| Florida | | | 7011 | | | 03-0300793 | |
| (State or other jurisdiction of incorporation or organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification Number) | |
| Alison W. Miller Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. 150 West Flagler Street, Suite 2200 Miami, Florida 33130 (305) 789-3200 | | | Christopher D. Lueking, Esq. Latham & Watkins LLP 330 North Wabash Avenue, Suite 2800 Chicago, Illinois 60611 (312) 876-7700 | |
| | | | Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| | | | Non-accelerated filer ☒ | | | Smaller reporting company ☐ | |
| | | | (Do not check if a smaller reporting company) | | | Emerging growth company ☒ | |
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Title of Each Class of Securities to be Registered | | Proposed Maximum Aggregate Offering Price(1)(2) | | Amount of Registration Fee | | | Amount to be Registered(1) | | Proposed Maximum Aggregate Offering Price per Share | | Proposed Maximum Aggregate Offering Price(2) | | Amount of Registration Fee(3) | | ||||||||||||||||||||||||
Common Stock, $0.01 par value per share | | | $ | 100,000,000 | | | | $ | 12,450 | | | | | | 7,473,445 | | | | $ | 18.00 | | | | $ | 134,522,010 | | | | $ | 16,748 | | | |
| | | Per Share | | | Total | | ||||||
Initial public offering price | | | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1) | | | | $ | | | | | | $ | | | |
Proceeds, before expenses, to us | | | | $ | | | | | | $ | | | |
Proceeds, before expenses, to the selling shareholder | | | | $ | | | | | | $ | | | |
| Stifel | | | Credit Suisse | |
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| | | | F-1 | | |
| | | Our VOI sales include: • Fee-based sales of VOIs owned by third-party developers pursuant to which we are paid a commission (generally in an amount equal to 65-75% of the VOI sales price); • JIT sales of VOIs we acquire from third-party developers in close proximity to when we intend to sell such VOIs; • Secondary market sales of VOIs we acquire from homeowners associations (“HOAs”) or other owners; and • Developed VOI sales, or sales of VOIs in resorts that we develop or acquire (excluding inventory acquired pursuant to JIT or secondary market arrangements). | |
| | | For the Years Ended December 31, | | | For the Six Months Ended June 30, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | ||||||||||||
Consolidated Statement of Operations Data: | | | | | | ||||||||||||||||||||
Sales of VOIs | | | | $ | 266,142 | | | | | $ | 259,236 | | | | | $ | 111,152 | | | | | $ | 124,913 | | |
Fee-based sales commission revenue | | | | | 201,829 | | | | | | 173,659 | | | | | | 109,069 | | | | | | 94,335 | | |
Other fee-based services revenue | | | | | 103,448 | | | | | | 97,539 | | | | | | 56,056 | | | | | | 51,611 | | |
Interest income | | | | | 89,510 | | | | | | 84,331 | | | | | | 44,377 | | | | | | 44,232 | | |
Other income, net | | | | | 1,724 | | | | | | 2,883 | | | | | | — | | | | | | 86 | | |
Total revenues | | | | $ | 662,653 | | | | | $ | 617,648 | | | | | $ | 320,654 | | | | | $ | 315,177 | | |
Net income attributable to shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | | | | $ | 40,621 | | | | | $ | 26,747 | | |
Per Share Data: | | | | | | ||||||||||||||||||||
Basic diluted earnings attributable to shareholder | | | | $ | 749,510.00 | | | | | $ | 703,040.00 | | | | | $ | 406,210.00 | | | | | $ | 267,470.00 | | |
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| | | As of and for the Years Ended December 31, | | | As of and for the Six Months Ended June 30, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | ||||||||||||
Consolidated Balance Sheet Data: | | | | | | ||||||||||||||||||||
Notes receivable, net | | | | $ | 430,480 | | | | | $ | 415,598 | | | | | $ | 423,677 | | | | | $ | 417,820 | | |
Inventory | | | | | 238,534 | | | | | | 220,211 | | | | | | 264,885 | | | | | | 215,788 | | |
Total assets | | | | | 1,128,632 | | | | | | 1,083,151 | | | | | | 1,190,396 | | | | | | 1,121,632 | | |
Total debt obligations - non recourse | | | | | 327,358 | | | | | | 314,024 | | | | | | 364,679 | | | | | | 352,451 | | |
Total debt obligations - recourse | | | | | 255,057 | | | | | | 256,752 | | | | | | 245,977 | | | | | | 220,707 | | |
Total shareholder’s equity | | | | | 249,436 | | | | | | 244,485 | | | | | | 270,057 | | | | | | 246,232 | | |
Other Financial Data: | | | | | | ||||||||||||||||||||
System-wide sales of VOIs, net | | | | $ | 605,392 | | | | | $ | 552,723 | | | | | $ | 292,485 | | | | | $ | 286,655 | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | | | | $ | 73,580 | | | | | $ | 60,729 | | |
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | $ | 165,714 | | | | | $ | 87,097 | | | | | $ | 78,633 | | |
Adjusted EBITDA - resort operations and club management | | | | $ | 38,517 | | | | | $ | 35,628 | | | | | $ | 19,739 | | | | | $ | 20,109 | | |
Number of Bluegreen Vacation Club / Vacation Club Associate resorts at period end | | | | | 65 | | | | | | 65 | | | | | | 66 | | | | | | 65 | | |
Total number of sale transactions | | | | | 45,340 | | | | | | 43,576 | | | | | | 19,040 | | | | | | 22,526 | | |
Average sales volume per guest | | | | $ | 2,263 | | | | | $ | 2,381 | | | | | $ | 2,403 | | | | | $ | 2,268 | | |
| | | For the Years Ended December 31, | | | For the Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | ||||||||||||
Consolidated Statement of Operations Data: | | | | | | ||||||||||||||||||||
Sales of VOIs | | | | $ | 266,142 | | | | | $ | 259,236 | | | | | $ | 172,839 | | | | | $ | 196,654 | | |
Fee-based sales commission revenue | | | | | 201,829 | | | | | | 173,659 | | | | | | 179,046 | | | | | | 153,718 | | |
Other fee-based services revenue | | | | | 103,448 | | | | | | 97,539 | | | | | | 83,442 | | | | | | 78,421 | | |
Interest income | | | | | 89,510 | | | | | | 84,331 | | | | | | 65,673 | | | | | | 66,931 | | |
Other income, net | | | | | 1,724 | | | | | | 2,883 | | | | | | — | | | | | | 597 | | |
Total revenues | | | | $ | 662,653 | | | | | $ | 617,648 | | | | | $ | 501,000 | | | | | $ | 496,321 | | |
Net income attributable to shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | | | | $ | 59,057 | | | | | $ | 49,383 | | |
Per Share Data: | | | | | | ||||||||||||||||||||
Basic diluted earnings attributable to shareholder | | | | $ | 749,510.00 | | | | | $ | 703,040.00 | | | | | $ | 590,570.00 | | | | | $ | 493,830.00 | | |
|
| | | As of and for the Years Ended December 31, | | | As of and for the Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | ||||||||||||
Consolidated Balance Sheet Data: | | | | | | ||||||||||||||||||||
Notes receivable, net | | | | $ | 430,480 | | | | | $ | 415,598 | | | | | $ | 429,356 | | | | | $ | 424,533 | | |
Inventory | | | | | 238,534 | | | | | | 220,211 | | | | | | 269,241 | | | | | | 227,688 | | |
Total assets | | | | | 1,128,632 | | | | | | 1,083,151 | | | | | | 1,172,343 | | | | | | 1,114,426 | | |
Total debt obligations - non recourse | | | | | 327,358 | | | | | | 314,024 | | | | | | 347,308 | | | | | | 341,291 | | |
Total debt obligations - recourse | | | | | 255,057 | | | | | | 256,752 | | | | | | 237,722 | | | | | | 215,631 | | |
Total shareholder’s equity | | | | | 249,436 | | | | | | 244,485 | | | | | | 268,493 | | | | | | 248,868 | | |
Other Financial Data: | | | | | | ||||||||||||||||||||
System-wide sales of VOIs, net | | | | $ | 605,392 | | | | | $ | 552,723 | | | | | $ | 462,670 | | | | | $ | 459,391 | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | | | | $ | 113,003 | | | | | $ | 102,113 | | |
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | $ | 165,714 | | | | | $ | 135,656 | | | | | $ | 124,484 | | |
Adjusted EBITDA - resort operations and club management | | | | $ | 38,517 | | | | | $ | 35,628 | | | | | $ | 29,041 | | | | | $ | 29,139 | | |
Number of Bluegreen Vacation Club / Vacation Club Associate resorts at period end | | | | | 65 | | | | | | 65 | | | | | | 67 | | | | | | 65 | | |
Total number of sale transactions | | | | | 45,340 | | | | | | 43,576 | | | | | | 30,638 | | | | | | 35,422 | | |
Average sales volume per guest | | | | $ | 2,263 | | | | | $ | 2,381 | | | | | $ | 2,442 | | | | | $ | 2,241 | | |
| | For the Six Months Ended June 30, | | | For the Nine Months Ended September 30, | | ||||||||||||||||||||
(dollars in thousands) | | 2017 | | 2016 | | | 2017 | | 2016 | | ||||||||||||||||
Adjusted EBITDA - sales of VOIs and financing | | | $ | 87,097 | | | | $ | 78,633 | | | | | $ | 135,656 | | | | $ | 124,484 | | | ||||
Adjusted EBITDA - resort operations and club management | | | | 19,739 | | | | | 20,109 | | | | | | 29,041 | | | | | 29,139 | | | ||||
Total Segment Adjusted EBITDA | | | | 106,836 | | | | | 98,742 | | | | | | 164,697 | | | | | 153,623 | | | ||||
Less: Corporate and other | | | | (33,256) | | | | | (38,013) | | | |||||||||||||||
Less: corporate and other | | | | (51,694) | | | | | (51,510) | | | |||||||||||||||
Total Adjusted EBITDA | | | $ | 73,580 | | | | $ | 60,729 | | | | | $ | 113,003 | | | | $ | 102,113 | | | |
| | | For the Six Months Ended June 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Net income attributable to shareholder | | | | $ | 40,621 | | | | | $ | 26,747 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 6,288 | | | | | | 4,802 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (6,093) | | | | | | (4,643) | | |
Loss (gain) on assets held for sale | | | | | 40 | | | | | | (107) | | |
Add: one-time special bonus | | | | | — | | | | | | 10,000 | | |
Add: depreciation | | | | | 4,669 | | | | | | 4,728 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (4,195) | | | | | | (4,055) | | |
Add: interest expense - corporate and other | | | | | 6,871 | | | | | | 6,304 | | |
Add: franchise taxes | | | | | 55 | | | | | | 78 | | |
Add: provision for income taxes | | | | | 25,324 | | | | | | 16,875 | | |
Total Adjusted EBITDA | | | | $ | 73,580 | | | | | $ | 60,729 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | $ | 165,714 | | |
Adjusted EBITDA - resort operations and club management | | | | | 38,517 | | | | | | 35,628 | | |
Total Segment Adjusted EBITDA | | | | | 207,585 | | | | | | 201,342 | | |
Less: Corporate and other | | | | | (69,705) | | | | | | (69,114) | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Net income attributable to shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 9,825 | | | | | | 11,705 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,705) | | | | | | (11,197) | | |
Loss (gain) on assets held for sale | | | | | (1,423) | | | | | | 56 | | |
Add: one-time special bonus | | | | | 10,000 | | | | | | — | | |
Add: depreciation | | | | | 9,536 | | | | | | 9,181 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (8,167) | | | | | | (5,652) | | |
Add: interest expense - corporate and other | | | | | 12,505 | | | | | | 15,390 | | |
Add: franchise taxes | | | | | 186 | | | | | | 130 | | |
Add: provision for income taxes | | | | | 40,172 | | | | | | 42,311 | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | For the Nine Months Ended September 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Net income attributable to shareholder | | | | $ | 59,057 | | | | | $ | 49,383 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 9,398 | | | | | | 6,577 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,163) | | | | | | (6,516) | | |
Loss (gain) on assets held for sale | | | | | 44 | | | | | | (37) | | |
Add: one-time special bonus | | | | | — | | | | | | 10,000 | | |
Add: depreciation | | | | | 7,089 | | | | | | 7,132 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (5,487) | | | | | | (6,106) | | |
Add: interest expense - corporate and other | | | | | 10,415 | | | | | | 10,250 | | |
Add: franchise taxes | | | | | 127 | | | | | | 88 | | |
Add: provision for income taxes | | | | | 37,844 | | | | | | 31,342 | | |
Restructuring cost | | | | | 3,679 | | | | | | — | | |
Total Adjusted EBITDA | | | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | $ | 165,714 | | |
Adjusted EBITDA - resort operations and club management | | | | | 38,517 | | | | | | 35,628 | | |
Total Segment Adjusted EBITDA | | | | | 207,585 | | | | | | 201,342 | | |
Less: corporate and other | | | | | (69,705) | | | | | | (69,114) | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Net income attributable to shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 9,825 | | | | | | 11,705 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,705) | | | | | | (11,197) | | |
(Gain) loss on assets held for sale | | | | | (1,423) | | | | | | 56 | | |
Add: one-time special bonus | | | | | 10,000 | | | | | | — | | |
Add: depreciation | | | | | 9,536 | | | | | | 9,181 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (8,167) | | | | | | (5,652) | | |
Add: interest expense - corporate and other | | | | | 12,505 | | | | | | 15,390 | | |
Add: franchise taxes | �� | | | | 186 | | | | | | 130 | | |
Add: provision for income taxes | | | | | 40,172 | | | | | | 42,311 | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | For the Six Months Ended June 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Gross sales of VOIs | | | | $ | 132,692 | | | | | $ | 148,951 | | |
Add: Fee-Based sales | | | | | 159,793 | | | | | | 137,704 | | |
System-wide sales of VOIs, net | | | | $ | 292,485 | | | | | $ | 286,655 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Gross sales of VOIs | | | | $ | 310,570 | | | | | $ | 301,324 | | |
Add: Fee-Based sales | | | | | 294,822 | | | | | | 251,399 | | |
System-wide sales of VOIs, net | | | | $ | 605,392 | | | | | $ | 552,723 | | |
|
| | | For the Nine Months Ended September 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Gross sales of VOIs | | | | $ | 204,914 | | | | | $ | 233,628 | | |
Add: fee-based sales | | | | | 257,756 | | | | | | 225,763 | | |
System-wide sales of VOIs, net | | | | $ | 462,670 | | | | | $ | 459,391 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Gross sales of VOIs | | | | $ | 310,570 | | | | | $ | 301,324 | | |
Add: fee-based sales | | | | | 294,822 | | | | | | 251,399 | | |
System-wide sales of VOIs, net | | | | $ | 605,392 | | | | | $ | 552,723 | | |
|
| | | For the three months ended | | |||||||||||||||||||||
(dollars in thousands) | | | March 31, 2015 | | | June 30, 2015 | | | September 30, 2015 | | | December 31, 2015 | | ||||||||||||
Sales of VOIs | | | | $ | 53,183 | | | | | $ | 59,732 | | | | | $ | 78,072 | | | | | $ | 68,249 | | |
Fee-based sales commission revenue | | | | | 32,600 | | | | | | 47,974 | | | | | | 51,029 | | | | | | 42,056 | | |
Interest income | | | | | 18,895 | | | | | | 21,420 | | | | | | 21,975 | | | | | | 22,041 | | |
Other fee-based services revenue | | | | | 23,753 | | | | | | 24,948 | | | | | | 24,785 | | | | | | 24,053 | | |
Other income, net | | | | | 891 | | | | | | 948 | | | | | | 936 | | | | | | 108 | | |
Total revenues (1) | | | | $ | 129,322 | | | | | $ | 155,022 | | | | | $ | 176,797 | | | | | $ | 156,507 | | |
|
| | | For the three months ended | | |||||||||||||||||||||
(dollars in thousands) | | | March 31, 2015 | | | June 30, 2015 | | | September 30, 2015 | | | December 31, 2015 | | ||||||||||||
Net income attributable to shareholder | | | | $ | 13,264 | | | | | $ | 15,049 | | | | | $ | 23,250 | | | | | $ | 18,741 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 2,786 | | | | | | 2,825 | | | | | | 3,732 | | | | | | 2,362 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (2,700) | | | | | | (2,702) | | | | | | (3,576) | | | | | | (2,219) | | |
Loss on assets held for sale | | | | | 23 | | | | | | 14 | | | | | | 6 | | | | | | 13 | | |
Add: depreciation | | | | | 2,228 | | | | | | 2,265 | | | | | | 2,290 | | | | | | 2,398 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (8) | | | | | | (1,629) | | | | | | (2,004) | | | | ��� | | (2,011) | | |
Add: interest expense – corporate and other | | | | | 3,863 | | | | | | 3,772 | | | | | | 3,310 | | | | | | 4,445 | | |
Add: franchise taxes | | | | | 52 | | | | | | 28 | | | | | | 21 | | | | | | 29 | | |
Add: provision for income taxes | | | | | 8,606 | | | | | | 9,920 | | | | | | 15,049 | | | | | | 8,736 | | |
Total Adjusted EBITDA | | | | $ | 28,114 | | | | | $ | 29,542 | | | | | $ | 42,078 | | | | | $ | 32,494 | | |
|
| | | For the three months ended | | |||||||||||||||||||||
(dollars in thousands) | | | March 31, 2015 | | | June 30, 2015 | | | September 30, 2015 | | | December 31, 2015 | | ||||||||||||
Adjusted EBITDA – sales of VOIs and financing | | | | $ | 32,567 | | | | | $ | 39,456 | | | | | $ | 50,975 | | | | | $ | 42,716 | | |
Adjusted EBITDA – resort operations and club management | | | | | 9,385 | | | | | | 8,369 | | | | | | 9,639 | | | | | | 8,235 | | |
Total Segment Adjusted EBITDA | | | | | 41,952 | | | | | | 47,825 | | | | | | 60,614 | | | | | | 50,951 | | |
Less: corporate and other | | | | | (13,838) | | | | | | (18,283) | | | | | | (18,536) | | | | | | (18,457) | | |
Total Adjusted EBITDA | | | | $ | 28,114 | | | | | $ | 29,542 | | | | | $ | 42,078 | | | | | $ | 32,494 | | |
|
| | | For the three months ended | | |||||||||||||||||||||
(dollars in thousands) | | | March 31, 2015 | | | June 30, 2015 | | | September 30, 2015 | | | December 31, 2015 | | ||||||||||||
System-wide sales of VOIs, net | | | | $ | 109,232 | | | | | $ | 139,873 | | | | | $ | 161,993 | | | | | $ | 141,625 | | |
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| | | For the three months ended | | |||||||||||||||||||||
(dollars in thousands) | | | March 31, 2016 | | | June 30, 2016 | | | September 30, 2016 | | | December 31, 2016 | | ||||||||||||
Sales of VOIs | | | | $ | 56,371 | | | | | $ | 68,542 | | | | | $ | 71,741 | | | | | $ | 69,488 | | |
Fee-based sales commission revenue | | | | | 40,147 | | | | | | 54,188 | | | | | | 59,383 | | | | | | 48,111 | | |
Interest income | | | | | 21,995 | | | | | | 22,237 | | | | | | 22,699 | | | | | | 22,579 | | |
Other fee-based services revenue | | | | | 25,555 | | | | | | 26,056 | | | | | | 26,810 | | | | | | 25,027 | | |
Other income (expense), net | | | | | 134 | | | | | | (48) | | | | | | 511 | | | | | | 1,127 | | |
Total revenues (1) | | | | $ | 144,202 | | | | | $ | 170,975 | | | | | $ | 181,144 | | | | | $ | 166,332 | | |
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| | | For the three months ended | | |||||||||||||||||||||
(dollars in thousands) | | | March 31, 2016 | | | June 30, 2016 | | | September 30, 2016 | | | December 31, 2016 | | ||||||||||||
Net income attributable to shareholder | | | | $ | 15,646 | | | | | $ | 11,101 | | | | | $ | 22,636 | | | | | $ | 25,568 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 1,937 | | | | | | 2,865 | | | | | | 1,775 | | | | | | 3,248 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (1,894) | | | | | | (2,749) | | | | | | (1,873) | | | | | | (3,189) | | |
Loss (gain) on assets held for sale | | | | | 7 | | | | | | (114) | | | | | | 70 | | | | | | (1,386) | | |
Add: one-time special bonus | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | |
Add: depreciation | | | | | 2,356 | | | | | | 2,373 | | | | | | 2,407 | | | | | | 2,400 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (2,020) | | | | | | (2,035) | | | | | | (2,051) | | | | | | (2,061) | | |
