托爾兄弟 (TOL) 2026 Q1 法說會逐字稿

Good day and welcome to the Toll Brothers' first-quarter, fiscal-year 2026 conference call.

各位朋友，大家好，歡迎參加 Toll Brothers 2026 財年第一季電話會議。

(Operator Instructions)

（操作說明）

Please also note, today's event is being recorded.

另請注意，今天的活動正在錄影。

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

現在我謹將會議交給執行長道格拉斯·耶利先生。請繼續，先生。

Thank you, Rocco. Good morning. Welcome and thank you for joining us.

謝謝你，羅科。早安.歡迎並感謝您的參與。

With me today are Gregg Ziegler, Chief Financial Officer; Rob Parahus, President and Chief Operating Officer; Wendy Marlett, Chief Marketing Officer, and Karl Mistry, who will be taking over as the third CEO in our company's history on March 30, when I will transition to the Executive Chairman role.

今天陪同我的有財務長格雷格·齊格勒；總裁兼營運長羅布·帕拉胡斯；首席行銷長溫迪·馬利特，以及將於 3 月 30 日接任公司第三任執行長的卡爾·米斯特里，屆時我將轉任執行董事長一職。

Karl is an outstanding leader who has been with Toll Brothers for over 20 years. He has run home building operations in many of our key markets and currently heads all of our eastern operations. He knows this company inside and out, and I'm very confident he is the right person to lead us through the next phase of growth.

卡爾是一位傑出的領導者，在 Toll Brothers 工作超過 20 年。他曾在我們許多主要市場負責住宅建設業務，目前領導我們所有東部地區的業務。他對這家公司瞭如指掌，我非常有信心他是帶領我們進入下一個發展階段的合適人選。

During today's call, I will provide a brief overview of our results in the quarter, discuss the market at the macro level, and touch on our strategic initiatives. Karl will focus on our operational results and provide a deeper dive on conditions across our markets and product lines. And as usual, Gregg will provide a detailed review of our financial results in the quarter and discuss guidance for the balance of the year.

在今天的電話會議上，我將簡要概述我們本季的業績，討論宏觀層面的市場狀況，並簡要介紹我們的策略舉措。Karl 將專注於我們的營運業績，並深入分析我們各個市場和產品線的狀況。和往常一樣，格雷格將詳細回顧本季的財務業績，並討論今年剩餘時間的業績展望。

Before we start, however, I need to provide the usual cautionary notice 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, and many other factors beyond our control that could significantly affect future results. Please read our statement on forward-looking information in our earnings release of last night and on our website to better understand the risks associated with our forward-looking statements.

不過，在開始之前，我需要像往常一樣發出警告：本次電話會議中的許多陳述都是基於對經濟、世界事件、住房和金融市場、利率、勞動力和原材料供應、通貨膨脹以及許多其他我們無法控制的因素的假設而做出的前瞻性陳述，這些因素可能會對未來的業績產生重大影響。請閱讀我們昨晚發布的盈利報告中以及我們網站上關於前瞻性資訊的聲明，以便更好地了解與我們的前瞻性聲明相關的風險。

I am pleased with our first-quarter results as we met or exceeded guidance across nearly all metrics. We delivered 1,899 homes in the quarter and generated $1.85 billion of home building revenue, approximately $24 million above the midpoint of our guidance. Both our adjusted gross margin and SG&A margin are also better than guidance by 25 and 30 points, respectively.

我對我們第一季的業績感到滿意，因為我們在幾乎所有指標上都達到或超過了預期。本季我們交付了 1,899 套住房，創造了 18.5 億美元的住房建設收入，比我們預期的中點高出約 2,400 萬美元。我們的調整後毛利率和銷售、管理及行政利潤率分別比預期高出 25 個百分點和 30 個百分點。

We earned $2.19 per diluted share, a 25% increase compared to the $1.75 we earned in last year's first quarter and $0.05 above our implied guidance. We are off to a good start in fiscal 2026.

我們每股攤薄收益為 2.19 美元，比去年第一季的 1.75 美元增長了 25%，比我們預期的收益高出 0.05 美元。我們在2026財年開局良好。

In the quarter, we signed 2,303 net contracts for $2.4 billion flat in units but up 3% in dollars compared to last year's first quarter as the average sales price increased to $1,033,000.

本季度，我們簽訂了 2,303 份淨合同，總價值 24 億美元，與去年第一季相比持平，但美元價值增長了 3%，平均售價上漲至 1,033,000 美元。

Since mid-January, we have seen an increase in overall traffic and sales consistent with the start of the spring selling season. While it is early, we are cautiously encouraged by the increase in activity over the past month. Our strategy of balancing price and pace worked well in the first quarter. Our overall incentive remains flat compared to the fourth quarter at 8% of sales price. This is the third consecutive quarter that incentives remain flat on a percentage basis. We are benefiting from a healthy mix of build-to-order and spec homes in our inventory, balancing the higher margin in our build-to-order business with the lower margin but faster turns in our spec business. Impressively, our average adjusted gross margin in our build-to-order business remained above 30% in the first quarter.

自一月中旬以來，我們看到整體客流量和銷售額均有所增長，這與春季銷售旺季的開始相符。雖然現在下結論還為時過早，但過去一個月來活動量的增加讓我們感到謹慎鼓舞。第一季度，我們平衡價格和交貨速度的策略取得了良好的效果。與第四季相比，我們的整體激勵措施保持不變，為銷售價格的 8%。這是激勵措施連續第三個季度保持百分比不變。我們庫存中定制房屋和現房的合理組合使我們受益匪淺，定制房屋業務利潤較高，而現房業務利潤較低但周轉速度更快，兩者實現了平衡。令人印象深刻的是，我們按訂單生產業務的平均調整後毛利率在第一季保持在 30% 以上。

Overall, as we head into the heart of the spring selling season, we are very comfortable with the level of specs in our inventory and their stage of construction. Consistent with the strategy I discussed during our last call, we increased our spec production in our first quarter in order to have the right amount available for delivery in the summer when many buyers are looking to move into their new homes ahead of the start of the school year.

總的來說，隨著春季銷售旺季的到來，我們對庫存產品的規格水準及其建造階段都非常滿意。與我在上次電話會議中討論的策略一致，我們在第一季度增加了預售產量，以便在夏季有足夠的房屋可供交付，因為許多購房者都希望在開學前搬進新家。

We expected to increase community count in the second quarter from 445 communities at the end of the first quarter to 455 at the end of the second. For the full year, we're targeting another 8% to 10% increase over the 9% we grew last year. We also have enough land under control to continue growing community camp at this pace over the next several years. At first quarter end, we under control of approximately 75,000 lots, 55% of which were optioned. Our land is well located in desirable locations which allows us to be highly selective and disciplined as we evaluate new land opportunities.

我們預計第二季社區數量將從第一季末的 445 個社區增加到第二季末的 455 個社區。全年來看，我們的目標是在去年9%的成長基礎上再成長8%到10%。我們也擁有足夠的土地，可以在未來幾年內繼續以這樣的速度發展社區營地。第一季末，我們控制著大約 75,000 個地塊，其中 55% 已授予選擇權。我們的土地位置優越，地處理想地段，這使我們能夠在評估新的土地機會時進行高度的篩選和嚴格把控。

We also continue to structure land acquisition and development opportunities to be more capital efficient, including through option arrangements, land banks, joint ventures, and similar structures that allow us to defer payments and lot takedowns. I'd also point out that we continue to benefit from our more affluent customer base, which is less sensitive to the affordability pressures that continue to impact the entry-level buyer.

我們也不斷調整土地收購和開發機會的結構，以提高資本效率，包括透過選擇權安排、土地儲備、合資企業和類似結構，使我們能夠推遲付款和地塊拆除。我還要指出，我們繼續受益於我們較為富裕的客戶群，他們對持續影響入門級買家的價格壓力較不敏感。

Over 70% of our business is luxury move-up and luxury move down, which serves a wealthy cohort that has benefited from growth in their home equity and stock market appreciation. The remaining 25% to 30% serves the more affluent first-time buyer who is less impacted by affordability pressures. Many of them are older millennials buying their first home later in life when they have higher incomes and are more financially secure. The average delivery price of our first-time buyer was approximately $670,000 in our first quarter.

