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Lennar Corporation(NYSE: LEN)

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Q3 2018 Antithesis Appointment Call

October 3, 2018, 11:00 a.m. ET

Operator

Thank you for continuing by. The appointment will activate momentarily. Until such time, you will apprehend music. And amuse abide to standby.

Welcome to Lennar’s third assay antithesis appointment call. At this time, all participants are in a listen-only mode. Afterwards the presentation, we will conduct a catechism and acknowledgment session. Today’s appointment alarm is actuality recorded. If you accept any objections, you may abstract at this time. I will now about-face the alarm over to Alexandra Lumpkin for the account of the advanced statement.

Alexandra Lumpkin — Broker Relations

Thank you and acceptable morning. Today’s appointment alarm may lath advanced statements, including statements apropos Lennar’s business, banking conditions, after-effects of operations, banknote flows, strategies, and prospects. Advanced statements represent alone Lennar’s estimates on the date of this appointment alarm and are not advised to accord any affirmation as to absolute approaching results. Because advanced statements chronicle to affairs that accept not yet occurred, these statements are inherently accountable to risks and uncertainties.

Many factors could affect approaching after-effects and may account Lennar’s absolute activities or after-effects to alter materially from the activities and after-effects advancing in advanced statements. These factors lath those declared in this morning’s columnist absolution and our SEC filings, including those beneath the explanation Accident Factors independent in Lennar’s anniversary address on Anatomy 10-K, best afresh filed with the SEC. Amuse agenda that Lennar assumes no obligation to amend any advanced statements.

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Operator

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

Stuart Miller — Executive Chairman

Very good. And acknowledge you. Acceptable morning, everyone. This morning, I’m actuality with Rick Beckwitt, Arch Executive Administrator and Jon Jaffe, our admiral and arch operating officer, Diane Bessette, our arch banking officer, and, of course, David Collins is here. And you aloof heard from Alex Lumpkin. So, I’m gonna alpha with a accepted cardinal overview. Rick and Jon will accord a acreage and operational overview. And Diane will bear added detail on our third assay numbers as able-bodied as some basal admonition for 2019. Aback we get to Q&A, as always, I’d like to ask that you absolute your questions to aloof one catechism and one aftereffect so we can lath as abounding participants. So, let me go advanced and activate by adage that our, already again, able annual after-effects acquired from a seasoned, well-coordinated operating aggregation that is hands-on and hitting on all cylinders.

With proforma new orders up about 11% year-over-year and proforma deliveries up 11.4% year-over-year, we are tracking aloft our own centralized targets of 7% to 10% per year growth, alike through the affiliation of the CalAtlantic merger. As the allocation of systems affiliation continues and synergies are run from operations, our administration aggregation and operating groups are absolutely affianced in authoritative the adjustments to accumulate our achievement industry-leading and consistent. Over the accomplished quarter, bazaar abstracts — Sorry about that. Little technology issue. So, over the accomplished quarter, bazaar abstracts has beatific alloyed signals about the accepted accompaniment of the apartment market, in general. Sales, permits, starts, and absolute home sales accept all apparent decelerating advance ante and, on their face, accept to announce slowdown. A accustomed mortgage appliance arrest which is accustomed as assimilation ante accept trended college and refi business dissipates has contributed to the discourse.

Generally speaking, the increases in new and absolute home auction prices over the accomplished years calm with the accepted clearing of assimilation ante advancement accept acquired a abeyance in the progression of the apartment recovery. Additionally, action shortages, trade-driven absolute bulk increases, and bound accustomed acreage availability accept both bound assembly and accordingly bound accumulation and aerial affect about the apartment bazaar backbone and allowance sustainability. This has led abounding to accept that the apartment accretion is over or stalled. We do not agree. Instead, we accept the bazaar has taken a accustomed pause. It will adjust. And demand, apprenticed by axiological bread-and-er backbone will resume. Alike as bulk increases and assimilation bulk movements accept chastened appeal in the market, we accept that the apartment bazaar in the United States charcoal able and is primarily apprenticed by the arrears in assembly that has persisted over a decade.

This assembly arrears defines an all-embracing apartment curtailment in the country that cannot absolute bound with abbreviate action and bound accustomed land. Accumulation of dwellings, both for auction and for hire is abbreviate and appeal charcoal able admitting conceivably slower and added normalized in the concise as the bazaar adjusts to prices and assimilation rates. While we acutely saw sales apathetic and cartage abstinent during the third quarter, we feel that this is the accustomed abeyance accustomed the about backbone that has been in the bazaar to date. This pause, we believe, is a acting acclimation as able unemployment, allowance growth, chump confidence, and bread-and-er advance drive the chump to t up. Now, alike as bazaar altitude fluctuate, I am added agog about the evolving position of our business belvedere with admeasurement and bazaar allotment in the best civic markets and as a baton in the homebuilding industry.

We’re not alone able-bodied positioned to assassinate on our accepted operational strategies, but we accept become every added adjustable and able of bound adjusting to alteration landscapes about us. As a administration team, we accept that we’re alluringly structured in position to abide to abound our business while we advantage calibration in anniversary of our markets to drive efficiencies and we apparatus new technologies to enhance bottom-line and chargeless banknote flow. Accustomed the accepted conflict amid our appearance of bazaar altitude and the broker appearance displayed in our allotment price, we abide to accept in our all-embracing action of alive antithesis and assimilation on chargeless banknote breeze in acclimation to admeasure basal to advantageous bottomward debt and now alpha to actively accede alive an adept banal repurchase. Afore I about-face over to Rick and Jon and Diane, let me accommodate a abrupt map of our operating and basal allocation action action forward. Then, our administration aggregation will assay the assay in detail and accord added admonition on our alley ahead.

So, let me activate by acquainted that our debt to absolute cap is appropriate now at 40% at the end of the third assay adjoin 42.4% aftermost quarter. Our net debt to absolute cap is 39%. Application a aggregate of able antithesis and absolute able and convalescent banknote flow, we’ve connected to advance our antithesis sheet. And this affords us abundant adaptability in the action that we arrange action forward. We accept developed and will abide to abound our top band as the bazaar evolves. Through this year and aing year, we will abide to abound topline constant with our land-driven homesite advance action of 7% to 10% advance per year. As we attending advanced to 2020, accustomed the acutely bound and big-ticket acreage market, we’ll activate to tap aback that homesite advance target, alive our acreage accretion affairs afterpiece to the 5% to 7% ambit while we abide to focus on our acreage bendable axis action and abatement the allotment of homesites we acquirement absolute adjoin ascendancy beneath option, breeding college ante of acknowledgment and greater banknote flow.

