Exhibit 99.1
Item 6. | Selected Financial Data. |
The following table sets forth our selected consolidated financial and operating information as of or for each of the years ended November 30, 2005 through 2009. The information presented below is based upon our historical financial statements, except for the results of operations of a subsidiary of the Lennar Financial Services segment’s title company that was sold in May 2005, which have been classified as discontinued operations. Certain amounts presented in the table below reflect the adoption of certain provisions of Accounting Standards Codification (“ASC”) Topic 810,Consolidations, and our diluted earnings (loss) per share reflects the adoption of certain provisions of ASC Topic 260,Earnings per Share.
At or for the Years Ended November 30, | ||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Results of Operations: | ||||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | 2,834,285 | 4,263,038 | 9,730,252 | 15,623,040 | 13,304,599 | ||||||||||
Lennar Financial Services | $ | 285,102 | 312,379 | 456,529 | 643,622 | 562,372 | ||||||||||
Total revenues | $ | 3,119,387 | 4,575,417 | 10,186,781 | 16,266,662 | 13,866,971 | ||||||||||
Operating earnings (loss) from continuing operations: | ||||||||||||||||
Lennar Homebuilding (1) | $ | (676,293 | ) | (404,883 | ) | (2,912,072 | ) | 999,568 | 2,322,121 | |||||||
Lennar Financial Services (2) | $ | 35,982 | (30,990 | ) | 6,120 | 149,803 | 104,768 | |||||||||
Rialto Investments | $ | (2,528 | ) | — | — | — | — | |||||||||
Corporate general and administrative expenses | $ | (117,565 | ) | (129,752 | ) | (173,202 | ) | (193,307 | ) | (187,257 | ) | |||||
Loss on redemption of 9.95% senior notes | $ | — | — | — | — | (34,908 | ) | |||||||||
Earnings (loss) from continuing operations before income taxes | $ | (760,404 | ) | (565,625 | ) | (3,079,154 | ) | 956,064 | 2,204,724 | |||||||
Earnings from discontinued operations before income taxes (3) | $ | — | — | — | — | 17,261 | ||||||||||
Earnings (loss) from continuing operations attributable to Lennar (4) | $ | (417,147 | ) | (1,109,085 | ) | (1,941,081 | ) | 593,869 | 1,344,410 | |||||||
Earnings from discontinued operations attributable to Lennar | $ | — | — | — | — | 10,745 | ||||||||||
Net earnings (loss) attributable to Lennar | $ | (417,147 | ) | (1,109,085 | ) | (1,941,081 | ) | 593,869 | 1,355,155 | |||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Earnings (loss) from continuing operations attributable to Lennar | $ | (2.45 | ) | (7.01 | ) | (12.31 | ) | 3.68 | 8.17 | |||||||
Earnings from discontinued operations attributable to Lennar | $ | — | — | — | — | 0.06 | ||||||||||
Net earnings (loss) attributable to Lennar | $ | (2.45 | ) | (7.01 | ) | (12.31 | ) | 3.68 | 8.23 | |||||||
Cash dividends declared per share—Class A common stock | $ | 0.16 | 0.52 | 0.64 | 0.64 | 0.573 | ||||||||||
Cash dividends declared per share—Class B common stock | $ | 0.16 | 0.52 | 0.64 | 0.64 | 0.573 | ||||||||||
Financial Position: | ||||||||||||||||
Total assets | $ | 7,314,791 | 7,424,898 | 9,102,747 | 12,408,266 | 12,541,225 | ||||||||||
Debt: | ||||||||||||||||
Lennar Homebuilding | $ | 2,761,352 | 2,544,935 | 2,295,436 | 2,613,503 | 2,592,772 | ||||||||||
Lennar Financial Services | $ | 217,557 | 225,783 | 541,437 | 1,149,231 | 1,269,782 | ||||||||||
Stockholders’ equity | $ | 2,443,479 | 2,623,007 | 3,822,119 | 5,701,372 | 5,251,411 | ||||||||||
Total equity | $ | 2,588,014 | 2,788,753 | 3,850,647 | 5,756,765 | 5,329,654 | ||||||||||
Shares outstanding (000s) | 184,896 | 160,558 | 159,887 | 158,155 | 157,559 | |||||||||||
Stockholders’ equity per share | $ | 13.22 | 16.34 | 23.91 | 36.05 | 33.33 | ||||||||||
Lennar Homebuilding Data (including unconsolidated entities): | ||||||||||||||||
Number of homes delivered | 11,478 | 15,735 | 33,283 | 49,568 | 42,359 | |||||||||||
New orders | 11,510 | 13,391 | 25,753 | 42,212 | 43,405 | |||||||||||
Backlog of home sales contracts | 1,631 | 1,599 | 4,009 | 11,608 | 18,565 | |||||||||||
Backlog dollar value | $ | 479,571 | 456,270 | 1,384,137 | 3,980,428 | 6,884,238 |
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(1) | Lennar Homebuilding operating earnings (loss) from continuing operations include $359.9 million, $340.5 million, $2,445.1 million, $501.8 million and $20.5 million, respectively, of valuation adjustments for the years ended November 30, 2009, 2008, 2007, 2006 and 2005. In addition, it includes $101.9 million, $32.2 million, $364.2 million and $126.4 million, respectively, of our share of valuation adjustments related to assets of our investments in unconsolidated entities for the years ended November 30, 2009, 2008, 2007 and 2006, and $89.0 million, $172.8 million, $132.2 million and $14.5 million, respectively of valuation adjustments to our investments in unconsolidated entities for the years ended November 30, 2009, 2008, 2007 and 2006. During the year ended November 30, 2007, homebuilding operating earnings (loss) from continuing operations also includes $190.2 million of goodwill impairments. There were no other material valuation adjustments for the year ended November 30, 2005. |
(2) | Lennar Financial Services operating loss from continuing operations for the year ended November 30, 2008 includes a $27.2 million impairment of the Lennar Financial Services segment’s goodwill. |
(3) | Earnings from discontinued operations before income taxes include a gain of $15.8 million for the year ended November 30, 2005 related to the sale of a subsidiary of the Lennar Financial Services segment’s title company. |
(4) | Earnings (loss) from continuing operations attributable to Lennar for the year ended November 30, 2009 primarily includes a reversal of our deferred tax asset valuation allowance of $351.8 million, primarily due to a change in tax legislation, which allowed us to carryback our fiscal year 2009 tax loss to recover previously paid income taxes. Earnings (loss) from continuing operations attributable to Lennar for the year ended November 30, 2008 include a $730.8 million valuation allowance recorded against our deferred tax assets. |
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