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    Lennar Reports Third Quarter 2024 Results

    9/19/24 4:30:00 PM ET
    $LEN
    Homebuilding
    Consumer Discretionary
    Get the next $LEN alert in real time by email

    Third Quarter 2024 Highlights - comparisons to the prior year quarter

    • Net earnings per diluted share increased 10% to $4.26
      • $3.90, excluding mark-to-market gains on technology investments and one-time items in the Company's Multifamily segment
    • Net earnings increased 5% to $1.2 billion
    • New orders increased 5% to 20,587 homes
    • Backlog of 16,944 homes with a dollar value of $7.7 billion
    • Deliveries increased 16% to 21,516 homes
    • Total revenues of $9.4 billion
    • Homebuilding operating earnings of $1.5 billion
      • Gross margin on home sales of 22.5%
      • S,G&A expenses as a % of revenues from home sales of 6.7%
      • Net margin on home sales of 15.8%
    • Financial Services operating earnings of $144 million
    • Multifamily operating earnings of $79 million
    • Lennar Other operating earnings of $20 million
    • Homebuilding cash and cash equivalents of $4.0 billion
    • Years supply of owned homesites of 1.1 years and controlled homesites of 81%
    • No outstanding borrowings under the Company's $2.2 billion revolving credit facility
    • Homebuilding debt to total capital of 7.6%
    • Repurchased 3.4 million shares of Lennar common stock for $519 million

    MIAMI, Sept. 19, 2024 /PRNewswire/ -- Lennar Corporation (NYSE:LEN), one of the nation's leading homebuilders, today reported results for its third quarter ended August 31, 2024. Third quarter net earnings attributable to Lennar in 2024 were $1.2 billion, or $4.26 per diluted share, compared to third quarter net earnings attributable to Lennar in 2023 of $1.1 billion, or $3.87 per diluted share. Excluding mark-to-market gains of $39 million on technology investments and one-time items of $89 million in the Company's Multifamily segment, third quarter net earnings attributable to Lennar in 2024 were $1.1 billion, or $3.90 per diluted share. Excluding mark-to-market losses of $16 million on technology investments, third quarter net earnings attributable to Lennar in 2023 were $1.1 billion or $3.91 per diluted share.

    Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "We are pleased to report another solid quarter backed by an economic environment that remains very constructive for homebuilders. Employment was strong, housing supply remained chronically short due to production deficits of over a decade, and demand was solid driven by strong household formation. Although affordability continued to be tested during the quarter, purchasers remained responsive to increased sales incentives, resulting in a 16% increase in our deliveries and a 5% increase in our new orders year over year." 

    "This week, the Fed decreased interest rates which should start to enhance affordability and accelerate the already strong demand for both new and existing homes. While strong demand, enabled by incentives and mortgage rate buydowns, has driven the new home market over the past two years, we fully expect an even stronger, and more broad-based demand cycle, as rates move lower. Lower rates and controlled inflation will likely boost confidence."

    "Against this backdrop, earnings were $1.2 billion, or $4.26 per diluted share. We delivered 21,516 homes in our third quarter and our new orders were 20,587. Our average sales price, net of incentives, per home delivered was $422,000 in the third quarter, slightly down from last year, and our homebuilding gross margin in the third quarter was 22.5%, mildly lower than expectations, and offset by SG&A expenses of 6.7%, which were better than expectations, resulting in a 15.8% net margin."

    "Driven by this quarter's strong operating performance, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $519 million of our common stock, had no outstanding borrowings on our $2.2 billion revolver and cash of $4.0 billion, ending the quarter with homebuilding debt to total capital of 7.6%. With cash on hand exceeding our debt, and with overall liquidity of $6.2 billion, our balance sheet remains extremely strong. Against that backdrop, we remain focused on our 'land strategies' initiatives in order to intensify our land light focus and assure consistency of execution now and in the future as we embrace an ever-more focused manufacturing model for Lennar."

    Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, "Operationally, our starts pace and sales pace were 5.4 homes and 5.5 homes per community in the third quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 140 days, or 23% 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 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 1.5 years last year and our controlled homesite percentage increasing to 81% from 73% year over year. These results drove our return on inventory to 31.3%, a year-over-year improvement of 320 basis points."

    Mr. Miller concluded, "We continue to remain enthusiastic about our current execution and our future. We have remained focused on our operating strategies, while at the same time being observant of current economic and market trends. As we look ahead to our fourth quarter, we expect to deliver between 22,500 and 23,000 homes with a gross margin flat with our third quarter. We will continue to fortify our balance sheet with significant liquidity and operate from a position of strength, thus enabling us to continue to execute on our core strategies to drive strong cash flow and higher returns."

