M/I Homes (MHO) 30 Oct 242024 Q3 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to the M/I Homes Third Quarter Earnings Conference Call. [Operator Instructions] This call is being recorded on Tuesday, (sic) [ Wednesday ] October 30, 2024. I would now like to turn the conference over to Mr. Phil Creek. Please go ahead.

Thank you.

call Derek Bob Mortgage Klutch, the and our Company. on and President; President me today Schottenstein, is: CEO Joining of our

any comments ask with language undertakes call to the because release First, to encourage are I turn cautionary prohibited that Fair want Regulation significant we as Bob. consider any any non-public to forward-looking also be during Also, I'll to in statements discussing to no made call statements, items call. With you this update company this to during press that today's made advised issues directly. And about contained to questions remind forward-looking during Disclosure. the call. statements over material the everyone that, from this regarding applies that you address you obligation We forward-looking

Thanks, and Phil. by and We joining had quarter, us homes very for record delivered, today. you highlighted strong record revenue third record Good a thank income. morning,

by representing of and in markets X Florida cut, the latter rate with given headwinds down in traffic conditions range and mid-X% anticipation the pleased in before quarter. We led we the the both of hovering lot XX% of up the Hurricane and Hurricane impacted X%. Milton. with were factors We industry in a quarter our challenges rising generally overall XX rates And business, rates, movement choppy outside interest point then just to impacted third Fed of quarter. various mortgage for going some saw during of and the our demand unexpectedly, trending are part faced basis our Helene Florida with throughout clearly other Variety particularly results to initially above selling macroeconomic the and in our somewhat about

open homes the had part then operations, Presidential or our our our quarter, a well, all also strong very us, We to executed very high on better behavior. stand which the quarter. clearly, forward as nothing behind X% this, at X,XXX held consumer quarter. of X% our communities the of of increase year over Year-to-date, ago. XXXX. impact have significant. on certainly to and record all level homes, traffic to it that is has finally, the results us. Despite our a no We we latter an being during closed the impact in impact demand the upcoming some ability on homes damage up closed a election had any X,XXX throughout sales the for offices But little a Fortunately, than in and And we very look

X,XXX down sold Year-to-date, down $X.X equal good revenues a last Third XX%, sold. than $XX,XXX payment XXX during sold slightly of quarter increase roughly on year. better billion, have than per over reached X,XXX continues homes X% average homes, around XXXX. revenue with And XXXX. payments we better credit of We and X% equaling $X.X quarter about quarter, record be very our Quality average above the average. than year's last year-to-date, homes scores third to slightly buyer an X,XXX billion, X% buyers our a of better

solid points quarter year. XX increased than was income equals pleased were of record returns. than XXXX. pretax million, Gross the percentage income our income income basis $XXX.X really better Pretax for very a higher our quarter our are And We with record Year-to-date, and the XX.X%. to million. XX.X%, the margins $XXX X% a for a third for quarter quarter last pretax XX%

XX% record per share with a equity now at a strong $XXX, up generated results ago. our Our XX% from value a on year return book

the buydowns. rate the quarter About a most promote And rate about our affordable buyers Smart during purchased way feel expensive using our in we quarter very product to of product mortgage used very and buyers the the breadth and buydown half our sales of more good our our markets. during strategic continue which targeted program. about our balance We XX of We purchasing homes, of Series, of line our with call X/X our XX%, product. buyers, mix offering move-up about across our

XXXX. we new As are the open of enter communities track opening and on quarter, we about number communities, we we will the many excited fourth to remain very a be new in

community average our about further higher to XXXX, grow X% count we Our be expect than XXXX. count and will for community XXXX in

