The company has not filed an annual or quarterly report since its Q2 FY2021 10-Q, filed Jul 29, 2021. Its latest SEC filing is a 15-12B from Sep 20, 2021.
10-Q for Q2 FY2021, filed Jul 29, 2021
The sections below describe the company as of the FY2020 annual report.
Builds and sells single-family homes in California and Arizona and provides home construction and management services for third-party landowners.
10-K for FY2020, filed Feb 11, 2021We are a new generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major…View ↗
We are organized into three reportable segments: Arizona homebuilding, California homebuilding and fee building. Our California…View ↗
We are currently focused on identifying unique sites and creating communities that allow us to design, construct and sell consumer-driven…View ↗
Although our primary business focus is building and selling homes for our own account, we also selectively provide general contracting…View ↗
Homebuyers pay for homes when the sale closes and title transfers. For fee-building work, landowners fund construction costs and pay the company a fee as work progresses; management and sales-service fees are earned over the service period or when homes or lots close.
10-K for FY2020, filed Feb 11, 2021In accordance with ASC 606, home sales revenue is recognized when our performance obligations within the underlying sales contracts are…View ↗
The Company enters into fee building agreements to provide services whereby it builds homes on behalf of third-party property owners. The…View ↗
The Company also provides construction management and coordination services and sales and marketing services as part of agreements with…View ↗
10-K for FY2020, filed Feb 11, 2021
FY2020 revenue by product or service ↗$507.4M
10-K for FY2020, filed Feb 11, 2021
$507.4M ↗| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Home Building
Sold outright
10-K for FY2020, filed Feb 11, 2021 |
84%
FY2017: 75%
|
Home Building, FY2020
$426.3M Sources
|
Sold outright |
|
Land
Sold outright
|
<0.1%
FY2017: 0.0%
|
Land, FY2020
$157K Sources
|
Sold outright |
|
Construction
Recurring
10-K for FY2020, filed Feb 11, 2021 |
16%
FY2017: 25%
|
Construction, FY2020
$81M Sources
|
Recurring |
Homebuyers buy through the company’s sales representatives or outside brokers. Third-party landowners hire the company to build homes and provide construction management, coordination, and sales and marketing services.
10-K for FY2020, filed Feb 11, 2021We sell our homes through our own sales representatives and through the use of outside brokers. It is also fairly common that a third party…View ↗
Although our primary business focus is building and selling homes for our own account, we also selectively provide general contracting…View ↗
The Company enters into fee building agreements to provide services whereby it builds homes on behalf of third-party property owners. The…View ↗
Not on paper. It lost $32.8M in FY2020, but brought in more cash than it spent: $92.8M of free cash flow.
10-K for FY2020, filed Feb 11, 2021
−$15.8MView ↗
10-K for FY2020, filed Feb 11, 2021
−$32.8MView ↗
10-K for FY2020, filed Feb 11, 2021
$92.8MView ↗
10-Q for Q2 FY2021, filed Jul 29, 2021
$4.8MView ↗
10-Q for Q2 FY2021, filed Jul 29, 2021
Open tableView ↗
8-K, filed Sep 8, 2021
On September 8, 2021, as a result of its acceptance of the Shares tendered in the Offer, Merger Sub acquired a sufficient number of Shares…View ↗
Shrank. Revenue fell 27% in 4 years, from $694.5M in FY2016 to $507.4M in FY2020, about 8% a year.
More affordable homes
The older report described homes for entry-level through luxury buyers; the latest says it has expanded its offerings to include more affordable homes while retaining a premium product and experience.
10-K for FY2017, filed Feb 14, 2018 10-K for FY2020, filed Feb 11, 2021We are currently focused on identifying unique sites and creating communities that allow us to design, construct and sell consumer-driven…View ↗
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