Taylor Morrison Home Corp (TMHC) 2025 Q3 法說會逐字稿

Good morning, and welcome to Taylor Morrison's third-quarter 2025 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公司2025年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

I'd now like to introduce Mackenzie Aron, your host, Vice President of Investor Relations. Please go ahead.

現在我謹向大家介紹主持人、投資人關係副總裁麥肯齊‧阿倫。請繼續。

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

謝謝，早安。感謝您今天蒞臨。在開始之前，請允許我提醒各位，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 的投資者關係部分查看我們的獲利報告。

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.

這些聲明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。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。

In addition, we will refer to certain non-GAAP financial measures on the call, which are reconciled to GAAP figures in the release. Now I will turn the call over to our Chairman and Chief Executive Officer, Sheryl Palmer.

此外，我們將在電話會議上提及某些非GAAP財務指標，這些指標已在新聞稿中與GAAP資料進行了核對。現在我將把電話交給我們的董事長兼執行長謝麗爾·帕爾默。

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。與我一同出席的還有我們的財務長 Curt VanHyfte 和營運長 Erik Heuser。

We are pleased to report strong third-quarter results despite the continuation of challenging market conditions. Driven by our diversified portfolio and our team's careful calibration of pricing and pace across our well-located communities, we once again met or exceeded our guidance on all key metrics, including home closings volume, price, and gross margin.

儘管市場環境持續充滿挑戰，但我們很高興地宣布第三季業績表現強勁。憑藉我們多元化的投資組合以及團隊對我們地理位置優越的社區的定價和節奏的精心調整，我們再次達到或超過了所有關鍵指標的預期，包括房屋成交量、價格和毛利率。

The ongoing execution of our balanced operating strategy has allowed us to maintain healthy performance even as we have adjusted pricing and incentives, particularly in Entry Level price points. Combined with a thoughtful approach to land-lighter financing tools and effective cost management, our business is generating strong bottom-line earnings, cash flow, and returns for our shareholders.

我們持續執行均衡的經營策略，即使在調整價格和激勵措施（尤其是在入門價格點）的情況下，也能維持良好的績效。結合對輕資產融資工具的周全考慮和有效的成本管理，我們的業務正在為股東創造強勁的淨利潤、現金流量和回報。

With approximately 70% of our portfolio serving Move-Up and Resort Lifestyle homebuyers, our financial performance is supported by the strength of our broad consumer set. However, even though these generally well-qualified buyer groups are less sensitive to affordability constraints, all consumer segments have been impacted by macroeconomic and political uncertainty, which has weighed on buyer urgency and shopper sentiment.

我們約 70% 的房產組合服務於改善型住房和度假式生活方式購屋者，我們廣泛的消費群體為我們提供了強大的財務支持。然而，儘管這些通常素質較高的購買群體對購買力限制不太敏感，但所有消費群體都受到了宏觀經濟和政治不確定性的影響，這影響了購買者的緊迫感和購物者的情緒。

In addition, consumers are aware of the current competitive dynamics in the marketplace and are carefully weighing available incentives, pricing, and spec offerings in their purchase decisions. Appreciating these dynamics, we are focused on deploying innovative and compelling incentives and pricing offers to support buyer confidence and improve affordability, leaning into the appeal of our well-designed spec and to-be-built home offerings to meet consumer preferences and carefully managing new starts as we continue to rightsize inventory and prepare for next year's spring selling season.

此外，消費者也意識到當前市場的競爭格局，並在購買決策中仔細權衡可用的優惠、價格和規格參數。鑑於這些動態，我們專注於推出創新且引人注目的激勵措施和定價方案，以增強購房者的信心並提高購房能力，充分發揮我們精心設計的現房和待建房屋的吸引力，以滿足消費者的偏好，並在繼續調整庫存規模並為明年春季銷售旺季做好準備的同時，謹慎管理新開工項目。

Given our quality land locations, the majority of which are in prime core submarkets, our sales strategies are drive community by community based on their unique selling proposition, competitive analysis, and consumer profile. In all communities, we strive to price to market to remain competitive and offer our homebuyers the greatest value.

鑑於我們擁有優質的土地位置，其中大部分位於核心優質子市場，我們的銷售策略是根據每個社區獨特的銷售主張、競爭分析和消費者概況，逐個社區推進。在所有社區，我們都努力使房價與市場行情相符，以保持競爭力，並為購房者提供最大的價值。

In some communities, this results in a price-focused approach to drive volume, especially where we serve predominantly first-time buyers. And differentiation is more challenging given market competitive pressures. However, in Move-Up and Resort Lifestyle communities, we are inclined to be more patient to protect values given our distinct locations and product offerings in hard-to-replace communities.

在某些社區，這導致了一種以價格為導向的銷售策略，尤其是在我們主要服務於首次購房者的情況下。鑑於市場競爭壓力，差異化更具挑戰性。然而，在升級型住宅和度假式生活社區，鑑於我們獨特的地理位置和在難以替代的社區中的產品供應，我們傾向於更有耐心來保護價值。

We are able to execute this balanced approach in part because we have a well-structured land bank that provides a flexible and capital-efficient lot supply. As I said last quarter, while the near-term outlook calls for a more patient trajectory, we strongly believe that we have the platform to jump-start outsized growth as market dynamics stabilize.

我們之所以能夠實施這種平衡的方法，部分原因是我們擁有結構良好的土地儲備，可以提供靈活且資本高效的地塊供應。正如我上個季度所說，雖然短期前景需要更耐心的發展軌跡，但我們堅信，隨著市場動態趨於穩定，我們擁有啟動超額成長的平台。

In the meantime, we are doubling down on opportunities for cost management with our suppliers, value engineering with our product offerings, and overhead efficiencies in our back office. These efforts help drive year-over-year improvement in our direct construction cost and 80 basis points of SG&A leverage. We are also continuing to expand our industry-leading, tech-enabled sales tools, which are contributing to growing cost efficiencies as well as an improved customer experience.

同時，我們正在加倍努力，尋求與供應商進行成本管理、提升產品價值以及提高後台營運效率的機會。這些努力有助於推動我們的直接建設成本逐年改善，並使銷售、一般及行政費用槓桿率降低 80 個基點。我們也在不斷擴展我們行業領先的、技術驅動的銷售工具，這有助於提高成本效益並改善客戶體驗。

I'm pleased to share that we recently launched an industry-first, AI-powered digital assistant across select markets on taylormorrison.com. Unlike traditional chatbot seen in our industry that rely on scripted responses forcing home shoppers through a predetermined path, our new digital assistant leverages generative AI to provide dynamic, data-driven guidance that better mirrors an in-person sales interaction.

我很高興地宣布，我們最近在taylormorrison.com網站上針對部分市場推出了業界首創的AI數位助理。與業界常見的依賴腳本式回應、引導購屋者按預設流程進行操作的傳統聊天機器人不同，我們全新的數位助理利用生成式AI技術，提供動態的、數據驅動的指導，更好地模擬面對面的銷售互動。

Our digital assistant guides consumers through their discovery journey, provides them detailed answers to each shopper's unique questions, and helps convert interest into action, supporting lead generation and customer acquisition. This technology marks a meaningful advancement in how we engage prospective buyers online. And it's another step in our ongoing digital innovation strategy as today's consumers increasingly seek intuitive, personalized shopping experiences.

我們的數位助理引導消費者完成探索之旅，為他們提供每位購物者獨特問題的詳細答案，並協助將興趣轉化為行動，從而支持潛在客戶開發和客戶獲取。這項技術標誌著我們在線上與潛在買家互動方式上取得了意義重大的進步。隨著當今消費者越來越追求直覺、個人化的購物體驗，這是我們持續推動數位化創新策略的又一步。

As to recent demand trends, we were encouraged to see monthly net absorption paces improve each month during the quarter, with September pacing at the strongest level since May, in contrast to typical seasonal slowing into the end of the summer as the improvement in mortgage interest rates helps spur activity.

至於近期的需求趨勢，我們很高興地看到，本季每月淨吸收速度均有所改善，9 月的吸收速度達到 5 月以來的最高水平，這與夏季末期典型的季節性放緩形成鮮明對比，因為抵押貸款利率的改善有助於刺激市場活動。

In total, our monthly absorption pace was 2.4 per community for the quarter and had averaged 2.7% year to date, slightly below our long-term target, as demand has remained somewhat choppy. However, there are positive signs that potential buyers are cautiously engaged in the market.

本季度，我們每個社區的月平均吸收速度為 2.4，年初至今的平均吸收速度為 2.7%，略低於我們的長期目標，因為需求仍然有些波動。然而，有積極的跡象表明，潛在買家正在謹慎地參與市場。

For one, our latest national homebuying webinar, a free educational opportunity we offer home shoppers to equip them with the knowledge needed for a successful homebuying journey, attracted over 400 attendees. That's a 155% increase from our last webinar. In addition, total website traffic is at double digits, and mortgage prequalification volume is trending similarly to year-ago levels.

例如，我們最新舉辦的全國購屋網路研討會，為我們向購屋者提供免費的教育機會，幫助他們掌握成功購屋所需的知識，吸引了 400 多名參與者。這比我們上次網路研討會的參與人數增加了155%。此外，網站總流量達到兩位數，抵押貸款預審數量也與去年同期水準相似。

I continue to believe that for our generally well-qualified, diverse customer base, improved confidence in the broader economic and political outlook will be the most important determinant of demand stabilization, especially for discretionary home purchase decisions in our Move-Up and Resort Lifestyle communities.

我仍然相信，對於我們整體素質較高、多元化的客戶群而言，對更廣泛的經濟和政治前景的信心增強將是穩定需求的最重要決定因素，尤其是在我們的改善型住宅和度假式生活社區中，對於非必需的購房決策而言更是如此。

Among the many headlines impacting confidence, uncertainty related to H-1B policy and broader immigration-related changes, have weighed on nonresident buyer activity with Dallas, Austin, Atlanta, and the Bay Area feeling the greatest impact.

在眾多影響市場信心的新聞中，與 H-1B 政策和更廣泛的移民相關變化有關的不確定性，對非居民買家的活動造成了壓力，其中達拉斯、奧斯汀、亞特蘭大和舊金山灣區受到的影響最大。

From a consumer standpoint, the mix of our orders by buyer group stayed relatively consistent sequentially in the third quarter at 30% Entry Level, 51% Move-Up, and 19% Resort Lifestyle. On a year-over-year basis, our first and second Move-Up sales held in most strongly, while our Entry Level segment pulled back as did our Resort Lifestyle segment due to performance in our non-Esplanade communities.

從消費者的角度來看，第三季我們按買家群體劃分的訂單組合基本上保持穩定，其中入門級產品佔 30%，升級型產品佔 51%，度假生活方式產品佔 19%。與去年同期相比，我們的第一套和第二套升級房銷售表現最為強勁，而我們的入門級住宅銷售有所下滑，度假生活方式住宅銷售也因非濱海社區的業績而下滑。

Going a step further, specific to our premier Esplanade segment, which accounts for just over 10% of our portfolio orders, we're flattish year over year, benefiting from a handful of new community openings. Given the brand's affluent customer base, this segment of our portfolio is relatively insulated from interest rate concerns and instead, more reliant on consumer confidence.

更進一步來說，就我們佔投資組合訂單 10% 以上的頂級濱海大道板塊而言，我們同比基本持平，這得益於一些新社區的開業。鑑於該品牌擁有富裕的客戶群，我們投資組合中的這一部分相對不受利率擔憂的影響，反而更依賴消費者信心。

Positively, we did see improved shopper engagement in Esplanade during the quarter, with many consumers exploring multiple communities across markets with a willingness to travel to find their preferred combination of lifestyle, location, and price.

