are Financial Chuck. Investor Head thank Chief and joining today Gregg you you, Operating Relations. all Connor, Thank Good Chief VP, for us. morning. Officer; Wendy Ziegler, With Marketing president Senior Rob of Parahus, Officer; Welcome, Marlett, and Marty and Chief Officer; me and Treasurer
the based economy, that website beyond many events, our statements this risks on associated better As assumptions markets, our our our read I information understand forward-looking forward-looking control about materials inflation Please with in financial availability caution you statements. and factors and that usual, the our many could of world earnings release and future night call to housing on results. on last forward-looking rates, other affect are the statement of interest labor significantly on and
an night, we of first of home quarter $XXX,XXX deliveries Last homes reported revenues $X.XX billion. average for price sales of at X,XXX
above margin Our XX.X% and percentage or guidance points than as better expense basis SG&A our home XX.X% adjusted XX points or sales revenue of was and XX was basis gross guidance. a
came net joint ventures. due below income our delay in of our per of property one share and to a earnings this sale While was impairments the expectations, in primarily in a and stabilized apartment
operations homebuilding expectations in core met quarter. Our the
up year. $X.X basis, both up contracts first On units demand strong to community compared in contracts a contracts year's and compared From in dollars units a for to first X% when billion in last quarter, quarter XX% dollars. we net X,XXX last were XX% per were XX% signed the and up in perspective, approximately very
XXXX. of of $X was very healthy average We also in million than The XX% essentially was of unchanged the first orders to conversion deposit first quarter fourth average approximately compared deposits our to in to our price converted sales, X-year of with higher XX%. sales the quarter see significantly our ratio quarter continue which a
incentives quarter as Houston, The pricing in first Boise, Atlanta of strongest California. the our Boston average, from first to as flat of Denver, regions XXXX. Las was quarter fourth in demand Mid-Atlantic was well On North the Geographically, Vegas and net and to Dallas, after compared quarter all
our buyer Among with move-up basis luxury in a a empty community first-time segments, nester. slight decline both up were and per on
Although demand far quarter, our in was solid season. so have first spring seen results selling we mixed this
in affordability many remained has growing and our markets inventories are end. pressuring of sales, at especially constraints the and demand certain healthy higher While in markets lower end, particularly at the
past are all However, by sales that said, being activity our this week. encouraged we somewhat
and our backdrop, community-by-community this carefully a our with appropriately and conditions and best incentives price To match Against to to local on we selling overall -- spec generating pace business. basis. balance view a match in towards pricing, returns are monitoring inventory higher
for the Based we gross embedded on including in key all adjusted gross homebuilding our selling price, margin, full are early backlog that average the year, are maintaining of our margin guidance spring growth. the seeing first and trends quarter mix the and community margin season, we our count in SG&A deliveries, results,
Over luxury home from by empty appreciation. and our home long-term business nester serves luxury to supported be is customer be XX% years a price cohort for move has new positive the of benefited wealthy We our to for niche. continues market for particularly the of market and homes to see that very continue our stock our affluent outlook base. which Demand
and millennials when home secure. The whom quarter, buyers more several higher paid XX% mortgage recent the approximately the LTVs took buyer remaining was quarters, approximately who later past our financially by first with serves Consistent also of and to XX%, quarters. of XX% life first-time in cash buyers consistent are incomes older as the a many have for XX% with more they first affluent and all are their a in
they track of backlog. financial cancellation to as low XX% at sizable they sales invested become approximately low had strength the spec our quarter, homes personalize of industry as X.X% of XX% and our in of our represented beginning and Our first homes rate deposits at we make speaks the deliveries and In in quarter inventory at first homes This end. as quarter their cancellation design remained studios. buyers they X,XXX how well spec emotionally approximately the the rate
inventory in construction. stage with comfortable our are this of we of level their Overall, and specs
our As mean I market will strong. inventories fewer where actively basis adjust and communities increased may some starts mean a other been based has building community-by-community on we them are are local in communities we'll This starts in conditions. managing mentioned, where spec and starts demand on
sell a the specs our do net Foundation profile reduce from before so margin construction for stages we homes. term. from sell However, risk finished completed, X/X that is near basis, the different home. spec forward homes various on build-to-order these all at of expect spec not starts to and overall to framing we our of Remember, in is
accretive. with addition, that visit tastes. This highly tend upgrades margins In our have as of many to the their studio our buyers our match design and spec homes benefits studios finishes be personalize to opportunity design their
last lot the guided averaged At long-term structural XX%. options design end, the average XXX of or to operating base we as quarter. premiums studio price our first compared plus first quarter the that from In below upgrades, about XX% communities average slightly quarter, were we sales to $XXX,XXX of XXX
X% target XXX growth to fiscal by We which XXX XX% communities at XXXX, us year-end. continue would fiscal put in community count to to
modest we in we continue construction times to production on our efficiency. saw as In focus increasing the improvements cycle quarter,
due We impacts tariffs immigration to have not seen shortages any changes immediate supply in from policies. or labor chain
developments monitoring pivot any and are necessary as deal with arise. issues we will to Although closely that
few through all years learned ago navigated with the have from supply a we We the chain valuable pandemic. lessons shocks
approximately the were which XX% of or Turning optioned. we first lots, XX,XXX land at to quarter controlled owned end,
that We continue make are of and quarter the to towards progress goal in a we XX% XX% optioned pleased owned.
and allows new and land provides to disciplined position land selective assess highly us be flexibility opportunities. we solid us as Our
land Our for us acquisition we the allow and and through underwriting similar new lot and joint us opportunities takedowns. incorporate banks, out both structures continue that defer including capital option for margins to to development continue of allow land and to returns, stringent payments arrangements, standards efficient, land ventures to and thresholds increases more that seek be
healthy. balance is Our sheet very
We have and maturities debt liquidity, no debt net this increased year. significant low fiscal
to the XXXX billion. February facilities As credit maturities our announced and recently week, last to of extended our we revolver upsized $X.XX
cash are reaffirm operations this year targeted repurchases. from million and full of expect share to continue flow also strong generation $XXX We year
capital We continue business to expect the while returning will to our simultaneously our shareholders. I it of that, With Marty. over in investing excess turn to growth
