Information on Segments

3 Months Ended

Jan. 31, 2025

Segment Reporting [Abstract]

Information on Segments

Information on Segments

We operate in the following five geographic segments, with operations generally located in the states listed below:

•The North region: Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York and Pennsylvania;

•The Mid-Atlantic region: Georgia, Maryland, North Carolina, Tennessee and Virginia;

•The South region: Florida, South Carolina and Texas;

•The Mountain region: Arizona, Colorado, Idaho, Nevada and Utah;

•The Pacific region: California, Oregon and Washington.

Our geographic reporting segments are consistent with how our chief operating decision makers are assessing operating performance and allocating capital.

Revenues and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands):

	Three months ended January 31,
	2025		2024
Revenues:
North	$	254,712	$	272,657
Mid-Atlantic	236,240		264,154
South	506,273		532,886
Mountain	556,704		453,381
Pacific	287,164		408,991
Total home building	1,841,093		1,932,069
Corporate and other	(317)		(233)
	1,840,776		1,931,836
Land sales and other revenues (1)	18,355		16,012
Total consolidated	$	1,859,131	$	1,947,848
Income (loss) before income taxes:
North	$	28,193	$	33,021
Mid-Atlantic	33,430		49,518
South	90,416		98,430
Mountain	80,739		80,164
Pacific	38,113		103,653
Total home building	270,891		364,786
Corporate and other	(49,509)		(53,625)
Total consolidated	$	221,382	$	311,161

(1) Land sales and other revenues by segment has been provided in the table below.

“Corporate and other” is comprised principally of general corporate expenses such as our executive offices; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including our apartment rental development business and our high-rise urban luxury condominium operations, and income from our Rental Property Joint Ventures and Other Joint Ventures.

Land sales and other revenues for each of our segments, for the periods indicated, were as follows (amounts in thousands):

	Three months ended January 31,
	2025		2024
North	$	17,155	$	—
Mid-Atlantic	256		7,796
South	837		3,639
Mountain	—		4,577
Pacific	107		—
Total home building	18,355		16,012
Corporate and other	—		—
Total consolidated	$	18,355	$	16,012

“Corporate and other” is comprised principally of activities from our apartment rental development business.

Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands):

	January 31, 2025		October 31, 2024
North	$	1,492,110	$	1,425,738
Mid-Atlantic	1,578,671		1,444,951
South	2,908,206		2,514,446
Mountain	3,119,991		2,950,806
Pacific	2,542,290		2,266,829
Total home building	11,641,268		10,602,770
Corporate and other	1,980,835		2,765,162
Total consolidated	$	13,622,103	$	13,367,932

“Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, manufacturing facilities, our apartment rental development and high-rise urban luxury condominium operations, and our mortgage and title subsidiaries.

The amounts we have provided for inventory impairment charges and the expensing of costs that we believe not to be recoverable, for the periods indicated, which are included in home sales cost of revenues, were as follows (amounts in thousands):

	Three months ended January 31,
	2025		2024
North	$	205	$	495
Mid-Atlantic	3,767		192
South	4,359		80
Mountain	7,494		674
Pacific	592		30
Total consolidated	$	16,417	$	1,471

We have also recognized, in our South region, $1.8 million of land impairment charges included in land sales and other cost of revenues during the three-month period ended January 31, 2025. No land impairment charges were recognized in land sales and other costs of revenues in the three-month period ended January 31, 2024.