MIAMI, March 21, 2017
/PRNewswire/ --
- Net earnings of $130.8
million, or $0.56 per diluted
share, compared to net earnings of $144.1
million, or $0.63 per diluted
share.
- WCI Communities, Inc. ("WCI") reduced the Company's Q1 2017
net earnings by $0.03 per diluted
share, primarily due to one-time transaction expenses
- Q1 2016 included a favorable $0.05 per diluted share impact due to a lower tax
rate
- Deliveries of 5,453 homes – up 13%
- New orders of 6,483 homes – up 12%; new orders dollar value
of $2.4 billion – up 16%
- Backlog of 9,017 homes – up 18%; backlog dollar value of
$3.5 billion – up 24%
- Revenues of $2.3 billion – up
17%
- Lennar Homebuilding operating earnings of $211.3 million, compared to $220.6 million
- Gross margin on home sales of 21.1%, compared to
22.7%
- S,G&A expenses as a % of revenues from home sales
improved to 10.3% from 10.8%
- Operating margin on home sales of 10.8%, compared to
11.9%
- Lennar Financial Services operating earnings of $20.7 million, compared to $14.9 million
- Rialto operating earnings (net of noncontrolling interests)
of $12.0 million, compared to
$1.9 million
- Lennar Multifamily operating earnings of $19.2 million, compared to $12.2 million
- Lennar Homebuilding cash and cash equivalents of
$641 million
- Lennar Homebuilding debt to total capital, net of cash and
cash equivalents, of 41.6%
- Lennar issued $600 million of
4.125% senior notes due 2022
- Lennar acquired WCI on February 10,
2017 for approximately $643
million in cash
Lennar Corporation (NYSE: LEN and LEN.B), one
of the nation's largest homebuilders, today reported results
for its first quarter ended February 28,
2017. First quarter net earnings attributable to Lennar in
2017 were $130.8 million, or
$0.56 per diluted share, which
included a net loss related to WCI of $0.03 per diluted share, primarily due to
one-time transaction expenses. This compared to first quarter net
earnings attributable to Lennar in 2016 of $144.1 million, or $0.63 per diluted share, which included a
favorable $0.05 per diluted share
impact due to a lower tax rate.
Stuart Miller, Chief Executive
Officer of Lennar Corporation, said, "We are pleased to
announce our first quarter results as we achieved net earnings
of $130.8 million, or $0.56
earnings per diluted share. These solid results were supported
by an improving macroeconomic environment following last year's
election. Since November we have seen a combination of renewed
optimism, wage and job growth, and consumer confidence. As a
result, our homebuilding operations have gone from slow and steady
to a faster than expected sales pace throughout our first quarter.
In this environment of accelerating sales pace, together with
limited land and labor, and tight inventory particularly at the
lower price points, we believe we are positioned for increased
pricing power and solid earnings going forward."
Mr. Miller continued, "We continue to execute on our carefully
crafted operating strategies of moderating our growth rate and
focusing on our soft-pivot land program, which coupled with our
strong profitability, will drive positive operating cash flows and
a strong balance sheet. In addition, through our acquisition of
WCI, we acquired well-located, established communities which
partially offset the need to purchase raw land in our Florida markets. The integration of WCI has
gone very smoothly, and our deep management team is focused on
leveraging operational efficiencies which will enable us to
maximize returns on the assets that we acquired.
"Our core homebuilding business continued to produce strong
operating results in the first quarter of 2017 as gross and
operating margins were 21.1% and 10.8%, respectively. Our continued
investments in technology led to our lowest first quarter S,G&A
as a percentage of revenues from home sales of 10.3%. Our home
deliveries and new orders increased 13% and 12%, respectively,
compared to last year, while our backlog dollar value increased 24%
from last year to $3.5 billion.
"Complementing our homebuilding business, our Financial Services
business reported strong earnings of $20.7 million in our
first quarter, compared to $14.9
million last year. The increase in profitability was
primarily due to increased volume and profitability in the
segment's title operations.
"Our Multifamily business generated $19.2 million of
earnings in the first quarter of 2017, compared to $12.2 million last year, primarily due to the
sale of two apartment communities by its joint ventures. With our
geographically diversified pipeline of multifamily product and
Lennar Multifamily Venture, this segment continues to grow its
profitability while seeking out future growth opportunities.
