Taylor Morrison Home Corp (TMHC) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Taylor Morrison third-quarter 2024 earnings conference call (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加泰勒‧莫里森 2024 年第三季財報電話會議（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 to you Mackenzie Aron, Vice President of Investor Relations.

現在我想向您介紹投資者關係副總裁Mackenzie Aron。

Mackenzie?

麥肯齊？

Thank you, and good morning, everyone.

謝謝大家，大家早安。

We appreciate you joining us today.

我們感謝您今天加入我們。

Before we begin, let me remind you that this call, including the question-and-answer session, will include forward-looking statements.

在我們開始之前，請允許我提醒您，本次電話會議（包括問答環節）將包含前瞻性陳述。

These statements are subject to the Safe Harbor statement for forward-looking information that you can review in our earnings release on the Investor Relations portion of our website at taylormorrison.com.

這些聲明受前瞻性資訊安全港聲明的約束，您可以在我們網站 taylormorrison.com 的投資者關係部分的收益發布中查看這些聲明。

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 SEC, 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 SEC 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。

In addition, we will refer to certain non-GAAP financial measures on the call, which are reconciled to GAAP figures in the release.

此外，我們將在電話會議上提及某些非 GAAP 財務指標，這些指標與新聞稿中的 GAAP 數據進行了核對。

Now I will turn the call over to our Chairman and Chief Executive Officer, Sheryl Palmer.

現在我將把電話轉給我們的董事長兼執行長 Sheryl Palmer。

Thank you, Mackenzie, and good morning, everyone.

謝謝你，麥肯齊，大家早安。

Joining me is Curt VanHyfte, our Chief Financial Officer; and Erik Heuser, our Chief Corporate Operations Officer.

與我一起的還有我們的財務長 Curt VanHyfte；以及我們的首席企業營運長 Erik Heuser。

As always, I will focus my remarks on an update on the market and our strategic priorities.

像往常一樣，我的發言將重點放在市場最新情況和我們的戰略重點。

While Erik will discuss our land portfolio and thoughts on the retail market, and Curt will provide our detailed financials and guidance.

艾瑞克（Erik）將討論我們的土地投資組合和對零售市場的想法，而科特（Curt）將提供我們詳細的財務數據和指導。

I am proud to share the outstanding results of our third quarter, which clearly demonstrates the benefits of our diversified consumer and geographic strategy, as well as our team's execution amid continued interest rate volatility, economic uncertainty, and hurricane-related disruptions.

我很自豪地與大家分享我們第三季度的出色業績，這清楚地展示了我們多元化的消費者和地理戰略的好處，以及我們團隊在持續的利率波動、經濟不確定性和颶風相關幹擾中的執行力。

To begin, in the third quarter, we delivered 3,394 homes at an average price of $598,000, producing over $2 billion of revenue with a home closings gross margin of 24.8%.

首先，在第三季度，我們交付了 3,394 套房屋，平均價格為 598,000 美元，創造了超過 20 億美元的收入，房屋成交毛利率為 24.8%。

Coupled with strong SG&A leverage and improved financial services income, this generated over 50% year-over-year growth in our earnings per diluted share to $2.37 and a 15% year-over-year increase in our book value per share to approximately $54.

再加上強大的銷售管理、行政管理槓桿和金融服務收入的改善，我們的每股攤薄收益年增超過 50%，達到 2.37 美元，每股帳面價值年增 15%，達到約 54 美元。

Once again, both our closings volume and gross margin exceeded our guidance, which I am particularly proud of considering there were two hurricanes during the quarter including Hurricane Helene during the critical final two weeks.

我們的成交量和毛利率再次超過了我們的指導，考慮到本季度發生了兩起颶風，包括關鍵的最後兩週的颶風海倫，我對此感到特別自豪。

Thankfully, our communities withstood the storm's winds and rains well with minimal damage reported.

值得慶幸的是，我們的社區很好地抵禦了風暴的風雨，所報告的損失最小。

However, consistent with our robust safety protocols, we shut sales offices and construction sites, three days in advance of the storms and then required several days for cleanup and recovery, resulting in nearly two weeks' worth of disruption.

然而，根據我們嚴格的安全協議，我們在風暴發生前三天關閉了銷售辦事處和建築工地，然後需要幾天的時間進行清理和恢復，導致近兩週的中斷。

Most notably, the excess water has the greatest impact on land under development.

最值得注意的是，過量的水對正在開發的土地影響最大。

With Florida, the Carolinas, and Georgia, representing a combined 35% of our total communities, these storms impacted a sizable portion of our portfolio.

佛羅裡達州、卡羅來納州和喬治亞州合計占我們社區總數的 35%，這些風暴影響了我們投資組合的很大一部分。

As a result, I believe our better-than-expected third-quarter closings and gross margin are all the more impressive, particularly given our resort lifestyle communities outsized contribution to revenue and margin.

因此，我相信我們好於預期的第三季營業額和毛利率更加令人印象深刻，特別是考慮到我們的度假生活方式社區對收入和利潤的巨大貢獻。

While there will be some temporary timing delays due to the storms, I believe the most lasting impact will be related to the heightened risk of shrinking availability of homeowners insurance, specifically in coastal markets.

雖然風暴會造成一些暫時的時間延誤，但我相信最持久的影響將與房屋保險供應減少的風險加大有關，特別是在沿海市場。

Fortunately, for our customers, we are able to offer well-priced coverage via our wholly owned subsidiary, Taylor Morrison Insurance Services, which as of the third quarter, had a 59% capture rate.

幸運的是，對於我們的客戶來說，我們能夠透過我們的全資子公司 Taylor Morrison Insurance Services 提供價格合理的保險，截至第三季度，該公司的承保率為 59%。

Because of the strong construction quality of our newly built homes compared to older existing homes and careful site selection generally away from coastlines, the average premium of our insurance policies is typically lower than the market and has increased to a lesser degree.

由於我們新建房屋的建築品質優於現有的老房屋，而且選址通常遠離海岸線，因此我們保單的平均保費通常低於市場水平，且上漲幅度較小。

While we are closely watching the evolving market dynamics, we do not expect a meaningful change in insurance availability and are pleased that insurance has generally not been an obstacle for our buyers.

雖然我們正在密切關注不斷變化的市場動態，但我們預計保險供應不會發生有意義的變化，並且很高興保險通常不會成為我們買家的障礙。

Turning now to the quarter, homebuyer demand was generally solid in most markets, led by the East and Central regions, while the West Coast was more mixed.

現在轉向本季度，大多數市場的購屋者需求普遍強勁，以東部和中部地區為首，而西海岸的情況則更為複雜。

As I shared on our second-quarter call, we have begun to see traffic recover in June and July, which translated into improving order volume throughout the third quarter, with activity ending on a high note in September.

正如我在第二季電話會議上分享的那樣，我們已經開始看到 6 月和 7 月的流量恢復，這意味著整個第三季的訂單量有所改善，活動在 9 月高調結束。

In total, our net orders increased 9% year over year during the quarter, driven by a monthly absorption pace of 2.8 per community.

總體而言，在每個社區每月吸收 2.8 個訂單的推動下，本季我們的淨訂單年增 9%。

While still early in October, demand has generally been healthy and consistent with seasonal trends even with the impact of yet another hurricane in Florida.

儘管仍處於 10 月初，但即使受到佛羅裡達州另一場颶風的影響，需求仍整體健康且符合季節性趨勢。

By consumer group, our third-quarter orders consisted of 33% entry level, 43% move-up, and 24% resort lifestyle.

按消費群體劃分，我們第三季的訂單包括 33% 的入門訂單、43% 的升級訂單和 24% 的度假生活方式訂單。

On a year-over-year basis, orders were strongest in our resort lifestyle segment with 20% growth, even as this Florida-heavy business bore the brunt of hurricane-related disruptions.

與去年同期相比，我們的度假生活方式細分市場的訂單最為強勁，增長了 20%，儘管這家以佛羅裡達州為主的業務首當其沖地遭受了颶風相關的干擾。

Meanwhile, our move-up sales increased 8%, while the entry level was up more modestly at 4%.

同時，我們的升級版銷售額成長了 8%，而入門級銷售額則溫和成長了 4%。

Since the Federal Reserve announced its long-waited rate reduction in September, mortgage rates have been somewhat range bound in the mid-6% range as the market largely anticipated the move.

自從聯準會在 9 月宣布期待已久的降息以來，抵押貸款利率一直在 6% 左右的區間內徘徊，因為市場基本上已經預料到了這一舉措。

On the sales floor, we continue to lean primarily on customizable finance incentives in lieu of base price adjustments to address each consumer's unique circumstances as needed.

在銷售層面，我們繼續主要依靠可自訂的財務激勵措施來代替基本價格調整，以根據需要滿足每個消費者的獨特情況。

This approach allows us to better maintain our communities home prices and protect our gross margins, all while improving our customers' purchasing power.

這種方法使我們能夠更好地維持社區房價並保護我們的毛利率，同時提高客戶的購買力。

Importantly, our use of relatively costly mortgage forward commitments to secure below-market interest rates has remained at just around a third of our third-quarter closing, half of which are for first-time buyers.

重要的是，我們使用成本相對較高的抵押貸款遠期承諾來確保低於市場的利率，這一比例仍然保持在第三季度成交額的三分之一左右，其中一半是首次購房者。

Many of our buyers instead prefer to allocate their incentive dollars towards closing costs or temporary buy-downs.

相反，我們的許多買家更願意將激勵資金用於結算成本或臨時購買。

This is one reason why our consumer diversification supports our strong gross margins.

這是我們的消費者多元化支持我們強勁毛利率的原因之一。

In addition, our margins reflect the sizable lot and option premium revenue we earn primarily on to-be-built homes.

此外，我們的利潤率反映了我們主要從待建房屋中賺取的大量地塊和選擇權溢價收入。

On a per home basis, this combined revenue averaged $101,000 in the third quarter or 17% of our average closing price.

以每戶住宅計算，第三季的平均總收入為 101,000 美元，占我們平均收盤價的 17%。

This contributes to several hundred basis points spread between our to-be-built and spec home margins, again reinforcing the benefits of our diversified approach.

這使得我們的待建房屋和規格房屋利潤率之間存在數百個基點的差距，再次強化了我們多元化方法的優勢。

In the third quarter, to-be-built homes accounted for 40% of our sales, down from 45% a year ago.

第三季度，待建住宅占我們銷售額的 40%，低於一年前的 45%。

In addition to the margin benefit, we have found that by offering both to-be-built and spec homes we are better able to compete for sales against builders with more limited options.

除了利潤效益外，我們發現，透過提供待建住宅和規格住宅，我們能夠更好地與選擇更有限的建築商競爭銷售。

Our online tools have been a great option for home shoppers looking to take more control of the buying process.

對於希望更好地控制購買過程的家庭購物者來說，我們的線上工具是一個不錯的選擇。

Following the National Association of Realtors' new rules governing the way realtors get paid and by whom, we are seeing more customers opt for self-service within our online home reservation system.

遵循全國房地產經紀人協會關於房地產經紀人付款方式和付款人的新規則，我們看到越來越多的客戶選擇在我們的線上房屋預訂系統中使用自助服務。

In fact, the third quarter brought record highs for the year in online reservation with a conversion rate of 58% and a 17% contribution to sales.

事實上，第三季線上預訂創下了年內新高，轉換率為 58%，對銷售的貢獻為 17%。

Realtor participation on our online tools reservations continues to trend downward with meaningful improvement year over year.

房地產經紀人對我們線上工具預訂的參與度持續下降，且逐年顯著改善。

Taking a step back, we continue to believe that the housing market remains severely undersupplied with a multimillion-unit deficit due to years of underbuilding relative to household formation.

退後一步，我們仍然認為，由於多年來相對於家庭組建而言建設不足，房地產市場仍然嚴重供應不足，出現數百萬套的短缺。

While the existing home market has started to loosen with resale listings gravitating back towards historic norms, especially in Florida and Texas, we believe our communities and product have not been meaningfully impacted given a substantial portion of the listings are not truly competitive, as Erik will discuss in just a moment.

雖然現有的住宅市場已經開始放鬆，轉售房源回歸歷史常態，尤其是在佛羅裡達州和德克薩斯州，但我們相信我們的社區和產品並沒有受到重大影響，因為大部分房源並不具有真正的競爭力，正如埃里克將請稍後討論。

At Taylor Morrison, regardless of the ever-shifting macro backdrop, we believe that our ability to drive outsized growth and attractive returns has been permanently strengthened since expanding our company's scale and refining our operational capabilities over the last many years.

