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LEN · Lennar

33 filings

10-K

LEN 10-K Annual Reports

Lennar - 33 annual reports

Filing record · 2016–202610-K1210-Q338-K129

2025
Lennar Annual Report, Year Ended Nov 30, 2025
Lennar Corporation reported fiscal 2025 (year ended November 30, 2025) net earnings attributable to Lennar of $2.1 billion, or $7.98 per diluted and basic share, compared with $3.9 billion, or $14.31 per share, in fiscal 2024. Excluding a $130.2 million mark-to-market gain on technology investments and a one-time $156.1 million loss on the Millrose Properties, Inc. exchange offer, net earnings were $2.1 billion, or $8.06 per diluted share. Home sales revenue was $32.1 billion, down from $33.8 billion, as deliveries rose to 82,583 homes while the average sales price fell to $391,000 from $423,000. Gross margin on home sales was 17.7%, versus 22.3% in the prior year, and the filing attributes the decline to lower revenue per square foot and higher land costs, partly offset by lower construction costs. Sales incentives averaged $62,700 per home, or 13.8% of revenues, up from 10.3%. The balance sheet and capital structure changed significantly during the year. The February 2025 spin-off of approximately 80% of Millrose and the November 2025 exchange offer for the remaining 20% reduced equity, with stockholders' equity falling to $21.96 billion from $27.87 billion. Homebuilding debt to total capital rose to 15.7% from 7.5%, and homebuilding cash and equivalents were $3.4 billion at year end. Lennar drew $1.7 billion under its new Delayed Draw Term Loan Facility, issued $700 million of 5.20% senior notes due 2030, and repurchased $1.8 billion of common stock. Operating cash flow fell to $217 million from $2.4 billion, driven by a $1.5 billion increase in deposits and pre-acquisition costs on real estate. The company expects to deliver approximately 85,000 homes in fiscal 2026 and projects first-quarter 2026 gross margins of 15% to 16%. The filing describes a difficult housing market in which affordability and consumer confidence limited demand, and management says it will prioritize volume and even-flow production while its land-light strategy shifts more homesites to options. The company declared a quarterly dividend of $0.50 per share on January 21, 2026. Stuart Miller, Executive Chairman and CEO, holds approximately 42% of the voting power.
Jan 28, 2026
2024
Lennar Annual Report, Year Ended Nov 30, 2024
Lennar Corporation reported fiscal 2024 (year ended November 30, 2024) results with homebuilding operations generating $34 billion in revenues, or approximately 96% of consolidated revenues. The company delivered 80,210 homes in fiscal 2024, up from 73,087 in fiscal 2023, while the average sales price fell to $423,000 from $446,000. Net earnings attributable to Lennar were $3.9 billion, or $14.31 per diluted share, compared with $3.9 billion, or $13.73 per diluted share, in 2023. Gross margin on home sales was 22.3%, compared with 23.3% a year earlier, as incentives rose; sales incentives averaged 10.3% of home sales revenues versus 8.8% in 2023. Management said mortgage rates climbed approximately 100 basis points in the fourth quarter instead of falling, which stalled sales and forced higher incentives. For fiscal 2025 the company anticipates 17,000 to 17,500 closings in the first quarter with gross margins of 19% to 19.25%, and 86,000 to 88,000 deliveries for the year. The central strategic development is the planned spin-off of Millrose Properties Inc., into which Lennar expects to contribute land with an expected total aggregate value between $5.0 billion and $6.0 billion plus approximately $1.0 billion of cash. Lennar's Board declared a stock dividend under which roughly 80% of Millrose's outstanding shares will be distributed to stockholders of record as of January 21, 2025, with a distribution date of February 7, 2025. Lennar also agreed to acquire Rausch Coleman Homes, expected to close in the first quarter of 2025. Balance sheet metrics remained strong: homebuilding debt to total capital was 7.5% at November 30, 2024, and the company repurchased $2.3 billion of common stock during the year. Key risks include pressure from elevated interest rates on affordability and cancellations, which were 14% in 2024 versus 16% in 2023, and execution risk on the Millrose transaction, which remains subject to conditions and an uncertain timeline. Backlog value declined to $5.4 billion from $6.6 billion.
Jan 23, 2025
2023-A
Lennar Annual Report (Amendment), Year Ended Nov 30, 2023
Lennar Corporation filed Amendment No. 1 on Form 10-K/A to its Annual Report for the fiscal year ended November 30, 2023, which was originally filed on January 26, 2024. The sole purpose of the amendment is to file Exhibit 97, the Executive Officer Recovery Policy, which the company had inadvertently omitted from the original filing. The policy was adopted by the Board of Directors on June 22, 2023, became effective December 1, 2023, and covers incentive-based compensation received by current or former executive officers on or after October 2, 2023. The amendment consists of the cover page, the explanatory note, the exhibit index, and the exhibits filed with it, and it does not update the financial statements or other disclosures in the original report. The filing also contains new Section 302 certifications from the principal executive officers and principal financial officer. Paragraphs 3, 4 and 5 of those certifications are omitted because the amendment does not contain or amend disclosure under Items 307 and 308 of Regulation S-K. No Section 906 certifications are included because the amendment contains no financial statements. Financial statements remain as presented in Part II, Item 8 of the original Form 10-K, and the iXBRL financial data is incorporated by reference to Exhibit 101 of that original filing. As of March 31, 2024, the registrant had 244,864,557 shares of Class A common stock and 33,283,143 shares of Class B common stock outstanding. The aggregate market value of Class A and Class B common stock held by non-affiliates was $27,813,041,884 as of May 31, 2023, based on the New York Stock Exchange closing price on that date. The exhibit index also lists previously filed agreements, including an Eighth Amended and Restated Credit Agreement dated May 23, 2022, and a separation agreement with Rick Beckwitt dated July 14, 2023.
Apr 25, 2024
2023
Lennar Annual Report, Year Ended Nov 30, 2023
Lennar Corporation (LEN) reported fiscal 2023 (year ended November 30, 2023) results as one of the largest homebuilders in the United States by deliveries, revenues and net earnings. Homebuilding generated $33 billion in revenues, or approximately 95% of consolidated revenues. Net earnings attributable to Lennar were $3.9 billion, or $13.73 per diluted and basic share, compared with $4.6 billion, or $15.72 per diluted share, in 2022. Home deliveries rose to 73,087 from 66,399, but the average sales price fell to $446,000 from $480,000, and gross margins on home sales declined to 23.3% from 27.5% as the company used incentives to keep homes affordable amid higher interest rates. Sales incentives rose to 8.8% of home sales revenues from 3.5%. The balance sheet strengthened considerably. Homebuilding cash and cash equivalents reached $6.3 billion, the $2.6 billion revolving Credit Facility had no outstanding borrowings, and homebuilding debt fell to $2.82 billion from $4.05 billion, leaving net homebuilding cash of $3.5 billion over debt. The company repurchased $1.1 billion of senior notes and $1.1 billion of its stock, and it increased its annual dividend to $2.00 per share from $1.50 in January 2024. Backlog declined to $6.6 billion from $8.7 billion. Management stated it expects to deliver 80,000 homes in 2024 and is pursuing a land-light strategy, with 76% of homesites controlled through options rather than owned. Key risks highlighted include the effect of interest rates on buyer demand, cancellation rates of 16% in 2023, the planned spin-off of multifamily and single-family rental businesses into Quarterra Group, Inc. (which has been deferred), and the concentrated voting power of Executive Chairman Stuart Miller, who holds approximately 36% of votes. Lennar Other recorded unrealized losses of $50.2 million on publicly traded technology investments in 2023, compared with $655.1 million in 2022.
