Thank financial everyone. you, full outlook now Jeff, I afternoon, year performance for operational good provide and and for fourth highlights of as will XXXX. quarter our the review well XXXX our as and
contributed year revenues to finish up stellar with and year price. XXXX in a with XX% are top financial growth. all housing mentioned, pleased year-over-year. improvement we the housing Jeff X% delivered $X.X billion, As line a rise $X.X year, of billion, ago revenues strong in to from virtually and considerable X% average in performance In to an our the grew nearly key XX% reflecting our metrics fiscal selling homes increase quarter, This full fourth
XXXX in $XXX million. first of generate we million the to $XXX to expect Looking range revenues quarter, housing the to
these from average West we improvement $XXX,XXX. our investor year, region. the quarter, For November. average XX% with line mainly expectations. selling the in homes positioned price we a This selling Having in believe housing producing year value approximately in increase of ended well of the call fourth guidance a XXXX to we $X.X range up we the billion, $X.X X% XXXX delivered fiscal are increased our driven provided in full price billion overall was $X.X our billion, achieve revenues year during to in with to ago, X% Coast backlog anticipate our of the In by
selling quarter, projecting average XXXX XXXX average are of the first our we overall for $XXX,XXX in to in price the We the range range price be of For selling to our $XX.X quarter, to will from $XXX,XXX be to $XXX,XXX. earlier income charges of $XXX.X quarter year million to of ago. the $X.X million fourth $XX grew for inventory-related million year operating $XXX,XXX. Homebuilding for million including a total compared believe charges the
of with as As Plan. you part most land the XXXX recall, our monetize were land sales will certain to of parcels charges through our Growth associated Returns-Focused nonstrategic decision
our periods, profit selling, significant housing ratio. by gross and to both expense margin both and general margin Excluding in XXX driven inventory-related charges operating from administrative our X.X%, increased basis our points improvements
we homebuilding range impact of to operating XXXX first anticipate charges, be the will excluding in the the any quarter, income For our margin, X.X% inventory-related X.X%. of
year metric in be this full For of guidance. versus we the X.X% expect prior X.X%, an to to XXXX, range increase
gross housing inventory abandonment charge quarter points on a to the of fourth contract charges. XXXX $X.X impairment margin profit XX.X%, XXX Our option land improved year-over-year including me, of, excuse and million basis basis
gross the Our excluding the from point charges. margin XX.X%, for was the basis negative quarter inventory-related XX impact
Excluding the both XXXX. profit third XXX the of margin points basis amortization up inventory-related XX.X%, quarter the basis adjusted and period capitalized gross sequentially XXX same points interest, charges from compared and previously of was housing our the to
first first the to this revenues. improvement Compared XXX leverage seasonal represents inventory-related quarter to XXXX Assuming gross decrease forecasting a in XX.X%, lower points. we margin of reflecting to same XX% of in for period housing XXXX, XX typical, no an are charges, of basis quarter the of operating a from range a expectation profit
the As XX increases have from we year action improved in continued XX XX.X%, market, communities, community to increased to housing expected XXXX. labor, as our the inventory-related recently offset materials trade believe to our since conference costs. compared strength specific expectations, higher points improvement the and visibility November, in in call begin of building our we generated margin of full as range an as XX.X% excluding the and gross XXXX, XXXX land opened to in housing well of margins plans, gross basis we profit will charges, margin of early level Considering improvements
administrative quarter year and for record general the selling, the improved X.X% earlier and represented Our expense fourth of from ratio quarter fourth a basis XX quarter low points level.
with ratio record improvement pleased and XXXX. have are for we the each in of considerable our we seen have reported We the quarter performance SG&A
lower quarter the in operating decrease first to of leverage be revenues. ratio our expect XX.X% to in from We the reflecting range XX%,
the supporting We year also revenues be full X.X% are offset community leverage and expense approximately range SG&A a as partially generating XXXX our our our by same cost ratio efforts of count will still XXXX anticipate that investments from as continued XX%, in ratio, containment higher to growth.