在泰勒莫里森，無論宏觀背景如何不斷變化，我們相信，自從過去多年來擴大公司規模和完善營運能力以來，我們推動超額成長和有吸引力回報的能力已經得到永久增強。

This is reflected in the long-term targets that we introduced earlier this year, each of which are meaningfully more strong than our historic norms.

這反映在我們今年稍早提出的長期目標中，其中每一項目標都比我們的歷史標準更有意義。

These targets include a 10% annual home closings growth, an annualized low three absorption pace, low to mid-20% home closings gross margins, and mid- to high-teen return on equity.

這些目標包括年度房屋成交量增長 10%、年化低三吸收速度、低至中 20% 的房屋成交毛利率以及中至高的股本回報率。

This year, with just two months to go, we expect to meet or exceed each of these metrics with double-digit closings growth to approximately 12,725 homes at a gross margin of around 24.3% as 2024 has shaped up to be another milestone year for our company.

今年，僅剩兩個月時間，我們預計將達到或超過每項指標，成交量將實現兩位數增長，達到約12,725 套房屋，毛利率約為24.3%，因為2024 年將成為我們的又一個里程碑年。

As we head into 2025, we are confident that our long-standing emphasis on capital-efficient growth will yield another year of strong performance, supported by strong tailwinds driving the need for new construction and our favorable positioning as a diversified homebuilder.

邁入2025 年，我們相信，在推動新建築需求的強勁推動力以及我們作為多元化住宅建築商的有利定位的支持下，我們長期以來對資本效率增長的重視將帶來另一年的強勁業績。

With that, let me now turn the call over to Erik.

現在讓我把電話轉給艾瑞克。

Thanks, Sheryl, and good morning.

謝謝，謝麗爾，早安。

I will begin with the topic of resale competition, which continues to bear close monitoring in light of rising listing levels in a number of markets.

我將從轉售競爭的話題開始，鑑於許多市場的掛牌量不斷上升，轉售競爭仍受到密切關注。

For perspective, the total number of resale listings in our operating MSAs increased over 30% since the beginning of the year.

從長遠來看，自今年年初以來，我們營運的 MSA 中的轉售掛牌總數增加了 30% 以上。

However, when including existing home sales in the analysis, the average months of supply in our MSAs is up to 3.2 from 2.1 months a year ago but has actually declined from 3.4 months to 3.2 months since the beginning of the year.

然而，如果將現房銷售納入分析，我們的 MSA 的平均供應月數從一年前的 2.1 個月上升至 3.2 個月，但實際上自年初以來已從 3.4 個月下降到 3.2 個月。

We believe this metric more fully reflects market dynamics as it accounts for both supply and demand and remains below historic norms.

我們認為，該指標更全面地反映了市場動態，因為它同時考慮了供給和需求，並且仍低於歷史正常水平。

Beyond these high-level observations, we are most focused on understanding competitive resale supply at the community level and how consumers may evaluate these listings as compared to our product.

除了這些高層次的觀察之外，我們最關注的是了解社區層面的競爭性轉售供應，以及消費者如何評估這些清單與我們的產品相比。

As I discussed on last quarter's call, our teams had analyzed the true competitive sets for communities in Florida, Texas, and Arizona with encouraging conclusions.

正如我在上個季度的電話會議中所討論的那樣，我們的團隊分析了佛羅裡達州、德克薩斯州和亞利桑那州社區的真正競爭環境，得出了令人鼓舞的結論。

At that time, I shared that for this sample set, the average months of resale supply surrounding our communities was nearly 20% lower than that of the overall MSAs.

當時，我分享說，對於這個樣本集，我們社區周圍的平均轉售供應月數比整個 MSA 低了近 20%。

And only 19% of the resale homes within a 3-mile radius of those communities would likely be considered truly competitive with our homes after taking into account square footage, price, product type, and vintage factors.

考慮到面積、價格、產品類型和年份因素後，這些社區 3 英里半徑內的轉售房屋中，只有 19% 可能被認為與我們的房屋真正具有競爭力。

Of note, we believe our community's amenities would likely further improve our product's appeal.

值得注意的是，我們相信我們社區的便利設施可能會進一步提高我們產品的吸引力。

We have since updated the analysis and found that the competitive set still represents just 19% of currently listed homes for these Florida, Texas, and Arizona communities.

此後，我們更新了分析結果，發現競爭性組合仍僅佔佛羅裡達州、德克薩斯州和亞利桑那州社區當前掛牌房屋的 19%。

In addition, since last quarter, we expanded the analysis beyond these key markets to cover all of our areas of operations across the country.

此外，自上季以來，我們將分析範圍擴大到這些主要市場之外，涵蓋了我們在全國範圍內的所有業務領域。

And I am pleased to report that through this broader lens, the conclusion is even more favorable with only 17% of current resale listings likely to be considered truly competitive from our tested national portfolio.

我很高興地向大家報告，透過更廣泛的視角，結論更加有利，目前轉售房源中只有 17% 可能被認為與我們經過測試的國家投資組合相比具有真正的競爭力。

We believe that a normalizing resale market should be expected over time, but we will continue to examine relevant MSA, submarket, and asset level impacts.

我們認為，隨著時間的推移，轉售市場將會正常化，但我們將繼續研究相關的 MSA、子市場和資產水準的影響。

Moving to land, our owned and controlled lot inventory was 83,579 homebuilding lots at quarter end.

轉向土地方面，截至季度末，我們擁有和控制的地塊庫存為 83,579 塊住宅建築地塊。

Based on trailing 12-month closings, this represented 6.6 years of supply, of which only 2.7 years was owned.

根據過去 12 個月的成交情況，這代表了 6.6 年的供應，其中只有 2.7 年是自有的。

Of these lots, 58% were controlled via off-balance sheet structures, up from 53% at the end of 2023 to the highest level in our history.

其中，58%是透過表外結構控制的，從2023年底的53%上升到我們歷史上的最高水準。

Our use of capital efficient investing tools is grounded in our strategic focus on generating enhanced returns on our invested capital.

我們使用資本效率投資工具的基礎是我們的策略重點是提高投資資本回報。

And we are well on our way to achieving our near-term goal of controlling at least 60% to 65% of our lot supply.

我們正在順利實現控制至少 60% 至 65% 批次供應的近期目標。

In support of this effort, I am pleased to announce that we have secured another land banking facility that provides $1 billion of aggregate off-balance sheet financing with significant return benefits.

為了支持這項努力，我很高興地宣布，我們已經獲得了另一筆土地儲備貸款，該貸款可提供總計 10 億美元的表外融資，並具有顯著的回報效益。

After vetting the field of prospective partners for this vehicle, we chose Kennedy Lewis, a leading credit-focused investment firm given execution confidence and terms that we believe are advantageous in navigating a rate environment, which continues to exhibit some degree of volatility.

在審查了該工具的潛在合作夥伴領域後，我們選擇了肯尼迪劉易斯（Kennedy Lewis），這是一家領先的以信貸為重點的投資公司，因為我們認為其執行信心和條款有利於駕馭繼續表現出一定程度波動的利率環境。

From an investment perspective, we allocated $323 million to homebuilding land acquisition and $270 million to development of existing assets for a total spend of $593 million during the quarter.

從投資角度來看，我們撥款 3.23 億美元用於住宅建設土地收購，2.7 億美元用於現有資產開發，本季總支出為 5.93 億美元。

This brought our total year-to-date land investment to $1.8 billion, leaving us on track to spend around $2.5 billion this year, the high end of our prior range.

這使得我們今年迄今的土地投資總額達到 18 億美元，使我們今年有望支出約 25 億美元，這是我們先前投資範圍的上限。

Approximately 40% of the spend is allocated for development.

大約 40% 的支出用於開發。

The total amount of land spend though will ultimately be somewhat dependent on our ongoing use of off-balance sheet financing through the end of the year.

不過，土地支出總量最終將在一定程度上取決於我們到年底持續使用的表外融資。

Based on our strong land pipeline and development timelines, we expect our community count to continue to expand into 2025 and beyond from an anticipated year-end outlet count between 330 to 340 as we remain very well subscribed for the near term.

基於我們強大的土地儲備和開發時間表，我們預計我們的社區數量將繼續擴大到 2025 年及以後，預計年底門市數量將在 330 至 340 個之間，因為我們近期的認購量仍然很高。

And lastly, I'll provide a brief update to our evolving Yardly build-to-rent business, which develops amenitized rental communities of one- to three-bedroom cottage-style homes and individual backyards for all.

最後，我將簡要介紹我們不斷發展的 Yardly 建租業務，該業務為所有人開發一到三居室小屋式住宅和獨立後院的設施化租賃社區。

We have our next two wholly owned communities under contract for disposition by year-end, which is expected to generate cash flow of around $85 million.

我們接下來的兩個全資社區已簽訂合同，將於年底進行處置，預計將產生約 8500 萬美元的現金流。

With our disposition activity to increase in the coming years as communities reach completion and achieve targeted occupancy levels, we will provide a greater guidance on our Yardly projections early next year.

隨著社區竣工並達到目標入住率，未來幾年我們的處置活動將會增加，我們將在明年初為 Yardly 預測提供更大的指導。

With that, I will turn the call to Curt.

這樣，我就把電話轉給柯特。

Thanks, Erik, and good morning, everyone.

謝謝埃里克，大家早安。

To dive into the specifics of our third quarter, reported net income was $251 million or $2.37 per diluted share.

深入了解第三季的具體情況，報告的淨利潤為 2.51 億美元，即稀釋後每股收益 2.37 美元。

This was up from 54% from $1.54 a year ago, driven by a sharp increase in homebuilding revenue, a strong gain in our homebuilding gross margin, and healthy SG&A leverage.

這一數字比一年前的 1.54 美元增長了 54%，這得益於住宅建築收入的大幅增長、住宅建築毛利率的強勁增長以及健康的 SG&A 槓桿。

Driving our top-line growth, our closings volume increased 29% year over year to 3,394 homes.

我們的成交量年增 29%，達到 3,394 套，推動了我們的營收成長。

This more than offset a 2% decline in our average closing price to $598,000 to produce a 26% increase in home closings revenue to $2 billion.

這足以抵消平均收盤價下降 2% 至 598,000 美元的影響，從而使房屋成交收入增加 26% 至 20 億美元。

Resulting in an upside to our prior guidance, our closings volume benefited from improvement in construction cycle times and a greater number of spec homes sold and closed during the quarter.

我們的成交量得益於施工週期時間的改善以及本季度售出和成交的規格房屋數量的增加，這使得我們的成交量比我們之前的指導有所上升。

In addition, we closed nearly 60 homes in the Bay Area during the quarter that had been scheduled for the fourth quarter as the energy utility company resolved delays sooner than anticipated.

此外，由於能源公用事業公司比預期更早解決了延誤問題，我們在原定於第四季度的季度內關閉了灣區的近 60 戶房屋。

From a production standpoint, we started 2,864 homes or 2.8 per community per month, consistent with our sales pace.

從生產角度來看，我們每月開工 2,864 套住宅，即每個社區 2.8 套，與我們的銷售速度一致。

Inclusive of these starts, we ended the quarter with 8,490 homes under production of which 3,349 were specs, including 623 finished units.

包括這些開工在內，本季結束時，我們共生產了 8,490 套住宅，其中 3,349 套為規格房，其中 623 套為成品房。

Based on our homes under production, we expect to deliver around 3,400 homes in the fourth quarter.

根據我們正在生產的房屋，我們預計第四季將交付約 3,400 套房屋。

For the full year, this equates to total expected closings of 12,725 homes as compared to 11,495 homes in 2023.

全年預計成交房屋總數為 12,725 套，而 2023 年為 11,495 套。

From a pricing perspective, we expect the average closing price of our deliveries to be around $600,000 for the year, including approximately $610,000 in the fourth quarter.

從定價角度來看，我們預計全年交付的平均收盤價約為 60 萬美元，其中第四季約為 61 萬美元。

Turning now to margins, our home closings gross margin was 24.8%, up from 23.8% in the prior quarter and 23.1% a year ago.

現在談談利潤率，我們的房屋成交毛利率為 24.8%，高於上一季的 23.8% 和一年前的 23.1%。

Compared to our expectations, our margin benefited from a number of factors, including favorable mix, fewer incentives, and better-than-expected cost leverage from higher closing volume.

與我們的預期相比，我們的利潤率受益於多種因素，包括有利的組合、較少的激勵措施以及因成交量增加而帶來的好於預期的成本槓桿。

For the fourth quarter, we expect our home closings gross margin to remain healthy at around 24.5%, which would result in a full-year margin of approximately 24.3%.

