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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 August 31, 2018
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 every Interactive Data File required to be submitted 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 such files). YES ý NO ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
|
| | | | |
Large accelerated filer | ý | | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | | Smaller reporting company | ¨ |
| | | Emerging growth company | ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
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 August 31, 2018:
Class A 292,540,824
Class B 37,744,394
Part I. Financial Information
Item 1. Financial Statements
Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
|
| | | | | | |
| August 31, | | November 30, |
| 2018 (1) | | 2017 (1) |
ASSETS | | | |
Lennar Homebuilding: | | | |
Cash and cash equivalents | $ | 833,274 |
| | 2,282,925 |
|
Restricted cash | 11,741 |
| | 8,740 |
|
Receivables, net | 170,658 |
| | 137,667 |
|
Inventories: | | | |
Finished homes and construction in progress | 9,414,846 |
| | 4,676,279 |
|
Land and land under development | 7,825,385 |
| | 5,791,338 |
|
Consolidated inventory not owned | 328,841 |
| | 393,273 |
|
Total inventories | 17,569,072 |
| | 10,860,890 |
|
Investments in unconsolidated entities | 997,488 |
| | 900,769 |
|
Goodwill | 3,457,999 |
| | 136,566 |
|
Other assets | 1,482,200 |
| | 863,404 |
|
| 24,522,432 |
| | 15,190,961 |
|
Lennar Financial Services | 2,042,024 |
| | 1,689,508 |
|
Rialto | 834,882 |
| | 1,153,840 |
|
Lennar Multifamily | 890,057 |
| | 710,725 |
|
Total assets | $ | 28,289,395 |
| | 18,745,034 |
|
| |
(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 August 31, 2018, total assets include $775.7 million related to consolidated VIEs of which $48.5 million is included in Lennar Homebuilding cash and cash equivalents, $1.0 million in Lennar Homebuilding receivables, net, $78.4 million in Lennar Homebuilding finished homes and construction in progress, $243.7 million in Lennar Homebuilding land and land under development, $328.8 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets, $12.0 million in Rialto assets and $48.1 million in Lennar Multifamily assets.
As of November 30, 2017, total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 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)
|
| | | | | | |
| August 31, | | November 30, |
| 2018 (2) | | 2017 (2) |
LIABILITIES AND EQUITY | | | |
Lennar Homebuilding: | | | |
Accounts payable | $ | 956,597 |
| | 604,953 |
|
Liabilities related to consolidated inventory not owned | 280,546 |
| | 380,720 |
|
Senior notes and other debts payable | 9,407,987 |
| | 6,410,003 |
|
Other liabilities | 1,837,282 |
| | 1,315,641 |
|
| 12,482,412 |
| | 8,711,317 |
|
Lennar Financial Services | 1,241,108 |
| | 1,177,814 |
|
Rialto | 297,129 |
| | 720,056 |
|
Lennar Multifamily | 152,566 |
| | 149,715 |
|
Total liabilities | 14,173,215 |
| | 10,758,902 |
|
Stockholders’ equity: | | | |
Preferred stock | — |
| | — |
|
Class A common stock of $0.10 par value; Authorized: August 31, 2018 - 400,000,000 and November 30, 2017 - 300,000,000 shares; Issued: August 31, 2018 - 294,978,478 shares and November 30, 2017 - 205,429,942 shares | 29,498 |
| | 20,543 |
|
Class B common stock of $0.10 par value; Authorized: August 31, 2018 and November 30, 2017 - 90,000,000 shares; Issued: August 31, 2018 - 39,442,093 shares and November 30, 2017 - 37,687,505 shares | 3,944 |
| | 3,769 |
|
Additional paid-in capital | 8,480,034 |
| | 3,142,013 |
|
Retained earnings | 5,704,676 |
| | 4,840,978 |
|
Treasury stock, at cost; August 31, 2018 - 2,437,654 shares of Class A common stock and 1,697,699 shares of Class B common stock; November 30, 2017 - 1,473,590 shares of Class A common stock and 1,679,650 shares of Class B common stock | (185,521 | ) | | (136,020 | ) |
Accumulated other comprehensive income (loss) | (615 | ) | | 1,034 |
|
Total stockholders’ equity | 14,032,016 |
| | 7,872,317 |
|
Noncontrolling interests | 84,164 |
| | 113,815 |
|
Total equity | 14,116,180 |
| | 7,986,132 |
|
Total liabilities and equity | $ | 28,289,395 |
| | 18,745,034 |
|
As of August 31, 2018, total liabilities include $345.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.1 million is included in Lennar Homebuilding accounts payable, $48.9 million in Lennar Homebuilding senior notes and other debts payable, $280.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $8.8 million in Lennar Homebuilding other liabilities and $0.9 million in Rialto liabilities.
