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Lennar Corp (LEN) SEC Filing 8-K Material Event for the period ending Wednesday, December 15, 2021

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 and Fiscal 2021 Results
2021 Fourth Quarter Highlights – comparisons to the prior year quarter
Net earnings per diluted share increased 39% to $3.91 (increased 55% to $4.36, excluding mark to market losses on strategic technology investments)
Net earnings increased 35% to $1.2 billion (increased 50% to $1.3 billion, excluding mark to market losses on strategic technology investments)
Revenues increased 24% to $8.4 billion
Deliveries increased 11% to 17,819 homes
New orders increased 2% to 15,539 homes; new orders dollar value increased 16% to $7.3 billion
Backlog increased 26% to 23,771 homes; backlog dollar value increased 45% to $11.4 billion
Homebuilding operating earnings of $1.8 billion, compared to operating earnings of $1.1 billion
Gross margin on home sales improved 300 basis points ("bps") to 28.0%
S,G&A expenses as a % of revenues from home sales improved 150 bps to 6.0%
Net margin on home sales improved 460 bps to 22.0%
Financial Services operating earnings of $111.4 million, compared to operating earnings of $151.2 million
Multifamily operating earnings of $9.3 million, compared to operating earnings of $26.7 million
Lennar Other operating loss of $176.2 million, compared to operating loss of $1.2 million
Years of supply owned homesites decreased to 3.0 years
Controlled homesites increased to 59%
Homebuilding cash and cash equivalents of $2.7 billion
Retired $850 million of homebuilding senior notes due in fiscal year 2022
Repurchased 10 million shares of Lennar common stock for $977.4 million
Homebuilding debt to total capital of 18.3%, the lowest in the Company's history
2021 Fiscal Year Highlights – comparisons to the prior year
Net earnings, revenues, deliveries, new orders and net margin for 2021 were the highest in the Company's history
Net earnings per diluted share increased 82% to $14.27 (increased 66% to $13.00, excluding mark to market gains on strategic technology investments)
Net earnings increased 80% to $4.4 billion (increased 64% to $4.0 billion, excluding mark to market gains on strategic technology investments)
Revenues increased 21% to $27.1 billion
Deliveries increased 13% to 59,825 homes
New orders increased 15% to 64,543 homes
Net margin on home sales improved 510 bps to 19.7%
Retired $1.15 billion of homebuilding senior notes due in fiscal year 2022
Repurchased 14 million shares of Lennar common stock for $1.37 billion
Return on equity improved 790 bps to 22.6%
(more)


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Miami, December 15, 2021 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s largest homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2021. Fourth quarter net earnings attributable to Lennar in 2021 were $1.2 billion, or $3.91 per diluted share, compared to $882.8 million, or $2.82 per diluted share in the fourth quarter of 2020. Net earnings attributable to Lennar for the year ended November 30, 2021 were $4.4 billion, or $14.27 per diluted share, compared to $2.5 billion, or $7.85 per diluted share for the year ended November 30, 2020.
Stuart Miller, Executive Chairman of Lennar, said, “While supply chain challenges continued to dominate both the homebuilding and the broader economic narrative in the fourth quarter, we are pleased to report record fourth quarter earnings of $1.2 billion, or $3.91 per diluted share, compared to $882.8 million or $2.82 per diluted share for the quarter last year. Excluding mark to market losses on our public strategic technology investments, fourth quarter 2021 earnings were $1.3 billion, or $4.36 per diluted share. For the full year, we delivered just under 60,000 homes generating EPS of $14.27 per diluted share ($13.00 per diluted share before mark to market gains) for an 82% increase over the prior year (66% before mark to market gains).”
“Our record fourth quarter results reflect both continued strength in the housing market across the country, and continued housing supply shortage driven by limited entitled land, labor and supply chain constraints, and 10 years of production shortfall. While our new orders grew a controlled 2% compared to last year’s seasonally strong fourth quarter, we achieved a homebuilding gross margin of 28.0% and homebuilding SG&A of 6.0%, leading to a 22.0% net margin, all of which are all-time Company records.”
Rick Beckwitt, Co-Chief Executive Officer and Co-President of Lennar, said, “During the fourth quarter, our community count increased 7% year over year as we continued to make excellent progress on our land light strategy. This was evidenced by our years owned supply of homesites improving to our previously stated goal of 3.0 years at the end of the fourth quarter from 3.5 years last year, and our controlled homesite percentage increasing to 59% from 39% for those same periods.”
“We ended the quarter with $2.7 billion in cash, no borrowings on our $2.5 billion revolver and homebuilding debt to capital of 18.3%, an all-time Company low. Our land lighter model resulted in incremental cash flow generation during the fourth quarter which we used towards the repurchase of 10 million shares of our common stock for just under $1 billion, and debt reduction of $850 million. These transactions, combined with our significant earnings, contributed to a return on equity of over 22%.”
Jon Jaffe, Co-Chief Executive Officer and Co-President of Lennar, said, “During the quarter, our homebuilding machine continued to be laser focused on production, even while our cycle time expanded about two weeks from the third quarter driven by rapidly changing supply chain issues. The impact of supply chain issues and increased cycle times were partially offset by accelerated construction starts throughout the year.”
“In this turbulent environment, we are confident that we are implementing the right playbook with our Builder of Choice position and our simplified Everything’s Included® business model to successfully navigate current supply chain dynamics. Our strong and deep-rooted relationships with our trade partners have helped mitigate the



