Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-09071 | |
Entity Registrant Name | BLUEGREEN VACATIONS HOLDING CORPORATION | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-2022148 | |
Entity Address, Address Line One | 4960 Conference Way North | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Boca Raton | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33431 | |
City Area Code | 561 | |
Local Phone Number | 912-8000 | |
Title of 12(b) Security | Class A Common Stock, $.01 par value | |
Trading Symbol | BVH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000315858 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 17,312,422 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 3,664,412 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 216,567 | $ 221,118 |
Restricted cash ($17,341 and $20,469 in VIEs at September 30, 2021 and December 31, 2020, respectively) | 44,671 | 35,986 |
Notes receivable | 589,277 | 551,393 |
Less: Allowance for loan losses | (152,540) | (142,044) |
Notes receivable, net ($257,947 and $292,021 in VIEs at September 30, 2021 and December 31, 2020, respectively) | 436,737 | 409,349 |
Vacation ownership interest ("VOI") inventory | 341,562 | 347,122 |
Property and equipment, net | 89,868 | 90,049 |
Intangible assets, net | 61,369 | 61,431 |
Operating lease assets | 35,016 | 34,415 |
Prepaid expenses | 19,792 | 9,367 |
Other assets | 38,075 | 41,282 |
Total assets | 1,283,657 | 1,250,119 |
Liabilities | ||
Accounts payable | 15,375 | 10,559 |
Deferred income | 14,680 | 15,745 |
Accrued liabilities and other | 133,175 | 93,971 |
Receivable-backed notes payable - recourse | 22,500 | 38,500 |
Receivable-backed notes payable - non-recourse ($297,531 and $341,532 in VIEs at September 30, 2021 and December 31, 2020, respectively) | 358,527 | 355,833 |
Note payable to BBX Capital, Inc. | 75,000 | 75,000 |
Other Notes payable and borrowings | 108,979 | 138,386 |
Junior subordinated debentures | 134,694 | 138,177 |
Operating lease liabilities | 38,662 | 35,904 |
Deferred income taxes | 83,512 | 85,314 |
Total liabilities | 985,104 | 987,389 |
Commitments and contingencies - See Note 9 | ||
Equity | ||
Preferred stock of $0.01 par value; authorized 10,000,000 shares | 0 | 0 |
Additional paid-in capital | 179,892 | 177,104 |
Accumulated earnings | 56,188 | 10,586 |
Total Bluegreen Vacations Holding Corporation equity | 236,290 | 187,883 |
Non-controlling interest | 62,263 | 74,847 |
Total equity | 298,553 | 262,730 |
Total liabilities and equity | 1,283,657 | 1,250,119 |
Class A Common Stock [Member] | ||
Equity | ||
Common stock | 173 | 156 |
Class B Common Stock [Member] | ||
Equity | ||
Common stock | $ 37 | $ 37 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Restricted cash | $ 44,671 | $ 35,986 |
Notes receivable, net | 436,737 | 409,349 |
Receivable backed notes payable - non-recourse | $ 358,527 | $ 355,833 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Restricted cash | $ 17,341 | $ 20,469 |
Notes receivable, net | 257,947 | 292,021 |
Receivable backed notes payable - non-recourse | $ 297,531 | $ 341,532 |
Class A Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 17,312,422 | 15,624,091 |
Common stock, shares outstanding | 17,312,422 | 15,624,091 |
Class B Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 4,000,000 | 4,000,000 |
Common stock, shares issued | 3,664,412 | 3,693,596 |
Common stock, shares outstanding | 3,664,412 | 3,693,596 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenue: | |||||
Provision for loan losses | $ (20,707) | $ (11,884) | $ (51,514) | $ (44,083) | |
Total revenues | 193,587 | 124,899 | 494,165 | 308,278 | |
Interest income | [1] | 20,931 | 19,345 | 59,787 | 59,963 |
Other income, net | 157 | 186 | |||
Total revenues | 214,518 | 144,244 | 554,109 | 368,427 | |
Costs and expenses: | |||||
Interest expense | 8,660 | 8,212 | 27,271 | 27,668 | |
Selling, general and administrative expenses | 132,496 | 120,932 | 338,246 | 281,237 | |
Other expense, net | 121 | 339 | |||
Total costs and expenses | 179,226 | 169,625 | 480,551 | 425,400 | |
Income (loss) before income taxes | 35,292 | (25,381) | 73,558 | (56,973) | |
(Provision) benefit for income taxes | (7,975) | 497 | (16,858) | (441) | |
Income (loss) from continuing operations | 27,317 | (24,884) | 56,700 | (57,414) | |
Discontinued operations | |||||
Loss from discontinued operations | (5,516) | (41,593) | |||
Benefit for income taxes | 7,926 | 9,067 | |||
Net income (loss) from discontinued operations | 2,410 | (32,526) | |||
Net income (loss) | 27,317 | (22,474) | 56,700 | (89,940) | |
Less: Income attributable to noncontrolling interests - continuing operations | 4,190 | 3,358 | 11,098 | 4,314 | |
Less: Loss attributable to noncontrolling interests - discontinued operations | (510) | (4,822) | |||
Net income (loss) attributable to shareholders | $ 23,127 | $ (25,322) | $ 45,602 | $ (89,432) | |
Basic earnings (loss) per share from continuing operations | $ 1.07 | $ (1.51) | $ 2.21 | $ (3.35) | |
Basic earnings (loss) per share from discontinued operations | 0.16 | (1.50) | |||
Basic earnings (loss) per share | [2] | 1.07 | (1.35) | 2.21 | (4.85) |
Diluted earnings (loss) per share from continuing operations | 1.06 | (1.51) | 2.21 | (3.35) | |
Diluted earnings (loss) per share from discontinued operations | 0.16 | (1.50) | |||
Diluted earnings (loss) per share | [2] | $ 1.06 | $ (1.35) | $ 2.21 | $ (4.85) |
Net income (loss) | $ 27,317 | $ (22,474) | $ 56,700 | $ (89,940) | |
Other comprehensive income (loss), net of tax: | |||||
Foreign currency translation adjustments | 157 | (198) | |||
Unrealized gain on securities available for sale | 15 | 19 | |||
Other comprehensive income (loss), net | 172 | (179) | |||
Comprehensive income (loss), net of tax | 27,317 | (22,302) | 56,700 | (90,119) | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 4,190 | 2,848 | 11,098 | (508) | |
Comprehensive income (loss) attributable to shareholders | 23,127 | (25,150) | 45,602 | (89,611) | |
Gross Sales Of VOIs [Member] | |||||
Revenue: | |||||
Total revenues | 128,090 | 71,149 | 306,640 | 157,530 | |
Sales of VOIs [Member] | |||||
Revenue: | |||||
Total revenues | [3] | 107,383 | 59,265 | 255,126 | 113,447 |
Interest income | 20,900 | 19,000 | 59,500 | 58,300 | |
Costs and expenses: | |||||
Total costs and expenses | 7,482 | 3,597 | 19,675 | 8,734 | |
Cost Of VOIs [Member] | |||||
Costs and expenses: | |||||
Total costs and expenses | 7,482 | 3,597 | 19,675 | 8,734 | |
Fee-Based Sales Commission Revenue [Member] | |||||
Revenue: | |||||
Total revenues | [3] | 35,585 | 22,119 | 96,921 | 64,619 |
Other Fee-Based Services Revenue [Member] | |||||
Revenue: | |||||
Total revenues | 31,920 | 27,831 | 91,259 | 83,558 | |
Costs and expenses: | |||||
Total costs and expenses | 11,768 | 20,861 | 44,500 | 61,107 | |
Cost Reimbursements [Member] | |||||
Revenue: | |||||
Total revenues | 18,699 | 15,684 | 50,859 | 46,654 | |
Costs and expenses: | |||||
Total costs and expenses | $ 18,699 | $ 15,684 | $ 50,859 | $ 46,654 | |
[1] | (3) Interest income of $ 20.9 million and $ 19.0 million for the three months ended September 30, 2021 and 2020, respectively, and $ 59.5 million and $ 58.3 million for the nine months ended September 30, 2021 and 2020, respectively, are included in the Company’s sales of VOIs and financing segment described in Note 15. | ||||
[2] | Basic and Diluted EPS are calculated the same for both Class A and B common shares. | ||||
[3] | (1) Included in the Company’s sales of VOIs and financing segment described in Note 15 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total Shareholders' Equity [Member] | Non-controlling Interests [Member] | Total |
Beginning balance at Dec. 31, 2019 | $ 151 | $ 32 | $ 153,507 | $ 394,551 | $ 1,554 | $ 549,795 | $ 90,275 | $ 640,070 |
Beginning balance, shares at Dec. 31, 2019 | 15,106 | 3,192 | ||||||
Net loss excluding loss attributable to redeemable noncontrolling interest | (28,310) | (28,310) | 238 | (28,072) | ||||
Other comprehensive income (loss) | (587) | (587) | (587) | |||||
Bluegreen purchase and retirement of its common stock | (1,167) | (1,167) | (10,574) | (11,741) | ||||
Distributions to noncontrolling interests | (923) | (923) | ||||||
Accretion of redeemable noncontrolling interest | (551) | (551) | (551) | |||||
Conversion of Common Stock from Class B to Class A, shares | 27 | (27) | ||||||
Share-based compensation | 2,731 | 2,731 | 2,731 | |||||
Ending balance at Mar. 31, 2020 | $ 151 | $ 32 | 155,071 | 365,690 | 967 | 521,911 | 79,016 | 600,927 |
Ending balance, shares at Mar. 31, 2020 | 15,133 | 3,165 | ||||||
Beginning balance at Dec. 31, 2019 | $ 151 | $ 32 | 153,507 | 394,551 | 1,554 | 549,795 | 90,275 | 640,070 |
Beginning balance, shares at Dec. 31, 2019 | 15,106 | 3,192 | ||||||
Net income | (89,940) | |||||||
Other comprehensive income (loss) | (179) | |||||||
Ending balance at Sep. 30, 2020 | $ 156 | $ 37 | 177,104 | 177,297 | 75,875 | 253,172 | ||
Ending balance, shares at Sep. 30, 2020 | 15,624 | 3,694 | ||||||
Beginning balance at Mar. 31, 2020 | $ 151 | $ 32 | 155,071 | 365,690 | 967 | 521,911 | 79,016 | 600,927 |
Beginning balance, shares at Mar. 31, 2020 | 15,133 | 3,165 | ||||||
Net loss excluding loss attributable to redeemable noncontrolling interest | (35,800) | (35,800) | (5) | (35,805) | ||||
Other comprehensive income (loss) | 236 | 236 | 236 | |||||
Accretion of redeemable noncontrolling interest | (696) | (696) | (696) | |||||
Share-based compensation | 2,944 | 2,944 | 2,944 | |||||
Ending balance at Jun. 30, 2020 | $ 151 | $ 32 | 158,015 | 329,194 | 1,203 | 488,595 | 79,011 | 567,606 |
Ending balance, shares at Jun. 30, 2020 | 15,133 | 3,165 | ||||||
Net income | (22,474) | |||||||
Net loss excluding loss attributable to redeemable noncontrolling interest | (25,322) | (25,322) | 3,332 | (21,990) | ||||
Other comprehensive income (loss) | 172 | 172 | 172 | |||||
Distributions to noncontrolling interests | (6,271) | (6,271) | ||||||
Reversal of accretion of redeemable noncontrolling interest | 3,150 | 3,150 | 3,150 | |||||
Spin-off of BBX Capital, Inc. | (643) | (307,022) | $ (1,375) | (309,040) | (197) | (309,237) | ||
Accelerated vesting of restricted stock awards | $ 5 | $ 5 | 18,740 | 18,750 | 18,750 | |||
Accelerated vesting of restricted stock awards, shares | 491 | 529 | ||||||
Share-based compensation | 992 | 992 | 992 | |||||
Ending balance at Sep. 30, 2020 | $ 156 | $ 37 | 177,104 | 177,297 | 75,875 | 253,172 | ||
Ending balance, shares at Sep. 30, 2020 | 15,624 | 3,694 | ||||||
Beginning balance at Dec. 31, 2020 | $ 156 | $ 37 | 177,104 | 10,586 | 187,883 | 74,847 | 262,730 | |
Beginning balance, shares at Dec. 31, 2020 | 15,624 | 3,694 | ||||||
Net income | 2,974 | 2,974 | 2,530 | 5,504 | ||||
Ending balance at Mar. 31, 2021 | $ 156 | $ 37 | 177,104 | 13,560 | 190,857 | 77,377 | 268,234 | |
Ending balance, shares at Mar. 31, 2021 | 15,624 | 3,694 | ||||||
Beginning balance at Dec. 31, 2020 | $ 156 | $ 37 | 177,104 | 10,586 | 187,883 | 74,847 | 262,730 | |
Beginning balance, shares at Dec. 31, 2020 | 15,624 | 3,694 | ||||||
Net income | 56,700 | |||||||
Ending balance at Sep. 30, 2021 | $ 173 | $ 37 | 179,892 | 56,188 | 236,290 | 62,263 | 298,553 | |
Ending balance, shares at Sep. 30, 2021 | 17,312 | 3,665 | ||||||
Beginning balance at Mar. 31, 2021 | $ 156 | $ 37 | 177,104 | 13,560 | 190,857 | 77,377 | 268,234 | |
Beginning balance, shares at Mar. 31, 2021 | 15,624 | 3,694 | ||||||
Net income | 19,501 | 19,501 | 4,378 | 23,879 | ||||
Bluegreen Vacations Corporation short-form merger, value | $ 27 | 23,042 | 23,069 | (23,682) | (613) | |||
Bluegreen Vacations Corporation short-form merger, shares | 2,666 | |||||||
Conversion of Common Stock from Class B to Class A, shares | 3 | (3) | ||||||
Share-based compensation | 152 | 152 | 152 | |||||
Ending balance at Jun. 30, 2021 | $ 183 | $ 37 | 200,298 | 33,061 | 233,579 | 58,073 | 291,652 | |
Ending balance, shares at Jun. 30, 2021 | 18,293 | 3,691 | ||||||
Net income | 23,127 | 23,127 | 4,190 | 27,317 | ||||
Stock repurchase and retirement, value | $ (10) | (20,862) | (20,872) | (20,872) | ||||
Stock repurchase and retirement, shares | (988) | (19) | ||||||
Conversion of Common Stock from Class B to Class A, shares | 7 | (7) | ||||||
Share-based compensation | 456 | 456 | 456 | |||||
Ending balance at Sep. 30, 2021 | $ 173 | $ 37 | $ 179,892 | $ 56,188 | $ 236,290 | $ 62,263 | $ 298,553 | |
Ending balance, shares at Sep. 30, 2021 | 17,312 | 3,665 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Consolidated Statement Of Equity [Abstract] | |||
Loss attributable to redeemable noncontrolling interest | $ 484 | $ 846 | $ 2,743 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income (loss) | $ 56,700 | $ (89,940) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Recoveries from loan losses, net, from discontinued operations | (5,844) | |
Provision for loan losses | 51,514 | 44,083 |
Depreciation, amortization and accretion, net | 15,091 | 19,829 |
Loss on disposal of property and equipment | 43 | |
Share-based compensation expense | 608 | 25,417 |
Net losses on sales of real estate and property and equipment | 507 | |
Equity earnings of unconsolidated real estate joint ventures | (49) | |
Return on investment in unconsolidated real estate joint ventures | 3,933 | |
Loss on the deconsolidation of IT'SUGAR, LLC | 3,326 | |
Decrease in deferred income tax liability | (1,802) | (12,016) |
Impairment losses | 31,588 | |
Changes in operating assets and liabilities: | ||
Notes receivable | (78,902) | (5,628) |
VOI Inventory | 5,560 | (3,408) |
Trade inventory | 279 | |
Real estate inventory | 925 | |
Prepaid expense and other assets | (7,852) | 7,111 |
Accounts payable, accrued liabilities and other, and deferred income | 45,112 | (16,952) |
Net cash provided by operating activities | 86,072 | 3,161 |
Investing activities: | ||
Return of investment in unconsolidated real estate joint ventures | 4,631 | |
Investments in unconsolidated real estate joint ventures | (14,009) | |
Proceeds from repayment of loans receivable | 6,127 | |
Proceeds from sales of real estate | 2,151 | |
Proceeds from sale of property and equipment | 167 | |
Additions to real estate | (70) | |
Purchases of property and equipment | (11,478) | (9,970) |
Decrease in cash from other investing activities | (1,210) | |
Net cash used in investing activities | (11,478) | (12,183) |
Financing activities: | ||
Repayments of notes payable, line of credit facilities and other borrowings | (135,964) | (177,710) |
Proceeds from notes payable and other borrowings | 91,622 | 144,699 |
Redemption of junior subordinated debentures | (4,186) | |
Payments for debt issuance costs | (447) | (1,134) |
Cash transferred in spin-off of BBX Capital, Inc. | (96,842) | |
Merger consideration | (613) | |
Purchase and retirement of common stock | (20,872) | (11,741) |
Dividends paid on common stock | (1,144) | |
Distributions to noncontrolling interests | (7,194) | |
Net cash used in financing activities | (70,460) | (151,066) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 4,134 | (160,088) |
Cash, cash equivalents and restricted cash at beginning of period | 257,104 | 406,870 |
Cash, cash equivalents and restricted cash at end of period | 261,238 | 246,782 |
Supplemental cash flow information: | ||
Interest paid on borrowings, net of amounts capitalized | 23,481 | 22,912 |
Income taxes paid | 14,175 | 778 |
Supplementary disclosure of non-cash investing and financing activities: | ||
Increase in other assets upon issuance of Community Development District Bonds | 827 | |
Assumption of Community Development District Bonds by builders | 3,837 | |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 216,567 | 211,110 |
Restricted cash | 44,671 | 35,672 |
Total cash, cash equivalents, and restricted cash | $ 261,238 | $ 246,782 |
Organization And Basis Of Finan
