v3.25.2
Segment information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment information Segment information:
The Company operates one principal homebuilding business that is organized, managed and reported by geographic division. Management of the eight geographic divisions report to the Company's chief operating decision maker (CODM), which consists of the Chief Executive Officer and Chief Financial Officer of the Company. The CODM is regularly provided operating results of individual operating segments. These operating results include key operating metrics which inform the CODM's decisions regarding the allocation of resources and the assessment of the Company's overall operational performance. These operating results are reviewed against actual and budgeted figures, with income before income taxes (segment profit) being the key operating metric used to measure segment profit or loss. The Company's operating segments are aggregated into two reportable segments: Southeast and Central. The Southeast segment consists of the Atlanta, Central Georgia, Charlotte, Greenville, and Raleigh divisions. The Central segment consists of the Alabama, Houston, and Nashville divisions. Each reportable segment follows the accounting policies described in Note 1. As the Central Georgia and Greenville divisions were formed in the second half of 2024, segment information disclosed for the three and six months ended June 30, 2024 does not include these divisions.
The following tables summarize financial information by segment (in thousands):
Three months ended June 30, 2025SoutheastCentralTotal
Home closing revenue$141,267 $82,657 $223,924 
Cost of home closings104,963 67,022 171,985 
Home closing gross profit36,304 15,635 51,939 
Less:(1)
Selling, general, and administrative expenses(2)
14,220 9,149 23,369 
Other segment items(3)
93 141 234 
Segment profit21,991 6,345 28,336 
Corporate selling, general, and administrative costs(4)
11,333 
Other corporate items(5)
(176)
Income before income taxes$17,179 
Three months ended June 30, 2024SoutheastCentralTotal
Home closing revenue$124,392 $96,541 $220,933 
Cost of home closings87,147 74,728 161,875 
Home closing gross profit37,245 21,813 59,058 
Less:(1)
Selling, general, and administrative expenses(2)
11,594 8,430 20,024 
Other segment items(3)
53 47 100 
Segment profit25,598 13,336 38,934 
Corporate selling, general, and administrative costs(4)
11,785 
Other corporate items(5)
1,283 
Income before income taxes$25,866 
Six Months Ended June 30, 2025SoutheastCentralTotal
Home closing revenue$279,485 $169,161 $448,646 
Cost of home closings206,107 137,070 343,177 
Home closing gross profit73,378 32,091 105,469 
Less:(1)
Selling, general, and administrative expenses(2)
27,406 17,753 45,159 
Other segment items(3)
126 983 1,109 
Segment profit45,846 13,355 59,201 
Corporate selling, general, and administrative costs(4)
22,542 
Other corporate items(5)
(87)
Income before income taxes$36,746 
Six Months Ended June 30, 2024SoutheastCentralTotal
Home closing revenue$227,887 $182,255 $410,142 
Cost of home closings159,654 141,970 301,624 
Home closing gross profit68,233 40,285 108,518 
Less:(1)
Selling, general, and administrative expenses(2)
21,519 16,563 38,082 
Other segment items(3)
111 103 214 
Segment profit46,603 23,619 70,222 
Corporate selling, general, and administrative costs(4)
21,268 
Other corporate items(5)
1,681 
Income before income taxes$47,273 
(1)The significant segment expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Selling, general, and administrative expenses consists of internal and external commissions, marketing expense, sales expense, indirect and warranty overhead, marketing department overhead, sales department overhead, general and administrative overhead, and depreciation and amortization expense.
(3)Other segment items includes interest expense, interest income, gain (loss) on sale of assets, and miscellaneous income. For the Central reportable segment, other segment items includes the change in fair value of contingent consideration related to the Devon Street Homes acquisition.
(4)Corporate primarily includes corporate overhead costs, such as payroll and benefits, business insurance, information technology, office costs, outside professional services and travel costs, depreciation and amortization expense, and certain other amounts that are not allocated to the reportable segments.
(5)Other corporate items includes equity in income from unconsolidated entities, interest expense, interest income, gain (loss) on sale of assets, and miscellaneous income that are not allocated to the reportable segments.
June 30,
2025		December 31,
2024
Assets:
Southeast$291,252 $230,226 
Central (1)
248,613 205,257 
Segment total539,865 435,483 
Corporate (2)
30,354 40,418 
Total$570,219 $475,901 
(1)Balance includes goodwill of approximately $25.7 million resulting from the acquisition of Devon Street Homes, L.P.
(2)Corporate primarily includes cash and cash equivalents, property and equipment, and other assets that are not allocated to the segments.