Lennar Corp (LEN) 2025 Q3 法說會逐字稿

Welcome to Lennar's third-quarter earnings conference call. (Operator Instructions)

歡迎參加 Lennar 第三季財報電話會議。（操作員指示）

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

我現在將把電話轉給大衛柯林斯 (David Collins) 來宣讀前瞻性聲明。

Thank you, and good morning, everyone. Today's conference call may include forward-looking statements, including statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies, and prospects. Forward-looking statements represent only Lennar's estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

謝謝大家，早安。今天的電話會議可能包含前瞻性陳述，包括有關 Lennar 的業務、財務狀況、經營成果、現金流、策略和前景的陳述。前瞻性陳述僅代表 Lennar 在本次電話會議之日的估計，並非旨在對未來的實際結果提供任何保證。由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本質上具有風險和不確定性。

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

許多因素可能會影響未來的結果，並可能導致 Lennar 的實際活動或結果與前瞻性陳述中預期的活動和結果有重大差異。這些因素包括我們的收益報告和美國證券交易委員會 (SEC) 文件中所述的因素，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 like to introduce your host, Mr. Stuart Miller, Executive Chairman and Co-CEO. Sir, you may begin.

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。

Very good. Good morning, everybody, and 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; Katherine Martin is here -- she's our new Chief Legal Officer -- welcome, Katherine; and Bruce Gross, CEO of Lennar Financial Services, along with a few others as well.

非常好。大家早安，感謝大家今天加入我們。今天，我和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)、我們的財務總監兼副總裁戴維·柯林斯 (David Collins)（您剛才聽到了他的發言）、凱瑟琳·馬丁 (Katherine Martin)（她是我們新任首席法律首席執行官）還有布魯斯·羅斯納 (LBruce Gross)，以及其他一些人。

I do want to note that Mark Sustana, our 20-year General Counsel, is not here today, and he's sorely missed. I don't believe that Mark has missed an earnings call in his 20 years with the company, and his service to and with the company has been truly remarkable. While Mark recently retired, and we have Katherine here as our Chief Legal Officer, Mark will remain a strategic advisor and consultant to the company, and we're sure that Mark can't help but listen today. So Mark, you're definitely here in spirit.

我想指出的是，我們任職 20 年的總法律顧問馬克·蘇斯塔納 (Mark Sustana) 今天沒有來，我們非常想念他。我相信馬克在公司任職的 20 年裡從未錯過任何一次財報電話會議，他為公司做出的貢獻確實非常出色。雖然馬克最近退休了，凱瑟琳擔任我們的首席法律官，但馬克仍將擔任公司的策略顧問和諮詢師，我們相信馬克今天一定會聽取我們的意見。所以馬克，你的精神肯定在這裡。

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, some of our land strategy and positions. As usual, Diane's going to give a detailed financial highlight, along with some guidance for the fourth quarter. And then, of course, we'll have our question-and-answer period, and as usual, I'd like to ask that you please limit yourself to one question, one follow-up, so that we can accommodate as many as possible.

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、我們的一些土地策略和立場。像往常一樣，黛安將提供詳細的財務重點以及第四季度的一些指導。然後，當然，我們將進入問答環節，和往常一樣，我希望您只提出一個問題、一個後續問題，以便我們盡可能多地回答問題。

So let me begin. We are pleased to review Lennar's third-quarter 2025 results against the backdrop of what might be the beginnings of an improving economic landscape for the housing market. With that said, our third-quarter results reflect the continued softening of market conditions and affordability through our third quarter.

那麼就讓我開始吧。在房地產市場經濟狀況可能開始好轉的背景下，我們很高興回顧 Lennar 2025 年第三季的業績。話雖如此，我們的第三季業績反映出第三季市場狀況和負擔能力的持續疲軟。

Sales volume was difficult to maintain and required additional incentives in order to achieve our expected pace and to avoid building excess inventory. While our deliveries were just below our goal for the quarter, and while we sold more homes than expected during the quarter, these accomplishments came at the expense of further deterioration of margin, which came down to 17.5%.

銷售量很難維持，需要額外的激勵才能達到我們預期的速度並避免庫存過剩。雖然我們的交付量略低於本季度的目標，而且我們在本季銷售的房屋數量超出預期，但這些成就是以利潤率進一步下降為代價的，利潤率降至 17.5%。

Accordingly, we're going to begin to ease back our delivery expectations for the fourth quarter and full year in order to relieve the pressure on sales and deliveries and help establish a floor on margin. We will reduce our delivery expectations for the fourth quarter to 22,000 to 23,000 homes, and we will reduce our full-year expectation to 18,500 to 18,500 -- 81,500 to 82,500 for the full year. For Lennar, this is an opportune time to pause and let the market catch up a little bit.

因此，我們將開始下調第四季度和全年的交付預期，以減輕銷售和交付壓力，並幫助確定利潤底線。我們將第四季度的交付量預期下調至 22,000 至 23,000 套，並將全年交付量預期下調至 18,500 至 18,500 套——全年交付量為 81,500 至 82,500 套。對 Lennar 來說，這是一個暫停並讓市場稍微趕上來的好時機。

Even though mortgage rates began to trend downward towards the end of the quarter, stronger sales have not yet followed. We have certainly begun to see early signs of greater customer interest and stronger traffic entering the market. With lower mortgage rates, purchasers are showing greater interest in considering their home purchase, and this is generally an early signal of stronger sales activity to follow, assuming rates remain lower. And if interest rates continue to fall, we're quite optimistic that this all will happen soon.

儘管抵押貸款利率在本季末開始呈下降趨勢，但銷售量尚未出現強勁成長。我們確實已經開始看到客戶興趣增加和市場流量增加的早期跡象。隨著抵押貸款利率降低，購屋者對購屋表現出更大的興趣，如果利率保持在較低水平，這通常預示著隨後的銷售活動將更加強勁。如果利率繼續下降，我們非常樂觀地認為這一切很快就會發生。

The extended period of higher interest rates for longer than expected forced us, however, to adjust construction costs in order to enable sales in difficult market conditions. Our lower construction cost structure, together with reduced margins, enabled us to meet affordability and support the supply and demand balance.

然而，利率上調的時間比預期的要長，這迫使我們調整建築成本，以便在困難的市場條件下實現銷售。我們較低的建築成本結構，加上較低的利潤率，使我們能夠滿足負擔能力並支持供需平衡。

We drove sales pace to match production pace, and we fortified our market share and position in each of our strategic markets. We are now situated with a lower cost structure, efficient product offerings, and strong market positions to accommodate pent-up demand as rates moderate and confidence ultimately returns. As I said before, this is the right time. This is just the right time for us to pull back just a little bit.

我們推動銷售速度與生產速度相匹配，並鞏固了我們在各個策略市場的市場份額和地位。隨著利率趨於緩和、信心最終恢復，我們現在擁有較低的成本結構、高效的產品供應和強大的市場地位，可以滿足被壓抑的需求。正如我之前所說，現在正是時候。現在正是我們稍微撤退的最佳時機。

We believe that we've gotten ahead of the current market realities, and we've built what we believe is a stronger, long-term, margin-driving platform. We know that this has taken some time, as the market has remained weaker for longer, but we also know that our strategy has helped build a healthier housing market and has positioned Lennar for strong cash flow and bottom-line growth in the future.

我們相信，我們已經領先於當前的市場現實，並且我們已經建立了我們認為更強大、長期、利潤驅動的平台。我們知道這需要一些時間，因為市場疲軟的持續時間較長，但我們也知道，我們的策略有助於建立一個更健康的房地產市場，並為萊納未來強勁的現金流和底線成長奠定了基礎。

We are optimistic that if mortgage rates approach the 6% level, or even lower, we will soon see some firming in the market, and we will benefit from stronger affordability and therefore demand. Accordingly, we'll remain focused on volume and even flow production, although at just a little slower pace. We will maintain responsible volume to maintain an affordable cost structure, and we will find the floor and rebuild our margin as the overall housing market continues to remain short on supply.

我們樂觀地認為，如果抵押貸款利率接近 6% 的水平，甚至更低，我們很快就會看到市場有所回暖，我們將受益於更強的負擔能力和需求。因此，我們將繼續專注於產量甚至流量生產，儘管速度會稍慢一些。我們將保持負責任的銷售量，以維持可負擔的成本結構，並且由於整體房地產市場繼續供應短缺，我們將找到底線並重建利潤率。

So let me turn quickly to a quick macro overview of the housing market. Consistent with last quarter's earnings call, the macroeconomy remained challenging throughout our third quarter. Mortgage interest rates remained higher, and consumer confidence remained challenged by a wide range of uncertainties, both domestic and global. Across the housing landscape, actionable demand remained diminished by both affordability and consumer confidence, and therefore, the market continued to soften as we moved through the quarter.

