United Homes Group Inc (UHG) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Mandeep, and I'll be your operator today. At this time, I'd like to welcome everyone to the United Homes Group second-quarter 2024 earnings call and webcast. (Operator Instructions) Thank you.

謝謝你的支持。我叫 Mandeep，今天我將擔任您的接線生。此時此刻，我歡迎大家參加 United Homes Group 2024 年第二季財報電話會議和網路廣播。 （操作員說明）謝謝。

I would now like to turn the call over to Aaron Erin Reeves McGinnis, General Counsel. You may begin.

我現在想將電話轉給總法律顧問 Aaron Erin Reeves McGinnis。你可以開始了。

Good morning, and welcome to United Homes Group's second-quarter 2024 earnings call. Before the call begins, I would like to note that this call will include forward-looking statements within the meaning of the federal securities laws. United Homes Group cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. These risks and uncertainties include, but are not limited to, the risk factors described by United Homes Group in its filings with the Securities and Exchange Commission.

早上好，歡迎參加 United Homes Group 的 2024 年第二季財報電話會議。在電話會議開始之前，我想指出，本次電話會議將包括聯邦證券法含義內的前瞻性陳述。聯合家園集團警告說，前瞻性陳述受到許多假設、風險和不確定性的影響，這些假設、風險和不確定性會隨著時間的推移而改變。這些風險和不確定性包括但不限於 United Homes Group 在向美國證券交易委員會提交的文件中所述的風險因素。

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether a result of new information, future events or otherwise, except as may be required under applicable securities laws.

因此，不應依賴前瞻性陳述來代表我們在任何後續日期的觀點，並且您不應過度依賴這些前瞻性陳述。我們不承擔任何義務更新前瞻性聲明以反映做出後發生的事件或情況，無論是由於新資訊、未來事件或其他原因，除非適用的證券法可能要求。

Additionally, reconciliations of non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures can be accessed through the company's website and in its SEC filings. Hosting the call today are United Homes Group's President, John Micenko, Chief Operating Officer, Shelton Twine; and Chief Financial Officer, Keith Feldman.

此外，本次電話會議中討論的非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節表可以透過該公司的網站和其向美國證券交易委員會提交的文件進行查看。今天主持電話會議的是 United Homes Group 總裁 John Micenko、Shelton Twine 營運長；和財務長基斯·費爾德曼。

With that, I'd like to turn the call over to Jack.

這樣，我想把電話轉給傑克。

Thank you, Aaron. Good morning, and thank you, everyone, for joining us for a review of our second quarter results and an update on our operations. United Homes Group continues to pursue a strategy of acquiring lots in a capital-efficient manner in building out its homebuilding platform in high-growth southeastern markets while selling and delivering homes that cater to the more affordable segments of the market.

謝謝你，亞倫。早安，感謝大家與我們一起回顧第二季度的業績並更新我們的營運情況。United Homes Group 繼續奉行以資本效率高的方式收購土地的策略，在高成長的東南市場建立其住宅建築平台，同時銷售和交付迎合市場中更實惠的細分市場的房屋。

Lots owned and controlled at the end of the second quarter totaled roughly 9,300, giving us a nice pipeline of lots to preserve growth strategy and scale our operations. Over 95% of these lots are controlled via option agreement or land banking arrangement, which allows us to reduce a large part of the risk and upfront costs associated with land acquisition and development. We've been working diligently over the last several quarters to cultivate a network of counterparties that will help facilitate our land-light strategy, and we believe that network is now in place.

