Lennar Corp (LEN) 2022 Q1 法說會逐字稿

Welcome to Lennar's First Quarter Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

歡迎參加 Lennar 第一季度收益電話會議。 （操作員說明）今天的會議正在錄製中。 （操作員說明）

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

我現在將把電話轉給 Alexandra Lumpkin 閱讀前瞻性聲明。

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

謝謝你，早上好。今天的電話會議可能包括前瞻性陳述，包括有關 Lennar 的業務、財務狀況、運營結果、現金流、戰略和前景的陳述。前瞻性陳述僅代表 Lennar 在本次電話會議當日的估計，並不旨在對未來的實際結果作出任何保證。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。許多因素可能會影響未來的結果，並可能導致 Lennar 的實際活動或結果與前瞻性陳述中預期的活動和結果存在重大差異。

These factors include those described in yesterday's press 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.

這些因素包括昨天的新聞稿和我們提交給 SEC 的文件中所述的因素，包括 Lennar 最近提交給 SEC 的 10-K 表格年度報告中標題為風險因素的因素。請注意，Lennar 不承擔更新任何前瞻性陳述的義務。

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

我想介紹一下您的主持人，執行主席斯圖爾特·米勒先生。先生，您可以開始了。

Great. Good morning. Thank you, and thank you all for joining this morning. I'm here in Miami joined by Jon Jaffe, our Co-CEO and President; Diane Bessette, our Chief Financial Officer; David Collins, our Controller and Vice President; Bruce Gross, CEO of Lennar Financial Services; and of course, Alex, who you just heard from; and we also have Rick Beckwitt, Co-CEO and President on the line with us, and he's joining us from Colorado.

偉大的。早上好。謝謝大家，感謝大家今天早上的加入。我們的聯合首席執行官兼總裁喬恩·賈菲（Jon Jaffe）加入了我在邁阿密的行列； Diane Bessette，我們的首席財務官；我們的財務總監兼副總裁 David Collins； Lennar Financial Services 首席執行官 Bruce Gross；當然還有 Alex，你剛剛聽到的消息；我們還有聯合首席執行官兼總裁 Rick Beckwitt 與我們聯繫，他將從科羅拉多州加入我們。

As usual, I'm going to give a macro and strategic Lennar overview. After my introductory remarks, Rick's going to talk about market strength and land and community count; Jon will update on supply chain, production and construction costs; and then as usual, Diane will give a detailed financial highlights and additional guidance; and then we'll answer as many questions as we can. (Operator Instructions)

像往常一樣，我將給出一個宏觀和戰略的 Lennar 概述。在我的介紹性發言之後，Rick 將談論市場實力以及土地和社區數量； Jon 將更新供應鏈、生產和建設成本；然後像往常一樣，黛安將給出詳細的財務亮點和額外的指導；然後我們會盡可能多地回答問題。 （操作員說明）

So let me begin and start by saying that we're quite pleased to announce another hard-fought and well-executed quarterly performance by the associates of Lennar. Our operating results reflect both the extraordinary focus and determination of Lennar's management and operating teams as well as the general strength in the housing market. As questions abound given geopolitical turmoil, inflationary pressures building both around the globe and domestically, and interest rates are rising, the housing market remains very strong in all of our major markets.

因此，讓我首先說，我們非常高興地宣布 Lennar 的員工又一次艱苦卓絕且執行良好的季度業績。我們的經營業績反映了 Lennar 管理和運營團隊的非凡專注和決心，以及房地產市場的整體實力。由於地緣政治動盪、全球和國內通脹壓力不斷增加以及利率上升，問題層出不窮，我們所有主要市場的房地產市場仍然非常強勁。

Demand trends remain strong as family formation continues to rise. As our team from around the country reviewed our weekly sales starts and closings on Monday for our regions and our divisions, the unanimous view was that our sales pace range in each market [from] strong to very strong. Buyers are seeking shelter and they are seeking shelter from inflationary pressures as scarce rentals see rents escalating and escalating housing costs can be controlled with an owned home with a fixed rate mortgage.

隨著家庭組建的不斷增加，需求趨勢依然強勁。當我們來自全國各地的團隊在周一回顧了我們地區和部門的每週銷售開始和結束時，一致認為我們在每個市場的銷售速度範圍從強勁到非常強勁。購房者正在尋求庇護，他們正在尋求躲避通脹壓力的庇護，因為稀缺的租金導致租金不斷上漲，而不斷上漲的住房成本可以通過擁有固定利率抵押貸款的自有房屋來控制。

While wages are going up, so too our housing costs. So with employment strong and home prices rising, it is best to fix these costs. Additionally, the home is ever more the control center or hub of our customers' lives, and frankly, geopolitical stress makes the security of home all that much more comforting.

在工資上漲的同時，我們的住房成本也在上漲。因此，隨著就業強勁和房價上漲，最好解決這些成本。此外，家庭越來越成為我們客戶生活的控制中心或樞紐，坦率地說，地緣政治壓力使家庭的安全更加令人欣慰。

While demand is strong, supply is short and constrained. The ability to actually build and deliver homes has been slowed by the supply chain that is all but broken, by the workforce that is short in supply and the intense competition for scarce and titled land assets. Therefore, the supply of homes has remained quite limited and is not prone to overbuilding.

雖然需求強勁，但供應短缺且受到限制。由於供應鏈幾乎破裂、勞動力供應短缺以及對稀缺和有產權土地資產的激烈競爭，實際建造和交付房屋的能力已經放緩。因此，房屋供應仍然非常有限，不易過度建設。

Accordingly, we're pleased to report operating performance that reflects the general strength in the housing market. Setting aside for the moment, our noncash mark-to-market gains last year and losses this year, our operating performance is consistent and very strong. While deliveries increased 2% year-over-year to 12,538 homes, our gross margin improved 190 basis points to 26.9% and our SG&A improved 90 basis points to 7.5%, which drove net margin to 19.4% and drove net earnings from operations to just over $800 million and almost 20% bottom line improvement from operations.

因此，我們很高興地報告反映房地產市場總體實力的經營業績。暫時不考慮我們去年的非現金按市值計價收益和今年的虧損，我們的經營業績始終如一且非常強勁。雖然交付量同比增長 2% 至 12,538 套房屋，但我們的毛利率提高了 190 個基點至 26.9%，我們的 SG&A 提高了 90 個基點至 7.5%，這將淨利潤率推高至 19.4%，並將運營淨收益推高至僅超過 8 億美元，運營利潤提高了近 20%。

Although deliveries have been constrained by the supply chain disruption, efficiency in our operations continues to drive strong bottom line improvement and very strong cash flow. Additionally, our financial services group continues to perform exceptionally for the company, adding $90 million of earnings, while supporting the closings of every possible home and making the closing process as joyful as possible in the current, very difficult environment.

儘管交付受到供應鏈中斷的限制，但我們的運營效率繼續推動強勁的底線改善和非常強勁的現金流。此外，我們的金融服務部門繼續為公司表現出色，增加了 9000 萬美元的收入，同時支持關閉所有可能的房屋，並使關閉過程在當前非常困難的環境中盡可能快樂。

Our strong cash flow has been constructively deployed, as our operations have been our primary focus. First, with the lengthening of our cycle times by 6 to 8 weeks over the past year driven by supply chain disruption, we have more capital invested in our inventory, as we are increasing starts and taking longer to deliver homes even as we are significantly reducing the amount of land held on our books. We are deploying more cash into shorter-term assets, while generating cash from longer-term assets.

我們強大的現金流得到了建設性的部署，因為我們的運營一直是我們的主要關注點。首先，在過去一年中，由於供應鏈中斷，我們的周期時間延長了 6 到 8 週，我們有更多的資本投資於我們的庫存，因為我們正在增加開工率並需要更長的時間來交付房屋，儘管我們正在顯著減少我們賬面上持有的土地數量。我們正在將更多現金配置到短期資產中，同時從長期資產中產生現金。

Next, we're continuing to pay down debt as it comes due, with the next tranche available for paydown in August, and that's $575 million that we expect to pay down from cash flow. And of course, we have continued to repurchase stock, with another 5.3 million shares purchased in the past quarter and another $2 billion authorized by our Board just yesterday.

接下來，我們將繼續償還到期債務，下一批可在 8 月償還，我們預計將從現金流中償還 5.75 億美元。當然，我們繼續回購股票，在過去一個季度又購買了 530 萬股，昨天董事會還授權了 20 億美元。

With strong performance and cash flow, we have fortified our balance sheet with $1.4 billion of cash on book, nothing drawn on our revolver and an 18.3% debt-to-total cap ratio as compared to 24% last year. We expect our results to continue to strengthen throughout the year, as our already increased start pace results in more deliveries and as we use our size and scale and our builder-of-choice relationships to alleviate and resolve some of the supply chain friction.

憑藉強勁的業績和現金流，我們以 14 億美元的賬面現金鞏固了我們的資產負債表，我們的左輪手槍沒有動用任何資金，債務與總上限的比率為 18.3%，而去年為 24%。我們預計我們的業績將在全年繼續加強，因為我們已經加快的啟動速度導致更多的交付，並且我們利用我們的規模和規模以及我們的選擇建設者關係來緩解和解決一些供應鏈摩擦。

To that end, last quarter, I noted that Jon and Rick, our co-CEOs, have not chosen to sit idly in difficult times, but instead, they went to the problem and visited each of our 38 divisions over a 6-week period. Well, that was last quarter. Monitoring my Jon-and-Rick cam this quarter, I noted that on top of regular in-the-field operations reviews at division offices, they have jointly, with Kemp Gillis, our esteemed head of all things supply chain, gone into the problem and visited approximately 10 of our most strategic manufacturers at their offices to engage directly the problem-solving process.

為此，上個季度，我注意到我們的聯合首席執行官 Jon 和 Rick 並沒有選擇在困難時期坐視不理，而是在 6 週內直面問題並訪問了我們 38 個部門中的每一個部門.嗯，那是上個季度。本季度監控我的 Jon-and-Rick cam，我注意到除了在部門辦公室定期進行現場運營審查之外，他們還與我們尊敬的供應鍊主管 Kemp Gillis 共同解決了這個問題並訪問了我們大約 10 家最具戰略意義的製造商的辦公室，以直接參與解決問題的過程。

This is just the beginning as many more trips are planned, and the supply chain problem will find its way to becoming a supply chain opportunity. I'm betting on them, time, focus and attention, problems are being solved and that is simply the Lennar way. Leadership matters.

這只是一個開始，因為計劃了更多的旅行，供應鏈問題將找到成為供應鏈機會的途徑。我賭的是時間、注意力和注意力，問題正在得到解決，這就是 Lennar 的方式。領導很重要。

So let me quickly turn back to the mark-to-market volatility that I mentioned earlier. Our total first quarter earnings in the first quarter were $503.6 million or $1.69 per diluted share compared to first quarter 2021 earnings of $1 billion or $3.20 per diluted share. These numbers include our mark-to-market loss this quarter and gain last year at this time.

因此，讓我快速回到我之前提到的按市值計算的波動性。我們第一季度的總收益為 5.036 億美元或稀釋後每股收益 1.69 美元，而 2021 年第一季度收益為 10 億美元或稀釋後每股收益 3.20 美元。這些數字包括我們本季度的市值損失和去年此時的收益。

Let's avoid confusion. We have made significant strategic investments in various new technology companies that are working to reshape various parts of our company and our industry. Some are disruptors and some are enhancers. All of them are core to the future of, as well as the presence of our core operating platform. They have informed change in the core that have reduced SG&A and production costs. These cost reductions have made the investment in the company and the LENx strategy extremely valuable in creating long-term shareholder value. These investments are also the tip of the spear in identifying and engaging our substantial industry-leading sustainability initiatives. From solar on the rooftop to microgrid technology across the community, from water conservation to sustainable cement, our LENx strategy is setting the course from Lennar's sustainable future.