那麼，讓我快速地來簡要概述房地產市場。與上一季的財報電話會議一致，宏觀經濟在整個第三季仍然充滿挑戰。抵押貸款利率仍然較高，消費者信心仍然受到國內和全球各種不確定因素的挑戰。在整個住房領域，由於負擔能力和消費者信心的雙重影響，可操作的需求仍然減少，因此，隨著本季的推進，市場繼續走軟。

Nevertheless, as we came to the back half of the quarter, interest rates began to drift downward, and that drift began to accelerate as we came to the end of the quarter and into the fourth. Today, we are possibly getting closer to 6% mortgage rate -- that's fluctuating a little bit -- and we're just beginning to see consumers return to the market.

然而，當我們進入本季後半段時，利率開始下降，當我們進入本季末和第四季時，這種下降趨勢開始加速。今天，我們可能已經接近 6% 的抵押貸款利率——這個利率正在稍微波動——而且我們剛開始看到消費者重返市場。

Against that backdrop, supply remains constrained in most markets, driven by years of underproduction. New construction has slowed as builders have pulled back on production due to slow sales and affordability concerns, therefore exacerbating the chronic supply shortage. Demand is still high as people want and need homes, but affordability and waning confidence around buying now have been constraining that demand.

在此背景下，由於多年來產量不足，大多數市場的供應仍受到限制。由於銷售放緩和對負擔能力的擔憂，建築商削減了生產，新房建設速度放緩，加劇了長期的供應短缺。由於人們想要並需要住房，因此需求仍然很高，但現在的負擔能力和購屋信心減弱一直在限制這種需求。

This has been a difficult cycle as low supply fuels high prices and high prices lock out many of our buyers. As I've said before, mayors and governors around the country continue to list the housing shortage as a priority concern and point to affordability or attainability as a priority.

這是一個艱難的循環，因為供應不足導致價格高漲，而高價又將許多買家拒之門外。正如我之前所說，全國各地的市長和州長繼續將住房短缺列為優先考慮的問題，並將住房的可負擔性或可獲得性列為優先事項。

I do suggest that if you want to better understand the conundrum of the housing market, read the book Abundance by Ezra Klein to better understand that housing has a long-term future defined by both structurally short supply and not just growing demand, but growing need for housing as well. The current environment is all about recognizing that short supply is keeping prices higher, and that only lower prices, enabled by lower cost structures, will achieve affordability.

我確實建議，如果你想更好地理解住房市場的難題，請閱讀埃茲拉·克萊因的《富足》一書，以更好地理解住房的長期未來不僅由結構性供應短缺和不斷增長的需求決定，而且住房需求也在不斷增長。目前的環境表明，供應短缺導致價格居高不下，只有透過降低成本結構來降低價格，才能實現可負擔性。

Turning to our results, in our third quarter, we started approximately 21,500 homes. We delivered approximately 21,500 homes and sold just over 23,000 homes. While we were just short of delivery expectations, we exceeded our sales expectations and we were able to grow our community count, positioning us better for the remainder of the year.

談到我們的業績，在第三季度，我們開工了約 21,500 套房屋。我們交付了約 21,500 套房屋，銷售了 23,000 多套房屋。雖然我們的交付量略低於預期，但我們超出了銷售預期，並且能夠擴大社區數量，從而為我們在今年剩餘時間內做好更好的準備。

As mortgage interest rates remained higher and consumer confidence declined, we continued to drive volume with our starts while we incentivized sales to enable affordability and limit inventory build. We have successfully focused on maintaining inventory within our two completed unsold homes per community level that has been reflected historically. As a result, during the third quarter, sales incentives rose to 14.3%, reducing our gross margin to 17.5%, which was lower than expected on a lower-than-expected average sales price of $383,000. Our SG&A came in at 8.2%, which produced a net margin of 9.2%.

由於抵押貸款利率居高不下且消費者信心下降，我們繼續透過開工來推動銷量，同時激勵銷售以實現可負擔性並限制庫存累積。我們成功地集中精力維持每個社區已完成的兩套未售出房屋的庫存，這在歷史上已經得到體現。結果，第三季的銷售獎勵上升至 14.3%，導致我們的毛利率降至 17.5%，低於預期，平均銷售價格低於預期，為 383,000 美元。我們的銷售、一般及行政費用為 8.2%，淨利率為 9.2%。

As we look ahead to the fourth quarter, we expect that our margins will come in at approximately 17.5%, consistent with our last quarter, of course depending on market conditions. We expect to sell between 20,000 and 21,000 homes and deliver between 22,000 and 23,000 homes. We expect our average sales price to be between $380,000 and $390,000, as we expect to continue -- as we expect to somewhat alleviate pricing pressure on homes that will be sold during the quarter as a result of taking some pressure off of our sales base. And as I noted earlier, we expect to deliver between 81,500 and 82,500 homes for the year 2025.

展望第四季度，我們預計利潤率將達到約 17.5%，與上一季持平，當然取決於市場狀況。我們預計將售出 20,000 至 21,000 套房屋，並交付 22,000 至 23,000 套房屋。我們預計平均銷售價格將在 380,000 美元至 390,000 美元之間，並且我們預計將繼續保持這一趨勢 - 因為我們預計通過減輕銷售基礎壓力，本季度售出的房屋的價格壓力將有所緩解。正如我之前提到的，我們預計到 2025 年將交付 81,500 至 82,500 套房屋。

We expect our overhead in the fourth quarter to continue to run between 7.8% and 8%, as we continue to invest in and evolve various Lennar technology solutions that will define our future. These initiatives, as I've said before, have been and will continue to add to SG&A, as well as corporate G&A, for some time to come, as they represent a significant investment in our differentiated future.

我們預計第四季度的管理費用將繼續保持在 7.8% 至 8% 之間，因為我們將繼續投資和發展決定我們未來的各種 Lennar 技術解決方案。正如我之前所說，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，因為它們代表了對我們差異化未來的重大投資。

So in conclusion, let me say that while this has been another difficult quarter in the housing market, it is another constructive quarter for Lennar. While the short-term road ahead might seem a little choppy, we are very optimistic about our future. We are well aware that our numbers aren't where we would like them to be, but neither are market conditions. We are well situated with a strong and growing national footprint, growing community count, and growing volume.

總而言之，我想說，雖然這對房地產市場來說又是一個艱難的季度，但對 Lennar 來說，這又是一個建設性的季度。雖然短期內前方的道路看起來有些坎坷，但我們對未來非常樂觀。我們很清楚我們的業績並沒有達到我們所期望的水平，但市場狀況也沒有達到我們所期望的水平。我們擁有強大的、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規模。

We have continued to drive production to meet the housing shortage that we all know persists across our markets. And as we have driven growth, production, and volume, we have positioned our company to evolve and create efficiencies and technologies that will make us a better company built for the future.

我們持續推動生產以滿足我們所知的整個市場持續存在的住房短缺問題。隨著我們推動成長、生產和產量，我們已經將公司定位為不斷發展和創造效率和技術，這將使我們成為一家面向未來的更好的公司。

Perhaps most importantly, our strong balance sheet and even stronger land banking relations afford us flexibility and advantaged opportunity to consider and execute on strategic growth for the future as well. In that regard, we will focus on our manufacturing model and continue to use our land partnerships to grow. And we will lean into reshaping our business by developing and using modern technologies with a focus on cash flow and high returns on capital in order to drive long-term shareholder value.

或許最重要的是，我們強大的資產負債表和更強大的土地銀行關係為我們提供了靈活性和有利的機會來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發展。我們將致力於透過開發和使用現代技術來重塑我們的業務，並專注於現金流和高資本回報率，以推動長期股東價值。

So before I end, I can't help but note how inspired I am by the resurgence of a technology company that Lennar has supported for many years. We are quite confident that Opendoor, with its new CEO, Kaz, that's how he's referred to, will be a contributing force and partner in Lennar's technology journey and evolution. Kaz joined Opendoor after six years at Shopify, where he is mission-driven as he takes the helm of a company that has the ability and the ambition now to bring modern technology to change the home ownership market forever. I have always said that the Opendoor platform functioning properly will add significant bottom line to Lennar while creating convenience and joy for our customers.

所以在結束之前，我不禁要說，Lennar 多年來支持的科技公司的復興給了我多大的啟發。我們非常有信心，Opendoor 及其新任執行長 Kaz（人們這樣稱呼他）將成為 Lennar 技術之旅和發展的一股貢獻力量和合作夥伴。Kaz 在 Shopify 工作了六年後加入了 Opendoor，在那裡，他以使命為導向，執掌一家有能力和雄心壯志利用現代技術永遠改變房屋所有權市場的公司。我一直說，Opendoor 平台的正常運作將為 Lennar 帶來顯著的利潤，同時為我們的客戶創造便利和快樂。

As Kaz took the CEO position, he sent out a note on why he joined Opendoor. This is what he said in part. It is incredibly important that we use all of our energy and modern tools at our disposal to build products that make home ownership easier. We must make the process of buying and selling a home less frictionful so more people do it. Home ownership isn't about a house. It's about families and community. And that is why I am so incredibly proud that I get to support this team in our mission to use every tool at our disposal to make selling, buying, and owning a home easier.