Jan 26, 2024
2022
Lennar Annual Report, Year Ended Nov 30, 2022
Lennar Corporation, the second largest homebuilder in the United States by deliveries, revenues and net earnings, reported fiscal 2022 (year ended November 30, 2022) with total revenues of $33.67 billion and net earnings attributable to Lennar of $4.6 billion, or $15.72 per diluted share, compared to $4.4 billion, or $14.27 per diluted share, in 2021. Homebuilding generated $32 billion in revenues, about 95% of consolidated revenues. New home deliveries rose to 66,399 from 59,825, and the average sales price increased to $480,000 from $424,000. Gross margin on home sales was 27.5%, but homebuilding backlog fell to $8.7 billion from $11.4 billion, and the cancellation rate rose to 17% for the year, reaching 21% and 26% in the third and fourth quarters. Management described a sharp second-half slowdown driven by interest rates, with price reductions and higher incentives in many communities. For fiscal 2023 it expects deliveries of 60,000 to 65,000 homes and first-quarter gross margins of about 21.0%. It also expects single family and multifamily production to fall by a quarter to a third in 2023. Lennar ended the year with $4.6 billion of Homebuilding cash and no borrowings under its $2.6 billion revolving credit facility. Homebuilding debt to total capital declined to 14.4% from 18.3%. Results were partly offset by a $655.1 million unrealized loss on publicly traded technology investments in the Lennar Other segment. The company plans to spin off its multifamily and single family rental asset management businesses into Quarterra Group, Inc., but it has postponed that spin-off because market conditions are unfavorable. It repurchased $1.0 billion of stock during the year and paid $438 million in dividends, and its quarterly dividend is $0.375 per share.
Jan 26, 2023
2021
Lennar Annual Report, Year Ended Nov 30, 2021
Lennar Corporation reported fiscal 2021 (year ended November 30, 2021) as the largest homebuilder in the United States by net earnings, with homebuilding revenues of $25.5 billion, or approximately 94% of consolidated revenues. Total revenues were $27.13 billion, and net earnings attributable to Lennar were $4.4 billion, or $14.27 per diluted share, compared with $2.5 billion, or $7.85 per diluted share, in 2020. Homebuilding deliveries rose to 59,825 homes from 52,925, and the average sales price increased to $424,000 from $395,000. Gross margin on home sales was 26.8%, up from 22.8% in 2020, and the company cited price appreciation as the main driver. The balance sheet strengthened over the year. Homebuilding debt to total capital improved to 18.3% from 24.9%, and the company retired $1.15 billion of senior notes. It repurchased $1.4 billion of stock and raised its annual dividend rate to $1.50 per share in January 2022. The company had $2.7 billion of Homebuilding cash and no borrowings under its $2.5 billion revolving credit facility. Management also disclosed a planned tax-free spin-off to stockholders of its Multifamily and single-family rental platforms and some investment assets, expected by the second or third quarter of 2022. Management flagged continuing risks, including supply shortages of labor and materials, rising construction costs, mortgage rate increases, and the COVID-19 pandemic. Management expects the first-quarter 2022 community count to be about 5% lower than year-end 2021, with deliveries of about 12,500 homes and a gross margin of about 26.75%. The company also reported a 3.0 years supply of owned land and a 59% share of homesites controlled through options and joint ventures.
Jan 28, 2022
2020
Lennar Annual Report, Year Ended Nov 30, 2020
Lennar Corporation (LEN) reported fiscal 2020 results for the year ended November 30, 2020, describing itself as the largest homebuilder in the United States by home sale revenues and net earnings. Total revenues were $22.49 billion, with Homebuilding generating $20.98 billion, or approximately 93% of consolidated revenues. Net earnings attributable to Lennar were $2.47 billion, or $7.85 per diluted share, compared with $1.85 billion, or $5.74 per diluted share, in 2019. Homebuilding gross margin on home sales was 22.8%, up from 20.6% in 2019, and selling, general and administrative expenses improved to 8.1% of home sales revenues from 8.3%. Homebuilding debt to total capital declined to 24.9% from 32.8%, and the company ended the year with $2.7 billion of Homebuilding cash and no borrowings under its $2.4 billion revolving credit facility. The company guided to 62,000 to 64,000 home deliveries in 2021 with a 23.75% to 24% gross margin, and expects deliveries to grow faster in 2021 than in 2020. It is pursuing a land-light strategy, with 39% of total homesites controlled through options and joint ventures at year-end, up from 33%, and a stated target of 50% owned and 50% optioned land by the end of 2021. Risk factors highlighted by the filing include COVID-19 uncertainty, rising material and labor costs, tariffs, mortgage rate increases, and a 34% voting power held by Executive Chairman Stuart Miller through Class B shares. Several ancillary businesses, including Multifamily, the Rialto legacy funds, and technology investments, are described as becoming a smaller part of the company, and the company says it is working on strategies to better position them. Subsequent to year-end, Opendoor began trading on Nasdaq, and the company expects to record a significant unrealized gain in the first quarter of fiscal 2021.
Jan 22, 2021
2019
Lennar Annual Report, Year Ended Nov 30, 2019
Lennar Corporation reported fiscal 2019 (year ended November 30, 2019) as the largest homebuilder in the United States by consolidated revenues and earnings, with total revenues of $22.26 billion and net earnings attributable to Lennar of $1.85 billion, or $5.74 per diluted share, compared with $20.57 billion of revenues and $1.70 billion of net earnings, or $5.44 per diluted share, in fiscal 2018. Homebuilding generated $20.8 billion of revenues, roughly 93% of consolidated revenues. New home deliveries rose to 51,491 from 45,627, while the average sales price fell to $400,000 from $413,000 as the company focused on the entry-level market. Gross margin on home sales improved to 20.6% from 19.6%, and SG&A as a percentage of home sales revenues improved to 8.3% from 8.5%. Backlog dollar value was $6.3 billion at November 30, 2019, versus $6.6 billion a year earlier. The company continued its pivot to a land-light model and a more pure-play homebuilding and financial services profile, having sold the Rialto Management Group and parts of its title and mortgage businesses. Owned homesites were 209,032 and optioned homesites were 104,210 at year-end. Homebuilding senior notes and other debts payable totaled $7.78 billion, down from $8.54 billion, and Homebuilding debt to total capital decreased to 32.8% from 36.9%. Stockholders' equity rose to $15.95 billion. The company repurchased $492.9 million of stock under its repurchase program during fiscal 2019. In January 2020, the Board increased the annual dividend to $0.50 per share from $0.16. For fiscal 2020, management expects to close between 54,000 and 55,000 homes and expects gross margins consistent with fiscal 2019. Key risks disclosed include a potential downturn in the homebuilding market, rising mortgage interest rates, tariffs on building materials, labor and material cost pressures, and $600 million of senior notes maturing in fiscal 2020 along with $2.7 billion of warehouse lines to be replaced. Stuart Miller, Executive Chairman, holds approximately 34% of the voting power of the company's Class A and Class B common stock.
