Tri Pointe Homes Inc (Delaware) (TPH) 2025 Q1 法說會逐字稿

Greetings and welcome to the Tri Pointe Homes first quarter 2025 earnings conference call.

大家好，歡迎參加 Tri Pointe Homes 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Lee, General Counsel. Thank you, sir. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹主持人、總法律顧問 David Lee。謝謝您，先生。你可以開始了。

Good morning, and welcome to Tri Pointe Homes earnings conference call. Earlier this morning, the company released its financial results for the first quarter of 2025. 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2025年第一季的財務業績。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.

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，是涉及風險和不確定性的前瞻性陳述。

Discussion of risks and uncertainties and other factors that could cause actual results to differ materially are detailed in the company's SEC filings. 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.

有關風險、不確定性以及其他可能導致實際結果出現重大差異的因素的討論已在公司提交給美國證券交易委員會的文件中進行了詳細說明。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有公司執行長 Doug Bauer、公司財務長 Glenn Keeler、公司總裁兼營運長湯姆米切爾 (Tom Mitchell) 和公司執行副總裁兼首席行銷長琳達馬梅特 (Linda Mamet)。

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

說完這些，我現在將電話轉給 Doug。

Good morning and thank you for joining us today as we report our results for the first quarter of 2025. Our teams executed at a high level, achieving strong results, demonstrating our ability to navigate the current political and economic volatility and its impact on the housing market. During the first quarter, we either met or exceeded all of our guidance. We delivered 1,040 new homes at an average sales price of $693,000 and resulting in home sales revenue of $721 million. Homebuilding gross margin remained strong in the first quarter at 23.9%, a 90 basis point increase compared to the same period last year.

早安，感謝您今天加入我們，我們將報告 2025 年第一季的業績。我們的團隊表現出色，取得了優異的業績，證明了我們有能力應對當前的政治和經濟波動及其對房地產市場的影響。在第一季度，我們達到或超越了所有的預期。我們交付了 1,040 套新房，平均售價為 693,000 美元，房屋銷售收入達 7.21 億美元。第一季住宅建築毛利率維持強勁，達到 23.9%，比去年同期成長 90 個基點。

This margin underscores the resilience of our product offering, market positioning and the successful execution of our premium lifestyle brand. Finally, net income was $64 million for the first quarter, resulting in diluted earnings per share of $0.70. The spring selling season is off to a slower start than we normally experience with net new home orders of 1,238 for the quarter on a monthly absorption rate of 2.8 per average selling community. While the longer-term outlook for housing remains favorable with a continuing shortage of homes and strong demographics.

這項利潤率凸顯了我們產品供應的彈性、市場定位以及高端生活風格品牌的成功執行。最後，第一季淨利為6,400萬美元，每股攤薄收益為0.70美元。春季銷售季的開局較往年有所放緩，本季淨新房訂單為1238套，平均每個銷售社區的月吸收率為2.8套。但由於住房持續短缺和人口結構強勁，長期住房前景依然看好。

It's clear that elevated uncertainty about the economy is weighing on consumer's sentiment. International trade tensions and the new tariffs have emerged as unpredictable variables in the current environment. The headline news of tariffs and their potential inflationary effects has dampened by our confidence. However, we do not believe tariffs will have a material impact on our cost structure in 2025.

顯然，經濟不確定性的增加正在影響消費者的情緒。國際貿易緊張局勢和新關稅已成為當前環境中難以預測的變數。有關關稅及其潛在通膨影響的頭條新聞削弱了我們的信心。然而，我們認為關稅不會對我們 2025 年的成本結構產生重大影響。

Our differentiated business strategy is to offer innovative designs and a premium brand experience with communities located in core locations and top markets. Although incentives can drive urgency for our homebuyers, our margin and pace are typically driven by the location, product and amenities we offer. Our teams are equipped with the right tools to meet our customer needs. We are utilizing a combination of targeted incentives and proactive mortgage financing solutions to help buyers achieve their monthly payment and home personalization goals.

我們的差異化經營策略是為位於核心地段和頂級市場的社區提供創新設計和優質的品牌體驗。儘管激勵措施可以激發購屋者的緊迫感，但我們的利潤和速度通常取決於地點、產品和我們提供的便利設施。我們的團隊配備了合適的工具來滿足客戶的需求。我們採用有針對性的激勵措施和積極的抵押貸款融資解決方案相結合的方式，幫助買家實現他們的每月付款和房屋個性化目標。

Our well-located communities close to job centers and great schools continue to attract a well-qualified homebuyer. Homebuyers and backlog financing through our mortgage company, Tri Pointe Connect, have an average annual household income of $219,000, average FICO score of 753, 79% loan-to-value and average debt-to-income ratio of 40%.

我們的社區地理位置優越，靠近就業中心和優秀的學校，繼續吸引高素質的購屋者。透過我們的抵押貸款公司 Tri Pointe Connect 獲得積壓融資的購屋者平均家庭年收入為 219,000 美元，平均 FICO 分數為 753，貸款價值比為 79%，平均債務收入比為 40%。

In light of current market conditions, we are proactively balancing risk mitigation with opportunity, leveraging the deep experience of our teams in navigating the local market environment. We're taking a disciplined and forward-looking approach to how we invest our capital, including land underwriting and structuring deals to better reflect current market dynamics. These actions position us to be selective and opportunistic while preserving flexibility and maximizing returns.

鑑於當前的市場狀況，我們正在積極平衡風險緩解與機遇，利用我們團隊在駕馭當地市場環境方面的豐富經驗。我們對資本投資採取嚴謹且具有前瞻性的方式，包括土地承銷和建構交易，以更好地反映當前的市場動態。這些行動使我們能夠選擇性地抓住機會，同時保持靈活性並實現最大回報。

Our balance sheet remains a key strength. We ended the quarter with total liquidity of $1.5 billion, including over $800 million of cash. With the homebuilding debt-to-capital ratio of 21.6% and a net debt to net capital ratio of 3%, we are well positioned to support our long-term growth objectives and take advantage of opportunities we see in the market. During the quarter, we repurchased $75 million of our common stock, reducing our shares outstanding by an additional 1.9%. As of the quarter end, we have $175 million of authorization remaining and continue to view our stock as an attractive use of capital, particularly at current market levels.

我們的資產負債表仍然是關鍵優勢。本季末，我們的總流動資金為 15 億美元，其中包括超過 8 億美元的現金。房屋建築債務資本比率為 21.6%，淨負債淨資本比率為 3%，我們完全有能力支持我們的長期成長目標，並利用我們在市場上看到的機會。本季度，我們回購了價值 7,500 萬美元的普通股，使流通股數量進一步減少 1.9%。截至本季末，我們剩餘的授權金額為 1.75 億美元，並且我們繼續將股票視為一種有吸引力的資本用途，尤其是在當前市場水平下。

On a year-over-year basis, our book value per share has increased 14%, reflecting both earnings growth and disciplined capital deployment. Now I'd like to provide an update on our new market expansions. In Utah, two new communities are underway with openings in the third quarter of 2025. Additionally, our land pipeline is strong, and we currently control approximately 500 lots. In Orlando, we have attracted a strong management team and land acquisition is progressing with 250 lots owned or controlled.

