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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 end June 30, 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 August 1, 2022 is as follows:

Class A Common Stock of $.01 par value, 15,206,707 shares outstanding

Class B Common Stock of $.01 par value, 3,664,117 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 Equity (Unaudited)

5

Consolidated Statements of Cash Flows (Unaudited)

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

Item 2.

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

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

49

PART II

Item 1.

Legal Proceedings

50

Item 1A.

Risk Factors

50

Item 2.

Unregistered sales of Equity Securities and Use of Proceeds

50

Item 6.

Exhibits

51

SIGNATURES

52

 

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)

June 30,

December 31,

2022

2021

ASSETS

Cash and cash equivalents

$

222,076

$

140,225

Restricted cash ($20,066 and $15,956 in VIEs at June 30, 2022

and December 31, 2021, respectively)

42,245

42,854

Notes receivable

660,469

609,429

Less: Allowance for loan losses

(177,822)

(163,107)

Notes receivable, net ($303,398 and $248,873 in VIEs

at June 30, 2022 and December 31, 2021, respectively)

482,647

446,322

Vacation ownership interest ("VOI") inventory

316,252

334,605

Property and equipment, net

86,465

87,852

Intangible assets, net

61,307

61,348

Operating lease assets

31,074

33,467

Prepaid expenses

24,615

25,855

Other assets

28,654

37,984

Total assets

$

1,295,335

$

1,210,512

LIABILITIES AND EQUITY

Liabilities

Accounts payable

$

18,117

$

14,614

Deferred income

14,274

13,690

Accrued liabilities and other

111,286

100,131

Receivable-backed notes payable - recourse

18,666

22,500

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

379,858

340,154

Note payable to BBX Capital, Inc.

50,000

50,000

Note payable and other borrowings

117,537

97,125

Junior subordinated debentures

135,455

134,940

Operating lease liabilities

35,960

37,870

Deferred income taxes

101,728

95,688

Total liabilities

982,881

906,712

Commitments and Contingencies - See Note 9

 

 

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 16,049,952 in 2022 and 17,118,392 in 2021

160

171

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

issued and outstanding 3,664,230 in 2022 and 3,664,412 in 2021

37

37

Additional paid-in capital

144,658

173,909

Accumulated earnings

99,960

69,316

Total Bluegreen Vacations Holding Corporation equity

244,815

243,433

Non-controlling interest

67,639

60,367

Total equity

312,454

303,800

Total liabilities and equity

$

1,295,335

$

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)

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

2022

2021

2022

2021

Revenue:

Gross sales of VOIs

$

170,787

$

110,300

$

286,395

$

178,550

Provision for loan losses

(26,526)

(18,488)

(43,105)

(30,807)

Sales of VOIs

144,261

91,812

243,290

147,743

Fee-based sales commission revenue

18,850

35,618

42,934

61,336

Other fee-based services revenue

32,785

30,442

63,991

59,339

Cost reimbursements

16,168

15,552

34,232

32,160

Interest income

23,506

19,595

45,704

38,856

Other income, net

-

439

473

278

Total revenues

235,570

193,458

430,624

339,712

Costs and Expenses:

Cost of VOIs sold

18,221

7,024

30,063

12,193

Cost of other fee-based services

13,592

15,647

26,354

32,732

Cost reimbursements

16,168

15,552

34,232

32,160

Interest expense

10,356

8,876

18,114

18,611

Selling, general and administrative expenses

149,158

114,786

268,457

205,750

Other expense, net

68

Total costs and expenses

207,563

161,885

377,220

301,446

Income before income taxes

28,007

31,573

53,404

38,266

Provision for income taxes

(6,171)

(7,694)

(12,361)

(8,883)

Net income

21,836

23,879

41,043

29,383

Less: Income attributable to noncontrolling interests

4,052

4,378

7,272

6,908

Net income attributable to shareholders

$

17,784

$

19,501

$

33,771

$

22,475

Comprehensive income attributable to shareholders

$

17,784

$

19,501

$

33,771

$

22,475

Basic earnings per share (1)

$

0.88

$

0.93

$

1.65

$

1.12

Diluted earnings per share (1)

$

0.87

$

0.93

$

1.63

$

1.12

Basic weighted average number of common shares outstanding

20,226

20,912

20,500

20,128

Diluted weighted average number of common and common equivalent shares outstanding

20,389

20,912

20,678

20,128

Cash dividends declared per Class A and B common shares

$

0.15

$

$

0.15

$

(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

Dividends

(3,128)

(3,128)

(3,128)

Share-based compensation

817

817

817

Purchase and retirement of common stock

(917)