MIAMI, March 19, 2015 /PRNewswire/ --
- Net earnings of $115.0
million, or $0.50 per diluted
share, compared to net earnings of $78.1
million, or $0.35 per diluted
share
- Deliveries of 4,302 homes – up 19%
- New orders of 5,287 homes – up 18%; new orders dollar value
of $1.8 billion – up 25%
- Backlog of 6,817 homes – up 20%; backlog dollar value of
$2.4 billion – up 24%
- Revenues of $1.6 billion – up
21%
- Lennar Homebuilding operating earnings of $207.6 million, compared to $162.2 million – up 28%:
- Operating metrics in this segment were in line with the
Company's previously stated goals:
- Gross margin on home sales of 23.1%
- S,G&A expenses as a % of revenues from home sales of
11.4%
- Operating margin on home sales of 11.7%
- Lennar Financial Services operating earnings of $15.5 million, compared to $4.5 million
- Rialto operating earnings (net of noncontrolling interests)
of $4.6 million, compared to
$2.6 million
- Lennar Multifamily operating loss of $5.7 million, compared to $6.2 million
- Lennar Homebuilding cash and cash equivalents of
$584 million
- Issued an additional $250
million of 4.50% senior notes due November 2019
- Lennar Homebuilding debt to total capital, net of cash and
cash equivalents, of 47.9%
Lennar Corporation (NYSE: LEN and LEN.B), one
of the nation's largest homebuilders, today reported results
for its first quarter ended February 28, 2015. First quarter
net earnings attributable to Lennar in 2015 were $115.0 million, or $0.50 per diluted share, compared to first
quarter net earnings attributable to Lennar in 2014 of $78.1 million, or $0.35 per diluted share.
Stuart Miller, Chief Executive
Officer of Lennar Corporation, said, "Despite severe weather
conditions which constrained production and sales in parts of the
country, the housing market continued its slow and steady
recovery. Early signals from this year's spring selling season
indicate that the housing market is improving, and disappointing
single family starts and permits numbers should rebound
shortly. The sizable production deficit of the past years
continues to drive demand improvement in spite of the constrained
mortgage market."
Mr. Miller continued, "Our core homebuilding business had gross
and operating margins of 23.1% and 11.7% in our first quarter,
respectively, which were consistent with our previously stated
guidance. Our new home deliveries and new order sales dollar value
increased 19% and 25%, respectively, compared to last year. Our
sales backlog dollar value increased 24% from last year to
approximately $2.4 billion, keeping
us well positioned going forward.
Complementing our homebuilding business, our Financial Services
segment's earnings increased to $15.5
million in our first quarter from $4.5 million in 2014, primarily driven by our
strategic positioning to capture the increased refinance activity
from lower rates in the first quarter.
As an offshoot of the constraint in the mortgage market, rental
rates have continued to rise across the country, benefiting our
extensive pipeline of rental properties. Rental demand has
continued to outpace "for sale" demand, and we expect our maturing
rental business to contribute to earnings in the latter part of the
year.
Through our investment in El
Toro, which is managed by FivePoint Communities, we earned
$31.3 million primarily from the sale
of approximately 600 homesites to third parties. Given the scarcity
of high quality land in California, FivePoint couldn't be better
positioned.
Finally, our Rialto business segment generated $4.6 million of income and continues to emerge as
a best in class asset manager. Rialto's fund investments are poised
for strong long-term returns and its mortgage conduit business
continues to produce steady, current earnings."
Mr. Miller concluded, "While our homebuilding business continues
to be the primary driver of our quarterly earnings, we are in an
excellent position across all of our platforms and anticipate that
our ancillary businesses will further define themselves this
year."
RESULTS OF OPERATIONS
THREE MONTHS ENDED FEBRUARY 28, 2015 COMPARED TO
THREE
MONTHS ENDED FEBRUARY 28,
2014
Lennar Homebuilding
Revenues from home sales increased 23% in the first quarter of
2015 to $1.4 billion from
$1.1 billion in the first quarter of
2014. Revenues were higher primarily due to a 20% increase in the
number of home deliveries, excluding unconsolidated entities, and a
3% increase in the average sales price of homes delivered. New home
deliveries, excluding unconsolidated entities, increased to 4,301
homes in the first quarter of 2015 from 3,597 homes in the first
quarter of 2014. There was an increase in home deliveries in all of
the Company's Homebuilding segments and Homebuilding Other. The
average sales price of homes delivered increased to $326,000 in the first quarter of 2015 from
$316,000 in the first quarter of
2014. Sales incentives offered to homebuyers were $21,800 per home delivered in the first quarter
of 2015, or 6.3% as a percentage of home sales revenue, compared to
$21,300 per home delivered in the
first quarter of 2014, or 6.3% as a percentage of home sales
revenue, and $23,100 per home
delivered in the fourth quarter of 2014, or 6.6% as a percentage of
home sales revenue.
