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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, 2023

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  ¨

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 2, 2023 is as follows:

Class A Common Stock of $.01 par value, 13,373,666 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

Condensed Notes to Consolidated Financial Statements (Unaudited)

8

Item 2.

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

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

43

PART II

Item 1.

Legal Proceedings

45

Item 1A.

Risk Factors

45

Item 6.

Exhibits

46

SIGNATURES

47

 

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,

2023

2022

ASSETS

Cash and cash equivalents

$

166,663

$

175,683

Restricted cash ($22,116 and $19,461 in VIEs at March 31, 2023

and December 31, 2022, respectively)

43,835

50,845

Notes receivable

789,114

763,801

Less: Allowance for loan losses

(214,796)

(211,311)

Notes receivable, net ($373,270 and $354,403 in VIEs

at March 31, 2023 and December 31, 2022, respectively)

574,318

552,490

Vacation ownership interest ("VOI") inventory

380,817

389,864

Property and equipment, net

86,228

85,915

Intangible assets, net

61,293

61,293

Operating lease assets

21,717

22,963

Prepaid expenses

34,686

23,833

Other assets

31,586

35,499

Total assets

$

1,401,143

$

1,398,385

LIABILITIES AND EQUITY

Liabilities

Accounts payable

$

15,477

$

21,389

Deferred income

15,537

15,675

Accrued liabilities and other

87,230

110,048

Receivable-backed notes payable - recourse

20,082

20,841

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

468,375

440,781

Note payable to BBX Capital, Inc.

50,000

50,000

Note payable and other borrowings

207,547

218,738

Junior subordinated debentures

136,296

136,011

Operating lease liabilities

26,354

27,716

Deferred income taxes

116,806

113,193

Total liabilities

1,143,704

1,154,392

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 12,204,198 in 2023 and 12,165,825 in 2022

122

122

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

issued and outstanding 3,664,117 in 2023 and 2022

37

37

Additional paid-in capital

48,270

46,821

Accumulated earnings

132,771

124,680

Total Bluegreen Vacations Holding Corporation equity

181,200

171,660

Non-controlling interest

76,239

72,333

Total equity

257,439

243,993

Total liabilities and equity

$

1,401,143

$

1,398,385

See accompanying Condensed 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

March 31,

2023

2022

Revenue:

Gross sales of VOIs

$

148,859

$

115,607

Provision for loan losses

(25,246)

(16,579)

Sales of VOIs

123,613

99,028

Fee-based sales commission revenue

11,691

24,084

Other fee-based services revenue

33,301

31,207

Cost reimbursements

21,369

18,064

Interest income

28,834

22,198

Other income, net

265

548

Total revenues

219,073

195,129

Costs and Expenses:

Cost of VOIs sold

15,331

11,841

Cost of other fee-based services

14,582

12,765

Cost reimbursements

21,369

18,064

Interest expense

16,469

7,759

Selling, general and administrative expenses

131,438

119,302

Total costs and expenses

199,189

169,731

Income before income taxes

19,884

25,398

Provision for income taxes

(4,479)

(6,190)

Net income

15,405

19,208

Less: Income attributable to noncontrolling interest

3,906

3,220

Net income attributable to shareholders

$

11,499

$

15,988

Comprehensive income attributable to shareholders

$

11,499

$

15,988

Basic earnings per share (1)

$

0.73

$

0.77

Diluted earnings per share (1)

$

0.71

$

0.76

Basic weighted average number of common shares outstanding

15,860

20,778

Diluted weighted average number of common and common equivalent shares outstanding

16,246

20,971

Cash dividends declared per Class A and B common shares

$

0.20

$

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

See accompanying Condensed 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, 2022

12,166

3,664

$

122

$

37

$

46,821

$

124,680

$

171,660

$

72,333

$

243,993

Dividends

(3,408)

(3,408)

(3,408)

Share-based compensation

1,457

1,457

1,457

Issuance of common stock from vesting of restricted stock awards

38

(8)

(8)

(8)

Net income

11,499

11,499

3,906

15,405

Balance, March 31, 2023

12,204

3,664

$

122

$

37

$

48,270

$

132,771

$

181,200

$

76,239

$

257,439

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

Interest

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

See accompanying Condensed 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,

2023

2022

Operating activities:

Net income

$

15,405

$

19,208

Adjustment to reconcile net income to net cash

provided by operating activities:

Provision for loan losses

25,246

16,579

Depreciation and amortization

5,076

4,810

Share-based compensation expense

1,457

745

Net losses on disposal of property and equipment

29

5

Increase in deferred income tax liability

3,613

5,273

Changes in operating assets and liabilities:

Notes receivable

(47,074)

(23,874)

VOI inventory

8,656

7,898

Prepaid expenses and other assets

(7,172)

(6,976)

Accounts payable, accrued liabilities and other, and deferred income

(28,984)

5,824

Net cash (used in) provided by operating activities

$

(23,748)

$

29,492