Segment Information

3 Months Ended

Mar. 31, 2022

Segment Information

Segment Information

18. 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 income before equity in loss from unconsolidated joint ventures, 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, 2021. 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 caption 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,
	2022		2021
Operating revenue:
Residential	$	32,897	$	20,660
Hospitality		16,238		12,994
Commercial		15,214		7,172
Other		522		479
Consolidated operating revenue	$	64,871	$	41,305
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes:
Residential	$	17,084	$	8,595
Hospitality		(963)		284
Commercial (a)		4,818		17
Other (b)		(2,455)		(4,419)
Consolidated income before equity in loss from unconsolidated joint ventures and income taxes	$	18,484	$	4,477

(a) The three months ended March 31, 2022, includes a gain of $0.4 million on land contributed to the Electric Cart Watersound JV. See Note 4. Joint Ventures and Note 17. Other Expense, Net for additional information.

(b) Includes gain on insurance recovery of $0.7 million and $0.9 million during the three months ended March 31, 2022 and 2021, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information.

	March 31,		December 31,
	2022		2021
Total assets:
Residential	$	196,497	$	195,142
Hospitality		287,270		256,751
Commercial		396,870		375,266
Other		375,708		380,992
Total assets	$	1,256,345	$	1,208,151