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].

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [1]. - A new distribution center was opened in South America to support regional growth [4]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [2]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [3]. - R&D spending increased by 10% to accelerate innovation and product differentiation [2]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [1]. Topic 4: Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [4]. - Automation in manufacturing processes led to a 5% reduction in production costs [3]. - Employee training programs were expanded, resulting in a 10% increase in productivity [2]. Topic 5: Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Introduced eco-friendly packaging for all product lines, reducing plastic usage by 20% [4]. - Committed to achieving net-zero emissions by 2030, with a detailed roadmap published in the latest sustainability report [3]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [2]. - Strengthened compliance measures, resulting in zero regulatory violations during the reporting period [1]. - Shareholder engagement initiatives were expanded, with a 25% increase in attendance at the annual general meeting [4].

Financial Performance - Net earnings attributable to Lennar for Q3 2023 were $1.1 billion, or $3.87 per diluted share, down from $1.5 billion, or $5.03 per diluted share in Q3 2022[137]. - Total revenues for Q3 2023 were $8.73 billion, compared to $8.93 billion in Q3 2022, with home sales contributing $8.29 billion[139]. - For the full year 2023, delivery volume is targeted to be between 70,800 and 71,800 homes, representing a year-over-year increase of 7% to 8%[135]. - Revenues from home sales for the nine months ended August 31, 2023, were $22.0 billion, a slight decrease from $22.1 billion in the same period of 2022, primarily due to a 6% decrease in average sales price offset by a 6% increase in home deliveries[146]. - Total revenue for the three months ended August 31, 2023, was $8,285,873, with a gross margin of 24.4%[155]. - For the nine months ended August 31, 2023, total revenue was $22,016,279, with a gross margin of 22.9%[155]. - During the nine months ended August 31, 2023, total revenues reached $21,850,498, with net earnings attributable to the company at $2,365,125[200]. Home Sales and Deliveries - The company expects new orders for Q4 2023 to be between 16,200 and 17,200 homes, and deliveries to be between 21,500 and 22,500 homes[135]. - New home deliveries increased to 49,292 homes in the nine months ended August 31, 2023, compared to 46,335 homes in the same period of 2022, reflecting a 6% growth[146]. - Home deliveries for the three months ended August 31, 2023, totaled 18,559 homes, with a dollar value of $8,318,499 and an average sales price of $448,000[157]. - Total new orders for the three months ended August 31, 2023, increased to 19,666 homes with a dollar value of $8,639,642,000, compared to 14,366 homes valued at $6,657,723,000 for the same period in 2022, representing a 37.5% increase in dollar value[160]. Pricing and Margins - The average sales price of homes has stabilized, with no significant change sequentially, despite a year-over-year decline[131]. - The average sales price of homes delivered decreased to $448,000 in the nine months ended August 31, 2023, from $479,000 in the same period of 2022, representing a 6% decline[146]. - Gross margins on home sales for the nine months ended August 31, 2023, were $5.0 billion, or 22.9%, down from $6.4 billion, or 28.7%, in the same period of 2022[147]. - Gross margins on home sales for the third quarter of 2023 were $2.0 billion, or 24.4%, down from $2.5 billion, or 29.2%, in the third quarter of 2022, attributed to decreased revenues per square foot[142]. - The average sales price in the West segment decreased to $617,000 for the three months ended August 31, 2023, down from $690,000 in the prior year[157]. - The average sales price for homes delivered in the nine months ended August 31, 2023, was $449,000, down from $492,000 in 2022, indicating a decrease of 8.7%[161]. Expenses and Cost Management - Lennar's S,G&A expenses as a percentage of home sale revenues are expected to be between 6.7% and 6.9% for Q4 2023[135]. - Selling, general and administrative expenses increased to $1.5 billion in the nine months ended August 31, 2023, compared to $1.4 billion in the same period of 2022, with expenses as a percentage