As of November 30, 2017, total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 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 | | Nine Months Ended |
| August 31, | | August 31, |
| 2018 | | 2017 | | 2018 | | 2017 |
Revenues: | | | | | | | |
Lennar Homebuilding | $ | 5,285,742 |
| | 2,885,195 |
| | 13,011,832 |
| | 7,789,630 |
|
Lennar Financial Services | 236,268 |
| | 215,056 |
| | 639,543 |
| | 571,462 |
|
Rialto | 49,495 |
| | 57,810 |
| | 149,033 |
| | 207,804 |
|
Lennar Multifamily | 101,064 |
| | 103,415 |
| | 312,013 |
| | 291,900 |
|
Total revenues | 5,672,569 |
| | 3,261,476 |
| | 14,112,421 |
| | 8,860,796 |
|
Costs and expenses: | | | | | | | |
Lennar Homebuilding | 4,671,224 |
| | 2,492,065 |
| | 11,711,298 |
| | 6,829,109 |
|
Lennar Financial Services | 179,640 |
| | 165,999 |
| | 510,838 |
| | 458,014 |
|
Rialto | 39,435 |
| | 49,503 |
| | 120,784 |
| | 175,492 |
|
Lennar Multifamily | 103,187 |
| | 105,956 |
| | 317,572 |
| | 301,303 |
|
Acquisition and integration costs related to CalAtlantic | 11,992 |
| | — |
| | 140,062 |
| | — |
|
Corporate general and administrative | 96,346 |
| | 72,860 |
| | 249,071 |
| | 200,333 |
|
Total costs and expenses | 5,101,824 |
| | 2,886,383 |
| | 13,049,625 |
| | 7,964,251 |
|
Lennar Homebuilding equity in loss from unconsolidated entities | (15,391 | ) | | (9,651 | ) | | (41,904 | ) | | (42,691 | ) |
Lennar Homebuilding other income, net | 12,910 |
| | 2,797 |
| | 192,662 |
| | 12,364 |
|
Lennar Homebuilding loss due to litigation | — |
| | — |
| | — |
| | (140,000 | ) |
Rialto equity in earnings from unconsolidated entities | 5,266 |
| | 4,858 |
| | 18,496 |
| | 11,310 |
|
Rialto other expense, net | (5,882 | ) | | (16,357 | ) | | (21,187 | ) | | (54,119 | ) |
Lennar Multifamily equity in earnings (loss) from unconsolidated entities | (1,730 | ) | | 11,645 |
| | 15,293 |
| | 44,219 |
|
Earnings before income taxes | 565,918 |
| | 368,385 |
| | 1,226,156 |
| | 727,628 |
|
Provision for income taxes (1) | (98,298 | ) | | (124,795 | ) | | (306,870 | ) | | (253,656 | ) |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 467,620 |
| | 243,590 |
| | 919,286 |
| | 473,972 |
|
Less: Net earnings (loss) attributable to noncontrolling interests | 14,409 |
| | (5,575 | ) | | 19,603 |
| | (26,918 | ) |
Net earnings attributable to Lennar | $ | 453,211 |
| | 249,165 |
| | 899,683 |
| | 500,890 |
|
Other comprehensive income (loss), net of tax: | | | | | | | |
Net unrealized gain (loss) on securities available-for-sale | $ | (110 | ) | | 165 |
| | (1,357 | ) | | 1,556 |
|
Reclassification adjustments for (gains) losses included in earnings, net of tax | (166 | ) | | — |
| | (292 | ) | | 4 |
|
Total other comprehensive income (loss), net of tax | $ | (276 | ) | | 165 |
| | (1,649 | ) | | 1,560 |
|
Total comprehensive income attributable to Lennar | $ | 452,935 |
| | 249,330 |
| | 898,034 |
| | 502,450 |
|
Total comprehensive income (loss) attributable to noncontrolling interests | $ | 14,409 |
| | (5,575 | ) | | 19,603 |
| | (26,918 | ) |
Basic earnings per share (2) | $ | 1.37 |
| | 1.04 |
| | 2.95 |
| | 2.09 |
|
Diluted earnings per share (2) | $ | 1.37 |
| | 1.04 |
| | 2.94 |
| | 2.09 |
|
Cash dividends per each Class A and Class B common share | $ | 0.04 |
| | 0.04 |
| | 0.12 |
| | 0.12 |
|
| |
(1) | nine months ended August 31, 2018 includes a non-cash one-time write down of deferred tax assets of $68.6 million resulting from the Tax Cuts and Jobs Act enacted in December 2017. |
| |
(2) | three and nine months ended August 31, 2017 have been adjusted to reflect 4.7 million of Class B shares distributed in the stock dividend on November 27, 2017. |
See accompanying notes to condensed consolidated financial statements.
