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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lennar Corp | NYSE:LEN.B | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
5.42 | 3.40% | 165.05 | 166.65 | 162.695 | 162.98 | 45,317 | 21:00:09 |
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Delaware
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95-4337490
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(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Class A Common Stock, par value $.10
|
LEN
|
New York Stock Exchange
|
Class B Common Stock, par value $.10
|
LEN.B
|
New York Stock Exchange
|
LENNAR CORPORATION
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FORM 10-Q
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For the period ended August 31, 2020
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Part I
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Part II
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Item 1.
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Item 1A.
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Item 2.
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Item 3 - 5.
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Item 6.
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August 31,
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November 30,
|
|||
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2020 (1)
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2019 (1)
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|||
ASSETS
|
|
|
|
|||
Homebuilding:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
1,966,796
|
|
|
1,200,832
|
|
Restricted cash
|
11,959
|
|
|
9,698
|
|
|
Receivables, net
|
295,958
|
|
|
329,124
|
|
|
Inventories:
|
|
|
|
|||
Finished homes and construction in progress
|
9,288,624
|
|
|
9,195,721
|
|
|
Land and land under development
|
7,987,149
|
|
|
8,267,647
|
|
|
Consolidated inventory not owned
|
395,489
|
|
|
313,139
|
|
|
Total inventories
|
17,671,262
|
|
|
17,776,507
|
|
|
Investments in unconsolidated entities
|
940,695
|
|
|
1,009,035
|
|
|
Goodwill
|
3,442,359
|
|
|
3,442,359
|
|
|
Other assets
|
1,137,137
|
|
|
1,021,684
|
|
|
|
25,466,166
|
|
|
24,789,239
|
|
|
Financial Services
|
2,209,549
|
|
|
3,006,024
|
|
|
Multifamily
|
1,184,086
|
|
|
1,068,831
|
|
|
Lennar Other
|
455,484
|
|
|
495,417
|
|
|
Total assets
|
$
|
29,315,285
|
|
|
29,359,511
|
|
(1)
|
Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
|
|
August 31,
|
|
November 30,
|
|||
|
2020 (2)
|
|
2019 (2)
|
|||
LIABILITIES AND EQUITY
|
|
|
|
|||
Homebuilding:
|
|
|
|
|||
Accounts payable
|
$
|
1,140,341
|
|
|
1,069,179
|
|
Liabilities related to consolidated inventory not owned
|
324,544
|
|
|
260,266
|
|
|
Senior notes and other debts payable, net
|
7,180,274
|
|
|
7,776,638
|
|
|
Other liabilities
|
1,944,247
|
|
|
1,900,955
|
|
|
|
10,589,406
|
|
|
11,007,038
|
|
|
Financial Services
|
1,197,847
|
|
|
2,056,450
|
|
|
Multifamily
|
236,059
|
|
|
232,155
|
|
|
Lennar Other
|
11,628
|
|
|
30,038
|
|
|
Total liabilities
|
12,034,940
|
|
|
13,325,681
|
|
|
Stockholders’ equity:
|
|
|
|
|||
Preferred stock
|
—
|
|
|
—
|
|
|
Class A common stock of $0.10 par value; Authorized: August 31, 2020 and November 30, 2019 - 400,000,000 shares; Issued: August 31, 2020 - 298,935,646 shares and November 30, 2019 - 297,119,153 shares
|
29,894
|
|
|
29,712
|
|
|
Class B common stock of $0.10 par value; Authorized: August 31, 2020 and November 30, 2019 - 90,000,000 shares; Issued: August 31, 2020 - 39,443,130 shares and November 30, 2019 - 39,443,064 shares
|
3,944
|
|
|
3,944
|
|
|
Additional paid-in capital
|
8,654,954
|
|
|
8,578,219
|
|
|
Retained earnings
|
9,760,165
|
|
|
8,295,001
|
|
|
Treasury stock, at cost; August 31, 2020 - 23,819,899 shares of Class A common stock and 1,821,964 shares of Class B common stock; November 30, 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock
|
(1,276,691
|
)
|
|
(957,857
|
)
|
|
Accumulated other comprehensive income (loss)
|
(163
|
)
|
|
498
|
|
|
Total stockholders’ equity
|
17,172,103
|
|
|
15,949,517
|
|
|
Noncontrolling interests
|
108,242
|
|
|
84,313
|
|
|
Total equity
|
17,280,345
|
|
|
16,033,830
|
|
|
Total liabilities and equity
|
$
|
29,315,285
|
|
|
29,359,511
|
|
(2)
|
Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
August 31,
|
|
August 31,
|
|||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||
Revenues:
|
|
|
|
|
|
|
|
|||||
Homebuilding
|
$
|
5,505,120
|
|
|
5,438,998
|
|
|
14,626,720
|
|
|
14,258,318
|
|
Financial Services
|
237,068
|
|
|
224,502
|
|
|
631,992
|
|
|
572,029
|
|
|
Multifamily
|
115,170
|
|
|
183,958
|
|
|
370,904
|
|
|
428,764
|
|
|
Lennar Other
|
12,896
|
|
|
9,600
|
|
|
33,348
|
|
|
28,919
|
|
|
Total revenues
|
5,870,254
|
|
|
5,857,058
|
|
|
15,662,964
|
|
|
15,288,030
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|||||
Homebuilding
|
4,673,158
|
|
|
4,781,932
|
|
|
12,684,295
|
|
|
12,608,026
|
|
|
Financial Services
|
101,989
|
|
|
149,804
|
|
|
363,688
|
|
|
422,142
|
|
|
Multifamily
|
118,786
|
|
|
181,616
|
|
|
379,607
|
|
|
431,510
|
|
|
Lennar Other
|
2,062
|
|
|
2,734
|
|
|
3,564
|
|
|
7,550
|
|
|
Corporate general and administrative
|
92,661
|
|
|
92,615
|
|
|
262,959
|
|
|
248,071
|
|
|
Total costs and expenses
|
4,988,656
|
|
|
5,208,701
|
|
|
13,694,113
|
|
|
13,717,299
|
|
|
Homebuilding equity in loss from unconsolidated entities
|
(6,431
|
)
|
|
(10,459
|
)
|
|
(20,077
|
)
|
|
(4,601
|
)
|
|
Homebuilding other income (expense), net
|
(11,787
|
)
|
|
12,375
|
|
|
(16,845
|
)
|
|
(35,325
|
)
|
|
Financial Services gain on deconsolidation
|
—
|
|
|
—
|
|
|
61,418
|
|
|
—
|
|
|
Multifamily equity in earnings (loss) from unconsolidated entities and other gain
|
(1,532
|
)
|
|
7,883
|
|
|
4,702
|
|
|
15,446
|
|
|
Lennar Other equity in earnings (loss) from unconsolidated entities
|
(2,189
|
)
|
|
8,903
|
|
|
(28,712
|
)
|
|
12,255
|
|
|
Lennar Other income (expense), net
|
(646
|
)
|
|
24
|
|
|
(10,195
|
)
|
|
(12,900
|
)
|
|
Earnings before income taxes
|
859,013
|
|
|
667,083
|
|
|
1,959,142
|
|
|
1,545,606
|
|
|
Provision for income taxes
|
(189,690
|
)
|
|
(154,440
|
)
|
|
(382,498
|
)
|
|
(374,670
|
)
|
|
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
|
669,323
|
|
|
512,643
|
|
|
1,576,644
|
|
|
1,170,936
|
|
|
Less: Net earnings (loss) attributable to noncontrolling interests
|
2,905
|
|
|
(723
|
)
|
|
(5,632
|
)
|
|
(3,812
|
)
|
|
Net earnings attributable to Lennar
|
$
|
666,418
|
|
|
513,366
|
|
|
1,582,276
|
|
|
1,174,748
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|||||
Net unrealized gain (loss) on securities available-for-sale
|
$
|
175
|
|
|
180
|
|
|
(209
|
)
|
|
949
|
|
Reclassification adjustments for loss included in earnings, net of tax
|
—
|
|
|
—
|
|
|
(452
|
)
|
|
(176
|
)
|
|
Total other comprehensive income (loss), net of tax
|
$
|
175
|
|
|
180
|
|
|
(661
|
)
|
|
773
|
|
Total comprehensive income attributable to Lennar
|
$
|
666,593
|
|
|
513,546
|
|
|
1,581,615
|
|
|
1,175,521
|
|
Total comprehensive income (loss) attributable to noncontrolling interests
|
$
|
2,905
|
|
|
(723
|
)
|
|
(5,632
|
)
|
|
(3,812
|
)
|
Basic earnings per share
|
$
|
2.13
|
|
|
1.60
|
|
|
5.05
|
|
|
3.64
|
|
Diluted earnings per share
|
$
|
2.12
|
|
|
1.59
|
|
|
5.03
|
|
|
3.63
|
|
|
Nine Months Ended
|
|||||
|
August 31,
|
|||||
|
2020
|
|
2019
|
|||
Cash flows from operating activities:
|
|
|
|
|||
Net earnings (including net loss attributable to noncontrolling interests)
|
$
|
1,576,644
|
|
|
1,170,936
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|||
Depreciation and amortization
|
68,771
|
|
|
63,822
|
|
|
Amortization of discount/premium and accretion on debt, net
|
(18,632
|
)
|
|
(19,841
|
)
|
|
Equity in loss (earnings) from unconsolidated entities
|
50,971
|
|
|
(12,235
|
)
|
|
Distributions of earnings from unconsolidated entities
|
39,036
|
|
|
9,175
|
|
|
Share-based compensation expense
|
83,799
|
|
|
65,438
|
|
|
Deferred income tax expense
|
124,906
|
|
|
144,969
|
|
|
Gain on sale of other assets, operating properties and equipment and real estate owned
|
(15,846
|
)
|
|
(10,907
|
)
|
|
Loss on consolidation
|
4,824
|
|
|
48,874
|
|
|
Gain on deconsolidation of previously consolidated entity
|
(61,418
|
)
|
|
—
|
|
|
Gain on sale of interest in unconsolidated entity and other Multifamily gain
|
(4,661
|
)
|
|
(10,865
|
)
|
|
Gain on sale of Financial Services' portfolio/businesses
|
(5,014
|
)
|
|
(2,368
|
)
|
|
Valuation adjustments and write-offs of option deposits and pre-acquisition costs
|
76,630
|
|
|
15,912
|
|
|
Changes in assets and liabilities:
|
|
|
|
|||
Decrease in receivables
|
264,643
|
|
|
527,990
|
|
|
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
|
113,429
|
|
|
(1,610,329
|
)
|
|
(Increase) decrease in other assets
|
(124,641
|
)
|
|
48,263
|
|
|
Decrease (increase) in loans held-for-sale
|
557,757
|
|
|
(14,992
|
)
|
|
Increase (decrease) in accounts payable and other liabilities
|
165,646
|
|
|
(115,549
|
)
|
|
Net cash provided by operating activities
|
2,896,844
|
|
|
298,293
|
|
|
Cash flows from investing activities:
|
|
|
|
|||
Net additions of operating properties and equipment
|
(42,856
|
)
|
|
(69,557
|
)
|
|
Proceeds from the sale of operating properties and equipment, other assets and real estate owned
|
33,096
|
|
|
58,578
|
|
|
Proceeds from sale of investment in unconsolidated entity
|
—
|
|
|
17,790
|
|
|
Proceeds from sale of Financial Services' portfolio/businesses
|
14,978
|
|
|
24,446
|
|
|
Investments in and contributions to unconsolidated entities/deconsolidation of previously consolidated entity
|
(412,474
|
)
|
|
(329,858
|
)
|
|
Distributions of capital from unconsolidated entities
|
135,677
|
|
|
250,265
|
|
|
Receipts of principal payments on loans receivable and other
|
—
|
|
|
2,152
|
|
|
Proceeds from sale of commercial mortgage-backed securities bonds
|
3,248
|
|
|
—
|
|
|
Decrease (increase) in Financial Services loans held-for-investment, net
|
2,427
|
|
|
(2,902
|
)
|
|
Purchases of investment securities
|
(49,293
|
)
|
|
(31,879
|
)
|
|
Proceeds from maturities/sales of investments securities
|
46,091
|
|
|
41,608
|
|
|
Other receipts, net
|
1,639
|
|
|
—
|
|
|
Net cash used in investing activities
|
$
|
(267,467
|
)
|
|
(39,357
|
)
|
|
Nine Months Ended
|
|||||
|
August 31,
|
|||||
|
2020
|
|
2019
|
|||
Cash flows from financing activities:
|
|
|
|
|||
Net borrowings under revolving line of credit
|
$
|
—
|
|
|
700,000
|
|
Net repayments under warehouse facilities
|
(789,339
|
)
|
|
(423,123
|
)
|
|
Redemption of senior notes
|
(313,000
|
)
|
|
(500,000
|
)
|
|
Principal payments on notes payable and other borrowings
|
(550,256
|
)
|
|
(154,736
|
)
|
|
Proceeds from other borrowings
|
70,032