我們超過 70% 的業務是豪華升級和豪華降級，服務對像是受益於房屋淨值增長和股市升值的富裕人群。剩餘的 25% 到 30% 則服務於較富裕的首次購屋者，他們受購屋壓力的影響較小。他們當中許多是年齡較大的千禧世代，在人生後期收入更高、經濟更穩定的時候購買了第一套房產。第一季度，我們首次購屋者的平均交貨價格約為 67 萬美元。

Lastly, I will note that our balance sheet remains very healthy. We have ample liquidity, low net debt, and a strong investment grade credit rating. We recently extended the maturities of our revolving credit facility and most of our term loan facility to February 2031. We also continue to expect significant cash flow generation from operations this year. All of this enables us to continue investing in the growth of our business while also returning capital to our stockholders.

最後，我要指出的是，我們的資產負債表依然非常健康。我們擁有充足的流動資金、較低的淨債務和強大的投資等級信用評級。我們最近將循環信貸額度和大部分定期貸款的到期日延長至 2031 年 2 月。我們也繼續預期今年營運活動將產生可觀的現金流。這一切使我們能夠繼續投資於業務成長，同時也能為股東帶來資本回報。

With that, I will turn it over to Karl.

接下來，我將把任務交給卡爾。

Thank you, Doug.

謝謝你，道格。

I'm excited for this opportunity and grateful for the trust that you and the Board have placed in me. I very much appreciate our investors and the analyst community, and I look forward to building on the great relationships that you and Bob, for you have developed over the years.

我對這個機會感到非常興奮，並感謝您和董事會對我的信任。我非常感謝我們的投資者和分析師群體，並期待在您和鮑勃多年來建立的良好關係的基礎上繼續發展。

We started the year off with a solid first quarter. We beat the midpoint for home building revenue guidance, exceeded margin expectations, and increased our earnings per share by 25% over last year's first quarter. From a demand perspective, we saw the typical seasonal pattern unfold in the first quarter. Based on signed contracts on both an absolute and per community basis, November was the slowest month, followed by December with a market uptick in January. As Doug mentioned, we saw an increase in demand beginning in mid-January that is consistent with the start of the spring selling season.

今年第一季我們取得了穩健的開局。我們超出了房屋建築收入預期中位數，利潤率也超出了預期，並且每股收益比去年第一季增長了 25%。從需求角度來看，我們在第一季看到了典型的季節性模式。根據已簽署的合約（包括絕對合約和社區合約），11 月是市場最淡的月份，其次是 12 月，1 月市場出現回升。正如道格所提到的那樣，我們從一月中旬開始看到需求增加，這與春季銷售旺季的開始相吻合。

With our broadly diversified portfolio and affluent buyer profile, we are well positioned to capitalize on any further improvement in home buyer demand. Geographically, the Boston to South Carolina corridor has continued to perform well as has Boise, Las Vegas, and Reno in our mountain region and all of California. Most of Florida seems to have found its footing, although Tampa remains challenged, along with Atlanta, San Antonio, and the Pacific Northwest.

憑藉我們廣泛多元化的投資組合和高淨值買家群體，我們完全有能力掌握購屋需求進一步成長帶來的機會。從地理位置上看，波士頓到南卡羅來納州的走廊沿線地區以及我們山區的博伊西、拉斯維加斯和里諾，還有整個加州，都繼續表現良好。佛羅裡達州的大部分地區似乎已經站穩了腳跟，但坦帕、亞特蘭大、聖安東尼奧和太平洋西北地區仍然面臨挑戰。

Among our buyer segments, our luxury move-up business also continued to perform well. In the first quarter, luxury move-up accounted for 59% of home building revenues. Luxury first time was 25% and luxury move down was 16%. Our luxury move-up business has the highest margin among our buyer segments, so we are very pleased that it is the largest part of our business.

在我們的買家群中，豪華升級型客戶業務也持續表現良好。第一季度，豪華改善型住宅佔房屋建築收入的 59%。首次購買豪華房產的比例為 25%，而改購豪華房產的比例為 16%。在所有買家群體中，我們的高端升級購屋業務利潤率最高，因此我們非常高興它成為我們業務中最大的部分。

Turning now from buyer segments to our build-to-order and spec home strategy, I will note that we generate about one-half of our home building revenues from specs and the other half from build-to-order. We believe we have achieved the right balance in our overall business with this healthy 50-50 mix of high margin build-to -order homes with buyers who want to customize their dream home with specific layouts, designs, and finishes alongside lower margin but faster turning spec homes that appeal to buyers who want to move into their homes on a quicker schedule.

現在，我們從買家細分轉向我們的按訂單生產和預售房屋策略，我要指出的是，我們大約一半的房屋建造收入來自預售房屋，另一半來自按訂單生產。我們相信，透過這種健康的 50-50 組合，我們在整體業務中實現了適當的平衡：一方面是高利潤的定制住宅，滿足那些希望透過特定佈局、設計和裝修來定制夢想家園的買家的需求；另一方面是利潤較低但周轉速度更快的現房，吸引那些希望盡快入住新家的買家。

I will also point out that we sell our specs at various stages of construction, although the mix can change from quarter to quarter, on average, approximately one-third of our specs sell before framing is completed and the risk profile and margin for these homes is not all that different from our build-to-order homes. Our goal is to sell our specs as early in the construction cycle as possible. The earlier we sell our specs, the greater the opportunity for our customers to visit our design studio and personalize their homes with finishes that match their tastes. This ability to customize remains an important competitive advantage for Toll Brothers, and it benefits our margins and design studio upgrades tend to be highly accretive.

我還要指出，我們出售的樣品屋處於不同的施工階段，雖然每個季度的組合可能會有所不同，但平均而言，大約三分之一的樣品屋在框架完成之前就已售出，而且這些房屋的風險狀況和利潤率與我們的客製化房屋並沒有太大區別。我們的目標是在施工週期的早期階段就銷售我們的產品規格。我們越早售出產品規格，我們的客戶就越有機會參觀我們的設計工作室，並用符合他們品味的裝飾來個性化他們的家。這種客製化能力仍然是 Toll Brothers 的一項重要競爭優勢，它有利於我們的利潤率，設計工作室的升級往往能帶來很高的收益。

In the first quarter, design studio upgrades, structural options, and lot premiums average $212,000 or 25% of our average base sales price. Doug mentioned the benefits of serving a more affluent customer base. Consistent with the past several quarters, approximately 24% of our buyers paid all cash in the first quarter. And the loan to value for buyers who took a mortgage was approximately 70%, also consistent with recent quarters. Our contract cancellation rate in the first quarter remained low at 2.8% beginning backlog.

第一季度，設計工作室升級、結構選擇和地塊溢價平均為 212,000 美元，占我們平均基本銷售價格的 25%。道格提到了服務較富裕的客戶群的好處。與過去幾季的情況一致，大約 24% 的買家在第一季全額支付了現金。對於選擇抵押貸款的購屋者來說，貸款價值比約為 70%，這也與最近幾季的情況相符。第一季度，我們的合約取消率維持在較低水平，期初積壓訂單為 2.8%。

This industry low cancellation rate speaks to the financial strength of our buyers as well as the sizable deposits they make and how emotionally invested they become as they personalize their homes at our design studios. We benefited from improved production efficiencies in our construction cycle times in the first quarter. For our build-to-order homes, the cycle time was approximately 9.5 months and was about 1 month shorter for spec homes. Additionally, our build costs in the first quarter were flat compared to the fourth quarter of 2025.

業界極低的取消率體現了我們買家的經濟實力，以及他們支付的大量定金，還有他們在我們的設計工作室個性化定制房屋時所投入的情感。第一季度，我們的施工週期時間縮短，生產效率也提高了，這讓我們從中受益。對於我們的客製化住宅，建造週期約為 9.5 個月，而對於現房，建造週期則縮短了約 1 個月。此外，我們第一季的建設成本與 2025 年第四季持平。

With that, I will turn it over to (technical difficulty)--

接下來，我將把它交給…（技術難題）——

Thanks, Karl.

