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Revenue from Contract with Customer
3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
Disaggregation of Revenue
The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$315,237 $4,054 $344,464 $1,699 
Southeast128,047 — 105,898 — 
Total revenues$443,284 $4,054 $450,362 $1,699 
Type of Customer
Homebuyers$443,284 $— $450,362 $— 
Homebuilders and Multi-family Developers— 4,054 — 1,699 
Total revenues$443,284 $4,054 $450,362 $1,699 
Product Type
Residential units$443,284 $— $450,362 $— 
Land and lots— 4,054 — 1,699 
Total revenues$443,284 $4,054 $450,362 $1,699 
Timing of Revenue Recognition
Transferred at a point in time$443,094 $4,054 $449,430 $1,699 
Transferred over time(1)
190 — 932 — 
Total revenues$443,284 $4,054 $450,362 $1,699 
(1)    Revenue recognized over time represents revenue from mechanic’s lien contracts.
Contract Balances
Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands):
March 31, 2024December 31, 2023
Customer and builder deposits$54,120 $43,148 
The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits and the Company’s delivery of the home, impacted slightly by cancellations of contracts.

The deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three months ended March 31, 2024 and 2023 are as follows (in thousands):
Three Months Ended March 31,
20242023
Type of Customer
Homebuyers$16,610 $12,653 
Homebuilders and Multi-Family Developers— — 
Total deposits recognized as revenue$16,610 $12,653 

Transaction Price Allocated to the Remaining Performance Obligations
The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $7.2 million. The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur in the remainder of 2024.

The timing of lot takedowns is contingent upon a number of factors, including customer and business needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules.
Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.