10-Q 1 len-20220831.htm 10-Q len-20220831
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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 August 31, 2022
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.)
5505 Blue Lagoon Drive, Miami, Florida 33126
(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      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      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 filerRAccelerated 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  
Common stock outstanding as of August 31, 2022:
Class A 254,767,434
Class B 36,399,152




LENNAR CORPORATION
FORM 10-Q
For the period ended August 31, 2022
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)
August 31,November 30,
2022 (1)2021 (1)
ASSETS
Homebuilding:
Cash and cash equivalents$1,309,364 2,735,213 
Restricted cash32,575 21,927 
Receivables, net665,472 490,278 
Inventories:
Finished homes and construction in progress13,043,631 10,446,139 
Land and land under development7,849,160 7,108,142 
Consolidated inventory not owned1,949,718 1,161,023 
Total inventories22,842,509 18,715,304 
Investments in unconsolidated entities1,174,498972,084 
Goodwill3,442,3593,442,359 
Other assets1,163,5191,090,654 
30,630,296 27,467,819 
Financial Services2,523,9702,964,367 
Multifamily1,267,9081,311,747 
Lennar Other917,703 1,463,845 
Total assets$35,339,877 33,207,778 
(1)Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of August 31, 2022, total assets include $1.4 billion related to consolidated VIEs of which $69.4 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $63.9 million in Homebuilding finished homes and construction in progress, $741.0 million in Homebuilding land and land under development, $420.9 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $24.2 million in Homebuilding other assets, $29.4 million in Multifamily assets and $13.5 million in Lennar Other assets.
As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 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 share amounts)
(Unaudited)
August 31,November 30,
2022 (2)2021 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,552,583 1,321,247 
Liabilities related to consolidated inventory not owned1,661,927 976,602 
Senior notes and other debts payable, net4,057,496 4,652,338 
Other liabilities2,836,442 2,920,055 
10,108,448 9,870,242 
Financial Services1,675,492 1,906,343 
Multifamily326,048 288,930 
Lennar Other102,351 145,981 
Total liabilities12,212,339 12,211,496 
Stockholders’ equity:
Preferred stock  
Class A common stock of $0.10 par value; Authorized: August 31, 2022 and November 30, 2021 - 400,000,000 shares; Issued: August 31, 2022 - 255,821,290 shares and November 30, 2021 - 300,500,075 shares
25,582 30,050 
Class B common stock of $0.10 par value; Authorized: August 31, 2022 and November 30, 2021 - 90,000,000 shares; Issued: August 31, 2022 - 36,601,215 shares and November 30, 2021 - 39,443,168 shares
3,660 3,944 
Additional paid-in capital5,388,413 8,807,891 
Retained earnings17,647,293 14,685,329 
Treasury stock, at cost; August 31, 2022 - 1,053,856 shares of Class A common stock and 202,063 shares of Class B common stock; November 30, 2021 - 38,586,961 shares of Class A common stock and 1,922,016 shares of Class B common stock
(89,760)(2,709,448)
Accumulated other comprehensive income (loss)2,090 (1,341)
Total stockholders’ equity22,977,278 20,816,425 
Noncontrolling interests150,260 179,857 
Total equity23,127,538 20,996,282 
Total liabilities and equity$35,339,877 33,207,778 
(2)As of August 31, 2022, total liabilities include $489.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.7 million is included in Homebuilding accounts payable, $413.5 million in Homebuilding liabilities related to consolidated inventory not owned, $29.3 million in Homebuilding senior notes and other debts payable, $9.7 million in Homebuilding other liabilities, $3.5 million in Multifamily liabilities and $6.3 million in Lennar Other liabilities.
As of November 30, 2021, total liabilities include $258.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.6 million is included in Homebuilding accounts payable, $196.6 million in Homebuilding liabilities related to consolidated inventory not owned, $20.1 million in Homebuilding senior notes and other debt payable, $12.3 million in Homebuilding other liabilities and $2.8 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
(In thousands, except per share amounts)
(Unaudited)