與去年同期相比，我們的每股帳面價值成長了 14%，反映了獲利成長和嚴格的資本配置。現在我想介紹一下我們新市場擴張的最新情況。在猶他州，兩個新社區正在建設中，預計將於 2025 年第三季開放。此外，我們的土地儲備非常充足，目前控制著約 500 塊土地。在奧蘭多，我們吸引了一支強大的管理團隊，土地收購工作正在進行中，目前我們擁有或控制 250 塊地皮。

We recently started creating our first community in New Smart Beach, Florida. In the Coastal Carolinas, we remain on track for initial deliveries in 2026, supported by growing operations and strong alignment with our Charlotte team. Each of these markets represent a compelling long-term opportunity.

我們最近開始在佛羅裡達州新智慧海灘創建我們的第一個社區。在沿海卡羅來納州，在不斷成長的業務和與夏洛特團隊的緊密合作的支持下，我們仍有望在 2026 年首次交付。每個市場都代表著極具吸引力的長期機會。

We are executing with discipline, drawn on our internal expertise to ensure scalable growth. As a company, we are well positioned to build on our foundation of growth, innovation and operational excellence. Our strategy remains centered on driving revenue and returns through our premium lifestyle brand positioning, enhance operational efficiency, prudent capital deployment and an unwavering focus on customer satisfaction.

我們嚴格執行，利用內部專業知識來確保可擴展的成長。作為一家公司，我們已做好準備，繼續鞏固成長、創新和卓越營運的基礎。我們的策略仍然集中在透過高端生活方式品牌定位來推動收入和回報、提高營運效率、審慎的資本配置和堅定不移地關注客戶滿意度。

We execute on these core areas of the business with discipline and consistency and we are confident this strategy will continue to deliver strong results. We remain encouraged on the long-term fundamentals of the housing market. US continues to face a significant housing shortage, a structural imbalance that reinforces the sustained need for new home development.

我們以紀律性和一致性執行這些核心業務領域，我們相信這項策略將繼續帶來強勁的成果。我們仍然對房地產市場的長期基本面感到樂觀。美國繼續面臨嚴重的住房短缺，這種結構性失衡加劇了對新房屋開發的持續需求。

Demographic tailwinds and the ongoing demand for housing supports a positive long-term outlook for the industry despite the near-term volatility the market is experiencing. These underlying demand drivers provide a strong foundation for our business and validate the strategic investments we are making. As we continue to allocate capital towards the highest return opportunities, both in new markets and across our existing operations, we are confident in our ability to drive sustainable performance and create long-term value for our shareholders.

儘管市場近期出現波動，但人口結構的順風和持續的住房需求支撐了該行業的長期樂觀前景。這些潛在的需求驅動因素為我們的業務提供了堅實的基礎，並驗證了我們正在進行的策略投資。隨著我們繼續在新市場和現有業務中向最高回報機會分配資本，我們有信心推動永續績效並為股東創造長期價值。

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

說完這些，我將把電話轉給格倫。格倫？

Thanks, Doug, and good morning. I would like to highlight some of our results for the first quarter and then finish my remarks with our expectations and outlook for the second quarter and full year 2025. First quarter produced strong financial results for the company. We delivered 1,040 homes, which is near the high end of our guidance. Home sales revenue was $721 million for the quarter with an average sales price of $693,000.

謝謝，道格，早安。我想重點介紹我們第一季的一些業績，然後以我們對第二季和 2025 年全年的預期和展望結束我的發言。第一季該公司取得了強勁的財務業績。我們交付了 1,040 套房屋，接近我們預期的最高水準。本季房屋銷售收入為 7.21 億美元，平均銷售價格為 693,000 美元。

Gross margins were 23.9% for the quarter, which exceeded the high end of our guidance range due to the mix of deliveries in the quarter. SG&A expense as a percentage of home sales revenue was 14% and better than our guidance due to some savings in G&A and leverage will be at the higher end of the range on both deliveries and ASP.

本季毛利率為 23.9%，由於本季交付量組合，毛利率超過了我們預期範圍的高端。銷售、一般及行政費用佔房屋銷售收入的百分比為 14%，由於銷售、一般及行政費用有所節省，因此優於我們的預期，而且無論是交付量還是平均售價，槓桿率都將處於較高水平。

Finally, net income for the year was $64 million or $0.70 per diluted share. Sannew home orders in the first quarter were 1,238, an absorption pace of 2.8 homes per community per month. For some market color, our absorption pace in the West was 3.2 for the quarter, with the Inliner Las Vegas and Seattle markets showing stronger demand. In the Central region, the overall absorption pace was 2.3 for the quarter with increased supply of both new and resale homes, Dallas showed softer demand during the quarter, while we have seen some positive momentum recently in response to increased incentives. Austin and Houston experienced steady demand during the quarter, while the Colorado market continues to be challenging.

最後，本年度淨收入為 6,400 萬美元，即每股 0.70 美元。第一季三新房屋訂單為1238套，每個社區每月的吸收速度為2.8套。就某些市場色彩而言，本季我們在西部的吸收速度為 3.2，其中拉斯維加斯和西雅圖內線市場表現出更強勁的需求。在中部地區，本季整體吸收速度為 2.3，新建和轉售房屋的供應量均有所增加，達拉斯在本季度的需求有所疲軟，而最近我們看到了由於激勵措施增加而出現的一些積極勢頭。本季度，奧斯汀和休士頓的需求穩定，而科羅拉多市場則持續面臨挑戰。

Finally, in the East, absorption pace was 3.2 for the quarter with our DC Metro and Raleigh divisions showing strong demand while market conditions have cooled in Charlotte. As Doug mentioned, we continued our approach to balancing pace and price and using targeted incentives to drive orders during the quarter. Current incentive levels for March orders averaged 7.3% by comparison and seton delivery in the first quarter were 6.1%. Our cancellation rate on gross orders in the first quarter remained low at 10%.

最後，在東部地區，本季的吸收速度為 3.2，其中我們的華盛頓地鐵和羅利分部表現出強勁的需求，而夏洛特的市場狀況則有所降溫。正如 Doug 所提到的，我們繼續採取平衡速度和價格的方法，並利用有針對性的激勵措施來推動本季度的訂單。相比之下，3 月訂單的當前激勵水準平均為 7.3%，而第一季的 seton 交付率為 6.1%。我們第一季的總訂單取消率仍保持在 10% 的低點。

During the first quarter, we invested $246 million of land and new development. We ended the quarter with over 35,000 total lots, 52% of which are controlled via auction.