令人欣慰的是，我們在本季看到了濱海大道購物者參與度的提高，許多消費者願意跨市場探索多個社區，以找到他們理想的生活方式、地點和價格的組合。

With a healthy pipeline of new Esplanade communities scheduled to open in 2026, we remain encouraged by the strength of this consumer group and the opportunity to capitalize on this brand's unique lifestyle offerings in the years ahead.

2026 年，Esplanade 旗下眾多新社區將陸續開放，我們對此消費群體的強大實力以及未來幾年利用該品牌獨特的生活方式產品所帶來的機會感到鼓舞。

As we look ahead to 2026, it's still too early to provide guidance. But there are a few strategic priorities I would emphasize as we contemplate next year's opportunities against ongoing uncertainties. To begin, we have well over 100 communities expected to open next year, resulting in mid- to high single-digit anticipated outlet growth.

展望2026年，現在提供指導還為時過早。但是，在展望明年機會並應對持續存在的不確定性時，我想強調一些策略重點。首先，預計明年將有超過 100 個社區開業，預計門市數量將實現中高個位數的成長。

Many of these communities are slated to open in time for spring selling season, which should help support our sales pace and delivery goals next year. We also have realized significant cycle time savings, as Curt will detail, providing improved flexibility to start and close homes within the year including build-to-order homes.

這些社區中的許多都計劃在春季銷售旺季到來之前開放，這應該有助於支持我們明年的銷售速度和交付目標。我們還實現了顯著的周期時間節省，正如 Curt 將詳細介紹的那樣，從而提高了在一年內開工和完成房屋建造（包括定制房屋）的靈活性。

While we hope to begin gradually shifting our deliveries closer to a more balanced mix of to-be-built and spec homes over time from our current mix of roughly 70% spec and 30% to-be-built sales, this normalization will take time and be dependent on customer demand.

雖然我們希望隨著時間的推移，逐步將交付的房屋類型從目前的約 70% 的現房和 30% 的待建房屋比例，調整為更加平衡的待建房屋和現房比例，但這種正常化需要時間，並且取決於客戶的需求。

For now, specs will continue to bridge the gap between current buyer preferences for incentivized quick move in inventory and an eventual return to more historic preferences for personalizing to-be-built homes, especially in our Move-Up and Resort Lifestyle communities, which have long been heavily weighted to to-be-built sales. Recognizing this unique environment, we are fortunate to have experienced teams across our divisions with the expertise to respond to local market conditions, effectively to best serve our homebuyers.

目前來看，規格說明將繼續彌合當前買家偏好快速購買現房與最終回歸更傳統的個性化待建房屋偏好之間的差距，尤其是在我們長期以來嚴重依賴待建房屋銷售的升級型和度假式生活社區。鑑於這種獨特的市場環境，我們很幸運地擁有各個部門經驗豐富的團隊，並具備應對當地市場狀況的專業知識，從而更好地服務於我們的購房者。

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

那麼，現在讓我把電話交給艾瑞克。

Thanks, Sheryl, and good morning. At quarter-end, we owned or controlled 84,564 homebuilding lots. Of these, just under 12,000 lots were finished. The balance are being and will be value-enhanced by normal course entitlement and development efforts over time. Based on trailing 12-month closings, this represented 6.4 years of total supply, of which 2.6 years was owned.

謝謝你，謝麗爾，早安。截至季末，我們擁有或控制 84,564 個住宅建築用地。其中，完成的地塊略少於 12,000 個。隨著時間的推移，正常的課程權利和發展努力將提昇平衡的價值，而這種價值將繼續提升。根據過去 12 個月的成交量計算，這相當於總供應量 6.4 年，其中 2.6 年已被持有。

The majority of our lots are in prime locations and core submarkets, where we believe long-term fundamentals are healthiest. This core location strategy has helped to partially insulate us from the elevated level of new and existing home inventory in some markets.

我們大部分的地塊都位於黃金地段和核心次級市場，我們認為這些地區的長期基本面最為健康。這種核心選址策略幫助我們在一定程度上免受某些市場新房和二手房庫存過高的影響。

We control 60% of our lot supply via options and off-balance sheet structures. This is up from 57% at the end of 2024 and is considerably higher than the year-end low watermark of 23% in 2019, as we have made significant progress in our asset-lighter strategy.

我們透過選擇權和表外結構控制了 60% 的批次供應。這一比例高於 2024 年底的 57%，也遠高於 2019 年底的 23% 的低點，因為我們在輕資產策略方面取得了重大進展。

Importantly, we have done so by prioritizing seller financing, joint ventures, and other option takedown structures, complemented by land banking at rates not historically seen. By utilizing each of these vehicles, we look to optimize the trade-off between gross margin and expected returns. As we continue to strategically deploy these tools, we believe we are well on our way of achieving our goal of controlling at least 65% of our lots.

重要的是，我們優先考慮賣方融資、合資企業和其他選擇權轉讓結構，並以史無前例的速度進行土地儲備，從而實現了這一目標。透過利用這些工具，我們力求優化毛利率和預期收益之間的平衡。隨著我們繼續有策略地部署這些工具，我們相信我們正朝著實現控制至少 65% 地塊的目標穩步前進。

With respect to the land market, we have seen some development cost relief and favorable adjustment in land sellers' expectations regarding land structures and values. This has translated into an increased receptiveness on the part of land sellers to structure deals with terms, our preferred financing route, or in a growing share of deals to also adjust pricing.

就土地市場而言，我們看到開發成本有所緩解，土地賣方對土地結構和價值的預期也有所改善。這使得土地賣方更願意接受與我們首選的融資方式（條款）來建立交易，或在越來越多的交易中調整價格。

In the third quarter, our investment committee reviewed land acquisition updates that contemplated favorable transaction enhancements impacting nearly 3,400 lots and more than $500 million of purchase price. These enhancements resulted in an 8% average price reduction, six-month average closing deferral, and other structural improvements.

第三季度，我們的投資委員會審查了土地收購更新情況，其中考慮了有利於交易的改進措施，這些措施將影響近 3,400 個地塊和超過 5 億美元的購買價格。這些改善措施使平均價格降低了 8%，平均交割時間延後了六個月，以及其他結構性改善。

These negotiations related to current deal flow as well as deals that were originally approved as far back as the fourth quarter of 2023. Partially as a result, we have invested $1.6 billion in homebuilding land year to date as compared to $1.8 billion at this time last year. We regularly review and evaluate our deal pipeline to test underwriting assumptions and ensure each new deal and additional phase meet our thresholds prior to closing.

這些談判涉及當前的交易流程，以及早在 2023 年第四季就已批准的交易。部分原因在於此，今年迄今為止，我們已在住宅建設用地上投資了 16 億美元，而去年同期為 18 億美元。我們會定期審查和評估我們的交易流程，以檢驗承保假設，並確保每筆新交易和後續階段在完成之前都達到我們的標準。

With the flexibility to be patient, given our existing lot supply, we now expect to invest approximately $2.3 billion this year, down from our prior expectation of approximately $2.4 billion and our initial projection of $2.6 billion coming into the year. Especially in volatile markets, our investment discipline is critically important to ensuring our portfolio is set up to perform for the long term.

鑑於我們現有的土地供應情況，我們有耐心採取靈活措施，預計今年將投資約 23 億美元，低於先前預期的約 24 億美元，也低於年初預測的 26 億美元。尤其是在市場波動劇烈的情況下，我們的投資紀律對於確保我們的投資組合能夠長期有效運作至關重要。

Turning to our build-to-rent platform, we previously announced that we had entered into a $3 billion financing facility with Kennedy Lewis to support our Yardly business, which, as a reminder, provides an attractive and affordable single-family living experience and amenitize rental communities.

回到我們的「建造出租」平台，我們先前宣布已與 Kennedy Lewis 達成 30 億美元的融資協議，以支持我們的 Yardly 業務。 Yardly 旨在提供有吸引力且價格合理的獨棟住宅生活體驗，並為租賃社區提供便利設施。

During the third quarter, we transferred 14 of our 22 non-JV projects from our balance sheet into the vehicle, providing capital relief of approximately $140 million. We expect to complete the transfer of a handful of additional projects by year-end, which would release another approximately $50 million. In total, these transfers address over $1 billion of funded project costs.

第三季度，我們將 22 個非合資項目中的 14 個從資產負債表轉移到該實體，從而獲得了約 1.4 億美元的資本減免。我們預計到年底前將完成幾個其他項目的移交，這將釋放約 5000 萬美元的資金。這些撥款總計用於支付超過 10 億美元的已資助項目費用。

Even more meaningfully, on a go-forward basis, the structure allows us to jointly underwrite new Yardly opportunities, which can then be acquired, developed, and constructed fully off balance sheet within the vehicle, providing significant capital efficiency and optionality as we continue to scale this unique business and optimize disposition strategies.

更重要的是，從長遠來看，這種結構使我們能夠共同承銷新的 Yardly 機會，然後可以在公司內部完全以表外方式收購、開發和構建這些機會，從而在我們繼續擴大這項獨特業務規模和優化處置策略的過程中，提供顯著的資本效率和選擇權。

Consistent with this optionality, we now expect to sell two projects by year-end as we have taken a more agent approach given recent market conditions. Now I will turn the call to Curt.

鑑於近期的市場狀況，我們採取了更積極主動的代理方式，因此，我們預計到年底將售出兩個項目。現在我將把電話轉給柯特。

Thanks, Erik, and good morning, everyone. Turning to the details of our financial results for the third quarter, we reported net income of $201 million or $2.01 per diluted share. This included inventory impairments, pre-acquisition abandonments, and warranty adjustments. Excluding these items, our adjusted net income was $211 million or $2.11 per diluted share.

謝謝你，艾瑞克，大家早安。接下來看一下我們第三季的財務業績詳情，我們報告淨收入為 2.01 億美元，即每股攤薄收益 2.01 美元。這包括庫存減損、收購前棄置資產和保固調整。剔除這些項目後，我們的調整後淨收入為 2.11 億美元，即每股稀釋收益 2.11 美元。

During the quarter, we delivered 3,324 homes, which slightly exceeded the high end of our guidance range of 3,200 to 3,300 homes due to faster cycle times. The average closing price of these homes was $602,000, also slightly ahead of our guidance of approximately $600,000 due to a favorable mix. In total, this generated home closings revenue of $2 billion.

本季度，我們交付了 3,324 套住房，由於建造週期加快，略微超過了我們此前 3,200 至 3,300 套住房的指導範圍上限。這些房屋的平均成交價為 602,000 美元，由於房屋組合有利，也略高於我們先前約 60 萬美元的預期。總計，這帶來了 20 億美元的房屋交易收入。

We are closely managing our starts volume based on community-specific inventory levels and incremental sales. During the quarter, we started 1.9 homes per community, equating to 1,963 total starts. We ended the quarter with 6,831 homes under construction including 3,313 specs, of which 1,221 were finished. Our total spec count was down approximately 15% from the second quarter.

我們根據各個社區的庫存水準和增量銷售情況，密切控制著我們的開工量。本季度，我們平均每個社區開工 1.9 套住宅，總計開工 1,963 套。本季末，我們在建屋共有 6,831 套，其中包括 3,313 套樣品房，其中 1,221 套已完工。我們的總規格數量比第二季度下降了約 15%。

As we look ahead to 2026, we will be strategic in putting new spec starts into production in advance of the spring selling season, appreciating that our current spec inventory remains elevated and the demand environment is fluid. Positively, the ongoing improvement in cycle time has significantly strengthened our ability to flex production levels.

