Tri Pointe Homes Inc (Delaware) (TPH) 2024 Q4 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the Tri Pointe Homes fourth-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，早安，歡迎參加 Tri Pointe Homes 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, David Lee, General Counsel of Tri Pointe Homes. Please go ahead.

現在我很高興介紹您的主持人，Tri Pointe Homes 的總法律顧問 David Lee。請繼續。

Good morning, and welcome to Tri Pointe Homes earnings conference call. Earlier this morning, the company released its financial results for the fourth quarter of 2024. Documents detailing these results, including a slide deck, are available at www.tripointehomes.com through the Investors link and under the Events and Presentations tab.

早安，歡迎參加 Tri Pointe Homes 收益電話會議。今天早些時候，該公司公佈了2024年第四季的財務業績。詳細介紹這些結果的文件（包括投影片）可透過 www.tripointehomes.com 上的「投資者」連結和「活動與簡報」標籤取得。

Before the call begins, I would like to remind everyone that certain statements made on this call which are not historical facts, including statements concerning future financial and operating performance, are forward-looking statements that involve risks and uncertainties. A discussion of risks and uncertainties and other factors that could cause actual results to differ materially are detailed in the company's SEC filings.

在電話會議開始之前，我想提醒大家，本次電話會議中所做的某些陳述並非歷史事實，包括有關未來財務和經營績效的陳述，都是涉及風險和不確定性的前瞻性陳述。有關風險、不確定性以及其他可能導致實際結果大不相同的因素的討論已在公司的美國證券交易委員會文件中詳細說明。

Except as required by law, the company undertakes no duty to update these forward-looking statements. Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most comparable GAAP measures can be accessed through Tri Pointe's website and in its SEC filings.

除法律要求外，本公司不承擔更新這些前瞻性聲明的義務。此外，本次電話會議上討論的非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳表可透過 Tri Pointe 的網站及其提交給美國證券交易委員會 (SEC) 的文件查閱。

Hosting the call today are Doug Bauer, the company's Chief Executive Officer; Glenn Keeler, the company's Chief Financial Officer; Tom Mitchell, the company's President and Chief Operating Officer; and Linda Mamet, the company's Executive Vice President and Chief Marketing Officer.

今天主持電話會議的是公司執行長 Doug Bauer；該公司財務長 Glenn Keeler；公司總裁兼營運長湯姆米切爾 (Tom Mitchell)；以及公司執行副總裁兼首席行銷長琳達馬梅（Linda Mamet）。

With that, I will now turn the call over to Doug.

說完這些，我現在將電話轉給 Doug。

Good morning, everyone, and thank you for joining us today. I am very pleased to report that Tri Pointe delivered a strong fourth quarter, capping off an exceptional year for our company. In the fourth quarter, we delivered 1,748 new homes, generating $1.2 billion in home sales revenue. Our homebuilding gross margin improved 40 basis points year over year to 23.3%. SG&A as a percentage of home sales revenue was 10.3%, contributing to a pretax margin of 14%. This generated $129 million of net income or $1.37 per diluted share during the quarter.

大家早安，感謝大家今天的參與。我很高興地報告，Tri Pointe 第四季業績表現強勁，為我們公司不平凡的一年畫上了圓滿的句號。第四季度，我們交付了 1,748 套新房，創造了 12 億美元的房屋銷售收入。我們的住宅建築毛利率年增 40 個基點，達到 23.3%。銷售、一般及行政費用佔房屋銷售收入的 10.3%，稅前利潤率為 14%。本季產生了 1.29 億美元的淨收入或每股 1.37 美元的攤薄收入。

These strong fourth-quarter results contributed to an outstanding 2024 for Tri Pointe. We delivered a record high 6,460 new homes. Our full-year homebuilding gross margin was 23.3%, and net income was $458 million or $4.83 per diluted share, representing a 40% increase year over year. We also achieved record operating cash flows, redeemed $450 million of senior notes, and finished the year with the strongest balance sheet and liquidity in our history.

強勁的第四季業績為 Tri Pointe 2024 年的出色表現做出了貢獻。我們交付了 6,460 套新房，創歷史新高。我們全年住宅建築毛利率為 23.3%，淨收入為 4.58 億美元，即每股稀釋收益 4.83 美元，年增 40%。我們也實現了創紀錄的營運現金流，贖回了 4.5 億美元的優先票據，並以歷史上最強勁的資產負債表和流動性結束了這一財年。

We continue down our path to geographic diversification in our growth markets with significant gains in Texas, where we achieved a 60% increase in deliveries in 2024 while accomplishing a 11% increase in the Carolinas. We expect to continue that momentum with our new start-up divisions in Salt Lake City, Orlando, and the Coastal Carolinas.

我們繼續在成長市場中實現地理多元化，其中德克薩斯州取得了顯著增長，2024 年我們的交付量增長了 60%，而卡羅來納州的交付量增長了 11%。我們希望透過在鹽湖城、奧蘭多和卡羅來納海岸地區建立新的新創部門來延續這一勢頭。

For 2024, we achieved a return on average equity of 14.5%, a 270-basis point improvement over the previous year. Through these strong results and our disciplined capital allocation, including the repurchase of 4 million in shares outstanding via our repurchase program, we increased year-over-year book value per share by 14.5%.

2024 年，我們實現的平均股本回報率為 14.5%，比前一年提高了 270 個基點。透過這些強勁的業績和我們嚴格的資本配置，包括透過回購計畫回購 400 萬股流通股，我們每股帳面價值年增了 14.5%。

We remain committed to our share repurchases for 2025. In December, we announced a new $250 million share repurchase authorization. And in the first six weeks of 2025, we have already repurchased approximately 691,000 shares for a total spend of $25 million. Since the program's inception in 2016, we have reduced shares outstanding by 43%, a key driver of our book value per share growth. Coming off a record year of operating cash flow and all-time high liquidity, we are well positioned to continue this strategy, leveraging market opportunities to create shareholder value.

我們仍致力於 2025 年的股票回購。 12 月，我們宣布了新的 2.5 億美元股票回購授權。在 2025 年的前六週，我們已經回購了約 691,000 股，總支出為 2,500 萬美元。自 2016 年該計劃啟動以來，我們已將流通股減少了 43%，這是我們每股帳面價值成長的主要驅動力。在經歷了創紀錄的經營現金流量和歷史最高流動性之後，我們有能力繼續實施這項策略，並利用市場機會創造股東價值。

Now turning to current market dynamics. We experienced softer seasonal sales trends in the third and fourth quarter, leading to a lower backlog for the company to start 2025. Elevated mortgage rates, sticky inflation, the uncertainty around the election, and slowing job growth caused some consumers to stay on the sidelines.

