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Vancouver Canucks captain Quinn Hughes has established himself as one of the NHL’s best players over the past two seasons, but local fans still feel like he’s disrespected on the national level. Canucks fans are known for voicing their opinions on social media and did so today when an with thoughts from real voters. Seventy-five percent of those surveyed in the article picked Colorado Avalanche defenceman Cale Makar as the Norris Trophy leader. The other 25% was split between Hughes and Zack Werenski. Within minutes of Wyshynski posting the article to social media, Canucks fans were making it known that Hughes deserves more love, as they often feel he does from east coast fans and media. Hughes and Makar have been compared since they entered the league. The Canucks captain has 32 points in 26 games so far this season, while Makar has 35 points in 29 contests. Wyshynski’s page was flooded with angry Canucks fans, although he later clarified that Hughes would be his pick. Fans took specific issue with one line from a voter in the article, saying, “Makar is not only lapping the field offensively, he’s taking on primary matchup role in Colorado, which is something that players like Quinn Hughes and Victor Hedman are not.” Hughes has scored more per game than Makar so far this season and often faces off against the other team’s best players. This year’s Norris Trophy race will likely come down to the wire. Both Hughes and Makar have gotten off to excellent starts this season, and it could still go either way. The two are redefining what it means to play defence in the modern NHL, and fans are lucky to watch them on a nightly basis.
Carter hits 5 3s, scores 23 to help LSU beat Mississippi Valley State 110-45
The did not play Sunday, but they still won the NFC West. A positioned the Rams to capture the division title via the NFL’s strength of victory tiebreaking metric. The Cincinnati Bengals’ victory over the Denver Broncos on Saturday, plus the Buffalo Bills' victory over the New York Jets, the Minnesota Vikings' victory over the Green Bay Packers and the Washington Commanders’ victory over the Atlanta Falcons on Sunday gave the Rams the tiebreaker over the Seattle Seahawks. So the game between the Rams and Seahawks at 1:25 p.m. on Sunday at SoFi Stadium will enable to possibly rest starters for an NFC wild-card playoff game that the Rams will host. The Rams won the division for the fourth time in McVay’s eight seasons as coach. They also won in 2017 when they lost in the wild-card round, 2018 when they lost to the New England Patriots in Super Bowl LIII and 2021 when they defeated the Bengals in Super Bowl LVI at SoFi Stadium. For the second season in a row, the Rams made a dramatic turnaround after their open date. In 2023, the Rams were 3-6 and then won seven of their last eight games to advance to the playoffs. The Detroit Lions then defeated the Rams in a wild-card game at Detroit. This season, the Rams started 1-4 before winning nine of their next 11 games. “A lot of people doubted us and a lot of people wrote us off at 1-4,” quarterback Matthew Stafford said . “To be able to sit here with our record what it is right now, I feel proud of this group.” This story originally appeared in .Palghar MIDC Fire: Blaze Erupts at 2 Chemical Factories in Boisar-Tarapur Area in Maharashtra, Fire Under Control; No Injuries Reported (Watch Video)
Throughout the year, in our Women, Money, and Mindset columns , we have tackled some of life’s most pressing financial challenges. Every month, we have delved into a financial issue that touches the lives of our readers, offering, each week, a distinct insight from the differing viewpoints of a Certified Financial Planner, an attorney, a CPA, and an executive business coach. From navigating the financial markets and business strategies to estate planning and tools to cut taxes, our goal has always been to provide clear, practical, actionable advice to take to your trusted professionals so you take the next steps to grow your wealth and increase your financial security. In this final installment of the year, the issue is giving, and the topic this week is Charitable Gift Annuities. It is a strategy that can address multiple financial and tax planning issues while supporting the causes that matter most to you. Unlike giving away cash or assets and not receiving anything in return, with a CGA, if you donate to a 501(c)(3) qualified charity, in return, you receive two powerful benefits. First, you can qualify for an immediate tax deduction for part of the contribution. Second, you receive a dependable, fixed income from the charity for the rest of your life. The minimum contribution is usually only $5,000, so it is an accessible planning tool for most people. Before diving into more specifics, let’s see how a CGA can help with some specific financial and tax planning concerns you might have: —You want to give more to your house of worship or favorite charity but are concerned about not having enough income in the future. With a CGA, you can receive guaranteed income for life. —You need a last-minute tax deduction and have maxed out on your IRA or 401k plan contribution for the year. A CGA can act as an alternate retirement plan if you itemize deductions on your return. —You are interested in giving away more to charity but do not want the complications of setting up a charitable trust or naming a trustee. A CGA can be set up in days directly with the charity at no cost to you. —You intend to leave some or all of your estate to charity and would like to have all of your estate planning finalized now. CGAs are especially helpful if you would like to leave your estate to several charities because you can set up annuities with each charity. —You have adequate income now or are not yet retired, but you are concerned about costs later in life, like long-term care. You can receive a larger monthly payment later if you choose a deferred annuity and start the payments at a later date. —If you are concerned about paying capital gains taxes on assets you want to sell, you can avoid or defer taxes if you contribute the asset to the CGA. —If you would prefer your church or favorite charity to have access to some of your contribution now, a CGA is preferable to a charitable remainder trust or bequest that funds after you have died. —If you want to secure the financial future of your spouse, child, or another loved one, CGAs can be set up for the lives of two individuals. This could be especially helpful if you have a child in their 50s or older, and you are concerned about them not having enough guaranteed retirement income. —If you keep most of your funds in the bank but would like to earn a higher return, the charity invests your CGA funds (and generally considered safe) with usually a fixed rate of return that is higher than you would receive on a CD. —You would like to avoid paying taxes on a required minimum distribution, so you are planning on doing a Qualified Charitable Rollover (QCR). New rules will allow you to fund your CGA with a one-time $53,000 QCR. The QCR amount to your CGA will not be included as income on your return, but you can still receive the monthly income benefit from the CGA, and you can defer income further if you choose a deferred CGA. As you can see, a charitable gift annuity checks many financial and tax planning boxes, and it is easy and cost-effective to set up. Now to the specifics. First, you set up the CGA and donate the asset to the charity. The gift is set aside and invested by the charity. You (and also your spouse or other person if you choose a two-person annuity) will receive fixed monthly or quarterly payments for the rest of your lives. The charity can utilize the remaining funds after your death. How much is the tax deduction? The income tax deduction is equal to the amount of the contribution minus the present value of the payments that will be made to the donors during their lives. The charity will handle these calculations for you. How much income will you receive? Current suggested annuity rates range from 4.6-10.1% for those 50 and older, dependent primarily on your age. (In other words, you would receive $4,600 to $10,100 a year on a $100,000 contribution.) For recommended rates and how they are calculated, go to acga-web.org/current-gift-annuity-rates . The amount you would receive is generally fixed and will never fluctuate or adjust for inflation. But it’s also secured by the charity’s entire assets and will continue regardless of how the investments of the annuity perform. Here is an example. Dennis, 75, and Mary, 73, fund a $50,000 charitable gift annuity with appreciated stock that they originally bought for $20,000. They are eligible for an income tax charitable deduction of $17,584. They will then receive a payment rate of 6%, or $3,000 each year for the remainder of their lives. If you contact your church or charity, they will provide you with information regarding the minimum age, contribution requirements, and rates for their annuities. As you can see, a charitable gift annuity is more than just a financial tool-it’s a way to make a lasting difference while providing for yourself and your loved ones. As you plan for the year ahead, I hope this inspires you to take the next step. Wishing you and your family a Happy New Year filled with peace and purpose! Michelle C. Herting is a CPA, accredited in business valuations, and an accredited estate planner specializing in succession planning and estate, gift, and trust taxes. She is also the past president of the Charitable Gift Planners of Inland Southern California.Dalyn Wakely scores pair to lead Colts to 3-1 victory over Battalion
Monday, December 30, 2024 Facebook Instagram Twitter WhatsApp Youtube Personal Finance Education Entertainment Jobs Alert Sports Hindi Technology Complaint Redressal. Fact-Checking Policy Correction policy Authors and Team DNPA Code of Ethics Onwership and Funding Cookie Policy Terms of Service Disclaimer Contact US About Us More Search Home India State Band: This state will remain closed for 10 hours today, neither... India State Band: This state will remain closed for 10 hours today, neither train nor vehicle will run By Shyamu Maurya December 30, 2024 0 1 Share Facebook Twitter Pinterest WhatsApp Telegram State Band: This state will remain closed for 10 hours today, neither train nor vehicle will run Farmers had called for a bandh a few days ago, due to which the entire Punjab will remain closed today. Railways have also cancelled 150 trains in view of this agitation. State Band: Today the whole of Punjab will remain closed for 10 hours. This bandh has been called by 2 farmer organizations. During this time, roads, railways and shops will remain closed. Farmers want the Center to accept their 13 demands including MSP, due to which Punjab bandh was announced today. In such a situation, a call was given to keep roads, railways and shops closed from around 7 am to 4 pm today. However, emergency services will remain untouched by this bandh. Why will there be ‘Punjab Bandh’ Kisan Mazdoor Morcha and Samyukta Kisan Morcha (non-political) called for this bandh in support of farmer leader Jagjit Singh Dallewal. Let us tell you that farmer leader Dallewal has been on hunger strike for about 1 month regarding his demands from the Center. Farmers have about 13 demands, which also include the demand for legal guarantee of MSP for all crops. In this call of Samyukta Kisan Morcha, farmer leaders have also put some farmer leaders on duty at different places. Along with this, farmers across the state have also been appealed to cooperate in making the bandh successful. Educational institutions Even before this bandh, children’s winter vacations were going on in schools, due to which schools will remain closed while Punjab University has postponed the examinations to be held on Monday in all its colleges to Tuesday. A circular was also issued by the university for this. Following this, Guru Nanak Dev University (GNDU) Amritsar also issued an order to its campus and its affiliated colleges, stating that the UG exams scheduled to be held on December 30 will now be held on January 12, 2025. Milk vendors, fruit and vegetable market Milk vendors have also decided not to come on the roads in this bandh, as the effect of the bandh will be from 7 am to 4 pm, so it is practically not possible for the vendors to deliver milk by 7 am and go back home in the midst of severe cold. At the same time, the fruit and vegetable market can also be affected by this bandh, as the roads are expected to remain closed most of the time. Also, truck operators also support this bandh. In such a situation, there will be no fresh supply in the market before 4 pm today. Rail service The Center has also canceled about 150 trains due to this bandh. The reason for this is that the protesting farmers will close the railway tracks at many places from 7 am to 4 pm, which will affect the movement of passenger and goods trains. In a communication sent to its divisions in Delhi, Ambala and Ferozepur, the Northern Railway has cancelled 150 trains, including three Vande Bharat Expresses – two between New Delhi and Vaishno Devi and one