Lennar Corporation Financial Statements — LEN Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	3,074	3,095	4,105	5,935	7,780	9,474	10,950	12,646	20,572	22,260	22,489	27,131	33,671	34,233	35,441
+ Sales & Services Revenue	3,074	3,095	4,105	5,935	7,780	9,474	10,950	12,646	20,572	22,260	22,489	27,131	33,671	34,233	35,441
- Cost of Revenue	2,856	2,897	3,661	5,103	6,681	8,172	9,455	11,021	18,237	19,457	19,015	21,594	26,469	28,292	29,942
+ Cost of Goods & Services	2,856	2,897	3,661	5,103	6,681	8,172	9,455	11,021	18,237	19,457	19,015	21,594	26,469	28,292	29,942
Gross Profit	218	199	444	832	1,099	1,302	1,495	1,625	2,334	2,802	3,474	5,537	7,202	5,941	5,499
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	94	95	127	146	177	216	233	286	344	321	333	398	414	501	649
+ Selling, General & Admin	94	95	127	146	177	216	233	286	344	321	333	398	414	501	649
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	124	103	316	686	922	1,086	1,262	1,339	1,990	2,481	3,141	5,138	6,788	5,440	4,850
- Non-Operating (Income) Loss	30	5	94	4	-48	-124	-68	149	-272	47	17	-681	773	237	-335
+ Interest Expense, Net	70	91	94	94	37	12	5	7	11	18	22	- -	- -	- -	- -
+ Interest Expense	70	91	94	94	37	12	5	7	11	18	22	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-41	-85	- -	-90	-84	-136	-73	142	-284	29	-6	-681	773	237	-335
Pretax Income	95	98	222	682	970	1,210	1,330	1,190	2,263	2,434	3,124	5,819	6,015	5,202	5,185
- Income Tax Expense (Benefit)	-26	-15	-435	177	341	390	417	418	545	592	656	1,363	1,366	1,241	1,217
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	120	113	657	505	629	819	913	772	1,718	1,842	2,468	4,457	4,649	3,961	3,968
- Net Extraordinary Losses (Gains)	50	41	-44	51	-20	33	2	-77	43	-14	5	53	69	46	70
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	50	41	-44	51	-20	33	2	-77	43	-14	5	53	69	46	70
Income (Loss) Incl. MI	70	72	701	454	649	787	911	849	1,674	1,856	2,463	4,404	4,580	3,916	3,897
- Minority Interest	-25	-20	22	-25	10	-16	-1	39	-22	7	-3	-26	-34	-23	-35
Net Income, GAAP	95	92	679	480	639	803	912	810	1,696	1,849	2,465	4,430	4,614	3,939	3,933
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	95	92	679	480	639	803	912	810	1,696	1,849	2,465	4,430	4,614	3,939	3,933
Basic Weighted Avg Shares	187	188	190	194	206	209	223	237	308	318	309	307	290	283	272
Basic EPS, GAAP	0.51	0.49	3.57	2.47	3.1	3.84	4.09	3.42	5.51	5.81	7.97	14.45	15.92	13.9	14.46
Basic EPS from Cont Ops	0.65	0.6	3.45	2.6	3.05	3.91	4.1	3.25	5.58	5.79	7.98	14.53	16.04	13.98	14.59
Diluted Weighted Avg Shares	193	199	223	230	233	235	235	237	309	318	309	307	290	283	272
Diluted EPS, GAAP	0.49	0.46	3.04	2.08	2.74	3.41	3.87	3.42	5.5	5.81	7.97	14.45	15.92	13.9	14.46
Diluted EPS from Cont Ops	0.63	0.57	2.95	2.19	2.7	3.48	3.88	3.25	5.57	5.79	7.98	14.53	16.04	13.98	14.59
EBITDA	138	125	344	716	961	1,130	1,313	1,405	2,081	2,573	3,235	5,224	6,875	5,550	4,966
EBITDA Margin (%)	4.49	4.04	8.39	12.07	12.35	11.92	11.99	11.11	10.12	11.56	14.39	19.26	20.42	16.21	14.01
EBITA	124	103	316	686	922	1,086	1,262	1,339	1,990	2,481	3,141	5,138	6,788	5,440	4,850
EBIT	124	103	316	686	922	1,086	1,262	1,339	1,990	2,481	3,141	5,138	6,788	5,440	4,850
Gross Margin (%)	7.1	6.42	10.81	14.02	14.13	13.75	13.65	12.85	11.35	12.59	15.45	20.41	21.39	17.35	15.52
Operating Margin (%)	4.05	3.34	7.7	11.56	11.85	11.46	11.53	10.59	9.67	11.15	13.97	18.94	20.16	15.89	13.68
Profit Margin (%)	3.1	2.98	16.54	8.08	8.21	8.47	8.33	6.41	8.24	8.31	10.96	16.33	13.7	11.5	11.1
