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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2016
Commission File Number: 1-11749
 
Lennar Corporation
(Exact name of registrant as specified in its charter)
 
Delaware
 
95-4337490
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  ý    NO  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  ý    NO  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
 
Accelerated filer
¨
Non-accelerated filer
¨
 
Smaller reporting company
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  ý
Common stock outstanding as of May 31, 2016:
Class A 187,853,075
Class B 31,303,195








Part I. Financial Information
Item 1. Financial Statements


Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands, except shares and per share amounts)
(unaudited)
 
May 31,
 
November 30,
 
2016 (1)
 
2015 (1)
ASSETS
 
 
 
Lennar Homebuilding:
 
 
 
Cash and cash equivalents
$
601,192


 
893,408


Restricted cash
5,713


 
13,505


Receivables, net
45,000


 
74,538


Inventories:
 
 
 
Finished homes and construction in progress
4,269,767


 
3,957,167


Land and land under development
5,245,422


 
4,724,578


Consolidated inventory not owned
134,514


 
58,851


Total inventories
9,649,703


 
8,740,596


Investments in unconsolidated entities
785,883


 
741,551


Other assets
646,555


 
609,222


 
11,734,046


 
11,072,820


Rialto
1,171,987


 
1,505,500


Lennar Financial Services
1,423,679


 
1,425,837


Lennar Multifamily
518,089


 
415,352


Total assets
$
14,847,801


 
14,419,509


(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, or any of its subsidiaries, has any obligations.
As of May 31, 2016, total assets include $645.1 million related to consolidated VIEs of which $8.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $6.2 million in Lennar Homebuilding finished homes and construction in progress, $158.8 million in Lennar Homebuilding land and land under development, $134.5 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $21.4 million in Lennar Homebuilding other assets, $280.0 million in Rialto assets and $31.4 million in Lennar Multifamily assets.
As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.

See accompanying notes to condensed consolidated financial statements.
2

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets – (Continued)
(Dollars in thousands, except shares and per share amounts)
(unaudited)

 
May 31,
 
November 30,
 
2016 (2)
 
2015 (2)
LIABILITIES AND EQUITY
 
 
 
Lennar Homebuilding:
 
 
 
Accounts payable
$
451,517


 
475,909


Liabilities related to consolidated inventory not owned
115,814


 
51,431


Senior notes and other debts payable
5,316,235


 
5,025,130


Other liabilities
835,098


 
899,815


 
6,718,664


 
6,452,285


Rialto
596,628


 
866,224


Lennar Financial Services
1,079,498


 
1,083,978


Lennar Multifamily
90,077


 
66,950


Total liabilities
8,484,867


 
8,469,437


Stockholders’ equity:
 
 
 
Preferred stock


 


Class A common stock of $0.10 par value; Authorized: May 31, 2016 and November 30, 2015

- 300,000,000 shares; Issued: May 31, 2016 - 188,740,334 shares and November 30, 2015

- 180,658,550 shares
18,874


 
18,066


Class B common stock of $0.10 par value; Authorized: May 31, 2016 and November 30, 2015

- 90,000,000 shares; Issued: May 31, 2016 - 32,982,815 shares and November 30, 2015

- 32,982,815 shares
3,298


 
3,298


Additional paid-in capital
2,429,317


 
2,305,560


Retained earnings
3,775,094


 
3,429,736


Treasury stock, at cost; May 31, 2016 - 887,259 shares of Class A common stock and

1,679,620 shares of Class B common stock; November 30, 2015 - 815,959 shares of

Class A common stock and 1,679,620 shares of Class B common stock
(108,732
)
 
(107,755
)
Accumulated other comprehensive income
515


 
39


Total stockholders’ equity
6,118,366


 
5,648,944


Noncontrolling interests
244,568


 
301,128


Total equity
6,362,934


 
5,950,072


Total liabilities and equity
$
14,847,801


 
14,419,509


(2)
As of May 31, 2016, total liabilities include $146.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $1.7 million is included in Lennar Homebuilding accounts payable, $115.8 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $15.9 million in Lennar Multifamily liabilities.
As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.



