Lennar Reports Second Quarter 2024 Results
Lennar (NYSE: LEN) reported strong second-quarter 2024 results, with net earnings increasing 9% to $954 million and earnings per diluted share rising 15% to $3.45 compared to the same period last year. Revenues grew 9% to $8.8 billion, driven by a 19% increase in new orders and a 15% rise in home deliveries. However, the average sales price per delivered home decreased by 5% to $426,000 amid rising sales incentives.
Operating earnings for homebuilding were $1.3 billion, with gross margins on home sales at 22.6% and net margins at 15.1%. The company also reported $3.6 billion in homebuilding cash and cash equivalents, with no outstanding borrowings on its $2.2 billion revolving credit facility. Lennar repurchased 3.8 million shares for $603 million and repaid $554 million of senior notes during the quarter.
Looking ahead to Q3 2024, Lennar expects to deliver between 20,500 and 21,000 homes with a gross margin of approximately 23%.
- Net earnings increased by 9% to $954 million.
- Earnings per diluted share rose 15% to $3.45.
- Total revenues grew 9% to $8.8 billion.
- New orders increased by 19% to 21,293 homes.
- Home deliveries rose 15% to 19,690 homes.
- Gross margins on home sales were 22.6%.
- Strong liquidity with $3.6 billion in homebuilding cash and cash equivalents.
- Repurchased 3.8 million shares for $603 million.
- No outstanding borrowings on the $2.2 billion revolving credit facility.
- Average sales price per home decreased by 5% to $426,000.
- Operating loss for the Multifamily segment increased to $20 million.
- Operating loss for the 'Lennar Other' segment increased to $28 million.
- Selling, general, and administrative expenses increased to 7.5% of revenues from 6.7% in the same period last year.
Insights
Lennar Corporation's second-quarter financials show a strong performance across several key metrics. Net earnings increased by 9% to
The company's revenue increased by 9% to
Additionally, Lennar redeemed significant portions of its debt and repurchased shares, reflecting a priority on strengthening the balance sheet. The absence of borrowings under its $2.2 billion revolver and a cash reserve of
Lennar's performance is noteworthy in the context of the broader housing market. The increase in new orders and deliveries reflects resilience in housing demand, even as consumer sentiment and affordability face challenges due to interest rates. This aligns with ongoing trends of housing supply shortages and strong household formation rates, which continue to drive demand.
The company's strategic focus on a land-light model and improving production efficiencies is evident. Lennar's reduction in cycle time to 150 days and improvement in inventory turnover to 1.6 times are significant operational gains, showcasing the company's ability to adapt to market dynamics efficiently.
Lennar's use of digital marketing and dynamic pricing models also suggests a modern, data-driven approach to matching production with sales. However, it's important to watch for potential impacts from any further macroeconomic shifts and interest rate changes, which could influence future demand and profitability.
The company's tax strategy appears to be effectively managed, with an overall effective income tax rate of 23.9% for the quarter. This rate includes considerations for state income tax expenses and non-deductible executive compensation, partially offset by energy-efficient home and solar tax credits. The slight decrease from last year's 24.4% rate suggests improved financial management in leveraging tax credits and deductions.
This focus on tax efficiency can contribute positively to the bottom line, freeing up more funds for reinvestment or debt reduction, as demonstrated by their strategic debt transactions and share repurchases. For retail investors, understanding how tax strategies impact net earnings is crucial, as these savings can enhance shareholder value in the long run.
