and Ryan, morning. good Thanks,
well realize first of the prior revenues the the Ryan operating performance In reported have of increase financial to the over quarter. XX% delivered XXXX. first in throughout represents we home an As billion, which results sale quarter, company noted, and $X.X exceptional year's outstanding us financial which quarter, positioned
Southeast the with X,XXX markets, increases sales of more X% in the $XXX,XXX. markets. an increase mix average by homes, period closings in Higher revenues lower to compared in relatively geographic to a partially homes and were price by the closed shift from Florida realized offset with we modest higher-priced first XX% year a closing reflects Western in in quarter of as last decrease our prices closing our The higher driven
came quarter in the buyer period. as the meet in guide the spec available we had experienced inventory to demand in our we strong Closings above
As quarter, year's close inventory margins better by to improving we had to choosing highlighted, activity the we last demand Ryan with and in QX fourth able additional volume sell not the that in in chase quarter. were to due buyer
predominantly production first-time spec is Our buyer within communities. our
realized we on closings a from basis, So year-over-year first-time increased buyers.
XX% and XX% active move-up, XX% adult. closings of XX% year, our first move-up, quarter, the closing first the of of XX% mix and time, quarter mix time, In last first included the adult. In XX% active consisted
a from favorable starting in new increase first to orders down last X,XXX the experienced over demand backlog we quarter, reduction quarter, conditions year the to quarter Reflecting a and net in first gross last we percentage XX.X%, XX% rates. the fell realized the orders In of Cancellations XX.X% cancellation a in year-over-year homes. in as increased year.
XXX, of the per to of our Average of for community the X impacted count of our prior period, 'XX our excluding the years line first 'XX. quarter an X% over which was and homes community with in year for approximately is the for guidance quarter and X% count above growth year-over-year X%. increase for resulting pace average The was pandemic absorption historic month
market. I higher among of weighted in sign market XX%. were move-up increased which specifically, was the groups, conditions also across is the move-up. and towards all Consistent in the another strength buyer to influenced XX%, net comments, buyers increased is would like quarter of new adult improving heavily highlight overall buyers increased X%, among move-up first-time increase by orders More the that our earlier mix where large the active with business in more orders much orders West
XX,XXX backlog with billion. our a spring value of selling this to Given to homes start increased strong our season, quarter-end $X.X
approximately homes with total started ended in quarter the We and the homes under XX,XXX construction. X,XXX of a period
XX% or Our completed. production pipeline X,XXX which are of includes spec homes, approximately X,XXX
just target the season. We carrying of the buyers' and are X right spec our in strategy finished fact but per that a given finished still is preferences more community, believe above selling active spring more are the we specs few operating
guide closings and our homes. goal growing start long-term have we the XX,XXX expect in close second both of X% under the represent are units XXXX, over closings, approximately production, and stage quarters closing of which increase Given the X,XXX XX% full between their to X% This homes to we of in year quarter. is between an strong our construction a volume would and X,XXX annually. raising for higher end year our the to at and we With
spec in average by in of of pricing for to slightly volume guide, the the an with $XXX,XXX, $XXX,XXX. to our closing, was homes below of mix closed our first the was along Relative the which quarter higher a quarter sales price had in Closings guidance $XXX,XXX influenced period. geographic pricing of
mix with our year, quarter through of guide consistent the move remainder the will each we of in homes the As expect $XXX,XXX. ASPs result closed to in we $XXX,XXX of prior
For sequential guide. notably a was 'XX. fourth the than quarter our the XX which gain XX a we quarter increase At the XX.X%, and points our XX.X%, of first of of gross margin points is 'XX basis quarter, an quarter basis margin higher first from gross also of reported first over of
year. more allowed as managing advanced, QX the Beyond the in homes increased Ryan's sell quarter. On impact markets returns be and the comments period our Florida, us mix forecasted. would in to of margins. achieving reported of the we and both backlog, demand balanced the for had a of were and Higher in sign-ups pace we composition quarter meaningful by basis, geographic actively closings reported closings Based a close expect on that high gross to the more the quarter our the price, an of through in than higher-margin our and as which in relative margins on the QX these mix move increase Southeast remainder in occurred more resulting we
