Lennar corp /new/ (LEN)
CashFlow / Yearly
Nov'19Nov'18Nov'17Nov'16Nov'15Nov'14Nov'13Nov'12Nov'11Nov'10Nov'09Nov'08
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

1,842,119

1,717,513

771,754

913,091

819,200

628,693

504,926

657,332

112,544

120,459

-446,059

-1,113,182

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization

92,200

91,181

66,324

50,219

43,666

38,542

30,349

28,081

21,500

13,520

19,905

32,399

Amortization of discount/premium and accretion on debt, net

-26,210

-23,544

11,312

14,619

19,874

21,387

23,497

21,450

20,641

6,560

1,736

2,662

Income (Loss) from Equity Method Investments

2,528

-30,518

49,478

55,205

105,184

73,376

45,885

-

-

-

-

-

Proceeds from Equity Method Investment, Distribution

12,753

113,096

137,669

101,965

60,753

22,251

4,029

-

-

-

-

-

Share-based compensation expense

86,940

72,655

61,356

55,516

43,873

40,718

33,689

31,745

24,047

28,075

30,392

29,871

Tax benefit from share-based awards

-

-

-

-

-

-

-

-22,544

0

0

-

-6,139

Excess tax benefits from share-based awards

0

0

1,981

7,039

113

7,497

10,148

10,814

0

0

-

-

Deferred income tax expense

235,493

268,037

91,050

97,485

-5,637

75,324

-151,619

467,561

0

0

-

772,508

Gain on sale of other assets, operating properties and equipment and real estate owned

21,941

11,963

12,789

14,457

5,945

0

14,432

-

0

-

-

-

Loss on consolidation of previously unconsolidated entity

-48,900

0

0

-

-

-

-

-

-

-

-

-

Gain on sale of interest in unconsolidated entity and other Multifamily gain

-

-

-

0

-

-

-

-

-

-

-

-

Loss on retirement of debt and notes payable

-

-

-

-1,569

-3,632

4,555

1,000

-

-

-

-

-

Gain on sale of Financial Services' businesses

-

-

-

0

-

-

-

-

-

-

-

-

Unrealized and realized gains on real estate owned

1,183

3,734

5,119

21,380

36,380

36,901

48,358

-

-

-

-

-

Gain on sale of other assets (investment carried at cost)/CMBS bonds

-

-

-

0

0

-

-

-

-

-

-

-

Impairments of loans receivable and real estate owned

0

39,053

97,786

45,201

25,179

76,450

-

-

-

-

-

-

Valuation adjustments and write-offs of option deposits and pre-acquisition costs

56,125

49,338

16,339

11,283

31,002

13,088

8,435

-

-

-

-

-

Unrealized gain on Rialto bargain purchase acquisition

-

-

-

-

-

-

8,532

-

0

-

-

-

Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets

-

-

-

-

-

-

32,229

-

-

-

-

565,465

Changes in assets and liabilities:
Decrease in restricted cash

-

-

-

-9,716

-20,876

18,930

6,430

-3,841

-4,496

-5,137

4,066

-4,624

Decrease in receivables

-312,255

431,183

-253,111

260,844

86,432

113,001

62,708

-17,370

132,258

-340,444

117,874

-828,646

Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs

623,644

135,870

661,494

503,527

1,126,907

1,367,415

1,627,136

563,051

38,903

115,247

-428,964

-292,264

(Increase) decrease in other assets

69,699

24,923

44,535

41,933

28,154

13,990

-4,279

35,041

113,522

-28,269

5,125

-7,166

Decrease in loans held-for-sale

431,339

-5,805

105,600

-90,093

318,739

395,363

-42,130

-

-

-

-

-

Increase (decrease) in accounts payable and other liabilities

-14,639

412,796

356,669

21,432

225,790

326,087

181,733

28,129

-106,841

-120,862

-95,896

346,200

Net cash provided by (used in) operating activities

1,482,343

1,691,747

982,374

507,804

-419,646

-788,488

-807,714

-424,648

-259,135

274,228

420,843

1,100,834

Cash flows from investing activities:
Decrease (increase) in restricted cash related to investments or LOCs

