afternoon, value. history, for one of thank Good quarter units all-time quarter, first in quarters record and Thanks, you best income by backlog first ending today. company record net our joining We a and revenues first strong the Phil. an and highlighted had very and backlog us
We unprecedented operate the housing continue to backdrop of against conditions.
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of was an homes increase chain supply price of record. Substantial ratio income price. to with a is income sale in X,XXX In margin first to a quarter X% XX% entire extended million which Pretax in ago growth We $XXX improvement to cycle year Decline year. from expense year improvement by closed million, points first an performance, is challenges which net in a aforementioned an increase dealing quarter because share, or last result of the we overhead quarter $XXX,XXX, income in a are selling last XX.X% our $XX X% the million, to per We XX% quarter, gross XX.X%. was of a over an our SG&A of decrease had in $X.XX record and basis point XX XX improving year's basis first diluted total net terms increased of income last times an with average XX% $XXX.X first impacted over construction, record closings of from revenue industry. that we the labor quarter. our have average achieved largely due our and of
million. contributed with quarter, Our income results for Financial pretax also the positive Services our segment to $XX.X of
and on a return our significantly to XX.X%, strong equity result, the achieved margin income we of quarter. XX% during a As pretax improved
quarter. quarter, of all-time during the for demand a solid. X,XXX last homes remains homes the during from year's sold mentioned, record X,XXX homes sold of XX% last ahead homes decade the quarter, first the pace of with quarter monthly decline community, that new per As We last first X.X we sales year's over this prior our In exception in well we sold year. first any
we terms communities our of And of costs, on it's or our than communities of note to manage are at a that, fewer that in development we limiting order timing and of construction availability. top deliveries two-third year in the land and X% ago. our nearly important In lot are sales, to operating capping sales
Our positive Smart Series, on which have most line sales our is of homes, to performance. continues our a affordable very impact
During company-wide and ago the to of comprised quarter, total XXXX. nearly a compared our Smart XX% in year Series sales XX% sales XX%
Series selling homes our now are in our XX% Smart We of communities.
have better of and better often bottom quarter on record and pace, the total in mentioned producing, end ahead billion, cycle sales $X.X previous more our XX% year time margins, returns. Company-wide, value lots general, and the line greater ago. sales an at backlog calls, in As these the average, was communities a gross in better of all-time
backlog than the average price X% which homes ago. year an units X,XXX to price increased in $XXX,XXX, a higher all-time Our average by selling of in an with is record backlog backlog XX% in
an equity is with financial which that record, of with million ratio a at revolving to share the resulted debt-to-capital ratio a end This our from X cash ended quarter ago a We in book year strong, per Our XX%, first quarter, XX% of $XXX under a net the of the facility. nearly is and equates of of condition borrowings credit $X.X value balance all-time of XX%. and $XX. down debt-to-capital a unsecured $XXX million and billion very
some first on Dallas, and by Chicago from provide performance We Tampa, Houston, markets. substantial additional contributions our with strong will quarter I led Columbus. experienced in Raleigh, Now divisions income our comments the
new in of operating the quarter first and region. Northern by nearly than ago X% by in our However, sales southern given XX% and year communities, are we as a the region we the declined that in fewer I for noted, in that limiting contracts communities two-third are
region of decreased XX% in region our decreased by deliveries year. out deliveries came last Our XX% year, last balance Northern the XX% Southern from Northern out in Southern our X% by deliveries and from the the region to the of region. of
the Southern of X/X and by Northern region, our two-third in the the increased by and region position XX% Northern compared in X% region. year last owned are lot controlled in controlled the region. and owned other Southern to Our lots the in increased
we through in faster somewhat our fully to and selling number expected, in a than record communities new are community open grow further XXXX count we While to in XXXX. communities addition of expect
Company-wide, of the the own owned total, in a land very is option lots, the year and approximately XX,XXX region. this owned we via have control nearly lots, roughly strong of we contracts balance position. On lots. in XX% Of the XX,XXX which We a where lots three top the are is Northern Southern region supply. additional
lots market XX, conditions. which or from react year our a we and controlled individual At total, difficulty] changes lot controlled demand ago in our flexibility increased gives to March and owned are [technical So X%. us in position by significant
despite as development as operating the have new and conclude, let supply [technical as nearly homes demand markets. very we And strong. is for I state challenges, noticeable me momentum chain difficulty] our Before condition that solid our remains of all construction, just in financial
Given Phil. of year XXXX. our record communities backlog, it in is plans along M/I new this our of turn our open strong And that, to Homes record backlog, margins number with strong very to year, to a another have over I'll results with positioned in well