Gross margins on home sales were $324.8
million, or 23.1%, in the first quarter of 2015, compared to
$286.1 million, or 25.1%, in the
first quarter of 2014. Gross margin percentage on home sales
decreased compared to the first quarter of 2014, primarily due to
an increase in materials, labor and land costs, partially offset by
an increase in the average sales price of homes delivered. In
addition, gross margin on home sales in the first quarter of 2014
included a $5.5 million insurance
recovery, which represented 50 basis points in that period.
Gross profits on land sales totaled $12.1
million in the first quarter of 2015, compared to
$16.1 million in the first quarter of
2014.
Selling, general and administrative expenses were $160.4 million in the first quarter of 2015,
compared to $135.1 million in the
first quarter of 2014. As a percentage of revenues from home sales,
selling, general and administrative expenses improved to 11.4% in
the first quarter of 2015, from 11.8% in the first quarter of 2014
due to improved operating leverage as a result of an increase in
home deliveries as well as a 30 basis point reduction due to a
decrease in insurance reserves.
Lennar Homebuilding equity in earnings from unconsolidated
entities was $28.9 million in the
first quarter of 2015, compared to $5.0
million in the first quarter of 2014. In the first quarter
of 2015, Lennar Homebuilding equity in earnings from unconsolidated
entities included $31.3 million
primarily related to sales of approximately 600 homesites to third
parties by El Toro, one of the
Company's unconsolidated entities, partially offset by the
Company's share of operating losses of various Lennar Homebuilding
unconsolidated entities. In the first quarter of 2014, Lennar
Homebuilding equity in earnings from unconsolidated entities
included $4.5 million primarily
related to a third-party land sale by one of the Company's
unconsolidated entities.
Lennar Homebuilding other income, net, totaled $6.3 million in the first quarter of 2015,
compared to $2.9 million in the first
quarter of 2014. In the first quarter of 2015, other income, net
included a $6.5 million gain on the
sale of an operating property.
Lennar Homebuilding interest expense was $38.0 million in the first quarter of 2015
($33.5 million was included in cost
of homes sold, $0.4 million in cost
of land sold and $4.1 million in
other interest expense), compared to $41.0
million in the first quarter of 2014 ($26.4 million was included in cost of homes sold,
$1.8 million in cost of land sold and
$12.7 million in other interest
expense). Interest expense decreased primarily due to an increase
in qualifying assets eligible for interest capitalization,
partially offset by an increase in the Company's outstanding debt
and an increase in home deliveries.
Lennar Financial Services
Operating earnings for the Lennar Financial Services segment
were $15.5 million in the first
quarter of 2015, compared to $4.5
million in the first quarter of 2014. The increase in
profitability was primarily due to an increase in volume in the
mortgage and title operations as a result of an increase in
refinance transactions. The increase in mortgage originations is
also the result of increased Lennar home deliveries coupled with a
higher capture rate and an expanded retail presence due to an
acquisition in the second quarter of 2014.
Rialto
Operating earnings for the Rialto segment were $4.6 million in the first quarter of 2015 (which
included $2.8 million of operating
earnings and an add back of $1.8
million of net loss attributable to noncontrolling
interests), compared to operating earnings of $2.6 million (which included $3.5 million of operating earnings, partially
offset by $0.9 million of net
earnings attributable to noncontrolling interests) in the first
quarter of 2014.
Revenues in this segment were $41.2
million in the first quarter of 2015, compared to
$47.0 million in the first quarter of
2014. Revenues decreased primarily due to a decrease in interest
income as a result of a decrease in the portfolio of loans Rialto
owns because of loan collections, resolutions and real estate owned
("REO") foreclosures. This decrease was partially offset by the
receipt of $6.5 million of advanced
distributions with regard to Rialto's carried interests in Rialto
Real Estate Fund, LP ("Fund I") and Rialto Real Estate Fund II, LP
("Fund II") in order to cover income tax obligations resulting from
the allocations of taxable income due to Rialto's carried interests
in Fund I and Fund II.
