Lennar Corp (LEN) 2023 Q1 法說會逐字稿

Welcome to Lennar's First Quarter Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎來到 Lennar 第一季度收益電話會議。 （操作員說明）正在錄製今天的會議。如果您有異議，此時您可以斷開連接。

I would now like to turn the call over to David Collins for the reading of the forward-looking statement.

我現在想把電話轉給大衛柯林斯來閱讀前瞻性聲明。

Thank you, and good morning, everyone. Today's conference call may include forward-looking statements, including statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies and prospects. 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，早上好。今天的電話會議可能包括前瞻性陳述，包括有關 Lennar 的業務、財務狀況、經營業績、現金流、戰略和前景的陳述。前瞻性陳述僅代表 Lennar 在本次電話會議召開之日的估計，並不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，因此這些陳述本身就存在風險和不確定性。

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.

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存在重大差異。這些因素包括我們的收益發布和美國證券交易委員會備案文件中描述的因素，包括 Lennar 最近向美國證券交易委員會提交的 10-K 表格年度報告中風險因素標題下的那些因素。

Please note that Lennar assumes no obligation to update any forward-looking statements.

請注意，Lennar 不承擔更新任何前瞻性陳述的義務。

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

現在我想介紹一下你們的東道主，執行主席斯圖爾特·米勒先生。先生，您可以開始了。

Thank you, and good morning, everyone. Thank you for joining us this morning. I'm here in Miami and joined by Rick Beckwitt, our Co-CEO and Co-President; Jon Jaffe, Co-CEO and Co-President; Diane Bessette, our Chief Financial Officer; David Collins, who you just heard from, our Controller and Vice President; and Bruce Gross, our CEO of Lennar Financial Services. There are other executives here with us as well.

謝謝大家，早上好。感謝您今天早上加入我們。我在邁阿密，我們的聯席首席執行官兼聯席總裁里克·貝克維特 (Rick Beckwitt) 加入了我的行列；聯席首席執行官兼聯席總裁 Jon Jaffe；我們的首席財務官 Diane Bessette；大衛柯林斯，你剛才聽到的，我們的財務總監兼副總裁； Bruce Gross，我們的 Lennar Financial Services 首席執行官。還有其他高管也和我們在一起。

As usual, I'm going to give a macro and strategic overview of the company. After my introductory remarks, Rick is going to walk through our markets around the country and comment on our land strategy, and then Jon is going to update construction cost, supply chain and cycle time. As usual, Diane will give additional financial highlights and we'll give some rough boundaries, not guidance, just foundries, given volatility in the market for the second quarter to assist in forward thinking and modeling. And then we'll answer as many questions as we can. And as usual, please limit yourself to 1 question and 1 follow-up, so that we can include as many as possible.

像往常一樣，我將對公司進行宏觀和戰略概述。在我的介紹性發言之後，里克將參觀我們在全國各地的市場並對我們的土地戰略發表評論，然後喬恩將更新建築成本、供應鍊和週期時間。像往常一樣，Diane 將給出額外的財務亮點，我們將給出一些粗略的界限，而不是指導，只是代工廠，考慮到第二季度市場的波動，以幫助進行前瞻性思考和建模。然後我們會盡可能多地回答問題。和往常一樣，請將您自己限制在 1 個問題和 1 個跟進，以便我們可以包含盡可能多的問題。

So let me go ahead and begin by saying that we're pleased to report that the Lennar team has produced strong and consistent results for the first quarter of what is shaping up to be a complicated and volatile 2023. The quarter started in December with traffic and sales stalled, moving only with incentives and price adjustments. We entered January with interest rates declining and energized customer and improving margins, and then closed out February with rates again rising and challenging consumer confidence, although sales remained relatively strong as adjusted prices, traffic was slowing.

因此，讓我繼續說下去，首先我們很高興地報告，Lennar 團隊在復雜多變的 2023 年第一季度取得了強勁而一致的業績。該季度於 12 月開始，交通繁忙銷售停滯不前，只能通過激勵措施和價格調整來推動。我們進入 1 月份時利率下降，激勵客戶並提高利潤率，然後在 2 月份結束時利率再次上升並挑戰消費者信心，儘管由於調整後的價格銷售仍然相對強勁，但流量正在放緩。

Of course, the quarter ended and the past couple of weeks have added new issues and questions that are reflective of a market that is looking for a bottom and looking for stability. With the Federal Reserve and Federal Government trying to reconcile the unintended consequences from aggressive interest rate hikes in order to curb the inflation, there is simply no way to see around corners and anticipate with certainty what comes next.

當然，本季度結束和過去幾週增加了新的問題和問題，反映了市場正在尋找底部並尋求穩定。由於美聯儲和聯邦政府試圖調和激進加息帶來的意外後果以抑制通貨膨脹，因此根本沒有辦法看到轉機並確定地預測接下來會發生什麼。

This is exactly the kind of volatility that our core operating strategy of maintaining volume using incentives and sales price has been built to endure. With volume and production as are constant and margin as our shock absorber, we manage with certainty through volatility and stay focused on our mission. If market conditions deteriorate, we compromise margin through price and/or incentives, but we generate strong cash flow. If conditions improve, we improved margins and bottom line while also generating strong cash flow. Our primary focus is on cash flow.

這正是我們使用激勵措施和銷售價格維持銷量的核心運營策略能夠承受的那種波動。產量和產量是不變的，利潤是我們的減震器，我們通過波動進行確定性管理，並專注於我們的使命。如果市場狀況惡化，我們會通過價格和/或激勵措施降低利潤率，但我們會產生強勁的現金流。如果情況有所改善，我們會提高利潤率和底線，同時還會產生強勁的現金流。我們的主要重點是現金流。

We maintain our volume to move through the limited legacy land that we have, which is at legacy prices, while keeping our production machine working efficiently and rationalizing costs. And the fact that we are projecting a flattish number of deliveries in 2023 versus 2022 displays the strength of our strategy. Interest rates have continued to be the primary headwind to sales activity as inflation concerns have dominated the Federal Reserve's actions to date.

我們保持我們的數量以通過我們擁有的有限的遺留土地，這是在遺留價格，同時保持我們的生產機器高效工作和合理化成本。事實上，我們預計 2023 年的交付量與 2022 年持平，這顯示了我們戰略的實力。由於對通脹的擔憂一直主導著美聯儲迄今為止的行動，利率仍然是銷售活動的主要阻力。

At the same time, the housing supply shortage, especially workforce housing, discussed by every mayor and every governor across the country continues to drive customers to stretch their wallet as incentives and price reductions have worked to meet purchasers half way. Additionally, interest rates have also sidelined the professional or institutional purchasers. Higher capital costs, together with higher capitalization rates, have made the purchase of single-family for rent homes less financially attractive as well.

與此同時，全國每位市長和州長都在討論的住房供應短缺問題，尤其是勞動力住房短缺問題，繼續促使客戶掏空錢包，因為激勵措施和降價措施已經起到了滿足購買者的作用。此外，利率也讓專業或機構買家望而卻步。更高的資本成本和更高的資本化率，也使得購買單戶出租房屋的經濟吸引力降低。

With that said, we still believe that the housing market is beginning to find a point of stabilization and customers, both primary and institutional are coming to grips with the new normal of hire, but acceptable interest rates. The sudden thicker shot of rapidly rising interest rates in 2022 has mellowed. And while net prices are lower, incentives are moderating, cancellations have been normalizing lower and margins have been bottoming as cost reductions are beginning to provide an offset.

話雖如此，我們仍然相信房地產市場開始找到穩定點，主要客戶和機構客戶都開始接受新的租金常態，但利率是可以接受的。 2022 年利率迅速上升的突然增效已經減弱。雖然淨價較低，但激勵措施正在放緩，取消率已正常化，利潤率已觸底，因為成本削減開始抵消。

As I have said many times in the past, the overall housing shortage remains a dominant theme and is defined by a decade-long production deficit in the country after the great recession. This deficit will be exacerbated by a growing reduction in housing starts of both single-family and multifamily homes brought on by the current housing recession. This shortage should be a stabilizing factor for the housing market over time.

正如我過去多次說過的那樣，總體住房短缺仍然是一個主導主題，其定義是大衰退後該國長達十年的生產赤字。當前的住房衰退導致單戶住宅和多戶住宅的開工數量不斷減少，將加劇這種赤字。隨著時間的推移，這種短缺應該成為房地產市場的穩定因素。

Against this backdrop, we've remained steadfast in our adherence to the strategies we adopted as the Fed began its tightening program approximately 1 year ago. As noted, we've continued to focus on selling homes at market clearing prices while building a consistent pace to meet the needs of a supply-constrained housing market. Whether for purchase or for rent, housing shortages are a major concern across the country, as I said, particularly at state and local levels. In spite of higher interest rates driving affordability concerns, more dwellings are needed and our mission is to meet that need.

在這種背景下，我們一直堅定地堅持我們在美聯儲大約 1 年前開始其緊縮計劃時採用的策略。如前所述，我們繼續專注於以市場清算價格出售房屋，同時建立一致的步伐以滿足供應受限的住房市場的需求。正如我所說，無論是購買還是出租，住房短缺都是全國關注的主要問題，尤其是在州和地方層面。儘管更高的利率推動了人們對負擔能力的擔憂，但仍需要更多的住房，而我們的使命就是滿足這一需求。

In the first quarter, we saw our margins fall to 21.2%, reflecting sales from prior quarters and adjustments to backlog. While margins fell 360 basis points over the prior quarter and 570 basis points year-over-year, they reflected the use of price reductions and incentives that is closing cost payments and interest rate buy-downs to offset volatile interest rate and market shifts. We used these tools both to sell homes as well as to protect our backlog by adjusting pricing and incentives to ensure closings.

第一季度，我們的利潤率降至 21.2%，反映了前幾個季度的銷售額和積壓訂單的調整。雖然利潤率比上一季度下降了 360 個基點，同比下降了 570 個基點，但它們反映了降價和激勵措施的使用，即關閉成本支付和利率回購以抵消波動的利率和市場變化。我們使用這些工具來銷售房屋，並通過調整定價和激勵措施以確保關閉來保護我們的積壓訂單。

Our first quarter cancellation rate improved to 21.5%, while this is higher than the 10.2% last year, it is decidedly lower than the 26% last quarter and has been falling in each consecutive month. While our new orders were down some 10% year-over-year, that result has compared favorably to reported market conditions and enabled us to maintain a strong store base that enables us to increase our expected closings for the year to a range of 62,000 to 66,000 homes delivered.

我們第一季度的取消率提高到 21.5%，雖然高於去年的 10.2%，但明顯低於上一季度的 26%，並且連續每個月都在下降。雖然我們的新訂單同比下降約 10%，但這一結果與報告的市場狀況相比是有利的，並使我們能夠保持強大的商店基礎，使我們能夠將今年的預期關閉量增加到 62,000 至 62,000 家交付了 66,000 套房屋。

On a positive note, very limited new home inventory exists, limited existing home supply exists as existing homeowners hold on to extremely low mortgage rates and very limited multifamily production combined with the chronic housing production shortfall over the past decade and leads the industry in the middle of what we believe will be a fairly short duration correction without an inventory overhang to resolve. These factors will also extend the runway for longer-term housing growth as the correction develops.

從積極的方面來看，由於現有房主堅持極低的抵押貸款利率和非常有限的多戶住宅生產，加上過去十年長期的住房生產短缺，因此新房庫存非常有限，現有房屋供應有限，並在中間行業處於領先地位我們認為這將是一個持續時間相當短的調整，而無需解決庫存過剩問題。隨著調整的發展，這些因素也將延長長期住房增長的跑道。

We derive growing confidence in our ability to achieve sales at the best possible prices from our significant investment in digital marketing, which is more relevant than ever before. We have used our dynamic pricing model in conjunction with our formidable and improving digital marketing platform to continue to drive sales volume at marquee clearing prices in order to maintain consistent production levels.

我們對數字營銷的重大投資使我們對以盡可能最好的價格實現銷售的能力越來越有信心，這比以往任何時候都更加相關。我們將我們的動態定價模型與我們強大且不斷改進的數字營銷平台結合使用，以繼續以驚人的清算價格推動銷量，以保持一致的生產水平。

Our proprietary digits platform, which we built on a Microsoft backbone provides digital marketing insights and analytics that guide us to better execution while maximizing pricing using our dynamic pricing model. Our digital marketing team and our dynamic pricing team are getting better and better each quarter and they enable us to refine and improve our execution and effectiveness as we accumulate more data and more experience.

