you, Leonard, good morning. and Thank
million prior excluding to deferred million loss or of pretax diluted The charges, $X.XX impairments, for a diluted second $X.X million for net tax $XX we charge impairment million XXXX net ago million in $X.XX This charges. to asset to per net inventory and loss after-tax income $X.X the a severance severance charges pretax net and year realized a year the in quarter. second pretax the $XX.X share $XXX,XXX share million per $X.XX quarter impairment the per For $XX.X in quarter, compared benefit Adjusted or or period. venture compared income share. of quarter was after joint a translated the second million included $X.X loss of diluted loss $XX re-measurement in
for to Our the revenue compared prior year home $XXX.X quarter was $XX.X the second million in sales period. million
revenue onset expectations the of in the set we April sales pandemic. home at our Our exceeded
able In deliver the quarter. a continued and sell month The of of decrease the due XX% average average XX% a to higher to cancellations which and the and $XXX,XXX selling pivot a generating $XXX,XXX in by more was in in product our in driven XXXX to our quarter, XX% activity price drop approximately lower The home affordable deliveries revenue by a regions, lower compared year sales the number two total ago. the beginning result these selling the decrease was delivery were levels quarter, decrease However, limited from second homes Sacramento in sales lower Inland blended XX% Empire second home to of to regions price generated in our XX% price where spec average the order April, of coupled with were we and backlog, total prior of year selling revenue. combined was the $XXX,XXX. a a
in for million, third of sales quarter be and material average new price demand estimate no to the near Assuming $XXX,XXX. our the XXXX million and in selling approximately revenue we $XXX our term, $XXX housing third between home quarter change
to second margin to period. inventory $XX gross negative The a million the gross of XX.X% impairment decrease XXXX was year was previously margin in five prior the in due versus the X.X%, related noted primarily Our communities. charges for quarter
percentages. million to the charges, primarily and, Southern XXX company's at year partially the a home percentage impairment a in lower-priced compared a extent, generated participation out offset These included have California $X.X XX.X% basis a margin a improvements lesser our The product to XXX basis in higher gross point which before related a sales was to total at increase mix due impairments true-up profit inventory Excluding period. to higher two in shift. closed increase sales. point driven by was mix were margin of The communities, revenue in cost shift XX.X% prior of positive interest communities product was by gross benefit
XX.X% impairments, home margin ago cost period. of compared and sales interest gross in to was year our as Excluding from XX.X% in the sales
XX.X% close between the on gross third For we and and we be quarter, our XXXX to estimate the homes in backlog based next to quarter. XX.X% margin sell expect homes and
period. XX.X% revenue SG&A XXXX a Our XX% year the quarter drop the rate The rate in the home in was was in ago of the second the of result sales home revenue. increase primarily in as versus SG&A percentage sales XX.X% for the
in and capitalized fee model of G&A management a offset second G&A approximately XXXX advertising These in to of partially $XXX,XXX severance $XXX,XXX quarter expenses. our reduction building joint the allocated venture included addition, items due cost costs were In lower by lower amortization and to fees. expenses charges lower sales
Excluding the SG&A the our was rate severance quarter charges, for XX.X%.
XXXX third backlog, our be ended average between XX.X%. having the a quarter increase. FICO rate to volume we scores and believe to up our homes was our with the the to We SG&A XXX in XX% the solid communities, For a the of The from XXXX only XX% in backlog using quarter. the was contingency, second buyers quarter We dollar with backlog lenders quarter. prior buyers quarter, active estimate XXX down second year to X% XX% credit and the sell with year XX% a increase compared range. is a We value of $XXX,XXX backlog by decrease and to was XX versus the which of home at preferred partially second our offset $XXX,XXX ended million, the in was of which backlog ago, our the end due $XXX quarter XX.X% ASP
For open communities approximately the to planning the six year, expecting to balance of five of we are sell-out approximately communities. and new
Phoenix. towards located new fourth the end of the to five expect open Also, remaining and slated are We four for third communities community four are quarter one the the quarter. the in new of
due year prior million, our The XXX $XX.X while nearly staff building Our for of was X.X% of quarter building in or gross gross slowdown including X% fee the to or in was the due the fee projects approximately in Irvine, $XXX,XXX the second prior with was at a fee in cost quarter related building versus reduction at building to the margin $XXX,XXX sales flat revenue for in our a $XXX,XXX basis margin to charges, California in fee primarily year. reduction point production. severance fee
from million third XXXX We the quarter California. of quarter resulted in our the The the revenue million and from with $XX For to quarter, $XXX,XXX year. the income recognized current million our estimate building for land exit in ventures $XX prior compared connection between loss for intent Russell Ranch joint fee the our to we million. development $XX charge to a Folsom, $XX impairment be venture loss incurred joint
this $XX venture million we joint approximately tax first half the next the of anticipate exit we a Assuming in of year, refund year.
directly quarter, second balance. the assets interest qualified to $X.X our expensed debt to During we million of expense compared costs to interest lower due
For the quarter, approximately interest million. estimate third we of $X.X expense
to energy in with in and our we $XX the revolving We of $XXX million credit respect extent, to senior flow federal tax an $XX a of cash carry XX% ability lesser a to generated operating of sales back effective effective XX% and to million sheet, no ago current million period. revenue, impact facility maturity losses quarter due the five date. rate for and notes quarter year-over-year credits. XX% year tax net cash our balance in outstanding result at rate, the end quarter was XXXX a quarter XX% in as the million operating years was the to Act higher liquidity the ended despite versus in the benefit tax a Cares and outstanding largely home rate of second we With drop at the equivalents. rate under benefit borrowings cash a XXXX with the XX% higher had the and for provision compared had our April Our second $X.X The
or and share; common tremendous at $X.XX price repurchased per our XXX,XXX also a use stock of believe was shares capital. solid for we value a a which $X.X million We of our
building cautious during Lastly, as are we demand a the more quarter spent with land at $X result the in outset the the remarks. rebuilding quarter the liquidity, on focused million a on and of balance concluding of Larry slowdown being second will proper and turn preserving our on to leverage now for call pipeline. back maintaining liquidity. remain focused between I We managing his