Second Quarter 2024 Highlights - comparisons to the prior year quarter
- Net earnings per diluted share increased
15% to$3.45 $3.38
- Net earnings increased
9% to$954 million - New orders increased
19% to 21,293 homes - Backlog of 17,873 homes with a dollar value of
$8.2 billion - Deliveries increased
15% to 19,690 homes - Total revenues of
$8.8 billion - Homebuilding operating earnings of
$1.3 billion - Gross margin on home sales of
22.6% - S,G&A expenses as a % of revenues from home sales of
7.5% - Net margin on home sales of
15.1%
- Gross margin on home sales of
- Financial Services operating earnings of
$146 million - Multifamily operating loss of
$20 million - Lennar Other operating loss of
$28 million - Homebuilding cash and cash equivalents of
$3.6 billion - Years supply of owned homesites of 1.2 years and controlled homesites of
79% - No outstanding borrowings under the Company's
$2.2 billion - Homebuilding debt to total capital of
7.7% - Redeemed
$454 million 4.50% senior notes due April 2024 - Repurchased
$100 million 4.75% senior notes due November 2027 - Repurchased 3.8 million shares of Lennar common stock for
$603 million
Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "We are pleased to report another strong quarter against the backdrop of evolving market conditions as interest rates rose for most of the quarter and then subsided as the quarter closed. Although affordability continued to be tested by interest rate movements and simultaneously challenged consumer sentiment, purchasers remained responsive to increased sales incentives, resulting in a
"Earnings were
"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
Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, "Operationally, our starts pace and sales pace were 5.8 homes and 5.7 homes per community in the second quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 150 days, or
"During the quarter, we continued the migration to our land light strategy. This was evidenced by our years supply of owned homesites improving to 1.2 years from 1.7 years last year and our controlled homesite percentage increasing to
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. This has positioned us particularly well as the economic environment continues to define itself throughout the complicated election year in 2024. As we look ahead to our third quarter, we expect to deliver between 20,500 and 21,000 homes with a gross margin of approximately
RESULTS OF OPERATIONS
THREE MONTHS ENDED MAY 31, 2024 COMPARED TO
THREE MONTHS ENDED MAY 31, 2023
Homebuilding
Revenues from home sales increased
Gross margins on home sales were
Selling, general and administrative expenses were
Financial Services
Operating earnings for the Financial Services segment were
Ancillary Businesses
Operating loss for the Multifamily segment was
Tax Rate
In the second quarter of 2024 and 2023, the Company had tax provisions of
OTHER TRANSACTIONS
Debt Transactions
During the second quarter of 2024, the Company redeemed
Share Repurchases
In the second quarter of 2024, the Company repurchased 3.8 million shares of its common stock for
Liquidity
At May 31, 2024, the Company had
Guidance
The following are the Company's expected results of its homebuilding and financial services activities for the third quarter of 2024:
Third Quarter 2024 | ||
New Orders | 20,500 - 21,000 | |
Deliveries | 20,500 - 21,000 | |
Average Sales Price | ||
Gross Margin % on Home Sales | About | |
S,G&A as a % of Home Sales | ||
Financial Services Operating Earnings |
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
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. 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 second quarter earnings will be held at 11:00 a.m. Eastern Time on Tuesday, June 18, 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 203-369-3354 and entering 5723593 as the confirmation number.
