Lennar Corp (LEN) 2025 Q4 法說會逐字稿

Welcome to Lennar's fourth quarter earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. I will now turn the call over to David Collins for the reading of the forward-looking statement.

歡迎參加萊納公司第四季財報電話會議。（操作說明）今天的會議正在錄音。如果您有任何異議，可以立即斷開連接。現在我將把電話交給大衛‧柯林斯，由他來宣讀前瞻性聲明。

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.

謝謝大家，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、經營業績、現金流量、策略和前景的陳述。

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

前瞻性陳述僅代表 Lennar 在本次電話會議當天的估計，並非旨在對未來的實際結果做出任何保證。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業績，並可能導致 Lennar 的實際活動或結果與前瞻性聲明中預期的活動和結果有重大差異。這些因素包括我們在獲利公告和提交給美國證券交易委員會的文件中描述的因素，包括萊納公司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」標題下的因素。

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

請注意，萊納公司不承擔更新任何前瞻性聲明的義務。

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

現在我謹向大家介紹主持人，執行董事長兼聯合執行長史都華‧米勒先生。先生，您可以開始了。

Very good and good morning, everybody, and thanks for joining 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, and our Controller and Vice President; and Katherine Lee Martin, don't want to forget the Lee. Our new Chief Legal Officer, I guess you're not new anymore, Katherine, and Bruce Gross, CEO of Lennar Financial Services, along with a few others as well.

大家早安，感謝各位今天的參與。今天我和我們的聯合執行長兼總裁喬恩·賈菲、財務長黛安·貝塞特、剛才發言的財務總監兼副總裁大衛·柯林斯，還有凱瑟琳·李·馬丁（別忘了李）一起在邁阿密。我們的新任首席法務官，我想你現在應該不算新人了，凱瑟琳，還有萊納金融服務公司首席執行官布魯斯·格羅斯，以及其他幾位。

As usual I'm going to give a macro and strategic overview of the company after my introductory remarks. Jon is going to give an operational overview updating construction costs, cycle time and some of our other metrics, as usual Diane is going to give a detailed financial highlight along with some limited guidance for our first quarter of 2026 and for the year.

照例，在開場白之後，我將對公司進行宏觀和策略概述。Jon 將對營運情況進行概述，更新施工成本、週期時間和我們的一些其他指標；Diane 將像往常一樣提供詳細的財務亮點，並對我們 2026 年第一季和全年的業績給予一些有限的指導。

And then of course we'll have a 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. Before we begin, however, let me note, as I'm sure you're all aware by now, that this will be Jon's last earnings call, as he has decided to retire and will officially step down on January 1, which is now right around the corner.

接下來當然會有問答環節，和往常一樣，我希望每位提問者只提一個問題或一個後續問題，以便我們能夠盡可能多地回答問題。不過，在開始之前，我想指出一點，我相信大家現在都知道，這將是 Jon 的最後一次財報電話會議，因為他已經決定退休，並將於 1 月 1 日正式卸任，而這一天馬上就要到了。

Jon has been a partner and a leader at our company for well over 40 years. We stopped counting here after 40 years, and his leadership will certainly be missed. Affectionately, Jon has been known as our company's plow horse, and as such, Jon has driven Lennard's operations with relentless dedication and commitment.

Jon 在我們公司擔任合夥人和領導者已有 40 多年了。40年後我們就不再繼續計算了，他的領導才能一定會被人們懷念。人們親切地稱喬恩為公司的“耕馬”，因此，喬恩以不懈的奉獻和投入推動了倫納德公司的運營。

He joined the company just one year after I started full time, and together we've learned every facet of this business continually adapting and evolving. Over the years, we've tried new things. Some have been successful -- some have been successful, others not so much. And we've navigated both the best and the most challenging of times.

他加入公司時，我才全職入職一年。我們一起學習了這個行業的各個方面，不斷適應和發展。這些年來，我們嘗試過很多新事物。有些人成功了，有些人則不然。我們共同經歷了最好的時代，也經歷了最艱難的時代。

Through it all, Jon's partnership has been a joy and a privilege. Jon, I hope you find plenty of time to improve that ugly golf game of yours, and perhaps you'll find some time to work on that singing voice as well. And with that, let's get started. So Let me begin by saying that we are very pleased to present in our fourth quarter and year-end 2025 results against the backdrop of what is still a stubbornly difficult housing market.

一路走來，與喬恩的合作一直是一件令人愉快且榮幸的事。喬恩，我希望你能抽出足夠的時間來提升你那糟糕的高爾夫球技，或許你還能抽出一些時間來練習一下你的歌喉。那麼，我們就開始吧。首先，我想說，儘管房地產市場依然異常艱難，但我們非常高興地向大家介紹我們 2025 年第四季和全年的業績。

While our margin is under pressure as we focus on bringing affordable housing to an affordability constrained consumer base, we can see that underlying demand is still strong while supply is short. During the past three years of difficult market conditions, we've maintained volume, we've grown market share, and we've re-engineered our operating platform for a better and more efficient future, when the market bottoms and normalizes.

雖然由於我們專注於為受經濟能力限制的消費者群體提供經濟適用房，我們的利潤率面臨壓力，但我們可以看到，潛在需求依然強勁，而供應卻短缺。在過去三年艱難的市場環境下，我們保持了銷量，擴大了市場份額，並重新設計了我們的營運平台，以便在市場觸底反彈、恢復正常時，擁有一個更好、更有效率的未來。

We're extremely well positioned with very strong market share and strategic markets, and our margin is leveraged to the upside. As you may recall, last quarter I noticed that declining interest rates could signal the start of a market recovery. Unfortunately, that turnaround has not yet materialized.

我們擁有非常強大的市場份額和策略市場，處於極其有利的地位，而且我們的利潤率也得到了有效利用。您可能還記得，上個季度我注意到，利率下降可能預示著市場復甦的開始。遺憾的是，這種轉變尚未出現。

As rates slowly moderated in September, eased more in October, and remained flat in November, the customer response remained fairly tepid, suggesting that a combination of affordability and consumer confidence issues were continuing to limit demand.

9 月利率緩慢回落，10 月進一步下調，11 月保持平穩，但客戶反應依然相當冷淡，顯示支付能力和消費者信心問題仍在繼續限制需求。

Of course, the coincident threat of government shutdown in September and the actual shutdown from October 1, through mid-November further eroded already weak consumer confidence. While traffic was consistent, customers were both hesitant and limited by what they could afford to purchase.

當然，9 月政府停擺的威脅以及 10 月 1 日至 11 月中旬的實際停擺，進一步削弱了本已疲弱的消費者信心。雖然客流量穩定，但顧客們既猶豫不決，也受限於他們的購買能力。

With that said, our fourth quarter results reflect the continued softening of market conditions and affordability. Sales volume has been difficult to maintain and required additional incentives to achieve our expected pace and to avoid an unintended buildup of excess inventory.

綜上所述，我們第四季的業績反映了市場環境和購買力持續走軟的趨勢。銷售量難以維持，需要額外的誘因才能達到預期的速度，並避免庫存積壓。

While we exceeded our delivery goal for the quarter and while we sold in line with the low end guidance during the quarter, these accomplishments came at the expense of further deterioration of margin, which came down to 17% even though we eased back the pressure on sales and pulled back our delivery goals for 2025.

雖然我們本季超額完成了交付目標，而本季銷售額也達到了預期的低端水平，但這些成就卻是以利潤率進一步惡化為代價的，儘管我們減輕了銷售壓力並下調了 2025 年的交付目標，利潤率仍然下降到了 17%。

As we look ahead to next quarter, we know that margin will remain under pressure and sales and closings will be seasonally light. Nevertheless, we're very well positioned to provide the affordable supply that the market needs when demand is ultimately activated by either lower interest rates or government sponsored programs to enable affordability.

展望下一季度，我們知道利潤率將繼續承壓，銷售額和成交量將因季節性因素而下降。儘管如此，當利率降低或政府推出扶持計畫以增強民眾的購買力，從而最終激活市場需求時，我們完全有能力提供市場所需的價格合理的供應。

We are 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. We believe that we have gotten ahead of current market realities and we've built what we believe is a stronger long-term margin driving platform.

我們擁有較低的成本結構、高效的產品供應和強大的市場地位，能夠滿足利率趨於緩和、信心最終恢復後被壓抑的需求。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一個我們認為更強大的長期利潤驅動平台。

We know the market has remained weaker for longer, but we also know our strategy has helped build a healthier housing market and has positioned Lennar for strong cash flow, higher returns on equity and capital, and stronger bottom line growth in the future.

我們知道市場疲軟的持續時間更長，但我們也知道我們的策略有助於建立一個更健康的住房市場，並使 Lennar 在未來獲得強勁的現金流、更高的股權和資本回報率以及更強勁的利潤成長。

Accordingly, we will remain focused on volume and even flow production. We will maintain responsible volume to maintain an affordable cost structure, and we will find our floor and rebuild our margin, as the overall housing market continues to remain short on supply.

因此，我們將繼續專注於產量和流量生產。我們將保持合理的銷售量，以維持合理的成本結構，並找到利潤底線，重建利潤空間，因為整體房屋市場仍然供應短缺。

Let me turn to a quick macro view of the housing market. Consistent with our third quarter, the macro economy remained challenging through our fourth quarter. While mortgage rates drifted marginally lower in the fourth quarter, consumer confidence became even more challenged by economic uncertainties and of course became even more challenged still by the government shutdown.

讓我快速地從宏觀角度看一下房地產市場。與第三季的情況一致，宏觀經濟在第四季依然充滿挑戰。雖然第四季抵押貸款利率略有下降，但經濟不確定性對消費者信心構成了更大的挑戰，而政府停擺更是雪上加霜。

Clearly, inflation-driven affordability concerns rose to the center of the national conversation, shaping headlines and policy debates across the country. Cost inflation has clearly had a significant impact on the lifestyle of the average American family.