第一季度，我們投資了 2.46 億美元用於土地和新開發案。本季結束時，我們的拍賣總量超過 35,000 件，其中 52％ 是透過拍賣控制的。

During the first quarter, we opened 18 new communities and closed out 16, ending the quarter with 147 active selling communities. We continue to anticipate opening 65 communities for the full year of 2025 and end the year with 150 or 160 active communities. Looking at the balance sheet and capital spend. We ended the quarter with approximately $1.5 billion of liquidity, consisting of $813 million of cash and $678 million available under our unsecured revolving credit facility. Our homebuilding debt-to-capital ratio was 21.6% and our homebuilding net debt to net capital ratio is 3% at end of the quarter.

第一季度，我們開設了 18 個新社區，關閉了 16 個，本季末共有 147 個活躍銷售社區。我們預計 2025 年將全年開設 65 個社區，到年底將開設 150 或 160 個活躍社區。查看資產負債表和資本支出。截至本季末，我們的流動資金約為 15 億美元，其中包括 8.13 億美元現金和 6.78 億美元的無擔保循環信貸額度。本季末，我們的房屋建築債務資本比率為 21.6%，房屋建築淨負債淨資本比率為 3%。

During the first quarter, we repurchased 2.3 million shares for an aggregate dollar spend to $75 million. We currently have $175 million available on our share repurchase authorization and anticipate continuing to be active buyers of our stock in the second quarter.

第一季度，我們回購了 230 萬股，總支出達 7,500 萬美元。我們目前擁有 1.75 億美元的股票回購授權，預計第二季將繼續積極購買我們的股票。

Now I'd like to summarize our outlook for the second quarter and full year of 2025. For the second quarter, we anticipate delivering between 1,100 and 1,200 homes at an average sale price between $680,000 and $690,000. We expect whole noted gross margin percentage to be in the range of 21.5% to 22.5%. The decrease in gross margin sequentially from the first quarter is the result of increased incentives and new mix as we close out a higher margin comment. We expect our SG&A expense ratio to be in the range of 12.5% to 13.5%, and we estimate our effective tax rate for the second quarter to be approximately 27%.

現在我想總結一下我們對2025年第二季和全年的展望。預計第二季將交付 1,100 至 1,200 套房屋，平均售價在 68 萬至 69 萬美元之間。我們預計整體毛利率將在 21.5% 至 22.5% 之間。正如我們結束的關於更高利潤率的評論中所說，毛利率與第一季相比有所下降，這是激勵措施增加和新組合的結果。我們預計銷售、一般及行政費用率將在 12.5% 至 13.5% 之間，我們估計第二季的有效稅率約為 27%。

For the full year, we are updating our guidance to a lower range of deliveries based on the slower market conditions we have experienced so far this year. We now anticipate delivering between 5,000 to 5,500 homes for the full year, with an average sales price between $665,000 and $675,000.

對於全年而言，基於今年迄今為止經歷的市場放緩，我們將更新我們的預期，以降低交付量範圍。我們現在預計全年將交付 5,000 至 5,500 套房屋，平均售價在 665,000 至 675,000 美元之間。

We continue to 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 11.5% to 12.5%, and we estimate our effective tax rate for the full year to be approximately 27%.

我們繼續預計全年房屋建築毛利率將在 20.5% 至 22% 之間。最後，我們預計銷售、一般及行政費用率將在 11.5% 至 12.5% 之間，我們估計全年有效稅率約為 27%。

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，請他發表一些結束語。

Thanks, Glenn. In closing, I want to express my sincere gratitude to the entire Tri Pointe team. Your dedication, talent and hard work are the driving force behind our results. Thanks to your collective efforts, Tri Pointe has once again been named in the Fortune 100 Best Companies to Work for in 2025. This recognition speaks volumes about the culture of excellence, that we've built together and is something we should all be proud of.

謝謝，格倫。最後，我要向整個 Tri Pointe 團隊表達最誠摯的感謝。您的奉獻、才華和辛勤工作是我們取得成果的驅動力。感謝大家的共同努力，Tri Pointe 再次被評為 2025 年《財星》雜誌 100 家最適合工作的公司之一。這項認可充分說明了我們共同建立的卓越文化，這是我們所有人都應該感到自豪的。

As a premium lifestyle brand, our ability to innovate and differentiate in the market is powered by this exceptional team. Thank you for your continued commitment and belief in our mission. With that, I'll turn the call back over to the operator for any questions. Thank you.

作為高端生活風格品牌，我們在市場上的創新和差異化能力得益於這支傑出的團隊。感謝您對我們使命的持續承諾和信任。說完這些，我會將電話轉回給接線生以解答任何問題。謝謝。

(Operator Instructions)

（操作員指示）

Steven Kim, Evercore ISI.

史蒂文金（Steven Kim），Evercore ISI。

Yeah, thanks very much guys. Appreciate all the color as usual. I thought you performed strongly in a tough environment. But I wanted to talk a little bit about your absorptions. Your absorptions were below three sales per community in 1Q, and absorptions are almost never higher for the year than they are in your 1Q.

是的，非常感謝大家。一如既往地欣賞所有的色彩。我認為你在艱難的環境中表現強勁。但我想稍微談談你的吸收力。您第一季的每個社區的吸收量低於 3 筆銷售，並且全年的吸收量幾乎從未高於第一季的吸收量。

So I'm curious, you've said before that you're sort of targeting three absorptions this year, three to four on a longer-term basis, and I'm wondering, are you -- is that still the case for you? And are you willing and able to recalibrate that targeted pace both in the near term as well as in the long term?

所以我很好奇，您之前說過，您今年的目標是吸收 3 家企業，從長遠來看，目標是吸收 3 到 4 家企業，我想知道，您現在還是這樣嗎？您是否願意並且能夠重新調整短期和長期目標步伐？

Yeah, Steve, this is Doug. A couple of things there. I mean, as we noted -- generally speaking, the spring selling season has been off to a slower start than what we've normally experienced. As far as trends, absorption was 2.5 in January, 2.9 in February, 3.1 in March. It's gotten a little choppier.

是的，史蒂夫，這是道格。那裡有幾件事。我的意思是，正如我們所注意到的——總體而言，春季銷售季節的起步比我們通常經歷的要慢。就趨勢而言，1月份吸收量為2.5，2月份為2.9，3月份為3.1。它變得有點不穩定了。

I think a few other companies have noted the same choppiness in the market. So originally, we were targeting around three for the year. I think 2.5 to 3 seems more appropriate. This business is -- we just happen to sell the most expensive retail good in the US, and it requires a lot of confidence, and the consumer has definitely been impacted by what's going on across the country. So without -- we see good job numbers, and we see strong job growth.

我認為其他一些公司也注意到了市場同樣的波動。因此，我們最初的目標是今年要達到三個左右。我認為 2.5 到 3 似乎更合適。這個行業——我們恰好銷售美國最昂貴的零售商品，這需要很大的信心，而且消費者肯定會受到全國各地發生的事情的影響。因此，我們看到了良好的就業數據，也看到了強勁的就業成長。

And frankly, we see a lot of strong buyers. I would -- if I gave the market a letter grade I don't know, Tom, what you would say, but I'd say it's about a C to C+. But I'm very happy with the results and in light of the market conditions, we're doing a great job, and we're teed up as we go into '26 with some strong community count growth. So it's a choppy time, Stephen.

