Third Quarter 2024 Highlights – comparisons to the prior year quarter
— Net earnings per diluted share increased 10% to $4.26
— $3.90, excluding mark-to-market gains on technology investments and one-time items in the Company’s Multifamily segment
— Net earnings increased 5% to $1.2 billion
— New orders increased 5% to 20,587 homes
— Backlog of 16,944 homes with a dollar value of $7.7 billion
— Deliveries increased 16% to 21,516 homes
— Total revenues of $9.4 billion
— Homebuilding operating earnings of $1.5 billion
— Gross margin on home sales of 22.5%
— S,G&A expenses as a % of revenues from home sales of 6.7%
— Net margin on home sales of 15.8%
— Financial Services operating earnings of $144 million
— Multifamily operating earnings of $79 million
— Lennar Other operating earnings of $20 million
— Homebuilding cash and cash equivalents of $4.0 billion
— Years supply of owned homesites of 1.1 years and controlled homesites of 81%
— No outstanding borrowings under the Company’s $2.2 billion revolving credit facility
— Homebuilding debt to total capital of 7.6%
— Repurchased 3.4 million shares of Lennar common stock for $519 million
Lennar Corporation (NYSE: LEN and LEN.B),one ofthe nation’s leading homebuilders, today reported results for its third quarter ended August 31, 2024. Third quarter net earnings attributable to Lennar in 2024 were$1.2 billion, or $4.26 per diluted share, compared to third quarter net earnings attributable to Lennar in 2023 of $1.1 billion, or $3.87 per diluted share. Excluding mark-to-market gains of $39 million on technology investments and one-time items of $89 million in the Company’s Multifamily segment, third quarter net earnings attributable toLennar in 2024 were $1.1 billion, or $3.90 per diluted share. Excluding mark-to-market losses of $16 million on technology investments, third quarter net earnings attributable to Lennar in 2023 were $1.1 billion or $3.91 per diluted share.
Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “We are pleased to report another solid quarter backed by an economic environment that remains very constructive for homebuilders. Employment was strong, housing supply remained chronically short due to production deficits of over a decade, and demand was solid driven by strong household formation. Although affordability continued to be tested during the quarter, purchasers remained responsive to increased sales incentives, resulting in a 16% increase in our deliveries and a 5% increase in our new orders year over year.”
“This week, the Fed decreased interest rates which should start to enhance affordability and accelerate the already strong demand for both new and existing homes. While strong demand, enabled by incentives and mortgage rate buydowns, has driven the new home market over the past two years, we fully expect an even stronger, and more broad-based demand cycle, as rates move lower. Lower rates and controlled inflation will likely boost confidence.”
“Against this backdrop, earnings were $1.2 billion, or $4.26 per diluted share. We delivered 21,516 homes in our third quarter and our new orders were 20,587. Our average sales price, net of incentives, per home delivered was $422,000 in the third quarter, slightly down from last year, and our homebuilding gross margin in the third quarter was 22.5%, mildly lower than expectations, and offset by SG&A expenses of 6.7%, which were better than expectations, resulting in a 15.8% net margin.”
“Driven by this quarter’s strong operating performance, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $519 million of our common stock, had no outstanding borrowings on our $2.2 billion revolver and cash of $4.0 billion, ending the quarter with homebuilding debt to total capital of 7.6%. With cash on hand exceeding our debt, and with overall liquidity of $6.2 billion, our balance sheet remains extremely strong. Against that backdrop, we remain focused on our ‘land strategies’ initiatives in order to intensify our land light focus and assure consistency of execution now and in the future as we embrace an ever-more focused manufacturing model for Lennar.”
Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, “Operationally, our starts pace and sales pace were 5.4 homes and 5.5 homes per community in the third quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 140 days, or 23% 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 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 1.5 years last year and our controlled homesite percentage increasing to 81% from 73% year over year. These results drove our return on inventory to 31.3%, a year-over-year improvement of 320 basis points.”