Expenses in this segment were $40.8
million in the first quarter of 2015, compared to
$47.6 million in the first quarter of
2014. Expenses decreased primarily due to a decrease in loan
impairments of $5.5 million and in
other general and administrative expenses, partially offset by an
increase in interest expense and Rialto Mortgage Finance
securitization expenses.
Rialto equity in earnings from unconsolidated entities was
$2.7 million and $5.4 million in the first quarter of 2015 and
2014, respectively, primarily related to the segment's share of
earnings from the Rialto real estate funds. The decrease in equity
in earnings was related to decreased fair value mark-ups related to
certain assets in the Rialto real estate funds.
In the first quarter of 2015, Rialto other expense, net, was
$0.3 million, which consisted
primarily of expenses related to owning and maintaining REO,
$2.5 million of impairments on REO
and other expenses, partially offset by net realized gains on the
sale of REO of $3.1 million and
rental and other income. In the first quarter of 2014, Rialto other
expense, net, was $1.2 million, which
consisted primarily of expenses related to owning and maintaining
REO, $2.3 million of impairments on
REO and other expenses, partially offset by net realized gains on
the sale of REO of $9.5 million and
rental and other income.
Lennar Multifamily
Operating loss for the Lennar Multifamily segment was
$5.7 million in the first quarter of
2015, compared to $6.2 million in the
first quarter of 2014. In both the first quarter of 2015 and 2014,
operating loss primarily related to general and administrative
expenses, partially offset by management fee income.
Corporate General and Administrative Expenses
Corporate general and administrative expenses were $43.7 million, or 2.7% as a percentage of total
revenues, in the first quarter of 2015, compared to $38.1 million, or 2.8% as a percentage of total
revenues, in the first quarter of 2014. As a percentage of total
revenues, corporate general and administrative expenses improved
due to increased operating leverage.
Noncontrolling Interests
Net earnings attributable to noncontrolling interests were
$2.0 million and $1.8 million in the first quarter of 2015 and
2014, respectively. Net earnings attributable to noncontrolling
interests during the first quarter of 2015 were primarily
attributable to noncontrolling interests related to the Company's
homebuilding operations, partially offset by a net loss related to
the FDIC's interest in the portfolio of real estate loans that
the Company acquired in partnership with the FDIC. Net earnings
attributable to noncontrolling interests during the first quarter
of 2014 were primarily attributable to noncontrolling interests in
the Company's homebuilding operations and Rialto.
Debt Transactions
During the first quarter of 2015, the Company issued an
additional $250 million of its 4.50%
senior notes due November 2019. The
net proceeds of the sales are being used for working capital and
general corporate purposes.
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's
largest builders of quality homes for all generations. The Company
builds affordable, move-up and retirement homes primarily under the
Lennar brand name. Lennar's Financial Services segment provides
mortgage financing, title insurance and closing services for both
buyers of the Company's homes and others. Lennar's Rialto segment
is a vertically integrated asset management platform focused on
investing throughout the commercial real estate capital structure.
Lennar's Multifamily segment is a nationwide developer of
high-quality multifamily rental properties. Previous press releases
and further information about the Company may be obtained at the
"Investor Relations" section of the Company's website,
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 regarding our belief regarding
improvement in the housing market, our belief that single family
starts and permits numbers should rebound shortly, our belief that
our maturing rental business will contribute to earnings in the
latter part of the year, our belief regarding FivePoint's position,
our belief that Rialto's fund investments are poised for strong
long-term returns and our belief that we are in excellent positions
across all our platforms. 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 in the
forward-looking statements. Important factors that could cause such
differences include increases in operating costs, including costs
related to real estate taxes, construction materials, labor and
insurance, and our ability to manage our cost structure, both in
our Lennar Homebuilding and Lennar Multifamily businesses; a
slowdown in the recovery of real estate markets across the nation,
or any downturn in such markets, including a slowdown or downturn
in the multifamily rental market; unfavorable or unanticipated
losses in legal proceedings that substantially exceed our
expectations; decreased demand for our Lennar Multifamily rental
properties, and our ability to successfully sell our apartments;
natural disasters or catastrophic events for which our insurance
may not provide adequate coverage; a decline in the value of the
land and home inventories we maintain or possible future
write-downs of the carrying value of our real estate assets; the
inability of the Rialto segment to profit from the investments it
makes; reduced availability of mortgage financing and increased
interest rates; 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, 2014. 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 first quarter
earnings will be held at 11:00 a.m. Eastern
Time on Thursday, March 19,
2015. 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
402-220-5072 and entering 5723593 as the confirmation number.
