Lennar Corp (LEN.B) 2025 Q1 法說會逐字稿

(Operator Instructions)

（操作員指令）

Welcome to Lennar's first quarter earnings conference call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions) I will now turn the call over to David Collins for the reading of the forward-looking statement.

歡迎參加 Lennar 第一季財報電話會議。（操作員指示）今天的會議正在錄音。（操作員指示）我現在將把電話轉給大衛柯林斯 (David Collins) 來宣讀前瞻性聲明。

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. 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.

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 的業務、財務狀況、經營成果、現金流、策略和前景的陳述。前瞻性陳述僅代表 Lennar 在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具有風險和不確定性。

Many factors could affect future results and may cause Lennar's actual activities or results to differ materially from the activities and 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 Lennar 的實際活動或結果與前瞻性陳述中預期的活動和結果有重大差異。這些因素包括我們的收益報告和提交給美國證券交易委員會的文件中所述的因素，其中包括 Lennar 最近向美國證券交易委員會提交的 10-K 表年度報告中「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。

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

現在我想介紹您的主持人，執行主席兼聯合首席執行官斯圖爾特·米勒先生。先生，您可以開始啦。

Very good. Good morning, everybody, and thanks for joining us today. I'm in Miami today, together with Jon Jaffe, our Co-CEO and President; Diane Bessette, our Chief Financial Officer; David Collins, who you just heard from, our Controller and Vice President; and Fred Rothman, our Chief Operating Officer.

非常好。大家早安，感謝大家今天的參與。我今天和我們的聯合執行長兼總裁 Jon Jaffe 一起在邁阿密；我們的財務長 Diane Bessette；你們剛才聽見的發言就是我們的財務主管兼副總裁大衛‧柯林斯 (David Collins) 的發言；以及我們的營運長 Fred Rothman。

As usual, today, I'm going to give a brief macro and strategic overview of the company. After my introductory remarks, Jon is going to give an operational overview, updating construction cost, cycle time some of our other operating positions.

像往常一樣，今天我將簡要介紹公司的宏觀和策略概述。在我的介紹性演講之後，喬恩將對營運情況進行概述，更新建築成本、週期時間以及其他一些營運職位的情況。

As usual, Diane is going to give a detailed financial highlight, along with some limited guidance for the second quarter of 2025. And then, of course, we'll have our question-and-answer period. And as usual, I'd like to ask you to please limit to one question and one follow-up, so we can accommodate as many as possible. So let me begin.

像往常一樣，黛安將提供詳細的財務重點，以及 2025 年第二季的一些有限指導。然後，當然，我們將進入問答環節。像往常一樣，我希望請您將問題和後續問題限制在一個範圍內，以便我們盡可能多地回答。那麼就讓我開始吧。

As we noted in our press release last night, we're very pleased to review our 2025 first quarter results against the backdrop of a challenging economic environment for the housing market. We adhere to our strategy and focus on driving consistent volume and growth by matching sales and production base and using our margin as a circuit breaker.

正如我們昨晚在新聞稿中指出的那樣，我們很高興在房地產市場面臨嚴峻的經濟環境的背景下回顧我們 2025 年第一季的業績。我們堅持我們的策略，專注於透過匹配銷售和生產基礎並使用我們的利潤作為斷路器來推動持續的銷售和成長。

We completed our Moro spin-off, distributing shares to our shareholders and supporting our transition to an asset-light land-light model, and we completed our Rausch Coleman acquisition using our asset-light model as we expand into new markets. While margin and earnings have been adjusting to movements in the overall housing market, we are confident that our focus on volume and even flow will position us very well for resilience, durability, and growth in the future. Let me briefly discuss the overall housing market.

我們完成了 Moro 的分拆，向我們的股東分配股份，並支持我們向輕資產輕土地模式的轉型，並且我們在向新市場擴張的過程中利用輕資產模式完成了對 Rausch Coleman 的收購。雖然利潤率和收益一直在根據整體房地產市場的趨勢進行調整，但我們相信，我們對數量甚至流量的關注將使我們在未來的彈性、耐用性和成長方面處於非常有利的位置。我先簡單談談整體房地產市場。

Consistent with last quarter's earnings call, the macro economy remains challenging as mortgage interest rates have remained higher for longer, which has left the overall housing market weaker for longer. Across the housing landscape, actionable demand has slowed materially.

與上一季的收益電話會議一致，宏觀經濟仍然充滿挑戰，因為抵押貸款利率長期維持在高位，導致整體房地產市場長期處於疲軟狀態。縱觀房屋市場，可操作需求已大幅放緩。

On a bad news is good news basis, all of this has led to the long-waited environment where the costs of both homes, new and existing and apartments start to come down. As we noted in our press release, our average sales price this quarter net of incentives declined to $408,000, 1% lower than last year.

壞消息就是好消息，所有這一切都導致了人們期待已久的環境：新建和現有住房以及公寓的成本開始下降。正如我們在新聞稿中指出的那樣，本季扣除獎勵後的平均銷售價格下降至 408,000 美元，比去年下降 1%。

Evidence suggests that the time is now and the sticky and large housing component of inflation might soon contribute to curtail the last mile to the 2% target. While underlying demand for homes remains strong, actionable demand is limited by affordability and credit, which remained challenged by limited funds for down payments as well as income qualification for mortgage.

有證據表明，現在就是時候，通膨中頑固而巨大的住房成分可能很快就會阻礙 2% 目標的最後一英里。雖然住房潛在需求仍然強勁，但可操作需求卻受到負擔能力和信貸的限制，首付資金有限以及抵押貸款收入資格仍然構成挑戰。

Most recently, even where household income indicates an approvable mortgage qualification, elevated personal debt levels have often presented as an additional impediment to already strained mortgage access.

最近，即使家庭收入表明抵押貸款資格可獲批准，但高昂的個人債務水平往往對本來就緊張的抵押貸款申請造成額外的障礙。

Additionally, until recently, consumers have been generally confident that they will remain employed and that their compensation is safe. But more recently, even that safety has been called into question. A somewhat confused consumer and wavering consumer confidence have challenged the consumer's desire and ability to transact. While there continues to be considerable traffic of customers looking for homes, the urgency to actually transact remains [tested]. The overall supply of homes has also remained constrained by years of underproduction.

此外，直到最近，消費者仍然普遍相信他們將繼續受僱並且他們的薪水是有保障的。但最近，連這種安全性也受到了質疑。消費者的困惑和動搖的消費者信心對消費者的交易意願和能力提出了挑戰。雖然仍有大量客戶尋找住房，但實際交易的緊迫性仍然[已測試]。由於多年來產量不足，住房整體供應量也一直受到限制。

Additional shortfall in production will likely be triggered by now music demand together with already existing restrictive land permitting and higher impact fees at local levels and higher construction costs across the housing landscape. Additionally, new approaches to both immigration and tariffs have potential limiting impact, and Jon will discuss this further in just a few minutes.

目前的音樂需求加上已經存在的限制性土地許可和地方更高的影響費以及住房領域的更高建築成本，可能會引發額外的產量短缺。此外，移民和關稅的新方法可能會產生限制影響，喬恩將在幾分鐘後進一步討論這個問題。

In summary, the housing market has softened as affordability and consumer confidence have limited actionable demand. Incentives have been increasing and net housing prices seem to be moderating. At very least, housing will not be contributing to inflationary pressures and while demand is constrained, supply is equally limited. Against this backdrop, let me turn to Lennar's operating strategy.

總而言之，由於負擔能力和消費者信心限制了可操作的需求，房地產市場已經疲軟。激勵措施不斷增加，淨房價似乎正在放緩。至少，住房不會加劇通膨壓力，雖然需求受到限制，但供應也同樣有限。在此背景下，我來談談 Lennar 的營運策略。

Our strategy is and has remained very clear. That is simplify our business by focusing on the two core tenants of our operating strategy. Operationally, build and deliver consistent volume to maximize efficiencies. And financially drive asset-light land light focused to build cash flow.

我們的策略一直非常明確。那就是透過專注於我們營運策略的兩個核心原則來簡化我們的業務。在營運上，建立並交付一致的數量以最大限度提高效率。並從財務上驅動輕資產、輕土地的集中，建構現金流。

Now that we have completed our Millrose spin-off, we have intensified our focus on each. First, we focus on consistent volume by matching our production phase with our sales base. This means that as market conditions change to the positive or to the negative, we focus on driving and delivering consistent volume at the division level and at the community level in order to maximize efficiencies in construction costs and cycle times in SG&A and in all elements of marketing and sales.

現在我們已經完成了 Millrose 的分拆，我們更加重視每個業務。首先，我們透過將生產階段與銷售基礎相匹配來保持產量穩定。這意味著，隨著市場條件向積極或消極的方向變化，我們都將重點關注在部門層面和社區層面推動和提供穩定的數量，以最大程度地提高建設成本、銷售、一般和行政費用的周期時間以及營銷和銷售所有要素的效率。

We also strive to deliver consistent and even slow volume to our trade partners so they can be more efficient and deliver cost savings to us. While we are not there yet, we are getting better each quarter and will accelerate progress now that the spin is behind us.

我們也努力為我們的貿易夥伴提供穩定甚至緩慢的產量，以便他們能夠提高效率並為我們節省成本。雖然我們還沒有達到這個目標，但我們每季都在進步，而且現在困難已經過去，我們會加快進度。

Our execution in the first quarter was materially better than in the fourth quarter last year when we missed our expectation on sales volume. This quarter, we did adjust and adapt to market conditions in real time as we adjusted incentives and pricing, we achieved expected sales volume and we did not enable our inventory levels to spike.

我們第一季的執行情況明顯好於去年第四季度，當時我們的銷售量未達預期。本季度，我們確實即時調整併適應市場情況，調整了激勵措施和定價，實現了預期的銷售量，並且沒有讓庫存水準飆升。

We are laser-focused on keeping sales volume up in order to catch up pace and find even flow in each division and each community. By maintaining this discipline, we will not build up inventory in either built homes or in developed home sites, and we will efficiently convert production to cash.

我們全神貫注於保持銷售量，以便趕上步伐，並在每個部門和每個社區中找到均勻的流量。透過保持這種紀律，我們不會在已建房屋或已開發住宅工地上累積庫存，並且我們將有效地將生產轉化為現金。

As I noted last quarter, the catching up comes at a cost, and that cost is additional pressure on margins. Accordingly, we have looked ahead to the second quarter of 2025 and as we look ahead to the second quarter of 2025, we expect to sell between 22,500 and 23,500 homes and deliver between 19,500 and 20,500 homes.