讓我們避免混淆。我們對致力於重塑我們公司和行業各個部分的各種新技術公司進行了重大戰略投資。有些是破壞者，有些是增強劑。所有這些都是未來的核心，也是我們核心運營平台的存在。他們了解核心的變化，從而降低了 SG&A 和生產成本。這些成本降低使得對公司的投資和 LENx 戰略在創造長期股東價值方面極具價值。這些投資也是確定和參與我們行業領先的可持續發展舉措的先導。從屋頂太陽能到整個社區的微電網技術，從節水到可持續水泥，我們的 LENx 戰略正在為 Lennar 的可持續未來設定方向。

A number of our LENx investments have matured and become public companies and their short-term market price movements are volatile, and that volatility runs through our earnings. On the one hand, this causes some confusion on both the upside and the downside. For example, in Q1 '21, we reported a $470 million mark-to-market profit, and in Q1 of '22, this quarter, we reported $395 million mark-to-market loss.

我們的一些 LENx 投資已經成熟並成為上市公司，它們的短期市場價格波動是波動的，這種波動貫穿我們的收益。一方面，這導致了上行和下行的一些混亂。例如，在 21 年第一季度，我們報告了 4.7 億美元的市值利潤，而在 22 年第一季度，本季度，我們報告了 3.95 億美元的市值虧損。

On the other hand, these investments have been stepping stones to our higher gross margins as well as our never been lower SG&A at 7.5% in the first quarter, which is now the lowest we have ever seen in the first quarter. These are nonmonetary and nonoperational profits and losses, and they really do not reflect the state of the housing market or the operating performance of the company within that market.

另一方面，這些投資一直是我們提高毛利率的墊腳石，以及我們第一季度從未低於 7.5% 的 SG&A，這是我們在第一季度見過的最低水平。這些是非貨幣性和非經營性的損益，它們並不能真正反映房地產市場的狀況或公司在該市場中的經營業績。

With that said, we choose not to sell the ownership in these companies just because they go public. Instead, we are strategically engaged in the businesses because -- in the businesses of these companies and because we are very enthusiastic about the future of these businesses and our LENx strategy. And of course, you can expect to hear a lot more about this part of our business in the future.

話雖如此，我們選擇不僅僅因為這些公司上市而出售它們的所有權。相反，我們戰略性地參與這些業務，因為 - 在這些公司的業務中，並且因為我們對這些業務的未來和我們的 LENx 戰略充滿熱情。當然，您可以期待在未來聽到更多關於我們這部分業務的信息。

Now, finally, let me talk briefly and update our progress on SpinCo and our focus on becoming a pure-play homebuilding company. As noted last quarter, we filed our private letter ruling with the IRS. Since then, we've taken the next step with SpinCo and filed our confidential Form 10 filing in February so we can control the timing of the spin. We have received, since then, our first round of comments from the SEC. We have also initiated the process with the NYSE to have the shares of SpinCo listed. Nevertheless, given the choppiness of the capital markets and the work that is still being completed, we're pushing our expectations for the actual execution to the third or fourth quarter of this year.

現在，最後，讓我簡單談談並更新我們在 SpinCo 方面的進展，以及我們致力於成為一家純粹的住宅建築公司。如上個季度所述，我們向美國國稅局提交了私信裁決。從那時起，我們與 SpinCo 邁出了下一步，並在 2 月提交了我們的機密表格 10 文件，以便我們可以控制旋轉的時間。從那時起，我們收到了美國證券交易委員會的第一輪評論。我們還與 NYSE 啟動了讓 SpinCo 股票上市的程序。儘管如此，鑑於資本市場的動盪和仍在完成的工作，我們將對實際執行的預期推至今年第三或第四季度。

We have noted before that the Spin company will be an asset-light asset management business that will have a limited balance sheet. Many of the assets targeted for SpinCo will be either part of the limited balance sheet of SpinCo or are currently being monetized in the form of assets under management that will be housed within the private equity verticals of SpinCo or they're being resolved and monetized in other ways.

我們之前已經註意到，Spin 公司將是一家資產負債表有限的輕資產資產管理業務。剝離公司的許多目標資產將成為剝離公司有限資產負債表的一部分，或者目前正在以管理資產的形式貨幣化，這些資產將被安置在剝離公司的私募股權垂直領域內，或者正在解決和貨幣化其他方法。

Additionally, while we are taking more time to execute the spin, we continue to migrate assets from the Lennar balance sheet into the assets under management that will comprise SpinCo. Therefore, we are growing the management fees and returns that will define the value of the spun company. This monetization has been and will be completed over the next year or so and the cash proceeds will be deployed in Lennar to fortify the balance sheet and/or to continue to buy back stock on an opportunistic basis.

此外，雖然我們需要更多時間來執行分拆，但我們會繼續將 Lennar 資產負債表中的資產轉移到將組成 SpinCo 的管理資產中。因此，我們正在增加將定義紡紗公司價值的管理費和回報。這種貨幣化已經並將在明年左右完成，現金收益將用於 Lennar 以鞏固資產負債表和/或繼續在機會主義的基礎上回購股票。

As a reminder, our 3 core verticals of SpinCo have been identified in business plan and are already growing AUM and fee generation. They are multifamily, single-family for rent and land strategies. Each of these verticals already have raised and are continuing to grow third-party capital and are active asset managers. LMC, our multifamily platform, had almost $10 billion of AUM at the end of 2021. And as of the end of our first quarter, had approximately $10.7 billion of gross capital under management and is very close to our first closing for our third fund.

提醒一下，我們的剝離公司的 3 個核心垂直領域已在業務計劃中確定，並且已經在增加 AUM 和費用產生。它們是多戶型、單戶型的出租和土地策略。這些垂直領域中的每一個都已經籌集並正在繼續增加第三方資本，並且是活躍的資產管理公司。到 2021 年底，我們的多戶平台 LMC 擁有近 100 億美元的資產管理規模。截至第一季度末，管理的總資本約為 107 億美元，非常接近我們第三隻基金的首次收盤。

LSFR, our single-family for rent platform, has grown from approximately $1.2 billion of assets deployed at the end of '21 to approximately $1.9 billion deployed as of the end of our first quarter. And our land strategies platform, which is still being refined for SpinCo expects to have $4 billion to $5 billion of assets under management at the time of the spin. As I've noted in the past, the remaining Lennar Corporation will drive higher returns on our assets and equity base and the spin will not result in a material reduction of either our bottom line or our earnings per share.

我們的單戶出租平台 LSFR 已從 21 年底部署的約 12 億美元資產增長到截至第一季度末部署的約 19 億美元。我們仍在為 SpinCo 完善的土地戰略平台預計在分拆時將管理 40 億至 50 億美元的資產。正如我過去所指出的，剩餘的 Lennar Corporation 將推動我們的資產和股權基礎獲得更高的回報，而此次重組不會導致我們的底線或每股收益大幅下降。

So let me wrap up and conclude by saying that we're extremely well positioned financially, organizationally and technologically to thrive and grow in this evolving housing market. As I said earlier, we expect our results to strengthen throughout 2022. We are picking up steam, and we are picking up confidence. We recognize that interest rates are rising and inflation is a legitimate threat. We also know the difficulties in the supply chain present challenges for Lennar and for the industry and that land and labor are in short supply. But we also recognize that the economy remains strong, with wages rising and housing is in short supply across the country.

因此，讓我結束並總結說，我們在財務、組織和技術上都處於非常有利的位置，可以在這個不斷發展的房地產市場中茁壯成長。正如我之前所說，我們預計我們的業績將在整個 2022 年加強。我們正在加速，我們正在增強信心。我們認識到利率正在上升，通貨膨脹是一個合法的威脅。我們也知道供應鏈中的困難給 Lennar 和整個行業帶來了挑戰，而且土地和勞動力供應短缺。但我們也認識到，經濟依然強勁，工資上漲，全國住房供不應求。

Strategically, we remain focused on orderly targeted growth, with our sales pace tightly matched with our pace of production. We focus on gross margin by selling in step with production while controlling costs and reducing our SG&A and therefore, maximizing our net margins. As we look to the remainder of 2022, we expect continued strength in the market and double-digit growth for the company.

從戰略上講，我們仍然專注於有序的目標增長，我們的銷售速度與我們的生產速度緊密匹配。我們通過與生產同步銷售來關注毛利率，同時控製成本並降低我們的 SG&A，從而最大限度地提高我們的淨利潤率。展望 2022 年剩餘時間，我們預計市場將持續走強，公司將實現兩位數的增長。

As noted in our press release, we are projecting 16,000 to 16,300 deliveries in the second quarter at a 28% to 28.25% margin, and we are now projecting 68,000 deliveries for year-end at a 27.25% to 28% margin for the year. At this pace, we will have a very strong bottom line and a very strong cash flow, with a projected spin-off in the second half of the year, and Lennar will have another record year.

正如我們在新聞稿中指出的那樣，我們預計第二季度交付量為 16,000 至 16,300 輛，利潤率為 28% 至 28.25%，我們現在預計年底交付量為 68,000 輛，利潤率為 27.25% 至 28%。按照這個速度，我們將擁有非常強勁的底線和非常強勁的現金流，預計下半年分拆，Lennar 將再創紀錄。

So with that, let me turn over to Rick.

因此，讓我轉交給 Rick。

Thanks, Stuart. As you can tell from Stuart's opening comments, the housing market is very strong, our team is extremely well coordinated, and our financial results continue to benefit from a solid execution of our core operating strategies. Key to that has been running a finely-tuned homebuilding machine, where we carefully match homebuilding production with sales on a community-by-community basis. We have continued to strategically sell our homes later in the construction cycle to maximize sales prices and offset potential cost increases.

謝謝，斯圖爾特。從 Stuart 的開場評論可以看出，房地產市場非常強勁，我們的團隊非常協調，我們的財務業績繼續受益於我們核心運營戰略的穩健執行。其中的關鍵是運行一台經過微調的房屋建築機器，我們在該機器上仔細地將房屋建築生產與社區逐個社區的銷售相匹配。我們繼續在建設週期後期戰略性地出售我們的房屋，以最大限度地提高銷售價格並抵消潛在的成本增加。

To that end, we have slowed sales. Rather than writing sales contracts when customers visit our website or Welcome Home Centers, we are putting people on a waiting list to contact them later when we release the homes for sale. This shift in the sales process is driving higher sales prices and stronger margins.

為此，我們放慢了銷售速度。我們不是在客戶訪問我們的網站或歡迎家園中心時編寫銷售合同，而是將人們放在等待名單上，以便稍後在我們發布待售房屋時與他們聯繫。銷售流程的這種轉變正在推動更高的銷售價格和更高的利潤率。

Our first quarter results prove out the success of this strategy, as we achieved gross margin increases of 190 basis points year-over-year. During the first quarter, we started 7 -- 4.7 homes per community, sold 4.3 homes per community and we ended the quarter with less than 180 completed unsold homes across our entire footprint. This production, margin-driven and sales-focused program will continue to improve margin and lead to increased deliveries and profits in fiscal 2022.

我們的第一季度業績證明了這一戰略的成功，因為我們實現了毛利率同比增長 190 個基點。在第一季度，我們在每個社區開始了 7 至 4.7 套房屋，每個社區售出了 4.3 套房屋，並且在本季度結束時，我們整個足跡中完成的未售出房屋不到 180 套。這一生產、利潤驅動和以銷售為中心的計劃將繼續提高利潤率，並導致 2022 財年的交付量和利潤增加。

In the first quarter, new orders, deliveries, gross margins were solid in each of our operating regions. We continue to achieve price increases and saw strength in all product categories, from entry level to move up and in our Active Adult communities.

