expenses EPS granting with the grant there would incremental associated stock actual Ara. incentive When equity in significantly at used from discussion the This time at shares from determined for to was lieu quarter the resulted are stock Thanks, stock in to LTIP $XX.X related have a $XX.XX the the that actual in of higher-than-normal the price that shareholders expense of the or phantom avoid only quarter was stock start with history, XXXX, price. shares shares second phantom best next. that low in of grant. about million In the of our are $XX.XX eliminated to actual phantom grant. time plan GAAP movements the an stock interest of we no concerns I'm price for long-term XXXX. booked one for the fiscal granting our equity to We dilution used of dilution done going
period GAAP beginning for LTIP, during has changes stock payments operating price in varies phantom began XXXX Cash Since XXXX. XXXX noncash our performance stock stock when depending quarter we performance in stock each which improved. phantom granted for in LTIP However fiscal will significantly the grant upon common expenses our the occur phantom XXXX.
of much granted total actual our not where we especially resulted the shares increased have early of in up first of quarter we price March. $XX.X from by in and As fiscal a stock, XXXX reported were of On we XX, XXXX $XX.XX had $XXX.XX how our quarter as were quarter. the single to our stock that our price SG&A up, quarter stock materially surprised XXXX. strong Slide instead second that run-up phantom mothballed went of utilizing second lots we guidance fiscal went end occurred LTIP for we million not would after in our stock result, a in price The surprised the it expense during show has results the a
lots XXX community California, lots lots quarter second a Southern XXXX a $X book same the large in California Virginia. believe, including XXXX, in in value That X time remaining Northern because of the of million. in large of of XX-lot We During is with and the XXX us lots master-planned we value long leaves current Northern California, XXX with a total but community mothballed development master-planned later phases. fiscal a these in community unmothballed XX-lot mothballed in the book the of in community greater value. than our those are mothballed lots remain of communities
newly position. second Slide XXXX sense consolidated get reopened to the to XXXX so. lots We those controlled on makes our On good focused land monitor do the remaining quarter. remain we during and XX, it continue will added We communities lots when growing
same a net XX, lots. X-month resulting period newly of lot of added consolidated XXXX we in and for lots that XXXX XXXX we lots. deliveries During XXXX XXXX lots, resulting And in a had delivered sales, increase homes ended net XXXX increase controlled quarter, in the April controlled
count Slide left-hand XX, our XX past of what quarter over every the portion of end the at the show was On months. we community
declining. XXXX primarily see ventures. second communities As normal with pace, has our you domestic unconsolidated including count at can significantly And XXX a than quarter selling joint been due to April community of the ended communities, we through higher
of quarter-to-quarter. we to is As to ventures we joint fiscal in XXXX's communities plan at expect to the changes our fiscal communities, XXX given we count more from of open the from our year. fluctuate on new XXXX, count current grow calls, to remainder last no material Throughout community approximately end said market few communities domestic community conditions, unconsolidated likely including our
get beyond. Our to us to help and teams are goal busy that trying
Keep significantly the right-hand quarter sequentially. we lot increased position. open portion each count the count show time, our been has the a lot Over in at lots lot steadily period we when our this this the of count -- of a quarter, same lot mind and we've On quarters. the can has when community. each slide, between four we there's of end control And increasing in our lag
already necessary all achieve increase supply the land ability growing during to count and the we've community progress growth profits indicates periods. further made, Our our lot toward clearly future communities Virtually, in to in primarily our for focused fiscal both, XXXX land acquisition beyond. of control and and obtaining under Today, XXXX and are are fiscal contract. home on land teams XXXX communities, deliveries in fiscal
opening Unfortunately, money developing communities the of XX% a that increase the community XXXX. during XXXX and our in And a development the over lag Turning the fourth before grow a million, demonstrate increase XX% These of XX% sale. XX, land to land a same quarter land the quarter, increase year fiscal count. investing This now second quarter that, we're similar the quarter in increases and of properties, optioning $XXX our the the there's followed to ago. needed XXXX. was between slide first a for of spend
However, over recent once over and in the given position significant the period, will this quarters rise that after see our remain development land increase community confident, land and controlled last year lag spend we land we again. the soon our count increasing
sense, We land are opportunities today's environment. in that to make find continuing
been typically conservative underwriting price prices current have While contract assumptions. with we're current we cost, home and construction using more
that second our to liquidity, targets. above significant high $XXX XX, end in the slide increase liquidity we of ended with, spend Turning with million quarter even the well land of
have July today. parcels quarter excess due the be to contracting busy will down capital will to We're third in in that, XXXX Some country accounting of we in XXXX. the After this that debt still for additional land. across invest of land liquidity used comes the pay
to rates Turning our XXX% demand to slide increased volumes, $XX year-over-year services another increased earnings closing financial second strong for pre-tax to XX, division, this services was our low driven million. quarter strong historically which home quarter by led and financial
compared slide to percentages that land still see one have we of controlled XX, highest you peers, via to can Turning the options. our of
achieve turns We land capital our in inventory possible, and risk. options returns to enhance to use reduce to order high whenever continue on
our a which the same pleased We land XX% options, in up of year are control from is quarter ago. through to XX%
Looking $X.X inventory million the have aggregate, including consolidated of at owned, the $XXX book billion $XXX net an of of our million we in communities value not inventory of impairments.
