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sale. communities see with quarter can that You open XXX for we ended the
new the venture. X During quarter, contributed to a we joint wholly owned communities active
our of ventures strategy core Our be and performing ongoing and operations. part to joint well are continue an
along us the communities the sales new only end faster-than-anticipated quarter. XXX third having with these JV, a to wholly communities Moving owned to led of X pace, a at
of higher. number would for communities opened Our been have sale
utility open the of market is new entire that is to ability communities. However, The experiencing low. these keeps only the company industry in of to transformers. slow given down supply positive it continued development, new our particularly shortage developments delays the in to delays land The delays
quarter expect of community to We fourth grow count our fiscal in 'XX further the and in 'XX. fiscal
line want other on, from I I expenses move income to the statement. on comment Before our
Under quarter, joint unconsolidated distribution, control we consolidate fair after joint the at partner. were the recorded a value value. one were by new other partner income cash consolidation. venture on to extremely During we communities at final fair a upon performance million to third the joint of we expense required and before the were the put of their received based agreed consolidation, unconsolidated these the assumed communities our in finished. third-party ventures but $XX our And communities, of same strong gain the higher line venture the After X into these GAAP,
Turning to Slide XX.
rates land few During the we suspended a summer, rapid new last most quarters. mortgage increase in for acquisitions
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options turns. saw this sequential 'XX the end continue controlled. lots, notice quarter, we at you increase lots a and the However, very to decrease quarter our of continue lot that of ended total third We fiscal lots with high to while will third lots as increased the we on quarter, in XX,XXX total modest owned inventory controlled focus
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market fill rate standards count here. Our to sales lot to automatically current changes corporate cost which land an up, a our internal XX-plus our in committee and is that underwriting calendar out pace of bottom percent By continues home construction should current self-adjust to using current underwrite to conditions. indication prices, return,
focus been A to our strongly in of our owned This percentage On fiscal XX% percentage XXXX to quarter by we progress. show Slide the of XX, in low increased and we a mitigates 'XX. risk. make of land third of has continue fiscal of lots strategy, quarter from controlled lots XX% option, the third land
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turns third returns High to future believe both we opportunities Compared of options to Slide of periods. improve in We further our continue turnover inventory our the inventory component inventory increase to peers, turns key our now XX. Turning highest a have we to rate. inventory continue land our to to are have use and strategy. on and overall
through came our We when One inventory shortening July by progress XX is doing our times to improve our cycle from cycle days. this made April way in turns by down good times.
land to our in more million May of the $XXX $XXX of $XXX XX. than liquidity new million in Turning early development and targeted range. $XXX quarter million we ended above of land retiring After and Slide million quarter dollars of spend third with liquidity, the end high bonds our
end now quarter. Turning On this of XX. show to the Slide ladder at debt the maturity we third slide, our
revolving of quarter debt any the amended credit XXXX. extend quarter, we 'XX. fourth the fiscal we year's have until don't maturity to last After first our maturing date facility June to that, During XX,
at position senior in X.XX% release in quarter, liquidity this morning an additional third redeemed due the announced notes our end high of press our that August. XXXX the our million we Given of we secured $XXX
by reduced We remain $XXX of our committed million fiscal debt sheet. This reduction beginning 'XX. total since shows have the we balance debt latest to strengthening that
Given our of for remaining adjusted in pretax at of billion approximately pay put last $X.X taxes federal of deferred years. of million on tax To earned million future earnings. our 'XX, assets, to the into midpoint fiscal will income $XXX have not we income the $XXX pretax guidance will we X perspective, have that
significantly should our our DTA sheet. come current the enhance and improving cash for market steady more debt flow balance benefit to offset will our down cash several holds somewhat paying of conditions. payment years the years will So the if This progress accelerate in of continue taxes to to and
changes of Our supply mortgage in financial including fiscal conditions, inflation or increases deterioration material in full 'XX no adverse cancellation guidance chain rates, in our year rates. no assumes further the market for or current
our averaging solely related our expenses months. compared 'XX. phantom Further, our any stock for times to at cycle cycle construction excludes times of to fiscal construction to expense of stock third the stock X it of from to Our X end from the the guidance impact price movement SG&A assumes price $XXX.XX X continued pre-covid approximately quarter extending months
we fiscal On guidance for show Slide XX, 'XX.
