Lennar Corporation (LEN) 2026 Q3 法說會逐字稿

Welcome to Lennar's third-quarter earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Lennar 第三季財報電話會議。(接線員指示) 今天的會議將被錄音。如您有任何異議，請於此時中斷連線。

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

現在我將把電話交給 David Collins，由他宣讀前瞻性陳述聲明。

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

謝謝，各位早安。今天的電話會議可能包含前瞻性陳述，包括關於 Lennar 的業務、財務狀況、營運結果、現金流、策略與前景的陳述。前瞻性陳述僅代表 Lennar 於本次電話會議當日的估計，並非旨在對實際未來結果提供任何保證。

Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could affect future results and may cause Lennar's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in our earnings release and our SEC filings, including those under the caption Risk Factors contained in Lennar's annual report on Form 10-K most recently filed with the SEC. Please note that Lennar assumes no obligation to update any forward-looking statements.

由於前瞻性陳述涉及尚未發生之事項，這些陳述本質上存在風險與不確定性。許多因素可能影響未來結果，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與結果出現重大差異。這些因素包括我們新聞稿與向 SEC 提交之文件中所述者，包含 Lennar 最近向 SEC 提交之 Form 10-K 年報中「風險因素」標題下所載內容。請注意，Lennar 不承擔更新任何前瞻性陳述之義務。

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

現在我想介紹今天的主持人：執行董事長、執行長兼總裁 Stuart Miller 先生。先生，您可以開始了。

Very good. Thank you. Good morning, everyone, and thanks for joining us today. I'm in Miami today together with Diane Bessette; our Chief Financial Officer; David Collins, our Controller and Vice President, who you just heard from; Katherine Martin, our Chief Legal Officer; Jim Parker, our Chief Operating Officer; and David Grove, our Executive Vice President for Homebuilding.

很好。謝謝。各位早安，感謝今天加入我們。我今天在邁阿密，與 Diane Bessette（我們的財務長）、David Collins（我們的主計長兼副總裁，剛才各位已聽到他的發言）、Katherine Martin（我們的法務長）、Jim Parker（我們的營運長）以及 David Grove（我們住宅建築事業的執行副總裁）一同出席。

Similar to last quarter, Jim and David, who jointly oversee our operations across the country, are here with me and will participate in our question-and-answer period. As usual, I'm going to give a macro and strategic overview of the company, and Diane is going to give a detailed financial overview and guidance for the fourth quarter of 2026. Then, we'll open it up for questions, and as always, please limit to one question and one follow-up.

與上一季類似，Jim 與 David 共同負責監督我們在全國的營運，他們今天也在現場，並將參與問答環節。照例，我將先就公司提供宏觀與策略層面的概述，而 Diane 將就 2026 年第四季提供詳細的財務概覽與指引。接著我們將開放提問；一如往常，請每位提問者限制為一個問題加一個追問。

Let me begin by saying that we believe our third-quarter 2026 results represent continued and consistent operational execution in a market that has, if anything, gotten more difficult since we last spoke in June. I think that our press release pretty much covers the summary of the quarter, but I'm going to try to give some additional cover.

首先我想說，我們認為 2026 年第三季的結果，反映出在一個自六月上次通話以來（若有的話）變得更具挑戰的市場中，我們仍持續且一致地落實營運執行。我想我們的新聞稿已大致涵蓋本季摘要，但我會嘗試補充一些說明。

As noted in the release, we delivered 20,840 homes within our guidance range of 20,500 to 21,500. We generated 20,879 new orders, just below our range of 21,000 to 22,000. Our gross margin improved sequentially to 15.8% as our sales incentives rate on deliveries came down to 12%. Our net margin improved to 6.6% and our earnings per share came in at $1.19 on a GAAP basis and $1.23 including one-time items. Nevertheless, interest rates and consumer confidence constrained the improvement that we anticipated going into the quarter.

如新聞稿所述，我們交付了 20,840 戶住宅，落在 20,500 至 21,500 的指引區間內。我們取得 20,879 筆新訂單，略低於 21,000 至 22,000 的區間。隨著交屋的銷售激勵比率降至 12%，我們的毛利率較前一季提升至 15.8%。我們的淨利率提升至 6.6%，每股盈餘（EPS）按 GAAP 基礎為 1.19 美元，若包含一次性項目則為 1.23 美元。然而，利率與消費者信心限制了我們在進入本季時所預期的改善幅度。

So let me briefly discuss the overall housing market. Generally speaking, the housing market remains constructive as the housing shortage that has persisted for the past decade plus continues to limit availability and drive the need for more supply. While market conditions are certainly not terrible, as can be seen from our rather strong volume, the market becomes more difficult as interest rates test affordability, particularly within our price ranges.

因此，我先簡要談談整體房市。整體而言，房市仍具建設性，因為過去十多年持續存在的住房短缺，仍在限制供給並推動增加供應的需求。雖然市場狀況當然不算糟糕——從我們相當強勁的量能即可看出——但當利率考驗可負擔性時，市場會變得更具挑戰，尤其是在我們的價格帶。

During our third quarter, interest rates moved in the wrong direction. At our last call, the 30-year fixed rate was sitting between 6.4% and 6.5%. Today, it is at approximately 7% with the 10-year treasury hovering right around 5%, so the modest relief we saw earlier in the year has reversed and the buyer at median family income is stretching well past 30% of gross income to carry a home.

在我們第三季期間，利率朝不利方向變動。在上次電話會議時，30 年期固定利率約在 6.4% 至 6.5% 之間。今天約為 7%，而 10 年期美國公債殖利率徘徊在約 5% 附近，因此今年稍早出現的些許緩解已經逆轉；以家庭收入中位數的買方而言，為了負擔一間房屋，其住房支出已被迫拉高到遠超過總收入的 30%。

Fewer families can afford to both produce a down payment and qualify for a mortgage. As in many of our markets, almost 50% of our visitors cannot immediately qualify. Buyers are clearly stretching to try to afford the stability of a home, and of course, we are adjusting our price and incentives in order to enable them.

能同時負擔頭期款並符合房貸資格的家庭變少了。如同我們許多市場的情況，幾乎 50% 的來訪客戶無法立即取得資格。買方顯然在勉力拉伸預算，試圖負擔擁有住宅的穩定性；當然，我們也在調整價格與激勵措施以協助他們達成。

Second, the driver of rate moves is inflation, and the current driver of inflation is energy. Of course, everyone knows that the conflict in Iran has kept oil supply disrupted, and it doesn't look like there's an imminent end in sight. And as we heard from the Fed yesterday, the data suggests that inflation is not subsiding.

第二，推動利率變動的因素是通膨，而目前推動通膨的因素是能源。當然，大家都知道伊朗衝突使石油供應持續受干擾，而且看起來短期內不會很快結束。正如我們昨天從聯準會聽到的，數據顯示通膨並未趨緩。

Inflation, of course, is a double-edged sword in that it both increases the basic cost of living while also driving up interest rates. When families are paying more at the pump and more for electricity, their willingness to make the largest financial commitment of their lives moderates, even when their underlying desire to own has not changed at all. Accordingly, consumer confidence has been moderating as both interest rates test the boundary of affordability while inflation increases the cost of living.

通膨當然是一把雙刃劍：一方面提高基本生活成本，另一方面也推升利率。當家庭在加油站花得更多、電費也更高時，即使其擁有住宅的根本意願完全未變，他們對於做出人生中最大財務承諾的意願也會趨於保守。因此，隨著利率考驗可負擔性的邊界、同時通膨推升生活成本，消費者信心也在降溫。

Third, the Federal Reserve's assistance is clearly off the table for practical purposes and not a near-term source of relief. While this was clearly the hope of some, yesterday's rate hike clearly demonstrates that the Fed will continue to be data-driven. Rate cuts, when they eventually come, will be a meaningful tailwind for our business. But we are not holding our breath or waiting for them, and we are not building our business plan around those rate cuts.

第三，就實務而言，聯準會的協助顯然已不在考量之列，短期內也不是紓困來源。雖然這顯然是部分人士的期待，但昨天的升息清楚顯示聯準會將持續以數據為依歸。當未來終究出現降息時，將會對我們的業務形成重要的順風。但我們不會屏息以待或等著它發生，也不會以那些降息作為我們商業計畫的基礎。

Fourth, the resale seller has become a more aggressive competitor for our customer, especially at our price range. Resale supply has continued to rebuild and is now very competitive in price. Active listings nationally are back above historic levels. In Texas and in Florida, they are particularly high. Those are our two largest markets and states. When a resale seller cuts price, they're competing directly for our customer and we respond, which is a meaningful part of the incentive and pricing dynamic you see in our South Central and Southeast market.

