our start detail results on I’m quarter. for by fourth to giving Thanks, Ara. our some more going
Turning in to consolidated show Slide X, gray we venture joint and revenues blue. revenues in
you quarter fourth $XXX XX% can about Here revenues down our year-over-year. consolidated that see million, were
However, consolidated venture by revenues that our joint you our also see grew revenues more fell. than
liquidity communities in yield joint when our those debt fourth steps would delivering to $XXX our a consolidated XXXX open One million X.X% together, took ventures venture into XX% of during are decline we of of paying revenues was if down count, year-over-year. of quarter wholly-owned was refinancing by market not have raising ventures. high bonds community when despite the the some add joint contributing Most now revenues homes and joint our and increased you both the
a our quarters. last of that slide margin gross We’ve reported turning to for the left-hand you basis XXX eight XX.X% from can top now see quarter This seven portion in improvement Now gross in is Slide last the year-over-year the the increases point fourth XX. margin XXXX. In was of year. of
and still prices increasing, of raise to costs those labor material increases. are Although continue we excess in home
significant portion XX% in dollars year’s last not provided of benefitted SG&A million the However, XXXX margin this and this last fourth quarter I change fourth you the margin slide, over development an total out see item, this explanation. both end municipality improvement down $XX XXXX Obviously, related a $X of in point have our last the an from right-hand from to credit and that’s quarter. land requires defect upper of year to million a quarter. quarter million Construction the fiscal to that XX.X% impacted non-cash In a gross XXXX, reserves, the and Had our California. a are still opposite from fourth one-time fiscal for directions. which which $XX reimbursement a been in that was want our occurred, we guidance year’s were year-over-year would quarter upper can on but gross fourth
over homes related the we reserves. to quarter of XX reserves XXXX, year by annual defect Each to communities we fourth ago. two our an increased update that the our fourth older actuarial for defect delivered construction closed litigation million During study years quarter, complete during construction $XX.X
studies, these the of reserves of result a defect in our years reduced. had As been construction last three four
the million of quality we SG&A. For the construction built in homes resulted XXXX, a improved to This decade. reserves reduction the and defect reduction past reflects this our have $XX during
efforts home past cost a over trend years. lower are four We pleased the of have to that improve our quality in resulted
construction XX in these our ignore expenses have during roughly would reserves, adjusted and both SG&A you defect If periods. XXXX both changes XXXX million been
in lower $XX result on to the revolver of fourth $XX last lower we a as matured compared the the slide, Interest quarter. our of old off during show which paying mix well was that million early interest that homes to our due the of delivered the bottom our year. On expense fourth at was quarter million as the balance
quarter expense with this and year’s of land included quarter. about $X $XX,XXX year’s million of interest expense lot last fourth Additionally, in sale compared fourth
$XXX interest quarter XX, to quarter. land to in increased million that fourth million. million $XX our Slide expense, last from year’s joint ventures annual compared expense, income any be of in about interest fourth this for year’s income $X fiscal our expect sales XXXX to show On excluding we We
past Our two been ventures has joint income quarters. strong the for from
to Although levels we similar to fiscal community what the visibility the season XXXX it fiscal assuming results, to experienced same for per XXXX, the was we of have expect venture XXXX be income selling as limited spring XXXX. returns contracts spring our fiscal the in roughly joint in we absorption into
Slide to Turning XX.