正如我上個季度所指出的，追趕是有代價的，而這個代價就是利潤率的額外壓力。因此，我們展望了 2025 年第二季度，展望 2025 年第二季度，我們預計將銷售 22,500 至 23,500 套房屋，交付 19,500 至 20,500 套房屋。

We expect our margin to be approximately 18%, depending on market conditions as we expect to continue to see margin pressure on deliveries that will be sold during the quarter. Nevertheless, we are focused on driving sales and closings and driving strong current cash flow even at reduced profitability while maintaining properly sized inventory levels so that as market conditions stabilize or improve, we will benefit from normalized margins across our growing volume.

我們預計我們的利潤率約為 18%，具體取決於市場情況，因為我們預計本季銷售的交付產品的利潤率將繼續面臨壓力。儘管如此，我們仍專注於推動銷售和成交，並在盈利能力下降的情況下推動強勁的當前現金流，同時保持適當的庫存水平，以便隨著市場條件的穩定或改善，我們將受益於不斷增長的銷量帶來的正常化利潤率。

On a side note, our margins are actually quite strong, except for the approximately 13% incentive we are using to enable affordability. These are outsized for the moment and normalized incentives should be around 5% to 6% and that would track to a normalized margin for a normalized margin to be in the mid-20s percent margin. We remain focused on consistent volume in current market conditions, and we will be very well positioned as the market normalizes.

順便提一下，除了為了降低價格而提供的約 13% 的激勵措施外，我們的利潤率實際上相當高。目前，這些金額過大，而標準激勵措施應該在 5% 到 6% 左右，這將追蹤標準利潤率，使標準利潤率達到 25% 左右。我們將繼續專注於當前市場條件下的穩定交易量，並且隨著市場恢復正常，我們將處於非常有利的位置。

The second focus of our operating strategy is to refine our assets like configuration. We are much closer to the completion of the strategic rework of our operating platform from being a traditional homebuilder with sizable land assets to becoming a pure-play land like asset-light manufacturing model homebuilder that benefits from just-in-time delivered a just-in-time finished homesite delivery.

我們營運策略的第二個重點是完善我們的資產配置。我們已接近完成營運平台的策略轉型，從一家擁有大量土地資產的傳統房屋建築商，轉變為純粹的土地類輕資產製造模式房屋建築商，受益於準時交付、準時完工的住宅工地。

The Millrose spin completed the backbone structure of that rework now we are and have the time to focus on refinement of that platform. With Milo's operational, we now have a strong complement of land bank partners that enable the land and land development activity that enables the just-in-time delivery of fully developed homesites as a manufacturer. Of course, each of these valued partners operate a little differently and has a different cost structure. But with the diverse land trade partners, we will refine cost and execution over time.

Millrose 旋轉完成了這個返工的主幹結構，現在我們有時間專注於該平​​台的改進。隨著 Milo 的運營，我們現在擁有強大的土地銀行合作夥伴，這些合作夥伴可以進行土地和土地開發活動，從而能夠作為製造商及時交付完全開發的住宅用地。當然，這些重要的合作夥伴的運作方式略有不同，而且成本結構也不同。但隨著土地貿易夥伴的多樣化，我們將隨著時間的推移不斷優化成本和執行。

As with all of our trade partners, our land partners will benefit from our consistent and predictable volume and our cost structure will benefit as a direct result. As we've noted before, once refined, we have conviction that our structured asset-light land-light model enables far more predictable volume and growth with a much lower asset base and lower risk profile.

與我們所有的貿易夥伴一樣，我們的陸地合作夥伴也將受益於我們一致且可預測的產量，我們的成本結構也將因此直接受益。正如我們之前所指出的，一旦完善，我們就堅信，我們的結構化輕資產、輕土地模型能夠以更低的資產基礎和更低的風險狀況實現更可預測的銷售和成長。

We are confident that our operating strategies of consistent volume and an asset-light land light just-in-time delivery system of developed homesites will continue to enable our company to be best positioned to rationalize our cost structure and be best positioned with strong volume as margins normalize. Let me turn back briefly to our first quarter 2025 results.

我們相信，我們的穩定銷售營運策略和輕資產、輕土地、準時交付已開發住宅用地的系統將繼續使我們公司處於最佳位置，以合理化我們的成本結構，並在利潤率正常化時保持強勁銷售。讓我簡單回顧一下我們 2025 年第一季的業績。

As I noted earlier, we are quite pleased with the successes embedded in our first quarter results and accomplishments. In our first quarter, we started 17,651 homes, delivered 17,834 homes, and sold 18,355 homes. As mortgage interest rates remained higher for longer and consumer confidence search for footing, we drove volume with starts while we incentivize sales to enable affordability.

正如我之前提到的，我們對第一季的業績和成就感到非常滿意。在第一季度，我們開工建造房屋 17,651 套，交付房屋 17,834 套，銷售房屋 18,355 套。由於抵押貸款利率長期維持在高位，且消費者信心尋求立足點，我們透過開工推動銷量，同時激勵銷售以實現可負擔性。

As a result, during the first quarter, sales incentives rose to approximately 13%, reducing our gross margin to 18.7%. Our SG&A came in at 8.5%, which produced a net margin of 10.2%, although we were able to maintain construction costs and reduce cycle time, as Jon will detail shortly.

結果，第一季銷售獎勵上升至約 13%，導致我們的毛利率降至 18.7%。我們的銷售、一般及行政費用為 8.5%，產生了 10.2% 的淨利潤，儘管我們能夠維持建設成本並縮短週期時間，正如 Jon 稍後將詳細介紹的那樣。

We exceeded our sales and delivery expectations while we were able to grow our community count from 1,447 last quarter to 1,584 communities this quarter, including our Raush Coleman acquisition, and we're better prepared and we are now better prepared for the remainder of the year. We continue to expect to deliver between 86,000 and 88,000 homes in 2025.

我們超越了銷售和交付預期，同時我們能夠將社區數量從上個季度的 1,447 個增加到本季度的 1,584 個，其中包括我們收購的 Raush Coleman，而且我們已經做好了更充分的準備，現在可以為今年剩餘的時間做好更充分的準備。我們仍預計 2025 年將交付 86,000 至 88,000 套房屋。

Our results represent a consistent and strategic quarter of operating results in the context of a very difficult economic environment, all while completing a time-intensive Millrose spin and growing into new markets with the Raush Coleman acquisition. We clearly were able to walk into government at the same time.

我們的業績表明，在非常困難的經濟環境下，我們在一個季度中取得了一致且具有戰略意義的經營業績，同時完成了耗時的 Millrose 分拆，並透過收購 Raush Coleman 進入了新市場。我們顯然能夠同時進入政府。

Additionally, on the positive side, we have driven our operating strategy to enable consistent cash flow, which has enabled us to strategically allocate capital. Our strategy has enabled us to repurchase another 5.2 million shares of stock for $703 million in the first quarter, while we continue to deliver a strong dividend.

此外，從積極的一面來看，我們推動了我們的營運策略，實現了穩定的現金流，這使我們能夠策略性地分配資本。我們的策略使我們能夠在第一季以 7.03 億美元回購另外 520 萬股股票，同時我們繼續提供豐厚的股息。

Additionally, we distributed as a dividend to Lennar shareholders, 80% of the shares of Mill Rose Property Corporation and through that Millrose ownership, they will receive a regular dividend while providing the permanent capital, which will drive the future success of Lennar.

此外，我們還將 Mill Rose 地產公司 80% 的股份作為股息分配給 Lennar 股東，透過 Millrose 所有權，他們將獲得定期股息，同時提供永久資本，這將推動 Lennar 未來的成功。

As for the remaining 20% of the Millrose shares, Lennar will shortly dispose of that remaining 20% in either a further distribution of Millrose shares or at Lennar's option may execute a potential exchange for Lennar's shares which would basically effectuate a cashless buyback of Lennar shares.

至於剩餘的 20% Millrose 股份，Lennar 將很快以進一步分配 Millrose 股份的方式處置剩餘的 20%，或者根據 Lennar 的選擇執行 Lennar 股份的潛在交換，這基本上將實現 Lennar 股份的無現金回購。

Just to say this again, the additional 20% interest will be retained for a relatively brief period of time and will either be distributed for exchange for Lennar shares to effectuate the cashless stock buyback. After our stock repurchases and dividends, we ended the quarter with $2.3 billion of cash on book and an 8.9% debt-to-total capital ratio. We are well positioned after the Millrose spin to be able to continue to return capital to shareholders as we continue to grow our business.

再說一遍，額外的 20% 的權益將會保留一段相對較短的時間，並且將會被分配以換取 Lennar 股票，從而實現無現金股票回購。在我們的股票回購和股息之後，我們在本季結束時的帳面現金為 23 億美元，債務與總資本比率為 8.9%。Millrose 分拆後，我們處於有利地位，能夠在繼續發展業務的同時繼續向股東返還資本。

We are very well positioned from a balance sheet to operating strategy to be able to adjust and address as the market unfolds as we execute through the year. So let me conclude and say that while this has been a constructive quarter for Lennar and while the short-term road ahead might still seem a little choppy, we're very optimistic about the longer-term road ahead.

從資產負債表到營運策略，我們都處於非常有利的位置，能夠隨著全年執行過程中市場的變化而進行調整和應對。所以，讓我總結一下，雖然這對 Lennar 來說是一個建設性的一個季度，雖然短期內前進的道路可能仍然有些坎坷，但我們對長期的發展非常樂觀。

This has been a very exciting quarter for Lennar, and we couldn't be proud of the work and dedication of our extraordinary associates who worked together to make it all happen. Let me also take a minute to welcome to the team, the talented new members of Lennar who have joined from our Raush Coleman combination. We couldn't be prouder to now have us all working together as one.

對 Lennar 來說，這是一個非常令人興奮的季度，我們為所有共同努力實現這一切的傑出同事的工作和奉獻精神感到自豪。請允許我花一點時間來歡迎來自 Raush Coleman 組合的 Lennar 才華橫溢的新成員加入我們的團隊。現在我們能夠齊心協力，我們感到無比自豪。

Together, we've expanded our platform as we have upgraded the financial and operating platforms of Lennar and as we will continue to drive production and sales. We've continued to drive production to meet the housing shortage that we know persists across the market. And as and men interest rates normalize, we believe that pent-up demand will be activated and our margin will quickly recover.

我們共同擴展了我們的平台，升級了 Lennar 的財務和營運平台，並將繼續推動生產和銷售。我們持續推動生產以滿足我們所知的整個市場持續存在的住房短缺問題。隨著利率正常化，我們相信被壓抑的需求將被激活，我們的利潤率將迅速恢復。

As a company, we are well prepared with a strong and growing national footprint, growing community count, and growing volume. Perhaps most importantly, our strong balance sheet and even stronger land banking relations afford us flexibility and opportunity to consider and execute upon thoughtful growth for our future.

