Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.23.1
Segment Reporting
 3 Months Ended
Mar. 31, 2023
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 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 its 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 Corporate personnel and resources are primarily dedicated to activities relating to 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 by segment:
Three Months Ended March 31,
2023 2022
(dollars in thousands)
Revenue
Arizona $ 73,589  $ 75,205 
California 67,258  116,638 
Florida 95,057  107,192 
Metro New York 1,649  7,700 
Texas 4,187  9,492 
Total revenues $ 241,740  $ 316,227 
 
Pretax income (loss)
Arizona $ 183  $ 5,142 
California 2,937  25,337 
Florida 8,227  72 
Metro New York (603) (542)
Texas (1,320) (14)
Corporate (3,684) (11,867)
Total pretax income $ 5,740  $ 18,128 
The following table summarizes total assets by segment:
March 31, 2023 December 31, 2022
(dollars in thousands)
Assets
Arizona $ 331,565  $ 357,788 
California 482,982  513,549 
Florida 410,442  422,045 
Metro New York 44,839  45,277 
Texas 25,673  26,923 
Corporate 132,581  74,914 
Total assets $ 1,428,082  $ 1,440,496 
Included in the Corporate segment assets is cash and cash equivalents of $97.5 million and $40.3 million as of March 31, 2023 and December 31, 2022, respectively.
As of March 31, 2023 and December 31, 2022, goodwill of $47.9 million and $20.7 million was allocated to the Florida and Arizona segments, respectively.