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By GABRIELA SÁ PESSOA and MAURICIO SAVARESE, Associated Press SAO PAULO (AP) — Brazil’s federal police said Thursday they indicted former President Jair Bolsonaro and 36 other people for allegedly attempting a coup to keep him in office after his defeat in the 2022 elections. Police said their findings were being delivered Thursday to Brazil’s Supreme Court, which must decide whether to refer them to Prosecutor-General Paulo Gonet, who will either formally charge Bolsonaro and put him on trial, or toss the investigation. The former right-wing president has denied all claims he tried to stay in office after his narrow electoral defeat in 2022 to his rival, leftist President Luiz Inácio Lula da Silva. Bolsonaro has faced a series of legal threats since then. Police said in a brief statement that the Supreme Court had agreed to reveal the names of all 37 people who were indicted “to avoid the dissemination of incorrect news.” The 700-page police document likely will take several days for the court to review, Supreme Court justice Alexandre de Moraes said. Dozens of former and current Bolsonaro aides also were indicted, including Gen. Walter Braga Netto, who was his running mate in the 2022 campaign; former Army commander Gen. Paulo Sérgio Nogueira de Oliveira; Valdemar Costa Neto, the chairman of Bolsonaro’s Liberal Party; and his veteran former adviser, Gen. Augusto Heleno. The investigation started last year. On Tuesday, four military men and one federal police agent were arrested as part of the same probe . Other investigations focus on Bolosnaro’s potential roles in smuggling diamond jewelry into Brazil without properly declaring them, and in directing a subordinate to falsify his and others’ COVID-19 vaccination statuses. Bolsonaro has denied any involvement in either. Another probe found that he had abused his authority to cast doubt on the country’s voting system, and judges barred him from running again until 2030. The far-reaching investigations have weakened Bolsonaro’s status as a leader of Brazil’s right wing, said Carlos Melo, a political science professor at Insper University in Sao Paulo. “Bolsonaro is already barred from running in the 2026 elections,” Melo told the The Associated Press. “And if he is convicted he could also be jailed by then. To avoid being behind bars, he will have to convince Supreme Court justices that he has nothing to do with a plot that involves dozens of his aids. That’s a very tall order,” Melo said. On Tuesday, the federal police arrested four military and a federal police officer accused of plotting to overthrow the government following the 2022 elections, including alleged plans to kill Lula and other top officials.

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Cassia Networks presents the new M1500, a compact Bluetooth Gateway designed to provide flexible and cost-effective solutions for enterprise IoT applications . SAN JOSE, Calif. , Dec. 18, 2024 /PRNewswire/ -- Today, Cassia Networks, Inc., a leading provider of enterprise Bluetooth IoT products and solutions, announces the launch of its new M1500 Bluetooth Gateway in China . Further announcements for the global release will follow. Cassia's M1500 is a compact and cost-effective Bluetooth gateway that delivers exceptional performance. It is designed to be easy to install and use, offering the convenience of supporting both Wi-Fi and Ethernet as backhaul options, along with Power over Ethernet (PoE) supply capabilities. The M1500 provides customers with enterprise-grade security, flexibility, and scalability, making it an ideal solution for deploying IoT projects in a cost-effective manner. Like all of Cassia's Bluetooth gateways, the M1500 can be managed using Cassia's IoT Access Controller (AC), which stands as the industry's most robust enterprise Bluetooth network management solution. The M1500 also supports Bluetooth roaming and positioning, features that are shared with other Cassia enterprise Bluetooth gateways such as the M2000, E1000, and X2000. It serves as a complementary addition to this lineup. The M1500 is available in two distinct versions: the M1500 Standard and the M1500-XT. The M1500 Standard is an indoor model equipped with an omni-directional antenna. In contrast, the M1500-XT is designed for outdoor use, featuring a robust outdoor enclosure and a directional antenna. The versatility of the M1500 gateway allows it to be utilized across a wide range of industries and applications. These include continuous vital sign monitoring in hospitals, telehealth, Industrial IoT, smart campuses, supply chain management, and personnel and asset tracking. Felix Zhao , CEO of Cassia Networks, expressed his enthusiasm about the new product, stating, "We are thrilled to announce the M1500. This addition enhances our suite of enterprise IoT solutions by providing flexible, secure, and cost-effective connectivity for our enterprise customers." To learn more about the M1500 technical specifications visit: https://www.cassianetworks.com/products/m1500-bluetooth-gateway/ About Cassia Networks Cassia Networks is the leading provider of enterprise Bluetooth IoT products and solutions. Our patented technology provides the most reliable and easy to manage long-range, multiple device connectivity, edge processing and locationing for Bluetooth IoT networks. Our mission is to solve the IoT connectivity, locationing and management challenges faced by today's enterprises and make IoT easy. View original content to download multimedia: https://www.prnewswire.com/news-releases/cassia-networks-releases-the-m1500-enterprise-grade-compact-bluetooth-gateway-enhancing-enterprise-application-flexibility-302334088.html SOURCE Cassia Networks

