| Schedule of Segment Information |
The following segment information is in thousands:
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Homebuilding revenue (1):
|
|
|
|
West |
$ |
272,966 |
|
|
$ |
317,228 |
|
Central |
191,606 |
|
|
191,870 |
|
East |
243,573 |
|
|
233,466 |
|
Consolidated total |
$ |
708,145 |
|
|
$ |
742,564 |
|
Homebuilding segment operating income: |
|
|
|
West |
$ |
18,308 |
|
|
$ |
21,121 |
|
Central |
12,336 |
|
|
14,267 |
|
East |
9,693 |
|
|
11,359 |
|
Total homebuilding segment operating income |
40,337 |
|
|
46,747 |
|
Financial services segment profit |
4,702 |
|
|
4,220 |
|
Corporate and unallocated costs (2)
|
(9,630 |
) |
|
(7,272 |
) |
Interest expense |
(4,085 |
) |
|
(136 |
) |
Other income, net (3)
|
1,046 |
|
|
5,325 |
|
Net earnings before income taxes |
$ |
32,370 |
|
|
$ |
48,884 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below: |
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|
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|
|
|
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Land closing revenue: |
|
|
|
West |
$ |
— |
|
|
$ |
12,455 |
|
Central |
— |
|
|
125 |
|
East |
9,495 |
|
|
1,452 |
|
Total |
$ |
9,495 |
|
|
$ |
14,032 |
|
|
|
(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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|
|
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|
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|
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|
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|
At March 31, 2019 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
6,659 |
|
|
$ |
12,999 |
|
|
$ |
25,169 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
44,827 |
|
Real estate |
|
1,164,724 |
|
|
715,356 |
|
|
864,498 |
|
|
— |
|
|
— |
|
|
2,744,578 |
|
Investments in unconsolidated entities |
|
7,481 |
|
|
6,375 |
|
|
— |
|
|
— |
|
|
1,805 |
|
|
15,661 |
|
Other assets |
|
54,503 |
|
(1) |
106,268 |
|
(2) |
83,949 |
|
(3) |
749 |
|
|
345,332 |
|
(4) |
590,801 |
|
Total assets |
|
$ |
1,233,367 |
|
|
$ |
840,998 |
|
|
$ |
973,616 |
|
|
$ |
749 |
|
|
$ |
347,137 |
|
|
$ |
3,395,867 |
|
|
|
(1) |
Balance consists primarily of property and equipment and cash. |
|
|
(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
|
|
(3) |
Balance consists primarily of goodwill (see Note 10), prepaid expenses and other assets and property and equipment. |
|
|
(4) |
Balance consists primarily of cash, prepaid expenses and other assets and our deferred tax asset.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2018 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
7,514 |
|
|
$ |
13,870 |
|
|
$ |
30,026 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
51,410 |
|
Real estate |
|
1,188,975 |
|
|
679,422 |
|
|
874,224 |
|
|
— |
|
|
— |
|
|
2,742,621 |
|
Investments in unconsolidated entities |
|
8,320 |
|
|
6,396 |
|
|
— |
|
|
— |
|
|
2,764 |
|
|
17,480 |
|
Other assets |
|
51,115 |
|
(1) |
117,150 |
|
(2) |
85,869 |
|
(3) |
1,013 |
|
|
298,821 |
|
(4) |
553,968 |
|
Total assets |
|
$ |
1,255,924 |
|
|
$ |
816,838 |
|
|
$ |
990,119 |
|
|
$ |
1,013 |
|
|
$ |
301,585 |
|
|
$ |
3,365,479 |
|
|
|
(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 goodwill (see Note 10), cash and property and equipment. |
|
|
(4) |
Balance consists primarily of cash. |
|