Company Quick10K Filing
Lennar
Price53.55 EPS6
Shares321 P/E9
MCap17,181 P/FCF60
Net Debt-1,021 EBIT2,244
TEV16,160 TEV/EBIT7
TTM 2019-05-31, in MM, except price, ratios
10-Q 2020-05-31 Filed 2020-07-06
10-Q 2020-02-29 Filed 2020-04-07
10-K 2019-11-30 Filed 2020-01-27
10-Q 2019-08-31 Filed 2019-10-08
10-Q 2019-05-31 Filed 2019-07-03
10-Q 2019-02-28 Filed 2019-04-08
10-K 2018-11-30 Filed 2019-01-28
10-Q 2018-08-31 Filed 2018-10-09
10-Q 2018-05-31 Filed 2018-07-06
10-Q 2018-02-28 Filed 2018-04-09
10-K 2017-11-30 Filed 2018-01-25
10-Q 2017-08-31 Filed 2017-10-10
10-Q 2017-05-31 Filed 2017-06-30
10-Q 2017-02-28 Filed 2017-04-10
10-K 2016-11-30 Filed 2017-01-20
10-Q 2016-08-31 Filed 2016-10-04
10-Q 2016-05-31 Filed 2016-07-01
10-Q 2016-02-29 Filed 2016-04-06
10-K 2015-11-30 Filed 2016-01-22
10-Q 2015-08-31 Filed 2015-10-09
10-Q 2015-05-31 Filed 2015-07-02
10-Q 2015-02-28 Filed 2015-04-03
10-K 2014-11-30 Filed 2015-01-23
10-Q 2014-08-31 Filed 2014-10-03
10-Q 2014-05-31 Filed 2014-07-03
10-Q 2014-02-28 Filed 2014-04-09
10-K 2013-11-30 Filed 2014-01-28
10-Q 2013-08-31 Filed 2013-10-10
10-Q 2013-02-28 Filed 2013-04-09
10-K 2012-11-30 Filed 2013-01-29
10-Q 2012-08-31 Filed 2012-10-10
10-Q 2012-05-31 Filed 2012-07-10
10-Q 2012-02-29 Filed 2012-04-09
10-K 2011-11-30 Filed 2012-01-30
10-Q 2011-08-31 Filed 2011-10-11
10-Q 2011-05-31 Filed 2011-07-11
10-Q 2011-02-28 Filed 2011-04-11
10-K 2010-11-30 Filed 2011-01-31
10-Q 2010-08-31 Filed 2010-10-08
10-Q 2010-05-31 Filed 2010-07-09
10-Q 2010-02-28 Filed 2010-04-09
10-K 2009-11-30 Filed 2010-01-29
8-K 2020-06-15
8-K 2020-04-07
8-K 2020-04-02
8-K 2020-03-19
8-K 2020-02-28
8-K 2020-01-09
8-K 2020-01-08
8-K 2019-10-02
8-K 2019-06-26
8-K 2019-06-25
8-K 2019-06-25
8-K 2019-04-11
8-K 2019-04-10
8-K 2019-03-27
8-K 2019-01-16
8-K 2019-01-11
8-K 2019-01-09
8-K 2019-01-09
8-K 2018-10-03
8-K 2018-06-26
8-K 2018-06-26
8-K 2018-04-16
8-K 2018-04-12
8-K 2018-04-04
8-K 2018-02-16
8-K 2018-02-14
8-K 2018-02-12
8-K 2018-02-12
8-K 2018-02-01
8-K 2018-01-19
8-K 2018-01-11
8-K 2018-01-10

LEN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 len-ex3112020531x10qq2.htm
EX-31.2 len-ex3122020531x10qq2.htm
EX-32 len-ex322020531x10qq2.htm

Lennar Earnings 2020-05-31

Balance SheetIncome StatementCash Flow
30241812602012201420172020
Assets, Equity
10.08.06.04.02.00.02012201420172020
Rev, G Profit, Net Income
1.10.70.2-0.2-0.7-1.12012201420172020
Ops, Inv, Fin

len-20200531
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______ To _______
Commission File Number: 1-11749
Lennar Corporation
(Exact name of registrant as specified in its charter)
Delaware95-4337490
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305559-4000
(Registrant’s telephone number, including area code)
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 $.10
LENNew York Stock Exchange
Class B Common Stock, par value $.10
LEN.BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer¨Emerging growth company
Non-accelerated filer¨Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Common stock outstanding as of May 31, 2020:
Class A 274,618,334
Class B 37,623,183



LENNAR CORPORATION
FORM 10-Q
For the period ended May 31, 2020
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
Item 3 - 5.
Item 6.



Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
May 31,November 30,
2020 (1)2019 (1)
ASSETS
Homebuilding:
Cash and cash equivalents$1,398,682  1,200,832  
Restricted cash9,569  9,698  
Receivables, net299,494  329,124  
Inventories:
Finished homes and construction in progress9,609,146  9,195,721  
Land and land under development7,938,451  8,267,647  
Consolidated inventory not owned399,809  313,139  
Total inventories17,947,406  17,776,507  
Investments in unconsolidated entities973,044  1,009,035  
Goodwill3,442,359  3,442,359  
Other assets1,080,186  1,021,684  
25,150,740  24,789,239  
Financial Services2,577,805  3,006,024  
Multifamily1,127,929  1,068,831  
Lennar Other452,551  495,417  
Total assets$29,309,025  29,359,511  
(1)Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of May 31, 2020, total assets include $873.0 million related to consolidated VIEs of which $9.1 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $110.6 million in Homebuilding finished homes and construction in progress, $308.4 million in Homebuilding land and land under development, $391.6 million in Homebuilding consolidated inventory not owned, $2.0 million in Homebuilding investments in unconsolidated entities, $8.0 million in Homebuilding other assets and $43.3 million in Multifamily assets.
As of November 30, 2019, total assets include $980.2 million related to consolidated VIEs of which $15.5 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $97.5 million in Homebuilding finished homes and construction in progress, $283.2 million in Homebuilding land and land under development, $301.0 million in Homebuilding consolidated inventory not owned, $2.5 million in Homebuilding investments in unconsolidated entities, $10.0 million in Homebuilding other assets, $221.2 million in Financial Services assets and $49.1 million in Multifamily assets.
See accompanying notes to condensed consolidated financial statements.
3

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(In thousands, except shares and per share amounts)
(unaudited)
May 31,November 30,
2020 (2)2019 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,033,558  1,069,179  
Liabilities related to consolidated inventory not owned344,074  260,266  
Senior notes and other debts payable, net7,495,674  7,776,638  
Other liabilities1,900,970  1,900,955  
10,774,276  11,007,038  
Financial Services1,663,548  2,056,450  
Multifamily222,387  232,155  
Lennar Other16,190  30,038  
Total liabilities12,676,401  13,325,681  
Stockholders’ equity:
Preferred stock    
Class A common stock of $0.10 par value; Authorized: May 31, 2020 and November 30, 2019 - 400,000,000 shares; Issued: May 31, 2020 - 298,037,274 shares and November 30, 2019 - 297,119,153 shares
29,804  29,712  
Class B common stock of $0.10 par value; Authorized: May 31, 2020 and November 30, 2019 - 90,000,000 shares; Issued: May 31, 2020 - 39,443,104 shares and November 30, 2019 - 39,443,064 shares
3,944  3,944  
Additional paid-in capital8,630,442  8,578,219  
Retained earnings9,132,714  8,295,001  
Treasury stock, at cost; May 31, 2020 - 23,418,940 shares of Class A common stock and 1,819,921 shares of Class B common stock; November 30, 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock
(1,253,863) (957,857) 
Accumulated other comprehensive income (loss)(338) 498  
Total stockholders’ equity16,542,703  15,949,517  
Noncontrolling interests89,921  84,313  
Total equity16,632,624  16,033,830  
Total liabilities and equity$29,309,025  29,359,511  
(2)Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of May 31, 2020, total liabilities include $450.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $20.9 million is included in Homebuilding accounts payable, $335.5 million in Homebuilding liabilities related to consolidated inventory not owned, $74.5 million in Homebuilding senior notes and other debts payable, $8.6 million in Homebuilding other liabilities and $11.0 million in Multifamily liabilities.
As of November 30, 2019, total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.
See accompanying notes to condensed consolidated financial statements.
4

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Dollars in thousands, except per share amounts)
(unaudited)

