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UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 2017
Commission File Number: 1-11749
Lennar Corporation
(Exact name of registrant as specified in its charter)
|
| | |
Delaware | | 95-4337490 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ý NO ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES ý NO ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
|
| | | | |
Large accelerated filer | ý | | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | | Smaller reporting company | ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ¨ NO ý
Common stock outstanding as of March 31, 2017:
Class A 203,159,885
Class B 31,303,195
Part I. Financial Information
Item 1. Financial Statements
Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands, except shares and per share amounts)
(unaudited)
|
| | | | | | |
| February 28, | | November 30, |
| 2017 (1) | | 2016 (1) |
ASSETS | | | |
Lennar Homebuilding: | | | |
Cash and cash equivalents | $ | 640,816 |
| | 1,050,138 |
|
Restricted cash | 12,850 |
| | 5,977 |
|
Receivables, net | 81,299 |
| | 106,976 |
|
Inventories: | | | |
Finished homes and construction in progress | 4,672,246 |
| | 3,951,716 |
|
Land and land under development | 5,640,275 |
| | 5,106,191 |
|
Consolidated inventory not owned | 156,155 |
| | 121,019 |
|
Total inventories | 10,468,676 |
| | 9,178,926 |
|
Investments in unconsolidated entities | 910,084 |
| | 811,723 |
|
Goodwill | 143,298 |
| | — |
|
Other assets | 902,347 |
| | 651,028 |
|
| 13,159,370 |
| | 11,804,768 |
|
Rialto | 1,228,874 |
| | 1,276,210 |
|
Lennar Financial Services | 1,231,708 |
| | 1,754,672 |
|
Lennar Multifamily | 610,161 |
| | 526,131 |
|
Total assets | $ | 16,230,113 |
| | 15,361,781 |
|
| |
(1) | Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. |
As of February 28, 2017, total assets include $651.1 million related to consolidated VIEs of which $9.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $72.4 million in Lennar Homebuilding finished homes and construction in progress, $177.5 million in Lennar Homebuilding land and land under development, $156.2 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.4 million in Lennar Homebuilding other assets, $173.2 million in Rialto assets and $41.2 million in Lennar Multifamily assets.
As of November 30, 2016, total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million in Lennar Multifamily assets.
See accompanying notes to condensed consolidated financial statements.
2
Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets – (Continued)
(Dollars in thousands, except shares and per share amounts)
(unaudited)
|
| | | | | | |
| February 28, | | November 30, |
| 2017 (2) | | 2016 (2) |
LIABILITIES AND EQUITY | | | |
Lennar Homebuilding: | | | |
Accounts payable | $ | 473,802 |
| | 478,546 |
|
Liabilities related to consolidated inventory not owned | 153,445 |
| | 110,006 |
|
Senior notes and other debts payable | 5,778,306 |
| | 4,575,977 |
|
Other liabilities | 994,766 |
| | 841,449 |
|
| 7,400,319 |
| | 6,005,978 |
|
Rialto | 680,120 |
| | 707,980 |
|
Lennar Financial Services | 788,339 |
| | 1,318,283 |
|
Lennar Multifamily | 105,560 |
| | 117,973 |
|
Total liabilities | 8,974,338 |
| | 8,150,214 |
|
Stockholders’ equity: | | | |
Preferred stock | — |
| | — |
|
Class A common stock of $0.10 par value; Authorized: February 28, 2017 and November 30, 2016 - 300,000,000 shares; Issued: February 28, 2017 - 204,113,406 shares and November 30, 2016 - 204,089,447 shares | 20,411 |
| | 20,409 |
|
Class B common stock of $0.10 par value; Authorized: February 28, 2017 and November 30, 2016 - 90,000,000 shares; Issued: February 28, 2017 - 32,982,815 shares and November 30, 2016 - 32,982,815 shares | 3,298 |
| | 3,298 |
|
Additional paid-in capital | 2,855,793 |
| | 2,805,349 |
|
Retained earnings | 4,334,936 |
| | 4,306,256 |
|
Treasury stock, at cost; February 28, 2017 - 951,887 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2016 - 917,447 shares of Class A common stock and 1,679,620 shares of Class B common stock | (109,048 | ) | | (108,961 | ) |
Accumulated other comprehensive income (loss) | 663 |
| | (309 | ) |
Total stockholders’ equity | 7,106,053 |
| | 7,026,042 |
|
Noncontrolling interests | 149,722 |
| | 185,525 |
|
Total equity | 7,255,775 |
| | 7,211,567 |
|
Total liabilities and equity | $ | 16,230,113 |
| | 15,361,781 |
|
| |
(2) | February 28, 2017, total liabilities include $170.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.2 million is included in Lennar Homebuilding accounts payable, $153.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.9 million in Lennar Homebuilding other liabilities and $9.6 million in Rialto liabilities. |
As of November 30, 2016, total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million in Rialto liabilities.
