0001576940-26-000057
SEC filingQ2 营收下滑但利润率改善，净利与 EPS 同比增长，需求回暖。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $927.2M | $1,000.7M | -7.3% |
| Homebuilding gross margin | 18.1% | 17.6% | +50bps |
| Operating income | $49.1M | $47.1M | +4.2% |
| Operating margin | 5.3% | 4.7% | +60bps |
| Net income | $36.1M | $34.9M | +3.7% |
| Diluted EPS | $1.26 | $1.14 | +10.5% |
| Adjusted EBITDA | $78.2M | $86.5M | -9.6% |
| Operating cash flow | -$132.4M | -$47.6M | — |
| Free cash flow | -$146.7M | -$57.4M | — |
Q2 营收下滑 7.3% 至 $927.2M，主因交付量同比 -3.1%（2,506 套）及平均售价 -5.1%（$358.2K），后者反映为刺激需求而增加的 incentives 使用。尽管收入承压，Homebuilding gross margin 同比改善 50bps 至 18.1%，得益于直接建造成本下降及去年同期 inventory impairment 的缺失（$7.4M）。剔除利息、impairment 及 purchase price accounting 后，adjusted homebuilding gross margin 持平于 20.0%。
盈利质量方面，Net income 同比 +3.7% 至 $36.1M，Diluted EPS $1.26 超去年同期 $1.14，主要受利润率改善及 Financial Services 利润大增驱动。但经营现金流为 -$132.4M，较去年同期恶化 $84.8M，主因存货增加 $237.8M（土地与在建工程投入）及净利下滑 $13.7M。剔除一次性项后，adjusted net income $37.3M 同比 -15.3%，反映核心盈利能力仍受市场逆风影响。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| West | $183.3M | -9.2% | $10.1M | 5.5% | 交付量与均价双降，利润率承压 |
| Mountain | $198.2M | -3.9% | $13.5M | 6.8% | 均价下降但交付量增长，利润率下滑 |
| Texas | $156.9M | +6.4% | $10.5M | 6.7% | 交付量增长驱动，利润率提升 |
| Southeast | $138.8M | -19.5% | $11.4M | 8.2% | 交付量与均价下降，利润率改善 |
| Century Complete | $224.6M | -9.7% | $20.8M | 9.3% | 利润率提升，抵消收入下滑 |
| Financial Services | $25.4M | +7.0% | $9.9M | 38.9% | 公允价值调整有利，贷款量 +0.9% |
| Century Living | $0 | — | -$0.1M | — | 在建项目，无收入 |
| Corporate | $0 | — | -$27.0M | — | 费用下降，亏损收窄 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $92.3M | -$17.1M |
| Cash held in escrow | $39.7M | -$8.9M |
| Total debt | $1,683.9M | +$240.7M |
| Inventories | $3,599.0M | +$237.8M |
| Operating cash flow | -$132.4M | -$84.8M |
| Capex | $14.3M | +$4.5M |
| Free cash flow | -$146.7M | -$89.3M |
Net homebuilding debt to net capital 升至 31.9%（年初 25.9%），主因 revolving line of credit 余额从 $51.5M 增至 $329.6M，用于土地投资。Total debt 增加 $240.7M，但杠杆率仍可控。
前瞻指引：未提供具体财务指引。
一次性异常项：去年同期 inventory impairment $7.4M、MSR 出售收益 $42.8M、restructuring costs $1.5M，本期均无，剔除后 run-rate 盈利能力同比下滑。
主要风险：抵押贷款利率高企抑制需求；关税与通胀推升建材成本；Section 45L 税收抵免取消推高有效税率至 26.3%。机会：Net new contracts 连续改善，土地储备 60,128 lots 支撑未来增长。