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    Lennar Reports Fourth Quarter and Fiscal 2024 Results

    12/18/24 4:30:00 PM ET
    $LEN
    Homebuilding
    Consumer Discretionary
    Get the next $LEN alert in real time by email

    2024 Fourth Quarter Highlights– comparisons to the prior year quarter

    • Net earnings per diluted share of $4.06 ($4.03, excluding mark-to-market gains on technology investments)
    • Net earnings of $1.1 billion
    • New orders decreased 3% to 16,895 homes; new orders dollar value decreased 1% to $7.2 billion
    • Backlog of 11,633 homes with a dollar value of $5.4 billion
    • Deliveries decreased 7% to 22,206 homes
    • Total revenues of $9.9 billion
    • Homebuilding operating earnings of $1.5 billion
      • Gross margin on home sales of 22.1%
      • S,G&A expenses as a % of revenues from home sales of 7.2%
      • Net margin on home sales of 14.9%
    • Financial Services operating earnings of $154 million
    • Multifamily operating loss of $0.2 million
    • Lennar Other operating earnings of $0.5 million
    • Homebuilding cash and cash equivalents of $4.7 billion
    • Years supply of owned homesites of 1.1 years and controlled homesites of 82%
    • No outstanding borrowings under the Company's $2.9 billion revolving credit facility
    • Homebuilding debt to total capital of 7.5%
    • Repurchased 3 million shares of Lennar common stock for $521 million
    • In November 2024, the Company entered into a definitive agreement to acquire Rausch Coleman Homes, a residential homebuilder, which is expected to close in the first quarter of 2025

    2024 Fiscal Year Highlights - comparisons to prior year

    • Net earnings per diluted share of $14.31 ($13.86, excluding mark-to-market gains and other one-time items, (collectively, "adjustments"))
    • Net earnings of $3.9 billion ($3.8 billion excluding adjustments)
    • New orders increased 11% to 76,951 homes
    • Deliveries increased 10% to 80,210 homes
    • Total revenues of $35.4 billion
    • Gross margin on home sales of 22.3%; net margin of 14.9%
    • Redeemed/repurchased $554 million of senior notes
    • Repurchased 13.6 million shares of Lennar common stock for $2.1 billion
    • Homebuilding return on inventory of 29.2%

    MIAMI, Dec. 18, 2024 /PRNewswire/ -- Lennar Corporation (NYSE:LEN), one of the nation's largest homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2024. Fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion, or $4.06 per diluted share, compared to $1.4 billion, or $4.82 per diluted share in the fourth quarter of 2023. Excluding mark-to-market gains on technology investments, fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion, or $4.03 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2023 of $1.5 billion, or $5.17 per diluted share, excluding mark-to-market losses on technology investments and other one-time items (collectively, "adjustments"). Net earnings attributable to Lennar for the year ended November 30, 2024 were $3.9 billion, or $14.31 per diluted share, compared to $3.9 billion, or $13.73 per diluted share for the year ended November 30, 2023. Excluding adjustments, net earnings attributable to Lennar for the year ended November 30, 2024 were $3.8 billion, or $13.86 per diluted share, compared to $4.1 billion, or $14.25 per diluted share for the year ended November 30, 2023.

    Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "In the course of our fourth quarter, the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose almost 100 basis points through the quarter. Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates."

    "Accordingly, in our fourth quarter, sales pace lagged expectations as interest rates climbed and our new orders fell short of expectations to 16,895 homes vs the low end of our guidance of 19,000 homes. Consistent with our strategy of matching sales pace with production, we adjusted sales price, incentives, and margin in order to re-ignite sales and actively manage inventory levels. We ended the quarter with two completed, unsold homes per community, which was within our historical range."

    "In the fourth quarter, earnings were $1.1 billion, or $4.06 per diluted share. We delivered 22,206 homes in the quarter and our average sales price, net of incentives, per home delivered was $430,000 in the fourth quarter, slightly down from last year. Our homebuilding gross margin in the fourth quarter was 22.1%, with SG&A expenses of 7.2%, resulting in a 14.9% net margin."

    "Driven by our consistent focus on cash flow, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $521 million of our common stock, had no outstanding borrowings on our $2.9 billion revolving credit facility and cash of $4.7 billion, ending the quarter with homebuilding debt to total capital of 7.5%. With cash on hand exceeding our debt, and with overall liquidity of approximately $7.6 billion, our balance sheet remains extremely strong."  