我們基於 Microsoft 主幹構建的專有數字平台提供數字營銷洞察和分析，指導我們更好地執行，同時使用我們的動態定價模型最大化定價。我們的數字營銷團隊和我們的動態定價團隊每個季度都變得越來越好，隨著我們積累更多數據和更多經驗，它們使我們能夠完善和提高我們的執行力和效率。

Our second strategy was to work with our trade partners to rightsize our construction -- our cost structure to current market conditions, while we reestablish cycle time at pre supply chain crisis levels. Jon will cover this in great detail shortly, but at a high level, we continue to make meaningful progress with our trade partners as they appreciate our long-term strategy of maintaining consistent production.

我們的第二個戰略是與我們的貿易夥伴合作，調整我們的建設——我們的成本結構以適應當前的市場條件，同時我們在供應鏈危機前的水平上重建週期時間。喬恩將在短期內詳細介紹這一點，但在高層次上，我們繼續與我們的貿易夥伴取得有意義的進展，因為他們欣賞我們保持一致生產的長期戰略。

Relative to construction costs, Lennar led the way with reducing -- with a reduction in margin while maintaining volume and increasing market share as the market has corrected. As our margins have now contracted, we are driving cost reduction participation from our trade partners. Our trade partners are working side-by-side with us to reduce costs and to keep the production machine working.

相對於建築成本，Lennar 在降低成本方面處於領先地位——隨著市場調整，利潤率下降，同時保持銷量並增加市場份額。由於我們的利潤現在已經收縮，我們正在推動我們的貿易夥伴參與降低成本。我們的貿易夥伴正在與我們並肩工作，以降低成本並保持生產機器正常運轉。

While there continues to be a lag in those reductions coming through our reported numbers, in the back half of the year, cost reductions will improve lagging margins. Cycle time reductions will also come through in the back half of the year. While cycle time has increased slightly this quarter from 211 days to 219 days last quarter, this timing reflects homes that have been in production for almost 8 months.

雖然我們報告的數字在這些削減方面仍然存在滯後，但在今年下半年，成本削減將改善滯後的利潤率。週期時間的縮短也將在今年下半年實現。雖然本季度的周期時間從上一季度的 211 天略微增加到 219 天，但這一時間反映的是已投產近 8 個月的房屋。

While we've reviewed the front end of construction for homes that have started more recently, we are seeing a 2-week reduction already coming through, and we know that will improve over the next quarters. Improved cycle time will improve our inventory turn, which now stands at [1.2] and will help reduce inventory as we'll be able to carry less inventory to hit our deliveries and accordingly, we will improve our return on inventory as well.

雖然我們審查了最近開始的房屋建設的前端，但我們看到已經減少了 2 週，而且我們知道這將在接下來的幾個季度有所改善。改進的周期時間將改善我們的庫存周轉率，目前為 [1.2]，這將有助於減少庫存，因為我們將能夠攜帶更少的庫存來滿足我們的交貨要求，因此，我們也將提高我們的庫存回報率。

Our third articulated strategy was to sharpen our attention on land and land acquisitions. While Rick will give detail on our land strategy, this has been a specific concentrated area of focus for all 3 of us, myself, Rick and Jon across the platform. We recognized early that land would be expensive relative to reduced prices, and we therefore stopped the bleeding early.

我們的第三個明確戰略是加強對土地和土地收購的關注。雖然 Rick 將詳細介紹我們的土地戰略，但這是我們所有人、我自己、Rick 和 Jon 整個平台關注的一個特定集中領域。我們很早就意識到，相對於降價，土地會很昂貴，因此我們很早就止血了。

While we reconsidered every land deal in our pipeline, we have walked from deposits or renegotiated terms and price, and we have been relentless in focusing on protecting cash and only purchasing the next strong margin at today's market pricing. We purchased very little land this quarter as we await better pricing that is more in line with current home sale prices. New land purchases in time will improve lagging margins.

雖然我們重新考慮了我們管道中的每一筆土地交易，但我們已經放棄了存款或重新談判條款和價格，我們一直不懈地專注於保護現金，並且只以今天的市場價格購買下一個強勁的利潤。本季度我們購買的土地很少，因為我們等待更符合當前房屋銷售價格的更好定價。及時購買新土地將改善滯後利潤率。

Fortunately, we are well positioned with well-structured contracts and shorter-term deal structures that enable our capital allocation to be managed constructively. As with our trade partners, our land partners or sellers understand that we are maintaining volume and increasing market share while taking the first hit to our own margin. They will need to work together with us in cost reduction given lower home sales prices, where we'll just have to move on.

幸運的是，我們擁有結構良好的合同和短期交易結構，使我們的資本配置能夠得到建設性的管理。與我們的貿易夥伴一樣，我們的土地合作夥伴或賣家明白，我們在保持銷量和增加市場份額的同時，首先對我們自己的利潤率造成了衝擊。鑑於較低的房屋銷售價格，他們將需要與我們合作降低成本，我們只需要繼續前進。

Our fourth playbook strategy was to manage our operating costs, our SG&A, so that even at lower gross margins, we will drive a strong net margin. We've been driving our SG&A down over the past years quarter-by-quarter to new record lows and many of those changes, though not all, are hardwired into permanent efficiencies in operations.

我們的第四個劇本戰略是管理我們的運營成本，我們的 SG&A，這樣即使在較低的毛利率下，我們也將推動強勁的淨利潤率。在過去的幾年裡，我們一直在逐個季度將我們的 SG&A 降低到歷史新低，其中許多變化（儘管不是全部）都與運營的永久效率息息相關。

In our first quarter, we were able to marginally improve SG&A to 7.4% from 7.5% last year. And we believe if we continue to drive volume, we'll be able to limit increases and manage to advantageous cost levels. Nevertheless, as average sales prices come down, the percentages won't hold without corresponding additional cuts. We also know that in more difficult times, there will be upward pressure on some of our sales and marketing and realtor costs in order to drive and find purchasers and drive new sales. In this regard, the earlier discussion of our intense focus on our digital marketing platform is critically important in offsetting many of these potential cost increases.

在第一季度，我們能夠將 SG&A 從去年的 7.5% 略微提高到 7.4%。而且我們相信，如果我們繼續推動銷量，我們將能夠限制增長並管理到有利的成本水平。然而，隨著平均銷售價格的下降，如果不進行相應的額外削減，這些百分比將無法保持。我們也知道，在更困難的時期，我們的一些銷售和營銷以及房地產經紀人成本將面臨上行壓力，以推動和尋找購買者並推動新的銷售。在這方面，之前關於我們對數字營銷平台的高度關注的討論對於抵消許多這些潛在的成本增長至關重要。

Our fifth playbook strategy is to maintain tight inventory control. This is exactly what drives cash flow and our cash flow machine, and we're focusing on this part of our business every day. Both land and home inventory control are a core focus of our overall business and leadership team. And in our first quarter numbers, you can see our focus on these elements in our 14.2% debt-to-total capitalization rate, which is down 410 basis points from last year's 18.3%, and our $4.1 billion cash position, together with our $2.6 billion undrawn revolver, which together provides excellent liquidity and flexibility.

我們的第五個策略是保持嚴格的庫存控制。這正是推動現金流和我們的現金流機器的動力，我們每天都專注於這部分業務。土地和房屋庫存控制是我們整體業務和領導團隊的核心重點。在我們第一季度的數據中，您可以從我們 14.2% 的債務對總資本化率（比去年的 18.3% 下降 410 個基點）和我們 41 億美元的現金頭寸以及我們的 2.6 美元中看到我們對這些因素的關注億未提取的左輪手槍，它們共同提供了出色的流動性和靈活性。

Tight control of land and completed home inventory has enabled cash flow, so that our net debt to total capital is actually negative at this point. Inventory management is most carefully reviewed and as the most carefully reviewed and managed part of our business, it enables us to maintain an extremely low inventory of completed not sold homes, which are consistently -- which have been -- consistently been at or under 1 home per community for the past years. And right now, we have approximately 13,00 unsold and completed homes.

嚴格控制土地和已完工的房屋庫存使現金流得以實現，因此此時我們的淨債務佔總資本的比重實際上是負數。庫存管理經過最仔細的審查，作為我們業務中最仔細審查和管理的部分，它使我們能夠維持極低的已完工未售出房屋庫存，這些庫存一直 - 一直 - 一直處於或低於 1過去幾年每個社區的家庭。現在，我們有大約 13,00 套未售出和已完工的房屋。

We are well aware that inventory has remained flat as opposed to lower year-over-year as one might expect, because of expanded cycle time due to the supply chain disruption. We also know that this inefficiency will correct over the next few quarters and will return approximately $1.5 billion of inventory and turn it into additional cash. Additionally, a pause in growth this year will reduce inventory and generate additional cash over the next year as well.

我們很清楚，由於供應鏈中斷導致周期時間延長，庫存一直保持平穩，而不是像人們預期的那樣同比下降。我們還知道，這種低效率將在接下來的幾個季度得到糾正，並將返還大約 15 億美元的庫存並將其轉化為額外的現金。此外，今年增長暫停將減少庫存並在明年產生額外現金。

The sixth strategy is to continue to focus on cash flow and bottom line in order to protect and enhance our already extraordinary balance sheet. With our balance sheet strong, we are able to complement our strong operational execution with stock repurchases and debt reductions that improve total shareholder returns and return on equity. As we continue to execute our strategies, we will continue to drive strong cash flow and bottom line profitability. And even though bottom line profitability will be compressed year-over-year as prices and margins are impacted in a correcting market, our balance sheet and our cash position will continue to improve. This improvement enables the flexibility to be opportunistic as market conditions stabilize.

第六個戰略是繼續關注現金流和底線，以保護和加強我們已經非常出色的資產負債表。憑藉我們強勁的資產負債表，我們能夠通過股票回購和債務削減來補充我們強大的運營執行力，從而提高股東總回報和股本回報率。隨著我們繼續執行我們的戰略，我們將繼續推動強勁的現金流和底線盈利能力。儘管由於價格和利潤率在調整市場中受到影響，底線盈利能力將逐年壓縮，但我們的資產負債表和現金狀況將繼續改善。隨著市場條件的穩定，這種改進使靈活性成為機會主義的。

Finally, we have added an additional strategy, an additional core strategy since last quarter end. This is a strategy of continuous improvement focus throughout the company. Although it seems obvious and perhaps a little trite, we have created a central focus on continuous improvement metrics for every leader in our company with a direct tie to performance measurement and bonus structure.

最後，自上個季度末以來，我們添加了一個額外的戰略，一個額外的核心戰略。這是整個公司持續改進的戰略重點。雖然這看起來很明顯，也許有點老套，但我們已經為公司的每一位領導者建立了一個持續改進指標的中心重點，並與績效衡量和獎金結構直接相關。

Last year, we recruited a new CHRO with specific expertise in this area, and we've developed a determined and constructive program of engagement and measurement across our platform. Welcome aboard, Drew Holler. Now that he has been with us for about 6 months, I wanted to formally welcome Drew to the company on our earnings call and let him know formally that we, meaning me, Rick, Jon and all of our shareholders expect really exciting improvements that will help Lennar continue to reach higher and drive harder to be the best version of ourselves.

去年，我們招聘了一位在該領域具有特定專業知識的新 CHRO，並且我們已經在我們的平台上製定了一個堅定且建設性的參與和衡量計劃。歡迎加入，Drew Holler。既然他已經和我們一起工作了大約 6 個月，我想在我們的財報電話會議上正式歡迎 Drew 加入公司，並正式讓他知道我們，也就是我、里克、喬恩和我們所有的股東都期待真正令人興奮的改進，這將幫助 Lennar 繼續攀登更高的高度，更加努力地成為最好的自己。

So in conclusion, it seems that the homebuilding industry has been skating on a very thin edge between some very strong headwinds and some equally strong tailwinds that have required careful navigation and refined adjustment along the way. The headwinds have been defined by federal reserve-driven interest rate increases driven by stubbornly high inflation. The consumer has attempted to adjust. The tailwinds have been defined by housing shortages across the country as well as production deficits over the past decade. And while the consumer remains challenged by affordability concerns, they are adjusting to the new normal of higher interest rates and opting to purchase their home.

因此，總而言之，住宅建築行業似乎一直在一些非常強勁的逆風和一些同樣強勁的順風之間滑行，這需要一路小心導航和精細調整。逆風是由頑固的高通脹驅動的美聯儲驅動的利率上升所定義的。消費者已嘗試調整。順風是由全國住房短缺以及過去十年的生產赤字決定的。儘管消費者仍然受到負擔能力問題的挑戰，但他們正在適應更高利率的新常態並選擇購買房屋。

In these extraordinarily difficult and volatile market conditions, the Lennar team has focused on strategy, and we have executed with precision. We ended the first quarter with stronger-than-expected revenues and closings, strong profitability and cash flow, a fortified balance sheet and strong liquidity. We have a plan of execution to continue to navigate the uncertainties of 2023 with a focus on maintaining volume, maximizing margin, managing inventories, driving cash flow, managing land and land spend and further enhancing our balance sheet in spite of the challenging market conditions.

