托爾兄弟 (TOL) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Toll Brothers Third Quarter Earnings Conference Call. (Operator Instructions) The company is planning to end the call at 9:30 when the market opens. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 Toll Brothers 第三季度收益電話會議。 （操作員說明）公司計劃在開市時於 9:30 結束通話。 （操作員說明）請注意，此事件正在記錄中。

I'd now like to turn the conference over to Douglas Yearley, CEO. Please go ahead.

我現在想把會議交給 CEO Douglas Yearley。請繼續。

Thank you, Jason. Good morning. Welcome, and thank you for joining us. With me today are Marty Connor, Chief Financial Officer; Rob Parahus, President and Chief Operating Officer, Fred Cooper, Senior VP of Finance and Investor Relations; Wendy Marlett, Chief Marketing Officer; and Gregg Ziegler, Senior VP and Treasurer.

謝謝你，傑森。早上好。歡迎，並感謝您加入我們。今天和我在一起的是首席財務官Marty Connor； Rob Parahus，總裁兼首席運營官，Fred Cooper，財務和投資者關係高級副總裁； Wendy Marlett，首席營銷官； Gregg Ziegler，高級副總裁兼財務主管。

Before I begin, I ask you to read the statement on forward-looking information in our earnings release of last night and on our website.

在我開始之前，我請您閱讀我們昨晚發布的財報和我們網站上關於前瞻性信息的聲明。

I caution you that many statements on this call are forward-looking, based on assumptions about the economy, world events, housing and financial markets, interest rates, the availability of labor and materials, inflation, [pandemic impacts] and many other factors beyond our control that could significantly affect future results.

我提醒您，本次電話會議上的許多陳述都是前瞻性的，基於對經濟、世界事件、住房和金融市場、利率、勞動力和材料的可用性、通貨膨脹、[大流行影響]和許多其他因素的假設我們的控制可能會顯著影響未來的結果。

In our fiscal third quarter ended July 31, we reported earnings of $2.35 per share, up 26% compared to the third quarter of 2021 and driven by continued gross margin expansion. Our third quarter adjusted gross margin was 27.9%, an improvement of 230 basis points compared to last year and 90 basis points better than guidance.

在截至 7 月 31 日的第三財季，我們報告每股收益為 2.35 美元，與 2021 年第三季度相比增長 26%，並受到毛利率持續增長的推動。我們第三季度調整後的毛利率為 27.9%，與去年相比提高了 230 個基點，比預期好 90 個基點。

SG&A expense was 10.3% of homebuilding revenues, which was 20 basis points better than both our guidance and last year's third quarter. We delivered 2,414 homes in the quarter, at an average price of approximately $935,000, generating $2.3 billion in homebuilding revenue.

SG&A 費用佔住宅建築收入的 10.3%，比我們的指引和去年第三季度都高出 20 個基點。我們在本季度交付了 2,414 套房屋，平均價格約為 935,000 美元，創造了 23 億美元的房屋建築收入。

Although we achieved record third quarter revenues, net income and EPS, and our revenues were lower than anticipated due to fewer deliveries than projected. The shortfall resulted from the combined impact of unforeseen delays with municipal inspections, continued labor shortages, ongoing supply chain disruptions and a softer demand environment.

儘管我們實現了創紀錄的第三季度收入、淨收入和每股收益，但由於交付量低於預期，我們的收入低於預期。短缺是由於市政檢查的意外延誤、持續的勞動力短缺、持續的供應鏈中斷和疲軟的需求環境的綜合影響。

We missed our deliveries guidance by 336 homes. Most of these deliveries were concentrated in a handful of communities and markets. For example, in California, we had 200 homes that were completed at quarter end, but due to delays with city inspectors and with utility companies, we simply could not get the final inspections or the electricity needed to obtain certificate of occupancy.

我們錯過了 336 戶家庭的送貨指導。這些交付大部分集中在少數社區和市場。例如，在加利福尼亞州，我們在季度末完成了 200 套房屋，但由於城市檢查員和公用事業公司的延誤，我們根本無法獲得最終檢查或獲得入住證明所需的電力。

The change in the demand environment also impacted Q3 deliveries. The combination of fewer spec sales, outside lender delays, a modest uptick in cancellations and customers taking more time to sell their existing homes, all resulted in fewer deliveries.

需求環境的變化也影響了第三季度的交付。規格銷售減少、外部貸方延誤、取消訂單量小幅上升以及客戶需要更多時間出售現有房屋，這些都導致交付量減少。

Due to these challenges, we are lowering our deliveries guidance. We now expect to deliver between 3,250 and 3,550 homes in our fourth quarter and between 10,000 and 10,300 homes for the full year.

由於這些挑戰，我們正在降低我們的交付指導。我們現在預計在第四季度交付 3,250 至 3,550 套房屋，全年交付 10,000 至 10,300 套房屋。

Our adjusted gross margin in the third quarter at 27.9% was 90 basis points better than projected, primarily due to favorable mix and effective management of costs. We ended the quarter with a solid backlog of 10,725 homes worth $11.2 billion.

我們第三季度調整後的毛利率為 27.9%，比預期高 90 個基點，這主要是由於有利的組合和有效的成本管理。我們在本季度結束時積壓了 10,725 套房屋，價值 112 億美元。

We had a total of 190 cancellations in the third quarter, equal to just 1.6% of the 11,768 homes in backlog at the beginning of the quarter and comparable to our cancellation rate of 1.2% in the first half of 2022.

第三季度我們總共取消了 190 套房屋，僅佔本季度初 11,768 套房屋的 1.6%，與 2022 年上半年 1.2% 的取消率相當。

For context, since 2010, our average cancellation rate as a percentage of backlog has been 2.3%. And yes, we think looking at cancellations as a percentage of backlog is much better than as a percentage of current orders. We have not seen any change in cancellation rates in the first few weeks of August.

就上下文而言，自 2010 年以來，我們的平均取消率佔積壓的百分比為 2.3%。是的，我們認為將取消量視為積壓訂單的百分比要好於當前訂單的百分比。在 8 月的前幾週，我們沒有看到取消率有任何變化。

We have consistently had the lowest cancellation rate in the industry for many decades, which speaks to the financial strength of our customers and our build-to-order model, where buyers personalize their homes and become emotionally invested.

幾十年來，我們一直保持業內最低的取消率，這說明了我們客戶的財務實力和我們的按訂單建造模式，在這種模式下，買家可以個性化他們的房屋並進行情感投資。

They make a nonrefundable down payment, averaging $80,000, so they are also financially invested. As our low backlog cancellation rate in the third quarter attests, our buyers have remained committed to their new homes, even in this uncertain environment.

他們支付不可退還的首付，平均為 80,000 美元，因此他們也進行了財務投資。正如我們在第三季度的低積壓取消率所證明的那樣，即使在這種不確定的環境中，我們的買家仍然致力於他們的新房。

Our backlog consists of homes sold in the very strong pricing environment of the past year, which puts us in a great position to continue to expand our gross margin in the fourth quarter and into fiscal year 2023. We project an adjusted gross margin of 29.2% for the fourth quarter, and we are reaffirming our full-year guidance of 27.5%.

我們的積壓包括在過去一年非常強勁的定價環境中出售的房屋，這使我們處於有利位置，可以在第四季度和 2023 財年繼續擴大我們的毛利率。我們預計調整後的毛利率為 29.2%對於第四季度，我們重申了 27.5% 的全年指導。

Turning to market conditions. As our third quarter progressed, we saw a significant decline in demand as many prospective buyers step to the sidelines in the face of steep increases in mortgage rates, significantly higher home prices, a volatile stock market and rising inflation.

轉向市場情況。隨著我們第三季度的進展，我們看到需求顯著下降，因為許多潛在買家在抵押貸款利率急劇上升、房價大幅上漲、股市動盪和通脹上升的情況下退居二線。

Buyer confidence was also impacted by the nonstop headlines about a softening housing market and by a general sense of uncertainty regarding the future direction of the economy.

買家信心也受到有關房地產市場疲軟的頭條新聞以及對未來經濟方向的普遍不確定性的影響。

All of these factors led to a market change in psychology, and buyers remain cautious through the summer months. As a result, our net signed contracts were down approximately 60% in units compared to last year's historically strong third quarter.

所有這些因素導致市場心理髮生變化，買家在整個夏季都保持謹慎。因此，與去年曆史上強勁的第三季度相比，我們的淨簽訂合同單位下降了約 60%。

On a dollar basis, signed contracts were down 44% year-over-year as contracts in the third quarter benefited from price increases we have steadily applied throughout the year.

按美元計算，簽訂的合同同比下降 44%，因為第三季度的合同受益於我們全年穩定應用的價格上漲。

For most of the third quarter, we purposely did not chase buyers with incentives as we felt demand was very inelastic. Buyers were on the sidelines. They were not looking for a better deal. On average, incentives in our third quarter contracts were approximately $16,000 per home, up only $5,000 from the average over the first half of 2022.

在第三季度的大部分時間裡，我們故意不以激勵措施追逐買家，因為我們認為需求非常缺乏彈性。買家在一旁觀望。他們不是在尋找更好的交易。平均而言，我們第三季度合同中的獎勵約為每戶 16,000 美元，僅比 2022 年上半年的平均水平增加了 5,000 美元。

In more recent weeks, we have seen signs of increased demand as sentiment appears to be improving and buyers are returning to the market.

最近幾週，我們看到需求增加的跡象，因為市場情緒似乎正在改善，買家正在重返市場。

With higher-quality traffic, we have also started to modestly increase incentives, which buyers are responding to. August sales included an average incentive of about $30,000. In the first 3 weeks of August, our average weekly nonbinding deposits were up 25% compared to July.