of revenues rising to 7.0% from 6.3%[148]. - Average sales incentives per home delivered increased to $36,400 for the three months ended August 31, 2023, representing 7.5% of revenue[159]. Market Conditions - The housing market is characterized by a low supply and strong demand for affordable products, with consumers adjusting to higher interest rates[130]. - The company aims to maintain tight inventory control and has significantly improved inventory management by focusing on selling homes in inventory[134]. - The backlog as of August 31, 2023, was 21,321 homes valued at $9,853,531,000, down from 25,734 homes valued at $12,887,422,000 in 2022, reflecting a 23.5% decrease in dollar value[163]. - Cancellation rates for the total segment decreased to 13% in Q3 2023 from 21% in Q3 2022, showing an improvement in sales stability[162]. Segment Performance - The Multifamily segment reported an operating loss of $38.5 million in the nine months ended August 31, 2023, compared to operating earnings of $54.6 million in the same period of 2022[151]. - The Lennar Other segment's operating loss was $85.8 million in the nine months ended August 31, 2023, an improvement from a loss of $629.5 million in the same period of 2022[151]. - Homebuilding revenues in the East segment decreased due to a reduction in home deliveries and average sales prices, with a notable decline in Florida and New Jersey[165]. - Homebuilding revenues in the Central segment increased due to higher home deliveries, despite a decrease in average sales prices across most states[166]. - Homebuilding revenues in Texas increased primarily due to more home deliveries, although the average sales price decreased due to market pricing[167]. - Homebuilding revenues in the West segment decreased due to lower average sales prices, despite an increase in home deliveries in several states[168]. Financial Services - The Financial Services segment provides mortgage financing and related services, primarily selling residential loans shortly after origination[174]. - The dollar value of mortgages originated in Q3 2023 was $4,435 million, up from $3,549 million in Q3 2022, representing a 25% increase[175]. - The number of mortgages originated increased to 11,900 in Q3 2023 from 9,200 in Q3 2022, a growth of 29%[175]. - The mortgage capture rate of Lennar homebuyers improved to 81% in Q3 2023 from 67% in Q3 2022[175]. Cash Flow and Capital Structure - Cash provided by operating activities for the nine months ended August 31, 2023, was $2.6 billion, significantly higher than $551 million for the same period in 2022[180]. - Cash used in financing activities totaled $3.2 billion for the nine months ended August 31, 2023, compared to $1.8 billion in the same period of 2022[184]. - Homebuilding debt to total capital decreased to 11.5% as of August 31, 2023, down from 14.4% in November 2022[186]. - The company had total assets of $43,764,258 and total liabilities of $9,370,601 as of August 31, 2023[200]. - The company controlled 283,750 homesites and owned 107,015 homesites as of August 31, 2023, representing 73% and 27% of total homesites, respectively[213]. Shareholder Returns - The company repurchased 7.0 million shares of Class A and Class B common stock during the nine months ended August 31, 2023[194]. - A quarterly cash dividend of $0.375 per share was declared on September 27, 2023, consistent with previous dividends paid in 2023[195].

Financial Performance - Homebuilding revenues for the three months ended May 31, 2023, were $7.67 billion, a decrease of 3.9% compared to $7.98 billion for the same period in 2022[17] - Net earnings attributable to Lennar for the three months ended May 31, 2023, were $871.69 million, down 34% from $1.32 billion in the same period last year[17] - Basic earnings per share for the three months ended May 31, 2023, were $3.01, compared to $4.50 for the same period in 2022, representing a decline of 33%[17] - Total revenues for the three months ended May 31, 2023, were $8,045,151, a decrease of 3.7% compared to $8,358,696 for the same period in 2022[17] - Net earnings for the six months ended May 31, 2023, were $1,477,050, a decrease of 19.3% compared to $1,831,873 in 2022[21] - The company reported a significant unrealized loss from technology investments of $77,965 for the three months ended May 31, 2023, compared to a gain of $25,497 in the previous year[17] Assets and Liabilities - As of May 31, 2023, total assets decreased to $36.86 billion from $37.98 billion as of