"Finally, our Rialto business generated $12.0
million of earnings in the first quarter of 2017, compared to
$1.9 million last year, primarily due
to its commercial lending businesses having strong margins from
three securitizations that were completed during the quarter."
Mr. Miller concluded, "We have had a good start to 2017 and with
a strong backlog dollar value and solid operating strategies in our
core and ancillary businesses, we believe we are well positioned to
continue our strong performance in 2017."
RESULTS OF OPERATIONS
THREE MONTHS ENDED FEBRUARY 28, 2017 COMPARED TO
THREE
MONTHS ENDED FEBRUARY 29,
2016
As previously announced on February
10, 2017, Lennar Corporation completed its acquisition of
WCI. The results of operations include activity related to WCI from
February 10, 2017 to February 28, 2017. Prior year information
includes only stand-alone data for Lennar Corporation for the three
months ended February 29,
2016.
Lennar Homebuilding
Revenues from home sales increased 13% in the first quarter of
2017 to $2.0 billion from
$1.8 billion in the first quarter of
2016. Revenues were higher primarily due to a 13% increase in the
number of home deliveries, excluding unconsolidated entities. New
home deliveries, excluding unconsolidated entities, increased to
5,433 homes in the first quarter of 2017 from 4,806 homes in the
first quarter of 2016. There was an increase in home deliveries in
all of the Company's Homebuilding segments and Homebuilding Other,
except Homebuilding West that was slightly down from prior year.
The average sales price of homes delivered was $365,000 in the first quarter of 2017, consistent
with the first quarter of 2016. Sales incentives offered to
homebuyers were $22,700 per home
delivered in the first quarter of 2017, or 5.9% as a percentage of
home sales revenue, compared to $21,600 per home delivered in the first quarter
of 2016, or 5.6% as a percentage of home sales revenue, and
$23,700 per home delivered in the
fourth quarter of 2016, or 6.2% as a percentage of home sales
revenue.
Gross margins on home sales were $419.2
million, or 21.1%, in the first quarter of 2017, compared to
$398.9 million, or 22.7%, in the
first quarter of 2016. Gross margin percentage on home sales
decreased compared to the first quarter of 2016 primarily due to an
increase in land and construction costs per home.
Selling, general and administrative expenses were $204.0 million in the first quarter of 2017,
which included approximately $10
million of one-time transaction expenses related to the WCI
acquisition, mainly offset by other one-time legal and insurance
benefits. In the first quarter of 2016, selling, general and
administrative expenses were $189.8
million. As a percentage of revenues from home sales,
selling, general and administrative expenses improved to 10.3% in
the first quarter of 2017, from 10.8% in the first quarter of 2016,
due to improved operating leverage as a result of an increase in
home deliveries and benefits from the Company's investments in
technology.
Gross profits on land sales were $2.0
million in the first quarter of 2017, compared to
$9.2 million in the first quarter of
2016.
Lennar Homebuilding equity in earnings (loss) from
unconsolidated entities was ($11.5)
million in the first quarter of 2017, compared to
$3.0 million in the first quarter of
2016. In the first quarter of 2017, Lennar Homebuilding equity in
loss from unconsolidated entities was primarily attributable to the
Company's share of net operating losses from its unconsolidated
entities. The operating losses from the Company's unconsolidated
entities were primarily driven by general and administrative
expenses, as there were no significant land sale transactions
during the first quarter of 2017. In the first quarter of 2016,
Lennar Homebuilding equity in earnings from unconsolidated entities
included $6.0 million of equity in
earnings from one of the Company's unconsolidated entities
primarily due to sales of homesites to third parties, partially
offset by the Company's share of net operating losses from various
Lennar Homebuilding unconsolidated entities.
Lennar Homebuilding other income (expense), net, was
$5.7 million in the first quarter of
2017, compared to ($0.6) million in
the first quarter of 2016.
Lennar Homebuilding interest expense was $52.4 million in the first quarter of 2017
($48.7 million was included in costs
of homes sold, $2.4 million in costs
of land sold and $1.2 million in
other income (expense), net), compared to $45.2 million in the first quarter of 2016
($43.4 million was included in costs
of homes sold, $0.7 million in costs
of land sold and $1.2 million in
other income (expense), net). Interest expense included in costs of
homes sold increased primarily due to an increase in home
deliveries.
