Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.24.1.u1
Segment Reporting
 3 Months Ended
Mar. 31, 2024
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 six geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers.
Management of the six 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 six reportable segments:
•Arizona
•California
•Colorado
•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,
2024 2023
(dollars in thousands)
Revenue
Arizona $ 79,485  $ 73,589 
California 131,894  67,258 
Colorado 8,854  — 
Florida 73,060  95,057 
Metro New York —  1,649 
Texas 748  4,187 
Total revenues $ 294,041  $ 241,740 
 
Pretax income (loss)
Arizona $ 479  $ 183 
California 8,211  2,937 
Colorado (1,152) — 
Florida (235) 8,227 
Metro New York (491) (603)
Texas (1,936) (1,320)
Corporate (4,172) (3,684)
Total pretax income $ 704  $ 5,740 
The following table summarizes total assets by segment:
March 31, 2024 December 31, 2023
(dollars in thousands)
Assets
Arizona $ 357,969  $ 336,424 
California 462,041  479,218 
Colorado 30,329  27,240 
Florida 445,298  425,154 
Metro New York 41,665  42,047 
Texas 95,803  60,255 
Corporate 110,272  100,894 
Total assets $ 1,543,377  $ 1,471,232 
Included in the Corporate segment assets is cash and cash equivalents of $49.5 million and $65.2 million as of March 31, 2024 and December 31, 2023, respectively.
As of March 31, 2024 and December 31, 2023, goodwill of $47.9 million and $20.7 million was allocated to the Florida and Arizona segments, respectively.