See accompanying notes to condensed consolidated financial statements.
3
Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Dollars in thousands, except per share amounts)
(unaudited)
|
| | | | | | |
| Three Months Ended |
| February 28, | | February 29, |
| 2017 | | 2016 |
Revenues: | | | |
Lennar Homebuilding | $ | 2,018,694 |
| | 1,786,481 |
|
Lennar Financial Services | 148,043 |
| | 123,956 |
|
Rialto | 82,006 |
| | 43,711 |
|
Lennar Multifamily | 88,685 |
| | 39,516 |
|
Total revenues | 2,337,428 |
| | 1,993,664 |
|
Costs and expenses: | | | |
Lennar Homebuilding | 1,801,561 |
| | 1,568,205 |
|
Lennar Financial Services | 127,379 |
| | 109,025 |
|
Rialto | 66,913 |
| | 42,907 |
|
Lennar Multifamily | 92,649 |
| | 47,020 |
|
Corporate general and administrative | 60,699 |
| | 47,668 |
|
Total costs and expenses | 2,149,201 |
| | 1,814,825 |
|
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | (11,534 | ) | | 3,000 |
|
Lennar Homebuilding other income (expense), net | 5,739 |
| | (638 | ) |
Lennar Homebuilding loss due to litigation accrual | (140,000 | ) | | — |
|
Rialto equity in earnings from unconsolidated entities | 722 |
| | 1,497 |
|
Rialto other expense, net | (16,658 | ) | | (691 | ) |
Lennar Multifamily equity in earnings from unconsolidated entities | 23,147 |
| | 19,686 |
|
Earnings before income taxes | 49,643 |
| | 201,693 |
|
Provision for income taxes | (19,969 | ) | | (56,241 | ) |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 29,674 |
| | 145,452 |
|
Less: Net earnings (loss) attributable to noncontrolling interests | (8,406 | ) | | 1,372 |
|
Net earnings attributable to Lennar | $ | 38,080 |
| | 144,080 |
|
Other comprehensive income, net of tax: | | | |
Net unrealized gain (loss) on securities available-for-sale | 972 |
| | (437 | ) |
Other comprehensive income attributable to Lennar | $ | 39,052 |
| | 143,643 |
|
Other comprehensive income (loss) attributable to noncontrolling interests | $ | (8,406 | ) | | 1,372 |
|
Basic earnings per share | $ | 0.16 |
| | 0.68 |
|
Diluted earnings per share | $ | 0.16 |
| | 0.63 |
|
Cash dividends per each Class A and Class B common share | $ | 0.04 |
| | 0.04 |
|
See accompanying notes to condensed consolidated financial statements.
