨著夏季的到來，趨勢會下降。但是我得不到好的幫助，傑伊。喬花了一段時間才得出這些數字。我們會繞圈圈──當喬…

Yeah, I'll follow up afterwards. No problem on that. And then I guess the next question I had, so with the loose kind of 3,000 closing number you called out, that's what, almost 970, 980 you're going to need to close in the fourth quarter.

是的，我會隨後跟進。這沒問題。然後我想我的下一個問題是，根據您所說的 3,000 個收盤數字，這意味著在第四季度您需要收盤的金額幾乎是 970、980。

Does that feel achievable? And do you think you're going to have to lean into the incentives and hit the gross margin to sell some of this excess spec inventory? Is that kind of how you guys are thinking about the rest of the year?

感覺這樣可以實現嗎？您是否認為您必須依靠激勵措施並達到毛利率才能銷售部分過剩的規格庫存？你們對今年剩餘時間的想法是這樣的嗎？

Yeah, for sure. I mean, look, again, we're pace over price. So it's clearly a matter of just leaning into incentives to the extent that it's needed to drive that pace. Like I mentioned, it's not a community count issue. It's not a construction issue. Our cycle times actually continue to improve. So credit to our operators out in the field.

是的，當然。我的意思是，你看，我們再次強調速度比價格更重要。因此，這顯然只是在需要推動這一步伐的範圍內依靠激勵措施的問題。正如我所提到的，這不是社區數量問題。這不是施工問題。我們的周期時間實際上不斷在改善。因此，我們要感謝我們在現場的操作員。

It's really just trying to hit a price that can get that demand going. So again, our goal is 3,000. Could it be 2,900? Sure. It's just -- a lot of it is just going to depend on price and incentives. And that's why I haven't touched margin because who -- it's real difficult to figure out where that margin is going to be to get that pace, but that's our focus.

這實際上只是試圖達到一個能夠滿足需求的價格。所以，我們的目標是 3,000。會是 2,900 嗎？當然。這只是——很大程度上取決於價格和激勵措施。這就是為什麼我沒有觸及利潤率，因為——很難弄清楚利潤率要達到多少才能達到這樣的速度，但這是我們的重點。

I think it's worth calling out.

我認為這是值得呼籲的。

And Jay just circling back, it was 2.8 in April, 2.4 in May.

傑伊剛剛回顧了一下，四月是 2.8，五月是 2.4。

And in June looks like -- 2.8 in June. So tick back up in June and then you have the numbers we gave for July and August, or July.

6 月的數字是 2.8。因此，回頭看看 6 月份的數據，您將獲得我們給出的 7 月份和 8 月份（或 7 月份）的數據。

I'd love to have that August number already if you got that, that would be a good one. So it's actually encouraging, I think, that you guys are saying that if you give a little more on incentives that the consumer is responding because some of your larger competitors have talked about how even if they did lean in and put more incentives in, it's not making the consumer react.

如果您已經知道八月份的數字，我會很高興，那將是一個好數字。所以，我認為，你們說如果給予更多一點激勵，消費者就會做出反應，這實際上是令人鼓舞的，因為你們的一些較大的競爭對手已經談到，即使他們確實投入更多激勵，也不會讓消費者做出反應。

So maybe talk a little bit, if you could, about what type of uptick you're seeing when you do lean into the incentive because that's different from what we've been hearing from some of your larger competitors.

因此，如果可以的話，請稍微談談當您傾向於激勵措施時您會看到什麼樣的上升趨勢，因為這與我們從一些較大的競爭對手那裡聽到的情況不同。

Yeah. Look, at least for us, it's definitely -- so we weren't a big user. We really did our first forward commitments in -- at the end of Q1, and we pushed it into Q2 because we did see an uptick in traffic. And we do feel like we're getting a little bit better conversion rate.

是的。看，至少對我們來說，它肯定是——所以我們不是一個大用戶。我們確實在第一季末做出了第一個前瞻性承諾，並將其推遲到第二季度，因為我們確實看到了流量的上升。我們確實感覺到我們的轉換率有所提高。

So it's -- I can't quantify exactly, but we continue to monitor. We talk to the field on a regular basis and just try to figure out what's working, really try to continue to educate our sales folks on, hey, these are the positives of using these incentives. We implemented kind of that ARM product this last several weeks because at a 3.99% rate, getting folks to be able to qualify at that 3.99% rate is a big deal, especially for our buyer.