謝謝你，卡爾。

In the first quarter, we delivered 1,899 homes at an average price of $977,000 and generated home sales revenues of $1.85 billion. While we exceeded the midpoint of our revenue guidance, the average delivered price is below our guidance due primarily to mix as we delivered more lower priced finished spec homes in the quarter than projected. As Doug mentioned, we signed 2,303 net agreements for $2.4 billion in the quarter (technical difficulty) flat in units, but up 3% in dollars compared to the first quarter of fiscal 2025. The average price of contracts signed in the quarter was approximately $1,033,000, which was up 3% compared to the first quarter of fiscal 2025 and up 6% sequentially. The increase was primarily due to mix as we sold well in the North and Pacific regions, particularly in our luxury move-up business.

第一季度，我們交付了 1,899 套房屋，平均價格為 977,000 美元，房屋銷售收入為 18.5 億美元。雖然我們的收入超過了預期的中位數，但平均交付價格低於預期，這主要是由於產品組合的原因，因為本季度我們交付的低價成品房數量超過了預期。正如 Doug 所提到的，本季度我們簽署了 2,303 份淨協議，總額達 24 億美元（技術困難），按數量計算持平，但按金額計算比 2025 財年第一季度增長了 3%。本季簽訂的合約平均價格約為 1,033,000 美元，比 2025 財年第一季成長 3%，季增 6%。成長主要歸功於產品組合的最佳化，我們在北美和太平洋地區的銷售情況良好，尤其是在高端升級市場。

Our first quarter adjusted gross margin was 26.5%, 25 basis points better than our guidance of 26.25%. Q1 gross margin exceeded our guidance due primarily to operating efficiency. We are maintaining our full year adjusted gross margin guidance of 26.0% and [projected] (technical difficulty) second quarter margin of 25.5%. In the second half of the year and especially in the fourth quarter, we expect our adjusted gross margin to rise as our deliveries mix should include a greater contribution from our higher margin North and Pacific regions.

我們第一季調整後的毛利率為 26.5%，比我們先前預期的 26.25% 高出 25 個基點。第一季毛利率超出預期，主要原因是營運效率提高。我們維持全年調整後毛利率預期為 26.0%，預計第二季毛利率為 25.5%（技術上有困難）。今年下半年，特別是第四季度，我們預計調整後的毛利率將會上升，因為我們的交付組合中，來自利潤率較高的北部和太平洋地區的貢獻將會更大。

Write-offs in our home sales gross margin totaled $11.7 million in the quarter, approximately $5 million of these related to pre-development costs and option write-offs, with the remainder associated with a handful of operating communities in different markets around the country.

本季度，我們的房屋銷售毛利減損總額為 1,170 萬美元，其中約 500 萬美元與前期開發成本和選擇權減損有關，其餘部分與全國各地不同市場的幾個營運社區有關。

SG&A as a percentage of revenue was 13.9% in the first quarter compared to our guidance of 14.2%. The 30-basis-point beat relative to our guidance was due primarily to leverage from higher than anticipated homebuilding revenues. Note that our SG&A margin in the first quarter is higher as it generally is our lowest revenue quarter, and it includes accelerated employee stock-based compensation -- compensation expense that only hits in the first quarter.

第一季銷售、一般及行政費用佔營收的 13.9%，低於我們先前預期的 14.2%。比我們預期高出 30 個基點，主要歸功於高於預期的住宅建設收入所帶來的槓桿效應。請注意，由於第一季通常是我們收入最低的季度，因此我們的銷售、一般及行政費用率較高，並且其中包括加速員工股票選擇權激勵措施——這項薪酬支出僅在第一季度產生。

Joint venture, land sales, and other income was $72 million in the first quarter compared to $2.5 million in the first quarter of fiscal 2025 and our guidance of $70 million. During the quarter, we substantially completed our previously announced sale of about half of our apartment living portfolio for net cash proceeds of approximately $330 million. The $72 million of joint venture land sales and other income includes the net gain associated with this sale. As we noted on our last call, we intend to fully exit the multi-family development business over the next several years.

第一季合資企業、土地出售和其他收入為 7,200 萬美元，而 2025 財年第一季為 250 萬美元，我們先前的預期為 7,000 萬美元。本季度，我們基本上完成了先前宣布的出售約一半公寓住宅投資組合的計劃，淨現金收益約為 3.3 億美元。合資企業土地銷售及其他收入的 7,200 萬美元包括與此銷售相關的淨收益。正如我們在上次電話會議中提到的，我們計劃在未來幾年內完全退出多戶住宅開發業務。

Our tax rate in the first quarter was 22.9%, 30 basis points better than guidance. We ended the first quarter with approximately $3.4 billion of liquidity, including $1.2 billion of cash and $2.2 billion of availability under our revolving bank credit facility. Our net debt to capital ratio was 14.2% at first quarter end compared to 21.1% one year ago.

第一季我們的稅率為 22.9%，比預期低 30 個基點。第一季末，我們的流動資金約為 34 億美元，其中包括 12 億美元的現金和 22 億美元的循環銀行信貸額度。第一季末，我們的淨負債資本比率為 14.2%，而一年前為 21.1%。

Turning to our guidance, I will remind you that our projections are subject to all the caveats regarding forward-looking statements included in our earnings release. We are projecting fiscal 2026 second quarter deliveries of approximately 2,400 to 2,500 homes with an average delivered price between $975,000 and $985,000. For full fiscal year 2026, we are maintaining our projected deliveries of between 10,300 and 10,700 homes with an average price between $970,000 and $990,000.

關於我們的績效指引，我要提醒各位，我們的預測須遵守我們在獲利報告中對前瞻性陳述所做的所有限制。我們預計 2026 財年第二季將交付約 2400 至 2500 套房屋，平均交貨價格在 975,000 美元至 985,000 美元之間。對於 2026 財年，我們維持先前的預期交付量，即 10,300 至 10,700 套房屋，平均價格在 970,000 美元至 990,000 美元之間。

As I noted earlier, we expected adjusted gross margin to be 25.5% for the second quarter, and we continue to project 26.0% for the full year. We expect interest in cost of sales to be approximately 1.1% in the second quarter and for the full year. We project second quarter SG&A as a percentage of home sales revenues to be approximately 10.7%. For the full year, we continue to expect it to be 10.25%. Other income, income from unconsolidated [entities] and land sales gross profit in the second quarter, is expected to break even. We continue to expect $130 million for the full year, of which (technical difficulty) we have already realized $72 million. Included in our second half projection is the sale of several stabilized apartment projects.

正如我之前提到的，我們預計第二季的調整後毛利率為 25.5%，我們繼續預測全年毛利率為 26.0%。我們預計第二季和全年的銷售成本利息約為 1.1%。我們預計第二季銷售、一般及行政費用將佔房屋銷售收入的比例約為 10.7%。我們預計全年仍將達到 10.25%。第二季其他收入、非合併實體收入和土地銷售毛利預計將達到損益兩平。我們仍然預計全年收入為 1.3 億美元，其中（由於技術困難）我們已經實現了 7,200 萬美元。我們下半年的預測包括出售幾個已穩定運作的公寓項目。

We project the second quarter tax rate to be approximately 26% and for the full year rates to be approximately 25.5%. Based on land we currently own or control, we expect to grow community count by 8% to 10% by the end of fiscal 2026 and are targeting 480 to 490 communities. We expect to be selling from 455 communities at the end of the second quarter. Our weighted average share count is expected to be approximately $96 million for the second quarter and $95 million for the full year. This assumes we purchased a targeted [650] million common stock for the full year, with most of that occurring later in the year aligned with our anticipated higher cash flows.

我們預計第二季稅率約為 26%，全年稅率約為 25.5%。根據我們目前擁有或控制的土地，我們預計到 2026 財年末，社區數量將增加 8% 至 10%，目標是 480 至 490 個社區。我們預計到第二季末，將在 455 個社區進行銷售。我們預計第二季加權平均股份數約為 9,600 萬美元，全年約為 9,500 萬美元。假設我們全年購買了目標 [6.5 億] 億股普通股，其中大部分將在今年稍後購買，以配合我們預期的較高現金流。

Now, let me turn it back to Doug.

現在，讓我把麥克風交還給道格。

Thank you, Gregg.

謝謝你，格雷格。

We remain positive on the long-term future of the US housing market. Owning a home continues to be a key aspiration for tens of millions of American families. The market is supported by strong demographic tailwinds driven by the millennial generation reaching its peak, home buying years, and Gen Z following right behind. The baby boomers who have built up enormous wealth over their lifetimes are passing it down in the greatest generational wealth transfer in history. They're also in the market buying homes as they enter the next stage of their lives. Our country has also enjoyed years of stock market success.