現在來談談當前的市場動態。我們在第三季和第四季經歷了較弱的季節性銷售趨勢，導致該公司 2025 年初的積壓訂單減少。抵押貸款利率上升、通膨持續、選舉的不確定性以及就業成長放緩導致一些消費者保持觀望態度。

While we did increase incentives to move completed inventory in the second half of 2024, we took a measured approach and didn't chase the market. As we plan for 2025, there are additional political uncertainties that could cause consumer hesitancy and operating headwinds. Despite these macro headwinds, our communities are well located in core markets. And as a result, our strategy is to appropriately balance price and pace to enhance margin in the current market environment. So far in 2025, we have seen a pickup in demand from the fourth quarter, and we also see incentives trending lower as order momentum increases.

雖然我們確實在 2024 年下半年增加了轉移已完成庫存的激勵措施，但我們採取了謹慎的方式，並沒有追逐市場。在我們規劃 2025 年時，還存在一些額外的政治不確定性，可能會導致消費者猶豫不決和經營困難。儘管存在這些宏觀不利因素，我們的社區仍然位於核心市場。因此，我們的策略是在當前市場環境下適當平衡價格和速度以提高利潤率。到 2025 年為止，我們已經看到需求從第四季度開始回升，隨著訂單動能的增加，我們也看到激勵措施呈下降趨勢。

On the macro level, strong demographics, particularly the growing millennial and Gen Z buyer cohorts and a persistent supply shortage, continue to support long-term demand. The resilience of home prices through this softer demand environment further reinforces the strength of the market's fundamentals. Housing has been undersupplied since the global financial crisis, and we believe there are continued growth opportunities especially for public homebuilders who are well positioned to tackle higher interest rates through buydowns and other flexible financing options. We remain confident in our ability to navigate short-term demand fluctuations while staying well positioned to capitalize on the long-term growth opportunities within our markets.

從宏觀層面來看，強勁的人口結構，尤其是不斷增長的千禧世代和 Z 世代買家群體以及持續的供應短缺，繼續支撐長期需求。需求疲軟環境下房價的反彈進一步增強了市場基本面的強勁。自全球金融危機以來，住房一直供應不足，我們認為仍有持續的成長機會，特別是對於公共住宅建築商而言，他們可以透過買斷和其他靈活的融資選擇來應對更高的利率。我們對自己應對短期需求波動的能力充滿信心，同時保持有利地位，利用我們市場中的長期成長機會。

Tri Pointe is poised for growth over the next several years. We currently own or control over 36,000 lots, which is a 14% increase compared to the previous year. Our ability to self-develop communities, which represents approximately 70% of our business, creates values that should lead to strong margin and earnings from these communities. As a company, we continue to invest in our core market strategy, focusing on A locations that are close to employment, good schools, and lifestyle amenities.

Tri Pointe 預計在未來幾年內將實現成長。我們目前擁有或控制超過 36,000 個地塊，比前一年增加了 14%。我們自我開發社群的能力約占我們業務的70％，而這種能力所創造的價值應該能為這些社區帶來豐厚的利潤和收益。作為一家公司，我們將繼續投資於我們的核心市場策略，重點關注靠近就業地點、優質學校和生活便利設施的 A 區。

Our core land holdings, along with our differentiated premium brand and customer-focused strategy, allows us to attract a well-qualified and resilient buyer profile who aspires to our product, reinforcing our long-term value proposition. The maturing millennial generation ranging in age from 29 to 44 years old now represents 64% of our backlog financing with our mortgage company, Tri Pointe Connect. Our customers in backlog with Tri Pointe Connect have an average FICO scores of 753, debt-to-income ratio of 41% and average household income of $220,000. Last year, customers spent nearly $0.5 billion at our Design Studios, which was our consumers' desire for personalization and represents a strong profit center for our company.

我們的核心土地持有量，加上我們差異化的高端品牌和以客戶為中心的策略，使我們能夠吸引一批有資格、有韌性、渴望購買我們產品的買家，從而強化了我們的長期價值主張。年齡介於 29 歲至 44 歲之間，日漸成熟的千禧世代目前占我們抵押貸款公司 Tri Pointe Connect 積壓融資的 64%。Tri Pointe Connect 的積壓客戶平均 FICO 分數為 753、債務收入比為 41%、平均家庭收入為 220,000 美元。去年，顧客在我們的設計工作室花費了近 5 億美元，這是消費者對個人化的渴望，也是我們公司強大的利潤中心。

In 2025, we will continue to invest in our three new organic expansion markets, Salt Lake City, Orlando, and Coastal Carolinas. In Salt Lake, we currently own or control over 1,000 lots. We have broken ground on our first project and plan to open two new communities in 2025 with first deliveries expected in the back half of this year. In Orlando, we continue to build the team and make meaningful progress on the land front, ending the year with 252 lots owned or controlled with additional land negotiations well underway. We expect first communities and deliveries coming out of Orlando in 2026.

2025 年，我們將繼續投資三個新的有機擴張市場，分別是鹽湖城、奧蘭多和卡羅來納海岸。在鹽湖城，我們目前擁有或控制超過 1,000 個地塊。我們的第一個項目已破土動工，並計劃於 2025 年開設兩個新社區，預計首批將於今年下半年交付。在奧蘭多，我們繼續建立團隊並在土地方面取得重大進展，到今年年底，我們擁有或控制了 252 塊地塊，其他土地談判也在順利進行中。我們預計首批社區和交付將於 2026 年在奧蘭多建成。

Meanwhile, our Coastal Carolina division is ramping up operations and remains on track for deliveries beginning in 2026. Each of these markets remains highly attractive for our premium lifestyle brand, and we are leveraging expertise from our established divisions to ensure success.

同時，我們的沿海卡羅萊納分部正在加強營運力度，並預計在 2026 年開始交付。這些市場對於我們的高端生活風格品牌仍然具有極大的吸引力，我們正在利用現有部門的專業知識來確保成功。

As I conclude, I want to reaffirm that at the core of our success is our unwavering focus on creating exceptional living experiences through high-quality, innovative and desirable homes and communities. Customer satisfaction is not just a priority, it is the foundation of everything we do, as evidenced by our high referral rate with 26% of our homebuyers in 2024 referred to Tri Pointe Homes by a friend or family member.

