to and Thanks, up review our comment after. going it results quarter details Larry current to CFO, and our more we'll Jeff. housing I'll open will follow the second environment. with me I'm on Sorsby, Q&A
the our we caps, On turmoil Slide metrics the industry, to pleased and high results rates, of we ceiling quarter our guidance we mortgage the in debt but all gave our the the concerns war for for X, usual, that in banking of quarter. end are we economic inflation, second as federal guidance. of about Ukraine Considering general uncertainty, one compare a doubling the exceeded
in our which margins. it second the which majority quarter in in the but demand lower earlier, the deliveries, also in of the our adjusted million, top this range. $XXX over high $XX profits and lower currently were range, of for margin West gross by higher as we and quick were for QMIs revenues XX.X% better million all of strong case, experienced move-in $XX EBITDA projected homes also adjusted a income pretax the of of slightly XX%. Adjusted of of We million resulted Total resulted than SG&A end revenues guidance than our has end exceeded particularly
year summer. sales we between QMIs narrow housing rates and us further. quick rapidly, environment the working the higher-than-anticipated last In deliveries we're last These has and slower to spurred mortgage demand spread steps Due increased and sales narrowed we to to to-be-built it as the more and achieve margins hard rose allowed and our use concessions started homes home quarter. move-in profits of during recently,
On are revenues left-hand we $XXX given million. Slide particularly basically were to Starting this flat same were in compare year's year-over-year X, challenging last that period The and year. for profits margins quarter the corner, upper the results total our year's second good. at last comparisons
our the when this to upper our for to margin a XX.X% gross quarter. XX.X% adjusted peaked to the of very compared Moving portion was right-hand tough margin you quarterly that year gross see comparison year can slide, the at last
to of quarter increase gross consider a than we a second normalized margin quarter signing the above margin. last still for currently our sold homes in higher new that margins contracts compared XXX-basis were concessions, second 'XX by time the are quarter of delivered margins adversely XX% use our concessions in have a more we and just of We to increased delivered impacted incentives gross XX%. challenging in the Gross were and was above more last year. Despite be homes earlier we The for what more marketplace. which remain point
SG&A lower year the year. of this portion to You can the last XX.X% compared our see was in X.X% left-hand slide,
year, lower our of the the million compared In last $XX stock of essentially portion SG&A we year. Phantom million right-hand flat. to was $XXX last some adjusted from that show Excluding was EBITDA the benefits the slide,
year. $XX X, that pretax you the million On was Slide in the income adjusted portion our compared $XX million left-hand can of last see quarter to
slide, you right-hand $XX quarter. of last second million the the the was million in $XX for 'XX portion year's of compared can to second income net quarter our income net On see that of
achieved the were before we've during stronger-than-normal that see Turning we're at quarter years to the community, On XX% ago. Slide X. a community year second compared COVID. you to for any But in XX per the contracts can above down slide, this quarter that pace the second clearly per levels contracts many
the contracts see averaged from can left-hand we XX.X quarter you that the community portion 'XX. slide, per the during On second through 'XX of
we the demand in since times. in approached summer levels So achieved bit quarter quite increases. -- rate last when the pace levels normal fell increases home achieved the a second sales our significant of more approach after 'XX, We've
second 'XX Our for the sequentially increased second contracts quarter from XXX% quarter. the XX% community the of to in per X.X% quarter in first
selling per of On calculation Slide monthly than show and Either improved increased trend far since including show shows the BFR pace contracts. sharply fiscal spring would community, We dictate. normally the method of has significantly, X, per greater year. we our the of that contracts contracts sales excluding our community season beginning typical
few our also we May results to number preliminary still compared the May a increased XX% there days XX. May more 'XX. contracts for for through While May go, to all of of results preliminary total are Monday, The show of month in
Contracts in to XX per preliminary results. X.X 'XX XX% for of May X.X community May increased from
would which typical pace. April it remains than well at annualized lower the high While pre-COVID be seasonality, sales a very and for beyond pace
May February while our is lower Another there Sundays results were sequentially that only higher are a that reason than and I'll of is not in point month X are there in out X year. yet May April. also the little complete, of that was this Sundays March already May, while
of segments. quarter of West community first contracts break lower 'XX, we the what or XX, and out the geographic Northeast Slide than on 'XX segment the commuter now our by contracts quarter fourth in per our Southeast to Similar we And per segments. were in reported
of second sales and significantly quarter Northeast the pace closed the improved gap the the has pace in has the during However, West 'XX. between sales the West and
Turning to Slide XX.