作為一家公司，我們已經做好了充分的準備，擁有強大且不斷增長的全國影響力、不斷增長的社區數量和不斷增長的業務量。或許最重要的是，我們強勁的資產負債表和更強大的土地銀行關係為我們提供了靈活性和機會來考慮和執行未來深思熟慮的成長。

In that regard, we will focus on our manufacturing model and continue to use our land partnerships to grow with a focus on high return on capital and on equity. We will also continue to focus our pure-play business model and reduce exposure to non-core assets. We will continue to drive to just-in-time home site delivery and an asset-light balance sheet.

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，重點是高資本回報率和股本回報率。我們也將繼續專注於我們的純粹業務模式，減少對非核心資產的投資。我們將繼續推動準時上門交付和輕資產負債表。

And as we complete our asset-light transformation, we will continue to refine our platform and generate strong cash flow and return the capital to shareholders through dividend and stock buyback while we also pursue strategic growth.

隨著我們完成輕資產轉型，我們將繼續完善我們的平台，產生強勁的現金流，並透過股利和股票回購向股東返還資本，同時我們也追求策略成長。

With that, let me turn it over to Jon.

說完這些，讓我把話題交給喬恩。

Thank you, and good morning, everyone. Stuart has highlighted for you our strategy of being a consistent high-volume homebuilding manufacturer. I'll further review this as I discuss our performance on sales pace, cost reduction and cycle time reduction along with the execution of our asset-light demand strategy for the first quarter.

謝謝大家，早安。史都華向您強調了我們的策略，即成為持續發展的大批量住宅建築製造商。當我討論我們在第一季的銷售速度、成本削減和週期時間削減方面的表現以及輕資產需求策略的執行情況時，我將進一步回顧這一點。

As noted, our overall first quarter sales pace of 4.1 homes per community per month was wide in line with our stock case of 4.0. This was accomplished with consistent starts and accurate cycle time, which determine the sales pace leaders at each community.

如上所述，我們第一季的整體銷售速度為每個社區每月 4.1 套房屋，與我們的庫存情況 4.0 套基本一致。這是透過一致的起步和準確的周期時間來實現的，這決定了每個社區的銷售速度領先者。

Knowing the output of this production, our marketing and sales teams engaged Lennar machine to turn digital needs into appointments and they convert appointments into sales. Throughout each week, we evaluate leads, appointments, and sales activity to measure if we are on track to achieve the [medium] pace.

在了解了此生產的產出後，我們的行銷和銷售團隊使用 Lennar 機器將數位需求轉化為預約，然後將預約轉化為銷售。每週，我們都會評估銷售線索、預約和銷售活動，以衡量我們是否有望實現[中等]速度。

We continuously adjust to ensure we end the week not only with a targeted number of sales but the sales of the right home. If the community falls short on pace in any given week, there's a clear focus on taking action to course correct and get back on pace.

我們不斷進行調整，以確保週末結束時不僅能達到目標銷售數量，而且還能售出合適的房屋。如果社區在某一周內進展不順利，那麼顯然會採取行動糾正方向，重新回到正軌。

To drive the needed level of quality appointments, we focus on improving the experience for our customers to achieve higher conversion rates versus the alternative of chasing more top of funnel needs, which increases marketing spend. We believe our approach produces more qualified and motivated customer appointments, which we can convert into sales at higher conversion rates.

為了達到所需的高品質預約水平，我們專注於改善客戶體驗，以實現更高的轉換率，而不是追求更多漏斗頂部的需求，從而增加行銷支出。我們相信，我們的方法可以帶來更多合格且積極的客戶預約，我們可以以更高的轉換率將其轉化為銷售。

During the quarter, as we move past the beginning of February, we do not see the seasonal pickup typically associated with the beginning of the spring selling season. So we continue to lean into our machine, focusing on converting leads and appointments and adjusting incentives as needed to maintain sales pace. These adjustments came in the form of mortgage rate buydowns, price reductions and closing cost of systems.

在本季度，隨著二月初的過去，我們並沒有看到通常伴隨春季銷售季節開始的季節性回溫。因此，我們繼續依靠我們的機器，專注於轉換潛在客戶和預約，並根據需要調整激勵措施以保持銷售速度。這些調整的形式包括抵押貸款利率下調、價格​​降低和系統結算成本。

In general, homebuyers in Florida and Texas are two highest-volume states needed more help than most other markets around the country. We need more incentives in Florida and Texas markets to assist buyers achieve mortgage payments they can afford as well as to offset both a slowing in-migration environment and increased inventory.

總體而言，佛羅裡達州和德克薩斯州的購房者數量最多，需要的幫助比全國大多數其他市場都多。我們需要在佛羅裡達州和德克薩斯州的市場提供更多的激勵措施，以幫助買家實現他們能夠負擔的抵押貸款，並抵消移民環境放緩和庫存增加的影響。

All markets around the country require incentives to assist buyers in the current home buying environment. In this challenging macro environment, we utilized on our machine, along with our dynamic pricing model to identify unsold homes nearing completion. (inaudible) are set for those homes and prices are established to achieve sales preventing the buildup of inventory.

在當前的購屋環境下，全國各地市場都需要激勵措施來幫助買家。在這個充滿挑戰的宏觀環境中，我們利用我們的機器和動態定價模型來識別即將完工的未售出房屋。 （聽不清楚）是為這些房屋設定的，並且確定價格以實現銷售，防止庫存積壓。

Accordingly, we ended the quarter with an average of about two unsold completed homes per community. Our production team continued its stride of being an ever more highly efficient homebuilder, the disciplines of planning for and delivering consistent construction starts, designing efficient to build floor plans, deploying digitally enabled scheduling and quality control processes and a well-trained construction management team, all allow for the development of meaningful strategic partnerships with our entire supply chain.

因此，在本季結束時，每個社區平均約有兩套已完工房屋未售出。我們的生產團隊繼續努力成為更有效率的房屋建築商，規劃和交付一致的施工開工、設計高效的建築平面圖、部署數位化調度和品質控制流程以及訓練有素的施工管理團隊等原則，都使我們能夠與整個供應鏈建立有意義的戰略合作夥伴關係。

The continuous improvement of these strategic relationships with our trade partners is the core of how we drive down both construction costs and cycle time quarter after quarter. In the first quarter, our construction costs were lower by 1% from Q4 and decreased on a year-over-year basis by 2.5% to our lowest direct construction costs since Q3 of 2021.

與我們的貿易夥伴不斷改善這些策略關係是我們如何逐季降低建造成本和週期時間的核心。第一季度，我們的建築成本較第四季下降 1%，年減 2.5%，至 2021 年第三季以來最低的直接建築成本。

We expect this trend to continue for our second quarter and into the year. Also in our first quarter, cycle time decreased on average by one day sequentially from Q4 down to 137 calendar days on average for single-family detached homes. This is a 17-day or 11% decrease year-over-year. We also expect continued improvement in cycle time reduction for our second quarter.

我們預計這一趨勢將在第二季甚至今年持續下去。此外，在第一季度，單戶住宅的週期時間比第四季度平均減少了一天，平均為 137 個日曆日。與去年同期相比，減少了 17 天，即 11%。我們也預計第二季的周期時間縮短將繼續改善。

As Stuart discussed, the execution of our strategy of matching our sales pace to our production pace, required sales incentives of 13% in the quarter, about 700 basis points above normal. Our trade partners know that we are doing this to maintain production levels, which they greatly benefit from. Our trade partners work with us to reduce their operating costs and when needed to lower their margins. This is critical to our execution of reducing construction costs in each quarter.

正如史都華所討論的，我們實施的使銷售速度與生產速度相符的策略，要求本季的銷售獎勵達到 13%，比正常水準高出約 700 個基點。我們的貿易夥伴知道我們這樣做是為了維持生產水平，他們從中受益匪淺。我們的貿易夥伴與我們合作，以降低他們的營運成本，並在必要時降低他們的利潤。這對我們每季降低建設成本的執行至關重要。

Let me address tariffs. We've been in discussions regarding the potential impacts of tariffs with our supply chain. These discussions all start with a review of margin reductions or already taken. This leads to a constructive effort to identify alternative sourcing and material strategies. Additionally, we prepare our trade partners to absorb potential increases to their supply chain costs and events of tariffs.

讓我來談談關稅問題。我們一直在討論關稅對我們的供應鏈可能產生的影響。這些討論都是從審查利潤削減或已經採取的措施開始的。這導致了尋找替代採購和材料策略的建設性努力。此外，我們也為我們的貿易夥伴做好準備，以吸收其供應鏈成本和關稅事件的潛在增加。

To date, we have no impact -- sorry, today, we have had no impact to our costs from tariffs and we'll work closely with all our trade partners to further tariffs present themselves to mitigate and offset cost impacts. Similarly, with respect to potential labor disruptions that could derive from immigration policy enforcement our consistent high volume makes our construction a priority for our trade partners.

到目前為止，我們沒有受到任何影響——抱歉，今天，我們的成本沒有受到關稅的影響，我們將與所有貿易夥伴密切合作，進一步降低關稅，以減輕和抵消成本影響。同樣，對於可能因移民政策執行而導致的勞動力中斷，我們持續的高產量使我們的建設成為貿易夥伴的優先事項。

Today, there's been no shortage of labor or impact to cycle time. Again, our strategic trade partners appreciate the financial impact on margins and maintaining our consistent high volume, and we expect to be as well positioned as possible should any disruptions present themselves.

如今，勞動力不再短缺，生產週期也不再受到影響。再次，我們的策略貿易夥伴理解利潤率的財務影響以及維持我們持續的高銷量，並且我們希望在出現任何中斷時盡可能地做好應對準備。

As Stuart addressed and as Diane will provide further details, we have further executed on our asset-light strategy with the Millrose spin. Post Millrose, we ended the quarter with our supply of owned homesites improving to 0.2 years, down from 1.3 years and controlled homesites increasing to 98% from 77% a year ago.

正如斯圖爾特所說，以及黛安將提供的進一步細節，我們透過 Millrose 的分拆進一步執行了我們的輕資產策略。在米爾羅斯之後，我們在本季結束時自有住宅用地供應量從 1.3 年提高至 0.2 年，而可控住宅用地供應量從一年前的 77% 增加到 98%。

During the quarter, land bank acquired on behalf of about 29,000 home sites for about $1.8 billion and a commitment of about $1.1 billion in land development. We purchased during the quarter from our various land banks. Land bank partners almost 15,000 homesites for about $1.6 billion. Operationally, our production first discipline of even close starts allows for the planning and consistency of takedowns from land banks, providing for efficiencies in the operations of land management by both our land bank partners and ourselves.