While we abstinent approaching homesite advance at the top line, we will abide to aggressively abound bottom-line by assimilation added acutely on operational arete and efficiency. We’ll abide to use our admeasurement and calibration in cardinal markets to apprehend on the synergies from the CalAtlantic merger, drive efficiencies in architecture costs and technique, and advantage SG&A. Our focus on operational adeptness will accredit us to advance consistently aerial gross margins while we aggrandize our net operating allowance as well. Assorted elements of our affairs such as the abridgement of debt and debt account and architect of best initiatives with our architecture accomplice abject will abide to account pressures on gross margins. Additionally, our technology initiatives with Opendoor, Blend, Hippo, States Title, Notarize, and others accredit us to body a bigger mousetrap, abate SG&A, and drive a college net margin. Able margins calm with a arrangement advance bulk and focused assimilation on our bendable acreage axis amalgamate to accomplish greater chargeless banknote flow.

With banknote breeze architecture and our antithesis breadth already able and improving, we apprehend to admeasure basal strategically, aboriginal to abide to pay bottomward debt but accompanying to actively accede the repurchase of our banal opportunistically. If the bazaar discounts the bulk of our business, afresh our best allotment on invested basal will be accomplished by advance in the assets that we apperceive best. And we are consistently apprenticed by what is best for creating actor value. Additionally, as we’ve discussed in above-mentioned calls, we are continuing to drive efficiencies by assimilation on our bulk homebuilding business. This agency repositioning or opportunistically monetizing non-core assets and business curve in acclimation to drive efficiencies for added banknote flow. Lennar’s Rialto belvedere is a acceptable archetype that we’ve discussed in above-mentioned quarters. As we accept noted, we’ve affianced advance bankers and began a action to aerate bulk about two abode ago.

To date, we’ve mapped a effective reconfiguration of that articulation with the Rialto mortgage accounts basal bigger anchored with Lennar Banking Casework starting December 1st and breadth efficiencies and synergies can drive alike bigger operating results. Additionally, the Rialto antithesis breadth assets are actuality absolute as able-bodied and monetized over time to aerate their value. This leaves a absolute acquiescent asset advance administration business defining our absolute Rialto segment. As allotment of our process, we’ve accustomed offers to monetize this business, abounding of them attractive. And we’re currently evaluating those offers. But as you apperceive with our company, we will act opportunistically and in the best assimilation of shareholders. We will advertise if the bulk and the acceding adjourned are adorable and contrarily will blot this articulation and drive antithesis forward.

As always, over the aing quarters, we will accumulate you adapted as decisions are fabricated and will not be fielding added questions during this alarm on this absolute alive process. Anniversary of our bulk asset and business segments is actuality positioned for best adeptness and performance. Our objective, as we’ve declared before, is to acknowledgment to operating as a simplified authentic comedy homebuilder while maximizing the bulk and accession of the amazing franchises we’ve created actuality at Lennar. So, with that said, in conclusion, with accession accomplished assay abaft us and a categorical action for the future, we feel absolute assured that fluctuations in the bazaar will appear and go and alike assignment to our abiding advantage as we assassinate our strategy. And with that, let me about-face over to Rick and the aggregation to accord added detail on the assay and activate our appearance of 2019. Rick?

Rick Beckwitt — Arch Executive Officer

Thanks, Stuart. Let me alpha bound by summarizing our after-effects in the third quarter. And afresh Jon and I will amend you on some of our cardinal focuses. Net antithesis for the assay totaled $453 million, up 82% from 2017. Our bulk homebuilding operation absolutely produced. New orders for the assay totaled 12,319 homes, up 62% from the above-mentioned year with a dollar bulk of about $5.1 billion, apery a 73% admission from aftermost year. On a proforma basis, new homeowners added 11% from the above-mentioned year. We delivered 12,613 homes which was up 66% from 2017. Revenues in the assay totaled $5.7 billion, apery a 74% increase. We concluded the third assay with a sales excess of 19,220 homes with a dollar bulk of $8.4 billion, up 88% and 105% appropriately from 2017. Our gross margin, excluding the excess and architecture and advance write-up, totaled 21.9% which exceeded the boarded of our admonition aftermost quarter. Finally, our SG&A in the assay was 8.6%.

This marks an best third assay low and a 60 base point advance from 2017. It additionally highlights the success of our CalAtlantic affiliation and the adeptness of our added bounded bazaar calibration and our operating leverage. With the CalAtlantic affiliation abaft us, we are laser-focused on three cardinal areas: First, architecture costs and operating efficiencies; second, acreage accretion and development; and third, technology that improves our business. On the architecture front, we are leveraging our bounded and bazaar and civic calibration to be the arrangement producer. Jon will assay our activities in this breadth which additionally focus on adjustments to how we body and annex abstracts to lower our all-embracing installed cost. On the acreage front, we’ve connected to assassinate our bendable axis action with an accent on authoritative added acreage adjoin a added banknote accelerated acreage accretion and development program. Today, about 25% of our homesites are controlled via advantage affairs and agnate arrangements.

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And our apprehension is to admission this over the aing several years to about 40%. This about-face in acreage action will admission our allotment and accomplish added banknote flow. During the third quarter, we entered into cardinal agreements with three of our abiding ample bounded developers to accommodate us admission to their accepted acreage portfolios and absolute admission to the approaching residential acreage acquired and developed by these developers. Accustomed our new arch bounded bazaar calibration and our adeptness to body through all of the acreage that these developers own and control, we were able to anatomy win-win programs with anniversary of these three companies. While anniversary accord is hardly different, they all acquiesce us to 1) absolute our land-related aerial costs, as these companies accept abounding operations that entitle, develop, and admission land; second, ascendancy the residential acreage entitled, acquired, and developed by these bounded developers; and third and best importantly, accept the homesites developed by these companies on a just-in-time basis.

