Taylor Morrison Home Corp (TMHC) 2025 Q2 法說會逐字稿

Good morning and welcome to Taylor Morrison's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I'd like to introduce our host, Mackenzie Aron. Please go ahead.

早安，歡迎參加 Taylor Morrison 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。我想介紹我們的主持人 Mackenzie Aron。請繼續。

Thank you and good morning, everyone. We appreciate you joining us today.

謝謝大家，早安。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. 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.

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。這些聲明受前瞻性資訊的安全港聲明約束，您可以在我們網站 taylormorrison.com 的投資者關係部分中的收益報告中查看。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. 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. In addition, we will refer to certain non-GAAP financial measures on the call, which are reconciled to GAAP figures in the release.

這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。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。此外，我們將在電話會議上參考某些非 GAAP 財務指標，這些指標與新聞稿中的 GAAP 數據相協調。

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

謝謝你，麥肯齊，大家早安。與我一起出席的還有我們的財務長 Curt VanHyfte 和我們的首席公司營運長 Erik Heuser。

I am pleased to share our second quarter results, which met or exceeded our guidance on substantially all key metrics despite the unique environment. We delivered 3,340 homes at an average price of $589,000. This produced $2 billion of home closings revenue with an adjusted home closing's gross margin of 23% and 90 basis points of SG&A expense leverage.

我很高興與大家分享我們第二季的業績，儘管環境特殊，但幾乎所有關鍵指標都達到或超過了我們的預期。我們交付了 3,340 套房屋，平均價格為 589,000 美元。這產生了 20 億美元的房屋交易收入，調整後的房屋交易毛利率為 23%，銷售、一般及行政費用槓桿為 90 個基點。

Our performance reflects our diversified product portfolio that serves a broad and well-qualified consumer set, with to-be-built and spec offerings concentrated in core locations. Especially in volatile markets, this balanced strategy is a valuable differentiator that we believe contributes to greater financial resiliency.

我們的業績反映了我們多樣化的產品組合，該組合服務於廣泛且高素質的消費者群體，其中待建產品和規格產品集中在核心位置。特別是在動盪的市場中，我們相信這種平衡策略是一種寶貴的差異化因素，有助於提高財務彈性。

As I shared on our last call, the start of the spring selling season had been muted as consumers digested stock market volatility, tariff uncertainty, immigration reform, and high interest rates. As the season progressed, sales trends remained softer than normal, with some choppiness throughout the quarter.

正如我在上次電話會議中分享的那樣，由於消費者消化了股市波動、關稅不確定性、移民改革和高利率，春季銷售旺季的開始一直很低迷。隨著季節的推移，銷售趨勢仍然比正常情況疲軟，整個季度都有些波動。

This drove moderation in our monthly net absorption pace to 2.6% per community. Although this was consistent with our historic second quarter average, it was lower than our expectations in normal market conditions due to increased competitive pressures, especially in first and first Move-up locations, as well as a pickup in cancellations.

這導致我們每月的淨吸收速度放緩至每個社區 2.6%。雖然這與我們第二季度的歷史平均水平一致，但由於競爭壓力增加（尤其是在第一家和第一家 Move-up 門市），以及取消訂單數量的增加，這低於我們在正常市場條件下的預期。

In this environment, our overall bias between pace and price leans more heavily towards price and ultimately margin and returns given the value of our attractive land positions, desirable communities, and discerning customers, especially in our amenity rich Move-up and Resort Lifestyle neighborhoods. We continue to believe that our emphasis on working with each customer, hand-in-hand with our Taylor Morrison Home Funding team, to personalize incentives is the most effective way to create value for both our buyers and our company.

在這種環境下，考慮到我們具有吸引力的土地位置、理想的社區和挑剔的客戶的價值，尤其是在我們設施豐富的升級和度假生活方式社區，我們對速度和價格的總體偏好更傾向於價格，最終傾向於利潤和回報。我們始終相信，我們重視與每位客戶合作，與我們的 Taylor Morrison Home Funding 團隊攜手合作，提供個人化激勵措施，這是為我們的買家和公司創造價值的最有效方式。

This process allows us to educate and inform our customers through pre-qualification and tailor programs that provide stability and strengthen their financial goals and needs during home ownership. We pride ourselves that our mortgage programs are aligned to serve the consumers that most need the support.

這個過程使我們能夠透過資格預審來教育和告知我們的客戶，並定制計劃，以在他們擁有房屋期間提供穩定性並加強他們的財務目標和需求。我們感到自豪的是，我們的抵押貸款計劃能夠為最需要支援的消費者提供服務。

As an example of just one of our programs that has proven successful in driving traffic and assisting a small subset of customers with their financial goals has been a recently introduced 3.75% conventional seven-year adjustable-rate mortgage with no discount fees. To put the power of such an offer in perspective, this promotional interest rate would increase our typical customer's purchasing power by about $138,000 on a $500,000 home financed with a 20% down payment, as compared to financing and market interest rates.

舉個例子，我們的一個專案已被證明能夠成功吸引流量並幫助一小部分客戶實現他們的財務目標，那就是最近推出的 3.75% 的傳統七年期可調利率抵押貸款，不收取折扣費。為了更清楚地說明這種優惠的威力，與融資和市場利率相比，這項促銷利率將使我們典型客戶以 20% 的首付購買價值 50 萬美元的房屋的購買力增加約 138,000 美元。

The point being, assuring that we have a wide range of programs and products to meet each customer's needs continues to be key to our success. Affordability continues to be top of mind for our first-time buyers, while quality of community and choice remain critical for our other consumer segments, as Erik will detail in just a moment.

關鍵在於，確保我們擁有廣泛的計劃和產品來滿足每個客戶的需求仍然是我們成功的關鍵。對於我們的首次購屋者來說，可負擔性仍然是最關心的問題，而社區品質和選擇對於我們的其他消費者群體來說仍然至關重要，正如 Erik 稍後將詳細介紹的那樣。

We are by no means immune from the headwinds facing our industry. However, we believe our strategy of serving well-qualified home buyers across the consumer spectrum with a well balanced portfolio of to-be-built and spec homes, primarily in attractive core submarkets where fundamentals tend to be healthier throughout housing cycles, provides important benefits, including a more stable gross margin profile.

我們絕不能免受產業所面臨的逆風的影響。然而，我們相信，我們的策略是透過均衡的待建和樣品屋組合為整個消費者群體中的合格購屋者提供服務，主要在有吸引力的核心子市場，這些子市場在整個住房週期中基本面往往更健康，這將帶來重要的好處，包括更穩定的毛利率。

In contrast to significant industry gross margin compression, our adjusted home closings gross margin has been relatively range bound between 23% and nearly 25% for the last 2.5 years. This is much stronger than our historical average due to the improvement in our scale and operating capabilities.

與產業毛利率大幅壓縮相比，過去 2.5 年裡，我們調整後的房屋成交毛利率一直維持在 23% 至近 25% 之間。由於我們的規模和營運能力的提高，這比我們的歷史平均水平要高得多。

And most importantly, as we look ahead, our gross margin is expected to remain within the bounds of our long-term target in the low- to mid-20% range, despite the outsized incentive offers and overall pricing pressure we are competing against, especially on spec sales. The prevalence and depth of these incentives has shifted consumer preferences, even among traditionally to-be-built customers, towards spec homes, as some are willing to trade personalization for the deeper incentives currently available for spec inventory across the industry.

最重要的是，展望未來，儘管我們面臨著巨大的激勵措施和整體定價壓力（尤其是在規格銷售方面），但我們的毛利率預計仍將保持在長期目標的 20% 到 20% 之間。這些激勵措施的普遍性和深度已經改變了消費者的偏好，甚至包括傳統的待建房客戶，他們也轉向了樣品房，因為有些人願意用個性化來換取目前整個行業針對樣品屋庫存提供的更深層次的激勵措施。

As a result, our share of spec sales increased in the second quarter to a new high of 71%, including a higher than typical 50% in our Esplanade segment. With specs carrying gross margins below that of to-be-built homes, we expect that this temporary mix shift will impact our home closing's gross margin in the third and fourth quarter, as our margin is expected to moderate sequentially to approximately 22%.

因此，我們第二季的規格銷售份額上升至 71% 的新高，其中 Esplanade 部分的份額高於平均水平的 50%。由於規格的毛利率低於待建房屋的毛利率，我們預計這種暫時的組合變化將影響我們第三季和第四季的房屋成交毛利率，因為我們的利潤率預計將環比下降至約 22%。

However, for the year, our adjusted home closing's gross margin is still expected to be approximately 23%. And longer term, we expect our business to remain more equally balanced between to-be-built and spec home offerings.

不過，就今年而言，我們調整後的房屋成交毛利率預計仍約為 23%。從長遠來看，我們預計我們的業務將在待建房屋和樣品屋產品之間保持更均衡的平衡。

By consumer group, our second quarter orders consisted of 33% Entry Level, 50% Move-up, and 17% Resort Lifestyle. As a reminder, in the first quarter, our overall Resort Lifestyle segment was the only to post year-over-year net order growth during its peak selling season, while our Move-up sales were roughly stable, and the Entry Level was down most steeply.

按消費者群體劃分，我們第二季的訂單包括 33% 的入門訂單、50% 的升級訂單和 17% 的度假生活方式訂單。提醒一下，在第一季度，我們的整體度假生活方式部門是銷售旺季唯一實現同比淨訂單成長的部門，而我們的升級版銷售額基本上保持穩定，入門級銷售額下降幅度最大。

In the second quarter, we saw more consistent sales activity across the consumer spectrum with our Resort Lifestyle and Entry Level segments both down in the high-teen range, while our Move-up sales were down in the mid-single digits, driven by a shared lack of urgency due to less confidence.

在第二季度，我們看到整個消費者群體的銷售活動更加一致，度假生活方式和入門級細分市場的銷售額均下降了十幾歲，而我們的升級銷售額下降了中等個位數，這是由於信心不足導致的共同缺乏緊迫感。

With our broader Resort Lifestyle portfolio, our Esplanade communities, which account for about 10% of our total, have held up with greater resiliency, as we would expect given its affluent customer base. In the second quarter, Esplanade's net sales orders declined just 8% versus 12% in total for the company, and its home closings gross margin was slightly improved year-over-year in the high 20% range.

憑藉我們更廣泛的度假生活方式組合，我們的 Esplanade 社區（約占我們總數的 10%）表現出了更強的彈性，考慮到其富裕的客戶群，這也是我們預期的。第二季度，Esplanade 的淨銷售訂單僅下降 8%，而公司整體銷售額則下降了 12%，其房屋成交毛利率同比略有提高，達到 20% 左右。

This strong margin is driven in part by outsized combined average lot and option premiums of nearly $270,000, 3 times that of the rest of our business. During the quarter, we broke ground on our newest Esplanade in Summerlin, outside of Las Vegas, which already has a robust interest list even before we have initiated our first campaign for the community. We remain committed to a robust expansion of this unique brand in the years ahead.

