First Quarter 2023
Highlights - comparisons to the prior year quarter
- Net earnings per diluted share increased 22% to $2.06
-
- Decreased 21% to $2.12, excluding
mark-to-market losses on technology investments in both years
- Net earnings increased 18% to $597
million
-
- Decreased 23% to $615 million,
excluding mark-to-market losses on technology investments in both
years
- Deliveries increased 9% to 13,659 homes
- New orders decreased 10% to 14,194 homes; new orders dollar
value decreased 18% to $6.4
billion
- Backlog decreased 29% to 19,403 homes; backlog dollar value
decreased 33% to $9.0 billion
- Total revenues increased 5% to $6.5
billion
- Homebuilding operating earnings decreased to $907 million, compared to operating earnings of
$1.1 billion
-
- Gross margin on home sales decreased 570 basis points ("bps")
to 21.2%
- S,G&A expenses as a % of revenues from home sales improved
10 bps to 7.4%
- Net margin on home sales decreased 560 bps to 13.8%
- Financial Services operating earnings of $78 million, compared to operating earnings of
$91 million
- Multifamily operating loss of $22
million, compared to operating earnings of $5 million
- Lennar Other operating loss of $41
million, compared to operating loss of $403 million
- Homebuilding cash and cash equivalents of $4.1 billion
- Years supply of owned homesites improved to 1.9 years, compared
to 2.7 years
- Controlled homesites increased to 68%, compared to 63%
- No outstanding borrowings under the Company's $2.6 billion revolving credit facility
- Homebuilding debt to total capital improved to 14.2%, compared
to 18.3%
- Repurchased 2 million shares of Lennar common stock for
$189 million
MIAMI, March 14,
2023 /PRNewswire/ -- Lennar Corporation (NYSE:
LEN and LEN.B), one of the nation's leading homebuilders,
today reported results for its first quarter ended February 28, 2023. First quarter net earnings
attributable to Lennar in 2023 were $597
million, or $2.06 per diluted
share, compared to first quarter net earnings attributable to
Lennar in 2022 of $504 million, or
$1.69 per diluted share. Excluding
mark-to-market losses on technology investments in both years,
first quarter net earnings attributable to Lennar in 2023 were
$615 million or $2.12 per diluted share, compared to first
quarter net earnings attributable to Lennar in 2022 of $800 million or $2.70 per diluted share.
Stuart Miller, Executive Chairman
of Lennar, said, "During the quarter, we saw a generally strong
economy at the intersection of high inflation and strong employment
numbers, while the housing market continued down a winding road of
trying to find its footing. In December, interest rates and sticker
shock continued to constrain sales activity, while in January and
early February, lower interest rates energized sales. In late
February, a spike in interest rates impacted website and community
traffic and had a slight impact on sales. The Federal Reserve
stayed its course of raising interest rates to cool inflation,
though has yet to reach desired results. Homebuyers are considering
the possibility that today's interest rate environment may be the
new normal. Accordingly, the housing market continues shifting as
growing household and family formation continued to drive demand
against a chronic supply shortage."
Mr. Miller continued, "Against this backdrop, we are pleased to
announce our first quarter results which reflect execution of our
previously articulated operating strategies. In the first quarter,
our earnings were $597 million, or
$2.06 per diluted share, compared to
$504 million, or $1.69 per diluted share for the first quarter
last year. Excluding mark-to-market losses on our technology
investments, first quarter earnings were $615 million, or $2.12 per diluted share, compared to $800 million, or $2.70 per diluted share for the first quarter
last year, a 23% and 21% decrease year over year,
respectively."
"Consistent with our clear strategy of maintaining sales pace,
our home deliveries were 13,659, up 9% over last year, and above
the high end of our guidance estimate given at the beginning of the
quarter. Concurrently, in order to drive sales, we moderated
homebuilding gross margin to 21.2% and carefully managed
homebuilding S,G&A expenses of 7.4%, leading to a 13.8% net
margin. Our gross margin declined by 570 basis points
year-over-year as we adjusted the price of both our new home sales
and homes in backlog to market to promote deliveries and reduce
cancellation rates."