第四，成屋賣方已成為我們客戶更具侵略性的競爭者，尤其是在我們的價格帶。成屋供給持續回升，目前在價格上非常具有競爭力。全國活躍待售物件數已回到歷史水準之上。在德州與佛州尤其偏高。這兩州是我們最大的兩個市場與州別。當成屋賣方降價時，他們就是直接與我們爭奪客戶；我們也會做出回應，而這正是你們在我們南中部與東南部市場看到的激勵與定價動態中的重要一環。

On the cost side of our world, while we continue to perform extremely well, labor availability has started to become more of an issue. Immigration enforcement and enthusiastic data center construction continue to create tightness in certain geographies. While we've been able to offset labor cost increases with efficiencies from scale, the pressure on cost is certainly building.

在我們的成本面，雖然我們仍表現非常出色，但勞動力供給已開始成為更大的問題。移民執法以及資料中心建設的熱潮，持續使某些地區的人力更加吃緊。雖然我們能以規模效率抵銷部分勞動成本上升，但成本壓力確實正在累積。

On the policy front, the federal government's engagement with housing affordability continues. And I'll repeat what I said in June: the level of attention being paid at the highest levels of government to this issue is unprecedented in my experience. Affordability has become a critical political issue. I continue to believe that meaningful federal and/or state action is likely, although I'd also say that it's taken longer than I would have liked.

在政策面，聯邦政府對住房可負擔性的關注仍在持續。我再重申我六月所說的：就我的經驗而言，政府最高層級對此議題投入的關注程度前所未見。可負擔性已成為關鍵的政治議題。我仍相信有意義的聯邦及／或州層級行動很可能會出現，儘管我也要說，這比我希望的花了更長時間。

And we are pleased to see that the state and federal efforts to constrain institutional and investor purchases of single-family homes, both as single-family-for-rent and build-to-rent communities seems to have been resolved in recent legislation. We continue to view those avenues of supply as long-term positives for housing and for the buying public because they accommodate demand in local markets in ways that ultimately produce the very supply that this country is short of.

我們很高興看到，州與聯邦層級為限制機構與投資人購買獨棟住宅（無論是單戶出租（single-family-for-rent）或建造後出租（build-to-rent）社區）的相關努力，似乎已在近期立法中獲得解決。我們仍將這些供給途徑視為對住宅市場與購屋大眾的長期利多，因為它們能以符合在地市場需求的方式承接需求，並最終產出這個國家所短缺的供給。

So in summary, interest rates moved up, inflation is driving rates up and consumer confidence down, the Fed is focused on data, the resale supply is competing harder. Additionally, even while our incentives are down and our margin is up, our cost structure is beginning to see pressure from short labor supply. While this is a difficult landscape, we are doing what we said we would do in a market that is just not helping.

因此總結來說，利率上升，通膨推升利率並壓低消費者信心，聯準會聚焦於數據，二手房供給的競爭更為激烈。此外，即使我們的促銷激勵下降、毛利率上升，我們的成本結構也開始因勞動力供給短缺而承受壓力。在這樣艱難的環境下，我們仍在一個並不助力的市場中，做我們說過會做的事。

Against that backdrop, let me turn to our operating strategy. Our strategy has not changed. We remain focused on two priorities: first, driving consistent even flow production and volume in order to effectively manage our cost structure and in order to monetize land that was underwritten in different market conditions; and second, continuously refining our asset-light, land-light balance sheet model to ultimately generate strong and growing cash flows and returns.

在此背景下，讓我談談我們的營運策略。我們的策略沒有改變。我們仍聚焦兩項優先事項：第一，推動穩定、均衡的生產節奏與銷售量，以有效管理成本結構，並將在不同市場條件下承作評估的土地變現；第二，持續精進我們的輕資產、輕土地的資產負債表模式，最終產生強勁且成長的現金流與報酬。

As to the first, across the Lennar platform, we have clarity that we price to market and maintain volume in order to meet demand at affordability. We offer the incentives our customers need to achieve the value they can afford, and we hold our production pace through the adjustment. That means we are compromising margin in order to maintain volume.

就第一點而言，在 Lennar 平台各業務中，我們清楚知道要依市價定價並維持銷售量，以在可負擔性範圍內滿足需求。我們提供客戶達成其可負擔價值所需的各項激勵措施，並在調整期間維持生產節奏。這表示我們為了維持銷售量而在毛利率上做出讓步。

Of course, we understand that this is a choice. It is deliberate and it is not something the market is doing to us. And it is not the choice that we made only to add needed supply to the supply constrained market. It is also a strategic choice that has enabled us to drive construction costs down and to financially transform our business model and our balance sheet.

當然，我們明白這是一項選擇。這是刻意為之，並非市場對我們所造成的結果。而且這也不是我們僅為了在供給受限的市場中增加必要供給才做出的選擇。這同時也是一項策略性選擇，使我們得以降低建造成本，並在財務上轉型我們的商業模式與資產負債表。

Here is why we believe and continue to believe it is the right choice. If you go back to 2023 as a baseline, our revenue per square foot is down 13%. Our construction cost per square foot in the same time frame is down 14%. On the vertical side of this business: labor, materials, product design, cycle time and overhead per unit, we have fully offset price with cost. That work is done, and it will continue to benefit the future of our business.

以下是我們相信、並持續相信這是正確選擇的原因。若以 2023 年為基準，我們每平方英尺營收下降 13%。同一期間，我們每平方英尺建造成本下降 14%。在本業的垂直端：勞務、材料、產品設計、工期週轉時間以及每戶的間接費用，我們已用成本下降完全抵銷價格下降。這項工作已完成，並將持續讓我們未來的業務受益。

Construction costs per foot have continued to improve and improved again this quarter to approximately $80 per square foot. That is down 6% from a year ago and down 14%, as I said before, from our fourth quarter of 2023. Our record cycle time of 116 days is down from 121 days last quarter and 126 days a year ago, and that is evident that we're managing those dynamics very well. And our carefully managed inventory level of 1.8 homes per active community reflects a well-balanced program with our start space and sales space both at 4.1 homes per community per month.

每平方英尺建造成本持續改善，本季再度改善至約每平方英尺 80 美元。這較一年前下降 6%，也較我們 2023 年第四季（如我先前所述）下降 14%。我們創紀錄的 116 天工期週轉時間，較上季的 121 天與一年前的 126 天縮短，顯示我們對這些動態的管理非常到位。而我們審慎管理的庫存水位為每個活躍社區 1.8 戶，反映出一個均衡的計畫：開工量與銷售量皆為每個社區每月 4.1 戶。

Over the same period, our land cost per home site is up approximately 6% and option maintenance fees have grown to reflect a true cost of capital across our asset base and for the duration that that capital is deployed. That is the entire margin gap. It's not labor, it's not material, it's not overhead, it is land; land that was identified, underwritten and committed to in very different market conditions.

在同一期間，我們每個住宅用地（home site）的土地成本上升約 6%，而選擇權維持費（option maintenance fees）也增加，以反映在我們資產基礎上、以及資金投入期間的真實資金成本。這就是全部的毛利差距來源。不是勞務、不是材料、不是間接費用，而是土地；是在非常不同的市場條件下被辨識、承作評估並承諾投入的土地。

And land is the one input that we cannot re-engineer. We can only deliver through it. Every home we close retires a home site that was priced for a market that no longer exists and frees us up to replace it with a home site price for the market that we actually have.

而土地是我們唯一無法重新工程化的投入要素。我們只能透過它來交付。我們每完成一戶交屋，就等於消化一個以已不存在的市場價格所取得的住宅用地，並讓我們得以用符合當前市場的住宅用地價格來替換。

So when we accept a 15.8% margin rather than holding out for something better, we are buying two things. We are buying volume, and volume is what converts expensive land into cash while we still produce positive margins. And we are buying time, because every quarter we move through that land at a lower margin is a quarter closer to normalized land basis.

因此，當我們接受 15.8% 的毛利率，而不是等待更好的水準時，我們買到兩樣東西。我們買到銷售量，而銷售量能在仍維持正毛利的同時，把昂貴的土地轉換成現金。我們也買到時間，因為我們每以較低毛利率消化一季的土地，就離土地成本基礎正常化更近一季。

The alternative, holding price and selling fewer homes, leaves us carrying the same expensive land for longer and generating less cash, or perhaps writing off deposits with the same problem and less runway. We made the decision deliberately. We have been consistent about it every quarter. And consistency of strategy, especially through a difficult cycle, is itself the point. It is what builds confidence throughout our company, and we believe an enduring competitive edge in any market.