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.63	1.01	1.51	1.52	2.02
Depreciation Expense	14	22	28	30	39	44	50	66	91	92	95	86	87	110	116

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	5,913	6,043	7,767	8,659	10,493	11,820	12,553	15,307	21,298	22,238	22,662	25,145	28,387	29,345	29,307
+ Cash, Cash Equivalents & STI	1,394	1,164	1,311	971	1,299	1,201	1,383	2,708	1,563	1,498	2,917	2,963	4,814	6,512	4,950
+ Cash & Cash Equivalents	1,394	1,164	1,311	971	1,282	1,158	1,330	2,651	1,558	1,446	2,863	2,922	4,779	6,474	4,910
+ ST Investments	- -	- -	- -	- -	17	43	54	57	4	52	53	42	35	38	41
+ Accounts & Notes Receiv	219	275	663	569	535	671	892	521	2,326	2,626	2,501	2,978	3,436	3,838	3,964
+ Accounts Receivable, Net	38	29	36	145	198	230	331	129	921	707	773	1,052	1,431	1,449	1,501
+ Notes Receivable, Net	40	18	13	15	41	22	40	81	124	203	168	248	186	250	154
+ Loans Receivable, Net	- -	- -	609	406	288	408	521	313	1,284	1,719	1,563	1,681	1,822	2,142	2,312
+ Other Receivable, Net	140	227	5	5	8	11	- -	-3	-3	-3	-3	-3	-2	-2	-2
+ Inventories	4,170	4,361	5,046	6,612	7,742	8,746	9,179	10,861	17,372	18,092	17,175	19,169	20,100	18,898	20,312
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	2,223	2,637	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	1,491	1,335	4,720	6,141	7,684	8,682	9,058	10,468	17,163	17,463	16,089	17,554	17,367	15,360	15,635
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	455	389	327	471	58	64	121	393	209	628	1,086	1,615	2,733	3,537	4,678
+ Other ST Assets	131	244	747	507	917	1,202	1,099	1,217	38	23	70	34	37	96	81
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2,875	3,112	2,595	2,614	2,430	2,599	2,809	3,438	7,268	7,122	7,273	8,063	9,597	9,889	12,005
+ Property, Plant & Equip, Net	195	319	314	181	159	116	174	215	320	280	412	340	2,118	2,439	4,174
+ Property, Plant & Equip	253	396	393	265	247	194	261	319	459	448	589	539	2,344	2,705	4,466
- Accumulated Depreciation	58	77	79	84	88	78	87	104	139	169	178	199	227	266	291
+ LT Investments & Receivables	736	744	761	1,007	1,027	1,314	1,519	1,850	2,025	2,218	2,306	3,137	2,672	2,458	2,711
+ LT Investments	736	744	761	1,007	1,027	1,314	1,519	1,850	2,025	2,218	2,306	3,137	2,672	2,458	2,711
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,944	2,049	1,520	1,426	1,243	1,170	1,116	1,374	4,923	4,624	4,555	4,587	4,807	4,992	5,120
+ Total Intangible Assets	34	34	34	34	39	39	40	196	3,680	3,658	3,632	3,632	3,632	3,632	3,632
+ Goodwill	34	34	34	34	39	39	40	196	3,680	3,658	3,632	3,632	3,632	3,632	3,632
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1,910	2,015	1,486	1,392	1,205	1,131	1,076	1,177	1,243	966	923	955	1,175	1,360	1,488
Total Assets	8,788	9,155	10,362	11,273	12,923	14,420	15,362	18,745	28,566	29,360	29,935	33,208	37,984	39,234	41,313
+ Payables & Accruals	168	201	221	289	461	539	597	755	1,155	1,069	1,037	1,321	1,616	1,631	1,839
+ Accounts Payable	168	201	221	289	461	539	597	755	1,155	1,069	1,037	1,321	1,616	1,631	1,839
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	479	410	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	479	410	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	384	326	- -	10	4	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	384	326	- -	10	4	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	1,031	937	221	299	465	543	597	755	1,155	1,069	1,037	1,321	1,616	1,631	1,839
+ LT Debt	3,674	4,128	5,064	5,024	5,982	6,655	6,276	7,973	10,117	9,574	7,422	6,378	6,199	4,984	4,189
