MIAMI, March 29, 2016 /PRNewswire/ --
- Net earnings of $144.1
million, or $0.63 per diluted
share, compared to net earnings of $115.0
million, or $0.50 per diluted
share
- Deliveries of 4,832 homes – up 12%
- New orders of 5,794 homes – up 10%; new orders dollar value
of $2.1 billion – up 15%
- Backlog of 7,670 homes – up 13%; backlog dollar value of
$2.8 billion – up 19%
- Revenues of $2.0 billion – up
21%
- Lennar Homebuilding operating earnings of $220.6 million, compared to $207.6 million – up 6%
- Gross margin on home sales of 22.7%, compared to 23.1% in Q1
2015
- S,G&A expenses as a % of revenues from home sales
improved to 10.8% from 11.4% in Q1 2015
- Operating margin on home sales improved to 11.9% from 11.7%
in Q1 2015
- Lennar Financial Services operating earnings of $14.9 million, compared to $15.5 million
- Rialto operating earnings (net of noncontrolling interests)
of $1.9 million, compared to
$4.6 million
- Lennar Multifamily operating earnings of $12.2 million, compared to an operating loss of
$5.7 million
- Lennar Multifamily Venture received an additional
$300 million of equity commitments,
increasing total equity commitments to $1.4
billion
- Lennar Homebuilding cash and cash equivalents of
$511 million
- Lennar Homebuilding debt to total capital, net of cash and
cash equivalents, of 45.3%
- In March 2016, Lennar issued
$500 million of 4.750% senior notes
due 2021
Lennar Corporation (NYSE: LEN and LEN.B), one
of the nation's largest homebuilders, today reported results
for its first quarter ended February 29, 2016. First quarter
net earnings attributable to Lennar in 2016 were $144.1 million, or $0.63 per diluted share, compared to first
quarter net earnings attributable to Lennar in 2015 of $115.0 million, or $0.50 per diluted share.
Stuart Miller, Chief Executive
Officer of Lennar Corporation, said, "We are very pleased with our
first quarter results as we achieved pre-tax earnings of
$201.7 million, our highest first
quarter pre-tax earnings since 2006. Despite global economic
concerns and volatility in the stock market, our net earnings
increased 25% year-over-year and we had solid performances in most
of our businesses. We continue to believe that the housing market
is continuing its slow and steady recovery driven by years of under
production, tight inventory levels, attractive interest rates and
the lowest unemployment levels since 2008."
Mr. Miller continued, "Our core homebuilding business continued
to produce strong operating results in the first quarter of 2016 as
gross and operating margins were 22.7% and 11.9%, respectively. The
continued focus on digital marketing helped to improve S,G&A as
a percentage of revenues from home sales to 10.8%, our lowest first
quarter percentage. In the first quarter of 2016, our average sales
price of homes delivered increased 12% year-over-year to
$365,000, the highest in the
Company's history, from $326,000 in
the first quarter of 2015. Our home sales revenues and
new orders dollar value increased 25% and 15%, respectively,
compared to the same period last year. Our sales backlog dollar
value increased 19% from last year to approximately $2.8 billion, keeping us well positioned going
forward.
"Complementing our homebuilding business, our Financial Services
business reported strong earnings of $14.9
million in our first quarter, consistent with prior year,
despite a decrease in refinance transactions year-over-year.
"Our Multifamily business generated $12.2
million of earnings in the first quarter of 2016, primarily
due to the sale of an apartment property by one of its joint
ventures. In addition, during the first quarter of 2016, the Lennar
Multifamily Venture continued to grow as it received an additional
$300 million of equity commitments,
increasing its total equity commitments to $1.4 billion.
"Finally, our Rialto business generated $1.9 million of income as the turmoil in the
capital markets in the first quarter impacted the short-term
performance of our Rialto mortgage finance and investment
management businesses. While the volatility in the markets
leads us to reduce Rialto's earnings expectations for the current
year, it also has provided excellent investment opportunities to
grow our best-in-class investment management platform."
Mr. Miller concluded, "We began fiscal 2016 with strong
operational results and a solid balance sheet. We believe we are
well positioned across all of our platforms and for another year of
strong profits in 2016."