Our focus action advanced is to acclimatize ourselves with accurate bounded developers that accept the basement and adeptness to augment Lennar with a connected beck of accomplished homesites. While we’re at the aboriginal stages of about-face our acreage program, these antecedent three developers accommodate abundant befalling as they own and ascendancy about 55,000 homesites with added accomplished homesites to appear as a aftereffect of the absolute relationships and agreements we accept with these companies. In addition, we accept we can aggrandize and assassinate this action with these developers in added markets and that this affairs can serve as a arrangement with added accurate bounded developers beyond the country. On the technology ancillary and systems side, we are actively focused on advance in or developing new technology that improves the operational adeptness of our business. On above-mentioned calls, Stuart has accent our advance in Opendoor and our acute focus on agenda business which allows us to abate our chump accretion costs.

These initiatives accept produced both incremental new sales and accustomed us to admission our operating margins. In the third quarter, our realtor blot decreased accession ten base credibility to 2.3% of acquirement from 2.4% in the added assay of 2017. On a year-over-year basis, our realtor blot was bottomward 30 base points. In addition, we are additionally focused on accretion the real-time breeze of admonition to our operating teams. Jon has accent our activating appraisement archetypal in the past, and we are now rolling out real-time dashboards that acquiesce our teams to seamlessly clue key operating metrics which should admission our assimilation clip and lower our all-embracing SG&A expenses. We plan to abide these initiatives, as we’re aloof abrading the surface, to alleviate the abounding action improvements that will admission our bottom-line advantage action forward. Now, I’d like to about-face it over to Jon.

Jon Jaffe — President

Thanks, Rick. Today, I’m gonna accord an amend on integration, bulk synergies, the barge market, the US, Mexico, Canadian agreement’s appulse on lumber, as able-bodied as an overview of some of the markets in our western area. First, I wanna let you apperceive what we beggarly aback we say we are essentially complete with the affiliation of CalAtlantic. In all of our divisions, in all communities, we are either set for architecture out the absolute homesites beneath a adapted architecture flat affairs or accept adapted the absolute communities to Lennar’s Everything’s Included platform. Action forward, in 2019, all communities will be beneath the Lennar’s Everything’s Included belvedere with the barring of some accessory buildouts of absolute communities. With account to systems migrations, this ages in October, we will complete 100% of the about-face of our ERP and architecture administration systems as able-bodied as a complete rollout of Salesforce Lightning as a new companywide CRM platform.

This is accession abundant archetype of Lennar’s beheading that we feel is best in class. It’s fair to say that best companies will booty about two years to aeon out aloof the salesforce CRM, while in aloof nine months from the closing date of the merger, we will accept completed the absolute clearing and rollout of all systems. As we complete 2018, we will do so as one aggregation with the alliance affiliation abaft us, focused on carrying our fourth assay and our goals for 2019. Next, I wanna affirm that we are on clue to bear the synergies targets we gave you aftermost assay of $160 actor for 2018. This is breach analogously amid accumulated and SG&A accumulation and absolute architecture bulk savings. I additionally wanna affirm that we’re assured with our above-mentioned admonition of accomplishing synergies of $380 actor in 2019. For 2019, the aerial accumulation will be about $115 actor of this total. Again, this is constant with the accumulation we appear to you aftermost quarter.

On absolute architecture bulk savings, we’re on clue to bear about $265 actor of accumulation from synergies in 2019. We accept a lot of afterimage into these accumulation from the abundant assignment that comes from the assay by assay synergy workshops that I’ve declared on above-mentioned calls. We accept apparent the action of accepting cogent calibration in bounded markets played out as planned. As I mentioned in our absolution this morning, this calibration fits appropriate into our focus on actuality architect of best for civic manufacturers, suppliers, and bounded trades. The architect of best focus began connected afore the CalAtlantic alliance and is confined as a abundant belvedere to aerate the allowances of added calibration provided by the merger. The key elements of this affairs are Lennar’s able Everything’s Included platform, alike breeze production, job armpit readiness, aeon time accuracy, and activating pricing.

These, accumulated with the aggregate of assignment we accept in bounded markets accomplish us the architect of best for barter partners, in turn, accretion the cardinal of bids we accept for our work. The added bids leads to greater adeptness to administer both architecture costs and aeon time. Now, I wanna accord some blush on what we see with the barge appraisement which is the bigger bulk basal of our absolute costs. Barge prices ailing in the added assay of this year at about $600.00 per thousand lath feet. This represents about $7,800.00 for a archetypal 2,500 aboveboard bottom home. Today, barge prices accept alone to about $365.00 per thousand lath anxiety or $4,750.00 per home, a aberration of about $3,000.00 per home. The added assay appraisement will breeze through our third and fourth assay deliveries. And the appraisement that we see today will alpha to breeze through our aboriginal and added assay deliveries.

With account to the new barter acceding with Canada, there’ll be no abatement from the absolute bendable barge tariffs from that agreement. Instead, the countries accept larboard this to be absitively by the WTO beneath an absolute complaint filed by the United States. Now, I wanna about-face to some blush in the markets in the west, as a lot of questions accept been asked about this. As Stuart noted, we’ve apparent cartage and sales patterns apathetic as sales prices accept risen forth with added assimilation rates. In California markets, such as the Inland Empire in Sacramento, our boilerplate sales prices added about 11% year-over-year while assimilation clip in the Inland Empire has chastened from 5.6 sales per association per ages aftermost year to bristles sales per association per ages this year. In Sacramento, we’ve absolutely apparent this clip admission to a absolute from the clip aftermost year of 3.2 sales per association per ages to 3.8 this year.

And the Coto markets about Orange County, prices are up about 20% and assimilation has slowed from about 4.7 sales per association per ages to 3.1. Some of this is apprenticed by a affecting change in mix of artefact that we offer. For example, in our Altair association in Orange County, we’re now affairs homes priced about $2 actor in our collective adventure association with Toll Brothers. In the Bay Area, prices are up about 10% while absorptions accept adapted from 5.8 per association aftermost year per ages to 4.4 this year. In Seattle, prices abide to ascend at double-digit ante while absorptions accept cooled from a absolute hot clip to a added accustomed clip of aloof beneath four sales per association per month. In summary, we accept that the sales clip that we’re seeing continues to be advantaged by a favorable in antithesis of accumulation and demand, a coercion on acreage and action in the western markets, in particular, and that this sales clip will abutment our belvedere and all of our operating strategies.

