Annual report pursuant to Section 13 and 15(d)

OPERATING AND REPORTING SEGMENTS (Tables)

v3.25.0.1
OPERATING AND REPORTING SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables provide financial information about our reportable segments and Corporate and other categories (in thousands):
  Year Ended December 31, 2024
  West Central East Total
Home closing revenue $ 2,223,876 $ 1,739,553  $ 2,378,117  $ 6,341,546 
Land closing revenue —  6,017  16,309  22,326 
Total closing revenue 2,223,876  1,745,570  2,394,426  6,363,872 
Cost of home closings 1,715,856  1,283,014  1,762,833  4,761,703 
Cost of land closings —  4,149  14,160  18,309 
Total cost of closings 1,715,856  1,287,163  1,776,993  4,780,012 
Home closing gross profit 508,020  456,539  615,284  1,579,843 
Land closing gross profit —  1,868  2,149  4,017 
Total closing gross profit 508,020  458,407  617,433  1,583,860 
Home closing gross margin 22.8% 26.2% 25.9% 24.9%
Commissions and other sales costs 123,393  127,293  158,383  409,069 
General and administrative expenses 52,837  43,921  67,435  164,193 
Homebuilding segment operating income 331,790  287,193  391,615  1,010,598 
Financial services segment profit 14,410 
Corporate and unallocated costs (1) (66,663)
Interest expense — 
Other income, net 45,156 
Loss on early extinguishment of debt (631)
Net earnings before income taxes $ 1,002,870 
(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
Year Ended December 31, 2023
West Central East Total
Home closing revenue $ 2,107,095  $ 1,798,939  $ 2,150,750  $ 6,056,784 
Land closing revenue 35,324  6,694  14,211  56,229 
Total closing revenue 2,142,419  1,805,633  2,164,961  6,113,013 
Cost of home closings 1,671,330  1,316,692  1,566,649  4,554,671 
Cost of land closings 31,963  5,363  14,460  51,786 
Total cost of closings 1,703,293  1,322,055  1,581,109  4,606,457 
Home closing gross profit 435,765  482,247  584,101  1,502,113 
Land closing gross profit/(loss) 3,361  1,331  (249) 4,443 
Total closing gross profit 439,126  483,578  583,852  1,506,556 
Home closing gross margin 20.7% 26.8% 27.2% 24.8%
Commissions and other sales costs 115,020  131,873  138,018  384,911 
General and administrative expenses 58,627  44,542  63,321  166,490 
Homebuilding segment operating income 265,479  307,163  382,513  955,155 
Financial services segment profit 12,466 
Corporate and unallocated costs (1) (65,232)
Interest expense — 
Other income, net 47,948 
Loss on early extinguishment of debt (907)
Net earnings before income taxes $ 949,430 

(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
Year Ended December 31, 2022
West Central East Total
Home closing revenue $ 2,202,109  $ 1,835,498  $ 2,169,891  $ 6,207,498 
Land closing revenue 47,974  10,655  2,600  61,229 
Total closing revenue 2,250,083  1,846,153  2,172,491  6,268,727 
Cost of home closings 1,598,766  1,303,995  1,531,719  4,434,480 
Cost of land closings 38,358  9,240  2,048  49,646 
Total cost of closings 1,637,124  1,313,235  1,533,767  4,484,126 
Home closing gross profit 603,343  531,503  638,172  1,773,018 
Land closing gross profit 9,616  1,415  552  11,583 
Total closing gross profit 612,959  532,918  638,724  1,784,601 
Home closing gross margin 27.4% 29.0% 29.4% 28.6%
Commissions and other sales costs 95,993  112,658  114,615  323,266 
General and administrative expenses 50,050  43,526  59,050  152,626 
Homebuilding segment operating income 466,916  376,734  465,059  1,308,709 
Financial services segment profit 18,294 
Corporate and unallocated costs (1) (40,358)
Interest expense (41)
Other income, net 2,714 
Net earnings before income taxes $ 1,289,318 

(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
Schedule of Land Closing Revenue
Schedule of Segment Assets
  At December 31, 2024
  West Central East Financial Services Corporate and
Unallocated		 Total
Deposits on real estate under option or contract $ 30,179  $ 28,563  $ 133,663  $ —  $ —  $ 192,405 
Real estate 1,862,792  1,388,475  2,477,508  —  —  5,728,775 
Investments in unconsolidated entities 9,062  1,800  17,016  —  857  28,735 
Other assets 28,251  (1) 249,718  (2) 111,567  (3) 3,049  820,154  (4) 1,212,739 
Total assets $ 1,930,284  $ 1,668,556  $ 2,739,754  $ 3,049  $ 821,011  $ 7,162,654 
 
(1)Balance consists primarily of property and equipment, net, prepaid expenses and other assets, and development receivables.
(2)Balance consists primarily of development reimbursements from local municipalities and prepaid expenses and other assets.
(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 10), and prepaid expenses and other assets.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.
  At December 31, 2023
West Central East Financial Services Corporate  and
Unallocated		 Total
Deposits on real estate under option or contract $ 11,695  $ 10,911  $ 88,758  $ —  $ —  $ 111,364 
Real estate 1,748,732  1,257,054  1,715,505  —  —  4,721,291 
Investments in unconsolidated entities —  2,825  13,411  —  934  17,170 
Other assets 101,376  (1) 272,876  (2) 102,425  (3) 1,889  1,024,743  (4) 1,503,309 
Total assets $ 1,861,803  $ 1,543,666  $ 1,920,099  $ 1,889  $ 1,025,677  $ 6,353,134 

(1)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment, net.
(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaid expenses and other assets.
(3)Balance consists primarily of cash and cash equivalents, goodwill, prepaid expenses and other assets and property and equipment, net.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.