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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 August 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 August 31, 2016:
Class A 196,500,243
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)
 
August 31,
 
November 30,
 
2016 (1)
 
2015 (1)
ASSETS
 
 
 
Lennar Homebuilding:
 
 
 
Cash and cash equivalents
$
567,708

 
893,408

Restricted cash
5,452

 
13,505

Receivables, net
78,986

 
74,538

Inventories:
 
 
 
Finished homes and construction in progress
4,335,302

 
3,957,167

Land and land under development
5,193,420

 
4,724,578

Consolidated inventory not owned
127,024

 
58,851

Total inventories
9,655,746

 
8,740,596

Investments in unconsolidated entities
796,499

 
741,551

Other assets
637,546

 
609,222

 
11,741,937

 
11,072,820

Rialto
1,196,653

 
1,505,500

Lennar Financial Services
1,527,556

 
1,425,837

Lennar Multifamily
532,574

 
415,352

Total assets
$
14,998,720

 
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 August 31, 2016, total assets include $596.6 million related to consolidated VIEs of which $9.7 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $46.9 million in Lennar Homebuilding finished homes and construction in progress, $113.8 million in Lennar Homebuilding land and land under development, $127.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.5 million in Lennar Homebuilding other assets, $251.5 million in Rialto assets and $26.6 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)

 
August 31,
 
November 30,
 
2016 (2)
 
2015 (2)
LIABILITIES AND EQUITY
 
 
 
Lennar Homebuilding:
 
 
 
Accounts payable
$
459,183

 
475,909

Liabilities related to consolidated inventory not owned
108,443

 
51,431

Senior notes and other debts payable
4,920,848

 
5,025,130

Other liabilities
867,367

 
899,815

 
6,355,841

 
6,452,285

Rialto
632,562

 
866,224

Lennar Financial Services
1,140,215

 
1,083,978

Lennar Multifamily
107,196

 
66,950

Total liabilities
8,235,814

 
8,469,437

Stockholders’ equity:
 
 
 
Preferred stock

 

Class A common stock of $0.10 par value; Authorized: August 31, 2016 and November 30, 2015
- 300,000,000 shares; Issued: August 31, 2016 - 197,412,050 shares and November 30, 2015
- 180,658,550 shares
19,741

 
18,066

Class B common stock of $0.10 par value; Authorized: August 31, 2016 and November 30, 2015
- 90,000,000 shares; Issued: August 31, 2016 - 32,982,815 shares and November 30, 2015
- 32,982,815 shares
3,298

 
3,298

Additional paid-in capital
2,628,398

 
2,305,560

Retained earnings
4,001,905

 
3,429,736

Treasury stock, at cost; August 31, 2016 - 911,807 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
(108,930
)
 
(107,755
)
Accumulated other comprehensive income
1,123

 
39

Total stockholders’ equity
6,545,535

 
5,648,944

Noncontrolling interests
217,371

 
301,128

Total equity
6,762,906

 
5,950,072

Total liabilities and equity
$
14,998,720

 
14,419,509

(2)
As of August 31, 2016, total liabilities include $136.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.7 million is included in Lennar Homebuilding accounts payable, $108.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Lennar Homebuilding other liabilities, $12.1 million in Rialto liabilities and $11.9 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 (Loss)
(Dollars in thousands, except per share amounts)
(unaudited)


 
Three Months Ended
 
Nine Months Ended
 
August 31,
 
August 31,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Lennar Homebuilding
$
2,496,969

 
2,232,318

 
6,734,335

 
5,789,788

Lennar Financial Services
191,444

 
168,748

 
491,340

 
463,460

Rialto
63,885

 
51,554

 
152,434

 
160,682

Lennar Multifamily
81,596

 
39,078

 
195,264

 
114,511

Total revenues
2,833,894

 
2,491,698

 
7,573,373

 
6,528,441

Costs and expenses:
 
 
 
 
 
 
 