LENNAR CORPORATION
AND SUBSIDIARIES
|
Selected Revenues and
Operating Information
|
(In thousands, except
per share amounts)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
February
28,
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
Lennar
Homebuilding
|
$
|
1,441,658
|
|
|
1,231,385
|
|
Lennar Financial
Services
|
124,827
|
|
|
76,952
|
|
Rialto
|
41,197
|
|
|
46,955
|
|
Lennar
Multifamily
|
36,457
|
|
|
7,803
|
|
Total
revenues
|
$
|
1,644,139
|
|
|
1,363,095
|
|
|
|
|
|
Lennar Homebuilding
operating earnings
|
$
|
207,644
|
|
|
162,218
|
|
Lennar Financial
Services operating earnings
|
15,527
|
|
|
4,465
|
|
Rialto operating
earnings
|
2,808
|
|
|
3,504
|
|
Lennar Multifamily
operating loss
|
(5,682)
|
|
|
(6,199)
|
|
Corporate general and
administrative expenses
|
(43,654)
|
|
|
(38,112)
|
|
Earnings before
income taxes
|
176,643
|
|
|
125,876
|
|
Provision for income
taxes
|
(59,726)
|
|
|
(45,911)
|
|
Net earnings
(including net earnings attributable to noncontrolling
interests)
|
116,917
|
|
|
79,965
|
|
Less: Net earnings
attributable to noncontrolling interests
|
1,954
|
|
|
1,848
|
|
Net earnings
attributable to Lennar
|
$
|
114,963
|
|
|
78,117
|
|
|
|
|
|
Average shares
outstanding:
|
|
|
|
Basic
|
202,930
|
|
|
201,955
|
|
Diluted
|
230,316
|
|
|
227,634
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
$
|
0.56
|
|
|
0.38
|
|
Diluted
(1)
|
$
|
0.50
|
|
|
0.35
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
Interest incurred
(2)
|
$
|
70,259
|
|
|
65,918
|
|
|
|
|
|
EBIT
(3):
|
|
|
|
Net earnings
attributable to Lennar
|
$
|
114,963
|
|
|
78,117
|
|
Provision for income
taxes
|
59,726
|
|
|
45,911
|
|
Interest
expense
|
38,031
|
|
|
40,984
|
|
EBIT
|
$
|
212,720
|
|
|
165,012
|
|
|
|
(1)
|
Diluted earnings per
share includes an add back of interest of $2.0 million for both the
three months ended February 28, 2015 and 2014 related to the
Company's 3.25% convertible senior notes.
|
(2)
|
Amount represents
interest incurred related to Lennar Homebuilding debt.
|
(3)
|
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.