所以——我無法準確量化，但我們會繼續監測。我們定期與現場人員交談，試圖找出有效的方法，並真正嘗試繼續教育我們的銷售人員，嘿，這些是使用這些激勵措施的積極因素。我們在過去幾週實施了這種 ARM 產品，因為在 3.99% 的利率下，讓人們以 3.99% 的利率獲得資格是一件大事，尤其是對我們的買家而言。

For us, it's -- our buyers, it's really figuring out that payment. We're still giving closing costs. So we're also giving zero closing cost plus that 3.99%. It's a really attractive opportunity. And so it's like we said last quarter, it's some of what's happening in the market, I feel is a confidence issue by consumers. But hopefully, as there's not as much noise, people start feeling good into the back half of the year.

對我們來說，我們的買家實際上就是在計算付款。我們仍在支付成交費用。因此，我們也提供零成交成本加上 3.99% 的利率。這確實是一個很有吸引力的機會。就像我們上個季度所說的那樣，市場上發生的一些事情，我覺得是消費者信心問題。但希望的是，由於沒有那麼多噪音，人們在下半年會開始感覺良好。

And like I said, these incentives feel like they're working for us. And so we'll continue to monitor and continue to push it to the extent that we feel like it's helping out.

正如我所說的，這些激勵措施似乎對我們很有幫助。因此，我們將繼續監控並繼續推動它，直到我們認為它有所幫助。

Okay. That's great. And then the last one for me. I know you all talked about your stick and brick. It sounds like that's a little better. But I think there is the looming threat potentially of higher lumber prices depending on what happens with this Canadian softwood lumber agreement. I guess, are you all seeing any pricing letters from your suppliers? Are you all starting to see anecdotally any signs of lumber prices starting to move up? And if so, when do you think it might hit your income statement?

好的。那太棒了。對我來說這是最後一個。我知道你們都在談論木棍和磚塊。聽起來好像好一點了。但我認為，木材價格上漲的潛在威脅可能取決於加拿大軟木材協議的進展。我想，你們都看過供應商寄來的定價信嗎？你們是否開始從軼事中看到木材價格開始上漲的跡象？如果是的話，您認為它什麼時候會影響您的損益表？

Jay, this is Greg. We've not seen any letters presently. So there's a lot of discussion around tariffs. There's a lot of discussion about potential. But as of present moment, we've not had any notifications of impact.

傑伊，這是格雷格。目前我們還沒有看到任何信件。因此，圍繞關稅有很多討論。關於潛力有很多討論。但截至目前，我們還沒有收到任何影響通知。

(Operator Instructions) Alex Barron, Housing Research Center.

（操作員指示）住房研究中心亞歷克斯·巴倫。

Congratulations on the reduction in the build times. I was curious on that subject, if there's anything you can share on how you've been able to achieve those reductions? And do you feel like there's any further potential? Or do you feel like that's as good as it gets?

祝賀構建時間的縮短。我對這個問題很好奇，您能分享一下您是如何實現這些減排的嗎？您覺得還有進一步的潛力嗎？或者您覺得這樣就已經很好了？

Yeah, we've got a stated goal company-wide that we want to be at 46 days on our build. So yes, we still believe there's opportunity.

是的，我們全公司都已明確目標，希望在 46 天內完成建造。所以是的，我們仍然相信有機會。

The pace over price is our lever that we use with our trays to help drive our waste and our cost. So they know they're getting a commitment of starts, and that allows us to be more reliable in our assembly process.

速度高於價格是我們利用托盤的槓桿，有助於減少浪費、降低成本。因此他們知道他們獲得了開始的承諾，這使我們的組裝過程更加可靠。

Paul Przybylski, Wolfe Research.

保羅‧普茲比爾斯基 (Paul Przybylski)，沃爾夫研究中心。

I guess you've got the two new greenfields you just announced, but could you give us an update on what you're seeing with respect to the M&A environment and your appetite for M&A given current volatility and how you would even go about underwriting a deal given the unknowns out there?

我想您剛剛宣布了兩個新的綠地項目，但您能否向我們介紹一下您對併購環境的最新看法，以及在當前波動的情況下您對併購的興趣，以及考慮到存在的未知因素，您將如何承銷交易？

Yes. No, good question. There's definitely M&A opportunities out there. We absolutely -- we're always looking. We evaluate opportunities. But again, for us, it's all but Houston, we've done through a greenfield. We feel really confident and comfortable in our ability to open new divisions through greenfields.

