Taylor Morrison Home Corp (TMHC) 2020 Q1 法說會逐字稿

Good morning, and welcome to Taylor Morrison's First Quarter 2020 Earnings Conference Call.

早安，歡迎參加泰勒莫里森 (Taylor Morrison) 2020 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to introduce Mr. Jason Lenderman, Vice President, Investor Relations and Treasury.

現在我想介紹投資者關係和財務部副總裁傑森·蘭德曼先生。

Thank you, and welcome, everyone, to Taylor Morrison's First Quarter 2020 Earnings Conference Call.

謝謝並歡迎大家參加泰勒莫里森 (Taylor Morrison) 的 2020 年第一季財報電話會議。

With me today are Sheryl Palmer, Chairman and Chief Executive Officer; and Dave Cone, Executive Vice President and Chief Financial Officer.

今天與我在一起的有董事長兼執行長謝麗爾‧帕爾默 (Sheryl Palmer)；執行副總裁兼財務長 Dave Cone。

Sheryl will begin the call with an overview of our business performance and our strategic priorities.

謝麗爾將在電話會議開始時概述我們的業務績效和策略重點。

Dave will take you through a financial review of our results.

戴夫將帶您對我們的業績進行財務審查。

Then Sheryl will conclude with the outlook for the business, after which, we'll be happy to take your questions.

然後 Sheryl 將總結業務前景，之後我們將很樂意回答您的問題。

Before I turn the call over to Sheryl, let me remind you that today's call, including the question-and-answer session, includes forward-looking statements that are subject to the safe harbor statement for forward-looking information that you'll find in today's news release.

在我將電話轉給謝麗爾之前，請允許我提醒您，今天的電話會議（包括問答環節）包含前瞻性陳述，這些陳述受前瞻性資訊安全港聲明的約束，您可以在以下位置找到前瞻性愛資訊：今天的新聞稿。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.

這些陳述存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。

These risks and uncertainties include, but are not limited to, those factors identified in the release and in our filings with the Securities and Exchange Commission, and we do not undertake any obligation to update our forward-looking statements.

這些風險和不確定性包括但不限於新聞稿和我們向美國證券交易委員會提交的文件中確定的因素，我們不承擔更新前瞻性聲明的任何義務。

Now let me turn the call over to Sheryl Palmer.

現在讓我把電話轉給謝麗爾·帕爾默。

Thank you, Jason, and good morning, everyone.

謝謝傑森，大家早安。

We appreciate you joining us today.

我們感謝您今天加入我們。

Before we get started, I want to send my thoughts out to each of you with hopes that you and yours have managed to stay healthy during this global health crisis.

在我們開始之前，我想向你們每個人表達我的想法，希望你們和你們的家人在這場全球健康危機中能夠保持健康。

The COVID-19 pandemic has impacted every corner of the world, and Taylor Morrison is just one of the countless organizations navigating its way to the other side of it.

COVID-19 大流行已經影響了世界的每個角落，泰勒莫里森只是無數正在努力度過難關的組織之一。

Despite the uncertainty and challenges associated with the economic shutdown beginning in March, we are quite pleased with the financial performance that we achieved during the first quarter.

儘管從三月開始的經濟停擺帶來了不確定性和挑戰，但我們對第一季的財務表現感到非常滿意。

Although we will highlight the most relevant data points of our results, our focus will be on the go-forward impacts of our current environment.

儘管我們將強調結果中最相關的數據點，但我們的重點將放在當前環境的未來影響。

Even now in early May, the landscape certainly looks a lot different than since a national emergency was declared nearly 7 weeks ago when we transitioned a majority of our team members to a work-from-home status.

即使現在是 5 月初，情況看起來也與近 7 週前宣布國家緊急狀態以來有很大不同，當時我們將大多數團隊成員轉變為在家工作狀態。

The company finished Q1 with sales orders of 3,466, which was up approximately 33% from the prior year quarter.

該公司第一季銷售訂單為 3,466 份，比去年同期成長約 33%。

This represented a sales pace per community for the quarter of 3.1, which was also up nearly 35% from the sales pace of 2.3 in the first quarter of 2019.

這代表該季度每個社區的銷售速度為 3.1，也比 2019 年第一季的 2.3 銷售速度增加了近 35%。

Consistent with most of the industry, our sales orders in the first 2 months of the year started extremely strong, with January sales up 46% and a pace of 3.2.

與大多數行業一致，我們今年前 2 個月的銷售訂單開局極其強勁，1 月份銷售額增長 46%，增速為 3.2。

February sales were up 64%, with the pace increasing to 3.5 and continuing into the first half of March.

2 月銷量成長 64%，成長至 3.5，並持續到 3 月上半月。

However, the last 10 days of March were slower with the deceleration in the sales pace to 2.5, as our team in the broader market adjusted to our new reality.

然而，隨著我們在更廣泛市場的團隊適應新的現實，3 月最後 10 天的銷售速度放緩至 ​​2.5。

While we're pleased with our first quarter results, what I'm most encouraged to see is the momentum we built in April, where we saw week-over-week improvement throughout the month in both gross and net sales.

雖然我們對第一季的業績感到滿意，但最令我鼓舞的是我們在四月份建立的勢頭，整個月的總銷售額和淨銷售額都逐週改善。

Specifically, the number of gross sales in the last week of the month were more than 2.5x the number of sales in the first week, while the number of net sales, given the reduction and cancellations was nearly 5x the sales recorded in the first week.

具體來說，該月最後一周的總銷售數量是第一周銷售數量的 2.5 倍以上，而考慮到減少和取消，淨銷售數量幾乎是第一周銷售數量的 5 倍。

During the quarter, we had an average community count of 378, recognizing we only had 7 weeks included with William Lyon communities.

本季度，我們的平均社區數量為 378 個，考慮到我們只有 7 週的時間包含 William Lyon 社區。

The cancellation rate for the quarter held relatively steady at 13.8% versus 13.3% during the first quarter for 2019.

本季的取消率相對穩定，為 13.8%，而 2019 年第一季為 13.3%。

The rate was about 10% in January and February and year-to-date through April is at 17%.

1 月和 2 月的比率約為 10%，今年迄今到 4 月的比率為 17%。

Closings for the quarter came in at 2,761, which was up more than 42% versus the first quarter of 2019.

該季度成交量為 2,761 套，較 2019 年第一季成長超過 42%。

We saw less of initial impact from COVID-19 in our closings, with our results for March also up more than 42% year-over-year.

我們發現，新冠肺炎 (COVID-19) 最初對我們的結帳影響較小，3 月的業績也比去年同期成長了 42% 以上。

We ended the quarter with our largest backlog yet with 6,565 homes in backlog and a sales value of $3.1 billion.

本季結束時，我們積壓了 6,565 套房屋，銷售額達到 31 億美元，是迄今為止最大的積壓量。

As we started to see restrictions being put in place to flatten the curve, we moved very quickly to address our backlog and understand which of our buyers had any potential risk.

當我們開始看到為了拉平曲線而採取的限制措施時，我們很快就採取行動來解決積壓的問題，並了解哪些買家有潛在風險。

We'll talk more about the mortgage environment later.

稍後我們將詳細討論抵押貸款環境。

But having an industry-leading team of seasoned mortgage professionals in-house, the Taylor Morrison Home Funding has been critical during this time.

但泰勒莫里森住房融資擁有一支由經驗豐富的抵押貸款專業人士組成的行業領先的內部團隊，在此期間發揮了至關重要的作用。

At Taylor Morrison, we pride ourselves on our ability to consistently execute in our market, and I'm amazed and truly appreciative for how our teams across the country have been able to pivot so quickly.

在泰勒莫里森，我們為自己在市場上持續執行的能力感到自豪，我對我們遍布全國的團隊能夠如此迅速地轉變感到驚訝和真正的讚賞。

And I'd like to take a few minutes to walk you through some of the more meaningful shifts we've made as an organization in response to the pandemic.

我想花幾分鐘時間向您介紹我們作為一個組織為應對這場流行病所做的一些更有意義的轉變。

To help us successfully navigate through this process, we immediately created a COVID-19 task force, comprised of the company's senior corporate and field leaders.

為了幫助我們成功完成這個過程，我們立即成立了一個由公司高級企業和現場領導組成的 COVID-19 工作小組。

Upon creation of the task force, the team at each morning to discuss the permanent information for the day and make the necessary decisions to strategically guide our business.

工作小組成立後，團隊每天早上都會​​討論當天的永久資訊並做出必要的決策，以策略性地指導我們的業務。

The experience and diversity of skill sets represented has allowed us to effectively assess the rapidly changing internal and external parameters and proactively plan and respond.

所代表的經驗和技能組合的多樣性使我們能夠有效評估快速變化的內部和外部參數，並主動規劃和回應。

With the spread of COVID-19, there hasn't been a single part of our business that hasn't had to change in some capacity to adapt.

隨著新冠肺炎 (COVID-19) 的蔓延，我們業務的每一部分都必須做出一定的適應能力改變。

When we transitioned to a work-from-home platform in mid-March, we made our sales centers and model homes available by appointment only and staffed our construction sites with skeleton crews appropriately following social distancing orders.

當我們在三月中旬過渡到在家工作平台時，我們僅透過預約提供銷售中心和樣品房，並按照社交距離命令適當地為我們的建築工地配備了骨幹人員。

As the economy now begins to slowly reopen and find its new footing, we remain as focused as ever on the core elements that anchored our team members together long before the onset of this crisis.

隨著經濟現在開始緩慢重新開放並找到新的立足點，我們仍然一如既往地關注早在這場危機爆發之前就將我們的團隊成員團結在一起的核心要素。

Performance, culture and proactive two-way communications.

績效、文化和主動的雙向溝通。

When I look at our sales force and the 180 degree turn they've made to conduct their business completely virtually, is quite impressive.

當我觀察我們的銷售團隊時，他們 180 度大轉變，完全以虛擬方式開展業務，令人印象深刻。

We've now seen triple-digit sales conducted entirely virtually, meaning no prior physical interaction with that homebuyer whatsoever.

我們現在看到三位數的銷售完全是虛擬進行的，這意味著事先沒有與購屋者進行任何實際互動。

While this decision to operate strictly under a by appointment-only model limited the amount of people in our communities at any given time, it hasn't dampened the creativity and proactive outreach of our sales teams.

雖然嚴格按照預約模式運作的決定限制了我們社區在任何特定時間的人數，但這並沒有削弱我們銷售團隊的創造力和積極主動的外展活動。

During our customers' greatest time of need, our sales team was available, calling to check in on their well-being and their families, sharing pictures and videos of their construction progress, and financing their new home; answering any questions regarding the mortgage environment and any changes that could impact their closing.

在客戶最需要的時候，我們的銷售團隊隨時待命，打電話詢問他們及其家人的健康狀況，分享他們的施工進度的圖片和視頻，並為他們的新房融資；回答有關抵押貸款環境的任何問題以及可能影響其關閉的任何變更。

While market activity, traffic and sales are all showing up differently, we've begun to see a positive shift in consumer sentiment overall and a pickup in traffic and sales week-over-week for the last 4 weeks.

儘管市場活動、流量和銷售情況各不相同，但我們已經開始看到整體消費者信心發生積極轉變，過去 4 週流量和銷售量逐週回升。

It's worth sharing that we've been conducting surveys of all first-time registrants on our website since the week stay-at-home orders were enacted to help us understand the impacts of COVID-19 among potential buyers.

值得分享的是，自從居家令頒布一週以來，我們一直在網站上對所有首次註冊者進行調查，以幫助我們了解 COVID-19 對潛在買家的影響。

Consistently, people have been visiting the website with plans to make a future purchase and to understand available inventory with 30%, specifically looking for move-in ready homes.

一直以來，有 30% 的人造訪該網站以計劃未來購買並了解可用庫存，特別是尋找可立即入住的房屋。

Most importantly, 74% of visitors have shared that their decision to purchase has not been impacted by COVID-'19, and that's up from about 55% a few weeks ago.

最重要的是，74% 的訪客表示他們的購買決定並未受到 COVID-'19 的影響，這一比例高於幾週前的約 55%。

And many of those that have indicated an impact simply suggest a slight pause as they seek to understand the overall market conditions and mortgage environment.

許多表示有影響的人只是建議稍微暫停一下，因為他們試圖了解整體市場狀況和抵押貸款環境。

By geography, the west appears to be the hardest hit with the strictest stay-at-home orders in California and the Pacific Northwest.

從地理位置來看，西部地區似乎是受加州和太平洋西北地區最嚴格的居家令打擊最嚴重的地區。

As discussed on our fourth quarter call, we unveiled a new company website in October of 2019, which couldn't have been better timed.

正如我們在第四季度電話會議上討論的那樣，我們在 2019 年 10 月推出了新的公司網站，時機再好不過了。

The forward-thinking features, allowing customers to complete more of the shopping experience online became increasingly important amid the COVID-19 shelter-in-place restrictions.

在 COVID-19 居家隔離限制期間，讓客戶完成更多線上購物體驗的前瞻性功能變得越來越重要。

And while transforming the customer experience even further through our new website in 2020 was always in the plan, the need to do so drastically, was drastically expedited.

雖然我們一直計劃在 2020 年透過新網站進一步改變客戶體驗，但大幅加快這項措施的需要卻大大加快了。

With our new website already boasting a more digital retail experience, we were able to quickly pull on our capabilities and elevate our website to serve as an extension for our sales team.

我們的新網站已經擁有更數位化的零售體驗，我們能夠快速發揮我們的能力並提升我們的網站，使其成為我們銷售團隊的延伸。

We created a dedicated virtual tours-landing page, making it possible for shoppers to experience visiting a Taylor Morrison model or community without having to walk out their front door, and we even made it easier than ever to schedule a virtual or in-person appointment.

