Lennar Corp (LEN.B) 2024 Q3 法說會逐字稿

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Thanks for standing by, and welcome to Lennar's third-quarter earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Lennar 第三季財報電話會議。 （操作員說明）

After the presentation, we'll conduct a question and answer session of today's conference is being recorded. If you have any objections, you may disconnect at this time. I will now turn the call over to David Collins for that reading of the forward looking statements.

演講結束後，我們將進行問答環節，今天的會議正在錄製中。 如果您有任何異議，您可以此時斷開連接。 現在，我將把電話轉給大衛柯林斯 (David Collins)，讓其閱讀前瞻性聲明。

Thank you and good morning, everyone. Today's conference call may include forward-looking statements, including statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies and prospects.

謝謝大家，早安。 今天的電話會議可能包含前瞻性陳述，包括有關 Lennar 業務、財務狀況、營運績效、現金流、策略和前景的陳述。

Forward-looking statements represent only Lennar's estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

前瞻性陳述僅代表 Lennar 對本次電話會議之日的估計，並非旨在對未來的實際結果提供任何保證。 由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本質上會受到風險和不確定性的影響。

Many factors could affect future results and may cause when our actual activities or results anticipated in forward-looking statements. These factors include those described in our earnings release and our SEC filings, including those under the caption Risk Factors contained in Lennar's annual report on Form 10 K most recently filed with the SEC. Please note that Lennar assumes no obligation to update any forward-looking statements.

許多因素可能會影響未來的結果，並可能導致我們的實際活動或前瞻性陳述中預期的結果。 這些因素包括我們的收益發布和 SEC 文件中描述的因素，包括 Lennar 最近向 SEC 提交的 10 K 表格年度報告中「風險因素」標題下的因素。 請注意，Lennar 不承擔更新任何前瞻性聲明的義務。

I would now like to introduce your host, Mr. Stuart Miller, Executive Chairman and Co-CEO. Sir, you may begin.

現在我想介紹一下主持人，執行主席兼聯合首席執行官斯圖爾特·米勒先生。 先生，您可以開始了。

Very good and good morning, everybody, and thank you for joining today. And in Miami today, together with Dan Jaffee, our co-CEO and President, Diane Bessette, our Chief Financial Officer, Dave Collins, who you just heard from our Controller and Vice President, Bruce growth, and Bruce Gross, our CEO. Lennar Financial Services, and a few others are here as well. As usual, I'm going to give a macro and strategic overview of the Company.

大家早安，感謝你們今天的加入。 今天在邁阿密，我們的聯合執行長兼總裁 Dan Jaffee、我們的財務長 Diane Bessette、我們的財務長兼副總裁 Dave Collins、Bruce Growth 和我們的執行長 Bruce Gross 都出席了會議。 Lennar Financial Services 和其他一些公司也在這裡。 像往常一樣，我將對公司進行宏觀和策略概述。

After my introductory remarks, John is going to give an operational overview, updating construction cost cycle time and some of our land strategy and position. As usual, I am going to give a detailed financial highlights along with some limited guidance as for our fourth quarter and full year year end 2024. And then, of course, we'll have question and answer.

在我的介紹性演講之後，約翰將提供營運概述、更新建設成本週期時間以及我們的一些土地策略和立場。 像往常一樣，我將提供詳細的財務亮點以及有關我們第四季度和 2024 年全年的一些有限指導。

As usual, I'd like to ask that you please limit yourself to one question one follow-up so that we can accommodate as many as possible. So let me go ahead and begin. Overall, the economic environment remains very constructive for homebuilders. Demand remains very strong and migration to lower interest rates will further activate that demand.

像往常一樣，我想請您將自己限制在一個問題一個後續問題上，以便我們可以容納盡可能多的人。 那麼就讓我繼續開始吧。 總體而言，經濟環境對房屋建築商來說仍然非常有建設性。 需求仍然非常強勁，利率降低將進一步啟動該需求。

Lower interest rates will enhance affordability, which will enable many more fin only to access and attain homeownership at the entry level. While doing families will be able to unlike unlock value from existing homes, enabling them to move up to more bedrooms and more living space. More listings for existing homes will provide supply inventory level loans while driving more demand for move up product.

較低的利率將提高負擔能力，這將使更多的金融人士只能獲得並獲得入門級住房所有權。 在這樣做的同時，家庭將能夠釋放現有房屋的價值，使他們能夠搬到更多的臥室和更多的生活空間。 更多的現房掛牌將提供供應庫存水準貸款，同時推動升級產品的更多需求。

The dynamic of lower interest rates is likely to accelerate demand for both new and existing homes while expanding access to homeownership. Of course, affordability has been a limiting factor for demand and access to home ownership. Gate inflation and interest rates have hindered the ability of average families to accumulate a downpayment were qualified for mortgage. Higher interest rates have also locked household in lower, Inc.

較低利率的動態可能會加速對新房屋和現有住房的需求，同時擴大擁有房屋的機會。 當然，負擔能力一直是需求和獲得住房所有權的限制。 門控通貨膨脹和利率阻礙了普通家庭累積首付並獲得抵押貸款的能力。 較高的利率也將家庭鎖定在較低的公司。

Straight mortgages and curtailed the natural move up, families expand and need more space. Great buy downs and incentives have enabled demand to access the market today. Additionally, across the business landscape, narratives around challenged that narratives around challenged consumer confidence has peppered earnings calls.

直接抵押貸款和限制自然上升，家庭擴大並需要更多空間。 大量的減持和激勵措施使得需求能夠進入當今的市場。 此外，在整個商業領域，圍繞消費者信心受到挑戰的敘述充斥著財報電話會議。

Lower rates and controlled inflation will likely boost that confidence. Consumers remain employed. They are generally confident that they will remain employed and they generally believe that their compensation will rise. This is most often the foundation of a very strong housing market.

較低的利率和受控的通膨可能會增強這種信心。 消費者仍然有工作。 他們普遍相信自己將繼續就業，並且普遍認為自己的薪資將會上漲。 這通常是非常強勁的房地產市場的基礎。

And we do believe that while confidence will ebb and flow lower rates will stabilize confidence and the consumer will prioritize shelter and purchase as affordability enables them to do so. We firmly believe that lower rates and controlled inflation will build affordability, enabling more households to access either first time home ownership or move up purchase.

我們確實相信，雖然信心會起伏不定，但較低的利率將穩定信心，消費者將優先考慮住房和購買，因為負擔能力使他們能夠這樣做。 我們堅信，較低的利率和受控的通膨將增強負擔能力，使更多家庭能夠獲得首次購房或升級購買。

While strong demand enabled by incentives in mortgage rate buydown has driven the new home market over the past two years. We fully expect and even stronger and more broad based demand cycle as rates move lower. While demand has been and should remain strong, the supply of homes remains constrained. The well documented chronic housing shortage is a result of years of underproduction.

過去兩年，抵押貸款利率下調激勵措施帶來的強勁需求推動了新房市場的發展。 我們完全預計，隨著利率走低，需求週期將會更加強勁、基礎更加廣泛。 儘管需求一直而且應該保持強勁，但房屋供應仍然受到限制。 有據可查的長期住房短缺是多年生產不足的結果。

This shortage has been exacerbated by continuing shortfalls in production driven by restrictive land for us knitting and higher impact fees at local levels and higher construction costs across out of the landscape. This weak housing starts print at 1.36 million is a continuation of the shortfall in production that is needed for the current population and immigration let alone on catching up on the shortage.

由於美國針織用地有限、地方影響費較高以及整個地區建築成本較高，導致產量持續短缺，加劇了這種短缺。 房屋開工量僅為 136 萬套，疲軟是當前人口和移民所需的生產短缺的延續，更不用說彌補短缺了。

Mayors and governors across the country have become acutely aware of the housing shortage and shortfall and never have thousands, and it doesn't wait for the first signs of action. And more recently, even the national narrative has begun to acknowledge the need for programs that activate supply, greater supply and greater access to homeownership enables the upward mobility and generational wealth building that has long been associated with building the middle class through home ownership extremes that as we begin to focus on solutions, strong demand and strong need for anything, and we'll further eliminate the need for supply to an intensified narrative will pave the way to activate greater production.

全國各地的市長和州長已經敏銳地意識到住房短缺和不足，從來沒有數千人，也沒有等到第一個採取行動的跡象。 最近，甚至全國性的敘述也開始承認需要製定一些計劃來激活供應，增加供應並增加獲得住房所有權的機會，從而實現向上流動和世代財富積累，而長期以來，這與透過極端住房所有權建立中產階級有關。

On a final note, immigration has been an additional interesting factor in the housing landscape. On one hand, the influx of immigrant population has expand offset the pressure on construction cost increases. On the other hand, the increase in population requires more supply of dwellings to how is that growing population without politicized this issue at this rather sensitive time, the new immigrant population will add to demand, while at the same time help to control production costs. This configuration is an overall trend. It adds overall. While there will be seasonality, incentives and perhaps some adjustments along the way, we are very optimistic that the Road Ahead appears very positive for our home building business. Against that backdrop, as you can see from our third quarter results, we are adhering to our operating strategy focused on volume.

最後一點，移民是房屋市場中另一個有趣的因素。 一方面，移民人口的湧入擴大抵銷了建築成本增加的壓力。 另一方面，人口的成長需要更多的住房供應，在這個相當敏感的時期，人口成長不把這個議題政治化，新移民人口會增加需求，同時有助於控制生產成本。 這種配置是整體趨勢。 它增加了整體。 雖然在過程中會出現季節性、激勵措施，或許還會有一些調整，但我們非常樂觀地認為，未來的道路對我們的住宅建築業務來說非常積極。 在此背景下，正如您從我們第三季的業績中看到的那樣，我們堅持以銷售為重點的營運策略。

While we are sprinting towards the completion of our five year Marathon of migrating our operating platform from an asset-heavy model to a land-light, asset-light, just-in-time finished home sites delivery model, we have executed that migration .

雖然我們正在衝刺完成我們的五年馬拉松，將我們的營運平台從重資產模式遷移到輕土地、輕資產、準時完成的住宅站點交付模式，但我們已經執行了該遷移。

We're now breaking Stride that without breaking the stride of delivering consistent and growing store sales and closing, and while driving the cash flow and bottom line profitability, better market conditions enabled, we have the I guess I want to emphasize our North Star has been exactly this focus on delivering a growing volume with consistent cash flow and bottom line result while migrating to an asset-light model.

我們現在正在突破這一步伐，在不打破實現一致且不斷增長的商店銷售和關閉的步伐的情況下，在推動現金流和底線盈利能力的同時，實現更好的市場條件，我們有我想我想強調我們的北極星正是在轉向輕資產模式的同時，專注於提供不斷增長的銷售、穩定的現金流和獲利結果。

This predictable volume and growth has been and will be the key to recasting our business model. First, it has enabled improving operating efficiencies in construction cost cycle time, consumer and customer acquisition costs and SG&A. Second, it has driven consistent and dependable cash flow and bottom line results .

這種可預測的數量和成長已經並將成為重塑我們業務模式的關鍵。 首先，它提高了建築成本週期時間、消費者和客戶獲取成本以及銷售、一般管理費用等的營運效率。 其次，它推動了一致且可靠的現金流和利潤結果。

And third, it has enabled that consistent and predictable takedown of just-in-time delivered fully developed home sites that has attracted capital to the structured land banking partnerships that have driven the nearly 20 billion of transactions that have enabled our land light transformation to date.