這一強勁利潤率部分得益於超額合併平均手數和選擇權溢價，接近 27 萬美元，是我們其他業務的 3 倍。在本季度，我們在拉斯維加斯郊外的薩默林破土動工建造了最新的濱海藝術中心，甚至在我們發起第一次社區活動之前，該中心就已經吸引了大量關注。我們將繼續致力於未來幾年大力拓展這一獨特的品牌。

Taking a step back from our current sales environment, we believe the need for affordable, desirable new construction remains intact across our markets of operations, given the aging of the population, migration patterns, and evolving buyer preferences. We believe that our diverse portfolio is well-positioned to serve this need in the years ahead.

回顧我們目前的銷售環境，我們認為，考慮到人口老化、移民模式和不斷變化的買家偏好，我們經營的市場對價格合理、理想的新建築的需求仍然存在。我們相信，我們多元化的投資組合能夠在未來幾年滿足這項需求。

While the near-term outlook calls for a more patient growth trajectory as we prioritize capital efficiency and returns over volume in today's intensely competitive marketplace, we strongly believe we have the platform and opportunity to jumpstart growth as market dynamics stabilize. In the meantime, with a healthy land pipeline already controlled and healthy balance sheet, we have flexibility to return capital to shareholders on top of the roughly $2 billion we have invested in share repurchases since 2015.

雖然短期前景要求更耐心的成長軌跡，因為在當今競爭激烈的市場中，我們優先考慮資本效率和回報而不是數量，但我們堅信，隨著市場動態的穩定，我們擁有啟動成長的平台和機會。同時，由於我們已經控制了健康的土地管道和健康的資產負債表，我們可以靈活地向股東返還資本，除了自 2015 年以來我們在股票回購上投資的約 20 億美元之外。

As you would expect, our teams are highly focused on controlling costs and working with our trades to further increase production and purchasing efficiencies, which has driven year over year improvement in our stick and brick costs. Additionally, our one-of-a-kind digital sales environment is another source of meaningful cost savings that continues to gain traction and support our healthy SG&A structure. Across the business, our operating priorities are grounded in a discipline model that we expect can generate mid- to high-teen returns on equity throughout the course of the cycle, including this year.

正如您所期望的，我們的團隊高度注重控製成本並與我們的行業合作，以進一步提高生產和採購效率，這推動了我們的木棒和磚塊成本逐年改善。此外，我們獨特的數位銷售環境是另一個有意義的成本節約來源，它將繼續獲得關注並支持我們健康的銷售、一般和行政費用結構。在整個業務中，我們的營運重點是基於一個紀律模型，我們預計該模型可以在整個週期（包括今年）產生中到高水準的股本回報率。

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

說完這些，現在讓我把電話轉給艾瑞克。

Thanks, Sheryl, and good morning. At quarter end, we owned or controlled 85,051 homebuilding lots. Based on trailing 12-month closings, this represented 6.4 years of supply, of which 2.6 years was owned.

謝謝，謝麗爾，早安。截至本季末，我們擁有或控制 85,051 個住宅建築地塊。根據過去 12 個月的收盤價，這代表著 6.4 年的供應量，其中 2.6 年為自有量。

We control 60% of our lot supply via options and off-balance sheet structures, up from 57% a year ago. We continue to make steady progress towards our goal of controlling at least 65% of lots.

我們透過選擇權和表外結構控制 60% 的批次供應，高於一年前的 57%。我們繼續穩步前進，朝著控制至少 65% 地塊的目標邁進。

During the quarter, we invested $612 million in homebuilding land, 43% of which went towards lot development. For the full year, we continue to anticipate our total homebuilding land investment to be around $2.4 billion with a downside bias given our heightened diligence in these market conditions.

本季度，我們在住宅建設用地上投資了 6.12 億美元，其中 43% 用於地塊開發。就全年而言，我們繼續預期住宅建設土地總投資約為 24 億美元，但考慮到我們在這些市場條件下更加謹慎，預計投資將出現下行趨勢。

As always, our ultimate cash investment will be dependent on our use of financing tools and market opportunities, as the land market has recently exhibited some softness. As a reminder, all previously approved transactions, as well as future phases of development, are re-reviewed by our Investment Committee for final alignment or any necessary adjustments before closing.

像往常一樣，我們的最終現金投資將取決於我們對融資工具和市場機會的使用，因為土地市場最近表現出一些疲軟。提醒一下，所有先前批准的交易以及未來的開發階段都將由我們的投資委員會重新審查，以便在交易結束前進行最終調整或任何必要的調整。

We remain committed to executing as a community developer, as the vast majority of our prospective customers tell us that they value the community at least as much as the home we provide. While timelines associated with entitlements remain the most notable development challenge, tariffs have not had a meaningful impact to our horizontal costs, and in fact, these costs have moderated and access to trade has eased.

我們仍然致力於作為社區開發商，因為絕大多數潛在客戶告訴我們，他們對社區的重視程度至少與我們提供的房屋一樣高。雖然與權利相關的時間表仍然是最顯著的發展挑戰，但關稅並沒有對我們的橫向成本產生有意義的影響，事實上，這些成本已經有所緩和，貿易准入也已經有所放鬆。

We continue to keep a careful eye on competitive and supply measures across our portfolio. Our research suggests that our spec count by community is less than the new home averages in the majority of our markets, which we believe is a function of our core location focus.

我們將繼續密切關注我們整個產品組合的競爭和供應措施。我們的研究表明，我們按社區劃分的規格數量低於大多數市場的新房平均數量，我們認為這是我們核心位置關注的結果。

With regards to resell inventory, there has been some moderation in months of supply across many of our Florida and Texas markets. And the average month of supply for our overall market footprint was lower than the national average.

就轉售庫存而言，佛羅裡達州和德克薩斯州的許多市場的供應量在幾個月內有所放緩。我們整體市場的平均月供應量低於全國平均。

To focus upon our consumers for a moment, we've engaged them in attempts to more deeply understand their sentiment. Among our shoppers hesitating, our surveys indicate that their primary concern is the overall environment and less so their own personal financial situations.

為了暫時關注我們的消費者，我們與他們進行了接觸，試圖更深入地了解他們的情緒。我們的調查顯示，在猶豫不決的購物者中，他們主要關心的是整體環境，而不是自己的個人財務狀況。

When market conditions stabilize, we believe this suggests that shoppers will be willing and able to move forward with their desired home purchase. We are pleased that despite a more challenging demand environment, our customer satisfaction scores have increased as we engage with both our shoppers and buyers, validating our efforts of creating a differentiated customer experience.

當市場狀況穩定時，我們相信這表明購物者將願意並且能夠繼續購買他們想要的房屋。我們很高興，儘管需求環境更具挑戰性，但隨著我們與購物者和買家的互動，我們的客戶滿意度分數有所提高，這證明了我們為創造差異化客戶體驗所做的努力。

Lastly, I wanted to provide a brief update on our for rent Yardly business. With long-term confidence in positioning this operation to provide an efficient model targeted to address housing availability and affordability challenges by leveraging our core competencies in land and construction, we continue to navigate the interest rate environment and evaluating optimal project disposition strategies. At this time we now expect to exit as many as four communities this year.

最後，我想簡要介紹一下我們的 Yardly 租賃業務。我們長期堅信，透過利用我們在土地和建築方面的核心競爭力，這項業務將提供一個有效的模式，旨在解決住房供應和負擔能力方面的挑戰，我們將繼續探索利率環境並評估最佳項目處置策略。目前，我們預計今年將退出多達四個社區。

As detailed in this morning's press release, we have executed a flexible finance facility that will enhance cash generation, balance sheet relief, and greater optionality as we seek to optimize returns over time in targeting asset exits. The magnitude of this facility is material, covering total project costs of $3 billion, serving both existing and new acquisitions.

正如今天早上的新聞稿中詳細說明的那樣，我們已經實施了一項靈活的融資安排，這將增強現金產生能力、減輕資產負債表負擔並提高選擇性，因為我們尋求在資產退出目標上隨著時間的推移優化回報。該設施規模龐大，項目總成本達 30 億美元，服務現有和新收購的項目。

Kennedy Lewis, with whom we have significant land banking experience, will be the capital provider. And we are jointly committed to our unique platform in producing efficient communities that will assist customers who simply cannot afford a new home today, but who desire a single-family living experience.

肯尼迪劉易斯 (Kennedy Lewis) 將作為資本提供者，我們與該公司擁有豐富的土地儲備經驗。我們共同致力於透過我們獨特的平台打造高效的社區，為那些目前買不起新房但渴望擁有獨戶生活體驗的客戶提供幫助。

With that, I will turn the call to Curt.

說完這些，我將把電話轉給 Curt。

Thanks Erik, and good morning, everyone. For the second quarter, reported net income was $194 million or $1.92 per diluted share, up from $1.86 a year ago. After excluding inventory impairment and certain warranty charges, our adjusted net income was $204 million or $2.02 per diluted share, up from $1.97 a year ago.

謝謝埃里克，大家早安。第二季度，報告淨收入為 1.94 億美元，即每股 1.92 美元，高於去年同期的 1.86 美元。扣除庫存減損和某些保固費用後，我們的調整後淨收入為 2.04 億美元，即每股攤薄收益 2.02 美元，高於去年同期的 1.97 美元。

Our closing volume increased 4% year-over-year to 3,340 homes, slightly ahead of our prior guidance of approximately 3,200 due to a higher number of specs that were sold and closed during the quarter. The share of closings from specs increased to 65% in the second quarter, from 58% in the prior quarter and 59% a year ago.

我們的成交量年增 4% 至 3,340 套房屋，略高於我們之前預期的約 3,200 套，原因是本季度售出和成交的規格數量增加。第二季度，透過規格成交的份額從上一季的 58% 和去年同期的 59% 上升至 65%。

This higher spec penetration contributed to a 2% decline in the average closing price to $589,000. This was slightly ahead of our prior guidance of $585,000. As a result, home closings revenue increased 2% to approximately $2 billion.

更高的規格滲透率導致平均收盤價下降 2% 至 589,000 美元。這略高於我們之前預測的 585,000 美元。結果，房屋成交收入增加了 2%，達到約 20 億美元。

With 8,192 homes under production at quarter end, including 3,888 specs, of which 842 are finished, our inventory remains slightly elevated compared to targeted levels. Therefore, we expect our spec closing penetration to remain higher than normal through year-end as we prioritize the sale of these homes and meet recent customer preferences for quick move-in homes.

截至本季末，共有 8,192 套房屋投入生產，其中包括 3,888 套規格房，其中 842 套已經完工，與目標水準相比，我們的庫存仍然略有上升。因此，我們預計到年底我們的規格成交滲透率將保持高於正常水平，因為我們優先銷售這些房屋，並滿足最近客戶對快速入住房屋的偏好。

We also expect to slow our starts volume following a monthly starts pace of 3.4 per community or 3,500 homes in the second quarter, which allowed us to put the universe of homes in the ground for our full year delivery target. For the remainder of the year, the expected slowdown in new starts will be community specific as we look to optimize our working capital and manage our inventory.