Add: interest expense - corporate and other | | | | | 2,592 | | | | | | 3,712 | | | | | | 3,946 | | | | | | 2,255 | | |
Add: franchise taxes | | | | | 52 | | | | | | 26 | | | | | | 10 | | | | | | 98 | | |
Add: provision for income taxes | | | | | 9,847 | | | | | | 7,028 | | | | | | 14,467 | | | | | | 8,830 | | |
Total Adjusted EBITDA | | | | $ | 28,523 | | | | | $ | 32,207 | | | | | $ | 41,387 | | | | | $ | 35,763 | | |
|
| | | For the three months ended | | |||||||||||||||||||||
(dollars in thousands) | | | March 31, 2016 | | | June 30, 2016 | | | September 30, 2016 | | | December 31, 2016 | | ||||||||||||
Adjusted EBITDA – sales of VOIs and financing | | | | $ | 36,388 | | | | | $ | 42,245 | | | | | $ | 45,854 | | | | | $ | 44,581 | | |
Adjusted EBITDA – resort operations and club management | | | | | 10,998 | | | | | | 9,111 | | | | | | 9,030 | | | | | | 9,378 | | |
Total Segment Adjusted EBITDA | | | | | 47,386 | | | | | | 51,356 | | | | | | 54,884 | | | | | | 53,959 | | |
Less: corporate and other | | | | | (18,863) | | | | | | (19,149) | | | | | | (13,497) | | | | | | (18,196) | | |
Total Adjusted EBITDA | | | | $ | 28,523 | | | | | $ | 32,207 | | | | | $ | 41,387 | | | | | $ | 35,763 | | |
|
| | | For the three months ended | | |||||||||||||||||||||
(dollars in thousands) | | | March 31, 2016 | | | June 30, 2016 | | | September 30, 2016 | | | December 31, 2016 | | ||||||||||||
System-wide sales of VOIs, net | | | | $ | 126,911 | | | | | $ | 159,744 | | | | | $ | 172,736 | | | | | $ | 146,001 | | |
|
| | | For the three months ended | | |||||||||||||||
(dollars in thousands) | | | March 31, 2017 | | | June 30, 2017 | | | September 30, 2017 | | |||||||||
Sales of VOIs | | | | $ | 54,457 | | | | | $ | 56,695 | | | | | $ | 61,687 | | |
Fee-based sales commission revenue | | | | | 45,154 | | | | | | 63,915 | | | | | | 69,977 | | |
Interest income | | | | | 22,386 | | | | | | 21,991 | | | | | | 21,296 | | |
Other fee-based services revenue | | | | | 26,121 | | | | | | 29,935 | | | | | | 27,386 | | |
Other income (expense), net | | | | | (245) | | | | | | 245 | | | | | | (119) | | |
Total revenues (1) | | | | $ | 147,873 | | | | | $ | 172,781 | | | | | $ | 180,227 | | |
|
| | | For the three months ended | | |||||||||||||||
(dollars in thousands) | | | March 31, 2017 | | | June 30, 2017 | | | September 30, 2017 | | |||||||||
Net income attributable to shareholder | | | | $ | 17,487 | | | | | $ | 23,134 | | | | | $ | 18,436 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 2,807 | | | | | | 3,481 | | | | | | 3,110 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (2,719) | | | | | | (3,374) | | | | | | (3,070) | | |
Loss on assets held for sale | | | | | 22 | | | | | | 18 | | | | | | 4 | | |
Add: depreciation | | | | | 2,357 | | | | | | 2,312 | | | | | | 2,420 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (2,104) | | | | | | (2,091) | | | | | | (1,292) | | |
Add: interest expense – corporate and other | | | | | 3,339 | | | | | | 3,532 | | | | | | 3,544 | | |
Add: franchise taxes | | | | | 27 | | | | | | 28 | | | | | | 72 | | |
Add: provision for income taxes | | | | | 10,526 | | | | | | 14,798 | | | | | | 12,520 | | |
Restructuring cost | | | | | — | | | | | | 463 | | | | | | 3,216 | | |
Total Adjusted EBITDA | | | | $ | 31,742 | | | | | $ | 42,301 | | | | | $ | 38,960 | | |
|
| | | For the three months ended | | |||||||||||||||
(dollars in thousands) | | | March 31, 2017 | | | June 30, 2017 | | | September 30, 2017 | | |||||||||
Adjusted EBITDA – sales of VOIs and financing | | | | $ | 39,209 | | | | | $ | 47,888 | | | | | $ | 48,561 | | |
Adjusted EBITDA – resort operations and club management | | | | | 9,606 | | | | | | 10,133 | | | | | | 9,300 | | |
Total Segment Adjusted EBITDA | | | | | 48,815 | | | | | | 58,021 | | | | | | 57,861 | | |
Less: corporate and other | | | | | (17,073) | | | | | | (15,720) | | | | | | (18,901) | | |
Total Adjusted EBITDA | | | | $ | 31,742 | | | | | $ | 42,301 | | | | | $ | 38,960 | | |
|
| | | For the three months ended | | |||||||||||||||
(dollars in thousands) | | | March 31, 2017 | | | June 30, 2017 | | | September 30, 2017 | | |||||||||
System-wide sales of VOIs, net | | | | $ | 129,998 | | | | | $ | 162,487 | | | | | $ | 170,185 | | |
|
(dollars in thousands) | | Actual | | As adjusted(1) | | | Actual | | Pro forma as adjusted(1) | | ||||||||||||||||
Cash and cash equivalents | | | $ | 145,468 | | | | $ | | | | | $ | 124,002 | | | | $ | 181,657 | | | |||||
Total long-term debt | | | $ | 610,656 | | | | $ | | | | | | $ | 585,030 | | | | $ | 585,030 | | | ||||
Shareholders’ equity: | | | | | ||||||||||||||||||||||
Preferred stock, $0.01 par value per share: no shares authorized, issued and outstanding, actual; shares authorized, no shares issued and outstanding, pro forma | | | | — | | | | | | | | |||||||||||||||
Common stock, $0.01 par value per share: 100 shares authorized, issued and outstanding, actual; shares authorized, shares issued and outstanding, pro forma | | | | — | | | | | | | | |||||||||||||||
Preferred stock, $0.01 par value per share: no shares authorized, issued and outstanding, actual; 10,000,000 shares authorized, no shares issued and outstanding, pro forma | | | | — | | | | | — | | | |||||||||||||||
Common stock, $0.01 par value per share: 100 shares authorized, issued and outstanding, actual; 100,000,000 shares authorized, 74,734,455 shares issued and outstanding, pro forma | | | | — | | | | | 37 | | | |||||||||||||||
Additional paid-in capital | | | | 227,844 | | | | | | | | | | | 227,844 | | | | | 285,462 | | | ||||
Accumulated other comprehensive income | | | | — | | | | | | | | | | | — | | | | | — | | | ||||
Retained earnings | | | | 42,213 | | | | | | | | | | | 40,649 | | | | | 40,649 | | | ||||
Total shareholders’ equity | | | | 270,057 | | | | | | | | | | | 268,493 | | | | | 326,148 | | | ||||
Total capitalization | | | $ | 880,713 | | | | $ | | | | | | $ | 853,343 | | | | $ | 911,178 | | | |
| Assumed initial public offering price per share | | | | | | | | | | $ | 17.00 | | |
| Pro forma net tangible book value per share as of September 30, 2017 | | | | $ | 3.90 | | | | | | | | |
| Increase in pro forma net tangible book value per share attributable to new investors purchasing shares in this offering | | | | | 0.57 | | | | | | | | |
| Pro forma net tangible book value per share immediately following this offering | | | | | | | | | | | 4.47 | | |
| Dilution in pro forma net tangible book value per share to investors in this offering | | | | | | | | | | $ | 12.53 | | |
| | Shares Purchased | | Total Consideration (dollars in thousands) | | | Average Price Per Share | | | Shares Purchased | | Total Consideration (dollars in thousands) | | | Average Price Per Share | | ||||||||||||||||||||||||||||||||||||||||||||||
| | Number | | Percent | | Amount | | Percent | | | Number | | Percent | | Amount | | Percent | | ||||||||||||||||||||||||||||||||||||||||||||
Existing shareholders | | | | | | | | | % | | | | $ | | | | | % | | | | $ | | | | | | 70,997,732 | | | | | 95.0% | | | | $ | 227,844 | | | | | 78.2% | | | | $ | 3.21 | | | ||||||||||||
Investors in this offering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,736,723 | | | | | 5.0 | | | | | 63,524 | | | | | 21.8 | | | | | 17.00 | | | ||||||||||
Total | | | | | | | | 100.0% | | | | $ | | | | | | 100.0% | | | | | | | 74,734,455 | | | | | 100.0% | | | | $ | 291,368 | | | | | 100.0% | | | | | 3.90 | | | |
| | | For the Years Ended December 31, | | | For the Six Months Ended June 30, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | ||||||||||||
Consolidated Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of VOIs | | | | $ | 266,142 | | | | | $ | 259,236 | | | | | $ | 111,152 | | | | | $ | 124,913 | | |
Fee-based sales commission revenue | | | | | 201,829 | | | | | | 173,659 | | | | | | 109,069 | | | | | | 94,335 | | |
Other fee-based services revenue | | | | | 103,448 | | | | | | 97,539 | | | | | | 56,056 | | | | | | 51,611 | | |
Interest income | | | | | 89,510 | | | | | | 84,331 | | | | | | 44,377 | | | | | | 44,232 | | |
Other income, net | | | | | 1,724 | | | | | | 2,883 | | | | | | — | | | | | | 86 | | |
Total revenues | | | | $ | 662,653 | | | | | $ | 617,648 | | | | | $ | 320,654 | | | | | $ | 315,177 | | |
Net income attributable to shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | | | | $ | 40,621 | | | | | $ | 26,747 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic diluted earnings attributable to shareholder | | | | $ | 749,510.00 | | | | | $ | 703,040.00 | | | | | $ | 406,210.00 | | | | | $ | 267,470.00 | | |
|
| | | As of and for the Years Ended December 31, | | | As of and for the Six Months Ended June 30, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | ||||||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes receivable, net | | | | $ | 430,480 | | | | | $ | 415,598 | | | | | $ | 423,677 | | | | | $ | 417,820 | | |
Inventory | | | | | 238,534 | | | | | | 220,211 | | | | | | 264,885 | | | | | | 215,788 | | |
Total assets | | | | | 1,128,632 | | | | | | 1,083,151 | | | | | | 1,190,396 | | | | | | 1,121,632 | | |
Total debt obligations - non recourse | | | | | 327,358 | | | | | | 314,024 | | | | | | 364,679 | | | | | | 352,451 | | |
Total debt obligations - recourse | | | | | 255,057 | | | | | | 256,752 | | | | | | 245,977 | | | | | | 220,707 | | |
Total shareholder’s equity | | | | | 249,436 | | | | | | 244,485 | | | | | | 270,057 | | | | | | 246,232 | | |
| | | For the Years Ended December 31, | | | For the Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | ||||||||||||
Consolidated Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of VOIs | | | | $ | 266,142 | | | | | $ | 259,236 | | | | | $ | 172,839 | | | | | $ | 196,654 | | |
Fee-based sales commission revenue | | | | | 201,829 | | | | | | 173,659 | | | | | | 179,046 | | | | | | 153,718 | | |
Other fee-based services revenue | | | | | 103,448 | | | | | | 97,539 | | | | | | 83,442 | | | | | | 78,421 | | |
Interest income | | | | | 89,510 | | | | | | 84,331 | | | | | | 65,673 | | | | | | 66,931 | | |
Other income, net | | | | | 1,724 | | | | | | 2,883 | | | | | | — | | | | | | 597 | | |
Total revenues | | | | $ | 662,653 | | | | | $ | 617,648 | | | | | $ | 501,000 | | | | | $ | 496,321 | | |
Net income attributable to shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | | | | $ | 59,057 | | | | | $ | 49,383 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic diluted earnings attributable to shareholder | | | | $ | 749,510.00 | | | | | $ | 703,040.00 | | | | | $ | 590,570.00 | | | | | $ | 493,830.00 | | |
|
| | | As of December 31, | | | As of September 30, | | | ||||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | | ||||||||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Notes receivable, net | | | | $ | 430,480 | | | | | $ | 415,598 | | | | | $ | 429,356 | | | | | $ | 424,533 | | | | | |
Inventory | | | | | 238,534 | | | | | | 220,211 | | | | | | 269,241 | | | | | | 227,688 | | | | ||
Total assets | | | | | 1,128,632 | | | | | | 1,083,151 | | | | | | 1,172,343 | | | | | | 1,114,426 | | | | ||
Total debt obligations - non recourse | | | | | 327,358 | | | | | | 314,024 | | | | | | 347,308 | | | | | | 341,291 | | | | ||
Total debt obligations - recourse | | | | | 255,057 | | | | | | 256,752 | | | | | | 237,722 | | | | | | 215,631 | | | | ||
Total shareholder’s equity | | | | | 249,436 | | | | | | 244,485 | | | | | | 268,493 | | | | | | 248,868 | | | |
| | | As of and for the Years Ended December 31, | | | As of and for the Six Months Ended June 30, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | ||||||||||||
Other Financial Data: | | | | | | ||||||||||||||||||||
System-wide sales of VOIs, net | | | | $ | 605,392 | | | | | $ | 552,723 | | | | | $ | 292,485 | | | | | $ | 286,655 | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | | | | $ | 73,580 | | | | | $ | 60,729 | | |
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | $ | 165,714 | | | | | $ | 87,097 | | | | | $ | 78,633 | | |
Adjusted EBITDA - resort operations and club management | | | | $ | 38,517 | | | | | $ | 35,628 | | | | | $ | 19,739 | | | | | $ | 20,109 | | |
Number of Bluegreen Vacation Club / Vacation Club Associate resorts at period end | | | | | 65 | | | | | | 65 | | | | | | 66 | | | | | | 65 | | |
Total number of sale transactions | | | | | 45,340 | | | | | | 43,576 | | | | | | 19,040 | | | | | | 22,526 | | |
Average sales volume per guest | | | | $ | 2,263 | | | | | $ | 2,381 | | | | | $ | 2,403 | | | | | $ | 2,268 | | |
| | | For the Six Months Ended June 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 87,097 | | | | | $ | 78,633 | | |
Adjusted EBITDA - resort operations and club management | | | | | 19,739 | | | | | | 20,109 | | |
Total Segment Adjusted EBITDA | | | | | 106,836 | | | | | | 98,742 | | |
Less: Corporate and other | | | | | (33,256) | | | | | | (38,013) | | |
Total Adjusted EBITDA | | | | $ | 73,580 | | | | | $ | 60,729 | | |
|
| | | For the Six Months Ended June 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Net income attributable to shareholder | | | | $ | 40,621 | | | | | $ | 26,747 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 6,288 | | | | | | 4,802 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (6,093) | | | | | | (4,643) | | |
Loss (gain) on assets held for sale | | | | | 40 | | | | | | (107) | | |
Add: one-time special bonus | | | | | — | | | | | | 10,000 | | |
Add: depreciation | | | | | 4,669 | | | | | | 4,728 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (4,195) | | | | | | (4,055) | | |
Add: interest expense - corporate and other | | | | | 6,871 | | | | | | 6,304 | | |
Add: franchise taxes | | | | | 55 | | | | | | 78 | | |
Add: provision for income taxes | | | | | 25,324 | | | | | | 16,875 | | |
Total Adjusted EBITDA | | | | $ | 73,580 | | | | | $ | 60,729 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | $ | 165,714 | | |
Adjusted EBITDA - resort operations and club management | | | | | 38,517 | | | | | | 35,628 | | |
Total Segment Adjusted EBITDA | | | | | 207,585 | | | | | | 201,342 | | |
Less: Corporate and other | | | | | (69,705) | | | | | | (69,114) | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | As of December 31, | | | As of September 30, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2017 | | | 2016 | | ||||||||||||
Other Financial Data: | | | | | | ||||||||||||||||||||
System-wide sales of VOIs, net | | | | $ | 605,392 | | | | | $ | 552,723 | | | | | $ | 462,670 | | | | | $ | 459,391 | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | | | | $ | 113,003 | | | | | $ | 102,113 | | |
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | $ | 165,714 | | | | | $ | 135,656 | | | | | $ | 124,484 | | |
Adjusted EBITDA - resort operations and club management | | | | $ | 38,517 | | | | | $ | 35,628 | | | | | $ | 29,041 | | | | | $ | 29,139 | | |
Number of Bluegreen Vacation Club / Vacation Club Associate resorts at period end | | | | | 65 | | | | | | 65 | | | | | | 67 | | | | | | 65 | | |
Total number of sale transactions | | | | | 45,340 | | | | | | 43,576 | | | | | | 30,638 | | | | | | 35,422 | | |
Average sales volume per guest | | | | $ | 2,263 | | | | | $ | 2,381 | | | | | $ | 2,442 | | | | | $ | 2,241 | | |
| | | For the Nine Months Ended September 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 135,656 | | | | | $ | 124,484 | | |
Adjusted EBITDA - resort operations and club management | | | | | 29,041 | | | | | | 29,139 | | |
Total Segment Adjusted EBITDA | | | | | 164,697 | | | | | | 153,623 | | |
Less: Corporate and other | | | | | (51,694) | | | | | | (51,510) | | |
Total Adjusted EBITDA | | | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | | For the Nine Months Ended September 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Net income attributable to shareholder | | | | $ | 59,057 | | | | | $ | 49,383 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 9,398 | | | | | | 6,577 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,163) | | | | | | (6,516) | | |
Loss (gain) on assets held for sale | | | | | 44 | | | | | | (37) | | |
Add: one-time special bonus | | | | | — | | | | | | 10,000 | | |
Add: depreciation | | | | | 7,089 | | | | | | 7,132 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (5,487) | | | | | | (6,106) | | |
Add: interest expense - corporate and other | | | | | 10,415 | | | | | | 10,250 | | |
Add: franchise taxes | | | | | 127 | | | | | | 88 | | |
Add: provision for income taxes | | | | | 37,844 | | | | | | 31,342 | | |
Restructuring cost | | | | | 3,679 | | | | | | — | | |
Total Adjusted EBITDA | | | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Net income attributable to shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 9,825 | | | | | | 11,705 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,705) | | | | | | (11,197) | | |
Loss (gain) on assets held for sale | | | | | (1,423) | | | | | | 56 | | |
Add: one-time special bonus | | | | | 10,000 | | | | | | — | | |
Add: depreciation | | | | | 9,536 | | | | | | 9,181 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (8,167) | | | | | | (5,652) | | |
Add: interest expense - corporate and other | | | | | 12,505 | | | | | | 15,390 | | |
Add: franchise taxes | | | | | 186 | | | | | | 130 | | |
Add: provision for income taxes | | | | | 40,172 | | | | | | 42,311 | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | For the Six Months Ended June 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Gross sales of VOIs | | | | $ | 132,692 | | | | | $ | 148,951 | | |
Add: Fee-Based sales | | | | | 159,793 | | | | | | 137,704 | | |
System-wide sales of VOIs, net | | | | $ | 292,485 | | | | | $ | 286,655 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Gross sales of VOIs | | | | $ | 310,570 | | | | | $ | 301,324 | | |
Add: Fee-Based sales | | | | | 294,822 | | | | | | 251,399 | | |
System-wide sales of VOIs, net | | | | $ | 605,392 | | | | | $ | 552,723 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | $ | 165,714 | | |
Adjusted EBITDA - resort operations and club management | | | | | 38,517 | | | | | | 35,628 | | |
Total Segment Adjusted EBITDA | | | | | 207,585 | | | | | | 201,342 | | |
Less: Corporate and other | | | | | (69,705) | | | | | | (69,114) | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Net income attributable to shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 9,825 | | | | | | 11,705 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,705) | | | | | | (11,197) | | |
Loss (gain) on assets held for sale | | | | | (1,423) | | | | | | 56 | | |
Add: one-time special bonus | | | | | 10,000 | | | | | | — | | |
Add: depreciation | | | | | 9,536 | | | | | | 9,181 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (8,167) | | | | | | (5,652) | | |
Add: interest expense - corporate and other | | | | | 12,505 | | | | | | 15,390 | | |
Add: franchise taxes | | | | | 186 | | | | | | 130 | | |
Add: provision for income taxes | | | | | 40,172 | | | | | | 42,311 | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | For the Nine Months Ended September 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Gross sales of VOIs | | | | $ | 204,914 | | | | | $ | 233,628 | | |
Add: fee-based sales | | | | | 257,756 | | | | | | 225,763 | | |
