Skip to content
AnalystLens

Lennar Annual Report, Year Ended Nov 30, 2000

Filing Date
Filed February 28, 2001
Period End
November 30, 2000
Securities
LENLEN-B
In the record · 2016–202610-K1210-Q338-K129

LEN filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 129 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Jan ’17Jan ’17
  2. Material agreement8-K · Apr ’19Apr ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 10-K filed February 28, 2001. Cited figures are marked; the original filing is the authoritative source.

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 milliona, 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 billionb, 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 millionc 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.

02—Key points

Key Highlights

  1. Net earnings of $229.1 million, or $3.64 per diluted share, in fiscal 2000, up from $172.7 million, or $2.74 per diluted share, in fiscal 1999.
  2. Total revenues of $4.71 billion, up from $3.12 billion, primarily reflecting the May 2000 acquisition of U.S. Home Corporation.
  3. Homes delivered rose to 18,578 from 12,606, and backlog dollar value increased to $2.07 billion from $662 million.
  4. Net homebuilding debt to total capital rose to 44.0% at November 30, 2000 from 33.3% a year earlier, following acquisition financing and share repurchases.
  5. Cash provided by operations was $479.4 million in 2000, compared with $121.3 million in 1999.
  6. Acquisition financing included up to $1.4 billion in senior secured credit facilities, $325 million of 9.95% senior notes due 2010, and a $400 million term loan B.
  7. The company repurchased about 9.8 million shares for approximately $158.9 million under board authorizations, and Chairman Leonard Miller holds about 65% voting control.

03—Questions

Frequently Asked Questions

  1. How did Lennar perform financially in fiscal 2000?

    Lennar reported record revenues, profits and earnings per share in fiscal 2000. Net earnings were $229.1 million, or $3.64 per diluted share, versus $172.7 million, or $2.74 per diluted share, in 1999. Total revenues were $4.71 billion, compared with $3.12 billion.

  2. What drove the increase in results?

    The filing attributes the increase primarily to the $1.2 billion acquisition of U.S. Home Corporation in May 2000. Home deliveries rose to 18,578 from 12,606, and the average sales price of a Lennar home was $226,000 in 2000, compared with $212,000 in 1999.

  3. How did the U.S. Home acquisition affect the balance sheet and debt?

    The net homebuilding debt to total capital ratio increased to 44.0% at November 30, 2000, from 33.3% a year earlier. The company financed the acquisition with new credit facilities, $325 million of 9.95% senior notes due 2010, and tender offers for U.S. Home's notes, which cost about $520 million including fees.

  4. What are the main risks the filing identifies?

    The filing says the homebuilding industry is cyclical and sensitive to employment, consumer confidence, interest rates and mortgage financing availability. It also cites fluctuating lumber prices, labor and material shortages, weather, and quarterly variability in results. Lennar's ties to LNR Property Corporation, including shared control by Leonard Miller, are also described.

  5. What did the company do with its cash and shares?

    Operating cash flow was $479.4 million in 2000. Lennar repurchased approximately 9.8 million common shares for about $158.9 million under board-approved programs. The filing also notes that shelf registrations of up to $1 billion were on file, but no securities had been issued under them as of November 30, 2000.

04—Continue

← View all 10-K filings