RESULTS OF OPERATIONS
THREE MONTHS ENDED FEBRUARY 29, 2016 COMPARED TO
THREE
MONTHS ENDED FEBRUARY 28,
2015
Lennar Homebuilding
Revenues from home sales increased 25% in the first quarter of
2016 to $1.8 billion from
$1.4 billion in the first quarter of
2015. Revenues were higher primarily due to a 12% increase in the
number of home deliveries, excluding unconsolidated entities, and a
12% increase in the average sales price of homes delivered. New
home deliveries, excluding unconsolidated entities, increased to
4,806 homes in the first quarter of 2016 from 4,301 homes in the
first quarter of 2015. There was an increase in home deliveries in
all of the Company's Homebuilding segments, except in Homebuilding
Houston. The decrease in home deliveries in Houston was primarily due to less demand
driven by volatility in the energy sector. The average sales price
of homes delivered increased to $365,000 in the first quarter of 2016 from
$326,000 in the first quarter of
2015. Sales incentives offered to homebuyers were $21,600 per home delivered in the first quarter
of 2016, or 5.6% as a percentage of home sales revenue, compared to
$21,800 per home delivered in the
first quarter of 2015, or 6.3% as a percentage of home sales
revenue, and $21,700 per home
delivered in the fourth quarter of 2015, or 5.9% as a percentage of
home sales revenue.
Gross margins on home sales were $398.9
million, or 22.7%, in the first quarter of 2016, compared to
$324.8 million, or 23.1%, in the
first quarter of 2015. Gross margin percentage on home sales
decreased compared to the first quarter of 2015 primarily due to an
increase in land costs, partially offset by an increase in the
average sales price of homes delivered. Gross profits on land sales
were $9.2 million in the first
quarter of 2016, compared to $12.1
million in the first quarter of 2015.
Selling, general and administrative expenses were $189.8 million in the first quarter of 2016,
compared to $160.4 million in the
first quarter of 2015. As a percentage of revenues from home sales,
selling, general and administrative expenses improved to 10.8% in
the first quarter of 2016, from 11.4% in the first quarter of 2015,
due to improved operating leverage as a result of an increase in
home deliveries and benefits from the Company's focus on digital
marketing.
Lennar Homebuilding equity in earnings from unconsolidated
entities was $3.0 million in the
first quarter of 2016, compared to $28.9
million in the first quarter of 2015. In the first quarter
of 2016, Lennar Homebuilding equity in earnings from unconsolidated
entities included $6.0 million of
equity in earnings from Heritage Fields El Toro, LLC, one of the
Company's unconsolidated entities ("El Toro"), primarily due to
sales of approximately 220 homesites to third parties. This was
partially offset by the Company's share of net operating losses
from various Lennar Homebuilding unconsolidated entities. In the
first quarter of 2015, Lennar Homebuilding equity in earnings from
unconsolidated entities included $31.3
million of equity in earnings primarily related to sales of
approximately 600 homesites to third parties by El Toro, partially
offset by the Company's share of net operating losses from various
Lennar Homebuilding unconsolidated entities.
Lennar Homebuilding other income, net, was $0.5 million in the first quarter of 2016,
compared to $6.3 million in the first
quarter of 2015. In the first quarter of 2015, other income, net
included a $6.5 million gain on the
sale of an operating property.
Lennar Homebuilding interest expense was $45.2 million in the first quarter of 2016
($43.4 million was included in cost
of homes sold, $0.7 million in cost
of land sold and $1.2 million in
other interest expense), compared to $38.0
million in the first quarter of 2015 ($33.5 million was included in cost of homes sold,
$0.4 million in cost of land sold and
$4.1 million in other interest
expense). Interest expense included in cost of homes sold increased
primarily due to an increase in the Company's outstanding
homebuilding debt and an increase in home deliveries. Other
interest expense decreased due to an increase in qualifying assets
eligible for interest capitalization.
Lennar Financial Services
Operating earnings for the Lennar Financial Services segment
were $14.9 million in the first
quarter of 2016, compared to $15.5
million in the first quarter of 2015. The slight decrease in
profitability was primarily due to a decrease in refinance volume
in the segment's mortgage and title operations.
Rialto
Operating earnings for the Rialto segment were $1.9 million in the first quarter of 2016 (which
included $1.6 million of operating
earnings and an add back of $0.3
million of net loss attributable to noncontrolling
interests), compared to operating earnings of $4.6 million in the first quarter of 2015 (which
included $2.8 million of operating
earnings and an add back of $1.8
million of net loss attributable to noncontrolling
interests).