|
|
|
62,634
|
|
|
Net proceeds related to other liabilities
|
6,559
|
|
|
(2,533
|
)
|
|
Conversions, exchanges and redemption of convertible senior notes
|
—
|
|
|
(1,288
|
)
|
|
Receipts related to noncontrolling interests
|
175,565
|
|
|
27,395
|
|
|
Payments related to noncontrolling interests
|
(29,450
|
)
|
|
(35,689
|
)
|
|
Common stock:
|
|
|
|
|||
Issuances
|
—
|
|
|
388
|
|
|
Repurchases
|
(318,989
|
)
|
|
(419,322
|
)
|
|
Dividends
|
(117,112
|
)
|
|
(38,776
|
)
|
|
Net cash used in financing activities
|
$
|
(1,865,990
|
)
|
|
(785,050
|
)
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
763,387
|
|
|
(526,114
|
)
|
|
Cash and cash equivalents and restricted cash at beginning of period
|
1,468,691
|
|
|
1,595,978
|
|
|
Cash and cash equivalents and restricted cash at end of period
|
$
|
2,232,078
|
|
|
1,069,864
|
|
Summary of cash and cash equivalents and restricted cash:
|
|
|
|
|||
Homebuilding
|
$
|
1,978,755
|
|
|
808,643
|
|
Financial Services
|
228,430
|
|
|
238,406
|
|
|
Multifamily
|
21,591
|
|
|
16,478
|
|
|
Lennar Other
|
3,302
|
|
|
6,337
|
|
|
|
$
|
2,232,078
|
|
|
1,069,864
|
|
Supplemental disclosures of non-cash investing and financing activities:
|
|
|
|
|||
Homebuilding and Multifamily:
|
|
|
|
|||
Purchases of inventories and other assets financed by sellers
|
$
|
117,097
|
|
|
84,624
|
|
Non-cash contributions to unconsolidated entities
|
13,859
|
|
|
107,368
|
|
|
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
|
|
|
|
|||
Financial Services assets
|
$
|
217,565
|
|
|
—
|
|
Financial Services liabilities
|
(115,175
|
)
|
|
—
|
|
|
Financial Services noncontrolling interests
|
(102,390
|
)
|
|
—
|
|
|
Inventories
|
95,476
|
|
|
187,506
|
|
|
Receivables
|
—
|
|
|
102,959
|
|
|
Operating properties and equipment and other assets
|
6,870
|
|
|
53,412
|
|
|
Investments in unconsolidated entities
|
(68,290
|
)
|
|
67,925
|
|
|
Notes payable
|
(44,924
|
)
|
|
(383,212
|
)
|
|
Other liabilities
|
(1,455
|
)
|
|
(19,696
|
)
|
|
Noncontrolling interests
|
12,323
|
|
|
(8,894
|
)
|
(1)
|
Basis of Presentation
|
(2)
|
Operating and Reporting Segments
|
(In thousands)
|
August 31, 2020
|
||||||||||||||
Assets:
|
Homebuilding
|
|
Financial
Services
|
|
Multifamily
|
|
Lennar
Other
|
|
Total
|
||||||
Cash and cash equivalents
|
$
|
1,966,796
|
|
|
217,442
|
|
|
21,591
|
|
|
3,302
|
|
|
2,209,131
|
|
Restricted cash
|
11,959
|
|
|
10,988
|
|
|
—
|
|
|
—
|
|
|
22,947
|
|
|
Receivables, net (1)
|
295,958
|
|
|
316,717
|
|
|
86,725
|
|
|
—
|
|
|
699,400
|
|
|
Inventories
|
17,671,262
|
|
|
—
|
|
|
336,493
|
|
|
—
|
|
|
18,007,755
|
|
|
Loans held-for-sale (2)
|
—
|
|
|
1,087,182
|
|
|
—
|
|
|
—
|
|
|
1,087,182
|
|
|
Loans held-for-investment, net
|
—
|
|
|
67,219
|
|
|
—
|
|
|
1,419
|
|
|
68,638
|
|
|
Investments held-to-maturity
|
—
|
|
|
164,588
|
|
|
—
|
|
|
—
|
|
|
164,588
|
|
|
Investments available-for-sale (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
53,770
|
|
|
53,770
|
|
|
Investments in unconsolidated entities (4)
|
940,695
|
|
|
70,218
|
|
|
656,012
|
|
|
386,247
|
|
|
2,053,172
|
|
|
Goodwill
|
3,442,359
|
|
|
189,699
|
|
|
—
|
|
|
—
|
|
|
3,632,058
|
|
|
Other assets (5)
|
1,137,137
|
|
|
85,496
|
|
|
83,265
|
|
|
10,746
|
|
|
1,316,644
|
|
|
|
$
|
25,466,166
|
|
|
2,209,549
|
|
|
1,184,086
|
|
|
455,484
|
|
|
29,315,285
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||
Notes and other debts payable, net
|
$
|
7,180,274
|
|
|
956,414
|
|
|
—
|
|
|
1,906
|
|
|
8,138,594
|
|
Other liabilities (6)
|
3,409,132
|
|
|
241,433
|
|
|
236,059
|
|
|
9,722
|
|
|
3,896,346
|
|
|
|
$
|
10,589,406
|
|
|
1,197,847
|
|
|
236,059
|
|
|
11,628
|
|
|
12,034,940
|
|
(In thousands)
|
November 30, 2019
|
||||||||||||||
Assets:
|
Homebuilding
|
|
Financial
Services
|
|
Multifamily
|
|
Lennar
Other
|
|
Total
|
||||||
Cash and cash equivalents
|
$
|
1,200,832
|
|
|
234,113
|
|
|
8,711
|
|
|
2,340
|
|
|
1,445,996
|
|
Restricted cash
|
9,698
|
|
|
12,022
|
|
|
—
|
|
|
975
|
|
|
22,695
|
|
|
Receivables, net (1)
|
329,124
|
|
|
500,847
|
|
|
76,906
|
|
|
—
|
|
|
906,877
|
|
|
Inventories
|
17,776,507
|
|
|
—
|
|
|
315,107
|
|
|
—
|
|
|
18,091,614
|
|
|
Loans held-for-sale (2)
|
—
|
|
|
1,644,939
|
|
|
—
|
|
|
—
|
|
|
1,644,939
|
|
|
Loans held-for-investment, net
|
—
|
|
|
73,867
|
|
|
—
|
|
|
—
|
|
|
73,867
|
|
|
Investments held-to-maturity
|
—
|
|
|
190,289
|
|
|
—
|
|
|
54,117
|
|
|
244,406
|
|
|
Investments available-for-sale (3)
|
—
|
|
|
3,732
|
|
|
48,206
|
|
|
—
|
|
|
51,938
|
|
|
Investments in unconsolidated entities (4)
|
1,009,035
|
|
|
—
|
|
|
561,190
|
|
|
403,688
|
|
|
1,973,913
|
|
|
Goodwill
|
3,442,359
|
|
|
215,516
|
|
|
—
|
|
|
—
|
|
|
3,657,875
|
|
|
Other assets (5)
|
1,021,684
|
|
|
130,699
|
|
|
58,711
|
|
|
34,297
|
|
|
1,245,391
|
|
|
|
$
|
24,789,239
|
|
|
3,006,024
|
|
|
1,068,831
|
|
|
495,417
|
|
|
29,359,511
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||
Notes and other debts payable, net
|
$
|
7,776,638
|
|
|
1,745,755
|
|
|
36,125
|
|
|
15,178
|
|
|
9,573,696
|
|
Other liabilities (6)
|
3,230,400
|
|
|
310,695
|
|
|
196,030
|
|
|
14,860
|
|
|
3,751,985
|
|
|
|
$
|
11,007,038
|
|
|
2,056,450
|
|
|
232,155
|
|
|
30,038
|
|
|
13,325,681
|
|
(1)
|
Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2020 and November 30, 2019, respectively.
|
(2)
|
Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
|
(3)
|
Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.
|
(4)
|
Lennar Other investments in unconsolidated entities decreased primarily due to a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of the coronavirus pandemic ("COVID-19") and the economic shutdown.
|
(5)
|
As of August 31, 2020 and November 30, 2019, Financial Services other assets included mortgage loan commitments carried at fair value of $40.5 million and $16.3 million, respectively, and mortgage servicing rights carried at fair value of $1.4 million and $24.7 million, respectively.
|
(6)
|
As of August 31, 2020 and November 30, 2019, Financial Services other liabilities included $67.3 million and $60.7 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, as of August 31, 2020 and November 30, 2019, Financial Services other liabilities also included forward contracts carried at fair value of $4.9 million and $3.9 million, respectively.
|
|
Three Months Ended August 31, 2020
|
|||||||||||||||||
(In thousands)
|
Homebuilding
|
|
Financial Services
|
|
Multifamily
|
|
Lennar Other
|
|
Corporate and
unallocated
|
|
Total
|
|||||||
Revenues
|
$
|
5,505,120
|
|
|
237,068
|
|
|
115,170
|
|
|
12,896
|
|
|
—
|
|
|
5,870,254
|
|
Operating earnings (loss)
|
813,744
|
|
|
135,079
|
|
|
(5,148
|
)
|
|
7,999
|
|
|
—
|
|
|
951,674
|
|
|
Corporate general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,661
|
|
|
92,661
|
|
|
Earnings (loss) before income taxes
|
813,744
|
|
|
135,079
|
|
|
(5,148
|
)
|
|
7,999
|
|
|
(92,661
|
)
|
|
859,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended August 31, 2019
|
|||||||||||||||||
Revenues
|
$
|
5,438,998
|
|
|
224,502
|
|
|
183,958
|
|
|
9,600
|
|
|
—
|
|
|
5,857,058
|
|
Operating earnings
|
658,982
|
|
|
74,698
|
|
|
10,225
|
|
|
15,793
|
|
|
—
|
|
|
759,698
|
|
|
Corporate general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,615
|
|
|
92,615
|
|
|
Earnings before income taxes
|
658,982
|
|
|
74,698
|
|
|
10,225
|
|
|
15,793
|
|
|
(92,615
|
)
|
|
667,083
|
|
|
Nine Months Ended August 31, 2020
|
|||||||||||||||||
(In thousands)
|
Homebuilding
|
|
Financial Services
|
|
Multifamily
|
|
Lennar Other
|
|
Corporate and
unallocated
|
|
Total
|
|||||||
Revenues
|
$
|
14,626,720
|
|
|
631,992
|
|
|
370,904
|
|
|
33,348
|
|
|
—
|
|
|
15,662,964
|
|
Operating earnings (loss) (1)
|
1,905,503
|
|
|
329,722
|
|
|
(4,001
|
)
|
|
(9,123
|
)
|
|
—
|
|
|
2,222,101
|
|
|
Corporate general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262,959
|
|
|
262,959
|
|
|
Earnings (loss) before income taxes
|
1,905,503
|
|
|
329,722
|
|
|
(4,001
|
)
|
|
(9,123
|
)
|
|
(262,959
|
)
|
|
1,959,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Nine Months Ended August 31, 2019
|
|||||||||||||||||
Revenues
|
$
|
14,258,318
|
|
|
572,029
|
|
|
428,764
|
|
|
28,919
|
|
|
—
|
|
|
15,288,030
|
|
Operating earnings
|
1,610,366
|
|
|
149,887
|
|
|
12,700
|
|
|
20,724
|
|
|
—
|
|
|
1,793,677
|
|
|
Corporate general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248,071
|
|
|
248,071
|
|
|
Earnings before income taxes
|
1,610,366
|
|
|
149,887
|
|
|
12,700
|
|
|
20,724
|
|
|
(248,071
|
)
|
|
1,545,606
|
|
(1)
|
Operating loss for Lennar Other for the nine months ended August 31, 2020 included a $25.0 million write-down of assets held by Rialto legacy funds because of the disruption in the capital markets as a result of COVID-19 and the economic shutdown.
|
|
Three Months Ended August 31, 2020
|
|||||||||||||||||
(In thousands)
|
East
|
|
Central
|
|
Texas
|
|
West
|
|
Other
|
|
Total Homebuilding
|
|||||||
Revenues
|
$
|
1,478,659
|
|
|
1,063,621
|
|
|
747,934
|
|
|
2,212,211
|
|
|
2,695
|
|
|
5,505,120
|
|
Operating earnings (loss)
|
244,189
|
|
|
132,678
|
|
|
116,111
|
|
|
342,834
|
|
|
(22,068
|
)
|
|
813,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended August 31, 2019
|
|||||||||||||||||
Revenues
|
$
|
1,502,004
|
|
|
1,066,418
|
|
|
713,376
|
|
|
2,063,324
|
|
|
93,876
|
|
|
5,438,998
|
|
Operating earnings (loss)
|
219,335
|
|
|
116,589
|
|
|
78,298
|
|
|
259,424
|
|
|
(14,664
|
)
|
|
658,982
|
|
|
Nine Months Ended August 31, 2020
|
|||||||||||||||||
(In thousands)
|
East
|
|
Central
|
|
Texas
|
|
West
|
|
Other
|
|
Total Homebuilding
|
|||||||
Revenues
|
$
|
3,908,421
|
|
|
2,839,415
|
|
|
1,933,918
|
|
|
5,920,804
|
|
|
24,162
|
|
|
14,626,720
|
|
Operating earnings (loss)
|
586,104
|
|
|
292,031
|
|
|
269,071
|
|
|
847,835
|
|
|
(89,538
|
)
|
|
1,905,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Nine Months Ended August 31, 2019
|
|||||||||||||||||
Revenues
|
$
|
3,837,673
|
|
|
2,743,757
|
|
|
1,825,105
|
|
|
5,747,243
|
|
|
104,540
|
|
|
14,258,318
|
|
Operating earnings (loss)
|
503,803
|
|
|
264,238
|
|
|
185,950
|
|
|
722,989
|
|
|
(66,614
|
)
|
|
1,610,366
|
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
Residential facilities maturing:
|
|
||
January 2021
|
$
|
500,000
|
|
March 2021
|
300,000
|
|
|
June 2021
|
600,000
|
|
|
July 2021
|
200,000
|
|
|
Total - Residential facilities
|
$
|
1,600,000
|
|
LMF Commercial facilities maturing
|
|
||
November 2020
|
$
|
200,000
|
|
December 2020 (1)
|
700,000
|
|
|
Total - LMF Commercial facilities
|
$
|
900,000
|
|
Total
|
$
|
2,500,000
|
|
(1)
|
Includes $50.0 million LMF Commercial warehouse repurchase facility used to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. There were borrowings under this facility of $11.4 million as of August 31, 2020.