隨著更高質量的流量，我們也開始適度增加激勵措施，買家對此做出了回應。 8 月份的銷售額包括約 30,000 美元的平均獎勵。在 8 月的前 3 週，我們的平均每周非約束性存款與 7 月相比增加了 25%。

We have also seen digital leads and foot traffic to our model homes increase. Our sales teams are reporting higher-quality traffic. And in several recently opened new communities, we have seen great deposit activity.

我們還看到我們樣板房的數字線索和人流量增加。我們的銷售團隊報告了更高質量的流量。在最近開設的幾個新社區中，我們看到了巨大的存款活動。

Although we are only talking about a few weeks, these are encouraging signs, and we are cautiously optimistic that the housing market is settling into a more normal seasonal cadence.

雖然我們只是談論幾週，但這些都是令人鼓舞的跡象，我們對房地產市場正在進入更正常的季節性節奏持謹慎樂觀的態度。

Despite the near-term uncertainty, we believe that many fundamental drivers that have supported the housing market in recent years remained firmly in place.

儘管近期存在不確定性，但我們認為，近年來支撐房地產市場的許多基本面驅動因素依然穩固。

These include favorable demographics, with more and more millennials reaching their prime home-buying years and baby boomers relocating as they embrace new lifestyles, the undersupply of new homes over the past decade, which has led to a large deficit and tight supply of homes for sale, migration trends driven by more workplace flexibility and the greater appreciation for home that Americans have embraced in the past few years.

其中包括有利的人口統計數據，越來越多的千禧一代達到了他們的黃金購房年齡，嬰兒潮一代在接受新的生活方式時搬遷，過去十年新房供應不足，導致大量短缺和住房供應緊張工作場所的靈活性以及美國人在過去幾年中對家庭的更大欣賞推動了銷售、移民趨勢。

We believe these long-term secular trends will continue to support demand for homeownership well into the future.

我們相信，這些長期趨勢將在未來繼續支撐對房屋所有權的需求。

In the current environment, we believe it is important -- excuse me, more important than ever to remain disciplined and capital efficient in our operations and our land acquisition strategy. We are even more focused on controlling SG&A costs and becoming more efficient as we manage headcount and reduce SG&A expenditures.

在當前環境下，我們認為重要的是——對不起，在我們的運營和土地收購戰略中保持紀律和資本效率比以往任何時候都更重要。我們更加專注於控制 SG&A 成本，並在管理員工人數和減少 SG&A 支出時提高效率。

We have also become more conservative in our underwriting of new land deals, and we'll continue to renegotiate or terminate optioned land if a project no longer meets our stricter underwriting standards.

我們在承銷新土地交易時也變得更加保守，如果項目不再符合我們更嚴格的承銷標準，我們將繼續重新談判或終止選擇土地。

At the end of the third quarter, we owned or controlled approximately 82,100 lots, 3,700 fewer lots than at the end of the second quarter. Approximately 51% of these lots were optioned, a decline from 53% at second quarter end due in part to our terminating options of over 3,000 lots in the quarter.

第三季度末，我們擁有或控制約82,100個地塊，比第二季度末減少3,700個地塊。這些地塊中大約有 51% 是有選擇權的，比第二季度末的 53% 有所下降，部分原因是我們在本季度終止了超過 3,000 個地塊的選擇權。

Longer term, we continue to target an overall mix of 60% optioned and 40% owned lots. As a reminder, nearly 11,000 of our total owned lots are committed to buyers in our backlog. When you exclude these lots, 59% of our land is controlled through options. We also remain focused on our return on equity.

從長遠來看，我們繼續以 60% 的期權和 40% 的自有地塊為目標。提醒一下，我們總擁有的地塊中有近 11,000 件致力於我們積壓的買家。當您排除這些地塊時，我們 59% 的土地是通過期權控制的。我們還繼續關注我們的股本回報率。

In the third quarter, we repurchased $92 million of our common stock. Since the beginning of the fiscal year, we have repurchased approximately $385 million or 5.8% of our diluted share count at the end of fiscal year 2021. We have also paid $67 million in dividends year-to-date, and we retired $410 million of long-term debt in our first quarter.

第三季度，我們回購了 9200 萬美元的普通股。自本財年開始以來，我們已回購了約 3.85 億美元，即 2021 財年末稀釋後的股份總數的 5.8%。今年迄今，我們還支付了 6700 萬美元的股息，並退還了 4.1 億美元的股利。我們第一季度的長期債務。

We expect share repurchases to remain an important part of our capital allocation priorities for the foreseeable future. Additionally, we continue to employ capital-efficient strategies in our land buy.

我們預計，在可預見的未來，股票回購仍將是我們資本配置優先事項的重要組成部分。此外，我們在土地購買中繼續採用資本效率策略。

Last week, we announced a new joint venture between our City Living division and Sculptor Real Estate to develop 2 luxury condominium communities in the New York City market, including the latest addition to our Provost Square development in Jersey City, where we have sold 60 units at an average price of $1.1 million over the past 3 months.

上週，我們宣布了 City Living 部門和 Sculptor Real Estate 之間的新合資企業，將在紐約市市場開發 2 個豪華公寓社區，包括我們在澤西市的 Provost Square 開發項目的最新成員，我們已售出 60 個單位過去 3 個月的平均價格為 110 萬美元。

We will act as a managing member and development lead, overseeing approvals, design, construction and sales. We hope to add future properties to this venture.

我們將作為管理成員和開發負責人，監督審批、設計、施工和銷售。我們希望為該合資企業增加未來的物業。

The structure of these transactions and our strategic partnership with the seasoned team at Sculptor demonstrate our commitment to maximizing the capital efficiency of our City Living operation. With that, I'll turn it over to Marty.

這些交易的結構以及我們與 Sculptor 經驗豐富的團隊的戰略合作夥伴關係表明我們致力於最大限度地提高城市生活運營的資本效率。有了這個，我會把它交給馬蒂。

Thanks, Doug. Before we jump into the income statement, let me address the average sales price for our new signed contracts in the quarter. The average selling price attributed to contracts signed in fiscal year '22s third quarter was $1.3 million. It's important to point out that this average contract value was skewed higher this quarter due to the lower number of contracts we signed.

謝謝，道格。在我們進入損益表之前，讓我先談談本季度新簽合同的平均銷售價格。 22 財年第三季度簽訂的合同的平均售價為 130 萬美元。重要的是要指出，由於我們簽署的合同數量較少，本季度的平均合同價值偏高。

Consistent with our normal practice, our total contract value for the quarter includes both the dollar value of new contracts signed in the quarter and the dollar value of optioned sales that occurred in the quarter on homes sold in prior quarters.

與我們的常規做法一致，我們本季度的總合同價值包括本季度簽訂的新合同的美元價值和本季度對前幾個季度出售的房屋的選擇銷售的美元價值。

Remember, it's not unusual for our buyers to select finishing options a quarter or 2 after they signed the initial contract of sale. And while this practice typically does not skew the quoted average sale price for new orders, it did this quarter because of the much smaller denominator from fewer contracts in Q3 versus Q2 and Q1.

請記住，我們的買家在簽署初始銷售合同後一到兩個季度選擇精加工選項並不罕見。雖然這種做法通常不會扭曲新訂單的平均售價，但本季度卻出現了這種情況，因為第三季度的合同數量比第二季度和第一季度的合同少得多。

On a normalized basis, we estimate that the Q3 contracts average selling price was closer to $1.15 million, which was still up approximately 7% compared to Q2. This 7% increase was attributable to our pricing strategy throughout the previous year, including our decision not to incentivize through much of the third quarter, and also by positive mix.

在標準化的基礎上，我們估計第三季度合同的平均售價接近 115 萬美元，與第二季度相比仍上漲了約 7%。這 7% 的增長歸因於我們去年全年的定價策略，包括我們決定在第三季度的大部分時間裡不進行激勵，以及積極的組合。

In our third quarter, we generated homebuilding revenues of $2.3 billion, down 7% units and up 1% in dollars from 1 year ago. We also reported pretax income of $366 million compared to $303 million in the third quarter of fiscal '21.

在我們的第三季度，我們創造了 23 億美元的住宅建築收入，與一年前相比下降了 7%，但以美元計算增長了 1%。我們還報告了 3.66 億美元的稅前收入，而 21 財年第三季度為 3.03 億美元。

Net income was $273.5 million or $2.35 per share diluted compared to $235 million and $1.87 per share diluted 1 year ago. The increase in pretax and net income, compared to last year, was primarily driven by the significant year-over-year expansion in gross margin.

淨收入為 2.735 億美元或攤薄後的每股 2.35 美元，而一年前的淨收入為 2.35 億美元和每股攤薄後的 1.87 美元。與去年相比，稅前和淨收入的增長主要是由於毛利率同比大幅增長。

Our third quarter adjusted gross margin was 27.9%, compared to 25.6% in the third quarter of '21 and 90 basis points better than projected. As Doug mentioned, the outperformance relative to our guide was due primarily to favorable mix and effective management of costs.

我們第三季度調整後的毛利率為 27.9%，而 21 年第三季度為 25.6%，比預期高 90 個基點。正如道格所提到的，相對於我們的指南而言，表現出色主要是由於有利的組合和有效的成本管理。

We expect adjusted gross margin to be 29.2% in the fourth quarter, and therefore, we continue to project 27.5% gross margin for the full year. The estimated gross margin of homes in our backlog is high, reflecting the strong and improving price environment that held through most of our third quarter.

