Note 12 - Reportable Operating Segments

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12.         REPORTABLE OPERATING SEGMENTS

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

• Real Estate includes the planning, entitlement, development, and sale of real estate inventory.

• Leasing 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 conservation activities. The operating segment also includes the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas.

• Resort Amenities include a membership program that 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, and share-based compensation.

Reportable operating segment revenues and income for the three and nine months ended September 30, 2022 and 2021 were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	(unaudited)						(unaudited)
	2022			2021			2022			2021
	(in thousands)						(in thousands)
Operating Segment Revenues
Real estate	$	-		$	-		$	11,600		$	2,700
Leasing		2,330			2,184			6,559			5,947
Resort amenities and other		221			253			628			799
Total Operating Segment Revenues	$	2,551		$	2,437		$	18,787		$	9,446
Operating Segment Income (Loss)
Real estate	$	(117	)	$	(67	)	$	10,687		$	2,082
Leasing		1,461			1,400			3,951			3,452
Resort amenities and other		(109	)		(51	)		(542	)		(195	)
Total Operating Segment Income	$	1,235		$	1,282		$	14,096		$	5,339