Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.23.2
Segment Reporting
 6 Months Ended
Jun. 30, 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 June 30, Six Months Ended June 30,
2023 2022 2023 2022
(dollars in thousands)
Revenue
Arizona $ 72,103  $ 82,914  $ 145,692  $ 158,119 
California 99,516  107,851  166,774  224,489 
Florida 121,625  109,602  216,682  216,794 
Metro New York —  59,926  1,649  67,626 
Texas —  8,386  4,187  17,878 
Total revenues $ 293,244  $ 368,679  $ 534,984  $ 684,906 
 
Pretax income (loss)
Arizona $ (610) $ 6,465  $ (427) $ 11,607 
California 4,452  22,689  7,389  48,026 
Florida 11,388  3,784  19,615  3,856 
Metro New York (298) 1,998  (901) 1,456 
Texas (1,441) 136  (2,761) 122 
Corporate (5,985) (11,846) (9,669) (23,713)
Total pretax income $ 7,506  $ 23,226  $ 13,246  $ 41,354 
The following table summarizes total assets by segment:
June 30, 2023 December 31, 2022
(dollars in thousands)
Assets
Arizona $ 319,659  $ 357,788 
California 509,398  513,549 
Florida 434,803  422,045 
Metro New York 43,358  45,277 
Texas 38,967  26,923 
Corporate 60,386  74,914 
Total assets $ 1,406,571  $ 1,440,496 
Included in the Corporate segment assets is cash and cash equivalents of $27.8 million and $40.3 million as of June 30, 2023 and December 31, 2022, respectively.
As of June 30, 2023 and December 31, 2022, goodwill of $47.9 million and $20.7 million was allocated to the Florida and Arizona segments, respectively.