Smith Douglas Homes Corp (SDHC) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Smith Douglas Homes first quarter 2026 earnings call and webcast. (Operator Instructions) I will now hand the conference over to Joe Thomas, SVP of Accounting and Finance. Joe, please go ahead.

各位好。感謝各位加入，歡迎收看 Smith Douglas Homes 2026 會計年度第一季財報電話會議與網路直播。(接線員指示) 現在我將把會議交給會計與財務資深副總裁 Joe Thomas。Joe，請開始。

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 first quarter of 2026, 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 home page. Please note, this call will be simultaneously webcast on the Investor Relations section of our website.

早安，歡迎參加 Smith Douglas Homes 的財報電話會議。我們今天早上已發布新聞稿，概述 2026 年第一季的業績，我們將在今天的電話會議中討論；新聞稿可於 investors.smithdouglas.com 查閱，或在我們首頁底部點選「投資人關係」連結。請注意，本次電話會議也將在我們網站的投資人關係專區同步網路直播。

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. 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.

在會議開始前，我想提醒各位，本次電話會議中所作的某些陳述（非歷史事實），包括有關未來財務與營運目標及績效的陳述，均屬前瞻性陳述。由於公司向 SEC 申報文件中所詳述的已知與未知風險、不確定性及其他重要因素，實際結果可能與該等陳述存在重大差異。

Except as required by law, the company undertakes no duty to update these forward-looking statements. 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. Hosting the call this morning are Greg Bennett, the company's CEO and Vice Chairman; and Russ Devendorf, our Executive Vice President and CFO.

除法律要求外，公司不承擔更新這些前瞻性陳述的義務。此外，本次電話會議中討論之非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表，可於我們網站上的新聞稿及我們的 SEC 申報文件中查閱。今天早上出席會議的有公司執行長兼副董事長 Greg Bennett，以及執行副總裁兼財務長 Russ Devendorf。

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

現在我想把電話會議交給 Greg。

Good morning, and thank you for joining us today to review our results for first quarter of 2026 and provide an update on our operations. Smith Douglas Homes generated $4.3 million in pretax income for the quarter, net income of $0.06 per share. We delivered 624 homes, which came in at the high end of our guidance range, while home closing gross margin exceeded expectations at 19.6% on a GAAP basis.

早安，感謝各位今天加入我們，一同回顧 2026 年第一季的業績並更新我們的營運狀況。Smith Douglas Homes 本季稅前淨利為 430 萬美元，每股淨利為 0.06 美元。我們交屋 624 戶，落在我們指引區間的高端；同時，房屋交屋毛利率在 GAAP 基礎下達 19.6%，高於預期。

For the quarter, we generated 981 net new orders, up 28% from a year ago and a new quarterly record for the company. While order activity remained choppy throughout the quarter, we experienced a sequential improvement in our sales pace each month of the quarter, culminating in a sales pace of four homes per community in the month of March. Financing incentives continue to be a key selling tool as buyers remain motivated to own a home, provided they can secure a monthly mortgage payment that fits their budget.

本季我們新增淨訂單 981 筆，較去年同期成長 28%，並創下公司單季新高紀錄。雖然整季訂單活動仍呈現波動，但我們每個月的銷售速度皆較前月改善，並在 3 月達到每個社區銷售 4 戶的銷售速度。在買方仍有購屋動機、但前提是能取得符合其預算的每月房貸付款額的情況下，融資優惠仍是關鍵的銷售工具。

We are encouraged by the price elasticity we experienced during the quarter as incremental adjustments in pricing led to an uptick in demand. We view this as an indicator that underlying demand remains intact across our markets despite broader macroeconomic uncertainty. From an operational standpoint, we remain focused on pace over price philosophy, which means maintaining a consistent cadence of starts, driving efficient inventory turns and driving towards a more presale oriented backlog.

我們對本季所觀察到的價格彈性感到鼓舞，因為價格的小幅調整帶動了需求回升。我們將此視為一項指標，顯示儘管整體宏觀經濟存在不確定性，我們各市場的基礎需求仍然穩固。在營運面，我們仍專注於「速度優先於價格」的理念，也就是維持穩定的開工節奏、提升庫存周轉效率，並朝向更以預售為導向的在手訂單結構。

Our average build time was 57 days during the quarter, consistent with prior period, and we continue to view our ability to deliver homes quickly and reliably with an offering of home choice and personalization as a key competitive advantage. Our land-light strategy also remains central to how we operate. By relying on third-party lot developers, we're able to allocate capital efficiently and maintain flexibility through varying market conditions.

本季我們的平均建造工期為 57 天，與前期一致；我們仍認為，能夠快速且可靠地交付房屋，並提供多樣化房型選擇與個人化配置，是我們的重要競爭優勢。我們的輕資產（土地）策略仍是營運核心。透過倚賴第三方地塊開發商，我們得以更有效率地配置資本，並在不同市場環境下維持彈性。

We believe this approach positions us well to manage risk while continuing to scale the business. We also made progress on our growth initiatives during the quarter. Community count expanded to 108 active communities across our markets, up 24% from a year ago, and we continue to ramp operations in our new markets such as Dallas, Chattanooga, Greenville and Alabama Gulf Coast. Our experience in Houston continues to demonstrate that our operating model translates well beyond our legacy footprint, and we remain focused on executing a disciplined and opportunistic expansion strategy over time.

我們相信此一作法使我們能在持續擴大業務規模的同時，更妥善地管理風險。本季我們的成長計畫亦有所進展。我們在各市場的活躍社區數擴增至 108 個，較去年同期成長 24%；同時，我們也持續加速在達拉斯、查塔努加、格林維爾以及阿拉巴馬州墨西哥灣沿岸等新市場的營運布局。我們在休士頓的經驗持續證明，我們的營運模式能成功延伸至既有核心版圖之外；我們也將持續以紀律且把握機會的方式，逐步推動擴張策略。

As we move through the spring selling season, we are encouraged by sales orders generated during the quarter, which helps rebuild backlog and provide momentum heading into the second quarter. We have continued to see encouraging traffic and order activity early in the second quarter, although demand remains variable week-to-week. We will continue to evaluate pricing and incentives at the community level and adjust as needed to maintain the pace required to support our operating model.

隨著春季銷售旺季展開，我們對本季所取得的銷售訂單感到鼓舞，這有助於重建在手訂單並為第二季帶來動能。第二季初期我們持續看到令人鼓舞的來客量與訂單活動，但需求仍呈現每週波動。我們將持續在社區層級評估定價與優惠措施，並視需要調整，以維持支撐我們營運模式所需的銷售速度。

While macro conditions remain dynamic, employment trends have been relatively resilient, and we continue to see motivated and engaged buyers in our markets. We believe our focus on attainable pricing, personalization and value put us in a good position to compete for these buyers and drive market share gains over time.

儘管宏觀環境仍在變動，就業趨勢相對具韌性，我們在各市場仍持續看到積極且投入的買方。我們相信，專注於可負擔的定價、個人化與價值主張，使我們能在競爭中處於有利位置，並隨時間推進帶動市占率提升。

Finally, I'd like to thank all of our team members for the hard work during this quarter. We challenged everyone to focus on getting off to a strong start this year, and our results this quarter showed they were up to the challenge.