4
Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
|
| | | | | | |
| Three Months Ended |
| February 28, | | February 29, |
| 2017 | | 2016 |
Cash flows from operating activities: | | | |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | $ | 29,674 |
| | 145,452 |
|
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | | | |
Depreciation and amortization | 11,743 |
| | 10,077 |
|
Amortization of discount/premium and accretion on debt, net | 3,132 |
| | 4,777 |
|
Equity in earnings from unconsolidated entities | (12,335 | ) | | (24,183 | ) |
Distributions of earnings from unconsolidated entities | 31,949 |
| | 27,207 |
|
Share-based compensation expense | 12,505 |
| | 11,142 |
|
Excess tax benefits from share-based awards | (1,953 | ) | | (7,029 | ) |
Deferred income tax (benefit) expense | (36,229 | ) | | 43,402 |
|
Unrealized and realized gains on real estate owned | (1,698 | ) | | (7,230 | ) |
Impairments of loans receivable and real estate owned | 25,484 |
| | 5,976 |
|
Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets | 1,930 |
| | 1,164 |
|
Changes in assets and liabilities: | | | |
Decrease in restricted cash | 10,842 |
| | 19,958 |
|
Decrease in receivables | 264,714 |
| | 262,453 |
|
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | (601,711 | ) | | (677,078 | ) |
Decrease (increase) in other assets | 12,846 |
| | (9,825 | ) |
Decrease in loans held-for-sale | 339,492 |
| | 228,316 |
|
Decrease in accounts payable and other liabilities | (11,061 | ) | | (250,466 | ) |
Net cash provided by (used in) operating activities | 79,324 |
| | (215,887 | ) |
Cash flows from investing activities: | | | |
Net additions of operating properties and equipment | (25,785 | ) | | (18,453 | ) |
Investments in and contributions to unconsolidated entities | (151,706 | ) | | (103,971 | ) |
Distributions of capital from unconsolidated entities | 39,961 |
| | 69,356 |
|
Proceeds from sales of real estate owned | 24,215 |
| | 20,256 |
|
Improvements to real estate owned | 157 |
| | (1,194 | ) |
Purchases of real estate owned | (100 | ) | | — |
|
Receipts of principal payments on loans receivable and other | 1,972 |
| | 2,725 |
|
Originations of loans receivable | (9,330 | ) | | (10,046 | ) |
Purchases of commercial mortgage-backed securities bonds | (40,357 | ) | | (23,078 | ) |
Acquisition, net of cash acquired | (596,172 | ) | | (600 | ) |
(Increase) decrease in Lennar Financial Services loans held-for-investment, net | (2,025 | ) | | 766 |
|
Purchases of Lennar Financial Services investment securities | (12,204 | ) | | (6,968 | ) |
Proceeds from maturities/sales of Lennar Financial Services investments securities | 5,292 |
| | 4,621 |
|
Net cash used in investing activities | $ | (766,082 | ) | | (66,586 | ) |
See accompanying notes to condensed consolidated financial statements.
