Lennar Corp (LEN.B) 2025 Q2 法說會逐字稿

Lennar's second-quarter earnings conference call. (Operator Instructions) 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 the reading of the forward-looking statement.

Lennar 第二季度財報電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。我現在將電話轉給戴維·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.

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 在本次電話會議當天的估計，並非旨在對未來的實際結果提供任何保證。

Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. 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 the 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.

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。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美國證券交易委員會 (SEC) 文件中所述的因素，包括 Lennar 最新向美國證券交易委員會 (SEC) 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。

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，您可以開始了。

Good morning, everybody. Thank you 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; Fred Rothman, our Chief Operating Officer; Bruce Gross, our CEO of Lennar Financial Services; Mark Sustana, our General Counsel; and a few others as well.

大家早安。感謝您今天加入我們。今天我在邁阿密，和我們一起在場的還有我們的聯合首席執行官兼總裁喬恩·賈菲 (Jon Jaffe)、我們的首席財務官黛安·貝塞特 (Diane Bessette)、您剛才聽到的我們的財務主管兼副總裁戴維·柯林斯 (David Collins)、我們的首席營運官弗雷德·羅斯曼 (Fred Rothman)、我們的布魯斯萊納金融服務公司 (BruceLenna) 財務服務公司 (Lenna Gross)、我們的總法律顧問馬克·蘇斯塔納 (Mark Sustana) 以及其他一些人。

As usual, I'm going to give a macro and strategic overview of the company. After my introductory remarks, Jon is going to give an operational overview, updating construction costs, cycle time, and some other items. And as usual, Diane is going to give a detailed financial highlights, along with some guidance for our third quarter of 2025. And then, of course, we'll take questions in our question-and-answer period. As usual, I'd like to ask that you please limit yourself to one question and one follow-up so that we can accommodate as many as possible.

和往常一樣，我將對公司進行宏觀和策略概述。在我做完介紹後，喬恩將概述營運情況，更新建造成本、週期時間和其他一些事項。和往常一樣，黛安將提供詳細的財務要點，以及對我們 2025 年第三季的一些指導。然後，當然，我們會在問答環節回答問題。像往常一樣，我希望您只提出一個問題和一個後續問題，以便我們盡可能回答問題。

So let me begin. We're very pleased to review our 2025 second-quarter results against the continuing backdrop of a challenging economic environment for the housing market. In the second quarter, we remained focused on our stated strategy by driving volume and growth, matching production and sales pace using margin reduction to enable affordability and sell and deliver homes to avoid building excess inventory.

那麼就讓我開始吧。在房地產市場持續面臨嚴峻經濟環境的背景下，我們非常高興地回顧我們 2025 年第二季的業績。在第二季度，我們繼續專注於既定策略，推動銷售和成長，透過降低利潤率來匹配生產和銷售速度，以實現可負擔性，並銷售和交付房屋，以避免庫存過剩。

While our margin and earnings have been adjusting and, of course, falling in order to accommodate the realities of the housing market conditions, we remain focused on volume and even flow production to enable re-rationalized cost structure and overhead in order to find a floor and rebuild margin, even as the overall housing market continues to soften.

雖然我們的利潤率和收益一直在調整，當然，為了適應房地產市場的現實情況，利潤率和收益也在下降，但我們仍然專注於產量甚至流水線生產，以便重新合理化成本結構和管理費用，從而找到底線並重建利潤率，即使整體房地產市場繼續疲軟。

We expected that the new normal of higher interest rates for longer would mean lower margins for longer as we drove affordability. We knew that we and the industry, we're initially going to have to bring down the price of homes we build through incentives and mortgage buydowns to meet affordability and normalize the supply and demand balance.

我們預計，隨著我們提高負擔能力，長期較高利率的新常態將意味著長期較低的利潤率。我們知道，我們和整個行業最初必須透過激勵措施和抵押貸款買斷來降低我們建造的房屋價格，以滿足負擔能力並使供需平衡正常化。

We also knew that you rationalize margin from a lower average sales price -- we would only be able to rebuild margin from a more efficient cost base. We believe that we have gotten ahead of these market realities and we are building what will become a stronger margin driving platform by using volume to enable us to drive costs down across our platform.

我們也知道，您透過較低的平均銷售價格來合理化利潤率——我們只能從更有效率的成本基礎來重建利潤率。我們相信我們已經領先於這些市場現實，並且我們正在建立一個更強大的利潤驅動平台，透過利用數量來降低整個平台的成本。

We know this takes time but we also know it will help build a healthier housing market and position Lennar for bottom-line growth, even as the market remains soft. Admittedly, we haven't gotten there yet. But we believe that we're getting very close to the bottom and the time when we will build back margin from a lower cost structure. I'll explain that in more detail shortly.

我們知道這需要時間，但我們也知道，即使市場仍然疲軟，這將有助於建立更健康的房地產市場，並使 Lennar 實現盈利成長。不可否認，我們還沒有到達那一步。但我們相信，我們已非常接近底部，並且我們將透過較低的成本結構重新建立利潤率。我稍後會更詳細地解釋這一點。

First, I'll discuss the market environment, then review our strategy, then relate strategy to our reported numbers and expectations for the near future. Let me start with a macro view of the housing market. Consistent with last quarter's earnings call, the macro economy remains challenging as mortgage interest rates have remained higher, while consumer confidence has been challenged by a wide range of uncertainties both domestic and global.

首先，我將討論市場環境，然後回顧我們的策略，然後將策略與我們報告的數字和對近期的期望連結起來。我先從宏觀角度來看房地產市場。與上一季的收益電話會議一致，宏觀經濟仍然充滿挑戰，因為抵押貸款利率仍然較高，而消費者信心受到國內和全球各種不確定因素的挑戰。

Across the housing landscape, actionable demand has been diminished by both affordability and consumer confidence and, therefore, has continued to soften. At the same time, supply remains constrained by years of underproduction. New construction has slowed as builders have pulled back on production due to mixed demand signals, exacerbating the chronic supply shortage that derived from the Great Recession and its aftermath.

在整個住房領域，由於負擔能力和消費者信心的雙重影響，可操作的需求已經減少，因此持續疲軟。同時，多年來產量不足導致供應仍受限。由於需求訊號不明，建商削減了產量，導致新房開工速度放緩，加劇了大衰退及其後果導致的長期供應短缺。

Additionally, restrictive land permitting, along with higher impact fees remain supply constraints, while labor and material costs, lumber is a particular (inaudible) are generally increasing. Accordingly, given short supply, home prices remain high, with median sales hovering around $400,000 in many markets. Demand, however, is still high as people want and need homes. Millennials are hitting the prime buying age and are realizing the benefit and perhaps imperative of home ownership. But affordability and waning confidence around buying now are sending confusing signals.

此外，限制性土地許可以及更高的影響費仍然是供應限制因素，而勞動力和材料成本（尤其是木材）普遍在增加。因此，由於供應短缺，房價仍居高不下，許多市場的房屋售價中位數徘徊在 40 萬美元左右。然而，由於人們想要並需要住房，因此需求仍然很高。千禧世代正進入最佳購屋年齡，他們意識到擁有住房的好處，甚至可能還有必要性。但現在的負擔能力和購買信心的減弱正在發出令人困惑的訊號。

We certainly don't want to overstate the negative as the market is definitely not crashing but it just continues to cool. Inventory is up slightly from last year's lower levels but still relatively limited. It's just that the housing market, right now, is driven by supply and demand that can't be properly aligned. This is a difficult cycle as low supply fuels high prices and high prices lock out many of our buyers.

我們當然不想誇大負面因素，因為市場肯定沒有崩潰，只是繼續降溫。庫存較去年的較低水準略有上升，但仍相對有限。只是，目前的房地產市場是由供需關係驅動的，而供需關係無法得到良好的協調。這是一個困難的循環，因為供應不足導致價格高漲，而價格高漲又將許多買家拒之門外。

Mayors and governors around the country continue to decline the housing shortage and point to affordability or attainability as a priority concern. As a case in point, I and many other homebuilding leaders, last week, heard from Governor Cox of Utah explain that there's a significant housing shortage in his state and they simply need more supply. In fact, they are running a Need More Supply publicity campaign in the state.

全國各地的市長和州長繼續強調住房短缺問題，並將住房的可負擔性或可獲得性作為優先考慮的問題。舉個例子，上週我和許多其他房屋建築領導人聽到猶他州州長考克斯解釋說，該州存在嚴重的住房短缺，他們只是需要更多的供應。事實上，他們正在該州開展「需要更多供應」的宣傳活動。

He noted that the American dream is homeownership and his state has a 350,000 home deficit that is maintaining prices at an unaffordably high level. He emphatically argued that they need more starter homes in the state that are affordable to those who are just beginning their careers and their families. He describes how he and his state are making noteworthy efforts to eliminate or modify restrictions in zoning and timeliness in order to attract more supply, which will help narrow the supply gap and help align supply and demand. This is a common refrain.

他指出，美國夢就是擁有住房，而他的州有 35 萬套住房缺口，導致房價處於難以承受的高水準。他強調指出，該州需要更多適合那些剛開始職業生涯和家庭的人負擔得起的入門級住房。他描述了他和他的州如何做出顯著努力，消除或修改分區和時效限制，以吸引更多供應，這將有助於縮小供應缺口並幫助平衡供需。這是一個常見的說法。

The post-pandemic days of strong actionable demand driven by low interest rates are behind us. Initially, many in the housing market held on to the hope that the higher interest rates were temporary, expecting inflation to subside and rates to drift back to lower levels. However, this expectation has not materialized. Looking ahead, there is little evidence to support expectations of materially lower interest rates in the near term. As a result, elevated interest rates have solidified as the new normal.

疫情過後，低利率驅動的強勁可行需求時代已經過去。最初，許多房地產市場人士仍抱持希望，認為利率上升只是暫時的，預計通膨將會消退，利率將回落至較低水準。然而，這項期望並未實現。展望未來，幾乎沒有證據支持短期內利率大幅下降的預期。因此，高利率已成為新常態。

The environment is about recognizing that short supply is keeping prices higher and that only lower prices enabled by lower cost structures will define affordability. This trend has started with reducing margins and using incentives to enable affordability. But looking ahead, it is much more about transitioning to lower cost structures.

