Segment Information |
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 |
|
|
|
|
|
| |