Revenue and Earnings - Total revenues for the three months ended February 28, 2025, increased to $7.63 billion, up from $7.31 billion for the same period in 2024, representing a growth of approximately 4.4%[17] - Homebuilding revenues rose to $7.28 billion, compared to $6.93 billion in the prior year, reflecting an increase of about 5.0%[17] - Net earnings attributable to Lennar for the three months ended February 28, 2025, were $519.5 million, down from $719.3 million in the same period of 2024, a decrease of approximately 27.7%[17] - The company reported a basic and diluted earnings per share of $1.96 for the three months ended February 28, 2025, compared to $2.57 for the same period in 2024, a decline of approximately 23.7%[17] - Operating earnings for the Homebuilding segment were $809,273 for the three months ended February 28, 2025, down from $1,028,796 in the same period of 2024, a decline of about 21.3%[39] - The Financial Services segment reported operating earnings of $143,483 for the three months ended February 28, 2025, compared to $131,296 for the same period in 2024, an increase of approximately 9.2%[39] Assets and Liabilities - Total assets decreased to $34.99 billion as of February 28, 2025, from $41.31 billion as of November 30, 2024, a decline of about 15.3%[12] - Total liabilities decreased to $12.12 billion as of February 28, 2025, down from $13.29 billion as of November 30, 2024, a decrease of about 8.8%[12] - The company’s inventory owned and consolidated inventory not owned totaled $13.61 billion as of February 28, 2025, down from $19.72 billion as of November 30, 2024, a decrease of approximately 30.9%[7] - The company’s total homebuilding assets decreased to $29,885,928 as of February 28, 2025, from $35,594,469 as of November 30, 2024, reflecting a reduction of approximately 16.1%[44] Cash and Cash Equivalents - Cash and cash equivalents decreased significantly to $2.28 billion from $4.66 billion, a reduction of approximately 51.1%[7] - The company reported a net decrease in cash and cash equivalents and restricted cash of $2.40 billion, compared to a decrease of $1.31 billion in the prior year[23] - The cash and cash equivalents and restricted cash at the end of the period were $2.59 billion, down from $5.26 billion a year earlier[23] - Cash and cash equivalents decreased to $2,516,772 as of February 28, 2025, from $4,909,664 as of November 30, 2024, a decline of about 48.8%[38] Investments and Acquisitions - The company completed the spin-off of Millrose Properties, Inc., contributing $5.6 billion in land assets and $1.0 billion in cash, which included $584 million in cash deposits related to option contracts[33] - The acquisition of Rausch Coleman Homes involved $312.2 million in assets, expanding the company's footprint into new markets in Arkansas, Oklahoma, Alabama, and Kansas/Missouri[34] - The company’s investments in unconsolidated entities increased to $2.65 billion as of February 28, 2025, compared to $1.34 billion as of November 30, 2024, an increase of approximately 96.9%[7] - The Company has investments in unconsolidated entities totaling $2.646 billion as of February 28, 2025, an increase from $1.345 billion as of November 30, 2024[57] Stockholder Equity and Repurchases - Total stockholders' equity decreased to $22.87 billion as of February 28, 2025, from $28.02 billion as of November 30, 2024[71] - The company repurchased 4,770,000 shares of Class A common stock at an average price of $135.14, totaling $644.6 million, during the three months ended February 28, 2025[74] - The company has a remaining authorization to repurchase $2.7 billion in value of its Class A or B common stock as of February 28, 2025[72] Financial Services Performance - Financial Services segment revenues increased to $277,077 for the three months ended February 28, 2025, up from $249,720 in the same period last year, representing an increase of 11%[39] - The Financial Services segment originated $127.965 million in commercial loans for the three months ended February 28, 2025, compared to $140.825 million for the same period in 2024, representing a decrease of approximately 9.5%[50] - The Financial Services segment had outstanding debt of $124.651 million, net of debt issuance costs, as of February 28, 2025, compared to $126.164 million as of November 30, 2024[52] Market Conditions and Risks - The company continues to face risks including inflation, increased mortgage financing costs, and potential slowdowns in real estate markets[133] - The company expects continued variability in quarterly results, indicating that the results for the three months ended February 28, 2025, may not be indicative of the full year[25] Miscellaneous - The company granted 1.4 million nonvested shares to employees during the three months ended February 28, 2025, compared to 1.2 million shares in the same period of 2024[28] - The provision for income taxes for the three months ended February 28, 2025, was $169.5 million, with an effective tax rate of 24.6%, up from 22.7% in the prior year[75] - The Company recorded a total loss of $20,343 thousand on finished homes and construction in progress for the three months ended February 28, 2025[96] - The Company reported a delinquency rate of 14% as of February 28, 2025, compared to 12% on November 30, 2024[91]

Financial Performance - Net earnings for Q1 2025 were $520 million, or $1.96 per diluted share, down from $719 million, or $2.57 per diluted share in Q1 2024[4] - Total revenues for the first quarter of 2025 were $7,631,545, an increase of 4.4% compared to $7,312,930 in the first quarter of 2024[27] - Homebuilding revenues increased to $7,283,870, up 5.1% from $6,930,991 in the prior year[30] - Net earnings attributable to Lennar for the first quarter of 2025 were $519,526, a decrease of 27.7% from $719,334 in the same period last year[27] - Basic and diluted earnings per share for the first quarter of 2025 were $1.96, down from $2.57 in the first quarter of 2024[27] Orders and Deliveries - New orders increased by 1% to 18,355 homes, while the dollar value of new orders decreased by 4% to $7.4 billion[3] - Deliveries rose by 6% to 17,834 homes, contributing to total revenues of $7.6 billion, a 5% increase from $6.9 billion in Q1 2024[11] - Total home deliveries in the first quarter of 2025 were 17,834 homes, compared to 16,798 homes in the first quarter of 2024, representing an increase of 6.2%[32] - New orders for homes in the first quarter of 2025 totaled 18,355, an increase of 6.5% from 18,176 in the first quarter of 2024[33] - The backlog of homes as of February 28, 2025, was 13,145 homes, a decrease of 19.3% from 16,270 homes at the end of February 2024[34] Margins and Expenses - Gross margin on home sales was 18.7%, down from 21.8% in Q1 2024, primarily due to increased land costs and decreased revenue per square