0001628280-20-013563.txt : 20200914 0001628280-20-013563.hdr.sgml : 20200914 20200914172228 ACCESSION NUMBER: 0001628280-20-013563 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200914 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200914 DATE AS OF CHANGE: 20200914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LENNAR CORP /NEW/ CENTRAL INDEX KEY: 0000920760 STANDARD INDUSTRIAL CLASSIFICATION: GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520] IRS NUMBER: 954337490 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11749 FILM NUMBER: 201173981 BUSINESS ADDRESS: STREET 1: 700 NW 107TH AVENUE STREET 2: SUITE 400 CITY: MIAMI STATE: FL ZIP: 33172 BUSINESS PHONE: 3055594000 MAIL ADDRESS: STREET 1: 700 NW 107TH AVENUE STREET 2: SUITE 400 CITY: MIAMI STATE: FL ZIP: 33172 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC GREYSTONE CORP /DE/ DATE OF NAME CHANGE: 19940323 8-K 1 len-2020831x8kq3.htm 8-K Document
false0000920760LENNAR CORP /NEW/ 0000920760 us-gaap:CommonClassAMember 2020-09-14 2020-09-14 0000920760 us-gaap:CommonClassBMember 2020-09-14 2020-09-14 0000920760 2020-09-14 2020-09-14
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
September 14, 2020
Date of Report (Date of earliest event reported)
LENNAR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
1-11749
95-4337490
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS 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)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o


Item 2.02. Results of Operations and Financial Condition.
On September 14, 2020, Lennar Corporation issued a press release announcing its results of operations for the third quarter ended August 31, 2020. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits.
The following exhibit is furnished as part of this Current Report on Form 8-K.

Exhibit No.
Description of Document
 
 
99.1
104
Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.


2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 14, 2020
Lennar Corporation
 
 
 
 
By:
/s/ Diane Bessette
 
Name:
Diane Bessette
 
Title:
Vice President, Chief Financial Officer and Treasurer


3
 EX-99.1 2 ex991-2020831x8kq3.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1





Contact:
Allison Bober
Investor Relations
Lennar Corporation
(305) 485-2038
FOR IMMEDIATE RELEASE
Lennar Reports Third Quarter EPS of $2.12
•
Net earnings of $666.4 million, or $2.12 per diluted share, compared to net earnings of $513.4 million, or $1.59 per diluted share – up 30% and 33%, respectively
•
Deliveries of 13,842 homes – up 2%
•
New orders of 15,564 homes – up 16%; new orders dollar value of $6.3 billion – up 20%
•
Backlog of 19,697 homes – up 4%; backlog dollar value of $7.9 billion – up 4%
•
Revenues of $5.9 billion – consistent with prior year
•
Homebuilding operating margins of $832.0 million, compared to $657.1 million
◦
Gross margin on home sales of 23.1%, compared to 20.4%
◦
S,G&A expenses as a % of revenues from home sales of 8.0%, compared to 8.3%
◦
Operating margin on home sales of 15.1%, compared to 12.0%
•
Financial Services operating earnings of $135.1 million, compared to $74.7 million
•
Multifamily operating loss of $5.1 million, compared to operating earnings of $10.2 million
•
Lennar Other operating earnings of $8.0 million, compared to $15.8 million
•
Homebuilding cash and cash equivalents of $2.0 billion
•
No borrowings under the Company's $2.4 billion revolving credit facility
•
Paid down approximately $400 million of debt during the quarter
•
Homebuilding debt to total capital of 29.5%, compared to 37.1%



(more)

