Lennar Corporation (NYSE:LEN) Q4 2023 Earnings Call Transcript December 15, 2023 11:00 AM ET

Company Participants

David Collins - VP & Controller

Stuart Miller - Executive Chairman

Jon Jaffee - Co-CEO & President

Diane Bessette - CFO

Conference Call Participants

Stephen Kim - Evercore ISI

Alan Ratner - Zelman & Associates

Kenneth Zener - Seaport Research Partners

Michael Rehaut - JPMorgan

Susan Maklari - Goldman Sachs

Operator

Welcome Lennar's Fourth 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 statements.

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. Good morning everybody and thank you for joining today. I am in Miami today together with Jon Jaffee our Co-CEO and President; Diane Bessette, our Chief Financial Officer; David Collins, who you just heard from, our Controller and Vice-President; Bruce Gross, our CEO of Lennar Financial Services, and a few others as well. As usual, I'm going to give a macro and strategic overview of the company. After my introductory remarks, Jon is going to give an operational overview updating construction costs, cycle time and some of our land strategy and position. As usual, Diane is going to give a detailed financial highlight, along with some limited guidance for the fourth quarter and full year of 2024. And then of course we'll have our question-and-answer period. As usual, I would like to ask that you please limit yourself to one question and one follow-up, so that we can accommodate as many as possible.