最後，我要感謝所有團隊成員在本季的辛勤付出。我們要求大家專注於今年強勢開局，而本季的成果顯示大家成功達成了這項挑戰。

With that, I'd like to turn the call over to Russ, who will provide more color on our financial results this quarter and give an update on our outlook.

接下來我想把電話會議交給 Russ，他將就本季財務結果提供更多說明，並更新我們的展望。

Thanks, Greg, and good morning. I'll highlight our results for the first quarter and then conclude my remarks with an update on what we are seeing so far this year and our outlook for the second quarter. We finished the first quarter with $206.4 million in revenue on 624 closings at the high end of our guidance range with an average sales price of $331,000. Our home closings gross margin was 19.6% on a GAAP basis and adjusted home closing gross margin was 20.3%, which adds back impairments, interest and cost of sales and purchase accounting adjustments.

謝謝你，Greg，早安。我將重點說明第一季的業績，並在結語中更新我們今年迄今的觀察，以及對第二季的展望。第一季我們以 624 戶交屋完成 2.064 億美元營收，位於指引區間高端，平均售價為 33.1 萬美元。我們的房屋交屋毛利率在 GAAP 基礎下為 19.6%；調整後房屋交屋毛利率為 20.3%，此指標加回減損、利息與銷售成本，以及購併會計調整。

During the quarter, gross margin benefited by 170 basis points from the reduction of land development accruals on the closeout of several communities. Our margins continue to reflect the use of incentives and targeted pricing adjustments to support affordability and maintain sales pace. During the quarter, closing costs, price discounts and the cost of forward commitments totaled 730 basis points, which compared to 430 basis points in the year ago period and 680 basis points sequentially from the fourth quarter of 2025.

本季毛利率因數個社區結案時降低土地開發應計費用而受惠 170 個基點。我們的毛利率仍反映為支持可負擔性並維持銷售速度而採用的優惠措施與針對性的價格調整。本季交屋成本、價格折讓以及遠期承諾成本合計為 730 個基點；相較之下，去年同期為 430 個基點，而 2025 年第四季為 680 個基點。

Selling, general and administrative expenses for the quarter were $35.9 million or approximately 17.4% of revenue, up $2.9 million compared to the same period last year, reflecting continued investment on our growth markets as well as the impact of lower average sales price. Pretax income for the quarter was $4.3 million, resulting in net income of $0.06 per share.

本季銷售、一般及行政費用為 3,590 萬美元，約占營收 17.4%，較去年同期增加 290 萬美元，反映我們持續投資於成長市場，以及平均售價較低所帶來的影響。本季稅前淨利為 430 萬美元，折合每股淨利 0.06 美元。

Given the nature of our Up-C organizational structure, our reported net income reflects the allocation of earnings between Smith Douglas Homes Corp. and the noncontrolling interest of Smith Douglas Holdings LLC. Because a significant portion of our earnings is attributable to LLC members and not taxed at the corporate level, the income tax impact reflected in our financial statements can differ from more traditional C corporations.

鑑於我們採用 Up-C 的組織架構，我們所揭露的淨利反映了 Smith Douglas Homes Corp. 與 Smith Douglas Holdings LLC 之非控制權益之間的盈餘分配。由於我們相當大一部分的盈餘歸屬於 LLC 成員，且不在公司層級課稅，因此財務報表中反映的所得稅影響可能與較傳統的 C 型公司不同。

For that reason, we also present adjusted net income, which assumes a blended federal and state effective tax rate of 26.6% as if we operated as a fully public C corporation, which we believe provides a more meaningful comparison to peers. For the quarter, adjusted net income was $3.2 million compared to $14.7 million in the same period last year.

基於此原因，我們也提供調整後淨利，假設我們如同一家完全公開上市的 C 型公司營運，採用聯邦與州合併後的有效稅率 26.6%；我們認為這能與同業進行更具意義的比較。本季調整後淨利為 320 萬美元，較去年同期的 1,470 萬美元為低。

Turning to orders. We generated 981 net new home orders during the quarter, an increase of 28% versus the year ago period. We ended the quarter with 869 homes in backlog with an average sales price of $332,000. In addition to backlog, we also had 42 home reservations at the end of the quarter. These reservations allow our buyers to take advantage of buying a built-to-order home while also benefiting from a guaranteed mortgage rate when they close. We expect most of these reservations to convert to new home orders in the second quarter.

接著談訂單。本季我們新增 981 筆淨新屋訂單，較去年同期成長 28%。本季結束時，待交屋訂單（backlog）為 869 戶，平均銷售價格為 33.2 萬美元。除待交屋訂單外，本季末我們另有 42 筆新屋預訂（reservation）。這些預訂讓買方能享有購買客製化（built-to-order）住宅的優勢，同時在交屋時也可受惠於保證的房貸利率。我們預期其中多數預訂將於第二季轉為新屋訂單。

Turning to the balance sheet. We remain in a strong financial position. We ended the quarter with $28 million of cash and $68.5 million of total debt with approximately $195 million available under our revolving credit facility. Our debt-to-book capitalization was 13.6% and net debt to net book capitalization was 8.5%, reflecting our continued conservative approach to leverage. Our land-light strategy remains a core component of our operating model with the majority of our lots controlled through option agreements, allowing us to maintain flexibility and deploy capital efficiently.

接著談資產負債表。我們仍維持強勁的財務狀況。本季結束時，我們持有 2,800 萬美元現金、總負債 6,850 萬美元，且循環信用額度尚有約 1.95 億美元可用。我們的負債對帳面資本化比率為 13.6%，淨負債對淨帳面資本化比率為 8.5%，反映我們持續採取保守的槓桿策略。我們的輕資產（土地）策略仍是營運模式的核心組成，多數地塊透過選擇權協議控制，使我們能維持彈性並有效率地配置資本。

As Greg previously mentioned and I explained on our fourth quarter call, I want to reiterate that our pace over price philosophy continues to guide how we manage the business. In the current environment, our focus remains on maintaining absorption and inventory turns even if that requires some pressure on margins in the short term. We believe maintaining sales pace allows us to preserve market share, generate cash flow and continue investing in our community pipeline, which ultimately drives scale and stronger returns over the full housing cycle.

如 Greg 先前提到、且我在第四季電話會議中說明過的，我想再次強調，我們「以速度優先於價格」（pace over price）的理念持續指引我們如何經營業務。在目前環境下，我們仍聚焦於維持去化率與庫存周轉，即使短期內可能需要承受一些毛利壓力。我們相信維持銷售速度能讓我們保住市占、創造現金流，並持續投資社區開發管線，最終在完整的房市循環中帶來規模與更強的報酬。

From a broader macro perspective, the housing market continues to operate in a challenging environment, driven primarily by affordability pressures and elevated mortgage rates. Recent economic data has been mixed and geopolitical developments continue to contribute to uncertainty. We are also monitoring labor market trends closely as employment remains a key driver of housing demand. Our capital allocation priorities remain unchanged. We will continue to prioritize investing in our land pipeline and community growth while maintaining a conservative balance sheet, and we will also remain opportunistic with share repurchases.

