Revenue Growth - Total revenues for the three months ended February 29, 2024, increased to $7.31 billion, up from $6.49 billion for the same period in 2023, representing a growth of approximately 12.6%[16] - Homebuilding revenues reached $6.93 billion, compared to $6.16 billion in the prior year, reflecting an increase of about 12.5%[16] - Financial Services revenues increased to $249,720, up 36.5% from $182,981 year-over-year[37] - Total revenues for the company reached $7,312,930, representing a 12.7% increase from $6,490,429 in the prior year[37] - Homebuilding revenues for the three months ended February 29, 2024, were $6,930,991, an increase of 12.5% compared to $6,156,305 for the same period in 2023[41] Earnings Performance - Net earnings attributable to Lennar for the three months ended February 29, 2024, were $719.3 million, a rise from $596.5 million in the same period last year, marking an increase of approximately 20.5%[16] - Basic and diluted earnings per share for the quarter were both $2.57, compared to $2.06 for the same period in 2023, indicating a growth of around 24.6%[16] - Earnings before income taxes for Homebuilding were $1,028,796, a rise of 13.5% from $906,839 in the previous year[37] - Total comprehensive income attributable to Lennar was $719,696,000, compared to $597,385,000, an increase of 20.5%[16] - Net earnings for the three months ended February 29, 2024, were $719,921 thousand, compared to $599,308 thousand for the same period in 2023, reflecting a year-over-year increase of about 20.1%[70] Cash Flow and Liquidity - The company reported a net cash provided by operating activities of $367.9 million for the three months ended February 29, 2024, down from $978.2 million in the same period last year, a decrease of about 62.4%[18] - Cash and cash equivalents decreased to $4.95 billion from $6.27 billion, a decline of approximately 21%[7] - Cash and cash equivalents at the end of the period were $5,261,468, up from $4,274,157 at the end of the same period in 2023[21] - The company reported a net cash used in financing activities of $1,529,422, slightly higher than $1,483,463 in the previous year[21] - The company reported a net cash decrease of $1,309,470 for the three months ended February 29, 2024, compared to a decrease of $541,613 in the same period last year[21] Assets and Liabilities - Total assets as of February 29, 2024, amounted to $38.95 billion, slightly down from $39.23 billion as of November 30, 2023[12] - Total liabilities decreased to $12.17 billion from $12.53 billion, a reduction of about 2.9%[12] - The company's finished homes and construction in progress inventory increased to $11.09 billion from $10.46 billion, reflecting a growth of about 6%[7] - Total assets as of February 29, 2024, were $38,951,199,000, with total liabilities of $12,173,269,000, reflecting a strong balance sheet position[32] - The carrying amount of senior notes payable as of February 29, 2024, was $2,830,332 thousand, slightly up from $2,816,480 thousand as of November 30, 2023[76] Stock Repurchase and Dividends - The company repurchased $595,100 in common stock during the quarter, significantly higher than $257,958 in the prior year[21] - The company repurchased 3,026,128 shares of Class A common stock at an average price of $150.29 during the three months ended February 29, 2024[69] - Cash dividends paid in the quarter were $139,387 thousand, with a quarterly cash dividend of $0.50 per share declared on January 9, 2024[67] - The company has authorized a stock repurchase program allowing for an additional $5 billion in repurchases of its outstanding common stock[69] Investments and Equity - The company’s investments in unconsolidated entities increased to $1.21 billion as of February 29, 2024, compared to $1.14 billion as of November 30, 2023, representing an increase of approximately 6%[7] - The total stockholders' equity increased to $26.8 billion as of February 29, 2024, from $26.7 billion at the end of November 2023[67] - The Company raised equity commitments totaling $1.6 billion for the Upward America investment fund, with a $11.2 million investment as of February 29, 2024[60] - Lennar's investment in the Rialto funds totaled $142.2 million as of February 29, 2024[65] - Total equity increased to $26,777,930 thousand as of February 29, 2024, up from $24,555,287 thousand a year earlier, representing a growth of approximately 9.1%[67] Segment Performance - Operating earnings for the homebuilding segments totaled $1,028,796 thousand for the three months ended February 29, 2024, compared to $906,839 thousand for the same period in 2023, representing a 13.5% increase[41] - The Multifamily segment's general contractor services generated $101.6 million in net income for the three months ended February 29, 2024, compared to $125.4 million for the same period in 2023[63] - The Financial Services segment had total residential facilities committed amounting to $1,550,000 thousand, with an additional uncommitted amount of $450,000 thousand, totaling $2,000,000 thousand[43] - The Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.1 billion as of February 29, 2024, down from $1.4 billion as of November 30, 2023[62] - The company originated $140,825 in commercial loans during the three months ended February 29, 2024, compared to $79,480 in the same period last year[49]