我們也預計將減緩新屋開工量，因為第二季每月新屋開工量為每個社區 3.4 套或 3,500 套房屋，這使我們能夠將全部房屋投入使用以實現全年交付目標。在今年剩餘時間內，由於我們希望優化營運資金並管理庫存，新開工率的放緩將因社區而異。

Also, in support of reduced starts volume, we continue to see improvement in cycle times throughout the build process. We realized more than two weeks of sequential savings in the second quarter, driven by both to-be-built and spec home production. We believe that this ongoing improvement strengthens our ability to flex our growth potential as market conditions evolve.

此外，為了減少啟動量，我們繼續看到整個建置過程的周期時間的改善。受待建房屋和樣品屋生產的推動，我們在第二季度實現了連續兩週以上的節省。我們相信，這種持續的改進將增強我們隨著市場條件的變化而發揮成長潛力的能力。

For the full year, we still expect to deliver between 13,000 to 13,500 homes, including between 3,200 to 3,300 homes in the third quarter. Based on the anticipated mix of deliveries, we now expect the average closing price to be in the range of $595,000 to $600,000 for the full year, including approximately $600,000 in the third quarter.

就全年而言，我們仍預計交付 13,000 至 13,500 套房屋，其中第三季交付 3,200 至 3,300 套房屋。根據預期的交付組合，我們現在預計全年平均收盤價將在 595,000 美元至 600,000 美元之間，其中第三季約為 600,000 美元。

In the second quarter, home closing's gross margin was 22.3%. Adjusted home closing's gross margin, which excludes inventory impairment and certain warranty charges, was 23%, in line with our prior guidance.

第二季度，房屋成交的毛利率為22.3%。調整後的房屋交易毛利率（不包括庫存減損和某些保固費用）為 23%，與我們先前的預期一致。

As we look into the remainder of the year, we expect incentives to increase and our spec penetration to remain higher than typical as we continue to normalize our inventory position. As a result, we expect our third quarter home closing's gross margin to be approximately 22%.

展望今年剩餘時間，我們預計隨著庫存狀況繼續正常化，激勵措施將會增加，規格滲透率將保持高於正常水準。因此，我們預計第三季房屋成交的毛利率約為 22%。

Excluding the inventory impairment and warranty charges realized in the first six months of the year, we expect our full year adjusted home closings gross margin to be approximately 23%. Including the charges and assuming no additional charges through the remainder of the year, we expect our GAAP full year home closings gross margin to be approximately 22.5%.

不計今年前六個月實現的庫存減損和保固費用，我們預計全年調整後的房屋成交毛利率約為 23%。包括這些費用，並假設今年剩餘時間內沒有額外費用，我們預計全年 GAAP 房屋成交毛利率約為 22.5%。

Now to sales, we generated 2,733 net orders, down 12% year-over-year as our monthly absorption pace moderated to 2.6 net orders per community from 3 a year ago. At quarter end, we had 345 communities, consistent with our prior guidance.

現在談到銷售，我們產生了 2,733 個淨訂單，年減 12%，因為我們每月的吸收速度從一年前的 3 個淨訂單放緩至每個社區 2.6 個淨訂單。截至季度末，我們擁有 345 個社區，與我們先前的指導一致。

Based on our updated sales expectations and timing of community openings and closings, we now expect our ending outlet count to be between 340 to 345 in the third quarter, and approximately 350 by the end of the year. Our cancellation rate was 14.6% of gross orders, up from 9.4% a year ago.

根據我們最新的銷售預期和社區開業和關閉的時間，我們現在預計第三季我們的最終門市數量將在 340 至 345 家之間，到年底將達到約 350 家。我們的取消率為總訂單的 14.6%，高於一年前的 9.4%。

As a percentage of our beginning backlog, cancellations were 9.2%, up from 5.2% a year ago. While this increase reflects the change in consumer confidence of late, we believe this remains below industry averages, reflecting our strong customer profile, pre-qualification processes, and backlog customer deposits of approximately $47,000 per home.

占我們期初積壓訂單的百分比為 9.2%，高於一年前的 5.2%。雖然這一增長反映了近期消費者信心的變化，但我們認為這仍然低於行業平均水平，反映了我們強大的客戶形象、資格預審流程以及每戶約 47,000 美元的積壓客戶押金。

SG&A expense as the percentage of home closings revenue was 9.3%. This represented 90 basis points of year-over-year expense leverage due primarily to lower or payroll-related costs and commission expense. For the year, we continue to expect our SG&A ratio to improve to the mid-9% range due to proactive management of our overhead costs, ongoing back office consolidation efforts, and growing efficiencies from our digital sales tools.

銷售、一般及行政費用佔房屋成交收入的百分比為 9.3%。這代表著同比費用槓桿率上升了 90 個基點，主要原因是與工資相關的成本和佣金費用較低。今年，我們繼續預期銷售、一般及行政開支比率將改善至 9% 左右，這得益於我們對間接成本的積極管理、持續的後台整合工作以及數位銷售工具效率的不斷提高。

Financial services revenue was $53 million with a gross margin of 51.1%, up from $49 million and 42.5%, respectively, a year ago. Helping to manage our incentives effectively, our financial services team achieved a strong capture rate of 87% during the quarter. Among buyers using Taylor Morrison Home Funding, credit metrics were healthy and consistent with recent trends, with an average credit score of 751, down payment of 22%, and household income of $188,000.

金融服務收入為 5,300 萬美元，毛利率為 51.1%，高於去年同期的 4,900 萬美元和 42.5%。透過有效管理我們的激勵措施，我們的金融服務團隊在本季實現了 87% 的強勁捕獲率。在使用 Taylor Morrison Home Funding 的買家中，信用指標健康且與近期趨勢一致，平均信用評分為 751，首付為 22%，家庭收入為 188,000 美元。

Turning now to our balance sheet. We ended the quarter with liquidity of approximately $1.1 billion. This included $130 million of unrestricted cash and $952 million of available capacity on our revolving credit facility. We continue to have financial flexibility with our net homebuilding debt to capitalization ratio, equaling 22.9% at quarter end and no senior note maturities until 2027.

現在來看我們的資產負債表。本季末我們的流動資金約為 11 億美元。其中包括 1.3 億美元的非限制性現金和 9.52 億美元的循環信貸額度可用容量。我們的財務靈活性繼續得以維持，我們的淨房屋建築債務與資本化比率在本季末達到 22.9%，直到 2027 年都沒有優先票據到期。

During the quarter, we repurchased 1.7 million shares of our common stock outstanding for $100 million. At quarter end, our remaining repurchase authorization was $675 million.

本季度，我們以 1 億美元回購了 170 萬股普通股。截至季末，我們剩餘的回購授權為 6.75 億美元。

For 2025, we are now targeting total share repurchases of at least $350 million. Since 2015, we have repurchased a total of approximately $2 billion of our shares outstanding, or roughly 60%, helping to drive improved earnings and returns for our shareholders.

到 2025 年，我們目前的目標是股票回購總額至少達到 3.5 億美元。自 2015 年以來，我們已回購了總計約 20 億美元的流通股，約佔 60%，有助於提高股東的收益和回報。

Going forward, we remain committed to both programmatic and opportunistic repurchase strategies to manage our capital and take advantage of the attractive valuation opportunity in our equity. Inclusive of this year's repurchase target, we expect our diluted shares outstanding to average approximately 101 million in the full year, including 100 million in the third quarter.

展望未來，我們將繼續致力於程序化和機會性回購策略來管理我們的資本並利用我們股權中具有吸引力的估值機會。在計入今年的回購目標後，我們預計全年稀釋流通股平均約為 1.01 億股，其中第三季為 1 億股。

Now, I will turn the call back over to Sheryl.

現在，我將把電話轉回給謝麗爾。

Thank you, Curt. In closing, I would like to highlight that we released our annual sustainability and belonging report earlier this week on Monday. This year, the report is built around the theme of resiliency, a term we believe captures not only our financial performance in the face of challenging market dynamics, but also the performance of our homes, as well as the long-term desirability and livability of our carefully planned, well-located communities.

謝謝你，Curt。最後，我想強調的是，我們在本週稍早發布了年度永續發展和歸屬感報告。今年的報告以「彈性」為主題，我們認為這個術語不僅涵蓋了我們在面對充滿挑戰的市場動態時的財務表現，還涵蓋了我們房屋的表現，以及我們精心規劃、地理位置優越的社區的長期吸引力和宜居性。

This intentional effort to build resiliency into every facet of our operations is core to who we are as a builder and community developer, as you can read more about in this week's publication. To end, let me express a tremendous thank you to the Taylor Morrison team.

這種在我們營運的各個方面建立彈性的刻意努力是我們作為建設者和社區開發者的核心，您可以在本週的出版物中閱讀更多相關內容。最後，請允許我向泰勒莫里森團隊表示衷心的感謝。

I am continually impressed by our team members' execution and enthusiasm to be the best we can be. Thank you to each of you for all you do and all you will do to make the second half of the year a success.

我們的團隊成員竭盡全力的執行力和熱情給我留下了深刻的印象。感謝你們每個人為使下半年成功所做的一切以及將要做的一切。

Now let's open the call to your questions. Operator, please provide our participants with instructions.

現在讓我們開始回答你們的問題。接線員，請向我們的參與者提供指示。

(Operator Instructions) Matthew Bouley, Barclays.

（操作員指示） Matthew Bouley，巴克萊銀行。

Good morning, everyone. Thank you for taking the questions.

大家早安。感謝您回答這些問題。

I guess I'll start with a question on the spec mix in the quarter. So that's 71% of sales, I think you said. I guess, my question is that like a market driven, I don't know, softness on the to-be-built side, increasing that spec mix, therefore, your own decisions around price over pace with the to-be-built side.

我想我將從本季的規格組合問題開始。我想您說過，這是銷售額的 71%。我想，我的問題是，就像市場驅動一樣，我不知道，待建方面的疲軟，增加了規格組合，因此，你自己對價格的決定超過了待建方面的步伐。

I mean, it seemed like the spec production at the end of the quarter was not too different versus Q1. So I guess just trying to understand the reasoning behind that jump in spec.

我的意思是，本季末的規格產量似乎與第一季沒有太大差異。所以我想我只是想了解規格飛躍背後的原因。

And then obviously going forward, should we expect it to stay at these levels? It sounded like that that's what was expected in the second half, but just any more detail on that. Thank you.

那麼顯然，展望未來，我們是否應該預期它保持在這些水平？聽起來這就是下半場預期的，但還需要更多細節嗎？謝謝。

Yeah. Hi, Mike. Thanks and great question. Matt. Sorry, Matt.

是的。你好，麥克。謝謝，這個問題問得真好。馬特。抱歉，馬特。

Yeah, relative to the specs, I think last quarter when we talked about what kind of Q2 was going to be, we set that up that we were going to have a higher spec concentration, overall, coming through the P&L based on some of where the inventory was throughout all of our communities, whether it was Entry Level and/or Move-up. And as Sheryl alluded to, even from kind of a Resort Lifestyle. So it's a function of that.

