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LEN Stock Price Correlated With Lennar Financials
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Income Statement
Cash Flow
Balance Sheet
LEN Income Statement
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Revenue, Net:
Cost of Goods & Services Sold:
Gross Profit:
Selling, General & Admin Expense:
Research & Development Expense:
Total Operating Expenses:
Operating Income:
Income Taxes:
Net Income:
LEN Cash Flow
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Operating Activities Net Income:
Depreciation, Depletion & Amortization:
Change in Accounts Receiveable:
Net Cash from Operations:
Repurchases/Buybacks Common Stock:
Issuance of Long-term Debt:
Cash Dividends Paid:
Net Cash from Financing Activities:
Property, Plant & Equipment Purchases:
Purchases of Businesses, Net of Cash:
Net Cash from Investing Activities:
Net Change in Cash & Equivalents:
LEN Balance Sheet
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Cash and Cash Equivalents:
Short-Term Investments:
Accounts Receivable, Net:
Inventories:
Total Current Assets:
Property, Plant & Equipment, Net:
Total Assets:
Accounts Payable:
Current Portion of Long-Term Debt:
Total Short-Term Liabilities:
Long Term Debt, Non-Current Portion:
Total Long-Term Liabilities:
Total Liabilities:
Major Holders (from 13F filings)
Investment Type
Change
Value (x$1000)
increase or decrease
Vanguard Group
28,126,909 sh
-249,705 sh
-1%
-1%
$3,524,582
$541,917
Blackrock.
21,740,486 sh
1,634,608 sh
8%
8%
$2,724,301
-$1,816,857,690
Wellington Management Group Llp
13,565,922 sh
-1,271,912 sh
-9%
-9%
$1,699,946
-$1,341,124,034
Capital World Investors
12,870,505 sh
-13,358,467 sh
-51%
-51%
$1,612,700
-$1,144,227
Aristotle Capital Management
11,661,805 sh
-289,511 sh
-2%
-2%
$1,461,341
$205,138
State Street
11,439,644 sh
454,128 sh
4%
4%
$1,433,502
$278,819
FMR
10,980,063 sh
2,146,214 sh
24%
24%
$1,375,910
$447,384
Greenhaven Associates
9,066,250 sh
-198,015 sh
-2%
-2%
$1,136,092
-$837,279,891
Manufacturers Life Insurancempany, The
6,177,362 sh
-974,572 sh
-14%
-14%
$774,081
$22,350
Geode Capital Management
5,466,631 sh
109,959 sh
2%
2%
$683,328
$121,438
Dimensional Fund Advisors
3,533,485 sh
86,223 sh
3%
3%
$442,754
$185,737
Morgan Stanley
3,325,124 sh
309,726 sh
10%
10%
$416,673
$99,723
Smead Capital Management.
3,012,527 sh
465,187 sh
18%
18%
$377,500
$187,596
Bank Of America /De/
2,840,668 sh
2,829,768 sh
25961%
25961%
$355,963
$355,150
Northernrp
2,758,672 sh
-225,353 sh
-8%
-8%
$345,689
$32,038
Invesco.
2,417,454 sh
-111,830 sh
-4%
-4%
$302,930
-$228,597,276
Pacer Advisors.
2,285,838 sh
-181,663 sh
-7%
-7%
$286,438
$27,079
Principal Financial Group
2,280,276 sh
12,717 sh
1%
1%
$285,741
$47,397
Sanders Capital
2,149,344 sh
-917,841 sh
-30%
-30%
$269,334
-$53,058
Goldman Sachs Group
2,133,706 sh
403,322 sh
23%
23%
$267,374
$85,493
COMPANY PROFILE
Basis of Presentation Basis of Consolidation
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2021. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Form 10-K for the year ended November 30, 2021. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for both the three and six months ended May 31, 2022 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
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.
Cash and Cash Equivalents
Homebuilding cash and cash equivalents as of May 31, 2022 and November 30, 2021 included $859.8 million and $940.4 million, respectively, of cash held in escrow. On average for the three months ended May 31, 2022, cash was held in escrow for approximately two days.
Homebuilding Revenue Recognition
Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of the homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the three months ended May 31, 2022 and 2021, sales incentives offered to homebuyers averaged $7,200 per home, or 1.5% as a percentage of home sales revenues, and $9,000 per home, or 2.1% as a percentage of home sales revenues, respectively. For the six months ended May 31, 2022 and 2021, sales incentives offered to homebuyers averaged $7,800 per home, or 1.6% as a percentage of home sales revenues, and $10,500 per home, or 2.5% as a percentage of home sales revenues, respectively.
Share-based Payments
During both the three months ended May 31, 2022 and 2021, the Company granted employees an immaterial number of nonvested shares. During both the six months ended May 31, 2022 and 2021, the Company granted employees 1.4 million nonvested shares, respectively.
Recently Adopted Accounting Pronouncements
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 was effective for the Company’s fiscal year beginning December 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements.
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2021. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Form 10-K for the year ended November 30, 2021. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for both the three and six months ended May 31, 2022 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
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.
Cash and Cash Equivalents
Homebuilding cash and cash equivalents as of May 31, 2022 and November 30, 2021 included $859.8 million and $940.4 million, respectively, of cash held in escrow. On average for the three months ended May 31, 2022, cash was held in escrow for approximately two days.
Homebuilding Revenue Recognition
Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of the homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the three months ended May 31, 2022 and 2021, sales incentives offered to homebuyers averaged $7,200 per home, or 1.5% as a percentage of home sales revenues, and $9,000 per home, or 2.1% as a percentage of home sales revenues, respectively. For the six months ended May 31, 2022 and 2021, sales incentives offered to homebuyers averaged $7,800 per home, or 1.6% as a percentage of home sales revenues, and $10,500 per home, or 2.5% as a percentage of home sales revenues, respectively.
Share-based Payments
During both the three months ended May 31, 2022 and 2021, the Company granted employees an immaterial number of nonvested shares. During both the six months ended May 31, 2022 and 2021, the Company granted employees 1.4 million nonvested shares, respectively.
Recently Adopted Accounting Pronouncements
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 was effective for the Company’s fiscal year beginning December 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements.
Free historical financial statements for Lennar Corp. See how revenue, income, cash flow, and balance sheet financials have changed over 51 quarters since 2011. Compare with LEN stock chart to see long term trends.
Data imported from Lennar Corp SEC filings. Check original filings before making any investment decision.