另一種作法是維持價格、少賣一些房子，這會讓我們更久地持有同樣昂貴的土地並產生較少現金；或者可能需要沖銷訂金，問題依舊但可運用的緩衝期更短。我們是刻意做出這個決定的。我們每一季都一致地執行。而策略的一致性，尤其是在艱難的景氣循環中，本身就是重點。這能在公司內部建立信心，而我們相信這是在任何市場中都能長久維持的競爭優勢。

On the asset-light side, we continue to make excellent progress toward an ever more seamless and sustainable model. We own roughly 2% of our home sites and control the rest through third parties. That is approximately 11,800 home sites owned against 476,000 controls, or about 6 years of supply in total.

在輕資產方面，我們持續朝向更無縫且更可持續的模式取得極佳進展。我們約僅擁有 2% 的住宅用地，其餘則透過第三方控制。這相當於自有約 11,800 個住宅用地、對應 476,000 個受控用地，合計約 6 年的供給量。

86% of the homes we delivered this quarter came from land bank land, which is the model working exactly as designed. Deposits and pre-acquisition costs ended the quarter at $7.3 billion, up $265 million sequentially, which, as Diane has walked through before, reflects the natural imbalance of standing up a multi-year option pipeline while relieving one year's worth of home sites at a time. This imbalance will equalize. The other half of keeping the balance sheet clean is keeping finished homes off of it. As I noted earlier, completed unsold inventory came down again to 1.8 homes per community from 2.1 last quarter and 3 in the first quarter.

本季我們交付的住宅中，有 86% 來自土地銀行（land bank）土地，顯示此模式完全按設計運作。訂金與前期取得成本（pre-acquisition costs）在季末為 73 億美元，較前一季增加 2.65 億美元；如 Diane 先前說明，這反映出在建立多年期選擇權管線的同時，每次僅釋放一年份住宅用地所造成的自然不平衡。這種不平衡將會趨於平衡。保持資產負債表乾淨的另一半，是讓完工住宅不要留在資產負債表上。如我先前提到，完工未售庫存再度下降至每個社區 1.8 戶，較上季的 2.1 戶與第一季的 3 戶為低。

I want to be clear that we are managing both of these components at the same time, low land inventory and low finished home inventory, because that combination is precisely what we believe protects our balance sheet in a market like the one that we're in. We will build inventory when we can see a selling season in front of us and we will work it down when we cannot. We are not going to carry standing homes into a soft market and we are not going to carry land on our balance sheet.

我想清楚說明，我們同時在管理這兩個組成：低土地庫存與低完工住宅庫存，因為我們相信這種組合正是保護我們在當前市場環境下資產負債表的關鍵。當我們能看見前方有銷售旺季時，我們會建立庫存；當看不見時，我們就會把庫存降下來。我們不會在疲弱市場中持有大量現房，也不會把土地留在資產負債表上。

Our land banking partnerships continue to function extremely well and we continue to work on those structures every day. We recognize the deal duration has extended as we've moderated our growth and that extension is what is driving option maintenance fees higher. It is a real cost. It is front, center, and visible, and it is a core focus of our management team.

我們的土地銀行合作夥伴關係持續運作得非常好，我們也每天都在優化這些架構。我們認知到，隨著我們放緩成長，交易存續期間已拉長，而這種延長正推升選擇權維持費。這是一項真實成本。它是最前線、最核心且清晰可見的議題，也是我們管理團隊的重點關注。

In addition, we continue to inject modern technology into every aspect of our landline execution. As I said in June, we expect that by year end, we will have an extremely efficient land operating system and process that reduces our cost structure while enhancing our land acquisition, diligence, and review. Simply put, we will be a materially better land buyer, land developer, and land administrator at a significantly lower overall cost of capital. That remains a laser focus and it remains one of the largest single opportunities inside of our company.

此外，我們持續將現代科技注入我們土地業務執行的每個面向。如我在 6 月所說，我們預期到年底將建立一套極為高效率的土地營運系統與流程，在提升土地取得、盡職調查與審查能力的同時，降低我們的成本結構。簡言之，我們將以顯著更低的整體資金成本，成為實質上更優秀的土地買方、土地開發者與土地管理者。這仍是我們高度聚焦的目標，也仍是公司內部最大的單一機會之一。

Let me turn to quality. Quality always comes first at Lennar. We remain continuously focused on improving the quality of every home that we build with a world-class customer experience and with safety first for our building partners. That program starts with the first time we meet a customer through our digital marketing funnel and never stops through contract, through closing, and through every engagement after they move in.

讓我轉到品質。在Lennar，品質永遠是第一位。我們持續專注於提升我們所建造每一棟住宅的品質，提供世界級的客戶體驗，並以「安全第一」作為我們建築合作夥伴的首要原則。這項計畫從我們第一次透過數位行銷漏斗與客戶接觸時就開始，並在簽約、交屋，以及客戶入住後的每一次互動中持續不間斷。

Quality also means that we continuously improve the Lennar value proposition. Our Everything's Included platform remains both a competitive differentiator and an affordability lever by standardizing features at scale. We capture purchasing efficiency, offset cost pressure, protect margin, and put more value into each home that we deliver for less money while keeping the process simple and transparent. And our targeted financing programs, rate buydowns, and closing cost assistance allow us to solve to an affordable monthly payment for the large share of our buyers who qualify on payment rather than on price.

品質也意味著我們持續精進Lennar的價值主張。我們的Everything's Included平台，透過規模化標準化配備，仍同時是競爭差異化優勢與提升可負擔性的槓桿。我們提升採購效率、抵銷成本壓力、守住毛利，並在流程保持簡單透明的同時，以更低的價格為每一棟交付的住宅注入更多價值。此外，我們的定向融資方案、利率買斷（rate buydowns）與結案費用補助，使我們能為大量「以月付能力而非總價」來取得資格的買家，解決到可負擔的每月付款水準。

Our mortgage capture rate was 83% this quarter and that internal relationship is the mechanism that these programs work.

本季我們的房貸導入率為83%，而這種內部關係正是這些方案得以運作的機制。

So now, let me briefly turn to our quarter results, and I know I'll be somewhat repetitive. As I said earlier, we delivered 20,840 homes and generated 20,879 new orders against a strong 23,000 in the prior year. We started just under 21,000 homes at a start pace of 4.1 homes per community per month with a sales pace of 4.1 per community per month across 1,713 active communities, and that is 3% more communities than a year ago.

接下來我簡要說明本季業績，我知道我會有些重複。如我先前所說，我們交付了20,840戶住宅，並取得20,879筆新訂單；相較之下，去年同期強勁的水準為23,000筆。我們開工接近21,000戶，開工速度為每個社區每月4.1戶；在1,713個活躍社區中，銷售速度同樣為每個社區每月4.1戶，社區數較一年前增加3%。

Starts, sales, and deliveries all came within a couple of hundred homes of one another, which is exactly the even flow machine we have been building. Our average sales price came in at $372,000, modestly below guidance with sales incentives on deliveries of 12%. Gross margin was 15.8%, up from 15.6% last quarter, and just below the approximately 16% we guided to.

開工、銷售與交付三者彼此相差都在幾百戶以內，這正是我們一直在打造的「均衡流量機器」。平均銷售價格為372,000美元，略低於指引；交付案的銷售激勵為12%。毛利率為15.8%，高於上季的15.6%，但略低於我們所指引的約16%。

SG&A was 9.2%, above our expected range of 8.8% to 9%. Roughly half of that is simply less revenue to leverage on a lower average sales price, and another large part is sales with higher brokerage commission. While I'm not satisfied with the 9.2% SG&A, divisional headcount is down approximately 12% year over year, and deliveries per corporate associate are up 12%, so the fixed base is coming down, and you should expect SG&A to improve as fourth-quarter volume alone should produce leverage.

SG&A（銷售、一般及行政費用）比率為9.2%，高於我們預期的8.8%至9%區間。其中約一半只是因平均售價較低、營收較少可供攤提；另一大部分則來自較高仲介佣金的銷售。雖然我對9.2%的SG&A並不滿意，但各事業部人力較去年同期約下降12%，每位公司員工對應的交付量提升12%，因此固定成本基礎正在下降；隨著第四季單季量能應可帶來規模效益，你們應可預期SG&A將改善。

Net margin was 6.6%, producing net earnings of $284 million and earnings per share of $1.19 on a GAAP basis or $1.23, excluding one-time items. Financial Services produced $129 million above our guidance, but helped by a one-time net gain in our title business.