從更廣泛的總體角度來看，房市仍在具挑戰的環境中運作，主要受到可負擔性壓力與偏高的房貸利率所驅動。近期經濟數據好壞參半，地緣政治發展也持續增加不確定性。我們也密切關注勞動市場趨勢，因就業仍是住宅需求的關鍵驅動因素。我們的資本配置優先順序維持不變。我們將持續優先投資土地管線與社區成長，同時維持保守的資產負債表；此外，我們也會在股份回購上保持機會主義。

During the first quarter, we began executing on our share repurchase authorization and continue to repurchase shares into the second quarter. Including repurchases completed in April, we have repurchased approximately $10 million of stock at an average price of $13.28 per share. We believe these repurchases represent an attractive and disciplined use of capital without limiting the financial flexibility to support our long-term growth strategy.

第一季期間，我們開始執行股份回購授權，並在第二季持續回購。包含 4 月完成的回購在內，我們已以每股平均 13.28 美元回購約 1,000 萬美元的股票。我們認為這些回購是在不限制支持長期成長策略所需財務彈性的前提下，對資本進行具吸引力且有紀律的運用。

For the second quarter, we currently expect closings between 725 and 800 homes, average sales price between $325,000 and $330,000 and gross margin between 17% and 17.5%. Given the continued variability in demand conditions, we are not providing full year guidance at this time. We believe the primary risk to our outlook remain tied to macroeconomic conditions, including mortgage rates, consumer confidence and employment trends. That said, we believe our affordable product offering, land-light strategy and disciplined operating model position us well to continue gaining market share over time.

就第二季而言，我們目前預期交屋量介於 725 至 800 戶，平均銷售價格介於 32.5 萬至 33.0 萬美元，毛利率介於 17% 至 17.5%。鑑於需求狀況仍持續波動，我們目前不提供全年指引。我們認為展望的主要風險仍與總體經濟狀況相關，包括房貸利率、消費者信心與就業趨勢。即便如此，我們相信我們具可負擔性的產品組合、輕資產（土地）策略與有紀律的營運模式，使我們能在時間推移中持續提升市占。

With that, I'll turn the call over to the operator for instructions on Q&A.

接下來我把電話交給接線員，說明問答環節的指示。

(Operator Instructions)

(接線員指示)

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

It's Nick Kalra on for Michael. I wanted to start by asking on the gross margin piece, you called out some moving pieces, but would really appreciate any extra color that you have either on the incentive environment and pricing considering like ASPs for the first quarter toward the lower end of your guide as well as on the cost side would be really helpful. Any color you can provide on construction costs, labor, et cetera.

我是 Nick Kalra，代 Michael 發問。我想先從毛利率部分開始提問。你提到一些變動因素，但若能就獎勵措施（incentive）環境與定價提供更多說明會很有幫助，尤其第一季 ASP 落在你們指引區間的較低端；另外成本端的說明也會很有幫助。能否分享一些關於營建成本、勞務等方面的資訊。

Guidance on a GAAP basis -- came in at the high end of guidance on a GAAP basis and we had 170 basis points, as I mentioned, that -- and it's the way land development works. So when we close out communities, we typically have a reserve in land development for anything that over the next three to six months may come in from a cost perspective. We had closed out some communities in the fourth quarter towards the end of last year. And so those accruals that we had got reversed in the quarter. So that contributed to 170 basis point positive impact to margin.

以 GAAP 基礎來看——我們的結果落在 GAAP 指引的高端；如我提到的，我們有 170 個基點的影響——這與土地開發的運作方式有關。當我們結束（close out）某些社區時，通常會在土地開發上提列一筆準備，以因應未來三到六個月可能發生的成本。我們在去年年底第四季末結束了一些社區。因此，本季先前提列的那些應計項目被回轉。這對毛利率帶來 170 個基點的正面影響。

So if you back that out, we would have been right around, I think, 18.1% was -- which I think still was right in line with guidance or in the high end of our guidance range. And then from just some additional costs, as we mentioned, there's 730 basis points that were impacted by, like I said, impairment -- not impairments, excuse me, closing costs, the incentives for forward commitments, so the cost there and price discounts. And just to remind everybody, the price discounts and the forward incentives, that's a reduction to revenue. So ASP, that kind of drives ASP down a little bit and then closing costs run through our cost of goods. So that was up sequentially, as I mentioned, and up year-over-year.

所以如果把那部分扣除，我們大約會在——我想是 18.1% 左右——我認為這仍與指引一致，或是在我們指引區間的高端。另外，就一些額外成本而言，如我們提到的，有 730 個基點受到影響，像我說的，減損——不是減損，抱歉，是交屋成本、遠期承諾的獎勵措施，因此有相關成本，以及價格折讓。提醒大家，價格折讓與遠期獎勵措施是對營收的減項。因此 ASP 會被拉低一些，而交屋成本則會計入銷貨成本。如我提到的，這部分較前一季上升，且年增也上升。

And then just from a cost perspective, we're actually getting some benefit on the direct cost side. So that's coming in a little bit better year-over-year. But the big driver still for us in kind of margin degradation is the lot cost. So lot costs were as a percentage of revenue, it's up about 300 basis points versus last year. So that's just the impact of the higher basis for land deals that we entered into in the last couple of years.

再從成本角度來看，我們在直接成本端其實有一些改善。因此年對年表現略好一些。但對我們而言，造成毛利率下滑的最大驅動因素仍是地塊成本。以營收百分比來看，地塊成本較去年上升約 300 個基點。這主要反映我們在過去幾年所簽訂土地交易的成本基礎較高所帶來的影響。

Got it. Helpful. And then on anything you could provide? I think you mentioned in your prepared remarks that demand is still looking a little choppy week-to-week. Any color you can provide on that, either on a sequential basis, just a couple of weeks in, but relative to March? Or anything you could provide on April to date, that would be helpful from a demand perspective.

了解。很有幫助。另外，還有任何你們能提供的資訊嗎？我想你在事先準備的講稿中提到，需求在每週之間看起來仍有些起伏。能否就此提供一些說明，例如以序列（sequential）角度來看，雖然才過了幾週，但相較於 3 月如何？或是就 4 月截至目前的情況，若能從需求面提供一些資訊會很有幫助。

Yes. Thanks for the question. We're seeing seasonal traffic. We had good strong traffic through March. April has been a slight decline, but still seasonally good as we've gone through all the spring break and all the disruptions there, it's held pretty steady, maybe down of 6% to 8% over what we were seeing earlier.

好的。謝謝你的問題。我們看到符合季節性的來客量。3 月的來客量表現強勁。4 月略有下滑，但就季節性而言仍算不錯；在經歷春假及相關干擾後，整體仍相當穩定，可能較先前看到的水準下降約 6% 到 8%。

Mike Dahl, RBC Capital.

Mike Dahl，RBC Capital。

You've actually got Stephen Mea on for Mike Dahl today. I was hoping we could talk a little bit on the SG&A side of things. I totally understand you all are in a kind of growth phase and there's life cycle charges in there as you're opening up your new divisions and kind of getting all heads in place in there.

