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Lennar Corp (LEN) SEC Filing 10-K Annual report for the fiscal year ending Thursday, November 30, 2017

Lennar Corp

CIK: 920760 Ticker: LEN
Exhibit 99.1


Contact:
Allison Bober
Investor Relations
Lennar Corporation
(305) 485-2038
FOR IMMEDIATE RELEASE
Lennar Reports Fourth Quarter EPS of $1.29
2017 Fourth Quarter
Net earnings of $309.6 million, or $1.29 per diluted share, compared to $313.5 million, or $1.31 per diluted share, as adjusted for Class B stock dividend
Strategic, one-time transaction projected in Q4 2017 shifted into Q1 2018, thereby benefiting from a lower federal tax rate
Deliveries of 8,633 homes – up 5%
New orders of 7,357 homes – up 12%; new orders dollar value of $2.8 billion – up 18%
Backlog of 8,935 homes – up 17%; backlog dollar value of $3.6 billion – up 23%
Revenues of $3.8 billion – up 12%
Lennar Homebuilding operating earnings of $478.8 million, compared to $436.7 million
Gross margin on home sales of 22.4%, compared to 23.3%
S,G&A expenses as a % of revenues from home sales improved to 8.4%, compared to 8.7%
Operating margin on home sales of 14.0%, compared to 14.6%
Lennar Financial Services operating earnings of $42.1 million, compared to $51.4 million
Rialto operating earnings (net of noncontrolling interests) of $2.2 million, compared to $8.0 million
Lennar Multifamily operating earnings of $38.6 million, compared to $41.4 million
Lennar Homebuilding cash and cash equivalents of $2.3 billion
Lennar issued $300 million of 2.95% senior notes due 2020 and $900 million of 4.750% senior notes due 2027 primarily to fund cash portion of proposed CalAtlantic merger
No outstanding borrowings under the $2.0 billion credit facility
Lennar Homebuilding debt to total capital, net of cash and cash equivalents, of 34.4%
2017 Fiscal Year
Net earnings of $810.5 million, or $3.38 per diluted share, compared to net earnings of $911.8 million, or $3.86 per diluted share, as adjusted for Class B stock dividend
Lennar Homebuilding pretax loss due to litigation of $140 million
Deliveries of 29,394 homes – up 11%
New orders of 30,348 homes – up 11%
Revenues of $12.6 billion – up 15%