淨利率為6.6%，淨利為2.84億美元；依GAAP計算每股盈餘為1.19美元，若排除一次性項目則為1.23美元。金融服務部門貢獻1.29億美元，高於我們的指引，但其中也受惠於我們產權（title）業務的一次性淨收益。

Relative to our balance sheet, we ended the quarter with $1.2 billion of cash and a homebuilding debt-to-total capital ratio of 16.6%. We had $650 million drawn on our revolver quarter end, reflecting seasonal working capital as we build toward the heavier fourth-quarter delivery schedule. Our inventory turn was 2.4 times and return on inventory was 13.2%. We paid down $400 million of senior debt, repurchased 3 million shares of stock for $256 million, and paid $119 million in dividends for the quarter.

就資產負債表而言，本季末我們持有12億美元現金，住宅建築業務的負債占總資本比率為16.6%。季末我們在循環信用額度（revolver）下動用6.5億美元，反映我們為迎接第四季較重的交付排程而進行的季節性營運資金需求。存貨周轉率為2.4倍，存貨報酬率為13.2%。我們償還4億美元的高級債務，回購300萬股股票、金額2.56億美元，並於本季支付1.19億美元股利。

As we look ahead to the fourth quarter, we expect to generate new orders of approximately 19,500 to 20,500, and to deliver 22,000 to 23,000 homes with a gross margin between 15.5% and 16%. Of course, these expectations are dependent on market conditions and how the quarter evolves. So I'll leave the financials there. Diane will cover the balance sheet in detail along with our fourth-quarter guidance and expectations.

展望第四季，我們預期新訂單約為19,500至20,500筆，交付22,000至23,000戶住宅，毛利率介於15.5%至16%。當然，這些預期取決於市場狀況以及本季的演變。因此財務部分我就先說到這裡。Diane將就資產負債表進行更詳細的說明，並一併說明我們第四季的指引與預期。

So, let me conclude. This was a quarter of execution within a market that moved against us. Rates went up, inflation ran hotter than hoped, resale supply got heavier, and through all of that, we delivered inside our range, improved gross margin, brought incentives down, set another cycle time record, and reduce standing inventory while owning almost none of our land.

最後我做個總結。這是一個在市場走勢不利於我們的環境中、仍然落實執行的一季。利率上升、通膨比預期更熱、二手屋供給增加；在這一切之中，我們仍在指引區間內完成交付、改善毛利率、降低激勵、再創工期紀錄，並在幾乎不持有自有土地的情況下，降低現成存貨。

I want to be very clear about where we are in this process. We are not waiting for the market to rebuild our margins. We are working through a land basis that was set in another market condition. And one quarter at a time at a pace we control, we are replacing it with land priced for this market condition.

我想非常清楚地說明我們在這個過程中的位置。我們並不是在等待市場幫我們重建毛利。我們正在消化一個在不同市場條件下所設定的土地成本基礎。我們以自己可控的節奏，一季一季地，用符合當前市場條件定價的土地來替換它。

That process is not finished, and it will not finish quickly. The land headwind is still in front of us for a while. But it is finite, it is visible, and every quarter of volume shortens it. That is the trade we made and we would make it again.

這個過程尚未完成，而且也不會很快完成。土地帶來的逆風仍會在一段時間內存在。但它是有限的、可見的，而且每一季的交付量都會縮短這段逆風期。這就是我們做出的取捨，而且我們會再做一次同樣的選擇。

Meanwhile, the fundamental shortage of housing in America has not yet been solved. It has not yet subsided. Demand is real, it is deferred, and it is building. When affordability returns through rates, through wages, or through serious national action on the entitlement and regulatory barriers that constrain supply, we will be well-positioned to capture it with the lowest cost structure, the fastest cycle time, the leanest finished inventory, and the cleanest land basis. We keep in mind that sometimes, the best companies are called on to defy gravity for some period of time. We are becoming a materially better positioned builder one quarter at a time, and this quarter was another one.

同時，美國住房的根本性短缺仍尚未解決。也尚未緩解。需求是真實存在的、被延後的，而且正在累積。當可負擔性透過利率、薪資，或透過全國性嚴肅行動來處理限制供給的審批（entitlement）與監管障礙而回歸時，我們將以最低的成本結構、最快的週期時間、最精實的完工存貨，以及最乾淨的土地成本基礎，處於有利位置去掌握這波需求。我們也記得，有時候，最好的公司會被要求在一段時間內違背重力。我們正一季一季地成為一家在定位上顯著更佳的建商，而本季又是其中之一。

Let me finish where I finished so many times before. We simply could not be prouder of the extraordinary work driven by Lennar associates across this company. I thank them all. They are aligned in mission and strategy, and they have executed through an extended period of real difficulty, building new capabilities, driving down costs, shortening cycle times, and never losing sight of our mission: to provide affordable, high-quality homes to families across America.

最後我用我過去多次用過的方式作結。我們對Lennar全公司同仁所推動的卓越工作，感到無比自豪。我感謝他們每一位。他們在使命與策略上高度一致，並在一段延長且真正艱難的期間中持續執行，建立新能力、降低成本、縮短週期時間，且從未忘記我們的使命：為全美各地的家庭提供可負擔的高品質住宅。

With that, let me turn over to Diane.

接下來我把時間交給Diane。

Thank you, Stuart, and good morning, everyone. Stuart's comments combined with our earnings release provide a comprehensive overview of our third-quarter operating results. Therefore, I'm going to focus on a few balance sheet highlights, some Stuart have already mentioned, but I'll repeat to tie it all together, and then provide estimates for the fourth quarter.

謝謝你，Stuart，各位早安。Stuart的評論加上我們的財報新聞稿，已對第三季營運結果提供了全面概覽。因此，我將聚焦於幾個資產負債表重點，其中有些Stuart已提到，但我會再重述以便串聯整體脈絡，接著提供第四季的估計。

So once again, this quarter, we were highly focused on generating cash by pricing homes to meet affordability. As such, we ended the quarter with $1.2 billion of cash and total liquidity of $3.6 billion. During the quarter, we started approximately 21,000 homes and ended the quarter with approximately 38,800 homes in inventory. We included about 3,100 completed unsold homes or 1.8 homes per community. This is a reduction from approximately 3,500 homes or 2.1 homes per community in Q2 as we continue to carefully monitor our inventory levels. Our construction cycle time improved to 116 days, our lowest cycle time in history, reflecting the continued impact of our production efficiencies.

因此，本季我們再次高度專注於透過以可負擔性為目標的房屋定價來創造現金。因此，我們在季末持有12億美元現金，總流動性為36億美元。本季我們約開工21,000戶，季末存貨約為38,800戶。其中包含約3,100戶已完工但未售出的住宅，或每個社區1.8戶。相較第二季約3,500戶、或每個社區2.1戶，這有所下降，因為我們持續謹慎監控存貨水位。我們的施工週期時間改善至116天，為歷史最低，反映我們生產效率持續提升的影響。

Turning to land, we owned 2% and controlled 98% through third parties. This configuration significantly lowers our balance sheet risk, especially in challenging markets. We ended the quarter owning 11,800 home sites and controlling 476,000 home sites. We believe our land portfolio of primarily optioned home sites provides us with a strong competitive position to continue to grow market share in a capital-efficient way.

談到土地方面，我們自有2%，並透過第三方控制98%。這種配置大幅降低了我們的資產負債表風險，尤其是在具挑戰性的市場中。本季末我們自有11,800個住宅用地地塊，並控制476,000個住宅用地地塊。我們相信，以主要採用選擇權取得的住宅用地地塊為主的土地組合，使我們具備強勁的競爭地位，得以以資本效率更高的方式持續提升市占率。

The total balance of deposits in ACOR, which are pre-acquisition costs on real estate, was $7.3 billion at quarter end, an increase of $265 million sequentially. The deposit component of this balance remained flat with Q2, which is consistent with a relatively flat number of home sites controlled. The ACOR balance increase was primarily driven by an increase in reimbursements to be received from municipalities for completed land development, as well as a smaller net increase in capitalized option maintenance fees.

季末ACOR中的訂金總餘額（屬於不動產收購前成本）為73億美元，較前一季增加2.65億美元。其中訂金部分與第二季持平，這與受控住宅用地地塊數量相對持平一致。ACOR餘額的增加主要來自於已完成土地開發後，將自地方政府收取的補償款增加，以及資本化的選擇權維持費用小幅淨增加。

Our inventory turn was 2.4 times, and our return on inventory was just under 13%. We maintain our focus on increasing asset returns, which will enable us to capture more return upside when margins normalize in the future.

