Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.23.3
Segment Reporting
 9 Months Ended
Sep. 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 September 30, Nine Months Ended September 30,
2023 2022 2023 2022
(dollars in thousands)
Revenue
Arizona $ 69,308  $ 76,808  $ 215,000  $ 234,927 
California 103,982  118,977  270,756  343,466 
Florida 104,058  103,564  320,740  320,358 
Metro New York —  28,132  1,649  95,758 
Texas —  8,104  4,187  25,982 
Total revenues $ 277,348  $ 335,585  $ 812,332  $ 1,020,491 
 
Pretax income (loss)
Arizona $ 5,253  $ 6,046  $ 4,826  $ 17,653 
California 9,795  20,059  17,184  68,085 
Florida 4,378  4,172  23,993  8,028 
Metro New York (917) (810) (1,818) 646 
Texas (1,383) (215) (4,144) (93)
Corporate (4,577) (3,950) (14,246) (27,663)
Total pretax income $ 12,549  $ 25,302  $ 25,795  $ 66,656 
The following table summarizes total assets by segment:
September 30, 2023 December 31, 2022
(dollars in thousands)
Assets
Arizona $ 346,411  $ 357,788 
California 545,670  513,549 
Florida 432,565  422,045 
Metro New York 42,249  45,277 
Texas 54,669  26,923 
Corporate 55,523  74,914 
Total assets $ 1,477,087  $ 1,440,496 
Included in the Corporate segment assets is cash and cash equivalents of $21.3 million and $40.3 million as of September 30, 2023 and December 31, 2022, respectively.
As of September 30, 2023 and December 31, 2022, goodwill of $47.9 million and $20.7 million was allocated to the Florida and Arizona segments, respectively.