$LEN
LENNAR CORP /NEW/

2021 Q2 Form 10-Q Financial Statement

#000162828021013462 Filed on July 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $6.430B $5.287B
YoY Change 21.62% -4.95%
Cost Of Revenue $5.110B $4.455B
YoY Change 14.7% -7.0%
Gross Profit $1.320B $1.062B
YoY Change 24.27% 2.28%
Gross Profit Margin 20.53% 20.09%
Selling, General & Admin $90.70M $83.50M
YoY Change 8.62% 9.72%
% of Gross Profit 6.87% 7.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.40M $24.10M
YoY Change -7.05% 6.64%
% of Gross Profit 1.7% 2.27%
Operating Expenses $109.6M $90.10M
YoY Change 21.64% -27.92%
Operating Profit $1.202B $760.0M
YoY Change 58.16% 19.59%
Interest Expense -$265.1M -$126.9M
YoY Change 108.9% 44.2%
% of Operating Profit -22.05% -16.7%
Other Income/Expense, Net
YoY Change
Pretax Income $1.097B $676.6M
YoY Change 62.12% 20.95%
Income Tax $260.1M $160.5M
% Of Pretax Income 23.71% 23.72%
Net Earnings $831.4M $517.4M
YoY Change 60.68% 22.76%
Net Earnings / Revenue 12.93% 9.79%
Basic Earnings Per Share $2.66 $1.66
Diluted Earnings Per Share $2.65 $1.65
COMMON SHARES
Basic Shares Outstanding 308.9M shares 308.4M shares
Diluted Shares Outstanding 308.9M shares 308.4M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.738B $1.642B
YoY Change 66.75% 65.19%
Cash & Equivalents $2.738B $1.642B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $18.74B $18.28B
Prepaid Expenses
Receivables $776.0M $894.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.25B $20.81B
YoY Change 6.91% 2.51%
LONG-TERM ASSETS
Property, Plant & Equipment $157.0M $128.0M
YoY Change 22.66% -63.22%
Goodwill $3.632B $3.632B
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $2.081B $2.045B
YoY Change 1.73% -9.61%
Other Assets $1.061B $1.178B
YoY Change -9.93% -18.65%
Total Long-Term Assets $8.973B $8.497B
YoY Change 5.6% -8.45%
TOTAL ASSETS
Total Short-Term Assets $22.25B $20.81B
Total Long-Term Assets $8.973B $8.497B
Total Assets $31.22B $29.31B
YoY Change 6.53% -0.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.171B $1.034B
YoY Change 13.25% -16.88%
Accrued Expenses $166.0M $138.0M
YoY Change 20.29%
Deferred Revenue
YoY Change
Short-Term Debt $930.0M $1.442B
YoY Change -35.51% -20.73%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.267B $2.614B
YoY Change -13.27% -14.66%
LONG-TERM LIABILITIES
Long-Term Debt $5.894B $7.496B
YoY Change -21.37% -15.21%
Other Long-Term Liabilities $3.360B $2.568B
YoY Change 30.84% 5.55%
Total Long-Term Liabilities $9.254B $10.06B
YoY Change -8.05% -10.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.267B $2.614B
Total Long-Term Liabilities $9.254B $10.06B
Total Liabilities $11.52B $12.68B
YoY Change -9.11% -11.58%
SHAREHOLDERS EQUITY
Retained Earnings $12.24B $9.133B
YoY Change 34.04% 28.04%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.453B $1.254B
YoY Change 15.87% 133.45%
Treasury Stock Shares
Shareholders Equity $19.58B $16.54B
YoY Change
Total Liabilities & Shareholders Equity $31.22B $29.31B
YoY Change 6.53% -0.93%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $831.4M $517.4M
YoY Change 60.68% 22.76%
Depreciation, Depletion And Amortization $22.40M $24.10M
YoY Change -7.05% 6.64%
Cash From Operating Activities $332.6M $927.8M
YoY Change -64.15% 881.8%
INVESTING ACTIVITIES
Capital Expenditures -$15.20M -$7.800M
YoY Change 94.87% -61.76%
Acquisitions
YoY Change
Other Investing Activities $58.40M -$179.4M
YoY Change -132.55% -2738.24%
Cash From Investing Activities $43.30M -$187.2M
YoY Change -123.13% 1276.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -188.1M -158.8M
YoY Change 18.45% 29.74%
NET CHANGE
Cash From Operating Activities 332.6M 927.8M
Cash From Investing Activities 43.30M -187.2M
Cash From Financing Activities -188.1M -158.8M
Net Change In Cash 187.8M 581.8M
YoY Change -67.72% -1501.93%
FREE CASH FLOW
Cash From Operating Activities $332.6M $927.8M
Capital Expenditures -$15.20M -$7.800M
Free Cash Flow $347.8M $935.6M
YoY Change -62.83% 714.27%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
LENNAR CORP /NEW/
dei Entity Central Index Key
EntityCentralIndexKey
0000920760
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--11-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Type
DocumentType
10-Q
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
AmendmentFlag
false
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2021-05-31
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
1-11749
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
95-4337490
dei Entity Address Address Line1
EntityAddressAddressLine1
700 Northwest 107th Avenue
dei Entity Address City Or Town
EntityAddressCityOrTown
Miami
dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
33172
dei City Area Code
CityAreaCode
305
dei Local Phone Number
LocalPhoneNumber
559-4000
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
false
dei Entity Shell Company
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2932730000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1468691000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2782945000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1656882000 USD
us-gaap Use Of Estimates
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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</span></div>
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P4D
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2021 presentation. The Company reclassed the balance of its investment in Doma, formerly States Title, to which the Company sold the majority of the Financial Services segment's retail title agency business and title insurance underwriter in the first quarter of 2019, from the Financial Services segment to the Lennar Other segment in the Condensed Consolidated Balance Sheets for all periods presented. This was reclassed to be included in our strategic technology investments as the entity has announced that it will merge with a publicly traded special purpose acquisition company. In addition, the Company reflected its contributions to its charitable foundation in a new line on its Condensed Consolidated Statements of Operations for all periods presented. This was previously reflected in the Corporate general and administrative line. These reclassifications had no impact on the Company's total assets, total equity, revenues or net earnings in its condensed consolidated financial statements.</span></div>
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us-gaap Revenues
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9481000 USD
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5829000 USD
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16193377000 USD
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516098000 USD
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651000 USD
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80148000 USD
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4767000 USD
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18099401000 USD
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17226000 USD
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21501000 USD
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0.237
us-gaap Common Stock Dividends Per Share Cash Paid
