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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 February 28, 2017
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 March 31, 2017:
Class A 203,159,885
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)
 
February 28,
 
November 30,
 
2017 (1)
 
2016 (1)
ASSETS
 
 
 
Lennar Homebuilding:
 
 
 
Cash and cash equivalents
$
640,816

 
1,050,138

Restricted cash
12,850

 
5,977

Receivables, net
81,299

 
106,976

Inventories:
 
 
 
Finished homes and construction in progress
4,672,246

 
3,951,716

Land and land under development
5,640,275

 
5,106,191

Consolidated inventory not owned
156,155

 
121,019

Total inventories
10,468,676

 
9,178,926

Investments in unconsolidated entities
910,084

 
811,723

Goodwill
143,298

 

Other assets
902,347

 
651,028

 
13,159,370

 
11,804,768

Rialto
1,228,874

 
1,276,210

Lennar Financial Services
1,231,708

 
1,754,672

Lennar Multifamily
610,161

 
526,131

Total assets
$
16,230,113

 
15,361,781

(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 February 28, 2017, total assets include $651.1 million related to consolidated VIEs of which $9.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $72.4 million in Lennar Homebuilding finished homes and construction in progress, $177.5 million in Lennar Homebuilding land and land under development, $156.2 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.4 million in Lennar Homebuilding other assets, $173.2 million in Rialto assets and $41.2 million in Lennar Multifamily assets.
As of November 30, 2016, total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 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)

 
February 28,
 
November 30,
 
2017 (2)
 
2016 (2)
LIABILITIES AND EQUITY
 
 
 
Lennar Homebuilding:
 
 
 
Accounts payable
$
473,802

 
478,546

Liabilities related to consolidated inventory not owned
153,445

 
110,006

Senior notes and other debts payable
5,778,306

 
4,575,977

Other liabilities
994,766

 
841,449

 
7,400,319

 
6,005,978

Rialto
680,120

 
707,980

Lennar Financial Services
788,339

 
1,318,283

Lennar Multifamily
105,560

 
117,973

Total liabilities
8,974,338

 
8,150,214

Stockholders’ equity:
 
 
 
Preferred stock

 

Class A common stock of $0.10 par value; Authorized: February 28, 2017 and November 30, 2016
- 300,000,000 shares; Issued: February 28, 2017 - 204,113,406 shares and November 30, 2016
- 204,089,447 shares
20,411

 
20,409

Class B common stock of $0.10 par value; Authorized: February 28, 2017 and November 30, 2016
- 90,000,000 shares; Issued: February 28, 2017 - 32,982,815 shares and November 30, 2016
- 32,982,815 shares
3,298

 
3,298

Additional paid-in capital
2,855,793

 
2,805,349

Retained earnings
4,334,936

 
4,306,256

Treasury stock, at cost; February 28, 2017 - 951,887 shares of Class A common stock and
1,679,620 shares of Class B common stock; November 30, 2016 - 917,447 shares of
Class A common stock and 1,679,620 shares of Class B common stock
(109,048
)
 
(108,961
)
Accumulated other comprehensive income (loss)
663

 
(309
)
Total stockholders’ equity
7,106,053

 
7,026,042

Noncontrolling interests
149,722

 
185,525

Total equity
7,255,775

 
7,211,567

Total liabilities and equity
$
16,230,113

 
15,361,781

(2)
As of February 28, 2017, total liabilities include $170.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.2 million is included in Lennar Homebuilding accounts payable, $153.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.9 million in Lennar Homebuilding other liabilities and $9.6 million in Rialto liabilities.
As of November 30, 2016, total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million in Rialto 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
 
February 28,
 
February 29,
 
2017
 
2016
Revenues:
 
 
 
Lennar Homebuilding
$
2,018,694

 
1,786,481

Lennar Financial Services
148,043

 
123,956

Rialto
82,006

 
43,711

Lennar Multifamily
88,685

 
39,516

Total revenues
2,337,428

 
1,993,664

Costs and expenses:
 
 
 
Lennar Homebuilding
1,801,561

 
1,568,205

Lennar Financial Services
127,379

 
109,025

Rialto
66,913

 
42,907

Lennar Multifamily
92,649

 
47,020

Corporate general and administrative
60,699

 
47,668

Total costs and expenses
2,149,201

 
1,814,825

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
(11,534
)
 