taxes. Moving on to
assets, rate for expense predominantly quarter an represented earnings tax approximately deferred effective fourth of XX%. was income million, Our the due against noncash $XX tax a charge which to of our tax
Jobs believe and on for we it the while XXXX, Regarding accessing several reviewing reasons. was significant positive which are enacted still a will we in and our Tax have December, Cuts Act, results impact future financial
rate. pretax Our approximately with three items, the loss shield differences, carryforward The book temporary to amount earnings, of pretax a to along DTA, in income lower detail additional tax current will other book deferred shield and assets lower of are of with $XXX numerous adjustment I of differences. grouped The the loss our corporate operating earnings various an tax and credits approximately assets tax in tax which discuss federal will net tax temporary to not It other be federal deferred million can tax federal categories, to now tax component subject to be evaluation general net portion will carryforwards more our same will continue as the due will million. comprised be new into rate, adjustment of is taxes to credits, the subject but moment. from operating $XXX
returns all lower net per income, future will flow income earnings tax rate. due share, to cash after-tax and enhanced statutory the Finally, be
the we approximately million a to As reduction our accounting XX%, provision charge to corporate a tax will quarter from record the result rate for XXXX. deferred onetime of tax rate time, $XXX impact same federal on of reduction of in tax the first noncash obviously favorable federal will of the tax tax a remainder XX% the for effective our remeasurement the have rate assets. At our
to not XX.X% federal we currently be that, rate estimate of tax tax worth blended Excluding year the our is homebuilders XXXX estimate subject legislation, to noting are of taxes. to our plus rate for it on impact based of Also, XX%. the the adjustment, of understanding reflects noncash the fiscal full effective tax a our both resulting state in believe approximately onetime the our the expect This after-tax expense quarter, income XX% summary, the the first the enterprise EBITDA. of In the interest value will be rate due returns, we limitation net on expected adjustment lower and to increases accretive noncash as of despite impact future flow. cash deductibility well to enhanced as in significantly
Turning to community now count.
of the Of down same or was XX% ended classified year held previously XXX a of average the the development. quarter ago. XX quarter year in We XXX with communities X% were XXX as communities, fourth Our from future land XXX down communities, XXXX. from for slightly
first as count year-over-year XXXX. On X%. community count will our compared ending average by quarter decline community we a to basis, anticipate flat expect quarter first approximately to We approximately be our year-end
full For flat relatively XXXX. as XXXX, to community continue average we remain year compared our expect to count to
of quarter, in During land XXXX. cash million XX% $X.X $XXX including to development community new drive total in of We to operating and of under $XXX liquidity compared $XXX $XXX of million fees, nearly million with invested of increase billion, our acquisition. and as generated openings, the million or total year facility. $XXX revolving an the availability land the credit fourth XXXX, land, million with flow ended we future cash net We unsecured representing
During XXXX, the we compared in $X.XX to $X.XX billion acquisition billion development, in prior year. land invested and
internally retired and funded of addition, of $XX $XXX our debt, all notes, reduction project-related In net senior generated utilizing million a we million X.X% cash.
debt the of key an resulted point XX.X%. in basis of and along the metrics drive Our future ratio growth. to deferred tax and assets to delevering improvement cash increase our from land Plan, components inventory investment in debt-to-capital Growth reduce net These using significant year-end one core with Returns-Focused flow XXX our operations, to increased cash achievement both inactive generated and activities flow monetizing reflect of our
we've on the As Growth Returns-Focused and XXXX. the Plan are solid objective, XXXX, we we financial on reflect with trajectory the progress into our our we business delivered of pleased made results
total housing by For revenues to the increase XX% we billion our our $X.X increased an revenues year, deliveries. and grew full on XX% in
order income of the our XXXX, a per to to increase operational increase diluted With strong X% XX% favorable of XX% XX% million were share orders improved backlog. we community $XXX year-over-year in increased per conditions, net and net and a net per X% year-end in earnings by up value Our $X.XX. market driving by month X.X and execution value to
capital our by basis points addition, In return improved basis return to on invested on equity -- XXX X expanded to and XXX X.X% XX%. by our points
enhance We solid year map X-year original another road revenues markets, served within value. our our our Growth margin, achieving expect for towards we plan, XXXX to and as executing the reduce leverage to XXXX work targets, and Returns-Focused continue on our long-term our improve returns, increase stockholder expand be path on operating Plan
take We will please your now questions. lines. open the Daryn,