截至第二季末，我們擁有和控制的地塊總數約為 9,300 塊，為我們提供了良好的地塊儲備，以維持成長策略並擴大我們的業務規模。其中超過95%的地塊是透過選擇權協議或土地儲備安排控制的，這使我們能夠減少與土地收購和開發相關的大部分風險和前期成本。在過去的幾個季度中，我們一直在努力培養交易對手網絡，這將有助於促進我們的輕土地戰略，我們相信該網絡現已到位。

We feel the focusing on the business of building and selling homes rather than development of land is a more effective and sustainable path to enhanced returns for us and our industry. The second quarter of 2024 was a period of transition for our company as we said about consolidating recent acquisitions, rationalizing our workforce and reorienting our product offerings in some markets. While we believe the actions we took during the quarter will be beneficial to our company over the long term, they did have an adverse impact on some of the aspects of our results this quarter. This does not alter our long-term outlook for the company or diminish our enthusiasm we have for the markets we're in.

我們認為，專注於建造和銷售房屋業務而不是土地開發是提高我們和我們的行業回報的更有效和可持續的途徑。2024 年第二季是我們公司的過渡時期，我們談到了整合最近的收購、合理化我們的員工隊伍以及重新調整我們在某些​​市場的產品供應。雖然我們相信我們在本季採取的行動從長遠來看對我們公司有利，但它們確實對我們本季業績的某些方面產生了不利影響。這不會改變我們對公司的長期前景，也不會削弱我們對所在市場的熱情。

We have ambitious goals for our company, and we felt that setting the right foundation upon, which to grow as important steps to take this quarter. We continue to see positive homebuilding fundamentals in our markets characterized by steady job growth, low levels of inventory and consistent in-migration patterns. We remain committed to growing our homebuilding presence throughout the southeast through a combination of M&A and organic growth. We continue to seek out potential acquisition targets to add to our existing homebuilding footprint provided they meet our underwriting criteria.

我們為公司製定了雄心勃勃的目標，我們認為奠定正確的基礎，並在此基礎上發展是本季採取的重要步驟。我們繼續看到市場上積極的房屋建設基本面，其特點是就業穩定成長、庫存水準較低和持續的移民模式。我們仍然致力於透過併購和有機成長相結合，擴大我們在整個東南部的住宅建築業務。我們將繼續尋找潛在的收購目標，以增加我們現有的住宅建設足跡，前提是它們符合我們的承保標準。

We believe we are acquirer of choice for small local builders doing our southeastern roots and our appreciation for keeping their operations and work towards of the acquired companies intact. As we look for the back half of 2024, we remain focused on starting and selling homes to meet our delivery goals for the year while closing homes we already have in backlog. We ended the quarter in a strong financial condition and continue to see a bright future ahead for our company. I look forward to executing on our strategy and building on our company's legacy of homebuilding excellence.

我們相信，我們是紮根於東南部的當地小型建築商的首選收購方，並且我們對保持被收購公司的營運和工作完好無損表示讚賞。展望 2024 年下半年，我們仍然專注於啟動和銷售房屋，以實現今年的交付目標，同時關閉已經積壓的房屋。我們以強勁的財務狀況結束了本季度，並繼續看到我們公司的光明未來。我期待著執行我們的策略，並繼承公司卓越住宅建築的傳統。

With that, I'd like to turn the call over to Shelton who will provide more detail on our operations this quarter. Shelton.

因此，我想將電話轉給謝爾頓，他將提供有關我們本季運營的更多詳細資訊。謝爾頓。

Thank you, Jack. We delivered 337 homes in the second quarter of 2024, generating revenue of $109 million. Our operations in the Midlands contributed to the highest number of deliveries to the total, followed by our upstate and coastal operations. Home sales gross margin came in at 17.9% on a GAAP basis or 20.9% on an adjusted basis, while adjusted EBITDA was $7.7 million for the period. Our gross profit margins were again weighed down by sales concessions as buyers utilize rate buydowns and other mortgage incentives to offset the impact of higher rates.