展望 2026 年，我們將採取策略性措施，在春季銷售旺季到來之前將新的現貨產品投入生產，因為我們意識到目前的現貨庫存仍然很高，而且需求環境瞬息萬變。令人欣慰的是，生產週期的持續改善顯著增強了我們靈活調整生產水準的能力。

In the third quarter, we realized another roughly 10 days of sequential savings, leaving us about 30 days faster than a year ago and 90 days faster than two years ago. Even still, we believe there is further room for improvement as we are continuing to find opportunities for additional efficiencies throughout the construction schedule, aided by the slowdown in industry-wide starts.

第三季度，我們又實現了大約 10 天的連續節省，比一年前快了大約 30 天，比兩年前快了大約 90 天。即便如此，我們相信仍有改進的空間，因為隨著整個產業開工速度放緩，我們將繼續在整個施工進度中尋找提高效率的機會。

Based on our current inventory position, we expect to deliver between 3,100 to 3,300 homes in the fourth quarter. This implies an updated full-year home delivery target of 12,800 to 13,000 homes, reflecting our current backlog and recent sales paces. We expect the average closing price of our fourth-quarter deliveries to be approximately $590,000, which would leave our full-year closing price at the low end of our prior range of $595,000.

根據我們目前的庫存情況，我們預計第四季將交付 3100 至 3300 套房屋。這意味著全年房屋交付目標更新為 12,800 至 13,000 套，反映了我們目前的積壓訂單和最近的銷售速度。我們預計第四季度交付的平均收盤價約為 590,000 美元，這將使我們全年的收盤價處於先前 595,000 美元範圍的低端。

Our reported home closing gross margin was 22.1%, while our adjusted home closing gross margin, which excludes inventory impairment and certain warranty charges, was 22.4%. This was slightly ahead of guidance of approximately 22%. The upside was due in part to a favorable mix of higher-margin to-be-built home closings, which benefited from faster cycle times.

我們公佈的房屋成交毛利率為 22.1%，而經調整後的房屋成交毛利率（不包括庫存減損和某些保固費用）為 22.4%。這一數字略高於預期的約 22%。上漲的部分原因是利潤率較高的在建房屋成交組合較為有利，而這類房屋的成交週期較短。

Conversely, for the fourth quarter, we expect a modest mix headwind from a higher penetration of spec home closings, with spec homes accounting for 72% of third-quarter sales. With 61% of closings, we expect our spec closing penetration to increase in the near term.

相反，我們預計第四季將出現輕微的市場結構不利因素，原因是投機性房屋成交量的增加，投機性房屋佔第三季銷售額的 72%。成交量佔比達 61%，我們預期短期內投機性成交滲透率將有所提高。

As a result, we expect our home closings gross margin, excluding any charges, to be approximately 21.5% in the fourth quarter. This would imply a full-year home closing gross margin of approximately 22.5% on a reported basis and roughly 23% on an adjusted basis, consistent with our prior expectations.

因此，我們預計第四季房屋成交毛利率（不計任何費用）約為 21.5%。這意味著全年房屋成交毛利率按報告基準約為 22.5%，按調整基準約為 23%，與我們先前預期的一致。

Now to sales. Net orders in the third quarter totaled 2,468 homes, which was down just under 13% year over year. This was driven by moderation in our monthly absorption pace to 2.4 homes per community from 2.8 a year ago, partially offset by a 3% increase in our ending community count to 349 outlets.

現在進入銷售環節。第三季淨訂單總數為 2,468 間房屋，年減近 13%。這主要是由於我們每月房屋吸收速度放緩，從一年前的每社區 2.8 套降至 2.4 套，但部分被我們期末社區數量增加 3% 至 349 個門市所抵消。

Cancellations equaled 10.1% of our beginning backlog and 15.4% of gross orders. While cancellation activity has increased due to change in consumer sentiment, we believe our cancellation rates remain below industry averages, driven by our emphasis on prequalifications, $45,000 average customer deposits, and the overall financial strength of our buyers.

取消訂單量占我們期初積壓訂單量的 10.1%，佔總訂單量的 15.4%。雖然由於消費者情緒的變化，取消交易的情況有所增加，但我們相信，由於我們重視預審資格、客戶平均45,000美元的定金以及我們買家的整體財務實力，我們的取消率仍然低於行業平均水平。

Looking ahead, we now expect our outlet count to be approximately 345 at year-end, slightly below our prior guidance, as we have intentionally delayed some openings into the new year when anticipated selling conditions are stronger. As Sheryl said, we have well over 100 communities expected to open next year, resulting in mid- to high single-digit anticipated outlet growth in 2026.

展望未來，我們預計到年底門市數量將達到約 345 家，略低於我們先前的預期，因為我們有意將一些門市的開業推遲到新的一年，屆時預計銷售情況會更加強勁。正如謝麗爾所說，我們預計明年將有超過 100 個社區開業，預計到 2026 年，門市數量將實現中高個位數成長。

We once again realized strong expense leverage as our SG&A ratio improved 80 basis points year over year to 9% of home closings revenue. This improvement was driven primarily by lower payroll-related costs and commission expense.

我們的銷售、一般及行政費用比率年減 80 個基點，達到房屋成交收入的 9%，再次實現了強大的費用槓桿效應。這項改善主要得益於工資相關成本和佣金支出的降低。

For the year, we continue to expect our SG&A ratio to be in the mid-9% range. Our financial services team maintained a strong capture rate of 88% during the quarter, which drove financial services revenue of $56 million with a gross margin of 52.5%. This was up from $50 million and 45%, respectively, a year ago.

今年，我們仍預期銷售、管理及行政費用率將維持在 9% 左右。本季度，我們的金融服務團隊維持了 88% 的強勁成交率，推動金融服務收入達到 5,600 萬美元，毛利率為 52.5%。這兩個數字分別比一年前的 5,000 萬美元和 45% 有所成長。

Among buyers using Taylor Morrison Home Funding, credit metrics remained healthy and consistent with recent trends, with an average credit score of 750, down payment of 22%, and household income of $179,000.

在使用 Taylor Morrison Home Funding 的購屋者中，信用指標保持良好，與近期趨勢一致，平均信用評分為 750，首付為 22%，家庭收入為 179,000 美元。

Before turning to our balance sheet, I wanted to highlight that during the quarter, we incurred net interest expense of $13 million, up from $3 million a year ago, driven primarily by our land banking vehicles. We expect to incur a similar amount of net interest expense in the fourth quarter.

在介紹我們的資產負債表之前，我想強調的是，本季我們產生了 1,300 萬美元的淨利息支出，高於去年同期的 300 萬美元，這主要是由於我們的土地儲備工具所致。我們預計第四季將產生類似金額的淨利息支出。

Now on to our balance sheet. We ended the quarter with strong liquidity of approximately $1.3 billion. This included $371 million of unrestricted cash and $955 million of available capacity on our revolving credit facility. At quarter-end, our net homebuilding debt-to-capitalization ratio was 21.3%, down from 22.5% a year ago.

接下來我們來看資產負債表。本季末，我們擁有約 13 億美元的強勁流動資金。其中包括 3.71 億美元的非限制性現金和 9.55 億美元的循環信貸額度。截至季末，我們的房屋建設淨負債資本比率為 21.3%，低於一年前的 22.5%。

During the quarter, we repurchased 1.3 million shares of our common stock outstanding for $75 million. Year to date, we have repurchased a total of 5.3 million shares for approximately $310 million, representing approximately 5% of our outstanding share count at the beginning of the year.

本季度，我們以 7,500 萬美元的價格回購了 130 萬股已發行普通股。今年迄今為止，我們已回購了總計 530 萬股股票，金額約 3.1 億美元，約佔年初已發行股票總數的 5%。

As a result, we are well on track to achieve our full-year repurchase target of at least $350 million as we remain focused on returning excess capital to shareholders and taking advantage of the attractive valuation of our equity.

因此，我們預計將實現全年至少 3.5 億美元的股票回購目標，因為我們將繼續專注於向股東返還多餘的資本，並利用我們股票的誘人估值。

At quarter-end, our remaining repurchase authorization was $600 million. Inclusive of our repurchase target, we expect our diluted shares outstanding to average approximately $101 million for the full year, including approximately $99 million in the fourth quarter.

截至季末，我們剩餘的回購授權額度為 6 億美元。在計入回購目標後，我們預計全年稀釋後流通股平均約為 1.01 億美元，其中第四季約為 9,900 萬美元。

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. I'd like to end by acknowledging the administration's recent focus on addressing the country's critical need to help make housing more affordable. At Taylor Morrison, we welcome the opportunity to work collaboratively towards expanding homeownership and improving accessibility.

謝謝你，科特。最後，我想對本屆政府近期致力於解決國家住房負擔能力這一迫切需求表示讚賞。在泰勒莫里森，我們歡迎有機會與各方合作，共同擴大住房擁有率並提高住房可及性。

We have long strived to build strong communities and deliver affordable, desirable housing options that serve the needs of our customers with both for-sale and for-rent offerings. We applaud the administration's commitment to improving the cost and availability of housing and look forward to contributing towards meaningful solutions.

我們一直致力於建立強大的社區，並提供價格合理、令人滿意的住房選擇，以滿足客戶的需求，包括出售和出租的房產。我們讚賞政府致力於改善住房成本和供應狀況，並期待為切實可行的解決方案做出貢獻。

I also want to end by thanking our entire team for once again delivering results we are proud to share. Your commitment to our customers, communities, and each other is second to none. And I am confident we will continue to navigate this market successfully.

最後，我還要感謝我們整個團隊，感謝他們再次取得了令我們引以為傲的成果。你們對客戶、社區和彼此的付出是無與倫比的。我相信我們將繼續成功地駕馭這個市場。

Thank you to everyone who joined us today, and let's now open the call to your questions. Operator, please provide our participants with instructions.

感謝今天所有參與的朋友，現在讓我們進入提問環節。操作員，請向我們的參與者提供操作說明。

(Operator Instructions) Trevor Allinson, Wolfe Research.

（操作說明）特雷弗·艾利森，沃爾夫研究公司。

Hi. Good morning. Thank you for taking my questions. I want to start with your views on the potential action from -- good morning -- from the administration to encourage volumes. And, Sheryl, I appreciate your comments in the prepared remarks.

你好。早安.謝謝您回答我的問題。我想先聽聽您對政府可能採取的鼓勵銷售的行動有何看法——早安——謝麗爾，我很感謝你在準備好的演講稿中提出的意見。

Have you guys had conversations directly with the administration on the topic? And if so, can you talk about specifically what they're looking from you as a homebuilder? And do these conversations change your views at all on your approach to volume versus pace in the current environment?

你們有沒有就此事直接與校方溝通？如果是這樣的話，您能否具體談談他們希望您作為房屋建築商具備哪些條件？這些對話是否改變了您對目前環境下產量與速度的看法？

Well, thanks, Trevor. Appreciate the question. As has been reported, there's a number of meetings that have been held. And honestly, I believe it's great for the industry that we're having these very productive conversations with the administration.

謝謝你，特雷弗。感謝您的提問。據報道，已經舉行了多次會議。說實話，我認為這對整個產業來說是一件好事，因為我們能與政府進行這些有成效的對話。

The discussions are really about how we can overcome the housing shortages in this country and most critically, how do we make housing more affordable. We do have some excess inventory in the system, everyone knows today, that builders are working through. And we need to be very thoughtful of how that happens.

討論的重點實際上是我們如何克服這個國家的住房短缺問題，以及最關鍵的，我們如何讓住房更加經濟實惠。目前系統中確實有一些過剩庫存，這一點大家都知道，建築商們正在努力消化這些庫存。我們需要認真思考這件事是如何發生的。

But I think we can all agree that we have an affordability issue, and it didn't happen overnight. And it's going to require tremendous collaboration by a number of stakeholders to solve. It's a very complicated issue. But the good news is, it's getting tremendous focus by a lot of smart people. We need to tackle rising land costs, local regulations. The list just goes on and on.