第三，它能夠持續且可預測地拆除及時交付的完全開發的住宅用地，從而吸引資本進入結構化土地儲備合作夥伴關係，這些合作夥伴關係推動了近200 億筆交易，使我們迄今為止的土地照明轉型成為可能。

Since 2020 when we began our financial and operating transformation, the results and comparisons have been rather dramatic and are worthy of some reflection in 2020. When we began this journey, we were we have reduced our year supply of land owned from three years supply to an expected 1.1 year at the end of this year.

自2020年我們開始財務和營運轉型以來，結果和比較相當引人注目，值得在2020年進行一些反思。到預計今年底為 1.1 年。

We have increased our controlled home sites from 43% control to 81% controls expected at the end of the year. And we have increased our inventory turn from under a one times turn to approximately a 1.6 times turn. While our deliveries have gone from approximately 53,000 to a projected 80,500 to 81,000 for it for a fifth 83% growth rate. Our total owned inventory has actually remained flat.

預計到年底，我們已將受控主站點的控制率從 43% 增加到 81%。 我們已將庫存週轉率從不到 1 倍提高到約 1.6 倍。 我們的交付量從大約 53,000 輛增加到預計的 80,500 輛到 81,000 輛，成長率為五分之一 83%。 我們的總庫存實際上保持不變。

We are clearly doing a lot more to do with a lot less as a return on inventory has grown from 16% in 2020 to a forecasted 30% plus at year end this year. But perhaps even more importantly, we have paid down approximately $4.9 billion of debt by year end. We enjoy a $7.9 billion in dividends since 2020. And after all of that, we have a debt to total capital ratio of 7.6%, down from approximately 25% in 2020. And currently we have $4 billion of cash on books.

顯然，我們正在用更少的資源做更多的事情，因為庫存回報率已從 2020 年的 16% 增長到今年年底的預測 30% 以上。 但也許更重要的是，到年底我們已經償還了約 49 億美元的債務。 自2020 年以來，我們享受了79 億美元的股息。 。

So how do we do that? Well. First, we consistently adhere to our strategy starts with the results like our third quarter focused on growth and volume. And second, we attracted capital with our consistent volume and built capital and operating infrastructure that produces that purchases and developed land and delivers fully developed home sites on a just-in-time basis for about one-half of our needed home sites.

那我們該怎麼做呢？ 出色地。 首先，我們始終堅持我們的策略，從結果開始，例如我們第三季的重點是成長和銷售。 其次，我們以穩定的數量吸引了資本，並建立了資本和營運基礎設施，從而購買和開發土地，並及時為我們所需的大約一半的住宅區提供完全開發的住宅區。

And now And third, we will complete this transaction for the other one-half of our land needs and then enhance what we have started with our spinoff, no Rose. Let me break this down. First of all, we are very pleased with our third quarter results as they represent another consistent and strategic quarter of operating results and execution for Lennar.

現在，第三，我們將完成這筆交易以滿足我們另一半的土地需求，然後加強我們從我們的分拆項目（沒有羅斯）開始的項目。 讓我來分解一下。 首先，我們對第三季的業績感到非常滿意，因為它們代表了 Lennar 又一個一致且策略性的季度營運業績和執行力。

The market for new homes remain consistent with strong demand challenged by affordability as mortgage rates remained higher around 7% through the first half of our quarter, we added volume with starts while we incentivize the sales to enable affordability as we know that consistent volume and resulting operating efficiencies will continue to attract capital to our asset-light strategy, which will be our greatest strength as interest rates decline.

新房市場仍然與受到可負擔性挑戰的強勁需求保持一致，因為抵押貸款利率在本季度上半場保持在7% 左右，我們增加了開工量，同時我們激勵銷售以實現可負擔性，因為我們知道，穩定的數量和由此產生的結果營運效率將繼續吸引資本參與我們的輕資產策略，隨著利率下降，這將是我們最大的優勢。

In our third quarter, we increased starts by 8% year over year to almost $20,250. We increased new orders by 5% year over year to $20,000, almost $20,600. And we increased deliveries by 16% year over year year to just over $21,500 as we have focused on volume. However, we have hit a bump of some community selling out and closing out faster than expected and others facing entitlement and development delays to expected start date has community count fell.

第三季度，我們的開工量年增 8%，達到近 20,250 美元。 我們的新訂單年增 5%，達到 20,000 美元，接近 20,600 美元。 由於我們注重銷量，因此交付量年增 16%，達到略高於 21,500 美元。 然而，我們遇到了一些社區銷售和關閉速度快於預期的問題，而其他社區則因社區數量下降而面臨權利和開發延遲到預期開始日期的情況。

We adjusted and push volume with greater absorption and levels in existing communities, which naturally impacted our margin. We still expect to deliver between 80,581 thousand homes in 2020 for more than a 10% increase over 2023.

我們調整並推動現有社區更大的吸收量和水平，這自然影響了我們的利潤。 我們仍預計 2020 年將交付 80,581,000 套房屋，比 2023 年增加 10% 以上。

We also expect to continue into 14th, 2025 with an expected 10% growth rate as we increased community count somewhat in the third quarter to 1,283 communities, and we expect to be above 1,400 communities by the year by year end 24. We expect the impact of the community count lag to correct over there.

我們也預計到2025 年14 日，預計成長率將達到10%，因為我們在第三季將社區數量增加，達到1,283 個社區，並且預計到24 年底，社區數量將超過1,400 個。會產生影響那裡的社區計數滯後於糾正。

The next couple of quarters. During the quarter, sales incentives rose to just over 10% as interest rates remain high and we addressed affordability and the community count lag as an offshore cycle time and John will detail that shortly.

接下來的幾季。 在本季度，由於利率居高不下，銷售激勵上升至略高於 10%，我們解決了負擔能力和社區計數滯後作為離岸週期時間的問題，約翰將很快詳細說明這一點。

And we reduced our customer acquisition costs in our SG. and a 6.7% versus an expected 7.3% as we leverage our volume to increase efficiencies in our operating platform, while our growth, while our gross margin came in lower than we expected at 22.5%, our net margin was higher than expected at 15.8% driven by operating efficiencies.

我們也降低了 SG 的客戶獲取成本。 6.7％，而預期為7.3％，因為我們利用我們的銷量來提高營運平台的效率，而我們的成長，雖然我們的毛利率低於我們的預期22.5％，但我們的淨利潤率高於預期的15.8％由營運效率驅動。

And we ended the quarter with earnings per share, excluding one-time items of $3.3 $0.9. As we look ahead to the fourth quarter, given seasonality and customers adjusting to a changing interest rate environment, we expect our gross margin to remain flat as customers build confidence in the changing economic and interest rate and landscape. We also expect to see further improvement in our operating efficiency.

本季結束時，我們的每股盈餘（不包括一次性項目）為 3.3 美元，每股收益為 0.9 美元。 展望第四季度，考慮到季節性和客戶適應不斷變化的利率環境，我們預計隨著客戶對不斷變化的經濟、利率和格局建立信心，我們的毛利率將保持穩定。 我們也期望看到我們的營運效率進一步提高。

Please. As we have driven production pace in sync with sales pace, we have used our margin as a point of adjustment to enable consistent production as market conditions have continued to adjust. Our strategy has enabled us to repurchase another 3.4 million shares of stock for $519 million and ended the quarter with $4 billion of cash on books and a 7.6% debt-to-total capital ratio.

請。 由於我們的生產速度與銷售速度同步，因此我們將利潤率作為調整點，以便在市場條件持續調整時實現穩定的生產。 我們的策略使我們能夠以 5.19 億美元的價格回購另外 340 萬股股票，本季末帳面現金為 40 億美元，負債與總資本比率為 7.6%。

We have driven excellent operating results to date, and we continue to be excellently positioned as a company from balance sheet to operating style energy to execution to be able to adjust and address the market as it unfolds. For the remainder of 2024 and beyond.

到目前為止，我們已經取得了出色的經營業績，並且從資產負債表到營運風格活力再到執行力，我們繼續保持著出色的公司定位，能夠隨著市場的發展進行調整和應對。 2024 年剩餘時間及以後。

So with a growing it with a growth and production strategy driving our core business, we embarked on a program to develop a structured durable land strategies model to systemically purchase and develop land with an option program purchased fully developed home sites just in time and as needed. While we had always executed option land deals with third party developers, and we still do those deals were not always available and worse and worse structurally with land developers and also creating structured land option contracts with Private Equity Capital Corp.

因此，隨著成長和生產策略推動我們的核心業務不斷發展，我們啟動了一項計劃，開發結構化的耐用土地戰略模型，系統地購買和開發土地，並透過選擇計劃及時根據需要購買完全開發的住宅用地。 雖然我們一直與第三方開發商執行土地選擇權交易，但我們仍然認為這些交易並不總是可用，而且與土地開發商的結構性越來越差，並且還與私募股權資本公司簽訂了結構化土地期權合約。

Permanent Capital. Our drive to build an asset light manufacturing model has been a five year Marathon that has required a slow but steady attraction of capital to the concept, supported by an operational plumbing system to support the flow of capital and the delivery of homes.

永久首都。 我們建立輕資產製造模式的努力是一場為期五年的馬拉松，需要緩慢而穩定地吸引資本到這一概念，並輔以可操作的管道系統，以支持資本流動和房屋交付。

Additionally, there needed to be a fiduciary for that capital that would oversee the generation of attractive returns to capital at market competitive risk adjusted returns, while also allowing for a product appropriate profitability for the manufacturer, namely US. Additionally, the notion of land risk needed to be reconsidered. Not all land has the same risks. Short-term land, which is entitled and mostly develop, is less risky than unentitled farmland mixed risks, risk profiles historically.

此外，還需要有一個該資本的受託人來監督以市場競爭風險調整回報產生有吸引力的資本回報，同時也為製造商（即美國）提供適當的產品盈利能力。 此外，需要重新考慮土地風險的概念。 並非所有土地都具有相同的風險。 從歷史上看，有資格且大部分已開發的短期土地的風險低於無權農田的混合風險和風險狀況。

And we would always for did a price to the most risky part of the pool according to the equity partners to create homogeneous risk profile, land assets. These assets are price for their risk profile and are professionally managed through a home site purchase platform, which we call the hopper.

我們總是會根據股權合作夥伴對資產池中風險最高的部分進行定價，以創造同質的風險狀況，即土地資產。 這些資產是根據其風險狀況定價的，並透過家庭網站購買平台（我們稱之為漏斗）進行專業管理。

The hopper is where land is it acquired, held and develop and ultimately delivered just-in-time on a rolling option basis with contract contractually controlled and limited risk to the manufacturer homebuilder as homes are ready to be started. And it really was driven Greenwich and of our land assets. The assignment of risk profile defines the cost of capital. The orchestration of just-in-time delivery of home becomes as visible and critical as the delivery of lumber and appliances.

漏斗區是土地取得、持有和開發的地方，並最終以滾動選擇權的方式及時交付，並受合約控制，並且在房屋準備開工時，製造商住宅建築商的風險有限。 這確實是格林威治和我們的土地資產所推動的。 風險狀況的分配定義了資本成本。 及時送貨上門的安排變得與木材和電器的送貨一樣可見和重要。

And the process is becoming increasingly automated for efficiency. But by driving volume through these programs, we have gained advantage insights into the unique value that these structures right from the financial improvements outlined earlier. five additional insights immediately come to mind. First, has capital markets become familiar and comfortable with a term based risk. More capital comes to that understood risk and that expands the capital that is available for these types of terms of land.