Revenues in this segment were $43.7
million in the first quarter of 2016, compared to
$41.2 million in the first quarter of
2015. Revenues increased primarily due to higher interest income
and the collection of deficiency settlements related to the loan
portfolios, partially offset by a decrease in Rialto Mortgage
Finance ("RMF") securitization revenues due to lower securitization
volume and margins. During the first quarter of 2016 and 2015,
Rialto received $4.9 million and
$6.5 million, respectively, of
advanced distributions with regard to Rialto's carried interests in
its real estate funds in order to cover income tax obligations
resulting from allocations of taxable income to Rialto's
carried interests in these funds.
Expenses in this segment were $42.9
million in the first quarter of 2016, compared to
$40.8 million in the first quarter of
2015. Expenses increased primarily due to an increase in
securitization expenses related to RMF and interest expense.
Rialto equity in earnings from unconsolidated entities was
$1.5 million and $2.7 million in the first quarter of 2016 and
2015, respectively, related to Rialto's share of earnings from its
real estate funds. The decrease in equity in earnings was primarily
related to mark downs of certain assets in the Rialto real estate
funds (the "Funds") and smaller net increases in the fair value of
certain assets in the Funds in the first quarter of 2016 than in
the same period last year.
Lennar Multifamily
Operating earnings for the Lennar Multifamily segment were
$12.2 million in the first quarter of
2016, compared to an operating loss of $5.7
million in the first quarter of 2015. The increase in
profitability was primarily due to the segment's $20.4 million share of a gain as a result of the
sale of an operating property by one of Lennar Multifamily's
unconsolidated entities.
Corporate General and Administrative Expenses
Corporate general and administrative expenses were $47.7 million, or 2.4% as a percentage of total
revenues, in the first quarter of 2016, compared to $43.7 million, or 2.7% as a percentage of total
revenues, in the first quarter of 2015. As a percentage of total
revenues, corporate general and administrative expenses improved
due to increased operating leverage.
Noncontrolling Interests
Net earnings attributable to noncontrolling interests were
$1.4 million and $2.0 million in the first quarter of 2016 and
2015, respectively. Net earnings attributable to noncontrolling
interests during both the first quarter of 2016 and 2015 were
primarily attributable to earnings related to Lennar Homebuilding
consolidated joint ventures, partially offset by a net loss related
to the FDIC's interest in the portfolio of real estate loans that
the Company acquired in partnership with the FDIC.
Tax
The tax rate for the first quarter of 2016 was 28.08%, compared
to 34.19% in the first quarter of 2015. The reduction was primarily
the result of the reversal of an accrual due to a settlement with
the IRS and increased benefit from energy tax credits.
Debt Transactions
During the first quarter of 2016, the Company paid and delivered
approximately $163 million in cash
and 3.6 million shares of Class A common stock on exchange or
conversion of approximately $163
million aggregate principal amount of its 2.75% convertible
senior notes due 2020. At February 29, 2016, approximately
$71 million aggregate principal
amount of the Company's 2.75% convertible senior notes due 2020 was
outstanding.
Subsequent to the first quarter of 2016, the Company issued
$500 million of 4.750% senior notes
due 2021. The net proceeds from the offering will be used for
general corporate purposes, including the repayment of the 6.50%
senior notes due 2016.
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's
largest builders of quality homes for all generations. The Company
builds affordable, move-up and retirement homes primarily under the
Lennar brand name. Lennar's Financial Services segment provides
mortgage financing, title insurance and closing services for both
buyers of the Company's homes and others. Lennar's Rialto segment
is a vertically integrated asset management platform focused on
investing throughout the commercial real estate capital structure.
