Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.24.3
Segment Reporting
 9 Months Ended
Sep. 30, 2024
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 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 to assess profitability and to allocate resources. Accordingly, the Company has presented its operations as the following six reportable segments:
•Arizona
•California
•Colorado
•Florida
•Metro New York
•Texas
The Company has also identified its 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 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 by segment:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
(dollars in thousands)
Revenue
Arizona $ 95,082  $ 69,308  $ 282,737  $ 215,000 
California 96,900  103,982  363,005  270,756 
Colorado 18,881  —  37,936  — 
Florida 75,880  104,058  279,992  320,740 
Metro New York —  —  4,475  1,649 
Texas 51,729  —  95,511  4,187 
Total revenues $ 338,472  $ 277,348  $ 1,063,656  $ 812,332 
 
Pretax income (loss)
Arizona $ 7,792  $ 5,253  $ 12,625  $ 4,826 
California 9,580  9,795  28,788  17,184 
Colorado 167  —  (1,913) — 
Florida 2,026  4,378  7,850  23,993 
Metro New York (636) (917) (2,885) (1,818)
Texas (1,142) (1,383) (5,880) (4,144)
Total pretax income for reportable segments 17,787  17,126  38,585  40,041 
Corporate (2,898) (4,577) (18,387) (14,246)
Total pretax income $ 14,889  $ 12,549  $ 20,198  $ 25,795 
The following table summarizes total assets by segment:
September 30, 2024 December 31, 2023
(dollars in thousands)
Assets
Arizona $ 328,313  $ 336,424 
California 444,524  479,218 
Colorado 34,337  27,240 
Florida 458,568  425,154 
Metro New York 38,760  42,047 
Texas 361,749  60,255 
Total assets for reportable segments 1,666,251  1,370,338 
Corporate 60,360  100,894 
Total assets $ 1,726,611  $ 1,471,232 
Included in the Corporate segment assets is cash and cash equivalents of $26.5 million and $65.2 million as of September 30, 2024 and December 31, 2023, respectively.
As of September 30, 2024 goodwill of $87.0 million, $47.9 million and $20.7 million was allocated to the Texas, Florida, and Arizona segments, respectively. As of December 31, 2023, goodwill of $47.9 million and $20.7 million was allocated to the Florida and Arizona segments, respectively.