MIAMI, Dec. 15, 2021 /PRNewswire/ --

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%

Lennar Corporation (NYSE:LEN), 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 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.

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.

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.

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 2022	Fiscal Year 2022
New Orders	14,800 - 15,100
Deliveries	About 12,500	About 67,000
Average Sales Price	About $460,000	About $460,000
Gross Margin % on Home Sales	About 26.75%	27.0% - 27.5%
S,G&A as a % of Home Sales	7.8% - 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. LEN^X 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.

LENNAR CORPORATION AND SUBSIDIARIES

Selected Revenues and Operating Information

(In thousands, except per share amounts)

(unaudited)

Three Months Ended

Years Ended

November 30,

2021

2020

2021

2020

Revenues:

Homebuilding

8,015,636

6,354,416

25,545,242

20,981,136

Financial Services

228,956

258,319

898,745

890,311

Multifamily

188,395

205,424

665,232

576,328

Lennar Other

573

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 earnings

111,404

151,230

491,014

480,952

Multifamily operating earnings

9,323

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 taxes

1,580,805

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 interests

3,159

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:

Basic

301,238

309,151

306,612

309,406

Diluted

301,238

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 taxes

387,155

273,737

1,362,509

656,235

Interest expense included in:

Costs of homes sold

93,868

101,465

342,756

349,109

Costs of land sold

190

1,026

2,475

2,594

Homebuilding other income (expense), net

5,014

5,246

20,142

22,401

Total interest expense

99,072

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.

LENNAR CORPORATION AND SUBSIDIARIES

Segment Information

(In thousands)

(unaudited)

Three Months Ended

Years Ended

November 30,

2021

2020

2021

2020

Homebuilding revenues:

Sales of homes

7,970,752

6,306,947

25,348,105

20,840,159

Sales of land

36,430

42,342

167,913

123,365

Other homebuilding

8,454

5,127

29,224

17,612

Total revenues

8,015,636

6,354,416

25,545,242

20,981,136

Homebuilding costs and expenses:

Costs of homes sold

5,741,575

4,732,705

18,562,213

16,092,069

Costs of land sold

30,086

69,581

143,631

172,480

Selling, general and administrative

477,581

475,063

1,796,697

1,697,095

Total costs and expenses

6,249,242

5,277,349

20,502,541

17,961,644

Homebuilding net margins

1,766,394

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), net

223

(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 expenses

117,552

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 expenses

178,421

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 expenses

11,961

3,180

30,955

6,744

Lennar Other equity in earnings (loss) from unconsolidated entities and other income (expense), net

2,003

(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 Ended

Years Ended

November 30,

2021

2020

2021

2020

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 market

5,582

—

(8,883)

—

Blend Labs (BLND) mark to market

(13,596)

—

(6,744)

—

Gain on sale of solar business

5,063

—

158,069

—

Other realized gains

8,125

—

11,705

—

(166,801)

—

680,576

—

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,
	2021	2020	2021		2020	2021		2020
Deliveries:	Homes		Dollar Value			Average Sales Price
East	5,911	5,465	$	2,273,561	1,801,192	$	385,000	330,000
Central	3,747	3,295	1,525,027		1,250,769	407,000		380,000
Texas	3,096	2,788	958,938		763,388	310,000		274,000
West	5,057	4,541	3,218,377		2,506,760	636,000		552,000
Other	8	1	7,774		880	972,000		880,000
Total	17,819	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,
	2021	2020	2021	2020	2021		2020	2021		2020
New Orders:	Active Communities		Homes		Dollar Value			Average Sales Price
East	345	323	5,093	4,787	$	2,119,658	1,743,826	$	416,000	364,000
Central	302	285	2,940	3,164	1,280,027		1,260,761	435,000		398,000
Texas	241	213	3,154	2,751	1,032,468		765,238	327,000		278,000
West	372	353	4,345	4,509	2,853,569		2,497,449	657,000		554,000
Other	3	3	7	3	6,418		2,728	917,000		909,000
Total	1,263	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.