但我認為我們都能同意，我們面臨負擔能力問題，而這個問題並非一朝一夕造成的。解決這個問題需要眾多利害關係人的通力合作。這是一個非常複雜的問題。但好消息是，它正受到許多聰明人的極大關注。我們需要解決土地成本上漲和地方法規等問題。這樣的例子不勝枚舉。

What I would tell you is we're in the early days, so more to come, but rest assured that Taylor Morrison and all the big builders want to be part of the solution on providing the right housing for Americans. And I'm quite confident, given the meetings we've had, that we'll see opportunities in progress. I'd also point you to the LBA statement that went out a couple of weeks ago. I think it did a really nice job representing the position of all the big builders.

我想告訴大家的是，我們現在還處於早期階段，所以未來還會有更多進展，但請放心，泰勒莫里森和所有大型建築商都希望成為為美國人提供合適住房的解決方案的一部分。鑑於我們已經進行的幾次會議，我很有信心，我們會看到正在發展中的機會。我還要提醒您注意幾週前發布的LBA聲明。我認為它很好地展現了所有大型建築商的立場。

And as far as your second part of that question, we're going to continue to do the right thing, community by community, asset by asset. As we've talked about for years, Trevor, we don't make that decision globally. We really look at the balance of price and pace in consumer group in every community. And we'll continue to do that.

至於你問題的第二部分，我們將繼續做正確的事情，逐一社區、逐一資產地進行。特雷弗，正如我們多年來一直討論的那樣，我們不會在全球範圍內做出這樣的決定。我們非常注重每個社區消費群體中價格和速度之間的平衡。我們將繼續這樣做。

It's not going to be helpful to flood the market with inventory that can't be absorbed. So we just need to be very conscious of the dynamics in each submarket.

向市場投放無法消化的庫存並無益處。所以我們需要密切注意每個細分市場的動態變化。

Thanks for that, Sheryl. Again, it makes a lot of sense. I think that's a very logical approach. And then second, on recent demand trends, you talked about demand improving sequentially throughout the quarter, which is very encouraging.

謝謝你，雪莉。這很有道理。我認為這是一個非常合乎邏輯的方法。其次，關於近期的需求趨勢，您提到需求在本季逐季改善，這非常令人鼓舞。

Are you seeing a difference by consumer segment? Just thinking as rates came down, did you see Entry Level traffic become more -- Entry Level consumers become more engaged? Or is it more broad across consumer segments? And then any color on -- if those improved trends continued into October? Thanks.

您是否觀察到不同消費族群之間的差異？我一直在想，隨著利率下降，您是否注意到入門級流量增加了——或者說，入門級消費者的參與度提高了？或者說，這種現像在消費者群體中更為普遍？那麼，這些好轉的趨勢是否會延續到10月呢？謝謝。

Thanks. Yeah, great question. I would tell you it's been pretty broad-based, Trevor. And I'd share just like in prior discussions that it almost comes down to once again community by community. For example, Entry Level, absolutely, we've seen traffic pick up. But we know we have affordability issues we're trying to solve for.

謝謝。嗯，問得好。特雷弗，我可以告訴你，它的影響範圍相當廣泛。正如之前的討論一樣，我想說的是，這幾乎又一次取決於各個社區的具體情況。例如，入門級產品，流量確實有所增加。但我們知道我們面臨著價格承受能力方面的問題，我們正在努力解決這些問題。

When we look at our Move-Up and our Resort Lifestyle business, there continues to be increases in traffic, increases in web traffic, foot traffic. And actually, I'm quite encouraged, specifically with the Resort Lifestyle as we move into the shoulder season, that's going to continue.

當我們審視我們的升級改造和度假生活方式業務時，會發現客流量、網路流量和實際客流量都在持續成長。事實上，我感到非常鼓舞，尤其是在我們進入淡季之際，度假生活方式將會繼續保持下去。

That consumer group is more sophisticated. They know what's going on in the market. So the opportunity is to convert them from traffic to action. And we have a lot of tools, if it's anything from -- everything from our incentives, our mortgage programs, to our new AI tool to help consumers get from start to finish.

這個消費族群更加成熟。他們了解市場動態。所以，機會在於如何將流量轉化為實際行動。我們有許多工具，從我們的激勵措施、抵押貸款計劃，到我們新的人工智慧工具，可以幫助消費者從頭到尾完成所有流程。

Thank you for all the color, and good luck moving forward.

感謝你帶來的所有美好，祝福你未來一切順利。

Thank you. I appreciate the questions.

謝謝。感謝大家的提問。

Mike Dahl, RBC.

邁克·達爾，RBC。

Hi. Great. Thanks for taking my questions. Sheryl, as part of the sequential trends, I was hoping you could elaborate on incentives you talked in your remarks and the press release about kind of innovative and compelling.

你好。偉大的。謝謝您回答我的問題。謝麗爾，作為一系列趨勢的一部分，我希望你能詳細說明你在演講和新聞稿中提到的那些具有創新性和吸引力的激勵措施。

I mean, obviously, rate buydowns have been out there for years now. So what are you doing that's different? Is this kind of lower teaser rate? Is the [arms?] Like, what do you think you're doing that may be playing a role in helping to drive that customer off the sidelines?

我的意思是，很顯然，利率下調政策已經存在很多年了。那麼，你做了哪些與眾不同的事呢？這是那種較低的預售價格嗎？（武器？）例如，你認為你正在做的哪些事情可能有助於促使客戶從觀望狀態轉向購買？

Yeah. I would tell you, honestly, Mike, it's all of the above. As you know, we continue to use -- both on the conventional and the FHA loans, we're using buydowns. We're using adjustable loans. We also have proprietary loans for our inventory that's just gotten in the ground or specifically our to-be-built, really trying to stimulate that business.

是的。說實話，麥克，以上所有情況都有。如您所知，我們繼續在傳統貸款和 FHA 貸款中使用利率買斷。我們使用的是浮動利率貸款。我們也為剛動工或即將動工的專案提供專屬貸款，以真正刺激該業務的發展。

We have recently just introduced a new proprietary nine-month program for our to-be built. And I think most of those are done with Fannie and Freddie through the window. We've got a slightly different program. And it really gives our customers flexibility on a forward lock but -- security of a longer period of time, if they believe rates are going to drop.

我們最近推出了一項針對我們未來建造項目的全新專有九個月計劃。而且我認為其中大部分都是范妮和佛萊迪透過窗戶完成的。我們的方案略有不同。這樣一來，我們的客戶在提前鎖定利率方面就擁有了更大的靈活性，但如果他們認為利率將會下降，則可以獲得更長的保障。

Obviously, in most of these programs, we also have the ability for a free float-down. So I think for us, Mike, it's really about making sure we personalize each customer's experience. Some of them need help with closing costs.

顯然，在大多數這類程序中，我們也具備自由浮動下調的能力。所以我覺得，麥克，對我們來說，關鍵在於確保我們能夠為每位顧客提供個人化的體驗。他們中的一些人需要幫助支付過戶費用。

Some of them don't know how -- are expecting to be in the house a long time; an adjustable program seems most helpful. Some need the confidence of a 30-year lower fixed rate. So it's really making sure we understand the customer needs, and we just have a plethora of programs to provide.

他們中的一些人不知道該怎麼做——預計在家裡待很長時間；一個可調節的程序似乎最有幫助。有些人需要30年期較低固定利率帶來的安心感。所以，關鍵在於確保我們了解客戶的需求，而我們有很多項目可以提供。

Okay. Got it. That's helpful. And then, Sheryl, I know it's early to give '26 commentary. You did highlight a couple of things around community count growth, specs maybe being a bridge to help you a little bit in the near term. I think some of that probably alluded to the fact that your backlog is down nearly 40% in dollar terms year on year and probably ends the year somewhat similarly.

好的。知道了。那很有幫助。還有，謝麗爾，我知道現在對 2026 年發表評論還為時過早。您確實提到了一些關於社區數量增長的問題，規格可能能在短期內為您提供一些幫助。我認為其中一些可能暗示了你的積壓訂單金額同比下降了近 40%（以美元計），而且年底的情況可能也大致如此。

So the obvious question we get from investors is, if you have a traditional kind of build-to-order builder go into the next year with backlog down that much, how can you possibly drive to even flat revenues? Or do you have a significant gap out?

因此，投資者最常問的問題是，如果一家傳統的按訂單生產的製造商在下一年的積壓訂單大幅減少，那麼如何實現收入持平？或者你們之間存在著較大的差距？

So maybe -- can you just talk to how you're viewing that as you go into the spring? It sounds like maybe you're a little more willing to put some specs in the ground, where others are pulling back a little. But just give a little more detail on how we should all be thinking about that positioning.

所以，您能否談談您對即將到來的春天有何看法？聽起來你可能更願意投入一些實際行動，而其他人則有些退縮。但請您再詳細說說我們應該如何看待這種定位。

Yeah. I think you have to hit it from a number of angles, Mike. First of all, I think we've been very clear that we're going to do -- look at each community and make sure we understand the right need and put the right number of specs in the ground. Our specs, as I said -- I think both Curt and I said in our prepared remarks -- are a little higher.

是的。我覺得你需要從多個角度入手，麥克。首先，我認為我們已經非常明確地表明，我們將要做的是——考察每個社區，確保我們了解正確的需求，並投入正確數量的規格進行建造。正如我所說——我想我和柯特在事先準備好的發言稿中都說過——我們的規格要高一些。

We pulled back a little bit in the third quarter to see what happened to sales paces. We have the fourth quarter -- given the reduction in construction cycle, it gives us much more time. And I think back to a year ago, where we probably had to have houses in the ground by January and February and probably no later than March depending on the community or market. Today, that can go until next July or August.

第三季我們稍微縮減了規模，看看銷售速度會如何改變。第四季—由於施工週期縮短，我們有更多的時間。我回想起一年前，我們可能必須在 1 月或 2 月之前把房子建好，最遲可能也要到 3 月，這取決於社區或市場狀況。目前來看，這種情況可能會持續到明年七月或八月。

You fundamentally picked up at least another quarter of production cycle next year. You combine that with our ability to add new to-be built well into next year and the community count growth. And then we're going to really seek to understand the market. And we have the platform to ramp up start if the market is there for it.

從根本上來說，你至少已經獲得了明年一個季度的生產週期。再加上我們明年還能繼續建造新項目，以及社區人口的成長。然後我們將真正努力了解市場。如果市場需要，我們有能力迅速啟動專案。

But as I said, we're not going to force inventory in the ground. In some communities, we find that pricing has been less inelastic. And so we really have to make that decision community by community and balance profitability along with volume.

但正如我所說，我們不會強行把庫存埋在地下。在某些社區，我們發現價格彈性較小。因此，我們必須逐一社群地做出決定，並在獲利能力和銷售之間取得平衡。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

(Operator Instructions) Michael Rehaut, JPMorgan.

（操作員指令）Michael Rehaut，摩根大通。

Great. Thanks very much. Good morning, everyone, and congrats on the results.

偉大的。非常感謝。各位早安，祝賀你們取得好成績。

Thank you.

謝謝。

I wanted to first drill down on how you're thinking about -- you kind of -- talking specifically about spec inventory, sorry, kind of saying early that it remains elevated. I think it's kind of one of the key reasons why you're looking for a little bit of a dip down sequentially in 4Q gross margins.

我想先深入了解您是如何看待——您具體談到了庫存問題，抱歉，我有點早地說庫存仍然居高不下。我認為這正是第四季毛利率較上季略有下降的關鍵原因之一。

I'm trying to get my arms around how you're thinking about this going into the first half of next year, if you would expect this kind of drag or headwind to remain in place or even accelerate. If you're kind of working through excess spec inventory, let's say, at the current fourth-quarter pace, when might -- assuming the market trends follow normal seasonality, when might that overhang dissipate?