Jan 27, 2020
2018
Lennar Annual Report, Year Ended Nov 30, 2018
Lennar Corporation reported fiscal 2018 (year ended November 30, 2018) revenues of $20.57 billion, up from $12.65 billion in 2017, driven primarily by the February 2018 acquisition of CalAtlantic Group, Inc. Lennar Homebuilding revenues were $19.08 billion, about 93% of consolidated revenues. Home deliveries rose to 45,627 from 29,394, and net earnings attributable to Lennar were $1.70 billion, or $5.44 per diluted share, compared with $810.5 million, or $3.38 per diluted share, in 2017. The filing notes that the gross margin on home sales was 19.6%, down from 22.1%, due in part to a $414.6 million purchase accounting write-up on CalAtlantic homes delivered during the year. Total assets grew to $28.57 billion, and Lennar Homebuilding debt was $8.54 billion, with Lennar Homebuilding debt to total capital of 36.9%, down from 44.9%. The filing describes a portfolio reshaping. Lennar sold its Rialto Management Group on November 30, 2018 for $340 million, recording a gain of $296.4 million, and subsequently sold most of its retail title business, its title insurance underwriter, and its real estate brokerage business. Management said it intends to shift toward a land-lighter model, with about 25% of homesites controlled through options and a goal of over 40% in the next several years. It also stated that it expects to deliver over 50,000 homes in fiscal 2019. Following year-end, the Board authorized repurchases of up to the lesser of $1 billion or 25 million shares. The filing also flags risks. Management cited rising mortgage rates, cost increases for labor and materials, including tariffs on Canadian lumber, and a 2019 maturity schedule of $1.1 billion in senior notes plus $2.1 billion of warehouse lines. Stuart Miller controls approximately 33% of the voting power.
Jan 28, 2019
2017
Lennar Annual Report, Year Ended Nov 30, 2017
Lennar Corporation (LEN) reported fiscal 2017 (year ended November 30, 2017) results in this annual report filed January 2018. Homebuilding is the core business, with revenues of $11.2 billion, about 89% of consolidated revenues of $12.65 billion. Net earnings attributable to Lennar were $810.5 million, or $3.38 per diluted share, down from $911.8 million, or $3.86 per diluted share, in 2016. Home deliveries rose to 29,394 from 26,563, and the average sales price increased to $376,000 from $361,000. Gross margin on home sales declined to 22.1% from 23.0%, mainly due to higher construction and land costs per home. Results were reduced by a $140 million loss due to litigation over a 2005 Maryland land purchase contract. The pending merger with CalAtlantic Group, Inc. is the central strategic event. Lennar expects to issue about 83.8 million Class A and 1.7 million Class B shares and pay CalAtlantic stockholders about $1.16 billion in cash, and the company says the deal will make it the largest U.S. homebuilder by revenue. The filing states that Lennar's consolidated homebuilding debt to total capital, net of cash, of 34.4% at November 30, 2017 would rise to a pro forma 45.5% after the merger, and that it expects to return to its pre-merger ratio by the end of fiscal 2019. Lennar also estimates the merger would add about $3.4 billion of goodwill and that it must raise and refinance substantial debt during fiscal 2018. Other segments are Lennar Financial Services, which reported operating earnings of $155.5 million, Rialto, which posted an operating loss of $22.5 million, and Lennar Multifamily, with operating earnings of $73.4 million. Management expects 32,000 to 32,500 home deliveries in fiscal 2018 excluding the merger, and it expects the Tax Cuts and Jobs Act to cut its 2018 effective tax rate from 34% to about 25%, with a one-time deferred tax asset write-down of about $70 million in the first quarter of 2018.
Jan 25, 2018
2016
Lennar Annual Report, Year Ended Nov 30, 2016
Lennar Corporation reported fiscal 2016 (year ended November 30, 2016) results with revenues of $10.95 billion, up from $9.47 billion in 2015, and net earnings attributable to Lennar of $911.8 million, or $3.93 per diluted share, compared with $802.9 million, or $3.46 per diluted share, in 2015. Homebuilding generated $9.7 billion in revenues, about 89% of consolidated revenues, and the company delivered 26,563 homes at an average sales price of $361,000. Gross margin on home sales was 23.0%, down from 24.0% in 2015, which the company attributed primarily to higher land costs per home. Operating earnings were $1.56 billion in total, with Lennar Homebuilding contributing $1.34 billion, Lennar Financial Services $163.6 million, and Lennar Multifamily $71.2 million, while Rialto posted an operating loss of $16.7 million. The company expects lower margins in 2017 than in 2016 as cost increases outpace sales price increases, and says it is positioned to deliver between 28,500 and 29,000 homes in fiscal 2017. Lennar's balance sheet strengthened during the year: Lennar Homebuilding debt to total capital fell to 39.4% from 47.1%, and the company retired its 2.75% and 3.25% convertible notes largely through conversion into equity. Total assets were $15.36 billion at year end. Pending items include the agreed acquisition of WCI Communities, Inc. for $23.50 per share in a cash and Class A stock combination, with a WCI stockholder vote expected in February 2017. Lennar also remains in litigation over a 2005 Maryland land contract, where the District Court ordered it to purchase the property for $114 million plus 12% simple interest, and it has posted a $223.4 million bond while it appeals. For investors, the key tensions are margin compression alongside volume and earnings growth, a leveraged capital structure that is improving but still carries $4.58 billion of Lennar Homebuilding debt, and the Settlers Crossing judgment and WCI deal as near-term event risks.
Jan 20, 2017
2015
Lennar Annual Report, Year Ended Nov 30, 2015
Lennar Corporation (LEN) reported fiscal 2015 (year ended November 30, 2015) as one of the nation's largest homebuilders, with Homebuilding accounting for $8.5 billion, or approximately 89%, of consolidated revenues. Total revenues were $9.47 billion and net earnings attributable to Lennar were $802.9 million, or $3.46 per diluted share, compared with $638.9 million, or $2.80 per diluted share, in 2014. Deliveries rose to 24,292 homes from 21,003, the average sales price increased to $344,000 from $326,000, and gross margin on home sales was 24.0%, down from 25.4%, as land costs increased. The company expects lower margins in 2016 than in 2015, citing cost increases outpacing sales price increases, competitive pressures and development of previously inactive land. It projects deliveries of between 26,500 and 27,000 homes in fiscal 2016, and ended the year with a backlog of 6,646 homes worth $2.48 billion. Ancillary businesses include Rialto (a commercial real estate investment and finance segment that raised over $510 million in commitments for Fund III), Lennar Multifamily (which formed a Venture with approximately $1.1 billion of equity commitments), and FivePoint Communities, whose planned combination with other California master-planned developments is conditioned on an initial public offering. Key risks disclosed include a pending Settlers Crossing lawsuit in which a District Court ordered the company to buy a Maryland property for $114 million plus 12% simple interest; the company has appealed and posted a $223.4 million bond. Total Lennar Homebuilding debt was $5.03 billion, with a debt-to-total-capital ratio of 47.1%. Stuart A. Miller holds approximately 44% of the voting power through Class B shares.
