Segment Information

We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues from our homebuilding segments are derived from the sale of homes that we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. We have considered the applicable aggregation criteria and have combined our homebuilding operations into three reportable segments as follows:

West: Arizona, California, Nevada, and Texas

East: Delaware, Indiana, Maryland, New Jersey^(a), Tennessee, and Virginia

Southeast: Florida, Georgia, North Carolina, and South Carolina

^(a)During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey.

Management’s evaluation of segment performance is based on segment operating income (loss). Operating income (loss) for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development, and land sales expense, commission expense, depreciation and amortization, and certain G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 2 to the consolidated financial statements within our 2018 Annual Report.

The following tables contain our revenue, operating income (loss), and depreciation and amortization by segment for the periods presented:



	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2019		2018		2019		2018
Revenue
West	$	238,723	$	242,308	$	658,097	$	654,789
East	118,356		132,415		301,168		328,680
Southeast	125,659		136,798		346,773		355,719
Total revenue	$	482,738	$	511,521	$	1,306,038	$	1,339,188



	Three Months Ended						Nine Months Ended
	June 30,						June 30,
in thousands	2019			2018			2019			2018
Operating income (loss) ^(a)
West	$	29,268		$	31,180		$	(53,489	)	$	84,005
East	11,247			13,642			23,571			29,964
Southeast	8,043			11,557			16,747			26,364
Segment total	48,558			56,379			(13,171		)	140,333
Corporate and unallocated ^(b)	(39,015		)	(38,799		)	(112,730		)	(102,247		)
Total operating income (loss)	$	9,543		$	17,580		$	(125,901	)	$	38,086



	Three Months Ended				Nine Months Ended
	June 30,				June 30,
in thousands	2019		2018		2019		2018
Depreciation and amortization
West	$	1,415	$	1,983	$	3,956	$	4,936
East	658		700		1,743		1,690
Southeast	776		746		2,117		1,867
Segment total	2,849		3,429		7,816		8,493
Corporate and unallocated ^(b)	393		227		1,096		736
Total depreciation and amortization	$	3,242	$	3,656	$	8,912	$	9,229

^(a) Operating income (loss) is impacted by impairment and abandonment charges incurred during the periods presented (see Note 5).

^(b)Corporate and unallocated operating loss includes amortization of capitalized interest; movement in capitalized indirects; expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing; and other amounts that are not allocated to our operating segments. Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by our corporate functions that benefit all segments.

The following table presents capital expenditures by segment for the periods presented:



	Nine Months Ended
	June 30,
in thousands	2019		2018
Capital Expenditures
West	$	8,172	$	6,478
East	2,122		1,870
Southeast	2,564		2,215
Corporate and unallocated	3,507		3,331
Total capital expenditures	$	16,365	$	13,894

The following table presents assets by segment as of June 30, 2019 and September 30, 2018:



in thousands	June 30, 2019		September 30, 2018
Assets
West	$	800,225	$	835,230
East	327,889		335,474
Southeast	416,525		414,685
Corporate and unallocated ^(a)	575,640		542,713
Total assets	$	2,120,279	$	2,128,102

^(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirects, and other items that are not allocated to the segments.