為了提高效率，該流程變得越來越自動化。 但透過這些計劃推動銷量，我們從前面概述的財務改進中獲得了對這些結構的獨特價值的優勢洞察。 我立即想到了另外五個見解。 首先，資本市場是否已經熟悉並適應基於期限的風險。 更多的資本投入到這種已知的風險中，從而擴大了可用於此類土地條款的資本。

Second, capital markets get comfortable with a particular risk profile and the cost of capital can go down as capital is matched with associated risks. Third, the availability of strategic capital for smaller M&A transactions does not higher corporate capital, while home production is ramped up and this promotes growth strategies for M&A, transactions can be absorbed with fewer complicated accounting implications.

其次，資本市場對特定的風險狀況感到滿意，隨著資本與相關風險相匹配，資本成本可能會下降。 第三，較小規模併購交易的策略資本的可用性並不增加公司資本，而國內生產增加，這促進了併購的成長策略，可以在較少複雜的會計影響的情況下吸收交易。

And fifth, organic growth in existing markets and into new markets can be facilitated with limited balance sheet impact where there's no exempting existing land developers. As I mentioned in our last call, I do want to specific high specifically highlight our unique and very important relationship with TPG., Angelo, Gordon and Ryan Mills that we began this journey together back in 2020, and we learn together that risk significantly better for having endured the bumps and bruises of learning and growing.

第五，現有市場和新市場的有機成長可以透過有限的資產負債表影響來促進，而現有的土地開發商也不能倖免。 正如我在上次電話會議中提到的那樣，我確實想特別強調我們與TPG 的獨特且非常重要的關係。 ，風險明顯更好因為忍受了學習和成長的坎坷和挫傷。

They have come to eBay, continue to be our single biggest land partner, and we look forward to much more learnings and growing as we grow into the future. Bottom line. Our asset light land-light strategy is evolving and we are getting better at understanding of general year integration to an asset-light operating model.

他們來到了 eBay，繼續成為我們最大的土地合作夥伴，我們期待在未來的成長過程中學到更多的知識和成長。 底線。 我們的輕資產、輕土地策略正在不斷發展，我們對輕資產營運模式的整體年度整合的理解也越來越好。

Not surprisingly, we have received a lot of questions about the planned spin-off. We announced during the second quarter earnings call. We're still going through the SEC confidential review process. So I'm limited in what I can say about the spin-off. However, I can tell you a bit a little bit about what it will entail and how it how it will affect Lennar.

毫不奇怪，我們收到了許多關於計劃分拆的問題。 我們在第二季財報電話會議上宣布了這項消息。 我們仍在經歷 SEC 的保密審查流程。 所以關於衍生劇我能說的有限。 不過，我可以告訴您一些關於這將帶來什麼以及它將如何影響 Lennar。

We have formed a company called no rose Properties Inc., which we expect to qualify as a real estate investment trust for every no ROEs will acquire and develop land for Telenor and other homebuilders as and will deliver fully developed home sites under a land option contracts. So the freedom to the acquisition development and delivery of home sites will be similar to other partners of partnerships that I've just described a little earlier.

我們成立了一家名為 norose Properties Inc. 的公司，我們預計該公司將獲得房地產投資信託資格，為 Telenor 和其他住宅建築商收購和開發土地，並根據土地選擇合約交付完全開發的住宅用地。 因此，收購、開發和交付主站點的自由度將與我之前描述的合作夥伴關係的其他合作夥伴類似。

The restructure, however, is unique and will be detailed in the S-11 SEC registration registration statement when it is made public soon, we are going to contribute to know rose in exchange for its stock. Essentially all of our undeveloped partially developed and some of our fully developed land along with cash.

然而，此次重組是獨一無二的，將在即將公開的 S-11 SEC 註冊登記聲明中詳細說明，我們將向 Know Rose 出資以換取其股票。 基本上我們所有未開發的部分開發的土地和一些完全開發的土地以及現金。

This stock will be distributed as a stock dividend of milk, those stock to minority shareholders and will it will accordingly reduced inventory on the books. And that capital as it cycles with a mill ROEs will continue to be permanent, dependable capital available to Lennar for future land options as further described in the S-11 registration statement when he's made public, no ROEs will be responsible for advancing the California developing the land contributed using our as a contractor for consistent execution.

這筆股票將作為牛奶的股票股息進行分配，這些股票將分配給少數股東，並將相應減少帳面上的庫存。 該資本與工廠ROE 一起循環時將繼續是永久、可靠的資本，可供Lennar 用於未來的土地選擇，正如他公開時的S-11 註冊聲明中進一步描述的那樣，沒有ROE 會負責推進加州的發展土地由我們作為承包商貢獻，以確保一致的執行。

And Linda will have option contracts entitling it to repurchase finished home sites on it just-in-time basis and as needs as it needs them for homebuilding activities. Proceeds from the prepurchase finished home sites will be reinvested by Melrose in new land and development transactions for Lamar. Additionally, after the spin off, the new company would be another additive bucket of capital consistent and compatible with other relationships that have existed and will continue to thrive alongside LiDAR.

琳達將擁有期權合同，使其有權根據住宅建設活動的需要及時回購已完工的住宅用地。 梅爾羅斯將把預購成品宅基地的收益再投資於拉馬爾的新土地和開發交易。 此外，分拆後，新公司將成為另一筆額外的資本，與現有的其他關係一致且相容，並將繼續與 LiDAR 一起蓬勃發展。

Of course, the completion of our spin will drive significantly higher returns on inventory and equity as both inventory and equity are reduced by the amount of assets contributed to mill rose in exchange for stock, given Lennar's balance sheet strength with a debt to total capital ratio of 7.6%.

當然，考慮到 Lennar 的資產負債表實力（債務與總資本比率），我們的分拆完成將顯著提高庫存和股本回報，因為庫存和股本都會因工廠上漲以換取股票而貢獻的資產數量而減少7.6%。

Lennar's balance sheet will remain very strong after the spin-off with, we believe consistent earnings and cash flow to continue to pay down debt and repurchase stock because Lennar's inventory is constantly changing.

分拆後，Lennar 的資產負債表將保持非常強勁，我們相信持續的盈利和現金流將繼續償還債務並回購股票，因為 Lennar 的庫存不斷變化。

We don't know exactly how much land winner will contribute to Melrose, but we expect that it will be land and cash with the book value of between six and 8 billion when we expect that no ROEs will seek to enter into land transaction with other builders as well as an independent company since the land in cash at contributed to Melrose will be debt free. No ROEs will be completely independent as a company with zero than our ownership and will be responsible for arranging credit facilities and sources of any debt or equity financing.

我們不知道土地得主將為梅爾羅斯貢獻多少土地，但我們預計這將是土地和現金，帳面價值在 6 至 80 億美元之間，而我們預計沒有 ROE 會尋求與其他人進行土地交易。梅爾羅斯以現金方式提供的土地將是無債務的，因此既是建築商也是獨立公司。 作為一家所有權為零的公司，任何 ROE 都不會完全獨立，並將負責安排信貸便利以及任何債務或股權融資的來源。

It needs needs or wants to support its own activities. Linda will have option purchase arrangements to purchase back finished home sites on a just-in-time basis. Unlike other land companies that rely on land appreciation for returns, no ROEs will receive contractual option fees for maintaining options.

它需要或想要支持自己的活動。 琳達將有選擇權購買安排，以便及時買回完工的住宅用地。 與其他依賴土地增值獲得回報的土地公司不同，ROE 不會因維持選擇權而收取合約選擇權費用。

In effect, people use these fees to pay us expenses and to make regular distributions to stockholders. In addition to option fees, no ROEs will also receive the return of invested capital associated with the option exercises.

實際上，人們用這些費用來支付我們的開支並向股東定期分配。 除了選擇權費外，沒有 ROE 也將收到與選擇權行使相關的投資資本回報。

Unlike traditional private equity base, land banking funds, Melrose will not be required to distribute or return invested capital to investors. Instead, no ROEs will repeatedly reinvest the invested capital as it is return in future land transactions.

與傳統的私募股權基礎、土地儲備基金不同，梅爾羅斯不需要向投資者分配或返還投資資本。 相反，沒有 ROE 會重複對投資資本進行再投資，因為它是未來土地交易的回報。

Therefore, no ROEs will be for LiDAR and probably other homebuilders, essentially a self-fulfilling, a per-minute team source of land acquisition and development capital. Now what I'd like to go into more detail about the planned spin-off. As I noted earlier, we're still limited in what we can say until our S. 11 SEC registration statement is made public.

因此，對於 LiDAR 和可能的其他住宅建築商來說，沒有 ROE，本質上是一種自我實現的、每分鐘團隊土地收購和開發資本的來源。 現在我想更詳細地介紹一下計畫中的分拆。 正如我之前指出的，在我們的 S.11 SEC 註冊聲明公開之前，我們能說的仍然有限。

So more information should become publicly available very soon. So in conclusion, let me say this is a very exciting time for Lennar and LNR. We're continuing to upgrade the winner, financial and operating flash platform as we drive consistent production and sales.

因此，更多資訊應該很快就會公開。 總之，我想說，對於 Lennar 和 LNR 來說，這是一個非常令人興奮的時刻。 隨著我們推動一致的生產和銷售，我們將繼續升級獲勝者的財務和營運快閃記憶體平台。

Our third quarter 2024 for has been another strong strategic and operational success for our company as we focus on driving consistent volume and growth, adjust community count for that growth and complete our company's financial and operational restructure.

2024 年第三季是我們公司在策略和營運方面的又一重大成功，因為我們專注於推動穩定的銷售和成長，調整社群數量以實現成長，並完成公司的財務和營運重組。

We are in fact, nearing the end of a five year Marathon that will have restructured our entire operating platform for long-term success, greater returns on capital and equity. We have continued to drive production too much. With that said, as interest rates of size and normalize and now that the Fed has boldly begin to have begun to cut rates, we believe that pent up demand will be activated, and we are well prepared with growing community count and growing volume.

事實上，我們的五年馬拉松已接近尾聲，這場馬拉松將重組我們的整個營運平台，以實現長期成功、更大的資本和股本回報。 我們繼續過度推動生產。 話雖如此，隨著利率規模和正常化，以及現在美聯儲已經開始大膽地開始降息，我們相信被壓抑的需求將被激活，並且我們已經為不斷增長的社區數量和不斷增長的數量做好了充分準備。

Strong pent-up demand has found ways to access the housing market and higher interest rates as rates drift down, given consistent execution, we are extremely well positioned for even greater success as strong, but the demand for affordable offerings continues to seek short supply in more affordable and in a more affordable interest rate environment.

強勁的被壓抑的需求已經找到了進入房地產市場的方法，並且隨著利率下降，利率上升，只要執行一致，我們就處於非常有利的位置，可以取得更大的成功，但對負擔得起的產品的需求持續尋求供應短缺更實惠且利率環境更實惠。

Perhaps most importantly, our strong balance sheet affords us flexibility and opportunity to consider and execute upon thoughtful growth for our future. In that regard, we will focus on our manufacturing model and continue to use our land partnerships to grow with a focus on on high returns on capital and equity.

也許最重要的是，我們強大的資產負債表為我們提供了靈活性和機會來考慮和執行對未來深思熟慮的成長。 在這方面，我們將專注於我們的製造模式，並繼續利用我們的土地合作夥伴關係來實現成長，並專注於資本和股權的高回報。

We will also continue to focus our on our pure play business model and reduce exposure to non-core assets. We'll continue to drive just-in-time homesite delivery and an asset light balance sheet and will continue to allocate capital to growth, debt retirement and stock repurchases as appropriate.