System-wide sales of VOIs, net | | | | $ | 462,670 | | | | | $ | 459,391 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Gross sales of VOIs | | | | $ | 310,570 | | | | | $ | 301,324 | | |
Add: fee-based sales | | | | | 294,822 | | | | | | 251,399 | | |
System-wide sales of VOIs, net | | | | $ | 605,392 | | | | | $ | 552,723 | | |
|
| | | For the Six Months Ended June 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 87,097 | | | | | $ | 78,633 | | |
Adjusted EBITDA - resort operations and club management | | | | | 19,739 | | | | | | 20,109 | | |
Total Segment Adjusted EBITDA | | | | | 106,836 | | | | | | 98,742 | | |
Less: Corporate and other | | | | | (33,256) | | | | | | (38,013) | | |
Total Adjusted EBITDA | | | | $ | 73,580 | | | | | $ | 60,729 | | |
|
| | | For the Six Months Ended June 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Net income attributable to shareholder | | | | $ | 40,621 | | | | | $ | 26,747 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 6,288 | | | | | | 4,802 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (6,093) | | | | | | (4,643) | | |
Loss (gain) on assets held for sale | | | | | 40 | | | | | | (107) | | |
Add: one-time special bonus | | | | | — | | | | | | 10,000 | | |
Add: depreciation | | | | | 4,669 | | | | | | 4,728 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (4,195) | | | | | | (4,055) | | |
Add: interest expense - corporate and other | | | | | 6,871 | | | | | | 6,304 | | |
Add: franchise taxes | | | | | 55 | | | | | | 78 | | |
Add: provision for income taxes | | | | | 25,324 | | | | | | 16,875 | | |
Total Adjusted EBITDA | | | | $ | 73,580 | | | | | $ | 60,729 | | |
|
| | | For the Six Months Ended June 30, | | |||||||||||||||||||||
| | | 2017 | | | 2016 | | ||||||||||||||||||
| | | Amount | | | % of System- wide sales of VOIs, net(5) | | | Amount | | | % of System- wide sales of VOIs, net(5) | | ||||||||||||
(dollars in thousands) | | | | | | ||||||||||||||||||||
Developed sales (1) | | | | $ | 135,053 | | | | | | 46% | | | | | $ | 209,173 | | | | | | 73% | | |
Secondary Market sales | | | | | 78,979 | | | | | | 27 | | | | | | 61,006 | | | | | | 21 | | |
Fee-Based sales | | | | | 159,793 | | | | | | 55 | | | | | | 137,704 | | | | | | 48 | | |
JIT sales | | | | | 23,068 | | | | | | 8 | | | | | | 25,681 | | | | | | 9 | | |
Less: equity trade allowances (6) | | | | | (104,408) | | | | | | (36) | | | | | | (146,909) | | | | | | (51) | | |
System-wide sales of VOIs, net | | | | | 292,485 | | | | | | 100% | | | | | | 286,655 | | | | | | 100% | | |
Less: Fee-Based sales | | | | | (159,793) | | | | | | (55) | | | | | | (137,704) | | | | | | (48) | | |
Gross sales of VOIs | | | | | 132,692 | | | | | | 45 | | | | | | 148,951 | | | | | | 52 | | |
Estimated uncollectible VOI notes receivable (2) | | | | | (21,540) | | | | | | (16) | | | | | | (24,038) | | | | | | (16) | | |
Sales of VOIs | | | | | 111,152 | | | | | | 38 | | | | | | 124,913 | | | | | | 44 | | |
Cost of VOIs sold (3) | | | | | (4,453) | | | | | | (4) | | | | | | (13,583) | | | | | | (11) | | |
Gross profit (3) | | | | | 106,699 | | | | | | 96 | | | | | | 111,330 | | | | | | 89 | | |
Fee-Based sales commission revenue (4) | | | | | 109,069 | | | | | | 68 | | | | | | 94,335 | | | | | | 69 | | |
Financing revenue, net of financing expense | | | | | 30,831 | | | | | | 11 | | | | | | 28,679 | | | | | | 10 | | |
Other fee-based services - title operations, net | | | | | 6,128 | | | | | | 2 | | | | | | 3,979 | | | | | | 1 | | |
Net carrying cost of VOI inventory | | | | | (2,381) | | | | | | (1) | | | | | | (3,373) | | | | | | (1) | | |
Selling and marketing expenses | | | | | (153,366) | | | | | | (52) | | | | | | (147,421) | | | | | | (51) | | |
General and administrative expenses - sales and marketing | | | | | (12,898) | | | | | | (4) | | | | | | (12,070) | | | | | | (4) | | |
Operating profit - sales of VOIs and financing | | | | | 84,082 | | | | | | 29% | | | | | | 75,459 | | | | | | 26% | | |
Depreciation | | | | | 3,015 | | | | | | | | | | | | 3,174 | | | | | | | | |
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 87,097 | | | | | | | | | | | $ | 78,633 | | | | | | | | |
|
| | | For the Six Months Ended June 30, | | |||||||||||||||
| | | 2017 | | | 2016 | | | % Change | | |||||||||
Number of sales offices at period-end | | | | | 23 | | | | | | 23 | | | | | | 0 | | |
Number of active sales arrangements with third-party clients at period-end | | | | | 16 | | | | | | 12 | | | | | | 33 | | |
Total number of VOI sales transactions | | | | | 19,040 | | | | | | 22,526 | | | | | | (15) | | |
Average sales price per transaction | | | | $ | 15,675 | | | | | $ | 13,265 | | | | | | 18 | | |
Number of total guest tours | | | | | 124,208 | | | | | | 131,768 | | | | | | (6) | | |
Sale-to-tour conversion ratio - total marketing guests | | | | | 15.3% | | | | | | 17.1% | | | | | | (11) | | |
Number of new guest tours | | | | | 80,613 | | | | | | 90,949 | | | | | | (11) | | |
Sale-to-tour conversion ratio - new marketing guests | | | | | 12.6% | | | | | | 13.9% | | | | | | (9) | | |
Percentage of sales to existing owners | | | | | 49.2% | | | | | | 46.7% | | | | | | 5 | | |
Average sales volume per guest | | | | $ | 2,403 | | | | | $ | 2,268 | | | | | | 6 | | |
| | | | | | | Twelve Months Ended June 30, | | |||||||||
| | | | | | | 2017 | | | 2016 | | ||||||
| | | | Average annual default rates | | | | | 8.0% | | | | | | 7.1% | | |
| | | | | | | As of June 30, | | |||||||||
| | | | | | | 2017 | | | 2016 | | ||||||
| | | | Delinquency rates | | | | | 2.7% | | | | | | 2.8% | | |
| | | For the Six Months Ended June 30, | | |||||||||||||||||||||
(dollars in thousands) | | | 2017 | | | | | | | | | 2016 | | | | | | | | ||||||
Resort operations and club management revenue | | | | $ | 47,502 | | | | | | | | | | | $ | 44,968 | | | | | | | | |
Resort operations and club management expense | | | | | (28,567) | | | | | | | | | | | | (25,550) | | | | | | | | |
Operating profit - resort operations and club management | | | | | 18,935 | | | | | | 40% | | | | | | 19,418 | | | | | | 43% | | |
Depreciation | | | | | 804 | | | | | | | | | | | | 691 | | | | | | | | |
Adjusted EBITDA - resort operations and club management | | | | $ | 19,739 | | | | | | | | | | | $ | 20,109 | | | | | | | | |
|
| | | For the Six Months Ended June 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
General and administrative expenses - corporate and other | | | | $ | (28,269) | | | | | $ | (44,520) | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (6,093) | | | | | | (4,643) | | |
Other income, net | | | | | — | | | | | | 86 | | |
Add: one-time special bonus | | | | | — | | | | | | 10,000 | | |
Add: financing revenue - corporate and other | | | | | 4,356 | | | | | | 4,285 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (4,195) | | | | | | (4,055) | | |
Franchise taxes | | | | | 55 | | | | | | 78 | | |
Loss (gain) on assets held for sale | | | | | 40 | | | | | | (107) | | |
Depreciation | | | | | 850 | | | | | | 863 | | |
Corporate and other | | | | $ | (33,256) | | | | | $ | (38,013) | | |
|
| | | For the Nine Months Ended September 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Adjusted EBITDA – sales of VOIs and financing | | | | $ | 135,656 | | | | | $ | 124,484 | | |
Adjusted EBITDA – resort operations and club management | | | | | 29,041 | | | | | | 29,139 | | |
Total Segment Adjusted EBITDA | | | | | 164,697 | | | | | | 153,623 | | |
Less: corporate and other | | | | | (51,694) | | | | | | (51,510) | | |
Total Adjusted EBITDA | | | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | | For the Nine Months Ended September 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
Net income attributable to shareholder | | | | $ | 59,057 | | | | | $ | 49,383 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 9,398 | | | | | | 6,577 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,163) | | | | | | (6,516) | | |
Loss (gain) on assets held for sale | | | | | 44 | | | | | | (37) | | |
Add: one-time special bonus | | | | | — | | | | | | 10,000 | | |
Add: depreciation | | | | | 7,089 | | | | | | 7,132 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (5,487) | | | | | | (6,106) | | |
Add: interest expense – corporate and other | | | | | 10,415 | | | | | | 10,250 | | |
Add: franchise taxes | | | | | 127 | | | | | | 88 | | |
Add: provision for income taxes | | | | | 37,844 | | | | | | 31,342 | | |
Restructuring cost | | | | | 3,679 | | | | | | — | | |
Total Adjusted EBITDA | | | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | | For the Nine Months Ended September 30, | | |||||||||||||||||||||
| | | 2017 | | | 2016 | | ||||||||||||||||||
| | | Amount | | | % of System- wide sales of VOIs, net(5) | | | Amount | | | % of System- wide sales of VOIs, net(5) | | ||||||||||||
(dollars in thousands) | | | | | | ||||||||||||||||||||
Developed sales(1) | | | | $ | 211,780 | | | | | | 46% | | | | | $ | 316,701 | | | | | | 69% | | |
Secondary Market sales | | | | | 117,711 | | | | | | 25 | | | | | | 106,410 | | | | | | 23 | | |
Fee-Based sales | | | | | 257,756 | | | | | | 56 | | | | | | 225,763 | | | | | | 49 | | |
JIT sales | | | | | 37,374 | | | | | | 8 | | | | | | 36,775 | | | | | | 8 | | |
Less: equity trade allowances(6) | | | | | (161,951) | | | | | | (35) | | | | | | (226,258) | | | | | | (49) | | |
System-wide sales of VOIs, net | | | | | 462,670 | | | | | | 100% | | | | | | 459,391 | | | | | | 100% | | |
Less: Fee-Based sales | | | | | (257,756) | | | | | | (56) | | | | | | (225,763) | | | | | | (49) | | |
Gross sales of VOIs | | | | | 204,914 | | | | | | 44 | | | | | | 233,628 | | | | | | 51 | | |
Estimated uncollectible VOI notes receivable(2) | | | | | (32,075) | | | | | | (16) | | | | | | (36,974) | | | | | | (16) | | |
Sales of VOIs | | | | | 172,839 | | | | | | 37 | | | | | | 196,654 | | | | | | 43 | | |
Cost of VOIs sold(3) | | | | | (10,737) | | | | | | (6) | | | | | | (19,410) | | | | | | (10) | | |
Gross profit(3) | | | | | 162,102 | | | | | | 94 | | | | | | 177,244 | | | | | | 90 | | |
Fee-Based sales commission revenue(4) | | | | | 179,046 | | | | | | 69 | | | | | | 153,718 | | | | | | 68 | | |
Financing revenue, net of financing expense | | | | | 46,232 | | | | | | 10 | | | | | | 44,155 | | | | | | 10 | | |
Other fee-based services – title operations, net | | | | | 7,249 | | | | | | 2 | | | | | | 6,422 | | | | | | 1 | | |
Net carrying cost of VOI inventory | | | | | (3,219) | | | | | | (1) | | | | | | (4,748) | | | | | | (1) | | |
Selling and marketing expenses | | | | | (241,184) | | | | | | (52) | | | | | | (238,064) | | | | | | (52) | | |
General and administrative expenses – sales and marketing | | | | | (22,257) | | | | | | (5) | | | | | | (19,023) | | | | | | (4) | | |
Operating profit - sales of VOIs and financing | | | | | 127,969 | | | | | | 28% | | | | | | 119,704 | | | | | | 26% | | |
Depreciation | | | | | 4,600 | | | | | | | | | | | | 4,780 | | | | | | | | |
Restructuring cost | | | | | 3,087 | | | | | | | | | | | | — | | | | | | | | |
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 135,656 | | | | | | | | | | | $ | 124,484 | | | | | | | | |
|
| | | For the Nine Months Ended September 30, | | |||||||||||||||
| | | 2017 | | | 2016 | | | % Change | | |||||||||
Number of sales offices at period-end | | | | | 23 | | | | | | 23 | | | | | | 0 | | |
Number of active sales arrangements with third-party clients at period-end | | | | | 14 | | | | | | 15 | | | | | | (7) | | |
Total number of VOI sales transactions | | | | | 30,638 | | | | | | 35,422 | | | | | | (14) | | |
Average sales price per transaction | | | | $ | 15,440 | | | | | $ | 13,415 | | | | | | 15 | | |
Number of total guest tours | | | | | 193,687 | | | | | | 212,090 | | | | | | (9) | | |
Sale-to-tour conversion ratio – total marketing guests | | | | | 15.8% | | | | | | 16.7% | | | | | | (5) | | |
Number of new guest tours | | | | | 125,673 | | | | | | 148,109 | | | | | | (15) | | |
Sale-to-tour conversion ratio – new marketing guests | | | | | 13.1% | | | | | | 13.6% | | | | | | (4) | | |
Percentage of sales to existing owners | | | | | 48.8% | | | | | | 45.6% | | | | | | 7 | | |
Average sales volume per guest | | | | $ | 2,442 | | | | | $ | 2,241 | | | | | | 9 | | |
| | | | | | | Twelve Months Ended September 30, | | |||||||||
| | | | | | | 2017 | | | 2016 | | ||||||
| | | | Average annual default rates | | | | | 8.1% | | | | | | 7.3% | | |
| | | | | | | As of September 30, | | |||||||||
| | | | | | | 2017 | | | 2016 | | ||||||
| | | | Delinquency rates | | | | | 3.1% | | | | | | 2.9% | | |
| | | For the Nine Months Ended September 30, | | |||||||||||||||||||||
(dollars in thousands) | | | 2017 | | | | | | | | | 2016 | | | | | | | | ||||||
Resort operations and club management revenue | | | | $ | 72,515 | | | | | | | | | | | $ | 68,003 | | | | | | | | |
Resort operations and club management expense | | | | | (44,653) | | | | | | | | | | | | (39,900) | | | | | | | | |
Operating profit – resort operations and club management | | | | | 27,862 | | | | | | 38% | | | | | | 28,103 | | | | | | 41% | | |
Depreciation | | | | | 1,179 | | | | | | | | | | | | 1,036 | | | | | | | | |
Adjusted EBITDA – resort operations and club management | | | | $ | 29,041 | | | | | | | | | | | $ | 29,139 | | | | | | | | |
|
| | | For the Nine Months Ended September 30, | | |||||||||
(dollars in thousands) | | | 2017 | | | 2016 | | ||||||
General and administrative expenses – corporate and other | | | | $ | (44,741) | | | | | $ | (57,287) | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,163) | | | | | | (6,516) | | |
Other income, net | | | | | (120) | | | | | | 597 | | |
Add: one-time special bonus | | | | | — | | | | | | 10,000 | | |
Add: financing revenue – corporate and other | | | | | 5,744 | | | | | | 6,435 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (5,487) | | | | | | (6,106) | | |
Franchise taxes | | | | | 127 | | | | | | 88 | | |
Loss (gain) on assets held for sale | | | | | 44 | | | | | | (37) | | |
Depreciation | | | | | 1,310 | | | | | | 1,316 | | |
Restructuring cost | | | | | 592 | | | | | | — | | |
Corporate and other | | | | $ | (51,694) | | | | | $ | (51,510) | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | $ | 165,714 | | |
Adjusted EBITDA - resort operations and club management | | | | | 38,517 | | | | | | 35,628 | | |
Total Segment Adjusted EBITDA | | | | | 207,585 | | | | | | 201,342 | | |
Less: Corporate and other | | | | | (69,705) | | | | | | (69,114) | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
Net income attributable to shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | 9,825 | | | | | | 11,705 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,705) | | | | | | (11,197) | | |
Loss (gain) on assets held for sale | | | | | (1,423) | | | | | | 56 | | |
Add: one-time special bonus | | | | | 10,000 | | | | | | — | | |
Add: depreciation | | | | | 9,536 | | | | | | 9,181 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (8,167) | | | | | | (5,652) | | |
Add: interest expense - corporate and other | | | | | 12,505 | | | | | | 15,390 | | |
Add: franchise taxes | | | | | 186 | | | | | | 130 | | |
Add: provision for income taxes | | | | | 40,172 | | | | | | 42,311 | | |
Total Adjusted EBITDA | | | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | | For the Years Ended December 31, | | |||||||||||||||||||||
| | | 2016 | | | 2015 | | ||||||||||||||||||
| | | Amount | | | % of System- wide sales of VOIs, net(5) | | | Amount | | | % of System- wide sales of VOIs, net(5) | | ||||||||||||
(dollars in thousands) | | | | | | ||||||||||||||||||||
Developed sales (1) | | | | $ | 394,745 | | | | | | 65% | | | | | $ | 424,304 | | | | | | 77% | | |
Secondary Market sales | | | | | 164,991 | | | | | | 27 | | | | | | 138,487 | | | | | | 25 | | |
Fee-Based sales | | | | | 294,822 | | | | | | 49 | | | | | | 251,399 | | | | | | 45 | | |
JIT sales | | | | | 39,626 | | | | | | 7 | | | | | | 27,593 | | | | | | 5 | | |
Less: equity trade allowances (6) | | | | | (288,792) | | | | | | (48) | | | | | | (289,060) | | | | | | (52) | | |
System-wide sales of VOIs, net | | | | | 605,392 | | | | | | 100% | | | | | | 552,723 | | | | | | 100% | | |
Less: Fee-Based sales | | | | | (294,822) | | | | | | (49) | | | | | | (251,399) | | | | | | (45) | | |
Gross sales of VOIs | | | | | 310,570 | | | | | | 51 | | | | | | 301,324 | | | | | | 55 | | |
Estimated uncollectible VOI notes receivable (2) | | | | | (44,428) | | | | | | (14) | | | | | | (42,088) | | | | | | (14) | | |
Sales of VOIs | | | | | 266,142 | | | | | | 44 | | | | | | 259,236 | | | | | | 47 | | |
Cost of VOIs sold (3) | | | | | (27,346) | | | | | | (10) | | | | | | (22,884) | | | | | | (9) | | |
Gross profit (3) | | | | | 238,796 | | | | | | 90 | | | | | | 236,352 | | | | | | 91 | | |
Fee-Based sales commission revenue (4) | | | | | 201,829 | | | | | | 68 | | | | | | 173,659 | | | | | | 69 | | |
Financing revenue, net of financing expense | | | | | 60,290 | | | | | | 10 | | | | | | 55,131 | | | | | | 10 | | |
Other fee-based services - title operations, net | | | | | 8,722 | | | | | | 1 | | | | | | 9,387 | | | | | | 2 | | |
Net carrying cost of VOI inventory | | | | | (6,847) | | | | | | (1) | | | | | | (7,046) | | | | | | (1) | | |
Selling and marketing expenses | | | | | (314,039) | | | | | | (52) | | | | | | (284,351) | | | | | | (51) | | |
General and administrative expenses - sales and marketing | | | | | (26,024) | | | | | | (4) | | | | | | (23,403) | | | | | | (4) | | |
Operating profit - sales of VOIs and financing | | | | | 162,727 | | | | | | 27% | | | | | | 159,729 | | | | | | 29% | | |
Depreciation | | | | | 6,341 | | | | | | | | | | | | 5,985 | | | | | | | | |
Adjusted EBITDA - sales of VOIs and financing | | | | $ | 169,068 | | | | | | | | | | | $ | 165,714 | | | | | | | | |
|
| | | For the Year Ended December 31, | | |||||||||||||||
| | | 2016 | | | 2015 | | | % Change | | |||||||||
Number of sales offices at period-end | | | | | 23 | | | | | | 23 | | | | | | 0 | | |
Number of active sales arrangements with third-party clients at period-end | | | | | 18 | | | | | | 15 | | | | | | 20 | | |
Total number of VOI sales transactions | | | | | 45,340 | | | | | | 43,576 | | | | | | 4 | | |
Average sales price per transaction | | | | $ | 13,727 | | | | | $ | 12,962 | | | | | | 6 | | |
Number of total guest tours | | | | | 274,987 | | | | | | 237,208 | | | | | | 16 | | |
Sale-to-tour conversion ratio– total marketing guests | | | | | 16.5% | | | | | | 18.4% | | | | | | (10) | | |
Number of new guest tours | | | | | 190,235 | | | | | | 156,554 | | | | | | 22 | | |
Sale-to-tour conversion ratio– new marketing guests | | | | | 13.5% | | | | | | 14.9% | | | | | | (9) | | |
Percentage of sales to existing owners | | | | | 46.0% | | | | | | 48.2% | | | | | | (5) | | |
Average sales volume per guest | | | | $ | 2,263 | | | | | $ | 2,381 | | | | | | (5) | | |
| | | | | | | Year Ended December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Average annual default rates | | | | | 7.5% | | | | | | 6.9% | | |
| | | | | | | As of December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Delinquency rates | | | | | 3.3% | | | | | | 3.3% | | |
| | | For the Years Ended December 31, | | |||||||||||||||||||||
