Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 71

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 71
---
 debt to total capital are calculated as follows:(Dollars in thousands)May 31, 2025November 30, 2024May 31, 2024Homebuilding debt$2,791,987 2,258,283 2,241,507 Stockholders’ equity22,579,080 27,870,135 26,877,874 Total capital$25,371,067 30,128,418 29,119,381 Homebuilding debt to total capital11.0 %7.5 %7.7 %Homebuilding debt$2,791,987 2,258,283 2,241,507 Less: Homebuilding cash and cash equivalents1,168,143 4,662,643 3,597,493 Net Homebuilding debt$1,623,844 (2,404,360)(1,355,986)Net Homebuilding debt to total capital (1)6.7 %(9.4)%(5.3)%

(1)Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). We believe the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement our GAAP results.

At May 31, 2025, Homebuilding debt to total capital was higher compared to November 30, 2024, primarily as a result of a decrease in stockholders' equity due to the spin-off of Millrose, share repurchases, issuance of senior notes and outstanding borrowings under our Credit Facility, partially offset by net earnings and a decrease in Homebuilding debt due to debt paydowns. At May 31, 2025, Homebuilding debt to total capital was higher compared to May 31, 2024, primarily as a result of a decrease in stockholders' equity due to the spin-off of Millrose, share repurchases, issuance of senior notes and outstanding borrowings under our Credit Facility, partially offset by net