環境就是要意識到供應短缺導致價格居高不下，只有透過降低成本結構來實現更低的價格才能決定人們的負擔能力。這一趨勢始於降低利潤率並採用激勵措施來實現可負擔性。但展望未來，我們更需要轉型為更低成本的結構。

Against this backdrop, let me turn to Lennar's operating strategy. Our strategy is and has remained very clear. First, operationally, we are building and delivering consistent value by meeting the market at affordability and using volume, we push efficiencies through our platform. And second, financially, we are focused on driving an efficient asset-light, land-light balance sheet to effectively hold and develop our land assets and to build cash flow.

在此背景下，讓我來談談 Lennar 的營運策略。我們的策略一直非常明確。首先，在營運方面，我們透過以可負擔的價格滿足市場需求並利用數量來創造和提供一致的價值，並透過我們的平台提高效率。其次，在財務上，我們專注於推動高效的輕資產、輕土地資產負債表，以有效持有和開發我們的土地資產並建立現金流。

As I said earlier, we are not there yet but we are certain that we are finding a floor with margin and getting close to building it back even in a softer housing market environment. As the current market softness unfolded, we focus on consistent volume by matching our production pace with our sales pace. Although some have questioned why we have maintained volume rather than protect our margin, we are very clear and steadfast on our strategy.

正如我之前所說，我們還沒有達到這個目標，但我們確信，即使在較為疲軟的房地產市場環境下，我們也正在找到一個有利潤的底線，並且接近恢復成長。隨著當前市場疲軟的展開，我們專注於透過使生產速度與銷售速度相匹配來保持銷量的穩定。儘管有些人質疑我們為什麼要保持銷售而不是保護利潤率，但我們對我們的策略非常明確和堅定。

Historically, we protected margin as market conditions solved and we generally led the way in protecting short-term profitability. But we learned through those times that once we step backwards and lose momentum, it becomes increasingly more and more difficult to restart and recapture volume. The machine slows and does not restart easily.

從歷史上看，隨著市場狀況的改善，我們會保護利潤率，並且通常在保護短期盈利能力方面發揮領導作用。但我們從這些經歷中吸取了教訓，一旦我們退後一步並失去動力，重新開始並重新獲得銷售就會變得越來越困難。機器速度變慢且無法輕易重新啟動。

We have concluded that by maintaining volume, we can create new efficiencies and new solutions that are durable for the future and will result in meaningful long-term efficiencies in our cost structure. When we stop and pull back, the restart is difficult and expensive but even worse, we end up coming back as the exact same company we were before, with no significant changes for the future. Today, at Lennar, we are laser-focused on injecting technology-assisted solutions into our platform, with the expectation that we become meaningfully different and decidedly better.

我們得出的結論是，透過維持產量，我們可以創造新的效率和新的解決方案，這些效率和解決方案對未來具有持久性，並將為我們的成本結構帶來有意義的長期效率。當我們停下來並撤退時，重新開始會很困難且成本高昂，但更糟的是，我們最終會回到以前那個公司，未來不會發生任何重大變化。如今，在 Lennar，我們專注於將技術輔助解決方案注入我們的平台，期望我們能夠變得與眾不同、更加優秀。

We believe that with volume, we can design and engage real change that will produce significant recurring returns for years to come. It really comes down to using hard times to push, to force, and accomplish hard things. This is exactly what we're doing. As many know, we have spent considerable time working with, investing in, and exploring technology. And the general business community is consumed with the possibilities and opportunities enabled by modern technology.

我們相信，透過數量，我們可以設計和參與真正的變革，並在未來幾年產生顯著的經常性回報。這其實就是利用困難時期來推動、強迫並完成困難的事。這正是我們正在做的事情。眾所周知，我們花了大量時間研究、投資和探索科技。整個商業界都對現代科技帶來的可能性和機會充滿興趣。

We think about the extraordinary companies that remade their business by incorporating technology solutions into an older platform like Walmart or Home Depot. They invested heavily in their technology-enabled solutions and cemented themselves as industry leaders.

我們想到那些透過將技術解決方案融入沃爾瑪或家得寶等舊平台來重塑業務的傑出公司。他們在技術解決方案上投入了大量資金，鞏固了自己產業領先地位。

We believe in the virtues of technology solutions and the value and efficiency it can bring. We clearly believe that technology, properly configured, can enhance productivity. Today's technologies can and will, combined with extraordinary management teams, bring efficiencies that have never been seen before. We believe that productivity and efficiencies can be enhanced by orders of magnitude, when technology assistance solutions intersect with company-wide adoption.

我們相信技術解決方案的優點及其所能帶來的價值和效率。我們堅信，正確配置的技術可以提高生產力。現今的科技與卓越的管理團隊結合，能夠並且將會帶來前所未有的效率。我們相信，當技術援助解決方案與全公司範圍的採用相結合時，生產力和效率可以提高幾個數量級。

We have learned that modern technology is not plug and play. In order to get excellent product development and achieve adoption, it requires substantial monetary investment, management time, and widespread engagement. Additionally, it needs a lot of volume to run through the system for development and for A/B testing.

我們已經認識到，現代科技並不是即插即用的。為了獲得出色的產品開發並獲得採用，需要大量的資金投入、管理時間和廣泛的參與。此外，它需要大量的數據來運行系統以進行開發和 A/B 測試。

These solutions are very hard to create and even harder to incorporate into an organization that is accustomed to old ways and old habits. But we are certain that the returns on investment will be significant in both cost savings and efficiency in the way that we acquire and interact with our customers. This is why we are driving volume and focus on using that volume to enable unique Lennar technology-enabled solutions. I'll review some examples shortly.

這些解決方案很難創建，甚至很難融入習慣於舊方式和舊習慣的組織。但我們確信，無論是在成本節約方面，還是在獲取客戶和與客戶互動的方式的效率方面，投資回報都將是巨大的。這就是為什麼我們要推動銷量並專注於利用銷量來實現獨特的 Lennar 技術支援的解決方案。我很快就會回顧一些例子。

But first, let me briefly reflect on our second core strategy of driving an efficient asset-light, land-light balance sheet to efficiently hold and develop our land assets and build cash flow. As I noted last quarter, the Millrose spin was a critical part of our asset-light, land-light strategy but there is more to accomplish.

但首先，讓我簡要回顧我們的第二個核心策略，即推動高效的輕資產、輕土地資產負債表，以有效地持有和開發我們的土地資產並建立現金流。正如我上個季度所指出的，Millrose 分拆是我們輕資產、輕土地策略的關鍵部分，但我們還有更多工作要做。

The land strategy also benefits from our volume as greater predictable volume enables greater certainty for the capital market and will help build a more capital-efficient market for this very important part of our business. We are continuing to drive certainty with volume for our land bank partners. This will help ensure stability and dependability. In turn, that dependability will translate into certainty and predictability for Lennar.

土地策略也受益於我們的交易量，因為更大的可預測交易量為資本市場帶來了更大的確定性，並將有助於為我們業務中這一非常重要的部分建立一個資本效率更高的市場。我們將繼續為我們的土地儲備合作夥伴提供數量確定性。這將有助於確保穩定性和可靠性。反過來，這種可靠性將轉化為 Lennar 的確定性和可預測性。

Additionally, this part of our strategy also benefits from our technology-enabled solutions work as a technology-based administration system will enable efficiency at many levels. I will further address this shortly as well.

此外，我們策略的這一部分也受益於我們的技術支援解決方案，因為基於技術的管理系統將在多個層面提高效率。我很快也會進一步討論這個問題。

Now, let me turn to our results. As I noted earlier, we're quite pleased with the success embedded in our second -quarter results and accomplishments. In very complicated market conditions, Lennar associates have been executing our strategy, while learning and developing new technologies for our future. This is hard work. I thank them all for their amazing contribution to that future.

現在，讓我來談談我們的結果。正如我之前提到的，我們對第二季的業績和成就感到非常滿意。在非常複雜的市場條件下，萊納員工一直在執行我們的策略，同時為我們的未來學習和開發新技術。這是一項艱苦的工作。我感謝他們所有人為這個未來所做的傑出貢獻。

In our second quarter, we started over 24,000 homes, making up for last quarter's shortfall. We delivered over 20,000 homes and sold 22,601 homes. As mortgage interest rates moved higher for longer and consumer confidence declined, we continue to drive volume with our starts, while we incentivize sales to enable affordability. As a result, during the second quarter, sales incentives rose again to 13.3%, reducing our gross margin to 18%, excluding purchase accounting, as expected, on a lower-than-expected average sales price $389,000.

我們在第二季開始建造了超過 24,000 套房屋，彌補了上一季的缺口。我們交付了超過 20,000 套房屋，並售出了 22,601 套房屋。隨著抵押貸款利率長期走高以及消費者信心下降，我們繼續透過啟動來推動銷量，同時激勵銷售以實現可負擔性。結果，在第二季度，銷售獎勵再次上升至 13.3%，導致我們的毛利率降至 18%（不包括購買會計），這與預期一致，平均銷售價格低於預期，為 389,000 美元。

Our SG&A came in at 8.8%, which produced a net margin of 9.2% again, excluding purchase accounting. Our sales and delivery came within expectations, while we were able to grow our community count to 1,617 this quarter and we continue to be better positioned for the remainder of the year. We expect to deliver at the low end of our previously stated range of 86,000 to 88,000 homes in 2025.

我們的銷售、一般及行政費用為 8.8%，不包括購買會計，淨利率再次達到 9.2%。我們的銷售和交付符合預期，同時本季我們的社區數量增加到 1,617 個，我們在今年剩餘時間內繼續保持更好的定位。我們預計，2025 年交付的房屋數量將達到我們之前所述的 86,000 至 88,000 套的低端水平。

Looking ahead, I noted earlier that we believe that we starting to see a bottom in freefall, in our margins that started with a spike in interest rate, beginning in 2022. We are expecting our margin to begin to stabilize as we [reduce] volumes to work with our trade partners to reduce cost and build efficiency as affordability requires additional incentives. We have provided consistent volume to deliver consistent and even flow production to our trade partners so they can drive their own efficiency, drive down their cost, and deliver cost savings to us.

展望未來，我之前提到，我們相信從 2022 年開始，我們的利潤率將開始出現自由落體的底部，而這種底部的出現始於利率的飆升。我們預計，隨著我們減少產量，與貿易夥伴合作降低成本、提高效率，我們的利潤率將開始穩定，因為可負擔性需要額外的誘因。我們始終保持穩定的數量，為我們的貿易夥伴提供一致、甚至流暢的生產，這樣他們就可以提高自己的效率，降低成本，並為我們節省成本。

Accordingly, our construction costs have actually decreased over the past 2.5 years. As the markets have gotten even more difficult and given the continued deterioration in market conditions, we have put increasing pressure on our trade partners to force cost down further to push greater efficiency and to reduce their margins as well. As we participant in our construction cost ecosystem is benefitting from our volume commitment and is either working as a part of our strategy to find ways to build permanent models of efficiency or they'll just need to move on.

