New orders increased by 3% YoY, driven by a 3% increase in the average number of active communities. This indicates successful expansion and market penetration.

The company continues to primarily acquire finished building lots through LPAs, minimizing financial risk and maximizing inventory turnover. As of March 31, 2024, they controlled 143,200 lots.

The company owned land with a carrying value of approximately $59,000 that we intend to develop into approximately 2,600 finished lots, indicating an increase from the prior period.

Selling, general, and administrative expenses increased by approximately $8.9 million, but remained flat as a percentage of revenue. This indicates effective cost control despite growth initiatives.

Backlog increased by 7% in units and 9% in dollars, demonstrating strong demand and effective sales execution. As of March 31, 2024, backlog was 11,189 units.

Loan closing volume increased by 11% and segment profit increased by 1%, indicating effective management of mortgage banking operations.

The 10-Q states that there have been no material changes to the risk factors as previously disclosed in the annual report. This suggests a stable risk environment, though previously identified risks persist.

The company acknowledges that customer cancellations, driven by factors beyond their control, can impact backlog, highlighting a potential vulnerability.

The company's strategy of acquiring finished lots and focusing on key markets allows them to maintain a leading market position and minimize risk.

The company's lot acquisition strategy is designed to maximize inventory turnover, which enables them to minimize market risk and operate with less capital.

The company repurchased 66,858 shares of common stock for $496.9 million, signaling confidence in their financial position and commitment to shareholder value. $928.9 million remains available under Board approved repurchase authorizations.

Demand for new homes remained solid despite affordability issues driven by high mortgage interest rates and home prices. New home demand continues to be favorably impacted by a limited supply of homes in the resale market.

The company expects to continue to face cost pressures related to building materials, labor, and land costs, which will impact profit margins.