Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.2.2
Segment Reporting
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company is engaged in the acquisition, development, and sale of homes and lots in multiple states across the country. The Company is managed by geographic location and each of the five geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers.

Management of the five geographic regions report to the Company's chief operating decision makers (“CODMs”), the Chief Executive Officer and Chief Operating Officer of the Company. The CODMs review the results of operations, including total revenues and pretax income to assess profitability and to allocate resources. Accordingly, the Company has presented its operations as the following five reportable segments:

•Arizona
•California
•Florida
•Metro New York
•Texas
The Company has also identified its Corporate operations as a non-operating segment, as they serve to support the homebuilding operations through functional departments such as executive, finance, treasury, human resources, accounting, and legal. The majority of Corporate personnel and resources are primarily dedicated to activities relating to operations and are allocated based on each segment's respective percentage of assets, revenue, and dedicated personnel. 
The following table summarizes total revenues and pretax income before income tax expense by segment:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(dollars in thousands)
Revenue
Arizona $ 76,808  $ 65,502  $ 234,927  $ 202,750 
California 118,977  110,046  343,466  346,680 
Florida 103,564  31,161  320,358  59,519 
Metro New York 28,132  —  95,758  — 
Texas 8,104  7,420  25,982  15,873 
Total revenues $ 335,585  $ 214,129  $ 1,020,491  $ 624,822 
 
Pretax income
Arizona $ 6,046  $ 5,103  $ 17,653  $ 10,371 
California 20,059  7,965  68,085  22,706 
Florida 4,172  147  8,028  1,032 
Metro New York (810) (622) 646  (1,592)
Texas (215) (209) (93) 186 
Corporate (3,950) 1,375  (27,663) (15,197)
Total pretax income $ 25,302  $ 13,759  $ 66,656  $ 17,506 

The following table summarizes total assets by segment:
September 30, 2022 December 31, 2021
(dollars in thousands)
Assets
Arizona $ 375,874  $ 360,598 
California 513,967  400,292 
Florida 431,851  102,158 
Metro New York 60,789  124,962 
Texas 39,070  35,984 
Corporate 47,307  241,520 
Total assets $ 1,468,858  $ 1,265,514 

As of September 30, 2022, goodwill of $20.7 million and $47.9 million was allocated to the Arizona and Florida segments, respectively. As of December 31, 2021, goodwill of $20.7 million and $3.8 million was allocated to the Arizona and Florida segments, respectively.