對於第四季度，我們預計房屋成交毛利率將保持在 24.5% 左右的健康水平，這將導致全年利潤率約為 24.3%。

This is up from our prior full-year guidance of around 24%.

這高於我們之前約 24% 的全年指導。

It is also worth highlighting that our gross margins have remained consistent in a tight range over the last two years despite significant movement in interest rates over that time.

還值得強調的是，儘管利率在過去兩年中發生了重大變化，但我們的毛利率在過去兩年中一直保持在較小的範圍內。

This is in contrast to greater volatility in industry margin trends, reflecting the pricing resiliency of our diverse portfolio.

這與行業利潤率趨勢的更大波動形成鮮明對比，反映了我們多元化投資組合的定價彈性。

Looking ahead, we continue to expect our gross margins in the foreseeable future to remain above historic averages in the low to mid-20% range.

展望未來，我們繼續預計，在可預見的未來，我們的毛利率將保持在 20% 低至中的歷史平均值之上。

This outlook reflects increased production and operational efficiencies, greater cost leverage from our scale, and a lower capitalized interest burden from our reduced debt levels.

這一前景反映了生產和營運效率的提高、規模帶來的更大的成本槓桿以及債務水準降低所帶來的資本化利息負擔的降低。

Our net sales orders increased 9% year over year to 2,830 homes.

我們的淨銷售訂單年增 9%，達到 2,830 套。

This was driven by a 5% increase in ending community count to 340 outlets and a 4% improvement in our monthly absorption pace of 2.8. It is worth highlighting that this quarter's sales pace was well above our pre-2020 third-quarter average of 2.2.

這是由於最終社區數量增加了 5%，達到 340 個網點，以及我們每月吸收速度提高了 4%（2.8）。值得強調的是，本季的銷售速度遠高於 2020 年之前第三季 2.2 的平均值。

As we have discussed on recent calls, we are targeting an annualized sales pace goal in the low three range.

正如我們在最近的電話會議中討論的那樣，我們的目標是將年化銷售速度目標控制在低三個範圍內。

This is one of the drivers of our improving returns and reflects our growth in higher pacing entry-level price points and pivot away from large third-party developed master plan communities.

這是我們提高回報的驅動因素之一，反映了我們在入門價格點上的成長步伐加快，並擺脫了大型第三方開發的總體規劃社群。

Year to date, our average pace of 3.2 is consistent with this goal.

今年迄今為止，我們 3.2 的平均速度與此目標一致。

Our cancellations remain within normal ranges and below industry average at just 9.3% of gross orders as we continue to benefit from a diversified consumer base, diligent pre-qualifications, and meaningful average customer deposits of $54,000 per home.

我們的取消訂單量仍處於正常範圍內，低於行業平均水平，僅佔總訂單的9.3%，因為我們繼續受益於多元化的消費者基礎、嚴格的資格預審以及每戶54,000 美元的有意義的平均客戶押金。

SG&A as a percentage of home closings revenue was 9.8%, down from 10.4% a year ago.

SG&A 佔房屋成交收入的百分比為 9.8%，低於一年前的 10.4%。

For the year, we continue to expect an SG&A ratio in the high 9% range.

今年，我們預計 SG&A 比率將繼續保持在 9% 的高點。

During the quarter, financial services revenue was $50 million with a gross margin of 45%, up from $40 million and 42.2% a year ago.

本季度，金融服務收入為 5,000 萬美元，毛利率為 45%，高於一年前的 4,000 萬美元和 42.2%。

Driving these results, our financial services team achieved another exceptional capture rate of 88%, reflecting the success of its effective incentive tools, strong customer service, and close partnership with our homebuilding teams.

在這些成果的過程中，我們的金融服務團隊再次取得了 88% 的優異捕獲率，這反映出其有效的激勵工具、強大的客戶服務以及與我們的住宅建築團隊密切合作的成功。

In the third quarter, our buyers financed by Taylor Morrison Home Funding had an average credit score of 754, down payment of 23% and household income of $180,000.

第三季度，由泰勒莫里森家庭融資 (Taylor Morrison Home Funding) 資助的買家的平均信用評分為 754，首付為 23%，家庭收入為 180,000 美元。

Turning now to our balance sheet, we ended the quarter with liquidity of approximately $1.2 billion.

現在來看我們的資產負債表，本季末我們的流動資金約為 12 億美元。

This included $256 million of unrestricted cash and $946 million of available capacity on our revolving credit facility, which was undrawn outside normal course letters of credit.

其中包括 2.56 億美元的無限制現金和 9.46 億美元的循環信貸額度可用能力（在正常信用狀之外未提取）。

Our net homebuilding debt to capitalization ratio was 22.5%, and our next senior note maturity is not until 2027, providing us with financial flexibility.

我們的淨住宅建築債務與資本比率為 22.5%，我們的下一個優先票據到期日要到 2027 年，這為我們提供了財務靈活性。

We expect to end the year with a net homebuilding debt to capitalization ratio of around 20%.

我們預計到年底房屋建築淨債務與資本比率將達到 20% 左右。

During the quarter, we repurchased 1 million shares of our common stock outstanding for $61 million bringing our year-to-date investment to 4.2 million shares and $258 million.

本季度，我們以 6,100 萬美元回購了 100 萬股已發行普通股，使我們年初至今的投資達到 420 萬股和 2.58 億美元。

This leaves us on track to meet our target of repurchasing a total of approximately $300 million this year.

這使我們有望實現今年回購總額約 3 億美元的目標。

Based on our share repurchases completed and settled through the third quarter, we now expect our diluted shares outstanding to average 106 million in the fourth quarter and 107 million in the full year.

根據我們第三季完成和結算的股票回購，我們現在預計第四季攤薄後的流通股平均為 1.06 億股，全年為 1.07 億股。

As is our normal practice, this guidance does not reflect the potential of any future share repurchases that may occur over the remainder of the year.

按照我們的正常做法，本指引並不反映今年剩餘時間內可能發生的任何未來股票回購的潛力。

Our capital allocation priorities include investing in our business, maintaining a strong liquidity position, and returning excess capital to our shareholders in the form of share repurchases, all with a focus on generating attractive returns on our equity and invested capital.

我們的資本配置優先事項包括投資於我們的業務、保持強勁的流動性狀況以及以股票回購的形式將多餘資本返還給我們的股東，所有這些都側重於為我們的股權和投資資本創造有吸引力的回報。

To that point, I am pleased to share that our Board of Directors recently authorized an increase in our share repurchase authorization up to $1 billion.

至此，我很高興地告訴大家，我們的董事會最近授權將我們的股票回購授權增加至 10 億美元。

This new authorization is effective through December 31, 2026.

這項新授權的有效期限至 2026 年 12 月 31 日。

As this expanded authorization suggests, we remain strongly committed to taking advantage of our healthy cash generation, which we continue to enhance with our asset-lighter land investment approach to repurchase our shares in an increasingly programmatic manner.

正如此次擴大授權所表明的那樣，我們仍然堅定地致力於利用我們健康的現金產生能力，我們將繼續透過輕資產土地投資方式以越來越有計劃的方式回購我們的股票來增強這種現金產生能力。

Now I will turn the call back over to Sheryl.

現在我將把電話轉回謝麗爾。

Thank you, Curt.

謝謝你，柯特。

To wrap up, let me emphasize that our strong third-quarter results, including our better-than-expected closings volume, healthy sales, and strong and steady gross margin are a testament to the benefits of our diversified consumer and geographic strategy.

最後，我要強調的是，我們強勁的第三季業績，包括好於預期的成交量、健康的銷售以及強勁而穩定的毛利率，證明了我們多元化的消費者和地理策略的好處。

While the macro backdrop remains choppy with headwinds from interest rates, the upcoming election and broader economic unknowns weighing on consumers' confidence and sense of urgency, we believe we are well positioned to continue to take advantage of what is still an undeniably strong underlying need for new construction.

儘管宏觀背景因利率阻力、即將舉行的選舉和更廣泛的經濟未知因素而影響消費者的信心和緊迫感，但仍然不穩定，但我們相信，我們處於有利地位，可以繼續利用不可否認的強勁潛在需求新建築。

As we shared, we are not experiencing meaningful competition from resale listings nor has homeowners' insurance become a significant impediment for our buyers, although we will continue to closely monitor these issues and adjust as necessary.

正如我們所分享的，我們沒有經歷來自轉售房源的有意義的競爭，房屋保險也沒有成為我們買家的重大障礙，儘管我們將繼續密切關注這些問題並根據需要進行調整。

We have long invested in core locations that are designed and underwritten to meet the needs of our customers with product offerings and pricing strategies that ensure our sales paces, pricing, and incentives are appropriately aligned to optimize our margins and, ultimately, returns.

我們長期投資於核心地點，這些地點的設計和承保旨在滿足客戶的需求，提供產品和定價策略，確保我們的銷售節奏、定價和激勵措施適當協調，以優化我們的利潤並最終提高回報。

As always, our approach is refined at the community level.

一如既往，我們的方法在社區層面進行了完善。

As we wrap up 2024, our results are tracking firmly ahead of our expectations coming into the year with strong upside to our closings and gross margin.

在 2024 年即將結束之際，我們的業績堅定地超越了我們對這一年的預期，我們的營業額和毛利率都有強勁的上升空間。

And I'm confident that the positive momentum will continue into 2025 and beyond based on our land pipeline that is concentrated in quality locations meant to perform through the ebbs and flows of housing cycle.

我相信，基於我們的土地儲備，積極的勢頭將持續到 2025 年及以後，這些土地儲備集中在優質地點，旨在應對住房週期的潮起潮落。

With that, I'd like to share my appreciation to each of our homebuilding and financial service team members for another outstanding quarter.

在此，我想向我們的每一位住宅建築和金融服務團隊成員表示感謝，感謝他們又一個出色的季度。

For those directly impacted by the hurricanes, I am especially thankful for your efforts to keep each other, our customers, and our communities safe, all while still delivering outstanding results.

對於那些直接受到颶風影響的人們，我特別感謝你們為確保彼此、我們的客戶和社區的安全所做的努力，同時仍然取得了出色的成果。

The generosity and tenacity of our team never ceases to amaze me.

我們團隊的慷慨和堅韌始終令我驚嘆不已。

Now let's open the call to your questions.

現在讓我們開始回答您的問題。

Operator, please provide our participants with instructions.

操作員，請向我們的參與者提供指示。

(Operator Instructions) Trevor Allinson, Wolfe Research.

（操作員說明）Trevor Allinson，Wolfe Research。

We are going to move on to the next question.

我們將繼續討論下一個問題。

Trevor, if you can resubmit a question, we can get around to answering it.

Trevor，如果您可以重新提交問題，我們可以抽出時間來回答。

Michael Rehaut, JPMorgan.

麥可雷豪特，摩根大通。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

First, I'd love to dive into the comments you've made so far around competition and incentives.

首先，我很想深入探討您迄今為止就競爭和激勵措施發表的評論。

And the results that you were able to post this quarter and guide for the next quarter so far is in pretty good contrast to most builders that have reported so far and even last month in terms of seeing fewer incentives during the quarter and really not kind of -- we've heard, for example, yesterday, one of your peers talk about increased competition in Texas.

到目前為止，您本季發布的結果和下一季度的指南與迄今為止甚至上個月報告的大多數建築商形成了鮮明對比，因為本季度的激勵措施較少，而且確實不太好。 —例如，我們昨天聽到一位同行談論德克薩斯州的競爭加劇。

So I'd love to understand, number one, where your incentive levels are, where they were, let's say, at quarter end versus at the beginning of the quarter of the third quarter, how that's trended.

所以我很想了解，第一，你的激勵程度在哪裡，比方說，在季度末與第三季初相比，它們的趨勢如何。

And specifically in Florida and Texas, you alluded to the higher inventory and the fact that a lot of that really doesn't compete directly, but you still have sizable positions in a lot of key markets that have experienced some increased incentives.

特別是在佛羅裡達州和德克薩斯州，您提到庫存較高，而且其中許多實際上並不直接競爭，但您在許多關鍵市場中仍然擁有相當大的地位，這些市場經歷了一些增加的激勵措施。

And I just wanted to dig down a little bit in terms of even if your product doesn't compete directly, the differences that have allowed what appears to be your incentive levels holding or even maybe declining a little bit.

我只是想深入挖掘一下，即使你的產品不直接競爭，差異也使得你的激勵水平保持不變，甚至可能略有下降。

Okay, Mike, I think you threw about a half dozen questions in there, but I'm going to -- maybe the best way to go about it is -- and I appreciate the question, I really do, is maybe to take a little spin, maybe I'll start kind of macro and then take a little spin around the country for you.