本季度，土地銀行以約 18 億美元的價格收購了約 29,000 塊住宅用地，並承諾投資約 11 億美元進行土地開發。我們在本季從各個土地儲備中購買了土地。土地銀行以約 16 億美元的價格與近 15,000 個住宅用地合作。在營運方面，我們「生產第一」的原則，即使接近開工，也能確保土地銀行的規劃性和一致性，從而提高我們和土地銀行合作夥伴的土地管理營運效率。

As we move forward, we are focusing on refining the efficiencies in and around the coordination of just-in-time land acquisitions by our land partners and us with the commencement of land development and/or home construction. These improvements in the execution of all of our operating strategies enable capital and production efficiencies, leading to an improving inventory turn, which now stands at 1.7 versus 1.5 last year, a 13% increase.

隨著我們向前發展，我們將致力於提高我們和土地合作夥伴在開始土地開發和/或房屋建設期間進行即時土地收購的協調效率。我們所有營運策略執行中的這些改進提高了資本和生產效率，從而提高了庫存週轉率，目前的庫存週轉率為 1.7，而去年同期為 1.5，增長了 13%。

In our second quarter, we will continue to refine the execution of Lennar marketing and sales machine, our even flow, high-volume production and all land acquisition and development activities to be even more operationally and capital efficient. I also want to extend a welcome to our Rausch Coleman associate to the Lennar family and thank all of our Lennar associates for their hard work, focus and dedication.

在第二季度，我們將繼續完善 Lennar 行銷和銷售機器的執行、均勻流動、大批量生產以及所有土地收購和開發活動，以提高營運和資本效率。我還要歡迎 Rausch Coleman 員工加入 Lennar 大家庭，並感謝所有 Lennar 員工的辛勤工作、專注和奉獻精神。

And now I'll turn it over to Diane.

現在我將把話題交給黛安。

Thank you, Jon, and good morning, everyone. So Stuart and Jon have provided a great deal of color regarding our operating performance. So therefore, I am going to spend a few minutes summarizing balance sheet highlights and then provide estimates for the second quarter.

謝謝你，喬恩，大家早安。史都華和喬恩為我們的營運業績提供了大量資訊。因此，我將花幾分鐘總結資產負債表的重點，然後提供第二季的估計。

So starting with the balance sheet. This quarter, once again, we were highly focused on turning our inventory and generating cash by pricing homes to market conditions. The result of these actions was that we ended the quarter with $2.3 billion of cash and no borrowings on our $3 billion revolving credit facility. This provided total liquidity of approximately $5.3 billion.

因此從資產負債表開始。本季度，我們再次高度專注於轉換庫存，並透過根據市場情況為房屋定價來創造現金。這些行動的結果是，我們在本季結束時擁有 23 億美元現金，且 30 億美元循環信貸額度中沒有借款。這提供了約 53 億美元的總流動資金。

As noted, during our first quarter, we completed the distribution of shares of Millrose properties to our shareholders. As a result, we spun off from our balance sheet, $5.6 billion of land, representing 87,000 homesites and $1 billion of cash. With this strategic transaction, we completed the next milestone in our journey of becoming a land-light just-in-time manufacturer of home and established a provider of recyclable cash for the future.

如上所述，在第一季度，我們完成了向股東分配 Millrose 資產的股份。結果，我們從資產負債表中剝離了價值 56 億美元的土地，代表著 87,000 處住宅用地和 10 億美元現金。透過這項策略交易，我們完成了成為輕型家居即時製造商的下一個里程碑，並建立了未來可回收現金的提供者。

In addition, we also completed the acquisition of the homebuilding operations of Rausch Coleman home, which extended our footprint into both new and existing markets. As a result of the Millrose and Rausch transaction, we ended the quarter owning 13,000 homesites and controlling 533,000 homesites for a total of 546,000 homesites.

此外，我們也完成了對 Rausch Coleman Home 住宅建築業務的收購，將我們的足跡擴展到新市場和現有市場。由於 Millrose 和 Rausch 交易的結果，到本季末我們擁有 13,000 個住宅地塊，並控制 533,000 個住宅地塊，總計 546,000 個住宅地塊。

As Jon noted, this translated into our years owned supply improving to 0.2 years and our homesites controlled increasing to 98%, our lowest years owned and highest controlled percentage in our history. We believe this portfolio of home sites provides us with a strong competitive position to continue to grow market share and scale in a capital-efficient way.

正如喬恩所說，這意味著我們的自有年限供應提高到 0.2 年，我們的宅基地控制率提高到 98%，這是我們歷史上自有年限最低和控制率最高的百分比。我們相信，這一系列住宅用地將為我們帶來強大的競爭地位，讓我們能夠以資本高效的方式繼續擴大市場份額和規模。

As we look at ratios, our inventory churn was 1.7 times, and our return on inventory was almost 30%. During the quarter, we started approximately 17,700 homes and ended the quarter with approximately 38,300 homes in inventory, this inventory number includes approximately 3,100 homes that were completed unsold, which is about two homes per community well within our target historic range. Turning to our debt position.

從比率來看，我們的庫存週轉率為 1.7 次，庫存回報率接近 30%。在本季度，我們開工建造了約 17,700 套房屋，本季末庫存房屋數量約為 38,300 套，這一庫存數量包括約 3,100 套已完工但未售出的房屋，也就是說每個社區約有兩套房屋，遠低於我們歷史目標範圍。談談我們的債務狀況。

We had no redemptions or repurchases of senior notes this quarter. Our net debt maturity of $500 million is not until May 2025. Our homebuilding debt to total capital was 8.9%, including the impact of the Millrose spinoff.

本季我們沒有贖回或回購優先票據。我們的 5 億美元淨債務要到 2025 年 5 月才會到期。包括 Millrose 分拆的影響在內，我們的住宅建築債務與總資本之比為 8.9%。

Consistent with our commitment to increasing total shareholder returns, we repurchased 5.2 million of our outstanding shares for $703 million, and we paid dividends totalling $132 million. This was, of course, in the distribution to the Millrose shares. Our stockholders' equity was just under $23 billion, and our book value per share was about $86.

為了履行我們提高股東總回報的承諾，我們以 7.03 億美元回購了 520 萬股流通股，並支付了總額為 1.32 億美元的股息。當然，這是在分配給 Millrose 股份時進行的。我們的股東權益略低於 230 億美元，每股帳面價值約 86 美元。

In summary, the strength of our balance sheet provides us with significant confidence and financial flexibility as we progress through 2025. So with that brief overview, I'd like to turn to Q2 and provide some guidance estimates.

總而言之，我們強勁的資產負債表為我們在2025年邁進提供了巨大的信心和財務靈活性。因此，透過這個簡要概述，我想轉向第二季並提供一些指導估計。

Starting with new orders. We expect Q2 new orders to be in the range of 22,500 to 23,500 homes as we match sales and production paces. We anticipate our Q2 deliveries to be in the range of 19,500 to 20,500 per with a continued focus on turning inventory into cash. Our Q2 average sales price on those delivery should be about 390,000 to 400,000 as we continue to price to market to meet affordability. We expect our gross margin to be approximately 18%, which excludes purchase accounting, depending on market conditions.

從新訂單開始。隨著銷售和生產速度的匹配，我們預計第二季的新訂單將在 22,500 至 23,500 套之間。我們預計第二季的交付量將在 19,500 至 20,500 之間，我們將繼續致力於將庫存轉化為現金。由於我們將繼續根據市場價格定價以滿足消費者的承受能力，因此我們第二季度交付的這些產品的平均售價應該在 390,000 到 400,000 左右。我們預計我們的毛利率約為 18%，不包括採購會計，具體取決於市場狀況。

Margin is impacted by our use of incentives as a bridge to customers and affordably priced homes. Our SG&A percentage should be in the range of 8% to 8.2% to maintain sales activity, so the combined homebuilding joint venture land sales and other categories, we expect a loss of about $15 million. We anticipate our Financial Services earnings to be in the range of $135 million to $145 million. For our multifamily segment, we expect to be about breakeven for the quarter. Then turning to on other.

我們利用激勵措施作為與客戶和價格實惠的住房之間的橋樑，這對利潤率產生了影響。我們的銷售、一般及行政開支百分比應在 8% 至 8.2% 之間以維持銷售活動，因此，綜合住宅建築合資企業土地銷售和其他類別，我們預計損失約為 1500 萬美元。我們預計金融服務業務獲利將在 1.35 億美元至 1.45 億美元之間。對於我們的多戶型住宅部門，我們預計本季將達到損益兩平。然後轉向其他。

We expect a loss of between $25 million to $30 million, excluding the impact of any potential mark-to-market adjustments for our public technology investments. Our Q2 corporate G&A should be about 2% of total revenue, and our foundation contribution will be based on $1,000 per home delivery. We expect our Q2 tax rate to be approximately 25.3% and the weighted average share count should be approximately 261 million shares. And so on a combined basis, these estimates should produce an EPS range of approximately $1.80 to $2 per share for the quarter. And with that, let me turn it over to the operator.

我們預計損失在 2500 萬至 3000 萬美元之間，這還不包括我們公共技術投資的任何潛在以市價調整的影響。我們第二季的公司一般行政費用應佔總收入的 2% 左右，而我們的基金會捐款將以每次送貨上門 1,000 美元為基礎。我們預計第二季的稅率約為 25.3%，加權平均股數約為 2.61 億股。因此，綜合考慮這些估計，本季的每股收益應在 1.80 美元至 2 美元之間。現在，讓我將麥克風交給接線員。

(Operator Instructions)

（操作員指令）

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

Yes. Thanks a lot, guys. Appreciate all the color. And I guess my first question relates the long term, whatever the normalized margin that you referred to. I think you -- Stuart, you're referring to the gross margin of kind of the mid-20s. And I was wondering if you could give us a sense for what the operating margin might be after corporate expense.

是的。非常感謝大家。欣賞所有的色彩。我想我的第一個問題與長期有關，無論您提到的標準化利潤率是多少。我認為你 - 斯圖爾特，你指的是 25% 左右的毛利率。我想知道您是否能告訴我們扣除企業費用後的營業利潤率是多少。

I assume corporate expense, you're thinking maybe longer term like 1.5% or something like that, but it would be helpful to understand what you think the normalized operating margin would be? And what do you think the path looks like to get your SG&A and corporate combined down from its current elevated level?

