托爾兄弟 (TOL) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Toll Brothers second-quarter fiscal year 2026 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.

早安，歡迎參加 Toll Brothers 2026 會計年度第二季財報電話會議。(接線員指示) 公司計畫在上午 9:30、也就是市場開盤時結束本次電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Doug Yearley, Executive Chairman. Please go ahead.

現在我想把會議交給執行董事長 Doug Yearley。請開始。

Thank you, Bailey. Good morning. Welcome, and thank you all for joining us. With me today are Karl Mistry, Chief Executive Officer; Gregg Ziegler, Chief Financial Officer; Rob Parahus, President and Chief Operating Officer; and Wendy Marlett, Chief Marketing Officer.

謝謝你，Bailey。各位早安。歡迎各位，並感謝大家加入我們。今天與我一同出席的有：執行長 Karl Mistry；財務長 Gregg Ziegler；總裁兼營運長 Rob Parahus；以及行銷長 Wendy Marlett。

We are also joined today by Seth Ring, who will succeed Rob as President and Chief Operating Officer when Rob retires on June 30 and transitions to his new role as a Senior Adviser to the company. Rob has been an invaluable leader and contributor to the company's growth and transformation over the past four years, and I wish him well in his retirement.

今天我們也邀請到 Seth Ring，他將在 Rob 於 6 月 30 日退休並轉任公司資深顧問後，接任總裁兼營運長一職。過去四年，Rob 一直是公司成長與轉型過程中不可或缺的領導者與貢獻者，我也祝福他退休生活一切順利。

He has always done a great job of helping to mentor the next generation of leadership, working closely with Seth to prepare him for his new role. Seth is a proven leader and industry veteran, so in his own right with over 20 years of experience with the company is just terrific. He is the perfect successor to Rob, and I'm excited to watch as he partners with Karl and Gregg to help lead this company into the future.

他一向很擅長協助培育下一代領導團隊，並與 Seth 密切合作，為他的新職務做好準備。Seth 本身就是一位經驗證的領導者與資深業界人士，在公司服務超過 20 年，這非常出色。他是 Rob 的最佳接班人，我也很期待看到他與 Karl、Gregg 攜手合作，帶領公司邁向未來。

During today's call, I will provide a brief overview of our results in the quarter, discuss the market at a 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 as usual, Gregg will provide a detailed review of our financial results in the quarter and discuss guidance for the balance of the year.

在今天的電話會議中，我將簡要概述本季業績、從總體層面談談市場狀況，並觸及我們的策略性計畫。Karl 將聚焦於營運成果，並更深入說明各市場的狀況。如同往常，Gregg 將詳細回顧本季財務結果，並說明今年剩餘期間的財測指引。

Before we start, however, I will 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，我要先提出慣例性的提醒：本次電話會議中的許多陳述屬於前瞻性陳述，係基於對經濟、全球事件、住宅與金融市場、利率、勞動力與材料供應、通膨以及其他許多我們無法控制之因素的假設；這些因素可能會對未來結果造成重大影響。請閱讀我們昨晚發布的財報新聞稿以及官網中關於前瞻性資訊的聲明，以更了解與前瞻性陳述相關的風險。

We are very pleased with our second quarter results. We beat guidance on both the top and bottom lines and posted another quarter of strong margins. Based on our first half performance, we are raising our full year guidance across all key homebuilding metrics. Our results in the second quarter reflect our unique position as America's luxury homebuilder as well as the success of our strategies of expanding our geographies, product lines and price points.

我們對第二季的業績表現非常滿意。我們在營收與獲利兩端都超越指引，並再度繳出強勁的毛利率表現。基於上半年表現，我們上調全年在所有主要建屋指標上的財測指引。第二季的成果反映了我們作為美國豪宅建商的獨特定位，也反映了我們擴展地理版圖、產品線與價格帶策略的成功。

Our results all reflect the skills and experience of our teams, who continued to respond to a challenging demand environment with discipline, effectively balancing pace, price and incentives to drive sales while maximizing returns. We are quite simply a more efficient and less cyclical homebuilder. Even in a difficult market, our business continues to perform well.

我們的成果也反映了團隊的技能與經驗；在充滿挑戰的需求環境下，他們仍以紀律應對，有效在銷售速度、價格與促銷誘因之間取得平衡，在推動銷售的同時最大化報酬。我們很明顯已成為一家更有效率、景氣循環性更低的建商。即使在艱難的市場中，我們的業務仍持續表現良好。

In the second quarter, our orders were up 7% gross and flat on a per community basis. This trend has continued into the first three weeks of our third quarter where overall deposits are up modestly year-over-year and flat per community. In this environment, we are pleased to be serving a more affluent customer base, a segment of the housing market that has proven more resilient despite the challenges in the broader market. Overall, our buyers are less sensitive to affordability pressures as they benefited from years of income growth, stock market gains and home equity appreciation.

第二季，我們的訂單總量（gross）年增 7%，以每個社區計算則持平。這一趨勢延續到第三季前 3 週：整體訂金（deposits）年增小幅上升，而以每個社區計算則持平。在此環境下，我們很高興能服務更富裕的客群；相較於整體市場面臨的挑戰，這一住宅市場區隔已證明更具韌性。整體而言，我們的買方對可負擔性壓力較不敏感，因為他們受惠於多年收入成長、股市上漲與房屋淨值提升。

Serving this market is in our DNA. We have spent nearly 60 years building and perfecting the business model required to meet the high standard of the luxury segment of the new home market. Through the desirable locations of our communities, the distinctive architecture of our homes, the unrivaled choice we provide in our design studios and the extraordinary customer experience we deliver, we have set our business apart. Our performance in the second quarter and over the past few years highlights the strength of our differentiated business.

服務這個市場已深植於我們的 DNA。近 60 年來，我們持續打造並精進一套商業模式，以滿足新屋豪宅市場的高標準。透過社區的優越地段、住宅的獨特建築設計、我們在設計工作室提供的無與倫比選擇，以及我們所交付的卓越客戶體驗，我們讓自身業務脫穎而出。我們在第二季以及過去幾年的表現，凸顯了我們差異化商業模式的實力。

Finally, I'd note that in our second quarter, we repurchased $175 million of our common stock, bringing our year-to-date total to approximately $226 million and we raised our quarterly dividend. We continue to target $650 million of share repurchases in fiscal 2026. Our balance sheet remains very healthy. We have ample liquidity, significant operating cash flows, low net debt and a strong investment-grade credit rating. Our solid financial position and healthy cash flows will enable us to continue investing in the future growth of our business while also returning capital to our stockholders.

最後我想提到，第二季我們回購了 1.75 億美元普通股，使今年迄今的回購總額約達 2.26 億美元，同時我們也調高了季度股利。我們仍以 2026 會計年度回購 6.5 億美元股票為目標。我們的資產負債表依然非常健康。我們擁有充足流動性、可觀的營運現金流、較低的淨負債，以及強勁的投資等級信用評等。穩健的財務狀況與健康的現金流，將使我們能持續投資於業務的未來成長，同時也把資本回饋給股東。

With that, I will turn the call over to Karl.

接下來，我把電話會議交給 Karl。

Thank you, Doug, and good morning, everyone. I would also like to extend my congratulations to Rob and Seth. Rob has been an incredible mentor to both me and Seth. We've learned so much at his side, and we look forward to building on the strong foundation that Rob, along with Doug, Bob and many others have built at Toll Brothers.

謝謝你，Doug，各位早安。我也想向 Rob 與 Seth 表達祝賀。Rob 一直是我與 Seth 的傑出導師。我們在他身旁學到很多，也期待在 Rob、以及 Doug、Bob 與許多其他人在 Toll Brothers 所建立的堅實基礎上繼續發展。

As Doug mentioned, our second quarter results were quite strong. In the quarter, we delivered 2,491 homes at an average price of $1,009,000, generating $2.5 billion of homebuilding revenue or approximately $110 million above the midpoint of our guidance. Our adjusted gross margin was 26.2% in the quarter or 70 basis points better than guidance and our SG&A expense as a percentage of homebuilding revenues was 10.3% or 40 basis points better than guidance. We earned $260.6 million in the quarter, or $2.72 per diluted share and $0.18 beat relative to the midpoint of our guidance.

如 Doug 所提到，我們第二季的業績相當強勁。本季我們交屋 2,491 戶，平均售價 100.9 萬美元，帶來 25 億美元的住宅建造營收，約較指引中位數高出 1.10 億美元。本季調整後毛利率為 26.2%，較指引高出 70 個基點；而 SG&A 費用占住宅建造營收比重為 10.3%，較指引改善 40 個基點。本季我們獲利 2.606 億美元，稀釋後每股盈餘 2.72 美元，較指引中位數高出 0.18 美元。

In addition, we signed 2,834 net agreements in the quarter, for $2.8 billion, up 7% in units and 8% in dollars. This increase was driven by the successful execution of our growth strategy over the past several years. At quarter end, we were selling from 459 communities versus 421 one year earlier and 386 just two years ago. We remain focused on opening new communities across the country and expect to end the year with 480 to 490 selling communities, including the communities we acquired in the Buffington Homes transaction, which closed earlier this month.