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impact of labor and supply shortages. Our quarterly starts and sales pace remained strong and consistent at 4.5 homes and 4.3 homes per community, respectively, in the fourth quarter.”
Mr. Miller concluded, “The housing industry continues to exhibit strong demand, outweighing supply, and we are confident that we will continue to generate solid growth and enhance our current market position. Accordingly, as we look forward to 2022, we expect to deliver approximately 67,000 homes with a 27.0% - 27.5% gross margin for the year, with more or less 12,500 homes at a gross margin of approximately 26.75% in the first quarter. Overall, we are operating from a position of strength with an excellent balance sheet enabling us to continue to execute on our core strategies.”
RESULTS OF OPERATIONS
THREE MONTHS ENDED NOVEMBER 30, 2021 COMPARED TO
THREE MONTHS ENDED NOVEMBER 30, 2020
Homebuilding
Revenues from home sales increased 26% in the fourth quarter of 2021 to $8.0 billion from $6.3 billion in the fourth quarter of 2020. Revenues were higher primarily due to an 11% increase in the number of home deliveries and a 14% increase in the average sales price. New home deliveries increased to 17,819 homes in the fourth quarter of 2021 from 16,090 homes in the fourth quarter of 2020. The average sales price of homes delivered was $448,000 in the fourth quarter of 2021, compared to $393,000 in the fourth quarter of 2020.
Gross margins on home sales were $2.2 billion, or 28.0%, in the fourth quarter of 2021, compared to $1.6 billion, or 25.0%, in the fourth quarter of 2020. During the fourth quarter of 2021, an increase in revenues per square foot was offset by an increase in costs per square foot as the majority of homes delivered during the fourth quarter of 2021 had higher costs from lumber purchases made earlier in the year. Overall, gross margins improved year over year as land costs on homes closed remained relatively flat while interest expense decreased as a result of our focus on reducing debt.
Selling, general and administrative expenses were $477.6 million in the fourth quarter of 2021, compared to $475.1 million in the fourth quarter of 2020. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 6.0% in the fourth quarter of 2021, from 7.5% in the fourth quarter of 2020. This was the lowest percentage for a quarter in the Company's history primarily due to a decrease in broker commissions and benefits of the Company's technology efforts.
Financial Services
Operating earnings for the Financial Services segment were $111.4 million in the fourth quarter of 2021, compared to $151.2 million in the fourth quarter of 2020. The decrease in operating earnings was primarily due to lower mortgage net margins driven by a more competitive mortgage market.