我們預計第四季度調整後的毛利率為 29.2%，因此，我們繼續預計全年毛利率為 27.5%。我們積壓房屋的估計毛利率很高，反映了我們第三季度大部分時間保持強勁且不斷改善的價格環境。

We have 10,725 homes in backlog and approximately 3,400 deliveries projected for our fourth quarter at our midpoint. We have more than 7,000 homes in backlog that will form the foundation of our deliveries in fiscal year 2023. The estimated gross margin that is embedded in these deliveries is better than our projected full year 2022 margin.

我們有 10,725 套房屋積壓，預計第四季度中點交付量約為 3,400 套。我們有 7,000 多套房屋積壓，這將構成我們在 2023 財年交付的基礎。這些交付中所包含的估計毛利率高於我們預計的 2022 年全年毛利率。

SG&A as a percentage of revenue in our third quarter was 10.3% compared to 10.5% in Q3 of last year and 20 basis points better than projected despite lower-than-projected revenue. This was primarily due to lower-than-anticipated selling and marketing expenses.

SG&A 在我們第三季度佔收入的百分比為 10.3%，而去年第三季度為 10.5%，儘管收入低於預期，但比預期高 20 個基點。這主要是由於銷售和營銷費用低於預期。

Third quarter joint venture land sales and other income was $13.2 million, exceeding our breakeven guidance, mostly due to gains on land sold into joint ventures that we had originally projected would occur later in the year.

第三季度合資企業土地銷售和其他收入為 1320 萬美元，超過了我們的盈虧平衡指導，主要是由於我們最初預計將在今年晚些時候發生的出售給合資企業的土地收益。

We had previously expected to sell several of our stabilized Apartment Living and student housing properties in our fourth quarter, which were projected to generate approximately $50 million in income from unconsolidated entities.

我們之前預計將在第四季度出售我們的幾處穩定的公寓生活和學生住房物業，預計這些物業將從非合併實體中產生約 5000 萬美元的收入。

However, we are pushing these sales into fiscal year 2023 when we expect to see better pricing from buyers. As a result, we are lowering our 2022 full-year joint venture, land sale and other income to $60 million.

但是，我們正在將這些銷售推到 2023 財年，屆時我們希望看到買家提供更好的定價。因此，我們將 2022 年全年合資企業、土地出售和其他收入降至 6000 萬美元。

Overall, our total investment in Apartment Living at the end of our fiscal third quarter was $565 million. It consisted of $133 million in 18 properties that were either stabilized or in lease-up, where we believe we have unrealized gains of approximately $400 million.

總體而言，截至第三財季末，我們對 Apartment Living 的總投資為 5.65 億美元。它包括 18 處房產的 1.33 億美元，這些房產要么穩定下來，要么處於出租狀態，我們認為我們在這些房產中未實現的收益約為 4 億美元。

In addition to the $133 million, we have $289 million invested in 23 properties that are currently in joint venture and under construction, and another $143 million in land and projects, 28 in total. They are 100% on our balance sheet, but slated for future development in joint ventures.

除了 1.33 億美元外，我們還投資了 2.89 億美元，投資了 23 個目前處於合資和在建狀態的物業，另外還有 1.43 億美元的土地和項目，共計 28 個。它們在我們的資產負債表上 100%，但計劃在未來的合資企業中發展。

This pipeline should allow us to produce a consistent series of gains from apartment sales in future years. We expect the earnings from these gains on apartment sales will continue to be a nice complement to our core homebuilding business.

這條管道應該使我們能夠在未來幾年從公寓銷售中產生一系列一致的收益。我們預計這些公寓銷售收益將繼續成為我們核心住宅建築業務的良好補充。

Turning back to our results, impairments and write-offs were $6.2 million in the quarter, primarily reflecting some due diligence costs or lost deposits on land that we are no longer pursuing because it doesn't meet our stricter underwriting standards.

回到我們的結果，本季度的減值和沖銷為 620 萬美元，主要反映了一些盡職調查成本或我們不再追求的土地上的存款損失，因為它不符合我們更嚴格的承保標準。

Our tax rate in the third quarter was 25.3%, 70 basis points better than projected. We now project a tax rate of approximately 24.8% for the fourth quarter and 25% for the full year. This is a slight improvement over our prior guide as we now expect approximately $10 million in Section 45L energy tax credits that were reinstated in the recently signed Inflation Reduction Act.

我們第三季度的稅率為 25.3%，比預期高出 70 個基點。我們現在預計第四季度和全年的稅率約為 24.8% 和 25%。這比我們之前的指南略有改進，因為我們現在預計在最近簽署的《通貨膨脹減少法案》中恢復的第 45L 節能源稅收抵免中約有 1000 萬美元。

We finished the quarter with a net debt-to-capital ratio of 34.3%. We had $316.5 million in cash and equivalents and $1.8 billion available on our -- under our $1.9 billion revolving bank credit facility, which doesn't mature for over 4 years.

我們以 34.3% 的淨債務與資本比率結束了本季度。我們有 3.165 億美元的現金和等價物以及 18 億美元的可用資金——在我們 19 億美元的循環銀行信貸額度下，該信貸額度不會在 4 年內到期。

This provides us with ample flexibility to both grow and return capital to our shareholders. At quarter end, our book value per share was $48.74. We expect this to be approximately $52.50 at fiscal year-end.

這為我們提供了足夠的靈活性來增長和向股東返還資本。在季度末，我們的每股賬面價值為 48.74 美元。我們預計這在財政年度末約為 52.50 美元。

Let me cover the additional items in our guidance that we have not already touched on. Based on the strong pricing in our backlog, we expect our fourth quarter average delivered price to be between $935,000 and $955,000. We have increased the full-year average to $920,000 at the midpoint.

讓我介紹一下我們指南中尚未涉及的其他項目。基於我們積壓的強勁定價，我們預計第四季度的平均交付價格將在 935,000 美元至 955,000 美元之間。我們已將全年平均值提高到中點 920,000 美元。

We expect interest in cost of sales to be approximately 1.8% of home sales revenues in the fourth quarter and for the full year, representing a 40 basis point decline compared to full year 2021.

我們預計第四季度和全年對銷售成本的興趣約為房屋銷售收入的 1.8%，與 2021 年全年相比下降 40 個基點。

This decline is primarily due to the retirement of higher interest rate debt over the past few years, which has also decreased leverage. We expect to further reduce interest in cost of sales in fiscal year 2023.

這種下降主要是由於過去幾年高利率債務的退出，這也降低了槓桿率。我們預計將在 2023 財年進一步降低對銷售成本的興趣。

We project SG&A as a percentage of home sale revenues to be approximately 8.7% in our fourth quarter and 10.5% for the full year. Our weighted average share count is expected to be 118.5 million for the full year. We expect community count to be approximately 350 at fiscal year-end.

我們預計 SG&A 佔房屋銷售收入的百分比在第四季度約為 8.7%，全年約為 10.5%。我們全年的加權平均股數預計為 1.185 億股。我們預計在財政年度結束時社區人數約為 350。

We've lowered this community count projection due to the impact of entitlement delays and supply chain disruptions impacting land development and our strategy to intentionally defer the opening of some communities until 2023.

由於權利延遲和供應鏈中斷對土地開發的影響，以及我們有意將一些社區的開放時間推遲到 2023 年的戰略，我們已經降低了這一社區數量預測。

Over the past 2 years, we are able to open communities earlier than normal without models and out-of-sale trailers or even off-site due to frenzy buyer demand.

在過去的 2 年裡，由於買家的狂熱需求，我們能夠在沒有模型和停售預告片甚至場外的情況下比正常更早地開放社區。

We do not see that continuing into the near future, and we will shift back to our normal practice of opening communities with finished model homes and sales centers that are fully complete. Importantly, we own or control sufficient land for a significant increase in community count in fiscal year 2023.

我們認為這種情況不會持續到不久的將來，我們將恢復正常的做法，即在已完工的樣板房和完全完整的銷售中心開設社區。重要的是，我們擁有或控制足夠的土地，以在 2023 財年大幅增加社區數量。

Now let me turn it back to Doug.

現在讓我把它轉回道格。

Thank you, Marty. I want to take this opportunity to thank our incredible Toll Brothers' team members, who continue to work tirelessly on behalf of our clients in these unprecedented times. It is their dedication and passion for our business that make us all so excited for the future. Jason, now let's open it up for questions.

謝謝你，馬蒂。我想藉此機會感謝我們令人難以置信的 Toll Brothers 團隊成員，他們在這個前所未有的時代繼續代表我們的客戶不知疲倦地工作。正是他們對我們業務的奉獻精神和熱情讓我們對未來充滿熱情。傑森，現在讓我們打開它來提問。

(Operator Instructions) And as a reminder, the company is planning to end the call at 9:30 when the market opens. (Operator Instructions) Our first question comes from Alan Ratner from Zelman & Associates.

（操作員說明）提醒一下，該公司計劃在開市後的 9:30 結束通話。 （操作員說明）我們的第一個問題來自 Zelman & Associates 的 Alan Ratner。

Appreciate it. So I guess, first question, just on the delivery guidance. I think you reduced it by about 1,000 homes for the year. I'm curious if you're able to give a rough split?

欣賞它。所以我想，第一個問題，只是關於交付指導。我想你今年減少了大約 1,000 個家庭。我很好奇你能不能給出一個粗略的分割？

How much of that is kind of the supply chain challenges you guys referenced just in terms of, hey, these homes are not going to get delivered or before year-end like we previously thought versus how much of that is maybe just more of a conservative view on demand for -- you guys had been building more specs, and I assume there had been some assumption that you would sell and deliver some of those homes before year-end?