坦白說，我們看到很多強大的買家。如果我給市場打一個字母等級，我不知道湯姆，你會說什麼，但我會說大約是 C 到 C+。但我對結果非常滿意，鑑於市場狀況，我們做得很好，並且我們為進入 26 年做好了準備，實現了社區數量的強勁增長。所以這是一個動盪的時期，史蒂芬。

Okay. Yes, fair. I guess my question was really, though, how long would you be willing to operate below what you had previously said was your targeted absorption range? Is this sort of like a thing that you can kind of like holding your breath under water, you can do it for a period of time? Or is it able to be more permanent?

好的。是的，公平。我想我的問題實際上是，您願意在您之前所說的目標吸收範圍以下運作多長時間？這是否類似於你可以在水下屏住呼吸一段時間？或者它能夠更持久嗎？

Yeah, no, we continue to balance price and pace on a community-by-community basis to drive the best results. Our land is well located, hard to replace. So we feel our current approach will create the best value. And we don't feel that the best return will be -- you won't get the best return by increasing incentives.

是的，不，我們會繼續根據每個社區的情況平衡價格和速度，以達到最佳效果。我們的土地位置優越，難以取代。因此我們認為我們目前的方法將創造最佳價值。我們認為，最好的回報不會是──透過增加激勵措施你不會獲得最好的回報。

It doesn't drive incremental volume in our mind. So we're going to stay at that steady pace and price as we go forward.

它不會在我們的頭腦中推動增量音量。因此，我們將繼續保持穩定的速度和價格。

What we're saying is in that 2.5 to 3 pace, it works for us, and we've proven that we're going to be able to get the returns and the profitability we desire.

我們所說的是，以 2.5 到 3 的速度，它對我們來說是有效的，我們已經證明我們將能夠獲得我們想要的回報和盈利能力。

Yeah, that's perfect. That's -- I think that's really good to hear. The second question is a little bit more of a technical one, I guess, for Glenn. You had indicated that your -- well, your gross margin guide for 2Q is only 50 basis points lower than what you had initially guided for 1Q.

是的，太完美了。這——我覺得聽到這個消息真是太好了。我想，對格倫來說，第二個問題有點技術性。您曾表示，您對第二季的毛利率預期僅比您最初對第一季的預期低 50 個基點。

You blew your 1Q gross margin got out of the water, right? But your 2Q guide is only 50 basis points lower than the range that you had given for 1Q initially. You had also said that incentives on your orders were 120 basis points higher than the incentives on deliveries. And so my question basically is how do we reconcile the 120 basis points more incentives with the only 50 basis points lower gross margin guide? And two potential answers coming to mind.

您第一季的毛利率是不是出乎意料了？但您的第二季指引僅比您原先給出的第一季指引範圍低 50 個基點。您也說過，訂單獎勵比送貨獎勵高出 120 個基點。所以我的問題基本上是，我們如何將增加 120 個基點的激勵措施與僅降低 50 個基點的毛利率指南相協調？我想到兩個可能的答案。

One is that the margin impact of 100 basis points or 120 basis points in this case of incentives isn't a 120 basis point hit to the margin because maybe you're giving different kinds of incentives or you're just including -- you included a lot of conservatism in your initial 1Q guide, and you're using less conservatism in the 2Q guidance. I'm wondering what is the reason basically the gap between the 50 and the 120?

一是，在這種情況下，激勵措施對利潤率的影響為 100 個基點或 120 個基點，並不會對利潤率造成 120 個基點的打擊，因為也許你提供了不同類型的激勵措施，或者你只是包括了 - 你在最初的 1 季度指南中包含了很多保守主義，而你在第二季度指南中使用的保守主義。我想知道 50 和 120 之間的差距基本上是什麼原因造成的？

Yeah, Good question, Stephen. And it really is -- and this isn't a very fun answer, but it really is mix. So when you look at kind of the mix of communities where we're losing some deliveries that we had in our original guidance, and then you look at the divisions that are doing well, those tend to be the higher margin divisions. And so some of that is just mix of how that worked out in the quarter.

是的，史蒂芬，問得好。事實確實如此——這不是一個非常有趣的答案，但它確實是混合的。因此，當您查看我們在原始指導中丟失了一些交付的社區組合，然後查看表現良好的部門時，這些部門往往是利潤率較高的部門。因此，其中一些只是本季結果的混合。

Those incentives over the long term, they do impact margin by that same amount. If you're taking a 1% incentive at the top price, it's going to impact your margin by that. So it is 1 point. All our incentives hit revenue Stephen, I know you've asked that before, and that's where our incentives go. So it is a margin hit, but it really is just mix for us and the mix in the quarter that drive them out.

從長遠來看，這些激勵措施確實會對利潤產生相同程度的影響。如果您以最高價格獲得 1% 的獎勵，這將影響您的利潤。所以是1分。我們所有的激勵措施都會影響收入，史蒂芬，我知道你之前問過這個問題，這就是我們的激勵措施的用處。因此，這對利潤率是一個打擊，但實際上，對我們來說，這只是一個組合問題，而本季的組合問題導致他們退出市場。

I would have thought that maybe there are some incentives that maybe like upgrading materials or whatever that carry a lower gross margin hit than 100%.

我原本以為可能會有一些激勵措施，例如昇級材料或其他什麼，使毛利率低於 100%。

Yeah, that is true.

是的，確實如此。

Stephen, this is Linda. Absolutely. Of that 6.5% incentives in the first quarter orders, we used 2.3% of the incentives in our design studio where our gross margins are over 40%. So certainly, that is a better use of incentives from a gross margin perspective, and it also is highly desirable to our customers who want to personalize their home.

史蒂芬，這是琳達。絕對地。在第一季訂單的 6.5% 的獎勵中，我們將 2.3% 的獎勵用在了我們的設計工作室，該工作室的毛利率超過 40%。因此，從毛利率的角度來看，這無疑是對激勵措施的更好利用，而且對於想要個人化家居的客戶來說，這也是非常理想的。

Yes. I thought you were asking is some incentives kind of in SG&A, which I know some builders put things down there, but yes, to Linda's point, if that's what you're asking, that is correct.

是的。我以為你問的是銷售、一般和行政費用中的一些激勵措施，我知道有些建築商把東西放在那裡，但是是的，對於琳達的觀點，如果這就是你問的，那是正確的。

All right guys, appreciate it thank you.

好的，夥計們，非常感謝。

Trevor Allinson, Wolf Research.

特雷弗·阿林森，沃爾夫研究中心。

Good morning. Thank you for taking my questions. I wanted to follow up on Steve's question on the pace and price balance there. I appreciate it's been a slower start to spring selling season across the industry. So 2.5 to 3 makes more sense here. If you were to see demand slow further, what would be the reactions in that case? Would you potentially let your absorption drift even further below 2.5?

