Some elite US universities favor wealthy students in admissions decisions, lawsuit alleges
Global Commission on Drug Policy’s Louise Arbour —Photo from the UN GENEVA, Switzerland — International advocates of drug policy reform urged the government to ensure that former President Rodrigo Duterte’s admission of full responsibility for his war on drugs is kept to “genuine accountability, not just political theater.” “Performative gestures are insufficient—justice requires substantive follow-through,” said Louise Arbour, a member of the UK-based Global Commission on Drug Policy (GCDP) and also a member of the advisory board of The Coalition for the International Criminal Court. In 1996, she was chief prosecutor of the International Criminal Tribunal for the former Yugoslavia in The Hague and successfully secured the conviction of former Serbian President Slobodan Milosevic for crimes against humanity. Milosevic died in detention at a Dutch jail in 2020 while undergoing trial by the International Court of Justice. READ: Duterte takes ‘full legal, moral responsibility’ for drug war Arbour, a former justice of the Canadian Supreme Court, said of the Philippine war on drugs that “the congressional hearings should result in concrete actions: thorough investigations, prosecutions and convictions for those responsible for extrajudicial killings, with reparations for victims, including children and youth.” Duterte, under oath before congressional investigations in November, took full responsibility for the actions of police officers who enforced his antidrugs crackdown that resulted in thousands of killings and extrajudicial executions. Arbour said the congressional probe, alongside the Drug Policy Summit last July, must follow through with actual drug policy reform and amendment of the obsolete and punitive drug law in the Philippines that allows gross human rights violations and cruel punishments. “Lawmakers, with the help of the Department of Justice and Department of Health, must consider and include the recommendations and outputs from the Summit, including those made by children and young people, such as removing the arbitrary listing of alleged drug suspects via the Drug Watch List,” she said. She urged lawmakers to investigate the disproportionate targeting of vulnerable communities, especially people in impoverished areas, including children in urban poor communities and those living on the streets. “A comprehensive reform grounded in human rights, public health, and harm reduction principles will pave the way for a more just and effective drug policy in the Philippines,” Arbour said. The statements of Arbour were in reply to emailed questions as the GCDP released last Dec. 5, its report, “Beyond Punishment: From Criminal Justice Responses to Drug Policy Reform,” that called for a re-evaluation of the global drug responses due to rising drug overdose deaths, increased violence, toxic drug supplies and strained criminal justice systems. Comprising of 28 commissioners including 15 former heads of state and prominent political, economic and cultural leaders, the GDCP promotes drug policies that prioritize public health, human rights and social justice, and advocates for a drug policy that shifts from prohibition to human rights and evidence-based approaches. The GCDP report highlights the Philippines’ failure of the war on drugs where, as of September 2022, there were 81,000 people in pretrial detention for drug offenses, accounting for 90 percent of all those detained in Bureau of Jail Management and Penology facilities for drug crimes. “This situation not only violates the prohibition of arbitrary detention, but also undermines the human right to a fair trial, exposing arrested individuals to further human rights violations and abuses, including torture and ill-treatment,” the report stated. “In the Philippines, thousands of incarcerated individuals share overcrowded cells, with no room to sleep, inadequate sanitation and limited access to basic needs such as food and medicines,” said the report, stressing that the practice of mandatory pretrial detention for certain drug offenses, such as personal use and possession, prevents judicial assessments and can delay periodic reviews of detention. Former New Zealand Prime Minister and current GCDP chair Helen Clark said: “The ‘war on drugs’ has led to skyrocketing incarceration rates, rising overdose deaths and ongoing human rights violations.” Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . She said the report presents clear evidence that a harm reduction approach to drug use works, as it is a public health necessity, not a moral stance. “It’s time for a global shift toward drug policies that respect public health and human rights.” —ContributedThe Company's Board and Management, Under Chairman and CEO Seifi Ghasemi's Leadership, Have Delivered Over $44 Billion in Shareholder Value Creation 1 Continues to Successfully Execute Two-Pillar Growth Strategy to Grow Core Industrial Gas Business While Capitalizing on First-Mover Advantage in Clean Hydrogen Market Air Products' Board is Refreshed, Independent and Fit-For-Purpose – Mantle Ridge's Proposed Nominees Would Remove Significant and Relevant Experience and Expertise Mantle Ridge's Proposed Executive Chairman Candidate Appears Alarmingly Unfit to Lead Air Products or any Public Company; Preferred CEO Candidate is Insufficiently Qualified Board Mails Letter Urging Shareholders to Vote "FOR" ONLY Air Products' Nominees on the WHITE Proxy Card LEHIGH VALLEY, Pa. , Dec. 18, 2024 /PRNewswire/ -- Air Products (NYSE: APD ) Board of Directors today announced that it has posted an investor presentation and mailed a letter to shareholders in connection with its upcoming 2025 Annual Meeting of Shareholders (the "Annual Meeting"), which will be held at 8:30 a.m. U.S. Eastern Time on January 23, 2025 . All Air Products shareholders of record as of the close of business on November 27, 2024 will be entitled to vote at the Annual Meeting. The presentation and letter are both available at voteairproducts.com . The full text of the letter summarizing the presentation follows: Dear Fellow Shareholder, The Air Products Annual Meeting is fast approaching, and you have an important opportunity to protect the value of your investment and the meaningful results the Company has delivered and anticipates continuing to deliver – as we have for the past 10 years. Under the supervision of our Board, management is executing a long-term strategy to grow our core industrial gas business, while leveraging decades of relevant expertise to capitalize on our important first-mover position in the clean hydrogen market to deliver maximized value for our shareholders. We ask that you please visit our Annual Meeting website at voteairproducts.com or the Company Investor Relations page to find a new investor presentation that we filed today, entitled "Creating Superior Shareholder Value Through Disciplined Investment in Clean Hydrogen," where we go through, in greater detail, why our long-term growth strategy is the right one, why Air Products' Nominees are the necessary leaders to move Air Products forward, and why shareholders should not support Mantle Ridge's nominees. We recommend you vote your shares " FOR " ONLY Air Products' Nominees – Tonit M. Calaway, Charles Cogut , Lisa A. Davis , Seifollah Ghasemi , Jessica Trocchi Graziano , Edward L. Monser , Bhavesh V. ("Bob") Patel, Wayne T. Smith and Alfred Stern – on the Company's WHITE proxy card. OVER THE PAST DECADE UNDER THE LEADERSHIP OF OUR CHIEF EXECUTIVE OFFICER, SEIFI GHASEMI , AIR PRODUCTS HAS CREATED OVER $44 BILLION IN SHAREHOLDER VALUE 2 Since Mr. Ghasemi became CEO in 2014, he has spearheaded the transformation of Air Products into the most profitable industrial gas business in the world based on adjusted EBITDA margin, growing the business at GDP-plus rates. This strong cash generation has allowed Air Products to invest in our core industrial gas business, while expanding into clean hydrogen – a tremendous growth opportunity now and well into the future. Our strong performance has directly benefitted shareholders through $11.5 billion in cash returned since 2014. In addition, our dividend per share has increased for 42 consecutive years and grown at a ~9% CAGR for the past 10 years, demonstrating our commitment to sharing with our investors the value we create. Including dividends, Air Products has delivered over $44 billion in total shareholder value 3 over the last decade under Mr. Ghasemi's leadership. During Mr. Ghasemi's tenure, the Company has delivered the following key financial outcomes: Expanded adjusted EBITDA margin 4 by +1,400 bps Achieved ~11% adjusted EPS CAGR 5 Significant pricing and volume gains Sales have grown at a ~4% CAGR – higher than each public peer 6 Under Mr. Ghasemi's direction, the Company has continuously pushed for profitability improvements and has been increasing its price-cost spread. This has been accomplished through favorable contract modifications over time, resulting in an increased contribution of stable on-site revenues. Further improvement and growth of the core industrial gas business are ongoing, and the Board and management team remain focused on maximizing value over the long-term. AIR PRODUCTS IS SUCCESSFULLY EXECUTING A TWO-PILLAR GROWTH STRATEGY TO CONTINUE DRIVING VALUE CREATION INTO THE FUTURE We remain focused on investing in, and growing, our core industrial gas business, which delivers industry-leading profitability based on adjusted EBITDA margin, 7 while advancing our first-mover advantage in the clean hydrogen market. We have allocated more than 50% of our total capital expenditures for FY 2023-2025 to our core business, underscoring our commitment to its continued growth. We have already launched multiple projects in recent years aimed at improving capacity, increasing efficiencies and reaching new industrial gas markets. In tandem with these investments, Air Products is positioning the core business to capture opportunities for growth in expanding market segments. For instance, we have accumulated a critical mass of infrastructure strategically placed next to global electronics providers' fabrication facilities, orienting our core industrial gas business to benefit from data center, AI and CHIPS Act tailwinds. As a result of this approach, we have achieved significant tangible benefits to the business. Our on-site core capabilities model is driving resilience through a balanced mix of on-site and merchant sales. We are more heavily weighted toward the stable, infrastructure-like on-site business model than our peers, strengthening the durability of our business. At the same time, we are expanding into clean hydrogen, a market with immense long-term potential: Today, 80% of the global energy market is fossil fuel-based, 8 with clean hydrogen poised to play a major role in diversifying the mix of energy sources. Clean hydrogen can be a source of energy like oil or gas but releases no climate-warming carbon dioxide, making it an ideal fuel for the future amid a global push to decarbonize emissions. To grow long-term volumes, satisfy global decarbonization regulation, effectively serve evolving customer needs, and remain competitive, the industrial gases sector must invest in clean hydrogen capabilities. According to independent experts, the clean hydrogen market is expected to be worth more than $600 billion by 2030 and exceed $1 trillion by 2050. 