XML 27 R16.htm IDEA: XBRL DOCUMENT v3.24.2
Segment Information
 6 Months Ended
Jun. 30, 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 related to the Company’s reportable segments is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenues: (1)
Builder operations
Central$389,168 $322,154 $704,515 $666,618 
Southeast157,970 132,291 286,017 238,189 
Total builder operations547,138 454,445 990,532 904,807 
Land development13,493 1,844 17,437 3,543 
Total revenues$560,631 $456,289 $1,007,969 $908,350 
Gross profit:
Builder operations
Central$142,534 $107,878 $252,200 $210,283 
Southeast57,431 45,868 105,522 79,197 
Total builder operations199,965 153,746 357,722 289,480 
Land development775 858 1,080 1,546 
Corporate, other and unallocated (2)
(11,074)(11,669)(20,879)(23,485)
Total gross profit$189,666 $142,935 $337,923 $267,541 
Income before income taxes:
Builder operations
Central$104,803 $74,800 $180,324 $142,817 
Southeast41,417 32,494 76,211 54,765 
Total builder operations146,220 107,294 256,535 197,582 
Land development1,542 1,140 2,015 1,915 
Corporate, other and unallocated (3)
(8,585)(4,222)(3,740)(8,113)
Income before income taxes$139,177 $104,212 $254,810 $191,384 
June 30, 2024December 31, 2023
Inventory:
Builder operations
Central$677,930 $645,987 
Southeast333,065 314,087 
Total builder operations1,010,995 960,074 
Land development733,274 529,711 
Corporate, other and unallocated (4)
47,787 43,438 
Total inventory$1,792,056 $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. Land and lot closings revenue were $13.5 million and $17.5 million for the three and six months ended June 30, 2024 and $1.8 million and $3.5 million for the three and six months ended June 30, 2023, respectively.
(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.