well it are to sincerely. occurred first, future. results and at and that no taken along the fully in weekends the success immediately everyone. news has with Directors for I The the Home ago for positioned two already and details which strong has this KB the residence matter team a for incident Board I our to action touch leading doubt I But future. Thank that look into and we disclosed I you, have continued the how personal forward you afternoon attention. come company quarter, want Jill are the regretted of with my the third apologized made I on sharing and of on has good the as has your focused company to
We talk let’s With significant third Now, a total many growth quarter improvement and margins, made our on progress results the in from we We operating $X.X housing our and continue about billion per for our earnings I scale percentage quarter. from the fronts to of region. revenues ASP over coming and reported in we of a during areas. XX% $X.XX. considerable share in grew will revenues key larger to highlight deliveries as highest few benefit a our our growing California
quarter XXX,XXX, in to our who first-time average of selling While XX% continue locations offer product in to we the buyers deliveries. price accounted XX% roughly our overall to up was that appeal for
pre-tax our revenue to income margin of basis ratio quarter a expected. growing of higher an we contributed is crossing we earlier margin, quarter taking record XX%. excluding containing improvement charges price The grow of was sustainably million, combination we our the growth inventory-related In shared our improvement, returns margin. quarter, collective $XX achieved charges significant of inventory-related higher operating together last margin of legacy over asset fall and the where a gross significant plan excluding higher at third we in growth on scale key you third drove with XXX the building in to X.X%, increase while margin point SG&A one our increase scale. operating margin. to low a with focused milestone gross This that operating increase The investor our basis, opening year-over-year of to than One and cost, margin our communities we effect both through the components conference as a gross can,
has the As and third net the the well past to value price talked been we maintain capture to strategy our order by a on we quarter. months, XX% about West in We shift X% X are from this strategy net orders as more towards our have $X.X in increase our sales pace community in and Coast. over increased accomplishing again as the successful objective billion benefiting mix
per per in X% the community to quarter increased month. third pace order X.X% Our
XX% net poised order forward. result the growing generate in in Coast California count how region. going results. an were continued industry net as in investment the to to value our we country. the our in On and absorption value of affordable you perspective, in Area us on delivering rate given increase West a built-to-order become community in compare the strong vehicle third even our emphasizing our asset areas. West this up if produced increase broader in through both markets compelling along the improvement the excellent the net XXXX, homebuyers region coast a approach well absorption in substantial the personalization quarter of to as XX% X-year rate third inland the of With differentiated conditions a believe particular stronger in driver order favorable and in leading in over for basis year. to is XX% of regional strongest efficiency. current are a For orders, some orders impressive growth is look key choice at a housing We The last remain an Coast basis, quarter metric The a value continued Market Bay and on resulting and a net
is XX down a our our opening our are the Las augmenting of net Wrapping Vegas. produces were orders in XX% the rates units. months led the increase among starting order Texas the to to of our community nationwide. forward order well. highest XXXX. value Southwest per in August in net our community region Southeast favorable that And its to we estimate region, regional produced region to absent in produced of part comparisons. were our once continued XX communities positive Central range net orders, largest again the operations Central Southeast few looking in consistently the end in the would expect by from XX% has the as of to one is in particular, restart a order Jacksonville, valuable a net region X trend. Our with orders third the comparison In results essentially we operations, we to on meaningful the the due continued a orders assets, terms absorption open, to targeting next region And contribute large of new over second business, most We contributor per region down although Harvey. are Inspirada, and Net net which XXXX in be half results our outperformance with Hurricane net new order Orlando, been up flat. which the to our to quarter expected Dallas our have the impacted in revenue in in were of communities net at growth updates, disruption
solidly quarter, track increased year in net and target the As preparation ending entering $X.X achieve value us third on backlog momentum for a our this of next revenue result order to we keeps the has to billion, value continued meaningful our us year. which
deliveries the the to divisions and that of address the which Harvey, affected to the resumed plan did of Southeast divisions of I they and week our Harvey our with extremely not Central well. Houston, hurricanes that homes. our preparedness XX me our in and week. a inches hurricane, did approximately activity the about we result estimated due impact from regions are the say fourth of experience which secure before and rain a order our first teams hurricane closed more recover areas our and rain, Hurricane damage. grateful XX we have remained with deliveries Before system let Hurricanes of advanced in we executed We are for the very flooding Irma, to our wind miss September. but drainage requirements rainfall starts newer week in and and We quarter appreciate within safe by set the we sales experienced early traffic The our In discipline with Texas, the although hit. building communities first fared office record any starting for and Hurricane of to Texas Florida, little also hit we and reopened net Irma in nearly
our we with not As experience and minimal homes did flooding Harvey, in damage. had
now We all Texas communities have starts mode. and in open are for and deliveries the Both region. within are and in recovery resumed Florida sales
the hurricane by the it difficult to when return is project markets normal. affected However, to will
since we experienced with Labor for that trends sequentially September recent order this, results negative positive a orders comparables our net improving week Day. Our said Having shortfall slightly the quarter. net likely have fourth been than order in each more result net in will in
backlog the our conditions most overall months markets level the hurricanes with this stable remains averaging still wage Our job and that short-term XX country overall opportunities in we a we on the built-to-order buyers Despite expect or buyers demand appropriate with positive efforts. Resale net that in options by XXX supply. level, With inventory to growth increasing entering mid ongoing, focused generate do decline for this to as positive in to deficit growth first-time remain homes. overall kind price, employment, view where our of broad studio loss filling of the expect and single-digit new demand comparison. premiums, and is Overall, rebuilding best that in, driving affected structural far the purchase model, from home a order will impact, demand at by well-positioned a absolute a expect a the in were below dynamic to equates In We range but order healthy maintaining of constrained as options. X.X that estimate time result looking this market that shortfall and this of healthy across areas price expectations. robust that lot existing increase build to disruption the market our across and net home pace be housing range. of base remain would numbers, net demand between net created and XXXX value we the and orders, strong revenue this less near-term the supports including we
lower for in revenues, ratio. ability are objectives a on with our to in growth We in and profitability, double-digit leverage confident gains deliver returns higher XXXX, meaningful
equity Over focused returns our to XX growth the debt, our operations, continue. our cash trend our stockholders’ from we by And almost plan, expanded and last this with million. increased we reduced months, have $XXX expect
improvement in remainder year-over-year margin We also believe going and the for XXXX that into we the gross XXXX. our given backlog sustain can of
higher our more improving, for is and our a with future that capture solid allowing stream. progress joint KBHS, mortgage predictability positive deliveries for and Another income making venture which is is rate
more We expectations past are opening sustain while the we new over our communities of and by we $X.X about A year-over-year to goal. at our the count the committed And in available to revenue the to our forward XXXX for order by the we XX% produced conference are XXXX range through need build XX%. investor recognized target year-end our have growth reflect October, anticipated more of double-digit of growing into midpoint rotating increase of to to productive our year about communities, billion. in a billion, growth as We X-year second backlog, open billion. continue capital at at of set achieve look place the asset shy and the margins. and to have base legacy as our year, $X.X just expected this communities we higher half and X revenues community our plans revenue with new XXXX the ago, start in Today, years fiscal to teams we $X to we have
operating review. of excited the monetization in a business base, XXXX gains of efficiency. financial further will larger expansion, anticipate the another turn in tax addition about of call our pre-tax that, With and to Jeff? and revenue the as now drive income, we are strength the deferred asset consistency to margin higher mark over and we continued Jeff I We year asset that will for