在這些異常困難和動蕩的市場條件下，Lennar 團隊專注於戰略，我們執行精準。我們以強於預期的收入和成交量、強勁的盈利能力和現金流、穩固的資產負債表和強勁的流動性結束了第一季度。我們制定了一項執行計劃，以繼續應對 2023 年的不確定性，重點是在充滿挑戰的市場條件下保持銷量、最大化利潤率、管理庫存、推動現金流、管理土地和土地支出以及進一步改善我們的資產負債表。

Accordingly, we are not guiding, but giving some broad boundaries for our second quarter closing to between 15,000 and 16,000 homes with a gross margin we expect between 21% and 21.5%. Additionally, we are targeting delivery volume for the full year to be between 62,000 and 66,000 homes as we drive volume and pick up market share and build margins back up through reconciliation of construction and land costs while carefully managing SG&A. While we're prepared for volatility and adversity along the way, we will stick to our focus on our core operating strategies in order to perform as expected. Simply put, that's what we expect of ourselves and we hope in the process, we will continue to earn your trust and respect. Thank you.

因此，我們不是指導性的，而是為我們第二季度關閉的 15,000 至 16,000 套房屋提供了一些寬泛的界限，我們預計毛利率在 21% 至 21.5% 之間。此外，我們的目標是全年的交付量在 62,000 到 66,000 套之間，因為我們通過協調建築和土地成本來推動銷量並獲得市場份額並增加利潤率，同時謹慎管理 SG&A。在我們為一路上的波動和逆境做好準備的同時，我們將堅持專注於我們的核心運營戰略，以實現預期的業績。簡而言之，這就是我們對自己的期望，我們希望在此過程中，我們將繼續贏得您的信任和尊重。謝謝。

And with that, let me turn over to Rick, who's going to walk through a review of our market conditions across the platform.

有了這個，讓我轉向里克，他將通過整個平台審查我們的市場狀況。

Thanks, Stuart. As you can tell from Stuart's opening comments, the overall housing market has continued to be impacted by higher mortgage rates, which has impacted affordability and homebuyer confidence. While some of our markets are performing well, in most of our markets, we've had to adjust base prices, increased incentives and/or provide mortgage by rate buydowns, maintain or regain our targeted sales base. Our strategy has been to maintain our targeted sales base, continue to sell homes and adjust our pricing to reflect market conditions.

謝謝，斯圖爾特。從斯圖爾特的開場白中可以看出，整個房地產市場繼續受到更高抵押貸款利率的影響，這影響了負擔能力和購房者的信心。雖然我們的一些市場表現良好，但在我們的大多數市場中，我們不得不調整基本價格、增加激勵措施和/或通過利率回購提供抵押貸款、維持或重新獲得我們的目標銷售基礎。我們的策略是維持我們的目標銷售基礎，繼續銷售房屋並調整我們的定價以反映市場狀況。

With this strategy, we have sacrificed gross margins to generate sales. Mass sales of starts, we've used our dynamic pricing model to continuously find the market clearing price for each of our homes on a community by community basis as quickly as possible. We fundamentally believe that our price to market strategy, reflects our balance sheet first focus where we can maintain starts and sales, generate cash flow and keep our homebuilding machine going. To this end, Jon will discuss the operational and cost benefits of maintaining our start base.

通過這種策略，我們犧牲了毛利率來產生銷售額。開始大規模銷售，我們已經使用我們的動態定價模型，以盡可能快的速度在社區的基礎上不斷地找到我們每個家庭的市場清算價格。我們從根本上認為，我們的市場價格策略反映了我們資產負債表的首要重點，我們可以在其中維持開工和銷售，產生現金流並保持我們的房屋建築機器運轉。為此，喬恩將討論維護我們的起始基地的運營和成本效益。

Our first quarter reflects first quarter results reflect the successful execution of our price to market strategy. During the first quarter, our new sales orders declined 10% from the prior year. These results, as Stuart mentioned, compare very favorably to competitor and nationally reported results. We did see improvement during the first quarter as new sales orders increased sequentially from the fourth quarter and in each month of the first quarter with our February 2023 sales pace per community totaling 4.7 sales, just 0.1 sales lower than our sales pace in February 2022.

我們的第一季度反映了第一季度的結果，反映了我們成功執行了市場定價策略。第一季度，我們的新銷售訂單比上年下降了 10%。正如 Stuart 提到的，這些結果與競爭對手和全國報告的結果相比非常有利。我們在第一季度確實看到了改善，因為新銷售訂單從第四季度開始連續增加，並且在第一季度的每個月，我們 2023 年 2 月每個社區的銷售速度總計 4.7 次銷售，僅比我們 2022 年 2 月的銷售速度低 0.1 次。

Our cancellation rate also declined from 26% in the fourth quarter to 21% in the first quarter with sequential improvement in each month of the quarter. In fact, our cancellation rate in February was 14%, much below our normalized cancellation rate. Our cancellation rates have benefited from the flawless execution of our financial services group in both finding the right mortgage product and locking mortgages with our home buyers. Our new order sales price in the first quarter totaled 452,000, up 8% from the fourth quarter with mix primarily pushing our average sales price higher.

我們的取消率也從第四季度的 26% 下降到第一季度的 21%，並且該季度的每個月都有所改善。事實上，我們 2 月份的取消率為 14%，遠低於我們的標準化取消率。我們的取消率得益於我們金融服務團隊在尋找合適的抵押貸款產品和鎖定購房者抵押貸款方面的完美執行。我們第一季度的新訂單銷售價格總計 452,000，比第四季度增長 8%，主要是由於產品組合推高了我們的平均銷售價格。

Sequentially, we saw a slight improvement and a reduction in our incentives, which was partially offset by lower base prices. We've been able to achieve small sequential monthly reductions in incentives during our first quarter without impacting sales pace. This trend has continued into the first 2 weeks of March. Notwithstanding the spike in interest rates in late February and continuing into the first 2 weeks of March, our sales and cancellation rates have maintained and we feel we have established market pricing and sales pace stability across our footprint.

隨後，我們看到激勵措施略有改善和減少，這部分被較低的基本價格所抵消。在第一季度，我們已經能夠在不影響銷售速度的情況下實現連續每月小幅減少激勵措施。這種趨勢一直持續到 3 月的前兩週。儘管 2 月下旬利率飆升並持續到 3 月的前兩週，我們的銷售和取消率一直保持不變，我們認為我們已經在我們的足跡中建立了市場定價和銷售速度穩定性。

Now I'd like to give you an update on our markets across the country. In prior quarters, I had 3 categories: one, markets that are performing well; two, markets where we've adjusted pricing and incentives found the market price and have successfully regained sales momentum, and three, markets that require additional pricing adjustments incentives and focus to regain our targeted absorption phase. While our strategy has resulted in lower gross margins across the platform, the good news is that for now, we have no Category 3 markets.

現在我想向您介紹我們在全國各地的市場的最新情況。在前幾個季度，我有 3 個類別：一，表現良好的市場；第二，我們調整定價和激勵措施的市場找到了市場價格並成功恢復了銷售勢頭，第三，需要額外定價調整激勵措施和重點的市場重新獲得我們的目標吸收階段。雖然我們的策略導致整個平台的毛利率較低，但好消息是目前我們沒有第 3 類市場。

During the first quarter and so far in March, we had 10 markets that are performing well, either Southeast Florida, Southwest Florida, Tampa, Palm Atlantic, New Jersey, Filling Metro, Charlotte, Coastal Carolinas, Indi and San Diego. These markets are benefiting from extremely low inventory and many are benefiting from strong local economy, employment growth and migration. While these markets have continued to perform well, we have had to selectively offer mortgage buydown programs and normalized sales incentives. Some communities in these markets have required targeted price adjustments, but those are in a rare case.

在第一季度和 3 月到目前為止，我們有 10 個市場表現良好，分別是佛羅里達州東南部、佛羅里達州西南部、坦帕、棕櫚大西洋、新澤西州、Filling Metro、夏洛特、卡羅來納州沿海、印地和聖地亞哥。這些市場受益於極低的庫存，許多市場受益於強勁的當地經濟、就業增長和移民。雖然這些市場繼續表現良好，但我們不得不有選擇地提供抵押貸款回購計劃和標準化的銷售激勵措施。這些市場中的一些社區要求有針對性的價格調整，但這種情況很少見。

Our Category 2 markets, which reflect markets where we've made more significant adjustments and have successfully regained sales momentum include 29 markets. These include Jacksonville Ocala, Orlando, Gulf Coast, Northern Alabama, Atlanta, Raleigh, Virginia and Maryland, Chicago, Minnesota and Nashville, all the markets in Texas, including Austin, Colorado, Phoenix, Tucson, Las Vegas and the rest of California, Pacific Northwest, including Portland and Seattle, Utah, Reno and Boise. While inventory is limited in each of these markets, we have had to offer more aggressive financing programs, base price reductions and/or increased incentives to regain sales momentum.

我們的第 2 類市場反映了我們做出更重大調整併成功恢復銷售勢頭的市場，包括 29 個市場。其中包括傑克遜維爾奧卡拉、奧蘭多、墨西哥灣沿岸、北阿拉巴馬州、亞特蘭大、羅利、弗吉尼亞和馬里蘭、芝加哥、明尼蘇達和納什維爾，德克薩斯州的所有市場，包括奧斯汀、科羅拉多、鳳凰城、圖森、拉斯維加斯和加利福尼亞其他地區，太平洋西北地區，包括波特蘭和西雅圖、猶他州、里諾和博伊西。雖然每個市場的庫存都有限，但我們不得不提供更積極的融資計劃、降低底價和/或增加激勵措施以重獲銷售勢頭。

Size of the adjustments is varied on a community-to-community basis and has often been limited to specific homes each week. In some cases, to avoid cancellations, we've adjusted pricing on our homes and backlog. We've been very proactive with our pricing and not reactive. This has allowed us to sell homes and avoid building up finished inventory. In all of our Category 2 markets, we have seen base prices stabilize. In a handful of our category 2 markets, we've been able to increase our net sales price primarily by reducing incentives and to a lesser extent, by raising base prices.

調整的規模因社區而異，通常每週僅限於特定家庭。在某些情況下，為避免取消，我們調整了房屋和積壓訂單的價格。我們在定價方面一直非常主動，而不是被動。這使我們能夠出售房屋並避免增加成品庫存。在我們所有的第 2 類市場中，我們看到基本價格趨於穩定。在我們的少數 2 類市場中，我們已經能夠主要通過減少激勵措施以及在較小程度上通過提高基本價格來提高我們的淨銷售價格。

Markets remain very fluid, and we're making proactive strategic decisions and adjustments every day. As Stuart said, we're committed as a management team to address any future market changes quickly. As we said in the past, we're going to keep our homebuilding machine going, maintain our sales and start pace and price our homes to market. This is our balance sheet first focus.

市場仍然非常不穩定，我們每天都在做出積極的戰略決策和調整。正如斯圖爾特所說，作為一個管理團隊，我們致力於快速應對未來的任何市場變化。正如我們過去所說，我們將讓我們的房屋建築機器繼續運轉，保持我們的銷售並開始步伐並為我們的房屋定價。這是我們資產負債表的首要關注點。

Before I turn it over to Jon, I'd like to discuss our land-light strategy and community count. Much of our balance sheet and inventory management progress was driven by the execution of our land strategy while simultaneously driving sales, delivery and managing production. Quarter after quarter, we've worked with our strategic land partners and land banks to develop relationships for them to purchase land on our behalf and deliver just-in-time finished homesites to our homebuilding machine on a monthly and quarterly basis.

在我把它交給 Jon 之前，我想討論一下我們的 land-light 策略和社區數量。我們的大部分資產負債表和庫存管理進展是由我們土地戰略的執行推動的，同時推動了銷售、交付和管理生產。每個季度，我們都與我們的戰略土地合作夥伴和土地銀行合作，發展關係，讓他們代表我們購買土地，並按月和按季度向我們的房屋建築機器交付及時完工的住宅用地。

In the first quarter, about 90% of our 12,000 home sites were purchased for finished homesites from our various land structure. We have continued to make significant progress on our land-light strategy. This was evidenced at the end of our first quarter, our year supply of owned homesites improving to 1.9 years from 2.7 years. And our controlled home site percentage increasing to 68% from 63% year-over-year.