And we anticipate that, as Stuart mentioned earlier, that this is aloof a abeyance because of affecting dispatch in the ante that we’ve apparent in the west, not aloof percentage-wise but in nominal dollars absolute about apery assorted hundred thousand dollar admission year-over-year. And we apprehend that as the bazaar adjusts to this admission that we’ll see appeal acknowledgment to a absolute advantageous pace. With that, I’d like to about-face it over to Diane.

Diane Bessette — Arch Banking Officer

Thank you, Jon. And acceptable morning to everyone. So, afore I accommodate the capacity of our third assay results, let me accord a simple assay of our numbers as compared to accord as I did aftermost assay to abetment in compassionate some of the babble that connected this quarter. Our appear EPS is $1.37. And the boilerplate of all analyst estimates is $1.17. The aberration is $0.20. This aberration of $0.20 can be afar into two categories. First, non-operating items, apery $0.14 of the difference. And second, operating items, apery $0.06 of the difference. The $0.06 is our operating exhausted or our outperformance as you analyze our absolute after-effects to expectations. So, let me accord you the capacity of these two categories starting with the non-operating items. There are two audible apparatus to this category. The aboriginal account is the CalAtlantic acquirement accounting exhausted of excess in architecture and progress. The apprehension for Q3 was to almanac about $100 actor of write-up.

The absolute bulk recorded was about $84 million. The aberration amid these two amounts is aloof timing and will breeze through in consecutive quarters. The added account is tax rate. Our accepted Q3 tax bulk was 24%. The absolute tax bulk was 17.8%. The aberration primarily relates to a ancient account from a tax accounting acclimation change implemented during the assay and action credits taken in the quarter. So, now, let me about-face to the operating items category. The aberration actuality amid our absolute after-effects and expectations relates to an admission in Q3 deliveries, boilerplate sales prices, and net margins. And as I advanced stated, again, that’s our operating outperformance. So, hopefully, that helps abridge our after-effects from a top-level. Now, let me airing through the capacity of our third quarter, starting with homebuilding.

As we’ve mentioned, revenues from home sales added 83% in the third quarter, apprenticed by a 66% admission in wholly endemic commitment to $12,600.00 and a 10% admission in boilerplate sales bulk to $415,000.00 Both of these increases, of course, were primarily a aftereffect of CalAtlantic acquisition. And as we’ve highlighted, from a proforma basis, our deliveries added 11%. Our third assay gross allowance on home sales was 21.9%, excluding the CalAtlantic acquirement accounting impact. And the above-mentioned year’s gross allowance of 22.8% which included a $10.3 actor allowance accretion that absolutely impacted the gross allowance allotment by 30 base credibility in that third assay of ’17. Our gross allowance benefited from a decreased sales incentive. Sales incentives bigger 30 base credibility to 5.2% from 5.5% in the above-mentioned year and additionally bigger from 5.3% in the added assay of this year.

Our third assay SG&A was 8.6% which, as Rick highlighted, was the everyman third assay SG&A in the company’s history compared to 9.2% in the above-mentioned year. The advance was primarily due to the operating advantage as able-bodied as our connected laser-focus on accepting allowances from our technology initiatives. We opened 134 new communities during the assay and bankrupt 147 communities to end the assay with 1,312 alive communities. New homeowners added 62%. And new acclimation dollar bulk added 73% for the third quarter, again, primarily as a aftereffect of the CalAtlantic acquisition. And new orders on a proforma base added 11%. As a aftereffect of our focus on account administration and with the abetment of our activating appraisement tool, we concluded the assay with 1,248 completed unsold homes which is aloof beneath one home per community. This is a abatement from 1.2 homes per association in the above-mentioned year and 1.1 homes per association in the above-mentioned quarter.

At the end of the quarter, our homesites endemic and controlled were 262,000, of which, 205,000 are endemic and 57,000 are controlled. And finally, the third assay collective adventure acreage sales in added class had a accumulated earning of $800,000.00 compared to a accident aftermost year of $1.7 million. So, axis to banking services, our banking casework articulation had operating antithesis of $56.6 million, compared to $49.1 actor in the above-mentioned year. Mortgage operating antithesis added to $33.8 actor from $32.5 actor in the above-mentioned year. Originations added to $3 billion from $2.2 billion. And 97% of originations were from purchased business while alone 3% were from refis. As we’ve acclaimed for a while, this bead in refis has led to a absolute aggressive bazaar and is arch to lower accumulation per accommodation originated. Our abduction bulk was 71% accumulated Lennar and CalAtlantic adjoin 80% in the above-mentioned year, Lennar only. Historically, CalAtlantic’s abduction bulk was lower than Lennar’s.

So, we should see connected advance in our accumulated bulk as we abduction added of that business. Title operating antithesis added to $22.1 actor from $15.6 actor in the above-mentioned year. The admission again, of course, was due to the accession of CalAtlantic closing and a college mix of purchased business with college transaction ethics adjoin the above-mentioned year. In the third quarter, our multifamily articulation had an operating accident of $3.9 actor compared to operating antithesis of $9.1 actor in the above-mentioned year. In the accepted quarter, we recorded $1.7 actor of disinterestedness and antithesis from the auction of one operating acreage as able-bodied as $5.1 actor of advance acquirement accompanying to two backdrop in our L&V fund. In the above-mentioned year, we had $15.4 actor of disinterestedness and antithesis from the auction of two operating properties, and no advance acquirement was recorded. As we’ve acclaimed for a while, we accept been affective from a body to advertise to a body to authority platform, earning fees and promotes while creating bulk aural our fund.

We concluded the assay with 22 completed and operating backdrop and 28 beneath construction, four of which are [inaudible] accretion about 14,800 apartments with a absolute development added of about $4.9 billion. Including these communities, we accept a absolute adapted development action of over $10 billion and over 26,000 apartments. And afresh axis to Rialto, our Rialto articulation had operating antithesis of $10.7 actor compared to $3.2 actor in the above-mentioned year. And both of those amounts are net of noncontrolling interest. The capacity of the articulation businesses are as follows. The advance administration business contributed $31.4 actor of earnings, primarily apprenticed by $19.8 actor of administration fees. Rialto mortgage accounts business contributed $517 actor of bartering loans into six securitizations, constant in antithesis of $9.2 actor afore their G&A. The aggregation continues to accomplish awfully able-bodied in a awful aggressive bartering accommodation market.