其中有多少是你們提到的供應鏈挑戰，嘿，這些房屋不會像我們之前想像的那樣在年底之前交付，而其中有多少可能只是保守的關於需求的觀點——你們一直在建造更多的規格，我假設有一些假設是你們會在年底之前出售和交付其中一些房屋？

How much of the reduction is just conservatism around not having those homes sold and delivered in time for year-end?

有多少減少只是保守主義，因為沒有在年底及時出售和交付這些房屋？

Good question. Our model is about 80% build-to-order, 20% spec. And so the reduced guidance is probably, Alan, around 10% to 15% due to less spec sales that will sell and deliver what I call in the same quarter or in a short period of time since that's not the primary part of our business model.

好問題。我們的模型大約 80% 是按訂單生產，20% 是規格。所以減少的指導可能是，艾倫，大約 10% 到 15%，因為在同一季度或短時間內銷售和交付我所說的產品的規格銷售減少，因為這不是我們商業模式的主要部分.

And so the balance of, let's call it, 85% to 90% is primarily -- I'd say, 2/3 of that balance is being driven by supply chain. We've recently and the industry has recently run into these incredible problems with getting transformers from utility companies so we can get houses fired up with electricity that are completed and getting electric meters that you put on the outside of the house and things that -- this is a new one for us, but it can be significant, as I mentioned, with the issues in California.

因此，我們稱之為 85% 到 90% 的平衡主要是——我想說，2/3 的平衡是由供應鏈驅動的。我們最近和這個行業最近遇到了這些令人難以置信的問題，從公用事業公司獲得變壓器，這樣我們就可以讓房子用完的電力點燃，並獲得你放在房子外面的電錶和東西——這對我們來說是一個新問題，但正如我所提到的，它對於加利福尼亞的問題可能很重要。

And then the balance of a 1/3, I'd say, is a combination of township issues with the inability to get inspections and to get certificates of occupancy and then some buyer delays, right? There's more mortgage issues we have today as the mortgage rates are a bit higher, and there may be some more time for qualification.

然後我想說，1/3 的餘額是鄉鎮問題與無法進行檢查和獲得入住證明以及一些買家延遲的組合，對嗎？我們今天有更多的抵押貸款問題，因為抵押貸款利率有點高，而且可能還有更多的時間來獲得資格。

There could be a longer time frame because buyers now find it a bit harder to sell their existing home, and then we've had this modest increase in cancellations, which we have certainly budgeted in. I said that August cans are not up. Historically, our cans are still low, but they have moved up a little bit.

可能會有更長的時間框架，因為買家現在發現出售他們現有的房屋有點困難，然後我們的取消量略有增加，我們當然已經預算了。我說八月份的罐頭沒有增加。從歷史上看，我們的罐頭仍然很低，但它們已經上升了一點。

So when you combine all of it, very little is due to the sell and deliver spec strategy since that's not our primary business, and more of it is just that bucket of items I just described, which really goes to, primarily, production and municipality-related production issues and utility company production issues, but that's the bulk of it.

因此，當您將所有這些結合起來時，很少是由於銷售和交付規格策略，因為這不是我們的主要業務，更多的是我剛剛描述的那一桶項目，主要用於生產和市政-相關的生產問題和公用事業公司的生產問題，但這是其中的大部分。

Got it. That's really helpful. Thanks for walking through all that. Second, on the incentive environment. I think -- appreciate your comments there just in terms of the inelasticity of demand through the quarter.

知道了。這真的很有幫助。謝謝你走過這一切。二是關於激勵環境。我認為 - 感謝您就本季度需求缺乏彈性的評論。

So it's the easiest way to think about the incentives that you're offering in August, 30,000. So that's roughly double from where you were before, pretty modest overall. It's about 1.5%, I guess, in terms of, I guess, a potential margin impact.

因此，這是考慮您在 8 月提供的獎勵 30,000 的最簡單方法。所以這大約是你以前的兩倍，總體上相當適中。我想，就潛在的利潤率影響而言，這大約是 1.5%。

When you're talking about your margin in backlog and kind of the expectation for improvement in '23, recognizing that these incentives are on new orders today, what are the conversations like in terms of your buyers in backlog? Are they coming to you expecting a similar incentive? Are you prepared to offer that type of incentive to a buyer to keep them in backlog?

當您談論您的積壓利潤以及對 23 年改進的期望時，認識到這些激勵措施是針對今天的新訂單，就您的積壓買家而言，對話是怎樣的？他們來找你是不是期待類似的激勵？您是否準備好向買家提供這種類型的激勵以使他們積壓？

And ultimately, how aggressive are you willing to get on the incentive front before kind of just taking a backseat and letting other builders compete in that area? Because traditionally, you have not been very aggressive there.

最終，在讓其他建設者在該領域競爭之前，你願意在激勵方面採取多大的積極性？因為傳統上，你在那裡並沒有非常激進。

Sure. So I'm going to give a little bit of a longer answer here because I know it's on everybody's mind. Our Q2 incentive was $11,000, which on a $1.1 million house, let's call it 1%. May, it was $12,000, June, it was $15,000, July, it was $22,000 and August, it was $30,000. That's $30,000 on a $1.1 million house. We're still below 3% incentive, which historically, through good times, is a very low incentive.

當然。因此，我將在這裡給出一個更長的答案，因為我知道每個人都在考慮這個問題。我們第二季度的激勵是 11,000 美元，對於 110 萬美元的房子，我們稱之為 1%。五月是 12,000 美元，六月是 15,000 美元，七月是 22,000 美元，八月是 30,000 美元。 110 萬美元的房子要花 30,000 美元。我們仍然低於 3% 的激勵，從歷史上看，這是一個非常低的激勵。

When you sell [1.1] million house even in a great market, you tend to give the buyer $10,000, $15,000, $20,000, $30,000 [to spend] it on design studio or have finished their basement or help them with closing costs. It's a normal incentive, and we're still in that range.

當你在一個偉大的市場上賣出 [1.1] 百萬套房子時，你往往會給買家 10,000 美元、15,000 美元、20,000 美元、30,000 美元 [將其用於設計工作室或已完成地下室或幫助他們支付關閉費用。這是一個正常的激勵，我們仍在這個範圍內。

We saw early on in May and June, and I talked about it a bit on the May call that we expected a slow summer. We think buyers with not only the rise in home prices, but the doubling of mortgage rates, all the chatter about inflation, the headlines were starting to hit about a softening market, we knew they were headed to the sidelines. They were going to take the summer off, and we were not going to chase those buyers down with incentives.

我們在 5 月和 6 月早些時候看到，我在 5 月的電話會議上談到了一點，我們預計夏天會很慢。我們認為買家不僅房價上漲，而且抵押貸款利率翻倍，所有關於通脹的喋喋不休，頭條新聞開始出現關於市場疲軟的消息，我們知道他們正在觀望。他們打算放暑假，我們不會用激勵措施來追趕那些買家。

We have $11 billion in backlog. We're going to focus on that backlog. And it just wasn't smart business for us with our business model to do that. We didn't have finished spec inventory that we had to move out.

我們有 110 億美元的待辦事項。我們將專注於該積壓工作。以我們的商業模式來做這件事對我們來說並不是明智的選擇。我們還沒有完成必須搬出的規格庫存。

And we made the business decision, I think, correctly to not chase that buyer down. It was inelastic. They were on the sidelines. They were not coming in, asking what is this week's deal. They weren't negotiating.

我認為，我們做出了正確的商業決定，不追趕那個買家。它沒有彈性。他們在場邊。他們沒有進來，詢問本週的交易是什麼。他們不是在談判。

From the fourth of July forward, we started seeing signs of better traffic. We survey our 350 sales teams around the country every week. I'm involved in calls on -- for hours every Monday, and we started hearing the traffic is better. They're interested, they're back, they've absorbed the new market. Summer is moving on. They're starting to think through their plans.

從 7 月 4 日開始，我們開始看到交通改善的跡象。我們每週對全國 350 個銷售團隊進行調查。我參與了每週一幾個小時的電話會議，我們開始聽說交通狀況有所好轉。他們感興趣，他們回來了，他們已經吸收了新市場。夏天在繼續。他們開始考慮他們的計劃。

And so we felt demand was getting a bit more elastic, meaning that buyers were interested. They knew it was more of a buyer's market than it had been, but they were at the negotiating table, interested in buying. And so we moved the incentive up modestly, and we've seen some pretty good results from that.

所以我們覺得需求變得更有彈性，這意味著買家很感興趣。他們知道這比以往更像是一個買方市場，但他們在談判桌上，對購買感興趣。所以我們適度地提高了激勵措施，我們已經看到了一些非常好的結果。

Does that mean we're done with incentivizing? It's community by community. We will continue to react to what we hear from the sales teams. And I think as summer is winding down, we're going to continue to see better traffic, higher-quality traffic. But we recognize, it is certainly more of a buyer's market, and we will act accordingly.

這是否意味著我們已經完成了激勵？這是一個社區一個社區。我們將繼續對從銷售團隊那裡聽到的信息做出反應。而且我認為隨著夏天的結束，我們將繼續看到更好的流量，更高質量的流量。但我們承認，這肯定更多是買方市場，我們會採取相應的行動。

So I'm not suggesting that the $30,000 of August is -- I'm not calling the bottom here, we don't know what lies ahead, but we certainly do feel better, and we will act accordingly. But we're not going to chase the incentives to a big number, and we don't think we need to do that with our business model.