顯然，通貨膨脹導致的購買力問題已成為全國討論的焦點，影響著全國各地的新聞頭條和政策辯論。物價上漲顯然對一般美國家庭的生活方式產生了重大影響。

At the same time, concerns about job security have become increasingly prominent as advancements in modern technology and artificial intelligence raise important questions about the future of employment for the American workforce.

同時，隨著現代科技和人工智慧的進步，人們對就業保障的擔憂日益凸顯，這引發了關於美國勞動力未來就業前景的重要問題。

The current housing market is entrenched in an affordability crisis, leaving many average American families feeling excluded from the traditional promise of upward mobility and home ownership. Against this backdrop, some advocate for what many call sweeping and sometimes quote unquote socialist solutions, offering broad promises of free and readily accessible resources as an appealing answer to the affordability dilemma.

當前的房屋市場深陷負擔能力危機，導致許多普通美國家庭感到被排除在傳統的向上流動和擁有住房的承諾之外。在此背景下，有些人提倡許多人稱之為全面且有時被稱作社會主義的解決方案，他們承諾提供免費且易於獲取的資源，以此作為解決負擔能力困境的誘人答案。

This narrative gains traction, especially when there's a lack of clear actionable alternative that addresses the challenges facing American families today. The quote -- unquote capitalist framework has yet to speak and present tangible, practical strategies that effectively confront these realities and restore affordability and access to home ownership for the broader population.

這種說法會越來越受歡迎，尤其是在缺乏明確的、可行的替代方案來解決當今美國家庭面臨的挑戰的情況下。所謂的資本主義框架尚未提出切實可行的策略來有效應對這些現實，並恢復廣大民眾的住房負擔能力和擁有住房的機會。

As I've noted on prior calls, mayors and governors across the country, both Republican and Democrat, understand this and continue to list the housing shortage as a priority concern, and they point to affordability or attainability as a real crisis. But they also understand that this has been a difficult cycle, as low supply has fueled high prices and high prices, especially with higher for longer interest rates, have locked out many buyers.

正如我在之前的電話會議中提到的，全國各地的市長和州長，無論是共和黨人還是民主黨人，都明白這一點，並繼續將住房短缺列為優先事項，他們指出住房負擔能力或可負擔性是一個真正的危機。但他們也明白，這是一個艱難的周期，因為供應不足推高了價格，而高價格，尤其是在利率長期居高不下的情況下，將許多買家拒之門外。

Inflation and short supply have kept home prices higher. Supply remains constrained in most markets, driven by years of underproduction. And additionally, new construction has slowed recently, exacerbating the chronic supply shortage, as builders have pulled back on production due to slow sales and affordability concerns.

通貨膨脹和供應短缺導致房價居高不下。由於多年產能不足，大多數市場的供應仍受限。此外，由於銷售緩慢和價格承受能力問題，建築商減少了生產，導致新建築活動近期放緩，加劇了長期存在的供應短缺問題。

But short supply can't be fixed by simply adding supply. It is important to recognize the downside of artificially lowering home prices or boosting inventory solely to drive prices down. Such actions could negatively affect the 85 million Americans, who already own homes by diminishing their property values, which in turn could further weaken overall consumer confidence.

但供應短缺問題不能簡單地透過增加供應來解決。必須認識到人為降低房價或僅為了壓低房價而增加庫存的弊端。此類措施可能會對 8,500 萬已擁有房屋的美國人產生負面影響，降低他們的房產價值，進而進一步削弱整體消費者信心。

Moreover, if builders are unable to achieve sufficient returns, they may be forced to slow or halt construction, disrupting the production levels needed to address ongoing supply shortages in the housing market. On a positive note, the federal government has intensified its focus on the national housing prices with a strong likelihood of taking decisive actions to enhance affordability.

此外，如果建築商無法獲得足夠的回報，他們可能會被迫放慢或停止施工，從而擾亂解決住房市場持續供應短缺所需的生產水平。從正面的方面來看，聯邦政府已加強關注全國房價，並很有可能採取果斷措施來提高住房可負擔性。

In a constructive move, federal officials have initiated discussions with builders and industry associations, among others, to gain a comprehensive understanding of the challenges and work towards practical solutions.

聯邦官員採取建設性舉措，與建築商和行業協會等展開討論，以全面了解面臨的挑戰並尋求切實可行的解決方案。

Although the specifics of potential programs remain to be seen, it is clear that significant attention is being paid to developing impactful initiatives, while thoughtfully considering possible unintended negative consequences.

儘管潛在方案的具體細節仍有待觀察，但顯然各方都在高度重視制定有影響力的舉措，同時也認真考慮可能出現的意外負面後果。

Despite the public scrutiny and debate surrounding various proposed programs, it is encouraging to see that many bold ideas are being carefully elevated with the goal of improving affordability. Increasing affordability has the potential to spark new demand in the housing market, which can, in turn, drive an increase in construction activity and help address ongoing supply shortages.

儘管公眾對各種擬議方案進行了審查和辯論，但令人鼓舞的是，許多大膽的想法正在謹慎地提出，其目標是提高可負擔性。提高住房可負擔性有可能激發房屋市場的新需求，進而推動建築活動的增加，並有助於解決持續的供應短缺問題。

Although the specific outcomes and programs remain uncertain at this time, it is significant that for the first time in decades, the federal government is actively recognizing the vital role that housing plays not only in the broader national economy, but also in the well-being of American families.

儘管目前具體結果和方案仍不確定，但值得注意的是，幾十年來，聯邦政府首次積極認識到住房不僅在更廣泛的國民經濟中發揮著至關重要的作用，而且在美國家庭的福祉中也發揮著重要作用。

I am confident that housing will emerge as a central element in addressing the affordability prices and providing meaningful solutions for the future. So now let me turn to our results. As we noted in our press release, in our fourth quarter, we started 18,443 homes.

我相信，住房將成為解決房價負擔能力問題和為未來提供實際解決方案的核心要素。現在讓我來看看我們的結果。正如我們在新聞稿中提到的，第四季度我們開工了 18443 套房屋。

We delivered 23,034 homes, and sold just over 20,000 homes. While we were just above the low end of sales expectations and exceeded our delivery expectations, and we were able to grow -- we were able to grow our community count to 1,708 communities, or 18% over last year, positioning us for a better next year.

我們交付了 23,034 套住房，售出了 20,000 多套住房。雖然我們的銷售額僅略高於預期，交付量也超出了預期，並且我們實現了增長——我們的社區數量增長到 1708 個社區，比去年增長了 18%，這為我們明年取得更好的成績奠定了基礎。

As mortgage interest rates moderated and consumer confidence declined, we continued to drive volume with our starts, though at a slower pace, while we incentivized sales to enable affordability and limit undesired inventory buildup.

隨著房貸利率趨於緩和，消費者信心下降，我們繼續透過開工量推動銷售成長，儘管成長放緩，同時我們透過激勵銷售來提高購屋能力，並限制不必要的庫存積壓。

As we approached the beginning of the year, we intentionally focused on building inventory above our 2 completed unsold homes per community level to almost 3 per community to provide ready supply for the new year.

隨著新年的臨近，我們特意將每個社區的未售房屋數量從 2 套增加到接近 3 套，以便為新的一年提供充足的供應。

During the first quarter, sales incentives remained relatively flat at 14%, but reducing our gross margin to 17%, which was slightly lower than expected on an average sales price of $386,000. Our SG&A came in at 7.9%, which produced a net margin of 9.1%.

第一季度，銷售激勵措施基本上保持不變，為 14%，但毛利率降至 17%，略低於平均售價 386,000 美元時的預期。我們的銷售、一般及行政費用為 7.9%，淨利率為 9.1%。

As we look ahead to the first quarter of 2026, we expect our margins will be lower, as is expected in the first quarter, between 15% and 16%, of course, depending on market conditions. We expect to sell between 18,000 homes and 19,000 homes and deliver between 17,000 homes and 18,000 homes.

展望 2026 年第一季度，我們預期利潤率會像第一季預期的那樣下降，在 15% 到 16% 之間，當然，這取決於市場狀況。我們預計將售出 18,000 至 19,000 套房屋，並交付 17,000 至 18,000 套房屋。

We expect our average sales price to between [$365,000 and $375,000]. And as I noted earlier, we expect to deliver approximately 85,000 homes in 2026. We expect our overhead in the first quarter to be approximately 9.1%, as we continue to invest in and evolve our various Lennar technology solutions that will define our future.

我們預計平均售價將在[365,000 美元和 375,000 美元]。正如我之前提到的，我們預計到 2026 年將交付約 85,000 套房屋。我們預計第一季的營運成本約為 9.1%，因為我們將繼續投資和發展各種 Lennar 技術解決方案，這些解決方案將定義我們的未來。

These initiatives have been and will continue to add to SG&A, as well as corporate G&A for some time as they represent a significant investment in our differentiated future. As I think about our results in the fourth quarter, two additional components really stand out. First, we have now rebuilt our entire company with an asset lighter inventory structure.

這些舉措已經並將繼續增加銷售、一般及行政費用以及公司一般及行政費用，因為它們代表著對我們差異化未來的一項重大投資。當我回顧我們第四季的業績時，有兩個面向特別突出。首先，我們現在已經以更輕資產的庫存結構重建了整個公司。

Currently less than 5% of our land is on our balance sheet. Accordingly, our overall inventory has been reduced from just under $20 billion one year ago to just under $12 billion today. With our now greater focus as a manufacturing company, we have also consistently reduced our vertical construction costs to -- cost to build, over the past two years from 2023 to 2025 by approximately 10%.

目前，我們資產負債表上登記的土地不到我們土地的5%。因此，我們的總庫存已從一年前的略低於 200 億美元減少到目前的略低於 120 億美元。隨著我們作為一家製造公司更加專注於此，在過去兩年（2023 年至 2025 年）中，我們的垂直建設成本也持續降低，建造成本降低了約 10%。

Well, costs generally have been going up, we have been bringing ours down. Additionally, we've reduced our cycle time from 138 days a year ago to 127 days today for detached single family homes. This has enabled us to improve our inventory turn to 2.2 times from 1.6 times last year. These measures tell us that we that we are now built for materially improved efficiency in the way that we execute our business and we have a lot of room for additional improvement in each of these areas as well.