第一季度，我們每個運營地區的新訂單、交付量和毛利率都很穩定。我們繼續實現價格上漲，並在所有產品類別中看到了優勢，從入門級到升級以及我們的活躍成人社區。

Let me give you some color on our markets. As Stuart said in his opening remarks, all of our markets are strong right now, but here's some color. Florida continues to benefit from core local demand, as well as in-migration from the Northeast, Midwest and West Coast, which is driving both sales pace and price. Inventory is extremely limited. The state is experiencing tremendous job growth, with employment exceeding pre-pandemic levels. The hottest markets in Florida are Naples and Sarasota and the Southwest, Miami, Dayton and Broward in the Southeast and Tampa. Orlando is also a robust market benefiting from a significant rebound in tourism. All of these markets -- in all of these markets, we are the leading builder with the best land positions.

讓我給你一些關於我們市場的顏色。正如斯圖爾特在開場白中所說，我們所有的市場現在都很強勁，但這裡有一些顏色。佛羅里達州繼續受益於當地的核心需求，以及來自東北部、中西部和西海岸的移民，這推動了銷售速度和價格。庫存極其有限。該州正在經歷巨大的就業增長，就業人數超過了大流行前的水平。佛羅里達州最熱門的市場是那不勒斯和薩拉索塔以及西南部、邁阿密、代頓和東南部的布勞沃德以及坦帕。奧蘭多也是一個強勁的市場，得益於旅遊業的顯著反彈。所有這些市場——在所有這些市場中，我們都是擁有最佳土地位置的領先建築商。

Atlanta continues to see strong and steady growth driven by limited inventory, relative affordability and strong job creation. During the first quarter, we entered the Huntsville, Alabama and Florida-Alabama coast markets. Both markets are experiencing strong demand, driven by limited inventory and quality of life. Huntsville is especially thriving due to significant employment growth fueled by an influx of many diverse industries attracted by a world-class airport, a supply of educated workers and a relatively affordable home price. The Gulf Coast is also experiencing outsized employment growth, while providing a healthy outdoor lifestyle of favorable weather and the beauty of the Gulf of Mexico.

在有限的庫存、相對負擔能力和強勁的就業創造的推動下，亞特蘭大繼續保持強勁而穩定的增長。在第一季度，我們進入了亨茨維爾、阿拉巴馬州和佛羅里達-阿拉巴馬州沿海市場。在有限的庫存和生活質量的推動下，這兩個市場都經歷了強勁的需求。由於世界級機場吸引了許多不同行業的湧入，受過良好教育的工人的供應和相對負擔得起的房價，推動了就業的顯著增長，亨茨維爾尤其蓬勃發展。墨西哥灣沿岸的就業人數也大幅增長，同時提供健康的戶外生活方式、有利的天氣和墨西哥灣的美景。

In the Carolinas, Raleigh, Charlotte and Charleston are extremely strong markets. Inventory is very limited, and the combination of core local demand and in-migration continues to push both sales pace and price. We are the top builder in all of these markets.

在卡羅來納州，羅利、夏洛特和查爾斯頓是非常強勁的市場。庫存非常有限，核心本地需求和移民的結合繼續推動銷售速度和價格。我們是所有這些市場的頂級建造商。

Texas continues to be the strongest state in the country, with in-migration from the East and West. The state's pro-business, employer-friendly economy is driving corporate relocations and exceptional job growth, especially in the technology sector. The state is also benefiting from a surge in oil and gas prices. The strongest market in the country continues to be Austin. The Colorado market continues to gain momentum, benefiting from strong in-migration and solid job growth. Inventory is very limited, and we are seeing great pricing power.

得克薩斯州仍然是該國最強大的州，來自東方和西方的移民。該州的親商、對雇主友好的經濟正在推動企業搬遷和就業增長，尤其是在技術領域。該州還受益於石油和天然氣價格的飆升。該國最強勁的市場仍然是奧斯汀。得益於強勁的移民和穩定的就業增長，科羅拉多州市場繼續保持增長勢頭。庫存非常有限，我們看到了強大的定價能力。

Phoenix and Las Vegas continue to be 2 of the hottest markets in the country. Both are benefiting from business-friendly environments, real job growth and in-migration from California. Nevada continues to lead the nation in new jobs, with employment significantly exceeding pre-pandemic levels. Phoenix is driving due to real affordability, inventory is extremely limited and demand continues to accelerate. The Pacific Northwest continues to be a strong market, as significant land use and development restrictions limit production to meet growing demand. Notwithstanding these restrictions, we have an excellent land position with great growth opportunities.

鳳凰城和拉斯維加斯仍然是該國最熱門的兩個市場。兩者都受益於商業友好的環境、真正的就業增長和來自加利福尼亞的移民。內華達州在新工作崗位上繼續領先全國，就業人數大大超過大流行前的水平。由於真正的負擔能力，鳳凰城正在推動，庫存極其有限，需求繼續加速。太平洋西北部仍然是一個強勁的市場，因為大量的土地使用和開發限制限制了生產以滿足不斷增長的需求。儘管有這些限制，我們仍擁有絕佳的土地位置和巨大的增長機會。

Portland and Seattle are experiencing outstanding job growth, with both markets ranking in the top 10 in the country. With strong demand and limited supply, we continue to see strong price increases. The California markets remains very strong, driven by the state's severe housing shortage, there was more demand than supply even with much of the out-migration from the state. The Inland Empire, Sacramento and East Bay Area have remained some of the strongest markets, with homebuyers looking for affordability.

波特蘭和西雅圖正在經歷出色的就業增長，這兩個市場都在全國排名前 10 位。由於需求強勁而供應有限，我們繼續看到強勁的價格上漲。由於該州嚴重的住房短缺，加州市場仍然非常強勁，即使有很多人從該州遷出，需求仍大於供應。內陸帝國、薩克拉門托和東灣區仍然是一些最強勁的市場，購房者尋求負擔能力。

During the quarter, we also saw a resurgence in the core markets of the Bay Area as employees are returning to work. As such, both our core and inland markets are firing on all cylinders. As I said and Stuart said, these are some of the strongest markets, but there is broad strength across the country.

在本季度，隨著員工重返工作崗位，我們還看到灣區核心市場的複蘇。因此，我們的核心市場和內陸市場都在全力以赴。正如我和斯圖爾特所說，這些是一些最強勁的市場，但在全國范圍內都有廣泛的實力。

Now, I'd like to spend a few moments talking about growth in community count. During the first quarter, our community count increased 4% year-over-year as we focused on growth in our existing and new markets. We expect our community count to build throughout the year, and are still projecting to end 2022 with a low double-digit increase in community count year-over-year. While supply chain issues and inspection delays are impacting the timing of some of our community openings, we are in an excellent position for strong growth in 2022 and 2023.

現在，我想花點時間談談社區數量的增長。在第一季度，由於我們專注於現有市場和新市場的增長，我們的社區數量同比增長 4%。我們預計我們的社區數量將全年增加，並且仍預計到 2022 年底，社區數量將同比增長兩位數。雖然供應鏈問題和檢查延遲正在影響我們一些社區開放的時間，但我們處於 2022 年和 2023 年強勁增長的絕佳位置。

Our land pipeline remains robust, with plenty of land in the queue to meet our growth goals over the next several years. We continue to see great buying opportunities in all of our markets and are confident this pipeline will produce strong community count growth for the next several years, as we pursue deals to backfill beyond the near-term deals that are already owned or controlled.

我們的土地儲備依然強勁，有大量土地正在等待實現我們未來幾年的增長目標。我們繼續在我們所有的市場中看到巨大的購買機會，並相信這條管道將在未來幾年產生強勁的社區數量增長，因為我們尋求交易以回填已經擁有或控制的近期交易。

We are also pleased with the excellent progress we are making on our land-light strategy, as evidenced by our controlled homesite percentage increasing to 58% at the end of the first quarter from 45% last year. We believe we can increase this to 65% by the end of the fiscal year. Our extreme focus on a land-lighter model saved us a significant amount of cash spend on land acquisitions during the quarter. We ended the quarter with $1.4 billion in cash, no borrowings on our $2.5 billion revolver and a homebuilding debt to capital of 18.3%. As Stuart said, we repurchased 5.3 million shares of our common stock for $526 million. These repurchases, combined with our significant earnings contributed to a return on equity of 19.5%, which was a 180 basis point improvement from the first quarter of last year.

我們也對我們在土地照明戰略方面取得的出色進展感到高興，我們的受控住宅百分比從去年的 45% 增加到第一季度末的 58%，就證明了這一點。我們相信到本財年末我們可以將這一比例提高到 65%。我們對土地更輕模型的極度關注為我們在本季度節省了大量的土地收購現金支出。我們在本季度結束時擁有 14 億美元的現金，我們 25 億美元的左輪手槍沒有借款，以及 18.3% 的房屋建設債務。正如斯圖爾特所說，我們以 5.26 億美元回購了 530 萬股普通股。這些回購，加上我們可觀的收益，促成了 19.5% 的股本回報率，比去年第一季度提高了 180 個基點。

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

現在，我想把它交給喬恩。

Thanks, Rick. This morning, I'll discuss how our first quarter was impacted due to supply chain disruptions, inflationary impacts on construction costs and on-cycle time increases, as well as our team's ability to manage through these challenges. At Lennar, we continue to deal with our fair share of disruptions. Some of the supply chain disruptions were like the ones we faced in our fourth quarter, where we experienced intermittent disruptions affecting different trades at different times and in different geographies. The first quarter was also different in that the Omicron spike in January dramatically impacted everything. A significant amount of labor at manufacturers, suppliers, local trade partners and our own associates was out from work. This was most severe in January and then eased rapidly in February.

謝謝，瑞克。今天早上，我將討論我們的第一季度如何因供應鏈中斷、通脹對建築成本和周期時間增加的影響而受到影響，以及我們團隊應對這些挑戰的能力。在 Lennar，我們繼續處理我們公平份額的中斷。一些供應鏈中斷就像我們在第四季度面臨的那樣，我們在不同時間和不同地區經歷了影響不同行業的間歇性中斷。第一季度的不同之處還在於，1 月份的 Omicron 飆升極大地影響了一切。製造商、供應商、當地貿易夥伴和我們自己的員工的大量勞動力都失業了。這在 1 月份最為嚴重，然後在 2 月份迅速緩解。

At times in January, it seemed as though as much as 1/2 of the workforce across the industry was quarantined at home. This challenged our management, purchasing and construction teams to be extremely nimble in finding workaround solutions to the unique challenges that the Omicron spike created. Labor returned in February to the manufacturing plants and at our communities as manufacturers and trades are now hard at work to make up for lost time. Many manufacturers have stabilized their lead times, and there are currently fewer situations of late deliveries. However, some manufacturers still have meaningful challenges ahead.

一月份的時候，似乎整個行業有多達 1/2 的勞動力被隔離在家中。這對我們的管理、採購和施工團隊提出了挑戰，要求他們非常靈活地為 Omicron 尖峰帶來的獨特挑戰尋找變通解決方案。工黨於 2 月返回製造工廠和我們的社區，因為製造商和行業現在正在努力彌補失去的時間。很多廠商已經穩定了交貨期，目前延遲交貨的情況較少。然而，一些製造商仍然面臨著有意義的挑戰。

The following categories are continuing to deal with significant constraints. These are electrical equipment, garage doors, HVAC condensers, flex duct and cabinets. In response to the ongoing disruptions and future unknown risk of new disruptions, our divisions are more closely managing the inventory of local trades and adding additional labor by onboarding new trade partners, while our regional and national teams stay in constant communication with manufacturers and suppliers in support of our divisions.