"We also matched our sales pace to starts pace and drove sales
by 'pricing to market' to turn inventory, generate cash, and
maximize returns. Accordingly, our new orders in the first quarter
were down 10%, year over year, which compares favorably to reported
market conditions, including a cancellation rate of 21%, compared
to 10% last year. Our sales volume and pricing have clearly been
impacted by rising interest rates, but there remains a significant
national shortage of housing, especially workforce housing, and
there is still demand as we navigate the rebalance between price
and interest rates."
"We have also remained very focused on our balance sheet and
liquidity. Accordingly, at quarter end, we had homebuilding debt to
capital of 14.2%, the lowest in our history, no borrowings on our
$2.6 billion revolver and cash of
$4.1 billion. With liquidity of
approximately $6.7 billion and no
debt maturing until next fiscal year, our balance sheet has never
been in a stronger position."
Rick Beckwitt, Co-Chief Executive
Officer and Co-President of Lennar, said, "Much of our balance
sheet and inventory management progress was driven by the execution
of our land strategy, while simultaneously driving sales,
deliveries and managing production. Our ending community count for
the quarter was 1,217, which was up slightly from year-end. We
continued to make significant progress on our land light strategy.
This was evidenced by our years supply of owned homesites improving
to 1.9 years from 2.7 years and our controlled homesite percentage
increasing to 68% from 63% year over year."
Jon Jaffe, Co-Chief Executive
Officer and Co-President of Lennar, said, "During the quarter,
consistent with our strategy of cost control and cycle time
reduction, our homebuilding machine continued to be intensely
focused on carefully managing production. Our cycle time during the
quarter was up slightly sequentially, but we believe it will
improve in the back half of the year as the improving supply chain
and labor picture will positively impact our production times. Our
quarterly starts and sales pace were 3.7 homes and 3.9 homes per
community, respectively, and we ended the first quarter with
approximately 1,300 completed, unsold homes, about one home per
community, demonstrating our focus on inventory
management."
Mr. Miller concluded, "As we have seen over the past quarters,
interest rates are fluctuating and are likely to continue to move,
and the housing market will continue to rebalance pricing and
interest rates. While we have a clear-cut strategy of execution, we
will only give broad boundaries for deliveries and gross margin.
For the second quarter of 2023, the range for deliveries will be
between 15,000 to 16,000 homes and gross margin will be 21.0% to
21.5%. For the full year 2023, the range for deliveries will be
between 62,000 to 66,000 homes. We continue to fortify our balance
sheet with significant liquidity and operate from a position of
strength, enabling us to continue to execute on our core strategies
and outperform in periods of uncertainty."
RESULTS OF OPERATIONS
THREE
MONTHS ENDED FEBRUARY 28, 2023 COMPARED TO
THREE
MONTHS ENDED FEBRUARY 28, 2022
Homebuilding
Revenues from home sales increased 7% in the first quarter of
2023 to $6.1 billion from
$5.7 billion in the first quarter of
2022. Revenues were higher primarily due to a 9% increase in the
number of home deliveries. New home deliveries increased to 13,659
homes in the first quarter of 2023 from 12,538 homes first quarter
of 2022. The average sales price of homes delivered was
$448,000 in the first quarter of
2023, compared to $457,000 in the
first quarter of 2022. The decrease in average sales price of homes
delivered in the first quarter of 2023 compared to the same period
last year was primarily due to pricing to market and product mix as
a larger percentage of deliveries occurred in the Company's
Texas segment.
Gross margins on home sales were $1.3
billion, or 21.2%, in the first quarter of 2023, compared to
$1.5 billion, or 26.9%, in the first
quarter of 2022. During the first quarter of 2023, gross margin
decreased because revenues per square foot were flat year over year
as the Company priced homes to market while costs per square foot
increased primarily due to higher materials and labor costs. In
addition, land costs increased year over year.
Selling, general and administrative expenses were $450 million in the first quarter of 2023,
compared to $428 million in the first
quarter of 2022. As a percentage of revenues from home sales,
selling, general and administrative expenses improved to 7.4% in
the first quarter of 2023, from 7.5% in the first quarter of 2022,
as the Company focused on improving its leverage combined with the
benefits of the Company's technology efforts.