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Other Ancillary Businesses
Operating earnings for the Multifamily segment were $9.3 million in the fourth quarter of 2021, compared to $26.7 million in the fourth quarter of 2020. Operating loss for the Lennar Other segment was $176.2 million in the fourth quarter of 2021, compared to an operating loss of $1.2 million in the fourth quarter of 2020. The Lennar Other operating loss for the fourth quarter of 2021 was primarily due to mark to market losses on the Company's strategic technology investments that went public during the year ended November 30, 2021.
RESULTS OF OPERATIONS
YEAR ENDED NOVEMBER 30, 2021 COMPARED TO
YEAR ENDED NOVEMBER 30, 2020
Homebuilding
Revenues from home sales increased 22% in the year ended November 30, 2021 to $25.3 billion from $20.8 billion in the year ended November 30, 2020. Revenues were higher primarily due to a 13% increase in the number of home deliveries and an 8% increase in the average sales price. New home deliveries increased to 59,825 homes in the year ended November 30, 2021 from 52,925 homes in the year ended November 30, 2020. The average sales price of homes delivered was $424,000 in the year ended November 30, 2021, compared to $395,000 in the year ended November 30, 2020.
Gross margins on home sales were $6.8 billion, or 26.8%, in the year ended November 30, 2021, compared to $4.7 billion, or 22.8%, in the year ended November 30, 2020. The gross margin percentage on home sales increased primarily as a result of price appreciation as the increase in revenues per square foot outpaced the increase in costs per square foot.
Selling, general and administrative expenses were $1.8 billion in the year ended November 30, 2021, compared to $1.7 billion in the year ended November 30, 2020. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 7.1% in the year ended November 30, 2021, from 8.1% in the year ended November 30, 2020, due to a decrease in broker commissions and benefits of the Company's technology efforts.
Financial Services
Operating earnings for the Financial Services segment were $491.0 million ($490.4 million net of noncontrolling interests) in the year ended November 30, 2021, compared to $481.0 million ($495.0 million net of noncontrolling interests) in the year ended November 30, 2020. The year ended November 30, 2020 included a $61.4 million gain on the deconsolidation of a previously consolidated entity. Excluding this gain, the improvement in operating earnings during the year ended November 30, 2021 was primarily due to an increase in volume and margin in the title businesses, partially offset by lower mortgage net margins driven by a more competitive mortgage market.



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Other Ancillary Businesses
Operating earnings for the Multifamily segment were $21.5 million in the year ended November 30, 2021, compared to $22.7 million in the year ended November 30, 2020. Operating earnings for the Lennar Other segment were $733.0 million in the year ended November 30, 2021, compared to an operating loss of $10.3 million in the year ended November 30, 2020. The operating earnings for the year ended November 30, 2021 were primarily due to mark to market gains on the Company's strategic technology investments that went public during the year and the sale of our solar business.
Debt Transactions
In the fourth quarter of 2021, the Company retired $600 million aggregate principal amount of its 4.125% senior notes due January 2022 at par and retired early, at a premium, $250 million aggregate principal amount of its 5.375% senior notes due October 2022. The loss on early retirement of the $250 million senior notes was $7.4 million.
During the year ended November 30, 2021, the Company retired $1.15 billion aggregate principal amount of senior notes which included those senior notes described above and $300 million aggregate principal amount of its 6.25% senior notes due December 2021.
Tax Rate
For the years ended November 30, 2021 and 2020, the Company had a tax provision of $1.4 billion and $656.2 million, respectively, which resulted in an overall effective income tax rate of 23.5% and 21.0%, respectively. The overall effective income tax rate was lower in 2020 primarily due to the retroactive extension of the new energy efficient home tax credit during the first quarter of 2020.
Shares Repurchases
During the fourth quarter of 2021, the Company repurchased 10 million shares of its common stock for $977.4 million at an average per share price of $97.74. For the year ended November 30, 2021, the Company repurchased 14.0 million shares of its common stock for $1.37 billion at an average per share price of $97.45.
Liquidity
At November 30, 2021, the Company had $2.7 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.5 billion revolving credit facility, thereby providing $5.2 billion of available capacity.







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2022 Guidance
The following are the Company's expected results of its homebuilding and financial services activities for the first quarter and fiscal year 2022:
First Quarter 2022Fiscal Year 2022
New Orders14,800 - 15,100
DeliveriesAbout 12,500About 67,000
Average Sales PriceAbout $460,000About $460,000
Gross Margin % on Home SalesAbout 26.75%27.0% - 27.5%
S,G&A as a % of Home Sales7.8% - 7.9%6.8% - 6.9%
Financial Services Operating Earnings$85 million - $90 million$440 million - $450 million