Tampa, third Columbus, Orlando, quarter by Chicago were Our led the division Raleigh. contributions and Dallas, income in

for the region in Northern our New third contracts X%. quarter increased by

region Southern year's flat to the quarter. in contracts comparatively third prior New were

ago, Our and the balance by of Northern year while decreased the Southern last our by year; XX% of X% came the deliveries our region region in deliveries out region. came deliveries region Northern in the increased of XX% a of the from out from Southern XX%

in position and lots ago by the increased XX% region. in year owned in last Southern compared increased controlled XX% the a to Our compared by Northern the in Southern region, the region Northern XX% XX% and owned other controlled our of region lot are to and year; the

an land approximately is X.X-year about exceptional we strong. a have lots, supply. position, We own very XX,XXX Company-wide, which

we XX% balance XX,XXX a quarter $XXX additional billion $X.X cash our In third an addition, of $XXX to debt-to-capital X%. unsecured negative ago our debt-to-capital we record and the a and revolving net million of of from respect under down with a sheet, ratio borrowings credit control ended facility. lots. With all-time This ratio equity, X of an a in balance XX%, year million resulted

and XXXX. With year Homes of over we success excellent Phil. in well balance best history. We are in condition our our sheet as state we financial just the to about feel conclude, really good to XXXX for another continued business growth and shape it our positioned I M/I results As beyond. I'll prospects very and me is in to our turn let that and in that, strong have look that is

Bob. Thanks,

down X% were in third our homes. X% They rate cancellation up was quarter July, and our up X% first-time and September, XX% inventory results, buyers flat contracts to and August far as quarter new were As financial in sales XX%; last of the were in XX% our with for year. were

community Northern the in a XXX quarter was the and by Southern XX XXX breakdown region the of compared region to is ago. year Our XXX count end at The in region. the

delivered about X%. Revenue third During XX quarter the XX, quarter, had and while year. quarter, year our XX, homes in opened closing our we that homes we higher last new estimate communities average the count increase of we average the third field X,XXX third delivering than increased X% will to homes closing $XXX,XXX. X% X,XXX at field price community quarter, versus We currently in up $XXX,XXX, the in a closing September XXXX for XX% of was X,XXX last our and the And third average in X% price backlog. year's compared a the ago, be quarter

Our third our basis gross flat quarter costs and quarter to our cycle record were XX slightly. a year's improved third margin second time XX.X%, was quarter, up Compared construction points this year-to-year.

a quarter third Our SG&A revenue ago. XX.X% of XX.X% compared year expenses were to

quarter count, increased expenses. net to interest and Our for income was increased the $X.X our higher And additional costs count head of million. interest due selling expense community our were

interest million. incurred Our $X.X was

quarter. for with our very the returns are pleased We

was return XX%. pretax Our XX%, our and on was equity income

the compared $XXX last effective in our year's quarter, third During to quarter, tax million in the and last quarter, the of quarter. third we was million EBITDA same generated year's XX% third rate $XXX as

value from our Our a year, book share per ago. share up for to now $X.XX a diluted And last record year the earnings increased a share X%. per increase is $XX $XXX, per per share quarter quarter third from per $X.XX share

Klutch results. Derek address Now our Mortgage will Company

Phil. Thanks,

Our Revenue higher $X.X an due originated margins increased for to in quarter in on $XX.X loan The an higher increase a increase XX% loan-to-value mortgages last average Mortgage third a sold, our quarter as of on quarter. million achieved first income third average amount. pretax and million, from was to year. XX%, operations last Title XX% the loans XXXX's third same record loans of from $XX million of year and

the XX% XXXX's financing quarter. see the closed and FHA XX%, as We XX% compared for an of and conventional continue use the third were of XX% increase VA or in in to government respectively, loans to quarter

to was sold increased loans quarter last to increased to Our up loans, compared year. originated volume $XXX,XXX increased XX%. up $XXX,XXX third XX% which from average of in the XXXX's amount by last X,XXX Loans mortgage while year,

borrower average in remains with profile down credit and to quarter. Our compared average an an solid payment XXX over score XXXX's third XX% of XXX of

and our in business mortgage third last quarter, was XX% XX% the Finally, year. up operation from this of our captured

over call Now back Phil. to I'll turn the

Thanks, Derek.