Mr. Miller concluded, “We continue to remain enthusiastic about our current execution and our future. We have remained focused on our operating strategies, while at the same time being observant of current economic and market trends. As we look ahead to our fourth quarter, we expect to deliver between 22,500 and 23,000 homes with a gross margin flat with our third quarter. We will continue to fortify our balance sheet with significant liquidity and operate from a position of strength, thus enabling us to continue to execute on our core strategies to drive strong cash flow and higher returns.”
RESULTS OF OPERATIONS THREE MONTHS ENDED AUGUST 31, 2024 COMPARED TO THREE MONTHS ENDED AUGUST31, 2023
Homebuilding
Revenues from home sales increased 9% in the third quarter of 2024 to $9.0 billion from $8.3 billion in the third quarter of 2023. Revenues were higher primarily due to a 16% increase in the number of home deliveries, partially offset by a 6%decrease in the average sales price of homes delivered. New home deliveries increased to 21,516 homes in the third quarter of 2024 from 18,559 homes in the third quarter of 2023. The average sales price of homes delivered was $422,000 in the third quarter of 2024, compared to $448,000 in the third quarter of 2023. The decrease in average sales price of homes delivered in the third 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 $2.0 billion, or 22.5%, in the third quarter of 2024, compared to $2.0 billion, or 24.4%, in the third quarter of 2023. During the third quarter of 2024, gross margins decreased primarily because revenues 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 material costs as the Company continued to focus on construction cost savings.
Selling, general and administrative expenses were $601 million in the third quarter of 2024, compared to $583 million in the third quarter of 2023. As a percentage of revenues from home sales, selling, general and administrative expenses decreased to 6.7% in the third quarter of 2024, from 7.0% in the third quarter of 2023, primarily due to a decrease in broker commissions and benefits of the Company’s technology efforts.
Financial Services
Operating earnings for the Financial Services segment were $144 million in the third quarter of 2024, compared to $148 million in the third quarter of 2023. The decrease in operating earnings was primarily due to lower lockvolume and margin in the mortgage business, partially offset by higher volume in the title business as a result of increased deliveries year over year.
Ancillary Businesses
Operating earnings for the Multifamily segment were $79 million in the third quarter of 2024, compared to an operating loss of $9 million in the third quarter of 2023. The increase in operating earnings was due to a $179 million one-time net gain from the sale of assets in the Company’s LMV Fund I, partially offset by a one-time $90 million write-down of non-core assets as the Company focuses on immediately monetizing these assets. Operating earnings for theLennar Other segment were $20 million in the third quarter of 2024, compared to an operating loss of $26 million in the third quarter of 2023. The Lennar Other operating earnings for the third quarter of 2024 were due to mark-to-market gains on the Company’s publicly traded technology investments.
Tax Rate
In the third quarter of 2024 and 2023, the Company had tax provisions of $348 million and $358 million, respectively, which resulted in an overall effective income tax rate of 23.0% and 24.4%, respectively. For both periods, the Company’s effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by energy efficient home and solar tax credits.
Share Repurchases
In the third quarter of 2024, the Company repurchased 3.4 million shares of its common stock for $519 million at an average share price of $154.77.
Liquidity
At August31, 2024, the Company had $4.0 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.2 billion revolving credit facility, thereby providing approximately $6.2 billion of available capacity.