好吧，麥克，我想你在那裡提出了大約六個問題，但我要——也許最好的方法是——我很欣賞這個問題，我真的很欣賞，也許是採取一個稍微旋轉一下，也許我會開始某種宏觀，然後為您在全國各地旋轉一下。

But I think you need to ground ourselves even though there's a lot of noise that we see in headlines that we still are truly working on an undersupplied environment.

但我認為你需要腳踏實地，儘管我們在頭條新聞中看到很多噪音，表明我們仍然真正在供應不足的環境中工作。

And we are seeing resale inventory down compared to what we saw in the first of the year, and I'll let Erik jump in just a moment and talk through that in a little bit more detail.

與今年第一年相比，我們看到轉售庫存有所下降，我會讓 Erik 插話一下，更詳細地討論一下這個問題。

But when I look at our markets, on average, we're still seeing -- our particular submarkets, we are seeing a reduction compared to the national averages.

但當我觀察我們的市場時，平均而言，我們仍然看到——我們的特定子市場，與全國平均水平相比，我們看到了下降。

And then as Erik said, as you get deeper, it even becomes more of a reduction.

然後正如埃里克所說，當你變得更深入時，它甚至會變得更加減少。

I also think you have to look at the average resale inventory, Mike, and it's significantly older than obviously and has a different set of challenges than what consumers are able to get in the new home market, and we're just seeing a strong preference for new.

我還認為你必須看看平均轉售庫存，邁克，它的歷史比顯然要老得多，並且與消費者在新房市場上能夠獲得的挑戰相比面臨著一系列不同的挑戰，而且我們只是看到了強烈的偏好對於新的。

But as I think about and walk across the country, I'll start in Florida because that seems to be where many questions are lying.

但當我思考並走遍全國時，我將從佛羅裡達州開始，因為那裡似乎是許多問題所在。

And we talked a lot about the hurricanes, so I don't think I need to spend more time there.

我們談論了很多關於颶風的事情，所以我認為我不需要在那裡花更多時間。

But when I look at just pace, some of our highest paces in the portfolio, we're actually in Florida.

但當我只看速度時，我們投資組合中的一些最高速度，我們實際上是在佛羅裡達州。

I'll point to Orlando and Tampa that are strongly above our company averages.

我會指出奧蘭多和坦帕的表現遠高於我們公司的平均水平。

Orlando continues to be a very strong first-time market for us.

對我們來說，奧蘭多仍然是一個非常強大的首次市場。

When I think about Naples, we had very strong community growth.

當我想到那不勒斯時，我們的社區發展非常強勁。

We had more than 30% sales growth and one of our strongest margins in the country.

我們的銷售額成長超過 30%，是全國利潤率最高的公司之一。

Tampa had also, like I said, strong paces, but community down -- community count down a bit.

正如我所說，坦帕也有強勁的步伐，但社區下降了——社區倒數有點減少。

So sales were modestly down but also very high margins above company average.

因此，銷售額略有下降，但利潤率也高於公司平均。

And interestingly enough, with that sales success, Tampa doesn't benefit from the same active adult penetration that we see in other parts of Florida.

有趣的是，隨著銷售的成功，坦帕並沒有像我們在佛羅裡達州其他地區看到的那樣受益於成人的活躍滲透。

So very exciting.

非常令人興奮。

Sarasota, also very strong sales in what I would consider a nonseasonal part of the year.

薩拉索塔的銷售也非常強勁，我認為這是一年中的非季節性部分。

So very committed buyers, low cancellations, discounts down significantly from back prior quarters and tied with Naples with one of our highest margins.

買家非常忠誠，取消訂單率低，折扣比前幾季大幅下降，與那不勒斯並列，是我們利潤率最高的地區之一。

Jacks, a growing business for us, so not getting the benefits of scale yet, but delighted with the land pipeline that we see coming to market, likely be one of our highest growing businesses next year.

Jacks 對我們來說是一項不斷成長的業務，因此尚未獲得規模效益，但對我們看到進入市場的陸地管道感到高興，可能會成為我們明年成長最快的業務之一。

If I move to Texas, despite Austin's news, I think the team has done a tremendous job.

如果我搬到德克薩斯州，儘管有奧斯汀的消息，我認為團隊已經做得非常出色。

Sales were up nearly 20%.

銷售額成長了近 20%。

Absorptions were up nearly 30%.

吸收率增加了近 30%。

Closing is up, margin performance just under the company average in that competitive environment.

收盤價上升，利潤率表現略低於公司在競爭環境下的平均。

So I actually think the market has adjusted really well.

所以我實際上認為市場已經調整得很好。

And it's always been a strong market for us.

對我們來說，這一直是一個強大的市場。

It's certainly gone through a reset, but I expect that returns.

它肯定經歷了重置，但我希望它能回歸。

Dallas, a whole new business for us with outsized growth this year and continue to expect that in the coming years, nearly a doubling in size year over year for us this year.

達拉斯，對我們來說是一個全新的業務，今年將實現大幅增長，並繼續預計在未來幾年中，我們今年的規模將同比增長近一倍。

And just given the size and strength of the Dallas market, I'm excited about the growth there, allowing us to compete with, I would say, at a very different level.

考慮到達拉斯市場的規模和實力，我對那裡的成長感到興奮，我想說，這使我們能夠在一個非常不同的水平上競爭。

And if I round out Texas with Houston, another great story.

如果我和休士頓一起完成德州的比賽，那就是另一個偉大的故事了。

We've been talking about the repositioning of that market, self-developed lots, ASP down for us in Houston about $100,000, probably the most meaningful reposition in the company.

我們一直在談論該市場的重新定位，自主開發的地塊，我們在休士頓的平均售價下降了約10萬美元，這可能是該公司最有意義的重新定位。

But our paces are up significantly, and our discounts are down about 50% year over year.

但我們的步伐顯著加快，而且我們的折扣同比下降了約 50%。

Mike, I don't have the data specifically to look at discounts through the quarter.

麥克，我沒有專門查看整個季度折扣的數據。

As we did talk about, September was our strongest month from a sales standpoint.

正如我們所討論的，從銷售的角度來看，九月是我們最強勁的月份。

Let me just round out the country really quickly, and then I'll make a couple of comments on affordability.

讓我快速地概述一下這個國家，然後我將對負擔能力發表一些評論。

Southeast, Charlotte, one of our strongest paces in the country and the highest margin in the country; followed by Raleigh, also with strong paces, margins and growth this year, about 30%.

東南部，夏洛特，是我們在全國最快的步伐之一，也是全國最高的利潤率；其次是羅利，同樣步伐強勁，今年的利潤率和成長率約為 30%。

And Atlanta, another great market for us where we've really positioned strong community count growth and our highest orders growth in the organization.

亞特蘭大是我們的另一個巨大市場，我們確實在該市場實現了強勁的社區數量增長和組織中最高的訂單增長。

I said it from my prepared remarks that West was mixed.

我從我準備好的發言中可以看出，韋斯特的心情好壞參半。

And I think that's a fair comment.

我認為這是一個公平的評論。

Phoenix remains very strong.

鳳凰依然很強大。

Pace is strong, discounts down, really the strongest margin we've seen there in a couple of years.

步伐強勁，折扣下降，確實是我們幾年來見過的最強勁的利潤率。

If I go to California quickly, similar commentary for Bay and Sacramento to Phoenix, both very, very steady.

如果我很快就去加利福尼亞州，海灣和薩克拉門托到菲尼克斯的類似評論，都非常非常穩定。

Southern California, I'd probably point that out to be one of the more competitive land markets we've seen.

我可能會指出，南加州是我們見過的最具競爭力的土地市場之一。

And that market just has always run a little bit more hand to mouth for us.

對我們來說，這個市場總是更勉強糊口。

I would say Denver and Pac Northwest, a little bit more impacted by inventory, probably two of our most rate-sensitive markets, but I'm encouraged by the traction.

我想說的是丹佛和太平洋西北地區，受庫存影響更大一些，可能是我們對利率最敏感的兩個市場，但我對這種吸引力感到鼓舞。

Seattle is a healthy market; we just wish we had more communities open.

西雅圖是一個健康的市場；我們只是希望有更多的社區開放。

And I'll finish up with Vegas, very steady.

我將以維加斯結束，非常穩定。

That's an interesting market for us where we've had this very large old William Lyon asset in Pahrump.

這對我們來說是一個有趣的市場，我們在帕朗擁有這個非常大的舊威廉里昂資產。

And it's been dragging the business down for a number of years, but the team has repositioned that.

多年來，它一直拖累業務，但團隊已經重新定位。

And we've really found good traction, which has really changed the trajectory of that business.

我們確實發現了良好的吸引力，這確實改變了該業務的發展軌跡。

And then I'll finish up with our newest market being Indy.

最後我將介紹我們最新的市場是印地。

As you would expect, right after we acquired, a little bit slow as we got -- worked our way through integration, but quickly the team getting real traction.

正如你所期望的，在我們收購之後，雖然我們的速度有點慢，但我們很快就透過整合完成了工作，但團隊很快就獲得了真正的吸引力。

I'm very excited about our team there, continue to see opportunities on the land front.

我對我們在那裡的團隊感到非常興奮，並繼續在陸地上看到機會。

And as we initially shared, we couldn't be more excited with just the entry.

正如我們最初分享的那樣，我們對這個條目感到非常興奮。

It's one of our lowest ASP markets, and so we think it really positions the company really, really well.

這是我們平均售價最低的市場之一，因此我們認為這確實為公司帶來了非常非常好的定位。

And then maybe the last comment, and I'll finish up, Mike, is you asked about just incentives and rates.

也許最後一個評論，麥克，我會結束，你問的只是激勵措施和費率。

And I think everyone understands where we are from a market standpoint and what's happened to rates and the volatility we've seen.

我認為每個人都從市場的角度了解我們所處的位置以及我們所看到的利率和波動性發生了什麼。

But actually, when I look at where we are today, and I look at the impact of our incentives and our ability to serve our consumers with what I would call very proprietary strategy on really personalizing the needs on an individual basis, I really think that's what you're seeing in the impact on our margin.

但實際上，當我看到我們今天所處的位置時，當我看到我們的激勵措施的影響以及我們透過我所說的非常專有的策略來服務消費者的能力時，我真的認為這就是您所看到的對我們利潤的影響。

We use forward commitments and similar tools to benefit our customers.

我們使用前瞻性承諾和類似工具來使我們的客戶受益。

But we do it on a very personalized level.

但我們在非常個人化的層面上做到這一點。

So it can be not just for a spec that needs to close in 30 or 45 days, but it can be on a to-be-built that might not close for six or seven months.

因此，它不僅適用於需要在 30 或 45 天內完成的規範，而且還可以適用於可能需要六到七個月才能完成的待建項目。

And our toolbox just has a plethora of programs.

我們的工具箱裡有太多的程式。

But as I said, the proof is in the margin because when I look at the average cost of those, what I call, very expensive forward commitments.

但正如我所說，證據就在邊際上，因為當我看到這些的平均成本時，我稱之為非常昂貴的遠期承諾。

Honestly, when I put it across the business for the quarter, the impact of those forward commitments was only about 1 point in a quarter, very similar to what we've seen in past quarters.

老實說，當我將其放在整個季度的業務中時，這些前瞻性承諾的影響在一個季度中僅約為 1 個百分點，與我們在過去幾個季度中看到的非常相似。

So I'll stop there.

所以我就到此為止。

Hopefully, I got to all of your questions.

希望我能回答你所有的問題。

That was fantastic, Sheryl.

太棒了，謝麗爾。

I appreciate it.

我很感激。

And one of my New Year resolutions coming up will be to be a little more succinct in my questions.

我即將提出的新年決心之一就是讓我的問題更加簡潔。

Just secondly, I appreciated the highlighting of your relationship with Kennedy Lewis.

其次，我很欣賞你與甘迺迪‧劉易斯的關係。

I know those guys well.

我很了解那些人。

I was wondering if you could step back and just review where you are in the lot optioning journey.

我想知道您是否可以退後一步，回顧一下您在地段選擇過程中的位置。

How any growing impact with Kennedy Lewis or other land bankers will impact your margins and returns over the next, let's say, three years and what you're expecting from incremental cash flow generation.

甘迺迪劉易斯或其他土地銀行家的任何日益增長的影響將如何影響您在未來（比如說三年）的利潤和回報，以及您對增量現金流產生的期望。

Yeah.

