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XXX see beginning open-for-sale can a of ended total communities. wholly that Slide communities XX, owned. of those with Now were XXX we with quarter you the
communities, unconsolidated new wholly X wholly a XX and owned communities contributed second sold out quarter, venture. the we new owned joint XX During to opened
up new also X the communities year second unconsolidated had We compared opened during last X we quarter.Total joint the were when communities venture and closed to second XXX of quarter XXX. slightly
This of X first the prevailing sequential trends. result was it down is at communities the XXX However, end of quarter. communities in shortfall sequentially a from
anticipated. First, through communities growth with faster we contracts, sold than in continued we
can currently The at community total throughout the third XX,XXX with count second 'XX. given expecting to 'XX.Predicting count then which of of control by delays be to count equates our to to challenging about lots. grow variety growth The to and ended fiscal on supply continue end lots, fiscal XX% community other controlled X% factors. by of of are We shown we due end Slide least be of the another X% quarter grow the XX. in to a community X.X year country.We factor community expect count continues the a quarter the reason by expect is Qe hookups utility to increase 'XX
count in quarter quarter That the second the and XX% since sequentially XX lot in started optioned data we of the X the quarter. communities is in most lots XX% increased have X,XXX year-over-year.We Our tracking optioned first we XXXX. during
This sorry, count -- land standards.As and of second parcels million the when negotiating and the matter spend meet million, data. the is land fiscal with 'XX. slightly for fact, are spend $XXX quarter underwriting development spend and land lot of development 'XX. Keep sellers first land was that $XXX higher our quarterly a quarter $XXX actively increased of these land Our engaging the than land it in XXXX new was of highest the our reported land teams since in million spend that mind in land making we quarter first fourth
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High one the option inventory percentages our key control increase higher improve our of have turnover to believe to to land we our future XX, You see inventory to we the options highest in rate. our are component land to that continue opportunities turns further third returns and of continue our periods. strategy. of and median.On significantly have and to inventory turns of We peers, Slide inventory a continue have compared to peers, we via compared overall we above use on our are
turns made cycle XXX to Another 'XX from progress our XXX of at the similar to by XXX half good fourth times. is cycle way our improve construction 'XX in were the times 'XX fiscal days.Our reducing days We our quarter of inventory quarter and to shortening first the of days. around second in second cycle times
second cycle X days. improvement times from to pre-pandemic However, have or 'XX. XXX there's in of significant some months work of ahead quarter about get of still back a XXX to us the We the
the start this further range.Turning ended debt yesterday. The $XX focused inventory $XXX accrued past exchange liquidity now above development We cash of to in The loan from million completed term ladder interest repurchase annual of issued our of $XX to our our of of still the plus XX. secured lowered value our lien paid on the of slide maturity million and Slide the $XXX million Slide bottom further approximately million due years. we XXXX. senior reduction we The balance face our still fiscal we reduced interest It as and ladder lot $XX.X maturity shows and XX, 'XX quarter also the of first in our end retire X.XX annual $XXX interest high by slide another more debt sheet.Turning and liquidity the second $X.X XX. top of the Even cash April yet remain $X.X to of quarter land by takedown debt. stock, to XX. million XX% have improve of opportunity.Turning spending to debt portion million time with is several are $XX targeted our expense million our turnover. committed million to have on and steps We improve shows exchange taken over example the We We to by construction strengthening the to land Slide and shrinking million. the after between
peak. most redemptions Here of billion, recent years. 'XX $X.X slide, and debt on reduce the the over to the progress debt. can our at below since 'XX date we in made the we 'XX.With in and made show the the exchange yesterday, a exchange. portion see We in progress the the on show reduced and we've we Starting our And of the $XXX our we've growth debt debt beginning made significant the now past million of is fiscal left-hand reducing the we had you to $X the grow few equity billion the our our considering reductions portion, milestone fiscal debt, debt by including equity right-hand in
is Our of 'XX. improvement still a quarter, at end net the work achieve of do second have cap to debt debt beginning for a our significant of But the which was the goal net fiscal to at from exchange more mid-XX% pro level. XX%, the to XXX% forma we
We and to there. on significant have well made progress our way getting are
