Lennar Corporation (LEN-B) · 10+ Years of Financial statements

Income Statement	2009 Y	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
Sales/Revenue/Turnover	3,119	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
+ Sales & Services Revenue	3,119	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
- Cost of Revenue	3,460	2,856	193	3,216	4,544	5,966	7,341	8,556	11,021	16,629	17,742	19,007	20,853	23,197	28,292
+ Cost of Goods & Services	3,460	2,856	193	3,216	4,544	5,966	7,341	8,556	11,021	16,629	17,742	19,007	20,853	23,197	28,292
Gross Profit	-340	218	2,902	888	1,391	1,814	2,133	2,394	1,625	3,942	4,517	3,482	6,277	10,474	5,941
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	-137	- -	- -	- -	- -	- -	- -
- Operating Expenses	120	94	95	566	706	892	1,047	1,131	286	1,952	2,056	358	398	3,650	501
+ Selling, General & Admin	120	94	95	566	706	892	1,047	1,131	286	1,952	2,056	358	398	2,379	501
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,271	- -
Operating Income (Loss)	-460	124	2,807	322	686	922	1,086	1,262	1,476	1,990	2,461	3,124	5,879	6,824	5,440
- Non-Operating (Income) Loss	271	30	2,709	100	4	-48	-124	-68	286	-272	27	- -	60	810	237
+ Interest Expense, Net	42	70	91	94	94	37	12	5	7	11	18	22	- -	- -	- -
+ Interest Expense	71	70	91	94	94	37	12	5	7	11	18	22	- -	- -	- -
- Interest Income	29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	229	-41	2,618	6	-90	-84	-136	-73	279	-284	9	-22	60	810	237
Pretax Income	-731	95	98	222	682	970	1,210	1,330	1,190	2,263	2,434	3,124	5,819	6,015	5,202
- Income Tax Expense (Benefit)	-314	-26	-15	-435	177	341	390	417	418	545	592	656	1,363	1,366	1,241
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-417	120	113	657	505	629	819	913	772	1,718	1,842	2,468	4,457	4,649	3,961
- Net Extraordinary Losses (Gains)	-29	50	41	-44	51	-20	33	2	-77	43	-14	5	53	69	46
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-29	50	41	-44	51	-20	33	2	-77	43	-14	5	53	69	46
Income (Loss) Incl. MI	-388	70	72	701	454	649	787	911	849	1,674	1,856	2,463	4,404	4,580	3,916
- Minority Interest	29	-25	-20	22	-25	10	-16	-1	39	-22	7	-3	-26	-34	-23
Net Income, GAAP	-417	95	92	679	480	639	803	912	810	1,696	1,849	2,465	4,430	4,614	3,939
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-417	95	92	679	480	639	803	912	810	1,696	1,849	2,465	4,430	4,614	3,939
Basic Weighted Avg Shares	174	187	188	190	194	206	210	223	237	308	318	309	307	290	283
Basic EPS, GAAP	-2.4	0.51	0.49	3.57	2.47	3.1	3.83	4.09	3.42	5.51	5.81	7.97	14.45	15.92	13.9
Basic EPS from Cont Ops	-2.4	0.65	0.6	3.45	2.6	3.05	3.9	4.09	3.25	5.58	5.79	7.98	14.53	16.04	13.98
Diluted Weighted Avg Shares	174	193	199	223	230	233	235	235	237	309	318	309	307	290	283
Diluted EPS, GAAP	-2.4	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
Diluted EPS from Cont Ops	-2.4	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
EBITDA	-440	138	2,828	350	716	961	1,130	1,313	1,542	2,081	2,553	3,218	5,965	6,911	5,550
EBITDA Margin (%)	-14.12	4.49	91.37	8.53	12.07	12.35	11.92	11.99	12.19	10.12	11.47	14.31	21.99	20.53	16.21
EBITA	-460	124	2,807	322	686	922	1,086	1,262	1,476	1,990	2,461	3,124	5,879	6,824	5,440
EBIT	-460	124	2,807	322	686	922	1,086	1,262	1,476	1,990	2,461	3,124	5,879	6,824	5,440
Gross Margin (%)	-10.9	7.1	93.76	21.64	23.44	23.32	22.52	21.86	12.85	19.16	20.29	15.48	23.14	31.11	17.35
Operating Margin (%)	-14.75	4.05	90.68	7.85	11.56	11.85	11.46	11.53	11.67	9.67	11.06	13.89	21.67	20.27	15.89
Profit Margin (%)	-13.37	3.1	2.98	16.55	8.08	8.21	8.47	8.33	6.41	8.24	8.31	10.96	16.33	13.7	11.5