revolving balance the credit a As of sheet, for with quarter ended facility. our borrowings $XXX the third under we unsecured cash million and no balance

are and of well with the debt lowest have the one of our levels homebuilders public maturities. positioned We

matures XXXX line rates X%. bank public and as and Our late-XXXX and our in debt XXXX interest matures below in

compared $X.X and under Our unsold a unsold we raw lots. million land billion of development year ago. land to $XXX end, is And $XXX at investment and had quarter of land finished $X.X at quarter million end billion

homes the lots million inventory million land $XXX third X,XXX region. remaining stock the and in inventory start quarter the total have development X/XX/'XX, our the XX,XXX $XX and on $XXX we and million At repurchased spent of open region end, under for completes quarter, $XXX our During controlled the owned million spent current XXXX's homes. quarter, had homes X,XXX Board lots. total completed authorization. Since homes. and shares. This have total inventory, in of for any inventory XXX outstanding comments. quarter XXX in the XXXX, and completed XXX X,XXX Northern end of At XX% third we are We'll we the questions XX,XXX and had are purchases of We our land on repurchasing we a million. our presentation. $XXX inventory Southern now at call total or of And And the we

question Zelman. Alan first from with Ratner Your comes

multiple points strong I'd the years little via kind on you demand across pick the and quarter. points. the seeing you're cetera. in rates, your brain has so is builders other strong and much just come diversified like affordability been results. of your level few price Entry over constraints, Level in know the late seems on Nice volatility maybe know bit price et given love footprint. the recently a that Congrats are so from has the we've the of of commentary last I choppiness what seen It across I to Series the growth your guys And Smart Bob, at the entry more there.

positioning And versus just the one company you're if point price there? about outsized differences as I'm seeing about think curious, selling thinking season, you in towards your growth another? So spring notable you're if whether and growth upcoming

question. great Great,

you agree a I that think I with said. of lot what

are affordability real. that issues the think I

our call Smart of we that that Look, sold were them offering think pleased We have extends I'm quarter ago. X our half product Smart in were really sales beyond Series. strong flat. or a we year third we I were X a Series, more -- than our Half basically homes move-up. that the such did what

So I'm both. glad we have

I that used a even or doing mean, bullish some XX% approaching which range. Might is than throughout more intra-quarter of we the at to part think it We're get affordably continue XX% there a our business, may about not markets little buyer to affordable industry. the it's term, the larger? we We're year be that doing I I It's be a more higher. lot the will -- of -- buyer sure. the price Yes, business, of about think long some But lot a attached be hovering going townhomes, I continue first-time more more a but meeting to priced our big this could be and product choppiness, point. more around to.

array land grown where We've We're strategic smart to full really about the have year. community this We our us excited don't we any for are. like it's planned. really our offering. count think like of We have We I product shift position. position.

There's builder just the We community the business, year grow of been next of expect We're single noise clear closings. a to are conditions lot at because over are not to in a to last and it's time. looking years. There's stuff as bad, every to draw moment common there's call, a -- sales, going think we've that's It's of is. theme strong and the seen very way pickup hard record we any as now. every grow the I right of number it's in call a count returns, it record conclusion to on lot we've where continue Recently, But decent beyond. throughout said just traffic. profit,

business. think and I us the parts -- a quite of economy, -- getting think operations, standpoint, all and behavior. The it we pieces we're minus high for we and plus strong our looking as XX% us. impacting to I for and very of that had behind started damage Myers our have And total this or about very, and I our Sarasota, are have Orlando in really of is is said, our It's getting forward and were Fort challenging of Florida and election Naples impact lot fortunate. a very Tampa, for hopes operations we're hurricanes operation. From in consumer been just

an on life up many and sales closings well. deals in houses X while third it. to dropped damages, from in did Orlando Florida quarter. our for impact was really was about They're cancel. standpoint. We exceptionally question. not We'll And know But a Our would like did shopping, the we anything that basically out and But some damage it complicated for not God, people or we answer are were We're a prepared closing -- so that. no have material. it month. and and had to when in thank have held how communities, the strongly Tampa loss comes. it season. of And some not spring closed we month weeks XX I'm closing there this selling Those closed closed that long about out the almost optimistic