此外，本季我們簽訂 2,834 份淨合約，金額 28 億美元，戶數年增 7%，金額年增 8%。這項成長來自我們過去數年成功執行成長策略。截至季末，我們在售社區為 459 個，高於一年前的 421 個，也高於兩年前的 386 個。我們仍專注於在全國開設新社區，並預期年底在售社區將達 480 至 490 個，其中包含我們在本月稍早完成交割的 Buffington Homes 交易所取得的社區。

We plan to grow community count at a similar 8% to 10% rate in fiscal 2027 and beyond. And we currently own or control sufficient land to do so. We are very excited to enter Northwest Arkansas with the acquisition of Buffington Homes. The home of Walmart and a host of terrific other companies the Fayetteville/Bentonville market is vibrant and growing. Buffington Homes is a leading builder of luxury homes in the area, and it is a great fit for Toll Brothers. We look forward to leveraging their local expertise and strong land position to scale their business well into the future.

我們計畫在 2027 會計年度及之後，以相近的 8% 至 10% 速度成長社區數量。而我們目前擁有或控制足夠的土地以支撐此一成長。我們非常期待透過收購 Buffington Homes 進入阿肯色州西北部市場。作為沃爾瑪（Walmart）總部所在地，並匯聚許多優秀企業，Fayetteville/Bentonville 市場充滿活力且持續成長。Buffington Homes 是該地區豪宅市場的領先建商，與 Toll Brothers 非常契合。我們期待運用其在地專業與強勁的土地布局，讓其業務在未來持續擴大規模。

Turning to market trends. As Doug mentioned, the demand environment remained challenging in the second quarter and through the first three weeks of our third quarter. Against this backdrop, we are pleased that we were able to increase sales by 7% year-over-year, keep our per community sales pace flat and maintain our margins in the quarter.

接著談市場趨勢。如 Doug 所提到，第二季以及第三季前 3 週，需求環境仍具挑戰。在此背景下，我們很高興能將銷售年增 7%，維持每個社區的銷售速度持平，並在本季維持我們的毛利率水準。

Geographically, Florida was a bright spot in the quarter with improved demand in all our markets in the state. Boston, all the way down in South Carolina continued to perform well as did Boise and Las Vegas in our Mountain region, and Austin, Texas in the South. Weaker markets included Atlanta, San Antonio, Seattle, Portland and San Francisco.

從地理區域來看，佛羅里達州在本季表現亮眼，我們在該州所有市場的需求均有所改善。波士頓一路往南到南卡羅來納州的市場持續表現良好；我們山區的博伊西與拉斯維加斯，以及南部的德州奧斯汀亦同樣表現不俗。較疲弱的市場包括亞特蘭大、聖安東尼奧、西雅圖、波特蘭與舊金山。

Among our buyer segments, our move-up business continued to perform the best. In the second quarter, our move-up business accounted for 62% of home sales revenues up from 59% in the first quarter. Luxury first time was 22% and moved down of 16%. Our luxury move-up business has the highest margin among our buyer segments. So we are very pleased that it remains the largest part of our business.

在我們的買方客群中，換屋升級（move-up）業務持續表現最佳。第二季，換屋升級業務占房屋銷售收入的62%，高於第一季的59%。豪宅首購占22%，而降級換屋（move-down）占16%。在各買方客群中，我們的豪宅換屋升級業務擁有最高的利潤率。因此，我們非常高興它仍是我們業務中占比最大的部分。

As Doug mentioned, in the quarter, we continued to operate with discipline, effectively balancing sales pace, price and incentives to drive sales while maximizing returns. We are pleased that our average incentive for new contracts in the second quarter remained flat at 8% of the gross sales price. The fourth consecutive quarter it has remained in this range. This is a testament to the immense appeal of our brand and the desirability of our homes and communities.

如Doug所提到的，本季我們持續以紀律化方式營運，有效在銷售速度、價格與促銷激勵之間取得平衡，以推動銷售並同時最大化報酬。我們很高興第二季新簽合約的平均激勵維持不變，仍為總銷售價格的8%。這已是連續第四季維持在此區間。這證明了我們品牌的強大吸引力，以及我們住宅與社區的高度受歡迎程度。

It also speaks to the financial strength of our customers who continue to demonstrate their desire to invest in new homes. Consistent with the past several quarters, approximately 23% of our buyers paid all cash in the second quarter and the loan to value for buyers who took a mortgage was approximately 69%, also consistent with recent quarters.

這也反映出我們客戶的財務實力，他們持續展現投資新屋的意願。與過去幾季一致，第二季約有23%的買家以全現金支付；而選擇貸款的買家，其貸款成數（LTV）約為69%，同樣與近期季度一致。

We are also benefiting from the breadth of our offerings, which is the widest in the industry and includes a balanced mix of build-to-order and spec homes. In the quarter, spec homes represented approximately 51% of deliveries and 41% of home sales revenues, which is broadly consistent with the range we have targeted and maintained over the past few years. We are very comfortable with our delivery mix in this 50-50 range.

我們也受惠於產品供給的廣度，這是業界最廣，並包含量身訂製（build-to-order）與現房（spec homes）的均衡組合。本季，現房約占交屋量的51%，並占房屋銷售收入的41%，大致符合我們過去幾年所設定並維持的目標區間。我們對於這種約50-50的交屋組合感到非常安心。

It is important to remember 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. The margin profile for these homes is very similar to the 30% adjusted gross margin we routinely achieve on our build-to-order homes.

重要的是要記得，我們在現房的不同施工階段進行銷售。雖然組合可能隨季度變動，但平均而言，約三分之一的現房會在結構木作（framing）完成前售出。這些住宅的利潤結構與我們量身訂製住宅一貫可達成的30%調整後毛利率非常接近。

Our goal is to sell our specs as early in the construction cycle as possible. Incentives are generally lower on specs that are sold earlier, and there is greater opportunity for our customers to visit our design studios and personalize their homes with finishes that match their taste. The ability to customize remains an important competitive advantage for Toll Brothers as design studio upgrades tend to be highly accretive to our margins.

我們的目標是在施工週期中盡可能早地售出現房。通常越早售出的現房，其促銷激勵越低，且客戶有更大的機會造訪我們的設計工作室，依其喜好以裝修與收邊（finishes）來個人化住宅。客製化能力仍是Toll Brothers的重要競爭優勢，因為設計工作室的升級選配通常能顯著增厚我們的利潤率。

In the second quarter, design studio upgrades structural options and lot premiums averaged $219,000 or 25% of our average base sales price. Given our focus on selling spec homes earlier in the construction process, I'm pleased to report that in the first half of fiscal 2026, we reduced the number of finished specs in our inventory by 28%. We held 2 finished specs per community at second quarter end versus 2.8 at the end of fiscal 2025.

第二季，設計工作室升級、結構選配與地段溢價平均為219,000美元，約占我們平均基礎售價的25%。鑑於我們聚焦於在施工流程較早階段售出現房，我很高興報告：在2026會計年度上半年，我們將庫存中的完工現房數量降低了28%。第二季季末，我們每個社區持有2戶完工現房，而2025會計年度末為每個社區2.8戶。

In the second quarter, we also continued to benefit from improved production efficiencies. For our build-to-order homes, our cycle time improved to approximately nine months. The cycle time for our spec homes is generally about one month shorter than build-to-order homes. Overall, our building costs remained flat in the quarter, even with the cost of lumber rising in the period.

第二季，我們也持續受惠於生產效率的提升。就量身訂製住宅而言，我們的施工週期縮短至約九個月。現房的施工週期通常比量身訂製住宅短約一個月。整體而言，本季我們的建造成本維持持平，即使期間木材成本上升。

Turning to land. At second quarter end, we owned or controlled approximately 76,800 lots, 58% of which were optioned. This existing lot position allows us to maintain our highly disciplined approach to acquiring and developing land, including our rigorous underwriting standards. When buying land, we actively seek out acquisition and development opportunities that improve our capital efficiency while achieving prudent and balanced financing structures. Where possible, we favor seller financing, joint ventures and traditional option arrangements, but we also utilize land banking when it makes sense to do so.

接著談土地。截至第二季季末，我們擁有或控制約76,800個地塊，其中58%為選擇權取得。現有的地塊部位使我們得以維持高度紀律化的土地取得與開發策略，包括嚴格的承作審核（underwriting）標準。在購地時，我們積極尋找能提升資本效率、同時達成審慎且均衡融資結構的收購與開發機會。在可行的情況下，我們偏好賣方融資、合資（joint ventures）與傳統選擇權安排，但在合理時也會採用土地銀行（land banking）。

I would also point out that because we are a luxury builder buying land at the corner of Main and Main, we're not as many of the big public and private builders play. We often find there are fewer bidders at the table when we are pursuing deals. This is one of our competitive advantages.