我們的存貨周轉率為2.4倍，存貨報酬率略低於13%。我們持續專注於提升資產報酬，這將使我們在未來毛利率回歸常態時，能夠掌握更多報酬上行空間。

And then turning to our debt, homebuilding debt to total capital was [16.6% at quarter end, 16.6% at quarter 31 min] end. We ended the quarter with $650 million outstanding borrowings under our revolving credit facility and $1.7 billion outstanding under our term loans. Note that during the quarter, we used cash to redeem $400 million of senior notes that matured on June 1. Our next maturity is in June of 2027.

接著談到我們的負債，住宅建築業務負債占總資本比率在季末為16.6%，在[16.6% at quarter end, 16.6% at quarter 31 min] end。本季末，我們在循環信用額度項下的未償借款為6.5億美元，定期貸款未償餘額為17億美元。請注意，本季我們以現金贖回了於6月1日到期的4億美元優先票據。我們下一筆到期日是在2027年6月。

Consistent with our commitment to increasing total shareholder returns, we repurchased 3 million shares for $256 million and paid dividends totaling $119 million. Our stockholders' equity was approximately $22 billion, and our book value per share was approximately $91. In summary, the strength of our balance sheet provides us with confidence and financial flexibility as we progress through the end of the year.

為了貫徹我們提升股東總報酬的承諾，我們以2.56億美元回購了300萬股股票，並支付合計1.19億美元的股利。我們的股東權益約為220億美元，每股帳面價值約為91美元。總結而言，我們資產負債表的強勁使我們在邁向年底的過程中具備信心與財務彈性。

And so, with that brief overview, I'd like to provide guidance estimates for Q4, starting with new orders. We expect Q4 new orders to be in the range of 19,500 to 20,500 homes with continued focus on matching start and sales pace. We anticipate our Q4 deliveries to be in the range of 22,000 to 23,000 as we maintain even flow production and turn inventory into cash.

因此，在這個簡要概述之後，我想提供第四季的指引估計，先從新訂單開始。我們預期第四季新訂單將介於19,500至20,500戶之間，並持續專注於使開工與銷售節奏相匹配。我們預期第四季交屋量將介於22,000至23,000戶之間，因我們維持均衡的生產流程並將存貨轉化為現金。

Our Q4 average sales price on those deliveries should be between $370,000 and $380,000. Our gross margins should be in the range of 15.5% to 16%, and our SG&A percentage should be in the range of 8.7% to 9% as we continue to navigate this uncertain environment.

上述交屋的第四季平均售價應介於37萬至38萬美元之間。我們的毛利率應介於15.5%至16%，而SG&A費用率應介於8.7%至9%，因我們持續在這個不確定的環境中前行。

All of these metrics, of course, are dependent on market conditions. We anticipate our financial services earnings to be in the range of $90 million to $95 million. And for our multi-family business, we expect a loss of approximately $25 million. For our Lennar Other segment, we expect a loss of approximately $20 million, excluding the impact of any potential mark-to-market adjustments.

當然，所有這些指標都取決於市場狀況。我們預期金融服務業務獲利將介於9,000萬至9,500萬美元。至於我們的多戶住宅業務，我們預期虧損約2,500萬美元。至於Lennar Other部門，我們預期虧損約2,000萬美元，不含任何潛在按市價評價（mark-to-market）調整的影響。

For the combined homebuilding joint venture land sales and other categories, we expect earnings of approximately $10 million. We expect our Corp G&A to be approximately 1.7% of total revenues, our tax rate to be approximately 25%, and the weighted average share count should be approximately $235 million. And so, on a combined basis, these estimates should produce an EPS range of approximately $1.30 to $1.65 for the fourth quarter.

就住宅建築合資企業的土地銷售與其他類別合計而言，我們預期獲利約1,000萬美元。我們預期公司層級G&A約占總營收的1.7%，稅率約為25%，加權平均股數應約為2.35億股。因此，綜合而言，這些估計應可使第四季EPS落在約1.30至1.65美元的區間。

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

接下來，我把時間交給主持人。

(Operator Instructions) Susan Maklari, Goldman Sachs.

(主持人指示) 高盛 Susan Maklari。

Thank you. Good morning, everyone, and thanks for taking the questions. I want to start by talking about the inventory turns. It's impressive to see how they're continuing to improve in spite the environment and the headwinds that you talked through. Can you talk about where that can go over time, especially given the world we're in, and how that's contributing to your efforts to better balance the land bank and to gradually rebuild that pipeline?

謝謝。各位早安，感謝讓我提問。我想先談談存貨周轉。在你們所提到的環境與逆風之下，仍能看到存貨周轉持續改善，令人印象深刻。你們能否談談隨時間推移這項指標可能走到什麼水準，尤其是在我們所處的世界情境下，以及這如何有助於你們更好地平衡土地儲備並逐步重建那條供給管線？

So, I think in terms of inventory turn, I think that if you look over the past few quarters, we've been hovering around basically the same general range. And I think that we're probably going to maintain at about that range for the time being. I think it can go higher, but it's going to take significantly better market conditions to enable us to really stretch our legs and be able to run.

我想就存貨周轉而言，如果你回顧過去幾季，我們基本上都在大致相同的區間徘徊。我認為短期內我們大概會維持在那個區間附近。我認為它可以更高，但需要顯著更好的市場條件，才能讓我們真正放開手腳、加速運轉。

If you think about just our volume, we had anticipated that our volume would grow through the past few years, and instead our volume has kind of maintained kind of a stable trajectory. And I think that's a limiting factor in that regard.

如果你看我們的量，我們原本預期過去幾年出貨量會成長，但實際上我們的量大致維持在相對穩定的軌跡上。我認為這在那方面是一個限制因素。

But in terms of maintaining volume and maintaining the volume that we've had, and at least maintaining that and perhaps growing it as we go forward, that's what enables us to really keep the machine relative to land turning and spinning. And that's just as important as the vertical construction component and being able to maximize efficiency around our scale.

但就維持量、維持我們目前的量，並在往前走的過程中至少維持、甚至可能逐步成長而言，這正是讓我們能夠讓與土地相關的機器持續周轉、持續運作的關鍵。而這與垂直施工的部分同樣重要，也關係到我們如何在規模之下最大化效率。

Okay, that's helpful. And then maybe turning to the balance sheet and the cash generation side of the business, you're obviously still in a very strong capital position in there. Given the world that we're in, can you talk about the level of cash that you feel comfortable holding and how you're thinking about the uses of cash, and maybe especially thinking about shareholder returns and buybacks just given the valuation versus the longer-term outlook for the business?

好的，這很有幫助。接著也許談談資產負債表與業務現金創造的面向，你們顯然仍處於非常強勁的資本位置。在我們所處的世界情境下，你們能否談談你們覺得持有多少現金是舒適的水位，以及你們如何思考現金的用途，特別是考量到估值相對於業務長期展望下的股東報酬與回購？

So, as Diane I'm sure would tell you that as we go through quarters, our cash vacillates through the quarter, so you're getting a snapshot at the end of each quarter, we maintain a healthy cash position in order to even out the peaks and valleys. In terms of how we will use capital, if you look at this past quarter, it's split between debt reduction, stock buyback, and dividend payment. You're going to continue to see a balance between those as we go forward.

我想，正如Diane一定會告訴你的，隨著每一季的推進，我們的現金在季度內會上下波動，所以你看到的是每季季末的一個快照；我們維持健康的現金部位，以平滑高峰與低谷。就資本如何運用而言，如果你看上一季，主要分配在減債、股票回購與股利支付之間。往後你會持續看到這些項目之間的平衡。

We think that as we go -- as we move ahead into next year and beyond, we're going to be able to generate more cash. And as we do, we'll make that evaluation as we go. I really don't want to make a prediction at this point given the volatility of the market.

我們認為，隨著我們邁入明年及更長遠的未來，我們將能產生更多現金。而在產生更多現金的同時，我們會邊走邊做評估。鑑於市場波動，我此刻真的不想做出預測。

(multiple speakers) The only thing I think I'd add is, if you think about cash balances, so much of the cash that we generate comes in at the end of the quarter. But we have a $3.1 billion credit facility, so we try to manage to a lower cash balance when possible because we've got availability at a moment's notice. It's really the cash generation that's the focus. But as far as the balance goes, we'd rather keep that cash invested in earning, even small dollars of interest income, because we've got a large revolver available immediately.