Lennar Homebuilding
2,164,027

 
1,913,283

 
5,844,520

 
5,003,940

Lennar Financial Services
138,196

 
129,311

 
379,073

 
369,443

Rialto
62,306

 
53,323

 
155,416

 
161,610

Lennar Multifamily
84,007

 
47,072

 
204,244

 
136,293

Corporate general and administrative
61,164

 
56,494

 
164,634

 
150,355

Total costs and expenses
2,509,700

 
2,199,483

 
6,747,887

 
5,821,641

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
(18,034
)
 
13,300

 
(24,667
)
 
48,693

Lennar Homebuilding other income, net
30,947

 
4,189

 
46,391

 
10,305

Other interest expense
(973
)
 
(2,812
)
 
(3,323
)
 
(10,701
)
Rialto equity in earnings from unconsolidated entities
5,976

 
7,590

 
14,337

 
17,582

Rialto other income (expense), net
(7,612
)
 
1,172

 
(27,888
)
 
28

Lennar Multifamily equity in earnings from unconsolidated entities
5,060

 
5,004

 
38,754

 
4,404

Earnings before income taxes
339,558

 
320,658

 
869,090

 
777,111

Provision for income taxes
(106,427
)
 
(95,621
)
 
(266,469
)
 
(250,573
)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
233,131

 
225,037

 
602,621

 
526,538

Less: Net earnings (loss) attributable to noncontrolling interests
(2,711
)
 
1,725

 
4,230

 
5,247

Net earnings attributable to Lennar
$
235,842

 
223,312

 
598,391

 
521,291

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Net unrealized gain (loss) on securities available-for-sale
639

 
(400
)
 
1,121

 
(294
)
Reclassification adjustments for gains included in earnings, net of tax
(31
)
 

 
(37
)
 
(23
)
Other comprehensive income attributable to Lennar
$
236,450

 
222,912

 
599,475

 
520,974

Other comprehensive income (loss) attributable to noncontrolling interests
$
(2,711
)
 
1,725

 
4,230

 
5,247

Basic earnings per share
$
1.04

 
1.07

 
2.74

 
2.53

Diluted earnings per share
$
1.01

 
0.96

 
2.59

 
2.25

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

 
0.04

 
0.12

 
0.12




See accompanying notes to condensed consolidated financial statements.
4

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


 
Nine Months Ended
 
August 31,
 
2016
 
2015
Cash flows from operating activities:
 
 
 
Net earnings (including net earnings attributable to noncontrolling interests)
$
602,621

 
526,538

Adjustments to reconcile net earnings to net cash used in operating activities:
 
 
 
Depreciation and amortization
35,785

 
30,450

Amortization of discount/premium and accretion on debt, net
11,901

 
15,107

Equity in earnings from unconsolidated entities
(28,424
)
 
(70,679
)
Distributions of earnings from unconsolidated entities
52,787

 
43,343

Share-based compensation expense
34,628

 
32,199

Excess tax benefits from share-based awards
(7,039
)
 
(113
)
Deferred income tax expense (benefit)
53,833

 
(3,890
)
Loss on retirement of debt and notes payable
1,569

 
3,206

Gain on sale of operating properties and equipment
(12,559
)
 
(5,945
)
Unrealized and realized gains on real estate owned
(17,251
)
 
(14,879
)
Impairments of loans receivable and real estate owned
26,893

 
16,225

Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets
9,817

 
17,664

Changes in assets and liabilities:
 
 
 
Decrease in restricted cash
16,820

 
21,405

Decrease in receivables
40,108

 
44,145

Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
(892,208
)
 
(1,284,106
)
Increase in other assets
(34,753
)
 
(40,747
)
Decrease (increase) in loans held-for-sale
126,484

 
(467,925
)
(Decrease) increase in accounts payable and other liabilities
(24,092
)
 
49,588

Net cash used in operating activities
(3,080
)
 
(1,088,414
)
Cash flows from investing activities:
 
 
 
Increase in restricted cash related to LOCs

 
717

Net additions of operating properties and equipment
(54,847
)
 