between New Delhi and Amb Andaura. According to officials, another Vande Bharat train running between Chandigarh and Ajmer will halt at Delhi Cantt. Transport services Transport services in the state will also remain shut as transport associations have extended their support to the shutdown. According to the Indian Express, Ludhiana Transport Dealers Association president J P Aggarwal said that in solidarity with the farmers, the transport associations have decided to resume services after 4 pm on Monday. The state Transport Dealers Association has also made a similar call. Private and public buses will remain off the roads as the farmer unions will hold chakka jams at over 200 places on highways and link roads. KMM and SKM (non-political) leaders have also said they will block railway tracks at 50 places. Petrol pumps and LPG cylinder delivery Petrol pumps and LPG delivery may remain untouched by this shutdown as it is included in emergency services. However, petrol pumps may be closed in some places from the security point of view. Also, LPG cylinder delivery may be affected due to the transport shutdown. Government offices Punjab State Ministerial Services Association President Peepal Singh said, “We support the farmers’ issue, but there has been no call to stop work on Monday.” However, the number of employees is expected to be less than normal as outside employees are unlikely to reach the office on Monday. Shiromani Gurdwara Parbandhak Committee Shiromani Gurdwara Parbandhak Committee (SGPC) President Harjinder Singh Dhami has supported the shutdown. In a statement issued to the press, he announced that all SGPC offices in Punjab will remain closed on Monday. What will remain open? Emergency services will continue during this shutdown. In such a situation, no ambulance will be stopped. Medical stores will also remain open. Also, flights will continue to operate from the airport. Marriages will not be stopped and even students going to take exams will not be stopped. Tags State Band: Share Facebook Twitter Pinterest WhatsApp Telegram Previous article US Visa: Big relief for Indians! US issued more than 1 million non-immigrant visas; Students benefited the most Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com RELATED ARTICLES Personal Finance US Visa: Big relief for Indians! US issued more than 1 million non-immigrant visas; Students benefited the most December 30, 2024 Personal Finance ITR Deadline: Deadline for filing income tax extended, know which taxpayers will get relief December 29, 2024 Personal Finance UPI New System: New rules related to UPI will be implemented from January 1, you will be able to transfer more money December 29, 2024 - Advertisment - Most Popular US Visa: Big relief for Indians! US issued more than 1 million non-immigrant visas; Students benefited the most December 30, 2024 ITR Deadline: Deadline for filing income tax extended, know which taxpayers will get relief December 29, 2024 UPI New System: New rules related to UPI will be implemented from January 1, you will be able to transfer more money December 29, 2024 WhatsApp Features: Now you can identify real and fake photos in just one click on WhatsApp December 29, 2024 Load more Recent Comments Gul Mohiudin on Kavita sister-in-law wore a sari without a blouse, seeing the pictures you will also be... Venkatesh on Urfi Javed crossed all limits, wore a front open hoodie top without inner, see photos and videos Gul Mohiudin on Malaika Arora came out in a backless strappy dress late at night, someone had to handle the gown and someone held her hand Gul Mohiudin on Priyanka Chopra reached award function without bra, shame had to be saved repeatedly in open jacket Venkatesh on Disha Patani shared a bo*ld picture while taking a bath, seeing Tiger Shroff’s heart beat will increase EDITOR PICKS US Visa: Big relief for Indians! US issued more than 1 million non-immigrant visas; Students benefited the most December 30, 2024 ITR Deadline: Deadline for filing income tax extended, know which taxpayers will get relief December 29, 2024 UPI New System: New rules related to UPI will be implemented from January 1, you will be able to transfer more money December 29, 2024 POPULAR POSTS US Visa: Big relief for Indians! US issued more than 1 million non-immigrant visas; Students benefited the most December 30, 2024 ITR Deadline: Deadline for filing income tax extended, know which taxpayers will get relief December 29, 2024 UPI New System: New rules related to UPI will be implemented from January 1, you will be able to transfer more money December 29, 2024 POPULAR CATEGORY Personal Finance 18149 Entertainment 17065 India 4565 News 3786 Technology 2270 Jobs Alert 794 Travel 652 Education 451 ABOUT US INFORMALNEWZ brings the Latest News & Top Breaking headlines on Politics and Current Affairs. Up-to-date news coverage, aggregated from sources all over the world by informal Newz. Find latest news coverage of breaking news events, trending topics, and compelling articles. Contact us: informalnewz@gmail.com FOLLOW US Facebook Instagram Twitter WhatsApp Youtube © - 2024 - informalnewz | Izon web Pvt. Ltd. All Rights Reserved. Contact Us - Izon Web Pvt. Ltd. Hno. 789, Basement, Dlf Phase 4 Sector 43, Gurgaon, Haryana -122009, Call: +91-9110801499, 0124-4941700 Home Privacy Policy Authors and Team About Us Contact US Cookie Policy Disclaimer DNPA Code of Ethics Onwership and Funding Terms of Service Complaint Redressal. Fact-Checking Policy Correction policy हिन्दीMore than four million people will be claiming long-term sickness benefits by the end of the decade, an increase of more than 60 per cent on pre-pandemic levels. Liz Kendall, the work and pensions secretary, will announce a package of legislation next week designed to “get Britain working” amid mounting concern in government about the spiralling cost of the benefits system. Official forecasts published by the government this week show that the number of people claiming incapacity benefits is expected to rise from 2.5 million in 2019 to 4.19 million in 2029. Last year there were 3.2 million claimants. The figures represent a significant increase on previous forecasts that were published in the spring, with more than a quarter of a million additional claimants now expected by the end of the decade.Darigabat is under clinical development by Cerevel Therapeutics and currently in Phase II for Seizures. According to GlobalData, Phase II drugs for Seizures have an 82% phase transition success rate (PTSR) indication benchmark for progressing into Phase III. GlobalData tracks drug-specific phase transition and likelihood of approval scores, in addition to indication benchmarks based off 18 years of historical drug development data. Attributes of the drug, company and its clinical trials play a fundamental role in drug-specific PTSR and likelihood of approval. Darigabat overview Darigabat (CVL-865) is under development for the treatment of panic disorder and drug-resistant focal onset seizures. It is administered orally as a tablet. The drug candidate specifically targets alpha 2,3 and 5 subunits of GABA-A receptor to overcome the . It was under development for the treatment for chronic low back pain and generalized anxiety disorder. Cerevel Therapeutics overview Cerevel Therapeutics (Cerevel), a subsidiary of AbbVie Inc, is a clinical-stage biopharmaceutical company that develops therapies to treat neuroscience diseases. The company’s product pipeline includes various drug candidates such as emraclidine for the treatment of schizophrenia and Alzheimer’s disease psychosis; and darigabat targets epilepsy and panic disorder; tavapadon for both early and late-stage Parkinson’s disease; and CVL-871 to treat dementia-related apathy. The company is also developing other programs such as CVL-354, PDE4 inhibitor, and M4 Agonist for therapeutic areas of major depressive disorder (MDD), psychiatric, neuroinflammatory disorder and neurological indications. Cerevel is headquartered in Cambridge, Massachusetts, the US. For a complete picture of Darigabat’s drug-specific PTSR and LoA scores, This content was updated on 12 April 2024 From Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors. , the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article. GlobalData’s Likelihood of Approval analytics tool dynamically assesses and predicts how likely a drug will move to the next stage in clinical development (PTSR), as well as how likely the drug will be approved (LoA). This is based on a combination of machine learning and a proprietary algorithm to process data points from various databases found on GlobalData’s .Lennar ( LEN -5.16% ) Q4 2024 Earnings Call Dec 19, 2024 , 11:00 a.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Welcome to 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. [Operator instructions]. I will now turn the call over to David Collins for the reading of the forward-looking statements. David M. Collins -- Vice President and Corporate Controller 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. Questions & Answers: Operator I would like to introduce your host, Mr. Stuart Miller, executive chairman and co-CEO. Sir, you may begin. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Very good, and thank you. Good morning, everyone, and thanks for joining today. I'm in Miami today, 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; Fred Rothman is here, our chief operating officer; and Marshall Ames as well, chairman of the Lennar Charitable Foundation, along with a few others. 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 some 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 first quarter of 2025. And then of course, we'll have our question-and-answer period. And as usual, I'd like to ask that you please limit to one question and one follow-up so that we can accommodate as many as possible. So let me begin. Our fourth quarter was a challenging quarter at Lennar, as interest rates climbed approximately 100 basis points through the quarter and further challenged affordability. Starting early in the quarter, we saw sales stall at then existing price and incentive levels. That necessitated increased incentives, interest rate buy downs, and price adjustments to activate sales and avoid increased inventory buildup. Accordingly, our fourth-quarter results missed expectations as new orders were 16,895 short of the 19,000 we expected and our gross margin was 22.1% short of the 22.5% that we expected. The shortfall in margin resulted from increased incentives on homes sold and delivered within the quarter. Accordingly, we are moderating our expectations for margins and sales in the first quarter of 2025 as the market adjusts and stabilizes. Overall, the economic environment, which we believed last quarter was constructive for the homebuilding industry, has certainly turned more challenging as longer-term interest rates along with mortgage rates have climbed steadily since our last earnings call. While underlying demand for new homes remains very strong and the supply of available dwellings remains chronically short, a combination of wavering consumer confidence and elevated cost of acquisition have challenged the customers' desire and ability to transact. While there continues to be considerable traffic of customers looking for homes, the urgency to actually transact has quieted as customers adjust to a new normal. Of course, affordability has been a limiting factor for demand and access to homeownership for some time now. Inflation and interest rates have hindered the ability of the average family to accumulate a down payment or to qualify for a mortgage. Higher interest rates have also locked households in lower interest rate mortgages, and curtailed the natural move up as families expand and need more space. Rate buy-downs and incentives have enabled demand to access the market. While consumers remain employed and are generally confident that they will remain employed and their compensation will rise, higher interest rates and inflation have outstripped their ability or desire to act. While strong employment often goes hand in hand with a strong housing market, interest rates have put many with need on the sidelines. As strong demand enabled by incentives and mortgage rate buy downs has driven the new home market over the past years. We expect the broad-based demand cycle to reestablish as rates stabilize or even moderate and as pent-up demand continues to build against short supply, while demand has been constrained by affordability, the supply of homes remains constrained. The well-documented chronic housing shortage is the result of years of underproduction. This shortage is exacerbated by continuing shortfalls in production driven by now muted demand together with already existing restrictive land permitting and higher impact fees at local levels and higher construction costs across the housing landscape. Mayors and governors across the country are acutely aware of the housing shortage and shortfall in their respective geographies. Many have been pounding the table about the need for affordable housing, attainable housing and workforce housing in their respective markets. On a final note, immigration and tariffs have recently been