LENNAR CORP /NEW/0000920760false00009207602024-06-172024-06-170000920760us-gaap:CommonClassAMember2024-06-172024-06-170000920760us-gaap:CommonClassBMember2024-06-172024-06-17

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
June 17, 2024
Date of Report (Date of earliest event reported)
LENNAR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware1-1174995-4337490
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)
5505 Waterford District Drive, Miami, Florida 33126
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $.10LENNew York Stock Exchange
Class B Common Stock, par value $.10LEN.BNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o


Item 2.02. Results of Operations and Financial Condition.
On June 17, 2024, Lennar Corporation issued a press release announcing its results of operations for the second quarter ended May 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in the preceding paragraph, as well as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
The following exhibit is furnished as part of this Current Report on Form 8-K.
Exhibit No.
Description of Document
99.1
104
Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
2

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


Date: June 17, 2024
Lennar Corporation
By:
/s/ Diane Bessette
Name:Diane Bessette
Title:Vice President and Chief Financial Officer
3
Exhibit 99.1





Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
FOR IMMEDIATE RELEASE

Lennar Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights - comparisons to the prior year quarter
•Net earnings per diluted share increased 15% to $3.45
◦$3.38, excluding mark-to-market losses on technology investments and one-time gain on sale of a technology investment
•Net earnings increased 9% to $954 million
•New orders increased 19% to 21,293 homes
•Backlog of 17,873 homes with a dollar value of $8.2 billion
•Deliveries increased 15% to 19,690 homes
•Total revenues of $8.8 billion
•Homebuilding operating earnings of $1.3 billion
◦Gross margin on home sales of 22.6%
◦S,G&A expenses as a % of revenues from home sales of 7.5%
◦Net margin on home sales of 15.1%
•Financial Services operating earnings of $146 million
•Multifamily operating loss of $20 million
•Lennar Other operating loss of $28 million
•Homebuilding cash and cash equivalents of $3.6 billion
•Years supply of owned homesites of 1.2 years and controlled homesites of 79%
•No outstanding borrowings under the Company's $2.2 billion revolving credit facility
•Homebuilding debt to total capital of 7.7%
•Redeemed $454 million aggregate principal amount of its 4.50% senior notes due April 2024
•Repurchased $100 million aggregate principal amount of its 4.75% senior notes due November 2027
•Repurchased 3.8 million shares of Lennar common stock for $603 million
(more)

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Miami, June 17, 2024 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2024. Second quarter net earnings attributable to Lennar in 2024 were $954 million, or $3.45 per diluted share, compared to second quarter net earnings attributable to Lennar in 2023 of $872 million, or $3.01 per diluted share. Excluding mark-to-market losses on technology investments and one-time gain on the sale of a technology investment, second quarter net earnings attributable to Lennar in 2024 were $935 million, or $3.38 per diluted share. Excluding mark-to-market gains on technology investments, second quarter net earnings attributable to Lennar in 2023 were $852 million or $2.94 per diluted share.
Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “We are pleased to report another strong quarter against the backdrop of evolving market conditions as interest rates rose for most of the quarter and then subsided as the quarter closed. Although affordability continued to be tested by interest rate movements and simultaneously challenged consumer sentiment, purchasers remained responsive to increased sales incentives, resulting in a 19% increase in our new orders and a 15% increase in our deliveries year over year. The macroeconomic environment remained relatively consistent with employment remaining strong, housing supply remaining chronically short due to production deficits over a decade, and demand strength driven by strong household formation. We remained focused on consistent production pace driving sales pace, while using pricing, incentives, marketing spend and margin adjustment to enable consistent sales volume in a fluctuating interest rate environment.”
“Earnings were $954 million, or $3.45 per diluted share, compared to $872 million, or $3.01 per diluted share last year. We delivered 19,690 homes in our second quarter and our new orders were 21,293. Our average sales price, net of incentives, per home delivered was $426,000 in the second quarter, down 5% from last year, and our homebuilding gross margin in the second quarter was 22.6%, up 10 basis points from last year, as a result of our careful management of incentives combined with our intense focus on reducing construction costs, while homebuilding S,G&A expenses were 7.5%, resulting in a 15.1% net margin.”
“Driven by this quarter's strong operating performance, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $603 million of our common stock and repaid $554 million of senior notes ending the quarter with homebuilding debt to total capital of 7.7%, no borrowings on our $2.2 billion revolver and cash of $3.6 billion. With cash on hand exceeding our debt, and with overall liquidity of $5.8 billion, our balance sheet remains extremely strong. Against that backdrop, we remain focused on our “land strategies” initiatives in order to intensify our land light focus and assure consistency of execution now and in the future as we embrace an ever-more focused manufacturing model for Lennar.”
Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, “Operationally, our starts pace and sales pace were 5.8 homes and 5.7 homes per community in the second quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 150 days, or 30% year over year, as our production first focus has positively impacted our production times, while our inventory turn improved to 1.6 times reflecting broader efficiencies. Concurrently, the Lennar Machine continued to carefully match our sales pace to our production pace using our digital marketing and dynamic pricing models.”