我們創建了一個專門的虛擬旅遊登陸頁面，使購物者無需走出前門即可體驗參觀泰勒·莫里森模特或社區，我們甚至使安排虛擬或面對面預約變得比以往更容易。

Just 3 weeks into the shelter-in-place orders, we saw our website engagement begin to increase again, week over week, and in most instances, with much higher conversion rates.

就地避難令發布僅三週，我們就看到我們的網站參與度開始再次增加，一周又一周，並且在大多數情況下，轉換率要高得多。

We are excited that we've seen more than 1,500 appointments scheduled within the past 4 weeks through our new online scheduling feature, a first of its kind in our industry.

我們很高興看到過去 4 週內透過我們新的線上預約功能安排了超過 1,500 個預約，這在我們行業中是第一次。

While website visitors can schedule in-person or virtual appointments, which makes up more than 85% of the appointments.

而網站訪客可以安排面對面或虛擬預約，這佔預約的 85% 以上。

They can also schedule time specifically to complete and sign their contract.

他們還可以專門安排時間來完成和簽署合約。

In fact, more than 20% of our April net sales were completely virtual.

事實上，我們 4 月淨銷售額的 20% 以上完全是虛擬的。

As you are all aware, residential homebuilding was deemed an essential service across most of our markets from the very beginning, allowing us to continue having trades on our job sites.

眾所周知，住宅建築從一開始就被視為我們大多數市場的基本服務，這使我們能夠繼續在工作現場進行交易。

Fortunately, to date, we have been able to avoid any significant supply chain issues.

幸運的是，迄今為止，我們已經能夠避免任何重大的供應鏈問題。

Depending on the specific product, there's about 3 to 6 months of supply in the market, and most of our key vendors have been able to sustain operations despite any current or prior restrictions.

根據具體產品的不同，市場上的供應時間約為 3 至 6 個月，儘管當前或之前存在任何限制，但我們的大多數主要供應商都能夠維持營運。

We have many mitigating measures in place to ensure that no single product will disrupt our construction processes and time lines.

我們採取了許多緩解措施，以確保任何單一產品都不會擾亂我們的施工流程和時間表。

From a production standpoint, the biggest hurdle we've had to work through are some of the changes and municipalities have implemented.

從生產的角度來看，我們必須克服的最大障礙是市政當局實施的一些變革。

Although many municipalities are working through social distancing standards to still supply permits and complete inspections, albeit sometimes on a slower time line, there are some that have been forced to get more creative to keep local construction moving.

儘管許多城市正在製定社會疏離標準，以仍然提供許可證並完成檢查，儘管有時時間較慢，但有些城市被迫採取更多創意來保持當地建設的順利進行。

As buyers move toward closing their home, our title company, Inspired Title Services, has adopted a practice we refer to as curbside closings, whereby a notary delivers the closing package at a safe distance and witnesses signatures from outside the buyer's vehicle window.

隨著買家準備關閉自己的房屋，我們的產權公司Inspired Title Services 採用了一種我們稱之為路邊關閉的做法，即公證人在安全距離處交付關閉包，並在買家的車窗外見證簽名。

Today, all of our closings are handled using alternative methods to ensure the safety of our team and our customers.

如今，我們所有的結帳都使用替代方法來處理，以確保我們團隊和客戶的安全。

Closings are expedited using our e-closing process, where we provide the vast majority of documents electronically days before the actual settlement date.

使用我們的電子結算流程可以加快結算速度，我們在實際結算日期前幾天以電子方式提供絕大多數文件。

The combination of e-closing and curbside offerings is making a positive impact on our customers' experience.

電子結算和路邊服務的結合正在對我們的客戶體驗產生積極影響。

And as the industry and states adopt e-close as a standard, we expect that our innovative practices will become part of our new normal, allowing our customers to close on their home in a safe, convenient and efficient way.

隨著產業和各州採用電子關閉作為標準，我們期望我們的創新實踐將成為我們新常態的一部分，讓我們的客戶以安全、方便和高效的方式關閉他們的家。

One area of Taylor Morrison that didn't need any adjusting when the pandemic unfolded was our philosophy around transparent, timely communications with our workforce.

泰勒莫里森在疫情爆發時不需要任何調整的一個領域是我們與員工進行透明、及時溝通的理念。

In fact, we doubled down on it as the cornerstone of our crisis management strategy.

事實上，我們加倍努力將其作為我們危機管理策略的基石。

When we launched our daily stand-up huddles in July of 2019, as part of our quest to create a differentiated customer experience, we did so hoping they would help us become better at communicating and collaborating to better serve our customers.

當我們在 2019 年 7 月推出每日站立聚會時，作為我們追求創造差異化客戶體驗的一部分，我們希望它們能幫助我們更好地溝通和協作，以更好地為客戶服務。

And they have also proven to be a key tool in ensuring that our William Lyon integration efforts remain on track.

事實證明，它們是確保我們的 William Lyon 整合工作步入正軌的關鍵工具。

It's really difficult for me to imagine how we could have completed any of the integration work.

我真的很難想像我們如何完成任何整合工作。

Sold or closed any William Lyon Homes in this environment, appreciating that the pandemic impacts happen just over 30 days after the transaction closing without having our huddles in place.

在這種環境下出售或關閉了任何 William Lyon 住宅，我們意識到疫情的影響在交易結束後 30 多天就發生了，而我們卻沒有就位。

But now the huddles are our lifeline, and we were extremely fortunate to have had so much practice communicating daily and in real time, especially as our workforce was forced to physically disconnect through social distancing.

但現在，擠在一起是我們的生命線，我們非常幸運，能夠每天進行如此多的即時溝通練習，特別是在我們的員工被迫透過社交距離而保持身體隔離的情況下。

All of that said, I'm happy to share that even though these -- through these challenging times, we continue to make progress with the integration of William Lyon.

綜上所述，我很高興與大家分享，儘管在這些充滿挑戰的時期，我們在威廉·里昂的整合中繼續取得進展。

We completed town hall meetings pre and then immediately post closing with all team members to begin the onboarding and integration process.

我們在會議前完成了全體員工會議，並在會議結束後立即與所有團隊成員一起開始入職和整合流程。

Of course, we then had to reprioritize some items given the current environment, but major systems and processes continue to be transitioned.

當然，考慮到當前的環境，我們不得不重新調整一些專案的優先順序，但主要係統和流程仍在繼續過渡。

We were also able to complete the renegotiation and implementation of all of our national and regional contracts, which has benefited both legacy brands more than initially anticipated.

我們也能夠完成所有國家和地區合約的重新談判和實施，這為兩個傳統品牌帶來的好處超出了最初的預期。

From a financing and accounting perspective, we've reconciled accounting policies and mapped all G/L accounts to ensure a timely and accurate closing of the books on an ongoing basis.

從財務和會計的角度來看，我們協調了會計政策並映射了所有總帳科目，以確保持續及時、準確地結帳。

We've also been able to add the William Lyon communities to many of our key operating reports that track sales, margin and construction cycle times.

我們還能夠將威廉里昂社區添加到我們的許多追蹤銷售、利潤和施工週期時間的關鍵營運報告中。

The William Lyon divisions are also up to speed on our investment committee processes for current and future land deals, and our risk management team has updated all of our policies to account for the new combined business.

威廉里昂部門也在加快我們目前和未來土地交易的投資委員會流程，我們的風險管理團隊也更新了我們的所有政策，以適應新的合併業務。

Although we've made progress on many fronts, there are some items that have been impacted.

儘管我們在許多方面取得了進展，但仍有一些專案受到了影響。

For example, in-person training has been transitioned to virtual training sessions until we can bring teams from across divisions together again.

例如，面對面培訓已轉變為虛擬培訓課程，直到我們可以再次將跨部門的團隊聚集在一起。

This was particularly challenging initially in our virtual selling environment, as the legacy business had not started down that path across their company.

最初在我們的虛擬銷售環境中，這尤其具有挑戰性，因為傳統業務尚未在整個公司中開始走這條路。

The other area that has been more difficult to advance as quickly as we like, are the new non overlapping markets in the portfolio.

另一個更難以像我們希望的那樣快速推進的領域是投資組合中新的非重疊市場。

Unfortunately, these markets have had added pressures with Seattle deeming construction as a nonessential business and Las Vegas being uniquely shut down with a peak in unemployment.

不幸的是，這些市場面臨更大的壓力，西雅圖認為建築業是非必要業務，而拉斯維加斯則因失業率達到高峰而關閉。

We are encouraged that last week, construction was able to resume in Seattle, albeit with some exceptionally strict protocols.

我們感到鼓舞的是，上週西雅圖的施工得以恢復，儘管有一些異常嚴格的協議。

Assuming a normalized environment, we remain confident in achieving the $80 million annualized synergy levels previously discussed for 2021.

假設環境正常化，我們仍然有信心實現先前討論的 2021 年 8000 萬美元的年化協同水準。

With that said, I couldn't be prouder of the work that the teams have put in since the close of the acquisition and specifically since the onset of the COVID-related work restrictions to ensure that the critical integration work continues to be executed with a great deal of focus and energy.

話雖如此，我對團隊自收購結束以來，特別是自新冠肺炎相關工作限制開始以來為確保關鍵整合工作繼續以適當的方式執行而投入的工作感到無比自豪。大量的注意力和精力。

Lastly, before turning the call over to Dave, let me spend just a moment on the benefit from the sheer diversity and strength of our consumers and product offerings.

最後，在將電話轉給戴夫之前，讓我花一點時間談談我們的消費者和產品的絕對多樣性和實力所帶來的好處。

Through a number of our acquisitions, we've expanded our presence in entry level the last few years, and it's been an important piece of our product strategy, even as we've maintained strong positions across other consumer groups with our family, move up and lifestyle community buyers.

透過一系列收購，我們在過去幾年中擴大了入門級業務，這一直是我們產品策略的重要組成部分，儘管我們在其他消費群體中保持著強勢地位，但我們的家族、向上移動和生活方式社區買家。

As we've shared before, our first-time buyer is more of a professional entry level buyer, and as a result, tends to be better qualified and may have a better chance of weathering some of the current volatility.

正如我們之前所分享的，我們的首次購房者更多的是專業的入門級買家，因此往往更有資格，並且可能有更好的機會抵禦當前的一些波動。

As I mentioned earlier, we have seen different actions by different consumer cohorts.

正如我之前提到的，我們看到不同消費者群體的不同行為。

The first time move-up buyer has represented the most consistent behaviors across all markets with steady sales and low cancellations, followed by first-time buyers.

首次購屋者代表了所有市場中最一致的行為，銷售穩定且取消率低，其次是首次購屋者。

The first-time buyer has been the most active on the sales front, but the most volatile in the backlog.

首次購買者在銷售方面是最活躍的，但在積壓訂單方面卻是最不穩定的。

And at the most affordable price points, the most challenged in this new credit environment.

並且以最實惠的價格點，在這個新的信貸環境中面臨最大的挑戰。

COVID has impacted the timing of the 55-plus lifestyle buyer, as these are the least-likely consumers to complete the entire process virtually and the consumer that has been asked to be sure to stay home during these last many weeks.

新冠疫情影響了 55 歲以上生活方式買家的購買時間，因為這些消費者最不可能以虛擬方式完成整個流程，並且在過去幾週內被要求確保留在家中。

We know we won't be immune to cancellations given the current uncertainties and its impact to consumer sentiment, but after spending a considerable amount of time understanding the position of our homeowners and backlog, we believe that we're well positioned to close these homes through the year.

我們知道，鑑於當前的不確定性及其對消費者信心的影響，我們無法避免取消訂單，但在花費了大量時間了解房主的狀況和積壓訂單後，我們相信我們有能力關閉這些房屋經過一年。

Similar to our prior acquisitions, we have taken a very aggressive stance in cleaning the backlog and COVID only increased that urgency for us.

與我們先前的收購類似，我們在清理積壓訂單方面採取了非常積極的立場，而新冠疫情只會增加我們的緊迫性。

We have a strong backlog with average deposits near 7% of purchase price, illustrating that our customers have put forth a serious financial commitment toward closing their new home.

我們有大量的積壓訂單，平均押金接近購買價格的 7%，這表明我們的客戶已經對關閉新房子做出了嚴肅的財務承諾。

I believe Taylor Morrison and our industry is prepared to weather this storm as today's environment is very different than the financial crisis.

我相信泰勒·莫里森和我們的行業已經準備好度過這場風暴，因為今天的環境與金融危機有很大不同。

Inventory levels for new and resell homes were extremely low prior to COVID-19 and remain low today.

在 COVID-19 之前，新建房屋和轉售房屋的庫存水準極低，並且至今仍保持在較低水準。

And although we're seeing a surge in forbearance claims, homeowners today have sizable equity in their homes and the demographics support continued household formation over time as we work through the reopening of America and people begin to get back to work.

儘管我們看到延期付款申請激增，但如今，房主在自己的房屋中擁有相當大的淨值，而且隨著美國重新開放和人們開始重返工作崗位，隨著時間的推移，人口統計數據支持家庭的持續形成。

With that, I'll turn the call over to Dave for the detailed financial review.

這樣，我會將電話轉給戴夫，進行詳細的財務審查。

Thanks, Sheryl, and hello, everyone.

謝謝，謝麗爾，大家好。

Before I get into my normal financial review, I'd like to take a minute to address our strong liquidity position as this is a focus for every business in today's environment.

在進行正常的財務審查之前，我想花一點時間來解決我們強大的流動性狀況，因為這是當今環境下每個企業的焦點。

We ended the quarter with about $750 million in total available liquidity.

