Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Segment Reporting 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 June 30,						Six Months Ended June 30,
(in thousands)	2019			2018			2019			2018
Revenues: ⁽¹⁾
Builder operations
Central	$	79,168		$	68,892		$	163,593		$	141,338
Southeast	95,886			77,728			173,059			130,446
Total builder operations	175,054			146,620			336,652			271,784
Land development	8,452			10,692			15,482			14,691
Total revenues	$	183,506		$	157,312		$	352,134		$	286,475

Gross profit (loss):
Builder operations
Central	$	17,903		$	18,827		$	36,020		$	39,362
Southeast	24,855			21,863			44,142			35,713
Total builder operations	42,758			40,690			80,162			75,075
Land development	2,119			3,164			3,902			4,449
Corporate, other and unallocated ⁽²⁾	(4,596		)	(2,783		)	(8,417		)	(5,819		)
Total gross profit	$	40,281		$	41,071		$	75,647		$	73,705



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2019			2018			2019			2018
Income (loss) before income taxes:
Builder operations
Central	$	6,916		$	9,942		$	13,854		$	21,042
Southeast	14,962			13,351			24,114			21,329
Total builder operations	21,878			23,293			37,968			42,371
Land development	1,622			2,664			4,299			3,683
Corporate, other and unallocated⁽³⁾	(2,044		)	(1,727		)	(5,492		)	(5,213		)
Total income before income taxes	$	21,456		$	24,230		$	36,775		$	40,841

	June 30, 2019			December 31, 2018
Inventory:
Builder operations
Central	$	198,866		$	160,980
Southeast	174,581			159,616
Total builder operations	373,447			320,596
Land development	323,406			329,105
Corporate, other and unallocated⁽⁴⁾	23,025			19,260
Total inventory	$	719,878		$	668,961

Goodwill: ⁽⁵⁾
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 controlled builders have revenues from land or lot closings, which for the three and six months ended June 30, 2019 was $0.0 million, compared to $0.4 million and $4.3 million for the three and six months ended June 30, 2018, respectively.


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


(3)	Corporate, other and unallocated loss before income taxes includes results from Green Brick Title, 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 work in process and land under development.


(5)	In connection with the GRBK GHO business combination, the Company recorded goodwill of $0.7 million.