Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 57

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 1
Chunk 57
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 $256 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks; (4) $775 million of repurchases of our common stock, which included $710 million of repurchases under our repurchase program and $65 million of repurchases related to our equity compensation plan; and (5) $132 million of dividend payments.

During the three months ended February 29, 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