以下類別繼續處理重大限制。這些是電氣設備、車庫門、HVAC 冷凝器、柔性管道和機櫃。為了應對持續的中斷和未來新中斷的未知風險，我們的部門正在更密切地管理當地貿易的庫存，並通過招募新的貿易夥伴來增加額外的勞動力，同時我們的區域和國家團隊與製造商和供應商保持持續溝通支持我們的部門。

The supply chain challenges in the first quarter resulted in an increase in cycle time and contributed to an increase in direct construction costs. Our average cycle time increased approximately 2 weeks sequentially over Q4 and about 2 months year-over-year. Given the severity of the challenges created by the sudden Omicron spike, I want to take this opportunity to recognize and thank our associates for their leadership, creativity and tenacity in overcoming this situation. Their extraordinary efforts enabled Lennar to deliver over 20 -- 12,500 homes to eagerly awaiting homeowners in our first quarter.

第一季度的供應鏈挑戰導致周期時間增加，並導致直接建設成本增加。我們的平均週期時間比第四季度增加了大約 2 週，同比增加了大約 2 個月。鑑於 Omicron 突然飆升所帶來的挑戰的嚴重性，我想藉此機會表彰並感謝我們的員工在克服這種情況時所表現出的領導力、創造力和堅韌不拔的精神。他們的非凡努力使 Lennar 在第一季度向熱切期待的房主交付了 20 至 12,500 套房屋。

As we look at the balance of the year and our guidance to deliver 68,000 homes, we are strategically focused on accelerating starts to give us more inventory under construction. This will provide a cushion against expanding cycle times, allowing our management teams more opportunities to complete homes in line with our plans.

當我們查看今年的餘額和我們交付 68,000 套房屋的指導時，我們在戰略上專注於加速開工，為我們提供更多在建庫存。這將為延長周期時間提供緩衝，讓我們的管理團隊有更多機會按照我們的計劃完成房屋。

Turning to cost now. Our direct construction costs were up 3% sequentially from Q4 and 23% year-over-year. Lumber was relatively flat sequentially, but accounted for about 60% of the year-over-year increase. As you are aware, lumber dramatically increased again, up almost 100% since December 1 to $1,400 per thousand board feet. This increase in lumber will cause about a $5 per square foot increase by August of this year. Further increases are anticipated as lumber futures indicate short-term inflation through the spring cycle or into early summer. Then based on our analysis and on feedback from key lumber industry participants, we believe the deflation of lumber prices will follow.

現在轉向成本。我們的直接建設成本較第四季度環比增長 3%，同比增長 23%。木材環比持平，但占同比增長的 60% 左右。如您所知，木材再次大幅增長，自 12 月 1 日以來上漲近 100%，達到每千板英尺 1,400 美元。到今年 8 月，木材的增加將導致每平方英尺增加約 5 美元。由於木材期貨表明春季週期或初夏的短期通脹，預計將進一步上漲。然後根據我們的分析和主要木材行業參與者的反饋，我們認為木材價格的通縮將隨之而來。

This pattern looks to mirror what took place last year with dramatic -- with lumber's dramatic rise and fall. Despite operating in this cost inflationary environment, our first quarter direct construction costs as a percent of revenue were stable at 43%, which is basically flat compared to 42% both sequentially and year-over-year. Simply put, our pricing power is offsetting these cost increases. As Rick noted, we are achieving this through the disciplined matching of sales pace to construction pace. Our divisions have been and remain laser-focused on being a production-first operation. Our execution is an ongoing refinement and improvement of our dynamic pricing and FIFO sales approach, allowing effective control of which homes are released for sale and at what price.

這種模式看起來以戲劇性的方式反映了去年發生的事情——木材的戲劇性上升和下降。儘管在這種成本膨脹的環境中運營，我們第一季度的直接建設成本佔收入的百分比穩定在 43%，與環比和同比的 42% 相比基本持平。簡而言之，我們的定價能力正在抵消這些成本增加。正如 Rick 所指出的，我們正在通過嚴格匹配銷售速度與建設速度來實現這一目標。我們的部門一直並將繼續專注於以生產為先的運營。我們的執行是對我們的動態定價和先進先出銷售方法的持續改進和改進，從而可以有效控制哪些房屋以什麼價格出售。

In conclusion, it bears repeating that we remain disciplined and focused about our Everything's Included strategy and on being the builder of choice for our trade partners, a program, which is now entering its seventh year. This program has successfully created close-knit relationships with our strategic building partners, allowing both parties to make adjustments in these unprecedented times. These strategic relationships enable us to be better at solving problems in 2022 than we previously were.

總之，值得重申的是，我們保持紀律並專注於我們的“全包式”戰略，並致力於成為我們貿易夥伴的首選建設者，該計劃現已進入第七個年頭。該計劃成功地與我們的戰略建築合作夥伴建立了緊密的關係，使雙方能夠在這個前所未有的時代做出調整。這些戰略關係使我們能夠在 2022 年比以前更好地解決問題。

Additionally, as Stuart aptly noted, Kemp Gillis, Rick and I are currently traveling the country, meeting with senior management of key supply chain relationships to explore how to solve issues that need immediate attention and how to think differently about the supply chain going forward. We have meaningful exchanges of thoughts and ideas on how to alter the current configuration of the supply chain to reduce and remove future disruptions.

此外，正如 Stuart 恰當指出的那樣，Kemp Gillis、Rick 和我目前正在全國旅行，與關鍵供應鏈關係的高級管理人員會面，探討如何解決需要立即關注的問題，以及如何以不同的方式思考未來的供應鏈。我們就如何改變供應鏈的當前配置以減少和消除未來的中斷進行了有意義的思想和想法交流。

We believe these -- the results of these efforts will provide for the fastest path to stabilization of the supply chain for Lennar. We also expect to achieve meaningfully improved efficiencies and throughout the supply chain, providing for better control of both costs and cycle times.

我們相信，這些努力的結果將為 Lennar 提供穩定供應鏈的最快途徑。我們還期望顯著提高整個供應鏈的效率，從而更好地控製成本和周期時間。

Thank you, and I'll turn it over to Diane.

謝謝，我會把它交給黛安。

Thank you, Jon, and good morning, everyone. So Stuart, Rick and Jon have provided a great deal of color regarding our homebuilding performance. So therefore, I'm going to spend a few minutes on the results of our other business segments and our balance sheet and then provide detailed guidance for Q2 '22 and updated high-level guidance for fiscal year '22.

謝謝你，喬恩，大家早上好。因此，Stuart、Rick 和 Jon 為我們的住宅建設表現提供了很多色彩。因此，我將花幾分鐘時間了解我們其他業務部門和資產負債表的結果，然後為 22 年第二季度提供詳細指導，並為 22 財年提供更新的高級指導。

So starting with Financial Services. For the first quarter, our Financial Services team produced $91 million of operating earnings, slightly above the high end of our guidance. And then when you look at the details between mortgage and title, our mortgage operating earnings were $67 million compared to $100 million in the prior year. As we've indicated for several quarters, the mortgage market has become increasingly competitive for purchase business, as refinance volumes and resale inventory have declined. As a result, secondary margins have been decreasing. This was the primary driver of our first quarter, lower secondary margins as compared to the prior year.

所以從金融服務開始。第一季度，我們的金融服務團隊產生了 9100 萬美元的營業收入，略高於我們指導的高端。然後，當您查看抵押貸款和所有權之間的詳細信息時，我們的抵押貸款營業收入為 6700 萬美元，而去年為 1 億美元。正如我們幾個季度以來所指出的那樣，隨著再融資量和轉售庫存下降，抵押貸款市場對購買業務的競爭越來越激烈。因此，次要利潤一直在下降。這是我們第一季度的主要驅動因素，與去年相比，次要利潤率較低。

Title operating earnings were $21 million compared to $30 million in the prior year. The prior year included a onetime $11 million gain related to the early paydown of a note receivable. Excluding this gain, earnings increased this year primarily as a result of higher premiums driven by an increase in average sales products per transaction.

產權營業收入為 2100 萬美元，而上一年為 3000 萬美元。上一年包括與應收票據提前償還有關的一次性 1100 萬美元收益。剔除這一收益，今年的收益增加主要是由於每筆交易的平均銷售產品增加所推動的保費增加。

And then looking at our Lennar Other segment, as Stuart indicated, for the first quarter, our Lennar Other segment had an operating loss of $403 million. This loss was primarily the result of our noncash mark-to-market losses in our strategic technology investments which, as we indicated, totaled $395 million. As we've mentioned before, we are required to mark-to-market many of our technology investments that are publicly traded, and that valuation will fluctuate from quarter-to-quarter.

然後看看我們的 Lennar 其他部門，正如 Stuart 指出的那樣，第一季度，我們的 Lennar 其他部門的運營虧損為 4.03 億美元。這一損失主要是由於我們在戰略技術投資中按市值計價的非現金損失，正如我們所指出的那樣，損失總額為 3.95 億美元。正如我們之前提到的，我們需要對許多公開交易的技術投資按市值計價，而且估值會隨著季度的變化而波動。

And then turning to our balance sheet. We ended the quarter with $1.4 billion of cash and no borrowings on our $2.5 billion revolving credit facility for a total of $3.9 billion of homebuilding liquidity. During the quarter, we continued to focus on becoming land lighter. As a result, at quarter end, we owned 202,000 homesites and controlled 279,000 homesites for a total of 481,000 homesites. This portfolio of homesites provides us with a strong competitive position for continued growth.

然後轉向我們的資產負債表。我們在本季度結束時擁有 14 億美元的現金，我們 25 億美元的循環信貸工具沒有借款，總計 39 億美元的房屋建設流動性。在本季度，我們繼續專注於減輕土地負擔。因此，在季度末，我們擁有 202,000 個宅基地並控制了 279,000 個宅基地，總計 481,000 個宅基地。這個住宅區組合為我們提供了持續增長的強大競爭地位。

As Rick mentioned, our homesites controlled increased to 58% from 45% in the prior year, while our years owned stayed flat from the prior year at 3.5 -- 3.4 years. Land transactions may fluctuate quarter-to-quarter, but progress is made year-over-year. And so we are still on track to reach our goal of 2.75 years owned and the 65% homesites controlled by year-end.

正如 Rick 所提到的，我們控制的宅基地從上一年的 45% 增加到 58%，而我們擁有的年限與上一年持平，為 3.5 至 3.4 年。土地交易可能會逐季波動，但逐年取得進展。因此，我們仍有望實現擁有 2.75 年的目標，並在年底前控制 65% 的住宅。

And we remain committed to our focus on increasing shareholder returns. During the quarter, we repurchased 5.3 million shares, totaling $526 million. Additionally, we paid dividends totaling $110 million during the quarter, which was the result of a 50% increase of our annual dividend to $1.50 per share that took place in January of this year. Our next senior note maturity is $575 million, which we will pay in August of this year, and we have no maturities due in fiscal 2023. The result of all these transactions with homebuilding debt to total capital of 8.3%, which improved from 24% in the prior year.

我們仍然致力於增加股東回報。本季度，我們回購了 530 萬股股票，總額為 5.26 億美元。此外，我們在本季度支付了總計 1.1 億美元的股息，這是今年 1 月我們的年度股息增加 50% 至每股 1.50 美元的結果。我們的下一張優先票據到期日為 5.75 億美元，我們將在今年 8 月支付，我們在 2023 財年沒有到期。所有這些房屋建築債務交易的結果占總資本的 8.3%，從 24% 提高在前一年。

And then just a few final points on our balance sheet. Our stockholders' equity increased to $21 billion. Our book value per share increased to $69.98 and our return on inventory was 27.5%. In summary, we have a solid balance sheet that positions us well for the future.