    "Against this backdrop, we continue to remain focused on our volume-based strategy of driving sales and cash flow while using margin as a shock absorber as we continue to migrate to an asset-light, land-light business model. This strategy is reflected in both the public filing of a registration statement on Form S-11 for the planned spin-off of Millrose Properties, Inc., as well as our previously announced acquisition of Rausch Coleman Homes as we focus on growing to drive affordability and fill the supply gap that is reflected in the marketplace."

    Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, "Operationally, our starts pace and sales pace were 4.6 homes and 4.2 homes per community in the fourth quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 138 days, or 14% lower year over year, as our production first focus has positively impacted our production times, while our inventory turn improved to 1.6 times reflecting broader efficiencies. Concurrently, the Lennar Marketing and Sales Machine continued to carefully match our sales pace to our production pace using our digital marketing and dynamic pricing models."

    "During the quarter, we continued the migration to our land light strategy. This was evidenced by our years supply of owned homesites improving to 1.1 years from 1.4 years last year and our controlled homesite percentage increasing to 82% from 76% year over year, resulting in a return on inventory of 29.2%."

    Mr. Miller concluded, "As we look ahead, we expect to deliver between 17,000 and 17,500 homes for the first quarter of 2025 and between 86,000 and 88,000 homes for the full year 2025, including the impact of the Rausch Coleman acquisition. While we remain optimistic that margins will normalize as affordability normalizes and our cost structure benefits from our volume, we expect our gross margin in the first quarter to be between 19.0% and 19.25%, and at this time, we will not guide to full year gross margin until we have a better sense of market conditions as the year unfolds."

    RESULTS OF OPERATIONS

    THREE MONTHS ENDED NOVEMBER 30, 2024 COMPARED TO 

    THREE MONTHS ENDED NOVEMBER 30, 2023

    Homebuilding

    Revenues from home sales decreased 9% in the fourth quarter of 2024 to $9.5 billion from $10.4 billion in the fourth quarter of 2023. Revenues were lower primarily due to a 7% decrease in the number of home deliveries and a 3% decrease in the average sales price of homes delivered. New home deliveries decreased to 22,206 homes in the fourth quarter of 2024 from 23,795 homes in the fourth quarter of 2023. The average sales price of homes delivered was $430,000 in the fourth quarter of 2024, compared to $441,000 in the fourth quarter of 2023. The decrease in average sales price of homes delivered in the fourth quarter of 2024 compared to the same period last year was primarily due to pricing to market through an increased use of incentives and product mix.

    Gross margins on home sales were $2.1 billion, or 22.1%, in the fourth quarter of 2024, compared to $2.5 billion, or 24.2%, in the fourth quarter of 2023. During the fourth quarter of 2024, gross margins decreased primarily because revenue per square foot decreased while land costs increased year over year, which was partially offset by a decrease in costs per square foot due to lower costs of materials as the Company continued to focus on construction cost savings.

    Selling, general and administrative expenses were $682 million in the fourth quarter of 2024, compared to $688 million in the fourth quarter of 2023. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 7.2% in the fourth quarter of 2024, from 6.6% in the fourth quarter of 2023, primarily due to less leverage as a result of both lower volume and average sales price.

    Financial Services

    Operating earnings for the Financial Services segment were $154 million in the fourth quarter of 2024, compared to $168 million in the fourth quarter of 2023. The decrease in operating earnings was primarily due to lower profit per loan in the Company's mortgage business.

    Other Ancillary Businesses

    Operating loss for the Multifamily segment was $0.2 million in the fourth quarter of 2024, compared to operating loss of $12 million in the fourth quarter of 2023. Operating earnings for the Lennar Other segment were $0.5 million in the fourth quarter of 2024, compared to an operating loss of $125 million in the fourth quarter of 2023. The Lennar Other operating earnings for the fourth quarter of 2024 were primarily due to positive mark-to-market adjustments of $13 million on the Company's publicly traded technology investments, which was partially offset by other operating losses. The Lennar Other operating loss for the fourth quarter of 2023 was primarily due to negative mark-to-market adjustments of $36 million on the Company's publicly traded technology investments and a $65 million write-off of one of the Company's non-public technology investments.

    Tax Rate

    For the quarters ended November 30, 2024 and 2023, the Company had a tax provision of $358 million and $417 million, which resulted in an overall effective income tax rate of 24.6% and 23.4%, respectively. For both periods, the Company's effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate from the prior year for the three months ended November 30, 2024 was primarily due to additional state income tax expense.

