XML 26 R16.htm IDEA: XBRL DOCUMENT v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
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. Financial information related to the Company’s reportable segments is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenues: (1)
Builder operations
Central$322,154 $364,880 $666,618 $626,578 
Southeast132,291 147,659 238,189 250,716 
Total builder operations454,445 512,539 904,807 877,294 
Land development1,844 12,605 3,543 41,466 
Total revenues$456,289 $525,144 $908,350 $918,760 
Gross profit:
Builder operations
Central$107,878 $133,508 $210,283 $217,572 
Southeast45,868 43,274 79,197 69,050 
Total builder operations153,746 176,782 289,480 286,622 
Land development858 3,828 1,546 11,242 
Corporate, other and unallocated (2)
(11,669)(11,714)(23,485)(20,612)
Total gross profit$142,935 $168,896 $267,541 $277,252 
Income before income taxes:
Builder operations
Central$74,800 $102,991 $142,817 $162,476 
Southeast32,494 30,184 54,765 45,678 
Total builder operations107,294 133,175 197,582 208,154 
Land development1,140 3,625 1,915 11,210 
Corporate, other and unallocated (3)
(4,222)1,482 (8,113)1,551 
Income before income taxes$104,212 $138,282 $191,384 $220,915 
June 30, 2023December 31, 2022
Inventory:
Builder operations
Central$477,335 $515,981 
Southeast295,909 293,787 
Total builder operations773,244 809,768 
Land development589,608 570,065 
Corporate, other and unallocated (4)
41,546 42,847 
Total inventory$1,404,398 $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 and six months ended June 30, 2023, Builders did not have revenues from land or lot closings. Land and lot closings revenues were de minimis for the three and six months ended June 30, 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 income (loss) before income taxes includes results from Green Brick Title, LLC, Ventana Insurance, LLC, 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 homes under construction and land under development.