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    Elizabeth Langan • Barclays

    Elizabeth Langan's questions to Compass Inc (COMP) leadership

    Elizabeth Langan's questions to Compass Inc (COMP) leadership • Q2 2025

    Question

    Elizabeth Langan from Barclays asked for commentary on geographic market trends, specifically which areas are showing healthier traction. She also requested details on the sources of the incremental inflationary pressures that new cost-saving initiatives are intended to offset.

    Answer

    Founder, Chairman & CEO Robert Reffkin noted that overall prices are up 1% YoY, the Northeast has less inventory than the South, and migration patterns have slowed. CFO Kalani Reelitz explained that inflationary pressures are coming from areas like procurement and technology, and the company is leveraging learnings from recent acquisitions to find offsets.

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    Elizabeth Langan's questions to Compass Inc (COMP) leadership • Q1 2025

    Question

    Elizabeth Langan asked for details on how agents are using private exclusives, specifically whether they lead to private offers or if listings typically migrate to public sites. She also inquired about the M&A environment, asking if interesting opportunities are emerging at reasonable prices given market uncertainty.

    Answer

    CEO Robert Reffkin explained that the goal is a 3-phase strategy, with 94% of listings that start as private exclusives ultimately reaching the MLS. He emphasized that the majority of private exclusive sales are co-broked with other firms, countering the narrative of 'inside deals.' CFO Kalani Reelitz commented on market share, expressing satisfaction with the 6% achieved in Q1 and expecting continued gains from both organic growth and acquisitions as top agents continue to outperform.

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    Elizabeth Langan's questions to Taylor Morrison Home Corp (TMHC) leadership

    Elizabeth Langan's questions to Taylor Morrison Home Corp (TMHC) leadership • Q1 2025

    Question

    Elizabeth Langan, on for Matt Bouley, asked about current land market dynamics and the expected mix of spec versus to-be-built homes influencing gross margins.

    Answer

    Erik Heuser, Chief Corporate Operations Officer, described the land market as having less 'froth,' which allows for negotiating more favorable terms rather than seeing outright distress. Curt VanHyfte, CFO, confirmed that the spec mix, which was 58% of closings in Q1, is expected to be higher in Q2, likely in the upper-50s to 60% range, as the company works to sell through finished inventory.

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    Elizabeth Langan's questions to Taylor Morrison Home Corp (TMHC) leadership • Q4 2024

    Question

    Elizabeth Langan of Wolfe Research inquired about the expected cadence of gross margins for 2025 and the underlying assumptions for material costs, particularly concerning potential tariffs.

    Answer

    Chief Financial Officer Curt VanHyfte stated that gross margins are expected to moderate throughout the year from the high 23% range guided for Q1, factoring in higher rates and lot cost inflation. He noted that potential tariff impacts of $1,200 to $5,000 per home are already contemplated in the full-year guidance. Chairman and CEO Sheryl Palmer added that the incentive levels on the sales floor at the end of Q4 are a good proxy for 2025 expectations.

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    Elizabeth Langan's questions to CHB leadership

    Elizabeth Langan's questions to CHB leadership • Q2 2025

    Question

    Elizabeth Langan, on for Matthew Bouley, asked for more detail on the strong demand from the builder/developer channel and whether the company expects any changes to dealer inventory stocking positions due to the hurricanes.

    Answer

    CEO Mark Yost confirmed that the new builder capture rate accelerated during the quarter and that the builder/developer channel is expected to be a strong growth driver for the foreseeable future. He also anticipates that dealers in hurricane-affected regions will begin ordering to backfill inventory as soon as infrastructure rebuilding provides more visibility, given the substantial demand from displaced homeowners.

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