2-2-2
Miami, September 14, 2020 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its third quarter ended August 31, 2020. Third quarter net earnings attributable to Lennar in 2020 were $666.4 million, or $2.12 per diluted share, compared to third quarter net earnings attributable to Lennar in 2019 of $513.4 million, or $1.59 per diluted share.
Stuart Miller, Executive Chairman of Lennar, said, “We are pleased to announce our results for the third quarter where we achieved net earnings of $666.4 million, or $2.12 per diluted share, compared to $513.4 million, or $1.59 per diluted share in the prior year. Our third quarter results benefited from robust market conditions combined with the solid execution of our homebuilding and financial services businesses. Fundamentals in the housing market continued to remain strong supported by record low interest rates and a continued undersupply of new and existing inventory. The housing market continued its strong rebound from the significantly weaker sales environment earlier in the year as a result of COVID-19.”
Mr. Miller continued, “During the quarter, we used the strength of the homebuilding market to accelerate starts to catch up on production lost earlier in the year. We carefully matched new orders and starts, with a continued focus on cash management which has led to greater returns. In the third quarter, new orders and starts were up 16% and 17%, respectively, over last year. As expected, our new home deliveries, limited by the production pause in the second quarter, increased only 2% over last year, but our gross margin climbed to 23.1%, a 270 basis point increase over the prior year, and our net margin reached an all-time, third quarter high of 15.1%. Additionally, we paid off approximately $400 million of debt during the quarter, had no borrowings under our $2.4 billion revolving credit facility and ended the quarter with $2.0 billion in cash and homebuilding debt to capital ratio of 29.5%, an all-time low.”
“Balancing the early year pause with currently robust market conditions, we expect fourth quarter closings of 15,500 - 16,000 homes with gross margins in the 23.25% - 23.5% range. Given strong demand and limited new and existing home inventory, we expect home sales to remain strong for the foreseeable future. As we maintain a balance between sales and deliveries, we expect fourth quarter sales between 13,800 and 14,300 homes.”
Rick Beckwitt, Chief Executive Officer of Lennar, said, “New home sales strengthened across the country in all of our major markets during the third quarter. Our sales pace was 4.2 homes per community in the third quarter, compared to 3.4 in the prior year. Our laser-focus on improving our SG&A leverage combined with the benefits of our technology efforts resulted in an SG&A percentage of 8.0%, an all-time, third quarter low. In addition, our financial services business again performed extremely well with third quarter earnings of $135.1 million, an all-time, third quarter high.”
Jon Jaffe, President of Lennar, said, “We continued to make significant progress towards becoming a land lighter company by improving our controlled percentage of total homesites by 500 basis points to 35% at the end of the third quarter from 30% in the third quarter last year, while reducing our years owned supply of homesites to 3.8 years from 4.4 at the end of last year’s third quarter. Additionally, our intense focus on construction costs helped drive margin, despite our average sales price on homes delivered remaining flat. We continue to be focused on mitigating the impact of limited availability of labor and materials in certain of our markets.”
Mr. Miller concluded, “The housing market has proven to be resilient in the current environment and we expect it to continue to be a significant driver in the recovery of the overall economy. With an excellent balance sheet, strong cash flow generation and continued execution of our core operating strategies, we expect to end 2020 with another very strong quarter and be extremely well positioned for an even stronger 2021.”


3-3-3
RESULTS OF OPERATIONS
THREE MONTHS ENDED AUGUST 31, 2020 COMPARED TO
THREE MONTHS ENDED AUGUST 31, 2019
Homebuilding
Revenues from home sales increased 3% in the third quarter of 2020 to $5.5 billion from $5.3 billion in the third quarter of 2019. Revenues were higher primarily due to a 2% increase in the number of home deliveries, excluding unconsolidated entities, and a 1% increase in the average sales price of homes delivered. New home deliveries, excluding unconsolidated entities, increased to 13,809 homes in the third quarter of 2020 from 13,513 homes in the third quarter of 2019. The average sales price of homes delivered was $396,000 in the third quarter of 2020, compared to $394,000 in the third quarter of 2019.
Gross margin on home sales were $1.3 billion, or 23.1%, in the third quarter of 2020, compared to $1.1 billion, or 20.4%, in the third quarter of 2019. The gross margin percentage on home sales increased primarily due to the Company's focus on reducing construction costs.
Selling, general and administrative expenses were $435.9 million in the third quarter of 2020, compared to $444.7 million in the third quarter of 2019. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 8.0% in the third quarter of 2020, from 8.3% in the third quarter of 2019 as the Company focused on improving its leverage combined with the benefits of the Company's technology efforts.
Financial Services
Operating earnings for the Financial Services segment were $135.1 million in the third quarter of 2020, compared to $74.7 million ($78.8 million net of noncontrolling interests) in the third quarter of 2019. Operating earnings increased due to an improvement in the mortgage business as a result of an increase in volume and margin. Additionally, operating earnings of the Company's title business increased primarily due to an increase in volume.
Other Ancillary Businesses
Operating loss for the Multifamily segment was $5.1 million in the third quarter of 2020, compared to operating earnings of $10.2 million ($10.5 million net of noncontrolling interests) in the third quarter of 2019, which included the sale of an operating property. Operating earnings for the Lennar Other segment were $8.0 million in the third quarter of 2020, compared to $15.8 million ($15.9 million net of noncontrolling interests) in the third quarter of 2019.