是的。

Hey, Mike, it's Erik.

嘿，麥克，我是艾瑞克。

Happy to take that.

很高興接受。

And yes, as I mentioned, we've added the field, and Kennedy Lewis is a well-respected and good firm that we feel comfortable with.

是的，正如我所提到的，我們已經增加了這個領域，而甘迺迪劉易斯是一家備受尊敬的優秀公司，我們對此感到滿意。

And I appreciate your framing of the question in that it has been an evolution.

我很欣賞你提出的問題，因為它是一種演變。

As we acquired companies, if you take a step back to, I think, 2019, our percent control was all the way down to 21%-ish.

當我們收購公司時，如果你退一步看，我想，2019 年，我們的控制權百分比一路下降到 21% 左右。

And so we worked really hard to drive that up to where it is today at 58% and looking to continue to climb that up to at least 60% to 65%.

因此，我們非常努力地將其提升至今天的 58%，並希望繼續攀升至至少 60% 至 65%。

Well, we'll call the ball as it evolves.

好吧，我們會隨著球的發展而稱其為“球”。

In terms of cost, we are really mindful in being somewhat surgical in the application of land banking to the right deals.

就成本而言，我們確實非常注意在將土地儲備應用於正確的交易時採取某種手術方式。

And when we do that, we did have a prior vehicle that one, the trade-off between margin and return for everything with the net vehicle averaged about 175 basis points of margin impact for about a 6% lift in return.

當我們這樣做時，我們確實有一個先前的工具，對於所有淨工具，利潤率和回報之間的權衡平均對利潤率產生約 175 個基點的影響，回報率提高約 6%。

The cost of this just given interest rates is slightly higher.

考慮到利率，這樣做的成本略高。

And so we do expect the margin impact to be slightly higher, still under 2% for the assets being deployed, but still a really good turn in terms of kind of a 3.5x in terms of return benefit.

因此，我們確實預期利潤率影響會略高，對於正在部署的資產而言仍低於 2%，但就回報效益而言，這仍然是一個非常好的轉變，達到 3.5 倍。

So as you think about that blending into the business, obviously, that's not going to hit the entire business, but just the proportion of land banking.

因此，當你考慮融入業務時，顯然，這不會影響整個業務，而只會影響土地儲備的比例。

Today, the percent of control, that's kind of rolling through land banking is 20%.

如今，土地儲備的控制比例為 20%。

That probably will elevate a little bit.

這可能會提升一點。

But you can kind of see how that would blend into the business over time.

但隨著時間的推移，你可以看到這將如何融入業務。

Great.

偉大的。

Thanks so much.

非常感謝。

Thanks, Mike.

謝謝，麥克。

Trevor Allinson, Wolfe Research.

特雷弗·阿林森，沃爾夫研究中心。

Hi.

你好。

Good morning.

早安.

Can you hear me?

你聽得到我嗎？

Yes, we sure can, Trevor.

是的，我們當然可以，特雷弗。

Good morning.

早安.

Okay.

好的。

Great, thank you.

太好了，謝謝。

Appreciate it.

欣賞它。

Thank you for taking my question.

感謝您回答我的問題。

First, just wanted to ask a question about consumer segments moving forward.

首先，我想問一個有關消費者細分市場未來發展的問題。

I think you guys talked about the benefits of your more balanced portfolio.

我想你們談論了更平衡的投資組合的好處。

And if we look at consensus for next year for mortgage rates, they're still to move below 6% in 2025 to help with affordability, but then you also have potential for rate lock to loosen to some degree.

如果我們看看明年抵押貸款利率的共識，到 2025 年，抵押貸款利率仍將降至 6% 以下，以幫助提高負擔能力，但利率鎖定也有可能在一定程度上放鬆。

Current homeowners have very healthy equity positions.

目前的房主擁有非常健康的資產狀況。

So just given your more balanced approach in that environment, which consumer segment do you think would perform best?

那麼，考慮到您在這種環境下採取的更加平衡的方法，您認為哪個消費者群體表現最好？

Which will perform best?

哪一個表現最好？

I thought you were going to a different place, what will our balance look like.

我以為你要去一個不同的地方，我們的平衡會是什麼樣子。

Actually, I have confidence, I think, for different reasons in each of the groups.

事實上，我認為，出於不同的原因，我對每個群體都有信心。

If I think about the first timers, Trevor, obviously, as rates -- it's the largest population, right?

如果我考慮第一次來者，特雷弗，顯然，作為比率 - 這是最大的人口，對吧？

And as rates continue to moderate, I think it really helps that consumer.

隨著利率繼續放緩，我認為這確實對消費者有幫助。

I mean today, the affordability issues with this consumer are real.

我的意思是，今天，這個消費者的負擔能力問題是真實存在的。

And the differential that we're seeing between -- for that consumer rent versus a purchase is fairly significant.

我們看到消費者租金與購買之間的差異相當大。

So I think as we can bridge that gap, I think that will only continue to bring more of that consumer to the market.

因此，我認為，當我們能夠彌補這一差距時，我認為這只會繼續將更多的消費者帶入市場。

Those same -- there's a slightly different dynamic for the move-up.

那些相同的——升級的動力略有不同。

I think as the market improves, I think if the move-up consumer today has any challenges.

我認為隨著市場的改善，我認為今天的升級消費者是否會遇到任何挑戰。

It's about making sure they can sell their existing home to qualify for the new home.

這是為了確保他們可以出售現有房屋以獲得購買新房子的資格。

So I think, once again, as rates move down, it helps that consumer.

因此，我再次認為，隨著利率下降，這對消費者有幫助。

And the active adult just doesn't have that same concern about rate.

而活躍的成年人則不會同樣擔心頻率。

It's more about lifestyle, where they want to live, how they want to live, and making sure they can get what they need.

這更多的是關於生活方式，他們想要住在哪裡，他們想要如何生活，並確保他們能夠得到他們需要的東西。

So assuming markets stay steady, I expect that consumer to continue on.

因此，假設市場保持穩定，我預期消費者將繼續消費。

In fact, you'll continue to see our portfolio across the country, including more of our Esplanade active adult physicians.

事實上，您將繼續在全國各地看到我們的產品組合，包括更多我們在濱海藝術中心活躍的成年醫生。

But I don't know that I could prioritize one.

但我不知道我可以優先考慮其中一個。

Erik, Curt, do you feel any different?

艾瑞克、柯特，你們感覺有什麼不同嗎？

No.

不。

No.

不。

We like the blend and the diversified portfolio and so

我們喜歡混合和多元化的投資組合，所以

--

--

Okay.

好的。

Okay.

好的。

Yeah, makes a lot of sense.

是的，很有道理。

And then thinking about your current inventory levels, I think you mentioned 623 completed specs.

然後考慮您目前的庫存水平，我認為您提到了 623 個已完成的規格。

I think that gets you to about 1.8 per community.

我認為這會讓每個社區大約 1.8 個。

And I think last quarter, you were more like 1.4.

我認為上個季度，你更像是 1.4。

Can you just talk about how you feel about your current completed inventory levels, especially in a more volatile interest rate environment that we're at right now?

您能否談談您對目前已完成庫存水準的看法，特別是在我們目前所處的利率更加波動的環境下？

do you expect keep a similar level of completed inventory here moving forward?

您預計未來這裡的已完成庫存會維持類似水準嗎？

Thanks.

謝謝。

Yeah, Trevor, I can take that one.

是的，特雷弗，我可以接受。

Yeah, we're right at about 1.8 for the quarter.

是的，本季我們的估值約為 1.8。

And so when we look at kind of our total spec kind of sales velocity relative to to-be-built, we're hovering right around that 50% to 60% range here in the last several quarters.

因此，當我們查看相對於待建產品的總規格銷售速度時，我們在過去幾季徘徊在 50% 到 60% 的範圍內。

So when we think about that, coupled with the fact that our overall inventory as a percentage of our units under construction is still below 40% and plus with the fact that the entry level is still a third of our business, we still feel real good about that 1.8. And I expect us to kind of hover around that.

因此，當我們考慮到這一點，再加上我們的整體庫存佔在建單位的百分比仍低於 40%，再加上入門級仍占我們業務的三分之一，我們仍然感覺非常好大約1.8 。我希望我們能圍繞著這個問題徘徊。

That might ebb and flow based on what we see from a cycle time improvement perspective.

根據我們從週期時間改進的角度看到的情況，這種情況可能會起起落落。

But generally speaking, at the 1.8, we're comfortable based on the trajectory of the business, and what we're seeing from a spec to to-be-built kind of ratio.

但總的來說，根據業務的發展軌跡以及我們從規格到待建的比率所看到的情況，我們對 1.8 感到滿意。

And the fact that the entry-level consumer is going to be part of our business on that consistent kind of third part of the pie, so to speak.

事實上，可以這麼說，入門級消費者將成為我們業務的一部分，並始終佔據蛋糕的第三部分。

Yeah.

是的。

And the only thing I'd add, Trevor, which I think is kind of exciting, is when we used to talk about specs, we fully focus them on the first-time buyer.

Trevor，我唯一要補充的是，我認為這有點令人興奮，當我們過去談論規格時，我們完全將注意力集中在首次購買者身上。

Today, our specs in the quarter, 75% of our specs of our first-time buyers bought a spec.

今天，我們的規格在本季度中，我們的規格中有 75% 的首次購買者購買了規格。

So 25% still bought it to-be-built.

所以 25% 的人還是買了待建的物品。

It actually flips on its head when you think of the active adult, which used to be all to-be-built.

當你想到活躍的成年人時，它實際上會翻轉過來，而這在過去都是待建造的。

But since we moved to our Canvas program, and we're able to put these really nice, curated packages together for the consumer that mirrors what they would do, we've seen a pickup there.

但自從我們轉向 Canvas 計劃以來，我們能夠為消費者提供這些非常好的、精心策劃的套餐，反映他們會做什麼，我們已經看到了那裡的情況。

So 37% of our active adult sales in the quarter were spec.

因此，本季我們活躍的成人產品銷售額中有 37% 是規格產品。

So as we're seeing this meaningful shift in spec purchases, it's really helpful to have this inventory.

因此，當我們看到規格購買方面發生這種有意義的轉變時，擁有這些庫存確實很有幫助。

Having said that, I think one of the strengths that we saw across many of our markets was to have that choice of to-be-built.

話雖如此，我認為我們在許多市場中看到的優勢之一就是可以選擇建造。

I look at a market like Phoenix, where 75% or 80% of our sales came through to-be-built.

我觀察了像鳳凰城這樣的市場，我們 75% 或 80% 的銷售額來自待建市場。

So it's really that strategy of being able to provide by consumer set exactly what they need.

因此，這實際上是一種能夠由消費者準確地提供他們所需要的東西的策略。

And to your point on the consumer, Sheryl, we do ask the buyers, why did they ultimately buy the spec home.

對於您關於消費者的觀點，謝麗爾，我們確實詢問買家，為什麼他們最終購買了規格房屋。

And about half say, it was because they simply like the home and home site, and so there wasn't kind of a disproportionate requirement for incentive.

大約一半的人說，這是因為他們只是喜歡家庭和家庭網站，所以沒有不成比例的激勵要求。

It was as we built the right thing for them.

這是因為我們為他們打造了正確的東西。

So we do look for that percentage to approximate our spec.

所以我們確實尋找這個百分比來接近我們的規格。

Which is great.

這太棒了。

All right.

好的。

Thank you.

謝謝。

That was all very helpful, and good luck moving forward.

這一切都非常有幫助，祝你好運。

Thank you.

謝謝。

(Operator Instructions) Matthew Bouley, Barclays.

（操作員說明）Matthew Bouley，巴克萊銀行。

Good morning, everyone.

大家早安。

Thanks for taking the questions.

感謝您提出問題。

I wanted to go back to the question around incentives.

我想回到關於激勵的問題。

Because as you mentioned, the pricing resiliency of your portfolio being the diversity of the portfolio has kind of stood out relative to what's been more volatile industry margins.

因為正如您所提到的，您的投資組合的定價彈性（即投資組合的多樣性）相對於波動性更大的行業利潤率來說有點突出。

I think, Sheryl, you mentioned the ability to personalize individually is helping there.

我想，謝麗爾，你提到個人化的能力對此有幫助。

But I just wanted to dig in a little bit more because it seems like what happened with your incentives is a little bit different than what we've seen from your peers.

但我只是想深入了解一下，因為你們的激勵措施似乎與我們從你們同行那裡看到的東西有些不同。

So I guess the question is if there's kind of a more forward look on incentives, maybe what are you seeing around new orders coming in, relative to your prior closings?