最後，我想重申，我們成功的核心是我們堅定不移地致力於透過高品質、創新和理想的住宅和社區創造卓越的生活體驗。客戶滿意度不僅是我們的首要任務，更是我們所做一切的基礎，我們的高推薦率就證明了這一點：2024 年 26% 的購屋者是由朋友或家人推薦到 Tri Pointe Homes 的。

Furthermore, we are one of the top two homebuilders in the 2024 America's Most Trusted Homebuilder study. As the industry evolves with advances in technology, including AI, and a more dynamic digital home shopping experience, we remain committed to meeting the changing needs of our customers and delivering products and experiences that exceed their expectations.

此外，我們是 2024 年美國最值得信賴的房屋建築商研究中排名前兩位的房屋建築商之一。隨著業界隨著人工智慧等技術的進步和更具活力的數位家庭購物體驗而不斷發展，我們始終致力於滿足客戶不斷變化的需求，並提供超越他們期望的產品和體驗。

We believe our industry is well positioned, supported by the solid fundamentals of the housing market, including persistent undersupply and favorable demographics. By prioritizing the customer, we will continue driving profitable growth and maximizing long-term value for our shareholders.

我們相信，我們的產業處於有利地位，並受到房地產市場穩固基本面（包括持續的供應不足和有利的人口結構）的支撐。透過優先考慮客戶，我們將繼續推動獲利成長並最大化股東的長期價值。

With that, I will now turn the call over to Glenn. Glenn?

說完這些，我現在將電話轉給格倫。格倫？

Thanks, Doug, and good morning. I'd like to highlight some of our results for the fourth quarter and then finish my remarks with our expectations and outlook for the first quarter and full year for 2025.

謝謝，道格，早安。我想重點介紹我們第四季度的一些業績，然後以我們對 2025 年第一季和全年的預期和展望結束我的發言。

The fourth quarter produced strong financial results for the company. We delivered 1,748 homes, which was near the high end of our guidance. Home sales revenue was $1.2 billion for the quarter with an average sales price of $699,000.

第四季該公司的財務業績強勁。我們交付了 1,748 套房屋，接近我們預期的高點。本季房屋銷售收入為 12 億美元，平均銷售價格為 699,000 美元。

Gross margins were 23.3% for the quarter, right at the midpoint of our guidance, while SG&A expense as a percentage of home sales revenue was better than our guide at 10.3%. Finally, diluted EPS for the quarter was $1.37. Net new home orders in the fourth quarter were 940 with an absorption pace of 2.1 homes per community per month. Our cancellation rate on gross orders during the fourth quarter was 14%. Incentives on orders for the fourth quarter increased to 7%, largely focused on moving completed inventory in the quarter.

本季毛利率為 23.3%，正好處於我們預期的中間值，而銷售、一般及行政費用佔房屋銷售收入的百分比為 10.3%，高於我們的預期。最後，本季的稀釋每股收益為 1.37 美元。第四季淨新屋訂單為 940 套，每個社區每月的吸收量為 2.1 套。我們第四季的總訂單取消率為 14%。第四季的訂單獎勵增加至7％，主要集中在本季轉移已完成的庫存。

As Doug mentioned, we have seen some pickup in demand so far in 2025. Absorption pace from the month of January was 2.5. And so far, for the first few weeks of February, absorption pace has increased to 2.8. Average incentives on orders in 2025 have decreased to 6%.

正如 Doug 所提到的，到 2025 年為止，我們已經看到需求有所回升。一月份的吸收速度為2.5。到目前為止，2 月前幾週的吸收速度已增加至 2.8。 2025年的訂單平均誘因幅度下降至6%。

During the fourth quarter, we invested $172 million in land and land development. We ended the year with over 36,000 total lots, 54% of which are controlled via option. We own or control all of the land needed to meet our community count and delivery goals for 2025, 2026, and the majority of 2027. We ended 2024 with 145 active selling communities. For 2025, we expect to open approximately 65 communities and end with 150 to 160 active communities.

第四季度，我們在土地和土地開發方面投資了 1.72 億美元。截至年底，我們的總手數超過 36,000 手，其中 54％ 是透過選擇權控制的。我們擁有或控制實現 2025 年、2026 年以及 2027 年大部分時間的社區數量和交付目標所需的所有土地。截至 2024 年，我們擁有 145 個活躍銷售社群。到 2025 年，我們預計將開設約 65 個社區，最終活躍社區數量將達到 150 至 160 個。

Based on our strong lot position, we expect meaningful community count growth over the next several years as we grow our community count in our growth and startup markets of Utah, Texas, the Carolinas, and Florida. Looking at the balance sheet and capital spend, we ended the quarter with approximately $1.7 billion of liquidity, consisting of $970 million of cash, $694 million available under our unsecured revolving credit facility.

基於我們強大的地塊地位，隨著我們在猶他州、德克薩斯州、卡羅來納州和佛羅裡達州等成長型和初創型市場的社區數量的增加，我們預計未來幾年社區數量將實現有意義的增長。從資產負債表和資本支出來看，本季末我們的流動資金約為 17 億美元，其中包括 9.7 億美元現金和 6.94 億美元無擔保循環信貸額度。

Our homebuilding debt-to-capital ratio was 21.6% and our homebuilding net debt to net capital ratio was negative 1.6% to end the quarter, both all-time low ratios for Tri Pointe. During the fourth quarter, we repurchased 1.2 million shares for an aggregate dollar spend of $50 million. For the full year, we lowered our outstanding share count by 3.2%, repurchasing a total of 4 million shares for a total spend of $147 million. For 2025, we are targeting spending $50 million a quarter on share repurchases with the ability to be opportunistic up to our $250 million annual authorization as we balance our capital needs with market opportunities.

截至本季末，我們的房屋建築債務與資本比率為 21.6%，房屋建築淨債務與淨資本比率為- 1.6%，這兩項比率均為 Tri Pointe 的歷史最低水準。第四季度，我們回購了 120 萬股，總支出為 5,000 萬美元。全年，我們將流通股數量減少了 3.2%，共回購了 400 萬股，總支出為 1.47 億美元。到 2025 年，我們的目標是每季花費 5,000 萬美元進行股票回購，並在平衡資本需求和市場機會的同時，盡可能將回購金額控制在每年 2.5 億美元的範圍內。

Now I'd like to summarize our outlook for the first quarter and full year of 2025. For the first quarter, we anticipate delivering between 900 and 1,100 homes at an average sales price of between $685,000 and $695,000. We expect homebuilding gross margin percentage to be in the range of 22% to 23% and anticipate our SG&A expense ratio to be in the range of 15% to 16%. Lastly, we estimate our effective tax rate for the first quarter to be approximately 26%.