是的，相對於規格，我想上個季度當我們談論第二季度將會是什麼樣的時候，我們設定了總體上我們將有更高的規格集中度，通過損益表來計算，基於我們所有社區的庫存情況，無論是入門級還是上升級。正如謝麗爾 (Sheryl) 提到的那樣，即使是度假生活方式。所以它是它的一個功能。

And on a go-forward basis we still expect that we're going to continue to have a higher concentration of specs coming through here in the near-term as we work our way through the year. But going forward beyond that, we continue to be fans of a more balanced approach relative between the mix between our specs and to-be-built.

並且從未來來看，我們仍然預計，隨著我們全年的工作進展，短期內我們將繼續擁有更高集中度的規格。但除此之外，我們仍將堅持一種更平衡的方法，即在我們的規格和待建產品之間採取更平衡的方法。

Yeah. And I think, Matt, Curt's exactly right. The only thing I'd add to it is, and you nailed it in your question, it absolutely is a function of what we're hearing from the consumer. Erik can go into more detail, and I think some of his comments articulated that the buyer has really begun, the consumer has really begun to understand the value proposition that's available with inventory homes, even in some instances where we would generally expect to see a to-be-built buyer.

是的。我認為，馬特，科特說得完全正確。我唯一要補充的是，你在問題中已經指出了這一點，這絕對是我們從消費者那裡聽到的信息的功能。艾瑞克可以講得更詳細一些，我認為他的一些評論表明，買家已經真正開始，消費者已經真正開始了解庫存房屋的價值主張，甚至在某些情況下，我們通常會期望看到待建房屋的買家。

And some -- it's not one-size-fits-all. Some to-be-built to actually know what they want and are willing to pay for it a little differently. But the consumer understands the incentive environment that's sitting with inventory, and they're prioritizing that in their decision process. So we want to make sure we have the inventory in the market to address it.

而且有些——它並不是萬能的。一些即將建造的建築實際上知道他們想要什麼，並且願意以不同的方式為此付出代價。但消費者了解庫存帶來的激勵環境，並且在決策過程中優先考慮這一點。因此，我們希望確保市場上有足夠的庫存來解決這個問題。

And maybe just a trickle down really quick, Matt. We do ask our consumers, we've been asking them for years, what percentage of you -- of shoppers need a spec, have an interest in spec, or would be open to a spec.

也許只是涓滴效應很快就顯現出來了，馬特。我們確實詢問過我們的消費者，多年來我們一直在詢問他們，你們當中有多少比例的購物者需要規格、對規格感興趣或願意接受規格。

And it's been really interesting to see, over the last couple of quarters, to see that elevate. I think to Sheryl's point, to some degree, it's because of looking for that deal and the economics. But we've tended to try gravitating our spec count to the demand from our shoppers.

在過去的幾個季度裡，看到這一趨勢不斷提升真的很有趣。我認為，就謝麗爾的觀點而言，在某種程度上，這是因為尋求那筆交易和經濟利益。但我們傾向於嘗試根據購物者的需求來調整我們的規格數量。

Yeah, and the only real difference for us is we are seeing a stronger pickup in what I would say that Move-up or even the Resort Lifestyle buyer, which generally that was a smaller piece of that business.

是的，對我們來說唯一真正的區別是，我們看到了升級型買家甚至度假生活方式買家更強勁的成長，而這通常只佔該業務的一小部分。

Okay. Got it. Yeah. No, great color helpful. Yeah, so a lot of it seems like consumer driven, and you guys are making sure you have the right product on the ground for that for where that demand is. Okay. Super helpful.

好的。知道了。是的。不，很棒的顏色很有幫助。是的，很多事情看起來都是由消費者驅動的，你們要確保在當地有適合這種需求的產品。好的。超有幫助。

So then I guess, secondly, I'm just jumping down to the gross margin side, just to double click on that. I mean it sounded like the spec mix was behind the Q3 gross margin guide.

那麼我想，其次，我只是跳到毛利率方面，只是雙擊它。我的意思是，這聽起來像是規格組合影響了第三季毛利率指南。

I just wanted to check if we're talking '23 adjusted for the full year, is the implication that the fourth quarter is actually expected to be higher than the third quarter within that or roughly flat? Just any kind of detail on the cadence there in the second half. Thank you.

我只是想確認一下，如果我們談論的是 23 年全年調整後的數據，這是否意味著第四季度的實際數字預計會高於第三季度，還是大致持平？只是關於下半場節奏的任何細節。謝謝。

Yeah, Matt, another great question. As we look at it, we've got into Q3 that we're expecting 22% for Q3 based on the higher spec penetration. For the full year, when we think about what's adjusted margin is for the full year at roughly 23%, I think you can probably do the math on there.

是的，馬特，這又是一個好問題。從我們的角度來看，我們已經進入第三季度，基於更高的規格滲透率，我們預計第三季的成長率將達到 22%。對於全年而言，當我們考慮到全年調整後的利潤率約為 23% 時，我想您可能可以對此進行計算。

And I think it's going to be pretty close to around 22% for Q4. We're not guiding to that right now. But I think just based on how the math falls out, it'll be approximately 22%, roughly speaking in Q4.

我認為第四季的成長率將接近 22% 左右。我們現在不對此進行指導。但我認為，根據計算結果，第四季的成長率大約是 22%。

And probably you agree, Curt, the only thing that will move that one way or the other, generally speaking, obviously you have a mixed impact. But it's really going to come down to what happens to rates and the incentive load based on the forward commitments, the programs that we have available for the consumers in the mortgage market.

您可能同意，Curt，唯一能以某種方式改變這一點的事情，一般來說，顯然您會產生混合影響。但這實際上取決於利率和基於遠期承諾的激勵負荷的變化，以及我們為抵押貸款市場消費者提供的計劃。

Understood. Perfect. Well thanks, everyone, and good luck.

明白了。完美的。好的，謝謝大家，祝你好運。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

Great. Thanks. Good morning, everyone. Thanks for taking my questions.

偉大的。謝謝。大家早安。感謝您回答我的問題。

Want to delve a little bit into the announcement with Kennedy Lewis regarding the $3 billion facility. The press release cited greater -- some balance sheet relief and greater optionality, specifically I guess, in terms of disposition of assets.

想要深入了解甘迺迪劉易斯公司關於這項價值 30 億美元的設施的公告。新聞稿中提到了更大的——一些資產負債表緩解和更大的可選性，具體來說，我想是在資產處置方面。

I'm kind of curious in terms of -- if this would -- if this agreement is going to result in some movement of the assets off of your balance sheet into the facility I suppose? Or -- and if you could just go into a little more detail in terms of the -- what you mean by greater optionality, and if there's an improvement in, perhaps, cost of financing for the projects?

我有點好奇——如果這個協議會導致資產從你的資產負債表轉移到該設施，我想是嗎？或者 — — 您能否更詳細地說明一下 — — 您所說的更大的選擇性是什麼意思，以及專案融資成本是否有所改善？

Yeah. Hi, Mike. I will -- I'll start with that and good question. I appreciate it.

是的。你好，麥克。我會——我會從這個問題開始，這是一個好問題。我很感激。

We're really excited about it. As we've mentioned, too, in the press release, we've done some business with Kennedy Lewis before. We understand how each other think, and I think this works for both of us.

我們對此感到非常興奮。正如我們在新聞稿中提到的那樣，我們之前曾與 Kennedy Lewis 有過一些業務往來。我們了解彼此的想法，我認為這對我們雙方都有好處。

And so to answer one of your questions relative to current assets versus prospective assets, the facility is intended to serve both. And so we do own about 35 assets, and a fair number of those are contemplated to move over in the facility in the coming couple quarters. And then of course, as we think about new deals, the intention is for those to go into that facility as well.

因此，要回答您關於當前資產與未來資產的問題之一，該設施旨在為兩者提供服務。因此，我們確實擁有大約 35 項資產，其中相當一部分計劃在未來幾季內轉移到該工廠。當然，當我們考慮新的交易時，我們的意圖也是讓那些人進入該設施。

For all intents and purposes, from a functional standpoint, it's akin to a land bank. And that we jointly underwrite deals, Kennedy Lewis would be assigned the contract. They would purchase it. And we would pay for an interest rate along the way. The interesting thing on this one is that it will serve all the way through stabilization of the asset, so through vertical construction.

從功能角度來看，無論從何種目的或意圖來看，它都類似於土地銀行。如果我們共同承銷交易，肯尼迪劉易斯 (Kennedy Lewis) 將獲得該合約。他們會購買它。我們也會在過程中支付利息。有趣的是，它將透過資產的穩定，即透過垂直建設，全程發揮作用。

Lastly, on the optionality piece, I would tell you that our job is to option to basically optimize the value of those assets. And as we think about the competitive arena for each asset in terms of what other assets are available around it, as well as cap rates, where we are from a leasing standpoint, lease rate. And so it just provides a little bit more timing in terms of just having the ability to optimize the value of each asset as we think about the environment and the valuation that the market's telling us.

最後，關於可選性部分，我想告訴你，我們的工作是透過選擇來基本優化這些資產的價值。當我們考慮每項資產的競爭環境時，我們會考慮其周圍可用的其他資產以及資本化率，從租賃的角度來看，租賃率。因此，當我們考慮環境和市場告訴我們的估值時，它只是在優化每項資產的價值方面提供了更多的時間。

And Erik, is it fair that on the existing assets, land tends to be the smaller piece of the overall investment? We won't get the -- even though we'll move and we won't necessarily get the balance sheet relief, but we'll get all the support on the development side.

艾瑞克，在現有資產中，土地往往只佔總投資的較小部分，這公平嗎？我們不會得到——儘管我們會採取行動，而且我們不一定會獲得資產負債表的減免，但我們會得到發展方面的所有支持。

Very true. So yeah, typically the land burden as a percentage of the revenue for these assets is a little bit lighter, just Sheryl's point. We do expect the magnitude to be noticeable as we think about conveying those early assets. But some of them, if they're just land, it's not going to be a huge dollar amount day one.

非常正確。所以，是的，通常土地負擔佔這些資產收入的百分比要輕一些，這正是謝麗爾的觀點。當我們考慮轉讓這些早期資產時，我們確實預期其規模會非常顯著。但其中一些，如果只是土地，第一天的價格不會是巨額。

Okay. So in terms of just the -- just to clarify, when you talk about moving some of the assets off the balance sheet, are you talking about maybe like initially it would be a couple $100 million and so it wouldn't have that much of a demonstrable impact on return on assets or return on equity?

好的。因此，就這一點而言——只是為了澄清一下，當您談到將部分資產從資產負債表中轉移出來時，您指的是最初可能只有幾億美元，因此不會對資產回報率或股本回報率產生那麼明顯的影響嗎？

For the overall organization, perhaps not. But like I said, as we alluded to, it's $3 billion so we do expect it to ramp over time. So really not framing the day one magnitude, but like I said, of those 35 owned assets, 13 of them are with the prior joint venture that we've alluded to. And so the balance most of the others are intended to transfer over.

