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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Nov. 30, 2024
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 528,713 $ 719,921  
Adjustments to reconcile net earnings to net cash (used in ) provided by operating activities:      
Depreciation and amortization 31,332 27,139  
Amortization of discount/premium and accretion on debt, net (91) 39  
Equity in (earnings) loss from unconsolidated entities (33,234) 30,545  
Distributions of earnings from unconsolidated entities 11,586 8,422  
Share-based compensation expense 84,085 87,680  
Deferred income tax expense 23,472 11,979  
Loans held-for-sale unrealized (gains) losses (30,403) 46,052  
Lennar Other realized losses and unrealized (gains) losses from technology investments and other (gains) losses 71,427 2,555  
Gains on sale of other assets (23,411) (2,671)  
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets 28,261 6,609  
Changes in assets and liabilities:      
Decrease in receivables 117,753 379,102  
Increase in inventories, excluding valuation adjustments (513,257) (285,023)  
Increase In Deposits And Pre-acquisition Costs On Real Estate (757,972) (410,936)  
(Increase) decrease in other assets (57,501) 19,061  
Decrease in loans held-for-sale 445,233 53,797  
Decrease in accounts payable and other liabilities (215,035) (326,404)  
Net cash provided by (used in) operating activities (289,042) 367,867  
Cash flows from investing activities:      
Net additions of operating properties and equipment (56,043) (72,925)  
Proceeds from the sale of other assets 40,258 5,094  
Proceeds from sale of investment in unconsolidated joint ventures 233,007 0  
Proceeds from sales of investments 72,003 0  
Investments in and contributions to unconsolidated entities (78,709) (117,593)  
Distributions of capital from unconsolidated entities 35,455 35,330  
Acquisition, net of cash and restricted cash acquired (231,426) 0  
Decrease in Financial Services loans held-for-investment 8,467 2,749  
Purchases of investment securities (3,456) (2,063)  
Proceeds from maturities/sales of investment securities 1,934 1,493  
Net cash provided by (used in) investing activities 21,490 (147,915)  
Cash flows from financing activities:      
Net repayments under warehouse facilities (533,831) (599,514)  
Principal payments on notes payable and other borrowings (27,600) (19,251)  
Net cash distributed in connection with Millrose Properties, Inc. spin-off (416,006) 0  
Proceeds from liabilities related to consolidated inventory not owned 259 67,650  
Proceeds from other borrowings 0 6,230  
Payments related to liabilities related to consolidated inventory not owned (255,862) (252,446)  
Payments related to other liabilities, net (1,421) (1,421)  
Receipts related to noncontrolling interests 11,328 5,796  
Payments related to noncontrolling interests (5,389) (1,979)  
Common stock:      
Repurchases (774,475) (595,100)  
Dividends (131,646) (139,387)  
Net cash used in financing activities (2,134,643) (1,529,422)  
Net decrease in cash and cash equivalents and restricted cash (2,402,195) (1,309,470)  
Cash and cash equivalents and restricted cash at beginning of period 4,990,210 6,570,938  
Cash and cash equivalents and restricted cash at end of period 2,588,015 5,261,468  
Total cash and cash equivalents and restricted cash 2,588,015 5,261,468 $ 4,990,210
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Millrose      
Non-cash impacts of Millrose Properties, Inc. spin-off:      
Inventories (5,576,376)    
Investments in unconsolidated entities (1,194,711)    
Other assets (60,156)    
Notes payable 19,000    
Retained earnings 4,422,821    
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 2,588,015 5,261,468  
Cash and cash equivalents 2,516,772   4,909,664
Restricted cash 71,243   80,546
Total cash and cash equivalents and restricted cash 2,588,015 5,261,468  
Homebuilding      
Common stock:      
Cash and cash equivalents [1] 2,283,928   4,662,643
Restricted cash [1] 22,487   11,799
Homebuilding | Operating Segments      
Common stock:      
Cash and cash equivalents 2,283,928 4,950,128 4,662,643
Restricted cash 22,487 12,635 11,799
Lennar Financial Services | Operating Segments      
Common stock:      
Cash and cash equivalents 188,833 233,846 175,382
Restricted cash 48,756 35,068 68,747
Multifamily | Operating Segments      
Common stock:      
Cash and cash equivalents 15,030 27,091 30,948
Restricted cash 0   0
Lennar Other | Operating Segments      
Common stock:      
Cash and cash equivalents 28,981 2,700 40,691
Restricted cash 0   $ 0
Lennar Homebuilding and Lennar Multifamily | Operating Segments      
Homebuilding:      
Payments of inventories financed by sellers 320 23,081  
Net non-cash contributions to unconsolidated entities $ 17,330 $ 0  
[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 February 28, 2025, total assets include $3.0 billion related to consolidated VIEs of which $72.3 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $5.6 million in Homebuilding finished homes and construction in progress, $342.4 million in Homebuilding land and land under development, $2.5 billion in Homebuilding consolidated inventory not owned, $67.7 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $11.7 million in Homebuilding other assets and $35.5 million in Multifamily assets.
As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.