我們也將繼續專注於我們的純業務模式，並減少非核心資產的曝險。 我們將繼續推動及時的住宅交付和輕資產資產負債表，並將繼續酌情將資本分配給成長、債務償還和股票回購。

As we complete our asset-light transformation, we will continue to execute in the short term while we return capital to our shareholders through dividends and stock buyback, what we also pursue strategic growth, we look ahead to completing a successful 2024.

隨著我們完成輕資產轉型，我們將在短期內繼續執行，同時透過股利和股票回購向股東返還資本，我們也追求策略成長，我們期待完成成功的2024年。

We're well positioned for and expect to see much more of the same in the years ahead. We are confident that by design, we will continue to grow, perform and drive winner to new levels of consistent and predictable performance. For now, we are guiding to 22,500 to 23,000 closings next quarter with a margin that is flat with the third quarter, and we expect to deliver approximately 80,500 to 81,000 homes this year.

我們已做好充分準備，並預計在未來幾年會看到更多類似情況。 我們相信，透過設計，我們將繼續成長、表現並推動獲勝者達到一致和可預測績效的新水平。 目前，我們預計下季交屋量為 22,500 至 23,000 套，利潤率與第三季持平，預計今年將交付約 80,500 至 81,000 套房屋。

We also expect to repurchase and except in excess of $2 billion of stock this year. As we continue to drive very strong cash flow, we look forward to a strong finish to 2024. And for that, I want to thank the extraordinary associates of Lennar for they're tremendous focus, effort, Intel.

我們也預計今年將回購超過 20 億美元的股票。 隨著我們繼續推動非常強勁的現金流，我們期待 2024 年取得強勁的業績。

And with that, let me turn over to John.

接下來，讓我轉向約翰。

Good morning. As you heard from Stewart, our operational teams of and our continued focus on executing our operating strategies while responding in real time to market fluctuations throughout the quarter. This intense focus creates a continuous learning and refinement loop switching churn and continuously improve the execution of these charges.

早安. 正如您從史都華那裡聽到的那樣，我們的營運團隊和我們繼續專注於執行我們的營運策略，同時即時回應整個季度的市場波動。 這種強烈的關注創造了一個持續學習和完善的循環切換，並不斷改進這些費用的執行。

I will discuss our third quarter performance and cost reduction cycle time reduction and improved asset like land position for focus on improvement in these areas, beginning with sales pace knowingly we can produce a rate of sales by design creates a confidence for the production side of the business.

我將討論我們第三季的業績和成本降低、週期時間的縮短以及土地地位等資產的改善，重點關注這些領域的改進，從銷售速度開始，我們可以透過設計產生銷售率，從而為生產方面創造信心。

We work on improving our mix change, producing needed volume of high-quality leads the start of the top of funnel with testing the effectiveness of targeted for various sources such as SEM or social media and messaging, such as rate and payment or lifestyle.

我們致力於改進我們的組合變化，生產所需數量的高品質線索，並測試針對各種來源（例如 SEM 或社交媒體和訊息傳遞（例如費率和付款或生活方式））的有效性。

All the way through to the ultimate result of a purchase and sale agreement every day or revisions learn from their engagement with our machine constantly adjusting and testing new tactics despite design approach drives efficiency and customer acquisition costs, while also improving the customer experience, we utilize incentives and interest rate buydown as needed to enable us to address affordability and consumer confidence challenges in order to achieve the desired sales pace

一直到每天購買和銷售協議的最終結果或修訂都從他們與我們機器的接觸中不斷調整和測試新策略，儘管設計方法提高了效率和客戶獲取成本，同時也改善了客戶體驗，我們利用根據需要提供激勵措施和利率下調，使我們能夠應對負擔能力和消費者信心挑戰，從而實現理想的銷售速度

This progress against the backdrop of higher interest rates and the impact on consumer from inflation in the form factor to where we need to buy down interest rates and or other incentives to achieve the desired pace. As noted, our third quarter sales pace of 5.5 homes per community per month matched our store base of 5.4.

這項進展是在利率上升以及通貨膨脹對消費者的影響的背景下取得的，我們需要降低利率和/或其他激勵措施以達到預期的速度。 如前所述，我們第三季的銷售速度為每個社區每月 5.5 套，與我們的商店基數 5.4 套相匹配。

Achieving the sales pace also resulted in a quarter with an average of just more than one unsold completed homes per community. The resulting confidence from consistently producing the desired sales pace enables planning for an even flow store base related production levels. Our goal of a manufacturing process derived from is predictability, which drive improvements in direct construction costs and cycle time.

實現銷售速度也導致每個社區平均只有一棟以上未售出的完工房屋。 持續生產所需的銷售速度所產生的信心使得能夠規劃與流動商店基地相關的生產水準。 我們的製造流程目標是可預測性，這推動了直接施工成本和週期時間的改善。

All participants are in our offer operations, training partners can supply chain partners benefit from the combination of this predictability, along with our high volume manufacturing approach, along with the maximize the efficiencies of our promotional strategy will allow us to continue to drive down costs and cycle time into 2025.

所有參與者都參與我們的報價運營，培訓合作夥伴可以使供應鏈合作夥伴受益於這種可預測性的結合，加上我們的大批量製造方法，以及最大限度地提高我們促銷策略的效率，將使我們能夠繼續降低成本和週期時間到 2025 年。

In the third quarter. Our construction cost decreased sequentially from Q2 by over 1% on a year-over-year basis by over 6% of accomplishing a 6%. Cost reduction during the inflationary environment of cash year demonstrate the effectiveness of our strategy. First of the benefits of our Builder of Choice approach. This manufacturing strategy resulted in continued significant gains in cycle time for our third quarter cycle time decreased by 10 days sequentially from Q2, down to 140 calendar days on average for single-family homes, which is a 23% decrease year over year in a material contributor to our inventory sorry, churn improvement.

在第三季。 我們的建築成本較第二季連續下降超過 1%，年減超過 6%，達到 6%。 現金年度通膨環境下的成本降低證明了我們策略的有效性。 首先是我們選擇的建造商方法的好處。 這種製造策略使周期時間持續顯著增長，第三季度單戶住宅的周期時間比第二季度連續減少了 10 天，降至 140 個日曆天，材料同比減少了 23%我們庫存的貢獻者抱歉，客戶流失率有所改善。

Next, I'll discuss the execution of our land light strategy. In the third quarter, we continued to effectively work with our strategic land developers and land bank partners where they purchased land on our behalf and then deliver just-in-time finished home sites to our homebuilding machine.

接下來，我將討論我們的陸地照明策略的執行。 在第三季度，我們繼續與我們的戰略土地開發商和土地銀行合作夥伴進行有效合作，他們代表我們購買土地，然後將完工的住宅場地及時交付給我們的住宅建築機器。

In the third quarter, about 82% of our $2 billion or approximately 718,000 home sites acquired in the quarter were finished homesites purchased from these various land structures during the quarter, or ManTech's acquired on our behalf of about 15,000 home sites for around $800 million in land acquisition and commitment of about $650 million to land development.

在第三季度，我們在本季度收購的20 億美元或約718,000 個住宅用地中，約82% 是在本季度從這些不同的土地結構中購買的成品住宅用地，或者ManTech 代表我們以約8 億美元的價格收購了約15,000 個住宅用地。

With his focus on the the asset-light, our supply of owned homesite decreased to 1.1 years, go for 1.5 years and controllable side percentage increased to 81%, so 73% year over year. These improvements in the execution of our operating strategies enable reduce cycle time to less land owned, resulting in improved inventory churn, which now stands at 1.6 versus 1.4 last year to 14% increase as in prior quarters.

隨著他對輕資產的關注，我們的自有住宅供應量減少到1.1年，持續1.5年，可控方百分比增加到81%，比去年同期增加73%。 我們營運策略執行的這些改進可以縮短週期時間，減少擁有的土地，從而改善庫存流失率，庫存流失率目前為 1.6，與去年的 1.4 相比，與前幾季相比增加了 14%。

Third quarter showed continued progress and execution of each of these strategies. Extraordinary reviewed. We started with a focus on our marketing and sales machine, leading to even flow manufacturing, lead production and asset-light managed strategies.

第三季顯示了每項策略的持續進展和執行。 非凡的審查。 我們首先關注我們的行銷和銷售機器，從而實現均勻流程製造、領先生產和輕資產管理策略。

We focused on improving and connecting discharges together driving even more consistency. eight, an improvement in our third quarter of interest rates fluctuated consumers felt the pressure of inflation we made nimbly with the aid of new technology driven tools in the form of real-time data dashboards to consistent digestion and critical review of the data allows for quick action and improved execution.

我們專注於改進放電並將其連接在一起，以提高一致性。 八、第三季利率波動的改善消費者感受到了通貨膨脹的壓力，我們藉助新技術驅動的工具以即時數據儀表板的形式靈活地對數據進行一致的消化和嚴格審查，從而可以快速行動並提高執行力。

I want to add my thanks to associates for their our commitment to implementing and executing these strategies.

我想對同事們表示感謝，感謝他們對實施和執行這些策略的承諾。

Now I'd like to turn it over to Diane.

現在我想把它交給黛安。

Thank you, John, and good morning, everyone. Doing and John have provided a great deal of color regarding our homebuilding performance. So therefore, in guys spend a few minutes on the results of our other business segments together, again, our balance sheet highlights and then provide guidance for Q4 since starting with financial services for the third quarter.

謝謝約翰，大家早安。 Doing 和 John 為我們的住宅建築表現提供了大量的色彩。 因此，請大家花幾分鐘時間一起了解我們其他業務部門的業績，再次強調我們的資產負債表，然後從第三季度的金融服務開始，為第四季度提供指導。

Financial summary for the color lots of businesses, partially offset by higher delivery of Lion and lower costs in our title business and financial services team is intensely dedicated to providing great customer experience for each layer and has created two partnerships with our homebuilding teams to accomplish that goal.

彩色業務的財務摘要部分被Lion 交付量的增加和我們的產權業務和金融服務團隊的成本降低所抵消，該團隊致力於為每一層提供出色的客戶體驗，並與我們的住宅建築團隊建立了兩個合作夥伴關係以實現這一目標目標。

That partnership is reflected in their solid results. Moving into multifamily for the quarter, our multi-family segment had operating earnings of $79 million. The primary driver of the journey was the gain on sale of assets in our LMZ. Fund one.

這種夥伴關係反映在他們的堅實成果中。 本季度，我們的多戶住宅部門的營業收入為 7,900 萬美元。 這趟旅程的主要驅動力是我們的 LMZ 資產出售收益。基金一.

As we noted last quarter, we are under contract to sell the assets to multiple buying inventory. Third quarter we closed in at 70% of the anticipated sales. We recorded a net gain of $179 million and received about how we expect most of the remaining assets to be sold in the June quarter.

正如我們上季度所指出的，我們簽訂了將資產出售給多個購買庫存的合約。 第三季我們的銷售額達到了預期的 70%。 我們錄得 1.79 億美元的淨收益，並收到了我們預計大部分剩餘資產將在 6 月季度出售的資訊。

A second component for the quarter was in core assets that are held on book as we focus on immediately monetizing these assets. This is consistent with our pure play asset light strategy and meet with the ultimate goal of increasing returns pertaining to the balance sheet. This quarter. Once again, we'd hit we adhere to our strategy of maximizing return on inventory by training our inventory at the appropriate market margin.

本季度的第二個組成部分是帳面上持有的核心資產，因為我們專注於立即將這些資產貨幣化。 這符合我們的純資產輕資產策略，並符合增加資產負債表回報的最終目標。 本季。 我們再次強調，我們堅持透過在適當的市場利潤率下培訓我們的庫存來最大化庫存回報的策略。

The results of these actions that we took cash and ended the quarter with $4.2 billion revolving credit facility provided total liquidity of $6.2 billion. As a result of our continued focus on balance sheet efficiency and reducing our capital investment. We once again made significant progress on big goal of becoming land line.

