Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 159

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 2
Chunk 159
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2024, cash used in financing activities was primarily due to (1) $600 million of net repayments under our Financial Services' warehouse facilities; (2) $595 million of repurchases of our common stock, which included $512 million of repurchases under our repurchase program and $84 million of repurchases related to our equity compensation plan; (3) $139 million of dividend payments; and (4) $185 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks.

Debt to total capital ratios are financial measures commonly used in the homebuilding industry and are presented to assist in understanding the leverage of our homebuilding operations. Homebuilding debt to total capital and net Homebuilding debt to total capital are calculated as follows:(Dollars in thousands)February 28, 2025November 30, 2024February 29, 2024Homebuilding debt$2,211,272 2,258,283 2,830,332 Stockholders’ equity22,728,038 27,870,135 26,647,835 Total capital$24,939,310 30,128,418 29,478,167 Homebuilding debt to total capital8.9 %7.5 %9.6 %Homebuilding debt$2,211,272 2,258,283 2,830,332 Less: Homebuilding cash and cash equivalents2,283,928 4,662,643 4,950,128 Net Homebuilding debt$(72,656)(2,404,360)(2,119,796)Net Homebuilding debt to total capital (1)(0.3)%(9.4)%(8.6)%

(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 February 28, 2025,