Lennar Reports Fourth Quarter and Fiscal 2024 Results
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 and LEN.B), 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. LEN(X )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 9,395 (87,783) (7,878) (153,980)
other
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
View original content:https://www.prnewswire.com/news-releases/lennar-reports-fourth-quarter-and-fiscal-2024-results-302335463.html
SOURCE Lennar Corporation