Sales per Employee	813,399	752,146	762,035	869,273	1,033,809	1,139,899	1,222,610	1,313,737	1,388,033	1,769,450	2,202,608	2,368,494	2,523,080	2,803,114	2,786,826
Dividend per Share	0.16	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
Depreciation Expense	20	14	22	28	30	39	44	50	66	91	92	95	86	87	110

Balance Sheet	2009 Y	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
Total Current Assets	6,161	5,913	6,043	7,792	8,659	10,470	11,787	12,553	15,308	20,925	22,240	19,943	21,963	26,745	31,379
+ Cash, Cash Equivalents & STI	1,457	1,394	1,164	1,311	971	1,299	1,201	1,383	2,708	1,563	1,450	2,757	2,777	4,652	6,512
+ Cash & Cash Equivalents	1,457	1,394	1,164	1,311	971	1,282	1,158	1,330	2,651	1,558	1,446	2,704	2,735	4,616	6,474
+ ST Investments	- -	- -	- -	- -	- -	17	43	54	57	4	4	53	42	35	38
+ Accounts & Notes Receiv	580	219	275	663	569	528	637	892	523	1,042	2,626	299	490	674	3,838
+ Accounts Receivable, Net	78	38	29	36	145	198	197	331	129	189	707	299	490	674	1,449
+ Notes Receivable, Net	44	40	18	13	15	41	22	40	81	124	203	168	248	186	250
+ Loans Receivable, Net	- -	- -	- -	609	406	281	408	521	315	731	1,719	1,563	1,681	1,822	2,142
+ Other Receivable, Net	458	140	227	5	5	8	11	- -	-3	-3	-3	-1,731	-1,929	-2,008	-2
+ Inventories	4,088	4,170	4,361	5,072	6,612	7,742	8,746	9,179	10,861	17,069	18,094	16,925	18,715	21,432	18,898
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	1,990	2,223	2,637	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	1,503	1,491	1,335	4,745	6,141	7,684	8,682	9,058	10,468	16,860	17,781	16,089	17,554	19,101	15,360
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	594	455	389	327	471	58	64	121	393	209	313	837	1,161	2,331	3,537
+ Other ST Assets	35	131	244	747	507	901	1,202	1,099	1,217	1,251	71	-38	-20	-12	2,131
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,154	2,875	3,112	2,570	2,614	2,489	2,633	2,809	3,437	7,642	7,120	9,992	11,245	11,239	7,855
+ Property, Plant & Equip, Net	152	195	319	314	181	159	116	174	215	320	280	412	340	355	405
+ Property, Plant & Equip	205	253	396	393	265	247	195	261	319	459	448	589	539	582	671
- Accumulated Depreciation	53	58	77	79	84	88	78	87	104	139	169	178	199	227	266
+ LT Investments & Receivables	637	736	744	761	1,007	1,010	1,314	1,519	1,850	2,095	2,218	953	972	1,173	2,458
+ LT Investments	637	736	744	761	1,007	1,010	1,314	1,519	1,850	2,095	2,218	953	972	1,173	2,458
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	365	1,944	2,049	1,495	1,426	1,320	1,203	1,116	1,372	5,227	4,622	8,627	9,933	9,711	4,992
+ Total Intangible Assets	34	34	34	34	34	39	39	40	196	3,680	3,658	3,442	3,442	3,442	3,632
+ Goodwill	34	34	34	34	34	39	39	40	196	3,680	3,658	3,442	3,442	3,442	3,632
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	331	1,910	2,015	1,461	1,392	1,281	1,164	1,076	1,175	1,547	964	5,185	6,491	6,269	1,360
Total Assets	7,315	8,788	9,155	10,362	11,273	12,958	14,420	15,362	18,745	28,566	29,360	29,935	33,208	37,984	39,234
+ Payables & Accruals	170	168	201	221	289	461	539	597	755	1,325	1,069	1,037	1,321	1,616	1,631
+ Accounts Payable	170	168	201	221	289	461	539	597	755	1,325	1,069	1,037	1,321	1,616	1,631
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	218	272	762	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	218	272	762	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	518	384	326	- -	10	4	4	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	518	384	326	- -	10	4	4	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	906	824	1,290	221	299	465	543	597	755	1,325	1,069	1,037	1,321	1,616	1,631