今天由 Stephen Mea 代替 Mike Dahl 上線。我希望我們可以稍微談一下 SG&A（銷售、一般及行政費用）這一塊。我完全理解你們正處於某種成長階段，隨著你們開設新事業部並把各個職能人員配置到位，裡面會有一些生命週期相關的費用。

I was just kind of wondering if you could give us a little more of an overview on where you are in that -- are in those life cycles? Is that good to keep ramping? Or is that something that might start to moderate a little bit in the coming quarters, just kind of a qualitative overview there.

我只是想請你們再多給我們一些概覽，說明你們目前在那些生命週期階段的進度如何？這部分是否仍適合持續爬坡增加？或者在接下來幾個季度，是否可能開始稍微趨緩？想請你們做一個偏質性的概述。

Sure. Yes, I think as a percentage of revenue, it should definitely start to moderate because when you look at the gross dollars, we were only up $2 million, $3 million in that range. So it's more a reflection of our ASP is coming down. And again, part of that is increased incentives, like I mentioned, forwards and price discounts are pushing that ASP down, and so it's pushing that top line revenue.

當然。是的，我認為以營收百分比來看，確實應該會開始趨緩，因為如果看絕對金額，我們只增加了約 200 萬到 300 萬美元左右。所以這更多反映的是我們的 ASP（平均售價）正在下降。再者，如我提到的，其中一部分是因為提高了激勵措施，例如遠期（forward）與價格折扣把 ASP 往下拉，進而影響到營收的頂線。

So some of that percentage increase is because of the top line revenue. But it is -- the gross dollars, the increase is actually not that bad in my -- from our perspective because we did open, as you recall, so Dallas was a new division last year. We divisionalized Chattanooga. We're opening up the Gulf Coast, which we hope to have some sales here in the next few months. And so we've got a lot of new fresh G&A that's hitting the books without any volume. And so that, again, just reflects our continued growth and scale.

因此，部分百分比的增加是因為頂線營收的變化。但就我們的觀點來看，絕對金額的增加其實沒有那麼糟，因為如你所記得的，我們確實有開新點：達拉斯是去年新增的事業部。我們把 Chattanooga 事業部化（divisionalized）。我們也正在開拓墨西哥灣沿岸（Gulf Coast），希望在接下來幾個月能開始有一些銷售。因此，我們有很多新的、剛新增的 G&A（一般及行政）費用入帳，但目前還沒有相應的量。所以這同樣反映了我們持續成長與擴大規模。

And so when you start to see some of that revenue come through, I think it will moderate, right? And again, even if you go back a couple of years, Greenville is a fairly new division. We centralized -- we divisionalized Central Georgia. And so we have expanded the footprint, again, in the drive for additional scale. So it's just -- it's kind of a timing thing.

當你開始看到那些營收進來時，我認為它就會趨緩，對吧？而且即便回頭看幾年前，Greenville 也是相當新的事業部。我們把 Central Georgia 集中化——我們也把 Central Georgia 事業部化（divisionalized）。因此我們擴大了版圖，再次是為了追求更大的規模。所以這只是——有點是時間點的問題。

No, totally makes sense. I appreciate the response. And secondly, understanding that you're not providing full year guidance, but if there's anything you all could share with us on areas where you may have a little more visibility like your thoughts on your perhaps pace or cadence of community counts and how you're looking at kind of hopping on the previous question, incentives kind of within the guide and just kind of more broadly going forward would be helpful.

不，完全合理。感謝你的回覆。第二個問題是，理解你們不提供全年指引，但如果你們能分享任何你們可能比較有能見度的部分，例如你們對社區數量（community counts）成長的速度或節奏（pace/cadence）的看法，以及延續前一個問題，關於激勵措施在指引中的安排，或更廣泛地對未來的看法，都會很有幫助。

Sure. Yes, we don't like to give full year now. I mean maybe as we wrap up the second quarter and we're kind of halfway through the year, we will give some more clarity in this. Not like we don't have our internal targets. It's just given the environment, we just don't think it's prudent to provide any full year guidance.

當然。是的，我們現在不喜歡給全年指引。我的意思是，也許等我們結束第二季、差不多走完半年時，我們會在這方面提供更多清晰度。並不是說我們沒有內部目標。只是考量到目前的環境，我們認為提供任何全年指引都不夠審慎。

I mean, again, especially when it comes to margin or income, I mean, that's -- it's such a wildcard. We're going to continue to push pace. We feel pretty good, especially coming off of March and the quarter. I mean we had a really good beat, exceeded our internal expectations on sales.

我的意思是，尤其是談到毛利或獲利時，那——變數實在太大。我們會持續推進速度（pace）。我們感覺相當不錯，特別是從 3 月和本季的表現來看。我們在銷售上有非常好的超預期表現，超過了我們內部對銷售的預期。

That's a reflection of us doing some additional price discovery in our communities, really driving our sales folks, credit to them in the field for really pushing on pace. And so it turned out to be a good quarter in sales, which obviously, the increase in backlog, it's going to set us up for -- hopefully, it starts to set us up for a good back half of the year in terms of closings.

這反映了我們在各個社區做了更多的價格探索（price discovery），也確實推動我們的銷售團隊；要給第一線同仁肯定，他們在現場非常努力地推進速度。因此本季銷售表現不錯，而這也帶動了積壓訂單（backlog）的增加，將使我們——希望能開始為今年下半年在交屋（closings）方面打下良好基礎。

I think I mentioned on the last call, we were expecting anywhere from 10% to 20% in community count growth for the year. And so you can kind of translate that into what you might expect or as you run your model, what you might expect for closings. But clearly, we're focused on growing closings year-over-year. So we've got some pretty good internal targets, but you can kind of back into the numbers based on what I just told you.

我想我在上一次電話會議提到過，我們預期今年社區數量成長約 10% 到 20%。因此你可以把這轉換成你在跑模型時，對交屋量可能的預期。但很明顯，我們的重點是讓交屋量年增。所以我們有相當不錯的內部目標，而你也可以根據我剛剛告訴你的內容去反推數字。

Trevor Allinson, Wolfe Research.

Trevor Allinson，Wolfe Research。

First one is on your expectation for vertical costs going forward. Obviously, oil prices up, quite a bit of fuel prices up, some building products materials have seen price increase announcements. So what are you expecting for vertical costs going forward? And then in terms of some of these price increase announcements from the manufacturers, are you currently taking on any of those price increases? Or have you been able to successfully push back against those?

第一個問題是關於你們對未來垂直成本（vertical costs）的預期。顯然油價上漲，燃料價格也上漲不少，一些建材產品也宣布漲價。所以你們對未來垂直成本的預期是什麼？另外，針對製造商的這些漲價公告，你們目前有承擔其中任何漲價嗎？還是你們已經能成功地把這些漲價擋回去？

Yes. Thanks for the question. We've been pretty successful in pushing a lot of those increases off. We're -- our costs are down year-over-year. We know that if this fuel situation stays higher for longer, we're going to get hit with fuel surcharges and some of those things. But we show up diligent every day to work on our cost and our efficiency. So we'll continue to do that.