9 Clean hydrogen may contribute up to 20% of total global abatement needed by 2050. 10 Clean hydrogen is anticipated to have applications across a diverse array of end markets including road transport, shipping, iron, aluminum and steel, chemicals and petrochemicals, and power generation. No company is better positioned than Air Products – with more than 65 years of hydrogen experience – to meet the growing demand in this space, by serving global customers across industries working to improve efficiency and reliability while reducing emissions. Initially capturing even a small portion of the clean hydrogen market would provide incredible value for shareholders. FIRST-MOVER ADVANTAGE IS ABSOLUTELY CRITICAL TO SUCCESS IN THE CLEAN HYDROGEN MARKET – AND WE ARE SEEING EARLY RESULTS There are four key elements that make being the first mover in clean hydrogen incredibly crucial, and where Air Products has an edge: Land scarcity : Access to ample resources such as sun and wind are critical to produce green hydrogen; and the right geology, large land plots, low-cost natural gas for carbon sequestration, and skilled labor are essential for blue hydrogen production. Limited supply chain partners : Supply chain logistics are complex, and the necessary intellectual property and partners are limited. Securing best-in-class customer agreements : We have the best seat at the table to negotiate offtake agreements with customers. Obtaining highest-quality financing partners : Meaningful capital investment is needed to secure the backing of financing partners with the proper scale and industry expertise. Underpinning our advantage in these four important areas are the critical developments of proprietary knowledge and intellectual property, which enable a first-mover advantage to transition into a world-leading position. Capturing a small portion of market share now will compound as the market continues to expand. Because of our foresight and strategic investment, Air Products has achieved several early successes in clean hydrogen to date: We announced a pioneering supply agreement in June 2024 , a 15-year take-or-pay agreement to supply 70,000 tons of green hydrogen annually to decarbonize TotalEnergies' Northern European refineries starting in 2030. We are also in discussions for green hydrogen supply to its other EU refineries. 60% of capacity for our Canada Net-Zero Hydrogen Energy Project is already committed , and negotiations for the remainder of the capacity are underway. We are the primary EPC contractor and system integrator of the NEOM Green Hydrogen Complex , the largest green-hydrogen-based ammonia production facility that will serve as a key solution for transportation and industrial sectors globally. Air Products is the exclusive off-taker of the green hydrogen produced in the form of green ammonia at the facility. We support Daimler's European Hydrogen Refueling Network project to develop permanent and commercial scale hydrogen refueling stations and have announced networks are being built in California in addition to Canada and Europe . These important achievements are underpinned by the Board's relentless focus on disciplined capital allocation and risk management controls. We remain focused on delivering on the onstream dates we have outlined and are securing more contracted offtake. The Company expects to generate positive net cash starting in FY2027. AIR PRODUCTS' BOARD IS REFRESHED, INDEPENDENT AND FIT-FOR-PURPOSE – MANTLE RIDGE'S PROPOSED NOMINEES WOULD REMOVE SIGNIFICANT AND RELEVANT EXPERIENCE AND EXPERTISE FROM THE BOARD Our Board is committed to strong governance practices, including regular Board refreshment. This is demonstrated through our diverse and continuously enhanced Board composition. With Air Products shareholders supporting our nominations of Mr. Patel and Mr. Stern at the 2025 Annual Meeting, six out of nine Directors will have been first elected in the last five years. Our Board is world-class with expertise across a full range of disciplines, from operations and supply chain optimization to corporate governance and regulations. It consists of individuals with high-caliber executive and leadership experience in chemicals, industrial manufacturing and renewables as well as public company board experience. Mantle Ridge is seeking to replace four directors who are integral to our Board: Seifollah (Seifi) Ghasemi , Edward L. Monser , Charles Cogut and Lisa A. Davis . If successful, Mantle Ridge's nominees would eliminate significant and relevant expertise brought by these current directors and disrupt the significant progress the Company has made. MANTLE RIDGE'S PROPOSED EXECUTIVE CHAIRMAN CANDIDATE APPEARS ALARMINGLY UNFIT TO LEAD AIR PRODUCTS OR ANY PUBLIC COMPANY The core pillar of Mantle Ridge's efforts is the replacement of the Board's lead independent director, Ed Monser , as well as our Chairman and CEO, Seifi Ghasemi , with its hand-picked successors, Dennis Reilley and Eduardo Menezes . As you consider changes which would upend the leadership at Air Products and derail our momentum, we believe it is important that you are aware of the following facts relating to Mr. Reilley that the Board became aware of during its thorough evaluation of Mantle Ridge's nominees: In February 2019 , a purported friend of Mr. Reilley, John Davidson , signed a plea agreement with the United States , admitting to making a false statement to the FBI that he had never received from "D.R." any non-public information, which "D.R." had acquired as a result of his position on the boards of Marathon Oil, DowDuPont, or Covidien. 15 The plea agreement used the initials "D.R." only when referring to the director in question. We note that Mr. Reilley was not named directly in the complaint by the United States . Shortly thereafter, the media reported on the charges brought against Mr. Davidson, and noted clearly that the charges stemmed from the FBI's investigation into Dennis Reilley and whether insider information was provided about the impending merger of Covidien PLC, with its rival, Medtronic Inc. The media noted that Mr. Reilley was a director at Covidien. 16 In December 2019 , an associate of Mr. Davidson, John Special, was found liable and ordered to pay nearly $3 million in an SEC enforcement action, 17 for allegedly trading on the basis of the information leaked by Mr. Davidson, who had received material, non-public information from a "Director" who served on the boards of Covidien, Marathon Oil and DowDuPont, including, in the case of Covidien, about a proposed transaction between Covidien and Medtronic. We note that Mr. Reilley was not named directly in the SEC's complaint. Notably, before news of the plea agreement and SEC enforcement action became publicly known, in December 2018 and January 2019 , Mr. Reilley resigned as director of CSX (to which he had been appointed by Mantle Ridge) and DowDupont (both in December 2018 ), and as director and chairman of Marathon Oil (in February 2019 ), respectively. Mr. Reilley has not served on a public company board since these resignations. A portion of the transcript from the hearing in which Mr. Davidson pled guilty to lying to the FBI regarding who he received information in connection with the Covidien/Medtronic's merger is pasted below. If true, the statements are deeply concerning, as they show the director in question leaked board confidences regularly with his friend: MS. ANDERSON [Assistant U.S. Attorney]: And he D.R. provided you with nonpublic information he had received from all three of those boards, correct? THE DEFENDANT: Yes, ma'am. MS. ANDERSON: And he D.R. forwarded emails he received as a board member? THE DEFENDANT: Yes, ma'am . [...] MS. ANDERSON: You had, in fact, received nonpublic information from D.R. that he had acquired from his board work at Covidien, Marathon and Dow, correct? THE DEFENDANT: Yes , ma'am. MS. ANDERSON: And sometime between March 2014 and May 15th, 2014 , you specifically learned from D.R. about developing negotiations about Covidien's merger with or acquisition by Medtronic, correct? THE DEFENDANT: That is correct. MS. ANDERSON: And you understood that information to be nonpublic, correct? THE DEFENDANT: Yes, ma'am. In a statement Mantle Ridge issued on December 13 in response to another media report on the matter, it stated, "To be clear, Mr. Reilley in no way acted inappropriately, and has never been accused of or charged with any impropriety or wrongdoing in connection with the matter." Mantle Ridge also claimed in its response that Mr. Davidson's testimony was "false". While Mr. Reilley was never formally charged by the FBI or the SEC for any wrongdoing, the information revealed in Mr. Davidson's plea agreement and the SEC's complaint against Mr. Special, if true, raises grave concerns about Mr. Reilley's trustworthiness and ability to comply with his basic duty of confidentiality as a director. Mantle Ridge has offered no reasonable explanation to shareholders regarding this matter, other than to claim the testimony obtained under oath is false. These circumstances not only call into question Mantle Ridge's judgment in putting Mr. Reilley forward, but also the credibility of the entire Mantle Ridge slate and campaign. In the Board's view, this matter should disqualify Mr. Reilley from ever again serving on a public company board. MANTLE RIDGE'S PREFERRED CEO CANDIDATE IS INSUFFICIENTLY QUALIFIED In addition, Mantle Ridge's proposed CEO candidate, Eduardo Menezes , lacks public company CEO or board experience – two key criteria for Air Products' next CEO that the Board established months ago. By proposing a CEO candidate like Mr. Menezes who would require substantial on-the-job training and chaperoning at a pivotal moment for the Company, Mantle Ridge has clearly demonstrated that it is not interested in a thoughtful succession process that would benefit all shareholders and is instead only concerned about its own interests. Mr. Menezes is insufficiently experienced and lacks the basic qualifications our Board is looking for in CEO candidates . In contrast to Mantle Ridge's inadequate CEO candidate who fails to meet the Board's previously communicated search criteria, Air Products is advancing with a CEO succession process to find an excellent candidate suited to lead the Company in this next stage of growth . This process was announced in August 2024 , prior to D.E. Shaw's, or Mantle Ridge's involvement. The Board has committed to providing an announcement of a new President and related timeline for CEO succession no later than March 31, 2025 . Mr. Hilal and Mantle Ridge have run the same failed playbook in each of its three activist campaigns since its founding. Each case forced major changes, including replacing the CEOs, and have failed to create long-term value for shareholders relative to the S&P 500. Since its founding, Mantle Ridge has never run an activist campaign or made a CEO change that has driven outperformance. Mantle Ridge's stale, recycled playbook has failed before, and, if implemented at Air Products, would fail again. Mantle Ridge's substandard Chairman and CEO candidates and lack of any credible plan leave us highly concerned that, if successful with its campaign, its actions would derail our clean hydrogen strategy