Jan 22, 2016
2014
Lennar Annual Report, Year Ended Nov 30, 2014
Lennar Corporation is one of the nation's largest homebuilders and also operates Lennar Financial Services, Rialto (a commercial real estate investment, investment management and finance company) and Lennar Multifamily. Homebuilding generated $7.0 billion in revenues, about 90% of consolidated revenues, in fiscal 2014. Total revenues were $7.78 billion and net earnings attributable to Lennar were $638.9 million, or $2.80 per diluted share, compared with $479.7 million, or $2.15 per diluted share, in 2013. Home deliveries rose to 21,003 from 18,290, the average sales price rose to $326,000 from $290,000, and the backlog dollar value reached $1.97 billion. Gross margin on home sales improved to 25.4% from 24.9%. The company expects to deliver between 23,500 and 24,000 homes in fiscal 2015 with gross margins averaging about 24%, and it expects some margin contraction. Management says it is still in the early stages of a protracted slow-growth housing recovery and is shifting toward a land-lighter model with the goal of becoming cash-flow positive, expecting positive cash flow in fiscal 2016. Cash used in operating activities was $788.5 million in 2014. Lennar Homebuilding debt was $4.69 billion, and the Lennar Homebuilding debt-to-total-capital ratio was 49.3%. Net of Lennar Homebuilding cash, the ratio was 44.1%. Key risks disclosed include a slowdown in the housing recovery, land write-downs, competition, reliance on warehouse facilities maturing in 2015, and covenant compliance. A court ruling in January 2015 ordered Lennar to buy a Maryland property for a $114 million balance, which the company says is contrary to law and will appeal. Stuart A. Miller holds about 44% of the voting power through Class B shares.
Jan 23, 2015
2013
Lennar Annual Report, Year Ended Nov 30, 2013
Lennar Corporation (LEN) reported fiscal 2013 (year ended November 30, 2013) net earnings attributable to Lennar of $479.7 million, or $2.15 per diluted share, including a $177.0 million tax provision ($0.78 per diluted share). This compares with net earnings of $679.1 million, or $3.11 per diluted share, in 2012, which included a $435.2 million tax benefit. Total revenues rose to $5.94 billion from $4.11 billion, with Lennar Homebuilding revenues of $5.35 billion. Homebuilding delivered 18,290 homes in 2013 versus 13,802 in 2012, the average sales price rose to $290,000 from $255,000, and the gross margin on home sales improved to 24.9% from 22.7%. Backlog ended the year at 4,806 homes worth $1.62 billion, and new orders increased 21% year over year. The company's segments include Lennar Financial Services, which earned $85.8 million of operating earnings; Rialto Investments, a commercial real estate investment, management and finance business, which earned $26.1 million of operating earnings and launched the Rialto Mortgage Finance (RMF) conduit; and Lennar Multifamily, which posted a $17.0 million operating loss as it started up. Liquidity and leverage improved during the year: Lennar Homebuilding cash was $695.4 million, Lennar Homebuilding debt to total capital was 50.2% versus 54.0% a year earlier, and the 2.00% convertible senior notes were fully converted into Class A common stock. Management expects 21,000 to 22,000 deliveries and gross margins averaging about 25% in fiscal 2014, and expects Financial Services earnings to decline. Risks highlighted in the filing include sensitivity to mortgage rates and the availability of financing, rising material and labor costs, the company's substantial indebtedness of $4.6 billion excluding credit facilities, and the concentration of voting control with CEO Stuart A. Miller, who holds about 44% of the votes. The company also disclosed a December 2013 jury award of $802 million in compensatory and $200 million in punitive damages against Briarwood Capital LLC and Nicolas Marsch III, although it does not expect to collect that amount.
Jan 28, 2014
2012-A2
Lennar Annual Report (Amendment), Year Ended Nov 30, 2012
Lennar Corporation reported consolidated revenues of $4.10 billion for the fiscal year ended November 30, 2012, up from $3.10 billion in 2011, with homebuilding revenues of $3.58 billion, Lennar Financial Services revenues of $384.6 million and Rialto Investments revenues of $138.9 million. Net earnings attributable to Lennar were $679.1 million, or $3.11 per diluted share, compared with $92.2 million in 2011. The result was driven largely by a $435.2 million income tax benefit, which reflected the reversal of $491.5 million of the valuation allowance against deferred tax assets after the company concluded it was more likely than not to realize most of those assets. Total operating earnings were $349.5 million, and the company recorded $28.8 million of valuation adjustments and write-offs during the year, down from $62.2 million in 2011. At November 30, 2012, total assets were $10.36 billion and total equity was $4.00 billion. Lennar Homebuilding senior notes and other debts payable totaled $4.01 billion, and cash and cash equivalents across segments were $1.31 billion. Operating activities used $424.6 million of cash in 2012, while investing activities provided $245.3 million and financing activities provided $326.5 million. During the year the company issued $350 million of 4.750% senior notes due 2022 and $400 million of 4.75% senior notes due 2017, and it partially redeemed its 5.95% senior notes due 2013. Active communities rose to 457 from 420. This filing also includes revised supplemental consolidating financial information in Note 17. The revisions relate to transactions between Lennar Corporation and its subsidiaries and, according to the filing, do not affect the consolidated financial statements. The auditor's report from Deloitte & Touche LLP is dated January 29, 2013, except for Note 17, which is dated July 31, 2013.
Aug 1, 2013
2012-A
Lennar Annual Report (Amendment), Year Ended Nov 30, 2012
Lennar Corporation filed this Amendment No. 1 on Form 10-K/A for its fiscal year ended November 30, 2012. The amendment is filed solely to include Exhibit 21, the list of the Company's subsidiaries. It states that no other changes have been made to the Form 10-K and that it speaks as of the original filing date and does not update disclosures made in that report. The cover page identifies Lennar as a large accelerated filer headquartered in Miami, Florida, with Class A and Class B common stock listed on the New York Stock Exchange. It reports 160,676,634 Class A shares and 31,303,195 Class B shares outstanding as of December 31, 2012. The aggregate market value of stock held by non-affiliates was $4,280,079,309 as of May 31, 2012, based on 151,415,536 Class A shares and 9,695,238 Class B shares. The registrant checked "YES" for well-known seasoned issuer status and "NO" for shell company status. The filing's exhibit index lists the subsidiary list and Rule 13a-14(a)/15d-14(a) certifications signed by Stuart A. Miller and Bruce E. Gross. The filing states that no documents are incorporated by reference.