我們依然看好美國房地產市場的長期前景。擁有住房仍然是數千萬美國家庭的主要願望。市場受到強勁的人口結構利好因素的支撐，千禧世代正值購屋高峰期，Z世代緊追在後。嬰兒潮世代畢生累積了巨額財富，如今他們正將這些財富傳承下去，這是史上規模最大的世代財富轉移。他們也正在購置房產，邁入人生的下一個階段。我國股市也經歷了多年的成功。

In addition, the vast majority of the 88 million American households that own a home have participated in significant home price appreciation over the past decade. These are powerful drivers of long-term demand. On the supply side, the market continues to be underserved. Depending on the estimate, the market would need anywhere between an additional 3 million and 7 million new homes to reach equilibrium based on population growth.

此外，在過去十年中，8,800萬擁有住房的美國家庭中的絕大多數都經歷了房價的大幅上漲。這些都是長期需求的強大驅動因素。從供應方面來看，市場仍供不應求。根據估算，考慮到人口成長，市場需要額外新增 300 萬至 700 萬套房屋才能達到平衡。

So basic economic forces, strong underlying demand, and low supply create a solid foundation for the housing market. We believe that over time, affordability pressures will recede and buyers who have been priced out will come back to the market, creating a much healthier housing ecosystem. In the meantime, we are pleased to be serving a more affluent customer in our luxury business. We will continue to navigate this market with the goal of driving strong returns for our stockholders.

因此，基本的經濟力量、強勁的潛在需求和低供應為房屋市場創造了堅實的基礎。我們相信，隨著時間的推移，住房負擔能力壓力將會緩解，那些因房價過高而買不起房的購屋者將會重返市場，從而創造一個更健康的住房生態系統。同時，我們很高興能在奢侈品業務中為更富裕的客戶提供服務。我們將繼續在這個市場中摸索前行，目標是為股東創造豐厚的回報。

I would like to thank our Toll Brothers employees. Their hard work, talent, dedication, and commitment to our customers is the reason we've once again been named the number one home builder on Fortune's list of the world's most admired companies.

我要感謝托爾兄弟公司的員工。他們的辛勤工作、才華、奉獻精神以及對客戶的承諾，使我們再次榮登《財富》雜誌全球最受尊敬公司榜單，成為排名第一的住宅建築商。

Rocco, let's open it up to questions.

羅科，我們來回答問題吧。

(Operator Instructions)

（操作說明）

John Lovallo, UBS.

瑞銀集團的約翰·洛瓦洛。

The first one is, you've exceeded your gross margin outlook in each of the past 13 quarters by 65 basis points on average. So sort of with that as a backdrop, what's driving the 100 basis points sequential decline from [26.5 in 1Q to 25.5] in 2Q?

第一點是，在過去的 13 個季度中，你們的毛利率平均超出預期 65 個基點。在這樣的背景下，是什麼因素導致了第二季度從第一季的 26.5 到 25.5 的 100 個基點的環比下降？

It's mix. Gregg touched on it. We will have less Pacific in the second quarter, which is for us a very high margin region that reverses itself as the year progresses, particularly in the fourth quarter when we will have a lot more coming out of both the North and the Pacific which are our number 1 and number 2, margin areas.

這是混合的。格雷格也提到了這一點。第二季度太平洋地區的產量會減少，而太平洋地區對我們來說是一個利潤率非常高的地區，但隨著時間的推移，情況會發生變化，尤其是在第四季度，屆時我們將從北部和太平洋地區（我們第一和第二大利潤地區）獲得更多產量。

Got you. Okay.

抓到你了。好的。

And then, curious on your thoughts of the Sumitomo acquisition of Tri Pointe. I mean, obviously, there's an effort to diversify away from an aging demographic in Japan. But, the Japanese in general tend to be pretty big proponents of off-site construction. I mean, do you think that they have a bigger goal in mind here to bring more technology, sort of like Toyota did in the 1980s in the automotive industry?

另外，我很想知道您對住友收購 Tri Pointe 有何看法。我的意思是，很顯然，日本正在努力擺脫人口老化問題，實現經濟多元化。但總的來說，日本人往往是異地建造的堅定支持者。我的意思是，你認為他們是否有更大的目標，想要引進更多技術，就像豐田在 20 世紀 80 年代在汽車產業所做的那樣？

I don't know the answer to that. I'm not close enough to it. Doug Bauer could probably help you out on that one. I'm sure there's been conversations around how they intend to invest in his great company. They've obviously been aggressive in terms of getting into the US housing market to the acquisition of a number of the mid-cap sized builders. That's between, of course, not it's [Iowa] also we put in that conversation with their MDC deal.

我不知道答案。我離它還不夠近。道格鮑爾或許能幫上你的忙。我相信他們已經討論過打算如何投資他這家偉大的公司。顯然，他們進軍美國房地產市場採取了積極主動的策略，收購了多家中型建築商。當然，這指的是愛荷華州，我們也把他們與MDC的協議納入了討論範圍。

So I don't know, the Japanese have always been innovative. We have had a very hard time as an industry, making that innovation, that technology, lead to more efficient home building operations. You've heard me say many times that in my 35.5 years here at Toll Brothers, it's the way we build houses has changed very little from when (inaudible) sent me out in the field with when he told me to go buy a pair of Timberland boots and get in a trailer and so, I am -- we are all anxiously awaiting more innovation and technology to the industry. Maybe the Japanese can help in that regard. I don't know, but it's been a tough nut to crack for all of us.

我也不知道，日本人一直都很有創新精神。作為一個行業，我們一直面臨著非常艱難的時期，那就是如何讓創新和技術轉化為更有效率的房屋建造作業。你們聽我說過很多次了，在我於 Toll Brothers 工作的 35.5 年裡，我們建造房屋的方式幾乎沒有改變，自從（聽不清）把我派到現場，讓我去買一雙 Timberland 靴子，然後坐上拖車以來，一直如此。所以，我們所有人都熱切期盼著產業能有更多創新和技術。或許日本人能在這方面提供協助。我不知道，但這對我們所有人來說都是一個棘手的問題。

Stephen Kim, Evercore ISI.

Stephen Kim，Evercore ISI。

This is [Randa] on for Stephen. First question, I kind of wanted to dig into your spec strategy. Today, you reiterated, that you're comfortable with the spec ratio around 50% and that you would like to close your specs early in the construction process. Say that demand is insufficient to maybe support kind of both parts of your spec strategy, which would you prioritize? Would you either slow your spec starts but continue to sell them earlier under the construction process or maybe sell later but maintain that 50% spec ratio?

這是蘭達替史蒂芬上場。第一個問題，我想深入了解你的投機策略。今天，您重申，您對 50% 左右的規格比例感到滿意，並且希望在施工過程早期就確定規格。假設需求不足以支撐你的規格策略的兩個部分，你會優先考慮哪一個？您會放慢樣品屋的開工速度，但繼續在施工過程中儘早出售，還是會放慢出售速度，但保持 50% 的樣品屋比例？

Hey Randa, it's Karl.

嗨，蘭達，我是卡爾。

We are happy now with the 50, 50 mix. You'll see that change quarter to quarter may go up and may come down. To your question about a softening, we are very comfortable and as we outlined, execute well at a high margin on the build-to-order business. So we would pull back if there's more softening. We're not going to blindly build specs into a softening market. And we are working to sell them at an earlier stage, the trick for us is getting our customers into the design studio, to make their selections. It's a unique process. We execute well there, so, yes, we would lean into build-to-order if the market softened.

我們現在對50/50的比例很滿意。你會發現，季度之間的變化可能會上升，也可能會下降。關於您提出的市場疲軟問題，我們對此感到非常滿意，正如我們之前所述，我們在按訂單生產業務中能夠以高利潤率高效執行。所以如果市場進一步走軟，我們會採取撤資措施。我們不會在市場疲軟的情況下盲目制定規格。我們正在努力讓客戶更早購買這些產品，我們的訣竅是讓客戶走進設計工作室，做出他們的選擇。這是一個獨特的過程。我們在這方面做得很好，所以，如果市場疲軟，我們會傾向於按訂單生產。

Got it. That makes sense.

知道了。這很有道理。

And then curious, what kind of long-term net debt to cap are you targeting? And how do you think about cash, how much cash you want to hold going forward?

