Segment Information

3 Months Ended

Feb. 28, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of February 28, 2025, our homebuilding reporting segments conducted ongoing operations in the following states:

West Coast:	California, Idaho and Washington
Southwest:	Arizona and Nevada
Central:	Colorado and Texas
Southeast:	Florida and North Carolina

Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, first move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land.

Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyers in the same markets as our homebuilding reporting segments, and provides title services in the majority of our markets located within our Southwest, Central and Southeast homebuilding reporting segments. Our financial services reporting segment earns revenues primarily from insurance commissions and from the provision of title services.

We offer mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (“KBHS”), our unconsolidated joint venture with GR Alliance Ventures, LLC (“GR Alliance”), a subsidiary of Guaranteed Rate, Inc. We and GR Alliance each have a 50.0% ownership interest, with GR Alliance providing management oversight of KBHS’ operations.

Our reporting segments follow the same accounting policies used for our consolidated financial statements. The results of each reporting segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods.

The following tables present financial information relating to our homebuilding reporting segments (in thousands):

	Three Months Ended
	February 28, 2025		February 29, 2024
Revenues:
West Coast	$	601,649	$	558,302
Southwest	312,879		323,125
Central	275,613		320,484
Southeast	196,900		259,787
Total	$	1,387,041	$	1,461,698
Pretax income (loss):
West Coast	$	68,891	$	65,740
Southwest	58,792		55,711
Central	25,493		38,575
Southeast	13,074		32,265
Corporate and other	(34,419)		(29,203)
Total	$	131,831	$	163,088

	Three Months Ended
	February 28, 2025		February 29, 2024
Inventory impairment and land option contract abandonment charges:
West Coast	$	646	$	1,298
Southwest	310		—
Central	318		—
Southeast	181		—
Total	$	1,455	$	1,298

	February 28, 2025		November 30, 2024
Assets:
West Coast	$	3,396,805	$	3,178,188
Southwest	1,079,790		915,072
Central	994,520		1,001,393
Southeast	1,042,840		972,993
Corporate and other	403,165		801,600
Total	$	6,917,120	$	6,869,246