Guidance
The following are the Company’s expected results of its homebuilding and financial services activities for the fourth quarter of 2024:
New Orders 19,000 - 19,300 Deliveries 22,500 - 23,000 Average Sales Price About $425,000 Gross Margin % on Home Sales Flat with Q3 S,G&A as a % of Home Sales 6.7% - 6.8% Financial Services Operating Earnings $140 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, 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 or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds’ borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land light strategy, and our planned spin-off; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; possible unfavorable results in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business, and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed on January 26, 2024, as amended by our Annual Report on Form 10-K/A filed on April 25, 2024 and Quarterly Reports on Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
A conference call to discuss the Company’s third quarter earnings will be held at 11:00 a.m. Eastern Time on Friday, September20, 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 203-369-3829 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 Nine Months Ended
August 31, August 31,
2024 2023 2024 2023
Revenues:
Homebuilding $ 9,045,692 8,318,615 24,357,742 22,144,937
Financial Services 273,270 266,206 804,713 672,166
Multifamily 93,443 137,394 322,620 432,661
Lennar Other 3,637 7,388 9,489 15,419
Total revenues $ 9,416,042 8,729,603 25,494,564 23,265,183
Homebuilding operating earnings $ 1,477,918 1,493,820 3,846,869 3,615,068
Financial Services operating earnings 144,400 148,995 422,708 340,331
Multifamily operating earnings (loss) 78,908 (8,733) 42,795 (38,496)
Lennar Other operating earnings (loss) 20,095 (26,218) (48,417) (84,374)
Corporate general and administrative expenses (164,672) (114,144) (478,975) (365,002)
Charitable foundation contribution (21,516) (18,559) (58,004) (49,292)
Earnings before income taxes 1,535,133 1,475,161 3,726,976 3,418,235
Provision for income taxes (347,859) (358,209) (859,195) (824,233)
Net earnings (including net earnings attributable to noncontrolling interests) 1,187,274 1,116,952 2,867,781 2,594,002
Less: Net earnings attributable to noncontrolling interests 24,600 7,956 31,462 16,778
Net earnings attributable to Lennar $ 1,162,674 1,108,996 2,836,319 2,577,224
Basic and diluted average shares outstanding 270,164 282,854 273,604 284,612
Basic and diluted earnings per share $ 4.26 3.87 10.26 8.94
Supplemental information:
Interest incurred (1) $ 29,781 46,924 100,056 146,206
EBIT (2):
Net earnings attributable to Lennar $ 1,162,674 1,108,996 2,836,319 2,577,224
Provision for income taxes 347,859 358,209 859,195 824,233
Interest expense included in:
Costs of homes sold 39,021 60,415 121,335 171,012
Costs of land sold 59 386 345 1,433
Homebuilding other income (expense), net 4,704 3,576 14,298 10,908
Total interest expense 43,784 64,377 135,978 183,353
EBIT $ 1,554,317 1,531,582 3,831,492 3,584,810
(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 Nine Months Ended
August 31, August 31,
2024 2023 2024 2023
Homebuilding revenues:
Sales of homes $ 9,017,627 8,285,873 24,277,158 22,016,279
Sales of land 19,466 20,430 53,816 46,462
Other homebuilding 8,599 12,312 26,768 82,196
Total homebuilding revenues 9,045,692 8,318,615 24,357,742 22,144,937
Homebuilding costs and expenses:
Costs of homes sold 6,989,603 6,261,578 18,855,087 16,980,746
Costs of land sold 22,720 18,720 43,640 52,729
Selling, general and administrative 600,719 582,765 1,798,306 1,543,259
Total homebuilding costs and expenses 7,613,042 6,863,063 20,697,033 18,576,734
Homebuilding net margins 1,432,650 1,455,552 3,660,709 3,568,203
Homebuilding equity in earnings (loss) from unconsolidated entities 25,220 (4,016) 54,038 (13,109)
Homebuilding other income, net 20,048 42,284 132,122 59,974
Homebuilding operating earnings $ 1,477,918 1,493,820 3,846,869 3,615,068