Organization And Basis Of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Organization And Basis Of Financial Statement Presentation | 1. Organization and Basis of Financial Statement Presentation Bluegreen Vacations Holding Corporation, together with its subsidiaries, including Bluegreen Vacations Corporation “Bluegreen”), are referred herein as “the Company,” “we,” “us,” or “our” (unless stated to the contrary or the context otherwise requires). The Company has prepared the accompanying unaudited consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, it does not include all of the information and footnotes required by GAAP for complete financial statements. In the Company’s opinion, the financial information furnished herein reflects all adjustments consisting of normal recurring items necessary for a fair presentation of its financial position, results of operations, and cash flows for the interim periods reported in this Quarterly Report on Form 10-Q. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, actual results could differ from those estimates. Due to the unprecedented impact and uncertainties related to the Coronavirus Disease 2019 (“COVID-19”) pandemic, including its potential future impact and other factors, the results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other future interim or annual periods. The accompanying interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2021 (the “2020 Annual Report on Form 10-K”). Our Business On September 30, 2020, the Company completed its spin-off of BBX Capital, Inc. (“BBX Capital”). The former wholly owned subsidiary of the Company became a separate public company as a result of the spin-off and holds all of the historical businesses and investments of the Company other than the Company’s investment in Bluegreen. As a result of the spin-off, the Company is a “pure play” holding company whose sole asset is its wholly owned subsidiary, Bluegreen. Prior to May 5, 2021, the Company beneficially owned approximately 93% of Bluegreen’s outstanding common stock. On May 5, 2021, the Company acquired all of the approximately 7% of the outstanding shares of Bluegreen’s common stock not previously beneficially owned by the Company through a statutory short-form merger under Florida law. In connection with the merger, Bluegreen’s shareholders (other than the Company) received 0.51 shares of the Company’s Class A Common Stock for each share of Bluegreen’s common stock that they held at the effective time of the merger (subject to rounding up of fractional shares). The Company issued approximately 2.66 million shares of its Class A Common Stock in connection with the merger. As a result of the completion of the merger, Bluegreen became a wholly owned subsidiary of the Company. The Company is a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations. Our resorts are primarily located in high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, among others. The resorts in which we market, sell, and manage VOIs were either developed or acquired by the Company, or were developed and are owned by third parties. The Company earns fees for providing sales and marketing services to third party developers and also earns fees for providing management services to the Bluegreen Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, the Company provides financing to qualified VOI purchasers, which generates significant interest income. Basis of Financial Statement Presentation The Company’s unaudited consolidated financial statements include the accounts of its wholly owned subsidiaries, other entities in which the Company or its consolidated subsidiaries hold controlling financial interests, and any Variable Interest Entities (“VIEs”) in which the Company or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. Impact of the COVID-19 pandemic The COVID-19 pandemic caused an unprecedented disruption in the U.S. and global economies and the industries in which the Company operates due to, among other things, government ordered “shelter in place” and “stay at home” orders and advisories, travel restrictions, and restrictions on business operations, including government guidance with respect to travel, public accommodations, social gatherings, and related matters. These disruptions and the reaction of the general public to the pandemic had a significant adverse impact on the Company's financial condition and operations throughout 2020. While adverse conditions have continued during 2021, including the risk of the Delta variant, the Company’s business and results generally improved during the nine months ended September 30, 2021. Status of Current Operations As of September 30, 2021, we were operating marketing kiosks at 123 Bass Pro Shops and Cabela’s stores, including 24 new Cabela’s locations and one new Bass Pro location opened during the nine months ended September 30, 2021; the Choice Hotels call transfer program was close to pre-pandemic volume; and all of our VOI sales centers and resorts were open, except for one resort and sales center in Surfside, Florida which was closed due to conditions unrelated to the pandemic. Further, resort occupancy rates were approximately 84% at resorts with sales centers in the third quarter of 2021 and we sold 52,000 vacation packages in the third quarter of 2021 compared to 37,000 in the third quarter of 2020. We believe that the increase in sales of VOIs in the third quarter of 2021, reflected the improvement in general economic conditions despite continued COVID-19 cases, federal mandates, and increased inflation during the period. While we hope that conditions in the travel and leisure industry continue to improve, the continued future impact of the pandemic and its impact on the Company is uncertain. Various state and local government officials may in the future issue new or revised orders that are different than the ones under which we are currently operating. It is impossible to predict the duration and severity of the pandemic and the likely impact of the pandemic on the Company’s future revenues, net income and other operating results. Use of Estimates The Company’s financial statements are prepared in conformity with GAAP, which requires it to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in its financial statements. Although the Company’s current estimates contemplate current and expected future conditions, actual conditions could differ from its expectations, which could materially affect its results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing COVID-19 pandemic. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. As a result, accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in, among other adjustments, future impairments of intangibles and long-lived assets, incremental credit losses on VOI notes receivable, an increase in valuation allowances on deferred tax assets, or an increase in other obligations as of the time of a relevant measurement event. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncement and guidance relevant to the Company’s operations which had not yet been adopted as of September 30, 2021: In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effect of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides relief for companies preparing for the discontinuation of LIBOR in response to the Financial Conduct Authority (the regulatory authority over LIBOR) plan for a phase out of regulatory oversight of LIBOR interest rate indices after 2021 to allow for an orderly transition to an alternate reference rate. The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to LIBOR for promissory notes or other contracts that are currently indexed to LIBOR. The ARRC has proposed a market transition plan to SOFR from LIBOR and organizations are currently working on transition plans as it relates to derivatives and cash markets exposed to LIBOR. Although the Company’s VOI notes receivable from its borrowers are not indexed to LIBOR, as of September 30, 2021, the Company had $170.9 million of LIBOR indexed junior subordinated debentures, $75.5 million of LIBOR indexed receivable-backed notes payable and lines of credit, and $108.1 million of LIBOR indexed lines of credit and notes payable (which are not receivable-backed) that mature after 2021. Companies can apply ASU 2020-04 immediately. However, the guidance will only be available for a limited time, generally through December 31, 2022. The Company has not yet adopted this standard and is evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on its results of operations, liquidity and consolidated financial statements. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue From Contracts With Cutomers | 3. Revenue From Contracts with Customers The table below sets forth the Company’s disaggregated revenue by category from contracts with customers (in thousands). For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Sales of VOIs (1) $ 107,383 $ 59,265 $ 255,126 $ 113,447Fee-based sales commission revenue (1) 35,585 22,119 96,921 64,619Resort and club management revenue (2) 25,879 24,454 76,250 73,707Cost reimbursements (2) 18,699 15,684 50,859 46,654Administrative fees and other (1) 3,730 1,281 8,867 5,353Other revenue (2) 2,311 2,096 6,142 4,498Revenue from customers 193,587 124,899 494,165 308,278Interest income (3) 20,931 19,345 59,787 59,963Other income, net — — 157 186Total revenue $ 214,518 $ 144,244 $ 554,109 $ 368,427 (1) Included in the Company’s sales of VOIs and financing segment described in Note 15. (2) Included in the Company’s resort operations and club management segment described in Note 15.(3) Interest income of $20.9 million and $19.0 million for the three months ended September 30, 2021 and 2020, respectively, and $59.5 million and $58.3 million for the nine months ended September 30, 2021 and 2020, respectively, are included in the Company’s sales of VOIs and financing segment described in Note 15. Please refer to Note 15: Segment Reporting below for more details related to the Company’s segments. |
Notes Receivable
Notes Receivable | 9 Months Ended |
Sep. 30, 2021 | |
Notes Receivable [Abstract] | |
Notes Receivable | 4. Notes Receivable The table below provides information relating to the Company’s notes receivable and its allowance for loan losses (dollars in thousands): As of September 30, December 31, 2021 2020Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 245,127 $ 156,078VOI notes receivable - securitized 344,150 395,315 Gross VOI notes receivable 589,277 551,393Allowance for loan losses - non-securitized (66,337) (38,750)Allowance for loan losses - securitized (86,203) (103,294) Allowance for loan losses (152,540) (142,044) VOI notes receivable, net $ 436,737 $ 409,349Allowance as a % of Gross VOI notes receivable 26% 26% The weighted-average interest rate charged on the Company’s notes receivable secured by VOIs was 15.2% and 15.0% at September 30, 2021 and December 31, 2020, respectively. All of the Company’s VOI loans bear interest at fixed rates. The Company’s VOI notes receivable are primarily secured by property located in Florida, Missouri, South Carolina, Tennessee, Nevada,and Virginia. Allowance for Loan Losses The activity in the Company’s allowance for loan losses was as follows (in thousands): For the Nine Months Ended September 30, 2021 2020Balance, beginning of period $ 142,044 $ 140,630Provision for loan losses 51,514 44,083Less: Write-offs of uncollectible receivables (41,018) (34,908)Balance, end of period $ 152,540 $ 149,805 The Company monitors the credit quality of its receivables on an ongoing basis. The Company holds large amounts of homogeneous VOI notes receivable and assesses uncollectibility based on pools of receivables as we do not believe that there are significant concentrations of credit risk with any individual counterparty or groups of counterparties. In estimating loan losses, we do not use a single primary indicator of credit quality but instead evaluate our VOI notes receivable based upon a static pool analysis that incorporates the aging of the respective receivables, default trends and prepayment rates by origination year, as well as the FICO scores of the borrowers. The Company records the difference between its VOI notes receivable and the variable consideration included in the transaction price for the sale of the related VOI as an allowance for loan losses and records the VOI notes receivables net of the allowance. During 2020, and to a lesser extent in the first nine months of 2021, the COVID-19 pandemic had a material adverse impact on unemployment in the United States and economic conditions in general and the impact may continue for some time. During the nine months ended September 30, 2020, the Company recorded an additional allowance of $12.0 million which included our estimate at that time of customer defaults as a result of changing economic factors related to the COVID-19 pandemic. We believe that the COVID-19 pandemic may continue to have an impact on the collectability of our VOI notes receivable. We continue to evaluate the impact of the COVID-19 pandemic on our default and delinquency rates as the current situation is highly uncertain. Our estimate may not prove to be correct and our allowance for loan losses may not prove to be adequate. Additional information about our VOI notes receivable by year of origination as of September 30, 2021 is as follows (in thousands): Year of Origination 2021 2020 2019 2018 2017 2016 and Prior Total 701+ $ 95,031 $ 53,334 $ 64,988 $ 42,987 $ 28,790 $ 45,723 $ 330,853601-700 60,609 36,661 36,537 27,483 19,433 42,148 222,871<601 (1) 8,294 3,369 3,897 2,584 1,706 4,575 24,425Other (2) 65 1,100 1,309 2,542 1,974 4,138 11,128Total by FICO score $ 163,999 $ 94,464 $ 106,731 $ 75,596 $ 51,903 $ 96,584 $ 589,277 (1)Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers).(2)Includes $7.3 million related to VOI notes receivable that, as of September 30, 2021, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. Additional information about our VOI notes receivable by year of origination as of December 31, 2020 was as follows (in thousands): Year of Origination 2020 2019 2018 2017 2016 2015 and Prior Total 701+ $ 70,874 $ 85,294 $ 56,490 $ 37,371 $ 27,638 $ 35,693 $ 313,360601-700 42,095 44,672 34,181 24,700 22,656 34,779 203,083<601 (1) 3,737 4,491 3,003 2,113 2,188 3,954 19,486Other (2) 29 567 3,805 3,476 2,336 5,251 15,464Total by FICO score $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 (1)Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers).(2)Includes $11.4 million related to VOI notes receivable that, as of December 31, 2020, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. The percentage of gross notes receivable outstanding by FICO score of the borrower at the time of origination were as follows: September 30, December 31, 2021 2020FICO Score 701+57% 59%601-70039 37 <6013 3 No Score (1)1 1 Total100% 100% (1)Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). The Company’s notes receivable are carried at amortized cost less an allowance for loan losses. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent notes receivable when principal or interest payments are more than 90 days contractually past due and not resumed until such loans are less than 90 days past due. As of September 30, 2021 and December 31, 2020, $16.1 million and $24.0 million, respectively, of our VOI notes receivable were more than 90 days past due, and accordingly, consistent with our policy, were not accruing interest income. After approximately 127 days past due, VOI notes receivable are generally written off against the allowance for loan loss. Accrued interest was $4.1 million and $3.9 million as of September 30, 2021 and December 31, 2020, respectively, and is included within other assets in the Company’s unaudited consolidated balance sheets herein. The following table shows the delinquency status of our VOI notes receivable as of September 30, 2021 and December 31, 2020 (in thousands): As of September 30, December 31, 2021 2020Current $ 564,645 $ 517,11131-60 days 4,913 5,77861-90 days 3,655 4,541Over 91 days (1) 16,064 23,963Total $ 589,277 $ 551,393 (1)Includes $7.3 million and $11.4 million related to VOI notes receivable that, as of September 30, 2021 and December 31, 2020, respectively, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities We sell VOI notes receivable through special purpose finance entities. These transactions are generally structured as non-recourse to us and are designed to provide liquidity and to transfer the economic risks and benefits of the notes receivable to third parties. In a securitization, various classes of debt securities are issued by the special purpose finance entities that are generally collateralized by a single tranche of transferred assets, which consist of VOI notes receivable. We service the securitized notes receivable for a fee pursuant to servicing agreements negotiated with third parties based on market conditions at the time of the securitization. In these securitizations, the Company generally retains a portion of the securities and continues to service the securitized notes receivable. Under these arrangements, the cash payments received from obligors on the receivables sold are generally applied monthly to pay fees to service providers, make interest and principal payments to investors, and fund required reserves, if any, with the remaining balance of such cash retained by the Company; however, to the extent the portfolio of receivables fails to satisfy specified performance criteria (as may occur due to, among other things, an increase in default rates or credit loss severity) or other trigger events occur, the funds received from obligors are required to be distributed on an accelerated basis to investors. Depending on the circumstances and the transaction, the application of the accelerated payment formula may be permanent or temporary until the trigger event is cured. As of September 30, 2021, we were in compliance with the terms under our securitization transactions, and no trigger events had occurred. In accordance with applicable accounting guidance for the consolidation of VIEs, we analyze our variable interests, which may consist of loans, servicing rights, guarantees, and equity investments, to determine if an entity in which we have a variable interest is a VIE. The analysis includes a review of both quantitative and qualitative factors. The Company bases its quantitative analysis on the forecasted cash flows of the entity and it bases its qualitative analysis on the structure of the entity, including its decision-making ability and authority with respect to the entity, and relevant financial agreements. The Company also uses its qualitative analysis to determine if it must consolidate a VIE as the primary beneficiary. In accordance with applicable accounting guidance, the Company has determined these securitization entities to be VIEs of which it is the primary beneficiary and, therefore, the entities are consolidated into the Company’s financial statements. Under the terms of certain VOI note sales, we have the right to repurchase or substitute a limited amount of defaulted notes for new notes at the outstanding principal balance plus accrued interest. Voluntary repurchases and substitutions of defaulted notes for the nine months ended September 30, 2021 and 2020 were $11.8 million and $11.1 million, respectively. The Company’s maximum exposure to loss relating to non-recourse securitization entities is the difference between the outstanding VOI notes receivable and the notes payable, plus cash reserves and any additional residual interest in future cash flows from collateral. The assets and liabilities of the Company’s consolidated VIEs are as follows (in thousands): September 30, December 31, 2021 2020 Restricted cash $ 17,341 $ 20,469Securitized notes receivable, net 257,947 292,021Receivable backed notes payable - non-recourse 297,531 341,532 The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2021 | |
Inventory [Abstract] | |