foot[12] - Selling, general and administrative expenses as a percentage of revenues from home sales increased to 8.5% from 8.2% year-over-year[14] - Homebuilding operating earnings for the first quarter of 2025 were $809,273, down 21.3% from $1,028,796 in the prior year[27] - Financial Services operating earnings increased to $143,483, up 9.2% from $131,296 in the first quarter of 2024[27] Cash and Debt Management - At the end of Q1 2025, the company had $2.3 billion in cash and cash equivalents and no outstanding borrowings under its $3.0 billion revolving credit facility[22] - Homebuilding debt reduced from $2.83 billion on February 29, 2024, to $2.21 billion on February 28, 2025, a decrease of about 22%[40] - Total liabilities decreased from $13.29 billion on November 30, 2024, to $12.12 billion on February 28, 2025, a reduction of approximately 8.8%[38] - Cash and cash equivalents dropped from $4.66 billion on November 30, 2024, to $2.28 billion on February 28, 2025, a decline of about 51%[38] - Net homebuilding debt improved from a negative $2.40 billion on November 30, 2024, to a negative $72.66 million on February 28, 2025, reflecting a significant reduction in net debt[40] Shareholder Actions and Corporate Changes - The company repurchased 5.2 million shares for $703 million at an average price of $134.40 per share[18] - The spin-off of Millrose Properties, Inc. was completed on February 7, 2025, distributing approximately 80% of Millrose's stock to shareholders[19] - The acquisition of Rausch Coleman Homes was completed on February 10, 2025, expanding the company's footprint into new markets[20] Asset Management - Total assets decreased from $41.31 billion on November 30, 2024, to $34.99 billion on February 28, 2025, representing a decline of approximately 15.4%[38] - Stockholders' equity fell from $27.87 billion on November 30, 2024, to $22.73 billion on February 28, 2025, a decline of approximately 18.5%[40] - The ratio of homebuilding debt to total capital increased from 7.5% to 8.9% during the same period, indicating a rise in leverage[40] - The inventory owned and consolidated inventory not owned decreased from $19.72 billion to $13.61 billion, a reduction of approximately 30.9%[38] - Deposits and pre-acquisition costs on real estate increased from $3.63 billion to $5.16 billion, an increase of about 42.5%[38] - The company reported a decrease in retained earnings from $25.75 billion to $21.30 billion, a decline of approximately 17.5%[38] Investment Losses - The company incurred $62,503 in realized and unrealized losses from technology investments in the first quarter of 2025, compared to $5,137 in the same period last year[30]

Homebuilding Operations - Homebuilding operations generated $34 billion in revenues, accounting for approximately 96% of consolidated revenues in fiscal 2024[11] - New home deliveries increased to 80,210 in fiscal 2024, up from 73,087 in fiscal 2023 and 66,399 in fiscal 2022[14] - The average sales price of a Lennar home decreased to $423,000 in fiscal 2024, compared to $446,000 in fiscal 2023 and $480,000 in fiscal 2022[14] - 82% of total homesites were controlled through options with land banks, land sellers, and joint ventures at November 30, 2024, up from 76% at November 30, 2023[16] - The backlog dollar value including unconsolidated entities was $5.4 billion at November 30, 2024, down from $6.6 billion at November 30, 2023[25] - The cancellation rate was 14% in 2024, compared to 16% in 2023[24] - The company was actively building and marketing homes in 1,447 communities at November 30, 2024, up from 1,260 communities at November 30, 2023[17] - The company had about 2,900 completed unsold homes at November 30, 2024, compared to 1,200 at November 30, 2023[17] - The company's maximum recourse debt exposure related to Homebuilding unconsolidated joint ventures was $44.2 million at November 30, 2024, up from $42.1 million at November 30, 2023[26] - Homebuilding segment's cash and cash equivalents decreased to $4.66 billion in 2024 from $6.27 billion in 2023[334] - Homebuilding revenues grew to $33.91 billion in 2024, a 3.8% increase from $32.66 billion in 2023[343] - The company had 1,436 active communities as of November 30, 2024, up from 1,255 in 2023[364] - Homebuilding cash and cash equivalents included $265.6 million held in escrow for approximately two days as of November 30, 2024, down from $594.8 million in 2023[359] - Total assets for the Homebuilding segment were $35,594,469 thousand as of November 30, 2024[439] Financial Performance - Total revenues for 2024 increased to $35.44 billion, up 3.5% from $34.23 billion in 2023[343] - Net earnings attributable to Lennar remained stable at $3.93 billion in 2024 compared to $3.94 billion in 2023[343] - Total liabilities increased to $13.29 billion in 2024 from $12.53 billion in 2023, driven by higher accounts payable and liabilities related to consolidated inventory[339] - Retained earnings grew significantly to $25.75 billion in 2024, up 15.1% from $22.37 billion in 2023[346] - Total stockholders' equity increased to $27.87 billion in 2024, a 4.9% rise from $26.58 billion in 2023[346] - Basic earnings per share increased to $14.31 in 2024 from $13.73 in 2023[343] - Total comprehensive income attributable to Lennar was $3.94 billion in 2024, slightly down from $3.94 billion in 2023[343] - Cash dividends for Class A common stock increased to $2.00 per share in 2024 from $1.50 per share in 2023[346] - Total equity rose to $28.02 billion in 2024, up 4.9% from $26.70 billion in 2023[346] - Net earnings for 2024 were $3.97 billion, slightly higher than 2023's $3.96 billion but lower than 2022's $4.65 billion[348] - Net cash provided by operating activities in 2024 was $2.40 billion, a significant decrease from 2023's $5.18 billion and 2022's $3.27 billion[348] - Cash and cash equivalents and restricted cash at the end of 2024 were $4.99 billion, down from $6.57 billion in 2023 and $4.82 billion in 2022[350] - Net cash used in financing activities increased to $3.68 billion in 2024, compared to $3.25 billion in 2023 and $1.28 billion in 2022[350] - Accounts receivable increased to $901.3 million in 2024 from $640.3 million in 2023[362] - Net additions to operating properties and equipment were $171.5 million in 2024, higher than $99.8 million in 2023 and $57.2 million in 2022[348] - The company's net deferred tax assets were $272.4 million in 2024, down from $326.5 million in 2023, with a valuation allowance of $2.6 million and $2.3 million, respectively[405] - Warranty reserves increased to $446.2 million in 2024 from $414.8 million in 2023, with adjustments to pre-existing warranties primarily related to specific claims in certain homebuilding communities[407] - The company's self-insurance reserve, net of expected recoveries, increased to $277.4 million in 2024 from $245.8 million in 2023[408] - The