Segment Reporting | Segment Reporting The Company primarily operates in the homebuilding business and is organized and reported primarily by region. Our four reportable segments include the Southeast, Mid-Atlantic, Midwest and Financial Services. Our four reportable segments are comprised of the following: • Southeast (Jacksonville, Orlando and Tampa, Florida and operations in the southeast coast of Florida; Savannah, Georgia; Hilton Head and Bluffton, South Carolina; Active Adult, and Custom Homes operations in northeast Florida) • Mid-Atlantic (DC Metro; Nashville, Tennessee; Charlotte, Fayetteville, Raleigh and Wilmington, North Carolina; Charleston, Myrtle Beach, and Greenville, South Carolina) • Midwest (Austin, Dallas, Houston and San Antonio, Texas; Denver, Colorado, and Phoenix, Arizona) • Financial Services (primarily Jet HomeLoans and Golden Dog Title and Trust) The corporate component, which is not considered an operating segment, is reported separately as “Corporate”. The following tables summarize revenues and income before taxes by segment for the three and six months ended June 30, 2024 and 2023, as well as total assets and goodwill by segment as of June 30, 2024 and December 31, 2023 (in thousands): Three Months Ended Six Months Ended Revenues: 2024 2023 2024 2023 Southeast $ 340,521 $ 373,402 $ 621,019 $ 680,627 Mid-Atlantic 264,302 153,549 474,262 282,911 Midwest 447,413 415,929 782,176 746,818 Financial Services 19,121 11,106 33,434 21,465 Total segment revenues 1,071,357 953,986 1,910,891 1,731,821 Reconciling items from equity method investments (15,610) (8,647) (27,344) (17,062) Consolidated revenues $ 1,055,747 $ 945,339 $ 1,883,547 $ 1,714,759 Three Months Ended Six Months Ended Income before taxes: 2024 2023 2024 2023 Southeast $ 42,316 $ 45,029 $ 64,125 $ 72,936 Mid-Atlantic 25,432 10,289 42,934 15,166 Midwest 46,028 40,781 69,189 71,518 Financial Services 9,380 7,350 17,103 13,225 Corporate (14,354) (5,442) (11,301) (3,120) Total segment income before taxes 108,802 98,007 182,050 169,725 Reconciling items from equity method investments (2,794) (2,159) (5,218) (4,490) Consolidated income before taxes $ 106,008 $ 95,848 $ 176,832 $ 165,235 Assets: Goodwill: As of As of As of As of 2024 2023 2024 2023 Southeast $ 847,765 $ 781,162 $ 14,003 $ 14,003 Mid-Atlantic (1) 773,030 404,657 144,959 16,853 Midwest 1,071,973 915,199 141,071 141,071 Financial Services 158,746 207,385 280 280 Corporate (2) 272,472 407,932 — — Total segments 3,123,986 2,716,335 300,313 172,207 Reconciling items from equity method investments (138,782) (153,896) — — Consolidated $ 2,985,204 $ 2,562,439 $ 300,313 $ 172,207 (1) As of June 30, 2024, includes $128.1 million in goodwill related to the Crescent Homes acquisition. (2) Corporate assets are comprised of, but are not limited to, operating and restricted cash, deferred tax assets, and prepaids and other assets not directly attributable to a reportable segment. |