|
(In thousands)
|
August 31, 2020
|
|
November 30, 2019
|
|||
Borrowings under the residential facilities
|
$
|
699,016
|
|
|
1,374,063
|
|
Collateral under the residential facilities
|
727,319
|
|
|
1,423,650
|
|
|
Borrowings under the LMF Commercial facilities
|
103,667
|
|
|
216,870
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
August 31,
|
|
August 31,
|
|||||||||
(In thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||
Loan origination liabilities, beginning of period
|
$
|
10,880
|
|
|
7,424
|
|
|
9,364
|
|
|
48,584
|
|
Provision for losses
|
1,234
|
|
|
1,006
|
|
|
3,149
|
|
|
2,593
|
|
|
Payments/settlements
|
(24
|
)
|
|
(109
|
)
|
|
(423
|
)
|
|
(42,856
|
)
|
|
Loan origination liabilities, end of period
|
$
|
12,090
|
|
|
8,321
|
|
|
12,090
|
|
|
8,321
|
|
(3)
|
Investments in Unconsolidated Entities
|
|
August 31, 2020
|
|||||
(In thousands)
|
LMV I
|
|
LMV II
|
|||
Lennar's carrying value of investments
|
$
|
348,561
|
|
|
250,777
|
|
Equity commitments
|
2,204,016
|
|
|
1,257,700
|
|
|
Equity commitments called
|
2,137,746
|
|
|
861,508
|
|
|
Lennar's equity commitments
|
504,016
|
|
|
381,000
|
|
|
Lennar's equity commitments called
|
496,082
|
|
|
259,886
|
|
|
Lennar's remaining commitments
|
7,934
|
|
|
121,114
|
|
|
Distributions to Lennar during the nine months ended August 31, 2020
|
23,822
|
|
|
—
|
|
(4)
|
Stockholders' Equity
|
|
|
|
Three Months Ended August 31, 2020
|
|
|
|||||||||||||||||||
(In thousands)
|
Total
Equity
|
|
Class A
Common Stock |
|
Class B
Common Stock |
|
Additional
Paid - in Capital |
|
Treasury
Stock
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
|||||||||
Balance at May 31, 2020
|
$
|
16,632,624
|
|
|
29,804
|
|
|
3,944
|
|
|
8,630,442
|
|
|
(1,253,863
|
)
|
|
(338
|
)
|
|
9,132,714
|
|
|
89,921
|
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
669,323
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
666,418
|
|
|
2,905
|
|
|
Employee stock and directors plans
|
(22,843
|
)
|
|
90
|
|
|
—
|
|
|
(105
|
)
|
|
(22,828
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Amortization of restricted stock
|
28,658
|
|
|
—
|
|
|
—
|
|
|
28,658
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Cash dividends
|
(38,967
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38,967
|
)
|
|
—
|
|
|
Receipts related to noncontrolling interests
|
6,504
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,504
|
|
|
Payments related to noncontrolling interests
|
(7,949
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,949
|
)
|
|
Non-cash purchase or activity of noncontrolling interests, net
|
(4,259
|
)
|
|
—
|
|
|
—
|
|
|
(4,041
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(218
|
)
|
|
Non-cash consolidations/deconsolidations, net
|
17,079
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,079
|
|
|
Total other comprehensive income, net of tax
|
175
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175
|
|
|
—
|
|
|
—
|
|
|
Balance at August 31, 2020
|
$
|
17,280,345
|
|
|
29,894
|
|
|
3,944
|
|
|
8,654,954
|
|
|
(1,276,691
|
)
|
|
(163
|
)
|
|
9,760,165
|
|
|
108,242
|
|
|
|
|
Three Months Ended August 31, 2019
|
|
|
||||||||||||||||||||
(In thousands)
|
Total
Equity
|
|
Class A
Common Stock |
|
Class B
Common Stock |
|
Additional
Paid - in Capital |
|
Treasury
Stock
|
|
Accumulated Other Comprehensive Income)
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
||||||||||
Balance at May 31, 2019
|
$
|
15,246,535
|
|
|
29,503
|
|
|
3,944
|
|
|
8,529,828
|
|
|
(537,106
|
)
|
|
227
|
|
|
7,132,908
|
|
|
87,231
|
|
|
Net earnings (including net loss attributable to noncontrolling interests)
|
512,643
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
513,366
|
|
|
(723
|
)
|
||
Employee stock and directors plans
|
(22,359
|
)
|
|
206
|
|
|
—
|
|
|
(400
|
)
|
|
(22,165
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Purchases of treasury stock
|
(295,930
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(295,930
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Amortization of restricted stock
|
34,048
|
|
|
—
|
|
|
—
|
|
|
34,048
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Cash dividends
|
(12,899
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
(12,899
|
)
|
|
—
|
|
|
Receipts related to noncontrolling interests
|
18,458
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,458
|
|
||
Payments related to noncontrolling interests
|
(12,372
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,372
|
)
|
||
Non-cash activity related to noncontrolling interests
|
(2,357
|
)
|
|
—
|
|
|
—
|
|
|
(3,772
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,415
|
|
||
Total other comprehensive income, net of tax
|
180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
180
|
|
|
—
|
|
|
—
|
|
||
Balance at August 31, 2019
|
$
|
15,465,947
|
|
|
29,709
|
|
|
3,944
|
|
|
8,559,704
|
|
|
(855,201
|
)
|
|
407
|
|
|
7,633,375
|
|
|
94,009
|
|
|
|
|
Nine Months Ended August 31, 2020
|
|
|
||||||||||||||||||||
(In thousands)
|
Total
Equity
|
|
Class A
Common Stock |
|
Class B
Common Stock |
|
Additional
Paid - in Capital |
|
Treasury
Stock
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
||||||||||
Balance at November 30, 2019
|
$
|
16,033,830
|
|
|
29,712
|
|
|
3,944
|
|
|
8,578,219
|
|
|
(957,857
|
)
|
|
498
|
|
|
8,295,001
|
|
|
84,313
|
|
|
Net earnings (including net loss attributable to noncontrolling interests)
|
1,576,644
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,582,276
|
|
|
(5,632
|
)
|
||
Employee stock and directors plans
|
(29,616
|
)
|
|
182
|
|
|
—
|
|
|
521
|
|
|
(30,319
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Purchases of treasury stock
|
(288,515
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(288,515
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Amortization of restricted stock
|
83,799
|
|
|
—
|
|
|
—
|
|
|
83,799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Cash dividends
|
(117,112
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
(117,112
|
)
|
|
—
|
|
|
Receipts related to noncontrolling interests
|
175,565
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175,565
|
|
||
Payments related to noncontrolling interests
|
(29,450
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,450
|
)
|
||
Non-cash purchase or activity of noncontrolling interests, net
|
(9,427
|
)
|
|
—
|
|
|
—
|
|
|
(7,585
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,842
|
)
|
||
Non-cash consolidations/deconsolidations, net
|
(114,712
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(114,712
|
)
|
||
Total other comprehensive loss, net of tax
|
(661
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(661
|
)
|
|
—
|
|
|
—
|
|
||
Balance at August 31, 2020
|
$
|
17,280,345
|
|
|
29,894
|
|
|
3,944
|
|
|
8,654,954
|
|
|
(1,276,691
|
)
|
|
(163
|
)
|
|
9,760,165
|
|
|
108,242
|
|
|
|
|
Nine Months Ended August 31, 2019
|
|
|
||||||||||||||||||||
(In thousands)
|
Total
Equity
|
|
Class A
Common Stock |
|
Class B
Common Stock |
|
Additional
Paid - in Capital |
|
Treasury
Stock
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
||||||||||
Balance at November 30, 2018
|
$
|
14,682,957
|
|
|
29,499
|
|
|
3,944
|
|
|
8,496,677
|
|
|
(435,869
|
)
|
|
(366
|
)
|
|
6,487,650
|
|
|
101,422
|
|
|
Net earnings (including net loss attributable to noncontrolling interests)
|
1,170,936
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,174,748
|
|
|
(3,812
|
)
|
||
Employee stock and directors plans
|
(23,050
|
)
|
|
210
|
|
|
—
|
|
|
1,361
|
|
|
(24,621
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Purchases of treasury stock
|
(394,711
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(394,711
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Amortization of restricted stock
|
65,438
|
|
|
—
|
|
|
—
|
|
|
65,438
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Cash dividends
|
(38,776
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
(38,776
|
)
|
|
—
|
|
|
Receipts related to noncontrolling interests
|
27,395
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,395
|
|
||
Payments related to noncontrolling interests
|
(35,689
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,689
|
)
|
||
Non-cash consolidations, net
|
8,894
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,894
|
|
||
Cumulative-effect of accounting change
|
9,753
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,753
|
|
|
—
|
|
||
Non cash activity related to noncontrolling interests
|
(7,973
|
)
|
|
—
|
|
|
—
|
|
|
(3,772
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,201
|
)
|
||
Total other comprehensive income, net of tax
|
773
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
773
|
|
|
—
|
|
|
—
|
|
||
Balance at August 31, 2019
|
$
|
15,465,947
|
|
|
29,709
|
|
|
3,944
|
|
|
8,559,704
|
|
|
(855,201
|
)
|
|
407
|
|
|
7,633,375
|
|
|
94,009
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||
|
|
August 31, 2020
|
|
August 31, 2019
|
|
August 31, 2020
|
|
August 31, 2019
|
||||||||||||||||||||||||
(Dollars in thousands, except price per share)
|
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
||||||||||||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
6,110,000
|
|
|
—
|
|
|
4,250,000
|
|
|
115,000
|
|
|
8,110,000
|
|
|
—
|
|
||||||||
Principal
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
295,930
|
|
|
$
|
—
|
|
|
$
|
282,274
|
|
|
$
|
6,155
|
|
|
$
|
394,710
|
|
|
$
|
—
|
|
Average price per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48.41
|
|
|
$
|
—
|
|
|
$
|
66.42
|
|
|
$
|
53.52
|
|
|
$
|
48.65
|
|
|
$
|
—
|
|
(5)
|
Income Taxes
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
August 31,
|
|
August 31,
|
|||||||||
(Dollars in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||
Provision for income taxes
|
|
$189,690
|
|
|
154,440
|
|
|
382,498
|
|
|
374,670
|
|
Effective tax rate (1)
|
22.2
|
%
|
|
23.1
|
%
|
|
19.5
|
%
|
|
24.2
|
%
|
(1)
|
For both the three and nine months ended August 31, 2020, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by new energy efficient home and solar tax credits, as well as a benefit related to years ended November 30, 2018 and 2019, due to Congress retroactively extending the new energy efficient home tax credit in December 2019.
|
(6)
|
Earnings Per Share
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
August 31,
|
|
August 31,
|
|||||||||
(In thousands, except per share amounts)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||
Numerator:
|
|
|
|
|
|
|
|
|||||
Net earnings attributable to Lennar
|
$
|
666,418
|
|
|
513,366
|
|
|
1,582,276
|
|
|
1,174,748
|
|
Less: distributed earnings allocated to nonvested shares
|
324
|
|
|
119
|
|
|
1,014
|
|
|
312
|
|
|
Less: undistributed earnings allocated to nonvested shares
|
7,474
|
|
|
4,401
|
|
|
17,433
|
|
|
9,271
|
|
|
Numerator for basic earnings per share
|
658,620
|
|
|
508,846
|
|
|
1,563,829
|
|
|
1,165,165
|
|
|
Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1)
|
3,606
|
|
|
1,498
|
|
|
6,928
|
|
|
4,655
|
|
|
Numerator for diluted earnings per share
|
$
|
655,014
|
|
|
507,348
|
|
|
1,556,901
|
|
|
1,160,510
|
|
Denominator:
|
|
|
|
|
|
|
|
|||||
Denominator for basic earnings per share - weighted average common shares outstanding
|
308,889
|
|
|
318,103
|
|
|
309,492
|
|
|
319,924
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|||||
Shared based payments
|
1
|
|
|
1
|
|
|
1
|
|
|
3
|
|
|
Denominator for diluted earnings per share - weighted average common shares outstanding
|
308,890
|
|
|
318,104
|
|
|
309,493
|
|
|
319,927
|
|
|
Basic earnings per share
|
$
|
2.13
|
|
|
1.60
|
|
|
5.05
|
|
|
3.64
|
|
Diluted earnings per share
|
$
|
2.12
|
|
|
1.59
|
|
|
5.03
|
|
|
3.63
|
|
(1)
|
The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own.
|
(Dollars in thousands)
|
August 31,
2020 |
|
November 30,
2019 |
|||
2.95% senior notes due 2020
|
$
|
299,857
|
|
|
299,421
|
|
8.375% senior notes due 2021
|
393,135
|
|
|
418,860
|
|
|
4.750% senior notes due 2021
|
499,479
|
|
|
498,893
|
|
|
6.25% senior notes due December 2021
|
306,479
|
|
|
310,252
|
|
|
4.125% senior notes due 2022
|
598,628
|
|
|
597,885
|
|
|
5.375% senior notes due 2022
|
256,056
|
|
|
258,198
|
|
|
4.750% senior notes due 2022
|
572,345
|
|
|
571,644
|
|
|
4.875% senior notes due December 2023
|
397,250
|
|
|
396,553
|
|
|
4.500% senior notes due 2024
|
647,347
|
|
|
646,802
|
|
|
5.875% senior notes due 2024
|
444,653
|
|
|
448,158
|
|
|
4.750% senior notes due 2025
|
497,891
|
|
|
497,558
|
|
|
5.25% senior notes due 2026
|
407,012
|
|
|
407,921
|
|
|
5.00% senior notes due 2027
|
352,604
|
|
|
352,892
|
|
|
4.75% senior notes due 2027
|
894,573
|
|
|
893,046
|
|
|
6.625% senior notes due 2020
|
—
|
|
|
303,668
|
|
|
Mortgage notes on land and other debt
|
612,965
|
|
|
874,887
|
|
|
|
$
|
7,180,274
|
|
|
7,776,638
|
|
(In thousands)
|
|
August 31,
2020 |
|
November 30,
2019 |
|||
Performance letters of credit
|
|
$
|
770,527
|
|
|
715,793
|
|
Financial letters of credit
|
|
258,703
|
|
|
184,075
|
|
|
Surety bonds
|
|
3,041,946
|
|
|
2,946,167
|
|
|
Anticipated future costs primarily for site improvements related to performance surety bonds
|
|
1,498,173
|
|
|
1,427,145
|
|
(8)
|
Product Warranty
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
August 31,
|
|
August 31,
|
|||||||||
(In thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||
Warranty reserve, beginning of the period
|
$
|
301,462
|
|
|
291,624
|
|
|
294,138
|
|
|
319,109
|
|
Warranties issued
|
50,324
|
|
|
49,603
|
|
|
134,867
|
|
|
131,429
|
|
|
Adjustments to pre-existing warranties from changes in estimates (1)
|
3,640
|
|
|
1,097
|
|
|
17,251
|
|
|
(6,426
|
)
|
|
Payments
|
(36,677
|
)
|
|
(51,808
|
)
|
|
(127,507
|
)
|
|
(153,596
|
)
|
|
Warranty reserve, end of period
|
$
|
318,749
|
|
|
290,516
|
|
|
318,749
|
|
|
290,516
|
|
(1)
|
The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2020 and 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
|
(9)
|
Financial Instruments and Fair Value Disclosures
|
|
|
|
August 31, 2020
|
|
November 30, 2019
|
|||||||||
(In thousands)
|
Fair Value Hierarchy
|
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
|||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|||||
Financial Services:
|
|
|
|
|
|
|
|
|
|
|||||
Loans held-for-investment, net
|
Level 3
|
|
$
|
67,219
|
|
|
64,377
|
|
|
73,867
|
|
|
69,708
|
|
Investments held-to-maturity
|
Level 3
|
|
$
|
164,588
|
|
|
196,246
|
|
|
166,012
|
|
|
195,962
|
|
Investments held-to-maturity
|
Level 2
|
|
$
|
—
|
|
|
—
|
|
|
24,277
|
|
|
24,257
|
|
Lennar Other:
|
|
|
|
|
|
|
|
|
|
|||||
Investments held-to-maturity
|
Level 3
|
|
$
|
—
|
|
|
—
|
|
|
54,117
|
|
|
56,415
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|||||
Homebuilding senior notes and other debts payable, net
|
Level 2
|
|
$
|
7,180,274
|
|
|
7,670,550
|
|
|
7,776,638
|
|
|
8,144,632
|
|
Financial Services notes and other debts payable, net
|
Level 2
|
|
$
|
956,414
|
|
|
957,832
|
|
|
1,745,755
|
|
|
1,745,782
|
|
Multifamily note payable, net
|
Level 2
|
|
$
|
—
|
|
|
—
|
|
|
36,125
|
|
|
36,125
|
|
Lennar Other notes and other debts payable, net
|
Level 2
|
|
$
|
1,906
|
|
|
1,906
|
|
|
15,178
|
|
|
15,178
|
|
(In thousands)
|
Fair Value Hierarchy
|
|
Fair Value at
August 31, 2020 |
|
Fair Value at
November 30, 2019 |
|||
Financial Services Assets:
|
|
|
|
|
|
|||
Residential loans held-for-sale (1)
|
Level 2
|
|
$
|
930,151
|
|
|
1,447,715
|
|
LMF Commercial loans held-for-sale (2)
|
Level 3
|
|
$
|
157,031
|
|
|
197,224
|
|
Mortgage servicing rights
|
Level 3
|
|
$
|
1,356
|
|
|
24,679
|
|
Lennar Other:
|
|
|
|
|
|
|||
Investments available-for-sale
|
Level 3
|
|
$
|
53,770
|
|
|
—
|
|
(1)
|
The aggregate fair value of residential loans held-for-sale of $930.2 million at August 31, 2020 exceeded their aggregate principal balance of $887.9 million by $42.2 million. The aggregate fair value of residential loans held-for-sale of $1.4 billion at November 30, 2019 exceeded their aggregate principal balance of $1.4 billion by $42.2 million.
