Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.1
Segment Reporting
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment ReportingThe 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 (loss) 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 the 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 the corporate personnel and resources are primarily dedicated to activities relating to the operations and are allocated based on each segment's respective percentage of assets, revenue, and dedicated personnel. 

The following table summarizes total revenue and income before income tax expense by segment:
Three Months Ended March 31,
2022 2021
(dollars in thousands)
Revenue
Arizona $ 75,205  $ 65,326 
California 116,638  95,093 
Florida 107,192  — 
Metro New York 7,700  — 
Texas 9,492  — 
Total revenue $ 316,227  $ 160,419 
 
Pretax income (loss)
Arizona $ 5,142  $ 1,433 
California 25,337  (159)
Florida 72  — 
Metro New York (542) (831)
Texas (14) — 
Corporate (11,867) (11,594)
Total pretax income (loss) $ 18,128  $ (11,151)

The following table summarizes total assets by segment:
March 31, 2022 December 31, 2021
(dollars in thousands)
Assets
Arizona $ 331,960  $ 360,598 
California 391,675  400,292 
Florida 406,611  102,158 
Metro New York 127,310  124,962 
Texas 36,907  35,984 
Corporate 39,299  241,520 
Total assets $ 1,333,762  $ 1,265,514 
As of March 31, 2022, goodwill of $20.7 million and $49.5 million were allocated to the Arizona and Florida segments, respectively. As of December 31, 2021, goodwill of $20.7 million and $3.8 million was allocated to the Arizona and Florida segment, respectively.