我假設是企業費用，您認為長期來看可能是 1.5% 或類似的數字，但了解您認為的正常營業利潤率是多少會有所幫助嗎？您認為如何將銷售、一般及行政開支和公司合併成本從目前的高點降低？

I think that across the board, Steve, you're really looking at efficiencies that are being brought to all elements of the business, especially in the wake of having spun Millrose and some of the activity that just had to take place as we went through what was a time-intensive program. I think that all parts of our business are being relooked at and rerationalized.

史蒂夫，我認為從整體上看，你真正關注的是業務各個環節的效率，特別是在剝離 Millrose 之後，以及在我們經歷一個耗時的項目時必須進行的一些活動。我認為我們業務的所有部分都正在重新審視和重新合理化。

The simple math that I did was basically around the abnormally high level of incentives that are out there in the market right now to get to the volumes that enable us to realize on the efficiencies that we think we'll ultimately get. So figured out what I think that normalized bottom line operating margin is going to be, but it's significantly higher than where we are right now, where we're basically having to incentivize affordability at a very elevated level.

我所做的簡單計算基本上是關於目前市場上異常高的激勵水平，以達到使我們能夠實現我們認為最終能夠獲得的效率的數量。因此，我弄清楚了我認為的正常化底線營業利潤率將會是多少，但它比我們現在的水平要高得多，我們基本上必須在非常高的水平上激勵人們負擔能力。

Okay. But it's fair to say though, you don't think that a 10% to 11% combined SG&A and corporate rate is sort of the normalized level going forward, right?

好的。但公平地說，您不認為 10% 到 11% 的綜合銷售、一般和行政費用以及公司稅率是未來的正常化水平，對嗎？

No, we do not. We actually think that as we get more and more focused on the new version of the way that we're configured, every part of our business will come under efficiency focus. And it starts with elements of the land side of our business, the land acquisition side of our business, the operating side that we've talked about the corporate side, everything becomes simpler as we move forward. It's just going to take some time to embed that.

不，我們不知道。我們實際上認為，隨著我們越來越關注新版本的配置方式，我們業務的每個部分都將受到效率關注。它從我們業務的土地方面、土地收購方面、我們所討論的公司方面的運營方面開始，隨著我們前進，一切都變得更加簡單。只是嵌入它需要一些時間。

Yes, Stephen, I guess I would just say, if you go back to kind of No, our SG&A was probably around 7% versus 8% now. So I think that gives you a little bit of a framework in our Corporate G&A was about 1.5 versus 2. The only thing I'd say there is that we do continue to invest in technology. We see that being a very important component. So that one is a little tougher to call, but agree with Stuart. I think that we're in a more elevated mode now than we will be in the future.

是的，史蒂芬，我想我只想說，如果你回頭來看，我們的銷售、一般和行政費用 (SG&A) 可能在 7% 左右，而現在為 8%。所以我認為這給你一點框架，我們的企業 G&A 比例大約是 1.5 對 2。我唯一想說的是，我們確實會繼續在技術方面進行投資。我們認為這是一個非常重要的組成部分。所以這個問題有點難回答，但我同意史都華的觀點。我認為我們現在所處的模式比將來的模式更加高級。

Yes. No, that's encouraging. I guess my second question is a broader one. And it relates to how you've determined what the sales pace is that you wanted to -- you want to build your platform to deliver Obviously, demand has been running below that pace, hence, the incentives and all. But you've expressed the view that demand is ultimately going to normalize higher and that your margins will normalize once that happens. But an alternative you might be that this is the normal level of demand.

是的。不，這令人鼓舞。我想我的第二個問題比較廣泛。這與你如何確定你想要的銷售速度有關——你想要建立自己的平台來交付，顯然，需求一直低於這個速度，因此，激勵措施等等。但您表達了這樣的觀點：需求最終將恢復正常，一旦發生這種情況，您的利潤率也會恢復正常。但另一種可能的情況是，這是正常的需求水準。

It's been kind of a while now that the demand has been a little disappointing. And so I'm curious as how long is Lennar going to tolerate subpar margins before you begin to question if maybe the machine is built to maybe it ought to be built to a lower level of volume than what you chose to build it, let's say, a year or two ago?

已經有一段時間了，但需求有點令人失望。所以我很好奇，在您開始質疑這台機器的製造規模是否應該比您選擇製造它的規模（比如說，一兩年前）更低之前，Lennar 還會容忍低於標準的利潤率多久？

Well, interesting question. I think that we clearly live in a dynamic world in the housing world the question of what normalized demand is, is something that we're going to reassess as we move forward. as we're looking at things right now, it's really very much at the community level. And for the communities that we have, we think we're looking -- or we know we're looking at an absorption rate that we think over time is a normalized absorption rate. Will that change? We'll have to wait and see.

嗯，有趣的問題。我認為，我們顯然生活在一個充滿活力的住房世界中，什麼是正常化需求的問題是我們在未來前進過程中將重新評估的問題。從我們現在的情況來看，這實際上在很大程度上是社區層面的問題。對於我們擁有的社區，我們認為我們正在尋找 - 或者我們知道我們正在尋找一個吸收率，我們認為隨著時間的推移這是一個標準化的吸收率。這會改變嗎？我們將不得不拭目以待。

But if we think through the math of where the housing market is we keep going back to the fact that we've been underproducing any notion of normalized production for the past 10 years to 15 years. And so we think that the underline demand relative to the population and relative to where production has been leaves us in a supply shortage -- and so it's our belief that right now with interest rates where they are with affordability and inflation having affected affordability.

但如果我們透過數學來思考房地產市場的現狀，我們就會發現，過去 10 至 15 年來，我們的生產一直沒有達到正常化生產水準。因此，我們認為，相對於人口和生產所在地而言，潛在的需求導致我們陷入供應短缺，因此我們認為，目前的利率、負擔能力和通貨膨脹已經影響了負擔能力。

We think that the market is undersupplied and that the demand levels and the embedded demand levels are much higher than what is actionable right now. And so that's what we're solving to. Might we change our mind as we go forward as the market evolves, as immigration questions come up and other questions come up. We'll have to wait and see.

我們認為市場供應不足，需求水準和隱含需求水準遠高於目前可採取的行動水準。這就是我們要解決的問題。隨著市場的發展、移民問題和其他問題的出現​​，我們可能會改變主意嗎？我們將不得不拭目以待。

I would just add to Stuart's comments that as each new normal presents itself in the future, our machine is very clear, and we have the ability to focus on adjusting it rather quickly throughout the platform.

我只想補充史都華的評論，隨著未來每個新常態的出現，我們的機器非常清晰，我們有能力集中精力在整個平台上相當快速地進行調整。

Okay. So you actually -- if you do change your mind, it's something you're saying you could do relatively quickly, Jon, okay? So that's encouraging. Would you put that in like within a few quarters that you could adjust? Or is it something that you could do even quicker than that, just to clarify?

好的。所以實際上 — — 如果你真的改變主意，你說你可以相對較快地做到這一點，喬恩，好嗎？這令人鼓舞。您是否會在幾個季度內對其進行調整？或者您可以做得更快，只是為了澄清一下？

I think how quickly we'll move will depend on how what's happening relative to a new normal and how severe it might be. And most cycles, it's a much more gradual process and the adjustment is over several quarters. if we find ourselves in a place where we need to move faster, I feel comfortable we can do so.

我認為，我們採取行動的速度將取決於相對於新常態而言發生的事情以及其嚴重程度。大多數週期都是一個更漸進的過程，調整需要幾個季度的時間。如果我們發現自己需要加快步伐，我認為我們可以這樣做。

I think the bottom line answer to the question is we can adjust our production levels and therefore, our sales pace pretty quickly. That would probably take a quarter or two. So we can make those adjustments pretty nimbly. And I think that we're getting better and better at being able to tweak up or tweak down.

我認為這個問題的根本答案是我們可以快速調整我們的生產水平，從而調整我們的銷售速度。這可能需要一到兩個季度的時間。因此我們可以非常靈活地做出這些調整。我認為我們在調整上做得越來越好了。

Okay. Great. Thank you very much, guys.

好的。偉大的。非常感謝大家。

Alan Ratner, Zelman & Associates.

艾倫·拉特納（Alan Ratner），澤爾曼及合夥人公司。

Hey, guys. Good morning. Thanks for all the details so far. And congrats on all the exciting moves during the quarter. I know it was a busy time for you guys. So nice job getting all of it to the finish line. So Stuart, I think you walked through the normalized margin conversation well. I'd like to drill in a little bit more there. So obviously, if incentives go back to normal tomorrow, yes, your margins are going back to the mid-20s. But I think one of the advantages of your strategy and your model today is you are turning through your inventory a lot quicker than other builders and a lot of that inventory was underwritten in a different environment when incentives were much lower.

嘿，大家好。早安.感謝您提供迄今為止的所有詳細資訊。並祝賀本季所有令人興奮的舉措。我知道你們這段時間很忙。幹得好，將所有事情都完成到了終點。所以斯圖爾特，我認為你很好地介紹了標準化保證金對話。我想在那裡進行更深入的探討。因此顯然，如果明天激勵措施恢復正常，那麼你的利潤率將回到 20% 左右。但我認為，你們目前的策略和模式的優勢之一是，你們的庫存週轉速度比其他建築商快得多，而且很多庫存是在激勵措施低得多的不同環境下承保的。

So I guess my question is, you guys are out there buying land every day, you're buying a lot of land or tying up a lot of land the land you're tying up today, is it being underwritten to an incentive level closer to today's level?

所以我想我的問題是，你們每天都在購買土地，你們購買了大量的土地或占用了大量的土地，你們今天佔用的土地，其承保的激勵水平是否更接近今天的水平？

And if so, can you get back to a gross margin north of 20%, even if incentives don't necessarily get back down to that 5%, 6% level over the next few years? Or is it really going to require that type of return to normal to get that margin lift back up?

如果是這樣，即使激勵措施在未來幾年不一定會降至 5% 或 6% 的水平，您是否可以將毛利率恢復到 20% 以上？或者是否真的需要這種恢復正常的情況才能讓利潤率重新上升？

Alan, we probably haven't told that part of the story well enough yet. The way we've looked at our land reconfiguration is we're focused on turning that land inventory for exactly that reason. As we run through production levels where they are, we are basically selling the land that was underwritten at a different level, and we are redeploying at current levels.