謝謝你，傑克。我們在 2024 年第二季交付了 337 套房屋，創造了 1.09 億美元的收入。我們在中部地區的業務對交付總量的貢獻最高，其次是我們的北部和沿海業務。房屋銷售毛利率以公認會計原則 (GAAP) 計算為 17.9%，經調整後為 20.9%，而調整後的 EBITDA 為 770 萬美元。由於買家利用利率下調和其他抵押貸款激勵措施來抵消利率上升的影響，我們的毛利率再次受到銷售優惠的影響。

We generated 323 net new home orders for the quarter and had 59 active communities opened for sale at the end of the period. On a year-over-year basis, our net new orders were flat overall but our coastal operations posted order growth of 59% and our upstate operations generated order growth of 44%. We continue to see improvements on the construction side of the business as building materials and labor availability got better during the quarter. We have been proactively rebidding projects to make sure we are getting the most competitive pricing for our stick and brick costs and expect to generate some real savings for these efforts.

本季我們產生了 323 個淨新房訂單，並在期末有 59 個活躍社區開盤銷售。與去年同期相比，我們的淨新訂單總體持平，但我們的沿海業務訂單增長了 59%，我們的北部業務訂單增長了 44%。隨著本季建築材料和勞動力可用性的改善，我們繼續看到業務建築的改善。我們一直在積極地重新招標項目，以確保我們的棍子和磚塊成本獲得最具競爭力的價格，並期望為這些努力帶來一些真正的節省。

In addition, lumber costs have been trending down recently, which will be a tailwind for margins in the coming quarters. The rising lot costs and other variables may offset these gains. Overall, I would characterize current marketing conditions as healthy but uneven with traffic and sales incentives fluctuating with movements in interest rates. We continue to see engaged and motivated buyers in our markets who want to buy a home, provided it meets their lifestyle and budgetary needs. Our company has been one of the preeminent homebuilders in our markets for decades, and we plan on maintaining and building on that reputation as we expand throughout the southeast.

此外，木材成本最近呈下降趨勢，這將成為未來幾季利潤率的推動力。不斷上漲的批次成本和其他變數可能會抵消這些收益。總體而言，我認為當前的行銷狀況是健康的，但不平衡，流量和銷售激勵隨著利率的變動而波動。我們繼續在市場上看到積極主動的買家，他們想要購買房屋，只要房屋能夠滿足他們的生活方式和預算需求。幾十年來，我們公司一直是市場上傑出的住宅建築商之一，我們計劃在整個東南部擴張的過程中保持和鞏固這一聲譽。

Now I'd like to turn the call over to Keith, who will provide more detail on our financial results for the quarter.

現在我想將電話轉給基思，他將提供有關我們本季財務業績的更多詳細資訊。

Thank you, Jack and Shelton. Good morning. For the second quarter of 2024, net income was $28.6 million, which included a change in fair value of $32.1 million, primarily related to the accounting for potential earnout, which will fluctuate on our financial statements each quarter based on our ending stock price. This earnout will be paid only in common shares on reaching certain stock price hurdles and can never result in a cash expense for the company.

謝謝你們，傑克和謝爾頓。早安.2024 年第二季度，淨利潤為2860 萬美元，其中公允價值變動為3210 萬美元，主要與潛在盈利的會計相關，該盈利將根據我們的期末股價在每個季度的財務報表中波​​動。該收益僅在達到某些股價障礙時以普通股形式支付，並且絕不會導致公司產生現金支出。

For the six months ended June 30, 2024, net income was $53.6 million, which included a change in fair value of $58.4 million, primarily related to the accounting for potential earnout liabilities. Revenue for the second quarter of 2024 was $109.4 million compared to $122.1 million for the second quarter of 2023. Revenue for the six months ended June 30, 2024, was $210.3 million compared to $216.9 million for the six months ended June 30, 2023.

截至 2024 年 6 月 30 日的六個月，淨利潤為 5,360 萬美元，其中公允價值變動為 5,840 萬美元，主要與潛在獲利負債的會計處理有關。2024 年第二季的營收為 1.094 億美元，而 2023 年第二季的營收為 1.221 億美元。截至2024年6月30日止六個月的收入為2.103億美元，而截至2023年6月30日止六個月的收入為2.169億美元。

Home closings during the second quarter of 2024 were 337 homes compared to 385 homes in the second quarter of 2023. Home closings for the 6 months ended June 30, 2024, were 648 homes compared to 713 homes for the same period in 2023. Average sales price during the second quarter of 2024 was approximately $341,000 or 299 production-built homes. This compares to an average sales price of approximately $313,000 during the second quarter of 2023 for 376 production-built homes.