4-4-4
RESULTS OF OPERATIONS
NINE MONTHS ENDED AUGUST 31, 2020 COMPARED TO
NINE MONTHS ENDED AUGUST 31, 2019
Homebuilding
Revenues from home sales increased 3% in the nine months ended August 31, 2020 to $14.5 billion from $14.1 billion in the nine months ended August 31, 2019. Revenues were higher primarily due to a 5% increase in the number of home deliveries, excluding unconsolidated entities. New home deliveries, excluding unconsolidated entities, increased to 36,775 homes in the nine months ended August 31, 2020 from 35,021 homes in the nine months ended August 31, 2019. The average sales price of homes delivered was $395,000 in the nine months ended August 31, 2020, compared to $403,000 in the nine months ended August 31, 2019. The decrease in average sales price primarily resulted from continuing to shift to lower-priced communities and regional product mix due to COVID-19 stay-at-home orders in certain higher priced markets.
Gross margin on home sales were $3.2 billion, or 21.8%, in the nine months ended August 31, 2020, compared to $2.9 billion or 20.2%, in the nine months ended August 31, 2019. The gross margin percentage on home sales increased primarily due to the Company's continued focus on reducing construction costs. Loss on land sales in the nine months ended August 31, 2020 was $21.9 million, primarily due to a write-off of costs in the second quarter of 2020 as a result of Lennar not moving forward with a naval base development in Concord, California, northeast of San Francisco. Gross margin on land sales were $14.9 million in the nine months ended August 31, 2019.
Selling, general and administrative expenses were $1.2 billion in both the nine months ended August 31, 2020 and 2019. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 8.4% in the nine months ended August 31, 2020, from 8.7% in the nine months ended August 31, 2019.
Financial Services
Operating earnings for the Financial Services segment were $329.7 million ($343.8 million net of noncontrolling interests) in the nine months ended August 31, 2020, compared to $149.9 million ($163.0 million net of noncontrolling interests) in the nine months ended August 31, 2019. Operating earnings increased due to an improvement in the mortgage and title businesses as a result of an increase in volume and margin, as well as reductions in loan origination costs. Additionally, in the second quarter of 2020, the Financial Services segment recorded a $61.4 million gain on the deconsolidation of a previously consolidated entity.





5-5-5
Other Ancillary Businesses
Operating loss for the Multifamily segment was $4.0 million in the nine months ended August 31, 2020, compared to operating earnings of $12.7 million ($13.4 million net of noncontrolling interests) in the nine months ended August 31, 2019. Operating loss for the Lennar Other segment was $9.1 million in the nine months ended August 31, 2020, compared to operating earnings of $20.7 million ($21.2 million net of noncontrolling interests) in the nine months ended August 31, 2019.
Tax Rate
For the nine months ended August 31, 2020 and 2019, the Company had a tax provision of $382.5 million and $374.7 million, respectively, which resulted in an overall effective income tax rate of 19.5% and 24.2%, respectively. The reduction in the overall effective income tax rate is primarily due to the extension of the new energy efficient home tax credit during the first quarter of 2020.
Liquidity
At August 31, 2020, the Company had $2.0 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.4 billion revolving credit facility, thereby providing $4.4 billion of available capacity.
Fourth Quarter 2020 Guidance
The following are the Company's expected results of its homebuilding and financial services activities during the fourth quarter of fiscal year 2020:
New Orders
13,800 - 14,300
Deliveries
15,500 - 16,000
Average Sales Price
$390,000
Gross Margin % on Home Sales
23.25% - 23.5%
S,G&A as a % of Home Sales
7.7% - 7.8%
Financial Services Operating Earnings
$100 - $105 million



6-6-6
About Lennar
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX, formerly known as Lennar Ventures, drives the Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.
Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements relating to the homebuilding market and other markets in which we participate. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. Important factors that could cause such differences include the potential negative impact to our business of the ongoing coronavirus (COVID-19) pandemic, the duration, impact and severity of which is highly uncertain; slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities; increases in operating costs, including costs related to construction materials, labor, real estate taxes and insurance, which exceed our ability to increase prices, both in our Homebuilding and Multifamily businesses; reduced availability of mortgage financing or increased interest rates; decreased demand for our homes or Multifamily rental apartments; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land lighter strategy; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; unfavorable losses in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business, and the risks described in our filings with the Securities and Exchange Commission, including our Form 10-K for the fiscal year ended November 30, 2019. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
A conference call to discuss the Company’s third quarter earnings will be held at 11:00 a.m. Eastern Time on Tuesday, September 15, 2020. The call will be broadcast live on the Internet and can be accessed through the Company’s website at www.lennar.com. If you are unable to participate in the conference call, the call will be archived at www.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-3064 and entering 5723593 as the confirmation number.
###



