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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.
Head coach Xabi Alonso has been forced to dig into the club’s junior stocks, calling up four players 18 and under. BERLIN - Bayer Leverkusen manager Xabi Alonso joked Nov 25 he may be forced to return to the pitch amid his side’s injury crisis “if they give me a player contract”. Leverkusen are missing seven regulars, but the damage is particularly acute in attack, where forwards Victor Boniface, Amine Adli, Jonas Hofmann and Martin Terrier are all missing. Speaking ahead of Nov 26’s home clash with Red Bull Salzburg on his 43rd birthday, the former midfielder – who won several trophies across a glittering playing career with Liverpool, Real Madrid and Bayern Munich – toyed with the idea of a return. “If (Bayer Leverkusen CEO) Fernando Carro gives me a player contract, then maybe,” Alonso joked, adding: “I’ve only got a contract as a coach and I’m not allowed to play.” Last season, Leverkusen won an unbeaten league and cup double, losing just one of 53 games – the Europa League final against Atalanta. “What happened last year was not common. We didn’t have too many problems (with injury),” said Alonso. The Spaniard has been forced to dig into the club’s junior stocks, calling up four players 18 and under, including the 16-year-old Andrea Natali. Leverkusen have won two and drawn one of their four Champions League matches and sit 13th in the table, two points off the top eight. AFP Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel nowChipotle's chief customer and technology officer sells $2.9 million in stock
Fox News Flash top sports headlines are here. Check out what's clicking on Foxnews.com. Los Angeles Lakers superstar LeBron James has taken a break from social media "for the time being," and many have shared their own opinions about this course of action by the NBA’s all-time leading scorer. It also led to some defending of James, which came in the form of former ESPN employee Jemele Hill. Hill applauded James’ move , which he had posted on X, by saying that "Twitter has become largely untenable. Selfishly, I hope he deactivates his account." CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM Los Angeles Lakers forward LeBron James (John E. Sokolowski-Imagn Images) That led to an argument in the comments under Hill’s post, with one user saying, "I think being a sore loser and having to actually engage uncensored oppositional politics really annoys the left. It’s a soft move." Hill answered by saying, "You all are under the twisted belief that subjecting yourself to constant vitriol and engaging with a—holes is some kind of badge of honor." JEMELE HILL SAYS NICK BOSA LACKS ‘GUTS’ TO EXPLAIN TRUMP SUPPORT, CITES LEBRON JAMES' ‘IN DETAIL’ HARRIS NOD "This app is at an all-time low," Hill added. "It’s full of racists, conspiracy theorists and jerks. If that’s what y’all consider intellectually stimulating, God help you." One X user agreed with Hill, commenting that he has an "easy answer" to those who you don’t wish to hear from on the app – "the block button." The X user also said "there is a stigma that those who lean left are snowflakes," which Hill responded to. "What I find funny is that the people who throw around that ‘snowflake’ term are the weakest folks," she replied. "Sorry, it’s not ‘challenging ideology’ calling somebody a c--- 100 times a day. And [Elon] Musk also changed the block features on the platform, too. And again, nobody owes you engagement." Hill has defended James recently when it came to the presidential election as well, where she blasted San Francisco 49ers star Nick Bosa for his lack of explanation in wearing a "Make America Great Again" hat in support of President-elect Donald Trump prior to Election Day. Jemele Hill (YouTube) James had provided details about why he supported Vice President Harris in the election, saying that "having a daughter, having a wife, having a mother and things of that nature, what (Harris) believes in when it comes to women’s rights, that’s what the future with my kids and where I see our country should be." Hill used James’ detailed answer on why he was voting for Harris to blast Bosa. "Oh look, LeBron was asked about a public political statement that he made and he explained IN DETAIL why he did it. Nick Bosa doesn’t have the guts to do this," she said. James’ time off from social media came after he shared the screenshot of a lengthy X post from NBA agent Rich Kleiman, who ripped national sports coverage for its negativity. "We can all acknowledge that sports is the last part of society that universally brings people together. So why can’t the coverage do the same? It’s only click bait when you say it," Kleiman wrote at the time . "When the platform is so big, you can make the change and allow us all an escape from real life negativity. I for one find it all a waste of breath. The Olympics and JJ [Redick] and Bron’s show was the future of what this can and should all be." James said "AMEN!!" to the post before sharing his decision to step away from his social platforms. Jemele Hill (D Dipasupil/Getty Images for Advertising Week New York) CLICK HERE TO GET THE FOX NEWS APP Meanwhile, James’ Lakers have won six straight games as they’ve started the 2024-2025 season hot with an overall 10-4 record, good for third place in the Western Conference. Follow Fox News Digital’s sports coverage on X and subscribe to the Fox News Sports Huddle newsletter . Scott Thompson is a sports writer for Fox News Digital.