2024 年第二季房屋成交量為 337 套，而 2023 年第二季成交量為 385 套。截至 2024 年 6 月 30 日的 6 個月內，房屋成交量為 648 套，而 2023 年同期為 713 套。2024 年第二季的平均銷售價格約為 341,000 美元，即 299 套生產型住宅。相比之下，2023 年第二季 376 套生產型住宅的平均售價約為 313,000 美元。

As Shelton mentioned, our net new orders during the second quarter of 2024 were 323 homes compared to 341 homes in the second quarter of 2023. Net new orders for the six months were 707 homes compared to 730 homes in 2023. Our backlog at the end of the second quarter was 248 homes with a value of approximately $81.2 million. Gross profit and gross profit margins for the second quarter 2024 was $19.6 million and 17.9%, which decreased from $23.9 million and 19.6% from the second quarter of 2023. The decrease was primarily driven by higher levels of incentives, purchase price accounting adjustments from acquisitions and other nonrecurring expenses.

正如 Shelton 所提到的，我們 2024 年第二季的淨新訂單量為 323 套，而 2023 年第二季為 341 套。這六個月的淨新訂單量為 707 套房屋，而 2023 年為 730 套。截至第二季末，我們的積壓房屋數量為 248 套，價值約 8,120 萬美元。2024年第二季的毛利和毛利率分別為1,960萬美元和17.9%，較2023年第二季的2,390萬美元和19.6%下降。下降的主要原因是激勵措施的提高、收購的購買價格會計調整和其他非經常性費用。

Adjusted gross profit margin was $20.9 million for the three months ended June 30, 2024. This decreased from 21.4% in the second quarter of 2023 and is due largely to the company continuing to offer attractive sales insensitive to home buyers. For the six months ended June 30, 2024, gross profit and gross profit margin was $35.7 million and 17%, which decreased from $40.7 million and 18.8% from the six months ended June 30, 2023.

截至 2024 年 6 月 30 日止三個月，調整後毛利率為 2,090 萬美元。這一數字較 2023 年第二季的 21.4% 有所下降，主要原因是該公司繼續提供對購屋者不敏感的有吸引力的銷售。截至2024年6月30日止六個月，毛利和毛利率分別為3,570萬美元及17%，較截至2023年6月30日止六個月的4,070萬美元及18.8%下降。

Similar to the second quarter, this decrease was primarily driven by a higher level of incentives, purchase price accounting adjustments from acquisitions and nonrecurring expenses. Adjusted gross profit margin was 20.7% for the six months ended June 30, 2024, a slight decrease from 20.9% from the six months ended June 30, 2023. This is due largely because of the company continuing to offer attractive sales incentives to home buyers. SG&A expense in the second quarter of 2024 was $19.6 million. Adjusted for onetime transaction fees, noncash stock-based compensation expense and severance, adjusted SG&A was approximately $16.1 million or 14.7% of revenue for the second quarter.

與第二季類似，這一下降主要是由於更高水準的激勵措施、收購和非經常性費用的購買價格會計調整。截至2024年6月30日止六個月的調整後毛利率為20.7%，較截至2023年6月30日止六個月的20.9%略有下降。這主要是因為該公司繼續向購屋者提供有吸引力的銷售獎勵措施。2024 年第二季的 SG&A 費用為 1,960 萬美元。根據一次性交易費用、非現金股票補償費用和遣散費進行調整後，調整後的 SG&A 約為 1,610 萬美元，佔第二季收入的 14.7%。

During the six months ended June 30, 2024, SG&A expense was $36.7 million and adjusted SG&A expense was $30.4 million or 14.5% of revenue. As of today, we have 59 active communities, up from 53 as of Q2 2024. As of June 30, 2024, we had approximately 9,300 lots under control from our land development affiliates and third parties as well as our land bank partners. We had $25 million in cash and $55 million of availability on our credit facility as of June 30, 2024, resulting in total liquidity of $80 million.

