Net income decreased to $20.9 million for the three months ended January 31, 2026, down from $28.2 million in the prior year period. Basic earnings per share fell to $2.80 from $3.88, and diluted EPS decreased to $2.62 from $3.58. Total revenues declined by 6.2% to $631.952 million, primarily due to an 11.0% decrease in home sales revenue, despite a 1.6% increase in average home sales price. Homebuilding gross margin percentage significantly decreased to 10.1% from 15.2% in the prior year, mainly due to increased incentives and mortgage interest rate buydowns. Net cash provided by operating activities dramatically improved to $140.9 million, compared to a use of $55.9 million in the prior year period. The company acquired a controlling interest in a previously unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA) on January 1, 2026, resulting in $31.7 million in goodwill and a significant increase in customer deposits. Domestic net contracts increased by 3.1% for the quarter, driven by a strategy focused on sales pace over gross margin. Total liquidity stood at $471.4 million, including $339.9 million in homebuilding cash and cash equivalents and $125.0 million in available borrowing capacity under its senior secured revolving credit facility. The Board authorized an incremental $50.0 million increase to the share repurchase program on February 27, 2026, bringing the total authorization to $67.4 million.