是的。不，好問題。那裡肯定存在併購機會。我們絕對——我們一直在尋找。我們評估機會。但對我們來說，這一切都不是休士頓，我們已經透過綠地完成了。我們對於透過綠地開闢新部門的能力充滿信心和信心。

It's -- obviously, it takes a little bit longer to get ramped up. But we're okay with that. We're patient. Our majority shareholders are patient. We're not looking at this as a sprint. This is a long-term play, long-term view that we're taking. And really the objective -- the main objective is to build a durable company and stick to the culture and the things that have made us really good, and it's easier to do that through greenfields.

顯然，它需要更長的時間才能完成。但我們對此沒有意見。我們很有耐心。我們的多數股東都很有耐心。我們並不認為這是一場衝刺。這是我們採取的長期行動和長遠觀點。而真正的目標——主要目標是建立一家持久的公司，並堅持我們的文化和讓我們真正優秀的事物，而透過綠地更容易實現這一點。

And the one thing we didn't mention, but the two folks that are going to be heading up these operations are internal folks that have been at the corporate level for a long time. And really get how we do things. So we're really fortunate, and that's how we look like we always look to promote internally, and we feel like that's the best way to do it.

我們沒有提到的一件事是，負責這些營運的兩個人都是長期在公司層級工作的內部人員。並真正了解我們做事的方式。所以我們真的很幸運，我們看起來總是在尋求內部晉升，我們覺得這是最好的方式。

Now that said, if there was a really good opportunity that we can -- we felt like we were getting a really good deal, sure. I mean, we'd look at it. Like I said, there's opportunities out there, but it's tough to want to pay a big premium in today's environment. It's still -- I'd say M&A is still not cheap.

話雖如此，如果真的有一個好機會，我們可以——我們覺得我們確實得到了一個非常好的交易。我的意思是，我們會看看它。就像我說的，機會是存在的，但在當今環境下，我們很難願意付出高昂的溢價。我認為併購仍然不便宜。

I think things are getting a little more realistic, but there may be a time and a place for it for us. But for now, we feel pretty good about the direction we're taking on the growth side of things.

我認為事情正在變得更加現實，但對我們來說，可能還需要一定的時間和地點。但就目前而言，我們對所採取的成長方向感到非常滿意。

Okay. And then I guess kind of related to that, have you made any changes to your current land underwriting standards? Have you pushed up your hurdle rates? And along with that, have you seen any change in financing costs given the volatility from the keeps up off balance sheet?

好的。然後我想與此相關的是，您對目前的土地承保標準做了什麼改變嗎？您是否提高了最低收益率？除此之外，考慮到表外業務的波動性，您是否看到融資成本有任何變化？

Yeah. On the latter part, really not a lot of term changes, but we are focused on our mature divisions, we want to maintain pace, and we're underwriting based on our ability to maintain pace and market share. And then on our newer divisions, maybe our underwriting is a touch softer, but we're still very conservative as we look to those new markets, knowing that we've got to ramp up. So not any real change overall to underwriting, but we're totally aware of the market conditions.

是的。在後者方面，實際上並沒有太多的條款變化，但我們專注於成熟的部門，我們希望保持步伐，並且我們根據保持步伐和市場份額的能力進行承保。然後，對於我們較新的部門，也許我們的承保會稍微寬鬆一些，但當我們著眼於這些新市場時，我們仍然非常保守，因為我們知道我們必須加大力度。因此承保總體上沒有任何實際變化，但我們完全了解市場狀況。

And with that, I'd now like to hand the call back to Greg Bennett for final remarks.

現在，我想將電話交還給格雷格·貝內特 (Greg Bennett) 進行最後的發言。

Thank you, everyone, for joining us today on behalf of Smith Douglas and the whole management group. We appreciate your interest and your involvement today. Have a great day.

我代表史密斯道格拉斯公司和整個管理團隊感謝大家今天參加我們的活動。我們感謝您今天的關注與參與。祝你有美好的一天。

Thank you for attending today's call. You may now disconnect. Goodbye.

感謝您參加今天的電話會議。您現在可以斷開連線。再見。