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Analyst
Carl Reichardt
Period: Reporting periods mapped to calendar 2024 Q3 – 2025 Q1 (3 quarters).
- Questions
- 10on tracked calls
- Challenge rate
- 0%none of 10 questions
- Companies
- 2questioned at least once
- Reporting periods
- 3with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 10 of 10 questions from 2 companies
DHID. R. Horton6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q1
Are you seeing a better performance from a, markets that you've gone into more recently where you might have fewer public peers
Show response
First-time buyer demand strong at 63% but affordability constrained. Supply-constrained markets outperforming. Move-up segment doing well.
are your operators starting to focus a little bit more on effectively price cuts as opposed to incentives related to interest rates
Show response
Rate buydowns still the primary tool. More cost-effective than price cuts. Prices held relatively stable. Price cuts only at underperforming communities.
Calendar 2024 Q4
Where do you sort of think your target SG&A ought to be? And when do you expect to see some better leverage on those SG&A dollars
Show response
FY2025 SG&A expected slightly higher than FY2024. Leverage anticipated in FY2026 and beyond as platform investments mature.
can you talk about self-developed lots and sort of what I call farmer auctions versus land banking transactions
Show response
Self-developed lots all on balance sheet. Land banking used only for excess supply. 100% focused on risk transfer in contract structures.
Calendar 2024 Q3
Can you talk at all about any impact from hurricanes on ops traffic, the communities themselves?
Show response
Hurricane impact minimal, timing delays only. NAR settlement having little impact on traffic or broker commissions so far.
what are your expectations for what we might see in terms of a flattening of that store count growth or a slowdown in the number of new markets
Show response
Community count growth expected to moderate from high single/low double digit to mid-single-digit, providing better SG&A leverage.
PHMPulteGroup4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q1
When we're talking about volatility, are you referring to foot traffic conversion rates, or cancellations in terms of the most significant impact
Show response
Marshall clarified volatility is in daily sales rates, not traffic or cancellations. Cancellation rate only ticked up to 11% from 10%, stable in April.
is the current environment impacting either one of those sort of bigger picture goals for you either on cycle times, or on your move to option lots
Show response
Marshall confirmed single-family cycle times at pre-COVID 100 days. Land optionality progressing toward 70% with focus on risk mitigation over efficiency.
Calendar 2024 Q4
Can you talk about the difference between move-up, active adult versus the first-time buyer? Is the spread between the incentives you're using on both really wide?
Show response
O'Shaughnessy confirmed first-time gets richest incentives (government loan programs), move-up gets mixed incentives, active adult often takes small or no mortgage.
I'm curious as to whether or not that it becomes potentially a more interesting opportunity for you given the value of the stock on a relative basis
Show response
Marshall reiterated preference for organic growth, noting 20+ acquisitions evaluated in 2024 but none completed due to disciplined underwriting standards.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| DHI D. R. Horton | 6 | 0%none of 6 questions |
| PHM PulteGroup | 4 | 0%none of 4 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 2 | 0%none of 2 questions | 1 |
| 2024 Q4 | 4 | 0%none of 4 questions | 2 |
| 2025 Q1 | 4 | 0%none of 4 questions | 2 |
- 2024 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2024 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Demand3
- Geographic Expansion2
- Pricing2
- Competitive Dynamics2
- Cost Pressure2
- Capex Investment2
- Margin1
- Supply Chain1
- Macroeconomic1
- Regulation Policy1
Show all 12 topics
- M&A1
- Capital Allocation1