是的。謝謝你的問題。我們在把很多漲價延後或擋下方面做得相當成功。我們的成本年對年是下降的。我們知道如果這個燃料情況維持在高檔更久，我們會受到燃料附加費（fuel surcharges）以及一些相關項目的影響。但我們每天都很勤勉地投入在成本與效率的改善上。所以我們會持續這麼做。

And the market is not allowing us price, and that message is going through to our trade and our suppliers to say, look, we don't have ability to take price, and so we can't pass that through. So we're holding a pretty tough line on that.

而市場不允許我們漲價，這個訊息也正在傳達給我們的工班與供應商：你看，我們沒有能力漲價，所以我們也無法把成本轉嫁出去。因此我們在這方面維持相當強硬的立場。

Okay. Makes sense. I appreciate that color. And then on your lot portfolio, I mean, clearly, the majority of your lots are held off balance sheet. Can you talk about what portion of those lots are held by land banks and then shed any light on the structure of your land bank agreements perhaps in terms of deposit rates, option maintenance fees as well as your ability to potentially walk away from deals that no longer pencil?

好的。明白。謝謝你提供這些補充說明。接著關於你們的地塊（lot）組合，很明顯你們大多數地塊都在資產負債表外持有。你能談談其中有多少比例是由土地銀行（land banks）持有嗎？並且能否說明一下你們土地銀行協議的結構，例如訂金比例、選擇權維持費（option maintenance fees），以及你們是否能在交易不再划算（no longer pencil）時選擇退出？

Sure. So of the total portfolio, we have about 30% of our lots under option are with land bankers. Then there's about 40% of our lots under option are with developers. And so they're 70%. And then the balance, the other 30% are still deals that are with the underlying land seller. So where we have a contract that we may be in various stages of due diligence, but we control it with varying deposits. And usually, those are pretty small. But just from a land bank perspective and a structure perspective, so we are pretty much on average, it's about a 10% deposit that we have with the land bankers.

當然。在整體組合中，我們約有 30% 的選擇權地塊是與土地銀行合作。另外約有 40% 的選擇權地塊是與開發商合作。所以合計是 70%。剩下的另一個 30% 則仍是與底層土地賣方的交易。也就是我們有合約，可能正處於不同階段的盡職調查（due diligence），但我們透過不同的訂金安排來控制該土地。而通常那些訂金都相當小。但就土地銀行的角度與結構而言，我們與土地銀行合作的平均訂金大約是 10%。

And then there's typically like a walkaway fee that if you bust out of the option, then you pay another 10% walkaway fee, and that -- we disclosed that in our financials. But we don't -- on all of our new land bank deals, we do not cross-collateralize. We have some finished lot bank where we'll stick some lots when we have some bulky takedowns on active communities that we will put into a finished lot bank, and we may, within a division, cross-collateralize. But honestly, it's -- that's -- we don't view that as any real issue. So it's pretty simple the way we think about it.

然後通常還會有一筆類似退出費（walkaway fee），如果你退出該選擇權，就要再支付 10% 的退出費，而那個——我們已在財報中揭露。但我們——在所有新的土地銀行交易上，我們不做交叉擔保（cross-collateralize）。我們有一些成品地塊銀行（finished lot bank），當我們在活躍社區有一些較大批量的分期承購（bulky takedowns）時，我們會把一些地塊放進成品地塊銀行，而且我們可能會在同一事業部內做交叉擔保。但老實說，這——那——我們不認為這是任何實質問題。所以我們的思考方式相當簡單。

Ryan Gilbert, BTIG.

Ryan Gilbert，BTIG。

On the 2Q '26 margin guidance, can you talk about how much of the step down is from higher incentives in the quarter versus higher lot costs or if there's anything else that we should call out?

關於 2026 年第二季（2Q '26）的毛利率指引，你能談談這次下修有多少是來自本季較高的銷售激勵，相較於較高的地塊成本（lot costs），或是否還有其他我們需要特別指出的因素？

It's -- we're assuming the incentives are probably about flat sequentially, maybe up or down 10, 20 basis points. We're still seeing the same -- and it's been pretty consistent. We're seeing the same percentage of forwards, the use of forwards. So that's probably pretty consistent. But then it's really -- I think there's a little step down in ASP.

這——我們假設激勵大概是季比持平，可能上下 10、20 個基點。我們仍然看到相同的——而且一直相當一致。我們看到相同的遠期（forwards）占比、遠期的使用。所以那部分大概相當一致。但接著真正的——我認為 ASP（平均售價）會有一點下滑。

That again is probably coming from the forwards. But it's lot costs. Again, I think lot costs, you're going to continue to see that trend year-over-year where that's about 300 basis points up. So it's -- lot cost is driving it. And then part of the variable in there is how much -- to the earlier question, what Greg said, how much are we able to hold on vertical costs. Right now, we've done a pretty good job year-over-year. The average sticks and bricks costs are down a bit, but there's some variability there.

那同樣可能是來自遠期（forwards）。但主要是地塊成本。再說一次，我認為地塊成本，你會持續看到年比的趨勢，大約上升 300 個基點。所以——是地塊成本在驅動。然後其中一個變數是有多少——回到先前的問題，Greg 說的，我們能在多大程度上守住垂直建造成本（vertical costs）。目前我們年比做得相當不錯。平均的木作與建材成本（sticks and bricks costs）略有下降，但其中仍有一些波動。

Okay. Got it. And can you update us on what you're seeing in terms of, I guess, spot land prices for the deals that you're signing up today? And then if you're getting any relief on pricing, how long that would take to flow through into your income statement?

好的。了解。那你能更新一下你們目前看到的情況嗎——我想是指，你們今天正在簽約的交易，其即期土地價格（spot land prices）如何？另外，如果你們在價格上有得到一些緩解，那要多久才會反映到損益表上？

Yes. We're -- it's starting to turn. I think we've been mentioning this for the last couple of quarters. We're definitely seeing land prices start to moderate. We're starting to feel like we have more negotiating power, right, starting to flip from a seller's market to a buyer's market.

可以。我們——開始在轉向了。我想我們過去幾季都有提到這點。我們確實看到土地價格開始趨於溫和。我們開始覺得我們有更多議價能力，對吧，開始從賣方市場翻轉成買方市場。

And that obviously, any new deals that we put under contract in the typical fashion, excluding where we can pick up some finished lots from others that have walked, but it takes 18 months to flow through typically, right, because you've got development for a year and then you've got several months of vertical construction. So it takes some time.

而且很明顯地，任何我們以典型方式簽約的新交易——不包含我們能從其他已退出（walked）的案子撿到一些成品地塊的情況——通常需要 18 個月才會反映出來，對吧，因為你有一年的開發期，然後還有幾個月的垂直施工。所以需要一些時間。

So we don't expect the increase in lot cost to moderate for at least a couple of years, right, at any material level. And we -- when we went public, we knew we were guiding everybody. I mean, lot costs were going up just because we knew what we were doing deals at. But now you're starting to see that reverse a little bit. But that's also as we talked about on our call and our pace over price philosophy, that's why it's really important for us to continue to move inventory through the pipeline so that we don't get gummed up with these lots. We can continue to move it through the pipeline so we can start taking advantage of a reset in land basis, land prices. And so that's kind of how we're thinking about it.