    OTHER TRANSACTIONS

    Credit Facility

    In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility") to, among other things, increase the lenders' commitments to $2.875 billion until May 2027 when this amount will be reduced to $2.650 billion until final maturity in November 2029. As of November 30, 2024, there were no outstanding borrowings under the Credit Facility.

    Share Repurchases

    During the fourth quarter of 2024, the Company repurchased 3 million shares of its common stock for $521 million at an average per share price of $173.79.

    Liquidity

    At November 30, 2024, the Company had $4.7 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.9 billion Credit Facility, thereby providing approximately $7.6 billion of available capacity.

    Guidance

    The following are the Company's expected results of its homebuilding and financial services activities:



    First Quarter 2025

    New Orders

    17,500 - 18,000

    Deliveries

    17,000 - 17,500

    Average Sales Price

    $410,000 - $415,000

    Gross Margin % on Home Sales

    19.0% - 19.25%

    S,G&A as a % of Home Sales

    8.7% - 8.8%

    Financial Services Operating Earnings

    $100 million - $110 million

     

    About Lennar

    Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.

    Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities; decreased demand for our homes, or for Multifamily rental apartments or single family homes; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; the possibility that increased tariffs will increase the cost of production materials; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies and our planned spin-off on the timelines expected or at all; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; possible unfavorable outcomes in legal proceedings; conditions in the capital, credit and financial markets; harm to our business from information technology failures and data security breaches; changes in laws, regulations or the regulatory environment affecting our business; policy changes that may be introduced by the new administration that could affect economic conditions, tax regimes and regulatory frameworks, and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed on January 26, 2024, as amended by our Annual Report on Form 10-K/A filed on April 25, 2024, and Quarterly Reports on Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    A conference call to discuss the Company's fourth quarter earnings will be held at 11:00 a.m. Eastern Time on Thursday, December 19, 2024. The call will be broadcast live on the internet and can be accessed through the Company's website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-0176 and entering 5723593 as the confirmation number.

    LENNAR CORPORATION AND SUBSIDIARIES

    Selected Revenues and Operating Information

    (In thousands, except per share amounts)

    (unaudited)





    Three Months Ended



    Years Ended



    November 30,



    November 30,



    2024



    2023



    2024



    2023

    Revenues:















    Homebuilding

    $  9,548,684



    10,516,050



    33,906,426



    32,660,987

    Financial Services

    304,550



    304,693



    1,109,263



    976,859

    Multifamily

    88,917



    140,824



    411,537



    573,485

    Lennar Other

    4,737



    6,616



    14,226



    22,035

    Total revenues

    $  9,946,888



    10,968,183



    35,441,452



    34,233,366

















    Homebuilding operating earnings

    $  1,495,383



    1,912,639



    5,342,252



    5,527,707

    Financial Services operating earnings

    154,476



    169,130



    577,184



    509,461

    Multifamily operating earnings (loss)

    (160)



    (12,155)



    42,635



    (50,651)

    Lennar Other operating earnings (loss)

    450



    (125,414)



    (47,967)



    (209,788)

    Corporate general and administrative expenses

    (170,011)



    (136,336)



    (648,986)



    (501,338)

    Charitable foundation contribution

    (22,206)



    (23,795)



    (80,210)



    (73,087)

    Earnings before income taxes

    1,457,932



    1,784,069



    5,184,908



    5,202,304

    Provision for income taxes

    (358,058)



    (416,780)



    (1,217,253)



    (1,241,013)

    Net earnings (including net earnings attributable to noncontrolling interests)

    1,099,874



    1,367,289



    3,967,655



    3,961,291

    Less: Net earnings attributable to noncontrolling interests

    3,660



    6,002



    35,122



    22,780

    Net earnings attributable to Lennar

    $  1,096,214



    1,361,287



    3,932,533



    3,938,511

















    Basic and diluted average shares outstanding

    267,262



    279,438



    272,019



    283,319

















    Basic and diluted earnings per share

    $            4.06



    4.82



    14.31



    13.73

















    Supplemental information:















    Interest incurred (1)

    $       29,254



    41,434



    129,310



    187,640

















    EBIT (2):















    Net earnings attributable to Lennar

    $  1,096,214



    1,361,287



    3,932,533



    3,938,511

    Provision for income taxes

    358,058



    416,780



    1,217,253



    1,241,013

    Interest expense included in:















    Costs of homes sold

    39,513



    69,859



    160,848



    240,871

    Costs of land sold

    29



    156



    373



    1,588

    Homebuilding other income, net

    4,472



    4,525



    18,771



    15,434

    Total interest expense

    44,014



    74,540



    179,992



    257,893

    EBIT

    $  1,498,286



    1,852,607



    5,329,778



    5,437,417

    (1)

    Amount represents interest incurred related to Homebuilding debt.