所以我想問題是，是否有一種更具前瞻性的激勵措施，也許相對於之前的訂單，您對新訂單的看法如何？

Is there any way to think about maybe early 2025, if there's still some more incentives to kind of flow through there?

有沒有辦法考慮到 2025 年初，是否有更多的激勵措施讓人們流向那裡？

Or just any more color on sort of what's different with what you guys are doing versus what we're seeing elsewhere.

或者只是更多地說明你們正在做的事情與我們在其他地方看到的事情的不同之處。

Thank you.

謝謝。

Well, I appreciate the recognition.

嗯，我很感激你的認可。

I really do, Matt.

我真的願意，馬特。

It's interesting because obviously, we've seen over the last few weeks, we've seen a lot of noise around incentives going up.

這很有趣，因為顯然，我們在過去幾週看到了很多關於激勵措施上升的噪音。

When I look at our incentives in the quarter on our closings, it was actually the lowest quarter of incentives we've had in about two years.

當我查看本季關閉時的激勵措施時，這實際上是我們大約兩年來激勵措施最低的季度。

And without being really, really redundant, I do recognize the affordability issues out there.

雖然並不是真的多餘，但我確實認識到負擔能力問題。

But when I look at our buyer sets, I look at the credit metrics, I look at their financial situation, it remains really healthy and actually better than any quarter we've seen in the last year.

但當我查看我們的買家群體、信用指標、他們的財務狀況時，我發現它仍然非常健康，實際上比我們去年看到的任何季度都要好。

When I look at the cushion, I've talked about for a number of years, the cushion of great impact for both our conventional FHA buyers.

當我看到這個緩衝墊時，我已經談論了很多年，這個緩衝墊對我們傳統的 FHA 買家都有很大的影響。

It's as wide as we've seen in the last five or six quarters.

這是我們在過去五、六個季度看到的最寬的範圍。

And our rate that we actually qualified and completed the transaction on for our consumers as rate was down for both FHA and conventional buyers.

我們實際上為消費者提供了合格並完成交易的利率，因為聯邦住房管理局和傳統買家的利率都下降了。

I'm not running from the affordability issues because there are challenges for first-time buyers, and it's not just rate, it's not just price.

我不會逃避負擔能力問題，因為首次購屋者面臨挑戰，這不僅僅是利率，不僅僅是價格。

It's -- they don't have equity to bring to the table.

這是──他們沒有足夠的權益可以拿到談判桌上。

They don't have savings, just the general inflation in life, and it's real.

他們沒有儲蓄，只有生活中普遍的通貨膨脹，而且這是真實存在的。

But without being redundant, the ability that we have to separate ourselves with our proprietary strategy on personalizing the needs allows us to use these buydowns differently.

但在不多餘的情況下，我們必須將自己與個人化需求的專有策略區分開來，這使我們能夠以不同的方式使用這些購買。

And I think it's really showing up in our results and in our margin.

我認為這確實體現在我們的業績和利潤中。

And so do I expect some fluctuation from quarter-to-quarter if rates move?

那麼，如果利率發生變化，我預計每季都會出現一些波動嗎？

I'm sure that's the case.

我確信情況就是如此。

I just don't expect it to be quite as dramatic as the range we're seeing across the marketplace.

我只是不認為它會像我們在市場上看到的那樣引人注目。

Okay.

好的。

No, that's great, and very helpful color there.

不，那太棒了，而且顏色非常有用。

And then maybe for my second one, I just wanted to touch on SG&A.

也許在我的第二個專案中，我只是想談談銷售、管理和行政費用 (SG&A)。

Just the guide for the year, you're talking to the high 9s, which is obviously pretty similar to what you did last year.

只是今年的指南，你正在談論高9，這顯然與你去年所做的非常相似。

Although you're growing revenues nicely this year.

儘管今年您的收入成長良好。

And presumably, that's probably around some of the new community openings and all that.

據推測，這可能與一些新的社區開放等有關。

So I'm just curious, as we think going forward, you're talking about the kind of 10% delivery growth beyond as we get past this year, should we start to look at maybe some more potential to find more leverage on that SG&A line given the growth outlook you've got?

所以我很好奇，正如我們所認為的那樣，今年我們將實現 10% 的交付成長，我們是否應該開始考慮更多的潛力，以在 SG&A 上找到更多的槓桿作用？您的路線是？

Thank you.

謝謝。

Yeah, Matt, I can take that.

是的，馬特，我可以接受。

Yeah, to your point, we are guiding still to the high 9% range this year.

是的，就你的觀點而言，我們今年的指導仍然是 9% 的高區間。

And while we haven't necessarily guided SG&A for next year at this point in time, but to your point, with that expected growth in the top line, we do expect to see improved leverage over time to kind of go along with that growth.

雖然我們目前還不一定指導明年的銷售、管理及行政費用，但就你的觀點而言，隨著收入的預期增長，我們確實預計隨著時間的推移，槓桿率會有所改善，以適應這種增長。

So because why growth, you're not going to find additional leverage in the business.

因此，因為成長，你不會在業務中找到額外的槓桿。

So that is definitely in our line of sight and stay tuned until next quarter.

因此，這絕對在我們的視線範圍內，敬請期待，直到下個季度。

We'll provide more detail specific to 2025 relative to that metric.

我們將提供 2025 年與該指標相關的更多詳細資訊。

Great.

偉大的。

Well, thanks, everyone, and good luck.

嗯，謝謝大家，祝你好運。

Thanks, Matt.

謝謝，馬特。

Mike Dahl, RBC.

麥克·達爾，加拿大皇家銀行。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

Sheryl, I appreciate all the commentary so far from you and the team.

謝麗爾，我感謝您和團隊迄今為止的所有評論。

Just specifically on October, since there are a lot of moving pieces around the storms and then this move in rates you characterize demand is healthy, but seasonal.

特別是在 10 月，因為風暴周圍有很多變化，那麼您所描述的需求率的變化是健康的，但季節性的。

Can you be more specific about the sales pace that you're seeing in October, just given some of the moves in rates and some things from peers looking a little bit softer?

考慮到價格的一些變動以及同行的一些看起來有點疲軟的情況，您能否更具體地介紹一下 10 月份的銷售速度？

Yeah, I can try.

是的，我可以嘗試。

The first week of the month, as you know, Mike, and as I mentioned in my prepared remarks, I mean, we had a number of communities without power, and we were closed.

正如你所知，麥克，這個月的第一周，正如我在準備好的發言中提到的，我的意思是，我們有許多社區斷電，而且我們關閉了。

So honestly, I've been more than pleased with the sales trajectory that we've seen.

老實說，我對我們所看到的銷售軌跡非常滿意。

I'm shock we were writing deals in Florida when our sales offices were closed, and we didn't have power.

令我震驚的是，當我們在佛羅裡達州簽訂交易時，我們的銷售辦事處關閉了，而且我們沒有電力。

And then when I look across the country, it's -- as I mentioned when I did my tour around the country, every deal, there's more competition out there.

然後，當我環顧全國時，正如我在全國巡迴演出時提到的那樣，每筆交易都會帶來更多競爭。

On the inventory side, consumers are calling.

庫存方面，消費者呼喚。

They're trying to understand what the rate opportunities are.

他們試圖了解利率機會是什麼。

I think we carry an advantage with our to-be-built across the country.

我認為我們在全國範圍內建設的項目具有優勢。

We're absolutely seeing that in our active adult positions.

我們在活躍的成人職位中絕對看到了這一點。

We're seeing it in markets like Phoenix, where it's a high percentage of our business.

我們在鳳凰城等市場看到了這種情況，它在我們的業務中所佔比例很高。

But having that choice for the consumer is keeping our paces, as I said, very consistent with seasonal trends.

但正如我所說，為消費者提供這種選擇使我們的步伐與季節性趨勢非常一致。

And honestly, given the impact of the storms and the lost days in the market, we're pleased, quite pleased.

老實說，考慮到風暴的影響和市場損失的日子，我們很高興，非常高興。

Good to hear.

很高興聽到。

And the second question is, I appreciate your comments around the insurance environment in Florida, which is obviously critical.

第二個問題是，我感謝您對佛羅裡達州保險環境的評論，這顯然至關重要。

I'm wondering, you guys do such extensive consumer research and mapping and sentiment work.

我想知道，你們做瞭如此廣泛的消費者研究、繪圖和情緒工作。

The other key thing is really like after a stretch of storms, not just can I afford it, can I get insured, but do I want to live here.

另一個關鍵的事情真的就像經歷了一段時間的暴風雨之後，不僅僅是我能負擔得起，我能得到保險，而且我想住在這裡嗎？

And so from that standpoint, in terms of desirability, is there anything you're working on in terms of trying to gauge whether or not you're seeing?

因此，從這個角度來看，就願望而言，您是否正在努力衡量您是否看到了？

I know it's maybe early, but is there something you're doing now or planning to do in terms of gauging any changes in consumer sentiment around desirability of some of these coastal markets that you guys have fairly meaningful exposure to?

我知道現在可能還為時過早，但是您現在正在做或計劃做一些事情來衡量消費者情緒的變化，以及你們對這些沿海市場的需求程度，你們對這些市場有相當大的接觸嗎？

Yeah.

是的。

Well, I'll just give you one quick stat, and I'll let Erik jump in because I appreciate your comments on the research, and I think you've got some really interesting stuff to share.

好吧，我只想給你一個快速的統計數據，我會讓艾瑞克插話，因為我很欣賞你對這項研究的評論，而且我認為你有一些非常有趣的東西可以分享。

But when I look at our overall insurance, and we looked at what have the increases our buyers have seen on new, it's just somewhere between 5%, 6% year-over-year increases.

但是，當我查看我們的整體保險時，以及我們的買家在新保險上看到的增幅時，發現同比增幅僅在 5% 至 6% 之間。

If you compare that to what's being seen in the resale market, that really led to our comments that it has not been an obstacle for our customers, and that would be inclusive of Florida.

如果您將其與轉售市場上的情況進行比較，我們會發現這確實對我們的客戶來說並沒有構成障礙，而且這也包括佛羅裡達州。

But I think some really interesting sentiment about what we see when these storms happen.

但我認為，當這些風暴發生時，我們會看到一些非常有趣的情緒。

Do you want to

你想要_____嗎

--

--

Yeah, I mean, Mike, every storm is different, and the impact is different, and we want to be sensitive to some of the things you see on TV and everything and what folks have gone through.

是的，我的意思是，麥克，每場風暴都是不同的，影響也不同，我們希望對你在電視上看到的一些事情、一切以及人們經歷過的事情保持敏感。

But we did, to your point, one of the things that we can look is the rearview mirror.

但就你的觀點而言，我們可以看到的事情之一就是後視鏡。

And so we found a study that, again, this isn't a predictor of the future.

因此，我們發現一項研究再次表明，這並不是未來的預測。

But it basically said that the historic population growth of Florida is, give or take, 2% over a number of decades, that relative to the US is kind of compared to kind of 0.5%.

但它基本上是說，佛羅裡達州的歷史人口成長率在幾十年內成長了 2%，相對於美國的 0.5% 左右。

So outsized growth in terms of population.

人口成長如此之快。

But what happens to that growth in a year after a major storm?

但大風暴過後的一年裡，這種成長會發生什麼變化呢？

And the year after a major storm, that kind of 2% growth rate goes to 1.7%.

一場大風暴過後的第二年，2% 的成長率將達到 1.7%。

So it does dip but still significantly greater than kind of the US average and then to kind of bounce back to a normalization.

因此，它確實有所下降，但仍明顯高於美國平均水平，然後反彈至正常化。

And so again, I want to be sensitive to the impacts, and every storm is different, and we'll continue to monitor it.

再說一次，我想對影響保持敏感，每次風暴都是不同的，我們將繼續監測它。

But from a rearview mirror perspective, it does seem like if you move to Florida, you kind of understand.

但從後視鏡的角度來看，如果你搬到佛羅裡達，你似乎確實能理解。

I'd also highlight that new construction is superior to resale, both from a flood perspective as well as wind perspective.

我還想強調的是，無論是從洪水的角度還是從風的角度來看，新建築都優於轉售。

And where we build particularly doesn't tend to be exactly on the coast where some of these -- where you see some of the bad video coming through.

我們特別建造的地方往往並不恰好位於其中一些地方的海岸上——在那裡你會看到一些糟糕的影片。

We're still bullish overall on Florida, I think, would be the punchline.

我認為，我們總體上仍然看好佛羅裡達州，這將是一個亮點。

It continues to be a good market.