-

-

-

0

-2,030

-37

21,527

0

0

-

-

-

Net additions of operating properties and equipment

86,497

130,439

111,773

76,439

91,355

22,599

-8,126

-2,822

-9,936

-5,062

-

-

Proceeds from the sales of operating properties and equipment and other assets

70,441

52,855

63,936

25,288

73,732

43,937

140,564

0

0

-

-

-

Proceeds from sale of investment in unconsolidated entity

17,790

225,267

0

0

-

-

-

-

-

-

-

-

Decrease in Rialto defeasance cash to retire notes payable

-

-

-

-

-

-

-223,813

-

-

-

-

-

Proceeds from sales of real estate owned

8,866

32,221

86,565

97,871

155,295

269,698

239,215

-

-

-

-

-

Improvements to real estate owned

-

-

-

-

8,477

14,278

9,407

-

-

-

-

-

Receipts of principal payments on loans held-for-sale

0

0

11,251

0

0

-

-

-

-

-

-

-

Receipts of principal payments on loans receivable and other

2,382

4,339

165,413

84,433

28,389

24,019

66,788

-

-

-

-

-

Purchases of loans receivable and real estate owned

-

-

-

-

3,228

0

5,450

-

-

-

-

-

Payments for Origination of Loans Receivable

0

0

98,375

56,507

78,703

7,000

0

-

-

-

-

-

Purchase of investment carried at cost

-

-

-

-

18,000

0

-

-

-

-

-

-

Proceeds from sale of other assets (investment carried at cost)

-

-

-

0

0

-

-

-

-

-

-

-

Payments to Acquire Investments

-

-

-

-

-

-

0

-

-

-

-

-

Purchases of commercial mortgage-backed securities bonds

0

31,068

107,262

42,436

13,973

8,705

0

-

-

-

-

-

Proceeds from sale of Financial Services' businesses

0

340,000

0

0

-

-

-

-

-

-

-

-

Investments in and contributions to unconsolidated entities

436,325

405,547

430,304

425,761

314,937

159,783

146,768

-

-

-

-

-

Distributions of capital from unconsolidated and consolidated entities

405,677

362,516

207,327

323,190

218,996

279,306

239,489

-

-

-

-

-

Proceeds from sale of commercial mortgage-backed securities bonds

-

14,222

-

0

7,014

9,171

0

-

-

-

-

-

Acquisitions, net of cash acquired

0

1,078,282

604,366

725

0

5,489

5,623

0

-

-

-

-

Purchases of Lennar Homebuilding investments available-for-sale

-

-

-

-

28,093

21,274

28,708

-

-

-

-

-

Proceeds from sales of investments available-for-sale

-

-

-

541

0

51,934

5,906

-

-

-

-

-

Decrease (increase) in Financial Services loans held-for-investment, net

3,516

3,603

14,257

-963

5,022

-1,102

730

-

-

-

-

-

Purchases of investment securities

36,261

47,305

53,558

37,764

45,687

40,627

30,333

-

-

-

-

-

Proceeds from maturities/sales of investment securities

52,593

85,237

41,765

23,963

23,626

38,910

30,146

-

-

-

-

-

Other payments, net

0

145

1,442

2,454

-

-

-

-

-

-

-

-

Net disposals of operating properties and equipment

-

-

-

-

-

-

-

-

-

-

-329

1,390

Net cash provided by (used in) investing activities

19,596

-593,954

-845,080

-85,837

-98,393

438,359

689,249

245,291

-136,154

-673,371

-275,120

-265,703

Cash flows from financing activities:
Conversions, exchanges and redemption of convertible senior notes