Direct investments had a accident of $7 actor as we abide to assignment through the absolute assets from the coffer portfolios. And G&A costs were $23 million. Axis to our antithesis sheet, we concluded the assay with $833 actor of cash. During the quarter, we had connected success with our focus on deleveraging. We repaid $250 actor of 6.95 chief addendum application accessible cash, not refinanced and arrangement the borrowings on our revolving acclaim adeptness by $300 million. As Stuart mentioned, at assay end, our homebuilding debt to absolute cap was 40.1% and 37.9% on a net basis. Stockholders’ disinterestedness added to $14 billion, and our book of bulk per allotment grew 42%, 48% per share. And lastly, during the quarter, we were admiring to accomplish an advancement from Fitch to advance grade.

And afresh axis to our admonition for the fourth quarter, starting with homebuilding, we are adjusting both our deliveries and new acclimation admonition primarily to reflect the appulse of Blow Florence and additionally to reflect the dawdling that we are currently seeing in the market. We are adjusting our Q4 commitment admonition to $14,500.00 and adjusting our Q4 new orders admonition to 11,400. We apprehend our catastrophe association adding to be about 1,330. We apprehend our Q4 boilerplate sales bulk to be about $420,000.00. We are advancement our Q4 gross allowance admonition of 22.5% to 22.75%, excluding the exhausted both excess and architecture in progress. And we still apprehend to almanac about $50 actor in Q4 accompanying to the about-face of that exhausted of excess and architecture progress. We accept our Q4 SG&A percent will be about 8% to 8.1%. And for the accumulated class of collective ventures, acreage sales, and added income, we apprehend Q4 antithesis to be about $20 million.

We are adjusting our Q4 antithesis for banking casework to about $57 actor which additionally reflects the change in deliveries as acclaimed above. And for multifamily, we are advancement our Q4 admonition of about $35 million. For Rialto, we apprehend Q4 antithesis to be about $5 actor which is a abatement from antecedent guidance. We accept confused a auction of a cardinal antithesis breadth advance from Q4 to 2019 because the advance has connected to appreciate. And we, therefore, accept that a 2019 monetization will aftereffect in a college return. We apprehend Q4 accumulated G&A to be about 1.5% of absolute revenues. And we accept we will still accept a baby bulk of continuing affiliation commodity of about $15 million. Our tax bulk is accepted to be about 24%, and the abounding boilerplate allotment adding should be about 330 actor shares. So, as you put the apparatus of our admonition together, we accept our Q4 EPS, excluding the exhausted of excess and architecture in advance and affiliation clause, should be about $2.06.

This is a slight abatement from the ambit advanced provided, as mentioned, due to the appulse of Blow Florence and to reflect a bit of dawdling in today’s markets. Finally, you adeptness bethink that aback we appear the CalAtlantic acquisition, we acclaimed that we would accommodate basal admonition for our bulk homebuilding business for budgetary 2019 on this call. So, as we anticipate about deliveries, we apprehend to bear about 53,000 homes in budgetary 2019. This would be an admission of about 15% from forecasted deliveries in 2018 and an 8% admission in proforma deliveries for 2018. This is constant with our advanced declared cardinal advance ambit of 7% to 10%. We accept our gross margins will be in the ambit of 21.75% to 22% as we abide to move in the administration of optioning added acreage and bearing college returns. We apprehend our SG&A to be about 8.4% as we abide to drive adeptness in our operations.

So, in conclusion, with those goals in mind, we’re well-positioned to bear accession able and assisting year in ’18 and attending advanced to a abundant 2019. And now, I’ll about-face it aback to the abettor for questions.

Operator

Thank you. We will now activate the catechism and acknowledgment session. To ask a question, amuse columnist * followed by the No. 1. Amuse [inaudible] an assay aback prompted. One catechism with one aftereffect per actor is allowed. One moment amuse for the aboriginal question. Okay. We accept a catechism advancing from Stephen Kim from Evercore ISI.

Stuart Miller — Executive Chairman

Good morning.

Operator

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Stephen Kim, you accept an accessible line.

Stephen Kim — Evercore ISI — Analyst

Yes. Acknowledge you absolute much. Can you apprehend me?

Stuart Miller — Executive Chairman

Yup.

Stephen Kim — Evercore ISI — Analyst

Okay. Sorry about that. Thanks for all the annotation and the guidance. And acceptable job on the quarter. I do wanna ask you a little bit about the acreage agreements you addled with the three bounded developers. I’m aloof aggravating to get a faculty for what is absolutely altered amid what you’ve done actuality adjoin what you accept done on an advancing base in your history. You adumbrated there was absolute admission to the 55,000 homesites. But you didn’t acknowledgment annihilation about the terms, as far as I heard. And I was analytical if you’ve accustomed any guarantees. If you could allocution a little bit about what the timing of the banknote flows adeptness be in acceding of the bulk of deposits you put bottomward and added things like that, that adeptness be accordant to allowance us anatomy how these arrange adeptness be a bit altered from what you’ve done in the past.

Rick Beckwitt — Arch Executive Officer

So, Steve, it’s Rick. At this point, we’re not gonna get into a lot of the capacity associated with those agreements because they’re arcane at this point. But I can acquaint you there are no guarantees. These are absolute strategic, well-crafted structures that absolutely agreement us action that these guys develop. And I can’t go into a lot of the capacity at this point. As we move forward, we’ll accord you a little bit added blush as to what the anatomy of the deals are. But it’s arcane at this point. And for aggressive reasons, I don’t wanna get into it.

Stuart Miller — Executive Chairman

But the two things I would note, Steve, are this is the ancestry of the assimilation of application admeasurement and calibration in bounded markets to be able to calmly blot what some of the bigger developers are bringing in their action to market. And it is additionally cogitating of the assiduity of our bendable axis to drift adjoin beneath homesites purchased for best periods of time on book and application backbone and accord with accurate actors in the acreage bazaar to accept added of a just-in-time commitment arrangement for homesites with a greater focus on allotment on assets.

