| Schedule of Reportable Segment Income (Loss) from Operations before Interest, Taxes, Foreign Exchange Gain (Loss) |
The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
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Three months ended June 30, 2025 |
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Falcon’s |
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Falcon's Beyond Destinations |
Falcon's |
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Creative
Group |
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Destinations Operations |
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PDP |
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Beyond
Brands |
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Segment Total |
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Revenue - external customers |
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$ |
12,319 |
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$ |
146 |
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$ |
— |
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$ |
802 |
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$ |
13,267 |
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Reconciliation of revenue |
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Revenue corporate unallocated |
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1,601 |
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Revenue FCG |
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(12,319 |
) |
Total consolidated revenue |
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2,549 |
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Project design and build expense |
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(7,376 |
) |
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— |
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— |
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(431 |
) |
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Selling, general and administrative |
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(2,166 |
) |
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(333 |
) |
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— |
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(2,105 |
) |
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Research and development expense |
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(2 |
) |
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(88 |
) |
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— |
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— |
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Share of gain from equity method investments, excluding gain on Tenerife Sale and impairment of PDP |
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— |
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20 |
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714 |
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— |
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Segment income (loss) from operations |
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$ |
2,775 |
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$ |
(255 |
) |
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$ |
714 |
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$ |
(1,734 |
) |
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$ |
1,500 |
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Three months ended June 30, 2024 |
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Falcon’s |
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Falcon's Beyond Destinations |
Falcon's |
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Creative
Group |
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Destinations Operations |
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PDP |
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Beyond
Brands |
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Segment Total |
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Revenue - external customers |
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$ |
15,720 |
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$ |
101 |
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$ |
— |
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$ |
— |
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$ |
15,821 |
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Reconciliation of revenue |
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Revenue corporate unallocated |
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1,697 |
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Revenue FCG |
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(15,720 |
) |
Total consolidated revenue |
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1,798 |
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Project design and build expense |
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(10,209 |
) |
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— |
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— |
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— |
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Selling, general and administrative |
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(2,862 |
) |
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(506 |
) |
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— |
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(794 |
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Research and development expense |
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— |
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(10 |
) |
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— |
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— |
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Share of gain from equity method investments |
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— |
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|
76 |
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|
656 |
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— |
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Segment income (loss) from operations |
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$ |
2,649 |
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$ |
(339 |
) |
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$ |
656 |
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$ |
(794 |
) |
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$ |
2,172 |
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Six months ended June 30, 2025 |
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Falcon’s |
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Falcon's Beyond Destinations |
Falcon's |
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Creative
Group |
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Destinations Operations |
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PDP |
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Beyond
Brands |
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Segment Total |
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Revenue - external customers |
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$ |
18,590 |
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$ |
146 |
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|
$ |
— |
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$ |
888 |
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$ |
19,624 |
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Reconciliation of revenue |
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Revenue corporate unallocated |
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3,223 |
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Revenue FCG |
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(18,590 |
) |
Total consolidated revenue |
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4,257 |
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Project design and build expense |
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(12,770 |
) |
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— |
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— |
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(537 |
) |
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Selling, general and administrative |
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(5,534 |
) |
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(614 |
) |
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— |
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(3,511 |
) |
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Research and development expense |
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(2 |
) |
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(206 |
) |
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— |
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— |
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Share of gain from equity method investments, excluding gain on Tenerife Sale and impairment of PDP |
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— |
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54 |
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1,188 |
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— |
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Segment income (loss) from operations |
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$ |