next We business expect grow year. to the

good Smart on on we the -- way We're year, heavily But the from to communities We don't to Series mix I expect us move-up now. really standpoint the I lot just a I And up. helping be weighted of one right too. have continue feel end -- I spectrum. we're think strong. not lined think any has about it's product the of sales a next coming

our the as I in think peers. looked have they move-up recent look just quite don't our think good product, sales the compared And speaking, I comparatively to would good quarter. without

the to really the finish out sort the line. of we your Last underlying think I in -- have we question sales correct. But premise I quarter So year limped think is were shape. year, fourth the chance to a of finish good

in now. promoting conventional. I think than ago, think momentum us. and bit a a did [ ] with more X/X year FHA mortgage little XH XH lot right XH of And a About and we limped I XH have our look, right were And with do peers that And ] now rates now [ we conventional the and we took going product the third and continue with of opportunity the upper-Xs quarter. and as targeted. on side X:X necessary. our buyers for We're the we're side on with during FHA It's to promoting buydowns the very that upper-Xs buydowns, forth. so to

we're it's driving the it. about going And right across continue it strategic is foreseeable the future. to clearly And like very industry. -- now think I for traffic that looks but

a solid little your volatility buydowns guide in on picking to been just rate point of I I don't kind thoughts. really have rates. the given of answer, bit agree years, all kind the in of That's comprehensive follow-up like And up the And near that expensive lot X seems the flex yes, I a Very I are becoming the for Bob. this a buydowns. point optionality you market stable was margins on know to you XX% gross year, diversification and going across kind perhaps are appreciate And rate next. plus brought but go term, price the I incentives last it where last margin, goes. kind range. industry, of have the you gives up for in the wherever of more very the X.X

for offering, over next rate the say X? several you of of or pressure would expect So to consistent should you've little you're buydowns last Or is margin we a what the quarter that offering now with of quarters? your right bit given offering what you're magnitude pretty kind the been

somewhat this think term? is. XX% That's hard I I way really but sustainable mean rewarded on a margins? No, you're because I penalized But do XX% to the the don't with back pretax I that's margins we're way want going margins be does and either. harshly I pretax question don't and life down. say really think up Are long that answer, and X% so. way to how the on gross XX% to you're then guess think careful that

could I pressure. slight be remains How downward think some be much there seen. to

We have with of are number right footprint gross a communities running that buydown. throughout our margins even XX%-plus rate the now

price very going is don't So we're in. that. on a We dependent. lot on -- be per basis to community of We're a we within market it focused every mix that

to have have that's strong have the are can. just because that to We'll We in I what sell downward more number to now, going low-XXs are upper-XXs. slight I it low-XXs. said, we expect but And returns. in us could we that to takes I pressure, houses. the we're the I to think as right communities be some lot a there But continue see. what do mean, a very produce And in

continue can of once. And because us sword continue to our will only home margins and comparatively comparison margins homes. tall that stand fall think and want to. got division for We so lot because sell you leaders they'll with mean our sell our the I But You think a I our peers they a talk none about leaders, have, in to on to forth. to I that

decline. of In to If to I what's we're margin most no less fact, the at buydowns, lift provide there's see. will start talked do for happen need margin But knows that even rates about bit, it's with going to going least a little rates. mean, down really topics. one avoid one come or

decline. the been and strong some likely just margins quite time, we're some it's question, a read have Horton's builders posting but pretty to -- commentary. see for I we'll So hard very

I a We'll I think don't expecting see. significant. going it. to it's think we I may mean, little they're be see decline.