(多位發言者) 我想我唯一要補充的是，如果你思考現金餘額，我們產生的現金有很大一部分是在季末才進來。但我們有31億美元的信用額度，所以在可能的情況下，我們會嘗試把現金餘額管理在較低水位，因為我們可以在需要時即刻動用額度。真正的重點在於現金創造能力。但就餘額而言，我們寧可讓現金投入以賺取收益，即使只是小額利息收入，因為我們有一筆可立即動用的大額循環信貸。

But don't think that it hasn't escaped our attention that our stock price is on sale.

但別以為我們沒有注意到，我們的股價正在「特價出售」。

That's right, that's right. And as we've mentioned, we are opportunistic through the quarters, and we continue to buy this quarter as our stock price continued to decline, so always focused on that, of course.

沒錯，沒錯。而且如同我們提過的，我們在各個季度都會把握機會；本季隨著股價持續下跌，我們也持續買進，所以當然一直把這點放在心上。

Okay. Well, thank you both for the color. Good luck with the quarter.

好的。那麼，謝謝兩位提供的補充說明。祝本季順利。

Trevor Allenson, Wolfe Research.

Trevor Allenson，Wolfe Research。

Hi, good morning. Thanks for taking my questions. I want to ask about your comments around labor availability. Your cycle times continue to make really good progress, but as you guys alluded to, there's been reports of labor becoming more constrained. But with that in mind, what is your expectation for your ability to continue seeing sequential cost savings via accessions from your trades moving forward, and then any markets to call out where you're seeing specific pressure on labor availability?

嗨，早安。謝謝讓我提問。我想問你們對勞動力供給可得性的看法。你們的工期（cycle times）持續有很好的改善，但如你們所提到的，市場上有報導指出勞動力正變得更為吃緊。在此背景下，你們對未來透過各工種（trades）的新增進場人力（accessions）來持續實現逐季成本節省的能力，有何預期？另外，有沒有哪些市場你們看到勞動力可得性出現特別明顯的壓力？

So the question of labor is definitely one of geography. I'm going to let David and Jim weigh in on this a little bit, but let me just say that labor is an evolving story. It is data centers. It is also immigration crackdowns that are happening sporadically in different locations. And I don't think we want to be too specific on those geographies, but it is very geography-specific. And I say I don't want to be specific because it moves around.

所以，勞動力的問題確實很看地區。我會讓 David 和 Jim 也補充一下，但我先說，勞動力是一個持續演變的議題。有資料中心的因素。也有在不同地點零星發生的移民執法加強（immigration crackdowns）。我們不想把那些地區講得太具體，但它確實非常因地而異。我之所以不想具體點名，是因為情況會移動、會變。

The other thing is tariffs are having their impact and your base question is what does that mean in terms of bringing down costs and bringing down cycle time as we look ahead next quarter and next year. And the fact is, we're going to be a participant in the broader market. If the overall market is going up in price or in availability of labor going down, we're going to do better than the rest of the market given our scale and our focus on consistency. And if it basically remains steady, then we'll be able to continue to reduce costs and reduce our cycle time. Jim.

另外一點是，關稅也正在產生影響；而你問題的核心是，展望下季與明年，這對降低成本與縮短工期意味著什麼。事實是，我們會是整體市場的一個參與者。如果整體市場價格上升或勞動力供給變少，我們憑藉規模與對一致性的專注，表現會比市場其他同業更好。如果基本上維持穩定，那我們就能持續降低成本並縮短工期。Jim。

Yeah, I think our purchasing teams, they've done a great job working with our trade partners. This is when that partnership really pays off. Not only are we able to keep our costs under control, but we have tremendous visibility with our partners, with labor, and they're able to really step up to the plate and allocate their crews to where we need them, so we really can get ahead of it and we lay this out three, four months out at a time.

對，我認為我們的採購團隊與各工種合作夥伴配合得非常好。這正是夥伴關係真正發揮價值的時候。我們不僅能把成本控制住，還能透過合作夥伴對勞動力有非常高的能見度；他們也能真正挺身而出，把工班配置到我們需要的地方，所以我們可以提前因應，而且我們一次會把規劃往後排三、四個月。

David, any --

David，有沒有--

I should say we've got great visibility. The pressure on immigration and labor is definitely market-specific. I'd say roughly 20% of our divisions right now are seeing greater pressure than the vast majority. In some cases, we have little to no impact.

我應該說，我們的能見度很高。移民與勞動力的壓力確實是特定市場才會出現。我會說目前大約有 20% 的事業部（divisions）感受到的壓力，比絕大多數地區更大。有些情況下，對我們幾乎沒有影響，甚至沒有影響。

But for us, that's our foundation that's keeping these pressures at bay is our favored position with our trade partners and our ability to maintain our strategy. (inaudible) They have a decision to make (technical difficulty) to send the labor and they send it to us. And they're also working with us to absorb some of the cost pressures.

但對我們而言，能把這些壓力擋在外面的基礎，是我們在各工種合作夥伴那裡的優先地位，以及我們維持既定策略的能力。(聽不清楚) 他們必須做出決定（技術問題）要把人力派到哪裡，而他們會派到我們這裡。他們也在與我們合作，吸收部分成本壓力。

Yeah, and as David was speaking, it does occur to me that especially with labor, these -- the pressure on immigration is sporadic and happening kind of on an ad hoc basis. Or at least as far as we're concerned, the relationship that we have in the marketplace is enabling us to keep the wheels on the tracks and to keep going forward. Because we see, particularly in certain trades, landscaping being an example, others being good examples, all of a sudden, we've got trade partners that have no crews. And so, being able to source additional labor from other places enables us to keep migrating as we have with efficiency.

對，而且 David 在講的時候我也想到，尤其是勞動力方面，移民執法的壓力是零星的、比較臨時性（ad hoc）地發生。至少就我們而言，我們在市場上的關係讓我們能把事情維持在正軌上並持續往前推進。因為我們看到，特別是在某些工種，例如景觀工程（landscaping）是一個例子，還有其他例子，會突然出現合作夥伴完全沒有工班的情況。因此，能從其他地方調度額外人力，讓我們可以像過去一樣，以更有效率的方式持續推進。

Thank you for all that color, very helpful. Second one is on SG&A, you guys have made a lot of investment in various technological initiatives, some of those require some heavier upfront spending. I think in the past, you've talked about a potential for some of that upfront cost to roll off. Where are you in the stage of that investment and how should we think about the timeline until we start to see the benefits of that start to come through in your financials?

謝謝你們提供這些補充說明，非常有幫助。第二個問題是關於 SG&A（銷售、一般及行政費用）。你們在各種科技計畫上投入很多，其中一些需要較高的前期支出。我記得過去你們談過，部分前期成本未來可能會逐步消退。你們目前在這些投資的哪個階段？我們應該如何看待時間表，何時開始在財務報表上看到效益逐步反映出來？

So we've definitely made exactly that statement and we have made significant investments. Some of those investments have been false starts and some of those investments have been core to where we're going over the next year. We expect to see some of those costs are already getting reduced in real time. It's not immediately visible. It will happen slowly and over time. And I think that we'll see some normalization as we go through 2027.

我們確實做過那樣的表述，也確實進行了重大投資。其中一些投資走過彎路（false starts），也有一些投資是未來一年我們前進方向的核心。我們預期其中部分成本已經在即時下降。但不會立刻非常明顯。它會緩慢、隨時間逐步發生。我認為在 2027 年的過程中，我們會看到一些正常化。

Thanks for all the color and good luck moving forward.

謝謝所有補充說明，也祝你們接下來一切順利。

John Lovallo, UBS.

John Lovallo，瑞銀（UBS）。

Good morning, guys. First question is just on the gross margin bridge from the third quarter of 15.8% to the fourth quarter of 15.5% to 16%, given what at the midpoint is about an 8% quarter-over-quarter increase in delivery. So I guess the question is what level of incentives, kind of land cost, and stick and brick are contemplated sequentially?

各位早安。第一個問題是關於毛利率的變動拆解：從第三季的 15.8% 到第四季指引的 15.5% 到 16%，而在中位數假設下，交屋量（delivery）約季增 8%。所以我想問的是，依序來看，你們在獎勵措施（incentives）、土地成本（land cost），以及建材與施工（stick and brick）方面，分別預計會有什麼樣的變化？

I thin, when you look at it right now, I don't see a big difference right now with what we're having to do in the market. I think we're doing a great job, actually, at making sure we're right priced in certain communities. And in some cases, our incentives actually go down because we get the pricing right and we're able to hold our line more with what we're actually getting for the home.

