Thanks, Allan.
the metrics third prior of some at our from the Looking key year. compared quarter to
was community per sales per month. pace Our X.X sales
quarter, cancellation within this to an our our in saw we XX%, the uptick average. During although historical rate remained well
basis XXX margin, gross interest, Our and excluding abandonments was XX.X% impairment amortized up points.
was about tax an expense reflecting tax effective quarterly energy of $XX with XX.X%, rate the benefit million Our tax credits. efficiency of
basis, offset yielding tax on substantially our all our to reminder This cash nearly up $X.XX net in deferred of a earnings, per of a tax approximately led continuing expenses. million from share operations, XX%. $XX assets As income
backlog difficult. gives us good visibility fourth our is estimating While into very results, quarter financial sales
cancellations, estimate a XX the sales just to below month best community with what X.X decade, seen ranging the on per community higher on days, from sales count past growth XXX. sluggish X. average about below will and paces Over fourth X historical quarter our be our we’ve sales per we’ve Based an range, to over X.X past generated close
fourth conversion for the our financial first range, the around the In in reflecting up terms last quarter quarter, represent fiscal that closings experienced X,XXX of a in ratio. would the conversion fourth our since time from to XXXX be XX% we This results should improvement backlog X,XXX XX% year. of
And same approximately be While credits. over we labor period tax total XX%. year-over-year $XXX,XXX, XXX continue be as sales around material be Gross points threes up and to confidence stabilized availability should should home amortized Average be tax a XX% price the its and SG&A this should the margins of should slight should up basis year. reflecting versus percentage somewhat XX%. building challenges, conditions of percentage our revenue experience have given around interest as revenue expected in be pickup. in rate low a last approximately
Our expectations reflect successful balanced XXXX fiscal strategy. for of continued execution our the growth
a previously and $X.XX, be approximately returns. XX%. with drive in share. debt-to-EBITDA leverage, up return returns to we’re net equity per in approximately per faster now XX%, tax more of net credits debt to leverage XXs. earnings on rate and $X.XX than profitability We than of efficiency expect better grow above and As energy both to share the at going Inclusive improvements net drive disclosed This revenue, reduced capitalization twos in will low
Given priorities. schedule liquidity a the significant have we consider position land over we as last now to our and efforts enable our capital allocation decade, flexibility maturity
spend. we think have we objectives Specifically, and about future three our primary
future growth. enable land First, to allocate to we capital spend to want
to Second, a our each book And relation we coming we’re priorities we finally, thinking continue of want reduce to on I’d in to per elaborate capitalization. net to drive the net how debt value to these like higher year. about share. to want
the As past a our able the business increasing sustain been the percentage two grow by lot with driving option total focus without grow our our own we’ve and position of builders, to allocation home lots. most capital land is to over primary higher years, rapidly
encounter a favorable deal more and environment, more the prices we to land quarters both structures As ahead. sales challenging become expect in we
pending rates land reunderwrite the began rising all spring, we the fact, as took In opportunity to transactions.
dramatically our the net Today, takedowns stage, more we for walked Based over book share, have still book growth items we assets, successfully While not of per from years. annual we’ve grown are of purchase quality value of of It’s the non-earning than per a book at on was at third but has future these these comprised small value. primarily restructured represent quarter away our development have deals. our a land also In book seven worth. that fraction past, grown compounded the results, are of XX% value worth early already efforts dramatically number and prices, deferred only specifically asset. an tax our value the time health over our noting our last improved reduced a share rate
consider discount option our further repurchasing book. to look to a we growth, we per share is at As stock healthy drive book value one will
a under currently reminder, previously approved our As capacity million we of $XX buyback. have share
namely any Of course, capital leverage. continuing to allocation reduce will consider final priority our buyback also our
dollar at With billion additional that over primarily and the debt almost matching his time, through any maturities interest I’ll our last net XX earnings year, reduced expect call net by debt our years, to capitalization have Over significantly $X out with retired retained complex, of $XXX our below repurchases. reduced seven end note we net to the termed debt points. further the our the cash of to debt eliminated the we million near-term cap we for now reductions At we expense. After same debt debt conclusion. total and share have to get Allan and net this value over of time, buyback turn nearly