Bob. the I appreciate wouldn't And I question. Great. easy it that, any if fun be ask

Michigan nothing from a expect man. less I

just weekend. I And was about you luck to this good wish

good luck [ State.] So at Penn

Your next from Research. with Seaport question Zener Kenneth comes

orders. you of wonder to could that intra-quarter the talk I were percent if closings

might have said XX%, wasn't I you I think sure. but

Just margins comment commentary Smart kind you're if if your intra-quarter then the between move-up? And your that, the as taller that could those have versus spread you of given than think then do seeing Or you your you closings margin data? prefer Series operational housekeeping. And in around on why the stand backlog? you to related a peers

Yes.

couple the far during you basically XX% about closings of from of affordable quarters. do are that and more levels been spec have first made, in our levels. our the good closed that houses Smart comment general, spec a kind quarter. way higher about As as townhouses We our of came and little that Series. feel last sold really spec the It's In communities the attached

Bob as a lot depends kind a isn't it far said, communities. comparison As as different. really just profit gross Again, of on whole the

we Series our on very all Smart about product, move-up versus Our good those margins product feel lines. the

in of say And But are that have just for divisions it a concept community. not and we do. really what some it very -- open to within within is generating cliche, little get Charlotte, those think one. we another I it. down business, Cities, main sounds all the returns that main our about housing company communities. very, And premier just Columbus, think we That's we're up I can business, the well-located Dallas, the another And talk got we've posting our locations try competitive continue That's well-located the to and to some really like ways most things thing I'd Raleigh, strong a execution. communities country find is, trying constantly the comes is in other margins markets to we and Orlando are premier thing highest locations Chicago. us. hope are you

just really in your out a homebuyers clear you on that give -- with buydowns incentives given do it's to mortgage the you at thought actually most curious us around whether comment it's at structure? that new demand forward share the in second is Well, you all pulling Texas' XX%. -- to discipline comments -- that's pulling serve, demand question, I markets And just as your numbers. think My having little Can a broadly, flush little the I'm forward prevalent. are incentive Florida bit? I'm appreciate

are second started. particularly than that But don't the the I business of Myers -- It's Yes, Texas business, of has have our really getting Florida what and a of a right minus. for our parts plus number exact been me. we're question? Naples. And part consider you is Fort in as for and continue Texas or Texas just be about us And higher share brand-new that. of exact percentage front the was when operation Florida is to business forward, XX% our will of we look huge the in and little

business. and very help you the it. price forward and look is and your do As those you some levels is help the demand of demand view things, there. and matter, certain really have the need again, of is look our at and inventory We point pulling increased, you have aging sales far type a times and out your positioned industry though rates to to always even you if formations there of as and at inventory located and what at Interest is of payments where do to household lot well, housing that the think

As mentioned, a situation. interest and our inventory rate buydowns very focused level on subdivision are Bob

just So are flavor with now we marketplace, in that's for still the It's feel time on buydowns now. good kind industry. the outlook about right the of economic going our the right and all macro the of

Barron question from Housing comes Alex Center. Research with next Your

that in are rate you have with on incentives say job been the the now quarter average right would people backlog quarter. Great given into the the were, guess, going offering? general my you what is questions I guys mortgage

on some really closing the I of some with customers costs. that's X/X assistance We type need are really depends talked a mean getting buyers number. about help hard community. I specific those mean bought-down in the It rates.

is we target to to bit need far a would hard basis. little a real But that that meaningful I'm on be that with. it's overall sure buyer with, as as based we community on what start up plus a again, type And not come an rate every thing, all different. to So number

Alex, been think in pretty is XX powerful have across I rate very about buydowns helping mean to generally they're tool or days. I true mortgage a close homes, mind, generate and this for only should keep can industry, while the loans in say, I that much sales, good that within the

not So will. rate XXX-day these if locks, you are

So instance, our to that buyers in the take or case, been that's home days. either and advantage getting within of a in these, in that's construction about XX X/X now a close for every it's ready closable spec

if So come hard you lot -- to harder with average. have the it makes backlog you very, a up will, to unlocked, very it that otherwise, because an of it in loans makes

of Got at it. be? what of How would are the much incentives that the an What about as price? you average a maybe offering guys this point percentage

is. you price we a says, as we costs, financing, try does what targeted day, actually difficult really certain real the At end through at Again, it the what that. in we're XX% our And gross as amount that's rate. pleased that Derek with And number. need. And be about far margin last very has cetera. range few as a to operation, subdivision, quarters, mortgage customer the flushes our Alex, look XX% a that the of capture Again, depending on for et margins closing the in

customize company tends need to bit buyers they every So can for to officers our work different. little a closely, what get very to with them our customer something those be close. mortgage to loan And

always So about margins you and need good incent very bottom whatever to. on. incentives our our going line, returns. There's you we But feel