+ LT Debt	2,761	3,880	3,776	5,038	5,079	6,018	6,655	6,276	7,973	10,117	9,574	5,956	4,652	4,047	4,984
+ LT Borrowings	2,761	3,880	3,776	5,038	5,079	6,018	6,655	6,276	7,973	10,117	9,574	5,956	4,652	4,047	4,984
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	1,060	889	785	1,103	1,267	1,225	1,271	1,278	2,032	2,441	2,683	4,843	6,238	8,081	5,917
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1,060	889	785	1,103	1,267	1,225	1,271	1,278	2,032	2,441	2,683	4,843	6,238	8,081	5,917
Total Noncurrent Liabilities	3,821	4,770	4,561	6,140	6,347	7,242	7,927	7,554	10,004	12,558	12,257	10,798	10,890	12,128	10,901
Total Liabilities	4,727	5,593	5,851	6,361	6,646	7,707	8,469	8,150	10,759	13,883	13,326	11,836	12,211	13,744	12,532
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	2,229	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
+ Common Stock	20	20	20	21	22	21	21	24	24	33	34	34	34	29	30
+ Additional Paid in Capital	2,209	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
- Treasury Stock	614	615	621	633	628	93	108	109	136	436	958	1,279	2,709	210	1,393
+ Retained Earnings	828	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
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	-1	-1	2	5
Equity Before Minority Interest	2,443	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
+ Minority/Non Controlling Interest	145	585	607	586	459	424	301	186	114	101	84	105	180	140	121
Total Equity	2,588	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
Total Liabilities & Equity	7,315	8,788	9,155	10,362	11,273	12,958	14,420	15,362	18,745	28,566	29,360	29,935	33,208	37,984	39,234
Shares Outstanding	189	190	192	195	208	209	215	239	240	324	316	313	299	290	281
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	1,521	2,758	3,375	3,727	4,109	4,736	5,497	4,946	5,322	8,559	8,128	3,252	1,917	-569	-1,490
Net Debt to Equity	58.79	86.34	102.16	93.14	88.79	90.18	92.38	68.58	66.64	58.29	50.69	17.97	9.13	-2.35	-5.58
Tangible Common Equity Ratio	35.08	36.1	35.85	38.41	40.87	40.35	41.11	46.81	42	44.21	48.15	55.32	58.97	60.21	64.8
Current Ratio	6.8	7.18	4.69	35.31	28.96	22.52	21.71	21.04	20.29	15.79	20.8	19.23	16.62	16.55	19.23
Cash Conversion Cycle	438.21	513.64	7,885.08	518.49	459.54	427.85	395.66	368.07	319.06	292.72	345.75	322.86	298.21	301.48	248.45
Number of Employees	3,835	4,087	4,062	4,722	5,741	6,825	7,749	8,335	9,111	11,626	10,106	9,495	10,753	12,012	12,284

Cash Flow Statement	2009 Y	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
+ Net Income	-417	120	113	657	505	629	819	913	772	1,718	1,842	2,468	4,457	4,649	3,961
+ Depreciation & Amortization	20	14	22	28	30	39	44	50	66	91	92	95	86	87	110
+ Non-Cash Items	608	67	55	-358	142	127	31	230	346	72	375	310	-359	851	537
+ Stock-Based Compensation	30	28	24	32	34	41	44	56	61	73	87	107	135	184	161
+ Deferred Income Taxes	- -	- -	- -	-468	152	75	-6	97	91	268	235	92	192	-247	-68
+ Asset Impairment Charge	472	55	75	37	24	76	25	45	98	39	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	105	-16	-44	40	-67	-66	-32	31	96	-308	53	110	-685	914	444
+ Chg in Non-Cash Work Cap	210	74	-448	-752	-1,485	-1,583	-1,314	-685	-187	-169	-827	1,319	-1,651	-2,321	572
+ (Inc) Dec in Accts Receiv	-118	340	-132	17	-63	-113	-86	-261	253	-431	312	26	-290	-422	-329
+ (Inc) Dec in Inventories	429	-115	-39	-563	-1,627	-1,367	-1,127	-504	-661	-136	-624	781	-1,961	-2,384	2,274
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-776	-672	-296