|
LENNAR CORPORATION
AND SUBSIDIARIES
|
Segment
Information
|
(In
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
February
28,
|
|
2015
|
|
2014
|
Lennar
Homebuilding revenues:
|
|
|
|
Sales of
homes
|
$
|
1,403,568
|
|
|
1,140,231
|
|
Sales of
land
|
38,090
|
|
|
91,154
|
|
Total
revenues
|
1,441,658
|
|
|
1,231,385
|
|
|
|
|
|
Lennar
Homebuilding costs and expenses:
|
|
|
|
Cost of homes
sold
|
1,078,796
|
|
|
854,178
|
|
Cost of land
sold
|
26,025
|
|
|
75,072
|
|
Selling, general and
administrative
|
160,354
|
|
|
135,105
|
|
Total costs and
expenses
|
1,265,175
|
|
|
1,064,355
|
|
Lennar
Homebuilding operating margins
|
176,483
|
|
|
167,030
|
|
Lennar Homebuilding
equity in earnings from unconsolidated entities
|
28,899
|
|
|
4,990
|
|
Lennar Homebuilding
other income, net
|
6,333
|
|
|
2,889
|
|
Other interest
expense
|
(4,071)
|
|
|
(12,691)
|
|
Lennar
Homebuilding operating earnings
|
$
|
207,644
|
|
|
162,218
|
|
|
|
|
|
Lennar Financial
Services revenues
|
$
|
124,827
|
|
|
76,952
|
|
Lennar Financial
Services costs and expenses
|
109,300
|
|
|
72,487
|
|
Lennar Financial
Services operating earnings
|
$
|
15,527
|
|
|
4,465
|
|
|
|
|
|
Rialto
revenues
|
$
|
41,197
|
|
|
46,955
|
|
Rialto costs and
expenses
|
40,781
|
|
|
47,576
|
|
Rialto equity in
earnings from unconsolidated entities
|
2,664
|
|
|
5,354
|
|
Rialto other expense,
net
|
(272)
|
|
|
(1,229)
|
|
Rialto operating
earnings
|
$
|
2,808
|
|
|
3,504
|
|
|
|
|
|
Lennar Multifamily
revenues
|
$
|
36,457
|
|
|
7,803
|
|
Lennar Multifamily
costs and expenses
|
41,961
|
|
|
13,927
|
|
Lennar Multifamily
equity in loss from unconsolidated entities
|
(178)
|
|
|
(75)
|
|
Lennar Multifamily
operating loss
|
$
|
(5,682)
|
|
|
(6,199)
|
|
LENNAR CORPORATION
AND SUBSIDIARIES
|
Summary of
Deliveries, New Orders and Backlog
|
(Dollars in
thousands, except average sales price)
|
(unaudited)
|
|
|
At or for the
Three Months Ended February 28,
|
Deliveries:
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
East
|
1,608
|
|
|
1,394
|
|
|
$
|
456,820
|
|
|
391,973
|
|
|
$
|
284,000
|
|
|
281,000
|
|
Central
|
681
|
|
|
522
|
|
|
204,740
|
|
|
139,815
|
|
|
301,000
|
|
|
268,000
|
|
West
|
926
|
|
|
732
|
|
|
382,660
|
|
|
305,291
|
|
|
413,000
|
|
|
417,000
|
|
Southeast
Florida
|
378
|
|
|
298
|
|
|
130,498
|
|
|
101,807
|
|
|
345,000
|
|
|
342,000
|
|
Houston
|
461
|
|
|
438
|
|
|
124,930
|
|
|
122,119
|
|
|
271,000
|
|
|
279,000
|
|
Other
|
248
|
|
|
225
|
|
|
104,190
|
|
|
86,719
|
|
|
420,000
|
|
|
385,000
|
|
Total
|
4,302
|
|
|
3,609
|
|
|
$
|
1,403,838
|
|
|
1,147,724
|
|
|
$
|
326,000
|
|
|
318,000
|
|
|
Of the total homes
delivered listed above, one home with a dollar value and a sales
price of $270,000 represents home deliveries from unconsolidated
entities for the three months ended February 28, 2015, compared to
12 home deliveries with a dollar value of $7.5 million and an
average sales price of $624,000 for the three months ended February
28, 2014.
|
New
Orders:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
East
|
1,980
|
|
|
1,646
|
|
|
$
|
601,596
|
|
|
470,618
|
|
|
$
|
304,000
|
|
|
286,000
|
|
Central
|
912
|
|
|
766
|
|
|
286,675
|
|
|
218,127
|
|
|
314,000
|
|
|
285,000
|
|
West
|
1,190
|
|
|
839
|
|
|
527,584
|
|
|
378,709
|
|
|
443,000
|
|
|
451,000
|
|
Southeast
Florida
|
350
|
|
|
366
|
|
|
124,424
|
|
|
119,648
|
|
|
355,000
|
|
|
327,000
|
|
Houston
|
520
|
|
|
560
|
|
|
145,723
|
|
|
156,683
|
|
|
280,000
|
|
|
280,000
|
|
Other
|
335
|
|
|
288
|
|
|
142,779
|
|
|
118,325
|
|
|
426,000
|
|
|
411,000
|
|
Total
|
5,287
|
|
|
4,465
|
|
|
$
|
1,828,781
|
|
|
1,462,110
|
|
|
$
|
346,000
|
|
|
327,000
|
|
|
Of the total new
orders listed above, 26 homes with a dollar value of $12.3 million
and an average sales price of $473,000 represent new orders from
unconsolidated entities for the three months ended February 28,
2015, compared to 12 new orders with a dollar value of $6.4 million
and an average sales price of $536,000 for the three months ended
February 28, 2014.