G&A, great. $XX onetime that X quarter, like the been kind of Phil, no about that those of Or run the doubt, Yes. million No, this was the Is is corporate versus What new they've kind nature last to step-up numbers? that a on quarters? rate? a

and forth. SG&A said, company-wide, XX% up are the numbers ] so X% X%, do of have We people all for We affecting [ different do I divisions have more our more a As couple stores. reasons. about about

to We compensation are as houses. help a to sell due incentive Also, improved corporate our more level doing marketing as things up at far is our returns. us

it's And in Bob there. said, also as of number things So growth. on continuing plan a our we

So into growth. don't well those position the project it's continuing type again, like continued numbers things. those we're what And out we get company feel very are. But hard to for we of to

question comes Buck from with next Horne James. Raymond Your

back impacts. to wanted go a hurricane for second Florida the just to I and

all, on impacts of just to mean, should lingering no any well really damages. serious October, news to more But lost days lingering activity just closings I and/or things First we lost very that maybe good so in construction quarter -- about hear Milton up or the due fourth from order time? and in held think impacts the selling

-- delivery from question, a a think I it's good Buck.

a I think from so. delivery think standpoint, I don't

I think that, that's behind us.

to us. we I'm be wouldn't in the hit be have in really hardest Naples, Orlando it Sarasota the was won't quarter. fourth probably frankly, -- operation X question The small Fort We're such it In is anyway. Tampa and That's a say going terms relatively much anything. by be Could material not And Florida markets a of Milton. in of for demand, I market slight. so Sarasota. impact the think don't any brand-new of Myers,

folks in up, will what could there's number I street where I mean, of think still X this. the yet cleaned remain day, street psyche of every way communities say after But I a they're after older for happened. months. that's stuff in particularly of street that living not those cities, reminded

Tampa here and going our construction construction thank long has we that new very -- that up And the back new been value, we're a noise it's builder every it and that we're is one really There throughout the bullish Florida, this the know early in long though Tampa could held or little about think proved material. be company, X well for for a it bullish but to in we've And that. And really really, fact best years, been I as term. I as of the about I contributor of think significant think its even all 'XXs. markets only way true don't I -- and term. become about long business and the home of fourth quarter, we've home that for X for goodness will in Sarasota does been open be there

things But, and power pretty power always was that concerned there big one the about hit is system. the of to you're

land. So develop company-wide, about XX% own our we of

So in things making for transformers get of coming houses sure those you term, just but those continue power hookups, communities. not new and short to type

a stay we of concerned top always you're can. to on little those So try things about bit again, we as that. But best

color, That's on insurance. how your of property impact a well, efforts. getting guys. in indicating you're Tampa carriers? insurance Sarasota think, the that cleanup retail insurance impact from Or for any Real And terms of and you acting? see yes, Have certainly -- is I and with cost psyche the follow-up staying in quick seen post appreciate -- there any is, Or great right those we hurricane changes we your are term, long exactly for the terms the and buyers? support follow-up of or markets

Yes.

question. Another really good

upon want It in business. it's just that indirectly, going too going become down. It's know, expensive. we're But to to that to I but I has soon it's dependent business. to, somewhat right? guess more I would not think, I doubt if be

with that likely think anybody in be to about up. I I And our go we at will it's this other that point. than closely don't watch. So into knows that have quite I've leaders insight yet industry. chatted any other something that don't

last can And kick question, you. if one in. I Got

the and extraordinarily to industry will appropriate answer That the home severity the we to. when into The question of new was think take it. to low is account don't of insurance the give strength new the of I you construction, unprecedented the whether know nature storm because damage credit the homes

sense. of Yes. you That just makes real quick, a here. that terms you're seem a lot levels of recent mentioned if out pent-up what just you indications And traffic show was demand in kind of just uptick seeing elaborate there? wondering I could and to

the things when year any and else, the elaborate with out, year. year much the the X is This of because last quarter can I quarter encumbered I fourth The think the election stuff don't year. know aren't demand time how fourth is more year, is. this slowest of quarter, months all everything pent-up the I slowest of even the in, there don't

not begin in pick alone traffic a last time in said And to given is year and of this. finish it is. I limped Last think of X which think is encouraging And most sales, up I -- we're X generally in said before, we're demand for we've it's so, to -- here the as that, sales. Having time fourth robust a weeks, the this us to I seen the year's robust line. quarter industry don't the

to think we I chance not limp this quite a have so much year.