我想了解您對明年上半年情況的看法，您是否預計這種阻力或逆風會持續存在，甚至會加劇。假設市場趨勢遵循正常的季節性規律，那麼，如果你正在以目前第四季的速度消化過剩的投機性庫存，那麼這種庫存過剩何時才能消散呢？

Yeah. I think similar to what I said to Mike Dahl, I think it's a balancing act, Mike. I mean, obviously, it's our intention to work through the inventory. And then we obviously have a lot of new communities that will be bringing new inventory to the marketplace.

是的。我覺得這跟我之前跟麥克達爾說的差不多，我認為這是一種平衡之舉，麥克。我的意思是，很顯然，我們的目的是清空庫存。當然，還有很多新興社區會為市場帶來新的房源。

And we'll be monitoring it month by month as we look at our fourth-quarter starts. We've always said we're going to align sales pretty close to start. You saw us pull back a little bit on that in the fourth quarter because the inventory was --

我們將逐月監測，並關注第四季的開局情況。我們一直都說，我們會盡量讓銷售工作從一開始就與市場保持一致。第四季度，由於庫存情況，我們略微減少了這方面的投入。--

Third quarter.

第三季。

Excuse me, in the third quarter -- thank you -- going into the fourth quarter. And so we're going to play that by ear. But we're in a position, if it's permits on the shelf, ready to respond to the demand in the marketplace. But like I said, we're not going to flood the market with inventory. So we're really going to pace it based on sales and opportunities.

不好意思，第三節──謝謝──進入第四節了。所以，我們只能隨機應變了。但如果許可證已經準備就緒，我們就能隨時回應市場需求。但就像我說的，我們不會向市場大量投放庫存。所以我們將根據銷售情況和市場機會來控制進度。

Okay. I appreciate that. And I guess, just looking at your different regions, you talked about September being a little bit better from a -- within the quarter. And perhaps, that's continued into October. From a regional standpoint, I'm curious if you've seen the strength more concentrated in any areas?

好的。我很感激。我想，從你們不同的地區來看，你們提到9月份的情況在本季內會稍微好一點。或許，這種情況一直延續到了十月。從區域角度來看，我很好奇你是否注意到某些地區的實力更為集中？

And specifically, maybe you could kind of go around the world in terms of which markets remain on the margin stronger than average, weaker than average. We heard comments yesterday that maybe Florida is showing a little bit of signs of stabilization. So love your thoughts on that as well.

具體來說，或許你可以放眼全球，看看哪些市場仍然處於高於平均水平的邊緣，哪些市場仍然處於低於平均水平的邊緣。我們昨天聽到一些評論說，佛羅裡達州可能出現了一些趨於穩定的跡象。我也很認同你的看法。

Certainly, I'd be happy to. Yeah, I would agree with the comments on Florida, Mike. We continue to be very bullish around Ford. I think Florida was the last to really adjust if we think about the last few years. But the good news is given how late it was to the adjustment party, we're already seeing green shoots on inventory, sales activity.

當然，我很樂意。是的，我同意你對佛羅裡達州的看法，麥克。我們依然非常看好福特汽車。我認為，如果回顧過去幾年，佛羅裡達州是最後一個真正做出調整的。但好消息是，儘管調整措施出台得比較晚，我們已經看到庫存和銷售活動出現了復甦的跡象。

When I look at our sales, half of our Florida markets were up year over year. In fact, Orlando has the highest paces in the country. Closings for the quarter were up almost across the board in all of our Florida markets. And half the market saw improvement in their margin in the quarter year over year.

從我們的銷售情況來看，佛羅裡達州一半的市場銷售額比去年同期成長了。事實上，奧蘭多的步速是全美最高的。本季度，我們佛羅裡達州所有市場的成交量幾乎全面上升。一半的市場參與者本季利潤率較上年同期有所提高。

Heading in the shoulder season, like I said, I stay optimistic that we'll have a good season for the Resort Lifestyle business. We're also seeing a decent reduction in both new and resale inventory. And once again, I'm delighted to see that.

正如我所說，雖然現在是淡季，但我仍然樂觀地認為度假生活方式業務會迎來一個好年。我們還看到新車庫存和二手車庫存都出現了明顯下降。我再次為此感到高興。

And if I go to Texas --- and you see it in the numbers, Mike -- it was a tougher quarter from a volume standpoint. Inventory have been elevated in Texas, if I kind of run around the state. Often, they've been at this for -- it feels like darn close to three years. So it does feel like we're starting to see the bottom, which I would say is encouraging. Months of supply have come down.

如果我去德州——麥克，你從數據中就能看出——從銷售來看，那是一個更艱難的季度。如果我稍微跑一趟德州，就會發現那裡的庫存水準很高。他們往往已經這樣做了——感覺差不多有三年了。所以感覺我們似乎開始看到底部了，我認為這令人鼓舞。幾個月的供應量已經下降。

And it feels like it's holding pretty steady. We'll go a couple more months and see if that's true. But when we look at like underproduction QMIs in the market, they've settled to more reasonable levels. Margin recovery, we've seen them up a little bit quarter over quarter.

感覺目前狀態相當穩定。我們再觀察幾個月，看看是否屬實。但當我們觀察市場上產能不足的品質管理指數（QMI）時，它們已經穩定在更合理的水平。利潤率有所回升，我們看到它們環比略有上升。

And the land market, I would tell you, continues to be tough. The teams have been very diligent in their assumptions not to get ahead of their selves until we really find final pricing in the market. But the good news is we have a very strong portfolio of quality assets, and that will continue to carry the day.

我可以告訴你，土地市場依然十分艱難。各團隊在做出假設時都非常謹慎，在真正確定市場最終價格之前，不會妄下結論。但好消息是我們擁有非常強大的優質資產組合，這將繼續幫助我們成功。

Dallas, I think it slowed down a bit, a little bit more. The lowest price points in Dallas are hypercompetitive. And most builders, it appears, have subscribed to, I would say, more of an inventory strategy. Resales have remained generally stable, maybe up a bit. Once again, I'd tell you, our balanced portfolio gives us some great opportunities because it's a high-growth market for us as we look forward.

我覺得達拉斯的成長速度稍微放緩了一些。達拉斯的最低價格區間競爭異常激烈。而且大多數建築商似乎都採取了更偏向庫存管理的策略。二手車成交量整體保持穩定，可能略有上漲。我再次強調，我們均衡的投資組合為我們提供了絕佳的機會，因為展望未來，這是一個高成長的市場。

Great land pipeline, margins are still strong. Probably the thing I'd point to in Dallas -- and I think I said it in my prepared remarks -- say that four times -- prepared remarks, Mike, is the H21 buyers. We've seen that both in the demand and from a cancellation standpoint.

土地儲備充足，利潤率依然強勁。在達拉斯，我可能會重點指出——而且我想我在準備好的演講稿中也提到過——麥克，我重複了四遍——那就是 H21 買家。無論是在需求方面還是在取消訂單方面，我們都看到了這一點。

And then if I wrap up with Houston there, the first-time buyers it's competitive, very competitive for them. The good news is there's lots of them. It actually has one of our highest paces in the quarter in the country. Our core communities continue to do well.

最後，如果我以休士頓為例，對於首次購屋者來說，競爭非常激烈。好消息是，這樣的機會很多。實際上，它的增速在全國範圍內位居季度最高之列。我們的核心社區繼續發展良好。

But you have to put it on a relative basis. Paces are down from the peak levels, certainly in Texas, more than we've seen across the board. But I think our locations doing well; the ones in the core are doing better.

但你必須把它看作是相對的。速度已從峰值水平下降，尤其是在德克薩斯州，下降幅度比我們之前在其他地方看到的要大。但我認為我們各個門市的經營狀況都不錯；核心地段的門市經營狀況較好。

Qualifications. Qualification seems to be the biggest issue for our first-time buyers there. And we're having to use both rate incentives, buydown, really every tool we have in toolbox, to assist these buyers get to a payment that they can afford. I'd probably describe it as competitive but steady, but like I said, pulled back from our peak levels.

資格。對於我們當地的首次購屋者來說，資格似乎是最大的問題。我們不得不動用利率優惠、降價補貼，以及我們工具箱裡的所有工具，來幫助這些購屋者達到他們所能負擔的付款金額。我可能會把它描述為有競爭力但穩定，但就像我說的，已經從巔峰水平回落了。

Carolina is broadly doing really good. You can really start to see the difference between core and some of the fringe markets. And our core assets are really nicely. If I move to California -- we've been discussing for a while -- on the capital front, we've really tightened up our investment.

卡羅萊納整體表現非常出色。你真的可以開始看出核心市場和一些邊緣市場的差異了。我們的核心資產狀況非常好。如果我搬到加州——我們已經討論過一段時間了——在資金方面，我們已經大幅收緊了投資。

The communities we have in SoCal are doing well. We have pulled back the investment a little bit. Once again, SoCal is above the company average. Or even though it's pulled back from its peaks, their absorptions are above the company average. If I go to the Bay, I would say tech has had an impact on both probably Bay and Seattle.

南加州的各個社區發展良好。我們已稍微減少了投資。SoCal 的表現再次高於公司平均。即使股價已從高峰迴落，其吸收率仍高於公司平均。如果我去舊金山灣區，我會說科技對灣區和西雅圖都產生了影響。

And if I go to [Stack] and the round out California, I'd say they're holding steady. They're getting more than their fair share in the marketplace. When I look at our Resort Lifestyle business there, we have one that's approaching closeout, one that's in the new stage -- in the newer stages of opening without the amenity. So those are kind of balancing each other out. I'd say Sacramento overall stable, consistent community count paces year over year.

如果我去[Stack]那裡，再看看加州的情況，我會說他們保持穩定。他們在市場上獲得了遠遠超出其應得的份額。當我審視我們在那裡的度假生活方式業務時，我們發現有一家即將關閉，還有一家正處於新階段——處於開業初期，但配套設施尚未完善。所以它們之間就起到了一種相互平衡的作用。我認為薩克拉門托整體而言社區人口數量保持穩定，逐年穩定成長。

And then maybe I'll wrap up with Phoenix. I think that market probably provides the most diverse offering across all consumer groups for us. It's a balanced market with our to-be-built and inventory offering. We've seen good improvement on cycle times. We definitely, with our Move-Up buyers here, have a more discerning buyer.

最後，我或許會以鳳凰城的故事作為結尾。我認為這個市場可能為我們提供了涵蓋所有消費群體最多樣化的產品。我們的在建工程和現房供應構成了一個平衡的市場。我們已經看到生產週期時間有了顯著改善。我們這裡的改善型購屋者無疑更加挑剔。

But we have the options to meet their needs. Paces have been constant sequentially. Once again, I'd say this is a market that's kind of hunching about their weight, strong margins for us, and modest incentives compared to the rest of the country.

但我們有多種方法可以滿足他們的需求。步速一直保持恆定。我再次強調，這個市場有點畏首畏尾，但我們利潤豐厚，而且與全國其他地區相比，激勵措施也比較溫和。

And the land market is a little bit mixed. We're seeing some wonderful opportunities. We're very deal specific. We've been able to renegotiate terms and price. We've seen -- just coming out of an auction -- a state auction that was pretty frothy. So a little bit of everything in the marketplace.

土地市場情況則有些喜憂參半。我們看到了一些絕佳的機會。我們非常注重具體交易。我們已經能夠重新協商條款和價格。我們剛剛目睹了一場非常火爆的州政府拍賣會。所以市場上什麼都有一點。

I'd just wrap, Mike, with just a macro that I know there's been a lot of discussion on California. I mean -- excuse me -- Florida and Texas. But when you look at migration patterns, they're still leading the country. They continue to be very important markets for the industry. Consumers still have strong equity in their homes. Income -- net worths are growing. So I'd say the green shoots are starting.