and destroy shareholder value. SAFEGUARD THE VALUE OF YOUR INVESTMENT IN AIR PRODUCTS BY VOTING "FOR" THE ELECTION OF ALL OF AIR PRODUCTS' NINE NOMINEES ON THE WHITE PROXY CARD The Board understands its responsibility to deliver value to ALL shareholders. The Board also, with the support of its leadership advisory firm, considered Mantle Ridge's revised slate and unanimously determined these nominees still do not offer qualifications superior to Air Products' well-balanced slate of nominees with the proper skills and experience to lead the Company through its next phase of growth. Tonit M. Calaway, Independent – Executive Vice President, Chief Administrative Officer, General Counsel and Secretary of BorgWarner Inc. Charles "Casey" Cogut, Independent – Retired Partner, Simpson Thacher & Bartlett LLP Lisa A. Davis , Independent – Former Member of the Managing Board and CEO of Gas and Power for Siemens AG Seifollah "Seifi" Ghasemi, Chairman, President, and CEO Jessica Trocchi Graziano , Independent – S enior Vice President and Chief Financial Officer of United States Steel Corporation Edward L. Monser , Independent, Lead Director – Retired President and Chief Operating Officer of Emerson Electric Co. Bhavesh V. ("Bob") Patel, Independent, New Nominee – Former President of Standard Industries Wayne T. Smith , Independent – Retired Chairman and Chief Executive Officer of BASF Corporation Alfred Stern , Independent, New Nominee – Chief Executive Officer and Chairman of the Executive Board of OMV Aktiengesellschaft We strongly urge that you vote your shares "FOR" ONLY Air Products' Nominees. Please discard any blue proxy card you may receive from Mantle Ridge. Thank you for your ongoing support. Sincerely, The Air Products Board of Directors For more information regarding our Board nominees and strategy, please visit: www.voteairproducts.com . YOUR VOTE IS IMPORTANT. Whether or not you plan to virtually attend the 2025 Annual Meeting, please take a few minutes now to vote by Internet or by telephone by following the instructions on the WHITE proxy card, or to sign, date and return the enclosed WHITE proxy card in the enclosed postage-paid envelope provided. Regardless of the number of Company shares you own, your presence by proxy is helpful to establish a quorum and your vote is important. About Air Products Air Products (NYSE: APD ) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global supplier of hydrogen, Air Products also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects, supporting the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally. Air Products had fiscal 2024 sales of $12.1 billion from operations in approximately 50 countries and has a current market capitalization of over $65 billion . Approximately 23,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit airproducts.com or follow us on LinkedIn , X , Facebook or Instagram . Non-GAAP Financial Measures This communication contains certain financial measures that are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin. On our website, at investors.airproducts.com , we have included definitions and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP. Management believes these non-GAAP financial measures provide investors, potential investors, securities analysts, and others with useful information to evaluate our business because such measures, when viewed together with our GAAP disclosures, provide a more complete understanding of the factors and trends affecting our business. The non-GAAP financial measures supplement our GAAP disclosures and are not meant to be considered in isolation or as a substitute for the most directly comparable measures prepared in accordance with GAAP. These measures may not be comparable to similarly titled measures used by other companies. Forward-Looking Statements This communication contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's expectations and assumptions as of the date of this communication and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based. Investor Inquiries : Eric Guter , tel: (610) 481-1872; email: [email protected] Mun Shieh, tel: (610) 481-2951; [email protected] 1 Based on $25.2B market capitalization on June 30, 2014 (one day prior to first day as CEO) and December 13, 2024 2 Based on $25.2B market capitalization on June 30, 2014 (one day prior to Seifi Ghasemi's first day as CEO) and December 13 , 2024 3 Based on $25.2B market capitalization on June 30, 2014 (one day prior to Seifi Ghasemi's first day as CEO) and December 13, 2024 4 Non-GAAP financial measure. Visit investors.airproducts.com for reconciliation. 5 Non-GAAP financial measure. Visit investors.airproducts.com for reconciliation. 6 Peers include Air Liquide, Linde and Nippon Sanso. Air Products based on GAAP sales CAGR from 9/30/14 to 9/30/24 as reclassified to give effect to divestitures of the PMD and EMD businesses. Air Liquide based on CAGR from 12/31/14 to 12/31/24 (E) and is adjusted for its acquisition of Airgas. Linde based on CAGR from 12/31/16 to 12/31/24 (E) and is adjusted for its combination with Praxair. Nippon Sanso based on CAGR from 3/31/18 to 3/31/25 (E) and is adjusted for its acquisition of Praxair European Assets. Starting revenue data-point is converted to USD at historical FX rate 7 Non-GAAP financial measure. Visit investors.airproducts.com for reconciliation. 8 Source: International Energy Agency World Energy Outlook 2022 9 Source: Deloitte 2023 Global Green Hydrogen Outlook 10 Science Direct – Direct 2021; Emerging carbon abatement technologies to mitigate energy-carbon footprint- a review 11 Ownership value based on APD share price as of 12/13/2024 12 Based on $25.2B market capitalization on June 30, 2014 (one day prior to first day as CEO) and December 13, 2024 13 Permission to use quote neither sought nor obtained 14 TSR Reflects dividend-adjusted total return percentage over tenure or as of 12/13/2024 for current positions 15 United States of America v. John Kenneth Davidson , Case No. 19-cr-56, filed on February 25, 2019 . Transcript Dated March 5, 2019 . 16 Nolan Clay , The Oklahoman, February 27, 2019 , "FBI insider trading probe results in criminal charge in Oklahoma City federal court" 17 Securities and Exchange Commission v. Special et al, Case No. 19-cv-1152, filed on December 12, 2019 . SOURCE Air Products
Perfect or 100% fair? Well, nobody ever believed that. The first expanded playoff bracket unveiled Sunday left a presumably deserving Alabama team on the sideline in favor of an SMU squad with a better record after playing a schedule that was not as difficult. It ranked undefeated Oregon first but set up a possible rematch against Ohio State, the team that came closest to beating the Ducks this year. It treated underdog Boise State like a favorite and banged-up Georgia like a world beater at No. 2. It gave Ohio State home-field advantage against Tennessee for reasons it would take a supercomputer to figure out. It gave the sport the multiweek tournament it has longed for, but also ensured there will be plenty to grouse about between now and when the trophy is handed out on Jan. 20 after what will easily be the longest college football season in history. All of it, thankfully, will be sorted out on the field starting with first-round games on campuses Dec. 20 and 21, then over three succeeding rounds that will wind their way through traditional bowl sites. Maybe Oregon coach Dan Lanning, whose undefeated Ducks are the favorite to win it all, put it best when he offered: "Winning a national championship is not supposed to be easy.” Neither, it turns out, is figuring out who should play for it. Coming up short The Big Ten will lead the way with four teams in the tournament, followed by the SEC with three and the ACC with two. The lasting memory from the inaugural bracket will involve the decision that handed the ACC that second bid. Alabama of the SEC didn't play Saturday. SMU of the ACC did. The Mustangs fell behind by three touchdowns to Clemson before coming back to tie. But they ultimately lost 34-31 on a 56-yard field goal as time expired. “We were on pins and needles,” SMU coach Rhett Lashley said. “Until we saw the name ‘SMU’ up there, we were hanging on the edge. We're really, really happy and thankful to the committee for rewarding our guys for their total body of work." The Mustangs only had two losses, compared to three for the Crimson Tide. Even though SMU's schedule wasn't nearly as tough, the committee was impressed by the way the Mustangs came back against Clemson. “We just felt, in this particular case, SMU had the nod above Alabama,” said Michigan athletic director Warde Manuel, the chairman of the selection committee. “But it’s no disrespect to Alabama’s strength of schedule. We looked at the entire body of work for both teams.” First round byes Georgia, the SEC champion, was seeded second; Boise State, the Mountain West champion, earned the third seed; and Big 12 titlist Arizona State got the fourth seed and the fourth and final first-round bye. All will play in quarterfinals at bowl games on Dec. 31-Jan. 1. Clemson stole a bid and the 12th seed with its crazy win over SMU, the result that ultimately cost Alabama a spot in the field. The Tigers moved to No. 16 in the rankings, but got in as the fifth-best conference winner. Automatic byes and bids made the bracket strange The conference commissioners' idea to give conference champions preferable treatment in this first iteration of the 12-team playoff could be up for reconsideration after this season. The committee actually ranked Boise State, the Mountain West Champion, at No. 9 and Big 12 champion Arizona State at No. 12, but both get to skip the first round. Another CFP guideline: There’s no reseeding of teams after each round, which means no break for Oregon. The top-seeded Ducks will face the winner of Tennessee-Ohio State in the Rose Bowl. Oregon beat Ohio State 32-31 earlier this year in one of the season’s best games. First round matchups No. 12 Clemson at No. 5 Texas, Dec. 21: Clemson is riding high after the SMU upset, while Texas is 0-2 against Georgia and 11-0 vs. everyone else this season. The winner faces ... Arizona State in the Peach Bowl. Huh? No. 11 SMU at No. 6 Penn State, Dec. 21: The biggest knock against the Mustangs was that they didn't play any big boys with that 60th-ranked strength of schedule. Well, now they get to. The winner faces ... Boise State in the Fiesta Bowl. Yes, SMU vs. Boise was the quarterfinal we all expected. No. 10 Indiana at No. 7 Notre Dame, Dec. 20: Hoosiers coach Curt Cignetti thought his team deserved a home game. Well, not quite but close. The winner gets ... Georgia in the Sugar Bowl. The Bulldogs got the No. 2 seed despite a throwing-arm injury to QB Carson Beck. But what else was the committee supposed to do? No. 9 Tennessee at No. 8 Ohio State, Dec. 21: The Buckeyes (losses to Oregon, Michigan) got home field over the Volunteers (losses to Arkansas, Georgia) in a matchup of programs with two of the biggest stadiums in football. The winner faces ... Oregon in the Rose Bowl. Feels like that matchup should come in the semifinals or later.Unai Emery feels confidence returning after Aston Villa end winless run"Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" To keep reading, please log in to your account, create a free account, or simply fill out the form below.