added to the list of questions and potential concerns confronting the industry. We recognize that the landscape is still being shaped around these issues and cannot be addressed with certainty. Nevertheless, our early evaluation suggests limited impact to us and to the industry, and Jon will discuss this in further detail shortly. Against this macro backdrop, we continue to have conviction around the two core parts of our operating strategy. First, we are focused on volume and matching our production with the sales base, while our execution in the fourth quarter was challenged by the rapid and unexpected change in the direction of interest rates, we did adjust and adapt to new market conditions and we adjusted incentives and pricing and we did not enable our inventory levels to spike. We are currently focused on keeping sales volume up as we accelerate in order to catch-up pace and correct the sales miss that we had in the fourth quarter. Of course, the catch-up in sales pace comes at a cost, and that cost is additional pressure on margin. Accordingly, as we have looked ahead to the deliveries in the first quarter of 2025, we expect to sell between 17,500 homes and 18,000 homes and deliver between 17,000 and 17,500 homes. We expect our margin to be 19% to 19.25% as we expect approximately 50% of the deliveries in the quarter will be sold during the quarter, and this will dilute the 20% margin that is already embedded in our backlog. Nevertheless, we are focused on driving sales and closings, driving strong current cash flow even at reduced profitability, and maintaining carefully managed inventory levels so that as market conditions stabilize or improve, we will benefit from normalized margins across our growing volume. Secondly, and simultaneously, we continue to migrate our operating platform to an asset like configuration. We are much closer to the completion of the strategic rework of our operating platform from being a land company that happens to build homes to becoming a pure play land-light asset-light, manufacturing model homebuilder that benefits from just in time finished homesite delivery. Again, we have conviction that our structured asset-light land-light model enables far more predictable volume and growth with a much lower asset base and lower risk profile that has been and will continue to be at the core of our operating model. The value of this structure will be seen in the execution of our Rausch Coleman combination in conjunction with the Millrose spin and I'll discuss this in more detail shortly. Consistent volume and growth enable improving operating efficiencies in construction costs, cycle time, customer acquisition costs and SG&A. Additionally, it has driven consistent and dependable cash flow even with variable bottom-line results. And finally, it has enabled the consistent and predictable takedown of just in time delivered fully developed home site, and that has attracted capital to the structured land banking partnerships that have driven the nearly $20 billion of transaction that have enabled our land-light transformation to date. We are confident that our operating strategy of consistent volume and growth with a just in time delivery of developed homesites will continue to enable our company to be best positioned to rationalize our cost structure, and be best positioned with strong volume as margins normalize. Let me turn back briefly to our fourth-quarter operating results. As I noted earlier, while we are disappointed with our fourth-quarter actual results, they do represent a consistent and strategic quarter of operating results in the context of a difficult affordability environment. As mortgage interest rates migrated higher to around 7% through the quarter, we drove volume with starts while we incentivized sales to enable affordability. In our fourth quarter, we started almost 18,500 homes, sold almost 17,000 homes, and closed approximately 22,200 homes. While I have already talked about market conditions, later starts and sales were also attributable to a lighter community count at the beginning of the quarter, which has now been corrected. We have been able to solve the community count shortfall that we described last quarter and we brought our community count up from 1,283 communities at the end of the third quarter to 1,447 communities, which is now 13% higher than last quarter and 15% higher than the prior year. Our community count positions us materially better to drive the volume we expect at lower absorption rates as we enter 2025. We expect lower absorption rates to put less stress on our margin over time, as we deliver between 86,000 and 88,000 homes in 2025 reflecting an 8% to 10% increase over 2024. During the fourth quarter, sales incentives rose to 10.8% as we addressed affordability and the community count lag. As an offset, we were able to maintain construction costs and reduce cycle time as Jon will detail shortly, and we have maintained our customer acquisition costs while our SG&A rose to 7.2% reflecting our lower volume and lower average sales price leverage. On the positive side, we have driven production pace in sync with sales pace, and have used our margin as a point of adjustment to enable consistent cash flow. Our strategy has enabled us to repurchase another 3 million shares of stock for $521 million in the fourth quarter, bringing our total stock repurchase for the year to 13.6 million shares for over $2 billion in cash. We ended the quarter with $4.7 billion of cash on book and a 7.5% debt to total capital ratio. We are extremely well positioned to spin Millrose and to be able to continue to repurchase shares and reduce debt as we have driven strong overall operating results to date. We continue to be exceptionally positioned as a company from our balance sheet to our operating strategy to be able to adjust and address as the -- to adjust and address the market as it unfolds as we enter 2025. With that said, we're very optimistic about our future. On the one hand, we remain confident that the current volatility driven by affordability and interest rates will subside. Demands will adapt to a new normal, and the supply shortage will remain the dominant theme. Volume will continue to help reduce our cost structure and incentives will normalize, and margins will normalize and our increased volume will multiply bottom line. On the other hand, we are equally enthusiastic about the Millrose spin and the Rausch Coleman acquisition and the way both will work together. As most of you know, from yesterday's press release, Millrose Properties, the subsidiary we formed to carry out the spin that we announced some time ago has now filed a public SEC registration statement and it is available on the SEC website. In the very near future, the spin-off will be public and that will complete our now almost five-year migration to an asset light operating model. Millrose will be the first publicly listed land banking brief and will use our homesite option purchase platform that we call the hopper to provide just in time fully developed homesite inventory for Lennar. For Lennar related ventures, and subsequently to other home builders across the U.S. as well. The Hopper is a comprehensive suite of systems and procedures used to operate and manage the acquisition, financing, and development of land assets at scale, designed and refined by Lennar over the past 20 years. Millrose will be externally managed by a subsidiary of Kennedy Lewis Investments and Institutional alternative investment firm with approximately $17 billion in AUM and extensive experience with both Lennar and with the land and land development business for home builders. All of Millrose's operating costs will be paid by Kennedy Lewis through its management fee and Millrose will have no employees of its own. Millrose will receive consistent cash flows pursuant to option contracts. It will receive recurring monthly option payments, which will be used to pay predictable dividends to shareholders, and will additionally receive initial deposits and proceeds from the sale of fully developed homesites. Millrose will recycle proceeds from the sale of fully developed homesites into new acquisition and development land deals without needing to raise new investor funds. Accordingly, Millrose is an added source of more permanent capital for Lennar, and as an addition to organically negotiated option agreements with developers and other professionally managed programs that are currently private equity based. As such, Millrose is an important evolution of our landline strategy as it enables growth through attractive organic and inorganic opportunities, improved cash flow generation, and strong return on equity and inventory to Lennar. Lennar will contribute to Millrose approximately $5.2 billion of undeveloped and partially developed land and approximately $1 billion of cash. Additionally, Millrose will acquire approximately $900 million of land assets as part of our Rausch Coleman acquisition. While Lennar will acquire the WIP inventory and the homebuilding operations. We believe that the ongoing relationship with Millrose can facilitate other transactions in an asset-light manner as well. Millrose will be positioned with adequate capital to operate its core business, and will have a balance sheet that enables additional debt or equity as needed for strategic engagement or for growth. Lennar will distribute 80% of the stock of Millrose to Lennar shareholders. There will be one share of Millrose stock for every two shares of Lennar. Lennar will shortly thereafter dispose of the remaining 20%, which by the way is non-voting in a distribution of Millrose shares or a potential exchange for Lennar shares, which would basically effectuate a cashless buyback of Lennar shares. Let me say this one more time as it might be a little confusing. The additional 20% interest, which is non-voting shares will be retained by Lennar for a very brief period of time and will quickly either be distributed or exchanged for Lennar shares to effectuate a cashless stock buyback. Needless to say, we are very excited to bring Millrose public in the very near future. Now, let me turn briefly to the Rausch Coleman acquisition. As I have noted, the Millrose spin will work hand-in-hand with our previously announced purchase of Rausch Coleman Homes, which is based in Fayetteville, Arkansas. Rausch Coleman is led by John Rausch, a fourth-generation builder, who built his company into the 21st largest homebuilder in the country. We look forward to welcoming John and his extraordinary team to the Lennar family as John will continue to work alongside Lennar as a partner and many of the Rausch Coleman associates will actually join the company. This acquisition fits squarely into our strategic growth plan of acquiring companies in concert with our Millrose Property spin-off, where Lennar acquires the operating assets, including when and Millrose acquires the Land Holdings. This enabled Lennar to acquire with a limited investment and producing a high return enabled by the Millrose platform. Rausch Coleman builds in 12 primary markets across seven states and is the No. 1 builder by market share in six of these markets. This acquisition will result in our expanding into new and desirable markets in Arkansas, Kansas, and Missouri, while growing our existing operations in Texas, Alabama, Oklahoma, and Florida. Rausch Coleman is a very strong cultural fit for Lennar, sharing a common operational philosophy focused on the building of reasonably priced homes with strong basic home designs. Like Lennar, Rausch Coleman offers few optional changes in proven markets and has an overall commitment to delivering high quality homes within budget and on schedule. We expect that the acquisition will add approximately 100 communities, 4,000 deliveries, and 4,000 new orders in 2025. Assuming that this acquisition closes by the end of the first quarter. After the 2025 activity, there will be more than 37,000 homesites controlled through Millrose for Lennar's operation in 2026 and beyond. The 2025 activity is concentrated 30% in markets where Lennar has existing operations and 70% in new markets where Lennar will take advantage of Rausch Coleman's exceptional reputation and well-run operations as we integrate into one Lennar. We are very excited about the Rausch Coleman position to the Lennar footprint. So we've covered a lot, and in conclusion, let me say that while this has been a difficult quarter, and year end for Lennar, while the short-term road ahead might look a little choppy, we are very optimistic about the longer-term road ahead. In spite of bumps in the road, this is an exciting time for Lennar. At Lennar, we are upgrading the financial and operating platform, as we drive production and sales. We have continued to drive production to meet the housing shortage that we know persists across our markets. With that said, as interest rates normalize, we believe that pent-up demand will be activated and margin will recover, and we are well prepared with a strong and growing national footprint, growing community count, and growing volume. Perhaps most importantly, our strong balance sheet and even stronger land banking relations afford