Jon Jaffe — President

Steve, it’s Jon. One added anticipation on this. And I’ve talked about it. It’s absolutely accession assimilation of our position breadth we accept ascendant bazaar allotment of actuality the architect of best for acreage developers. So, they apperceive and they’ve discussed with us that we’re action to be the ascendant client of their land. And so, it’s accepting advanced of that and accession out a anatomy that allows us to ascendancy what they’ll be carrying in the approaching for them to apperceive that their action will be captivated by us and a anatomy that creates a accurate win-win bearings forth the curve of what Stuart and Rick described.

Stephen Kim — Evercore ISI — Analyst

Yeah. Sure. Absolutely. Makes sense. Well, great. Well, we attending advanced to accepting added admonition on that as it comes. My added catechism accompanying to the admonition you gave — and in particular, Diane, I anticipate you had mentioned a gross allowance number, 21.75% to 22%. And earlier, Jon had mentioned about I anticipate the 70 base point account roughly, accustomed the $3,000.00 of account in the aboriginal and added abode from lumber. Was analytical to what amount your admonition of 21.75% to 22% incorporates an acceptance that the barge prices abide breadth they are for the of aing year. If you could accord us some faculty of what affectionate of barge accession is anchored in that admonition and additionally if there is — I was a little afraid that you mentioned that the advantage action was gonna be embodied in the gross allowance aing year. I was a little afraid that it would accept happened that quickly. So, maybe if you could aloof busy on why you alleged that one out as a disciplinarian to the gross allowance actuality a little lower than it contrarily would accept been.

Stuart Miller — Executive Chairman

Yeah. Let me alpha here, Steve. I anticipate Rick wants to bell in after. But let me aloof say that one of the — we’ve not about accustomed admonition for the aing year until the fourth quarter. So, one of the problems with accepting out a little bit further advanced — and we do wanna accord admonition and accord some administration as the aggregate has brought some added catechism or altercation about breadth we’re going. But those numbers are affective about a little bit. So, you absolute accurately highlight the breeze through of the barge numbers and how a clearing adjoin added options adeptness breeze through those numbers. Appropriate now, it’s an amiss calculation. And so, we’ll clarify those numbers as we go forward. But directionally, we basic to accord you a adequately appropriate compassionate of breadth we see ourselves headed accustomed accepted bazaar altitude and accustomed a best appraisal of what we see for the aing year. Rick?

Rick Beckwitt — Arch Executive Officer

Yeah. And in accession to that, the bendable axis action has been action on for several abode now. We mentioned on above-mentioned calls that as we advance added third-party retail advantage blazon structures that the gross allowance associated with that is a abundant lower allowance but a college IRR. So, you’re starting to see some of that bang in in 2019. In addition, the deals that I outline included with them a actual position in the portfolio that these guys are developing. So, it’s not actuality that’s aloof the approaching deals. It’s their accepted pipeline. So, that’s why we put in about 25 BIPs of allowance cogwheel from breadth we were prior.

Stephen Kim — Evercore ISI — Analyst

Got it. Excellent. Thanks absolute much, guys.

Operator

Thank you. We accept a catechism advancing from Michael Rehaut from JPMorgan.

Stuart Miller — Executive Chairman

Good morning.

Michael Rehaut — JPMorgan — Analyst

Thanks. Acceptable morning. Acknowledge you. Aboriginal question. I aloof basic to get a faculty a little bit — any comments about some of the arrest that occurred during the assay as you looked at your acclimation trends? I don’t apperceive if there’s an adeptness to accord us a faculty of the amoebic growth, how that tracked throughout the assay if there’s a faculty of ages to ages of the 11%. Was it stronger in the aboriginal ages or two and beneath that bulk in the aftermost month? And also, if I aloof heard accurately that you apprehend the orders for 4Q to be 11,400. I anticipate that was alone a 200 assemblage abatement which seems almost mild.

Rick Beckwitt — Arch Executive Officer

So, let’s aloof allocution about the quarter. I anticipate we saw consecutive advance ages to ages throughout the quarter. And aback you’re talking about whether it was amoebic or not organic, we’re comparing to proforma numbers. So, it was all organic. With attention to the Q4 blurred of a brace hundred to home, new acclimation on the home side, that’s a accession of some homes accepting slipped because of the storm, the hurricane, into Q4 that we absent in Q3 but additionally some adjournment associated with the storm action forward. So, I anticipate we feel almost absolute about the market. As Stuart and Jon said, the bazaar has paused a little bit. But we’re seeing good, consistent, normalized demand.

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Jon Jaffe — President

If you anticipate about it, Michael, in some of the markets, as I articulate — aback you’re at a clip aloft book sales per association per month, that’s absolutely not sustainable. You’re action to run into attrition at some point. And breadth it has confused to is a absolute accustomed rate, in some cases, aloft that akin four, that one a anniversary that we strive for as ideal in abounding of our markets. So, there is, on a about basis, a slowing. But aback you footfall aback and attending at it, it’s a absolute healthy, acceptable bulk that we’re at appropriate now.

Michael Rehaut — JPMorgan — Analyst

No, no, no. I acknowledge that, Jon. Secondly, and I apprehend Stuart, as you said, it’s an aboriginal number. And apparently you’ll be cutting the pencil conceivably over the aing three months advanced of your 4Q call. But I anticipate a lot of bodies will be assimilation — as Steve afore was allurement — about the 2019 gross allowance number. And I anticipate it was helpful. I believe, Rick, that you mentioned that conceivably the college akin of optioning adeptness be a 25 BIP headwind. You additionally accept an accepted almost 100 BIP tailwind from added synergies, that almost $220 actor as able-bodied as some tailwind from lumber. So, the offsetting headwind I assumption is what I’m aggravating to get my arch about aback you anticipate about the actuality that 2018 will be 22% or a little bit beneath 22% gross allowance ex-purchase accounting if I accept that algebraic right. Breadth is the added offset? Is it mix? Is it college priced acreage advancing through, a aberration added bulk perhaps? Again, mix actuality either geographic or demographic. Any admonition there would be helpful.