284 |
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|
$ |
(620 |
) |
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$ |
1,188 |
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$ |
(3,160 |
) |
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$ |
(2,308 |
) |
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Six months ended June 30, 2024 |
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Falcon’s |
|
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Falcon's Beyond Destinations |
Falcon's |
|
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|
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|
Creative
Group |
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|
Destinations Operations |
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|
PDP |
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|
Beyond
Brands |
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Segment Total |
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Revenue - external customers |
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$ |
30,647 |
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|
$ |
99 |
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$ |
— |
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$ |
— |
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$ |
30,746 |
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Reconciliation of revenue |
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Revenue corporate unallocated |
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3,215 |
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Revenue FCG |
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(30,647 |
) |
Total consolidated revenue |
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3,314 |
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Project design and build expense |
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(19,748 |
) |
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— |
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— |
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— |
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Selling, general and administrative |
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(6,343 |
) |
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(989 |
) |
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— |
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(1,457 |
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Research and development expense |
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— |
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(26 |
) |
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— |
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— |
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Share of gain from equity method investments |
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|
— |
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|
163 |
|
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|
1,190 |
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— |
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Segment income (loss) from operations |
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$ |
4,556 |
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|
$ |
(753 |
) |
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$ |
1,190 |
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$ |
(1,457 |
) |
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$ |
3,536 |
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A reconciliation of segment income (loss) from operations to net income before taxes is as follows:
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Three months ended |
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Six months ended |
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June 30,
2025 |
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June 30,
2024 |
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June 30,
2025 |
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June 30,
2024 |
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Segment income (loss) from operations |
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$ |
1,500 |
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$ |
2,172 |
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$ |
(2,308 |
) |
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$ |
3,536 |
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Unallocated corporate overhead |
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(2,599 |
) |
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(2,311 |
) |
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(5,586 |
) |
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(6,440 |
) |
Elimination FCG segment income from operations |
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(2,775 |
) |
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(2,649 |
) |
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(284 |
) |
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(4,556 |
) |
Share of gain (loss) from FCG |
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|
688 |
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|
988 |
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(3,883 |
) |
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|
1,521 |
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Transaction credit (expenses) |
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3,299 |
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— |
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|
1,778 |
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(7 |
) |
Credit loss expense |
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— |
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— |
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— |
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(12 |
) |
Depreciation and amortization expense |
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(40 |
) |
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(2 |
) |
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(44 |
) |
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(3 |
) |
Share of equity method investee's gain on Tenerife Sale |
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29,755 |
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— |
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|
29,755 |
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|
— |
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Impairment of PDP |
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(5,332 |
) |
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|
— |
|
|
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(5,332 |
) |
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|
— |
|
Interest expense |
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(841 |
) |
|
|
(438 |
) |
|
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(2,174 |
) |
|
|
(707 |
) |
Interest income |
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|
2 |
|
|
|
3 |
|
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|
5 |
|
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|
6 |
|
Change in fair value of warrant liabilities |
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|
— |
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(2,599 |
) |
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|
2,886 |
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(2,391 |
) |
Change in fair value of earnout liabilities |
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|
— |
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|
13,006 |
|
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|
— |
|
|
|
131,621 |
|
Foreign exchange transaction gain (loss) |
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|
1,455 |
|
|
|
(142 |
) |
|
|
2,207 |
|
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|
(517 |
) |
Net income before taxes |
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$ |
25,112 |
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|
$ |
8,028 |
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$ |
17,020 |
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$ |
122,051 |
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| Schedule of Identifiable Assets and Capital Expenditures |
Identifiable assets and capital expenditures are comprised of:
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Total Assets |
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Capital Expenditures |
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As of |
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Six months ended |
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|
June 30, 2025 |
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|
December 31, 2024 |
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|
June 30, 2025 |
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|
June 30, 2024 |
|
Falcon’s Creative Group |
|
$ |
21,146 |
|
|
$ |
25,028 |
|
|
$ |
139 |
|
|
$ |
10,903 |
|
Destinations Operations |
|
|
32,976 |
|
|
|
7,480 |
|
|
|
— |
|
|
|
— |
|
PDP |
|
|
27,142 |
|
|
|
24,400 |
|
|
|
— |
|
|
|
— |
|
Falcons Beyond Brands |
|
|
5,993 |
|
|
|
251 |
|
|
|
92 |
|
|
|
— |
|
Unallocated corporate assets and intersegment eliminations |
|
|
1,950 |
|
|
|
4,072 |
|
|
|
(139 |
) |
|
|
(10,898 |
) |
|
|
$ |
89,207 |
|
|
$ |
61,231 |
|
|
$ |
92 |
|
|
$ |
5 |
|
|