截至 2024 年 6 月 30 日的六個月內，SG&A 費用為 3,670 萬美元，調整後的 SG&A 費用為 3,040 萬美元，佔收入的 14.5%。截至今天，我們擁有 59 個活躍社區，而截至 2024 年第二季度，我們有 53 個活躍社區。截至 2024 年 6 月 30 日，我們的土地開發附屬公司、第三方以及土地銀行合作夥伴控制約 9,300 個地塊。截至 2024 年 6 月 30 日，我們擁有 2,500 萬美元現金和 5,500 萬美元可用信貸額度，流動性總額為 8,000 萬美元。

That concludes our prepared remarks. Operator, please open up the line for questions.

我們準備好的演講到此結束。接線員，請開通提問線。

(Operator Instructions) Carl Reichardt, BTIG.

（操作員說明）Carl Reichardt，BTIG。

Jack, can you talk a little bit about your absorptions? I think you're running a little less than two a month. They had affordable product in one of the great markets in the country right now. What's the strategy for improving those over the course of the next year or so? You've mentioned something about product repositioning. Maybe you can give us a little more detail on that?

傑克，你能談談你的吸收嗎？我想你每個月跑的次數還不到兩次。他們現在在該國最大的市場之一擁有價格實惠的產品。在未來一年左右的時間內改進這些的策略是什麼？您提到了有關產品重新定位的問題。也許您可以給我們更多細節嗎？

Carl, thanks for the question. And I'm going to apologize in advance if we're a little choppy with the storm a couple of us are in a couple of different locations this morning but we're all here and I'll do our best. You're absolutely correct. We think the right number is something in the high threes, low fours. Like most things, our portfolio of communities as a bell curve, we've got communities that are running upwards of seven, eight a month, and we've got others that are below the average. So really focusing on the slower-moving communities. Is it product? Is it price? Is it competitive landscape? And really targeting those slower-moving communities on really a biweekly basis across the management of company and division heads and that sort of thing.

卡爾，謝謝你的提問。如果今天早上我們幾個人在幾個不同的地點，如果風暴讓我們有點不穩定，我會提前道歉，但我們都在這裡，我會盡力而為。你是完全正確的。我們認為正確的數字是高三、低四的數字。像大多數事情一樣，我們的社區組合呈現鐘形曲線，我們有每月運行七、八個以上的社區，還有其他社區低於平均水平。所以真正關注的是發展緩慢的社區。是產品嗎？是價格嗎？是競爭格局嗎？並且真正針對那些發展緩慢的社區，每兩週一次，透過公司和部門負責人的管理以及諸如此類的事情。

But it's not a one size fits all. It's definitely looking at where we stack up side-by-side, encouraging our team really throughout the ranks that we are as a public company pace versus price, we're leaning much more in a pace. And so it's tactical things like pricing and positioning. It's cultural, things like you're changing the mindset and getting people pushing more on the sales side as well.

但這並不是一刀切的。這絕對是在考慮我們並排的位置，鼓勵我們的團隊真正在整個隊伍中，我們作為一家上市公司的步伐與價格相比，我們在步伐上更加傾斜。所以這是定價和定位等戰術問題。這是文化方面的，例如你正在改變思維方式，讓人們在銷售方面做出更多努力。

I don't know, Shelton or Keith, you guys have anything to add to that. It's not a magic bullet. There's no singular strategy. It's really blocking and tackling at the community level.

我不知道，謝爾頓或基思，你們有什麼要補充的嗎？這不是靈丹妙藥。沒有單一的策略。這確實是在社區層面上進行的封鎖和因應。

All right. I appreciate that. And then two more. I think if I got it right, the lot count under control, it was down 10% or so, certainly by more than the delivery volume was up. So can you talk a little bit about that? And also maybe chat a bit about how the land market feels and looks to you right now as well as the acquisition market, too.