Jon Jaffe — President

Hey, Mike. It’s Jon. About to gross margin, mix is not the above disciplinarian there. But we do see that we’re in an ambiance breadth it’s accountable about to acreage and labor. So, you do accept year-over-year abounding through college acreage costs and college absolute architecture costs. So, with Lennar, you accept a adventure of what’s accident in the exchange about to that coercion account by synergy savings, the exchange account of what’s accident with barge that will appearance up in the aboriginal bisected of aing year. So, you have, as you know, both headwinds and tailwinds. So, on antithesis and as we anticipation a connected time ago, we acquainted that post-merger, we’d be about 22% gross margins with the account of the synergies. And so, I anticipate you see all of those components, both headwinds and tailwinds, assimilation in that basal admonition that we gave.

Michael Rehaut — JPMorgan — Analyst

All right. Great. Acknowledge you.

Operator

Thank you. Our aing catechism is from Scott Schrier of Citi. You accept an accessible line.

Scott Schrier — Citi — Analyst

Hi. Acceptable morning. Thanks for demography my questions. I acknowledge all the blush that you gave beforehand on the alarm apropos California. I’m aloof analytical if I can dig a little bit added into it. Obviously, your ASP advance there was exceptional. Can you allege to the role that mix had there? And afresh if you’re talking about how you had this acting slowdown, you had assimilation slow, is some of the acumen in there abaft tax? And if so, aback you apprehend this to aces up again, do you apprehend to aces it up afresh at the — absorptions to aces up afresh at the amount of ASP growth? Or do you attending at this as sustainable?

Jon Jaffe — President

There’s not a one-size fits all acknowledgment to that. In some cases, the ASP change is mix, as I approved to highlight in that Orange County example. And in abounding and best cases, it’s absolutely aloof a bulk acknowledgment in bounded markets. A bazaar like Seattle that’s been apprenticed by amazing job growth, you aloof had year-over-year bulk acceleration. In the Bay Breadth with the bang in the tech world, you’ve apparent year-over-year bulk appreciation. So, you accept both things action on. But added bulk acknowledgment than mix. As far as actuality able to attending advanced and adumbrate aback we’ll see clip increase, that’s absolute adamantine to do. What we see is we see demand. We see bodies with a lot of interest. We see bodies pausing, as we all accept said and aloof not accepting the coercion to buy now.

So, we don’t wanna advance that bodies accept larboard the exchange or accept absent an assimilation in purchasing. It’s added that they’re dispatch aback and, as we’ve apparent in accomplished bazaar cycles, adjusting to new appraisement which after-effects in a college account mortgage payment. And as bodies acclimatize to that, we apprehend that they’ll appear aback into the marketplace.

Stuart Miller — Executive Chairman

Yeah. Anchored in your question, you asked about the tax effect. And I anticipate that as we attending at the bazaar appropriate now and booty its temperature, I anticipate that we would say that you’re seeing added appulse from aloof bulk and assimilation bulk clearing and acclimation to breadth the bazaar is action than any discernable affiliation amid a abridgement of appeal or change in appeal arrangement about to breadth tax ante accept confused and any appulse in California. We aloof haven’t apparent that yet, not in our bulk ranges.

Scott Schrier — Citi — Analyst

Got it. Thanks for that. That’s helpful. And aloof for my follow-up, I’d like to annular out that altercation on some of your added basic areas. If you could aloof allocution about assimilation trends directionally in areas like Texas and Florida, that would be great.

Rick Beckwitt — Arch Executive Officer

So, if you attending at our added above markets which are absolutely Texas and Florida, I would acquaint you that we had able achievement in those markets. Texas was up decidedly year-over-year. The bulk of home was 20% and new orders as a accomplished state. If we attending at Florida, the Florida markets abide to be robust. That said, in the Dallas market, at the college end of the bulk points, that bazaar has gotten a little bit softer. But really, beyond the board, if you’re sub $300,000.00 in bulk point, it’s a absolute able market. And we saw connected backbone in Florida. So, appealing abundant beyond the board, added than on the west bank breadth there was a little bit of benevolence as prices accept added dramatically, we feel that we’re in a almost normalized bazaar appropriate now.

Scott Schrier — Citi — Analyst

Great. Acknowledge you.

Operator

Thank you. And our aing catechism is from Stephen East of Wells Fargo. You accept an accessible line.

Paul Przybylski — Wells Fargo — Analyst

Thank you. Actually, this is Paul Przybylski on for Stephen. Considering the new appeal environment, is your focus added on orders or margin? And as we accept this pause, do you anticipate the industry is maybe attention its excess appropriate now and if the benevolence continues into the fourth assay that we may absolutely see the industry move to alike college incentives?

Rick Beckwitt — Arch Executive Officer

Well, as you saw during the quarter, we absolutely didn’t admission the incentives for Q3. We were absolute focused on converting our excess into revenue, as we’re focused every quarter. And as we run the business, as we’ve talked about in the past, we are consistently acclimation sales case and allowance through our activating appraisement archetypal that Jon has absolutely led for the company.

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Stuart Miller — Executive Chairman

Yeah. So, as we’ve talked about before, it’s absolutely a bazaar by market, association by association assay about to bulk and pace. And we accomplish that accommodation absolute locally. And with account to backlog, we’re not talking about a bazaar about-face that would account us or any added architect I anticipate to be anxious about their backlog. What we’re talking about is aloof a bazaar that has, on a about basis, confused from absolute able to added normalized clip and in the cases that we’re talking about.

Rick Beckwitt — Arch Executive Officer

Yeah. Let me amphitheater aback to commodity that I accent in my comments because I anticipate it is a absolute acknowledgment to the catechism which is our appearance is that the bazaar has reacted to bulk and ante accepting confused adequately badly over the accomplished abode and years. But we go aback and we consistently attending at the assembly clip that we’ve apparent over the accomplished years, the coercion of acreage and action that is able-bodied accurate that has narrowed the backpack through which accumulation curtailment could be addressed and can be addressed, and we attending at the normalized appeal akin for the country.

And admitting some adeptness altercate that a actor bristles isn’t the aforementioned as it acclimated to be, we’ve been bearing at a decidedly lower akin for the bigger allotment of the accomplished decade. So, we’ve been architecture pent-up demand. I anticipate our view, and I anticipate about the industry appearance is that anchored in these numbers there is a appeal arrangement and basal bread-and-er backbone basal it that will admonition absolute and drive the bazaar forward. So, I would say appealing aggressively that we’re not attention excess and absolutely annihilation cogitating of what we’ve apparent in accomplished cycles. Instead, I anticipate there’s a pause. I anticipate there’s a catchup. And I anticipate that we’ll, with bread-and-er drivers alive forward, see a resumption or a normalization of the patterns action forward.

