Quarterly report pursuant to Section 13 or 15(d)

Other Assets

v3.22.1
Other Assets
 3 Months Ended
Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consist of the following:
March 31, 2022 December 31, 2021
(dollars in thousands)
Deferred tax asset, net $ 7,540  $ 7,270 
Property and equipment, net 7,538  6,601 
Right-of-use asset 11,949  12,593 
Contract assets 17,530  6,133 
Prepaid income taxes 645  645 
Intangible asset, net 1,526  910 
Prepaid expenses 7,483  5,309 
Other 8,460  4,537 
Total other assets $ 62,671  $ 43,998 

As of March 31, 2022 and December 31, 2021, the Company had contract assets of $17.5 million and $6.1 million, respectively, related to lot sales and other revenue. The contract asset balance represents cash to be received for work already performed on lot sale and other contracts. The amount of the transaction price for lot sales and other contracts allocated to performance obligations that were unsatisfied, or partially unsatisfied, as of March 31, 2022 and December 31, 2021 was $46.1 million and $63.9 million, respectively. As of March 31, 2022 and December 31, 2021, the Company had $1.1 million and $4.0 million deferred revenue, respectively, related to lot sales and other revenue. The Company recognizes these amounts as development progresses and the related performance obligations are completed. The Company recognized $3.0 million of lot sales and other revenue during the three months ended March 31, 2022 related to the deferred revenue balance as of December 31, 2021.