對於整個組織來說，也許並非如此。但就像我說的，正如我們所提到的，它是 30 億美元，所以我們確實預計它會隨著時間的推移而增加。因此，實際上並沒有確定第一天的規模，但就像我說過的，在這 35 項自有資產中，有 13 項是我們提到的先前的合資企業所擁有的。因此，其他大多數人都打算轉移餘額。

Okay. And just secondly, in terms of maybe trying to get an early sense of growth for 2026. You've obviously laid out goals in terms of where you want to get over the next several years. You had a competitor talk maybe about community count growth, one of your larger competitors at least, maybe, in the mid- to high-single digit range for 2026. Just given the current backdrop, given your own land option and owned pipeline, is that a reasonable way to think about growth for Taylor in the upcoming '26 calendar year or are there other variables to consider?

好的。其次，我們或許想提前了解 2026 年的成長情況。您顯然已經制定了未來幾年想要實現的目標。您的競爭對手可能談到社群數量的成長，至少您的一個較大的競爭對手可能在 2026 年達到中高個位數的成長。僅考慮當前的背景，考慮到您自己的土地選擇和擁有的管道，這是考慮泰勒在即將到來的 26 日曆年的增長的合理方式嗎，還是還有其他變量需要考慮？

Yeah, Mike. Thank you. Obviously, we haven't -- we're not ready to guide for 2026. But I think as we've implied in our [Investment Day] and our last couple calls, we continue to expect growth in each of the out years.

是的，麥克。謝謝。顯然，我們還沒準備好為 2026 年制定指南。但我認為，正如我們在[投資日]和最近幾次電話會議中所暗示的那樣，我們預計未來每年都會實現成長。

Having said that, and I think I said in my comments, we really want to look at the market and make sure that we do the right thing on every single asset. We certainly have the operational capabilities. We have the team to take what the market gives us.

話雖如此，我想我在評論中說過，我們確實想關注市場並確保我們對每項資產都做正確的事情。我們當然有作戰能力。我們有團隊來接受市場給予我們的東西。

But the way we look at new land and as we continue to prioritize returns is really going to be based on the market. As you heard from Erik, we still are guiding to something no more than $2.4 billion in land spend.

但我們看待新土地的方式以及我們繼續優先考慮回報的方式實際上將基於市場。正如艾瑞克所說，我們仍然預期土地支出不超過 24 億美元。

But as we sit here today, I think you give us another quarter to understand how the market's responding. And if we continue to see a reduction in inventory, I think we'll be a lot easier in our next call to talk more about '26.

但今天我們坐在這裡，我想你還需要一個季度的時間來了解市場的反應。如果我們繼續看到庫存減少，我想我們在下次電話會議中會更容易討論'26。

Great. Thanks so much.

偉大的。非常感謝。

(Operator Instructions) Trevor Allinson, Wolfe Research.

（操作員指示）Trevor Allinson，Wolfe Research。

Hi, good morning. Thank you for taking my questions. Sheryl, I wanted to follow up on that last comment. Just thinking about prioritizing price and margin here in the current environment.

嗨，早安。感謝您回答我的問題。謝麗爾，我想跟進最後一則評論。只是考慮在當前環境下優先考慮價格和利潤。

How should we think about your willingness to slow pace further from here if demand were to remain soft as we enter a seasonally slower time of year? Is there a lower bound on absorption pace that you would not like to dip below if demand were to remain soft?

如果進入季節性淡季，需求依然疲軟，我們該如何看待您進一步放慢步伐的意願？如果需求保持疲軟，吸收速度是否有一個你不希望低於的下限？

Yeah, I think there's a lot of factors that go into that, Trevor. Obviously, if I think about confidence -- today, sales are all about confidence and with the consumer in today's environment. It's not really about the financial capabilities of our buyers, Erik pointed out, from what we're seeing in our surveys and in the macro data.

是的，我認為這有很多因素，特雷弗。顯然，如果我考慮信心——今天，銷售完全取決於信心，並且取決於當今環境下的消費者。艾瑞克指出，從我們的調查和宏觀數據來看，這實際上與買家的財務能力無關。

But we do know the buyers want a deal, and in some of our assets that's going to make a lot of sense where we have inventory and we look at the competitive environment in that local submarket. There are some places where we're going to move pace and there will be a cost to do that.

但我們確實知道買家想要達成交易，並且對於我們的一些資產來說，這很有意義，因為我們有庫存，我們會關注當地子市場的競爭環境。在某些地方，我們會加快步伐，但這樣做會付出代價。

Having said that, there are other assets that, honestly, we will be very patient and we're not going to put them on sale. We have a very strong book of assets and as we move to our active adult and our Move-up buyers, some of those assets in more core locations become very difficult to replace, and we're not going to put those on sale.

話雖如此，但說實話，對於其他資產，我們會非常耐心，不會將它們出售。我們擁有非常強大的資產，隨著我們轉向活躍的成年人和向上移動的買家，一些位於更核心位置的資產變得很難被取代，我們不會將其出售。

We've said that, structurally, we think our paces should be somewhere long term in the low-3s. Obviously, we saw a little bit of a reduction in our pace in Q2. There are a couple of reasons.

我們說過，從結構上來說，我們認為我們的步伐應該長期保持在 3 出頭左右。顯然，我們在第二季的步伐有所減緩。有幾個原因。

I look at our active adults specifically, and we had a couple Esplanades push out because of power issues that would have had our Esplanade business actually up here year-over-year. So there's -- you actually have to peel back the onion to really understand it.

我特別關注我們的活躍成年人，由於電力問題，我們有幾家 Esplanade 餐廳被迫停業，而這本來會使我們的 Esplanade 業務逐年增長。所以——你實際上必須剝開洋蔥才能真正理解它。

When I look at the combination of our closeouts in the third quarter, which tend to sometimes move a little slower, but then I offset those with some of our openings. And that's what gives us confidence in the overall year, gives us confidence in our closing and margin guide.

當我查看我們在第三季度的收尾情況時，有時會發現進展有點慢，但我會通過一些開局來抵消這些慢。這使我們對全年業績充滿信心，也使我們對我們的收盤和利潤率指南充滿信心。

Okay. Thank you for that, Sheryl. It was very helpful.

好的。謝謝你，謝麗爾。這非常有幫助。

And then switching over to the cost side, a peer of yours, yesterday, was talking about potentially seeing some relief on development costs. In your guides' prepared remarks, you all mentioned seeing some softness in the land market.

然後轉到成本方面，昨天您的一位同事談到可能會看到開發成本減輕。在導遊的準備好的發言中，你們都提到看到土地市場有些疲軟。

Can you provide more color there? How widespread is that? Any specific markets you're seeing the most relief? And then when do you expect to potentially see some of that benefit start to come through? Thanks.

您能提供更多顏色嗎？這種現像有多普遍？您認為哪些特定市場表現最為緩解？那麼，您預計什麼時候可能會開始看到這些好處的體現呢？謝謝。

Yeah. Hey, Trevor. Erik here. Yeah, I think it's both sides. I think on the acquisition side, that was really what we were alluding to with regard to some softness. And if you think about what that looks like over time, it starts with timing and terms and deals. And then eventually, it works its way into some of the pricing.

是的。嘿，特雷弗。這裡是埃里克。是的，我認為雙方都有這種感覺。我認為在收購方面，這確實是我們所暗示的某種疲軟。如果你思考一下隨著時間的推移它會是什麼樣子，它始於時機、條款和交易。最終，它會影響部分定價。

And so we have had some success in our underwriting and recalibrating the market and realizing some of that through our acquisition underwriting. We expect that to continue a bit. And really, what we're alluding to is a little bit of a normalization relative to the price inflation that we're seeing in the market. If the long-term trend is something like 10%, that's really been cut in half. You're talking low-single digits.

因此，我們在承保和重新調整市場方面取得了一些成功，並透過收購承保實現了部分成功。我們預計這種情況會持續一段時間。實際上，我們所指的是相對於我們在市場上看到的價格通膨而言的一點正常化。如果長期趨勢是 10% 左右，那麼實際上已經減少了一半。你說的是低個位數。

On the development side, similarly, I think because development has slowed to some degree across the markets, you're seeing a little bit more access to trades. You're seeing a little bit greater ability to negotiate on those terms.

同樣，在開發方面，我認為由於整個市場的發展都在一定程度上放緩，你會看到交易機會增加。您將看到就這些條款進行談判的能力有所增強。

So again, whatever the long-term trend might be in terms of inflation, think about half of that on the development side. So that's what we're really we're seeing.

所以，無論通貨膨脹的長期趨勢如何，都要考慮其中的一半是發展上的影響。這就是我們真正看到的。

If you think about everything that's coming through the Investment Committee, would it be fair to say that a lot of success in structurally negotiating new assets, maybe, even assets that are controlled today, price, a little harder to get, but we're seeing some success in some specific positions.

如果您考慮投資委員會所審議的所有事項，是否可以公平地說，在結構性談判新資產方面取得了很大成功，甚至可能是今天控制的資產，價格有點難以獲得，但我們在某些特定職位上看到了一些成功。

Yeah, which is kind of the normal train, right? It starts --

是的，這是一列普通的火車，對嗎？它開始了--

As markets --

隨著市場--

Yeah, and we'll see how long this hesitation in the market lasts. And if it continues, we'll continue to re-review every single deal coming through. And we'll ask for something and in many cases, we'll get it.

是的，我們將看看市場這種猶豫會持續多久。如果這種情況繼續下去，我們將繼續重新審查每一筆交易。我們會要求一些東西，而且在很多情況下，我們都會得到它。

Very helpful. Thanks for all the color and good luck moving forward.

非常有幫助。感謝所有的色彩並祝你未來好運。

Mike Dahl, RBC.

加拿大皇家銀行的麥克達爾。

Hey, good morning. Thanks for taking my questions.

嘿，早安。感謝您回答我的問題。

My first question, I just want to go back to -- just going back to Trevor's question, maybe trying to put a finer point on things. Can you talk about what you've seen in July so far and to the point of pace of moving pieces, but given the back half is normally seasonally lower, yet you're just coming off a quarter that was well below normal seasonal trends.

我的第一個問題，我只是想回到——回到特雷弗的問題，也許試圖對事情進行更細緻的闡述。您能否談談 7 月迄今為止的情況以及移動速度，但考慮到下半年通常是季節性較低的，而您剛剛度過了一個遠低於正常季節性趨勢的季度。

Can you help us understand, like do you think you'll hold pace the flattish in the mid-2s? Should we still expect a further drop off? You're closing, you can hit with some of the backlog and specs but just trying to understand that near-term pace dynamic and any [July] comments.

您能幫助我們理解嗎，例如，您是否認為您會在 2 年代中期保持平穩的步伐？我們是否還應該預期會進一步下降？您即將結束交易，您可以處理一些積壓問題和規格，但只是想了解近期的步伐動態和任何 [七月] 評論。

Yeah, as the -- we had a nice finish to June. And June started a little slower, nice finish. I would say as we rolled into the third quarter, Mike -- I mean, the holiday, the way it fell on the calendar, I would tell you, the first week of the month was slow.