Lennar's Multifamily segment is a nationwide developer of
high-quality multifamily rental properties. Previous press releases
and further information about the Company may be obtained at the
"Investor Relations" section of the Company's website,
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 statements regarding our belief regarding
the homebuilding market and other markets in which we participate,
and our belief regarding how we are positioned to take advantage of
opportunities, or to avoid problems, in those markets and to
advance the future growth of our businesses. 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. Important
factors that could cause such differences include increases in
operating costs, including costs related to real estate taxes,
construction materials, labor and insurance, and our ability to
manage our cost structure, both in our Lennar Homebuilding and
Lennar Multifamily businesses; a slowdown in the real estate
markets across the nation, including a slowdown in the market for
single family homes or the multifamily rental market; unfavorable
or unanticipated losses in legal proceedings; decreased demand for
our homes or Lennar Multifamily rental properties, and our
inability to successfully sell our apartments; natural disasters or
catastrophic events for which our insurance may not provide
adequate coverage; a decline in the value of the land and home
inventories we maintain or possible future write-downs of the
carrying value of our real estate assets; the inability of the
Rialto segment to profit from the investments it makes; the
inability of Rialto to sell mortgages it originates into
securitizations on favorable terms; reduced availability of
mortgage financing and increased interest rates; conditions in the
capital, credit and financial markets; changes in laws, regulations
or the regulatory environment affecting our business, and the
additional risks described in our filings with the Securities and
Exchange Commission, including our Form 10-K, for the fiscal year
ended November 30, 2015. 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 first quarter
earnings will be held at 11:00 a.m. Eastern
Time on Tuesday, March 29,
2016. The call will be broadcast live on the Internet and
can be accessed through the Company's website at www.lennar.com. If
you are unable to participate in the conference call, the call will
be archived at www.lennar.com for 90 days. A replay of the
conference call will also be available later that day by calling
203-369-3872 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
|
|
February
29,
|
|
February
28,
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
Lennar
Homebuilding
|
$
|
1,786,481
|
|
|
1,441,658
|
|
Lennar Financial
Services
|
123,956
|
|
|
124,827
|
|
Rialto
|
43,711
|
|
|
41,197
|
|
Lennar
Multifamily
|
39,516
|
|
|
36,457
|
|
Total
revenues
|
$
|
1,993,664
|
|
|
1,644,139
|
|
|
|
|
|
Lennar Homebuilding
operating earnings
|
$
|
220,638
|
|
|
207,644
|
|
Lennar Financial
Services operating earnings
|
14,931
|
|
|
15,527
|
|
Rialto operating
earnings
|
1,610
|
|
|
2,808
|
|
Lennar Multifamily
operating earnings (loss)
|
12,182
|
|
|
(5,682)
|
|
Corporate general and
administrative expenses
|
(47,668)
|
|
|
(43,654)
|
|
Earnings before
income taxes
|
201,693
|
|
|
176,643
|
|
Provision for income
taxes
|
(56,241)
|
|
|
(59,726)
|
|
Net earnings
(including net earnings attributable to noncontrolling
interests)
|
145,452
|
|
|
116,917
|
|
Less: Net earnings
attributable to noncontrolling interests
|
1,372
|
|
|
1,954
|
|
Net earnings
attributable to Lennar
|
$
|
144,080
|
|
|
114,963
|
|
|
|
|
|
Average shares
outstanding:
|
|
|
|
Basic
|
210,292
|
|
|
202,930
|
|
Diluted
|
228,916
|
|
|
230,316
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
$
|
0.68
|
|
|
0.56
|
|
Diluted
(1)
|
$
|
0.63
|
|
|
0.50
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
Interest incurred
(2)
|
$
|
71,590
|
|
|
70,259
|
|
|
|
|
|
EBIT
(3):
|
|
|
|
Net earnings
attributable to Lennar
|
$
|
144,080
|
|
|
114,963
|
|
Provision for income
taxes
|
56,241
|
|
|
59,726
|
|
Interest
expense
|
45,224
|
|
|
38,031
|
|
EBIT
|
$
|
245,545
|
|
|
212,720
|
|
|
(1)
|
Diluted earnings per
share includes an add back of interest of $2.0 million for both the
three months ended February 29, 2016 and February 28, 2015,
respectively, related to the Company's 3.25% convertible senior
notes.
|
(2)
|
Amount represents
interest incurred related to Lennar Homebuilding debt.