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CARSON, Calif. (AP) — The LA Galaxy and the New York Red Bulls have been Major League Soccer mainstays since the league's inaugural season in 1996, signing glamorous players and regularly competing for championships through years of success and setbacks in a league that's perpetually improving and expanding. Yet just a year ago, both of these clubs appeared to be a very long way from the stage they'll share Saturday in the MLS Cup Final . The Galaxy were one of MLS’ worst teams after a season of internal turmoil and public fan dissent, while the Red Bulls were merely a steady mediocrity seeking yet another coach to chart a new direction. A year later, these MLS founders are meeting in the league's first Cup final between teams from North America's two biggest markets. “Two original clubs being able to put themselves in this situation, I think it’s great,” Galaxy coach Greg Vanney said. “To see two clubs that have been at it as long as this league has been around be here, I think it’s a special moment. Couldn’t be two more different and contrasting styles as well, which could make for an interesting game, and I would imagine a high-intensity game.” Everything changed in 2024 after a dismal decade for the Galaxy , who are favored to cap their transformation by winning their team's record sixth MLS championship with a roster that's dramatically different from its past few groups — albeit with one massive injury absence in the final. The transformation of the Red Bulls happened only in the postseason, when a team that hadn't won a playoff game since 2017 suddenly turned into world-beaters under rookie coach Sandro Schwarz. New York struggled through the final three months of league play with only two wins before posting road playoff victories over defending champ Columbus , archrival New York City FC and conference finalist Orlando to storm into the Cup final. “We know about the history (of our club), and we know tomorrow will define what that could mean,” Schwarz said Friday. “To feel the pressure for tomorrow, it’s necessary, because it’s a final, and without pressure it’s not possible to bring the best quality on the field.” The Red Bulls have never won an MLS Cup, only reaching the championship match once before. What's more, they've somehow never won a Cup in any tournament, although they’ve collected three Supporters’ Shields for MLS' best regular-season record. The Galaxy’s trophy case is large and loaded, and those five MLS Cups are on the top shelf. But not much of that team success happened in the past decade for the club that famously brought David Beckham, Zlatan Ibrahimovic, Robbie Keane, Steven Gerrard and many other international stars to Hollywood. In fact, this season has ended a grim era for the Galaxy, who haven't lost all year at their frequently renamed home stadium — which was the site of protests and boycotts just a year ago. The club's fans were tired of LA's steady underachievement and ineptitude in the front office run by team president Chris Klein, who was fired in May 2023. One year ago Thursday, the Galaxy hired Will Kuntz, a longtime Los Angeles FC executive who engineered his new club's roster transformation, most dramatically by landing new designated players Gabriel Pec and Joseph Paintsil — two international talents that LAFC also had in its sights. “I give Will and the group up there a ton of credit,” Vanney said. “It’s one thing to have players you like, and it’s a whole other thing to get them here and get them to connect with your group.” Pec and Paintsil combined for 32 goals and 27 assists while boosting the incumbent talents of striker Dejan Joveljic and Riqui Puig, the gifted Barcelona product who runs the offense from the midfield. The Galaxy clicked in the postseason, scoring a jaw-dropping 16 goals in four matches. Puig has been the Galaxy's most important player all season, but he won't be in the MLS Cup Final after tearing a knee ligament late in last week's conference final victory over Seattle . The loss of Puig — who somehow kept playing on his injured knee, and even delivered the game-winning pass to Joveljic — makes the Galaxy even more difficult to anticipate. “He played a lot in the regular season, so it was not so easy to analyze all these games now without him,” Schwarz said. “But the main focus is to analyze what we need to do, because it’s not clear now how they’re playing without him.” The Galaxy could give some of Puig's responsibilities to Marco Reus, the longtime Dortmund standout who joined LA in August. Reus is nursing a hamstring injury, but Vanney expects him to play. AP soccer: https://apnews.com/soccerPRINCIPAL REAL ESTATE INCOME FUND CONTINUES SHARE REPURCHASE PROGRAM