4
Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
|
| | | | | | |
| Nine Months Ended |
| August 31, |
| 2018 | | 2017 |
Cash flows from operating activities: | | | |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | $ | 919,286 |
| | 473,972 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: | | | |
Depreciation and amortization | 66,714 |
| | 46,907 |
|
Amortization of discount/premium and accretion on debt, net | (17,750 | ) | | 7,079 |
|
Equity in loss (earnings) from unconsolidated entities | 8,115 |
| | (12,838 | ) |
Distributions of earnings from unconsolidated entities | 90,431 |
| | 59,927 |
|
Share-based compensation expense | 55,638 |
| | 43,303 |
|
Excess tax benefits from share-based awards | — |
| | (1,980 | ) |
Deferred income tax (benefit) expense | 188,132 |
| | (4,027 | ) |
Gain on sale of operating properties and equipment | (5,107 | ) | | — |
|
Gain on sale of interest in unconsolidated entity | (164,880 | ) | | — |
|
Unrealized and realized gains on real estate owned | (2,912 | ) | | (5,064 | ) |
Impairments of loans receivable, loans held-for-sale and real estate owned | 8,526 |
| | 60,237 |
|
Valuation adjustments and write-offs of option deposits and pre-acquisition costs | 40,531 |
| | 13,462 |
|
Changes in assets and liabilities: | | | |
Decrease in restricted cash | 22,254 |
| | 9,321 |
|
(Increase) decrease in receivables | (13,341 | ) | | 325,375 |
|
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | (725,016 | ) | | (902,585 | ) |
Increase in other assets | (193,835 | ) | | (47,160 | ) |
Decrease in loans held-for-sale | 130,528 |
| | 118,930 |
|
Increase in accounts payable and other liabilities | 341,357 |
| | 142,854 |
|
Net cash provided by operating activities | 748,671 |
| | 327,713 |
|
Cash flows from investing activities: | | | |
Net additions of operating properties and equipment | (81,493 | ) | | (67,107 | ) |
Proceeds from the sale of operating properties and equipment | 22,820 |
| | — |
|
Proceeds from sale of investment in unconsolidated entity | 199,654 |
| | — |
|
Investments in and contributions to unconsolidated entities | (302,333 | ) | | (381,209 | ) |
Distributions of capital from unconsolidated entities | 227,754 |
| | 123,209 |
|
Proceeds from sales of real estate owned | 28,697 |
| | 72,952 |
|
Receipts of principal payment on loans held-for-sale | — |
| | 5,937 |
|
Receipts of principal payments on loans receivable and other | 3,271 |
| | 73,948 |
|
Originations of loans receivable | — |
| | (57,375 | ) |
Purchases of commercial mortgage-backed securities bonds | (31,068 | ) | | (70,187 | ) |
Acquisitions, net of cash acquired | (1,103,338 | ) | | (611,399 | ) |
Increase in Lennar Financial Services loans held-for-investment, net | (2,062 | ) | | (7,862 | ) |
Purchases of Lennar Financial Services investment securities | (39,531 | ) | | (38,733 | ) |
Proceeds from maturities/sales of Lennar Financial Services investments securities | 34,221 |
| | 25,039 |
|
Decrease (increase) in restricted cash for investments | 10,825 |
| | (23,750 | ) |
Other payments, net | (459 | ) | | (1,014 | ) |
Net cash used in investing activities | $ | (1,033,042 | ) | | (957,551 | ) |
See accompanying notes to condensed consolidated financial statements.