麥克，我最後想說的是，我知道加州一直以來都有很多討論。我的意思是——抱歉——佛羅裡達州和德克薩斯州。但從移民模式來看，他們仍然領先全國。它們仍然是該行業非常重要的市場。消費者仍然擁有很高的房屋淨值。收入－淨資產正在成長。所以我覺得，好兆頭已經開始出現了。

But, Erik, I'm sure I missed a lot. Anything you can think of?

但是，埃里克，我肯定錯過了很多。你還能想到什麼嗎？

Well, you covered it. Long term, excited about the population gains and net move-ins that we've seen in those markets over time. And specifically, as you think about months of supply and price in the resale market, there are two key indicators we've watched carefully seeing some real stabilization.

嗯，你已經涵蓋了。從長遠來看，我們對這些市場隨著時間的推移所看到的人口增長和淨遷入量感到興奮。具體來說，在考慮二手房市場的供應量和價格時，我們密切關注了兩個關鍵指標，發現它們已經出現了一些真正的穩定跡象。

A few examples, maybe Sarasota and Tampa, by way of example, where months of supply are actually down and pricing has stabilized, so no real movement there. Houston has been interesting in that the months of supply are down about 4% on a moving average and stable pricing.

舉幾個例子，例如薩拉索塔和坦帕，那裡的供應量實際上已經下降了好幾個月，價格也趨於穩定，所以那裡並沒有真正的波動。休斯頓的情況很有意思，其庫存月數按移動平均值計算下降了約 4%，價格保持穩定。

And so some real examples of some stabilization. Of course, we'll continue to watch seasonality and evolution. And on the new inventory side, the cycle is a little different than all others. There is always a little bit of seasonality. But we continue to monitor that core versus noncore benefits that we think we have.

所以，這裡有一些穩定化的實際例子。當然，我們會繼續關注季節性和演變。而對於新庫存來說，其週期與其他所有庫存週期都略有不同。總是會帶有一定的季節性。但我們會繼續關注我們認為擁有的核心收益與非核心收益之間的關係。

I really see a difference in performance.

我確實感覺到了性能上的差異。

Right.

正確的。

Yeah.

是的。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Matthew Bouley, Barclays.

馬修·布雷，巴克萊銀行。

Good morning, everyone. Thank you for taking the questions. So I wanted to ask on the, I guess, the over-100 new communities to come next year. I'm curious, any detail on how that may break out either from a regional or product perspective?

各位早安。感謝您回答這些問題。所以我想問一下，明年即將建成的100多個新社區的情況。我很好奇，能否從區域或產品角度分析一下具體情況？

And specifically, I'm curious on your Esplanade expansion. I think you said it's still hanging around kind of 10% of sales today. I know you guys -- you've got some ambitious goals of expanding that product. So should we expect to see any movement on that mix of Esplanade next year as well with all those openings? Thank you.

我尤其對你們的濱海大道擴建計畫很有興趣。我想你說過，它現在仍然佔到銷售額的10%左右。我知道你們——你們對擴大該產品的規模有著雄心勃勃的目標。那麼，隨著明年濱海大道沿線眾多新店的開業，我們是否應該期待看到該區域的商業格局發生任何變化？謝謝。

We really leaned in, Matt, talking about '26. So we're not going to go too far, but I will give you a tidbit. I'll give you -- in Esplanade, specifically, we have three new Esplanade opening in the first quarter, along with amenity centers, nine holes of golf in one of our communities. So very exciting.

馬特，我們真的認真地談論了26年。所以我們不會走得太遠，但我會透露一點資訊。我來告訴你——具體來說，在濱海大道，我們第一季將開設三個新的濱海大道項目，以及配套設施中心，我們其中一個社區還將開設九洞高爾夫球場。太令人興奮了。

When I look at next year and just across the Esplanade portfolio with the amenities that are opening along with new communities, I think we're excited; very consistent with what we discussed at our Investor Day. But I think before we get into more detail, on communities, Curt, anything you want to add to that? We really want to wait until next quarter.

展望明年，以及整個 Esplanade 集團旗下即將開放的配套設施和新社區，我們感到非常興奮；這與我們在投資者日上討論的內容非常一致。但我想在我們更詳細地討論社區問題之前，Curt，你還有什麼要補充的嗎？我們真的想等到下個季度。

Yeah. I think we'll wait, Matt, until we kind of wrap up the year. But as you can imagine, I think the outlet growth will be pretty broad-based kind of throughout the country. So I think we'll leave it at that for now, and we can handle that more when we wrap up the year.

是的。馬特，我想我們還是等到今年快結束的時候再說。但正如你所想，我認為門市的成長將在全國範圍內相當廣泛。所以我想我們暫時就先說到這兒，等到年底的時候再詳細處理吧。

Okay. Got it. I appreciate that. Secondly, just SG&A. It looked like a lot of leverage there despite sort of flattish homebuilding revenue year over year.

好的。知道了。我很感激。其次，僅指銷售、一般及行政費用。儘管房屋建造收入與去年同期基本持平，但看起來那裡仍有許多槓桿空間。

Can you speak a little more around what you're doing to control costs here? Was there anything one time in that 3Q result? Or should we think you've kind of found a new run rate level here in Q3 that we can kind of use to model out the next year on SG&A? Thank you.

您能否再詳細談談你們在控製成本方面採取了哪些措施？第三季業績中是否有任何異常狀況？或者我們應該認為，您在第三季找到了一個新的運行率水平，我們可以用它來預測下一年的銷售、一般及行政費用？謝謝。

Yeah, Matt, thanks for the question. SG&A, yeah, that's a focus of ours. Ideally, it's part of the culture. The teams are focused on it. We're constantly looking at kind of our throughput results that we get on various metrics. In the quarter, specifically, we benefited from some lower kind of payroll-related costs and lower commission costs as well.

是的，馬特，謝謝你的提問。銷售、一般及行政費用，是的，這是我們關注的重點。理想情況下，它應該是文化的一部分。各隊都在集中精力研究這個問題。我們一直在關注各種指標的吞吐量結果。具體來說，本季我們受惠於工資相關成本和佣金成本的降低。

And as we said in our prepared comments, we're tracking to be in that mid-9% range for the year. So all in all, I'm very happy with where we're at from an SG&A perspective. The teams are focused on it, and we're doing a lot of good things from a cost control perspective.

正如我們在事先準備好的評論中所說，我們預計今年的成長率將達到 9% 左右。總而言之，從銷售、管理及行政費用（SG&A）的角度來看，我對我們目前的狀況感到非常滿意。團隊正專注於此，從成本控制的角度來看，我們做了很多有益的事情。

And I should also highlight the fact that from a back-office standpoint, we're continually trying to find ways to improve kind of how we're operating, whether it's our shared contract kind of program that we have, where we're centralizing all of our contracts. And we're moving the needle on that as well on some of the other aspects of the business.

我還應該強調一點，從後台的角度來看，我們一直在努力尋找改進我們運營方式的方法，例如我們正在推行的共享合約計劃，該計劃旨在集中管理我們所有的合約。我們在業務的其他一些方面也取得了進展。

The other one I'd point to, I think our contracts department that we've got in place for a year now, right, where all the contracts are centralized, I think that's a good one.

另一個我想提一下的，是我們成立一年多的合約部門，所有合約都集中在那裡，我認為這是一個很好的例子。

I think the other one I'd point to, Curt, is what we're seeing in the reservation system. I mean, even just in September, we saw about an 800-basis-point reduction from our overall business to those that came in reservation and [co-growth].

我覺得另一個需要指出的地方，Curt，就是我們在預訂系統中看到的情況。我的意思是，即使僅在9月份，我們也看到整體業務的預訂量下降了約800個基點，而且[共同生長]。

So if we can keep that up, generally, month to month, we've been seeing 400, 500 on average. 800 in September was a peak for us. But obviously, the more we get through our reservation system with that reduction, that will continue to show the leverage in the SG&A.

所以如果我們能維持這個水平，一般來說，每個月平均能達到400到500例。 9月份的高峰是800例。但顯然，隨著我們透過預訂系統減少預訂量，銷售、一般及行政費用的槓桿作用會越來越明顯。

Got it. Super helpful. Thank you, Sheryl and Curt. Good luck, guys.

知道了。非常有用。謝謝Sheryl和Curt。祝你們好運。

Thank you.

謝謝。

(Operator Instructions) Alan Ratner, Zelman Associates.

（操作說明）艾倫·拉特納，澤爾曼聯合公司。

Hey, guys. Good morning. Thanks for all the details so far and a nice quarter. I guess, just first on the SG&A, just since that was the last topic there. I'm just trying to back into what the implied guide for 4Q is and to get to mid-9s for the year.

嘿，夥計們。早安.感謝您目前提供的所有詳細信息，祝您度過一個愉快的季度。我想，就先說說銷售、管理及行政費用吧，因為那是上次討論的話題。我只是想反推第四季的預期業績，爭取全年業績達到9分中段。

I think it does imply that that rate does tick up a bit sequentially on a fairly similar revenue base. So is that just some conservatism around that 800-basis-point reduction in the broker side that you just mentioned, Sheryl? Or is there some other thing that I should be aware of on that?

我認為這確實意味著，在收入基礎相當相似的情況下，該比率會逐週略有上升。謝麗爾，你剛才提到的經紀商方面 800 個基點的降幅，是不是只是出於某種保守考慮？或是有其他需要注意的事項嗎？

Yeah. Hi, Alan. I think it's a couple of things. A, yeah, we are seeing a potential influx of commission costs for Q4 as what we're seeing from some of the competitors in the marketplace and what everyone is doing to drive maybe their closings for the year.

是的。你好，艾倫。我覺得是兩方面的原因。A，是的，我們看到第四季佣金成本可能會大幅上漲，因為我們從市場上的一些競爭對手那裡看到，大家都在採取措施來推動今年的成交量。

With brokers, right?

透過經紀人，對吧？

With brokers. And then what I would also say is that based on our guide of the midpoint of our range of 3,200 units with our average sales price at $590,000, we are losing a little bit of leverage just because of the top line is going to be a little bit less than it was in Q3.

透過經紀人。此外，我還想說的是，根據我們3200台的銷量中點以及59萬美元的平均售價的指導，由於營收將比第三季度略低，我們的議價能力有所下降。

Got it. Okay. Understood. Thanks for that, Curt.

知道了。好的。明白了。謝謝你，科特。

Second question -- and I apologize, I missed some of these numbers. But I thought the detail that Erik gave surrounding some of the successes you've had on land renegotiation was really encouraging to hear.

第二個問題——很抱歉，我漏掉了一些數字。但我認為艾瑞克詳細介紹了你們在土地重新談判方面取得的一些成功，這真的令人鼓舞。

So I was hoping, first, can you just repeat that? And second off, on the deals where you were actually able to get lower pricing, can you quantify like what maybe the margin impact is on those particular projects and just the general timing of when we should expect to see that benefit beginning to flow through?

所以，首先，我希望您能再重複一次嗎？其次，對於您實際上能夠獲得更低價格的交易，您能否量化一下這些特定項目的利潤率影響，以及我們應該預期何時開始看到這種收益？

Hi, Alan. Yeah, great question. I appreciate it. It was about 3,400 lots in the quarter that rolled through our investment committee that were renegotiated. And that renegotiated -- renegotiation took the form of deferrals. So those, on average, were about six months.

你好，艾倫。嗯，問得好。謝謝。本季度，我們投資委員會對大約 3400 個地塊進行了重新談判。於是，雙方重新談判——重新談判採取了延期付款的形式。所以平均下來，大約是六個月。

But a relatively surprising level were actually on price. And it was basically an 8% decrease in the original purchase price on deals that we're rolling back through the investment committee that has been negotiated from fourth-quarter '23 through relatively current.

