Reporting Segments

9 Months Ended

Sep. 30, 2024

Reporting Segments [Abstract]

Reporting Segments

2. Reporting Segments

Our homebuilding operations are engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 18 states. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand is managed by geographic location, and each of our four geographic regions offers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade selections. Each of our four geographic regions is considered a separate operating segment. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and generally provides no option or upgrade selections. Our Century Complete brand currently has operations in 11 states and it is considered a separate operating segment.

The management of our four Century Communities geographic regions and Century Complete reports to our chief operating decision makers (which we refer to as “CODMs”), the Co-Chief Executive Officers of our Company. The CODMs review the results of our operations, including total revenue and income before income tax expense to determine profitability and to allocate resources. Accordingly, we have presented our homebuilding operations as the following five reportable segments:

West (California and Washington)

Mountain (Arizona, Colorado, Nevada, and Utah)

Texas

Southeast (Florida, Georgia, North Carolina, South Carolina, and Tennessee)

Century Complete (Alabama, Arizona, Florida, Georgia, Indiana, Kentucky, Louisiana, Michigan, North Carolina, Ohio, South Carolina)

We have identified our Financial Services operations, which provide mortgage, title, insurance and escrow services to our homebuyers, as a sixth reportable segment. Our Corporate operations are a non-operating segment, as our Corporate operations serve to support our homebuilding, and to a lesser extent our Financial Services operations, through functions, such as our executive, finance, treasury, human resources, accounting and legal departments.

Additionally, our wholly owned subsidiary, Century Living, LLC, is engaged in the development, construction and management of multi-family rental properties, currently all located in Colorado. Century Living, LLC is included in our Corporate segment. 

The following table summarizes total revenue and income (loss) before income tax expense by segment (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue:
West	$	240,722	$	167,708	$	617,047	$	436,081
Mountain		271,305		207,054		784,506		683,432
Texas		159,502		111,694		436,782		327,844
Southeast		180,226		164,968		496,032		369,414
Century Complete		265,020		214,363		723,816		606,065
Financial Services		20,091		23,636		66,676		63,768
Corporate		—		—		—		—
Total revenue	$	1,136,866	$	889,423	$	3,124,859	$	2,486,604
Income (loss) before income tax expense:
West	$	35,222	$	31,419	$	94,098	$	54,358
Mountain		31,770		25,449		93,943		77,946
Texas		14,682		16,377		46,385		31,502
Southeast		27,218		33,717		73,857		63,675
Century Complete		34,056		30,873		84,192		61,171
Financial Services		3,070		12,204		18,782		29,785
Corporate		(36,106)		(38,040)		(106,393)		(93,681)
Total income before income tax expense	$	109,912	$	111,999	$	304,864	$	224,756

The following table summarizes total assets by segment (in thousands):

	September 30,		December 31,
	2024		2023
West	$	873,401	$	786,489
Mountain		1,054,141		1,051,052
Texas		858,559		577,129
Southeast		631,256		503,249
Century Complete		506,429		386,444
Financial Services		473,767		450,208
Corporate		383,412		384,791
Total assets	$	4,780,965	$	4,139,362

Corporate assets primarily include costs associated with development of multi-family rental properties, certain cash and cash equivalents, certain property and equipment, deferred tax assets, certain receivables, and prepaid insurance.