Segment Information

3 Months Ended

Mar. 31, 2023

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 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, 2022. 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,
	2023		2022
Operating revenue:
Residential	$	28,030	$	32,715
Hospitality		24,855		16,238
Commercial		19,008		15,396
Other		1,098		522
Consolidated operating revenue	$	72,991	$	64,871
Income (loss) before income taxes:
Residential (a)	$	15,577	$	16,566
Hospitality		(3,495)		(963)
Commercial (b)		2,798		4,841
Other (c)		(1,958)		(2,455)
Consolidated income before income taxes	$	12,922	$	17,989

(a) The three months ended March 31, 2023 and 2022 includes $3.9 million of equity in income from unconsolidated joint ventures and $0.6 of equity in loss from unconsolidated joint ventures, respectively, related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures for additional information.

(b) The three months ended March 31, 2022, includes a gain of $0.4 million on land contributed to the unconsolidated Electric Cart Watersound JV. See Note 4. Joint Ventures and Note 16. Other Income (Expense), Net for additional information.

(c) Includes gain on insurance recovery of and $0.7 million during the three months ended March 31, 2022, related to Hurricane Michael. See Note 16. Other Income (Expense), Net for additional information.

	March 31,		December 31,
	2023		2022
Total assets:
Residential	$	231,372	$	231,054
Hospitality		435,376		420,329
Commercial		491,600		470,629
Other		307,911		308,827
Total assets	$	1,466,259	$	1,430,839