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Segment Information
 6 Months Ended
Mar. 31, 2025
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 2024 Annual Report.
The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented:
Three Months EndedSix Months Ended
 March 31,March 31,
in thousands2025202420252024
Revenue
West$373,856 $347,338 $672,772 $584,431 
East120,856 111,844 230,738 186,621 
Southeast70,627 82,358 130,782 157,306 
Total revenue$565,339 $541,540 $1,034,292 $928,358 
Three Months EndedSix Months Ended
March 31,March 31,
in thousands2025202420252024
Operating income
West$39,475 $46,030 $66,889 $74,369 
East7,557 12,282 14,229 18,638 
Southeast3,737 10,953 6,358 20,093 
Segment total50,769 69,265 87,476 113,100 
Corporate and unallocated(a)
(37,400)(33,274)(71,969)(56,844)
Total operating income$13,369 $35,991 $15,507 $56,256 
(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.
Three Months EndedSix Months Ended
 March 31,March 31,
in thousands2025202420252024
Depreciation and amortization
West$2,518 $2,452 $4,709 $3,763 
East548 406 1,004 615 
Southeast397 268 695 588 
Segment total3,463 3,126 6,408 4,966 
Corporate and unallocated(a)
1,184 447 2,294 840 
Total depreciation and amortization $4,647 $3,573 $8,702 $5,806 
(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:
Six Months Ended
 March 31,
in thousands20252024
Capital expenditures
West$5,012 $6,873 
East1,211 865 
Southeast2,558 462 
Corporate and unallocated4,280 3,301 
Total capital expenditures$13,061 $11,501 
The following table presents assets by segment as of March 31, 2025 and September 30, 2024:
in thousandsMarch 31, 2025September 30, 2024
Assets
West$1,185,797 $1,114,450 
East519,202 454,255 
Southeast447,114 389,058 
Corporate and unallocated(a)
502,632 633,764 
Total assets$2,654,745 $2,591,527 
(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.