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0.125
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25000000 shares
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IncomeTaxExpenseBenefit
260113000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
160479000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
570218000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
192808000 USD
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0.237
us-gaap Effective Income Tax Rate Continuing Operations
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0.174
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831363000 USD
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517406000 USD
us-gaap Net Income Loss
NetIncomeLoss
1832732000 USD
us-gaap Net Income Loss
NetIncomeLoss
915858000 USD
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PreferredStockDividendsAndOtherAdjustments
776000 USD
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PreferredStockDividendsAndOtherAdjustments
357000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1406000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
690000 USD
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10308000 USD
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5931000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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22026000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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9962000 USD
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1569000 USD
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DilutiveSecuritiesEffectonBasicEarningsPerShareAttributabletoNoncontrollingInterest
3322000 USD
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2122000 USD
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3322000 USD
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CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
507796000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1807178000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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901884000 USD
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308893000 shares
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308373000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
308957000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
309793000 shares
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
308373000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
308957000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
309794000 shares
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EarningsPerShareBasic
2.66
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.66
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.86
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.92
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2.65
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EarningsPerShareDiluted
1.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.91
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348100000 USD
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287413000 USD
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StandardProductWarrantyAccrual
341765000 USD
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StandardProductWarrantyAccrual
294138000 USD
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51690000 USD
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46272000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
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94618000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
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84543000 USD
CY2021Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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13119000 USD
CY2020Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
7707000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
18760000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
13611000 USD
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StandardProductWarrantyAccrualPayments
51168000 USD
CY2020Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
39930000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
93402000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
90830000 USD
CY2021Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
361741000 USD
CY2020Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
301462000 USD
CY2021Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
361741000 USD
CY2020Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
301462000 USD
CY2021Q2 len Numberof Communities Assessedfor Impairment
NumberofCommunitiesAssessedforImpairment
10 community
len Numberof Communities Impaired
NumberofCommunitiesImpaired
1 community
us-gaap Inventory Write Down
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11849000 USD
CY2020Q2 len Numberof Active Communities
NumberofActiveCommunities
1241 community
CY2020Q2 len Numberof Communities Assessedfor Impairment
NumberofCommunitiesAssessedforImpairment
41 community
len Numberof Communities Impaired
NumberofCommunitiesImpaired
9 community
us-gaap Inventory Write Down
InventoryWriteDown
32072000 USD
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OperatingLeaseRightOfUseAsset
157444000 USD
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OperatingLeaseRightOfUseAsset
113390000 USD
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OperatingLeaseLiability
165761000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
122836000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y4M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M24D
CY2021Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.030
CY2020Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.031
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
17932000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
32834000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
26699000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
21552000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
17530000 USD
CY2021Q2 len Lessee Operating Lease Liability Payments Dueafter Year Four
LesseeOperatingLeaseLiabilityPaymentsDueafterYearFour
71177000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
187724000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
21963000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
165761000 USD
CY2021Q2 len Lessee Operating Lease Liability Variable Lease Payments Due
LesseeOperatingLeaseLiabilityVariableLeasePaymentsDue
12900000 USD
CY2021Q2 len Lessee Operating Lease Liability Shortterm Lease Payments Due
LesseeOperatingLeaseLiabilityShorttermLeasePaymentsDue
1700000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y4M24D
CY2021Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.030
us-gaap Operating Lease Cost
OperatingLeaseCost
41662000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
41131000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
18122000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
28958000 USD

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