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“During the quarter, we continued the migration to our land light strategy. This was evidenced by our years supply of owned homesites improving to 1.2 years from 1.7 years last year and our controlled homesite percentage increasing to 79% from 70% year over year. These results drove our return on inventory to 31.4%, a year-over-year improvement of 110 basis points.”
Mr. Miller concluded, “We continue to remain enthusiastic about our current execution and our future. We have remained focused on our operating strategies, while at the same time being observant of current economic and market trends. This has positioned us particularly well as the economic environment continues to define itself throughout the complicated election year in 2024. As we look ahead to our third quarter, we expect to deliver between 20,500 and 21,000 homes with a gross margin of approximately 23.0%. We remain focused on delivering 80,000 homes for the full year, with a margin that remains consistent with last year's margin. We will continue to fortify our balance sheet with significant liquidity and operate from a position of strength, thus enabling us to continue to execute on our core strategies to drive strong cash flow and higher returns.”
RESULTS OF OPERATIONS
THREE MONTHS ENDED MAY 31, 2024 COMPARED TO
THREE MONTHS ENDED MAY 31, 2023
Homebuilding
Revenues from home sales increased 9% in the second quarter of 2024 to $8.4 billion from $7.6 billion in the second quarter of 2023. Revenues were higher primarily due to a 15% increase in the number of home deliveries, partially offset by a 5% decrease in the average sales price of homes delivered. New home deliveries increased to 19,690 homes in the second quarter of 2024 from 17,074 homes in the second quarter of 2023. The average sales price of homes delivered was $426,000 in the second quarter of 2024, compared to $449,000 in the second quarter of 2023. The decrease in average sales price of homes delivered in the second quarter of 2024 compared to the same period last year was primarily due to pricing to market through an increased use of incentives and product mix.
Gross margins on home sales were $1.9 billion, or 22.6%, in the second quarter of 2024, compared to $1.7 billion, or 22.5%, in the second quarter of 2023. During the second quarter of 2024, gross margins increased because of a decrease in costs per square foot as the Company continued to focus on construction cost savings, which was partially offset by a decrease in average sales price and an increase in land costs.
Selling, general and administrative expenses were $630 million in the second quarter of 2024, compared to $511 million in the second quarter of 2023. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 7.5% in the second quarter of 2024, from 6.7% in the second quarter of 2023, primarily due to an increase in digital marketing, professional expenses and insurance costs.
Financial Services
Operating earnings for the Financial Services segment were $146 million in the second quarter of 2024, compared to $112 million in the second quarter of 2023. The increase in operating earnings was primarily due to higher volume from increased capture rate and Lennar deliveries.