第一季度，我們的 12,000 個住宅用地中約有 90% 是從我們的各種土地結構中購買的成品住宅用地。我們繼續在輕陸戰略方面取得重大進展。這在我們的第一季度末得到了證明，我們自有住宅的年供應量從 2.7 年增加到 1.9 年。我們控制的主場百分比從 63% 同比增加到 68%。

We've also focused on increasing our community count to drive future growth. Our community count increased 1% to 12,017 communities at the end of the first quarter from the year ago period, and we expect to increase our community count in the high single digits from the first quarter by the end of the fiscal year. Given our development time lines, the bulk of these communities will come on in our fourth quarter.

我們還專注於增加我們的社區數量以推動未來的增長。我們的社區數量在第一季度末比去年同期增加了 1%，達到 12,017 個社區，我們預計到本財年末，我們的社區數量將從第一季度開始以高個位數增長。鑑於我們的開發時間表，這些社區中的大部分將在我們的第四季度出現。

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

現在我想把它交給喬恩。

Thank you, Rick. You've heard from Stuart and Rick how we remain focused on finding market community by community to maintain sales pace. Accordingly, this does enable Lennar to keep our production machine moving forward with starts. We continue with our stated construction strategy of being a production-first homebuilder, keeping starts consistent and then matching the sales pace to establish start space to effectively manage inventory. This resulted in ending our first quarter with only about 1 inventory home per community.

謝謝你，里克。您已經從 Stuart 和 Rick 那裡聽說我們如何繼續專注於逐個社區尋找市場社區以保持銷售速度。因此，這確實使 Lennar 能夠讓我們的生產機器不斷向前發展。我們繼續執行我們既定的建設戰略，即成為生產第一的房屋建築商，保持開工一致，然後匹配銷售速度以建立起步空間以有效管理庫存。這導致我們第一季度結束時每個社區只有大約 1 個庫存房屋。

To remind you, our construction playbook has 3 primary areas of focus: lowering construction costs, reducing cycle time and achieving even flow production. By executing this playbook, we believe we can maximize financial results in all market conditions. Let me address each area.

提醒您，我們的施工手冊有 3 個主要重點領域：降低施工成本、縮短週期時間和實現均勻的流水生產。通過執行此劇本，我們相信我們可以在所有市場條件下最大化財務結果。讓我談談每個領域。

As we noted last quarter, the speed of change in market conditions has caused a sharp reduction in industry-wide starts and permits. This is evidenced in the nationally reported starts and permit activity over the last 3 months, with November, December and January starts down year-over-year at 34%, 27% and 27%, while permits were down 30%, 35% and 40%, respectively, in the same year-over-year period. Declining starts and the drop in permits, which are a proxy for a further drop in future starts as already and will continue to free up the availability of labor and material.

正如我們在上個季度指出的那樣，市場條件的變化速度導致全行業的開工和許可急劇減少。過去 3 個月全國報告的開工和許可活動證明了這一點，11 月、12 月和 1 月開工同比下降 34%、27% 和 27%，而許可分別下降 30%、35% 和同比增長 40%。開工率下降和許可證數量下降代表未來開工率進一步下降，並將繼續釋放勞動力和材料的可用性。

Looking at our first quarter. As expected, construction costs fell sequentially from Q4 by about 1%. This was driven primarily by the reduction in lumber costs from last summer, flowing through our deliveries, partially offset by the increases in cost in most other categories. Year-over-year construction costs rose by almost 13%, reflecting the elevated cost environment for home constructions -- for homes started in 2022 versus 2021. Importantly, in our first quarter, we continue to make progress working with our trade partners to reduce the cost of labor and materials. Additionally, we have now evaluated all of our product lines for appropriate specification changes and we maintain an ongoing value engineering review process across all of our divisions.

看看我們的第一季度。正如預期的那樣，建築成本從第四季度開始下降了約 1%。這主要是由於去年夏天木材成本的下降推動了我們的交付，部分被大多數其他類別的成本增加所抵消。建築成本同比增長近 13%，反映了住宅建築成本環境的上升——2022 年開工的住宅與 2021 年相比。重要的是，在第一季度，我們繼續與貿易夥伴合作取得進展，以減少勞動力和材料的成本。此外，我們現在已經評估了我們所有的產品線以進行適當的規格更改，並且我們在所有部門中保持持續的價值工程審查流程。

As I have already noted, there's been a significant slowdown in starts and permits in the industry, and our trade partners feel this firsthand. We continuously meet with them to communicate our strategy of maintaining our start space, which they greatly appreciate. They also understand the steps we have taken in sacrifice the margin in order to keep our sales pace and to support our volume.

正如我已經指出的那樣，該行業的啟動和許可顯著放緩，我們的貿易夥伴親身感受到了這一點。我們不斷與他們會面，交流我們維持起步空間的策略，他們對此非常讚賞。他們還了解我們在犧牲利潤率方面採取的措施，以保持我們的銷售速度並支持我們的銷量。

In churn, they have partnered with us to lower our construction costs as they know we are helping to keep them in their businesses financially stable. They understand the mission, they're on board to help us make it happen. We expect to start seeing these savings begin to flow through our second quarter closings, which are factored into our margin guidance.

在客戶流失期間，他們與我們合作以降低我們的建設成本，因為他們知道我們正在幫助他們保持業務的財務穩定。他們了解使命，他們在船上幫助我們實現它。我們預計將開始看到這些節省的資金開始流入我們的第二季度結賬，這已納入我們的利潤率指導中。

Last quarter, I communicated we had identified about $14,000 per home and construction cost savings which will flow through our closings in the back half of the year. We have now contracted these cost savings and continue to make progress on identifying additional savings, while at the same time managing through an environment where certain material costs are impacted by inflationary pressures. Potential future headwind to cost savings is lumber.

上個季度，我表示我們已經確定每套房屋和建築成本節省約 14,000 美元，這將在今年下半年通過我們的關閉進行。我們現在已經節省了這些成本，並繼續在確定額外節省方面取得進展，同時在某些材料成本受到通貨膨脹壓力影響的環境中進行管理。未來潛在的成本節約不利因素是木材。

As the combination of reduced supply from the mills and minimal inventory quantities throughout the distribution channels sets up for the potential for a small price rally in lumber over the next few months. At this time, we are comfortable in reaffirming at least $14,000 per home in savings, which will serve us well should loan prices come under further pressure again.

由於工廠供應減少和整個分銷渠道的庫存數量減少，未來幾個月木材價格可能小幅上漲。目前，我們很樂意重申每戶家庭至少有 14,000 美元的儲蓄，如果貸款價格再次面臨進一步壓力，這對我們很有幫助。

Second time is the second area of focus for our construction strategy. As Stuart noted, our closings in the first quarter saw extended cycle times as those homes were impacted by the supply chain challenges in the second half of 2022. For the quarter, cycling time increased 14 days and 8 days year-over-year and sequentially, respectively. As we move into the second quarter and beyond, we will continue to close more of the home started last year, which were heavily impacted by supply chain disruptions, eliminating those longer duration of homes from our inventory. Our second time will also benefit from the greater availability of material and labor due to the significant reduction in housing starts.

第二次是我們建設戰略的第二個重點領域。正如 Stuart 指出的那樣，我們在第一季度關閉的周期時間延長了，因為這些房屋受到 2022 年下半年供應鏈挑戰的影響。本季度，週期時間同比分別增加了 14 天和 8 天，並且連續增加， 分別。隨著我們進入第二季度及以後，我們將繼續關閉去年開始的更多房屋，這些房屋受到供應鏈中斷的嚴重影響，從我們的庫存中消除那些持續時間更長的房屋。由於新屋開工大幅減少，我們的第二次也將受益於材料和勞動力的更多供應。

As we've previously discussed, our overall cycle time increased about 2 months from pre pandemic conditions. The bulk of this affected the front end of construction as there are fewer opportunities to build out a sequence at the front end as compared to the back end. For example, we can't put on the roof without the wall, but we can install sorters throughout the windows. There has been significant improvement in recapturing on time at the front end.

正如我們之前所討論的，我們的整體週期時間比大流行前增加了大約 2 個月。其中大部分影響了構建的前端，因為與後端相比，在前端構建序列的機會更少。例如，我們不能在沒有牆壁的情況下放在屋頂上，但我們可以在整個窗戶上安裝分類器。在前端按時重新捕獲方面有了顯著改進。

By the end of our first quarter, we have reduced front-end cycle time by over 2 weeks from (inaudible). Currently, we are on a pace of improving cycle time by a few days each week. We will have to wait and see how long this trend can be maintained or potentially even approve the fund. This will depend on some lingering supply chain issues such as transformers, labor remaining in the workforce as start decline and appropriate staffing levels at municipalities. Reducing our cycle time over the next few quarters will free up a significant amount of cash that is tied up in our inventory, further strengthening our balance sheet.

到第一季度末，我們已將前端週期時間從（聽不清）縮短了 2 週多。目前，我們正逐步將周期時間每週縮短幾天。我們將不得不拭目以待，看看這種趨勢能維持多久，甚至有可能批准該基金。這將取決於一些揮之不去的供應鏈問題，例如變壓器、隨著開工率下降而留在勞動力中的勞動力以及市政當局適當的人員配置水平。在接下來的幾個季度中減少我們的周期時間將釋放大量佔用我們庫存的現金，進一步加強我們的資產負債表。

The third area of focus is even flow production. Prior to the pandemic and its related supply chain disruptions, even flow production was a core focus for us. Even flow properly executed with consistent completions throughout the month and quarter. Consistent starts and completions allowed both Lennar and our trade partners to be staffed for the average versus the peaks and avoiding efficiencies at the valleys. This drives fuel and G&A efficiencies for both the trade and Lennar.

第三個重點領域是均勻流水生產。在大流行及其相關的供應鏈中斷之前，即使是流動生產也是我們的核心關注點。甚至在整個月和季度內以一致的完成度正確執行流程。始終如一的開工和完工讓 Lennar 和我們的貿易夥伴能夠為平均水平和高峰期配備人員，並避免在低谷時提高效率。這推動了貿易和 Lennar 的燃料和 G&A 效率。

While we are not there yet, as we look forward at our planned deliveries for each month of the second quarter, we can start to see a return to even flow. These strategies are an intense focus, everyday focus of the entire company. Everyone at Lennar involved in operations and purchasing are focused on every single day on lowering cost, reducing cycle times and achieving even flow production.

雖然我們還沒有做到這一點，但隨著我們期待第二季度每個月的計劃交付，我們可以開始看到流量恢復均勻。這些戰略是整個公司的重點，也是每天關注的焦點。 Lennar 參與運營和採購的每個人每天都專注於降低成本、縮短週期時間和實現均勻的流水生產。

I would now like to turn it over to Diane.

我現在想把它交給黛安。

Thank you, Jon, and good morning, everyone. Stuart, Rick and Jon have provided a great deal of color regarding our homebuilding performance. So therefore, I'm going to spend a few minutes on the results of our financial services and Lennar Other segments in our balance sheet and then provide high-level boundaries for Q2 2023.

謝謝你，喬恩，大家早上好。 Stuart、Rick 和 Jon 為我們的住宅建築表現提供了大量色彩。因此，我將花幾分鐘時間了解我們資產負債表中金融服務和 Lennar 其他部門的結果，然後提供 2023 年第二季度的高水平界限。

So starting with Financial Services. For the first quarter, our financial services team produced operating earnings of $78 million. Mortgage operating earnings were $59 million compared to $67 million in the prior year. The decrease in earnings was driven by lower loss volume, primarily as a result of the decline in the average sales price of our homes.

所以從金融服務開始。第一季度，我們的金融服務團隊產生了 7800 萬美元的營業收入。抵押貸款營業收入為 5900 萬美元，上年同期為 6700 萬美元。收入下降的原因是損失量減少，這主要是由於我們房屋的平均銷售價格下降。

Title operating earnings were $23 million compared to $21 million in the prior year. Title earnings increased primarily as a result of higher volume and the decrease in cost per transaction as the team continues to achieve efficiencies through technology. These solid results were accomplished as a result of great synergies between our homebuilding and financial services teams as they successfully executed together through this challenging market.

產權營業收入為 2300 萬美元，而上一年為 2100 萬美元。隨著團隊繼續通過技術提高效率，產權收入的增加主要是由於交易量增加和每筆交易成本下降。這些堅實的成果是由於我們的住宅建築和金融服務團隊在這個充滿挑戰的市場中成功執行的巨大協同作用而取得的。

So then looking at our Lennar Other Segment. For the first quarter, this segment had an operating loss of $41 million. The loss was primarily the result of noncash mark-to-market losses on our publicly traded technology investments, which totaled $24 million.