Inventory | 6. Inventory Our VOI inventory consists of the following (in thousands): As of September 30, December 31, 2021 2020 Completed VOI units $ 257,211 $ 268,686Construction-in-progress 15,282 —Real estate held for future development 69,069 78,436Total $ 341,562 $ 347,122 Construction-in-progress consists primarily of additional VOI units being developed at The Cliffs at Long Creek and The Bluegreen Wilderness Club at Big Cedar in Ridgedale, Missouri. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt [Abstract] | |
Debt | 7. Debt Lines-of-Credit and Notes Payable Financial data related to our lines of credit and notes payable (other than receivable-backed notes payable, which are discussed below) as of September 30, 2021 and December 31, 2020, were as follows (dollars in thousands): As of September 30, 2021 December 31, 2020 Balance InterestRate CarryingAmount ofPledgedAssets Balance InterestRate CarryingAmount ofPledgedAssets NBA Éilan Loan $ — — $ — $ 15,903 4.75% $ 28,491Fifth Third Syndicated LOC 20,000 2.25% 38,497 30,000 2.25% 50,822Fifth Third Syndicated Term 90,000 2.25% 173,237 93,750 2.25% 158,817Unamortized debt issuance costs (1,021) — — (1,267) — — Total $ 108,979 $ 211,734 $ 138,386 $ 238,130 NBA Éilan Loan. The then-outstanding balance of $15.6 million on the NBA Éilan Loan was repaid in full in March 2021. Except as described above, there were no new debt issuances or significant changes related to the above listed lines-of-credit or notes payable during the nine months ended September 30, 2021. See Note 10 to the Company’s Consolidated Financial Statements included in its 2020 Annual Report on Form 10-K for additional information regarding these lines-of-credit and notes payable. Receivable-Backed Notes Payable Financial data related to our receivable-backed notes payable facilities as of September 30, 2021 and December 31, 2020 was as follows (dollars in thousands): As of September 30, 2021 December 31, 2020 DebtBalance InterestRate PrincipalBalance ofPledged/SecuredReceivables DebtBalance InterestRate PrincipalBalance ofPledged/SecuredReceivables Receivable-backed notes payable - recourse: Liberty Bank Facility (1) $ 5,000 3.19% $ 6,904 $ 10,000 3.40% $ 13,970NBA Receivables Facility (2) 10,000 3.00% 14,780 19,877 3.32% 26,220Pacific Western Facility (3) 7,500 3.00% 10,349 8,623 3.15% 13,131 Total 22,500 32,033 38,500 53,321 Receivable-backed notes payable - non-recourse: Liberty Bank Facility (1) $ 18,490 3.19% $ 25,532 $ 2,316 3.40% $ 3,235NBA Receivables Facility (2) 21,377 3.00% 31,594 11,985 3.32% 15,809Pacific Western Facility (3) 21,129 3.00% 29,155 — — —KeyBank/DZ Purchase Facility 30,956 2.50% 38,192 — — —Quorum Purchase Facility 22,576 4.75-5.10% 26,327 29,788 4.75-5.10% 34,6512013 Term Securitization 7,298 3.20% 8,245 11,922 3.20% 13,4832015 Term Securitization 16,069 3.02% 16,894 22,560 3.02% 24,4752016 Term Securitization 27,323 3.35% 29,850 35,700 3.35% 40,2212017 Term Securitization 40,760 3.12% 46,037 51,470 3.12% 58,9072018 Term Securitization 57,938 4.02% 65,742 72,486 4.02% 84,4542020 Term Securitization 99,220 2.60% 112,796 123,600 2.60% 139,052Unamortized debt issuance costs (4,609) --- — (5,994) --- — Total 358,527 430,364 355,833 414,287Total receivable-backed debt $ 381,027 $ 462,397 $ 394,333 $ 467,608 (1)Recourse on the Liberty Bank Facility is limited to $5.0 million, subject to certain exceptions, as discussed below.(2)Recourse on the NBA Receivables Facility is limited to $10.0 million.(3)Recourse on the Pacific Western Facility is limited to $7.5 million, subject to certain exceptions, as discussed below. Liberty Bank Facility. Since 2008, Bluegreen has maintained a revolving VOI notes receivable hypothecation facility (the “Liberty Bank Facility”) with Liberty Bank which provides for advances on eligible receivables pledged under the Liberty Bank Facility, subject to specified terms and conditions, during the revolving credit period. In August 2021, Bluegreen amended the Liberty Bank Facility to extend the revolving credit period from September 2021 to June 2024 and extend the maturity date from June 2024 to June 2026. As described in further detail below, the amendment, among other things, also increased the advance rates, decreased the interest rate on future borrowings and provides for a potential decrease in the interest rate on outstanding borrowings, and decreased the recourse amount. The advance rate with respect to Qualified Timeshare Loans is 85% (an increase from the 80% advance rate in place prior to the August amendment) of the unpaid principal balance of the Qualified Timeshare Loans. The advance rate is 70% (an increase from the 60% advance rate in place prior to the August amendment) of the unpaid principal balance of Non-Conforming Qualified Timeshare Loans. Maximum permitted outstanding borrowings are $40.0 million, subject to the terms of the facility. The interest rate on outstanding borrowings prior to the August amendment is the Prime Rate minus 0.10% with a floor of 3.40%; provided, however, that pursuant to the August amendment, the interest rate on borrowings prior to the August amendment will be the Prime Rate minus 0.50% with a floor of 3.00% if Bluegreen borrows an additional $15.0 million by December 31, 2021. The interest rate on borrowings incurred following the August amendment is the Prime Rate minus 0.50% with a floor of 3.00%. Recourse to Bluegreen under the amended facility is limited to $5.0 million (a decrease from $10.0 million prior to the August amendment), with certain exceptions set forth in the facility. Subject to the terms of the facility, principal and interest due under the Liberty Bank Facility are paid as cash is collected on the pledged receivables, with the remaining balance being due by maturity. Pacific Western Facility. Bluegreen has a revolving VOI notes receivable hypothecation facility (the “Pacific Western Facility”) with Pacific Western Bank, which provides for advances on eligible VOI notes receivable pledged under the facility, subject to specified terms and conditions, during a revolving credit period. In July 2021, Bluegreen amended and restated the facility, which increased the maximum outstanding borrowings from $40.0 million to $50.0 million, subject to eligible collateral and customary terms and conditions; extended the revolving advance period from September 2021 to September 2024; extended the maturity from September 2024 to September 2027; and amended certain other terms of the facility, including a future decrease in the interest rate on borrowings as described below. Eligible “A” VOI notes receivable that meet certain eligibility and FICO score requirements, which Bluegreen believes are typically consistent with loans originated under its current credit underwriting standards, are subject to an 85% advance rate. The Pacific Western Facility also allows for certain eligible “B” VOI notes receivable (which have less stringent FICO score requirements) to be funded at a 65% advance (53% advance rate prior to the amendment). Until September 21, 2021 borrowings under the Pacific Western Bank Facility continued to bear interest at the then-prevailing rate under the facility, which was the 30-day Libor rate plus 2.75%, subject to a 3.00% floor. Pursuant to the amendment to the Pacific Western Bank Facility, effective September 21, 2021, all borrowings outstanding under the facility bear interest at an annual rate equal to the 30-day Libor rate plus 2.50%, subject to a 2.75% floor. In addition, subject to certain exceptions, the amendment reduced Bluegreen’s recourse liability from $10.0 million to $7.5 million. Principal and interest due under the Pacific Western Bank Facility are paid as cash is collected on the pledged receivables, with the remaining balance being due by maturity in September 2027. Other than as described above, there were no new debt issuances or changes related to the above listed facilities during the nine months ended September 30, 2021. See Note 10 to the Company’s Consolidated Financial Statements included in its 2020 Annual Report on Form 10-K for additional information regarding the receivable-backed notes payable facilities. Junior Subordinated Debentures Financial data relating to the Company’s junior subordinated debentures as of September 30, 2021 and December 31, 2020 was as follows (dollars in thousands): September 30, 2021 December 31, 2020 Effective Effective Carrying Interest Carrying Interest MaturityAmounts Rates (1) Amounts Rates (1) Years (2)Woodbridge - Levitt Capital Trusts I - IV $ 66,302 3.93 - 4.00% $66,302 4.01 - 4.04% 2035 - 2036Bluegreen Statutory Trusts I - VI 104,596 4.98 - 5.05% 110,827 5.01 - 5.12% 2035 - 2037Unamortized debt issuance costs (1,004) (1,057) Unamortized purchase discount (35,200) (37,895) Total junior subordinated debentures$ 134,694 $ 138,177 (1)The junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90%.(2)As of September 30, 2021 and December 31, 2020, all of the junior subordinated debentures were eligible for redemption by the Company. During February 2021, Bluegreen purchased BST II trust preferred securities having a par value of $6.1 million for approximately $4.0 million and delivered such securities to the trust in exchange for the cancellation of $6.1 million of Bluegreen’s junior subordinated debentures held by BST II. Availability As of September 30, 2021, the Company was in compliance with all financial debt covenants under its debt instruments. As of September 30, 2021, we had availability of approximately $257.7 million under our receivable-backed purchase and credit facilities, inventory lines of credit and corporate credit line, subject to eligible collateral and the terms of the facilities, as applicable. Note Payable to BBX Capital In connection with its spin-off of BBX Capital in September 2020, the Company issued a $75.0 million note payable to BBX Capital that accrues interest at a rate of 6% per annum and requires payments of interest on a quarterly basis. Under the terms of the note, we have the option in our discretion to defer interest payments under the note, with interest on the outstanding balance thereafter to accrue at a compounded rate of 8% per annum until such time as the Company is current on all accrued payments under the note, including deferred interest. All outstanding amounts will become due and payable in September 2025 or earlier upon certain events. As of September 30, 2021 and December 31, 2020, $1.1 million was included in other liabilities in the Company’s unaudited consolidated balance sheets as accrued interest payable in connection with this note payable. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 8. Fair Value of Financial Instruments ASC 820 Fair Value Measurements and Disclosures (Topic 820) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: Level 1:Unadjusted quoted prices in active markets for identical assets or liabilities Level 2:Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3:Unobservable inputs for the asset or liability The carrying amounts of financial instruments included in the consolidated financial statements and their estimated fair values as of September 30, 2021 and December 31, 2020 were as follows (in thousands): As of September 30, 2021 As of December 31, 2020 Carrying Amount EstimatedFair Value Carrying Amount EstimatedFair ValueCash and cash equivalents $ 216,567 $ 216,567 $ 221,118 $ 221,118Restricted cash 44,671 44,671 35,986 35,986Notes receivable, net 436,737 594,421 409,349 549,819Note payable to BBX Capital, Inc. 75,000 76,800 75,000 78,218Lines-of-credit, notes payable, and receivable-backed notes payable 490,006 495,500 532,719 547,400Junior subordinated debentures 134,694 135,000 138,177 133,500 Cash and cash equivalents. The amounts reported in the unaudited consolidated balance sheets for cash and cash equivalents approximate fair value. Restricted cash. The amounts reported in the unaudited consolidated balance sheets for restricted cash approximate fair value. Notes receivable, net. The fair value of the Company’s notes receivable is estimated using Level 3 inputs and is based on estimated future cash flows considering contractual payments and estimates of prepayments and defaults, discounted at a market rate. Note Payable to BBX Capital. The fair value of the note payable to BBX Capital was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. Lines-of-credit, notes payable, and receivable-backed notes payable. The amounts reported in the Company’s unaudited consolidated balance sheets for lines of credit, notes payable, and receivable-backed notes payable approximate fair value for indebtedness that provides for variable interest rates. The fair value of the Company’s fixed-rate, receivable-backed notes payable was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. These obligations are to be satisfied using the proceeds from the consumer loans that secure the obligations. Junior subordinated debentures. The fair value of the Company’s junior subordinated debentures is estimated using Level 3 inputs based on the contractual cash flows discounted at a market rate or based on market price quotes from the over-the-counter bond market. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 9. Commitments and Contingencies Litigation Matters In the ordinary course of business, the Company and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its operations and activities including the purchase, sale, marketing, or financing of VOIs. Additionally, from time to time in the ordinary course of business, the Company is involved in disputes with existing and former employees, vendors, taxing jurisdictions, and other individuals and entities, and it also receives individual consumer complaints as well as complaints received through regulatory and consumer agencies, including Offices of State Attorneys General. The Company takes these matters seriously and attempts to resolve any such issues as they arise. The Company may also become subject to litigation related to the COVID-19 pandemic, including with respect to any actions the Company takes as a result thereof. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Management does not believe that the aggregate liability relating to known contingencies at this time in excess of the aggregate amounts accrued with respect thereto will have a material impact on the Company’s results of operations or financial condition. However, litigation is inherently uncertain and the actual costs of resolving legal claims, including awards of damages, may be substantially higher than the amounts accrued for these claims and may have a material adverse impact on the Company’s results of operations or financial condition. Management is not at this time able to estimate a range of reasonably possible losses with respect to matters in which it is reasonably possible that a loss will occur. In certain matters, management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or range of loss. Frequently in these matters, the claims are broad and the plaintiffs have not quantified or factually supported their claim. Litigation The following is a description of material legal proceedings pending against the Company or its subsidiaries: On September 22, 2017, Stephen Potje, Tamela Potje, Sharon Davis, Beafus Davis, Matthew Baldwin, Tammy Baldwin, Arnor Lee, Angela Lee, Gretchen Brown, Paul Brown, Jeremy Estrada, Emily Estrada, Michael Oliver, Carrie Oliver, Russell Walters, Elaine Walters, and Mike Ericson, individually and on behalf of all other similarly situated, filed a purported class action lawsuit against Bluegreen Vacations Unlimited (“BVU”), Bluegreen’s wholly owned subsidiary, which asserts claims for alleged violations of the Florida Deceptive and Unfair Trade Practices Act and the Florida False Advertising Law. In the complaint, the plaintiffs alleged the making of false representations in connection with Bluegreen’s sales of VOIs. The purported class action lawsuit was dismissed without prejudice after mediation. However, during April 2018, plaintiffs re-filed their individual claims in Palm Beach County Circuit Court. Subsequently on October 15, 2019, the Court entered an order granting summary judgment in favor of Bluegreen and dismissed all claims. Plaintiffs appealed the summary judgment order. An agreement was subsequently reached to settle all claims, which will include payment to Bluegreen on behalf of all but one Plaintiff. A Joint Notice of Settlement was filed with the appellate court advising of the settlement and that the Plaintiffs have filed a voluntary Dismissal Notice of Appeal. On June 28, 2018, Melissa S. Landon, Edward P. Landon, Shane Auxier and Mu Hpare, individually and on behalf of all others similarly situated, filed a purported class action lawsuit against Bluegreen and Bluegreen Vacations Unlimited (“BVU”), Bluegreen’s wholly owned subsidiary, asserting claims for alleged violations of the Wisconsin Timeshare Act, Wisconsin law prohibiting illegal referral selling, and Wisconsin law prohibiting illegal attorney’s fee provisions. Plaintiffs’ allegations include that Bluegreen failed to disclose the identity of the seller of real property at the beginning of Bluegreen’s initial contact with the purchaser; that the defendants misrepresented who the seller of the real property was; that the defendants misrepresented the buyer’s right to cancel; that the defendants included an illegal attorney’s fee provision in the sales document(s); that the defendants offered an illegal “today only” incentive to purchase; and that the defendants utilized an illegal referral selling program to induce the sale of VOIs. Plaintiffs seek certification of a class consisting of all persons who, in Wisconsin, purchased from BVU one or more VOIs within six years prior to the filing of this lawsuit. Plaintiffs seek statutory damages, attorneys’ fees and injunctive relief. Bluegreen and BVU moved to dismiss the case, and on November 27, 2019, the court issued a ruling granting the motion in part. Plaintiffs moved for class certification, which the defendants have opposed. Bluegreen believes the lawsuit is without merit and is vigorously defending the action. On January 7, 2019, Shehan Wijesinha filed a purported class action lawsuit alleging violations of the Telephone Consumer Protection Act (the “TCPA”). It is alleged that BVU called plaintiff’s cell phone for telemarketing purposes using an automated dialing system, and that plaintiff did not give BVU his express written consent to do so. Plaintiff seeks certification of a class comprised of other persons in the United States who received similar calls from or on behalf of BVU without the person’s consent. Plaintiff seeks monetary damages, attorneys’ fees and injunctive relief. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. On July 15, 2019, the court entered an order staying this case pending a ruling from the Federal Communications Commission clarifying the definition of an automatic telephone dialing system under the TCPA and the decision of the Eleventh Circuit in a separate action brought against a VOI company by a plaintiff alleging violations of the TCPA. On January 7, 2020, the Eleventh Circuit issued a ruling consistent with BVU’s position, and on June 26, 2020, the FCC also issued a favorable ruling. The case was stayed pending the United States Supreme Court’s decision in Facebook, Inc. v. Duguid. On April 1, 2021, the Supreme Court issued decision on the Facebook case which was favorable to Bluegreen’s position that an automatic telephone dialing system was not used in this case. Bluegreen believes the ruling disposes of the plaintiff’s claim and filed a Notice of Supplemental Authority advising the court of the ruling. On July 18, 2019, Eddie Boyd, et al. filed an action alleging that BVU and co-defendants violated the Missouri Merchandise Practices Act for allegedly making false statements and misrepresentations with respect to the sale of VOIs. Plaintiffs further have filed a purported class action allegation that BVU’s charging of an administrative processing fee constitutes the unauthorized practice of law, and have also asserted that Bluegreen and its outside counsel engaged in abuse of process by filing a lawsuit against plaintiffs’ counsel (The Montgomery Law Firm). Plaintiffs seek monetary damages, attorneys’ fees and injunctive relief. On August 31, 2020, the court certified a class regarding the unauthorized practice of law claim and dismissed the claims regarding abuse of process. On January 11, 2021, the Court issued an order that the class members are not entitled to rescission of their contracts because they failed to plead fraud in the inducement. Discovery is ongoing. Bluegreen believes the lawsuit is without merit, and is vigorously defending the action. On July 14, 2020, Kenneth Johansen, individually and on behalf of all others similarly situated, filed a purported class action against BVU for alleged violations of the TCPA. Specifically, the named plaintiff alleges that he received numerous telemarketing calls from BVU while he was on the National Do Not Call Registry. Bluegreen filed a motion to dismiss, and plaintiff in response filed an amended complaint on September 18, 2020. On February 18, 2021, plaintiff filed a motion for class certification seeking to certify a class of thousands of individual proposed class members. On April 15, 2021 a court-ordered mediation was conducted at which time the parties were not able to resolve the lawsuit. On September 30, 2021 the court entered an order denying plaintiff’s motion for class certification. The plaintiffs have appealed the order. Bluegreen is vigorously defending the action. On August 30, 2020, over 100 VOI owners at The Manhattan Club (“TMC”) sued BVU and certain unaffiliated entities (the “Non-Bluegreen Defendants”). The complaint included claims arising out of alleged misrepresentations made during the sale of VOIs at TMC and certain post-sale operational practices, including allegedly charging owners excessive annual maintenance fees and implementing reservation policies that restrict the ability of VOI owners to use their points to access the resort while allowing the general public to make reservations. The plaintiffs assert in the complaint that Bluegreen acquired operational control of TMC from the Non-Bluegreen Defendants in 2018 and assumed joint liability for any prior wrongdoing by them. Bluegreen believes this assertion to be erroneous and that the claims against BVU are without merit. On September 27, 2021, the court granted Bluegreen’s motion to dismiss without prejudice and the Court declined to exercise supplemental jurisdiction over the remaining state law claims. On March 15, 2018, BVU entered into an Agreement for Purchase and Sale of Assets with T. Park Central, LLC, O. Park Central, LLC, and New York Urban Ownership Management, LLC, (collectively “New York Urban”) (“Purchase and Sale Agreement”), which provided for the purchase of The Manhattan Club inventory over a number of years and the management contract for The Manhattan Club Association, Inc. On October 7, 2019, New York Urban initiated arbitration proceedings against BVU alleging that The Manhattan Club Association, Inc. (of which BVU was a member) was obligated to pay an increased management fee to a New York Urban affiliate and that this higher amount would be the benchmark for BVU’s purchase of the management contract under the parties’ Purchase and Sale Agreement. New York Urban also sought damages in the arbitration proceedings in excess of $10 million for promissory estoppel and tortious interference. On November 19, 2019, the parties participated in mediation but did not resolve the matter. On November 20, 2019, New York Urban sent a letter to BVU advising that it was: (1) withdrawing its arbitration demand; (2) notifying the Board that it was not seeking to execute the proposed amendment to the Management Agreement that was originally sent to Bluegreen on April 24, 2019; and (3) was not going to pay itself a management fee for the 2020 operating year in an amount exceeding the 2019 operating year (i.e., $6.5 million). On November 21, 2019, BVU sent New York Urban a Notice of Termination of the Purchase and Sale Agreement. On November 25, 2019, New York Urban sent its own Notice of Termination and a separate letter containing an offer to compromise if BVU resigned its position on the Board and permitted New York Urban to enforce its rights to the collateral. On November 29, 2019, BVU accepted the offer and on December 18, 2019, BVU provided New York Urban with resignations of its members on the Board of Directors. On April 2, 2021, New York Urban initiated new arbitration proceedings against BVU, alleging it is owed over $70 million for periodic inventory closings that have not occurred since the Purchase and Sale Agreement was terminated or that will not occur because of the termination. New York Urban also seeks over $50 million because, due to the Purchase and Sale Agreement’s termination, the closing on the management contract will not occur. Bluegreen believes this claim is without merit and is pursuing declaratory relief and claims based on breach of the parties settlement agreement. On September 14, 2021, Tamarah and Emmanuel Louis, individually and on behalf of all others similarly situated, filed a purported class action lawsuit against BVU alleging it violated the Military Lending Act (“MLA”). The complaint alleges that BVU did not make any inquiry before offering financing to the plaintiffs as to whether they were members of the United States Military and allege other claims related to certain disclosures mandated by the MLA. Bluegreen is currently evaluating the complaint. Commencing in 2015, it came to Bluegreen’s attention that its collection efforts with respect to its VOI notes receivable were being impacted by a then emerging, industry-wide trend involving the receipt of “cease and desist” letters from exit firms and attorneys purporting to represent certain VOI owners. Following receipt of these letters, Bluegreen is unable to contact the owners unless allowed by law. Bluegreen believes these exit firms have encouraged such owners to become delinquent and ultimately default on their obligations and that such actions and its inability to contact the owners have been a material factor in the increase in its annual default rates. Bluegreen’s average annual default rates have increased from 6.9% in 2015 to 9.21% to date in 2021. Bluegreen also estimates that approximately 8.9% of the total delinquencies on its VOI notes receivable as of September 30, 2021 related to VOI notes receivable subject to this issue. Bluegreen has in a number of cases pursued, and may in the future pursue, legal action against the VOI owners, and as described below, against the exit firms. On November 13, 2019, Bluegreen filed a lawsuit against timeshare exit firm The Montgomery Law Firm and certain of its affiliates. In the complaint, Bluegreen alleged that through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, such firm and its affiliates made false statements about Bluegreen and provided misleading information to the VOI owners and encouraged nonpayment by consumers. Bluegreen believes the consumers are paying fees to the firm and its affiliates in exchange for illusory services. Bluegreen has asserted claims under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference and other claims. Defendants’ motion to dismiss was denied. Discovery is ongoing. On November 13, 2020, Bluegreen filed a lawsuit against timeshare exit firm, Carlsbad Law Group, LLP, and certain of its associated law firms and affiliates. On December 30, 2020, Bluegreen filed a lawsuit against timeshare exit firm, The Molfetta Law Firm, and certain of its associated law firms, affiliates, and cohorts, including Timeshare Termination (“TTT”). In both of these actions, Bluegreen makes substantially the same claims against the timeshare exit firms and its associated law firms and affiliates as those made in its action against The Montgomery Law Firm described above. In June 2021, counsel for TTT moved to withdraw, citing TTT’s insolvency. Discovery is ongoing with respect to the Carlsbad matter. Other Commitments, Contingencies and Guarantees The Company, indirectly through Bluegreen and BVU, has an exclusive marketing agreement with Bass Pro, a nationally-recognized retailer of fishing, marine, hunting, camping and sports gear, that provides it with the right to market and sell vacation packages at kiosks in each of Bass Pro’s retail locations and through other means. Pursuant to a settlement agreement Bluegreen entered into with Bass Pro and its affiliates during June 2019, Bluegreen paid Bass Pro $20.0 million and agreed to, among other things, make five annual payments to Bass Pro of $4.0 million in January of each year, commencing in 2020. Bluegreen made annual payments of $4.0 million to Bass Pro in January 2020 and 2021. As of September 30, 2021 and December 31, 2020, $11.2 million and $14.7 million, respectively, was included in accrued liabilities and other in the Company’s unaudited consolidated balance sheets, for the remaining payments required by the settlement agreement. During the nine months ended September 30, 2021 and 2020, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 18% and 11%, respectively, of Bluegreen’s VOI sales volume. Subject to the terms and conditions of the settlement agreement, Bluegreen will generally be required to pay the fixed annual fee with respect to at least 59 Bass Pro retail stores and a minimum number of Cabela’s retail stores that increases over time to a total of at least 60 Cabela’s retail stores by the end of 2021. In January 2021, Bluegreen paid $6.9 million relating to this fixed fee, of which $1.9 million was prepaid and is included in the Company’s unaudited consolidated balance sheet as of September 30, 2021. During the three and nine months ended September 30, 2021, Bluegreen incurred $1.7 million and $5.1 million, respectively, relating to this fixed fee which is included in selling, general and administrative expenses in the Company’s unaudited consolidated statements of operations and comprehensive income, compared to $1.4 million and $3.9 million for the three and nine months ended September 30, 2020, respectively. Notwithstanding the foregoing, the minimum number of Bass Pro and Cabela’s retail stores for purposes of the fixed annual fee may be reduced under certain circumstances set forth in the agreement, including as a result of a reduction of traffic in the stores in excess of 25% year-over-year. As of September 30, 2021, Bluegreen had sales and marketing operations at a total of 123 Bass Pro Shops and Cabela’s Stores. In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen may enter into subsidy agreements with certain HOAs. As of September 30, 2021, Bluegreen had $8.0 million accrued for such subsidies, which is included in accrued liabilities and other in the Company’s unaudited consolidated balance sheet as of such date. As of December 31, 2020, Bluegreen had no accrued liabilities for such subsidies. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings (Loss) Per Share [Abstract] | |
Earnings (Loss) Per Share | 10. Earnings (Loss) Per Share The following table presents the calculation of the Company’s basic and diluted earnings (loss) per share (“EPS”). For the Three Months Ended For the Nine Months Ended September 30, September 30,(in thousands, except per share amounts) 2021 2020 2021 2020Basic EPS: Numerator: Net Income (loss) from continuing operations $ 23,127 $ (28,242) $ 45,602 $ (61,728)Net Income (loss) from discontinuing operations - 2,920 - (27,704)Denominator: Weighted average shares outstanding 21,709 18,731 20,660 18,442Basic EPS from continuing operations $1.07 $ (1.51) $2.21 $ (3.35)Basic EPS from discontinuing operations $ - $ 0.16 $ - $ (1.50)Basic EPS $1.07 $ (1.35) $2.21 $ (4.85) Diluted EPS: Numerator: Net Income (loss) from continuing operations $ 23,127 $ (28,242) $ 45,602 $ (61,728)Net Income (loss) from discontinuing operations - 2,920 - (27,704)Denominator: Basic - Weighted average shares outstanding 21,709 18,731 20,660 18,442Dilutive effect of restricted stock rewards 18 - - -Diluted weighted average number of common share outstanding 21,727 18,731 20,660 18,442Diluted EPS from continuing operations $1.06 $ (1.51) $2.21 $ (3.35)Diluted EPS from discontinuing operations $ - $ 0.16 $ - $ (1.50)Diluted EPS $1.06 $ (1.35) $2.21 $ (4.85) During the three months ended September 30, 2021, 17,693 of weighted average shares of unvested restricted stock awards outstanding were included in the computation of diluted earnings per share as the shares were dilutive. During the nine months ended September 30, 2021, 220,963 of weighted average shares of unvested restricted stock awards outstanding were excluded from the computation of diluted earnings per share as the shares were antidilutive. During the three and nine months ended September 30, 2020, the weighted average shares of unvested restricted stock awards outstanding were not included in the computation of diluted earnings per share as the shares were antidilutive due to the Company’s recognition of a loss for such periods. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Common Stock [Abstract] | |
Common Stock | 11. Common Stock Stock Incentive Plans The Bluegreen Vacations Holding Corporation 2021 Incentive Plan (the “Plan”), allows for the issuance of up to 2,000,000 shares of the Company’s Class A Common Stock pursuant to restricted stock awards and options which may be granted under the Plan. The Plan also permits for the grant of performance-based cash awards. To date, 468,439 restricted shares of the Company’s Class A Common Stock have been granted to certain executive officers and employees under the Plan. After those awards, 1,531,561 shares of Class A Common Stock remained available for grant under the Plan as of September 30, 2021. The Company accounts for compensation cost for unvested restricted stock awards based on the fair value of the award on the measurement date, which is generally the grant date, and is recognized on a straight-line basis over the requisite service period of the award, with forfeitures recognized as incurred. The aggregate grant date fair value of the awards granted in June 2021 was $9.7 million, 275,939 of the shares granted cliff vest in 4 years, or June 3, 2025, and 192,500 shares cliff vest in 10 years, or June 3, 2031. During the three and nine months ended September 30, 2021, the Company recognized $0.5 million and $0.6 million, respectively, of share-based compensation expense in connection with these restricted awards and, as of September 30, 2021, restricted share expense of approximately $9.1 million remained unamortized. Stock Repurchases In June 2017, the Company’s board of directors approved a share repurchase program which authorized the repurchase of up to 1,000,000 shares of the Company’s Class A Common Stock and Class B Common Stock at an aggregate cost of up to $35.0 million. There were no share purchases under the 2017 repurchase program during the nine months ended September 30, 2020 or 2021, and this repurchase program was terminated in connection with the adoption of a new repurchase program in August 2021, as described below. In August 2021, the Company’s board of directors approved a new share repurchase program which authorizes the repurchase of the Company’s Class A Common Stock and Class B Common Stock at an aggregate cost of up to $40.0 million. The Company repurchased and retired 988,309 of Class A common shares and 18,996 shares of Class B common shares during the three and nine months ended September 30, 2021 for an aggregate purchase price of $20.9 million. As of September 30, 2021, $19.1 million remained available for the repurchase of shares under this share repurchase program. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | 12. Noncontrolling Interests Noncontrolling interests in the Company’s consolidated subsidiaries consisted of the following (in thousands): As of As of September 30, December 31, 2021 2020 Bluegreen (1) $ — $ 22,821Bluegreen/Big Cedar Vacations (2) 62,263 52,026Total noncontrolling interests $ 62,263 $ 74,847 (1)Prior to May 5, 2021, the Company beneficially owned approximately 93% of Bluegreen’s outstanding common stock. As a result of the merger effected on May 5, 2021, Bluegreen is now a wholly owned subsidiary of the Company. (2)Bluegreen owns 51% of Bluegreen/Big Cedar Vacations. See “Our Business” under Note 1 above for information regarding the statutory short-form merger effected on May 5, 2021, pursuant to which the Company acquired all of the approximately 7% of the outstanding shares of Bluegreen’s common stock that the Company did not previously beneficially own. During the 2021 period prior to the short-form merger, Bluegreen did not repurchase or retire any shares of its common stock. During the nine months ended September 30, 2020, Bluegreen repurchased 1,878,400 shares of its common stock in a private transaction for $11.7 million and retired those shares. Income (loss) attributable to noncontrolling interests from continuing operations consisted of the following (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Bluegreen (1) $ — $ 714 $ 861 $ 293Bluegreen/Big Cedar Vacations (2) 4,190 2,644 10,237 4,021Net income attributable to noncontrolling interest - continuing operations $ 4,190 $ 3,358 $ 11,098 $ 4,314 (1)Prior to May 5, 2021, the Company beneficially owned approximately 93% of Bluegreen’s outstanding common stock. As a result of the merger effected on May 5, 2021, Bluegreen is now a wholly owned subsidiary of the Company. (2)Bluegreen owns 51% of Bluegreen/Big Cedar Vacations. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes The Company and its subsidiaries file a consolidated U.S. federal income tax return and income tax returns in various state and foreign jurisdictions. With certain exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2017 for federal returns and 2016 for state returns. The Company’s effective income tax rate was approximately 26% and (2)% during the three months ended September 30, 2021 and 2020, respectively, and 27% and (0.7)% during the nine months ended September 30, 2021 and 2020, respectively. Effective income tax rates for interim periods are based upon the Company’s then current estimated annual rate. The effective income tax rate varies based upon the estimate of taxable earnings as well as on the mix of taxable earnings in the various states in which the Company and its subsidiaries operate. As such, the Company’s effective tax rates for the 2021 and 2020 periods reflect an estimate of its annual taxable earnings, state taxes, non-deductible items and changes in valuation allowance on deferred tax assets for each respective year. The 2020 periods include estimates made at the time related to the full year’s impact of the COVID-19 pandemic. Certain of the Company’s state filings are under routine examination. While there is no assurance as to the results of these audits, the Company does not currently anticipate any material adjustments in connection with these examinations. As of September 30, 2021, the Company did not have any significant amounts accrued for interest and penalties or recorded for uncertain tax positions. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions The Company may be deemed to be controlled by Alan B. Levan, Chairman, Chief Executive Officer and President of the Company, John E. Abdo, Vice Chairman of the Company, Jarett S. Levan, a director of the Company and former President of the Company, and Seth M. Wise, a director of the Company and former Executive Vice President of the Company. Together, they may be deemed to beneficially own shares of the Company’s Class A Common Stock and Class B Common Stock representing approximately 79% of the Company’s total voting power. Mr. Alan Levan, Mr. Abdo, and the Company’s other executives receive a significant portion of their compensation from Bluegreen on behalf of the Company and Bluegreen. Further, in connection with the spin-off of BBX Capital during September 2020, Mr. Jarett Levan became the Chief Executive Officer and President and a director of BBX Capital, Mr. Alan Levan became the Chairman of BBX Capital, Mr. Abdo became Vice Chairman of BBX Capital and Seth M. Wise became Executive Vice President and a director of BBX Capital. Mr. Alan Levan, Mr. Abdo, Mr. Jarett Levan and Mr. Wise may also be deemed to control BBX Capital through their ownership of BBX Capital’s Class A Common Stock and Class B Common Stock. See “Our Business” under Note 1 above for information regarding the statutory short-form merger effected on May 5, 2021, pursuant to which the Company acquired all of the approximately 7% of the outstanding shares of Bluegreen’s common stock that the Company did not previously beneficially own and Bluegreen became a wholly owned subsidiary of the Company. The Company paid or reimbursed BBX Capital $0.1 million and $0.6 million during the three and nine months ended September 30, 2021, respectively, and $0.7 million and $1.3 million during the three and nine months ended September 30, 2020, respectively, for management advisory, risk management, administrative and other services. The Company had $0.2 million in accrued expenses for the services described above as of September 30, 2021. There were no amounts accrued for such services as of December 31, 2020. During the three months ended September 30, 2021 and 2020, the Company paid the Abdo Companies, Inc. $38,000 and $77,000, respectively, and during the nine months ended September 30, 2021 and 2020, the Company paid the Abdo Companies, Inc. $115,000 and $230,000, respectively, in exchange for certain management services. John E. Abdo, the Company’s Vice Chairman, is the principal shareholder and Chief Executive Officer of Abdo Companies, Inc. In connection with its spin-off of BBX Capital, the Company issued a $75.0 million note payable to BBX Capital. See Note 7 for a description of the terms of the Company’s note payable to BBX Capital. In connection with the spin-off, the Company and BBX Capital also entered into certain other agreements including a Transition Services Agreement. The Transition Services Agreement generally sets out the respective rights, responsibilities and obligations of the Company and BBX Capital with respect to the support services provided to one another after the spin-off, to ensure an orderly transition. The Transition Services Agreement establishes a baseline charge for certain categories or components of services provided, which is at cost unless the parties mutually agree to a different charge. The Transition Services Agreement was effective on September 30, 2020 and will continue until terminated, in whole or with respect to any service provided thereunder by either party at any time upon thirty days prior written notice to the other party. During the three and nine months ended September 30, 2021, BBX Capital reimbursed the Company $0.2 million under the Transition Services agreement. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15. Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. The sales of VOIs and financing segment includes the Company’s marketing and sales activities related to the VOIs that are owned by the Company, VOIs acquired under just-in-time and secondary market inventory arrangements, or sales of VOIs through fee-for-service arrangements with third-party developers, as well as consumer financing activities in connection with sales of VOIs owned by the Company, and title services operations. The resort operations and club management segment includes management services activities for the Bluegreen Vacation Club and for a majority of the HOAs of the resorts within the Bluegreen Vacation Club. In connection with those services, the Company also provides club reservation services, services to owners and billing and collections services to the Bluegreen Vacation Club and certain HOAs. Additionally, this segment includes revenue from Bluegreen’s Traveler Plus program, food and beverage and other retail operations, rental services activities, and management of construction activities for certain fee-based developer clients. The amounts set forth in the column “Corporate and other” are general and administrative expenses of the Company that consist primarily of costs associated with administering the various support functions at its corporate headquarters, including executive compensation, legal, accounting, human resources, investor relations, and maintaining executive offices, including corporate overhead for discontinued operations. The information provided for segment reporting is obtained from internal reports utilized by management. The presentation and allocation of results of operations do not reflect the actual economic costs of the segments as standalone businesses. Due to the nature of the Company’s business, assets are not allocated to a particular segment, and therefore management does not evaluate the balance sheet by segment. If a different basis of allocation were utilized, the relative contributions of the segments might differ but the relative trends in the segments’ operating results would, in management’s view, likely not be impacted. The table below sets forth the Company’s segment information for the three months ended September 30, 2021 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 107,383 $ — $ — $ — $ 107,383 Fee-based sales commission revenue 35,585 — — — 35,585 Other fee-based services revenue 3,730 28,190 — — 31,920 Cost reimbursements — 18,699 — — 18,699 Mortgage servicing revenue 1,232 — — (1,232) —Interest income 20,854 — 77 — 20,931 Total revenue 168,784 46,889 77 (1,232) 214,518 Costs and expenses: Cost of VOIs sold 7,482 — — — 7,482 Net carrying cost of VOI inventory 4,036 — — (4,036) —Cost of other fee-based services 989 6,743 — 4,036 11,768 Cost reimbursements — 18,699 — — 18,699 Selling, general and administrative expenses 108,021 — 24,399 76 132,496 Mortgage servicing expense 1,308 — — (1,308) —Interest expense 3,849 — 4,811 — 8,660 Other expense, net — — 121 121 Total costs and expenses 125,685 25,442 29,331 (1,232) 179,226 Income (loss) before non-controlling interest and provision for income taxes $ 43,099 $ 21,447 $ (29,254) $ — $ 35,292 Add: Depreciation and amortization 1,515 191 Add: Severance 2,403 — Segment Adjusted EBITDA (1) $ 47,017 $ 21,638 (1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the three months ended September 30, 2020 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 59,265 $ — $ — $ — $ 59,265 Fee-based sales commission revenue 22,119 — — — 22,119 Other fee-based services revenue 1,281 26,550 — — 27,831 Cost reimbursements — 15,684 — — 15,684 Mortgage servicing revenue 1,403 — — (1,403) —Interest income 19,049 — 749 (453) 19,345 Total revenue 103,117 42,234 749 (1,856) 144,244 Costs and expenses: Cost of VOIs sold 3,597 — — — 3,597 Net carrying cost of VOI inventory 9,663 — — (9,663) —Cost of other fee-based services 800 10,398 — 9,663 20,861 Cost reimbursements — 15,684 — — 15,684 Selling, general and administrative expenses 59,502 — 61,836 (406) 120,932 Mortgage servicing expense 997 — — (997) —Interest expense 3,910 — 4,755 (453) 8,212 Other expense, net — — 339 — 339 Total costs and expenses 78,469 26,082 66,930 (1,856) 169,625 Income (loss) before non-controlling interest and provision for income taxes $ 24,648 $ 16,152 $ (66,181) $ — $ (25,381) Add: Depreciation and amortization 1,405 208 Add: Severance 208 114 Segment Adjusted EBITDA (1) $ 26,261 $ 16,474 (1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the nine months ended September 30, 2021 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 255,126 $ — $ — $ — $ 255,126 Fee-based sales commission revenue 96,921 — — — 96,921 Other fee-based services revenue 8,867 82,392 — — 91,259 Cost reimbursements — 50,859 — — 50,859 Mortgage servicing revenue 3,815 — — (3,815) —Interest income 59,520 — 267 — 59,787 Other income, net — — 157 — 157 Total revenue 424,249 133,251 424 (3,815) 554,109 Costs and expenses: Cost of VOIs sold 19,675 — — — 19,675 Net carrying cost of VOI inventory 17,927 — — (17,927) —Cost of other fee-based services 2,492 24,081 — 17,927 44,500 Cost reimbursements — 50,859 — — 50,859 Selling, general and administrative expenses 268,951 — 69,547 (252) 338,246 Mortgage servicing expense 3,563 — — (3,563) —Interest expense 11,918 — 15,353 — 27,271 Total costs and expenses 324,526 74,940 84,900 (3,815) 480,551 Income (loss) before non-controlling interest and provision for income taxes $ 99,723 $ 58,311 $ (84,476) $ — $ 73,558 Add: Depreciation and amortization 4,351 586 Add: Severance 2,403 — Segment Adjusted EBITDA (1) $ 106,477 $ 58,897 (1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the nine months ended September 30, 2020 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 113,447 $ — $ — $ — $ 113,447 Fee-based sales commission revenue 64,619 — — — 64,619 Other fee-based services revenue 5,353 78,205 — — 83,558 Cost reimbursements — 46,654 — — 46,654 Mortgage servicing revenue 4,508 — — (4,508) —Interest income 58,258 — 4,229 (2,524) 59,963 Other income, net — — 186 — 186 Total revenue 246,185 124,859 4,415 (7,032) 368,427 Costs and expenses: Cost of VOIs sold 8,734 — — — 8,734 Net carrying cost of VOI inventory 28,490 — — (28,490) —Cost of other fee-based services 2,989 29,628 — 28,490 61,107 Cost reimbursements — 46,654 — — 46,654 Selling, general and administrative expenses 174,969 — 107,413 (1,145) 281,237 Mortgage servicing expense 3,363 — — (3,363) —Interest expense 12,745 — 17,447 (2,524) 27,668 Total costs and expenses 231,290 76,282 124,860 (7,032) 425,400 Income (loss) before non-controlling interest and provision for income taxes $ 14,895 $ 48,577 $ (120,445) $ — $ (56,973) Add: Depreciation and amortization 4,447 588 Add: Severance 3,977 1,347 Segment Adjusted EBITDA (1) $ 23,319 $ 50,512 (1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 16. Discontinued Operations On September 30, 2020, the Company completed the spin-off of its former wholly owned subsidiary, BBX Capital. The Company continues to hold its investment in Bluegreen. BBX Capital, which became a separate public company as a result of the spin-off, holds all of the other businesses and investments previously owned by the Company, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin. The Company no longer holds any interest in BBX Capital. BBX Capital and its subsidiaries’ operations are presented as discontinued operations in the Company’s financial statements. As of September 30, 2021 and December 31, 2020, there were no carrying amounts of major classes of assets or liabilities included as part of discontinued operations. The major components of loss from discontinued operations were as follows (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020Revenues: Trade sales $ — $ 35,692 $ — $ 99,628Sales of real estate inventory — 4,970 — 14,248Interest income — 366 — 586Net gain (loss) on sales of real estate assets — 164 — 130Other revenue — 933 — 2,398Total revenues — 42,125 — 116,990Costs and Expenses: Cost of trade sales — 27,981 — 80,154Cost of real estate inventory sold — 3,367 — 9,473Recoveries from loan losses, net — (807) — (5,844)Impairment losses — — — 31,588Selling, general and administrative expenses — 13,151 — 40,342Total costs and expenses — 43,692 — 155,713Equity in net earnings (losses) of unconsolidated real estate joint ventures — (646) — 50Foreign exchanges gain — (59) — 214Loss on the deconsolidation of IT'SUGAR, LLC (3,326) (3,326)Other income — 82 — 192Loss from discontinued operations before income taxes $ — $ (5,516) $ — $ (41,593) The major components of the statement of cash flows from discontinued operations were as follows (in thousands): For the Nine Months Ended September 30, 2021 2020Operating activities: Net loss $ — $ (32,526)Adjustment to reconcile net loss to net cash used in operating activities: Recoveries from loan losses, net — (5,844)Depreciation, amortization and accretion, net — 5,468Net losses on sales of real estate and property and equipment — (130)Equity earnings of unconsolidated real estate joint ventures — (49)Return on investment in unconsolidated real estate joint ventures — 3,933Loss from the deconsolidation of IT'SUGAR, LLC — 3,326Increase in deferred income tax asset — (9,066)Impairment losses — 31,588Decrease in trade inventory — (279)Increase in trade receivables — (2,336)Decrease in real estate inventory — 925Net change in operating lease assets and liabilities — (964)Increase in other assets — (1,388)Decrease in other liabilities — 6,512Net cash used in operating activities $ — $ (830)Investing activities: Return of investment in unconsolidated real estate joint ventures — 4,631Investments in unconsolidated real estate joint ventures — (14,009)Proceeds from repayment of loans receivable — 5,960Proceeds from sales of real estate — 2,151Additions to real estate — (70)Purchases of property and equipment — (4,032)Decrease in cash from other investing activities — (1,065)Net cash used in investing activities $ — $ (6,434) |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events Subsequent events have been evaluated through the date the financial statements were issued. As of such date, there were no subsequent events identified that required recognition or disclosure other than as disclosed in the footnotes herein. |
Organization and Basis of Fin_2
Organization and Basis of Financial Statement Presentation (Policy) | 9 Months Ended |