    RESULTS OF OPERATIONS

    THREE MONTHS ENDED AUGUST 31, 2024 COMPARED TO

    THREE MONTHS ENDED AUGUST 31, 2023

    Homebuilding

    Revenues from home sales increased 9% in the third quarter of 2024 to $9.0 billion from $8.3 billion in the third quarter of 2023. Revenues were higher primarily due to a 16% increase in the number of home deliveries, partially offset by a 6% decrease in the average sales price of homes delivered. New home deliveries increased to 21,516 homes in the third quarter of 2024 from 18,559 homes in the third quarter of 2023. The average sales price of homes delivered was $422,000 in the third quarter of 2024, compared to $448,000 in the third quarter of 2023. The decrease in average sales price of homes delivered in the third 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 $2.0 billion, or 22.5%, in the third quarter of 2024, compared to $2.0 billion, or 24.4%, in the third quarter of 2023. During the third quarter of 2024, gross margins decreased primarily because revenues 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 material costs as the Company continued to focus on construction cost savings.

    Selling, general and administrative expenses were $601 million in the third quarter of 2024, compared to $583 million in the third quarter of 2023. As a percentage of revenues from home sales, selling, general and administrative expenses decreased to 6.7% in the third quarter of 2024, from 7.0% in the third quarter of 2023, primarily due to a decrease in broker commissions and benefits of the Company's technology efforts.

    Financial Services

    Operating earnings for the Financial Services segment were $144 million in the third quarter of 2024, compared to $148 million in the third quarter of 2023. The decrease in operating earnings was primarily due to lower lock volume and margin in the mortgage business, partially offset by higher volume in the title business as a result of increased deliveries year over year.

    Ancillary Businesses

    Operating earnings for the Multifamily segment were $79 million in the third quarter of 2024, compared to an operating loss of $9 million in the third quarter of 2023. The increase in operating earnings was due to a $179 million one-time net gain from the sale of assets in the Company's LMV Fund I, partially offset by a one-time $90 million write-down of non-core assets as the Company focuses on immediately monetizing these assets. Operating earnings for the Lennar Other segment were $20 million in the third quarter of 2024, compared to an operating loss of $26 million in the third quarter of 2023. The Lennar Other operating earnings for the third quarter of 2024 were due to mark-to-market gains on the Company's publicly traded technology investments.

    Tax Rate

    In the third quarter of 2024 and 2023, the Company had tax provisions of $348 million and $358 million, respectively, which resulted in an overall effective income tax rate of 23.0% and 24.4%, respectively. For both periods, the Company's effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by energy efficient home and solar tax credits.

    Share Repurchases

    In the third quarter of 2024, the Company repurchased 3.4 million shares of its common stock for $519 million at an average share price of $154.77.

    Liquidity

    At August 31, 2024, the Company had $4.0 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.2 billion revolving credit facility, thereby providing approximately $6.2 billion of available capacity.

    Guidance

    The following are the Company's expected results of its homebuilding and financial services activities for the fourth quarter of 2024:

    New Orders

    19,000 - 19,300

    Deliveries

    22,500 - 23,000

    Average Sales Price

    About $425,000

    Gross Margin % on Home Sales

    Flat with Q3

    S,G&A as a % of Home Sales

    6.7% - 6.8%

    Financial Services Operating Earnings

    $140 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 or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; 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, including our land light strategy, and our planned spin-off; 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 results in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business, 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 third quarter earnings will be held at 11:00 a.m. Eastern Time on Friday, September 20, 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 203-369-3829 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



    Nine Months Ended



    August 31,



    August 31,



    2024



    2023



    2024



    2023

    Revenues:















    Homebuilding

    $   9,045,692



    8,318,615



    24,357,742



    22,144,937

    Financial Services

    273,270



    266,206



    804,713



    672,166

    Multifamily

    93,443



    137,394



    322,620



    432,661

    Lennar Other

    3,637



    7,388



    9,489



    15,419

    Total revenues

    $   9,416,042



    8,729,603



    25,494,564



    23,265,183

















    Homebuilding operating earnings

    $   1,477,918



    1,493,820



    3,846,869



    3,615,068

    Financial Services operating earnings

    144,400



    148,995



    422,708



    340,331

    Multifamily operating earnings (loss)

    78,908



    (8,733)



    42,795



    (38,496)