所以我並不是說 8 月的 30,000 美元是——我不是在說底部，我們不知道未來會發生什麼，但我們確實感覺好多了，我們會採取相應的行動。但我們不會將激勵措施推向一個很大的數字，我們認為我們不需要用我們的商業模式來做這件事。

With respect to the backlog, which was another one of your questions, no, we do not negotiate with the backlog. We have about $80,000 in down payment.

關於積壓，這是您的另一個問題，不，我們不與積壓進行談判。我們有大約 80,000 美元的首付。

Do not underestimate the emotional connection our client has to the home. 80% of our buyers are custom designing the home out of the gate. It is their lot, it is their architecture. It is their structural changes, and then they go to our design studio and they spend another $100,000, $200,000 on all the finishes.

不要低估我們的客戶與家庭的情感聯繫。我們 80% 的買家都是在門外定制設計房屋。這是他們的命運，這是他們的建築。這是他們的結構變化，然後他們去了我們的設計工作室，他們又花了 100,000 美元，200,000 美元在所有飾面上。

They have become emotionally attached. It is a move-up family, primarily. This is about lifestyle changes for them. The kids are moving into a new school. This is the dream house. And historically, we have not seen can rates, anything close to the industry, for all of those reasons. And so right now, the rates are low.

他們已經成為情感上的依戀。它主要是一個升遷家庭。這是關於他們生活方式的改變。孩子們要搬進一所新學校。這是夢想中的房子。從歷史上看，由於所有這些原因，我們沒有看到任何接近行業的罐頭費率。所以現在，利率很低。

We do not negotiate with the backlog. We work with them if they need a little bit more time because they have a house to sell, if we need to help them with different mortgage programs.

我們不與積壓談判。如果他們需要更多時間，因為他們有房子要賣，我們會與他們合作，如果我們需要幫助他們進行不同的抵押貸款計劃。

There's lots of different things we can do to help -- but we -- our backlog right now is secure, and we are not going back and negotiating with that backlog. They are committed for the most part and moving forward. Sorry for the long answer, but I know it's on everyone's mind.

我們可以做很多不同的事情來幫助 - 但我們 - 我們的積壓現在是安全的，我們不會回去與積壓進行談判。他們在很大程度上致力於並繼續前進。對不起，答案很長，但我知道每個人都在想。

The next question comes from Michael Rehaut from JPMorgan.

下一個問題來自摩根大通的 Michael Rehaut。

Great. First, I just wanted to hit on -- to see if I can get a little more clarity on the statistic around average weekly deposits for the first 3 weeks of August, up 25% from July. It's a very helpful number and obviously, around the narrative of the improvement that you're starting to see.

偉大的。首先，我只是想打個招呼——看看我能否更清楚地了解 8 月前 3 周平均每周存款的統計數據，比 7 月增加 25%。這是一個非常有用的數字，顯然，圍繞著你開始看到的改進的敘述。

I was just curious for context, if we could kind of get that number on a year-over-year basis, in other words, August, first 3 weeks average weekly deposits versus the first 3 weeks or roughly, let's say, August of '21 as well as what the year-over-year was for July?

我只是對上下文感到好奇，如果我們可以按年計算這個數字，換句話說，8 月，前 3 週的平均每周存款與前 3 週或大約，比如說，8 月21 以及 7 月的同比增長是多少？

Sure. So yes -- and again, it's only 3 weeks. I'm not -- while I say we're cautiously optimistic, I'm going to -- the disclaimer here is, we're talking about 3 weeks. It's a short window of time, but we are encouraged that deposits are up about 25% over July. When you look year-over-year, the 3 weeks of this July are down about 45% to the 3...

當然。所以是的 - 再一次，它只有 3 週。我不是——雖然我說我們謹慎樂觀，但我會——這裡的免責聲明是，我們談論的是 3 週。這是一個短暫的時間窗口，但我們感到鼓舞的是，存款比 7 月份增長了約 25%。與去年同期相比，今年 7 月的 3 週下降了約 45% 至 3...

It's August.

現在是八月。

To the August, my apologies. Thank you, Marty. The 3 weeks of this August are down about 45% to the same 3 weeks of last August.

到八月，我很抱歉。謝謝你，馬蒂。今年 8 月的 3 週與去年 8 月的 3 週相比下降了約 45%。

In terms of cadence, we talk about the same contracts in each month of May, June, July this year, which was about 420 agreements or orders per month on -- now when you look at last year, July was elevated significantly over the last 2021's May end of June. But this year, it was more level.

就節奏而言，我們在今年 5 月、6 月、7 月的每個月談論相同的合同，大約是每月 420 份協議或訂單——現在你看去年，7 月比去年顯著增加2021 年 5 月底 6 月底。但今年，水平更高了。

And so if you consider the deposits being up 25%, you just do the normal math on conversion ratios, it would be fair to say that for the next week or so until this month is over, that 420 sales that we saw in July would be about 500, if you do that math.

因此，如果您認為存款增長了 25%，您只需對轉換率進行正常的數學計算，可以公平地說，在本月結束之前的下一周左右，我們在 7 月份看到的 420 筆銷售將大約500，如果你做那個數學。

And I'm not going to guess at all as to what September and October may hold, except that I think we are encouraged by what we see, and we've certainly loosened the strings, as I just mentioned to Alan, in terms of the incentives, and we're getting out of the summer doldrums. So we're, again, have that cautious optimism as to where we're headed. Does that answer your questions?

而且我根本不會猜測 9 月和 10 月可能會發生什麼，除了我認為我們對所看到的感到鼓舞，而且正如我剛剛對艾倫提到的那樣，我們當然已經放鬆了弦樂激勵措施，我們正在擺脫夏季低迷。因此，我們再次對我們的發展方向持謹慎樂觀的態度。這能回答你的問題嗎？

Yes. The second part of that was what was July down year-over-year, but you may even not have that in front of you. I guess, the second question I had was just kind of drilling into the comments around gross margins. Last couple of calls, you talked about an expectation for fiscal '23 gross margins to be up over fiscal '22.

是的。第二部分是 7 月份同比下降，但你甚至可能沒有擺在你面前。我想，我的第二個問題只是深入探討了有關毛利率的評論。在最後幾次電話會議中，您談到了 23 財年毛利率將超過 22 財年的預期。

I'm not sure if I heard it slightly different, but this call so far, what you've said is, the gross margins in backlog are above what you expect for the overall fiscal '22, and you expect expansion into fiscal '23. I was wondering if you still feel what your level of confidence is that as you look at overall fiscal '23, that might still be up over fiscal '22?

我不確定我聽到的是否略有不同，但到目前為止，這個電話，你所說的是，積壓的毛利率高於你對整個 22 財年的預期，你預計會擴展到 23 財年.我想知道您是否仍然覺得您的信心水平是什麼，當您查看整個 23 財年時，這可能仍然高於 22 財年？

Sure. So on your -- I do have the answer to your July. So July '22 deposits were down 56% over July 2021 deposits, and July 2022 agreements were down 66% against July 2021 agreements.

當然。所以關於你的——我確實有你七月的答案。因此，22 年 7 月的存款比 2021 年 7 月的存款下降了 56%，2022 年 7 月的協議比 2021 年 7 月的協議下降了 66%。

With respect to 2023's gross margin, I think Marty laid it out in really good detail, which is, we have over 7,000 homes in backlog that we project will deliver in 2023. And that's just taken the math of the total backlog, what we think will deliver in this fourth quarter. And the balance of it are -- almost the entire balance of it is projected to deliver next year.

關於 2023 年的毛利率，我認為 Marty 非常詳細地闡述了它，也就是說，我們計劃在 2023 年交付超過 7,000 套待辦房屋。這只是我們認為的總積壓的數學計算將在第四季度交付。它的餘額是 - 幾乎所有餘額預計將在明年交付。

That, of course, is not our full-year deliveries because we still have homes we can sell in the fourth quarter and even into early 2023 that will still deliver by October 31 of '23, and that includes build-to-orders. And that, of course, includes many of those 20% spec homes that I talked about, which is part of our strategy.

當然，這不是我們的全年交付量，因為我們仍有可以在第四季度甚至到 2023 年初出售的房屋，這些房屋仍將在 23 年 10 月 31 日交付，其中包括按訂單生產。當然，這包括我談到的那些 20% 規格的房屋中的許多，這是我們戰略的一部分。

It is that bucket that I can't -- and I'm not prepared right now on this call to give any guidance on. We usually do that in December. That is still our intention.

這是我做不到的——而且我現在還沒有準備好在這次電話會議上提供任何指導。我們通常在十二月這樣做。這仍然是我們的意圖。

But our point was simply that a significant portion of 2023's deliveries are in backlog with very high margins. And so that part of the year is pretty well baked. But as for the balance that needs to be sold, we'll have to see how the market evolves, and we'll give more updates in December.

但我們的觀點很簡單，2023 年的交付中有很大一部分是積壓的，利潤率非常高。因此，一年中的那部分時間非常好。但至於需要出售的餘額，我們將不得不看看市場如何發展，我們將在 12 月提供更多更新。

The next question comes from Dan Oppenheim from Credit Suisse.

下一個問題來自瑞士信貸的 Dan Oppenheim。

I was wondering in terms of the timing of community openings, you talked about delaying some openings to have them fully set. Given that some of the new communities when they come online, kind of strong orders, does that impact what you would think about overall order trends for the fourth quarter of the year?