我也要指出，因為我們是豪宅建商，購地多位於最核心的黃金地段（corner of Main and Main），並非許多大型上市與民營建商主要競逐的區域。因此，當我們追求交易時，往往競標者較少。這是我們的競爭優勢之一。

In many markets, we often compete for land against smaller custom builders who do not have the same financial strength or access to capital that we enjoy. In addition, for larger master planned communities, our recognized luxury brand search to elevate the community, which can present us with more opportunities. Combined, all of these factors put us in a favorable position when buying land, helping us improve returns.

在許多市場，我們在土地競爭上常面對較小型的客製建商，他們不具備我們所擁有的同等財務實力或資本取得能力。此外，對於較大型的總體規劃社區（master planned communities），我們具辨識度的豪宅品牌有助於提升社區定位，因而能為我們帶來更多機會。綜合上述因素，使我們在購地時處於有利位置，並有助於提升報酬。

With that, I'll turn it over to Gregg.

接下來，我把時間交給Gregg。

Thanks, Karl. As mentioned, in the second quarter, we delivered 2,491 homes at an average price of $1,009,000, generating home sales revenue of $2.5 billion. We earned $350.4 million before taxes and $260.6 million after or $2.72 per diluted share. We exceeded the midpoint of our guidance for both home delivery and average delivered price which was primarily due to favorable mix out of our Pacific region, better-than-expected performance in Florida and a greater contribution from our luxury move-up business.

謝謝，Karl。如前所述，第二季我們交付2,491戶住宅，平均價格為1,009,000美元，帶來25億美元的房屋銷售收入。稅前獲利為3.504億美元，稅後為2.606億美元，或每股稀釋盈餘2.72美元。我們在交屋量與平均交屋價格兩項指引上均超過中位數，主要原因是太平洋區域的有利產品組合、佛羅里達州表現優於預期，以及豪宅換屋升級業務貢獻提高。

We signed 2,834 net agreements for $2.8 billion in the quarter, up 7% in units and 8% in dollars compared to the second quarter of fiscal year 2025. The average price of contracts signed in the quarter was approximately $990,600, up 1% compared to the second quarter of fiscal 2025. Our second quarter adjusted gross margin was 26.2%, 70 basis points better than our guidance of 25.5%.

本季我們簽訂2,834份淨合約，金額為28億美元，較2025會計年度第二季在戶數上成長7%、金額上成長8%。本季簽約平均價格約為990,600美元，較2025會計年度第二季上升1%。第二季調整後毛利率為26.2%，較我們25.5%的指引高出70個基點。

Our gross margin benefited from the favorable mix from our Pacific region, Florida and our luxury move-up business that I mentioned earlier as well as continued improvement in operating efficiencies across our business. Write-offs in our home sales gross margin totaled $32.5 million in the quarter. Approximately, $20 million of these related to pre-development costs and option write-offs on deals we dropped that no longer met our underwriting standards. The remainder was associated with a handful of operating communities in different markets around the country.

我們的毛利率受惠於前述太平洋區域、佛羅里達州以及豪宅換屋升級業務的有利組合，並且我們全公司營運效率持續改善。本季房屋銷售毛利中的沖銷（write-offs）合計為3,250萬美元。其中約2,000萬美元與我們放棄、且不再符合承作審核標準的交易之開發前成本及選擇權沖銷相關。其餘則與全國不同市場中少數幾個營運中社區有關。

SG&A as a percentage of revenue was 10.3% in the second quarter compared to our guidance of 10.7%. The 40-basis point beat relative to our guidance was due primarily to greater fixed cost leverage from higher home sales revenues as well as moderately lower selling costs compared to forecast.

第二季SG&A占營收比重為10.3%，相較於我們10.7%的指引。相對指引優於40個基點，主要是因房屋銷售收入較高帶來更大的固定成本槓桿效益，以及銷售成本較預測略低。

Joint venture, land sales and other income was $9.3 million in the second quarter compared to $29.0 million in the second quarter of last year and our breakeven guidance. Our cancellation rate was 2.9% of beginning quarter backlog as compared to 2.8% in the prior year period. As a percentage of signed contracts in the second quarter, cancellation rate was 4.8% versus 6.2% in last year's second quarter. We are pleased with our industry low cancellation rate. It highlights the attachment our buyers develop while customizing their new homes in our design studios as well as the significant financial commitment they make in the form of a down payment.

第二季合資、土地銷售及其他收入為930萬美元，去年同期第二季為2,900萬美元，而我們的指引為損益兩平。我們的取消率為期初積壓訂單（backlog）的2.9%，去年同期為2.8%。以第二季簽約量為基礎，取消率為4.8%，而去年第二季為6.2%。我們對於維持業界偏低的取消率感到滿意。這凸顯買家在我們設計工作室客製化新屋的過程中所建立的黏著度，以及他們以頭期款形式所做出的重大財務承諾。

Our tax rate in the second quarter was 25.6%, which was 40 basis points better than our guidance. We ended the second quarter with approximately $3.3 billion of liquidity, including $1.1 billion of cash and $2.2 billion of availability under our revolving bank credit facility. Our net debt-to-capital ratio was 15.4% at second quarter end compared to 19.8% one year ago.

我們第二季的稅率為25.6%，較我們的指引好40個基點。我們在第二季末的流動性約為33億美元，其中包括11億美元現金，以及在我們循環銀行信貸額度下可動用的22億美元額度。第二季末的淨負債對資本比率為15.4%，相較一年前的19.8%。

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 third quarter deliveries of approximately 2,600 to 2,700 homes with an average delivered price between $965,000 and $985,000. For the full fiscal year, we are increasing the low end of our guidance range by 100 homes, and we are increasing the projected average delivered price by $12,500 at the midpoint. We now project deliveries of between 10,400 and 10,700 homes with an average price between $985,000 and $1 million.

接著談我們的指引。我提醒各位，我們的預測受限於我們財報新聞稿中所載、關於前瞻性陳述的所有保留事項。我們預估2026會計年度第三季交屋約2,600至2,700戶，平均交屋價格介於965,000至985,000美元之間。就全年而言，我們將指引區間下緣上調100戶，並將預估平均交屋價格在中點上調12,500美元。我們目前預估全年交屋介於10,400至10,700戶，平均價格介於985,000美元至100萬美元之間。

We're also increasing our full year adjusted gross margin guidance by 10 basis points to 26.1%, reflecting our outperformance through the first half of the year. We projected third quarter margin of 25.25%. Our third quarter and full year adjusted gross margin guidance reflects the mix we now expect over the next six months and implies a fourth quarter adjusted gross margin of approximately 26.3%.

我們也將全年調整後毛利率指引上調10個基點至26.1%，反映我們在上半年表現優於預期。我們預估第三季毛利率為25.25%。我們對第三季與全年調整後毛利率的指引，反映我們目前預期未來六個月的產品組合，並隱含第四季調整後毛利率約為26.3%。

We are confident in this projection. Embedded in our backlog is a greater concentration in our fourth quarter of higher-margin move-up luxury and spec homes sold earlier in the construction cycle relative to our third quarter. We expect interest in cost of sales to be approximately 1.1% in third quarter and for the full year.

我們對此預測充滿信心。我們的在手訂單中，第四季相較第三季，較高毛利的換屋型高端住宅（move-up luxury）與投機建案（spec homes）在施工週期較早階段售出的比重更高。我們預期銷貨成本中的利息約為第三季及全年各1.1%。

We project third quarter SG&A as a percentage of home sales revenue to be approximately 10.0%. For the full year, we are improving our guidance by 15 basis points and now expect a full year SG&A margin of 10.1%. Other income. Income from unconsolidated entities and land sales gross profit in the third quarter is expected to be $5 million. We now project $120 million for the full year, of which we have already realized $81 million. Included in our second half projection is the sale of several stabilized apartment projects.

我們預估第三季SG&A（銷售、一般及行政費用）占住宅銷售收入的比例約為10.0%。就全年而言，我們將指引改善15個基點，目前預期全年SG&A率為10.1%。其他收入。第三季來自未合併實體的收益以及土地出售毛利，預期為500萬美元。我們目前預估全年為1.2億美元，其中我們已實現8,100萬美元。我們下半年預測中包含出售數個已穩定營運的公寓專案。

We project the third quarter tax rate to be approximately 26.0% and the full year rate to be approximately 25.5%. Based on land we currently own or control, we expect our community count of between 480 and 490 at fiscal year-end, an 8% to 10% increase versus the 446 at fiscal year-end 2025. We are projecting a community count of 475 communities at the end of the third quarter. Our weighted average share count is expected to be approximately 95 million for the third quarter and the full year. This assumes we repurchase our target of $650 million of common stock for the full year.

我們預估第三季稅率約為26.0%，全年稅率約為25.5%。基於我們目前擁有或控制的土地，我們預期會計年度末社區數介於480至490個，較2025會計年度末的446個增加8%至10%。我們預估第三季末社區數為475個。我們預期第三季及全年加權平均流通股數約為9,500萬股。此假設我們全年回購目標為6.5億美元的普通股。

Now let me turn the call back to Karl.