因此，我們的建築成本在過去兩年半實際上有所下降。由於市場變得更加困難，市場條件持續惡化，我們對貿易夥伴施加了越來越大的壓力，迫使他們進一步降低成本，以提高效率，並降低利潤率。由於我們建築成本生態系統的參與者正在受益於我們的數量承諾，因此他們要么作為我們策略的一部分來尋找建立永久效率模型的方法，要么他們只需要繼續前進。

We are concurrently using the consistent volume embedded in our program to work dynamically with our horizontal trade partners as well. By that, I mean the partners who put in the roads, water and sewer on each attractive land that we develop. They too are dependent on consistent volume to ensure that their investment in heavy equipment is continuously working. Idle equipment costs money with no income. Our focus on volume enables us to have conversations and build relationships that were impossible when the market was heated and strong.

我們同時使用程式中嵌入的一致交易量來與我們的橫向貿易夥伴進行動態合作。我指的是我們開發的每塊美麗土地上建造道路、水和下水道的合作夥伴。他們也依賴穩定的數量來確保其對重型設備的投資持續發揮作用。閒置的設備需要花錢，卻沒有收入。我們對交易量的關注使我們能夠進行對話並建立關係，這在市場火熱而強勁時是不可能的。

Given those initiatives, we look ahead to the third quarter of 2025. We expect that our margin will come in at approximately 18%, of course, depending on market conditions. We expect to sell between 22,000 and 23,000 homes and deliver between 22,000 and 23,000 homes. We expect our average sales price to be between $380,000 and $385,000 as we expect to continue to see pricing pressure on homes that will be sold during the quarter.

鑑於這些舉措，我們展望 2025 年第三季。我們預計利潤率將達到約 18%，當然，這取決於市場情況。我們預計將銷售 22,000 至 23,000 套房屋，並交付 22,000 至 23,000 套房屋。我們預計平均售價將在 38 萬美元至 38.5 萬美元之間，因為我們預計本季出售的房屋將繼續面臨定價壓力。

Nevertheless, we are focused on driving sales and closings and driving strong current cash flow even at reduced profitability. We are focused on maintaining properly-sized inventory within our two homes completed unsold per community level, per month, overall. So that if market conditions stabilize or improve, we will benefit. And if the market conditions soften, we are prepared.

儘管如此，即使在獲利能力下降的情況下，我們仍專注於推動銷售和成交，並推動強勁的當前現金流。我們專注於維持我們兩個住宅內每個社區級別、每月總體上未售出的適當規模的庫存。因此，如果市場狀況穩定或改善，我們將受益。如果市場狀況變得疲軟，我們已經準備好了。

We expect our overhead in the third quarter to continue to run on the high side at between 8% and 8.2% as we continue to invest in and evolve various Lennar technology-assisted solutions that will define our future. These initiatives have been and will continue to add SG&A as well as corporate G&A for some time to come as they represent a significant investment in our differentiated future.

我們預計第三季的管理費用將繼續保持在 8% 至 8.2% 的高位，因為我們將繼續投資和發展決定我們未來的各種 Lennar 技術輔助解決方案。這些舉措已經並將在未來一段時間內繼續增加銷售、一般和行政費用以及企業一般和行政費用，因為它們代表著對我們差異化未來的重大投資。

Let me give you some examples. You might remember the program that we once described at the Lennar machine. The machine, which is overseen by Ori Klein, Jeff Moses and Benoit, and they do an amazing job. It was and still is our primary digital marketing and customer acquisition product and it has become central to our overall marketing and sales efforts.

讓我給你舉幾個例子。您可能還記得我們曾經在 Lennar 機器上描述過的程式。這台機器由 Ori Klein、Jeff Moses 和 Benoit 負責監督，他們做得非常出色。它過去是、現在仍然是我們主要的數位行銷和客戶獲取產品，並且已成為我們整體行銷和銷售工作的核心。

It operates on a sales force backbone, which ingests data from across the Lennar sales landscape. The machine's components have become native to the Lennar way of selling. We have invested heavily in the future of this high technology program, which is designed to reduce our customer acquisition cost both internal and external and manage the dynamic pricing of our homes.

它以銷售隊伍為骨幹進行運作，從整個 Lennar 銷售領域獲取數據。該機器的組件已經成為 Lennar 銷售方式的本土組成部分。我們對這個高科技計畫的未來投入了大量資金，該計畫旨在降低我們內部和外部的客戶獲取成本並管理我們房屋的動態定價。

Perhaps most importantly, we are working closely with executives at Salesforce as well as our advisers at Mackenzie to evolve and design a Lennar agent force that we'll be able to quickly engage with customers in coordination with our sales team as well as independently in off hours. Our development of this tool requires significant data flow, and is another reason that we maintained our volume to continue to build our digital marketing and customer acquisition program.

或許最重要的是，我們正在與 Salesforce 的高管以及 Mackenzie 的顧問密切合作，以發展和設計一支 Lennar 代理隊伍，以便我們能夠與我們的銷售團隊協調並在下班時間獨立地與客戶快速互動。我們開發這個工具需要大量的資料流，這也是我們保持資料量以繼續建立我們的數位行銷和客戶獲取計劃的另一個原因。

Another example is in the [Land Arena]. We are at the front end of developing a technology-driven land management system in cooperation with the team at Palantir. Our Lennar interface with Palantir is Yen Liu, who is driving that innovation. We -- as we developed our essential housing and Millrose business engagement, we knew that asset light and land light wasn't enough. Off-balance sheet acquired land with just-in-time delivery of home sites can potentially harbor inefficiency.

另一個例子是【陸地競技場】我們正與 Palantir 團隊合作開發技術驅動的土地管理系統。我們的 Lennar 與 Palantir 介接是 Yen Liu，他正在推動這項創新。當我們發展基本住房和 Millrose 業務時，我們知道輕資產和輕土地是不夠的。透過資產負債表外收購的土地以及及時交付的住宅用地可能會造成效率低下。

The day-to-day administration from purchasing land to the development of that land and to the delivery of developed homesites is being crafted with a state-of-the-art high technology-enabled program. This system will help manage every part of the land and land capital relationship and journey. Of course, in order to execute, it requires money, overhead, executive management time and attention and substantial volume running through the system that will enable this system to properly evolve.

從購買土地到開發土地，再到交付已開發的住宅用地，日常管理都由最先進的高科技程序進行。該系統將有助於管理土地和土地資本關係和旅程的各個部分。當然，為了執行，它需要資金、管理費用、高管的時間和關注以及通過系統的大量運行，以使系統能夠正常發展。

Finally, in July, we will execute, wish us luck, the two year transition of our ERP system to JD Edwards E1 system. This has been a massive undertaking by the extraordinary Lennar professionals in our IT group that was led by Scott Spradley until his retirement a few weeks ago, and to be transitioned by his leadership, Thor, Lee and Jason. You guys know who you are, who are ready to complete this rather complex feat.

最後，我們將在 7 月執行從我們的 ERP 系統到 JD Edwards E1 系統的為期兩年的過渡，祝我們好運。這是我們 IT 團隊中傑出的 Lennar 專業人員的一項艱鉅任務，該團隊由 Scott Spradley 領導，直到幾週前他退休，並由他的領導 Thor、Lee 和 Jason 接手。你們知道自己是誰，你們已經準備好完成這項相當複雜的壯舉。

Through the -- although this is really considered just a technical transition, it will enable our combined team of the IT leadership group and Diane Bessette, our Chief Financial Officer to begin on modernization of our entire financial platform from the main office to the field. Many of you might have noticed that we at Lennar get prepared fairly quickly to report earnings. The reality is that we close our books within three days of quarter end, we have a full numbers package three days later, and we have a complete forecast three days after that.

通過——儘管這實際上被認為只是技術轉型，但它將使我們的 IT 領導團隊和財務長 Diane Bessette 的聯合團隊能夠開始對我們從總部到現場的整個財務平台進行現代化改造。你們中的許多人可能已經注意到，我們 Lennar 很快就做好了報告收益的準備。實際情況是，我們在季度結束後三天內結帳，三天後我們會得到完整的數據，三天後我們會得到完整的預測。

The good news is that we could report earnings on the tenth day after the quarter end. The bad news is that this extraordinary time frame is handled with limited automation that has been limited by our old school ERP. David Collins really lead this effort. Our financial team does an exceptional job but they will be truly supercharged and capable of much more as we get these processes automated, and we will.

好消息是我們可以在季度結束後的第十天報告收益。壞消息是，這個特殊時間範圍的處理只能依靠有限的自動化，而這已經受到我們舊式 ERP 的限制。大衛柯林斯 (David Collins) 確實領導了這項工作。我們的財務團隊做得非常出色，但隨著我們實現這些流程的自動化，他們的能力將會增強，能夠做更多的事情，我們也一定會這樣做。

So in conclusion, let me say that while this has been a constructive quarter for Lennar, and while the short-term road ahead might seem choppy, we are very optimistic about our future. We are well aware that our numbers this quarter aren't where we would like them to be, but neither is the market. And this is a tough time to be spending heavily on innovation, but we are. This has been an important quarter for Lennar, and we couldn't be prouder of the work and dedication of our extraordinary associates who work together to make it all happen. Together, we have upgraded the financial and operating platforms as we drove production and sales.

總而言之，我想說，雖然這對 Lennar 來說是一個建設性的一個季度，儘管短期內前方的道路可能看起來並不平坦，但我們對未來非常樂觀。我們很清楚本季的業績沒有達到我們的預期，但市場也是如此。雖然現在在創新上投入大量資金是困難時期，但我們還是這麼做了。對 Lennar 來說，這是一個重要的季度，我們為所有共同努力實現這一目標的傑出同事的工作和奉獻精神感到無比自豪。我們在推動生產和銷售的同時，也升級了財務和營運平台。

We are well prepared with a strong and growing national footprint, growing community count and growing volume. We have continued to drive production to meet the housing shortage that we all know persists across our markets. And we have driven growth, production and volume, we have positioned our company to evolve and create efficiencies and technology that will make us a better company and built for the future.

