Matt Bouley

is there any more room to press on that? And how are you thinking about the balance of hanging on to cost, hanging on to labor

My question is really is any 1 of those, the biggest issue? Or maybe you can kind of rank order the drivers of that change?

it seems like you're implying kind of maybe a mid- to high 9% EBITDA margin at the midpoint versus this year, obviously, 10.6% to 11.1%. Is that because you're, I guess, implying exiting this year ...

be curious if you can speak a little more where, I guess, specifically or even provide examples of how you are strengthening your competitive position and partnering with your builder customers

I think this is the first quarter where your gross margins were actually higher sequentially, perhaps since 2023, which at least surprised us

Your single-family was down 6% even with presumably still being impacted by less dollar content per home. So -- however, you look at it, it is a really notable change in terms of your growth versus...

you talked about that kind of mix of higher margin products, maybe it's lower value, but, you know, like EWP, solving challenges for builders

organic revenues, core organic in 2025, I think you're speaking to sort of a very low single-digit decline if I back out the M&A

is there a rule of thumb? Or how would that impact your homebuilding gross margins relative to your financial services margins

was it kind of a reflection of the 6% mortgage rate environment we had from earlier this year

is is there just any kind of signals you can take from the past couple weekends on on how buyers are responding to that

does the move lower in rates at at a certain point either support that kind of cost of incentives, for you guys

Is there an outlook to either flattening or eventually improving lot cost? And when may that begin to benefit you guys

I'm trying to understand if there's any signal there, kind of any conceptual change to that balance between growth and gross margin

your peer this morning spoke about maybe towards the end of June when rates came down a little bit. Seemed like there might have been a bit of a positive response from buyers

I think you said it was up 4% sequentially and up 12% year over year. So curious if at this point, if you can give any kind of directional color or quantification on how 2026 may shape out

what are you seeing from homebuyers from a traffic perspective over these past few weeks

I just want to get some color around your confidence in that step-up in closings

is that second quarter margin guide assuming that the margin on homes, I guess, sold and closed during Q2 would be similar to December or lower

that ratio is maybe a little bit higher than it typically is and during a year. So is there kind of an expectation for maybe a bigger ramp in starts

what was your home size down in Q4? And kind of what is the expectation for home sizes that you're embedding in 2025

I'm just curious if you can update us on the cancellations environment a little bit

do you anticipate kind of maintaining some level of these buydowns as kind of a competitive advantage sort of structurally versus the resale market?

have you sort of seen any changes either from a consumer perspective

Maybe just a quick question there around how you are embedding that into your guidance for plumbing margin expansion in 2026 and maybe the sort of timing of that commodity impact

can you speak a little bit about what you are expecting to kind of flow through in 2026? Any kind of early reads on your initial January pricing actions

was there anything else that was effectively a surprise versus your own expectations? Did any of those incremental tariffs that were coming in the summer end up sneaking into the quarter there as a...

I'm wondering if there was maybe a pre-buy there earlier in the year or just kind of more elasticity related to price increases in that category

any just kind of high-level thoughts on your early priorities? What might you look to kind of tweak from a strategic perspective

any potential framework, dollar framework you can give us and how you would be thinking about mitigating those new tariffs coming

was that mitigating the entire $675 million or just the $400 million of in-year costs

do you view any kind of change to the structural profitability potential of the business or is it just simply the former where there's too much uncertainty

do you start thinking it's just something more structural around the industry kind of going back to do it for me

My question is on the mitigation. If that's mainly sourcing or operational or if there's any assumption of kind of incremental price

I am curious if there is actually an opportunity to do more build-for-rent, or is that given what you just said, the business is still too either cyclical or rate-sensitive

Just curious if you can kind of comment on the trends in both of those and maybe how quickly can the different types of incentives sort of respond

what maybe some of those actionable solutions could potentially be

is this more of kind of a market-driven approach just simply saying, look, this is where the demand is better today for quicker move-in homes?

My question is if there is room for you guys to drive construction costs lower at some point. And, you know, if so, when might we begin to see that?

how do move-up margins compare versus active adult margins? And, I guess, any additional color on how that mix of your product types may affect the gross margins

what does that signal around your growth intentions perhaps into 2026? Would a portion of that land spend be impacting community growth as soon as next year?

just, I guess, to have flat or nearly flat gross margins going forward, I guess everything else needs to be kind of flat or offsetting each other sequentially