現在我把電話交回給Karl。

Thank you, Gregg. Before we open it up for questions, I'd like to thank our Toll Brothers employees for their hard work in the first half of 2026. I'm proud of your commitment to our customers and dedication to our business, which are key drivers to our long-term success. Bailey, I think with that, we can open it up to questions.

謝謝你，Gregg。在我們開放提問之前，我想感謝Toll Brothers的員工在2026年上半年的辛勤付出。我為各位對客戶的承諾以及對業務的投入感到自豪，這些都是我們長期成功的關鍵驅動因素。Bailey，我想接下來我們可以開放提問了。

(Operator Instructions)

（接線員指示）

Mike Dahl, RBC Capital Analyst.

RBC Capital分析師Mike Dahl。

Morning. Thanks for taking my questions. Nice results in a tough environment, and congrats to all of you who are seeing your roles kind of shift and evolve. I wanted to get one of the obvious things kind of out of the way. I appreciate the details you gave on recent deposit trends.

早安。謝謝讓我提問。在艱難的環境下交出不錯的成績；也恭喜各位看到自己的職務有所調整與演進。我想先把一個顯而易見的問題先問完。我很感謝你們提供近期訂金趨勢的細節。

Just given everything is so fluid in rates and some of the macro dynamics, can you give a little more color on what you're seeing from traffic, what you're hearing from buyers. You mentioned the deposits, how are the conversion rates to orders. And then in the -- with your specs specifically, is there any difference in buyer behavior or trends you're seeing the ability to sell some of those specs at an earlier stage and over the past month or so?

考量利率與部分總體動態都非常多變，你能否再多補充一些你們看到的來客量（traffic）情況，以及你們從買方那邊聽到的回饋？你提到訂金，那轉換成訂單的轉換率如何？另外，針對你們的投機建案（specs），你們是否觀察到買方行為或趨勢有任何不同？例如在更早階段出售部分spec的能力，在過去一個月左右是否有變化？

Yeah. Thanks, Mike. It's Karl. I appreciate the question. Let's just -- let's talk about the demand piece and what we're hearing. So demand was really consistent throughout the quarter and has remained the same way in the first few weeks of May. April was our strongest month, but I think as we prepared in the script, sort of similar to last year on a per community basis.

是的。謝謝你，Mike。我是Karl。謝謝你的問題。我們先談需求面以及我們聽到的情況。整個季度需求都相當一致，5月前幾週也維持同樣的狀態。4月是我們最強的一個月，但如同我們在講稿中準備的，以每個社區為基礎來看，大致與去年相近。

And I think we're hearing the same thing on the floor that we've heard now for some time. Customers are still waiting to make a decision; conversions are taking a little bit longer. I think we've shared in the past, it's tied a bit to consumer confidence at our price point. But overall, I think given the backdrop in the current environment, we're really happy to be flat, frankly, and again, consistent throughout the quarter and early in May.

而且我認為我們在第一線聽到的，和我們一段時間以來聽到的相同。客戶仍在等待做決定；轉換所需時間稍微拉長。我想我們過去也分享過，這部分與我們價位帶的消費者信心有些關聯。但整體而言，在目前環境的背景下，坦白說我們對能夠持平感到非常滿意，而且整個季度以及5月初都維持一致。

Okay. I appreciate that, Karl. And then my follow-up question. In terms of kind of the margin dynamics, I appreciate you guys always have some big moving pieces in terms of mix. So maybe just, again, help us understand a little more in terms of kind of the maybe bucket out the mix impacts 2Q versus 3Q? And then that 4Q dynamic if you could go into any more detail on maybe quantifying that mix of kind of luxury or Pacific versus what you've previously seen and if there is any difference in incentives assumed? Or if you're just kind of assuming incentives on specs kind of hold flat through the balance of the year?

好的。謝謝你，Karl。接著我的追問。就毛利率的動態而言，我理解你們在產品組合（mix）方面一直有一些很大的變動因素。所以也許再幫我們多理解一點：能否把第二季相較第三季的mix影響大致拆解一下？另外，若你能更詳細說明第四季的動態，例如量化一下高端（luxury）或Pacific等組合相較你們先前所見的差異，以及假設的獎勵措施（incentives）是否有不同？或者你們只是假設spec的獎勵措施在今年剩餘期間大致持平？

Okay. That's a good question, Mike. So I'm going to start and I'll let Gregg get into the Q3 and Q4. So as it relates to the margin dynamics in the buckets, as we outlined in the script, the QMI, the spec business was just over 50% of deliveries, about 45% of revenue. And if you think about our gross margin or our full year call it around 26%, we're still -- it's several hundred basis points better on the build-to-order business and the spec mix when you take into account the different stages of construction in which we sell them. And we mentioned we still get a chance to sell a lot of them early enough to get our customers to the studio. But when you put all that together, the QMI mix is several hundred basis points lower, and that range ebbs and flows from quarter-to-quarter. And that's what unfolded in Q2.

好的。這是個好問題，Mike。我先回答，然後我會讓Gregg再補充第三季與第四季的部分。就各項毛利率動態的分類而言，如同我們在講稿中所述，QMI（快速交屋）與spec業務占交屋量略高於50%，約占營收45%。如果你看我們的毛利率或全年大約26%左右，我們的按單建造（build-to-order）業務以及spec的組合（當你把不同施工階段售出的差異納入考量）仍然高出數百個基點。我們也提到，我們仍有機會在足夠早的時間賣出其中許多房屋，讓客戶能進到我們的選配中心（studio）。但把這些因素合在一起，QMI的組合會低數百個基點，而這個區間會隨季度而上下波動。這就是第二季所發生的情況。

Yeah. Hey, Mike, it's Gregg. So as we roll forward to Q3, I think we'll see some changes in the mix. We probably have a little bit of negative mix from our Pacific -- I'll give you some regions like our Pacific region or Mid-Atlantic or south region or some geographic areas where we'll see that change.

是的。嗨，Mike，我是Gregg。所以當我們往第三季推進時，我認為產品組合會出現一些變化。我們的組合可能會受到一點負面影響，來自我們的太平洋——我給你一些區域例子，比如我們的太平洋地區或中大西洋地區或南部地區，或某些地理區域，我們會看到這樣的變化。

And then on the [Fire] segment side, we probably have a little bit of our luxury move-up into the mix into Q3, and this is causing the lower outcome for our Q3 gross margin as well as some of the specs that we sold at a later stage they're actually going to deliver here in Q3. And so that's another impact on to Q3. And then we had this dynamic between Q2 and Q3 that Karl just walked you through. There was just some timing associated with settlements, especially some of the higher-margin settlements coming out of the Pacific region.

然後在 [Fire] 事業部那邊，我們的豪宅升級（luxury move-up）產品在第三季的組合占比可能會提高一些，這也導致我們第三季毛利率較低；另外，我們有一些在較後期才售出的樣品屋（spec homes），實際上會在第三季交付。因此這也是對第三季的另一個影響。此外，第二季與第三季之間還有Karl剛剛帶你們走過的那個動態。主要是與交屋結算（settlements）的時點有關，尤其是一些高毛利的結算來自太平洋地區。

So then we have to roll it forward to Q4, right? So Q4, as I said earlier in the script is that we expect to rebound up to 26.3%. So that's about 110 basis points improvement over Q3. So here, we'll see a little bit of a reversal of some of that mix I just mentioned to you for Q3. That means areas like the Pacific or the North on the geographies will have some positive mix in Q4. And our luxury move-up business will also have some higher density of settlements in Q4. So that will be accretive to that Q4 gross margin.

那接著我們就要把它推到第四季，對吧？所以第四季，如同我先前在講稿中提到的，我們預期會回升到26.3%。這比第三季大約改善110個基點。在這裡，我們會看到我剛提到第三季那些組合因素有些回轉。也就是說，像太平洋或北部等地理區域在第四季會帶來一些正面的組合效應。而我們的豪宅升級業務在第四季也會有較高密度的結算。因此這將對第四季毛利率形成增益（accretive）。

And then lastly, I'll call out that from the spec standpoint, we have some specs that we sold at an earlier stage that we'll end up delivering in Q4. And so they tend to have a higher gross margin with the earlier we sell them. And so that will also help the gross margin in Q4. So I think that's the bridge to take you through the year.

最後我也要補充，從樣品屋（spec）的角度來看，我們有一些在較早期階段售出的樣品屋，最終會在第四季交付。而通常越早售出的樣品屋，毛利率會越高。因此這也會幫助第四季的毛利率。所以我認為這就是帶你們走完整個年度的橋接說明。

Stephen Kim, Evercore ISI.

Stephen Kim，Evercore ISI。

Yeah. Thanks very much, guys. If I could just follow up on a nice question there, the second one. So the setup, it sounds -- I'm particularly interested in what might happen sort of beyond just this year. It sounds like what you're saying is that the 3Q lower margin and the 4Q higher margin, it really reflects sort of a normalization that sounds like in 4Q.