這些行動的結果是，我們採取了現金並在本季結束時提供了 42 億美元的循環信貸額度，提供了 62 億美元的總流動性。 由於我們持續關注資產負債表效率並減少資本投資。 我們在成為固網線路的宏偉目標上再次取得了重大進展。

As John mentioned, at quarter end, our years old improved 2.0 0.1 years for 1.5 years in the prior year, and our home sites control increased to 81% to 73% in the prior year. Our lowest year soon in highly controlled percentage in our industry and clearly owned 87,000 home sites and control 369,000 home sites for a total of 456,000 sites. We believe this portfolio provides us with a strong competitive position to continue to grow market share in a capital efficient playing.

正如約翰所提到的，到季度末，我們的年齡比上一年提高了 2.0 0.1 年，比前一年提高了 1.5 年，我們的家庭站點控制率比前一年增加到 81% 到 73%。 我們很快就迎來了業內高度控制百分比的最低年份，明確擁有 87,000 個主站點並控制 369,000 個主站點，總計 456,000 個站點。 我們相信，該投資組合為我們提供了強大的競爭地位，可以在資本效率方面繼續擴大市場份額。

We spent $2 billion on land purchases this quarter. However, the 80% was initially were vertical construction. To begin. This is consistent with our manufacturing model, the $5 million and adjusted time basis, which is less capital intensive, it doesn't close during the quarter.

本季我們花了 20 億美元購買土地。 然而，80%最初是垂直建築。 開始吧。 這與我們的製造模式一致，即 500 萬美元和調整後的時間基礎，資本密集度較低，不會在本季關閉。

Approximately 64% were from our third priority lien structures for repurchases from, say, unfinished spaces. As we continue to reduce our ownership in land and purchase on sites and just-in-time basis, our earnings should more consistently approximately cash. And over time, it would be helpful to align capital returns to shareholders more closely with that cash. Finally, our inventory turn was 1.6 times, up from 1.4 times last year. And I will turn our inventory was 31.8% percent of 300, 24 basis points from last year.

大約 64% 來自我們的第三優先留置權結構，用於從未完成的空間等回購。 隨著我們繼續減少土地所有權以及現場購買和及時購買，我們的收入應該更一致地接近現金。 隨著時間的推移，將股東的資本回報與現金更緊密地結合將會有所幫助。 最後，我們的庫存週轉率為 1.6 倍，高於去年的 1.4 倍。 而我將我們的庫存率為31.8%，為300%，比去年增加了24個基點。

During the quarter and consistent with our production focus. We started about 20,200 home and ended the quarter with about 40,000 for the new site. That inventory number includes approximately 1,750 homes that were completed unsold, which is slightly more than one per community as well, successfully manage our finished inventory levels.

本季與我們的生產重點一致。 我們開始建造約 20,200 套住宅，到本季結束時為新場地建造了約 40,000 套。 該庫存數量包括約 1,750 套已完工但未售出的房屋，每個社區也略多於 1 套，成功地管理了我們的成品庫存水準。

Looking at our debt maturity profile, we had no redemption or repurchases of $3 million this quarter. Our next debt maturity is not until May of 2025. We continue to benefit from our previous paydowns of senior notes and strong earnings generation, which further debt total capital down to 7.6 at quarter end, our lowest ever is strong improvement from 11.7 radio. The significant decrease in leverage is one of the factors that allowed us to receive an upgrade in our debt ratings from Fitch triple-B to triple B plus.

從我們的債務到期情況來看，本季我們沒有贖回或回購 300 萬美元。 我們的下一次債務到期要到2025 年5 月。 。 槓桿率的大幅下降是我們將債務評級從惠譽 3B 提升至 3B+ 的因素之一。

We are pleased to achieve this occur competitions that recognize the strength of our balance sheet and our operating platform. Consistent with our commitment to increasing shareholder returns, we repurchased $3.1 million of outstanding shares for $519 million. Additionally, we paid total dividends this quarter and $136 million.

我們很高興能夠在比賽中實現這一目標，這些比賽認可了我們的資產負債表和營運平台的實力。 根據我們提高股東回報的承諾，我們以 5.19 億美元回購了 310 萬美元的已發行股票。 此外，本季我們支付了總計 1.36 億美元的股息。

Finally ask holder's. Equity increased to over $27 billion in our book value per share increased to just over one in some sense of our balance sheet. Strong liquidity and low average provides us with significant confidence and financial flexibility as we move through the remainder of 2024 and beyond.

最後詢問持有者。 股本增加至超過 270 億美元，每股帳面價值從某種意義上的資產負債表增加至略多於 1 美元。 強勁的流動性和較低的平均值為我們在 2024 年剩餘時間及以後的日子裡提供了巨大的信心和財務靈活性。

So with that brief overview, I'd like to turn to Q4 Betsson Infinitum investments, starting with new orders, expect Q4 new orders to be in the range of 19,000 to 19,300 homes, which approximate a 10% year-over-year growth. We also expect our year end treated accounts to be about 10% to 12% greater than last year.

因此，在簡要概述之後，我想轉向第四季度 Betsson Infinitum 的投資，從新訂單開始，預計第四季度新訂單將在 19,000 至 19,300 套房屋之間，同比增長約 10%。 我們也預計年底處理的帳戶將比去年增加約 10% 至 12%。

We anticipate our Q4 deliveries to be the range of 20 to 22,500 to 23,000 homes with a continued manufacturing focused on turning inventory into cash. Our Q4 average sales price on those delivery choosy about 425,000 as we continue to price to market to reach profitability. We expect gross margins to be flat at two today in our SG&A to be in the range of 6.9% to 6.8%, which of those estimates dependent on market conditions for the combined homebuilding joint venture land sales in other categories, we expect to generate earnings of about $25 million .

我們預計第四季度的交付量將在 20 至 22,500 至 23,000 套房屋之間，持續的製造重點是將庫存轉化為現金。 我們第四季的平均銷售價格約為 425,000，因為我們繼續根據市場定價以實現盈利。 我們預計今天的毛利率將持平於 SG&A 的 2%，範圍為 6.9% 至 6.8%，其中這些估計取決於其他類別的聯合住宅建築合資企業土地銷售的市場狀況，我們預計將產生收益約2500萬美元。

We anticipate our Financial Services earnings to be approximately $140 million, and we expect to be about break-even in our multifamily business. Turning to our other, we expect a loss of about $5 million, excluding the impact of any potential mark-to-market adjustments to our public technology investments in R&D.

我們預計我們的金融服務收入約為 1.4 億美元，我們的多戶住宅業務預計將實現收支平衡。 至於我們的另一個方面，我們預計損失約為 500 萬美元，不包括對研發公共技術投資的任何潛在的按市價調整的影響。

In Q4, corporate G&A should be about 1.7% of total revenues and charitable foundation conduit contribution will be based on $1,000 per home delivery. We expect our Q4 tax rate to be approximately 24.25% in the weighted average share count should be approximately 267 million shares.

第四季度，企業管理費用應佔總收入的 1.7% 左右，慈善基金會通路捐款將以每次送貨上門 1,000 美元計算。 我們預計第四季的稅率約為 24.25%，加權平均股數約為 2.67 億股。

And so on a combined basis, these estimates to produce an EPS range of attacks, certainly $4.10 to $4.25 per share for the quarter. And also, we also remain confident that that cash flow generation at Sunset Stuart mentioned, we are still targeting a minimum of $2 billion of share repurchases for fiscal 2020.

因此，綜合起來，這些估計將產生 EPS 範圍的攻擊，本季每股收益肯定為 4.10 美元至 4.25 美元。 此外，我們仍然對 Sunset Stuart 提到的現金流量產生充滿信心，我們仍計劃在 2020 財年回購至少 20 億美元的股票。

With that, let me turn it over to the operator.

這樣，我就把它交給接線生了。

(Operator Instructions) Alan Ratner, Zelman & Associates.

（操作員說明）Alan Ratner，Zelman & Associates。

Hey, guys, good morning. Well, thank you for all of that detail. Still still digesting everything Steward, but sounds like you guys have been busy and velocity again, no questions yet. And so I guess recognizing you might be limited in what you could say on Melrose that you had discussed. You gave some some color there.

嘿，夥計們，早安。 嗯，謝謝你提供的所有細節。 仍然在消化一切，管家，但聽起來你們又很忙，又恢復了速度，還沒有問題。 因此，我想認識到您可能會限制您在梅爾羅斯討論過的內容。 你在那裡給了一些顏色。

I'll start on that front. I'm curious as you kind of went through this process or are going through the process and maybe comparing and contrasting the various structures you you've had over the years on the land side and kind of come up with how you envision those ROEs going forward?

我將從這方面開始。 我很好奇，因為你經歷過這個過程，或者正在經歷這個過程，也許會比較和對比你多年來在陸地上擁有的各種結構，並想出你對這些交戰規則的設想。

I think one of the things you mentioned that net sounds a little bit different is just kind of like the fees that met the business for the Company will will earn on these option deals. And I'm curious from your perspective as the manufacturer and this is a builder one, either margin impact, would you expect them to have relative to the current land banking struck first, you currently have? Is it going to be materially different?

我認為你提到的一件事聽起來有點不同，就像公司將透過這些選擇權交易賺取的業務費用。 我很好奇，從您作為製造商的角度來看，這是一個建築商的角度，無論是利潤影響，您是否期望他們相對於當前首先受到打擊的土地儲備產生影響？ 會不會有本質上的不同？

It sounds like it might be more beneficial to middle road or at least more predictable to them as you will. But I might be misinterpreting that. So within the boundaries of what I can and can't say, let me let me say it this way.

聽起來這可能對中間道路更有利，或至少對他們來說更容易預測。 但我可能會誤解這一點。 所以在我能說和不能說的範圍內，讓我這樣說吧。

Alan's question, um, so what I tried to detail in my comments is that we think about no rose as being a mirror image of our other structures. That single biggest differential is the capital component, which is a permanent capital structure versus one where the capital has to be raised repeatedly .

艾倫的問題，嗯，所以我在評論中試圖詳細說明的是，我們認為沒有玫瑰是我們其他結構的鏡像。 最大的區別在於資本部分，它是一種永久性的資本結構，而不是必須重複籌集資本的結構。

So we structured this is a rate, as I said, and it's structured through it being a public company has permanent capital that fits with the capital itself does not get returns from. But aside from that, as we look at what we have done with our, um, with the first half, let's say say it's more or less half of our developed home sites have been used in production.

因此，正如我所說，我們建立了一個利率，它是透過上市公司擁有永久資本來建構的，而資本本身不會從中獲得回報。 但除此之外，當我們看看我們在上半年所做的事情時，我們可以說，我們開發的主網站或多或少有一半已經用於生產。

As we've migrated over the past years on, we expect that the impact will be basically similar, and it's been a relatively small impact on our margin as we had the resort, um, you know, option costs which exist in all of those relationships, Tom, and we have included or benefited from efficiencies that come from the way that we've managed land and the way that we're managing our overall business now connect point, the specifics of how the offsets actually happen. It's not point that lithium, but we think that the impact is going to be relatively small.