Paul Przybylski — Wells Fargo — Analyst

All right. Acknowledge you. And this is a aftereffect on the affiliation or synergy savings, that you adapted that. Are there any risks or upside abeyant you see affective forward?

Stuart Miller — Executive Chairman

We feel as I said, appealing comfortable. We accept a lot of accuracy to the synergy that we’ve identified. There’s a lot of assignment to do to apprehend them. But we’ve apparent that appear into abode about to 2018. As we’re in our aftermost assay 2018, we feel that those are absolute abundant bound and loaded. Agreements are in abode with civic vendors that will backpack through the full-year of 2019. So, I don’t see a lot of risk. Is there upside? There’s consistently the abeyant for upside as we dig added into it. And one synergy builds on the next. But for us, the focus is the circadian blocking and arrest of alive on what we’ve articular and authoritative abiding that we bear on that.

Paul Przybylski — Wells Fargo — Analyst

Thank you.

Operator

Okay. And we accept a catechism from Alan Ratner of Zelman and Associates. You accept an accessible line.

Stuart Miller — Executive Chairman

Okay. And we’ll accomplish this the aftermost question. Go ahead, Alan.

Alan Ratner — Zelman and Associates — Analyst

Hey, guys. Thanks for binding me in here.

Stuart Miller — Executive Chairman

You got it.

Alan Ratner — Zelman and Associates — Analyst

And nice job accustomed the choppier ambiance of late.

Stuart Miller — Executive Chairman

Thanks.

Alan Ratner — Zelman and Associates — Analyst

I guess, demography a footfall back, if mid- to high-single-digit advance is as bad as it’s gonna get, it’s absolutely not the callous appearance that the bazaar seems to be cogent appropriate now. But aloof as far as what you’re seeing as far as the deceleration, is there any notable differences you’re seeing beyond the assorted bulk credibility you body at? I apperceive you gave the geographic acknowledgment but any basic differences you’re seeing beyond your client pool? And does that appulse how you’re cerebration about acreage advance today as far as maybe alive the portfolio cautiously over the aing brace of years?

Rick Beckwitt — Arch Executive Officer

Well, on a accepted base — and there are some exceptions — at the college bulk points, it’s gotten a little bit softer than the lower bulk credibility accept been. And that’s not abnormal in a bazaar that there’s a lot of publicity as to what’s action on and mortgage ante and bulk abrasion because the added flush buyers time their acquirement based on breadth they anticipate the apple is going. And so, we think, as we’ve said consistently, that this is aloof a bazaar acclimation to a added normalized bazaar from what was absolutely a baking bazaar in some of these markets. With attention to acreage and our acreage strategy, we accept consistently said for the aftermost year that we’ve been alive a lot of our acreage advance to the entry-level and that aboriginal time move up client because it’s the fat of the market. And our teams accept been focused on authoritative investments in that area.

Alan Ratner — Zelman and Associates — Analyst

Got it. That’s absolute helpful, Rick. And afresh I anticipate on the basal allocation side, you mentioned the allotment repurchase action potential, which I anticipate makes a lot of faculty at the accepted level. One affair I don’t anticipate you mentioned was the achievability of added M&A. And I apperceive while it’s no fun to see banal prices go down, you guys accept historically been absolute adept on the M&A advanced during periods of disruption in the disinterestedness markets. So, aloof analytical how you’re cerebration about the achievability of accomplishing accession accord now that the CalAtlantic affiliation is abaft you. And are there any absorbing opportunities either accessible or clandestine starting to pop up now accustomed some of the pullback in the allotment prices?

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Stuart Miller — Executive Chairman

Well, Alan, as you can imagine, we apparently won’t animadversion too acutely on the acknowledgment to that question. But you apperceive us. No. 1, aggregate is on the table. And from our company’s perspective, we adulation a bargain. We’re absolute adept and consistently accept been. We’re consistently focused on aggressive alternatives. We accept accent that we’ve been absolute banknote breeze focused. We’ve absolutely positioned our antithesis breadth absolute well. Diane’s done a abundant job of managing our basal allocation and programming to date. We sit with an accomplished antithesis breadth and aloof a abbreviate time afterwards commutual a transaction and affiliation complete. It absolutely positions us to attending at amoebic growth, at M&A, should there be different opportunities. But aggregate abstinent adjoin the best accessible arrangement which is the accumulation of assets that we apperceive best, the accumulation of assets that we control, the atomic anatomy of friction. And that is affairs aback stock.

So, as we sit actuality today and we attending at the basal markets not amorous with the homebuilding sector, as we attending at the mural with the advance ante as we see them today and the assembly arrears as we see it today, and as tomorrow we accept our lath affair and we sit and allocution to our lath for advice, absolute abundant on the table is the catechism of allocating basal in antithesis amid advantageous bottomward debt and affairs aback banal as, again, some of those added alternatives. So, never anticipate for a minute that annihilation is off the table with Lennar. We adulation a acceptable bargain. And this is an ambiance breadth you alpha to acquisition them.

Alan Ratner — Zelman and Associates — Analyst

Great. All right, guys. Thanks a lot.

Stuart Miller — Executive Chairman

Okay. So, with that, we’ll blanket up. Thanks for aing us. And we attending advanced to afterlight afresh for our fourth assay and into 2019. Acknowledge you, everyone.

Operator

Thank you. And that concludes today’s conference. Acknowledge you, all for participating. You may now disconnect.

Duration: 68 minutes

Alexandra Lumpkin — Broker Relations

Stuart Miller — Executive Chairman

Rick Beckwitt — Arch Executive Officer

Jon Jaffe — President

Diane Bessette — Arch Banking Officer

Stephen Kim — Evercore ISI — Analyst

Michael Rehaut — JPMorgan — Analyst

Scott Schrier — Citi — Analyst

Paul Przybylski — Wells Fargo — Analyst

Alan Ratner — Zelman and Associates — Analyst

More LEN analysis

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