    (2)

    EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures.

     

    LENNAR CORPORATION AND SUBSIDIARIES

    Segment Information

    (In thousands)

    (unaudited)





    Three Months Ended



    Years Ended



    November 30,



    November 30,



    2024



    2023



    2024



    2023

    Homebuilding revenues:















    Sales of homes

    $  9,500,991



    10,442,850



    33,778,149



    32,459,129

    Sales of land

    39,568



    63,501



    93,384



    109,963

    Other homebuilding

    8,125



    9,699



    34,893



    91,895

    Total revenues

    9,548,684



    10,516,050



    33,906,426



    32,660,987

















    Homebuilding costs and expenses:















    Costs of homes sold

    7,400,266



    7,919,724



    26,255,353



    24,900,470

    Costs of land sold

    30,162



    39,413



    73,802



    92,142

    Selling, general and administrative

    682,003



    687,774



    2,480,309



    2,231,033

    Total costs and expenses

    8,112,431



    8,646,911



    28,809,464



    27,223,645

    Homebuilding net margins

    1,436,253



    1,869,139



    5,096,962



    5,437,342

    Homebuilding equity in earnings (loss) from unconsolidated entities

    12,410



    9,223



    66,448



    (3,886)

    Homebuilding other income, net

    46,720



    34,277



    178,842



    94,251

    Homebuilding operating earnings

    $  1,495,383



    1,912,639



    5,342,252



    5,527,707

















    Financial Services revenues

    $     304,550



    304,693



    1,109,263



    976,859

    Financial Services costs and expenses

    150,074



    135,563



    532,079



    467,398

    Financial Services operating earnings

    $     154,476



    169,130



    577,184



    509,461

















    Multifamily revenues

    $       88,917



    140,824



    411,537



    573,485

    Multifamily costs and expenses

    101,875



    130,589



    521,455



    573,658

    Multifamily equity in earnings (loss) from unconsolidated entities and other income, net

    12,798



    (22,390)



    152,553



    (50,478)

    Multifamily operating earnings (loss)

    $           (160)



    (12,155)



    42,635



    (50,651)

















    Lennar Other revenues

    $          4,737



    6,616



    14,226



    22,035

    Lennar Other costs and expenses

    26,390



    8,255



    79,495



    27,681

    Lennar Other equity in earnings (loss) from unconsolidated entities and

    other

    9,395



    (87,783)



    (7,878)



    (153,980)

    Lennar Other unrealized gains (losses) from technology investments (1)

    12,708



    (35,992)



    25,180



    (50,162)

    Lennar Other operating earnings (loss)

    $             450



    (125,414)



    (47,967)



    (209,788)



    (1)  The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on technology investments:



    Three Months Ended



    Years Ended



    November 30,



    November 30,



    2024



    2023



    2024



    2023

    Blend Labs (BLND)                                                                                                          

    $              3,553



    230



    9,474



    (130)

    Hippo (HIPO)

    39,448



    (4,277)



    73,243



    (19,210)

    Opendoor (OPEN)

    3,569



    (16,697)



    (12,587)



    21,762

    SmartRent (SMRT)

    597



    (2,305)



    (11,609)



    5,914

    Sonder (SOND)

    (67)



    (151)



    15



    (700)

    Sunnova (NOVA)

    (34,392)



    (12,792)



    (33,356)



    (57,798)



    $           12,708



    (35,992)



    25,180



    (50,162)

     

    LENNAR CORPORATION AND SUBSIDIARIES

    Summary of Deliveries, New Orders and Backlog

    (Dollars in thousands, except average sales price)

    (unaudited)



    Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in:     

                        

    East: Alabama, Florida, New Jersey and Pennsylvania

    Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee and Virginia

    Texas: Texas

    West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington

    Other: Urban divisions



    For the Three Months Ended November 30,



    2024



    2023



    2024



    2023



    2024



    2023

    Deliveries:

    Homes



    Dollar Value



    Average Sales Price

    East

    5,593



    6,446



    $  2,279,183



    2,735,523



    $     408,000



    424,000

    Central

    6,035



    6,030



    2,377,184



    2,419,976



    394,000



    401,000

    Texas

    4,845



    5,160



    1,215,228



    1,363,557



    251,000



    264,000

    West

    5,721



    6,145



    3,682,454



    3,976,322



    644,000



    647,000

    Other

    12



    14



    5,354



    8,412



    446,000



    601,000

    Total

    22,206



    23,795



    $  9,559,403



    10,503,790



    $     430,000



    441,000

    Of the total homes delivered listed above, 112 homes with a dollar value of $58 million and an average sales price of $522,000 represent home deliveries from unconsolidated entities for the three months ended November 30, 2024, compared to 139 home deliveries with a dollar value of $61 million and an average sales price of $438,000 for the three months ended November 30, 2023.





    At November 30,



    For the Three Months Ended November 30,



    2024



    2023



    2024



    2023



    2024



    2023



    2024



    2023

    New Orders:

    Active Communities



    Homes



    Dollar Value



    Average Sales Price

    East

    347



    305



    3,791



    4,690



    $  1,522,100



    1,931,297



    $     402,000



    412,000

    Central

    404



    323



    4,254



    3,932



    1,665,471



    1,537,804



    392,000



    391,000

    Texas

    285



    246



    4,158



    4,185



    1,044,596



    1,070,282



    251,000



    256,000

    West

    409



    384



    4,689



    4,549



    2,944,098



    2,738,131



    628,000



    602,000

    Other

    2



    2



    3



    10



    2,898



    6,495



    966,000



    649,000

    Total

    1,447



    1,260



    16,895



    17,366



    $  7,179,163



    7,284,009



    $     425,000



    419,000

    Of the total new orders listed above, 81 homes with a dollar value of $41 million and an average sales price of $512,000 represent new orders in 11 active communities from unconsolidated entities for the three months ended November 30, 2024, compared to 69 new orders with a dollar value of $36 million and an average sales price of $516,000 in five active communities for the three months ended November 30, 2023.

     



    For the Years Ended November 30,



    2024



    2023



    2024



    2023



    2024



    2023

    Deliveries:

    Homes



    Dollar Value



    Average Sales Price

    East

    21,325



    20,266



    $  8,623,347



    8,805,485



    $     404,000



    434,000

    Central

    19,084



    16,809



    7,617,693



    7,041,528



    399,000



    419,000

    Texas

    18,844



    16,591



    4,763,692



    4,692,906



    253,000



    283,000

    West

    20,914



    19,388



    12,938,104



    12,052,131



    619,000



    622,000

    Other

    43



    33



    21,739



    23,236



    506,000



    704,000

    Total

    80,210



    73,087



    $  33,964,575



    32,615,286



    $     423,000



    446,000

    Of the total homes delivered listed above, 383 homes with a dollar value of $186 million and an average sales price of $487,000 represent home deliveries from unconsolidated entities for the year ended November 30, 2024, compared to 340 home deliveries with a dollar value of $156 million and an average sales price of $459,000 for the year ended November 30, 2023.





    For the Years Ended November 30,



    2024



    2023



    2024



    2023



    2024



    2023

    New Orders:

    Homes



    Dollar Value



    Average Sales Price

    East

    18,205



    18,685



    $  7,420,362



    7,931,099



    $     408,000



    424,000

    Central

    19,018



    15,403



    7,558,829



    6,324,097



    397,000



    411,000

    Texas

    19,019



    15,789



    4,804,674



    4,331,763



    253,000



    274,000

    West

    20,668



    19,199



    12,874,054



    11,897,996



    623,000



    620,000

    Other

    41



    35



    20,562



    23,600



    502,000



    674,000

    Total

    76,951



    69,111



    $  32,678,481



    30,508,555



    $     425,000



    441,000

    Of the total new orders listed above, 315 homes with a dollar value of $176 million and an average sales price of $558,000 represent new orders from unconsolidated entities for the year ended November 30, 2024, compared to 321 new orders with a dollar value of $153 million and an average sales price of $476,000 for the year ended November 30, 2023.