Three Months EndedSix Months Ended
May 31,May 31,
2020201920202019
Revenues:
Homebuilding$4,949,484  5,195,599  9,121,600  8,819,320  
Financial Services196,263  204,216  394,924  347,527  
Multifamily123,117  147,412  255,734  244,806  
Lennar Other18,509  15,663  20,452  19,319  
Total revenues5,287,373  5,562,890  9,792,710  9,430,972  
Costs and expenses:
Homebuilding4,313,331  4,587,259  8,011,137  7,826,094  
Financial Services110,355  147,999  261,699  272,338  
Multifamily123,473  148,716  260,821  249,894  
Lennar Other(1,072) 3,194  1,502  4,816  
Corporate general and administrative83,451  76,113  170,298  155,456  
Total costs and expenses4,629,538  4,963,281  8,705,457  8,508,598  
Homebuilding equity in earnings (loss) from unconsolidated entities(9,100) 19,614  (13,646) 5,858  
Homebuilding other income (expense), net4,308  (46,165) (5,058) (47,700) 
Financial Services gain on deconsolidation61,418    61,418    
Multifamily equity in earnings (loss) from unconsolidated entities and other gain
(282) (3,018) 6,234  7,563  
Lennar Other equity in earnings (loss) from unconsolidated entities(26,642) (4,978) (26,523) 3,352  
Lennar Other expense, net(10,960) (5,663) (9,549) (12,924) 
Earnings before income taxes676,577  559,399  1,100,129  878,523  
Provision for income taxes(160,479) (140,530) (192,808) (220,230) 
Net earnings (including net loss attributable to noncontrolling interests)
516,098  418,869  907,321  658,293  
Less: Net loss attributable to noncontrolling interests(1,308) (2,603) (8,537) (3,089) 
Net earnings attributable to Lennar$517,406  421,472  915,858  661,382  
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale$(338) 561  (384) 769  
Reclassification adjustments for gains included in earnings, net of tax
(452) (176) (452) (176) 
Total other comprehensive income (loss), net of tax$(790) 385  (836) 593  
Total comprehensive income attributable to Lennar$516,616  421,857  915,022  661,975  
Total comprehensive loss attributable to noncontrolling interests$(1,308) (2,603) (8,537) (3,089) 
Basic earnings per share$1.66  1.31  2.92  2.05  
Diluted earnings per share$1.65  1.30  2.91  2.03  



See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)
(unaudited)

Six Months Ended
May 31,
20202019
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)$907,321  658,293  
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization44,464  40,986  
Amortization of discount/premium and accretion on debt, net(13,839) (13,335) 
Equity in earnings (loss) from unconsolidated entities40,355  (5,908) 
Distributions of earnings from unconsolidated entities38,000  4,037  
Share-based compensation expense55,141  31,390  
Deferred income tax expense79,738  101,477  
Gain on sale of other assets, operating properties and equipment and real estate owned(13,126) (1,471) 
Loss on consolidation  48,874  
Gain on deconsolidation of previously consolidated entity(61,418)   
Gain on sale of interest in unconsolidated entity and other Multifamily gain(4,661) (10,865) 
Gain on sale of Financial Services' servicing portfolio/businesses
(5,014) (2,168) 
Valuation adjustments and write-offs of option deposits and pre-acquisition costs
65,098  10,602  
Changes in assets and liabilities:
(Increase) decrease in receivables(7,758) 542,054  
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
(159,138) (1,501,423) 
(Increase) decrease in other assets(148,087) 66,464  
Decrease (increase) in loans held-for-sale481,583  (206,349) 
Increase (decrease) in accounts payable and other liabilities12,144  (192,548) 
Net cash provided by (used in) operating activities1,310,803  (429,890) 
Cash flows from investing activities:
Net additions of operating properties and equipment(25,731) (47,766) 
Proceeds from the sale of operating properties and equipment, other assets and real estate owned29,727  4,210  
Proceeds from sale of investment in unconsolidated entity  17,790  
Proceeds from sale of Financial Services' servicing portfolio/businesses
9,096  24,446  
Investments in and contributions to unconsolidated entities/deconsolidation of previously consolidated entity(302,784) (230,744) 
Distributions of capital from unconsolidated entities115,093  140,888  
Receipts of principal payments on loans receivable and other  1,811  
Proceeds from sale of commercial mortgage-backed securities bonds3,248    
Decrease (increase) in Financial Services loans held-for-investment, net143  (5,975) 
Purchases of investment securities(29,642) (31,462) 
Proceeds from maturities/sales of investments securities25,138