| Segment Information |
The tables below present the measure of profit and assets used to assess the performance of the two required segments and the single-family rentals that the Company believes will become a segment for the periods presented:
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|
|
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|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2023 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
3,643 |
|
$ |
3,202 |
|
$ |
34 |
|
$ |
6,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
743 |
|
|
1,032 |
|
|
24 |
|
|
1,799 |
Depreciation and depletion |
|
|
407 |
|
|
— |
|
|
— |
|
|
407 |
Total cost of revenue |
|
|
1,150 |
|
|
1,032 |
|
|
24 |
|
|
2,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
2,493 |
|
$ |
2,170 |
|
$ |
10 |
|
$ |
4,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2022 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
2,011 |
|
$ |
1,151 |
|
$ |
25 |
|
$ |
3,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
748 |
|
|
288 |
|
|
9 |
|
|
1,045 |
Depreciation and depletion |
|
|
349 |
|
|
— |
|
|
— |
|
|
349 |
Total cost of revenue |
|
|
1,097 |
|
|
288 |
|
|
9 |
|
|
1,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
914 |
|
$ |
863 |
|
$ |
16 |
|
$ |
1,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2023 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
5,882 |
|
$ |
5,237 |
|
$ |
90 |
|
$ |
11,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
2,125 |
|
|
1,509 |
|
|
53 |
|
|
3,687 |
Depreciation and depletion |
|
|
1,246 |
|
|
— |
|
|
— |
|
|
1,246 |
Total cost of revenue |
|
|
3,371 |
|
|
1,509 |
|
|
53 |
|
|
4,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment (loss) profit |
|
$ |
2,511 |
|
$ |
3,728 |
|
$ |
37 |
|
$ |
6,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2022 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
5,891 |
|
$ |
6,173 |
|
$ |
59 |
|
$ |
12,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
2,054 |
|
|
1,160 |
|
|
16 |
|
|
3,230 |
Depreciation and depletion |
|
|
1,055 |
|
|
— |
|
|
— |
|
|
1,055 |
Total cost of revenue |
|
|
3,109 |
|
|
1,160 |
|
|
16 |
|
|
4,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
2,782 |
|
$ |
5,013 |
|
$ |
43 |
|
$ |
7,838 |
The following table summarizes the Company’s total assets by segment. The assets consist of water rights and water and wastewater systems in the Company’s water and wastewater resource development segment; land, land development costs and deposits in the Company’s land development segment; and the cost of the homes in the single-family rental line. The Company’s other assets (Corporate) primarily consist of cash, cash equivalents, restricted cash, equipment, and related party notes receivables.
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|
|
|
|
|
|
(In thousands) |
|
May 31, 2023 |
|
August 31, 2022 |
Water and wastewater resource development |
|
$ |
63,936 |
|
$ |
63,064 |
Land development |
|
|
29,352 |
|
|
25,522 |
Single-family rental |
|
|
4,856 |
|
|
1,715 |
Corporate |
|
|
30,021 |
|
|
38,928 |
Total assets |
|
$ |
128,165 |
|
$ |
129,229 |
|