當 Kaz 擔任執行長時，他發出了一份說明，說明他加入 Opendoor 的原因。這是他所說的部分內容。極其重要的是，我們要利用我們掌握的所有能源和現代工具來製造使擁有住房變得更容易的產品。我們必須減少買賣房屋的過程的摩擦，以便更多的人能夠這樣做。房屋所有權並不是指擁有一棟房子。它與家庭和社區有關。這就是為什麼我感到無比自豪，因為我能夠支持這個團隊完成我們的使命，即利用我們掌握的一切工具，讓出售、購買和擁有房屋變得更加容易。

He goes on, AI gives us the chance to accelerate this work in ways never before thought possible. From simplifying the process of buying and selling to unlocking personalized pathways to ownership, AI can help millions of families access homes more efficiently, more affordably, and more transparently than ever before. This is a once in a lifetime opportunity to redefine what's possible in real estate.

他繼續說道，人工智慧讓我們有機會以以前從未想過的方式加速這項工作。從簡化買賣流程到解鎖個人化的購屋途徑，人工智慧可以幫助數百萬家庭比以往更有效率、更經濟、更透明地獲得住房。這是千載難逢的機會，可以重新定義房地產的可能性。

That is the message from Kaz. We can all do better. We can all be better. Our mission is worthy. Lennar is on that same mission. And we are connected to the success of Opendoor as well. We are extremely well positioned for our future, and we look forward to keeping you up to date on our progress.

這是來自 Kaz 的訊息。我們都可以做得更好。我們都可以變得更好。我們的使命是值得的。Lennar 也肩負著同樣的使命。我們也與 Opendoor 的成功息息相關。我們已為未來做好了充分的準備，並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。

Good morning, everyone.

大家早安。

As Stuart described, we remain intensely focused on executing our core strategy, maintaining consistent high-volume production while leveraging advanced technology throughout our Homebuilding operations. This is all about driving efficiencies, position us as the leading technology-enabled, low-cost homebuilding manufacturer. Our ongoing strategy has resulted in greater efficiencies, evidenced by improvements in our cycle time, inventory turn, and overall cost. In this update, I will discuss our third-quarter performance concerning sales pace, cost reduction, cycle time improvements, and the execution of our asset-light land strategy.

正如史都華所描述的，我們仍然高度專注於執行我們的核心策略，保持一致的大量生產，同時在整個住宅建築業務中利用先進技術。這一切都是為了提高效率，使我們成為領先的技術支援、低成本的住宅建築製造商。我們持續的策略已經帶來了更高的效率，這從我們的週期時間、庫存週轉率和整體成本的改善就可以看出。在本次更新中，我將討論我們第三季在銷售速度、成本降低、週期時間改進以及輕資產土地策略執行方面的表現。

For the third quarter, we achieved a sales pace of 4.7 homes per community per month, which aligns with our sales plan. To reach this goal, we utilized Lennar machine, beginning with attracting qualified leads through our digital funnel. We then focused on a rapid response with each customer, along with the quality engagement. Notably, our average response time to leads improved by 53% from our second quarter, reducing it to just 46 seconds. This means that when a lead submits a request for information, they typically receive a call or text within 46 seconds.

第三季度，我們實現了每個社區每月 4.7 套房屋的銷售速度，這與我們的銷售計劃一致。為了實現這一目標，我們利用了 Lennar 機器，首先透過我們的數位管道吸引合格的潛在客戶。然後，我們專注於對每個客戶的快速回應以及高品質的參與。值得注意的是，我們對潛在客戶的平均回應時間比第二季提高了 53%，縮短至僅 46 秒。這意味著當潛在客戶提交資訊請求時，他們通常會在 46 秒內接到電話或簡訊。

Supporting our sales process, our internet sales consultants benefit from real-time analytics for coaching immediately after each interaction, thanks to proprietary software. This technology-driven approach results in an 8% quarter-over-quarter increase in appointments. Additionally, we utilize our dynamic pricing tool that matches home prices to real-time supply and demand inputs, helping us reach our targeted sales goals. Our pricing technology continues to evolve using the feedback and data from our results. The successful execution of Lennar machine has enabled us to sell the right homes at current market prices, keeping our inventory well positioned, with an average of under only two unsold homes per community -- completed homes per community.

在支援我們的銷售流程的過程中，我們的網路銷售顧問可以利用專有軟體在每次互動後立即進行即時分析並提供指導。這種技術驅動的方法使得預約量較上季成長了 8%。此外，我們利用動態定價工具將房價與即時供需輸入相匹配，幫助我們實現目標銷售目標。我們的定價技術會根據結果的回饋和數據不斷發展。Lennar 機器的成功執行使我們能夠以當前市場價格出售合適的房屋，保持我們的庫存處於有利位置，平均每個社區只有不到兩套未售出的房屋——每個社區已完工的房屋。

Affordability continues to challenge customers throughout all of our markets in the quarter, as incentives increase by approximately 100 basis points to achieve our sales targets. It is this ongoing affordability challenge that drives our focus on a production-first strategy. As the foundation to this strategy, we deliver a consistent start pace of 4.4 homes per community per month in the quarter. This sustained volume benefits the supply chain, allowing us to leverage volume to reduce both cost and cycle times.

本季度，我們所有市場的客戶都面臨著可負擔性的挑戰，為了實現我們的銷售目標，激勵措施增加了約 100 個基點。正是這種持續的可負擔性挑戰促使我們將重點放在生產優先策略上。作為該策略的基礎，我們在本季度保持了每個社區每月 4.4 套住房的穩定開工速度。這種持續的產量有利於供應鏈，使我們能夠利用產量來降低成本和週期時間。

Consistent volume supports ongoing negotiations with our trade partners, resulting in lower costs. Over the last 11 quarters, we have achieved cost reductions in 10 of them. The average decrease for each of the 11 quarters is $1.50 per square foot. Direct construction costs for the third quarter were down approximately 1% from the second quarter and about 3% year over year, reaching the lowest construction costs for our company since the third quarter of 2021. This trend of decreasing direct construction costs will continue into our fourth quarter.

穩定的數量支持我們與貿易夥伴的持續談判，從而降低成本。在過去的 11 個季度中，我們在其中 10 個季度實現了成本削減。11 個季度的平均降幅為每平方英尺 1.50 美元。第三季直接建設成本較上季下降約1%，年減約3%，達到我公司2021年第三季以來的最低建設成本。直接建築成本下降的趨勢將持續到第四季。

We have now achieved cycle time reductions for 11 consecutive quarters, with a six-day sequential decrease from Q2, bringing the average cycle time for single-family detached homes down to 126 calendar days. This represents a 14-day, or 10% year-over-year reduction, and marks the lowest cycle time in our company's history.

我們現在已經連續 11 個季度實現了周期時間縮短，比第二季度連續減少了 6 天，使獨棟住宅的平均週期時間縮短至 126 個日曆日。這意味著比去年同期減少了 14 天，即 10%，是我們公司歷史上最短的周期時間。

Technology continues to drive these improvements by providing our construction teams with real-time information displayed in user-friendly dashboards, facilitating better scheduling and field problem solving. Improved cycle times and technology-driven quality assurance processes have also contributed to higher home quality, evidenced by fewer work orders and a reduced warranty spend, down about 35% year over year.

技術透過為我們的施工團隊提供顯示在用戶友好型儀表板上的即時訊息，繼續推動這些改進，從而促進更好的調度和現場問題解決。改進的週期時間和技術驅動的品質保證流程也有助於提高房屋質量，這體現在更少的工作訂單和更低的保固支出（同比下降約 35%）。

Our focus on efficiency and cost reduction extends to land development, where we apply similar volume-based strategies to negotiate lower costs with trade partners in the slowing land market. In the third quarter, we began to see meaningful progress in these efforts and expect further improvements in the coming quarters. Land acquisitions are strategically structured to be just in time, utilizing our land bank relationships and phased takedowns to minimize carrying costs.

我們對效率和降低成本的關注延伸到了土地開發，在放緩的土地市場中，我們採用類似的基於數量的策略與貿易夥伴協商降低成本。在第三季度，我們開始看到這些努力取得了有意義的進展，並預計未來幾季將取得進一步的改善。土地收購的策略結構是及時的，利用我們的土地銀行關係和分階段的收購來最大限度地降低持有成本。

Regarding our asset-light strategy, we concluded the quarter with improved metrics. Our supply of owned home sites decreased to 0.1 years from 1.1 years a year ago, and the percentage of controlled home sites increased to 98% from 81% a year ago. Together, these operational improvements have led to an increased inventory turn in the third quarter, now at 1.9 versus 1.6 last year, representing a 19% improvement. In the fourth quarter, our team will continue to focus on executing the strategy of maximizing efficiencies to drive down costs across our operating platform.

