Revenue and Earnings - Total revenues for the three months ended August 31, 2022, were $8.93 billion, an increase of 28.7% compared to $6.94 billion for the same period in 2021[18]. - Homebuilding revenues for the nine months ended August 31, 2022, reached $22.21 billion, up 26.6% from $17.53 billion in the prior year[18]. - Net earnings attributable to Lennar for the three months ended August 31, 2022, were $1.47 billion, compared to $1.41 billion for the same period in 2021, reflecting a growth of 4.2%[18]. - Basic earnings per share for the three months ended August 31, 2022, were $5.04, up from $4.52 in the prior year[18]. - Total revenue for the three months ended August 31, 2022, was $8,934,431, an increase from $6,941,403 in the same period of 2021, representing a growth of approximately 28.7%[38]. - Homebuilding segment revenue for the nine months ended August 31, 2022, reached $22,209,683, up from $17,529,606 in the prior year, indicating a growth of about 26.5%[41]. - Net earnings for the nine months ended August 31, 2022, were $3,304,567, compared to $3,262,899 for the same period in 2021, reflecting a slight increase of 1.3%[21]. - Operating earnings for the homebuilding segment for the three months ended August 31, 2022, were $1,963,224,000, up from $1,329,833,000 in the prior year, reflecting a 47.5% increase[38]. - The homebuilding segment's operating earnings for the nine months ended August 31, 2022, were $4,953,485,000, compared to $3,275,488,000 in the previous year, indicating a 51.2% increase[41]. Assets and Liabilities - Total assets as of August 31, 2022, amounted to $35.34 billion, an increase from $33.21 billion as of November 30, 2021[7]. - Total liabilities as of August 31, 2022, were $12.21 billion, slightly up from $12.21 billion as of November 30, 2021[13]. - Total assets as of August 31, 2022, amounted to $35,339,877,000, with inventories accounting for $22,842,509, representing 64.6% of total assets[33]. - The company’s liabilities totaled $12,212,339 as of August 31, 2022, with notes and other debts payable amounting to $5,562,092[33]. - The total carrying amount of senior notes as of August 31, 2022, was $4,057,496 thousand, down from $4,652,330 thousand in November 2021[83]. Cash Flow and Investments - Cash and cash equivalents decreased to $1.31 billion as of August 31, 2022, from $2.74 billion as of November 30, 2021[7]. - Net cash provided by operating activities decreased to $551,452 for the nine months ended August 31, 2022, down from $1,312,347 in 2021, representing a decline of 58.1%[21]. - The company reported a net decrease in cash and cash equivalents and restricted cash of $1,404,353 for the nine months ended August 31, 2022, compared to a decrease of $120,740 in 2021[23]. - The company experienced a net cash used in investing activities of $131,467 for the nine months ended August 31, 2022, compared to $131,168 in 2021, indicating a slight increase of 0.2%[21]. - The company reported unrealized losses from technology investments totaling $558.97 million for the nine months ended August 31, 2022, compared to unrealized gains of $690.79 million in the same period of 2021[59]. Stock and Shareholder Information - The company repurchased $918,682 in common stock during the nine months ended August 31, 2022, compared to $452,508 in the same period of 2021, indicating a significant increase of 103.3%[23]. - Cash dividends declared were $0.375 per share for both Class A and Class B common stock in the third quarter of 2022, consistent with the previous quarter[74]. - During the nine months ended August 31, 2022, the company retired 46.7 million Class A and 2.8 million Class B treasury shares[75]. - The company repurchased 8,246,000 Class A shares at an average price of $92.44 and 1,122,000 Class B shares at an average price of $75.40 during the nine months ended August 31, 2022[76]. Financial Services Performance - Operating earnings for the Financial Services segment for the three months ended August 31, 2022, were $63,348, which included a one-time charge of $35.5 million due to an increase in a litigation accrual[38]. - Financial Services segment revenue for the three months ended August 31, 2022, was $202,078,000, with operating earnings of $63,348,000[38]. - The Financial Services segment established accruals for possible losses associated with mortgage loans previously originated and sold, with loan origination liabilities amounting to $12.1 million as of August 31, 2022[52]. Market and Economic Indicators - The average selling price of homes increased to $750,000 for the nine months ended August 31, 2022, compared to $635,000 in the same period of 2021[106]. - The average sales incentives offered to homebuyers for the nine months ended August 31, 2022, were $9,500 per home, or 1.9% of home sales revenues, compared to $9,300 per home, or 2.2% in 2021[28]. - The mortgage prepayment rate decreased to 8% as of August 31, 2022, from 13% as of November 30, 2021, reflecting a decline in prepayment activity[95]. Other Comprehensive Income - Total other comprehensive income for the three months ended August 31, 2022, was $342 thousand, compared to a loss of $1,300 thousand in the same period of 2021[72]. - The company reported accumulated other comprehensive income of $2,090 thousand as of August 31, 2022, compared to a loss of $1,300 thousand a year earlier[70].
Lennar(LEN_B) - 2022 Q3 - Quarterly Report