5
Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
|
| | | | | | |
| Three Months Ended |
| February 28, | | February 29, |
| 2017 | | 2016 |
Cash flows from financing activities: | | | |
Net borrowings under unsecured revolving credit facility | $ | 250,000 |
| | 500,000 |
|
Net repayments under warehouse facilities | (543,356 | ) | | (395,233 | ) |
Proceeds from senior notes | 600,000 |
| | — |
|
Debt issuance costs | (10,848 | ) | | (684 | ) |
Conversions and exchanges on convertible senior notes | — |
| | (162,852 | ) |
Proceeds from Rialto notes payable | 35,460 |
| | — |
|
Principal payments on Rialto notes payable | (2,971 | ) | | (669 | ) |
Proceeds from other borrowings | 7,395 |
| | 6,763 |
|
Principal payments on other borrowings | (16,242 | ) | | (59,146 | ) |
Receipts related to noncontrolling interests | 153 |
| | 65 |
|
Payments related to noncontrolling interests | (25,871 | ) | | (42,015 | ) |
Excess tax benefits from share-based awards | 1,953 |
| | 7,029 |
|
Common stock: | | | |
Issuances | 99 |
| | — |
|
Repurchases | (83 | ) | | (219 | ) |
Dividends | (9,400 | ) | | (8,552 | ) |
Net cash provided by (used in) financing activities | 286,289 |
| | (155,513 | ) |
Net decrease in cash and cash equivalents | (400,469 | ) | | (437,986 | ) |
Cash and cash equivalents at beginning of period | 1,329,529 |
| | 1,158,445 |
|
Cash and cash equivalents at end of period | $ | 929,060 |
| | 720,459 |
|
Summary of cash and cash equivalents: | | | |
Lennar Homebuilding | $ | 640,816 |
| | 510,878 |
|
Rialto | 162,513 |
| | 112,305 |
|
Lennar Financial Services | 119,308 |
| | 91,214 |
|
Lennar Multifamily | 6,423 |
| | 6,062 |
|
| $ | 929,060 |
| | 720,459 |
|
Supplemental disclosures of non-cash investing and financing activities: | | | |
Lennar Homebuilding and Lennar Multifamily: | | | |
Non-cash contributions to unconsolidated entities | $ | 25,315 |
| | 19,248 |
|
Non-cash increase in consolidated inventory not owned | $ | 115,000 |
| | — |
|
Purchases of inventories and other assets financed by sellers | $ | 80,919 |
| | 20,714 |
|
Rialto: | | | |
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable | $ | 70 |
| | 5,183 |
|
Consolidation/deconsolidation of unconsolidated/consolidated entities, net: | | | |
Inventories | $ | — |
| | 14,923 |
|
Investments in unconsolidated entities | $ | — |
| | (2,445 | ) |
Noncontrolling interests | $ | — |
| | (12,478 | ) |
See accompanying notes to condensed consolidated financial statements.
6
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)
Basis of Consolidation
The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 16) in which Lennar Corporation is deemed to be the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 28, 2017 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications/Revisions
As a result of the Company's change in reportable segments during fiscal year 2016, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2017 presentation (see Note 3). In addition, certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2017 presentation. These reclassifications had no impact on the Company's condensed consolidated financial statements.
On February 10, 2017, the Company acquired WCI Communities, Inc. ("WCI") a luxury homebuilder of single and multi-family homes, including a small percentage of luxury high-rise tower units, with operations in Florida. WCI stockholders received $642.6 million in cash. The cash consideration was funded primarily from working capital and from proceeds from the issuance of 4.125% senior notes due 2022 (see Note 12).
Based on an evaluation of the provisions of ASC Topic 805, Business Combinations, ("ASC 805"), Lennar Corporation was determined to be the acquirer for accounting purposes. The following table summarizes the provisional purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition, which are subject to change within a measurement period of up to one year from the acquisition date pursuant to ASC 805. The purchase price allocation is provisional pending completion of the fair value analysis of acquired assets and liabilities assumed:
|
| | | |
(In thousands) | |
Assets: | |
Cash and cash equivalents, restricted cash and receivables, net | $ | 42,079 |
|
Inventories | 621,008 |
|
Intangible assets (1) | 48,000 |
|
Goodwill (2) | 163,298 |
|
Deferred tax assets, net | 87,326 |
|
Other assets | 66,173 |
|
Total assets | 1,027,884 |
|
Liabilities: | |
Accounts payable | 26,735 |
|
Senior notes and other debts payable | 282,804 |
|
Other liabilities | 75,723 |
|
Total liabilities | 385,262 |
|
Total purchase price | $ | 642,622 |
|
| |
(1) | Intangible assets include non-compete agreements and a trade name. The amortization period for these intangible assets is up to one year for the non-compete agreements and 20 years for the trade name. |
| |
(2) | Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of purchasing and other synergies resulting from the merger, expected production, savings in corporate and division overhead costs and expected expanded opportunities for growth through a higher-end more luxurious product, greater presence in the state of Florida and customer diversity. The provisional amount of goodwill allocated to the Company's Homebuilding East segment was $143.3 million and to the Lennar Financial Services segment was $20.0 million. These provisional amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350, Intangibles-Goodwill and Other. |
Lennar Homebuilding revenue and net earnings attributable to Lennar for the three months ended February 28, 2017 included $19.5 million of home sales revenue and $8.9 million of a pre-tax loss from WCI from the date of acquisition to February 28, 2017, which included transaction expenses of $11.0 million comprised mainly of severance costs. These transaction expenses were included primarily within Lennar Homebuilding selling, general and administrative expenses within the accompanying condensed consolidated statement of operations for the three months ended February 28, 2017. The pro-forma effect of the acquisition on the results of operations is not presented as this acquisition was not considered material.
