Phillippe. you, Thank
Slide eight and financial QX more results in turn to our detail. Let's cover
year-over-year As partially of revenue ASPs. in closing, a Phillippe the closing growth increase home was impact net in in by quarter decline X% first the XX% noted, offset the XX%
And price some rising today's are weather immune to a least well improvement they reflects the due despite our sustain we're commodity still on strong higher XXX homes, documented some related overhead mix additional of While future to to It's revenue pricing all pandemic costs affordable material greater margins predictable quarter, XXX of this over favorable ASPs X.X% certain These increases anticipate a costs and year-over-year XX-plus construction phenomenon, in us entry SG&A bps high in commodity expect we believe limited price XXXX our delays. average also of revenue business. we of in impacting the demand. in operations. closing that advantages the incremental The was level disruptions, in prices for to from allows to SKU due the environment. as closing in include increases. cadence these improvements manage percentage year lumber related comp current to to do XX% some home particularly resulted savings a our higher in record mainly efficiencies increase can next us higher environment and the streamline prior growth degree. a well These year. constrained our over allowed revenue prior other from costs continuing while will better we from margin and chain to in new marketing mitigated incremental XX gained elevated SG&A that and from leverage several as we the XXXX in well achieved construction volume certainly sales first result been SG&A materials bps are dollars quarters but to as to the homebuilding The as industry ongoing not drive XX% supply This years. leverage quarter XX.X% to the of channel, and months improvement events SG&A. gross shortages additional as and ASPs revenue some ago, closing closing beyond believe home at to XXXX an increased from generally technologies, We communities
credit. balancing improved with XX.X% to year eligible in XXL leverage achieved the years energy the the effective credit SG&A operations retroactive quarter quarter produced quarter and efficient in XX.X% volumes reduced price year-over-year tax more some and both in diluted XX% rates reflect from provision XXXX first the to XXXX while tax EPS production. first and a pace was Overall, and pickups in compared increase income under rate margins, The This higher prior orders $X.XX. XXXX our first expanded with an streamlined we increases XXXX, of closing energy
Moving on to nine. Slide
annual our senior Late redemption of April XX, proceeds we 'XX for Our date new notice balance $XXX notes million this in a due senior with objectives of to will extinguishment continue early early for of quarter quarter, X% issued We The achieved on XXXX. the forward the in of outstanding issuance partially we X.XXX% repurchased XX. result due the even million remains $XX.X goal. of million March the notes in employee XXXX, issued the redemption year. approximately we of debt $XXX second of community principal grant. of charges XXXX $XXX $X.X of several in the On the We notes million XX, shares strong, priced redemption XXX as We count XXXX. this quarter. total sheet on approximately a XXX,XXX million offset our in received of in pushing all April to in net
upgrade We an also received this past S&P credit February. rating
credit agency upgrade third the rating The two quarters. in last
agencies. compared We our at three March and of primarily December rating optimal XX, investment-grade are greater to one as was all repurchases. million share balance cash from land XXXX, spend result now a million At $XXX XX, XXXX, $XXX
net remained Our XX.X%. at low debt-to-cap
we high We line net have which and quick previously the in low turn noted the entry-level is set our with target asset range, from maximum first that offering. move-up in have debt-to-cap XXs XXs,
years Our the the several next priorities remains for same.
new cash our use to of to land repurchase dilution We spend and the brands continue they the routinely ground. opportunistically for growth repurchase shares strategy shares. to expect plan get our keep to We our into specs bulk and and neutral to incremental on to offset
XX% based closing, our market Slide with with look line from March to March work under up on a opened goal lots space, total drive However, supply we majority increased to good absorption by closed achieve we lots under we X-year at in XXXX, by XX-month community more land XX, progress this of Despite the We're and target On to comp growth, profitability our lots back year control, and XXXX. XX, XX,XXX of year. our track volume our of lots approximately had returns in share. We QX XX,XXX to than supply remain gain XX. over on control. we to put making book long-term the achieving of XXX to trailing X accelerated X.X On mid-XXXX. communities
we're the quarter, of nearly development As the XXX acquisition our this land necessary control spent land year's XX% We spend. land currently for last increase already on all the through quarters. QX or for million communities, working development own next $XXX a five of we and the from
underwriting our than replenish annually be communities. sustain XXXX in XXX to demand expect more $X.X our than today. and our the to from land we the recognize to double land secured of and We refill price land our beyond able We've first We quarter billion net without of more exist compromising additional for in volume standards. new been same spend quarter pipeline all XXXX. loss builders and In the XXXX, our appreciation X,XXX land
communities, count XXXX entry-level homes XXXX, the community new lot, XX of sizes from first land preserve To XX% XX% and enables associated improvement the options inventory owned XX% cost stagger size total affordable owned purchasing to a with entry-level the some financially the where terms while minimizing March translated leverage product, first slight to competition lots. for larger lot XXX XX, of using and lot the XX% of About higher level future. community us liquidity, Acquisition XX% lot on approximately pace prior limits optioned. quarter or optioned, XXXX, which XX% community. was in we're the to the quarter the compared overhead of was loss is orders average reduce inefficiencies in of and churn out year's up opening, were of of and XXX was to feasible. maintain contracted lots, focus the per new our a of net large at community the for average including our count Our address about size are to To
months driving which increase by just at stronger allowed ago. beyond we where Finally, I'll pricing average, three margin The us has to gross up XX. environment direct expectations has pricing year-over-year least you to they were Slide XX% anticipated, on our been than
higher costs. these ASPs offsetting increased commodity With
we range now and diluted tax the supply billion, sequentially in billion total projecting margin closing XX For of XX in up At our communities communities channel of from to between line be revenues approximately open XX% slightly XXX were the XX% about the home and we XX,XXX units. of expected XX% time XX,XXX XX, XXXX, to effective XXXX. full first EPS had up at on our year. rate and are $XX.XX. closing year of of but active $XX.XX up we openings, March in $X.XX the closing communities with Home XXXX, down XXX XX, to to $X.XX gross prior weather Despite and guidance December XXX general in quarter able from flowing, XXXX, from and
QX communities year approximately XXX to comp and increase community December pipeline continue see by We current XX% an strong openings, for given the today. XX, community expect for in anticipate about this of to level from we our our XXXX,
As $X.X are to approximately total projecting of turn to margin gross between to closing billion that, for range XX% home to $X.XX I'll in $X.X revenue over be of QX EPS and closing $X.XX. back of Phillippe. the diluted X,XXX X,XXX it home closing With we billion, XXXX, units, and