我想知道社區開放的時間，你談到推遲一些開放以使它們完全設置。鑑於一些新社區上線時，訂單量很大，這是否會影響您對今年第四季度整體訂單趨勢的看法？

Dan, we're pretty well split with new community openings quarter-by-quarter. If we see the market improving or if we have a specific location where we have a lot of pent-up demand, we may go back to the COVID style, open out of the back of a station wagon on a farm field. But that is not our intention right now.

丹，我們每個季度都有新的社區開放。如果我們看到市場好轉，或者如果我們有一個特定的位置有很多被壓抑的需求，我們可能會回到 COVID 風格，在農田的旅行車後面打開。但這不是我們現在的意圖。

This company is always white clubbed every opening. We are the Ritz-Carlton. We don't open until everything is perfect. And that's how we like the launch. But when you get into a hot market, when you have a lot of pent-up demand, if we can get roads in and get houses built, right, which is the other part of it, we don't want to be opening if we can't pull permits and start construction.

這家公司每次開張時總是被白杵。我們是麗思卡爾頓。在一切都完美之前，我們不會開放。這就是我們喜歡發布的方式。但是當你進入一個火熱的市場，當你有很多被壓抑的需求時，如果我們可以修路並建造房屋，對，這是它的另一部分，我們不想開放，如果我們不能拿到許可證並開始施工。

But if all of that falls together in certain locations, there will certainly be exceptions to our older and now current strategy of get the entrance in, get the flowers planted and get the model home perfect and off we go. But in terms of the cadence -- go ahead, Marty.

但是，如果所有這些都在某些地方發生，那麼我們舊的和現在的策略肯定會有例外，即進入入口，種花，讓樣板房完美，然後我們就走了。但就節奏而言——繼續吧，馬蒂。

And we opened 20 to 25 communities in each of the first 3 quarters of this year, and we project to open 35 to 40 in the fourth quarter of this year. Now while that number is down compared to what we had previously thought, it is still up significantly over the first 3 quarters.

我們在今年前三個季度每個季度都開放了 20 到 25 個社區，我們預計今年第四季度將開放 35 到 40 個。現在，雖然這個數字與我們之前的預期相比有所下降，但在前 3 個季度仍顯著上升。

So we do expect a boost in the fourth quarter from new community openings compared to the most recent quarters, right?

因此，與最近幾個季度相比，我們確實預計第四季度新社區的開放會帶來提振，對吧？

And then next year, as we mentioned in our prepared comments, we are in a great position and that we have the land controlled for significant community count growth next year. And so we will open those communities -- when, when and for the reasons I have described, well, again, it will be somewhat market dependent.

然後明年，正如我們在準備好的評論中提到的那樣，我們處於有利地位，我們控制了明年社區數量顯著增長的土地。因此，我們將開放這些社區——何時、何時以及出於我所描述的原因，好吧，再次，它將在某種程度上取決於市場。

I am very encouraged that based on the openings that we continue to have and those that we've had over the last month, we have had significant success at the initial launch, with a lot of pent-up demand and in some cases, we've sold 5, 10, 15, 20 homes in the first couple of weeks of a new launch.

我感到非常鼓舞的是，基於我們繼續擁有的空缺職位以及上個月我們所擁有的空缺職位，我們在最初的發布中取得了巨大的成功，有很多被壓抑的需求，在某些情況下，我們在新推出的前幾週，我們已經售出了 5、10、15、20 套房屋。

So the buyers are out there. And if you have the right offerings in the right locations, we are seeing success. I mentioned 60 sales in 3 months in New York City at $1.1 million. New York didn't get as soft as other markets -- excuse me, wasn't as hot as other markets over the last couple of years as people left the cities.

所以買家就出來了。如果您在正確的位置提供正確的產品，我們就會看到成功。我提到紐約市 3 個月內的 60 筆銷售額為 110 萬美元。紐約並沒有像其他市場那樣疲軟——對不起，在過去的幾年裡，隨著人們離開城市，它不像其他市場那麼火爆。

And so there wasn't quite the sticker shock and the community has -- continues to be very successful, with hundreds of qualified buyers on a list that we're just working through to continue to sell there. So there are certainly bright spots around the country with new openings, which we're encouraged by.

因此，並沒有引起太大的震動，社區仍然非常成功，數百名合格的買家在名單上，我們正在努力繼續在那裡銷售。因此，全國各地肯定有新的開業亮點，我們對此感到鼓舞。

Great. And then just a quick follow-up. You mentioned the expectation of book value at year-end. Wondering, how you're thinking about allocating capital, given the discount to book sort of relative to this environment where you're sort of reassessing sort of putting more into land and such?

偉大的。然後只是快速跟進。您提到了對年末賬面價值的預期。想知道，你是如何考慮分配資本的，考慮到相對於這種環境的預訂折扣，你正在重新評估在土地等方面投入更多資金？

Well, Dan, we've demonstrated a commitment to returning capital to shareholders through the dividends that we paid this year as well as the buyback, and we've done that as we've grown the company. I think we would continue to look at balancing buybacks, we'll pay the dividends.

好吧，丹，我們已經展示了通過今年支付的股息和回購向股東返還資本的承諾，隨著公司的發展，我們已經做到了這一點。我認為我們將繼續考慮平衡回購，我們將支付股息。

And we will continue to pursue new land deals. Many of those new land purchases are from old land contracts, and they still work. It is increasingly difficult for new land deals to meet our underwriting standards. So the balance will continue to exist. We will see what the opportunity set is and what the cash flow is.

我們將繼續尋求新的土地交易。許多新的土地購買來自舊的土地合同，它們仍然有效。新的土地交易越來越難以滿足我們的承保標準。所以平衡將繼續存在。我們將看到機會集是什麼以及現金流量是什麼。

The next question comes from John Lovallo from UBS.

下一個問題來自瑞銀的 John Lovallo。

This is actually Spencer Kaufman on for John. Maybe just piggybacking on some of the comments from the last question.

這實際上是斯賓塞考夫曼為約翰。也許只是捎帶上一個問題的一些評論。

Can you just talk about what you're seeing across your various markets? Which markets are more challenged today? Which markets are hanging better than most? And are you seeing any difference in buyer activity between your affordable luxury product and your more traditional homes?

您能談談您在各個市場上看到的情況嗎？今天哪些市場面臨更大的挑戰？哪些市場比大多數市場表現更好？您是否發現您的負擔得起的奢侈品和更傳統的房屋之間的買家活動有什麼不同？

Sure. So the move-up and the active adults have performed better than affordable luxury. And I think that's because the buyers are wealthier and mortgage rates aren't quite as important to them. It's not a monthly payment affordability issue as you move up in price. So we've seen that in the past in times like this, and it's proving to be the case again.

當然。因此，升職和活躍的成年人比負擔得起的奢侈品表現更好。我認為這是因為買家更富有，而抵押貸款利率對他們來說並不那麼重要。隨著價格上漲，這不是每月支付的負擔能力問題。因此，我們過去曾在這樣的時期看到過這種情況，事實證明再次如此。

The best markets for us right now are our home turf here in Philadelphia, New Jersey, Southern California, I mentioned New York City, Atlanta, Denver, Dallas, the Southeast Coast of Florida, [Rollins].

目前對我們來說最好的市場是我們在費城、新澤西州、南加州的主場，我提到了紐約市、亞特蘭大、丹佛、達拉斯、佛羅里達州東南海岸、[羅林斯]。

The weakest markets, which happens every cycle, are those that were the hottest because when the price goes up a lot, those markets tend to take a little longer to adjust. And that would include Phoenix; Austin, Texas; Boise, Idaho and Reno.

每個週期都會發生的最疲軟的市場是最熱門的市場，因為當價格大幅上漲時，這些市場往往需要更長的時間來調整。這將包括鳳凰城；德克薩斯州奧斯汀；博伊西、愛達荷州和雷諾。

And I think, again, it's just an adjustment that's occurring because of the prices being higher and the affordability. Those locations also tend to be a little bit lower priced for us in many cases.

而且我再次認為，這只是由於價格上漲和負擔能力而發生的調整。在許多情況下，這些地點的價格對我們來說也往往略低一些。

And so I think they probably fit a little bit more into that affordable luxury group that I mentioned, where as rates have gone up, there's a bit more pressure.

所以我認為他們可能更適合我提到的那個負擔得起的奢侈品群體，隨著價格的上漲，壓力會更大。

Okay. That's helpful. Appreciate the color. And maybe, can you just talk a little bit as to what would need to happen in order for you guys to see widespread impairments?

好的。這很有幫助。欣賞顏色。也許，你能談談需要做什麼才能讓你們看到廣泛的損傷嗎？

I'm sorry, I didn't impair...

對不起，我沒有破壞...

Yes. I think things would have to go a lot worse than they're going right now for widespread impairments. And just to kind of reiterate the breakdown of our inventory that I gave last quarter, it hasn't moved too much. We have about $9.4 billion of inventory, $6.25 billion of that is construction-in-progress associated with our backlog.

是的。我認為，由於廣泛的損傷，情況必須比現在更糟。只是為了重申我上個季度給出的庫存細分，它並沒有太大變化。我們有大約 94 億美元的庫存，其中 62.5 億美元是與我們的積壓相關的在建工程。

So there shouldn't be much concern at all about that backlog. The backlog has upper 20s gross margin to it. We're seeing very low cancellation rates. So there's not too much to that.

因此，對於積壓的工作完全不必擔心。積壓的毛利率高達 20 多歲。我們看到非常低的取消率。所以沒有太多的。

About $2.5 billion of our inventory is owned land that also has strong margins associated with it. And around $450 million of our inventory is land deposits and about $80 million of that is refundable. And those are 4 pieces of land that we have not acquired, that we have under optioned.