艾倫，我們可能還沒有充分講述故事的這一部分。正是出於這個原因，我們看待土地重新配置的方式是專注於轉換土地庫存。當我們達到目前的生產水準時，我們基本上是在出售以不同水準承保的土地，然後按照當前水準重新部署。

So just a second, I'm going to ask Brad to weigh in on this because Fred is kind of front and center in a lot of it. But the whole focus is let's run through the land and the inventory that was bought yesterday and constantly, it is a constantly refreshing a group of assets. Both the home inventory and the land inventory and particularly in the difficult market as we're in yesterday's land acquisition isn't going to get better with time. So let's replace it with the next one.

所以，請稍等一下，我將請布拉德對此發表意見，因為弗雷德在很多方面都處於核心地位。但整個的重點是讓我們不斷地瀏覽昨天購買的土地和庫存，這是一組不斷更新的資產。無論是房屋庫存還是土地庫存，尤其是在昨天我們所處的困難市場中，土地收購的情況都不會隨著時間的推移而改善。因此讓我們用下一個來替換它。

Frank, why don't you weigh in?

弗蘭克，為什麼不加入進來呢？

Sure. So we're very strategic right now in how we're approaching land acquisition. We're being patient, but we're also underwriting the current information and incentives and gearing to higher margins. But we're going to watch to see land tends to be traveling some of the other aspects of our business and moving down. And we're now finally starting to see land sellers site development contractors realize what's happening in the market and we can take advantage of that over time.

當然。因此，我們現在對土地收購採取非常有策略的做法。我們正在保持耐心，但我們也在承保當前的資訊和激勵措施並爭取更高的利潤。但我們將觀察土地價格是否會對我們業務的其他方面產生影響並出現下滑。現在我們終於開始看到土地賣家和場地開發承包商意識到市場正在發生的事情，我們可以隨著時間的推移利用這一點。

Got it. Okay. That's encouraging to hear because it's obviously a big part of the strategy to be able to constantly refresh that cost basis. So I appreciate the thoughts there. Second question, also on margin, but more near term. I know you're not guiding for the remainder of the year. But if you -- it looks like you're closing guidance, which you're maintaining, implies a pretty solid ramp in revenue in the back half of the year.

知道了。好的。聽到這個消息令人鼓舞，因為能夠不斷更新成本基礎顯然是該策略​​的重要組成部分。所以我很欣賞這些想法。第二個問題也與保證金有關，但更著重於短期。我知道你今年剩下的時間不會擔任嚮導。但如果你—看起來你正在結束指導，並且你維持這項指導，這意味著今年下半年的收入將穩定成長。

Typically, there is decent seasonality in your gross margin. You have about 150 basis points lift in margins over time in the back half of the year just on a higher revenue number, recognizing all the moving pieces here, you've got purchase accounting you've got mill rose, the cost -- the higher costs going through there, although that's probably more a '26 and beyond story. You've got the Rausch Coleman just mix issue. Should we expect all else equal, a similar seasonal trend in your margin this year? Or are those headwinds going to offset the typical seasonality.

通常，您的毛利率具有相當好的季節性。僅在今年下半年，由於收入數字的提高，利潤率就提升了約 150 個基點，考慮到這裡所有的變動因素，您就得到了採購會計，得到了工廠成本的上漲 - 那裡的成本更高了，儘管這可能更像是 26 年及以後的故事。您遇到了 Rausch Coleman 混合問題。我們是否應該預期，在其他所有條件相同的情況下，今年您的利潤率將呈現類似的季節性趨勢？或者這些不利因素會抵消典型的季節性影響嗎？

Well, that is definitely a backdoor to asking for some guidance on margin, we're decidedly staying away from that. And I think that the market is still defining itself as we look ahead. There are all kinds of movements in the market that are political and social and economic. I think that we're going to just lead things where they are. We're going to wait and see how the market evolves.

嗯，這絕對是尋求保證金指導的後門，我們絕對不會這樣做。我認為，展望未來，市場仍在自我定義。市場上有各種各樣的運動，包括政治的、社會的和經濟的。我認為我們只需引導事物發展的軌跡。我們將拭目以待市場如何發展。

I think that going back to your first question, though, Alan, is this is a time where turning assets to cash and then redeploying with a new view of market conditions is a real strategic advantage. It's what we're doing every day.

不過，艾倫，回到你的第一個問題，我認為這是一個將資產轉化為現金，然後以新的市場狀況視角重新部署的時期，這是一個真正的戰略優勢。這就是我們每天都在做的事情。

Right now, we're going through our ops reviews. We've been in a number of our divisions, we're midway through. And the focus is on exactly that spending of land continuing to keep the sales pace up and we might take a lower margin, but we're generating cash, and we're redeploying a new understanding of where the market is and potentially where it's going. I think it's going to work to our benefit.

現在，我們正在進行操作審查。我們已經進入了多個部門，目前已進入中途。我們的重點正是土地支出，以繼續保持銷售速度，我們可能會降低利潤率，但我們正在創造現金，我們正在重新部署對市場現狀和潛在走向的新認識。我認為這對我們有利。

Appreciate it. Thanks a lot.

非常感謝。多謝。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Good morning, guys. Thank you for taking my questions as well. Maybe just to parse out the second quarter gross margin or the walk from the [18.7] to the 18. It sounds like that's excluding the purchase accounting. So Diane, I guess I'm curious what is the expected purchase accounting agreement.

大家早安。也感謝您回答我的問題。也許只是為了分析一下第二季的毛利率或從[18.7]到18的幅度。這聽起來好像不包括購買會計。所以黛安，我很好奇預期的購買會計協議是什麼。

And then maybe to Alan's question, I mean, Millrose impact from that seems like it might be more longer dated, but there's probably some impact, maybe 10 bps to 30 bps from that. And then along the same lines, are you guys currently selling homes at sub-18% margins right now?

然後也許對於艾倫的問題，我的意思是，米爾羅斯的影響似乎可能會持續更長時間，但可能會有一些影響，大概是 10 個基點到 30 個基點。那麼同樣的，你們現在銷售房屋的利潤率是否低於 18％？

To the purchase accounting, yes, it was about 10 basis points in Q1. And I think it will probably be in the range of about 20 basis points in Q2 as we have a full quarter of activity from Rausch. Second part, what was that again, what are we selling at?

對於購買會計來說，是的，第一季約為 10 個基點。我認為第二季的增幅可能會在 20 個基點左右，因為 Rausch 有整整一個季​​度的活動。第二部分，那是什麼，我們賣什麼？

The second part was Mill Rose and sorry, then what are you currently selling at now, yes?

第二部分是 Mill Rose，抱歉，那您現在賣什麼呢？

Yes. I mean what we're selling the margin guidance that we gave for Q2 was in part because there will be a lot of sell and close activity, and we're probably in that zone. -- with our current sales open closings in the current quarter.

是的。我的意思是，我們給出的第二季度利潤率指導部分是因為將會有大量的銷售和平倉活動，而我們可能正處於那個區域。 ——本季我們目前的銷售開倉情況。

Okay. Understood. And then curious to get just how you guys would respond to sort of the bear argument that we hear quite often. Look, I mean I personally understand the benefits of the even flow strategy over time. But I think there is a perception out there that you've sort of increased the cyclicality in the results, most prominently the margin. And that there's been -- this is sort of a divergence in the discipline that the industry has worked so hard to get credit for over the past decade. How do you guys kind of respond to that?

好的。明白了。然後我很好奇你們會如何回應我們經常聽到的熊市論點。看，我的意思是我個人了解均勻流動策略隨著時間的推移所帶來的好處。但我認為，外界有一種看法，就是你在某種程度上增加了結果的周期性，最明顯的是利潤率。而且，這是學科上的一種分歧，而過去十年來，業界一直在努力爭取信譽。你們對此有何反應？

I'm not sure that I'm fully following the question. But look, we've been through these times before -- and if we have a -- if we're building homes and as we're building homes, we're quite sure that whether it's the land underneath it or whether it's the home itself, in a market that is defining itself to the negative side. The home doesn't get more valuable nor does the land get more valuable with time.

我不確定我是否完全理解了這個問題。但你看，我們以前經歷過這樣的時期——如果我們正在建造房屋，並且在建造房屋的過程中，我們非常確定無論是房屋下面的土地還是房屋本身，在市場中都會朝著負面的方向發展。隨著時間的推移，房屋不會變得更值錢，土地也不會變得更值錢。

We've kept our land assets far more short term. and therefore, to be able to move through the land assets and ultimately to develop the build homes. Tomorrow's pricing is not likely to be a lot better than today. So that's how we're thinking about it. And that's certainly how we've been executing. If we need to tap back on production, that's a decision we'll make as market conditions present themselves.

我們保留土地資產的期限更加短。因此，能夠透過土地資產最終開發建造住宅。明天的定價不太可能比今天好很多。這就是我們的想法。這確實就是我們一直以來執行的方式。如果我們需要恢復生產，我們會根據市場狀況做出決定。

Okay. Thank you, guys.

好的。謝謝你們。

Michael Rehaut, JPMorgan.

摩根大通的麥可‧雷豪特 (Michael Rehaut)。

Thanks. Good morning, everyone. Thanks for all the details always. First, I wanted to 0 in a little bit on some of the mechanics and how to think about the interactivity with Millrose going forward from two aspects. One, Obviously, you've already had a significant portion of your land under option to begin with, but now you're taking it up by about another 20 points or so. So I was just wondering, relative to perhaps let's say, fiscal '24, what the full or annualized gross margin impact might be from pushing that additional 20% of your land base through options where theoretically, it might be a little bit of a lower gross margin all else equal.

謝謝。大家早安。感謝您一直以來提供的所有詳細資訊。首先，我想從兩個方面稍微介紹一些機制以及如何思考與 Millrose 的互動。第一，很明顯，你一開始就已經擁有了很大一部分土地的選擇權，但現在你又將其增加了大約 20 個百分點左右。所以我只是想知道，相對於比如說 24 財年，透過理論上其他條件相同的情況下毛利率可能會略低的選擇來推動這額外的 20% 土地基礎，對全部或年度毛利率的影響可能是什麼。

And secondly, on the Millrose side, with tougher sales backdrop, I was wondering if there's any element of walk you away from some options that I'm sure with the 18% average, there's something at one of the tail ends of that curve. And if there would be any kind of option walkaways or things that we should anticipate over the next couple of quarters?

其次，在 Millrose 方面，由於銷售背景更加嚴峻，我想知道是否有任何因素會讓您放棄一些選擇，我確信，在 18% 的平均值下，該曲線的尾端存在一些問題。在接下來的幾個季度中，是否會出現任何類型的選擇權放棄或我們應該預見的事情？

Relative to the margin and the impact of Millrose and to the land banking approach, the migration that we've made to an asset-light program, we've generally seen over time, where it's a little bit -- a little less mixed in with some of the other movements of market conditions, but the impact is generally about 100 basis points. That's what we've kind of calculated as we've gone through the migration over the past years. Of course, if we look at the current situation, it's a little bit more difficult to kind of ferret out exactly what the impact is -- but it does represent about 20% of our business. So you can kind of extrapolate from there in what is kind of a messy calculation right now.