last compared we left-hand show year. million that quarter On the reported pre-tax impairments income charges adjusted of and of portion before slide, million fourth we income $XX of $XX with the
pre-tax $XX right-hand slide, growth of show of achieved. Both showed quarter metrics million the On with XXXX the we pre-tax income fourth last of the compared side $XX million those income profit year-over-year of for strong the year. of we
pre-tax we over forward, loss. XXXX look in to but earnings quarter report adjusted we to XXXX still unfortunately we our As a expect first show expect improvement
XXXX, of spring limited to adjusted million the spring we XXXX. per we what be season results, for returns 'XX we $XX levels Although of experienced reported pre-tax our absorption similar fiscal assuming selling to expect for similar fiscal all the have profit XXXX contracts in fiscal visibility to we into our community the to
continued to Next, I discuss count. grow our our community will efforts
It to shows Turning in that our XX. decreased community Slide XXXX. each count fiscal quarter
to – slowdown acquisitions. Nonetheless, our XXXX in of Given conditions of new carefully XX, of lots community show during fiscal of evaluating of current Slide year our increased controlled we controlled recent On our and the lots full our see forward resulting our continue community our XX% Slide continue count of of year-over-year. lots. sales, XXXX. when land deliveries. lots total for deliveries the at in increasing with land we almost goal half we for market to new position, the fourth grow controlled On for XX, home consolidated count move home and expect first end homes the newly home the Further significance equaled underwriting net are year delivered quarter to newly we controlled our increase that the you growing added XXX% our demonstrating lots full year-to-date XX,XXX really can XXXX of X,XXX X,XXX fiscal a
the if progress lot in flexibility XX%. rebuilding land by position more good Throughout XX%, optioned increased economic the contracts half by us Our second our – position flexibility significant in fiscal there’s XXXX we’ve made our in option increased owned especially year, of considerably gives lot shift. supply. and lots Increase while through controlled our
we our However, sale have hesitation aware on of homebuyers and current are standards home new construction recent to home sales taken using pace of remain price, disciplined purchases underwriting costs. the and
we in do. supply, even focused report can to work to land an we so there’s our importantly revenues profitability pleased increase most still on recognize our lot our our community more We and increasing supply remain we’re in future. the grow further While
inventory of owned, industry the $XX top still our at inventory improve half we show performance impairments. peers the and measures industry's billion pure not not This entire before we $X.X metric inventory. one On trailing operating and XX-month is EBIT metric. have we communities book into to million expense. We XX, communities Slide for of for ROI our interest in EBIT the of believe at We metrics to in including levels, impact metric pure peers. but Looking when key are all an the inventory the further our of this us the get of on this aggregate, homebuilding remain This believe ROI mothball value and $XXX debt. industry will consolidated compared We to we net normalized housing operating as million neutralizes the of the of recovery.
to able this is are our on by inventory focus maintaining achieve we turns. ways the of One
second-highest turnover you that to over our Compared rate we the inventory months. XX have XX. to Turning peers, Slide trailing the see
we next key peer below inventory turns number, XX% High industry-leading turnover our NVR's strategy. than of our highest Although, a are turns are lag us. the overall higher component
for to valuation Another deferred tax related is asset allowance. area our discussion
Our valuation our deferred We've At of balance our the tax the XXXX, was in is sheet. protect allowance asset reflected aggregate significant very numerous to $XXX valuation million. end and steps it. taken on not allowance fiscal currently
income have ended that million. with of Slide will shareholders’ earnings. We taxes approximately we we not a total the quarter cash XX, future fourth to show On of federal billion $X deficit pay on $XXX pre-tax
that Over can back repair of this equity no issuing If we a believe allowance, balance you as million. intentions our $XXX we’ve then be on add our have equity sheet we time, our and shareholders’ done positive slide, soon. anytime current would valuation
on Now our comment me position. let current liquidity
million million, between of off targets above quarter, million. end $XXX the high and ended As million land $XXX Slide liquidity $XXX is XX, seen on after $XXX $XXX which year of spending during paying on we debt with of the and our the million liquidity
community of to should drive continue increases liquidity We our have which further ultimately grow our in to sources land position, count.
our it high We targets we XX, a have our show maturity looked acquisitions. land the grow which above time, count, our Slide demonstrates liquidity clearly disciplined profile community our been to despite October as for of XXXX. our end operating as On remain in to considerable we approach XX, desire of
show yields liquidity senior GSO also then XXXX. We to our the additional with existing XX.X% tack-on commitment a $XX notes million at secured remaining current via financing due of purchase
significant to XXXX, and have continue structure evaluate explore our While debt our any we to fiscal further do improve capital position. not maturities ways until we financial
Now, to remarks. I’ll turn it back closing Ara for some brief