然後只是我們資產負債表上的最後幾點。我們的股東權益增加到 210 億美元。我們的每股賬面價值增至 69.98 美元，庫存回報率為 27.5%。總而言之，我們擁有穩健的資產負債表，為我們的未來做好準備。

And so with that brief overview, I'd like to provide some guidance details. As we look forward to the second quarter, we're assuming that market conditions remain similar to what we see today, strong demand and limited inventory driven by continued supply chain challenges. So with that backdrop, we expect Q2 new orders to be in the range of 17,800 to 18,200 homes as we continue to moderate sales pace to match production cycle changing.

有了這個簡短的概述，我想提供一些指導細節。在我們展望第二季度的同時，我們假設市場狀況與我們今天看到的情況相似，強勁的需求和有限的庫存受到持續的供應鏈挑戰的推動。因此，在這種背景下，我們預計第二季度的新訂單將在 17,800 至 18,200 套房屋之間，因為我們將繼續放慢銷售步伐以適應生產週期的變化。

Community count is always challenging to estimate as it's difficult to precisely predict when communities will open and when they will close out. However, we do expect our Q2 ending community count to be slightly up as compared to Q2 of last year. Taking into consideration the continued supply chain challenges, we anticipate our Q2 deliveries will be in the range of 16,000 to 16,300, and our Q2 average sales price should be about 470,000. We expect to continue to produce strong gross margins in the range of 28% to 28.25%, and we expect our SG&A to be between 6.8% and 7%, as we continue to focus on simplification, efficiencies and leveraging our overhead.

社區數量總是難以估計，因為很難準確預測社區何時開放以及何時關閉。但是，我們確實預計第二季度結束的社區數量將比去年第二季度略有增加。考慮到供應鏈的持續挑戰，我們預計我們第二季度的交付量將在 16,000 到 16,300 之間，我們的第二季度平均銷售價格應該在 470,000 左右。我們預計將繼續在 28% 至 28.25% 的範圍內產生強勁的毛利率，我們預計我們的 SG&A 將在 6.8% 至 7% 之間，因為我們將繼續專注於簡化、效率和利用我們的間接費用。

And for the combined homebuilding joint venture, land sale and other categories, we expect a loss of about $10 million. And then looking at our other businesses, we anticipate that Financial Services earnings for Q2 will be in the range of $90 million to $100 million as market competition for purchased business continues to increase. We expect a loss of about $10 million to $15 million for our multifamily business. And for the Lennar Other category, we expect a loss of about $10 million. This guidance does not include any potential mark-to-market adjustments to our technology investments since that adjustment will be determined by their stock prices at the end of our quarter.

而對於聯合住宅建設合資企業、土地出售和其他類別，我們預計虧損約 1000 萬美元。然後看看我們的其他業務，我們預計第二季度的金融服務收入將在 9000 萬美元到 1 億美元之間，因為市場對已購買業務的競爭繼續加劇。我們預計我們的多戶家庭業務將損失約 1000 萬至 1500 萬美元。對於 Lennar 其他類別，我們預計損失約為 1000 萬美元。該指南不包括對我們的技術投資的任何潛在的按市值調整，因為該調整將由我們季度末的股價決定。

We expect our Q2 corporate G&A to be about 1.5% of total revenue and our charitable foundation contribution will be based on $1,000 per home delivered. And we expect our tax rate to be approximately 25%. The weighted average share count for the quarter should be approximately 292 million shares. And so when you pull all this together, this guidance should produce an EPS range of $3.80 to $4 per share for the second quarter.

我們預計我們的第二季度公司 G&A 將佔總收入的 1.5% 左右，我們的慈善基金會捐款將基於每家交付 1,000 美元。我們預計我們的稅率約為 25%。本季度的加權平均股數應約為 2.92 億股。因此，當您將所有這些放在一起時，該指導應該會產生第二季度每股 3.80 美元至 4 美元的每股收益範圍。

And then turning to full year guidance. We are increasing as we mentioned, our guidance for the year. We now expect to deliver approximately 68,000 homes more or less, which is an increase from our previous guidance of 67,000 homes. We believe our average sales price for the year will be in the range of $470,000 to $475,000. This would result in about $32 billion of homebuilding revenue, which would be an increase of more than 25% from fiscal '21.

然後轉向全年指導。正如我們所提到的，我們正在增加我們對這一年的指導。我們現在預計或多或少地交付大約 68,000 套房屋，這比我們之前的 67,000 套房屋有所增加。我們相信我們今年的平均銷售價格將在 470,000 美元至 475,000 美元之間。這將帶來約 320 億美元的住宅建設收入，比 21 財年增長 25% 以上。

We are also increasing our gross margin guidance for the year, as we mentioned. We now expect our margins to be in the range of 27.25% to 28%, which is an increase from our previous guidance of 27% to 27.5%. We've provided somewhat of a wide range to take into consideration some of the potential uncertainties as we look ahead. And with our continued focus on technology and efficiency and an increase in volume, we expect our full year SG&A to be in the range of 6.6% to 6.8%.

正如我們所提到的，我們還在增加今年的毛利率指導。我們現在預計我們的利潤率將在 27.25% 至 28% 的範圍內，高於我們之前的 27% 至 27.5% 的指導。在我們展望未來時，我們提供了一些範圍廣泛的範圍以考慮一些潛在的不確定性。隨著我們對技術和效率的持續關注以及數量的增加，我們預計全年的 SG&A 將在 6.6% 至 6.8% 的範圍內。

And for Financial Services, we're affirming our annual guidance of $440 million to $450 million. And finally, our tax rate should be approximately 25%. And so as we continue to execute our core operating strategies, maintain a strong balance sheet and remain focused on cash flow generation and returns, we are in an excellent position to have a strong fiscal year 2022.

對於金融服務，我們確認我們的年度指導為 4.4 億美元至 4.5 億美元。最後，我們的稅率應該是 25% 左右。因此，隨著我們繼續執行我們的核心運營戰略，保持強勁的資產負債表並繼續專注於現金流的產生和回報，我們處於一個非常有利的位置，可以實現強勁的 2022 財年。

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

有了這個，讓我把它交給操作員。

(Operator Instructions) Truman Patterson with Wolfe Research.

（操作員說明）Wolfe Research 的 Truman Patterson。

So first, you mentioned that cycle times extended a couple of weeks, but you increased your closings guidance and starts remain relatively healthy. So 2-part question for me on the supply chain. Just first, you all mentioned visiting manufacturers. I'm hoping you can elaborate on some of your internal initiatives that might be giving you better access to materials, labor and whether some of the materials that you mentioned, if there's any kind of relief in sight going forward?

因此，首先，您提到週期時間延長了幾週，但您增加了關閉指導，並且開始保持相對健康。所以對我來說供應鏈的兩部分問題。首先，你們都提到了參觀製造商。我希望你能詳細說明你的一些內部舉措，這些舉措可能會讓你更好地獲得材料、勞動力，以及你提到的一些材料，如果未來有任何緩解？

And then the second part, you made an interesting comment about enhancing your market position. You all gained quite a bit of share last quarter. I'm hoping you can give us kind of the lay of the land in 2022 for smaller private peers in a pretty constrained environment and your ability to continue taking share.

然後在第二部分，您對提升您的市場地位發表了有趣的評論。上個季度你們都獲得了相當多的份額。我希望您能在 2022 年為我們在相當有限的環境中為較小的私人同行提供土地，以及您繼續分享份額的能力。

So let me start, and I'll hand it over to Jon in a second and say that -- as I noted, Truman, we are not just picking up steam, but we're picking up confidence and a lot of that derives from the focus on starts. It's not that the supply chain is quickly getting resolved, it's that we are putting more homes in the ground. We recognize that cycle time is extended, and with additional homes under production that are farther along, we have a larger pool to draw from as we look at closings. So we're picking up steam and picking up confidence in being able to, in the current environment, kind of see some visibility to what we're able to deliver.

所以讓我開始吧，我馬上把它交給喬恩，然後說——正如我所指出的，杜魯門，我們不僅在提速，而且在提振信心，其中很多源於重點開始。並不是供應鏈正在迅速得到解決，而是我們正在建造更多的房屋。我們認識到週期時間延長了，並且隨著更多的房屋正在生產中，我們在關閉時有更大的資金池可供使用。因此，我們正在加快步伐並增強信心，在當前環境下能夠看到我們能夠提供的一些可見性。

And let me just say it is -- this is not an easy migration. It is taking a lot of focus, time and attention. And I just want to say that what we're finding is that size and scale matter quite a lot. That means the way that we engage with our building partners and that builder of choice kind of mentality that we brought to the table is critical and the day-to-day engagement directly with the participants in the supply chain is becoming more and more important. When you put those pieces together, you find -- we find that we're able to have greater visibility as to how our business is migrating forward.

我只想說——這不是一個容易的遷移。它需要大量的注意力、時間和注意力。我只想說，我們發現的大小和規模非常重要。這意味著我們與建築合作夥伴互動的方式以及我們提出的那種選擇的心態至關重要，而且與供應鏈參與者的日常接觸變得越來越重要。當您將這些部分放在一起時，您會發現 - 我們發現我們能夠更好地了解我們的業務如何向前遷移。

So Jon, maybe, you'd like to embellish on that.

所以喬恩，也許，你想修飾一下。

Yes. I think you hit a lot of the key points, Stuart. Starting with size and scale, as you mentioned, really gives us a seat at the table and the prioritization. But Truman, as you would imagine, if you sit down with CEOs and key executives of manufacturers, of distributors for 4 to 6 hours, really opening up the thought process to how do we have a different approach to the products we buy, to the way that they're distributed, to joining together manufacturers and distributors, to think through from the origin of the supply chain all the way to the installation of home, you're going to come up with a lot of interesting thoughts and ideas. And we're in the process right now of really vetting those. We'll be beta testing them and are very confident that we already see opportunities for significant improvement.

是的。斯圖爾特，我認為你達到了很多關鍵點。正如您所提到的，從規模和規模開始，確實讓我們在談判桌上佔有一席之地並確定優先級。但是杜魯門，正如你想像的那樣，如果你與製造商、分銷商的首席執行官和主要高管坐下來 4 到 6 個小時，真正開啟思考過程，讓我們了解如何對我們購買的產品採取不同的方法，從他們的分銷方式，到聯合製造商和分銷商，從供應鏈的起源一直到家庭的安裝，你會想出很多有趣的想法和想法。我們現在正在真正審查這些。我們將對它們進行 Beta 測試，並且非常有信心我們已經看到了顯著改進的機會。

As I mentioned, it's going to give us better cost control for both us and for our trade partners and give us much more clarity as to the delivery process. And it begins a lot with our technology and our ability to give forecasting information, with real clarity to our vendors, which is critically important for them as they plan how to strategically supply us.

正如我所提到的，這將為我們和我們的貿易夥伴提供更好的成本控制，並使我們對交付過程更加清晰。它從我們的技術和我們提供預測信息的能力開始，為我們的供應商提供真正清晰的信息，這對他們來說至關重要，因為他們計劃如何戰略性地為我們供貨。

And Rick, why don't you weigh in on market share and where we think the current supply chain programming brings us on ability to capture even greater market share.

瑞克，你為什麼不權衡一下市場份額，以及我們認為當前的供應鏈計劃在哪些方面讓我們有能力獲得更大的市場份額。

Yes. So there's no question we continue to gain market share on the private builders and many of the larger or mid-market public builders. This is going to continue to happen. A lot of this is driven by really access to land. Because when we have 20% to 40% market shares, the land market needs to work with us. So those land relationships are driving a lot of the gain. And then just the efficiency of our product, our Everything's Included program allows us to work much more efficiently with the supply chain. And as a result of that, we're capturing more product.

