Segment Information

6 Months Ended

Jun. 30, 2024

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 total segment revenue and 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, 2023. 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 captions 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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating revenue:
Residential	$	31,731	$	63,408	$	62,546	$	91,438
Hospitality		63,249		45,611		103,281		70,466
Commercial		15,385		18,301		31,493		37,308
Other		1,241		847		2,072		1,945
Consolidated operating revenue	$	111,606	$	128,167	$	199,392	$	201,157
Income (loss) before income taxes:
Residential (a)	$	21,549	$	39,502	$	44,872	$	55,102
Hospitality		14,480		3,640		13,202		122
Commercial		(815)		3,677		(1,651)		6,475
Other		(2,389)		(1,480)		(5,847)		(3,439)
Consolidated income before income taxes	$	32,825	$	45,339	$	50,576	$	58,260

(a) The three months ended June 30, 2024 and 2023, include $6.5 million and $5.9 million, respectively, of equity in income from unconsolidated joint ventures related to the Latitude Margaritaville Watersound JV. The six months ended June 30, 2024 and 2023, include $14.8 million and $9.8 million, respectively, of equity in income from unconsolidated joint ventures related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures for additional information.

	June 30,		December 31,
	2024		2023
Total assets:
Residential	$	249,822	$	233,957
Hospitality		475,279		465,828
Commercial		518,210		511,978
Other		307,131		311,767
Total assets	$	1,550,442	$	1,523,530