Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.1
Segment Reporting
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Reporting 12. Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment.

As a result of the spin-off of BBX Capital on September 30, 2020, BVH is a Bluegreen holding company and BVH’s CODM, who is also Bluegreen’s CODM, has determined that he will manage BVH’s operations in a manner consistent with how he manages Bluegreen’s operations. As a result, the Company’s results of operations are reported through two reportable segments: (i) Sales of VOIs and financing; and (ii) Resort operations and club management.

The sales of VOIs and financing segment includes Bluegreen’s marketing and sales activities related to the VOIs that Bluegreen owns, Bluegreen’s VOIs they acquire under just-in-time and secondary market inventory arrangements, Bluegreen’s sales of VOIs through fee-for-service arrangements with third-party developers, Bluegreen’s consumer financing activities in connection with sales of VOIs that Bluegreen owns, and Bluegreen’s title services operations through a wholly owned subsidiary.

The Resort operations and club management segment includes Bluegreen’s provision of management services activities for Bluegreen’s Vacation Club and for a majority of the HOAs of the resorts within Bluegreen’s Vacation Club. In connection with those services, Bluegreen also provides club reservation services, services to owners and billing and collections services to the Bluegreen Vacation Club and certain HOAs. Additionally, this segment includes revenue from Bluegreen’s Traveler Plus program, food and beverage and other retail operations, Bluegreen’s rental services activities, and management of construction activities for certain of Bluegreen’s fee-based developer clients.

The amount set forth in the column “Bluegreen Corporate and Other” and in the column entitled “BVH Corporate” are general and administrative expenses that consist primarily of costs associated with administering the various support functions at its corporate headquarters, including executive compensation, legal, accounting, human resources, investor relations, and executive offices, including corporate overhead for discontinued operations.

The information provided for segment reporting is obtained from internal reports utilized by management. The presentation and allocation of results of operations may not reflect the actual economic costs of the segments as standalone businesses. Due to the nature of the Company’s business, assets are not allocated to a particular segment, and therefore management does not evaluate the balance sheet by segment. If a different basis of allocation were utilized, the relative contributions of the segments might differ but the relative trends in the segments’ operating results would, in management’s view, likely not be impacted.


‎

The table below sets forth the Company’s segment information for the three months ended March 31, 2021 (in thousands):

Sales of
‎VOIs and
‎financing

Resort
‎operations
‎and club
‎management

Bluegreen Corporate
‎and other

BVH Corporate

Elimination

Total

Revenue:

Sales of VOIs

$

55,931 

$

—

$

—

$

—

$

—

$

55,931 

Fee-based sales commission revenue

25,718 

—

—

—

—

25,718 

Other fee-based services revenue

2,274 

26,623 

—

—

—

28,897 

Cost reimbursements

—

16,608 

—

—

—

16,608 

Mortgage servicing revenue

1,311 

—

—

—

(1,311)

—

Interest income

19,128 

—

77 

56

—

19,261 

Other income, net

—

—

—

—

—

—

Total revenue

104,362 

43,231 

77 

56 

(1,311)

146,415 

Costs and expenses:

Cost of VOIs sold

5,169 

—

—

—

—

5,169 

Net carrying cost of VOI inventory

7,780 

—

—

—

(7,780)

—

Cost of other fee-based services

719 

8,586 

—

—

7,780 

17,085 

Cost reimbursements

—

16,608 

—

—

—

16,608 

Selling, general and administrative expenses

65,654 

—

24,655 

812 

(157)

90,964 

Mortgage servicing expense

1,154 

—

—

—

(1,154)

—

Interest expense

4,163 

—

3,753 

1,819 

—

9,735 

Other expense, net

—

—

214 

(53)

161 

Total costs and expenses

84,639 

25,194 

28,622 

2,578 

(1,311)

139,722 

Income (loss) before non-controlling interest

and provision for income taxes

$

19,723 

$

18,037 

$

(28,545)

$

(2,522)

$

—

$

6,693 

Add: Depreciation and amortization

1,405 

196 

Segment Adjusted EBITDA (1)

$

21,128 

$

18,233 

(1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income.


‎

The table below sets forth the Company’s segment information for the three months ended March 31, 2020 (in thousands):

Sales of
‎VOIs and
‎financing

Resort
‎operations
‎and club
‎management

Bluegreen Corporate
‎and other

BVH Corporate

Elimination


‎Total

Revenue:

Sales of VOIs

$

45,128 

$

—

$

—

$

—

$

—

$

45,128 

Fee-based sales commission revenue

41,365 

—

—

—

—

41,365 

Other fee-based services revenue

2,723 

26,591 

—

—

—

29,314 

Cost reimbursements

—

19,120 

—

—

—

19,120 

Mortgage servicing revenue

1,595 

—

—

—

(1,595)

—

Interest income

20,148 

—

1,718 

534 

(1,200)

21,200 

Other income, net

—

—

133 

37 

—

170 

Total revenue

110,959 

45,711 

1,851 

571 

(2,795)

156,297 

Costs and expenses:

Cost of VOIs sold

4,099 

—

—

—

—

4,099 

Net carrying cost of VOI inventory

7,914 

—

—

—

(7,914)

—

Cost of other fee-based services

1,470 

12,327 

—

—

7,914 

21,711 

Cost reimbursements

—

19,120 

—

—

—

19,120 

Selling, general and administrative expenses

83,138 

—

19,234 

8,288 

(175)

110,485 

Mortgage servicing expense

1,420 

—

—

—

(1,420)

—

Interest expense

4,664 

—

4,154 

2,280 

(1,200)

9,898 

Total costs and expenses

102,705 

31,447 

23,388 

10,568 

(2,795)

165,313 

Income (loss) before non-controlling interest

and provision for income taxes

$

8,254 

$

14,264 

$

(21,537)

$

(9,997)

$

—

$

(9,016)

Add: Depreciation and amortization

1,559 

190 

Add: Severance

2,563 

1,134 

Segment Adjusted EBITDA (1)

$

12,376 

$

15,588 

(1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income.