好的。我很欣賞這一點。然後還有兩個。我想，如果我做對了，批次數量得到控制，就會下降 10% 左右，肯定比交貨量的增幅還要多。那你能談談這個嗎？也許還可以談談您現在對土地市場以及收購市場的感受和看法。

Sure. On the land side, the pipeline 9,300 looks maybe divide that one-third, one-third, one-third. One-third is close to being ready to go or finished, one-third is in process, and one-third is controlled but it's further out, as you understand. We are tightening the filter really at the top of the funnel. We're asking all of our division heads and our land folks to really tighten up and really take a hard look at the deals that we're bringing in. We're still acquiring land. We're still very active there. But really sharpening the pencil on the front on the front end and making sure that the best deals are coming through, focusing on margin, focusing on absorption pace.

當然。在陸地方面，9,300號管道看起來可能分成了三分之一，三分之一，三分之一。三分之一已接近準備或完成，三分之一正在進行中，三分之一已受控制，但如您所知，還很遙遠。我們實際上正在漏斗頂部收緊過濾器。我們要求我們所有的部門主管和土地人員真正加強力度，認真審視我們正在引入的交易。我們仍在徵地。我們在那裡仍然非常活躍。但要真正削尖前端的鉛筆，確保最好的交易能夠實現，專注於利潤，專注於吸收速度。

We've made some investments and continue to make some investments on that front end targeting both in terms of hires and services and technology to really bring more quantitative approach to that land underwriting process. And I'd say we're probably in the fourth inning of really getting that to where we all would like it to be.

我們已經進行了一些投資，並將繼續在該前端進行一些投資，目標是在招聘、服務和技術方面，以真正為土地承銷流程帶來更多的定量方法。我想說，我們可能正處於第四局，才能真正達到我們都希望的目標。

So I think that move in lots is really part of that. Lots of our lifeblood, and we have to be very careful not to move in the opposite direction. If our deliveries jumped up by 10% or 15%, that lot pipeline, the year's control kind of goes down and moves kind of quickly. So we want to be very focused there. We have the lots we need for 2025 and a fair amount of '26. We're continuing to push our guys to add deals but we're also really raising the standard on what they're bringing in the door.

所以我認為大量的搬遷確實是其中的一部分。這是我們的命脈，我們必須非常小心，不要走向相反的方向。如果我們的交付量猛增 10% 或 15%，那麼今年的控制就會下降並且變化得很快。所以我們希望非常專注於此。我們擁有 2025 年所需的土地以及相當數量的 26 年土地。我們將繼續推動我們的員工增加交易，但我們也確實提高了他們帶來的產品的標準。

And then the second question, I'm sorry --

然後是第二個問題，對不起--

Just on acquisition, how that environment feels and looks to you now.

就獲取而言，你現在對那個環境的感覺和外觀如何。

It's busy. You've seen it. A number of our large public competitors have announced deals. Their books out. There are conversations being had. As you can imagine, we're getting shown many of them that fit from a size or a geographic standpoint, it seems like we're getting looks at things that don't fit our size and our geographic footprint. But the market is robust, and I think you've seen some of that announce. So we continue to look at acquisitions. I think we've tightened the filter there as well. I don't think we want to look into transactions that are maybe projects or things that aren't really consistent with either the product or the market dynamics of where we're at.

很忙。你已經看到了。我們的一些大型公開競爭對手已經宣布了交易。他們的書出來了。正在進行對話。正如你可以想像的那樣，我們看到的許多東西從尺寸或地理角度來看都是合適的，但似乎我們看到的東西不適合我們的尺寸和地理足跡。但市場很強勁，我想你已經看到了其中的一些公告。因此我們持續關注收購。我認為我們也加強了那裡的過濾器。我認為我們不想研究那些可能與我們所處的產品或市場動態不一致的項目或事物的交易。

As you can imagine, we've taken a -- spent time on a very small percentage of deals over the last year that I've been here that have been shown to us and we've spent time on even a smaller amount. And so our conversion rate from deals we've got in the door or NDAs we've signed. And we do look at everything. I mean we learned from that as well inside of 10%. So we're seeing a lot. The volume has picked up certainly since first quarter.

