Annual report pursuant to Section 13 and 15(d)

Segment Reporting

v3.22.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2021
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 five geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers.

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 pretax income (loss) 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 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 based on each segment's respective percentage of assets, revenue, and dedicated personnel. 

The following table summarizes total revenue and pretax income (loss) by segment:
Year Ended December 31,
2021 2020 2019
(dollars in thousands)
Revenue
Arizona $ 340,767  $ 320,691  $ 40,024 
California 557,182  413,917  590,964 
Florida 93,632  —  — 
Metro New York(1)
—  —  — 
Texas $ 31,723  $ —  $ — 
Total $ 1,023,304  $ 734,608  $ 630,988 
Pretax income (loss)
Arizona $ 25,681  $ 9,325  $ (3,927)
California 61,073  10,131  53,019 
Florida (492) —  — 
Metro New York(1)
(2,154) (19,764) (13,225)
Texas (439) —  — 
Corporate (16,939) (11,857) (7,317)
Total $ 66,730  $ (12,165) $ 28,550 
(1)    The Metro New York reportable segment does not currently generate any revenue. Included in pretax income (loss) is $1.3 million of income, $16.4 million loss, and $7.9 million loss from unconsolidated joint ventures for the years ended December 31, 2021, 2020 and 2019, respectively.


The following table summarizes total assets by segment:
December 31,
2021 2020
(dollars in thousands)
Assets
Arizona $ 360,598  $ 268,141 
California 400,292  409,705 
Florida 102,158  — 
Metro New York 124,962  120,168 
Texas 35,984  — 
Corporate 241,520  97,750 
Total $ 1,265,514  $ 895,764 
Included in the Corporate segment assets is cash and cash equivalents of $218.4 million and $53.6 million as of December 31, 2021 and 2020, respectively.

As of December 31, 2021, goodwill of $20.7 million and $3.8 million was allocated to the Arizona and Florida segments, respectively. As of December 31, 2020 $20.7 million was allocated to the Arizona segment.