Lennar Financial Services
Operating earnings for the Lennar Financial Services segment
were $20.7 million in the first
quarter of 2017, compared to $14.9
million in the first quarter of 2016. The increase in
profitability was primarily due to increased volume and
profitability in the segment's title operations.
Rialto
Operating earnings for the Rialto segment were $12.0 million in the first quarter of 2017 (which
included a $0.8 million operating
loss and an add back of $12.9 million
of net loss attributable to noncontrolling interests). Operating
earnings in the first quarter of 2016 were $1.9 million (which included $1.6 million of operating earnings and an add
back of $0.3 million of net loss
attributable to noncontrolling interests). The increase in
operating earnings is primarily related to an increase in Rialto
Mortgage Finance earnings as a result of higher securitization
volume and margins, partially offset by an increase in general and
administrative expenses, loan impairments and real estate owned
impairments.
Lennar Multifamily
Operating earnings for the Lennar Multifamily segment were
$19.2 million in the first quarter of
2017, compared to $12.2 million in
the first quarter of 2016. The increase in profitability was
primarily due to the segment's $26.0
million share of gains related to the sale of two operating
properties by Lennar Multifamily's unconsolidated entities in the
first quarter of 2017, compared to the segment's $20.4 million share of a gain as a result of the
sale of one operating property by one of its unconsolidated
entities in the first quarter of 2016.
Corporate General and Administrative Expenses
Corporate general and administrative expenses were $60.7 million, or 2.6% as a percentage of total
revenues, in the first quarter of 2017, compared to $47.7 million, or 2.4% as a percentage of total
revenues, in the first quarter of 2016.
Noncontrolling Interests
Net earnings (loss) attributable to noncontrolling interests
were ($8.4) million and $1.4 million in the first quarter of 2017 and
2016, respectively. Net loss attributable to noncontrolling
interests during the first quarter of 2017 was primarily
attributable to 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, partially offset by net earnings related
to the Lennar Homebuilding consolidated joint ventures. Net
earnings attributable to noncontrolling interests in the first
quarter of 2016 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.
OTHER TRANSACTIONS
Debt Issuance
During the first quarter of 2017, the Company issued
$600 million aggregate principal
amount of 4.125% senior notes due 2022 (the "4.125% Senior Notes").
The Company used the net proceeds from the sale of the 4.125%
Senior Notes to fund a portion of the cash consideration for the
Company's acquisition of WCI, to pay costs and expenses related to
the acquisition of WCI and for general corporate purposes.
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 growth of the Multifamily segment, our belief regarding being
well positioned for increased pricing power, solid earnings and
strong performance in 2017, 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; and
the possibility of 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 losses in legal
proceedings; our inability to maximize returns on the assets that
we acquired in the WCI acquisition; 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;
our ability to successfully execute our strategies; 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 or increased interest rates; conditions in the
capital, credit and financial markets; changes in laws, regulations
or the regulatory environment affecting our business, and the risks
described in our filings with the Securities and Exchange
Commission, including our Form 10-K for the fiscal year ended
November 30, 2016. 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 21, 2017. 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 203-369-0516 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
28,
|
|
February
29,
|
|
2017
|
|
2016
|
|
Revenues:
|
|
|
|
|
Lennar
Homebuilding
|
$
|
2,018,694
|
|
1,786,481
|
|
Lennar Financial
Services
|
148,043
|
|
123,956
|
|
Rialto
|
82,006
|
|
43,711
|
|
Lennar
Multifamily
|
88,685
|
|
39,516
|
|
Total
revenues