它仍然是一個很好的市場。

It continues to be a priority certainly in our resort lifestyle.

它仍然是我們度假生活方式的首要任務。

And it'll be interesting to see what the shoulder season looks like going into the spring, but early indications are good.

看看進入春季的平季會是什麼樣子將會很有趣，但早期跡像是好的。

Okay, great.

好的，太好了。

Thanks for that color.

謝謝那個顏色。

Thank you.

謝謝。

Alan Ratner, Zelman & Associates.

艾倫·拉特納，Zelman & Associates。

Hey, god morning.

嘿，上帝早安。

Congrats on the strong results and continued progress, great to see.

祝賀取得的強勁成果和持續進步，很高興看到。

Thank you.

謝謝。

So Erik, I'll throw question at you first.

艾瑞克，我先向你提出問題。

I love the analysis you guys do, and I appreciate you updating that to cover the whole footprint on the competitive landscape versus resale.

我喜歡你們所做的分析，並感謝你們更新該分析以涵蓋競爭格局與轉售的整個足跡。

I'm sure you didn't do that analysis for the whole new home market, but I'm curious if you have any general thoughts.

我確信您沒有對整個新房市場進行分析，但我很好奇您是否有任何整體想法。

When you look at the 17% that's competitive to your product, would you say that's fairly indicative of the new home market as a whole, meaning just the location, the type of product that builders are building is generally unique and differentiated to the resale market?

當您查看對您的產品具有競爭力的17% 時，您會說這相當能代表整個新房市場，僅意味著位置，建築商正在建造的產品類型通常是獨特的，並且與轉售市場有所不同？

Or would you say this is more specific to Taylor Morrison than you guys, whether it's location or product type or amenities, however you kind of bucket the variables that Taylor Morrison is really unique to both the resale market as well as the new home market as a whole?

或者你會說這對泰勒·莫里森來說比你們更具體，無論是位置、產品類型還是便利設施，但你有點認為泰勒·莫里森對於轉售市場和新房市場來說都是獨一無二的變量，因為一個整體？

Yeah, hard to comment, Alan.

是的，很難評論，艾倫。

I would think that to some degree, there would be a correlation to where new homebuilders are building in the product and the defined superiority.

我認為在某種程度上，新住宅建築商在產品中的建造位置和定義的優勢之間存在相關性。

But at the same time, we're pretty proud of our locations and our core location selection.

但同時，我們對我們的地點和核心地點選擇感到非常自豪。

So tough question to answer.

這麼難回答的問題。

I know what ours is.

我知道我們的是什麼。

I would think there'd be some degree of correlation, but I also think that we take a lot of pride in our positions.

我認為存在一定程度的相關性，但我也認為我們對我們的立場感到非常自豪。

Did you just -- for the sport of it, Erik, when you look at the list of all the communities across the country, we did, it feels like where the improvement is not quite as strong is in that very first-time buyer positions.

你只是 - 有趣的是，埃里克，當你查看全國所有社區的列表時，我們做到了，感覺好像在首次購買者的位置上改善並不那麼明顯。

So maybe it's harder to differentiate there than it is as we do our move-up, and our active adult where the community is really do changing.

因此，也許比我們升級時更難區分，而我們活躍的成年人所在的社區確實正在改變。

Is that fair?

這樣公平嗎？

I think that's fair, Sheryl.

我認為這是公平的，謝麗爾。

And Alan, yes, we definitely didn't cherry-pick these either.

艾倫，是的，我們也絕對沒有挑選這些。

I mean, we've got a pretty -- in a good way, we've got a pretty strong degree of variability on kind of what that 17% averages too.

我的意思是，我們有一個很好的——以一種好的方式，我們在 17% 的平均值上也有相當大的變異性。

And so to Sheryl's point, those where you've got a little bit more direct competition from resales and maybe direct from other builders is smaller stuff, lower-priced stuff.

因此，就謝麗爾的觀點而言，那些從轉售中獲得更直接競爭的產品，甚至可能直接來自其他建築商的競爭，都是較小的產品，價格較低的產品。

That's it.

就是這樣。

Got it.

知道了。

Yes.

是的。

And Sheryl, that's kind of where I was going with it.

謝麗爾，這就是我的想法。

I didn't want to lead the witness.

我不想引導證人。

So I appreciate you throwing that thought out there because that was kind of what crossed my mind when I was listening to the data point from Erik.

所以我很感謝你提出這個想法，因為當我聽到艾瑞克的數據點時，我就想到了這個想法。

So second question, I guess if I had to poke any hole at any of kind of the various metrics right now.

所以第二個問題，我想我現在是否必須在各種指標中找出任何漏洞。

If I look at your balance sheet, inventory dollars year over year are up almost 20%, which is obviously more than the growth rate in your overall business, whether it's orders, closings, top line, et cetera.

如果我看一下你們的資產負債表，庫存美元比去年同期成長了近 20%，這顯然超過了你們整體業務的成長率，無論是訂單、結帳、營收等等。

And I know at least a portion of that is going to be based on the pivot towards more spec, which makes sense.

我知道其中至少有一部分將基於轉向更多規格，這是有道理的。

But at the same time, inventory turnover has come down a touch.

但同時，庫存週轉率略有下降。

So as you look forward over the next year or two years, how should we think about inventory dollar growth now that you're banking more land, obviously, very focused on asset efficiency, should we expect that growth rate to begin to subside a little bit and maybe even kind of flat line?

因此，當您展望未來一兩年時，我們應該如何考慮庫存美元增長，因為您正在儲備更多土地，顯然，我們非常關注資產效率，我們是否應該預期增長率會開始略有下降有點，甚至可能是一條平線？

Or would you say it's still going to grow in tandem with the broader business of plus or minus 10%?

或者你會說它仍然會與更廣泛的業務同步成長正負 10% 嗎？

Yeah, great question, Alan.

是的，很好的問題，艾倫。

I'll take a stab at it.

我會嘗試一下。

I think generally speaking, yeah, if you look at our balance sheet year over year, our inventory is up pretty significantly.

我認為一般來說，是的，如果你逐年查看我們的資產負債表，我們的庫存會大幅增加。

Part of that is part of our growth strategy that we kind of went through at the beginning of this year.

其中一部分是我們今年年初經歷的成長策略的一部分。

So that's kind of what's driving that today.

這就是今天的推動因素。

Yeah, our spec inventory is up a little -- our total house inventory is up as well.

是的，我們的規格庫存增加了一點——我們的房屋總庫存也增加了。

But as we look forward in our crystal ball, we're going to continue to focus on a more asset-light kind of land portfolio as well, which will help us from that standpoint.

但當我們展望未來時，我們也將繼續關注資產更輕的土地投資組合，從這個角度來看，這將對我們有所幫助。

And then we'll always make sure from a house inventory perspective, that it's appropriate for the business that we're looking -- that we're forecasting.

然後，我們將始終從房屋庫存的角度確保它適合我們正在尋找的業務 - 我們正在預測的業務。

So I would say it's going to moderate and be appropriate relative to our business and what we're projecting on a go-forward basis.

因此，我想說，相對於我們的業務以及我們未來的規劃，這將是適度且適當的。

But also setting us up for a strong spring.

但也為我們迎接一個強勁的春天做好了準備。

Yes.

是的。

Got it.

知道了。

Great.

偉大的。

Well, thanks a lot, guys.

嗯，非常感謝，夥計們。

Appreciate it, and good luck.

欣賞它，祝你好運。

Thanks, Alan.

謝謝，艾倫。

Carl Reichardt, BTIG.

卡爾雷查特 (Carl Reichardt)，BTIG。

Thanks.

謝謝。

Hey, guys.

嘿，夥計們。

Just one clarification on the gross margin this quarter, the bit relative to your expectations, you mentioned mix, was that geographic mix, i.e., those Bay Area homes that closed?

關於本季毛利率的一個澄清，與您的預期相關的一點，您提到的混合，是地理混合，即那些關閉的灣區房屋？

Or was that something related to like move-up resort lifestyle mix that help?

或者這與升級度假村生活方式組合有關，有幫助嗎？

Carl, it was more geographic mix as to what we said in our prepared comments with that Bay asset.

卡爾，我們在準備好的有關海灣資產的評論中所說的內容更多是地理上的混合。

The West, overall, based on the assumptions that we had going into kind of the guide closed a few more houses generally speaking, overall, but a lot of that was in the Bay.

總體而言，根據我們進入指南的假設，西方總體上關閉了更多房屋，但其中許多房屋都在海灣。

Okay.

好的。

Okay.

好的。

And then a bigger picture question.

然後是一個更大的問題。

So Sheryl, we've got as part of your long-term goal set this mid- to high teens return on equity number.

因此，謝麗爾，作為您長期目標的一部分，我們設定了中高青少年的股本回報率。

And you're already sort of doing that in the mid-teens.

你在十幾歲的時候就已經開始這麼做了。

So if we think about, to Alan's last question, better inventory turns coming, margin stabilizing at higher levels, some still some upside to cycle times improving, more buybacks, it starts to make me think that there shouldn't be too many reasons why ROE couldn't exceed high teens going forward.

因此，如果我們考慮艾倫的最後一個問題，更好的庫存週轉率即將到來，利潤率穩定在較高水平，週期時間改善仍有一些上行空間，更多的回購，這開始讓我認為不應該有太多的理由未來 ROE 不會超過十幾歲。

What do you think that the ceiling on that might be?

您認為這方面的上限可能是什麼？

And do you expect that you could reset that goal higher?

您是否期望可以將目標重新設定得更高？

Do you see a 20% plus ROE in Taylor Morrison's future?

您認為泰勒莫里森未來的 ROE 會提高 20% 以上嗎？

And if so, what are the elements that would help get you there beyond what you're already laying out?

如果是這樣，除了您已經制定的內容之外，還有哪些因素可以幫助您實現這一目標？

Thanks.

謝謝。

Yeah, that's a good one, Carl.

是的，這很好，卡爾。

Obviously, when we put a goal like that because is intended to be a multiyear.

顯然，當我們制定這樣的目標時，因為它是一個多年目標。

(laughter) It's intended to be a multiyear goal, and it takes you through the volatility of different parts of the cycle.

（笑聲）這是一個多年目標，它會帶你經歷週期不同部分的波動。

But having said that, I think it's a very fair acknowledgement on your part that with all the work that we've done in the business and the journey on the land light and some of the other operational efficiencies, I think it's very realistic.

但話雖如此，我認為您對我們在業務中所做的所有工作、陸上照明之旅以及其他一些運營效率方面所做的所有工作的認可是非常公平的，我認為這是非常現實的。

A little early to set to reset the goal.

設定目標有點早。

When we do our Investor Day, the first quarter, we'll probably have a more explicit kind of discussion around what that looks like over through and over the next five years and the strategies that will get us there.

當我們舉辦第一季的投資者日活動時，我們可能會就未來五年的情況以及實現這一目標的策略進行更明確的討論。

But I think the way you're thinking about it is completely accurate.

但我認為你的想法是完全正確的。

The company is in a very different position.

該公司的處境非常不同。

And we laid out a goal of 60% to 65%, which were on the controlled, which we're already at.

我們設定了 60% 到 65% 的目標，這是我們已經達到的可控目標。

We're working on a lot of other things that I think will continue to enhance that.

我們正在做很多其他事情，我認為這些事情將繼續增強這一點。

So without giving new goals or new guidance, I'd say, I think the way you're thinking about it is correct.

因此，在沒有給出新目標或新指導的情況下，我想說，我認為你的思考方式是正確的。

Great.

偉大的。

I appreciate that, Sheryl.

我很感激，謝麗爾。

Thanks for squeezing me in, guys.

謝謝你們把我擠進去，夥計們。

Thanks.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Buck Horne, Raymond James.

（操作說明）Buck Horne，Raymond James。

Hey, thanks.

嘿，謝謝。

I appreciate it.

我很感激。

I know we're going over time, so I'll try to be brief.

我知道我們會超時，所以我會盡量簡短。

But congrats on the great quarter in these circumstances.

但在這種情況下，祝賀這個偉大的季度。

I wanted to dive in on land spend.

我想深入研究土地支出。

Since your land spend is up pretty significantly year over year, I mean you're closing in on being up -- I think, correct me if I'm wrong, almost 40% year over year.

由於你的土地支出逐年大幅增長，我的意思是你已經接近增長了——我想，如果我錯了，請糾正我，同比增長近 40%。

I'm kind of wondering how that measures against maybe what you're seeing in terms of lot cost inflation right now?

我有點想知道這如何衡量你現在所看到的批量成本通膨？

How is that trending?