所以我們不預期地塊成本的上升會在至少未來幾年內出現趨緩，對吧，在任何具實質性的程度上。而且我們——當我們上市時，我們就知道我們是在對大家做指引。我的意思是，地塊成本會上升，因為我們知道我們當時做交易的價格。但現在你開始看到它有點反轉。但這也如同我們在電話會議上談到的，以及我們「速度優先於價格」（pace over price）的理念，這就是為什麼對我們而言，持續把庫存沿著管線推進非常重要，避免被這些地塊卡住。我們可以持續讓它沿著管線流動，這樣我們就能開始利用土地成本基礎（land basis）、土地價格的重置。所以這大概就是我們的思考方式。

Got it. Makes sense. Just one more --

了解。有道理。我再問最後一個——

One last thing there, and Joe just pointed it out, and he's right, like this is part of the reason why we think it's a reasonable opportunity to enter some of these new markets. Because we're able to start fresh and take advantage of some of these reset bases. So --

最後補充一點，Joe 剛剛也指出了，而且他說得對：這也是我們認為進入一些新市場是合理機會的一部分原因。因為我們能夠重新開始，並利用這些成本基礎重置（reset bases）。所以——

Got it. Yes, that makes sense. Yes, just one more for me. It seems like you and the other publics and I guess the industry overall based on the starts number earlier this morning, it seems like there's a reacceleration in starts. I'm just wondering how inventory looks in your markets and if you're seeing any impact from, I guess, the recent increase in starts volume?

了解。是的，這有道理。是的，我再問最後一個。看起來你們以及其他上市公司，還有我想整個產業——根據今天早上較早公布的開工數據（starts number）——似乎開工有再加速。我想請問你們市場的庫存狀況如何？以及你們是否看到近期開工量增加對你們造成任何影響？

There hasn't been anything that we've seen materially different that we're hearing from our divisions. I know some of the builders, I mean, I think when you look year-over-year, a lot of the publics spec counts are down. They may be starting, and that could just be relative to maybe some better -- slightly better sales. I mean we had better sales than expected in this first quarter. We were up pretty good. So obviously, our starts are going to be up. But no, from an overall pure inventory standpoint, not seeing any real impact there.

我們從各事業部聽到的，沒有看到任何實質不同的變化。我知道有些建商——我的意思是，我想當你看年比時，很多上市建商的投機建案（spec）數量是下降的。他們可能正在開工，而那可能只是相對於銷售稍微更好——略好一些。我的意思是，我們第一季的銷售比預期更好。我們成長得相當不錯。所以很明顯地，我們的開工會上升。但不，從整體純粹庫存的角度來看，沒有看到任何真正的影響。

Natalie Kulasekere, Zelman & Associate.

Natalie Kulasekere，Zelman & Associate。

So could you talk a little bit about how your incentives trended as the quarter progressed? I know you said it was 730 basis points for the whole quarter on average, but I'm just wondering if March was higher than January and February and if you had to kind of push incentives to achieve that pace of for sales per community?

那你能稍微談談你們的激勵在本季進行過程中的走勢嗎？我知道你說整季平均是 730 個基點，但我想了解 3 月是否高於 1 月和 2 月，以及你們是否必須提高激勵，才能達到每個社區的銷售速度（pace of for sales per community）？

Yes. And I don't have the exact numbers in front of me. And keep in mind, the 730 basis points, that's incentives and discounts that would have mostly come through in Q3, Q4 of last year that are hitting the books. And then from incentives on sales through the quarter, yes, I would just generally say that as we ramped up our pace and pushed for a little bit more price discovery, we probably saw it up a little bit. But honestly, we were -- I think we were pleasantly surprised that it didn't -- it wasn't a huge hit. But it does show that there is some price elasticity. It does -- you can see it ties into increase in volume. So --

是的。而且我手邊沒有確切數字。另外請記得，這 730 個基點，是激勵與折扣，主要是去年第三、第四季就已經發生、現在入帳的部分。至於本季銷售端的激勵，是的，我大致會說，隨著我們把銷售速度拉上來，並推動更多一點的價格探索（price discovery），我們可能看到它略有上升。但老實說，我們——我想我們有點驚喜的是，它——並沒有造成很大的衝擊。但這也顯示確實存在一些價格彈性。而且確實——你可以看到它與成交量增加相互連動。所以——

All right. And what share of your closings this quarter were driven by spec sales? And where are you in terms of getting to a more presale heavy business?

好的。那麼本季你們的交屋中，有多少比例是由現成屋（spec）銷售所帶動？另外，在把業務結構轉向更偏重預售（presale）方面，你們目前進展到哪個階段？

Yes. I mean that -- presales is a huge driver or a huge focus of ours because traditionally, you're going to make more money on presales. And because of our business model, we really focus on personalization and choice for our buyer, and we have a quick turn from a cycle time perspective. So really for us, we're trying to drive that message to the divisions -- and because we do think that ultimately, that's going to help drive higher margins, but it also gives our buyers a different buying experience than when you go to some other entry-level builders that are more, hey, you get a vanilla, chocolate, strawberry type of choice.

是的。我的意思是——預售對我們來說是一個非常大的驅動因素、也是非常重要的重點，因為傳統上，預售的獲利會更高。而且基於我們的商業模式，我們非常重視為買方提供客製化與選擇，同時從工期週期的角度來看，我們的周轉也很快。所以對我們而言，我們真正要做的是把這個訊息推動到各事業部——因為我們確實認為，最終這將有助於帶動更高的毛利率，同時也能讓買方獲得不同於其他入門級建商的購屋體驗；那些建商比較像是：嘿，你只能在香草、巧克力、草莓這幾種選項裡選。

But we've been averaging -- it's probably still 40, 60 presale versus spec every week. But more importantly, we're getting the contract. We saw an uptick in getting a sale on a spec home before it hits what we call line in the sand, so kind of before it hits drywall stage. So that's really, today, very important because we're still using forward commitments, incentives. And to put an interest rate lock out there for more than 60 days is almost cost prohibitive.

但我們一直以來的平均——每週大概仍是預售40%、現成屋（spec）60%。但更重要的是，我們要先把合約簽下來。我們看到一個上升趨勢：在現成屋到達我們所謂的「沙線」（line in the sand）之前就成交，也就是在進入乾牆（drywall）階段之前就賣掉。所以這在今天非常重要，因為我們仍在使用遠期承諾（forward commitments）與優惠（incentives）。而要提供超過60天的利率鎖定，幾乎在成本上是不可行的。

So the incentives are still a big driver for some of these buyers in figuring out payment. So even if we have those starts, as long as we're within kind of 60 days and they can get some choice before we hit drywall stage, getting that sale before drywall stage is important. So we're doing a pretty good job there. I'd say we're probably 70%, 80% before drywall stage has got a sale and our spec inventory has been coming down. So it's still a battle, but that's our focus is driving more presale going forward.