本季結束時，我們可用的流動資金總額約為 7.5 億美元。

Over $500 million of that was from cash on hand and the remaining difference was from available capacity on our $800 million corporate revolver.

其中超過 5 億美元來自手頭現金，其餘差額來自我們 8 億美元的公司左輪手槍的可用容量。

We did have $485 million in borrowings on the revolver at quarter end.

截至季末，我們的左輪手槍確實有 4.85 億美元的借款。

But as you can tell, much of that has been held in cash on our balance sheet, as we borrowed $250 million in the middle of March at the onset of COVID-19 to ensure an abundant liquidity for daily operations.

但如你所知，其中大部分在我們的資產負債表上以現金形式持有，因為我們在 3 月中旬 COVID-19 爆發時借了 2.5 億美元，以確保日常營運擁有充足的流動性。

Our net debt-to-capital ratio at the end of the quarter was 46.8%.

截至本季末，我們的淨負債與資本比率為 46.8%。

Given our planned reduction in land and development spend over the next several quarters, which I will touch on in a moment, we anticipate Q1 to be the peak of our net debt-to-cap ratio for the year, as we monetize our backlog and begin to pay down our revolver balance.

鑑於我們計劃在未來幾季減少土地和開發支出（我稍後會談到），我們​​預計第一季將成為今年淨負債與上限比率的峰值，因為我們將積壓的訂單貨幣化，開始償還我們的左輪手槍餘額。

Lastly, we have no senior notes maturities until 2023.

最後，我們在 2023 年之前沒有優先票據到期日。

As Sheryl mentioned, we've exerted great effort to maintain our backlog and to pull-through every closing we can.

正如謝麗爾所提到的，我們付出了巨大的努力來維持我們的積壓工作並完成每一次能夠完成的工作。

We also implemented additional controls on how we spend our cash.

我們也對現金支出方式實施了額外的控制。

As we announced a few weeks ago, all named executive officers have voluntarily reduced their base salaries by 25%, and we'll defer those payments through the duration of the COVID-19 restrictions.

正如我們幾週前宣布的那樣，所有指定的高階主管都自願將基本薪資減少了 25%，並且我們將在 COVID-19 限制期間推遲這些付款。

Additionally, substantially all members of senior corporate management and division presidents have decided to take the same temporary pay deferral and the Board of Directors have deferred their cash retainers for the current quarter.

此外，幾乎所有高階企業管理階層成員和部門總裁都決定採取同樣的臨時薪酬延期，董事會也推遲了本季的現金保留。

While these compensation adjustments have helped in the short term, we are evaluating our go-forward workforce structure as well.

雖然這些薪酬調整在短期內有所幫助，但我們也在評估我們未來的勞動力結構。

We are limiting all nonessential cash expenditures, including, but not limited to, working with land sellers and developers and our internal development teams on approximately $320 million of land and development spend which pushed out or reduced payments on over 8,000 lots.

我們正在限制所有非必要的現金支出，包括但不限於與土地賣家和開發商以及我們的內部開發團隊合作，支付約3.2 億美元的土地和開發支出，從而推遲或減少了8,000 多塊土地的付款。

These partners understand the impact of the current environment and, in most cases, are more than willing to work with us.

這些合作夥伴了解當前環境的影響，並且在大多數情況下非常願意與我們合作。

We have also been quite discerning on any new land acquisitions and have increased scrutiny on the next phase of development dollars to limit expenditures and extend timelines where appropriate.

我們對任何新的土地收購也非常挑剔，並加強了對下一階段開發資金的審查，以限制支出並酌情延長時間表。

With respect to vertical WIP, we've implemented a revised cadence on all new home starts, both inventory and sold homes to assure greater certainty on closing performance.

關於垂直在製品，我們對所有新屋開工（包括庫存和已售房屋）實施了修訂的節奏，以確保成交業績具有更大的確定性。

We have always had a stringent prequalifying process at the time of sale for our homebuyers, but we have added a requalification process at the time of home start to ensure continued viability.

我們在出售房屋時一直為購屋者制定嚴格的資格預審程序，但我們在房屋開工時增加了重新資格審查程序，以確保持續的生存能力。

Turning back to the results for the quarter.

回到本季的業績。

Net income was $70 million, and diluted earnings per share was $0.57 when adjusted for expenses related to the William Lyon Homes acquisition.

淨利潤為 7,000 萬美元，根據與 William Lyon Homes 收購相關的費用進行調整後，攤薄後每股收益為 0.57 美元。

Including the acquisition expenses, we reported a net loss of $31 million and diluted loss per share of $0.26 on a GAAP basis.

包括收購費用在內，根據 GAAP 計算，我們的淨虧損為 3,100 萬美元，攤薄後每股虧損為 0.26 美元。

Total revenues for the quarter were $1.35 billion, including homebuilding revenues of more than $1.26 billion.

該季度總收入為 13.5 億美元，其中住宅建築收入超過 12.6 億美元。

Homebuilding revenues were up more than 40% from the prior year.

住宅建築收入比上年增長超過 40%。

For the quarter, GAAP home closings gross margin was 15.4%, inclusive of capitalized interest and purchase accounting.

本季度，GAAP 房屋成交毛利率為 15.4%，包括資本化利息和購買會計。

The impact from purchase accounting adjustments during the quarter was about 220 basis points.

本季採購會計調整的影響約為 220 個基點。

We anticipate the Q2 purchase accounting impact to be at or slightly below Q1, recognizing that it will be a full quarter impact of legacy William Lyon operations and then should moderate through the year.

我們預計第二季度的採購會計影響將等於或略低於第一季度，因為我們認識到這將是威廉里昂遺留業務對整個季度的影響，然後在全年中應該會有所緩解。

Also, we had a focused effort on selling through finished spec inventory from legacy William Lyon, which pressured margins during the quarter.

此外，我們也專注於銷售傳統 William Lyon 的成品規格庫存，這給本季的利潤帶來了壓力。

We anticipate margins increasing closer to our preacquisition levels as we move through the second half of the year working through purchase accounting, finished spec inventory and realizing purchasing and construction synergies.

隨著下半年我們透過採購會計、成品規格庫存以及實現採購和建設協同效應，我們預計利潤率將接近收購前的水準。

Moving to financial services.

轉向金融服務。

We generated approximately $28 million in revenue for the quarter and more than $11 million in gross profit when adjusted for the impact from William Lyon.

根據 William Lyon 的影響進行調整後，我們本季的營收約為 2,800 萬美元，毛利超過 1,100 萬美元。

Our mortgage company capture rate for the quarter came in at 75% compared to 69% during the first quarter of 2019.

我們本季的抵押貸款公司捕獲率為 75%，而 2019 年第一季為 69%。

We are pleased with the capture rate as our legacy Taylor Morrison and William Lyon financial services team have come together, both quickly and efficiently.

我們對捕獲率感到滿意，因為我們的泰勒·莫里森 (Taylor Morrison) 和威廉·里昂 (William Lyon) 的傳統金融服務團隊快速而高效地走到了一起。

Our April backlog capture rate for the new combined business is at 86%.

我們 4 月份新合併業務的積壓訂單捕獲率為 86%。

We transferred the William Lyon book of business to our platform, and the team members are now licensed under Taylor Morrison Home Funding.

我們將 William Lyon 的業務簿轉移到我們的平台，團隊成員現在獲得了 Taylor Morrison Home Funding 的許可。

We look forward to enhancing our efficiencies as our mortgage operation also moves forward as one brand.

隨著我們的抵押貸款業務也作為一個品牌向前發展，我們期待著提高我們的效率。

SG&A as a percentage of home closings revenue was 10.8%, representing 70 basis points of leverage over the same quarter last year.

SG&A 佔房屋成交收入的百分比為 10.8%，比去年同期槓桿率高出 70 個基點。

The leverage was driven by increased scale as well as strong market conditions we experienced ahead of the COVID-19 pandemic.

槓桿率的推動因素是我們在 COVID-19 大流行之前經歷的擴大規模以及強勁的市場狀況。

Adjusted EBT margin was 7%.

調整後的息稅前利潤率為 7%。

In Q1, we had approximately $123 million of purchase accounting and onetime expenses related to the William Lyon Homes acquisition.

第一季度，我們有大約 1.23 億美元的購買會計和與 William Lyon Homes 收購相關的一次性費用。

This represents the majority of the acquisition expense but we will continue to see additional expenses over the next few quarters as we continue to integrate the business.

這佔收購費用的大部分，但隨著我們繼續整合業務，我們將在接下來的幾季繼續看到額外的費用。

Income tax was less than $1 million, as tax expense attributable to core operations was largely offset by certain deductible onetime expenses from the William Lyon acquisition and the benefit of energy credits.

所得稅不到 100 萬美元，因為核心業務的稅費大部分被 William Lyon 收購的某些可扣除一次性費用和能源信貸的好處所抵消。

During the quarter, we spent over $300 million in land purchases and development.

本季度，我們在土地購買和開發上花費了超過 3 億美元。

At the end of the quarter, we had approximately 75,000 lots owned and controlled.

截至本季末，我們擁有和控制約 75,000 塊土地。

The percentage of lots owned was just under 74% with the remainder under control.

擁有土地的比例略低於 74%，其餘土地則處於控制之下。

This is down from almost 80% at year-end, as we positively benefited from the lower percentage of owned land that William Lyon carried.

這比年底時的近 80% 有所下降，因為威廉·里昂擁有的自有土地比例較低，我們從中受益匪淺。

On average, our land bank had approximately 5.3 years of supply, of which 3.9 years were owned at quarter end based on a trailing 12 months of closings, including a full year impact of the William Lyon acquisition.

平均而言，我們的土地儲備擁有約 5.3 年的供應期限，其中根據過去 12 個月的成交情況（包括 William Lyon 收購的全年影響），季度末擁有 3.9 年的供應期限。

Total specs at quarter end were 2,694, of which 655 were completed or about 1.7 per community.

截至季末的總規格為 2,694 個，其中 655 個已完成，即每個社區約 1.7 個。

This is up from about 1.1 finished specs per community at year-end, but the majority of that increase was anticipated as part of the acquisition as William Lyon operated with a higher percentage of inventory homes.

這高於年底每個社區約 1.1 個成品規格，但預計大部分成長是收購的一部分，因為 William Lyon 經營的庫存房屋比例較高。

Although some of the increased cancellations from COVID-19 will result in additional specs, we and the industry more broadly were fortunate to be operating with a limited inventory supply when the pandemic started.

儘管因 COVID-19 導致的一些取消訂單增加將導致額外的規格，但我們和整個行業很幸運，在大流行開始時庫存供應有限。

With that said, we are focusing some incentive dollars toward moving our completed inventory homes.

話雖如此，我們正在集中一些激勵資金來搬遷我們已完成的庫存房屋。

Through Taylor Morrison Home Funding, we are currently offering to pay all closing costs on an inventory home with a closing date before June 30, and we'll pay 1% toward a lower interest rate.

透過 Taylor Morrison Home Funding，我們目前願意支付交割日期在 6 月 30 日之前的庫存房屋的所有交割費用，我們將支付 1% 的較低利率。

We believe reducing cash out-of-pocket to assist customers with their financing is a prudent use of our incentive dollars and a compelling value to keep moving inventory homes.

我們相信，減少自付費用來協助客戶融資是對我們激勵資金的謹慎使用，也是繼續搬遷庫存房屋的一個令人信服的價值。

Near the end of February, we announced a new $100 million share repurchase authorization from our Board.

接近 2 月底，我們宣布董事會授予新的 1 億美元股票回購授權。

The authorization was substantially exhausted during the quarter, as we bought 5.4 million shares for just over $90 million.

本季授權已基本用盡，我們以略高於 9,000 萬美元的價格購買了 540 萬股股票。

We ceased repurchasing stock as the pandemic developed so we could focus on liquidity, but we will continue to evaluate the opportunity to repurchase stock as a key part of our capital allocation framework in the future.

隨著疫情的發展，我們停止了股票回購，因此我們可以專注於流動性，但我們將繼續評估回購股票的機會，將其作為未來資本配置框架的關鍵部分。

We also want to provide an update on the continued progress of our build-to-rent strategy.

我們也想提供有關我們的「建租」策略持續進展的最新資訊。

Currently, we have 2 projects in Phoenix under development with construction activity planned for late this summer and early fall, with occupancy in early Q1 2021.

目前，我們在鳳凰城有 2 個項目正在開發中，建設活動計劃於今年夏末和初秋進行，並於 2021 年第一季初入住。

We recently closed on a credit facility for the first project, which aids the capital efficiency of the BTR model.

我們最近完成了第一個專案的信貸安排，有助於提高 BTR 模式的資本效率。

The team is also actively managing a pipeline of projects in Phoenix and Dallas with lease activity for our subsequent projects in late 2021 and 2022.

該團隊還積極管理鳳凰城和達拉斯的一系列項目，並在 2021 年底和 2022 年為後續項目進行租賃活動。

Charlotte and Florida projects are under review but slightly behind Dallas, given the realities of stay-at-home orders.

夏洛特和佛羅裡達州的項目正在接受審查，但考慮到居家令的現實，略落後於達拉斯。

We have been encouraged as we track the performance of the current Christopher Todd Communities despite the impact from COVID-19 rent forbearance to many multifamily assets that are resulting from renter job losses.

儘管由於租戶失業而導致許多多戶家庭資產因 COVID-19 租金減免而受到影響，但在跟踪當前 Christopher Todd 社區的表現時，我們還是受到了鼓舞。

To date, the Christopher Todd Communities have held up better than the overall multifamily market as these single-family lifestyle communities provide a true detached lifestyle and possess, on average, higher income renters than typical multifamily apartments.

