Quarterly report [Sections 13 or 15(d)]

OPERATING AND REPORTING SEGMENTS (Tables)

v3.25.2
OPERATING AND REPORTING SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables provide financial information about our reportable segments and Corporate and other categories (in thousands):
 
Three Months Ended June 30, 2025
West Central East Total
Home closing revenue $ 549,205  $ 480,425  $ 586,079  $ 1,615,709 
Land closing revenue —  6,969  1,308  8,277 
Total closing revenue 549,205  487,394  587,387  1,623,986 
Cost of home closings 434,743  373,838  465,800  1,274,381 
Cost of land closings —  7,693  1,303  8,996 
Total cost of closings 434,743  381,531  467,103  1,283,377 
Home closing gross profit 114,462  106,587  120,279  341,328 
Land closing gross (loss)/profit —  (724) 5  (719)
Total closing gross profit 114,462  105,863  120,284  340,609 
Home closing gross margin 20.8% 22.2% 20.5% 21.1%
Commissions and other sales costs 32,184  35,654  40,992  108,830 
General and administrative expenses 13,184  12,543  19,189  44,916 
Homebuilding segment operating income 69,094  57,666  60,103  186,863 
Financial services segment profit 5,611 
Corporate and unallocated costs (1) (10,267)
Interest expense — 
Other income, net 10,853 
Earnings before income taxes $ 193,060 

(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.
Three Months Ended June 30, 2024
West Central East Total
Home closing revenue $ 622,837  $ 528,380  $ 542,521  $ 1,693,738 
Land closing revenue —  —  —  — 
Total closing revenue 622,837  528,380  542,521  1,693,738 
Cost of home closings $ 474,573  $ 385,267  $ 394,392  $ 1,254,232 
Cost of land closings —  —  —  — 
Total cost of closings 474,573  385,267  394,392  1,254,232 
Home closing gross profit 148,264  143,113  148,129  439,506 
Land closing gross profit —  —  —  — 
Total closing gross profit 148,264  143,113  148,129  439,506 
Home closing gross margin 23.8% 27.1% 27.3% 25.9%
Commissions and other sales costs 33,661  35,047  35,957  104,665 
General and administrative expenses 13,824  12,251  15,165  41,240 
Homebuilding segment operating income 100,779  95,815  97,007  293,601 
Financial services segment profit 4,837 
Corporate and unallocated costs (1) (11,944)
Interest expense — 
Other income, net 11,498 
Loss on early extinguishment of debt (631)
Earnings before income taxes $ 297,361 

(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.
Six Months Ended June 30, 2025
West Central East Total
Home closing revenue $ 1,028,841  $ 892,962  $ 1,036,010  $ 2,957,813 
Land closing revenue 691  7,899  15,108  23,698 
Total closing revenue 1,029,532  900,861  1,051,118  2,981,511 
Cost of home closings 809,408  695,646  815,781  2,320,835 
Cost of land closings 142  8,028  13,082  21,252 
Total cost of closings 809,550  703,674  828,863  2,342,087 
Home closing gross profit 219,433  197,316  220,229  636,978 
Land closing gross profit/(loss) 549  (129) 2,026  2,446 
Total closing gross profit 219,982  197,187  222,255  639,424 
Home closing gross margin 21.3% 22.1% 21.3% 21.5%
Commissions and other sales costs 59,586  68,311  75,653  203,550 
General and administrative expenses 26,637  25,382  37,281  89,300 
Homebuilding segment operating income 133,759  103,494  109,321  346,574 
Financial services segment profit 9,174 
Corporate and unallocated costs (1) (22,880)
Interest expense — 
Other income, net 20,351 
Earnings before income taxes $ 353,219 
(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.
Six Months Ended June 30, 2024
West Central East Total
Home closing revenue $ 1,138,469  $ 1,012,150  $ 1,009,215  $ 3,159,834 
Land closing revenue —  —  2,305  2,305 
Total closing revenue 1,138,469  1,012,150  1,011,520  3,162,139 
Cost of home closings 875,077  735,638  731,655  2,342,370 
Cost of land closings —  —  2,298  2,298 
Total cost of closings 875,077  735,638  733,953  2,344,668 
Home closing gross profit 263,392  276,512  277,560  817,464 
Land closing gross profit —  —  7  7 
Total closing gross profit 263,392  276,512  277,567  817,471 
Home closing gross margin 23.1% 27.3% 27.5% 25.9%
Commissions and other sales costs 64,819  72,292  69,104  206,215 
General and administrative expenses 26,530  23,634  28,847  79,011 
Homebuilding segment operating income 172,043  180,586  179,616  532,245 
Financial services segment profit 4,147 
Corporate and unallocated costs (1) (24,905)
Interest expense — 
Other income, net 20,520 
Loss on early extinguishment of debt (631)
Earnings before income taxes $ 531,376 

(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 Segment Assets
  At June 30, 2025
  West Central East Financial Services Corporate  and
Unallocated		 Total
Deposits on real estate under option or contract $ 30,476  $ 77,073  $ 113,810  $ —  $ —  $ 221,359 
Real estate 1,837,782  1,701,083  2,424,809  —  —  5,963,674 
Investments in unconsolidated entities 10,319  23,437  —  —  920  34,676 
Other assets 49,895  (1) 311,525  (2) 89,307  (3) 2,160  1,083,773  (4) 1,536,660 
Total assets $ 1,928,472  $ 2,113,118  $ 2,627,926  $ 2,160  $ 1,084,693  $ 7,756,369 

(1)Balance consists primarily of cash and cash equivalents, prepaids and other assets, and property and equipment, net.
(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities, prepaids and other assets, and goodwill (see Note 9).
(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.
  At December 31, 2024
  West Central East Financial Services Corporate  and
Unallocated		 Total
Deposits on real estate under option or contract $ 30,179  $ 32,200  $ 130,026  $ —  $ —  $ 192,405 
Real estate 1,862,792  1,613,735  2,252,248  —  —  5,728,775 
Investments in unconsolidated entities 9,062  18,816  —  —  857  28,735 
Other assets 28,251  (1) 270,203  (2) 91,082  (3) 3,049  820,154  (4) 1,212,739 
Total assets $ 1,930,284  $ 1,934,954  $ 2,473,356  $ 3,049  $ 821,011  $ 7,162,654 
(1)Balance consists primarily of property and equipment, prepaid expenses and other assets, and development receivables.
(2)Balance consists primarily of development reimbursements from local municipalities, property and equipment, goodwill (see Note 9), and prepaid expenses and other assets.
(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets, prepaid expenses and other assets.