Financial Services
Operating earnings for the Financial Services segment were
$79 million ($78 million net of noncontrolling interests) in
the first quarter of 2023, compared to $91
million, in the first quarter of 2022. The decrease in
operating earnings was primarily due to a lower profit per loan in
the Company's mortgage business as a result of lower lock
volume.
Other Ancillary Businesses
Operating loss for the Multifamily segment was $22 million in the first quarter of 2023,
compared to operating earnings of $5
million in the first quarter of 2022. Operating loss for the
Lennar Other segment was $40 million
($41 million net of noncontrolling
interests) in the first quarter of 2023, compared to operating loss
of $403 million in the first quarter
of 2022. Lennar Other operating loss in the first quarter of both
2023 and 2022 was primarily due to unrealized mark-to-market losses
on the Company's publicly traded technology investments.
Tax Rate
For the three months ended February 28,
2023 and 2022, the Company had a tax provision of
$185 million and $167 million, respectively, which resulted in an
overall effective income tax rate of 23.7% and 25.0%, respectively.
In the three months ended February 28,
2023, the Company's overall effective income tax rate was
lower than last year primarily due to the reinstatement of the new
energy efficient homes credit as a result of the enactment of the
Inflation Reduction Act during the third quarter of 2022.
Share Repurchases
During the three months ended February
28, 2023, the Company repurchased 2 million shares of its
common stock for $189 million at an
average share price of $94.59.
Liquidity
At February 28, 2023, the Company had $4.1 billion of Homebuilding cash and cash
equivalents and no outstanding borrowings under its $2.6 billion revolving credit facility, thereby
providing approximately $6.7 billion
of available capacity.
Guidance
The following are the Company's expected results of its
homebuilding and financial services activities for the second
quarter and fiscal year 2023:
|
Second Quarter 2023
|
|
Fiscal Year 2023
|
New Orders
|
16,000 -
17,000
|
|
|
Deliveries
|
15,000 -
16,000
|
|
62,000 -
66,000
|
Average Sales
Price
|
$435,000 -
$445,000
|
|
|
Gross Margin % on Home
Sales
|
21.0% -
21.5%
|
|
|
S,G&A as a % of
Home Sales
|
7.2% -
7.4%
|
|
|
Financial Services
Operating Earnings
|
$70 million - $75
million
|
|
|
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's
leading builders of quality homes for all generations. Lennar
builds affordable, move-up and active adult homes primarily under
the Lennar brand name. Lennar's Financial Services segment provides
mortgage financing, title and closing services primarily for buyers
of Lennar's homes and, through LMF Commercial, originates mortgage
loans secured primarily by commercial real estate properties
throughout the United States.
Lennar's Multifamily segment is a nationwide developer of
high-quality multifamily rental properties. LENX drives
Lennar's technology, innovation and strategic investments. For more
information about Lennar, please visit www.lennar.com.
Note Regarding Forward-Looking Statements: Some of the
statements in this press release are "forward-looking statements,"
as that term is defined in the Private Securities Litigation Reform
Act of 1995, including 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. Important
factors that could cause such differences 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 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 and our planned
spin-off of certain businesses; 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 risks described in our filings with
the Securities and Exchange Commission, including our Form 10-K for
the fiscal year ended November 30,