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Ancillary Businesses
Operating loss for the Multifamily segment was $20 million in the second quarter of 2024, compared to operating loss of $8 million in the second quarter of 2023. Operating loss for the Lennar Other segment was $28 million in the second quarter of 2024, compared to an operating loss of $18 million in the second quarter of 2023. The Lennar Other operating loss for the second quarter of 2024 includes $22 million of mark-to-market losses on the Company's publicly traded technology investments and a $47 million one-time gain on the sale of a technology investment.
Tax Rate
In the second quarter of 2024 and 2023, the Company had tax provisions of $300 million and $281 million, respectively, which resulted in an overall effective income tax rate of 23.9% and 24.4%, respectively. For both periods, the Company's effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by energy efficient home and solar tax credits.
OTHER TRANSACTIONS
Debt Transactions
During the second quarter of 2024, the Company redeemed $454 million aggregate principal amount of its 4.50% senior notes due April 2024. The redemption price, which was paid in cash, was 100% of the principal amount outstanding. Additionally, the Company repurchased $100 million aggregate principal amount of its 4.75% senior notes due November 2027.
Share Repurchases
In the second quarter of 2024, the Company repurchased 3.8 million shares of its common stock for $603 million at an average share price of $158.64.
Liquidity
At May 31, 2024, the Company had $3.6 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.2 billion revolving credit facility, thereby providing approximately $5.8 billion of available capacity.


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Guidance
The following are the Company's expected results of its homebuilding and financial services activities for the third quarter of 2024:
Third Quarter 2024
New Orders20,500 - 21,000
Deliveries20,500 - 21,000
Average Sales Price$420,000 - $425,000
Gross Margin % on Home SalesAbout 23.0%
S,G&A as a % of Home Sales7.3% - 7.5%
Financial Services Operating Earnings$135 million - $140 million



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About Lennar
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.
Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land light strategy, and our planned spin-off; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; possible unfavorable results in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business, and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed on January 26, 2024, as amended by our Annual Report on Form 10-K/A filed on April 25, 2024 and Quarterly Reports on Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
A conference call to discuss the Company’s second quarter earnings will be held at 11:00 a.m. Eastern Time on Tuesday, June 18, 2024. The call will be broadcast live on the Internet and can be accessed through the Company’s website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-3354 and entering 5723593 as the confirmation number.
###


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LENNAR CORPORATION AND SUBSIDIARIES
Selected Revenues and Operating Information
(In thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
May 31,May 31,
2024202320242023
Revenues:
Homebuilding$8,381,059 7,670,017 15,312,050 13,826,322 
Financial Services281,723 222,979 531,443 405,960 
Multifamily99,500 151,744 229,177 295,267 
Lennar Other3,310 411 5,852 8,031 
Total revenues$8,765,592 8,045,151 16,078,522 14,535,580 
Homebuilding operating earnings$1,340,155 1,214,409 2,368,951 2,121,248 
Financial Services operating earnings147,012 112,599 278,308 191,336 
Multifamily operating loss(20,474)(8,162)(36,113)(29,763)
Lennar Other operating loss(28,964)(18,399)(68,512)(58,156)
Corporate general and administrative expenses(156,982)(124,752)(314,303)(250,858)
Charitable foundation contribution(19,690)(17,074)(36,488)(30,733)
Earnings before income taxes1,261,057 1,158,621 2,191,843 1,943,074 
Provision for income taxes(300,471)(280,879)(511,336)(466,024)
Net earnings (including net earnings attributable to noncontrolling interests)960,586 877,742 1,680,507 1,477,050 
Less: Net earnings attributable to noncontrolling interests6,275 6,048 6,862 8,822 
Net earnings attributable to Lennar$954,311 871,694 1,673,645 1,468,228 
Basic and diluted average shares outstanding273,703 284,910 275,325 285,492 
Basic and diluted earnings per share$3.45 3.01 6.01 5.07 
Supplemental information:
Interest incurred (1)$33,764 49,704 70,275 99,281 
EBIT (2):
Net earnings attributable to Lennar$954,311 871,694 1,673,645 1,468,228 
Provision for income taxes300,471 280,879 511,336 466,024 
Interest expense included in:
Costs of homes sold43,100 61,145 82,314 110,597 
Costs of land sold286 1,028 286 1,047 
Homebuilding other income (expense), net4,679 3,758 9,594 7,332 
Total interest expense48,065 65,931 92,194 118,976 
EBIT$1,302,847 1,218,504 2,277,175 2,053,228 
(1)Amount represents interest incurred related to homebuilding debt.
(2)EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures.