5
Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
|
| | | | | | |
| Nine Months Ended |
| August 31, |
| 2018 | | 2017 |
Cash flows from financing activities: | | | |
Net borrowings under revolving lines of credit | $ | 195,300 |
| | — |
|
Net repayments under warehouse facilities | (100,963 | ) | | (397,760 | ) |
Proceeds from senior notes | — |
| | 1,250,000 |
|
Debt issuance costs | (12,459 | ) | | (16,697 | ) |
Redemption of senior notes | (825,000 | ) | | (658,595 | ) |
Conversions and exchanges on convertible senior notes | (59,145 | ) | | — |
|
Proceeds from Rialto notes payable | 32,226 |
| | 63,494 |
|
Principal payments on Rialto senior notes and other notes payable | (350,770 | ) | | (18,944 | ) |
Proceeds from other borrowings | 38,096 |
| | 75,927 |
|
Principal payments on other borrowings | (85,265 | ) | | (55,295 | ) |
Payments related to other liabilities | (3,200 | ) | | — |
|
Receipts related to noncontrolling interests | 4,008 |
| | 10,299 |
|
Payments related to noncontrolling interests | (68,627 | ) | | (61,782 | ) |
Excess tax benefits from share-based awards | — |
| | 1,980 |
|
Common stock: | | | |
Issuances | 3,189 |
| | 693 |
|
Repurchases | (49,490 | ) | | (27,104 | ) |
Dividends | (35,985 | ) | | (28,181 | ) |
Net cash provided by (used in) financing activities | (1,318,085 | ) | | 138,035 |
|
Net decrease in cash and cash equivalents | (1,602,456 | ) | | (491,803 | ) |
Cash and cash equivalents at beginning of period | 2,650,872 |
| | 1,329,529 |
|
Cash and cash equivalents at end of period | $ | 1,048,416 |
| | 837,726 |
|
Summary of cash and cash equivalents: | | | |
Lennar Homebuilding | $ | 833,274 |
| | 564,591 |
|
Lennar Financial Services | 165,051 |
| | 115,016 |
|
Rialto | 36,343 |
| | 154,814 |
|
Lennar Multifamily | 13,748 |
| | 3,305 |
|
| $ | 1,048,416 |
| | 837,726 |
|
Supplemental disclosures of non-cash investing and financing activities: | | | |
Lennar Homebuilding and Lennar Multifamily: | | | |
Non-cash contributions to unconsolidated entities | $ | 91,709 |
| | 62,659 |
|
Purchases of inventories and other assets financed by sellers | $ | 52,356 |
| | 108,726 |
|
Conversions and exchanges on convertible senior notes | $ | 217,154 |
| | — |
|
Equity component of acquisition consideration | $ | 5,070,006 |
| | — |
|
Consolidation/deconsolidation of unconsolidated/consolidated entities, net: | | | |
Inventories | $ | 35,430 |
| | — |
|
Receivables | $ | 7,198 |
| | — |
|
Investments in unconsolidated entities | $ | (25,614 | ) | | — |
|
Other liabilities | $ | (17,014 | ) | | — |
|
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, 2017. 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 and nine months ended August 31, 2018 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
Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the 2018 presentation. These reclassifications had no impact on the Company's condensed consolidated financial statements.
Acquisition of CalAtlantic Group, Inc.
On February 12, 2018, the Company completed the acquisition of CalAtlantic Group, Inc. (“CalAtlantic”) through a transaction in which CalAtlantic was merged with and into a wholly-owned subsidiary of the Company (“Merger Sub”), with Merger Sub continuing as the surviving corporation and a wholly-owned subsidiary of the Company (the “Merger”). CalAtlantic was a homebuilder which built homes across the homebuilding spectrum, from entry level to luxury, in 43 metropolitan statistical areas spanning 19 states. CalAtlantic also provided mortgage, title and escrow services. A primary reason for the acquisition was to increase local market concentration in order to generate synergies and efficiencies.
