Thank for you. thank Good afternoon, everyone, joining and you our call.
joining me Kij, and remotely. Alvarado, Treasurer Kim I today have Officer; Officer; our Financial Tobler, Interim Tax. Mike Stuart with Chief and us Legal Leo is our Miller, President, Chief our Vice our Chairman, Executive
on quarter to on progress we the the will update company through XXXX. today the quarter you are also in to update our pleased during the and you second focus strategic of of priorities I implement XXXX. steps taking team's the our I'm
Next, company's We'll financial management overview for line performance of to team. questions the Leo open the conditions. then and an will give our
begin much and as in main that and expenditures limiting me revenue and our our to since spoke events; I spend and possible by and SG&A; matching generating rightsizing you events. priorities: controlling those our managing considerable on executing manage our three we continued telling last other to made positive and cash and revenue Let capital have as to focusing have end, progress business we business, on advancing you our
for first as compared net consolidated quarter quarter. of million result, to $X.X $XX.X As loss the a we of with ended a the net million income
$XXX XX.X% XX.X% versus at improving million $XXX.X today revolver, ratio quarter, the to cash million to versus million our on end last $XXX.X our $XXX.X giving versus $X with balance sheet of million drawn liquidity us debt $XXX.X of on cap Our of million reflects first quarter, last the quarter. hand and
results team's We this principal and the on reflect focus on repayment senior next. debt no have obligations our efforts notes priorities. also These year or our
of million that half At the million. $XX we of cash of to beginning the we the provided expect $XX for a the flow first year, negative year, guidance
of flow In $XX.X the million, we generated and positive future half sheet fact, the Five our balance first year, Point for of success. cash fortifying positioning for
cash last Along and and million flow, to of months quarter six versus $XX.X six $XX.X we've this for check, first XXXX. million XXXX able $XX.X our SG&A with SG&A hold significant in of of quarter $XX.X million the improvement been the with in first million revenue versus for months
$XX $XX.X to spend, to capitalized of With XXXX. our guidance and respect million first before the months, interest to year at managing the of six $XX.X and of our we six $XX as spent for million compared million the beginning capital to for the compared first recoveries million months
clearly business. are our controlling We
from an earlier many challenges ways, results are year housing have fluctuations second movements Interest rates. more allow measured moderated interest in and stabilize as seeing to quarter. fashion. rate market accepted orderly market the higher adjusted during the the dissipate homebuyers And rate adjust to began we're and From to the rate that banking to perspective, in from environment. In as to management the constructive interest increases focused crisis economic an economic of well due as a combination our the a and financial began strong
and remains homes. interest our low, very for Of in demand increasing we particular home inventory note, see new
and in for homes be continues be still a While and California master short in well-located demand markets is to there plan communities. our affordability continues housing to challenge, supply
in Park offerings unique our of at seeing On business, the commercial Great land the land we're side Valencia. interest our and commercial strong
to our communities. have in vacancy market industrial continue low We in rates
made have notwithstanding not demand continue we'll capital drive market in the segment. in the commercial this preferred class, expect asset adjustments We markets to that
increase some the in at sell each Great with now Park XXXX. continue I'll strong year the communities. provide to first neighborhoods homes of our builder open sales to half of in on The compared this second updates half
quarter, the community sold second Park builder our homes. in XXX Great During
a Park, with community active only Solis first XXXX has complex its XXX remaining had XXX model in currently primary original homes. which and of out sell homes to is multiple open July offerings, the
May in next strong last As revenue. selling and Also remaining community home in for Park community our the mentioned transaction Great we we acquiring call, or discussed actively I had reimbursement quarter, $XXX.X the of closed the prior the second the Park Great seeing and District sites million Venture home in in Park. XX were sites Venture quarter, public in we're homebuilder Rise South. $XX XXX our On recognized X sites interest engaged as that at process received venture in completed at of this improvements CFD year, for. of paid That proceeds million Great home
continuing sites in see home builder to new of interest Great this home are we Park. at With strong acquiring new pace sales,
to anticipated During escrow the for We're program, XXX of XXXX. by in XX which sale early also quarter, another another year-end. home homes sell negotiating closing with sites, the anticipate entered we the close
offerings of opportunities our market in at year and last that as we other commercial-oriented ongoing Park, market Great residential as the we sell to commercial land, top the industrial August brought uses. including On continue well land to
of enter to our most in County the Orange location strong time the heart While a optimal not support the interest. market,
are To XX Orange and not either this entitled year our of end land office something the of the multitude anticipate been parcels others. uses, by acres end, share. South or years, sales early next limited and flexible parcels closing of County that with large to that we zoning allows approximately commercial resource on offered including life industrial, distribution, has market unique, for that available R&D sciences, amongst Our
sales, we inventory on residential about have be expect sales, in and After of Park acres five remaining. eight years. to XXX at these to Depending Great through will commercial Venture pace Park would the remaining Great
builders sales homes quarter. by home new totaled second the Valencia, during XX In
X,XXX initial area next Builders As of of remaining. with from in only offering of been two Valencia, eight new which sold neighborhoods have homes the the XXX now XXX opened encompasses homes. of mid-July, the X,XXX in models homes have homes our
are again engaged and the will of during into builders anticipate anticipate during contract we third new quarter. another, entered which Valencia, quarter, sale we the land Irvine, close both with in finalizing us Like one
We also anticipate signing that by contract we third a close land will believe sale year-end.
XX-acre We continue prime market also a to community. the site commercial in
We that to have expect year. in later on more to the report
some Valencia half year, sales While to we're in of reimbursements and recoveries. planning half have the in year, land the on in able to we instead didn't of and first still second the for of the sales close significant execute
we recall $XX.X CFD a million in reimbursement first quarter. you reported that If the
its Additionally, From our in have million prior sales. accounting that a third-party ultimately of offset these amounts margin recovery we our arising perspective, quarter, second the increase gross collected Valencia of [indiscernible] against inventory will $XX.X performed out work been a costs project. from
in state past, county the Navy. areas. completed current shipyard the efforts Candlestick me separate remains entitlements development a with heard the progressing to at Point priority and you've from, efforts has the Point, standalone As but working the to two the as Francisco complementary project, establish include for Five when are its a the San These and between development our to we rebalance ultimate agencies remediation by Hunters city site it
irreplaceable momentum these Point. timelines I account to which standalone increment resolving along Believe delays to larger concurrently to update community, located first Francisco the mixed-use on are us Bay. Hunters will land building is we Candlestick, city for phase working development the at the that San on allow with unlock the of existing financing the issues, Navy this tax as the
in certainty As accomplishments. future ahead, confidence expectations look we we're to and our build starting for
our well, future To one produce the is to in generate $XXX XXXX $XX end, additional to quarters of be additional approvals flow million and of visibility years. net and and of year a Although that $XX $XXX able on cash we million pushed another, be as expect balance to million the often quarter are to with to an second can we business ending million. in building cash government income the dependent half accomplishments from
on next these SG&A revenue, capital year, While we're results focused our some quarter-to-quarter pushed managing or spend. can managing be to generating of and
Land beginning more just we land positive have our abundance not about at of some are of development and a optimistic game, be We will there entitled the game they in land our are and making any future. the and but is momentum of an at communities, California. remain long never
efforts are maintaining the today creating ensuring recognizing well game Our we are positioned that while on for importance shareholder value. focus long and of
results. who report will it let financial the on me Now, to over Leo, turn