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LENNAR CORPORATION AND SUBSIDIARIES
Segment Information
(In thousands)
(unaudited)
Three Months EndedSix Months Ended
May 31,May 31,
2024202320242023
Homebuilding revenues:
Sales of homes$8,357,750 7,636,579 15,259,531 13,730,406 
Sales of land13,598 16,314 34,350 26,032 
Other homebuilding9,711 17,124 18,169 69,884 
Total homebuilding revenues8,381,059 7,670,017 15,312,050 13,826,322 
Homebuilding costs and expenses:
Costs of homes sold6,469,952 5,916,325 11,865,484 10,719,168 
Costs of land sold6,903 11,932 20,920 34,009 
Selling, general and administrative629,600 510,700 1,197,587 960,494 
Total homebuilding costs and expenses7,106,455 6,438,957 13,083,991 11,713,671 
Homebuilding net margins1,274,604 1,231,060 2,228,059 2,112,651 
Homebuilding equity in earnings (loss) from unconsolidated entities15,516 (12,279)28,818 (9,093)
Homebuilding other income (expense), net50,035 (4,372)112,074 17,690 
Homebuilding operating earnings$1,340,155 1,214,409 2,368,951 2,121,248 
Financial Services revenues$281,723 222,979 531,443 405,960 
Financial Services costs and expenses134,711 110,380 253,135 214,624 
Financial Services operating earnings$147,012 112,599 278,308 191,336 
Multifamily revenues$99,500 151,744 229,177 295,267 
Multifamily costs and expenses102,205 154,354 234,872 303,310 
Multifamily equity in loss from unconsolidated entities and other income (expense), net(17,769)(5,552)(30,418)(21,720)
Multifamily operating loss$(20,474)(8,162)(36,113)(29,763)
Lennar Other revenues$3,310 411 5,852 8,031 
Lennar Other costs and expenses26,841 6,795 35,929 13,271 
Lennar Other equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss)16,081 (37,512)(11,784)(54,459)
Lennar Other unrealized gains (losses) from technology investments (1)(21,514)25,497 (26,651)1,543 
Lennar Other operating loss$(28,964)(18,399)(68,512)(58,156)
(1)The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on technology investments:
Three Months EndedSix Months Ended
May 31,May 31,
2024202320242023
Blend Labs (BLND)$715 (1,332)3,651 (746)
Hippo (HIPO)10,737 (4,399)27,186 2,233 
Opendoor (OPEN)(16,907)22,512 (15,592)14,821 
SmartRent (SMRT)(4,609)8,621 (6,572)9,926 
Sonder (SOND)(40)(138)11 (458)
Sunnova (NOVA)(11,410)233 (35,335)(24,233)
$(21,514)25,497 (26,651)1,543 