是的。非常感謝，各位。如果可以的話，我想就剛才那個很好的問題再追問一下，第二個。所以就目前的鋪陳來看——我特別關心的是今年以後可能會發生什麼。聽起來你們的意思是，第三季較低的毛利率與第四季較高的毛利率，其實反映的是第四季某種程度上的正常化。

And I just want to make sure that, that was correct that you don't see 4Q as sort of benefiting unduly from maybe a higher mix of early specs or customized homes, but rather, it's more like those were factors that were negatively impacting 3Q and 4Q is normalization. So just as we think about what things are going to look like into the front part of '27, I just want to level set whether that 4Q number isn't that kind of what your -- you kind of a normalized mix for the company going forward.

我只是想確認這樣理解是否正確：你們並不認為第四季是因為早期樣品屋或客製化住宅占比更高而不成比例地受益；相反地，更像是這些因素在第三季造成負面影響，而第四季只是回到正常。因此，當我們思考到2027年前段的情況時，我想先校準一下：第四季這個數字是否就是你們認為公司未來較為常態化的組合水準。

Yeah, Stephen, thanks for the question. Yeah, we're not prepared to say that Q4 GM is an exit rate that you should expect as you roll into the first half of 2027. However, it is important to note that there's a certain seasonality to our spec strategy in terms of the timing of when they'll deliver the timing of when they tend to get sold.

是的，Stephen，謝謝你的問題。是的，我們還沒準備好說第四季的毛利率（GM）就是你們在進入2027年上半年時應該期待的退出水準（exit rate）。不過，需要注意的是，我們的樣品屋（spec）策略在交付時點與通常售出時點上，確實存在一定的季節性。

So you're seeing it here play out in fiscal 2026. So in Q2, you were sold a bunch of later-stage specs in the construction cycle, later stage in the construction cycle. They then deliver in our Q3, which ends July 31, as our client looks to get into their home ahead of the school year.

所以你們現在看到的是它在2026財年中的呈現。在第二季，我們售出了不少處於施工週期較後期的樣品屋（spec），也就是施工週期的後段。它們接著會在我們的第三季交付（第三季截至7月31日），因為客戶希望在學年開始前入住。

And during Q3 and late Q2, we'll also see that we're selling some of the specs in earlier stage of construction that will then deliver in our Q4 through October 31. So there's a seasonality that will happen. As you roll forward into Q1 and Q2, I think we just have to look back to what you saw from us in fiscal 2026 in terms of expectations better.

而在第三季以及第二季後段，我們也會看到我們售出一些處於施工較早期階段的樣品屋（spec），這些將在我們的第四季（截至10月31日）交付。因此會出現這樣的季節性。當你往第一季與第二季推進時，我認為我們只能回頭看你在2026財年看到的表現，來更好地形成預期。

Okay. So let me just clean that up -- cleanup my question a little bit, if I could then. Gregg, I understand that there are seasonal aspects, but there's obviously also changing -- changes in the market and selling conditions as we have in an unpredictable manner. And really, what I'm trying to figure out is, if you take out the seasonal, the normal seasonal kind of effects, I'm really trying to get at whether or not the 4Q number is in your view, sort of a sort of a normal 4Q kind of distribution of closings with the mix of BPO versus specs -- an early-stage specs and the geographic and all that. That's what I'm really trying to get a sense for is 4Q in your view, kind of a normalized 4Q kind of level, taking seasonality into account. Yeah, so that's basically the question that I had.

好的。那我再把我的問題稍微整理一下——如果可以的話。Gregg，我理解有季節性因素，但顯然市場與銷售條件也會以不可預測的方式變動。我真正想釐清的是：如果把季節性、正常的季節性影響拿掉，我想了解第四季這個數字在你看來，是否就是一個正常第四季的交屋分布——包含BPO相對於樣品屋（spec）的組合、早期樣品屋，以及地理區域等等。我想掌握的是：在把季節性納入考量後，第四季在你看來是否屬於一個正常化的第四季水準。對，這基本上就是我的問題。

Yeah, Steve, I think you have it right.

是的，Steve，我認為你理解得沒錯。

John Lovallo, UBS.

John Lovallo，UBS。

Hey, guys, good morning. This is Spencer Kaufman on for John. I appreciate the questions. Maybe to start, most of the builders this earnings season ended up taking down their delivery outlooks for the year, while you guys slightly raised yours. And I was just curious if you thought this was more of a function of your buyer being a little bit more insulated from some of the volatility in rates and not as concerned about their financial situation or were you just being a little bit conservative earlier in the year? How should we sort of think about the slight raise there?

嗨，各位，早安。我是代替John的Spencer Kaufman。感謝讓我提問。也許先從這裡開始：這個財報季大多數建商都下調了今年的交付展望，但你們卻小幅上調。我想了解你們是否認為這更多是因為你們的買方相對更能隔離利率波動的影響，對自身財務狀況也沒那麼擔心；還是說你們只是年初時比較保守？我們應該如何看待這次小幅上調？

Yeah. Thanks for the question. I think you're right on this last point. It is definitely this luxury segment of the market, which we mentioned is about 60% of our revenue is doing better. So that feels better right now, our performance so far in the first half where we've done well and the visibility into our backlog for the back half, I think coupled with the acquisition of Buffington which was a modest improvement in units for the year gave us the confidence to raise our settlement guidance.

是的。謝謝你的問題。我想你最後那點說得對。確實是豪宅市場這個區隔（我們提到約占營收60%）表現更好。所以目前感覺更好；我們上半年表現不錯，以及對下半年在手訂單（backlog）的能見度，我認為再加上收購Buffington（使今年的戶數有小幅提升），讓我們有信心上調交屋結算（settlement）指引。

Okay. Understood. And maybe just thinking about the share repurchase target for this year, $650 million. What is your appetite to maybe do a little bit more than that, just given where the stock is currently trading and strength of your balance sheet?

好的。了解。另外想問一下今年的庫藏股回購目標是6.5億美元。考量到目前股價的交易水準以及你們資產負債表的強勁，你們對於可能做得比這個更多的意願如何？

Hey, it's Gregg. Yeah, we're not prepared to change our guidance. We just reaffirmed it at $650 million. But of course, we tend to do more in the second half of the year. And so we will be paying close attention as we exit our blackout period in terms of how much we want to do.

嗨，我是Gregg。是的，我們目前不打算調整我們的指引。我們剛剛重申了6.5億美元。但當然，我們通常會在下半年做得更多。因此，當我們結束禁售期（blackout period）後，我們會密切關注我們想要執行的回購規模。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

Hi, good morning. Thanks for taking my questions. How many -- when you look at your backlog, how many of the homes that are in your backlog today do you expect to deliver in fiscal '26 versus what's going to fall in fiscal '27? And I guess that's sort of another way in the second half, delivery guide, what is yet to be sold?

嗨，早安。謝謝讓我提問。當你們看待目前的積壓訂單（backlog）時，今天在積壓訂單裡的房屋，你們預期有多少會在 2026 財年交付，多少會落在 2027 財年？我想這也是另一種問法：在下半年交付指引中，還有多少是尚未售出的？

Yeah, Rafe, thanks for the question. The answer is about 4,100 of our backlog of about 5,400 we expect to close in the back half of 2026. So that implies when you put together the updated full year guidance, you need about 2,000 specs to both sell and settle in the back half. That's what's informing our guide.

是的，Rafe，謝謝你的問題。答案是：在我們約 5,400 戶的積壓訂單中，約有 4,100 戶預期會在 2026 年下半年完成交屋（close）。因此，當你把更新後的全年指引放在一起看，下半年你需要大約 2,000 戶樣品屋（spec homes）同時完成銷售並交屋。這就是我們指引的依據。

Thank you. That's really helpful. And then you mentioned earlier that stick and brick costs were flattish sequentially even though there's been some increase in lumber, obviously, seeing a lot of price increases announcements and diesel costs are up. How are you thinking about sticking brick through the sort of balance of the year or even out into '27, were all the homes you're starting today are going to get actually delivered? What are you sort of expecting in terms of inflation and your ability to push back?

謝謝。這真的很有幫助。另外你先前提到，儘管木材價格有所上升，而且顯然看到很多漲價公告、柴油成本也上升，但木作與砌磚（stick and brick）成本環比大致持平。你們如何看待今年剩餘期間、甚至延伸到 2027 年的木作與砌磚成本走勢——也就是今天開工的房子實際交付時？你們對通膨以及你們能否把成本壓回去（push back）的預期是什麼？

Yeah, Rafe, I think the full year guide, we still -- we have a high level of confidence, the vast majority of those homes as we just outlined for you are well underway, and our teams have done a great job keeping our costs flat. And even as our commentary implied down in a lot of circumstances to offset some of the lumber prices. So we've seen very modest impacts, if any, from tariffs. We are hearing about some of the oil and fuel surcharges, but we have been able to find them off to this point. So too early to tell you how it's going to impact 2027, but we remain confident in our guide in '26.

