General form of registration statement for all companies including face-amount certificate companies

Segment Reporting

v3.20.4
Segment Reporting
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Landsea Homes [Member]    
Segment Reporting
  13. Segment Reporting

 

The Company is engaged in the development, design, construction, marketing and sale of single-family homes and condos in multiple states across the country. The Company is managed by geographic location and each of the three geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers.

 

The management of the three 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 income before income tax expense to assess profitability and to allocate resources. Accordingly, the Company has presented its operations as the following three reportable segments:

 

  • Arizona

 

  • California

 

  • Metro New York

 

The Company has also identified 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 the homebuilding operations and are allocated based on each segment's respective percentage of assets, revenue and dedicated personnel. 

 

The following table summarizes total revenue and income before income tax expense by segment:

 

    Nine Months Ended September 30,  
    2020     2019  
    (dollars in thousands)  
Revenue                
Arizona   $ 194,383     $ 22,433  
California     255,487       322,416  
Metro New York (1)     —       —  
Total revenue   $ 449,870     $ 344,849  
                 
(Loss) income before income tax expense:                
Arizona   $ 1,141     $ (1,297 )
California     (1,364 )     26,460  
Metro New York (1)     (18,837 )     (10,459 )
Corporate     (7,420 )     (4,655 )
Total (loss) income before income tax expense   $ (26,480 )   $ 10,049  

 

  (1) The Metro New York reportable segment does not currently have any active selling communities. Included in (loss) income before income tax expense is a $16.2 million loss and $7.5 million loss from unconsolidated joint ventures for the nine months ended September 30, 2020 and 2019, respectively.

 

The following table summarizes total assets by segment:

 

    September 30, 2020     December 31, 2019  
    (dollars in thousands)  
Assets                
Arizona   $ 282,041     $ 100,086  
California     445,790       542,774  
Metro New York     115,959       153,123  
Corporate     69,414       43,234  
Total assets   $ 913,204     $ 839,217  

 

As of September 30, 2020 and December 31, 2019, goodwill of $20.7 million and $5.3 million, respectively, was allocated to the Arizona segment and no other segment had goodwill.
  13. Segment Reporting

 

The Company is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in multiple states across the country. The Company is managed by geographic location and each of the three geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers. The Company provides homebuyers with the ability to personalize their homes through certain option and upgrade selections.

 

The management of the three geographic regions reports 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 income before income tax expense to assess profitability and to allocate resources. Accordingly, the Company has presented operations as the following three reportable segments:

 

  • Arizona

 

  • California

 

  • Metro New York

 

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 the operations and are allocated accordingly. 

 

The following table summarizes total revenue and income before income tax expense by segment:

 

    Year Ended December 31,  
    2019     2018     2017  
    (dollars in thousands)  
Revenue                        
Arizona   $ 40,024     $ —     $ —  
California     590,964       378,617       197,306  
Metro New York (1)     —       —       —  
Total revenue   $ 630,988     $ 378,617     $ 197,306  
                         
Income (loss) before income tax expense:                        
Arizona   $ (3,927 )   $ (547 )   $ —  
California     53,019       38,840       58  
Metro New York (1)     (13,225 )     8,631       1,164  
Corporate     (7,317 )     (5,605 )     (1,367 )
Total income (loss) before income tax expense   $ 28,550     $ 41,319     $ (145 )

 

  (1) The Metro New York reportable segment does not currently have any activity selling communities. Included in income (loss) before income tax expense is a $7.9 million loss for an unconsolidated joint venture.

 

The following table summarizes total assets by segment:

 

    Year Ended December 31,  
    2019     2018  
    (dollars in thousands)  
Assets                
Arizona   $ 100,086     $ 6,182  
California     542,774       650,750  
Metro New York     153,123       154,188  
Corporate     43,234       53,521  
Total assets   $ 839,217     $ 864,641  

 

As of December 31, 2019, goodwill of $5.3 million was allocated to the Arizona segment and no other segment had goodwill.