Feb 6, 2013
2012
Lennar Annual Report, Year Ended Nov 30, 2012
Lennar Corporation reported a year of recovery in fiscal 2012 (year ended November 30, 2012). Net earnings attributable to Lennar were $679.1 million, or $3.11 per diluted share, compared to $92.2 million, or $0.48 per diluted share, in 2011. The result includes a partial reversal of the deferred tax asset valuation allowance of $491.5 million, or $2.25 per diluted share. Excluding that reversal, the company's earnings before income taxes were $222.1 million, compared to $98.0 million in 2011. Home sales revenues rose 33% to $3.5 billion, driven by a 28% increase in deliveries excluding unconsolidated entities and a 4% increase in the average sales price to $255,000. New orders increased 37%, and backlog dollar value reached $1.16 billion, up from $560.7 million. The Lennar Homebuilding gross margin on home sales improved to 22.7% from 19.9%, and sales incentives fell to 10.0% of home sales revenue from 12.1%. Lennar Financial Services operating earnings rose to $84.8 million from $20.7 million, and the Rialto Investments segment produced operating earnings of $11.6 million, compared to $63.5 million in 2011. Management described the housing market as having stabilized and begun to recover, and said 2013 should be a year of substantial profitability. Financing activity included issuing $400 million of 4.75% senior notes due 2017, $350 million of 4.750% senior notes due 2022, and an additional $50 million of 3.25% convertible senior notes due 2021, while retiring $204.7 million of 5.95% senior notes through a tender offer. Lennar Homebuilding debt to total capital was 54.0%, down from 55.5%. The company ended the year with $1.1 billion of Lennar Homebuilding cash and cash equivalents and a new $525 million unsecured revolving credit facility. Investors should note that the company does not hold an investment grade credit rating, and that most of 2012 earnings came from non-cash tax benefits rather than operating cash flow, since cash used in operating activities was $424.6 million.
Jan 29, 2013
2011
Lennar Annual Report, Year Ended Nov 30, 2011
Lennar Corporation reported net earnings attributable to Lennar of $92.2 million, or $0.48 per diluted share, for the fiscal year ended November 30, 2011, compared to $95.3 million, or $0.51 per diluted share, in 2010. The company delivered 10,845 homes in 2011 at an average sales price of $244,000, and its Lennar Homebuilding cash and cash equivalents stood at $1.0 billion at year end. Homebuilding operating earnings were $109.0 million in 2011, against $100.1 million in 2010, while Financial Services operating earnings declined to $20.7 million from $31.3 million, primarily on lower mortgage volume. The Rialto Investments segment produced operating earnings of $63.5 million, including $28.9 million attributable to noncontrolling interests. Balance sheet leverage rose during the year. Lennar Homebuilding debt was $3.36 billion, and the Lennar Homebuilding debt-to-total-capital ratio was 55.5%, up from 54.5%. The company issued $350 million of 3.25% convertible senior notes due 2021, with an additional $50 million sold after year end, and retired $249.0 million of senior notes and other debt. Stockholders' equity was $2.70 billion, or $14.31 per share. The company stated it no longer holds investment-grade credit ratings and has no corporate credit line, having terminated its $1.1 billion revolving facility in February 2010. Management described the housing market as stabilizing, citing a 15% year-over-year increase in new orders during the second half of 2011 and a 20% increase in fourth-quarter new orders. It stated that its homebuilding operations are on track to achieve profitability in 2012. Joint venture exposure has been reduced to 35 unconsolidated entities from 270 at the 2006 peak, with maximum recourse debt exposure of $108.7 million, down from $1,764.4 million at that peak.
Jan 30, 2012
2010
Lennar Annual Report, Year Ended Nov 30, 2010
Lennar Corporation reported a return to profitability for fiscal 2010 (year ended November 30, 2010), with net earnings attributable to Lennar of $95.3 million, or $0.51 per diluted share, compared to a net loss of $417.1 million, or $2.45 per diluted share, in 2009. Revenue from home sales fell 5% to $2.6 billion as home deliveries decreased 5% and the average sales price held at $243,000. Gross margin on home sales improved to 19.7% from 9.1%, driven primarily by lower valuation adjustments and reduced sales incentives, which were 11.9% of home sales revenue versus 15.6% a year earlier. Selling, general and administrative expenses fell $72.3 million, or 16%. The company's new Rialto Investments segment became a major contributor, with operating earnings of $57.3 million in 2010 after acquiring a 40% interest in two FDIC-partnered loan pools for about $243 million and over $700 million of distressed assets from three financial institutions for $310 million. Lennar Financial Services operating earnings declined to $31.3 million from $36.0 million. The company reduced its unconsolidated joint venture count to 42 from 61 at the end of 2009, and its maximum recourse debt exposure to those ventures fell to $173 million from $288 million. Leverage remains elevated: Lennar Homebuilding debt to total capital rose to 54.5% from 53.1%, and net Lennar Homebuilding debt to total capital rose to 42.4% from 36.9%. The company has no investment-grade credit rating, terminated its $1.1 billion corporate credit facility in February 2010, and carries a deferred tax asset valuation allowance of $609.5 million. Stuart A. Miller holds approximately 46% of the voting power.
Jan 31, 2011
2009
Lennar Annual Report, Year Ended Nov 30, 2009
Lennar Corporation reported a net loss of $417.1 million, or $2.45 per basic and diluted share, for the fiscal year ended November 30, 2009, compared with a net loss of $1,109.1 million, or $7.00 per share, in 2008. Revenues fell to $3.12 billion from $4.58 billion. The loss was reduced by a $314.3 million income tax benefit, which included a $351.8 million reversal of the deferred tax asset valuation allowance tied to tax legislation allowing a carryback of the 2009 loss. Homebuilding operating loss was $647.4 million, including $359.9 million of inventory impairments. Home deliveries dropped to 11,478 from 15,735, and the average sales price fell to $243,000 from $270,000. Gross margin on home sales was 9.1%, compared with 12.3% in 2008. The company ended the year with $1.3 billion in homebuilding cash and a net homebuilding debt-to-total capital ratio of 36.9%. During 2009 it issued $400 million of 12.25% senior notes due 2017, retired $448 million of senior notes and other debt, and sold $225 million of Class A stock under a $275 million equity program. It expects a tax refund of approximately $320 million in early 2010. Joint ventures were reduced to 62 from 116 at the end of 2008, and maximum recourse exposure fell to $288 million from $520 million. The filing states that the Credit Facility is $1.1 billion, that no amount was available to borrow under it at year-end, and that the company was in compliance with its covenants, though it warns that future valuation adjustments or new debt could threaten compliance. Management states that demand may be stabilizing and that the company is positioned for a potential return to profitability in 2010. Investors should weigh that outlook against continued losses, the company's lack of investment-grade ratings, and the risk of further impairments. Stuart A. Miller controls about 46% of the voting power.
