UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _______ To _______

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.)

5505 Blue Lagoon Drive, Miami, Florida 33126

(Address of principal executive offices) (Zip Code)

(305) 559-4000

(Registrant’s telephone number, including area code)

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 (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  ☑    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    Yes  ☑    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	R	Accelerated filer	¨	Emerging growth company	☐
Non-accelerated filer	¨	Smaller reporting 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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑

Common stock outstanding as of August 31, 2022:

Class A 254,767,434

Class B 36,399,152

LENNAR CORPORATION
FORM 10-Q
For the period ended August 31, 2022
Part I	Financial Information
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets as of August 31, 2022 and November 30, 2021	3
	Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended August 31, 2022 and 2021	5
	Condensed Consolidated Statements of Cash Flows for the nine months ended August 31, 2022 and 2021	6
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44
Part II	Other Information	45
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3 - 5.	Not Applicable	45
Item 6.	Exhibits	46
	Signatures	47

Part I. Financial Information

Item 1. Financial Statements

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Dollars in thousands)

(Unaudited)

	August 31,		November 30,
	2022 (1)		2021 (1)
ASSETS
Homebuilding:
Cash and cash equivalents	$	1,309,364	2,735,213
Restricted cash	32,575		21,927
Receivables, net	665,472		490,278
Inventories:
Finished homes and construction in progress	13,043,631		10,446,139
Land and land under development	7,849,160		7,108,142
Consolidated inventory not owned	1,949,718		1,161,023
Total inventories	22,842,509		18,715,304
Investments in unconsolidated entities	1,174,498		972,084
Goodwill	3,442,359		3,442,359
Other assets	1,163,519		1,090,654
	30,630,296		27,467,819
Financial Services	2,523,970		2,964,367
Multifamily	1,267,908		1,311,747
Lennar Other	917,703		1,463,845
Total assets	$	35,339,877	33,207,778

(1)Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.

As of August 31, 2022, total assets include $1.4 billion related to consolidated VIEs of which $69.4 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $63.9 million in Homebuilding finished homes and construction in progress, $741.0 million in Homebuilding land and land under development, $420.9 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $24.2 million in Homebuilding other assets, $29.4 million in Multifamily assets and $13.5 million in Lennar Other assets.

As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

See accompanying notes to condensed consolidated financial statements.

3

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets (Continued)

(In thousands, except share amounts)

(Unaudited)

	August 31,		November 30,
	2022 (2)		2021 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,552,583	1,321,247
Liabilities related to consolidated inventory not owned	1,661,927		976,602
Senior notes and other debts payable, net	4,057,496		4,652,338
Other liabilities	2,836,442		2,920,055
	10,108,448		9,870,242
Financial Services	1,675,492		1,906,343
Multifamily	326,048		288,930
Lennar Other	102,351		145,981
Total liabilities	12,212,339		12,211,496
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: August 31, 2022 and November 30, 2021 - 400,000,000 shares; Issued: August 31, 2022 - 255,821,290 shares and November 30, 2021 - 300,500,075 shares	25,582		30,050
Class B common stock of $0.10 par value; Authorized: August 31, 2022 and November 30, 2021 - 90,000,000 shares; Issued: August 31, 2022 - 36,601,215 shares and November 30, 2021 - 39,443,168 shares	3,660		3,944
Additional paid-in capital	5,388,413		8,807,891
Retained earnings	17,647,293		14,685,329
Treasury stock, at cost; August 31, 2022 - 1,053,856 shares of Class A common stock and 202,063 shares of Class B common stock; November 30, 2021 - 38,586,961 shares of Class A common stock and 1,922,016 shares of Class B common stock	(89,760)		(2,709,448)
Accumulated other comprehensive income (loss)	2,090		(1,341)
Total stockholders’ equity	22,977,278		20,816,425
Noncontrolling interests	150,260		179,857
Total equity	23,127,538		20,996,282
Total liabilities and equity	$	35,339,877	33,207,778

(2)As of August 31, 2022, total liabilities include $489.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.7 million is included in Homebuilding accounts payable, $413.5 million in Homebuilding liabilities related to consolidated inventory not owned, $29.3 million in Homebuilding senior notes and other debts payable, $9.7 million in Homebuilding other liabilities, $3.5 million in Multifamily liabilities and $6.3 million in Lennar Other liabilities.