	For the Years Ended November 30,
	2021	2020	2021		2020	2021		2020
Deliveries:	Homes		Dollar Value			Average Sales Price
East	18,879	16,976	$	6,846,153	5,725,481	$	363,000	337,000
Central	12,138	10,684	4,807,195		4,084,514	396,000		382,000
Texas	10,939	9,425	3,204,609		2,640,762	293,000		280,000
West	17,850	15,814	10,503,304		8,400,943	588,000		531,000
Other	19	26	18,419		24,522	969,000		943,000
Total	59,825	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:	Homes		Dollar Value			Average Sales Price
East	20,566	17,299	$	7,908,164	6,010,047	$	385,000	347,000
Central	12,871	11,905	5,366,197		4,602,720	417,000		387,000
Texas	12,382	10,078	3,833,294		2,752,008	310,000		273,000
West	18,703	16,868	11,725,035		9,005,958	627,000		534,000
Other	21	19	20,513		17,917	977,000		943,000
Total	64,543	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,
	2021	2020	2021		2020	2021		2020
Backlog:	Homes		Dollar Value			Average Sales Price
East (1)	7,932	6,013	$	3,448,719	2,310,935	$	435,000	384,000
Central	5,104	4,371	2,321,174		1,762,172	455,000		403,000
Texas	4,266	2,823	1,453,270		824,584	341,000		292,000
West	6,465	5,612	4,135,161		2,913,432	640,000		519,000
Other	4	2	3,942		1,848	986,000		924,000
Total	23,771	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.

LENNAR CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(unaudited)

	November 30,
	2021		2020
ASSETS
Homebuilding:
Cash and cash equivalents	$	2,735,213	2,703,986
Restricted cash	21,927		15,211
Receivables, net	490,278		298,671
Inventories:
Finished homes and construction in progress	10,446,139		8,593,399
Land and land under development	7,108,142		7,495,262
Consolidated inventory not owned	1,161,023		836,567
Total inventories	18,715,304		16,925,228
Investments in unconsolidated entities	972,084		953,177
Goodwill	3,442,359		3,442,359
Other assets	1,090,654		1,190,793
	27,467,819		25,529,425
Financial Services	2,964,367		2,708,118
Multifamily	1,311,747		1,175,908
Lennar Other	1,463,845		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 owned	976,602		706,691
Senior notes and other debts payable, net	4,652,338		5,955,758
Other liabilities	2,920,055		2,225,864
	9,870,242		9,925,651
Financial Services	1,906,343		1,644,248
Multifamily	288,930		252,911
Lennar Other	145,981		12,966
Total liabilities	12,211,496		11,835,776
Stockholders' equity:
Preferred stock	—		—
Class A common stock of $0.10 par value	30,050		29,894
Class B common stock of $0.10 par value	3,944		3,944
Additional paid-in capital	8,807,891		8,676,056
Retained earnings	14,685,329		10,564,994
Treasury stock	(2,709,448)		(1,279,227)
Accumulated other comprehensive loss	(1,341)		(805)
Total stockholders' equity	20,816,425		17,994,856
Noncontrolling interests	179,857		104,545
Total equity	20,996,282		18,099,401
Total liabilities and equity	$	33,207,778	29,935,177

LENNAR CORPORATION AND SUBSIDIARIES
Supplemental Data
(Dollars in thousands)
(unaudited)

	November 30,
	2021			2020
Homebuilding debt	$	4,652,338		5,955,758
Stockholders' equity	20,816,425			17,994,856
Total capital	$	25,468,763		23,950,614
Homebuilding debt to total capital	18.3		%	24.9	%

Homebuilding debt	$	4,652,338		5,955,758
Less: Homebuilding cash and cash equivalents	2,735,213			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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SOURCE Lennar

Lennar Reports Fourth Quarter and Fiscal 2021 Results