Segment Information (Tables)

6 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of segment reporting information

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

	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2024		2023		2024		2023
Revenue
West	$	347,338	$	330,413	$	584,431	$	605,228
East	111,844		120,071		186,621		206,261
Southeast	82,358		93,424		157,306		177,347
Total revenue	$	541,540	$	543,908	$	928,358	$	988,836

	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2024		2023		2024		2023
Operating income
West	$	46,030	$	45,513	$	74,369	$	82,870
East	12,282		16,244		18,638		25,506
Southeast	10,953		11,517		20,093		22,196
Segment total	69,265		73,274		113,100		130,572
Corporate and unallocated(a)	(33,274)		(34,482)		(56,844)		(63,278)
Total operating income	$	35,991	$	38,792	$	56,256	$	67,294

(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 three and six months ended March 31, 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 Ended				Six Months Ended
	March 31,				March 31,
in thousands	2024		2023		2024		2023
Depreciation and amortization
West	$	2,452	$	1,939	$	3,763	$	3,544
East	406		388		615		661
Southeast	268		398		588		728
Segment total	3,126		2,725		4,966		4,933
Corporate and unallocated(a)	447		295		840		600
Total depreciation and amortization	$	3,573	$	3,020	$	5,806	$	5,533

(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 thousands	2024		2023
Capital expenditures
West	$	6,873	$	3,086
East	865		1,239
Southeast	462		925
Corporate and unallocated	3,301		2,574
Total capital expenditures	$	11,501	$	7,824

The following table presents assets by segment as of March 31, 2024 and September 30, 2023:

in thousands	As of March 31, 2024		As of September 30, 2023
Assets
West	$	1,157,508	$	994,597
East	432,585		356,020
Southeast	372,324		320,430
Corporate and unallocated(a)	552,993		739,986
Total assets	$	2,515,410	$	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.