那麼，我很好奇，你們的目標是將長期淨債務控制在什麼水準？那麼，您如何看待現金問題？您未來想持有多少現金？

Hey, Randa, it's Gregg.

嘿，蘭達，我是格雷格。

Yeah, long-term, net debts total cap, we think somewhere in the mid-teens makes a lot of sense for us. And then in terms of what our cash holdings need to be you'll see they generally accelerate as you move into the second half of the year. But we probably have a minimum holding of a few $100 million just to meet normal, operating expenses including land purchases. But you know that that's kind of the general cash flow cadence that we see throughout the year.

是的，從長遠來看，我們認為淨債務總額上限在十幾個百分點點左右對我們來說比較合理。至於我們需要持有多少現金，你會發現，隨著進入下半年，現金持有量通常會加速成長。但我們可能至少持有幾億美元的資金，只是為了滿足正常的營運費用，包括土地購買費用。但你知道，這大致就是我們全年看到的現金流節奏。

Sam Reid, Wells Fargo Securities.

Sam Reid，富國證券。

Karl, welcome to the call.

卡爾，歡迎接聽電話。

Wanted to unpack the January to date comments, and would you just characterize the traffic and sales that you're seeing as better potentially good relative to normal seasonality or is it just tracking in line with normal seasonality? Maybe just trying to parse that difference there.

我想詳細分析一下1月份至今的評論，您認為您看到的流量和銷售額是比正常季節性情況更好，還是僅僅與正常季節性情況持平？或許只是想弄清楚其中的差別。

And then we've heard some comments from peers that weather's been a little bit of a headwind year-to-date. It doesn't sound like that's been the case for you, but any comments on impacts from weather?

此外，我們也聽到一些同儕評論說，今年以來天氣一直是個不利因素。聽起來你的情況並非如此，但你對天氣的影響有什麼看法嗎？

Sam, it's Doug, I'll take this one.

山姆，我是道格，我來做這個任務。

There's three data points, right? We've got web traffic, we've got physical traffic visiting our communities, and we've got deposits because agreements lag one to three weeks behind deposits, when you look at the last month, the agreement number is not as relevant and for all three of those web traffic, physical traffic, and most importantly deposits, we are up modestly over last year, same period of time. It's modest, it's too early, to be high fiving around here, but you know it causes us to have what we call the industry likes to call cautious optimism, and that's where it is.

這裡有三個數據點，對吧？我們有網路流量，有實體客流到訪我們的社區，還有存款，因為協議的達成比存款滯後一到三週，所以當你查看上個月的數據時，協議數量就不那麼重要了。對於這三個指標——網路流量、實體客流，以及最重要的存款——我們都比去年同期略有成長。現在慶祝還為時過早，但你知道，這讓我們產生了業內所謂的謹慎樂觀情緒，而事實就是如此。

But we're in mid February, we'll have to see how it plays out, but we knew it would increase as mid January hit consistent with the beginning of what we call the spring selling season, and it did of course increase. But it is only up modestly over a year ago, but at the moment we'll take it.

但現在是二月中旬，我們得看看情況如何發展，但我們知道隨著一月中旬到來（也就是我們所說的春季銷售旺季的開始），銷量會上升，而銷量也確實上升了。但與一年前相比，漲幅並不大，不過目前來說，我們已經可以接受了。

Sounds like a plan (multiple speakers)--

聽起來像個計劃（多位發言者）——

-- weather (multiple speakers) I'm sorry. Your question about whether -- my apologies, North Carolina, Raleigh, and Charlotte got slammed. Nashville has been on the news. Kids didn't go to school for a week. Vanderbilt lost half of their beautiful trees. My friends tell me from kids being there and Atlanta got hit. So that corridor, the mid-Atlantic from North Carolina down to Georgia definitely had an impact, slowed us down for a week to 10 days, but outside of that, Philly, New York, Boston, Washington recovered pretty quickly, so I think it's just the Carolinas to Atlanta corridor that we felt it.

——天氣（多人）對不起。你問的是——抱歉，北卡羅來納州、羅利和夏洛特遭受了重創。納許維爾最近上了新聞。孩子們整整一週沒去上學。范德比爾特大學失去了一半美麗的樹木。我的朋友告訴我，從當時在場的孩子那裡得知，亞特蘭大遭受了攻擊。所以，從北卡羅來納州到喬治亞州的中大西洋走廊肯定受到了影響，使我們的交通延誤了一周到十天，但除此之外，費城、紐約、波士頓、華盛頓都很快恢復了，所以我認為只有從卡羅來納州到亞特蘭大的走廊受到了影響。

All helpful color there, Doug.

道格，這些顏色都很有幫助。

And then maybe switching gears on the P&L to gross margins. You talked a little bit about gross margins improving sequentially in Q3 and Q4. Sounds like Q4 is going to be particularly strong just given the timing of some of those luxury closings, but we just love maybe a little bit more nuance around the cadence of margin in the third and fourth quarters.

然後或許可以將損益表的重點轉移到毛利率上。您剛才提到第三季和第四季的毛利率較上季有所提高。鑑於一些奢侈品交易的完成時間，第四季的業績似乎會特別強勁，但我們更希望在第三季和第四季的利潤率節奏方面能有更多細微的差別。

Hey Sam, it's Karl.

嘿，山姆，我是卡爾。

Yeah, we expect that the back half to be better. It's mixed again. It's actually similar to the answer around the second quarter. So in the back half of the year, you'll see more revenue out of the Pacific and the North as well as more of that move up luxury, that I referenced in my remarks, and that's what's contributing to the improvement and we see more of that even in Q4.

是的，我們預計下半場會更好。情況又變得複雜了。實際上，這與第二季度的答案類似。因此，在今年下半年，你會看到更多來自太平洋和北部地區的收入，以及我在演講中提到的更多高端奢侈品消費，這正是促成業績改善的原因，我們甚至在第四季度也看到了更多這樣的成長。

That's right. Yeah, Karl, if I can just add on to it for you, Sam, yeah, Q3 is probably slightly improved over Q2, and then we expect, benefit to accelerate a bit in Q4.

這是正確的。是的，卡爾，薩姆，如果我可以補充一點的話，是的，第三季度可能比第二季度略有改善，然後我們預計，第四季度的效益會略有加速。

Michael Dahl, RBC Capital Markets.

Michael Dahl，加拿大皇家銀行資本市場。

This is Chris on from Mike.

這是克里斯，來自麥克的報道。

Just to follow-up on that 3Q, 4Q gross margin step of it outside of mix, and we could just talk about how you guys are thinking about pricing incentives, costs, and some of the other (technical difficulty) margin outside of mix.

關於第三季、第四季毛利率（不包括產品組合）的問題，我們可以討論一下你們是如何考慮定價激勵、成本以及其他一些（技術難度較高的）產品組合之外的利潤率的。

Yeah, so incentives as you go throughout the year. We've maintained them at current levels, so there's no assumption that the market has a dramatic improvement or anything like that. So it should be -- we tried to underwrite for today's conditions throughout our projection and that's where we left it.

是的，所以全年都會有各種獎勵。我們一直將它們維持在目前的水平，所以並不認為市場會有大幅改善或其他類似情況。理應如此——我們在整個預測過程中都努力考慮到了今天的實際情況，最終也確實如此。

And for building costs (multiple speakers) --

以及建築成本（多位發言者）——

-- building costs are flat and building costs (multiple speakers)--

——建築成本不變，建築成本（多位發言者）——

-- we're beginning to see a little bit of downward -- pressure downward move -- downward improvement on building costs, but it's small, lumber right now is a little bit of a headwind, but there's other costs that are coming down, but in terms of our projections we're just going into it assuming they'll stay flat.

我們開始看到建築成本略有下降的跡象，但幅度不大。目前木材價格略有上漲，但其他成本也在下降。不過，就我們的預測而言，我們假設這些成本將保持不變。

Understood, appreciate that.

明白了，謝謝。

And just maybe if you guys can touch on what you're seeing in the land market today. The outlook there as you progress through the year and how aggressive you guys plan on being investing in land this year.

或許你們可以談談目前土地市場的狀況。隨著時間推移，你們對土地投資的前景有何看法？你們今年計劃在土地投資方面有多積極？

Yeah, hey Mike, it's Karl again.