|
$
|
2,337,428
|
|
1,993,664
|
|
|
|
|
|
|
Lennar Homebuilding
operating earnings
|
$
|
211,338
|
|
220,638
|
|
Lennar Financial
Services operating earnings
|
20,664
|
|
14,931
|
|
Rialto operating
earnings (loss)
|
(843)
|
|
1,610
|
|
Lennar Multifamily
operating earnings
|
19,183
|
|
12,182
|
|
Corporate general and
administrative expenses
|
(60,699)
|
|
(47,668)
|
|
Earnings before
income taxes
|
189,643
|
|
201,693
|
|
Provision for income
taxes
|
(67,270)
|
|
(56,241)
|
|
Net earnings
(including net earnings (loss) attributable to noncontrolling
interests)
|
122,373
|
|
145,452
|
|
Less: Net earnings
(loss) attributable to noncontrolling interests
|
(8,406)
|
|
1,372
|
|
Net earnings
attributable to Lennar
|
$
|
130,779
|
|
144,080
|
|
|
|
|
|
|
Average shares
outstanding:
|
|
|
|
|
Basic
|
232,194
|
|
210,292
|
|
Diluted
|
232,196
|
|
228,916
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
Basic
|
$
|
0.56
|
|
0.68
|
|
Diluted
(1)
|
$
|
0.56
|
|
0.63
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
|
Interest incurred
(2)
|
$
|
69,691
|
|
71,590
|
|
|
|
|
|
EBIT
(3):
|
|
|
|
|
Net earnings
attributable to Lennar
|
$
|
130,779
|
|
144,080
|
|
Provision for income
taxes
|
67,270
|
|
56,241
|
|
Interest
expense
|
52,361
|
|
45,224
|
|
EBIT
|
$
|
250,410
|
|
245,545
|
|
|
|
(1)
|
For the three months
ended February 29, 2016, diluted earnings per share includes an add
back of interest of $2.0 million
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
28,
|
|
February
29,
|
|
2017
|
|
2016
|
|
Lennar
Homebuilding revenues:
|
|
|
|
|
Sales of
homes
|
$
|
1,983,788
|
|
1,754,691
|
|
Sales of
land
|
34,906
|
|
31,790
|
|
Total
revenues
|
2,018,694
|
|
1,786,481
|
|
|
|
|
|
Lennar
Homebuilding costs and expenses:
|
|
|
|
|
Costs of homes
sold
|
1,564,623
|
|
1,355,745
|
|
Costs of land
sold
|
32,924
|
|
22,612
|
|
Selling, general and
administrative
|
204,014
|
|
189,848
|
|
Total
costs and expenses
|
1,801,561
|
|
1,568,205
|
|
Lennar
Homebuilding operating margins
|
217,133
|
|
218,276
|
|
Lennar Homebuilding
equity in earnings (loss) from unconsolidated entities
|
(11,534)
|
|
3,000
|
|
Lennar Homebuilding
other income (expense), net
|
5,739
|
|
(638)
|
|
Lennar
Homebuilding operating earnings
|
$
|
211,338
|
|
220,638
|
|
|
|
|
|
Lennar Financial
Services revenues
|
$
|
148,043
|
|
123,956
|
|
Lennar Financial
Services costs and expenses
|
127,379
|
|
109,025
|
|
Lennar Financial
Services operating earnings
|
$
|
20,664
|
|
14,931
|
|
|
|
|
|
Rialto
revenues
|
$
|
82,006
|
|
43,711
|
|
Rialto costs and
expenses
|
66,913
|
|
42,907
|
|
Rialto equity in
earnings from unconsolidated entities
|
722
|
|
1,497
|
|
Rialto other expense,
net
|
(16,658)
|
|
(691)
|
|
Rialto operating
earnings (loss)
|
$
|
(843)
|
|
1,610
|
|
|
|
|
|
|
Lennar Multifamily
revenues
|
$
|
88,685
|
|
39,516
|
|
Lennar Multifamily
costs and expenses
|
92,649
|
|
47,020
|
|
Lennar Multifamily
equity in earnings from unconsolidated entities
|
23,147
|
|
19,686
|
|
Lennar Multifamily
operating earnings
|
$
|
19,183
|
|
12,182
|
|
LENNAR CORPORATION
AND SUBSIDIARIES
Summary of
Deliveries, New Orders and Backlog
(Dollars in
thousands, except average sales price)
(unaudited)
|
|
|
As of or For the
Three Months Ended
|
|
February
28,
|
|
February
29,
|
|
February
28,
|
|
February
29,
|
|
February
28,
|
|
February
29,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Deliveries:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
|
East
|
2,470
|
|
2,064
|
|
$
|
767,460
|
|
647,755
|
|
$
|
311,000
|
|
314,000
|
|
Central
|
1,439
|
|
1,281
|
|
488,741
|
|
400,437
|
|
340,000
|
|
313,000
|
|
West
|
1,154
|
|
1,168
|
|
560,753
|
|
559,534
|
|
486,000
|
|
479,000
|
|
Other
|
390
|
|
319
|
|
178,939
|
|
161,038
|
|
459,000
|
|
505,000
|
|
Total
|
5,453
|
|
4,832
|
|
$
|
1,995,893
|
|
1,768,764
|
|
$
|
366,000
|
|
366,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of the total homes
delivered listed above, 20 homes with a dollar value of $12.1
million and an average sales price of $605,000 represent home
deliveries from unconsolidated entities for the three months ended
February 28, 2017, compared to 26 home deliveries with a dollar
value of $14.1 million and an average sales price of $541,000 for
the three months ended February 29, 2016.