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Citing text messages, travel receipts, online payments and testimony, the bipartisan committee paints a picture of a lifestyle in which Gaetz and others connected with younger women for drug-fueled parties, events or trips, with the expectation the women would be paid for their participation. The former congressman, who filed a last-minute lawsuit to try to block the report's release Monday, slammed the committee's findings. Gaetz has denied any wrongdoing and has insisted he never had sex with a minor. And a Justice Department investigation into the allegations ended without any criminal charges filed against him. "Giving funds to someone you are dating — that they didn't ask for — and that isn't 'charged' for sex is now prostitution?!?" Gaetz wrote in one post Monday. "There is a reason they did this to me in a Christmas Eve-Eve report and not in a courtroom of any kind where I could present evidence and challenge witnesses." Here's a look at some of the committee's key findings: 'Sex-for-money arrangements,' drug-fueled parties and trips The committee found that between 2017 and 2020, Gaetz paid tens of thousands of dollars to women "likely in connection with sexual activity and/or drug use." He paid the women using through online services such as PayPal, Venmo and CashApp and with cash or check, the committee said. The committee said it found evidence that Gaetz understood the "transactional nature" of his relationships with the women. The report points to one text exchange in which Gaetz balked at a woman's request that he send her money, "claiming she only gave him a 'drive by.'" Women interviewed by the committee said there was a "general expectation of sex," the report said. One woman who received more than $5,000 from Gaetz between 2018 and 2019 said that "99 percent of the time" that when she hung out with Gaetz "there was sex involved." However, Gaetz was in a long-term relationship with one of the women he paid, so "some of the payments may have been of a legitimate nature," the committee said. Text messages obtained by the committee also show that Gaetz would ask the women to bring drugs to their "rendezvous," the report said. While most of his encounters with the women were in Florida, the committee said Gaetz also traveled "on several occasions" with women whom he paid for sex. The report includes text message exchanges in which Gaetz appears to be inviting various women to events, getaways or parties, and arranging airplane travel and lodging. Gaetz associate Joel Greenberg, who pleaded guilty to sex trafficking charges in 2021, initially connected with women through an online service. In one text with a 20-year-old woman, Greenberg suggested if she had a friend, the four of them could meet up. The woman responded that she usually does "$400 per meet." Greenberg replied: "He understands the deal," along with a smiley face emoji. Greenberg asked if they were old enough to drink alcohol, and sent the woman a picture of Gaetz. The woman responded that her friend found him "really cute." "Well, he's down here for only for the day, we work hard and play hard," Greenberg replied. 'Substantial evidence' indicates that Gaetz had sex with an underage girl, the committee said The report details a party in July 2017 in which Gaetz is accused of having sex with "multiple women, including the 17-year-old, for which they were paid." The committee pointed to "credible testimony" from the now-woman herself as well as "multiple individuals" who corroborated the allegation. The then-17-year-old — who had just completed her junior year in high school — told the committee that Gaetz paid her $400 in cash that night, "which she understood to be payment for sex," according to the report. The woman acknowledged that she had taken ecstasy the night of the party, but told the committee that she was "certain" of her sexual encounters with the then-congressman. There's no evidence that Gaetz knew she was a minor when he had sex with her, the committee said. The woman told the committee she didn't tell Gaetz she was under 18 at the time and he didn't ask how old she was. Rather, the committee said Gaetz learned she was a minor more than a month after the party. But he stayed in touch with her after that and met up with her for "commercial sex" again less than six months after she turned 18, according to the committee. Gaetz said evidence would 'exonerate' him but provided none of it In sum, the committee said it authorized 29 subpoenas for documents and testimony, reviewed nearly 14,000 documents and contacted more than two dozen witnesses. But when the committee subpoenaed Gaetz for his testimony, he failed to comply. "Gaetz pointed to evidence that would 'exonerate' him yet failed to produce any such materials," the committee said. Gaetz "continuously sought to deflect, deter, or mislead the Committee in order to prevent his actions from being exposed." The report details a months-long process that dragged into a year as it sought information from Gaetz that he decried as "nosey" and a "weaponization" of government against him. In one notable exchange, investigators were seeking information about the expenses for a 2018 getaway with multiple women to the Bahamas. Gaetz ultimately offered up his plane ticket receipt "to" the destination, but declined to share his return "from" the Bahamas. The report said his return on a private plane and other expenses paid by an associate were in violation of House gift rules. In another Gaetz told the committee he would "welcome" the opportunity to respond to written questions. Yet, after it sent a list of 16 questions, Gaetz said publicly he would "no longer" voluntarily cooperate. He called the investigation "frivolous," adding, "Every investigation into me ends the same way: my exoneration." The report said that while Gaetz's obstruction of the investigation does not rise to a criminal violation it is inconsistent with the requirement that all members of Congress "act in a manner that reflects creditably upon the House." Justice Department didn't cooperate with the committee The committee began its review of Gaetz in April 2021 and deferred its work in response to a Justice Department request. It renewed its work shortly after Gaetz announced that the Justice Department had ended a sex trafficking investigation without filing any charges against him. The committee sought records from the Justice Department about the probe, but the agency refused, saying it doesn't disclose information about investigations that don't result in charges. The committee then subpoenaed the Justice Department, and after a back-and-forth between officials and the committee, the department handed over "publicly reported information about the testimony of a deceased individual," according to the report. "To date, DOJ has provided no meaningful evidence or information to the Committee or cited any lawful basis for its responses," the committee said. Many of the women who the committee spoke to had already given statements to the Justice Department and didn't want to "relive their experience," the committee said. "They were particularly concerned with providing additional testimony about a sitting congressman in light of DOJ's lack of action on their prior testimony," the report said. The Justice Department, however, never handed over the women's statements. The agency's lack of cooperation — along with its request that the committee pause its investigation — significantly delayed the committee's probe, lawmakers said.

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.