2022. 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 Wednesday, March 15, 2023. 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 203-369-0606 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,
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
Homebuilding
|
$
6,156,305
|
|
5,752,205
|
Financial
Services
|
182,981
|
|
176,701
|
Multifamily
|
143,523
|
|
267,359
|
Lennar
Other
|
7,620
|
|
7,251
|
Total
revenues
|
$
6,490,429
|
|
6,203,516
|
|
|
|
|
Homebuilding operating
earnings
|
$
906,839
|
|
1,109,850
|
Financial Services
operating earnings
|
78,737
|
|
90,791
|
Multifamily operating
earnings (loss)
|
(21,601)
|
|
5,427
|
Lennar Other operating
loss
|
(39,757)
|
|
(403,134)
|
Corporate general and
administrative expenses
|
(126,106)
|
|
(113,661)
|
Charitable foundation
contribution
|
(13,659)
|
|
(12,538)
|
Earnings before income
taxes
|
784,453
|
|
676,735
|
Provision for income
taxes
|
(185,145)
|
|
(167,420)
|
Net earnings
(including net earnings attributable to noncontrolling
interests)
|
599,308
|
|
509,315
|
Less: Net earnings
attributable to noncontrolling interests
|
2,774
|
|
5,734
|
Net earnings
attributable to Lennar
|
$
596,534
|
|
503,581
|
|
|
|
|
Average shares
outstanding:
|
|
|
|
Basic
|
286,074
|
|
293,930
|
Diluted
|
286,074
|
|
293,930
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
$
2.06
|
|
1.70
|
Diluted
|
$
2.06
|
|
1.69
|
|
|
|
|
Supplemental
information:
|
|
|
|
Interest incurred
(1)
|
$
49,577
|
|
59,933
|
|
|
|
|
EBIT
(2):
|
|
|
|
Net earnings
attributable to Lennar
|
$
596,534
|
|
503,581
|
Provision for income
taxes
|
185,145
|
|
167,420
|
Interest expense
included in:
|
|
|
|
Costs of homes
sold
|
49,452
|
|
60,158
|
Costs of land
sold
|
19
|
|
117
|
Homebuilding other
income (expense), net
|
3,574
|
|
5,236
|
Total interest
expense
|
53,045
|
|
65,511
|
EBIT
|
$
834,724
|
|
736,512
|
|
|
(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
|
|
February
28,
|
|
2023
|
|
2022
|
Homebuilding
revenues:
|
|
|
|
Sales of
homes
|
$
6,093,827
|
|
5,721,757
|
Sales of
land
|
9,718
|
|
23,967
|
Other
homebuilding
|
52,760
|
|
6,481
|
Total
homebuilding revenues
|
6,156,305
|
|
5,752,205
|
|
|
|
|
Homebuilding costs
and expenses:
|
|
|
|
Costs of homes
sold
|
4,802,843
|
|
4,184,864
|
Costs of land
sold
|
22,077
|
|
28,556
|
Selling, general and
administrative
|
449,794
|
|
428,478
|
Total
homebuilding costs and expenses
|
5,274,714
|
|
4,641,898
|
Homebuilding net
margins
|
881,591
|
|
1,110,307
|
Homebuilding equity in
earnings (loss) from unconsolidated entities
|
3,186
|
|
(286)
|
Homebuilding other
income (expense), net
|
22,062
|
|
(171)
|
Homebuilding
operating earnings
|
$
906,839
|
|
1,109,850
|
|
|
|
|
Financial Services
revenues
|
$
182,981
|
|
176,701
|
Financial Services
costs and expenses
|
104,244
|
|
85,910
|
Financial Services
operating earnings
|
$
78,737
|
|
90,791
|
|
|
|
|
Multifamily
revenues
|
$
143,523
|
|
267,359
|
Multifamily costs and
expenses
|
148,956
|
|
263,737
|
Multifamily equity in
earnings (loss) from unconsolidated entities and other
gain
|
(16,168)
|
|
1,805
|
Multifamily
operating earnings (loss)
|
$
(21,601)
|
|
5,427
|
|
|
|
|
Lennar Other
revenues
|
$
7,620
|
|
7,251
|
Lennar Other costs and
expenses
|
6,476
|
|
5,407
|
Lennar Other equity in
loss from unconsolidated entities, other expense, net, and other
gain
|
(16,947)
|
|
(9,808)
|
Lennar Other unrealized
loss from technology investments (1)
|
(23,954)
|
|
(395,170)
|
Lennar Other
operating loss
|
$
(39,757)
|
|
(403,134)
|
|
(1) The following is a
detail of Lennar Other unrealized loss from mark-to-market
adjustments on technology investments:
|
|
|
Three Months
Ended
|
|
February
28,
|
|
2023
|
|
2022
|
Blend Labs
(BLND)
|
$
586
|
|
(7,442)
|
Hippo (HIPO)
|
6,632
|
|
(124,457)
|
Opendoor
(OPEN)
|
(7,691)
