more going review the to Thanks, line was second Larry operating usual, in quarter the sales. the I'll I'm for with our as with Jeff. with quarter, start results detail. our will follow and Overall, me guidance.
Slide to On X, the this we side increased wholly-owned of that show XX% year. contracts left-hand X,XXX contracts
including slide, the On that ventures. increase right-hand of side was the X% joint show the we
month Slide X last contracts gives an more increase basis. quarter. to monthly showed this with on a granular detail Every year compared
was increase. third we've of year-over-year had even of number XXXX. first quarter the is contracts of the because since Additionally, is this our This consistent with net increases the the quarter month XX% a May, noteworthy first stronger first time in
refinancing we time count, of community land $XXX reinvested due improved sales. time, off is we've again million with count paying challenges that which discussed than driving shrinking maturing community a we've our that to often, rather once as After growing Since of debt. dealt and the in
number point of control an Our in began improvement inflection XXXX. the with lots during under
these in two we our opened as community new phase communities. quarters count second last when we an occurred improvement saw over the The of increase
increase we improvement saw selling this as an quarter a third we in new and phase contract. homes number occurred of in sales our additional of The sufficient communities began
additional leveraging The in which profitability. and communities, very interest enhancing increasing fourth improvement homes and of delivering in topline, overheads result our important our start will and phase expenses we as our these will occur
and interest opening challenging the Unfortunately, the homes, overhead these expenses communities delivering benefit of start new position revenues. carrying communities associated increased until in with we're new the these without of
will benefit a However, this soon. become burden
the see growth of respect months. should the less which occur as in in typically begin profits, to growth year, second Year-over-year half we we next and fiscal deliveries, to for revenues the XXXX, quarters. With than two starts in anticipate five sequential
Slide On difficult. five comparison most see community Last strong, second for quarter can you second year's X, of quarter each making the contracts the for the particularly last per recent years. was especially
of net spring just that strong selling we pleased short While year, report XX.X community the and the we second for season quarter. contracts we're fell remained to per last achieved
This rate quarter for any of the represents the community per second XXXX. highest since fourth quarter
contracts community on in at per XX.X wholly-owned community quarter the the we to and you XX.X had year compares a second If this this that basis, look per contracts year-ago.
the we April. That's quarter On dark green. the We February, strong quarter. for in in same March representative years the year-ago most community contracts The is blue, selling two gray, monthly and in X, is ago month show sequential month the spring community per season. same in and per in of is month contracts throughout a the growth recent Slide had
of comparisons comments last Similar about were the individual quarter, the to my year. the base because strong months entire difficult
third As footing. indicated on May I earlier, also had quarter started our solid
to in including the per joint community, two In X.X X.X side you left-hand increased X.X in Slide, that. can year the middle year our last show the this of year, years. see compared that the XXXX, May Slide we to of for contracts before community and wholly-owned month that per X.X prior of of both contracts ventures, compared increased X, On the the to X.X to
joint provide right-hand excluding from the of community To Saudi per clarity, show our ventures, we results Arabia. but portion far the joint in contracts more slide, venture on the including
comparison small community we of venture a in months during one showing one because for overall XX me, business, contracts a excuse our were the first-time community. this in our single our venture joint contracts we're there of government-sponsored part had designed May, These homebuyers. remains Saudi joint Although
showing avoid results and the community community on results our our by without single wanted with and in confusion in demand we contracts Strong skewed per contracts this community. May, to
this excluding to contracts X.X May, were contracts because overall during impact We're very years out now on that our year can calculation. for our historical per community community little XXXX, compared per venture two contracts venture, our joint X.X this Saudi joint had prior you breaking to both this and last year ago. Here, see
X. to Turning Slide
going after the community we quarterly of second significant Here, back XXXX. $XXX quarter drop-off the off we count a to where count saw show That of quarter million in was community first debt. paying
with of increases, respect sales quarters believe the improvement. recent has sequential community two contributed to we to With obviously turned This count. corner we our
of at it's profitability. importantly, and growing More we've achieved step our end the the quarter. This is goal of revenues important also higher in levels community towards and of count because achieving our second growth an year-over-year critical sustainable
year-over-year Our increased community consolidated XX% count the second quarter. during
community from following at April you end we the count can second XXX we XXX reversed last of trend the the in and year, the see of of while XXXX quarter communities end As quarters, on grew last that the XXXX. at slipped slide, to two April
includes the year-over-year total this our JVs, end guidance year-ago also the The quarter previously that increased Our at provided. consistent XXX in community with of increase count quarter at of a year. second which communities community is the to the from the communities second count, we've end XXX
community this our expect year. to grow count we importantly, continue More to further
revenues in walk for blue. joint operating We me Slide the show results quarter. left-hand gray consolidated through in the venture quadrant. in you for with results upper operating revenues XX second the and Now revenues let begins
As you consolidated increased. joint revenues see, our can revenues declined, venture but
wholly-owned The primarily we in unconsolidated in some because XXXX. is decline joint revenues consolidated moved communities ventures to
we us period market As a and to we was maturing closed payoff to high-yield discussed the previously, needed bond when it raise liquidity was to debt.
see can XX.X% that second was to XXXX. for of right, with XXXX our of Moving in top the compared gross second you quarter the the margin XX.X% quarter
had with use homes. first were Many to of incentives to more remain competitive. our the call, adjust to incentives slower our added gain aggressive winter on momentum said builders the spec particularly conference we and As season, from incentive we quarter on we
expect in high but dollars compared not year's that left-hand year-over-year quarter as down last see to quarter. our portion our We gross total the fourth in the SG&A year. second million In you comparable second period slide, this to $XX in can quite the year of million third $XX as X% the this see margin were lower year, the quarter to and last improvement from
our remains opening from SG&A new with the stay number we'd deliveries deliveries ratio to communities help to get than to start offset higher until there selling our we these the Our extra costs like able but are costs. these and leverage SG&A of new growing back initially to Once associated XX% high to and costs There communities, is be no range. normalized more expect we likely getting communities, begins ratio are delivering homes.
second the from second primary that the second year's had decreased show we In in quarter in quarter, land sales quarter our last were Also, right-hand year under There capitalized XXXX. to of $X slide, XXXX. expense the of million bottom drivers we our $XX inventories in into that quadrant being $XX million none more of of of reduction. interest inventory. In two resulting development compared the interest increased, interest million with last expense
XX. Slide Turning to
the typically compared last year On This and this year's that challenging, no quarter. First we million in is second $XX this the loss our quarter half show year exception. second pretax was slide, stronger. second be will of most year half million our to far ends $XX
in and than this with However, first that's six our guidance year the gave conference last pretax months our first quarter year, loss for the call. less we consistent was
second As that expect the substantially negative. half. adjusted of the to be We profit first the slightly third anticipate usual, quarter we half will year outperform pretax
fourth pretax performance for our us we deliveries for improve the financial will growth, However, adjusted the plans expect make will significant the and profit during XXXX. be increased for quarter our full-year. profitable should and With
Officer. turn Larry President Chief now our Executive and Financial it Vice Sorsby, over I'll to