嗨，麥克，我是卡爾。

I think we're still seeing that low- to mid-single-digit inflation on land.

我認為我們仍然看到陸地價格維持在個位數低到中等的通膨率。

Mike Rehaut, JP Morgan.

麥克雷豪特，摩根大通。

Congrats, Doug and Karl, on your upcoming moves.

恭喜道格和卡爾即將搬家。

First, I just wanted to dig in a little bit to the -- also on the comments around kind of year-to-date trends, and I think you mentioned just earlier that you're up modestly versus a year ago. I just wasn't sure if that was in terms of sales pace in particular or any other metrics and more broadly, as you talked about incentives being consistent for I think three months in a row, that's not necessarily what we've heard from other builders. I think maybe perhaps they're more spec or first time builder oriented but buyer oriented, but there has been a lot of movement around incentives over the last three months I think on a broader market basis so just would love to understand number 1 again, the up modestly versus a year ago what exact metrics are those if it's sales pace and number 2, how your own incentive strategy is different from the market.

首先，我想稍微深入探討一下——也想談談關於年初至今趨勢的評論，我想你剛才提到過，與一年前相比，你的業績略有增長。我只是不確定這是指具體的銷售速度，還是指其他指標，更廣泛地說，正如你所說，激勵措施連續三個月保持不變，但我們從其他建築商那裡聽到的卻不一定是這樣。我認為他們可能更傾向於面向投機者或首次建房者，但同時也以買家為中心。過去三個月，我認為在更廣泛的市場範圍內，激勵措施方面有很多變化。所以我很想再了解以下兩個問題：1. 與一年前相比略有成長，如果是銷售速度，那麼具體的指標是什麼？ 2. 你們自己的激勵策略與市場有何不同？

Sure, I'll take this one.

好的，我收下這個。

All three metrics I mentioned web traffic, foot traffic to our communities, and deposits; all three of those, each of those are up modestly over a year ago. With respect to incentives, we're comfortable with the guide around 8%. That's where we've been, as I mentioned, for the last three quarters, while, we did focus in Q1 on leaning into our completed specs a little bit more because we did want to bring that number down and we have had success in doing that where we are now very comfortable moving forward with our mix of the stage of construction of our specs.

我提到的所有三個指標——網站流量、社區客流量和存款——都比一年前略有增長。關於激勵措施，我們對 8% 左右的指導價感到滿意。正如我之前提到的，過去三個季度我們一直處於這個階段。雖然我們在第一季度更加重視提高已完成的規格，因為我們確實想降低這個數字，而且我們在這方面取得了成功，現在我們非常有信心推進我們規格的施工階段組合。

Some of those completed specs required a little bit more incentive to move them (technical difficulty) but that was offset by a modestly lower incentive in our build-to-order business, which was very encouraging, and when you put it all together it came out to the same 8% and even though we did lean into selling a bit more of the finished inventory to get down to what we think is the right percentages, we were still able to be margin so that was -- I'm very proud of that in today's environment.

有些已完成的規格需要更多的激勵才能售出（技術難度），但這被我們按訂單生產業務中略低的激勵所抵消，這非常令人鼓舞。綜合所有因素，最終利潤率仍為 8%。儘管我們確實傾向於銷售更多成品庫存以達到我們認為合適的百分比，但我們仍然能夠保持利潤率，所以——在當今的環境下，我對此感到非常自豪。

And we think we have fully budgeted and have conservatism in, our internal projections around the spec business which is where the incentive can be a bit higher and so we're very comfortable with that 8% number we think it'll stick right in that range, and we're very comfortable with the full year guide around margin.

我們認為我們已經充分做好了預算，並且在內部預測中對投機業務（這方面的激勵可能更高一些）採取了保守的做法，因此我們對 8% 這個數字非常有信心，我們認為它會保持在那個範圍內，我們對全年的利潤率指導也非常有信心。

Alan Ratner, Zelman & Associates.

艾倫·拉特納，澤爾曼及合夥人公司。

Nice quarter, and, congrats again to both Doug and Karl.

不錯的季度業績，再次恭喜道格和卡爾。

Yeah, I guess first I'll add on to the incentive trend, personally I think it's encouraging, I guess I think it's the three quarters in a row that incentives have been stable at 80%, and it doesn't sound like you're expecting much movement from here in the near term, but I'm curious, as we head into the spring, which typically does have a little more pricing power than the winter. What would you need to see to try to take a stab at dialing back some of those incentives? Is it thinking about absorptions on a year over year basis? Is it thinking about what mortgage rates do? I'm just curious at what point you might get more aggressive and trying to dial some of those incentives back.

是的，我想先補充激勵措施的趨勢，我個人認為這令人鼓舞。我想，這說明激勵措施已經連續三個季度穩定在 80% 了。聽起來你也不認為短期內會有太大的變化，但我很好奇，隨著春季的到來，通常來說，春季的定價能力比冬季要強一些。你需要看到哪些情況才會嘗試削減其中一些激勵措施？它考慮的是逐年吸收量嗎？它是不是在考慮抵押貸款利率的影響？我只是好奇，在什麼情況下你會採取更積極的措施，並嘗試減少一些激勵措施。

Yeah, I think -- Alan, it's a great question. If the market improves, we're going to first lean into pace. Right now we're running at a [24] pace per year per community to a month. We have the operation capacity in the field and the infrastructure, the organization out there to build in the low 30s per community per year. So the first thing you're going to see is for us to increase pace.

是的，我覺得──艾倫，這是一個很好的問題。如果市場好轉，我們將首先加快步伐。目前我們的進度是每年每個社區每月[24]。我們擁有現場作業能力和基礎設施，以及相應的組織，每年每個社區可以建造 30 棟左右的房屋。所以你們首先會看到我們加快步伐。

But as that happens, price will probably also go up because it's just the nature of more and more people get in your sales office and there's more activity and the deposit starts popping up on the site plan and the sales center and urgency, it's an amazing thing what happens with urgency and so that will not just drive pace but it'll also drive price but we will first lean into pace.

但隨著這種情況的發生，價格可能也會上漲，因為越來越多的人來到你的銷售辦公室，活動增多，訂金開始出現在場地規劃和銷售中心，而緊迫性——緊迫性會帶來驚人的結果——這不僅會加快速度，還會推高價格，但我們首先會著重加快速度。

Got it. That makes a lot of sense.

知道了。這很有道理。

And you mentioned having the infrastructure to build 30 homes a year for community. If you think about labor and cost in general, obviously, I think that was the big positive surprise in '25 in terms of the cost relief that builders were able to see in spite of the tariffs. I'm curious how you see the labor environment today. We have seen a little bit of an uptick in lumber prices to start the year. What's the flex in the supply chain right now where if we do see a strong spring, do we -- is there any risk that labor can become tight again, costs can begin creeping higher, just curious what your thoughts there are.

您提到有基礎設施每年可以為社區建造 30 套住房。如果從勞動力和成本的角度來看，顯然，我認為 2025 年最大的積極驚喜是，儘管有關稅，建築商仍然能夠獲得成本減免。我很想知道您如何看待當今的勞動環境。今年年初，我們看到木材價格略有上漲。目前供應鏈的彈性如何？如果春季經濟強勁成長，是否存在勞動力再次緊張、成本開始攀升的風險？我只是好奇您對此有何看法。

Hey, Alan. We are not seeing the impact from tariffs. On the good news we're seeing plenty of availability of labor. More and more people showing up to the job site that want to work. I think our scale is going to continue to help us with suppliers, and so I think it's too early to tell. If there's a really robust spring, which we'd be happy to see, it's hard to see if there's going to be pressure ahead we'll continue to leverage our scale and the rationalization that we've done with our products over the last several years to minimize those impacts.

嘿，艾倫。我們尚未感受到關稅的影響。好消息是，我們看到勞動力供應充足。越來越多的人來到工地想找工作。我認為我們的規模將繼續幫助我們與供應商合作，所以現在下結論還為時過早。如果春季市場表現強勁（我們當然樂見其成），很難想像未來會面臨壓力。我們將繼續利用我們的規模優勢以及過去幾年對產品進行的合理化調整，以最大限度地減少這些影響。

(Operator Instructions)

（操作說明）

Jay McCanless, Citizens.