(dollars in thousands) | | | 2016 | | | | | | | | | 2015 | | | | | | | | ||||||
Resort operations and club management revenue | | | | $ | 89,610 | | | | | | | | | | | $ | 83,256 | | | | | | | | |
Resort operations and club management expense | | | | | (52,516) | | | | | | | | | | | | (49,000) | | | | | | | | |
Operating profit - resort operations and club management | | | | | 37,094 | | | | | | 41% | | | | | | 34,256 | | | | | | 41% | | |
Depreciation | | | | | 1,423 | | | | | | | | | | | | 1,372 | | | | | | | | |
Adjusted EBITDA - resort operations and club management | | | | $ | 38,517 | | | | | | | | | | | $ | 35,628 | | | | | | | | |
|
| | | For the Years Ended December 31, | | |||||||||
(dollars in thousands) | | | 2016 | | | 2015 | | ||||||
General and administrative expenses - corporate and other | | | | $ | (72,652) | | | | | $ | (63,166) | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations | | | | | (9,705) | | | | | | (11,197) | | |
Other income, net | | | | | 1,724 | | | | | | 2,883 | | |
Add: one-time special bonus | | | | | 10,000 | | | | | | — | | |
Add: financing revenue -corporate and other | | | | | 8,560 | | | | | | 6,008 | | |
Less: interest income (other than interest earned on VOI notes receivable) | | | | | (8,167) | | | | | | (5,652) | | |
Franchise taxes | | | | | 186 | | | | | | 130 | | |
Loss (gain) on assets held for sale | | | | | (1,423) | | | | | | 56 | | |
Depreciation | | | | | 1,772 | | | | | | 1,824 | | |
Corporate and other | | | | $ | (69,705) | | | | | $ | (69,114) | | |
|
| | | | | | | For the Six Months Ended June 30, | | |||||||||
| | | | | | | 2017 | | | 2016 | | ||||||
| | | | Net cash provided by operating activities | | | | $ | 15,079 | | | | | $ | 64,641 | | |
| | | | Net cash used in investing activities | | | | | (5,407) | | | | | | (4,597) | | |
| | | | Net cash used in financing activities | | | | | (8,326) | | | | | | (25,081) | | |
| | | | Net increase in cash and cash equivalents | | | | $ | 1,346 | | | | | $ | 34,963 | | |
|
| | | | | | | Year Ended December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Net cash provided by operating activities | | | | $ | 112,476 | | | | | $ | 81,293 | | |
| | | | Net cash used in investing activities | | | | | (7,352) | | | | | | (88,925) | | |
| | | | Net cash used in financing activities | | | | | (76,526) | | | | | | (62,013) | | |
| | | | Net increase (decrease) in cash and cash equivalents | | | | $ | 28,598 | | | | | $ | (69,645) | | |
|
| | | | | | | For the Nine Months Ended September 30, | | |||||||||
| | | | | | | 2017 | | | 2016 | | ||||||
| | | | Net cash provided by operating activities | | | | $ | 33,666 | | | | | $ | 85,603 | | |
| | | | Net cash used in investing activities | | | | | (9,380) | | | | | | (7,012) | | |
| | | | Net cash used in financing activities | | | | | (44,406) | | | | | | (69,592) | | |
| | | | Net increase (decrease) in cash and cash equivalents | | | | $ | (20,120) | | | | | $ | 8,999 | | |
|
| | | | | | | For the Year Ended December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Net cash provided by operating activities | | | | $ | 112,476 | | | | | $ | 81,293 | | |
| | | | Net cash used in investing activities | | | | | (7,352) | | | | | | (88,925) | | |
| | | | Net cash used in financing activities | | | | | (76,526) | | | | | | (62,013) | | |
| | | | Net increase (decrease) in cash and cash equivalents | | | | $ | 28,598 | | | | | $ | (69,645) | | |
|
| | Borrowing Limit as of June 30, 2017 | | Outstanding Balance as of June 30, 2017 | | Availability as of June 30, 2017 | | Advance Period Expiration; Borrowing Maturity as of June 30, 2017 | | Borrowing Rate; Rate as of June 30, 2017 | | | Borrowing Limit as of September 30, 2017 | | Outstanding Balance as of September 30, 2017 | | Availability as of September 30, 2017 | | Advance Period Expiration; Borrowing Maturity as of September 30, 2017 | | Borrowing Rate; Rate as of September 30, 2017 | | |||||||||||||||||||||||||||||||
Liberty Bank Facility | | | $ | 50,000 | | | | $ | 9,593 | | | | $ | 40,407 | | | November 2017; November 2020 | | Prime Rate +0.50%; floor of 4.00%; 4.50% | | | | $ | 50,000 | | | | $ | 15,767 | | | | $ | 34,233 | | | January 2018; November 2020 | | Prime Rate+0.50%; floor of 4.00%; 4.75% | | |||||||||||||
NBA Receivables Facility | | | | 45,000(2) | | | | | 36,202(2) | | | | | 8,798(2) | | | June 2018; December 2022 | | 30 day LIBOR+2.75% to 3.25%; floor of 3.50% to 4.00%; 3.97% and 4.47% (1) | | | | | 50,000(2) | | | | | 39,960(2) | | | | | 10,040(2) | | | September 2020; March 2025 | | 30-day LIBOR+2.75% to 3.25%; floor of 3.50% to 4.00%; 3.99% and 4.48%(1) | | |||||||||||||
Pacific Western Bank Facility | | | | 40,000 | | | | | 19,402(3) | | | | | 20,598(3) | | | September 2018; September 2021 | | 30 day LIBOR+4.00% to 4.50%; 5.50% | | | | | 40,000 | | | | | 17,688(3) | | | | | 22,312(3) | | | September 2018; September 2021 | | 30-day LIBOR+3.50% to 4.50%; 5.50% | | |||||||||||||
KeyBank/DZ Purchase Facility | | | | 80,000 | | | | | — | | | | | 80,000 | | | December 2019; December 2022 | | Applicable Index Rate +2.75%; 3.97% (4) | | | | | 80,000 | | | | | 5,656 | | | | | 74,344 | | | December 2019; December 2022 | | 30-day LIBOR+2.75%; 3.98%(4) | | |||||||||||||
Quorum Purchase Facility | | | | 50,000 | | | | | 19,913 | | | | | 30,087 | | | June 2018; December 2030 | | (5) | | | | | 50,000 | | | | | 18,285 | | | | | 31,715 | | | June 2018; December 2030 | | | | (5) | | | ||||||||||
| | | $ | 265,000 | | | | $ | 85,110 | | | | $ | 179,890 | | | | | | $ | 270,000 | | | | $ | 97,356 | | | | $ | 172,644 | | | | | | | | | | |
| | | Payments Due by Period | | |||||||||||||||||||||||||||||||||
| | | Less than 1 year | | | 1 — 3 Years | | | 4 — 5 Years | | | After 5 Years | | | Unamortized Debt Issuance Costs | | | Total | | ||||||||||||||||||
Contractual Obligations | | | | | | | | ||||||||||||||||||||||||||||||
Receivable-backed notes payable | | | | $ | — | | | | | $ | 5,125 | | | | | $ | 105,049 | | | | | | 310,005 | | | | | $ | (5,190) | | | | | $ | 414,989 | | |
Lines-of-credit and notes payable | | | | | 7,496 | | | | | | 47,849 | | | | | | 45,214 | | | | | | — | | | | | | (2,177) | | | | | | 98,382 | | |
Jr. subordinated debentures (1) | | | | | — | | | | | | — | | | | | | — | | | | | | 110,827 | | | | | | — | | | | | | 110,827 | | |
Inventory purchase commitment | | | | | 8,873 | | | | | | 4,591 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,464 | | |
Noncancelable operating leases | | | | | 9,171 | | | | | | 9,142 | | | | | | 6,542 | | | | | | 17,338 | | | | | | — | | | | | | 42,193 | | |
Total contractual obligations | | | | | 25,540 | | | | | | 66,707 | | | | | | 156,805 | | | | | | 438,170 | | | | | | (7,367) | | | | | | 679,855 | | |
Interest Obligations (1) | | | | | | | | ||||||||||||||||||||||||||||||
Receivable-backed notes payable | | | | | 15,247 | | | | | | 30,399 | | | | | | 26,465 | | | | | | 84,529 | | | | | | — | | | | | | 156,640 | | |
Lines-of-credit and notes payable | | | | | 4,440 | | | | | | 6,129 | | | | | | 2,595 | | | | | | — | | | | | | — | | | | | | 13,164 | | |
Jr. subordinated debentures | | | | | 6,422 | | | | | | 12,845 | | | | | | 12,845 | | | | | | 90,700 | | | | | | — | | | | | | 122,812 | | |
Total contractual interest | | | | | 26,109 | | | | | | 49,373 | | | | | | 41,905 | | | | | | 175,229 | | | | | | — | | | | | | 292,616 | | |
Total contractual obligations | | | | $ | 51,649 | | | | | $ | 116,080 | | | | | $ | 198,710 | | | | | $ | 613,399 | | | | | $ | (7,367) | | | | | $ | 972,471 | | |
|
| | | Payments Due by Period | | |||||||||||||||||||||||||||||||||
| | | Less than 1 year | | | 1 — 3 Years | | | 4 — 5 Years | | | After 5 Years | | | Unamortized Debt Issuance Costs | | | Total | | ||||||||||||||||||
Contractual Obligations | | | | | | | | ||||||||||||||||||||||||||||||
Receivable-backed notes payable | | | | $ | — | | | | | $ | 5,125 | | | | | $ | 105,049 | | | | | | 310,005 | | | | | $ | (5,190) | | | | | $ | 414,989 | | |
Lines-of-credit and notes payable | | | | | 7,496 | | | | | | 47,849 | | | | | | 45,214 | | | | | | — | | | | | | (2,177) | | | | | | 98,382 | | |
Jr. subordinated debentures (1) | | | | | — | | | | | | — | | | | | | — | | | | | | 110,827 | | | | | | — | | | | | | 110,827 | | |
Inventory purchase commitment | | | | | 8,873 | | | | | | 4,591 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,464 | | |
Noncancelable operating leases | | | | | 9,171 | | | | | | 9,142 | | | | | | 6,542 | | | | | | 17,338 | | | | | | — | | | | | | 42,193 | | |
Total contractual obligations | | | | | 25,540 | | | | | | 66,707 | | | | | | 156,805 | | | | | | 438,170 | | | | | | (7,367) | | | | | | 679,855 | | |
Interest Obligations (2) | | | | | | | | ||||||||||||||||||||||||||||||
Receivable-backed notes payable | | | | | 15,247 | | | | | | 30,399 | | | | | | 26,465 | | | | | | 84,529 | | | | | | — | | | | | | 156,640 | | |
Lines-of-credit and notes payable | | | | | 4,440 | | | | | | 6,129 | | | | | | 2,595 | | | | | | — | | | | | | — | | | | | | 13,164 | | |
Jr. subordinated debentures | | | | | 6,422 | | | | | | 12,845 | | | | | | 12,845 | | | | | | 90,700 | | | | | | — | | | | | | 122,812 | | |
Total contractual interest | | | | | 26,109 | | | | | | 49,373 | | | | | | 41,905 | | | | | | 175,229 | | | | | | — | | | | | | 292,616 | | |
Total contractual obligations | | | | $ | 51,649 | | | | | $ | 116,080 | | | | | $ | 198,710 | | | | | $ | 613,399 | | | | | $ | (7,367) | | | | | $ | 972,471 | | |
|
Activity | | | Revenue is recognized when: | |
Fee-based sales commissions | | | The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired. | |
Resort management and service fees | | | Management services are rendered(1). | |
Resort title fees | | | Escrow amounts are released and title documents are completed. | |
Rental and sampler program | | | Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “Cost of other fee-based services” in our Consolidated Statements of Income and Comprehensive Income. | |
| | | As of December 31, 2015 Prior to Reclassifcation | | | Reclassifications | | | As adjusted December 31, 2015 | | |||||||||
Other assets | | | | $ | 58,777 | | | | | $ | (6,880) | | | | | $ | 51,897 | | |
Receivable-backed notes payable - non-recourse (in VIEs) | | | | | 318,929 | | | | | | (4,905) | | | | | | 314,024 | | |
Lines-of-credit and notes payable | | | | | 101,584 | | | | | | (1,975) | | | | | | 99,609 | | |
| | | Club Resorts | | | Location | | | Total Units(1) | | | Managed by Us(2) | | | Fee-Based or JIT sales(3) | | | Sales center(7) | |
1 | | | Cibola Vista Resort and Spa | | | Peoria, Arizona | | | 288 | | | ✓ | | | ✓ | | | ✓ | |
2 | | | La Cabana Beach Resort & Casino(4) | | | Oranjestad, Aruba | | | 449 | | | ✓ | | | | ||||
3 | | | The Club at Big Bear Village | | | Big Bear Lake, California | | | 38 | | | ✓ | | | ✓ | | | ||
4 | | | The Innsbruck Aspen | | | Aspen, Colorado | | | 17 | | | ✓ | | | ✓ | | | ||
5 | | | Via Roma Beach Resort | | | Bradenton Beach, Florida | | | 28 | | | ✓ | | | | ||||
6 | | | Daytona SeaBreeze | | | Daytona Beach Shores, Florida | | | 78 | | | ✓ | | | | | | ✓ | |
7 | | | Resort Sixty-Six | | | Holmes Beach, Florida | | | 28 | | | ✓ | | | | ||||
8 | | | The Hammocks at Marathon | | | Marathon, Florida | | | 58 | | | ✓ | | | | | | ✓ | |
9 | | | The Fountains | | | Orlando, Florida | | | 745 | | | ✓ | | | ✓ | | | ✓ | |
10 | | | Orlando’s Sunshine Resort I & II | | | Orlando, Florida | | | 84 | | | ✓ | | | | ||||
11 | | | Casa del Mar Beach Resort | | | Ormond Beach, Florida | | | 118 | | | ✓ | | | | ||||
12 | | | Grande Villas at World Golf Village & The Resort at World Golf Village | | | St. Augustine, Florida | | | 214 | | | ✓ | | | | | | ✓ | |
13 | | | Bluegreen at Tradewinds | | | St. Pete Beach, Florida | | | 162 | | | ✓ | | | ✓ | | | ✓ | |
14 | | | Solara Surfside | | | Surfside, Florida | | | 60 | | | ✓ | | | | | | ✓ | |
15 | | | Studio Homes at Ellis Square | | | Savannah, Georgia | | | 28 | | | ✓ | | | ✓ | | | ✓ | |
16 | | | The Hotel Blake | | | Chicago, Illinois | | | 162 | | | ✓ | | | ✓ | | | ||
17 | | | Bluegreen Club La Pension | | | New Orleans, Louisiana | | | 64 | | | ✓ | | | | | | ✓ | |
18 | | | The Soundings Seaside Resort | | | Dennis Port, Massachusetts | | | 69 | | | ✓ | | | ✓ | | | ||
19 | | | Mountain Run at Boyne | | | Boyne Falls, Michigan | | | 204 | | | ✓ | | | ✓ | | | ✓ | |
20 | | | The Falls Village | | | Branson, Missouri | | | 293 | | | ✓ | | | | | | ✓ | |
| | Club Resorts | | Location | | Total Units(1) | | Managed by Us(2) | | Fee-Based or JIT sales(3) | | Sales center(7) | | | Club Resorts | | Location | | Total Units(1) | | Managed by Us(2) | | Fee-Based or JIT sales(3) | | Sales center(7) | | ||||||||||||
21 | | Paradise Point Resort(5) | | Hollister, Missouri | | 150 | | ✓ | | | | Paradise Point Resort(5) | | Hollister, Missouri | | 150 | | ✓ | | | ||||||||||||||||||
22 | | Bluegreen Wilderness Club at Big Cedar(5) | | Ridgedale, Missouri | | 427 | | ✓ | | ✓ | | | | Bluegreen Wilderness Club at Big Cedar(5) | | Ridgedale, Missouri | | 427 | | ✓ | | ✓ | | | ||||||||||||||
23 | | The Cliffs at Long Creek(5) | | Ridgedale, Missouri | | 62 | | ✓ | | | | The Cliffs at Long Creek(5) | | Ridgedale, Missouri | | 62 | | ✓ | | | ||||||||||||||||||
24 | | Bluegreen Club 36 | | Las Vegas, Nevada | | 478 | | ✓ | | | | ✓ | | | Bluegreen Club 36 | | Las Vegas, Nevada | | 478 | | ✓ | | | | ✓ | | ||||||||||||
25 | | South Mountain Resort | | Lincoln, New Hampshire | | 110 | | ✓ | | ✓ | | ✓ | | | South Mountain Resort | | Lincoln, New Hampshire | | 110 | | ✓ | | ✓ | | ✓ | | ||||||||||||
26 | | Club Lodges at Trillium | | Cashiers, North Carolina | | 30 | | ✓ | | ✓ | | | | Blue Ridge Village | | Banner Elk, North Carolina | | 132 | | ✓ | | | ||||||||||||||||
27 | | The Suites at Hershey | | Hershey, Pennsylvania | | 78 | | ✓ | | | | Club Lodges at Trillium | | Cashiers, North Carolina | | 30 | | ✓ | | ✓ | | | ||||||||||||||||
28 | | The Lodge Alley Inn | | Charleston, South Carolina | | 90 | | ✓ | | | | ✓ | | | The Suites at Hershey | | Hershey, Pennsylvania | | 78 | | ✓ | | | |||||||||||||||
29 | | King 583 | | Charleston, South Carolina | | 50 | | ✓ | | ✓ | | | | The Lodge Alley Inn | | Charleston, South Carolina | | 90 | | ✓ | | | | ✓ | | |||||||||||||
30 | | Carolina Grande | | Myrtle Beach, South Carolina | | 118 | | ✓ | | | | ✓ | | | King 583 | | Charleston, South Carolina | | 50 | | ✓ | | ✓ | | | |||||||||||||
31 | | Harbour Lights | | Myrtle Beach, South Carolina | | 324 | | ✓ | | | | Carolina Grande | | Myrtle Beach, South Carolina | | 118 | | ✓ | | | | ✓ | | |||||||||||||||
32 | | Horizon at 77th | | Myrtle Beach, South Carolina | | 88 | | ✓ | | ✓ | | | | Harbour Lights | | Myrtle Beach, South Carolina | | 324 | | ✓ | | | ||||||||||||||||
33 | | SeaGlass Tower | | Myrtle Beach, South Carolina | | 136 | | ✓ | | | | Horizon at 77th | | Myrtle Beach, South Carolina | | 88 | | ✓ | | ✓ | | | ||||||||||||||||
34 | | Shore Crest Vacation Villas I & II | | North Myrtle Beach, South Carolina | | 240 | | ✓ | | | | ✓ | | | SeaGlass Tower | | Myrtle Beach, South Carolina | | 136 | | ✓ | | | |||||||||||||||
35 | | MountainLoft I & II | | Gatlinburg, Tennessee | | 394 | | ✓ | | | | ✓ | | | Shore Crest Vacation Villas I & II | | North Myrtle Beach, South Carolina | | 240 | | ✓ | | | | ✓ | | ||||||||||||
36 | | Laurel Crest | | Pigeon Forge, Tennessee | | 298 | | ✓ | | | | MountainLoft I & II | | Gatlinburg, Tennessee | | 394 | | ✓ | | | | ✓ | | |||||||||||||||
37 | | Shenandoah Crossing | | Gordonsville, Virginia | | 128 | | ✓ | | | | ✓ | | | Laurel Crest | | Pigeon Forge, Tennessee | | 298 | | ✓ | | | |||||||||||||||
38 | | Bluegreen Wilderness Traveler at Shenandoah | | Gordonsville, Virginia | | 145 | | ✓ | | | | Shenandoah Crossing | | Gordonsville, Virginia | | 128 | | ✓ | | | | ✓ | | |||||||||||||||
39 | | BG Patrick Henry Square | | Williamsburg, Virginia | | 91 | | ✓ | | ✓ | | ✓ | | | Bluegreen Wilderness Traveler at Shenandoah | | Gordonsville, Virginia | | 145 | | ✓ | | | |||||||||||||||
40 | | Parkside Williamsburg Resort | | Williamsburg, Virginia | | 89 | | ✓ | | ✓ | | | | BG Patrick Henry Square | | Williamsburg, Virginia | | 91 | | ✓ | | ✓ | | ✓ | | |||||||||||||
41 | | Bluegreen Odyssey Dells | | Wisconsin Dells, Wisconsin | | 92 | | ✓ | | | | Parkside Williamsburg Resort | | Williamsburg, Virginia | | 89 | | ✓ | | ✓ | | | ||||||||||||||||
42 | | Christmas Mountain Village | | Wisconsin Dells, Wisconsin | | 381 | | ✓ | | | | ✓ | | | Bluegreen Odyssey Dells | | Wisconsin Dells, Wisconsin | | 92 | | ✓ | | | |||||||||||||||
43 | | Christmas Mountain Village | | Wisconsin Dells, Wisconsin | | 381 | | ✓ | | | | ✓ | | |||||||||||||||||||||||||
| | | | Total Units | | 7,186 | | | | | | Total Units | | 7,318 | | |
| | | Club Associate Resorts | | | Location | | | Managed by Us(2) | | | Fee-Based or JIT sales(3) | |
1 | | | Paradise Isle Resort | | | Gulf Shores, Alabama | | | | ||||
2 | | | Shoreline Towers Resort | | | Gulf Shores, Alabama | | | | ||||
3 | | | Dolphin Beach Club | | | Daytona Beach Shores, Florida | | | ✓ | | | ||
4 | | | Fantasy Island Resort II | | | Daytona Beach Shores, Florida | | | ✓ | | | ||
5 | | | Mariner’s Boathouse and Beach Resort | | | Fort Myers Beach, Florida | | | | ||||
6 | | | Tropical Sands Resort | | | Fort Myers Beach, Florida | | | | ||||
7 | | | Windward Passage Resort | | | Fort Myers Beach, Florida | | | | ||||
8 | | | Gulfstream Manor | | | Gulfstream, Florida | | | ✓ | | | ||
9 | | | Outrigger Beach Club | | | Ormond Beach, Florida | | | | ||||
10 | | | Landmark Holiday Beach Resort | | | Panama City Beach, Florida | | | | ||||
11 | | | Ocean Towers Beach Club | | | Panama City Beach, Florida | | | | ||||
12 | | | Panama City Resort & Club | | | Panama City Beach, Florida | | | | ||||
13 | | | Surfrider Beach Club | | | Sanibel Island, Florida | | | | ||||
14 | | | Petit Crest Villas and Golf Club Villas at Big Canoe | | | Marble Hill, Georgia | | | | ||||
15 | | | Pono Kai Resort | | | Kapaa (Kauai), Hawaii | | | | ||||
16 | | | The Breakers Resort | | | Dennis Port, Massachusetts | | | ✓ | | | ✓ | |
17 | | | Lake Condominiums at Big Sky | | | Big Sky, Montana | | | | ||||
18 | | | Foxrun Townhouses | | | Lake Lure, North Carolina | | | | ||||
19 | | | Sandcastle Village II | | | New Bern, North Carolina | | | | ||||
20 | | | Waterwood Townhouses | | | New Bern, North Carolina | | | | ||||
21 | | | Bluegreen at Atlantic Palace | | | Atlantic City, New Jersey | | | | ||||
22 | | | The Manhattan Club | | | New York, New York | | | | | | ✓ | |
23 | | | Players Club | | | Hilton Head Island, South Carolina | | | | ||||
24 | | | Blue Water Resort at Cable Beach(6) | | | Nassau, Bahamas | | | ✓ | | | ✓ | |
Inventory Source | | As of December 31, 2015 | | As of December 31, 2016 | | As of June 30, 2017 | | | As of December 31, 2015 | | As of December 31, 2016 | | As of September 30, 2017 | | ||||||||||||||||||||||||
Owned completed VOI inventory | | | $ | 580,767 | | | | $ | 548,076 | | | | $ | 703,049 | | | | | $ | 580,767 | | | | $ | 548,076 | | | | $ | 764,309 | | | ||||||