    Lennar Other operating earnings (loss)

    20,095



    (26,218)



    (48,417)



    (84,374)

    Corporate general and administrative expenses

    (164,672)



    (114,144)



    (478,975)



    (365,002)

    Charitable foundation contribution

    (21,516)



    (18,559)



    (58,004)



    (49,292)

    Earnings before income taxes

    1,535,133



    1,475,161



    3,726,976



    3,418,235

    Provision for income taxes

    (347,859)



    (358,209)



    (859,195)



    (824,233)

    Net earnings (including net earnings attributable to noncontrolling interests)

    1,187,274



    1,116,952



    2,867,781



    2,594,002

    Less: Net earnings attributable to noncontrolling interests

    24,600



    7,956



    31,462



    16,778

    Net earnings attributable to Lennar

    $   1,162,674



    1,108,996



    2,836,319



    2,577,224

















    Basic and diluted average shares outstanding

    270,164



    282,854



    273,604



    284,612

















    Basic and diluted earnings per share

    $             4.26



    3.87



    10.26



    8.94

















    Supplemental information:















    Interest incurred (1)

    $        29,781



    46,924



    100,056



    146,206

















    EBIT (2):















    Net earnings attributable to Lennar

    $   1,162,674



    1,108,996



    2,836,319



    2,577,224

    Provision for income taxes

    347,859



    358,209



    859,195



    824,233

    Interest expense included in:















    Costs of homes sold

    39,021



    60,415



    121,335



    171,012

    Costs of land sold

    59



    386



    345



    1,433

    Homebuilding other income (expense), net

    4,704



    3,576



    14,298



    10,908

    Total interest expense

    43,784



    64,377



    135,978



    183,353

    EBIT

    $   1,554,317



    1,531,582



    3,831,492



    3,584,810





    (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



    Nine Months Ended



    August 31,



    August 31,



    2024



    2023



    2024



    2023

    Homebuilding revenues:















    Sales of homes

    $      9,017,627



    8,285,873



    24,277,158



    22,016,279

    Sales of land

    19,466



    20,430



    53,816



    46,462

    Other homebuilding

    8,599



    12,312



    26,768



    82,196

      Total homebuilding revenues

    9,045,692



    8,318,615



    24,357,742



    22,144,937

















    Homebuilding costs and expenses:















    Costs of homes sold

    6,989,603



    6,261,578



    18,855,087



    16,980,746

    Costs of land sold

    22,720



    18,720



    43,640



    52,729

    Selling, general and administrative

    600,719



    582,765



    1,798,306



    1,543,259

      Total homebuilding costs and expenses

    7,613,042



    6,863,063



    20,697,033



    18,576,734

    Homebuilding net margins

    1,432,650



    1,455,552



    3,660,709



    3,568,203

    Homebuilding equity in earnings (loss) from unconsolidated entities

    25,220



    (4,016)



    54,038



    (13,109)

    Homebuilding other income, net

    20,048



    42,284



    132,122



    59,974

    Homebuilding operating earnings

    $      1,477,918



    1,493,820



    3,846,869



    3,615,068

















    Financial Services revenues

    $         273,270



    266,206



    804,713



    672,166

    Financial Services costs and expenses

    128,870



    117,211



    382,005



    331,835

    Financial Services operating earnings

    $         144,400



    148,995



    422,708



    340,331

















    Multifamily revenues

    $           93,443



    137,394



    322,620



    432,661

    Multifamily costs and expenses

    184,708



    139,759



    419,580



    443,069

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

    170,173



    (6,368)



    139,755



    (28,088)

    Multifamily operating earnings (loss)

    $           78,908



    (8,733)



    42,795



    (38,496)

















    Lennar Other revenues

    $              3,637



    7,388



    9,489



    15,419

    Lennar Other costs and expenses

    17,176



    6,155



    53,105



    19,426

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

    (5,489)



    (11,738)



    (17,273)



    (66,197)

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

    39,123



    (15,713)



    12,472



    (14,170)

    Lennar Other operating earnings (loss)

    $           20,095



    (26,218)



    (48,417)



    (84,374)



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





    Three Months Ended



    Nine Months Ended



    August 31,



    August 31,



    2024



    2023



    2024



    2023

    Blend Labs (BLND)

    $              2,270



    386



    5,921



    (360)

    Hippo (HIPO)

    6,609



    (17,166)



    33,795



    (14,933)

    Opendoor (OPEN)

    (564)



    23,638



    (16,156)



    38,459

    SmartRent (SMRT)