| |
(3) | Operating and Reporting Segments |
The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of:
(1) Homebuilding East
(2) Homebuilding Central
(3) Homebuilding West
(4) Lennar Financial Services
(5) Rialto
(6) Lennar Multifamily
Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment.
Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses and loss due to litigation accrual of the segment.
The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in:
East: Florida(1), Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia
Central: Arizona, Colorado and Texas
West: California and Nevada
Other: Illinois, Minnesota, Oregon, Tennessee and Washington
| |
(1) | Florida includes the financial information related to WCI from the date of acquisition (February 10, 2017) to February 28, 2017. |
Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states.
Operations of the Rialto segment include raising, investing and managing third-party capital, originating and securitizing commercial mortgage loans as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and real estate related securities as well as providing strategic real estate capital. Rialto’s operating earnings consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance ("RMF") business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses.
Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses.
Each reportable segment follows the same accounting policies described in Note 1 – "Summary of Significant Accounting Policies" to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2016. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented.
Financial information relating to the Company’s operations was as follows:
|
| | | | | | |
(In thousands) | February 28, 2017 | | November 30, 2016 |
Assets: | | | |
Homebuilding East (1) | $ | 4,791,376 |
| | 3,512,990 |
|
Homebuilding Central | 2,070,652 |
| | 1,993,403 |
|
Homebuilding West | 4,606,982 |
| | 4,318,924 |
|
Homebuilding Other | 900,876 |
| | 907,523 |
|
Rialto | 1,228,874 |
| | 1,276,210 |
|
Lennar Financial Services | 1,231,708 |
| | 1,754,672 |
|
Lennar Multifamily | 610,161 |
| | 526,131 |
|
Corporate and unallocated | 789,484 |
| | 1,071,928 |
|
Total assets | $ | 16,230,113 |
| | 15,361,781 |
|
Lennar Homebuilding goodwill (2) | $ | 143,298 |
| | — |
|
Rialto goodwill | $ | 5,396 |
| | 5,396 |
|
Lennar Financial Services goodwill (2) | $ | 59,838 |
| | 39,838 |
|
| |
(1) | Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. |
| |
(2) | In connection with the WCI acquisition, the Company allocated $143.3 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. |
|
| | | | | | |
| Three Months Ended |
| February 28, | | February 29, |
(In thousands) | 2017 | | 2016 |
Revenues: | | | |
Homebuilding East | $ | 767,726 |
| | 659,054 |
|
Homebuilding Central | 516,181 |
| | 413,840 |
|
Homebuilding West | 552,798 |
| | 551,339 |
|
Homebuilding Other | 181,989 |
| | 162,248 |
|
Lennar Financial Services | 148,043 |
| | 123,956 |
|
Rialto | 82,006 |
| | 43,711 |
|
Lennar Multifamily | 88,685 |
| | 39,516 |
|
Total revenues (1) | $ | 2,337,428 |
| | 1,993,664 |
|
Operating earnings (loss): | | | |
Homebuilding East (2) |
| ($55,709 | ) | | 84,706 |
|
Homebuilding Central | 52,858 |
| | 33,195 |
|
Homebuilding West | 53,360 |
| | 88,834 |
|
Homebuilding Other | 20,829 |
| | 13,903 |
|
Lennar Financial Services | 20,664 |
| | 14,931 |
|
Rialto | (843 | ) | | 1,610 |
|
Lennar Multifamily | 19,183 |
| | 12,182 |
|
Total operating earnings | 110,342 |
| | 249,361 |
|
Corporate general and administrative expenses | 60,699 |
| | 47,668 |
|
Earnings before income taxes | $ | 49,643 |
| | 201,693 |
|
| |