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數量。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。我們推動了成長、生產和產量，我們將公司定位為不斷發展、創造效率和技術，這將使我們成為一家更好的公司並為未來而建。

Perhaps most importantly, our strong balance sheet and even stronger land banking relations and soon our technology-enabled solutions will afford us flexibility and advantaged opportunity to consider and execute on strategic growth for our future as well. In that regard, we will focus on our manufacturing model and continue to use our land partnerships to grow with a focus on high returns on capital and equity. Lennar is extremely well positioned for the future and we look forward to keeping you up to date on our progress.

或許最重要的是，我們強大的資產負債表、更強大的土地銀行關係以及即將推出的技術支援解決方案將為我們提供靈活性和有利機會，以考慮和執行未來的策略成長。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，重點是高資本和股權回報。Lennar 已為未來做好了充分準備，我們期待隨時向您通報我們的進展。

And with that, let me turn it over to Jon.

現在，讓我把麥克風交給喬恩。

Thank you, and good morning, everyone. Stuart has described in detail the why and how behind our strategy of being a consistent high-volume, technology-enabled homebuilding manufacturer and our commitment to execute that strategy. We strongly believe this strategy will produce greater efficiencies and drive down costs throughout our platform. I'll further review this as I discuss our performance on sales pace, cost and cycle type reductions and the execution of our asset-light land strategy for the second quarter.

謝謝大家，早安。史都華詳細描述了我們成為一家始終如一、產量高、技術支援的房屋建築製造商的策略背後的原因和方式，以及我們執行該策略的承諾。我們堅信這項策略將提高整個平台的效率並降低成本。當我討論我們在第二季的銷售速度、成本和週期類型減少以及輕資產土地策略的執行情況時，我將進一步回顧這一點。

Our sales pace for the second quarter was 4.7 homes per community per month, in line with our sales plan. The well-documented softness of the spring selling season that showed the impact of affordability challenges driven by higher interest rates and elevated home prices along with the uncertainty associated with the macro environment. As the market softened, we leaned into our people and processes, define market and maintain sales pace. This involves the rigor of a daily review of marketing and sales data to make needed adjustments.

我們第二季的銷售速度為每個社區每月 4.7 套房屋，符合我們的銷售計劃。春季銷售旺季的疲軟表現有目共睹，顯示利率上升、房價上漲以及宏觀環境的不確定性帶來了負擔能力挑戰。隨著市場疲軟，我們依靠人員和流程來定義市場並保持銷售速度。這涉及嚴格審查每日行銷和銷售數據以做出必要的調整。

Based on a real-time analysis of traffic, sales, sales pace and inventory, we would even make no adjustments to prices, increased incentives or decrease incentives. This is powered by some of the technology that Stuart referenced as we've added new automated pricing capabilities to Lennar Machine. This particular technology analyzes all of this marketing and sales data and provides pricing recommendations. It is in its early stages, but we're encouraged thus far.

透過對客流量、銷售、銷售速度、庫存等即時分析，我們甚至會不調整價格、增加激勵措施或減少激勵措施。這是由 Stuart 提到的一些技術提供支援的，因為我們為 Lennar Machine 添加了新的自動定價功能。這項特殊技術可以分析所有行銷和銷售數據並提供定價建議。雖然目前還處於早期階段，但到目前為止我們感到很鼓舞。

We continuously make pricing adjustments with the goal of ending the week with both the targeted number of sales and with a focus on selling our completed or suite-related inventory. If any community falls short of these goals at any given week, analysis of the data provides us, of course, correcting actions. By hearing to this discipline, we ended the quarter well positioned with an average of under two uncompleted -- two unsold completed homes per community. All of the markets we operate in experienced some level of softening.

我們不斷調整價格，目標是在本週結束時達到目標銷售數量，並專注於銷售已完成或與套房相關的庫存。如果任何社區在某一周未能實現這些目標，數據分析當然可以為我們提供糾正措施。透過聽取這項原則，我們在本季結束時處於有利地位，平均每個社區有不到兩套未完工的房屋——兩套未售出的已完工房屋。我們經營的所有市場都經歷了一定程度的疲軟。

Even in our strongest performing markets, buyers needed the assistance of incentives. Incentives while vary across the different markets, were primarily in the form of assistance with mortgage rate items. The markets that experienced more challenging conditions during the quarter were the Pacific Northwest markets of Seattle and Portland, the Northern California markets of the Bay area in Sacramento, the Southwestern market of Phoenix, Las Vegas and Colorado and some Eastern markets such as Raleigh, Atlanta and Jacksonville. These markets experienced sensitivity to higher home prices and or the macro impact on the technology workforce.

即使在我們表現最強勁的市場中，買家也需要激勵措施的幫助。雖然不同市場的誘因有所不同，但主要都是以抵押貸款利率援助的形式。本季遭遇更大挑戰的市場包括西雅圖和波特蘭的太平洋西北市場、薩克拉門托灣區的北加州市場、菲尼克斯、拉斯維加斯和科羅拉多的西南市場以及羅利、亞特蘭大和傑克遜維爾等一些東部市場。這些市場對房價上漲或技術勞動力受到的宏觀影響十分敏感。

Turning to the production side of operations. As Stuart highlighted, achieving construction efficiencies with the goal of our production first strategy. Our start pace in the second quarter was 5.1 homes per community per month providing meaningful volume to the supply chain, which is critical to accomplishing our mission of lowering cost and cycle times.

轉向營運的生產方面。正如史都華所強調的，我們的目標是實現生產第一戰略的施工效率。我們第二季的啟動速度是每個社區每月 5.1 戶，為供應鏈提供了有意義的數量，這對於實現我們降低成本和週期時間的使命至關重要。

Achieving these goals is measured by reducing costs across our entire platform. The proper execution of this strategy will deliver savings in direct construction, land development, land acquisition, indirect cost and SG&A. Volume and importantly, consistent even flow volume along with efficient-to-build plans and digitally enabled scheduling and quality control processes all drive cost savings.

實現這些目標的衡量標準是降低整個平台的成本。正確執行此策略將節省直接建設、土地開發、土地收購、間接成本和銷售、一般及行政費用。數量，以及重要的是一致均勻的流量，以及高效的建設計劃和數位化調度和品質控制流程都可以節省成本。

Our commitment to this consists volume means our trades can drive down their own cost structure as well as work successfully on lower margins, allowing us to stabilize and ultimately grow our margins. The cost reduction discussions with our supply chain are grounded in both the recognition that our consistent volume and market conditions require a recalibration of cost.

我們對此數量的承諾意味著我們的交易可以降低自身的成本結構，並在較低的利潤率下成功運作，從而使我們能夠穩定並最終提高利潤率。我們與供應鏈進行的成本削減討論是基於這樣的認知：我們穩定的數量和市場條件要求重新調整成本。

Direct construction costs in the second quarter were lower sequentially by 1.5% from Q1 and on a year-over-year basis by 3.5% to our lowest direct construction costs since Q3 of 2021. This trend will continue into our third and fourth quarters. Another benchmark of efficiency is our cycle time. Our second quarter cycle time decreased by five days sequentially from Q1 down to 132 calendar days on average for single-family detached homes. This is an 18-day or 12% decrease year-over-year and is lower than pre-pandemic cycle times. We expect to see continued improvement in cycle time as well throughout our third and fourth quarters.

第二季直接建築成本季減 1.5%，年減 3.5%，達到 2021 年第三季以來的最低直接建築成本。這一趨勢將持續到第三季和第四季。效率的另一個基準是我們的週期時間。我們第二季的週期時間比第一季減少了 5 天，對於獨棟住宅而言，平均週期時間為 132 個日曆日。與去年同期相比，這一數字減少了 18 天，即 12%，並且低於疫情前的周期時間。我們預計第三季和第四季的周期時間也將繼續改善。

Our operating strategy is also resulting in reductions in land development costs and in restructuring land acquisitions. As Stuart noted, our consistent volume comes into play as it provides the consistent and predictable work to the land development contractors to depend on utilization of heavy equipment. Similarly, the consistent and dependable takedown of land in a slowing macro environment allows for the proper alignment of timing of land closing and a recalibration of the purchase price of land.

我們的經營策略也降低了土地開發成本並重組了土地收購。正如史都華所指出的，我們穩定的數量發揮了作用，因為它為土地開發承包商提供了一致且可預測的工作，使其能夠依賴重型設備的利用。同樣，在宏觀經濟環境放緩的情況下，持續可靠的土地收購可以實現土地成交時間的合理調整和土地購買價格的重新調整。

With respect to the question regarding tariffs. Consistent with our commentary last quarter, we have had no impact to date to our costs from tariffs. We work closely with the supply chain to prepare for alternative sourcing if it becomes necessary as well as the expectation that our trade partners will work with us to mitigate and offset cost impacts should they present themselves.

關於關稅問題。與我們上個季度的評論一致，迄今為止，關稅對我們的成本沒有影響。我們與供應鏈密切合作，為必要時的替代採購做好準備，並期望我們的貿易夥伴與我們合作，以減輕和抵消可能出現的成本影響。

As Stuart addressed, we are able to provide further details, we continue to execute on our asset-light strategy. We ended the quarter with our supply of owned homesites improving to 0.1 years, down from 1.2 years a year ago and controlled home site percentage increasing to 98% from 79% a year ago. During the quarter, land banks acquired a harbor half of about 17,000 home sites from about $1.4 billion and a commitment of about $2.1 billion in land development.

正如史都華所說，我們可以提供進一步的細節，我們將繼續執行我們的輕資產策略。本季末，我們自有住宅用地供應量從一年前的 1.2 年提高至 0.1 年，而自有住宅用地百分比從一年前的 79% 提高至 98%。本季度，土地銀行以約 14 億美元收購了港口約 17,000 個住宅用地，並承諾投資約 21 億美元進行土地開發。

We purchased during the quarter from our various land bank partners, almost 22,000 finished homesites for about $2.7 billion. The cost and processes in and around land banking provide another area for efficiencies, as Stuart discussed. Our focus on the coordination between land sellers and land banks of just-in-time land acquisitions with the commencement of land development. Our consistent volume provides the opportunity for processes and technologies that will lead to cost reductions. These improvements in execution of all of our operating strategies enable capital and production efficiencies, leading to an improved inventory churn, which now stands at 1.8 versus 1.6 last year, a 13% improvement.