LENNAR CORPORATION AND SUBSIDIARIES | |||||||
Three Months Ended | Six Months Ended | ||||||
May 31, | May 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Homebuilding | $ 8,381,059 | 7,670,017 | 15,312,050 | 13,826,322 | |||
Financial Services | 281,723 | 222,979 | 531,443 | 405,960 | |||
Multifamily | 99,500 | 151,744 | 229,177 | 295,267 | |||
Lennar Other | 3,310 | 411 | 5,852 | 8,031 | |||
Total revenues | $ 8,765,592 | 8,045,151 | 16,078,522 | 14,535,580 | |||
Homebuilding operating earnings | $ 1,340,155 | 1,214,409 | 2,368,951 | 2,121,248 | |||
Financial Services operating earnings | 147,012 | 112,599 | 278,308 | 191,336 | |||
Multifamily operating loss | (20,474) | (8,162) | (36,113) | (29,763) | |||
Lennar Other operating loss | (28,964) | (18,399) | (68,512) | (58,156) | |||
Corporate general and administrative expenses | (156,982) | (124,752) | (314,303) | (250,858) | |||
Charitable foundation contribution | (19,690) | (17,074) | (36,488) | (30,733) | |||
Earnings before income taxes | 1,261,057 | 1,158,621 | 2,191,843 | 1,943,074 | |||
Provision for income taxes | (300,471) | (280,879) | (511,336) | (466,024) | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 960,586 | 877,742 | 1,680,507 | 1,477,050 | |||
Less: Net earnings attributable to noncontrolling interests | 6,275 | 6,048 | 6,862 | 8,822 | |||
Net earnings attributable to Lennar | $ 954,311 | 871,694 | 1,673,645 | 1,468,228 | |||
Basic and diluted average shares outstanding | 273,703 | 284,910 | 275,325 | 285,492 | |||
Basic and diluted earnings per share | $ 3.45 | 3.01 | 6.01 | 5.07 | |||
Supplemental information: | |||||||
Interest incurred (1) | $ 33,764 | 49,704 | 70,275 | 99,281 | |||
EBIT (2): | |||||||
Net earnings attributable to Lennar | $ 954,311 | 871,694 | 1,673,645 | 1,468,228 | |||
Provision for income taxes | 300,471 | 280,879 | 511,336 | 466,024 | |||
Interest expense included in: | |||||||
Costs of homes sold | 43,100 | 61,145 | 82,314 | 110,597 | |||
Costs of land sold | 286 | 1,028 | 286 | 1,047 | |||
Homebuilding other income (expense), net | 4,679 | 3,758 | 9,594 | 7,332 | |||
Total interest expense | 48,065 | 65,931 | 92,194 | 118,976 | |||
EBIT | $ 1,302,847 | 1,218,504 | 2,277,175 | 2,053,228 | |||
(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 | |||||||
Three Months Ended | Six Months Ended | ||||||
May 31, | May 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Homebuilding revenues: | |||||||
Sales of homes | $ 8,357,750 | 7,636,579 | 15,259,531 | 13,730,406 | |||
Sales of land | 13,598 | 16,314 | 34,350 | 26,032 | |||
Other homebuilding | 9,711 | 17,124 | 18,169 | 69,884 | |||
Total homebuilding revenues | 8,381,059 | 7,670,017 | 15,312,050 | 13,826,322 | |||
Homebuilding costs and expenses: | |||||||
Costs of homes sold | 6,469,952 | 5,916,325 | 11,865,484 | 10,719,168 | |||
Costs of land sold | 6,903 | 11,932 | 20,920 | 34,009 | |||
Selling, general and administrative | 629,600 | 510,700 | 1,197,587 | 960,494 | |||
Total homebuilding costs and expenses | 7,106,455 | 6,438,957 | 13,083,991 | 11,713,671 | |||
Homebuilding net margins | 1,274,604 | 1,231,060 | 2,228,059 | 2,112,651 | |||
Homebuilding equity in earnings (loss) from unconsolidated entities | 15,516 | (12,279) | 28,818 | (9,093) | |||
Homebuilding other income (expense), net | 50,035 | (4,372) | 112,074 | 17,690 | |||
Homebuilding operating earnings | $ 1,340,155 | 1,214,409 | 2,368,951 | 2,121,248 | |||
Financial Services revenues | $ 281,723 | 222,979 | 531,443 | 405,960 | |||
Financial Services costs and expenses | 134,711 | 110,380 | 253,135 | 214,624 | |||
Financial Services operating earnings | $ 147,012 | 112,599 | 278,308 | 191,336 | |||
Multifamily revenues | $ 99,500 | 151,744 | 229,177 | 295,267 | |||