About Lennar
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.
Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements relating to the homebuilding market and other markets in which we participate. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. Important factors that could cause such differences include the potential negative impact to our business of the ongoing coronavirus (COVID-19) pandemic; slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities; supply shortages and increased costs related to construction materials and labor; cost increases related to real estate taxes and insurance; reduced availability of mortgage financing, increased interest rates or increased competition in the mortgage industry; reductions in the market value of the Company's investments in public companies; decreased demand for our homes or Multifamily rental apartments; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land lighter strategy and our planned spin-off of certain businesses; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; unfavorable losses in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business, and the risks described in our filings with the Securities and Exchange Commission, including our Form 10-K for the fiscal year ended November 30, 2020. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
A conference call to discuss the Company’s fourth quarter earnings will be held at 11:00 a.m. Eastern Time on Thursday, December 16, 2021. The call will be broadcast live on the Internet and can be accessed through the Company’s website at www.lennar.com. If you are unable to participate in the conference call, the call will be archived at www.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-3605 and entering 5723593 as the confirmation number.
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LENNAR CORPORATION AND SUBSIDIARIES
Selected Revenues and Operating Information
(In thousands, except per share amounts)
(unaudited)
Three Months EndedYears Ended
November 30,November 30,
2021202020212020
Revenues:
Homebuilding$8,015,636 6,354,416 25,545,242 20,981,136 
Financial Services228,956 258,319 898,745 890,311 
Multifamily188,395 205,424 665,232 576,328 
Lennar Other573 7,731 21,457 41,079 
Total revenues$8,433,560 6,825,890 27,130,676 22,488,854 
Homebuilding operating earnings$1,756,274 1,083,404 5,031,762 2,988,907 
Financial Services operating earnings111,404 151,230 491,014 480,952 
Multifamily operating earnings9,323 26,682 21,453 22,681 
Lennar Other operating earnings (loss)(176,186)(1,211)733,035 (10,334)
Corporate general and administrative expenses(102,191)(86,631)(398,381)(333,446)
Charitable foundation contribution(17,819)(8,828)(59,825)(24,972)
Earnings before income taxes1,580,805 1,164,646 5,819,058 3,123,788 
Provision for income taxes(387,155)(273,737)(1,362,509)(656,235)
Net earnings (including net earnings attributable to noncontrolling interests)1,193,650 890,909 4,456,549 2,467,553 
Less: Net earnings attributable to noncontrolling interests3,159 8,149 26,438 2,517 
Net earnings attributable to Lennar$1,190,491 882,760 4,430,111 2,465,036 
Average shares outstanding:
Basic301,238 309,151 306,612 309,406 
Diluted301,238 309,151 306,612 309,407 
Earnings per share:
Basic$3.91 2.82 14.28 7.88 
Diluted$3.91 2.82 14.27 7.85 
Supplemental information:
Interest incurred (1)$64,516 81,056 275,091 353,403 
EBIT (2):
Net earnings attributable to Lennar$1,190,491 882,760 4,430,111 2,465,036 
Provision for income taxes387,155 273,737 1,362,509 656,235 
Interest expense included in:
Costs of homes sold93,868 101,465 342,756 349,109 
Costs of land sold190 1,026 2,475 2,594 
Homebuilding other income (expense), net5,014 5,246 20,142 22,401 
Total interest expense99,072 107,737 365,373 374,104 
EBIT$1,676,718 1,264,234 6,157,993 3,495,375 
(1)Amount represents interest incurred related to Homebuilding debt.
(2)EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures.



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LENNAR CORPORATION AND SUBSIDIARIES
Segment Information
(In thousands)
(unaudited)
Three Months EndedYears Ended
November 30,November 30,
2021202020212020
Homebuilding revenues:
Sales of homes$7,970,752 6,306,947 25,348,105 20,840,159 
Sales of land36,430 42,342 167,913 123,365 
Other homebuilding8,454 5,127 29,224 17,612 
Total revenues8,015,636 6,354,416 25,545,242 20,981,136 
Homebuilding costs and expenses:
Costs of homes sold5,741,575 4,732,705 18,562,213 16,092,069 
Costs of land sold30,086 69,581 143,631 172,480 
Selling, general and administrative477,581 475,063 1,796,697 1,697,095 
Total costs and expenses6,249,242 5,277,349 20,502,541 17,961,644 
Homebuilding net margins1,766,394 1,077,067 5,042,701 3,019,492 
Homebuilding equity in earnings (loss) from unconsolidated entities(10,343)19,241 (14,205)(836)
Homebuilding other income (expense), net223 (12,904)3,266 (29,749)
Homebuilding operating earnings$1,756,274 1,083,404 5,031,762 2,988,907 
Financial Services revenues$228,956 258,319 898,745 890,311 
Financial Services costs and expenses117,552 107,089 407,731 470,777 
Financial Services gain on deconsolidation —  61,418 
Financial Services operating earnings$111,404 151,230 491,014 480,952 
Multifamily revenues$188,395 205,424 665,232 576,328 
Multifamily costs and expenses178,421 195,974 652,810 575,581 
Multifamily equity in earnings (loss) from unconsolidated entities and other gain(651)17,232 9,031 21,934 
Multifamily operating earnings$9,323 26,682 21,453 22,681 
Lennar Other revenues$573 7,731 21,457 41,079 
Lennar Other costs and expenses11,961 3,180 30,955 6,744 
Lennar Other equity in earnings (loss) from unconsolidated entities and other income (expense), net2,003 (5,762)61,957 (44,669)
Lennar Other realized and unrealized gain (loss) (1)(166,801)— 680,576 — 
Lennar Other operating earnings (loss)$(176,186)(1,211)733,035 (10,334)
(1)The following is a detail of Lennar Other realized and unrealized gain (loss):
Three Months EndedYears Ended
November 30,November 30,
2021202020212020
Opendoor (OPEN) mark to market$(33,444)— 239,312 — 
Hippo (HIPO) mark to market(117,221)— 207,634 — 
SmartRent (SMRT) mark to market(21,310)— 79,483 — 
Sunnova (NOVA) mark to market5,582 — (8,883)— 
Blend Labs (BLND) mark to market(13,596)— (6,744)— 
Gain on sale of solar business5,063 — 158,069 — 
Other realized gains8,125 — 11,705 — 
$(166,801)— 680,576 — 



