Schedule of segment reporting |
Summary financial data on the Company’s segments is given below, together with reconciliation to the same data for the Company as a whole:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment Golf |
|
Traditional Golf |
|
Corporate |
|
Total |
Year Ended December 31, 2021 |
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Golf operations |
$ |
20,427 |
|
|
$ |
212,070 |
|
|
$ |
63 |
|
|
$ |
232,560 |
|
Sales of food and beverages |
24,623 |
|
|
24,681 |
|
|
|
|
49,304 |
|
Total revenues |
45,050 |
|
|
236,751 |
|
|
63 |
|
|
281,864 |
|
Operating costs |
|
|
|
|
|
|
|
Operating expenses |
25,427 |
|
|
196,819 |
|
|
14 |
|
|
222,260 |
|
Cost of sales - food and beverages |
5,727 |
|
|
7,087 |
|
|
— |
|
|
12,814 |
|
General and administrative expense (A) |
12,287 |
|
|
10,414 |
|
|
11,108 |
|
|
33,809 |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
11,938 |
|
|
11,656 |
|
|
424 |
|
|
24,018 |
|
Pre-opening costs (C) |
4,551 |
|
|
— |
|
|
1 |
|
|
4,552 |
|
Impairment and other losses |
36 |
|
|
1,812 |
|
|
3,187 |
|
|
5,035 |
|
|
|
|
|
|
|
|
|
Total operating costs |
59,966 |
|
|
227,788 |
|
|
14,734 |
|
|
302,488 |
|
Operating income (loss) |
(14,916) |
|
|
8,963 |
|
|
(14,671) |
|
|
(20,624) |
|
Other income (expenses) |
|
|
|
|
|
|
|
Interest and investment income |
— |
|
|
71 |
|
|
613 |
|
|
684 |
|
Interest expense (D) |
(319) |
|
|
(9,095) |
|
|
(1,284) |
|
|
(10,698) |
|
|
|
|
|
|
|
|
|
Other income (loss), net |
9 |
|
|
468 |
|
|
178 |
|
|
655 |
|
Total other income (expenses) |
(310) |
|
|
(8,556) |
|
|
(493) |
|
|
(9,359) |
|
Income tax expense |
1 |
|
|
|
|
1,778 |
|
|
1,779 |
|
Net income (loss) |
(15,227) |
|
|
407 |
|
|
(16,942) |
|
|
(31,762) |
|
Less: net loss attributable to NCI |
(393) |
|
|
— |
|
|
— |
|
|
(393) |
|
Net income (loss) attributable to the company |
(14,834) |
|
|
407 |
|
|
(16,942) |
|
|
(31,369) |
|
Preferred dividends |
|
|
|
|
(5,580) |
|
|
(5,580) |
|
Net income (loss) applicable to common stockholders |
$ |
(14,834) |
|
|
$ |
407 |
|
|
$ |
(22,522) |
|
|
$ |
(36,949) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment Golf |
|
Traditional Golf |
|
Corporate (E) |
|
Total |
December 31, 2021 |
|
|
|
|
|
|
|
Total assets |
$ |
180,729 |
|
|
$ |
260,003 |
|
|
$ |
42,058 |
|
|
$ |
482,790 |
|
Total liabilities |
50,739 |
|
|
339,443 |
|
|
62,753 |
|
|
452,935 |
|
Preferred stock |
— |
|
|
— |
|
|
61,583 |
|
|
61,583 |
|
Noncontrolling interest |
— |
|
|
— |
|
|
1,456 |
|
|
1,456 |
|
Equity (loss) attributable to common stockholders |
$ |
129,990 |
|
|
$ |
(79,440) |
|
|
$ |
(83,734) |
|
|
$ |
(33,184) |
|
Additions to property and equipment (including finance leases) during the year ended December 31, 2021 |
$ |
24,344 |
|
|
$ |
7,670 |
|
|
$ |
375 |
|
|
$ |
32,389 |
|
Summary segment financial data (continued).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment Golf |
|
Traditional Golf |
|
Corporate |
|
Total |
Year Ended December 31, 2020 |
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Golf operations |
$ |
10,536 |
|
|
$ |
179,436 |
|
|
$ |
— |
|
|
$ |
189,972 |
|
Sales of food and beverages |
14,713 |
|
|
15,302 |
|
|
— |
|
|
30,015 |
|
Total revenues |
25,249 |
|
|
194,738 |
|
|
— |
|
|
219,987 |
|
Operating costs |
|
|
|
|
|
|
|
Operating expenses |
19,525 |
|
|
169,220 |
|
|
— |
|
|
188,745 |
|
Cost of sales - food and beverages |
3,744 |
|
|
5,090 |
|
|
— |
|
|
8,834 |
|
General and administrative expense (A) |
8,869 |
|
|
9,661 |
|
|
9,478 |
|
|
28,008 |
|
General and administrative expense - acquisition and transaction expenses (B) |
1,885 |
|
|
210 |
|
|
1,181 |
|
|
3,276 |
|
Depreciation and amortization |
11,960 |
|
|
14,903 |
|
|
289 |
|
|
27,152 |
|
Pre-opening costs (C) |
1,328 |
|
|
— |
|
|
— |
|
|
1,328 |
|
Impairment and other losses (gains) |
(1,960) |
|
|
1,239 |
|
|
— |
|
|
(721) |
|
|
|
|
|
|
|
|
|
Total operating costs |
45,351 |
|
|
200,323 |
|
|
10,948 |
|
|
256,622 |
|
Operating loss |
(20,102) |
|
|
(5,585) |
|
|
(10,948) |
|
|
(36,635) |
|
Other income (expenses) |
|
|
|
|
|
|
|
Interest and investment income |
1 |
|
|
77 |
|
|
487 |
|
|
565 |
|
Interest expense (D) |
(389) |
|
|
(9,009) |
|
|
(1,648) |
|
|
(11,046) |
|
Capitalized interest (D) |
— |
|
|
22 |
|
|
56 |
|
|
78 |
|
Other income (loss), net |
— |
|
|