|
(2)
|
The aggregate fair value of LMF Commercial loans held-for-sale of $157.0 million at August 31, 2020 exceeded their aggregate principal balance of $155.5 million by $1.6 million. The aggregate fair value of LMF Commercial loans held-for-sale of $197.2 million at November 30, 2019 exceeded their aggregate principal balance of $196.3 million by $0.9 million.
|
|
As of August 31, 2020
|
Unobservable inputs
|
|
Mortgage prepayment rate
|
17%
|
Discount rate
|
12%
|
Delinquency rate
|
4%
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
August 31,
|
|
August 31,
|
|||||||||
(In thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||
Changes in fair value included in Financial Services revenues:
|
|
|
|
|
|
|
|
|||||
Loans held-for-sale
|
$
|
2,229
|
|
|
(2,490
|
)
|
|
6
|
|
|
397
|
|
Mortgage loan commitments
|
(4,534
|
)
|
|
646
|
|
|
24,177
|
|
|
9,498
|
|
|
Forward contracts
|
(205
|
)
|
|
1,646
|
|
|
(1,088
|
)
|
|
734
|
|
|
Changes in fair value included in other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|||||
Lennar Other investments available-for-sale
|
175
|
|
|
—
|
|
|
(163
|
)
|
|
—
|
|
|
Financial Services investments available-for-sale
|
—
|
|
|
180
|
|
|
(46
|
)
|
|
949
|
|
|
Three Months Ended
|
|||||||||||
|
August 31, 2020
|
|
August 31, 2019
|
|||||||||
(In thousands)
|
Mortgage servicing rights
|
|
LMF Commercial loans held-for-sale
|
|
Mortgage servicing rights
|
|
LMF Commercial loans held-for-sale
|
|||||
Beginning balance
|
$
|
1,238
|
|
|
159,885
|
|
|
29,419
|
|
|
259,599
|
|
Purchases/loan originations
|
563
|
|
|
164,380
|
|
|
449
|
|
|
263,888
|
|
|
Sales/loan originations sold, including those not settled
|
—
|
|
|
(164,527
|
)
|
|
—
|
|
|
(347,713
|
)
|
|
Disposals/settlements
|
(34
|
)
|
|
—
|
|
|
(1,544
|
)
|
|
—
|
|
|
Changes in fair value (1)
|
(411
|
)
|
|
(1,165
|
)
|
|
(5,252
|
)
|
|
3,502
|
|
|
Interest and principal paydowns
|
—
|
|
|
(1,542
|
)
|
|
—
|
|
|
(572
|
)
|
|
Ending balance
|
$
|
1,356
|
|
|
157,031
|
|
|
23,072
|
|
|
178,704
|
|
|
Nine Months Ended
|
|||||||||||
|
August 31, 2020
|
|
August 31, 2019
|
|||||||||
(In thousands)
|
Mortgage servicing rights
|
|
LMF Commercial loans held-for-sale
|
|
Mortgage servicing rights
|
|
LMF Commercial loans held-for-sale
|
|||||
Beginning balance
|
$
|
24,679
|
|
|
197,224
|
|
|
37,206
|
|
|
61,691
|
|
Purchases/loan originations
|
1,917
|
|
|
582,030
|
|
|
2,707
|
|
|
969,200
|
|
|
Sales/loan originations sold, including those not settled
|
—
|
|
|
(622,251
|
)
|
|
—
|
|
|
(848,262
|
)
|
|
Disposals/settlements (2)
|
(10,231
|
)
|
|
—
|
|
|
(3,830
|
)
|
|
(9,920
|
)
|
|
Changes in fair value (1)
|
(15,009
|
)
|
|
2,102
|
|
|
(13,011
|
)
|
|
6,825
|
|
|
Interest and principal paydowns
|
—
|
|
|
(2,074
|
)
|
|
—
|
|
|
(830
|
)
|
|
Ending balance
|
$
|
1,356
|
|
|
157,031
|
|
|
23,072
|
|
|
178,704
|
|
(1)
|
Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
|
(2)
|
Includes $7.5 million related to the sale of a servicing portfolio.
|
|
|
|
Three Months Ended
|
|||||||||||||||||
|
|
|
August 31, 2020
|
|
August 31, 2019
|
|||||||||||||||
(In thousands)
|
Fair Value
Hierarchy
|
|
Carrying Value
|
|
Fair Value
|
|
Total Losses, Net (1)
|
|
Carrying Value
|
|
Fair Value
|
|
Total Losses, Net (1)
|
|||||||
Non-financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Finished homes and construction in progress (1)
|
Level 3
|
|
$
|
20,650
|
|
|
18,089
|
|
|
(2,561
|
)
|
|
4,922
|
|
|
4,142
|
|
|
(780
|
)
|
Land and land under development (1)
|
Level 3
|
|
$
|
21,621
|
|
|
12,650
|
|
|
(8,971
|
)
|
|
1,300
|
|
|
85
|
|
|
(1,215
|
)
|
|
|
|
Nine Months Ended
|
|||||||||||||||||
|
|
|
August 31, 2020
|
|
August 31, 2019
|
|||||||||||||||
(In thousands)
|
Fair Value
Hierarchy
|
|
Carrying Value
|
|
Fair Value
|
|
Total Losses, Net (1)
|
|
Carrying Value
|
|
Fair Value
|
|
Total Losses, Net (1)
|
|||||||
Non-financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Finished homes and construction in progress (1)
|
Level 3
|
|
$
|
162,459
|
|
|
138,493
|
|
|
(23,966
|
)
|
|
4,922
|
|
|
4,142
|
|
|
(780
|
)
|
Land and land under development (1)
|
Level 3
|
|
$
|
86,683
|
|
|
34,019
|
|
|
(52,664
|
)
|
|
8,253
|
|
|
3,085
|
|
|
(5,168
|
)
|
(1)
|
Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).
|
|
|
|
Communities with valuation adjustments
|
|||||||||
|
# of communities with potential indicator of impairment
|
|
# of communities
|
|
Fair Value
(in thousands)
|
|
Valuation Adjustments
(in thousands)
|
|||||
At or for the Nine Months Ended
|
|
|
|
|
|
|
|
|||||
August 31, 2020
|
28
|
|
14
|
|
|
$
|
76,115
|
|
|
$
|
40,364
|
|
August 31, 2019
|
47
|
|
1
|
|
|
4,226
|
|
|
1,995
|
|
|
Nine Months Ended
|
||||||||||
|
August 31, 2020
|
|
August 31, 2019
|
||||||||
Unobservable inputs
|
Range
|
|
|
||||||||
Average selling price
|
$
|
201,000
|
|
-
|
$
|
970,000
|
|
|
$
|
167,000
|
|
Absorption rate per quarter (homes)
|
3
|
-
|
15
|
|
12
|
||||||
Discount rate
|
20%
|
|
20%
|
(10)
|
Variable Interest Entities
|
|
August 31, 2020
|
|
November 30, 2019
|
|||||||||
(In thousands)
|
Investments in
Unconsolidated VIEs
|
|
Lennar’s Maximum
Exposure to Loss (1)
|
|
Investments in
Unconsolidated VIEs |
|
Lennar’s Maximum
Exposure to Loss (1) |
|||||
Homebuilding
|
$
|
85,733
|
|
|
85,914
|
|
|
80,939
|
|
|
81,118
|
|
Multifamily (2)
|
608,911
|
|
|
755,394
|
|
|
533,018
|
|
|
768,651
|
|
|
Financial Services (3)
|
234,806
|
|
|
287,614
|
|
|
166,012
|
|
|
166,012
|
|
|
Lennar Other
|
7,152
|
|
|
7,152
|
|
|
60,882
|
|
|
60,882
|
|
|
|
$
|
936,602
|
|
|
1,136,074
|
|
|
840,851
|
|
|
1,076,663
|
|
(1)
|
Limited to investments in unconsolidated VIEs, except as noted below.
|
(2)
|
As of August 31, 2020 and November 30, 2019, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $129.0 million and $224.2 million, respectively, to fund LMV I and LMV II for future expenditures related to the construction and development of its projects.
|
(3)
|
As of August 31, 2020, the maximum exposure to loss of Financial Services' investments in unconsolidated entities included a note receivable.
|
(Dollars in thousands)
|
August 31, 2020
|
||
Right-of-use assets
|
$
|
121,728
|
|
Lease liabilities
|
$
|
131,325
|
|
Weighted-average remaining lease term (in years)
|
2.7
|
|
|
Weighted-average discount rate
|
3.1
|
%
|
(Dollars in thousands)
|
Lease Payments
|
||
2020
|
$
|
8,897
|
|
2021
|
36,049
|
|
|
2022
|
28,843
|
|
|
2023
|
21,804
|
|
|
2024
|
15,853
|
|
|
2025 and thereafter
|
30,861
|
|
|
Total future minimum lease payments (1)
|
$
|
142,307
|
|
Less: Interest (2)
|
10,982
|
|
|
Present value of lease liabilities (2)
|
$
|
131,325
|
|
(1)
|
Total future minimum lease payments exclude variable lease costs of $12.7 million and short-term lease costs of $2.3 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of August 31, 2020, the minimum lease payments for these leases that have not yet commenced were immaterial.
|
(2)
|
The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of August 31, 2020, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 2.7 years and 3.1%, respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable or other liabilities of the respective segments.
|
(12)
|
New Accounting Pronouncements
|
(13)
|
Supplemental Financial Information
|
(In thousands)
|
Lennar
Corporation |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Consolidating Adjustments
|
|
Total
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents, restricted cash and receivables, net
|
$
|
1,645,161
|
|
|
602,845
|
|
|
26,707
|
|
|
—
|
|
|
2,274,713
|
|
Inventories
|
—
|
|
|
17,174,841
|
|
|
496,421
|
|
|
—
|
|
|
17,671,262
|
|
|
Investments in unconsolidated entities
|
—
|
|
|
938,584
|
|
|
2,111
|
|
|
—
|
|
|
940,695
|
|
|
Goodwill
|
—
|
|
|
3,442,359
|
|
|
—
|
|
|
—
|
|
|
3,442,359
|
|
|
Other assets
|
397,033
|
|
|
413,928
|
|
|
362,541
|
|
|
(36,365
|
)
|
|
1,137,137
|
|
|
Investments in subsidiaries
|
10,166,689
|
|
|
43,534
|
|
|
—
|
|
|
(10,210,223
|
)
|
|
—
|
|
|
Intercompany
|
12,272,981
|
|
|
—
|
|
|
—
|
|
|
(12,272,981
|
)
|
|
—
|
|
|
|
24,481,864
|
|
|
22,616,091
|
|
|
887,780
|
|
|
(22,519,569
|
)
|
|
25,466,166
|
|
|
Financial Services
|
—
|
|
|
287,907
|
|
|
1,923,928
|
|
|
(2,286
|
)
|
|
2,209,549
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
1,184,086
|
|
|
—
|
|
|
1,184,086
|
|
|
Lennar Other
|
—
|
|
|
193,874
|
|
|
282,728
|
|
|
(21,118
|
)
|
|
455,484
|
|
|
Total assets
|
$
|
24,481,864
|
|
|
23,097,872
|
|
|
4,278,522
|
|
|
(22,542,973
|
)
|
|
29,315,285
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable and other liabilities
|
$
|
773,363
|
|
|
2,033,906
|
|
|
337,088
|
|
|
(59,769
|
)
|
|
3,084,588
|
|
Liabilities related to consolidated inventory not owned
|
—
|
|
|
324,544
|
|
|
—
|
|
|
|
|
|
324,544
|
|
|
Senior notes and other debts payable
|
6,536,398
|
|
|
525,482
|
|
|
118,394
|
|
|
|
|
|
7,180,274
|
|
|
Intercompany
|
—
|
|
|
9,924,870
|
|
|
2,348,111
|
|
|
(12,272,981
|
)
|
|
—
|
|
|
|
7,309,761
|
|
|
12,808,802
|
|
|
2,803,593
|
|
|
(12,332,750
|
)
|
|
10,589,406
|
|
|
Financial Services
|
—
|
|
|
30,921
|
|
|
1,166,926
|
|
|
—
|
|
|
1,197,847
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
236,059
|
|
|
—
|
|
|
236,059
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
11,628
|
|
|
—
|
|
|
11,628
|
|
|
Total liabilities
|
7,309,761
|
|
|
12,839,723
|
|
|
4,218,206
|
|
|
(12,332,750
|
)
|
|
12,034,940
|
|
|
Total stockholders’ equity
|
17,172,103
|
|
|
10,258,149
|
|
|
(47,926
|
)
|
|
(10,210,223
|
)
|
|
17,172,103
|
|
|
Noncontrolling interests
|
—
|
|
|
—
|
|
|
108,242
|
|
|
—
|
|
|
108,242
|
|
|
Total equity
|
17,172,103
|
|
|
10,258,149
|
|
|
60,316
|
|
|
(10,210,223
|
)
|
|
17,280,345
|
|
|
Total liabilities and equity
|
$
|
24,481,864
|
|
|
23,097,872
|
|
|
4,278,522
|
|
|
(22,542,973
|
)
|
|
29,315,285
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents, restricted cash and receivables, net
|
$
|
722,172
|
|
|
794,588
|
|
|
22,894
|
|
|
—
|
|
|
1,539,654
|
|
Inventories
|
—
|
|
|
17,396,139
|
|
|
380,368
|
|
|
—
|
|
|
17,776,507
|
|
|
Investments in unconsolidated entities
|
—
|
|
|
1,006,541
|
|
|
2,494
|
|
|
—
|
|
|
1,009,035
|
|
|
Goodwill
|
—
|
|
|
3,442,359
|
|
|
—
|
|
|
—
|
|
|
3,442,359
|
|
|
Other assets
|
344,941
|
|
|
500,356
|
|
|
217,607
|
|
|
(41,220
|
)
|
|
1,021,684
|
|
|
Investments in subsidiaries
|
10,453,165
|
|
|
26,773
|
|
|
—
|
|
|
(10,479,938
|
)
|
|
—
|
|
|
Intercompany
|
12,027,996
|
|
|
—
|
|
|
—
|
|
|
(12,027,996
|
)
|
|
—
|
|
|
|
23,548,274
|
|
|
23,166,756
|
|
|
623,363
|
|
|
(22,549,154
|
)
|
|
24,789,239
|
|
|
Financial Services
|
—
|
|
|
275,812
|
|
|
2,731,285
|
|
|
(1,073
|
)
|
|
3,006,024
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
1,068,831
|
|
|
—
|
|
|
1,068,831
|
|
|
Lennar Other
|
—
|
|
|
158,194
|
|
|
339,988
|
|
|
(2,765
|
)
|
|
495,417
|
|
|
Total assets
|
$
|
23,548,274
|
|
|
23,600,762
|
|
|
4,763,467
|
|
|
(22,552,992
|
)
|
|
29,359,511
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable and other liabilities
|
$
|
760,981
|
|
|
1,935,366
|
|
|
318,845
|
|
|
(45,058
|
)
|
|
2,970,134
|
|
Liabilities related to consolidated inventory not owned
|
—
|
|
|
260,266
|
|
|
—
|
|
|
—
|
|
|
260,266
|
|
|
Senior notes and other debts payable
|
6,837,776
|
|
|
885,783
|
|
|
53,079
|
|
|
—
|
|
|
7,776,638
|
|
|
Intercompany
|
—
|
|
|
10,122,374
|
|
|
1,905,622
|
|
|
(12,027,996
|
)
|
|
—
|
|
|
|
7,598,757
|
|
|
13,203,789
|
|
|