|
(3)
|
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
|
|
February
29,
|
|
February
28,
|
|
2016
|
|
2015
|
Lennar
Homebuilding revenues:
|
|
|
|
Sales of
homes
|
$
|
1,754,691
|
|
|
1,403,568
|
|
Sales of
land
|
31,790
|
|
|
38,090
|
|
Total
revenues
|
1,786,481
|
|
|
1,441,658
|
|
|
|
|
|
Lennar
Homebuilding costs and expenses:
|
|
|
|
Cost of homes
sold
|
1,355,745
|
|
|
1,078,796
|
|
Cost of land
sold
|
22,612
|
|
|
26,025
|
|
Selling, general and
administrative
|
189,848
|
|
|
160,354
|
|
Total costs
and expenses
|
1,568,205
|
|
|
1,265,175
|
|
Lennar
Homebuilding operating margins
|
218,276
|
|
|
176,483
|
|
Lennar Homebuilding
equity in earnings from unconsolidated entities
|
3,000
|
|
|
28,899
|
|
Lennar Homebuilding
other income, net
|
519
|
|
|
6,333
|
|
Other interest
expense
|
(1,157)
|
|
|
(4,071)
|
|
Lennar
Homebuilding operating earnings
|
$
|
220,638
|
|
|
207,644
|
|
|
|
|
|
Lennar Financial
Services revenues
|
$
|
123,956
|
|
|
124,827
|
|
Lennar Financial
Services costs and expenses
|
109,025
|
|
|
109,300
|
|
Lennar Financial
Services operating earnings
|
$
|
14,931
|
|
|
15,527
|
|
|
|
|
|
Rialto
revenues
|
$
|
43,711
|
|
|
41,197
|
|
Rialto costs and
expenses
|
42,907
|
|
|
40,781
|
|
Rialto equity in
earnings from unconsolidated entities
|
1,497
|
|
|
2,664
|
|
Rialto other expense,
net
|
(691)
|
|
|
(272)
|
|
Rialto operating
earnings
|
$
|
1,610
|
|
|
2,808
|
|
|
|
|
|
Lennar Multifamily
revenues
|
$
|
39,516
|
|
|
36,457
|
|
Lennar Multifamily
costs and expenses
|
47,020
|
|
|
41,961
|
|
Lennar Multifamily
equity in earnings (loss) from unconsolidated entities
|
19,686
|
|
|
(178)
|
|
Lennar Multifamily
operating earnings (loss)
|
$
|
12,182
|
|
|
(5,682)
|
|
LENNAR CORPORATION
AND SUBSIDIARIES
Summary of
Deliveries, New Orders and Backlog
(Dollars in
thousands, except average sales price)
(unaudited)
|
|
|
|
At or For the
Three Months Ended
|
|
February
29,
|
|
February
28,
|
|
February
29,
|
|
February
28,
|
|
February
29,
|
|
February
28,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Deliveries:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
East
|
2,064
|
|
|
1,986
|
|
|
$
|
647,755
|
|
|
587,318
|
|
|
$
|
314,000
|
|
|
296,000
|
|
Central
|
824
|
|
|
681
|
|
|
270,044
|
|
|
204,740
|
|
|
328,000
|
|
|
301,000
|
|
West
|
1,168
|
|
|
926
|
|
|
559,534
|
|
|
382,660
|
|
|
479,000
|
|
|
413,000
|
|
Houston
|
457
|
|
|
461
|
|
|
130,393
|
|
|
124,930
|
|
|
285,000
|
|
|
271,000
|
|
Other
|
319
|
|
|
248
|
|
|
161,038
|
|
|
104,190
|
|
|
505,000
|
|
|
420,000
|
|
Total
|
4,832
|
|
|
4,302
|
|
|
$
|
1,768,764
|
|
|
1,403,838
|
|
|
$
|
366,000
|
|
|
326,000
|
|
|
Of the total homes
delivered listed above, 26 homes with a dollar value of $14.1
million and an average sales price of $541,000 represent home
deliveries from unconsolidated entities for the three months ended
February 29, 2016, compared to one home delivery with a dollar
value and sales price of $270,000 for the three months ended
February 28, 2015.
|
|
New
Orders:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
East
|
2,528
|
|
|
2,330
|
|
|
$
|
798,048
|
|
|
726,020
|
|
|
$
|
316,000
|
|
|
312,000
|
|
Central
|
1,128
|
|
|
912
|
|
|
384,684
|
|
|
286,675
|
|
|
341,000
|
|
|
314,000
|
|
West
|
1,290
|
|
|
1,190
|
|
|
623,849
|
|
|
527,584
|
|
|
484,000
|
|
|
443,000
|
|
Houston
|
502
|
|
|
520
|
|
|
145,486
|
|
|
145,723
|
|
|
290,000
|
|
|
280,000
|
|
Other
|
346
|
|
|
335
|
|
|
155,802
|
|
|
142,779
|
|
|
450,000
|
|
|
426,000
|
|
Total
|
5,794
|
|
|
5,287
|
|
|
$
|
2,107,869
|
|
|
1,828,781
|
|
|
$
|
364,000
|
|
|
346,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of the total new
orders listed above, 15 homes with a dollar value of $8.7 million
and an average sales price of $583,000 represent new orders from
unconsolidated entities for the three months ended February 29,
2016, compared to 26 new orders with a dollar value of $12.3
million and an average sales price of $473,000 for the three months
ended February 28, 2015.