關於我們的輕資產策略，我們在本季結束時取得了改善的指標。我們的自有住宅用地供應量從一年前的 1.1 年減少到 0.1 年，而控制住宅用地的比例從一年前的 81% 增加到 98%。這些營運改善共同導致第三季庫存週轉率提高，目前為 1.9，而去年同期為 1.6，提高了 19%。第四季度，我們的團隊將繼續專注於執行最大化效率的策略，以降低整個營運平台的成本。

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 homebuilding operations. So therefore, I'm going to provide a quick summary of our Financial Services operations, summarize our balance sheet highlights, and then provide guidance for the fourth quarter.

謝謝你，喬恩，大家早安。史都華和喬恩為我們的房屋建築業務提供了大量資訊。因此，我將簡要概述我們的金融服務業務，總結我們的資產負債表重點，然後提供第四季度的指導。

So starting with Financial Services, for the third quarter, our Financial Services team had operating earnings of $177 million. The strong earnings were primarily driven from our mortgage business and were driven by a higher profit per loan as a result of higher secondary margins. Once again, our Financial Services team worked in partnership with our Homebuilding teams with the goal of providing a great customer experience for each home buyer.

從金融服務開始，第三季度，我們的金融服務團隊的營業收入為 1.77 億美元。強勁的獲利主要來自於我們的抵押貸款業務，並且由於二級利潤率較高而導致每筆貸款的利潤較高。我們的金融服務團隊再次與我們的房屋建築團隊合作，旨在為每位購屋者提供卓越的客戶體驗。

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 $1.4 billion of cash and total liquidity of $5.1 billion.

回顧我們的資產負債表，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產生現金。這些行動的結果是，我們在本季結束時擁有 14 億美元的現金和 51 億美元的總流動資金。

As Jon noted, consistent with our land-light, lower-risk manufacturing model, our year's supply of owned home sites was 0.1 years and our home site's controlled percentage was 98%. We ended the quarter owning 11,000 home sites and controlling 512,000 home sites for a total of 523,000 home sites. We believe this portfolio of home sites provides us with a strong competitive position to continue to grow market share and scale in a capital-efficient way.

正如喬恩所指出的，與我們少土地、低風險的製造模式一致，我們自有住宅用地的年供應量為 0.1 年，而我們住宅用地的控制百分比為 98%。截至本季末，我們擁有 11,000 個家庭站點，控制 512,000 個家庭站點，總計 523,000 個家庭站點。我們相信，這些住宅用地組合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。

With our focus on turning inventory, our inventory turn increased to 1.9 times and our return on inventory was 24%. During the quarter, we started about 21,500 homes and ended the quarter with approximately 42,500 homes in inventory. As Stuart mentioned, we carefully managed our inventory levels, ending the quarter with fewer than two completed unsold homes per community which is within our historical range.

透過注重庫存週轉，我們的庫存週轉率提高到 1.9 倍，庫存回報率達到 24%。本季度，我們開工建造了約 21,500 套房屋，本季末庫存房屋約為 42,500 套。正如史都華所提到的，我們謹慎地管理我們的庫存水平，本季末每個社區的已完工未售出房屋數量少於兩套，這在我們的歷史範圍內。

And then turning to our debt position, we ended the quarter with $1.1 billion outstanding on our revolving credit facility, and our Homebuilding debt to total cap was 13.5%. We had no redemption or repurchases of senior notes this quarter. Our net debt maturity of $400 million is not due until June of 2026.

然後談到我們的債務狀況，本季末我們的循環信貸額度未償還金額為 11 億美元，我們的住宅建築債務佔總上限的 13.5%。本季我們沒有贖回或回購優先票據。我們的 4 億美元淨債務將於 2026 年 6 月到期。

Consistent with our commitment to increasing total shareholder returns, we repurchased 4.1 million of our outstanding shares for $507 million, and we paid dividends totaling $129 million. Our stockholders' equity was just under $23 billion and our book value per share was about $89. In summary, the strength of our balance sheet provides us with confidence and financial flexibility as we progress through the remainder of 2025.

為了履行我們提高股東總回報的承諾，我們以 5.07 億美元回購了 410 萬股流通股，並支付了總計 1.29 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 89 美元。總而言之，我們強勁的資產負債表為我們在 2025 年剩餘時間內的發展提供了信心和財務靈活性。

So with that brief overview, I'd like to turn to Q4 and provide some guidance estimates, starting with new orders. We expect Q4 new orders to be in the range of 20,000 to 21,000 homes as we match production and sales paces. We anticipate our Q4 deliveries to be in the range of 22,000 to 23,000 homes with a continued focus on turning inventory into cash. Our Q4 average sales price on those deliveries should be about $300,000 to $390,000 and gross margins should be approximately 17.5% consistent with the prior year. And our SG&A percentage should be in the range of 7.8% to 8%.

因此，透過這個簡要概述，我想轉向第四季度並提供一些指導估計，從新訂單開始。隨著生產和銷售速度的匹配，我們預計第四季度的新訂單將在 20,000 至 21,000 套之間。我們預計第四季度的交付量將在 22,000 至 23,000 套之間，並將繼續致力於將庫存轉化為現金。我們第四季交付的這些產品的平均銷售價格應約為 30 萬至 39 萬美元，毛利率應與去年持平，約為 17.5%。我們的銷售、一般及行政費用百分比應在 7.8% 至 8% 之間。

All these metrics, of course, are dependent on market conditions. For the combined homebuilding joint venture, land sales, and other categories, we expect earnings of approximately $50 million. We anticipate our Financial Services earnings to be approximately $130 million to $135 million. For our Multifamily business, we expect a loss of about $30 million as we continue to strategically monetize assets to generate higher returns. Turning to Lennar Other, we expect a loss of $35 million, excluding the impact of any potential mark-to-market adjustments to our public technology investments.

當然，所有這些指標都取決於市場條件。對於合併後的住宅建築合資企業、土地銷售和其他類別，我們預計收益約為 5000 萬美元。我們預計金融服務業務的收益約為 1.3 億至 1.35 億美元。對於我們的多戶型業務，我們預計損失約為 3000 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。談到 Lennar Other，我們預計損失為 3500 萬美元，這還不包括對我們的公共技術投資進行的任何潛在的按市價調整的影響。

Our Q4 corporate G&A should be about 1.9% of total revenues, and our foundation contribution will be based on $1,000 per home delivery. We expect our Q4 tax rate to be approximately 23.5%, and the weighted average share count should be approximately 253 million shares. And so on a combined basis, these estimates should produce an EPS range of approximately $2.10 to $2.30 per share for the quarter.

我們第四季的企業一般及行政費用應佔總收入的 1.9% 左右，而我們的基金會捐款將以每次送貨上門 1,000 美元為基礎。我們預計第四季的稅率約為 23.5%，加權平均股數約為 2.53 億股。因此，綜合來看，這些估計值應使本季每股收益達到約 2.10 美元至 2.30 美元。

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

說完這些，讓我把它交給操作員。

(Operator Instructions) Alan Ratner, Zelman & Associates.

（操作員指示）Alan Ratner，Zelman & Associates。

Hey. Good morning. Thanks for all the detail, as always. Appreciate it.

嘿。早安.一如既往，感謝您提供的所有詳細資訊。非常感謝。

Stuart, obviously, I think a lot of people want to dig into the pivot here on strategy a little bit and understand whether this is a little bit more short term in nature or just a change in the way maybe you're thinking about the longer term. I guess from an incentive standpoint, I'm just curious, have you already started to dial back some of the incentives? And if so, what has the response been in terms of order pace or margin or any color you can give there?

斯圖爾特，顯然，我認為很多人都想深入研究這裡的戰略支點，並了解這是否具有短期性質，或者只是你對長期思考方式的改變。我想從激勵的角度來看，我只是好奇，您是否已經開始減少一些激勵措施？如果是的話，訂單速度或利潤率方面的反應如何，或者您能提供什麼細節嗎？

So I wouldn't really look at it as a change in strategy. I would look at it more that we are making adjustments as we go forward. We're still very focused on volume. We're maintaining a very, very strong volume. I think we're taking the edge off as the market has continued to become a little bit more stressed.

所以我其實並不認為這是戰略的改變。我會更專注於我們在前進過程中所做的調整。我們仍然非常注重數量。我們保持著非常非常強勁的銷售量。我認為，隨著市場繼續變得更加緊張，我們正在緩解壓力。

And I think that as we went through our third quarter and interest rates were trending more towards the 7% range than what ultimately took place at the end of the quarter and into the fourth, we just felt that it was an opportune time to take a step back, particularly as perhaps interest rates are starting to moderate a little bit. They're a little up and down still. We thought it was a good time to let the market catch up a little bit.

我認為，隨著我們進入第三季度，利率趨向於 7% 左右，而不是季度末和第四季度的最終水平，我們只是覺得這是一個退一步的好時機，特別是因為利率可能開始略有緩和。它們仍然有點起伏不定。我們認為現在是讓市場稍微趕上來的好時機。

In terms of have we already started, the answer is no. That is something that Jon will be directing and focusing on over the next few weeks. But we're just recalibrating to make sure that we're not pushing too hard on a market that really doesn't want to be pushed.