us flexibility and opportunity to consider and execute upon thoughtful growth for our future. In that regard, we will focus on our manufacturing model and continue to use our land partnerships to grow with a focus on high returns, on capital and equity. We will also continue to focus on our pure-play business model and reduce exposure to non-core assets. We will continue to drive just in time homesite delivery and an asset-light balance sheet. And as we complete our asset-light transformation, we will continue to generate strong cash flow and return capital to our shareholders through dividends and stock buyback, while we also pursue strategic growth. For now, we are guiding to 17,000 to 17,500 closings in the first quarter of '25, with a margin of 19% to 19.25%, and we expect to deliver approximately 86,000 to 88,000 homes in 2025. We also expect to continue to repurchase stock in 2025, and we will determine the amount as we watch the evolution of our Millrose spin and our land-light operating model perform. We look forward to 2025, and for that I want to thank the extraordinary associates of Lennar for their tremendous focus, effort, and talent. With that, let me turn over to Jon. Jon Jaffee -- Co-Chief Executive Officer and President Thanks, Stuart, and good morning, everyone. As you just heard our operational teams of Lennar continue to focus on executing our operating strategy to become a consistent high-volume homebuilding manufacturer using margin as a shock absorber. I'll discuss our fourth-quarter performance on sales pace, cost reduction, cycle time reduction, and asset-light land position. Our focus begins with knowing the sales pace needed to match our production pace. While our production both start pace and cycle time performed as expected as Stuart noted market conditions changed from what we anticipated and our sales did not keep pace. As the quarter began, we expected affordability to ease and we priced accordingly. However, mortgage rates climbed instead of lowering and this pricing led to our underachieving the design sales pace for the first part of the quarter. As we saw that mortgage rates remained higher and the consumer needed more help with affordability, we adjusted our pricing to meet the market where it was. As we made these adjustments, we then continuously measured results against the desired pace and if we were still not achieving pace, we adjusted further. These incentives primarily were in the form of mortgage rate buy downs and for some buyers we used closing costs or price reductions to address their specific needs. In addition to adjusting pricing, our divisions engage daily with Lennar Machine to evaluate, if we had the volume of leads and appointments needed and if not we adjusted the digital marketing plan. The sales shortfall led to our overall fourth-quarter sales pace of 4.2 homes per community per month being lower than our start pace of 4.6. While sales were slower for the first part of the quarter, we adjusted as I noted resulting in our November pace of 4.6 sales per community per month that enabled us to end the quarter with an average of about two unsold completed homes per community. To be clear, it wasn't that the market improved in November, it was our adjusting incentives to where the market was that improved pace. Contrasted with a more challenging sales environment, our construction cost and cycle time continued to benefit throughout the fourth quarter from our focus on even flow production along with our high volume. This focus on a manufacturing approach along with the maximized efficiencies of our core product strategy will allow us to continue to improve cost and cycle time into 2025. The fourth quarter our construction costs were consistent with Q3, and decreased on a year-over-year basis by 2%, accomplishing a 2% cost reduction during an inflationary environment consisting of higher labor and material cost inputs for the supply chain over the past year demonstrates the effectiveness of our strategy and affirms the benefits of our builder of choice approach. This manufacturing strategy also resulted in continued reduction in cycle time. In our fourth-quarter cycle time decreased on average by two days sequentially from Q3 down to 138 calendar days on average for single family detached homes. This is a 23-day or 14% decrease year over year in a material contributor to our inventory turn improvement. I also want to comment on the potential impacts of new tariffs or immigration policies as each have the potential to of affecting costs and cycle time. With respect to tariffs, we made a major shift starting eight years ago to move away from Chinese and other Asian manufacturing to where today the majority of what we purchase from our supply chain is from U.S. based manufacturers. There remain some parts made in China, primarily electronic components used in the manufacturing of products that are assembled here. These components become subject to tariffs. We estimate the potential cost impact to be in the range of $5,000 to $7,000 per vote. With respect to lumber, we've already shifted to more usage of domestically grown timber. On the issue of immigration, the potential impact of a change in immigration policies is much more difficult to assess. First, we do not know what policies will be implemented. Additionally, there is no reliable information on what percentage of the workforce for our local labor and trades or for our manufacturers may be subject to new regulation and enforcement. What we do know, just like with the supply chain disruptions during the pandemic, is that we will be able to work with our local trades and national manufacturers to find the most effective solutions because of our builder of choice position with consistent high volume and a focus on production efficiencies. We've learned from that prior experience how important our strategy is to the supply chain, allowing us to minimize the impact from disruptions, and we believe we'll be able to do the same again. In the fourth quarter to effectively work with our strategic land developers and land -- sorry in the fourth quarter, we continue to effectively work with our strategic land developers and land bank partners to purchase land on our behalf and then deliver just in time finish homesites to our homebuilding machine. Diane will give the detail on how our land bank purchases in the quarter breakout, but most of the purchases are just in time takedowns to match our start pace on a community-by-community basis. During the quarter, land banks acquired on our behalf about 17,000 homesites for about $1.5 billion in land acquisition and a commitment of about $640 million in land development. With the focus on being asset-light. Our supply of own homesites decreased to 1.1 years down from 1.4 years and controlled homesite percentage increase to 82% from 76% year over year. These improvements in the execution of our operating strategies enabled reduced cycle time and left land owned, resulting in improved inventory turn, which now stands at 1.6 versus 1.5 last year, a 7% increase. Fourth quarter was a challenge operating environment. As mortgage rates moved higher home buyers needed more help to achieve a monthly payment they can afford. We'll continue with our strategy of pricing to market as we navigate whichever direction the rates move in 2025. We will lean into the Lennar marketing sales machine and stay focused on even flow of high-volume manufacturing production, and with Millrose in place execute even better on our asset-light land strategy. I also want to acknowledge and thank our extraordinary associates for their hard work focus and execution. And now, I'll turn it over to Diane. Diane J. Bessette -- Vice President and Chief Financial Officer Thank you, Jon, and good morning, everyone. Stuart and Jon have provided a great deal of color regarding our operating performance. So therefore, I'm going to spend a few minutes summarizing the balance sheet highlights and then provide estimates for the first quarter. So turning to the balance sheet. Once again, as you've heard, we are here to our volume-based strategy of maximizing returns by turning inventory at the appropriate market margin. The result of these actions was that we drove cash flow and ended the year with $4.7 billion of cash and no borrowings on our $2.9 billion revolving credit facility. This provided total liquidity of approximately $7.6 billion. As a result of our continued focus on balance sheet efficiency and reducing our capital investment, we once again continued to migrate toward our goal of becoming land-light. At year end, our years owned was 1.1 years and our homesites controlled was 82%, our lowest years owned and highest controlled percentage in our history. We ended the year owning 85,000 homesites and controlling 394,000 homesites for a total of 479,000 homesites. We believe this portfolio provides us with a strong competitive position to continue to grow market share in a capital efficient way. We spent $2.1 billion on land purchases this quarter. However, almost 80% were finished homesites where vertical construction will soon begin. This is consistent with our manufacturing model of buying land on a just-in-time basis. Of the homes closed during the quarter, approximately 66% were from third-party land structures where we purchased the homesite on a finish basis. And finally, our inventory churn was 1.6x, up from 1.5x last year, and our return on inventory was 29.2%. As we move forward with the Millrose spin-off, and thus continue to reduce our ownership of land and purchase homesites on a just-in-time basis. Our earnings should more consistently approximate cash flow and over time, it would be our goal to align capital return to shareholders more closely with this cash flow. During the quarter and consistent with production focus, we started about 18,400 homes and ended the quarter with 35,600 homes in inventory. This inventory number includes approximately 2,900 homes that were completed unsold, which is about two homes per community and within our historical range. And then turning to our debt position, we had no redemptions or repurchases of senior notes this quarter. However, for the 2024 year, we repaid $554 million of notes, and since 2018 we have repaid or repurchased over $7 billion of notes with an interest rate savings of almost $400 million. These actions brought our homebuilding debt to total capital ratio down to 7.5% at year-end, our lowest ever, and our next debt maturity is not until May of 2025. Consistent with our commitment to increase shareholder returns, as Stuart noted we repurchased 3 million of our outstanding shares for $521 million. This brought the total for the year to 13.6 million shares totaling $2.1 billion. Additionally, we paid total cash dividends this quarter of $135 million and a total of approximately $550 million for the year. So, in the aggregate for fiscal 2024, we returned about $3.3 billion to our equity and debt holders. Our stockholders' equity increased to almost $28 billion, and our book value per share increased to $104. In summary, the strength of our balance sheet, strong liquidity, and low leverage provides us with significant confidence and financial flexibility as we move into 2025. So with that brief overview, I'd like to turn to Q1 and provide some guidance estimates. Note that these estimates do not include the impact of the acquisition of Rausch Coleman or our spin-off. So starting with new orders, we expect Q1 new orders to be in the range of 17,500 to 18,000 homes, as we match sales pace with production, we anticipate our Q1 deliveries to be in the range of 17,000 to 17,500 homes with a continued focus on turning inventory into cash. Our Q1 average sales price on those deliveries should be about 410,000 to 415,000, as we continue to price to market to meet affordability. We expect our gross margins to be between 19% and 19.25%. So as Stuart alluded to provide additional context, the gross margin in our backlog expected to close in the first quarter is about 20%. What we do not have visibility into at this point is the gross margin on homes we expect to both sell and close in the first quarter, which we anticipate will be roughly 50% of the closing. As we sit here in mid-December with the limited visibility we are going to have into the spring selling season, we anticipate these closings will have a lower gross margin than our backlog. However, if market conditions improve, we will benefit from this upside. Additionally, recall that our Q1 margins are always negatively impacted by the current period expensing of field costs. Since revenues in Q1 are the lowest of the year. Additionally, as historically is the case, the first quarter will be the low point for margins during 2025. Our SG&A percentage should be in the range of 8.7% to 8.8% as we anticipate increased cost to maintain sales activity. For the combined home building joint venture, land sales, and other categories, we expect to be about break-even. We anticipate our financial services earnings to be approximately $100 million to $110 million. And for our multi-family business, we expect a loss of about $10 million. Turning to Lennar other, we expect a loss of about $20 million. However, remember that this excludes the impact of any potential mark-to-market adjustments to our public technology investments. Our Q1 corporate G&A should be about 2.6% of total revenues, and our charitable foundation contribution will be based on $1,000 per home delivered. We expect our Q1 tax rate to be approximately 24.5% and the weighted average share count should be approximately 266 million shares. So on a consolidated basis, these estimates should produce an EPS range of approximately $1.60 to $1.80 per share for the quarter. And since, as we turn to 2025, as we noticed, since market conditions are uncertain, we are only providing delivery guidance, we're targeting to deliver between 86,000 and 88,000 homes for the full year of 2025, including the Rausch Coleman acquisition. With that, let me turn it over to the operator. Operator [Operator instructions] Alan Ratner with Zelman & Associates. Alan Ratner -- Zelman and Associates -- Analyst Hey, guys. Good morning. Thanks for all the detail. Definitely a lot going on right now, so appreciate that. Stuart, I guess I'd love to just hear your thoughts on kind of the consumer and the drivers that impacted the demand during the quarter. Obviously, rates moved in the wrong direction, and I think it certainly makes sense compared to where you guys were back in September, why things were a bit weaker than expected. But, if we look at the absolute mortgage rate in the high-sixes, maybe hitting seven, nine in the quarter, it's not too dissimilar to what you were selling at in spring of 24' and a year ago. Yet it sounds like things were fairly meaningfully weaker from just an overall demand perspective. So, what do you attribute that to, is it seasonality? Is it the supply demand picture, given how many specs have been put on the ground, because it doesn't feel like things have changed that drastically in the economy to warrant a much softer picture at that type of rate environment? Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Alan, I think it's a combination of factors. I think that the consumer, and particularly at the entry level. But even as you move up into the move up level, acquiring a down payment in today's inflated environment. What I mean by that is prices have gone up and the rate of inflation has come down, but that doesn't mean prices have come down. It's harder to accumulate a down payment, and it's harder to qualify for mortgage. I think that there is a combination of interest rates moving up, and moving down, and moving up, moving down. It's created a little bit of a hesitancy and people actually pulling the trigger. You have some seasonality sprinkled in here. There are number of factors that are going on and it's just become a more difficult environment to get the buyer to actually make the decision to purchase. As we came to the end of our third quarter, where interest rates were trending down, we didn't see the same responsiveness to rates coming down that we had seen in prior movements. And then moving from there into the fourth quarter, as interest rates first tick down and then moved up in the wake of the 50-basis point fed reduction. The consumer kind of it just felt like they felt a little surprised by that and it's just been more sidelined. So, I just say it's a combination of things that we have felt at the door at our Welcome Home Centers and in particular as rates started migrating up during the fourth quarter. It became harder and harder to navigate the waters of incentives and rate buy down and purchase price reductions, all of the components that we have as tools navigating those waters became a little trickier, and it took a little bit more to get the consumer over the fence. Alan Ratner -- Zelman and Associates -- Analyst Got it. I appreciate the additional color there. And then second just kind of on your overall pace versus price strategy, you've always kind of articulated margin and price being the lever to achieve the volume targets. I'm just curious as you think about 25% and the targets you put out there for closings growth, not too dissimilar from where you were three months ago even though the market seems to have shifted a bit lower. What are you thinking on the sensitivity there now that margins are kind of below where we at least for the time being below what you consider to be normalized. Is there a lower bound on margin or an upper bound on incentives that you're willing to go to achieve the volume targets that you've put out there right now? Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer We have conviction here that steady state volume will help us rationalize costs, both at the land level and at the hard cost sticks and bricks level, as well as overhead over time. And so, the answer is we're going to adjust to market. We're going to maintain volume. Of course, there can be something that is so erratic that we might change our strategy, because it is outside the boundaries, but as it relates to the normalization of the market, the adjustment to a new normal and interest rates, or as it relates to affordability issues, just straight affordability. We're going to adjust to market conditions and maintain volume, and we're going to use that as a leverage point to rationalize both land and production costs. Operator Our next caller is Michael Rehaut with JPMorgan. Michael Rehaut -- Analyst First, a lot of questions. I'm sure we're going to hear about Millrose, shortly, but I'd love to just focus on the core business, which I think is really the focus on most of the clients that we speak to investors that we are speaking with today. Stuart, you mentioned a couple of times that, you are positioning the company from, in terms of keeping your finished spec kind of in line with historicals, kind of continuing to move volume that you are positioning yourselves to benefit from a normalized margin, when things stabilize. You also alluded to, I think Diane alluded to, your conviction that the first quarter should be the lowest in terms of the gross margin for the year. Trying to think about, what a normalized gross margin might mean over the next 12, 24 months. Relative to what you're seeing, what you've seen in the past year, what you're seeing in the first quarter. How should we think about, what a normalized margin means for Lennar, let's say once we get through this more bumpy period? Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Mike, I think, it's hard to look out ahead, especially in what I would consider to be turbulent times. Maybe turbulence's too strong a word, but interest rates are moving around. There's a lot of change injected in the system overall. What exactly is normalized? I don't know what that number is. It's certainly north of where we are now. I think that the market is adjusting to a new normal, there is underlying everything a supply shortage and demand is building in the background just by population and household formation. What is a normalized margin? It's going to be higher than where we are right now, and it's going to climb as demand is activated by market forces, and that means enabled by interest rates, enabled by stabilized pricing either at the grocery store, the gas pump, or gas prices coming down. It's all of these things are going to work together. What we focused on is, we are going to price to market conditions, and that means as the market ebbs and flows, our margin will move up and down along with it, and we know that market conditions right now are difficult. There will be easier times ahead where margin will migrate back up and we'll be multiplying by a larger volume number. Jon Jaffee -- Co-Chief Executive Officer and President Mike, I would just add as you heard from all of us is, that our strategy really enables our approach to the supply chain to continue to find efficiencies and reduce cost there that will help the margin equation. Michael Rehaut -- Analyst I appreciate that both Stuart and Jon, thank you for that. I guess second question, I wanted to shift toward the top-line. Last quarter, and I think you reiterated this a few times perhaps now, you intend to grow volumes about 10% annually, and it's what you stated last quarter, for fiscal '25 and beyond. Your guidance now is 8% to 10%. It does though include the contribution of Rausch Coleman, which I think you said was about a 5% contribution to growth 4,000 units, if you close in the first quarter. So, it obviously implies organic growth kind of in that 3% to 5% range. I'm just wondering going forward, you had the only other competitor of yours of similar volume size to D.R. Horton talk about flat to up slight volume growth in fiscal '25, and a big part of that just due to the challenges of getting communities online. How should we think about organic growth from Lennar going forward? Is that still, do you kind of view that 10% goal that you stated as an all in number? Is there variability there? Is the organic growth perhaps a little bit less. Because it certainly seems like fiscal '25, might be below a normal or aspire to growth year at least on an organic basis for some builders. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Mike, the line between organic and inorganic has become a little bit more blurry. And the reason is that as we grow, we're adding communities. Sometimes we are adding communities through the acquisition of smaller builders, who have decided that an affiliation or a collaboration with us is a better avenue forward. And sometimes that's really just the acquisition of additional communities instead of buying one, we are buying four. And this is something that has got ongoing on a regular basis in different markets at different rates. So, it's kind of hard to decipher, where the line between organic and inorganic is. So, we're looking at basically that kind of a growth rate, as a combination between the two. With Rausch Coleman, we have a combination of some markets, where we're already embedded, where we are adding community count to an already existing rather robust operating system or platform and we have other markets, we are growing de novo into new markets working with the tremendous reputation that Rausch Coleman has and the high-quality people that come along with the acquisition. So even with Rausch Coleman the line between organic and inorganic, really begs the question of can we separate it out and how do we look at it? We're really looking at both organic and inorganic as being tied together with our growth strategy. Diane J. Bessette -- Vice President and Chief Financial Officer Yes, Mike, I think I would just add that as you're saying with Rausch Coleman, while we are expanding into new markets, we're also growing market share and existing markets, and that's really the goal, because the greater we grow market share the more benefits we really achieve from that market. And I think what's really important to also remember is the way that we're structuring these, we'll call them the inorganic growth. And I think that's a really big differentiator. We're just buying whip, turning it quickly, adding profitability to the bottom line and at a high return. So I think you have to think about, sort of that M&A activity, if you will, in a very different light. It used to be very negative, it came with a lot of goodwill and things like that. But this is a different way to think about M&A and I think it is more akin to organic growth than you might be thinking about historically. Michael Rehaut -- Analyst I appreciate that Diane. And just to clarify for the first quarter, gross margins, that does not then as a result include any purchase accounting impact for Rausch Coleman, I guess not expected to be in the first quarter, but let's say in the second quarter, third quarter, is there any purchase accounting impact expected? Diane J. Bessette -- Vice President and Chief Financial Officer Yes, there'll be some purchase accounting impact in the second quarter if we were to close at the end of the first quarter. But I'd say like, think about it, if we're, and again, depending on when we close, if we estimate 4,000 deliveries over the second, third, and fourth quarter, you can see that the purchase accounting impact in that second quarter will not be material to margins overall. Operator Our next caller is Stephen Kim with Evercore ISI. Stephen Kim -- Analyst I want to try to clean up a little bit if I can, on the gross margin. Stuart, I think you indicated that the backlog has gross margins that are kind of running closer to 20%. And I think I heard you say that you sort of thought that the number of, or the percentage of closings that you would get in 1Q that you have not yet sold or had not yet sold at the end of November was about half. So then that makes it easy. That sort of implies that your 19% gross margin in the first quarter, that implies that the stuff you're going to be selling here, over the coming weeks, you're sort of thinking is maybe an 18% gross margin. I think you also indicated though that 1Q has sort of a catch up in sales going on, because you missed your 4Q sales. So that might sort of suggest that, if you're trying to figure out what a steady state gross margin is, that 18% is probably a little lower, because you're actually sort of overselling, if you will, a little bit to make up for 4Q. Just want to make sure I'm thinking about that right, or if there's some other adjustment that we need to be thinking about. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer I think you're doing a good job. That's pretty right on. And we'll have to see how the market actually unfolds and enables or not enables, activity at that level, but we're going to solve to activity. Diane J. Bessette -- Vice President and Chief Financial Officer Yes, I think that's right, Stephen, that 20% margin, if you think about it. It has the impact of the increased incentive levels from Q4, which Jon really gave you some details on that. And I think if market conditions improve, there's upside to that. But we're trying to be really conservative right now because there just isn't a lot of visibility as we sit here in the middle of December. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer And let me just add and say, look, we are solving to volume. But what we are doing is we're working, while we solve to volume on rationalizing the cost structure, and whether it's on the land side or whether it's on the production hard cost side. Our relationships with our trade partners building predictable volume that they can count on and they know that we are not flinching enables us to rework some of the efficiencies in some of those numbers. We have continued to be able to either bring our cost down or at least hold them steady in a tough environment and we think that we will be able to make more progress rationalizing cost by giving consistent volume. So, there are some offsets in all of this that are important to the way that we are thinking about our business. Stephen Kim -- Analyst Yes, that's helpful, and I think I should also have mentioned that you also indicated that 1Q, has lower margins than sort of a full year. So that's also, yes, so 18 isn't exactly like sort of an annualized number anyway on top of being conservative. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Yes, and let me. Diane J. Bessette -- Vice President and Chief Financial Officer And we have that field impact as well, Steve, which is not immature number. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer And let me say this. That I, do want to go back to the third quarter, where I detailed that our community count had fallen off. The bolstering of community count also helps alleviate some of the pressure at the community-by-community level. So, these things are going to work through and work out. We are confident in that, and we like the fact that, OK we are a little lower right now, but over time we are going to normalize and we are going to multiply by a bigger number. Stephen Kim -- Analyst Got you. OK, switching gears to volume, your closings guide is 86% to 88%, up about 10%. I guess my question is does that assume orders for the year noticeably above the closings range, or does it assume a meaningfully higher backlog turnover ratio for the year? Because I, think in order to hit that closings guide, you're going to need one or the other. You're going to need to have orders either higher than, that number or you're going to have to have backlog turnover ratio higher than it was last year. And so I'm kind of curious which is it? And if, you tell me if, it's orders, that orders are going to be higher. I just want to make sure that we're thinking right because that my model is sort of telling me, it's got to be like north of 20% order growth in 2Q and 3Q, including Rausch. And, if you're telling me, well no, it's probably a higher backlog turnover ratio. I'm going to ask, well then, well are you contemplating cycle time impacts for maybe a crackdown on undocumented workers. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Yes. So, you're not going to be happy with my answer. But I, think it's a little bit of both. And look, we are driving and getting more and more efficient across the platform. And what, I mean by that is on the orders, the new orders side, the focus and attention that we are bringing to the generation of sales. Whether it's through our digital marketing machine, or whether it's through our dynamic pricing mechanism, we are building efficiency through those programs, and so there will be some order growth embedded in this. But additionally the focus and attention that we have brought to cycle time, which enables that backlog conversion to accelerate the efficiencies that we're injecting in our business. I mean, if you listen to Jon's articulation, it's not just construction costs that are holding steady in a higher pressured environment, it's also cycle time coming down. Now, you raised the question of immigration and what happens with immigration policy, and that's a wild card out there, and we're all going to have to figure out how that kind of meshes together. But I will say as an overlay here, is that one of the things that we are doing is we're injecting predictability with our trade partners so that they understand that we are there for them and we're going to need them to be there for us. And that is a quid pro quo that kind of exists in the market. And we have been rock solid consistent in laying out the logistics and the predictability that enables them to be the best version of themselves. And even when the market says flinch, we're not flinching and that predictability is a value add. Jon Jaffee -- Co-Chief Executive Officer and President I would just add to that, Steve that predictability comes with a real focus on simplification. So we have a greatly reduced skew count than we used to have, which enables the execution, which Stuart just described to truly happen as you work through both the labor force and the manufacturers. Stephen Kim -- Analyst So just so I'm clear, are you assuming any cycle time? It sounds like you're not assuming any cycle time impacts, because if you do have it affecting the market, it's going to affect other people, but not you, just so I'm clear, is that what you're sort of hoping? Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer That's the two hunters with the bear chasing them and we're not quite that mercenary. We want all of our competitors to do well. But we are laser focused on our production, our cycle time, and we are solving too, the most consistency to be able to accomplish the things we're accomplishing. Now, are we assuming that there will be variability in here given an uncertain political environment? We are naturally thinking about that quite a bit at working with and talking to trade partners to look at eventualities. Are there clear answers at this point? There are not. And John was clear about that, but it's not something that we're asleep at the switch with. It's something that is very much a part of our thinking. Operator Our next caller is Trevor Allinson with Wolfe Research. Trevor Allinson -- Wolfe Research -- Analyst Stuart, I first wanted to follow up on some comments you just made talking about conversations with your suppliers and with the trades. Given 1Q gross margins are backed up pre pandemic levels. With your focus on growing volumes here, are you expecting to see some cost concessions maybe excluding any impacts from changes in policy, but are you expecting to see some cost concessions here in 2025 from both your trades and your suppliers? Jon Jaffee -- Co-Chief Executive Officer and President Yes, this is Jon. It's a continuous program of discussions with our supply chain to find efficiencies and bring costs down. We do expect that to continue. A big part of that is relative to our product strategy, our core product strategy, which we discussed before they just mentioned it gets to the details of skew reduction. But the biggest thing is consistent predictable volume enables us to have that discussion with our trade partners and have their margin come down just as our margin is coming down. Trevor Allinson -- Wolfe Research -- Analyst Got you. That makes a lot of sense. And then second, there's been a lot of talk in the industry about elevated completed inventory levels. Sounds like your completed inventory levels remain relatively normal. Can you just talk about your comfort levels with where your completed inventory levels are at in the current demand environment? And then perhaps expand that commentary to the completed inventory levels overall in markets. And if you feel in any of your markets, they've got more extended. Jon Jaffee -- Co-Chief Executive Officer and President Yes, that's a great question, Trevor. Our inventory as we came to the end of the year was within our range, but at the high end of our range, and we are very focused on maintaining an inventory level that is appropriate. So let me talk about appropriate. We recognize that build up in inventory, is the best way to really cast a dark cloud over your future. If we have too much inventory, it's going to constantly be a depressant on where pricing and margins can actually grow. So, we are laser-focused on keeping our inventory level within a range. Now, historically, we have trended closer to one home per community versus the two homes that we are at right now. But we have been within that range of one to two homes. We have actually migrated to a thinking process that given our land-light strategy, we are enabled to maybe carry just a little bit more than we have historically. And that really enables us to address the customer that comes in and needs a home now as opposed to one that's under production or to be under production. And therefore, we think that something closer to the two home per community range is, where we want to land, but we do not want to get above that. So, that's how we are thinking. That's what we're solving to. We're going to carefully maintain inventory, but we're going to be a little bit toward our historical higher side as a matter of strategy. And just to add to that Trevor, we're very focused on not just maintaining inventory levels, but the freshness of that inventory. So, we're very focused on not letting it age, and if you look at our inventory, about 80% of it is 90 days or fresher from an aging perspective. So, it's a big part of this overall focus of our operating platform. Operator Our next caller is Susan Maklari with Goldman Sachs. Susan Maklari -- Analyst Good morning, everyone, thanks for taking the question. My first question is going back to some of the focus on rationalizing the cost structure in there. Can you talk about where you are in terms of standardizing those product offerings? How much more you can get over the next several quarters in there? And how that will benefit both the margin structure over time, but then also just the cash generation of the business? Jon Jaffee -- Co-Chief Executive Officer and President So, we've been hard at work at it. It's a standardized product offering, which we refer to as our core product. And in '24, it represented about 10% of our starts, and we expect that that's going to grow to about a third of our starts in 2025. So, we do think there is further rationalization that will be very positively received by our supply chain both labor and materials, as we create more and more consistency. But also efficiency with that consistency that will both help cost and cycle time. The bottom line, Susan, is that there's a tremendous amount of opportunity here that we've been laser focused on the migration from 10% to a third of our product migrating to core equates to a great deal of efficiency with which is not about renegotiating with our trades as much as it is about value engineering and really building efficiency both into the design of the home and the production of the home. And so, we think that over the next year we'll see a lot more core product, and a lot more reduction in cost as associated with that. Susan Maklari -- Analyst And then Stuart, one of the comments that you made was that, you're going to continue to focus on repurchasing the stock and shareholder returns, and that will obviously evolve as Millrose moves through the process. Understanding there's a lot that that can change in there. But can you talk to some of the key factors that you're watching for and how that could perhaps evolve as we do get Millrose out and we move into a newer model of the business? Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Let's remember first of all that Millrose is the end of a process that has been ongoing for five years. So we have a tremendous amount of experience with our other land banking partners starting with essential housing and Angelo Gordon, where we have a tremendous program, an opportunity to continue to grow. Millrose is a next step. The biggest difference with Millrose is that it is a permanent capital vehicle as opposed to one where a group has to keep going out and raising the next round of capital. So there's something strategic about Millrose as we take a large part portion of land, our remaining land and move it into the system, we're going to see how capital flows, especially at the start-up of the Millrose endeavor as we go public, there will be a start-up process, and as we mature the engagement, which will dovetail with all of our other land banking relationships, as well as episodic programs where we're dealing with landowners and have rolling option programs as well. As we mature our engagement with now what will be a fully land light strategy, we will develop the confidence around how much of the capital that we're producing, the cash flow that we're producing actually goes to return to shareholders, either through dividend or through stock buyback, and as we're paying down debt as well, I'm not sure that that answers your question, but it's just a maturing process that we'll go through as Millrose goes public. Diane J. Bessette -- Vice President and Chief Financial Officer Yes, Susan, I would add to that, as you remember what I said, the goal is to really have our net income, equal our cash flow. And I think 2025 is sort of a year where a lot is coming together, and we'll still be embarking on that journey of making sure that we're increasing shareholder returns through all the mechanisms of dividends and buybacks. But I think as you look on a longer term sustained basis, I think that we will get to the point where net income is pretty close to cash flow and we don't have a large maturity ladder from a debt standpoint. So by design that cash flow will be more heavily geared toward buybacks. Since, we were formally very focused on the debt reduction. So, I think that should give you sort of a trajectory of where we're going. What's important to us is to have a sustained program, and I think that we're taking a step another step in that direction. Susan Maklari -- Analyst OK, that's really helpful color. Thank you. Good luck with everything. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Thank you, Susan, and why don't we take one last question? Operator Our next caller is John Lovallo with UBS. John Lovallo -- Analyst Hi, guys. Thank you for taking my questions as well. Maybe the first one on the spin. I'm just curious, why you decided to partner with an external manager in the Millrose deal. And then along the same lines, what do you sort of think of as the right comps. I mean, should we be looking at mortgage REITs. I mean, they do tend to trade at, call it a 20% discount to book value. So, I'm just curious, what you would consider to be good comps and why you use an external manager? Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer So, John thanks for the question. I got Fred Rothman sitting right next to me, and Fred has done a tremendous amount of work on building the programming and the execution around Millrose. I'm just going to start by saying, we chose an external manager and we chose the external manager of Kennedy Lewis, because they've been a strong counterparty for us in this business. Angelo Gordon and we started it. Kennedy Lewis has been a participant along the way. And Fred, do you want to weigh in on the Kennedy Lewis relationship. Fred Rothman -- Chief Operating Officer Sure, we have a long strong history with Kennedy Lewis that has produced a very good working relationship, and using them as an outside manager here allows Millrose to get going from day one. We're going to be conveying and transferring large number of home sites and we need Millrose to be up and running to develop the internal platform and to develop the systems, they're already familiar with our hopper. So, on day one, Millrose will be very active up and running and be a strong partner for Lennar. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer And let me just add to that and say, we've been asked, why wouldn't you have done it with Angelo Gordon. And let me tell you, the relationship with Angelo Gordon is extremely strong and beneficial, but multiple pools of capital are going to benefit us and the industry for that matter as we go into the future. And so therefore we have strong participants that are familiar, as Fred said with the hopper. The way that we govern the overall oversight of purchasing land, developing land, financing land, and moving it through the system in orderly fashion. We have a lot of experience with the professionals at Kennedy Lewis already. They were a natural external manager. Why an external manager, it gives clear visibility on what the cost structure is. The cost structure is borne by the professional manager. A very clear fee, is it supports the payment of all overhead associated with the administration. It's a much more simple structure for the world to understand. And then you ask the question of what are going to be the comps. I think, we are going to leave that to the next couple of months as we take Millrose public. So, there is a little bit of wait and see and we are going to stay within the boundaries of what's in the S-11 right now. But we are very enthusiastic about this addition to the capital markets. And what it means for the future of the homebuilder as a manufacturer that benefits from just in time delivery of homesites. Diane J. Bessette -- Vice President and Chief Financial Officer John, I just going to add to think about, one of the goals with Millrose was to have Millrose produce sustainable recurring cash flows and income. And I think about that, while it's not perfect, I think about that sort of compared to the returns that you're getting from a bond investment, for example. And so that, I think that that recurring sustainable component will be very important. And so as Stuart mentioned, having a very fixed fee structure against that recurring income and cash flow, I think will accomplish the goal that we're trying to, one of the goals that we're trying to accomplish. As you think about Millrose from an investment standpoint. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Fred, anything else you would add? Fred Rothman -- Chief Operating Officer Just the Kennedy Lewis has put the team together and just has a proven track record that is just going to make this a seamless transition for us on day one. And I think that's critical for the success of Millrose and the sustainable and future growth of Lennar. John Lovallo -- Analyst That's really helpful. And then just as a follow up, I just wanted to go back onto to an earlier question just to make sure I understand the strategy here. The 10% growth in delivery that target was out there pre-Rausch. You guys have maintained that at the high end, including Rausch. So I guess, the question is, if it were not for Rausch, would you have lowered that target? Or conversely, is Rausch just giving you sort of the opportunity to not push pace quite as hard in the existing communities and still get that same volume at perhaps a higher margin? Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Let me just add a little correction. We've been working on the Rausch deal long before, it became public. In our world, when we do deals, it is all about relationship and fit. And we have spent a tremendous amount of time working through not just the relationship, but a thoughtful negotiation on how things work best in bringing something together. So our 10% really didn't predate Rausch. We've been aware of and predisposed for this to be a part of our gross strategy in a very strategic part. If you look at the way we're thinking about growth strategy today, or the way we have been thinking about, it has been in part densifying some of the divisions that we already have in place. Some of them are already densified, but we've also been thinking about how we bring our brand to a broader geography. And so an acquisition component of entering new markets has been a thoughtful accelerant to the way that we've thought about growth. And the Rausch program has fit well within the boundaries of what we've been expecting of our own growth strategy. Now, once again, I'm going to say Fred has been the primary driver negotiator in and around the Rausch deal. Fred, would you add to that? Fred Rothman -- Chief Operating Officer Rausch also has a strong position in many of the markets we're not in. So we hit the ground running with Rausch as a No. 1 by market share in many of the markets we're not in. So we immediately will be able to capture the opportunities and the growth of being the No. 1 builder in a bunch of new markets accessing our ability combined with the Rausch Coleman excellent track record and access to land going forward. So really an exciting opportunity for both companies. Diane J. Bessette -- Vice President and Chief Financial Officer And at a lower price point, which is attractive in today's affordability challenge market. John Lovallo -- Analyst Right. OK. Thank you, guys. Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer OK, you're welcome. Well, I want to thank everyone for joining today. I know it's a bit of a turbulent ride, but we're pretty excited about our future. Short-term bumpy, long-term excited, and we look forward to reporting back at the end of our first quarter. Have a nice day everyone and happy holidays. Operator [Operator signoff] Duration: 0 minutes Call participants: David M. Collins -- Vice President and Corporate Controller Stuart A. Miller -- Executive Chair and Co-Chief Executive Officer Jon Jaffee -- Co-Chief Executive Officer and President Diane J. Bessette -- Vice President and Chief Financial Officer Alan Ratner -- Zelman and Associates -- Analyst Stuart Miller -- Executive Chair and Co-Chief Executive Officer Michael Rehaut -- Analyst Jon Jaffe -- Co-Chief Executive Officer and President Diane Bessette -- Vice President and Chief Financial Officer Stephen Kim -- Analyst Trevor Allinson -- Wolfe Research -- Analyst Susan Maklari -- Analyst John Lovallo -- Analyst Fred Rothman -- Chief Operating Officer More LEN analysis All earnings call transcripts
There is optimism among Southern California defense contractors that the incoming presidential administration’s plans and policies will inject adrenaline into the local economy and generate hundreds of new jobs, especially with talk of strengthening the U.S. military. President-elect Donald Trump has publicly vowed to strengthen the country’s military by making it more efficient and through that find better ways to develop more defense products utilizing technology innovation. He has also said he will build up a larger naval fleet to compete with China. Just after winning the presidential election, Trump named Elon Musk and Vivek Ramaswamy, founder of a pharmaceutical company, as co-leaders of a government efficiency initiative focused on cutting bureaucracy and waste in government. Many smaller tech firms, some of which have relationships with Musk’s Space X and Tesla, are hopeful the initiative could give them an edge over bigger defense companies with huge budgets. “The new administration is very passionate about countering China and they recognize the ability for the U.S. to outcompete China that manufacturing is probably the most important thing to counter that threat,” said Chris Power, CEO and founder of Hadrian Automation, a company based in Torrance that runs automated factories building defense products. “We haven’t been talking about reindustrializing the country in the last 10 years. Now, the vice president, a lot of the policymakers are hellbent on figuring out how to reindustrialize the U.S., both by investing in the country and also by creating an even playing field with China.” Power, an Australian who lives in Hermosa Beach and started his company just three years ago, was among hundreds who attended the 11th annual Regean National Defense Forum held over the weekend at the Ronald Reagan Presidential Library in Simi Valley. The event is an opportunity for representatives of defense and technology companies to rub shoulders and exchange ideas with lawmakers, senior Department of Defense leadership, and foreign defense leaders in an environment away from the hubbub of the nation’s capital. Southern California is packed with hundreds of defense-oriented companies and continues to be a leader in military defense innovation. Commercial technology is also significant in the country’s national security approach. Because of that, the forum is also an opportunity for non-traditional companies to get a share of the spotlight and for startups like Hadrian Automation to get a chance to talk with people otherwise not in their sphere. This year’s forum, themed “Peace Through Strength in a Time of Transition,” included a day of back-to-back panel discussions. Key themes included what the new presidential administration would mean for defense, overcoming production and manufacturing constraints to build the future force, space capabilities and the space economy, modernizing defense capabilities, the next national defense strategy, and public opinion on national security after the election. During a discussion on force structure, resources and the next national defense strategy, panelists emphasized funding military needs going forward. Rep. Ken Calvert, R-Corona, who serves on the House Appropriations Defense Subcommittee, pressed the importance of passing the appropriation bills that fund military spending. “We need to get these bills done and give certainty to the military that they have the resources available in the Trump administration,” he said. “I know it’s difficult in an era where we have significant national debt, but nonetheless, our