早安.感謝您回答我的問題。我想跟進史蒂夫關於那裡的速度和價格平衡的問題。我很感激整個產業的春季銷售季開局比較緩慢。因此 2.5 到 3 在這裡更有意義。如果您發現需求進一步放緩，那麼會有什麼反應？您是否有可能讓您的吸收率進一步低於 2.5？

Or do you view that more as afford in which you want to operate in the current environment. And therefore, if demand would be softer here, you would, at that point, lean more back into incentives to not drift further below the 2.5 level?

或者您認為這更像是您想要在當前環境中開展業務的能力。因此，如果這裡的需求較弱，那麼您是否會更多地依靠激勵措施，以避免進一步跌破 2.5 的水平？

Trevor, this is Doug. I would say that 2.5 is somewhat of a floor. Again, our locations are in what I call core A locations. So it's a little bit of patience and perseverance during these choppy times. But I would call that 2.5 a floor, and we might have to turn up the dial a little bit more on incentives.

特雷弗，這是道格。我想說 2.5 是底線。再次強調，我們的位置位於我所說的核心 A 位置。因此，在這些動盪時期，需要一點耐心和毅力。但我認為 2.5 是一個底線，我們可能需要在激勵方面再加大一些力度。

100% of nothing is nothing. So -- as I always joke with people. So we still got to turn and move homes, but as I mentioned earlier, it's not great, it's not bad. It's just a choppy market. And -- and before you know it, we'll all get through this. And we're really looking out the next two, three, four, five years into a very healthy situation for the homebuilders because of the unmet needs there. So hopefully, that answers your question.

100% 的無就是無。所以——就像我總是和人們開玩笑的那樣。所以我們仍然需要搬家，但正如我之前提到的，這不是很好，也不是很糟糕。這只是一個波動的市場。而且—在您意識到之前，我們都會度過難關。我們確實期待未來兩到五年內房屋建築商的狀況會非常健康，因為那裡的需求尚未得到滿足。希望這能回答你的問題。

Trevor, one thing I'd add to that -- Trevor, this is Tom. One thing I'd add to that is we really feel that the underlying demand is still in the marketplace. We're seeing that consistently throughout all of our communities and our markets. And that the buyer has just hit the pause button.

特雷弗，我想補充一點──特雷弗，這是湯姆。我想補充一點，我們確實感覺到市場仍有潛在需求。我們在所有社區和市場中都不斷看到這種情況。而買家剛剛按下了暫停按鈕。

There's a lack of clarity and certainly a lack of consumer confidence and they're confused but fundamentally, I think the demand is there. And so as some of that confusion clears up, we do see a return to better absorptions.

缺乏清晰度，當然也缺乏消費者信心，他們感到困惑，但從根本上說，我認為需求是存在的。因此，隨著一些混亂的消除，我們確實看到了吸收效果的改善。

Yeah, and that's actually a great segue to the next question I was going to ask was just on April trends, perhaps how they compare to March trends. Have you seen an improvement here in the back half of the month as we start to get further away from April 2? And then also, have you seen any differences in demand trends by price point thinking those with more wealth in the stock market. Have you seen any difference in their demand for them versus more the first-time buyer?

是的，這實際上很好地引出了我要問的下一個問題，即四月份的趨勢，以及它們與三月的趨勢相比如何。隨著我們距離 4 月 2 日越來越近，您是否看到下半月的情況有所改善？另外，您是否看到價格點需求趨勢有任何差異，想想那些在股市中擁有更多財富的人。您是否發現他們對這些產品的需求與首次購買者的需求有何不同？

Well, as I mentioned, Trevor, absorption pace was 2.5 in January, 2.9 in February, 3.1 in March. It's gotten a little choppy in April with all the uncertainties that are in the economy right now. Linda, you might be able to talk about some of the different price points on absorption.

嗯，正如我所提到的，特雷弗，1 月份的吸收速度是 2.5，2 月份是 2.9，3 月份是 3.1。由於目前經濟中存在許多不確定因素，四月經濟情勢變得有些不穩定。琳達，您也許可以談談吸收方面的一些不同價格點。

Yes, absolutely. We are still seeing more strength relatively, Trevor, in the second move-up in the first quarter, we saw a good pace there and the second move up at 3.2, active adult was at 3.4. So certainly, those segments are outperforming premium entry level. And we would expect that to continue where we see buyers who have more equity in their existing homes. They do not need as much help in financing and more of them will come off the sidelines as they gain more confidence in the direction of the economy, as Tom mentioned.

是的，絕對是。Trevor，我們仍然看到相對強勁的成長勢頭，在第一季的第二次成長中，我們看到了良好的成長勢頭，第二次成長達到了3.2，活躍成人用戶達到了3.4。因此，這些細分市場的表現無疑優於高階入門市場。我們預計，當買家在現有房屋中擁有更多權益時，這種情況將會持續下去。正如湯姆所提到的，他們不需要太多的融資幫助，而且隨著他們對經濟走向越來越有信心，更多的人將會退出。

Yeah, makes a lot of sense. Thank you all for all the color and good luck moving forward.

是的，很有道理。感謝大家的熱情支持，祝福大家未來一切順利。

Thanks.

謝謝。

Mike Dahl, RBC Capital Markets.

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

Hi, thanks for taking my questions and thanks for the candor.

你好，謝謝你回答我的問題，也謝謝你的坦誠。

I want to follow up on the incentives and make sure we heard correctly. The 7.3%, was that on March orders? Or was that the average for the March quarter? And maybe just give us a sense of where that stands as we get closer to the end of April.

我想跟進這些激勵措施並確保我們聽得正確。7.3% 是 3 月的訂單嗎？還是這是三月季度的平均值？也許只是讓我們了解一下在四月底臨近之際的情況。

Yeah, so it was 7.3% on March -- the month of March orders and that's fairly consistent with where April has been trending as well.

是的，3 月的訂單量增加了 7.3%，這與 4 月的趨勢相當一致。

Got it. Okay. When I look at the margin guidance, understanding their mix that impacts pros and cons in Q2, let's say, you hit the midpoint of your 2Q guide, you'll have delivered a 23% gross margin, and you're guiding 20.5% to 22%. I mean, the simple math is that you'd have to be 20% or below in the back half just to get down to the midpoint of that full year. And so I guess the question is kind of what are the moving pieces because that's still a pretty material drop off in the back half. Are you assuming incremental incentives? Is it lot cost? Walk us through that or whether or not there's just still some conservatism there?

