v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 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 June 30, 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, homebuilding 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 June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Central$136,705 $115,918 $236,450 $219,349 
Southeast108,220 150,110 180,543 251,792 
Northwest59,605 55,302 96,611 108,894 
West138,059 100,339 216,429 170,695 
Florida73,459 66,573 118,891 120,900 
Total revenues$516,048 $488,242 $848,924 $871,630 
Cost of sales:
Central (1)
$107,907 $89,536 $190,378 $172,471 
Southeast85,983 115,423 142,478 193,144 
Northwest50,422 44,346 81,763 89,413 
West106,451 75,533 167,469 129,610 
Florida (1)
63,589 53,764 104,011 98,675 
Total cost of sales$414,352 $378,602 $686,099 $683,313 
Other segment items (2):
Central$15,978 $17,323 $30,124 $40,915 
Southeast14,324 16,518 26,440 32,359 
Northwest8,063 8,759 15,349 16,078 
West16,394 14,065 30,412 27,859 
Florida10,889 10,878 19,681 22,756 
Total other segment items$65,648 $67,543 $122,006 $139,967 
Net income (loss) before income taxes:
Central$12,820 $9,059 $15,948 $5,963 
Southeast7,913 18,169 11,625 26,289 
Northwest1,120 2,197 (501)3,403 
West15,214 10,741 18,548 13,226 
Florida(1,019)1,931 (4,801)(531)
Corporate543 (57)91 (586)
Total net income before income taxes$36,591 $42,040 $40,910 $47,764 
(1)During the six months ended June 30, 2026, 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.
June 30, 2026December 31, 2025
Assets:
Central$1,107,317 $1,162,355 
Southeast825,383 801,556 
Northwest633,570 598,193 
West820,802 800,548 
Florida420,157 452,555 
Corporate (1)
111,364 112,035 
Total assets$3,918,593 $3,927,242 
(1)The Corporate balance consists primarily of cash and cash equivalents and investments in unconsolidated entities.