總體而言，成本一直在上漲，而我們一直在努力降低成本。此外，我們已將獨立式單戶住宅的建造週期從一年前的 138 天縮短至目前的 127 天。這使得我們的庫存週轉率從去年的 1.6 次提高到 2.2 次。這些措施表明，我們現在已經具備了大幅提高業務執行效率的條件，並且在這些領域還有很大的進步空間。

We have certainly positioned Lennar for the time when market conditions normalized and our margins improve, and they will improve dramatically. We always keep in mind that incentives in normalized market conditions run in the 4% to 6% range as opposed to the 14% incentives today, that GAAP defines our opportunity as market conditions change.

我們已為萊納公司做好充分準備，迎接市場狀況正常化和利潤率提高的時期，而利潤率也必將大幅提高。我們始終牢記，在正常的市場條件下，激勵措施的幅度在 4% 到 6% 之間，而不是像現在這樣高達 14% 的激勵措施，GAAP 會隨著市場條件的變化而定義我們的機會。

The second item is that we have now officially completed the Millrose transaction. This quarter, Lennar launched and completed the split-off exchange offer to swap our remaining 20% stake in Millrose, approximately [33.3 million] shares for outstanding Lennar shares tendered by our stockholders.

第二件事是，我們現在已經正式完成了 Millrose 交易。本季度，Lennar 發起並完成了分拆換股要約，將我們在 Millrose 的剩餘 20% 股份（約 3330 萬股）換成我們股東提交的 Lennar 流通股。

While this transaction resulted in a $156 million one-time paper loss, this paper result was simply a function of the book value of the shares on Lennar books on the day of the trade versus the stock price of the trade. More consequentially, this transaction resulted in an approximately 8 million share cashless repurchase of Lennar's shares.

雖然這筆交易造成了 1.56 億美元的一次性帳面損失，但這一帳面結果僅僅是交易當日 Lennar 帳面上股票的帳面價值與交易股票價格之間的差異。更重要的是，這筆交易促成了萊納公司約 800 萬股股票的無現金回購。

Finally, and before I conclude, let me briefly talk about our operating team as Jon retires. As you all know, here at Lennar we have a deep bench of experienced professionals, who have been here at the company for many years. Of course, Jon has been an important part of the execution and culture at Lennar.

最後，在結束之前，我想簡要地談談我們的營運團隊，因為 Jon 即將退休。如大家所知，萊納公司擁有一群經驗豐富的專業人才，他們已經在公司工作多年。當然，Jon一直是Lennar公司執行和文化建設的重要組成部分。

But that means that many of our leaders have worked together and together with Jon and are very prepared to pick up where Jon leaves off. Specifically, Jim Parker and David Grove, both tenured regional Presidents, will each oversee operations for about one half of the country, and they have and will continue to work cooperatively.

但這意味著我們的許多領導人都曾與喬恩一起工作過，並且完全有能力接替喬恩的工作。具體來說，兩位資深區域總裁吉姆·帕克和戴維·格羅夫將分別負責全國大約一半地區的運營，他們過去一直合作，將來也會繼續合作。

Additionally, Greg McGough will move from his Regional President position to a new leadership role, taking on strategic corporate functions. Greg will begin by working on our land banking programs by refining the execution around that very strategic part of our business. All three of these leaders, Jim, David, and Greg, are very enthusiastic about their new opportunities to perform and in their new positions, and they are anxious to get started.

此外，格雷格·麥克高夫將從區域總裁職位調任新的領導職務，承擔策略性公司職能。Greg 將首先著手處理我們的土地儲備計劃，以改善我們業務中這一極具戰略意義的部分的執行工作。吉姆、大衛和格雷格這三位領導人都對他們的新工作機會和新職位充滿熱情，他們渴望盡快開始工作。

It doesn't mean they're kicking you out Jon.

這並不意味著他們要把你趕出去，喬恩。

Good to know.

知道了。

We will be hiring -- we will not be hiring a replacement for Jon because the experienced leadership from within the company is part of the Lennar culture and are both -- and are all three capable and qualified to carry the company forward without missing a step.

我們將招募——我們不會招募 Jon 的替代者，因為公司內部經驗豐富的領導層是 Lennar 文化的一部分，而且這三位都有能力和資格帶領公司繼續前進，不會有任何錯誤。

So let me conclude (technical difficulty) and conclude by saying that while this has been another difficult quarter in the housing market, it's another very constructive quarter for Lennar. While the short-term road ahead might seem choppy still, we are very optimistic about our future.

所以，讓我總結一下（技術上遇到困難），總而言之，雖然這又是房地產市場艱難的一個季度，但對 Lennar 來說，這又是一個非常有建設性的季度。儘管短期內前路可能依然坎坷，但我們對未來充滿信心。

We are well aware that our numbers aren't where we'd like them to be, but neither are market conditions. We are very well positioned with a strong growing national footprint and growing community camp and growing volume.

我們很清楚，我們的業績數字還沒有達到我們理想的水平，但市場狀況也不盡如人意。我們憑藉著不斷擴大的全國影響力、日益壯大的社區營地和不斷增長的業務量，佔據了非常有利的地位。

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've positioned our company to evolve and create efficiencies and technologies that will make us a better company and built for the future.

我們一直在加大生產力度，以滿足我們都知道在各個市場持續存在的住房短缺問題。隨著我們不斷推動成長、生產和規模的擴大，我們已使公司做好準備，不斷發展並創造效率和技術，使我們成為一家更好的公司，並為未來做好準備。

We've materially reduced our inventory, our construction costs, and our cycle times, and we have and will continue to increase our inventory turn. We are determined to build more with less capital deployed so that as margin begins to grow, our returns on capital and equity will grow even faster.

我們大幅降低了庫存、建設成本和生產週期，並且我們已經並將繼續提高庫存週轉率。我們決心用更少的資本投入建設更多的項目，這樣隨著利潤率的成長，我們的資本報酬率和股權報酬率就能成長得更快。

In that regard, we will focus on and refine our manufacturing model and continue to use our land partnerships to grow with a focus on cash flow and high returns on capital and equity. Additionally, our strong balance sheet and strong land banking relations afford us flexibility and advantage opportunity to consider and execute on strategic growth for our future as well.

在這方面，我們將專注於改進和完善我們的製造模式，並繼續利用我們的土地合作關係來實現成長，並專注於現金流和高資本及股權回報率。此外，我們強勁的資產負債表和強大的土地儲備關係也為我們提供了靈活性和優勢機會，讓我們能夠考慮並執行未來的策略成長。

Lennar is extremely well positioned for the future, and we look forward to keeping you up to date on our progress.

萊納公司已為未來做好了充分準備，我們期待隨時向您報告我們的最新進展。

And with that, let me turn over to Jon.

接下來，讓我們把麥克風交給喬恩。

Good morning, everyone, and thank you, Stuart for a very special partnership and to one of our team for what's been an amazing journey. As Stuart described, we remain steadfast in executing our strategy. Every day we work on driving home building efficiencies in our operations. This execution is reflected in achieving our targeted sales pace, record low cycle times, overall cost reductions, and increased inventory trends, starting with our sales and marketing machine

大家早安，感謝Stuart與我們建立的這段特殊的合作關係，也感謝我們團隊中的一位成員，這段旅程非常精彩。正如斯圖爾特所描述的那樣，我們將繼續堅定不移地執行我們的戰略。我們每天都在努力提高房屋建造的營運效率。這項執行力體現在我們實現了既定的銷售目標、創紀錄的低週期時間、整體成本降低以及庫存成長趨勢上，而這一切都始於我們的銷售和行銷體系。

In the fourth quarter, we achieved a sales pace of 4 homes per community per month, meeting our sales plan. This starts with attracting qualified leads to our digital funnel, followed by rapid high-quality customer engagement. For average response time for customers submitted RFIs, which we view as a critical metric, dropped to 42 seconds in the fourth quarter, a 12.5% improvement over the third quarter.

第四季度，我們實現了每個社區每月 4 套房屋的銷售速度，達到了我們的銷售計劃。首先，我們要吸引合格的潛在客戶進入我們的數位行銷管道，然後迅速與客戶進行高品質的互動。對於客戶提交的 RFI 的平均回應時間（我們認為這是一個關鍵指標），第四季度下降到 42 秒，比第三季提高了 12.5%。

This responsiveness now extends after hours with digital agents available to assist customers at any time, even at 2 AM, that's when a customer is online looking for their new home. We analyze customer interactions and our [RFI] responses to drive improvement in the quality of engagement, improving our speed and responding and the quality of those responses drove a 15% year-over-year increase in appointments in the fourth quarter.

這種回應速度現在也延伸到了下班後，數位代理商隨時準備為客戶提供幫助，即使在凌晨 2 點，也就是客戶在線上尋找新家的時候。我們分析客戶互動和我們的 [RFI] 回复，以提高互動質量，提高我們的響應速度和響應質量，使得第四季度的預約量同比增長了 15%。

Our pricing strategy focuses on continuous evaluation of demand patterns, inventory levels and price discovery data, designed to set the price and incentives for each community to maintain the targeted sales pace. This maximizes sales efficiency and maintained our inventory at appropriate levels.

我們的定價策略著重於持續評估需求模式、庫存水準和價格發現數據，旨在為每個社區設定價格和激勵措施，以維持目標銷售速度。這樣可以最大限度地提高銷售效率，並將庫存維持在適當的水平。

As Stuart noted, we ended the quarter with an average of just under three unsold completed homes per community. This process and the easing of pressure on our sales targets resulted in new order incentives decreasing by 70 basis points quarter-over-quarter.

正如斯圖爾特指出的那樣，本季末，每個社區平均還有不到三套已竣工但尚未售出的房屋。這個過程以及銷售目標壓力的減輕，導致新訂單激勵措施較上月下降了 70 個基點。

Next, I'll discuss our volume-oriented production first strategy to drive efficiencies resulting in reduced construction costs. In the quarter, we maintained a consistent start pace of 3.7 homes per community per month, in line with our expectations.

