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Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Information [Abstract] |
Segment Information |
| 11. | Segment information
The Company has five operating segments, Falcon’s Creative Group, PDP, Sierra Parima, Destinations Operations and Falcon’s Beyond Brands, all of which are reportable segments. The Company’s Chief Operating Decision Makers are its Executive Chairman and Chief Executive Officer, who review financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. Operating segments are organized based on product lines and, for our location-based entertainment, by geography. Results of operating segments include costs directly attributable to the segment including project costs, payroll and payroll-related expenses and overhead directly related to the business segment operations. Unallocated corporate expenses which include payroll and related benefits for executive, accounting, finance, marketing, human resources, legal and information technology support services, audit, tax corporate legal expenses are presented as Unallocated corporate overhead as a reconciling item between total income (losses) from reportable segments and the Company’s unaudited condensed consolidated financial statement results. Falcon’s Creative Group provides master planning, media, interactive and audio production, project management, experiential technology and attraction hardware development services and attraction hardware sales on a work-for-hire model. Pursuant to the Subscription Agreement, Falcon’s Creative Group is now deconsolidated effective July 27, 2023, and accounted for as an equity method investment in the Company’s unaudited condensed consolidated financial statements. The operating segment still remains a reportable segment for the Company. The Company’s equity method investments, PDP and Sierra Parima (before Katmandu Park DR was closed to visitors on March 7, 2024), develop, own and operate hotels, theme parks and retail, dining and entertainment venues. Destinations Operations provides development and management services for themed entertainment to PDP, Sierra Parima and new development opportunities, including our investment in Karnival. The Company collectively refers to the Destination Operations, PDP and Sierra Parima as Falcon’s Beyond Destinations. Reportable segments’ measure of profit and loss is earnings before interest, taxes, foreign exchange gain (loss), impairments, depreciation and amortization and change in fair values in warrant and earnout liabilities. See Note 7 – Related party transactions for transactions between the Company’s wholly-owned businesses and equity method investments.
|  | Three months ended June 30, 2024 |
|  | Falcon’s |  |  | Falcon’s Beyond Destinations |  |  | Falcons |  |  |  |  |  | Unallocated |  |  |  |
|  | Creative Group |  |  | Destination Operations |  |  | PDP |  |  | Beyond Brands |  |  | Intersegment eliminations |  |  | corporate overhead |  |  | Total |
Revenue |  | $ |  |  |  | $ | 101 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,697 |  |  | $ | 1,798 |
Share of gain or (loss) from equity method investments |  |  | 988 |  |  |  | 76 |  |  |  | 656 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,720 |
Segment income (loss) from operations |  |  | 988 |  |  |  | (339 | ) |  |  | 656 |  |  |  | (794 | ) |  |  | - |  |  |  | (2,309 | ) |  |  | (1,798 | )
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (438 | )
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Change in fair value of warrant liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,599 | )
Change in fair value of earnout liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,006 |
Foreign exchange transaction loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (144 | )
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,028 |
|  | Three months ended June 30, 2023 |
|  | Falcon’s |  |  | Falcon’s Beyond Destinations |  |  | Falcons |  |  |  |  |  | Unallocated |  |  |  |
|  | Creative Group |  |  | Destination Operations |  |  | PDP |  |  | Sierra Parima |  |  | Beyond Brands |  |  | Intersegment eliminations |  |  | corporate overhead |  |  | Total |
Revenue |  | $ | 5,245 |  |  | $ | 106 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | (33 | ) |  | $ | — |  |  | $ | 5,322 |
Share of gain or (loss) from equity method investments |  |  | — |  |  |  | 126 |  |  |  | 284 |  |  |  | (1,264 | ) |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (856 | )
Segment income (loss) |  |  | (315 | ) |  |  | (251 | ) |  |  | 284 |  |  |  | (1,264 | ) |  |  | (1,223 | ) |  |  | (16 | ) |  |  | (5,480 | ) |  |  | (8,265 | )
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (174 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (295 | )
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45 |
Foreign exchange transaction loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (129 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (8,802 | )
|  | Six months ended June 30, 2024 |
|  | Falcon’s |  |  | Falcon’s Beyond Destinations |  |  | Falcons |  |  |  |  |  | Unallocated |  |  |  |
|  | Creative Group |  |  | Destination Operations |  |  | PDP |  |  | Beyond Brands |  |  | Intersegment eliminations |  |  | corporate overhead |  |  | Total |
Revenue |  | $ | - |  |  | $ | 99 |  |  | $ |  |  |  | $ |  |  |  | $ |  |  |  | $ | 3,215 |  |  | $ | 3,314 |
Share of gain from equity method investments |  |  | 1,521 |  |  |  | 163 |  |  |  | 1,190 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,874 |
Segment income (loss) from operations |  |  | 1,521 |  |  |  | (753 | ) |  |  | 1,190 |  |  |  | (1,457 | ) |  |  |  |  |  |  | (6,457 | ) |  |  | (5,956 | )
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3 | )
Loss on sale of assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (707 | )
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6 |
Change in fair value of warrant liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,391 | )
Change in fair value of earnout liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 131,621 |
Foreign exchange transaction loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (517 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 122,052 |
|  | Six months ended June 30, 2023 |
|  | Falcon’s |  |  | Falcon’s Beyond Destinations |  |  | Falcons |  |  |  |  |  | Unallocated |  |  |  |
|  | Creative Group |  |  | Destination Operations |  |  | PDP |  |  | Sierra Parima |  |  | Beyond Brands |  |  | Intersegment eliminations |  |  | corporate overhead |  |  | Total |
Revenue |  | $ | 13,247 |  |  | $ | 106 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,481 |  |  | $ | (318 | ) |  | $ | — |  |  | $ | 14,516 |
Share of gain or (loss) from equity method investments |  |  |  |  |  |  | 128 |  |  |  | 375 |  |  |  | (2,636 | ) |  |  |  |  |  |  | (2 | ) |  |  |  |  |  |  | (2,135 | )
Segment income (loss) |  |  | (728 | ) |  |  | (798 | ) |  |  | 375 |  |  |  | (2,636 | ) |  |  | (1,094 | ) |  |  | (242 | ) |  |  | (11,981 | ) |  |  | (17,104 | )
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,516 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (566 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45 |
Foreign exchange transaction gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 470 |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (18,652 | )

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