迄今為止，克里斯托弗托德社區的表現優於整個多戶住宅市場，因為這些單戶生活方式社區提供了真正獨立的生活方式，並且平均而言，比典型的多戶公寓擁有更高收入的租戶。

We strongly believe this asset class is meaningfully underserved and provides opportunity through the market recovery and beyond as we hear of buoyancy in the investment arena as well.

我們堅信，這一資產類別的服務嚴重不足，並在市場復甦及以後提供了機會，因為我們也聽到了投資領域的繁榮。

As Sheryl mentioned, we're encouraged by our efforts to continue to secure our backlog, but due to the uncertainty surrounding the current environment, we are unable to provide guidance on what we think the second quarter or full year might look like.

正如謝麗爾所提到的，我們對繼續確保積壓的努力感到鼓舞，但由於當前環境的不確定性，我們無法就我們認為第二季或全年的情況提供指導。

We have always prided ourselves on the level of transparency and information we're willing to provide, but at this time, it's just too difficult to predict, with accuracy, given the impacts of COVID-19.

我們一直對我們願意提供的透明度和資訊水平感到自豪，但目前，考慮到 COVID-19 的影響，準確預測太困難了。

Thanks, and I'll now turn the call back over to Sheryl.

謝謝，我現在會把電話轉回謝麗爾。

Thank you, Dave.

謝謝你，戴夫。

So before we move into Q&A, I'd like to turn to a few national local market updates, beginning with what we're seeing in the mortgage interest rate environment.

因此，在我們進入問答環節之前，我想先談談一些國家本地市場的最新情況，首先是我們在抵押貸款利率環境中看到的情況。

Although rates have remained at historical lows, there has been extreme volatility in the market, in general.

儘管利率仍處於歷史低位，但市場總體上出現了劇烈波動。

Luckily for us, we have one of the most tenured and experienced teams in the homebuilder mortgage industry that has helped us strategically and creatively navigate the erratic interest rate environment.

對我們來說幸運的是，我們擁有住宅建築抵押貸款行業最資深、經驗最豐富的團隊之一，幫助我們策略性地、創造性地應對不穩定的利率環境。

Initially, rates moved higher as strong refinance demand quickly overwhelmed the industry's capacity to meet demand.

最初，由於強勁的再融資需求很快就超過了該行業滿足需求的能力，利率走高。

However, while capacity has somewhat adjusted, credit and economic uncertainty has since added new pressure to lenders as the mortgage market attempts to price for the new higher risk environment.

然而，儘管產能有所調整，但隨著抵押貸款市場試圖為新的更高風險環境定價，信貸和經濟不確定性給貸方增加了新的壓力。

And amid the rapid changing environment, we empowered our mortgage loan consultant to quickly help our customers secure the lowest rate and provide formal mortgage approvals before credit tightening could affect their qualifications.

在快速變化的環境中，我們授權抵押貸款顧問快速幫助我們的客戶獲得最低利率，並在信貸緊縮影響他們的資格之前提供正式的抵押貸款批准。

Within days of shelter-in-place orders, our outstanding March projected closings were locked in.

在就地避難令發出的幾天內，我們未完成的 3 月預計成交量就被鎖定了。

And by the end of March, nearly half of our April projected closings were secured.

到 3 月底，我們 4 月預計成交量的近一半已完成。

This is important because when a customer locks their interest rate, certainty around closing is significantly higher, as now the lender is able to provide a formal approval giving the customer certainty of payment in terms and also reaffirms the customer's commitment to the transaction.

這很重要，因為當客戶鎖定利率時，成交的確定性會顯著提高，因為現在貸方能夠提供正式批准，為客戶提供付款的確定性，並重申客戶對交易的承諾。

During these unique times, we have seen this as the single most important customer affirmation in the process.

在這些獨特的時期，我們將其視為在過程中最重要的客戶肯定。

This strategy strengthened the visibility into our backlog and provided confidence about closing dates.

此策略增強了我們積壓訂單的可見性，並為截止日期提供了信心。

We continue to see strong lock activity with our projected closings for May, secured with historically low interest rates in June well on its way.

我們繼續看到強勁的鎖定活動，預計 5 月份的成交量將在 6 月份處於歷史低點的利率的保障下順利進行。

Taylor Morrison Home Funding has been a key part of our business for a long time and allows us to assess the strength of our customers' financial situation and ability to consummate their home purchase.

泰勒莫里森住房融資長期以來一直是我們業務的關鍵部分，使我們能夠評估客戶的財務狀況和完成購房的能力。

This has always been vital to our business, but never more than it is today, given the impact of the government's forbearance plan and rising delinquency rates on the broader mortgage industry.

考慮到政府的寬容計劃和拖欠率上升對更廣泛的抵押貸款行業的影響，這對我們的業務一直至關重要，但從未像現在這樣重要。

As these dynamics continue to unfold, we expect continued disruption.

隨著這些動態的繼續展開，我們預計會出現持續的混亂。

However, at Taylor Morrison, our platform gives us the ability to navigate these headwinds, while ensuring we can continue to serve our homebuyers with attractive and convenient financing options.

然而，在泰勒莫里森，我們的平台使我們能夠應對這些逆風，同時確保我們能夠繼續為購房者提供有吸引力且便捷的融資選擇。

Historically, we've strategically chosen not to retain servicing of our mortgages.

從歷史上看，我們策略性地選擇不保留抵押貸款服務。

So the company does not have the forbearance servicing financial burden that other mortgage companies are currently facing.

因此，該公司沒有其他抵押貸款公司目前面臨的寬容服務財務負擔。

However, we have quickly pivoted in response to the contraction in subservicer availability and chose to engage in loan servicing for a portion of our loans that we originate going forward.

然而，我們很快就做出了調整，以應對子服務提供者可用性的收縮，並選擇為我們未來發放的部分貸款提供貸款服務。

This decision alleviates the overlay challenges that have constricted credit availability across the industry and importantly, illustrates the nimbleness and strength of our mortgage platform that allows Taylor Morrison to provide strong mortgage options for our homebuyers.

這項決定緩解了限制整個行業信貸可用性的疊加挑戰，重要的是，這說明了我們抵押貸款平台的靈活性和實力，使泰勒莫里森能夠為我們的購房者提供強大的抵押貸款選擇。

One last point worth mentioning is that although an incredible amount of work went into innovating our business operations seemingly overnight for the current virtual environment, we expect these innovations to serve us well beyond these challenging days, a silver lining in tough times.

最後值得一提的是，儘管在當前的虛擬環境中，我們似乎一夜之間投入了大量工作來創新我們的業務運營，但我們預計這些創新將在這些充滿挑戰的日子裡為我們提供良好的服務，成為艱困時期的一線希望。

We also know a second wave of tremendous work is upon us as the economy begins to reopen, and we blend our new virtual wins and innovation into our normal business operations.

我們也知道，隨著經濟開始重新開放，第二波巨大的工作即將到來，我們將新的虛擬勝利和創新融入我們的正常業務運作中。

We have documented our plan to generally align with how the President's 3-phase approach will work for our business, and we stand ready to get to a fully reopened state on a market-by-market basis.

我們已經記錄了我們的計劃，以總體上與總統的三階段方法對我們業務的運作方式保持一致，並且我們準備好根據每個市場進入完全重新開放的狀態。

In fact, that work has already begun in Texas and Georgia and the Florida market, who led the nation in reopening.

事實上，這項工作已經在德克薩斯州、喬治亞州和佛羅裡達州市場開始，這些市場在全國重新開放方面處於領先地位。

While transitioning is going to be hard work for all companies, Taylor Morrison included, we do feel comfortable that we've positioned ourselves to move as quickly as possible, given the size of the business, our daily communication and the decisions we've made to preserve liquidity.

雖然過渡對於包括泰勒·莫里森在內的所有公司來說都是一項艱鉅的工作，但考慮到業務規模、我們的日常溝通和我們所做的決定，我們確實感到放心，我們已將自己定位為盡快採取行動以保持流動性。

One of the lesser talked about challenges when it comes to reopening businesses will be how we delicately handle the anxiety from team members and customers alike, who are fearful about reentering back into society.

在重新開業時，較少被提及的挑戰之一是我們如何巧妙地處理團隊成員和客戶的焦慮，他們對重新融入社會感到恐懼。

A focus on health and wellness is one of the core tenets of our culture, and we have a long history of caring deeply about the health of our communities.

關注健康和保健是我們文化的核心原則之一，我們長期以來一直深切關注社區的健康。

As a result, a significant part of our plan to fully reopen includes aiding our customers, team members and trades in ensuring they are healthy on all levels and feel safe.

因此，我們全面重新開放計畫的一個重要部分包括幫助我們的客戶、團隊成員和產業，確保他們在各個層面上都健康並感到安全。

During these difficult times, it was really nice to receive some good news a couple of weeks ago when we found out that Taylor Morrison was named Builder Magazine's 2020 Builder of the Year by Hanley Wood and Meyers Research.

在這些困難時期，幾週前我們得知泰勒·莫里森(Taylor Morrison) 被漢利·伍德(Hanley Wood) 和邁耶斯研究公司(Meyers Research) 評為《建築商雜誌》2020 年度建築商時，我們真的很高興收到一些好消息。

There were many achievements that elevated Taylor Morrison to the top for this award, but a few key reasons they noted were our talent, trust and litany of M&A milestones, but more importantly, for the compassion and customer care we infuse into every interaction.

泰勒·莫里森(Taylor Morrison) 取得了許多成就，獲得了這一獎項，但他們指出的幾個關鍵原因是我們的才華、信任和一連串的併購里程碑，但更重要的是，我們在每次互動中註入的同情心與客戶關懷。

This award is a nice reminder of how our organization continues to be perceived, and I'm truly honored to receive the distinction, knowing wholeheartedly, we accomplished it with so much passion across our entire organization.

這個獎項很好地提醒了人們如何繼續看待我們的組織，我真的很榮幸獲得這項殊榮，因為我全心全意地知道，我們整個組織以極大的熱情完成了這項榮譽。

I'm very proud of the Taylor Morrison team members for this achievement, and I look so forward to celebrating with all of them as soon as we can.

我為泰勒·莫里森團隊成員所取得的這項成就感到非常自豪，我非常期待盡快與他們所有人一起慶祝。

So before wrapping, I would like to acknowledge how incredible it was to watch the entire homebuilding industry come together to collectively support the communities and cities that we build in.

因此，在結束之前，我想承認，看到整個住宅建築行業聚集在一起，共同支持我們所建造的社區和城市，這是多麼令人難以置信。

As the PPE shortage came to light in certain parts of the country, team members gathered masks, face shields and goggles, industry-related organizations, like HomeAid also stepped up and served as a conduit to aggregate these supplies and get them delivered to the places where they have the largest impact, primarily the medical community.

隨著該國某些地區出現個人防護裝備短缺的情況，團隊成員收集了口罩、面罩和護目鏡，HomeAid 等行業相關組織也加緊行動，充當渠道，匯集這些物資並將其運送到當地他們影響最大的地方，主要是醫學界。

While we're normally seen as competitors, it's times like these that make you take a step back and realize there are things outside of the industry that can bring us all together to support a common cause, much bigger than any of us.

雖然我們通常被視為競爭對手，但在這樣的時刻，你會退後一步，意識到行業之外的事物可以讓我們所有人團結在一起，支持一個比我們任何人都偉大得多的共同事業。

I always end our calls with an enormous thank you to our teams across the organization.

在結束通話時，我總是對整個組織的團隊表示衷心的感謝。

I also don't want to forget our trade and business partners as well.

我也不想忘記我們的貿易和商業夥伴。

They all deserve that recognition now more than ever.

他們現在比以往任何時候都更應該得到這種認可。

It's a true honor to lead such a selfless and caring organization.

能夠領導這樣一個無私、充滿愛心的組織，我感到非常榮幸。

Their innovation in times of crisis and the relentless pursuit of doing the right thing for all of our customers both internal and external is inspiring.

他們在危機時期的創新以及為所有內部和外部客戶做正確的事情的不懈追求令人鼓舞。

And lastly, but certainly not least, a special thank you to the front line of Americans across medical and emergency and service industries that have worked tirelessly through this global health care crisis.

最後，但同樣重要的是，特別感謝醫療、急救和服務業前線的美國人，他們在這場全球醫療保健危機中不知疲倦地工作。

With that, I'd like to open the call to questions.

接下來，我想開始提問。

Operator, please provide our participants with instructions.

操作員，請向我們的參與者提供指示。

(Operator Instructions) Our first question comes from the line of Jack Micenko with SIG.

（操作員說明）我們的第一個問題來自 SIG 的 Jack Micenko。

Sheryl, thanks for the increased detail on operations and that sort of thing.

謝麗爾，感謝您提供有關操作和此類事情的更多詳細資訊。

A number of -- you gave us a lot of color on sales pace in April and net versus -- or not sales pace rather, order trends and activity.

您給了我們很多關於四月份銷售速度和淨銷售速度的信息，或者不是銷售速度，而是訂單趨勢和活動。

Can you -- is it possible -- I know you integrated William Lyon Homes recently.

你能——有可能嗎——我知道你最近整合了威廉里昂之家。

Is it possible to give us an apples-to-apples on what April activity was versus a year ago on a sort of a same-store basis?

是否有可能在同店基礎上對 4 月份的活動與一年前的情況進行比較？

Yes.

是的。

Interestingly enough, Jack, I don't have the numbers split because we integrated all the communities and obviously, all the overlapping market.