company repurchased 11.9 million Class A shares and 1.6 million Class B shares in 2024, with a total purchase price of $1.9 billion and $243.9 million, respectively[417] - The company's 401(k) Plan contributions increased to $69.7 million in 2024 from $53.4 million in 2023[419] - Compensation expense related to the company's share-based awards was $176.7 million in 2024, up from $160.7 million in 2023[420] Financial Services - Lennar originated approximately 54,600 residential mortgage loans totaling $19.8 billion in fiscal year 2024, up from 47,000 loans totaling $17.4 billion in fiscal year 2023[32] - Lennar locked interest rates on approximately 54,200 residential mortgage loans totaling $19.5 billion in fiscal year 2024, compared to 46,600 loans totaling $17.2 billion in fiscal year 2023[32] - Residential financial services compete with national, regional, and local mortgage lenders, focusing on interest rates and loan product features[54] - The company uses mortgage-backed securities, option contracts, and investor commitments to hedge against interest rate fluctuations in its Financial Services operations[315] - The company employs derivative financial instruments, including interest rate swap futures, to mitigate interest rate risk associated with loans held-for-sale[317] - As of November 30, 2024, the company's fixed-rate loans held-for-investment total $58.6 million with an average interest rate of 4.5%[321] - The company's variable-rate loans held-for-investment amount to $2.3 million with an average interest rate of 4.8%[321] - Financial Services' notes and other debts payable include $1.8 billion in variable-rate debt with an average interest rate of 6.2%[321] - Loans held-for-sale are carried at fair value with changes reflected in earnings[424] - Fair value of servicing rights is recognized as revenue upon entering into an interest rate lock loan commitment[425] - Loan origination liabilities at the end of 2024 were $16,714 thousand, compared to $17,598 thousand in 2023[426] - Loans held-for-investment are carried at principal amounts outstanding, net of unamortized discounts and allowance for credit losses[427] - Derivative financial instruments are used to hedge against fluctuations in mortgage-related interest rates[429] - Loans held-for-sale by LMF Commercial are recorded at fair value, with changes reflected in Financial Services revenues[431] - Total liabilities for the Financial Services segment were $2,140,708 thousand as of November 30, 2024[439] - Financial Services segment revenues grew to $1.11 billion in 2024, a 13.6% increase from $976.86 million in 2023[443] - Financial Services operating earnings for 2022 included a $35.5 million one-time charge related to a litigation accrual increase[444] Multifamily Operations - Lennar's Multifamily business has developed 123 multifamily residential communities with approximately 37,100 rental units across 20 states as of November 30, 2024[41] - Lennar's Multifamily business has a pipeline of 57 potential future developments totaling approximately $6.5 billion in anticipated development costs[42] - Lennar recognized a net gain of $211.5 million from the sale of 33 LMV I rental operation projects in fiscal year 2024[44] - Multifamily property development faces competition for residents and capital raising, with additional competition for developable land[56] - Multifamily segment revenues decreased to $411.54 million in 2024, down 28.2% from $573.49 million in 2023[443] - Multifamily segment revenues for 2022 included $237.5 million from land sales to unconsolidated entities[443] Single-Family Rental Operations - Upward America, Lennar's single-family rental venture, purchased 4,697 homes for a total of $1.2 billion and disposed of 92 homes for $26.0 million as of November 30, 2024[48] - Single-family rental funds compete for residents, investors, and property acquisitions against other rental property holders and homebuyers[57] Strategic Investments and Spin-Offs - Lennar plans to spin off Millrose Properties Inc. with an expected total aggregate value of land assets between $5.0 billion and $6.0 billion, along with $1.0 billion in cash[27] - Lennar will distribute approximately 80% of Millrose common stock to its stockholders on February 7, 2025, as part of the spin-off[27] - Lennar expects to complete the acquisition of Rausch Coleman Homes in Q1 2025, expanding its footprint into new markets in Arkansas, Oklahoma, Alabama, Kansas, and Missouri[30] - Lennar's investment in strategic technology companies had a book value of $587.1 million as of November 30, 2024[38] - Lennar Other segment operating loss for 2024 included $25.2 million in mark-to-market unrealized gains and a $46.5 million one-time gain on technology investment sales[445] - Lennar Other segment operating loss for 2023 included $50.2 million in mark-to-market unrealized losses and a $65.0 million write-off of a non-public technology investment[447] - Lennar Other segment operating loss for 2022 included $655.1 million in mark-to-market unrealized losses on publicly traded technology investments[447] Environmental and Regulatory Factors - California Energy Commission mandates rooftop solar panels for most new homes, increasing construction costs[59] - Environmental laws may delay property development, incur compliance costs, and restrict building in sensitive areas[60] - Lennar integrates green features in homes, including low-VOC paint, WaterSense faucets, low-E windows, and Energy Star appliances[65] Debt and Interest Rates - Lennar's variable rate debt, such as unsecured revolving credit facilities, is affected by interest rate changes, impacting earnings and cash flows[314] - Lennar's fixed rate debt, like senior notes, is impacted by interest rate changes in terms of fair value but not earnings or cash flows[314] - Senior notes and other debts payable for the Homebuilding segment total $2.26 billion with an average interest rate of 4.8%[321] - Interest incurred by the company's homebuilding operations related to homebuilding debt decreased to $129.3 million in 2024 from $187.6 million in 2023[401] Inventory and Land Management - Consolidated inventory not owned increased to $4.08 billion in 2024 from $2.99 billion in 2023[334] - Investments in unconsolidated entities grew to $1.34 billion in 2024 from $1.14 billion in 2023[334] - The company estimates the fair value of its communities using a discounted cash flow model, with projected cash flows impacted by market supply and demand, sales pace, prices, and construction costs[366] - The company's homebuilding markets are unique, with cash flow assumptions including absorption pace, sales prices, and construction costs on a community basis[367] - The company analyzes historical absorption pace and sales prices, considering internal and external market studies to develop assumptions