知道了。好的。當我查看利潤率指引時，了解其組合對第二季度的利弊影響，假設您達到了第二季度指引的中點，那麼您將實現 23% 的毛利率，而您的指引為 20.5% 至 22%。我的意思是，簡單的計算就是，下半年的成長率必須達到 20% 或以下，才能達到全年的中點。所以我想問題在於哪些是變動的部分，因為後半部仍然有相當大的物質下降。您是否假設有增量激勵？是很多成本嗎？請向我們介紹一下這一點，或者那裡是否仍然存在一些保守主義？

Yeah, Mike. So good question. And your math is correct. The midpoint of the full year guidance implies a 20% gross margin in the back half of the year. And similar to what we said in the first call, some of it is lot costs, right?

是的，麥克。這個問題問得真好。你的數學是正確的。全年預期的中點意味著下半年的毛利率為 20%。與我們在第一次通話中所說的類似，其中一些是地段成本，對嗎？

You have a lot of communities rolling off. We closed out of 16 communities in the first quarter. There's going to be more closeouts as we move through the year. Those are older communities that benefited from price appreciation and higher margins. And then incentives do play a role, right? I mean incentives were higher in the first quarter than we originally projected by I would say, a point we were probably more in the 6% range, and we exited at the 7% range. So incentives are playing a role in that as well.

有很多社區正在興起。我們在第一季關閉了 16 個社區。隨著時間的流逝，將會有更多的清倉行為。這些都是較老的社區，受益於價格上漲和更高的利潤率。那麼激勵確實發揮了作用，對嗎？我的意思是，第一季的激勵措施比我們最初預測的要高，我想說，我們可能在 6% 的範圍內，而我們退出時的激勵措施是在 7% 的範圍內。因此激勵措施也在其中發揮了作用。

And are you assuming there's incremental incentive pressure versus the 7.3% or it's full impact of that 7.3%?

您是否認為相對於 7.3% 而言存在增量激勵壓力，或者是 7.3% 的全部影響？

The midpoint of our guide assumes that, that 7% carries through the rest of the year.

我們的指南中點假設 7% 的成長率將持續到今年剩餘時間。

Okay, got it, thank.

好的，知道了，謝謝。

Alan Ratner, Zelman and Associates.

艾倫·拉特納 (Alan Ratner)、澤爾曼和合夥人公司。

Hey, guys. Good morning. Thanks for all the details so far. And nice performance in a tough market. So I know it's challenging out there. First question on SG&A. So if I look at the guide for the year, roughly 12%, that's going to be running about 100, 150 basis points above kind of where you were pre-COVID up about 300 bps from the near-term low in '22.

嘿，大家好。早安.感謝您提供迄今為止的所有詳細資訊。在艱難的市場中表現出色。所以我知道這很有挑戰性。第一個問題是關於銷售、一般及行政費用 (SG&A)。因此，如果我看今年的指南，大約為 12%，這將比 COVID 之前的水平高出約 100 到 150 個基點，比 2022 年的近期低點高出約 300 個基點。

I'm curious, impact, if any, is coming from costs in your new market expansion maybe and not yet seeing the revenue associated with those markets versus how much of that increase is being driven just by broader inflation in employment costs and other ancillary things.

我很好奇，如果有的話，影響可能來自於新市場擴張的成本，而尚未看到與這些市場相關的收入，而這種增長有多少僅僅是由就業成本和其他輔助因素的更廣泛的通貨膨脹所推動的。

Yeah, that's a good question, Alan. This is Glenn. It definitely is -- there's some impact to the new expansion divisions, right? We have three new divisions that we are incurring coin that don't have any associated revenue to it. So that does have an impact.

是的，艾倫，這是個好問題。這是格倫。這肯定會對新的擴展部門產生一些影響，對嗎？我們有三個新部門，這些部門正在產生資金，但沒有任何相關收入。所以這確實有影響。

But there has been general inflation, if you're comparing it to COVID levels. Obviously, there's been wage inflation and other inflation pressures on the G&A line. So it is a combination of both of those. And then obviously, if you're comparing this year to last year, it's the lower revenue and less leverage on those fixed costs that is tracking that out.

但如果將其與 COVID 水平進行比較，則存在普遍通貨膨脹。顯然，薪資上漲和其他通膨壓力對 G&A 部門產生了影響。所以它是兩者的結合。顯然，如果將今年與去年進行比較，就會發現收入較低，固定成本的槓桿率較低。

So with the goal longer term to be to kind of get back to where you were pre pandemic in that kind of 10%, 10.5% range once these new markets begin generating revenue?

因此，長期目標是，一旦這些新市場開始產生收入，就恢復到疫情前的 10% 到 10.5% 左右的水平？

That's exactly right, Alan. That's the goal once we get those markets to scale in the next three to five years, that's a good goal for us.

完全正確，艾倫。這就是我們在未來三到五年內將這些市場擴大規模的目標，這對我們來說是一個很好的目標。

I would add, Alan, this is Doug. We are -- we've got a pretty good playbook at the expansion divisions. Yes, it costs you a little bit of money in G&A. But the way I look at it is I'd rather spend that money building the right team with the right people.

我想補充一下，艾倫，這是道格。我們在擴張部門有相當好的劇本。是的，這會花費你一點 G&A 費用。但在我看來，我寧願花這筆錢與合適的人才一起組成合適的團隊。

We believe those three markets have excellent potential for our premium lifestyle brand than going out and paying x for some builder that you find, you put a bunch of goodwill on your balance sheet and you're writing that off. So we look at this business in five-year increments in the next three to five years for those three expansion divisions. it cost you a little bit of money, but it's going to pan out very well.

我們相信，這三個市場對於我們的高端生活方式品牌來說具有巨大的潛力，而不是出去為你找到的一些建築商支付 x 費用，你在資產負債表上留下一大筆商譽並將其註銷。因此，我們以五年為增量來看待未來三到五年內這三個擴張部門的業務。這會花你一點錢，但結果會非常好。

Yeah, My second question, Doug, was kind of on that topic in the new markets because I would imagine while it's probably not fun to be operating in a market like we're in today. On the other hand, if you are in the position to be entering new markets, I would imagine there are some opportunities that could come about, whether it's good people that maybe are let go from other competitors, land deals that are kind of walked away from.

是的，道格，我的第二個問題是關於新市場的這個主題，因為我可以想像，在像今天這樣的市場中運作可能並不有趣。另一方面，如果你正處於進入新市場的位置，我想可能會出現一些機會，無論是從其他競爭對手那裡解僱的優秀人才，還是放棄的土地交易。

So I'm just curious, are you seeing any of those opportunities yet in your newer markets? Or do you anticipate those to unfold in the next few months? And if so, is there an opportunity maybe to accelerate those growth plans in those new markets?

所以我很好奇，您在新市場中是否看到了這些機會？或者您預計這些事情會在接下來的幾個月內發生？如果是這樣，是否有機會加速這些新市場的成長計畫？

No, you're spot on. And I would agree with everything you said, I was talking to some of our expansion divisions yesterday. And there's definitely -- it's a good time to using a funny basketball analogy, hang around at who because there's going to be some rebounds and retrades that are going to happen. And we're still focus on Main and Main A locations. And even in some of our existing markets, we've seen some of that activity as well.