是的，Rafe，我認為就全年指引而言，我們仍然——我們非常有信心；正如我們剛才為你說明的，絕大多數房屋都已經在順利推進中，而我們的團隊在維持成本持平方面做得非常好。而且如我們的評論所暗示，在很多情況下甚至還能下降，以抵消部分木材價格上漲。所以我們看到關稅帶來的影響非常有限（如果有的話）。我們確實聽到一些石油與燃料附加費的消息，但截至目前我們都能把它們抵消掉。因此現在要判斷對 2027 年的影響還太早，但我們對 2026 年的指引仍然有信心。

Sam Reid, Wells Fargo.

Sam Reid，富國銀行。

Thanks so much guys. I wanted to touch on the incentive bucket first. obviously done quite well, keeping that at 8% for the past four consecutive quarters. Just wanting to dig a little deeper on that. Are there any changes in the composition of those incentives within that 8%. One of your peers, I know, is doing more forward commitments on some of their move-up homes. Just curious if you're doing something similar on some of your later-stage specs. I just love some more context on that 8% incentive load.

非常感謝，各位。我想先談談優惠（incentive）這一塊。你們做得很不錯，過去連續四個季度都把它維持在 8%。我想再深入一點了解。在這 8% 之內，這些優惠的組成是否有任何變化？我知道你們有一家同業在部分換屋型（move-up）產品上做了更多的遠期承諾（forward commitments）。想請教你們是否也在一些後期階段的樣品屋（later-stage specs）上做類似的事。我很希望能多一些關於這 8% 優惠負擔（incentive load）的背景。

Hey, Sam, it's Karl. Good question. On the forward commitment and the mortgage programs, I think we've outlined for this group before. We offer these programs. If you were to head to our website today, you would see a rate program. It's great for traffic. We don't see a lot of scale come from those programs. And I think it speaks to our customer, again, not necessarily being those programs to qualify to move into these homes. They're making this decision by choice.

嗨，Sam，我是 Karl。好問題。關於遠期承諾與房貸方案，我想我們之前已經對這個群體說明過。我們有提供這些方案。如果你今天到我們網站，你會看到一個利率方案。它對帶動來客（traffic）很有幫助。但我們沒有看到這些方案帶來很大的規模。我想這也反映了我們的客戶——再次強調，他們不一定是靠這些方案才有資格搬進這些房子。他們是出於選擇而做這個決定。

We're really proud that the incentive has remained consistent. Our build-to-order margin is meaningful lower -- meaningfully lower than the 8%. It's -- over the years has been in that 3% to 5% range. And so our QMI business, and it evolves quarter-to-quarter depending on the mix of QMIs what stage they're sold at, but they are a few basis points higher -- a few hundred basis points higher than the 8%, and it's allowed us to be consistent here.

我們對優惠能維持一致性感到非常自豪。我們的按單建造（build-to-order）毛利率明顯低於 8%——也就是顯著低於 8%。多年來大約落在 3% 到 5% 的區間。因此，我們的 QMI 業務會隨季度而變、取決於 QMI 的組合以及在什麼階段售出；但它通常會比 8% 高幾個基點——高幾百個基點，這讓我們能在這裡保持一致。

All makes sense. I'm glad to hear the consistency. Maybe switching gears on the selling costs. I picked up in the prepared remarks that, that was one of the reasons why SG&A came in better than expected. Maybe just unpack that a little bit more, any differences in terms of inside commissions, outside commissions, broker attach we should be mindful of? Thanks.

都很合理。很高興聽到你們的穩定性。換個話題談銷售費用。我在事先準備的講稿裡注意到，這是 SG&A 優於預期的原因之一。能否再多拆解一下：在內部佣金、外部佣金、以及經紀商附掛（broker attach）方面，有沒有什麼差異是我們需要留意的？謝謝。

Yeah. Hey, Sam, it's Gregg. Yeah, for Q2, our SG&A was a bit lower. We did call out our sales -- our SG&A is having some different factors in there. And generally, we'd say, on the advertising side, we showed a lot of discipline there to cut some costs. And then on the outside broker commissions, that rate came down just a little bit.

好的。嗨，Sam，我是 Gregg。是的，在第二季，我們的 SG&A 稍微低一些。我們確實提到銷售——我們的 SG&A 裡面有一些不同因素。一般來說，在廣告方面，我們展現了很強的紀律，削減了一些成本。另外在外部經紀商佣金方面，那個比率也小幅下降了一點。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

Thanks for taking my question. Good morning, everyone and congrats on the results. First, and I apologize if I missed this more broadly, but the Buffington acquisition, I was wondering if you could go through some of the key stats there about annual closings ASP and land position in terms of the lots that you were able to acquire or control additional lots. And I guess with the midpoint I believe, 50 closings raise for the full year guidance if that kind of squares with Buffington's contribution?

謝謝讓我提問。各位早安，並恭喜這次的成果。首先，如果我在更廣泛的內容中漏聽了先說聲抱歉；關於收購 Buffington，我想請你們說明一些關鍵數據：年度交屋量、平均售價（ASP），以及土地部位——就你們能夠收購或控制的地塊（lots）與額外可控制地塊而言。另外我想，以中位數來看，我相信全年指引把交屋量上調了 50 戶，這是否與 Buffington 的貢獻相符？

Yeah. Thanks, Mike. I'll just say again, we're super happy to have met this team and worked with them to complete this acquisition. They are the luxury builder in Northwest Arkansas. So it's just a perfect fit for us. The acquisition, I'll give you some of the details. It's approximately 1,500 lots that are in their pipeline. This is a group that builds like us at quite a range from the [$400,000] up to over $1 million. As it relates to anticipated settlements, I think 50 this year is probably a good number. That could vary, it could be a little less, could be a little more, but we felt good. Buffington was part of that decision to raise the full year settlement guide.

是的。謝謝，Mike。我再說一次，我們非常高興能認識這個團隊，並與他們合作完成這次收購。他們是阿肯色州西北部的豪宅建商。所以對我們來說是非常完美的契合。關於這次收購，我提供一些細節。他們的開發管線（pipeline）大約有 1,500 個地塊（lots）。這個團隊跟我們一樣，產品價格帶很廣，從約 [400,000 美元] 到超過 100 萬美元。至於預期交屋（settlements），我認為今年 50 戶大概是個不錯的數字。這可能會有變動，可能少一點，也可能多一點，但我們覺得這個估計合理。Buffington 也是我們決定上調全年交屋指引的一部分原因。

Great. No, that makes sense, and appreciate the details there. Secondly, the lower selling costs, I just wanted to follow up on that question. I guess, curious on two things. First, of the 40 bps beat, if I think of it roughly equally split between leverage and these less advertising and lower outside brokerage?

很好。是的，這很合理，也謝謝你提供這些細節。第二點，關於較低的銷售費用，我想跟進一下這個問題。我主要好奇兩件事。首先，就 40 個基點（bps）的優於預期而言，如果我粗略地把它看作是一半來自槓桿效應（leverage），另一半來自較少的廣告與較低的外部經紀費，這樣理解對嗎？

And secondly, on slightly less advertising and lower outside brokerage, is that something that we could expect to continue or maybe even increase over the next 12 to 18 months? And specifically, I'm wondering if it's in some ways reflective of a market that's stabilizing in your view and maybe requires less dollars or resources to generate the same amount of incoming orders.

第二，關於廣告略少與外部經紀費較低，這是否是我們在未來 12 到 18 個月可以預期會持續、甚至可能進一步改善的趨勢？更具體地說，我想知道這是否在某種程度上反映了你們認為市場正在趨於穩定，因此要產生同樣數量的新訂單，所需投入的資金或資源更少。

Hey, Mike, it's Doug. Here's an easy answer. Yes, in all regards, we are more efficient. And we're very encouraged by what our marketing group can do to continue to drive sales and what has been a bit of a difficult market. So yes, we're excited for where this is headed.

嗨，Mike，我是 Doug。這裡有個簡單的答案。是的，各方面都是如此，我們更有效率了。而且我們對行銷團隊在相對艱難的市場中仍能持續推動銷售的能力感到非常鼓舞。所以是的，我們對接下來的發展方向感到很興奮。

Trevor Allinson, Wolfe Research.

Trevor Allinson，Wolfe Research。

Hi, good morning. Thanks for taking my questions. I want to ask a follow-up on M&A following your purchase of Buffington Homes in Arkansas. What other markets rank high on your priority list for entry? And then can you talk broadly about your appetite for additional M&A and current environment?

嗨，早安。謝謝讓我提問。我想就你們在阿肯色州收購 Buffington Homes 之後的併購再追問一下。還有哪些市場在你們優先進入的名單上排名靠前？另外，你能否更廣泛談談你們對進一步併購的意願，以及目前的環境？

Hey, Trevor, it's Karl. We've done an incredible job. I think with Doug's leadership over the last 10 years of dotting the map. We're very, very happy with our geography. And excited that we think we can be bigger and have a higher market ranking in a lot of these places, which we're doing every year with our community count growth.

