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Segment Information (Tables)
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Financial information relating to the Company’s reportable segments is as follows. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in thousands)
2018
 
2017
 
2018
 
2017
Revenues: (1)
 
 
 
 
 
 
 
Builder operations
 
 
 
 
  

 
 
Texas
$
66,893

 
$
46,710

 
$
138,441

 
$
97,380

Georgia
66,556

 
53,635

 
119,274

 
96,362

Florida
10,869

 

 
10,869

 

Land development
10,692

 
4,606

 
14,691

 
10,546

Corporate and other (2)

 

 

 

Total revenues
$
155,010

 
$
104,951

 
$
283,275

 
$
204,288

 
 
 
 
 
 
 
 
Gross profit: (1)
 
 
 
 
 
 
 
Builder operations
 
 
 
 
 
 
 
Texas
$
15,432

 
$
12,063

 
$
32,449

 
$
24,373

Georgia
16,294

 
11,774

 
28,158

 
21,122

Florida
2,511

 

 
2,511

 

Land development
3,164

 
1,287

 
4,449

 
3,115

Corporate and other (2)
(2,783
)
 
(2,198
)
 
(5,819
)
 
(4,398
)
Total gross profit
$
34,618

 
$
22,926

 
$
61,748

 
$
44,212

 
 
 
 
 
 
 
 
Income (loss) before taxes:
  

 
  

 
  

 
 
Builder operations
 
 
 
 
 
 
 
Texas
$
9,942

 
$
7,878

 
$
21,042

 
$
16,253

Georgia
12,243

 
8,213

 
20,221

 
14,315

Florida
1,108

 

 
1,108

 

Land development
2,664

 
873

 
3,683

 
2,378

Corporate and other (2)(3)
(1,727
)
 
(3,151
)
 
(5,213
)
 
(7,018
)
Total income before taxes
$
24,230

 
$
13,813

 
$
40,841

 
$
25,928

 
 
 
 
 
 
 
 
 
June 30, 2018
 
December 31, 2017
 
 
 
 
Inventory:
 
 
 
 
 
 
 
Builder operations
 
 
 
 
 
 
 
Texas
$
128,062

 
$
111,271

 
 
 
 
Georgia
105,699

 
99,613

 
 
 
 
Florida
41,645

 

 
 
 
 
Land development
291,251

 
272,542

 
 
 
 
Corporate and other (2)(4)
14,711

 
12,628

 
 
 
 
Total inventory
$
581,368

 
$
496,054

 
 
 
 
 
 
 
 
 
 
 
 
Goodwill:
 
 
 
 
 
 
 
Builder operations
 
 
 
 
 
 
 
Florida (5)
$
1,725

 
$

 
 
 
 

(1)
Builder operations segment revenue does not equal revenue from the sale of residential units included in the consolidated statements of income in periods when our controlled builders have sales of land or lots, which for the three and six months ended June 30, 2018 were $0.4 million and $4.3 million, respectively, compared to $0.0 million for the three and six months ended June 30, 2017. Revenue from such sales is included in builder operations segment revenue as it relates to builder operations, and included in revenue from sale of land and lots in the condensed consolidated statements of income.
(2)
Corporate and other is comprised principally of general corporate expenses associated with administrative functions such as finance, treasury, information technology and human resources.
(3)
Corporate and other income (loss) before taxes includes results from Green Brick Title, Challenger Homes, Green Brick Mortgage, and Providence Title.
(4)
Corporate and other inventory consists of capitalized overhead and interest related to work in process and land under development.
(5)
In connection with the GHO Homes acquisition, the Company recorded a provisional amount of goodwill of $1.7 million. The valuation of goodwill has not yet been finalized. See Note 2.