We're not surprised at all that President Joe Biden, after repeatedly saying he wouldn't, pardoned his son Hunter of all crimes dating back to 2014 when he joined the board at Burisma. What surprised us was the timing — we thought he'd wait until his last day in office, as is traditional. Instead, he announced it over Thanksgiving weekend, giving it plenty of exposure in the news media that week. According to a report, Biden is also considering other pardons, including Adam Schiff, Liz Cheney, and Dr. Anthony Fauci. Way back in April, Schiff told the media that he was taking very seriously Donald Trump's threat to throw the members of the January 6 select committee in prison. As far as Fauci goes, the congressional Select Subcommittee on the Coronavirus Pandemic issued its final report from its two-year investigation this week, concluding that taxpayer dollars went to fund gain-of-function research at the Wuhan Institute of Virology. Essentially, we paid the Chinese to develop a bioweapon. Biden is reportedly considering pardoning Adam Schiff, Liz Cheney, and Dr Fauci. Is this an admission of guilt? 👀 pic.twitter.com/Vcp0eqLjO6 We already know they're guilty. But is this an admission by the Biden administration? There is no other reason to give preemptive pardons. If you are not guilty of anything you don't need a pardon like this. It’s absolutely an admission of guilt The Left is going to look so bad if there are preemptive pardons. What are they worried about? If innocent, won't that come out in a trial if they are prosecuted? I've posted this numerous times today, but I'll never understand how you can pardon someone who hasn't been convicted of a crime. Epic admission of guilt Biden’s having a “Going out of business” sale. It is absolutely an admission of guilt. And a heck of a precedent. What a disgusting misuse of power Dr. Death especially needs to be held accountable for his crimes against humanity Yes. It absolutely is. Remember “No one is above the law” is just a catchy slogan the Dems parrot when they’re prosecuting their political opponents like fascists. Sounds like Biden’s trying to protect his allies before the truth catches up. We didn't know you could pardon someone who hadn't been convicted of a crime, but then Biden pardoned his son for any possible crimes he may have committed since January 1, 2014, so preemptive pardons are a thing. ***
The $11.50 cleaning product that cleared my stinky drainsColorado’s Life Sciences Ecosystem Raised $2.15 Billion in 2024
Paver Sealing Services and Other Related Services With Open Sea Pressure Washing 12-27-2024 10:24 PM CET | Politics, Law & Society Press release from: ABNewswire Jacksonville, FL - A surface made of pavers can add visual appeal to any property. For example, a patio made of pavers can serve as a relaxing hangout spot, and a walkway made of pavers can encourage pedestrians to navigate around a scenic area, such as a fountain, small park, or flower garden. It is in the interest of any property owner to maintain their paver surfaces so that they can last longer and stay beautiful. This is why Open Sea Pressure Washing [ https://www.opensea.vet/ ] proudly provides many paver-related services [ https://www.opensea.vet/paver-sealing-company-in-jacksonville-fl/ ] to the Jacksonville, FL community, including paver sealing, paver sanding, and paver leveling. Protect Pavers and Prevent Damage With Paver Sealing All exterior surfaces will take some amount of damage as time passes, and it is no exception for surfaces made of pavers. There are many reasons why this damage can occur. Debris can accumulate on the pavers and gradually erode them. Foot traffic can do the same thing, as can the passage of vehicles in the case of a paver driveway. To reduce the likelihood of this damage, property owners are recommended to invest in paver sealing. The way paver sealing works is not overly complex. The process begins with the application of liquid sealant. Brush a thin layer of this substance onto the pavers, and then, wait twenty-four to forty-eight hours so it can dry. After this time has passed, a thin, transparent barrier will be present around the pavers, shielding them from all sorts of damage. Stabilize Paver Surfaces With Paver Sanding Pavers are held together with a substance known as polymeric sand. However, this sand is not invulnerable, and there is a possibility of it deteriorating over time. Additionally, when pavers are first laid, they will need to be "glued" together with polymeric sand before they can be used as a surface. Property owners can choose to either install their own polymeric sand or reach out to a company such as Open Sea Pressure Washing to fulfill these needs. To install polymeric sand, pour the substance on top of the pavers. Then, use a brush to move the sand into the joints of the pavers. Finally, add water to the sand to cure it. This initiates the process of the sand hardening and adhering the individual pavers together. Ensure Flat Surfaces With Paver Leveling Services Pavers of varying heights do not make for a comfortable surface. That is because individual pavers can just out and become tripping hazards. To prevent a risk of injury, it is important to ensure that pavers are leveled. This is accomplished in most cases with a thin "blanket" of polymeric sand beneath the pavers. The sand is molded into a flat surface, ensuring that all pavers are at the same height. When the polymeric sand is cured, the pavers will be perfectly flat and ready for use by the property's occupants and their guests. About Open Sea Pressure Washing Open Sea Pressure Washing is a small pressure washing business that proudly serves Jacksonville, FL [ https://maps.app.goo.gl/5bVNuaWAFrFywGfV6 ] and other surrounding communities. The company provides a variety of paver-related services, including paver sealing, paver sanding, and paver leveling. In addition, Open Sea Pressure Washing offers pressure washing services, making the company the premier one-stop shop for all exterior surface maintenance needs. For more information about Open Sea Pressure Washing, visit their website [ https://www.opensea.vet/ ] or call (904) 417-8020. Media Contact Company Name: Open Sea Pressure Washing Contact Person: Joshua Graham Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=paver-sealing-services-and-other-related-services-with-open-sea-pressure-washing ] Phone: (904) 417-8020 City: Jacksonville State: Florida Country: United States Website: https://www.opensea.vet/ This release was published on openPR.A series of recent alleged politically motivated violent acts surrounding candidates and their supporters have raised concerns about the potential for conflict that would mar the simultaneous regional elections ahead of the voting day on Wednesday. With little time left before the cooling-off period starts on Sunday, observers are calling on candidates and election organizers to push for peaceful elections to prevent politically fueled clashes that could cause even further democratic backsliding. The recent violent acts were observed in multiple election debates held by the regional offices of the General Elections Commission (KPU), with more than a dozen of the events ending up in fist fights or brawls that resulted in injuries. On Tuesday, the final election debate for Aceh gubernatorial candidates was cut short after supporters of candidate Muzakir Manaf, who was nominated by the local Aceh Party, stormed the stage while his rival Bustami Hamzah addressed the audience. The brawl took place two months after two unidentified individuals threw a grenade into Bustami’s private residence in the Syiah Kuala district of provincial capital Banda Aceh. The attack damaged a part of the house. On Wednesday, another debate for the Bandung regency election in West Java was halted for an hour after supporters of the two candidate pairs quarreled during a commercial break. The two groups reportedly mocked each other before the fight.2024 Fourth Quarter Highlights– comparisons to the prior year quarter Net earnings per diluted share of $4.06 ( $4.03 , excluding mark-to-market gains on technology investments) Net earnings of $1.1 billion New orders decreased 3% to 16,895 homes; new orders dollar value decreased 1% to $7.2 billion Backlog of 11,633 homes with a dollar value of $5.4 billion Deliveries decreased 7% to 22,206 homes Total revenues of $9.9 billion Homebuilding operating earnings of $1.5 billion Gross margin on home sales of 22.1% S,G&A expenses as a % of revenues from home sales of 7.2% Net margin on home sales of 14.9% Financial Services operating earnings of $154 million Multifamily operating loss of $0.2 million Lennar Other operating earnings of $0.5 million Homebuilding cash and cash equivalents of $4.7 billion Years supply of owned homesites of 1.1 years and controlled homesites of 82% No outstanding borrowings under the Company's $2.9 billion revolving credit facility Homebuilding debt to total capital of 7.5% Repurchased 3 million shares of Lennar common stock for $521 million In November 2024 , the Company entered into a definitive agreement to acquire Rausch Coleman Homes , a residential homebuilder, which is expected to close in the first quarter of 2025 2024 Fiscal Year Highlights - comparisons to prior year Net earnings per diluted share of $14.31 ( $13.86 , excluding mark-to-market gains and other one-time items, (collectively, "adjustments")) Net earnings of $3.9 billion ( $3.8 billion excluding adjustments) New orders increased 11% to 76,951 homes Deliveries increased 10% to 80,210 homes Total revenues of $35.4 billion Gross margin on home sales of 22.3%; net margin of 14.9% Redeemed/repurchased $554 million of senior notes Repurchased 13.6 million shares of Lennar common stock for $2.1 billion Homebuilding return on inventory of 29.2% MIAMI , Dec. 18, 2024 /PRNewswire/ -- Lennar Corporation LEN , one of the nation's largest homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2024 . Fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion , or $4.06 per diluted share, compared to $1.4 billion , or $4.82 per diluted share in the fourth quarter of 2023. Excluding mark-to-market gains on technology investments, fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion , or $4.03 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2023 of $1.5 billion , or $5.17 per diluted share, excluding mark-to-market losses on technology investments and other one-time items (collectively, "adjustments"). Net earnings attributable to Lennar for the year ended November 30, 2024 were $3.9 billion , or $14.31 per diluted share, compared to $3.9 billion , or $13.73 per diluted share for the year ended November 30, 2023 . Excluding adjustments, net earnings attributable to Lennar for the year ended November 30, 2024 were $3.8 billion , or $13.86 per diluted share, compared to $4.1 billion , or $14.25 per diluted share for the year ended November 30, 2023 . Stuart Miller , Executive Chairman and Co-Chief Executive Officer of Lennar, said, "In the course of our fourth quarter, the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose almost 100 basis points through the quarter. Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates." "Accordingly, in our fourth quarter, sales pace lagged expectations as interest rates climbed and our new orders fell short of expectations to 16,895 homes vs the low end of our guidance of 19,000 homes. Consistent with our strategy of matching sales pace with production, we adjusted sales price, incentives, and margin in order to re-ignite sales and actively manage inventory levels. We ended the quarter with two completed, unsold homes per community, which was within our historical range." "In the fourth quarter, earnings were $1.1 billion , or $4.06 per diluted share. We delivered 22,206 homes in the quarter and our average sales price, net of incentives, per home delivered was $430,000 in the fourth quarter, slightly down from last year. Our homebuilding gross margin in the fourth quarter was 22.1%, with SG&A expenses of 7.2%, resulting in a 14.9% net margin." "Driven by our consistent focus on cash flow, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $521 million of our common stock, had no outstanding borrowings on our $2.9 billion revolving credit facility and cash of $4.7 billion , ending the quarter with homebuilding debt to total capital of 7.5%. With cash on hand exceeding our debt, and with overall liquidity of approximately $7.6 billion , our balance sheet remains extremely strong." "Against this backdrop, we continue to remain focused on our volume-based strategy of driving sales and cash flow while using margin as a shock absorber as we continue to migrate to an asset-light, land-light business model. This strategy is reflected in both the public filing of a registration statement on Form S-11 for the planned spin-off of Millrose Properties, Inc., as well as our previously announced acquisition of Rausch Coleman Homes as we focus on growing to drive affordability and fill the supply gap that is reflected in the marketplace." Jon Jaffe , Co-Chief Executive Officer and President of Lennar, said, "Operationally, our starts pace and sales pace were 4.6 homes and 4.2 homes per community in the fourth quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 138 days, or 14% lower year over year, as our production first focus has positively impacted our production times, while our inventory turn improved to 1.6 times reflecting broader efficiencies. Concurrently, the Lennar Marketing and Sales Machine continued to carefully match our sales pace to our production pace using our digital marketing and dynamic pricing models." "During the quarter, we continued the migration to our land light strategy. This was evidenced by our years supply of owned homesites improving to 1.1 years from 1.4 years last year and our controlled homesite percentage increasing to 82% from 76% year over year, resulting in a return on inventory of 29.2%." Mr. Miller concluded, "As we look ahead, we expect to deliver between 17,000 and 17,500 homes for the first quarter of 2025 and between 86,000 and 88,000 homes for the full year 2025, including the impact of the Rausch Coleman acquisition. While we remain optimistic that margins will normalize as affordability normalizes and our cost structure benefits from our volume, we expect our gross margin in the first quarter to be between 19.0% and 19.25%, and at this time, we will not guide to full year gross margin until we have a better sense of market conditions as the year unfolds." RESULTS OF OPERATIONS THREE MONTHS ENDED NOVEMBER 30, 2024 COMPARED TO THREE MONTHS ENDED NOVEMBER 30, 2023 Homebuilding Revenues from home sales decreased 9% in the fourth quarter of 2024 to $9.5 billion from $10.4 billion in the fourth quarter of 2023. Revenues were lower primarily due to a 7% decrease in the number of home deliveries and a 3% decrease in the average sales price of homes delivered. New home deliveries decreased to 22,206 homes in the fourth quarter of 2024 from 23,795 homes in the fourth quarter of 2023. The average sales price of homes delivered was $430,000 in the fourth quarter of 2024, compared to $441,000 in the fourth quarter of 2023. The decrease in average sales price of homes delivered in the fourth quarter of 2024 compared to the same period last year was primarily due to pricing to market through an increased use of incentives and product mix. Gross margins on home sales were $2.1 billion , or 22.1%, in the fourth quarter of 2024, compared to $2.5 billion, or 24.2%, in the fourth quarter of 2023. During the fourth quarter of 2024, gross margins decreased primarily because revenue per square foot decreased while land costs increased year over year, which was partially offset by a decrease in costs per square foot due to lower costs of materials as the Company continued to focus on construction cost savings. Selling, general and administrative expenses were $682 million in the fourth quarter of 2024, compared to $688 million in the fourth quarter of 2023. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 7.2% in the fourth quarter of 2024, from 6.6% in the fourth quarter of 2023, primarily due to less leverage as a result of both lower volume and average sales price. Financial Services Operating earnings for the Financial Services segment were $154 million in the fourth quarter of 2024, compared to $168 million in the fourth quarter of 2023. The decrease in operating earnings was primarily due to lower profit per loan in the Company's mortgage business. Other Ancillary Businesses Operating loss for the Multifamily segment was $0.2 million in the fourth quarter of 2024, compared to operating loss of $12 million in the fourth quarter of 2023. Operating earnings for the Lennar Other segment were $0.5 million in the fourth quarter of 2024, compared to an operating loss of $125 million in the fourth quarter of 2023. The Lennar Other operating earnings for the fourth quarter of 2024 were primarily due to positive mark-to-market adjustments of $13 million on the Company's publicly traded technology investments, which was partially offset by other operating losses. The Lennar Other operating loss for the fourth quarter of 2023 was primarily due to negative mark-to-market adjustments of $36 million on the Company's publicly traded technology investments and a $65 million write-off of one of the Company's non-public technology investments. Tax Rate For the quarters ended November 30, 2024 and 2023, the Company had a tax provision of $358 million and $417 million , which resulted in an overall effective income tax rate of 24.6% and 23.4%, respectively. For both periods, the Company's effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate from the prior year for the three months ended November 30, 2024 was primarily due to additional state income tax expense. OTHER TRANSACTIONS Credit Facility In November 2024 , the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility") to, among other things, increase the lenders' commitments to $2.875 billion until May 2027 when this amount will be reduced to $2.650 billion until final maturity in November 2029 . As of November 30, 2024 , there were no outstanding borrowings under the Credit Facility. Share Repurchases During the fourth quarter of 2024, the Company repurchased 3 million shares of its common stock for $521 million at an average per share price of $173.79 . Liquidity At November 30, 2024, the Company had $4.7 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.9 billion Credit Facility, thereby providing approximately $7.6 billion of available capacity. Guidance The following are the Company's expected results of its homebuilding and financial services activities: First Quarter 2025 New Orders 17,500 - 18,000 Deliveries 17,000 - 17,500 Average Sales Price $410,000 - $415,000 Gross Margin % on Home Sales 19.0% - 19.25% S,G&A as a % of Home Sales 8.7% - 8.8% Financial Services Operating Earnings $100 million - $110 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, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. 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. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities; decreased demand for our homes, or for Multifamily rental apartments or single family homes; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; the possibility that increased tariffs will increase the cost of production materials; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies and our planned spin-off on the timelines expected or at all; 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; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; possible unfavorable outcomes in legal proceedings; conditions in the capital, credit and financial markets; harm to our business from information technology failures and data security breaches; changes in laws, regulations or the regulatory environment affecting our business; policy changes that may be introduced by the new administration that could affect economic conditions, tax regimes and regulatory frameworks, and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed on January 26, 2024 , as amended by our Annual Report on Form 10-K/A filed on April 25, 2024 , and Quarterly Reports on Form 10-Q. 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 19, 2024. The call will be broadcast live on the internet and can be accessed through the Company's website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-0176 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, November 30, 2024 2023 2024 2023 Revenues: Homebuilding $ 9,548,684 10,516,050 33,906,426 32,660,987 Financial Services 304,550 304,693 1,109,263 976,859 Multifamily 88,917 140,824 411,537 573,485 Lennar Other 4,737 6,616 14,226 22,035 Total revenues $ 9,946,888 10,968,183 35,441,452 34,233,366 Homebuilding operating earnings $ 1,495,383 1,912,639 5,342,252 5,527,707 Financial Services operating earnings 154,476 169,130 577,184 509,461 Multifamily operating earnings (loss) (160) (12,155) 42,635 (50,651) Lennar Other operating earnings (loss) 450 (125,414) (47,967) (209,788) Corporate general and administrative expenses (170,011) (136,336) (648,986) (501,338) Charitable foundation contribution (22,206) (23,795) (80,210) (73,087) Earnings before income taxes 1,457,932 1,784,069 5,184,908 5,202,304 Provision for income taxes (358,058) (416,780) (1,217,253) (1,241,013) Net earnings (including net earnings attributable to noncontrolling interests) 1,099,874 1,367,289 3,967,655 3,961,291 Less: Net earnings attributable to noncontrolling interests 3,660 6,002 35,122 22,780 Net earnings attributable to Lennar $ 1,096,214 1,361,287 3,932,533 3,938,511 Basic and diluted average shares outstanding 267,262 279,438 272,019 283,319 Basic and diluted earnings per share $ 4.06 4.82 14.31 13.73 Supplemental information: Interest incurred (1) $ 29,254 41,434 129,310 187,640 EBIT (2): Net earnings attributable to Lennar $ 1,096,214 1,361,287 3,932,533 3,938,511 Provision for income taxes 358,058 416,780 1,217,253 1,241,013 Interest expense included in: Costs of homes sold 39,513 69,859 160,848 240,871 Costs of land sold 29 156 373 1,588 Homebuilding other income, net 4,472 4,525 18,771 15,434 Total interest expense 44,014 74,540 179,992 257,893 EBIT $ 1,498,286 1,852,607 5,329,778 5,437,417 (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, November 30, 2024 2023 2024 2023 Homebuilding revenues: Sales of homes $ 9,500,991 10,442,850 33,778,149 32,459,129 Sales of land 39,568 63,501 93,384 109,963 Other homebuilding 8,125 9,699 34,893 91,895 Total revenues 9,548,684 10,516,050 33,906,426 32,660,987 Homebuilding costs and expenses: Costs of homes sold 7,400,266 7,919,724 26,255,353 24,900,470 Costs of land sold 30,162 39,413 73,802 92,142 Selling, general and administrative 682,003 687,774 2,480,309 2,231,033 Total costs and expenses 8,112,431 8,646,911 28,809,464 27,223,645 Homebuilding net margins 1,436,253 1,869,139 5,096,962 5,437,342 Homebuilding equity in earnings (loss) from unconsolidated entities 12,410 9,223 66,448 (3,886) Homebuilding other income, net 46,720 34,277 178,842 94,251 Homebuilding operating earnings $ 1,495,383 1,912,639 5,342,252 5,527,707 Financial Services revenues $ 304,550 304,693 1,109,263 976,859 Financial Services costs and expenses 150,074 135,563 532,079 467,398 Financial Services operating earnings $ 154,476 169,130 577,184 509,461 Multifamily revenues $ 88,917 140,824 411,537 573,485 Multifamily costs and expenses 101,875 130,589 521,455 573,658 Multifamily equity in earnings (loss) from unconsolidated entities and other income, net 12,798 (22,390) 152,553 (50,478) Multifamily operating earnings (loss) $ (160) (12,155) 42,635 (50,651) Lennar Other revenues $ 4,737 6,616 14,226 22,035 Lennar Other costs and expenses 26,390 8,255 79,495 27,681 Lennar Other equity in