1,288

59,145

0

234,028

212,107

0

0

-

-

-

-

-

Proceeds from Lennar Homebuilding convertible senior notes

-

-

-

-

-

-

-

-

350,000

722,500

-

-

Proceeds from Rialto structured notes

-

-

-

-

-

-

0

-

-

-

-

-

Partial redemption of senior notes

-

-

-

-

-

-

-

-

0

222,711

53,916

-

Principal repayments on Rialto notes payable

-

-

-

-

-

-

471,255

-

-

-

-

-

Proceeds from other borrowings

88,751

44,374

31,230

37,163

101,618

34,424

92,596

41,500

4,287

5,676

19,912

3,548

Proceeds from Issuance of Senior Long-term Debt

0

0

2,450,000

499,024

1,146,647

955,025

750,000

-

0

247,323

392,392

-

Debt issuance costs

25

14,661

28,590

4,740

11,807

9,989

12,935

9,118

7,438

18,415

5,500

-

Redemption of senior notes

1,100,000

1,100,000

1,058,595

250,000

500,000

250,000

63,751

210,862

113,242

251,943

281,477

322

(Payments) proceeds to/from other liabilities

-3,850

-3,542

195,541

-

-

-

-

-

-

-

-

-

Proceeds from other liabilities

-

-

-

0

0

-

-

-

-

-

-

-

Principal payments on other borrowings

189,454

138,475

139,725

210,968

258,108

299,713

287,359

97,891

136,147

141,505

111,395

132,055

Exercise of land option contracts from an unconsolidated land investment venture

-

-

-

-

-

1,540

28,869

50,396

40,964

39,301

33,656

-48,434

Receipts related to noncontrolling interests

27,859

18,126

5,786

353

1,296

12,859

8,236

1,659

5,822

14,088

5,620

154,275

Payments related to noncontrolling interests

43,734

89,575

74,372

127,410

133,374

155,625

201,655

480

7,137

4,848

7,744

3,240

Excess tax benefits from share-based awards

0

0

1,981

7,039

113

7,497

10,100

10,814

0

0

-

-

Common stock:
Issuances

493

3,061

720

19,471

9,405

13,599

34,114

32,174

6,751

2,238

221,437

224

Repurchases

523,074

299,833

27,054

19,902

23,188

20,424

12,320

17,149

5,724

1,806

1,566

1,758

Dividends

51,454

49,159

37,608

35,324

33,192

32,775

30,912

30,394

29,906

29,577

27,588

83,487

Net cash (used in) provided by financing activities

-1,629,224

-2,195,901

1,194,296

-250,883

394,670

661,438

-221,773

326,496

164,758

335,840

108,293

-426,903

Net decrease in cash and cash equivalents and restricted cash

-127,285

-1,098,108

1,331,590

171,084

-123,369

311,309

-340,238

147,139

-230,531

-63,303

254,016

408,228

Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized

49,870

128,877

89,485

66,570

87,132

68,366

112,694

108,879

99,904

77,277

55,101

37,949

Cash paid for income taxes, net

261,445

376,609

199,557

374,731

336,796

202,374

11,433

26,687

12,020

341,801

241,805

877,039

Supplemental disclosures of non-cash investing and financing activities:
Homebuilding and Multifamily:
Non-cash sale of operating properties and equipment

-

-

-

-

-

-

0

-

-

-

-

-

Purchases of inventories financed by sellers

-

-

-

-

-

-

167,134

-

-

-

22,106

2,384

Non-cash contributions to unconsolidated entities

-

-

-

-

-

-

286,798

-

-

-

-

-

Conversion of convertible debt

-

-

-

0

-

-

-

-

-

-

-

-

Real estate owned acquired in bargain purchase acquisition

-

-

-

-

-

-

31,818

-

0

-

-

-

Net liabilities assumed in bargain purchase acquisition

-

-

-

-

-

-

6,200

-

0

-

-

-

Inventory acquired in satisfaction of other assets including investments available-for-sale

-

-

-

-

-

-

0

-

-

-

-

-

Inventory acquired in partner buyout

-

-

-

-

-

-

0

-

-

-

-

-

Non-cash reduction of equity due to purchase of noncontrolling interest

-

-

-

-

-

-

101,550

-

0

-

-

-

Non-cash reclass from inventories to operating properties and equipment

-

-

-

-

-

-

-

-

126,525

0

0

-

Non-cash purchase of noncontrolling interests

-

-

-

-

-

-

63,500

-

0

-

-

-

Real estate owned acquired in satisfaction/partial satisfaction of loans receivable