本季度，我們從各個土地儲備合作夥伴處購買了近 22,000 處已建成的住宅用地，價值約 27 億美元。正如史都華所討論的，土地儲備及其周圍的成本和流程為提高效率提供了另一個領域。我們專注於協調土地賣家和土地銀行之間的即時土地收購和土地開發的開始。我們穩定的數量為降低成本的流程和技術提供了機會。我們所有營運策略執行的改進提高了資本和生產效率，從而改善了庫存週轉率，目前為 1.8，而去年為 1.6，改善了 13%。

In our third quarter, we will continue to focus on meeting our planned sales pace, while intensifying our efforts to reduce costs and maximize efficiencies across our operating platform. I want to thank all of our Lennar associates for their hard work, focus and dedication for the work accomplished in our second quarter and for the hard work that lies in front of us.

在第三季度，我們將繼續專注於實現計劃的銷售速度，同時加強降低成本並最大限度地提高整個營運平台的效率。我要感謝所有 Lennar 員工的辛勤工作、專注和奉獻，為我們在第二季度完成的工作以及我們面臨的艱苦工作做出了貢獻。

And now I'll turn it over to Diane.

現在我將把發言權交給黛安。

Thank you, Jon, and good morning, everyone. Stuart and Jon have provided a great deal of color regarding our operating performance. So therefore, I'm going to spend a few minutes on the results of our financial services operation, summarize our balance sheet highlights and then provide estimates for the third quarter.

謝謝你，喬恩，大家早安。史都華和喬恩為我們的經營業績提供了大量資訊。因此，我將花幾分鐘時間介紹我們的金融服務營運結果，總結我們的資產負債表重點，然後提供第三季的預測。

So starting with Financial Services. For the second quarter, our financial services team had operating earnings of $157 million. The strong earnings were primarily from our mortgage business and were driven by a higher profit per loan as a result of higher secondary margins and also due to a higher capture rate. The financial services team is intensely dedicated to providing a great customer experience for each homebuyer and has created a true partnership with our homebuilding team to best accomplish that goal. Our [LSS] teams together with our homebuilding divisions are truly one Lennar.

因此從金融服務開始。第二季度，我們的金融服務團隊的營業收入為 1.57 億美元。強勁的獲利主要來自於我們的抵押貸款業務，這是由於二級利潤率較高以及捕獲率較高導致每筆貸款的利潤較高所致。金融服務團隊致力於為每位購屋者提供卓越的客戶體驗，並與我們的房屋建築團隊建立了真正的合作關係，以最好地實現這一目標。我們的 [LSS] 團隊和我們的房屋建築部門共同構成了真正的 Lennar。

Turning to our balance sheet. This quarter, once again, we were highly focused on generating cash by pricing homes to market conditions. The result of these actions was that we ended the quarter with $1.2 billion of cash and $5.4 billion of total liquidity. We are now positioned as a land light, lower-risk manufacturing homebuilder. Our year supply of owned homesites was 0.1 years, as Jon noted, and our homesites control percentage was 98%. We ended the quarter owning 12,000 home sites and controlling 520,000 homesites for a total of 532,000 homesites.

轉向我們的資產負債表。本季度，我們再次高度專注於根據市場情況對房屋進行定價來獲取現金。這些行動的結果是，我們在本季結束時擁有 12 億美元的現金和 54 億美元的總流動資金。我們現在的定位是輕土地、低風險的製造型住宅建築商。正如喬恩所說，我們擁有的宅基地年供應量為 0.1 年，而我們的宅基地控制百分比為 98%。截至本季末，我們擁有 12,000 個住宅站點，控制 520,000 個住宅站點，總計 532,000 個住宅站點。

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. With our focus on returns, we are pleased that our inventory turn increased to 1.8 times with a solid return on inventory of 27%. As we stated in the past, we balance margins and asset turnover as both contribute to higher returns.

我們相信，這一系列住宅用地為我們提供了強大的競爭地位，使我們能夠以資本高效的方式繼續擴大市場份額和規模。由於我們注重回報，我們很高興看到庫存週轉率提高到 1.8 倍，庫存回報率達到 27%。正如我們過去所說，我們平衡利潤率和資產週轉率，因為兩者都有助於獲得更高的回報。

During the quarter, we started approximately 24,200 homes and ended the quarter with approximately 42,100 homes in inventory. This inventory number includes 2,900 homes that were completed unsold, which as noted, is under two homes per community and continues to be within our historical range. Turning to our debt position. We opportunistically raised $700 million in senior notes at 5.2% due in July 2030. We primarily used the proceeds to pay off $500 million of senior notes that matured in May. As a result, our homebuilding debt to total capital was 11% at quarter end. Our net debt maturity of $400 million is not due until June of 2026.

本季度，我們開工建造了約 24,200 套房屋，本季末庫存房屋約為 42,100 套。該庫存數量包括 2,900 套已完工但未售出的房屋，如上所述，每個社區的庫存量不到兩套，並且仍在我們的歷史範圍內。談談我們的債務狀況。我們抓住機會，發行了 7 億美元的優先票據，票面利率為 5.2%，到期日為 2030 年 7 月。我們主要用所得款項償還 5 月到期的 5 億美元優先票據。因此，本季末我們的房屋建築債務佔總資本的比率為 11%。我們的 4 億美元淨債務將於 2026 年 6 月到期。

Consistent with our commitment to increasing shareholder returns, we repurchased $4.7 million of our outstanding shares for $517 million, and we paid dividends totaling $134 million. Our stockholders' equity was just under $23 billion our book value per share was about $87. In summary, the strength of our balance sheet provides us with confidence and financial flexibility as we progress through the balance of 2025.

為了履行我們提高股東回報的承諾，我們以 5.17 億美元回購了 470 萬美元的流通股，並支付了總計 1.34 億美元的股息。我們的股東權益略低於 230 億美元，每股帳面價值約 87 美元。總而言之，我們強勁的資產負債表為我們在 2025 年取得進展提供了信心和財務靈活性。

With that brief overview, I'd like to turn to Q3 and provide some guidance estimates. Starting with new orders. We expect Q3 new orders to be in the range of 22,000 to 23,000 homes as we matched production and sales pace. We anticipate our Q3 deliveries to also be in the range of 22,000 to 23,000 homes with a continued focus on turning inventory into cash.

透過這個簡要概述，我想轉向第三季並提供一些指導估計。從新訂單開始。由於生產和銷售速度相匹配，我們預計第三季新訂單將在 22,000 至 23,000 套之間。我們預計第三季的交付量也將在 22,000 至 23,000 套之間，並繼續致力於將庫存轉化為現金。

Our Q3 average sales price on those deliveries should be about 380,000 to 385,000 and gross margin should be approximately 18% as we continue to price to market and use incentives to enable our customers to attain affordable homes. Our SG&A percentage should be in the range of 8% to 8.2%, impacted by our continued investment in technology solutions. All of these metrics, of course, are dependent on market conditions.

由於我們將繼續按市場定價並使用激勵措施來幫助我們的客戶獲得負擔得起的住房，因此我們第三季度這些交付的平均銷售價格應約為 380,000 至 385,000，毛利率應約為 18％。受我們對技術解決方案的持續投資的影響，我們的銷售、一般及行政費用百分比應在 8% 至 8.2% 之間。當然，所有這些指標都取決於市場條件。

For the combined homebuilding joint venture land sales and other categories, we expect a loss of about $25 million. We anticipate our financial services earnings to be approximately $175 million to $180 million. For our multifamily business, we expect a loss of about $40 million, as we continue to strategically monetize assets to generate higher returns. So turning to Lennar Other, we expect a loss of $35 million, excluding the impact of potential mark-to-market adjustments to our public technology investments.

對於合併後的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 2500 萬美元。我們預計金融服務收益約為 1.75 億美元至 1.8 億美元。對於我們的多戶型業務，我們預計損失約為 4000 萬美元，因為我們將繼續策略性地將資產貨幣化以產生更高的回報。因此，談到 Lennar Other，我們預計損失為 3500 萬美元，這還不包括我們公共技術投資的潛在按市價調整的影響。

Our Q3 corporate G&A should be about 1.8% of total revenues, and our foundation contribution should be based on $1,000 per home delivery. We expect our Q3 tax rate to be approximately 25.3% and the weighted average share count should be approximately 257 million shares. And so on a combined basis, these estimates should produce an EPS range of approximately $2 to $2.20 per share for the quarter.

我們第三季的公司一般行政費用應佔總收入的 1.8% 左右，而我們的基金會捐款應以每次送貨上門 1,000 美元為基礎。我們預計第三季稅率約為 25.3%，加權平均股數約為 2.57 億股。因此，綜合起來，這些估計值應該會產生本季每股收益約為 2 美元至 2.20 美元的範圍。

In conclusion, I, like Stuart and Jon would like to say thank you to the financial teams in our division and in our corporate office. You bring an incredible amount of dedication to the table each and every day, and it is greatly appreciated.

最後，我和史都華、喬恩一樣，想向我們部門和公司辦公室的財務團隊表達感謝。您每天都付出了令人難以置信的奉獻，我們對此深表感謝。

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

說完這些，讓我把麥克風交給操作員。

(Operator Instructions)

（操作員指示）

Alan Ratner, Zelman & Associates.

艾倫·拉特納（Alan Ratner），澤爾曼與合夥人公司。

Thank you for all the details so far. Very helpful. A lot to touch on here. But I think, first, maybe if we could just chat a little bit about the consumer and what you're seeing there. I know, Stuart, you went into a lot of detail about the overall demand environment. But we've been getting a lot of questions, hearing a lot of concerns, reading headlines about just the overall quality of the consumer today and some headlines about student loan. For example, that's beginning to impact some credit scores and just overall kind of stretched kind of quality there.

感謝您提供迄今為止的所有詳細資訊。非常有幫助。這裡有很多內容需要討論。但我認為，首先，我們可以稍微聊聊消費者以及您所看到的情況。斯圖爾特，我知道你對整體需求環境進行了非常詳細的介紹。但是，我們收到了很多問題，聽到了很多擔憂，並讀到了一些關於當今消費者整體素質的頭條新聞以及一些關於學生貸款的頭條新聞。例如，這開始影響一些信用評分以及整體品質的提高。

So have you seen any dramatic shifts year-to-date in terms of credit quality or just the overall ability for consumers to purchase homes? Or has this been kind of just a slow steady grind over the last few years given affordability constraints?

