莱纳建筑-A 2024年度报告

FORM 10-K (Mark One)☐ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended November 30, 2024or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Transition Period from _______ To _______Commission file number 1-11749 Lennar Corporation (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)5505 Waterford District Drive, Miami, Florida 33126(Address of principal executive offices) (Zip Code)Registrant’s telephone number, including area code (305) 559-4000 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of theSecurities Act. YesRNo ¨ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesRNo¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File requiredto be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (orfor such shorter period that the registrant was required to submit such files). YesRNo ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "largeaccelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 ofthe Exchange Act. Large accelerated filerRAccelerated filer☐Emerging growth company☐Non-accelerated filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. ¨ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessmentof the effectiveness of its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act(15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements. ¨ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod pursuant to §240.10D-1(b). ¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐NoR The aggregate market value of the registrant’s Class A and Class B common stock held by non-affiliates of theregistrant (237,457,708 shares of Class A common stock and 10,946,506 shares of Class B common stock) as ofMay 31, 2024, based on the closing sale price per share as reported by the New York Stock Exchange on such date,was $39,677,379,445. As of December 31, 2024, the registrant had outstanding 233,511,543 shares of Class A common stock and32,009,014 shares of Class B common stock. DOCUMENTS INCORPORATED BY REFERENCE: LENNAR CORPORATION Part I Item 1.Business1Item 1A.Risk Factors11Item 1B.Unresolved Staff Comments22Item 1C.Cybersecurity23Item 2.Properties24Item 3.Legal Proceedings24Item 4.Mine Safety Disclosures24 Part II Item 5.Market for Registrant's Common Equity, Related Stockholder Mattersand Issuer Purchases of Equity Securities24Item 6.Reserved26Item 7.Management's Discussion and Analysis of Financial Condition andResults of Operations26Item 7A.Quantitative and Qualitative Disclosures About Market Risk46Item 8.Financial Statements and Supplementary Data48Item 9.Changes in and Disagreements with Accountants on Accounting andFinancial Disclosure87Item 9A.Controls and Procedures87 Item 9B.Other Information89Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections89 Part III Item 10.Directors, Executive Officers and Corporate Governance89Item 11.Executive Compensation89Item 12.Security Ownership of Certain Beneficial Owners and Managementand Related Stockholder Matters89Item 13.Certain Relationships and Related Transactions, and DirectorIndependence89Item 14.Principal Accountant Fees and Services89 Part IV Item 15.Exhibit and Financial Statement Schedules90Item 16.Form 10-