earnings (loss) from unconsolidated entities and other 9,395 (87,783) (7,878) (153,980) Lennar Other unrealized gains (losses) from technology investments (1) 12,708 (35,992) 25,180 (50,162) Lennar Other operating earnings (loss) $ 450 (125,414) (47,967) (209,788) (1) The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on technology investments: Three Months Ended Years Ended November 30, November 30, 2024 2023 2024 2023 Blend Labs (BLND) $ 3,553 230 9,474 (130) Hippo (HIPO) 39,448 (4,277) 73,243 (19,210) Opendoor (OPEN) 3,569 (16,697) (12,587) 21,762 SmartRent (SMRT) 597 (2,305) (11,609) 5,914 Sonder (SOND) (67) (151) 15 (700) Sunnova (NOVA) (34,392) (12,792) (33,356) (57,798) $ 12,708 (35,992) 25,180 (50,162) 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: Alabama, Florida, New Jersey and Pennsylvania Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South 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, 2024 2023 2024 2023 2024 2023 Deliveries: Homes Dollar Value Average Sales Price East 5,593 6,446 $ 2,279,183 2,735,523 $ 408,000 424,000 Central 6,035 6,030 2,377,184 2,419,976 394,000 401,000 Texas 4,845 5,160 1,215,228 1,363,557 251,000 264,000 West 5,721 6,145 3,682,454 3,976,322 644,000 647,000 Other 12 14 5,354 8,412 446,000 601,000 Total 22,206 23,795 $ 9,559,403 10,503,790 $ 430,000 441,000 Of the total homes delivered listed above, 112 homes with a dollar value of $58 million and an average sales price of $522,000 represent home deliveries from unconsolidated entities for the three months ended November 30, 2024, compared to 139 home deliveries with a dollar value of $61 million and an average sales price of $438,000 for the three months ended November 30, 2023. At November 30, For the Three Months Ended November 30, 2024 2023 2024 2023 2024 2023 2024 2023 New Orders: Active Communities Homes Dollar Value Average Sales Price East 347 305 3,791 4,690 $ 1,522,100 1,931,297 $ 402,000 412,000 Central 404 323 4,254 3,932 1,665,471 1,537,804 392,000 391,000 Texas 285 246 4,158 4,185 1,044,596 1,070,282 251,000 256,000 West 409 384 4,689 4,549 2,944,098 2,738,131 628,000 602,000 Other 2 2 3 10 2,898 6,495 966,000 649,000 Total 1,447 1,260 16,895 17,366 $ 7,179,163 7,284,009 $ 425,000 419,000 Of the total new orders listed above, 81 homes with a dollar value of $41 million and an average sales price of $512,000 represent new orders in 11 active communities from unconsolidated entities for the three months ended November 30, 2024, compared to 69 new orders with a dollar value of $36 million and an average sales price of $516,000 in five active communities for the three months ended November 30, 2023. For the Years Ended November 30, 2024 2023 2024 2023 2024 2023 Deliveries: Homes Dollar Value Average Sales Price East 21,325 20,266 $ 8,623,347 8,805,485 $ 404,000 434,000 Central 19,084 16,809 7,617,693 7,041,528 399,000 419,000 Texas 18,844 16,591 4,763,692 4,692,906 253,000 283,000 West 20,914 19,388 12,938,104 12,052,131 619,000 622,000 Other 43 33 21,739 23,236 506,000 704,000 Total 80,210 73,087 $ 33,964,575 32,615,286 $ 423,000 446,000 Of the total homes delivered listed above, 383 homes with a dollar value of $186 million and an average sales price of $487,000 represent home deliveries from unconsolidated entities for the year ended November 30, 2024, compared to 340 home deliveries with a dollar value of $156 million and an average sales price of $459,000 for the year ended November 30, 2023. For the Years Ended November 30, 2024 2023 2024 2023 2024 2023 New Orders: Homes Dollar Value Average Sales Price East 18,205 18,685 $ 7,420,362 7,931,099 $ 408,000 424,000 Central 19,018 15,403 7,558,829 6,324,097 397,000 411,000 Texas 19,019 15,789 4,804,674 4,331,763 253,000 274,000 West 20,668 19,199 12,874,054 11,897,996 623,000 620,000 Other 41 35 20,562 23,600 502,000 674,000 Total 76,951 69,111 $ 32,678,481 30,508,555 $ 425,000 441,000 Of the total new orders listed above, 315 homes with a dollar value of $176 million and an average sales price of $558,000 represent new orders from unconsolidated entities for the year ended November 30, 2024, compared to 321 new orders with a dollar value of $153 million and an average sales price of $476,000 for the year ended November 30, 2023. At November 30, 2024 2023 2024 2023 2024 2023 Backlog: Homes Dollar Value Average Sales Price East 3,460 6,580 $ 1,513,713 2,708,322 $ 437,000 412,000 Central 3,097 3,163 1,316,754 1,375,617 425,000 435,000 Texas 2,070 1,895 525,299 475,941 254,000 251,000 West 3,005 3,251 2,016,669 2,072,342 671,000 637,000 Other 1 3 349 1,528 349,000 509,000 Total 11,633 14,892 $ 5,372,784 6,633,750 $ 462,000 445,000 Of the total homes in backlog listed above, 79 homes with a backlog dollar value of $64 million and an average sales price of $807,000 represent the backlog from unconsolidated entities at November 30, 2024, compared to 147 homes with a backlog dollar value of $74 million and an average sales price of $507,000 at November 30, 2023. LENNAR CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (unaudited) November 30, 2024 2023 ASSETS Homebuilding: Cash and cash equivalents $ 4,662,643 6,273,724 Restricted cash 11,799 13,481 Receivables, net 1,053,211 887,992 Inventories: Finished homes and construction in progress 10,884,861 10,455,666 Land and land under development 4,750,025 4,904,541 Inventory owned 15,634,886 15,360,207 Consolidated inventory not owned 4,084,665 2,992,528 Inventory owned and consolidated inventory not owned 19,719,551 18,352,735 Deposits and pre-acquisition costs on real estate 3,625,372 2,002,154 Investments in unconsolidated entities 1,344,836 1,143,909 Goodwill 3,442,359 3,442,359 Other assets 1,734,698 1,512,038 35,594,469 33,628,392 Financial Services 3,516,550 3,566,546 Multifamily 1,306,818 1,381,513 Lennar Other 894,944 657,852 Total assets $ 41,312,781 39,234,303 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 1,839,440 1,631,401 Liabilities related to consolidated inventory not owned 3,563,934 2,540,894 Senior notes and other debts payable, net 2,258,283 2,816,482 Other liabilities 3,201,552 2,739,217 10,863,209 9,727,994 Financial Services 2,140,708 2,447,039 Multifamily 181,883 278,177 Lennar Other 105,756 79,127 Total liabilities 13,291,556 12,532,337 Stockholders' equity: Preferred stock — — Class A common stock of $0.10 par value 25,998 25,848 Class B common stock of $0.10 par value 3,660 3,660 Additional paid-in capital 5,729,434 5,570,009 Retained earnings 25,753,078 22,369,368 Treasury stock (3,649,564) (1,393,100) Accumulated other comprehensive income 7,529 4,879 Total stockholders' equity 27,870,135 26,580,664 Noncontrolling interests 151,090 121,302 Total equity 28,021,225 26,701,966 Total liabilities and equity $ 41,312,781 39,234,303 LENNAR CORPORATION AND SUBSIDIARIES Supplemental Data (Dollars in thousands) (unaudited) November 30, 2024 2023 Homebuilding debt $ 2,258,283 2,816,482 Stockholders' equity 27,870,135 26,580,664 Total capital $ 30,128,418 29,397,146 Homebuilding debt to total capital 7.5 % 9.6 % Homebuilding debt $ 2,258,283 2,816,482 Less: Homebuilding cash and cash equivalents 4,662,643 6,273,724 Net homebuilding debt $ (2,404,360) (3,457,242) Net homebuilding debt to total capital (1) (9.4) % (15.0) % (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. Contact: Ian Frazer Investor Relations Lennar Corporation (305) 485-4129 View original content: https://www.prnewswire.com/news-releases/lennar-reports-fourth-quarter-and-fiscal-2024-results-302335463.html SOURCE Lennar Corporation © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Bob on Business: Texas A&M’s new Fort Worth campus to be center for more than educationTwo Canadian Cabinet ministers left a meeting at Mar-a-Lago on Friday without assurances President-elect Donald Trump will back away from threatened tariffs on all products from the major American trading partner. The Canadians called the talks “productive” and said there would be further discussions but one official said the Americans remain fixated on the U.S. trade deficit with Canada. Finance Minister Dominic LeBlanc and Foreign Minister Mélanie Joly met with Howard Lutnick, Trump’s nominee for commerce secretary, as well as North Dakota Gov. Doug Burgum, Trump’s pick to lead the Interior Department. Trump has threatened to impose 25% tariffs on all Canadian products if Canada does not stem what he calls a flow of migrants and fentanyl into the United States — even though far fewer of each cross into the U.S. from Canada than from Mexico, which Trump has also threatened. “Minister LeBlanc and Minister Joly had a positive, productive meeting at Mar-a-Lago with Howard Lutnick and Doug Burgum, as a follow-up to the dinner between the Prime Minister and President Trump last month,” said Jean-Sébastien Comeau, a spokesman for LeBlanc. Comeau said both ministers outlined the measures in Canada's billion-dollar plan to increase security at the border and reiterated “the shared commitment to strengthen border security as well as combat the harm caused by fentanyl to save Canadian and American lives.” Comeau said Lutnick and Burgum agreed to relay the information to Trump. A senior Canadian official, however, said the Americans remain preoccupied on the U.S. trade deficit with Canada and want it to shrink. The official spoke on condition of anonymity as they were not authorized to speak publicly on the matter. Trump has made an issue of the U.S. trade deficit, erroneously calling it a subsidy. Canada’s ambassador to Washington, Kirsten Hillman, has said the U.S. had a $75 billion trade deficit with Canada last year. But she noted a third of what Canada sells into the U.S. are energy exports and said there is a deficit when oil prices are high. About 60% of U.S. crude oil imports and 85% of U.S. electricity imports are from Canada. Alberta alone sends 4.3 million barrel s of oil per day to the U.S which tends to consume about 20 million barrels a day. The Trump transition team did not immediately respond to a message seeking comment. Further discussions are expected in the coming weeks. Joly will also have dinner with U.S. Sen. Lindsey Graham on Friday. Trump has been trolling Prime Minister Justin Trudeau on social media in recent weeks by calling him the Governor of the 51st state. Trudeau has not directly responded, but did post a link Thursday to a six-minute video on YouTube from 2010 in which American NBC journalist Tom Brokaw “explains Canada to Americans.” “Some information about Canada for Americans” Trudeau wrote in the post on X. The video, which originally aired during the 2010 Vancouver Olympics, explains similarities between the two countries, the massive trading relationship and the actions of the Canadian military in World War 2 and Afghanistan. “In our darkest hours Canada has been with us,” Brokaw says in the video. “In the long history of sovereign neighbors there has never been a relationship as close, productive and peaceful as the U.S. and Canada.” Trudeau has told Trump that Americans would also suffer if the president-elect follows through on a plan to impose sweeping tariffs on Canadian products. Nearly $3.6 billion Canadian dollars ($2.7 billion) worth of goods and services cross the border each day. Canada is the top export destination for 36 U.S. states. Flows of migrants and seizures of drugs are vastly different at the U.S.’s two land borders. U.S. customs agents seized 43 pounds of fentanyl at the Canadian border during the last fiscal year, compared with 21,100 pounds at the Mexican border. Most of the fentanyl reaching the U.S. — where it causes about 70,000 overdose deaths annually — is made by Mexican drug cartels using precursor chemicals smuggled from Asia. On immigration, the U.S. Border Patrol reported 1.53 million encounters with migrants at the southwest border with Mexico between October 2023 and September 2024. That compares to 23,721 encounters at the Canadian border during that time.