for its cash flow model[368] - The company adjusts historical information if it notices a variation from historical results over two fiscal quarters, considering it a trend[370] - The company's valuation adjustments for finished homes and construction in progress were $18.6 million in 2024 and $37.5 million in 2023[375] - The company's average selling price for communities with valuation adjustments ranged from $178,000 to $702,000 in 2024 and $179,000 to $850,000 in 2023[375] - The company's absorption rate per quarter for communities with valuation adjustments ranged from 6 to 15 homes in 2024 and 3 to 26 homes in 2023[375] - The company's consolidated inventory not owned increased by $1.1 billion in 2024 due to land bank option contracts and reclassifications[376] - The company had $3.5 billion of non-refundable option deposits and pre-acquisition costs related to homesites as of November 30, 2024[380] - The company wrote off $5.1 million and $19.9 million of deposit and pre-acquisition costs in 2024 and 2023, respectively[382] Operating Properties and Equipment - Operating properties and equipment increased to $516.2 million in 2024 from $404.8 million in 2023, with operating properties primarily including solar systems, rental operations, and commercial properties[394] - The Financial Services segment held investment securities classified as held-to-maturity totaling $135.6 million in 2024, down from $140.7 million in 2023, mainly consisting of CMBS, corporate debt, and U.S. government securities[397] - The Lennar Other segment had investments in equity securities recorded at fair value of $347.8 million in 2024, up from $297.2 million in 2023[398] Corporate and Unallocated Expenses - Corporate and unallocated expenses increased to $729.20 million in 2024, up 27.0% from $574.43 million in 2023[443] Advertising and Sales Incentives - Advertising costs increased to $190.9 million in 2024, up from $146.0 million in 2023 and $102.1 million in 2022[356] - Sales incentives offered to homebuyers averaged $48,800 per home in 2024, representing 10.3% of home sales revenues, up from $42,900 (8.8%) in 2023 and $17,300 (3.5%) in 2022[355] Employee and Compensation Data - Lennar employs 13,265 individuals as of November 30, 2024, with 10,653 in Homebuilding, 2,066 in Financial Services, and 546 in Multifamily operations[70] Revenue Recognition - Premiums on title policies are recognized as revenue on the effective date of the title policies[423] - Escrow fees and loan origination revenues are recognized upon the close of escrow[423]

Financial Performance - Net earnings for Q4 2024 were $1.1 billion, or $4.06 per diluted share, compared to $1.4 billion, or $4.82 per diluted share in Q4 2023[4]. - Total revenues for Q4 2024 were $9.9 billion, down from $10.4 billion in Q4 2023, primarily due to a 7% decrease in home deliveries[8]. - Net earnings attributable to Lennar for the three months ended November 2024 were $1,096,214, down 19.4% from $1,361,287 in the same period of 2023[23]. - Basic and diluted earnings per share for the three months ended November 2024 were $4.06, compared to $4.82 in the same period of 2023, reflecting a decrease of 15.8%[23]. - Financial Services operating earnings for the year ended November 2024 were $577,184, an increase of 13.3% from $509,461 in 2023[23]. - Homebuilding operating earnings for the year ended November 2024 were $5,342,252, a decrease of 3.4% from $5,527,707 in 2023[23]. - Total revenues for the year ended November 2024 reached $35,441,452, up 3.5% from $34,233,366 in 2023[23]. Home Deliveries and Orders - New orders decreased 3% to 16,895 homes in Q4 2024, with a dollar value decrease of 1% to $7.2 billion[3]. - Home deliveries decreased 7% to 22,206 homes in Q4 2024, with an average sales price of $430,000, slightly down from $441,000 in Q4 2023[8]. - New orders for the three months ended November 30, 2024, totaled 16,895 homes, a decrease of 2.7% from 17,366 homes in the same period of 2023[26]. - Total new orders for homes increased to 76,951 in 2024, up from 69,111 in 2023, with a dollar value of $32.68 billion compared to $30.51 billion[27]. - Total home deliveries for the year ended November 30, 2024, were 80,210 homes, an increase of 9.2% from 73,087 homes in 2023[26]. Financial Position - The company repurchased 3 million shares for $521 million during Q4 2024, with cash and cash equivalents of $4.7 billion[17][18]. - Homebuilding debt to total capital ratio was 7.5% at the end of Q4 2024, with no outstanding borrowings under the $2.9 billion revolving credit facility[3][18]. - Cash and cash equivalents decreased to $4.66 billion in November 2024 from $6.27 billion in November 2023[28]. - Total assets increased to $41.31 billion in November 2024 from $39.23 billion in November 2023[28]. - Homebuilding debt decreased to $2.26 billion in November 2024 from $2.82 billion in November 2023, resulting in a homebuilding debt to total capital ratio of 7.5% compared to 9.6%[30]. - Stockholders' equity increased to $27.87 billion in November 2024 from $26.58 billion in November 2023[30]. - Net homebuilding debt improved to $(2.40 billion) in November 2024 from $(3.46 billion) in November 2023, indicating a stronger financial position[30]. Margins and Costs - Homebuilding gross margin for Q4 2024 was 22.1%, down from 24.2% in Q4 2023, attributed to increased land costs[9]. - Homebuilding net margins for the three months ended November 30, 2024, were $1,436,253, down 23.1% from $1,869,139 in the same period of 2023[24]. - Homebuilding costs and expenses for the three months ended November 30, 2024, were $8,112,431, a decrease of 6.2% from $8,646,911 in the same period of 2023[24]. Future Outlook - For Q1 2025, the company expects to deliver between 17,000 and 17,500 homes, with a gross margin of 19.0% to 19.25%[19]. - The company entered into a definitive agreement to acquire Rausch Coleman Homes, expected to close in Q1 2025[3]. Other Financial Metrics - Corporate general and administrative expenses for the three months ended November 2024 were $170,011, an increase of 24.7% from $136,336 in the same period of 2023[23]. - The company reported a total interest expense of $44,014 for the three months ended November 2024, down 41.0% from $74,540 in the same period of 2023[23]. - Multifamily segment revenue for the three months ended November 2024 was $88,917, a decline of 36.9% from $140,824 in the same period of 2023[23]. - Multifamily revenues for the three months ended November 30, 2024, were $88,917, down 36.8% from $140,824 in the same period of 2023[24]. - Homebuilding equity in earnings from unconsolidated entities for the year ended November 30, 2024, was $66,448, compared to a loss of $(3,886) in 2023[24]. Conference Call - The company plans to hold a conference call on December 19, 2024, to discuss fourth quarter earnings[22].