接下來，我將討論我們以產量為導向、以生產為先的策略，以提高效率，從而降低建造成本。本季度，我們維持了每個社區每月 3.7 套房屋的穩定開工速度，符合我們的預期。

We continue to work throughout our supply chain using this consistent volume to lower cost quarter after quarter. We continued our focus on plan and SKU optimization, along with a new national bidding software tool, that streamlines management of thousands of SKUs in real time. This has enabled faster and more effective decision-making across the company, achieving further cost reductions.

我們將繼續在整個供應鏈中利用這種穩定的產量，逐季降低成本。我們繼續專注於計劃和 SKU 優化，並推出了一款新的全國性競標軟體工具，該工具可以即時簡化數千個 SKU 的管理。這使得公司能夠更快、更有效地做出決策，進而進一步降低成本。

Direct construction costs in the fourth quarter decreased by approximately 2% from Q3 and over 5% year-over-year. This downward trend will continue as we move into the first quarter of 2026. The average cycle time for single-family detached homes was 127 calendar days, matching our record low from Q3. This represents an 8% year-over-year reduction.

第四季直接建設成本較第三季下降約 2%，年減超過 5%。這種下降趨勢將持續到 2026 年第一季。單戶獨立住宅的平均週期時間為 127 個日曆日，與我們第三季的歷史最低紀錄相當。這比上年同期減少了 8%。

With improved quality control, and communications with our trade partners, we have reduced cycle times, minimize travel for trade, lower warranty spend and improved the customer experience. We saw tangible results with fewer work orders and a 45% year-over-year reduction in warranty spend.

透過改善品質控制和與貿易夥伴的溝通，我們縮短了週期時間，減少了貿易差旅，降低了保固支出，並改善了客戶體驗。我們看到了切實的成果，工作訂單減少了，保固支出比去年同期減少了 45%。

This was accomplished while maintaining consistent high-quality home deliveries for our customers resulting in a highly regarded NPS score of 79 for 2025. Turning to land and our asset-light strategy. In Q4, we continued to carefully structure land acquisitions for just-in-time land closing, leveraging land bank and land developer relationships to minimize carry cost and deliver just-in-time finished home sites.

在保持為客戶提供持續高品質送貨上門服務的同時，我們實現了這一目標，並獲得了 2025 年 79 分的 NPS 評分，備受好評。轉向土地和我們的輕資產策略。第四季度，我們繼續精心安排土地收購，以實現及時的土地交割，利用土地儲備和土地開發商的關係來最大限度地降低持有成本，並及時交付完工的住宅用地。

Our asset [laid] strategy delivered improved metrics. Supply of owned home sites decreased year-over-year to 0.1 years from 1.1 years, and control home sites increased to 98% from 82%. These operational improvements increased our inventory churned 38% from the prior year.

我們的資產配置策略帶來了指標的改善。自有住宅用地供應量較去年同期下降，從 1.1 年降至 0.1 年，而對照住宅用地供應量則從 82% 增加到 98%。這些營運改善使我們的庫存週轉率比前一年提高了 38%。

In conclusion, our team is united and focused on executing strategies that drive improving customer acquisition results, reduce costs, enhance operational efficiencies, all while improving the customer experience. These efforts are delivering measurable results and positioning us for future success.

總之，我們的團隊團結一致，專注於執行各項策略，以提高客戶獲取率、降低成本、提高營運效率，同時改善客戶體驗。這些努力正在取得可衡量的成果，並為我們未來的成功奠定了基礎。

Now I'll turn it over to Diane.

現在我把麥克風交給黛安。

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 first quarter of fiscal 2026.

謝謝你，喬恩，大家早安。Stuart 和 Jon 為我們的房屋建造業務提供了許多生動的描述。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要點，然後對 2026 財年第一季提供指導。

So starting with Financial Services. For the fourth quarter, our financial services team produced operating earnings of $133 million, within our guidance range of [$130 million] to $135 million, and for the year generated $610 million.

那麼，就從金融服務業開始吧。第四季度，我們的金融服務團隊實現了 1.33 億美元的營業利潤，符合我們先前 1.3 億美元至 1.35 億美元的預期範圍；全年營業利潤為 6.1 億美元。

Once again, our financial services team contributed great profitability, and most important, work in partnership with our homebuilding teams to provide a great customer experience for each home buyer. So now let's turn to our balance sheet.

我們的金融服務團隊再次為公司帶來了豐厚的利潤，更重要的是，他們與房屋建造團隊緊密合作，為每位購屋者提供了卓越的客戶體驗。現在讓我們來看看資產負債表。

This quarter, once again, we continue to generate cash by pricing homes to market conditions. The result of these actions was that we ended the quarter with $3.4 billion of cash and total liquidity of $6.5 billion. Our year supply of owned homesites was 0.1 years, and our homesites controlled percentage was 98%.

本季度，我們再次透過根據市場狀況定價房屋來持續創造現金流。這些措施的結果是，我們本季末擁有 34 億美元的現金和 65 億美元的總流動資金。我們擁有的宅基地年供應量為 0.1 年，我們控制的宅基地百分比為 98%。

We ended the quarter owning just under 10,000 homesites and controlling 496,000 homesites for a total count of 506,000 homesites. We believe this portfolio of homesites provides us with a strong competitive position to continue to grow market share and scale in a capital-efficient way.

本季末，我們擁有近 10,000 個住宅用地，控制 496,000 個住宅用地，總計 506,000 個住宅用地。我們相信，這批住宅用地組合為我們提供了強大的競爭優勢，使我們能夠以資本高效的方式繼續擴大市場份額和規模。

During the quarter, we started about 18,400 homes and ended the quarter with approximately 38,000 homes in inventory. This includes just under 5,000 completed unsold homes which, as we've mentioned, is just under 3 per community. Our inventory turn increased to 2.2 times, and our return on inventory was approximately 20%.

本季度，我們開工建造了約 18,400 套房屋，季度末庫存房屋數量約為 38,000 套。這其中包括近 5,000 套已竣工但尚未售出的房屋，正如我們之前提到的，平均每個社區不到 3 套。我們的庫存週轉率提高到 2.2 次，庫存回報率約為 20%。

And then as we turn to our debt position, we ended the quarter with $1.7 billion outstanding under our term loan facility and no outstanding borrowings under our revolving credit facility. And our homebuilding debt to total capital was 15.7%. We had no redemptions or repurchases of senior notes this quarter. Our next debt maturity of $400 million is in June 2026.

然後，當我們談到債務狀況時，本季末，我們的定期貸款項下未償還金額為 17 億美元，而我們的循環信貸項下沒有未償還借款。我們的房屋建設債務佔總資本的 15.7%。本季度我們沒有進行任何高級票據的贖回或回購。我們下一筆4億美元的債務將於2026年6月到期。

As Stuart mentioned, we successfully completed the divestiture of our Millrose investment by exchanging Millrose shares for Lennar shares. The result was a noncash repurchase of 8 million Lennar shares. Note that during the exchange period, we were subject to a tender [offer rule], which includes an exchange offer that prohibited us from using cash to purchase our shares.

正如斯圖爾特所提到的那樣，我們通過將 Millrose 的股票換成 Lennar 的股票，成功完成了對 Millrose 投資的剝離。最終結果是萊納公司以非現金方式回購了 800 萬股股票。請注意，在交換期間，我們受到要約收購規則的約束，其中包括一項交換要約，該要約禁止我們使用現金購買我們的股份。

However, during the year, we did use $1.7 billion of cash to repurchase 14 million Lennar shares. But in total for the year, we repurchased 22 million shares valued at $2.7 billion. Additionally, we paid total dividends this quarter of $170 million for a total of $521 million for the year. So in the aggregate for fiscal 2025, we returned about $3.2 billion to our shareholders. Our stockholders' equity was just under $22 billion, and our book value per share was about [$89].

然而，在這一年中，我們確實動用了 17 億美元現金回購了 1,400 萬股 Lennar 股票。但全年我們共回購了 2,200 萬股股票，價值 27 億美元。此外，本季我們支付了總計 1.7 億美元的股息，全年股息總額達到 5.21 億美元。因此，在 2025 財年，我們總共向股東返還了約 32 億美元。我們的股東權益略低於220億美元，每股帳面價值約為[$89]

In summary, the strength of our balance sheet provides us with confidence and financial flexibility as we progress into fiscal 2026. And with that brief overview, I'd like to turn to Q1 2026 and provide some guidance estimates. Some of these that we've noted, but to start at the top, starting with new orders, we expect Q1 new orders to be in the range of 18,000 homes to 19,000 homes, as we match production with sales pace.

總之，我們穩健的資產負債表為我們進入 2026 財年提供了信心和財務彈性。簡要概述完畢後，我想展望 2026 年第一季度，並提供一些指導性預測。我們已經注意到其中一些，但首先從最重要的方面說起，從新訂單開始，我們預計第一季新訂單將在 18,000 套至 19,000 套住房之間，因為我們將生產與銷售速度相匹配。

We anticipate our Q1 deliveries to be in the range of 17,000 homes to 18,000 homes with a continued focus on turning inventory into cash. Our Q1 average sales price on those deliveries should be between (technical difficulty) to $375,000. Gross margin should be in the range of 15% to 16%.

我們預計第一季交付量將在 17,000 至 18,000 套住房之間，並將繼續專注於將庫存轉化為現金。我們第一季這些交付的平均售價應該在（技術難題）至 375,000 美元之間。毛利率應在 15% 至 16% 之間。

As a reminder, we expense rather than capitalize field expenses, though the first quarter is historically the lightest -- since the first quarter is historically the lightest delivery quarter of the year and therefore, light on revenues, we lose field leverage. Typically, Q4 gross margins to Q1 gross margins in the following year decreased 100 basis points to 150 basis points because of this loss of leverage.