但出乎意料的是，價格方面也出現了相當高的比例。基本上，我們正​​在透過投資委員會重新審視從 2023 年第四季到最近一段時間內談判達成的交易，這些交易的原始購買價格比原價降低了 8%。

So as you think about navigating this particular cycle, it's been interesting to me -- and participating in it. But this one has been relatively quick in terms of seller receptiveness for the call, but also our proactiveness in making sure that we're playing offense and communicating clearly. And we've seen success.

所以，當你思考如何應對這個特殊的週期時，我覺得很有趣——參與其中也很有趣。但就賣家接聽電話的動機而言，這次進展相對較快，而且我們也積極主動地確保我們採取進攻策略並進行清晰的溝通。我們已經取得了成功。

And so maybe to your question relative to what should we expect, as we review deals that we had an original expectation in terms of gross margin and return production, we want to make sure that we're holding those. And sometimes, that does require an adjustment. And so I wouldn't say that's going to result in significant upside, but we are maintaining our original expectations in most cases.

所以，對於您提出的關於我們應該期待什麼的問題，當我們回顧那些我們最初對毛利率和回報產量有所預期的交易時，我們希望確保我們能夠實現這些預期。有時，這確實需要做出調整。因此，我不會說這會帶來顯著的上漲空間，但在大多數情況下，我們維持了最初的預期。

And then in terms of timing, those are going to roll through over time. So again, relatively current on deals that we'll be closing on the few months developing. And so it's going to take some time for that to roll through the system.

至於時間安排，這些都會隨著時間的推移而逐漸落實。所以，關於未來幾個月即將完成的交易，目前情況還比較穩定。因此，這需要一些時間才能在系統中順利完成。

The last thing I would say, interestingly, as we're talking about the land environment, this one being a little bit different than past, is we have seen some interesting finished lot pickups. And so about 25% of the land rolling through our system most recently are actually finished lots. And those have been difficult to sign over the last couple of years.

最後我想說的是，有趣的是，既然我們在談論土地環境，那麼今年的土地環境與以往略有不同，我們看到了一些有趣的已完成地塊收購案例。因此，最近透過我們系統流通的土地中，約有 25% 實際上是已完工的地塊。過去幾年，這些協議一直很難簽署。

And I think that's likely the case of some other builders may be walking from deals and our ability to renegotiate those in a way that makes sense for us. And as I alluded to, we're also seeing some development costs release. So those would be a couple other upsides that we see.

我認為其他一些建築商也可能面臨同樣的情況，他們可能會放棄交易，而我們有能力以對我們有利的方式重新談判這些交易。正如我之前提到的，我們也看到一些開發成本降低。所以，這些就是我們看到的其他幾個優點。

And, Erik, would you -- just so we don't get over our ski tips. I mean, it's been interesting, right? Because to your point, we've had some tremendous renegotiation, and we've had other guys that just won't move. And we've been forced into a position to walk away.

艾瑞克，你能不能──這樣我們就不會忘記滑雪技巧了。我的意思是，這挺有意思的，對吧？正如你所說，我們進行了一些非常成功的重新談判，但也有一些人就是不肯讓步。我們被迫做出離開的決定。

Completely agree. The success cases I mentioned are the deferrals and the purchase price reductions and in some cases, just some restructuring of the deal. But there are also instances where they just don't work, and we're standing our ground and just having to walk from those. And so those you'll see roll through the system as well.

完全同意。我提到的成功案例包括延期付款、降低購買價格，以及在某些情況下，對交易進行一些重組。但也有例外情況，這些方法根本行不通，我們會堅持立場，只能放棄這些方案。所以你會看到這些東西也依序通過這個系統。

Hey, Erik, can I squeeze in one more on that topic because I think it's really interesting? Have you seen any common thread on the deals that you have been able to renegotiate?

嘿，艾瑞克，我能再補充一個關於這個主題的問題嗎？因為我覺得它真的很有趣。在你重新談判達成的交易中，你有沒有發現什麼共同點？

Are you more -- are you seeing more success with, say, land bankers or kind of your more institutionalized land sellers and developers or more success perhaps with kind of the one-off mom-and-pop landowners, farmers, et cetera?

您覺得與土地銀行家或更正規的土地賣家和開發商合作更容易取得成功，還是與個體的小型土地所有者、農民等合作更容易取得成功？

Just curious if there's a common thread on the deals that people are kind of holding their guns versus the ones that seem to be a bit more willing to negotiate.

我只是好奇，那些態度強硬、不願妥協的交易，和那些更願意談判的交易，是否有某種共同點。

Yeah. It's really all categories, Alan. And so we start with the seller financing, asking, can you just carry this, and we need some more time on it. And so we've seen success there.

是的。艾倫，這其實涵蓋了所有類別。因此，我們先從賣方融資入手，詢問是否可以先幫我們墊付這筆款項，我們需要更多時間考慮。因此，我們在這方面取得了成功。

The land banking appetite continues to be relatively strong. And so we use that in a surgical way where we can optimize our return by using land banking. But I would say the supply of the availability of land banking has been very high.

土地儲備需求依然相對強勁。因此，我們以精準的方式利用土地儲備來優化收益。但我認為，土地儲備的供應量一直非常高。

And then, lastly, with regard to just the price changes, as I mentioned, in those 3,400 lots, about 75% of the lots actually resulted in some kind of price change. And so it's been really interesting as we think about the solutions, which are many.

最後，就價格變化而言，正如我所提到的，在這 3400 批貨物中，約有 75% 的貨物實際上導致了某種價格變化。因此，思考解決方案的過程非常有趣，而解決方案有很多。

Great. Thanks for all the detail, guys. I appreciate it.

偉大的。謝謝各位提供這麼詳細的資訊。謝謝。

Thank you, Alan.

謝謝你，艾倫。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

Hi. Good morning. It's Rafe. Thanks for taking my question. I wanted to just ask, in terms of the incentive change, you comment sort of that Entry Level was where you're seeing the most pressure. But you're also seeing some hesitancy on the Move-Up and Resort Lifestyle.

你好。早安.是拉夫。謝謝您回答我的問題。我想問一下，關於激勵機制的變化，您提到入門級員工面臨的壓力最大。但你也會發現人們對升級換房和度假式生活方式有所猶豫。

Can you sort of quantify where the margins are for each of the segments and then maybe how much the incentives have changed for each of them? Like, how different is it across the different segments?

您能否量化一下各個細分市場的利潤率，以及各個細分市場的激勵機制發生了多大變化？不同細分市場之間的差異有多大？

Yeah. I mean, the incentives by consumer group -- I always hate averages because I think it doesn't tell the whole story. But certainly, you would expect our most expensive incentives go with those forward commitments.

是的。我的意思是，消費者群體的激勵措施——我總是討厭平均值，因為我認為它不能說明全部。但可以肯定的是，我們會提供最昂貴的激勵措施，用於那些前瞻性的承諾。

And those are generally our first-time buyers, and we're having to help them get the rate as low as we can. So as to total dollars -- the sales price is less. So the total dollars are a little less. But the percentage, that's where, once again, I think, our most expensive fit.

而這些通常是我們的首次購屋者，我們必須幫助他們盡可能地降低利率。因此，總金額－銷售價格會更少。所以總金額會略少一些。但就百分比而言，我認為，這再次體現了我們最昂貴的之處。

You go all the way to the Resort Lifestyle buyer where that's -- that ASP is probably about $200,000 higher than our average. And those folks aren't generally as concerned about interest rates. And so those incentives work differently.

如果你一直關注度假生活方式買家，他們的平均售價可能比我們的平均售價高出約 20 萬美元。而且這些人通常不太關心利率。因此，這些激勵措施的運作方式有所不同。

We'll see a lot of support there on helping them with options. If you spend this, we'll give you that. Sometimes, it's reduction in lot premiums. They're more sophisticated. They know what's happening the market. They don't want to overpay. And if they can't get it in a mortgage incentive, they want it somewhere else.

我們將看到那裡有很多支持，幫助他們選擇合適的方案。如果你花掉這些錢，我們會給你那個。有時，這意味著降低地塊保費。它們更複雜。他們了解市場動態。他們不想多付錢。如果他們無法透過抵押貸款優惠獲得所需資金，他們就會想辦法從其他途徑獲得。

But I'd say, generally, we're using incentives across the board. It's just the how for each customer. But I wouldn't point to significant differences in range, except for the call out that our most expensive incentives tend to be with first-timers. Curt, does that resonate?

但總的來說，我認為我們正在全面採用激勵措施。只是具體做法因人而異。但我不會指出範圍上的顯著差異，除了需要指出的是，我們最昂貴的激勵措施往往是針對首次購屋者的。科特，你明白我的意思嗎？

I think generally speaking, you're in the ballpark. And, Rafe, we don't really provide kind of margins based on kind of the segment overall. But I think you could probably imagine, I think what we have said in the past is that our Resort Lifestyle margins are typically the highest kind of in the portfolio.

總的來說，我認為你的估計大致正確。拉夫，我們實際上並沒有根據整個細分市場提供利潤率。但我想您應該能想像到，正如我們過去所說，我們的度假生活方式產品利潤率通常是所有產品組合中最高的。

So -- but to Sheryl's point, it comes down to kind of each buyer's specific situation. And we apply and we try to align the incentive to maximize each buyer situation.

所以——但正如謝麗爾所說，這最終取決於每個買家的具體情況。我們運用各種方法，努力調整激勵機制，以最大限度地滿足每位買家的需求。

Okay. That's helpful. And then you sort of mentioned that cycle times are at par, but they're still coming down. How do we think about how much higher the backlog conversion can go? And then how much opportunity do you have on the cycle times from here? How much more can they come down?

好的。那很有幫助。然後你提到週期時間基本上持平，但仍在下降。我們如何看待積壓訂單轉換率還能提高多少？那麼，從現在開始，您在生產週期方面還有多少改進空間？他們還能降到多低？

Yeah, Rafe, I would say that just from a cycle time perspective, we're essentially at pre-COVID levels for the most part. We have a couple of markets that maybe still have a little bit of opportunity to kind of run through the tape there. So we do feel like there's continued opportunity there overall for the entire business.

是的，拉夫，我想說，僅從週期時間來看，我們基本上已經恢復到新冠疫情前的水平了。我們還有一些市場可能還有機會進行一些收盤。因此，我們認為整個業務在這方面仍有持續的發展機會。

Relative to the conversion kind of rate, I think we were at about 74%, 75% in Q3. And based on our closing guide and where backlog is today, I think you can expect that that conversion rate will be higher in Q4 just based on kind of the sheer numbers of the numerator and the denominator there. So you can expect that to be higher probably in Q4 than it was in Q3.

相對於轉換率而言，我認為我們在第三季達到了 74% 到 75% 左右。根據我們的收尾指南和目前的積壓訂單情況，我認為僅從分子和分母的數字來看，第四季度的轉換率就會更高。所以你可以預期第四季的這個數字可能會高於第三季。

Is that like a sustainable level going forward, or is that just because of the mix of spec relative to [to-be-built]?

這是否是一個可持續的未來水平，還是僅僅是因為相對於其他產品的規格組合？待建？

Yeah. Rafe, it's more of a function of where specs are today. As you've heard Sheryl talk about, we intend over time to be able to see it an influx or to raise the level of to-be-built over time. So it's a point in time kind of where we're at today. And then as I said, we'll see what we can do on the to-be-built side of the business in the coming months and quarters.

是的。Rafe，這更取決於目前的技術規格。正如你聽謝麗爾所說，我們打算隨著時間的推移，能夠看到它的增長，或者隨著時間的推移提高待建項目的水平。所以，這大概就是我們今天所處的時間點。然後正如我所說，在接下來的幾個月和幾個季度裡，我們將看看在待建業務方面我們能做些什麼。

The next couple of quarters are going to likely be higher.