有趣的是，傑克，我沒有分割這些數字，因為我們整合了所有社區，顯然還有所有重疊的市場。

But what I would tell you is if you go back to 2019, you'll see that through the year as our sales success ramped up, we closed out of a number of communities.

但我要告訴你的是，如果你回到 2019 年，你會發現這一年隨著我們銷售成功的增加，我們關閉了許多社區。

So when I look at the compare of communities from the end of Q1 '19 to the end of Q1 '20, the good and the bad is there was not a real difference.

因此，當我查看從 19 年第一季末到 20 年第一季末的社區比較時，好的和壞的都是沒有真正的區別。

There was only an average of 6 communities' difference because of our closeouts last year and our ramp-up moves through this year.

由於我們去年的清倉和今年的擴張，平均只有 6 個社區有差異。

So you don't really have to peel them apart because candidly, the numbers quarter over -- year-over-year quarter are pretty similar.

因此，您實際上不必將它們分開，因為坦白說，各季度的數字與去年同期相比非常相似。

So the pace is up, and that's what really mattered.

所以步伐加快了，這才是真正重要的。

Okay.

好的。

Okay.

好的。

And then Dave, without giving guidance, obviously, when the visibility is limited for everybody, you did speak with some confidence around the margin improvement in the back half of the year.

然後戴夫，顯然，在沒有給予指導的情況下，當每個人的能見度都有限時，你確實對下半年的利潤率改善充滿信心。

So I guess the question there is, I would assume or it sounds like a lot of that is already maybe in the bag, so to speak.

所以我想問題是，我會假設或聽起來很多可能已經在袋子裡了，可以這麼說。

What kind of incentive environment are you looking for in that improvement scenario?

在這種改進場景中，您正在尋找什麼樣的激勵環境？

How much of the purchase accounting kind of burns through -- kind of help us understand in that statement.

購買會計有多少被燒毀——這有助於我們理解該聲明。

How much of that is what you can control versus what you can't control?

其中有多少是你可以控制的，有多少是你無法控制的？

Right, Jack.

對，傑克。

Great question.

很好的問題。

First of all, let's say, purchase accounting.

首先，我們來談談購買會計。

That's the biggest driver.

這是最大的驅動力。

And when we talk about overall margin improvement in the back half, we're really about burning through that purchase accounting.

當我們談論下半年的整體利潤率改善時，我們實際上是在燃燒採購會計。

You saw the number, about 220 basis points in Q1.

你看到了這個數字，第一季大約有 220 個基點。

I mentioned that we're going to see something similar to that in Q2 as we work through the WIP inventory.

我提到過，當我們處理 WIP 庫存時，我們將看到與第二季類似的情況。

But then that should start to moderate in the second half of the year.

但這種情況應該會在今年下半年開始放緩。

So that will be the big driver.

所以這將是最大的推動力。

You look at several things, you mentioned incentives, but also for the cost environment in there.

您考慮了幾件事，您提到了激勵措施，但也考慮了那裡的成本環境。

Costs from an input standpoint, many of those are down relative to where they were.

從投入的角度來看，其中許多成本相對於原來有所下降。

So that should help as we move forward.

因此，這應該有助於我們前進。

When we look at just the kind of underlying business, we are leveraging AV, as the margins are coming in line with our overall business.

當我們只專注於基礎業務時，我們正在利用 AV，因為利潤率與我們的整體業務一致。

So we're through all that integration work on the AV side.

我們已經完成了 AV 方面的所有整合工作。

I think where we have -- the headwinds, obviously, are any kind of discounting our incentives based on the market conditions that we're seeing out there right now.

我認為我們面臨的阻力顯然是根據我們目前所看到的市場狀況對我們的激勵措施進行任何形式的折扣。

Going into kind of this time period, for Q1 deliveries, our incentives were down year-over-year as well as down sequentially from Q4.

進入這個時期，對於第一季的交付量，我們的激勵措施較去年同期下降，並且比第四季連續下降。

Now this quite possibly could increase in Q2 as we battle through the current market conditions.

現在，隨著我們應對當前的市場狀況，第二季這一數字很可能會增加。

We'll take a similar approach to what we've done when we saw other previous slowdowns.

我們將採取與之前看到其他放緩時所做的類似的方法。

But right now, we're spending a lot of time kind of repackaging our incentives to keep them refresh and drive some urgency as well.

但現在，我們花了很多時間重新包裝我們的激勵措施，以保持新鮮感並提高緊迫感。

And then of course, we'll have some incentives as we work through finished spec inventory as we stay focused on turning the assets as well.

當然，當我們處理成品規格庫存時，我們也會有一些激勵措施，因為我們也專注於資產週轉。

I think one interesting point to add on is, as Dave said, our incentives were down year-over-year sequentially.

我認為需要補充的一個有趣的一點是，正如戴夫所說，我們的激勵措施逐年下降。

About half our sales have been spec homes, and about half our sales have been out front to be built.

我們銷售的大約一半是規格住宅，大約一半的銷售是需要建造的。

Our incentives are focused on quick closings.

我們的激勵措施著重於快速成交。

So even with that, it's been interesting to me to watch the amount of kind of future business that's coming in the door today.

因此，即便如此，我對今天即將到來的未來業務的數量仍然很感興趣。

I'd probably just -- I think the known for all of us, probably the biggest factor going forward is just going to be the lasting impact of COVID-19 and how long this will disrupt the economy, but we'll just play through that as it comes.

我可能只是——我認為我們所有人都知道，未來最大的因素可能是 COVID-19 的持久影響，以及這將擾亂經濟多久，但我們只會度過難關就這樣。

Okay.

好的。

So it sounds like there is some expectation incentive -- increased incentives in that broader view, though, right?

因此，聽起來似乎存在一些期望激勵——但從更廣泛的角度來看，激勵有所增加，對嗎？

Jack, I think it's hard to say.

傑克，我想這很難說。

When I look today, we are seeing some increased incentives out in the market.

當我今天觀察時，我們看到市場上有一些增加的激勵措施。

I'd say where there -- where folks have a lot of inventory.

我想說的是那裡——人們有大量庫存。

I think it's been responsible.

我認為這是有責任的。

It's generally on quick closes.

一般都是快速關閉。

But we have seen some increased incentives in the market.

但我們看到市場上的一些激勵措施增加。

I think we've stayed relatively disciplined.

我認為我們一直保持著相對的紀律。

But when you're head-to-head, you're going to move the inventory.

但當你正面交鋒時，你就會移動庫存。

But like I said, even with those incentives, we're seeing about half the sales come without incentives because they're on to-be-built where the consumer gets to pick a lot and make all their own selections.

但就像我說的，即使有這些激勵措施，我們也看到大約一半的銷售額沒有激勵措施，因為它們是在消費者可以選擇很多並做出所有選擇的地方建造的。

The incentives that were used to date aren't actually on top of incentives.

迄今為止所使用的激勵措施實際上並不是在激勵措施之上。

They've really been just targeting the incentives on the credit opportunity that Dave discussed.

他們實際上只是針對戴夫討論的信貸機會的激勵措施。

And our next question comes from the line of Ivy Zelman with the Zelman & Associates.

我們的下一個問題來自 Ivy Zelman 與 Zelman & Associates 的合作。

Appreciate all the excellent insights, and I know how tough it must be in this environment.

感謝所有出色的見解，我知道在這種環境下它一定有多艱難。

But kudos to you on the website and the virtual sales.

但對你的網站和虛擬銷售表示讚賞。

So first, let me just understand, Sheryl, did you say you guys are servicing now?

首先，讓我了解一下，Sheryl，你是說你們現在正在維修嗎？

Or are you servicing with a subservicer?

或是您正在使用子服務商提供服務嗎？

Just want to clarify.

只是想澄清一下。

No, no.

不，不。

Ivy, absolutely.

常春藤，絕對是。

Like I said, we've taken -- looking at the exposure that got brought into the industry, we absolutely have had to make some shifts.

就像我說的，我們已經採取了 - 看看進入該行業的風險，我們絕對必須做出一些轉變。

So we're using aggregators who -- and co-issue servicers, so that we're not as impacted by the correspondent lending channels.

因此，我們使用聚合商和聯合發行服務商，這樣我們就不會受到代理商借貸管道的影響。

And I think Ivy, you know all the reasons this has happened, but to ensure our ability to execute the best mortgage experience for our customer without getting those, what I would call, very disruptive overlays we've seen in pricing issue.

我想艾維，你知道發生這種情況的所有原因，但為了確保我們有能力為客戶提供最佳的抵押貸款體驗，而不會出現我們在定價問題中看到的那些我所說的非常具有破壞性的疊加。

Today, we're selling to Fannie and Freddie because we think that's been our best execution and providing pricing advantages.

今天，我們向房利美和房地美出售產品，因為我們認為這是我們最好的執行方式並提供了價格優勢。

And before the crisis, we were selling all of our loans volume to aggregators, servicing released was most often our best execution.

在危機之前，我們將所有貸款量出售給聚合商，釋放服務通常是我們最好的執行方式。

But now we've been able to open that service loans and utilize a subservicer, which I think is a -- given TMHF increased optionality and allows us to better leverage the risk and profitability advantages with minimal disruption.

但現在我們已經能夠開放該服務貸款並利用子服務商，我認為這是一個——考慮到 TMHF 增加了選擇性，並使我們能夠以最小的干擾更好地利用風險和盈利優勢。

No, I understand why you did it and makes sense.

不，我明白你為什麼這樣做並且有道理。

Could you break down the products in terms of mortgage type?

您能按抵押貸款類型細分一下產品嗎？

How much is conventional versus government versus jumbo?

傳統的、政府的、巨型的多少錢？

Yes, absolutely.

是的，一點沒錯。

I think it's interesting.

我認為這很有趣。

We haven't seen any real shift over many, many quarters.

在很多很多季度裡，我們都沒有看到任何真正的轉變。

But right now, if I look at Q1 '20 about 81% with conventional, about 8% FHA.

但現在，如果我看看 20 年第一季度，大約 81% 是傳統住房，大約 8% 是 FHA。

That's up from 6% last year, but that makes sense with the added units with William Lyon.

這比去年的 6% 有所上升，但這對 William Lyon 增加的單位來說是有意義的。

8% VA and only 4% jumbo, which is way down from close to 9% last year.

VA 為 8%，而 Jumbo 僅為 4%，遠低於去年的近 9%。

Got it.

知道了。

And while you provided very good detail around the change from beginning of April to the end of April, you really didn't say just flat out what the year-over-year decline was like other builders have provided.

雖然您提供了有關從四月初到四月底的變化的非常詳細的信息，但您實際上並沒有像其他建築商提供的那樣簡單地說明同比下降的情況。

So is there a reason that you're not telling us?

那你有什麼理由不告訴我們嗎？

No, there's not a reason.

不，沒有理由。

I would tell you that year-over-year, it's about 30%.

我會告訴你，與去年同期相比，這一比例約為 30%。

But I look at the gross sales and the net sales.

但我會看總銷售額和淨銷售額。

When I look at the total net, the net is down about 30% because, as I said, we really took an aggressive stance in cleansing our backlog, started that in early mid-February with the acquisition, just to make sure we clean that up and then obviously continued forward with COVID.

當我查看總淨額時，淨額下降了約 30%，因為正如我所說，我們確實採取了積極的立場來清理我們的積壓訂單，從 2 月初的收購開始，只是為了確保清理積壓訂單上升，然後顯然繼續與新冠病毒一起前進。

When I look at the growth sales, I'm quite pleased, but I'm happy to cleanse our backlog, which gives us a net about 30% down year-over-year.

當我看到銷售成長時，我很高興，但我很高興清理我們的積壓訂單，這使我們的淨值比去年同期下降了約 30%。

Great.

偉大的。

And it's relative to the industry, that's kind of a little bit better middle to better than average, I'd say, with respect to what we've heard so far.

這是相對於行業而言的，我想說的是，就我們迄今為止所聽到的情況而言，這比平均水平要好一些。

Within your backlog, the move-up buyer likely has a home to sell, and selling homes right now is difficult.

在您的積壓訂單中，升級買家可能有房屋要出售，現在出售房屋很困難。

Do you have concern?

你有顧慮嗎？

Or do you feel the deposits are big enough?

或是你覺得存款夠多嗎？

Can you just give us some color around those buyers that have a home to sell and backlog?

您能給我們一些關於那些有房屋待售和積壓的買家的資訊嗎？

So as I said, Ivy, we are -- we scrub our backlog and are very proactive to understand where our customers are and the ones that have a home to sell, home to close.

正如我所說，艾維，我們清理了積壓的訂單，並非常主動地了解我們的客戶在哪裡，以及那些有房屋待售、待關閉的客戶。

I think last time I looked at the -- a couple of weeks ago, I think it was about 6% or 7%, had a contingency in the backlog.

我認為上次我幾週前查看時，我認為大約有 6% 或 7% 的積壓中有意外情況。

And as, I believe, Dave mentioned in our prepared remarks, we're taking a second look at our backlog before we begin construction.

我相信，戴夫在我們準備好的發言中提到，我們在開始施工之前會重新審視我們的積壓工作。

And we want to make sure we have full visibility if we're considering starting a new home for a customer.

如果我們正在考慮為客戶建造新家，我們希望確保我們擁有完全的可見性。

Nothing is 100% Ivy, but I think it absolutely reduces our risk.

沒有什麼是 100% 的常春藤，但我認為它絕對降低了我們的風險。

And I think we've demonstrated over time, with our very low can rate, the tight controls we have in our backlog.

我認為，隨著時間的推移，我們已經通過非常低的罐率證明了我們對積壓訂單的嚴格控制。

So I feel pretty good.