As of November 30, 2021, total liabilities include $258.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.6 million is included in Homebuilding accounts payable, $196.6 million in Homebuilding liabilities related to consolidated inventory not owned, $20.1 million in Homebuilding senior notes and other debt payable, $12.3 million in Homebuilding other liabilities and $2.8 million in Multifamily liabilities.

See accompanying notes to condensed consolidated financial statements.

4

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended			Nine Months Ended
	August 31,			August 31,
	2022		2021	2022	2021
Revenues:
Homebuilding	$	8,479,496	6,558,509	22,209,683	17,529,606
Financial Services	202,078		206,973	578,945	669,789
Multifamily	243,056		167,921	686,436	476,837
Lennar Other	9,801		8,000	21,579	20,884
Total revenues	8,934,431		6,941,403	23,496,643	18,697,116
Costs and expenses:
Homebuilding	6,494,737		5,225,497	17,241,788	14,253,299
Financial Services	138,730		94,890	320,871	290,179
Multifamily	215,433		174,410	654,322	474,389
Lennar Other	10,007		9,010	23,650	18,994
Corporate general and administrative	115,557		94,942	334,425	296,190
Charitable foundation contribution	17,248		15,199	46,335	42,006
Total costs and expenses	6,991,712		5,613,948	18,621,391	15,375,057
Homebuilding equity in earnings (loss) from unconsolidated entities	(14,652)		2,391	(10,076)	(3,862)
Homebuilding other income (expense), net	(6,883)		(5,570)	(4,334)	3,043
Multifamily equity in earnings (loss) from unconsolidated entities and other gain	20,864		(2,904)	22,468	9,682
Lennar Other equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss)	(31,935)		(689)	(68,493)	216,540
Lennar Other unrealized gains (losses) from technology investments	(85,839)		493,671	(558,974)	690,791
Earnings before income taxes	1,824,274		1,814,354	4,255,843	4,238,253
Provision for income taxes	(351,580)		(405,136)	(951,276)	(975,354)
Net earnings (including net earnings attributable to noncontrolling interests)	1,472,694		1,409,218	3,304,567	3,262,899
Less: Net earnings attributable to noncontrolling interests	5,350		2,330	12,886	23,279
Net earnings attributable to Lennar	$	1,467,344	1,406,888	3,291,681	3,239,620
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	$	342	131	1,146	(495)
Reclassification adjustments for gain included in earnings, net of tax	—		—	2,285	—
Total other comprehensive income (loss), net of tax	$	342	131	3,431	(495)
Total comprehensive income attributable to Lennar	$	1,467,686	1,407,019	3,295,112	3,239,125
Total comprehensive income attributable to noncontrolling interests	$	5,350	2,330	12,886	23,279
Basic earnings per share	$	5.04	4.52	11.19	10.37
Diluted earnings per share	$	5.03	4.52	11.18	10.36

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,
	2022		2021
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	3,304,567	3,262,899
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	57,921		65,845
Amortization of discount/premium on debt, net	(1,312)		(6,257)
Equity in earnings (loss) from unconsolidated entities	34,870		(64,571)
Distributions of earnings from unconsolidated entities	46,376		40,552
Share-based compensation expense	154,710		105,386
Deferred income tax (benefit) expense	(15,991)		288,259
Loans held-for-sale unrealized loss	41,356		26,156
Lennar Other unrealized (gains) losses from technology investments and other (gain) loss	578,674		(848,544)
Gain on sale of other assets and operating properties and equipment	(7,572)		(18,596)
Gain on sale of Financial Services' portfolio/businesses	—		(2,528)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs	27,247		16,020
Changes in assets and liabilities:
(Increase) decrease in receivables	(164,383)		131,282
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	(3,894,170)		(2,252,820)
Increase in other assets	(110,761)		(154,005)
Decrease in loans held-for-sale	318,974		209,262
Increase in accounts payable and other liabilities	180,946		514,007
Net cash provided by operating activities	551,452		1,312,347
Cash flows from investing activities:
Net additions of operating properties and equipment	(27,534)		(39,947)
Proceeds from the sale of operating properties and equipment and other assets	18,247		36,882
Investments in and contributions to unconsolidated entities	(396,734)		(354,588)
Distributions of capital from unconsolidated entities	331,801		292,466
Proceeds from sale of investment in consolidated joint venture	—		15,950
Proceeds from sale of commercial mortgage-backed securities bonds	9,191		11,307
Proceeds from sale of Financial Services portfolio/business	—		3,327
Decrease in Financial Services loans held-for-investment, net	18,859		13,249
Purchases of investment securities	(93,769)		(121,675)
Proceeds from maturities/sales of investment securities	8,472		11,861
Net cash used in investing activities	$	(131,467)	(131,168)

See accompanying notes to condensed consolidated financial statements.