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LENNAR CORPORATION AND SUBSIDIARIES
Summary of Deliveries, New Orders and Backlog
(Dollars in thousands, except average sales price)
(unaudited)
Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in:
East: Alabama, Florida, New Jersey and Pennsylvania
Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee and Virginia
Texas: Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington
Other: Urban divisions
Three Months Ended May 31,
202420232024202320242023
Deliveries:HomesDollar ValueAverage Sales Price
East5,529 4,893 $2,222,108 2,146,387 $402,000 439,000 
Central4,188 3,699 1,706,051 1,603,187 407,000 433,000 
Texas4,669 3,908 1,194,525 1,137,517 256,000 291,000 
West5,292 4,565 3,263,904 2,773,005 617,000 607,000 
Other12 9 6,343 7,401 529,000 822,000 
Total19,690 17,074 $8,392,931 7,667,497 $426,000 449,000 
Of the total homes delivered listed above, 70 homes with a dollar value of $35 million and an average sales price of $503,000 represent home deliveries from unconsolidated entities for the three months ended May 31, 2024, compared to 72 home deliveries with a dollar value of $31 million and an average sales price of $429,000 for the three months ended May 31, 2023.
At May 31,Three Months Ended May 31,
20242023202420232024202320242023
New Orders:Active CommunitiesHomesDollar ValueAverage Sales Price
East309 339 5,000 5,022 $2,033,401 2,166,704 $407,000 431,000 
Central332 330 5,332 4,080 2,144,250 1,729,280 402,000 424,000 
Texas239 226 5,213 3,732 1,332,392 1,079,757 256,000 289,000 
West363 365 5,735 5,045 3,679,145 3,190,159 642,000 632,000 
Other2 3 13 6 5,688 5,544 438,000 924,000 
Total1,245 1,263 21,293 17,885 $9,194,876 8,171,444 $432,000 457,000 
Of the total homes listed above, 74 homes with a dollar value of $40 million and an average sales price of $540,000 represent homes in eight active communities from unconsolidated entities for the three months ended May 31, 2024, compared to 73 homes with a dollar value of $37 million and an average sales price of $507,000 in seven active communities for the three months ended May 31, 2023.

For the Six Months Ended May 31,
202420232024202320242023
Deliveries:HomesDollar ValueAverage Sales Price
East10,253 8,748 $4,172,739 3,858,332 $407,000 441,000 
Central7,748 6,439 3,101,695 2,804,582 400,000 436,000 
Texas8,932 7,329 2,264,683 2,154,490 254,000 294,000 
West9,530 8,207 5,785,395 4,967,027 607,000 605,000 
Other25 10 13,160 8,566 526,000 857,000 
Total36,488 30,733 $15,337,672 13,792,997 $420,000 449,000 
Of the total homes delivered listed above, 147 homes with a dollar value of $78 million and an average sales price of $532,000 represent home deliveries from unconsolidated entities for the six months ended May 31, 2024, compared to 135 home deliveries with a dollar value of $63 million and an average sales price of $464,000 for the six months ended May 31, 2023.







10-10-10
For the Six Months Ended May 31,
202420232024202320242023
New Orders:HomesDollar ValueAverage Sales Price
East9,526 8,863 $3,931,479 3,840,881 $413,000 433,000 
Central9,606 6,821 3,862,786 2,877,097 402,000 422,000 
Texas9,644 6,874 2,452,391 1,959,213 254,000 285,000 
West10,662 9,510 6,675,384 5,898,485 626,000 620,000 
Other31 11 15,218 9,229 491,000 839,000 
Total39,469 32,079 $16,937,258 14,584,905 $429,000 455,000 
Of the total new orders listed above, 120 homes with a dollar value of $65 million and an average sales price of $543,000 represent new orders from unconsolidated entities for the six months ended May 31, 2024, compared to 170 new orders with a dollar value of $75 million and an average sales price of $443,000 for the six months ended May 31, 2023.
At May 31,
202420232024202320242023
Backlog:HomesDollar ValueAverage Sales Price
East5,853 8,276 $2,467,062 3,565,256 $422,000 431,000 
Central5,021 4,951 2,136,707 2,165,563 426,000 437,000 
Texas2,607 2,242 663,648 641,806 255,000 286,000 
West4,383 4,743 2,962,332 3,157,935 676,000 666,000 
Other9 2 3,586 1,828 398,000 914,000 
Total17,873 20,214 $8,233,335 9,532,388 $461,000 472,000 
Of the total homes in backlog listed above, 120 homes with a backlog dollar value of $62 million and an average sales price of $513,000 represent the backlog from unconsolidated entities at May 31, 2024, compared to 201 homes with a backlog dollar value of $90 million and an average sales price of $450,000 at May 31, 2023.


