Sam Reid

I was just curious, is that a function of the macro and maybe just contextualize that April sales improvement in the context of normal seasonality.

for your installed business, do you see any of those benefits there potentially flowing through the P&L?

maybe walk us through what's embedded in your guide around those expense buckets and anything outsized we should be mindful of?

what's embedded in your guidance in terms of average square footage to the extent you've got a view there?

one of one of your big competitors is stepping up the use of arms Can you just remind us your mix of arms

Why don't you just do a quick postmortem on the warranty cost piece of gross margin and that reversal you called out in the first quarter

I just want to drill down a little bit deeper on that sequential step-up in warranty expense, just to make sure I fully understand kind of some of the puts and takes there

Can you just break out the difference between step-up in price discounting versus rate buydowns

Could you just talk to the composition of those incentives that you're embedding in that fourth quarter gross margin guide

you're somewhat unique in that you embed third-party broker commissions in gross margin. So just curious if you had any color on broker attach rate and the rate you're paying those brokers this qua...

if demand were to remain soft in Q3 and Q4, would you be biased towards holding community count flat in 2026

are you making sharper cuts to areas like Florida and Texas, just known pressure points

could you just talk a little bit more broadly about your ability to manage higher costs on these two buckets from some of these exogenous factors

Could you guys give us a sense as to what gross margin is embedded in your backlog on houses that you plan to close in the second quarter

is that 22.5% in-line with the exit rate from the last quarter? Or does it imply that November or December will be below October levels

Just wanted to see if there was any details specifically on geographic dispersion, whether you are seeing a concentration of completed unsold inventories

could you perhaps give us a little bit more color on whether there were any nuances between plumbing price, say, retail versus wholesale

I just wanted to double confirm that there wasn't any being onetime or any pull forward in there around pricing that we should be mindful of

We'd just love to understand how widespread job site delivery is today. Perhaps the runway

If you could just disaggregate in your outlook between wholesale and retail channel pricing

Could you just characterize kind of where that landed relative to your expectations? I know you had obviously larger price increase in the market

how did Delta perform in home center? And perhaps can you talk through kind of how you trended in home center relative to the broader category

could you contextualize any early wins, perhaps steps you've taken to reorient your footprint to more tariff-favorable geographies like Mexico

Just wanted to talk through the reception on that price. Perhaps by channel, give us a sense as to what realization on that pricing could look like

There's been some talk about one of your large competitors attempting to take share in new builds

just curious if there's been any noticeable differential in terms of performance across those brands quarter to date

kind of what gives you the confidence that growth can accelerate in the second half. Is it based on industry growth improving in 2H relative to 1H

did you see any inventory stock up ahead of that

Can you talk about the moving pieces behind that lower gain and whether it is also a function of perhaps a step up in adjustable-rate activity

Are you also making any surgical price cuts in move-up and active adult as well that we should be mindful of

Wanted to unpack the step-up in incentive loads from the third to fourth quarter. I believe they were up about 100 bps sequentially

any categories I am thinking of material categories where you are getting price concessions

what's the lag between lower historical -- or lower horizontal development costs and when that actually hits the P&L?

really wanted to get a better sense for how traffic trended in your Del Webb communities in early April, especially on the back of equity market volatility

maybe could you just talk to the change in guidance, as it relates to the third quarter, and just maybe bucket out incentives versus any other cost buckets

I'm just curious though roughly what is the gross margin for a customer that prebuys a product versus, say, a non prebought product

Just wanted to quickly dive into the inventory comment around new product introductions

what's the lag typically between lower HELOC rates and spend for some of those more discretionary categories?

any high-level thoughts at this point around things that you think you might share or not share

Did any of your customers as best you can tell, pull forward demand ahead of tariffs

how are you thinking about 2026 as it stands today especially in the context of your logo

noticing a pretty big swing at equipment spend between Q4 and Q1, you know, up 6% to down 4%

could we drill down in terms of what needs to happen for you to get back to your algorithm especially kind of that 6% to 9% level