不，你說得完全正確。我同意你所說的一切，昨天我與我們的一些擴展部門進行了交談。而且肯定是——這是一個使用有趣的籃球比喻的好時機，徘徊在誰身邊，因為將會發生一些籃板和重新交易。我們仍然專注於主要位置和主要 A 位置。甚至在我們現有的一些市場中，我們也看到了一些這樣的活動。

But we're being very disciplined, being very smart in our underwriting. We're going to tend to be on the higher end of the side of underwriting right now because there's a lot of uncertainty on how all this tariff activity and economic uncertainty lasts, as you know, and we all know. But everything you said is exactly playing in our favor for these expansion divisions. And frankly, we don't have a gun to our head to do stupid deals. We can be very smart with those divisions and grow very smartly. So that's the other benefit we have in Orlando, the coastal Carolinas and Utah.

但我們在承保方面非常自律，非常明智。我們現在傾向於處於承保的高端，因為所有這些關稅活動和經濟不確定性將如何持續存在許多不確定性，正如你所知，我們都知道。但您所說的一切對於我們這些擴張部門來說都是有利的。坦白說，我們不會拿槍指著頭來做愚蠢的交易。我們可以非常明智地處理這些分歧並實現非常明智的成長。這是我們在奧蘭多、沿海卡羅來納州和猶他州的另一個優勢。

The other thing, Alan, it's important to remember what you led off with, a big benefit that we've seen in all those expansion markets is the talent of people, and we've been able to really attract the right people to build our teams probably faster than we normally would have been able to do so. So we're really encouraged about that.

另外一件事，艾倫，重要的是要記住你剛才所說的，我們在所有這些擴張市場中看到的一大好處就是人才，而且我們能夠真正吸引合適的人才來組建我們的團隊，而且速度可能比我們通常能夠做到的要快。所以我們對此感到非常鼓舞。

Great, I appreciate the thoughts and good luck.

太好了，我很感激你的想法，祝你好運。

Thanks.

謝謝。

Ken Zenner, Sea Park Research Partners.

Ken Zenner，海洋公園研究合作夥伴。

Good morning, everybody.

大家早安。

Good morning again.

早安.

Just checking on my phone service. All right. So the narrative was we were undersupplied not the long-term stuff, but like 2022, right, 2023. And now according to Census data, for new homes for sale, we're still very high outside of the '05, 2011 period. Yet your inventory units are down 23% year-over-year.

只是檢查我的電話服務。好的。所以，情況是，我們供應不足的不是長期供應，而是 2022 年、2023 年的供應。現在根據人口普查數據，對於待售的新房而言，除了 2005 年和 2011 年期間之外，價格仍然很高。但您的庫存單位比去年同期下降了 23%。

Can you kind of comment on like this national narrative we're seeing in contrast to your data and some of the other public builder data where we are down substantially year-over-year. When you hear that narrative, how do you guys resolve that in the board room like why do you think that's happening? Is it all private? Is it all in Michigan where people don't build that much?

您能否評論一下我們所看到的這種全國性敘事，並將其與您的數據和其他一些公共建築商數據進行對比，我們發現我們的建築業同比大幅下降。當您聽到這種說法時，您們在董事會會議室裡如何解決這個問題，例如您認為為什麼會發生這種情況？都是私人的嗎？這些都是在密西根州嗎？那裡的人們建造的建築物並不多。

Well, I think for us, if you're saying year-over-year inventory down, I think it just shows how quick builders can pivot and be smart with starts and manage their inventory levels. compared to some of that national data, we don't look at it that closely from -- on our own portfolio. We kind of look at our specific markets and what we think is right for each one of our communities in the market. So that's how we manage it.

嗯，我認為對我們來說，如果你說的是庫存同比下降，我認為這只是表明建築商可以快速轉變並明智地開工和管理他們的庫存水平。與一些國家數據相比，我們並沒有從我們自己的投資組合中如此仔細地觀察它。我們會關注特定的市場以及我們認為適合市場中每個社區的事物。這就是我們的管理方式。

I think I'd add, Ken, I mean, it's a lot of apples and oranges. I don't think there's a national narrative. I mean you've got the larger public homebuilding companies, that's a different business model than little Tri Pointe sitting here. I think it's a production machine that needs to produce homes every quarter on even flow basis, basically.

我想補充一點，肯，我的意思是，這就像蘋果和橘子一樣。我認為不存在一個國家敘事。我的意思是，你們有更大的公共房屋建築公司，這與這裡的小 Tri Pointe 的商業模式不同。我認為它基本上是一台生產機器，需要每季均勻流動地生產房屋。

So we're building on A locations, Main and Main, and we're going to continue that focus in that premium lifestyle brand focusing in on providing a great customer experience that will increase our brand not only in our existing markets, but in others. So how -- I don't get too laddered up about the national narrative and stay focused. This is still a very local business.

因此，我們正在 A 區、Main 區和 Main 區進行建設，我們將繼續專注於高端生活方式品牌，專注於提供卓越的客戶體驗，這不僅會在我們現有的市場提升我們的品牌，還會在其他市場提升我們的品牌。那麼，我不會對國家敘事過於關注，而是保持專注。這仍然是一個非常本地化的業務。

And Ken, you know we run it on a very balanced approach. As you look at our move-in ready homes and completed inventory. It's really at the historically acceptable levels for us overall with our spec homes, about 12 per community right now. We've got a little bit under three completed inventory per community. And then as we look at starts, we're balancing that to our absorption pace. And year-over-year, we're down a little bit, about 20% in our Q1 starts, but that's appropriate given the other inventory levels that we're targeting and driving our business towards.

肯，你知道我們採取非常平衡的方式來運作。當您查看我們可立即入住的房屋和已完成的庫存。對於我們整個社區而言，這確實處於歷史上可接受的水平，目前每個社區大約有 12 套樣品屋。每個社區都有不到三份已完成的庫存。然後，當我們開始觀察時，我們會將其與我們的吸收速度進行平衡。與去年同期相比，我們的銷售額略有下降，第一季開始時下降了約 20%，但考慮到我們瞄準並推動業務發展的其他庫存水平，這是合理的。

Right. And then I appreciate your guys' thoughtful responses. So do you think like your inventory units are basically going to be down a similar amount to what we're facing right now when we exit the year given your start and closing assumptions?

正確的。我很感謝你們的深思熟慮的回應。那麼，根據您的起始和結束假設，您是否認為當我們結束今年的庫存單位基本上會下降與我們目前面臨的類似的數量？

I would think so. I mean, obviously, it will depend on how absorption flows in the back half of the year and where we're seeing the overall market. I think in our company, and we actually were just talking about this yesterday with our management team we have the ability to flex up starts if we see any upside in demand, and we have the ability to moderate starts. So I think we have a nimble engineer to be able to react to the market.

