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 (loss) income. Operating (loss) income 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.

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



	Fiscal Year Ended September 30,
in thousands	2019		2018		2017
Revenue
West	$	1,014,702	$	1,014,803	$	853,230
East	514,961		524,563		551,422
Southeast	558,076		567,767		511,626
Total revenue	$	2,087,739	$	2,107,133	$	1,916,278



	Fiscal Year Ended September 30,
in thousands	2019			2018			2017
Operating (loss) income ^(a)
West	$	(5,492	)	$	142,310		$	110,600
East ^(b)	51,576			57,372			58,191
Southeast	40,165			45,950			53,905
Segment total	86,249			245,632			222,696
Corporate and unallocated ^(c)	(176,145		)	(164,084		)	(160,558		)
Total operating (loss) income	$	(89,896	)	$	81,548		$	62,138

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

^(b)Operating income for our East segment for the year ended September 30, 2017 was impacted by a charge to G&A of $2.7 million related to the write-off of a deposit on a legacy investment in a development site that we deemed uncollectible.

^(c)Corporate and unallocated operating loss includes amortization of capitalized interest, movement in capitalized indirect costs, 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.



	Fiscal Year Ended September 30,
in thousands	2019		2018		2017
Depreciation and amortization
West	$	6,456	$	7,062	$	7,207
East	3,250		2,619		2,927
Southeast	3,455		3,053		2,564
Segment total	13,161		12,734		12,698
Corporate and unallocated ^(a)	1,598		1,073		1,311
Total depreciation and amortization	$	14,759	$	13,807	$	14,009

^(a)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:



	Fiscal Year Ended September 30,
in thousands	2019		2018		2017
Capital Expenditures
West	$	11,635	$	8,152	$	7,086
East	2,518		2,234		2,474
Southeast	3,086		3,112		2,539
Corporate and unallocated	4,117		3,522		341
Total capital expenditures	$	21,356	$	17,020	$	12,440

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



in thousands	September 30, 2019		September 30, 2018
Assets
West	$	751,110	$	835,230
East	286,340		335,474
Southeast	359,431		414,685
Corporate and unallocated ^(a)	560,763		542,713
Total assets	$	1,957,644	$	2,128,102

^(a)Corporate and unallocated total assets primarily consist of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.