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The following information was filed by Lennar Corp (LEN) on Wednesday, January 10, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lennar Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii-valuation And Qualifying Accounts
Schedule Ii-valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parenthetical)
Consolidated Statements Of Operations And Comprehensive Income (loss)
Business Acquisition
Business Acquisition (details)
Business Acquisition (tables)
Capital Stock
Capital Stock (details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (narrative) (details)
Commitments And Contingent Liabilities (schedule Of Operating Leases) (details)
Commitments And Contingent Liabilities (tables)
Consolidation Of Variable Interest Entities
Consolidation Of Variable Interest Entities (estimated Maximum Exposure To Loss) (details)
Consolidation Of Variable Interest Entities (investment In Unconsolidated Entities) (details)
Consolidation Of Variable Interest Entities (narrative) (details)
Consolidation Of Variable Interest Entities (tables)
Earnings Per Share
Earnings Per Share (narrative) (details)
Earnings Per Share (schedule Of Basic And Diluted Earnings Per Share) (details)
Earnings Per Share (tables)
Financial Instruments And Fair Value Disclosure
Financial Instruments And Fair Value Disclosure (carrying Amounts And Estimated Fair Value Of Financial Instruments) (details)
Financial Instruments And Fair Value Disclosure (fair Value Assets Measured On Nonrecurring Basis) (details)
Financial Instruments And Fair Value Disclosure (fair Value Measured On Recurring Basis) (details)
Financial Instruments And Fair Value Disclosure (narrative) (details)
Financial Instruments And Fair Value Disclosure (reconciliation Of Beginning And Ending Balance Of The Company's Level 3 Recurring Fair Value Measurements (details)
Financial Instruments And Fair Value Disclosure (schedule Of Gains And Losses Of Financial Instruments) (details)
Financial Instruments And Fair Value Disclosure (tables)
Income Taxes
Income Taxes (accrued Interests And Penalties) (details)
Income Taxes (component Of Income Taxes Benefit (provision) (details)
Income Taxes (deferred Income Taxes Assets And Liabilities, Carrying Amount) (details)
Income Taxes (narrative) (details)
Income Taxes (net Deferred Tax Assets (liabilities) (details)
Income Taxes (reconciliation Of Statutory Rate And Effective Tax Rate) (details)
Income Taxes (summary Of Changes In Gross Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Lennar Financial Services Segment
Lennar Financial Services Segment (narrative) (details)
Lennar Financial Services Segment (schedule Of Assets And Liabilities) (details)
Lennar Financial Services Segment (tables)
Lennar Financial Services Segment (warehouse Repurchase Facilities) (details)
Lennar Homebuilding Investments In Unconsolidated Entities
Lennar Homebuilding Investments In Unconsolidated Entities (balance Sheets) (details)
Lennar Homebuilding Investments In Unconsolidated Entities (narrative) (details)
Lennar Homebuilding Investments In Unconsolidated Entities (statements Of Operations) (details)
Lennar Homebuilding Investments In Unconsolidated Entities (tables)
Lennar Homebuilding Investments In Unconsolidated Entities (total Debt Of Unconsolidated Entities) (details)
Lennar Homebuilding Operating Properties And Equipment
Lennar Homebuilding Operating Properties And Equipment (details)
Lennar Homebuilding Operating Properties And Equipment (tables)
Lennar Homebuilding Receivables
Lennar Homebuilding Receivables (schedule Of Lennar Homebuilding Receivables) (details)
Lennar Homebuilding Receivables (tables)
Lennar Homebuilding Senior Notes And Other Debts Payable
Lennar Homebuilding Senior Notes And Other Debts Payable (narrative) (details)
Lennar Homebuilding Senior Notes And Other Debts Payable (schedule Of Maturities Of Senior Notes And Other Debts Payable) (details)
Lennar Homebuilding Senior Notes And Other Debts Payable (schedule Of Senior And Convertible Senior Notes) (details)
Lennar Homebuilding Senior Notes And Other Debts Payable (schedule Of Senior Notes And Other Debts Payable) (details)
Lennar Homebuilding Senior Notes And Other Debts Payable (tables)
Lennar Multifamily Segment
Lennar Multifamily Segment (assets And Liabilities Related To The Multifamily Segment) (details)
Lennar Multifamily Segment (condensed Financial Information By Equity Method Investment) (details)
Lennar Multifamily Segment (narrative) (details)
Lennar Multifamily Segment (tables)
Operating And Reporting Segments
Operating And Reporting Segments (narrative) (details)
Operating And Reporting Segments (schedule Of Other Segment Financial Disclosures) (details)
Operating And Reporting Segments (schedule Of Segment Assets, Investments In Unconsolidated Entities, And Goodwill) (details)
Operating And Reporting Segments (schedule Of Segment Revenues, Operating Earnings (loss), General And Administrative Expenses, And Earnings Before Income Taxes) (details)
Operating And Reporting Segments (tables)
Quarterly Data (unaudited)
Quarterly Data (unaudited) (schedule Of Quarterly Financial Information) (details)
Quarterly Data (unaudited) (tables)
Rialto Segment
Rialto Segment (assets And Liabilities Related To The Rialto Segment) (details)
Rialto Segment (condensed Financial Information By Equity Method Investment) (details)
Rialto Segment (equity Funds Related To Rialto Segment) (details)
Rialto Segment (narrative) (details)
Rialto Segment (schedule Of Credit Facilities) (details)
Rialto Segment (tables)
Share-based Payments
Share-based Payments (narrative) (details)
Share-based Payments (schedule Of Compensation Expense Related To The Company's Share-based Awards) (details)
Share-based Payments (schedule Of Nonvested Shares Activity) (details)
Share-based Payments (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (loan Origination Liabilities) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Interest Expense) (details)
Summary Of Significant Accounting Policies (schedule Of Warranty Reserve) (details)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies (unobservable Inputs) (details)
Supplemental Financial Information
Supplemental Financial Information (condensed Consolidating Statement Of Cash Flows) (details)
Supplemental Financial Information (condensed Consolidating Statement Of Operations And Comprehensive Income (loss)) (details)
Supplemental Financial Information (consolidating Balance Sheet) (details)
Supplemental Financial Information (narrative) (details)
Supplemental Financial Information Supplemental Financial Information (tables)
Ticker: LEN
CIK: 920760
Form Type: 10-K Annual Report
Accession Number: 0001628280-18-000562
Submitted to the SEC: Wed Jan 24 2018 6:43:27 PM EST
Accepted by the SEC: Thu Jan 25 2018
Period: Thursday, November 30, 2017
Industry: General Bldg Contractors Residential Bldgs

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