正如你可以想像的那樣，去年我在這裡向我們展示過的交易中，我們只花了很少一部分時間，而且我們花的時間甚至更少。因此，我們的轉換率來自我們已經達成的交易或我們簽署的保密協議。我們確實專注於一切。我的意思是我們在 10% 的範圍內也從中學到了教訓。所以我們看到了很多。自第一季以來，銷量確實有所回升。

And I think it's really the same story on the seller side. It's not as much a bank issue. It's not as much a lender issue. It's a lot availability, lot replacement issue for a lot of these sellers. They're reluctant to sell through their lot positions. It's really, really hard to replace it. And I think to just jog my memory to your other question, the land environment is as competitive as ever been. We're starting to see some pricing benefit on some of the input costs and we're getting some pricing back from the trades. Land is not one of those areas. Land continues to increase in price and competitiveness.

我認為賣方的情況確實如此。這不是銀行的問題。這並不是貸款人的問題。對於許多這樣的賣家來說，這是一個批次可用性、批次更換問題。他們不願意出售自己的地段部位。想要取代它真的非常非常困難。我想提醒你的另一個問題，土地環境的競爭一如既往。我們開始看到一些投入成本的定價優勢，並且我們從交易中獲得了一些定價回報。土地不是這些領域之一。土地價格和競爭力持續上升。

Chris Plahm, Tall Pines Capita.

克里斯普拉姆，《Tall Pines Capita》。

Two questions this morning. One, where do you guys think you're at on the integration of the acquisitions you've made to date? And then lastly, does the strategy change at all on a go-forward basis with rates coming in a bit?

今天早上有兩個問題。第一，你們認為你們在整合迄今為止所進行的收購方面處於什麼階段？最後，隨著利率的變化，該策略是否會在未來的基礎上發生變化？

Chris, on the first question, I would say -- so we -- let's -- three deals, I would say the Coastal transaction, Creekside, which was the most recent closing, it's probably the furthest along but that was really the cleanest from an operational product standpoint. So we've worked through a majority of their inventory, and we've opened communities under our product set and our brand in that market. And so I think that one is probably furthest along, I would say, 85%, 90% of the way there. Their team came over very seamlessly. Their founder is running our land operations, acquisition operations in that market.

克里斯，關於第一個問題，我想說- 所以我們- 讓我們- 三筆交易，我想說的是沿海交易，Creekside，這是最近的成交，它可能是最遠的，但那確實是最乾淨的營運產品的角度。因此，我們已經處理了他們的大部分庫存，並在該市場上以我們的產品集和品牌開設了社區。所以我認為這可能是最遠的，我想說，已經完成了 85%、90%。他們的團隊非常順利地過來了。他們的創始人負責我們在該市場的土地運營和收購業務。

Herring was our first deal back in August a year ago. We've got five communities going on up in Raleigh. And that was a little bit of a -- more of a delay because the product set is very different. We're focused on an affordable product. We've got our communities open now, and we're underway there. Rosewood, I say, that when we did in October of last year, different product type, we're still working through getting their trades aligned with ours, their costs in line with ours.