嗨，Trevor，我是 Karl。我們做得非常出色。我認為在 Doug 過去 10 年的領導下，我們把版圖一點一滴地鋪開。我們對目前的地理布局非常、非常滿意。而且我們也很興奮，因為我們認為在許多地方我們可以做得更大、取得更高的市場排名；我們每年透過社區數量的成長都在做到這一點。

To your question about the remaining spots on the map. There are parts of the Midwest where we don't have a footprint today, Indianapolis, Minneapolis are two spots that come to mind. And again, the places we can be much bigger than we are. I think we'll continue to do this type of acquisition like you saw with Buffington in Northwest Arkansas.

回到你問的版圖上剩下的空白點。中西部有些地區我們目前還沒有據點，例如印第安納波利斯、明尼阿波利斯，這兩個地方首先浮現在腦海。另外還有一些地方，我們可以做得比現在大得多。我想我們會持續進行你在阿肯色州西北部 Buffington 那種型態的收購。

We've now done 16 acquisitions over the last 32 years. They've all been [buffer] the exception of Shapell, which is a really incredible transformational acquisition. The rest have been about this size, these bolt-on good fit, strategic acquisitions, that will remain our focus. I don't anticipate any transformative M&A in the near term.

過去 32 年我們已完成 16 起收購。除了 Shapell 之外，它是一筆非常了不起、具轉型意義的收購；其餘大多是這種規模的收購：屬於加掛式（bolt-on）、契合度高、具策略性的收購，這仍將是我們的重點。我不預期短期內會有任何轉型型的併購。

Okay. Makes sense. Thanks for that, Karl. And then second question is just following up on the commentary about selling specs earlier in the construction process. Does the volatility in mortgage rates we've seen recently impact your ability, just given the uncertainty that it creates for the consumer to continue to sell earlier in the construction cycle? Or are you still finding success in that initiative here over the last several weeks, even with rates moving around quite a bit? Thanks.

好的。有道理。謝謝你，Karl。第二個問題是延續你們先前提到在施工更早階段出售樣品屋（spec）的評論。我們最近看到房貸利率波動，這種波動帶來的消費者不確定性，是否會影響你們在施工週期更早階段持續銷售的能力？或者即使利率大幅上下波動，過去幾週你們在這項策略上仍然進展順利？謝謝。

Trevor, the rates have not had an impact in that regard at all. We really like how we've been able to build this business to offer these specs at various stages of construction and still offer choice. And at least for our consumer at our price point, we're not seeing the recent rate sensitivity changing those dynamics.

Trevor，就這一點而言，利率完全沒有造成影響。我們很喜歡我們打造出的這種營運模式：在施工的不同階段提供這些樣品屋（spec），同時仍能提供選擇。至少以我們這個價位帶的客戶來看，我們沒有看到近期的利率敏感度改變這些動態。

And Trevor, let me weigh in here, and it relates back to Steve Kim's question on Q4 margin and what we can read into that for '27 and beyond. As Karl mentioned earlier in his prepared comments, we have been working hard on reducing our finished spec count. We took it down 28% through a lot of hard work, and it did require some more incentives, as we've talked about, finished homes ready to deliver in this environment for all builders is requiring in many markets more incentives because of those market dynamics out there, not everywhere, but in many markets.

Trevor，我也補充一下，這也呼應 Steve Kim 關於第四季毛利率的問題，以及我們能從中對 2027 年及之後讀出什麼。如 Karl 先前在準備好的發言中提到，我們一直努力降低已完工樣品屋（finished spec）的數量。我們透過大量努力把它降低了 28%，而這確實需要更多的促銷激勵；正如我們談過的，在目前這個環境下，對所有建商而言，在許多市場要銷售已完工、可交付的房屋都需要更多激勵，這是因為外部市場動態所致——不是每個地方都如此，但在許多市場是這樣。

And we are delighted that we were able to bring the finished spec count down by 28%, taking it from 2.8 finished homes per community to 2. With those added incentives with that initiative, and still be gross margin guide. And I compliment the team for doing that. We are now in a much better position at 2 specs per community.

我們很高興能把已完工樣品屋數量降低 28%，也就是把每個社區的已完工房屋從 2.8 戶降到 2 戶。在推動這項措施並增加激勵的同時，我們仍能達成毛利率指引。我也要稱讚團隊做到這點。目前每個社區 2 戶樣品屋，讓我們處於更好的位置。

And I think now we're very focused, even if we have to incentivize a little more to sell a home early in construction, it's better to do to that, have enough time for the client to go to the design studio spend a bunch of money there, which is highly accretive. Our design studios run at a 40-plus gross margin. So it's better to throw a little more incentive early and wait for the house to get to the end to have a bigger incentive and not have the accretion coming out of the design studio. And we're in a really good place right now.

我認為現在我們非常專注：即使為了在施工早期賣出房子而需要多給一點激勵，這也更划算，因為客戶有足夠時間去設計中心加購、花更多錢，而這對我們的獲利貢獻非常高。我們的設計中心毛利率在 40% 以上。因此，與其等到房子接近完工才用更大的激勵去賣、同時又拿不到設計中心帶來的增益，不如在早期多給一點激勵。而我們目前的狀態非常好。

We also have more luxury move-up. Our entire business, of course, is luxury, even the first-time, our first-time homes are $700,000, $800,000. People do go even then and spend money in the design studio, but the move-up luxury, which is doing really well. We're seeing more and more deals for move up. We're focused more and more on move up. And when you combine that as a business in really good shape with high margin with good deal flow and less finished specs in our communities and more focus on selling them earlier, I think what you're seeing coming out of Q4, without any guide for '27 and beyond is somewhat indicative of where this business now sits longer term.

我們也有更多高端換屋（move-up）產品。當然，我們整體業務都是高端住宅；即便是首購族，我們的首購房也要 70 萬、80 萬美元。即便如此，客戶也會去設計中心加購，但高端換屋這一塊表現非常好。我們看到越來越多換屋客的成交。我們也越來越聚焦在換屋客。當你把這些因素結合起來——業務體質良好、毛利率高、成交動能佳、社區內已完工樣品屋更少、並更專注於在更早階段售出——我認為你在第四季看到的表現，即使我們沒有對 2027 年及之後提供任何指引，也在某種程度上反映了這項業務長期所處的位置。

Alan Ratner, Zelman.

Alan Ratner，Zelman。

Hey, guys, good morning. Congrats on a really strong quarter in a tough environment. Karl, my question just on some of your market color. I would love to dig in a little bit more on a couple of callouts you made in Austin and Florida being some of your relative bright spots in the quarter. And those are two areas that I think have been more challenging over the last several years coming out of the pandemic. And I'm just curious if you feel like the relative strength you're seeing there is more company specific, maybe based on your product positioning or communities or pricing strategy, or do you feel like both Florida and Austin might have hit an inflection point from a broader market perspective and conditions seem to be stabilizing there across the board?

嗨，各位，早安。在艱難的環境下，恭喜你們交出非常強勁的一季。Karl，我的問題是關於你對一些市場狀況的說明。我想更深入了解你提到奧斯汀與佛羅里達是本季相對亮點的幾個重點。而這兩個地區在疫情後的過去幾年，我認為相對更具挑戰。我想請教，你們在那裡看到的相對強勢，更多是公司自身因素（例如產品定位、社區布局或定價策略）所致？還是你認為佛羅里達與奧斯汀從更廣泛的市場角度來看可能已到達拐點，整體狀況似乎正在趨於穩定？

Yeah. Thank you, Alan. I think the answer is maybe a little bit of both, but I want to talk to you about those two markets, and I'll be able to tell you some stories about what we do and why we think it's working well for us right now.

是的。謝謝你，Alan。我想答案可能兩者都有一些，但我想跟你談談這兩個市場，我也可以分享一些我們怎麼做、以及為什麼我們認為目前對我們很有效的故事。

In Florida, you have heard, I think, from the group of builders that things have firmed up a bit. Inventories have come down. But we have some exceptional locations, and it's because we are willing to build luxury homes this move-up segment of our business at scale. And I touched about -- I touched on it a little bit in the prepared remarks, that is a smaller table of bidders when that land is purchased because fewer builders want the business from $2 million to $3 million, as example, in West Palm Beach in Florida. We opened a community there late last year, selling homes at about $3 million on average at about 2 a month and we have gross margins there in the low 30s. And that's one of many examples like that today in Florida.

在佛羅里達，我想你已經從一群建商那裡聽到，市場確實稍微轉強了一些。庫存已經下降。但我們擁有一些非常出色的地點，原因在於我們願意以規模化方式在我們的換屋業務區塊興建高端住宅。我在準備好的發言中也稍微提到：當我們購買那類土地時，競標者的桌子會比較小，因為較少建商願意做 200 萬到 300 萬美元這個價位帶的生意；以佛羅里達西棕櫚灘為例。我們去年底在那裡開了一個社區，房屋平均售價約 300 萬美元，每月大約賣 2 戶，毛利率在 30% 出頭。而這只是目前佛州眾多類似案例之一。

In Austin, I think it's maybe even a better story. That is a market where the headlines certainly would lead you to believe it's soft. And we've had an exceptional quarter and really first half in Austin, a credit to that team. We opened a community Allen in the Brushy Creek area, which is North Austin, almost $1.5 million average sales price. And this is a community that's opened up with almost no new home competition within the zip code and school district.

