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Segment Information

3 Months Ended

Mar. 31, 2024

Segment Information

Segment Information

17. Segment Information

The Company conducts primarily all of its business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial. The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units. The Company uses total segment revenue and income before income taxes and non-controlling interest and other qualitative measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures.

The accounting policies of the segments are set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The captions entitled “Other”

consists of mitigation credit, title and insurance business revenue and cost of revenue; corporate operating expenses; corporate depreciation and amortization and corporate other income and expense items.

Information by business segment is as follows:

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​	​	March 31,					​
​		2024			2023
Operating revenue:		​			​
Residential	​	$	30,814	​	$	28,030	​
Hospitality	​		40,033	​		24,855	​
Commercial	​		16,109	​		19,008	​
Other	​		831	​		1,098	​
Consolidated operating revenue	​	$	87,787	​	$	72,991	​
​	​	​	​	​	​	​	​
Income (loss) before income taxes:	​			​			​
Residential (a)	​	$	23,323	​	$	15,600	​
Hospitality	​		(1,278)	​		(3,518)	​
Commercial	​		(836)	​		2,798	​
Other	​		(3,458)	​		(1,958)	​
Consolidated income before income taxes	​	$	17,751	​	$	12,922	​
​	​	​	​	​	​	​	​

(a) The three months ended March 31, 2024 and 2023, include $8.3 million and $3.9 million, respectively, of equity in income from unconsolidated joint ventures related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures for additional information.

​

​	​	​	​	​	​	​
​		March 31,			December 31,
​	​	2024		​	2023
Total assets:		​			​
Residential	​	$	238,608	​	$	233,957
Hospitality	​		469,797	​		465,828
Commercial	​		514,911	​		511,978
Other	​		314,342	​		311,767
Total assets	​	$	1,537,658	​	$	1,523,530

​

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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