| Schedule of Segment Information |
The following segment information is in thousands:
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
Homebuilding revenue (1):
|
|
|
|
West |
$ |
317,228 |
|
|
$ |
311,804 |
|
Central |
191,870 |
|
|
174,831 |
|
East |
233,466 |
|
|
186,137 |
|
Consolidated total |
$ |
742,564 |
|
|
$ |
672,772 |
|
Homebuilding segment operating income: |
|
|
|
West |
$ |
21,121 |
|
|
$ |
24,012 |
|
Central |
14,267 |
|
|
13,890 |
|
East |
11,359 |
|
|
2,436 |
|
Total homebuilding segment operating income |
46,747 |
|
|
40,338 |
|
Financial services segment profit |
4,220 |
|
|
4,290 |
|
Corporate and unallocated costs (2)
|
(7,272 |
) |
|
(8,517 |
) |
(Loss)/earnings from other unconsolidated entities, net |
(46 |
) |
|
373 |
|
Interest expense |
(136 |
) |
|
(825 |
) |
Other income, net (3)
|
5,371 |
|
|
1,110 |
|
Net earnings before income taxes |
$ |
48,884 |
|
|
$ |
36,769 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below: |
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|
|
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
Land closing revenue: |
|
|
|
West |
$ |
12,455 |
|
|
$ |
11,800 |
|
Central |
125 |
|
|
122 |
|
East |
1,452 |
|
|
233 |
|
Total |
$ |
14,032 |
|
|
$ |
12,155 |
|
|
|
(2) |
Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments. |
|
|
(3) |
For the three months ended March 31, 2018, Other income, net includes a favorable $4.8 million legal settlement from long-standing litigation related to a previous joint venture in Nevada.
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|
| Schedule of Segment Assets |
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|
At March 31, 2018 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
12,528 |
|
|
$ |
17,135 |
|
|
$ |
22,876 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52,539 |
|
Real estate |
|
1,205,253 |
|
|
730,016 |
|
|
867,529 |
|
|
— |
|
|
— |
|
|
2,802,798 |
|
Investments in unconsolidated entities |
|
7,785 |
|
|
7,000 |
|
|
— |
|
|
— |
|
|
1,656 |
|
|
16,441 |
|
Other assets |
|
60,672 |
|
(1) |
97,937 |
|
(2) |
129,879 |
|
(3) |
1,141 |
|
|
165,757 |
|
(4) |
455,386 |
|
Total assets |
|
$ |
1,286,238 |
|
|
$ |
852,088 |
|
|
$ |
1,020,284 |
|
|
$ |
1,141 |
|
|
$ |
167,413 |
|
|
$ |
3,327,164 |
|
|
|
(1) |
Balance consists primarily of cash and property and equipment. |
|
|
(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
|
|
(3) |
Balance consists primarily of real estate not owned, goodwill (see Note 9) and cash. |
|
|
(4) |
Balance consists primarily of cash and our deferred tax asset.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2017 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
15,557 |
|
|
$ |
21,309 |
|
|
$ |
23,079 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,945 |
|
Real estate |
|
1,174,285 |
|
|
700,460 |
|
|
856,635 |
|
|
— |
|
|
— |
|
|
2,731,380 |
|
Investments in unconsolidated entities |
|
7,833 |
|
|
6,999 |
|
|
— |
|
|
— |
|
|
2,236 |
|
|
17,068 |
|
Other assets |
|
58,470 |
|
(1) |
110,173 |
|
(2) |
144,681 |
|
(3) |
1,249 |
|
|
128,292 |
|
(4) |
442,865 |
|
Total assets |
|
$ |
1,256,145 |
|
|
$ |
838,941 |
|
|
$ |
1,024,395 |
|
|
$ |
1,249 |
|
|
$ |
130,528 |
|
|
$ |
3,251,258 |
|
|
|
(1) |
Balance consists primarily of cash and property and equipment. |
|
|
(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
|
|
(3) |
Balance consists primarily of real estate not owned, cash, and goodwill (see Note 9). |
|
|
(4) |
Balance consists primarily of cash and our deferred tax asset. |
|