Segment Reporting (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Segment Reporting [Abstract] | |
| Segment Information | 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. |