我認為，從目前來看，我看不出我們在市場上需要做的事情有很大的差異。我覺得我們做得很好，確保在某些社區的定價是合理的。而且在某些情況下，因為我們把價格訂對了、也更能守住底線，所以我們的獎勵措施反而會下降，因為我們實際上能從房屋取得的價格更好。

So, I think moving forward, I feel good about where we're at. I think our teams are spending a lot of time being strategic on how to price, how to differentiate different homes. I see nothing but enthusiasm out there to really work the pricing.

所以，往前看，我對我們目前的位置感到樂觀。我認為我們的團隊花了很多時間在策略性思考如何定價、如何讓不同房型做出差異化。我看到的只有滿滿的熱情，大家都很積極在做定價工作。

So let me just add to that and say that we started this quarter, the third quarter, with a lot of enthusiasm and a lot of certainty. But the market has the ability to throw us a curveball. And I just want to caveat that the way that we feel today is we feel a great deal of confidence given the landscape that exists, but that landscape is shifting and we recognize that it is. And therefore, we're reluctant to get over our skis. We don't like missing. We missed this quarter. It didn't feel good. The landscape shifted. We're going to keep focusing on the same program of adjusting to the market as it is.

我再補充一下：我們在本季、也就是第三季開始時，充滿熱情，也很有把握。但市場有能力丟給我們一個曲球。我想提醒的是，以今天的感受來說，基於目前的市場環境，我們很有信心；但那個環境正在變動，我們也知道它在變。因此，我們不願意過度樂觀、操之過急。我們不喜歡失準。我們這一季失準了。感覺並不好。市場環境變了。我們會持續專注在同一套計畫上，依照市場現況去調整。

David, anything you'd add?

David，你還有什麼要補充的嗎？

No, I'd just say we have to pay attention to as rates increase, so I think some pressure on incentives, as per your question, might come in the form of the cost of our rate by own. We continue to make sure that we meet the affordability in that.

沒有，我只想說，隨著利率上升我們必須留意，所以我認為你提到的、對於激勵措施的一些壓力，可能會以我們自有利率成本的形式出現。我們會持續確保在這方面符合可負擔性。

And we're certainly seeing some of that movement in the 10-year come down a little bit today, but it was up a little bit yesterday. And the Fed decision, while it doesn't directly affect it, it definitely sends some vibration. So we're rejecting a little bit of conservatism, but that's what we see right now.

而且我們確實看到10年期利率今天稍微下來一些，但昨天又稍微上去一點。聯準會的決策雖然不會直接影響它，但肯定會帶來一些震動。所以我們在做法上會稍微偏保守一點，但這就是我們目前看到的情況。

Understood. And then, Stuart, I wanted to dig in on one of your comments that was also in the press release on just further deterioration in the housing market. I mean, I get the fact that rates have gone up quite a bit over the past few weeks, consumer confidence is challenged, Iran is out there. But I can tell you in all of our checks across the housing complex, as recently as yesterday with a very large builder, I mean, the feeling we're getting is that the market has moved from a state of correction to maybe early signs of stabilization. And I'm curious what you're seeing that might be different than that?

了解。接著，Stuart，我想深入追問你的一個評論，你在新聞稿裡也提到住房市場進一步惡化。我的意思是，我理解過去幾週利率上升不少、消費者信心受挑戰、伊朗局勢也在那裡。但我可以告訴你，我們對整個住宅產業鏈做的各種查核，甚至就在昨天和一家非常大型的建商交流時，我們得到的感覺是市場已從修正狀態轉為可能出現早期穩定跡象。我很好奇你看到的情況有什麼不同？

Yeah, I think that you have differentiation around or delineated by product type and price point. Certainly at the higher end that there's a lot less impact from what the affordable end is feeling right now. And so, we've -- what we've seen is that where we're operating more at the affordable end of the market, that customer is far more sensitive to what's happening both in terms of cost of living, and the signal that is sent by interest rates, and recognize that interest rates might go up, but we're buying them down. The cost of our buydown is becoming more expensive.

是的，我認為會因產品類型與價格帶而有所差異或區隔。當然在高端市場，受到的影響遠小於目前可負擔端所感受到的。因此，我們——我們看到的是，在我們較多布局於可負擔端市場的地方，那些客戶對生活成本的變化，以及利率所傳遞的訊號都更敏感；並且要認知到利率可能會上升，但我們會做降息補貼（buydown）。而我們做這個降息補貼的成本正在變得更昂貴。

So it might be that you're living in a world of a tale of two cities where you see different builders with different product mix, even the different geographies having a very different experience. We can only tell you what we're seeing from our perch.

所以可能你所處的是一個「兩個城市的故事」的世界：不同建商因產品組合不同，甚至不同地理區域，也會有非常不同的體驗。我們只能告訴你我們從自身角度所看到的情況。

Any thoughts, guys? No, good. Okay. Welcome.

各位有什麼想法嗎？沒有，很好。好。歡迎。

Stephen Kim, Evercore ISI.

Evercore ISI 的 Stephen Kim。

Yeah, thanks a lot, guys. Appreciate all the colors so far. I had a couple of questions here on the inventory. If I look at your finished homes and construction in progress on a per unit basis, the value per unit appears to have risen pretty significantly again this quarter. I'm looking at a percentage of ASP like, kind of, 74% up from almost like maybe 60% last year.

是的，非常感謝各位。很感謝目前為止提供的所有細節與說明。我這裡有幾個關於庫存的問題。如果我看你們的完工住宅與在建工程（以每戶為基礎），每戶價值這一季似乎又顯著上升。我看它占 ASP 的比例，大概是 74%，高於去年大概接近 60%。

And I'm wondering, what's behind that rise? Is that primarily due to land costs per lot, which are included in this inventory line? And when we think about the whole finished homes and construction and process line, should we expect that to at least seasonally drop meaningfully in 4Q and be a driver to cash flow like it often is?

我想了解，這個上升背後的原因是什麼？這主要是因為每宗地的土地成本（包含在這個庫存項目裡）嗎？另外，當我們看整個完工住宅與在建工程這條線時，我們是否應該預期它在第四季會至少因季節性而明顯下降，並像以往一樣成為現金流的推動因素？

So in terms of land and land costs, as I said earlier, a lot of our land and land deals were negotiated at a different time to a different price range. And that is flowing through and you're seeing some of that move up. You also have a duration question and that is our option maintenance fees are accumulating for longer periods of time because we have moderated our growth. We've actually eliminated our growth, which was part of the underwriting of the land yield that we had. And so, that's being injected in some of those land costs.

就土地與土地成本而言，如我先前所說，我們很多土地與土地交易是在不同時間、以不同價格區間談下來的。這些正在反映出來，你也看到其中一些上升。另外還有一個期間（duration）問題：因為我們放緩了成長，我們的選擇權維持費（option maintenance fees）累積的期間變長了。我們其實已經取消了成長，而成長原本是我們對土地收益率（land yield）承作假設的一部分。因此，這些因素也被灌入到部分土地成本之中。

Steve, could you repeat the second part of that question?

Steve，你可以重複一下問題的第二部分嗎？

The second half of that question was that just, I'm trying to get a sense for how free cash flow may show up in the fourth quarter. Obviously, we know that's usually a very strong cash flow quarter for you. And I'm wondering, should we be expecting a drop in your finished homes and construction in progress inventory line that would drive that in 4Q or is there something that might moderate that this year?

問題的後半段是：我想掌握第四季自由現金流可能如何呈現。顯然我們知道第四季通常是你們現金流非常強的一季。我想問的是，我們是否應該預期你們的完工住宅與在建工程庫存項目會下降，從而在第四季推動現金流？還是今年會有什麼因素讓這個效果被削弱？

So we do think that there's going to be a drop in our inventory level again. We're managing our business very carefully. And in terms of cash flow, that is going to depend on the volume. And again, we were a little bit surprised at the volatility in the market through the third quarter that didn't work to our benefit. We're a little bit skeptical as to what the fourth quarter might or might not look like, but we think that the cash flow will be better in the fourth quarter as it normally is. Diane.

我們確實認為庫存水位會再次下降。我們非常謹慎地管理業務。至於現金流，將取決於交付量（volume）。而且，我們對第三季市場的波動有點意外，這對我們並沒有好處。我們對第四季可能或不可能呈現的樣貌抱持一些保留，但我們認為第四季的現金流會像往常一樣更好。Diane。

Yeah, I think that's right. I think that just given the volume -- the volume will be what really determines that number, Steve. I mean, it's obvious. It's always our largest delivery quarter, but with so much uncertainty out there, it's going to make a big swing.