the Turning now second our peers, trailing to that we slide XX, to can turnover rate, compared period. you for the see inventory highest had XX-month
next overall the were peer turns inventory than turns our a below of higher, us. XX% component are High key strategy. Our highest inventory
related discussion is our deferred tax to Another area of assets.
$XXX reduced allowance. million. a of allowance. our of quarter, allowance reduced the federal valuation the we portion the We valuation valuation by And second state During all
state As federal taxes not steps deferred net GAAP use of valuation discussion. this in sheet in rapidly, XXth still tax statement, of have We've cash Even April their to balance approximately particularly are our $XXX portion to future we And higher be taxes tax allowance asset. income to income strengthen of XXXX, pay valuation on deferred was of helps the allowance $XXX we This will corporate using earnings. billion was more will the environment $X.X an our pre-tax taxes our asset when remaining million. though numerous million. protect taken on
end notes, we set this our Turning the full call July in we XXXX. to Xnd XX% notice $XXX secured senior slide debt maturity due at second slide our redemption June to XX, of on of quarter. on million a XXXX, On the now show XXst July the ladder, XXXX,
due the in the July key XX, using improve their to Revenue XX.X% this the XX.X% made key middle Slide months we achieving our On principal of in XXXX we our sheet targets maturity. by XX% we've show gross established margins on April cash of In see progress of amount metric balance target. XXXX. in to just senior slide, advance notes the metric target off Additionally, million the the remaining $XX and pay for can we was June still intend our shy trailing secured further XX of you achieving targets column our ended above was XXXX.
SG&A above Our slightly ratio was target.
$XX.X However, better been our phantom if SG&A than have you target. the expense, ratio of slightly ignore million incremental stock would the
Lastly, pre-tax expense, our EBITDA phantom target. incremental and stock the adjusted even than our profit better were adjusted though
key each right far the expect further to year-end show On on by our the column, we targets. we improvements of component report metric
As expect above earnings metric significantly the key and EBITDA a be adjusted of targets. matter adjusted pre-tax to we fact,
spend XX. talking the goals Turning to Slide our of I want to structure. debt moments few a and about deleveraging enhancing
at progress the make profitability left-hand Looking on allowed portion the bullets achieving of towards goals. the has of higher our deleveraging slide, to us levels
Given our we dramatically our improved too believe is results, debt expensive. current
refinancing Our for ensure maturity. components: of following first, comprehensive multiyear a debt the structure goals include our well-laddered debt
Second, our in cost debt of high-cost line refinance with peers. our of that's with capital industry more lower
sizes tranche secondary no that issue price market high-yield achieve transparency. would Third, inclusion, liquidity index and
our to would in on an Finally, debt, we want reduce secured unencumbered resulting balance reliance sheet. ultimately
strong As structure we with refinance can entire turns. believe improved our significantly we to post we results, continue debt
explore evaluate increased at and Slide the unconsolidated we total joint quarter will our to and financial show backlog, XX% to XX, capital ventures the further balance end including our homes. As of we our X,XXX transactions sheet second analyze domestic On always, structure and performance. our strengthen that
over solid sets margin You backlog for fiscal up strength The also strong increased year. dollar this that including see to remainder billion. the of backlog expected of the this us XX% can of gross $X.XX results value this nicely
in stock the year financial phantom fiscal related of impact our further stock SG&A adverse the $XXX.XX changes movements to XXXX second from for quarter. assumes market no the to stock Our expense from XXXX conditions price excludes price full end at fiscal the third quarter guidance both and solely and expense current for
guidance the include and we phantom absorbed our for for However, the the year stock impacts in quarter quarter. second
or that price our price the from provide stock $X fiscal create would falls increase million stock roughly XX, $X closing On incremental $XXX.XX, of Ironically, of income. is level, of create decreases, expense. for decrease, yesterday's third the we expense. of there increases every incremental quarter or For we price that guidance actually $X phantom stock stock approximately respectively At phantom that XXXX. Slide if million
report to million quarter third the expect and We revenues million. fiscal total for $XXX between of $XXX XXXX
in expect total compared and be and also substantially SG&A, gross to range be compared to with XX.X% revenues the the XX.X%, in to of as margins We year. up quarter XX.X% last year's of to X.X% between XX.X%, a third XX.X% last percentage
$XX XX% land-related charges between million, gains last extinguishment losses EBITDA and $XX year. to quarter the Excluding of we expect debt, adjusted million XX%, or between on compared and and be same to up
expect year. in $XX profit third between $XX compared of our XXXX million last pretax the million adjusted quarter the a fiscal we period $XX for to million, profit same grow Finally, to and
Turning full our the to slide guidance XX. I increased will discuss for year.