那麼，您是否看到今年迄今為止信貸品質或消費者購房整體能力方面發生了任何顯著變化？或者說，由於承受能力的限制，過去幾年來這只是一個緩慢而穩定的進程？

Look, I'm just going to say, generally -- and I'm going to turn it over to Bruce for a second. But just generally speaking, the market has definitely softened or continue to soften. New normal interest rates are higher, but more importantly, consumer confidence has started to wane a little bit. In our last earnings call, I did talk about the fact that we are seeing higher debt levels in some of our loan applications and that, too, is starting to weigh in on the market. Bruce, maybe you could give some more color.

你看，我只是想說，一般來說——然後我將把它交給布魯斯一會兒。但總體來說，市場肯定已經走軟或繼續走軟。新常態下的利率較高，但更重要的是，消費者信心開始減弱。在我們上次的收益電話會議上，我確實談到了這樣一個事實：我們的一些貸款申請中的債務水平正在上升，而且這也開始對市場產生影響。布魯斯，也許你可以給出更多的顏色。

Sure. From a credit perspective, if you're thinking about credit scores, it's been very consistent. What we are seeing though is a little bit of a shift to more government loans, which helps with the ratios for some people that don't qualify. So our government loans were up from 40% to last year. to about 48% in the second quarter of this year. So that's the one noticeable difference. You also brought up student loans, but people do have to qualify assuming the student debt. So we haven't really seen any shift there with any changes with student loans at this point.

當然。從信用角度來看，如果你考慮信用評分，它一直非常一致。不過，我們看到的是政府貸款略有增加，這有助於提高一些不符合資格的人的貸款比例。因此，我們的政府貸款從去年的 40% 上升到今年第二季的 48% 左右。這就是一個明顯的差異。您還提到了學生貸款，但人們確實必須有資格承擔學生債務。因此，目前我們還沒有看到學生貸款有任何變化。

Second question on the -- just overall, I guess, price elasticity in the market, Stuart, obviously, with the Machine and your ability to flex incentives to maintain a targeted sales pace impressive results there. I'm just curious across your portfolio. Do you feel like there are any markets right now that don't really have elasticity and demand, meaning incentives it doesn't really matter how high you take them, you're struggling to achieve a certain targeted pace. And as a result, you've dialed back the production? Or would you say across the board, there is a market clearing price. It's just a matter of finding what that level is to achieve the targeted absorption?

第二個問題是──斯圖爾特，我猜總體而言，市場價格彈性很大，顯然，有了機器和你靈活運用激勵措施來保持目標銷售速度的能力，取得了令人印象深刻的成果。我只是對您的投資組合感到好奇。您是否覺得現在有些市場實際上缺乏彈性和需求，這意味著激勵措施無論您將它們帶到多高都無濟於事，您都在努力實現一定的目標速度。因此，你們就減少了產量嗎？或者你會說，總體而言，有一個市場清算價格。這只是一個找到達到目標吸收水準的問題？

So I'll just say quickly and then turn it over to Jon that -- as you know, Alan, we are on top of these numbers, our divisions, our regions every day. And I would say that you do see somewhat of a rotation where one week it's one market and one week, it's another where the question of elasticity is raised and challenged, and it's a real ebb and flow market out there that moves around. Jon?

所以我只想快速說一下，然後把它交給喬恩——正如你所知，艾倫，我們每天都關注這些數字、我們的部門、我們的地區。我想說的是，你確實會看到某種程度的輪換，一周是一個市場，一周又是另一個市場，彈性問題被提出並受到挑戰，這是一個真正的起伏不定的市場。喬恩？

I completely agree with that, Stuart. It's nothing you can point to where you say this market is behaving consistently in a different direction. As I highlighted some of the markets that are harder to find that pace. As I said, it's in part driven by perhaps where pricing is and particularly tech workers who are foreign check workers just the uncertainty around that. in combination, you tend to see a bigger impact. But that also tends to be very community-specific, and we make the adjustments.

我完全同意這一點，斯圖爾特。你無法指出任何跡象表明這個市場正在朝著不同的方向持續發展。正如我所強調的一些更難找到這種步伐的市場。正如我所說，這在一定程度上可能是由定價以及特別是外國技術工人（檢查工人）的不確定性所驅動。綜合起來，你往往會看到更大的影響。但這也往往與社區息息相關，我們會做出調整。

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

Appreciate all the color as always. I guess last quarter, we discussed your view that long-term normalized operating margins before corporate expense were like in the mid to high teens and that you could be nimble in adjusting your operations to a lower level of volume if you needed to. You made clear today, again, you're definitely committed to driving volume-based efficiencies.

一如既往地欣賞所有的色彩。我想上個季度我們討論了您的觀點，即扣除公司費用之前的長期正常營業利潤率大約在十五六到十五六左右，如果需要的話，您可以靈活地將運營調整到較低的水平。您今天再次明確表示，您絕對致力於提高基於數量的效率。

But based on the third quarter order guide, it looks like maybe you are tweaking down volume a little bit and your comments there just in response to Alan, it sounds like maybe some markets where there's an inelasticity of demand, you sort of tweaking volume down a bit. So I'm just wondering, first of all, to make sure that I heard that correctly. I also noticed you didn't really give -- I didn't hear it at least a full year volume guide.

但根據第三季的訂單指南，看起來您可能正在稍微調整交易量，而您的評論只是為了回應艾倫，聽起來也許在某些需求缺乏彈性的市場，您會稍微調整交易量。所以首先，我只是想知道我是否聽對了。我還注意到你並沒有真正給出——我沒有聽到至少全年的銷售指南。

So my question basically is could you talk a little bit about how you see the overall level of volume for -- on an annualized kind of basis? Has it changed in the last few months? And is there some sort of a metaphorical line in the sand for either volume or margins that is worth talking about in addition to the sort of the long-term normalized level? Is there like a bottom line or a bottom or floor level that's worth talking about?

所以我的問題基本上是，您能否談談您如何看待年度化整體交易量水準？過去幾個月有變化嗎？除了長期正常化程度之外，是否還存在某種值得討論的關於交易量或利潤的隱喻線？是否存在值得討論的底線或底部或最低水平？

So that's a number of questions in one. Let me clear up, Steve, that in my comments, I did say that we are still expecting for the full year to hit the bottom of the range that we previously articulated of 86,000 to 88,000 homes. So we did detail that.

所以這是一個包含多個問題的問題。史蒂夫，讓我澄清一下，在我的評論中，我確實說過，我們仍然預計全年住房數量將達到我們之前所確定的 86,000 至 88,000 套的最低水平。所以我們確實詳細說明了這一點。

I think that we're remaining consistent, and we're focusing on driving volume, but we're not trying to break anything. This is a day-by-day kind of program of working with market conditions. And what we're doing is adjusting pricing using incentives to meet the market at affordability. And at the same time, we were working with cost structure to say, okay, the market is going to be able to afford X. Now we've got to be able to build something that is market desirable at a cost structure that enables us to make a responsible margin.

我認為我們會保持一致，並專注於推動銷量，但我們不會試圖打破任何東西。這是一種根據市場情況而製定的日常計劃。我們正在採取的措施是利用激勵措施調整價格，以滿足市場可負擔的價格。同時，我們正在研究成本結構，以便確定市場能夠負擔得起 X。現在，我們必須能夠以一定的成本結構打造出市場所需的產品，從而使我們能夠獲得負責任的利潤。

Is there a breaking point? I don't think so, Steve. I think that we're really focused on saying the market is going to be where it's going to be. And that interest rates -- the interest rate is part of the affordability program. We're going to have to find a way. The challenge for the industry is going to be to find a way to build a cost structure and take inefficiencies out of our system build that cost structure, housing that the market can afford. At the end of the day, this conundrum that you've got a supply shortage and demand challenged at the affordability level, I tried to really highlight that. It's not something that we've really seen before. And so the market needs supply, it needs supply at a cost structure where we can make a margin and where the customer can afford. And that's what we're driving towards with everything that we're doing.

是否存在一個臨界點？我不這麼認為，史蒂夫。我認為我們真正關注的是市場將會處於其應有的位置。而且利率——利率是可負擔性計劃的一部分。我們必須找到辦法。該行業面臨的挑戰是找到一種方法來建立成本結構並消除系統中的低效率，建立市場負擔得起的成本結構和住房。歸根結底，我試圖強調這個難題：供應短缺，需求在可負擔水平上受到挑戰。這並不是我們以前真正見過的東西。因此市場需要供應，需要以我們可以賺取利潤並且客戶可以承受的成本結構進行供應。這正是我們所做的一切努力的目標。

I think you said it very well, Stuart. As I highlighted in those markets that have some more challenges, Steve, it's exactly as Stuart said, we are finding our way to a recalibrated cost structure to meet that demand. The demand is there, and it is just challenged as we all know. So it's up to us to do the hard work to figure out how to provide pricing with our homes that is actionable for those consumers.

我認為你說得很好，史都華。正如我在那些面臨更多挑戰的市場中所強調的那樣，史蒂夫，正如史都華所說的那樣，我們正在尋找重新調整成本結構的方法以滿足這種需求。需求是存在的，眾所周知，它只是面臨挑戰。因此，我們必須努力研究如何為我們的房屋提供適合消費者的定價。

Yes. And obviously, a lot of that is just good old blocking and tackling and making sure you're sharing the pain with all of your partners who are benefiting from your volume. But you also talked intriguingly, Stuart, at length about technology and the major productivity gains you anticipate from technology. And you made clear that you felt like you weren't quite there yet. And so what I wanted to clarify is, is the gap, is it one of know-how and time? Or do you think that you actually need to have a higher level of volume than you have today in order to capture and optimize those productivity gains?

是的。顯然，其中許多只是老式的阻擋和鏟球，並確保你與所有從你的音量中受益的伙伴分擔痛苦。但是斯圖爾特，您也非常有意思地詳細談論了技術以及您預期技術將帶來的巨大生產力提升。而您明確表示您感覺自己還沒有達到那個程度。所以我想澄清的是，差距是技術和時間的差距嗎？或者您認為您實際上需要比現在更高的產量才能獲得併優化這些生產力收益？

It's a really important question. Let me first say, I don't think -- I think that we need volume, but I think that we have volume. So I'm not making an argument that we need more volume in order to run through. I think that we have that high level of volume that will enable us to learn. But what I did try to articulate is, I don't care if you look at the technology companies that are self-made as technology companies like Amazon, like Meta, like Google, like -- if you look at those companies, the amount of money that they invested to become what they were and before they ever saw $1 of profit was enormous.