Inventory accessible through fee-based and JIT arrangements | | | | 402,116 | | | | | 503,820 | | | | | 564,969 | | | | | | 402,116 | | | | | 503,820 | | | | | 478,397 | | | ||||||
Total | | | $ | 982,883 | | | | $ | 1,051,896 | | | | $ | 1,268,018 | | | | | $ | 982,883 | | | | $ | 1,051,896 | | | | $ | 1,242,706 | | | |
| | Year Ended December 31, 2015 | | Year Ended December 31, 2016 | | Six Months Ended June 30, 2017 | | | Year Ended December 31, 2015 | | Year Ended December 31, 2016 | | Nine Months Ended September 30, 2017 | | ||||||||||||||||||||||||
Estimated retail sales value | | | $ | 183,489 | | | | $ | 169,848 | | | | $ | 87,289 | | | | | $ | 183,489 | | | | $ | 169,848 | | | | $ | 201,825 | | | ||||||
Cash purchase price | | | $ | 6,669 | | | | $ | 7,555 | | | | $ | 3,772 | | | | | $ | 6,669 | | | | $ | 7,555 | | | | $ | 10,721 | | |
| | | | FICO Score | | | Pecentage of originated and serviced VOI notes receivable (1) | | |||
| | | | 600 | | | | | 5.2% | | |
| | | | 600-699 | | | | | 42.9% | | |
| | | | 700+ | | | | | 51.9% | | |
| | | | FICO Score | | | Pecentage of originated and serviced VOI notes receivable (1) | | |||
| | | | <600 | | | | | 5.2% | | |
| | | | 600-699 | | | | | 42.9% | | |
| | | | 700+ | | | | | 51.9% | | |
Name | | | Age | | | Principal Position | |
Shawn B. Pearson | | | 40 | | | President and Chief Executive Officer; Director | |
Anthony M. Puleo | | | 49 | | | Executive Vice President, Chief Financial Officer and Treasurer; President, Bluegreen Treasury Services | |
David L. Pontius | | | 62 | | | Executive Vice President and Chief Operating Officer; President, Bluegreen Services | |
Famous P. Rhodes | | | 42 | | | Executive Vice President and Chief Marketing Officer | |
Ahmad M. Wardak | | | 45 | | | Executive Vice President, Corporate Development and Innovation | |
Chanse W. Rivera | | | 47 | | | Executive Vice President and Chief Information Officer | |
Susan J. Saturday | | | 57 | | | Executive Vice President and Chief Human Resources Officer | |
Alan B. Levan | | | 73 | | | Chairman of the Board of Directors | |
John E. Abdo | | | 74 | | | Vice Chairman of the Board of Directors | |
James R. Allmand, III | | | 69 | | | Director | |
Norman H. Becker | | | 79 | | | Director | |
Lawrence A. Cirillo | | | 78 | | | Director | |
Jarett S. Levan | | | 43 | | | Director | |
Mark A. Nerenhausen | | | 63 | | | Director | |
Arnold Sevell | | | 69 | | | Director | |
Orlando Sharpe | | | 58 | | | Director | |
Seth M. Wise | | | 47 | | | Director | |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($)(4) | | | Non-Equity Incentive Plan Compensation ($)(5) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||||||||
Anthony M. Puleo(1) Executive Vice President, Chief Financial Officer and Treasurer; President, Bluegreen Treasury Services | | | | | 2016 | | | | | | 475,000 | | | | | | 2,513,914 | | | | | | 926,715 | | | | | | 769 | | | | | | 3,916,398 | | |
David A. Bidgood(2) Former Senior Vice President; Former President, Bluegreen Resorts Field Sales and Marketing | | | | | 2016 | | | | | | 437,091 | | | | | | 2,905,972 | | | | | | 926,715 | | | | | | 7,614 | | | | | | 4,277,392 | | |
David L. Pontius(3) Executive Vice President and Chief Operating Officer; President, Bluegreen Services | | | | | 2016 | | | | | | 530,450 | | | | | | 2,707,303 | | | | | | 926,715 | | | | | | 12,792 | | | | | | 4,177,260 | | |
| | | | Name | | | Fees Earned or Paid in Cash ($) | | |||
| | | | James R Allmand III | | | | | 73,500 | | |
| | | | Norman H. Becker | | | | | 85,000 | | |
| | | | Lawrence A. Cirillo | | | | | 80,000 | | |
| | | | Mark A. Nerenhausen | | | | | 70,000 | | |
| | | | Arnold Sevell | | | | | 83,500 | | |
| | | | Orlando Sharpe | | | | | 80,000 | | |
| | | Shares Beneficially Owned Before this Offering | | | % of Outstanding Shares and Total Voting Power Before this Offering | | | Number of Shares Being Offered | | | Shares Beneficially Owned After this Offering(3) | | | % of Outstanding Shares and Total Voting Power After this Offering(3) | | |||||||||||||||
Named Executive Officers and Directors: | | | | | | | |||||||||||||||||||||||||
Shawn B. Pearson | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Anthony M. Puleo | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David L. Pontius | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David A. Bidgood | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alan B. Levan(1) | | | | | 70,997,732 | | | | | | 100 | | | | | | — | | | | | | 68,235,807 | | | | | | 91.3 | | |
John E. Abdo(1) | | | | | 70,997,732 | | | | | | 100 | | | | | | — | | | | | | 68,235,807 | | | | | | 91.3 | | |
James R. Allmand, III | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Norman H. Becker | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lawrence A. Cirillo | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jarett S. Levan | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mark A. Nerenhausen | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Orlando Sharpe | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Arnold Sevell | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Seth M. Wise | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All executive officers and directors as a group (17 persons) | | | | | 70,997,732 | | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | |
5% Shareholders (not included above): | | | | | | | |||||||||||||||||||||||||
Woodbridge Holdings, LLC(1) | | | | | 70,997,732 | | | | | | 100 | | | | | | 2,761,925(2) | | | | | | 68,235,807 | | | | | | 91.3 | | |
| | | | Underwriters | | | Number of Shares | | |||
| | | | Stifel, Nicolaus & Company, Incorporated | | | | | | | |
| | | | Credit Suisse Securities (USA) LLC | | | | | | | |
| | | | Merrill Lynch, Pierce, Fenner & Smith Incorporated | | | | | | | |
| | | | SunTrust Robinson Humphrey, Inc. | | | | | | | |
| | | | Total | | | | | 6,498,648 | | |
|
| | | Total | | |||||||||||||||
| | | Per Share | | | No Exercise of Option | | | Full Exercise of Option | | |||||||||
Initial public offering price | | | | $ | | | | | | $ | | | | | | $ | | | |
Underwriting discounts and commissions | | | | $ | | | | | | $ | | | | | | $ | | | |
Proceeds, before expenses, to us | | | | $ | | | | | | $ | | | | | | $ | | | |
Proceeds, before expenses, to the selling shareholder | | | | $ | | | | | $ | | | | | $ | | |
Unaudited Consolidated Financial Statements | | | Page | | |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-7 | | |
Audited Consolidated Financial Statements | | | Page | | |||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
| | June 30, 2017 | | December 31, 2016 | | | September 30, 2017 | | December 31, 2016 | | ||||||||||||||||
ASSETS | | | | | | | | | | | | | | |||||||||||||
Cash and cash equivalents | | | $ | 145,468 | | | | $ | 144,122 | | | | | $ | 124,002 | | | | $ | 144,122 | | | ||||
Restricted cash ($38,711 and $21,894 in VIEs at June 30, 2017 and December 31, 2016, respectively) | | | | 69,626 | | | | | 46,106 | | | |||||||||||||||
Notes receivable, net ($303,154 and $287,012 in VIEs at June 30, 2017 and December 31, 2016, respectively) | | | | 423,677 | | | | | 430,480 | | | |||||||||||||||
Restricted cash ($28,099 and $21,894 in VIEs at September 30, 2017 and December 31, 2016, respectively) | | | | 61,129 | | | | | 46,106 | | | |||||||||||||||
Notes receivable, net ($304,313 and $287,012 in VIEs at September 30, 2017 and December 31, 2016, respectively) | | | | 429,356 | | | | | 430,480 | | | |||||||||||||||
Inventory | | | | 264,885 | | | | | 238,534 | | | | | | 269,241 | | | | | 238,534 | | | ||||
Prepaid expenses | | | | 16,302 | | | | | 8,745 | | | | | | 12,741 | | | | | 8,745 | | | ||||
Other assets | | | | 57,718 | | | | | 48,099 | | | | | | 61,613 | | | | | 48,099 | | | ||||
Intangible assets, net | | | | 61,614 | | | | | 61,749 | | | | | | 61,602 | | | | | 61,749 | | | ||||
Loan to related party | | | | 80,000 | | | | | 80,000 | | | | | | 80,000 | | | | | 80,000 | | | ||||
Property and equipment, net | | | | 71,106 | | | | | 70,797 | | | | | | 72,659 | | | | | 70,797 | | | ||||
Total assets | | | $ | 1,190,396 | | | | $ | 1,128,632 | | | | | $ | 1,172,343 | | | | $ | 1,128,632 | | | ||||
LIABILITIES AND SHAREHOLDER’S EQUITY | | | | | | | | | | | | | | |||||||||||||
Liabilities | | | | | | | | | | | | | | |||||||||||||
Accounts payable | | | $ | 18,504 | | | | $ | 21,769 | | | | | $ | 18,199 | | | | $ | 21,769 | | | ||||
Accrued liabilities and other | | | | 83,689 | | | | | 70,947 | | | | | | 93,906 | | | | | 70,947 | | | ||||
Deferred income | | | | 38,807 | | | | | 37,015 | | | | | | 40,498 | | | | | 37,015 | | | ||||
Deferred income taxes | | | | 121,623 | | | | | 126,278 | | | | | | 119,967 | | | | | 126,278 | | | ||||
Receivable-backed notes payable - recourse | | | | 63,755 | | | | | 87,631 | | | |||||||||||||||
Receivable-backed notes payable - non-recourse (in VIEs) | | | | 364,679 | | | | | 327,358 | | | |||||||||||||||
Receivable-backed notes payable – recourse | | | | 72,028 | | | | | 87,631 | | | |||||||||||||||
Receivable-backed notes payable – non-recourse (in VIEs) | | | | 347,308 | | | | | 327,358 | | | |||||||||||||||
Lines-of-credit and notes payable | | | | 112,466 | | | | | 98,382 | | | | | | 95,594 | | | | | 98,382 | | | ||||
Junior subordinated debentures | | | | 69,756 | | | | | 69,044 | | | | | | 70,100 | | | | | 69,044 | | | ||||
Total liabilities | | | | 873,279 | | | | | 838,424 | | | | | | 857,600 | | | | | 838,424 | | | ||||
Commitments and Contingencies - See Note 7 | | | | | | | | | | | | |||||||||||||||
Shareholder’s Equity | | | | | ||||||||||||||||||||||
Common stock, $.01 par value, 100 shares authorized; 100 shares issued and outstanding at June 30, 2017 and December 31, 2016 | | | | — | | | | | — | | | |||||||||||||||
Common stock, $.01 par value, 100 shares authorized; 100 shares issued and outstanding at September 30, 2017 and December 31, 2016 | | | | — | | | | | — | | | |||||||||||||||
Additional paid-in capital | | | | 227,844 | | | | | 227,844 | | | | | | 227,844 | | | | | 227,844 | | | ||||
Retained earnings | | | | 42,213 | | | | | 21,592 | | | | | | 40,649 | | | | | 21,592 | | | ||||
Total Bluegreen Vacations Corporation shareholder’s equity | | | | 270,057 | | | | | 249,436 | | | |||||||||||||||
Total Bluegreen Corporation shareholder’s equity | | | | 268,493 | | | | | 249,436 | | | |||||||||||||||
Non-controlling interest | | | | 47,060 | | | | | 40,772 | | | | | | 46,250 | | | | | 40,772 | | | ||||
Total shareholder’s equity | | | | 317,117 | | | | | 290,208 | | | | | | 314,743 | | | | | 290,208 | | | ||||
Total liabilities and shareholder’s equity | | | $ | 1,190,396 | | | | $ | 1,128,632 | | | | | $ | 1,172,343 | | | | $ | 1,128,632 | | | |
| | For the Six Months Ended June 30, | | | For the Nine Months Ended September 30, | | ||||||||||||||||||||
| | 2017 | | 2016 | | | 2017 | | 2016 | | ||||||||||||||||
Revenues: | | | | | | | | | | | | | | |||||||||||||
Gross sales of VOIs | | | $ | 132,692 | | | | $ | 148,951 | | | | | $ | 204,914 | | | | $ | 233,628 | | | ||||
Estimated uncollectible VOI notes receivable | | | | (21,540) | | | | | (24,038) | | | | | | (32,075) | | | | | (36,974) | | | ||||
Sales of VOIs | | | | 111,152 | | | | | 124,913 | | | | | | 172,839 | | | | | 196,654 | | | ||||
Fee-based sales commission revenue | | | | 109,069 | | | | | 94,335 | | | | | | 179,046 | | | | | 153,718 | | | ||||
Other fee-based services revenue | | | | 56,056 | | | | | 51,611 | | | | | | 83,442 | | | | | 78,421 | | | ||||
Interest income | | | | 44,377 | | | | | 44,232 | | | | | | 65,673 | | | | | 66,931 | | | ||||
Other income, net | | | | — | | | | | 86 | | | | | | — | | | | | 597 | | | ||||
Total revenues | | | | 320,654 | | | | | 315,177 | | | | | | 501,000 | | | | | 496,321 | | | ||||
Costs and expenses: | | | | | | | | | | | | | | |||||||||||||
Cost of VOIs sold | | | | 4,453 | | | | | 13,583 | | | | | | 10,737 | | | | | 19,410 | | | ||||
Cost of other fee-based services | | | | 33,374 | | | | | 31,587 | | | | | | 51,550 | | | | | 48,644 | | | ||||
Selling, general and administrative expenses | | | | 194,873 | | | | | 205,531 | | | | | | 308,515 | | | | | 316,504 | | | ||||
Interest expense | | | | 15,721 | | | | | 16,052 | | | | | | 23,779 | | | | | 24,461 | | | ||||
Other expense, net | | | | 120 | | | | | — | | | |||||||||||||||
Total costs and expenses | | | | 248,421 | | | | | 266,753 | | | | | | 394,701 | | | | | 409,019 | | | ||||
Income before non-controlling interest and provision for income taxes | | | | 72,233 | | | | | 48,424 | | | | | | 106,299 | | | | | 87,302 | | | ||||
Provision for income taxes | | | | 25,324 | | | | | 16,875 | | | | | | 37,844 | | | | | 31,342 | | | ||||
Net income | | | | 46,909 | | | | | 31,549 | | | | | | 68,455 | | | | | 55,960 | | | ||||
Less: Net income attributable to non-controlling interest | | | | 6,288 | | | | | 4,802 | | | | | | 9,398 | | | | | 6,577 | | | ||||
Net income attributable to Bluegreen Vacations Corporation Shareholder | | | $ | 40,621 | | | | $ | 26,747 | | | |||||||||||||||
Comprehensive income attributable to Bluegreen Vacations Corporation Shareholder | | | $ | 40,621 | | | | $ | 26,747 | | | |||||||||||||||
Net income attributable to Bluegreen Corporation Shareholder | | | $ | 59,057 | | | | $ | 49,383 | | | |||||||||||||||
Comprehensive income attributable to Bluegreen Corporation Shareholder | | | $ | 59,057 | | | | $ | 49,383 | | | |||||||||||||||
Earnings per share: | | | | | ||||||||||||||||||||||
Basic and diluted | | | $ | 406,210.00 | | | | $ | 267,470.00 | | | | | $ | 590,570.00 | | | | $ | 493,830.00 | | | |
| | | | | Equity Attributable to Bluegreen Shareholder | | | Equity Attributable to Non-Controlling Interest | | | | | | Equity Attributable to Bluegreen Shareholder | | | Equity Attributable to Non-Controlling Interest | | ||||||||||||||||||||||||||||||||
| | Total | | Additional Paid-in- Capital | | Retained Earnings | | | Total | | Additional Paid-in- Capital | | Retained Earnings | | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | | | $ | 290,208 | | | | $ | 227,844 | | | | $ | 21,592 | | | | $ | 40,772 | | | | | $ | 290,208 | | | | $ | 227,844 | | | | $ | 21,592 | | | | $ | 40,772 | | | ||||||||
Net income | | | | 68,455 | | | | | — | | | | | 59,057 | | | | | 9,398 | | | |||||||||||||||||||||||||||||
Dividends | | | | (20,000) | | | | | — | | | | | (20,000) | | | | | — | | | | | | (40,000) | | | | | — | | | | | (40,000) | | | | | — | | | ||||||||
Net income | | | | 46,909 | | | | | — | | | | | 40,621 | | | | | 6,288 | | | |||||||||||||||||||||||||||||
Balance at June 30, 2017 | | | $ | 317,117 | | | | $ | 227,844 | | | | $ | 42,213 | | | | $ | 47,060 | | | |||||||||||||||||||||||||||||
Member distribution to non-controlling interest holder | | | | (3,920) | | | | | — | | | | | — | | | | | (3,920) | | | |||||||||||||||||||||||||||||
Balance at September 30, 2017 | | | $ | 314,743 | | | | $ | 227,844 | | | | $ | 40,649 | | | | $ | 46,250 | | | |
| | For the Six Months Ended June 30, | | | For the Nine Months Ended September 30, | | ||||||||||||||||||||
| | 2017 | | 2016 | | | 2017 | | 2016 | | ||||||||||||||||
Operating activities: | | | | | | | | | | | | | | |||||||||||||
Net income | | | $ | 46,909 | | | | $ | 31,549 | | | | | $ | 68,455 | | | | $ | 55,960 | | | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | |||||||||||||
Depreciation and amortization | | | | 7,010 | | | | | 7,665 | | | | | | 10,559 | | | | | 11,268 | | | ||||
Loss on disposal of property and equipment | | | | 428 | | | | | — | | | | | | 428 | | | | | — | | | ||||
Provision for credit losses | | | | 21,544 | | | | | 23,992 | | | | | | 32,066 | | | | | 36,896 | | | ||||
(Benefit)/Provision for deferred income taxes | | | | (4,655) | | | | | 16,876 | | | | | | (6,311) | | | | | 30,928 | | | ||||
Changes in operating assets and liabilities: | | | | | | | | | | | | | | |||||||||||||
Notes receivable | | | | (14,741) | | | | | (26,214) | | | | | | (30,942) | | | | | (45,831) | | | ||||
Prepaid expenses and other assets | | | | (17,397) | | | | | (5,995) | | | | | | (17,736) | | | | | (5,770) | | | ||||
Restricted cash | | | | (8,942) | | | | | (329) | | | | | | (15,023) | | | | | (966) | | | ||||
Inventory | | | | (26,351) | | | | | 4,423 | | | | | | (30,707) | | | | | (7,477) | | | ||||
Accounts payable, accrued liabilities and other, and deferred income | | | | 11,274 | | | | | 12,674 | | | | | | 22,877 | | | | | 10,595 | | | ||||
Net cash provided by operating activities | | | | 15,079 | | | | | 64,641 | | | | | | 33,666 | | | | | 85,603 | | | ||||
Investing activities: | | | | | | | | | | | | | | |||||||||||||
Purchases of property and equipment | | | | (5,407) | | | | | (4,597) | | | | | | (9,380) | | | | | (7,012) | | | ||||
Net cash used in investing activities | | | | (5,407) | | | | | (4,597) | | | | | | (9,380) | | | | | (7,012) | | | ||||
Financing activities: | | | | | | | | | | | | | | |||||||||||||
Proceeds from borrowings collateralized by notes receivable | | | | 133,796 | | | | | 171,612 | | | | | | 170,030 | | | | | 200,380 | | | ||||
Payments on borrowings collateralized by notes receivable | | | | (133,244) | | | | | (160,320) | | | | | | (164,331) | | | | | (195,255) | | | ||||
Proceeds from borrowings under line-of-credit facilities and notes payable | | | | 30,000 | | | | | — | | | | | | 30,000 | | | | | 5,243 | | | ||||
Payments under line-of-credit facilities and notes payable | | | | (16,039) | | | | | (8,925) | | | | | | (32,968) | | | | | (25,148) | | | ||||
Payments of debt issuance costs | | | | (2,839) | | | | | (2,448) | | | | | | (3,217) | | | | | (2,462) | | | ||||
Dividends paid | | | | (20,000) | | | | | (25,000) | | | | | | (40,000) | | | | | (45,000) | | | ||||
Distributions to non-controlling interest | | | | (3,920) | | | | | (7,350) | | | |||||||||||||||
Net cash used in financing activities | | | | (8,326) | | | | | (25,081) | | | | | | (44,406) | | | | | (69,592) | | | ||||
Net increase in cash and cash equivalents | | | | 1,346 | | | | | 34,963 | | | | | | (20,120) | | | | | 8,999 | | | ||||
Cash and cash equivalents at beginning of period | | | | 144,122 | | | | | 115,524 | | | | | | 144,122 | | | | | 115,524 | | | ||||
Cash and cash equivalents at end of period | | | $ | 145,468 | | | | $ | 150,487 | | | | | $ | 124,002 | | | | $ | 124,523 | | | |
| | For the Six Months Ended June 30 | | | For the Nine Months Ended September 30, | | ||||||||||||||||||||
| | 2017 | | 2016 | | | 2017 | | 2016 | | ||||||||||||||||
Supplemental schedule of operating cash flow information: | | | | | | | | | | | | | | |||||||||||||
Interest paid, net of amounts capitalized | | | $ | 13,071 | | | | $ | 14,456 | | | | | $ | 19,715 | | | | $ | 21,566 | | | ||||
Income taxes paid | | | $ | 26,406 | | | | $ | 14,347 | | | | | $ | 41,087 | | | | $ | 21,362 | | | ||||
Supplemental schedule of non-cash financing activities: | | | | | | | | | | | | |||||||||||||||
Restrcited cash received on securitization, pending provision of additional collateral | | | $ | 14,578 | | | | $ | — | | | |
| | As of | | |||||||||||||||||||||||
| | As of June 30, 2017 | | As of December 31, 2016 | | | September 30, 2017 | | December 31, 2016 | | ||||||||||||||||
Notes receivable secured by VOIs: | | | | | | | | | | | | | | |||||||||||||