current but guide raising remainder margins margin had approximately approximately we're quarters homes in to second third That and said, quarterly margins have we backlog, our the gross XX.X%. to gross of XX%, we XX% be of but previously XX.X%, fourth gross We and on to be expect gross quarter still expect being margins 'XX. close. we in guided sell Based the to to the now for
over report. the results will ultimately conditions we coming demand So the months impact
we buyer mix to guide pricing margin the the homes gross expect expected the close. demand reflects in changes also geographic of of and dynamics, 'XX near-term for Beyond remainder
closing the pricing sign-up over markets trends, have a adjusted more fact which margin of in lower course sales in profile due 'XX currently achieve that West our appropriate relative homes the anticipate recent paces. we region, Given we these to to
SG&A in the costs. revenues. X.X% was Looking sale million first quarter our home at or of Reported $XXX
to Consistent revenues. for our million guidance, in we includes the realize we X.X% sale overhead to first SG&A home in of expense be for benefit. normal insurance press with year pretax quarter continue or the previous period noted expect million was range expect our in SG&A revenues. release, increased As move X.X% of reported of $XX our year. leverage Based to sale as the $XXX the 'XX home SG&A full X.X% seasonality, a of the the of through remaining quarters to we on
XX%, a all driven operations. XX% income our increase Financial of increase in Services $XX Financial $XX for first Our rates almost income year, mortgage income last from platform. increase to an an across the last pretax is of million million. of from reported The Services by QX lines, better Financial higher operations pretax including business conditions XXX% across market also which in Services our from was pretax quarter, capture benefited year's up
from release, in On venture recorded this a quarter, that first gain of noted was the in resulted press of joint the income gain sale unconsolidated a morning's in million. completed our we income statement, $XX As entities. equity this in
represents tax pretax quarter expense last income of an million, first record rate XX.X%. which $XXX over $XXX year. was Against we effective period of of recorded of reported Our XX% million, that, a of increase tax an
Our deductions by rate was credits tax stock the reported period. tax recorded QX compensation in energy impacted and
the of to be the XX.X%. For XX% our the year, balance in to range expect of tax rate we to continue
compared of prior was benefited year our $X.XX prior reported In with per with net our our share, as income the from or QX count recent share. $XXX share net per reported Earnings million to million stock. year per repurchase or systematically reduction in $X.XX we income most a total, $XXX X% continue in compared share quarter
in statement, we $X.X approximately first development activity, billion our was with land for land and our our land the in the of development past the XX% Consistent income existing recent spend quarter. land quarter acquisition in assets. Moving invested the
continue for Our the development, land for track will to QX keeps of land which expect to the development be land on with $X new plan full the spend acquisition invest of positions. us about our we for and year, billion acquisition approximately with remainder in XX%
which with of lots We held decisions quarter in positions combinations XX% approved of the control, in move the lot end option. under option were XXX,XXX approximately large ended the XXXX. with of with the purchase recent that were highlight, option percentage during of via however, land to our we I quarter transactions lowered forward The most have this several option. XX% from would quarter lots not under
the As first our work key, pipeline of multiyear controlling toward numbers quarter of via our continue goal in we XX% our to options. land
an a purchased billion million million shareholders. $XXX.XX approximately in In quarter $X.X million bonds. we we over cost or to shares price of each we approximately in outstanding we In the per we return prior billion count comparable expect also business, X% common XXXX $XXX return of opportunistically with the continue quarter, $XX in After period. cash. to Looking X.X community share. $X.X the increase quarter with our in funds at first our to of quarter, investment to average repurchased average to the shareholders, community of continue Along to ended year investing at of count, capital X% to allocating our the
into this was of net debt-to-capital X.X%. ratio debt-to-capital only quarter-end all XX.X%, Taking our account, gross our was ratio while
the back Ryan final Now call comments. let turn for me some to