現在，我想總結一下我們對 2025 年第一季和全年的展望。第一季度，我們預計將交付 900 至 1,100 套房屋，平均售價在 685,000 至 695,000 美元之間。我們預計住宅建築毛利率將在 22% 至 23% 之間，銷售、一般及行政費用率將在 15% 至 16% 之間。最後，我們預計第一季的有效稅率約為 26%。

For the full year, we anticipate delivering between 5,500 homes to 6,100 homes with an average sales price between $660,000 and $670,000. The projected volume of deliveries takes into consideration the lower backlog we started the year with and the strategy to balance price and pace with a focus on margin.

就全年而言，我們預計將交付 5,500 套至 6,100 套房屋，平均售價在 660,000 美元至 670,000 美元之間。預計的交貨量考慮到了我們年初的較低積壓訂單量，以及以利潤為重點平衡價格和速度的策略。

Based on the current level of incentives on our mix of lot costs for new communities in 2025, we expect our full-year homebuilding gross margin to be in the range of 20.5% to 22%. Finally, we anticipate our SG&A expense ratio to be in the range of 11% to 12%, and we estimate our effective tax rate for the full year to be approximately 26%.

根據我們對 2025 年新社區地塊成本組合的當前激勵水平，我們預計全年住宅建築毛利率將在 20.5% 至 22% 之間。最後，我們預計銷售、一般及行政費用率在 11% 至 12% 之間，我們預計全年有效稅率約為 26%。

With that, I will now turn the call back over to Doug for some closing remarks.

說完這些，我現在將電話轉回給 Doug，請他做一些結束語。

Thanks, Glenn. As we wrap up, I want to take a moment to express my gratitude to the exceptional team at Tri Pointe who are pivotal to our ongoing success. Their hard work, talent, the dedication to our core values and mission, fueled with numerous recognitions that Tri Pointe has recently enjoyed, including being named as a 2024 Developer of the Year.

謝謝，格倫。最後，我想花點時間向 Tri Pointe 的優秀團隊表示感謝，他們是我們持續成功的關鍵。他們的辛勤工作、才華以及對我們核心價值和使命的奉獻精神，為 Tri Pointe 最近贏得了許多認可，包括被評為 2024 年度開發商。

Our view of the future for the new home market is very positive. We continue to see strong demand from the millennial and Gen Z cohort, a significantly undersupplied market with a persistent shortage of housing and less competition from the retail market due to the lingering locked-in effect.

我們對新房市場的未來持非常樂觀的看法。我們繼續看到千禧世代和 Z 世代的強勁需求，這是一個供應嚴重不足的市場，住房持續短缺，而且由於持續的鎖定效應，零售市場的競爭較少。

As a result, we remain confident in the long-term outlook for our industry and that Tri Pointe is strongly positioned for ongoing future growth and success. We have a clear vision, the right strategy, and a strong team to capitalize on the opportunities we see in the market.

因此，我們對產業的長期前景充滿信心，並相信 Tri Pointe 有能力實現未來的持續成長和成功。我們擁有清晰的願景、正確的策略和強大的團隊，能夠利用我們在市場上看到的機會。

With that, I'll open the call for questions. Operator?

現在，我將開始回答大家的提問。操作員？

(Operator Instructions) Stephen Kim, Evercore ISI.

（操作員指示） Stephen Kim，Evercore ISI。

Thanks very much, guys. Appreciate all the color as usual and good job in the quarter. I wanted to ask you about your guidance. And in particular, you gave some encouraging commentary about the pickup in demand over the last few weeks, several weeks. And yes, the lower end of your gross margin guidance range of 20.5%, I was wondering if you could talk about what sort of things are embedded in that that would cause you to hit that number? Are there mix effects, for example, that we should be thinking of?

非常感謝大家。像往常一樣欣賞所有的色彩並祝本季度工作順利。我想向您請教有關指導的事。特別是，您對過去幾週需求回升做出了一些令人鼓舞的評論。是的，您的毛利率指導範圍的下限是 20.5%，我想知道您是否可以談談其中的哪些因素使得您達到這個數字？例如，我們是否應該考慮混合效應？

What kind of trajectory and incentives does that envision? Obviously, I know you have -- you always embed a pretty considerable amount of conservatism in your numbers. But it would be helpful, I think, for us to understand what's in that -- what would lead to a 20.5% gross margin?

這預示著什麼樣的軌跡和激勵措施？顯然，我知道你——你的數字中總是包含相當多的保守主義。但我認為，了解其中的原因會很有幫助——什麼能帶來 20.5% 的毛利率？

And then continuing along that, if I take the high end of your SG&A guide, that would imply an operating margin of about 8.5%. And I'm curious if you could just sort of comment about how you feel about it. Is that representative of what you would expect you could sustain over the longer term?

然後繼續這樣下去，如果我採用您的銷售、一般和行政費用指南的高端，這將意味著營業利潤率約為 8.5%。我很好奇您是否可以評論一下您對此的感受。這是否代表了您期望長期能夠維持的狀態？

Hey Stephen, it's Glenn. Good question. So looking at the gross margin. At that lower end, that would imply continued kind of elevated incentives like we saw in the first quarter. And in our prepared remarks, we said incentives have come down a little bit so far in '25 but only from 7% to 6%, so 6% is still elevated levels of incentives for us.

嘿，史蒂芬，我是格倫。好問題。所以看一下毛利率。在這個低端，這意味著激勵措施將繼續增強，就像我們在第一季看到的那樣。在我們準備好的評論中，我們表示，到 25 年為止，激勵措施已經略有下降，但僅從 7% 降至 6%，因此 6% 對我們來說仍然屬於較高的激勵水平。

And to get to that higher end of the range of the market, it would have to be market improvement from there and lower incentives really to drive that. On the SG&A side, I would say 8.5% is low long term, right? As we grow our startup divisions and get more scale on larger revenue and top-line growth, I would see that operating margin be better than the 8.5% long term.

