Stephen Kim

I'm wondering if you can comment on how you think about your opportunity set from a scale perspective

how do these current results stack up relative to that? Do you regard your current returns as about average longer term?

And I'm curious if you've seen any changes in trends worth calling out in terms of perhaps maybe an increase in the use of arms or temp buydowns

Did the SG&A sorta surprise you? And was there anything else other than the fact that you had, you know, some lower closings

I think in the past, you had talked about cash flow targeting a cash flow conversion of a about 100%. Could you talk about how that progression is going

the consolidated pretax still seemed a little lighter for us. And I was curious as to whether or not your outlook in 1Q is anticipating maybe just some seasonal lightness

I just want to make sure that I remember that correctly. Is that kind of in line with what you are looking for still on a go-forward basis

Both of those seem to speak to maybe some changes on the balance sheet. And I wanted to talk to you about have you talk a little bit about what your longer-term goals are with respect to your balan...

You had pretty good or strong overhead control. I'd kinda beat you up about that last quarter a little bit because it was high. Was wondering, was there anything unusual in the quarter this time

sheer size isn't the primary metric that the company prioritizes anymore. And this also combined with your significant share repurchases

Can you give us a sense for how you are thinking about cash flow from operations relative to your combined share repurchases and dividends

what kind of net debt to cap do you think is a good target longer term for the company

Can you help us maybe draw a distinction between what you're seeing today versus what you saw in other previous times when buyers kind of went on strike

What are you assuming in terms of rental revenue – maybe sequentially or year-over-year?

how should we think about how you think about the volume that you need in any given year

how important is it for you to achieve a more sort of even flow of volume through the year

is it right to think that these investments and developments of the, for lack of a better phrase, [indiscernible] machine have now reached a point where you can have those systems play a more direc...

Are you saying that in 2026, your expectation is that you've got the volume, you've got the -- therefore, the platform to be able to harness margin improvement from lower incentives without necessa...

do you see this planned slowdown in your sales production as maybe like a 1- to 2-quarter pause

if we were to say that mortgage rates stay around 40 basis points or so lower than they were earlier in this year, then I'm guessing that the cost of a rate buydown should basically go down

could you talk a little bit about how you see the overall level of volume for -- on an annualized kind of basis? Has it changed in the last few months?

is the gap, is it one of know-how and time?

I was wondering if you could give us a sense for what the operating margin might be after corporate expense

I was asking whether the strategic investments you made, would you have made them had you not received the refund?

if this is something that you see as sort of a onetime in nature sort of event? Or was the timing accelerated

if you could give us some sense for the relative importance of the cost savings initiatives from restructuring versus pricing

I was wondering if you could give us just an overall estimate of how much that piece, which will be transferred effectively will be for the year

can you give us a sense for what your expectations are for existing home sales and just anything else relevant coming out of the housing market specifically in your outlook

if you did see an inflection upwards in existing home sales beyond your expectations, would you be expecting that you would see that more on the pricing side

There was a competitor who talked about a price increase going in Jan 1. I was wondering if you could sort of talk about how that might influence your outlook for pricing as we get into the new yea...

do you have any data or any research would suggest how Millennial paint consumption looks compared to Baby Boomers when they were at a similar age

did you see what you might consider to be some element of prebuy in some of your channels

I'm curious if you could talk about your ability to be dynamic with your pricing, as we may be heading in uncharted waters there

if you think that maybe what you're seeing in the consumer is maybe some stockpiling ahead of some tariffs, and maybe they're cherry-picking

are you expecting to lean more -- is that pretty much all plumbing -- or are you thinking that we should also expect something in the decorative architectural space

this inventory timing, how much of an operating margin benefit you think you may have received in the quarter and whether or not this is going to be a headwind to 1Q results

in your view, that has really any effect or impact or influence on how you're thinking about the ICG business

wondering if there's any impacts or changes to the supply chain that you envision near or long-term

I was wondering if you could talk about the free cash flow conversion and what you see as being offset to the net income this year

where do you see the BTO mix of, let us say, orders or maybe closings finally reaching your 60% level

how much of these incentives at this point, would you classify or categorize as financial incentives, like closing costs, rate buydowns

are you planning for spec homes to be up on a year-over-year basis as you head into next spring? Or are you willing to carry more owned land

Does this still assume no reduction in homes under construction, or homes in progress? Because it looks like that actually would be an additional contributor

there is a certain level of demand that is fairly persistent and robust. But if you try to exceed the volume above that amount

whether that trajectory over the year assumes any benefit at all from having more active adult communities by the end of the year