關於我們是否已經開始，答案是否定的。這是喬恩在接下來的幾週內將指導和關注的事情。但我們只是在重新調整，以確保我們不會對那些真正不想被推動的市場施加太大的壓力。

Got it. That's helpful color. The second question relates to the land strategy in relation to this. This isn't my view, but it's one I hear from investors that, given the spin to Millrose and given the fact that now you're 100% off balance sheet with option contracts that are tied to some certain takedown schedule, I know there's been some concern that maybe you don't have the flexibility to meaningfully change the start pace or the takedown pace.

知道了。這是很有幫助的顏色。第二個問題涉及與此相關的土地戰略。這不是我的觀點，但這是我從投資者那裡聽到的，考慮到 Millrose 的旋轉，以及現在你 100% 脫離資產負債表，期權合約與某些特定的拆除時間表掛鉤，我知道有人擔心你可能沒有靈活性來有意義地改變啟動速度或拆除速度。

So I'm curious -- I know this is a fairly modest pullback in start activity, so it probably doesn't affect things too much. But is there any adjustment that's also going on on the land side to account for this slower start pace, meaning have you adjusted the takedown schedules or paused in any cases? Or on the flip side, would land begin to then accumulate on the balance sheet potentially if you don't reaccelerate those starts in '26?

所以我很好奇——我知道這是啟動活動的相當溫和的回調，所以它可能不會對事情產生太大的影響。但是，陸地方面是否也正在進行任何調整以適應這種較慢的啟動速度，這意味著您是否調整了拆除時間表或在任何情況下暫停了拆除？或者另一方面，如果不在 26 年重新加速這些開工，土地是否可能會開始在資產負債表上累積？

Thanks, Alan. I've heard that question a number of times. The answer is we are not constrained in any way by our land relationships or the reconfiguration of land. To the contrary, we were very deliberate about injecting the ability to pause as market conditions change and adjust.

謝謝，艾倫。我已經聽過這個問題很多次了。答案是，我們不會受到土地關係或土地重新配置的任何限制。相反，我們非常謹慎地註入了隨著市場條件的變化和調整而暫停的能力。

And additionally, we have the ability, though it is expensive, to walk away from programs that we have in place. So it is not the constraint of our land relationships that define our strategy at all. To the contrary, it is much more about the recognition that we're going to have to find, frankly, as an industry, a way to build and deliver homes at a more affordable level. And that is all going to derive from cost structure, all the way from land to land finance costs, all the way through to vertical construction and horizontal construction and SG&A.

此外，儘管成本較高，但我們有能力放棄現有的計劃。因此，土地關係的限制根本不決定我們的策略。相反，坦白說，我們更認識到，作為一個行業，我們必須找到一種以更實惠的價格建造和交付房屋的方法。而這一切都源自於成本結構，從土地到土地融資成本，一直到垂直建設、水平建設和銷售、一般及行政費用。

It's why we are so focused on a differentiated way forward relative to modern technologies. We have to get more efficient and effective. And unfortunately, the road to get there is one of volume, running the system and working with our trade partners to deal with logistics and cost structures, and also building new technologies that are expensive to do. The SG&A goes up before it goes down. But to bring this back to land, it would be a mistake because land was carefully crafted to not be a factor in the strategy, but instead to be a stepping stone of the strategy for going forward.

這就是為什麼我們如此專注於與現代科技相比差異化的前進道路。我們必須變得更有效率和有效。不幸的是，實現這一目標的道路在於數量、運作系統、與我們的貿易夥伴合作處理物流和成本結構，以及開發昂貴的新技術。銷售、一般及行政費用先上升，然後下降。但將其重新回到土地問題上，那將是一個錯誤，因為土地經過精心設計，並非戰略中的因素，而是未來戰略的墊腳石。

Appreciate it. Thanks very much.

非常感謝。非常感謝。

You bet.

當然。

Stephen Kim, Evercore ISI.

Stephen Kim，Evercore ISI。

Yeah. Thanks very much, guys. Thanks for that commentary, Stuart. I'm just going to follow on Alan's question there with respect to the duration of this pause.

是的。非常感謝大家。謝謝你的評論，斯圖爾特。我只是要繼續艾倫關於這次停頓持續時間的問題。

Could you give us a sense -- do you see this plan slowdown in your sales production as maybe like a one to two-quarter pause, several months kind of a thing ahead of what is hopefully a better spring selling season? Or do you see this as a more lasting recalibration of your Lennar machine to a lower level of volume? I guess you could, say, address that both in terms of the housing production as well as the land.

您能否為我們介紹一下——您是否認為此次銷售生產計劃的放緩可能像是一個暫停一到兩個季度，或者比預計更好的春季銷售季節提前幾個月？或者您認為這是對您的 Lennar 機器進行更持久的重新校準，以降低音量？我想你可以從住房生產和土地兩個方面來解決這個問題。

So our strategy remains very focused on volume and delivering supply to markets that need it. It is very focused on how do we -- and we're working on it every day, Steve -- bring our cost structure down so that we can drive margin even in the slowing market. It's not an easy thing to do. It's not a linear kind of program. This is how you get there. It's a rocky road.

因此，我們的策略仍然非常注重產量以及向需要的市場提供供應。我們非常關注如何——史蒂夫，我們每天都在為此努力——降低我們的成本結構，以便即使在市場放緩的情況下也能提高利潤率。這不是一件容易的事。這不是一種線性程序。這就是你到達那裡的方法。這是一條崎嶇不平的路。

So the answer to your direct question is, is this a change in strategy or a slowdown that's more permanent? We don't see it that way at all. The focus of our strategy is to maintain volume, to use volume to enable us, our trade partners, even our land partners to find ways to be more efficient and effective as we try to meet the growing need of our communities, of our population that needs more affordable housing.

所以，對你直接的問題的回答是，這是策略的改變還是更持久的放緩？我們根本不這麼認為。我們的策略重點是保持數量，利用數量使我們、我們的貿易夥伴、甚至我們的土地合作夥伴能夠找到更有效率、更有效的方法，以滿足我們社區和需要更多經濟適用住房的人口日益增長的需求。

Okay. But you have indicated that you are looking to slow your volume versus, let's say, maybe what you had thought about three months ago. And I guess the nature of my question is, is this slowdown, however you characterize it, or this adjustment, is it something that you see as measured in a few months? And then you're -- on the other side of that, there's going to be sort of a re-acceleration? Are you sort of like pushing things off? Or is this something where you are sort of just lowering your overall or recalibrating to an overall lower level of volume than what you may have thought three to four months ago, let's say?

好的。但您已表示，您正在考慮放慢音量，而這與您三個月前的想法可能不同。我想我的問題的本質是，這種放緩（無論您如何描述它）或這種調整（您認為它是幾個月內就能衡量出來的）嗎？然後你——另一方面，會出現某種重新加速的情況嗎？你是不是有點喜歡拖延事情？或者這只是你降低整體水平或重新調整整體音量到比你三到四個月前想像的更低的水平？

So I think we're living in a fluid world right now. We're going to have to see how the market evolves. But the way that I would think about what we're doing is we're running a marathon. And partway through, we're just taking a moment to take a breath, let our body catch up to where we are. And we're on a mission to move forward and to keep pursuing the strategy that we have in place.

所以我認為我們現在生活在一個流動的世界。我們將必須觀察市場如何發展。但我認為我們正在做的事情就像是在跑馬拉松。在運動過程中，我們只需花一點時間喘口氣，讓身體適應我們所處的位置。我們的使命是繼續前進並繼續推行我們現有的策略。

Got you. Okay, that's helpful. And then I was wondering if you could help me with -- I wanted to run some math by you a little bit on the margin. I mean, just very simplistically, if we were to say that mortgage rates stay around 40 basis points or so lower than they were earlier in this year, then I'm guessing that the cost of a rate buy-down should basically go down or add 100 basis points or maybe even a little bit more to your gross margins, just given what I think the cost of a rate buy-down is.

明白了。好的，這很有幫助。然後我想知道您是否能幫助我——我想請您幫我做一些邊緣數學運算。我的意思是，非常簡單地說，如果我們說抵押貸款利率保持在比今年早些時候低 40 個基點左右，那麼我猜測利率下調的成本應該基本上會下降，或者增加 100 個基點，甚至可能比你的毛利率還要多一點，這只是考慮到我認為的利率下調的成本。

And then on top of that, if you're slowing your volume while rates drop, I would think that that would improve the supply and demand relationship and thus improve your pricing power. And so that would be additionally additive to your gross margin. So I'm wondering, is this a reasonable framework to think about the kind of or the magnitude of margin leverage that we might be able to see going forward? Or is there something that you think needs to be corrected in that?