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Photo: The Canadian Press Damien Steel, right, Deep Sky CEO and Isabelle Callaghan, Deep Sky Project Manager, are seen posing for a photo at Deep Sky's direct air capture test facility, which is currently under construction, in Innisfail, Alta., in a 2024 handout photo. THE CANADIAN PRESS/HO-Deep Sky, A Canadian company that has received a US$40-million grant from Bill Gates' climate solutions venture firm says its Alberta test site will be removing carbon directly from the atmosphere as early as this spring. Montreal-based startup Deep Sky announced Wednesday it was awarded funding from the Gates-founded Breakthrough Energy Catalyst to help finance what it calls its Deep Sky Alpha project. Construction work at the project site, located north of Calgary in the town of Innisfail, is already under way, Deep Sky CEO Damien Steel said in an interview. "This should be a proud moment for Canada. This facility in April of 2025 will be one of the first full-stack facilities in North America to actually remove CO2 from the atmosphere using renewable power, and store it underground in a deep saline aquifer," Steel said. Founded in 2023 by Frederic Lalonde — the Canadian entrepreneur who co-founded online travel company Hopper, Inc. — DeepSky aims to tackle the global climate crisis by building the world's first direct air capture carbon removal test hub and commercialization centre. It is the first Canadian company to receive an investment from Breakthrough Energy Catalyst, which funds commercial projects for emerging climate technologies in an effort to accelerate their adoption and reduce their costs. "The world will ultimately need many approaches to carbon removal at prices far lower than is achievable today, but Deep Sky's platform will enable and accelerate the kind of real-world innovation that could make affordable (direct air capture) achievable," Mario Fernandez, head of Breakthrough Energy Catalyst, said in a release. Direct air capture is a term that refers to physically removing excess carbon dioxide from the atmosphere to slow global warming. It is different from carbon capture and storage, which refers to capturing carbon from smokestacks or other industrial emission points. Pulling carbon dioxide directly from the air is seen by proponents as a way to clean up historic emissions that have already escaped into the atmosphere, meaning it could potentially help reverse the damaging impacts of climate change. The technology typically involves the use of giant vacuums or fans to suck in air and then pass it through a filtration system to remove the CO2 for safe storage underground. Companies such as Canada's Carbon Engineering Ltd. — which was acquired by U.S.-based Occidental Petroleum for US$1.1 billion in 2023 — and Switzerland's Climeworks already have major projects in Texas and Iceland, respectively. But while the number of direct air capture pilot projects around the world is growing, the technology remains expensive and faces steep barriers to wide-scale deployment. "(Direct air capture) is much, much more difficult than (traditional carbon capture and storage) because the density of CO2 in the air is much lower than the density of CO2 in the chimney stack," Steel said. "(The industry) also has an energy problem. You need renewable power to run these devices and we just don't have enough renewable power on the planet." At its Innisfail site, Deep Sky says it will be piloting up to 14 direct air capture projects from companies around the world, in an effort to see which ones work best and could be commercialized. It has already signed contracts with eight companies to deploy their individual technologies at the site. "There are over 100 (direct air capture) companies in the world today, and we've met with every single one," Steel said. "We're looking for technologies that have a path to being very energy efficient, and we also look for technology that doesn't require any special type of feedstock and doesn't produce any crazy type of waste." Carbon dioxide captured at the Deep Sky site will be transported to an existing well at the Meadowbrook Carbon Storage Hub facility north of Edmonton, where it will be injected and stored two kilometres underground. The entire test hub will be powered by renewable energy, and Deep Sky intends to generate revenue by selling the carbon credits it earns. Deep Sky plans to invest over $100 million in the project over a 10-year period, and