good everyone. morning and Ryan Thanks
us buyers of it's our begin ultimately Corona let we decision that the to results time to review for GDP on not at dramatic and we have is will any withdrawn consumer respond my guidance which new forecast result markets this impact our by that driven guidance this impossible previous conditions relating was starting be how will when has and XXXX me Before confidence improve. and had to virus reiterate the providing unemployment,
time We ability but to the this are too there's optimistic provide demand uncertainty at us for meaningful that guidance. buyer much has to rebound
operate to not the in results usual market statements the first As detail. couple change dynamics going a indicated quarter will high level to on dramatic walk business discuss conditions, I'm overall demand in I given over QX Ryan and through our however next quarters. of the
offset mix at partially product in a and to in sales X% for homes income home in in a was to the driven sales first by price revenues statement, increased XX% quarter in the driven the closings Higher The XXXX period changes primarily increase the homes, sale decrease average decrease revenues by Looking quarter for the billion. by in average XX% $X.X $XXX,XXX. price closed. geographic of were
business Product first-time increased the up to our XX% last mix continues closings quarter, in our XX% benefit from of to of expansion year. from the which
XX% of In XX% and were closings active closings prior XX% came the up were move adult. remaining of buyers the up addition, our buyers. XX% from adult came active year move and In from
one goal our about of At of XX% having our third first-time business. we of stated represent closings, achieved have
Given first-time to that the fact strongest our slowdown. experiencing the prior the demand investment was in it growing and
First business the forward. in percentage our going overall time slightly increase could of
homes which first to first-time X,XXX up orders orders in part up Driven noted, the over were is XX% XX% and the up XX% year. quarter was group X,XXX homes. Ryan backlog we buyer with active X% quarter quarter XX,XXX last to As adult to ended By first [X,XXX] were of at the homes homes. for in
homes of represented XX% as under the It which past and entirely last to with at holding curtailed already can had foundation order only Given an QX driven Consistent XX% quarters, dried we pause if year. new of an needed. opportunities represents the strong homes spec several construction this spec increase base the units and we [indiscernible] units by production time with rates hold construction. unit would efficiently construction on homes identifying was over over Ryan's are XX,XXX under sold ended production. safely we Ideally, starts in spec in for the stage they being comments entail but after are the and
of state on guidance the share are information expected we regard quarterly backlog While construction think current useful to results it's providing not or in our to and performance annual I operations.
from only you XXX First coronavirus. to-date even anxious the cancellations with size in experiences as to safety minimal week the cancel to-date loss and results Through would represents seeing on relative close numbers by backlog it's our backlog new buyers home backlog. of to wanted our job expect first most units driven willing are our buyers [indiscernible] which and that had X% clear homes have to Based their of the we home. we've of of get into are the these
We Second, trades our with remain and in activities guidelines. rules to and our to want we work compliance are close coordinate safety work. in ensure trades communication with all operating
any We and our analysis intelligently to production and that have cadence of conducted had supply an in had communication efficiency. chain and to supply that we As disruption critical having third, production the are materials fortunate ongoing base start U.S.-China the also we XXXX. And we is timeline chain. tariff with manage maintaining the adjust issues to proactively The and trade from adjusting initial to were components in response to extensive China. in our recently challenge is
however, of at state very plants keep The municipal in result recently typically made or plants less to we chain home. supply the as adjustments inventory dealing closures have U.S.-based so are with to the of a quickly. More have be U.S. people restrictions
and as mechanicals supplier. when products For product upgrade plumbing, like difficult much and HVAC, electrical delay to It's more manufactured by can usually and the swap countertops or commodities comparable may such match. we identify working instances are In styles days involves cabinets, and extra we have we an suitable to customers until product can these to available. becomes colors identify with or our be to difficult required simply where the wait alternatives another appliances
across homes. delays call impacted delays they cause may market within As completing enterprise community but or are a of disruptive relatively can today's specific the minor and and be
year gross quarter basis with guidance for not exceeded the XX from the my the Continuing points sequentially points of results, was quarter our year and XX.X% last basis first XXXX. over margin margin for our is last only XX review which of the but up quarter period. fourth up Gross