Sep. 30, 2021 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Our Business | Our Business On September 30, 2020, the Company completed its spin-off of BBX Capital, Inc. (“BBX Capital”). The former wholly owned subsidiary of the Company became a separate public company as a result of the spin-off and holds all of the historical businesses and investments of the Company other than the Company’s investment in Bluegreen. As a result of the spin-off, the Company is a “pure play” holding company whose sole asset is its wholly owned subsidiary, Bluegreen. Prior to May 5, 2021, the Company beneficially owned approximately 93% of Bluegreen’s outstanding common stock. On May 5, 2021, the Company acquired all of the approximately 7% of the outstanding shares of Bluegreen’s common stock not previously beneficially owned by the Company through a statutory short-form merger under Florida law. In connection with the merger, Bluegreen’s shareholders (other than the Company) received 0.51 shares of the Company’s Class A Common Stock for each share of Bluegreen’s common stock that they held at the effective time of the merger (subject to rounding up of fractional shares). The Company issued approximately 2.66 million shares of its Class A Common Stock in connection with the merger. As a result of the completion of the merger, Bluegreen became a wholly owned subsidiary of the Company. The Company is a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations. Our resorts are primarily located in high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, among others. The resorts in which we market, sell, and manage VOIs were either developed or acquired by the Company, or were developed and are owned by third parties. The Company earns fees for providing sales and marketing services to third party developers and also earns fees for providing management services to the Bluegreen Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, the Company provides financing to qualified VOI purchasers, which generates significant interest income. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The Company’s unaudited consolidated financial statements include the accounts of its wholly owned subsidiaries, other entities in which the Company or its consolidated subsidiaries hold controlling financial interests, and any Variable Interest Entities (“VIEs”) in which the Company or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Impact of the COVID-19 pandemic | Impact of the COVID-19 pandemic The COVID-19 pandemic caused an unprecedented disruption in the U.S. and global economies and the industries in which the Company operates due to, among other things, government ordered “shelter in place” and “stay at home” orders and advisories, travel restrictions, and restrictions on business operations, including government guidance with respect to travel, public accommodations, social gatherings, and related matters. These disruptions and the reaction of the general public to the pandemic had a significant adverse impact on the Company's financial condition and operations throughout 2020. While adverse conditions have continued during 2021, including the risk of the Delta variant, the Company’s business and results generally improved during the nine months ended September 30, 2021. |
Use Of Estimates | Use of Estimates The Company’s financial statements are prepared in conformity with GAAP, which requires it to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in its financial statements. Although the Company’s current estimates contemplate current and expected future conditions, actual conditions could differ from its expectations, which could materially affect its results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing COVID-19 pandemic. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. As a result, accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in, among other adjustments, future impairments of intangibles and long-lived assets, incremental credit losses on VOI notes receivable, an increase in valuation allowances on deferred tax assets, or an increase in other obligations as of the time of a relevant measurement event. |
Recently Adopted Accounting Standards | Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncement and guidance relevant to the Company’s operations which had not yet been adopted as of September 30, 2021: In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effect of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides relief for companies preparing for the discontinuation of LIBOR in response to the Financial Conduct Authority (the regulatory authority over LIBOR) plan for a phase out of regulatory oversight of LIBOR interest rate indices after 2021 to allow for an orderly transition to an alternate reference rate. The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to LIBOR for promissory notes or other contracts that are currently indexed to LIBOR. The ARRC has proposed a market transition plan to SOFR from LIBOR and organizations are currently working on transition plans as it relates to derivatives and cash markets exposed to LIBOR. Although the Company’s VOI notes receivable from its borrowers are not indexed to LIBOR, as of September 30, 2021, the Company had $170.9 million of LIBOR indexed junior subordinated debentures, $75.5 million of LIBOR indexed receivable-backed notes payable and lines of credit, and $108.1 million of LIBOR indexed lines of credit and notes payable (which are not receivable-backed) that mature after 2021. Companies can apply ASU 2020-04 immediately. However, the guidance will only be available for a limited time, generally through December 31, 2022. The Company has not yet adopted this standard and is evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on its results of operations, liquidity and consolidated financial statements. |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue Disaggregation | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Sales of VOIs (1) $ 107,383 $ 59,265 $ 255,126 $ 113,447Fee-based sales commission revenue (1) 35,585 22,119 96,921 64,619Resort and club management revenue (2) 25,879 24,454 76,250 73,707Cost reimbursements (2) 18,699 15,684 50,859 46,654Administrative fees and other (1) 3,730 1,281 8,867 5,353Other revenue (2) 2,311 2,096 6,142 4,498Revenue from customers 193,587 124,899 494,165 308,278Interest income (3) 20,931 19,345 59,787 59,963Other income, net — — 157 186Total revenue $ 214,518 $ 144,244 $ 554,109 $ 368,427 (1) Included in the Company’s sales of VOIs and financing segment described in Note 15. (2) Included in the Company’s resort operations and club management segment described in Note 15.(3) Interest income of $20.9 million and $19.0 million for the three months ended September 30, 2021 and 2020, respectively, and $59.5 million and $58.3 million for the nine months ended September 30, 2021 and 2020, respectively, are included in the Company’s sales of VOIs and financing segment described in Note 15. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | As of September 30, December 31, 2021 2020Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 245,127 $ 156,078VOI notes receivable - securitized 344,150 395,315 Gross VOI notes receivable 589,277 551,393Allowance for loan losses - non-securitized (66,337) (38,750)Allowance for loan losses - securitized (86,203) (103,294) Allowance for loan losses (152,540) (142,044) VOI notes receivable, net $ 436,737 $ 409,349Allowance as a % of Gross VOI notes receivable 26% 26% |
Activity In The Allowance For Loan Losses | For the Nine Months Ended September 30, 2021 2020Balance, beginning of period $ 142,044 $ 140,630Provision for loan losses 51,514 44,083Less: Write-offs of uncollectible receivables (41,018) (34,908)Balance, end of period $ 152,540 $ 149,805 |
Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination | Additional information about our VOI notes receivable by year of origination as of September 30, 2021 is as follows (in thousands): Year of Origination 2021 2020 2019 2018 2017 2016 and Prior Total 701+ $ 95,031 $ 53,334 $ 64,988 $ 42,987 $ 28,790 $ 45,723 $ 330,853601-700 60,609 36,661 36,537 27,483 19,433 42,148 222,871<601 (1) 8,294 3,369 3,897 2,584 1,706 4,575 24,425Other (2) 65 1,100 1,309 2,542 1,974 4,138 11,128Total by FICO score $ 163,999 $ 94,464 $ 106,731 $ 75,596 $ 51,903 $ 96,584 $ 589,277 (1)Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers).(2)Includes $7.3 million related to VOI notes receivable that, as of September 30, 2021, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. Additional information about our VOI notes receivable by year of origination as of December 31, 2020 was as follows (in thousands): Year of Origination 2020 2019 2018 2017 2016 2015 and Prior Total 701+ $ 70,874 $ 85,294 $ 56,490 $ 37,371 $ 27,638 $ 35,693 $ 313,360601-700 42,095 44,672 34,181 24,700 22,656 34,779 203,083<601 (1) 3,737 4,491 3,003 2,113 2,188 3,954 19,486Other (2) 29 567 3,805 3,476 2,336 5,251 15,464Total by FICO score $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 (1)Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers).(2)Includes $11.4 million related to VOI notes receivable that, as of December 31, 2020, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Percentage Of Gross Notes Receivable Outstanding By FICO Score At Origination | The percentage of gross notes receivable outstanding by FICO score of the borrower at the time of origination were as follows: September 30, December 31, 2021 2020FICO Score 701+57% 59%601-70039 37 <6013 3 No Score (1)1 1 Total100% 100% (1)Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). |
Delinquency Status Of VOI Notes Receivable | As of September 30, December 31, 2021 2020Current $ 564,645 $ 517,11131-60 days 4,913 5,77861-90 days 3,655 4,541Over 91 days (1) 16,064 23,963Total $ 589,277 $ 551,393 (1)Includes $7.3 million and $11.4 million related to VOI notes receivable that, as of September 30, 2021 and December 31, 2020, respectively, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | September 30, December 31, 2021 2020 Restricted cash $ 17,341 $ 20,469Securitized notes receivable, net 257,947 292,021Receivable backed notes payable - non-recourse 297,531 341,532 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory [Abstract] | |
Summary Of Inventory | As of September 30, December 31, 2021 2020 Completed VOI units $ 257,211 $ 268,686Construction-in-progress 15,282 —Real estate held for future development 69,069 78,436Total $ 341,562 $ 347,122 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt [Abstract] | |
Lines-Of-Credit And Notes Payable | As of September 30, 2021 December 31, 2020 Balance InterestRate CarryingAmount ofPledgedAssets Balance InterestRate CarryingAmount ofPledgedAssets NBA Éilan Loan $ — — $ — $ 15,903 4.75% $ 28,491Fifth Third Syndicated LOC 20,000 2.25% 38,497 30,000 2.25% 50,822Fifth Third Syndicated Term 90,000 2.25% 173,237 93,750 2.25% 158,817Unamortized debt issuance costs (1,021) — — (1,267) — — Total $ 108,979 $ 211,734 $ 138,386 $ 238,130 |
Receivable-Backed Notes Payable | Financial data related to our receivable-backed notes payable facilities as of September 30, 2021 and December 31, 2020 was as follows (dollars in thousands): As of September 30, 2021 December 31, 2020 DebtBalance InterestRate PrincipalBalance ofPledged/SecuredReceivables DebtBalance InterestRate PrincipalBalance ofPledged/SecuredReceivables Receivable-backed notes payable - recourse: Liberty Bank Facility (1) $ 5,000 3.19% $ 6,904 $ 10,000 3.40% $ 13,970NBA Receivables Facility (2) 10,000 3.00% 14,780 19,877 3.32% 26,220Pacific Western Facility (3) 7,500 3.00% 10,349 8,623 3.15% 13,131 Total 22,500 32,033 38,500 53,321 Receivable-backed notes payable - non-recourse: Liberty Bank Facility (1) $ 18,490 3.19% $ 25,532 $ 2,316 3.40% $ 3,235NBA Receivables Facility (2) 21,377 3.00% 31,594 11,985 3.32% 15,809Pacific Western Facility (3) 21,129 3.00% 29,155 — — —KeyBank/DZ Purchase Facility 30,956 2.50% 38,192 — — —Quorum Purchase Facility 22,576 4.75-5.10% 26,327 29,788 4.75-5.10% 34,6512013 Term Securitization 7,298 3.20% 8,245 11,922 3.20% 13,4832015 Term Securitization 16,069 3.02% 16,894 22,560 3.02% 24,4752016 Term Securitization 27,323 3.35% 29,850 35,700 3.35% 40,2212017 Term Securitization 40,760 3.12% 46,037 51,470 3.12% 58,9072018 Term Securitization 57,938 4.02% 65,742 72,486 4.02% 84,4542020 Term Securitization 99,220 2.60% 112,796 123,600 2.60% 139,052Unamortized debt issuance costs (4,609) --- — (5,994) --- — Total 358,527 430,364 355,833 414,287Total receivable-backed debt $ 381,027 $ 462,397 $ 394,333 $ 467,608 (1)Recourse on the Liberty Bank Facility is limited to $5.0 million, subject to certain exceptions, as discussed below.(2)Recourse on the NBA Receivables Facility is limited to $10.0 million.(3)Recourse on the Pacific Western Facility is limited to $7.5 million, subject to certain exceptions, as discussed below. |
Junior Subordinated Debentures Outstanding | Financial data relating to the Company’s junior subordinated debentures as of September 30, 2021 and December 31, 2020 was as follows (dollars in thousands): September 30, 2021 December 31, 2020 Effective Effective Carrying Interest Carrying Interest MaturityAmounts Rates (1) Amounts Rates (1) Years (2)Woodbridge - Levitt Capital Trusts I - IV $ 66,302 3.93 - 4.00% $66,302 4.01 - 4.04% 2035 - 2036Bluegreen Statutory Trusts I - VI 104,596 4.98 - 5.05% 110,827 5.01 - 5.12% 2035 - 2037Unamortized debt issuance costs (1,004) (1,057) Unamortized purchase discount (35,200) (37,895) Total junior subordinated debentures$ 134,694 $ 138,177 (1)The junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90%.(2)As of September 30, 2021 and December 31, 2020, all of the junior subordinated debentures were eligible for redemption by the Company. |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |
Carrying Amounts Of Financial Instruments | As of September 30, 2021 As of December 31, 2020 Carrying Amount EstimatedFair Value Carrying Amount EstimatedFair ValueCash and cash equivalents $ 216,567 $ 216,567 $ 221,118 $ 221,118Restricted cash 44,671 44,671 35,986 35,986Notes receivable, net 436,737 594,421 409,349 549,819Note payable to BBX Capital, Inc. 75,000 76,800 75,000 78,218Lines-of-credit, notes payable, and receivable-backed notes payable 490,006 495,500 532,719 547,400Junior subordinated debentures 134,694 135,000 138,177 133,500 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings (Loss) Per Share [Abstract] | |
Schedule Of Earnings Per Share | For the Three Months Ended For the Nine Months Ended September 30, September 30,(in thousands, except per share amounts) 2021 2020 2021 2020Basic EPS: Numerator: Net Income (loss) from continuing operations $ 23,127 $ (28,242) $ 45,602 $ (61,728)Net Income (loss) from discontinuing operations - 2,920 - (27,704)Denominator: Weighted average shares outstanding 21,709 18,731 20,660 18,442Basic EPS from continuing operations $1.07 $ (1.51) $2.21 $ (3.35)Basic EPS from discontinuing operations $ - $ 0.16 $ - $ (1.50)Basic EPS $1.07 $ (1.35) $2.21 $ (4.85) Diluted EPS: Numerator: Net Income (loss) from continuing operations $ 23,127 $ (28,242) $ 45,602 $ (61,728)Net Income (loss) from discontinuing operations - 2,920 - (27,704)Denominator: Basic - Weighted average shares outstanding 21,709 18,731 20,660 18,442Dilutive effect of restricted stock rewards 18 - - -Diluted weighted average number of common share outstanding 21,727 18,731 20,660 18,442Diluted EPS from continuing operations $1.06 $ (1.51) $2.21 $ (3.35)Diluted EPS from discontinuing operations $ - $ 0.16 $ - $ (1.50)Diluted EPS $1.06 $ (1.35) $2.21 $ (4.85) |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interests [Abstract] | |
Schedule Of Noncontrolling Interests In Consolidated Subsidiaries | As of As of September 30, December 31, 2021 2020 Bluegreen (1) $ — $ 22,821Bluegreen/Big Cedar Vacations (2) 62,263 52,026Total noncontrolling interests $ 62,263 $ 74,847 (1)Prior to May 5, 2021, the Company beneficially owned approximately 93% of Bluegreen’s outstanding common stock. As a result of the merger effected on May 5, 2021, Bluegreen is now a wholly owned subsidiary of the Company. (2)Bluegreen owns 51% of Bluegreen/Big Cedar Vacations. |