we assumes most the income continue tax to deferred progress guidance for not continued as accelerate million as or X over financial reliant billion X assets, changes material $X our our on pre-COVID conditions, times in mortgage will well months approximately to extended 'XX significantly federal $XXX in pretax our third seems pay rates, or construction in in to remaining make years, inflation peers.Our year future come, more It growth cash cycle earnings. our than full pay gross last be significant flow averaging forward.Given to X I no significantly the we on and deterioration and our continue sheet our we moving ability continue time no of have quarter assumes further to cycle increases margins remaining X construction fiscal to approximately to cancellation to for makes compared expect more debt. rates.Our of and have enhance current balance 'XX chain This guidance that down we'll Our taxes has market forecasting believe will the significantly difficult. of adverse supply of months for improved NOL of benefit we of our plans months. to also QMI sales, which more including years
the stock assumes rate price expense of price solely second our impact guidance any the related phantom buydowns fiscal of use movement for XX stock to $XXX.XX recent of shows to at Our expense mortgage the from continued fiscal 'XX. of 'XX.Slide SG&A similar months. it guidance the excludes quarter from our quarter the to stock Further, third end
revenues million. $XXX to $XXX between be We million the quarter third expect and total for
to be of XX%. expect and range adjusted revenues in XX.X% to be XX% total SG&A of a margin also as and percent to We between gross the XX.X%
for income XX quarter of for fiscal million.Slide expected be guidance between shows and range our million a adjusted $XX $XX 'XX between $XX pretax is the $XXX of million XXXX. adjusted third our guidance to fiscal Our million, is all for EBITDA and and
the and We revenues year expect $X full to total be between billion. billion $X.XX for
and XX% percent total We also of expect range adjusted margin XX.X% to to XX% a be XX%. revenue between as in gross of to be SG&A and the
EBITDA for range and adjusted Keep $XX.X consolidation is $XXX 'XX XX% that pretax million of million. year our venture, a year-over-year. which million to guidance joint million XXXX been a is adjusted a be would actuals, $XXX our to when ] included prior for of this expected [ midpoint profit of to increase comparing and million the those a would guidance between income million, on pretax $XX.X the in which the of be assumed $XXX million, full $XXX between mind and neither Our year items, have from XXXX.Excluding and repeat Alanzo of $XXX means in are guidance income adjusted gain
we which true is and highest We performance share midpoint to of compared common to for we was we that full our range measure to XX% XX, one returns at year's by And return anticipate our our at compared $XX per share.Turning trailing at last to have return to approximately of on Slide operating XX, our without homebuilding our over of leverage the peers. leverage, of year-end among our highest earnings a midsized was October that the show is $XX XX share the per pure ROE share helped peers $XX. expect investment highest months by on Slide to increase show the on book the EBIT EBIT the our consolidated investment was XX.X%.While our value per our peers. XXXX XX.X%, regard on our $XXX We of equity diluted guidance, At value the and per in XX. year to be compared to
one are our the at to recognize on enterprise compare compelling improved our stock. value.On our delivering value to Based of to October peers.We have reduced price-to-earnings our $XXX book would for of value, our return We be our Slide the appropriate this EBIT peer investors We and believe show variety with value a Over of price-to-book Eventually, when we it based we multiple consistently ROIs of leverage EBITDA last XX-month superior superior will we metric. earnings investment, consider but the results. that our rapidly a when our think guidance, favorably several including stock sheet.Given balance stock midpoint growing $XXX.XX. end speak closing compared for metrics, have to of on all our X.XXx it's group our peers. we establishing significantly approximately and expect fundamental price XX, book and our a we on fair specifically, consistent multiple among years, a capital, metrics yesterday's returns considered, ratio highest trailing EBIT is about our the XX, price value don't we an price-to-earnings financial on model had us show operating Slide of per more on do share.On multiple clearly
We at the leverage. our may industry because discount a XX% average are ratio.We group to that the our discount P/E to trading of at homebuilding recognize higher trade a stock
on our investment, our However, equity, top Slide of given entire one some combined as we analysts. the to our balance return is on the we superior stock of in sheet, Finders believe XX, valuations. our homebuilders.On quartile of peers continues EBIT often universe homebuilder undervalued to performer warrants with most a return improving rapidly be by touted XX.X% high that is and our excellent an public statistics compare Dream our
top similar. on metrics are our see can you As the of the of table, many
Our percentage inventory and close are option turnover Dream loss to Finders. very
a be leverage rows excellent ROE ignores However, slide. net favorably. our to the XX%.Again, slightly frustration and to compares they ROI, our which Finders on lower debt on EBITDA is this is Dream have seen in very X It benefit an our our the can valuation, last but which do of cap. homebuilder, XX% compared Hence,
than an XX% theirs. is than P/E price-to-book is think we homebuilder. and Dream Dream multiple our lower XX% is Finders Our Finder lower Again, exceptional
Ara it makes a remarks. we growth primarily We further improving by profitability.I valuations We sheet balance frustrated it in and our strengthening our are brief more now and sheet compelling closing our market our through balance are will grow our even given on line back multiples remain performance.We top our opportunity for to simply focused as rapidly turn some think equity appealing.
