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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 2022

OR

¨   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 001-09071

BLUEGREEN VACATIONS HOLDING CORPORATION

(Exact name of registrant as specified in its charter)

Florida

59-2022148

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

4960 Conference Way North, Suite 100, Boca Raton, Florida 33431

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (561) 912-8000

Securities registered pursuant to Section 12(b) of the Act:

Ding

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $.01 par value

BVH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes x     No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes x     No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ¨

Accelerated filer  x

Non-accelerated filer  ¨

Smaller reporting company  x

Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ¨ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes ¨     No x

The number of shares outstanding of each of the registrant’s classes of common stock as of May 1, 2022 is as follow:

Class A Common Stock of $.01 par value, 16,517,261 shares outstanding

Class B Common Stock of $.01 par value, 3,664,331 shares outstanding


BLUEGREEN VACATIONS HOLDING CORPORATION

FORM 10-Q TABLE OF CONTENTS

Page

PART I

Item 1.

Financial Statements (Unaudited)

3

Consolidated Balance Sheets (Unaudited)

3

Consolidated Statements of Operations and Comprehensive Income (Unaudited)

4

Consolidated Statements of Shareholders’ Equity (Unaudited)

5

Consolidated Statements of Cash Flows (Unaudited)

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

48

PART II

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

49

Item 2.

Unregistered sales of Equity Securities and Use of Proceeds

49

Item 6.

Exhibits

50

SIGNATURES

51

 

2


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

BLUEGREEN VACATIONS HOLDING CORPORATION

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share data)

March 31,

December 31,

2022

2021

ASSETS

Cash and cash equivalents

$

179,274

$

140,225

Restricted cash ($16,238 and $15,956 in VIEs at March 31, 2022

and December 31, 2021, respectively)

46,430

42,854

Notes receivable

621,020

609,429

Less: Allowance for loan losses

(167,403)

(163,107)

Notes receivable, net ($241,460 and $248,873 in VIEs

at March 31, 2022 and December 31, 2021, respectively)

453,617

446,322

Vacation ownership interest ("VOI") inventory

326,707

334,605

Property and equipment, net

88,841

87,852

Intangible assets, net

61,327

61,348

Operating lease assets

31,927

33,467

Prepaid expenses

33,546

25,855

Other assets

37,459

37,984

Total assets

$

1,259,128

$

1,210,512

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Accounts payable

$

15,560

$

14,614

Deferred income

12,772

13,690

Accrued liabilities and other

105,894

100,131

Receivable-backed notes payable - recourse

22,500

22,500

Receivable-backed notes payable - non-recourse (in VIEs)

323,043

340,154

Note payable to BBX Capital, Inc.

50,000

50,000

Note payable and other borrowing

137,787

97,125

Junior subordinated debentures

135,197

134,940

Operating lease liabilities

36,363

37,870

Deferred income taxes

100,961

95,688

Total liabilities

940,077

906,712

Commitments and Contingencies - See Note 9

 

 

Shareholders' Equity

Preferred stock of $0.01 par value; authorized 10,000,000 shares

Class A Common Stock of $0.01 par value; authorized 30,000,000 shares;

issued and outstanding 16,967,261 in 2022 and 17,118,392 in 2021

169

171

Class B Common Stock of $0.01 par value; authorized 4,000,000 shares;

issued and outstanding 3,664,311 in 2022 and 3,664,412 in 2021

37

37

Additional paid-in capital

169,954

173,909

Accumulated earnings

85,304

69,316

Total Bluegreen Vacations Holding Corporation shareholders' equity

255,464

243,433

Non-controlling interest

63,587

60,367

Total shareholders' equity

319,051

303,800

Total liabilities and shareholders' equity

$

1,259,128

$

1,210,512

See accompanying Notes to Consolidated Financial Statements - Unaudited

3


BLUEGREEN VACATIONS HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (UNAUDITED)

(In thousands, except per share data)

Three Months Ended

March 31,

2022

2021

Revenue:

Gross sales of VOIs

$

115,607

$

68,250

Provision for loan losses

(16,579)

(12,319)

Sales of VOIs

99,028

55,931

Fee-based sales commission revenue

24,084

25,718

Other fee-based services revenue

31,207

28,897

Cost reimbursements

18,064

16,608

Interest income

22,198

19,261

Other income, net

548

Total revenues

195,129

146,415

Costs and Expenses:

Cost of VOIs sold

11,841

5,169

Cost of other fee-based services

12,765

17,085

Cost reimbursements

18,064

16,608

Interest expense

7,759

9,735

Selling, general and administrative expenses

119,302

90,964

Other expense, net

161

Total costs and expenses

169,731

139,722

Income before income taxes

25,398

6,693

Provision for income taxes

(6,190)

(1,189)

Net income

19,208

5,504

Less: Income attributable to noncontrolling interests

3,220

2,530

Net income attributable to shareholders

$

15,988

$

2,974

Comprehensive income attributable to shareholders

$

15,988

$

2,974

Basic earnings per share (1)

$

0.77

$

0.15

Diluted earnings per share (1)

$

0.76

$

0.15

Basic weighted average number of common shares outstanding

20,778

19,318

Diluted weighted average number of common and common equivalent shares outstanding

20,971

19,318

Cash dividends declared per Class A and B common shares

$

$

(1)Basic and Diluted EPS are calculated the same for both Class A and B common shares.

See accompanying Notes to Consolidated Financial Statements - Unaudited.


4


BLUEGREEN VACATIONS HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

(In thousands)

Shares of

Common Stock

Common

Outstanding

Stock

Additional

Total

Non-

Class

Class

Paid-in

Accumulated

Shareholders'

controlling

Total

A

B

A

B

Capital

Earnings

Equity

Interests

Equity

Balance, December 31, 2021

17,118 

3,665 

$

171 

$

37 

$

173,909 

$

69,316 

$

243,433 

$

60,367 

$

303,800 

Conversion of common stock from Class B to Class A

1 

(1)

Share-based compensation

745 

745 

745 

Purchase and retirement of common stock

(152)

(2)

(4,700)

(4,702)

(4,702)

Net income

15,988 

15,988 

3,220 

19,208 

Balance, March 31, 2022

16,967 

3,664 

$

169 

$

37 

$

169,954 

$

85,304 

$

255,464 

$

63,587 

$

319,051 

Shares of

Common Stock

Common

Outstanding

Stock

Additional

Total

Non-

Class

Class

Paid-in

Accumulated

Shareholders'

controlling

Total

A

B

A

B

Capital

Earnings

Equity

Interests

Equity

Balance, December 31, 2020

15,624 

3,694 

$

156 

$

37 

$

177,104 

$

10,586 

$

187,883 

$

74,847 

$

262,730 

Net income

2,974 

2,974 

2,530 

5,504 

Balance, March 31, 2021

15,624 

3,694 

$

156 

$

37 

$

177,104 

$

13,560 

$

190,857 

$

77,377 

$

268,234 

See accompanying Notes to Consolidated Financial Statements - Unaudited.

5


BLUEGREEN VACATIONS HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands)

For the Three Months Ended

March 31,

2022

2021

Operating activities:

Net income

$

19,208

$

5,504

Adjustment to reconcile net income to net cash

provided by operating activities:

Provision for loan losses

16,579

12,319

Depreciation and amortization

4,810

5,189

Share-based compensation expense

745

Net losses on sales of real estate and property and equipment

5

11

Increase (Decrease) in deferred income tax liability

5,273

(4,440)

Changes in operating assets and liabilities:

Notes receivable

(23,874)

(4,534)