VOI notes receivable - non-securitized | | | $ | 144,072 | | | | $ | 175,123 | | | | | $ | 149,893 | | | | $ | 175,123 | | | ||||
VOI notes receivable - securitized | | | | 391,699 | | | | | 369,259 | | | | | | 392,733 | | | | | 369,259 | | | ||||
| | | | 535,771 | | | | | 544,382 | | | | | | 542,626 | | | | | 544,382 | | | ||||
Allowance for credit losses - non-securitized | | | | (24,900) | | | | | (33,173) | | | | | | (26,100) | | | | | (33,173) | | | ||||
Allowance for credit losses - securitized | | | | (88,545) | | | | | (82,247) | | | | | | (88,420) | | | | | (82,247) | | | ||||
VOI notes receivable, net | | | $ | 422,326 | | | | $ | 428,962 | | | | | $ | 428,106 | | | | $ | 428,962 | | | ||||
Allowance as a % of VOI notes receivable | | | | 21% | | | | | 21% | | | | | | 21% | | | | | 21% | | | ||||
Notes receivable secured by homesites: (1) | | | | | | | | | | | | | | |||||||||||||
Homesite notes receivable | | | $ | 1,501 | | | | $ | 1,688 | | | | | $ | 1,389 | | | | $ | 1,688 | | | ||||
Allowance for credit losses | | | | (150) | | | | | (170) | | | | | | (139) | | | | | (170) | | | ||||
Homesite notes receivable, net | | | $ | 1,351 | | | | $ | 1,518 | | | | | $ | 1,250 | | | | $ | 1,518 | | | ||||
Allowance as a % of homesite notes receivable | | | | 10% | | | | | 10% | | | | | | 10% | | | | | 10% | | | ||||
Total notes receivable: | | | | | | | | | | | | | | |||||||||||||
Gross notes receivable | | | $ | 537,272 | | | | $ | 546,070 | | | | | $ | 544,015 | | | | $ | 546,070 | | | ||||
Allowance for credit losses | | | | (113,595) | | | | | (115,590) | | | | | | (114,659) | | | | | (115,590) | | | ||||
Notes receivable, net | | | $ | 423,677 | | | | $ | 430,480 | | | | | $ | 429,356 | | | | $ | 430,480 | | | ||||
Allowance as a % of gross notes receivable | | | | 21% | | | | | 21% | | | | | | 21% | | | | | 21% | | | |
| | | Balance, December 31, 2016 | | | $ | 115,590 | | | |||||||||||||
�� | | | Provision for credit losses | | | | 21,553 | | | |||||||||||||
| | | Less: Write-offs of uncollectible receivables | | | | (23,548) | | | | | Balance, December 31, 2016 | | | $ | 115,590 | | | ||||
| | | Balance, June 30, 2017 | | | $ | 113,595 | | | | | Provision for credit losses | | | | 32,066 | | | ||||
| | | | Less: Write-offs of uncollectible receivables | | | | (32,997) | | | ||||||||||||
| | | Balance, September 30, 2017 | | | $ | 114,659 | | | |||||||||||||
| |
| | | | | As of | | | | | | As of | | ||||||||||||||||||||||
| | | | | June 30, 2017 | | December 31, 2016 | | | | | | September 30, 2017 | | December 31, 2016 | | ||||||||||||||||||
| | | Current | | | $ | 516,570 | | | | $ | 521,536 | | | | | Current | | | $ | 520,296 | | | | $ | 521,536 | | | ||||||
| | | 31-60 days | | | | 5,330 | | | | | 6,378 | | | | | 31-60 days | | | | 6,039 | | | | | 6,378 | | | ||||||
| | | 61-90 days | | | | 4,252 | | | | | 5,082 | | | | | 61-90 days | | | | 5,341 | | | | | 5,082 | | | ||||||
| | | Over 91 days (1) | | | | 9,619 | | | | | 11,386 | | | | | Over 91 days(1) | | | | 10,950 | | | | | 11,386 | | | ||||||
| | | Total | | | $ | 535,771 | | | | $ | 544,382 | | | | | Total | | | $ | 542,626 | | | | $ | 544,382 | | | |
| | | | | As of June 30, 2017 | | As of December 31, 2016 | | | | | | As of | | ||||||||||||||||||||
| | | Restricted cash | | | $ | 38,711 | | | | $ | 21,894 | | | | | | | September 30, 2017 | | December 31, 2016 | | ||||||||||||
| | | Securitized notes receivable, net | | | | 303,154 | | | | | 287,012 | | | | | Restricted cash | | | $ | 28,099 | | | | $ | 21,894 | | | ||||||
| | | Receivable backed notes payable - non-recourse | | | | 364,679 | | | | | 327,358 | | | | | Securitized notes receivable, net | | | | 304,313 | | | | | 287,012 | | | ||||||
| | | Receivable backed notes payable - non-recourse | | | | 347,308 | | | | | 327,358 | | |
| | | | | As of June 30, 2017 | | As of December 31, 2016 | | | | | | As of | | ||||||||||||||||||||
| | | Completed VOI units | | | $ | 186,537 | | | | $ | 156,401 | | | | | | | September 30, 2017 | | December 31, 2016 | | ||||||||||||
| | | Construction-in-progress | | | | 11,355 | | | | | 10,427 | | | | | Completed VOI units | | | $ | 187,818 | | | | $ | 156,401 | | | ||||||
| | | Real estate held for future development | | | | 66,993 | | | | | 71,706 | | | | | Construction-in-progress | | | | 15,876 | | | | | 10,427 | | | ||||||
| | | | | | $ | 264,885 | | | | $ | 238,534 | | | | | Real estate held for future development | | | | 65,547 | | | | | 71,706 | | | ||||||
| | | | | | | $ | 269,241 | | | | $ | 238,534 | | | |||||||||||||||||||
| |
| | As of | | | As of | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | June 30 , 2017 | | December 31, 2016 | | | September 30, 2017 | | December 31, 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Balance | | Interest Rate | | Carrying Amount of Pledged Assets | | Balance | | Interest Rate | | Carrying Amount of Pledged Assets | | | Balance | | Interest Rate | | Carrying Amount of Pledged Assets | | Balance | | Interest Rate | | Carrying Amount of Pledged Assets | | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 Notes Payable | | | $ | 49,500 | | | | | 5.50% | | | | $ | 31,433 | | | | $ | 52,500 | | | | | 5.50% | | | | $ | 29,349 | | | | | $ | 48,000 | | | | | 5.50% | | | | $ | 29,645 | | | | $ | 52,500 | | | | | 5.50% | | | | $ | 29,349 | | | ||||||||||||
Pacific Western Term Loan | | | | 1,442 | | | | | 6.39% | | | | | 8,969 | | | | | 1,727 | | | | | 6.02% | | | | | 8,963 | | | | | | 1,387 | | | | | 6.49% | | | | | 9,560 | | | | | 1,727 | | | | | 6.02% | | | | | 8,963 | | | ||||||||||||
Fifth Third Bank Note Payable | | | | 4,202 | | | | | 4.05% | | | | | 9,067 | | | | | 4,326 | | | | | 3.62% | | | | | 9,157 | | | | | | 4,141 | | | | | 4.24% | | | | | 8,116 | | | | | 4,326 | | | | | 3.62% | | | | | 9,157 | | | ||||||||||||
NBA Line of Credit | | | | — | | | | | — | | | | | — | | | | | 2,006 | | | | | 5.00% | | | | | 8,230 | | | | | | — | | | | | 4.75% | | | | | 15,932 | | | | | 2,006 | | | | | 5.00% | | | | | 8,230 | | | ||||||||||||
Fifth Third Syndicated LOC | | | | 35,000 | | | | | 3.90% | | | | | 66,517 | | | | | 15,000 | | | | | 3.46% | | | | | 60,343 | | | | | | 20,000 | | | | | 3.99% | | | | | 69,689 | | | | | 15,000 | | | | | 3.46% | | | | | 60,343 | | | ||||||||||||
Fifth Third Syndicated Term | | | | 24,375 | | | | | 3.79% | | | | | 21,618 | | | | | 25,000 | | | | | 3.46% | | | | | 20,114 | | | | | | 24,063 | | | | | 4.03% | | | | | 22,359 | | | | | 25,000 | | | | | 3.46% | | | | | 20,114 | | | ||||||||||||
Unamortized debt issuance costs | | | | (2,053) | | | | | — | | | | | — | | | | | (2,177) | | | | | — | | | | | — | | | | | | (1,997) | | | | | — | | | | | — | | | | | (2,177) | | | | | — | | | | | — | | | ||||||||||||
Total | | | $ | 112,466 | | | | | | | | | $ | 137,604 | | | | $ | 98,382 | | | | | | | | | $ | 136,156 | | | | | $ | 95,594 | | | | | | | | | $ | 155,301 | | | | $ | 98,382 | | | | | | | | | $ | 136,156 | | | |
| | As of | | | As of | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | June 30, 2017 | | December 31, 2016 | | | September 30, 2017 | | December 31, 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Debt Balance | | Interest Rate | | Principal Balance of Pledged/ Secured Receivables | | Debt Balance | | Interest Rate | | Principal Balance of Pledged/ Secured Receivables | | | Debt Balance | | Interest Rate | | Principal Balance of Pledged/ Secured Receivables | | Debt Balance | | Interest Rate | | Principal Balance of Pledged/ Secured Receivables | | ||||||||||||||||||||||||||||||||||||
Recourse receivable-backed notes payable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Liberty Bank Facility | | | $ | 9,593 | | | 4.50% | | | $ | 18,224 | | | | $ | 32,674 | | | 4.25% | | | $ | 41,357 | | | | | $ | 15,767 | | | 4.75% | | | $ | 20,234 | | | | $ | 32,674 | | | 4.25% | | | $ | 41,357 | | | ||||||||||||
NBA Receivables Facility | | | | 36,202 | | | 3.97 - 4.47% | | | | 46,258 | | | | | 34,164 | | | 3.50 - 4.00% | | | | 40,763 | | | | | | 39,960 | | | 4.00-4.50% | | | | 51,583 | | | | | 34,164 | | | 3.50-4.00% | | | | 40,763 | | | ||||||||||||
Pacific Western Facility | | | | 17,960 | | | 5.50% | | | | 22,922 | | | | | 20,793 | | | 5.14% | | | | 27,712 | | | | | | 16,301 | | | 5.50% | | | | 21,609 | | | | | 20,793 | | | 5.14% | | | | 27,712 | | | ||||||||||||
Total | | | $ | 63,755 | | | | | | $ | 87,404 | | | | $ | 87,631 | | | | | | $ | 109,832 | | | | | $ | 72,028 | | | | | | $ | 93,426 | | | | $ | 87,631 | | | | | | $ | 109,832 | | | ||||||||||||
Non-recourse receivable-backed notes payable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
KeyBank/DZ Purchase Facility | | | $ | — | | | 3.97% | | | $ | — | | | | $ | 31,417 | | | 3.67% | | | $ | 41,388 | | | | | $ | 5,656 | | | 3.98% | | | $ | 6,828 | | | | $ | 31,417 | | | 3.67% | | | $ | 41,388 | | | ||||||||||||
Quorum Purchase Facility | | | | 19,913 | | | 4.75% - 6.90% | | | | 22,542 | | | | | 23,981 | | | 4.75% - 6.90% | | | | 26,855 | | | | | | 18,285 | | | 4.75%-6.90% | | | | 20,926 | | | | | 23,981 | | | 4.75%-6.90% | | | | 26,855 | | | ||||||||||||
2010 Term Securitization | | | | — | | | — | | | | — | | | | | 13,163 | | | 5.54% | | | | 16,191 | | | | | | — | | | — | | | | — | | | | | 13,163 | | | 5.54% | | | | 16,191 | | | ||||||||||||
2012 Term Securitization | | | | 27,900 | | | 2.94% | | | | 30,718 | | | | | 32,929 | | | 2.94% | | | | 36,174 | | | | | | 25,510 | | | 2.94% | | | | 28,293 | | | | | 32,929 | | | 2.94% | | | | 36,174 | | | ||||||||||||
2013 Term Securitization | | | | 42,605 | | | 3.20% | | | | 44,968 | | | | | 48,514 | | | 3.20% | | | | 51,157 | | | | | | 39,730 | | | 3.20% | | | | 42,255 | | | | | 48,514 | | | 3.20% | | | | 51,157 | | | ||||||||||||
2015 Term Securitization | | | | 66,558 | | | 3.02% | | | | 69,612 | | | | | 75,011 | | | 3.02% | | | | 78,980 | | | | | | 62,087 | | | 3.02% | | | | 66,077 | | | | | 75,011 | | | 3.02% | | | | 78,980 | | | ||||||||||||
2016 Term Securitization | | | | 94,393 | | | 3.35% | | | | 102,422 | | | | | 107,533 | | | 3.35% | | | | 117,249 | | | | | | 88,522 | | | 3.35% | | | | 96,624 | | | | | 107,533 | | | 3.35% | | | | 117,249 | | | ||||||||||||
2017 Term Securitization | | | | 120,190 | | | 3.12% | | | | 116,294 | | | | | — | | | — | | | | — | | | | | | 114,065 | | | 3.12% | | | | 125,881 | | | | | — | | | — | | | | — | | | ||||||||||||
Unamortized debt issuance costs | | | | (6,880) | | | — | | | | — | | | | | (5,190) | | | — | | | | — | | | | | | (6,547) | | | — | | | | — | | | | | (5,190) | | | — | | | | — | | | ||||||||||||
Total | | | | 364,679 | | | | | | | 386,556 | | | | | 327,358 | | | | | | | 367,994 | | | | | $ | 347,308 | | | | | | $ | 386,884 | | | | $ | 327,358 | | | | | | $ | 367,994 | | | ||||||||||||
Total receivable-backed debt | | | $ | 428,434 | | | | | | $ | 473,960 | | | | $ | 414,989 | | | | | | $ | 477,826 | | | | | $ | 419,336 | | | | | | $ | 480,310 | | | | $ | 414,989 | | | | | | $ | 477,826 | | | |
Trust | | Carrying Amount of Junior Subordinated Debentures(1) | | Initial Equity in the Trust(2) | | Issue Date | | Beginning Optional Redemption Date | | Interest Rate Following Beginning Optional Redemption Date | | Interest Rate at September 30, 2017 | | Maturity Date | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BST I | | | $ | 14,661 | | | | $ | 696 | | | | | 3/15/2005 | | | | | 3/30/2010 | | | 3-month LIBOR + 4.90% | | | | 6.20% | | | | | 3/30/2035 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
BST II | | | | 16,430 | | | | | 774 | | | | | 5/4/2005 | | | | | 7/30/2010 | | | 3-month LIBOR + 4.85% | | | | 6.16% | | | | | 7/30/2035 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
BST III | | | | 6,664 | | | | | 310 | | | | | 5/10/2005 | | | | | 7/30/2010 | | | 3-month LIBOR + 4.85% | | | | 6.16% | | | | | 7/30/2035 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
BST IV | | | | 9,735 | | | | | 464 | | | | | 4/24/2006 | | | | | 6/30/2011 | | | 3-month LIBOR + 4.85% | | | | 6.15% | | | | | 6/30/2036 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
BST V | | | | 9,753 | | | | | 464 | | | | | 7/21/2006 | | | | | 9/30/2011 | | | 3-month LIBOR + 4.85% | | | | 6.15% | | | | | 9/30/2036 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
BST VI | | | | 12,857 | | | | | 619 | | | | | 2/26/2007 | | | | | 4/30/2012 | | | 3-month LIBOR + 4.80% | | | | 6.11% | | | | | 4/30/2037 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Trust | | Outstanding Amount of Junior Subordinated Debentures(1) | | Initial Equity In the Trust(2) | | Issue Date | | Beginning Optional Redemption Date | | Interest Rate Following Beginning Optional Redemption Date | | Interest Rate at June 30, 2017 | | Maturity Date | | | | $ | 70,100 | | | | $ | 3,327 | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| BST I | | | $ | 14,571 | | | | $ | 696 | | | | | 3/15/2005 | | | | | 3/30/2010 | | | 3-month LIBOR + 4.90% | | | | 6.05% | | | | | 3/30/2035 | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| BST II | | | | 16,328 | | | | | 774 | | | | | 5/4/2005 | | | | | 7/30/2010 | | | 3-month LIBOR + 4.85% | | | | 5.89% | | | | | 7/30/2035 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| BST III | | | | 6,614 | | | | | 310 | | | | | 5/10/2005 | | | | | 7/30/2010 | | | 3-month LIBOR + 4.85% | | | | 5.89% | | | | | 7/30/2035 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| BST IV | | | | 9,714 | | | | | 464 | | | | | 4/24/2006 | | | | | 6/30/2011 | | | 3-month LIBOR + 4.85% | | | | 6.00% | | | | | 6/30/2036 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| BST V | | | | 9,714 | | | | | 464 | | | | | 7/21/2006 | | | | | 9/30/2011 | | | 3-month LIBOR + 4.85% | | | | 6.00% | | | | | 9/30/2036 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| BST VI | | | | 12,815 | | | | | 619 | | | | | 2/26/2007 | | | | | 4/30/2012 | | | 3-month LIBOR + 4.80% | | | | 5.84% | | | | | 4/30/2037 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | | $ | 69,756 | | | | $ | 3,327 | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
|
| | | | | As of June 30, 2017 | | As of December 31, 2016 | | | As of | | |||||||||||||||||||||||||||||||||||||||||||
| | | | | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | | | September 30, 2017 | | December 31, 2016 | | |||||||||||||||||||||||||||||||||||||
| | | Cash and cash equivalents | | | $ | 145,468 | | | | $ | 145,468 | | | | $ | 144,122 | | | | $ | 144,122 | | | | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | | |||||||||||||||||||||
| | | Restricted cash | | | | 69,626 | | | | | 69,626 | | | | | 46,106 | | | | | 46,106 | | | ||||||||||||||||||||||||||||||
| | | Notes receivable, net | | | | 423,677 | | | | | 525,000 | | | | | 430,480 | | | | | 545,000 | | | ||||||||||||||||||||||||||||||
| | | Lines-of-credit, notes payable, and receivable- backed notes payable | | | | 540,900 | | | | | 552,600 | | | | | 513,371 | | | | | 520,600 | | | ||||||||||||||||||||||||||||||
| | | Junior subordinated debentures | | | | 69,756 | | | | | 90,500 | | | | | 69,044 | | | | | 90,000 | | | ||||||||||||||||||||||||||||||
Cash and cash equivalents | | | $ | 124,002 | | | | $ | 124,002 | | | | $ | 144,122 | | | | $ | 144,122 | | | |||||||||||||||||||||||||||||||||
Restricted cash | | | | 61,129 | | | | | 61,129 | | | | | 46,106 | | | | | 46,106 | | | |||||||||||||||||||||||||||||||||
Notes receivable, net | | | | 429,356 | | | | | 525,000 | | | | | 430,480 | | | | | 545,000 | | | |||||||||||||||||||||||||||||||||
Lines-of-credit, notes payable, and receivable-backed notes payable | | | | 514,930 | | | | | 526,700 | | | | | 513,371 | | | | | 520,600 | | | |||||||||||||||||||||||||||||||||
Junior subordinated debentures | | | | 70,100 | | | | | 96,000 | | | | | 69,044 | | | | | 90,000 | | |
| | | Six Months Ended June 30, 2017 | | |||||||||||||||||||||||||||
| | | Sales of VOIs and financing | | | Resort operations and club management | | | Corporate and other | | | Elimination | | | Segment Total | | |||||||||||||||
Revenues: | | | | | | | |||||||||||||||||||||||||
Sales of VOIs | | | | $ | 111,152 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 111,152 | | |
Fee-based sales commission revenue | | | | | 109,069 | | | | | | — | | | | | | — | | | | | | — | | | | | | 109,069 | | |
Other fee-based services revenue | | | | | 8,554 | | | | | | 47,502 | | | | | | — | | | | | | — | | | | | | 56,056 | | |
Mortgage servicing revenue | | | | | 2,417 | | | | | | — | | | | | | — | | | | | | (2,417) | | | | | | — | | |
Interest income | | | | | 40,021 | | | | | | — | | | | | | 4,356 | | | | | | — | | | | | | 44,377 | | |
Total revenues | | | | | 271,213 | | | | | | 47,502 | | | | | | 4,356 | | | | | | (2,417) | | | | | | 320,654 | | |
Costs and expenses: | | | | | | | |||||||||||||||||||||||||
Cost of VOIs sold | | | | | 4,453 | | | | | | — | | | | | | — | | | | | | — | | | | �� | | 4,453 | | |
Net carrying cost of VOI inventory | | | | | 2,381 | | | | | | — | | | | | | — | | | | | | (2,381) | | | | | | — | | |
Cost of other fee-based services | | | | | 2,426 | | | | | | 28,567 | | | | | | — | | | | | | 2,381 | | | | | | 33,374 | | |
Selling, general and administrative expenses | | | | | 166,264 | | | | | | — | | | | | | 28,269 | | | | | | 340 | | | | | | 194,873 | | |
Mortgage servicing expense | | | | | 2,757 | | | | | | — | | | | | | — | | | | | | (2,757) | | | | | | — | | |
Interest expense | | | | | 8,850 | | | | | | — | | | | | | 6,871 | | | | | | — | | | | | | 15,721 | | |
Total costs and expenses | | | | | 187,131 | | | | | | 28,567 | | | | | | 35,140 | | | | | | (2,417) | | | | | | 248,421 | | |
Income (loss) before non-controlling interest and provision for income taxes | | | | $ | 84,082 | | | | | $ | 18,935 | | | | | $ | (30,784) | | | | | $ | — | | | | | $ | 72,233 | | |
Add: depreciation | | | | | 3,015 | | | | | | 804 | | | | | | |||||||||||||||
Segment Adjusted EBITDA | | | | $ | 87,097 | | | | | $ | 19,739 | | | | | | |||||||||||||||
|
| | Six Months Ended June 30, 2016 | | | Nine Months Ended September 30, 2017 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Sales of VOIs and financing | | Resort operations and club management | | Corporate and other | | Elimination | | Segment Total | | | Sales of VOIs and financing | | Resort operations and club management | | Corporate and other | | Elimination | | Segment Total | | ||||||||||||||||||||||||||||||||||||||||
Revenues: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales of VOIs | | | $ | 124,913 | | | | | — | | | | | — | | | | | — | | | | $ | 124,913 | | | | | $ | 172,839 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 172,839 | | | ||||||||||
Fee-based sales commission revenue | | | | 94,335 | | | | | — | | | | | — | | | | | — | | | | | 94,335 | | | | | | 179,046 | | | | | — | | | | | — | | | | | — | | | | | 179,046 | | | ||||||||||
Other fee-based services revenue | | | | 6,643 | | | | | 44,968 | | | | | — | | | | | — | | | | | 51,611 | | | | | | 10,927 | | | | | 72,515 | | | | | — | | | | | — | | | | | 83,442 | | | ||||||||||
Mortgage servicing revenue | | | | 1,701 | | | | | — | | | | | — | | | | | (1,701) | | | | | — | | | | | | 3,783 | | | | | — | | | | | — | | | | | (3,783) | | | | | — | | | ||||||||||
