Lennar Corporation (NYSE:LEN) Q3 2023 Earnings Conference Call September 15, 2023 11:00 AM ET

Company Participants

David Collins - Controller and Vice President

Stuart Miller - Executive Chairman

Jon Jaffe - Co-Chief Executive Officer and President

Diane Bessette - Chief Financial Officer

Conference Call Participants

Truman Patterson - Wolfe Research

Susan Maklari - Goldman Sachs

Stephen Kim - Evercore ISI

Carl Reichardt - BTIG

Alan Ratner - Zelman & Associates

Ken Zener - Seaport Research Partners

John Lovallo - UBS

Operator

Welcome to Lennar's Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.

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

David Collins

Thank you, and good morning, everyone.

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

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.

Operator

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

Stuart Miller

Very good. Thank you, and good morning, everyone, and thanks for joining us this morning. Pardon me, I've got a bit of a cold, so you'll hear that in my voice. I cough a little.

So, today, I'm in Miami, together with Jon Jaffe, our Co-CEO and President; Diane Bessette, our Chief Financial Officer; David Collins, who you just heard from, our Controller and Vice President; and Bruce Gross, our CEO of Lennar Financial Services. We're all here in Miami together.

As usual, I'm going to give a macro and strategic overview of the company and our performance. After my introductory remarks, Jon is going to give some color on overall market conditions. He is going to comment on our land position and then he is going to give an operational overview, updating supply chain, cycle time and construction costs. And as usual, Diane is going to give a detailed financial highlight, along with some limited guidance for the fourth quarter and year-end 2023 to assist in forward-thinking and modeling. And then, we'll answer as many questions as we can, and please limit yourself to one question and one follow-up as usual.