Revenue and Margin Performance
Revenues reached $818 million, surpassing the midpoint of guidance. Adjusted gross margin came in at 16.3%, near the high end of guidance.
Adjusted EBITDA Exceeds Expectations
Adjusted EBITDA for the quarter was $89 million, exceeding the guidance range.
Strong Community Growth
Ended the quarter with 156 communities open for sale, reflecting steady growth and focus on expanding the top line.
Successful Debt Refinancing
For the first time since 2008, all debt except for revolving credit facility is now unsecured, strengthening the balance sheet and providing greater financial flexibility.
Positive Traffic Trends
Traffic per community increased significantly in three of four months compared to last year, highlighting a positive trend in buyer interest.