6

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Continued)

(In thousands)

(Unaudited)

	Nine Months Ended
	August 31,
	2022		2021
Cash flows from financing activities:
Net repayments under warehouse facilities	$	(238,113)	(357,472)
Redemption of senior notes	(575,000)		(299,999)
Principal payments on notes payable and other borrowings	(35,542)		(165,403)
Proceeds from other borrowings	—		13,973
Proceeds from liabilities related to consolidated inventory not owned	845,408		441,177
Payments related to consolidated inventory not owned	(517,654)		(238,273)
Payments related to other liabilities, net	—		(7,142)
Receipts related to noncontrolling interests	30,060		18,575
Payments related to noncontrolling interests	(85,098)		(20,859)
Common stock:
Repurchases	(918,682)		(452,508)
Dividends	(329,717)		(233,988)
Net cash used in financing activities	$	(1,824,338)	(1,301,919)
Net decrease in cash and cash equivalents and restricted cash	(1,404,353)		(120,740)
Cash and cash equivalents and restricted cash at beginning of period	2,955,683		2,932,730
Cash and cash equivalents and restricted cash at end of period	$	1,551,330	2,811,990
Summary of cash and cash equivalents and restricted cash:
Homebuilding	$	1,309,364	2,623,320
Financial Services	143,630		137,021
Multifamily	40,870		15,302
Lennar Other	10,181		3,498
Homebuilding restricted cash	32,575		21,519
Financial Services restricted cash	14,710		11,330
	$	1,551,330	2,811,990
Supplemental disclosures of non-cash investing and financing activities:
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers	$	33,695	139,111
Non-cash contributions to unconsolidated entities	204,911		20,423
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories	$	(19,800)	—
Other assets	41		—
Investments in unconsolidated entities	(736)		—
Other liabilities	(271)		—
Noncontrolling interests	20,766		—

See accompanying notes to condensed consolidated financial statements.

7

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

(1)Basis of Presentation

Basis of 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 and pursuant to the rules and regulations of the Securities and Exchange Commission. 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, 2021. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Form 10-K for the year ended November 30, 2021. 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 both the three and nine months ended August 31, 2022 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.

Cash and Cash Equivalents

Homebuilding cash and cash equivalents as of August 31, 2022 and November 30, 2021 included $655.7 million and $940.4 million, respectively, of cash held in escrow. On average for the three months ended August 31, 2022, cash was held in escrow for approximately two days.

Homebuilding Revenue Recognition

Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of the homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the three months ended August 31, 2022 and 2021, sales incentives offered to homebuyers averaged $12,300 per home, or 2.5% as a percentage of home sales revenues, and $7,300 per home, or 1.7% as a percentage of home sales revenues, respectively. For the nine months ended August 31, 2022 and 2021, sales incentives offered to homebuyers averaged $9,500 per home, or 1.9% as a percentage of home sales revenues, and $9,300 per home, or 2.2% as a percentage of home sales revenues, respectively.

Share-based Payments

During both the three months ended August 31, 2022 and 2021, the Company granted employees an immaterial number of nonvested shares. During both the nine months ended August 31, 2022 and 2021, the Company granted employees 1.4 million nonvested shares.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 was effective for the Company’s fiscal year beginning December 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements.