Multifamily costs and expenses | 102,205 | 154,354 | 234,872 | 303,310 | |||
Multifamily equity in loss from unconsolidated entities and other income (expense), net | (17,769) | (5,552) | (30,418) | (21,720) | |||
Multifamily operating loss | $ (20,474) | (8,162) | (36,113) | (29,763) | |||
Lennar Other revenues | $ 3,310 | 411 | 5,852 | 8,031 | |||
Lennar Other costs and expenses | 26,841 | 6,795 | 35,929 | 13,271 | |||
Lennar Other equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss) | 16,081 | (37,512) | (11,784) | (54,459) | |||
Lennar Other unrealized gains (losses) from technology investments (1) | (21,514) | 25,497 | (26,651) | 1,543 | |||
Lennar Other operating loss | $ (28,964) | (18,399) | (68,512) | (58,156) | |||
(1) The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on technology investments: |
Three Months Ended | Six Months Ended | ||||||
May 31, | May 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Blend Labs (BLND) | $ 715 | (1,332) | 3,651 | (746) | |||
Hippo (HIPO) | 10,737 | (4,399) | 27,186 | 2,233 | |||
Opendoor (OPEN) | (16,907) | 22,512 | (15,592) | 14,821 | |||
SmartRent (SMRT) | (4,609) | 8,621 | (6,572) | 9,926 | |||
Sonder (SOND) | (40) | (138) | 11 | (458) | |||
Sunnova (NOVA) | (11,410) | 233 | (35,335) | (24,233) | |||
$ (21,514) | 25,497 | (26,651) | 1,543 | ||||
LENNAR CORPORATION AND SUBSIDIARIES |
Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in:
East:
Central:
West:
Other: Urban divisions
Three Months Ended May 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||
Deliveries: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 5,529 | 4,893 | $ 2,222,108 | 2,146,387 | $ 402,000 | 439,000 | |||||
Central | 4,188 | 3,699 | 1,706,051 | 1,603,187 | 407,000 | 433,000 | |||||
4,669 | 3,908 | 1,194,525 | 1,137,517 | 256,000 | 291,000 | ||||||
West | 5,292 | 4,565 | 3,263,904 | 2,773,005 | 617,000 | 607,000 | |||||
Other | 12 | 9 | 6,343 | 7,401 | 529,000 | 822,000 | |||||
Total | 19,690 | 17,074 | $ 8,392,931 | 7,667,497 | $ 426,000 | 449,000 | |||||
Of the total homes delivered listed above, 70 homes with a dollar value of
At May 31, | Three Months Ended May 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||
New Orders: | Active Communities | Homes | Dollar Value | Average Sales Price | |||||||||||
East | 309 | 339 | 5,000 | 5,022 | $ 2,033,401 | 2,166,704 | $ 407,000 | 431,000 | |||||||
Central | 332 | 330 | 5,332 | 4,080 | 2,144,250 | 1,729,280 | 402,000 | 424,000 | |||||||
239 | 226 | 5,213 | 3,732 | 1,332,392 | 1,079,757 | 256,000 | 289,000 | ||||||||
West | 363 | 365 | 5,735 | 5,045 | 3,679,145 | 3,190,159 | 642,000 | 632,000 | |||||||
Other | 2 | 3 | 13 | 6 | 5,688 | 5,544 | 438,000 | 924,000 | |||||||
Total | 1,245 | 1,263 | 21,293 | 17,885 | $ 9,194,876 | 8,171,444 | $ 432,000 | 457,000 | |||||||
Of the total homes listed above, 74 homes with a dollar value of
For the Six Months Ended May 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||
Deliveries: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 10,253 | 8,748 | $ 4,172,739 | 3,858,332 | $ 407,000 | 441,000 | |||||
Central | 7,748 | 6,439 | 3,101,695 | 2,804,582 | 400,000 | 436,000 | |||||
8,932 | 7,329 | 2,264,683 | 2,154,490 | 254,000 | 294,000 | ||||||
West | 9,530 | 8,207 | 5,785,395 | 4,967,027 | 607,000 | 605,000 | |||||
Other | 25 | 10 | 13,160 | 8,566 | 526,000 | 857,000 | |||||
Total | 36,488 | 30,733 | $ 15,337,672 | 13,792,997 | $ 420,000 | 449,000 | |||||
Of the total homes delivered listed above, 147 homes with a dollar value of
For the Six Months Ended May 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||
New Orders: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 9,526 | 8,863 | $ 3,931,479 | 3,840,881 | $ 413,000 | 433,000 | |||||
Central | 9,606 | 6,821 | 3,862,786 | 2,877,097 | 402,000 | 422,000 | |||||
9,644 | 6,874 | 2,452,391 | 1,959,213 | 254,000 | 285,000 | ||||||
