v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Disclosures SEGMENT INFORMATION
We operate one principal homebuilding business that is organized and reports by division. We have seven operating segments (our Central, Midwest, Southeast, Mid-Atlantic, Northwest, West and Florida divisions) that we aggregate into five qualifying reportable segments at March 31, 2026: our Central, Southeast, Northwest, West, and Florida divisions. These segments reflect the way we evaluate our business performance and manage our operations.
For reporting purposes, our homebuilding operations are aggregated into five reportable segments as follows:
Central:        Texas, Oklahoma, Minnesota
Southeast:    Georgia, Alabama, Tennessee, North Carolina, South Carolina,
West Virginia, Maryland, Pennsylvania, Virginia
Northwest:    Colorado, Washington, Oregon
West:        Arizona, New Mexico, Nevada, California, Utah
Florida:        Florida
In determining the most appropriate reportable segments, we consider operating segments’ economic and other characteristics, including home floor plans, average selling prices, gross margin percentage, geographical proximity, production construction processes, suppliers, subcontractors, regulatory environments, customer type and underlying demand and supply. Each operating segment follows the same accounting policies and is managed by our management team. We have no inter-segment sales, as all sales are to external customers. Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented.
Our Chief Executive Officer and Chairman of the Board and our President and Chief Operating Officer have been determined to be our chief operating decision-makers (“CODMs”). The CODMs primarily evaluate the segments’ operating performance and allocate resources for all of our reportable segments based on net income before income taxes. For all of the segments, the CODMs use segment net income before income tax expense in the annual budget and forecasting process. These operating results are reviewed against actual and forecasted figures, with net income before income taxes being the key operating metric used to measure profit or loss.
Financial information relating to our reportable segments was as follows (in thousands):
Three Months Ended March 31,
20262025
Revenues:
Central$89,160 $101,146 
Southeast72,323 101,682 
Northwest37,006 34,237 
West75,850 66,956 
Florida45,397 47,399 
Total home sales revenues$319,736 $351,420 
Cost of sales:
Central (1)
$73,456 $80,515 
Southeast56,495 77,721 
Northwest31,171 28,422 
West58,301 51,795 
Florida (1)
40,384 39,254 
Total cost of sales$259,807 $277,707 
Other segment items (2):
Central$12,576 $23,727 
Southeast12,116 15,842 
Northwest7,456 4,609 
West14,215 12,676 
Florida8,795 10,607 
Corporate (3)
452 528 
Total other segment items$55,610 $67,989 
Net income (loss) before income taxes:
Central$3,128 $(3,096)
Southeast3,712 8,119 
Northwest(1,620)1,206 
West3,333 2,485 
Florida(3,783)(2,462)
Corporate(451)(528)
Total net income before income taxes$4,319 $5,724 
(1)The Company recognized $4.7 million of impairment charges related to inventory, of which $2.4 million was related to our Florida reportable segment and $2.3 million was related to our Central reportable segment.
(2)Other segment items reflects other sources of income and expense, including selling expenses, general and administrative expenses and other income, net.
(3)The Corporate balance consists of general and administrative unallocated costs for various shared service functions and non-strategic other income.
March 31, 2026December 31, 2025
Assets:
Central$1,189,620 $1,162,355 
Southeast819,316 801,556 
Northwest621,890 598,193 
West827,113 800,548 
Florida446,840 452,555 
Corporate (1)
105,386 112,035 
Total assets$4,010,165 $3,927,242 
(1)The Corporate balance consists primarily of investments in unconsolidated entities.