8

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(2)Operating and Reporting Segments

The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. The Company's chief operating decision makers manage and assess the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, and determined that the following are its operating and reportable segments:

Homebuilding segments: (1) East (2) Central (3) Texas (4) West

(5) Financial Services

(6) Multifamily

(7) Lennar Other

The assets and liabilities related to the Company’s segments were as follows:

(In thousands)	August 31, 2022
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,309,364	143,630	40,870	10,181	1,504,045
Restricted cash	32,575		14,710	—	—	47,285
Receivables, net (1)	665,472		606,672	108,313	—	1,380,457
Inventories	22,842,509		—	429,923	—	23,272,432
Loans held-for-sale (2)	—		1,260,122	—	—	1,260,122
Investments in equity securities (3)	—		—	—	487,082	487,082
Investments available-for-sale (4)	—		—	—	35,163	35,163
Loans held-for-investment, net	—		38,939	—	—	38,939
Investments held-to-maturity	—		151,015	—	—	151,015
Investments in unconsolidated entities	1,174,498		—	631,513	342,636	2,148,647
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,163,519		119,183	57,289	42,641	1,382,632
	$	30,630,296	2,523,970	1,267,908	917,703	35,339,877
Liabilities:
Notes and other debts payable, net	$	4,057,496	1,487,913	16,683	—	5,562,092
Accounts payable and other liabilities	6,050,952		187,579	309,365	102,351	6,650,247
	$	10,108,448	1,675,492	326,048	102,351	12,212,339

9

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(In thousands)	November 30, 2021
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	2,735,213	167,021	16,850	2,660	2,921,744
Restricted cash	21,927		12,012	—	—	33,939
Receivables, net (1)	490,278		708,165	98,405	—	1,296,848
Inventories	18,715,304		—	454,093	—	19,169,397
Loans held-for-sale (2)	—		1,636,351	—	—	1,636,351
Investments in equity securities (3)	—		—	—	1,006,599	1,006,599
Investments available-for-sale (4)	—		—	—	41,654	41,654
Loans held-for-investment, net	—		44,582	—	—	44,582
Investments held-to-maturity	—		157,808	—	—	157,808
Investments in unconsolidated entities	972,084		—	654,029	346,270	1,972,383
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,090,654		48,729	88,370	66,662	1,294,415
	$	27,467,819	2,964,367	1,311,747	1,463,845	33,207,778
Liabilities:
Notes and other debts payable, net	$	4,652,338	1,726,026	—	—	6,378,364
Accounts payable and other liabilities	5,217,904		180,317	288,930	145,981	5,833,132
	$	9,870,242	1,906,343	288,930	145,981	12,211,496

(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2022 and November 30, 2021, respectively.

(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.

(3)Investments in equity securities include investments of $178.0 million and $100.1 million without readily available fair values as of August 31, 2022 and November 30, 2021, respectively.

(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.

Financial information relating to the Company’s segments was as follows:

	Three Months Ended August 31, 2022
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and Unallocated	Total
Revenue	$	8,479,496	202,078	243,056	9,801	—	8,934,431
Operating earnings (loss) (1)	1,963,224		63,348	48,487	(117,980)	—	1,957,079
Corporate general and administrative expenses	—		—	—	—	115,557	115,557
Charitable foundation contribution	—		—	—	—	17,248	17,248
Earnings (loss) before income taxes	1,963,224		63,348	48,487	(117,980)	(132,805)	1,824,274
	Three Months Ended August 31, 2021
Revenues	$	6,558,509	206,973	167,921	8,000	—	6,941,403
Operating earnings (loss)	1,329,833		112,083	(9,393)	491,972	—	1,924,495
Corporate general and administrative expenses	—		—	—	—	94,942	94,942
Charitable foundation contribution	—		—	—	—	15,199	15,199
Earnings (loss) before income taxes	1,329,833		112,083	(9,393)	491,972	(110,141)	1,814,354

(1) Financial Services operating earnings for the three months ended August 31, 2022, included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgment.

10

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

	Nine Months Ended August 31, 2022
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and Unallocated	Total
Revenues	$	22,209,683	578,945	686,436	21,579	—	23,496,643
Operating earnings (loss) (1)	4,953,485		258,074	54,582	(629,538)	—	4,636,603
Corporate general and administrative expenses	—		—	—	—	334,425	334,425
Charitable foundation contribution	—		—	—	—	46,335	46,335
Earnings (loss) before income taxes	4,953,485		258,074	54,582	(629,538)	(380,760)	4,255,843
	Nine Months Ended August 31, 2021
Revenues	$	17,529,606	669,789	476,837	20,884	—	18,697,116
Operating earnings	3,275,488		379,610	12,130	909,221	—	4,576,449
Corporate general and administrative expenses	—		—	—	—	296,190	296,190
Charitable foundation contribution	—		—	—	—	42,006	42,006
Earnings (loss) before income taxes	3,275,488		379,610	12,130	909,221	(