是的。因此，毫無疑問，我們繼續在私人建築商和許多大型或中型市場公共建築商中獲得市場份額。這將繼續發生。這在很大程度上是由真正獲得土地所驅動的。因為當我們擁有 20% 到 40% 的市場份額時，土地市場需要與我們合作。因此，這些土地關係推動了很多收益。然後只是我們產品的效率，我們的 Everything's Included 計劃使我們能夠更有效地與供應鏈合作。因此，我們正在捕獲更多產品。

Okay. And you all are acknowledging the risks, but you mentioned that demand should remain strong for the foreseeable future. My question is more on the land side and higher rates outlook, et cetera. Have you seen any shifts in landowners' willingness to option or changes in land banking terms that might push out your ability to hit that 65% option target by the end of 2022?

好的。你們都承認存在風險，但你們提到在可預見的未來，需求應該會保持強勁。我的問題更多是在土地方面和更高的利率前景等等。您是否看到土地所有者選擇意願的任何變化或土地儲備條款的變化可能會影響您在 2022 年底之前實現 65% 的選擇目標的能力？

The short answer to that is no, there haven't been shifts in appetite or ability to option. And remember that we're focused on building a structured approach to that -- the option program and have been working through land structures to do that. I think that we'll be able -- we are certainly migrating in that direction with a greater portion of our land asset option versus owned, and I think it will continue in that direction.

對此的簡短回答是否定的，胃口或選擇能力沒有變化。請記住，我們專注於建立一個結構化的方法——期權計劃，並且一直在通過土地結構來做到這一點。我認為我們將能夠 - 我們肯定會朝著這個方向遷移，我們的土地資產選擇權與擁有權相比，我認為它將繼續朝著這個方向發展。

Our next caller is Mike Rehaut from JPMorgan.

我們的下一位來電者是摩根大通的 Mike Rehaut。

Thanks. First, I just wanted to kind of go back to some of the comments you made on demand, and very much appreciate the fact that you kind of stated in a couple of different instances in the prepared remarks about how demand remains so strong. I think, obviously, everyone is very, very much focused on any type of graduated difference. In other words, maybe, still remaining very, very strong, very robust. But any kind of changes on the edges?

謝謝。首先，我只是想回到您根據需求發表的一些評論，並且非常感謝您在準備好的評論中在幾個不同的情況下陳述了需求如何保持如此強勁的事實。我認為，顯然，每個人都非常非常關注任何類型的畢業差異。換句話說，也許，仍然非常、非常強大、非常強大。但是邊緣有什麼變化嗎？

And what I'm referring to is, obviously, yesterday, we had an AHP survey where future sales component was down 10 points. Obviously, that's a national number and might be just truly more sentiment-driven. We also had a private builder call yesterday that we hosted where, on the margin, very, very minor and still, characterizing the market as strong as you did. The builder kind of pointed to maybe the first-time or entry-level buyer taking a little bit longer to make a decision, maybe a very slight pickup in cancellations and even taking a slightly smaller home or a home further out to adjust to the new interest rate backdrop.

我指的是，顯然，昨天，我們進行了 AHP 調查，其中未來的銷售部分下降了 10 個百分點。顯然，這是一個全國性的數字，可能真的更受情緒驅動。昨天我們還接到了一個私人建築商電話會議，我們主持了一個非常非常小規模的會議，但仍然表明市場和你一樣強勁。該建築商指出，首次購買或入門級買家可能需要更長的時間來做出決定，取消訂單的次數可能會略有增加，甚至會選擇稍微小一點的房子或更遠的房子來適應新的利率背景。

So in that context, I'm just curious, again, on the margin, if you've seen anything across that entry-level, lower price point, if any markets stand out in that regard as well.

因此，在這種情況下，我只是好奇，再次，在邊緣，如果你在那個入門級，更低的價格點上看到任何東西，如果有任何市場在這方面也很突出。

So Mike, I tried to be very clear in my comments. I noted that our -- earlier this week, management call, we surveyed almost exactly that question across our geographic footprint. And the answer is were that sales were ranging anywhere from strong to very strong. And I think that, that's the -- that's been the consistent answer by our divisions and our regional presidents. So that's what we've been seeing.

所以邁克，我試圖在我的評論中非常清楚。我注意到，我們的 - 本週早些時候，管理層電話會議，我們幾乎完全調查了整個地理足蹟的問題。答案是銷售從強勁到非常強勁不等。我認為，這就是我們各部門和地區總裁的一致回答。這就是我們所看到的。

Now with that said, I also try to daylight in my comments that there are definitely elements in the economy that give rise to questions, and I know that some will kind of look for any evidence of kind of a change in the environment. We haven't seen it yet, and yet, we're very cognizant of inflation and inflationary pressures, interest rates and the upward movement that is -- I can never predict interest rates, but it's seemingly all but certainly moving up, and we recognize that there are potential cross currency here. But those very crosscurrents can be arguments both for sustainable strength in the market as well as fissure in the market.

話雖如此，我也試圖在我的評論中闡明經濟中肯定存在引起問題的因素，而且我知道有些人會尋找任何證據表明環境發生了變化。我們還沒有看到它，但是，我們非常清楚通脹和通脹壓力、利率和上升趨勢——我永遠無法預測利率，但它似乎幾乎肯定會上升，我們認識到這裡有潛在的交叉貨幣。但是，那些非常逆流的趨勢既可以成為市場可持續實力的論據，也可以成為市場裂縫的論據。

In the current environment, as I noted, wages are going up, but so too are housing costs, the inflationary pressures on rental rates. This is really important as we look at first-time buyers and people coming into our welcome home centers, they're seeing significant increases in their rental rates and looking for a defense mechanism and stability measure that they can inject in their finances to at least hold steady one component of their cost structure. They can't really do much for gas prices and food, but their housing cost, they can fix with a 30-year fixed-rate mortgage.

正如我所指出的，在當前環境下，工資正在上漲，但住房成本也在上漲，租金價格面臨通脹壓力。這一點非常重要，因為我們關注首次購房者和進入我們歡迎之家中心的人，他們看到他們的租金顯著增加，並正在尋找一種防禦機制和穩定措施，他們至少可以在他們的財務中註入保持其成本結構的一個組成部分。他們真的不能為汽油價格和食物做多少，但他們的住房成本，他們可以用 30 年的固定利率抵押貸款來解決。

So there are cross currents out there -- we have not seen to date any change in the demand patterns except towards strength, and we're watching it very carefully as you are. And we're just giving you as straight a shot as we can. Across the country, it's been pretty strong.

因此，那裡存在交叉流——到目前為止，我們還沒有看到需求模式的任何變化，除了向強度方向變化，我們正在非常仔細地觀察它。我們只是盡可能直接地給你一個機會。在全國范圍內，它非常強大。

And the only thing I'd add to that, Stuart, is sequentially, our cancellation rates actually went down. And what we're finding is that if something cancels, that home is gobbled up very quickly at a higher price than what it was put under contract. So the markets are strong and just continue to feel healthy.

斯圖爾特，我唯一要補充的是，我們的取消率實際上下降了。我們發現，如果取消某些東西，那所房子很快就會以比合同規定的價格更高的價格被吞併。所以市場很強勁，只是繼續感覺健康。

And Mike, I would also add that, as we mentioned, we're very careful at controlling what we release for sale. There's clearly demand across all our markets, where if we released more homes, that they would sell. And people are waiting for us to release more homes. And I'd also point out 1 data point which I think just supports the current state of what we're seeing, is that our web sessions online are up over 20% year-over-year and the conversion of those to leads is up almost 50%, just indicating the significant interest that's out there in homeownership.

邁克，我還要補充一點，正如我們所提到的，我們非常小心地控制我們發布的待售產品。我們所有的市場都有明顯的需求，如果我們釋放更多的房屋，他們就會出售。人們正在等待我們釋放更多的房屋。我還要指出 1 個數據點，我認為它只是支持我們所看到的當前狀態，即我們的在線網絡會話同比增長超過 20%，並且這些轉化為潛在客戶的轉化率上升幾乎 50%，這只是表明人們對房屋所有權的極大興趣。

No. Those comments are really helpful, and I appreciate, Rick and Jon, your added comments as well. It's very, very helpful. Maybe, a second question, kind of shifting to SpinCo. A lot of focus there, obviously. Just trying to get a sense, you mentioned -- kind of a 2-parter here. You mentioned the land strategies component of the SpinCo that would have $4 billion to $5 billion of assets under management. Just trying to confirm if when you think about the SpinCo in totality, how should we think about the total amount of assets that will be taken off of Lennar's balance sheet? I assume the $4 billion to $5 billion is a part of that, but perhaps there's incremental parts as well.

不。這些評論真的很有幫助，我也很感謝 Rick 和 Jon，你添加的評論也是如此。這非常非常有幫助。也許，第二個問題，有點轉向 SpinCo。很明顯，那裡有很多焦點。只是想了解一下，你提到過——這裡是一種兩方。您提到了剝離公司的土地戰略部分，該部分將管理 40 億至 50 億美元的資產。只是想確認當您從整體上考慮 SpinCo 時，我們應該如何考慮將從 Lennar 資產負債表中刪除的資產總額？我認為 40 億到 50 億美元是其中的一部分，但也許還有增量部分。

And secondly, in terms of the fees that are made because obviously, there's going to be an asset management business effectively. When you think about the fees on the multifamily, on the single-family for rent, on the land strategies, how should we think about percent fees as a percent of assets under management in terms of an income stream?

其次，就收取的費用而言，顯然，資產管理業務將會有效。當您考慮多戶家庭、單戶家庭出租、土地戰略的費用時，我們應該如何將費用百分比視為收入流中所管理資產的百分比？

So decidedly, Mike, we haven't given enough detail for you to make those translations and we're not prepared to give that detail. In terms of the assets that are flowing from Lennar towards SpinCo, I think that it's still good math to think in terms of $5 billion to $6 billion. Some of it has already gone, migrated into assets under management that will ultimately be verticals of SpinCo. And -- but we don't have a clear translator for you at this point. But order of magnitude, from the assets that will actually be spun on the day of the spin to the assets that are being put into the SpinCo, it's in that order of magnitude.

很明顯，邁克，我們沒有為您提供足夠的細節來進行這些翻譯，我們也不准備提供這些細節。就從 Lennar 流向 SpinCo 的資產而言，我認為從 50 億美元到 60 億美元來考慮仍然是一個很好的數學計算。其中一些已經消失，轉移到管理的資產中，最終將成為 SpinCo 的垂直領域。而且——但我們目前還沒有為您提供明確的翻譯。但是數量級，從在剝離當天實際剝離的資產到投入剝離公司的資產，都是這個數量級。

If you look at, for example -- if you look, for example, at the multifamily component, the multifamily component, year-over-year or from the end of the fourth quarter to the end of this quarter, we've gone from about $10 billion of assets under management to about $10.7 billion. I can't give you a percentage, but a sizable percentage of that increase in assets under management was actually land and construction for multifamily that migrated into an asset -- an AUM asset management program. Relative to land, some of the land that will be in land strategies is coming from book, some of it is coming from assets that we're purchasing that are never coming on to book. So there isn't a perfect translator.

例如，如果您查看 - 例如，如果您查看多戶家庭組件，多戶家庭組件，同比或從第四季度末到本季度末，我們已經從管理資產約 100 億美元至約 107 億美元。我不能給你一個百分比，但管理資產增加的相當大百分比實際上是多戶家庭的土地和建築，它們遷移到資產 - AUM 資產管理計劃。相對於土地，土地戰略中的一些土地來自預定，其中一些來自我們正在購買的資產，這些資產永遠不會被預定。所以沒有完美的翻譯。

I still think that order of magnitude, we're looking in that $5 billion to $6 billion range of assets that will have migrated into that form of ownership, and you're seeing cash flow into Lennar reflective of some of that as we make the migration towards a spin-off day.