隨著我們過去幾年的遷移，我們預計影響將基本相似，而且對我們的利潤率的影響相對較小，因為我們有度假村，嗯，你知道，所有這些都存在選擇成本湯姆，我們的關係已經包括或受益於我們管理土地的方式和我們現在管理整體業務的方式所帶來的效率，連接點，抵消實際如何發生的細節。 這不是鋰的問題，但我們認為影響相對較小。

Got it. And I appreciate that. And that's helpful. So looking forward to seeing it all unfolds. And second, just on the gross margin, I'm sure you're expecting lots of questions on this. But relative to where you were three months ago, six months ago, I was expecting more of a ramp this year as opposed to now morphed kind of flattish and through the year on gross margin.

知道了。 我很欣賞這一點。 這很有幫助。 所以期待看到這一切的展開。 其次，就毛利率而言，我相信您會對此提出很多問題。 但相對於三個月前、六個月前的情況，我預計今年的毛利率會上升，而不是現在的毛利率趨於穩定。

Just curious what I guess surprised you relative to what you would have expected three months ago because it doesn't seem if anything rates have come down about 100 basis points since June. It seems like August was a pretty pretty decent month based on some of the macro data and commentary from other builders. Yet you are expecting a lower margin in Q4 than you maybe articulate in three months ago .

只是好奇，相對於三個月前的預期，我認為令您感到驚訝的是，因為自 6 月以來，利率似乎沒有下降約 100 個基點。 根據一些宏觀數據和其他建築商的評論，八月似乎是一個相當不錯的月份。 然而，您預計第四季度的利潤率可能會低於三個月前的水平。

So what was the main driver for that? I mean revised outlook?

那麼造成這種情況的主要驅動因素是什麼？ 我的意思是修改後的前景？

Well, first of all, let's say, let's start by recognizing that really rated not start coming down until later into our quarter. For the first half or more of the quarter, rates were kind of sticky up at a 7% kind of range on and on and that that cast a pretty tough affordability cloud on on what was happening in the market.

好吧，首先，讓我們首先認識到，真正的評級要到本季後期才會開始下降。 在本季的前半段或更長時間內，利率一直在 7% 的範圍內徘徊，這給市場上正在發生的事情蒙上了一層相當嚴峻的負擔能力陰雲。

And consumer confidence has been slow to kind of kick in as zone as rates have kind of fallen over the second part of the quarter. So I think that that stickiness as kind of been a differentiating factor and that's market driven.

隨著本季下半年利率下降，消費者信心的恢復速度緩慢。 所以我認為這種黏性是一種差異化因素，而且是市場驅動的。

I think that there is an environment of managing the relationship between our reduced cycle times and the falloff of community and community count and some communities not coming on as quickly as we had hoped on and that driving in our world a need, given our drive to volume and growth on our need and desire to keep the volume up at a time when interest rates are high, consumer confidence hasn't really kicked in and our community count kind of falls increasing our absorption rate.

我認為，有一個環境可以管理我們縮短的周期時間與社區和社區數量下降之間的關係，有些社區的發展速度沒有我們希望的那麼快，鑑於我們的動力，推動我們的世界是一種需要數量和成長取決於我們在利率高的時候保持數量增加的需求和願望，消費者信心還沒有真正發揮作用，我們的社區數量有所下降，增加了我們的吸收率。

So that's what kind of come as a differentiating factor as we have continued to migrate towards our restructuring. And maybe that's what's different between us and others that were focused on keeping that volume up so that we can facilitate where we're headed and to a program that we think is going to put us a much better stead for the future.

這就是我們繼續轉向重組的一個差異化因素。 也許這就是我們和其他專注於保持音量增加的人之間的不同之處，以便我們能夠促進我們的前進方向，並製定一個我們認為將為我們的未來提供更好的支持的計劃。

And that's driven us forward to drive volume at a time when interest rates are high, consumer confidence has been waning a little bit and down, and our community count dropped a little bit. We think that self correcting over the next quarters, and we think it's starting to a greater.

這促使我們在利率高漲、消費者信心略有減弱、社群數量略有下降的情況下繼續提高銷售量。 我們認為在接下來的幾個季度中將會進行自我修正，並且我們認為它開始變得更大。

Stephen Kim, Evercore ISI.

史蒂芬金，Evercore ISI。

Yes, thanks a lot, guys. Obviously, you've been busy this summer, so I appreciate all the information you've given so far. I wanted to piggyback a little bit on your most recent year answer to Allen. With respect to volume growth next year.

是的，非常感謝，夥計們。 顯然，今年夏天你很忙，所以我很感謝你迄今為止提供的所有資訊。 我想藉用你最近一年對艾倫的回答。 關於明年的銷售成長。

But I think you just sort of indicated that some of this is in an effort to make sure that you progress towards your restructuring going on in in U.S. And as Paul had manner orient smooth manner as you canceled maintaining volume, maybe when others week two down, their volumes can be explained in a way near term. And in this past quarter by the fact that you're progressing towards this, this mill ROEs are reads the launching of that rate.

但我認為你只是表示，其中一些是為了確保你在美國進行的重組取得進展，並且當你取消維持交易量時，保羅已經以平穩的方式進行了調整，也許當其他人兩週下跌時，它們的體積可以用近期的方式來解釋。 在過去的一個季度，由於您正在朝著這一目標取得進展，該工廠的 ROE 正在讀取該比率的啟動。

So my question relates to the longer term. If we move beyond, you know, I mean, let's say you've accomplished your goals with Melrose, longer-term others in the industry of the seemingly been moderating their long-term targets to more of a 5% to 10% volume range.

所以我的問題牽涉到長期。 如果我們超越，你知道，我的意思是，假設你已經完成了梅爾羅斯的目標，行業中的長期其他人似乎已經將他們的長期目標調整到了 5% 到 10% 的銷量範圍。

And I'm curious, can you talk about what you think is the proper long-term rate of growth for L&R longer term that is and it's not dependent upon a certain rate of national housing starts growth or mortgage rates staying below a certain level or something like that?

我很好奇，您能否談談您認為 L&R 長期的適當長期增長率是多少，即它不依賴於一定的全國新屋開工增長率或抵押貸款利率保持在一定水平以下，或者類似的東西？

Just kind of give us a sense for long term where you think volume growth should be?

只是讓我們來了解一下您認為長期銷售成長應該在哪裡？

So right now, we're kind of solving to a 10% steady-state growth rate. And part of that C. will relate to our view of what our on land strategy has become the more we are focused on our asset light model. The more we are seeing that we can dovetail a combination of organic growth and strategic on new market growth that is facilitated by the structure of the way that our operations will be configured as we go forward.

所以現在，我們正在解決 10% 的穩態成長率。 其中一部分與我們對陸上戰略的看法有關，我們越關注輕資產模式，我們的陸上戰略就會變得怎樣。 我們越多看到，我們可以將有機成長與新市場成長策略結合，這將透過我們未來的業務配置方式結構來促進。

So we're kind of looking at more of a steady-state 10% of this kind of dovetails with what we think has to happen in terms of building a healthier housing market. Remember that nationally were supply constrained at local markets.

因此，我們希望這種 10% 的穩定狀態與我們認為建立更健康的房地產市場所需發生的情況相吻合。 請記住，在全國範圍內，當地市場的供應受到限制。

There are supply constraints and the market is going to need additional supply of homes, particularly as interest rates drift down, particularly as at the local and at the national level, the world focuses on greater volume and greater supply chain to accommodate the population as it sits right now now that we're seeing and hearing that narrative come across pretty loudly, even at the national level. And we think that we're positioned to dovetail with what has to be a growth in on in production levels.

存在供應限制，市場將需要額外的住房供應，特別是在利率下降的情況下，特別是在地方和國家層面，世界關注更大的數量和更大的供應鏈，以適應人口的需求。我們看到和聽到這種說法相當響亮，甚至在國家層級也是如此。 我們認為，我們的定位是與生產水準的成長相吻合。

And I don't know what new normal is. The print more recently was 1.36 million. That seems light and it doesn't seem like we're catching up on the supply side.Stephen Kim, Evercore ISI . So we're building a model that we think facilitate a growing and healthier housing market, which means greater supply by accommodating the demand that is pent up and limited by affordability.

我不知道什麼是新常態。 最近的印刷量為 136 萬份。 這看起來很輕，而且我們似乎沒有在供應方面迎頭趕上。 因此，我們正在建立一個模型，我們認為該模型可以促進住房市場的成長和健康，這意味著透過滿足被壓抑和受負擔能力限制的需求來增加供應。

Okay. That's fair enough. Appreciate that. The second half of my question relates to operating margins. You know, I think that maybe the story for some investors this quarter was that you made I know you brought the trade-off between volume and margin a little bit more into sharp relief.

好的。 這很公平。 很欣賞這一點。 我的問題的後半部分與營業利潤率有關。 你知道，我認為本季一些投資者的故事可能是你讓我知道你讓交易量和利潤率之間的權衡變得更加明顯。

And so with respect to the operating margin and I'm talking about your operating margin after corporate expense on it seems based on your guidance that you're going to be coming in summer a little north of 13% this year, which is around quite a bit below some of your bigger cap peers. And this is the case and whether this level is in line with where you think your operating profitability is going to be over the long term on?

因此，就營業利潤率而言，我談論的是扣除公司費用後的營業利潤率，根據您的指導，今年夏天您的營業利潤率將略高於 13%，這大約是相當高的水平。低於一些市值較大的同業。 情況就是如此，這個水準是否符合您認為長期營運獲利能力的水準？

Yes, I will stop them. So am I missing? I think you started by saying it sounds like we had a busy summer. In actual fact, the biggest part of the busy summer has been focused on the operations and efficiencies that we inject as we migrate our business to asset-like.

是的，我會阻止他們。 那我失蹤了嗎？ 我想你一開始就說聽起來我們度過了一個忙碌的夏天。 事實上，忙碌的夏季的最大部分是我們在將業務遷移到資產類業務時所注入的營運和效率。

But more importantly, as we grow volume, using that volume to build efficiencies in the way that we execute and that and drive a a net margin and operating margin of that can bet that starts to grow into where we're headed as an operating model .

但更重要的是，隨著我們銷售的成長，利用該銷量來提高我們的執行方式和效率，並推動淨利潤和營業利潤率的提高，可以確信，這將開始成為我們營運模式的發展方向。

So one of them, I can't lay out the pathway to where we're going in specificity. But I think that we believe I know that we believe that our operating model, but margins are going to grow as we go forward. And as we settle into what becomes a normalized full body asset light approach rather than the building of the approach actually executing it will enable us to get more and more efficient. Well, great will be waiting for that, but appreciate all the color in the meantime.

因此，其中之一是，我無法具體列出我們將要走向何方的路徑。 但我認為我們相信我知道我們相信我們的營運模式，但隨著我們的前進，利潤率將會成長。 當我們採用標準化的全身輕資產方法而不是建立實際執行的方法時，它將使我們變得越來越有效率。 好吧，很好的等待，但同時欣賞所有的顏色。

Susan Maklari, Goldman Sachs.

蘇珊·馬克拉里，高盛。

Thank you, everyone, and thanks for taking the questions. Multilateral he used to it given the commentary that you gave around the strategic shift that's coming due as well as John's comment, the operational improvements, which is focused on. Can you talk a bit about the upside to those inventory turns, which obviously moved really nicely this quarter are already on what that means for the cash generation of the businesses.

謝謝大家，也謝謝大家提問。 鑑於您對即將到來的策略轉變的評論以及約翰的評論，即重點關注的營運改進，他已經習慣了多邊。 您能否談談庫存週轉率的好處，本季的庫存週轉率顯然非常好，這已經對企業的現金產生意味著什麼。

We think about the next year, see what we've seen it. We've seen this kick in over these past few years, and that is as we improve our inventory, turn it just dumb, it just accelerates our cash flow and enables us to be far more efficient in the way that we run our business.