2,277,546
|
|
|
(12,073,054
|
)
|
|
11,007,038
|
|
|
Financial Services
|
—
|
|
|
40,235
|
|
|
2,016,215
|
|
|
—
|
|
|
2,056,450
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
232,155
|
|
|
—
|
|
|
232,155
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
30,038
|
|
|
—
|
|
|
30,038
|
|
|
Total liabilities
|
7,598,757
|
|
|
13,244,024
|
|
|
4,555,954
|
|
|
(12,073,054
|
)
|
|
13,325,681
|
|
|
Total stockholders’ equity
|
15,949,517
|
|
|
10,356,738
|
|
|
123,200
|
|
|
(10,479,938
|
)
|
|
15,949,517
|
|
|
Noncontrolling interests
|
—
|
|
|
—
|
|
|
84,313
|
|
|
—
|
|
|
84,313
|
|
|
Total equity
|
15,949,517
|
|
|
10,356,738
|
|
|
207,513
|
|
|
(10,479,938
|
)
|
|
16,033,830
|
|
|
Total liabilities and equity
|
$
|
23,548,274
|
|
|
23,600,762
|
|
|
4,763,467
|
|
|
(22,552,992
|
)
|
|
29,359,511
|
|
(In thousands)
|
Lennar
Corporation |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Consolidating Adjustments
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
—
|
|
|
5,493,155
|
|
|
11,965
|
|
|
—
|
|
|
5,505,120
|
|
Financial Services
|
—
|
|
|
40,163
|
|
|
202,882
|
|
|
(5,977
|
)
|
|
237,068
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
115,170
|
|
|
—
|
|
|
115,170
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
12,896
|
|
|
—
|
|
|
12,896
|
|
|
Total revenues
|
—
|
|
|
5,533,318
|
|
|
342,913
|
|
|
(5,977
|
)
|
|
5,870,254
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
—
|
|
|
4,659,970
|
|
|
13,424
|
|
|
(236
|
)
|
|
4,673,158
|
|
|
Financial Services
|
—
|
|
|
19,262
|
|
|
89,414
|
|
|
(6,687
|
)
|
|
101,989
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
118,786
|
|
|
—
|
|
|
118,786
|
|
|
Lennar Other
|
—
|
|
|
232
|
|
|
1,830
|
|
|
—
|
|
|
2,062
|
|
|
Corporate general and administrative
|
88,977
|
|
|
2,419
|
|
|
—
|
|
|
1,265
|
|
|
92,661
|
|
|
Total costs and expenses
|
88,977
|
|
|
4,681,883
|
|
|
223,454
|
|
|
(5,658
|
)
|
|
4,988,656
|
|
|
Homebuilding equity in earnings (loss) from unconsolidated entities
|
—
|
|
|
(6,557
|
)
|
|
126
|
|
|
—
|
|
|
(6,431
|
)
|
|
Homebuilding other income (expense), net
|
(319
|
)
|
|
(12,722
|
)
|
|
935
|
|
|
319
|
|
|
(11,787
|
)
|
|
Multifamily equity in loss from unconsolidated entities and other gain
|
—
|
|
|
—
|
|
|
(1,532
|
)
|
|
—
|
|
|
(1,532
|
)
|
|
Lennar Other equity in earnings (loss) from unconsolidated entities
|
—
|
|
|
(4,145
|
)
|
|
1,956
|
|
|
—
|
|
|
(2,189
|
)
|
|
Lennar Other income (expense), net
|
—
|
|
|
437
|
|
|
(1,083
|
)
|
|
—
|
|
|
(646
|
)
|
|
Earnings (loss) before income taxes
|
(89,296
|
)
|
|
828,448
|
|
|
119,861
|
|
|
—
|
|
|
859,013
|
|
|
Benefit (provision) for income taxes
|
20,823
|
|
|
(182,045
|
)
|
|
(28,468
|
)
|
|
—
|
|
|
(189,690
|
)
|
|
Equity in earnings from subsidiaries
|
734,891
|
|
|
81,609
|
|
|
—
|
|
|
(816,500
|
)
|
|
—
|
|
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
666,418
|
|
|
728,012
|
|
|
91,393
|
|
|
(816,500
|
)
|
|
669,323
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
2,905
|
|
|
—
|
|
|
2,905
|
|
|
Net earnings attributable to Lennar
|
$
|
666,418
|
|
|
728,012
|
|
|
88,488
|
|
|
(816,500
|
)
|
|
666,418
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gain on securities available-for-sale
|
$
|
—
|
|
|
—
|
|
|
175
|
|
|
—
|
|
|
175
|
|
Total other comprehensive income, net of tax
|
$
|
—
|
|
|
—
|
|
|
175
|
|
|
—
|
|
|
175
|
|
Total comprehensive income attributable to Lennar
|
$
|
666,418
|
|
|
728,012
|
|
|
88,663
|
|
|
(816,500
|
)
|
|
666,593
|
|
Total comprehensive income attributable to noncontrolling interests
|
$
|
—
|
|
|
—
|
|
|
2,905
|
|
|
—
|
|
|
2,905
|
|
(In thousands)
|
Lennar
Corporation |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Consolidating Adjustments
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
—
|
|
|
5,413,602
|
|
|
25,396
|
|
|
—
|
|
|
5,438,998
|
|
Financial Services
|
—
|
|
|
36,409
|
|
|
192,960
|
|
|
(4,867
|
)
|
|
224,502
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
183,958
|
|
|
—
|
|
|
183,958
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
9,600
|
|
|
—
|
|
|
9,600
|
|
|
Total revenues
|
—
|
|
|
5,450,011
|
|
|
411,914
|
|
|
(4,867
|
)
|
|
5,857,058
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
—
|
|
|
4,758,852
|
|
|
24,009
|
|
|
(929
|
)
|
|
4,781,932
|
|
|
Financial Services
|
—
|
|
|
17,707
|
|
|
137,148
|
|
|
(5,051
|
)
|
|
149,804
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
181,616
|
|
|
—
|
|
|
181,616
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
2,734
|
|
|
—
|
|
|
2,734
|
|
|
Corporate general and administrative
|
86,846
|
|
|
4,503
|
|
|
—
|
|
|
1,266
|
|
|
92,615
|
|
|
Total costs and expenses
|
86,846
|
|
|
4,781,062
|
|
|
345,507
|
|
|
(4,714
|
)
|
|
5,208,701
|
|
|
Homebuilding equity in loss from unconsolidated entities
|
—
|
|
|
(10,455
|
)
|
|
(4
|
)
|
|
—
|
|
|
(10,459
|
)
|
|
Homebuilding other income (expense), net
|
(153
|
)
|
|
7,101
|
|
|
5,274
|
|
|
153
|
|
|
12,375
|
|
|
Multifamily equity in earnings from unconsolidated entities and other gain
|
—
|
|
|
—
|
|
|
7,883
|
|
|
—
|
|
|
7,883
|
|
|
Lennar Other equity in earnings from unconsolidated entities
|
—
|
|
|
561
|
|
|
8,342
|
|
|
—
|
|
|
8,903
|
|
|
Lennar Other income, net
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
24
|
|
|
Earnings (loss) before income taxes
|
(86,999
|
)
|
|
666,156
|
|
|
87,926
|
|
|
—
|
|
|
667,083
|
|
|
Benefit (provision) for income taxes
|
19,816
|
|
|
(151,808
|
)
|
|
(22,448
|
)
|
|
—
|
|
|
(154,440
|
)
|
|
Equity in earnings from subsidiaries
|
580,549
|
|
|
42,876
|
|
|
—
|
|
|
(623,425
|
)
|
|
—
|
|
|
Net earnings (including net loss attributable to noncontrolling interests)
|
513,366
|
|
|
557,224
|
|
|
65,478
|
|
|
(623,425
|
)
|
|
512,643
|
|
|
Less: Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(723
|
)
|
|
—
|
|
|
(723
|
)
|
|
Net earnings attributable to Lennar
|
$
|
513,366
|
|
|
557,224
|
|
|
66,201
|
|
|
(623,425
|
)
|
|
513,366
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gain on securities available-for-sale
|
$
|
—
|
|
|
—
|
|
|
180
|
|
|
—
|
|
|
180
|
|
Total other comprehensive income, net of tax
|
$
|
—
|
|
|
—
|
|
|
180
|
|
|
—
|
|
|
180
|
|
Total comprehensive income attributable to Lennar
|
$
|
513,366
|
|
|
557,224
|
|
|
66,381
|
|
|
(623,425
|
)
|
|
513,546
|
|
Total comprehensive loss attributable to noncontrolling interests
|
$
|
—
|
|
|
—
|
|
|
(723
|
)
|
|
—
|
|
|
(723
|
)
|
(In thousands)
|
Lennar
Corporation |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Consolidating Adjustments
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
—
|
|
|
14,589,155
|
|
|
37,565
|
|
|
—
|
|
|
14,626,720
|
|
Financial Services
|
—
|
|
|
104,691
|
|
|
545,247
|
|
|
(17,946
|
)
|
|
631,992
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
370,904
|
|
|
—
|
|
|
370,904
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
33,348
|
|
|
—
|
|
|
33,348
|
|
|
Total revenues
|
—
|
|
|
14,693,846
|
|
|
987,064
|
|
|
(17,946
|
)
|
|
15,662,964
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
—
|
|
|
12,647,627
|
|
|
44,071
|
|
|
(7,403
|
)
|
|
12,684,295
|
|
|
Financial Services
|
—
|
|
|
56,861
|
|
|
320,141
|
|
|
(13,314
|
)
|
|
363,688
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
379,607
|
|
|
—
|
|
|
379,607
|
|
|
Lennar Other
|
—
|
|
|
232
|
|
|
3,332
|
|
|
—
|
|
|
3,564
|
|
|
Corporate general and administrative
|
253,531
|
|
|
5,632
|
|
|
—
|
|
|
3,796
|
|
|
262,959
|
|
|
Total costs and expenses
|
253,531
|
|
|
12,710,352
|
|
|
747,151
|
|
|
(16,921
|
)
|
|
13,694,113
|
|
|
Homebuilding equity in earnings (loss) from unconsolidated entities
|
—
|
|
|
(20,513
|
)
|
|
436
|
|
|
—
|
|
|
(20,077
|
)
|
|
Homebuilding other income (expense), net
|
(1,025
|
)
|
|
(20,961
|
)
|
|
4,116
|
|
|
1,025
|
|
|
(16,845
|
)
|
|
Financial Services gain on deconsolidation
|
—
|
|
|
61,418
|
|
|
—
|
|
|
—
|
|
|
61,418
|
|
|
Multifamily equity in earnings from unconsolidated entities and other gain
|
—
|
|
|
—
|
|
|
4,702
|
|
|
—
|
|
|
4,702
|
|
|
Lennar Other equity in loss from unconsolidated entities
|
—
|
|
|
(12,997
|
)
|
|
(15,715
|
)
|
|
—
|
|
|
(28,712
|
)
|
|
Lennar Other income (expense), net
|
—
|
|
|
443
|
|
|
(10,638
|
)
|
|
—
|
|
|
(10,195
|
)
|
|
Earnings (loss) before income taxes
|
(254,556
|
)
|
|
1,990,884
|
|
|
222,814
|
|
|
—
|
|
|
1,959,142
|
|
|
Benefit (provision) for income taxes
|
49,562
|
|
|
(373,756
|
)
|
|
(58,304
|
)
|
|
—
|
|
|
(382,498
|
)
|
|
Equity in earnings from subsidiaries
|
1,787,270
|
|
|
162,444
|
|
|
—
|
|
|
(1,949,714
|
)
|
|
—
|
|
|
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
|
1,582,276
|
|
|
1,779,572
|
|
|
164,510
|
|
|
(1,949,714
|
)
|
|
1,576,644
|
|
|
Less: Net earnings (loss) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(5,632
|
)
|
|
—
|
|
|
(5,632
|
)
|
|
Net earnings attributable to Lennar
|
$
|
1,582,276
|
|
|
1,779,572
|
|
|
170,142
|
|
|
(1,949,714
|
)
|
|
1,582,276
|
|
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized loss on securities available-for-sale
|
$
|
—
|
|
|
—
|
|
|
(209
|
)
|
|
—
|
|
|
(209
|
)
|
Reclassification adjustments for gain included in earnings, net of tax
|
—
|
|
|
—
|
|
|
(452
|
)
|
|
—
|
|
|
(452
|
)
|
|
Total other comprehensive loss, net of tax
|
$
|
—
|
|
|
—
|
|
|
(661
|
)
|
|
—
|
|
|
(661
|
)
|
Total comprehensive income attributable to Lennar
|
$
|
1,582,276
|
|
|
1,779,572
|
|
|
169,481
|
|
|
(1,949,714
|
)
|
|
1,581,615
|
|
Total comprehensive loss attributable to noncontrolling interests
|
$
|
—
|
|
|
—
|
|
|
(5,632
|
)
|
|
—
|
|
|
(5,632
|
)
|
(In thousands)
|
Lennar
Corporation |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Consolidating Adjustments
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
—
|
|
|
14,202,932
|
|
|
55,386
|
|
|
—
|
|
|
14,258,318
|
|
Financial Services
|
—
|
|
|
121,679
|
|
|
464,938
|
|
|
(14,588
|
)
|
|
572,029
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
428,764
|
|
|
—
|
|
|
428,764
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
28,919
|
|
|
—
|
|
|
28,919
|
|
|
Total revenues
|
—
|
|
|
14,324,611
|
|
|
978,007
|
|
|
(14,588
|
)
|
|
15,288,030
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
—
|
|
|
12,546,016
|
|
|
55,910
|
|
|
6,100
|
|
|
12,608,026
|
|
|
Financial Services
|
—
|
|
|
76,914
|
|
|
368,926
|
|
|
(23,698
|
)
|
|
422,142
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
431,510
|
|
|
—
|
|
|
431,510
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
7,550
|
|
|
—
|
|
|
7,550
|
|
|
Corporate general and administrative
|
238,696
|
|
|
5,579
|
|
|
—
|
|
|
3,796
|
|
|
248,071
|
|
|
Total costs and expenses
|
238,696
|
|
|
12,628,509
|
|
|
863,896
|
|
|
(13,802
|
)
|
|
13,717,299
|
|
|
Homebuilding equity in earnings (loss) from unconsolidated entities
|
—
|
|
|
(4,869
|
)
|
|
268
|
|
|
—
|
|
|
(4,601
|
)
|
|
Homebuilding other income (expense), net
|
(783
|
)
|
|
(43,845
|
)
|
|
8,517
|
|
|
786
|
|
|
(35,325
|
)
|
|
Multifamily equity in earnings from unconsolidated entities and other gain
|
—
|
|
|
—
|
|
|
15,446
|
|
|
—
|
|
|
15,446
|
|
|
Lennar Other equity in earnings (loss) from unconsolidated entities
|
—
|
|
|
(7,024
|
)
|
|
19,279
|
|
|
—
|
|
|
12,255
|
|
|
Lennar Other expense, net
|
—
|
|
|
—
|
|
|
(12,900
|
)
|
|
—
|
|
|
(12,900
|
)
|
|
Earnings (loss) before income taxes
|
(239,479
|
)
|
|
1,640,364
|
|
|
144,721
|
|
|
—
|
|
|
1,545,606
|
|
|
Benefit (provision) for income taxes
|
57,906
|
|
|
(394,383