Interest income | | | | 39,947 | | | | | — | | | | | 4,285 | | | | | — | | | | | 44,232 | | | | | | 59,929 | | | | | — | | | | | 5,744 | | | | | — | | | | | 65,673 | | | ||||||||||
Other income, net | | | | — | | | | | 86 | | | | | — | | | | | 86 | | | | ||||||||||||||||||||||||||||||||||||||||
Total revenues | | | | 267,539 | | | | | 44,968 | | | | | 4,371 | | | | | (1,701) | | | | | 315,177 | | | | | | 426,524 | | | | | 72,515 | | | | | 5,744 | | | | | (3,783) | | | | | 501,000 | | | ||||||||||
Costs and expenses: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of VOIs sold | | | | 13,583 | | | | | — | | | | | — | | | | | — | | | | | 13,583 | | | | | | 10,737 | | | | | — | | | | | — | | | | | — | | | | | 10,737 | | | ||||||||||
Net carrying cost of VOI inventory | | | | 3,373 | | | | | — | | | | | — | | | | | (3,373) | | | | | — | | | | | | 3,219 | | | | | — | | | | | — | | | | | (3,219) | | | | | — | | | ||||||||||
Cost of other fee-based services | | | | 2,664 | | | | | 25,550 | | | | | — | | | | | 3,373 | | | | | 31,587 | | | | | | 3,678 | | | | | 44,653 | | | | | — | | | | | 3,219 | | | | | 51,550 | | | ||||||||||
Selling, general and administrative expenses | | | | 159,491 | | | | | — | | | | | 44,520 | | | | | 1,520 | | | | | 205,531 | | | | | | 263,441 | | | | | — | | | | | 44,741 | | | | | 333 | | | | | 308,515 | | | ||||||||||
Mortgage servicing expense | | | | 3,221 | | | | | — | | | | | — | | | | | (3,221) | | | | | — | | | | | | 4,116 | | | | | — | | | | | — | | | | | (4,116) | | | | | — | | | ||||||||||
Interest expense | | | | 9,748 | | | | | — | | | | | 6,304 | | | | | — | | | | | 16,052 | | | | | | 13,364 | | | | | — | | | | | 10,415 | | | | | — | | | | | 23,779 | | | ||||||||||
Other expense, net | | | | | | | | | | | | | | 120 | | | | | | | | | | 120 | | | ||||||||||||||||||||||||||||||||||||
Total costs and expenses | | | | 192,080 | | | | | 25,550 | | | | | 50,824 | | | | | (1,701) | | | | | 266,753 | | | | | | 298,555 | | | | | 44,653 | | | | | 55,276 | | | | | (3,783) | | | | | 394,701 | | | ||||||||||
Income (loss) before non-controlling interest and provision for income taxes | | | $ | 75,459 | | | | $ | 19,418 | | | | $ | (46,453) | | | | $ | — | | | | $ | 48,424 | | | | | $ | 127,969 | | | | $ | 27,862 | | | | $ | (49,532) | | | | $ | — | | | | $ | 106,299 | | | ||||||||||
Add: depreciation | | | | 3,174 | | | | | 691 | | | | | | | 4,600 | | | | | 1,179 | | | | ||||||||||||||||||||||||||||||||||||||
Add: Restructuring costs | | | | 3,087 | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA | | | $ | 78,633 | | | | $ | 20,109 | | | | | | $ | 135,656 | | | | $ | 29,041 | | | | |
| | | Nine Months Ended September 30, 2016 | | |||||||||||||||||||||||||||
| | | Sales of VOIs and financing | | | Resort operations and club management | | | Corporate and other | | | Elimination | | | Segment Total | | |||||||||||||||
Revenues: | | | | | | | |||||||||||||||||||||||||
Sales of VOIs | | | | $ | 196,654 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 196,654 | | |
Fee-based sales commission revenue | | | | | 153,718 | | | | | | — | | | | | | — | | | | | | — | | | | | | 153,718 | | |
Other fee-based services revenue | | | | | 10,418 | | | | | | 68,003 | | | | | | — | | | | | | — | | | | | | 78,421 | | |
Mortgage servicing revenue | | | | | 2,691 | | | | | | — | | | | | | — | | | | | | (2,691) | | | | | | — | | |
Interest income | | | | | 60,496 | | | | | | — | | | | | | 6,435 | | | | | | — | | | | | | 66,931 | | |
Other income, net | | | | | | | | | | | — | | | | | | 597 | | | | | | — | | | | | | 597 | | |
Total revenues | | | | | 423,977 | | | | | | 68,003 | | | | | | 7,032 | | | | | | (2,691) | | | | | | 496,321 | | |
Costs and expenses: | | | | | | | |||||||||||||||||||||||||
Cost of VOIs sold | | | | | 19,410 | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,410 | | |
Net carrying cost of VOI inventory | | | | | 4,748 | | | | | | — | | | | | | — | | | | | | (4,748) | | | | | | — | | |
Cost of other fee-based services | | | | | 3,996 | | | | | | 39,900 | | | | | | — | | | | | | 4,748 | | | | | | 48,644 | | |
Selling, general and administrative expenses | | | | | 257,087 | | | | | | — | | | | | | 57,287 | | | | | | 2,130 | | | | | | 316,504 | | |
Mortgage servicing expense | | | | | 4,821 | | | | | | — | | | | | | — | | | | | | (4,821) | | | | | | — | | |
Interest expense | | | | | 14,211 | | | | | | — | | | | | | 10,250 | | | | | | — | | | | | | 24,461 | | |
Total costs and expenses | | | | | 304,273 | | | | | | 39,900 | | | | | | 67,537 | | | | | | (2,691) | | | | | | 409,019 | | |
Income (loss) before non-controlling interest and provision for income taxes | | | | $ | 119,704 | | | | | $ | 28,103 | | | | | $ | (60,505) | | | | | $ | — | | | | | $ | 87,302 | | |
Add: depreciation | | | | | 4,780 | | | | | | 1,036 | | | | | | |||||||||||||||
Segment Adjusted EBITDA | | | | $ | 124,484 | | | | | $ | 29,139 | | | | | | |||||||||||||||
|
| | | As of December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
ASSETS | | | | ||||||||||
Cash and cash equivalents | | | | $ | 144,122 | | | | | $ | 115,524 | | |
Restricted cash ($21,894 and $25,358 in VIEs at December 31, 2016 and December 31, 2015, respectively) | | | | | 46,106 | | | | | | 56,714 | | |
Notes receivable, net ($287,012 and $280,486 in VIEs at December 31, 2016 and December 31, 2015, respectively) | | | | | 430,480 | | | | | | 415,598 | | |
Inventory | | | | | 238,534 | | | | | | 220,211 | | |
Prepaid expenses | | | | | 8,745 | | | | | | 9,293 | | |
Other assets | | | | | 48,099 | | | | | | 51,897 | | |
Intangible assets, net | | | | | 61,749 | | | | | | 61,977 | | |
Loan to related party | | | | | 80,000 | | | | | | 80,000 | | |
Property and equipment, net | | | | | 70,797 | | | | | | 71,937 | | |
Total assets | | | | $ | 1,128,632 | | | | | $ | 1,083,151 | | |
LIABILITIES AND SHAREHOLDER’S EQUITY | | | | ||||||||||
Liabilities | | | | ||||||||||
Accounts payable | | | | $ | 21,769 | | | | | $ | 14,841 | | |
Accrued liabilities and other | | | | | 70,947 | | | | | | 69,874 | | |
Deferred income | | | | | 37,015 | | | | | | 28,847 | | |
Deferred income taxes | | | | | 126,278 | | | | | | 111,131 | | |
Receivable-backed notes payable - recourse | | | | | 87,631 | | | | | | 89,888 | | |
Receivable-backed notes payable - non-recourse (in VIEs) | | | | | 327,358 | | | | | | 314,024 | | |
Lines-of-credit and notes payable | | | | | 98,382 | | | | | | 99,609 | | |
Junior subordinated debentures | | | | | 69,044 | | | | | | 67,255 | | |
Total liabilities | | | | | 838,424 | | | | | | 795,469 | | |
Commitments and Contingencies - See Note 8 | | | | ||||||||||
Shareholder’s Equity | | | | ||||||||||
Common stock, $.01 par value, 100 shares authorized; 100 shares issued and outstanding at December 31, 2016 and December 31, 2015 | | | | | — | | | | | | — | | |
Additional paid-in capital | | | | | 227,844 | | | | | | 227,844 | | |
Retained earnings | | | | | 21,592 | | | | | | 16,641 | | |
Total Bluegreen Vacations Corporation shareholder’s equity | | | | | 249,436 | | | | | | 244,485 | | |
Non-controlling interest | | | | | 40,772 | | | | | | 43,197 | | |
Total shareholder’s equity | | | | | 290,208 | | | | | | 287,682 | | |
Total liabilities and shareholder’s equity | | | | $ | 1,128,632 | | | | | $ | 1,083,151 | | |
|
| | | For the Years Ended December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Revenues: | | | | ||||||||||
Gross sales of VOIs | | | | $ | 310,570 | | | | | $ | 301,324 | | |
Estimated uncollectible VOI notes receivable | | | | | (44,428) | | | | | | (42,088) | | |
Sales of VOIs | | | | | 266,142 | | | | | | 259,236 | | |
Fee-based sales commission revenue | | | | | 201,829 | | | | | | 173,659 | | |
Other fee-based services revenue | | | | | 103,448 | | | | | | 97,539 | | |
Interest income | | | | | 89,510 | | | | | | 84,331 | | |
Other income, net | | | | | 1,724 | | | | | | 2,883 | | |
Total revenues | | | | | 662,653 | | | | | | 617,648 | | |
Costs and expenses: | | | | ||||||||||
Cost of VOIs sold | | | | | 27,346 | | | | | | 22,884 | | |
Cost of other fee-based services | | | | | 64,479 | | | | | | 60,942 | | |
Selling, general and administrative expenses | | | | | 415,027 | | | | | | 373,804 | | |
Interest expense | | | | | 30,853 | | | | | | 35,698 | | |
Total costs and expenses | | | | | 537,705 | | | | | | 493,328 | | |
Income before non-controlling interest and provision for income taxes | | | | | 124,948 | | | | | | 124,320 | | |
Provision for income taxes | | | | | 40,172 | | | | | | 42,311 | | |
Net income | | | | | 84,776 | | | | | | 82,009 | | |
Less: Net income attributable to non-controlling interest | | | | | 9,825 | | | | | | 11,705 | | |
Net income attributable to Bluegreen Vacations Corporation Shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | |
Comprehensive income attributable to Bluegreen Vacations Corporation Shareholder | | | | $ | 74,951 | | | | | $ | 70,304 | | |
Earnings per share: | | | | ||||||||||
Basic and diluted | | | | $ | 749,510.00 | | | | | $ | 703,040.00 | | |
|
| | | Total | | | Equity Attributable to Bluegreen Shareholder | | | Equity Attributable to Non-Controlling Interest | | |||||||||||||||
| | | Additional Paid-in- Capital | | | Retained Earnings | | ||||||||||||||||||
Balance at December 31, 2014 | | | | $ | 271,833 | | | | | $ | 227,844 | | | | | $ | 737 | | | | | $ | 43,252 | | |
Net income | | | | | 82,009 | | | | | | — | | | | | | 70,304 | | | | | | 11,705 | | |
Member distribution to non-controlling interest holder | | | | | (11,760) | | | | | | — | | | | | | — | | | | | | (11,760) | | |
Dividends to shareholder | | | | | (54,400) | | | | | | — | | | | | | (54,400) | | | | | | — | | |
Balance at December 31, 2015 | | | | | 287,682 | | | | | | 227,844 | | | | | | 16,641 | | | | | | 43,197 | | |
Net income | | | | | 84,776 | | | | | | — | | | | | | 74,951 | | | | | | 9,825 | | |
Member distribution to non-controlling interest holder | | | | | (12,250) | | | | | | — | | | | | | — | | | | | | (12,250) | | |
Dividends to shareholder | | | | | (70,000) | | | | | | — | | | | | | (70,000) | | | | | | — | | |
Balance at December 31, 2016 | | | | $ | 290,208 | | | | | $ | 227,844 | | | | | $ | 21,592 | | | | | $ | 40,772 | | |
|
| | | For the Years Ended December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Operating activities: | | | | ||||||||||
Net income | | | | $ | 84,776 | | | | | $ | 82,009 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | ||||||||||
Depreciation and amortization | | | | | 14,272 | | | | | | 14,862 | | |
Gain on disposal of property and equipment | | | | | (1,046) | | | | | | (163) | | |
Provision for credit losses | | | | | 44,337 | | | | | | 42,063 | | |
Provision for deferred income taxes | | | | | 15,147 | | | | | | 18,522 | | |
Changes in operating assets and liabilities: | | | | ||||||||||
Notes receivable | | | | | (59,219) | | | | | | (33,394) | | |
Prepaid expenses and other assets | | | | | 5,280 | | | | | | (14,971) | | |
Restricted cash | | | | | 10,608 | | | | | | (2,094) | | |
Inventory | | | | | (18,323) | | | | | | (25,498) | | |
Accounts payable, accrued liabilities and other, and deferred income | | | | | 16,644 | | | | | | (43) | | |
Net cash provided by operating activities | | | | | 112,476 | | | | | | 81,293 | | |
Investing activities: | | | | ||||||||||
Purchases of property and equipment | | | | | (9,605) | | | | | | (9,176) | | |
Proceeds from sale of property and equipment | | | | | 2,253 | | | | | | 251 | | |
Loan to related party | | | | | — | | | | | | (80,000) | | |
Net cash used in investing activities | | | | | (7,352) | | | | | | (88,925) | | |
Financing activities: | | | | ||||||||||
Proceeds from borrowings collateralized by notes receivable | | | | | 238,521 | | | | | | 220,762 | | |
Payments on borrowings collateralized by notes receivable | | | | | (227,163) | | | | | | (224,354) | | |
Proceeds from borrowings under line-of-credit facilities and notes payable | | | | | 45,243 | | | | | | 37,141 | | |
Payments under line-of-credit facilities and notes payable | | | | | (46,269) | | | | | | (25,618) | | |
Payments of debt issuance costs | | | | | (4,608) | | | | | | (3,784) | | |
Distributions to non-controlling interest | | | | | (12,250) | | | | | | (11,760) | | |
Dividends paid | | | | | (70,000) | | | | | | (54,400) | | |
Net cash used in financing activities | | | | | (76,526) | | | | | | (62,013) | | |
Net increase (decrease) in cash and cash equivalents | | | | | 28,598 | | | | | | (69,645) | | |
Cash and cash equivalents at beginning of period | | | | | 115,524 | | | | | | 185,169 | | |
Cash and cash equivalents at end of period | | | | $ | 144,122 | | | | | $ | 115,524 | | |
|
| | | Year Ended December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Supplemental schedule of operating cash flow information: | | | | ||||||||||
Interest paid, net of amounts capitalized | | | | $ | 27,511 | | | | | $ | 30,140 | | |
Income taxes paid | | | | $ | 26,769 | | | | | $ | 25,699 | | |
|
Activity | | | Revenue is recognized when: | |
Fee-based sales commissions | | | The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired. | |
Resort management and service fees | | | Management services are rendered (1). | |
Resort title fees | | | Escrow amounts are released and title documents are completed. | |
Rental and sampler program | | | Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “Cost of other fee-based services” in Bluegreen’s Consolidated Statements of Income and Comprehensive Income. | |
| | | | | | | As of December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Deferred sampler program income | | | | $ | 11,821 | | | | | $ | 10,024 | | |
| | | | Deferred VOI sales revenue | | | | | 21,126 | | | | | | 15,095 | | |
| | | | Other deferred income | | | | | 4,068 | | | | | | 3,728 | | |
| | | | Total | | | | $ | 37,015 | | | | | $ | 28,847 | | |
|
| | | As reported at or for the year ended December 31, 2016 | | | Effect of change | | | As adjusted at or for the year ended December 31, 2016 | | |||||||||
Notes receivable, net | | | | | 430,579 | | | | | | (99) | | | | | | 430,480 | | |
Inventory | | | | | 275,430 | | | | | | (36,896) | | | | | | 238,534 | | |
Other assets | | | | | 50,179 | | | | | | (2,080) | | | | | | 48,099 | | |
Intangible assets, net | | | | | — | | | | | | 61,749 | | | | | | 61,749 | | |
Property and equipment, net | | | | | 78,579 | | | | | | (7,782) | | | | | | 70,797 | | |
Accrued liabilities and other | | | | | 72,458 | | | | | | (1,511) | | | | | | 70,947 | | |
Deferred income taxes | | | | | 103,020 | | | | | | 23,258 | | | | | | 126,278 | | |
Junior subordinated debentures | | | | | 108,555 | | | | | | (39,511) | | | | | | 69,044 | | |
Total Bluegreen Vacations Corporation shareholder’s equity | | | | | 213,252 | | | | | | 36,184 | | | | | | 249,436 | | |
Non-controlling interest | | | | | 44,298 | | | | | | (3,526) | | | | | | 40,772 | | |
Estimated uncollectible VOI notes receivable | | | | | (44,497) | | | | | | 69 | | | | | | (44,428) | | |
Interest income | | | | | 89,323 | | | | | | 187 | | | | | | 89,510 | | |
Other income, net | | | | | 341 | | | | | | 1,383 | | | | | | 1,724 | | |
Cost of VOIs sold | | | | | 37,875 | | | | | | (10,529) | | | | | | 27,346 | | |
Selling, general and administrative expenses | | | | | 414,495 | | | | | | 532 | | | | | | 415,027 | | |
Interest expense | | | | | 29,182 | | | | | | 1,671 | | | | | | 30,853 | | |
Income before non-controlling interest and provision for income taxes | | | | | 114,983 | | | | | | 9,965 | | | | | | 124,948 | | |
Provision for income taxes | | | | | 36,503 | | | | | | 3,669 | | | | | | 40,172 | | |
Net income | | | | | 78,480 | | | | | | 6,296 | | | | | | 84,776 | | |
Net income attributable to non-controlling interest | | | | | 9,694 | | | | | | 131 | | | | | | 9,825 | | |
Net income attributable to Bluegreen Vacations Corporation Shareholder | | | | | 68,786 | | | | | | 6,165 | | | | | | 74,951 | | |
| | | As reported at or for the year ended December 31, 2015 | | | Effect of change | | | As adjusted at or for the year ended December 31, 2015 | | |||||||||
Notes receivable, net | | | | | 415,953 | | | | | | (355) | | | | | | 415,598 | | |
Inventory | | | | | 267,636 | | | | | | (47,425) | | | | | | 220,211 | | |
Other assets | | | | | 54,009 | | | | | | (2,112) | | | | | | 51,897 | | |
Intangible assets, net | | | | | — | | | | | | 61,977 | | | | | | 61,977 | | |
Property and equipment, net | | | | | 81,455 | | | | | | (9,518) | | | | | | 71,937 | | |
Accrued liabilities and other | | | | | 72,077 | | | | | | (2,203) | | | | | | 69,874 | | |
Deferred income taxes | | | | | 91,542 | | | | | | 19,589 | | | | | | 111,131 | | |
Junior subordinated debentures | | | | | 108,436 | | | | | | (41,181) | | | | | | 67,255 | | |
Total Bluegreen Vacations Corporation shareholder’s equity | | | | | 214,466 | | | | | | 30,019 | | | | | | 244,485 | | |
Non-controlling interest | | | | | 46,854 | | | | | | (3,657) | | | | | | 43,197 | | |
Estimated uncollectible VOI notes receivable | | | | | (41,449) | | | | | | (639) | | | | | | (42,088) | | |
Interest income | | | | | 85,475 | | | | | | (1,144) | | | | | | 84,331 | | |
Other income, net | | | | | 4,590 | | | | | | (1,707) | | | | | | 2,883 | | |
Cost of VOIs sold | | | | | 32,741 | | | | | | (9,857) | | | | | | 22,884 | | |
Selling, general and administrative expenses | | | | | 373,268 | | | | | | 536 | | | | | | 373,804 | | |
Interest expense | | | | | 33,564 | | | | | | 2,134 | | | | | | 35,698 | | |
Income before non-controlling interest and provision for income taxes | | | | | 120,623 | | | | | | 3,697 | | | | | | 124,320 | | |
Provision for income taxes | | | | | 41,156 | | | | | | 1,155 | | | | | | 42,311 | | |
Net income | | | | | 79,467 | | | | | | 2,542 | | | | | | 82,009 | | |
Net income attributable to non-controlling interest | | | | | 11,510 | | | | | | 195 | | | | | | 11,705 | | |
Net income attributable to Bluegreen Vacations Corporation Shareholder | | | | | 67,957 | | | | | | 2,347 | | | | | | 70,304 | | |
| | | | | | | As of December 31, 2015 Prior to Reclassifcation | | | Reclassifications | | | As adjusted December 31, 2015 | | |||||||||
| | | | Other assets | | | | $ | 58,777 | | | | | $ | (6,880) | | | | | $ | 51,897 | | |
| | | | Receivable-backed notes payable - non-recourse (in VIEs) | | | | | 318,929 | | | | | | (4,905) | | | | | | 314,024 | | |
| | | | Lines-of-credit and notes payable | | | | | 101,584 | | | | | | (1,975) | | | | | | 99,609 | | |
| | | | | | | As of December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Notes receivable secured by VOIs: | | | | ||||||||||
| | | | VOI notes receivable - non-securitized | | | | $ | 175,123 | | | | | $ | 166,040 | | |
| | | | VOI notes receivable - securitized | | | | | 369,259 | | | | | | 357,845 | | |
| | | | | | | | | 544,382 | | | | | | 523,885 | | |
| | | | Allowance for credit losses - non-securitized | | | | | (33,173) | | | | | | (33,108) | | |
| | | | Allowance for credit losses - securitized | | | | | (82,247) | | | | | | (77,359) | | |
| | | | VOI notes receivable, net | | | | $ | 428,962 | | | | | $ | 413,418 | | |
| | | | Allowance as a % of VOI notes receivable | | | | | 21% | | | | | | 21% | | |