需要提醒的是，我們將現場費用計入支出而不是資本化，儘管第一季度歷來是業務量最少的季度——因為第一季度歷來是一年中交付量最少的季度，因此收入也較少，所以我們失去了現場費用的槓桿作用。通常情況下，由於槓桿作用的喪失，第四季毛利率與隔年第一季毛利率之比會下降 100 至 150 個基點。

As it stands now, we believe Q1 gross margins will be the low point of the year. Our SG&A percentage should be around 9.5%, but all of these metrics, of course, are dependent on market conditions. For the combined homebuilding, joint venture, and land sales and other categories, we expect a loss of approximately $10 million.

就目前情況來看，我們認為第一季的毛利率將是今年的最低點。我們的銷售、一般及行政費用百分比應該在 9.5% 左右，但當然，所有這些指標都取決於市場狀況。綜合房屋建設、合資企業、土地銷售及其他類別，我們預計將虧損約 1,000 萬美元。

We anticipate our Financial Services earnings to be approximately $105 million to $110 million. For our multifamily business, we expect earnings of about $20 million, as we continue to strategically monetize assets to generate higher returns.

我們預計金融服務業務的收益約為 1.05 億美元至 1.1 億美元。對於我們的多戶住宅業務，我們預計盈利約為 2000 萬美元，因為我們將繼續有策略地將資產變現，以產生更高的回報。

Turning to Lennar Other, we expect a loss of about $20 million, excluding the impact of any potential mark-to-market adjustments to our technology investments. Our corporate G&A should be about [2.2] of total revenues, and our foundation contribution will be based on $1,000 per home delivery.

就 Lennar 其他業務而言，我們預計將虧損約 2000 萬美元，這還不包括任何可能對我們的技術投資進行市值調整的影響。我們的公司一般及行政費用應約為總收入的[2.2]，而我們的基金會捐款將以每次送貨上門1000美元為基準。

We expect our Q1 tax rate to be approximately 25.25%, and the weighted average share count should be approximately 245 million shares. And so on a combined basis, these estimates should produce an EPS range of approximately $0.80 to $1.10 per share for the first quarter.

我們預計第一季稅率約為 25.25%，加權平均股份數量約為 2.45 億股。因此，綜合來看，這些預測應該會使第一季的每股收益在 0.80 美元至 1.10 美元之間。

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

那麼，我把麥克風交給操作員吧。

(Operator Instructions) Alan Ratner, Zelman & Associates.

（操作說明）艾倫·拉特納，澤爾曼及合夥人公司。

Good morning, thanks for all the details so far. So I think gross margin is obviously on the top of everybody's minds, and you obviously walked through a lot of the moving pieces there. It's encouraging to hear that incentives actually tick lower in the quarter. And I know you also gave some encouraging data on your cost reduction. So can you just walk through exactly what's contributing to the continued pressure on margin?

早上好，感謝您目前為止提供的所有詳細資訊。所以我覺得毛利率顯然是大家最關心的問題，而你顯然也詳細分析了其中的許多環節。令人鼓舞的是，本季激勵措施實際上有所下降。我知道您也提供了一些令人鼓舞的成本削減數據。那麼，您能否詳細說明一下導致利潤率持續承壓的具體原因？

I know there's seasonality in Q1, but this quarter's results came in a bit below guidance, and I know in the past you've kind of talked about margins maybe stabilizing. So I'm just curious if you could walk through exactly what's contributing to the downside given the improvement or the reduction in incentives?

我知道第一季有季節性因素，但本季的業績略低於預期，而且我知道你過去也曾談到利潤率可能會趨於穩定。所以我很好奇，您能否具體解釋一下，在激勵措施改善或減少的情況下，究竟是什麼導致了負面影響？

And the follow-on to that, I guess, more broadly is if we don't see any material improvement in demand, given your growth expectations for '26 at 3%, a little bit below kind of your target range you'd given previously? Is that an environment where you think you can potentially dial back those incentives further? Thank you.

那麼，更廣泛地說，接下來的問題是，如果我們沒有看到需求有任何實質改善，考慮到您對 2026 年 3% 的成長預期（略低於您之前給出的目標範圍），該怎麼辦？在這種環境下，你認為有可能進一步削減這些激勵措施嗎？謝謝。

Yeah, it's Jon. I'll begin, during the quarter, we faced some unexpected headwinds, particularly with the government shutdown that definitely had an impact on consumer confidence, which is primary to our customer, and so that definitely challenge our ability to figure in some market stabilize pricing. So we saw some impact in terms of what we accomplished versus what we expected. Because a joke what was happening in real time in the marketplace,

對，是喬恩。首先，本季我們遇到了一些意想不到的不利因素，特別是政府停擺，這無疑對消費者信心產生了影響，而消費者信心對我們的客戶至關重要，因此這無疑對我們制定市場穩定定價策略的能力構成了挑戰。所以，我們看到實際取得的成就與預期之間有些差異。因為這是一個關於市場上實時發生的事情的笑話，

And you know it's not consistent, it varies across the country, if you're asking like which markets are strongest or weakest, it really ebbs and flows, across our markets with just sort of an overall -- overhang of what's going on in the economy with the government and that general customer confidence erosion.

你知道，這種情況並不穩定，全國各地情況不一。如果你問哪些市場最強勁或最疲軟，那就會發現，在我們各個市場，情況都在波動，這很大程度上取決於政府的經濟政策以及消費者信心普遍下降的影響。

I think as we started the quarter, the expectation was that with interest rates kind of moving down a little bit, even with consumer confidence somewhat negative. The thinking was from our division that the incentive structures would come down through the quarter.

我認為，本季初，儘管消費者信心略顯負面，但人們普遍預期利率會略有下降。我們部門的想法是，激勵機制會在本季逐步下調。

I think that it's our feeling that the government shutdown had a material effect on the consumer psychology coming -- going through the quarter and reacting kind of real time. Now does that come back? It is -- as we look through our numbers as we go through next year, I think that there's a general view that incentives will be coming down.

我認為，我們感覺政府停擺對消費者的心理產生了實質的影響——貫穿整個季度，並即時做出反應。現在這種情況會再次出現嗎？的確如此——當我們回顧明年的數據時，我認為普遍的看法是激勵措施將會減少。

And then layer on top of that, it does seem that the federal government is very focused on coming up with programming that kind of activates affordability. What that's going to look like, I just don't know. But it does seem like there's a lot of activity around focusing on this very important part of the economy.

此外，聯邦政府似乎也非常注重製定能夠提高民眾負擔能力的計畫。我真的不知道那會是什麼樣子。但似乎有很多活動都在關注經濟的這個重要領域。

So we think that incentives will come down through the year. But as we went through this quarter, we definitely hit a headwind across the country. It's pretty consistent that really brought our incentive expectations to be lower than what we actually ended up with.

所以我們認為激勵措施會在今年逐漸減少。但在這個季度裡，我們確實在全國範圍內遇到了阻力。這一點相當一致，確實導致我們的激勵預期低於最終實際獲得的水平。

Got it. I appreciate the detail there. And then Stuart, you obviously spoke a lot about the administration efforts and recognizing, maybe there's nothing ready to bring public at this point. I'm just curious, do you feel like this is something that will be announced in 2026.

知道了。我很欣賞你注重細節這一點。然後，斯圖爾特，你顯然談到了很多關於政府的努力，也意識到，也許目前還沒有什麼可以公開的。我只是好奇，你覺得這件事會在 2026 年公佈嗎？

And something -- whatever the government does have in mind? Is there anything that can be implemented fairly quickly and you know obviously the midterms are coming up or is this something that is more of a multiyear view in your mind? Thank you.

還有什麼──不管政府到底有什麼打算？有沒有什麼可以比較快實施的措施？您也知道，中期選舉馬上就要到了。還是說，您認為這是一個需要多年時間才能解決的問題？謝謝。

Look, I think the crystal ball around government activity is really complicated. But I can tell you that a number of homebuilders have gone in to see critical officials within the government. It is -- we have received a lot of attention. There's a lot of thought process going on. You've seen trial balloons put out around various types of programs.

我認為，預測政府活動真的非常複雜。但我可以告訴你，許多房屋建築商已經去拜訪了政府中的關鍵官員。確實——我們受到了很多關注。這裡有很多思考過程。你已經看到各種類型的項目都進行了試探性測試。

What's interesting is that the government has been very tuned in to the industry to make sure that they're not walking into unintended consequences. So whatever is done that it be constructed properly is important. And to your question of do I think that something will come out in 2026? I'd be surprised if something isn't done.

有趣的是，政府一直密切關注這個行業，以確保他們不會陷入意想不到的後果。所以，無論採取什麼措施確保它正確建造，都至關重要。至於你問我是否認為 2026 年會有什麼東西問世？如果沒人採取行動，我會感到驚訝。

I think affordability is very much on the table. It's a political issue right now. And I think across the country, you're hearing the drumbeat of that being a primary focal point. And politically, it's important that someone pick up the mantle and do something to address it, rather than just throw money at it. So it will be interesting, and we'll all have to sit back and wait and see what comes out.

我認為價格負擔能力是非常重要的考量。這現在是一個政治問題。我認為在全國範圍內，你都能聽到人們將此作為主要關注點的呼聲。從政治角度來看，重要的是有人站出來採取行動解決這個問題，而不是只投入資金。所以這會很有意思，我們都得坐下來拭目以待。

John Lovallo, UBS.

瑞銀集團的約翰·洛瓦洛。

Good morning, guys, thanks for taking my questions as well. I guess the first one, Stuart, is given your strategy of maintaining volume, and you're really focusing intently on cost and efficiency, I'm curious how you sort of envision the upside in your ability to recapture margin as the market improves? I mean, particularly considering all the hard work and the changes that have been made over the past few years.

各位早安，感謝你們回答我的問題。斯圖爾特，我想問的第一個問題是，鑑於你維持銷量的策略，並且你非常注重成本和效率，我很好奇，隨著市場好轉，你如何看待重新獲得利潤率的可能性？我的意思是，尤其考慮到過去幾年所付出的所有努力和所做的所有改變。

Yeah, look, that's really at the heart of what we've been doing is if -- if you buy into the notion that there is a supply shortage, and I think that's pretty well documented, we certainly believe that there is a significant supply shortage.

