Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.2
Segment Reporting
 6 Months Ended
Jun. 30, 2022
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 revenues 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 they serve 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 revenues and pretax income before income tax expense by segment:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
(dollars in thousands)
Revenue
Arizona $ 82,914  $ 71,922  $ 158,119  $ 137,248 
California 107,851  141,541  224,489  236,634 
Florida 109,602  28,358  216,794  28,358 
Metro New York 59,926  —  67,626  — 
Texas 8,386  8,453  17,878  8,453 
Total revenues $ 368,679  $ 250,274  $ 684,906  $ 410,693 
 
Pretax income
Arizona $ 6,465  $ 3,835  $ 11,607  $ 5,268 
California 22,689  14,900  48,026  14,741 
Florida 3,784  885  3,856  885 
Metro New York 1,998  (139) 1,456  (970)
Texas 136  395  122  395 
Corporate (11,846) (4,978) (23,713) (16,572)
Total pretax income $ 23,226  $ 14,898  $ 41,354  $ 3,747 
The following table summarizes total assets by segment:
June 30, 2022 December 31, 2021
(dollars in thousands)
Assets
Arizona $ 345,435  $ 360,598 
California 441,922  400,292 
Florida 417,651  102,158 
Metro New York 87,089  124,962 
Texas 40,966  35,984 
Corporate 61,021  241,520 
Total assets $ 1,394,084  $ 1,265,514 

As of June 30, 2022, goodwill of $20.7 million and $47.9 million was 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 segments, respectively.