Homebuilding Operations - Homebuilding operations generated $32 billion in revenues, accounting for approximately 95% of consolidated revenues in fiscal 2022[11]. - New home deliveries were 66,399 in fiscal 2022, up from 59,825 in fiscal 2021, with an average sales price of $480,000 compared to $424,000 in the previous year[15]. - The backlog dollar value, including unconsolidated entities, was $8.7 billion at November 30, 2022, down from $11.4 billion at the same date in 2021[28]. - The cancellation rate increased to 21% and 26% in the third and fourth quarters of fiscal 2022, respectively, compared to 10% in 2021[27]. - The average sales price of a Lennar home has increased from $395,000 in fiscal 2020 to $480,000 in fiscal 2022, reflecting a significant upward trend[15]. - Homebuilding revenues for the year ended November 30, 2022, reached $31.95 billion, up 25% from $25.55 billion in 2021[311]. - Homebuilding costs and expenses for 2022 totaled $25.16 billion, an increase of 22.5% from $20.50 billion in 2021[311]. - Homebuilding revenues recognized at closing of sales, with average sales incentives of $17,300 per home in 2022, representing 3.5% of home sales revenues[322]. - The absorption rate per quarter for homes was 2 in 2022, compared to 12 in 2021[341]. Financial Performance - Net earnings attributable to Lennar for the year ended November 30, 2022, were $4.61 billion, a slight increase from $4.43 billion in 2021, reflecting a growth of about 4.1%[311]. - The Company reported a basic earnings per share of $15.74 for 2022, compared to $14.28 in 2021, representing an increase of 10.2%[311]. - Total comprehensive income attributable to Lennar for 2022 was $4.62 billion, compared to $4.43 billion in 2021, indicating a growth of approximately 4.3%[311]. - Net earnings for 2022 reached $4,648,501, an increase from $4,456,549 in 2021, representing a growth of approximately 4.3%[316]. - Total stockholders' equity increased to $24,100,500 in 2022, up from $20,816,425 in 2021, reflecting a growth of about 15.5%[314]. - Cash dividends for Class A common stock were $1.50 per share in 2022, compared to $1.00 per share in 2021, marking a 50% increase[314]. - Net cash provided by operating activities was $3,265,668 in 2022, compared to $2,532,774 in 2021, indicating a rise of approximately 28.9%[316]. - The company repurchased $1,039,309 in common stock during 2022, down from $1,430,212 in 2021, showing a decrease of about 27.4%[318]. - The balance of retained earnings rose to $18,861,417 in 2022, up from $14,685,329 in 2021, reflecting a growth of about 28.5%[314]. Assets and Liabilities - As of November 30, 2022, total assets increased to $37.98 billion from $33.21 billion in 2021, representing a growth of approximately 14.5%[303]. - Total liabilities rose to $13.74 billion in 2022 from $12.21 billion in 2021, marking an increase of approximately 12.5%[308]. - The carrying value of the Company's investments in unconsolidated variable interest entities (VIEs) was $1.2 billion as of November 30, 2022, compared to $972.08 million in 2021, indicating a 23.5% increase[298]. - The carrying value of consolidated VIEs' assets was $880.2 million as of November 30, 2022, with non-recourse liabilities amounting to $107.3 million[298]. - The Company had $2.0 billion in nonrefundable option deposits and pre-acquisition costs related to homesites as of November 30, 2022[343]. - Consolidated inventory not owned increased by $1.2 billion in 2022, reflecting a shift towards controlled homesites[346]. Employment and Operations - As of November 30, 2022, the company employed 12,012 individuals, an increase from 10,753 in the previous year, with 9,357 in Homebuilding operations[70]. - The company is focused on reducing selling, general, and administrative expenses by leveraging technology to lower customer acquisition costs[13]. - The company aims to transition to a land-light operating model, with 63% of total homesites controlled through options and joint ventures as of November 30, 2022, up from 59% in 2021[17]. Financial Services - The financial services subsidiary provided loans to 72% of homebuyers who obtained mortgage financing in areas where services were offered in fiscal 2022[31]. - Approximately 37,700 residential mortgage loans totaling $14.4 billion were originated in fiscal 2022, compared to 38,100 loans totaling $13.2 billion in fiscal 2021[32]. - The Financial Services segment primarily includes mortgage financing and title services, generating operating earnings from these activities[412]. - The Financial Services segment operates in the same states as the company's homebuilding operations, enhancing operational synergy[412]. Market and Economic Conditions - The company expects to continue experiencing variability in quarterly results due to the seasonal nature of the homebuilding business[51]. - The company is exposed to market risks, particularly fluctuations in interest rates affecting earnings and cash flows[282]. - The company’s forward-looking statements are subject to risks such as slowdowns in real estate markets and increased competition in the mortgage industry[75]. Sustainability and Community Impact - The company is committed to environmentally sustainable products, incorporating features like Low-VOC paint, WaterSense® faucets, Low-E windows, and Energy Star® appliances in new homes[64]. - Upward America has purchased 4,129 homes in 103 communities for a total purchase price of $1.1 billion, averaging $259,000 per home[47]. - Institutional investors have committed $1.6 billion to Upward America, which has reduced Lennar's initial commitment from $225 million to $125 million[45]. Shareholder Information - Stuart Miller, the Executive Chairman, controlled approximately 36% of the voting power of the Company's stock as of November 30, 2022[378]. - The Company’s total interest expense for the year ended November 30, 2022, was $312.7 million, down from $365.4 million in 2021, a decrease of approximately 14%[365]. - The total compensation expense for nonvested share-based awards was $184.1 million for the year ended November 30, 2022, compared to $135.1 million in 2021 and $107.1 million in 2020[383].