    At November 30,



    2024



    2023



    2024



    2023



    2024



    2023

    Backlog:

    Homes



    Dollar Value



    Average Sales Price

    East

    3,460



    6,580



    $     1,513,713



    2,708,322



    $     437,000



    412,000

    Central

    3,097



    3,163



    1,316,754



    1,375,617



    425,000



    435,000

    Texas

    2,070



    1,895



    525,299



    475,941



    254,000



    251,000

    West

    3,005



    3,251



    2,016,669



    2,072,342



    671,000



    637,000

    Other

    1



    3



    349



    1,528



    349,000



    509,000

    Total

    11,633



    14,892



    $     5,372,784



    6,633,750



    $     462,000



    445,000

    Of the total homes in backlog listed above, 79 homes with a backlog dollar value of $64 million and an average sales price of $807,000 represent the backlog from unconsolidated entities at November 30, 2024, compared to 147 homes with a backlog dollar value of $74 million and an average sales price of $507,000 at November 30, 2023.

     

    LENNAR CORPORATION AND SUBSIDIARIES

    Condensed Consolidated Balance Sheets

    (In thousands, except per share amounts)

    (unaudited)





    November 30,



    2024



    2023

    ASSETS







    Homebuilding:







    Cash and cash equivalents

    $           4,662,643



    6,273,724

    Restricted cash

    11,799



    13,481

    Receivables, net

    1,053,211



    887,992

    Inventories:







    Finished homes and construction in progress

    10,884,861



    10,455,666

    Land and land under development

    4,750,025



    4,904,541

    Inventory owned

    15,634,886



    15,360,207

    Consolidated inventory not owned

    4,084,665



    2,992,528

    Inventory owned and consolidated inventory not owned

    19,719,551



    18,352,735

    Deposits and pre-acquisition costs on real estate

    3,625,372



    2,002,154

    Investments in unconsolidated entities

    1,344,836



    1,143,909

    Goodwill

    3,442,359



    3,442,359

    Other assets

    1,734,698



    1,512,038



    35,594,469



    33,628,392

    Financial Services

    3,516,550



    3,566,546

    Multifamily

    1,306,818



    1,381,513

    Lennar Other

    894,944



    657,852

    Total assets

    $         41,312,781



    39,234,303



    LIABILITIES AND EQUITY







    Homebuilding:







    Accounts payable

    $           1,839,440



    1,631,401

    Liabilities related to consolidated inventory not owned

    3,563,934



    2,540,894

    Senior notes and other debts payable, net

    2,258,283



    2,816,482

    Other liabilities

    3,201,552



    2,739,217



    10,863,209



    9,727,994

    Financial Services

    2,140,708



    2,447,039

    Multifamily

    181,883



    278,177

    Lennar Other

    105,756



    79,127

    Total liabilities

    13,291,556



    12,532,337

    Stockholders' equity:







    Preferred stock

    —



    —

    Class A common stock of $0.10 par value

    25,998



    25,848

    Class B common stock of $0.10 par value

    3,660



    3,660

    Additional paid-in capital

    5,729,434



    5,570,009

    Retained earnings

    25,753,078



    22,369,368

    Treasury stock

    (3,649,564)



    (1,393,100)

    Accumulated other comprehensive income

    7,529



    4,879

    Total stockholders' equity

    27,870,135



    26,580,664

    Noncontrolling interests

    151,090



    121,302

    Total equity

    28,021,225



    26,701,966

    Total liabilities and equity

    $         41,312,781



    39,234,303

     

    LENNAR CORPORATION AND SUBSIDIARIES

    Supplemental Data

    (Dollars in thousands)

    (unaudited)





    November 30,



    2024



    2023

    Homebuilding debt

    $     2,258,283



    2,816,482

    Stockholders' equity

    27,870,135



    26,580,664

    Total capital

    $   30,128,418



    29,397,146

    Homebuilding debt to total capital

    7.5 %



    9.6 %









    Homebuilding debt

    $     2,258,283



    2,816,482

    Less: Homebuilding cash and cash equivalents

    4,662,643



    6,273,724

    Net homebuilding debt

    $   (2,404,360)



    (3,457,242)

    Net homebuilding debt to total capital (1)

    (9.4) %



    (15.0) %

    (1)

    Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

     

    Contact:

    Ian Frazer

    Investor Relations

    Lennar Corporation

    (305) 485-4129

    Cision View original content:https://www.prnewswire.com/news-releases/lennar-reports-fourth-quarter-and-fiscal-2024-results-302335463.html

    SOURCE Lennar Corporation

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