是的，你看，這正是我們一直在做的事情的核心：如果你認同存在供應短缺的觀點，而且我認為這一點已經得到了充分的證實，我們當然相信存在嚴重的供應短缺。

If you believe that there is a pent-up demand that is not able to activate itself because of affordability, and we definitely believe that and see that in our traffic and in the field, then -- if we -- as we maintain volume over time, we're going to figure out and push our large enterprise to re-rationalize its cost structure. And that's what we're doing -- we've detailed this in prior earnings calls. We're focused on using modern technologies.

如果你認為有一種被壓抑的需求，但由於價格因素而無法釋放出來（我們確實相信這一點，並且從我們的流量和現場情況中也看到了這一點），那麼——如果我們——隨著時間的推移保持銷量，我們將找出並推動我們的大型企業重新合理化其成本結構。而這正是我們正在做的事——我們在先前的財報電話會議上已經詳細說明了這一點。我們專注於運用現代科技。

We're focused on building efficiencies in everything that we do. You see this in every element of our business, how we're re-rationalizing our overhead expense, our vertical construction costs, horizonal construction cost.

我們致力於提高我們所做的一切工作的效率。這一點在我們業務的各個方面都有體現，例如我們如何重新合理化我們的管理費用、垂直建設成本和水平建設成本。

And we think that embedded in our program at 82,500 homes, rolling to 85,000 homes, we are going to be an efficient structure as market conditions re-think themselves. So at the end of the day, I lay out that there's a pretty clear path to margin improvement. There will be, at some point, a reconciliation of incentives that migrates from what is today, or 14%, down to a traditional kind of 4% to 6%, and that's a lot of margin improvement.

我們認為，在我們目前擁有 82,500 套住房，並逐步擴展到 85,000 套住房的項目中，隨著市場條件的重新調整，我們將成為一個高效的結構。所以歸根究底，我認為提高利潤率的途徑非常明確。在某個時候，激勵機制將會進行調整，從目前的 14% 降至傳統的 4% 到 6%，這將帶來很大的利潤提升。

And we think there's still a lot of efficiency that we're going to bring to our operations as we go forward. It's just a time game and we're going to patiently keep pursuing the focus. The core reason that we're focused on building inventory is because the country has such a significant shortage.

我們認為，隨著我們不斷前進，我們的營運效率還有很大的提升空間。這只是一場時間戰，我們會耐心地繼續朝著目標努力。我們專注於建立庫存的核心原因是，該國存在嚴重的庫存短缺。

So we're going to continue to be that machine that keeps pushing forward, recognizing the shortage and believing that there's going to be a moment where we're able to activate the buying public to purchase at prices with lower incentives.

因此，我們將繼續像一台不斷前進的機器，認識到短缺問題，並相信總有一天，我們能夠調動公眾的購買力，讓他們以更低的價格購買商品。

I'll just add one thought, and that is as you hear us talk about our operational efficiencies. We think about it as structural, not episodic. So as the market does stabilize, does recover, we have really retooled ourselves to maintain these efficiencies, and that we've worked so hard on achieving.

我只想補充一點，那就是當你們聽到我們談論營運效率時。我們認為這是結構性的，而不是偶發性的。因此，隨著市場趨於穩定和復甦，我們已經進行了徹底的調整，以維持這些效率，而這些效率是我們努力實現的。

Yeah, and Jon is a good example of that. I mean we have built efficiencies and effectiveness in our operating group. And as Jon retires, we're not going to replace them because we're going to lower the vertical nature of our hierarchy. We're going to take costs out, but we're using modern technologies and own grown talent to be able to do that.

是的，喬恩就是一個很好的例子。我的意思是，我們已經提高了營運團隊的效率和效能。隨著 Jon 退休，我們不會再找人接替他，因為我們要降​​低層級結構的垂直性。我們將降低成本，但我們將利用現代技術和我們自己培養的人才來實現這一目標。

And Fred retired a couple of months ago, same thing there. We have a talent base that can fill that gap. And we don't have to build replacement. But a lot of that has to do with the technologies that we've incorporated that enable us to transmit information more efficiently and effectively to a shallower operational structure.

弗雷德幾個月前退休了，情況也一樣。我們擁有可以填補這一空缺的人才儲備。我們不需要建造替代建築。但這很大程度上要歸功於我們所採​​用的技術，這些技術使我們能夠更有效率、更有效地將資訊傳遞到更淺層的營運結構中。

That's helpful color. Thank you. And then, embedded in the fiscal year '26.

這是個很有幫助的顏色。謝謝。然後，將其納入 2026 財年。

Sorry about that.

抱歉。

So embedded in the fiscal year '26 delivery outlook of [85,000], it's up about 3% year-over-year. How should we sort of think about community count growth versus absorption, and your performance versus the market?

因此，在 2026 財年交付預期 [85,000] 中，年增約 3%。我們該如何看待社區人口成長與吸收率之間的關係，以及你的表現與市場表現之間的關係？

Well, we're continuing to focus on community count growth. You've seen our community count grow year-over-year at a higher rate than we're going to continue to grow it. But if you look at our volume growth, if we look at last year to this year at $82,500-ish, it's about 3%. We're expecting about a 3% growth rate next year.

我們將繼續專注於社區數量成長。你們已經看到，我們社區的人口數量逐年增長，而且增長速度比我們預期的要快得多。但如果你看看我們的銷售成長，如果我們看看去年到今年的銷售成長，大約是 82,500 美元，成長了大約 3%。我們預計明年的成長率約為3%。

A lot of that will come from additional community count in strategic markets across the platform. And I think that you're going to see a consistent model of execution. If you look backwards, projected forward. And that's very much the strategy.

其中很大一部分將來自平台各策略市場中社群數量的增加。我認為你會看到一致的執行模式。回顧過去，展望未來。這就是我們採取的策略。

The strategy is, let's build the volume that the country and the consumers' need, let's make it affordable at this time where affordability is so strained, and let's find ways to make ourselves more efficient, and let's expect that something is going to come through the governmental ranks to support that affordability and enable the market to enter the housing market. And the reduction in incentives is going to flow through to our margin.

我們的策略是，讓我們生產出國家和消費者所需的住房數量，在這個住房負擔能力如此緊張的時期，讓我們讓住房價格變得可負擔，讓我們想辦法提高效率，並期待政府部門出台一些措施來支持住房價格的可負擔性，使市場能夠進入住房市場。激勵措施的減少將會影響我們的利潤率。

Stephen Kim, Evercore ISI.

Stephen Kim，Evercore ISI。

Thanks very much guys. Yeah, Stuart, taking the risk of paraphrasing what you're saying because I know that it's obviously a bit complex. And I don't want to oversimplify, but am I hearing you right that you anticipate that there's the makings for government actions to improve the affordability in some way, shape or form? And if we assume that, which I don't necessarily disagree, Lennar has over the last year or so, really emphasized volume, while others in your peers have sort of ratcheted back volume.

非常感謝各位。是的，斯圖爾特，我冒險轉述一下你的意思，因為我知道這顯然有點複雜。我不想把事情過於簡單化，但我理解你的意思是，你預期政府會採取行動，以某種方式提高住房的可負擔性，對嗎？如果我們假設這一點（我不一定反對），那麼在過去一年左右的時間裡，萊納確實非常重視房屋數量，而其他同行則在某種程度上減少了房屋數量。

Are you saying that in 2026, your expectation is that you've got the volume, you've got the -- therefore, the platform to be able to harness margin improvement from lower incentives without necessarily needing to increase your volume? And that you can do that even if others, in a somewhat better environment, do have to increase their volume.

你是說，你預計到 2026 年，你的銷量將達到一定規模，因此，你將擁有足夠的平台，能夠在激勵措施降低的情況下提高利潤率，而無需增加銷量嗎？即使其他人在稍好的環境下不得不提高音量，你仍然可以做到這一點。

So that you might actually give up a little bit in terms of share, if you will. But your margin will more than make up for that. Is that essentially what you're laying out for us in '26?

所以，如果你願意的話，你可能實際上會在份額方面做出一些讓步。但你的利潤空間足以彌補這一點。這就是你們在 2026 年為我們所訂的計畫嗎？

A, that is what we're laying out. That's what we've been laying out. And the reality is we don't have to restart the machine. The machine is actually just running and running very efficiently. We don't have to run out and buy new community count. We're already doing that.

A，這就是我們正在製定的計劃。這就是我們一直在規劃的。而實際上，我們並不需要重啟機器。機器實際上一直在運行，而且運行效率非常高。我們不必急著去購買新的社區數。我們已經在這麼做了。

We don't have to retool and increase the volumes. We just have to accept a lower incentive structure in order for margin to grow. And that's why I say in my comment that we're just levered to the upside in terms of margin growth.

我們無需重新調整設備，也無需增加產量。我們只能接受較低的激勵機制，利潤率才能成長。所以，我在評論中說，就利潤成長而言，我們已經擁有了很大的上漲空間。

Yeah. okay. That's really helpful. Very, very interesting and important. I did also want to follow up on the machine. I think that when -- obviously, you've been at the vanguard of developing technology and AI-driven tools, so that you can more dynamically respond to market conditions.

好的。這真的很有幫助。非常非常有趣，也非常重要。我還想跟進一下這台機器的狀況。我認為，顯然，你們一直走在開發技術和人工智慧驅動工具的前沿，這樣你們就能更動態地應對市場狀況。

Obviously, that's been something that's been a big focus. If I listen to the way you talk about the elevation of Jim, David and Greg into somewhat new roles, but not replacing Jon or Fred. Is it right to think that these investments and developments of the -- for lack of a better phrase of [Lennar] machine, have now reached a point where you can have those systems play a more direct role in managing the business?

