Stuart Miller: And let me just say that, look, we’ve set out a goal in terms of becoming an asset-light model. We report outwardly to all of you our progress along the way. But inwardly and in the background, we are working on not just relationships but structural programs to enhance the ability, to manage an asset-light model and to continue to improve it. Where we will actually end up, we’re not going to lay out timeframes and numbers, but you can expect that there is going to be continuous improvement in the space.
Operator: Next, we’ll go to the line of Susan Maklari from Goldman Sachs.
Susan Maklari: My first question is, it sounds like the supply chain is slowly improving, and you are seeing healing happening there. But it does feel like it’s, in general, still fairly fragile. Are there lessons that you learned in the last couple of years that you can apply as the start pace does pick up from here, so that you can make sure that you’re not running into some of those same challenges that you faced and therefore, maintaining those inventory turns, maintaining that cash generation that you’re looking to do.
Stuart Miller: Jon, why don’t you take that?
Jon Jaffe: Susan, first, let me say that from Lennar’s perspective, it really feels like the supply chain disruptions are behind us with a few minor exceptions. And perhaps that’s, as I noted in my remarks, due to our size and scale, working with manufacturers that are running at an extended period of time of full capacity. But there are definitely lessons learned as. We had to scramble through the supply chain disruptions, we learned how to work differently with our manufacturers, providing them different types of forecast, more visibility into what’s coming as well as how we can create local distribution for them that really cuts down the lead times. And so there’s no question, there’s lessons learned. And that really is reflective of my comment of the intense focus on the look forward that we hope is going to drive improved results in ’24 and beyond.
Stuart Miller: I feel that your question really is, have we altered some of the landscapes in the way that we stockpile parts and programs? I think that there are definitely things that we have seen and learned as we’ve gone through the challenges of the supply chain. I think that Rick and Jon together have been working with our trade partners to think about how we prevent those same kind of log jams or bottlenecks from taking place again. And that’s an evolving picture. Can we point to specifics right now? Probably not as much as you’d like us to, but it is something that we’re focused on.
Susan Maklari: Okay. That’s very helpful color. And then I guess staying on the topic of cash generation, when you think about Diane’s comments to Ken’s question around free cash flow conversion, it implies that you’re going to have really some very impressive levels of cash. How do you think about the allocation of that capital? You bought back some stock this quarter. You paid down debt. But long term, how are you thinking about the shareholder return piece of that? And where that sort of fits relative to where we are today?
