XML 34 R22.htm IDEA: XBRL DOCUMENT v3.19.2
REPORTING SEGMENTS
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
REPORTING SEGMENTS REPORTING SEGMENTS
We have multiple homebuilding operating components which are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer service. We aggregate our homebuilding operating components into three reporting segments, East, Central, and West, based on similar long-term
economic characteristics. We also have a financial services reporting segment. We have no inter-segment sales as all sales are to external customers.

Our reporting segments are as follows:
 
East
Atlanta, Charlotte, Chicago, Jacksonville, Orlando, Raleigh, Southwest Florida, and Tampa
Central
Austin, Dallas, Denver, and Houston
West
Bay Area, Phoenix, Sacramento and Southern California
Financial Services
TMHF and Inspired Title Services


Segment information is as follows (in thousands):

 
 
Three Months Ended June 30, 2019
 
 
East
 
Central
 
West
 
Financial Services
 
Corporate
and
Unallocated
 
Total
Total revenues
 
$
485,376

 
$
363,003

 
$
394,228

 
$
22,819

 
$
—

 
$
1,265,426

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross margin
 
77,149

 
62,649

 
84,202

 
9,774

 
—

 
233,774

Selling, general and administrative expenses
 
(41,459
)
 
(31,297
)
 
(24,976
)
 
—

 
(27,085
)
 
(124,817
)
Equity in (loss)/income of unconsolidated entities
 
—

 
(82
)
 
1,735

 
1,926

 
(18
)
 
3,561

Interest and other (expense)/income, net
 
(1,924
)
 
251

 
178

 
—

 
(1,004
)
 
(2,499
)
Income/(loss) before income taxes
 
$
33,766

 
$
31,521

 
$
61,139

 
$
11,700

 
$
(28,107
)
 
$
110,019


 
 
Three Months Ended June 30, 2018
 
 
East
 
Central
 
West
 
Financial Services
 
Corporate
and
Unallocated
 
Total
Total revenues
 
$
360,472

 
$
298,112

 
$
305,978

 
$
16,266

 
$
—

 
$
980,828

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross margin
 
65,128

 
53,653

 
54,816

 
5,114

 
—

 
178,711

Selling, general and administrative expenses
 
(31,105
)
 
(26,122
)
 
(20,061
)
 
—

 
(22,777
)
 
(100,065
)
Equity in income of unconsolidated entities
 
128

 
374

 
1,476

 
2,039

 
—

 
4,017

Interest and other expense, net
 
(122
)
 
(130
)
 
(101
)
 
—

 
(3,025
)
 
(3,378
)
Income/(loss) before income taxes
 
$
34,029

 
$
27,775


$
36,130


$
7,153


$
(25,802
)

$
79,285

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2019
 
 
East
 
Central
 
West
 
Financial
Services
 
Corporate
and
Unallocated
 
Total
Total revenues
 
$
840,328

 
$
617,950

 
$
693,377

 
$
38,863

 
$
—

 
$
2,190,518

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross margin
 
138,325

 
104,993

 
147,399

 
15,097

 
—

 
405,814

Selling, general and administrative expenses
 
(77,018
)
 
(57,561
)
 
(45,540
)
 
—

 
(48,581
)
 
(228,700
)
Equity in income of unconsolidated entities
 
—

 
(171
)
 
2,556

 
3,335

 
160

 
5,880

Interest and other (expense)/income, net
 
(3,537
)
 
(556
)
 
(211
)
 
—

 
(599
)
 
(4,903
)
Income/(loss) before income taxes
 
$
57,770

 
$
46,705

 
$
104,204

 
$
18,432

 
$
(49,020
)
 
$
178,091


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
East
 
Central
 
West
 
Financial
Services
 
Corporate
and
Unallocated
 
Total
Total revenues
 
$
645,279

 
$
512,224

 
$
545,186

 
$
30,472

 
$
—

 
$
1,733,161

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross margin
 
117,417

 
94,280

 
100,840

 
9,276

 
—

 
321,813

Selling, general and administrative expenses
 
(59,738
)
 
(48,402
)
 
(35,626
)
 
—

 
(43,314
)
 
(187,080
)
Equity in income of unconsolidated entities
 
239

 
755

 
2,571

 
3,698

 
—

 
7,263

Interest and other expense, net
 
(600
)
 
(238
)
 
(81
)
 
—

 
(2,554
)
 
(3,473
)
Income/(loss) before income taxes
 
$
57,318

 
$
46,395

 
$
67,704

 
$
12,974

 
$
(45,868
)
 
$
138,523

 
 
As of June 30, 2019
 
 
East
 
Central
 
West
 
Financial Services
 
Corporate
and
Unallocated
 
Total
Real estate inventory and land deposits
 
$
1,939,618

 
$
1,011,710

 
$
1,206,473

 
$
—

 
$
—

 
$
4,157,801

Investments in unconsolidated entities
 
—

 
35,411

 
89,827

 
4,015

 
265

 
129,518

Other assets
 
162,776

 
131,963

 
66,020

 
199,152

 
330,542

 
890,453

Total assets
 
$
2,102,394

 
$
1,179,084

 
$
1,362,320

 
$
203,167

 
$
330,807

 
$
5,177,772


 
 
 
As of December 31, 2018
 
 
East
 
Central
 
West
 
Financial Services
 
Corporate
and
Unallocated
 
Total
Real estate inventory and land deposits
 
$
1,862,756

 
$
1,011,659

 
$
1,164,079

 
$
—

 
$
—

 
$
4,038,494

Investments in unconsolidated entities
 
—

 
35,476

 
100,693

 
4,015

 
357

 
140,541

Other assets
 
162,339

 
118,187

 
55,433

 
236,291

 
513,156

 
1,085,406

Total assets
 
$
2,025,095

 
$
1,165,322

 
$
1,320,205

 
$
240,306

 
$
513,513

 
$
5,264,441