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Analyst
Ivy Zelman
Period: Reporting periods mapped to calendar 2025 Q2 – 2025 Q4 (3 quarters; questions recorded in 2).
- Questions
- 4on tracked calls
- Challenge rate
- 0%none of 4 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 2with 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 4 of 4 questions from 2 companies
BLDRBuilders FirstSource2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q4
how much multiple compression have you seen? And then just secondly, when you look at your CapEx for 2026, how much of that is related to investments for AI initiatives?
Show response
CEO described AI investments focused on estimating speed and salesforce empowerment. Very little headcount reduction so far. M&A multiples within historical range but payback extended due to volume declines.
are there any real cost savings relative to stick and brick on-site.
Show response
CEO believes modular can be at or below site-built cost for these homes. Advantages include line efficiency, weather elimination, multi-layer staffing. Initial analysis promising but proving out.
PHMPulteGroup2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q2
Can you elaborate as to why you think that's better? Or maybe there's it's a lower cost, I presume. Can you just go through your rationale there?
Show response
Marshall explained direct seller options provide better risk diversification and pricing, with land bankers used to get from 50% to 70% optionality target.
Are you able to take some of the options that you have right now and retrade them and get better pricing because the market's been soft?
Show response
Marshall confirmed active retrading, getting better price or more time depending on the deal, with experienced operators choosing the right lever for each situation.
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 |
|---|---|---|
| BLDR Builders FirstSource | 2 | —Rate withheld: fewer than 3 questions |
| PHM PulteGroup | 2 | —Rate withheld: fewer than 3 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 |
|---|---|---|---|
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q3No questions recorded
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Innovation & R&D2
- Capex Investment2
- M&A1
- Cloud & AI1
- Pricing1