我們的庫存中約有 25 億美元是自有土地，這些土地也有很高的利潤率。我們大約 4.5 億美元的庫存是土地存款，其中大約 8000 萬美元可以退還。這些是我們沒有獲得的 4 塊土地，我們沒有選擇。

So with a close to 30% gross margin and a 20% operating margin from home sales, we'd have to see dramatic reductions in price for impairments to be of concern. And as you have that dramatic reduction in volume or price, you're also going to have reductions in costs.

因此，在接近 30% 的毛利率和 20% 的房屋銷售營業利潤率的情況下，我們必須看到價格大幅下降才能引起人們的關注。而且隨著數量或價格的大幅下降，您也將降低成本。

So it would have to be much more significant than a 25% or 30% decline in price to trigger any impairments. And those impairments would be associated with those smaller buckets of inventory, land and deposits, not so much associated with our homes under construction and backlog.

因此，它必須比價格下跌 25% 或 30% 更重要才能觸發任何減值。這些減值將與那些較小的庫存、土地和存款桶有關，與我們在建和積壓的房屋沒有太大關係。

The next question comes from Matthew Bouley from Barclays.

下一個問題來自巴克萊的 Matthew Bouley。

Thanks for all the detail. A question on ASP and pricing power in light of all these communities you've got coming online. I appreciate that detail you gave around the order ASP in Q3. So that's helpful.

感謝您提供所有詳細信息。鑑於您已經上線的所有這些社區，關於 ASP 和定價能力的問題。我感謝您在第三季度提供的有關訂單 ASP 的詳細信息。所以這很有幫助。

But as we think about these future community openings, I mean, how should we think about sort of the opening price points and margins on that? Is that an area where you might flex a little bit, given current market conditions?

但是當我們考慮這些未來的社區開放時，我的意思是，我們應該如何考慮開放價格點和利潤率？考慮到當前的市場狀況，這是一個你可以稍微調整的領域嗎？

Again, it's very specific to the location and the interest. We hope not to flex. We like a 30% gross margin. But if we have to flex, we will. But that decision is made very locally. But we are very confident and comfortable with the underwriting we have in place now for these new openings that continue to show significant outsized gross margins.

同樣，它非常特定於位置和興趣。我們希望不要彎曲。我們喜歡 30% 的毛利率。但是，如果我們必須彎曲，我們會的。但這個決定是非常本地化的。但我們對我們現在為這些繼續顯示出可觀的超大毛利率的新開張所提供的承保非常有信心和滿意。

So again, it will -- we go through a pricing analysis before every community opens, a,nd that analysis is based on detailed market comps, the number of VIP buyers we have that are interested in buying.

再說一遍，我們會在每個社區開放之前進行定價分析，並且該分析基於詳細的市場組合，即我們有興趣購買的 VIP 買家數量。

And we do a full analysis and make decisions on where to open. And of course, we have a keen eye on what those returns are when we do that. But right now, I'm very comfortable that the communities we have slated to open over the next year will all perform well.

我們會進行全面分析並決定在哪裡開業。當然，當我們這樣做時，我們會密切關注這些回報是什麼。但現在，我很高興我們計劃在明年開放的社區都表現良好。

Got it. And then -- just second one on, I guess, sales pace and underwriting. Presumably, if the sales pace, at this level, is maybe a little bit less than what you had sort of underwrote to in the past, I guess the question is, kind of how do you balance the -- where you want inventory turns to get or to be versus just that potential pressure on returns?

知道了。然後 - 我猜是第二個，銷售速度和承保。據推測，如果在這個水平上的銷售速度可能比你過去承諾的要少一點，我想問題是，你如何平衡 - 你希望庫存轉向的地方獲得或成為回報的潛在壓力？

Or is the result of all that simply just reducing your acquisition of owned land? Like how do you kind of balance those points?

還是所有這些的結果只是減少了您對自有土地的收購？比如你如何平衡這些點？

Well, we're -- as we've been talking about for a few years, it's not just profit margin, it's also capital efficiency and ROE. So we are absolutely balancing price with pace. The fact that we had a very slow quarter, does not mean that our head is in the sand and we're not going to sell because we're trying to maintain a margin.

好吧，我們 - 正如我們幾年來一直在談論的那樣，這不僅僅是利潤率，還有資本效率和 ROE。因此，我們絕對在價格與速度之間取得平衡。我們有一個非常緩慢的季度這一事實並不意味著我們的頭在沙子裡，我們不會出售，因為我們正在努力保持利潤率。

We recognize there is a balance, and the reason we didn't have sales is what I described. In May, June and into the early summer, the buyers were on the sidelines, and we didn't think it was about price unless you wanted to really drop the price to go grab those few buyers that might have been out there.

我們認識到存在平衡，我們沒有銷售的原因就是我所描述的。在 5 月、6 月和初夏，買家處於觀望狀態，我們認為這與價格無關，除非你真的想降價去搶購可能已經存在的少數買家。

As that is changing, I think we will do a good job of balancing the incentive necessary to drive an absorption that will still have an eye on ROE and being capital efficient.

隨著這種情況的變化，我認為我們將很好地平衡推動吸收所必需的激勵措施，該吸收仍將關注 ROE 和資本效率。

So we recognize the need and as part of our strategy, to focus on driving strong margins but also being capital efficient and having good returns.

因此，我們認識到有必要並作為我們戰略的一部分，專注於提高利潤率，同時提高資本效率並獲得良好的回報。

With respect to the land, our underwriting has gotten even tighter. I talked on the last call that we are now up to 60% combined gross margin and what we call internally IRR. So if you had a 30 gross margin, you needed a 30 IRR, that's now 65.

在土地方面，我們的承銷更加嚴格。我在上次電話會議上談到，我們現在的總毛利率高達 60%，我們稱之為內部 IRR。所以如果你有 30 的毛利率，你需要 30 的內部收益率，現在是 65。

And on top of it being 65, we are building in today's sales paces and today's pricing. So that's a bit of a double whammy because sales pace is down a bit and price with more incentives is down a bit. And on top of that, you've layered in the higher threshold that you have to hit.

除了 65 歲之外，我們還在以今天的銷售速度和今天的定價進行建設。所以這有點雙重打擊，因為銷售速度下降了一點，而且有更多激勵措施的價格也下降了一點。最重要的是，您已經進入了必須達到的更高門檻。

So we're going to continue to be disciplined. And by the way, when we exit due diligence, we're doing that new analysis and deciding whether we want to go forward. And we're going back to land sellers to renegotiate. And if they don't come around, then we will drop deals.

因此，我們將繼續遵守紀律。順便說一句，當我們退出盡職調查時，我們正在進行新的分析並決定我們是否要繼續前進。我們將回到土地賣家重新談判。如果他們不來，那麼我們將放棄交易。

The only reason our optioned lots went up modestly -- excuse me, went down modestly this quarter is because we dropped 3,000 optioned lots because they no longer penciled with our tighter underwriting. And the quarter before that, we dropped a couple of thousand lots for the same reason. So I'm very happy with the discipline we're bringing to land buying.

我們的期權股小幅上漲的唯一原因——對不起，本季度小幅下跌是因為我們放棄了 3,000 股期權股，因為它們不再與我們更嚴格的承銷有關。在那之前的一個季度，我們出於同樣的原因放棄了幾千手。因此，我對我們為土地購買帶來的紀律感到非常滿意。

We have a great land portfolio that allows us to grow community count significantly next year, and we will continue operating this way into the future.

我們擁有豐富的土地投資組合，使我們能夠在明年顯著增加社區數量，並且我們將繼續以這種方式運營到未來。

The next question comes from Susan Maklari from Goldman Sachs.

下一個問題來自高盛的 Susan Maklari。

My first question is, can you just talk a little bit about the supply chain and build times? And as we are seeing the market shift, how you're thinking about the forward trajectory for the construction cycles as we go into the back half of this year and then into next year?

我的第一個問題是，你能談談供應鍊和建造時間嗎？當我們看到市場發生變化時，您如何看待我們進入今年下半年和明年的建設週期的前進軌跡？

Sure. So right now, our cycle time from agreement is about 13 months on average, 380 days. That's not pure construction because the front end -- it takes a while for the client to fix their finishes, their options and for us to get a building permit. So the actual build cycle time is not that full 380.

當然。所以現在，我們從協議開始的周期平均約為 13 個月，380 天。這不是純粹的建築，因為前端——客戶需要一段時間來修復他們的飾面、他們的選擇以及我們獲得建築許可。所以實際的構建週期時間不是完整的 380。

Affordable luxury is about 60 days less than that because the houses are smaller and a bit simpler. It is up. It continues to climb. Right now, the stress I mentioned is on things we took for granted like transformer boxes.

負擔得起的奢侈品比這少了大約 60 天，因為房子更小，更簡單一些。它起來了。它繼續攀升。現在，我提到的壓力是我們認為理所當然的東西，比如變壓器箱。

You guys have all seen those green boxes in the front yard of houses that generally handle about 4 to 6 homes on a street. You have to put a transformer down, which can [feed] electricity to those 4 to 6 houses. And utility companies have apparently run out of them at the moment or are having a hard time finding them.

你們都見過房子前院的那些綠色盒子，通常在一條街道上處理大約 4 到 6 個家庭。你必須放下一個變壓器，它可以為那 4 到 6 個房子 [供電]。公用事業公司目前顯然已經用完了它們，或者很難找到它們。

And this is just the whack-a-mole issue that the industry is dealing with finished trades right now. Our houses are a bit more complicated when you get beyond Toll Brothers -- when you get beyond drywall with the Toll Brother's home, there's a lot more that goes into those finishes, with tile and millwork and cabinets and things like that.