|
|
(143,361)
|
SmartRent
(SMRT)
|
1,305
|
|
(44,363)
|
Sonder
(SOND)
|
(320)
|
|
(506)
|
Sunnova
(NOVA)
|
(24,466)
|
|
(75,041)
|
|
$
(23,954)
|
|
(395,170)
|
LENNAR CORPORATION
AND SUBSIDIARIES Summary of Deliveries, New Orders and
Backlog
(Dollars in thousands, except average sales price)
(unaudited)
|
Lennar's reportable homebuilding segments and all other
homebuilding operations not required to be reported separately have
divisions located in:
East: Alabama, Florida, New
Jersey, Pennsylvania and
South Carolina
Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North
Carolina, Tennessee and
Virginia
Texas: Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah
and Washington
Other: Urban divisions
|
For the Three Months
Ended February 28,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Deliveries:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
East
|
4,295
|
|
4,082
|
|
$
1,889,721
|
|
1,672,372
|
|
$ 440,000
|
|
410,000
|
Central
|
2,300
|
|
2,521
|
|
1,023,619
|
|
1,105,929
|
|
445,000
|
|
439,000
|
Texas
|
3,421
|
|
2,537
|
|
1,016,973
|
|
805,630
|
|
297,000
|
|
318,000
|
West
|
3,642
|
|
3,392
|
|
2,194,022
|
|
2,142,204
|
|
602,000
|
|
632,000
|
Other
|
1
|
|
6
|
|
1,165
|
|
5,003
|
|
1,165,000
|
|
834,000
|
Total
|
13,659
|
|
12,538
|
|
$
6,125,500
|
|
5,731,138
|
|
$ 448,000
|
|
457,000
|
Of the total homes delivered listed above, 63 homes with a
dollar value of $31.7 million and an
average sales price of $503,000
represent home deliveries from unconsolidated entities for the
three months ended February 28, 2023,
compared to 25 home deliveries with a dollar value of $9.4 million and an average sales price of
$375,000 for the three months ended
February 28, 2022.
|
At February
28,
|
|
For the Three Months
Ended February 28,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
New
Orders:
|
Active
Communities
|
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
East
|
346
|
|
347
|
|
4,277
|
|
4,910
|
|
$
1,851,896
|
|
2,133,056
|
|
$ 433,000
|
|
434,000
|
Central
|
293
|
|
298
|
|
2,305
|
|
3,112
|
|
970,098
|
|
1,402,138
|
|
421,000
|
|
451,000
|
Texas
|
219
|
|
216
|
|
3,142
|
|
2,766
|
|
879,456
|
|
921,785
|
|
280,000
|
|
333,000
|
West
|
356
|
|
340
|
|
4,465
|
|
4,954
|
|
2,708,326
|
|
3,335,932
|
|
607,000
|
|
673,000
|
Other
|
3
|
|
3
|
|
5
|
|
5
|
|
3,686
|
|
4,628
|
|
737,000
|
|
926,000
|
Total
|
1,217
|
|
1,204
|
|
14,194
|
|
15,747
|
|
$
6,413,462
|
|
7,797,539
|
|
$ 452,000
|
|
495,000
|
Of the total homes listed above, 97 homes with a dollar
value of $38.3 million and an average
sales price of $394,000 represent
homes in seven active communities from unconsolidated entities for
the three months ended February 28,
2023, compared to 44 homes with a dollar value of
$17.3 million and an average sales
price of $393,000 in five active
communities for the three months ended February 28, 2022.
|
At February
28,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Backlog:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
East
|
8,687
|
|
9,115
|
|
$
3,782,500
|
|
4,041,347
|
|
$ 435,000
|
|
443,000
|
Central
|
4,030
|
|
5,695
|
|
1,801,908
|
|
2,617,383
|
|
447,000
|
|
460,000
|
Texas
|
2,418
|
|
4,495
|
|
699,567
|
|
1,569,424
|
|
289,000
|
|
349,000
|
West
|
4,263
|
|
8,027
|
|
2,740,782
|
|
5,328,890
|
|
643,000
|
|
664,000
|
Other
|
5
|
|
3
|
|
3,685
|
|
3,567
|
|
737,000
|
|
1,189,000
|
Total
|
19,403
|
|
27,335
|
|
$
9,028,442
|
|
13,560,611
|
|
$ 465,000
|
|
496,000
|
Of the total homes in backlog listed above, 200 homes with a
backlog dollar value of $84.4 million
and an average sales price of $422,000 represent the backlog from
unconsolidated entities at February 28, 2023, compared
to 98 homes with a backlog dollar value of $36.6 million and an average sales price of
$373,000 at February 28,
2022.