Financial Performance - Net earnings increased 21% to $719 million, or $2.57 per diluted share, compared to $597 million, or $2.06 per diluted share in the prior year[4]. - Total revenues for the three months ended February 29, 2024, increased to $7,312,930,000 from $6,490,429,000, representing a growth of approximately 12.7% year-over-year[22]. - Homebuilding revenues rose to $6,930,991,000, up from $6,156,305,000, with home sales contributing $6,901,781,000, an increase from $6,093,827,000[26]. - Homebuilding operating earnings improved to $1,028,796,000 compared to $906,839,000, reflecting a year-over-year increase of about 13.5%[26]. - The net earnings attributable to Lennar for the quarter were $719,334,000, compared to $596,534,000 in the prior year, indicating a growth of around 20.5%[22]. Orders and Deliveries - New orders rose 28% to 18,176 homes, with a dollar value increase of 21% to $7.7 billion[3]. - Deliveries increased 23% to 16,798 homes, contributing to total revenues of $7.3 billion, a 13% increase from the previous year[3]. - Total home deliveries for the quarter reached 16,798 homes, with a dollar value of $6,944,742,000, compared to 13,659 homes valued at $6,125,500,000 in the same period last year[28]. - New orders increased to 18,176 homes with a total dollar value of $7,742,382,000, compared to 14,194 homes valued at $6,413,462,000, reflecting a growth of approximately 20.6% in dollar value[29]. Margins and Pricing - Homebuilding gross margin improved to 21.8%, up 60 basis points year over year, while net margin on home sales was 13.6%[3]. - The average sales price per home delivered was $413,000, down 8% from the previous year due to increased use of incentives[5]. - Average sales price for homes delivered was $413,000, down from $448,000 in the previous year, showing a decrease of approximately 7.8%[28]. Financial Services - Financial Services operating earnings increased to $131 million, up from $78 million in the prior year, driven by higher profit per locked loan[12]. - Financial Services operating earnings surged to $131,296,000, up from $78,737,000, marking a significant increase of approximately 67%[26]. Assets and Liabilities - Total assets decreased to $38,951,199 thousand as of February 29, 2024, from $39,234,303 thousand on November 30, 2023, reflecting a decline of approximately 0.7%[33]. - Total liabilities decreased to $12,173,269 thousand from $12,532,337 thousand, a decline of approximately 2.9%[33]. - Cash and cash equivalents for homebuilding stood at $5.0 billion, with no outstanding borrowings under the $2.6 billion revolving credit facility[3]. - Cash and cash equivalents decreased to $4,950,128 thousand from $6,273,724 thousand, a decline of approximately 21%[33]. Inventory and Backlog - The backlog of homes decreased to 16,270 homes with a dollar value of $7,432,118,000, down from 19,403 homes valued at $9,028,442,000, indicating a decline of about 17.6% in dollar value[30]. - Finished homes and construction in progress inventory rose to $11,092,036 thousand, an increase of 6.1% from $10,455,666 thousand[33]. - Consolidated inventory not owned increased to $3,547,921 thousand, up from $2,992,528 thousand, reflecting an increase of 18.5%[33]. Shareholder Returns - The company repurchased 3.4 million shares for $506 million, increasing the stock repurchase program by an additional $5.0 billion[3]. - Stockholders' equity increased to $26,647,835 thousand, up from $26,580,664 thousand, representing a growth of 0.25%[35]. - Retained earnings increased to $22,949,315 thousand, up from $22,369,368 thousand, showing a growth of 2.6%[33]. - Total capital increased to $29,478,167 thousand from $29,397,146 thousand, reflecting a growth of 0.3%[35]. Debt Management - Homebuilding debt remained stable at $2,830,332 thousand, with a homebuilding debt to total capital ratio of 9.6%[35]. - Interest incurred related to homebuilding debt decreased to $36,511,000 from $49,577,000, a reduction of about 26.4% year-over-year[22]. - Net homebuilding debt improved to $(2,119,796) thousand, indicating a reduction in leverage compared to $(3,457,242) thousand in the previous quarter[35].

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [1]. - A new distribution center was opened in South America to support regional growth [4]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [2]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [3]. - R&D spending increased by 10% to accelerate innovation and product differentiation [2]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [1]. Topic 4: Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [4]. - Automation in manufacturing processes led to a 5% reduction in production costs [3]. - Employee training programs were expanded, resulting in a 10% increase in productivity [2]. Topic 5: Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Introduced eco-friendly packaging for all product lines, reducing plastic usage by 20% [4]. - Committed to achieving net-zero emissions by 2030, with a detailed roadmap published in the latest sustainability report [3]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [2]. - Strengthened compliance measures, resulting in zero regulatory violations during the reporting period [1]. - Shareholder engagement initiatives were expanded, with a 25% increase in attendance at the annual general meeting [4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Number: 1-11749 Lennar Corporation (Exact name of registrant as specified in its charter) Delaware 95-4337490 (State or ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Number: 1-11749 (I.R.S. Employer Identification No.) 5505 Blue Lagoon Drive, Miami, Florida 33126 (Address of principal execu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Number: 1-11749 Lennar Corporation (Exact name of registrant as specified in its charter) Delaware 95-4337490 (State or ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K For the Transition Period from _______ To _______ Commission file number 1-11749 Lennar Corporation (Exact name of registrant as specified in its charter) Delaware 95-4337490 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 5505 Blue Lagoon Drive, Miami, Florida 33126 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Number: 1-11749 Lennar Corporation (Exact name of registrant as specified in its charter) Delaware 95-4337490 (State or ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction of incorporation or organization) Delaware 95-4337490 (I.R.S. Employer Identification No.) FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Numbe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Number: 1-11749 Lennar Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...