Jan 29, 2010
2008
Lennar Annual Report, Year Ended Nov 30, 2008
Lennar Corporation's fiscal 2008 10-K (fiscal year ended November 30, 2008) shows a sharp downturn. Homebuilding revenues fell to $4.26 billion from $9.73 billion in 2007, and the company reported a net loss of $1.11 billion, or $7.00 per diluted share, compared with a net loss of $1.94 billion, or $12.31 per share, in 2007. The loss was driven largely by inventory valuation adjustments and write-offs ($340.5 million in 2008), a non-cash $730.8 million valuation allowance against deferred tax assets, and $205.0 million of valuation adjustments to unconsolidated entities. Deliveries fell to 15,735 homes from 33,283, and new orders were down 48% in 2008 per the filing. Liquidity and leverage remained a focus. Cash and cash equivalents for homebuilding and financial services totaled $1.20 billion, and operating cash flow was $1.10 billion, helped by $877.0 million of net federal and state tax refunds. Homebuilding debt to total capital rose to 49.2% from 37.5%. The company reduced its joint venture recourse exposure to $392.5 million from $1,102.9 million at November 30, 2006, and cut its annual dividend to $0.16 per share from $0.64. The company's credit ratings were lowered and it no longer holds investment-grade ratings, and its $1.1 billion revolving credit facility carries covenants, including a minimum tangible net worth requirement. Management states that cash generation is its top priority for 2009, with plans to convert inventory to cash and reduce land purchases and home starts. The filing also discloses that LandSource, the largest joint venture, filed for Chapter 11 in June 2008, and that the company's 16% stake in it carried a zero value at year-end. Stuart A. Miller, President and CEO, holds voting control of approximately 49% of the votes.
Jan 27, 2009
2007
Lennar Annual Report, Year Ended Nov 30, 2007
Lennar Corporation (LEN) reported a net loss of $1.94 billion, or $12.31 per basic and diluted share, for the fiscal year ended November 30, 2007, compared with net earnings of $593.9 million, or $3.69 per diluted share, in 2006. Revenues fell to $10.19 billion from $16.27 billion. Homebuilding revenues were $9.73 billion, down from $15.62 billion, and the filing attributes the decline to weak market conditions, with new home deliveries down to 33,283 from 49,568 and the average sales price down to $297,000 from $315,000. The company recorded $2.4 billion of inventory adjustments, $496.4 million of adjustments to unconsolidated entities, and $190.2 million of goodwill impairments, and it wrote off its remaining homebuilding goodwill of $173.7 million in the fourth quarter. Balance sheet pressure is significant. Total stockholders' equity fell to $3.82 billion from $5.70 billion, and homebuilding debt to total capital rose to 37.5% from 31.4%. Moody's and S&P downgraded senior debt to Ba1 and BB+ in October and November 2007, so the company no longer has investment-grade ratings from those agencies and has lost access to commercial paper. In January 2008 the company amended its credit facility, reducing the commitment to $1.5 billion from $3.1 billion and requiring joint venture recourse debt to be reduced by $300 million in fiscal 2008 and a further $200 million by the end of fiscal 2009. The company also sold a land portfolio to a Morgan Stanley land venture for $525 million, which did not qualify as a sale under GAAP. Cash generation was positive, with $444.5 million from operating activities and $307.0 million from investing activities, and cash at year-end was $795.2 million. The company expects to receive $852 million of tax refunds from NOL carryback claims, and it reports a net deferred tax asset of $746.9 million with no valuation allowance. Workforce was cut to 6,934 employees at January 11, 2008, from 13,000 at November 30, 2006.
Jan 29, 2008
2006
Lennar Annual Report, Year Ended Nov 30, 2006
Lennar Corporation (LEN) reported a sharp downturn in fiscal 2006 (year ended November 30, 2006). Net earnings from continuing operations fell to $593.9 million, or $3.69 per diluted share, from $1.3 billion, or $8.17 per diluted share, in 2005. Revenues from home sales still rose 17% to $14.9 billion, driven by a 15% increase in home deliveries to 49,568 total homes (including unconsolidated entities). However, gross margin on home sales fell to 18.4% from 26.0%, reflecting $501.8 million of inventory valuation adjustments, $126.4 million of valuation adjustments on unconsolidated entity investments, and average sales incentives of $32,000 per home delivered, up from $9,000 in 2005. Management stated that market conditions deteriorated in the second half of 2006, with excess supply from speculators, slower sales (down 3%) and a cancellation rate of 29%. The balance sheet remained comparatively strong. Homebuilding debt to total capital declined to 31.4% from 33.1%, stockholders' equity rose to $5.70 billion, and the company called its $200 million floating-rate notes due 2007 and issued $500 million of new senior notes in April 2006. Cash related to homebuilding and financial services operations was $778.3 million at year-end. Management guided that 2007 deliveries will be at least 20% lower than in 2006 as it matches starts to demand and focuses on rebuilding margins. A subsequent event disclosed in the filing is a December 29, 2006 agreement to admit a new strategic partner into the LandSource joint venture, expected to generate approximately $500 million in earnings for Lennar, of which about $125 million would be recognized at closing, with the transaction expected to close in the first quarter of 2007.
Feb 8, 2007
2005-A
Lennar Annual Report (Amendment), Year Ended Nov 30, 2005
Lennar Corporation (LEN) filed this Form 10-K/A (Amendment No. 1) on August 8, 2006 for fiscal year ended November 30, 2005. The amendment does not change the financial statements. It restates Note 4 to present three homebuilding reportable segments (Homebuilding East, Central and West) plus Financial Services, replacing the prior single national homebuilding segment. Consolidated balance sheets, earnings, cash flows and stockholders' equity are unaffected, and the filing states that conforming changes were made to Item 1, Item 7 and Item 9A. Fiscal 2005 was a record year. Net earnings from continuing operations were $1.3 billion, or $8.17 per diluted share, compared with $944.6 million, or $5.70 per diluted share, in 2004. Total revenues rose to $13.87 billion from $10.50 billion. Homebuilding revenues reached $13.30 billion, with gross margin on home sales of 26.0%, up from 23.9%. Home deliveries rose to 42,359 from 36,204, and the average sales price was $311,000 versus $272,000. Backlog reached $6.88 billion (18,565 homes) at November 30, 2005, versus $5.06 billion a year earlier. The balance sheet at November 30, 2005 showed total assets of $12.54 billion, homebuilding senior notes and other debts payable of $2.59 billion, and stockholders' equity of $5.25 billion. Cash was $1.06 billion. Management stated that Lennar's Item 1 discussion of risk includes a possible decline in home and land prices after a strong 2005, and that early signs of a slower sales pace in certain markets emerged as fiscal 2006 began.
