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Segment Information | 6 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Segment Information | Segment Information We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues from our homebuilding segments are derived from the sale of homes that we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. We have considered the applicable aggregation criteria and have combined our homebuilding operations into three reportable segments as follows: West: Arizona, California, Nevada, and Texas East: Delaware, Indiana, Maryland, New Jersey(a), Tennessee, and Virginia Southeast: Florida, Georgia, North Carolina, and South Carolina (a) During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey. Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development, and land sales expense, commission expense, depreciation and amortization, and certain G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 2 to the consolidated financial statements within our 2021 Annual Report. The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented:
| Three Months Ended |  | Six Months Ended
| March 31, |  | March 31,
in thousands | 2022 |  | 2021 |  | 2022 |  | 2021
Revenue |  |  |  |  |  |  |
West | $ | 303,492 |  |  | $ | 278,720 |  |  | $ | 561,158 |  |  | $ | 515,600 |
East | 128,935 |  |  | 153,571 |  |  | 247,104 |  |  | 251,535 |
Southeast | 76,079 |  |  | 117,598 |  |  | 154,393 |  |  | 211,293 |
Total revenue | $ | 508,506 |  |  | $ | 549,889 |  |  | $ | 962,655 |  |  | $ | 978,428 |
| Three Months Ended |  | Six Months Ended
| March 31, |  | March 31,
in thousands | 2022 |  | 2021 |  | 2022 |  | 2021
Operating income |  |  |  |  |  |  |
West | $ | 58,103 |  |  | $ | 42,488 |  |  | $ | 100,827 |  |  | $ | 75,791 |
East | 24,072 |  |  | 22,449 |  |  | 43,931 |  |  | 33,817 |
Southeast | 10,007 |  |  | 15,074 |  |  | 18,207 |  |  | 25,382 |
Segment total | 92,182 |  |  | 80,011 |  |  | 162,965 |  |  | 134,990 |
Corporate and unallocated (a) | (37,571) |  |  | (46,393) |  |  | (67,415) |  |  | (83,684) |
Total operating income | $ | 54,611 |  |  | $ | 33,618 |  |  | $ | 95,550 |  |  | $ | 51,306 |
(a) Corporate and unallocated operating loss includes amortization of capitalized interest, movement in capitalized indirect costs, expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing, and other amounts that are not allocated to our operating segments.
| Three Months Ended |  | Six Months Ended
| March 31, |  | March 31,
in thousands | 2022 |  | 2021 |  | 2022 |  | 2021
Depreciation and amortization |  |  |  |  |  |  |
West | $ | 1,810 |  |  | $ | 1,936 |  |  | $ | 3,409 |  |  | $ | 3,473 |
East | 367 |  |  | 575 |  |  | 802 |  |  | 1,046 |
Southeast | 374 |  |  | 676 |  |  | 773 |  |  | 1,271 |
Segment total | 2,551 |  |  | 3,187 |  |  | 4,984 |  |  | 5,790 |
Corporate and unallocated (a) | 480 |  |  | 496 |  |  | 928 |  |  | 1,015 |
Total depreciation and amortization | $ | 3,031 |  |  | $ | 3,683 |  |  | $ | 5,912 |  |  | $ | 6,805 |
(a) Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by our corporate functions that benefit all segments. The following table presents capital expenditures by segment for the periods presented:
| Six Months Ended
| March 31,
in thousands | 2022 |  | 2021
Capital expenditures |  |  |
West | $ | 3,275 |  |  | $ | 3,066 |
East | 253 |  |  | 1,001 |
Southeast | 595 |  |  | 378 |
Corporate and unallocated | 2,072 |  |  | 2,069 |
Total capital expenditures | $ | 6,195 |  |  | $ | 6,514 |
The following table presents assets by segment as of March 31, 2022 and September 30, 2021:
in thousands | March 31, 2022 |  | September 30, 2021
Assets |  |  |
West | $ | 921,217 |  |  | $ | 819,317 |
East | 314,973 |  |  | 286,133 |
Southeast | 324,914 |  |  | 296,581 |
Corporate and unallocated (a) | 598,900 |  |  | 676,779 |
Total assets | $ | 2,160,004 |  |  | $ | 2,078,810 |
(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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