我仍然認為這個數量級，我們正在尋找 50 億到 60 億美元範圍內的資產，這些資產將轉移到這種所有權形式中，你會看到流入 Lennar 的現金流反映了其中一些，因為我們使向分拆日遷移。

In terms of the fee stream, we haven't laid out how those fee streams work, and we haven't built for the stream, yet the model of how those fees will work. But there will be that clarity as we get closer to a spin-off day.

在費用流方面，我們還沒有說明這些費用流是如何工作的，我們還沒有為這個流構建，但是這些費用將如何工作的模型。但隨著我們接近分拆日，就會有這種清晰性。

Stephen Kim with Evercore ISI.

斯蒂芬金與 Evercore ISI。

I wanted to ask you a couple of questions about the land situation. It was interesting to me that your lots owned increased pretty noticeably this quarter, sequentially. I was just curious if you could sort of talk about that because that number had been kind of flat for quite a while. And just, if you could put it in the context of your broader overall outlook, which would seem to be calling for a downward trajectory from the 202 you own today.

我想問你幾個關於土地情況的問題。令我感興趣的是，您擁有的地塊本季度環比增長相當顯著。我只是好奇你能不能談談這個，因為這個數字已經有一段時間了。只是，如果你能把它放在你更廣泛的整體前景的背景下，這似乎要求從你今天擁有的 202 開始向下的軌跡。

And then secondly, we did an analysis where we looked at where -- how much land you either owned or controlled right before the pandemic hit, and we assume that you didn't walk away from many of your options. And if you sort of do that and sort of work that down from whatever closings you've done since then, I mean, you wind up with a very, very significant number of lots that I would think are probably reflecting pre-pandemic pricing. Something on the order of prior to this quarter, 180,000 lots, and then you only delivered another 12,000 or whatever this quarter. So a very, very significant percentage of the land you have still has pre-pandemic pricing embedded in and I was curious if you could comment on whether you think that, that's an accurate statement.

其次，我們進行了分析，我們查看了在大流行發生之前您擁有或控制的土地數量，我們假設您沒有放棄許多選擇。而且，如果您從那以後所做的任何關閉中都這樣做並進行某種工作，我的意思是，您最終會得到非常非常大量的地塊，我認為這些地塊可能反映了大流行前的定價。本季度之前的訂單是 180,000 手，然後您在本季度只交付了另外 12,000 手或其他任何東西。因此，您擁有的土地中有很大一部分仍然嵌入了大流行前的定價，我很好奇您是否可以評論一下您是否認為這是一個準確的陳述。

Okay. So I'm going to ask Diane to lead with an answer on this one because she spends all of the time focusing and obsessing over the -- and Rick to follow up. So go ahead.

好的。所以我要讓黛安帶頭回答這個問題，因為她把所有的時間都花在了專注和痴迷上——而瑞克會跟進。所以請繼續。

Yes. I guess I'd say, Steve, yes, you're right. I mean our -- look, as I said in my comments, land purchases are -- they fluctuate quarter-to-quarter. You often see a pickup in the first quarter because our land sellers are very motivated often to transact before the calendar year is over. But I wouldn't extrapolate that. It's just lumpy, and we're really focused on just making progress year-over-year. So you are right, a little heavier this quarter, but it's just lumpy and it fluctuates.

是的。我想我會說，史蒂夫，是的，你是對的。我的意思是我們的 - 看，正如我在評論中所說，土地購買是 - 它們每季度都在波動。您經常會在第一季度看到回升，因為我們的土地賣家經常非常有動力在日曆年結束之前進行交易。但我不會推斷這一點。這只是塊狀，我們真的專注於逐年取得進展。所以你是對的，這個季度有點重，但它只是塊狀並且波動。

Yes. Diane is exactly right. A lot of that was just timing. Some of it was driven -- a lot of it was driven by potential fear of tax rate changes, given some of the talk that was going on earlier in the election cycle. People wanted to avoid paying a higher tax and transacting in 2022. It's really just timing. We're very focused on bringing that down.

是的。黛安完全正確。其中很多只是時機。考慮到選舉週期早些時候正在進行的一些談話，其中一些是由對稅率變化的潛在恐懼驅動的。人們希望避免在 2022 年支付更高的稅款和進行交易。這真的只是時機。我們非常專注於降低它。

And with regard to your question about pre-pandemic pricing and land opportunities, you're right. And I think that's why you're seeing our margins continue to improve and the level of land embedded on a cost percentage to be very attractive. So we're really pleased with what our land teams have done.

關於你關於大流行前定價和土地機會的問題，你是對的。我認為這就是為什麼您會看到我們的利潤率繼續提高，並且嵌入成本百分比的土地水平非常有吸引力。因此，我們對我們的土地團隊所做的工作感到非常滿意。

Yes, it would seem to suggest quite a bit of hang time here in terms of the margin opportunity, particularly with the fact that home prices are still going up. And that sort of segues to my next question. You -- we know that when you look at your average price and backlog, for instance, that, that can be influenced by more shorter cycle times for cheaper homes and longer cycle times for more expensive homes and that sort of thing. But if I look at your order price, the average price you took in orders this quarter, I would generally think that those mix shift effects should be very muted. And we noticed that your average order price was something on the order of $495,000 which was -- I think it was up like 6% or something like that sequentially, which is a very, very strong number.

是的，就利潤機會而言，這似乎表明這裡有相當長的等待時間，尤其是在房價仍在上漲的情況下。我的下一個問題就是這種情況。您 - 我們知道，例如，當您查看平均價格和積壓訂單時，這可能會受到更短的更便宜房屋的周期時間和更長的更昂貴房屋的周期時間等因素的影響。但是，如果我查看您的訂單價格，即您本季度訂單的平均價格，我通常認為這些混合轉移效應應該非常溫和。我們注意到您的平均訂單價格約為 495,000 美元，我認為它連續上漲了 6% 或類似的價格，這是一個非常非常強勁的數字。

And I was curious as to whether or not you believe that, that's a reasonable level that we could expect your closings in some quarter, in the not-too-distant future could reach. I know that your guidance for closings was 4 72. It seems like it's baking in a fair amount of conservatism when you contrast it with the 4 95 you did this quarter. So I was hoping you could comment on that.

我很好奇你是否相信，這是一個合理的水平，我們可以預期你在某個季度關閉，在不久的將來可能達到。我知道您對關閉的指導是 4 72。當您將其與本季度的 4 95 進行對比時，它似乎在相當保守的情況下烘烤。所以我希望你能對此發表評論。

Rick, why don't you take it?

瑞克，你為什麼不接受它？

Well, so we're not guiding for a 4 95 ASP for the 2022. A lot of this is just mix and timing of sale and which communities we've released product from. There's no question, we are seeing a very healthy sales price. We'll continue to execute on a strategy of releasing sales in small releases to maximize that price. And there is tremendous pricing power out there. But given the overall mix of communities that we have for the balance of the year going in and the product that we've started, some of those are smaller homes that we just haven't released for sale yet, that are going to blend that price.

好吧，所以我們沒有為 2022 年的 4 95 ASP 提供指導。其中很多只是銷售的組合和時間以及我們從哪些社區發布了產品。毫無疑問，我們看到了非常健康的銷售價格。我們將繼續執行以小版本發布銷售的策略，以最大限度地提高價格。而且那裡有巨大的定價能力。但考慮到我們在今年餘下時間擁有的社區的整體組合以及我們已經開始的產品，其中一些是我們尚未發佈出售的小型房屋，它們將融合價格。

And Steve, just to add some color to what Rick said. We are very focused on accelerated growth in Texas. So let he was referring to that community-driven mix. It's not a timing thing, it's strategic, and it's going to be ongoing as compared to the growth rate in California. California is still growing and has a higher ASP, but Texas is growing about twice as fast, strategically, for us at a lower ASP.

還有史蒂夫，只是為了給瑞克的話增添一些色彩。我們非常關注德克薩斯州的加速增長。所以讓他指的是社區驅動的組合。這不是時間問題，而是戰略性的，與加利福尼亞的增長率相比，它將持續下去。加利福尼亞州仍在增長，並且平均售價較高，但德克薩斯州的增長速度大約是戰略性的兩倍，因為我們的平均售價較低。

John Lovallo with UBS.

瑞銀的約翰·洛瓦洛。

The first one is on the delivery outlook being raised, which is obviously encouraging. Just curious though, what the impact from the Breland acquisition would be and if there's any sort of back half gross margin, even negative impact from purchase accounting that we should consider. And maybe, that's why there's not that second half kind of move up in margins that some would have expected.

第一個是上調交貨前景，這顯然是令人鼓舞的。只是好奇，收購 Breland 會產生什麼影響，以及是否有任何形式的後半毛利率，甚至是我們應該考慮的採購會計的負面影響。也許，這就是為什麼下半年利潤率沒有像某些人預期的那樣上升的原因。

Yes, John, very, very small. Happy to have positioned ourselves into a new market, as Rick indicated, but it's very small. The Breland will add only about 1% to our delivery count for the year. So pleased to have a new market but very small relative to total delivery.

是的，約翰，非常非常小。正如 Rick 所說，很高興將自己定位到一個新市場，但它非常小。 Breland 將僅使我們今年的交付數量增加約 1%。很高興有一個新市場，但相對於總交付量來說非常小。

Got it. And then so the purchase accounting would also be very small, I'd imagine that.

知道了。所以採購會計也將非常小，我想是這樣的。

Yes, that's right. Very little gross margin, as you can imagine, but again, not very impactful to total gross margin given the small volume.

是的，這是正確的。正如您可以想像的那樣，毛利率非常低，但同樣，考慮到銷量較小，對總毛利率影響不大。

Got it. Okay. And then on the SpinCo, the land strategy, it seems like you guys are leaning towards spinning it and optioning back rather than, I think, at one time, there was some talk about possibly selling it and optioning the land back. Is that sort of the final decision, do you think? And what's driving that decision to sort of spin it?

知道了。好的。然後關於 SpinCo，土地戰略，你們似乎傾向於旋轉它並選擇回來，而不是，我認為，曾經有人談論過可能出售它並選擇土地。你認為這是最終決定嗎？是什麼推動了這個決定旋轉它？

I'm not sure I'm following the question. It's spinning versus selling and optioning back -- help me out with that.

我不確定我是否在關注這個問題。這是旋轉與出售和選擇回來 - 幫助我解決這個問題。

Yes, sure. So I'll try to be more clear. I thought, and correct me if I'm wrong, that there was talk at some time of potentially not spinning the land, but actually selling it where there would be cash proceeds that would be received and they could be used for various things like funding working capital, buying back stock, things of that nature. Maybe, I'm misunderstanding, but that was my impression.

是的，當然。所以我會盡量說得更清楚。我想，如果我錯了，請糾正我，在某個時候有人談論可能不會旋轉土地，但實際上將其出售到可以獲得現金收益的地方，它們可以用於各種事情，例如資金營運資金，回購股票，諸如此類的事情。也許，我有誤解，但這是我的印象。

No, that is exactly what's happening is -- look, we basically, in all of these areas, stood up asset management verticals. And ultimately, they will be pulled together as SpinCo. Those verticals are -- they are currently using third-party capital to acquire assets and assets that, in some instances, we have on our book, in some instances, we are buying from third parties, are going into those asset management verticals currently.

不，這正是正在發生的事情——看，我們基本上在所有這些領域都建立了資產管理垂直領域。最終，它們將合併為 SpinCo。這些垂直領域是——他們目前正在使用第三方資本來收購資產和資產，在某些情況下，我們在我們的賬簿上擁有這些資產，在某些情況下，我們從第三方購買，目前正在進入這些資產管理垂直領域。

As the assets started on our book, that is generating cash for Lennar and being redeployed into the business or for stock buyback, debt retirement or whatever the strategy is. But the SpinCo process is already in progress right now and the migration of assets to the asset management verticals is happening both for Lennar multifamily first, SFR and for land strategies.