而為了進入高端市場，就必須從那裡開始改善市場，並降低激勵措施來真正推動這一目標。從銷售、一般及行政費用方面來說，我認為 8.5% 從長期來看是低的，對嗎？隨著我們新創部門的不斷壯大，營收和營收規模不斷擴大，我認為長期來看營業利潤率將高於 8.5%。

Got you. I appreciate that. And when you talk about the SG&A, you gave a very high guide in the 1Q. I know that actually, you've -- the first quarter has consistently surprised you relative to your guide by, on average, more than 200 basis points over the last three years each.

明白了。我很感激。當您談到銷售、一般及行政開支 (SG&A) 時，您在第一季給出了非常高的指引。我知道，事實上，第一季的表現一直令你感到驚訝，相對於你的預期，過去三年平均每季的表現超過 200 個基點。

So I was curious if you could talk a little bit about what sort of factors are present in the first quarters that have caused you to be so surprised when your ultimate results come in far better than your guidance. Is there something about the first quarter that we should understand?

所以我很好奇，您是否可以談談第一季存在哪些因素，導致您在最終業績遠好於預期時感到如此驚訝。關於第一季度，有哪些事情是我們應該了解的？

No, nothing about it specifically. Generally, if we end up beating on revenue, we'll get a little bit more leverage. But really, the savings in the last couple of years have been on the S side of the things. So if we end up having a better quarter from a better co-broke or better sales and advertising savings, that's how we have beaten that number in the first quarters in the past. But the reason, obviously, the number is elevated in the first quarter is just due to the lower revenue we were projecting in the first quarter.

不，沒有什麼特別的。一般來說，如果我們最終實現收入超額完成，我們就會獲得更多的槓桿。但事實上，過去幾年的儲蓄一直集中在 S 方面。因此，如果我們最終因更好的合作或更好的銷售和廣告節省而獲得更好的季度業績，這就是我們在過去第一季超越這一數字的方法。但顯然，第一季數字上升的原因只是因為我們預期第一季的收入較低。

Paul Przybylski, Wolfe Research.

保羅‧普茲比爾斯基 (Paul Przybylski)，沃爾夫研究中心。

Yeah, good morning. I noticed your quarter ASP was up about 3% sequentially and 5% in the East. Is that really due to mix or do you have any component of pricing power? And along those lines, I also know that the builders typically try to pass along cost increases. What ability do you think in the current market environment do you have to pass along any potential tariffs?

是的，早安。我注意到你們季度的平均售價比上一季上漲了約 3%，其中東部地區上漲了 5%。這真的是由於混合造成的還是您擁有任何定價權？從這個角度來看，我還知道建築商通常會試圖轉嫁成本的增加。您認為在目前的市場環境下，您有何能力轉嫁潛在的關稅？

Yeah. Paul, this is Doug. I think as you look at tariffs going into this year, they really affect the bottom back third of the year so there's a lot of unknown. As far as pricing power, I think it can range in different submarkets from either, broadly speaking, 1% to 5%.

是的。保羅，這是道格。我認為，當你看今年的關稅時，它們確實會影響今年後三分之一的銷售額，因此還有很多未知數。就定價權而言，我認為它在不同的子市場中的範圍大致為 1% 到 5%。

And to answer the first part of your question, Paul, that ASP change was just mix in the fourth quarter that you saw.

保羅，回答你問題的第一部分，你看到的第四季度的平均售價變化只是混合變化。

Okay. And I don't know if it's pretty early in this process but has DOGE had any negative impacts on your Mid-Atlantic business over the past several weeks? And similarly, did you see any kind of falloff in demand in Californias? I know you don't build in the Pacific Palisades, but given the wildfires kind of brought the insurance controversy back to the forefront, did that have any kind of negative impacts on you?

好的。我不知道現在是否還處於這個過程的早期階段，但過去幾週 DOGE 是否對您在大西洋中部的業務產生了任何負面影響？同樣，您是否看到加州的需求下降？我知道您不會在太平洋帕利塞德地區建造房屋，但考慮到野火再次將保險爭議推到風口浪尖，這對您有什麼負面影響嗎？

As far as the East Coast, no, actually, DC Metro is one of our stronger markets, so none of the DOGE effects have been felt. As far as the insurance, yes, there are some insurance issues, most notably in the Inland Empire at the entry level that -- but we're working through that with our Tri Pointe insurance and having solutions for the consumers. In some cases, we're utilizing some incentives to help, especially with the entry level. That's where it's most affected as far as the insurance side.

就東海岸而言，實際上，華盛頓特區地鐵是我們較強的市場之一，因此沒有感受到 DOGE 的影響。就保險而言，是的，存在一些保險問題，最明顯的是內陸帝國的入門保險問題——但我們正在透過 Tri Pointe 保險解決這個問題，並為消費者提供解決方案。在某些情況下，我們會利用一些激勵措施來提供協助，尤其是入門級的激勵措施。就保險方面而言，這是受影響最嚴重的地方。

Mike Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Dahl。

I guess just to circle back on the pace comments. It's not clear that you articulated, is that encouraging in terms of January and February if I look back historically at your typical either sequential increase or absolute level of pace? So if I think about kind of 2.5 in January, 2.8 in February. Last year, you did 3.9 a month in 1Q of '24, and I think usually March is only up modestly versus Feb. That kind of implies down 25% to 30% year on year.

我想只是想重新回顧一下關於步調的評論。您所表達的意思不太清楚，如果我回顧一下歷史，看看一月份和二月份的典型連續增長或絕對速度水平，這是否令人鼓舞？因此，我認為 1 月是 2.5，2 月是 2.8。去年，24 年第一季每月有 3.9 起病例，我認為 3 月通常只比 2 月略有成長。這意味著同比下降 25% 至 30%。

I know different market dynamics, different mix. But can you just talk about that a little bit more? And if that's really the ballpark that you're kind of thinking about and how that plays through the balance of the year when you're speaking about this balanced approach to pace and price.

我知道不同的市場動態，不同的組合。但您可以再多談一點這個問題嗎？如果這確實是您所考慮的大致情況，以及當您談到平衡速度和價格的方法時，這會如何影響全年的平衡。

Yeah, Mike, good question. This is Glenn. Our comments were relative to Q4, and so we have seen a little bit of improvement, like we said, in January, which was 2.5, February so far, 2.8 and that's coming off of a Q4 where we were around 2.1. But you're right, year over year is a tough comp. Last year was unseasonably strong this time of year. And so, we are down year over year, and that's partly reflected in the delivery guidance for the full year, assuming this kind of market.