這是一個非常重要的問題。首先我要說的是，我不認為——我認為我們需要數量，但我認為我們有足夠的數量。所以我並不是說我們需要更多的音量才能完成任務。我認為我們擁有如此高水平的音量，這使我們能夠學習。但我確實試圖表達的是，我不在乎你是否將目光投向那些白手起家的科技公司，例如亞馬遜、Meta、谷歌等——如果你看看這些公司，你會發現，它們在實現目標以及獲得 1 美元利潤之前所投入的資金是巨大的。

If you then back up and look at the companies like Home Depot and Walmart that on an old chassis, they put a brand-new engine to enable than to be prepared for a digital future. The dollars that were invested by those companies was not just numbers of dollars, but it was management time, it was general overhead, it was focus and attention. I'm not sure that any of these companies did what they did in the context of a softening market.

如果你回過頭來看看家得寶和沃爾瑪這樣的公司，他們在舊底盤上裝上了全新的引擎，為數位化未來做好了準備。這些公司投入的資金不僅是金額，還包括管理時間、一般管理費用、重點和注意力。我不確定這些公司是否在市場疲軟的背景下採取了這樣的行動。

And so the coincidence of -- we didn't start what we're doing in a softer market, but we're traversing a softer market as we are building these components that we think position our company to be very unusual within the industry. And it just takes time, it takes attention, it takes overhead to get the programs working well. But if I look back at the time that I said we are developing the Machine, and you should all come here and see what we're doing to today, the advances have been breathtaking. And they're critically important. The problem is in a descending market. It's hard to see what we're actually doing.

因此，巧合的是——我們並不是在市場疲軟的時候開始做這件事的，但我們在構建這些組件時卻穿越了疲軟的市場，我們認為這些組件將使我們的公司在行業內變得非常獨特。而要讓程式良好運行，就需要時間、注意力和開銷。但如果我回顧我說我們正在開發機器的時候，你們都應該來這裡看看我們今天所做的事情，這些進步是驚人的。它們至關重要。問題在於市場下滑。很難看清我們實際上在做什麼。

But our grasp on the numbers, moment by moment, day by day, of what's coming through our system and how we're set up for sale and how marketing is driving the sales component that we're looking at. If I think about the response time and the quality of engagement with our digital customers. These things are, I'm going to say, revolutionary in terms of what we're used to as a company, and we're learning every day. So we're pretty enthusiastic about what we're doing in these spaces. And we are engaging top-flight professionals to work with us so that we are learning -- we don't know what we don't know. We're learning what we don't know. As we migrate forward, it takes time. We're not there yet. And we probably will never be there, but we're getting closer, and we're adding efficiencies to our program even as we build the systems. Sorry for the long-winded answer.

但是，我們隨時掌握著每天透過我們的系統獲得的數據，知道我們如何進行銷售，以及行銷如何推動我們所關注的銷售部分。如果我考慮回應時間和與數位客戶的互動品質。我想說的是，這些事情對於我們公司所習慣的做法是革命性的，而且我們每天都在學習。因此，我們對在這些領域所做的事情非常熱衷。我們正在聘請頂級專業人士與我們合作，以便我們可以繼續學習——我們不知道我們不知道什麼。我們正在學習我們不知道的東西。當我們向前遷移時，這需要時間。我們還沒到那裡。我們可能永遠無法達到這個目標，但我們正在越來越接近它，而且我們在建置系統的同時還在不斷提高我們的程式的效率。抱歉，我的回答太冗長了。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

The first one is, I guess, I understand that you guys are working through some older land assets, and you guys talked about the land management system today that you're developing. You've also been very clear about what you believe to be the benefits of the even flow model. But I guess what I'm curious about is what margins and returns are you putting capital to work at today?

第一個問題是，我想，我知道你們正在處理一些較舊的土地資產，今天你們談到了正在開發的土地管理系統。您也非常清楚您認為均勻流動模型的優點。但我想我好奇的是，您今天投入的資本的利潤和報酬率是多少？

Well, interesting question. Look, anything that we're buying today is going to come through the system maybe a year or two years from now. We are working through some older land assets. But even as we work through those land assets, we are reworking and focusing on the horizontal development costs associated with that. And that can be as expensive as the land asset itself. As we look to put assets to work today, just remember that in a declining market, what we might underwrite today might still move around. Jon, how would you handle this?

嗯，有趣的問題。你看，我們今天購買的任何東西都可能需要一兩年後才能通過這個系統。我們正在處理一些較舊的土地資產。但即使我們在處理這些土地資產時，我們也在重新考慮並關注與之相關的橫向開發成本。這可能和土地資產本身一樣昂貴。當我們考慮今天將資產投入使用時，請記住，在市場下滑的情況下，我們今天承保的資產可能仍會發生變化。喬恩，你會如何處理這個問題？

Well, it will vary by market, obviously. But I'd say we're trying to adhere to finding our way to -- on a 20% gross margin as we do our underwriting with the expectation as you heard from Stuart and myself of recalibrating, driving down our cost structure as a buffer against the market conditions.

嗯，顯然這會因市場而異。但我想說的是，我們正在努力堅持尋找方法——在 20% 的毛利率下進行承保，正如您從斯圖爾特和我那裡聽到的那樣，我們希望重新調整併降低成本結構，以緩衝市場狀況。

But just remember that because our land assets are generally much shorter term than they ever were historically, we are running through over shorter periods of time, those land assets and reloading with newly configured land assets on a regular basis. And that rotation means that we might suffer from some lower margins for a period of time. But over time, there will be a turnaround. Home prices presumably will start to migrate up and that notion will turn on itself where margins will be improved.

但請記住，由於我們的土地資產期限通常比歷史上任何時候都短得多，因此我們會在較短的時間內使用這些土地資產，並定期重新加載新配置的土地資產。這種輪換意味著我們可能會在一段時間內遭受利潤率下降的困擾。但隨著時間的推移，情況就會出現轉機。房價大概會開始上漲，而這種想法將會自動實現，利潤率也會跟著提高。

Fred, do you want to add to that at all?

弗雷德，你還有什麼要補充的嗎？

Yes. I think we're also exhibiting quite a bit of patience as we look at deals today, and be very selective as we fine-tune our negotiating skills again and bring back the lessons that we've learned over the many years at Lennar to buy land at the right price and most importantly, right now, on the right terms. So we're not taking down large tracks we're buying just in time, and we're being very selective in what market we're pursuing.

是的。我認為，我們在今天審視交易時也表現出了相當大的耐心，並且在我們再次調整談判技巧時非常有選擇性，並帶回了多年來在 Lennar 學到的經驗教訓，以合適的價格購買土地，最重要的是，現在以合適的條件購買。因此，我們不會大規模地收購曲目，而是及時收購，我們對所追求的市場非常有選擇性。

Great point because we've spent a lot of time with this. When you go from strong market conditions and maybe even overheated market conditions, the ability to negotiate and to really make sure that the terms, conditions and pricing are right, really becomes almost impossible. When you then migrate to slower conditions that we're in right now, we have to reeducate ourselves and start incorporating some of those old skills that are critically important. And that's exactly what we've been doing.

很好的觀點，因為我們花了很多時間在這上面。當市場條件強勁甚至過熱時，談判的能力以及真正確保條款、條件和定價正確的能力變得幾乎不可能。當你遷移到我們現在所處的較慢的環境中時，我們必須重新教育自己並開始融入一些至關重要的舊技能。這正是我們一直在做的事。

That's why I mentioned in my comments, just at the shorter term, but also at our high-volume, we generate cash flow for land sellers in a market that the macro conditions are slowing down. And so it's a very different environment today than what we've been through for the past three years.

這就是為什麼我在評論中提到，不僅在短期內，而且在我們的高交易量下，我們在宏觀條件放緩的市場中為土地賣家創造現金流。因此，今天的環境與我們過去三年所經歷的環境截然不同。

Okay. Yes, that's helpful color. And it looks like homebuilding cash flow from ops was about $1 billion outflow in the second quarter and what's typically a positive quarter. Can you provide any color around the moving pieces there?

好的。是的，這是有用的顏色。看起來，第二季度房屋建築營運現金流出約為 10 億美元，這通常是一個正值。您能為那裡的移動部件提供一些顏色嗎？

Yes, sure. I think what you're seeing, John, is just the impact of the lower average sales price for a variety of reasons and also just some lingering remnants of the Millrose spin-off. So the cash flow is really most dependent on our ASP and the margin -- the bottom line margin. And you've seen that sales are both challenged in the second quarter.

是的，當然。約翰，我認為你所看到的只是由於各種原因導致的平均銷售價格較低造成的影響，也只是 Millrose 分拆的一些殘留影響。因此，現金流實際上最依賴我們的平均售價和利潤率——底線利潤率。你已經看到，第二季的銷售都面臨挑戰。

Look, in the context of our Millrose spin-off, which is still fresh, and some of the ins and outs that derive from that. We're still going through some of those reconciliations, and you're seeing our numbers move around. It will probably be another quarter of that. But we're really migrating to a strong cash flow environment.

看看我們 Millrose 分拆的背景下的情況，這仍然很新鮮，以及由此衍生的一些細節。我們仍在進行一些核對工作，您會看到我們的數字正在變動。可能還會是這個數字的另外四分之一。但我們確實正在轉向強勁的現金流環境。

Yes, continued cash flow. I think that's really important. As we're turning the assets, right? It's one of the most important components of cash flow. So the nominal amount moves around a little bit, but consistent cash flow is definitely our goal.

是的，持續的現金流。我認為這真的很重要。因為我們正在轉移資產，對嗎？它是現金流最重要的組成部分之一。因此名目金額會略有波動，但穩定的現金流絕對是我們的目標。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My question is on the core product. Can you talk a bit about where you are in terms of integrating that into the business, how that perhaps benefited the improvement in inventory turns that you saw this quarter? And how we should think about the path to you really sort of fully integrating that into the strategy?

我的問題是關於核心產品。您能否談談您在將其融入業務方面所取得的進展，以及這對本季庫存週轉率的提高有何益處？我們該如何思考將其真正完全融入戰略的途徑？

Susan, this is Jon, our core product continues to be rolled out across our divisions. It now represents about a third of our starts. And yes, so way of example, it is more efficient from a cost and cycle time perspective. So we expect actually about almost a 20-day improvement in cycle time between noncore to core product as it is designed and engineered to maximize efficiency of both the build process and the cost to build.