隨著資產在我們的賬簿上開始，即為 Lennar 產生現金並重新部署到業務中或用於股票回購、債務償還或任何戰略。但 SpinCo 流程現在已經在進行中，資產向資產管理垂直領域的遷移正在發生在 Lennar 多戶優先、SFR 和土地戰略中。

And as we pull that together, I think it will be clearer that some of the assets are coming from our book and generating cash to the core and some of them are just avoiding cash that would otherwise be spent on the side of each of those verticals, and that is happening currently as we prepare for the actual spin-off.

當我們把這些放在一起時，我認為會更清楚一些資產來自我們的賬簿並為核心產生現金，其中一些只是避免現金，否則這些現金會花在每個垂直行業的一邊，而這正在發生，因為我們正在為實際的分拆做準備。

And maybe, John, I'll just jump in because you and I have talked about this. I think -- remember, you're absolutely right, there was going to be a contribution of land. But as Stuart mentioned, as we refined the thinking and thought that having a land-lighter balance sheet, a land-light balance sheet or asset-light balance sheet for SpinCo was the better way to go, that was the migration into assets under management for all of the components, not just the multifamily and the single-family rental, which were always going to be assets under management. So you might remember that we made that transition in the best interest of SpinCo.

也許，約翰，我會加入，因為你和我已經談過了。我認為——記住，你說得對，土地會有所貢獻。但正如 Stuart 所提到的，當我們提煉思路並認為擁有輕土地資產負債表時，對於 SpinCo 而言，輕土地資產負債表或輕資產資產負債表是更好的選擇，那就是遷移到管理資產對於所有組件，不僅僅是多戶型和單戶型出租，它們始終是管理資產。因此，您可能還記得，我們為了 SpinCo 的最大利益做出了這種轉變。

Yes. And not only in the best interest of SpinCo. Given the amount of time that it has been taking to get SpinCo stood up, not to simply wait and then contribute, and then reconfigure, we've just been doing it as we're going. Matt Zames, as we've noted, has been working with us on this and has been an advocate for, let's not waste time, let's get this going right now. If you know Matt, he's that kind of person. And so we have energized the program of converting assets into cash, turning cash into stock buyback, into debt retirement, into increased inventory and increased certainty in deliveries. And that's exactly what's been happening as we prepare to spend.

是的。而且不僅符合 SpinCo 的最佳利益。考慮到讓 SpinCo 站起來所花費的時間，而不是簡單地等待然後做出貢獻，然後重新配置，我們一直在做這件事。正如我們所指出的，Matt Zames 一直在與我們合作，並且一直倡導我們不要浪費時間，讓我們現在就開始吧。如果你認識馬特，他就是那種人。因此，我們啟動了將資產轉化為現金、將現金轉化為股票回購、債務清償、增加庫存和提高交付確定性的計劃。這正是我們準備花錢時正在發生的事情。

Okay. Why don't we do our last question?

好的。我們為什麼不做最後一個問題？

Alan Ratner with Zelman & Associates.

Alan Ratner 與 Zelman & Associates。

So there's been some data points that suggest maybe more in a global kind of a housing market scale that recently, the strength in sales at least on a year-over-year basis has been driven primarily by non-primary buyers. So that would kind of be a catch-all for second home buyers, SFR investors and funds, build-to-rent, et cetera. And the actual primary buyer activity has kind of stalled a little bit. And there's probably a lot of reasons for that, and maybe that's not representative of the new home market specifically.

因此，有一些數據點表明，在全球範圍內的房地產市場規模可能更多，最近，至少同比銷售的強勁主要是由非主要買家推動的。因此，對於第二置業者、SFR 投資者和基金、建房出租等來說，這將是一個包羅萬象的東西。實際的主要買家活動有點停滯不前。這可能有很多原因，也許這並不代表新房市場。

But I was wondering if you could talk a little bit about the mix of your business right now that, that is nonprimary to the extent you can quantify it. I know it's often challenging to identify all investors that might come in through the MLS, et cetera. But can you -- are you seeing any differences in trends among the primary, nonprimary buyers maybe over the last 60, 90 days, especially since rates have started to move?

但是我想知道您是否可以談談您現在的業務組合，這在您可以量化的範圍內是非主要的。我知道識別可能通過 MLS 等進入的所有投資者通常具有挑戰性。但是，您是否看到過去 60、90 天內主要和非主要買家之間的趨勢有任何差異，尤其是在利率開始變動之後？

Let me start and ask Rick to see if he can dig up a statistic or two, but there hasn't really been a big change or migration away from primary buyers towards the institutional group. But what I would say is it all seems to me to be a zero-sum game. If you look at both rental properties on the multifamily side, rental properties on the single-family side and for-sale properties where people -- primary buyers are actually buying, all of them are fully occupied.

讓我開始問瑞克，看看他是否能挖掘出一兩個統計數據，但從主要買家轉向機構群體並沒有真正發生重大變化或遷移。但我想說的是，在我看來，這一切都是一場零和遊戲。如果您查看多戶型出租物業、單戶型出租物業和人們（主要買家實際購買）的待售物業，所有這些都已被完全佔用。

And rental rates are migrating upwards at a fairly rapid click, suggesting that these are not really institutional purchases or the building of spec inventory or things like that. It's all basically primary, but done in a format that might be a primary buyer owning their home or institutional buyer enabling someone to access a single-family lifestyle or just multifamily tenants. And across the board, you're seeing pretty aggressive escalation in prices because demand is strong and supply is constrained.

而且租金正在以相當快的速度向上移動，這表明這些並不是真正的機構購買或規範庫存的建立或類似的事情。這一切基本上都是主要的，但以可能是擁有自己的房屋或機構買家的主要買家的形式完成，使某人能夠獲得單戶生活方式或只是多戶租戶。總體而言，由於需求強勁而供應受到限制，您會看到價格大幅上漲。

So that's what we're seeing in our world. Rick, do you have some specifics or anything?

這就是我們在世界上看到的。瑞克，你有什麼細節嗎？

Yes. I would say that probably less than 5% of the homes in the last quarter were sold to folks that either are institutional renters of product -- we sold some homes to our upward America venture that we have with our other investors that Stuart talked about that has about $2 billion of committed funds for that vehicle. But it's a very small percentage, and most of what we're seeing out there are primary buyers.

是的。我想說的是，上個季度可能只有不到 5% 的房屋賣給了產品的機構承租人——我們將一些房屋賣給了我們與其他投資者共同擁有的向上美國風險投資公司，斯圖爾特談到了這一點為該工具提供約 20 億美元的承諾資金。但這是一個很小的比例，而且我們看到的大部分都是初級買家。

Got it. All right. No, that's helpful. And thank you for the thoughts there, Stuart. I appreciate that. I guess, second one, just to kind of end the call here. So the acquisition you made with Breland, I know you kind of talked about it being fairly small in terms of contribution for the overall business. But just curious, at this stage, you talked a lot about your views on likely continuing to take share from smaller private builders, and it's clear that you guys definitely have a real operating advantage in today's difficult kind of environment. Are you seeing, perhaps -- I don't know if capitulation is the right word, but more interest from private builders looking to sell or partner up given the challenges that are out there in the market? And how high is your demand right now on the M&A front from that standpoint?

知道了。好的。不，這很有幫助。謝謝你的想法，斯圖爾特。我很感激。我想，第二個，只是為了在這裡結束通話。所以你與 Breland 進行的收購，我知道你談到它對整體業務的貢獻相當小。但只是好奇，在這個階段，你談了很多關於可能繼續從較小的私人建築商那裡獲得份額的觀點，很明顯，你們在當今艱難的環境中確實擁有真正的運營優勢。您是否看到了，也許——我不知道投降是否是正確的詞，但考慮到市場上的挑戰，希望出售或合作的私人建築商更感興趣？從這個角度來看，您現在對併購方面的需求有多高？

So let me just say that I wouldn't -- Rick, you'll jump in, in a second, I know. But let me just say, I wouldn't say that we're seeing capitulation out there. The market is strong, demand is strong across the board. Capitulation would suggest throwing up the arms and pricing coming down. I think that pricing is robust.

所以讓我說我不會—— 里克，你馬上就會跳進去，我知道。但我只想說，我不會說我們看到了投降。市場強勁，需求強勁。投降意味著放棄武器和價格下降。我認為定價是穩健的。

The bigger issue or question for us is we've identified markets where organically, we would like to step in and participate in those markets, and where we can find a first-class established management team and basically make an organic step into a market but with a management team. That's a unique opportunity.

對我們來說更大的問題或問題是我們已經確定了有機的市場，我們希望介入並參與這些市場，並且我們可以找到一流的成熟管理團隊並基本上有機地進入市場，但與管理團隊。這是一個難得的機會。

Breland is clearly best of class in this part of the world. We are really enthusiastic about the operators as well as the assets and think that we have a unique opportunity with that one. Those will be few and far between because we're so focused on the quality, not just of the assets, but the people as we step into new and unique markets.

Breland 顯然是這個地區最好的。我們對運營商和資產非常感興趣，並認為我們擁有一個獨特的機會。這些將很少而且相差甚遠，因為我們非常關注質量，而不僅僅是資產，而是我們進入新的獨特市場時的人員。

And Rick, do you want to add to that?

瑞克，你想補充一下嗎？

Yes. I think Stuart is exactly right. We're laser focused on quality and professionalism, and that's exactly what the Breland opportunity brought to us. They're a great company. They are laser focused on product that is simple to build.

是的。我認為斯圖爾特是完全正確的。我們專注於質量和專業精神，而這正是 Breland 機會給我們帶來的。他們是一家很棒的公司。他們專注於易於構建的產品。

And one of the better parts of that opportunity was having the opportunity to create a land relationship on a go-forward basis with Louis Breland, who is an expert in finding land, entitling land, and it's just a continuation of our land strategies business where we have that done, not on our balance sheet but off balance sheet and controlling that pipeline. So it's very consistent with what our focus is.

這個機會的一個更好的部分是有機會與 Louis Breland 建立一種向前發展的土地關係，他是尋找土地和土地權利方面的專家，這只是我們土地戰略業務的延續，其中我們已經做到了，不是在我們的資產負債表上，而是在資產負債表外並控制該管道。所以這與我們的重點非常一致。

Got it. And I appreciate that. And Stuart, just to clarify, I wasn't referring to capitulation on the demand side, more just the frustrations with the supply chain and how difficult that is for smaller builders in today's environment.

知道了。我很感激。斯圖爾特，澄清一下，我指的不是需求方面的投降，更多的是對供應鏈的挫敗感，以及在當今環境中這對小型建築商來說是多麼困難。

So I appreciate that, Alan. I don't think we've seen that yet, but earlier the question was asked about picking up market share. This is kind of one of those markets where it kind of seems inevitable. Size and scale is working to our benefit in reconciling supply chain. It's getting frustrating out there. We'll see what happens. We're not going to be engaging a lot of M&A as we grow our business at the large-scale side. But as we enter new markets, certainly on the table.

所以我很感激，艾倫。我認為我們還沒有看到這一點，但早些時候有人問過這個問題是關於提高市場份額的。這是一種似乎不可避免的市場之一。規模和規模在協調供應鏈方面對我們有利。那裡越來越令人沮喪。我們會看看會發生什麼。隨著我們在大規模方面發展業務，我們不會進行大量併購。但當我們進入新市場時，肯定會擺在桌面上。

All right. Very good. Thank you, everyone, for joining today, and we look forward to reporting back with our second quarter. Have a nice day.

好的。很好。謝謝大家今天的加入，我們期待著第二季度的報告。祝你今天過得愉快。

Thank you. This concludes today's conference call. You may go ahead and disconnect at this time.

謝謝你。今天的電話會議到此結束。此時您可以繼續斷開連接。