是的，麥克，這個問題問得好。這是格倫。我們的評論是相對於第四季度而言的，因此我們看到了一些改善，就像我們所說的那樣，一月份為 2.5，二月份到目前為止為 2.8，而這高於第四季度的 2.1 左右。但您說得對，逐年比較確實很難。去年這個時候的業績異常強勁。因此，我們的銷售額同比下降，這在一定程度上反映在全年交付預期中，假設市場是這樣的。

Yeah, Mike, I'll add some color to the consumer. Obviously, year over year, absorption paces will be down when you compare it to '24. It's interesting to note that the consumer, in the consumer mindset, if you look at mortgage rates today and where they were a year ago, they are basically the same, plus or minus, [0.1] point here or there.

是的，麥克，我會為消費者添加一些顏色。顯然，與 24 年相比，吸收速度逐年下降。值得注意的是，從消費者的心態來看，如果你看看今天的抵押貸款利率和一年前相比，它們基本上是相同的，只是這裡或那裡有 [0.1] 個點的增減。

And so what this business is really all about is, and I've coined this phrase before, there's a little bit of financial therapy going on in the sales office. And the great thing about being a homebuilder like Tri Pointe and many of our peers is we have the levers to pull to be able to make that decision and payment more affordable.

所以這項業務的真正意義是，正如我以前創造過這句話一樣，在銷售辦公室裡進行著一些財務治療。作為 Tri Pointe 和我們的許多同行這樣的房屋建築商，最大的好處是，我們可以利用各種手段來讓決策和付款更實惠。

But it has definitely changed the psychology of the homebuyer. A year ago, there was all this anticipation of rates going down, discount rates went down, mortgage rates go up. So it's really confused the homebuyers. Now they're getting a little bit of the uncertainty with the current administration. My personal opinion is this is a short-term demand issue, short-term kind of news headline. Long term not only is the company but also the economy and the industry are going to be well positioned for growth. So I'm very bullish going forward.

但它確實改變了購屋者的心理。一年前，人們預期利率會下降，折現率會下降，房貸利率會上升。這確實讓購屋者感到困惑。現在他們對現任政府感到有些不確定。我個人的看法是，這是一個短期需求問題，短期新聞頭條。從長遠來看，不僅公司，​​而且經濟和產業都將處於良好的成長位置。所以我對於未來發展非常樂觀。

Hey, Mike. This is Tom. One other thing to take into consideration relative to your question is really our focus on enhancing margin that we discussed. And historically, at least over the last couple of years, our business has been planned and projected to run about 3.5 absorption per month. This year, we're making a conscious effort and we're planning our absorption about three per month. So that's right in line with your thought process as you look at '25 going forward.

嘿，麥克。這是湯姆。關於您的問題，需要考慮的另一件事是我們真正關注的是提高我們所討論的利潤率。從歷史上看，至少在過去幾年中，我們的業務計劃和預計每月吸收量約為 3.5 噸。今年，我們正在做出有意識的努力，並計劃每月吸收約三次。所以這和您展望 25 年未來的思考過程是一致的。

Thanks for that, Tom and Doug, because my follow-up was going to be back on that, the decision or kind of targeting. So is that kind of you look at the market and you're saying, if I've got 6% incentives today, that's about the pace that I can run? And for your business and your land position, you think the trade-off is too great in terms of what you have to give up on incentive or margin to push the pace back towards how you'd typically run it?

謝謝你們，湯姆和道格，因為我的後續問題將會回到這個問題上，即決定或目標類型。那麼，你是否看著市場說，如果我今天獲得了 6% 的激勵，這就是我可以運行的速度？而對於您的業務和土地狀況而言，您認為為了將業務速度推回通常的經營方式而必須放棄激勵或利潤的代價是否太大了？

Yes, exactly. And you really look at the macro, our number one competitor has always been the resale market. And yes, there are some markets that have a little bit more supply. But nationally, our major competitor is not turning about 1 million to 1.5 million homes. So if you look at the laws of supply and demand, there's not enough supply in the retail market to make a dent.

是的，確實如此。從宏觀角度來看，我們最大的競爭對手一直是轉售市場。是的，有些市場的供應量確實稍微多一點。但在全國範圍內，我們的主要競爭對手並沒有轉變 100 萬到 150 萬套房屋。所以如果你觀察供需規律，你會發現零售市場的供應不足以產生影響。

And the builders have some supply in certain markets but it's nothing to be worried about. So our focus is just the way you talked about it. 6%-ish would be the right incentives, focus a little bit more on margin over pace. So we got to sell homes, they'll have to generate cash flow. But we're not going to -- the incremental effect of doubling down or increasing your incentives is not worth in the final analysis in our mind.

雖然建築商在某些市場有一定的供應，但這並不需要擔心。所以我們的重點就是您談論的方式。 6% 左右是正確的激勵措施，更注重利潤而不是速度。所以我們必須出售房屋，它們就必須產生現金流。但我們不會這樣做——在我們看來，加倍或增加激勵的增量效應最終是不值得的。

Ken Zener, Seaport Research.

肯‧澤納（Ken Zener），海港研究。

Good morning, everybody. I know you made gross margin comments for the high-low range in 1Q. Can you kind of talk about what's leading to the progression to the 20.5% to 22% for the full year? It sounds like assuming incentives stay the same, so is it mostly just the regional mix as you expand in new regions?

大家早安。我知道您對第一季的毛利率高低範圍做出了評論。您能否談一談導致全年成長率從 20.5% 上升至 22% 的原因是什麼？這聽起來像是假設激勵措施保持不變，那麼當您在新的地區擴張時，是否主要只是區域組合？

It's not really a regional mix, Ken, because our -- across the region, the margins are pretty similar. It's really about new communities coming on throughout the year at a higher lot cost and closing out of some high-margin communities in the first quarter.

肯，這實際上不是一個地區混合，因為我們在整個地區，利潤率非常相似。這實際上是關於全年以更高的地塊成本建造新社區，以及在第一季關閉一些高利潤社區的情況。

So that's why you see a little bit of the difference in that higher first-quarter margin versus the rest of the year. We're opening 65 new communities this year. So we started the year at 145 communities and we gave you the range of 150 to 160 to end. So that means we're turning over about half of the communities as well. And that just -- that mix is kind of what is leading to that progression of margin throughout the year.

