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By this, I mean further reducing low-margin resale revenue and driving a higher level of services, including those directly associated with AI and automation. Our results continue to be impacted by the year-to-year decline of resale revenues, which was 90 basis points of the 4.5% Our financial focus is on improving the business mix.
This is roughly half of the amount invested in 2021 and highlights the reduced risk appetite for early stage privatecompanies. According to Pilot, an outsourced bookkeeping, CFO and tax services firm that works with thousands of startups, 57% of VC-backed startups have less than 18 months of runway.
Our consolidated pre-tax income was $1.2 billion, with a pre-tax profit margin of 16.1%. Jessica Hansen -- Vice President, Investor Relations Forestar, our majority-owned residential lot development company, reported revenues of $306 million for the first quarter on 3,150 lots sold, with pre-tax income of $51 million.
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