November 30, 2022, reflecting a decline of approximately 2.9%[7] - Total liabilities decreased to $11.70 billion as of May 31, 2023, from $13.74 billion as of November 30, 2022, a reduction of approximately 15%[13] - Cash and cash equivalents decreased to $4.00 billion as of May 31, 2023, from $4.62 billion as of November 30, 2022, a decline of approximately 13.3%[7] - Total inventories increased to $21.69 billion as of May 31, 2023, from $21.43 billion as of November 30, 2022, an increase of approximately 1.2%[7] - The total carrying amount of homebuilding senior notes and other debts payable as of May 31, 2023, was $3,852,258,000, down from $4,047,294,000 as of November 30, 2022[8] Cash Flow and Investments - Net cash provided by operating activities significantly increased to $1,638,676 from $52,610 in the prior year, reflecting a substantial improvement in operational efficiency[21] - The company reported a net cash used in investing activities of $80,572, compared to $64,768 in the prior year, highlighting increased investment in growth initiatives[24] - The company experienced a net decrease in cash and cash equivalents of $499,926 for the period, compared to a decrease of $1,402,274 in the previous year, showing improved cash management[24] - The company repurchased $465,297 in common stock during the six months ended May 31, 2023, compared to $905,543 in the same period last year, indicating a strategic shift in capital allocation[24] Segment Performance - The Financial Services segment's borrowings under residential facilities were $1,020,958 as of May 31, 2023, down from $1,877,411 as of November 30, 2022[45] - Financial Services segment revenues increased to $222,979 for the three months ended May 31, 2023, up 11.4% from $200,166 in the prior year[36] - The Multifamily segment reported revenues of $151.74 million for the three months ended May 31, 2023, down from $176.02 million in the same period of 2022, reflecting a decline of approximately 13.8%[36] - The Homebuilding segment's operating earnings for the West region were $355,472 for the three months ended May 31, 2023, down 58.1% from $847,849 in the same period of 2022[41] Equity and Shareholder Returns - The total stockholders' equity increased to $25.16 billion as of May 31, 2023, from $24.56 billion at the end of February 2023[66] - The company declared a quarterly cash dividend of $0.375 per share on both Class A and Class B common stock, payable on July 21, 2023[71] - The company has authorized a stock repurchase program of up to $2 billion, with no expiration date, to enhance shareholder value[72] - The company repurchased 1,269,681 shares of Class A common stock at an average price of $109.32 during the three months ended May 31, 2023[72] Tax and Legal Matters - The company reported a provision for income taxes of $280.88 million for the three months ended May 31, 2023, compared to $432.28 million for the same period in 2022, a decrease of 35%[17] - The effective tax rate for the six months ended May 31, 2023, was 24.1%, slightly lower than 24.7% for the same period in 2022[73] - The Company does not anticipate that the resolution of ongoing legal claims will materially affect its financial position[116] Other Financial Metrics - The warranty reserve at the end of the period was $415.15 million, up from $377.99 million at the end of the same period in 2022, reflecting an increase of 9.8%[117] - The company reported rental expenses of $52.99 million for the six months ended May 31, 2023, compared to $50.70 million for the same period in 2022, indicating a year-over-year increase of 2.5%[121] - The anticipated future costs related to performance surety bonds decreased to $2,173,244 thousand as of May 31, 2023, from $2,273,694 thousand as of November 30, 2022, reflecting a reduction of approximately 4.4%[81]