Financial Services revenues $ 273,270 266,206 804,713 672,166
Financial Services costs and expenses 128,870 117,211 382,005 331,835
Financial Services operating earnings $ 144,400 148,995 422,708 340,331
Multifamily revenues $ 93,443 137,394 322,620 432,661
Multifamily costs and expenses 184,708 139,759 419,580 443,069
Multifamily equity in earnings (loss) from unconsolidated entities and other income (expense), net 170,173 (6,368) 139,755 (28,088)
Multifamily operating earnings (loss) $ 78,908 (8,733) 42,795 (38,496)
Lennar Other revenues $ 3,637 7,388 9,489 15,419
Lennar Other costs and expenses 17,176 6,155 53,105 19,426
Lennar Other equity in earnings (loss) from unconsolidated entities and other (5,489) (11,738) (17,273) (66,197)
Lennar Other unrealized gains (losses) from technology investments (1) 39,123 (15,713) 12,472 (14,170)
Lennar Other operating earnings (loss) $ 20,095 (26,218) (48,417) (84,374)
(1) The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on technology investments:
Three Months Ended Nine Months Ended
August 31, August 31,
2024 2023 2024 2023
Blend Labs (BLND) $ 2,270 386 5,921 (360)
Hippo (HIPO) 6,609 (17,166) 33,795 (14,933)
Opendoor (OPEN) (564) 23,638 (16,156) 38,459
SmartRent (SMRT) (5,634) (1,707) (12,206) 8,219
Sonder (SOND) 71 (91) 82 (549)
Sunnova (NOVA) 36,371 (20,773) 1,036 (45,006)
$ 39,123 (15,713) 12,472 (14,170)
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 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
Three MonthsEnded August 31,
2024 2023 2024 2023 2024 2023
Deliveries: Homes Dollar Value Average Sales Price
East 5,479 5,072 $ 2,171,425 2,211,629 $ 396,000 436,000
Central 5,301 4,340 2,138,813 1,816,970 403,000 419,000
Texas 5,067 4,102 1,283,781 1,174,859 253,000 286,000
West 5,663 5,036 3,470,255 3,108,783 613,000 617,000
Other 6 9 3,225 6,258 538,000 695,000
Total 21,516 18,559 $ 9,067,499 8,318,499 $ 422,000 448,000
Of the total homes delivered listed above,124 homes with a dollar value of $50 million and an average sales price of $402,000 represent home deliveries from unconsolidated entities for the three months ended August 31, 2024, compared to66 home deliveries with a dollar value of $33 million and an average sales price of $494,000 for the three months ended August 31, 2023.
At August 31, Three Months Ended August 31,
2024 2023 2024 2023 2024 2023 2024 2023
New Orders: Active Communities Homes Dollar Value Average Sales Price
East 315 327 4,888 5,132 $ 1,966,782 2,158,921 $ 402,000 421,000
Central 343 312 5,158 4,650 2,030,572 1,909,196 394,000 411,000
Texas 245 235 5,217 4,730 1,307,688 1,302,268 251,000 275,000
West 378 375 5,317 5,140 3,254,573 3,261,380 612,000 635,000
Other 2 4 7 14 2,444 7,877 349,000 563,000
Total 1,283 1,253 20,587 19,666 $ 8,562,059 8,639,642 $ 416,000 439,000
Of the total homes listed above,114 homes with a dollar value of $69 million and an average sales price of $606,000 represent homes in 10 active communities from unconsolidated entities for the three months ended August 31, 2024, compared to 82 homes with a dollar value of $42 million and an average sales price of $512,000 in seven active communities for the three months ended August 31, 2023.
For the Nine Months Ended August 31,
2024 2023 2024 2023 2024 2023
Deliveries: Homes Dollar Value Average Sales Price
East 15,732 13,820 $ 6,344,164 6,069,961 $ 403,000 439,000
Central 13,049 10,779 5,240,508 4,621,552 402,000 429,000
Texas 13,999 11,431 3,548,464 3,329,349 253,000 291,000
West 15,193 13,243 9,255,650 8,075,810 609,000 610,000
Other 31 19 16,385 14,824 529,000 780,000
Total 58,004 49,292 $ 24,405,171 22,111,496 $ 421,000 448,000
Of the total homes delivered listed above, 271 homes with a dollar value of $128 million and an average sales price of $472,000 represent home deliveries from unconsolidated entities for the nine months ended August 31, 2024, compared to 201 home deliveries with a dollar value of $95 million and an average sales price of $474,000 for the nine months ended August 31, 2023.