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LENNAR CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(unaudited)
May 31, 2024November 30, 2023
ASSETS
Homebuilding:
Cash and cash equivalents$3,597,493 6,273,724 
Restricted cash11,572 13,481 
Receivables, net898,301 887,992 
Inventories:
Finished homes and construction in progress11,729,673 10,455,666 
Land and land under development4,418,285 4,904,541 
Inventory owned16,147,958 15,360,207 
Consolidated inventory not owned3,753,542 2,992,528 
Inventory owned and consolidated inventory not owned19,901,500 18,352,735 
Deposits and pre-acquisition costs on real estate2,754,819 2,002,154 
Investments in unconsolidated entities1,263,905 1,143,909 
Goodwill3,442,359 3,442,359 
Other assets1,540,507 1,512,038 
33,410,456 33,628,392 
Financial Services3,043,941 3,566,546 
Multifamily1,377,243 1,381,513 
Lennar Other836,030 657,852 
Total assets$38,667,670 39,234,303 
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,727,358 1,631,401 
Liabilities related to consolidated inventory not owned3,227,478 2,540,894
Senior notes and other debts payable, net2,241,507 2,816,482 
Other liabilities2,513,173 2,739,217 
9,709,516 9,727,994 
Financial Services1,583,363 2,447,039 
Multifamily246,776 278,177 
Lennar Other112,262 79,127 
Total liabilities11,651,917 12,532,337 
Stockholders’ equity:
Preferred stock— — 
Class A common stock of $0.10 par value25,996 25,848 
Class B common stock of $0.10 par value3,660 3,660 
Additional paid-in capital5,674,733 5,570,009 
Retained earnings23,764,695 22,369,368 
Treasury stock(2,597,806)(1,393,100)
Accumulated other comprehensive income6,596 4,879 
Total stockholders’ equity26,877,874 26,580,664 
Noncontrolling interests137,879 121,302 
Total equity27,015,753 26,701,966 
Total liabilities and equity$38,667,670 39,234,303 


12-12-12

LENNAR CORPORATION AND SUBSIDIARIES
Supplemental Data
(Dollars in thousands)
(unaudited)
May 31, 2024November 30, 2023May 31, 2023
Homebuilding debt$2,241,507 2,816,482 3,852,258 
Stockholders' equity26,877,874 26,580,664 25,015,145 
Total capital$29,119,381 29,397,146 28,867,403 
Homebuilding debt to total capital7.7 %9.6 %13.3 %
Homebuilding debt$2,241,507 2,816,482 3,852,258 
Less: Homebuilding cash and cash equivalents3,597,493 6,273,724 4,004,679 
Net homebuilding debt$(1,355,986)(3,457,242)(152,421)
Net homebuilding debt to total capital (1)(5.3)%(15.0)%(0.6)%

(1)Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

v3.24.1.1.u2
Cover page Cover Page
Jun. 17, 2024
Entity Information [Line Items]  
Entity Incorporation, State or Country Code DE
Document Type 8-K
Document Period End Date Jun. 17, 2024
Entity Registrant Name LENNAR CORP /NEW/
Entity Address, Address Line One 5505 Waterford District Drive
Entity Address, City or Town Miami
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33126
City Area Code (305)
Local Phone Number 559-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000920760
Amendment Flag false
Entity File Number 1-11749
Entity Tax Identification Number 95-4337490
Class A Common Stock, par value $.10  
Entity Information [Line Items]  
Title of 12(b) Security Class A Common Stock, par value $.10
Trading Symbol LEN
Security Exchange Name NYSE
Class B Common Stock, par value $.10  
Entity Information [Line Items]  
Title of 12(b) Security Class B Common Stock, par value $.10
Trading Symbol LEN.B
Security Exchange Name NYSE
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