所以我感覺還不錯。

Part of the TMHF process has also been tracking all COVID-related risks, on furloughs and job losses and pay cuts.

TMHF 流程的一部分也一直在追蹤所有與新冠病毒相關的風險，包括休假、失業和減薪。

So we've been paying very close attention and have a pretty rigorous process in place on the backlog.

因此，我們一直非常密切關注，並對積壓工作制定了非常嚴格的流程。

And I said -- like I said, got very aggressive.

我說——就像我說的，變得非常咄咄逼人。

I guess, lastly, what I share is when I look at the progress in our can rate over the last, oh, my goodness, 4, 5, 6 weeks, it would have started 6 weeks ago at something like 50%.

我想，最後，我分享的是，當我查看我們過去的可評級進展時，哦，天哪，4、5、6 週，它會在 6 週前開始，大約是 50%。

And this past week, it's single digits.

過去一周，這一數字為個位數。

So I think we're getting back to a pretty normalized place on the backlog.

所以我認為我們正在回到積壓工作的正常狀態。

Fantastic.

極好的。

Good -- very impressive.

很好——非常令人印象深刻。

Could you -- lastly for me, and then I'll get back in queue.

你能——最後為我，然後我會回到隊列中。

Just in terms of your stock being hit so hard, has a lot to do with the old adage of Houston exposure and with the energy prices.

就您的股票遭受如此嚴重的打擊而言，與休士頓風險敞口和能源價格的古老格言有很大關係。

So maybe just go around the horn a little bit.

所以也許只是稍微繞一下喇叭。

Obviously, you're in Vegas, Houston.

顯然，您在休士頓維加斯。

You said -- where you can provide sort of the market color, where you're seeing the greatest impact as opposed to where you're seeing outperformance, would be helpful.

你說——你可以提供某種市場色彩，你在哪裡看到最大的影響，而不是在哪裡看到表現優異，將會有所幫助。

You bet, Ivy.

你敢打賭，艾維。

I mean Texas, I think you have a few different things going on.

我指的是德克薩斯州，我認為你們正在發生一些不同的事情。

Austin, has continued remarkably strong.

奧斯汀持續表現強勁。

I mean with an integration on their plate, with, I would say, very conservative stay-at-home protocols.

我的意思是，他們正在整合，我想說的是，非常保守的居家協議。

I believe last week, Austin had our highest both growth and net sales in the company, not something I would have expected.

我相信上週奧斯汀的成長率和淨銷售額都是公司最高的，這齣乎我的意料。

So just very strong.

所以非常強。

I would say even though we've reopened the state of Austin and we entered into -- excuse me, we entered the state of Texas and entered into Phase 1 of our back to work.

我想說，儘管我們已經重新開放了奧斯汀州，並且我們進入了——對不起，我們進入了德克薩斯州，並進入了重返工作崗位的第一階段。

I think the markets are all responding a little different.

我認為市場的反應都有些不同。

Austin probably remains the most conservative as far as just how the consumer is viewing things.

就消費者如何看待事物而言，奧斯汀可能仍然是最保守的。

Dallas, I would say, middle of the road.

達拉斯，我想說，在路中間。

And Houston, kind of COVID, they didn't stay at home during the COVID stay at home, and they're not staying at home now.

休斯頓，有一種新冠疫情，他們在新冠疫情期間沒有待在家裡，現在也沒有待在家裡。

Interesting about Houston specifically, Ivy, like you said, we're in a -- I think the just crisis, in general, is and the oil pressures, in general, very different than what we saw last time.

特別對休士頓感興趣的是，艾維，就像你說的，我們正處於一場——我認為，總體而言，公正的危機是，總體而言，石油壓力與我們上次看到的情況非常不同。

It'd be hard to say it's not creating additional headwinds in the market.

很難說它不會給市場帶來額外的阻力。

But there are certainly a number of new facts that I think you have to look at to put it all in appropriate context.

但我認為你必須考慮一些新的事實，才能將這一切放在適當的背景下。

The market's changed dramatically since we were wholly reliant on oil and gas.

自從我們完全依賴石油和天然氣以來，市場發生了巨大的變化。

I mean I think if we look at the Houston workforce, it's something like 1.2%, is reliant on -- and certainly, there's lots of ancillary roles.

我的意思是，我認為如果我們看看休士頓的勞動力，大約有 1.2% 的人依賴——當然，還有很多輔助角色。

When I look at Taylor Morrison and compare us from 2014, Houston represented about 23% of our total community count.

當我查看泰勒莫里森 (Taylor Morrison) 並將我們與 2014 年的情況進行比較時，休士頓約占我們社區總數的 23%。

That's dropped to less than half of that.

這個數字已降至不到一半。

So our volume is very different.

所以我們的體積有很大不同。

When I look at our balance sheet, it's a very low percentage.

當我查看我們的資產負債表時，它的百分比非常低。

And probably more important than ever, anything is, we're just continuing to write deals there even through these last 3, 4 weeks, beyond -- to my surprise.

也許比以往任何時候都更重要的是，我們只是繼續在那裡簽訂交易，甚至在過去的三四周甚至更長的時間裡——令我驚訝的是。

It's holding up surprisingly well.

它的表現出奇地好。

Cans are kind of in the same place the rest of the country is it's kind of the middle of the road for us.

罐頭和全國其他地方的情況差不多，對我們來說有點中間的位置。

Atlanta, and if I go to Georgia, doing pretty well.

亞特蘭大，如果我去喬治亞州，表現也不錯。

I mean that's where we really do serve that first-time buyer, lowest can rate in the company, actually, the southeast overall has been very low.

我的意思是，這就是我們真正為首次購房者提供服務的地方，公司中最低的價格，實際上，東南部的整體價格非常低。

We've opened Georgia as well.

我們也開放了喬治亞州。

And I'd say, as I look at the more affordable positions in Atlanta, they're doing quite well.

我想說，當我查看亞特蘭大的更實惠的職位時，他們做得很好。

The in town business, a little slower to come back.

城裡的生意，回來得慢一點。

But we started to see some real movement there in the last 10 days, great website traffic there.

但過去 10 天內我們開始看到一些實際的變化，網站流量很大。

I'll skip around a bit, but if I go kind of to the west, California, also a bit.

我會跳過一點，但如果我去西邊的加州，我也會跳過一點。

The markets are behaving very differently.

市場的表現截然不同。

SoCal is probably where we've been the most consistent.

南加州可能是我們表現最穩定的地方。

Sales still doing well in the Inland Empire.

在內陸帝國的銷售仍然表現良好。

We're seeing good traction at the lower price points.

我們在較低的價格點上看到了良好的吸引力。

Resales have really been coming off the market there.

那裡的轉售確實已經退出市場。

So inventories are very low, I think, in both new and resale.

因此，我認為，無論是新品還是轉售，庫存都非常低。

The Irvine buyer has probably been the quietest to return, the more ethnic buyer.

爾灣的買家可能是最安靜的回歸者，也是最有種族背景的買家。

The higher price point has been moving the slowest there.

較高的價格點在那裡移動得最慢。

But all in all, I'd say it's been pretty consistent over the last 2, 3 weeks.

但總而言之，我想說過去兩三週的情況非常穩定。

And when I look at our price point in Southern California, I look at our closing ASP, and I look at our backlog ASP, under $600,000, that's close to half of what it was a couple of years ago.

當我查看我們在南加州的價格點時，我查看了我們的期末平均售價，以及我們的積壓平均售價，低於 60 萬美元，接近幾年前的一半。

I think everyone knows the bay has probably had the most restrictive orders.

我想每個人都知道海灣可能有最嚴格的命令。

We are starting in the last 10 days to really see some traction there.

從過去 10 天開始，我們確實看到了一些牽引力。

If I move to the PAC Northwest, Seattle, I put in the same category as the Bay, the most restricted construction nonessential.

如果我搬到西雅圖的 PAC 西北區，我會將其歸類為與海灣相同的類別，即最受限制的非必要建築。

We've just reopened.

我們剛剛重新營業。

But even with that reopening, very prescriptive, the public is slow, I think, to get back there.

但我認為，即使重新開放非常規範，公眾也很難回到那裡。

A fair amount of inventory that we'll be working through.

我們將處理相當數量的庫存。

I contrast that to Portland, probably COVID what, I mean, it's been amazing that every part of that market feels unaffected, solid sales, very normal, not just across, I think homebuilding, but most of businesses in Portland.

我將其與波特蘭進行對比，可能是新冠病毒什麼的，我的意思是，令人驚訝的是，該市場的每個部分都沒有受到影響，銷售穩定，非常正常，不僅是住宅建築，而且是波特蘭的大多數企業。

If I go to Arizona, continues to be very solid.

如果我去亞利桑那州，我會繼續保持非常穩定的狀態。

Obviously, everyone knew that was -- that market had our -- some of our highest paces across the country Pre-COVID.

顯然，大家都知道，在新冠疫情爆發之前，這個市場的發展速度是全國最高的。

I'd say that continues strong.

我想說，這種勢頭持續強勁。

Margins continue strong.

利潤率持續強勁。

Governor just announced it's going into Phase 1 of opening.

州長剛剛宣布進入第一階段開放。

We have not made the decision that just happened this week to reopen in Arizona, but that will be happening very quickly.

我們尚未做出本週剛在亞利桑那州重新開放的決定，但這很快就會發生。

Colorado, big integration market for us, much more affordable price points than in the past, they're doing really well.

科羅拉多州，對我們來說是一個巨大的整合市場，價格比過去便宜得多，他們做得非常好。

And then I'll wrap up with Florida.

然後我將結束佛羅裡達州的演講。

As I mentioned on the call, active adults, it's been interesting.

正如我在電話中提到的，活躍的成年人，這很有趣。

Probably some of the most engaged consumers, but the slowest actually come to appointments or to actually get out of their home and not the most virtual, but also where we've seen very, very low can rate.

可能是一些最活躍的消費者，但實際上預約或實際走出家門最慢的消費者，而不是最虛擬的消費者，但我們也看到了非常非常低的罐率。

So I hope that helps us a little around the world.

所以我希望這對我們世界各地的人有一點幫助。

And our next question comes from the line of Michael Rehaut with JPMorgan.

我們的下一個問題來自摩根大通的 Michael Rehaut。

First question, I guess, just circling back, Sheryl, appreciate the down 30 for April.

第一個問題，我想，謝麗爾，我很欣賞 4 月下降的 30 美元。

But I think what was really the most important part of that is, as you described in the press release, in your prepared remarks, was around the improvement that you saw during the month.

但我認為，正如您在新聞稿中、在您準備好的演講中所描述的那樣，其中真正最重要的部分是圍繞著您在本月看到的改進。

You also noted that your sales rate or your sales pace was around 2.5 during the last, I guess, 10 days of March.

您還指出，在 3 月的最後 10 天，您的銷售率或銷售速度約為 2.5。

I was curious and obviously, typically, you wouldn't expect to -- or we wouldn't ask a week by week, just given the volatility, in general, and the inconsistency week to week.

我很好奇，顯然，通常情況下，你不會想到——或者我們不會每週都詢問，只是考慮到總體的波動性和每週的不一致。

But I was just kind of hoping on the back half of April, as things perhaps started to stabilize a little bit, where that sales pace, that net sales pace ended up that could obviously kind of take out some of the noise that you saw in the first half of the month?

但我只是希望四月下旬，因為情況可能會開始穩定一點，銷售速度、淨銷售速度最終可能會消除你在上半月？

Yes, I don't have the pace by week, Michael, in front of me.

是的，我沒有每週的節奏，邁克爾，在我面前。

I don't know if you do, Dave.

我不知道你是否願意，戴夫。

But when I get to the last week or two, Michael, it's certainly not going to be the pace of what we saw in January, February.

但當我進入最後一兩週時，邁克爾，這肯定不會是我們在一月、二月看到的速度。

But I would tell you it's more akin of the historic business when you're on appointment-only in some parts of the country completely closed, I'm just really encouraged by the paces we've seen.

但我想告訴你，這更像是預約時的歷史性業務——僅在該國的某些地區完全關閉，我只是對我們所看到的步伐感到非常鼓舞。

Yes.

是的。

I mean to Sheryl's point, Michael, if you look at like February, if you were to kind of extrapolate week by week, we're probably out of 4 and end of March.

我的意思是，謝麗爾的觀點是，邁克爾，如果你以二月份為例，如果你按週進行推斷，我們可能會在 4 月底到 3 月底。

And then the last 2 weeks of March, kind of early April, that was one.

然後是三月的最後兩週，也就是四月初，就是這樣。

And then as we kind of got to mid-April through the rest of April, again, extrapolating week by week, you're probably a 2-plus building throughout the weeks.

然後，當我們從 4 月中旬到 4 月剩餘時間時，再次逐週推斷，您可能在這幾週內都是 2 棟以上的建築。

Okay.

好的。

Yes.

是的。

That kind of makes sense.

這是有道理的。

I guess secondly, the comments around mortgage tightening at points and some of the moves that you've done on the servicing side or working with subservicers, just wanted to delve into both of those aspects a little bit.

其次，我想，關於抵押貸款緊縮的評論以及您在服務方面或與子服務商合作所採取的一些舉措，只是想深入研究這兩個方面。

On the tightening or the lending standards, if you can give us a sense kind of how that's affected, what portion of potential buyers that you have out there?

關於收緊或貸款標準，如果您能讓我們了解其受到的影響，那麼您的潛在買家中有多少部分？

You kind of mentioned that you have 8% FHA, another 8% VA and then a little bit jumbo.