    (5,634)



    (1,707)



    (12,206)



    8,219

    Sonder (SOND)

    71



    (91)



    82



    (549)

    Sunnova (NOVA)

    36,371



    (20,773)



    1,036



    (45,006)



    $            39,123



    (15,713)



    12,472



    (14,170)

     

    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







    Three Months Ended August 31,



    2024



    2023



    2024



    2023



    2024



    2023

    Deliveries:

    Homes



    Dollar Value



    Average Sales Price

    East

    5,479



    5,072



    $  2,171,425



    2,211,629



    $  396,000



    436,000

    Central

    5,301



    4,340



    2,138,813



    1,816,970



    403,000



    419,000

    Texas

    5,067



    4,102



    1,283,781



    1,174,859



    253,000



    286,000

    West

    5,663



    5,036



    3,470,255



    3,108,783



    613,000



    617,000

    Other

    6



    9



    3,225



    6,258



    538,000



    695,000

    Total

    21,516



    18,559



    $  9,067,499



    8,318,499



    $  422,000



    448,000

     

    Of the total homes delivered listed above, 124 homes with a dollar value of $50 million and an average sales price of $402,000 represent home deliveries from unconsolidated entities for the three months ended August 31, 2024, compared to 66 home deliveries with a dollar value of $33 million and an average sales price of $494,000 for the three months ended August 31, 2023.





    At August 31,



    Three Months Ended August 31,



    2024



    2023



    2024



    2023



    2024



    2023



    2024



    2023

    New Orders:

    Active Communities



    Homes



    Dollar Value



    Average Sales Price

    East

    315



    327



    4,888



    5,132



    $  1,966,782



    2,158,921



    $  402,000



    421,000

    Central

    343



    312



    5,158



    4,650



    2,030,572



    1,909,196



    394,000



    411,000

    Texas

    245



    235



    5,217



    4,730



    1,307,688



    1,302,268



    251,000



    275,000

    West

    378



    375



    5,317



    5,140



    3,254,573



    3,261,380



    612,000



    635,000

    Other

    2



    4



    7



    14



    2,444



    7,877



    349,000



    563,000

    Total

    1,283



    1,253



    20,587



    19,666



    $  8,562,059



    8,639,642



    $  416,000



    439,000

     

    Of the total homes listed above, 114 homes with a dollar value of $69 million and an average sales price of $606,000 represent homes in 10 active communities from unconsolidated entities for the three months ended August 31, 2024, compared to 82 homes with a dollar value of $42 million and an average sales price of $512,000 in seven active communities for the three months ended August 31, 2023.





    For the Nine Months Ended August 31,



    2024



    2023



    2024



    2023



    2024



    2023

    Deliveries:

    Homes



    Dollar Value



    Average Sales Price

    East

    15,732



    13,820



    $  6,344,164



    6,069,961



    $  403,000



    439,000

    Central

    13,049



    10,779



    5,240,508



    4,621,552



    402,000



    429,000

    Texas

    13,999



    11,431



    3,548,464



    3,329,349



    253,000



    291,000

    West

    15,193



    13,243



    9,255,650



    8,075,810



    609,000



    610,000

    Other

    31



    19



    16,385



    14,824



    529,000



    780,000

    Total

    58,004



    49,292



    $ 24,405,171



    22,111,496



    $  421,000



    448,000

     

    Of the total homes delivered listed above, 271 homes with a dollar value of $128 million and an average sales price of $472,000 represent home deliveries from unconsolidated entities for the nine months ended August 31, 2024, compared to 201 home deliveries with a dollar value of $95 million and an average sales price of $474,000 for the nine months ended August 31, 2023.





    For the Nine Months Ended August 31,



    2024



    2023



    2024



    2023



    2024



    2023

    New Orders:

    Homes



    Dollar Value



    Average Sales Price

    East

    14,414



    13,995



    $  5,898,262



    5,999,802



    $  409,000



    429,000

    Central

    14,764



    11,471



    5,893,358



    4,786,293



    399,000



    417,000

    Texas

    14,861



    11,604



    3,760,078



    3,261,481



    253,000



    281,000

    West

    15,979



    14,650



    9,929,956



    9,159,865



    621,000



    625,000

    Other

    38



    25



    17,663



    17,106



    465,000



    684,000

    Total

    60,056



    51,745



    $  25,499,317



    23,224,547



    $  425,000



    449,000

     

    Of the total new orders listed above, 234 homes with a dollar value of $134 million and an average sales price of $574,000 represent new orders from unconsolidated entities for the nine months ended August 31, 2024, compared to 252 new orders with a dollar value of $117 million and an average sales price of $465,000 for the nine months ended August 31, 2023.