顯然，這是我們一直關注的重點。如果我聽你這麼說，你指的是提升吉姆、大衛和格雷格的職位，讓他們擔任一些新的角色，但不會取代喬恩或弗雷德。認為這些投資和發展——姑且稱之為[萊納]機器——現在已經發展到一定程度，可以讓這些系統在企業管理中發揮更直接的作用，這種想法是否正確？

And that not replacing the co-CEO and COO positions is a function of -- or an indication of just how far that machine has come in actually being able to have tangible effects on your business. Is that the right way to think about it? I guess, is essentially the question.

而沒有更換聯合執行長和營運長的職位，要嘛是因為──要嘛就是表明這套機制已經發展到能夠對你的事業產生切實影響的地步了。這種思考方式正確嗎？我想，這本質上就是問題所在。

Yeah. So I'm going to tread in an area that I promised our friend, [Rick Beckwith] I wouldn't tread into. And that is technology because I feel like you've all gotten more now with our discussion about technology. But we are massively enthusiastic about our technology initiatives in large part because of the things you've daylighted.

是的。所以我要踏入一個我曾經向我的朋友里克·貝克威斯承諾不會涉足的領域。這就是科技，因為我覺得透過我們對科技的討論，大家現在都對科技有了更深入的了解。但我們對技術創新充滿熱情，很大程度上是因為你們揭露了這些問題。

I mean if you listen to Jon's comments in the middle of the night, we're at a point where we can engage a customer on their terms, at their time, when convenient to them, with digital technology that gives them an experience that is getting very close to an interpersonal experience.

我的意思是，如果你聽聽喬恩在半夜的評論，你會發現我們現在已經能夠按照客戶的方式，在他們方便的時候，利用數位科技與他們互動，從而為他們提供一種越來越接近人際互動的體驗。

We're going to be able to be faster and better, higher quality in the way that we engage with our customers. And I think that we're making this progress. It's not fast because we don't have the engineering teams that some of these high-tech technology companies have. But we're building them, and we're going to get better, faster and stronger because of the technologies that we incorporate. And it's not just in the machine that is marketing and sales machine.

我們將能夠以更快的速度、更好的方式、更高的品質與客戶互動。我認為我們正在取得進展。速度慢是因為我們沒有像一些高科技公司那樣的工程團隊。但我們正在建造它們，而且由於我們採用的技術，我們將變得更好、更快、更強。而且，問題不僅出在行銷和銷售機器上。

It's in our overall customer experience all the way through to warranty. It is in our land acquisition component. It is in our financial reporting component. It is in our financial services group. Every part of our company has its own unique strategy relative to modern technology to not just modernize and be a better interface with our customers, but to be a better interface internally to breed efficiencies and effectiveness that we've not seen before.

它貫穿我們整體的客戶體驗，直到保固環節。它屬於我們的土地徵用部分。它包含在我們的財務報告部分。它隸屬於我們的金融服務集團。我們公司的每個部門都有自己獨特的現代技術策略，不僅是為了現代化，更好地與客戶溝通，也是為了更好地進行內部溝通，從而產生前所未有的效率和效益。

And I think that you're going to see over the next year -- two years, you're going to see a lot of those advancements really reveal themselves.

我認為在接下來的一兩年裡，你會看到很多這樣的進步真正顯現出來。

Mike Rehaut, JPMorgan Chase.

麥克雷豪特，摩根大通。

Thanks. Good morning, everyone. Thanks for taking my questions. Hi Stuart how are you? So first I wanted to kind of dive in a little bit towards your approach, last quarter your approach to the market and I know that you kind of stressed even on this call, prioritizing supply and making sure that you have the product out there, when things turn.

謝謝。各位早安。謝謝您回答我的問題。嗨，斯圖爾特，你好嗎？首先，我想稍微深入了解您上個季度的市場策略，我知道您在這次電話會議上也強調了優先考慮供應，確保在情況發生變化時，產品能夠及時到位。

Last quarter you maybe dialed back slightly around that approach and said, you wanted to ease back on your delivery expectations to help establish a floor on margin, and it -- I don't know if this is exactly the right way to interpret today's results or fourth quarter results, but your margin did come in a little less than expected despite maybe some of those efforts.

上個季度，你們可能稍微調整了策略，表示希望降低交付預期，以幫助確定利潤率的底線。我不知道這樣解讀今天的業績或第四季業績是否準確，但儘管做了一些努力，你們的利潤率還是略低於預期。

You know there's been a lot of focus on prioritizing supply today, so where are you in that journey of, perhaps trying to establish that floor on margin. And you know it seems like even without if you kind of exclude the seasonality, maybe you're still looking at a slight further erosion in in gross margin in 1Q versus 4Q. So just trying to triangulate.

你知道，現在大家都很關注供應優先問題，那麼你在努力確保利潤率底線的過程中，處於什麼階段呢？而且，即使不考慮季節性因素，第一季的毛利率與第四季相比，似乎仍然會略有下降。所以只是想嘗試進行三角測量。

You know how committed are you to just pushing through that supply versus if demand remains weak, maybe you would even further continue to ease back on some of your delivery aspirations.

你知道你究竟有多堅定地要提高供應量，還是如果需求持續疲軟，你甚至可能會進一步降低一些交付目標。

Mike, I think we're pretty committed to the volume, and maintaining the volume. And, I think your assessment is correct, that we had an expectation of finding a little bit more of a floor, but I've said consistently in every one of our earnings calls that the numbers and expectations that we're giving to you are dependent on market conditions and market conditions are fluid and they evolve day by day. Interest rates have been going up a little bit, down a little bit, down farther a little bit, and then back.

麥克，我認為我們非常重視銷量，並且會努力維持銷量。而且，我認為你的評估是正確的，我們原本期望能找到一個更穩固的底部，但我在每一次財報電話會議上都反复強調，我們向你們提供的數字和預期取決於市場狀況，而市場狀況瞬息萬變，每天都在變化。利率一直在小幅上漲，小幅下跌，然後又小幅下跌，接著又回升。

It's not just the interest rates. It is the inflation impact from a spike of inflation that we had a few years ago that is still rippling through the consumer's wallet. It's built up in debt. It's a general consumer confidence. I don't want to overstate it because it seems like I'm blaming a hurricane or blaming weather conditions.

不只是利率的問題。幾年前的通貨膨脹飆升所帶來的通膨影響至今仍在消費者的錢包中持續發酵。它背負著沉重的債務。這是整體消費者信心的展現。我不想誇大其詞，因為那樣看起來好像我在責怪颶風或責怪天氣狀況。

But the government shutdown was relevant. There were a lot of people that were affected there. And so that comes about in the middle of a quarter where we made an expectation that lower interest rates would help bring consumer confidence up a little bit. While there was an offset to that. Hopefully, the government and its shutdown will then step up and find kind of a counterbalance and say, okay, we're going to do something to activate consumer confidence and affordability.

但政府停擺是相關的。那裡有很多人都受到了影響。因此，這種情況發生在季度中期，當時我們預期較低的利率將有助於提振消費者信心。雖然這其中也存在一些抵消因素。希望政府及其停擺能夠促使政府採取行動，找到某種平衡機制，並表示，好吧，我們將採取一些措施來提振消費者信心和提高購買力。

So we're ebbing and flowing relative to a dynamic marketplace with an understanding that behind us, there is a supply shortage. There is a demand for the housing. There is a need for affordability and government action is going to matter here. So we'll see what happens. But we are focused on the volume because it's with the volume that we're able to build the efficiencies that are going to build us into a company for the future.

因此，我們隨著瞬息萬變的市場而起伏波動，同時也意識到，在我們身後存在著供應短缺。住房需求旺盛。我們需要提高產品的可負擔性，而政府的行動將在此發揮重要作用。所以，我們拭目以待。但我們專注於銷量，因為只有透過銷量，我們才能建立起效率，從而將我們打造成一家面向未來的公司。

And Mike, I would just add (multiple speaker) it's obvious. We don't control the economy and its impact in our consumer. But we've been very laser-focused on becoming a manufacturer of homes. And with that we can really leverage volume technologies to be the most efficient manufacturer that one can be. That's what we remain laser focused on.

還有，麥克，我只想補充一點（多人發言）：這顯而易見。我們無法控制經濟及其對消費者的影響。但我們一直非常專注於成為房屋製造商。有了這些，我們就能真正利用大規模生產技術，成為效率最高的製造商。這就是我們始終全力以赴關注的重點。

Right. I appreciate that. I guess secondly, you highlighted in your prepared remarks, obviously, the ongoing focus of returning cash to shareholders either through a combination of repurchase and dividends. On the repurchase side, I think you finished up the year around [2.7]. How should we think about 2026 now that your balance sheet is significantly repositioned than the much more aggressive move via Millrose to asset-light?

正確的。我很感激。其次，正如您在準備好的演講稿中明確指出的，公司持續關注的重點是透過股票回購和分紅相結合的方式向股東返還現金。在回購方面，我認為你們已經圓滿結束了這一年。[2.7].鑑於貴公司的資產負債表已經進行了比 Millrose 更激進的輕資產轉型方案更為顯著的調整，我們該如何看待 2026 年？

Just trying to get any sort of boundaries on kind of numerically, should it be similar to '25 at this point? Should we be modeling something maybe a little higher than that? Just your thoughts, given the fact that you've already kind of outlined a closings number, and you're hoping that the gross margin number will in the first quarter be the low point of the year.

我只是想在數值上確定一些界限，目前來看，它是否應該類似於“25”？我們是否應該設定一個比這略高一些的數值？鑑於您已經大致確定了成交量，並且希望第一季的毛利率是全年的最低點，請問您有什麼想法？

Yeah. So I'm pretty enthusiastic about looking and seeing what happens in 2026. If you think about the transition that we've made as a company to an asset-lighter model, if you think about the dynamic of all the changes that we've made as we have maintained volume, it's pretty extensive. And when I said in my comments that it is noteworthy that we have now completed the Millrose transaction. This has been a few years in the making. It's now behind us.