3,000

Lennar Homebuilding other income (expense), net
5,739

 
(638
)
Lennar Homebuilding loss due to litigation accrual
(140,000
)
 

Rialto equity in earnings from unconsolidated entities
722

 
1,497

Rialto other expense, net
(16,658
)
 
(691
)
Lennar Multifamily equity in earnings from unconsolidated entities
23,147

 
19,686

Earnings before income taxes
49,643

 
201,693

Provision for income taxes
(19,969
)
 
(56,241
)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
29,674

 
145,452

Less: Net earnings (loss) attributable to noncontrolling interests
(8,406
)
 
1,372

Net earnings attributable to Lennar
$
38,080

 
144,080

Other comprehensive income, net of tax:
 
 
 
Net unrealized gain (loss) on securities available-for-sale
972

 
(437
)
Other comprehensive income attributable to Lennar
$
39,052

 
143,643

Other comprehensive income (loss) attributable to noncontrolling interests
$
(8,406
)
 
1,372

Basic earnings per share
$
0.16

 
0.68

Diluted earnings per share
$
0.16

 
0.63

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

 
0.04




See accompanying notes to condensed consolidated financial statements.
4

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


 
Three Months Ended
 
February 28,
 
February 29,
 
2017
 
2016
Cash flows from operating activities:
 
 
 
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
$
29,674

 
145,452

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
11,743

 
10,077

Amortization of discount/premium and accretion on debt, net
3,132

 
4,777

Equity in earnings from unconsolidated entities
(12,335
)
 
(24,183
)
Distributions of earnings from unconsolidated entities
31,949

 
27,207

Share-based compensation expense
12,505

 
11,142

Excess tax benefits from share-based awards
(1,953
)
 
(7,029
)
Deferred income tax (benefit) expense
(36,229
)
 
43,402

Unrealized and realized gains on real estate owned
(1,698
)
 
(7,230
)
Impairments of loans receivable and real estate owned
25,484

 
5,976

Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets
1,930

 
1,164

Changes in assets and liabilities:
 
 
 
Decrease in restricted cash
10,842

 
19,958

Decrease in receivables
264,714

 
262,453

Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
(601,711
)
 
(677,078
)
Decrease (increase) in other assets
12,846

 
(9,825
)
Decrease in loans held-for-sale
339,492

 
228,316

Decrease in accounts payable and other liabilities
(11,061
)
 
(250,466
)
Net cash provided by (used in) operating activities
79,324

 
(215,887
)
Cash flows from investing activities:
 
 
 
Net additions of operating properties and equipment
(25,785
)
 
(18,453
)
Investments in and contributions to unconsolidated entities
(151,706
)
 
(103,971
)
Distributions of capital from unconsolidated entities
39,961

 
69,356

Proceeds from sales of real estate owned
24,215

 
20,256

Improvements to real estate owned
157

 
(1,194
)
Purchases of real estate owned
(100
)
 

Receipts of principal payments on loans receivable and other
1,972

 
2,725

Originations of loans receivable
(9,330
)
 
(10,046
)
Purchases of commercial mortgage-backed securities bonds
(40,357
)
 
(23,078
)
Acquisition, net of cash acquired
(596,172
)
 
(600
)
(Increase) decrease in Lennar Financial Services loans held-for-investment, net
(2,025
)
 
766

Purchases of Lennar Financial Services investment securities
(12,204
)
 
(6,968
)
Proceeds from maturities/sales of Lennar Financial Services investments securities
5,292

 
4,621

Net cash used in investing activities
$
(766,082
)
 
(66,586
)




See accompanying notes to condensed consolidated financial statements.
5

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


 
Three Months Ended
 
February 28,
 
February 29,
 
2017
 
2016
Cash flows from financing activities:
 
 
 
Net borrowings under unsecured revolving credit facility
$
250,000

 
500,000

Net repayments under warehouse facilities
(543,356
)
 
(395,233
)
Proceeds from senior notes
600,000

 

Debt issuance costs
(10,848
)
 
(684
)
Conversions and exchanges on convertible senior notes

 
(162,852
)
Proceeds from Rialto notes payable
35,460

 

