Bluegreen Vacations Holding Corp. Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

The table below sets forth the Company’s segment information for the three months ended September 30, 2020 (in thousands):



Revenue:	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Bluegreen Corporate ‎and other		BVH Corporate	Elimination		‎Total

Sales of VOIs	$	59,265	$	—	$	—	—	$	—	$	59,265
Fee-based sales commission revenue		22,119		—		—	—		—		22,119
Other fee-based services revenue		1,281		26,550		—	—		—		27,831
Cost reimbursements		—		15,684		—	—		—		15,684
Mortgage servicing revenue		1,403		—		—	—		(1,403)		—
Interest income		19,049		—		623	127		(453)		19,346
Other revenue		—		—		—	—		—		—
Total revenue		103,117		42,234		623	127		(1,856)		144,245

Costs and expenses:

Cost of VOIs sold		3,597		—		—	—		—		3,597
Net carrying cost of VOI inventory		8,580		—		—	—		(8,580)		—
Cost of other fee-based services		800		11,481		—	—		8,580		20,861
Cost reimbursements		—		15,684		—	—		—		15,684
Selling, general and administrative expenses		59,502		—		20,254	41,583		(406)		120,933
Mortgage servicing expense		997		—		—	—		(997)		—
Interest expense		3,910		—		3,409	1,102		(453)		7,968
Total costs and expenses		77,386		27,165		23,663	42,685		(1,856)		169,043
Other (expense) income		—		—		(365)	26		—		(339)
Income (loss) before non-controlling interest and (benefit) provision for income taxes	$	25,731	$	15,069	$	(23,405)	(42,532)	$	—	$	(25,137)

Add: Depreciation and amortization		1,405		208
Add: Severance		208		114
Segment Adjusted EBITDA	$	27,344	$	15,391

‎

The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2019 (in thousands):



Revenue:	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Bluegreen Corporate ‎and other			BVH Corporate	Elimination		‎Total

Sales of VOIs	$	66,318	$	—	$	—	$	—	$	—	$	66,318
Fee-based sales commission revenue		60,478		—		—		—		—		60,478
Other fee-based services revenue		4,289		29,455		—		—		—		33,744
Cost reimbursements		—		17,883		—		—		—		17,883
Mortgage servicing revenue		1,588		—		—		—		(1,588)		—
Interest income		20,043		—		2,038		705		(1,200)		21,586
Other income, net		—		—		—		(45)		73		28
Total revenue		152,716		47,338		2,038		660		(2,715)		200,037

Costs and expenses:

Cost of VOIs sold		3,121		—		—		—		—		3,121
Net carrying cost of VOI inventory		5,878		—		—		—		(5,878)		—
Cost of other fee-based services		2,442		14,552		—		—		5,878		22,872
Cost reimbursements		—		17,883		—		—		—		17,883
Selling, general and administrative expenses		95,672		—		22,388		11,926		46		130,032
Mortgage servicing expense		1,561		—		—		—		(1,561)		—
Interest expense		5,062		—		5,326		2,566		(1,200)		11,754
Total costs and expenses		113,736		32,435		27,714		14,492		(2,715)		185,662
Other income		537		—		1,609		58		—		2,204
Income (loss) before non-controlling interest and (benefit) provision for income taxes	$	39,517	$	14,903	$	(24,067)	$	(13,774)	$	—	$	16,579

Add: Depreciation and amortization		1,507		321
Add: Bass Pro Settlement		594		238
Segment Adjusted EBITDA	$	41,618	$	15,462

‎

The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2020 (in thousands):


Revenue:	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Bluegreen Corporate ‎and other			BVH Corporate	Elimination		‎Total

Sales of VOIs	$	113,447	$	—	$	—	$	—	$	—	$	113,447
Fee-based sales commission revenue		64,619		—		—		—		—		64,619
Other fee-based services revenue		5,353		78,205		—		—		—		83,558
Cost reimbursements		—		46,654		—		—		—		46,654
Mortgage servicing revenue		4,508		—		—		—		(4,508)		—
Interest income		58,258		—		3,388		841		(2,524)		59,963
Other revenue		—		—		—		—		—		—
Total revenue		246,185		124,859		3,388		841		(7,032)		368,241

Costs and expenses:

Cost of VOIs sold		8,734		—		—		—		—		8,734
Net carrying cost of VOI inventory		27,407		—		—		—		(27,407)		—
Cost of other fee-based services		2,989		30,711		—		—		27,407		61,107
Cost reimbursements		—		46,654		—		—		—		46,654
Selling, general and administrative expenses		174,969		—		48,603		58,810		(1,145)		281,237
Mortgage servicing expense		3,363		—		—		—		(3,363)		—
Interest expense		12,745		—		11,932		5,515		(2,524)		27,668
Total costs and expenses		230,207		77,365		60,535		64,325		(7,032)		425,400
Other income, net		—		—		41		145		—		186
Income (loss) before non-controlling interest and (benefit) provision for income taxes	$	15,978	$	47,494	$	(57,106)	$	(63,339)	$	—	$	(56,973)

Add: Depreciation and amortization		4,447		588
Add: Severance		3,977		1,347
Segment Adjusted EBITDA	$	24,402	$	49,429

‎

The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2019 (in thousands):


Revenue:	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Bluegreen Corporate and other		BVH Corporate	Elimination		‎Total

Sales of VOIs	$	186,351	$	—	$	—	—	$	—	$	186,351
Fee-based sales commission revenue		161,033		—		—	—		—		161,033
Other fee-based services revenue		10,092		83,923		—	—		—		94,015
Cost reimbursements		—		48,933		—	—		—		48,933
Mortgage servicing revenue		4,621		—		—	—		(4,621)		—
Interest income		59,985		—		5,979	1,605		(3,600)		63,969
Other income, net		—		—		—	(127)		197		70
Total revenue		422,082		132,856		5,979	1,478		(8,024)		554,371