Schedule Of Income Attributable To Noncontrolling Interests | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Bluegreen (1) $ — $ 714 $ 861 $ 293Bluegreen/Big Cedar Vacations (2) 4,190 2,644 10,237 4,021Net income attributable to noncontrolling interest - continuing operations $ 4,190 $ 3,358 $ 11,098 $ 4,314 (1)Prior to May 5, 2021, the Company beneficially owned approximately 93% of Bluegreen’s outstanding common stock. As a result of the merger effected on May 5, 2021, Bluegreen is now a wholly owned subsidiary of the Company. (2)Bluegreen owns 51% of Bluegreen/Big Cedar Vacations. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information for the three months ended September 30, 2021 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 107,383 $ — $ — $ — $ 107,383 Fee-based sales commission revenue 35,585 — — — 35,585 Other fee-based services revenue 3,730 28,190 — — 31,920 Cost reimbursements — 18,699 — — 18,699 Mortgage servicing revenue 1,232 — — (1,232) —Interest income 20,854 — 77 — 20,931 Total revenue 168,784 46,889 77 (1,232) 214,518 Costs and expenses: Cost of VOIs sold 7,482 — — — 7,482 Net carrying cost of VOI inventory 4,036 — — (4,036) —Cost of other fee-based services 989 6,743 — 4,036 11,768 Cost reimbursements — 18,699 — — 18,699 Selling, general and administrative expenses 108,021 — 24,399 76 132,496 Mortgage servicing expense 1,308 — — (1,308) —Interest expense 3,849 — 4,811 — 8,660 Other expense, net — — 121 121 Total costs and expenses 125,685 25,442 29,331 (1,232) 179,226 Income (loss) before non-controlling interest and provision for income taxes $ 43,099 $ 21,447 $ (29,254) $ — $ 35,292 Add: Depreciation and amortization 1,515 191 Add: Severance 2,403 — Segment Adjusted EBITDA (1) $ 47,017 $ 21,638 (1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the three months ended September 30, 2020 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 59,265 $ — $ — $ — $ 59,265 Fee-based sales commission revenue 22,119 — — — 22,119 Other fee-based services revenue 1,281 26,550 — — 27,831 Cost reimbursements — 15,684 — — 15,684 Mortgage servicing revenue 1,403 — — (1,403) —Interest income 19,049 — 749 (453) 19,345 Total revenue 103,117 42,234 749 (1,856) 144,244 Costs and expenses: Cost of VOIs sold 3,597 — — — 3,597 Net carrying cost of VOI inventory 9,663 — — (9,663) —Cost of other fee-based services 800 10,398 — 9,663 20,861 Cost reimbursements — 15,684 — — 15,684 Selling, general and administrative expenses 59,502 — 61,836 (406) 120,932 Mortgage servicing expense 997 — — (997) —Interest expense 3,910 — 4,755 (453) 8,212 Other expense, net — — 339 — 339 Total costs and expenses 78,469 26,082 66,930 (1,856) 169,625 Income (loss) before non-controlling interest and provision for income taxes $ 24,648 $ 16,152 $ (66,181) $ — $ (25,381) Add: Depreciation and amortization 1,405 208 Add: Severance 208 114 Segment Adjusted EBITDA (1) $ 26,261 $ 16,474 (1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the nine months ended September 30, 2021 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 255,126 $ — $ — $ — $ 255,126 Fee-based sales commission revenue 96,921 — — — 96,921 Other fee-based services revenue 8,867 82,392 — — 91,259 Cost reimbursements — 50,859 — — 50,859 Mortgage servicing revenue 3,815 — — (3,815) —Interest income 59,520 — 267 — 59,787 Other income, net — — 157 — 157 Total revenue 424,249 133,251 424 (3,815) 554,109 Costs and expenses: Cost of VOIs sold 19,675 — — — 19,675 Net carrying cost of VOI inventory 17,927 — — (17,927) —Cost of other fee-based services 2,492 24,081 — 17,927 44,500 Cost reimbursements — 50,859 — — 50,859 Selling, general and administrative expenses 268,951 — 69,547 (252) 338,246 Mortgage servicing expense 3,563 — — (3,563) —Interest expense 11,918 — 15,353 — 27,271 Total costs and expenses 324,526 74,940 84,900 (3,815) 480,551 Income (loss) before non-controlling interest and provision for income taxes $ 99,723 $ 58,311 $ (84,476) $ — $ 73,558 Add: Depreciation and amortization 4,351 586 Add: Severance 2,403 — Segment Adjusted EBITDA (1) $ 106,477 $ 58,897 (1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the nine months ended September 30, 2020 (in thousands): Sales ofVOIs andfinancing Resortoperationsand clubmanagement Corporateand other Elimination TotalRevenue: Sales of VOIs $ 113,447 $ — $ — $ — $ 113,447 Fee-based sales commission revenue 64,619 — — — 64,619 Other fee-based services revenue 5,353 78,205 — — 83,558 Cost reimbursements — 46,654 — — 46,654 Mortgage servicing revenue 4,508 — — (4,508) —Interest income 58,258 — 4,229 (2,524) 59,963 Other income, net — — 186 — 186 Total revenue 246,185 124,859 4,415 (7,032) 368,427 Costs and expenses: Cost of VOIs sold 8,734 — — — 8,734 Net carrying cost of VOI inventory 28,490 — — (28,490) —Cost of other fee-based services 2,989 29,628 — 28,490 61,107 Cost reimbursements — 46,654 — — 46,654 Selling, general and administrative expenses 174,969 — 107,413 (1,145) 281,237 Mortgage servicing expense 3,363 — — (3,363) —Interest expense 12,745 — 17,447 (2,524) 27,668 Total costs and expenses 231,290 76,282 124,860 (7,032) 425,400 Income (loss) before non-controlling interest and provision for income taxes $ 14,895 $ 48,577 $ (120,445) $ — $ (56,973) Add: Depreciation and amortization 4,447 588 Add: Severance 3,977 1,347 Segment Adjusted EBITDA (1) $ 23,319 $ 50,512 (1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations [Abstract] | |
Summary Of Income (Loss) Of Discontinued Operations | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020Revenues: Trade sales $ — $ 35,692 $ — $ 99,628Sales of real estate inventory — 4,970 — 14,248Interest income — 366 — 586Net gain (loss) on sales of real estate assets — 164 — 130Other revenue — 933 — 2,398Total revenues — 42,125 — 116,990Costs and Expenses: Cost of trade sales — 27,981 — 80,154Cost of real estate inventory sold — 3,367 — 9,473Recoveries from loan losses, net — (807) — (5,844)Impairment losses — — — 31,588Selling, general and administrative expenses — 13,151 — 40,342Total costs and expenses — 43,692 — 155,713Equity in net earnings (losses) of unconsolidated real estate joint ventures — (646) — 50Foreign exchanges gain — (59) — 214Loss on the deconsolidation of IT'SUGAR, LLC (3,326) (3,326)Other income — 82 — 192Loss from discontinued operations before income taxes $ — $ (5,516) $ — $ (41,593) |
Summary Of Cash Flows Of Discontinued Operations | For the Nine Months Ended September 30, 2021 2020Operating activities: Net loss $ — $ (32,526)Adjustment to reconcile net loss to net cash used in operating activities: Recoveries from loan losses, net — (5,844)Depreciation, amortization and accretion, net — 5,468Net losses on sales of real estate and property and equipment — (130)Equity earnings of unconsolidated real estate joint ventures — (49)Return on investment in unconsolidated real estate joint ventures — 3,933Loss from the deconsolidation of IT'SUGAR, LLC — 3,326Increase in deferred income tax asset — (9,066)Impairment losses — 31,588Decrease in trade inventory — (279)Increase in trade receivables — (2,336)Decrease in real estate inventory — 925Net change in operating lease assets and liabilities — (964)Increase in other assets — (1,388)Decrease in other liabilities — 6,512Net cash used in operating activities $ — $ (830)Investing activities: Return of investment in unconsolidated real estate joint ventures — 4,631Investments in unconsolidated real estate joint ventures — (14,009)Proceeds from repayment of loans receivable — 5,960Proceeds from sales of real estate — 2,151Additions to real estate — (70)Purchases of property and equipment — (4,032)Decrease in cash from other investing activities — (1,065)Net cash used in investing activities $ — $ (6,434) |
Organization And Basis Of Fin_3
Organization And Basis Of Financial Statement Presentation (Narrative) (Details) | May 05, 2021shares | Sep. 30, 2021item | Sep. 30, 2020item | May 10, 2021 |
Segment Reporting Information [Line Items] | ||||
Percent of vacation packages sold | 84.00% | |||
Vacation packages sold | item | 52,000 | 37,000 | ||
Spin-off [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Deferred interest rate | 8.00% | |||
Class A Common Stock [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Shares issued due to merger | shares | 2.66 | |||
Class A Common Stock [Member] | Bluegreen Vacations Holding Corp (BVH) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Shareholder share right due to merger | 0.51 | |||
Bluegreen [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated method ownership percentage | 7.00% | 93.00% |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||||
Revenues | $ 214,518,000 | $ 144,244,000 | $ 554,109,000 | $ 368,427,000 | |
Junior subordinated debentures | 134,694,000 | 134,694,000 | $ 138,177,000 | ||
Cash and cash equivalents | 216,567,000 | 211,110,000 | 216,567,000 | 211,110,000 | 221,118,000 |
Prepaid expenses | $ 19,792,000 | $ 19,792,000 | $ 9,367,000 | ||
Class A Common Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Common stock, shares authorized | 30,000,000 | 30,000,000 | 30,000,000 | ||
Class B Common Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Common stock, shares authorized | 4,000,000 | 4,000,000 | 4,000,000 | ||
Spin-off [Member] | |||||
Business Acquisition [Line Items] | |||||
Debt instrument, face amount | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | |
Interest rate | 6.00% | 6.00% | |||
Deferred interest rate | 8.00% | 8.00% | |||
Accounting Standards Update 2020-04 [Member] | LIBOR Indexed Junior Subordinated Debentures [Member] | |||||
Business Acquisition [Line Items] | |||||
Junior subordinated debentures | 170,900,000 | 170,900,000 | |||
Accounting Standards Update 2020-04 [Member] | LIBOR Indexed Receivable-backed Notes Payable And Lines Of Credit [Member] | |||||
Business Acquisition [Line Items] | |||||
Receivable-backed notes payable and lines of credit | 75,500,000 | 75,500,000 | |||
Accounting Standards Update 2020-04 [Member] | LIBOR Line Of Credit And Notes Payable [Member] | |||||
Business Acquisition [Line Items] | |||||
Notes And Loans Payable | $ 108,100,000 | $ 108,100,000 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Revenue Disaggregation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | $ 193,587 | $ 124,899 | $ 494,165 | $ 308,278 | |
Interest income | [1] | 20,931 | 19,345 | 59,787 | 59,963 |
Other income, net | 157 | 186 | |||
Total revenues | 214,518 | 144,244 | 554,109 | 368,427 | |
Sales of VOIs [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | [2] | 107,383 | 59,265 | 255,126 | 113,447 |
Interest income | 20,900 | 19,000 | 59,500 | 58,300 | |
Fee-Based Sales Commission Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | [2] | 35,585 | 22,119 | 96,921 | 64,619 |
Resort And Club Management Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | [3] | 25,879 | 24,454 | 76,250 | 73,707 |
Cost Reimbursements [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 18,699 | 15,684 | 50,859 | 46,654 | |
Administrative Fees And Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | [2] | 3,730 | 1,281 | 8,867 | 5,353 |
Other Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | [3] | $ 2,311 | $ 2,096 | $ 6,142 | $ 4,498 |
[1] | (3) Interest income of $ 20.9 million and $ 19.0 million for the three months ended September 30, 2021 and 2020, respectively, and $ 59.5 million and $ 58.3 million for the nine months ended September 30, 2021 and 2020, respectively, are included in the Company’s sales of VOIs and financing segment described in Note 15. | ||||
[2] | (1) Included in the Company’s sales of VOIs and financing segment described in Note 15 | ||||
[3] | (2) Included in the Company’s resort operations and club management segment described in Note 15. |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Mar. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable | $ 589,277 | $ 551,393 | ||
Accrued interest | $ 4,100 | $ 3,900 | ||
Bluegreen [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase in allowance for loan losses | $ 12,000 | |||
Notes Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Weighted-average interest rate | 15.20% | 15.00% | ||
Bluegreens Vacation Ownership Interests [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable | $ 589,277 | $ 551,393 | ||
Over 91 Days [Member] | Bluegreens Vacation Ownership Interests [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable | [1] | 16,064 | 23,963 | |
90 Days Or More [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable | $ 16,100 | $ 24,000 | ||
[1] | Includes $ 7.3 million and $ 11.4 million related to VOI notes receivable that, as of September 30, 2021 and December 31, 2020, respectively, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross notes receivable | $ 589,277 | $ 551,393 |
Less: Allowance for loan losses | (152,540) | (142,044) |
Notes receivable, net ($257,947 and $292,021 in VIEs at September 30, 2021 and December 31, 2020, respectively) | 436,737 | 409,349 |
Notes Receivable Secured By VOIs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross notes receivable | 589,277 | 551,393 |
Less: Allowance for loan losses | (152,540) | (142,044) |
Notes receivable, net ($257,947 and $292,021 in VIEs at September 30, 2021 and December 31, 2020, respectively) | $ 436,737 | $ 409,349 |
Allowance as a % of gross notes receivable | 26.00% | 26.00% |
VOI Notes Receivable - Non-Securitized [Member] | Notes Receivable Secured By VOIs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross notes receivable | $ 245,127 | $ 156,078 |
Less: Allowance for loan losses | (66,337) | (38,750) |
VOI Notes Receivable - Securitized [Member] | Notes Receivable Secured By VOIs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross notes receivable | 344,150 | 395,315 |
Less: Allowance for loan losses | $ (86,203) | $ (103,294) |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | $ 142,044 | |
Provision for loan losses | $ (5,844) | |
Balance, end of period | 152,540 | |
Bluegreens Vacation Ownership Interests [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | 142,044 | 140,630 |
Provision for loan losses | 51,514 | 44,083 |
Less: Write-offs of uncollectible receivables | (41,018) | (34,908) |
Balance, end of period | $ 152,540 | $ 149,805 |
Notes Receivable (Financing Rec
Notes Receivable (Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | $ 589,277 | $ 551,393 | |
VOI note receivable balance had not yet been charged off | 7,300 | 11,400 | |
701+ [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 95,031 | 70,874 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 53,334 | 85,294 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 64,988 | 56,490 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 42,987 | 37,371 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 28,790 | 27,638 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 45,723 | 35,693 | |
Total | 330,853 | 313,360 | |
601-700 [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 60,609 | 42,095 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 36,661 | 44,672 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 36,537 | 34,181 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 27,483 | 24,700 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 19,433 | 22,656 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 42,148 | 34,779 | |
Total | 222,871 | 203,083 | |
Less Than 601 [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | [1] | 8,294 | 3,737 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [1] | 3,369 | 4,491 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [1] | 3,897 | 3,003 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [1] | 2,584 | 2,113 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [1] | 1,706 | 2,188 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [1] | 4,575 | 3,954 |
Total | [1] | 24,425 | 19,486 |
Other [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | [2] | 65 | 29 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | [2] | 1,100 | 567 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | [2] | 1,309 | 3,805 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | [2] | 2,542 | 3,476 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | [2] | 1,974 | 2,336 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | [2] | 4,138 | 5,251 |
Total | [2] | 11,128 | 15,464 |
Total by FICO Score [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 163,999 | 116,735 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 94,464 | 135,024 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 106,731 | 97,479 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 75,596 | 67,660 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 51,903 | 54,818 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 96,584 | 79,677 | |
Total | 589,277 | 551,393 | |
Notes Receivable Secured By VOIs [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | $ 589,277 | $ 551,393 | |
[1] | Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). | ||
[2] | Includes $ 7.3 million related to VOI notes receivable that, as of September 30, 2021, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding By FICO Score At Origination) (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | 100.00% | 100.00% | |
FICO Score, 700+ [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | 57.00% | 59.00% | |
FICO Score, 601 to 699 [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | 39.00% | 37.00% | |
FICO Score, Less than 600 [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | 3.00% | 3.00% | |
FICO Score, No Score [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | [1] | 1.00% | 1.00% |
[1] | Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). |
Notes Receivable (Delinquency S
Notes Receivable (Delinquency Status Of VOI Notes Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 589,277 | $ 551,393 | |
VOI note receivable balance had not yet been charged off | 7,300 | 11,400 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 589,277 | 551,393 | |
VOI note receivable balance had not yet been charged off | 7,300 | 11,400 | |
Current [Member] | Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 564,645 | 517,111 | |
31-60 Days [Member] | Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 4,913 | 5,778 | |
61-90 Days [Member] | Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,655 | 4,541 | |
Over 91 Days [Member] | Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | [1] | $ 16,064 | $ 23,963 |
[1] | Includes $ 7.3 million and $ 11.4 million related to VOI notes receivable that, as of September 30, 2021 and December 31, 2020, respectively, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | ||
Voluntary repurchases and substitutions | $ 11.1 | $ 11.8 |
Variable Interest Entities (Inf
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Variable Interest Entity [Line Items] | |||
Restricted cash | $ 44,671 | $ 35,986 | $ 35,672 |
Securitized notes receivable, net | 436,737 | 409,349 | |
Receivable backed notes payable - non-recourse | 358,527 | 355,833 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Restricted cash | 17,341 | 20,469 | |
Securitized notes receivable, net | 257,947 | 292,021 | |
Receivable backed notes payable - non-recourse | $ 297,531 | $ 341,532 |
Inventory (Summary Of Inventory
Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory [Abstract] | ||
Completed VOI units | $ 257,211 | $ 268,686 |
Construction-in-progress | 15,282 | |
Real estate held for future development | 69,069 | 78,436 |
Total | $ 341,562 | $ 347,122 |
Debt (Lines-Of-Credit and Notes
Debt (Lines-Of-Credit and Notes Payable, Narrative) (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
New debt issuance or change | $ 0 |
NBA Eilan Loan [Member] | |
Debt Instrument [Line Items] | |
Repayment of credit facility | $ 15,600,000 |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) - USD ($) | Sep. 30, 2021 | Sep. 20, 2021 | Jul. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Aug. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||
Receivable backed notes payable - non-recourse | $ 358,527,000 | $ 358,527,000 | $ 355,833,000 | ||||