Financial Performance - Net earnings attributable to the company for Q3 2024 were $1.2 billion, or $4.26 per diluted share, compared to $1.1 billion, or $3.87 per diluted share in Q3 2023, reflecting a year-over-year increase of approximately 9.1% in net earnings [83]. - Total revenues for Q3 2024 reached $9.42 billion, up from $8.73 billion in Q3 2023, representing a growth of about 8% [84]. - Home sales revenue for Q3 2024 was $9.02 billion, compared to $8.29 billion in Q3 2023, marking an increase of approximately 8.8% [84]. - The company reported total costs and expenses of $7.94 billion in Q3 2024, up from $7.13 billion in Q3 2023, reflecting an increase of about 11.4% [84]. - Total revenues for the nine months ended August 31, 2024, were $24.3 billion, up from $22.0 billion in the same period of 2023 [91]. - Cash provided by operating activities for the nine months ended August 31, 2024, totaled $1.4 billion, down from $2.6 billion for the same period in 2023 [118]. - Total revenues for the nine months ended August 31, 2024, were reported at $24,188,851 [132]. - Net earnings attributable to the company for the same period were $2,470,852 [132]. Home Deliveries and Sales - The company expects to deliver approximately 80,500 to 81,000 homes for the full fiscal year 2024, which is more than a 10% increase over 2023 [81]. - Home sales revenue increased by 9% to $9.0 billion in Q3 2024, driven by a 16% increase in home deliveries to 21,516 homes [90]. - New home deliveries increased to 58,004 homes in the nine months ended August 31, 2024, from 49,292 homes in the same period of 2023 [91]. - The company reported a total of 21,516 home deliveries in the three months ended August 31, 2024, with a dollar value of $9,067,499 [98]. - The total backlog as of August 31, 2024, was 16,944 homes with a dollar value of $7.75 billion, down from 21,321 homes valued at $9.85 billion in 2023 [105]. Margins and Costs - Gross margins on home sales were $2.0 billion, or 22.5%, in Q3 2024, down from 24.4% in Q3 2023 [90]. - Gross margins on home sales for the nine months ended August 31, 2024, were $5.4 billion, or 22.3%, compared to $5.0 billion, or 22.9%, in the same period of 2023 [91]. - The company reported a decrease in gross margin percentage of home deliveries across all segments due to increased land costs and pricing adjustments to market [108]. - Average sales price of homes delivered decreased by 6% to $422,000 in Q3 2024, compared to $448,000 in Q3 2023 [90]. - Average sales price for homes in the total market decreased to $422,000 in 2024 from $448,000 in 2023 [99]. Strategic Initiatives - The planned spin-off of Millrose Properties Inc. is expected to involve contributing land assets with a book value between $6.0 billion and $8.0 billion, transitioning to a land-light operating model [81]. - The company plans to repurchase over $2 billion of stock in fiscal year 2024, focusing on capital allocation towards growth and debt retirement [81]. - The company plans a strategic taxable spin-off of a new public company with a value of approximately $6 billion to $8 billion, aimed at accelerating its land light strategy [123]. Financial Services Performance - Operating earnings for the Financial Services segment increased to $422.7 million in the nine months ended August 31, 2024, from $340.3 million in the same period of 2023 [91]. - The Financial Services segment originated $5.14 billion in mortgages during the three months ended August 31, 2024, compared to $4.44 billion in the same period in 2023, reflecting an increase in the number of mortgages originated from 11,900 to 14,300 [111]. - The total dollar value of mortgages originated in the nine months ended August 31, 2024, was $14.25 billion, up from $11.53 billion in the same period of 2023 [111]. Regional Performance - The East region generated $6,216,150 in home sales revenue for the nine months ended August 31, 2023, with a gross margin of 26.5% [95]. - The West region had a gross margin of 19.6% on home sales revenue of $9,255,650 for the nine months ended August 31, 2023 [95]. - The Central region reported a gross margin of 22.0% on home sales revenue of $5,240,508 for the nine months ended August 31, 2023 [95]. - The Texas region had a gross margin of 22.8% on home sales revenue of $3,548,464 for the nine months ended August 31, 2023 [95]. Debt and Liquidity - As of August 31, 2024, Lennar's homebuilding debt to total capital ratio was 7.6%, down from 9.6% on November 30, 2023, indicating improved leverage [120]. - Average debt outstanding for homebuilding was $2,512,139 thousand for the nine months ended August 31, 2024, compared to $3,890,590 thousand for the same period in 2023 [124]. - The company had no outstanding borrowings under its Credit Facility as of August 31, 2024, indicating a strong liquidity position [146]. - The maximum leverage ratio was reported at 4.9%, significantly below the covenant limit of 65.0% [128]. - Liquidity test showed a ratio of (134.00), indicating strong liquidity management [128]. Market Conditions - Cancellation rates in the Homebuilding segment for the three months ended August 31, 2024, were 14% overall, compared to 13% in the same period of 2023 [104]. - The years of supply owned decreased from 1.5 years in 2023 to 1.1 years in 2024, indicating a tighter supply situation [144]. - The company is utilizing forward commitments and option contracts to mitigate interest rate risks associated with its mortgage loan portfolio [146].