|
Backlog:
|
Homes
|
|
Dollar
Value
|
|
Average Sales
Price
|
East
|
2,584
|
|
|
2,220
|
|
|
$
|
816,524
|
|
|
681,062
|
|
|
$
|
316,000
|
|
|
307,000
|
|
Central
|
1,192
|
|
|
888
|
|
|
392,743
|
|
|
275,229
|
|
|
329,000
|
|
|
310,000
|
|
West
|
1,255
|
|
|
723
|
|
|
582,324
|
|
|
331,298
|
|
|
464,000
|
|
|
458,000
|
|
Southeast
Florida
|
548
|
|
|
675
|
|
|
208,603
|
|
|
233,976
|
|
|
381,000
|
|
|
347,000
|
|
Houston
|
889
|
|
|
791
|
|
|
246,663
|
|
|
215,424
|
|
|
277,000
|
|
|
272,000
|
|
Other
|
349
|
|
|
365
|
|
|
152,072
|
|
|
201,227
|
|
|
436,000
|
|
|
551,000
|
|
Total
|
6,817
|
|
|
5,662
|
|
|
$
|
2,398,929
|
|
|
1,938,216
|
|
|
$
|
352,000
|
|
|
342,000
|
|
|
Of the total homes in
backlog listed above, 92 homes with a backlog dollar value of $51.9
million and an average sales price of $564,000 represent the
backlog from unconsolidated entities at February 28, 2015,
compared to 4 homes with a backlog dollar value of $1.4
million and an average sales price of $359,000 at February 28,
2014.
|
Lennar's reportable
homebuilding segments and all other homebuilding operations not
required to be reported separately, have operations located
in:
|
|
|
East:
Florida(1), Georgia, Maryland, New Jersey, North
Carolina, South Carolina and Virginia
|
Central:
Arizona, Colorado and Texas(2)
|
West:
California and Nevada
|
Southeast
Florida: Southeast Florida
|
Houston:
Houston, Texas
|
Other:
Illinois, Minnesota, Oregon, Tennessee and Washington
|
|
|
(1)
|
Florida in the East
reportable segment excludes Southeast Florida, which is its own
reportable segment.
|
(2)
|
Texas in the Central
reportable segment excludes Houston, Texas, which is its own
reportable segment.
|
LENNAR CORPORATION
AND SUBSIDIARIES
|
Supplemental
Data
|
(Dollars in
thousands)
|
(unaudited)
|
|
|
February
28,
|
|
November
30,
|
|
February
28,
|
|
2015
|
|
2014
|
|
2014
|
Lennar Homebuilding
debt
|
$
|
5,133,118
|
|
|
4,690,213
|
|
|
4,664,715
|
|
Stockholders'
equity
|
4,952,334
|
|
|
4,827,020
|
|
|
4,260,158
|
|
Total
capital
|
$
|
10,085,452
|
|
|
9,517,233
|
|
|
8,924,873
|
|
Lennar
Homebuilding debt to total capital
|
50.9
|
%
|
|
49.3
|
%
|
|
52.3
|
%
|
|
|
|
|
|
|
Lennar Homebuilding
debt
|
$
|
5,133,118
|
|
|
4,690,213
|
|
|
4,664,715
|
|
Less: Lennar
Homebuilding cash and cash equivalents
|
583,754
|
|
|
885,729
|
|
|
645,691
|
|
Net Lennar
Homebuilding debt
|
$
|
4,549,364
|
|
|
3,804,484
|
|
|
4,019,024
|
|
Net Lennar
Homebuilding debt to total capital (1)
|
47.9
|
%
|
|
44.1
|
%
|
|
48.5
|
%
|
|
(1)
|
Net Lennar
Homebuilding debt to total capital is a non-GAAP financial measure
defined as net Lennar Homebuilding debt (Lennar Homebuilding debt
less Lennar Homebuilding cash and cash equivalents) divided by
total capital (net Lennar Homebuilding debt plus stockholders'
equity). The Company believes the ratio of net Lennar Homebuilding
debt to total capital is a relevant and a useful financial measure
to investors in understanding the leverage employed in Lennar
Homebuilding operations. However, because net Lennar 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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lennar-reports-first-quarter-eps-of-050-300052874.html
SOURCE Lennar Corporation