這只是該行業目前正在處理已完成交易的問題。當你越過 Toll Brothers 時，我們的房子會有點複雜——當你越過 Toll Brother 家的石膏板時，那些飾面還有很多東西，包括瓷磚、木製品和櫥櫃之類的東西。

And on the finish end right now, we're feeling a bit of pressure with the late -- with trades. And so I think that's pushed out. If you look at drywall to delivery, we've added a couple of weeks from what we used to have. So that's the latest issue that we are addressing.

現在在比賽結束時，我們對後期感到有點壓力——交易。所以我認為這被推出了。如果您查看幹牆到交付，我們已經比過去增加了幾週。這是我們正在解決的最新問題。

There are some encouraging signs that I have for next year, when it comes to supply chain. We are on the phone regularly with our biggest suppliers, and I'm hearing some encouraging words in that regard. But we're not building that into any of the projections we're making internally or to you.

在供應鏈方面，我對明年有一些令人鼓舞的跡象。我們經常與我們最大的供應商通電話，在這方面我聽到了一些令人鼓舞的話語。但我們不會將其構建到我們在內部或對您進行的任何預測中。

Okay. That's helpful. And then following up, understanding that spec is only about 20% of the business, but can you talk about where you are in terms of the spec inventory? And how you're thinking about adding to that as we go forward?

好的。這很有幫助。然後跟進，了解規格僅佔業務的 20% 左右，但您能談談您在規格庫存方面的位置嗎？在我們前進的過程中，您如何考慮增加這一點？

Yes. We're in really good shape right now with spec. We have about 1,800 what we define as spec, which means the homes have a footing, which is a foundation in the ground.

是的。我們現在的規格非常好。我們有大約 1,800 個我們定義為規格的東西，這意味著這些房屋有一個立足點，這是一個地基。

So spec doesn't mean it's finished. Internally, it means we have started a home. We have [poured] concrete. We have a footing in place for a home that has not yet sold. And sometimes we'll sell that house at frame because now you can get it in 5 months instead of getting it in 13 months, and sometimes we'll hold that house until finishes. So we are in very good shape.

所以規範並不意味著它已經完成。在內部，這意味著我們已經開始了一個家。我們已經[澆注]混凝土。我們為尚未售出的房屋奠定了基礎。有時我們會在框架內賣掉那棟房子，因為現在你可以在 5 個月內得到它，而不是在 13 個月內得到它，有時我們會持有那棟房子直到完成。所以我們的狀態非常好。

Now, not every one of those specs that sits at footing is moving forward right now. We are making some decisions to move houses forward on a full cadence, and we're making decisions in other locations to sit and wait to see where the market goes.

現在，並不是每一個立足點的規範現在都在向前發展。我們正在做出一些決定，以完整的節奏推進房屋，我們正在其他地方做出決定，坐下來等待市場走向。

Behind those 1,800, we have many houses that have permits in place, and in some municipalities, that can be a couple of months to get a permit. So we will decide when that permit gets to go, which means we're going to move forward with footings and build the house.

在這 1,800 套之後，我們有許多房屋獲得了許可證，而在某些城市，獲得許可證可能需要幾個月的時間。因此，我們將決定何時獲得許可，這意味著我們將繼續前進並建造房屋。

But last year, our spec inventory was depleted because the market was so hot. We were selling very rapidly, and I'm very happy now to have the 1,800 at footing or beyond, with more a permit behind that because now we can pull levers in certain locations, based on market conditions, as to when and how quickly we move forward with this.

但是去年，我們的規格庫存已經耗盡，因為市場太熱了。我們的銷售速度非常快，我很高興現在有 1,800 輛或超過 1,800 輛，還有更多許可證，因為現在我們可以根據市場情況在某些地點拉動槓桿，以了解何時以及多快我們繼續前進。

But overall, the strategy, we think, is the right one at our price point to be 80% build-to-order, which is what most people want with Toll Brothers, but then 20% are houses that are available in a quicker turn time.

但總的來說，我們認為，在我們的價格點上，該策略是正確的，即 80% 按訂單生產，這是 Toll Brothers 的大多數人想要的，但隨後 20% 是可以更快獲得的房屋時間。

Now many of these specs, you are allowed to have finishes because we'll put the house on the market, let's say, at drywall, so you can still pick your kitchen cabinets, your countertops, your flooring, which our clients want.

現在，這些規格中的許多，您都可以完成飾面，因為我們會將房子投放市場，比如說，在石膏板，所以您仍然可以挑選我們客戶想要的廚櫃、檯面、地板。

We have time for one last question. That's from Mike Dahl from RBC Capital Markets.

我們有時間回答最後一個問題。這是來自加拿大皇家銀行資本市場的邁克達爾。

Thanks for squeezing me in last minute. Just quick, Doug, on the -- just going back to the deposits and the orders in August.

謝謝你在最後一分鐘擠壓我。快點，道格，回到八月份的存款和訂單。

When you make that comment on kind of all else equal tracking to about 500 orders in August, if you just look at deposit trends, how have the conversion rates from the positive contract been trending the last couple of months? And what does that comment kind of imply for conversion in order to hit, let's say, a 500 order number in August?

當您對 8 月份跟踪約 500 個訂單的所有其他情況發表評論時，如果您只看存款趨勢，那麼過去幾個月積極合約的轉化率趨勢如何？那條評論對轉換意味著什麼，比如說，8 月份的訂單號為 500？

Sure. So we're trending at about 70% of our deposits convert to agreement, and it's consistent with what we've had over the last couple of quarters. In fact, I just -- Gregg Ziegler just sent me a piece of paper that says our 5-year average conversion ratio was 71%, and we're right on that now last month, last quarter or last year.

當然。因此，我們的趨勢是大約 70% 的存款轉換為協議，這與我們過去幾個季度的情況一致。事實上，我只是——Gregg Ziegler 剛剛給我發了一張紙，上面說我們的 5 年平均轉化率為 71%，我們上個月、上個季度或去年的情況是正確的。

Okay. That's very helpful. And then my follow-up, just given what you articulated around the build cycle or the order-to-close cycle, what are you finding is the right balance of incentives for your buyer right now?

好的。這很有幫助。然後我的後續行動，剛剛考慮到您在構建週期或訂單到關閉週期中闡明的內容，您現在發現對您的買家的激勵措施的正確平衡是什麼？

And I don't mean magnitude, but I mean kind of pipe because it's easy to see where if there's something that's quicker close a financing incentive, where you could have visibility on kind of cost of locking and buying down the rate that could be affected. But with your [volume] cycle, what's making the most sense for you or your buyers?

我的意思不是規模，而是一種管道，因為很容易看出哪裡有什麼東西可以更快地關閉融資激勵，在那裡你可以了解鎖定和購買可能受影響的利率的成本.但是對於您的 [數量] 週期，什麼對您或您的買家最有意義？

Right. So mortgage buydown would be number one. We have programs that allow our clients to get the mortgage rate under 5. Now that may not apply to long term. We can't lock a sub-5 for 13 months. But there are opportunities as they [ask us] closer to delivery that we have that opportunity, closing costs.

正確的。所以抵押貸款買斷將是第一位的。我們有計劃讓我們的客戶獲得低於 5 的抵押貸款利率。現在這可能不適用於長期。我們不能在 13 個月內鎖定 sub-5。但是，當他們 [問我們] 接近交付時，我們有機會，關閉成本。

We always help people. We recently ran a kitchen-and-bath weekend, where there were upgrades to your kitchen and your master bathroom, which is -- that's where people want to put the money. You can get second-, third-level cabinets, countertops, appliances,, and that's always very effective. We re-move the incentives around regularly.

我們總是幫助人們。我們最近舉辦了一個廚房和浴室週末活動，升級了您的廚房和主浴室，這就是人們想要投入資金的地方。您可以獲得二、三級櫥櫃、檯面、電器等，這總是非常有效的。我們會定期重新調整激勵措施。

This weekend, it's a finished basement. Next weekend, it's $25,000 credit at our beautiful design studio when you go do finish it. So there's not one thing. But in today's market where rates are on everybody's mind, that's generally where the incentive starts.

這個週末，這是一個完工的地下室。下週末，當您完成它時，我們美麗的設計工作室將獲得 25,000 美元的信用額度。所以沒有一件事。但在當今每個人都關心利率的市場上，這通常是激勵的開始。

But we do have 20% cash buyers, right? So there's an example right away, we're going to give money at the design studio, or we're going to lure them into the kitchen-and-bath sales event.

但我們確實有 20% 的現金買家，對吧？所以馬上就有一個例子，我們要在設計工作室捐錢，或者我們要引誘他們參加廚房和浴室銷售活動。

So it's constantly moving on purpose. We do not touch the price sheet. And we try to -- the local teams have the authority to try to adapt their incentive that they've been given to what they think will be most effective for their clients.

所以它不斷地有目的地移動。我們不碰價格表。我們試圖 - 當地團隊有權嘗試調整他們已經獲得的激勵措施，以適應他們認為對客戶最有效的方式。

Okay, Jason, I think the time is up. And thanks, everyone. Jason, thank you, and thanks, everyone, for your interest and your support. We are always here to answer any questions you may have, offline. And have a wonderful end of summer. Take care.

好的，傑森，我想時間到了。謝謝大家。 Jason，謝謝大家，謝謝大家的關注和支持。我們隨時在線回答您的任何問題。並有一個美好的夏天結束。小心。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。