| Schedule of Segment Information |
The following segment information is in thousands:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Homebuilding revenue (1):
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West |
$ |
366,347 |
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|
$ |
373,708 |
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|
$ |
1,035,222 |
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|
$ |
1,055,086 |
|
Central |
261,636 |
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|
236,884 |
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|
713,612 |
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|
637,394 |
|
East |
256,598 |
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|
195,005 |
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|
755,806 |
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|
587,867 |
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Consolidated total |
$ |
884,581 |
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|
$ |
805,597 |
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|
$ |
2,504,640 |
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|
$ |
2,280,347 |
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Homebuilding segment operating income: |
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West |
$ |
34,671 |
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|
$ |
35,026 |
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|
$ |
88,854 |
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|
$ |
94,169 |
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Central |
24,319 |
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|
26,404 |
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|
64,162 |
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|
63,524 |
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East |
14,682 |
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|
4,954 |
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|
40,605 |
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|
12,675 |
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Total homebuilding segment operating income |
73,672 |
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|
66,384 |
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|
193,621 |
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|
170,368 |
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Financial services segment profit |
6,321 |
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|
5,514 |
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|
16,192 |
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|
15,361 |
|
Corporate and unallocated costs (2)
|
(11,343 |
) |
|
(9,264 |
) |
|
(28,017 |
) |
|
(24,809 |
) |
Earnings/(loss) from other unconsolidated entities, net |
894 |
|
|
(91 |
) |
|
692 |
|
|
852 |
|
Interest expense |
(53 |
) |
|
(1,116 |
) |
|
(233 |
) |
|
(3,561 |
) |
Other income, net (3)
|
1,918 |
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|
2,028 |
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|
9,223 |
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|
5,218 |
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Net earnings before income taxes |
$ |
71,409 |
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|
$ |
63,455 |
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$ |
191,478 |
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$ |
163,429 |
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(1) |
Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below: |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Land closing revenue: |
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|
West |
$ |
268 |
|
|
$ |
— |
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|
$ |
14,658 |
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|
$ |
11,800 |
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Central |
5,328 |
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|
125 |
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|
6,215 |
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|
247 |
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East |
1,251 |
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|
464 |
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|
5,118 |
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|
4,895 |
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Total |
$ |
6,847 |
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|
$ |
589 |
|
|
$ |
25,991 |
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|
$ |
16,942 |
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(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. |
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(3) |
For the nine months ended September 30, 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 September 30, 2018 |
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West |
|
Central |
|
East |
|
Financial Services |
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Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
8,509 |
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|
$ |
15,269 |
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|
$ |
26,115 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
49,893 |
|
Real estate |
|
1,258,824 |
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|
722,418 |
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|
906,051 |
|
|
— |
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|
— |
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|
2,887,293 |
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Investments in unconsolidated entities |
|
8,162 |
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|
6,413 |
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|
— |
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|
— |
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|
1,719 |
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|
16,294 |
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Other assets |
|
68,469 |
|
(1) |
103,369 |
|
(2) |
119,773 |
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(3) |
623 |
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|
202,545 |
|
(4) |
494,779 |
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Total assets |
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$ |
1,343,964 |
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|
$ |
847,469 |
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|
$ |
1,051,939 |
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|
$ |
623 |
|
|
$ |
204,264 |
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|
$ |
3,448,259 |
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(1) |
Balance consists primarily of cash and property and equipment. |
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(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(3) |
Balance consists primarily of real estate not owned, goodwill (see Note 9), property and equipment and cash. |
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(4) |
Balance consists primarily of cash and our deferred tax asset.
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At December 31, 2017 |
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West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
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|
Total |
Deposits on real estate under option or contract |
|
$ |
15,557 |
|
|
$ |
21,309 |
|
|
$ |
23,079 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
59,945 |
|
Real estate |
|
1,174,285 |
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|
700,460 |
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|
856,635 |
|
|
— |
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|
— |
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|
2,731,380 |
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Investments in unconsolidated entities |
|
7,833 |
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|
6,999 |
|
|
— |
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|
— |
|
|
2,236 |
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|
17,068 |
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Other assets |
|
58,470 |
|
(1) |
110,173 |
|
(2) |
144,681 |
|
(3) |
1,249 |
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|
128,292 |
|
(4) |
442,865 |
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Total assets |
|
$ |
1,256,145 |
|
|
$ |
838,941 |
|
|
$ |
1,024,395 |
|
|
$ |
1,249 |
|
|
$ |
130,528 |
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|
$ |
3,251,258 |
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(1) |
Balance consists primarily of cash and property and equipment. |
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(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(3) |
Balance consists primarily of real estate not owned, cash, and goodwill (see Note 9). |
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(4) |
Balance consists primarily of cash and our deferred tax asset. |
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