impressive, and were were morning, In third results good a backdrop challenges I global the market the results and pandemic, but quarter Ryan, Thanks, exceptional. given environment, any think our everyone. of
for COVID-XX the As review our color of has practice our providing operations on outlook on level this be a been the quarter, with along I’ll and impact year, had on our any business. high
the in price year and spec revenues third the to sell the increase the than slightly The able X% to close highlight in closings units in the were were came than last $X.X our would as in prior I combination guidance, to $XXX,XXX. X% at X,XXX reflect we quarter higher closing quarter the up period home X% sales for our Looking in revenues homes, to sale average period. we anticipated higher more business, billion. a increase over with for the in
average in sales adult price active higher driven and communities. was prices quarter move-up Our our higher by third within the
XX% third this erosion active-adult. rather last homes. in price. first-time, was included orders move-up our was move-up mix First-time mix increased but the mix, active of XX% and third XX% year pricing sales an to net over XX% These quarter closings was X,XXX down year, XX% last XX% compare to Demographic last quarter, slightly XX% first-time, numbers and from driven than by In which year’s new adult.
for for anticipated over XXX, count incur our quarter. successful last accelerating community X% prior was since we Average were is to which in year. of the openings community was been that quarter had guidance an fourth community average count Our period in than increase the higher the
activity volumes consistent and sales at relatively were during months. across demand three the our all quarter, Looking
some September action customer taken our with majority took the projected were Those toward cost environment by manage to of a our impacted were of inflation. orders However, pace. of actions risk divisions the and input meeting sign our production properly reducing expectations view manage of modestly level the to fact
absolute strength each the of In pleased across groups. extremely and buyer the addition to by we demand the in orders, are increase
active XXXX adult quarter increased XX% the were increased to XX% For orders up homes orders to X,XXX and X,XXX homes. XX% orders Move-up to homes. first-time
Ryan we’ve past our were As in quarter highest active reported the any for mentioned, adult the decade. orders
and was trend. cancellation XX% quarter rate of up much more XX%, consistent historic rate down from last recent was third it year’s our second with quarter Our and XX%,
orders, the quarter. As rate cancellation with the stable our was over
third year. last up over Given homes the backlog. in we XX% in period, is with quarter XX,XXX the order the activity ended outstanding This
than more XX is is value We of quarter our significant backlog total and ending more under specs. under ended value the up the Our years. billion, a homes XX% even were currently X,XXX $X.X XX,XXX to construction. highest construction, in with Of XX% homes backlog or at
from over increase homes year coupled the intent with robust starts and due Our in our fourth part we’ve pause quarter, at place and end in spec on our deliver focus homes X,XXX to remains outset expect is certainly of of months. from quarter, the in XX,XXX X,XXX the Based under between inventory our the in put second quarter. and time pandemic, and down down the to near backlog sequentially inventory of of It to is starts delivering the spec the in on the demand sold spec last we homes. at experienced term last large construction rebuild the the level our we several
of range XX,XXX outlook deliveries year a full strength improved of quarter of for deliveries, third with coupled increased deliveries, guidance to the homes. our As fourth the to has quarter a also XX,XXX for result our
$XXX,XXX. we Given the on average homes $XXX,XXX in range price fourth price of quarter to the be $XXX,XXX average to of selling sales closings backlog, expect the in
can in ultimately always, the the As we price in the deliveries sales quarter. influence average final realized mix
basis third last XXX Moving adjusted down second year. the over that year’s XX sequential the from to quarter This of basis income of and is margin pleased increase of this extremely margin gain gross statement, quarter gross XX.X%. points are report we the points an our was
quarter, the and benefit this XX year. environment, decreased allowed the to from year many and/or demand of from discount quarter to raise to points the points of basis sales from in strong has last continue In X.X% basis second us our prices lower fell XX margins incentives Our which markets.
we As expense believe in which will be begin to of and margin the higher over was year. in a dollar expect a closings XX.X% position margins fourth the QX. year at On of but lumber with the basis, realized impact the feeling quarter $XXX SG&A Ryan million, the gross third current in future in last comparable to was consistent mentioned levels balance maintain gross quarter costs, our materially we’re the to
as in able of home increase X.X%. percentage closings to basis by the Given improve revenues, were we expense XXXX to revenues a SG&A points and XX sale
furloughed. we the year to by nearly to sales the reinstated in third Given full COVID-XX. actions, the the part to XX.X% being have year SG&A of leverage Based basis. and our of to all overhead be QX results, expected the lower range percentage for time took quarter expectations response quarter we on earlier indicates we our at expect our are the overhead we Gains the leverage results adjusted in the rebound to fourth now XX.X%, XXXX expenses in we driven be in activity a actions with in is those in in consistent on and which quarter took employees compared to
We proper our staffing construction services to sales, rehire within have levels also and begun operations. maintain personnel financial to selectively
While the for new rehired assumed we associated personnel we SG&A or XXXX. furloughed our had employees included cost when always guidance in also retained, been with have
to over Financial Services. Moving
to Third the $XX million. quarter prior effectively pre-tax doubled income over year
in the case for margin favorable higher capture quarters, growth a two in the increase our and has been rates. volumes resulting higher environment, prior reflects profitability operations loan homebuilding As the from
XX% capture for compared last quarter XX% with the Our rate mortgage was third year.
rate Looking our million. effective XX.X% which taxes, for tax the This of down tax is an year. represents effective last expense rate quarter was at $XX from tax XX%, an income third of
last than Our period. rate the lower credits current was of because tax energy quarter in year, recognized the for
per comments rate Going tax million forward, differences, be the income statement, permanent approximately third my to we $XXX on tax any discrete the energy reported continue expect XX%, that credits $X.XX our to arise. quarter income was excluding our for like or may net the share. Completing
income adjusted or the to net our the benefit share. income $XXX related was tax per Excluding energy million $X.XX credit,
with $XXX Our net prior-year or $X.XX million net sheet. share million Switching an per the income income for of $X.XX to the third or quarter $XXX share. was per balance adjusted
cash of debt-to-capital us from our to a a ratio resulting basis, of and with and performance capital billion to $X.X net X.X%. financial flows, down of was at strong XX.X% the On XXXX. debt Our allowed gross quarter end the cash end ratio XX.X%
we and development assess we business trends spend more third comfortable for quarter discussed, the land previously activities our slowed with As we our impact investment of COVID-XX, in in long-term demand, increased second the $XXX and quarter the become as million. the acquisition housing to
XX% our we these $X.X under that Some of this investment achieve option to as represents having as via spend that had been XX% ended delayed, lots pleased lots continue land but to in Ryan our we goal of we also that make we’ll invest mentioned, of XXX,XXX controlled XX% are extremely remain and report progress control, with quarter development acquisition under in toward We are the total confident of billion to and owned plans our lots option. XXXX.
to call the turn back now Ryan. me Let