趨勢如何？

What kind of expectations are you thinking in terms of just what land prices are doing on a year-over-year basis?

對於土地價格的同比變化，您有何預期？

And I guess the secondary question to that is just really like how should we think about the acceleration of community count?

我想第二個問題就是我們該如何考慮社區數量的加速？

At this point, it's not a matter of if, but when, does that really start to take off in '25?

在這一點上，這不是是否會發生的問題，而是何時才能真正在 25 年開始起飛？

Or is this going to be more of a '26 acceleration?

或者這更像是 26 年的加速？

Yeah.

是的。

Hey, Buck, it's Erik.

嘿，巴克，我是艾瑞克。

I will start with the environment.

我將從環境開始。

It's competitive out there.

那裡很有競爭力。

I don't know that it's pretty rare for me not to say it's not competitive.

我不知道我很少不說它沒有競爭力。

Demand typically is higher than supply in the land market.

土地市場的需求通常高於供應。

And that's kind of translating into -- and this is kind of internal and external, kind of a 10%-ish plus or minus appreciation level in land and development costs, which honestly is pretty manageable.

這可以轉化為——這是一種內部和外部的，土地和開發成本的升值水平約為 10% 左右，老實說，這是相當可控的。

I think that gravitates to kind of a long-term norm and something, as we as a company evolve and experience the efficiencies that we've experienced as we continue to scale as well as some help from the general market, able to cover that off.

我認為這會成為一種長期規範之類的東西，因為我們作為一家公司不斷發展並體驗到我們在不斷擴大規模時所經歷的效率以及來自一般市場的一些幫助，能夠彌補這一點。

So I would say, while very competitive, never easy, I would say that level of appreciation is actually pretty, pretty manageable as we sit today.

所以我想說，雖然競爭非常激烈，但絕非易事，但我想說，就我們今天的情況而言，欣賞水平實際上是相當、相當容易控制的。

And I would just add on the community count, even though, Buck, we're not once again giving '25 guidance yet.

我只想補充一下社區數量，儘管巴克，我們還沒有再次提供 25 年指導。

But with the spend happening this year, the way I would think about it is we're going to have good growth next year.

但隨著今年的支出，我的想法是明年我們將會有良好的成長。

It gets outsized from there because, obviously, the stuff we're bringing in today is not -- most of it or all of it will not be opening next year.

從那裡開始，它變得越來越大，因為顯然，我們今天帶來的東西不是——其中大部分或全部明年不會開放。

Finished lots are pretty extreme in today's environment are pretty unusual.

在現今的環境下，成品批次相當極端，非常不尋常。

So from a multiyear growth, I think you'll see it relatively outsized, and you'll start seeing it come in late next year and certainly in a very strong way in the subsequent years.

因此，從多年的成長來看，我認為你會看到它相對較大，並且你會在明年年底開始看到它的出現，並且在接下來的幾年里肯定會以非常強勁的方式出現。

Got it.

知道了。

Got it.

知道了。

Very helpful.

非常有幫助。

And just one real last brief one is a comment that was made yesterday just in terms of feedback from the field in recent weeks.

最後一個真正的簡短的評論是昨天根據最近幾週該領域的反饋發表的評論。

Are you seeing any signs that buyers are hesitating or kind of pushing back on their home purchase decisions because of the election?

您是否看到任何跡象表明買家因選舉而猶豫或推遲購房決定？

Is that having any sort of impact, do you think on consumer behavior in this particular cycle?

您認為這對這個特定週期中的消費者行為有什麼影響嗎？

Yeah, it's interesting.

是的，這很有趣。

We do a lot of research, and Erik might be able to go deeper.

我們做了很多研究，埃里克也許能夠更深入。

And then we see some of the stuff from other local market research.

然後我們看到了其他本地市場研究的一些內容。

It's all of the above.

以上就是這些了。

We would assume that it's affecting the -- what I would call our resort lifestyle buyer, a little bit more very in tune to what's going on.

我們假設它正在影響——我稱之為我們的度假生活方式買家，與正在發生的事情更加一致。

Some research suggests the first-time buyers have also taken a pause.

一些研究表明，首次購屋者也暫停了購買。

It's everything.

這就是一切。

It's affordability, it's interest rates.

這是負擔能力，這是利率。

Our rate is going to drop.

我們的利率將會下降。

So you hear all that noise.

所以你會聽到所有這些噪音。

But honestly, it's our sales team's job to get with that customer and help them overcome that and explain to them why this is the time to buy.

但老實說，我們銷售團隊的工作就是與客戶溝通，幫助他們克服這個問題，並向他們解釋為什麼現在是購買的時機。

We can't just take that as it's okay, it's a pause.

我們不能認為沒關係，這只是一個暫停。

We'll get better next month.

下個月我們會好起來的。

Our sales team, I'm so proud of the work that they're doing, and that's what they do on a daily basis.

我們的銷售團隊，我為他們所做的工作感到非常自豪，這就是他們每天所做的事情。

But there's always some noise in the consumer's mind, and this period is no different.

但消費者心中總會有一些噪音，這段時期也不例外。

I mean we have some specifics, right, Erik?

我的意思是我們有一些細節，對吧，埃里克？

Yeah.

是的。

And I would say, Buck, that our sales folks are saying that they hear a lot of it.

我想說，巴克，我們的銷售人員說他們聽到了很多這樣的說法。

It's in a lot of the conversations.

很多談話都有這樣的說法。

But I think what folks are most interested in is just what is the impact relative to the economy, their job, their paycheck, and rates, right, and affordability.

但我認為人們最感興趣的是相對於經濟、他們的工作、他們的薪水、利率、權利和負擔能力的影響是什麼。

So I think while the word election might come out, I think it really translates to those issues and concerns.

因此，我認為雖然選舉這個詞可能會出現，但我認為它確實可以轉化為這些問題和擔憂。

And then I would just very briefly point to, again, an external study that we just paid attention to that kind of looked at prior elections and really the five months that lead up to November in election years and nonelection years.

然後我想再次簡單地指出一項外部研究，我們剛剛關注了先前的選舉以及選舉年和非選舉年 11 月之前的五個月的情況。

And really, how has that impacted levels of sales of housing demand and transactions and really hard to find a direct correlation among the two.

實際上，這對住房需求和交易的銷售水準有何影響，很難找到兩者之間的直接相關性。

So again, this one might be different, and folks are talking about it, but it doesn't seem to be really translating into immediate impact.

再說一遍，這可能會有所不同，人們正在談論它，但它似乎並沒有真正轉化為即時的影響。

Got it.

知道了。

Appreciate all the color, guys, and good luck.

欣賞所有的顏色，夥計們，祝你好運。

Ken Zener, Seaport Research Partners.

Ken Zener，海港研究合作夥伴。

Good morning, everybody.

大家早安。

I appreciate your time.

我很感激你的時間。

I would like you to kind of baseline given the -- hello?

我希望你能給出一個基線——你好？

Hello?

你好？

Hi.

你好。

We're here.

我們到了。

Ken, we're here.

肯，我們到了。

Can you hear us?

你聽得到我們說話嗎？

I can hear you.

我聽到你的聲音。

Hello?

你好？

Yeah, keep going.

是的，繼續。

We're here.

我們到了。

We can hear you.

我們能聽到你的聲音。

Okay.

好的。

So could you just baseline as we move towards this land banking your percent of closings today that are coming from third-party finished acquired lots?

那麼，當我們朝著這個土地儲備方向邁進時，您能否將今天來自第三方成品收購地塊的成交百分比作為基準？

You mentioned 20%.

你提到了20%。

I wasn't sure if that's going to be 20% of your optioned lots are currently in land banking structure or if that's where your target is going to be?

我不確定您選擇的地塊中的 20% 目前是否屬於土地儲備結構，或者這是否是您的目標？

And I think you talked about a margin differential and a return component of around 200 basis points.

我認為您談到了大約 200 個基點的利潤率差異和回報部分。

If you could just clarify those questions, so we can see the trend as it unfolds.

如果您能澄清這些問題，那麼我們就可以看到趨勢的發展。

Thank you so much.

太感謝了。

Yeah.

是的。

Hey, Ken.

嘿，肯。

So as we look at the deals that are coming through the business, about 20% are finished, which I think was one of your first questions.

因此，當我們查看業務中正在進行的交易時，大約 20% 已經完成，我認為這是您的第一個問題。

What are we acquiring that might be finished?

我們正在獲得什麼可能完成的東西？

Land banking, the 20% to 25% that I referenced is really as a percent of the control, so call that of the 48,000 lots.

土地儲備，我提到的 20% 到 25% 實際上是控制的百分比，所以稱之為 48,000 塊土地的百分比。

And so that probably will elevate a little bit, but we've got a lot of different tools.

因此，這可能會有所提升，但我們有很多不同的工具。

And these evolve over time as we think about risk return and cost.

當我們考慮風險回報和成本時，這些都會隨著時間的推移而演變。

And so we use joint ventures and joint development agreements, land banking, seller financing is probably our most successful and low-cost tool and then just normal course takes and terms.

因此，我們使用合資企業和聯合開發協議、土地儲備、賣方融資可能是我們最成功和低成本的工具，然後只是正常的課程和條款。

In reference to your kind of cost and return trade-off, the reference was really less than 2% of cost as you translate that to gross margin impact for really a 3x-plus to return as measured at the deal level by way of IRR.

就您的成本和回報權衡而言，參考值實際上低於成本的 2%，因為您將其轉化為毛利率影響，以 IRR 的方式在交易層面衡量，回報實際上達到了 3 倍以上。

Thank you so much.

太感謝了。

Alex Barron, Housing Research Center.

亞歷克斯·巴倫，住房研究中心。

Yeah.

是的。

Thank you.

謝謝。

I wasn't sure if I missed it, but did you guys talk about your build time and whether there was any improvement in the quarter, and how much is it versus last year?

我不確定我是否錯過了，但是你們有沒有談論你們的構建時間以及本季度是否有任何改進，以及與去年相比有多少？

Yeah, Alex, I can take that one.

是的，亞歷克斯，我可以接受。

We did see some sequential improvement quarter over quarter.

我們確實看到了季度環比的一些連續改善。

I think we saw roughly about two weeks of improvement quarter over quarter.

我認為我們看到了大約兩週的季度環比改善。

I don't have handy with me what that is year over year, but we did see a couple of weeks of improvement quarter over quarter.

我不知道同比情況如何，但我們確實看到了幾週的季度環比改善。

The teams have been working really hard at trying to drive some efficiency in the cycle times.

這些團隊一直在努力提高週期時間的效率。

A lot of our markets are already at pre-pandemic levels.

我們的許多市場已經處於大流行前的水平。

We have a few outliers that are out there, and I know the teams are working really hard at driving those cycle times down.

我們有一些異常值，我知道團隊正在努力縮短週期時間。

Okay, thanks.

好的，謝謝。

And my other question was, what percentage of your closings are using forward commitments versus other tools?

我的另一個問題是，與其他工具相比，使用遠期承諾的成交比例是多少？

Yeah.

是的。

About a third and different versions of our forward commitments.

關於我們的前瞻性承諾的第三個不同版本。

But as I mentioned, it's about a third of our total closings in the quarter.

但正如我所提到的，這大約占我們本季總成交量的三分之一。

It's been pretty consistent for the last few quarters.

過去幾季的情況非常穩定。

Doesn't mean that there's not other tools, obviously, because we really personalize it to individual customers' needs.

顯然，這並不意味著沒有其他工具，因為我們確實根據個別客戶的需求對其進行了個人化。

But specifically, what we call forward commitments would be just under a third.

但具體來說，我們所說的遠期承諾將略低於三分之一。

Okay.

好的。

Thank you, Sheryl.

謝謝你，謝麗爾。

Thank you, team.

謝謝你，團隊。

Bye-bye.

再見。

Thanks, Alex.

謝謝，亞歷克斯。

Have a great day.

祝你有美好的一天。

Thank you very much.

非常感謝。

We currently have no further questions, so I'd like to hand back to Sheryl Palmer for any closing remarks.

目前我們沒有進一步的問題，所以我想請謝麗爾·帕爾默（Sheryl Palmer）做結束語。

Thank you all for joining us.

感謝大家加入我們。

We really appreciate the time with everyone this morning and look forward to being able to share our 2024 wrap up early next year.

我們非常感謝今天早上與大家共度的時光，並期待能夠在明年初分享我們的 2024 年總結。

Take care.

小心。

As we conclude today's call, we would like to thank everyone for joining.

在我們結束今天的電話會議時，我們要感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路。