那麼看看我們的 Lennar Other Segment。第一季度，該部門的運營虧損為 4100 萬美元。損失主要是由於我們公開交易的技術投資的非現金市價損失，總計 2400 萬美元。

And then turning to our balance sheet. There is a constant drumbeat at Lennar to be laser-focused on returns and on cash flow. This quarter, we were unwavering with our determination to turn our inventory and generate cash by pricing homes to market to deliver as many homes as possible. The drumbeat continued with our determination to preserve cash and increase asset efficiency by continuing to be judicious about land purchases, acquiring primarily finished homesites where vertical construction will soon begin.

然後轉向我們的資產負債表。 Lennar 一直在鼓吹高度關注回報和現金流。本季度，我們堅定不移地決心通過將房屋定價推向市場以交付盡可能多的房屋來轉變我們的庫存並產生現金。我們繼續審慎地購買土地，收購即將開始垂直建設的主要完工住宅，從而繼續保持現金和提高資產效率。

The results of these steadfast strategies was that we ended the quarter with $4.1 billion of cash and no borrowings on our $2.6 billion revolving credit facility, as we've noted. This provided a total of approximately $6.7 billion of homebuilding liquidity.

正如我們所指出的，這些堅定戰略的結果是我們在本季度結束時擁有 41 億美元的現金，並且我們的 26 億美元循環信貸額度沒有借款。這提供了總計約 67 億美元的房屋建築流動資金。

Given our continued focus on balance sheet efficiency, we enhanced our goal of becoming land lighter. At quarter end, we owned 125,000 homesites and controls 264,000 homesites for a total of 389,000 homesites. Our years own improved to 1.9 years from 2.7 years in the prior year, and our homesites controlled increased to 68% from 63% in the prior year. We believe this portfolio of home sites provides us with a strong competitive position to continue to grow market share in a capital-efficient way.

鑑於我們對資產負債表效率的持續關注，我們提高了實現陸地輕量化的目標。截至季度末，我們擁有 125,000 個住宅點並控制 264,000 個住宅點，總計 389,000 個住宅點。我們擁有的年限從上一年的 2.7 年提高到 1.9 年，我們控制的住所從上一年的 63% 增加到 68%。我們相信，這種家庭網站組合為我們提供了強大的競爭地位，可以以資本高效的方式繼續擴大市場份額。

During the quarter, we started about 13,300 homes and ended the quarter with approximately 36,500 total homes in inventory, of which about 1,300 were completed unsold as we successfully managed our finished inventory levels. Consistent with our commitment to strategic capital allocation, we repurchased 2 million shares totaling about $189 million. Additionally, we paid dividends totaling $108 million.

本季度，我們開工建設了約 13,300 套房屋，本季度末庫存房屋總數約為 36,500 套，其中約 1,300 套已完工但未售出，因為我們成功地管理了成品庫存水平。與我們對戰略資本配置的承諾一致，我們回購了 200 萬股股票，總計約 1.89 億美元。此外，我們還支付了總計 1.08 億美元的股息。

And then looking at our debt maturity profile, our next senior note maturity is $400 million, which is due in fiscal 2024. We continue to benefit from our paydown of debt. You may recall that we've repaid about $5.4 billion of senior notes, which equates to about $300 million in interest savings. Combined with strong earnings, our homebuilding debt to total capital was 14.2% at quarter end, our lowest ever, which was an improvement from 18.3% in the prior year.

然後看看我們的債務到期情況，我們的下一個優先票據到期日為 4 億美元，將於 2024 財年到期。我們繼續從債務償還中受益。您可能還記得，我們已經償還了大約 54 億美元的優先票據，相當於節省了大約 3 億美元的利息。加上強勁的收益，我們的房屋建築債務佔總資本的比例在季度末為 14.2%，是我們有史以來的最低水平，比去年同期的 18.3% 有所改善。

And just a few final points on our balance sheet. We remain committed to increasing shareholder returns. Our stockholders' equity increased to $24 billion. Our book value per share increased to over $84, our return on inventory was approximately 31% and our return on equity was approximately 21%.

還有我們資產負債表上的最後幾點。我們仍然致力於增加股東回報。我們的股東權益增加到 240 億美元。我們的每股賬面價值增加到超過 84 美元，庫存回報率約為 31%，股本回報率約為 21%。

In summary, the strength of our balance sheet, strong liquidity and low leverage provides us with significant confidence in financial flexibility as we move through 2023. And with that brief overview, I'd like to turn our thoughts to Q2. It continues to be difficult to issue the targeted guidance that we have historically provided given the volatility in market conditions. So as Stuart mentioned, and as we did last quarter, we're providing very broad ranges to give some boundaries for each of the components of our second quarter.

總而言之，我們資產負債表的實力、強勁的流動性和低杠桿率使我們對 2023 年的財務靈活性充滿信心。有了這個簡短的概述，我想把我們的想法轉向第二季度。鑑於市場狀況的波動，仍然很難發布我們歷來提供的有針對性的指導。正如斯圖爾特提到的那樣，正如我們上個季度所做的那樣，我們提供了非常廣泛的範圍，為第二季度的每個組成部分提供了一些界限。

So let's start with new orders. We expect Q2 new orders to be in the range of 16,000 to 17,000 homes and expect our Q2 ending community count to be flat to slightly up year-over-year. We anticipate our Q2 deliveries to be in the range of 15,000 to 16,000 homes, and our Q2 average sales price should be in the range of $435,000 to $445,000 as we continue to price to market. We expect gross margins to be in the range of 21% to 21.5% and we expect our SG&A to be in the range of 7.2% and 7.4%.

因此，讓我們從新訂單開始。我們預計第二季度的新訂單將在 16,000 至 17,000 套房屋之間，並預計我們的第二季度末社區數量將持平至同比略有上升。我們預計我們第二季度的交付量在 15,000 到 16,000 套之間，隨著我們繼續對市場定價，我們的第二季度平均銷售價格應該在 435,000 美元到 445,000 美元之間。我們預計毛利率將在 21% 至 21.5% 之間，我們預計我們的 SG&A 將在 7.2% 至 7.4% 之間。

And for the combined homebuilding joint venture land sales and other categories, we expect to have earnings of about $10 million. We anticipate our financial services earnings for Q2 to be in the range of $70 million to $75 million, and we expect a loss of about $20 million for each of our multifamily business and the Lennar Other category, the Lennar Other estimate does not include any potential mark-to-market adjustments to our technology investments since that adjustment will be determined by their stock prices at the end of our quarter.

對於合併的房屋建築合資土地銷售和其他類別，我們預計收益約為 1000 萬美元。我們預計我們第二季度的金融服務收入將在 7000 萬至 7500 萬美元之間，我們預計我們的多戶家庭業務和 Lennar 其他類別的每項業務將虧損約 2000 萬美元，Lennar 其他估計不包括任何潛在的損失對我們的技術投資進行按市值調整，因為該調整將取決於他們在本季度末的股價。

Expect our Q2 corporate G&A to be about 1.6% to 1.7% of total revenues, and our charitable foundation contribution will be based on $1,000 per home delivery. We expect our tax rate to be about 24.5% and the weighted average share count should be approximately 286 million shares. And so when you pull all that together, these estimates should produce an EPS range between $2.10 to $2.55 per share for the second quarter.

預計我們第二季度的公司 G&A 將佔總收入的 1.6% 至 1.7%，我們的慈善基金會捐款將基於每次送貨上門 1,000 美元。我們預計我們的稅率約為 24.5%，加權平均股數應約為 2.86 億股。因此，當您將所有這些匯總在一起時，這些估計值應該會產生第二季度每股收益在 2.10 美元至 2.55 美元之間的範圍。

Finally, once again, given market volatility, we're providing boundaries for deliveries only first full year 2023 as we did last quarter, as Stuart mentioned, this delivery range should be 62,000 to 66,000, which is an increase of our previous range of 60,000 to 65,000. We look forward to giving you another update on our next earnings call.

最後，再次考慮到市場波動，我們僅像上個季度一樣為 2023 年第一個全年的交付提供界限，正如 Stuart 提到的那樣，這個交付範圍應該是 62,000 到 66,000，這比我們之前的 60,000 增加了到 65,000。我們期待在下一次財報電話會議上再次為您提供最新消息。

And with that, let me turn it over to the operator.

有了這個，讓我把它交給接線員。

(Operator Instructions) And our first question will come from Stephen Kim from Evercore ISI.

（操作員說明）我們的第一個問題將來自 Evercore ISI 的 Stephen Kim。

Super interesting times and very impressive results. Wanted to ask a first question, if I could, about your commentary and your guidance on orders. So I think you indicated that your February absorptions were running at 4.7 sales per community. Your order guidance for 2Q seems to imply something less than that. I was curious why that is? And because we usually see, if anything, the absorption higher in the second quarter than in the first quarter. And if demand exceeds what seems to be implied in your order guide, would you expect that we might see that excess show up in a higher margin or greater starts?

超級有趣的時刻和令人印象深刻的結果。想問第一個問題，如果可以的話，關於你的評論和你對訂單的指導。所以我認為你表示你 2 月份的吸收率是每個社區 4.7 的銷售額。您對 2Q 的訂單指導似乎暗示的內容少於此。我很好奇這是為什麼？而且因為我們通常會看到第二季度的吸收率高於第一季度。如果需求超出了您的訂單指南中似乎暗示的範圍，您是否認為我們可能會看到這種過剩出現在更高的利潤或更高的啟動中？

We're struggling who should answer that question.

我們正在糾結誰應該回答這個問題。

David, it's Jon. I think our view, as you heard is we found building the market as we've made what we think of the approach stroke adjustments to achieve a pace. It's really at a pace that I defined it in my discussion points really matches our start pace. And so it's a managed community by community, market by market, sales pace that we think is very healthy as you look at it relative to the year-over-year and the current market environment.

大衛，是喬恩。我認為我們的觀點，正如你所聽到的那樣，我們發現建立市場是因為我們已經做出了我們認為的接近行程調整以實現步伐。我在討論點中定義的速度確實與我們的開始速度相匹配。因此，這是一個由社區、市場和市場管理的社區，我們認為相對於同比和當前市場環境而言，銷售速度非常健康。

I think it's most important to recognize, Steve, that when you look at the overview, the overall numbers, they might not match up perfectly with the fact that we are managing our business and managing each of these numbers from a community by community base -- on community by community basis. And it's really a roll-up of exactly what's happening in the field in each community. And so you're going to see some anomalies in the numbers.

史蒂夫，我認為最重要的是要認識到，當您查看概覽和總體數字時，它們可能與我們正在管理我們的業務並逐個社區管理這些數字中的每一個數字這一事實不完全匹配 - - 以社區為基礎。它實際上是每個社區在該領域發生的事情的匯總。所以你會看到一些數字異常。

Your question as to whether if demand is stronger, we're going to see that reflected in higher volume numbers or higher margins. And it's really -- the answer to that is really going to be about optimizing to both. We will, with greater demand, see some greater volume, but additionally, that greater demand will express itself through our dynamic pricing model and the ability to garner a higher sales price and margin.

你的問題是如果需求更強勁，我們會看到更高的銷量或更高的利潤率。它真的 - 答案真的是關於優化兩者。隨著需求的增加，我們將看到更大的數量，但此外，更大的需求將通過我們的動態定價模型以及獲得更高銷售價格和利潤的能力來表達。

Additionally, on one more important thought on that. And that is, as you know, we really have a very welcome inventory position, not a lot of unsold homes in front of us are current. So we're very disciplined about not getting too far ahead in sales, we could potentially open it up some more. But we find very effective use of mortgage rate buy-downs, which tend to lend to a shorter cycle duration in terms of how we're selling.

此外，還有一個更重要的想法。也就是說，正如您所知，我們確實有一個非常受歡迎的庫存位置，我們面前沒有很多未售出的房屋。因此，我們非常自律，不會在銷售方面遙遙領先，我們可能會進一步開放。但我們發現抵押貸款利率回購的使用非常有效，就我們的銷售方式而言，這往往會縮短週期。

Yes, that's exactly where I was going to go next. So thanks for that segue. So I know you have this dynamic pricing model. One of the things that we've really noticed recently, and I'm curious if you have as well, is that homebuyers seem to prefer QMIs much more even than they did, quick move-in homes than they did in the past. And so I would imagine that you could probably actually reduce the level of incentive that you need to offer as your spec homes near completion, which is something very different from the way things were in the past. And so I'm curious, is that true? Are you finding that you can actually reduce incentives as your specs get further along the construction process? And has your dynamic pricing model adjusted to reflect that change?

