Post-effective amendment to a registration statement that is not immediately effective upon filing

Segment Reporting

v3.20.4
Segment Reporting
 12 Months Ended
Dec. 31, 2020
Landsea Homes [Member]  
Entity Listings [Line Items]  
Segment Reporting

 

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 pretax (loss) income 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 pretax (loss) income by segment:

 

                       
    Year Ended December 31,
    2020   2019   2018
    (dollars in thousands)
Revenue                        
Arizona   $ 320,691     $ 40,024     $ —  
California     413,917       590,964       378,617  
Metro New York (1)     —       —       —  
Total   $ 734,608     $ 630,988     $ 378,617  
                         
Pretax (loss) income                        
Arizona   $ 9,325     $ (3,927 )   $ (547 )
California     10,131       53,019       38,840  
Metro New York (1)     (19,764 )     (13,225 )     8,631  
Corporate     (11,857 )     (7,317 )     (5,605 )
Total   $ (12,165 )   $ 28,550     $ 41,319  
(1) The Metro New York reportable segment does not currently have any active selling communities. Included in pretax (loss) income is $16.4 million loss, $7.9 million loss, and $13.0 million income from unconsolidated joint ventures for the years ended December 31, 2020, 2019 and 2018, respectively.

 

The following table summarizes total assets by segment:

 

    December 31,
    2020   2019
    (dollars in thousands)
Assets        
Arizona   $ 268,141     $ 100,086  
California     409,705       542,774  
Metro New York     120,168       153,123  
Corporate     97,750       43,234  
Total   $ 895,764     $ 839,217  

 

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