除此之外，如果你在利率下降的同時放慢交易量，我認為這將改善供需關係，從而提高你的定價能力。因此這會額外增加您的毛利率。所以我想知道，這是否是一個合理的框架，可以用來思考我們未來可能看到的保證金槓桿的種類或大小？或者您認為其中有什麼需要糾正的嗎？

I think that the pieces are correct and the timing is not going to be directly translatable. It'll be somewhat of a rocky road to get there, too. But I think the pieces and the way that you're thinking about it are correct.

我認為這些部分是正確的，但時間不能直接翻譯。到達那裡的道路也會有些崎嶇。但我認為你的想法和思考方式是正確的。

Okay. Excellent. Thanks so much, guys.

好的。出色的。非常感謝大家。

Okay. Thank you.

好的。謝謝。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

All right. Thanks. Good morning, everyone. Thanks for taking my questions.

好的。謝謝。大家早安。感謝您回答我的問題。

I certainly don't want to beat a dead horse here, but I just wanted to try and put maybe perhaps a finer point on this kind of shorter-term adjustment in approach, given the challenging market. And I'm wondering, on kind of a bottom-line basis, if you guys just felt like you didn't want to go below 17.5% margin and the cost was too high to drive that volume where you hoped it was where you wanted it three months ago.

我當然不想在這裡重複老生常談，但考慮到充滿挑戰的市場，我只是想嘗試對這種短期調整方法進行更細緻的闡述。我想知道，從底線角度來看，你們是否只是覺得利潤率不想低於 17.5%，而且成本太高，無法將銷量推高到三個月前你們希望的水平。

Or is there also, in your view, sort of an elasticity of demand issue where part of the problem here is that even if you were to drop margins or raise incentives to keep that, you really wouldn't ultimately even be successful in what you needed from a volume perspective? And so with that maybe demand becoming more inelastic, just a lack of demand in the marketplace, it just didn't make sense to drop that gross margin below where you're looking in the back half of this year currently.

或者，在您看來，是否也存在某種需求彈性問題，其中部分問題在於，即使您降低利潤率或提高激勵措施來保持這種彈性，從數量角度來看，您最終也無法成功實現所需的目標？因此，隨著需求變得更加缺乏彈性，市場需求不足，將毛利率降至今年下半年目前的水平以下是沒有意義的。

I'm not sure that we've gotten quite that philosophical, but I think that we are responding real time to what we see as market conditions. And we just felt, and I said it clearly, Michael, that we just felt it was a good time to take a little pressure off.

我不確定我們是否已經達到了這樣的哲學水平，但我認為我們正在即時回應我們所看到的市場狀況。我們只是覺得，而且我已經明確地說過了，邁克爾，我們只是覺得這是一個減輕一點壓力的好時機。

We have some tremendous athletes that are working on our marketing and sales programs across the company, and they've just done terrific work to pull us through some really challenging times. We felt that this was a good moment for us to take a little pressure off of that part of our program and recalibrate as we go forward, think about what is our next step. But our base strategy remains the same. We're focused on building volume, supplying the market with affordable, attainable products.

我們有一些出色的運動員正在為整個公司的行銷和銷售項目工作，他們做出了巨大的貢獻，幫助我們度過了一些非常艱難的時期。我們覺得這是一個很好的時機，讓我們減輕計畫中這部分的壓力，並在前進的過程中重新調整，思考下一步該怎麼做。但我們的基本策略保持不變。我們專注於擴大產量，為市場提供價格合理、易於取得的產品。

Jon, you want to weigh in on that?

喬恩，你想對此發表意見嗎？

Yeah. I would agree, Stuart. And it's really hard to answer your question, Michael, because it's market by market and even community by community. So it is just, as Stuart said, taking some of that edge off so we can better fine-tune exactly how we price in that market-by-market analysis and community-by-community analysis.

是的。我同意，史都華。邁克爾，你的問題真的很難回答，因為這個問題因市場而異，甚至因社區而異。因此，正如史都華所說，這只是消除一些優勢，以便我們能夠更好地調整我們在逐個市場分析和逐個社群分析中的定價方式。

Appreciate that, and I understand it's probably a bottoms-up analysis to really fully answer that question, I suppose. But I think ultimately, though, this idea around elasticity is really important. And maybe just as a second question, follow-up question, we did see rates come down, mortgage rates, that is, maybe 20, 30 basis points in August. And so far in September, another 20 or 30 basis points.

我很感激，我明白，我想，這可能需要自下而上的分析才能真正全面地回答這個問題。但我認為，最終，圍繞彈性的想法確實非常重要。也許作為第二個問題，後續問題，我們確實看到利率下降，抵押貸款利率，也就是說，8 月可能下降了 20 到 30 個基點。截至目前，9 月份利率已上漲 20 或 30 個基點。

I'm curious, amid that type of -- but kind of gradually seeping into the market, I'm curious if you could comment on -- if you did see any impact on demand trends across your markets, perhaps which ones, if that's the case. And all else equal, would this potentially reduce pressure on gross margins or incentives? Or are you just at a point right now where, given what you've done during the quarter, you expect the incentives that you've laid out to effectively remain in place throughout the fourth quarter?

我很好奇，在這種逐漸滲透到市場中的情況下，我很好奇您是否可以評論一下——您是否確實看到了對整個市場的需求趨勢的任何影響，如果是這樣的話，也許是哪些影響。在其他條件相同的情況下，這是否有可能減輕毛利率或激勵的壓力？或者您現在是否正處於這樣一個階段：根據您在本季所做的事情，您預計您制定的激勵措施將在整個第四季度有效發揮作用？

I think, Michael, as Steve laid out, it does help reduce the cost of those mortgage rate buy-downs. But as Stuart responded, it's not exactly linear. It's each market, it's each community, how they're used and what the buyer demand is, and the affordability stressors that exist.

邁克爾，我認為，正如史蒂夫所說，它確實有助於降低抵押貸款利率降低的成本。但正如史都華所回應的，這並不完全是線性的。每個市場、每個社區都有各自的用途、買家的需求以及存在的負擔能力壓力。

I think the way that I would think about it, Michael, is when we think about elasticity, I think that's more of a news report looking backwards. And when we think about what we're doing, it is, as you described, a bottoms-up approach. And I think Jon has said it is community by community, and we're responding and pulling the levers as a company to be reflective of what we see our best and brightest doing in each market across the country.

邁克爾，我認為我思考這個問題的方式是，當我們思考彈性時，我認為這更像是回顧過去的新聞報導。當我們思考我們正在做的事情時，正如您所描述的，這是一種自下而上的方法。我認為喬恩說過，這是每個社區共同努力的結果，我們作為一家公司正在做出回應並採取行動，以反映我們在全國各個市場中最優秀、最聰明的表現。

And I think that in terms of 30 basis points in August, 20 to 30 in September, there are fluctuations in the 10-year right now. Maybe it's migrating up a little bit. We'll have to see. I think the volatility in it impacts consumer confidence. So we're going to have to see how it plays out.

我認為，就 8 月 30 個基點、9 月 20 至 30 個基點而言，10 年期公債目前存在波動。也許它正在向上遷移一點點。我們得拭目以待。我認為它的波動會影響消費者信心。所以我們必須看看事情會如何發展。

At the end of the day, when we look back at our third quarter, and as I noted in my remarks, we did not yet see sales impact, but we did see a little bit of kick in the consumer's engagement. And as we've gone into the fourth quarter, we generally don't comment on what we're seeing so far in this quarter, but I will and say that as we've come into the fourth quarter, we've seen a little bit more interest. But we're pretty confident that if interest rates really do go down and stay down, as you get to 6%, closer to 6%, as you go below 6%, we think you're going to see some real optimism in the marketplace and people who have need really activating because they can afford to.

最終，當我們回顧第三季度時，正如我在發言中指出的那樣，我們尚未看到銷售影響，但我們確實看到消費者參與度有所提升。隨著我們進入第四季度，我們通常不會對本季度迄今為止看到的情況發表評論，但我要說的是，隨著我們進入第四季度，我們看到了更多的興趣。但我們非常有信心，如果利率真的下降並保持在低位，當利率達到 6%、接近 6% 或低於 6% 時，我們認為你將會看到市場出現真正的樂觀情緒，有需求的人也會真正行動起來，因為他們有能力承擔。

Great. Thank you. Appreciate it.

偉大的。謝謝。非常感謝。

You bet.

當然。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Thank you. Good morning, everyone. My first question is on the inventory turns. Can you talk through how some of these company-specific efforts are continuing to come through, even as you moderate or just the strategy? And how we should think about the upside to those inventory turns in this kind of an environment and, long term, the ability to get to 3 times as you do think about the setup on the ground?