For the Nine Months Ended August 31,
2024 2023 2024 2023 2024 2023
New Orders: Homes Dollar Value Average Sales Price
East 14,414 13,995 $ 5,898,262 5,999,802 $ 409,000 429,000
Central 14,764 11,471 5,893,358 4,786,293 399,000 417,000
Texas 14,861 11,604 3,760,078 3,261,481 253,000 281,000
West 15,979 14,650 9,929,956 9,159,865 621,000 625,000
Other 38 25 17,663 17,106 465,000 684,000
Total 60,056 51,745 $ 25,499,317 23,224,547 $ 425,000 449,000
Of the total new orders listed above, 234 homes with a dollar value of $134 million and an average sales price of $574,000 represent new orders from unconsolidated entities for the nine months ended August 31, 2024, compared to 252 new orders with a dollar value of $117 million and an average sales price of $465,000 for the nine months ended August 31, 2023.
At August 31,
2024 2023 2024 2023 2024 2023
Backlog: Homes Dollar Value Average Sales Price
East 5,262 8,336 $ 2,268,969 3,512,548 $ 431,000 421,000
Central 4,878 5,261 2,028,466 2,257,788 416,000 429,000
Texas 2,757 2,870 694,104 769,216 252,000 268,000
West 4,037 4,847 2,753,198 3,310,533 682,000 683,000
Other 10 7 2,805 3,446 280,000 492,000
Total 16,944 21,321 $ 7,747,542 9,853,531 $ 457,000 462,000
Of the total homes in backlog listed above, 110 homes with a backlog dollar value of $81 million and an average sales price of $734,000 represent the backlog from unconsolidated entities at August31, 2024, compared to 217 homes with a backlog dollar value of $100 million and an average sales price of $460,000 at August31, 2023.
LENNAR CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(unaudited)
August 31, 2024 November 30, 2023
ASSETS
Homebuilding:
Cash and cash equivalents $ 4,037,405 6,273,724
Restricted cash 12,600 13,481
Receivables, net 995,417 887,992
Inventories:
Finished homes and construction in progress 11,373,606 10,455,666
Land and land under development 4,872,341 4,904,541
Inventory owned 16,245,947 15,360,207
Consolidated inventory not owned 3,842,592 2,992,528
Inventory owned and consolidated inventory not owned 20,088,539 18,352,735
Deposits and pre-acquisition costs on real estate 2,980,035 2,002,154
Investments in unconsolidated entities 1,309,622 1,143,909
Goodwill 3,442,359 3,442,359
Other assets 1,616,314 1,512,038
34,482,291 33,628,392
Financial Services 3,093,873 3,566,546
Multifamily 1,310,555 1,381,513
Lennar Other 854,263 657,852
Total assets $ 39,740,982 39,234,303
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable $ 1,788,117 1,631,401
Liabilities related to consolidated inventory not owned 3,343,871 2,540,894
Senior notes and other debts payable, net 2,263,256 2,816,482
Other liabilities 2,727,342 2,739,217
10,122,586 9,727,994
Financial Services 1,759,821 2,447,039
Multifamily 195,327 278,177
Lennar Other 105,540 79,127
Total liabilities 12,183,274 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 5,706,711 5,570,009
Retained earnings 24,791,519 22,369,368
Treasury stock (3,122,408) (1,393,100)
Accumulated other comprehensive income 7,040 4,879
Total stockholders' equity 27,412,520 26,580,664
Noncontrolling interests 145,188 121,302
Total equity 27,557,708 26,701,966
Total liabilities and equity $ 39,740,982 39,234,303
LENNAR CORPORATION AND SUBSIDIARIES
Supplemental Data
(Dollars in thousands)
(unaudited)
August 31, 2024 November 30, 2023 August 31, 2023
Homebuilding debt $ 2,263,256 2,816,482 3,320,119
Stockholders' equity 27,412,520 26,580,664 25,656,619
Total capital $ 29,675,776 29,397,146 28,976,738
Homebuilding debt to total capital 7.6% 9.6% 11.5%
Homebuilding debt $ 2,263,256 2,816,482 3,320,119
Less: Homebuilding cash and cash equivalents 4,037,405 6,273,724 3,887,809
Net homebuilding debt $ (1,774,149) (3,457,242) (567,690)
Net homebuilding debt to total capital (1) (6.9)% (15.0)% (2.3)%
(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 FrazerInvestor RelationsLennar Corporation(305) 485-4129
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