| Revenues |
The following tables present certain segment financial data with reconciliations to the amounts reported for the consolidated company, where applicable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | | Revenues: | | | | | | | | | | Homebuilding Mid Atlantic | | $ | 1,128,874 | | | $ | 1,133,685 | | | $ | 2,211,109 | | | $ | 2,151,155 | | | Homebuilding North East | | 308,929 | | | 287,334 | | | 597,755 | | | 543,004 | | | Homebuilding Mid East | | 449,953 | | | 433,996 | | | 862,362 | | | 850,947 | | | Homebuilding South East | | 660,511 | | | 692,876 | | | 1,227,486 | | | 1,288,962 | | | Mortgage Banking | | 50,547 | | | 64,566 | | | 103,134 | | | 111,852 | | | Total consolidated revenues | | $ | 2,598,814 | | | $ | 2,612,457 | | | $ | 5,001,846 | | | $ | 4,945,920 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | Segment cost of sales | | | | | | | | | | Homebuilding Mid Atlantic | | $ | (864,008) | | | $ | (853,350) | | | $ | (1,685,134) | | | $ | (1,609,191) | | | Homebuilding North East | | $ | (228,054) | | | $ | (211,095) | | | $ | (440,602) | | | $ | (399,425) | | | Homebuilding Mid East | | $ | (355,647) | | | $ | (339,517) | | | $ | (683,737) | | | $ | (662,058) | | | Homebuilding South East | | $ | (537,049) | | | $ | (539,006) | | | $ | (992,323) | | | $ | (989,256) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | Segment selling, general & administrative expense: | | | | | | | | | | Homebuilding Mid Atlantic | | $ | (37,172) | | | $ | (36,656) | | | $ | (74,728) | | | $ | (74,839) | | | Homebuilding North East | | $ | (11,833) | | | $ | (11,680) | | | $ | (22,534) | | | $ | (22,703) | | | Homebuilding Mid East | | $ | (20,734) | | | $ | (19,977) | | | $ | (40,430) | | | $ | (38,268) | | | Homebuilding South East | | $ | (40,943) | | | $ | (34,397) | | | $ | (78,928) | | | $ | (65,629) | | Mortgage Banking | | $ | (25,216) | | | $ | (24,149) | | | $ | (48,723) | | | $ | (46,865) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | | Corporate capital allocation charge: | | | | | | | | | | Homebuilding Mid Atlantic | | $ | (37,003) | | | $ | (34,978) | | | $ | (74,146) | | | $ | (68,897) | | | Homebuilding North East | | $ | (11,290) | | | (10,298) | | | (21,892) | | | (19,878) | | | Homebuilding Mid East | | $ | (12,033) | | | (11,055) | | | (23,240) | | | (20,920) | | | Homebuilding South East | | $ | (31,572) | | | (26,163) | | | (60,247) | | | (49,860) | | | Total | | $ | (91,898) | | | $ | (82,494) | | | $ | (179,525) | | | $ | (159,555) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | Other segment items, net | | | | | | | | | | Homebuilding Mid Atlantic | | $ | 699 | | | $ | 465 | | | $ | 1,122 | | | $ | 902 | | | Homebuilding North East | | $ | 212 | | | $ | 111 | | | $ | 348 | | | $ | 231 | | | Homebuilding Mid East | | $ | 190 | | | $ | 141 | | | $ | 383 | | | $ | 288 | | | Homebuilding South East | | $ | 571 | | | $ | 1,132 | | | $ | 1,260 | | | $ | 1,630 | | Mortgage Banking (1) | | $ | 5,494 | | | $ | 5,817 | | | $ | 10,120 | | | $ | 10,903 | |
(1) This item relates primarily to interest income received on mortgage loans closed and mortgage loans held for sale.
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| Profit before Taxes |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | Segment profit | | | | | | | | | | Homebuilding Mid Atlantic | | $ | 191,390 | | | $ | 209,166 | | | $ | 378,223 | | | $ | 399,130 | | | Homebuilding North East | | 57,964 | | | 54,372 | | | 113,075 | | | 101,229 | | | Homebuilding Mid East | | 61,729 | | | 63,588 | | | 115,338 | | | 129,989 | | | Homebuilding South East | | 51,518 | | | 94,442 | | | 97,248 | | | 185,847 | | | Mortgage Banking | | 30,825 | | | 46,234 | | | 64,531 | | | 75,890 | | Total segment profit | | 393,426 | | | 467,802 | | | 768,415 | | | 892,085 | | | Reconciling items: | | | | | | | | | Contract land deposit allowance adjustment (2) | | (13,153) | | | 1,325 | | | (21,270) | | | 8,791 | | Equity-based compensation expense (3) | | (17,813) | | | (18,101) | | | (36,339) | | | (35,242) | | Corporate capital allocation (4) | | 91,898 | | | 82,494 | | | 179,525 | | | 159,555 | | | Unallocated corporate overhead | | (34,364) | | | (33,816) | | | (90,333) | | | (85,520) | | Consolidation adjustments and other (5) | | 13,538 | | | 6,363 | | | 17,470 | | | 4,092 | | Corporate interest income | | 20,276 | | | 34,171 | | | 45,475 | | | 73,764 | | Corporate interest expense | | (6,675) | | | (6,670) | | | (13,806) | | | (13,265) | | | Reconciling items sub-total | | 53,707 | | | 65,766 | | | 80,722 | | | 112,175 | | Consolidated profit before taxes | | $ | 447,133 | | | $ | 533,568 | | | $ | 849,137 | | | $ | 1,004,260 | | | | | | | | | | |
(2) This item represents changes to the contract land deposit impairment allowance, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (3) This item represents compensation expense for all Option and RSU grants. (4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance. (5) The consolidation adjustments and other in each period are primarily attributable to changes in units under construction period over period, and any significant changes in material costs, primarily lumber. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled.
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| Assets |
| | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Assets: | | | | | | Homebuilding Mid Atlantic | | $ | 1,345,411 | | | $ | 1,337,659 | | | Homebuilding North East | | 406,587 | | | 368,300 | | | Homebuilding Mid East | | 463,236 | | | 396,854 | | | Homebuilding South East | | 1,081,976 | | | 914,318 | | | Mortgage Banking | | 578,582 | | | 485,409 | | | Total segment assets | | 3,875,792 | | | 3,502,540 | | Reconciling items (1): | | | | | | Cash and cash equivalents | | 1,726,865 | | | 2,561,339 | | | Deferred taxes | | 150,678 | | | 142,192 | | Reorganization value and goodwill | | 49,368 | | | 49,368 | | | Operating lease right-of-use assets | | 86,206 | | | 78,340 | | | Finance lease right-of-use assets | | 37,314 | | | 37,638 | | Contract land deposit allowance | | (76,393) | | | (58,597) | | | Consolidation adjustments and other | | 89,509 | | | 68,168 | | | Reconciling items sub-total | | 2,063,547 | | | 2,878,448 | | | Consolidated assets | | $ | 5,939,339 | | | $ | 6,380,988 | |
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