Revenue and Earnings - Total revenues for the three months ended August 31, 2022, were $8.93 billion, an increase of 28.7% compared to $6.94 billion for the same period in 2021[18]. - Homebuilding revenues for the nine months ended August 31, 2022, reached $22.21 billion, up 26.6% from $17.53 billion in the prior year[18]. - Net earnings attributable to Lennar for the three months ended August 31, 2022, were $1.47 billion, compared to $1.41 billion for the same period in 2021, reflecting a growth of 4.2%[18]. - Basic earnings per share for the three months ended August 31, 2022, were $5.04, up from $4.52 in the prior year[18]. - Total revenue for the three months ended August 31, 2022, was $8,934,431, an increase from $6,941,403 in the same period of 2021, representing a growth of approximately 28.7%[38]. - Homebuilding segment revenue for the nine months ended August 31, 2022, reached $22,209,683, up from $17,529,606 in the prior year, indicating a growth of about 26.5%[41]. - Net earnings for the nine months ended August 31, 2022, were $3,304,567, compared to $3,262,899 for the same period in 2021, reflecting a slight increase of 1.3%[21]. - Operating earnings for the homebuilding segment for the three months ended August 31, 2022, were $1,963,224,000, up from $1,329,833,000 in the prior year, reflecting a 47.5% increase[38]. - The homebuilding segment's operating earnings for the nine months ended August 31, 2022, were $4,953,485,000, compared to $3,275,488,000 in the previous year, indicating a 51.2% increase[41]. Assets and Liabilities - Total assets as of August 31, 2022, amounted to $35.34 billion, an increase from $33.21 billion as of November 30, 2021[7]. - Total liabilities as of August 31, 2022, were $12.21 billion, slightly up from $12.21 billion as of November 30, 2021[13]. - Total assets as of August 31, 2022, amounted to $35,339,877,000, with inventories accounting for $22,842,509, representing 64.6% of total assets[33]. - The company’s liabilities totaled $12,212,339 as of August 31, 2022, with notes and other debts payable amounting to $5,562,092[33]. - The total carrying amount of senior notes as of August 31, 2022, was $4,057,496 thousand, down from $4,652,330 thousand in November 2021[83]. Cash Flow and Investments - Cash and cash equivalents decreased to $1.31 billion as of August 31, 2022, from $2.74 billion as of November 30, 2021[7]. - Net cash provided by operating activities decreased to $551,452 for the nine months ended August 31, 2022, down from $1,312,347 in 2021, representing a decline of 58.1%[21]. - The company reported a net decrease in cash and cash equivalents and restricted cash of $1,404,353 for the nine months ended August 31, 2022, compared to a decrease of $120,740 in 2021[23]. - The company experienced a net cash used in investing activities of $131,467 for the nine months ended August 31, 2022, compared to $131,168 in 2021, indicating a slight increase of 0.2%[21]. - The company reported unrealized losses from technology investments totaling $558.97 million for the nine months ended August 31, 2022, compared to unrealized gains of $690.79 million in the same period of 2021[59]. Stock and Shareholder Information - The company repurchased $918,682 in common stock during the nine months ended August 31, 2022, compared to $452,508 in the same period of 2021, indicating a significant increase of 103.3%[23]. - Cash dividends declared were $0.375 per share for both Class A and Class B common stock in the third quarter of 2022, consistent with the previous quarter[74]. - During the nine months ended August 31, 2022, the company retired 46.7 million Class A and 2.8 million Class B treasury shares[75]. - The company repurchased 8,246,000 Class A shares at an average price of $92.44 and 1,122,000 Class B shares at an average price of $75.40 during the nine months ended August 31, 2022[76]. Financial Services Performance - Operating earnings for the Financial Services segment for the three months ended August 31, 2022, were $63,348, which included a one-time charge of $35.5 million due to an increase in a litigation accrual[38]. - Financial Services segment revenue for the three months ended August 31, 2022, was $202,078,000, with operating earnings of $63,348,000[38]. - The Financial Services segment established accruals for possible losses associated with mortgage loans previously originated and sold, with loan origination liabilities amounting to $12.1 million as of August 31, 2022[52]. Market and Economic Indicators - The average selling price of homes increased to $750,000 for the nine months ended August 31, 2022, compared to $635,000 in the same period of 2021[106]. - The average sales incentives offered to homebuyers for the nine months ended August 31, 2022, were $9,500 per home, or 1.9% of home sales revenues, compared to $9,300 per home, or 2.2% in 2021[28]. - The mortgage prepayment rate decreased to 8% as of August 31, 2022, from 13% as of November 30, 2021, reflecting a decline in prepayment activity[95]. Other Comprehensive Income - Total other comprehensive income for the three months ended August 31, 2022, was $342 thousand, compared to a loss of $1,300 thousand in the same period of 2021[72]. - The company reported accumulated other comprehensive income of $2,090 thousand as of August 31, 2022, compared to a loss of $1,300 thousand a year earlier[70].

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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2021 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 ( ...

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, 2021 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 of ...

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, 2021 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) (305) 559-4000 (Registrant's teleph ...

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, 2021 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2020 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 ( ...

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, 2020 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 of ...