蘇珊，我是喬恩，我們的核心產品正在繼續在各個部門推廣。它現在占我們啟動的三分之一左右。是的，舉例來說，從成本和週期時間的角度來看，它更有效率。因此，我們預計非核心產品到核心產品之間的週期時間實際上會縮短近 20 天，因為它的設計和製造旨在最大限度地提高建造過程的效率和建造成本。

And so we're seeing continued improvement, and it just takes some time to roll out across all of our product portfolio. We started at a more entry-level price-sensitive products, knowing how important it is to deal with price sensitivity there. And now we are in the midst of designing product we're rolling out for move-up product and attached product like town homes.

因此，我們看到了持續的改進，只是需要一些時間來推廣到我們所有的產品組合。我們從入門級的價格敏感產品開始，知道處理價格敏感度有多重要。目前，我們正在設計推出升級產品和聯排別墅等附屬產品。

Okay. That's helpful. And then maybe looking out further with that, do you think you can eventually get to 3 times inventory turns? Or where can you get to with the turns? And what kind of an environment would you need to see that? And how does that work into the cash generation of the business over time?

好的。這很有幫助。然後進一步考慮，您認為最終可以達到 3 倍的庫存週轉率嗎？或轉彎後能到達哪裡？你需要什麼樣的環境才能看到這一點？那麼，隨著時間的推移，這對企業的現金創造有何影響？

It's interesting that you're bringing this up. We didn't spend a lot of time on core product today, but it is a core focus. And that's exactly where our focus becomes. Now it's going to take us a little bit of time, but we're definitely looking at a 3 times kind of turn as a north star for the company and maybe beyond that. We think that there's still a lot of levers to pull our core product focus, something, again, is a drumbeat on a regular basis through our division, and it will make a meaningful impact in our ability to improve our inventory turns.

你提起這個很有趣。我們今天沒有在核心產品上花費太多時間，但它是一個核心重點。這正是我們關注的重點。現在我們需要一點時間，但我們肯定會將 3 倍的轉變視為公司的北極星，甚至可能超越這個目標。我們認為，仍有許多槓桿可以拉動我們的核心產品重點，再次強調，這是我們部門定期發出的號召，它將對我們改善庫存週轉的能力產生有意義的影響。

So we kind of adjusted our discussion today towards some other things. And it's a lot like the machine that we brought back up today. two years ago, we were talking about it pretty regularly. And then we just went kind of quiet with it. The same thing with core. It is happening every day in the company, but it's not something that we need to talk about. You'll hear more about it over time. Why don't we take our last question.

因此，我們今天的討論針對了一些其他的事情。它很像我們今天重新提起的那台機器。兩年前，我們經常談論它。然後我們就安靜下來了。核心也是一樣。這種事情在公司裡每天都在發生，但這不是我們需要談論的事情。隨著時間的推移，你會聽到更多關於它的消息。我們為什麼不回答最後一個問題呢？

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

Wanted to first dive in a little bit to the SG&A. You kind of highlighted different drivers of the SG&A move year-over-year, quarter-to-quarter. And even in the press release, initially in the press release earlier on the rise in SG&A was tied to a further investment and an engagement in future efficiencies. But later on in the press release, you said the rise was primarily due to less leverage due to lower revenues and an increase in marketing and selling expenses. So I just wanted to dive in a little bit to that line item and understand when you talk about low 8s and about up 100, 150 basis points roughly over the first half of this year versus last year. Is it more the investments that we're talking about? Or is it more due to the increase in marketing and selling and sales commissions and other marketing -- market-related -- housing market-related drivers?

首先想稍微了解一下銷售、一般和行政費用 (SG&A)。您強調了銷售、一般及行政費用年比和季度變化的不同驅動因素。甚至在新聞稿中，最初在早些時候的新聞稿中，銷售、一般和行政費用的增加與進一步投資和未來效率的參與有關。但在後來的新聞稿中，您表示，成長主要是由於收入下降導致的槓桿率降低以及行銷和銷售費用增加。因此，我只是想深入了解該項目，並了解當您談到低於 8 個百分點以及今年上半年與去年相比大約上漲 100 到 150 個基點時的情況。我們談論的更多的是投資嗎？或者更多的是由於行銷、銷售、銷售佣金和其他行銷（市場相關）——住房市場相關驅動因素的增加？

So Mike, you're right on. It's really all of the above. The reduction in average sales price and in revenues, that's just math. And we're just pointing out the obvious math. But underlying our very, very strong and high SG&A levels and corporate for that matter, is the fact that we are running through those items some significant time, attention, investment, specific dollar outlays, but additionally, additional overhead people that are working on these programs that we think build lasting efficiencies. We believe that the return on that investment is going to, in the rear view mirror, look very, very attractive. But as you're building these models and programs, it's very hard to be able to identify what that return is going to be, but the investment is nonetheless still there and running through the system.

麥克，你說得對。確實，以上皆是。平均銷售價格和收入的減少，這只是數學問題。我們只是指出顯而易見的數學原理。但在我們非常非常強勁和高的銷售、一般和行政費用水平以及公司規模的背後，是我們在這些項目上投入了大量的時間、精力、投資、具體的美元支出，此外，還有額外的管理人員致力於這些我們認為可以實現持久效率的項目。我們相信，從後視鏡來看，這項投資的回報將會非常非常誘人。但是在建立這些模型和程序時，很難確定回報是多少，但投資仍然存在並在整個系統中運行。

And as I said, and this is the tricky part is most companies that have rebuilt systems and spent significant dollars have done it in the context of fairly strong market conditions. And decidedly, right now, we are in an industry that is going through a bit of an industry recession. And therefore, I'd just say that it's unusually high dollar spent on technology at a time when the market is pulling back. So you do have some of that math issue as well.

正如我所說的，棘手的部分是大多數重建系統並投入大量資金的公司都是在相當強勁的市場條件下完成的。毫無疑問，目前我們所處的產業正在經歷一定程度的產業衰退。因此，我只想說，在市場回落的時候，我們在技術上投入的資金異常高昂。所以你也確實遇到了一些數學問題。

Okay. I appreciate that. And I guess, secondly, just on the gross margin. I just want to understand kind of what's in that and when you give the guidance for next quarter, what is it and not in that? So what I'm referring to specifically is, first of all, the Millrose dividend payments or option deposit payments I think annualized of around $500 million. Is that full annualized impact at this point, fully reflected in the 18%? Or is that something that might be a headwind for next year? And secondly, when you give the 18% gross margin guidance, is that also inclusive of the 20 bps of purchase accounting?

好的。我很感激。其次，我想只討論毛利率。我只是想了解其中的內容，以及當您給出下個季度的指導時，其中有什麼，沒有什麼？因此，我具體指的是，首先，我認為 Millrose 的股息支付或選擇權存款支付年化約為 5 億美元。此時，完整的年化影響是否已完全反映在 18% 中？或者這會成為明年的阻力嗎？其次，當您給出 18% 的毛利率指引時，是否也包含了 20 個基點的購買會計？

So Mike, I'll take that. The first one. So let's talk about the purchase accounting, pretty negligible for the third quarter. So I think you can kind of take that off the table. As far as the auction maintenance fees, remember, since we started our land banking program five -- four, five years ago, that's been embedded in the cost. Now of course, with the spin-off of Millrose, there is that additional fee. But yes, it's all included in the margin guidance that we give. And as Stuart and Jon has been really pointing out all of the pressures, whether it's the market, option fees, all really just keep us incredibly focused on cost efficiencies to offset any of the negative that are in the gross margin. So it's really not just additional option fees. That's one component. But all of the headwinds are why we're so passionate about making sure that we're focused on cost efficiencies.

那麼麥克，我接受。第一個。那麼讓我們來談談購買會計，對於第三季來說，這幾乎可以忽略不計。所以我認為你可以把這個事情拋到一邊。至於拍賣維護費，請記住，自從我們四、五年前開始土地儲備計畫以來，這筆費用就已經包含在成本中了。當然，現在隨著 Millrose 的分拆，還需要支付額外的費用。但是的，這一切都包含在我們提供的保證金指導中。正如史都華和喬恩所指出的所有壓力，無論是市場壓力還是選擇權費用，都讓我們高度關注成本效率，以抵消毛利率中的任何負面影響。所以這實際上不僅僅是額外的選擇費。這是一個組成部分。但所有的不利因素都促使我們如此熱衷於確保我們專注於成本效率。

I think that one of the things that we've done particularly well, given our financial group and the integrity that is wrapped in that financial group. The -- looking forward and looking backwards is the same, it is consistent. The way that we look at margin is consistent. There are no moving pieces that are changing the way forward versus what we're doing right now. It's exactly consistent with what we've been doing. So you're really looking at apples for apples in the evaluation.

我認為，考慮到我們的金融集團以及該金融集團所秉持的誠信，這是我們做得特別好的事情之一。向前看和向後看是一樣的，是一致的。我們看待利潤的方式是一致的。與我們現在所做的事情相比，沒有任何因素可以改變前進的方向。這與我們一直在做的事情完全一致。因此，在評估中你實際上是在進行同類比較。

And if you look at the way that we're thinking about margin, again, we know the market is soft. We know the market is difficult. We are injecting some important shavings or cost alterations in the negotiating that we're bringing to whether it's horizontal costs, vertical costs or SG&A costs. We are working through how do we make an attractive for at least appropriate margin given where market affordability is the product that we have to build and building it on a more efficient basis and at a lower cost. That's what you're seeing in our margin, and that's how we're approaching the business.

如果你再看看我們對利潤的看法，你會發現市場疲軟。我們知道市場很困難。我們在談判中註入了一些重要的削減或成本調整，無論是水平成本、垂直成本還是銷售、一般和行政費用。我們正在研究如何在市場可承受的範圍內，以至少適當的利潤率製造出有吸引力的產品，我們必須以更有效率的方式和更低的成本來製造它。這就是您在我們的利潤中所看到的，這就是我們處理業務的方式。

So with that, Mike, thank you, and thank you, everyone, for joining. We look forward to coming back in the third quarter reporting again. Have a nice day.

所以，麥克，謝謝你，也謝謝大家的參與。我們期待在第三季再次發布報告。祝你今天過得愉快。

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

萊納公司第二季財報電話會議到此結束。感謝大家的參與。您可以斷開線路，並享受剩餘的一天。