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2024 Fourth Quarter Highlights– comparisons to the prior year quarter 2024 Fiscal Year Highlights - comparisons to prior year MIAMI , Dec. 18, 2024 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B) , one of the nation's largest homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2024 . Fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion , or $4.06 per diluted share, compared to $1.4 billion , or $4.82 per diluted share in the fourth quarter of 2023. Excluding mark-to-market gains on technology investments, fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion , or $4.03 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2023 of $1.5 billion , or $5.17 per diluted share, excluding mark-to-market losses on technology investments and other one-time items (collectively, "adjustments"). Net earnings attributable to Lennar for the year ended November 30, 2024 were $3.9 billion , or $14.31 per diluted share, compared to $3.9 billion , or $13.73 per diluted share for the year ended November 30, 2023 . Excluding adjustments, net earnings attributable to Lennar for the year ended November 30, 2024 were $3.8 billion , or $13.86 per diluted share, compared to $4.1 billion , or $14.25 per diluted share for the year ended November 30, 2023 . Stuart Miller , Executive Chairman and Co-Chief Executive Officer of Lennar, said, "In the course of our fourth quarter, the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose almost 100 basis points through the quarter. Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates." "Accordingly, in our fourth quarter, sales pace lagged expectations as interest rates climbed and our new orders fell short of expectations to 16,895 homes vs the low end of our guidance of 19,000 homes. Consistent with our strategy of matching sales pace with production, we adjusted sales price, incentives, and margin in order to re-ignite sales and actively manage inventory levels. We ended the quarter with two completed, unsold homes per community, which was within our historical range." "In the fourth quarter, earnings were $1.1 billion , or $4.06 per diluted share. We delivered 22,206 homes in the quarter and our average sales price, net of incentives, per home delivered was $430,000 in the fourth quarter, slightly down from last year. Our homebuilding gross margin in the fourth quarter was 22.1%, with SG&A expenses of 7.2%, resulting in a 14.9% net margin." "Driven by our consistent focus on cash flow, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $521 million of our common stock, had no outstanding borrowings on our $2.9 billion revolving credit facility and cash of $4.7 billion , ending the quarter with homebuilding debt to total capital of 7.5%. With cash on hand exceeding our debt, and with overall liquidity of approximately $7.6 billion , our balance sheet remains extremely strong." "Against this backdrop, we continue to remain focused on our volume-based strategy of driving sales and cash flow while using margin as a shock absorber as we continue to migrate to an asset-light, land-light business model. This strategy is reflected in both the public filing of a registration statement on Form S-11 for the planned spin-off of Millrose Properties, Inc., as well as our previously announced acquisition of Rausch Coleman Homes as we focus on growing to drive affordability and fill the supply gap that is reflected in the marketplace." Jon Jaffe , Co-Chief Executive Officer and President of Lennar, said, "Operationally, our starts pace and sales pace were 4.6 homes and 4.2 homes per community in the fourth quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 138 days, or 14% lower year over year, as our production first focus has positively impacted our production times, while our inventory turn improved to 1.6 times reflecting broader efficiencies. Concurrently, the Lennar Marketing and Sales Machine continued to carefully match our sales pace to our production pace using our digital marketing and dynamic pricing models." "During the quarter, we continued the migration to our land light strategy. This was evidenced by our years supply of owned homesites improving to 1.1 years from 1.4 years last year and our controlled homesite percentage increasing to 82% from 76% year over year, resulting in a return on inventory of 29.2%." Mr. Miller concluded, "As we look ahead, we expect to deliver between 17,000 and 17,500 homes for the first quarter of 2025 and between 86,000 and 88,000 homes for the full year 2025, including the impact of the Rausch Coleman acquisition. While we remain optimistic that margins will normalize as affordability normalizes and our cost structure benefits from our volume, we expect our gross margin in the first quarter to be between 19.0% and 19.25%, and at this time, we will not guide to full year gross margin until we have a better sense of market conditions as the year unfolds." RESULTS OF OPERATIONS THREE MONTHS ENDED NOVEMBER 30, 2024 COMPARED TO THREE MONTHS ENDED NOVEMBER 30, 2023 Homebuilding Revenues from home sales decreased 9% in the fourth quarter of 2024 to $9.5 billion from $10.4 billion in the fourth quarter of 2023. Revenues were lower primarily due to a 7% decrease in the number of home deliveries and a 3% decrease in the average sales price of homes delivered. New home deliveries decreased to 22,206 homes in the fourth quarter of 2024 from 23,795 homes in the fourth quarter of 2023. The average sales price of homes delivered was $430,000 in the fourth quarter of 2024, compared to $441,000 in the fourth quarter of 2023. The decrease in average sales price of homes delivered in the fourth quarter of 2024 compared to the same period last year was primarily due to pricing to market through an increased use of incentives and product mix. Gross margins on home sales were $2.1 billion , or 22.1%, in the fourth quarter of 2024, compared to $2.5 billion, or 24.2%, in the fourth quarter of 2023. During the fourth quarter of 2024, gross margins decreased primarily because revenue per square foot decreased while land costs increased year over year, which was partially offset by a decrease in costs per square foot due to lower costs of materials as the Company continued to focus on construction cost savings. Selling, general and administrative expenses were $682 million in the fourth quarter of 2024, compared to $688 million in the fourth quarter of 2023. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 7.2% in the fourth quarter of 2024, from 6.6% in the fourth quarter of 2023, primarily due to less leverage as a result of both lower volume and average sales price. Financial Services Operating earnings for the Financial Services segment were $154 million in the fourth quarter of 2024, compared to $168 million in the fourth quarter of 2023. The decrease in operating earnings was primarily due to lower profit per loan in the Company's mortgage business. Other Ancillary Businesses Operating loss for the Multifamily segment was $0.2 million in the fourth quarter of 2024, compared to operating loss of $12 million in the fourth quarter of 2023. Operating earnings for the Lennar Other segment were $0.5 million in the fourth quarter of 2024, compared to an operating loss of $125 million in the fourth quarter of 2023. The Lennar Other operating earnings for the fourth quarter of 2024 were primarily due to positive mark-to-market adjustments of $13 million on the Company's publicly traded technology investments, which was partially offset by other operating losses. The Lennar Other operating loss for the fourth quarter of 2023 was primarily due to negative mark-to-market adjustments of $36 million on the Company's publicly traded technology investments and a $65 million write-off of one of the Company's non-public technology investments. Tax Rate For the quarters ended November 30, 2024 and 2023, the Company had a tax provision of $358 million and $417 million , which resulted in an overall effective income tax rate of 24.6% and 23.4%, respectively. For both periods, the Company's effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate from the prior year for the three months ended November 30, 2024 was primarily due to additional state income tax expense. OTHER TRANSACTIONS Credit Facility In November 2024 , the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility") to, among other things, increase the lenders' commitments to $2.875 billion until May 2027 when this amount will be reduced to $2.650 billion until final maturity in November 2029 . As of November 30, 2024 , there were no outstanding borrowings under the Credit Facility. Share Repurchases During the fourth quarter of 2024, the Company repurchased 3 million shares of its common stock for $521 million at an average per share price of $173.79 . Liquidity At November 30, 2024, the Company had $4.7 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.9 billion Credit Facility, thereby providing approximately $7.6 billion of available capacity. Guidance The following are the Company's expected results of its homebuilding and financial services activities: First Quarter 2025 New Orders 17,500 - 18,000 Deliveries 17,000 - 17,500 Average Sales Price $410,000 - $415,000 Gross Margin % on Home Sales 19.0% - 19.25% S,G&A as a % of Home Sales 8.7% - 8.8% Financial Services Operating Earnings $100 million - $110 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, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. 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. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities; decreased demand for our homes, or for Multifamily rental apartments or single family homes; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; the possibility that increased tariffs will increase the cost of production materials; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies and our planned spin-off on the timelines expected or at all; 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; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; possible unfavorable outcomes in legal proceedings; conditions in the capital, credit and financial markets; harm to our business from information technology failures and data security breaches; changes in laws, regulations or the regulatory environment affecting our business; policy changes that may be introduced by the new administration that could affect economic conditions, tax regimes and regulatory frameworks, and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed on January 26, 2024 , as amended by our Annual Report on Form 10-K/A filed on April 25, 2024 , and Quarterly Reports on Form 10-Q. 