相對於 Millrose 的利潤率和影響以及土地儲備方法，我們向輕資產計劃的轉變，我們通常隨著時間的推移看到，它與一些其他市場條件變動的混合程度略有降低，但影響通常在 100 個基點左右。這就是我們在過去幾年的遷移過程中所計算出來的結果。當然，如果我們看看目前的情況，就很難確切找出影響是什麼——但它確實占我們業務的 20% 左右。因此，您可以從那裡推斷出目前有點混亂的計算。

In terms of deposit walkaways, we're not thinking about very many, if any, deposit walk away, the cost of walking away is probably higher than just working through the assets at a lower margin. We've been inclined to work through assets at lower margins. And so we're not injecting any deposit walk away in our numbers.

就存款放棄而言，我們考慮的並不多，如果有的話，存款放棄的成本可能比僅以較低的利潤率處理資產的成本更高。我們傾向於利用利潤率較低的資產。因此，我們不會在我們的數字中註入任何存款。

We actually think, as we've looked back at current -- at past downturns, including the Great Recession, that the best execution with shorter-term fully developed positions is almost invariably to work through the assets and turn the land asset to cash and redeploy the cash rather than a position of walking through, taking a hit relative to deposit money and ending up not covering your overhead and moving forward.

實際上，當我們回顧當前——過去的經濟衰退，包括大衰退時，我們認為，短期內完全開發頭寸的最佳執行方式幾乎總是透過資產，將土地資產轉化為現金，並重新部署現金，而不是走走過場，承受相對於存款的打擊，最終無法支付管理費用並繼續前進。

So we think that the way we've configured our program actually incentivizes us and others for that matter, to do the better economic, execute, the better economic solution, take a lower margin work through the asset, redeploy the cash.

因此，我們認為，我們配置計畫的方式實際上激勵了我們和其他人，去實現更好的經濟目標，執行更好的經濟解決方案，透過資產進行較低利潤的工作，重新部署現金。

Great. Thank you for that, Stuart. Secondly, I'd love to just shift the second to the balance sheet and cash flows and now with obviously the Millrose transaction, still pretty close in the rearview mirror, but nonetheless, if you have any updated thoughts around leverage free cash flow. And I believe earlier, there had been talk perhaps of trying to use just net income being more or less equivalent to free cash flow and presumably a significant, if not large portion of that would be towards share repurchase. So any updated thoughts around there? And maybe even what any guardrails around share repurchase for 2025?

偉大的。謝謝你，斯圖爾特。其次，我希望將第二個問題轉移到資產負債表和現金流上，現在顯然 Millrose 交易仍然在後視鏡中非常接近，但儘管如此，如果您對槓桿自由現金流有任何最新的想法。我相信，之前曾有人討論過，也許嘗試使用淨收入，或多或少相當於自由現金流，並且大概其中很大一部分（如果不是很大一部分的話）將用於股票回購。那麼，您對此有什麼最新的想法嗎？甚至 2025 年股票回購方面還有什麼限制嗎？

Well, look, we've daylighted this repeatedly on prior earnings calls where we expressed explained that the cash flow reconciliation over the next year or so is going to be a complicated business. There are a lot of inflows and outflows Millrose was anomalous in that we were actually spending a large number of assets that ultimately would kind of flip back around into a cash flow negative kind of configuration as we're taking assets off book and then bringing them back on book over time.

好吧，你看，我們在之前的財報電話會議上已經多次提到了這一點，我們解釋說，未來一年左右的現金流調節將是一項複雜的業務。有大量的流入和流出，Millrose 是異常的，因為我們實際上花費了大量的資產，這些資產最終會轉變成現金流為負的配置，因為我們將資產從帳面上移除，然後隨著時間的推移將它們重新記入帳面上。

That rotation, we're going to have to let that work through a little bit. But we do have as kind of a north star and where we're headed a distinct focus on the fact that as this cash flow not only kind of works its way through, we think that we will be generating cash approximately equal to earnings. And we do expect to reignite stock buyback, cash stock buyback program that will be rather robust as that cycling kind of works its way through over the next year.

我們必須讓這種輪換稍微發揮作用。但我們確實有一顆北極星，並且我們明確關注這樣一個事實：隨著這種現金流不僅逐漸流出，我們認為我們將產生約等於收益的現金。我們確實希望重新啟動股票回購、現金股票回購計劃，隨著這種循環在未來一年內逐漸完成，該計劃將相當強勁。

As I said, the way I think about it is 2025 is a little bit of a year in transition. There's a lot that changed with Millrose and -- just the whole reconfiguration of our balance sheet. But I think as you know, we're always long-term focused, and we strongly believe that the asset-light capital light model that we've developed is going to be really advantageous in the future, and we'll meet all of the goals that we've established, which is generate cash and really make sure that we're increasing total shareholder returns.

正如我所說，我認為 2025 年是一個過渡之年。Millrose 發生了很多變化——我們的資產負債表也進行了整體重新配置。但我認為，正如你所知，我們始終著眼於長期，我們堅信，我們開發的輕資產輕資本模式在未來將真正有利，我們將實現我們設定的所有目標，即產生現金並真正確保我們增加股東總回報。

Perfect. Thanks so much, guys.

完美的。非常感謝大家。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Thank you. Good morning, everyone. My first question is just sticking with thoughts on the cash generation of the business. One of the things that you mentioned is that now that then is done, you can accelerate the progress in terms of the even flow production side and standardizing your product and those efforts in there.

謝謝。大家早安。我的第一個問題只是堅持對企業現金創造的想法。您提到的一件事是，既然已經完成，您就可以加快均勻流生產的進度以及標準化產品和其中的努力。

Can you talk about where you are within that? And how we should think about the progress that can come through over the next quarters and what that will mean to your ability to sustain cash generation even in a more volatile or weaker demand environment?

你能談談你的情況嗎？我們應該如何看待未來幾季可能取得的進展，以及這對您在需求更加不穩定或較弱的環境中維持現金創造的能力意味著什麼？

So I would say that we're pretty early stage in terms of some of the cost rationalization and efficiencies that we know are going to come from the way that we're configured. These last few quarters have really been juggling a number of items to get to the completion of the Millrose spend and the combination with Roche, which I'd say parenthetically is just -- it's working out to be exactly as expected. And I think that the asset-light approach has worked out very well also.

所以我想說，就某些成本合理化和效率而言，我們還處於相當早期的階段，我們知道這些成本合理化和效率將來自於我們的配置方式。過去幾個季度，我們確實在處理很多事情，以完成 Millrose 的支出以及與 Roche 的合併，我想說的是——結果完全符合預期。我認為輕資產策略也非常有效。

But the more we're now able to focus on a simplified business model, and we're seeing this in our current ops meetings, the ability to focus attention on the component parts that make this a simpler model is, I think, going to generate a lot of benefits as we go forward.

但是，我們現在越能夠專注於簡化的業務模型，而且我們在當前的營運會議中也看到了這一點，將注意力集中在使模型更簡單的組成部分上的能力，我認為，隨著我們前進，將會產生很多好處。

As it relates to cash generation, I think that the relationships that we now have established and that we are continuing to create on the land side of the business, where we have a very carefully crafted dance -- it's a lot like appliances or other materials that we put into the home.

就現金創造而言，我認為我們現在已經建立的關係以及我們正在繼續在土地業務方面建立的關係，我們有一個非常精心設計的舞蹈 - 它很像我們放在家裡的電器或其他材料。

We have a just-in-time delivery system that's getting more and more efficient and effective. And I think that not only will that kind of rotation or dance of buying land, developing land, providing just-in-time delivered home sites on time as expected. It will look a lot more like the production cycle that we see in the building of a home.

我們擁有一套準時交付系統，而且該系統正變得越來越有效率、有效。我認為，不僅會出現這種購買土地、開發土地、按時交付住宅用地的輪換或舞蹈。它看起來更像我們在建造房屋時看到的生產週期。

And I think the efficiency is embedded in that will be strong. And the cash flow that will be defined by a pure production machine will be very realistic because we do and spend the time to make sure that those land programs are durable, they're systemic and just like other materials that are delivered for the building of a home, we're able to rationalize the cost and the delivery system.

我認為其效率將會很高。純生產機器所定義的現金流將非常現實，因為我們確實花時間確保這些土地計劃是持久的、系統性的，就像用於建造房屋的其他材料一樣，我們能夠合理化成本和交付系統。

I would just add, just really enthusiastic, as Stuart said, of early turning land into more of a production commodity to allow us we think to achieve the kind of efficiencies that we've achieved on the production vertical side of our business with land and land development. And we think that there's a lot of opportunity to become more efficient which will translate into our cash flow and into our bottom line.

我想補充一點，正如史都華所說，我非常熱衷於儘早將土地轉變為更多的生產商品，我們認為這使我們能夠透過土地和土地開發實現我們在業務的生產垂直方面所實現的那種效率。我們認為，有很多機會可以提高效率，這將轉化為我們的現金流和底線。

Yes. But just on the land side, we're being pretty religious right now about making sure that -- we're not pulling land back on our books. We're not accumulating developed homesites as additional inventory. And those efficiencies are going to define your question on cash flow. How do we get cash flow to equal actual earnings, we think that's going to be kind of exactly where we end up.

是的。但僅在土地方面，我們現在非常嚴格地確保——我們不會將土地從我們的帳簿上撤回。我們不會累積已開發的住宅用地作為額外的庫存。這些效率將決定您關於現金流的問題。如何讓現金流等於實際收益，我們認為這正是我們最終的目標。

Okay. That's helpful color. And then thinking about the forward growth of the business, post the spin, does that change how you consider acquisitions. And can you talk about the kinds of deals that you might be interested? And what you're seeing in terms of the M&A pipeline and perhaps the health of some of these smaller private builders given what's going on in the market?

好的。這是很有幫助的顏色。然後考慮業務的未來成長，在分拆之後，這是否會改變您對收購的看法？您能談談您可能感興趣的交易類型嗎？考慮到目前的市場狀況，您對併購管道以及一些小型私人建築商的健康狀況有何看法？

So we've had a -- over the past years, we've actually had a component of our growth that has been defined by combinations with smaller builders, either fortifying physicians in communities that we're already operating in less so relative to growth into new markets.

