our and have us just on Beckwitt, of Colorado. President Lennar Vice And Financial Great. he's joined and from; I’m Bessette, here Co-CEO Gross, CEO and and Officer; joining by Co-CEO us, Controller also Good in David our course, Jon from line morning, for Chief you. all thank who President; Services; Diane Rick with President; joining the Miami, thank Collins, you this morning. heard Jaffe, Bruce our of Alex, and we Financial you and
we'll and supply and strength give and answer land my as and we Jon financial count. follow-up, usual, to As a and overview. market going costs. can, will on construction please. Rick's as detailed limit community chain, strategic I'm guidance, After usual, will one and to talk and And give production about questions to Lennar Diane additional going remarks, update and a we'll then introductory highlights then as question many one macro
me performance and associates saying we're the announce that of start quarterly fought well-executed another to begin let hard by So Lennar. quite and by pleased
focus results reflect teams, Lennar's general determination both of operating market. Our in the as extraordinary and the and as operating management housing strength the well
the all formation remain strong abound geopolitical very given As inflationary and continues around building family domestically, both and major questions rising, the rise. strong, pressures of as housing to trends Demand remains in turmoil, interest rates markets. globe our market are
see are inflationary up, with they home seeking controlled shelter fixed rentals and country going the Monday As from sales view very Buyers our in the and scarce each team around too costs. pressures are starts and with unanimous escalating reviewed our shelter seeking an owned and regions are our strong as our costs rents sales divisions, rate escalating housing pace on strong. range while that from our market from was housing weekly wages be mortgage, our to for so a can closings
fix strong rising, prices costs. So to with employment is and best home it these
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continues been strong drive strong chain cash in the flow. very Although supply have efficiency deliveries by improvement to and constrained disruption, bottom-line our operations
very adding financial current, to making supporting possible $XX and services possible as for closings the environment. of as the while our million Additionally, earnings, continues exceptionally perform joyful in of home the company, group difficult the every process closing
our flow our deployed, has strong cash been primary as constructively been Our focus. operations have
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while into assets, assets. cash more generating deploying are shorter-term longer-term We cash from
yesterday. $XXX cash to Next, due, as course, have continued we with August, next compared billion an authorized we down with of drawn and on as nothing cash $X paydown another our flow. last with fortified $X.X tranche just performance ratio shares another revolver pay flow, And debt-to-total and of and we're to continuing that our XX.X% in quarter million expect have book, the million stock XX% strong on that's cash past year. for pay to it available cap debt comes billion With to by purchased we our X.X sheet balance the down in repurchase board from and
resolve a increased and quarter, friction. regular times, opportunity. problem year, deliveries I over Rick as and trips Lennar simply way scale six-week way, time, strengthen our sit the just more divisions being choice more in-the-field that size that use as to on quarter to its and we most operations continue as went instead, are and difficult is chain of not and focus Supply they with betting process. problem-solving approximately in of the leadership esteemed supply on to many will that came of builder our some [ph] our them Well, Kemp at to and each last manufacturers gone relationships in alleviate and I'm our Alfen engage Rick, results our our already top our matters. end, Jon this beginning, period. have results jointly expect and the Monitoring supply Gillis, last co-CEOs they that to I find and Jon noted start XX was XX noted at attention, division idly but supply to chosen our offices chain visited pace have the offices, the We visited Chain, of throughout becoming directly the the To the that planned, Head reviews of strategic of problem problem are chain is their to a problems and solved and to This quarter.
mark-to-market me to the that earlier. let back quickly mentioned turn So volatility I
quarter earnings Our and quarter per numbers share $X share. this in last diluted were of quarter billion at include compared $X.XX year quarter first first or gain total first earnings $X.XX time. or loss XXXX mark-to-market the to $XXX.X million this per diluted our These
confusion. avoid Let's
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the causes on the the one this and On hand, upside confusion some downside. both
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pure-play let and company. and Now, talk our briefly me on SpinCo becoming focused finally, homebuilding are a update on progress
our SpinCo XX filed in quarter, Since so the As taken next can filed Form with the letter then, of spin. control the our we've filing last private noted confidential with ruling February, we we IRS. and timing the step
SEC. since received, first round have our the of comments from We then,
for also with shares the this work fourth the the we're markets process the the the the of third being still and initiated NYSE completed, our have or expectations capital choppiness listed. execution have We is of SpinCo given to Nevertheless, quarter to year. pushing of actual the that
resolved asset We Many monetized SpinCo company limited asset-light of balance sheet have assets are other sheet. will of assets the monetized ways. will be will being spin management within currently limited they're part that housed either that private for the form verticals SpinCo that or SpinCo, the in before in or targeted of the be an have and under business balance noted will a be being the management of of equity
the be balance has while continue next to assets SpinCo. and balance to more fortify the of that be or company. returns fees will the under the the spin, in and buy will spun execute will basis. completed comprise are sheet migrate management time Lennar and into to continue Additionally, over on opportunistic the monetization we the been taking management to back from year are Therefore, assets the and/or will an This we we growing value the to cash proceeds Lennar deployed define stock sheet so that
AUM is our rent management expects plan the at capital quarter. the as gross reminder, verticals is at our and to $X.X fee multifamily, verticals approximately single-family of single-family end strategies. deployed And end And billion multifamily of spin. capital assets SpinCo, close under assets have management generation. are to LMC, business approximately to continuing had our to our has first for XXXX platform, end are are and of growing our They being these of a quarter, still and land $XX of $X third-party time of $X land closing raised have XXXX. first managers. been third from for for under the end the As grow of approximately already for already fund. the identified billion of billion our asset at which in rent of our LSFR, first Each SpinCo grown billion have three strategies refined of active our and billion the of of and AUM deployed platform, platform, to $X.X billion very core almost and as had $XX.X our of
spin our bottom I've share. not in or and a material on returns drive noted will past, our Lennar base per As earnings will either reduction result remaining of the our in assets and equity the Corporation higher the line
and So saying and this conclude that thrive housing evolving organizationally extremely market. up we're me well-positioned wrap grow and in let to financially, by technologically
said expect XXXX. our I we As to earlier, strengthen throughout results
and We is threat. picking and up interest are We a legitimate confidence. are steam, rates up inflation picking rising we are recognize that
short that and land remains difficulties the the recognize supply the chain present in are is for that in But for short supply economy know and with we housing focused margins. in margin also supply. controlling selling wages industry, also and We challenges while on We labor strong remain with growth, maximizing that we rising across production, the and pace sales with matched gross SG&A, production. step the targeted with reducing our our and and of Strategically, our orderly net tightly pace therefore our by costs focus country. in on Lennar
strength to XXXX, expect growth we As look and remainder company. the double market of for we the in continued digit the
have quarter second XX.XX% are projecting press noted in a margin. at strong this And very in Lennar projecting strong deliveries As a spin-off XX,XXX XX,XXX for bottom are we year. have line release, with year. the projected half year-end a a XX,XXX will deliveries at we At to XX% our to year. a the we And XX% in cash the of another margin a pace, record for the and XX.XX% will very flow to second now
So let me to turn with over Rick. that, it