+ LT Borrowings	3,674	4,128	5,064	5,024	5,982	6,655	6,276	7,973	10,117	9,574	7,422	6,378	6,199	4,984	4,189
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	889	785	1,077	1,322	1,225	1,271	1,278	2,032	2,611	2,683	3,377	4,512	5,929	5,917	7,263
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	889	785	1,077	1,322	1,225	1,271	1,278	2,032	2,611	2,683	3,377	4,512	5,929	5,917	7,263
Total Noncurrent Liabilities	4,563	4,914	6,140	6,347	7,207	7,927	7,554	10,004	12,728	12,257	10,798	10,890	12,128	10,901	11,452
Total Liabilities	5,593	5,851	6,361	6,646	7,672	8,469	8,150	10,759	13,883	13,326	11,836	12,211	13,744	12,532	13,292
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	2,330	2,361	2,442	2,743	2,260	2,327	2,829	3,166	8,530	8,612	8,710	8,842	5,447	5,600	5,759
+ Common Stock	20	20	21	22	21	21	24	24	33	34	34	34	29	30	30
+ Additional Paid in Capital	2,310	2,341	2,422	2,721	2,240	2,306	2,805	3,142	8,497	8,578	8,676	8,808	5,418	5,570	5,729
- Treasury Stock	615	621	633	628	93	108	109	136	436	958	1,279	2,709	210	1,393	3,650
+ Retained Earnings	894	956	1,605	2,054	2,660	3,430	4,306	4,841	6,488	8,295	10,565	14,685	18,861	22,369	25,753
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	-1	-1	2	5	8
Equity Before Minority Interest	2,609	2,696	3,415	4,169	4,827	5,649	7,026	7,872	14,582	15,950	17,995	20,816	24,100	26,581	27,870
+ Minority/Non Controlling Interest	585	607	586	459	424	301	186	114	101	84	105	180	140	121	151
Total Equity	3,194	3,304	4,001	4,627	5,251	5,950	7,212	7,986	14,683	16,034	18,099	20,996	24,240	26,702	28,021
Total Liabilities & Equity	8,788	9,155	10,362	11,273	12,923	14,420	15,362	18,745	28,566	29,360	29,935	33,208	37,984	39,234	41,313
Shares Outstanding	190	192	195	209	209	215	239	240	324	316	313	299	290	281	268
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	2,758	3,375	3,753	4,054	4,701	5,497	4,946	5,322	8,559	8,128	4,559	3,457	1,420	-1,490	-720
Net Debt to Equity	86.34	102.16	93.79	87.6	89.51	92.38	68.58	66.64	58.29	50.69	25.19	16.46	5.86	-5.58	-2.57
Tangible Common Equity Ratio	36.1	35.85	38.41	40.87	40.46	41.11	46.81	42	44.21	48.15	55	58.71	59.99	64.8	64.73
Current Ratio	5.74	6.45	35.19	28.96	22.58	21.77	21.04	20.28	18.44	20.8	21.85	19.03	17.57	17.99	15.93
Cash Conversion Cycle	513.64	519.58	454.08	408.53	382.63	356.6	334.38	319.06	277.76	325.86	329.25	301.19	264.65	245.03	233.97
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	120	113	657	505	629	819	913	772	1,718	1,842	2,468	4,457	4,649	3,961	3,968
+ Depreciation & Amortization	14	22	28	30	39	44	50	66	91	92	95	86	87	110	116
+ Non-Cash Items	67	55	-358	125	127	31	230	346	56	370	288	-359	851	537	318
+ Stock-Based Compensation	28	24	32	34	41	44	56	61	73	87	107	135	184	161	177
+ Deferred Income Taxes	- -	- -	-468	152	75	-6	97	91	268	235	92	192	-247	-68	60
+ Asset Impairment Charge	55	22	37	24	76	25	45	98	39	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-16	9	40	-84	-66	-32	31	96	-323	48	89	-685	914	444	80
+ Chg in Non-Cash Work Cap	74	-448	-752	-1,468	-1,583	-1,314	-685	-202	-173	-822	1,341	-1,651	-2,321	572	-1,997
+ (Inc) Dec in Accts Receiv	340	-132	17	-63	-113	-86	-261	253	-431	312	26	-290	-422	-329	-129
+ (Inc) Dec in Inventories	-115	-39	-563	-1,627	-1,367	-1,127	-504	-661	-136	-624	781	-1,184	-1,712	2,274	-285
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-776	-672	-296	-1,632
+ Inc (Dec) in Accts Payable	-121	-107	28	182	326	226	21	357	413	-15	266	881	701	-626	380