7-7-7
LENNAR CORPORATION AND SUBSIDIARIES
Selected Revenues and Operating Information
(In thousands, except per share amounts)
(unaudited)
 
Three Months Ended
 
Nine Months Ended
 
August 31,
 
August 31,
 
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

 
 
 
 
 
 
 
 
Homebuilding operating earnings
$
813,744

 
658,982

 
1,905,503

 
1,610,366

Financial Services operating earnings
135,079

 
74,698

 
329,722

 
149,887

Multifamily operating earnings (loss)
(5,148
)
 
10,225

 
(4,001
)
 
12,700

Lennar Other operating earnings (loss)
7,999

 
15,793

 
(9,123
)
 
20,724

Corporate general and administrative expenses
(92,661
)
 
(92,615
)
 
(262,959
)
 
(248,071
)
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

 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
Basic
308,889

 
318,103

 
309,492

 
319,924

Diluted
308,890

 
318,104

 
309,493

 
319,927

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
2.13

 
1.60

 
5.05

 
3.64

Diluted
$
2.12

 
1.59

 
5.03

 
3.63

 
 
 
 
 
 
 
 
Supplemental information:
 
 
 
 
 
 
 
Interest incurred (1)
$
88,149

 
108,401

 
272,347

 
320,960

 
 
 
 
 
 
 
 
EBIT (2):
 
 
 
 
 
 
 
Net earnings attributable to Lennar
$
666,418

 
513,366

 
1,582,276

 
1,174,748

Provision for income taxes
189,690

 
154,440

 
382,498

 
374,670

Interest expense included in:

 


 
 
 
 
Costs of homes sold
93,124

 
97,961

 
247,644

 
255,434

Costs of land sold
1,035

 
3,581

 
1,567

 
4,531

Homebuilding other expense, net
5,478

 
5,636

 
17,155

 
11,511

Total interest expense
99,637

 
107,178

 
266,367

 
271,476

EBIT
$
955,745

 
774,984

 
2,231,141

 
1,820,894

(1)
Amount represents interest incurred related to homebuilding debt.
(2)
EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures.



8-8-8
LENNAR CORPORATION AND SUBSIDIARIES
Segment Information
(In thousands)
(unaudited)
 
Three Months Ended
 
Nine Months Ended
 
August 31,
 
August 31,
 
2020
 
2019
 
2020
 
2019
Homebuilding revenues:
 
 
 
 
 
 
 
Sales of homes
$
5,467,364

 
5,330,694

 
14,533,212

 
14,114,939

Sales of land
34,323

 
104,338

 
81,023

 
134,576

Other homebuilding
3,433

 
3,966

 
12,485

 
8,803

Total homebuilding revenues
5,505,120

 
5,438,998

 
14,626,720

 
14,258,318

 
 
 
 
 
 
 
 
Homebuilding costs and expenses:
 
 
 
 
 
 
 
Costs of homes sold
4,204,814

 
4,245,061

 
11,359,364

 
11,264,640

Costs of land sold
32,395

 
92,151

 
102,899

 
119,685

Selling, general and administrative
435,949

 
444,720

 
1,222,032

 
1,223,701

Total homebuilding costs and expenses
4,673,158

 
4,781,932

 
12,684,295

 
12,608,026

Homebuilding operating margins
831,962

 
657,066

 
1,942,425

 
1,650,292

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
)
Homebuilding operating earnings
$
813,744

 
658,982

 
1,905,503

 
1,610,366

 
 
 
 
 
 
 
 
Financial Services revenues
$
237,068

 
224,502

 
631,992

 
572,029

Financial Services costs and expenses
101,989

 
149,804

 
363,688

 
422,142

Financial Services gain on deconsolidation
—

 
—

 
61,418

 
—

Financial Services operating earnings
$
135,079

 
74,698

 
329,722

 
149,887

 
 
 
 
 
 
 
 
Multifamily revenues
$
115,170

 
183,958

 
370,904

 
428,764

Multifamily costs and expenses
118,786

 
181,616

 
379,607

 
431,510

Multifamily equity in earnings (loss) from unconsolidated entities and other gain
(1,532
)
 