|
|
|
New
Orders:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
|
East
|
2,944
|
|
2,528
|
|
$
|
934,788
|
|
798,048
|
|
$
|
318,000
|
|
316,000
|
|
Central
|
1,620
|
|
1,630
|
|
544,866
|
|
530,170
|
|
336,000
|
|
325,000
|
|
West
|
1,550
|
|
1,290
|
|
788,614
|
|
623,849
|
|
509,000
|
|
484,000
|
|
Other
|
369
|
|
346
|
|
172,144
|
|
155,802
|
|
467,000
|
|
450,000
|
|
Total
|
6,483
|
|
5,794
|
|
$
|
2,440,412
|
|
2,107,869
|
|
$
|
376,000
|
|
364,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of the total new
orders listed above, five homes with a dollar value of $4.2 million
and an average sales price of $847,000 represent new orders from
unconsolidated entities for the three months ended February 28,
2017, compared to 15 new orders with a dollar value of $8.7 million
and an average sales price of $583,000 for the three months ended
February 29, 2016.
|
|
|
Backlog:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
|
East (1)
|
4,081
|
|
3,378
|
|
$
|
1,422,381
|
|
1,108,248
|
|
$
|
349,000
|
|
328,000
|
|
Central
|
2,502
|
|
2,417
|
|
877,904
|
|
815,524
|
|
351,000
|
|
337,000
|
|
West
|
1,926
|
|
1,476
|
|
976,453
|
|
736,058
|
|
507,000
|
|
499,000
|
|
Other
|
508
|
|
399
|
|
249,237
|
|
187,126
|
|
491,000
|
|
469,000
|
|
Total
|
9,017
|
|
7,670
|
|
$
|
3,525,975
|
|
2,846,956
|
|
$
|
391,000
|
|
371,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of the total homes in
backlog listed above, 15 homes with a backlog dollar value of $8.1
million and an average sales price of $541,000 represent the
backlog from unconsolidated entities at February 28, 2017,
compared to 78 homes with a backlog dollar value of $57.1 million
and an average sales price of $731,000 at February 29,
2016.
|
|
|
(1) During the
three months ended February 28, 2017, the Company acquired 364
homes in backlog related to the WCI
acquisition. During
the three months ended
February 29, 2016, the Company acquired 62 homes in backlog from
another homebuilder.
|
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
West: California and
Nevada
Other: Illinois,
Minnesota, Oregon, Tennessee and Washington
|
LENNAR CORPORATION
AND SUBSIDIARIES
Supplemental
Data
(Dollars in
thousands)
(unaudited)
|
|
|
February
28,
|
|
November
30,
|
|
February
29,
|
|
2017
|
|
2016
|
|
2016
|
|
Lennar Homebuilding
debt
|
$
|
5,778,306
|
|
4,575,977
|
|
5,333,981
|
|
Stockholders'
equity
|
7,198,752
|
|
7,026,042
|
|
5,820,114
|
|
Total
capital
|
$
|
12,977,058
|
|
11,602,019
|
|
11,154,095
|
|
Lennar
Homebuilding debt to total capital
|
44.5%
|
|
39.4%
|
|
47.8%
|
|
|
|
|
|
|
|
|
|
|
Lennar Homebuilding
debt
|
$
|
5,778,306
|
|
4,575,977
|
|
5,333,981
|
|
Less: Lennar
Homebuilding cash and cash equivalents
|
640,816
|
|
1,050,138
|
|
510,878
|
|
Net Lennar
Homebuilding debt
|
$
|
5,137,490
|
|
3,525,839
|
|
4,823,103
|
|
Net Lennar
Homebuilding debt to total capital (1)
|
41.6%
|
|
33.4%
|
|
45.3%
|
|
|
|
(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-056-300426646.html
SOURCE Lennar Corporation