Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Financial information relating to the Company’s reportable segments is as follows. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.

	Three Months Ended March 31,
(in thousands)	2023		2022
Revenues: (1)
Builder operations
Central	$	344,464	$	261,698
Southeast	105,898		103,057
Total builder operations	450,362		364,755
Land development	1,699		28,861
Total revenues	$	452,061	$	393,616
Gross profit:
Builder operations
Central	$	102,405	$	84,064
Southeast	33,329		25,776
Total builder operations	135,734		109,840
Land development	688		7,414
Corporate, other and unallocated (2)	(11,816)		(8,898)
Total gross profit	$	124,606	$	108,356
Income before income taxes:
Builder operations
Central	$	68,017	$	59,485
Southeast	22,271		15,494
Total builder operations	90,288		74,979
Land development	775		7,585
Corporate, other and unallocated (3)	(3,891)		69
Income before income taxes	$	87,172	$	82,633

	March 31, 2023		December 31, 2022
Inventory:
Builder operations
Central	$	460,388	$	515,981
Southeast	297,729		293,787
Total builder operations	758,117		809,768
Land development	572,985		570,065
Corporate, other and unallocated (4)	41,912		42,847
Total inventory	$	1,373,014	$	1,422,680
Goodwill:
Builder operations - Southeast	$	680	$	680

(1)The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or

lot closings. For the three months ended March 31, 2023, Builders did not have revenues from land or lot closings, compared to $0.1 million for the three months ended March 31, 2022.

(2)Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments.

(3)Corporate, other and unallocated loss before income taxes includes results from Green Brick Title, Ventana Insurance, and investments in unconsolidated subsidiaries, in addition to capitalized cost adjustments that are not allocated to operating segments.

(4)Corporate, other and unallocated inventory consists of capitalized overhead and interest related to work in process and land under development.