West | 10,662 | 9,510 | 6,675,384 | 5,898,485 | 626,000 | 620,000 | |||||
Other | 31 | 11 | 15,218 | 9,229 | 491,000 | 839,000 | |||||
Total | 39,469 | 32,079 | $ 16,937,258 | 14,584,905 | $ 429,000 | 455,000 | |||||
Of the total new orders listed above, 120 homes with a dollar value of
At May 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||
Backlog: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 5,853 | 8,276 | $ 2,467,062 | 3,565,256 | $ 422,000 | 431,000 | |||||
Central | 5,021 | 4,951 | 2,136,707 | 2,165,563 | 426,000 | 437,000 | |||||
2,607 | 2,242 | 663,648 | 641,806 | 255,000 | 286,000 | ||||||
West | 4,383 | 4,743 | 2,962,332 | 3,157,935 | 676,000 | 666,000 | |||||
Other | 9 | 2 | 3,586 | 1,828 | 398,000 | 914,000 | |||||
Total | 17,873 | 20,214 | $ 8,233,335 | 9,532,388 | $ 461,000 | 472,000 | |||||
Of the total homes in backlog listed above, 120 homes with a backlog dollar value of
LENNAR CORPORATION AND SUBSIDIARIES | |||
May 31, 2024 | November 30, 2023 | ||
ASSETS | |||
Homebuilding: | |||
Cash and cash equivalents | $ 3,597,493 | 6,273,724 | |
Restricted cash | 11,572 | 13,481 | |
Receivables, net | 898,301 | 887,992 | |
Inventories: | |||
Finished homes and construction in progress | 11,729,673 | 10,455,666 | |
Land and land under development | 4,418,285 | 4,904,541 | |
Inventory owned | 16,147,958 | 15,360,207 | |
Consolidated inventory not owned | 3,753,542 | 2,992,528 | |
Inventory owned and consolidated inventory not owned | 19,901,500 | 18,352,735 | |
Deposits and pre-acquisition costs on real estate | 2,754,819 | 2,002,154 | |
Investments in unconsolidated entities | 1,263,905 | 1,143,909 | |
Goodwill | 3,442,359 | 3,442,359 | |
Other assets | 1,540,507 | 1,512,038 | |
33,410,456 | 33,628,392 | ||
Financial Services | 3,043,941 | 3,566,546 | |
Multifamily | 1,377,243 | 1,381,513 | |
Lennar Other | 836,030 | 657,852 | |
Total assets | $ 38,667,670 | 39,234,303 | |
LIABILITIES AND EQUITY | |||
Homebuilding: | |||
Accounts payable | $ 1,727,358 | 1,631,401 | |
Liabilities related to consolidated inventory not owned | 3,227,478 | 2,540,894 | |
Senior notes and other debts payable, net | 2,241,507 | 2,816,482 | |
Other liabilities | 2,513,173 | 2,739,217 | |
9,709,516 | 9,727,994 | ||
Financial Services | 1,583,363 | 2,447,039 | |
Multifamily | 246,776 | 278,177 | |
Lennar Other | 112,262 | 79,127 | |
Total liabilities | 11,651,917 | 12,532,337 | |
Stockholders' equity: | |||
Preferred stock | — | — | |
Class A common stock of | 25,996 | 25,848 | |
Class B common stock of | 3,660 | 3,660 | |
Additional paid-in capital | 5,674,733 | 5,570,009 | |
Retained earnings | 23,764,695 | 22,369,368 | |
Treasury stock | (2,597,806) | (1,393,100) | |
Accumulated other comprehensive income | 6,596 | 4,879 | |
Total stockholders' equity | 26,877,874 | 26,580,664 | |
Noncontrolling interests | 137,879 | 121,302 | |
Total equity | 27,015,753 | 26,701,966 | |
Total liabilities and equity | $ 38,667,670 | 39,234,303 | |
LENNAR CORPORATION AND SUBSIDIARIES | |||||
May 31, 2024 | November 30, 2023 | May 31, 2023 | |||
Homebuilding debt | $ 2,241,507 | 2,816,482 | 3,852,258 | ||
Stockholders' equity | 26,877,874 | 26,580,664 | 25,015,145 | ||
Total capital | $ 29,119,381 | 29,397,146 | 28,867,403 | ||
Homebuilding debt to total capital | 7.7 % | 9.6 % | 13.3 % | ||
Homebuilding debt | $ 2,241,507 | 2,816,482 | 3,852,258 | ||
Less: Homebuilding cash and cash equivalents | 3,597,493 | 6,273,724 | 4,004,679 | ||
Net homebuilding debt | $ (1,355,986) | (3,457,242) | (152,421) | ||
Net homebuilding debt to total capital (1) | (5.3) % | (15.0) % | (0.6) % | ||
(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
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SOURCE Lennar Corporation
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