think it better. I will be

Your Jay comes from next McCanless with Wedbush. question

more into really with hit sales margin? this actually could we happened in gross what solid that a dig the little If to quarter mix

as of far we happened the As month what each quarter went through? as

was Well, or just it...

[indiscernible] and went on, they improved as Jay. the quarter

Bob, better, you're guess I seeing traffic And into played especially kind What looking higher the we've next up, rates how of Okay. October given my that has going falls with seen? but out, rates of some that I guess, question. now --

month. I out we playing the is October current talk Well, about think But better than don't normally expected.

me just say that. Let

been we've better thought. Jay, we've than we actually -- performed also pleased. They've

really and that number. that's a stores been have new opening, Our big

Of grew course, XX ballpark or to year again. community going like that And in be year, average we year, new we're stores. X%. last We X% count last opened this

stores So product [ well. look communities whatever have very, really, your those matter. some Also, the opening performance and we've very move-up I especially type or at We done really as move-up opened been Bob diversification of of of mentioned, new ] mean, half and operations. we price really have

So again, also. helped that's us

before in not the everybody the with competitors but waiting their we've that And other other know talking people that what of some the But whether know develops housing not or are heard Republicans I about are been about, they or is credit great, see I your election, to if That's field has talked then materializes to is from on public Democrats in this have people kind forward that Phil. that you're just waiting are thing, hearing I'm actually the some one see where something of this go new materializes sure that purchase? credit the space issue.

cause I but it to be worn heard I anything for about haven't snarky. Is don't mean I that. everything, I just out. think I've that. heard pause? think are

than issue else? confidence anything a of More

today, knowing we is know looks for -- what it us where demand yes. and Yes, I'm with pleased now. traffic like right I'm

last you raise of but quarter? percentage maybe during the communities great. sounds pricing, could able sounds like then move-up, were especially price That your one, to Okay. And it talk about pricing, guys what getting you are

overall, okay. But We demand is about didn't that. talk

a talked how basis bit. mix community If being when our incentives. so pretty we're continued billion, communities? pleased a type of backlog have We average it much. billion, our different. Do price very price much you again, really and points, point, sale is it is, $X location, last quarters, over XX has to But move-up Jay, go in little with you few you basis so up. have billion about comes $X to down revenue, we point higher targeted product, know bit XX it every and $X Maybe of matter the margins. at little But price a And look points

on focus day. we that So pricing every

next from comes with Center. Housing Your question Research Barron Alex

I few repurchase picking share your and the up at quarters. activity, looking in been obviously quarter last -- Yes, it's was

see to you buybacks dividend? process going could also with a you your or share there's And thought introducing as wanted guys share about thoughts forward? whether us discussion any Just general approach been if

Okay.

question repurchase? is about share Your

Yes.

repurchases the quarter are. right business a at XX% range. do now of quarter our every of far in look as the million $XX had last needs it our is as quarters. what couple We where that leverage We've We like

to the the forth, so we'll we're continue. will forth. what about bought something our of We with XX% and just what of like we pleased and continue last low we talked at. that's so doing. and stock doing. couple depending talked that. our We We're at debt we're on years, back And look But about we So in over just look business levels continually

about thoughts about that question of our at There's the dividend. part your other is point. The no like plans this anything for

There to call this Creek I time. remarks. for now further the will at are Mr. no over closing questions turn

Thank quarter. to us. for talking next joining forward to you you Look

conference call We lines. ask today. please disconnect that your you for concludes participating your thank for this and gentlemen, you and Ladies