我們思考明年，看看我們看到了什麼。 在過去的幾年裡，我們已經看到了這種情況，那就是，當我們改善庫存時，它會變得愚蠢，它只會加速我們的現金流，並使我們能夠以更有效率的方式經營我們的業務。

Now, you know, creating these efficiencies and embedding them and 40 divisions across the country right now takes a little bit of time to get all of these things are operating in a consistent flow through all the divisions, but division by division. That's exactly what we're doing, focusing on that inventory turn.

現在，您知道，創建這些效率並將其嵌入全國各地的 40 個部門，需要一點時間才能讓所有這些事情在所有部門（但逐個部門）以一致的流程運作。 這正是我們正在做的，專注於庫存週轉。

And we think over time and it will trend significantly higher than it is right now. Part of part of the time that it takes to get there is that we've only affected about half of our delivery system at this point. And as we get more proficient with a full body to approach to an asset-light approach, we think that that inventory turns going to continue to decline since.

我們認為，隨著時間的推移，它的趨勢將明顯高於現在。 到達那裡所需的部分時間是我們目前只影響了大約一半的交付系統。 隨著我們更熟練地採用輕資產方法，我們認為庫存週轉率將繼續下降。

And I would just add just trying to think about it simplistically, we set the goal really is to have our cash generation for our net earnings. And as you think about the usage of that cash, our debt maturity ladder that definitely and have been reducing with a patent that refinancings that at least a fair amount of cash to be be deployed on back into shareholders.

我想補充一點，簡單地考慮一下，我們設定的目標實際上是為我們的淨利潤創造現金。 當你考慮現金的使用時，我們的債務到期階梯肯定會隨著一項再融資專利而減少，該專利至少將相當數量的現金部署回股東手中。

Yes. Okay. In building on that, perhaps needed in the quarter, you had $4 billion of cash on the balance sheet. How you're thinking about the amount of cash that you need to hold going forward, given the strategy that will be operating under on the uses of that extra costs?

是的。 好的。 在此基礎上，也許本季需要，資產負債表上有 40 億美元的現金。 考慮到使用額外成本的策略，您如何考慮未來需要持有的現金數量？

So as I've said in past calls, from one of the one of the big questions from many of our investors and analysts has been no Archie carrying a little bit more cash or maybe even materially more more cash than you need. And we've said that we are carrying that as we evolve our business program and think about exactly what the configuration of Melrose is going to look like. I know it seems like we've been taking a lot of time on this. This is hard work and a harder than some might think getting mixed this configuration, right, actually is.

正如我在過去的電話會議中所說，我們許多投資者和分析師提出的一個重大問題是，阿奇是否攜帶了比您需要的多一點的現金，甚至可能多得多的現金。 我們已經說過，隨著我們發展業務計劃並思考梅爾羅斯的配置將是什麼樣子，我們將秉承這一點。 我知道我們似乎在這件事上花了很多時間。 這是一項艱苦的工作，比某些人想像的要混合此配置更困難，對吧，實際上是這樣。

So the cash that we're holding is what I would call safety stock relative to cash in terms of the finding exactly what we're spinning off because it is moving toward at component of cash actually goes into no rose as well. And that is a matter of strategy that will discuss further as we file our S. 11 in a public format in the near future.

因此，我們持有的現金就是我所說的相對於現金的安全庫存，因為我們正在分拆，因為現金的一部分實際上也沒有變成玫瑰。 這是一個戰略問題，我們將在不久的將來以公開格式提交 S.11 時進一步討論。

And as we have firm other conversations. So I just have to say is kind of trust me right now we're holding the cash right now is safety stuff is not needed for the operations of the business, but it is visit for consideration as to how we move forward. Yes. Okay. I appreciate that color. Thank you and good luck with everything.

當我們進行其他堅定的對話。 所以我只想說，請相信我，我們現在持有現金，業務運營不需要安全的東西，但這是為了考慮我們如何前進而進行的訪問。 是的。 好的。 我很欣賞那種顏色。 謝謝你，祝一切順利。

Michael Rehaut, JPMorgan.

麥可雷豪特，摩根大通。

Not every night or good afternoon, Stuart. All right. Switch over a thousand. So, you know, wanted to delve in a little bit more on the land spend. I know obviously you remain a little limited and fully what you can say. But I think there's a lot of double details here then that will be interested in current at to gauge from he talked about, you know, I think last quarter $6 billion, $8 billion of wind.

不是每個晚上或下午好，斯圖爾特。 好的。 切換一千多。 所以，你知道，我想深入研究一下土地支出。 我知道顯然你仍然有些有限，而且你能說的也很充分。 但我認為這裡有很多雙重細節，這將有興趣從他談到的當前情況來衡量，你知道，我認為上季度價值 60 億美元、80 億美元的風能。

I think the language this quarter was $6 billion, $8 billion of land in cash. I was hoping to get any kind of a rough sense of how much of the cash portion of that would the cash portion would represent also roughly, you know, the stock received an exchange, you know, if there's any kind of again range or degree of magnitude that we should think about.

我認為本季的語言是 60 億美元，80 億美元的土地現金。 我希望能夠粗略地了解現金部分的現金部分將代表多少，你知道，股票接受了交換，你知道，是否有任何類型的再次範圍或程度我們應該考慮的程度。

And lastly, if it would affect your cost structure at all by spinning off all of these assets, I don't know if there's also any associated personnel that might result in the reduction of corporate G&A or your SG&A.

最後，如果剝離所有這些資產會影響您的成本結構，我不知道是否有任何相關人員可能會導致公司 G&A 或 SG&A 的減少。

Okay. So let let me start by saying that the words that we would spend $6 billion to $8 billion of land versus $68 million of land in cash might have been a foot fault. On my part, it really hasn't changed. The notion has not changed from quarter to quarter.

好的。 首先我要說的是，我們將花費 60 億至 80 億美元的土地與 6,800 萬美元的現金土地相比，這可能是個錯誤。 就我而言，它確實沒有改變。 這個概念每季都沒有改變。

It was always that there would be a cash component and exactly what that is. As I said, it's moving around, you know, remember that were contributing to know rose a moving set of assets that are constantly some coming in going out on a rotating basis.

現金部分總是存在的，而現金部分到底是什麼。 正如我所說，它在移動，你知道，請記住，我們為了解玫瑰做出了一系列移動資產的貢獻，這些資產不斷地在輪流的基礎上進出。

And that's where up until we kind of get at the end, we won't know exactly what the numbers are. There's also a strategic component of how we are configuring Melrose, but again, that falls into the category of what I can talk about. We might have noticed that our discussion has been almost exclusively on impacts to Lennar rather than and not too much information on the configuration of bill rose by 10 point go there yet, but this is going to come to market pretty soon.

在我們到達最後之前，我們不會確切地知道這些數字是多少。 我們如何配置梅爾羅斯還有一個策略組成部分，但這又屬於我可以談論的範疇。 我們可能已經注意到，我們的討論幾乎完全集中在對 Lennar 的影響上，而不是關於賬單配置上漲 10 個點的太多信息，但這很快就會上市。

So I just would say add, you know the patient on that, and I think that a lot a lot of the rest of your question falls into that category as well. There will be very limited personnel movement odd relevant on SG&A. It will only be in the context of efficiencies in how we run our business, not in terms of personnel migrating outside of the Luminor environment.

所以我只想說，你了解病人的情況，我認為你的其他問題也屬於這一類。 與 SG&A 相關的人員流動非常有限。 這只涉及我們業務營運的效率，而不是人員遷移到 Luminor 環境以外的情況。

Mike, just one clarification. It sounded like there might be a little condition as we contribute our assets to new lows that will be in exchange for milk stock. So all-in-all will not be holding that no stock that will be stock dividend that is distributed to our shareholders. So it sounds like it maybe a little confusion on that.

麥克，請澄清一件事。 聽起來好像可能有一個小條件，因為我們將資產貢獻到新低，以換取牛奶庫存。 所以總而言之，不會持有任何股票，不會向我們的股東分配股利。 所以聽起來可能有點混亂。

Just wanted to clarify. Okay. No, that's very helpful. Appreciate that. Secondly, again, it just wasn't fully, I guess, kind of appreciate maybe the answer earlier on the joke gross margin question around, you know, last quarter you kind of the arrows are pointing closer to 25% or so. Now you're looking at closer to 22.5%.

只是想澄清一下。 好的。 不，這非常有幫助。 很欣賞這一點。 其次，我想，這還不是完全，有點欣賞之前關於毛利率笑話問題的答案，你知道，上個季度你的箭頭指向接近 25% 左右。 現在您看到的比例接近 22.5%。

And just wanted to better appreciate again, kind of what's changed in the last 90 days in a kind of alluded to a couple of different factors that I want to put words in your mouth, but seemingly a pretty different some degree of magnitude shift here. And if this is also something that, you know, is even more temporary, given some of the factors perhaps around Bill Rhodes relative to, you know, kind of initially at least how we should think about fiscal 25 on the ongoing business.

我只是想再次更好地欣賞過去90 天內發生的變化，在某種程度上暗示了一些不同的因素，我想把這些話放到你們嘴裡，但似乎這裡發生了某種程度的不同程度的轉變。 如果這也是，你知道，甚至更暫時的事情，考慮到比爾·羅茲周圍的一些因素，你知道，至少在最初我們應該如何思考 25 財年有關正在進行的業務的因素。

Yes. I think I think as I've said, all of this kind of Nelson to one one kind of articulation in that industry derived from number one, interest rates staying higher for a little bit longer through this quarter. Consumer confidence kind of waning.

是的。 我認為，正如我所說，尼爾森對該行業的所有此類表述都源自第一，利率在本季度保持較高水平的時間更長一些。 消費者信心減弱。

We've heard this in a lot of conference calls, even as interest rates have come down, the consumer's been a little sticky in terms of what you know, they're jumping back into the housing market, um, and the changes and community count driving at a time when demand has been limited by affordability and then pushing volume by increasing absorption rates within communities has kind of pushed our margin.

我們在很多電話會議中都聽到過這一點，即使利率下降了，消費者還是有點粘性，他們正在重新回到房地產市場，嗯，以及變化和社區算上在需求受到負擔能力限制的時候開車，然後透過提高社群內的吸收率來推動銷量，這在某種程度上推高了我們的利潤。

And we said clearly in our last earnings call that look, we're going to focus on volume, generating a consistent volume and growth trajectory. And we are going to use our margin as that soft shock absorber and the confluence of these pieces together with the spin-off and the, um, the fee asset light approach that we've taken has reflected exactly that way. And we've been a reference about using our margin to make sure that we're maintaining the volume and trajecting to where we think the long-term benefits for the Company.

我們在上次財報電話會議中明確表示，我們將專注於銷量，產生一致的銷售和成長軌跡。 我們將利用我們的保證金作為軟減震器，這些部分的融合以及分拆，嗯，我們採取的輕費用資產方法恰恰反映了這一點。 我們一直在利用我們的利潤來確保我們維持銷售並朝著我們認為能為公司帶來長期利益的方向發展。

Okay, appreciate that. Thank you. Okay.

好的，謝謝。 謝謝。 好的。

Trevor Allison, Wolfe Research.

特雷弗艾利森，沃爾夫研究中心。

Good morning. Good afternoon and thank you for taking my questions. I want to follow up on SG&A. I had really good SG&A control in the quarter. Sounds like some of your internal efficiency are driving tangible results. We called out the technology benefits. Are you also mentioned in your press release, lower broker costs driving SG&A, our settlement just went into effect on oil go.