因此，優惠對於部分買方在計算月付時仍是很大的驅動因素。所以即使我們已經開工，只要在大約60天內，而且在進入乾牆階段前他們還能做一些選擇，那麼在乾牆前完成銷售就很重要。所以我們在這方面做得相當不錯。我想大概有70%到80%在乾牆階段之前就已經售出，而我們的現成屋庫存也一直在下降。所以這仍是一場戰役，但我們的重點就是未來要推動更多預售。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

Just can you -- I know you walked through it a little bit, just the gross margin, it's good to see the backlog sort of stabilize and step up here. The gross margin sequentially flat quarter-over-quarter in 1Q, like just can you help me just understand the accrual call out that you had there and bridge like maybe on a like-for-like basis, 1Q to 2Q?

我想請教——我知道你剛才稍微帶過——關於毛利率：很高興看到積壓訂單（backlog）在這裡似乎穩定並有所回升。第一季毛利率季對季大致持平；你能否幫我理解一下你提到的那個應計（accrual）調整，並且用類似可比口徑，把1Q到2Q之間的變化橋接一下？

Yes. So if you -- so we had 170 basis points roughly of a benefit because we reversed some land development accruals on closeout communities. So these were several communities that closed out in kind of Q3, Q4. And so our internal policy is we keep -- we start to ratchet down accruals over three to six months just in case there's any stragglers or any costs out there once we close a community. And so that was 170 basis points to margin.

可以。如果你——我們大約有170個基點的正面效益，因為我們在結案社區（closeout communities）回轉（reversed）了一些土地開發應計。這些是幾個在第三季、第四季左右結案的社區。依照我們的內部政策，一旦社區結案後，我們會在三到六個月內逐步下調應計，以防還有零星項目或任何結案後仍可能發生的成本。因此，這對毛利率貢獻了170個基點。

So basically, if you just look operationally, take our margin for the quarter, back out 170 basis points, and that's kind of where you would start with your gross margin, to take out the noise. We had a little bit of impairment in there. So strip that out. I think that was 30 -- I don't know how many basis points that accounted for --

所以基本上，如果你只從營運面來看，用本季毛利率把那170個基點扣掉，這大概就是你在排除雜訊後、用來作為毛利率分析起點的位置。另外裡面還有一點減損（impairment）。所以也要把那個剔除。我想那大概是30——我不確定那換算成多少個基點——

70.

70。

70 basis points. So there was 70 basis points of impairment that was a negative impact to margin. Again, you want to strip that out. So when you see our filing, you'll be able -- and I think it's in the notes, it's in the back half of the press release. But when you look at the adjusted margins, you'll be able to see some of that stuff.

70個基點。所以有70個基點的減損，對毛利率是負面影響。同樣地，你會想把那個剔除。所以等你看到我們的申報文件時，你就能——我想在附註裡、也在新聞稿後半部——看到這些內容。但當你看調整後毛利率（adjusted margins）時，你就能看到其中一些項目。

So that's why when you strip out all the noise, I think sequentially, we're basically calling for about a 50 basis point decline in margin from Q1 to Q2. And again, there was a lot there, but we can walk through any detail if it's -- once you see the numbers, it's -- you have any confusion?

所以這就是為什麼當你把所有雜訊都剔除後，我認為從第一季到第二季，我們基本上是在指引毛利率大約下滑50個基點。再說一次，裡面有很多項目，但如果——等你看到數字後——如果你有任何疑惑，我們都可以把細節再走一遍。

Okay. That actually -- that's very helpful and makes sense. And that's the sequential from 1Q to 2Q, that you still have land inflation, but incentives sort of flattish and that's getting to it.

好的。這其實——非常有幫助，也說得通。而你說的1Q到2Q的季對季變化，是因為仍有土地通膨，但優惠大致持平，所以就形成這樣的結果。

That's right. Yes.

沒錯。是的。

Okay. And then on the SG&A side, you said it was really interesting. And obviously, the dollars have stepped up here and continue to grow, but you're expanding communities. You're also moving into new markets. Of the markets that you operate in today, what would you consider to be like at scale versus what you're still trying to get the scale up and are sort of below where you'd expect it to be longer term?

好的。接著在SG&A方面，你說這點很有意思。而且很明顯，費用金額在這裡上升並持續成長，但你們也在擴張社區數。你們也在進入新市場。以你們目前營運的市場來看，哪些你會認為已經達到規模（at scale），哪些仍在拉升規模、目前還低於你們長期預期的水準？

Yes. Thanks, Rob. I'll take that. We're in still infancy, I would say, in Greenville. -- the same in Dallas, Fort Worth, Gulf Coast. And we're kind of over that hump in Chattanooga, made a lot of growth strides there in the last year. And then Central Georgia would be another that we're still building scale in. It's just kind of a spin-off of Atlanta, but without any real community count as we spun that off. So those are, again, not the scale would be Central Georgia, Greenville, Dallas, Fort Worth and Gulf Coast.

是的。謝謝，Rob。我來回答。我會說我們在Greenville仍處於起步階段——Dallas、Fort Worth、Gulf Coast也是一樣。而在Chattanooga我們算是已經跨過那個門檻，過去一年在那裡有很大的成長進展。另外，中喬治亞（Central Georgia）也是我們仍在建立規模的區域。它算是亞特蘭大的一個延伸，但我們把它拆分出去時，並沒有真正的社區數量基礎。所以總結來說，尚未達到規模的包括：中喬治亞、Greenville、Dallas、Fort Worth以及Gulf Coast。

Yes. And the only -- what I'd add to that as well is while we have -- we always are targeting a minimum of two, what we call R-teams, and that's roughly 208 starts per our team. We want to have a minimum two R-teams in every division. And so we're not quite there in a couple of our legacy divisions like Charlotte, it's Nashville, we're not there yet. So at a minimum, we want to get there. And then that's just the minimum, but we really feel like in some of those legacy divisions, we should be closer to three R-teams, 600 closings specifically Raleigh.

是的。我補充一點：雖然我們——我們一直以來的目標是在每個事業部至少配置兩個我們所謂的R-team，而每個團隊大約對應208個開工量（starts）。我們希望每個事業部至少有兩個R-team。但在我們幾個既有事業部還沒完全達標，例如Charlotte、Nashville，我們還沒到那個水準。所以至少我們要先達到那個目標。而那只是最低標準；但我們確實覺得在某些既有事業部，我們應該更接近三個R-team、約600戶交屋，特別是Raleigh。

I do think Charlotte can get there, 600 plus. We're not there yet. Nashville should be 400 plus. And then obviously, Atlanta and Houston right now are too big from a permit count, right, two of the largest markets that we're in. Atlanta, because we peeled out Chattanooga, which was really kind of North, Georgia, pulled back a little bit. But again, Atlanta proper should be close to 1,000 units on a run rate. And then Houston for us, we entered that.

我確實認為Charlotte可以做到，600戶以上。我們還沒到那裡。Nashville應該要400戶以上。然後很明顯，亞特蘭大和休士頓就許可證數量（permit count）而言目前太大了，對吧，這是我們所在的兩個最大市場。亞特蘭大因為我們把Chattanooga拆出來——那其實算是喬治亞北部——所以規模稍微回落了一點。但再說一次，亞特蘭大本體（Atlanta proper）以運行速度（run rate）來看應該接近1,000戶。至於休士頓，對我們來說，我們進入那個市場。

We're making a lot of good strides in getting them what I would say is like Smith Douglas-ized from a turns and they've been great. But we're only doing 400 plus or minus closings there. I mean that should be double, right? Within five years, we need to -- I mean, that's such a big market. We've had some headwinds, but that should be double.