Aug 8, 2006
2005
Lennar Annual Report, Year Ended Jan 30, 2005
Lennar Corporation (Miami, Florida; Class A and Class B common stock listed on the NYSE as "LEN" and "LEN.B") reported record revenues, profits and earnings per share from continuing operations for the fiscal year ended November 30, 2005. Total revenues were $13.87 billion, up from $10.50 billion in 2004, and net earnings were $1.36 billion, or $8.23 per share diluted, compared with $945.6 million, or $5.70 per share, in 2004. Homebuilding revenues were $13.30 billion, with 42,359 homes delivered, an average sales price of $311,000, and a gross margin on home sales of 26.0%. Financial services revenues were $562.4 million, and the mortgage capture rate fell to 66% from 71%, which the company attributed to a more competitive mortgage environment. Backlog reached a record $6.88 billion at November 30, 2005, with 18,565 homes in backlog, and the company stated that substantially all of it was expected to deliver in fiscal 2006. Management noted early signs of a slower sales pace in certain markets and said it expects price appreciation to moderate from the 2005 level. Homebuilding debt rose to $2.59 billion and stockholders' equity to $5.25 billion, with a homebuilding debt-to-total-capital ratio of 33.1%. Cash at year end was $1.06 billion, and operating cash flow was $323.0 million, down from $420.2 million. The company also raised its annual dividend rate to $0.64 per share and repurchased 5.1 million Class A shares for $274.9 million during the year. Risk factors highlighted by the filing include a possible overvaluation of land and homes after a strong run in prices, dependence on mortgage financing and secondary-market liquidity, slow-growth initiatives, and rising land and labor costs. Stuart A. Miller, President and CEO, controls about 47% of the combined voting power, which the filing says gives him significant influence over stockholder votes.
Feb 9, 2006
2004-A
Lennar Annual Report (Amendment), Year Ended Nov 30, 2004
Lennar Corporation's amended annual report (Form 10-K/A) for the fiscal year ended November 30, 2004 restates its consolidated statements of cash flows. The company reclassifies distributions of earnings from unconsolidated equity-method entities from investing to operating activities: $128.5 million for 2004, $137.7 million for 2003 and $77.9 million for 2002. Net change in cash, the balance sheets, statements of earnings and stockholders' equity are unaffected. Restated net cash provided by operating activities for 2004 is $401.3 million, versus $272.7 million as originally reported. The operating results described in the filing were strong. Net earnings for 2004 were $945.6 million, or $5.70 per diluted share, compared with $751.4 million, or $4.65 per diluted share, in 2003. Revenues from home sales rose 19% to $9.6 billion, driven by a 12% increase in home deliveries and a 6% increase in average sales price. Homebuilding gross margin on home sales was 23.9%. The backlog of sales contracts reached 15,546 homes ($5.1 billion) at November 30, 2004, and the filing states that its dollar value was 30% higher than a year earlier. Cash related to homebuilding and financial services operations was $1.4 billion, and homebuilding debt to total capital was 33.3%, up from 32.2%. The filing's most significant investor-relevant disclosure concerns internal controls. Management concluded that internal control over financial reporting was effective as of November 30, 2004 and did not consider the restatement a material weakness. Deloitte & Touche LLP disagreed, issued an adverse opinion on management's assessment, and identified a material weakness in controls over the classification of cash flows from unconsolidated entities. Deloitte also withdrew its prior reports dated February 11, 2005.
Oct 24, 2005
2004
Lennar Annual Report, Year Ended Nov 30, 2004
Lennar Corporation (NYSE: LEN), one of the nation's largest homebuilders and a provider of financial services, reported record revenues, profits and earnings per share for the fiscal year ended November 30, 2004. Total revenues were $10.50 billion, up from $8.91 billion in 2003, and net earnings were $945.6 million, or $5.70 per share diluted, compared with $751.4 million, or $4.65 per share diluted, in 2003. Homebuilding revenues from home sales rose 19% to $9.6 billion, driven by a 12% increase in home deliveries (36,204 total, including unconsolidated entities) and a higher average sales price of $272,000. Gross margin on home sales improved to 23.9% from 23.1%. Financial services operating earnings fell to $112.3 million from $154.5 million, reflecting a more competitive mortgage environment and slower refinancing activity. Backlog grew to 15,546 homes worth $5.06 billion at November 30, 2004, compared with 13,905 homes worth $3.89 billion a year earlier. Homesite ownership rose to 87,740 owned and 168,327 controlled. Cash and related balances were $1.4 billion. Homebuilding debt rose to $2.02 billion from $1.55 billion, and homebuilding debt to total capital was 33.3%, versus 32.2% a year earlier. Operating cash flow was $272.7 million, down from $580.8 million, as inventories increased $870.2 million. Investing activities included $751.2 million of contributions to unconsolidated entities, including roughly $200 million for the January 2004 purchase of The Newhall Land and Farming Company through a 50%-owned joint venture with LNR Property Corporation. Stuart Miller, the President and CEO, holds voting control of approximately 47% of the combined Class A and Class B common stock, which gives him significant influence over matters put to stockholders. The company also disclosed a $397.6 million 364-day revolving credit facility and $950 million of warehouse lines of credit maturing in 2005, and it raised the annual dividend rate to $0.55 per share in September 2004.
Feb 14, 2005
2003
Lennar Annual Report, Year Ended Nov 30, 2003
Lennar Corporation's 10-K for the fiscal year ended November 30, 2003 reports record revenues, profits and earnings per share. Total revenues were $8.91 billion, up from $7.24 billion in 2002, and net earnings were $751.4 million, or $4.65 per diluted share, compared with $545.1 million, or $3.51 per diluted share, in 2002. Homebuilding operating earnings rose to $1.16 billion from $834.1 million, and financial services operating earnings reached $154.5 million. Homes delivered totaled 32,180, up from 27,393, and the backlog of sales contracts stood at 13,905 homes worth $3.9 billion. The balance sheet strengthened over the year. Stockholders' equity increased to $3.26 billion from $2.23 billion, and cash rose to $1.2 billion. The net homebuilding debt to total net capital ratio fell to 9.7% from 27.7%, and no amounts were outstanding under the $1 billion revolving credit facilities at year-end. Total debt was $1.55 billion for homebuilding and $740.5 million for financial services. Cash flow from operations was $580.8 million, and inventories rose by $267.2 million to support higher backlog and more active communities. Subsequent to year-end, the company completed the January 2004 acquisition of The Newhall Land and Farming Company through a 50/50 joint venture with LNR Property Corporation, for approximately $1 billion. The filing also discloses a two-for-one stock split effective January 2004, a dividend increase to $0.50 per share per year, and that Stuart Miller holds roughly 48% of the combined voting power, a concentration of control the filing flags as a risk factor.
Mar 1, 2004
2002
Lennar Annual Report, Year Ended Nov 30, 2002
Lennar Corporation reported record fiscal 2002 results for the year ended November 30, 2002, with net earnings of $545.1 million, or $7.72 per diluted share, compared to $417.8 million, or $6.01 per diluted share, in 2001. Total revenues rose to $7.32 billion from $6.03 billion. Homebuilding revenues were $6.84 billion, with operating earnings of $979.6 million, and financial services operating earnings were $127.6 million. During 2002 the company acquired nine homebuilders for total consideration of approximately $600 million, expanding into the Carolinas and the Chicago, Baltimore and Central Valley, California markets. Homes delivered rose to 27,393 from 23,899, and the backlog dollar value increased to $3.2 billion from $2.0 billion. The balance sheet remained solid. Cash was $731.2 million at year end, the revolving credit facilities were paid down to zero, and the net homebuilding debt to total net capital ratio improved to 27.7% from 29.1%. Stockholders' equity grew to $2.23 billion from $1.66 billion. Operating cash flow was $204.6 million, reduced by increased inventories and receivables to support a larger backlog and more active communities. Subsequent to year end, on February 5, 2003, the company issued $350 million of 5.95% senior notes due 2013. Investors should note that Stuart Miller, President and CEO, holds voting control of approximately 64% of the combined votes through Class B common stock, which gives him power to elect all directors. The filing also states that the homebuilding business has not undergone a down cycle in a number of years and identifies cyclicality, interest rates, land availability and materials costs as principal risk factors.