See accompanying notes to condensed consolidated financial statements.
3

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income
(Dollars in thousands, except per share amounts)
(unaudited)



 
Three Months Ended
 
Six Months Ended
 
May 31,
 
May 31,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Lennar Homebuilding
$
2,450,885


 
2,115,812


 
4,237,366


 
3,557,470


Lennar Financial Services
175,940


 
169,885


 
299,896


 
294,712


Rialto
44,838


 
67,931


 
88,549


 
109,128


Lennar Multifamily
74,152


 
38,976


 
113,668


 
75,433


Total revenues
2,745,815


 
2,392,604


 
4,739,479


 
4,036,743


Costs and expenses:
 
 
 
 
 
 
 
Lennar Homebuilding
2,112,288


 
1,825,482


 
3,680,493


 
3,090,657


Lennar Financial Services
131,852


 
130,832


 
240,877


 
240,132


Rialto
50,203


 
67,506


 
93,110


 
108,287


Lennar Multifamily
73,217


 
47,260


 
120,237


 
89,221


Corporate general and administrative
55,802


 
50,207


 
103,470


 
93,861


Total costs and expenses
2,423,362


 
2,121,287


 
4,238,187


 
3,622,158


Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
(9,633
)
 
6,494


 
(6,633
)
 
35,393


Lennar Homebuilding other income (expense), net
14,925


 
(217
)
 
15,444


 
6,116


Other interest expense
(1,193
)
 
(3,818
)
 
(2,350
)
 
(7,889
)
Rialto equity in earnings from unconsolidated entities
6,864


 
7,328


 
8,361


 
9,992


Rialto other expense, net
(19,585
)
 
(872
)
 
(20,276
)
 
(1,144
)
Lennar Multifamily equity in earnings (loss) from unconsolidated entities
14,008


 
(422
)
 
33,694


 
(600
)
Earnings before income taxes
327,839


 
279,810


 
529,532


 
456,453


Provision for income taxes
(103,801
)
 
(95,226
)
 
(160,042
)
 
(154,952
)
Net earnings (including net earnings attributable to noncontrolling interests)
224,038


 
184,584


 
369,490


 
301,501


Less: Net earnings attributable to noncontrolling interests
5,569


 
1,568


 
6,941


 
3,522


Net earnings attributable to Lennar
$
218,469


 
183,016


 
362,549


 
297,979


Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Net unrealized gain (loss) on securities available-for-sale
919


 
(94
)
 
482


 
106


Reclassification adjustments for gains included in earnings, net of tax
(6
)
 
(23
)
 
(6
)
 
(23
)
Other comprehensive income attributable to Lennar
$
219,382


 
182,899


 
363,025


 
298,062


Other comprehensive income attributable to noncontrolling interests
$
5,569


 
1,568


 
6,941


 
3,522


Basic earnings per share
$
1.01


 
0.89


 
1.69


 
1.45


Diluted earnings per share
$
0.95


 
0.79


 
1.58


 
1.30


Cash dividends per each Class A and Class B common share
$
0.04


 
0.04


 
0.08


 
0.08







See accompanying notes to condensed consolidated financial statements.
4

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)



 
Six Months Ended
 
May 31,
 
2016
 
2015
Cash flows from operating activities:
 
 
 
Net earnings (including net earnings attributable to noncontrolling interests)
$
369,490


 
301,501


Adjustments to reconcile net earnings to net cash used in operating activities:
 
 
 
Depreciation and amortization
22,752


 
18,906


Amortization of discount/premium and accretion on debt, net
8,054


 
9,628


Equity in earnings from unconsolidated entities
(35,422
)
 
