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Note 14 - Reportable Operating Segments
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

14.

REPORTABLE OPERATING SEGMENTS

 

The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Chief Executive Officer – its chief operating decision maker – in assessing performance and determining the allocation of resources and by the Board. Reportable operating segments are as follows:

 

 

•

Land development and sales, which includes the planning, entitlement, development, and sale of real estate inventory;

 

 

•

Leasing, which includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company’s trademarks and brand names by third parties, and the cost of maintaining the Company’s real estate assets, including watershed conservation activities. The operating segment also includes the revenues and expenses from the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas; and

 

 

•

Resort amenities, which includes the Kapalua Club, which provides certain benefits and privileges within the Kapalua Resort for its members.

 

The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative expenses, and share-based compensation.

 

The reportable segment data is presented as follows:

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

(unaudited)

  

(unaudited)

 
  

2024

  

2023

  

2024

  

2023

 
  

(in thousands)

  

(in thousands)

 

Operating Segment Revenues

                

Land development and sales

 $-  $-  $200  $19 

Leasing

  2,729   1,931   7,148   6,249 

Resort amenities and other

  299   170   805   604 

Total Operating Segment Revenues

 $3,028  $2,101  $8,153  $6,872 

Operating Segment Income

                

Land development and sales

 $(237) $(108) $(487) $(507)

Leasing

  1,396   780   3,701   3,265 

Resort amenities and other

  48   (31)  (187)  (509)

Total Operating Segment Income

 $1,207  $641  $3,027  $2,249