16,164 |
|
|
(23,775) |
|
|
(7,611) |
|
Total other income (expenses) |
(388) |
|
|
7,254 |
|
|
(24,880) |
|
|
(18,014) |
|
Income tax expense |
75 |
|
|
(19) |
|
|
1,649 |
|
|
1,705 |
|
Net income (loss) |
(20,565) |
|
|
1,688 |
|
|
(37,477) |
|
|
(56,354) |
|
Preferred dividends |
— |
|
|
— |
|
|
(5,580) |
|
|
(5,580) |
|
Loss applicable to common stockholders |
$ |
(20,565) |
|
|
$ |
1,688 |
|
|
$ |
(43,057) |
|
|
$ |
(61,934) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Golf |
|
Traditional Golf |
|
Corporate (E) |
|
Total |
December 31, 2020 |
|
|
|
|
|
|
|
Total assets |
178,132 |
|
|
267,033 |
|
|
11,889 |
|
|
457,054 |
|
Total liabilities |
38,717 |
|
|
345,340 |
|
|
62,960 |
|
|
447,017 |
|
Preferred stock |
— |
|
|
— |
|
|
61,583 |
|
|
61,583 |
|
Equity (loss) attributable to common stockholders |
$ |
139,415 |
|
|
$ |
(78,307) |
|
|
$ |
(112,654) |
|
|
$ |
(51,546) |
|
|
|
|
|
|
|
|
|
Additions to property and equipment (including finance leases) during the year ended December 31, 2020 |
$ |
9,447 |
|
|
$ |
8,932 |
|
|
$ |
764 |
|
|
$ |
19,143 |
|
Summary segment financial data (continued).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Golf |
|
Traditional Golf |
|
Corporate |
|
Total |
Year Ended December 31, 2019 |
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Golf operations |
$ |
7,806 |
|
|
$ |
208,691 |
|
|
$ |
— |
|
|
$ |
216,497 |
|
Sales of food and beverages |
11,974 |
|
|
43,593 |
|
|
— |
|
|
55,567 |
|
Total revenues |
19,780 |
|
|
252,284 |
|
|
— |
|
|
272,064 |
|
Operating costs |
|
|
|
|
|
|
|
Operating expenses |
16,403 |
|
|
212,903 |
|
|
— |
|
|
229,306 |
|
Cost of sales - food and beverages |
2,984 |
|
|
12,233 |
|
|
— |
|
|
15,217 |
|
General and administrative expense (A) |
14,081 |
|
|
16,812 |
|
|
12,008 |
|
|
42,901 |
|
General and administrative expense - acquisition and transaction expenses (B) |
3,490 |
|
|
798 |
|
|
787 |
|
|
5,075 |
|
Depreciation and amortization |
5,935 |
|
|
16,266 |
|
|
195 |
|
|
22,396 |
|
Pre-opening costs (C) |
9,040 |
|
|
— |
|
|
— |
|
|
9,040 |
|
Impairment and other losses |
10,196 |
|
|
5,217 |
|
|
— |
|
|
15,413 |
|
|
|
|
|
|
|
|
|
Total operating costs |
62,129 |
|
|
264,229 |
|
|
12,990 |
|
|
339,348 |
|
Operating (loss) income |
(42,349) |
|
|
(11,945) |
|
|
(12,990) |
|
0 |
(67,284) |
|
Other income (expenses) |
|
|
|
|
|
|
|
Interest and investment income |
321 |
|
|
105 |
|
|
529 |
|
|
955 |
|
Interest expense (D) |
(355) |
|
|
(8,238) |
|
|
(2,415) |
|
|
(11,008) |
|
Capitalized interest (D) |
— |
|
|
586 |
|
|
1,662 |
|
|
2,248 |
|
Other income, net |
— |
|
|
19,069 |
|
|
1,807 |
|
|
20,876 |
|
Total other income (expenses) |
(34) |
|
|
11,522 |
|
|
1,583 |
|
|
13,071 |
|
Income tax expense |
62 |
|
|
8 |
|
|
571 |
|
|
641 |
|
Net loss |
(42,445) |
|
|
(431) |
|
|
(11,978) |
|
|
(54,854) |
|
Preferred dividends |
— |
|
|
— |
|
|
(5,580) |
|
|
(5,580) |
|
Loss applicable to common stockholders |
$ |
(42,445) |
|
|
$ |
(431) |
|
|
$ |
(17,558) |
|
|
$ |
(60,434) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)General and administrative expenses include severance expense in the amount of $0.3 million, $1.1 million and $2.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.
(B)Acquisition and transaction expense includes costs related to completed and potential acquisitions and transactions and strategic initiatives which may include advisory, legal, accounting and other professional or consulting fees.
(C)Pre-opening costs are expensed as incurred and consist primarily of site-related marketing expenses, lease expense, employee payroll, travel and related expenses, training costs, food, beverage and other operating expenses incurred prior to opening an entertainment golf venue.
(D)Interest expense includes the accretion of membership deposit liabilities in the amount of $8.2 million, $7.2 million and $7.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Interest expense and capitalized interest total to interest expense, net on the Consolidated Statements of Operations.
(E)Total assets in the corporate segment includes an equity method investment in the amount of zero and $24.0 million as of December 31, 2021 and 2020, respectively, recorded in other investments on the Consolidated Balance Sheets. See Note 2 for additional information.
|