在奧斯汀，我認為故事可能更精彩。那是一個從新聞標題看起來肯定會讓你覺得偏疲弱的市場。但我們在奧斯汀交出非常出色的一季，甚至上半年都很強，這要歸功於那個團隊。Alan，我們在 Brushy Creek 區域（北奧斯汀）開了一個社區，平均售價接近 150 萬美元。而這個社區開盤時，在同一個郵遞區號與學區內幾乎沒有新的新屋競爭。

Again, not a unique characteristic for what we do. And that is also producing gross margins in the low 30s. So I think both of those markets might be seeing green shoots from all builders. But specifically, what we do and what we do well is performing better, and it's creating this contrast from our peers.

同樣地，這也不是我們所做之事的獨特特徵。而且這也帶來了約在30%出頭的毛利率。所以我認為這兩個市場可能都正在看到來自所有建商的復甦跡象。但具體而言，我們所做的、以及我們擅長的表現更好，並且因此與同業形成了對比。

That's really helpful color. I appreciate that. Second question on land banking. you brought that up in your prepared comments. And just looking at your share of control lots, 58%, obviously, up quite a bit over the last four or five years. Are you able to drill and deeper and quantify exactly what percentage of your portfolio is land banked? And has that been increasing significantly over the last year or two? I guess there's obviously a lot of focus on whether the higher costs associated with land banking are going to start to filter through to build our margins. And I'm curious if you feel like there's any mix headwind associated with that coming up in the future.

這些補充說明非常有幫助。我很感謝。第二個問題是關於土地銀行（land banking）。你在事先準備的評論中提到了這點。而且從你們受控地塊（control lots）的占比來看是58%，顯然在過去四、五年大幅上升。你們能否再更深入一些，量化你們投資組合中究竟有多少比例是透過土地銀行安排的？而且在過去一兩年是否顯著增加？我想市場顯然很關注土地銀行相關的較高成本，是否會開始反映到我們的建造毛利率上。我也想了解你是否認為未來會有任何因組合（mix）而產生的逆風。

Yeah, Alan, about 20% of our revenue this year is going to come from communities that were land banked. As you look into our pipeline of lots, about 30% of those are either optioned or land bank -- I'm sorry, 30% of the option lots are land bank. So it's likely to move up modestly. I think -- and again, we laid it out in the script because of the nature of the land that we buy, our first turn is to work with sellers to get seller financing or some other favorable structures instead of turning to the land banking market first.

是的，Alan，今年我們大約20%的營收將來自於曾透過土地銀行安排的社區。再看我們的地塊管線，大約30%是屬於選擇權（optioned）或土地銀行——抱歉，更正一下，選擇權地塊中約30%是土地銀行。所以這個比例很可能會小幅上升。我認為——而且我們也在講稿中說明了——基於我們購買土地的性質，我們的第一選擇是與賣方合作，爭取賣方融資或其他更有利的結構，而不是一開始就轉向土地銀行市場。

This guy sitting next to me, Doug, has told us over the years the importance of balancing margin with returns. And so we continue to execute on that well. And with the deal flow we see and the opportunities to structure them with sellers, this 20% to 30% for the future feels about right.

坐在我旁邊的這位Doug，多年來一直告訴我們，在毛利率與報酬之間取得平衡的重要性。因此我們持續把這件事執行得很好。以我們看到的案源（deal flow）以及與賣方進行結構設計的機會來看，未來維持在20%到30%這個區間感覺是合理的。

Jay McCanless, Citizens.

Citizens的Jay McCanless。

Hey. Good morning, everyone. Doug, if you could talk a little more about some of the deal flow you're seeing in luxury move-up and -- is that deal flow getting better as some of these smaller builders are either falling by the wayside or can't get the capital to take those deals down.

嗨。各位早安。Doug，你能否再多談一些你們在高端換屋（luxury move-up）方面看到的案源——隨著一些較小的建商不是逐漸退出，就是無法取得資金來承接這些案子，這些案源是否正在變得更好？

Yes. You described it exactly right. Our business was built on move-up luxury, and we did a great job in the last decade of widening geographies and widening price points and products. We talk about we go from $400,000 to $10 million. We have over 40 design studios that serve all of our clients, where they can go in and spend a couple of hundred thousand dollars on all the beautiful finishes. And so the core move-up business where the buyers are more affluent. They have equity in their homes. They've done well in the stock market. They have job security and wage growth.

是的。你描述得完全正確。我們的業務是以高端換屋為基礎建立起來的，而在過去十年我們也很成功地擴大了地理布局，並拓展了價格帶與產品線。我們常說我們的產品從40萬美元到1,000萬美元都有。我們有超過40間設計工作室服務所有客戶，客戶可以到那裡選購各種精美的裝修，花上二、三十萬美元。因此核心的換屋業務，其買家更為富裕。他們在自住房屋上有資產淨值（equity）。他們在股市表現也不錯。他們有工作保障與薪資成長。

They are primed to continue to feed that core business, which, again, is about 60% of what we do. And so our land teams, while always focused on move-up have been charged in the last few years, okay, thanks, guys. You did a great job of finding luxury first time. You did a great job of finding luxury move down. Now let's double down on the core business, which is highly profitable, has a great demographic and affluent fire profile.

他們已準備好持續支撐這項核心業務，而這項核心業務再次強調，大約占我們業務的60%。因此我們的土地團隊，雖然一直都聚焦在換屋市場，但在過去幾年也被要求：好，謝謝各位。你們在尋找高端首購（luxury first time）方面做得很棒。你們在尋找高端換小（luxury move down）方面也做得很棒。現在讓我們加倍投入核心業務——這個業務獲利能力很強，人口結構優勢明顯，而且客群富裕、購買力強。

And so the combination of our internal effort to focus those teams even more than ever, with, as you described, good deal flow with less competition because the corner in Main in Main, they tend to be very nuanced deals and difficult towns that are complicated to get entitled the land planning, the creativity that may have to go into a piece, that is a unique piece and not the next farm down the road. These are all the pieces of expertise that we bring, and we have the cash, so we can distinguish ourselves in the land buying, and we're seeing more and more of those opportunities, and we're very excited about it.

因此，一方面是我們內部更聚焦、比以往更專注地推動這些團隊；另一方面如你所說，因競爭減少而帶來更好的案源，因為位於主要路口、主要地段的案子往往非常細緻（nuanced），而且在一些複雜的城鎮中很難推進取得開發許可（entitled）；土地規劃、以及可能需要投入到某塊獨特地塊上的創意——它不是路邊下一塊普通農地。這些都是我們帶來的專業能力；而且我們有現金，因此在購地上能夠脫穎而出。我們看到這類機會越來越多，對此非常興奮。

Okay. That's great. Thank you, Doug. And then the second question I had, we saw on Monday from the NHB, it looks like builder confidence had a nice jump. Traffic had a nice jump. I think you guys talked about it, what you've seen in May already. But I guess, is that -- with the builder confidence in the traffic numbers, is that in line with what you guys are seeing? And is it pretty well spread nationally?

好的。很棒。謝謝你，Doug。我第二個問題是，我們週一看到NAHB的數據，似乎建商信心有明顯上升。來客量（traffic）也有不錯的跳升。我想你們也談到了你們在5月目前看到的情況。但我想問的是——就建商信心與來客量數據而言，是否與你們所看到的情況一致？而且這是否在全國範圍內分布得相當廣泛？

Yeah Jay, I think it's still too early to tell. I'd lean back into the commentary that we've seen May has looked a lot like April. April was the strongest month in the quarter. Traffic, (inaudible) and foot traffic are up on a year-over-year basis, but in line with last or on a per community basis.

是的，Jay，我認為現在下結論仍然太早。我會回到我們的評論：我們看到5月的表現很像4月。4月是本季度最強的一個月。來客量、（聽不清）以及現場到訪人流（foot traffic）以年增（year-over-year）來看是上升的，但與上一期相比大致一致，或以每個社區（per community）來看大致持平。

This concludes our question-and-answer session. I would like to turn it back over to management for any closing remarks.

我們的問答環節到此結束。我想把時間交回管理層，請問是否有任何結語。

Thank you, Bailey. You were terrific. Thanks, everyone, for your interest and great questions. Karl and Gregg and the entire team are always here to accommodate you with any individual questions or follow-up you may have. Have a wonderful Memorial Day weekend, and we look forward to continuing our dialogue about our great company. Thanks so much. Take care.

謝謝你，Bailey。你表現得非常出色。也謝謝各位的關注與精彩提問。Karl、Gregg以及整個團隊都隨時在此，若各位有任何個別問題或需要後續追蹤，我們都很樂意配合。祝各位有個愉快的國殤日（Memorial Day）週末，我們也期待持續就我們這家優秀的公司與各位交流。非常感謝。保重。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。