“Consistent with normal seasonal patterns, first quarter deliveries are expected to be the low point of the year with deliveries for the full fiscal year weighted to the second half.”

In context

“k credit facility, which has more than four years of duration remaining. In fiscal year 2023, we invested $2.3 billion in land acquisition and land development. We also returned $653 million to shareholders through share repurchases and dividends and reduced our senior debt by $400 million. Over the past two years, we returned $1.3 billion to shareholders by repurchasing 18.9 million shares. Our net debt to capital ratio was 17.7% at fiscal year-end, and we have no significant debt maturities until fiscal 2026. Our balance sheet is in great shape. Turning to our guidance, I'd like to remind you of the usual caveats regarding forward-looking statements. We are projecting first quarter deliveries of approximately 1,800 to 1,900 homes with an average price of between $985,000 and $1,005,000. Consistent with normal seasonal patterns, first quarter deliveries are expected to be the low point of the year with deliveries for the full fiscal year weighted to the second half. For full fiscal year 2024, we are projecting new-home deliveries of between 9,850 and 10,350 homes with an average price between $940,000 and $960,000. We expect our adjusted gross margin in the first quarter of fiscal 2024 to be 28% and for the full year to be approximately 27.9%. The slight decline in our projected gross margin for Q1 from Q4 reflects the impact of the slower sales environment in the second half of fiscal 2022 and the first quarter of fiscal 2023, as more sales from that period will be delivering in Q1 than delivered in Q4. We expect interest in cost of sales to be approximately 1.4% in the first quarter and for the full year. This reflects the continuing benefit of our lower leverage. We project first quarter SG&A as a percentage of home sales revenues to be approximat”