Principal payments on Rialto notes payable
(2,971
)
 
(669
)
Proceeds from other borrowings
7,395

 
6,763

Principal payments on other borrowings
(16,242
)
 
(59,146
)
Receipts related to noncontrolling interests
153

 
65

Payments related to noncontrolling interests
(25,871
)
 
(42,015
)
Excess tax benefits from share-based awards
1,953

 
7,029

Common stock:
 
 
 
Issuances
99

 

Repurchases
(83
)
 
(219
)
Dividends
(9,400
)
 
(8,552
)
Net cash provided by (used in) financing activities
286,289

 
(155,513
)
Net decrease in cash and cash equivalents
(400,469
)
 
(437,986
)
Cash and cash equivalents at beginning of period
1,329,529

 
1,158,445

Cash and cash equivalents at end of period
$
929,060

 
720,459

Summary of cash and cash equivalents:
 
 
 
Lennar Homebuilding
$
640,816

 
510,878

Rialto
162,513

 
112,305

Lennar Financial Services
119,308

 
91,214

Lennar Multifamily
6,423

 
6,062

 
$
929,060

 
720,459

Supplemental disclosures of non-cash investing and financing activities:
 
 
 
Lennar Homebuilding and Lennar Multifamily:
 
 
 
Non-cash contributions to unconsolidated entities
$
25,315

 
19,248

Non-cash increase in consolidated inventory not owned
$
115,000

 

Purchases of inventories and other assets financed by sellers
$
80,919

 
20,714

Rialto:
 
 
 
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable
$
70

 
5,183

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

 
14,923

Investments in unconsolidated entities
$

 
(2,445
)
Noncontrolling interests
$

 
(12,478
)

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 16) 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, 2016. 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 months ended February 28, 2017 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 during fiscal year 2016, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2017 presentation (see Note 3). In addition, certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2017 presentation. These reclassifications had no impact on the Company's condensed consolidated financial statements.


7



(2)
Business Acquisition
On February 10, 2017, the Company acquired WCI Communities, Inc. ("WCI") a luxury homebuilder of single and multi-family homes, including a small percentage of luxury high-rise tower units, with operations in Florida. WCI stockholders received $642.6 million in cash. The cash consideration was funded primarily from working capital and from proceeds from the issuance of 4.125% senior notes due 2022 (see Note 12).
Based on an evaluation of the provisions of ASC Topic 805, Business Combinations, ("ASC 805"), Lennar Corporation was determined to be the acquirer for accounting purposes. The following table summarizes the provisional purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition, which are subject to change within a measurement period of up to one year from the acquisition date pursuant to ASC 805. The purchase price allocation is provisional pending completion of the fair value analysis of acquired assets and liabilities assumed:
(In thousands)
 
Assets:
 
Cash and cash equivalents, restricted cash and receivables, net
$
42,079

Inventories
621,008

Intangible assets (1)
48,000

Goodwill (2)
163,298

Deferred tax assets, net
87,326

Other assets
66,173

Total assets
1,027,884

Liabilities:
 
Accounts payable
26,735

Senior notes and other debts payable
282,804

Other liabilities
75,723

Total liabilities
385,262

Total purchase price
$
642,622

(1)
Intangible assets include non-compete agreements and a trade name. The amortization period for these intangible assets is up to one year for the non-compete agreements and 20 years for the trade name.
(2)
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of purchasing and other synergies resulting from the merger, expected production, savings in corporate and division overhead costs and expected expanded opportunities for growth through a higher-end more luxurious product, greater presence in the state of Florida and customer diversity. The provisional amount of goodwill allocated to the Company's Homebuilding East segment was $143.3 million and to the Lennar Financial Services segment was $20.0 million. These provisional amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350, Intangibles-Goodwill and Other.
Lennar Homebuilding revenue and net earnings attributable to Lennar for the three months ended February 28, 2017 included $19.5 million of home sales revenue and $8.9 million of a pre-tax loss from WCI from the date of acquisition to February 28, 2017, which included transaction expenses of $11.0 million comprised mainly of severance costs. These transaction expenses were included primarily within Lennar Homebuilding selling, general and administrative expenses within the accompanying condensed consolidated statement of operations for the three months ended February 28, 2017. The pro-forma effect of the acquisition on the results of operations is not presented as this acquisition was not considered material.

