| Segment Information |
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|
|
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|
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Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
Revenues: |
2022 |
|
2021 |
|
2022 |
|
2021 |
Sales of VOIs and financing |
$ |
199,794 |
|
$ |
168,784 |
|
$ |
540,475 |
|
$ |
424,249 |
Resort operations and club management |
|
30,860 |
|
|
28,190 |
|
|
88,337 |
|
|
82,392 |
Cost reimbursements (1) |
|
20,719 |
|
|
18,699 |
|
|
54,950 |
|
|
50,859 |
Total segment revenues |
|
251,373 |
|
|
215,673 |
|
|
683,762 |
|
|
557,500 |
Corporate and other |
|
594 |
|
|
77 |
|
|
1,265 |
|
|
424 |
Eliminations |
|
(1,131) |
|
|
(1,232) |
|
|
(3,564) |
|
|
(3,815) |
Total revenues |
$ |
250,836 |
|
$ |
214,518 |
|
$ |
681,463 |
|
$ |
554,109 |
(1)Cost reimbursement revenue and expense net to zero and are excluded from the computation of adjusted EBITDA below.
|
| Reconciliation of Adjusted EBITDA from Segments to Net Income |
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Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Adjusted EBITDA (1): |
|
|
|
|
|
|
|
|
|
|
|
Sales of VOIs and financing |
$ |
43,953 |
|
$ |
47,017 |
|
$ |
117,053 |
|
$ |
106,477 |
Resort operations and club management |
|
21,895 |
|
|
21,638 |
|
|
63,369 |
|
|
58,897 |
Segment Adjusted EBITDA |
|
65,848 |
|
|
68,655 |
|
|
180,422 |
|
|
165,374 |
General and administrative expenses (2) |
|
(22,313) |
|
|
(24,399) |
|
|
(69,871) |
|
|
(69,547) |
Depreciation and amortization |
|
(1,844) |
|
|
(1,706) |
|
|
(5,522) |
|
|
(4,937) |
Severance |
|
- |
|
|
(2,403) |
|
|
- |
|
|
(2,403) |
Other (expense) income, net |
|
296 |
|
|
(121) |
|
|
774 |
|
|
157 |
Interest income (other than interest earned on VOI notes receivable) |
|
298 |
|
|
77 |
|
|
491 |
|
|
267 |
Interest expense - corporate |
|
(6,053) |
|
|
(4,811) |
|
|
(16,656) |
|
|
(15,353) |
Provision for income taxes |
|
(8,586) |
|
|
(7,975) |
|
|
(20,948) |
|
|
(16,858) |
Net income |
|
27,646 |
|
|
27,317 |
|
|
68,690 |
|
|
56,700 |
Less: Net income attributable to
Non-controlling interests |
|
(4,682) |
|
|
(4,190) |
|
|
(11,954) |
|
|
(11,098) |
Net income attributable to shareholders |
$ |
22,964 |
|
$ |
23,127 |
|
$ |
56,736 |
|
$ |
45,602 |
(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.
(2) Included in general and administrative expenses for the three and nine months ended September 30, 2022 is $0.8 million and $2.4 million, respectively, of share-based compensation. There was $0.5 million and $0.6 million of share-based compensation expense during the three and nine months ended September 30, 2021, respectively.
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