|
)
|
|
(38,193
|
)
|
|
—
|
|
|
(374,670
|
)
|
|
Equity in earnings from subsidiaries
|
1,356,321
|
|
|
76,352
|
|
|
—
|
|
|
(1,432,673
|
)
|
|
—
|
|
|
Net earnings (including net loss attributable to noncontrolling interests)
|
1,174,748
|
|
|
1,322,333
|
|
|
106,528
|
|
|
(1,432,673
|
)
|
|
1,170,936
|
|
|
Less: Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(3,812
|
)
|
|
—
|
|
|
(3,812
|
)
|
|
Net earnings attributable to Lennar
|
$
|
1,174,748
|
|
|
1,322,333
|
|
|
110,340
|
|
|
(1,432,673
|
)
|
|
1,174,748
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gain on securities available-for-sale
|
$
|
—
|
|
|
—
|
|
|
949
|
|
|
—
|
|
|
949
|
|
Reclassification adjustments for loss included in earnings, net of tax
|
—
|
|
|
—
|
|
|
(176
|
)
|
|
—
|
|
|
(176
|
)
|
|
Total other comprehensive income, net of tax
|
$
|
—
|
|
|
—
|
|
|
773
|
|
|
—
|
|
|
773
|
|
Total comprehensive income attributable to Lennar
|
$
|
1,174,748
|
|
|
1,322,333
|
|
|
111,113
|
|
|
(1,432,673
|
)
|
|
1,175,521
|
|
Total comprehensive loss attributable to noncontrolling interests
|
$
|
—
|
|
|
—
|
|
|
(3,812
|
)
|
|
—
|
|
|
(3,812
|
)
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings (including net loss attributable to noncontrolling interests)
|
$
|
1,582,276
|
|
|
1,779,572
|
|
|
164,510
|
|
|
(1,949,714
|
)
|
|
1,576,644
|
|
Distributions of earnings from guarantor and non-guarantor subsidiaries
|
1,787,270
|
|
|
162,444
|
|
|
—
|
|
|
(1,949,714
|
)
|
|
—
|
|
|
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities
|
(1,757,490
|
)
|
|
395,502
|
|
|
732,474
|
|
|
1,949,714
|
|
|
1,320,200
|
|
|
Net cash provided by operating activities
|
1,612,056
|
|
|
2,337,518
|
|
|
896,984
|
|
|
(1,949,714
|
)
|
|
2,896,844
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital
|
—
|
|
|
(71,695
|
)
|
|
(205,102
|
)
|
|
—
|
|
|
(276,797
|
)
|
|
Proceeds from the sales of operating properties and equipment and other assets
|
—
|
|
|
33,096
|
|
|
—
|
|
|
—
|
|
|
33,096
|
|
|
Other
|
(3,414
|
)
|
|
32,229
|
|
|
(52,581
|
)
|
|
—
|
|
|
(23,766
|
)
|
|
Distributions of capital from guarantor and non-guarantor subsidiaries
|
100,000
|
|
|
50,000
|
|
|
—
|
|
|
(150,000
|
)
|
|
—
|
|
|
Intercompany
|
(62,896
|
)
|
|
—
|
|
|
—
|
|
|
62,896
|
|
|
—
|
|
|
Net cash provided by (used in) investing activities
|
33,690
|
|
|
43,630
|
|
|
(257,683
|
)
|
|
(87,104
|
)
|
|
(267,467
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net borrowings (repayments) under unsecured revolving credit facilities
|
—
|
|
|
1,476
|
|
|
(790,815
|
)
|
|
—
|
|
|
(789,339
|
)
|
|
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable
|
(280,630
|
)
|
|
(481,524
|
)
|
|
121,604
|
|
|
—
|
|
|
(640,550
|
)
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
||||||
Repurchases
|
(318,989
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(318,989
|
)
|
|
Dividends
|
(117,112
|
)
|
|
(1,879,572
|
)
|
|
(220,142
|
)
|
|
2,099,714
|
|
|
(117,112
|
)
|
|
Intercompany
|
—
|
|
|
(185,180
|
)
|
|
248,076
|
|
|
(62,896
|
)
|
|
—
|
|
|
Net cash used in financing activities
|
(716,731
|
)
|
|
(2,544,800
|
)
|
|
(641,277
|
)
|
|
2,036,818
|
|
|
(1,865,990
|
)
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
929,015
|
|
|
(163,652
|
)
|
|
(1,976
|
)
|
|
—
|
|
|
763,387
|
|
|
Cash and cash equivalents and restricted cash at beginning of period
|
713,828
|
|
|
532,304
|
|
|
222,559
|
|
|
—
|
|
|
1,468,691
|
|
|
Cash and cash equivalents and restricted cash at end of period
|
$
|
1,642,843
|
|
|
368,652
|
|
|
220,583
|
|
|
—
|
|
|
2,232,078
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings (including net loss attributable to noncontrolling interests)
|
$
|
1,174,748
|
|
|
1,322,333
|
|
|
106,528
|
|
|
(1,432,673
|
)
|
|
1,170,936
|
|
Distributions of earnings from guarantor and non-guarantor subsidiaries
|
1,356,321
|
|
|
76,352
|
|
|
—
|
|
|
(1,432,673
|
)
|
|
—
|
|
|
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities
|
(1,261,601
|
)
|
|
(1,342,672
|
)
|
|
298,957
|
|
|
1,432,673
|
|
|
(872,643
|
)
|
|
Net cash provided by operating activities
|
1,269,468
|
|
|
56,013
|
|
|
405,485
|
|
|
(1,432,673
|
)
|
|
298,293
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||
Investments in and contributions to unconsolidated entities and consolidated entities, net of distributions of capital
|
—
|
|
|
(135,395
|
)
|
|
55,802
|
|
|
—
|
|
|
(79,593
|
)
|
|
Proceeds from sales of real estate owned
|
—
|
|
|
—
|
|
|
8,560
|
|
|
—
|
|
|
8,560
|
|
|
Proceeds from sale of investment in unconsolidated entities
|
—
|
|
|
—
|
|
|
17,790
|
|
|
—
|
|
|
17,790
|
|
|
Proceeds from sales of Financial Services' business
|
—
|
|
|
21,517
|
|
|
2,929
|
|
|
—
|
|
|
24,446
|
|
|
Other
|
(2,164
|
)
|
|
34,935
|
|
|
(43,331
|
)
|
|
—
|
|
|
(10,560
|
)
|
|
Intercompany
|
(1,256,112
|
)
|
|
—
|
|
|
—
|
|
|
1,256,112
|
|
|
—
|
|
|
Net cash provided by (used in) investing activities
|
(1,258,276
|
)
|
|
(78,943
|
)
|
|
41,750
|
|
|
1,256,112
|
|
|
(39,357
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net borrowings under unsecured revolving credit facilities
|
700,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
700,000
|
|
|
Net repayments under warehouse facilities
|
—
|
|
|
(9
|
)
|
|
(423,114
|
)
|
|
—
|
|
|
(423,123
|
)
|
|
Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable
|
(500,000
|
)
|
|
(117,444
|
)
|
|
21,521
|
|
|
—
|
|
|
(595,923
|
)
|
|
Net repayments related to noncontrolling interests
|
—
|
|
|
—
|
|
|
(8,294
|
)
|
|
—
|
|
|
(8,294
|
)
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
||||||
Issuances
|
388
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
388
|
|
|
Repurchases
|
(419,322
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(419,322
|
)
|
|
Dividends
|
(38,776
|
)
|
|
(1,322,333
|
)
|
|
(110,340
|
)
|
|
1,432,673
|
|
|
(38,776
|
)
|
|
Intercompany
|
—
|
|
|
1,181,304
|
|
|
74,808
|
|
|
(1,256,112
|
)
|
|
—
|
|
|
Net cash used in financing activities
|
(257,710
|
)
|
|
(258,482
|
)
|
|
(445,419
|
)
|
|
176,561
|
|
|
(785,050
|
)
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
(246,518
|
)
|
|
(281,412
|
)
|
|
1,816
|
|
|
—
|
|
|
(526,114
|
)
|
|
Cash and cash equivalents and restricted cash at beginning of period
|
624,694
|
|
|
721,603
|
|
|
249,681
|
|
|
—
|
|
|
1,595,978
|
|
|
Cash and cash equivalents and restricted cash at end of period
|
$
|
378,176
|
|
|
440,191
|
|
|
251,497
|
|
|
—
|
|
|
1,069,864
|
|
|
Three Months Ended August 31, 2020
|
|||||||||||||||||
(In thousands)
|
Homebuilding
|
|
Financial Services
|
|
Multifamily
|
|
Lennar Other
|
|
Corporate
|
|
Total
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sales of homes
|
$
|
5,467,364
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,467,364
|
|
Sales of land
|
34,323
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,323
|
|
|
Other revenues
|
3,433
|
|
|
237,068
|
|
|
115,170
|
|
|
12,896
|
|
|
—
|
|
|
368,567
|
|
|
Total revenues
|
5,505,120
|
|
|
237,068
|
|
|
115,170
|
|
|
12,896
|
|
|
—
|
|
|
5,870,254
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Costs of homes sold
|
4,204,814
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,204,814
|
|
|
Costs of land sold
|
32,395
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,395
|
|
|
Selling, general and administrative expenses
|
435,949
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
435,949
|
|
|
Other costs and expenses
|
—
|
|
|
101,989
|
|
|
118,786
|
|
|
2,062
|
|
|
—
|
|
|
222,837
|
|
|
Total costs and expenses
|
4,673,158
|
|
|
101,989
|
|
|
118,786
|
|
|
2,062
|
|
|
—
|
|
|
4,895,995
|
|
|
Equity in loss from unconsolidated entities and Multifamily other gain
|
(6,431
|
)
|
|
—
|
|
|
(1,532
|
)
|
|
(2,189
|
)
|
|
—
|
|
|
(10,152
|
)
|
|
Other expense, net
|
(11,787
|
)
|
|
—
|
|
|
—
|
|
|
(646
|
)
|
|
—
|
|
|
(12,433
|
)
|
|
Operating earnings (loss)
|
$
|
813,744
|
|
|
135,079
|
|
|
(5,148
|
)
|
|
7,999
|
|
|
—
|
|
|
951,674
|
|
Corporate general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,661
|
|
|
92,661
|
|
|
Earnings (loss) before income taxes
|
$
|
813,744
|
|
|
135,079
|
|
|
(5,148
|
)
|
|
7,999
|
|
|
(92,661
|
)
|
|
859,013
|
|
|
Three Months Ended August 31, 2019
|
|||||||||||||||||
(In thousands)
|
Homebuilding
|
|
Financial Services
|
|
Multifamily
|
|
Lennar Other
|
|
Corporate
|
|
Total
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sales of homes
|
$
|
5,330,694
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,330,694
|
|
Sales of land
|
104,338
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104,338
|
|
|
Other revenues
|
3,966
|
|
|
224,502
|
|
|
183,958
|
|
|
9,600
|
|
|
—
|
|
|
422,026
|
|
|
Total revenues
|
5,438,998
|
|
|
224,502
|
|
|
183,958
|
|
|
9,600
|
|
|
—
|
|
|
5,857,058
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Costs of homes sold
|
4,245,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,245,061
|
|
|
Costs of land sold
|
92,151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,151
|
|
|
Selling, general and administrative expenses
|
444,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
444,720
|
|
|
Other costs and expenses
|
—
|
|
|
149,804
|
|
|
181,616
|
|
|
2,734
|
|
|
—
|
|
|
334,154
|
|
|
Total costs and expenses
|
4,781,932
|
|
|
149,804
|
|
|
181,616
|
|
|
2,734
|
|
|
—
|
|
|
5,116,086
|
|
|
Equity in earnings (loss) from unconsolidated entities and Multifamily other gain
|
(10,459
|
)
|
|
—
|
|
|
7,883
|
|
|
8,903
|
|
|
—
|
|
|
6,327
|
|
|
Other income, net
|
12,375
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
12,399
|
|
|
Operating earnings
|
$
|
658,982
|
|
|
74,698
|
|
|
10,225
|
|
|
15,793
|
|
|
—
|
|
|
759,698
|
|
Corporate general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,615
|
|
|
92,615
|
|
|
Earnings (loss) before income taxes
|
$
|
658,982
|
|
|
74,698
|
|
|
10,225
|
|
|
15,793
|
|
|
(92,615
|
)
|
|
667,083
|
|
|
Nine Months Ended August 31, 2020
|
|||||||||||||||||
(In thousands)
|
Homebuilding
|
|
Financial Services
|
|
Multifamily
|
|
Lennar Other
|
|
Corporate
|
|
Total
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sales of homes
|
$
|
14,533,212
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,533,212
|
|
Sales of land
|
81,023
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81,023
|
|
|
Other revenues
|
12,485
|
|
|
631,992
|
|
|
370,904
|
|
|
33,348
|
|
|
—
|
|
|
1,048,729
|
|
|
Total revenues
|
14,626,720
|
|
|
631,992
|
|
|
370,904
|
|
|
33,348
|
|
|
—
|
|
|
15,662,964
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Costs of homes sold
|
11,359,364
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,359,364
|
|
|
Costs of land sold
|
102,899
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,899
|
|
|
Selling, general and administrative expenses
|
1,222,032
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,222,032
|
|
|
Other costs and expenses
|
—
|
|
|
363,688
|
|
|
379,607
|
|
|
3,564
|
|
|
—
|
|
|
746,859
|
|
|
Total costs and expenses
|
12,684,295
|
|
|
363,688
|
|
|
379,607
|
|
|
3,564
|
|
|
—
|
|
|
13,431,154
|
|
|
Equity in earnings (loss) from unconsolidated entities and Multifamily other gain
|
(20,077
|
)
|
|
—
|
|
|
4,702
|
|
|
(28,712
|
)
|
|
—
|
|
|
(44,087
|
)
|
|
Financial Services gain on deconsolidation
|
—
|
|
|
61,418
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61,418
|
|
|
Other expense, net
|
(16,845
|
)
|
|
—
|
|
|
|
|
(10,195
|
)
|
|
—
|
|
|
(27,040
|
)
|
||
Operating earnings (loss)