Financial Performance - Net earnings increased 5% to $1.2 billion, or $4.26 per diluted share, compared to $1.1 billion, or $3.87 per diluted share in the prior year[1][3] - Total revenues for the nine months ended August 2024 were $25,494,564, up 9.6% from $23,265,183 in the same period last year[16] - Net earnings attributable to Lennar for Q3 2024 were $1,162,674, representing a 4.8% increase from $1,108,996 in Q3 2023[16] - Basic and diluted earnings per share for Q3 2024 were $4.26, compared to $3.87 in Q3 2023, reflecting a 10.1% increase[16] - Homebuilding operating earnings for the nine months ended August 2024 were $3,846,869, a 6.4% increase from $3,615,068 in the same period last year[16] - Financial Services operating earnings were $144 million, down from $148 million in the prior year[1][7] Home Sales and Deliveries - New orders rose 5% to 20,587 homes, while backlog reached 16,944 homes valued at $7.7 billion[1][3] - Deliveries increased 16% to 21,516 homes, with total revenues from home sales up 9% to $9.0 billion[1][6] - Deliveries in Q3 2024 totaled 21,516 homes, an increase from 18,559 homes delivered in Q3 2023, representing a growth of 15.8%[17] - For the three months ended August 31, 2024, total homes delivered were 58,004, an increase from 49,292 in the same period of 2023, with a total dollar value of $24.41 billion compared to $22.11 billion[19] - New orders for the nine months ended August 31, 2024, totaled 60,056 homes, up from 51,745 homes in 2023, with a dollar value of $25.50 billion compared to $23.22 billion[20] Pricing and Margins - Homebuilding gross margin was 22.5%, with net margin on home sales at 15.8%[1][7] - The average sales price per home delivered was $422,000, slightly down from $448,000 in the previous year[1][6] - The average sales price for homes in Q3 2024 was $422,000, down from $448,000 in Q3 2023, a decrease of 5.8%[17] - The average sales price for new orders in 2024 was $425,000, down from $449,000 in 2023[20] Cash and Assets - Cash and cash equivalents for homebuilding stood at $4.0 billion, with no outstanding borrowings under the $2.2 billion revolving credit facility[1][11] - Cash and cash equivalents decreased to $4.04 billion as of August 31, 2024, from $6.27 billion as of November 30, 2023[22] - Total assets increased to $39.74 billion as of August 31, 2024, compared to $39.23 billion as of November 30, 2023[22] - Homebuilding debt decreased to $2.26 billion as of August 31, 2024, from $2.82 billion as of November 30, 2023[24] - Stockholders' equity increased to $27.41 billion as of August 31, 2024, compared to $26.58 billion as of November 30, 2023[24] - The company reported a net homebuilding debt of $(1.77) billion as of August 31, 2024, indicating a strong cash position[24] Cost and Expenses - Total homebuilding costs and expenses for Q3 2024 were $7,613,042, up from $6,863,063 in Q3 2023, indicating a 10.9% increase[16] - Multifamily revenues decreased to $93,443 in Q3 2024 from $137,394 in Q3 2023, a decline of 32.0%[16] Future Outlook - The company expects to deliver between 22,500 and 23,000 homes in Q4 2024, with gross margin expected to remain flat compared to Q3[1][5] - The return on inventory improved to 31.3%, a year-over-year increase of 320 basis points[1][5] - Homebuilding revenues for Q3 2024 reached $9,045,692, an increase of 8.7% from $8,318,615 in Q3 2023[16]

Financial Performance - Total revenues for the first half of fiscal 2024 reached $8,765,592,000, with homebuilding sales contributing $8,357,750,000[188]. - The company generated operating earnings of $1,437,729,000 for the first half of fiscal 2024, compared to $1,300,447,000 for the same period in 2023[188][189]. - The average sales price of homes delivered in the second quarter of 2024 was $507,000, with total revenues from home sales reaching $16.94 billion, up from $14.58 billion in the same period of 2023[199]. - The total number of homes delivered in the second quarter of 2024 was 39,469, an increase from 32,079 in the same quarter of 2023[199]. Homebuilding Operations - Home deliveries increased to 19,690 units in the three months ended May 31, 2024, compared to 17,074 units in the same period of 2023[196]. - Homebuilding revenues increased across all segments in the second quarter of 2024, with East segment revenues rising by 17%, Central by 9%, Texas by 16%, and West by 11% compared to the same quarter in 2023[201]. - The backlog included 120 homes valued at $61.5 million, with an average sales price of $513,000 as of May 31, 2024, compared to 201 homes valued at $90.4 million and an average sales price of $450,000 a year earlier[200]. Margins and Incentives - The company expects third-quarter margins to be higher than the second quarter, aiming for approximately 23.3% margin for the year, consistent with fiscal 2023[187]. - Average sales price per home decreased to $426,000 in the three months ended May 31, 2024, from $449,000 in the same period of 2023[196]. - Sales incentives as a percentage of revenue increased to 9.4% in the three months ended May 31, 2024, compared to 8.4% in the same period of 2023[197]. - The gross margin percentage of home deliveries decreased year over year in the East segment, while it remained flat in the Central segment and increased in the Texas and West segments[202]. Debt and Financial Leverage - Homebuilding debt as of May 31, 2024, was $2.24 billion, with a debt-to-total capital ratio of 7.7%, down from 9.6% a year earlier[208]. - The net homebuilding debt was $(1.36) billion as of May 31, 2024, compared to $(3.46) billion a year earlier, indicating improved financial leverage[208]. - The company believes it is in compliance with its debt covenants as of May 31, 2024[210]. Strategic Initiatives - The company plans to spin off $6 to $8 billion of land to create a new entity, providing a permanent source of land acquisition capital[187]. - The company plans a strategic taxable spin-off of a new public company with land assets valued between $6 billion and $8 billion[209]. - The company plans to liquidate and sell substantially all of its individual project rental operations of Lennar Multifamily Venture Fund I in the second half of fiscal 2024[205]. Market Environment - The macroeconomic environment remains supportive for homebuilders, with strong housing demand tempered by affordability and interest rate challenges[187]. - The company is focusing on a just-in-time delivery program for land, enhancing cash flow stability amid fluctuating interest rates[187]. Investments and Dividends - The company’s investment in strategic technology entities increased from $127.5 million to $203.7 million from November 30, 2023, to May 31, 2024[218]. - The company reported unrealized losses from technology investments amounting to $(21.5) million in the second quarter of 2024[206]. - A quarterly cash dividend of $0.50 per share was declared on June 20, 2024, consistent with previous dividends of $0.50 per share[211]. - The stock repurchase program was increased by the Board of Directors to allow for an additional $5 billion in repurchases, with 7.2 million shares repurchased in the last six months[211]. Joint Ventures and Securities - The Financial Services segment's carrying value of commercial mortgage-backed securities was $138.4 million as of May 31, 2024[203]. - Total joint venture debt for homebuilding is reported at $1,295,017, with significant maturities in 2024 and 2025[215].