Three Months EndedNine Months Ended
August 31,August 31,
2022202120222021
Revenues:
Homebuilding$8,479,496 6,558,509 22,209,683 17,529,606 
Financial Services202,078 206,973 578,945 669,789 
Multifamily243,056 167,921 686,436 476,837 
Lennar Other9,801 8,000 21,579 20,884 
Total revenues8,934,431 6,941,403 23,496,643 18,697,116 
Costs and expenses:
Homebuilding6,494,737 5,225,497 17,241,788 14,253,299 
Financial Services138,730 94,890 320,871 290,179 
Multifamily215,433 174,410 654,322 474,389 
Lennar Other10,007 9,010 23,650 18,994 
Corporate general and administrative115,557 94,942 334,425 296,190 
Charitable foundation contribution17,248 15,199 46,335 42,006 
Total costs and expenses6,991,712 5,613,948 18,621,391 15,375,057 
Homebuilding equity in earnings (loss) from unconsolidated entities(14,652)2,391 (10,076)(3,862)
Homebuilding other income (expense), net(6,883)(5,570)(4,334)3,043 
Multifamily equity in earnings (loss) from unconsolidated entities and other gain20,864 (2,904)22,468 9,682 
Lennar Other equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss)(31,935)(689)(68,493)216,540 
Lennar Other unrealized gains (losses) from technology investments(85,839)493,671 (558,974)690,791 
Earnings before income taxes1,824,274 1,814,354 4,255,843 4,238,253 
Provision for income taxes(351,580)(405,136)(951,276)(975,354)
Net earnings (including net earnings attributable to noncontrolling interests)1,472,694 1,409,218 3,304,567 3,262,899 
Less: Net earnings attributable to noncontrolling interests5,350 2,330 12,886 23,279 
Net earnings attributable to Lennar$1,467,344 1,406,888 3,291,681 3,239,620 
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale$342 131 1,146 (495)
Reclassification adjustments for gain included in earnings, net of tax  2,285  
Total other comprehensive income (loss), net of tax$342 131 3,431 (495)
Total comprehensive income attributable to Lennar$1,467,686 1,407,019 3,295,112 3,239,125 
Total comprehensive income attributable to noncontrolling interests$5,350 2,330 12,886 23,279 
Basic earnings per share$5.04 4.52 11.19 10.37 
Diluted earnings per share$5.03 4.52 11.18 10.36 




See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
August 31,
20222021
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)$3,304,567 3,262,899 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization57,921 65,845 
Amortization of discount/premium on debt, net(1,312)(6,257)
Equity in earnings (loss) from unconsolidated entities34,870 (64,571)
Distributions of earnings from unconsolidated entities46,376 40,552 
Share-based compensation expense154,710 105,386 
Deferred income tax (benefit) expense(15,991)288,259 
Loans held-for-sale unrealized loss41,356 26,156 
Lennar Other unrealized (gains) losses from technology investments and other (gain) loss578,674 (848,544)
Gain on sale of other assets and operating properties and equipment(7,572)(18,596)
Gain on sale of Financial Services' portfolio/businesses
 (2,528)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs
27,247 16,020 
Changes in assets and liabilities:
(Increase) decrease in receivables(164,383)131,282 
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs(3,894,170)(2,252,820)
Increase in other assets(110,761)(154,005)
Decrease in loans held-for-sale318,974 209,262 
Increase in accounts payable and other liabilities180,946 514,007 
Net cash provided by operating activities551,452 1,312,347 
Cash flows from investing activities:
Net additions of operating properties and equipment(27,534)(39,947)
Proceeds from the sale of operating properties and equipment and other assets18,247 36,882 
Investments in and contributions to unconsolidated entities(396,734)(354,588)
Distributions of capital from unconsolidated entities331,801 292,466 
Proceeds from sale of investment in consolidated joint venture 15,950 
Proceeds from sale of commercial mortgage-backed securities bonds9,191 11,307 
Proceeds from sale of Financial Services portfolio/business 3,327 
Decrease in Financial Services loans held-for-investment, net18,859 13,249 
Purchases of investment securities(93,769)(121,675)
Proceeds from maturities/sales of investment securities8,472 11,861 
Net cash used in investing activities$(131,467)(131,168)