接下來的幾個季度可能會更高。

It's going to be a higher conversion for the next couple of quarters, yes.

是的，未來幾季的轉換率會更高。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Thank you.

謝謝。

(Operator Instructions) Ken Zener, Seaport Research Partners.

（操作說明）Ken Zener，Seaport Research Partners。

Good morning, everybody.

各位早安。

Hi, Ken.

嗨，肯。

Good morning.

早安.

So a couple of things here, just kind of housekeeping. But with incentives, if you were to think about the bucket, I think some of the builders have been described at least to me like half of the incentive is the price reduction. And then the other half is kind of split equally between mortgage buydowns and closings. Do you -- within those three buckets, do you have a comment?

這裡有幾件事，算是例行公事。但是，如果考慮到激勵措施，我認為至少在我看來，一些開發商認為一半的激勵措施是降價。剩下的一半則大致平均分配給了抵押貸款減免和房屋交割。您對這三個方面有什麼看法？

Yeah. I would tell you that moving a little bit quarter to quarter -- and it will be a little different if you're talking gross or net price or you're talking units. But somewhere around 45% of our incentives are specific to financial services. And a subset of that would be what we would call the most expensive forward commitment.

是的。我會告訴你，每個季度都會有一些波動——如果你說的是毛價、淨價或銷量，情況就會有所不同。但我們約有 45% 的激勵措施專門針對金融服務業。其中一部分就是我們所說的最昂貴的遠期承諾。

And then the balance, the other 50%, is going to be a combination of all the other things we've talked about. It could be option. It could be lot premium. In some instances, we may have had to reset pricing to market, but it's a combination.

剩下的 50% 將是我們討論過的所有其他因素的組合。這或許是個選擇。價格可能會很高。在某些情況下，我們可能必須根據市場情況重新定價，但這是一個綜合因素。

And just to be clear, when you say financial services, Sheryl, it's -- you're recording all that stuff in the homebuilder segment, net pricing. Is that correct, or is there stuff running through financial services, just to be clear?

謝麗爾，為了說清楚，你說的金融服務是指——你把所有這些都記錄在房屋建築商板塊的淨定價中。這樣理解對嗎？還是說其中涉及金融服務方面的事情？我確認一下。

No, it's coming through the margin. Most of the financial services are running through the margin; I mean, actually, all of them. Some are running through ASP, and some are running through cost of goods.

不，它是從邊縫裡滲出來的。大多數金融服務都是靠利潤率維持運作的；我的意思是，實際上，所有金融服務都是如此。有些公司以平均售價 (ASP) 經營，有些公司則以商品成本運作。

Right. Okay. Just wanted to clarify. And then, obviously, with orders, you generally want to follow your starts, will generally follow your orders. I'm just wondering, looking back, so 3Q starts were below orders, both down. Inventory units makes sense. 2Q was higher.

正確的。好的。我只是想確認一下。然後，很顯然，對於訂單，你通常會希望按照你的指示行事，他們通常也會按照你的指示行事。我只是在想，回顧一下，第三季的開工量低於訂單量，兩者都下降了。庫存單位是合理的。第二季更高。

And the idea there you wanted to build, right, to have a spec, which -- if -- let's say, spring is softer than expected, would you guys still be in a position where you want to keep that volume up relative to the start volume up relative to orders?

你們想要建立的理念是，要有一個規範，比如說，如果春季比預期更軟，你們是否仍然希望保持相對於訂單的初始銷售？

And I'm thinking you did so much work on the fixed G&A, right? It's like down 20% comparable to your inventory units. I'm just trying to think about how your guys' playbook works there. Or if you really just have starts follow orders, wherever they go, in spring of next year.

我想你肯定在固定管理費用方面做了很多工作，對吧？這相當於庫存量下降了20%。我只是想弄清楚你們那邊的戰術是怎麼運作的。或者，如果你真的只是想讓星星們聽從命令，無論它們明年春天飛到哪裡。

Yeah, Ken, great question. At this point in time, relative to next year, we're probably not going to get into specifics there. But what I can say is we're going to continue to probably -- we've adjusted our starts in Q3 relative to sales to kind of rightsize our inventory position.

是的，肯，問得好。就目前而言，考慮到明年的情況，我們可能不會深入討論具體細節。但我可以肯定的是，我們可能會繼續這樣做——我們已經根據銷售情況調整了第三季的開工量，以調整我們的庫存規模。

And generally speaking, we're going to stay sticky from a start standpoint to sales. But then it's going to come down to a community-by-community kind of analysis and how each community is doing. And we'll fluctuate that as necessary based on, A, the community.

總的來說，從銷售的初始階段開始，我們將保持黏性。但最終還是要逐一社區進行分析，看看每個社區的狀況如何。我們將根據社區的實際情況，在必要時進行調整。

Entry Level is going to be more spec. Townhomes are going to be more spec. And then of course, as we move our way up in the consumer segmentation profile, we'll look to kind of, hopefully, pursue more to-be-built business. But I think the market is going to tell us and lead us to that path down the road.

入門級產品規格會更高。聯排別墅將更多用於投機性開發。當然，隨著我們在消費者區隔領域不斷提升，我們希望能夠追求更多有待開發的業務。但我認為市場最終會告訴我們答案，並引領我們走向那條道路。

Okay. No, I appreciate that. I was just trying to get next year's guidance as much as kind of your thinking about when starts go above and below orders. Thank you very much for your time.

好的。不，我很感激。我只是想了解明年的預測，以及您對開工率何時高於或低於訂單水平的看法。非常感謝您抽出時間。

Thanks, Ken.

謝謝你，肯。

Thanks, Ken.

謝謝你，肯。

Jay McCanless, Wedbush.

Jay McCanless，Wedbush。

Hey, good morning, everyone. I wanted to ask, where is the spread now between spec closings and build-to-order closings?

嘿，大家早安。我想請問，目前樣品屋成交量和客製化房屋成交量之間的差距是多少？

On a closing standpoint, we were 60/40; 60% spec or 61% spec and 39% to-be-built for the quarter.

從最終結果來看，我們的佔比是 60/40；60% 為現貨，或 61% 為現貨，39% 為本季待建。

Okay. And then what's the gross margin spread on that now?

好的。那麼現在的毛利率差是多少呢？

Yeah. We continue to run in that several 100 kind of basis points. As you can imagine, Jay, nothing new there. Within our Esplanade communities with the high premiums and the high option revenue, we can see some of these differences get up to 1,000 basis points. So -- but generally speaking, it's at several hundred basis points we continue to track to.

是的。我們繼續以幾百個基點的幅度運行。正如你所料，傑伊，這沒什麼新鮮的。在我們濱海大道社區，由於保費高、選擇權收入高，我們可以看到其中一些差異高達 1,000 個基點。所以——但總的來說，我們繼續追蹤幾百個基點的波動。

I also believe -- do you think it's fair, Curt -- even within our Esplanade, non-Esplanade Resort Lifestyle, we have a spread, right? Because our Esplanade tends to deliver the highest, and our non-Esplanade, still age-targeted restricted, is a little lower.

我也認為——你覺得這樣公平嗎，Curt——即使在我們濱海大道（Esplanade）的非濱海大道度假生活方式中，我們也存在差異，對吧？因為我們的濱海藝術中心往往提供最高的服務，而我們的非濱海藝術中心（仍有年齡限制）的服務則稍低一些。

Yeah.

是的。

Okay. Thanks. And then the second question I had, it's encouraging to hear that maybe the land prices are breaking a little bit. But just as we think about when that can start to help the gross margin, is it going to be a back half of '26 event?

好的。謝謝。然後，我的第二個問題是，聽說地價可能略有回落，這令人鼓舞。但當我們思考這何時才能開始幫助提高毛利率時，這會是 2026 年下半年的事嗎？

And also, one of your competitors called out -- it was a small number -- I think it was like $1,500 per home tariff impact. Have you all tried to assess what impact the new tariffs might have on costs for next year?

另外，你們的一位競爭對手也指出——雖然人數不多——我記得好像是每戶家庭的關稅影響約為 1500 美元。你們有沒有嘗試評估新關稅可能會對明年的成本產生什麼影響？

Yeah, I'll start with land, Jay. From a timing standpoint, this is current updates to our underwriting. So you're probably practically not going to see it really roll through until '27 and beyond for most of that.

好的，傑伊，我先從土地著手。從時間安排上看，這是我們承保的最新更新。所以，在大部分地區，你可能實際上要到 2027 年及以後才能真正看到它全面展開。

And in some cases, I would tell you that it's -- we're just holding our original underwriting expectations in terms of retrading. And in some limited circumstances, we are seeing some opportunistic deals roll through. And those are the ones that you might see some future upside on. But kind of a blend of the two.

在某些情況下，我會告訴你，我們只是在再交易方面維持我們最初的承保預期。在某些特定情況下，我們看到一些投機取巧的交易達成。這些股票未來可能會有一些上漲空間。但某種程度上算是兩者的混合體。

I would just -- and then with regard to tariffs, I'll just make a brief comment on the land market, and Curt can take the balance and vertical. But we are hearing from our teams that, generally speaking, on the land development [release] standpoint, there's not going to be a whole lot of specific tariff impacts. But kind of the magnitude of 5% to 6% release on cost on the development side.

我只想——然後關於關稅，我只想簡單評論一下土地市場，剩下的部分就交給 Curt 來補充和補充。但我們從團隊那裡了解到，總的來說，從土地開發（釋放）的角度來看，不會有太多具體的關稅影響。但研發成本方面，降幅大約在 5% 到 6% 之間。

Yeah. And Jay, on the house side, yeah, I think we subscribe to the thinking that it will be a modest increase from a tariff standpoint. There's the cabinet stuff that came out. The vanities, the steel is out there.

是的。傑伊，就我們這邊而言，是的，我認為我們認同從關稅角度來看，漲幅不會太大。還有那些櫥櫃裡的東西。那些虛榮的，鋼鐵就在那裡。

But again, I think what I would also add to that is, we're doing a lot of things behind the scenes just from an operational kind of execution standpoint, working with our trade partners, our suppliers, on what I'll call cost reduction strategies that the teams are doing a great job working through.

但我想補充的是，從營運執行的角度來看，我們正在幕後做了很多工作，與我們的貿易夥伴、供應商合作，制定我稱之為成本削減策略的方案，團隊在這方面做得非常出色。

I would also add that we've recently hired a new national VP of purchasing and construction that is helping us lead that charge. And that's one of its focal points as well. So all in all, I think we have a pretty good balanced approach in dealing with the tariff potential increases through some of the other things that we're working on behind the scenes relative to our cost reduction strategy in light of some of the start activity that we're seeing.

我還要補充一點，我們最近聘請了一位新的全國採購和建設副總裁，他正在幫助我們領導這項工作。這也是它的重點之一。總而言之，我認為我們採取了一種相當平衡的方法來應對關稅可能上漲的問題，這得益於我們正在幕後開展的一些其他工作，以及我們針對成本削減戰略所做的努力，考慮到我們目前看到的一些初步進展。

Okay. That's great. That's all I had. Thank you.

好的。那太棒了。這就是我全部的家當。謝謝。

Thanks, Jay.

謝謝你，傑伊。

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。那麼，我把發言權交還給謝麗爾·帕爾默，請她再補充一些內容。

Thank you very much for joining us for our third-quarter call, and wish you all a wonderful holiday season. And we look forward to talking to you early in the new year.

非常感謝各位參加我們的第三季電話會議，祝大家節日快樂。我們期待在新的一年伊始與您交談。

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

在今天的電話會議即將結束之際，我們衷心感謝各位的參與。您可以斷開線路。