| Schedule of Segment Information |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
Homebuilding revenue (1):
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| West |
$ |
606,833 |
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$ |
598,147 |
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$ |
1,569,947 |
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$ |
1,580,456 |
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| Central |
454,228 |
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500,582 |
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1,338,387 |
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1,280,242 |
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| East |
552,039 |
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479,292 |
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1,551,474 |
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1,416,638 |
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| Consolidated total |
$ |
1,613,100 |
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$ |
1,578,021 |
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$ |
4,459,808 |
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$ |
4,277,336 |
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| Homebuilding segment operating income: |
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| West |
$ |
94,885 |
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$ |
121,060 |
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$ |
185,977 |
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$ |
357,319 |
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| Central |
84,575 |
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112,141 |
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233,357 |
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287,604 |
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| East |
109,318 |
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104,872 |
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273,711 |
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|
317,815 |
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| Total homebuilding segment operating income |
288,778 |
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338,073 |
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|
693,045 |
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|
962,738 |
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| Financial services segment profit |
5,700 |
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|
4,842 |
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|
6,066 |
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|
12,255 |
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Corporate and unallocated costs (2)
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(21,168) |
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(13,350) |
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(42,680) |
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(27,034) |
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| Interest expense |
— |
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— |
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— |
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(41) |
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| Other income/(expense), net |
13,331 |
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(74) |
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35,037 |
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(849) |
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| Loss on early extinguishment of debt |
(907) |
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— |
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(907) |
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— |
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| Earnings before income taxes |
$ |
285,734 |
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$ |
329,491 |
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$ |
690,561 |
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$ |
947,069 |
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(1)Homebuilding revenue includes the following land closing revenue, by segment:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
| Land closing revenue: |
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| West |
$ |
— |
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$ |
8,120 |
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$ |
26,575 |
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$ |
40,927 |
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| Central |
1,541 |
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869 |
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4,019 |
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10,374 |
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| East |
1,242 |
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— |
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13,953 |
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2,600 |
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| Total |
$ |
2,783 |
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$ |
8,989 |
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$ |
44,547 |
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$ |
53,901 |
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(2)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.
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| Schedule of Segment Assets |
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At September 30, 2023 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated |
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Total |
| Deposits on real estate under option or contract |
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$ |
17,655 |
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$ |
12,853 |
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$ |
62,993 |
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$ |
— |
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$ |
— |
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$ |
93,501 |
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| Real estate |
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1,664,257 |
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1,231,251 |
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1,605,850 |
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— |
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— |
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4,501,358 |
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| Investments in unconsolidated entities |
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73 |
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2,833 |
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11,278 |
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— |
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|
878 |
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15,062 |
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| Other assets |
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62,498 |
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(1) |
259,753 |
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(2) |
104,404 |
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(3) |
1,320 |
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1,143,974 |
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(4) |
1,571,949 |
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| Total assets |
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$ |
1,744,483 |
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$ |
1,506,690 |
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$ |
1,784,525 |
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$ |
1,320 |
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$ |
1,144,852 |
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$ |
6,181,870 |
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(1)Balance consists primarily of cash and cash equivalents, other receivables and property and equipment, net.
(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets.
(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), prepaids and other assets and property and equipment, net.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.
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At December 31, 2022 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated |
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Total |
| Deposits on real estate under option or contract |
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$ |
21,599 |
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$ |
8,992 |
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$ |
46,138 |
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$ |
— |
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$ |
— |
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$ |
76,729 |
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| Real estate |
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1,775,879 |
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1,298,455 |
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1,283,929 |
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— |
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— |
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4,358,263 |
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| Investments in unconsolidated entities |
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110 |
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2,866 |
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7,503 |
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— |
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1,274 |
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11,753 |
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| Other assets |
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99,267 |
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(1) |
241,470 |
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(2) |
132,181 |
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(3) |
1,536 |
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850,902 |
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(4) |
1,325,356 |
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| Total assets |
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$ |
1,896,855 |
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$ |
1,551,783 |
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$ |
1,469,751 |
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$ |
1,536 |
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$ |
852,176 |
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$ |
5,772,101 |
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(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 prepaids and other assets.
(3)Balance consists primarily of cash and cash equivalents, goodwill, prepaids and other assets and property and equipment, net.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.
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