Lennar Corp Q3 2024 10-Q Filed

TL;DR

Lennar's Q3 2024 10-Q is in, showing segment performance for homebuilding, financial services, and multifamily.

AI Summary

Lennar Corporation filed its 10-Q for the period ending August 31, 2024. The company reported its financial results, including details on its homebuilding operations across various segments like East, Central, West, Houston, and Other. It also provided information on its financial services and multifamily segments. The filing covers the period from December 1, 2023, to August 31, 2024, and includes comparative data for the fiscal year ending November 30, 2023.

Why It Matters

This filing provides investors with an update on Lennar's financial performance and operational segments, crucial for understanding the company's health in the residential construction market.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 20240831 — Reporting Period End Date (Indicates the end of the fiscal quarter and nine months covered by the report.)
• 20231130 — Prior Fiscal Year End Date (Provides a comparative benchmark for the current reporting period.)

Key Players & Entities

• Lennar Corp (company) — Filer of the 10-Q
• August 31, 2024 (date) — End of the reporting period
• November 30, 2023 (date) — Previous fiscal year end
• Miami, FL (location) — Company headquarters

FAQ

Filing Documents

• len-20240831.htm (10-Q) — 2363KB
• len-ex311_2024831x10qq3.htm (EX-31.1) — 10KB
• len-ex312_2024831x10qq3.htm (EX-31.2) — 10KB
• len-ex313_2024831x10qq3.htm (EX-31.3) — 10KB
• len-ex32_2024831x10qq3.htm (EX-32) — 8KB
• 0001628280-24-041915.txt ( ) — 11444KB
• len-20240831.xsd (EX-101.SCH) — 68KB
• len-20240831_cal.xml (EX-101.CAL) — 73KB
• len-20240831_def.xml (EX-101.DEF) — 501KB
• len-20240831_lab.xml (EX-101.LAB) — 680KB
• len-20240831_pre.xml (EX-101.PRE) — 615KB
• len-20240831_htm.xml (XML) — 2184KB

Financial Information

Part I Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of August 31, 2024 and November 30, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended August 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended August 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 8

Forward-Looking Statements

Forward-Looking Statements 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

Item 4. Controls and Procedures 45

Other Information

Part II Other Information 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

- 4. Not Applicable

Item 3 - 4. Not Applicable 46

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 47

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Lennar Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Dollars in thousands) (Unaudited) August 31, November 30, 2024 (1) 2023 (1) ASSETS Homebuilding: Cash and cash equivalents $ 4,037,405 6,273,724 Restricted cash 12,600 13,481 Receivables, net 995,417 887,992 Inventories: Finished homes and construction in progress 11,373,606 10,455,666 Land and land under development 4,872,341 4,904,541 Inventory owned 16,245,947 15,360,207 Consolidated inventory not owned 3,842,592 2,992,528 Inventory owned and consolidated inventory not owned 20,088,539 18,352,735 Deposits and pre-acquisition costs on real estate 2,980,035 2,002,154 Investments in unconsolidated entities 1,309,622 1,143,909 Goodwill 3,442,359 3,442,359 Other assets 1,616,314 1,512,038 34,482,291 33,628,392 Financial Services 3,093,873 3,566,546 Multifamily 1,310,555 1,381,513 Lennar Other 854,263 657,852 Total assets $ 39,740,982 39,234,303 (1) Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of August 31, 2024, total assets include $ 3.3 billion related to consolidated VIEs of which $ 68.8 million is included in Homebuilding cash and cash equivalents, $ 7.0 million in Homebuilding receivables, net, $ 6.7 million in Homebuilding finished homes and construction in progress, $ 625.1 million in Homebuilding land and land under development, $ 2.5 billion in Homebuilding consolidated inventory not owned, $ 67.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities, $ 41.0 million in Homebuilding other a

View Full Filing

View this 10-Q filing on SEC EDGAR