(1) | Total revenues were net of sales incentives of $123.5 million ($22,700 per home delivered) for the three months ended February 28, 2017, compared to $103.7 million ($21,600 per home delivered) for the three months ended February 29, 2016. |
| |
(2) | Homebuilding East operating loss for the three months ended February 28, 2017 included a $140 million loss on litigation accrual (see Note 17). |
| |
(4) | Lennar Homebuilding Investments in Unconsolidated Entities |
Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows:
Statements of Operations |
| | | | | | |
| Three Months Ended |
| February 28, | | February 29, |
(In thousands) | 2017 | | 2016 |
Revenues | $ | 46,136 |
| | 99,726 |
|
Costs and expenses | 79,066 |
| | 97,200 |
|
Net earnings (loss) of unconsolidated entities | $ | (32,930 | ) | | 2,526 |
|
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | $ | (11,534 | ) | | 3,000 |
|
For the three months ended February 28, 2017, Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company’s share of net operating losses from its unconsolidated entities. The operating losses from the Company's unconsolidated entities were primarily driven by general and administrative expenses, as there were not sufficient land sale transactions to offset those expenses during the three months ended February 28, 2017.
For the three months ended February 29, 2016, Lennar Homebuilding equity in earnings included $6.0 million of equity in earnings from one of the Company's unconsolidated entities primarily due to sales of approximately 220 homesites to third parties.
Balance Sheets |
| | | | | | |
(In thousands) | February 28, 2017 | | November 30, 2016 |
Assets: | | | |
Cash and cash equivalents | $ | 436,872 |
| | 221,334 |
|
Inventories | 3,977,388 |
| | 3,889,795 |
|
Other assets | 982,702 |
| | 1,334,116 |
|
| $ | 5,396,962 |
| | 5,445,245 |
|
Liabilities and equity: | | | |
Accounts payable and other liabilities | $ | 711,107 |
| | 791,245 |
|
Debt (1) | 770,587 |
| | 888,664 |
|
Equity | 3,915,268 |
| | 3,765,336 |
|
| $ | 5,396,962 |
| | 5,445,245 |
|
| |
(1) | Debt presented above is net of debt issuance costs of $6.1 million and $4.2 million, as of February 28, 2017 and November 30, 2016, respectively. |
On May 2, 2016 (the "Closing Date"), the Company contributed, or obtained the right to contribute, its investment in three strategic joint ventures previously managed by FivePoint Communities in exchange for an investment in a FivePoint entity. The fair values of the assets contributed to this FivePoint entity, included within the unconsolidated entities summarized condensed balance sheet presented above, are preliminary and may be adjusted when additional information is obtained during the transaction’s measurement period (a period of up to one year from the Closing Date) that may change the fair value allocation as of the acquisition date. A portion of the assets of one of the three strategic joint ventures transferred to a new unconsolidated entity was retained by Lennar and its venture partner. The transactions did not have a material impact to the Company’s financial position or cash flows for the year ended November 30, 2016. For the year ended November 30, 2016, the Company recorded $42.6 million of its share of combination costs and operational net losses in equity in loss from unconsolidated entities on the consolidated statement of operations.
As of February 28, 2017 and November 30, 2016, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $910.1 million and $811.7 million, respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of February 28, 2017 and November 30, 2016 was $1.3 billion and $1.2 billion, respectively. The basis difference is primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company.
