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Note 10 - Operating and Reporting Segments (Tables) | 12 Months Ended
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Oct. 31, 2024
Operating and Reporting Segments |
Schedule of financial information relating to our reportable segments |
|  | Year Ended October 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Northeast |  | $ | 1,036,049 |  |  | $ | 968,851 |  |  | $ | 1,085,081 |
Southeast |  |  | 448,902 |  |  |  | 420,296 |  |  |  | 323,961 |
West |  |  | 1,437,894 |  |  |  | 1,295,992 |  |  |  | 1,450,632 |
Total homebuilding |  |  | 2,922,845 |  |  |  | 2,685,139 |  |  |  | 2,859,674 |
Financial services |  |  | 74,064 |  |  |  | 60,088 |  |  |  | 61,540 |
Corporate and unallocated |  |  | 8,009 |  |  |  | 10,789 |  |  |  | 1,017 |
Total revenues |  | $ | 3,004,918 |  |  | $ | 2,756,016 |  |  | $ | 2,922,231 |
Income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Northeast |  | $ | 190,477 |  |  | $ | 178,516 |  |  | $ | 177,406 |
Southeast |  |  | 77,613 |  |  |  | 77,750 |  |  |  | 60,178 |
West |  |  | 123,246 |  |  |  | 114,084 |  |  |  | 207,519 |
Total homebuilding |  |  | 391,336 |  |  |  | 370,350 |  |  |  | 445,103 |
Financial services |  |  | 24,124 |  |  |  | 19,365 |  |  |  | 19,121 |
Corporate and unallocated (1) |  |  | (98,371 | ) |  |  | (133,764 | ) |  |  | (144,471 | )
Income before income taxes |  | $ | 317,089 |  |  | $ | 255,951 |  |  | $ | 319,753 |
(1) Corporate and unallocated for the year ended October 31, 2024 included corporate general and administrative expenses of $139.7 million, gain on extinguishment of debt of $1.4 million and $(39.9) million of other (income) expenses, net. Corporate and unallocated for the year ended October 31, 2023 included corporate general and administrative expenses of $103.2 million, interest expense of $17.7 million, loss on extinguishment of debt of $25.6 million and $(12.7) million of other (income) expenses, net. Corporate and unallocated for the year ended October 31, 2022 included corporate general and administrative expenses of $102.6 million, interest expense of $28.6 million, loss on extinguishment of debt of $6.8 million and $6.5 million of other (income) expenses, net.
|  | October 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Northeast |  | $ | 664,064 |  |  | $ | 483,784 |
Southeast |  |  | 296,058 |  |  |  | 286,701 |
West |  |  | 889,704 |  |  |  | 733,318 |
Total homebuilding |  |  | 1,849,826 |  |  |  | 1,503,803 |
Financial services |  |  | 203,589 |  |  |  | 168,671 |
Corporate and unallocated |  |  | 552,159 |  |  |  | 820,466 |
Total assets |  | $ | 2,605,574 |  |  | $ | 2,492,940 |
|  | October 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Investments in and advances to unconsolidated joint ventures: |  |  |  |  |  |  |  |
Northeast |  | $ | 79,659 |  |  | $ | 56,758 |
Southeast |  |  | 55,344 |  |  |  | 35,262 |
West |  |  | 6,348 |  |  |  | 4,503 |
Total homebuilding |  |  | 141,351 |  |  |  | 96,523 |
Corporate and unallocated |  |  | 1,559 |  |  |  | 1,363 |
Total investments in and advances to unconsolidated joint ventures |  | $ | 142,910 |  |  | $ | 97,886 |
|  | Year Ended October 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Homebuilding interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Northeast |  | $ | 33,459 |  |  | $ | 32,071 |  |  | $ | 31,552 |
Southeast |  |  | 21,071 |  |  |  | 20,055 |  |  |  | 17,403 |
West |  |  | 66,029 |  |  |  | 65,068 |  |  |  | 55,056 |
Total homebuilding |  |  | 120,559 |  |  |  | 117,194 |  |  |  | 104,011 |
Corporate and unallocated |  |  | - |  |  |  | 17,707 |  |  |  | 28,572 |
Financial services interest expense (income) (1) |  |  | 125 |  |  |  | 1 |  |  |  | (213 | )
Total interest expense, net |  | $ | 120,684 |  |  | $ | 134,902 |  |  | $ | 132,370 |
| (1) | Financial services interest expense (income) is included in Financial services revenue or expense in the Consolidated Statements of Operations.
|  | Year Ended October 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Depreciation: |  |  |  |  |  |  |  |  |  |  |  |
Northeast |  | $ | 1,241 |  |  | $ | 4,352 |  |  | $ | 1,542 |
Southeast |  |  | 392 |  |  |  | 444 |  |  |  | 291 |
West |  |  | 1,475 |  |  |  | 1,325 |  |  |  | 1,298 |
Total homebuilding |  |  | 3,108 |  |  |  | 6,121 |  |  |  | 3,131 |
Financial services |  |  | 251 |  |  |  | - |  |  |  | 5 |
Corporate and unallocated |  |  | 4,371 |  |  |  | 2,677 |  |  |  | 2,321 |
Total depreciation |  | $ | 7,730 |  |  | $ | 8,798 |  |  | $ | 5,457 |
|  | Year Ended October 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Net additions to property and equipment: |  |  |  |  |  |  |  |  |  |  |  |
Northeast |  | $ | 1,211 |  |  | $ | 1,678 |  |  | $ | 1,848 |
Southeast |  |  | 1,172 |  |  |  | 263 |  |  |  | 229 |
West |  |  | 1,578 |  |  |  | 1,599 |  |  |  | 1,841 |
Total homebuilding |  |  | 3,961 |  |  |  | 3,540 |  |  |  | 3,918 |
Financial services |  |  | 621 |  |  |  | 1,040 |  |  |  | 28 |
Corporate and unallocated |  |  | 13,277 |  |  |  | 14,241 |  |  |  | 8,646 |
Total net additions to property and equipment |  | $ | 17,859 |  |  | $ | 18,821 |  |  | $ | 12,592 |
|  | Year Ended October 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Equity in earnings from unconsolidated joint ventures: |  |  |  |  |  |  |  |  |  |  |  |
Northeast |  | $ | 26,899 |  |  | $ | 27,253 |  |  | $ | 12,674 |
Southeast |  |  | 19,459 |  |  |  | 15,696 |  |  |  | 16,359 |
West |  |  | 5,904 |  |  |  | 211 |  |  |  | - |
Total equity in earnings from unconsolidated joint ventures |  | $ | 52,262 |  |  | $ | 43,160 |  |  | $ | 29,033 |

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