community foreshadows an Ara. to start I'll which in our our more you count. updating increase by control efforts on Thanks land
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community a normal there's for time a So for opening parcel contracting between a lag and sale. land
We should continue the sustainable to the community begin XXXX. believe half occur first in to count of grow
grow work acquisition replenish and land our we teams country Our have busy land supply. throughout been very the continue as hard to to
than land growing rebuilding underwriting we've standards, sale our lots price, equaled lots on land quarter million million XXX% the On quarter same year-to-date Throughout spent current in fiscal of our one housing added spent the remain significance fiscal land than an During XXXX market our half we further in and see demonstrating XXXX ago. that Year-to-date current lots assumptions current increase periods cost. prices position. we delivered underwriting to year home newly use and the XXXX We newly cost. supply. higher Historically of XXXX $XXX of home development sales the the for our controlled increased lots, you controlled second first can Slide of recovering deliveries. $XXX resulting progress sales XX, made good during during land XXXX, disciplined more which and homes our controlled pace, home a we is that of
our few that the in a opens from for significantly to during grow five deliver There ultimately lag home can again expect count our more current to the don't lag our a months third the from Jersey. and a delivery contract revenue we third New quarters we on continue believe markets like market lots initial quarter, to pipeline, land years will or and Once once this California Houston occur expected of growth to Based begins later. that three to assume when than gain few control when quarter time further in deliveries. like significant our homes. sale community follow vary benefit. While a we cycle budgets time they This is and community
land of we is are we investors to that options We growing While we're so to revenues Many supply, an there's do. increase land believe community still replenishing recognize and certainly more can mistakenly to on our report majority our lot which our land the held in banks focused work profitability. even not pleased counts the remain by return further our supply case.
second control through of the As quarter of we option of fiscal XXXX, the end contracts. XX,XXX lots
you to only are our of quarter at X% of XXXX XX% lot see banking year banks. on Slide the of fiscal the end lots currently Land and XX% of As can end our at for last total XX, peaked compares us auction land of with second options quarter. third at the
to liquidity Although terms in had have we them. as of for aggressively been banking pursue supply land not needs transactions the improving, simply late have
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to value Looking of of the all EBIT in mothballed homebuilding net key is our Slide method we On expense. we the recovery. normalized inventory $XX and of the of the the peer at owned, consolidated metric yet, when entire believe show metrics not into the still ROI compared XX-month aggregate our we trailing impact of before industry half remain including ROI for peers. we our at get performance us and in have Despite neutralizes industry for communities the operating are levels $XXX further billion will We EBIT this $X debt. communities community our book as not million operating improve interest peers. inventory of but This believe and challenging the count, we one This million XX, impairments. inventory. peer top measures the inventory of an We
this One inventory were of on able maintaining our is to focus ways turns. achieve we the
you the trailing see highest the that peers, turnover compared second rate over inventory our Turning to months. XX, Slide to we have XX
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discussion valuation is to asset related our Another for allowance. area tax deferred
not protect At tax it. of of quarter We've was end taken second reflected currently numerous million. significant balance our deferred the the to and our on the fiscal in Our steps allowance sheet. very valuation XXXX, is asset $XXX aggregate
$XXX on $X.X and We add a sheet soon. current total will deficit that balance positive will billion million. our allowance you cash million, can believe of equity valuation slide ended did pre-tax pay income future XX, have no with to we Over our have earnings. this that shareholders shareholders we second we of federal equity issuing time, then approximately show intentions our a if On be anytime not on Slide repair as of the we taxes we back $XXX quarter
current comment let position. our Now on liquidity me
on we ample excess sale second million continue in $XXX seen of leasebacks, is which to increasing Slide with have quarter model increase of liquidity without XX, As million. liquidity to the and $XXX ended land between targets spend. $XXX and banking liquidity we use of our our land million Even our
by XXth, our filed and and agreement X-K Before a maturity update settlement GSO May let that had Hovnanian. onto GSO us against GSO lawsuit our the filed against announcing dismissed. recent me I was move Solus entered litigation you an and and financing Solus on profile, the we Solus into On
of Furthermore, not subsequently settlement, our with interest transactions to times X% owns financing wholly- payment between only. properly May between Settlement make The we commitments said reiterate at involve the beginning favorable million what GSO these any part that does Solus As financing owned from GSO. GSO want our allowed we settlement of since the our to Hovnanian and and resolved and we is, were related and made place. $XX GSO Hovnanian. to all from the agreement subsidiary Solus were remain we've of notes. confident to acted the are we payment I and which GSO payments in transactions financing consistently to
outcome for resolution terms a the financial matter. with last and grateful we Hovnanian for long-term and favorable Altogether, through commitments providing steadfast financing of We financing last are partner good is has February this flexibility December. announced additional been a to business are GSO pleased with who very this and us
look of as April of show of it of the on XX, the the On bottom the GSO XX, funding financing page, maturity XXXX, our look how it Slide we and show we top profile as upon will the commitments. remaining
in drew of $XX aggregate amount approximately the we to $XX draw million our redeemed down redeem all approximately our X% May, delayed Slide than other subsidiary. $XX million to XX, of was X% of principle Turning held late the the outstanding notes portion wholly-owned X% The term notes on the loan by million.
