Lennar Corp Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Susan Marie Maklari - Goldman Sachs Group, Inc., Research Division - Analyst : Congrats on a great quarter. My first question is really thinking about the positive setup that you described, Stuart, against supply relative to demand. And that against the guide that you've given us for 2022. Can you kind of walk us through a bit and maybe talk through where you see the potential for upside and downside within that? And especially maybe as we think about the upcoming selling season and how you're thinking about some of those pieces coming together?

Question: Susan Marie Maklari - Goldman Sachs Group, Inc., Research Division - Analyst : Okay. That's very helpful color. And my follow-up is, shifting to capital allocation and appreciating all the detail that Diane gave in her commentary around that. As we sort of look out and we think about the community count growth and obviously, the overall growth that you're sort of building and ramping the business too, can you talk about how you think about also balancing that with the shareholder returns and improving the overall return profile of the business even as you kind of aim for a faster growth pace?

Question: Susan Marie Maklari - Goldman Sachs Group, Inc., Research Division - Analyst : Just sort of thinking about as you are obviously investing for growth going forward, right? But at the same time, you're -- it seems like you're a lot more focused on shareholder returns as well. And thinking about the considerable buyback you did this quarter, how should we think about that going forward and your continued diligence and dedication to the shareholder return piece?