| Schedule of Segment Information |
The following segment information is in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Homebuilding revenue (1):
|
|
|
|
|
|
|
|
West |
$ |
351,647 |
|
|
$ |
369,574 |
|
|
$ |
668,875 |
|
|
$ |
681,378 |
|
Central |
260,106 |
|
|
225,679 |
|
|
451,976 |
|
|
400,510 |
|
East |
265,742 |
|
|
206,725 |
|
|
499,208 |
|
|
392,862 |
|
Consolidated total |
$ |
877,495 |
|
|
$ |
801,978 |
|
|
$ |
1,620,059 |
|
|
$ |
1,474,750 |
|
Homebuilding segment operating income: |
|
|
|
|
|
|
|
West |
$ |
33,062 |
|
|
$ |
35,131 |
|
|
$ |
54,183 |
|
|
$ |
59,143 |
|
Central |
25,576 |
|
|
23,230 |
|
|
39,843 |
|
|
37,120 |
|
East |
14,564 |
|
|
5,285 |
|
|
25,923 |
|
|
7,721 |
|
Total homebuilding segment operating income |
73,202 |
|
|
63,646 |
|
|
119,949 |
|
|
103,984 |
|
Financial services segment profit |
5,651 |
|
|
5,557 |
|
|
9,871 |
|
|
9,847 |
|
Corporate and unallocated costs (2)
|
(9,402 |
) |
|
(7,028 |
) |
|
(16,674 |
) |
|
(15,545 |
) |
(Loss)/earnings from other unconsolidated entities, net |
(156 |
) |
|
570 |
|
|
(202 |
) |
|
943 |
|
Interest expense |
(44 |
) |
|
(1,620 |
) |
|
(180 |
) |
|
(2,445 |
) |
Other income, net (3)
|
1,934 |
|
|
2,080 |
|
|
7,305 |
|
|
3,190 |
|
Net earnings before income taxes |
$ |
71,185 |
|
|
$ |
63,205 |
|
|
$ |
120,069 |
|
|
$ |
99,974 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Land closing revenue: |
|
|
|
|
|
|
|
West |
$ |
1,935 |
|
|
$ |
— |
|
|
$ |
14,390 |
|
|
$ |
11,800 |
|
Central |
762 |
|
|
— |
|
|
887 |
|
|
122 |
|
East |
2,415 |
|
|
4,198 |
|
|
3,867 |
|
|
4,431 |
|
Total |
$ |
5,112 |
|
|
$ |
4,198 |
|
|
$ |
19,144 |
|
|
$ |
16,353 |
|
|
|
(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.
|
|
| Schedule of Segment Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2018 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
11,790 |
|
|
$ |
15,512 |
|
|
$ |
21,578 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
48,880 |
|
Real estate |
|
1,235,184 |
|
|
739,853 |
|
|
895,010 |
|
|
— |
|
|
— |
|
|
2,870,047 |
|
Investments in unconsolidated entities |
|
8,073 |
|
|
6,974 |
|
|
— |
|
|
— |
|
|
1,592 |
|
|
16,639 |
|
Other assets |
|
58,486 |
|
(1) |
104,174 |
|
(2) |
117,332 |
|
(3) |
741 |
|
|
178,595 |
|
(4) |
459,328 |
|
Total assets |
|
$ |
1,313,533 |
|
|
$ |
866,513 |
|
|
$ |
1,033,920 |
|
|
$ |
741 |
|
|
$ |
180,187 |
|
|
$ |
3,394,894 |
|
|
|
(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 real estate not owned, goodwill (see Note 9) and property and equipment. |
|
|
(4) |
Balance consists primarily of cash and our deferred tax asset.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2017 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
15,557 |
|
|
$ |
21,309 |
|
|
$ |
23,079 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,945 |
|
Real estate |
|
1,174,285 |
|
|
700,460 |
|
|
856,635 |
|
|
— |
|
|
— |
|
|
2,731,380 |
|
Investments in unconsolidated entities |
|
7,833 |
|
|
6,999 |
|
|
— |
|
|
— |
|
|
2,236 |
|
|
17,068 |
|
Other assets |
|
58,470 |
|
(1) |
110,173 |
|
(2) |
144,681 |
|
(3) |
1,249 |
|
|
128,292 |
|
(4) |
442,865 |
|
Total assets |
|
$ |
1,256,145 |
|
|
$ |
838,941 |
|
|
$ |
1,024,395 |
|
|
$ |
1,249 |
|
|
$ |
130,528 |
|
|
$ |
3,251,258 |
|
|
|
(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 real estate not owned, cash, and goodwill (see Note 9). |
|
|
(4) |
Balance consists primarily of cash and our deferred tax asset. |
|