Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Details)

v3.22.2.2
Segment Reporting (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
Sep. 30, 2021
USD ($)
Jun. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
Sep. 30, 2022
USD ($)
segment
Sep. 30, 2021
USD ($)
Segment Reporting Information [Line Items]                
Total revenues $ 224,737     $ 193,587     $ 609,183 $ 494,165
Other income, net 296           774 157
Total revenues 250,836     214,518     681,463 554,109
General and administrative expenses 152,881     132,496     421,339 338,246
Other expense, net       121        
Interest income (other than interest earned on VOI notes receivable) [1] 25,803     20,931     71,506 59,787
Interest expense - corporate (10,822)     (8,660)     (28,935) (27,271)
Provision for income taxes 8,586     7,975     20,948 16,858
Net income 27,646 $ 21,836 $ 19,208 27,317 $ 23,879 $ 5,504 68,690 56,700
Net income attributable to BFC 22,964     23,127     56,736 45,602
General And Adminitrative Expense Of Share-Based Compensation 800     500     2,400 600
Total costs and expenses 214,604     179,226     $ 591,825 480,551
Number of reportable segments | segment             2  
Reportable Segments [Member]                
Segment Reporting Information [Line Items]                
Total revenues 251,373     215,673     $ 683,762 557,500
Segment Adjusted EBITDA [2] 65,848     68,655     180,422 165,374
General and administrative expenses [3] 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, net 296     (121)     774 157
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 BFC 22,964     23,127     56,736 45,602
Corporate Expenses & Other [Member]                
Segment Reporting Information [Line Items]                
Total revenues 594     77     1,265 424
Eliminations [Member]                
Segment Reporting Information [Line Items]                
Total revenues (1,131)     (1,232)     (3,564) (3,815)
Sales Of VOIs And Financing [Member] | Reportable Segments [Member]                
Segment Reporting Information [Line Items]                
Total revenues 199,794     168,784     540,475 424,249
Segment Adjusted EBITDA [2] 43,953     47,017     117,053 106,477
Resort Operations And Club Management [Member] | Reportable Segments [Member]                
Segment Reporting Information [Line Items]                
Total revenues 30,860     28,190     88,337 82,392
Segment Adjusted EBITDA [2] 21,895     21,638     63,369 58,897
Sales of VOIs [Member]                
Segment Reporting Information [Line Items]                
Total revenues [4] 155,218     107,383     398,506 255,126
Sales of VOIs [Member] | Reportable Segments [Member]                
Segment Reporting Information [Line Items]                
Interest income (other than interest earned on VOI notes receivable) 25,500     20,900     71,000 59,500
Fee-Based Sales Commission Revenue [Member]                
Segment Reporting Information [Line Items]                
Total revenues [4] 14,241     35,585     57,174 96,921
Other Fee-Based Services Revenue [Member]                
Segment Reporting Information [Line Items]                
Total revenues 34,559     31,920     98,553 91,259
Total costs and expenses 15,377     11,768     41,732 44,500
Cost Reimbursements [Member]                
Segment Reporting Information [Line Items]                
Total revenues [5] 20,719     18,699     54,950 50,859
Total costs and expenses 20,719     18,699     54,951 50,859
Cost Reimbursements [Member] | Reportable Segments [Member]                
Segment Reporting Information [Line Items]                
Total revenues [6] 20,719     18,699     54,950 50,859
Interest Income [Member] | Reportable Segments [Member]                
Segment Reporting Information [Line Items]                
Interest income (other than interest earned on VOI notes receivable) $ 298     $ 77     $ 491 $ 267
[1] Interest income of $25.5 million and $20.9 million for the three months ended September 30, 2022 and 2021, respectively, and $71.0 million and $59.5 million for the nine months ended September 30, 2022 and 2021, respectively, are included in the Company’s sales of VOIs and financing segment described in Note 14.
[2] See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding AdjustedEBITDA, including the definition of Adjusted EBITDA.
[3] 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.
[4] Included in the Company’s sales of VOIs and financing segment described in Note 14.
[5] Included in the Company’s resort operations and club management segment described in Note 14.
[6] Cost reimbursement revenue and expense net to zero and are excluded from the computation of adjusted EBITDA below.