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LENNAR CORPORATION AND SUBSIDIARIES
Summary of Deliveries, New Orders and Backlog
(Dollars in thousands, except average sales price)
(unaudited)
Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in:
East: Florida, New Jersey, Pennsylvania and South Carolina
Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, Tennessee and Virginia
Texas: Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington
Other: Urban divisions
For the Three Months Ended November 30,
202120202021202020212020
Deliveries:HomesDollar ValueAverage Sales Price
East5,911 5,465 $2,273,561 1,801,192 $385,000 330,000 
Central3,747 3,295 1,525,027 1,250,769 407,000 380,000 
Texas3,096 2,788 958,938 763,388 310,000 274,000 
West5,057 4,541 3,218,377 2,506,760 636,000 552,000 
Other8 7,774 880 972,000 880,000 
Total17,819 16,090 $7,983,677 6,322,989 $448,000 393,000 
Of the total homes delivered listed above, 37 homes with a dollar value of $12.9 million and an average sales price of $349,000 represent home deliveries from unconsolidated entities for the three months ended November 30, 2021, compared to 52 home deliveries with a dollar value of $16.0 million and an average sales price of $308,000 for the three months ended November 30, 2020.

At November 30,For the Three Months Ended November 30,
20212020202120202021202020212020
New Orders:Active CommunitiesHomesDollar ValueAverage Sales Price
East345 323 5,093 4,787 $2,119,658 1,743,826 $416,000 364,000 
Central302 285 2,940 3,164 1,280,027 1,260,761 435,000 398,000 
Texas241 213 3,154 2,751 1,032,468 765,238 327,000 278,000 
West372 353 4,345 4,509 2,853,569 2,497,449 657,000 554,000 
Other3 7 6,418 2,728 917,000 909,000 
Total1,263 1,177 15,539 15,214 $7,292,140 6,270,002 $469,000 412,000 

Of the total new orders listed above, 34 homes with a dollar value of $12.1 million and an average sales price of $356,000 represent new orders in four active communities from unconsolidated entities for the three months ended November 30, 2021, compared to 34 new orders with a dollar value of $10.5 million and an average sales price of $309,000 in four active communities for the three months ended November 30, 2020.























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For the Years Ended November 30,
202120202021202020212020
Deliveries:HomesDollar ValueAverage Sales Price
East18,879 16,976 $6,846,153 5,725,481 $363,000 337,000 
Central12,138 10,684 4,807,195 4,084,514 396,000 382,000 
Texas10,939 9,425 3,204,609 2,640,762 293,000 280,000 
West17,850 15,814 10,503,304 8,400,943 588,000 531,000 
Other19 26 18,419 24,522 969,000 943,000 
Total59,825 52,925 $25,379,680 20,876,222 $424,000 394,000 
Of the total homes delivered listed above, 95 homes with a dollar value of $31.6 million and an average sales price of $332,000 represent home deliveries from unconsolidated entities for the year ended November 30, 2021, compared to 112 home deliveries with a dollar value of $36.1 million and an average sales price of $322,000 for the year ended November 30, 2020.