We every in metric. have improved our virtually again guidance
We billion. $X.X expect $X.X total revenues between be fiscal billion and for to 'XX
XX%. XX% between expect XX%. adjusted be and XX% guidance be million We million. margins $XXX to the of range $XX to trusted for percent total to SG&A increased to by our We of between a gross million range and expected also is $XXX a EBITDA in revenues as
million to We also annual for fiscal increased $XX our million by $XXX expectations adjusted income for $XXX pretax between million. be 'XX and
expect $XX value per range to $XX be is We the between share book common per to at of to share fourth $XX diluted in end quarter. $XX, and earnings the of our expected be the
Turning XX. to Slide
we cap. the in to in debt show progress can growth of Here, the left-hand our past the to few progress have portion, equity the reduce Starting date upper And years. right-hand upper the and we we made in show the over debt net the to we see the portion slide, Including made since in net have reducing have third did net of liquidity quarter, million debt. the 'XX. we reduced at 'XX beginning in by redemption end the of debt will end and fiscal the the at of August we our our $XXX you the fiscal assuming we same that
there. have fiscal significant the mid-XX% level, have fiscal where is significant our were are is and to the from beginning work a we XX.X%, well the a the at we getting progress achieve on net way of end We of middle to net made 'XX do of on more 'XX. to goal expected but that In debt to improvement be see can at still to you bottom, cap which our
market for the first we the our Given of year-over-year today, to 'XX show normalized pace that comparisons fiscal overall and the significant strength encouraged of are housing sales should improvements. the quarter a more return
significantly forward. improved continue the has expect over and significant we moving to to sheet years, balance progress last X make Our
the annual end Turning the now our the growth to midpoint book It of to shows for XX. 'XX of quarter per Slide the our rate of fiscal guidance value compounded fourth 'XX. from share of
is growth expected Our rate XXX%.
it's low book evaluating peers. book rate peers. ratio our Helped how value compared growth peers. is we by the think value consider growth our number, our our to much when Slide higher to We to a is rate started important an at XX fact shows increasing price-to-book our than rapidly appropriate compared our that
at our Turning at over second But to share Slide highest return XX. Not been book compared peers, XX on show extremely growing only months. rate. an per XX% has has the to that we this slide, on we last the strong value had our equity
Turning show our have we investment the we our consolidated was to returns midsized the to regard pure to on true measure without highest of by investment, compared leverage while our Slide helped homebuilding performance that X EBIT EBIT XX, highest was peers return on leverage of XX.X%, peers. our our a at among ROE
on one our reduced improved years, several we of our ROI capital, balance among investors EBIT consistently have last leverage the superior had will sheet. the Eventually, highest Over recognize peers. consistent and significantly returns
stock our multiples result, a should increase. As price
Slide we XX, our multiple to our compared show book On to price peers.
above we X trade of Four lower trade these below While still we us. have peers lower currently than on median, of rates. growth that equity value returns book peers also our have
compelling value, book are appropriate return and including value Given a all is variety value. stock. we financial price metrics, when growing be fair of when think our to our consider a it considered, a establishing our We our multiple investment stock for earnings rapidly believe EBIT metrics would on our
Turning to XX. Slide
when Here, our you the have we see ratio value compare our return outperformance despite just on a we enterprise that about lowest basis. adjusted can to EBITDA,
because trailing multiple And yesterday's our at of $XXX.XX, trading price show XX% of on on P/E recognize X.XXx Based leverage. earnings ratio group. we're homebuilding stock price-to-earnings that ratio. price us to the industry discount peer we We for to the may discount XX-month closing our at Slide higher average trade our XX, stock the group our and a at a of
be strengthening balance our levels. universe with our industry-leading further public our top our our to on remain investment balance debt believe sheet, on reductions sheet, rapidly of We book continues equity, our on focused quartile growth stock the return However, entire in our value, in further in return given we homebuilders. improving XX% combined most including the EBIT undervalued
remarks. I turn for some brief to back closing it will now Ara