是的，我們六月有一個美好的結局。六月開始得稍微慢一些，但結束得很好。我想說，當我們進入第三季時，麥克——我的意思是，假期，它在日曆上的位置，我會告訴你，這個月的第一周很慢。

We have seen a pickup in traffic and website activity and sales activity; had a -- last week, a nice week. So early results into the quarter, obviously, but it's -- I think our perspective on managing price and pace on a community-by-community asset holds, which -- and with our community openings, I like to think we'll be somewhere in a similar place.

我們看到流量、網站活動和銷售活動都有所回升；上週過得很愉快。因此，顯然這是本季度的早期結果，但我認為，我們對管理社區資產價格和速度的觀點是正確的，而且隨著我們社區的開放，我認為我們會處於類似的位置。

If I look historically, generally, we do see a fall off from Q2 to Q3. We also expect, early August, you start getting some normalcy back into the seasonality with kids back in school and normalized activity. But a little early to comment on the macro with August and September.

如果從歷史角度來看，總體而言，我們確實會看到從第二季到第三季的下滑。我們也預計，8 月初，隨著孩子們返校和正常活動，季節性將開始恢復正常。但現在評論八月和九月的宏觀情況還為時過早。

Fair enough. And just sticking with the price versus pace dynamic. I mean, it makes sense. I hear what you're saying. Your order ASP was still down quite a bit. I assume some of that is mixed related.

很公平。並且只堅持價格與速度的動態。我的意思是，這是有道理的。我聽到了你所說的話。您的訂單平均售價仍然下降了不少。我認為其中一些是混合相關的。

But when we think about the order ASP and how you're managing that piece versus price dynamic, any color on whether that side should start to stabilize a little bit? Because we're down 5% quarter-on-quarter or 6% year-on-year. Any help on that would be good.

但是，當我們考慮訂單平均售價以及您如何管理該部分與價格動態時，是否有跡象表明該方面是否應該開始穩定一點？因為我們的季度環比下降了 5%，年減了 6%。任何幫助都會很好。

Yeah, I mean, Curt shared our expectations for price for the balance of the year. But you're absolutely right, it was -- even though it was a little bit ahead of our guidance, it really was a mix issue and both a geographic mix issue as well as a spec penetration as much as anything.

是的，我的意思是，Curt 分享了我們對今年剩餘時間價格的預期。但您完全正確，儘管它比我們的預期高出一點點，但它確實是一個混合問題，既是一個地理混合問題，也是一個規格滲透問題。

Mike, remember that we have made some comments that we've got inventory more universally across all consumer groups. But the majority of that inventory is always going to address that first time buyer. And that's just at a lower price point.

麥克，請記住，我們曾發表過一些評論，即我們在所有消費者群體中都擁有更普遍的庫存。但大部分庫存總是針對首次購買者。這只是價格較低而已。

Even when I look at the active adult penetration, specifically a couple positions in Florida, Sarasota, specifically, we had some strong town home penetrations, which had a lower price than our normal Resort Lifestyle or Esplanade. So not just one thing, but I think all of those contributed to the overall price.

即使當我查看活躍成年人的滲透率時，特別是佛羅裡達州、薩拉索塔的幾個位置，我們有一些強大的聯排別墅滲透率，其價格低於我們正常的度假生活方式或濱海藝術中心。所以不只是一件事，我認為所有這些都影響了整體價格。

And then Indy. You had -- that's really fair, Curt. We had a full quarter of Indy, which is primarily Indianapolis, which is primarily a first-time buyer market for us so far. And you think about last year, we had nine weeks in the quarter.

然後是印地。你有——這真的很公平，Curt。我們在印第安納波利斯有整整四分之一的市場，到目前為止，這對我們來說主要是首次購屋者市場。想想去年，我們這個季度有九週。

This year we had a full quarter at that penetration. Good news is when I look at the Indianapolis results, their pace doubled year over year. So good -- it's a good result, but it absolutely is going to have an impact on the ASP.

今年我們整個季度都達到了這一滲透率。好消息是，當我看到印第安納波利斯的比賽結果時，他們的步伐去年比去年翻了一番。很好——這是一個很好的結果，但它絕對會對 ASP 產生影響。

Okay. Thank you.

好的。謝謝。

Alan Ratner, Zelman and Associates.

艾倫·拉特納 (Alan Ratner)、澤爾曼和合夥人公司。

Hey, guys. Good morning. Thanks as always for the great details. I really appreciate it. Good morning.

嘿，大家好。早安.一如既往地感謝您提供如此詳細的資訊。我真的很感激。早安.

First question on the cancellation rate. I know I don't want to make a mountain out of the molehill here because it's still a pretty healthy overall level, but you did flag it as something that was a bit of a downward surprise in the quarter and up year-over-year.

第一個問題是關於取消率。我知道我不想小題大做，因為總體水平仍然相當健康，但你確實將其標記為本季度略有下降但同比有所上升的情況。

I was just curious if you can give a little bit more color on these cancellations because I know you guys take a pretty hefty deposit. And generally, with the bill-to-order business, although it's shrinking, that tends to mitigate some of the cancellations.

我只是好奇你是否可以提供更多關於這些取消的詳細信息，因為我知道你們收取了相當高額的押金。總體而言，儘管按訂單發貨業務正在萎縮，但這往往會減輕一些取消訂單的情況。

So at what stage are you seeing these cans -- at what price point market specifics, maybe? Any additional color you can get to understand what's driving that would be great.

那麼，您認為這些罐頭在哪個階段銷售？市場具體價格在哪個階段銷售？如果您能獲得任何額外的顏色來了解其驅動因素，那就太好了。

Yeah, it's a really fair question. We did highlighted, Alan. It's hard to find a company-wide trend. Let me start there. Actually, where I'll start is, you're absolutely right.

是的，這是一個非常公平的問題。我們確實強調了這一點，艾倫。很難找到全公司的趨勢。讓我從這裡開始。實際上，我要說的是，你完全正確。

When you look at our can rate, it's -- I think the flag is it's up quarter-over-quarter, a little higher than we've seen in a couple of years, right? But still, as far as the industry goes, I would say, honestly, quite low.

當你查看我們的罐裝率時，我認為標誌是它比上一季度有所上升，比我們過去幾年看到的要高一點，對嗎？但就該行業而言，老實說，我認為其盈利水平相當低。

When I look across the regions, you'll see relatively consistent, maybe, central being down just a bit. If I were to point to the most prevalent, it actually wasn't getting financed. It was actually in a number of situations.

當我觀察各個地區時，你會看到相對一致的情況，也許中心地區只是稍微下降。如果我要指出最普遍的情況，那實際上就是沒有獲得融資。事實上，在很多情況下都是如此。

It was a home to close that maybe fell out, a home to sell that maybe we pushed out a contract because they didn't sell it and we're not going to sit on inventory. We had some situations with reloads changing.

這是一套可能失敗的待成交房屋，這是一套可能被出售的房屋，我們可能會推遲簽訂合同，因為他們沒有出售它，而我們不會積壓庫存。我們遇到了一些重新載入發生變化的情況。

We had some situations where, honestly, our buyer was in contract for a little bit longer and then they, across the street, find a ridiculous deal of an incentive, and it's easy to walk away from the deposit. But there wasn't one, I would say, obvious trend across the entire portfolio.

我們遇到過一些情況，說實話，我們的買家合約期限稍長一些，然後他們在街對面發現了一個荒謬的激勵措施，很容易就放棄了押金。但我想說，整個投資組合併沒有出現明顯的趨勢。

And as I said, if I had to point to one, it would probably be on their existing home. And when you think about our Move-up buyer, most of them need to sell their existing home, but not all of them.

正如我所說，如果我必須指出一個，那可能就是他們現有的家。當您想到我們的升級買家時，他們中的大多數人需要出售現有房屋，但並非全部。

And that's really helpful. And I have a separate question but hoping to squeeze a quick follow up on that point. In that circumstance where somebody's in contract and can't sell their existing house, do you guys keep the deposit?

這確實很有幫助。我還有一個單獨的問題，但希望能盡快就這一點進行跟進。在這種情況下，如果有人簽訂了合約但無法出售現有房屋，你們會保留押金嗎？

Generally, yes. It depends on, one, did they write it as a contingency? We only take a certain number of contingencies by community. If we're going to take a contingency, we're going to really scrub their existing listing and understanding how they positioned it in the marketplace.

一般來說是的。這取決於，第一，他們是否將其作為應急措施來寫？我們僅承擔社區一定數量的意外事件。如果我們要採取應急措施，我們將真正清理他們現有的清單並了解他們在市場上的定位。

Sometimes they'll have a 30-day contingency and then that gets released. So I would say, unless it falls within the -- I mean, if it doesn't fall within the guidelines, we do keep the deposit and we have a pretty black and white line on that.

有時他們會有 30 天的應急計劃，然後就會發布。所以我想說，除非它符合 - 我的意思是，如果它不符合指導方針，我們會保留押金，並且我們對此有一條非常明確的界限。

Got it.

知道了。

Actually, the only thing I'd add to that is we do send them, Alan, to come back within 12 months and we'll reapply the deposit but we would keep it.

實際上，我唯一要補充的是，我們確實會派他們艾倫在 12 個月內回來，我們會重新申請押金，但我們會保留它。

Got it. That makes sense. All right. Second question. I guess, circling back to '26, and I know you're not going to give any guidance there and I'm not looking for it.

知道了。這很有道理。好的。第二個問題。我想，回到 26 年，我知道你不會在那裡給予任何指導，而且我也不尋求它。

But I'm just curious if you think about the guidance for the remainder of this year, obviously, a lot of these closings are coming from your spec inventory. So your backlog today is down about 30% year-over-year. It's probably going to end the year in a pretty similar spot, assuming the mix of business stays elevated at specs.

但我只是好奇，如果您考慮今年剩餘時間的指導，顯然很多這些收盤都來自您的規格庫存。因此，您今天的積壓訂單比去年同期下降了約 30%。假設業務組合保持在高水平，那麼今年年底的情況可能也會非常相似。

So you flagged -- you're pulling back on starts right now, which I understand. But if you think about next year's spring selling season, is there a point where, assuming you're successful in clearing through these specs and delivering the closing guidance, is there a point where you're going to look at your start pace and say, we really need to reaccelerate things if we want to show growth in 206?

所以你標記了——你現在正在撤回開工，我理解這一點。但是，如果您考慮明年的春季銷售季節，假設您成功通過這些規範並提供最終指導，您是否會考慮您的啟動速度並說，如果我們想在 206 年顯示增長，我們真的需要重新加速？

Yeah, it's all going to be dependent on market conditions, Alan, but of course. I mean, we're going to really be focused also with our new Esplanade openings and some of our new Move-up positions to -- where it's possible to accelerate our to-be-built business, right?

是的，這一切都取決於市場條件，艾倫，當然。我的意思是，我們將真正專注於新 Esplanade 的開業和一些新的晉升職位 - 這樣可以加速我們即將開展的業務，對嗎？

Because that's generally what we come into the new year with, a strong to-be-built backlog. So that will continue to be a priority for the business.

