Segment Information

3 Months Ended

Mar. 31, 2024

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 relating to the Company’s reportable segments is as follows.

	Three Months Ended March 31,
(in thousands)	2024		2023
Revenues: (1)
Builder operations
Central	$	315,347	$	344,464
Southeast	128,047		105,898
Total builder operations	443,394		450,362
Land development	3,944		1,699
Total revenues	$	447,338	$	452,061
Gross profit:
Builder operations
Central	$	109,666	$	102,405
Southeast	48,091		33,329
Total builder operations	157,757		135,734
Land development	305		688
Corporate, other and unallocated (2)	(9,805)		(11,816)
Total gross profit	$	148,257	$	124,606
Income before income taxes:
Builder operations
Central	$	75,521	$	68,017
Southeast	34,794		22,271
Total builder operations	110,315		90,288
Land development	473		775
Corporate, other and unallocated (3)	4,845		(3,891)
Income before income taxes	$	115,633	$	87,172

	March 31, 2024		December 31, 2023
Inventory:
Builder operations
Central	$	646,044	$	645,987
Southeast	335,256		314,087
Total builder operations	981,300		960,074
Land development	628,205		529,711
Corporate, other and unallocated (4)	45,989		43,438
Total inventory	$	1,655,494	$	1,533,223
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, 2024, Builders had revenues from land or lot closings of $0.1 million and no revenues from land or lot closings for the three months ended March 31, 2023.

(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.