-

-

-

-

-

-

70,237

-

-

-

-

-

Purchase of mortgage servicing rights financed by seller

-

-

-

-

-

-

0

-

-

-

-

-

Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories

187,506

35,430

48,656

111,347

0

155,021

0

0

52,850

83,973

360,640

647,466

Receivables

102,959

7,198

0

0

-

-

-

-

-

-

-

-

Operating properties and equipment and other assets

53,412

0

-1,716

0

-17,421

-7,218

-

-

-

-

-

-

Investments in unconsolidated entities

67,925

-25,614

-9,692

-2,445

2,948

-30,647

0

0

-

-

-

-183,647

Notes payable

-383,212

0

0

-

-

-

-

-

-

-

-

-

Liabilities related to consolidated inventory not owned

-

-

-

-96,424

0

0

-

-

-

-

-

-

Other liabilities

-19,696

-17,014

44

0

1,220

0

0

-

9,427

14,526

79,599

-88,774

Noncontrolling interests

-8,894

0

-37,292

-12,478

13,253

-117,156

0

0

2,593

406,461

12,843

-38,200

Operating properties and equipment

-

-

-

-

-

-

-

-

2,443

68,013

68,727

620

Receivables

-

-

-

-

-

-

-

-

2

2,077

14,466

34,346

Loans receivable

-

-

-

-

-

-

-

-

-

1,177,636

-

-

Other assets

-

-

-

-

-

-

0

0

-

-

-

-

Debts payable

-

-

-

-

-

-

-

-

14,702

688,360

223,942

-371,811

Homebuilding
Income (Loss) from Equity Method Investments

-13,273

-90,209

-63,637

-49,275

-

-

-

-

-

-

-

-

Equity Method Investment, Realized Gain (Loss) on Disposal

0

-164,880

0

-

-

-

-

-

-

-

-

-

Lennar Other
Income (Loss) from Equity Method Investments

15,372

24,110

27,376

-

-

-

-

-

-

-

-

-

Gain on sale of businesses

0

296,407

0

-

-

-

-

-

-

-

-

-

Proceeds from Rialto notes payable

0

33,724

99,630

-

-

-

-

-

-

-

-

-

Principal payments on Rialto notes payable including structured notes

0

359,016

24,964

-

-

-

-

-

-

-

-

-

Rialto
Income (Loss) from Equity Method Investments

-

-

-

18,961

-

-

-

-

-

-

-

-

Proceeds from Rialto notes payable

-

-

-

0

-

-

-

-

-

-

-

-

Repayments of Debt

-

-

-

39,026

-

-

-

-

-

-

-

-

Real estate owned acquired in satisfaction/partial satisfaction of loans receivable

-

-

-

8,476

-

-

-

-

-

-

-

-

Multifamily
Income (Loss) from Equity Method Investments

11,294

51,322

85,739

85,519

-

-

-

-

-

-

-

-

Equity Method Investment, Realized Gain (Loss) on Disposal

10,865

15,741

0

-

-

-

-

-

-

-

-

-

Financial Services
Gain on sale of businesses

2,368

0

0

-

-

-

-

-

-

-

-

-

Proceeds from sale of Rialto investment and asset management platform

24,446

0

0

-

-

-

-

-

-

-

-

-

Revolving Credit Facility [Member]
Net borrowings (repayments) under credit facilities

0

-454,700

0

0

-

-

-

-

-

-

-

-

Warehouse Repurchase Facility
Net borrowings (repayments) under credit facilities

166,552

272,920

-199,684

107,465

366,290

389,535

-7,811

-

-

-

-

-

Lennar Homebuilding and Lennar Multifamily
Purchases of inventories, land under development and other assets financed by sellers

101,300

163,519

279,323

101,504

-

-

-

-

-

-

-

-

Net non-cash contributions to unconsolidated entities

156,075

162,281

62,618

107,935

-

-

-

-

-

-

-

-

Conversion of convertible debt

0

217,154

0

399,206

-

-

-

-

-

-

-

-

Equity component of acquisition consideration

0

5,070,006

0

0

-

-

0

-

-

-

-

-

Non-cash sale of operating properties and equipment and other assets

-48,671

0

0

-

-

-

-

-

-

-

-

-