傑伊·麥坎利斯，市民。

Just wanted to focus on the cost side a little bit. Sounds like labor and construction costs are moving in Toll's favor. Are you seeing any opportunities to maybe lean in on land purchases, especially since Toll seems to be doing better than a lot of other builders out there?

我只想稍微重點談談成本方面。看來勞動成本和建築成本的走勢對托爾有利。您是否看到任何可以加大土地收購力度的機會？尤其是考慮到 Toll 的表現似乎比許多其他建築商都要好？

Jay, I think we're seeing because of who we are and what we build, I think the opportunity for us to structure land deals with stellar financing over time more efficiently has always been a part of the playbook. I think we are -- to your question, we are seeing a little bit more of those opportunities of late which is encouraging on the land side, but broadly speaking, we just have less competition. There are fewer and fewer builders that have capital and the desire to build luxury homes north of $1 million, and that plays right into what we do well. So we'll continue to watch it, and we are seeing a little bit of an opportunity for some well structured land deals.

傑伊，我認為，由於我們是誰以及我們所創造的，我們有機會隨著時間的推移，透過卓越的融資來更有效地建立土地交易，這始終是我們策略的一部分。我認為——關於你的問題，我們最近確實看到了一些這樣的機會，這在土地方面令人鼓舞，但總的來說，我們的競爭減少了。越來越少的建築商擁有足夠的資金和意願來建造價值超過 100 萬美元的豪華住宅，而這正好符合我們的優勢所在。所以我們會繼續關注，我們看到了一些進行結構良好的土地交易的機會。

That's good news.

這是個好消息。

Could you talk about the opportunity to raise prices? It sounds like Pacific and North are doing well, but maybe what percentage of your communities this quarter were you able to raise prices and how is that outlook going forward?

能談談提價的機會嗎？聽起來 Pacific 和 North 的情況不錯，但是本季你們有多少比例的社區能夠提高價格？未來的前景如何？

30% to 40% of our communities saw a price increase in Q1. And you're right that the North is the strongest. Boston down to -- really Boston down to South Carolina, that full corridor, it's no longer Boston to Washington DC. It extends with Raleigh, Charlotte. Our four South Carolina markets and Atlanta. Atlanta's been a bit softer lately, but certainly through South Carolina we have done the best there. We had a community in down in the Delrey, Boca Raton area that took 10 sales at $1,000,005 in the quarter with a mid-30s gross margin. We have a community in central New Jersey at the beach, took 12 sales in the quarter at $1,000,000 to $1,000,002 north of 30% gross margin.

第一季度，我們社區中有 30% 到 40% 的房價上漲。你說得對，北方是最強大的。從波士頓一直延伸到南卡羅來納州，整個走廊，不再只是波士頓到華盛頓特區，而是包括羅利和夏洛特。我們在南卡羅來納州的四個市場以及亞特蘭大。最近亞特蘭大的情況有點疲軟，但我們在南卡羅來納州的表現無疑是最好的。我們在德爾雷和博卡拉頓地區的一個社區，該季度完成了 10 筆銷售，銷售額為 1,000,005 美元，毛利率為 30% 左右。我們在新澤西州中部海灘邊有一個社區，本季完成了 12 筆銷售，每筆銷售額在 100 萬美元到 100 萬美元 0.02 美元之間，毛利率超過 30%。

Southern Cal, the great park. Everyone knows the great park right next to Irvine Ranch, took 23 sales in the quarter at a community that sold between $1,000,005 and $3,000,000 million so. You know there there's still action out there and there's still pricing power it's relatively limited but I think what -- I think I fully described it, I think 30% to 40% is about the right range of where we saw some price increases.

南加州，偉大的公園。大家都知道爾灣牧場旁邊的那個很棒的公園，在一個季度內售出了 23 套房產，該社區的售價在 100005 萬美元到 300 萬美元之間。你知道，市場上仍然有市場，定價權仍然存在，雖然相對有限，但我認為——我想我已經充分描述了——我認為 30% 到 40% 是我們看到的一些價格上漲的合理範圍。

And by the way, that's -- I've been corrected those numbers I just gave you for sales was not in the quarter, it's in the last eight weeks.

順便說一下，我剛剛給你的銷售數據被修正了，那不是季度數據，而是過去八週的數據。

Thank you guys, so it's in the last two months.

謝謝大家，所以這件事就發生在最近兩個月。

Paul Przybylski, Wolfe Research.

保羅‧普茲比爾斯基 (Paul Przybylski)，沃爾夫研究中心。

Congratulations, Doug and Karl.

恭喜道格和卡爾。

I guess to start off, you mentioned your January traffic and deposits were up slightly. Can you add any color on how that breaks out among your consumer groups, especially with how the age targeted is starting off the snowbird season.

首先，您提到一月份的流量和存款略有成長。您能否詳細說明這在您的消費者群體中是如何細分的，特別是考慮到目標年齡層的消費者即將開始冬季候鳥季。

Yeah, it was pretty consistent activity between our three consumer segments move up, move down, and the first time. I don't -- and it was pretty consistent between spec and build-to-order so there's nothing in those buyer segments that stood out as either outside sales or under undersized so consistent across the business.

是的，我們的三個消費群體（向上移動、向下移動和首次購買）之間的活動相當一致。我沒有——而且規格型和定制型產品之間相當一致，因此在這些買家群體中，無論是外部銷售還是規模過小，都沒有出現任何突出的問題，這在整個業務中都是一致的。

It's good to hear.

聽到這個消息真好。

And then you mentioned that the Pacific Northwest was one of your weaker markets. Can you give us any color on how the ethnic homebuyer demand trends have performed since we've had a little bit of settling since the H-1B controversy?

然後你提到太平洋西北地區是你們較弱的市場之一。能否介紹一下自 H-1B 爭議事件以來，少數族裔購屋者的需求趨勢表現如何？

Yeah, Paul, we still hear it. I even separate from the Pacific Northwest, I'll just say broadly, we do still hear about it a little bit the uncertainty around Visa status is -- has created a little bit of a pause from customers across the country. It's been modest and I don't think it has been concentrated in the Pacific Northwest, but we still hear it on the salesboard.

是的，保羅，我們仍然能聽到這種聲音。即使撇開太平洋西北地區不談，總的來說，我們仍然會聽到一些關於簽證狀態不確定性的消息——這給全國各地的客戶造成了一些猶豫。雖然規模不大，而且我認為它並沒有集中在太平洋西北地區，但我們仍然能在銷售公告板上聽到相關消息。

Armando A. Barron, Housing Research Center.

Armando A. Barron，住房研究中心。

Hey guys, you probably know me as Alex. (laughter)

大家好，你們可能認識我，我叫Alex。（笑聲）

Anyways. I wanted to ask -- so we saw Pulte sold their truss manufacturing plant, but you guys have a very expansive, not just trusses, but lots of stuff you guys do with those manufacturing plants on the East Coast. I'm just wondering what would it take for you guys to expand those more to, let's say Texas or Phoenix or some markets, where you guys have a bigger scale. Is it a matter of scale? Is it a matter of distance to communities? Like what would it take for you guys to start those types of operations in other markets that are not the East Coast?

總之。我想問一下——我們看到 Pulte 出售了他們的桁架製造廠，但是你們的業務範圍非常廣泛，不僅僅是桁架，你們在東海岸的那些製造廠還生產很多其他產品。我只是想知道，如果你們想把這些業務拓展到像德州、鳳凰城或其他一些你們規模更大的市場，需要做些什麼。這是規模問題嗎？這與社區的距離有關嗎？如果要在東岸以外的其他市場開展這類業務，你們需要做些什麼？

Hey Alex, it's Karl.

嘿，Alex，我是Karl。

We like the business and we like its current footprint. It probably serves 20% to 30% of the revenue for the company nationwide as you know predominantly sort of Carolina's north. Now the limitation with the expansion of those facilities is transportation costs are really significant, so it's had a sort of a fixed footprint for a very long time. We like the business that vertical integration in this corridor has really helped us, but at least in the near term we don't see a need or desire for expansion.

我們喜歡這家公司，也喜歡它目前的業務規模。如你所知，它主要服務於卡羅來納州北部地區，可能貢獻了該公司在全國範圍內 20% 到 30% 的收入。現在限制這些設施擴張的因素是運輸成本非常高，因此，它們的佔地面積在很長一段時間內都是固定的。我們喜歡這條走廊上的垂直整合業務，它確實對我們有所幫助，但至少在短期內，我們看不到擴張的必要性或意願。

Got it. All right, guys. Well, best of luck for this year.

