Lennar(LEN_B) - 2024 Q1 - Quarterly Report

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$182,981 year-over-year[37] - Total revenues for the company reached $7,312,930, representing a 12.7$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$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$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$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$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]