Good joining Jason. and you thank Thank morning. for us. all you, Welcome,
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a Let to me discuss take moment projected 'XX our results.
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be which throughout faster and in of to-be-built elevated being down stronger specs cost costs spec see Community also here. some drive will to steadily market thoughtfully XXXX. plan we normal. beginning a building our cycle our in as lumber, the We supply 'XX and costs resulted also With are than at replenish homes and in and generate lower times deliveries times to and results. to spec select homes just to beyond demand additional Extended down, may 'XX build for come in for count come to late 'XX markets continues drop. also delivery our have opportunity The
As strategy, we of of part seasonal community take are timing openings better opportunities. our to advantage
there selling is positioning tougher are even more typically in for the times. We demand spring where season,
going to did pandemic opening often with glove done That occur communities Toll back has or condition white roads perfect decorated are market always we reflecting where traditional it. early our the frenzy not opened new homes, the that during followed We models. way often the model as without in
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to Turning strategy. our land
or focused on involve our assess whether margins are opportunities to transactions, all rigorous using continue takedowns options, under they We land that underwriting existing standards new returns. and both
Our land from existing thresholds. highly process us that walk to renegotiate portfolio attractive selective away in our or higher allows to longer this no and meet be deals
in development walked reduction lots been At three forfeited options. fourth lots million alone. XX,XXX the in a This the sunk X,XXX we deals This and controlled of million through and quarter X,XXX which costs, option have past have in cost fiscal many we lots was the is options about quarter. year-end, $XX our X.X% Over quarters, XX,XXX over from away us $X or additional deferred fourth of in approximately restructured. and owned total or lot
over overall and We XX% optioned mix owned target term. the continue XX% to of an longer
options. the allocated to Excluding total of were XX% backlog, our controlled through lots lots
in Our existing XX% land fiscal should community XXXX. allow grow count year to us
control XXXX. enough also land growth community count We for further in
of which of of operating we liquidity position back In our down reduce 'XX, buy million over to In debt, community 'XX, free in With the outstanding we a opportunistically we land to we prices light count of $X our are in the 'XX of all attractively XXXX up billion year million on billion stock. inflating. control the for X% and spent prior we market fiscal for our end maintaining XXXX. $X.X of land repurchased conservative year-end while As priced, approximately started approximately conditions, cash strong fiscal share substantial balance fiscal and uses. fiscal land low more In planned that before flow fiscal repurchased and land at year, XXXX, this stock a should leverage other have reminder, year $XXX the acquisition we of may or acquire of sheet. common development. current at and much openings pay quarter, expect spend become Since the year a $XXX fourth in to fiscal beginning significantly projected acquired capital
'XX approximately in retired We million dividends million and $XXX $XX in have also debt. long-term we of paid
allocation capital our reduction share for future. debt and priorities an remain expect important of to We the repurchases foreseeable part
We are I'll per fiscal planning our callable year to retire of share XXXX. With in mid-January that, we par bonds when turn targeting $XXX in become million are they at X.XXX% repurchases $XXX million Marty. to and over it of quarter