Financial Performance - Net earnings increased 9% to $954 million, or $3.45 per diluted share, compared to $872 million, or $3.01 per diluted share in the prior year[4]. - Total revenues for the three months ended May 31, 2024, increased to $8,765,592, up 8.9% from $8,045,151 in the same period of 2023[23]. - Net earnings attributable to Lennar for the three months ended May 31, 2024, were $954,311, a 9.5% increase from $871,694 in the same period of 2023[23]. - Basic and diluted earnings per share for the three months ended May 31, 2024, increased to $3.45, up from $3.01 in 2023, representing a 14.6% growth[23]. - Homebuilding operating earnings for the three months ended May 31, 2024, were $1,340,155, compared to $1,214,409 in 2023, marking a 10.3% increase[26]. - Financial Services operating earnings increased to $146 million, compared to $112 million in the prior year[12]. Home Sales and Orders - New orders rose 19% to 21,293 homes, while deliveries increased 15% to 19,690 homes[3]. - Total revenues from home sales increased 9% to $8.4 billion, driven by a 15% increase in home deliveries[9]. - New orders for homes totaled 21,293 for the three months ended May 31, 2024, up from 17,885 in 2023, indicating an increase of 19.5%[29]. - Total new orders for the six months ended May 31, 2024, increased to 39,469 homes, up 23.1% from 32,079 homes in the same period of 2023, with a total dollar value of $16.94 billion compared to $14.58 billion[32]. Homebuilding Costs and Margins - Homebuilding gross margin was 22.6%, up 10 basis points year over year[5]. - The company expects to deliver between 20,500 and 21,000 homes in Q3 2024, with a gross margin of approximately 23.0%[20]. - Selling, general and administrative expenses as a percentage of revenues from home sales increased to 7.5% from 6.7% in the prior year[11]. - Total homebuilding costs and expenses for the three months ended May 31, 2024, were $7,106,455, an increase from $6,438,957 in 2023, reflecting a 10.4% rise[26]. Inventory and Backlog - The return on inventory improved to 31.4%, a year-over-year increase of 110 basis points[7]. - The backlog of homes as of May 31, 2024, was 17,873 homes, down 11.6% from 20,214 homes in 2023, with a total backlog dollar value of $8.23 billion compared to $9.53 billion[33]. Cash and Debt Position - Homebuilding cash and cash equivalents stood at $3.6 billion, with no outstanding borrowings under the $2.2 billion revolving credit facility[19]. - Cash and cash equivalents decreased to $3.60 billion as of May 31, 2024, from $6.27 billion at November 30, 2023[35]. - Homebuilding debt was reported at $2.24 billion, down from $2.82 billion in the previous period, resulting in a homebuilding debt to total capital ratio of 7.7%[37]. - The company reported a net homebuilding debt of $(1.36) billion as of May 31, 2024, indicating a strong cash position relative to its debt[37]. Sales Price Trends - Average sales price per home delivered was $426,000, down 5% from the previous year[5]. - Average sales price of homes delivered decreased to $426,000 for the three months ended May 31, 2024, down from $449,000 in 2023, a decline of 5.1%[28]. - The average sales price for new homes decreased to $429,000 in 2024 from $455,000 in 2023, reflecting a decline of 5.7%[32]. - The average sales price for homes in the East region decreased to $413,000 in 2024 from $433,000 in 2023, while the Central region saw a decrease from $422,000 to $402,000[32]. - The average sales price for homes in the West region increased slightly to $626,000 in 2024 from $620,000 in 2023[32]. - The average sales price for homes in the Texas region decreased to $254,000 in 2024 from $285,000 in 2023, reflecting a decline of 10.9%[32]. Multifamily Operations - Multifamily operating loss for the three months ended May 31, 2024, was $(20,474), compared to a loss of $(8,162) in 2023, widening the loss by 150.5%[26]. Interest Expenses - Interest incurred related to homebuilding debt decreased to $33,764 for the three months ended May 31, 2024, down from $49,704 in 2023, a reduction of 32.2%[23]. Stockholders' Equity - Stockholders' equity increased to $26.88 billion as of May 31, 2024, compared to $26.58 billion at the end of November 2023[37].

Revenue Growth - Total revenues for the three months ended February 29, 2024, increased to $7.31 billion, up from $6.49 billion for the same period in 2023, representing a growth of approximately 12.6%[16] - Homebuilding revenues reached $6.93 billion, compared to $6.16 billion in the prior year, reflecting an increase of about 12.5%[16] - Financial Services revenues increased to $249,720, up 36.5% from $182,981 year-over-year[37] - Total revenues for the company reached $7,312,930, representing a 12.7% increase from $6,490,429 in the prior year[37] - Homebuilding revenues for the three months ended February 29, 2024, were $6,930,991, an increase of 12.5% compared to $6,156,305 for the same period in 2023[41] Earnings Performance - Net earnings attributable to Lennar for the three months ended February 29, 2024, were $719.3 million, a rise from $596.5 million in the same period last year, marking an increase of approximately 20.5%[16] - Basic and diluted earnings per share for the quarter were both $2.57, compared to $2.06 for the same period in 2023, indicating a growth of around 24.6%[16] - Earnings before income taxes for Homebuilding were $1,028,796, a rise of 13.5% from $906,839 in the previous year[37] - Total comprehensive income attributable to Lennar was $719,696,000, compared to $597,385,000, an increase of 20.5%[16] - Net earnings for the three months ended February 29, 2024, were $719,921 thousand, compared to $599,308 thousand for the same period in 2023, reflecting a year-over-year increase of about 20.1%[70] Cash Flow and Liquidity - The company reported a net cash provided by operating activities of $367.9 million for the three months ended February 29, 2024, down from $978.2 million in the same period last year, a decrease of about 62.4%[18] - Cash and cash equivalents decreased to $4.95 billion from $6.27 billion, a decline of approximately 21%[7] - Cash and cash equivalents at the end of the period were $5,261,468, up from $4,274,157 at the end of the same period in 2023[21] - The company reported a net cash used in financing activities of $1,529,422, slightly higher than $1,483,463 in the previous year[21] - The company reported a net cash decrease of $1,309,470 for the three months ended February 29, 2024, compared to a decrease of $541,613 in the same period last year[21] Assets and Liabilities - Total assets as of February 29, 2024, amounted to $38.95 billion, slightly down from $39.23 billion as of November 30, 2023[12] - Total liabilities decreased to $12.17 billion from $12.53 billion, a reduction of about 2.9%[12] - The company's finished homes and construction in progress