Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.2
Segment Reporting
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting 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 five geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers.

The management of the five 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 five reportable segments:

•Arizona
•California
•Florida
•Metro New York
•Texas
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:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
(dollars in thousands)
Revenue
Arizona $ 71,922  $ 53,298  $ 137,248  $ 106,352 
California 141,541  41,760  236,634  125,001 
Florida 28,358  —  28,358  — 
Metro New York (1)
—  —  —  — 
Texas 8,453  —  8,453  — 
Total revenue $ 250,274  $ 95,058  $ 410,693  $ 231,353 
 
Pretax income (loss)
Arizona $ 3,835  $ (1,168) $ 5,268  $ (2,140)
California 14,900  (8,789) 14,741  (7,297)
Florida 885  —  885  — 
Metro New York (1)
(139) (14,467) (970) (17,263)
Texas 395  —  395  — 
Corporate (4,978) (2,364) (16,572) (3,947)
Total pretax income (loss) $ 14,898  $ (26,788) $ 3,747  $ (30,647)
(1)     The Metro New York reportable segment does not currently generate any revenue. Included in income (loss) before income tax expense is income from unconsolidated joint ventures of $0.7 million and $0.6 million for the three and six months ended June 30, 2021, respectively, and losses of $13.9 million and $15.6 million for the three and six months ended June 30, 2020, respectively.

The following table summarizes total assets by segment:
June 30, 2021 December 31, 2020
(dollars in thousands)
Assets
Arizona $ 308,146  $ 268,141 
California 451,051  409,705 
Florida 95,371  — 
Metro New York 124,246  120,168 
Texas 19,068  — 
Corporate 110,937  97,750 
Total assets $ 1,108,819  $ 895,764 

As of June 30, 2021 goodwill of $20.7 million and $3.9 million were allocated to the Arizona and Florida segments, respectively. As of December 31, 2020, goodwill of $20.7 million was allocated to the Arizona segment.