是的，那正是我下一步要去的地方。所以感謝那個segue。所以我知道你們有這種動態定價模型。我們最近真正注意到的一件事，我很好奇你是否也注意到了，購房者似乎比過去更喜歡 QMI，比過去更喜歡快速入住的房屋。因此，我想您實際上可能會降低在您的規格房屋接近完工時需要提供的激勵水平，這與過去的方式截然不同。所以我很好奇，這是真的嗎？您是否發現隨著您的規範在建設過程中取得進一步進展，您實際上可以減少激勵措施？您的動態定價模型是否已調整以反映該變化？

Steve, it's Rick. We have seen that our homes as they're getting close to completion or being completed that they get premium pricing. That's why we continued with our production strategy to keep homes coming off of the conveyor belt, if you will. And as I mentioned in my commentary, that's reflective of the lowering of incentives on a monthly basis, really on a weekly basis since for the last 6, 8, 10 weeks, we've been able to lower the amount of the incentive. That's why we're keeping our start cadence going.

史蒂夫，是里克。我們已經看到，我們的房屋在接近完工或完工時獲得了溢價。這就是為什麼我們繼續我們的生產策略，讓房屋遠離傳送帶，如果你願意的話。正如我在評論中提到的那樣，這反映了每月減少激勵措施，實際上是每週減少一次，因為在過去的 6、8、10 周里，我們已經能夠降低激勵金額。這就是為什麼我們要保持我們的開始節奏。

And just going back to your sales pace question, the sales pace for the Q2 is really in the mid-4s. And if the market improves, we can definitely push that. But that's sort of the middle of the fairway type of projection.

回到你的銷售速度問題，第二季度的銷售速度實際上是在 4 年代中期。如果市場好轉，我們絕對可以推動它。但那是球道類型投影的中間部分。

I do think it's important to note that last night, I finished writing my remarks and talked a bit about volatility in my remarks. Little did I know that this morning, I wake up and see even increased volatility. I say that as an overlay to all of the discussion around numbers looking forward. Have to be looked at in the context of very strange and moving market conditions.

我確實認為值得注意的是，昨晚我寫完了我的評論，並在我的評論中談到了一些波動性。我幾乎不知道，今天早上，我醒來發現波動性甚至增加了。我說這是對所有圍繞未來數字的討論的疊加。必須在非常奇怪和不斷變化的市場條件下進行審視。

Yes. Stuart, appreciate that. And we will take the 3.4% 10-year yield, though, to this morning.

是的。斯圖爾特，很感激。不過，我們將 3.4% 的 10 年期國債收益率計算到今天早上。

Absolutely. We'll see what the other numbers look like.

絕對地。我們將看看其他數字是什麼樣的。

Next, we'll go to the line of Alan Ratner from Zelman & Associates.

接下來，我們將轉到 Zelman & Associates 的 Alan Ratner 的路線。

First, just I was hoping to reconcile a little bit of Stuart and Rick's comments earlier just as far as kind of the late February, early March activity and how that pertains to the overall pricing strategy. Rick, I think I heard from you that at least in your opinion, sales have remained steady here through the first couple of weeks of March and not to parse too finally between weekly data. But Stuart, your comments were that you did see a little bit of a tick lower in late February from the higher rates. And obviously, that's a rearview mirror now, but now the banking headlines are taking over.

首先，我只是希望就 2 月底、3 月初的活動以及這與整體定價策略的關係，調和 Stuart 和 Rick 早些時候的一些評論。里克，我想我從你那裡聽說，至少在你看來，在 3 月的前幾週，這裡的銷售額一直保持穩定，而且最後不要在每週數據之間進行解析。但是斯圖爾特，你的評論是你確實看到 2 月下旬利率較高時略有下降。顯然，這現在是後視鏡，但現在銀行業的頭條新聞正在接管。

So I guess I'm just curious, a, can you reconcile those comments? And b, given that you think pricing has kind of found a market clearing price, so to speak, if orders were to fade a bit, at what point would you get more aggressive on incentivizing again or adjusting prices to bring that sales pace up?

所以我想我只是好奇，a，你能調和這些評論嗎？ b，鑑於你認為定價已經找到了市場清算價格，可以這麼說，如果訂單稍微減少一點，你會在什麼時候更積極地再次激勵或調整價格以加快銷售速度？

Well, the answer to your last question is every day. We're looking at pricing on an everyday basis in each community. It's a very granular assessment. To reconcile what I said about the end of February, at the end of February, interest rates started moving dramatically in a different direction, and we definitely saw direct impact in traffic levels. We were intrigued to sit, watch as we went from February into March that our sales pace remained relatively strong. There are a number of ways to read that information. But we -- a big part of our read is the fact that we have kind of entered into a world of a new normal relative to interest rates, the sticker shock of the rapid change is subsiding. It doesn't mean it's gone away.

嗯，你最後一個問題的答案是每天。我們正在研究每個社區的日常定價。這是一個非常精細的評估。為了協調我在 2 月底所說的話，在 2 月底，利率開始朝著不同的方向急劇變化，我們確實看到了對流量水平的直接影響。從 2 月到 3 月，我們很想坐下來觀察我們的銷售速度保持相對強勁。有多種方法可以讀取該信息。但是我們 - 我們閱讀的很大一部分是這樣一個事實，即我們已經進入了一個相對於利率的新常態的世界，快速變化的價格衝擊正在消退。這並不意味著它消失了。

But at the same time, interest rate movements are not disrupting sales as they might have 6 months or 9 months ago. And we are able to find and keep in touch in step with interest rate movements and that intersection between the discounting that we might have to do, the incentives we might have to get and the consumers' affordability assessment. So all of those are in play on a regular basis. And as we came to the end of February, we definitely saw an impact on traffic, but not really much of an impact on sales. That's anomalous.

但與此同時，利率變動並沒有像 6 個月或 9 個月前那樣擾亂銷售。我們能夠找到並與利率變動保持聯繫，以及我們可能必須進行的折扣、我們可能必須獲得的激勵措施以及消費者的承受能力評估之間的交叉點。所以所有這些都在定期進行。到了 2 月底，我們確實看到了對流量的影響，但對銷售的影響並不大。那是反常的。

Alan, it's Jon. I think there's a connection of a point that sort of made and that is as interest rate rates went up, we pulled on the lever of mortgage rate buydowns to keep our customers, who were in the queue moving forward with a purchase decision. That's, I think, part of why we didn't see an impact to our sales, while we're seeing an impact to our travel.

艾倫，是喬恩。我認為這與某種程度上的聯繫是有聯繫的，那就是隨著利率上升，我們利用抵押貸款利率回購的槓桿來留住我們的客戶，他們在隊列中做出購買決定。我認為，這就是為什麼我們沒有看到對我們的銷售產生影響，而我們看到對我們的旅行產生影響的部分原因。

The final comment I'd make is we did see stability going into the first 2 weeks of March. Didn't see much variation in the aggregate number of sales in the first 2 weeks. Incentives ticked down and cancellation rates really stayed in that stable zone for the 2 weeks prior and really the month of February.

我要發表的最後評論是，我們確實看到了 3 月前 2 週的穩定性。前 2 週的總銷量變化不大。激勵措施逐漸減少，取消率在前 2 周和 2 月份確實保持在該穩定區域。

Appreciate that. That's all really helpful. Second, I know it's early and this can kind of take a lot of different directions here. But given the uncertainty in the regional banking sector today, on one hand, you guys and the other publics are at a huge advantage over private builders given your long-term debt and the balance sheet and the strength that you have. But if you think about the industry more holistically, it's so reliant on debt financing from the regional banks that may be coming up to a tougher period here in the near term which could result in some tightening, whether it's on AD&C financing or build for rent purchases, anything that kind of utilizes that capital.

感謝。這真的很有幫助。其次，我知道現在還早，這裡可能會有很多不同的方向。但鑑於當今區域銀行業的不確定性，一方面，鑑於你們的長期債務和資產負債表以及你們擁有的實力，你們和其他公眾比私人建築商具有巨大優勢。但如果你更全面地考慮這個行業，它非常依賴區域銀行的債務融資，短期內可能會迎來一段艱難時期，這可能會導致一些緊縮，無論是 AD&C 融資還是出租建設購買，任何利用該資本的東西。

So maybe this one is best for Stuart. How do you see this playing out? And if there are any headwinds or tightening that might occur? And how could that impact your business even if you do have that competitive advantage from a capital perspective?

所以也許這個最適合斯圖爾特。你如何看待這件事？如果有任何逆風或緊縮可能會發生？即使從資本角度來看您確實擁有競爭優勢，這又會對您的業務產生怎樣的影響？

So Alan, your question is a really important one, and I don't think there's a clean clear answer to it. And I was very intentional in my comments, I use the words unintended consequences. There are so many of them just swirling around out there. And I'm not sure how they're going to shake out. You're absolutely right that the community banking and regional banking system is a support structure for the broader housing market, whether it's the smaller builders or all the way through the system.

艾倫，你的問題非常重要，我認為沒有明確的答案。我在評論中非常有意，我使用了意想不到的後果這個詞。有很多人只是在那裡打轉。而且我不確定他們將如何擺脫困境。你說得對，社區銀行和區域銀行系統是更廣泛的住房市場的支持結構，無論是較小的建築商還是整個系統。

The SFR buyers are going to feel the grip of not only cost of capital, but also capitalization rates. There's going to be moving upward. There's going to be movement downward. And how it shakes out is going to be something that we'll be very tuned to. But the landscape is going to shift. Unintended consequences are not -- we're not going to be able to see around those corners. And I think we've seen that in many ways over just the past few days, the unexpected has happened, and we've just had to think about how we deal with it, whether it's over the weekend or whether it's over last night.

SFR 買家不僅會感受到資金成本的控制，還會感受到資本化率的控制。將會向上移動。會有向下運動。它如何擺脫困境將是我們非常關注的事情。但形勢將發生變化。意想不到的後果不是——我們將無法看到這些角落。我想我們已經在過去幾天的很多方面看到，意想不到的事情發生了，我們只需要考慮如何處理它，是在周末還是在昨晚結束。

So it's important to daylight that there are these things out there that are going to have some ripple effects, and we'll all have to just sit and see how we deal with them. I hope that I laid out well in our commentary that our strategic focus is taking into account the volatility, the unexpected and recognizing that we're going to stay very close to the market on a community-by-community basis and use our dynamic pricing model, digital marketing platform to keep the production machine moving, and that will impact both sales prices and margins.

因此，重要的是白天有這些東西會產生一些連鎖反應，我們都必須坐下來看看我們如何處理它們。我希望我在我們的評論中很好地闡述了我們的戰略重點是考慮到波動性、意外情況並認識到我們將在逐個社區的基礎上保持非常接近市場並使用我們的動態定價模型、數字營銷平台來保持生產機器的運轉，這將影響銷售價格和利潤率。

Next, we'll go to the line of Susan Maklari from Goldman Sachs.

接下來，我們將轉到 Goldman Sachs 的 Susan Maklari。

My first question is going back to the dynamic pricing model, you mentioned in your comments that you are constantly refining and improving that process. Are there any specifics that you can give us around that? And especially given the volatility that we've seen in rates over the last couple of months, how has that helped you to adjust on the ground? And you the confidence to give us those guidance or those boundaries for your '23 closings of 62,000 to 66,000?

我的第一個問題是回到動態定價模型，您在評論中提到您正在不斷完善和改進該流程。關於這方面，您有什麼具體細節可以告訴我們嗎？特別是考慮到我們在過去幾個月中看到的利率波動，這如何幫助您進行實際調整？您有信心為我們提供 62,000 到 66,000 的 23 年收盤價的指導或界限嗎？

Susan, it's Jon. Our dynamic pricing model really gives us a very clear view of the different elements that go into pricing home and associated incentives, mortgage buydowns, base pricing premiums, et cetera. So we've evolved that product through these market conditions. We've developed additional tools within dynamic pricing that give our operators that view of what's happening on a plan-by-plan, community-by-community basis where they can track week-over-week changes in base pricing incentives, et cetera, and say very much on top of sales pace, what's needed and what is having the biggest impact on driving results.

蘇珊，是喬恩。我們的動態定價模型確實讓我們非常清楚地了解了房屋定價和相關激勵措施、抵押貸款回購、基本定價溢價等的不同要素。因此，我們在這些市場條件下開發了該產品。我們在動態定價中開發了額外的工具，讓我們的運營商能夠了解逐個計劃、逐個社區發生的情況，他們可以跟踪基本定價激勵等每週的變化，並在銷售速度、需要什麼以及對推動結果影響最大的方面說得非常多。

As well as the competitive landscape. All of the components of what's happening in the market is being ingested into our dynamic pricing model, and it is giving in graphic form our operators a clear view of what's happening in their market, backward-looking and forward expected. And it's really the ingestion of data, the backward testing and the ability to accumulate more information that is dependable that we -- where we build and understanding as to what it means that helps us come up with pricing that is actionable in the field on a market-by-market basis.

