Ara. Thanks
was back was addressing already our than community significant where trend $XXX and of was by after it paying show to XXXX. count. million the still we second of quarters first After up in of slightly That one a Slide second we quarter off at quarter the start On lower debt. community it's in counts in the count recent mentioned count our community saw quarterly total they're two XX% XX, the quarter, other end drop-off at quarter as third increases, year-over-year. me sequential end going but the the Let community our
This decline quarter third out we us news improved anticipated. communities than positive caused is actually sequential of pace faster sales to the sell as
increase our openings, we quarter goes pipeline the the accurately total. would statistic into I just our fourth Given third expect count and our amount also in put challenging to of like into our to always community project. challenging perspective of proved, that community results churn community as sales it's to but always count future
During unconsolidated communities count contributed closed new by the XX consolidated venture. our and communities, last community an X communities increased We has open XX to joint communities. XX-months, XX
comment to our about want unconsolidated joint briefly venture activity. I Now
in up venture in quarter. set expect as our decline we sold our to venture communities raise As XX% needed unconsolidated the when JV guidance, joint third quarters, we in we activity we we joint the XXXkX to directional prior through delivers declined line stated our some with In of liquidity.
homes profit from decline income of million $X to this year's of decline from in decreased and profit year's quarter. The the than we third the because delivered quarter, unconsolidated was last community third quarter. in joint mix geographic greater $XX million ventures this Our compared in the deliveries in in
during last year's unconsolidated Looking income a but quarter. in fourth the decent quarter, much forward, as joint level we not expect had still as of we venture fourth
our Turning slide, the XX% has slide now contract on show like end to from XX% And more growth $X.X and solid a backlog. on quarter the $XXX can new indicator efforts left we to in our Slide XX, portion in community right-hand to million we of expect billion backlog I'd orders the of on to to July see led leading third profits growth increase XXst, that of future. dollars almost occur the year's count. consolidated the grow and is XXXX. growth you contract revenues a last side the continued This the provide in at in of at detail an the consolidated to
revenues XX, years are of of our median our indicator expect you future. At is turn the peers. Slide If the controlled of Lots to occur and will supply and peers. control, year in you to growth total compared another deliveries in leading see X.X above now the lots can This total we we
Slide to XX. Turning
expecting on we control under XXXX XX% Lots advance for is XXXX. required typically As a including this Lots assumptions slide, deliveries to of have our percentage fiscal growth needed meet reduce forecast, Lots would to during Today and meet XXXX and of This XXXX. our XXXX, have the than control you already are of significantly far growth over higher already our of the modest we delivery substantial can fiscal slightly. controlled of and in see this XX% the control we Lots
recent chatter housing pace aware to disciplined purchasing calendar We our the choppiness well in sales standards home regarding industry for recession. the price, as an cost as using the market sales the that and/or half remain the parcels. of We last and potential construction land of underwriting saw controlling current economic when XXXX, of are new
of Specifically, we them adjust seasonally of for most home competitors pricing. look determining prices, recent the our sales at full pace Similarly, we the correct our and recent current competitors' incentives look net sales at and XX-week year.
acquisitions. to land not We're stretch going for
we as when We're and Our the we the options throughout land control recent find teams will country for continue quality those to look provide to to pleased made. we us Lots. utilize we that when seek built right available land hedge. the acquisitions they with market continue risk feel mitigate and a in our opportunities new will we've with of
peers, see On have of can our that land via highest Slide options. you third percent XX, we controlled compared to the
use capital order on returns We high land continue to much achieve our to in inventory land possible as risk. as and reduce options returns, enhance
impairment to mothballed segments. for net value out of show remaining within have only the these The as the of of Lots an XXXX. geographic Turning XX. mothballed million we Slide total, Lots Lots $XX We book million. In our of was July quarter XX $XXX XXst, X,XXX end at communities balance by mothballed broken
the carrying a further little Lots maximize re-entitling are the are these mothballed write market. X,XXX in of its in Lots mothballed today's value California or downs currently are are Lots and at redesigning that believed than single to original and total We A on about value more community Northern half in of the unlikely. about X% these we
year. market in We then post large a and located developing continues get for which hope as continue to as will the early community this it unmothballed successful very also be performance we solid is us This to open. this Sacramento community next and community to expect begin we Valley, once
impairments. the all owned, have not inventory $XXX at of the aggregate billion of communities mothballed of $XXX including million consolidated our net $X.X of inventory book communities Looking of in and million value an we
to XX- the rate now compared XX, see that our trailing turnover we to second the inventory Turning you peers highest months. over Slide have
our than NVR higher lag number, peer are turns the us. industry-leading turns we of Although, highest below inventory component XX% next turnover High are strategy. our key overall
for deferred related area assets. discussion tax Another is to our
numerous reserved We've Our this very taken deferred reflected and asset because steps tax allowance is sheet. balance evaluation not is significant on it our for protect fully asset. to currently by
assets tax deferred our XXXX, the XXst, in aggregate million. July of As were $XXX
will of cash billion not federal earnings. have pay future on pretax We taxes $X.X to income approximately
$XXX that shareholders we we deficit XX, third the quarter with Slide of ended the show On million.
shareholders' add on be a If would our million. back valuation slide as done we've our you this $XXX equity then allowance positive
Now let me position. our on liquidity comment current
third $XXX development. spent the During land land million we and quarter, on
liquidity As our $XXX seen on quarter third the million $XXX of targeted million liquidity of slide range within XX, $XXX million. with which we and is between ended
profile show XXXX. On maturity July our as Slide XX, XXst, we looked it at
our The maturities in of first occurs larger November XXXX. of
analyze We in evaluate in the we and refinancing remain well. continue capital future we to confident Historically, we've been and do and will capital to as to able simplify explore be our structure so our our successful transactions debt structure.
happy to December, call. on to up We our concludes December formal questions. we're remarks. our for look forward reporting results And open That quarter fourth strong in