    At August 31,



    2024



    2023



    2024



    2023



    2024



    2023

    Backlog:

    Homes



    Dollar Value



    Average Sales Price

    East

    5,262



    8,336



    $  2,268,969



    3,512,548



    $  431,000



    421,000

    Central

    4,878



    5,261



    2,028,466



    2,257,788



    416,000



    429,000

    Texas

    2,757



    2,870



    694,104



    769,216



    252,000



    268,000

    West

    4,037



    4,847



    2,753,198



    3,310,533



    682,000



    683,000

    Other

    10



    7



    2,805



    3,446



    280,000



    492,000

    Total

    16,944



    21,321



    $  7,747,542



    9,853,531



    $  457,000



    462,000

     

    Of the total homes in backlog listed above, 110 homes with a backlog dollar value of $81 million and an average sales price of $734,000 represent the backlog from unconsolidated entities at August 31, 2024, compared to 217 homes with a backlog dollar value of $100 million and an average sales price of $460,000 at August 31, 2023.





    LENNAR CORPORATION AND SUBSIDIARIES

    Condensed Consolidated Balance Sheets

    (In thousands, except per share amounts)

    (unaudited)





    August 31, 2024



    November 30, 2023

    ASSETS







    Homebuilding:







    Cash and cash equivalents

    $                     4,037,405



    6,273,724

    Restricted cash

    12,600



    13,481

    Receivables, net

    995,417



    887,992

    Inventories:







      Finished homes and construction in progress

    11,373,606



    10,455,666

      Land and land under development

    4,872,341



    4,904,541

    Inventory owned

    16,245,947



    15,360,207

      Consolidated inventory not owned

    3,842,592



    2,992,528

    Inventory owned and consolidated inventory not owned

    20,088,539



    18,352,735

    Deposits and pre-acquisition costs on real estate

    2,980,035



    2,002,154

    Investments in unconsolidated entities

    1,309,622



    1,143,909

    Goodwill

    3,442,359



    3,442,359

    Other assets

    1,616,314



    1,512,038



    34,482,291



    33,628,392

    Financial Services

    3,093,873



    3,566,546

    Multifamily

    1,310,555



    1,381,513

    Lennar Other

    854,263



    657,852

    Total assets

    $                   39,740,982



    39,234,303

    LIABILITIES AND EQUITY







    Homebuilding:







    Accounts payable

    $                     1,788,117



    1,631,401

    Liabilities related to consolidated inventory not owned

    3,343,871



    2,540,894

    Senior notes and other debts payable, net

    2,263,256



    2,816,482

    Other liabilities

    2,727,342



    2,739,217



    10,122,586



    9,727,994

    Financial Services

    1,759,821



    2,447,039

    Multifamily

    195,327



    278,177

    Lennar Other

    105,540



    79,127

    Total liabilities

    12,183,274



    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

    5,706,711



    5,570,009

    Retained earnings

    24,791,519



    22,369,368

    Treasury stock

    (3,122,408)



    (1,393,100)

    Accumulated other comprehensive income

    7,040



    4,879

    Total stockholders' equity

    27,412,520



    26,580,664

    Noncontrolling interests

    145,188



    121,302

    Total equity

    27,557,708



    26,701,966

    Total liabilities and equity

    $                   39,740,982



    39,234,303

     

     LENNAR CORPORATION AND SUBSIDIARIES

    Supplemental Data

    (Dollars in thousands)

    (unaudited)





    August 31, 2024



    November 30, 2023



    August 31, 2023

    Homebuilding debt

    $                2,263,256



    2,816,482



    3,320,119

    Stockholders' equity

    27,412,520



    26,580,664



    25,656,619

    Total capital

    $              29,675,776



    29,397,146



    28,976,738

    Homebuilding debt to total capital

    7.6 %



    9.6 %



    11.5 %













    Homebuilding debt

    $                2,263,256



    2,816,482



    3,320,119

    Less: Homebuilding cash and cash equivalents

    4,037,405



    6,273,724



    3,887,809

    Net homebuilding debt

    $              (1,774,149)



    (3,457,242)



    (567,690)

    Net homebuilding debt to total capital (1)

    (6.9) %



    (15.0) %



    (2.3) %





    (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-third-quarter-2024-results-302253675.html

    SOURCE Lennar Corporation

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