謝謝。大家早安。我的第一個問題是關於庫存週轉率。您能否談談，即使您只是調整策略，這些針對公司的具體努力是如何繼續發揮作用的？在這種環境下，我們該如何看待庫存週轉率的優勢？從長遠來看，如何能夠將庫存週轉率提高到原來的三倍？

So Jon and I, at the end of each quarter, we go out and we do what we call operations reviews. And we sit with our division management teams and really go through their operations and strategies. And what has been fascinating to me is to sit and watch our divisions focus on their inventory turn, which to me, and I think to Jon as well, is really an indication of are we focusing on effectiveness and efficiencies and really working on using the things that we're doing to become more efficient and drive costs down to build affordability. The answer to your question is -- I was sitting in one of those ops reviews this week with a team that is actually getting closer to exactly that 3 times inventory turn.

因此，喬恩和我在每個季度末都會出去做所謂的營運評估。我們與部門管理團隊坐在一起，認真討論他們的營運和策略。令我著迷的是坐下來觀察我們的部門如何關注庫存週轉，對我而言，我想對喬恩而言也是如此，這確實表明我們是否專注於效率和效益，並真正致力於利用我們正在做的事情來提高效率，降低成本，從而實現可負擔性。你的問題的答案是——本週我和一個團隊一起參加了一次營運評審，實際上他們已經接近 3 倍的庫存週轉率。

As a company, it will be adding together all the divisions and you'll see averages. But at the local level, that kind of North Star is very much a part of the discussion. As we get cycle times down, Jon talked about the fact that these are the lowest cycle times as an average that we've seen as a company, that is directionally where we're headed. But don't measure us against 3 times because that's a pretty hard hurdle to get to.

作為一家公司，它將把所有部門加在一起，你會看到平均值。但在地方層面，這種北極星是討論的重要組成部分。當我們縮短週期時間時，喬恩談到，這些是我們公司所見過的平均最低週期時間，這是我們前進的方向。但不要用 3 倍來衡量我們，因為這是一個很難跨越的障礙。

Go ahead, Jon.

繼續吧，喬恩。

I'll just add, Stuart, is as we've discussed in prior quarters as well, this ongoing focus on efficiency. So just in time into our land banks, just in time out of our land banks where we're ready to start production, all of this is a constant tweaking and refinement of processes to do just that system and continue to drive that metric, which as you've seen, is what we'll be making good progress on.

斯圖爾特，我只想補充一點，正如我們在前幾個季度討論過的，我們持續關注效率。因此，我們剛好及時將土地存入土地銀行，剛好及時從土地銀行取出，準備開始生產，所有這些都是不斷調整和完善流程，以實現該系統並繼續推動該指標，正如您所見，我們將在這方面取得良好進展。

And every one of these programs, thinking processes, Jon talks about land into the land bank, land out of the land bank, and those efficiencies, all of these tie to modern technologies that are partners of what we're trying to do. And as we get those technologies working, those efficiencies are going to amp up.

喬恩在每一個計劃、每一個思考過程中都談到了將土地存入土地銀行、將土地從土地銀行中取出以及這些效率，所有這些都與我們正在努力做的事情的合作夥伴現代技術息息相關。隨著這些技術的運用，效率將會提高。

Yeah, okay. That's very helpful color. And then maybe taking that one step further, as we do think about the inventory turns and these efforts coming through, can you talk about the cash generation of the business and how you're thinking about the uses of that cash, especially in this sort of an environment that we're in, and any updates on the M&A environment, those kinds of strategic efforts?

是的，好的。這是非常有用的顏色。然後也許更進一步，當我們考慮庫存週轉和這些努力時，您能否談談業務的現金產生情況以及您如何考慮這些現金的用途，特別是在我們所處的這種環境下，以及有關併購環境和這些戰略努力的任何更新？

Well, as far as we're concerned, everything is on the table. We are certainly focused on total shareholder return. That is sometimes defined by how we grow and what kind of M&A strategy we might inject into our business as we go forward. We are looking at everything. And as I've said, the use of our land banking program is something that enables more of that focus. At the same time, we're focused on returning capital to shareholders. You've seen that we've had a pretty steady program of doing exactly that. And we are very, very focused on driving cash flow.

嗯，就我們而言，一切都已擺在桌面上。我們當然關注的是股東總回報。這有時取決於我們如何發展以及在未來的發展中我們可能為我們的業務注入什麼樣的併購策略。我們正在觀察一切。正如我所說，使用我們的土地儲備計劃可以讓我們更加關注這一點。同時，我們專注於向股東返還資本。您已經看到，我們有一個相當穩定的計劃來實現這一目標。我們非常非常注重推動現金流。

Now, there's been an adjustment period in the wake of Millrose and getting the pieces working exactly together. It takes a little bit of time, but our program is laser focused on how do we get to that total shareholder return, how do we use cash effectively, how do we drive growth effectively. And at the end of the day, the focus of this company is how do we become something different in the future from what we've been in the past in a big capital allocation.

現在，在 Millrose 事件之後，我們進入了一個調整期，讓各個部分能夠完美地協同工作。這需要一點時間，但我們的計劃重點在於如何實現股東總回報、如何有效利用現金、如何有效推動成長。最終，這家公司的重點是如何在未來透過大規模資本配置變得與過去有所不同。

Diane, do you want to say anything on that?

黛安，你對此有什麼想說的嗎？

So Susan, I was going to just -- really, I agree with Stuart. I think that there's no change in our strategy from quarter to quarter, given the incentives because of our push on volume. Cash moves around a little bit, and this was an unusual year with Millrose. But the trajectory is to really keep the focus on cash generation, which is definitely benefited by the efficiencies that we're focused on.

所以蘇珊，我只是——真的，我同意史都華的觀點。我認為，考慮到我們推動銷售所帶來的激勵，我們的策略每季都不會改變。現金流動不大，對於 Millrose 來說這是不尋常的一年。但我們的軌跡是真正把重點放在現金創造上，這無疑受益於我們所關注的效率。

Yeah, okay. Thank you all for the color, and good luck with the quarter.

是的，好的。感謝大家的喜愛，祝本季好運。

Thank you, Susan.

謝謝你，蘇珊。

Thank you.

謝謝。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Good morning, guys. Thanks for taking my questions as well. The first question is, orders were obviously very solid and a little bit ahead of expectations. You guys are working at the lowest cycle times in a very long time, if not in history. What caused sort of the slight miss in the third-quarter deliveries, given those factors?

大家早安。也感謝您回答我的問題。第一個問題是，訂單顯然非常穩定，並且略超出預期。你們的工作週期時間是長期以來最低的，甚至可以說是史上最低的。考慮到這些因素，是什麼原因導致第三季交付量略有下降？

It really is just timing and, relative to when sales occur, getting through the mortgage approval process, nothing more than that.

這其實只是時間問題，相對於銷售發生的時間，透過抵押貸款審批流程，僅此而已。

Okay. Understood. And I guess we've heard from several of your peers and from some other companies through the value chain that Florida inventory levels are beginning to stabilize, maybe even improve a bit. Obviously, there's a lot of markets in Florida, but in some of the key markets, maybe the I-4 Corridor, if you could talk about, is this consistent with what you're seeing on the ground?

好的。明白了。我想我們已經從你們的幾位同行以及價值鏈上的其他一些公司那裡聽說，佛羅裡達州的庫存水平開始穩定，甚至可能有所改善。顯然，佛羅裡達州有很多市場，但在一些關鍵市場，也許是 I-4 走廊，如果您可以談談，這與您在當地看到的情況一致嗎？

Yeah. Tampa, Orlando, markets along the I-4, as I commented, we've always been very laser focused on inventory levels. It's part of our strategy, even flow, production, sales pace. With respect to other builders, we did see some buildup, but I would agree with that in general, we're starting to see some stabilization.

是的。正如我所說，坦帕、奧蘭多和 I-4 沿線市場一直非常關注庫存水準。這是我們策略的一部分，甚至是流程、生產、銷售速度。對於其他建築商而言，我們確實看到了一些成長，但我同意，總體而言，我們開始看到一些穩定。

Yeah. And remember that the size of inventories across the competitive landscape, meaning existing homes and new homes, is a big part of what defines the stress on the sales process. And in Florida, that has been a factor. Inventories have been high, both across existing and the new home market. They have been moderating, and that has started to build a more stable environment in which we sell.

是的。請記住，整個競爭格局中的庫存規模（即現有房屋和新房）是決定銷售過程壓力的重要因素。在佛羅裡達州，這是一個因素。現有房屋市場和新房市場的庫存都很高。他們一直在緩和局勢，這已經開始為我們的銷售創造一個更穩定的環境。

That's helpful. Thank you, guys.

這很有幫助。謝謝你們。

You bet.

當然。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

Good morning, everyone. Thank you for taking the questions. One on incentives, I guess sort of another philosophical question. But I mean, I guess going forward, depending on where the rate environment goes, do you anticipate maintaining some level of these buy-downs as kind of a competitive advantage structurally versus the resale market? Or if we do get to 6% or lower, is there some level where you really do foresee a more material pullback on those incentives? Thank you.