of You positive annual September can see our and month-by-month annualized decline now been close started in community. our we per of rapid September trajectory since progression The trending May with community. to adjusted seasonally pace the and 'XX per per of XX XX.X community. troughed contracts has pace normalized contracts the contract
rise You to market can mortgage as negatively the sharp the reacted rates. in see slowdown the
see you adjusted market to the eventually way. and have that can mortgage also sticker shock the housing since rate a meaningful However, reentered in customers
now community. we On slide, XX. contracts show this to per annual Slide Turning
achieved see million portion 'XX that our was slide, middle see of through On can the you can far normalized $XX left-hand the you XXXX. our the slide, annual of that of the In in pace years. contracts contracts can community the the X recent adjusted per past see on our that per seasonally fiscal slide, several the portion for of month community for you by the And right-hand months. past
these had With of the of all other other the exception case 'XX. exceed previous post and 'XX the than in we X years, bars spur where in March, pace the X years COVID the
second see future cancellation in homes our If Slide the normalized during more demand returned and strong. rate Weekly both XX, should levels, continuing new traffic XX% you at to remain are quarter website healthy visits rate. our a you communities turn indicating for can to
The temporary our or about on mortgage pivot be now QMI as their certainty payments home move-in more closing, be we to with the behind logic what QMIs to customers shift would be a start call we talk and we gears to more a day I'm to that is them. considering construction. home a consider quick QMIs -- begin our provide at homes going this pivot
historical remains grow in been you than quarter still that sales our QMIs per QMIs now, at demand, significant. of which X.X the our of community at pace. quite COVID beginning 'XX the from average. of slightly the of of surge QMIs current versus XX% the challenging XX% quarter the turn Right we've X.X historically, to you pickup end the If 'XX QMIs Since of of sales of community third to of increase demand Consumer our a It's in of for gone our very of are seen during increase fiscal the per can to to 'XX. the to QMIs per Slide our end represents because higher at X.X year, XX% see the community a so is obviously XX, after our strong. sales high second shortage we've a about our about significant QMI QMIs level end
X construction it have approximately last remains to made target get X target ideally construction as quarter, and beginning community, homes every homes Again, strong few partly community. QMIs through our a QMI per few QMIs recent of difficult to Our a we with community. at per discussed sales
this schedule homebuilders just X QMI Should investors per see we focus sales to to start the we unsold in field. We we our before that match then of homes make that completed. on fear the We community. current meantime, start will Some get local we'll certain continue think selling that overproduce the do homes. that QMIs. at don't plan with level In approach community, they not an are pace excessive these will to
current supply. MLS listings, start enough the and pace increase to strong to sales QMIs dearth difficult it's Given the our of
home construction. sooner is having which are a we and depressed also less on at homes. mortgage their to reason have country average the choose We as result, homes. fewer than than certainly XX, important around talked level rate that for the in existing wanting over like Consumers for is sale existing of existing The a million a remains more looking helps homes Slide about and available Having homes of new X homes lock That's homes, ability build for currently as just of sales. to-be-built a existing lower XXX,XXX to show rate the homebuyers to sale to can from mortgage On sale their half much the consumers number know home. QMIs at historical QMI because QMIs. our close
home second incentives our demand increases price account homes, XX. home to demand XX% our of If and prices net for we to continue during of remains moving strength home our be to to Slide to taking expect These quarter Due the raise XX% in able forward. we quarter. the strong, increasing first during and of into are prices communities communities after are able concessions. net the increasing Moving
is high that higher costs margins One use returned historically normal more have reason concessions incentives lower and levels. to to that despite continue today be of lumber a
and our call, proactive negotiated our Additionally, and partners other we've material in cost a we have We lowering worked a On construction been and locations. trade blitz. with providers significant mentioned costs purchasing the in deliver we margins blitz the now latter an our last 'XX, on as positively with lower in the are just impact starting annual our that part of basis. we should The of savings homes costs. benefits purchasing the
Additionally, second steps to the reduce our we costs. quarter further during took SG&A
First, fiscal XX% reduced about end staffing levels of the we by since 'XX. our
steps associates took our executives reduction. to savings third, significant to service annual a combined overhead senior these Second, our in cuts outside The all expenses. asked make salary providers. we in And from resulted savings
believe our long the that today steps existing favorable Furthermore, about Given strength of will we the and future home relative demand reduce of optimistic more support our term. persistently to we market market are over low even the the prospects. housing in demographics growth we supply costs, took the homes and
to our Chief I'll it Larry turn over Financial now Sorsby, Officer.