billion between $X.X revenues We billion, billion to expect $X.XX $X.XX up year. last report total and from
incremental expect gross as be range XX.X% XX.X% with of earlier. percentage between XX.X% in a and SG&A the XX.X%, includes million phantom year to and the compared We also discussed XX.X% the in XX.X% of to margins compared $XX.X revenues prior to expense year. last total This of
Excluding land-related adjusted $XXX and debt, we EBITDA between XX% on $XXX to and losses last and to expect compared between million, year. up XX% and million be extinguishes gains charges
between in to of XXX% second have and our This profit Finally, million, $XX of million million $XXX we to XXX% up a from increased previous XXXX guidance to in million. guidance adjusted expect to is our $XXX $XX.X million. pretax stock million would by to Were compared quarter, fiscal for not incremental last the year. it our $XXX pretax increase million grow $XX phantom for the $XX.X million $XXX earnings expense
half shareholders' by pretax for year, of the second our Given equity the XX, today's our from profit should double XXXX. October level guidance
year. in earnings XXXX's of expected the also fiscal shareholders' by changes equity fiscal significantly no from fiscal market XXXX growth in should our enhance current further levels XXXX Assuming conditions, end
slide now XX. to Turning
we seen in Here, the we've EBITDA. growth, adjusted illustrate
XX% And our more quarter of portion that left-hand that year growth from a that. the you than slide, is see XX% after the On quarter adjusted estimated can XXXX. EBITDA before of the the was third third for
EBITDA the the slide achieved to in We've XXXX, similar of a XXXX, of importantly we're achieve the the XX, XX% show a slide, focused Beginning right-hand materially slide, slide start on for And growth of EBITDA. and order in In to additional the we improve expectation the slide, creation portion our portion and for strategy, long-term on grow shows higher adjusted for for taken individual This to on profile. achieve utilizing -- see steps far we our EBITDA. strategies. actions strategies, we achieve adjusted and have In to the stakeholders. margin growth-oriented left-hand turns increases in to growth. can allow more XXXX, where this we On XXXX. our are XX% strategies XXXX all trend You we've numerous of below improved to the profitability with with inventory growth improving results. listed the value enhanced we some expect the on operating scale show the of undertaken, our made now progress These an in we representative results. top growth of revenues achieve
number term, each actively homes sale cost Regarding pace focused our the the we've margins, reducing of organization. limiting through for streamlining sales increases and further price and in home on we're community. managed Longer
risk show we right, adverse the land to strategy. Moving
have increase use land only months like value year-end improved of of lots significantly then And Those the we'd of and executing Our returns helps preferred deposits. options, significantly share. improved operating on high debt than asset reversal owned achieving turnover financial allowance our capital. require results, flow, to to more year, sheet improve the significantly be balance at with focused our this cash year book increases Ideally, cash utilizing valuation as inventory our per year-end. which will our through deferred through combined increase performance meaningfully expected control minimal generate improve XX of method The controlling as this finally, by our value, sheet to is less remain on we which balance We combination book and strategy and to much land excess reduction contracts. our practical extremely should flexibility. efficient option tax
XXXX Assuming for That further Q&A. no growth levels XXXX. from conditions, by XXXX equity significantly should I'll fiscal end concludes now our the our prepared in turn earnings it changes expected our fiscal current shareholders' market in be to happy enhance over also of remarks and fiscal