因為這通常就是我們在進入新的一年時所面臨的情況，即大量的待建積壓。因此這將繼續成為企業的首要任務。

But then as we move through these specs, we absolutely will replace them. We'll do them in the right locations where the consumer wants inventory.

但隨著我們不斷完善這些規格，我們絕對會替換它們。我們會在消費者需要庫存的正確位置進行這些操作。

But we have to make sure that the consumer -- that they're in the right places and understand the macro. But given today's environment, if I were to look at what we're looking at today based on consumer feedback, with the priority or preference being inventory, we will continue to replace them, but at a, I'd say, a very responsible rate.

但我們必須確保消費者——他們處於正確的位置並了解宏觀。但考慮到今天的環境，如果我根據消費者的回饋來審視我們今天所看到的情況，優先考慮或優先考慮庫存，我們將繼續更換它們，但我會說，以非常負責任的速度。

Got it. Appreciate that. Thank you, guys. Good luck.

知道了。非常感謝。謝謝你們。祝你好運。

(Operator Instructions) Rafe Jadrosich, Bank of America.

（操作員指示）美國銀行 Rafe Jadrosich。

Hi. Good morning. It's Rafe. Thanks for taking my question. I wanted to ask, you spoke about the absorption piece on the Move-up versus Entry Level versus Resort Lifestyle. Can you talk about the margins or incentives by segments? Have you seen any changes there?

你好。早安.是雷夫。感謝您回答我的問題。我想問一下，您談到了關於向上移動、入門級和度假生活方式的吸收部分。您能談談各個細分市場的利潤或獎勵措施嗎？你看到那裡有什麼改變嗎？

Yeah, I would say that when you think about incentives, the way I would look at it is we can certainly talk about it by group. But your most expensive incentives are going to go with finished inventory because that's probably where we will focus on forward commitments and those permanent buy downs.

是的，我想說，當你考慮激勵措施時，我的看法是，我們當然可以按小組來討論。但最昂貴的激勵措施將與成品庫存有關，因為這可能是我們專注於遠期承諾和永久性買斷的地方。

We've talked in the past about our buy build and some of our other proprietary programs where on a to-be-built or an earlier spec, where we can assure a consumer a below market rate, those aren't quite as expensive. The only thing that I would point out as somewhat different from the norm is with the Resort Lifestyle buyer, many of them don't take mortgages or they take very small ones, so our incentives there might be more focused on a percentage of options that they buy, or if they buy, this many will give them a percentage off.

我們過去曾談論過我們的購買建造和其他一些專有計劃，在這些計劃中，對於待建造的或早期的規格，我們可以向消費者保證低於市場的價格，這些價格並不那麼昂貴。我唯一要指出的是，與常規情況略有不同，度假生活方式買家中許多人不接受抵押貸款，或者只接受很小額度的抵押貸款，因此，我們的激勵措施可能更多地側重於他們購買的期權的百分比，或者如果他們購買，許多人會給他們一定比例的折扣。

But that would really be the exception. And generally, as we've talked about everything else is really tailoring that right promotion. But the further you get down to a completed inventory home, the more expensive your incentive is.

但這確實是例外。一般來說，正如我們所討論的，其他一切都是為了真正實現正確的促銷。但是，您越接近已完成的庫存房屋，您的激勵就越昂貴。

Okay. That's helpful. And then when we look at the third quarter back half margin guidance relative to where you were in the second quarter, can you just -- between the higher incentive level and mixed impact, can you give us some color on each of those pieces? Maybe like how much of the step down is from each of those?

好的。這很有幫助。然後，當我們查看第三季下半年的利潤率指引相對於第二季度的情況時，您能否在更高的激勵水平和混合影響之間，分別給我們提供一些細節？也許就像每個步驟的下降幅度是多少？

Yeah, Rafe, I would say that the majority of it is going to be on the spec penetration and maybe some mix. But as we alluded to in our prepared comments, most of it's predicated on the increase of our spec penetration that is resulting in that step down from a margin standpoint.

是的，Rafe，我想說，其中大部分將取決於規格滲透率，也可能是某種混合。但正如我們在準備好的評論中提到的那樣，其中大部分是基於我們的規格滲透率的提高，從而導致利潤率的下降。

A minimal impact from a mixed perspective. We are seeing a little bit higher sales price mix for the rest of the year with some higher price communities getting closings or increasing closings and our Western segment. But most of it's going to be as a result of the increase in our spec penetration and the resulting incentives associated with that.

從混合角度來看影響很小。我們看到今年剩餘時間的銷售價格組合略有上漲，一些價格較高的社區和西部地區正在關閉或增加關閉量。但其中大部分將是由於我們的規格滲透率的提高以及隨之而來的激勵措施。

And we've assumed relatively stable incentives, right? So interest rates, were going to remain generally where they are now.

我們假設激勵措施相對穩定，對嗎？因此，利率將基本維持在目前的水平。

Great. Thank you very much.

偉大的。非常感謝。

Ken Zenner, Seaport Research Partners.

肯‧澤納 (Ken Zenner)，海港研究夥伴。

Good morning, everybody.

大家早安。

Good morning.

早安.

I wonder, the Florida buyers, I know you guys -- obviously, with your Investor Day, spent a lot of time down there. Asked the same question to [hopefully] yesterday, but like what percent of those active adult buyers in Florida, for those homes are generally from Florida. If you could (technical difficulty) that out a little bit. Your active adult buyers in Florida are mostly from out of state or how --

我想知道，佛羅裡達的買家，我了解你們——顯然，你們的投資者日，你們在那裡花了很多時間。昨天問了同樣的問題，但佛羅裡達州的活躍成年買家中有多少百分比，這些房屋一般來自佛羅裡達州。如果你能（技術困難）稍微解決這個問題。佛羅裡達州的活躍成年買家大多來自州外或--

Yeah, and it depends a little bit. It's a big state, so it's interesting. If you go all the way down to Naples, it's historically been as high as 80% over time. And if conversely, if you go to up north, it's something that's going to be closer to 40%, 50%. Still a lot and noticeable, but it does depend.

是的，這有點取決於情況。這是一個大州，所以很有趣。如果你一路去到那不勒斯，你會發現歷史上這比例曾經高達 80%。相反，如果你去北方，這個比例會接近 40%、50%。仍然很多並且引人注目，但這確實取決於情況。

And it's also seasonal, right? So in the peak of the season, the majority of our buyers are out of state, but as you move through like the summer months and shoulder, you tend to have a more in-state buyer.

而且它也是季節性的，對吧？因此，在旺季，我們的大多數買家都不在州內，但隨著夏季和冬季的到來，州內買家會越來越多。

So having listened to the call yesterday, Ken, I would agree with what you heard yesterday. And our Florida buyers come from all over. West Coast, internationally, East Coast. There's a lot -- I mean, there's a lot of desire to live in Florida and across the state, so we continue to be quite bullish on Florida.

因此，肯，聽了昨天的電話後，我同意你昨天聽到的內容。我們的佛羅裡達買家來自世界各地。西岸、國際、東岸。有很多——我的意思是，很多人都渴望居住在佛羅裡達州和整個州，所以我們仍然對佛羅裡達州持相當樂觀的態度。

Excellent. And then if you could -- and I apologize, I should know this, but when you say spec, 71%, can you define spec? Is that intra-quarter order closing? And how does that 71% compared to last quarter and a year ago's quarter? Thank you very much.

出色的。然後，如果您可以 - 我很抱歉，我應該知道這一點，但是當您說規格，71％時，您能定義規格嗎？那個季度內訂單是否已經結束？那麼與上一季和去年同期相比，71% 的增幅如何呢？非常感謝。

Yeah, the 71%, Ken, was the percentage of spec sales in the quarter. I think a year ago, that was probably in the -- just checking my notes. Something closer. It probably in the, what I would say, in the mid-60s.

是的，肯，71% 是本季規格銷售額的百分比。我想，一年前，那可能只是在檢查我的筆記。更接近一些。我想說，大概是 60 年代中期。

So that was higher and then our penetration -- I'm sorry, Ken. So that was higher as well as our penetration of what we sold closed [relative] in the quarter. So they were both a bit higher than I would say historical norms.

因此，我們的滲透率更高——對不起，肯。因此，我們本季的銷售滲透率也較高。所以它們都比我所說的歷史標準高一點。

Yeah, Ken, I found it here. Actually a year ago, the percentage of our sales in the quarter were right around 59%.

是的，肯，我在這裡找到了它。實際上，一年前，我們該季度的銷售額佔比約為 59%。

Great. And then is that -- how is that different than intra-quarter orders that we're closing? Because that's traditionally how I think about spec. What is that metric? If you have that available. Thank you.

偉大的。那麼，這與我們正在完成的季度內訂單有何不同？因為這是我傳統上對規格的看法。這個指標是什麼？如果您有的話。謝謝。

Yeah, the percentage of our specs that's sold and closed in the quarter was 28%, which again, is higher than where we've been historically, as well.

是的，本季我們銷售和成交的規格比例為 28%，這也高於我們的歷史水準。

Thank you very much.

非常感謝。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

Great. Thanks. Good morning, everyone. So three questions for me.

偉大的。謝謝。大家早安。所以我有三個問題。

The East orders perform much better on a comparison basis versus the company average. I guess, did you talk about what you're seeing in Florida and also in Atlanta? I know that's an important market for you guys.

與公司平均值相比，東部地區的訂單表現要好得多。我想，您是否談論過您在佛羅裡達州和亞特蘭大看到的情況？我知道這對你們來說是一個重要的市場。

Yeah, I certainly can. As I said, I've talked a little bit already, I think, about Esplanade. If I start with the Southeast, Jay, that remained quite strong throughout the quarter. We saw year-over-year sales improvement in our Carolina and Atlanta markets. I've already talked a little bit about Indie.

是的，我當然可以。正如我所說的，我想我已經談論過一些有關濱海藝術中心的事情了。傑伊，如果我從東南部開始，那麼整個季度東南部的勢頭都相當強勁。我們看到卡羅來納州和亞特蘭大市場的銷售額年增。我已經談論過一些關於獨立的事情。

When I moved to Florida, it's a little bit of a mixed story. Our Orlando business, which is our largest Florida business, had a nice year-over-year increase in sales. And that was fueled by some community town growth and a very modest reduction in pace.

當我搬到佛羅裡達州時，我的經歷有點複雜。我們的奧蘭多業務是我們在佛羅裡達州最大的業務，其銷售額比去年同期成長良好。這是由一些社區城鎮的發展和步伐的適度減緩所推動的。

But I think most importantly, when I think about Orlando, It's their mix of communities is really shifting from what we've had the last year or two to a more balanced book of consumer groups away from just exclusively first-time buyers, which we'll continue to improve sales margins and returns.

但我認為最重要的是，當我想到奧蘭多時，他們的社區組合確實正在從過去一兩年的狀態轉變為更加均衡的消費群體，不再僅僅是首次購房者，我們將繼續提高銷售利潤率和回報。

Sarasota also saw a nice improvement in pace and I think did a nice job reducing their inventory. But as I mentioned before, we saw a pretty strong town home penetration in Esplanade, which is unusual for us, but it did moderate their ASP and brought down, even as high as our upgrades, were brought down the typical upgrades for the quarter.