7,883

 
4,702

 
15,446

Multifamily operating earnings (loss)
$
(5,148
)
 
10,225

 
(4,001
)
 
12,700

 
 
 
 
 
 
 
 
Lennar Other revenues
$
12,896

 
9,600

 
33,348

 
28,919

Lennar Other costs and expenses
2,062

 
2,734

 
3,564

 
7,550

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
)
Lennar Other operating earnings (loss)
$
7,999

 
15,793

 
(9,123
)
 
20,724




9-9-9
LENNAR CORPORATION AND SUBSIDIARIES
Summary of Deliveries, New Orders and Backlog
(Dollars in thousands, except average sales price)
(unaudited)
Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in:
East: Florida, New Jersey, Pennsylvania and South Carolina
Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, Tennessee and Virginia
Texas: Texas
West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington
Other: Urban divisions
 
For the Three Months Ended August 31,
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Deliveries:
Homes
 
Dollar Value
 
Average Sales Price
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

Of the total homes delivered listed above, 33 homes with a dollar value of $10.7 million and an average sales price of $326,000 represent home deliveries from unconsolidated entities for the three months ended August 31, 2020, compared to nine home deliveries with a dollar value of $2.7 million and an average sales price of $303,000 for the three months ended August 31, 2019.
 
At August 31,
 
For the Three Months Ended August 31,
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
New Orders:
Active Communities
 
Homes
 
Dollar Value
 
Average Sales Price
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

Of the total new orders listed above, 34 homes with a dollar value of $9.7 million and an average sales price of $286,000 represent new orders in four active communities from unconsolidated entities for the three months ended August 31, 2020, compared to 21 new orders with a dollar value of $7.3 million and an average sales price of $349,000 in five active communities for the three months ended August 31, 2019.

 
For the Nine Months Ended August 31,
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Deliveries:
Homes
 
Dollar Value
 
Average Sales Price
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

Of the total homes delivered listed above, 60 homes with a dollar value of $20.0 million and an average sales price of $334,000 represent home deliveries from unconsolidated entities for the nine months ended August 31, 2020, compared to 50 home deliveries with a dollar value of $25.0 million and an average sales price of $500,000 for the nine months ended August 31, 2019.








10-10-10

 
For the Nine Months Ended August 31,
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
New Orders:
Homes
 
Dollar Value
 
Average Sales Price
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

Of the total new orders listed above, 85 homes with a dollar value of $26.8 million and an average sales price of $316,000 represent new orders from unconsolidated entities for the nine months ended August 31, 2020, compared to 68 new orders with a dollar value of $32.1 million and an average sales price of $472,000 for the nine months ended August 31, 2019.

 
August 31,
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Backlog:
Homes
 
Dollar Value
 
Average Sales Price
East (1)
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

Of the total homes in backlog listed above, 56 homes with a backlog dollar value of $17.0 million and an average sales price of $303,000 represent the backlog from unconsolidated entities at August 31, 2020, compared to 25 homes with a backlog dollar value of $9.8 million and an average sales price of $391,000 at August 31, 2019.
(1)
During the nine months ended August 31, 2019, the Company acquired 13 homes in backlog.



11-11-11
LENNAR CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(unaudited)
 
August 31,
 
November 30,
 
2020
 
2019
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

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
29,894

 
29,712

Class B common stock of $0.10 par value
3,944

 
3,944

Additional paid-in capital
8,654,954

 
8,578,219

Retained earnings
9,760,165

 
8,295,001

Treasury 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





12-12-12

LENNAR CORPORATION AND SUBSIDIARIES
Supplemental Data
(Dollars in thousands)
(unaudited)
 
August 31,
 
November 30,
 
August 31,
 
2020
 
2019
 
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). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.



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Entity Information [Line Items]  
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Document Period End Date Sep. 14, 2020
Entity Registrant Name LENNAR CORP /NEW/
Entity Incorporation, State or Country Code DE
Entity File Number 1-11749
Entity Tax Identification Number 95-4337490
Entity Address, Address Line One 700 Northwest 107th Avenue
Entity Address, City or Town Miami
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33172
City Area Code 305
Local Phone Number 559-4000
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Entity Central Index Key 0000920760
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Entity Information [Line Items]  
Title of 12(b) Security Class A Common Stock, par value $.10
Trading Symbol LEN
Security Exchange Name NYSE
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Entity Information [Line Items]  
Title of 12(b) Security Class B Common Stock, par value $.10
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Security Exchange Name NYSE
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