Feb 28, 2003
2001
Lennar Annual Report, Year Ended Nov 30, 2001
Lennar Corporation (LEN) reported record results for fiscal 2001 (year ended November 30, 2001). Net earnings were $417.8 million, or $6.01 per diluted share, compared with $229.1 million, or $3.64 per diluted share, in 2000. Total revenues rose to $6.03 billion from $4.71 billion. The filing attributes much of the increase to a full year of contribution from U.S. Home Corporation, acquired in May 2000. Homebuilding operating earnings were $785.6 million, with gross margin on home sales of 23.9%, up from 20.4% in 2000. Homes delivered totaled 23,899, and new orders rose 34%. Financial services operating earnings increased to $89.1 million. Balance sheet strength improved markedly. Available cash was $824.0 million, and the revolving credit facilities were paid down to zero. The net homebuilding debt to total capital ratio fell to 29.1% from 44.0%. Stockholders' equity reached $1.66 billion, and total assets were $4.71 billion. Homebuilding debt totaled $1.51 billion, and financial services debt was $707.1 million. The company issued $230 million of zero-coupon convertible senior subordinated notes due 2021 during 2001. Investors should note that backlog dollar value declined to $1.98 billion from $2.07 billion, reflected by lower new orders after September 11, 2001. The filing also cites cyclical industry risk, interest rate sensitivity, and a 22% average cancellation rate in 2001. Leonard Miller controls about 64% of voting power through Class B stock.
Feb 28, 2002
2000-A
Lennar Annual Report (Amendment), Year Ended Nov 30, 2000
Lennar Corporation, one of the nation's largest homebuilders, also provides residential financial services. This filing is Amendment No. 1 to the Form 10-K for the fiscal year ended November 30, 2000. It revises only the "Cautionary Statements" section of Item 1 to meet plain English requirements under Rule 421(d) of the Securities Act of 1933. The filing's business description covers the company's operations, markets, and risk factors. Financial statements are incorporated by reference to the 2000 Annual Report to Stockholders, which is not part of this document. The company's main business changed in scale during fiscal 2000 after the May 3, 2000 acquisition of U.S. Home Corporation, which was paid for with about $243 million in cash and 13 million shares of Lennar common stock valued at about $267 million. Homes delivered rose to 18,578 in 2000 from 12,606 in 1999 and 10,777 in 1998. The average sales price of a Lennar home was $226,000 in fiscal 2000. Florida (5,361 homes delivered) and California (3,805) were the largest markets by deliveries, and the company had 129,496 homesites owned or controlled at November 30, 2000, including partnership interests. The financial services segment originated about $3.2 billion of mortgage loans in 2000, with about 61% going to buyers of the company's homes. The company's servicing portfolio was approximately 29,000 loans with an unpaid principal balance of about $2.3 billion. The filing also flags risks tied to the cyclical homebuilding industry, interest rate sensitivity of customer financing, quarterly earnings variability, and dependence on senior management. It also describes a non-competition agreement with LNR that restricts certain businesses until 2002.
Sep 28, 2001
2000
Lennar Annual Report, Year Ended Nov 30, 2000
Lennar Corporation (NYSE: LEN) reported record revenues, profits and earnings per share for fiscal 2000 (year ended November 30, 2000), driven mainly by its May 3, 2000 acquisition of U.S. Home Corporation. Net earnings were $229.1 million, or $3.64 per diluted share, compared with $172.7 million, or $2.74 per diluted share, in 1999. Total revenues rose to $4.71 billion from $3.12 billion, with homebuilding revenues of $4.39 billion and financial services revenues of $316.9 million. The company delivered 18,578 homes in 2000, up from 12,606 in 1999, and its backlog dollar value reached $2.07 billion at year-end, compared with $662 million a year earlier. The filing states that the ratio of net homebuilding debt to total capital was 44.0% at November 30, 2000, compared with 33.3% a year earlier, reflecting the acquisition financing and share repurchases. The acquisition was financed through new credit facilities of up to $1.4 billion, a $325 million 9.95% senior notes offering due 2010, and a $400 million term loan B, of which $399 million was outstanding at year-end. Lennar also tendered for about $508 million of U.S. Home's notes, paying roughly $520 million including fees. Cash provided by operations was $479.4 million in 2000, versus $121.3 million in 1999. The company repurchased approximately 9.8 million shares for about $158.9 million under board authorizations. Lennar remains closely tied to LNR Property Corporation, which the filing describes as a separate public company; Chairman Leonard Miller holds voting control of both companies, and a non-compete arrangement limits certain businesses until 2002. The filing notes that the company's ratio of debt is elevated following the acquisition, and it describes the homebuilding industry as cyclical and sensitive to interest rates and mortgage financing availability.
Feb 28, 2001
1999
Lennar Annual Report, Year Ended Nov 30, 1999
Lennar Corporation's fiscal 1999 10-K (fiscal year ended November 30, 1999) reports record net earnings of $172.7 million, or $2.74 per diluted share, compared with $144.1 million, or $2.49 per diluted share, in 1998. Total revenues rose to $3.12 billion from $2.42 billion, with homebuilding revenues of $2.85 billion and financial services revenues of $269.3 million. Homes delivered reached 12,589 versus 10,777 in 1998, and the average sales price of a Lennar home was $212,000. Homebuilding debt to total capital improved to 37% at November 30, 1999, from 43% a year earlier, and the company reported $121.3 million of operating cash flow. Backlog dollar value fell to $652.0 million from $840.0 million, reflecting an improved backlog conversion rate. Management expects new home orders in early fiscal 2000 to be below comparable 1999 levels. The most significant development disclosed is the February 2000 definitive agreement to acquire U.S. Home Corporation through a merger valued at approximately $476 million, with about one-half paid in cash and the remainder in Lennar common stock, subject to adjustment based on Lennar's share price. U.S. Home's debt is expected to include approximately $525 million of publicly held debt, which holders may require be redeemed within 90 days of closing. The transaction requires stockholder and regulatory approvals and is expected to close by the end of May 2000. Other items for investors include a September 1999 share repurchase authorization of up to ten million shares, under which 9.7 million shares had been repurchased for about $155.9 million as of February 8, 2000, plus a further five million shares authorized on that date. Lennar's relationship with LNR Property Corporation, spun off in 1997, restricts both companies from certain businesses until at least 2002, and Chairman Leonard Miller controls roughly 67% of voting power through his Class B holdings.
Feb 28, 2000