以及競爭格局。市場上正在發生的事情的所有組成部分都被吸收到我們的動態定價模型中，它以圖形形式讓我們的運營商清楚地了解他們市場上正在發生的事情，向後看和向前看。這實際上是數據的攝取、向後測試和積累更多信息的能力，這些都是我們可靠的——我們構建和理解這意味著什麼，這有助於我們提出在現場可操作的定價。逐個市場的基礎上。

And probably the most interesting thing that has taken place over the last 6 months is a better understanding of how to look at our underperforming assets, meaning the communities that are not performing up to par. It's easy to focus on the communities that are doing quite well and harder to focus on the ones that might be lagging and across a platform that's 1,300 communities coast-to-coast. It's important to 0 in on those that are underperforming and see what it takes to get them moving in the right direction. That's what our dynamic pricing model is all about.

過去 6 個月發生的最有趣的事情可能是更好地了解如何看待我們表現不佳的資產，這意味著表現不佳的社區。關注做得很好的社區很容易，而關注那些可能落後的社區則更難，而且要跨越從東海岸到西海岸 1,300 個社區的平台。重要的是將那些表現不佳的人歸為零，看看如何讓他們朝著正確的方向前進。這就是我們的動態定價模型的全部意義所在。

It also allows us to identify the ones that are performing well from a sales pace. But that need pricing adjustments to the upside, because we're not maximizing the value of the opportunities.

它還使我們能夠從銷售速度中識別出表現良好的產品。但這需要向上調整定價，因為我們沒有最大化機會的價值。

And the foundation that really enables our dynamic pricing model work is we have a set start pace and we're trying to land on a sales pace that ties into a match that start pace. So we know where we want to land, and then enterprising helps us navigate to make sure that we land on the spot that we want to.

真正使我們的動態定價模型起作用的基礎是我們有一個固定的起步速度，我們正在努力使銷售速度與起步速度相匹配。所以我們知道我們想要降落的地方，然後進取心幫助我們導航以確保我們降落在我們想要的地方。

Yes. Okay. That's all very helpful. And then turning to the balance sheet, you've got probably the strongest balance sheet you've ever had, especially given the operating conditions right now. Historically, when we've gone through periods of slowdowns or the global financial crisis, you've been able to leverage certain opportunities to drive long-term growth. Obviously, it's really hard to know how things will come together this time. But what are some of the things that you're looking out for? Where do you think there could be opportunities to take advantage of? And how are you thinking about investing in long-term growth relative to, say, shareholder returns or other uses of the balance sheet?

是的。好的。這一切都非常有幫助。然後轉向資產負債表，你可能擁有有史以來最強大的資產負債表，尤其是考慮到目前的經營狀況。從歷史上看，當我們經歷經濟放緩或全球金融危機時期時，您已經能夠利用某些機會來推動長期增長。顯然，這次真的很難知道事情會怎樣。但是，您正在尋找的一些東西是什麼？您認為哪裡有機會可以利用？您如何考慮投資於相對於股東回報或資產負債表其他用途的長期增長？

So Susan, let me say emphatically that our primary focus is on organic growth. We are not really looking outside of strategic opportunities and being opportunistic in a kind of traditional sense. We are -- and I've said this many times before, we are focused on being a best-of-breed homebuilder, manufacturer with an asset-light program. We're going to be focused on generating cash, paying down debt, buying back stock, where opportunistically we can and should. And we're not really looking outside the boundaries. We think that the opportunity to continuously improve, as I said, continuous improvement is a serious mantra around here.

所以蘇珊，讓我強調一下，我們的主要重點是有機增長。我們並沒有真正把目光投向戰略機會之外，也不是傳統意義上的機會主義。我們是 - 我之前已經說過很多次，我們專注於成為同類最佳的房屋建築商，擁有輕資產計劃的製造商。我們將專注於產生現金、償還債務、回購股票，在機會主義的情況下我們可以而且應該這樣做。而且我們並不是真的在邊界之外尋找。我們認為持續改進的機會，正如我所說，持續改進是這裡的一個嚴肅的口頭禪。

Continuously improved is the biggest opportunity that we have, and we are refining all of the levers of our company down to or up to the actual operators that run the business across the board, its continuous improvement, internally focused and that opportunistic skill set that we clearly have is not our primary focus right now.

持續改進是我們擁有的最大機會，我們正在完善我們公司的所有槓桿，細化到或細化到全面經營業務的實際運營商，其持續改進，內部關注以及我們所擁有的機會主義技能顯然，擁有不是我們現在的主要關注點。

The strength of our balance sheet is not enabling us to me and/or our thinking. We're staying very focused on running our business and refining it. And that asset-light componentry continues to be right in the crosshairs of what we're focused on, how do we systematically build a land strategy that is complementary of a land light programming that enables us to execute well and to grow for the future.

我們資產負債表的實力並沒有使我們能夠實現我和/或我們的想法。我們一直非常專注於經營我們的業務並完善它。輕資產組件仍然是我們關注的焦點，我們如何系統地建立一個土地戰略，該戰略與土地輕計劃相輔相成，使我們能夠很好地執行並為未來發展。

I think consistent with that on the margin, the opportunities that might come on individual community-by-community basis is if things on a regional level with the smaller builders, smaller developers where they need capital, we can put that in one of our land vehicles.

我認為與邊際一致的是，如果在區域層面上，小型建築商、小型開發商需要資金，我們可以將其放在我們的一塊土地上汽車。

And our next question comes from Truman Patterson from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Truman Patterson。

Actually, this is [Paul Sadowski]. First question, your order ASP increased 3% to 7% quarter-over-quarter on a regional basis. You did dimension that was pricing power. But I can't imagine pricing power drove all that. Was it more the balanced product or geographic submarket mix, et cetera? And then following on that, what percent of your communities have actually come off the bottom in order pricing?

實際上，這是[Paul Sadowski]。第一個問題，你們的訂單 ASP 在區域基礎上環比增長了 3% 到 7%。你做的維度是定價權。但我無法想像定價權會推動這一切。它更多的是平衡的產品或地理子市場組合，等等？然後接下來，您的社區中有多少百分比實際上在訂單定價方面處於最低水平？

So as I said in my comments, most of the price increase between Q4 and Q1 was really mix of product with some incentive reductions, that was the primary impact between Q4 and Q1. As far as the percentage of communities I'm not sure we have that right now. That's the...

因此，正如我在評論中所說，第四季度和第一季度之間的大部分價格上漲實際上是產品與一些激勵措施減少的混合，這是第四季度和第一季度之間的主要影響。至於社區的百分比，我不確定我們現在是否有。那就是...

Okay. All right. Well, the second question, your first quarter gross margin came in a little bit about guidance. The midpoint on 2Q is basically flat. In the last quarter, you mentioned that you thought 1Q would kind of be the low point for the year. Do you continue to believe that the second half of '23 will see higher margins relative to the first half?

好的。好的。好吧，第二個問題，您的第一季度毛利率與指導有關。 2Q中點基本持平。在上個季度，您提到您認為 1Q 會是今年的低點。您是否繼續相信 23 年下半年的利潤率會高於上半年？

Generally, we do. I do want to just correct one term and that is that term guidance. We've used the word boundaries. I know there's a subtle difference there, but we are trying to give some boundaries, but we do recognize that the world is working a little strangely these days. With that said, we do feel that our margins should be better in the back half of the year as some of our cost savings and work with our building partners kind of start to flow through. Remember, there's a lag and what we're able to engage with our building partners and what actually -- the timing of which is actually flows through our numbers. But we are anticipating that the second half should be a little bit stronger, assuming that conditions in the market don't radically move in a different direction.

一般來說，我們這樣做。我只想更正一個術語，那就是那個術語指導。我們使用了邊界這個詞。我知道那裡有細微的差別，但我們正試圖給出一些界限，但我們確實認識到這些天世界的運作有點奇怪。話雖如此，我們確實認為我們的利潤率在下半年應該會更好，因為我們的一些成本節約以及與我們的建築合作夥伴的合作開始出現。請記住，有一個滯後，我們能夠與我們的建築合作夥伴合作，以及實際上 - 時間實際上流經我們的數字。但我們預計下半年應該會更強勁一些，前提是市場狀況不會從根本上朝著不同的方向發展。

And our next question comes from Carl Reichardt from BTIG.

我們的下一個問題來自 BTIG 的 Carl Reichardt。

Stuart, you talked about turns at 1.2x, inventory turns. So if you think about like selling at a normalized pace for Lennar, getting back to normal cycle times and optimizing the land-light program in hunky-dory world, where do you think those inventory turns can go?

斯圖爾特，你談到了 1.2 倍的周轉率，庫存周轉率。因此，如果您考慮以 Lennar 的正常速度銷售，恢復正常的周期時間並優化 hunky-dory 世界中的陸上照明計劃，您認為這些庫存周轉可以去哪裡？

So we've spent a lot of time thinking about this call. We think it's a very important metric for us. And I'm not prepared to make that prediction. What I want to say that it is very much at the center of our thinking, and there are some cross currents right now, because of the reconciliation of supply chain disruption and some of the holdovers and the reconciliation of that supply chain disruption getting our cycle times back in line will be a factor in the answer to that question, and let's leave the answer to that in another day, but just to understand that it's very much part of the focus of our management team.

所以我們花了很多時間考慮這個電話會議。我們認為這對我們來說是一個非常重要的指標。我不准備做出這樣的預測。我想說的是，這是我們思考的中心，現在有一些交叉流，因為供應鏈中斷和一些延期的調和以及供應鏈中斷的調和使我們的周期重新排隊的時間將是回答該問題的一個因素，讓我們改天再回答這個問題，但要明白這是我們管理團隊關注的重點。

Okay. I had to take the shot at least. And then on Quarterra, obviously, you've postponed that, what are the conditions necessary do you think to actually get that business spun under the assumption that you still intend to do that?

好的。至少我得拍一拍。然後在 Quarterra 上，很明顯，你已經推遲了，你認為在你仍然打算這樣做的假設下真正讓該業務旋轉的必要條件是什麼？

I'll answer it in the negative and say not the conditions that we've seen unfold over the past couple of weeks. We are -- look, there's -- as I said last quarter, the markets are moving and the financial markets have created complication. Since that last quarterly call, I would say that the capital markets have become even a bit more complicated. This is just not the time for us to be taking Quarterra to the market. I think that we're going to wait and see and look for the right opportunity to do the next right thing for the company. And I want to leave that as an open item as well. I feel like I'm not answering your questions, Carl. It's not like me.

我會以否定的方式回答它，而不是說我們在過去幾週看到的情況。我們 - 看，有 - 正如我上個季度所說，市場正在發生變化，金融市場已經變得複雜。自上次季度電話會議以來，我想說資本市場變得更加複雜了。現在不是我們將 Quarterra 推向市場的時候。我認為我們將拭目以待，尋找合適的機會為公司做下一件正確的事情。我也想將其保留為未解決的項目。卡爾，我覺得我沒有回答你的問題。這不像我。

That's quite a way.

這是一個很好的方式。

We have time to 2 more, please.

我們有時間再來 2 個，謝謝。

Absolutely. Our next question comes from Mike Rehaut from JPMorgan.

絕對地。我們的下一個問題來自摩根大通的 Mike Rehaut。

The first question, I just wanted to circle back to, I believe it was Jon's comments on that $14,000 of savings per home that you feel like you've been able to achieve, I guess, maybe over the last I don't know, call it, 3 to 6 months. That against your second quarter closing ASP, that's a little over 300 basis points of margin improvement. So I'm just trying to think about -- you mentioned earlier about still expecting some amount of improvement in second quarter -- I'm sorry, second half gross margins provided the pricing and incentive backdrop remain relatively stable.

第一個問題，我只是想回過頭來，我相信這是喬恩對你覺得你已經能夠實現的每個家庭節省 14,000 美元的評論，我想，也許在過去我不知道，叫它，3到6個月。與第二季度收盤平均售價相比，利潤率提高了 300 多個基點。所以我只是想想想——你之前提到仍然預計第二季度會有一定程度的改善——對不起，如果定價和激勵背景保持相對穩定，下半年的毛利率。

Is -- it seems like you're a little more hesitant to kind of say, okay, back half gross margins up by 300. Are there other things that we should be considering that would offset that? Is this more of a fiscal '24 event? Just trying to think about those savings and how they might flow through in the back half.