我認為是這樣。我的意思是，顯然，這將取決於今年下半年的吸收情況以及我們看到的整體市場情況。我認為在我們公司，而且我們昨天實際上剛剛與我們的管理團隊討論過這個問題，如果我們看到需求有任何上升趨勢，我們就有能力靈活地提高開工率，我們也有能力適度地降低開工率。所以我認為我們有一個靈活的工程師能夠對市場做出反應。

Right. And then what I find really test your guys the debt that you're still incurring? So your gross margins, and I usually like to look at interest expense, I'll look fully loaded. But I mean, you're about 27%, which would be quite appealing to many people, but for the fact you have 320 bps of interest drag. Can you comment on the -- given that you paid off that $900 million-ish debt, how long is it going to take for us to see that it's 3.2% this quarter, 3.3% last year.

正確的。那麼我發現真正考驗你們的是你們仍在承擔的債務嗎？因此，您的毛利率，以及我通常喜歡看的利息支出，我會看得滿滿的。但我的意思是，你的利率大約是 27%，這對很多人來說相當有吸引力，但事實上你有 320 個基點的利息拖累。您能否評論一下——假設您還清了 9 億美元左右的債務，我們需要多長時間才能看到本季的利率達到 3.2%，去年的利率達到 3.3%。

Like when are we going to start to see that benefit in? How does that fully loaded gross margin kind of compared to what you see as your choices around the interest you're amortizing. So if you had a 27% gross margin, which you do ex interest, maybe you'd be more flexible. So how quick is that interest going down? And how does that affect your thinking around flashing inventory to get to your lower leverage levels today?

例如，我們什麼時候才能開始看到這種好處？與您所選擇的攤銷利息相比，滿載毛利率如何？因此，如果你的毛利率為 27%（不含利息），也許你會更有彈性。那麼這種興趣下降得有多快呢？這對您目前關於閃現庫存以達到較低槓桿水平的想法有何影響？

I don't know if it influences our inventory levels, but you will see that interest level go down as we go through this year, and then you'll see the bigger benefit into next year because it will depend on how quickly we -- it will depend on absorption and how quickly we move inventory that already has capitalized inventory into it. That's why it's hard to give a specific answer because it will depend on how that old inventory rolls out. But you will see with our lower debt levels flush through over the next 18 months.

我不知道這是否會影響我們的庫存水平，但你會看到，隨著今年的推進，興趣水平會下降，然後你會看到明年會有更大的收益，因為這取決於我們的吸收速度以及我們將已經資本化的庫存轉移到其中的速度。這就是為什麼很難給出一個具體的答案，因為這將取決於舊庫存如何推出。但你會看到，我們的債務水準將在未來 18 個月內大幅下降。

I mean the thing is, this is why I ask Glenn and Doug, Tom obviously chime in because like you're 27%, if you're saying 20% in the back half, fully loaded with interest. That's still 23%. And if you just flush out this home that have the interest expense and reset to your current level, that's actually kind of appealing because as long as you're holding on to that stuff, it's hard to flush it out. Anyways, it is interesting.

我的意思是，這就是我問格倫和道格的原因，湯姆顯然會附和，因為如果你說後半部是 20%，那麼你就是 27%，充滿了興趣。這仍然是 23%。如果你只是把這套房子連利息支出都清空，然後重置到目前的水平，這實際上是很有吸引力，因為只要你還持有這些東西，就很難把它清空。無論如何，這很有趣。

Yeah, understood.

是的，明白了。

Thank you, guys.

謝謝你們。

Thanks, Ken.

謝謝，肯。

Jay McKennis, Wedbush Securities.

麥肯尼斯（Jay McKennis），韋德布希證券公司。

Hey, good morning, everyone. Kind of following on that question, I was going to ask where you're seeing and especially the markets you called out is not performing well. Is that a buyer issue? Or is that more of a competition issue from resales or too many new home sales kind of, I think, kind of in line with what Ken was asking.

嘿，大家早安。接下來是這個問題，我想問您看到了什麼，特別是您所說的表現不佳的市場。這是買家的問題嗎？或者這更多的是轉售或過多新房銷售的競爭問題，我認為這與肯所問的一致。

Well, I mean, we're -- Jay, it's Doug. We're seeing strength in first quarter Raleigh, Seattle and the West Coast, the East Coast, DC actually Raleigh East Coast to Vegas, Bay Area, Orange County, Inland Empire. The more challenging markets in the first quarter were Colorado, DFW and Charlotte. And it's more of a fire profile and a very anxious buyer profile than a competitive factor. Again, in our locations, typically don't run into as many of the big production mentalities that are going to be pushing incentives to drive volume. So it's more of a buyer mentality.

嗯，我的意思是，我們是──傑伊，我是道格。我們看到第一季羅利、西雅圖、西岸、東岸、華盛頓特區（其實是羅利東岸到拉斯維加斯、灣區、橘郡、內陸帝國）的實力強勁。第一季最具挑戰性的市場是科羅拉多州、達拉斯-沃斯堡國際機場和夏洛特。這更多的是一個火力特徵和一個非常焦慮的買家特徵，而不是競爭因素。再說一次，在我們的生產基地，通常不會遇到那麼多透過激勵措施來提高產量的大生產心態。所以這更像是一種買家心態。

Okay. And where do you think your split was between first time versus the other active adult and move up in the quarter?

好的。您認為您第一次與其他活躍成年人的差距在哪裡，並且在本季有所提升？

Are you talking absorption, Jay?

傑伊，你說的是吸收嗎？

Just on closings and then maybe how that's trending for orders at least thus far in 2Q?

僅就成交量而言，那麼至少到目前為止，第二季的訂單趨勢如何？

Yeah, on deliveries for Q1, Jay, our entry level was about 41%, and combined move-up was about 53%. And on orders, it was pretty much about the exact same.

是的，傑伊，就第一季的交付量而言，我們的入門水準約為 41%，綜合漲幅約為 53%。就訂單而言，幾乎完全相同。

Great. And then last question. It looks like you did nudge up the full year average price a little bit. Is that just from 1Q or do you guys think you're going to have a little richer mix as you go through the rest of the year?

偉大的。最後一個問題。看起來你確實稍微提高了全年平均價格。這是僅從第一季開始的嗎？還是你們認為在今年剩餘時間裡你們會擁有更豐富的組合？

It's just a richer mix. So a little bit more heavy-weighted towards the west and the mix.

這只是更豐富的組合。因此，西方和混合體的比例稍微高一些。

Okay, great, thanks for taking my question.

好的，太好了，感謝您回答我的問題。

Thank, Jay.

謝謝，傑伊。

There are no further questions at this time. I would now like to turn the floor back over to Doug Bauer for closing comments.

目前沒有其他問題。現在我想把發言權交還給道格·鮑爾，請他發表最後評論。

Well, thank you for joining us today and we look forward to chatting with all of you in July. Have a great week and weekend. Thank you.

好吧，感謝您今天加入我們，我們期待著七月與大家聊天。祝您有個愉快的一周和週末。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。