+ Inc (Dec) in Accts Payable	-96	-121	-107	28	165	326	226	21	357	413	-15	266	881	701	-626
+ Inc (Dec) in Other	-5	-31	-170	-234	40	-428	-326	58	-136	-15	-501	245	495	456	-452
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	421	274	-259	-425	-808	-788	-420	508	997	1,712	1,482	4,191	2,533	3,266	5,180
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	141	44	74	25	60	39	79	34	42	25	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	141	44	74	25	60	39	79	34	42	25	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	-5	-10	-3	-8	-23	-91	-76	-112	-130	-86	-73	-65	-57	-100
+ Acq of Fixed Prod Assets	- -	-5	-10	-3	-8	-23	-91	-76	-112	-130	-86	-73	-65	-57	-100
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-300	-530	-128	-11	-29	31	-75	-55	-115	361	16	11	-97	-68	-3
+ Dec in LT Investment	28	8	109	52	36	101	31	25	45	439	53	56	31	26	5
+ Inc in LT Investment	-328	-538	-237	-63	-65	-71	-106	-80	-161	-78	-36	-46	-128	-94	-8
+ Net Cash From Acq & Div	24	-185	-163	-116	-147	-165	-315	-426	-1,041	-1,284	-394	-471	-376	-447	-201
+ Cash from Divestitures	24	- -	- -	- -	- -	- -	- -	- -	- -	225	42	15	32	- -	- -
+ Cash for Acq of Subs	- -	-185	-163	-116	-147	-165	-315	-426	-1,041	-1,509	-436	-486	-408	-447	-201
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	46	165	375	732	552	309	447	338	406	405	219	392	419	127
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-275	-673	-136	245	689	438	-98	-86	-870	-608	20	-280	-105	-128	-177
+ Dividends Paid	-28	-30	-30	-30	-31	-33	-33	-35	-38	-49	-51	-195	-310	-438	-431
+ Net Cash From Debt	-43	413	243	389	12	848	798	144	1,158	-1,701	-1,034	-2,294	-1,079	-214	-1,226
+ Cash From Debt	412	1,030	493	889	835	1,473	1,615	644	2,581	351	89	93	276	409	- -
+ Repayments of Debt	-455	-616	-249	-500	-822	-626	-817	-500	-1,423	-2,052	-1,123	-2,387	-1,355	-623	-1,226
+ Cash (Repurchase) of Equity	220	- -	1	15	22	-7	-14	- -	-26	-297	-523	-322	-1,430	-1,039	-1,183
+ Increase in Capital Stock	221	2	7	32	34	14	9	19	1	3	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-2	-2	-6	-17	-12	-20	-23	-20	-27	-300	-523	-322	-1,430	-1,039	-1,183
+ Other Financing Activities	-41	-48	-50	-48	-225	-147	-356	-359	100	-149	-21	364	414	414	-408
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	108	336	165	326	-222	661	395	-251	1,194	-2,196	-1,629	-2,447	-2,405	-1,277	-3,248
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	254	-63	-231	147	-340	311	-123	171	1,321	-1,092	-127	1,464	23	1,860	1,755
Capital Expenditures	- -	-5	-10	-3	-8	-23	-91	-76	-112	-130	-86	-73	-65	-57	-100
EBITDA	-440	138	2,828	350	716	961	1,130	1,313	1,542	2,081	2,553	3,218	5,965	6,911	5,550
EBITDA Margin (%)	-14.12	4.49	91.37	8.53	12.07	12.35	11.92	11.99	12.19	10.12	11.47	14.31	21.99	20.53	16.21
Net Cash Paid for Acquisitions	-24	185	163	116	147	165	315	426	1,041	1,284	394	471	376	447	201
Free Cash Flow	421	269	-269	-427	-816	-811	-511	431	885	1,581	1,396	4,118	2,468	3,208	5,080
Free Cash Flow to Firm	- -	- -	- -	- -	-746	-787	-503	435	890	1,590	1,409	4,136	2,468	3,208	5,080
Free Cash Flow to Equity	378	683	-26	-38	-663	81	360	600	2,103	-81	441	1,858	1,430	3,019	3,854
Free Cash Flow per Basic Share	2.42	1.44	-1.43	-2.25	-4.2	-3.93	-2.44	1.93	3.73	5.13	4.38	13.31	8.05	11.07	17.93
Price/Free Cash Flow	3.91	8.19	-10.59	-15.71	-8.35	-11.27	-29.76	13.85	10.82	5.84	9.58	4.49	10.26	6.2	6.16
Cash Flow to Net Income	-1.01	2.88	-2.81	-0.63	-1.68	-1.23	-0.52	0.56	1.23	1.01	0.8	1.7	0.57	0.71	1.32

Lennar Corporation

LEN-B US

143.00