|
$
|
1,905,503
|
|
|
329,722
|
|
|
(4,001
|
)
|
|
(9,123
|
)
|
|
—
|
|
|
2,222,101
|
|
Corporate general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262,959
|
|
|
262,959
|
|
|
Earnings (loss) before income taxes
|
$
|
1,905,503
|
|
|
329,722
|
|
|
(4,001
|
)
|
|
(9,123
|
)
|
|
(262,959
|
)
|
|
1,959,142
|
|
|
Nine Months Ended August 31, 2019
|
|||||||||||||||||
(In thousands)
|
Homebuilding
|
|
Financial Services
|
|
Multifamily
|
|
Lennar Other
|
|
Corporate
|
|
Total
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sales of homes
|
$
|
14,114,939
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,114,939
|
|
Sales of land
|
134,576
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
134,576
|
|
|
Other revenues
|
8,803
|
|
|
572,029
|
|
|
428,764
|
|
|
28,919
|
|
|
—
|
|
|
1,038,515
|
|
|
Total revenues
|
14,258,318
|
|
|
572,029
|
|
|
428,764
|
|
|
28,919
|
|
|
—
|
|
|
15,288,030
|
|
|
Homebuilding costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Costs of homes sold
|
11,264,640
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,264,640
|
|
|
Costs of land sold
|
119,685
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119,685
|
|
|
Selling, general and administrative
|
1,223,701
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,223,701
|
|
|
Other costs and expenses
|
—
|
|
|
422,142
|
|
|
431,510
|
|
|
7,550
|
|
|
|
|
861,202
|
|
||
Total costs and expenses
|
12,608,026
|
|
|
422,142
|
|
|
431,510
|
|
|
7,550
|
|
|
—
|
|
|
13,469,228
|
|
|
Equity in earnings (loss) from unconsolidated entities and Multifamily other gain
|
(4,601
|
)
|
|
—
|
|
|
15,446
|
|
|
12,255
|
|
|
—
|
|
|
23,100
|
|
|
Other expense, net
|
(35,325
|
)
|
|
—
|
|
|
—
|
|
|
(12,900
|
)
|
|
—
|
|
|
(48,225
|
)
|
|
Operating earnings
|
$
|
1,610,366
|
|
|
149,887
|
|
|
12,700
|
|
|
20,724
|
|
|
—
|
|
|
1,793,677
|
|
Corporate general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248,071
|
|
|
248,071
|
|
|
Earnings (loss) before income taxes
|
$
|
1,610,366
|
|
|
149,887
|
|
|
12,700
|
|
|
20,724
|
|
|
(248,071
|
)
|
|
1,545,606
|
|
|
Three Months Ended August 31, 2020
|
|||||||||||||||||||||||||||
|
Gross Margins
|
|
Operating Earnings (Loss)
|
|||||||||||||||||||||||||
(In thousands)
|
Sales of Homes Revenue
|
|
Costs of Sales of Homes
|
|
Gross Margin %
|
|
Net Margins on Sales of Homes (1)
|
|
Gross Margins on Sales of Land
|
|
Other Revenue
|
|
Equity in Earnings (Loss) from Unconsolidated Entities
|
|
Other Income (Expense), net
|
|
Operating Earnings (Loss)
|
|||||||||||
East
|
$
|
1,477,273
|
|
|
1,112,035
|
|
|
24.7
|
%
|
|
241,904
|
|
|
(103
|
)
|
|
638
|
|
|
897
|
|
|
853
|
|
|
244,189
|
|
|
Central
|
1,062,799
|
|
|
842,764
|
|
|
20.7
|
%
|
|
134,395
|
|
|
(57
|
)
|
|
1,341
|
|
|
70
|
|
|
(3,071
|
)
|
|
132,678
|
|
||
Texas
|
719,467
|
|
|
538,480
|
|
|
25.2
|
%
|
|
114,954
|
|
|
2,016
|
|
|
203
|
|
|
242
|
|
|
(1,304
|
)
|
|
116,111
|
|
||
West
|
2,205,235
|
|
|
1,706,530
|
|
|
22.6
|
%
|
|
343,353
|
|
|
72
|
|
|
1,145
|
|
|
48
|
|
|
(1,784
|
)
|
|
342,834
|
|
||
Other (2)
|
2,590
|
|
|
5,005
|
|
|
(93.2
|
)%
|
|
(8,005
|
)
|
|
—
|
|
|
106
|
|
|
(7,688
|
)
|
|
(6,481
|
)
|
|
(22,068
|
)
|
||
Totals
|
$
|
5,467,364
|
|
|
4,204,814
|
|
|
23.1
|
%
|
|
$
|
826,601
|
|
|
1,928
|
|
|
3,433
|
|
|
(6,431
|
)
|
|
(11,787
|
)
|
|
813,744
|
|
|
Three Months Ended August 31, 2019
|
|||||||||||||||||||||||||||
|
Gross Margins
|
|
Operating Earnings (Loss)
|
|||||||||||||||||||||||||
(In thousands)
|
Sales of Homes Revenue
|
|
Costs of Sales of Homes
|
|
Gross Margin %
|
|
Net Margins on Sales of Homes (1)
|
|
Gross Margins on Sales of Land
|
|
Other Revenue
|
|
Equity in Earnings (Loss) from Unconsolidated Entities
|
|
Other Income (Expense), net
|
|
Operating Earnings (Loss)
|
|||||||||||
East
|
$
|
1,500,056
|
|
|
1,167,440
|
|
|
22.2
|
%
|
|
209,610
|
|
|
119
|
|
|
1,083
|
|
|
(184
|
)
|
|
8,707
|
|
|
219,335
|
|
|
Central
|
1,054,715
|
|
|
858,434
|
|
|
18.6
|
%
|
|
108,564
|
|
|
4,113
|
|
|
699
|
|
|
14
|
|
|
3,199
|
|
|
116,589
|
|
||
Texas
|
696,903
|
|
|
555,561
|
|
|
20.3
|
%
|
|
75,213
|
|
|
3,322
|
|
|
253
|
|
|
176
|
|
|
(666
|
)
|
|
78,298
|
|
||
West
|
2,060,740
|
|
|
1,646,254
|
|
|
20.1
|
%
|
|
253,844
|
|
|
727
|
|
|
1,336
|
|
|
655
|
|
|
2,862
|
|
|
259,424
|
|
||
Other (2)
|
18,280
|
|
|
17,372
|
|
|
5.0
|
%
|
|
(6,318
|
)
|
|
3,906
|
|
|
595
|
|
|
(11,120
|
)
|
|
(1,727
|
)
|
|
(14,664
|
)
|
||
Totals
|
$
|
5,330,694
|
|
|
4,245,061
|
|
|
20.4
|
%
|
|
$
|
640,913
|
|
|
12,187
|
|
|
3,966
|
|
|
(10,459
|
)
|
|
12,375
|
|
|
658,982
|
|
|
Nine Months Ended August 31, 2020
|
|||||||||||||||||||||||||||
|
Gross Margins
|
|
Operating Earnings (Loss)
|
|||||||||||||||||||||||||
(In thousands)
|
Sales of Homes Revenue
|
|
Costs of Sales of Homes
|
|
Gross Margin %
|
|
Net Margins on Sales of Homes (1)
|
|
Gross Margins on Sales of Land
|
|
Other Revenue
|
|
Equity in Earnings (Loss) from Unconsolidated Entities
|
|
Other Income (Expense), net
|
|
Operating Earnings (Loss)
|
|||||||||||
East
|
$
|
3,904,268
|
|
|
2,971,929
|
|
|
23.9
|
%
|
|
581,923
|
|
|
(1,681
|
)
|
|
3,913
|
|
|
1,474
|
|
|
475
|
|
|
586,104
|
|
|
Central
|
2,833,745
|
|
|
2,300,783
|
|
|
18.8
|
%
|
|
291,672
|
|
|
(703
|
)
|
|
2,209
|
|
|
642
|
|
|
(1,789
|
)
|
|
292,031
|
|
||
Texas
|
1,877,374
|
|
|
1,428,758
|
|
|
23.9
|
%
|
|
266,647
|
|
|
5,213
|
|
|
970
|
|
|
446
|
|
|
(4,205
|
)
|
|
269,071
|
|
||
West
|
5,894,183
|
|
|
4,619,334
|
|
|
21.6
|
%
|
|
841,369
|
|
|
(1,267
|
)
|
|
4,873
|
|
|
3,948
|
|
|
(1,088
|
)
|
|
847,835
|
|
||
Other (2)
|
23,642
|
|
|
38,560
|
|
|
(63.1
|
)%
|
|
(29,795
|
)
|
|
(23,438
|
)
|
|
520
|
|
|
(26,587
|
)
|
|
(10,238
|
)
|
|
(89,538
|
)
|
||
Totals
|
$
|
14,533,212
|
|
|
11,359,364
|
|
|
21.8
|
%
|
|
$
|
1,951,816
|
|
|
(21,876
|
)
|
|
12,485
|
|
|
(20,077
|
)
|
|
(16,845
|
)
|
|
1,905,503
|
|
|
Nine Months Ended August 31, 2019
|
|||||||||||||||||||||||||||
|
Gross Margins
|
|
Operating Earnings (Loss)
|
|||||||||||||||||||||||||
(In thousands)
|
Sales of Homes Revenue
|
|
Costs of Sales of Homes
|
|
Gross Margin %
|
|
Net Margins on Sales of Homes (1)
|
|
Gross Margins on Sales of Land
|
|
Other Revenue
|
|
Equity in Earnings (Loss) from Unconsolidated Entities
|
|
Other Income (Expense), net
|
|
Operating Earnings (Loss)
|
|||||||||||
East
|
$
|
3,828,659
|
|
|
2,998,113
|
|
|
21.7
|
%
|
|
491,322
|
|
|
3,854
|
|
|
2,802
|
|
|
(418
|
)
|
|
6,243
|
|
|
503,803
|
|
|
Central
|
2,723,292
|
|
|
2,230,857
|
|
|
18.1
|
%
|
|
254,422
|
|
|
4,957
|
|
|
975
|
|
|
152
|
|
|
3,732
|
|
|
264,238
|
|
||
Texas
|
1,796,343
|
|
|
1,435,311
|
|
|
20.1
|
%
|
|
182,257
|
|
|
5,597
|
|
|
508
|
|
|
334
|
|
|
(2,746
|
)
|
|
185,950
|
|
||
West
|
5,738,881
|
|
|
4,569,646
|
|
|
20.4
|
%
|
|
718,061
|
|
|
(3,422
|
)
|
|
2,743
|
|
|
158
|
|
|
5,449
|
|
|
722,989
|
|
||
Other (2)
|
27,764
|
|
|
30,713
|
|
|
(10.6
|
)%
|
|
(19,464
|
)
|
|
3,905
|
|
|
1,775
|
|
|
(4,827
|
)
|
|
(48,003
|
)
|
|
(66,614
|
)
|
||
Totals
|
$
|
14,114,939
|
|
|
11,264,640
|
|
|
20.2
|
%
|
|
$
|
1,626,598
|
|
|
14,891
|
|
|
8,803
|
|
|
(4,601
|
)
|
|
(35,325
|
)
|
|
1,610,366
|
|
(1)
|
Net margins on sales of homes include selling, general and administrative expenses.
|
(2)
|
Negative gross and net margins were due to period costs in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs.
|
|
Three Months Ended
|
||||||||||||||||||
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||
|
August 31,
|
|
August 31,
|
|
August 31,
|
||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
East
|
4,309
|
|
|
4,521
|
|
|
$
|
1,488,022
|
|
|
1,502,780
|
|
|
$
|
345,000
|
|
|
332,000
|
|
Central
|
2,767
|
|
|
2,809
|
|
|
1,062,799
|
|
|
1,054,715
|
|
|
384,000
|
|
|
375,000
|
|
||
Texas
|
2,598
|
|
|
2,260
|
|
|
719,467
|
|
|
696,904
|
|
|
277,000
|
|
|
308,000
|
|
||
West
|
4,165
|
|
|
3,908
|
|
|
2,205,235
|
|
|
2,060,740
|
|
|
529,000
|
|
|
527,000
|
|
||
Other
|
3
|
|
|
24
|
|
|
2,590
|
|
|
18,280
|
|
|
863,000
|
|
|
762,000
|
|
||
Total
|
13,842
|
|
|
13,522
|
|
|
$
|
5,478,113
|
|
|
5,333,419
|
|
|
$
|
396,000
|
|
|
394,000
|
|
|
Nine Months Ended
|
||||||||||||||||||
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||
|
August 31,
|
|
August 31,
|
|
August 31,
|
||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
East
|
11,511
|
|
|
11,502
|
|
|
$
|
3,924,289
|
|
|
3,838,124
|
|
|
$
|
341,000
|
|
|
334,000
|
|
Central
|
7,389
|
|
|
7,193
|
|
|
2,833,745
|
|
|
2,723,291
|
|
|
384,000
|
|
|
379,000
|
|
||
Texas
|
6,637
|
|
|
5,660
|
|
|
1,877,374
|
|
|
1,796,344
|
|
|
283,000
|
|
|
317,000
|
|
||
West
|
11,273
|
|
|
10,667
|
|
|
5,894,183
|
|
|
5,738,881
|
|
|
523,000
|
|
|
538,000
|
|
||
Other
|
25
|
|
|
49
|
|
|
23,642
|
|
|
43,312
|
|
|
946,000
|
|
|
884,000
|
|
||
Total
|
36,835
|
|
|
35,071
|
|
|
$
|
14,553,233
|
|
|
14,139,952
|
|
|
$
|
395,000
|
|
|
403,000
|
|
|
Three Months Ended
|
||||||||||||||||||||||||
|
Active Communities
|
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||||||
|
August 31,
|
|
August 31,
|
|
August 31,
|
|
August 31,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
East
|
340
|
|
|
361
|
|
|
4,655
|
|
|
4,530
|
|
|
$
|
1,631,349
|
|
|
1,462,210
|
|
|
$
|
350,000
|
|
|
323,000
|
|
Central
|
297
|
|
|
338
|
|
|
3,375
|
|
|
2,632
|
|
|
1,298,792
|
|
|
1,003,818
|
|
|
385,000
|
|
|
381,000
|
|
||
Texas
|
217
|
|
|
235
|
|
|
2,746
|
|
|
2,221
|
|
|
743,553
|
|
|
660,304
|
|
|
271,000
|
|
|
297,000
|
|
||
West
|
341
|
|
|
362
|
|
|
4,786
|
|
|
3,949
|
|
|
2,580,328
|
|
|
2,049,404
|
|
|
539,000
|
|
|
519,000
|
|
||
Other
|
3
|
|
|
4
|
|
|
2
|
|
|
37
|
|
|
1,452
|
|
|
33,896
|
|
|
726,000
|
|
|
916,000
|
|
||
Total
|
1,198
|
|
|
1,300
|
|
|
15,564
|
|
|
13,369
|
|
|
$
|
6,255,474
|
|
|
5,209,632
|
|
|
$
|
402,000
|
|
|
390,000
|
|
|
Nine Months Ended
|
||||||||||||||||||
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||
|
August 31,
|
|
August 31,
|
|
August 31,
|
||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
East
|
12,512
|
|
|
12,756
|
|
|
$
|
4,266,221
|
|
|
4,242,708
|
|
|
$
|
341,000
|
|
|
333,000
|
|
Central
|
8,741
|
|
|
7,974
|
|
|
3,341,959
|
|
|
3,020,328
|
|
|
382,000
|
|
|
379,000
|
|
||
Texas
|
7,327
|
|
|
6,069
|
|
|
1,986,770
|
|
|
1,861,849
|
|
|
271,000
|
|
|
307,000
|
|
||
West
|
12,359
|
|
|
11,481
|
|
|
6,508,509
|
|
|
5,977,758
|
|
|
527,000
|
|
|
521,000
|
|
||
Other
|
16
|
|
|
70
|
|
|
15,189
|
|
|
60,447
|
|
|
949,000
|
|
|
864,000
|
|
||
Total
|
40,955
|
|
|
38,350
|
|
|
$
|
16,118,648
|
|
|
15,163,090
|
|
|
$
|
394,000
|
|
|
395,000
|
|
(1)
|
New orders represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three and nine months ended August 31, 2020 and August 31, 2019.
|
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||
|
August 31,
|
|
August 31,
|
|
August 31,
|
||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
East
|
6,691
|
|
|
6,999
|
|
|
$
|
2,368,300
|
|
|
2,419,795
|
|
|
$
|
354,000
|
|
|
346,000
|
|
Central
|
4,502
|
|
|
4,110
|
|
|
1,752,180
|
|
|
1,597,944
|
|
|
389,000
|
|
|
389,000
|
|
||
Texas
|
2,860
|
|
|
2,557
|
|
|
822,734
|
|
|
826,226
|
|
|
288,000
|
|
|
323,000
|
|
||
West
|
5,644
|
|
|
5,215
|
|
|
2,922,743
|
|
|
2,726,329
|
|
|
518,000
|
|
|
523,000
|
|
||
Other
|
—
|
|
|
27
|
|
|
—
|
|
|
26,123
|
|
|
—
|
|
|
968,000
|
|
||
Total
|
19,697
|
|
|
18,908
|
|
|
$
|
7,865,957
|
|
|
7,596,417
|
|
|
$
|
399,000
|
|
|
402,000
|
|
(1)
|
During the nine months ended August 31, 2019, we acquired 13 homes in backlog.