+ Inc (Dec) in Other	-31	-170	-234	40	-428	-326	58	-150	-19	-496	267	-282	-216	-452	-332
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	274	-259	-425	-808	-788	-420	508	982	1,692	1,482	4,191	2,533	3,266	5,180	2,403
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	141	44	74	25	60	39	79	34	42	25	13	61
+ Disp of Fixed Prod Assets	- -	- -	- -	141	44	74	25	60	39	79	34	42	25	13	61
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-5	-10	-3	-8	-23	-91	-76	-112	-130	-86	-73	-65	-57	-100	-172
+ Acq of Fixed Prod Assets	-5	-10	-3	-8	-23	-91	-76	-112	-130	-86	-73	-65	-57	-100	-172
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-447	-36	-11	-23	31	-75	-55	-119	347	41	26	-97	-68	-3	3
+ Dec in LT Investment	25	18	52	36	101	31	25	42	425	77	71	31	26	5	7
+ Inc in LT Investment	-472	-54	-63	-59	-71	-106	-80	-161	-78	-36	-46	-128	-94	-8	-5
+ Net Cash From Acq & Div	-183	-163	-116	-152	-165	-315	-426	-1,035	-1,259	-419	-486	-376	-447	-201	-426
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	225	18	- -	32	- -	- -	- -
+ Cash for Acq of Subs	-183	-163	-116	-152	-165	-315	-426	-1,035	-1,484	-436	-486	-408	-447	-201	-426
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-38	72	375	732	552	309	447	360	410	405	219	392	419	114	230
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-673	-136	245	689	438	-98	-86	-845	-594	20	-280	-105	-128	-177	-303
+ Dividends Paid	-30	-30	-30	-31	-33	-33	-35	-38	-49	-51	-195	-310	-438	-431	-549
+ Net Cash From Debt	413	243	389	88	848	798	144	1,158	-1,701	-869	-2,012	-1,079	-623	-1,226	-597
+ Cash From Debt	975	493	889	919	1,473	1,615	644	2,581	317	255	93	276	- -	- -	- -
+ Repayments of Debt	-562	-249	-500	-830	-626	-817	-500	-1,423	-2,018	-1,124	-2,105	-1,355	-623	-1,226	-597
+ Cash (Repurchase) of Equity	- -	1	15	22	-7	-14	- -	-26	-297	-523	-322	-1,430	-1,039	-1,183	-2,256
+ Increase in Capital Stock	2	7	32	34	14	9	19	1	3	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-2	-6	-17	-12	-20	-23	-20	-27	-300	-523	-322	-1,430	-1,039	-1,183	-2,256
+ Other Financing Activities	-48	-50	-48	-301	-147	-356	-359	100	-149	-186	82	414	823	-408	-279
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	336	165	326	-222	661	395	-251	1,194	-2,196	-1,629	-2,447	-2,405	-1,277	-3,248	-3,682
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-63	-231	147	-340	311	-123	171	1,332	-1,098	-127	1,464	23	1,860	1,755	-1,581
Capital Expenditures	-5	-10	-3	-8	-23	-91	-76	-112	-130	-86	-73	-65	-57	-100	-172
EBITDA	138	125	344	716	961	1,130	1,313	1,405	2,081	2,573	3,235	5,224	6,875	5,550	4,966
EBITDA Margin (%)	4.49	4.04	8.39	12.07	12.35	11.92	11.99	11.11	10.12	11.56	14.39	19.26	20.42	16.21	14.01
Net Cash Paid for Acquisitions	183	163	116	152	165	315	426	1,035	1,259	419	486	376	447	201	426
Free Cash Flow	269	-269	-427	-816	-811	-511	431	871	1,561	1,396	4,118	2,468	3,208	5,080	2,232
Free Cash Flow to Firm	- -	- -	- -	-746	-787	-503	435	875	1,570	1,409	4,136	2,468	3,208	5,080	2,232
Free Cash Flow to Equity	683	-26	-38	-587	81	360	600	2,089	-101	606	2,140	1,430	2,610	3,867	1,696
Free Cash Flow per Basic Share	1.44	-1.43	-2.25	-4.2	-3.93	-2.44	1.94	3.67	5.07	4.38	13.31	8.05	11.07	17.93	8.2
Price/Free Cash Flow	10.48	-14.71	-20.12	-10.31	-14.36	-36.72	17.13	13.61	7.24	12.11	5.51	12.4	7.66	6.86	18.42
Cash Flow to Net Income	2.88	-2.81	-0.63	-1.68	-1.23	-0.52	0.56	1.21	1	0.8	1.7	0.57	0.71	1.32	0.61

Lennar Corporation

Income Statement

Balance Sheet

Cash Flow Statement