added the project will benefit from a federal investment tax credit that aims to incentivize the construction of carbon capture facilities in Canada. The UN Intergovernmental Panel on Climate Change has acknowledged that carbon dioxide removal at the scale of millions or even billions of tonnes will be necessary by 2050 in order to stabilize the planet's climate. That is a daunting task, Steel said, given only a small handful of projects currently exist worldwide. The largest, Climeworks' Mammoth facility in Iceland, has capacity to capture just up to 36,000 tonnes of CO2 annually. But Steel said he believes it is both possible and necessary to rapidly scale up the deployment of direct air capture technology. "What I love to tell people is, it's truly incredible what human beings can do when their backs are against the wall," he said.PRINCIPAL REAL ESTATE INCOME FUND CONTINUES SHARE REPURCHASE PROGRAM
Salvation Army and Walmart in Burbank threw a holiday party on Friday, Dec. 6 that included a Red Bull freestyle motorcyclist doing tricks and Walmart employees giving gifts to low-income families who enjoyed live music, food trucks and entertainment. The event included the kickoff of the Red Kettle and Angel Tree campaigns for all West Coast Walmart stores, featuring a $3,000 “Spark Good” check presentation to the Salvation Army. Walmart surprised a local Burbank family by fulfilling their wishlist ahead of Christmas. The family of five lives in a two-bedroom apartment, and for the past seven years has relied on the Salvation Army’s Family Service and Food Pantry program for monthly assistance. Red Bull freestyle motorcyclist Aaron Colton puts on a show at the Salvation Army Angel tree and Walmart event Friday, Burbank CA. Dec 6, 2024. The ceremony had hundreds of donated toys, Salvation Army Angel tree, Walmart providing lunch for 500 store associates, live music, motorcycle tricks from RedBull stunt driver, other entertainment performances.. (Photo by Gene Blevins, Contributing Photographer) Workers bring in gifts to needy families at the Salvation Army Angel tree and Walmart event Friday, Burbank CA. Dec 6, 2024. The ceremony had hundreds of donated toys, Salvation Army Angel tree, Walmart providing lunch for 500 store associates, live music, motorcycle tricks from RedBull stunt driver, other entertainment performances.. (Photo by Gene Blevins, Contributing Photographer) Red Bull freestyle motorcyclist Aaron Colton burns up the rubber at the Salvation Army Angel tree and Walmart event Friday, Burbank CA. Dec 6, 2024. The ceremony had hundreds of donated toys, Salvation Army Angel tree, Walmart providing lunch for 500 store associates, live music, motorcycle tricks from RedBull stunt driver, other entertainment performances.. (Photo by Gene Blevins, Contributing Photographer) Workers bring in gifts to needy families at the Salvation Army Angel tree and Walmart event Friday, Burbank CA. Dec 6, 2024. The ceremony had hundreds of donated toys, Salvation Army Angel tree, Walmart providing lunch for 500 store associates, live music, motorcycle tricks from RedBull stunt driver, other entertainment performances.. (Photo by Gene Blevins, Contributing Photographer) Red Bull freestyle motorcyclist Aaron Colton puts on a show at the Salvation Army Angel tree and Walmart event Friday, Burbank CA. Dec 6, 2024. The ceremony had hundreds of donated toys, Salvation Army Angel tree, Walmart providing lunch for 500 store associates, live music, motorcycle tricks from RedBull stunt driver, other entertainment performances.. (Photo by Gene Blevins, Contributing Photographer) The family, whose name was not released, received everything they wished for on a list they gave to Salvation Army several months ago. According to a spokesperson, Walmart gave the family “the entire list, including toys, technology, and several pantry items.” Walmart Senior Vice President Steve Schrobilgen attended, as did hundreds of Walmart store managers and associates, local community members, and Salvation Army officers. Schrobilgen said, “For years, we’ve been proud to partner with the Salvation Army because their unwavering dedication to serving local communities aligns perfectly with our commitment to making a difference. We’re honored to kick off the holiday season by celebrating the incredible efforts of the Salvation Army and our associates, who work tirelessly to give back.” Lt. Colonel Mike Dickinson, Southern California divisional commander of the Salvation Army, said in a prepared statement, “With Walmart’s generous support, we can bring stability, hope, and joy to local families in need.”