The Lennar Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities.
The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: |
| | | | | | |
(Dollars in thousands) | February 28, 2017 | | November 30, 2016 |
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 72,162 |
| | 48,945 |
|
Non-recourse land seller debt and other debt (1) | 3,995 |
| | 323,995 |
|
Non-recourse debt with completion guarantees | 298,319 |
| | 147,100 |
|
Non-recourse debt without completion guarantees | 325,115 |
| | 320,372 |
|
Non-recourse debt to the Company | 699,591 |
| | 840,412 |
|
The Company’s maximum recourse exposure (2) | 77,119 |
| | 52,438 |
|
Debt issuance costs | (6,123 | ) | | (4,186 | ) |
Total debt | $ | 770,587 |
| | 888,664 |
|
The Company’s maximum recourse exposure as a % of total JV debt | 10 | % | | 6 | % |
| |
(1) | Non-recourse land seller debt and other debt as of November 30, 2016 included a $320 million non-recourse note related to a transaction between one of the Company's unconsolidated entities and another unconsolidated joint venture, which was settled in December 2016. |
| |
(2) | As of February 28, 2017, the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three unconsolidated entities' debt. |
In most instances in which the Company has guaranteed debt of a Lennar Homebuilding unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral.
In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used.
If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes.
As of both February 28, 2017 and November 30, 2016, the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of February 28, 2017, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Lennar Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 12).
The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 28, 2017 and February 29, 2016: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Stockholders’ Equity | | |
(In thousands) | Total Equity | | Class A Common Stock | | Class B Common Stock | | Additional Paid - in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Noncontrolling Interests |
Balance at November 30, 2016 | $ | 7,211,567 |
| | 20,409 |
| | 3,298 |
| | 2,805,349 |
| | (108,961 | ) | | (309 | ) | | 4,306,256 |
| | 185,525 |
|
Net earnings (including net loss attributable to noncontrolling interests) | 29,674 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 38,080 |
| | (8,406 | ) |
Employee stock and directors plans | 72 |
| | 2 |
| | — |
| | 157 |
| | (87 | ) | | — |
| | — |
| | — |
|
Tax benefit from employee stock plans, vesting of restricted stock and conversions of convertible senior notes | 35,515 |
| | — |
| | — |
| | 35,515 |
| | — |
| | — |
| | — |
| | — |
|
Amortization of restricted stock | 12,505 |
| | — |
| | — |
| | 12,505 |
| | — |
| | — |
| | — |
| | — |
|
Cash dividends | (9,400 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (9,400 | ) | | — |
|
Receipts related to noncontrolling interests | 153 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 153 |
|
Payments related to noncontrolling interests | (25,871 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (25,871 | ) |
Non-cash activity related to noncontrolling interests | 588 |
| | — |
| | — |
| | 2,267 |
| | — |
| | — |
| | — |
| | (1,679 | ) |
Other comprehensive income, net of tax | 972 |
| | — |
| | — |
| | — |
| | — |
| | 972 |
| | — |
| | — |
|
Balance at February 28, 2017 | $ | 7,255,775 |
| | 20,411 |
| | 3,298 |
| | 2,855,793 |
| | (109,048 | ) | | 663 |
| | 4,334,936 |
| | 149,722 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Stockholders’ Equity | | |
(In thousands) | Total Equity | | Class A Common Stock | | Class B Common Stock | | Additional Paid - in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Noncontrolling Interests |
Balance at November 30, 2015 | $ | 5,950,072 |
| | 18,066 |
| | 3,298 |
| | 2,305,560 |
| | (107,755 | ) | | 39 |
| | 3,429,736 |
| | 301,128 |
|
Net earnings (including net earnings attributable to noncontrolling interests) | 145,452 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 144,080 |
| | 1,372 |
|
Employee stock and directors pl |