因此，在過去幾年中，我們的成長實際上有一個組成部分，即與小型建築商的合併，要么加強我們已經在運營的社區的醫生，要么相對於新市場的增長而言較少。

I think that the Rausch Coleman transaction is a more sizable transaction with a strategic operating team that is able to, and I think is looking forward to working within the [our] systems. I think the coordination that happens there is facilitated by our land programming that I think is going to work very well with the Rausch Coleman program. And that does define the opportunity to think a little bit differently about how we grow.

我認為 Rausch Coleman 交易是一項規模更大的交易，它擁有一支能夠勝任的策略營運團隊，並且我認為他們期待在（我們的）系統內開展工作。我認為在那裡發生的協調是由我們的土地規劃促進的，我認為這將與 Rausch Coleman 計劃很好地配合。這確實為我們以不同的方式思考如何成長提供了機會。

The more standard kind of M&A deals that we've done in the past have been more along the lines of finding land assets and new community count, I think that we'll be able to enter actually new markets in a more strategic way and using an asset-light approach really facilitates the ability to do it in a capital-efficient way. Fred, would you add to that?

我們過去進行的更標準的併購交易更多是尋找土地資產和新社區數量，我認為我們將能夠以更具戰略性的方式進入新市場，而使用輕資產方法確實有助於以資本高效的方式做到這一點。弗雷德，您能補充一下嗎？

Yes. I think the use of Millrose in the Rausch Coleman acquisition was a prime example of where M&A could become available -- but we're very selective, and we're out there looking, but we're going to be very strategic in this as well and continue to use our Millrose and potentially others to be the source of the capital for the land and us find the operational side. So it's a nice fit, but we're continuing to look at other opportunities.

是的。我認為在 Rausch Coleman 收購案中使用 Millrose 是一個典型的例子，說明了併購可以發揮作用——但我們非常挑剔，我們一直在尋找，但我們在這方面也會非常有策略性，繼續使用我們的 Millrose 和其他潛在的公司作為土地資本的來源，並幫助我們找到營運方面。所以這很合適，但我們仍在繼續尋找其他機會。

Okay. Thank you all for the color. Good luck with everything.

好的。謝謝大家的顏色。祝一切順利。

Okay. Thank you, Susan. And why don't we take one more question?

好的。謝謝你，蘇珊。我們何不再回答一個問題呢？

Ken Zener, Seaport Research Partners.

肯‧澤納（Ken Zener），海港研究夥伴。

Good afternoon, all. If you could expand because I think this -- I know you guys are saying again, but it's being missed by investors. Could you expand on your decision to start a home -- on an incremental cash flow basis, where land is increasingly, if not a variable cost.

大家下午好。如果你可以擴大規模，因為我認為這件事——我知道你們又在說了，但投資者忽略了這一點。您能否詳細說明您開始買房的決定——以增量現金流為基礎，其中土地成本（如果不是可變成本的話）正在不斷增加。

And what you think that means for your cash flow per unit -- because I think that's what is the disconnect between where your model is going and the kind of the focus on a more margin-centric response because that's how the industry traditionally looks at it.

您認為這對您的單位現金流意味著什麼？

Yes. I guess, Ken, just be repeating what we've said. I mean, I think that we think there's a lot of efficiencies by maintaining the production that offset that, that you might be thinking about. I think as you listen to John, for example, talk about the cost reductions in an inflationary environment, I think those cost reductions that we've seen on the direct construction side are pretty incredible and the ability to have third-party capital available -- so the land component is pretty important as well as covering overhead and those types of things. So you're right, land is definitely increasing. But in our view, when you look at it from a much higher lens, the efficiency is really to proceed that.

是的。我想，肯，只是重複我們說過的話。我的意思是，我認為透過維持生產來抵消這一點可以提高很多效率，這一點你可能會想到。例如，當你聽約翰談論通貨膨脹環境下的成本降低時，我認為我們在直接建設方面看到的成本降低是相當驚人的，而且能夠獲得第三方資本——因此土地部分非常重要，以及支付管理費用和諸如此類的事情。所以你說得對，土地肯定在增加。但在我們看來，當你從更高的角度來看這個問題時，效率確實是可以實現的。

I'm not sure we (inaudible) are you asking about the decision to build each home?

我不確定我們（聽不清楚）您是否詢問了建造每棟房屋的決定？

Yes. Because what people think, if you have a 10% -- let's call it a 10% EBIT margin, right? People think could that be a 10% cash flow? No, it's not because traditional model each unit you sell, you need to go out and right, acquire a raw lot that you need to develop where that's turned into a variable cost, i.e., cash flow is your earnings? I think people are still kind of missing that because it seems to me that's how you're making your choices absent the need to buy land, which outside the margin side is your cash flow drag historically.

是的。因為人們會想，如果你有 10%——我們稱之為 10% 的息稅前利潤率，對嗎？人們認為這可能是 10% 的現金流嗎？不，這不是因為傳統模型中您銷售的每一個單元，您都需要出去購買需要開發的原始批次，然後將其轉化為可變成本，即現金流就是您的收益？我認為人們仍然忽略了這一點，因為在我看來，這就是你在不需要購買土地的情況下做出選擇的方式，而從歷史上看，除了利潤之外，土地購買是你的現金流拖累。

Well, listen, I don't think it's quite that linear. The fact is that we're going out and we're looking for a piece of land. And the reality is that land might have to be developed. And it might take 1 year, 1.5 years for the land to actually mature to a developed home site. And while it isn't situated on our books, we have been a participant in making the decision on that piece of land, which we basically assign and absorption rate too. It might be three homes per month, [four] homes per month, but we are making that decision.

嗯，聽著，我不認為它是那麼線性。事實是，我們出去尋找一塊土地。而現實情況是，土地可能需要開發。這片土地可能需要 1 年到 1.5 年的時間才能真正開發成為住宅用地。雖然這塊土地不在我們的帳簿上，但我們一直參與制定這塊土地的決策，基本上也分配和吸收率。可能是每月三套房，也可能是每月[四套房]，但我們正在做出這個決定。

The real benefit of where we are is that we're constantly refreshing. We're keeping those land obligations is much shorter. And as they mature to develop home sites, we're taking them down. We're committing to a an absorption rate and that commitment is limited in its scope or in its risk by the amount of deposits and commitment that we have but we are looking at building a model that says where we make a commitment to a takedown schedule, we're going to do our very best to execute on that in order to work through that land.

我們所處位置的真正好處是，我們能夠不斷更新自己。我們保留這些土地義務的期限要短得多。隨著它們逐漸成熟並開始開發家庭網站，我們就會將其關閉。我們承諾確定一個吸收率，並且該承諾的範圍或風險受到我們擁有的存款和承諾金額的限制，但我們正在考慮建立一個模型，該模型表明我們對拆除時間表做出的承諾，我們將盡最大努力執行，以完成該土地的工作。

And that's how the land bank becomes a lot more efficient over time, the dependability of that absorption rate will enable them to bring the cost of capital down and rerationalize the actual cost of our inputs relative to the home.

這就是土地銀行隨著時間的推移變得更有效率的方式，這種吸收率的可靠性將使他們能夠降低資本成本，並重新合理化我們相對於房屋的投入的實際成本。

So I wouldn't think of it as a home site by homesite optionality that just flows through. But on the other hand, you are running through land on a more cash flow basis and redeploying that cash into better land over a shorter period of time.

因此，我不會認為它是一個透過家庭站點可選性流經的家庭站點。但另一方面，您正在以更多的現金流為基礎經營土地，並在更短的時間內將現金重新部署到更好的土地上。

I think very much to your point, Stuart. Ken, that we described for underwriting of land and the (inaudible) absorption pace of, say, four a month, we're at that time laying out a time line for development to get to that finish home site [to] described, and then a time line of start sequences at that four month that's going to match. So it's really at the time of underwriting, we're almost making the decision of starting -- when we're going to start homes and the pace and sequence that we're going to stick to.

我非常贊同你的觀點，史都華。肯，我們描述了土地承保和（聽不清）吸收速度，比如說每月四個，我們當時正在製定一個開發時間表，以到達所描述的最終住宅地點，然後製定一個與之相匹配的四個月的開始序列的時間表。因此，實際上在承保時，我們幾乎就在做出開始的決定——何時開始建造房屋以及我們將堅持的速度和順序。

Right. Very good. I guess my second question would simply be, if you guys can quantify the spread between what you saw in backlog and what became intra-quarter order closings in 1Q comment on the 2Q spread, if it exists or not. And if you're share count guidance, Diane for 2Q, what that effect would be if your exchange was fully executed. Thank you very much.

正確的。非常好。我想我的第二個問題很簡單，如果你們可以量化第一季積壓訂單和季度內訂單成交之間的差距，請對第二季的差距進行評論，如果存在的話。如果您有第二季的股票數量指導，Diane，如果您的交易完全執行，其影響會是什麼？非常感謝。

Well, if I look at the second quarter, just from a high level, what's in backlog and it's pretty close to that 18% and what we expect to sell close to that as well on what we've experienced so far. So that's why -- as Stuart mentioned, the margin will really be dependent on that selling close as we go forward. We don't have a lot of data behind us, right, much for just a couple of weeks to the extent that the increases or decreases our margin will be impacted because there is always a lot of selling close in the same quarter. But right now, everything is hovering around the margin guidance that we gave.

好吧，如果我看一下第二季度，從較高層面來看，積壓訂單量非常接近 18％，根據我們迄今為止的經驗，我們預計銷售額也將接近這一水平。所以這就是為什麼 - 正如斯圖爾特提到的那樣，利潤率實際上將取決於我們未來的銷售情況。我們並沒有太多的數據，對吧，只有幾週的數據，以至於我們的利潤率的增加或減少會受到影響，因為同一季度總是有很多銷售結束。但目前，一切都徘徊在我們給予的利潤指引附近。

Excellent.

出色的。

Okay. Thanks, Ken. And let's end it there. I want to thank everyone for joining us. These are tricky times as we look at the housing industry. You can always count on getting a straight shot from Bernard, we're going to tell you where the market is and how we're addressing it and look forward to keeping you updated as we go forward through 2025. Thank you, everyone.

好的。謝謝，肯。我們就到此為止吧。我要感謝大家的參與。就我們來看住房產業，現在正處於艱難時期。您始終可以信賴 Bernard 的直接解答，我們將告訴您市場在哪裡以及我們如何應對它，並期待在我們邁向 2025 年的過程中為您提供最新資訊。謝謝大家。

That concludes Lennar's first quarter earnings conference call. Thank you all for participating. You may disconnect at this time, and please enjoy the rest of your day.

這就是 Lennar 第一季財報電話會議的結束。感謝大家的參與。現在您可以斷開連接，並享受剩餘的一天。