LENNAR CORPORATION
AND SUBSIDIARIES Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(unaudited)
|
|
|
February
28,
|
|
November
30,
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
Homebuilding:
|
|
|
|
Cash and cash
equivalents
|
$
4,057,956
|
|
4,616,124
|
Restricted
cash
|
22,504
|
|
23,046
|
Receivables,
net
|
559,939
|
|
673,980
|
Inventories:
|
|
|
|
Finished homes
and construction in progress
|
11,945,232
|
|
11,718,507
|
Land and land
under development
|
7,459,185
|
|
7,382,273
|
Consolidated
inventory not owned
|
2,223,469
|
|
2,331,231
|
Total
inventories
|
21,627,886
|
|
21,432,011
|
Investments in
unconsolidated entities
|
1,178,802
|
|
1,173,164
|
Goodwill
|
3,442,359
|
|
3,442,359
|
Other
assets
|
1,412,654
|
|
1,323,478
|
|
32,302,100
|
|
32,684,162
|
Financial
Services
|
2,213,421
|
|
3,254,257
|
Multifamily
|
1,266,777
|
|
1,257,337
|
Lennar
Other
|
790,856
|
|
788,539
|
Total
assets
|
$
36,573,154
|
|
37,984,295
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Homebuilding:
|
|
|
|
Accounts
payable
|
$
1,490,808
|
|
1,616,128
|
Liabilities related to
consolidated inventory not owned
|
1,867,373
|
|
1,967,551
|
Senior notes and other
debts payable, net
|
4,033,335
|
|
4,047,294
|
Other
liabilities
|
2,937,472
|
|
3,347,673
|
|
10,328,988
|
|
10,978,646
|
Financial
Services
|
1,317,775
|
|
2,353,904
|
Multifamily
|
283,380
|
|
313,484
|
Lennar
Other
|
87,724
|
|
97,894
|
Total
liabilities
|
12,017,867
|
|
13,743,928
|
Stockholders'
equity:
|
|
|
|
Preferred
stock
|
—
|
|
—
|
Class A common stock
of $0.10 par value
|
25,834
|
|
25,608
|
Class B common stock
of $0.10 par value
|
3,660
|
|
3,660
|
Additional paid-in
capital
|
5,503,789
|
|
5,417,796
|
Retained
earnings
|
19,350,060
|
|
18,861,417
|
Treasury
stock
|
(468,347)
|
|
(210,389)
|
Accumulated other
comprehensive income
|
3,259
|
|
2,408
|
Total stockholders'
equity
|
24,418,255
|
|
24,100,500
|
Noncontrolling
interests
|
137,032
|
|
139,867
|
Total
equity
|
24,555,287
|
|
24,240,367
|
Total liabilities
and equity
|
$
36,573,154
|
|
37,984,295
|
LENNAR CORPORATION
AND SUBSIDIARIES Supplemental Data
(Dollars in thousands)
(unaudited)
|
|
|
February
28,
|
|
November
30,
|
|
February
28,
|
|
2023
|
|
2022
|
|
2022
|
Homebuilding
debt
|
$ 4,033,335
|
|
4,047,294
|
|
4,639,222
|
Stockholders'
equity
|
24,418,255
|
|
24,100,500
|
|
20,679,064
|
Total
capital
|
$
28,451,590
|
|
28,147,794
|
|
25,318,286
|
Homebuilding debt to
total capital
|
14.2 %
|
|
14.4 %
|
|
18.3 %
|
|
|
|
|
|
|
Homebuilding
debt
|
$ 4,033,335
|
|
4,047,294
|
|
4,639,222
|
Less: Homebuilding cash
and cash equivalents
|
4,057,956
|
|
4,616,124
|
|
1,366,597
|
Net homebuilding
debt
|
$
(24,621)
|
|
(568,830)
|
|
3,272,625
|
Net homebuilding
debt to total capital (1)
|
(0.1) %
|
|
(2.4) %
|
|
13.7 %
|
|
|
(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-first-quarter-2023-results-301771966.html
SOURCE Lennar Corporation