| Schedule of Segment Information |
The following segment information is in thousands:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2019 |
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2018 |
|
2019 |
|
2018 |
Homebuilding revenue (1):
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|
West |
$ |
299,002 |
|
|
$ |
351,647 |
|
|
$ |
571,968 |
|
|
$ |
668,875 |
|
Central |
290,532 |
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|
260,106 |
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|
482,138 |
|
|
451,976 |
|
East |
275,076 |
|
|
265,742 |
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|
518,649 |
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|
499,208 |
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Consolidated total |
$ |
864,610 |
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|
$ |
877,495 |
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|
$ |
1,572,755 |
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|
$ |
1,620,059 |
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Homebuilding segment operating income: |
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West |
$ |
24,074 |
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|
$ |
33,062 |
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|
$ |
42,382 |
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|
$ |
54,183 |
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Central |
28,480 |
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|
25,576 |
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|
40,816 |
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|
39,843 |
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East |
19,216 |
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|
14,564 |
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|
28,909 |
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|
25,923 |
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Total homebuilding segment operating income |
71,770 |
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|
73,202 |
|
|
112,107 |
|
|
119,949 |
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Financial services segment profit |
6,031 |
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|
5,651 |
|
|
10,733 |
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|
9,871 |
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Corporate and unallocated costs (2)
|
(9,298 |
) |
|
(9,402 |
) |
|
(18,928 |
) |
|
(16,674 |
) |
Interest expense |
(3,197 |
) |
|
(44 |
) |
|
(7,282 |
) |
|
(180 |
) |
Other income, net (3)
|
2,368 |
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|
1,778 |
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|
3,414 |
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|
7,103 |
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Net earnings before income taxes |
$ |
67,674 |
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|
$ |
71,185 |
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|
$ |
100,044 |
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|
$ |
120,069 |
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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 June 30, |
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Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Land closing revenue: |
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|
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|
West |
$ |
30 |
|
|
$ |
1,935 |
|
|
$ |
30 |
|
|
$ |
14,390 |
|
Central |
693 |
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|
762 |
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|
693 |
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|
887 |
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East |
834 |
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|
2,415 |
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|
10,329 |
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|
3,867 |
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Total |
$ |
1,557 |
|
|
$ |
5,112 |
|
|
$ |
11,052 |
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|
$ |
19,144 |
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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. |
(3)
For the six months ended June 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 June 30, 2019 |
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West |
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Central |
|
East |
|
Financial Services |
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Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
8,724 |
|
|
$ |
13,383 |
|
|
$ |
24,213 |
|
|
$ |
— |
|
|
$ |
— |
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|
$ |
46,320 |
|
Real estate |
|
1,177,788 |
|
|
698,204 |
|
|
859,891 |
|
|
— |
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|
— |
|
|
2,735,883 |
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Investments in unconsolidated entities |
|
235 |
|
|
6,353 |
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|
— |
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|
— |
|
|
967 |
|
|
7,555 |
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Other assets |
|
58,691 |
|
(1) |
114,132 |
|
(2) |
81,866 |
|
(3) |
708 |
|
|
421,721 |
|
(4) |
677,118 |
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Total assets |
|
$ |
1,245,438 |
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|
$ |
832,072 |
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|
$ |
965,970 |
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|
$ |
708 |
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|
$ |
422,688 |
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|
$ |
3,466,876 |
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(1) |
Balance consists primarily of property and equipment and cash. |
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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 goodwill (see Note 10), prepaid expenses and other assets and property and equipment. |
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(4) |
Balance consists primarily of cash, prepaid expenses and other assets and our deferred tax asset.
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At December 31, 2018 |
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West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
7,514 |
|
|
$ |
13,870 |
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|
$ |
30,026 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
51,410 |
|
Real estate |
|
1,188,975 |
|
|
679,422 |
|
|
874,224 |
|
|
— |
|
|
— |
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|
2,742,621 |
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Investments in unconsolidated entities |
|
8,320 |
|
|
6,396 |
|
|
— |
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|
— |
|
|
2,764 |
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|
17,480 |
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Other assets |
|
51,115 |
|
(1) |
117,150 |
|
(2) |
85,869 |
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(3) |
1,013 |
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|
298,821 |
|
(4) |
553,968 |
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Total assets |
|
$ |
1,255,924 |
|
|
$ |
816,838 |
|
|
$ |
990,119 |
|
|
$ |
1,013 |
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|
$ |
301,585 |
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|
$ |
3,365,479 |
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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 goodwill (see Note 10), cash and property and equipment. |
(4)
Balance consists primarily of cash.
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