Annual report pursuant to Section 13 and 15(d)

Segment Reporting

v3.24.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2023
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 six geographic regions targets a wide range of buyer profiles including: first-time, move-up, and luxury homebuyers.

Management of the six geographic regions report to the Company’s 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 six reportable segments:

•Arizona
•California
•Colorado
•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,
2023 2022 2021
(dollars in thousands)
Revenue
Arizona $ 288,552  $ 317,160  $ 340,767 
California 439,939  503,832  557,182 
Colorado 7,410  —  — 
Florida 468,210  474,779  93,632 
Metro New York (1)
1,649  111,423  — 
Texas 4,187  39,255  31,723 
Total $ 1,209,947  $ 1,446,449  $ 1,023,304 
 
Pretax income (loss)
Arizona $ 6,097  $ 18,232  $ 25,681 
California 29,562  94,213  61,073 
Colorado (1,404) —  — 
Florida 37,621  20,798  (492)
Metro New York (1)
(2,790) (520) (2,154)
Texas (5,990) (158) (439)
Corporate (18,551) (31,500) (16,939)
Total $ 44,545  $ 101,065  $ 66,730 
(1)    The Metro New York reportable segment did not generate any revenue during the year ended December 31, 2021. Included in the segment’s pretax loss is $1.3 million of income from unconsolidated joint ventures for the year ended December 31, 2021.
The following table summarizes total assets by segment:
December 31,
2023 2022
(dollars in thousands)
Assets
Arizona $ 336,424  $ 357,788 
California 479,218  513,549 
Colorado 27,240  — 
Florida 425,154  422,045 
Metro New York 42,047  45,277 
Texas 60,255  26,923 
Corporate 100,894  74,914 
Total $ 1,471,232  $ 1,440,496 

Included in the Corporate segment assets is cash and cash equivalents of $65.2 million and $40.3 million as of December 31, 2023 and 2022, respectively.
As of both December 31, 2023 and December 31, 2022, goodwill of $47.9 million and $20.7 million was allocated to the Florida and Arizona segments, respectively.