這就是為什麼你會看到第一季的利潤率與今年其他時間的利潤率相比略有差異。我們今年將開設 65 個新社區。因此，我們年初設定了 145 個社區，年底則設定為 150 到 160 個。所以這意味著我們也正在移交大約一半的社區。這就是 — — 這種組合是導致全年利潤率不斷上升的原因。

Appreciate it. And then if the communities are newer, realizing you're doing quite a bit of your land development, how should the interest expense kind of be looking like? What would you say the number is going to be as we kind of exit this year?

非常感謝。如果社區比較新，意識到你正在進行相當多的土地開發，那麼利息支出應該是怎樣的呢？您認為今年我們退出時的數字會是多少？

Our interest expense will definitely be lower this year than it was last year. Part of that came off the $450 million of senior notes last year and then just out on a higher inventory base to kind of amortize that expense over. So you will see our interest trend down.

我們今年的利息支出肯定會比去年低。其中一部分來自去年 4.5 億美元的優先票據，然後透過更高的庫存基礎來攤提這筆費用。所以你會看到我們的興趣趨勢下降。

Carl Reichardt, BTIG.

BTIG 的 Carl Reichardt。

Thanks. Good morning, everybody. You mentioned that revenue in '24, $500 million or so, was Design Studio so I think it's about 11% or so of revenue. So as you're thinking about margin focus for '25 and maybe beyond that, A, are you expecting that number to grow faster than overall sales? B, what kind of margin are you earning on that $500 million of incremental? And does that also mean that you'll move more to build to order and away from spec as you look at expanding the community count? Maybe that's also true to the price points in '25 and beyond.

謝謝。大家早安。您提到 24 年的收入約為 5 億美元，來自設計工作室，所以我認為它約佔收入的 11% 左右。那麼，當您考慮 25 年及以後的利潤重點時，A，您是否預期該數字的成長速度會比整體銷售額更快？B，你從這 5 億美元的增量中賺取了多少利潤？這是否也意味著，當您考慮擴大社區數量時，您會更多地轉向按訂單生產，而不是遵循規格？或許這對 25 年及以後的價格點也是正確的。

Hey, Carl, it's Tom. Good questions all the way around because, as you know, we really try to differentiate ourselves with our build-to-order business and Design Studio business. Even on specs, we maximize our opportunities through the Design Studio. I would say that our growth relative to that is really dependent on just basically volume growth and revenue growth within our homebuilding operations. So I would expect to target a very similar revenue kind of number that we achieved this year.

嘿，卡爾，我是湯姆。這些都是很好的問題，因為如你所知，我們確實試圖透過按訂單生產業務和設計工作室業務來使自己與眾不同。即使在規格上，我們也透過設計工作室最大限度地利用了我們的機會。我想說，我們相對於此的成長實際上僅取決於我們房屋建築業務的銷售成長和收入成長。因此，我期望實現與今年非常相似的收入數字。

As you look on it relative to gross margins, the business is highly profitable, and our gross margin target is at 40% for our Design Studio business and we are achieving that now. And then as you look to -- what was the last part of your question?

從毛利率來看，這項業務的利潤很高，我們設計工作室業務的毛利率目標是 40%，現在我們正在實現這一目標。然後當您看——您的問題的最後一部分是什麼？

I was just wondering if that -- if you'll switch your mix. I mean, knowing that you'll do some spec up until drywall and allow people to customize, but will your mix of to build-to-order versus to spec past the ability in which it can add options, if that will change in '25? It kind of looks like it may.

我只是想知道 — — 您是否會改變您的混音。我的意思是，知道你會做一些規格直到石膏板並允許人們定制，但是你的按訂單生產與按規格生產的組合是否會超出它可以添加選項的能力，如果這種情況在'25 年會發生變化？看起來似乎是這樣的。

Yeah. Marginally, it will change a little bit. Historically, in the last couple of years, we've been running probably a 65-35 mix. And as we go forward, you'll probably see it shift down slightly closer towards 50-50.

是的。稍微來說，它會發生一點點變化。從歷史上看，在過去的幾年中，我們一直採用 65-35 的比例。隨著我們繼續前進，你可能會看到它略微向下移動，更接近 50-50。

Great, thank you, Tom. And then just, I guess, for Glenn, on the land side, if I've got it right, about 20,000 lots option and I think 6,000 or so of those are in JVs. So the 14,000 left, Glenn, what percentage of those are you doing via land bank off-balance sheet structures versus, say, finished lot option contracts or self-developed farmer options where you'll put very little upfront and then have those on balance sheet to self-develop? And do you think the pricing of land bank capital is likely to change meaningfully over the course of the next year or so?

太好了，謝謝你，湯姆。然後，我想，對於 Glenn 來說，在土地方面，如果我沒記錯的話，大約有 20,000 塊土地可供選擇，我認為其中 6,000 塊左右是在合資企業中。那麼，格倫，剩下的 14,000 個，您透過土地儲備表外結構進行的佔比是多少，而不是透過成品地塊期權合約或自行開發的農民期權進行的佔比是多少？在這些選擇權中，您只需預付很少的錢，然後將其放在資產負債表上進行自行開發？您認為未來一年左右土地儲備資本的定價是否會發生重大變化？

Good question. I would say of that option number, probably about 75% is land banked and the rest are more, like you said, options with individual sellers. And then some of them are just long -- I should take that back. It's probably more like 50% because some of those are options with true, like where we have the deposit that, but we haven't taken down the land yet. As far as pricing, I think there will be some downward, in a positive way, pressure on pricing. There's a lot of capital out there. There's a lot of people interested in land banking and it's creating good competition for the market.

好問題。我想說，在這些選項中，大概有 75% 是土地儲備，其餘的就像你說的，更多的是個人賣家的選擇。有些則很長——我應該收回那句話。可能更像是 50%，因為其中一些是真實的選擇，例如我們有存款，但我們還沒有砍伐土地。就定價而言，我認為定價會面臨一些下行壓力，但這是一種正面的影響。那裡有大量的資本。很多人對土地儲備感興趣，這為市場創造了良好的競爭。

Jay McCanless, Wedbush Securities.

韋德布希證券公司的傑伊·麥坎利斯（Jay McCanless）。

Hey, thanks for taking my question. So the first one I had, it looks like completed specs are more than double where they were this time last year. I guess is that part of what's driving this pretty steep decline in gross margin through the year, getting through those homes? And also, could you talk about what the spread is for your gross margins versus spec at this point?