是 - 看起來你有點猶豫，好吧，將一半的毛利率提高 300。我們是否應該考慮其他可以抵消的事情？這更像是一個財政'24事件嗎？只是想想想這些節省以及它們如何在後半部分流出。

So Mike, before I let Jon comment, let me just say that you hit the nail on the head. I think that it's the general volatility that is sending up the caution flag that, yes, you're correct. We are working every day on expanding that number to a larger number, and it is not static. And if you just look at numbers, your assessment is correct. But with that said, we're leaving room for volatility to run its course. We recognize that even things within the cost numbers are moving around. Whether it's lumber costs moving down and then moving back up, whether it's other components. So the answer is yes, we're leaving some room for other elements of volatility to express themselves as well. Go ahead Jon.

所以邁克，在我讓喬恩發表評論之前，我只想說你一語中的。我認為這是發出警告信號的普遍波動性，是的，你是對的。我們每天都在努力將這個數字擴大到一個更大的數字，而且它不是一成不變的。如果你只看數字，你的評估是正確的。但話雖如此，我們正在為波動性的發展留出空間。我們認識到，即使是成本數字內的東西也在變化。無論是木材成本下降然後又上升，還是其他組件。所以答案是肯定的，我們也為波動的其他因素留出一些空間來表達自己。繼續吧，喬恩。

Yes. So for Q2, as I mentioned, you're just seeing the very beginnings of that because there is a time lag that Stuart adjusted a moment ago. We put something under contract today, it affects homes we start tomorrow, we delivered call to 6 months from now. So you have that timing cycle. You do have a likelihood that lumber does move up some. We are battling, for example, aggregates and concrete as a headwind. There is a constant energy efficiency battle that goes on that effect our manufacturers. So it's give and take in that, and that's why I said we feel comfortable with what we have put under contract so far. But it's all about. And so you shouldn't do the math where you apply 100% of that because there will be offsets.

是的。所以對於第二季度，正如我提到的，你只是看到了它的開始，因為 Stuart 剛才調整了一個時間滯後。我們今天將某些東西置於合同之下，它會影響我們明天開始的房屋，我們會在 6 個月後發出電話。所以你有那個時間週期。你確實有可能木材確實上漲了一些。例如，我們正在與骨料和混凝土作鬥爭。有一場持續不斷的能效之戰影響著我們的製造商。所以它是給予和接受的，這就是為什麼我說我們對我們迄今為止在合同下的內容感到滿意。但這就是全部。所以你不應該在應用 100% 的地方進行數學計算，因為會有偏移。

Okay. That's very helpful and makes sense. I guess maybe even increasing the focus to the second quarter instead of the second half we're getting even shorter term, you guided to roughly flat gross margins in the second quarter versus the first. And what struck me on that guidance is that at the same time, you've been talking about during the call, incentives, I think Rick kind of referred to incentives declining over the past, I think I heard 6 to 10 weeks, and maybe there was a little bit of a bump up in the end of February, but then a bump down, I guess, in March. Why wouldn't we see a little bit of that in the second quarter in terms of the gross margins? And again, is there any offset there? Or is this more of a 3Q, 4Q type of benefit?

好的。這很有幫助，也很有道理。我想甚至可能將重點放在第二季度而不是下半年，我們的期限會變得更短，你指導第二季度的毛利率與第一季度大致持平。那個指導讓我印象深刻的是，與此同時，你在電話中一直在談論激勵措施，我認為 Rick 有點提到過去的激勵措施下降，我想我聽說 6 到 10 週，也許2 月底略有上升，但我猜在 3 月份出現了下降。就毛利率而言，為什麼我們在第二季度看不到一點點？再一次，那裡有任何抵消嗎？或者這更像是一種 3Q、4Q 類型的收益？

I think it's more of a Q3, Q4 type of benefit. But if you look at our guidance, we've pushed up to 21.5%, which incorporates some of that improvement. And the thing you need to think about incentives is, incentive is one part of the equation. The base price is another. And occasionally, we have to adjust base prices down because ultimately, we're really focused on net pricing. So we feel that we will get a benefit from the reduction in incentives and net pricing as we move through the year. So we're at the beginning stages of really stabilized markets and making the improvements as volume and traffic change.

我認為這更像是 Q3、Q4 類型的收益。但如果你看看我們的指導，我們已經提高到 21.5%，其中包含了一些改進。關於激勵，你需要考慮的是，激勵是等式的一部分。基本價格是另一個。有時，我們不得不下調基本價格，因為最終，我們真正關注的是淨定價。因此，我們認為隨著這一年的推進，我們將從激勵措施和淨定價的減少中獲益。因此，我們正處於真正穩定市場的開始階段，並隨著流量和流量的變化而做出改進。

Bottom line is a lot of moving parts in all of this, Mike. And the way it plays out over the quarter, especially in the near term. It's going -- the moving parts are all going to work together and we're going to roll it up. So you're seeing the injection of some rational conservatism to just make sure we're including the volatility in the market that is moving things all around.

邁克，底線是所有這一切中的很多活動部分。以及它在本季度的表現方式，尤其是在短期內。它正在運行 - 移動部件將一起工作，我們將把它捲起來。所以你看到了一些理性保守主義的注入，以確保我們包括市場中正在改變一切的波動。

Great last question please.

最後一個問題很好。

Our final question comes from Matthew Bouley from Barclays.

我們的最後一個問題來自巴克萊銀行的 Matthew Bouley。

So one follow-up on everything going on around the banking system. You laid out some sort of broader industry thoughts there. And I very much recognize is very fluid, but just kind of pertaining to your own mortgage business. Kind of lay out or unpack kind of as you guys go through the process of selling loans to the secondary mortgage market. Do you have any exposure to the regional banking system there? And just any sort of higher level thoughts on how all this may impact lending standards and all that?

因此，對銀行系統周圍發生的一切進行跟進。你在那裡提出了一些更廣泛的行業想法。而且我非常認識到它非常流暢，但只是與您自己的抵押貸款業務有關。在你們向二級抵押貸款市場出售貸款的過程中，有點佈局或拆包。你對那裡的區域銀行系統有任何接觸嗎？關於所有這些可能如何影響貸款標準等等的任何更高層次的想法？

We're going to let Bruce chime in on that. Nice to hear you this morning Bruce.

我們將讓布魯斯插話。很高興今天早上聽到你，布魯斯。

Nice to be here. With respect to sales of loans to investors, we have the agencies that we sell to and other parties that are not regional banks. Some of those investors did have financing from regional banks. We're paying very close attention to that, but no disruption. And the backdrop is we could always sell to the agencies. So we feel very good about the sales to investors. Our warehouse lines are primarily the big commercial banks. So very little regional bank component with the warehouse line.

很高興來到這裡。關於向投資者出售貸款，我們有我們出售給的機構和非區域性銀行的其他方。其中一些投資者確實從地區銀行獲得了融資。我們正在密切關注這一點，但沒有中斷。背景是我們總是可以賣給代理商。因此，我們對向投資者的銷售感到非常滿意。我們的倉儲線主要是大型商業銀行。所以很少有區域銀行組件與倉庫行。

So we're in really good shape, we vetted that. This is an experienced team that's been through the financial crisis back in 2008 and '09. So we have the playbook and we've reacted very quickly, and we feel very comfortable.

所以我們的狀態非常好，我們對此進行了審查。這是一支經驗豐富的團隊，經歷了 2008 年和 09 年的金融危機。所以我們有了劇本，我們反應很快，我們感覺很舒服。

Yes. Let me also say that capital markets are pretty fluid, especially around established products like the mortgage product. There is more than the regional banks. Some of the insurance companies are starting to look at some of these spaces. And I think we have a high degree of confidence that we'll be able to fill any void that temporarily show up.

是的。我還要說的是，資本市場非常不穩定，尤其是圍繞抵押貸款產品等成熟產品。不僅僅是區域性銀行。一些保險公司開始關注其中的一些空間。而且我認為我們非常有信心能夠填補任何暫時出現的空白。

Wonderful. All right. Second one, just you mentioned at the top around land and it sounds like prices are very sticky and you're trying to push back on that. I think you said you'd eventually see kind of a lagged benefit to margins, if I heard you correctly. I'm just curious if you can elaborate a little on what you're doing to kind of push back and kind of get the land market where you think it should be at this stage.

精彩的。好的。第二個，剛才你在頂部提到了土地，聽起來價格非常粘，你正試圖反擊。我想你說過你最終會看到利潤率的滯後收益，如果我沒聽錯的話。我只是想知道您是否可以詳細說明您正在做些什麼來推遲並讓土地市場達到您認為現階段應該達到的水平。

Look, at the end of the day, land value is a residual of what it can be used for. And the residual land value off of residential land is relative to the price or sales price of the home. What makes land value somewhat sticky is the expectation that perhaps home prices have come down, but they'll bounce back up. And therefore, the old residual might come back into play and landholders will sometimes wait.

看，在一天結束的時候，土地價值是它可以用來做什麼的剩餘部分。住宅用地的剩餘土地價值與房屋的價格或銷售價格有關。讓土地價值變得有些粘性的是人們預期房價可能已經下降，但它們會反彈。因此，舊的剩餘物可能會重新發揮作用，土地所有者有時會等待。

At the end of the day, we're finding that we're coming into a new sense of normal. And I have to believe that if landholders, land owners want to generate cash and sell products, ultimately, the valuation is going to have to revert to kind of that new normal of home pricing and the end use of the land, and there will be that rational relationship between land cost and ultimate home price. We are patiently waiting for that to reconcile and we're doing it because we're simply not going to buy the land that's going to put us under water or by the next impaired margin.

在一天結束時，我們發現我們正在進入一種新的常態。我必須相信，如果土地所有者、土地所有者想要產生現金並出售產品，最終，估值將不得不恢復到房屋定價和土地最終用途的新常態，並且會有土地成本與最終房價之間的合理關係。我們正在耐心地等待它和解，我們正在這樣做，因為我們根本不會購買將把我們置於水下或下一個受損利潤率的土地。

And so we are going to buy our time. If the market corrects to the upside, we'll pay a little bit more. But if it stays kind of situated where it is, quite sure that land sellers will come around to understanding that there is a new valuation that has to come into play.

所以我們要爭取時間。如果市場向上調整，我們會多付一點錢。但如果它保持在原位，那麼可以肯定的是，土地賣家會意識到必須進行新的估值。

Just for clarity, operationally, we're really staying very close to all land that is out there so that as it does ebb and flow, we are in that flow. Now what's going on and can make decisions quickly.

為了清楚起見，在操作上，我們真的非常靠近那裡的所有土地，所以當它潮起潮落時，我們就在其中。現在發生了什麼事，可以迅速做出決定。

Right. Rick?

正確的。瑞克？

I think there's no doubt that the land market, the land sellers are seeing the permits and starts activity that Jon highlighted. I think some of them are getting a little bit nervous. They all think they had the last piece of land that can be acquired or developed. Jon, I have heard that comment for the last 20 years. There's always more than in the last piece of land. So we're being very careful or underwriting specifically to today's prices for respectable and strong margins. And if the deals make sense, we're going to structure them really well, and we'll move forward with them.

我認為毫無疑問，土地市場、土地賣家正在看到喬恩強調的許可證並開始活動。我認為他們中的一些人變得有點緊張。他們都認為他們擁有最後一塊可以收購或開發的土地。喬恩，我在過去 20 年裡一直聽到這種評論。總有比最後一塊土地更多的東西。因此，我們非常謹慎或專門承保今天的價格，以獲得可觀和強勁的利潤率。如果這些交易有意義，我們將很好地構建它們，我們將繼續推進它們。

So let me just say, and I guess, concluding along these lines is they say it takes a village. Well, in the homebuilding world, it's the homebuilder, the land seller and the building partners or the trade all working together and recognizing the current pricing is going to define in the future.

所以我只想說，我想，按照這些思路得出的結論是，他們說這需要一個村莊。好吧，在住宅建築領域，是住宅建築商、土地賣家和建築合作夥伴或貿易商共同努力，並認識到當前的定價將決定未來。

With that, I want to say thank you to everybody for joining us, and we look forward to reporting again in the future as we report future quarters. Thank you.

有了這個，我想感謝大家加入我們，我們期待在未來報告未來季度時再次報告。謝謝。

That concludes today's conference. Thank you all for participating. You may disconnect your line, and please enjoy the rest of your day.

今天的會議到此結束。謝謝大家的參與。您可以斷開您的線路，請盡情享受您的一天。