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Segment Reporting
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting
11.
Segment Reporting

The Company operates in the homebuilding business and is organized and reported by division. There are twelve operating segments and seven reportable segments: the Carolinas (H&H), Jacksonville, Orlando, Denver and Washington DC (“DC Metro”), the Company’s homebuilding operations, and Jet Home Loans LLC (“Jet”), the Company’s mortgage operations. The Company includes Century Homes data acquired within the Orlando segment. The revenues of each remaining operating segment are not material and will be combined into an “Other” category for the purposes of segment reporting. The corporate component of the Company’s operations, which is not considered an operating segment, is also combined into the “Other” category.
 
In accordance with ASC Topic 280, Segment Reporting, operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-makers (“CODMs”) in deciding how to allocate resources and in assessing performance. The Company’s CODM primarily evaluates performance based on the number of homes closed, average sales price, and financial results. Segment profitability is measured by net and comprehensive income.
 
The Company’s homebuilding operations employ an asset-light business model with a focus on the design, construction and sale of single-family entry-level and first-time move-up homes.
 
The Company’s mortgage operations are conducted through Jet, which is a licensed home mortgage broker that underwrites, originates and sells mortgages to FBC Mortgage LLC, an Orlando-based mortgage lender. The Company owns 49% of Jet, and FBC Mortgage, LLC owns the remaining 51%. Jet is accounted for as an equity method investment.
 
Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
 
The following tables summarize home sale revenues and net and comprehensive income by segment for the three months ended June 30, 2021 and 2020, and the six months ended June 30, 2021 and 2020:

   
For the Three Months Ended
June 30,
   
For the Six Months Ended
June 30,
 
Revenues:
 
2021
   
2020
    2021     2020
 
The Carolinas (H&H)
   
94,829,329
     
-
      193,332,768       -  
Jacksonville
   
93,937,144
     
75,610,386
      190,518,300       153,936,021  
Orlando
   
60,181,690
     
27,725,351
      124,617,284       35,567,171  
Colorado
   
24,797,393
     
22,224,544
      40,007,523       43,885,900  
DC Metro
   
23,898,300
     
20,330,163
      37,846,485       47,850,218  
Jet Home Loans
   
5,825,841
     
8,595,000
      12,845,294       15,362,000  
Other
   
67,632,245
     
53,910,684
      122,514,105       107,300,251  
Total segment revenues
 
$
371,101,942
   
$
208,396,128
    $ 721,681,759     $ 403,901,561  
                                 
Reconciling items from equity method investments
   
(5,825,841
)
   
(8,595,000
)
    (12,845,293 )     (15,362,000 )
                                 
Consolidated revenues
 
$
365,276,101
   
$
199,801,128
    $ 708,836,466     $ 388,539,561  

   
For the Three Months Ended
June 30,
   
For the Six Months Ended
June 30,
 
Net and comprehensive income:
 
2021
   
2020
    2021 2020
The Carolinas (H&H)
   
1,073,553
     
-
      5,223,943       -  
Jacksonville
   
11,277,050
     
3,080,209
      19,485,975       9,452,780  
Orlando
   
5,111,017
     
2,005,808
      10,439,504       1,379,160  
Colorado
   
2,385,181
     
2,204,392
      2,840,011       4,195,431  
DC Metro
   
1,609,360
     
572,280
      1,998,839       636,339  
Jet Home Loans
   
2,215,732
     
3,932,023
      5,048,017       6,706,150  
Other
   
9,558,216
     
2,701,612
      7,592,889       1,311,696  
Total segment net and comprehensive income
 
$
33,230,109
   
$
14,496,324
    $ 52,629,178     $ 23,681,556  
                                 
Reconciling items from equity method investments
   
(1,170,439
)
   
(2,005,321
)
    (2,973,547 )     (3,420,060 )
                                 
Consolidated net and comprehensive income
 
$
32,059,670
   
$
12,491,003
    $ 49,655,631     $ 20,261,496  

The following table summarizes Company assets by segment as of June 30, 2021 and December 31, 2020:
 
   
As of
June 30,
   
As of
December 31,
 
Assets:
 
2021
   
2020
 
The Carolinas (H&H)
   
188,548,107
     
161,242,384
 
Jacksonville
   
201,579,367
     
162,668,740
 
Orlando
   
121,424,408
     
77,299,028
 
Colorado
   
82,016,330
     
51,605,969
 
DC Metro
   
68,087,920
     
41,327,694
 
Jet Home Loans
   
59,901,657
     
38,696,793
 
Other (1)
   
263,584,401
     
235,664,336
 
Total segment assets
 
$
985,142,190
   
$
768,504,944
 
                 
Reconciling items from equity method investments
   
(52,860,237
)
   
(34,824,703
)
                 
Consolidated assets
 
$
932,281,953
   
$
733,680,241
 


(1)
Other includes the Company’s title operations, homebuilding operations in non-reportable segments, operations of the corporate component, and corporate assets such as cash and cash equivalents, cash held in trust, prepaid insurance, operating and financing leases, lot deposits, goodwill, as well as property and equipment.