everyone. Thank to Jill, you, and good afternoon
consistent We are our the and results execution Plan. strength business, our third for of quarter, pleased underlying Returns-Focused with our which reflect of the Growth
up are solid. for which also we XXXX for only Our is success in provides not quite it positioned close believe performance foundation continued our we be this is quarter XXXX, shaping the how to fiscal but important to into
implementation our business plan grow our of balance period, during the focus we strengthening same, driving productivity core by to while consistent assets. the strategy, our our our with results greater meaningful generated mark of business this As approach sheet efficiency three-year remains and profitably through our of
in per our more XXXX XXXX. to result of this plan, expect relative we to earnings on a diluted than As XXX% execution share increase by our solid the
on Our to over to higher contributes accelerate from profitability significantly XX% return in to returns X.X% in XXXX. with equity expected our improved XXXX
past asset, grow Over operating incremental tax outcomes. while enabled significant our cash us which deferred cash contributed business by flow inventory the accomplishments has monetizing reducing important for generated by $XXX our two over to the million. including debt our our $XXX million These year, has
First, growth double-digit core of outcome to shift in higher in enhanced expansion count and continued supports This our are margin the addition anticipated planned in with next year, portfolio count communities. positioned margin for community this our community reflects we XXXX an additional to our year. that growth revenue
quarter. XXXX. our less asset metric the XXX we our ongoing reduced will debt debt expect capital of the contributed unit essentially range in basis the past while the interest quarter fourth the at high by margin target quarter. this base continues to Carrying in to points the year. to end lower tailwind end to be ratio further improve a of by building We tightened our both Second, a gross over this year-end. larger per achieved believe, in an third and higher We which And incurred
end at step-up $X.XX. to the north XX.X%. of of quarter of supported a share charges revenues anticipate with billion the related our in by composition we gross per Getting the total inventory fourth quarter, We and excluding diluted the $X.X billion margin quarter. backlog the margin earnings of third the into generated our gross of of $X.X We details another XX% expanded
our an our year increase the and leading regions opened We XX% count this average remain greater West mentioned average generated with four XX% year, XXXX. as way earlier, in we expansion ago. Each and growth. our to community in year-over-year new average We community average communities further expect track Coast count lift count XX the during community double-digit the than in boosting with Southwest on a our of I quarter, for from
remain steady confidence, trends. and growth, consumer rates, mortgage economic Market conditions positive demographic supported interest high low favorable by
needs to While where continues is demand price be which is insufficient a element healthy, to supply the meet at particularly success. our key of homebuyers' operate, we affordable points
fueled We strong orders per in X.X of XX% pace third pace net orders. as our community industry remain net combination and an advanced the leader substantially monthly in a The to our absorption community. in higher quarter count growth
our prior with of is that our XX% regions prices many third each produced double-digit our also of comparison This which we quarter communities. XXXX was highest pace our four in considering increased As in year. the second a years, order to about quarter, net significant
value Net in to $X.X value quarter billion, drive to our expansion us third XX% XX% the helping to billion. order grew of backlog the $X.X
our terms homes, X,XXX our In units, grew in of third more a backlog highest than number backlog of years. to quarter
key investing our a by strength driving to buyer. deliveries orders product core we median sub-markets of XX% were land differentiator which growth We prime of This positioning our positioned primarily each in believe, target and the third competency first to our is in net strategy the household buyers. income the time first is in in our business core time quarter cater sub-market reflected to
homebuyers ability enhanced homes communities. model, communities, deliver we personalized this our nearly Over square Operationally purchased XXX% studios. our each and we the footages lots features offering buyer choice in our segment them and value has with a the year, to in and of by our of in range to a of the upgrade build-to-order of past design
model buyers time empty a different can buyer, the who make product our for nesters, and set in to also choices same community. of appeals While up move we first business our position the
of market. we largest As a clear of buyers a demand within And the see variety of ability our we result, therefore, segments a the each to attract communities. have
absorption maintaining our We to believe market gain pace. high opportunity continuing count our scale come our further share to community the from and will increase expand while
products the first and sustaining buyers to in leadership of category invest will buyer a income we mix time continue targeting and addition, while median attracting In in communities. our locations household our to the
to our markets scale. in recognizing benefit and scale sequentially even of in good last served remain have labor our the of and build top market done A illustration local XX% benefits currently about ability We committed market, advancing the is tight a quarters. a both our so to times we five our of two share reduce position for year-over-year and have
of order region regions with highlight California Moving XX% on, every This with the Coast. net a orders will in I West now couple comparison. our in delivered growth net positive division a beginning producing
while a high-absorption community orders West maintaining community rate the our rebuild in up X.X per net with of to continue We count XX% per its month. average essentially
communities, While an across net in comparison in community outsized were Northern count doubled. California, healthy market conditions generally particularly than Bay we Area California, our orders and where more generated order
quarter a these to in fourth With in results region, Coast step price. both XXXX mix Area average the our drive year-over-year expect selling shift up West we the and Bay
Our a net Southwest four rise regions orders. order in our with region delivered the increase highest XX% net of
a including in projects Las a center, market of and Las the convention fundamentals large will region expansion headquarters, fuel for job stadium years Vegas business are development. job the creation of population number to lead continues supported casino underway new Raiders football hotel and in and Our There Vegas this that by and growth. with strong
rates In for six one absorption sustain enabling the this compelling point division of the growing addition, to demand our Company product month. proven highest positioning and at have per community in the price above
premium well With the at above roughly price resale and $XXX,XXX, third the median are $XXX,XXX up sales to base the of new slight a average quarter we sales positioned home of median price below price $XXX,XXX.
of Phoenix robust, net result metro is with the order pace. areas. significant in its in in experiencing this third market increases relative living also lower to more community in major growth economy Demand immigration and is absorption both exceeding as driven strong and with together a other by higher jobs wages quarter Phoenix and XX% of count The is cost
to $XXX,XXX. Similar below base the of fuel price price third $XXX,XXX $XXX,XXX points positioning affordable price with of helping price median the resale new quarter demand median our of the Phoenix both Vegas, average in to and Las is home at
up, execution deliveries. home of customer Before divisions with and greater buyers our high our I venture mortgage I'll Lending. joint is The a JV our moment KBHS, providing with Stearns and predictability service to supporting continuing levels its elevate spend wrap on banking to
In ago quarter. capture year in quarter, rate the deliveries from third advanced the the XX% to XX% of
year. of a year-over-year steadily healthy As the result climbing expectation in growth JV next for in capture and our we execution, fourth our and rate ongoing quarter from anticipate both the profits solid
finish we In our the in a produce margin in for we gross to and including key look are financial strong fourth to XXXX, metrics revenues meaningful closing, quarter. increases year-over-year poised as
our growth to SG&A which openings fourth margin In from year-over-year our addition, result quarter earlier quarter, fourth revenue produce well. the leverage community starting we believe in in we expect with as year, to our this expense operating in will
mark principles profitable and Growth of Returns-Focused Although, focus Plan, will with plan driving we on are our the nearing returns. the ongoing of higher past growth continue an XXXX the three-year
industry-leading billion positioned Looking ahead, next $X.X deliver revenues we community with and of to and count our together billion backlog pace, with $X conditions value in absorption growth healthy greater market year. an are than
higher We as progress on move revenue larger to we look this updating generating base. foresee profitability our we you addition, on In ahead. forward
financial now turn I'll that, the Jeff? Jeff for call review. to over With the