8



(3)
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) Lennar Financial Services
(5) Rialto
(6) Lennar Multifamily
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.
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 loss due to litigation accrual 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(1), Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia
Central: Arizona, Colorado and Texas
West: California and Nevada
Other: Illinois, Minnesota, Oregon, Tennessee and Washington
(1)
Florida includes the financial information related to WCI from the date of acquisition (February 10, 2017) to February 28, 2017.
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, 2016. 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.

9



Financial information relating to the Company’s operations was as follows:
(In thousands)
February 28,
2017
 
November 30,
2016
Assets:
 
 
 
Homebuilding East (1)
$
4,791,376

 
3,512,990

Homebuilding Central
2,070,652

 
1,993,403

Homebuilding West
4,606,982

 
4,318,924

Homebuilding Other
900,876

 
907,523

Rialto
1,228,874

 
1,276,210

Lennar Financial Services
1,231,708

 
1,754,672

Lennar Multifamily
610,161

 
526,131

Corporate and unallocated
789,484

 
1,071,928

Total assets
$
16,230,113

 
15,361,781

Lennar Homebuilding goodwill (2)
$
143,298

 

Rialto goodwill
$
5,396

 
5,396

Lennar Financial Services goodwill (2)
$
59,838

 
39,838


(1)
Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition.
(2)
In connection with the WCI acquisition, the Company allocated $143.3 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities.
 
Three Months Ended
 
February 28,
 
February 29,
(In thousands)
2017
 
2016
Revenues:
 
 
 
Homebuilding East
$
767,726

 
659,054

Homebuilding Central
516,181

 
413,840

Homebuilding West
552,798

 
551,339

Homebuilding Other
181,989

 
162,248

Lennar Financial Services
148,043

 
123,956

Rialto
82,006

 
43,711

Lennar Multifamily
88,685

 
39,516

Total revenues (1)
$
2,337,428

 
1,993,664

Operating earnings (loss):
 
 
 
Homebuilding East (2)

($55,709
)
 
84,706

Homebuilding Central
52,858

 
33,195

Homebuilding West
53,360

 
88,834

Homebuilding Other
20,829

 
13,903

Lennar Financial Services
20,664

 
14,931

Rialto
(843
)
 
1,610

Lennar Multifamily
19,183

 
12,182

Total operating earnings
110,342

 
249,361

Corporate general and administrative expenses
60,699

 
47,668

Earnings before income taxes
$
49,643

 
201,693

(1)
Total revenues were net of sales incentives of $123.5 million ($22,700 per home delivered) for the three months ended February 28, 2017, compared to $103.7 million ($21,600 per home delivered) for the three months ended February 29, 2016.
(2)
Homebuilding East operating loss for the three months ended February 28, 2017 included a $140 million loss on litigation accrual (see Note 17).
 


10



(4)
Lennar Homebuilding Investments in Unconsolidated Entities
Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows:
Statements of Operations
 
Three Months Ended
 
February 28,
 
February 29,
(In thousands)
2017
 
2016
Revenues
$
46,136

 
99,726

Costs and expenses
79,066

 
97,200

Net earnings (loss) of unconsolidated entities
$
(32,930
)
 
2,526

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
$
(11,534
)
 
3,000


For the three months ended February 28, 2017, Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company’s share of net operating losses from its unconsolidated entities. The operating losses from the Company's unconsolidated entities were primarily driven by general and administrative expenses, as there were not sufficient land sale transactions to offset those expenses during the three months ended February 28, 2017.
For the three months ended February 29, 2016, Lennar Homebuilding equity in earnings included $6.0 million of equity in earnings from one of the Company's unconsolidated entities primarily due to sales of approximately 220 homesites to third parties.
Balance Sheets
(In thousands)
February 28,
2017
 
November 30,
2016
Assets:
 
 
 
Cash and cash equivalents
$
436,872

 
221,334

Inventories
3,977,388

 
3,889,795

Other assets
982,702

 
1,334,116

 
$
5,396,962

 
5,445,245

Liabilities and equity:
 
 
 
