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Segment Information
 3 Months Ended
Dec. 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(a)
East: Delaware, Indiana, Maryland, New Jersey(b), Tennessee, and Virginia
Southeast: Florida, Georgia, North Carolina, and South Carolina
(a) On May 20, 2022, we acquired substantially all of the assets of Imagine Homes, a private San Antonio-based homebuilder in which the Company held a one-third ownership stake for the past 16 years. The results of our San Antonio operations are reported herein within our West reportable segment.
(b) 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 2022 Annual Report.
The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented:
Three Months Ended
 December 31,
in thousands20222021
Revenue
West$274,815 $257,666 
East86,190 118,169 
Southeast83,923 78,314 
Total revenue$444,928 $454,149 
Three Months Ended
December 31,
in thousands20222021
Operating income
West$37,357 $42,724 
East9,262 19,859 
Southeast10,679 8,200 
Segment total57,298 70,783 
Corporate and unallocated(a)
(28,796)(29,844)
Total operating income$28,502 $40,939 
(a) 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
 December 31,
in thousands20222021
Depreciation and amortization
West$1,605 $1,599 
East273 435 
Southeast330 399 
Segment total2,208 2,433 
Corporate and unallocated(a)
305 448 
Total depreciation and amortization $2,513 $2,881 
(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:
Three Months Ended
 December 31,
in thousands20222021
Capital expenditures
West$1,510 $1,333 
East533 69 
Southeast717 355 
Corporate and unallocated485 1,137 
Total capital expenditures$3,245 $2,894 
The following table presents assets by segment as of December 31, 2022 and September 30, 2022:
in thousandsDecember 31, 2022September 30, 2022
Assets
West$996,357 $995,339 
East360,367 334,323 
Southeast310,918 305,443 
Corporate and unallocated(a)
518,743 616,858 
Total assets$2,186,385 $2,251,963 
(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.