鯡魚是我們一年前八月的第一筆交易。我們在羅利建立了五個社區。這有點延遲，因為產品組非常不同。我們專注於價格實惠的產品。我們的社區現在已經開放，我們正在那裡進行。我想說，Rosewood，當我們去年 10 月做不同的產品類型時，我們仍在努力使他們的交易與我們的交易保持一致，使他們的成本與我們的成本保持一致。

That's also going to be the biggest opportunity. I'd say we're probably halfway, 60% through integrating there. But they're very, very happy with their product, very happy with the demand trends. They are very happy with what their forward pipeline looks like from a land side for us. And that team is pretty well integrated from an operational standpoint. I think there's some more to come there on the cost side that should benefit us over time. On the change in interest rates, I think, at a high level, we're still focused on the first buyer, first-time move-up buyer. That is absolutely an affordability issue. Certainly, rates will come down. Home prices are still up. So trying to meet the market with an affordable product, trying to target product for the right price point to meet that affordability issue but maintaining value perception at the same time. I mean, that's a constant focus.

這也將是最大的機會。我想說我們可能已經完成了一半，也就是 60% 的整合工作。但他們對他們的產品非常非常滿意，對需求趨勢非常滿意。他們對我們從陸地一側看到的遠期管道的樣子非常滿意。從營運的角度來看，該團隊整合得非常好。我認為隨著時間的推移，在成本方面還會有更多的事情讓我們受益。關於利率的變化，我認為，在高水準上，我們仍然關注第一個買家，首次升級的買家。這絕對是一個負擔能力的問題。當然，利率將會下降。房價仍在漲。因此，我們試圖以價格實惠的產品來滿足市場，嘗試以合適的價格定位產品，以滿足負擔能力問題，但同時保持價值認知。我的意思是，這是一個持續的焦點。

Value engineering, it's always been a core part of the culture here. That's certainly the focus as well. We are continuing to buy down interest rate. We're continuing to monitor the market daily to make sure we're comparable to where our competitors are. The market has moved down. We are offering a 5.99 buy-down. We've moved down to 4.99 as the market has moved lower. And that's for quick finish, quick close homes, and that's a line item that we budget for. A couple of benefits. We are seeing, like I said before, some improvement in input costs, particularly lumber. We've been proactive in going out to our trades and renegotiating terms.

價值工程一直是這裡文化的核心部分。這當然也是焦點。我們正在繼續降低利率。我們將繼續每天監控市場，以確保我們與競爭對手的水平相當。市場已經下跌。我們提供 5.99 的買入價。隨著市場走低，我們已降至 4.99。這是為了快速完成、快速關閉家庭，這是我們預算的一個項目。有幾個好處。正如我之前所說，我們看到投入成本有所改善，特別是木材成本。我們一直積極主動地進行交易並重新談判條款。

And so I do think starts in July and August generally should have a little bit of a better margin profile than it starts earlier in the year. The cost of buy-down rates has come down as rates have come down. The one thing I would say that's a little bit of a change is we are seeing more people take closing cost dollars and maybe not the rate and maybe their perspective is I can refinance, the rates are ultimately coming down. I can refinance at some point in the future, so they're taking more -- we're going to them and saying, you got this incentive, choose it how you may. We've recently seen a pivot to taking a little more of the dollars and a little bit less of the buy-down rate. So we're monitoring that very much as well.

因此，我確實認為七月和八月開始的利潤率通常應該比今年早些時候開始的要好一些。隨著利率的下降，購買利率的成本也隨之下降。我想說的一點變化是，我們看到越來越多的人接受成交成本美元，也許不是利率，也許他們的觀點是我可以再融資，利率最終會下降。我可以在未來的某個時候再融資，所以他們會接受更多——我們會告訴他們，你有這個激勵，你可以選擇它。我們最近看到了一種轉向增加一點美元和減少一點買入率的趨勢。所以我們也在密切關注這一點。

That concludes our Q&A session. I will now turn the call back over to Jack Micenko for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給傑克·米琴科（Jack Micenko），他將發表結束語。

Thanks, Mandeep. I just want to thank everybody for their interest in United Homes Group. We look forward to updating you on our progress at a number of investor conferences scheduled over the coming quarter and look forward to talking again soon. Thank you.

謝謝，曼迪普。我只想感謝大家對聯合家園集團的興趣。我們期待在下個季度安排的一系列投資者會議上向您通報我們的最新進展，並期待很快再次交談。謝謝。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。