你提到你有 8% 的 FHA，還有 8% 的 VA，然後還有一點巨額。

But even on the conventional product, just trying to get a sense of how you feel, in general, if it's kind of shrunk your buyer pool at all.

但即使是傳統產品，一般來說，只是想了解您的感受，看看它是否會縮小您的買家群體。

What type of impact that's had on what kind of rough percentage of your buyers?

這對您的買家的大致比例有何影響？

And secondly, just to be clear, on the subservicer moves that you've made, whether or not that has any type that -- whether or not those actions or alliances or partnerships have any type of servicing risk that comes back on to Taylor Morrison itself or the home lending company?

其次，需要明確的是，關於您所採取的子服務舉措，無論是否具有任何類型——無論這些行動或聯盟或合作夥伴關係是否具有任何類型的服務風險，這些風險都會回到泰勒·莫里森身上本身還是房屋貸款公司？

Okay.

好的。

There's a lot packed in there, but let me give it a shot, Michael.

裡面有很多東西，但讓我試一試，邁克爾。

I mean TMHF has had a real -- a strong group of aggregators with long-standing relationships that I think have allowed us to leverage and maximize our product offerings with really best execution.

我的意思是，TMHF 擁有一支真正的、強大的聚合商團隊，這些聚合商具有長期的合作關係，我認為這使我們能夠以真正最佳的執行來利用和最大化我們的產品供應。

As you know, we're also approved with Fannie and Freddie as the Fannie and Freddie lender, which means we can sell our loans directly to the agencies rather than going through third-party aggregators.

如您所知，我們還獲得了房利美和房地美的批准，成為房利美和房地美的貸款人，這意味著我們可以直接向這些機構出售我們的貸款，而不是透過第三方聚合商。

And that's really important for us, as it allows us to avoid some of the overlays you're referring to that they've imposed, given, I think, the disruption that we've seen in the servicing market.

這對我們來說非常重要，因為它使我們能夠避免你提到的一些他們強加的覆蓋，我認為，考慮到我們在服務市場中看到的破壞。

So as a result, TMHF has really been able to mitigate much of the credit tightening for our own customers, no matter which category you're talking about.

因此，TMHF 確實能夠為我們自己的客戶緩解大部分信貸緊縮，無論您談論的是哪個類別。

We're seeing most lenders and aggregators raise their minimum credit scores to anywhere from 640 to 660 in the FHA space.

我們看到大多數貸款人和聚合商將 FHA 領域的最低信用評分提高到 640 到 660 之間。

And jumbo, probably around 700 with 20% down.

Jumbo 大概 700 左右，折扣 20%。

I'm pleased we're still able to qualify customers at our 640 credit score, although the pricing that's available today does reflect the risk at those lower FICO scores.

我很高興我們仍然能夠為信用評分為 640 的客戶提供資格，儘管今天的定價確實反映了較低 FICO 評分的風險。

We reacted to the environment by opening our ability to retain the servicing on a portion of the loans where the servicing market has either dried up or become what we'd call irrational on the pricing side, that's why we did it.

我們對環境的反應是開放我們保留部分貸款服務的能力，其中服務市場要么枯竭，要么變得我們所說的定價方面不合理，這就是我們這樣做的原因。

It gives us the ability to continue to serve these customers while avoiding the credit tightening that the broader markets are experiencing.

它使我們能夠繼續為這些客戶提供服務，同時避免更廣泛的市場正在經歷的信貸緊縮。

FHA, when I look at our book, has been most impacted, as we said.

正如我們所說，當我查看我們的書時，聯邦住房管理局受到的影響最大。

And about 10% of our past was FHA.

我們過去的大約 10% 是 FHA。

When I look at their credit scores today, our closed in the quarter FHA buyers were like at a 696.

當我今天查看他們的信用評分時，我們本季結束的 FHA 買家的信用評分約為 696。

Our backlog is, I believe, at 709 for first-time buyers.

我相信，對於首次購屋者來說，我們的積壓訂單數量為 709 件。

So we're in a really good place.

所以我們處於一個非常好的位置。

Once again, with jumbo, even though Jumbo is also in non-QM programs have probably been equally or more impacted.

再一次，對於 Jumbo，即使 Jumbo 也在非 QM 專案中，也可能受到同樣或更嚴重的影響。

The relationships that TMHF has with different mortgage product providers has really not in any way hampered our ability.

TMHF 與不同抵押貸款產品提供者的關係實際上並沒有以任何方式妨礙我們的能力。

Our subservicer is Dovenmuehle, Michael, very strong respected servicer because of when we are now just beginning the servicing, we don't have any of that prior liabilities that others have had.

我們的子服務商是 Dovenmuehle，Michael，他是一位非常受人尊敬的服務商，因為當我們現在剛開始提供服務時，我們沒有任何其他人所承擔的先前責任。

We also have a very stringent process in helping the consumer understand what forbearance is, what we have to do before we close the loan.

我們還有非常嚴格的流程來幫助消費者了解什麼是寬容，以及在關閉貸款之前我們必須做什麼。

So I really don't see -- I see any downside risk very limited, if any.

所以我真的不認為 - 我認為任何下行風險（如果有的話）都非常有限。

And our next question comes from the line of Jay McCanless with Wedbush.

我們的下一個問題來自傑·麥肯利斯和韋德布希的對話。

The first one I had is could you give us what the community count was, the actual count at the end of the quarter?

我的第一個問題是，您能否告訴我們社區數量是多少，即季度末的實際數量？

And then also maybe what your split is now in the community count between first time move-up and active adult?

然後，也許您現在在社區中的首次升級和活躍成人之間的差距是多少？

The ending count is 410.

最終計數為 410。

And then the breakout between type, I don't have that.

然後類型之間的突破，我沒有。

I don't think we have it by community.

我認為我們社區沒有這樣的東西。

We could pull that, we don't have that with us today.

我們可以把它拉出來，但我們今天沒有。

Okay.

好的。

I will follow up later on.

我稍後會跟進。

What I would share is 1/3 of our buyers generally are that first-time buyer.

我想說的是，我們的買家中有 1/3 通常是首次買家。

And when I look at total units, I don't have it by community count.

當我查看總單位數時，我沒有按社區數量計算。

20-some percent, 20%, that's 50-plus, depends if you're talking age-restricted communities or serving that buyer.

百分之二十左右，百分之二十，百分之五十以上，取決於你是在談論有年齡限制的社區還是為那個買家提供服務。

So the ratios haven't moved very much.

所以比率沒有太大變化。

It's good to hear.

很高興聽到。

And then just staying on the active adult.

然後就留在活躍的成年人身上。

If, I think, I heard your comments correctly, Sheryl, that the cans aren't moving up but the traffic isn't really coming back.

如果，我想，我沒有聽錯你的評論，謝麗爾，罐頭沒有移動，但交通並沒有真正恢復。

I mean has that changed since we moved into May?

我的意思是，自從我們進入五月以來，情況發生了變化嗎？

Or is that buyer still pretty tentative?

還是那個買家還是很猶豫？

And I know you talked about that in terms of Florida, but you guys also have some active adult in North Carolina as well as Arizona.

我知道您談到了佛羅裡達州的情況，但您在北卡羅來納州和亞利桑那州也有一些活躍的成年人。

Are you seeing the same responses from that active adult customer in all those different states?

您是否在所有這些不同的州看到活躍的成年客戶的相同反應？

Or is it mostly just a Florida issue?

或者這主要只是佛羅裡達州的問題？

No.

不。

They are -- it's a great question.

他們是——這是一個很好的問題。

They're behaving a little different.

他們的行為有點不同。

Like in Houston, interestingly enough, we've actually seen quite a pickup in our active adult buyer in the last couple of weeks.

就像在休士頓一樣，有趣的是，過去幾週我們實際上看到活躍的成年買家數量大幅增加。

I think in Florida, we've seen -- if I look at Naples, for example, we've seen -- that's a very discretionary buyer.

我認為在佛羅裡達州，我們已經看到——例如，如果我看看那不勒斯，我們已經看到——這是一個非常隨意的買家。

I would say that was really hard hit at the beginning, that's a second homebuyer.

我想說，一開始確實受到了很大的打擊，那是第二次購屋者。

We're seeing some pickup in activity there.

我們看到那裡的活動有所回升。

Sarasota, we're seeing the sales pick up week over week.

薩拉索塔，我們看到銷售額逐週上升。

But like I said, this is a buyer that needs to kind of feel and touch.

但就像我說的，這是一個需要感覺和觸摸的買家。

They're generally not -- they're going to be a very small percentage of that virtual buyer that goes online, makes an appointment to do a virtual tour.

他們通常不會——他們只是上網預約虛擬參觀的虛擬買家中的一小部分。

And then from there, we'll do everything through virtual.

然後從那裡開始，我們將透過虛擬方式完成所有事情。

We're even about to -- we'll be introducing -- sorry, I'm going to take a sidebar on you because it's another area I don't think this fire will take advantage of.

我們甚至即將——我們將介紹——抱歉，我要為你添加一個側邊欄，因為這是我認為這場火災不會利用的另一個領域。

We'll be introducing a lot reservation system online where you can actually go in and reserve a lot, mostly on inventory to start, and then we'll move it to the rest of the product offerings from there.

我們將推出線上批量預訂系統，您實際上可以進入並預訂大量產品，主要是從庫存開始，然後我們將其轉移到從那裡提供的其餘產品。

But this isn't a buyer that will play quite as much in that space.

但這並不是一個願意在這個領域發揮同樣作用的買家。

So as Florida reopened and given what we've seen in the last 2 weeks, I'm encouraged, and they've stayed very engaged.

因此，隨著佛羅裡達州重新開放，考慮到我們過去兩週所看到的情況，我很受鼓舞，而且他們仍然非常積極參與。

I think that's what's most encouraging.

我認為這是最令人鼓舞的。

Our salespeople are talking to them every day, setting up appointments to chat, and now we're starting to see them come into the sales offices.

我們的銷售人員每天都與他們交談，安排聊天預約，現在我們開始看到他們來到銷售辦公室。

And our next question comes from the line of Mike Dahl with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場部的 Mike Dahl。

One more on the mortgage side.

還有一個是抵押貸款方面的。

It seems like you guys have been fairly proactive and then your words rigorous around scrubbing the backlog.

看來你們在清理積壓工作方面相當積極主動，而且言語嚴謹。

I just wanted to ask for a little more detail there.

我只是想問更多細節。

Can you actually kind of just walk us through what that process has been?

您實際上可以向我們介紹一下這個過程嗎？

What percentage if you have of your backlog that's scheduled to close over the 3 -- the next 3 months or in 2Q.

如果您的積壓訂單計劃在未來 3 個月或第二季完成，那麼所佔百分比是多少？

Just -- have you been able to actively verify employment income still there, qualifications are still there.

只是——你是否能夠主動核實就業收入仍然存在，資格仍然存在。

And Sheryl, sorry, this is multipart, but I think you talked about the rate lock, which is really interesting.

謝麗爾，抱歉，這是多部分的，但我認為您談到了利率鎖定，這非常有趣。

But one of the things that I think we've all heard is lenders are requiring reverification at the closing table, some of these things.

但我想我們都聽說過的一件事是，貸方要求在交易結束時進行重新驗證，其中一些事情。

So any color you have on, have there been any instances where you've gotten those rate locks, then by the time you get to the closing table, the deal still falls through because of qualification changes?

那麼，無論你穿什麼顏色，是否有過這樣的情況：你已經獲得了這些利率鎖定，然後當你到達收盤表時，交易仍然因為資格變更而失敗？

Yes.

是的。

I know it's a great question.

我知道這是一個很好的問題。

And we spent a lot of time talking about that upfront when we were, like I said, very proactive on really delegating the authority to our frontline, our loan consultants, not to say, okay.

我們花了很多時間預先討論這個問題，就像我說的那樣，我們非常主動地將權力真正委託給我們的前線，我們的貸款顧問，更不用說，好吧。

If we need to do this to make sure we get the rate to a place that the consumer is more comfortable because what's happened with guidelines.

如果我們需要這樣做，以確保我們的價格達到消費者更舒適的水平，因為指導方針發生了什麼事。

That rate lock has really assisted us.

利率鎖定確實對我們有幫助。

I'm looking for the number real quickly.

我正在快速尋找這個號碼。

But I think that our lock pull-through is somewhere in the low 90% range.

但我認為我們的鎖定拉通率在 90% 的低範圍內。

So interestingly enough, Michael, even though it's an emotional commitment, we are not losing those buyers once we lock, which why -- like I said, why we think it's such an important part really understanding the backlog.

有趣的是，邁克爾，儘管這是一個情感承諾，但一旦我們鎖定，我們就不會失去這些買家，這就是為什麼——就像我說的，為什麼我們認為真正理解積壓是一個如此重要的部分。

We do obviously go through a confirmation process before we lock, and you're absolutely right, we have to do it 3 days before.

顯然，我們在鎖定之前會經過確認流程，您說得對，我們必須在 3 天前完成。

But we are pulling those buyers through.

但我們正在幫助這些買家渡過難關。

It's been an integral part of our process.

這是我們流程中不可或缺的一部分。

So April is behind us.

所以四月已經過去了。

May is locked.

五月被鎖了。

June, I think last time I left, we were in the probably 30% to 40% range.

六月，我想我上次離開時，我們的比例可能在 30% 到 40% 之間。

So we're continuing to get ahead of that.

因此，我們將繼續領先。

Maybe actually, over the last few days, 58%, sorry, my most recent report.

實際上，在過去幾天裡，可能是 58%，抱歉，這是我最近的報告。

So I feel good about the next 90 days.

所以我對接下來的 90 天感覺很好。

And we're still selling specs for the quarter, Michael.

