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Segment Information
 9 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information 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, land and lot sales, and our title operations. Land sales revenue relates to land that does not fit within our homebuilding programs or strategic plans. We also provide title examinations for our homebuyers in certain markets. 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. Operating income for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development, land sales expense, title operations 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 2023 Annual Report.
The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented:
Three Months EndedNine Months Ended
 June 30,June 30,
in thousands2024202320242023
Revenue
West$369,359 $328,347 $953,790 $933,575 
East123,565 133,096 310,186 339,357 
Southeast102,758 111,101 260,064 288,448 
Total revenue$595,682 $572,544 $1,524,040 $1,561,380 
Three Months EndedNine Months Ended
June 30,June 30,
in thousands2024202320242023
Operating income
West$45,582 $55,629 $119,951 $138,499 
East9,158 16,415 27,796 41,921 
Southeast12,755 16,930 32,848 39,126 
Segment total67,495 88,974 180,595 219,546 
Corporate and unallocated(a)
(38,971)(41,074)(95,815)(104,352)
Total operating income$28,524 $47,900 $84,780 $115,194 
(a) Includes amortization of capitalized interest, capitalization and amortization of indirect costs, impairment of capitalized interest and capitalized indirect costs, when applicable, 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 certain other amounts that are not allocated to our operating segments.
Below operating income, we recognized a gain on sale of investment of $8.6 million during the nine months ended June 30, 2024 within other income, net. We previously held a minority interest in a technology company specializing in digital marketing for new home communities, which was sold during the quarter ended March 31, 2024. In exchange for the previously held investment, we received cash in escrow along with a minority partnership interest in the acquiring company, which was recorded within other assets in our condensed consolidated balance sheets.
Three Months EndedNine Months Ended
 June 30,June 30,
in thousands2024202320242023
Depreciation and amortization
West$2,520 $1,750 $6,283 $5,294 
East494 402 1,109 1,063 
Southeast397 421 985 1,149 
Segment total3,411 2,573 8,377 7,506 
Corporate and unallocated(a)
481 334 1,321 934 
Total depreciation and amortization $3,892 $2,907 $9,698 $8,440 
(a) 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 thousands20242023
Capital expenditures
West$9,132 $6,840 
East1,829 1,975 
Southeast756 1,273 
Corporate and unallocated4,974 4,034 
Total capital expenditures$16,691 $14,122 
The following table presents assets by segment as of June 30, 2024 and September 30, 2023:
in thousandsJune 30, 2024September 30, 2023
Assets
West$1,220,127 $994,597 
East477,204 356,020 
Southeast391,874 320,430 
Corporate and unallocated(a)
505,341 739,986 
Total assets$2,594,546 $2,411,033 
(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.