national security is at risk, and we need to move forward.” The uncertainty of the government’s appropriations process makes it difficult for the defense industry, “from a development perspective and a production perspective,” said Lawrence Culp Jr., chairman and CEO of GE Aerospace. “Without that clarity, it’s very hard to keep someone at task with all these stops and starts and the policy uncertainty of late – it’s very hard.” The smaller companies further down the supply chain bear a lot of the weight of uncertainty, he added. “When you talk about the small and medium-sized businesses that are part of that supply chain, the small companies we rely on for input, one, two, three tiers away, they’re at the end of the whip and they can’t really handle that, either operationally or financially.” Former Secretary of Defense Leon Panetta said at the forum that is where Trump needs to use his ability to generate enthusiasm among the public and make Americans aware of the nation’s dangers if it doesn’t have a strong military. “The American people really don’t understand how much of a threat we’re facing,” he said. “We have got to educate the American people on that. We haven’t had a president in the last years who has gone to the American people and gotten their support. It’s the only way you get leadership in Congress to pay attention and get the action you need.” The forum produces a survey each year on public perception of military defense, the last conducted just after the November election by a bipartisan research group. Of the 2,500 surveyed, 79% of respondents said they want the U.S. to spend more on national defense. At the same time, 61% said the military should be large enough to win two wars simultaneously; 49% said China poses the most significant threat, while 25% said Russia poses more of a threat. And, that’s where lawmakers such as Calvert think Southern California companies can have opportunities to become more successful. “Southern California is the intellectual capital of the world when it comes to national security innovation and manufacturing,” he said. “President Trump is committed to a strong military that is focused on the threats we face today and tomorrow. There’s no doubt in my mind that Southern California will continue to make a significant contribution to those important goals in the years ahead. There’s widespread agreement that we need to invest in our national security to remain the preeminent superpower in the world.” With a new administration coming in talking about cutting waste in government agencies while strengthening the country with a more targeted and effective military, local companies working with defense contractors and manufacturers are looking to the future with a hopeful eye. Brandon Tseng, a former Navy SEAL who co-founded Shield AI and attended the defense forum this year for the second time, said more government interest in smaller companies that produce military technology will help Shield AI create more jobs. The San Diego-based company, which employs 900 people, aims to protect service members and civilians with AI systems. It develops artificial intelligence-powered pilot systems, drones and technology for military operations. “I’m bullish on the defense tech ecosystem,” he said, adding that he’s excited about Trump’s inclusion in his administration of Musk, Ramaswamy and Stephen Feinberg, a private equity investor with interests in the defense industry, who Tseng calls problem-solvers. Related links “What I’m optimistic about is that you have these operators who have run companies, been in the trenches, solved problems, and know what it means to walk the walk, not just talk the talk,” Tseng said. “The administration is bullish on doing things more efficiently, more effectively; that’s what technology is about. I think you’re going to see it will be very helpful for a lot of defense tech companies.” And, it’s exactly the idea of manufacturing parts quickly and efficiently that Power, of Hadrian Automation in Torrance, believes will help reinspire U.S. manufacturing, which he believes is the basis of a strong national defense. With his company, he hopes to inspire many young, smart people to want to get back into manufacturing – but in a more modern way that uses software to improve the manufacturing process and make it more efficient and effective. “U.S. power is based on the dollar,” he said. “The dollar is based on military might, which is really based on industrial power. We shot ourselves in the foot as a country by outsourcing our industrial power to China. That took away all the manufacturing skillsets, manufacturing technology, and a lot of jobs. For the last 25 years, we’ve treated China like a partner, but they have been subsidizing aggressively their manufacturing base specifically to gut our industrial power as a country.” At the same time the general public’s interest in manufacturing has dipped, he argued, with more people in the 1980s and ’90s choosing a four-year degree as the way to a successful future and a middle class that commands relatively high wages. “If you want manufacturing in America, the only way to do it is to build software factories that give the American workforce a productivity advantage so we can scale and use a new workforce instead of a legacy,” he said. “And if we want to be cost-competitive globally and efficient, we either have to pay everyone a very small amount or give the American workforce the 10x advantage with American software engineering and robotics.” Power sees Trump’s focus on empowering industrialization as having a huge impact on jobs. He plans to open two new facilities in the next year. “The faster we scale, the more jobs we provide,” he said. “And they’re better and more exciting jobs.” Related Articles
WESTFIELD — HVAC manufacturer Mestek Inc. has sued a Chinese company, saying the unrelated Shenzhen Mestek Electronics Co. is using the Mestek name and the Westfield company’s reputation to sell temperature and moisture sensing tools online. Westfield’s Mestek says the fan components it makes are for sale on the Chinese Mestek’s Amazon storefront next to electronic thermometers and sensors made by the Chinese company, according to a federal suit filed this week in the U.S. District Court in Springfield. The Chinese company’s Mestek products are also for sale on Chinese online marketplace Alibaba , on Amazon and elsewhere. Alibaba is based in China, but payment is accepted in U.S. dollars and shipping is available to the states, according to the suit. Westfield’s Mestek also said the fan components it makes are for sale on the Chinese Mestek’s Amazon storefront next to electronic thermometers and sensors made by the Chinese company, according to court papers. The suit includes examples of the Chinese Mestek using the name and similar logo. American Mestek says the Chinese company’s tools used to measure temperature, electricity or moisture are related to the heating, cooling, air handling and system control equipment it makes. Mestek says it’s been using the brand name “Mestek” for 40 years selling and promoting its line of heating, cooling, ventilating, metal forming machinery, architectural products, intelligent boiler controls, computer information systems and services and related products. But its corporate roots go back to1898. The suit says the Westfield Mestek discovered the Chinese company was using the name in October 2024 and later found out the Chinese firm had trademarked a similar logo to its own. Shenzhen Mestek Electronics first filed paperwork to register the trademark in 2017, according to the U.S. Patent and Trademark Office. The paperwork was renewed in 2022. Neither the Westfield Mestek nor its attorney, Kevin H. Vanderleeden of the Springfield-based intellectual property and patent firm Grogan, Truccillo & Vanderleeden. responded to calls for comment Thursday. The Chinese company didn’t respond to emails and has not filed a response to the suit, according to the docket. Suits like this one meant to protect an American company’s intellectual property from Chinese interlopers have become increasingly common, according to a 2023 piece in MIT Technology Review. The suits are also lucrative for the U.S. law firms to file them and collect damages. Stories by Jim Kinney
SAO PAULO (AP) — Police have formally accused Brazil’s former President Jair Bolsonaro and 36 others of attempting a coup to keep the right-wing leader in office after his electoral defeat in 2022. Their allegations threaten to torpedo Bolsonaro's hopes of returning to politics. Brazil’s Supreme Court said Friday that police findings were delivered to Justice Alexandre de Moraes, who next week will relay them to Prosecutor-General Paulo Gonet. He will decide whether to formally charge Bolsonaro or toss the investigation. Bolsonaro told the news website Metropoles on Thursday that he is waiting for his lawyer to review the police report, which is reportedly about 700 pages long, but that he would fight the case. He dismissed the investigation as the result of “creativity.” The former president denies that he tried to stay in office after his narrow electoral defeat in 2022 to leftist President Luiz Inácio Lula da Silva. Bolsonaro has since faced a series of legal threats. That police are seeking formal charges indicates the investigation found evidence of “a crime and its author,” and it is likely there are legal grounds for the prosecutor-general to file charges, said Eloísa Machado de Almeida, a law professor at Getulio Vargas Foundation, a university in Sao Paulo. On Friday, the attorney for Bolsonaro’s former right hand, Lt. Col. Mauro Cid, said in a live television interview that his client had informed the Supreme Court that Bolsonaro was aware of the coup plot. “The then-president knew it all. Actually, he led this organization,” Cid’s attorney, Cezar Bitencourt, told network GloboNews. Just minutes later, Bitencourt partially retracted his statement. "I didn’t say Bolsonaro knew it all. ‘All’ is a lot. He was evidently aware of some things.” Police said the Supreme Court agreed to the release all 37 names in the police report “to avoid the dissemination of incorrect news.” Among them are dozens of former and current Bolsonaro aides, including: Gen. Walter Braga Netto, who was his running mate in the 2022 campaign; former Army commander Gen. Paulo Sérgio Nogueira de Oliveira; Valdemar Costa Neto, the chairman of Bolsonaro’s Liberal Party; and his veteran former adviser, Gen. Augusto Heleno. Braga Netto’s lawyers said they would wait to formally receive the police documents before making any comments. The retired general shared their statement on X late Thursday. Bolsonaro is already accused separately of smuggling diamond jewelry into Brazil and directing Lt. Col. Cid to falsify his and others’ COVID-19 vaccination statuses. Bolsonaro has denied those charges. Another probe found he abused his authority by casting doubt on Brazil's electoral system, and judges on the top electoral court barred him from running again until 2030. Still, he insists he will run in 2026, and many in his orbit were heartened by President-elect Donald Trump's recent election win despite his swirling legal troubles. Local media report that Gonet is already under pressure to move forward with multiple investigations against the former president, and politicians say if the 69-year-old Bolsonaro does stand trial his allies and rivals will race to seize his influence with voters. “Bolsonaro is no longer the sole leader of the right-wing. He is coming out of mayoral elections in which most of his candidates lost. All these probes don’t help him at all,” said Carlos Melo, a political science professor at Insper, a university in Sao Paulo. “The governor of Sao Paulo, Tarcísio de Freitas, the radical candidate for Sao Paulo mayorship Pablo Marçal, the governor of Goias state, Ronaldo Caiado ... There are politicians lining up to court Bolsonaro voters,” Melo said. Creomar de Souza, a political analyst of Dharma Political Risk and Strategy, said the formal accusation is “obviously bad” for Bolsonaro, but that it might not impede him if he does decide to run for office again. “This could give those targeted a chance to portray themselves as being persecuted,” de Souza said, adding that could benefit them. Bolsonaro's allies in Congress have been negotiating a bill to pardon individuals who stormed the Brazilian capital and rioted on Jan. 8, 2023, in an attempt to keep the former president in power. Analysts have speculated that lawmakers want to extend the legislation to cover the former president himself. However, efforts to push a broad amnesty bill would be “politically challenging” in light of the new allegations against Bolsonaro and others, Machado said. On Tuesday, Federal Police arrested four military and a Federal Police officer, accused of plotting to assassinate Lula and Supreme Court Justice Alexandre de Moraes in an effort to overthrow the government following the 2022 elections. Last week, a man tried to enter the Supreme Court in the capital Brasilia with explosives but was blocked by guards. He threw the explosives outside the building , killing himself.
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