是的。所以我非常期待看看2026年會發生什麼事。想想我們公司向輕資產模式的轉型，想想我們在保持業務量的同時所做的所有改變，你會發現這非常廣泛。我在評論中提到，值得注意的是，我們現在已經完成了 Millrose 交易。這件事醞釀了好幾年。這件事已經過去了。

And a number of other things are behind us, whether it's essential housing and the land banking program that we started with them. It extended to Millrose, and we have a number of other land banks. Less than 5% of our land is on book today. That migration took time, energy, money, focused, and that's behind us.

還有很多其他事情已經過去了，無論是基本住房還是我們與他們一起啟動的土地儲備計劃。它一直延伸到米爾羅斯，我們還有其他一些土地儲備。目前我們只有不到5%的土地已登記在冊。那次遷移耗費了時間、精力、金錢和專注力，而那已經是過去的事了。

We are now focused on a much more pure manufacturing model with a lot less energy spent on other things that are the transitional things that got us to where we are. I'm enthusiastic to see how our operations evolve over this next year.

我們現在專注於更純粹的製造模式，減少在其他過渡性事項上的投入，而正是這些過渡性事項讓我們走到今天。我非常期待看到我們公司在未來一年的營運發展。

We have very high expectations, and we're pretty enthusiastic about it. Of course, everything is going to happen in the context of what's happening to the economy, what's happening to consumer confidence, and what's happening to affordability. The government is going to play a role in that. I can't predict what's going to happen there.

我們對此抱有很高的期望，並且充滿熱情。當然，所有事情都會在經濟狀況、消費者信心和購買力等因素的影響下發生。政府將在其中發揮作用。我無法預測那裡會發生什麼事。

And so there's variability. But for us, as we think about the way that we run our business, it is an everyday hands-on approach to how do we be the best manufacturing model that we can be. And a grade in some of the transitions and evolutions we've gone through, there are still wonderful efficiencies to be reaped from the focus and attention on the details that surround those programs. I laid out Greg McGough's new role.

所以存在差異。但對我們來說，當我們思考如何經營業務時，我們每天都在親力親為地思考如何成為最好的製造模式。在我們經歷的一些轉型和演變中，仍然可以透過關注和重視圍繞這些項目的細節來獲得極佳的效率。我詳細介紹了格雷格·麥克高夫的新角色。

He's starting off with our land banking programs. We've put these things together pretty quickly. There's a lot of efficiency and execution that we can bring to that. These are the kinds of things that 2026 is going to engender. And we'll see how it plays out.

他首先著手的是我們的土地儲備計畫。我們很快就把這些東西組裝好了。我們可以在這方面帶來許多效率和執行力上的提升。這就是2026年將會發生的事情。我們拭目以待。

But it's all going to be modified, amplified or changed by the macro economy that we end up playing into. (technical difficulty).

但這一切都將受到我們最終所處的宏觀經濟環境的影響，從而改變、放大或修正。（技術難題）

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

Thank you, everyone. Thanks for fitting me in. My first question -- good morning or good afternoon now I guess. My first question is thinking about the efficiencies that we've talked a lot about. How do you think of where you can get inventory turned over the next several quarters given the environment that we are in? Can you hit that 3 times number in this kind of condition? And just generally speaking, how does the core products fit into that strategy?

謝謝大家。謝謝你安排我過來。我的第一個問題是──現在是早安還是下午好呢？我的第一個問題是關於我們之前多次討論過的效率問題。鑑於我們目前的市場環境，您認為未來幾季如何提高庫存週轉率？在這種情況下，你能達到3倍的目標嗎？總的來說，核心產品是如何融入這項策略的？

So it's a great question because I -- there's a part of me that almost pinches myself when I see our inventory turn at [2.2]. There was a time where we didn't think we'd be able to get there. But the interesting thing is given the way that we've reconfigured the company, we think that there's a lot of improvement that can come on top of where we are.

所以這是一個很好的問題，因為——當我看到我們的庫存週轉率時，我幾乎都會掐自己一下，感覺像在做夢一樣。[2.2].曾經有一段時間，我們覺得我們無法到達那裡。但有趣的是，鑑於我們對公司的重組，我們認為在現有基礎上還有很大的進步空間。

And a lot of it derives from, number one, cycle time. We are improving our cycle time and all of this drives back to our core product. Our core product offerings are getting more and more efficient, more and more effective in terms of the way that not only -- how do we -- how does the cost structure come in, but more importantly, do we build and how efficiently do we build product that is very familiar out in the field?

而這很大程度源自於第一點，即周期時間。我們正在縮短生產週期，而這一切最終都將回歸到我們的核心產品上。我們的核心產品越來越高效，越來越有效，不僅體現在成本結構方面，更重要的是，體現在我們如何製造以及如何高效地製造出在實際應用中非常熟悉的產品方面。

And so our focus on core has accelerated. And we're still fairly early stages in that regard. And I don't want to go through it, but I will tell you that a lot of the ways that we're getting to greater adoption and engagement with our core product is technology-based. It's the technology of how we're looking at land and how we're adapting to an environment where each piece of land is looked at through the lens of core product.

因此，我們對核心業務的關注度加快了。在這方面，我們仍處於相當早期的階段。我不想贅述，但我可以告訴你，我們提高核心產品普及率和用戶參與度的許多方法都是基於技術的。這是我們如何看待土地以及如何適應環境的技術，在這種環境中，每一塊土地都是透過核心產品的角度來看待的。

And with a diffuse environment, getting that to happen in 50 different divisions. Technology is a big part of the assistance so all of this ties together we think there's a lot of upsides in bringing our inventory turn from where we are to where we think it can be and a lot of it does surround our core product.

而且在分散的環境中，要在 50 個不同的部門實現這一點。技術是援助的重要組成部分，因此所有這些因素都連結在一起。我們認為，將庫存週轉率從目前的水平提高到我們認為可以達到的水平有很多好處，而這其中許多都與我們的核心產品有關。

Yeah, okay, thank you for the color. And then maybe building on Mike's question on uses of cash. As you do you think about all the efficiencies that are coming through and that you will realize, how does that play into the cash that you think you need to hold on the balance sheet for the business? Does it change that at all? And what are you watching to determine what the appropriate levels are there in terms of the cash?

好的，謝謝你提供的顏色。然後或許可以進一步探討麥克提出的關於現金用途的問題。當你思考所有正在發生的效率提升以及你將要實現的效率提升時，你會想到，這會如何影響你認為企業資產負債表上需要保留的現金？這會改變什麼嗎？那麼，你們觀察哪些因素來判斷適當的現金水準呢？

Well, we think that our model becomes ever more cash flow efficient. And we know that over time, we're going to be using cash to buy back stock and to return to shareholders. And that's going to be a more programmatic part of our business.

我們認為，我們的模式將變得越來越有效率地利用現金流。我們知道，隨著時間的推移，我們將利用現金回購股票，並將收益回饋給股東。這將成為我們業務中更具程序化的部分。

One of the things that we've all -- don't know how to say this, but that we've all heard from the government, is the government certainly wants to see that we, as homebuilders and as the machine for supplying the homes that are needed in the country, that we're focused on our growth model and focused on how we bring affordability to market. So we're going to knit all of this together.

我們都聽過這樣一件事——我不知道該怎麼說，但我們都從政府那裡聽過——那就是政府當然希望看到我們這些房屋建築商，作為國家所需住房的供應者，專注於我們的增長模式，專注於如何將經濟適用房推向市場。所以我們要把這些都串起來。

As we go forward, we're going to see how things evolve. So I'm not going to speak to use of cash right now, but that's going to be evolving picture as we go forward. And the bottom line of what I'd say is as you get to an inventory turn that is higher, as we're producing more volume, as our margin starts to come back, our cash flow is going to be very, very solid.

接下來，我們將拭​​目以待事態發展。所以我現在不打算談論現金的使用情況，但隨著時間的推移，情況會不斷變化。總的來說，隨著庫存週轉率的提高，隨著產量的增加，隨著利潤率的回升，我們的現金流將會非常非常穩健。

And Susan, I would just add relative to your question on how much do we hold on the balance sheet. It really depends on market conditions, right? You see us have a little bit more cash on our balance sheet when there's uncertainty and less cash when that uncertainty adds into a more positive direction.

蘇珊，關於你提出的資產負債表上持有多少資產的問題，我只想補充一點。這真的取決於市場情況，對吧？你可以看到，當存在不確定性時，我們的資產負債表上的現金會稍微多一些；而當這種不確定性朝著更積極的方向發展時，現金就會減少一些。

Additionally, we look at what are our upcoming maturities. So I would say generally, as conditions stabilize and uncertainty becomes less of a focus, you'll see us holding less on our balance sheet at each quarter end.

此外，我們也會關注即將到期的債務。因此，總的來說，隨著情勢穩定，不確定性不再是關注的焦點，你會看到我們在每季末的資產負債表上的資產減少。

Hard to determine amounts and don't want to make a -- give a goal of a specific amount. But it really does depend on market conditions and other things. Because we have a lot of readily available liquidity. It's just what type of market conditions are we in.

很難確定金額，也不想設定一個具體的金額目標。但這確實取決於市場狀況和其他因素。因為我們擁有大量現成的流動資金。這取決於我們所處的市場環境類型。

(multiple speaker) Congratulations, Jon, you made it through your last earnings call. Congratulations. And I want to say that everybody, thanks for joining us today. We're really pretty enthusiastic about our business and our business model.

（多人發言）恭喜你，喬恩，你順利完成了上次財報電話會議。恭喜。最後，我想對大家說，感謝各位今天收看我們的節目。我們對我們的業務和商業模式充滿熱情。

We're proud to be supplying homes to a difficult market. But we think that we are, as I said, levered to the upside in terms of margin improvement, and we'll see where the market takes us. Thanks, and we'll see you at the end of the first quarter.

我們很自豪能夠在如此艱難的市場環境下提供住房。但正如我所說，我們認為我們在利潤率提升方面有很大的發展空間，我們將看看市場會把我們帶到何處。謝謝，我們第一季末再見。

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

萊納公司第四季財報電話會議到此結束。感謝大家的參與。您可以斷開電話線了，祝您今天餘下的時間愉快。