嘿，謝謝你回答我的問題。因此，就我得到的第一個來看，完成的規格似乎比去年同期增加了一倍以上。我想這是導致全年毛利率大幅下降的部分原因，因為這些房屋已經售罄了？另外，您能談談目前的毛利率與規格之間的差距嗎？

Hey Jay, good question. They are up compared to last year, but from a historical perspective, it's kind of right in line with where we normally have been. If you look at kind of pre pandemic when things changed quite a bit, we were three to four per community on a completed basis. And right now, I think we're at 3.1 on a completed basis. So that is not out of the normal for us. And that's not what's driving the margin compared to 1Q guidance for the full-year guidance. That was, again, more mix of new communities with a different lot basis than the ones we're closing out. So it's really just a mix drag effect.

嘿，傑伊，好問題。與去年相比，這一數字有所上升，但從歷史角度來看，這與我們通常的水平基本一致。如果您看一下疫情之前的情況，那時情況發生了很大變化，我們每個社區的完整人數是三到四個。現在，我認為我們已經完成了 3.1。所以這對我們來說並不異常。與第一季的全年指引相比，這並不是推動利潤率上升的因素。與我們關閉的社區相比，這些新社區的地塊基礎有所不同，而且混合程度更高。所以這其實只是一種混合阻力效應。

And then, Jay, relative to the question about the spread from to-be-built to spec, historically, that's been about 2%. But obviously, with more completed right now and the higher interest rate environment, that's a little bit higher. I'd say it's closer to about 4%. And that is incorporated in the numbers that we presented. So you're right on in that assumption.

然後，傑伊，關於從待建到規格的價差問題，從歷史上看，這個比例約為 2%。但顯然，由於目前完成的工程較多，且利率環境較高，這個數字會略高一些。我認為這個數字更接近 4% 左右。這已包含在我們所提供的數字中。因此，你的假設是正確的。

Okay. Thanks. And then in terms of your customer mix, where do you think you are with first-time buyers now versus maybe this time last year?

好的。謝謝。那麼就您的客戶結構而言，與去年同期相比，您認為現在首次購屋者的比例如何？

Jay, this is Linda. That's a really interesting question. We are seeing less first-time buyers in our backlog, and that is certainly a result of seeing more opportunity in first and second move-up, in particular, and also the aging of millennials, as Doug talked about in the script.

傑伊，這是琳達。這是一個非常有趣的問題。我們發現積壓訂單中的首次購房者越來越少，這無疑是因為看到了更多首次和第二次升級的機會，尤其是千禧一代的老齡化，正如道格在腳本中提到的那樣。

Okay. And then I guess the last question I had. I think on the third quarter call, you guys had talked about 170 to 180 communities by fiscal '26. Is that still viable? Or where are you thinking that goes now?

好的。我想這就是我的最後一個疑問了。我認為在第三季的電話會議上，你們談到了到 26 財年將有 170 到 180 個社區。這還可行嗎？或者您認為現在會怎麼樣？

Yeah. It's still in that range, Jay. It will just depend on the market and how we close communities and the timing of opening communities, but it's in that ZIP code.

是的。它仍然在那個範圍內，傑伊。這只取決於市場以及我們如何關閉社區以及開放社區的時間，但它在那個郵政編碼內。

Jesse Lederman, Zelman and Associates.

傑西·萊德曼 (Jesse Lederman)，澤爾曼及其同事。

Hi, thanks for taking my questions. Linda, a quick one on the price point information you just addressed. So it sounds like the move-up price point and demand from those buyers is stronger than at the entry level. Is that right?

你好，謝謝你回答我的問題。Linda，我想簡單回答一下您剛才提到價格點的資訊。因此，聽起來，價格上漲點和買家需求比入門級產品更強勁。是嗎？

Yes, there is some shift there. Our order segment mix for the fourth quarter was 40% premium entry level, 39% first mover, 14% second move-up, and then 6% in luxury, 1% in active adult. So that has shifted out a time at one time with lower interest rates. Our premium entry level segment was closer to 50%.

是的，那裡有一些轉變。我們第四季的訂單細分結構為：高階入門 40%、先驅 39%、二次升級者 14%、豪華者 6%、活躍成人 1%。因此，隨著利率降低，這種情況會逐漸消失。我們的高端入門市場佔有率接近 50%。

Yeah. And Jesse, as far as demand goes, absorption pace, historically, entry level is a little bit higher than move-up but it's about consistent with move-up right now, which is, I think, part of your question is expected considering higher rates and where our mix is.

是的。傑西，就需求和吸收速度而言，從歷史上看，入門級水平略高於上升級水平，但現在與上升級水平基本一致，我認為，考慮到更高的利率和我們的組合情況，你的問題的一部分是可以預料到的。

Okay, that's really helpful. Thank you. My second question is something we get from clients a lot is the impact from ICE rates or deportation. Have you seen any impact from either the supply side of the equation or the demand side of the business?

好的，這確實很有幫助。謝謝。我的第二個問題是我們經常從客戶那裡聽到的關於 ICE 費率或驅逐出境的影響。您是否看到來自業務供給方或需求方的任何影響？

Hi, Jesse, it's Doug. No, no impacts at all. And typically, our trades have maintained the necessary requirements as far as making sure that they're legal citizens. But our trades have employees and teammates that have been with them for quite a while. So I would -- we're not expecting any labor issues this year, to be honest with you. I mean, the tariffs are going to have some impact, but it's still too early to tell exactly where that's going to land down.

嗨，傑西，我是道格。不，一點影響都沒有。通常情況下，我們的行業都會滿足必要的要求，以確保他們是合法公民。但我們的行業中有一些員工和隊友已經與我們合作了很長一段時間。所以我想說——說實話，我們預計今年不會有任何勞工問題。我的意思是，關稅將會產生一些影響，但現在判斷其具體影響還為時過早。

Thank you. As there are no further questions, I now hand the conference over to Doug Bauer for his closing comments.

謝謝。由於沒有其他問題，我現在將會議交給 Doug Bauer 來做結束語。

Well, thank you, everybody, for joining us on today's call. We look forward to chatting with all of you in April. Have a great week. Thank you.

好吧，感謝大家參加今天的電話會議。我們期待四月與大家交談。祝你有個愉快的一周。謝謝。

Thank you. Ladies and gentlemen, the conference of Tri Pointe Homes has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，Tri Pointe Homes 會議現已結束。感謝您的參與。現在您可以斷開線路了。