Segment Reporting |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Segment Reporting [Abstract] | |
| Segment Reporting | 14. 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, the Company’s CODM, who is also Bluegreen’s CODM, has determined that he will manage the Company’s operations, including its subsidiaries, 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 the Company’s marketing and sales activities related to the VOIs that are owned by the Company, VOIs acquired under just-in-time and secondary market inventory arrangements, or sales of VOIs through fee-for-service arrangements with third-party developers, as well as consumer financing activities in connection with sales of VOIs owned by the Company, and title services operations through a wholly owned subsidiary. The Resort operations and club management segment includes management services activities for the Bluegreen Vacation Club and for a majority of the HOAs of the resorts within the Bluegreen Vacation Club. In connection with those services, the Company 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, rental services activities, and management of construction activities for certain fee-based developer clients. The amounts set forth in the column “Corporate and Other” are general and administrative expenses of the Company 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 June 30, 2021 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 91,812 $ — $ — $ — $ 91,812 Fee-based sales commission revenue 35,618 — — — 35,618 Other fee-based services revenue 2,863 27,579 — — 30,442 Cost reimbursements — 15,552 — — 15,552 Mortgage servicing revenue 1,270 — — (1,270) —Interest income 19,538 — 57 — 19,595 Other income, net — — 439 — 439 Total revenue 151,101 43,131 496 (1,270) 193,458 Costs and expenses: Cost of VOIs sold 7,024 — — — 7,024 Net carrying cost of VOI inventory 6,118 — — (6,118) —Cost of other fee-based services 784 8,745 — 6,118 15,647 Cost reimbursements — 15,552 — — 15,552 Selling, general and administrative expenses 95,276 — 19,678 (168) 114,786 Mortgage servicing expense 1,102 — — (1,102) —Interest expense 3,907 — 4,969 — 8,876 Total costs and expenses 114,211 24,297 24,647 (1,270) 161,885 Income (loss) before non-controlling interest and provision for income taxes $ 36,890 $ 18,834 $ (24,151) $ — $ 31,573 Add: Depreciation and amortization 1,430 200 Segment Adjusted EBITDA (1) $ 38,320 $ 19,034 (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 June 30, 2020 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 9,054 $ — $ — $ — $ 9,054 Fee-based sales commission revenue 1,135 — — — 1,135 Other fee-based services revenue 1,349 25,064 — — 26,413 Cost reimbursements — 11,850 — — 11,850 Mortgage servicing revenue 1,510 — — (1,510) —Interest income 19,061 — 1,228 (871) 19,418 Other income, net — — 355 — 355 Total revenue 32,109 36,914 1,583 (2,381) 68,225 Costs and expenses: Cost of VOIs sold 1,038 — — — 1,038 Net carrying cost of VOI inventory 10,913 — — (10,913) —Cost of other fee-based services 719 6,903 — 10,913 18,535 Cost reimbursements — 11,850 — — 11,850 Selling, general and administrative expenses 32,329 — 18,055 (564) 49,820 Mortgage servicing expense 946 — — (946) —Interest expense 4,171 — 6,258 (871) 9,558 Total costs and expenses 50,116 18,753 24,313 (2,381) 90,801 Income (loss) before non-controlling interest and provision for income taxes $ (18,007) $ 18,161 $ (22,730) $ — $ (22,576) Add: Depreciation and amortization 1,483 190 Add: Severance 1,206 99 Segment Adjusted EBITDA (1) $ (15,318) $ 18,450 (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 six months ended June 30, 2021 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 147,743 $ — $ — $ — $ 147,743 Fee-based sales commission revenue 61,336 — — — 61,336 Other fee-based services revenue 5,137 54,202 — — 59,339 Cost reimbursements — 32,160 — — 32,160 Mortgage servicing revenue 2,581 — — (2,581) —Interest income 38,666 — 190 — 38,856 Other income, net — — 278 — 278 Total revenue 255,463 86,362 468 (2,581) 339,712 Costs and expenses: Cost of VOIs sold 12,193 — — — 12,193 Net carrying cost of VOI inventory 13,891 — — (13,891) —Cost of other fee-based services 1,503 17,338 — 13,891 32,732 Cost reimbursements — 32,160 — — 32,160 Selling, general and administrative expenses 160,930 — 45,146 (326) 205,750 Mortgage servicing expense 2,255 — — (2,255) —Interest expense 8,070 — 10,541 — 18,611 Total costs and expenses 198,842 49,498 55,687 (2,581) 301,446 Income (loss) before non-controlling interest and provision for income taxes $ 56,621 $ 36,864 $ (55,219) $ — $ 38,266 Add: Depreciation and amortization 2,835 395 Segment Adjusted EBITDA (1) $ 59,456 $ 37,259 (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 six months ended June 30, 2020 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 54,182 $ — $ — $ — $ 54,182 Fee-based sales commission revenue 42,500 — — — 42,500 Other fee-based services revenue 4,072 51,655 — — 55,727 Cost reimbursements — 30,970 — — 30,970 Mortgage servicing revenue 3,105 — — (3,105) —Interest income 39,209 — 3,480 (2,071) 40,618 Other income, net — — 525 — 525 Total revenue 143,068 82,625 4,005 (5,176) 224,522 Costs and expenses: Cost of VOIs sold 5,137 — — — 5,137 Net carrying cost of VOI inventory 18,827 — — (18,827) —Cost of other fee-based services 2,189 19,230 — 18,827 40,246 Cost reimbursements — 30,970 — — 30,970 Selling, general and administrative expenses 115,467 — 45,577 (739) 160,305 Mortgage servicing expense 2,366 — — (2,366) —Interest expense 8,835 — 12,692 (2,071) 19,456 Total costs and expenses 152,821 50,200 58,269 (5,176) 256,114 Income (loss) before non-controlling interest and provision for income taxes $ (9,753) $ 32,425 $ (54,264) $ — $ (31,592) Add: Depreciation and amortization 3,042 380 Add: Severance 3,769 1,233 Segment Adjusted EBITDA (1) $ (2,942) $ 34,038 (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. |