(44,785
)
Distributions of earnings from unconsolidated entities
43,740


 
34,734


Share-based compensation expense
22,266


 
20,650


Excess tax benefits from share-based awards
(7,039
)
 
(113
)
Deferred income tax expense
45,538


 
2,409


Loss (gain) on retirement of debt and notes payable
415


 
(83
)
Gain on sale of operating property and equipment


 
(5,945
)
Unrealized and realized gains on real estate owned
(12,838
)
 
(8,691
)
Impairments of loans receivable and real estate owned
15,871


 
8,594


Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets
2,699


 
10,695


Changes in assets and liabilities:
 
 
 
Decrease in restricted cash
14,764


 
23,135


Decrease in receivables
236,084


 
15,291


Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
(868,779
)
 
(1,118,791
)
Increase in other assets
(28,014
)
 
(30,068
)
Decrease (increase) in loans held-for-sale
93,690


 
(260,603
)
(Decrease) increase in accounts payable and other liabilities
(98,653
)
 
29,003


Net cash used in operating activities
(175,382
)
 
(994,533
)
Cash flows from investing activities:
 
 
 
Increase in restricted cash related to LOCs


 
101


Net additions of operating properties and equipment
(39,216
)
 
(50,729
)
Proceeds from the sale of operating properties and equipment


 
73,732


Investments in and contributions to unconsolidated entities
(210,225
)
 
(66,643
)
Distributions of capital from unconsolidated entities
103,009


 
35,141


Proceeds from sales of real estate owned
43,412


 
55,812


Improvements to real estate owned
(1,717
)
 
(4,723
)
Receipts of principal payments on loans receivable and other
5,484


 
13,335


Originations of loans receivable
(16,864
)
 
(2,750
)
Purchase of investment carried at cost


 
(18,000
)
Purchases of commercial mortgage-backed securities bonds
(33,005
)
 


Acquisition, net of cash acquired
(600
)
 


Purchases of Lennar Homebuilding investments available-for-sale


 
(28,093
)
Decrease (increase) in Lennar Financial Services loans held-for-investment, net
1,060


 
(2,480
)
Purchases of Lennar Financial Services investment securities
(11,646
)
 
(28,365
)
Proceeds from maturities/sales of Lennar Financial Services investments securities
10,681


 
16,326


Net cash used in investing activities
$
(149,627
)
 
(7,336
)

See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)



 
Six Months Ended
 
May 31,
 
2016
 
2015
Cash flows from financing activities:
 
 
 
Net borrowings under unsecured revolving credit facility
$
375,000


 
450,000


Net (repayments) borrowings under warehouse facilities
(230,206
)
 
189,632


Proceeds from senior notes
499,024


 
750,625


Debt issuance costs
(3,796
)
 
(6,510
)
Redemption of senior notes
(250,000
)
 
(500,000
)
Conversions and exchanges on convertible senior notes
(233,893
)
 


Principal payments on Rialto notes payable including structured notes
(2,999
)
 
(20,940
)
Proceeds from other borrowings
15,657


 
69,741


Principal payments on other borrowings
(103,189
)
 
(206,901
)
Receipts related to noncontrolling interests
167


 
1,367


Payments related to noncontrolling interests
(73,195
)
 
(78,937
)
Excess tax benefits from share-based awards
7,039


 
113


Common stock:
 
 
 
Issuances
594


 
9,412


Repurchases
(971
)
 
(972
)
Dividends
(17,191
)
 
(16,418
)
Net cash (used in) provided by financing activities
(17,959
)
 
640,212


Net decrease in cash and cash equivalents
(342,968
)
 
(361,657
)
Cash and cash equivalents at beginning of period
1,158,445


 
1,281,814


Cash and cash equivalents at end of period
$
815,477


 
920,157


Summary of cash and cash equivalents:
 
 
 
