“Still, this land position provides us with sufficient land needed for growth in fiscal year 2024 and beyond and allows us to continue being selective and disciplined in our approach to buying land.”

In context

“uyers who do take a mortgage make higher down payments with an average LTV of 68% in this past quarter. We are also seeing modest improvements in our cycle times of supply chains and labor constraints continue to ease and as we increase production of spec homes. We expect cycle times to continue to improve as we move forward, which should further benefit our already strong cash flows. Turning to land. At the end of our fiscal third quarter, we owned or controlled 70,200 lots, half of which were controlled and the other half owned. Excluding the 7,295 lots committed to home buyers in our backlog, our controlled land represents 56% of total loss. Our lot count is down nearly 15% year-over-year, which reflects our selective approach to buying land and our focus on ROE and capital efficiency. Still, this land position provides us with sufficient land needed for growth in fiscal year 2024 and beyond and allows us to continue being selective and disciplined in our approach to buying land. Since the start of the third quarter, we repurchased $163 million of our common stock bringing our year-to-date repurchase to $265 million at an average price of $68. We have also paid $69 million in dividends year-to-date. We expect buybacks and dividends to remain an important part of our capital allocation priorities well into the future. As a reminder, we have planned for $400 million of share repurchases in fiscal 2023. Assuming we buy back an additional $144 million at the current price in the fourth quarter, which would get us to the $400 million for the year, we will have bought back about 5% of our diluted share count at the beginning of the year. With that, I'll turn it over to Marty. Martin Connor: Thanks, Doug. It was a great quarter. We grew earnings per share by 59% and net”