薩拉索塔的步伐也得到了很大的改善，我認為他們在減少庫存方面做得很好。但正如我之前提到的，我們看到濱海藝術中心的城鎮住宅滲透率相當高，這對我們來說是不尋常的，但它確實緩和了他們的平均售價，甚至降低了我們的升級價格，也降低了本季度的典型升級價格。

I guess before I leave Sarasota, I did mention that we had that new Esplanade opening with just a great interest list in Q3. So that, we had planned to open last quarter, so very excited about that when I look at the interest.

我想在我離開薩拉索塔之前，我確實提到過，我們在第三季開設了新的濱海藝術中心，並且獲得了大量關注。所以，我們計劃上個季度開業，所以當我看到大家的興趣時，我感到非常興奮。

[Jax] also had a nice sales growth from both community count and pace expansion. You can hear a trend here. We're also very excited to open our first Esplanade there, in Saint Marys, and that will be in the first quarter. That one also has a nice interest list.

[Jax] 的社群數量和速度擴張也實現了良好的銷售成長。您可以在這裡聽到一種趨勢。我們也非常高興能夠在第一季在聖瑪麗斯開設我們的第一個濱海藝術中心。那個也有一個不錯的興趣清單。

And then I would tell you, Tampa was probably the only market where we saw some real softness in the quarter in our paces. We saw higher cans than normal, and that was predominantly in our first time buyer. Good news is across the state, Jay, we saw resale inventory month of supplies reduced in almost all our markets.

然後我想告訴你，坦帕可能是我們在本季看到步伐真正放緩的唯一市場。我們看到的罐裝量比平常高，而且主要是首次購買者。好消息是，傑伊，我們看到全州幾乎所有市場的轉售庫存月供應量都在減少。

Great. Thank you, Sheryl. And then shifting out west, we heard from a couple of your competitors yesterday that [NoCal] especially may be seeing some tech job loss or some tech job concerns.

偉大的。謝謝你，謝麗爾。然後轉向西部，我們昨天從你們的幾個競爭對手那裡聽說，[北加州]可能會出現一些技術工作崗位流失或技術工作崗位出現問題。

Maybe, what are you hearing from the field out there and how are you thinking about -- because I think y'all's community mix is pretty even between NoCal and [SoCal]. But anything you can give us on both those areas would be appreciated.

也許，你從現場聽到了什麼，你是怎麼想的——因為我認為你們的社區組合在北加州和[南加州]。但如果您能就這兩個領域提供任何信息，我們將不勝感激。

Yeah, for us, I'd say, a little different. I mean, we've been talking with the street with UJ for a while about lightening our capital investment, particularly in SoCal and reducing our community exposure.

是的，對我們來說，我想說，有點不同。我的意思是，我們一直在與 UJ 街頭談論減少我們的資本投資，特別是在南加州，並減少我們在社區的曝光。

So the communities that we have in SoCal, I would tell you are performing well, above the company average on absorptions. But the fact that community countdown, which was quite intentional as we've reallocated funds to other markets, it has created some drag on total sales in the West.

所以我想告訴你，我們在南加州的社區表現良好，吸收率高於公司平均。但事實上，社區倒數計時是有意為之，因為我們已將資金重新分配到其他市場，這對西方的總銷售額造成了一些拖累。

If I head up to Northern Cal, I would describe Sacramento as stable with relatively consistent community and paces. Our bay business was flat on sales year over year.

如果我前往北加州，我會將薩克拉門托描述為穩定的，具有相對一致的社區和節奏。我們的海灣業務銷售額較去年同期持平。

It's interesting because our cans in the bay, and maybe this goes back to one of the earlier questions I got, were actually below the company average even with all the tech noise we're seeing. And I would tell you, have moderated quite a bit since the back half of last year.

這很有趣，因為我們在海灣的罐子實際上低於公司的平均水平，也許這可以追溯到我之前收到的一個問題，即使我們看到所有的技術噪音。我想告訴你，自去年下半年以來，情況已經有所緩和。

So for us, the base sales only being flat had to do with open communities. We have three new communities that just opened at the end of the quarter. I'm excited about those because that will help grow the balance of the year.

因此對我們來說，基本銷售額保持平穩與開放社區有關。我們有三個新社區在本季末剛剛開放。我對此感到很興奮，因為這將有助於增加今年的餘額。

It's our only market with an ASP over $1 million, so you would expect some cautiousness with their equity in a tech market like that. But honestly, it's been pretty good overall.

這是我們唯一一個平均售價超過 100 萬美元的市場，因此你會期望他們在這樣的科技市場中對股權持謹慎態度。但說實話，整體來說還是不錯的。

That's great. Thank you. And then I thought it was pretty interesting the shopper surveys you talked about in your prepared comments, Sheryl. I mean, I think the bottom line from that is the average TM consumer who's looking at a house, their financial situation is in pretty good shape, but it's more the macro that's scaring them at this point. Is that the bottom line takeaway we need to have from that?

那太棒了。謝謝。然後我認為你在準備好的評論中談到的購物者調查非常有趣，謝麗爾。我的意思是，我認為最重要的是，正在考慮買房的普通 TM 消費者的財務狀況相當良好，但目前令他們害怕的更多的是宏觀因素。這是我們需要從中得到的底線啟示嗎？

Perfect summary. You're dealing with this Move-up active adult buyer, so you're moving -- you're talking about a more sophisticated consumer. So the fact that they want to make sure they're getting the right deal compared to the marketplace, the fact that they're going to be a little bit more cautious and understand how the macro affects them, I think makes a lot of sense.

完美總結。您正在與這些「向上移動」的活躍成年買家打交道，因此您正在移動——您正在談論的是更成熟的消費者。因此，他們希望確保自己在市場上獲得正確的交易，他們會更加謹慎並了解宏觀因素如何影響他們，我認為這是非常有意義的。

They have the financial wherewithal. It's not that that's holding them, the ones that are sitting on the sidelines. Would you agree? Any others (technical difficulty) in the research, Erik, that you point to?

他們擁有足夠的財力。那些袖手旁觀的人並沒有受到阻礙。你同意嗎？艾瑞克，您指出研究中還存在其他什麼技術難題嗎？

No, it's really interesting, and I think it circles back to the interest in specs and looking for incentives, too. I think it's all tied together and it's really sentiment. And so again, rightly or wrongly, in the prepared remarks, we frame that as a positive because it's much more difficult to fix your financial situation than it is -- at least that's something that you don't -- it's really about the newspaper and the sentiment that seems to be impacting people's desire to be out shopping.

不，這真的很有趣，而且我認為它又回到了對規格的興趣和尋求激勵。我認為這一切都是連結在一起的，而且是一種真正的情感。因此，無論對錯，在準備好的評論中，我們都將其視為積極的一面，因為解決你的財務狀況比實際情況要困難得多——至少這是你不需要做的事情——這實際上與報紙和情緒有關，這些情緒似乎正在影響人們外出購物的願望。

And we'll see in some time, Jay, what happens. But I would point to the big, beautiful Bill and some of the benefits with the salt deduction cap temporary lifted, the permanence of the [$750] on mortgage interest that now won't expire.

傑伊，過一段時間我們就會看到會發生什麼。但我想指出的是，這項法案非常出色，它帶來的一些好處包括暫時取消鹽稅扣除上限，以及 750 美元的抵押貸款利息將永久有效。

I think some of those things will help the consumer. I think all of that's been up in the air for a while. Obviously, the mortgage insurance deductions, I think that will be more focused to the Entry Level buyer. But I think all of those things, as all of this is put to bed, I think -- and gets understood by the consumer and then some confidence in what's going to happen with rates, I think all of this begins to play a part for them.

我認為其中一些東西會對消費者有所幫助。我認為所有這一切都已經懸而未決一段時間了。顯然，我認為抵押貸款保險扣除將更加側重於入門級買家。但我認為，隨著所有這些事情都得到解決，我認為——並得到消費者的理解，然後對利率的變化有了一些信心，我認為所有這些都開始對他們發揮作用。

So since you brought it up I'm going to go ahead and ask it. I was going to ask this question probably next call next quarter's call, but if you all looked to see with this increase on the salt cap, how much it might help people? But I figured everyone's going to be talking about it, looking at it, but since you all brought it up early, I figured I'll go ahead and ask now.

既然你提起了這個問題，那我就繼續問吧。我本來打算在下個季度的電話會議上問這個問題，但如果你們都看看這次鹽上限的增加，它會對人們有多大幫助？但我想每個人都會談論它、關注它，但既然你們都提前提起了它，我想我現在就繼續問吧。

Yeah, I think we, at this point, I don't think I can quantify it for you. For us, it's really California that's going to be impacted, right, mostly. It's actually going to have a benefit -- I think the benefit goes to your last question though it really does come around confidence.

是的，我認為目前我們還無法為您量化這一點。對我們來說，加州確實會受到最大影響。它實際上會帶來好處——我認為這個好處與你的最後一個問題有關，儘管它確實與信心有關。

They're not going to make a purchase decision because of the salt cap, but the -- having that I think in the formula helps them. We're looking at it on an overall price point.

他們不會因為鹽含量上限而做出購買決定，但我認為配方中有這個限制會對他們有幫助。我們正在從整體價格角度來考慮這個問題。

If you look at the bay price, I just talked about with the overall ASP at $1 million, it's certainly going to create a benefit. I don't think it's what gets them over some of the confidence issues they're dealing with, but I think it's helpful.

如果你看一下海灣價格，我剛才談到的整體 ASP 為 100 萬美元，它肯定會帶來收益。我認為這並不能幫助他們克服一些信心問題，但我認為這是有幫助的。

Absolutely. I think probably for Texas as well, some of the higher price homes you sell on there because people forget that Texas is a relatively high property tax market. So yeah, I'll definitely ask you about it next (multiple speakers) I think it's going to be good for y'all's business and in the industry. Thank you. Thanks for taking my question.

絕對地。我認為德克薩斯州可能也是如此，那裡出售的一些房屋價格較高，因為人們忘記了德克薩斯州是一個相對較高的房產稅市場。所以是的，我接下來肯定會問你這個問題（多位發言者）我認為這對你們的業務和行業都有好處。謝謝。感謝您回答我的問題。

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

非常感謝。我們目前沒有其他問題，因此我想將發言權交還給謝麗爾·帕爾默 (Sheryl Palmer)，以便她發表進一步的評論。

Thank you all for joining us today. I know we went a little long. I appreciate all the questions. Everyone, take care and we'll look forward to talking to you next quarter.

感謝大家今天的參與。我知道我們說得有點久了。我感謝大家提出的問題。大家保重，我們期待下個季度與你們交談。

As we conclude today's call, we'd like to thank everyone for joining. You may now disconnect your lines.

在今天的電話會議結束時，我們要感謝大家的參與。現在您可以斷開線路了。