是的，我認為沒錯。我想就交付量而言——交付量才是真正決定那個數字的因素，Steve。我是說，這很明顯。第四季一向是我們交付量最大的季度，但外部不確定性這麼高，會讓結果出現很大的波動。

I appreciate all that. And, Stuart, you actually led directly into my second question, which was related to your pausing of maybe some land bank takedowns or extending the terms, if you will. Am I right in thinking that in a typical land bank deal, if you extend it six months, I mean, it drives a roughly 100 to 150 basis point hit at the project level. And roughly what percent of deals would you say that you have paused land bank takedowns? Yeah, that's basically a second question.

感謝以上說明。另外，Stuart，你其實直接帶到我的第二個問題，也就是關於你們暫停部分土地銀行（land bank）提取（takedowns）或延長條款（如果這樣說）的情況。我理解得對嗎：在典型的土地銀行交易中，如果延長六個月，專案層面大約會受到 100 到 150 個基點的衝擊？另外，你們大概有多少比例的交易是暫停了土地銀行提取？對，這基本上是第二個問題。

Okay, so I don't have an answer on the percentage where we have paused. Your math, I haven't looked at it on a six-month basis what the impact is, but let's assume you're approximately right. And the way we think about this is what we've done is we've basically taken the cost of capital attribution to equity, and we've made it a real-time right in front of us calculation with option maintenance fee. And so, as we pause an underwritten duration, that underwritten duration has a real-time impact on margin and cost of the land that we're actually engaging. It is a real view of what our capital is actually doing.

好的，所以我沒有一個我們暫停比例的答案。你的計算，我沒有以六個月為基礎去看影響，但我們先假設你大致正確。我們看待這件事的方式是：我們基本上把資本成本歸因到權益資本的部分，透過選擇權維持費，做成一個即時、就在眼前的計算。因此，當我們暫停原本承作（underwritten）的期間時，這個承作期間會即時影響毛利率以及我們實際投入的土地成本。這是一個對我們資本實際運作狀況的真實視角。

So, we're still kind of going through the numbers around this, but it is creating a really interesting focus for the company as we look at every land deal that we do brand new. And we think about the risk associated with pauses, duration, and fluctuation in market conditions, and all of that risk profile is being better injected in every new deal that we negotiate. And this is the topic of discussion every day in the company. And it's in large part because the highlight that we've brought to bear on the cost of capital, both debt capital and equity capital.

所以，我們仍在針對這些數字做一些推算，但它確實在公司內部形成一個非常有意思的聚焦點，因為我們在看每一筆全新的土地交易時，都會思考與暫停、期間、以及市場條件波動相關的風險，而這整個風險輪廓正被更好地納入我們談判的每一筆新交易中。這也是公司每天都在討論的主題。很大一部分原因，是因為我們把資本成本——不論是債務資本或權益資本——的重要性凸顯出來。

Yeah, thanks very much. I appreciate that. And I think the key word that you used was also negotiating because I don't think that this stuff is necessarily just a one-way conversation, right? I mean, there is definitely negotiation room and some leverage that you bring to the table as well, I would think, in a relationship. Thanks very much, guys. I appreciate it.

是的，非常感謝。我很感激。而且我認為你用到的關鍵字也是「協商」，因為我不認為這些事情必然只是單向的對話，對吧？我的意思是，在一段關係中，肯定有協商空間，而且我想你也能帶到談判桌上的一些籌碼與影響力。非常感謝，各位。我很感激。

That is way understated, Steve, because if you look at what we're turning this into, it is a -- we are renegotiating and negotiating every piece of the programming that we've got, and we're getting better every day. Why don't we take one more question?

Steve，你這說得太保守了，因為如果你看看我們正把這件事變成什麼——我們正在重新談判並協商我們手上每一項節目內容，而且我們每天都在變得更好。我們再接一個問題吧？

Jay McCanless, Citizen Bank.

Jay McCanless，Citizen Bank。

Hey, thanks for taking my questions. Morning, you all talked a little bit about the cost of mortgage rate buydowns moving up. Is there any way to quantify that and maybe what are you seeing so far in September?

嗨，謝謝讓我提問。早安，你們剛才稍微談到房貸利率買斷（buydown）的成本正在上升。有沒有辦法量化一下？另外，你們在9月迄今看到了什麼？

You know what? It is a hard question to answer, and I'll tell you why. It depends on whether it's a fixed loan or an ARM. It depends on whether it's government or conventional. It depends on whether it's an ARM with three years, five years, seven years. So, it really does -- and of course, saying the obvious, it also depends on where your beginning rate is and how much you have to buy it down. So I don't mean to not really give you an answer, but it's a combination of so many variables that it is very difficult to give you a range on that.

你知道嗎？這很難回答，我告訴你為什麼。這取決於是固定利率貸款還是ARM（可調利率房貸）。取決於是政府貸款還是傳統貸款。也取決於ARM是三年期、五年期還是七年期。所以，確實——當然，說句顯而易見的，也取決於你的起始利率是多少，以及你需要買斷多少。所以我不是故意不回答你，但變數的組合太多了，很難給你一個區間。

The second question I had, Stuart, your comments about resale supply in Texas and Florida, I think that's a new commentary that you put in the script. I guess what have you seen? Is it across all the markets in Texas and Florida or is it more concentrated where you guys are seeing this competition enough to where you felt like it was important to call it out in the earnings script?

我第二個問題是，Stuart，你對德州和佛州二手房供給的評論，我想這是你在講稿裡新增的說法。我想問你看到了什麼？這是遍及德州和佛州所有市場，還是更集中在某些區域？你們看到的競爭已經強到讓你覺得有必要在財報講稿中特別點出來？

It's interesting. It's part of a broader narrative, and it's something that we kind of fight every day. We have customers coming in, visiting with us. Some of them can't qualify, some of them can. The resale market is becoming more and more of a competitive component in the game. It just makes it more difficult to hit the volumes that we expect.

這很有意思。這是更大敘事的一部分，也是我們幾乎每天都在面對的事情。我們有客戶進來，來拜訪我們。有些人不符合資格，有些人符合。二手房市場正變得越來越是這場競賽中具競爭性的組成部分。這只會讓我們更難達到我們預期的銷售量。

David, what are you saying?

David，你怎麼看？

Actually, I'd say you're starting to see the resale market, as the data market increases, be willing to compromise our sales price more. And as they're willing to compromise that, it feels more activity from the resale buyer.

其實我會說，隨著數據面顯示二手房市場在增加，你開始看到他們更願意在我們的售價上做出讓步。而當他們願意讓步時，會感覺到二手房買方的活動更熱絡。

I don't think it's always necessarily a negative. I think that as you see more activity in the resales, we see a whole lot more prospects that are ready to step up and buy a new home. So sometimes this actually turns into a positive because it unlocks the market, and really gets people out there, and lets us have more targets.

我不認為這一定總是負面的。我認為當你看到二手房交易更活躍時，我們也會看到更多準備好往前一步、購買新屋的潛在客戶。所以有時候這反而會變成正面因素，因為它會解鎖市場，真正讓人們走出來，並讓我們有更多目標客群。

Yeah, it's a flywheel. When the resale market starts to ignite, every person that is selling a home needs to buy a home, and that's the flywheel that starts to move forward. So it isn't necessarily a negative, but at least for the time being, we are seeing more competition than we've seen in a long time from the resale market.

對，這是一個飛輪效應。當二手房市場開始點燃時，每一個在賣房的人都需要買房，這就是推動飛輪往前轉的力量。所以這不一定是負面的，但至少就目前而言，我們看到來自二手房市場的競爭，比我們很長一段時間以來看到的都更強。

And remember, over the past years, the resale market had been on the sidelines. It had just been disengaged because the differential and interest rates were so big. But the need to move up, to move on, to move out, to make change has been postponed for long enough to where that resale market is starting to negotiate now.

而且記住，過去幾年二手房市場一直在觀望。它幾乎是退出市場，因為價差和利率差距太大。但升級換屋、繼續前進、搬離、做出改變的需求已經被延後太久，以至於二手房市場現在開始進入協商了。

All right. I want to thank everyone for joining us. We look forward to sharing our progress as we go forward quarter by quarter, and we'll see you at the end of the 4th. Thank you.

好。我要感謝各位加入我們。我們期待在未來一季又一季地分享我們的進展，我們第四季末再見。謝謝。

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.

以上為Lennar第三季財報電話會議結束。感謝各位參與。您可以掛斷電話，並祝您今天愉快。