|
|
Backlog:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
East (1)
|
3,378
|
|
|
3,132
|
|
|
$
|
1,108,248
|
|
|
1,025,127
|
|
|
$
|
328,000
|
|
|
327,000
|
|
Central
|
1,674
|
|
|
1,192
|
|
|
592,302
|
|
|
392,743
|
|
|
354,000
|
|
|
329,000
|
|
West
|
1,476
|
|
|
1,255
|
|
|
736,058
|
|
|
582,324
|
|
|
499,000
|
|
|
464,000
|
|
Houston
|
743
|
|
|
889
|
|
|
223,222
|
|
|
246,663
|
|
|
300,000
|
|
|
277,000
|
|
Other
|
399
|
|
|
349
|
|
|
187,126
|
|
|
152,072
|
|
|
469,000
|
|
|
436,000
|
|
Total
|
7,670
|
|
|
6,817
|
|
|
$
|
2,846,956
|
|
|
2,398,929
|
|
|
$
|
371,000
|
|
|
352,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of the total homes in backlog listed above, 78 homes
with a backlog dollar value of $57.1 million and an average sales
price of $731,000 represent the backlog from unconsolidated
entities at February 29, 2016, compared to 92 homes with a
backlog dollar value of $51.9 million and an average sales price of
$564,000 at February 28, 2015.
|
(1) During the
three months ended February 29, 2016, the Company acquired 62 homes
in backlog.
|
|
Lennar's reportable
homebuilding segments and all other homebuilding operations not
required to be reported separately have divisions located
in:
|
|
East: Florida,
Georgia, Maryland, New Jersey, North Carolina, South Carolina and
Virginia
Central: Arizona, Colorado and
Texas(1) West: California and Nevada
Houston: Houston, Texas
Other: Illinois, Minnesota, Oregon, Tennessee and
Washington
|
|
(1) Texas in
the Central reportable segment excludes Houston, Texas, which is
its own reportable segment.
|
LENNAR CORPORATION
AND SUBSIDIARIES
Supplemental
Data
(Dollars in
thousands)
(unaudited)
|
|
|
|
|
|
|
|
February
29,
|
|
November
30,
|
|
February
28,
|
|
2016
|
|
2015
|
|
2015
|
Lennar Homebuilding
debt
|
$
|
5,333,981
|
|
|
5,025,130
|
|
|
5,104,618
|
|
Stockholders'
equity
|
5,820,114
|
|
|
5,648,944
|
|
|
4,952,334
|
|
Total
capital
|
$
|
11,154,095
|
|
|
10,674,074
|
|
|
10,056,952
|
|
Lennar
Homebuilding debt to total capital
|
47.8
|
%
|
|
47.1
|
%
|
|
50.8
|
%
|
|
|
|
|
|
|
Lennar Homebuilding
debt
|
$
|
5,333,981
|
|
|
5,025,130
|
|
|
5,104,618
|
|
Less: Lennar
Homebuilding cash and cash equivalents
|
510,878
|
|
|
893,408
|
|
|
583,754
|
|
Net Lennar
Homebuilding debt
|
$
|
4,823,103
|
|
|
4,131,722
|
|
|
4,520,864
|
|
Net Lennar
Homebuilding debt to total capital (1)
|
45.3
|
%
|
|
42.2
|
%
|
|
47.7
|
%
|
(1)
|
Net Lennar
Homebuilding debt to total capital is a non-GAAP financial measure
defined as net Lennar Homebuilding debt (Lennar Homebuilding debt
less Lennar Homebuilding cash and cash equivalents) divided by
total capital (net Lennar Homebuilding debt plus stockholders'
equity). The Company believes the ratio of net Lennar Homebuilding
debt to total capital is a relevant and a useful financial measure
to investors in understanding the leverage employed in Lennar
Homebuilding operations. However, because net Lennar 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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lennar-reports-first-quarter-eps-of-063-300242331.html
SOURCE Lennar Corporation