早安. 下午好，感謝您回答我的問題。 我想跟進 SG&A。 我在本季的 SG&A 控制非常好。 聽起來您的一些內部效率正在帶來實際的成果。 我們指出了技術優勢。 您在新聞稿中是否也提到過，較低的經紀人成本推動了 SG&A，我們的和解剛剛在石油市場生效。

So something you could talk about maybe some of the changes you're making with with brokers, if any, whether that's moving more to flat fee, adjusting the rate you're paying any net impact from those? And then perhaps maybe your views more generally on broker usage?

所以你可以談談你與經紀人所做的一些改變（如果有的話），是否更多地轉向固定費用，調整你支付的費率，這些改變有任何淨影響嗎？ 那麼也許您對經紀商使用情況有更普遍的看法？

Yes. Number of people have asked us about our strategy relative to realtors. I put this under the heading of building a healthier housing market. Our focus has been on trying to take out as many unnecessary costs from the housing transaction in order to build affordability for our customers. Um, you know, realtors, we have great respect for the realtors that bring us business and we cooperate and work with realtors.

是的。 很多人詢問我們相對於房地產經紀人的策略。 我把這個放在建立更健康的房地產市場的標題下。 我們的重點是努力從房屋交易中消除盡可能多的不必要的成本，以便為我們的客戶提供負擔能力。 嗯，你知道，房地產經紀人，我們非常尊重為我們帶來業務的房地產經紀人，我們與房地產經紀人合作。

But at the same time, we've been focused on bringing down that realtor cause where it is not necessary because conceptually, it just adds to the cost of the home. And to the extent that we can repurpose that where realtor really isn't involved on to bring down the cost of the home for customers, we think we're building a better housing market. If you look at our production, our volume, we are we are able with a marketing when we are able to maintain our volume and accommodate a lower priced home for our customer.

但同時，我們一直致力於降低不必要的房地產經紀人原因，因為從概念上講，它只會增加房屋的成本。 在某種程度上，我們可以在房地產經紀人真正不參與的情況下重新調整用途，以降低客戶的房屋成本，我們認為我們正在建立一個更好的房屋市場。 如果你看看我們的產量和數量，當我們能夠維持我們的產量並為我們的客戶提供較低價格的房屋時，我們就能夠進行行銷。

So we've been working with realtors to come up with plans that actually work for their clients where they are engaged on and and at the same time, trying to maintain and bring down the cost of the home for the customer.

因此，我們一直在與房地產經紀人合作，以製定真正適合他們的客戶的計劃，同時努力維持和降低客戶的房屋成本。

Okay. That makes a lot of sense. And then just given where we are in the election cycle, housing clearly gotten a lot of attention politically recently, Stuart, I think you alluded to some of the proposals on the supply side, but there's also a proposal for buyers in terms of down payment assistance. I was hoping just are your thoughts on the down certain proposal? Are you seeing downpayments as a key headwind to homeownership? Or is it primarily DTIs? And then what are your views on potential demand impacts if that were to eventually going to put?

好的。 這很有意義。 然後考慮到我們在選舉週期中所處的位置，最近住房顯然在政治上受到了很多關注，斯圖爾特，我認為你提到了供應方面的一些建議，但也有針對買家首付方面的建議協助。 我希望您對某些提案有什麼想法嗎？ 您是否認為首付是購屋的主要阻力？ 或主要是 DTI？ 那麼，如果最終發生這種情況，您對潛在的需求影響有何看法？

Thanks. Yes, great question, though, in inflation has been a difficult component and enabling our customer base will accumulate a down payment on. And there's no question that the downpayment is a hurdle from and has been and continues to be a hurdle for some for customers looking to acquire specifically at first home, whether it's odd, whether it's attainable, housing, affordable housing, the downpayment is definitely a hurdle. I think that the at there are a lot of thought center for and programs out there.

謝謝。 是的，這是一個很好的問題，不過，通貨膨脹一直是一個困難的組成部分，並且使我們的客戶群能夠累積首付。 毫無疑問，對於一些想要購買首套住房的客戶來說，首付一直是一個障礙，並且仍然是一個障礙，無論它是否奇怪，是否可以實現，住房，經濟適用房，首付絕對是一個障礙。欄。 我認為那裡有很多思想中心和項目。

We'll see where they shake out. I think there's a tightrope it has to be was number one. We've got to remember back to the Great Recession. We certainly don't want to get to that low downpayment kind of programming might feel good for short at this time, but we want a durable housing market.

我們會看看他們在哪裡動搖。 我認為有一條鋼絲一定是第一。 我們必須回想起大衰退時期。 我們當然不想採用低首付類型的計劃，這可能會在短期內感覺良好，但我們想要一個持久的房屋市場。

I think we also have to think about inflationary pressures to the balance between additional supply and additional demand is something that's going to atrophy . I'll walk through what has me most invigorated is the fact that what we've been hearing from mayors and governors and talking to mayors and governors for very long time is now starting to reflect in the national narrative and the fact that to Nuance programs are not perfect yet. But the discussion is starting to activate thinking as to how do we get better and build a healthier housing market is going to inure to the benefit of our housing business.

我認為我們還必須考慮通膨壓力，額外供給和額外需求之間的平衡將會萎縮。 我將講述最讓我振奮的事實，即我們長期以來從市長和州長那裡聽到的以及與市長和州長交談的內容現在開始反映在國家敘事中，以及 Nuance 計劃的事實還不夠完美。 但討論開始激發我們的思考，即我們如何變得更好並建立一個更健康的房屋市場，這將有利於我們的住房業務。

John Lovallo, UBS.

約翰‧洛瓦洛，瑞銀集團。

Your line is open. Hey, guys, thanks for fitting me in here. I wanted to actually dovetail off of Trevor's question to start on SG&A as a percentage of sales was 70 basis points below the midpoint of your outlook on a slight revenue beat versus your expectations.

您的線路已開通。 嘿，夥計們，謝謝你讓我來到這裡。 我實際上想與 Trevor 的問題相吻合，從 SG&A 開始，因為銷售百分比比您的預期中點低 70 個基點，收入略高於您的預期。

You talked about pulling back on brokers, but was that pull back on brokers incremental? Is that this was the driver was and the lack of your broker use for our guests, who is in one way to say does it feel the lack of broker use relative to some of your competitors? Does that mean that you have fewer folks who come into your communities and because of that, you need more incentives to drive that volume that you're looking to keep?

您談到了對經紀人的撤回，但是對經紀人的撤回是漸進的嗎？ 這就是司機，並且缺乏為我們的客人使用經紀人的情況，以一種方式說，相對於您的一些競爭對手，是否感覺缺乏經紀人的使用？ 這是否意味著進入您社區的人數減少了，因此您需要更多激勵措施來推動您希望保持的數量？

We'd be taking costs at a one bucket and put it is another is the simple way of putting it. So good question and one that we think about a lot. It is counterintuitive to us on that. You know, first of all, we have not seen a reduction in our traffic and what we're doing is not something that's new.

我們將成本放在一個桶中，然後將其放入另一個桶中，這是簡單的放置方式。 這是一個很好的問題，我們思考了很多。 這對我們來說是違反直覺的。 你知道，首先，我們的流量並沒有減少，而且我們正在做的事情也不是什麼新鮮事。

This is basically a program that we've had in place for a very long time relative to what we call the machine, the digital marketing programming and the way that we're executing our marketing and sales process. Graham, from so our realtor costs have been migrating downward.

這基本上是一個我們已經實施了很長時間的程序，涉及我們所說的機器、數位行銷程式設計以及我們執行行銷和銷售流程的方式。 格雷厄姆，從那時起我們的房地產經紀人成本一直在下降。

It has not been a reduction in traffic or people coming through our offices. It's counterintuitive to offset by adding a cost. We would also be adding a on pricing power. And it is probably just not the way we think about building a healthier housing market.

這並沒有減少我們辦公室的交通或人員。 透過增加成本來抵消是違反直覺的。 我們也將增加定價權。 這可能不是我們考慮建立更健康的房地產市場的方式。

To the extent that a realtor is actively involved and becoming a procuring cause in finding a customer can bring them to us, we want to pay appropriately and participate with the realtor community. On the other hand, there's an awful lot of realtor engagement than it is kind of ancillary to the active engagement.

如果房地產經紀人積極參與並成為尋找客戶的採購原因，可以將他們帶到我們這裡，我們希望適當支付並參與房地產經紀人社區。 另一方面，房地產經紀人的參與程度遠遠超過了積極參與的輔助因素。

We've tried to bleed that out of the system because we are trying to reduce costs. Are we taking it from on a more active realtor engagement and putting it into incentives on? I guess I'd like to say that I think I hope the answer is kind of. Yes, I don't I don't think at some greater incentives outsized relative to the realtor costs that were saving.

我們試圖將其從系統中剔除，因為我們正在努力降低成本。 我們是否會從更積極的房地產經紀人參與中汲取靈感並將其納入激勵措施中？ 我想我想說我希望答案是這樣的。 是的，我不認為相對於節省的房地產經紀人成本而言，一些更大的激勵措施不會太大。

And I'd like to think that we're taking cost out was actually able to sell at a lower price and still today just a better margin. So we're still working with that. It's a tough balance. It's a complicated balance, and it's something that we focus on our frankly, every day.

我想，我們降低成本實際上能夠以更低的價格出售，而且今天仍然有更好的利潤。 所以我們仍在努力解決這個問題。 這是一個艱難的平衡。 這是一個複雜的平衡，坦白說，這是我們每天關注的事情。

And most definitely, as John and I go out to our operations reviews something that we're very close to and watch regular.

最肯定的是，當約翰和我出去進行我們的營運審查時，我們非常接近並定期觀看一些內容。

Okay. That's helpful color. And then the last one is, as you mentioned, retested distribute the vast majority of their income to shareholders. So I'm curious sort of what the pros and cons of a restructure for this would be in.

好的。 這是有用的顏色。 然後最後一個，正如你所提到的，重新測試將絕大多數收入分配給股東。 所以我很好奇重組的利弊是什麼。

The reason I ask is your white on private land based structure themselves like reads to me is just going to limit the ability to grow, which will in our interest to distribute the earnings?

我問的原因是你的白色私人土地結構本身就像我讀到的那樣，只會限製成長能力，這將符合我們分配收益的利益？

Well on as I as I noted, we've had to focus our discussion on around no rose as it relates to the impacts on LUNAR rather than the explicit on that discussion of how the Mill Road structure will actually work. We're going to have to wait on that one for the filing of the S-11. I think it is a unique structure and every good book is worth waiting till the next chapter two just going to have to put in for the next chapter.

正如我所指出的，我們必須將討論集中在「無玫瑰」上，因為它與對 LUNAR 的影響有關，而不是明確討論米爾路結構將如何實際運作。 我們將不得不等待 S-11 的提交。 我認為這是一個獨特的結構，每一本好書都值得等待，直到下一章，第二章才必須放入下一章。

And I appreciate it question. So I think you guys could look. Okay. Thanks very much. And as always, we appreciate everyone's attention. Thanks for joining our earnings call, and we look forward to continuing to describe in detail our progress as we move forward. We'll see at the end of the year, you might be thinking.

我很欣賞這個問題。 所以我想你們可以看看。 好的。 非常感謝。 一如既往，我們感謝大家的關注。 感謝您參加我們的財報電話會議，我們期待繼續詳細描述我們的進展。 你可能會想，我們會在今年底看到結果。

That concludes today's conference. You may all disconnect at this time.

今天的會議到此結束。 此時你們都可以斷開連線。