Business Combinations (Tables) - Landsea Homes [Member]
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2020 |
Dec. 31, 2019 |
| Garrett Walker Homes [Member] |
|
|
| Schedule of assets acquired and liabilities assumed |
The following is a summary of the allocation
of the purchase price based on the fair value of assets acquired and liabilities assumed (dollars in thousands).
| Assets Acquired |
|
|
|
|
| Cash |
|
$ |
2,905 |
|
| Real estate inventories |
|
|
119,466 |
|
| Goodwill |
|
|
15,392 |
|
| Trade name |
|
|
1,600 |
|
| Other assets |
|
|
532 |
|
| Total assets |
|
$ |
139,895 |
|
| |
|
|
|
|
| Liabilities Assumed |
|
|
|
|
| Accounts payable |
|
$ |
5,425 |
|
| Accrued expenses |
|
|
1,037 |
|
| Total liabilities |
|
|
6,462 |
|
| Net assets acquired |
|
$ |
133,433 |
|
|
|
| Pinnacle West [Member] |
|
|
| Schedule of assets acquired and liabilities assumed |
The following is a summary of the allocation
of the purchase price based on the fair value of assets acquired and liabilities assumed (dollars in thousands).
| Assets Acquired |
|
|
|
|
| Cash |
|
$ |
2,208 |
|
| Real estate inventories |
|
|
39,584 |
|
| Goodwill |
|
|
5,315 |
|
| Other assets |
|
|
60 |
|
| Total assets |
|
$ |
47,167 |
|
| |
|
|
|
|
| Liabilities Assumed |
|
|
|
|
| Accounts payable |
|
$ |
2,626 |
|
| Notes payable |
|
|
16,228 |
|
| Accrued expenses and other liabilities |
|
|
2,543 |
|
| Total liabilities |
|
|
21,397 |
|
| Net assets acquired |
|
$ |
25,770 |
|
|
The Company completed its fair value assessment
of the net assets of Pinnacle West during 2019. The following is a summary of the allocation of the purchase price based on the
fair value of assets acquired and liabilities assumed (dollars in thousands).
| Assets |
|
|
|
|
| Cash |
|
$ |
2,208 |
|
| Real estate inventories |
|
|
39,584 |
|
| Goodwill |
|
|
5,315 |
|
| Other assets |
|
|
60 |
|
| Total assets |
|
$ |
47,167 |
|
| |
|
|
|
|
| Liabilities |
|
|
|
|
| Accounts payable |
|
$ |
2,626 |
|
| Notes payable |
|
|
16,228 |
|
| Other liabilities |
|
|
2,543 |
|
| Total liabilities |
|
|
21,397 |
|
| Net assets acquired |
|
$ |
25,770 |
|
|
| Schedule of unaudited pro forma financial information |
The Pinnacle West financial information were
derived from internal financial information and are unaudited.
| |
|
Nine Months Ended September 30, |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
(dollars in thousands) |
|
| Revenue |
|
$ |
452,322 |
|
|
$ |
460,322 |
|
| |
|
|
|
|
|
|
|
|
| Pretax (loss) income |
|
|
(24,209 |
) |
|
|
3,662 |
|
| Provision (benefit) for income taxes |
|
|
(6,081 |
) |
|
|
947 |
|
| Net (loss) income |
|
$ |
(18,128 |
) |
|
$ |
2,715 |
|
|
The financial information for Pinnacle West
is derived from internally produced financial information that is unaudited.
| |
|
December 31, 2019 |
|
|
December 31, 2018 |
|
| |
|
(dollars in thousands) |
|
| Revenue |
|
$ |
662,886 |
|
|
$ |
428,089 |
|
| |
|
|
|
|
|
|
|
|
| Pretax income |
|
$ |
28,842 |
|
|
$ |
36,161 |
|
| Provision for income taxes |
|
|
6,222 |
|
|
|
4,035 |
|
| Net income |
|
$ |
22,620 |
|
|
$ |
32,126 |
|
|