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 purchase price accounting reflected in the accompanying financial statements is provisional and is based upon estimates and assumptions that are subject to change within the measurement period (up to one year from the acquisition date pursuant to ASC 805). The measurement period remains open pending the completion of valuation procedures related to the acquired assets and assumed liabilities. The $3.3 billion provisional amount allocated to goodwill in Lennar Homebuilding and the provisional amount of $169 million allocated to goodwill in Lennar Financial Services represents the excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed.
The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition:
|
| | | |
(Dollars in thousands) | |
CalAtlantic shares of common stock outstanding | 118,025,879 |
|
CalAtlantic shares electing cash conversion | 24,083,091 |
|
CalAtlantic shares exchanged | 93,942,788 |
|
Exchange ratio for Class A common stock | 0.885 |
|
Exchange ratio for Class B common stock | 0.0177 |
|
Number of shares of Lennar Class A common stock issued in exchange | 83,138,277 |
|
Number of shares of Lennar Class B common stock issued in exchange (due to Class B common stock dividend) | 1,662,172 |
|
| |
Consideration attributable to Class A common stock | $ | 4,933,425 |
|
Consideration attributable to Class B common stock | 77,823 |
|
Consideration attributable to equity awards that convert upon change of control | 58,758 |
|
Consideration attributable to cash including fractional shares | 1,162,341 |
|
Total purchase price | $ | 6,232,347 |
|
|
| | | |
(In thousands) | |
ASSETS | |
Homebuilding: | |
Cash and cash equivalents, restricted cash and receivables, net | $ | 55,612 |
|
Inventories | 6,243,846 |
|
Intangible asset (1) | 8,000 |
|
Investments in unconsolidated entities | 151,900 |
|
Goodwill (2) | 3,321,433 |
|
Other assets | 608,705 |
|
Total Homebuilding assets | 10,389,496 |
|
Financial Services (2) | 346,503 |
|
Total assets | 10,735,999 |
|
LIABILITIES | |
Homebuilding: | |
Accounts payable | 85,448 |
|
Senior notes payable and other debts | 3,922,695 |
|
Other liabilities (3) | 361,286 |
|
Total Homebuilding liabilities | 4,369,429 |
|
Financial Services | 115,793 |
|
Total liabilities | 4,485,222 |
|
Noncontrolling interests (4) | 18,430 |
|
Total purchase price | $ | 6,232,347 |
|
| |
(1) | Intangible asset includes trade name. The amortization period for the trade name is approximately six months. |
| |
(2) | Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is generally not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of expected greater efficiencies and opportunities due to increased concentration of local market share, reduced general and administrative costs and reduced homebuilding costs resulting from the merger and cost savings as a result of additional homebuilding and non-homebuilding synergies. The assignment of goodwill among the Company's reporting segments has not been completed yet, however, a provisional amount of goodwill of approximately $169 million was allocated to Lennar Financial Services. |
| |
(3) | Other liabilities includes contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, legal reserves are |
established when a loss is considered probable and the amount of loss can be reasonably estimated.
| |
(4) | Fair value of noncontrolling interests was measured using discounted cash flows of expected future contributions and distributions. |
For the three and nine months ended August 31, 2018, Lennar Homebuilding revenue included $2.2 billion and $4.7 billion, respectively, of revenues, and earnings before income taxes included $209.3 million and $157.3 million, respectively, of a pre-tax earnings from CalAtlantic since the date of acquisition, which included acquisition and integration costs of $12.0 million and $140.1 million, respectively. These acquisition and integration costs were comprised mainly of severance expenses and transaction costs and were included within the acquisition and integration costs related to CalAtlantic line item in the accompanying condensed consolidated statement of operations for the three and nine months ended August 31, 2018.
The following presents summarized unaudited supplemental pro forma operating results as if CalAtlantic had been included in the Company's Consolidated Statements of Operations beginning December 1, 2016.
|
| | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| August 31, | | August 31, |
(Dollars in thousands, except per share amounts) | 2018 | | 2017 | | 2018 | | 2017 |
Revenues from home sales | $ | 5,223,787 |
| | 4,491,338 |
| | 14,404,000 | |