Lennar Corporation (NYSE:LEN.B) Q1 2018 Earnings Conference Call - Preliminary Transcript

Apr 04, 2018 • 11:00 am ET

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Lennar Corporation (NYSE:LEN.B) Q1 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Welcome to Lennar's First Quarter Earnings Conference Call. (Operator Instructions) I will now turn the call over to Alex Lumpkin for your reading of the forward-looking statement.

Executive
Alexandra Lumpkin

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 the 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 this morning'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.

Operator
Operator

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

Executive
Stuart Miller

Very good, thank you, and good morning. This morning, I'm here with Rick Beckwitt, our President; Bruce Gross, our Chief Financial Officer; David Collins, our Controller; and of course, Alex Lumpkin, who you just heard from. Jon Jaffe, our Chief Operating Officer is joining by phone from California, and we have Jeff Krasnoff, CEO of Rialto here as well. As always, I'm going to start with an overview and Bruce will deliver further detail. And as much as this is our first quarterly call as a combined Lennar CalAtlantic platform, we have a lot of ground to cover. So Jon and Rick will give a comprehensive update on our integration process, and David Collins will give further detail on how purchase accounting affects our margins and earnings over the next quarters.

When we get to Q&A, we would like to ask that you limit your questions to just one question and one follow-up so that we can accommodate as many participants as possible. So let me go ahead and begin by saying that a great deal of hard work has been done, a lot of heavy lifting and it all comes down to a great team of professionals coming together and working cooperatively. From people here in this room with me today to the many throughout Lennar's and CalAtlantic's offices, we're thankful for their hard diligent and focused work. Because of them and what they bring to the table every day, I have simply never been more enthusiastic about the current position of our company in the context of the market conditions that surrounded.

As a management team, we believe that we are poised to continue to grow our business and to leverage scale in each of our markets to drive efficiencies and to implement new technologies. Current market conditions enable us to grow, while management and company focus