Company Announcements

Lennar Reports Third Quarter 2024 Results

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 and LEN.B), 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