|
| | | | | | | As of December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Notes receivable secured by homesites: (1) | | | | ||||||||||
| | | | Homesite notes receivable | | | | $ | 1,688 | | | | | $ | 2,427 | | |
| | | | Allowance for credit losses | | | | | (170) | | | | | | (247) | | |
| | | | Homesite notes receivable, net | | | | $ | 1,518 | | | | | $ | 2,180 | | |
| | | | Allowance as a % of homesite notes receivable | | | | | 10% | | | | | | 10% | | |
| | | | Total notes receivable: | | | | ||||||||||
| | | | Gross notes receivable | | | | $ | 546,070 | | | | | $ | 526,312 | | |
| | | | Allowance for credit losses | | | | | (115,590) | | | | | | (110,714) | | |
| | | | Notes receivable, net | | | | $ | 430,480 | | | | | $ | 415,598 | | |
| | | | Allowance as a % of gross notes receivable | | | | | 21% | | | | | | 21% | | |
|
| | | | 2017 | | | | $ | 72,371 | | |
| | | | 2018 | | | | | 61,717 | | |
| | | | 2019 | | | | | 56,748 | | |
| | | | 2020 | | | | | 58,153 | | |
| | | | 2021 | | | | | 60,522 | | |
| | | | Thereafter | | | | | 236,559 | | |
| | | | Total | | | | $ | 546,070 | | |
|
| | | | | | | For the Year Ended December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Balance, beginning of year | | | | $ | 110,714 | | | | | $ | 102,566 | | |
| | | | Provision for credit losses | | | | | 44,337 | | | | | | 42,063 | | |
| | | | Less: Write-offs of uncollectible receivables | | | | | (39,461) | | | | | | (33,915) | | |
| | | | Balance, end of year | | | | $ | 115,590 | | | | | $ | 110,714 | | |
|
| | | | | | | As of December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Current | | | | $ | 521,536 | | | | | $ | 501,738 | | |
| | | | 31-60 days | | | | | 6,378 | | | | | | 6,889 | | |
| | | | 61-90 days | | | | | 5,082 | | | | | | 4,869 | | |
| | | | Over 91 days (1) | | | | | 11,386 | | | | | | 10,389 | | |
| | | | Total | | | | $ | 544,382 | | | | | $ | 523,885 | | |
|
| | | | | | | As of December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Restricted cash | | | | $ | 21,894 | | | | | $ | 25,358 | | |
| | | | Securitized notes receivable, net | | | | | 287,012 | | | | | | 280,486 | | |
| | | | Receivable backed notes payable - non-recourse | | | | | 327,358 | | | | | | 314,024 | | |
| | | | | | | As of December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Completed VOI units | | | | $ | 156,401 | | | | | $ | 149,072 | | |
| | | | Construction-in-progress | | | | | 10,427 | | | | | | 10,455 | | |
| | | | Real estate held for future development | | | | | 71,706 | | | | | | 60,684 | | |
| | | | | | | | $ | 238,534 | | | | | $ | 220,211 | | |
|
| | | | | | | | | | As of December 31, | | |||||||||
| | | | | | | Useful Lives | | | 2016 | | | 2015 | | ||||||
| | | | Office equipment, furniture and fixtures | | | 3-14 years | | | | $ | 50,524 | | | | | $ | 45,457 | | |
| | | | Land, buildings and building improvements | | | 3-31 years | | | | | 56,211 | | | | | | 58,015 | | |
| | | | Leasehold improvements | | | 3-14 years | | | | | 7,764 | | | | | | 8,037 | | |
| | | | Transportation and equipment | | | 5 years | | | | | 193 | | | | | | 211 | | |
| | | | | | | | | | | | 114,692 | | | | | | 111,720 | | |
| | | | Accumulated depreciation and amortization | | | | | | | | (43,895) | | | | | | (39,783) | | |
| | | | Total | | | | | | | $ | 70,797 | | | | | $ | 71,937 | | |
|
| | | Lines-of-credit and notes payable | | �� | Recourse receivable-backed notes payable | | | Non-recourse receivable-backed notes payable | | | Junior subordinated debentures | | | Total | | |||||||||||||||
2017 | | | | $ | 7,496 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7,496 | | |
2018 | | | | | 20,373 | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,373 | | |
2019 | | | | | 27,476 | | | | | | 5,125 | | | | | | — | | | | | | — | | | | | | 32,601 | | |
2020 | | | | | 8,122 | | | | | | 41,385 | | | | | | 31,417 | | | | | | — | | | | | | 80,924 | | |
2021 | | | | | 37,092 | | | | | | 32,247 | | | | | | — | | | | | | — | | | | | | 69,339 | | |
Thereafter | | | | | — | | | | | | 8,874 | | | | | | 301,131 | | | | | | 110,827 | | | | | | 420,832 | | |
Unamortized debt issuance costs | | | | | (2,177) | | | | | | — | | | | | | (5,190) | | | | | | — | | | | | | (7,367) | | |
Purchase accounting adjustment | | | | | — | | | | | | — | | | | | | — | | | | | | (41,783) | | | | | | (41,783) | | |
Total | | | | $ | 98,382 | | | | | $ | 87,631 | | | | | $ | 327,358 | | | | | $ | 69,044 | | | | | $ | 582,415 | | |
|
| | | As of December 31, | | |||||||||||||||||||||||||||||||||
| | | 2016 | | | 2015 | | ||||||||||||||||||||||||||||||
| | | Balance | | | Interest Rate | | | Carrying Amount of Pledged Assets | | | Balance | | | Interest Rate | | | Carrying Amount of Pledged Assets | | ||||||||||||||||||
2013 Notes Payable | | | | $ | 52,500 | | | | | | 5.50% | | | | | $ | 29,349 | | | | | $ | 58,500 | | | | | | 8.05% | | | | | $ | 30,411 | | |
Pacific Western Term Loan | | | | | 1,727 | | | | | | 6.02% | | | | | | 8,963 | | | | | | 3,791 | | | | | | 5.68% | | | | | | 10,868 | | |
Fifth Third Bank Note Payable | | | | | 4,326 | | | | | | 3.62% | | | | | | 9,157 | | | | | | 4,572 | | | | | | 3.50% | | | | | | 9,336 | | |
NBA Line of Credit | | | | | 2,006 | | | | | | 5.00% | | | | | | 8,230 | | | | | | 9,721 | | | | | | 5.50% | | | | | | 24,246 | | |
Fifth Third Syndicated LOC | | | | | 15,000 | | | | | | 3.46% | | | | | | 60,343 | | | | | | 25,000 | | | | | | 3.11% | | | | | | 54,312 | | |
Fifth Third Syndicated Term | | | | | 25,000 | | | | | | 3.46% | | | | | | 20,114 | | | | | | — | | | | | | — | | | | | | — | | |
Unamortized debt issuance costs | | | | | (2,177) | | | | | | — | | | | | | — | | | | | | (1,975) | | | | | | — | | | | | | — | | |
Total | | | | $ | 98,382 | | | | | | | | | | | $ | 136,156 | | | | | $ | 99,609 | | | | | | | | | | | $ | 129,173 | | |
|
| | | As of December 31, | | |||||||||||||||||||||||||||
| | | 2016 | | | 2015 | | ||||||||||||||||||||||||
| | | Debt Balance | | | Interest Rate | | | Principal Balance of Pledged/ Secured Receivables | | | Debt Balance | | | Interest Rate | | | Principal Balance of Pledged/ Secured Receivables | | ||||||||||||
Recourse receivable-backed notes payable: | | | | | | | | ||||||||||||||||||||||||
Liberty Bank Facility | | | | $ | 32,674 | | | | 4.25% | | | | $ | 41,357 | | | | | $ | 46,547 | | | | 4.00% | | | | $ | 56,815 | | |
NBA Receivables Facility | | | | | 34,164 | | | | 3.50 - 4.00% | | | | | 40,763 | | | | | | 24,860 | | | | 4.00 - 4.50% | | | | | 29,947 | | |
Pacific Western Facility | | | | | 20,793 | | | | 5.14% | | | | | 27,712 | | | | | | 18,481 | | | | 4.93% | | | | | 23,596 | | |
Total | | | | $ | 87,631 | | | | | | | | $ | 109,832 | | | | | $ | 89,888 | | | | | | | | $ | 110,358 | | |
Non-recourse receivable-backed notes payable: | | | | | | | | ||||||||||||||||||||||||
BB&T/DZ Purchase Facility | | | | $ | 31,417 | | | | 3.67% | | | | $ | 41,388 | | | | | $ | 38,228 | | | | 3.33% | | | | $ | 50,224 | | |
Quorum Purchase Facility | | | | | 23,981 | | | | 4.75% - 6.90% | | | | | 26,855 | | | | | | 28,500 | | | | 4.75% - 6.90% | | | | | 32,303 | | |
2007 Term Securitization | | | | | — | | | | — | | | | | — | | | | | | 17,642 | | | | 7.32% | | | | | 18,720 | | |
2008 Term Securitization | | | | | — | | | | — | | | | | — | | | | | | 7,227 | | | | 7.88% | | | | | 7,726 | | |
2010 Term Securitization | | | | | 13,163 | | | | 5.54% | | | | | 16,191 | | | | | | 24,074 | | | | 5.54% | | | | | 28,159 | | |
2012 Term Securitization | | | | | 32,929 | | | | 2.94% | | | | | 36,174 | | | | | | 44,603 | | | | 2.94% | | | | | 49,091 | | |
2013 Term Securitization | | | | | 48,514 | | | | 3.20% | | | | | 51,157 | | | | | | 62,670 | | | | 3.20% | | | | | 66,020 | | |
2015 Term Securitization | | | | | 75,011 | | | | 3.02% | | | | | 78,980 | | | | | | 95,985 | | | | 3.02% | | | | | 100,142 | | |
2016 Term Securitization | | | | | 107,533 | | | | 3.35% | | | | | 117,249 | | | | | | — | | | | — | | | | | — | | |
Unamortized debt issuance costs | | | | | (5,190) | | | | — | | | | | — | | | | | | (4,905) | | | | — | | | | | — | | |
Total | | | | | 327,358 | | | | | | | | | 367,994 | | | | | | 314,024 | | | | | | | | | 352,385 | | |
Total receivable-backed debt | | | | $ | 414,989 | | | | | | | | $ | 477,826 | | | | | $ | 403,912 | | | | | | | | $ | 462,743 | | |
|
Trust | | | Outstanding Amount of Junior Subordinated Debentures(1) | | | Initial Equity In Trust(2) | | | Issue Date | | | Beginning Optional Redemption Date | | | Interest Rate Following Beginning Optional Redemption Date | | | Interest Rate at December 31, 2016 | | | Maturity Date | | ||||||||||||
BST I | | | | $ | 14,422 | | | | | $ | 696 | | | | 3/15/2005 | | | | | 3/30/2010 | | | | 3-month LIBOR + 4.90% | | | | | 5.90% | | | | 3/30/2035 | |
BST II | | | | | 16,164 | | | | | | 774 | | | | 5/4/2005 | | | | | 7/30/2010 | | | | 3-month LIBOR + 4.85% | | | | | 5.74% | | | | 7/30/2035 | |
BST III | | | | | 6,550 | | | | | | 310 | | | | 5/10/2005 | | | | | 7/30/2010 | | | | 3-month LIBOR + 4.85% | | | | | 5.74% | | | | 7/30/2035 | |
BST IV | | | | | 9,614 | | | | | | 464 | | | | 4/24/2006 | | | | | 6/30/2011 | | | | 3-month LIBOR + 4.85% | | | | | 5.85% | | | | 6/30/2036 | |
BST V | | | | | 9,614 | | | | | | 464 | | | | 7/21/2006 | | | | | 9/30/2011 | | | | 3-month LIBOR + 4.85% | | | | | 5.85% | | | | 9/30/2036 | |
BST VI | | | | | 12,680 | | | | | | 619 | | | | 2/26/2007 | | | | | 4/30/2012 | | | | 3-month LIBOR + 4.80% | | | | | 5.69% | | | | 4/30/2037 | |
| | | | $ | 69,044 | | | | | $ | 3,327 | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | As of December 31, 2016 | | | As of December 31, 2015 | | ||||||||||||||||||
| | | Carrying Amount | | | Estimated Fair Value | | | Carrying Amount | | | Estimated Fair Value | | ||||||||||||
Cash and cash equivalents | | | | $ | 144,122 | | | | | $ | 144,122 | | | | | $ | 115,524 | | | | | $ | 115,524 | | |
Restricted cash | | | | | 46,106 | | | | | | 46,106 | | | | | | 56,714 | | | | | | 56,714 | | |
Notes receivable, net | | | | | 430,480 | | | | | | 545,000 | | | | | | 415,598 | | | | | | 495,000 | | |
Lines-of-credit, notes payable, and receivable- backed notes payable | | | | | 513,371 | | | | | | 520,600 | | | | | | 503,521 | | | | | | 509,200 | | |
Junior subordinated debentures | | | | | 69,044 | | | | | | 90,000 | | | | | | 67,255 | | | | | | 71,500 | | |
| | | | 2017 | | | | $ | 9,171 | | |
| | | | 2018 | | | | | 5,919 | | |
| | | | 2019 | | | | | 3,223 | | |
| | | | 2020 | | | | | 3,230 | | |
| | | | 2021 | | | | | 3,312 | | |
| | | | Thereafter | | | | | 17,338 | | |
| | | | Total future minimum lease payments | | | | $ | 42,193 | | |
|
| | | | | | | Year Ended December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Federal: | | | | ||||||||||
| | | | Current | | | | $ | 22,262 | | | | | $ | 19,566 | | |
| | | | Deferred | | | | | 18,499 | | | | | | 18,608 | | |
| | | | | | | | $ | 40,761 | | | | | $ | 38,174 | | |
| | | | State and Other: | | | | ||||||||||
| | | | Current | | | | $ | 2,763 | | | | | $ | 4,223 | | |
| | | | Deferred | | | | | (3,352) | | | | | | (86) | | |
| | | | | | | | | (589) | | | | | | 4,137 | | |
| | | | Total | | | | $ | 40,172 | | | | | $ | 42,311 | | |
|
| | | | | | | For the Year Ended December 31, | | |||||||||
| | | | | | | 2016 | | | 2015 | | ||||||
| | | | Income tax expense at statutory rate | | | | $ | 40,293 | | | | | $ | 39,416 | | |
| | | | Effect of state taxes, net of federal tax benefit | | | | | 1,796 | | | | | | 1,620 | | |
| | | | Effect of state rate changes on net deferred liabilities | | | | | (1,631) | | | | | | 1,335 | | |
| | | | Change in valuation allowance | | | | | (549) | | | | | | (47) | | |
| | | | Other | | | | | 263 | | | | | | (13) | | |
| | | | Total | | | | $ | 40,172 | | | | | $ | 42,311 | | |
|
| | | As of December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Deferred federal and state tax liabilities (assets): | | | | ||||||||||
Installment sales treatment of VOI notes receivable | | | | $ | 152,074 | | | | | $ | 150,236 | | |
Deferred federal and state loss carryforwards/AMT credits (net of valuation allowance of $2.2 million and $2.7 million as of December 31, 2016 and 2015 , respectively) | | | | | (11,450) | | | | | | (23,283) | | |
Book reserves for loan losses and inventory | | | | | (40,714) | | | | | | (39,873) | | |
Tax under book depreciation | | | | | (2,924) | | | | | | (2,618) | | |
Deferral of VOI sales and costs under timeshare accounting rules | | | | | 8,718 | | | | | | 9,222 | | |
Real estate valuation | | | | | (13,463) | | | | | | (18,778) | | |
Intangible assets | | | | | 23,353 | | | | | | 23,503 | | |
Junior subordinated debentures | | | | | 16,349 | | | | | | 17,206 | | |
Other | | | | | (5,665) | | | | | | (4,484) | | |
Deferred income taxes | | | | $ | 126,278 | | | | | $ | 111,131 | | |
Total deferred federal and state tax liabilities | | | | $ | 200,494 | | | | | $ | 200,167 | | |
Total deferred federal and state tax assets | | | | | (74,216) | | | | | | (89,036) | | |
Deferred income taxes | | | | $ | 126,278 | | | | | $ | 111,131 | | |
|
| | | December 31, 2016 | | |||||||||||||||||||||||||||
| | | Sales of VOIs and financing | | | Resort operations and club management | | | Corporate and other | | | Elimination | | | Segment Total | | |||||||||||||||
Revenues: | | | | | | | |||||||||||||||||||||||||
Sales of VOIs | | | | $ | 266,142 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 266,142 | | |
Fee-based sales commission revenue | | | | | 201,829 | | | | | | — | | | | | | — | | | | | | — | | | | | | 201,829 | | |
Other fee-based services revenue | | | | | 13,838 | | | | | | 89,610 | | | | | | — | | | | | | — | | | | | | 103,448 | | |
Mortgage servicing revenue | | | | | 3,793 | | | | | | — | | | | | | — | | | | | | (3,793) | | | | | | — | | |
Interest income | | | | | 80,950 | | | | | | — | | | | | | 8,560 | | | | | | — | | | | | | 89,510 | | |
Other income, net | | | | | — | | | | | | — | | | | | | 1,724 | | | | | | — | | | | | | 1,724 | | |
Total revenues | | | | | 566,552 | | | | | | 89,610 | | | | | | 10,284 | | | | | | (3,793) | | | | | | 662,653 | | |
Costs and expenses: | | | | | | | |||||||||||||||||||||||||
Cost of VOIs sold | | | | | 27,346 | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,346 | | |
Net carrying cost of VOI inventory | | | | | 6,847 | | | | | | — | | | | | | — | | | | | | (6,847) | | | | | | — | | |
Cost of other fee-based services | | | | | 5,116 | | | | | | 52,516 | | | | | | — | | | | | | 6,847 | | | | | | 64,479 | | |
Selling, general and administrative expenses | | | | | 340,063 | | | | | | — | | | | | | 72,652 | | | | | | 2,312 | | | | | | 415,027 | | |
Mortgage servicing expense | | | | | 6,105 | | | | | | — | | | | | | — | | | | | | (6,105) | | | | | | — | | |
Interest expense | | | | | 18,348 | | | | | | — | | | | | | 12,505 | | | | | | — | | | | | | 30,853 | | |
Total costs and expenses | | | | | 403,825 | | | | | | 52,516 | | | | | | 85,157 | | | | | | (3,793) | | | | | | 537,705 | | |
Income (loss) before non-controlling interest and provision for income taxes | | | | $ | 162,727 | | | | | $ | 37,094 | | | | | $ | (74,873) | | | | | $ | — | | | | | $ | 124,948 | | |
Add: depreciation | | | | | 6,341 | | | | | | 1,423 | | | | | | |||||||||||||||
Segment Adjusted EBITDA | | | | $ | 169,068 | | | | | $ | 38,517 | | | | | | |||||||||||||||
|
| | | December 31, 2015 | | |||||||||||||||||||||||||||
| | | Sales of VOIs and financing | | | Resort operations and club management | | | Corporate and other | | | Elimination | | | Segment Total | | |||||||||||||||
Revenues: | | | | | | | |||||||||||||||||||||||||
Sales of VOIs | | | | $ | 259,236 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 259,236 | | |
Fee-based sales commission revenue | | | | | 173,659 | | | | | | — | | | | | | — | | | | | | — | | | | | | 173,659 | | |
Other fee-based services revenue | | | | | 14,283 | | | | | | 83,256 | | | | | | — | | | | | | — | | | | | | 97,539 | | |
Mortgage servicing revenue | | | | | 2,660 | | | | | | — | | | | | | — | | | | | | (2,660) | | | | | | — | | |
Interest income | | | | | 78,323 | | | | | | — | | | | | | 6,008 | | | | | | — | | | | | | 84,331 | | |
Other income, net | | | | | — | | | | | | — | | | | | | 2,883 | | | | | | — | | | | | | 2,883 | | |
Total revenues | | | | | 528,161 | | | | | | 83,256 | | | | | | 8,891 | | | | | | (2,660) | | | | | | 617,648 | | |
Costs and expenses: | | | | | | | |||||||||||||||||||||||||
Cost of VOIs sold | | | | | 22,884 | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,884 | | |
Net carrying cost of VOI inventory | | | | | 7,046 | | | | | | — | | | | | | — | | | | | | (7,046) | | | | | | — | | |
Cost of other fee-based services | | | | | 4,896 | | | | | | 49,000 | | | | | | — | | | | | | 7,046 | | | | | | 60,942 | | |
Selling, general and administrative expenses | | | | | 307,754 | | | | | | — | | | | | | 63,166 | | | | | | 2,884 | | | | | | 373,804 | | |
Mortgage servicing expense | | | | | 5,544 | | | | | | — | | | | | | — | | | | | | (5,544) | | | | | | — | | |
Interest expense | | | | | 20,308 | | | | | | — | | | | | | 15,390 | | | | | | — | | | | | | 35,698 | | |
Total costs and expenses | | | | | 368,432 | | | | | | 49,000 | | | | | | 78,556 | | | | | | (2,660) | | | | | | 493,328 | | |
Income (loss) before non-controlling interest and provision for income taxes | | | | $ | 159,729 | | | | | $ | 34,256 | | | | | $ | (69,665) | | | | | $ | — | | | | | $ | 124,320 | | |
Add: depreciation | | | | | 5,985 | | | | | | 1,372 | | | | | | |||||||||||||||
Segment Adjusted EBITDA | | | | $ | 165,714 | | | | | $ | 35,628 | | | | | | |||||||||||||||
|
| SEC registration fee | | | | $ | 16,748 | | |
| FINRA filing fee | | | | | 20,679 | | |
| NYSE listing fee | | | | | 25,000 | | |
| Accounting fees and expenses | | | | | 250,000 | | |
| Legal fees and expenses | | | | | 650,000 | | |
| Printing expenses | | | | | 250,000 | | |
| Transfer agent and registrar fees and expenses | | | | | 10,000 | | |
| Miscellaneous expenses | | | | | 200,000 | | |
| Total | | | | $ | 1,422,427 | | |
| | | | Bluegreen Vacations Corporation | | |||
| | | | By: | | | /s/ Shawn B. Pearson | |
| | | | Name: Shawn B. Pearson Title: President and Chief Executive Officer | |
Name | | | Title | | | Date | |
/s/ Shawn B. Pearson Shawn B. Pearson | | | President and Chief Executive Officer; Director | | | | |
Anthony M. Puleo | | | Executive Vice President, Chief Financial Officer and Treasurer; President, Bluegreen Treasury Services | | | | |
Adrienne Kelley | | | Senior Vice President and Chief Accounting Officer | | | | |
Alan B. Levan | | | Chairman of the Board of Directors | | | | |
John E. Abdo | | | Vice Chairman of the Board of Directors | | | | |
James R. Allmand, III | | | Director | | | | |
Norman H. Becker | | | Director | | | | |
Lawrence A. Cirillo | | | Director | | | | |
* Jarett S. Levan | | | Director | | | November 7, 2017 | |
* Mark A. Nerenhausen | | | Director | | | November 7, 2017 | |
* Arnold Sevell | | | Director | | | November 7, 2017 | |
* Orlando Sharpe | | | Director | | | November 7, 2017 | |
Name | | | Title | | | Date | |
Seth M. Wise | | | Director | | | |