“We project first quarter SG&A as a percentage of home sales revenues to be approximately 12.4% versus 12.1% one year ago.”

In context

“int 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 approximately 12.4% versus 12.1% one year ago. Included in first-quarter SG&A is about $12 million of our annual accelerated stock-compensation expense that should not recur in the remainder of the year's quarters. For the full year, we project SG&A as a percentage of home sales revenues to be approximately 9.9%. The year-over-year projected increases in SG&A margin is due primarily to the impacts of lower revenue leverage, community count growth, and cost inflation. We continue to focus on cost control and operating efficiencies. We've made a lot of progress, but we are not done and are working to achieve additional cost savings in fiscal 2023 and beyond. Other income, income from unconsolidated entities, and land sales gross profit is expected to be a loss of $10 million in the first quarter, but a gain of $125 million for the full”