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 19, 2024. The call will be broadcast live on the internet and can be accessed through the Company's website at investors.lennar.com . If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-0176 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, November 30, 2024 2023 2024 2023 Revenues: Homebuilding $ 9,548,684 10,516,050 33,906,426 32,660,987 Financial Services 304,550 304,693 1,109,263 976,859 Multifamily 88,917 140,824 411,537 573,485 Lennar Other 4,737 6,616 14,226 22,035 Total revenues $ 9,946,888 10,968,183 35,441,452 34,233,366 Homebuilding operating earnings $ 1,495,383 1,912,639 5,342,252 5,527,707 Financial Services operating earnings 154,476 169,130 577,184 509,461 Multifamily operating earnings (loss) (160) (12,155) 42,635 (50,651) Lennar Other operating earnings (loss) 450 (125,414) (47,967) (209,788) Corporate general and administrative expenses (170,011) (136,336) (648,986) (501,338) Charitable foundation contribution (22,206) (23,795) (80,210) (73,087) Earnings before income taxes 1,457,932 1,784,069 5,184,908 5,202,304 Provision for income taxes (358,058) (416,780) (1,217,253) (1,241,013) Net earnings (including net earnings attributable to noncontrolling interests) 1,099,874 1,367,289 3,967,655 3,961,291 Less: Net earnings attributable to noncontrolling interests 3,660 6,002 35,122 22,780 Net earnings attributable to Lennar $ 1,096,214 1,361,287 3,932,533 3,938,511 Basic and diluted average shares outstanding 267,262 279,438 272,019 283,319 Basic and diluted earnings per share $ 4.06 4.82 14.31 13.73 Supplemental information: Interest incurred (1) $ 29,254 41,434 129,310 187,640 EBIT (2): Net earnings attributable to Lennar $ 1,096,214 1,361,287 3,932,533 3,938,511 Provision for income taxes 358,058 416,780 1,217,253 1,241,013 Interest expense included in: Costs of homes sold 39,513 69,859 160,848 240,871 Costs of land sold 29 156 373 1,588 Homebuilding other income, net 4,472 4,525 18,771 15,434 Total interest expense 44,014 74,540 179,992 257,893 EBIT $ 1,498,286 1,852,607 5,329,778 5,437,417 (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, November 30, 2024 2023 2024 2023 Homebuilding revenues: Sales of homes $ 9,500,991 10,442,850 33,778,149 32,459,129 Sales of land 39,568 63,501 93,384 109,963 Other homebuilding 8,125 9,699 34,893 91,895 Total revenues 9,548,684 10,516,050 33,906,426 32,660,987 Homebuilding costs and expenses: Costs of homes sold 7,400,266 7,919,724 26,255,353 24,900,470 Costs of land sold 30,162 39,413 73,802 92,142 Selling, general and administrative 682,003 687,774 2,480,309 2,231,033 Total costs and expenses 8,112,431 8,646,911 28,809,464 27,223,645 Homebuilding net margins 1,436,253 1,869,139 5,096,962 5,437,342 Homebuilding equity in earnings (loss) from unconsolidated entities 12,410 9,223 66,448 (3,886) Homebuilding other income, net 46,720 34,277 178,842 94,251 Homebuilding operating earnings $ 1,495,383 1,912,639 5,342,252 5,527,707 Financial Services revenues $ 304,550 304,693 1,109,263 976,859 Financial Services costs and expenses 150,074 135,563 532,079
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Crown Royal Paints Nashville Purple During "The 58th Annual CMA Awards" Week from launch of Crown Royal 31 Year Old in Partnership with Daniel Diamond to Generous Moment on CMA Awards Stage NASHVILLE, Tenn. , Nov. 21, 2024 /PRNewswire/ -- In its seventh year as the exclusive whisky partner of the CMA Awards, Crown Royal spread generosity through Music City across the week, culminating in a special announcement on Country Music's Biggest Night. Woven into the fabric of country music, Crown Royal brings people together through shared values and experiences that define the genre. This year, the brand raised the bar and 'painted the town purple' like never before with a packed presence in Nashville . To kick off the week, the award-winning whisky brand partnered with Daniel Musto of fashion brand DanielxDiamond to debut Crown Royal Aged 31 Years. Musto shared a collection of iconic looks from country music's biggest stars along with his tips for luxury western styling. The duo adorned guests with their very own custom DanielxDiamond Crown Royal jacket, a perfect accessory for CMA Awards week. Side-by-side with this rare whisky, the two icons cheers to craftsmanship, excellence and country music. Continuing the star-studded week of celebrations, Crown Royal teamed up with New Artist of the Year nominee Nate Smith and veteran-turned-country-artist Scotty Hasting to raise a glass to Crown Royal partner, CreatiVets, a non-profit organization helping veterans navigate life after service through music. Last night, Crown Royal and Smith hit the stage at "The 58th Annual CMA Awards," highlighting the story of veteran Scotty Hasting's life-changing journey from Purple Heart recipient to one of country music's own. During an intimate conversation, Hasting shared how the support of CreatiVets led to him writing his first debut single and making his first appearance on the Grand Ole Opry stage. He also recounted moments from a recent performance in Nashville . "I am so proud to be able to use music to reach people and help Veterans like myself, after returning home," said Hasting. "It's an honor to support CreatiVets and Crown Royal in their mission to continue to help people through music, too." Amid roaring applause and a standing ovation, Smith announced a $50,000 donation to CreatiVets on behalf of Crown Royal. Since the start of their partnership, Crown Royal has spearheaded efforts to raise over $370,000 in support for this cause.* "I'm humbled to put a spotlight on an organization as incredible as CreatiVets on country music's biggest stage," said Smith. "Crown Royal has been my go-to in the songwriting room and while on tour, and I've long admired their commitment to supporting veterans. Learning about CreatiVets' mission and Scotty's personal story is something I'll never forget." Crown Royal first partnered with CreatiVets in 2022, and through Crown Royal's continued commitment and support over the past two years, CreatiVets has significantly fueled their mission, nearly doubling their annual number of veterans served in 2024. The brand's support has also helped enable a thirty-five percent increase in songwriting programs, while also facilitating the launch of new chapters and community initiatives.* "As we returned to Music City for the seventh year, it was important for us to extend our presence and plant our purple flag in the heart of country music. We are proud to have celebrated the country music community from our new partnership with DanielxDiamond for Crown Royal Aged 31 to celebrating iconic artists at the 72nd Annual BMI Country Awards," said Jesse Damashek , Senior Vice President, North American Whiskeys at Diageo. "And of course, with generosity at the core of our brand we closed out the week with a memorable giveback moment. What an honor to have teamed up with Nate Smith and Scotty Hasting , to support our partner CreatiVets and highlight the incredible work they are doing for our veterans." CMA Awards viewers at home had the opportunity to join in on the generosity by scanning a QR code that appeared onscreen or by visiting https://stage.crownroyal.com/cmacreativets . Each visit to the website (including by QR code scan) on or before November 21 will result in the brand donating an additional $1 . These donations will be in addition to the $50,000 Crown Royal will contribute to CreatiVets mission.*** Crown Royal also sponsored the 72nd annual BMI Country Awards, the Creative Artist Agency watch party, and continued celebrations as a sponsor of William Morris Endeavor's official CMA Awards after party. Country stars and industry alike gathered to toast with specialty cocktails crafted exclusively for the occasions, rounding out a week of unforgettable moments. Crown Royal reminds everyone 21+ that living generously is not about what you have, but about what you give. And, most importantly, to always drink responsibly. About Crown Royal Crown Royal Canadian Whisky is the number-one selling Canadian whisky brand in the world and has a tradition as long and distinctive as its taste. Specially blended to commemorate a grand tour of Canada made by King George VI and Queen Elizabeth of Great Britain in 1939, Crown Royal's smooth, elegant flavor and gift-worthy presentation reflect its regal origins – it is considered the epitome of Canadian whisky. For more information, visit crownroyal.com . Crown Royal encourages all consumers to please enjoy responsibly. About Diageo North America Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker , Crown Royal, Bulleit and Buchanan's whiskies, Smirnoff, Cîroc and Ketel One vodkas, Casamigos, DeLeon and Don Julio tequilas, Captain Morgan, Baileys, Tanqueray and Guinness. Diageo is listed on both the New York Stock Exchange (NYSE: DEO) and the London Stock Exchange (LSE: DGE) and their products are sold in more than 180 countries around the world. For more information about Diageo, their people, brands, and performance, visit diageo.com . Visit Diageo's global responsible drinking resource, DRINKiQ.com , for information, initiatives, and ways to share best practice. Follow on Twitter and Instagram for news and information about Diageo North America: @Diageo_NA. About the CMA Awards The first "CMA Awards Banquet and Show" was held in 1967. The following year, the CMA Awards was broadcast for the first time – making it the longest running, annual music awards program on network television. The CMA Awards have aired on ABC since 2006. ABC is the network home of the CMA Awards and CMA's other two television properties, "CMA Fest" and "CMA Country Christmas." About Nate Smith Bursting onto the scene a few short years ago, country vocal powerhouse Nate Smith has accumulated over 2 billion career streams, scored three multi-week No. 1 records ("Whiskey on You," "World on Fire" and "Bulletproof"), garnered multiple gold and platinum records, sold-out shows across the US and received numerous nominations for best new artist from the CMA Awards, ACM Awards, CMT Awards, iHeart Radio Awards and so many more. Most recently, Smith received the award for ACM New Male Artist of the Year, Billboard's Rookie of the Year and Amazon's Breakthrough Country Artist for 2024. Smith's sophomore album, California Gold, was just released and debuted Top 15 on Billboard's Country Albums Chart. About Scotty Hasting In April of 2011, former Army Infantryman with the 1st Infantry Division 4th Squadron 4th Cavalry Scotty Hasting was left fighting for his life, flying out of Afghanistan on a medivac after being shot ten times. Narrowly escaping death, Hasting is now on a mission to help anyone struggling through his music. Despite only first picking up a guitar in 2020, Hasting signed with Black River Entertainment in 2023 and has already opened for incredible artists, including Dave Grohl , Tanya Tucker , Jelly Roll, Lee Brice , Chris Janson , and more. Hasting recently partnered with Operation Democracy and represented the U.S. with multiple performances in Normandy , France , during a week-long celebration commemorating the 80th anniversary of D-Day . Hasting released his debut EP, I'm America (5/3), stepped into the coveted Circle for his Grand Ole Opry debut (7/28), and shared the notable release, his own special version of "Til The Last Shot's Fired" with Lee Brice and Dolly Parton (10/15) . About CreatiVets CreatiVets' is a 501(c)(3) non-profit organization whose mission is to provide wounded veterans struggling with post-traumatic stress and traumatic brain injury with opportunities to use art, music, and creative writing to heal their unseen wounds of war. Their goal is to empower veterans with tools they can use for the rest of their lives and enable them to see their own capacity for success in an arena outside the battlefield. Learn more at creativets.org . Media Contacts: DIAGEO jazmine.settles@diageo.com TAYLOR crownroyal@taylorstrategy.com For Scotty Hasting : Dawn Delvo | Black River Entertainment ddelvo@blackriverent.com **Source: CreatiVets Financial Statements ***Diageo Americas, Inc. to donate up to $1,000,000 to national and local charities between 9/7/2024 & 6/30/2025, including this initiative in support of CreatiVets. Donation made via the Crown Royal Generosity Fund, a donor-advised fund administered by Fairfield County's Community Foundation, organized under IRS Section 501c(3). No minimum donation. Dispersal of funds subject to approval of Fairfield County's Community Foundation. View original content to download multimedia: https://www.prnewswire.com/news-releases/crown-royal-joins-forces-with-nate-smith-and-scotty-hasting-to-support-veterans-as-the-award-winning-whisky-donates-50-000-to-creativets-on-country-musics-biggest-night-302313677.html SOURCE Crown RoyalNone