(60,924
)
Proceeds from the sale of operating properties and equipment
17,450

 
73,732

Investments in and contributions to unconsolidated entities
(320,047
)
 
(116,739
)
Distributions of capital from unconsolidated entities
209,820

 
80,177

Proceeds from sales of real estate owned
66,638

 
88,565

Improvements to real estate owned
(2,998
)
 
(6,055
)
Receipts of principal payments on loans receivable and other
57,733

 
14,225

Purchases of loans receivable and real estate owned
(249
)
 

Originations/purchases of loans receivable
(56,507
)
 
(22,545
)
Purchase of investment carried at cost

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

Acquisition, net of cash acquired
(725
)
 

Purchases of Lennar Homebuilding investments available-for-sale

 
(28,093
)
Decrease (increase) in Lennar Financial Services loans held-for-investment, net
2,086

 
(4,421
)
Purchases of Lennar Financial Services investment securities
(20,936
)
 
(33,702
)
Proceeds from maturities/sales of Lennar Financial Services investments securities
18,912

 
17,382

Net cash used in investing activities
$
(116,675
)
 
(15,681
)




See accompanying notes to condensed consolidated financial statements.
5

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


 
Nine Months Ended
 
August 31,
 
2016
 
2015
Cash flows from financing activities:
 
 
 
Net borrowings under unsecured revolving credit facility
$
125,000

 
575,000

Net (repayments) borrowings under warehouse facilities
(137,325
)
 
294,015

Proceeds from senior notes
499,024

 
750,625

Debt issuance costs
(3,981
)
 
(7,210
)
Redemption of senior notes
(250,000
)
 
(500,000
)
Conversions and exchanges on convertible senior notes
(233,893
)
 
(168,854
)
Principal payments on Rialto notes payable including structured notes
(4,121
)
 
(28,247
)
Proceeds from other borrowings
34,095

 
87,905

Principal payments on other borrowings
(133,899
)
 
(232,925
)
Receipts related to noncontrolling interests
266

 
1,475

Payments related to noncontrolling interests
(98,178
)
 
(105,830
)
Excess tax benefits from share-based awards
7,039

 
113

Common stock:
 
 
 
Issuances
19,471

 
9,406

Repurchases
(19,871
)
 
(23,133
)
Dividends
(26,222
)
 
(24,765
)
Net cash (used in) provided by financing activities
(222,595
)
 
627,575

Net decrease in cash and cash equivalents
(342,350
)
 
(476,520
)
Cash and cash equivalents at beginning of period
1,158,445

 
1,281,814

Cash and cash equivalents at end of period
$
816,095

 
805,294

Summary of cash and cash equivalents:
 
 
 
Lennar Homebuilding
$
567,708

 
595,719

Rialto
133,103

 
106,731

Lennar Financial Services
110,164

 
99,305

Lennar Multifamily
5,120

 
3,539

 
$
816,095

 
805,294

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
$
243,009

 

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

 
28,093

Inventory acquired in partner buyout
$

 
64,440

Non-cash sale of operating properties and equipment
$

 
(59,397
)
Purchases of inventories and other assets financed by sellers
$
92,368

 
46,521

Non-cash contributions to unconsolidated entities
$
59,262

 
126,411

Rialto:
 
 
 
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable
$
7,842

 
14,683

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 nine months ended August 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)
August 31,
2016
 
November 30,
2015
Assets:
 
 
 
Homebuilding East
$
3,621,564

 
3,140,604

Homebuilding Central
1,494,703

 
1,421,195

Homebuilding West
4,527,360

 
4,157,616

Homebuilding Houston
495,216

 
481,386

Homebuilding Other
825,798

 
858,000

Rialto
1,196,653

 
1,505,500

Lennar Financial Services
1,527,556

 
1,425,837

Lennar Multifamily
532,574

 
415,352

Corporate and unallocated
777,296

 
1,014,019

Total assets
$
14,998,720