inventory increased to $11.09 billion from $10.46 billion, reflecting a growth of about 6%[7] - Total assets as of February 29, 2024, were $38,951,199,000, with total liabilities of $12,173,269,000, reflecting a strong balance sheet position[32] - The carrying amount of senior notes payable as of February 29, 2024, was $2,830,332 thousand, slightly up from $2,816,480 thousand as of November 30, 2023[76] Stock Repurchase and Dividends - The company repurchased $595,100 in common stock during the quarter, significantly higher than $257,958 in the prior year[21] - The company repurchased 3,026,128 shares of Class A common stock at an average price of $150.29 during the three months ended February 29, 2024[69] - Cash dividends paid in the quarter were $139,387 thousand, with a quarterly cash dividend of $0.50 per share declared on January 9, 2024[67] - The company has authorized a stock repurchase program allowing for an additional $5 billion in repurchases of its outstanding common stock[69] Investments and Equity - The company’s investments in unconsolidated entities increased to $1.21 billion as of February 29, 2024, compared to $1.14 billion as of November 30, 2023, representing an increase of approximately 6%[7] - The total stockholders' equity increased to $26.8 billion as of February 29, 2024, from $26.7 billion at the end of November 2023[67] - The Company raised equity commitments totaling $1.6 billion for the Upward America investment fund, with a $11.2 million investment as of February 29, 2024[60] - Lennar's investment in the Rialto funds totaled $142.2 million as of February 29, 2024[65] - Total equity increased to $26,777,930 thousand as of February 29, 2024, up from $24,555,287 thousand a year earlier, representing a growth of approximately 9.1%[67] Segment Performance - Operating earnings for the homebuilding segments totaled $1,028,796 thousand for the three months ended February 29, 2024, compared to $906,839 thousand for the same period in 2023, representing a 13.5% increase[41] - The Multifamily segment's general contractor services generated $101.6 million in net income for the three months ended February 29, 2024, compared to $125.4 million for the same period in 2023[63] - The Financial Services segment had total residential facilities committed amounting to $1,550,000 thousand, with an additional uncommitted amount of $450,000 thousand, totaling $2,000,000 thousand[43] - The Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.1 billion as of February 29, 2024, down from $1.4 billion as of November 30, 2023[62] - The company originated $140,825 in commercial loans during the three months ended February 29, 2024, compared to $79,480 in the same period last year[49]

Financial Performance - Net earnings increased 21% to $719 million, or $2.57 per diluted share, compared to $597 million, or $2.06 per diluted share in the prior year[4]. - Total revenues for the three months ended February 29, 2024, increased to $7,312,930,000 from $6,490,429,000, representing a growth of approximately 12.7% year-over-year[22]. - Homebuilding revenues rose to $6,930,991,000, up from $6,156,305,000, with home sales contributing $6,901,781,000, an increase from $6,093,827,000[26]. - Homebuilding operating earnings improved to $1,028,796,000 compared to $906,839,000, reflecting a year-over-year increase of about 13.5%[26]. - The net earnings attributable to Lennar for the quarter were $719,334,000, compared to $596,534,000 in the prior year, indicating a growth of around 20.5%[22]. Orders and Deliveries - New orders rose 28% to 18,176 homes, with a dollar value increase of 21% to $7.7 billion[3]. - Deliveries increased 23% to 16,798 homes, contributing to total revenues of $7.3 billion, a 13% increase from the previous year[3]. - Total home deliveries for the quarter reached 16,798 homes, with a dollar value of $6,944,742,000, compared to 13,659 homes valued at $6,125,500,000 in the same period last year[28]. - New orders increased to 18,176 homes with a total dollar value of $7,742,382,000, compared to 14,194 homes valued at $6,413,462,000, reflecting a growth of approximately 20.6% in dollar value[29]. Margins and Pricing - Homebuilding gross margin improved to 21.8%, up 60 basis points year over year, while net margin on home sales was 13.6%[3]. - The average sales price per home delivered was $413,000, down 8% from the previous year due to increased use of incentives[5]. - Average sales price for homes delivered was $413,000, down from $448,000 in the previous year, showing a decrease of approximately 7.8%[28]. Financial Services - Financial Services operating earnings increased to $131 million, up from $78 million in the prior year, driven by higher profit per locked loan[12]. - Financial Services operating earnings surged to $131,296,000, up from $78,737,000, marking a significant increase of approximately 67%[26]. Assets and Liabilities - Total assets decreased to $38,951,199 thousand as of February 29, 2024, from $39,234,303 thousand on November 30, 2023, reflecting a decline of approximately 0.7%[33]. - Total liabilities decreased to $12,173,269 thousand from $12,532,337 thousand, a decline of approximately 2.9%[33]. - Cash and cash equivalents for homebuilding stood at $5.0 billion, with no outstanding borrowings under the $2.6 billion revolving credit facility[3]. - Cash and cash equivalents decreased to $4,950,128 thousand from $6,273,724 thousand, a decline of approximately 21%[33]. Inventory and Backlog - The backlog of homes decreased to 16,270 homes with a dollar value of $7,432,118,000, down from 19,403 homes valued at $9,028,442,000, indicating a decline of about 17.6% in dollar value[30]. - Finished homes and construction in progress inventory rose to $11,092,036 thousand, an increase of 6.1% from $10,455,666 thousand[33]. - Consolidated inventory not owned increased to $3,547,921 thousand, up from $2,992,528 thousand, reflecting an increase of 18.5%[33]. Shareholder Returns - The company repurchased 3.4 million shares for $506 million, increasing the stock repurchase program by an additional $5.0 billion[3]. - Stockholders' equity increased to $26,647,835 thousand, up from $26,580,664 thousand, representing a growth of 0.25%[35]. - Retained earnings increased to $22,949,315 thousand, up from $22,369,368 thousand, showing a growth of 2.6%[33]. - Total capital increased to $29,478,167 thousand from $29,397,146 thousand, reflecting a growth of 0.3%[35]. Debt Management - Homebuilding debt remained stable at $2,830,332 thousand, with a homebuilding debt to total capital ratio of 9.6%[35]. - Interest incurred related to homebuilding debt decreased to $36,511,000 from $49,577,000, a reduction of about 26.4% year-over-year[22]. - Net homebuilding debt improved to $(2,119,796) thousand, indicating a reduction in leverage compared to $(3,457,242) thousand in the previous quarter[35].