XX housing the capture improved the benefits points of closed decreased strength X.X% the to of resulting homes XXXX. in points quarter. pricing fourth mix the from opportunities of demand the year and margin as is prior to quarter basis our addition to reflects of gross In incentives incremental from and from first quarter our basis ability down This last XX
to the Broadly, job half the issues. we these generally not fear, would today that you does relate solve prices been simply have the loss tell holding. Unlike back your home, of inability issues or [indiscernible] to leave price affordability
market. us we in in a the the country market. are also new but number on competitive is and to low rising of we in from markets That [indiscernible] inventory lead spectrum will the benefiting pace build-up which over a being industry's inventory existing in of pipeline cancellations production and and Price levels the resulting across need continue often selling homes price home to are said be solve
quarter which in or last was Our is the year home by in a home volume This quarter. first sale The SG&A million $XXX of quarter growth of sale points or than driven first was million realized the revenues. XX% XX.X% lower the basis leverage improvement of expenses overhead revenues. in SG&A XXX the expenses $XXX in
to witnessed demand make across given in home Planning addition cost adjustments needed operations. discussed, recognize order result the layoffs furloughs in the that reductions will already right-size general ongoing buyer organization. process and will in Ryan is need we other that in to we our As our erosion country to in to
our for statement. income line will you on, in goodwill see first quarter Moving impairment a
the construction the valuations, $XX market with the goodwill test that companies a the specific traded the significant decline result associated rather totaling impairment January any publicly was determined we reflects driven during on period. event an an to of equity ICG ICG's in not impairment million. declines operations acquisition resulted our This was market impairment XXXX of appropriate. Given test in but This factors capitalizations broad-based of in
production. closing Having such now excited we're the since worked we for offsite with ICG opportunities the about see more even
in markets objectively as goodwill recent Of don't data our evaluate recoverability verifiable market we weeks. but know simply the guidelines been under have and course accounting of on equity in stress based excitement the all factor
operations, generated operations over consistent our an in XX% $XX Looking margin with of increase our reflects services income home-building pre-tax buyers as prior of income at financial higher pre-tax well the loan million, business environment, of income rate. year's This higher as growth improved $XX year higher tax million. pre-tax an
year. Mortgage XX% from the increased to quarter capture rate XX% last in
have by note income the that financial in value includes caused I for rights COVID-XX, services market mortgage the in quarter write national first the servicing our did we this reported given mortgage the to down adjustment. of quarter, would disruptions pre-tax
$XX our of on $XX comments effective XX% effective million our my income quarter tax last XX.X% first tax million expense with an rate income year. statement, of Completing rate or was tax for an compared
guidance Our lower for year the than and last benefits our compensation. effective as recent recorded equity quarter was to related we tax rate
In summary $X.XX net share net million share. is which our increase from or was $X.XX income prior first per $XXX of million an income or for $XXX the quarter per year
of and $X.X billion cash our uses billion to up which ended now from cash is quarter discussion with in of of capital XXXX. sheet, Turning balance the at flows we the end $X.X
Our position in our from draw facility our increased credit cash reflects decision primarily revolving March. million to $XXX
global demand caution. an trends decline in Given and drew of the abundance the dramatic facility future of our conditions we economic in on uncertainty
next few be which approximately in it's The interest through is months. we insurance dollars the so month incremental net interest expense per expense related low-cost borrowings to a reflected million these move will as
current fourth working adjust million we development. $XXX decrease lowest a to the as work quarter the the in match environment. are as in is acquisition On acquisition quickly the we to million of to our basis land to sequential quarter will this and decline invested a and likely $XXX In quarterly million, $XXX first land investment operating spend further spend amounted Land purchases. land future XXXX since from only we defer quarter
repurchased common In shares average million million X.X share. per the quarter $XX.XX first we for $XX of on price
At our conditions during we repurchase our business to have capital. this consistent we stop month repurchases suspended conserving March, time with activities. on elected of As focus share eroded this
entered of this conclusion, we in strength. In of uncertainty position economic a period
we unprecedented efficient and our contraction be have to period Our confident the to to economic other side. in loss and job maintain and the profitable of but highly home I'm exit building a operations successfully operating We're ample proven through liquidity. manage ability and in turmoil
Let me comments. turn Ryan Ryan? the call for final back to some