New Orders:HomesDollar ValueAverage Sales Price
East20,566 17,299 $7,908,164 6,010,047 $385,000 347,000 
Central12,871 11,905 5,366,197 4,602,720 417,000 387,000 
Texas12,382 10,078 3,833,294 2,752,008 310,000 273,000 
West18,703 16,868 11,725,035 9,005,958 627,000 534,000 
Other21 19 20,513 17,917 977,000 943,000 
Total64,543 56,169 $28,853,203 22,388,650 $447,000 399,000 
Of the total new orders listed above, 136 homes with a dollar value of $48.8 million and an average sales price of $359,000 represent new orders from unconsolidated entities for the year ended November 30, 2021, compared to 119 new orders with a dollar value of $37.3 million and an average sales price of $314,000 for the year ended November 30, 2020.

At November 30,
202120202021202020212020
Backlog:HomesDollar ValueAverage Sales Price
East (1)7,932 6,013 $3,448,719 2,310,935 $435,000 384,000 
Central5,104 4,371 2,321,174 1,762,172 455,000 403,000 
Texas4,266 2,823 1,453,270 824,584 341,000 292,000 
West6,465 5,612 4,135,161 2,913,432 640,000 519,000 
Other4 3,942 1,848 986,000 924,000 
Total23,771 18,821 $11,362,266 7,812,971 $478,000 415,000 
Of the total homes in backlog listed above, 79 homes with a backlog dollar value of $28.6 million and an average sales price of $363,000 represent the backlog from unconsolidated entities at November 30, 2021, compared to 38 homes with a backlog dollar value of $11.5 million and an average sales price of $302,000 at November 30, 2020.
(1)During both the three months and year ended November 30, 2021, the Company acquired 232 homes in backlog.

















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LENNAR CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(unaudited)
November 30,
20212020
ASSETS
Homebuilding:
Cash and cash equivalents$2,735,213 2,703,986 
Restricted cash21,927 15,211 
Receivables, net490,278 298,671 
Inventories:
Finished homes and construction in progress10,446,139 8,593,399 
Land and land under development7,108,142 7,495,262 
Consolidated inventory not owned1,161,023 836,567 
Total inventories18,715,304 16,925,228 
Investments in unconsolidated entities972,084 953,177 
Goodwill3,442,359 3,442,359 
Other assets1,090,654 1,190,793 
27,467,819 25,529,425 
Financial Services2,964,367 2,708,118 
Multifamily1,311,747 1,175,908 
Lennar Other1,463,845 521,726 
Total assets$33,207,778 29,935,177 
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,321,247 1,037,338 
Liabilities related to consolidated inventory not owned976,602706,691 
Senior notes and other debts payable, net4,652,338 5,955,758 
Other liabilities2,920,055 2,225,864 
9,870,242 9,925,651 
Financial Services1,906,343 1,644,248 
Multifamily288,930 252,911 
Lennar Other145,981 12,966 
Total liabilities12,211,496 11,835,776 
Stockholders’ equity:
Preferred stock — 
Class A common stock of $0.10 par value30,050 29,894 
Class B common stock of $0.10 par value3,944 3,944 
Additional paid-in capital8,807,891 8,676,056 
Retained earnings14,685,329 10,564,994 
Treasury stock(2,709,448)(1,279,227)
Accumulated other comprehensive loss(1,341)(805)
Total stockholders’ equity20,816,425 17,994,856 
Noncontrolling interests179,857 104,545 
Total equity20,996,282 18,099,401 
Total liabilities and equity$33,207,778 29,935,177 




12-12-12
LENNAR CORPORATION AND SUBSIDIARIES
Supplemental Data
(Dollars in thousands)
(unaudited)
November 30,
20212020
Homebuilding debt$4,652,338 5,955,758 
Stockholders' equity20,816,425 17,994,856 
Total capital$25,468,763 23,950,614 
Homebuilding debt to total capital18.3 %24.9 %
Homebuilding debt$4,652,338 5,955,758 
Less: Homebuilding cash and cash equivalents2,735,213 2,703,986 
Net homebuilding debt$1,917,125 3,251,772 
Net homebuilding debt to total capital (1)8.4 %15.3 %
(1)Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.


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Lennar Corp provided additional information to their SEC Filing as exhibits

Ticker: LEN
CIK: 920760
Form Type: 8-K Corporate News
Accession Number: 0001628280-21-025132
Submitted to the SEC: Wed Dec 15 2021 4:42:42 PM EST
Accepted by the SEC: Wed Dec 15 2021
Period: Wednesday, December 15, 2021
Industry: General Bldg Contractors Residential Bldgs
Events:
  1. Earnings Release
  2. Financial Exhibit

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