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Segment Information
 9 Months Ended
Jun. 30, 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 reportable segment and Corporate and unallocated for the periods presented:
Three Months EndedNine Months Ended
 June 30,June 30,
in thousands2025202420252024
Revenue
West$329,149 $369,359 $1,001,921 $953,790 
East149,160 123,565 379,898 310,186 
Southeast67,058 102,758 197,840 260,064 
Total revenue$545,367 $595,682 $1,579,659 $1,524,040 
Three Months EndedNine Months Ended
June 30,June 30,
in thousands2025202420252024
Operating (loss) income
West$27,402 $45,582 $94,291 $119,951 
East14,473 9,158 28,702 27,796 
Southeast(2,561)12,755 3,797 32,848 
Segment total39,314 67,495 126,790 180,595 
Corporate and unallocated(a)
(43,024)(38,971)(114,993)(95,815)
Total operating (loss) income$(3,710)$28,524 $11,797 $84,780 
(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 EndedNine Months Ended
 June 30,June 30,
in thousands2025202420252024
Depreciation and amortization
West$2,151 $2,520 $6,860 $6,283 
East633 494 1,637 1,109 
Southeast428 397 1,123 985 
Segment total3,212 3,411 9,620 8,377 
Corporate and unallocated(a)
1,359 481 3,653 1,321 
Total depreciation and amortization $4,571 $3,892 $13,273 $9,698 
(a) Represents depreciation and amortization related to assets held by our corporate functions that benefit all segments.
The following table presents capital expenditures by reportable segment and Corporate and unallocated for the periods presented:
Nine Months Ended
 June 30,
in thousands20252024
Capital expenditures
West$7,627 $9,132 
East2,274 1,829 
Southeast3,753 756 
Corporate and unallocated7,373 4,974 
Total capital expenditures$21,027 $16,691 
The following table presents assets by reportable segment and Corporate and unallocated as of June 30, 2025 and September 30, 2024:
in thousandsJune 30, 2025September 30, 2024
Assets
West$1,222,047 $1,114,450 
East512,577 454,255 
Southeast474,221 389,058 
Corporate and unallocated(a)
503,479 633,764 
Total assets$2,712,324 $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.