我們在讓他們達到我所說的、類似 Smith Douglas 式的周轉效率方面，已經取得了很多良好進展，他們表現得很棒。但我們在那裡每年只做大約 400 戶左右的交屋（上下浮動）。我的意思是，那應該要翻倍，對吧？在五年內，我們需要——我的意思是，那是一個非常大的市場。我們遇到了一些逆風，但那應該要翻倍。

And then what's really shining for us is our Alabama division. They're at pretty good scale between Birmingham and Huntsville, kind of plus or minus 600. So we've got some work to do in scaling up some of the legacy divisions. But like Greg said, a lot of these new ones are just getting going. But that's why you see the G&A, right?

接著，對我們來說真正表現亮眼的是阿拉巴馬事業部。他們在伯明翰與亨茨維爾之間已經達到相當不錯的規模，大約上下 600 戶。所以我們在擴大一些既有事業部的規模上還有些工作要做。但如 Greg 所說，很多這些新的事業部才剛起步。這也是為什麼你會看到 G&A（一般與行政費用），對吧？

When you look at the G&A relative to the community count increase, right, our community count was up 24% and our G&A was only up $2.9 million on a gross dollar basis. So to me, that's pretty efficient.

當你看 G&A 相對於社區數量的增加時，對吧，我們的社區數量增加了 24%，而我們的 G&A 以總額美元計算只增加了 290 萬美元。所以對我來說，這相當有效率。

Jay McCanless, Citizens Bank.

Jay McCanless，Citizens Bank。

First question I had, we've seen some articles in the mainstream press about affordability being even worse than some of the larger cities now, which is forcing some migration out. So I guess my question is, are you guys seeing better demand in your smaller markets, whether it's absorption, traffic, however you want to measure it versus maybe some of the larger markets like Raleigh and Atlanta?

我第一個問題是，我們在主流媒體上看到一些文章提到，負擔能力現在甚至比一些大城市更糟，這正迫使部分人口外移。所以我想問的是，你們是否在較小的市場看到更好的需求，不論是去化率、來客量或你們想用的任何衡量方式，相較於像羅利（Raleigh）和亞特蘭大（Atlanta）這些較大的市場？

Yes. Look, Alabama has done really well. And I would consider that relative, obviously, Birmingham, Huntsville relative to Houston, for instance, yes, we've seen some better demand trends. And again, Texas is its own animal. So yes, I think it's also just -- we're so used to in the Alabama markets.

是的。你看，阿拉巴馬表現得非常好。而且我會把伯明翰、亨茨維爾相對於例如休士頓來看，是的，我們確實看到一些更好的需求趨勢。再說一次，德州是另一種情況。所以是的，我想也只是——我們對阿拉巴馬市場已經很習慣了。

They didn't have the kind of spike up post-COVID. I mean it was good, but it wasn't like you had some of these other markets. So it's -- I almost feel like we're just used to hand-to-hand combat there, and it's just the way we operate.

他們在 COVID 之後並沒有出現那種大幅飆升。我的意思是表現不錯，但不像你在其他一些市場看到的那樣。所以——我幾乎覺得我們只是習慣了那種短兵相接的競爭，那就是我們的運作方式。

So yes, we saw some better demand there. But it's -- outside of that, like there's nothing that I would say really sticks out with our footprint. I think we're in some pretty good markets kind of in the Southeast and Central US, which is -- that's by design. But nothing really that I can say sticks out. I don't know, Greg, if you --

所以是的，我們在那裡看到一些更好的需求。但——除此之外，就我們的布局而言，沒有什麼是我會說特別突出的。我認為我們在美國東南部與中部的一些相當不錯的市場，這——是刻意為之。但沒有什麼是我能說特別突出的。我不知道，Greg，你是否——

The only thing, Jay, I'll add to that is the in-migration in some of the bigger metro locations we're in is down. I mean that's been a lot. And so you feel that a little more and some of those smaller markets are not as sensitive to that.

Jay，我唯一想補充的是，我們所在的一些較大都會區的淨遷入正在下降。我的意思是，那一直是很大的一部分。因此你會更明顯感受到一些影響，而那些較小的市場對此沒有那麼敏感。

Got it. Okay. And then the second question I had, ARMs, are you guys still trying to push on those? Is that still having good success with customers? And maybe what your ARM percentage was this quarter?

了解。好。那第二個問題是，ARM（可調利率房貸），你們還在推嗎？客戶端的成效還是很好嗎？以及這一季你們的 ARM 佔比大概是多少？

Yes. We shifted really towards the end of the quarter and into April, we moved from a 4.99% incentive that we're kind of marketing across the footprint, a 30-year fixed. We moved to -- just to change it up a little bit and the costs were kind of almost in line. We moved to a 3.99%, 5/1 ARM towards the end of the quarter and really into April. And if you go to our website, I think that's what you'll see at the top of the page.

是的。我們在本季接近季末並進入 4 月時做了調整，從我們在整個布局市場上行銷的 4.99% 優惠（30 年期固定利率）轉換。我們改成——只是稍微換個方式，而且成本幾乎差不多。我們在季末改為 3.99% 的 5/1 ARM，並且延續到 4 月。如果你去我們的網站，我想你會在頁面頂端看到的就是這個。

So we're offering -- we're really -- we're still offering both. We're marketing the 3.99% and a lot of that is -- a lot of it really is -- it's more a traffic driver, but it's also designed to give our salespeople as much flexibility, right, when -- because with a 3.99%, 5/1 ARM, the buyers can qualify off of that payment that calculates off the 3.99%.

所以我們提供——我們其實——兩種都還在提供。我們在行銷 3.99%，其中很大一部分——很多時候——它更像是帶動來客量的工具，但同時也旨在讓我們的銷售人員有更大的彈性，對吧，因為——以 3.99% 的 5/1 ARM 來說，買方可以用按 3.99% 計算出的月付金額來做資格審核。

So for our buyer, that's definitely helpful. So we kind of give them some optionality there. But it's -- we're just trying -- seeing what the market is doing, trying to at least compete at that level and give buyers as much affordable options as possible.

所以對我們的買方而言，這確實有幫助。因此我們在那裡提供了一些選擇性。但——我們只是嘗試——觀察市場在做什麼，至少在那個層級上競爭，並盡可能為買方提供更多可負擔的選項。

And we're seeing more usage of the 4.99%.

而且我們看到 4.99% 的使用更多。

Yes. 4.99%, the 30-year fixed 4.99% is probably taken the most of the incentive.

是的。4.99% 的 30 年期固定利率 4.99% 可能是被採用最多的優惠方案。

We have reached the end of the Q&A session. I will now turn the call back to Greg Bennett for closing remarks.

我們已到達問答環節的結束。我現在把電話交回給 Greg Bennett 作結語。

Thank you for joining us on our Q1 results call. I hope everyone has a great day.

感謝各位參加我們的第一季（Q1）業績電話會議。祝大家有美好的一天。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。