知道了。好了，各位。祝你今年一切順利。

Ryan Gilbert, BTIG.

Ryan Gilbert，BTIG。

Congratulations to Doug and Karl.

恭喜道格和卡爾。

I want to go back to the north segment, really strong sales and I understand that, demand is strong in this area. I'm just wondering the extent to which there have been any changes in product mix that could be contributing to the improvement in orders and then also how the community pipeline looks and your ability to replace community closeouts given the strength of orders.

我想回到北部地區，那裡的銷售情況非常好，我知道，該地區的需求很強勁。我只是想知道產品組合的變化在多大程度上可能有助於訂單的改善，以及社區管道的情況如何，以及鑑於訂單的強勁勢頭，你們是否有能力填補社區的庫存空缺。

It's a good question. There has been a plan shift and repositioning of product and our land acquisition strategy throughout the Northeast. I think particularly here in Pennsylvania, New Jersey, New York state, we're seeing a lot of opportunities for infill development, repositioning of old, unoccupied, or poorly occupied office buildings. These tend to be in in very, very good locations, great school districts, and so it's helped us maintain better velocity and absorptions in these markets.

這是個好問題。東北地區的產品規劃和土地收購策略都發生了轉變和重新定位。我認為尤其是在賓夕法尼亞州、新澤西州和紐約州，我們看到了很多填充式開發、重新定位舊的、空置的或入住率低的辦公大樓的機會。這些房產往往位於非常好的地段，優質的學區，因此有助於我們在這些市場中保持更好的銷售速度和吸收率。

I think the other thing you have going on is that there's just less inventory. This corner of the country during the pandemic, it was not one of these markets that ran away and so inventory has remained a bit muted. And so we -- yes we are seeing a repositioning of our strategy here much more attached product. And that's really the same on both coasts, both here in the Northeast and parts of California.

我認為另一個原因是庫存不足。疫情期間，這個地區的市場並沒有像其他一些市場那樣出現搶購潮，因此庫存一直比較低迷。所以，是的，我們看到我們的策略正在重新定位，並且更加重視產品關聯性。這種情況在東西海岸都一樣，無論是東北部地區還是加州的部分地區都是如此。

And we are also -- to your question about opportunities we are -- I think guys we would all agree we're seeing outsized land opportunities and now in the north and the mid-Atlantic, which is very exciting for us.

至於你問到的機會，我想我們都會同意，我們看到了巨大的土地機會，尤其是在北部和大西洋中部地區，這讓我們非常興奮。

And the pipeline in the north region is very strong.

北部地區的管道系統非常強大。

Okay, great. Thank you.

好的，太好了。謝謝。

And then second question on the land bank, you've talked about having the lots controlled to continue growing community count in the years to come, but I think kind of flat to down lots controlled versus growing community count seem a bit at odds, so I'm hoping you can add some detail to what gives you the confidence that you can continue growing your community count given relatively flattish controlled lock count and then where you think your optimal years of land supply sits.

關於土地儲備的第二個問題，您提到要控制地塊數量，以便在未來幾年繼續增加社區人口，但我認為控制地塊數量持平甚至下降與社區人口增長之間似乎有點矛盾，所以我希望您能詳細說明一下，是什麼讓您有信心在控制地塊數量相對持平的情況下繼續增加社區人口，以及您認為土地供應的最佳年份是什麼時候。

Hey, Ryan. It's Greg. We're still very comfortable because we have 75 -- approximately 75,000 lots that we own or control. So the mix is still very favorable with 55% of those being optioned, it's -- when you net out our backlog, I think we have 2.7 years of owned land, so an attractive statistic as well. So we think we have the right land bank to support our continued community count growth, somewhere in that 7% to 10%, each year as we look forward.

嘿，瑞恩。是格雷格。我們仍然感到非常安心，因為我們擁有或控制著大約 75,000 個地塊。因此，目前的組合仍然非常有利，其中 55% 的項目已獲得選擇權，扣除我們的積壓訂單後，我認為我們擁有 2.7 年的土地儲備，這也是一個很有吸引力的統計數據。因此，我們認為我們擁有足夠的土地儲備來支持我們社區人口的持續成長，每年增長幅度在 7% 到 10% 之間。

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

I want to add my congrats to Karl and to Doug on your move.

我謹向卡爾和道格表示祝賀，祝賀你們搬家。

My first question is on the design studios. You mentioned that you've still seen some really healthy activity there, especially as you're selling some of those specs a bit earlier. Have there been any notable trends in the spend there? Anything that has changed and anything that we should be aware of as we're thinking about the outlook for future deliveries and margins?

我的第一個問題是關於設計工作室的。您提到您仍然看到那裡有一些非常健康的交易活動，特別是您提前售出了一些規格的商品。那裡的消費支出有沒有明顯的趨勢？在考慮未來交付量和利潤率前景時，有哪些變化以及我們應該注意的事項？

Yes, Susan, it's remarkable. Over my 20-plus years at Toll Brothers and good markets and bad, the design studio upgrades as a sort of a percentage of the home have been really consistent and so, what has improved is I think if you spend time in our studios we've continued to professionalize them, we'll continue to do that and make the buying experience better and better. The margin has improved over time, but to your question on spend, it has been very consistent.

是的，蘇珊，這真是太了不起了。在我為 Toll Brothers 工作的 20 多年裡，無論市場好壞，設計工作室的升級改造在房屋中所佔的比例一直非常穩定。我認為，如果你花時間參觀我們的工作室，你會發現我們已經不斷提升工作室的專業化水平，我們將繼續這樣做，讓購房體驗越來越好。利潤率隨著時間的推移有所提高，但就您提出的支出問題而言，支出一直非常穩定。

Okay. That's helpful.

好的。那很有幫助。

And then you've mentioned some of those headcount reductions that you recently implemented. As you're thinking about balancing costs relative to current conditions, but still being able to flex once things do normalize and improve, can you talk a bit about how you're thinking about those two worlds and what is your ability to eventually ramp the business as conditions improve?

然後您也提到了您最近實施的一些裁員措施。在您考慮如何在當前情況下平衡成本，同時又能在情況恢復正常和好轉後靈活調整時，您能否談談您是如何考慮這兩種情況的，以及隨著情況好轉，您最終有能力擴大業務規模？

Yes, Susan, we are constantly making sure that the business is structured to be efficient. And we've done that quarter after quarter. If we have a great spring again, we're hopeful we do and we see that absorption at 24-year climb. We see that on the front end of the business first. We see it in the sales offices. And we can begin to staff up, particularly in -- with our field personnel, our construction teams, and our sales teams, but our back office, our G&A, those folks are intact. They're here and as Doug alluded to, we believe have capacity to produce a lot more revenue with the existing team.

是的，蘇珊，我們一直在確保公司的組織結構有效率地運作。我們每季都這樣做了。如果今年春天天氣再次好轉，我們希望如此，並且我們看到吸收量達到了 24 年來的最高水平。我們首先在業務的前端看到這一點。我們在銷售辦公室就看到了這種情況。我們可以開始增加人手，特別是我們的現場人員、施工團隊和銷售團隊，但我們的後台部門、行政管理部門的人員都保持不變。他們已經來了，正如道格所暗示的那樣，我們相信現有團隊有能力創造更多收入。

Thank you, and that concludes today's question-and-answer session. I'd like to turn the conference back over to Doug Yearley for any closing remarks.

謝謝大家，今天的問答環節到此結束。我謹將會議交還給道格·耶利，請他作總結發言。

Rocco, as always, you've been terrific.

羅科，你一如既往地出色。

Thanks everyone, for all your great questions, your interest and support of our great company. This is an exciting time here at Toll Brothers, and we appreciate all of you very much, and I hope you have a wonderful remaining winter and, the spring comes early this year for all of us.

感謝大家提出的所有精彩問題，也感謝大家對我們公司的關注與支持。對 Toll Brothers 來說，這是一個令人興奮的時刻，我們非常感謝大家，希望大家度過一個美好的冬季，也希望今年的春天能早點到來。

Thank you. Take care.

謝謝。小心。

Thank you, sir, and we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝您，先生，也謝謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。