See accompanying notes to condensed consolidated financial statements.
6

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

Nine Months Ended
August 31,
20222021
Cash flows from financing activities:
Net repayments under warehouse facilities$(238,113)(357,472)
Redemption of senior notes(575,000)(299,999)
Principal payments on notes payable and other borrowings(35,542)(165,403)
Proceeds from other borrowings 13,973 
Proceeds from liabilities related to consolidated inventory not owned845,408 441,177 
Payments related to consolidated inventory not owned(517,654)(238,273)
Payments related to other liabilities, net (7,142)
Receipts related to noncontrolling interests30,060 18,575 
Payments related to noncontrolling interests(85,098)(20,859)
Common stock:
Repurchases(918,682)(452,508)
Dividends(329,717)(233,988)
Net cash used in financing activities$(1,824,338)(1,301,919)
Net decrease in cash and cash equivalents and restricted cash(1,404,353)(120,740)
Cash and cash equivalents and restricted cash at beginning of period2,955,683 2,932,730 
Cash and cash equivalents and restricted cash at end of period$1,551,330 2,811,990 
Summary of cash and cash equivalents and restricted cash:
Homebuilding$1,309,364 2,623,320 
Financial Services143,630 137,021 
Multifamily40,870 15,302 
Lennar Other10,181 3,498 
Homebuilding restricted cash32,575 21,519 
Financial Services restricted cash14,710 11,330 
$1,551,330 2,811,990 
Supplemental disclosures of non-cash investing and financing activities:
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers$33,695 139,111 
Non-cash contributions to unconsolidated entities204,911 20,423 
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories$(19,800) 
Other assets41  
Investments in unconsolidated entities(736) 
Other liabilities(271) 
Noncontrolling interests20,766  

See accompanying notes to condensed consolidated financial statements.
7


Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
(1)Basis of Presentation
Basis of Consolidation
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2021. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Form 10-K for the year ended November 30, 2021. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for both the three and nine months ended August 31, 2022 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents
Homebuilding cash and cash equivalents as of August 31, 2022 and November 30, 2021 included $655.7 million and $940.4 million, respectively, of cash held in escrow. On average for the three months ended August 31, 2022, cash was held in escrow for approximately two days.
Homebuilding Revenue Recognition
Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of the homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the three months ended August 31, 2022 and 2021, sales incentives offered to homebuyers averaged $12,300 per home, or 2.5% as a percentage of home sales revenues, and $7,300 per home, or 1.7% as a percentage of home sales revenues, respectively. For the nine months ended August 31, 2022 and 2021, sales incentives offered to homebuyers averaged $9,500 per home, or 1.9% as a percentage of home sales revenues, and $9,300 per home, or 2.2% as a percentage of home sales revenues, respectively.
Share-based Payments
During both the three months ended August 31, 2022 and 2021, the Company granted employees an immaterial number of nonvested shares. During both the nine months ended August 31, 2022 and 2021, the Company granted employees 1.4 million nonvested shares.
Recently Adopted Accounting Pronouncements
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 was effective for the Company’s fiscal year beginning December 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements.





8

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(2)Operating and Reporting Segments
The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. The Company's chief operating decision makers manage and assess the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, and determined that the following are its operating and reportable segments:
Homebuilding segments: (1) East (2) Central (3) Texas (4) West
(5) Financial Services
(6) Multifamily
(7) Lennar Other
The assets and liabilities related to the Company’s segments were as follows:

(In thousands)August 31, 2022
Assets:HomebuildingFinancial
Services
MultifamilyLennar
Other
Total
Cash and cash equivalents$1,309,364 143,630 40,870 10,181 1,504,045 
Restricted cash32,575 14,710   47,285 
Receivables, net (1)665,472 606,672 108,313  1,380,457 
Inventories22,842,509  429,923  23,272,432 
Loans held-for-sale (2) 1,260,122   1,260,122 
Investments in equity securities (3)   487,082 487,082 
Investments available-for-sale (4)   35,163 35,163 
Loans held-for-investment, net 38,939   38,939 
Investments held-to-maturity 151,015   151,015 
Investments in unconsolidated entities1,174,498  631,513 342,636 2,148,647 
Goodwill3,442,359 189,699   3,632,058 
Other assets1,163,519 119,183 57,289 42,641 1,382,632 
$30,630,296 2,523,970 1,267,908 917,703 35,339,877 
Liabilities:
Notes and other debts payable, net$4,057,496 1,487,913 16,683  5,562,092 
Accounts payable and other liabilities6,050,952 187,579 309,365 102,351 6,650,247 
$10,108,448 1,675,492 326,048 102,351 12,212,339 
9

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(In thousands)November 30, 2021
Assets:HomebuildingFinancial
Services
MultifamilyLennar
Other
Total
Cash and cash equivalents$2,735,213 167,021 16,850 2,660 2,921,744 
Restricted cash21,927 12,012   33,939 
Receivables, net (1)490,278 708,165 98,405  1,296,848 
Inventories18,715,304  454,093  19,169,397 
Loans held-for-sale (2) 1,636,351   1,636,351 
Investments in equity securities (3)   1,006,599 1,006,599 
Investments available-for-sale (4)   41,654 41,654 
Loans held-for-investment, net 44,582   44,582 
Investments held-to-maturity 157,808   157,808 
Investments in unconsolidated entities972,084  654,029 346,270 1,972,383 
Goodwill3,442,359 189,699   3,632,058 
Other assets1,090,654 48,729 88,370 66,662 1,294,415 
$27,467,819 2,964,367 1,311,747 1,463,845 33,207,778 
Liabilities:
Notes and other debts payable, net$4,652,338 1,726,026   6,378,364 
Accounts payable and other liabilities5,217,904 180,317 288,930 145,981 5,833,132 
$9,870,242 1,906,343 288,930 145,981 12,211,496 
(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2022 and November 30, 2021, respectively.
(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
(3)Investments in equity securities include investments of $178.0 million and $100.1 million without readily available fair values as of August 31, 2022 and November 30, 2021, respectively.
(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.
Financial information relating to the Company’s segments was as follows:
Three Months Ended August 31, 2022
(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporate and
Unallocated
Total
Revenue$8,479,496 202,078 243,056 9,801 — 8,934,431 
Operating earnings (loss) (1)1,963,224 63,348 48,487 (117,980)— 1,957,079 
Corporate general and administrative expenses— — — — 115,557 115,557 
Charitable foundation contribution— — — — 17,248 17,248 
Earnings (loss) before income taxes1,963,224 63,348 48,487 (117,980)(132,805)1,824,274 
Three Months Ended August 31, 2021
Revenues$6,558,509 206,973 167,921 8,000 — 6,941,403 
Operating earnings (loss)1,329,833 112,083 (9,393)491,972 — 1,924,495 
Corporate general and administrative expenses— — — — 94,942 94,942 
Charitable foundation contribution— — — — 15,199 15,199 
Earnings (loss) before income taxes1,329,833 112,083 (9,393)491,972 (110,141)1,814,354 
(1) Financial Services operating earnings for the three months ended August 31, 2022, included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgment.
10

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Nine Months Ended August 31, 2022
(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporate and
Unallocated
Total
Revenues$22,209,683 578,945 686,436 21,579 — 23,496,643 
Operating earnings (loss) (1)4,953,485 258,074 54,582 (629,538)— 4,636,603 
Corporate general and administrative expenses
— — — — 334,425 334,425 
Charitable foundation contribution— — — — 46,335 46,335 
Earnings (loss) before income taxes4,953,485 258,074 54,582 (629,538)(380,760)4,255,843 
Nine Months Ended August 31, 2021
Revenues
$17,529,606 669,789