“As a result, we have reduced our full year delivery guidance by approximately 375 homes to between 11,000 and 11,500.”

In context

“pursuing. Our tax rate in the quarter was 25.4%. We finished the quarter with a net debt to capital ratio of 33.1%, with $535 million in cash and equivalents and with $1.8 billion available under our $1.9 billion revolving bank credit facility. This all provides us with ample flexibility to both grow and return capital to our shareholders. At quarter end, our book value per share was $46.51. Based on the midpoint of our guidance and supported by our solid backlog, we expect this to be approximately $53 per share at fiscal year end. Turning to guidance, we are projecting fiscal year 2022 third quarter deliveries of 2,750 homes, with an average price between $895,000 and $915,000. As Doug mentioned, continued supply chain and labor constraints and municipal delays are impacting production. As a result, we have reduced our full year delivery guidance by approximately 375 homes to between 11,000 and 11,500. But based on the pricing in our backlog, we have increased our projected average delivered price to between $890,000 and $910,000, a $15,000 increase from prior guidance. We expect interest in cost of sales to be approximately 2% in the third quarter and for the full year as we continue to benefit from our reduced leverage. We project third quarter SG&A as a percentage of home sales revenues to be approximately 10.5%. For the full year, we project SG&A as a percentage of home sales revenues to be approximately 10.4%, a modest 10 basis point improvement from our prior guidance. We expect community count to be approximately 325 at the end of the third quarter and 370 by fiscal year end. We have lowered our full year community count projection slightly due to municipal delays and supply chai”