Lennar Homebuilding
$
601,192


 
638,992


Rialto
103,622


 
176,378


Lennar Financial Services
105,596


 
103,093


Lennar Multifamily
5,067


 
1,694


 
$
815,477


 
920,157


Supplemental disclosures of non-cash investing and financing activities:
 
 
 
Lennar Homebuilding and Lennar Multifamily:
 
 
 
Non-cash distributions from unconsolidated entities
$
16,331


 


Conversion of convertible senior notes to equity
$
67,535


 


Inventory acquired in satisfaction of other assets including investments available-for-sale
$


 
28,093


Non-cash sale of operating properties and equipment
$


 
(59,397
)
Purchases of inventories and other assets financed by sellers
$
53,287


 
29,977


Non-cash contributions to unconsolidated entities
$
25,420


 
26,594


Rialto:
 
 
 
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable
$
7,703


 
13,326


Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
 
 
 
Inventories
$
111,347


 


Operating properties and equipment and other assets
$


 
(17,421
)
Investments in unconsolidated entities
$
(2,445
)
 
2,948


Liabilities related to consolidated inventory not owned
$
(96,424
)
 


Other liabilities
$


 
1,220


Noncontrolling interests
$
(12,478
)
 
13,253



See accompanying notes to condensed consolidated financial statements.
6




Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)
(1)
Basis of Presentation
Basis of Consolidation
The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 15) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and six months ended May 31, 2016 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications/Revisions
As a result of the Company's change in reportable segments in the first quarter of 2016, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2016 presentation (See Note 2). These reclassifications had no impact on the Company's condensed consolidated financial statements.


(2)
Operating and Reporting Segments
The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of:
(1) Homebuilding East
(2) Homebuilding Central
(3) Homebuilding West
(4) Homebuilding Houston
(5) Lennar Financial Services
(6) Rialto
(7) Lennar Multifamily
In the first quarter of 2016, the Company made the decision to divide the Southeast Florida operating division into two operating segments to maximize operational efficiencies given the continued growth of the division. As a result of this change in management structure, the Company re-evaluated its reportable segments and determined that neither operating segment met the reportable criteria set forth in Accounting Standards Codification ("ASC") 280, Segment Reporting. The Company aggregated these operating segments into the Homebuilding East reportable segment as these divisions exhibit similar economic characteristics, geography and product type as the other divisions in Homebuilding East. All prior year segment information has been restated to conform with the 2016 presentation. The change in the reportable segments has no effect on the Company's condensed consolidated financial position, results of operations or cash flows for the periods presented.
Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment.

7




Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses and other interest expense of the segment.
The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in:
East: Florida, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia
Central: Arizona, Colorado and Texas(1) 
West: California and Nevada
Houston: Houston, Texas
Other: Illinois, Minnesota, Oregon, Tennessee and Washington
(1)Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment.
Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states.
Operations of the Rialto segment include raising, investing and managing third-party capital, originating and securitizing commercial mortgage loans as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and real estate related securities as well as providing strategic real estate capital. Rialto’s operating earnings consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance (“RMF”) business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses.
Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses.
Each reportable segment follows the same accounting policies described in Note 1 – “Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2015. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented.

8




Financial information relating to the Company’s operations was as follows:
(In thousands)
May 31,

2016
 
November 30,

2015
Assets:
 
 
 
Homebuilding East
$
3,614,986


 
3,140,604


Homebuilding Central
1,529,601


 
1,421,195


Homebuilding West
4,445,575


 
4,157,616


Homebuilding Houston
525,167


 
481,386


Homebuilding Other
841,342


 
858,000


Rialto
1,171,987


 
1,505,500


Lennar Financial Services
1,423,679


 
1,425,837


Lennar Multifamily
518,089


 
415,352


Corporate and unallocated
777,375


 
1,014,019


Total assets
$
14,847,801


 
14,419,509




 
Three Months Ended
 
Six Months Ended
 
May 31,
 
May 31,
(In thousands)
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Homebuilding East
$
954,298


 
838,235