我們仍在銷售本季的規格，邁克爾。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And my second question, obviously, there's been some concern within the investment community just around the timing of the William Lyon close relative to then a precipitous drop in home builder valuations.

我的第二個問題，顯然，投資界對威廉·里昂事件發生的時機存在一些擔憂，而當時房屋建築商的估值急劇下降。

You guys didn't have any impairments this quarter, not surprising, so early on.

你們本季沒有受到任何損害，這並不奇怪，而且這麼早就發生了。

But can you give us any more color on just as you kind of close the deal and then subsequent to the COVID issues as you've kind of reevaluated or walk us through what you've done to get comfort around the William Lyon land values post us entering into this downturn?

但是，您能否在完成交易時以及在新冠病毒問題之後重新評估時向我們提供更多信息，或者向我們介紹一下您為讓 William Lyon 土地價值帖子獲得安慰而所做的事情我們正陷入衰退嗎？

Sure.

當然。

You can imagine, Michael, you're not the first one to ask that question.

你可以想像，邁克爾，你不是第一個問這個問題的人。

So we have had a lot of time to really dig through the assets over these last couple of many weeks.

因此，在過去的幾周里，我們花了很多時間來真正挖掘這些資產。

And I'd tell you, we have the same level of conviction around this transaction as we did when we came to an agreement last summer.

我想告訴你，我們對這筆交易的信心與去年夏天達成協議時的信心相同。

This wasn't a short-term play for us.

這對我們來說不是一場短期的比賽。

And although I could have not, in my wildest dream, imagined or planned for a pandemic in that we would 30 days after the closing, send people to work from home, as I said in my prepared remarks.

儘管在我最瘋狂的夢想中，我不可能想像或計劃一場大流行，因為我們會在關閉後 30 天讓人們在家工作，正如我在準備好的演講中所說的那樣。

We haven't missed a step in the integration, and that includes really understanding the land bank.

我們沒有錯過整合的任何一步，其中包括真正了解土地儲備。

So when I look at the deal, the strategy hasn't changed for us.

因此，當我審視這筆交易時，我們的策略並沒有改變。

We added some really good long-term markets to the portfolio.

我們在投資組合中加入了一些非常好的長期市場。

We added good assets to the portfolio.

我們在投資組合中加入了優質資產。

We added scale in Austin, Denver and Southern California, and it's a great consumer complement.

我們在奧斯汀、丹佛和南加州擴大了規模，這是對消費者的一個很好的補充。

We will, as we get reopen, continue to dive into the individual assets and put it through the same process we put all of the Taylor Morrison assets through.

當我們重新開放時，我們將繼續深入研究各個資產，並按照我們處理泰勒·莫里森所有資產的相同流程進行處理。

We'll continue to pull on the synergies.

我們將繼續發揮協同作用。

As we said in the prepared remarks, we feel confident on the $80 million.

正如我們在準備好的演講中所說，我們對 8000 萬美元充滿信心。

And I think as we continue to scale up the business, we'll continue to see the enhancements.

我認為，隨著我們繼續擴大業務規模，我們將繼續看到這些改進。

When you do a -- when a business like this is for sale, you have work to do.

當你做這樣的生意時，你有工作要做。

That's why we bought the business around book.

這就是我們收購圖書業務的原因。

We've built a great muscle in fixing the -- or creating the opportunities in the businesses.

我們在解決業務問題或創造業務機會方面已經建立了強大的力量。

These assets are going to be with us well beyond COVID, and we're going to optimize their performance.

這些資產將在新冠疫情結束後繼續存在，我們將優化它們的性能。

We feel good about it.

我們對此感覺很好。

And the ancillary benefits, as Sheryl said, around scale.

正如謝麗爾所說，附帶的好處是圍繞著規模。

I mean you're seeing what that's helping to do on the SG&A line.

我的意思是，您正在看到這對 SG&A 線有什麼幫助。

Our backlog has remained strong, relatively intact.

我們的積壓訂單依然強勁，相對完整。

And like other folks, we're focused on building up cash, getting that liquidity and the combined business and what we're able to generate from a cash flow perspective, is actually really strong, and you saw our net debt-to-cap ratio.

就像其他人一樣，我們專注於累積現金，獲得流動性和合併後的業務，從現金流的角度來看，我們能夠產生的實際上非常強勁，你看到了我們的淨債務上限比率。

It's ahead of where we thought it would be.

它超出了我們的預期。

So yes, the timing is tough, sure.

所以，是的，時機確實很艱難。

But when we look at the longer play, we're still very excited about the William Lyon transaction.

但當我們考慮更長的時間時，我們仍然對威廉·里昂的交易感到非常興奮。

And sorry, I think I'm going to throw one more thing on top.

抱歉，我想我要在上面再放一件事。

Dave talked in his prepared remarks about the great work the team has done on looking at the deals that were coming through the pipeline, I would say 2/3 of the deals that have come through our investment committee, have had some changes made to it and those have generally been around deferring dollars.

戴夫在他準備好的發言中談到了團隊在審查正在醞釀中的交易方面所做的出色工作，我想說，通過我們投資委員會完成的交易中有 2/3 已經進行了一些更改這些通常與推遲美元有關。

On average, we've deferred takedowns on average about 150 days on about $300 million.

平均而言，我們將大約 3 億美元的下架時間平均推遲了大約 150 天。

A good chunk of that is William Lyon.

其中很大一部分是威廉·里昂。

And so that gives us more time, Michael, to really get under the skin.

邁克爾，這給了我們更多的時間來真正深入了解。

A lot of that is those land bank deals that they had to really work with those land sellers to be able to optimize those assets.

其中很大一部分是土地儲備交易，他們必須與土地賣家真正合作才能優化這些資產。

And our next question comes from the line of Matthew Bouley with Barclays.

我們的下一個問題來自巴克萊銀行的馬修·布利（Matthew Bouley）。

Sheryl, I wanted to ask about the 20% of sales that are coming through virtually in April.

Sheryl，我想問一下 4 月幾乎實現的 20% 的銷售額。

I guess, number one, presumably, that's more weighted to spec product; and number two, if there is some traditional to-be-built in there.

我想，第一，大概，這對規格產品更重要；第二，如果那裡有一些傳統的建築。

I guess what are those customers that are closing virtually?

我想那些虛擬關閉的客戶是什麼？

What are they doing with the design features and options and upgrades through that process?

他們在這個過程中對設計功能、選項和升級做了什麼？

Yes.

是的。

No, great question.

不，很好的問題。

We're excited about it.

我們對此感到興奮。

It's just -- it's the beginning of, I think, where this goes, allowing our customers to interact with us in a way that they prefer to.

我認為，這只是一個開始，讓我們的客戶以他們喜歡的方式與我們互動。

It's a direct line to our sales team, where they can go in, set up an appointment online.

這是與我們銷售團隊的直接聯絡電話，他們可以進去線上預約。

And they have a laundry list of ways that they can interact with us.

他們有一系列與我們互動的方式。

It's through a virtual tour.

這是透過虛擬遊覽。

They can set up an appointment to do a tour.

他們可以預約參觀。

They can set up an appointment online to talk with the salesperson to come in and have an in-person appointment to write a contract or to do option selections.

他們可以在線上預約與銷售人員交談，並親自預約撰寫合約或進行選項選擇。

It's interesting, about 80% to 85% of the appointments that have been made online have been to make an appointment to come in and meet with the salesperson.

有趣的是，大約 80% 到 85% 的線上預約都是預約上門與銷售人員會面。

So most customers still prefer to ultimately get face-to-face with a sales team member, but I think there's something about this more personal touch.

因此，大多數客戶仍然更喜歡最終與銷售團隊成員面對面，但我認為這種更個人化的接觸有其道理。

It's this private exclusive kind of opportunity for them.

這對他們來說是私人專屬的機會。

This is going to continue to evolve when we are fully open, allowing our customers to kind of self-service the way they want to work with us in the way that they're shopping for other things.

當我們完全開放時，這種情況將繼續發展，允許我們的客戶以他們希望與我們合作的方式以及購買其他東西的方式提供自助服務。

Like I said, we'll be introducing our lot holds where they can make a deposit online.

就像我說的，我們將介紹我們的地段，他們可以在網路上存款。

So I'm excited.

所以我很興奮。

But that 20% of those sales, those were folks that created an online appointment.

但其中 20% 的銷售額是建立線上預約的人。

They had never been in our -- had any contact with the company before that.

在此之前，他們從未與我們的公司有過任何接觸。

They made an online appointment.

他們在網路上預約了。

They went through it virtually and then we did a contract with them virtually, and they never came and saw a model in-person.

他們虛擬地完成了整個過程，然後我們虛擬地與他們簽訂了合同，他們從未親自來看過模型。

I think a year ago, nobody could have imagined that would happen in certainly at these numbers.

我想一年前，沒有人能想像會在這些數字上發生這種事。

That's great color, yes.

那顏色真棒，是的。

And the last thing, as I think forward and the real opportunity is the co-broke.

最後一件事，正如我所認為的，真正的機會是共同破產。

Imagine what the future opportunity that is for the industry and the business if not everyone's represented at the same levels we've seen with brokers.

想像一下，如果不是每個人都達到我們在經紀人中看到的相同水平，那麼該行業和企業的未來機會是什麼。

Yes.

是的。

No, it is a very interesting dynamic.

不，這是一個非常有趣的動態。

And then, I guess, shifting gears on the construction side.

然後，我想，建築方面的轉變。

Have you sensed any changes around the construction process?

您感覺到施工過程有什麼改變嗎？

I know this has happened so quickly.

我知道這一切發生得太快了。

And I guess it's got to be market specific, but just with social distancing on the job sites, perhaps any incremental move towards off-site manufacturing or perhaps going forward, would you think this accelerates some of those trends?

我想這必須是針對特定市場的，但只要工作場所保持社交距離，也許任何向場外製造的漸進舉措或者未來的發展，您認為這會加速其中一些趨勢嗎？

It's a great question.

這是一個很好的問題。

I'd say, first, as we look out there we've seen, obviously, changes out in the field.

我想說，首先，當我們觀察時，我們顯然已經看到了現場的變化。

We haven't seen it come much in the way of impacting the cycle times as of yet, but obviously, COVID-19 is still fairly recent.

到目前為止，我們還沒有看到它對週期時間產生太大影響，但顯然，COVID-19 仍然是最近才出現的。

So we're watching that closely when it comes to trades and I'd say municipalities as well.

因此，在交易方面，我們正在密切關注，我想說的是，市政當局也是如此。

I don't know from an off-site standpoint I think our position is still the same.

我不知道從場外的角度來看，我認為我們的立場是否仍然相同。

There is opportunities ahead that will impact the industry going forward.

未來的機會將影響產業的未來。

This may help further that along.

這可能有助於進一步推進。

But again, this is all just so recent.

但同樣，這一切都是最近發生的。

I don't think we've seen any great strides or changes in that short term.

我認為短期內我們沒有看到任何重大的進步或變化。

But this, just like it did with virtual sales, could add maybe another layer of progression to the industry over time.

但這就像虛擬銷售一樣，隨著時間的推移，可能會為該行業增添另一層進步。

Health and safety, in general, has been -- I think I saw a stat, not too long ago, that construction was one of the safest or had the best members when you looked at COVID cases.

總的來說，健康和安全一直是——我想我不久前看到了一個統計數據，當你查看新冠病例時，建築是最安全的建築之一，或者擁有最好的成員。

The safe distancing has actually been pretty easy to execute in the field, and our trades have done a tremendous job with it.

事實上，安全距離在現場很容易執行，我們的交易在這方面做得非常好。

But the trades have remained where they fit with a few exceptions, on-site and very productive.

但除了少數例外，這些交易仍然保持在適當的位置，在現場進行且非常有效率。

In fact, I think in some areas, we've actually seen improvement in cycle times.

事實上，我認為在某些領域，我們實際上已經看到了週期時間的改善。

And as Dave said, I think some of the other work will be a little bit more on the margin.

正如戴夫所說，我認為其他一些工作會更加邊緣化。

We're continuing to be involved, but it hasn't been the focus the last 6, 8 weeks.

我們將繼續參與其中，但這並不是過去六、八週的焦點。

And our last question comes from the line of Alex Barrón with Housing Research.

我們的最後一個問題來自住房研究中心的 Alex Barrón。

I just wanted to ask about the transaction costs.

我只是想問一下交易費用。

Did you guys pretty much book them all this quarter?

你們這個季度幾乎都預訂了它們嗎？

Or is -- can we expect anything else for next quarter?

或者我們對下個季度還能有什麼期待嗎？

We had about $86 million in the quarter.

本季我們的營收約為 8,600 萬美元。

What we've said previously is it's probably going to be around $100 million.

我們之前說過，它可能會在 1 億美元左右。

I think you'll see a chunk of that probably in the second and third quarter, but then we'll obviously dissipate after that.

我認為你可能會在第二季和第三季看到其中的大部分，但在那之後我們顯然會消散。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

And I would like to turn the conference back over to Sheryl Palmer for any closing remarks.

我想將會議轉回謝麗爾·帕爾默 (Sheryl Palmer) 發表閉幕詞。

Thank you, operator, and thank you all for joining us for our Q1 call.

謝謝接線員，也謝謝大家參加我們的第一季電話會議。

Thanks for hanging with us.

感謝您和我們在一起。

I know it's a long call, we wanted to make sure you had all the information.

我知道這是一個漫長的電話，我們想確保您了解所有資訊。

Stay well, stay safe, and we will talk to you next quarter.

保持健康，保持安全，我們將在下個季度與您交談。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

You may all disconnect.

你們都可以斷開連線。