Financial Performance - Net earnings attributable to Lennar for Q1 2023 were $596.5 million, or $2.06 per diluted share, compared to $503.6 million, or $1.69 per diluted share in Q1 2022[130]. - Total revenues for the three months ended February 28, 2023, were $6.49 billion, with home sales contributing $6.09 billion[131]. - Lennar's operating earnings for Q1 2023 were $924.2 million, with total costs and expenses amounting to $5.53 billion[131]. - Revenues from home sales increased by 7% in Q1 2023 to $6.1 billion from $5.7 billion in Q1 2022, driven by a 9% increase in home deliveries to 13,659 homes[134]. - The overall effective income tax rate improved to 23.7% in Q1 2023 from 25.0% in Q1 2022, mainly due to the reinstatement of the new energy efficient home credit[139]. Sales and Deliveries - The company expects new orders for Q2 2023 to be between 16,000 and 17,000 homes, with deliveries projected between 15,000 and 16,000 homes[128]. - Total homes delivered in Q1 2023 were 13,659, with a dollar value of $6.1 billion, compared to 12,538 homes valued at $5.7 billion in Q1 2022[142]. - New orders decreased to 14,194 homes in Q1 2023 from 15,747 homes in Q1 2022, with a total dollar value of $6.4 billion[144]. Pricing and Margins - The average sales price for homes in Q2 2023 is projected to be between $435,000 and $445,000[128]. - The average sales price of homes delivered decreased to $448,000 in Q1 2023 from $457,000 in Q1 2022, attributed to market pricing and product mix[134]. - Gross margins on home sales were $1.3 billion, or 21.2%, in Q1 2023, down from $1.5 billion, or 26.9%, in Q1 2022, due to flat revenues per square foot and increased costs[135]. - Selling, general and administrative expenses as a percentage of home sale revenues are expected to be between 7.2% and 7.4%[128]. - Selling, general and administrative expenses rose to $449.8 million in Q1 2023 from $428.5 million in Q1 2022, but improved as a percentage of revenues from home sales to 7.4%[136]. Inventory and Backlog - The company plans to maintain tight inventory control, expecting to reduce cycle time and free up cash tied in increased inventory[127]. - Total backlog of homes decreased to 19,403 units with a dollar value of $9.03 billion in Q1 2023, down from 27,335 units valued at $13.56 billion in Q1 2022[148]. - The average sales price of homes in backlog decreased to $465,000 in Q1 2023 from $496,000 in Q1 2022[148]. - Cancellation rates in the Homebuilding segments increased to 22% in Q1 2023 from 10% in Q1 2022, with the East region experiencing a rise to 23% from 7%[147]. Financial Services - Operating earnings for the Financial Services segment decreased to $78.7 million in Q1 2023 from $90.5 million in Q1 2022, primarily due to lower profit per loan[137]. - The Financial Services segment originated $3.15 billion in mortgages in Q1 2023, up from $2.76 billion in Q1 2022, with a mortgage capture rate of 78%[156]. Cash Flow and Debt - Cash provided by operating activities was $978 million in Q1 2023, compared to cash used of $72 million in Q1 2022[162]. - Cash used in financing activities totaled $1.5 billion in Q1 2023, primarily due to $963 million in net repayments under warehouse facilities and $258 million in stock repurchases[167]. - The company had cash and cash equivalents of $4.3 billion as of February 28, 2023, down from $4.8 billion at November 30, 2022[160]. - Homebuilding debt to total capital ratio decreased to 14.2% as of February 28, 2023, down from 14.4% in November 2022 and 18.3% in February 2022, primarily due to an increase in stockholders' equity and a decrease in homebuilding debt[169][170]. - Net homebuilding debt was $(24,621) thousand as of February 28, 2023, compared to $(568,830) thousand in November 2022 and $3,272,625 thousand in February 2022, indicating a significant improvement in liquidity[169]. Strategic Initiatives - The company has added a core strategy focused on continuous improvement, linking performance metrics to bonus structures[127]. - Despite a challenging market, Lennar aims to enhance its balance sheet and cash position, allowing for opportunistic actions as market conditions stabilize[127]. - The company is exploring various transactions to manage leverage and liquidity, including potential acquisitions and stock repurchases, while considering a spin-off of its Multifamily and single-family home for rent asset management businesses[171][172]. Investments and Assets - The company recorded investments in the Rialto funds totaling $177.7 million as of February 28, 2023, down from $185.1 million as of November 30, 2022[193]. - Strategic technology investments in unconsolidated entities increased to $137.9 million as of February 28, 2023, up from $131.5 million as of November 30, 2022[194]. - Total homesites controlled by the company as of February 28, 2023, are 263,711, representing 68% of total homesites, while owned homesites total 124,960, representing 32%[195]. - The company had no outstanding borrowings under its Credit Facility as of February 28, 2023, and total borrowings under Financial Services' warehouse repurchase facilities amounted to $1.0 billion[200][201].