大家早安。感謝您回答這些問題。關於激勵，我想這又是一個哲學問題。但我的意思是，我想展望未來，根據利率環境的變化，您是否預期這些買斷會保持一定程度，從而相對於轉售市場在結構上形成競爭優勢？或者，如果我們確實達到 6% 或更低，您是否真的預見到在某個水平上這些激勵措施將出現更實質性的回調？謝謝。

So interesting question. A number of people have asked why you focus on interest rates coming down, you're buying them down anyway, and so the market has access to the lower interest rate. The reality is, it is the stall that's embedded in the existing home market that is relevant. Because as the existing home market starts to unlock a little bit, it enables people to activate the process of going from a first-time home to a move-up home, and a move-up home to a second move-up home. And that just unlocks an awful lot in and around the ability of people to engage in the housing market.

這個問題真有趣。很多人問你為什麼要關注利率下降，反正你也在買進壓低利率，這樣市場就能獲得較低的利率。事實是，與現有住房市場相關的是攤位。因為隨著現有住房市場開始逐漸開放，它使人們能夠啟動從首次購房到升級購房、從升級購房到第二次升級購房的過程。這極大地提高了人們參與房地產市場的能力。

So that migration -- yes, the homebuilders are generally providing that lower interest rate by buying down, and it is impactful to margin. But unlocking the rest of the housing market has a flywheel kind of approach or effect, and that effect unlocks a lot of activity for the entirety of the ecosystem.

因此，這種遷移——是的，房屋建築商通常透過購買來提供較低的利率，這對利潤率有影響。但釋放其餘房地產市場具有一種飛輪式的方法或效應，這種效應會為整個生態系統釋放大量活動。

Okay, fair enough. Thank you for the thoughts there, Stuart. Secondly, I guess sort of following on John's question, I think what he was alluding to around orders and deliveries into the next quarter, I'm just curious if you can update us on the cancellation environment a little bit, and I guess whatever the trend was, kind of what you're reading into what you're seeing in cancellations today. Thank you.

好的，很公平。謝謝你的想法，史都華。其次，我想繼續回答約翰的問題，我想他指的是下個季度的訂單和交付情況，我只是好奇您是否可以向我們稍微介紹一下取消情況，我想無論趨勢如何，您都可以從今天的取消情況中看出什麼。謝謝。

So I'd say it's really been pretty consistent from second quarter through third quarter in terms of order pace, cancellation pace. As we said, we really didn't see any effect in the third quarter relative to interest rates coming down at the end of the quarter. And it directly ties in on that community-by-community basis of what do we need to do to support our customers as they're challenged by affordability. So bottom line is it's remaining pretty consistent.

因此，我認為從第二季到第三季度，訂單速度和取消速度確實相當一致。正如我們所說，我們確實沒有看到第三季相對於季末利率下降的任何影響。它直接關係到我們需要在每個社區採取什麼措施來支持面臨負擔能力挑戰的客戶。所以底線是它保持相當一致。

Okay. Thanks, Jon. Good luck, guys.

好的。謝謝，喬恩。祝你們好運，夥計們。

Okay. Why don't we take one more?

好的。我們為什麼不再拿一個呢？

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

Thank you very much. Can you say what quantity or percentage of year-to-date deliveries have come from Millrose?

非常感謝。您能否說出今年迄今為止來自 Millrose 的交貨數量或百分比？

Yeah. I want to say it's been about -- Dave, correct me if I'm wrong -- what 25%-ish in that zone.

是的。我想說的是——戴夫，如果我錯了請糾正我——那個區域的 25% 左右。

And so in terms of the gross margin outlook, looking beyond the fourth quarter, should we still expect the remaining 75% once you're at a steady cadence with Millrose to come through that interest cost on gross margin?

那麼就毛利率前景而言，展望第四季之後，一旦 Millrose 保持穩定發展，我們是否仍應預期剩餘的 75% 能夠抵銷毛利率中的利息成本？

Yeah. Staying the obvious with the low cost that Millrose offers us, the more that we have deliveries from that vehicle, it's been about benefiting our margins.

是的。顯而易見，Millrose 為我們提供的低成本，使我們透過該車輛運送的貨物越多，我們的利潤就越高。

But realistically, across our land banking environment, we're focused on managing the option costs of those communities. And one of the things that benefits -- and this is an interesting flywheel within the land banking world -- is our ability to build certainty within the land banking structures, and that is certainty of close, certainty of execution, enables us to maintain a more moderated cost structure within those systems and to actually bring down costs.

但實際上，在我們的土地銀行環境中，我們專注於管理這些社區的選擇成本。其中一個好處是——這是土地儲備領域中一個有趣的飛輪——我們有能力在土地儲備結構中建立確定性，也就是成交的確定性、執行的確定性，這使我們能夠在這些系統中維持更適度的成本結構，並真正降低成本。

And therefore, when we talk about, does land banking drive our business? In one sense, we have the ability to walk away from deals if we need to. But the reality is we are highly, highly incentivized to keep each of our structures -- whether it's vertical construction, horizontal construction, or whether it's land banking -- operating in a smooth, effective way, because that's how we get to the best cost structure and, therefore, produce affordability. And all of this kind of ties together as to why our strategy relative to volume.

因此，當我們談論土地儲備是否能推動我們的業務時？從某種意義上說，如果需要的話，我們有能力放棄交易。但現實是，我們非常有動力保持我們的每一個結構——無論是垂直建設、水平建設，還是土地儲備——以平穩、有效的方式運行，因為只有這樣我們才能獲得最佳的成本結構，從而實現可負擔性。所有這些因素共同解釋了為什麼我們的策略與數量有關。

I think that's well said, Stuart. For us, it's a manufacturing approach, meaning even flow from beginning to end. So it starts with land, into our land banks, as I said, just in time, coming out predictably just in time from the land banks to a production team that's focused on bringing cycle time and cost down. And it's an ecosystem that's all the way through.

我認為你說得很好，史都華。對我們來說，這是一種製造方法，意味著從開始到結束的均勻流動。因此，一切從土地開始，進入我們的土地銀行，正如我所說，及時，可預見地從土地銀行準時到達生產團隊，專注於縮短週期時間和降低成本。這是一個貫穿始終的生態系統。

So the more effective we are in doing that, as we've noted, we bring down our construction costs. But as Stuart is highlighting now, the more effective we are in creating stability and reliability in the land bank world, the more the back capital costs come down. So they all have our laser focus on how do we become more efficient, more durable, and bring value to our partners.

因此，正如我們所注意到的，我們做得越有效，我們的建築成本就越低。但正如史都華現在所強調的那樣，我們在土地銀行領域創造穩定性和可靠性的效率越高，後備資本成本就越低。因此，我們都將重點放在如何變得更有效率、更耐用，並為我們的合作夥伴帶來價值。

So even while we might have the ability to, as a risk mitigator, walk away or to do something else, our whole strategy is focused on building certainty and, across our land banking system, bring down costs and option costs in each of our land banks to help with the affordability factor. I'm not sure if that's answered your question, but I think that's what you're getting at is when you talk about 25% for Millrose and advantage costs, the question is, can we get more advantage costs across the whole spectrum.

因此，儘管我們可能有能力作為風險緩解者放棄或採取其他行動，但我們的整個策略都集中在建立確定性，並在我們的土地儲備系統中降低每個土地儲備的成本和選擇權成本，以幫助提高可負擔性。我不確定這是否回答了你的問題，但我認為當你談到 Millrose 的 25% 和優勢成本時，問題是，我們是否能在整個範圍內獲得更多的優勢成本。

Okay. Thanks for that. I was trying to understand as the 25% grows toward 100%, shouldn't that -- I think the market's assuming that would be a negative, an incremental headwind because that $560 million of annual interest costs is not yet fully reflected in gross margin?

好的。謝謝。我想了解的是，隨著 25% 增長至 100%，難道不應該——我認為市場認為這將是一個負面因素，一個漸進的阻力，因為每年 5.6 億美元的利息成本尚未完全反映在毛利率中？

While I have tremendous affection for Millrose and Darren and the group there, and we want to do a lot of business with them, we think that our business is best configured with a range of participants that are providing low-cost capital to enable us to be the best version of ourselves. With that diversity of engagement, I think we get the best out of everybody. And we really have been migrating towards building, enabling, participating in an industry solution, not just a myopic one for Lennar.

雖然我對 Millrose、Darren 和那裡的團隊懷有深厚的感情，並且我們希望與他們開展大量業務，但我們認為，我們的業務最好由一系列提供低成本資本的參與者組成，以使我們能夠成為最好的自己。透過這種多元化的參與，我認為我們可以發揮每個人的最大潛能。我們確實一直在努力建立、支持和參與行業解決方案，而不僅僅是針對 Lennar 的短視解決方案。

Thanks very much.

非常感謝。

All right. Thank you. With that said, I want to thank everybody for joining us, and we look forward to reporting back on consistent and focused progress as we go forward. Thanks, everybody.

好的。謝謝。話雖如此，我要感謝大家的加入我們，我們期待未來報告持續和重點的進展。謝謝大家。

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

萊納第三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。