Annual report pursuant to Section 13 and 15(d)

Segment Reporting

v3.22.4
Segment Reporting
 12 Months Ended
Dec. 31, 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 revenue and pretax income (loss) to assess profitability and to allocate resources. Accordingly, the Company has presented its operations for the following five reportable segments:

•Arizona
•California
•Florida
•Metro New York
•Texas
The Company has also identified the Corporate operations as a non-operating segment, as it serves to support the homebuilding operations through functional departments such as executive, finance, treasury, human resources, accounting, and legal. The majority of the 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 revenue and pretax income (loss) by segment:
Year Ended December 31,
2022 2021 2020
(dollars in thousands)
Revenue
Arizona $ 317,160  $ 340,767  $ 320,691 
California 503,832  557,182  413,917 
Florida 474,779  93,632  — 
Metro New York (1)
111,423  —  — 
Texas 39,255  31,723  — 
Total $ 1,446,449  $ 1,023,304  $ 734,608 
Pretax income (loss)
Arizona $ 18,232  $ 25,681  $ 9,325 
California 94,213  61,073  10,131 
Florida 20,798  (492) — 
Metro New York (1)
(520) (2,154) (19,764)
Texas (158) (439) — 
Corporate (31,500) (16,939) (11,857)
Total $ 101,065  $ 66,730  $ (12,165)
(1)    The Metro New York reportable segment did not generate any revenue during the years ended December 31, 2021 and 2020. Included in pretax loss is $1.3 million of income and $16.4 million loss from unconsolidated joint ventures for the years ended December 31, 2021 and 2020, respectively.
The following table summarizes total assets by segment:
December 31,
2022 2021
(dollars in thousands)
Assets
Arizona $ 357,788  $ 360,598 
California 513,549  400,292 
Florida 422,045  102,158 
Metro New York 45,277  124,962 
Texas 26,923  35,984 
Corporate 74,914  241,520 
Total $ 1,440,496  $ 1,265,514 

Included in the Corporate segment assets is cash and cash equivalents of $40.3 million and $218.4 million as of December 31, 2022 and 2021, respectively.

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