commitment loan a revolver senior a first the GSO secured draw for XXXX. have term from making September $XXX in which anticipate we million We
secured XXXX can priority in we liquidity in to million We land this due with the loan to will of reinvest repay $XX us facility community use million incremental grow super $XX the term to counts. provides our and
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due are wide a from our is showing differ factors of But our the continue and few structure and adversely are results including our periods. be X variety some may The on talking a evaluate We've moment, may regular you and those for going then, expectations. do obligation update capital on need are entitled on longer the ways to in to financial section is and in growth our recent expected to of not further forward-looking in in results looking key conditions. will community this and/or will lay most our no in a out next to Slide position. minutes turn about can current together no do conditions to expect should XX-K. spend differ and actual undertake help integrally-related our goals our conditions. in now to the provide We in assume targets they explore on to revenues, possible the mind what intended are targets depending you no our understand intend there discussing the sets of profitability. to range next materially been and report market assumptions we information based that target forward adverse results basis targets metrics type targets term multi-year so. I'm and are Slide which and In of outcomes accompanying term ultimately multiyear to and which the actual believe achievable are you out and nature within upon we these our XX market we count, lead our to comments described information and remarks targets, understood these Risk longer that in We changes key years and changes keep metric future given targets longer just we including growth a our significantly Form presented grow hit we to improve market presented of several provided The and which Factors annual actual term
full these bond material a to XXXX. billion retire profitable had $XXX balance a becoming market XX.X% the improved $XXX and X.X%, to from year grew which Keep just count than the of to to from have continued In metrics increases review substantially if October today. the that that adjusted period had experience we XX, same more and May get improved the the run we through more EBITDA illustrate growth from into average would to community million key results cost we the trend believe been grew to We beginning a order XXXX from SG&A looking were may million due margin Slide during making Turning $XXX able to inventory million, significant industry we billion. in period. with performance. debt and and $XXX multi-year pre-tax XXXX time likely us labor to Furthermore, Both financial growth us gross we targets. and for on from of sheet we much of in can The our period. $X.XX and into homebuilder $X.XX maturity, revenues not headwinds adjusted in have refinance forward grown time earnings to rather before $X.XX three declined over billion, actual impacted ultimately wanted to was million years, unavailable this EBITDA the XXXX three mind, impact our negatively
-- the Now mentioned. $XXX $X.XX impact which SG&A about to reductions parcels factor falling an This debt trailing had million in XXXX falling for our the XX, was as lower $X.XX in in We about million ratio from the revenues from XX.X% reinvest new be most April increasing $XXX X.X% the XXXX to months in months. results four which reduce land led we also the pretax XX result from our for causing declines the our recent our would turning ended as count in profitability. XX end trailing billion we in over with much to in levels community levels to XX, SG&A to reflect The of of normally revenues. Slide principal and inability billion XXXX, was to I planned line quarters and resulted just EBITDA
confident grow our However, our line expectations. SG&A going to which today with able will we're revenues ratio we're bring be to normalized our in back
achievable metric targets grow are right-hand multi-year improvements key land far our community years This we count. Slide we of current dependent or no the to significantly and next that XX, from believe is parcels plan our on conditions. the show On ability additional our during assuming purchase deterioration market portion few
demonstrated delivery. market the we're year-to-date home by additional controlling in competitive, success lots lots more XXX% controlling While having is than as
recently level. time, we a for believe margin about believe still is year-over-year the revenues Keep approach the margins our achieve level grow believe than of $X.X gross gross community that In would that which six labor XXXX. we to Over we quarters, gross have last XXXX, normalized and As XXXX us and increasing total we as roughly five again. costs. increasing lead lower $XXX material billion that can our million is despite to XX% as count, that revenues improved once which in reported we XX% mind confidently that achieved had we we will margins of this and in
we with be EBITDA ratio approaching a that even we were of we increasing from Frankly, in we the targets, our XXXX, more inventory ratio be adjusted SG&A million. also get GSO; of of to a utilization as ballpark the that of as receive SG&A about show this over our would our range lower invest and X%. and grow lastly believe On plan normalized incremental liquidity; revenues, levels, second, are can we $XXX our non-recourse to approximately the In order these Up billion. financing We expected and excess increase leaseback financing that to to earnings to XX%. on sales grow we time bank believe $XXX also invest adjusted slide, as first our recently our $X.XX total fully model those to million hitting will levels would result opportunities.
the land In helps otherwise These our addition, use do. to would steps more us will we than plan grow to revenues leverage be of increase able which our banking increase we inventory and allow turns. capital to our
from showed at current we Slide still than We the expect peers XX. come is that target our also somewhat will homebuilding even higher turns turns, X.Xx, all levels. earlier on key a intend to one inventory these of our metric But turns we may remain focused on down inventory but level as show growing which but we're as
remarks. it Now, closing brief for to I turn Ara to a want back
