| Segment Information |
The tables below present the measure of profit and assets used to assess the performance of the segment for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2021 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
2,198 |
|
$ |
468 |
|
$ |
— |
|
$ |
2,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
483 |
|
|
99 |
|
|
— |
|
|
582 |
Depreciation and depletion |
|
|
358 |
|
|
— |
|
|
— |
|
|
358 |
Total cost of revenue |
|
|
841 |
|
|
99 |
|
|
— |
|
|
940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
1,357 |
|
$ |
369 |
|
$ |
— |
|
$ |
1,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2021 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
7,386 |
|
$ |
4,887 |
|
$ |
— |
|
$ |
12,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
1,785 |
|
|
2,087 |
|
|
— |
|
|
3,872 |
Depreciation and depletion |
|
|
1,077 |
|
|
— |
|
|
— |
|
|
1,077 |
Total cost of revenue |
|
|
2,862 |
|
|
2,087 |
|
|
— |
|
|
4,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
4,524 |
|
$ |
2,800 |
|
$ |
— |
|
$ |
7,324 |
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.
|
|
|
|
|
|
|
(In thousands) |
|
May 31, 2022 |
|
August 31, 2021 |
Water and wastewater resource development |
|
$ |
58,515 |
|
$ |
57,791 |
Land development |
|
|
45,909 |
|
|
32,844 |
Single-family rental |
|
|
1,445 |
|
|
— |
Corporate |
|
|
9,516 |
|
|
26,542 |
Total assets |
|
$ |
115,386 |
|
$ |
117,177 |
|