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
August 31,
|
|
August 31,
|
|||||||||
(Dollars in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||
Dollar value of mortgages originated
|
$
|
3,529,000
|
|
|
2,883,000
|
|
|
9,007,000
|
|
|
7,440,000
|
|
Number of mortgages originated
|
10,800
|
|
|
9,200
|
|
|
27,800
|
|
|
23,700
|
|
|
Mortgage capture rate of Lennar homebuyers
|
82
|
%
|
|
77
|
%
|
|
80
|
%
|
|
75
|
%
|
|
Number of title and closing service transactions
|
16,400
|
|
|
14,300
|
|
|
42,000
|
|
|
42,400
|
|
Balance Sheets
|
August 31, 2020
|
|
November 30, 2019
|
|||
(Dollars in thousands)
|
|
|
|
|||
Multifamily investments in unconsolidated entities
|
$
|
656,012
|
|
|
561,190
|
|
Lennar's net investment in Multifamily
|
930,213
|
|
|
829,537
|
|
Statements of Operations
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||
|
August 31,
|
|
August 31,
|
|||||||||||
(Dollars in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||
Number of operating properties/investments sold through joint ventures
|
—
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|||
Lennar's share of gains on the sale of operating properties/investments
|
$
|
—
|
|
|
12,620
|
|
|
$
|
3,001
|
|
|
$
|
28,128
|
|
(Dollars in thousands)
|
August 31,
2020 |
|
November 30,
2019 |
|
August 31,
2019 |
||||
Homebuilding debt
|
$
|
7,180,274
|
|
|
7,776,638
|
|
|
9,075,016
|
|
Stockholders’ equity
|
17,172,103
|
|
|
15,949,517
|
|
|
15,371,938
|
|
|
Total capital
|
$
|
24,352,377
|
|
|
23,726,155
|
|
|
24,446,954
|
|
Homebuilding debt to total capital
|
29.5
|
%
|
|
32.8
|
%
|
|
37.1
|
%
|
|
Homebuilding debt
|
$
|
7,180,274
|
|
|
7,776,638
|
|
|
9,075,016
|
|
Less: Homebuilding cash and cash equivalents
|
1,966,796
|
|
|
1,200,832
|
|
|
795,405
|
|
|
Net Homebuilding debt
|
$
|
5,213,478
|
|
|
6,575,806
|
|
|
8,279,611
|
|
Net Homebuilding debt to total capital (1)
|
23.3
|
%
|
|
29.2
|
%
|
|
35.0
|
%
|
(1)
|
Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). We believe 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 our GAAP results.
|
|
|
August 31,
2020 |
|
November 30,
2019 |
|||
(In thousands)
|
|
|
|
|
|||
Performance letters of credit
|
|
$
|
770,527
|
|
|
715,793
|
|
Financial letters of credit
|
|
258,703
|
|
|
184,075
|
|
|
Surety bonds
|
|
3,041,946
|
|
|
2,946,167
|
|
|
Anticipated future costs primarily for site improvements related to performance surety bonds
|
|
1,498,173
|
|
|
1,427,145
|
|
|
Nine Months Ended
|
||||||
(Dollars in thousands)
|
August 31,
2020 |
|
August 31,
2019 |
||||
Homebuilding average debt outstanding
|
$
|
7,896,372
|
|
|
$
|
9,191,109
|
|
Average interest rate
|
4.9
|
%
|
|
4.8
|
%
|
||
Interest incurred
|
272,347
|
|
|
320,960
|
|
(Dollars in thousands)
|
Covenant Level
|
|
Level Achieved as of
August 31, 2020 |
|||
Minimum net worth test
|
$
|
8,370,211
|
|
|
11,621,827
|
|
Maximum leverage ratio
|
65.0
|
%
|
|
27.8
|
%
|
|
Liquidity test
|
1.00
|
|
|
5.68
|
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
Residential facilities maturing:
|
|
||
January 2021
|
$
|
500,000
|
|
March 2021
|
300,000
|
|
|
June 2021
|
600,000
|
|
|
July 2021
|
200,000
|
|
|
Total - Residential facilities
|
$
|
1,600,000
|
|
LMF Commercial facilities maturing
|
|
||
November 2020
|
$
|
200,000
|
|
December 2020 (1)
|
700,000
|
|
|
Total - LMF Commercial facilities
|
$
|
900,000
|
|
Total
|
$
|
2,500,000
|
|
(1)
|
Includes $50.0 million LMF Commercial warehouse repurchase facility used to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. There were borrowings under this facility of $11.4 million as of August 31, 2020.
|
(In thousands)
|
|
August 31, 2020
|
|
November 30, 2019
|
|||
Borrowings under the residential facilities
|
|
$
|
699,016
|
|
|
1,374,063
|
|
Collateral under the residential facilities
|
|
727,319
|
|
|
1,423,650
|
|
|
Borrowings under the LMF Commercial facilities
|
|
103,667
|
|
|
216,870
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||
|
|
August 31, 2020
|
|
August 31, 2019
|
|
August 31, 2020
|
|
August 31, 2019
|
||||||||||||||||||||||||
(Dollars in thousands, except price per share)
|
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
||||||||||||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
6,110,000
|
|
|
—
|
|
|
4,250,000
|
|
|
115,000
|
|
|
8,110,000
|
|
|
—
|
|
||||||||
Principal
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
295,930
|
|
|
$
|
—
|
|
|
$
|
282,274
|
|
|
$
|
6,155
|
|
|
$
|
394,710
|
|
|
$
|
—
|
|
Average price per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48.41
|
|
|
$
|
—
|
|
|
$
|
66.42
|
|
|
$
|
53.52
|
|
|
$
|
48.65
|
|
|
$
|
—
|
|
|
Principal Maturities of Unconsolidated JVs by Period
|
|||||||||||||||||
(In thousands)
|
Total JV Debt
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Other
|
|||||||
Debt without recourse to Lennar
|
$
|
1,088,048
|
|
|
49,497
|
|
|
211,460
|
|
|
164,396
|
|
|
662,695
|
|
|
—
|
|
Land seller and CDD debt
|
8,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,200
|
|
|
Maximum recourse debt exposure to Lennar
|
4,932
|
|
|
—
|
|
|
—
|
|
|
4,932
|
|
|
—
|
|
|
—
|
|
|
Debt issuance costs
|
(11,930
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,930
|
)
|
|
Total
|
$
|
1,089,250
|
|
|
49,497
|
|
|
211,460
|
|
|
169,328
|
|
|
662,695
|
|
|
(3,730
|
)
|
|
|
August 31, 2020
|
|||||
(In thousands)
|
|
LMV I
|
|
LMV II
|
|||
Lennar's carrying value of investments
|
|
$
|
348,561
|
|
|
250,777
|
|
Equity commitments
|
|
2,204,016
|
|
|
1,257,700
|
|
|
Equity commitments called
|
|
2,137,746
|
|
|
861,508
|
|
|
Lennar's equity commitments
|
|
504,016
|
|
|
381,000
|
|
|
Lennar's equity commitments called
|
|
496,082
|
|
|
259,886
|
|
|
Lennar's remaining commitments
|
|
7,934
|
|
|
121,114
|
|
|
Distributions to Lennar during the nine months ended August 31, 2020
|
|
23,822
|
|
|
—
|
|
|
Principal Maturities of Unconsolidated JVs by Period
|
|||||||||||||||||
(In thousands)
|
Total JV Debt
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Other
|
|||||||
Debt without recourse to Lennar
|
$
|
2,466,461
|
|
|
92,629
|
|
|
676,916
|
|
|
478,041
|
|
|
1,218,875
|
|
|
—
|
|
Debt issuance costs
|
(28,246
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,246
|
)
|
|
Total
|
$
|
2,438,215
|
|
|
92,629
|
|
|
676,916
|
|
|
478,041
|
|
|
1,218,875
|
|
|
(28,246
|
)
|
|
Controlled Homesites
|
|
|
|
|
|
Years of
|
||||||||||
August 31, 2020
|
Optioned
|
|
JVs
|
|
Total
|
|
Owned Homesites
|
|
Total Homesites
|
|
Supply Owned (1)
|
||||||
East
|
30,683
|
|
|
12,718
|
|
|
43,401
|
|
|
62,256
|
|
|
105,657
|
|
|
|
|
Central
|
14,504
|
|
|
122
|
|
|
14,626
|
|
|
42,785
|
|
|
57,411
|
|
|
|
|
Texas
|
25,556
|
|
|
—
|
|
|
25,556
|
|
|
35,560
|
|
|
61,116
|
|
|
|
|
West
|
14,911
|
|
|
2,854
|
|
|
17,765
|
|
|
59,475
|
|
|
77,240
|
|
|
|
|
Other
|
1,137
|
|
|
7,544
|
|
|
8,681
|
|
|
2,068
|
|
|
10,749
|
|
|
|
|
Total homesites
|
86,791
|
|
|
23,238
|
|
|
110,029
|
|
|
202,144
|
|
|
312,173
|
|
|
3.8
|
|
% of total homesites
|
|
|
|
|
|
35
|
%
|
|
65
|
%
|
|
|
|
|
|
Controlled Homesites
|
|
|
|
|
|
Years of
|
||||||||||
August 31, 2019
|
Optioned
|
|
JVs
|
|
Total
|
|
Owned Homesites
|
|
Total Homesites
|
|
Supply Owned (1)
|
||||||
East
|
24,269
|
|
|
16,613
|
|
|
40,882
|
|
|
68,308
|
|
|
109,190
|
|
|
|
|
Central
|
14,760
|
|
|
132
|
|
|
14,892
|
|
|
43,802
|
|
|
58,694
|
|
|
|
|
Texas
|
24,049
|
|
|
—
|
|
|
24,049
|
|
|
37,603
|
|
|
61,652
|
|
|
|
|
West
|
8,193
|
|
|
3,304
|
|
|
11,497
|
|
|
64,627
|
|
|
76,124
|
|
|
|
|
Other
|
—
|
|
|
1,310
|
|
|
1,310
|
|
|
3,234
|
|
|
4,544
|
|
|
|
|
Total homesites
|
71,271
|
|
|
21,359
|
|
|
92,630
|
|
|
217,574
|
|
|
310,204
|
|
|
4.4
|
|
% of total homesites
|
|
|
|
|
|
30
|
%
|
|
70
|
%
|
|
|
|
|
(1)
|
Based on trailing twelve months of home deliveries.
|
|
Three Months Ending November 30,
|
|
Years Ending November 30,
|
|
|
|
|
|
Fair Value at August 31,
|
||||||||||||||||||
(Dollars in millions)
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
2025
|
|
Thereafter
|
|
Total
|
|
2020
|
||||||||||
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior Notes and
other debts payable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed rate
|
$
|
345.1
|
|
|
1,039.1
|
|
|
1,793.6
|
|
|
56.8
|
|
|
1,519.3
|
|
|
571.7
|
|
|
1,674.1
|
|
|
6,999.7
|
|
|
7,513.0
|
|
Average interest rate
|
2.9
|
%
|
|
6.0
|
%
|
|
4.9
|
%
|
|
4.5
|
%
|
|
5.0
|
%
|
|
4.8
|
%
|
|
5.0
|
%
|
|
5.0
|
%
|
|
—
|
|
|
Variable rate
|
$
|
—
|
|
|
150.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150.3
|
|
|
157.6
|
|
Average interest rate
|
—
|
|
|
5.3
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.3
|
%
|
|
—
|
|
|
Financial Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Notes and other
debts payable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed rate
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
153.7
|
|
|
153.7
|
|
|
155.1
|
|
Average interest rate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.4
|
%
|
|
3.4
|
%
|
|
—
|
|
|
Variable rate
|
$
|
802.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
802.7
|
|
|
802.7
|
|
Average interest rate
|
2.8
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.8
|
%
|
|
—
|
|
|
Lennar Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Notes and other
debts payable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed rate
|
$
|
1.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|
1.9
|
|
Average interest rate
|
3.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.0
|
%
|
|
—
|
|
Period:
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
|
Maximum Number of Shares that may yet be Purchased under the Plans or Programs (2)
|
|||||
June 1 to June 30, 2020
|
14,401
|
|
|
$
|
63.55
|
|
|
—
|
|
|
10,860,271
|
|
July 1 to July 31, 2020
|
363,624
|
|
|
$
|
60.05
|
|
|
—
|
|
|
10,860,271
|
|
August 1 to August 31, 2020
|
997
|
|
|
$
|
74.55
|
|
|
—
|
|
|
10,860,271
|
|
(1)
|
Includes shares of Class A common stock withheld by us to cover withholding taxes due, at the election of certain holders of nonvested shares, with market value approximating the amount of withholding taxes due.
|
(2)
|
In January 2019, our Board of Directors authorized a stock repurchase program, which replaced the June 2001 stock repurchase program, under which we are authorized to purchase up to the lesser of $1.0 billion in value, excluding commission, or 25 million in shares, of our outstanding Class A or Class B common stock. This repurchase authorization has no expiration.
|
|
|
|
Lennar Corporation
|
|
|
|
(Registrant)
|
|
|
|
|
Date:
|
October 1, 2020
|
|
/s/ Diane Bessette
|
|
|
|
Diane Bessette
|
|
|
|
Vice President, Chief Financial Officer and Treasurer
|
|
|
|
|
Date:
|
October 1, 2020
|
|
/s/ David Collins
|
|
|
|
David Collins
|
|
|
|
Controller
|
1 Year Lennar Chart |
1 Month Lennar Chart |
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