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Segment Information | 6 Months Ended
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Mar. 31, 2025
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, land and lot sales, and our title operations. Land sales revenue relates to land that does not fit within our homebuilding programs or strategic plans. We also provide title examinations for our homebuyers in certain markets. 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, land sales expense, title operations 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 2024 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 | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue |  |  |  |  |  |  |
West | $ | 373,856 |  |  | $ | 347,338 |  |  | $ | 672,772 |  |  | $ | 584,431 |
East | 120,856 |  |  | 111,844 |  |  | 230,738 |  |  | 186,621 |
Southeast | 70,627 |  |  | 82,358 |  |  | 130,782 |  |  | 157,306 |
Total revenue | $ | 565,339 |  |  | $ | 541,540 |  |  | $ | 1,034,292 |  |  | $ | 928,358 |
| Three Months Ended |  | Six Months Ended
| March 31, |  | March 31,
in thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Operating income |  |  |  |  |  |  |
West | $ | 39,475 |  |  | $ | 46,030 |  |  | $ | 66,889 |  |  | $ | 74,369 |
East | 7,557 |  |  | 12,282 |  |  | 14,229 |  |  | 18,638 |
Southeast | 3,737 |  |  | 10,953 |  |  | 6,358 |  |  | 20,093 |
Segment total | 50,769 |  |  | 69,265 |  |  | 87,476 |  |  | 113,100 |
Corporate and unallocated(a) | (37,400) |  |  | (33,274) |  |  | (71,969) |  |  | (56,844) |
Total operating income | $ | 13,369 |  |  | $ | 35,991 |  |  | $ | 15,507 |  |  | $ | 56,256 |
(a) Includes amortization of capitalized interest, capitalization and amortization of indirect costs, impairment of capitalized interest and capitalized indirect costs, when applicable, 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 certain other amounts that are not allocated to our operating segments.
| Three Months Ended |  | Six Months Ended
| March 31, |  | March 31,
in thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization |  |  |  |  |  |  |
West | $ | 2,518 |  |  | $ | 2,452 |  |  | $ | 4,709 |  |  | $ | 3,763 |
East | 548 |  |  | 406 |  |  | 1,004 |  |  | 615 |
Southeast | 397 |  |  | 268 |  |  | 695 |  |  | 588 |
Segment total | 3,463 |  |  | 3,126 |  |  | 6,408 |  |  | 4,966 |
Corporate and unallocated(a) | 1,184 |  |  | 447 |  |  | 2,294 |  |  | 840 |
Total depreciation and amortization | $ | 4,647 |  |  | $ | 3,573 |  |  | $ | 8,702 |  |  | $ | 5,806 |
(a) 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 | 2025 |  | 2024
Capital expenditures |  |  |
West | $ | 5,012 |  |  | $ | 6,873 |
East | 1,211 |  |  | 865 |
Southeast | 2,558 |  |  | 462 |
Corporate and unallocated | 4,280 |  |  | 3,301 |
Total capital expenditures | $ | 13,061 |  |  | $ | 11,501 |
The following table presents assets by segment as of March 31, 2025 and September 30, 2024:
in thousands | March 31, 2025 |  | September 30, 2024
Assets |  |  |
West | $ | 1,185,797 |  |  | $ | 1,114,450 |
East | 519,202 |  |  | 454,255 |
Southeast | 447,114 |  |  | 389,058 |
Corporate and unallocated(a) | 502,632 |  |  | 633,764 |
Total assets | $ | 2,654,745 |  |  | $ | 2,591,527 |
(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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