Accounts payable and other liabilities
$
711,107

 
791,245

Debt (1)
770,587

 
888,664

Equity
3,915,268

 
3,765,336

 
$
5,396,962

 
5,445,245

(1)
Debt presented above is net of debt issuance costs of $6.1 million and $4.2 million, as of February 28, 2017 and November 30, 2016, respectively.
On May 2, 2016 (the "Closing Date"), the Company contributed, or obtained the right to contribute, its investment in three strategic joint ventures previously managed by FivePoint Communities in exchange for an investment in a FivePoint entity. The fair values of the assets contributed to this FivePoint entity, included within the unconsolidated entities summarized condensed balance sheet presented above, are preliminary and may be adjusted when additional information is obtained during the transaction’s measurement period (a period of up to one year from the Closing Date) that may change the fair value allocation as of the acquisition date. A portion of the assets of one of the three strategic joint ventures transferred to a new unconsolidated entity was retained by Lennar and its venture partner. The transactions did not have a material impact to the Company’s financial position or cash flows for the year ended November 30, 2016. For the year ended November 30, 2016, the Company recorded $42.6 million of its share of combination costs and operational net losses in equity in loss from unconsolidated entities on the consolidated statement of operations.
As of February 28, 2017 and November 30, 2016, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $910.1 million and $811.7 million, respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of February 28, 2017 and November 30, 2016 was $1.3 billion and $1.2 billion, respectively. The basis difference is primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company.

11



The Lennar Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities.
The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows:
(Dollars in thousands)
February 28,
2017
 
November 30,
2016
Non-recourse bank debt and other debt (partner’s share of several recourse)
$
72,162

 
48,945

Non-recourse land seller debt and other debt (1)
3,995

 
323,995

Non-recourse debt with completion guarantees
298,319

 
147,100

Non-recourse debt without completion guarantees
325,115

 
320,372

Non-recourse debt to the Company
699,591

 
840,412

The Company’s maximum recourse exposure (2)
77,119

 
52,438

Debt issuance costs
(6,123
)
 
(4,186
)
Total debt
$
770,587

 
888,664

The Company’s maximum recourse exposure as a % of total JV debt
10
%
 
6
%

(1)
Non-recourse land seller debt and other debt as of November 30, 2016 included a $320 million non-recourse note related to a transaction between one of the Company's unconsolidated entities and another unconsolidated joint venture, which was settled in December 2016.
(2)
As of February 28, 2017, the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three unconsolidated entities' debt.
In most instances in which the Company has guaranteed debt of a Lennar Homebuilding unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral.
In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used.
If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes.
As of both February 28, 2017 and November 30, 2016, the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of February 28, 2017, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Lennar Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 12).


12



(5)
Stockholders' Equity
The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 28, 2017 and February 29, 2016:
 
 
 
Stockholders’ Equity
 
 
(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, 2016
$
7,211,567

 
20,409

 
3,298

 
2,805,349

 
(108,961
)
 
(309
)
 
4,306,256

 
185,525

Net earnings (including net loss attributable to noncontrolling interests)
29,674

 

 

 

 

 

 
38,080

 
(8,406
)
Employee stock and directors plans
72

 
2

 

 
157

 
(87
)
 

 

 

Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes
35,515

 

 

 
35,515

 

 

 

 

Amortization of restricted stock
12,505

 

 

 
12,505

 

 

 

 

Cash dividends
(9,400
)
 

 

 

 

 

 
(9,400
)
 

Receipts related to noncontrolling interests
153

 

 

 

 

 

 

 
153

Payments related to noncontrolling interests
(25,871
)
 

 

 

 

 

 

 
(25,871
)
Non-cash activity related to noncontrolling interests
588

 

 

 
2,267

 

 

 

 
(1,679
)
Other comprehensive income, net of tax
972

 

 

 

 

 
972

 

 

Balance at February 28, 2017
$
7,255,775

 
20,411

 
3,298

 
2,855,793

 
(109,048
)
 
663

 
4,334,936

 
149,722

 
 
 
Stockholders’ Equity
 
 
(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, 2015
$
5,950,072

 
18,066

 
3,298

 
2,305,560

 
(107,755
)
 
39

 
3,429,736

 
301,128

Net earnings (including net earnings attributable to noncontrolling interests)
145,452

 

 

 

 

 

 
144,080

 
1,372

Employee stock and directors plans
(194
)
 
&