Restructured facility | 0 | ||||||
Debt issuance cost | 1,021,000 | 1,021,000 | 1,267,000 | ||||
Recourse limit | 10,000,000 | 10,000,000 | |||||
Liberty Bank Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 40,000,000 | $ 40,000,000 | |||||
Basis spread on rate | 0.50% | ||||||
Recourse limit | $ 5,000,000 | $ 5,000,000 | $ 10,000,000 | ||||
Liberty Bank Facility [Member] | Qualified Timeshare Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Future advance rate percent | 85.00% | 85.00% | 80.00% | ||||
Liberty Bank Facility [Member] | Non-Conforming Qualified Timeshare Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Future advance rate percent | 70.00% | 70.00% | 60.00% | ||||
Liberty Bank Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective yield rate | 3.00% | 3.40% | 3.00% | ||||
Liberty Bank Facility [Member] | Prime Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on rate | 0.10% | ||||||
Pacific Western Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 50,000,000 | $ 40,000,000 | $ 50,000,000 | ||||
Recourse limit | $ 7,500,000 | $ 10,000,000 | $ 7,500,000 | ||||
Pacific Western Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective yield rate | 2.75% | 3.00% | 2.75% | ||||
Pacific Western Facility [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on rate | 2.50% | 2.75% | |||||
Pacific Western Facility, Eligible A Receivables [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gross advance rate | 85.00% | 85.00% | |||||
Pacific Western Facility, Eligible B Receivables [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gross advance rate | 65.00% | 53.00% | 65.00% | ||||
Quorum Purchase Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Receivable backed notes payable - non-recourse | $ 22,576,000 | $ 22,576,000 | $ 29,788,000 | ||||
Quorum Purchase Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.10% | 5.10% | 5.10% | ||||
Quorum Purchase Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.75% | 4.75% | 4.75% | ||||
Forecast [Member] | Liberty Bank Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Possible additional increase of borrowing capacity | $ 15,000,000 | ||||||
If Bluegreen Borrows An Additional $15.0 Million By December 31, 2021 [Member] | Liberty Bank Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on rate | 0.50% | ||||||
If Bluegreen Borrows An Additional $15.0 Million By December 31, 2021 [Member] | Liberty Bank Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective yield rate | 3.00% |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Carrying Value | $ 134,694 | $ 138,177 | |
Availablility of line of credits/credit facilities | $ 257,700 | ||
Bluegreen Statutory Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Par value of junior subordinated debentures | $ 6,100 | ||
Carrying Value | 4,000 | ||
Cancellation of junior subordinated debentures | $ 6,100 |
Debt (Note Payable To BBX, Narr
Debt (Note Payable To BBX, Narrative) (Details) - USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | |||
Accrued interest | $ 1,100,000 | $ 1,100,000 | |
Spin-off [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 75,000,000 | $ 75,000,000 | |
Interest rate | 6.00% | ||
Deferred interest rate | 8.00% |
Debt (Lines-Of-Credit And Not_2
Debt (Lines-Of-Credit And Notes Payable) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (1,021) | $ (1,267) |
Total | 108,979 | 138,386 |
Lines-Of-Credit And Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Balance | 108,979 | 138,386 |
Carrying Amount of Pledged Assets | 211,734 | 238,130 |
NBA Eilan Loan [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 15,903 | |
Interest Rate | 4.75% | |
Carrying Amount of Pledged Assets | $ 28,491 | |
Fifth Third Syndicated LOC [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 20,000 | $ 30,000 |
Interest Rate | 2.25% | 2.25% |
Carrying Amount of Pledged Assets | $ 38,497 | $ 50,822 |
Fifth Third Syndicated Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 90,000 | $ 93,750 |
Interest Rate | 2.25% | 2.25% |
Carrying Amount of Pledged Assets | $ 173,237 | $ 158,817 |
Debt (Receivable-Backed Notes_2
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||
Receivable-backed notes payable - recourse | $ 22,500 | $ 38,500 | ||||
Unamortized debt issuance costs | (1,021) | (1,267) | ||||
Receivable backed notes payable - non-recourse | 358,527 | 355,833 | ||||
Total receivable-backed debt | 381,027 | 394,333 | ||||
Principal Balance of Pledged/Secured Receivables | 462,397 | 467,608 | ||||
Recourse limit | 10,000 | |||||
Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable-backed notes payable - recourse | 22,500 | 38,500 | ||||
Principal Balance of Pledged/Secured Receivables | 32,033 | 53,321 | ||||
Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs | (4,609) | (5,994) | ||||
Receivable backed notes payable - non-recourse | 358,527 | 355,833 | ||||
Principal Balance of Pledged/Secured Receivables | 430,364 | 414,287 | ||||
Liberty Bank Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Recourse limit | 5,000 | $ 10,000 | ||||
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable-backed notes payable - recourse | $ 5,000 | $ 10,000 | ||||
Interest Rate | 3.19% | 3.40% | ||||
Principal Balance of Pledged/Secured Receivables | $ 6,904 | $ 13,970 | ||||
Liberty Bank Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | [1] | $ 18,490 | $ 2,316 | |||
Interest Rate | [1] | 3.19% | 3.40% | |||
Principal Balance of Pledged/Secured Receivables | [1] | $ 25,532 | $ 3,235 | |||
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable-backed notes payable - recourse | $ 10,000 | $ 19,877 | ||||
Interest Rate | 3.00% | 3.32% | ||||
Principal Balance of Pledged/Secured Receivables | $ 14,780 | $ 26,220 | ||||
NBA Receivables Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | [2] | $ 21,377 | $ 11,985 | |||
Interest Rate | [2] | 3.00% | 3.32% | |||
Principal Balance of Pledged/Secured Receivables | [2] | $ 31,594 | $ 15,809 | |||
Pacific Western Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Recourse limit | 7,500 | $ 10,000 | ||||
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable-backed notes payable - recourse | $ 7,500 | $ 8,623 | ||||
Interest Rate | 3.00% | 3.15% | ||||
Principal Balance of Pledged/Secured Receivables | $ 10,349 | $ 13,131 | ||||
Pacific Western Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | [3] | $ 21,129 | ||||
Interest Rate | [3] | 3.00% | ||||
Principal Balance of Pledged/Secured Receivables | [3] | $ 29,155 | ||||
KeyBank/DZ Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 30,956 | |||||
Interest Rate | 2.50% | |||||
Principal Balance of Pledged/Secured Receivables | $ 38,192 | |||||
Quorum Purchase Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | 22,576 | 29,788 | ||||
Principal Balance of Pledged/Secured Receivables | 26,327 | 34,651 | ||||
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 7,298 | $ 11,922 | ||||
Interest Rate | 3.20% | 3.20% | ||||
Principal Balance of Pledged/Secured Receivables | $ 8,245 | $ 13,483 | ||||
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 16,069 | $ 22,560 | ||||
Interest Rate | 3.02% | 3.02% | ||||
Principal Balance of Pledged/Secured Receivables | $ 16,894 | $ 24,475 | ||||
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 27,323 | $ 35,700 | ||||
Interest Rate | 3.35% | 3.35% | ||||
Principal Balance of Pledged/Secured Receivables | $ 29,850 | $ 40,221 | ||||
2017 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 40,760 | $ 51,470 | ||||
Interest Rate | 3.12% | 3.12% | ||||
Principal Balance of Pledged/Secured Receivables | $ 46,037 | $ 58,907 | ||||
2018 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 57,938 | $ 72,486 | ||||
Interest Rate | 4.02% | 4.02% | ||||
Principal Balance of Pledged/Secured Receivables | $ 65,742 | $ 84,454 | ||||
2020 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 99,220 | $ 123,600 | ||||
Interest Rate | 2.60% | 2.60% | ||||
Principal Balance of Pledged/Secured Receivables | $ 112,796 | $ 139,052 | ||||
Minimum [Member] | Quorum Purchase Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.75% | 4.75% | ||||
Maximum [Member] | Quorum Purchase Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 5.10% | 5.10% | ||||
[1] | Recourse on the Liberty Bank Facility is limited to $ 5.0 million, subject to certain exceptions, as discussed below. | |||||
[2] | Recourse on the NBA Receivables Facility is limited to $ 10.0 million. | |||||
[3] | Recourse on the Pacific Western Facility is limited to $ 7.5 million, subject to certain exceptions, as discussed below. |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | |
Debt Instrument [Line Items] | |||
Carrying Value | $ 134,694 | $ 138,177 | |
Unamortized debt issuance costs | (1,021) | (1,267) | |
Bluegreen Statutory Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 4,000 | ||
Bluegreen [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | 134,694 | 138,177 | |
Unamortized debt issuance costs | (1,004) | (1,057) | |
Unamortized purchase discount | (35,200) | (37,895) | |
Bluegreen [Member] | Woodbridge - Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | 66,302 | 66,302 | |
Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 104,596 | $ 110,827 | |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Years | 2035 | ||
Minimum [Member] | Woodbridge - Levitt Capital Trust I-IV [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Years | 2035 | ||
Minimum [Member] | Bluegreen [Member] | Woodbridge - Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Effective rate | 3.93% | 4.01% | |
Minimum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Effective rate | 4.98% | 5.01% | |
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Years | 2037 | ||
Maximum [Member] | Bluegreen Statutory Trust I-VI [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Years | 2036 | ||
Maximum [Member] | Bluegreen [Member] | Woodbridge - Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Effective rate | 4.00% | 4.04% | |
Maximum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Effective rate | 5.05% | 5.12% | |
LIBOR [Member] | Minimum [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on rate | 3.80% | ||
LIBOR [Member] | Maximum [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on rate | 4.90% |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (The carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 216,567 | $ 221,118 |
Restricted cash | 44,671 | 35,986 |
Notes receivable, net | 436,737 | 409,349 |
Note payable to BBX Capital, Inc. | 75,000 | 75,000 |
Lines-of-credit, notes payable, and receivable-backed notes payable | 490,006 | 532,719 |
Junior subordinated debentures | 134,694 | 138,177 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 216,567 | 221,118 |
Restricted cash | 44,671 | 35,986 |
Notes receivable, net | 594,421 | 549,819 |
Note payable to BBX Capital, Inc. | 76,800 | 78,218 |
Lines-of-credit, notes payable, and receivable-backed notes payable | 495,500 | 547,400 |
Junior subordinated debentures | $ 135,000 | $ 133,500 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Apr. 02, 2021USD ($) | Nov. 20, 2019USD ($) | Oct. 07, 2019USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Jun. 30, 2019USD ($)item | Sep. 30, 2021USD ($)item | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)item | Sep. 30, 2020USD ($) | Dec. 31, 2021item | Dec. 31, 2015 | Dec. 31, 2020USD ($) | Aug. 30, 2020item |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||||
Accrued claims | $ 11,200,000 | $ 11,200,000 | $ 14,700,000 | |||||||||||
Accrued liabilities and other | 133,175,000 | $ 133,175,000 | 93,971,000 | |||||||||||
Inventory purchased | $ (279,000) | |||||||||||||
Average annual default rates | 9.21% | 6.90% | ||||||||||||
Purchase period, from lawsuit | 6 years | |||||||||||||
Number of VOI owners in litigation | item | 100 | |||||||||||||
Subsidies To Certain HOAs [Member] | ||||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||||
Accrued liabilities and other | 8,000,000 | $ 8,000,000 | $ 0 | |||||||||||
Bass Pro [Member] | ||||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||||
Litigation settlement | $ 20,000,000 | |||||||||||||
Settlement agreement, number of annual payments | item | 5 | |||||||||||||
Settlement agreement, payment amount | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | |||||||||||
Number of stores requiring a fixed annual fee | item | 59 | |||||||||||||
Cabela [Member] | Forecast [Member] | ||||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||||
Number of stores requiring a fixed annual fee | item | 60 | |||||||||||||
Bass Pro And Cabela [Member] | ||||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||||
Settlement agreement, fixed fee | 6,900,000 | |||||||||||||
Settlement agreement, amount kept as prepaid | $ 1,900,000 | |||||||||||||
Settlement agreement, fixed fee expensed | $ 1,700,000 | $ 1,400,000 | $ 5,100,000 | $ 3,900,000 | ||||||||||
Reduction of traffic in stores percentage | 25.00% | |||||||||||||
Number of stores vacation packages are sold | item | 123 | 123 | ||||||||||||
New York Urban [Member] | ||||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||||
Damages sought from lawsuit | $ 70,000,000 | |||||||||||||
Damages sought from agreement termination | $ 50,000,000 | |||||||||||||
Management fee not paid | $ 6,500,000 | |||||||||||||
New York Urban [Member] | Minimum [Member] | ||||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||||
Damages sought from lawsuit | $ 10,000,000 | |||||||||||||
Notes Receivable Secured By VOIs [Member] | ||||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||||
VOI sales volume, percentage | 11.00% | 18.00% | ||||||||||||
Average annual default rates | 8.90% |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Earnings (Loss) Per Share [Abstract] | ||
Weighted average shares of unvested restricted stock awards were included in computation as dilutive | 17,693 | 220,963 |
Earnings (Loss) Per Share (Sche
Earnings (Loss) Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Earnings (Loss) Per Share [Abstract] | |||||
Net income (loss) from continuing operations | $ 23,127 | $ (28,242) | $ 45,602 | $ (61,728) | |
Net income (loss) from discontinuing operations | $ 2,920 | $ (27,704) | |||
Basic weighted average number of common shares outstanding | 21,709 | 18,731 | 20,660 | 18,442 | |
Dilutive effect of restricted stock awards | 18 | ||||
Diluted weighted average number of common share outstanding | 21,727 | 18,731 | 20,660 | 18,442 | |
Basic earnings (loss) per share from continuing operations | $ 1.07 | $ (1.51) | $ 2.21 | $ (3.35) | |
Basic earnings (loss) per share from discontinued operations | 0.16 | (1.50) | |||
Basic earnings (loss) per share | [1] | 1.07 | (1.35) | 2.21 | (4.85) |
Diluted earnings (loss) per share from continuing operations | 1.06 | (1.51) | 2.21 | (3.35) | |
Diluted earnings (loss) per share from discontinued operations | 0.16 | (1.50) | |||
Diluted earnings (loss) per share | [1] | $ 1.06 | $ (1.35) | $ 2.21 | $ (4.85) |
[1] | Basic and Diluted EPS are calculated the same for both Class A and B common shares. |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ in Thousands | Jun. 03, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Purchase and retirement of shares, value | $ 20,872 | ||||||
Repurchase Program 2017 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Authorized share repurchase program | 1,000,000 | ||||||
Share repurchase program, value | $ 35,000 | ||||||
Number of common shares repurchased | 0 | 0 | |||||
Repurchase Program 2021 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share repurchase program, value | $ 40,000 | ||||||
Purchase and retirement of shares, value | 20,900 | $ 20,900 | |||||
Repurchase of shares under program | $ 19,100 | $ 19,100 | |||||
Class A Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized | 2,000,000 | 2,000,000 | |||||
Class A Common Stock [Member] | Repurchase Program 2021 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Purchase and retirement of common stock, shares | 988,309 | 988,309 | |||||
Class B Common Stock [Member] | Repurchase Program 2021 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Purchase and retirement of common stock, shares | 18,996 | 18,996 | |||||
Restricted Stock [Member] | Class A Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 468,439 | 1,531,561 | |||||
Aggregate fair value | $ 9,700 | ||||||
Compensation cost | $ 500 | $ 600 | |||||
Unamortized share-based compensation expense | $ 9,100 | $ 9,100 | |||||
Restricted Stock [Member] | Class A Common Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 275,939 | ||||||
Awards vesting period | 4 years | ||||||
Restricted Stock [Member] | Class A Common Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 192,500 | ||||||
Awards vesting period | 10 years |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | May 05, 2021 | |
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Number of common shares repurchased | 1,878,400 | |||
Payments for repurchase plan | $ 11.7 | |||
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest ownership percentage by parent | 93.00% | 7.00% | 93.00% |
Noncontrolling Interests (Sched
Noncontrolling Interests (Schedule Of Noncontrolling Interests In Consolidated Subsidiaries) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | May 05, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | |||||
Total noncontrolling interests | $ 62,263 | $ 74,847 | |||
Bluegreen [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Total noncontrolling interests | [1] | 22,821 | |||
Bluegreen/Big Cedar Vacations, LLC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Total noncontrolling interests | [2] | $ 62,263 | $ 52,026 | ||
Bluegreen [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest ownership percentage by parent | 93.00% | 7.00% | 93.00% | ||
Bluegreen [Member] | Bluegreen/Big Cedar Vacations, LLC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest ownership percentage by noncontrolling owner | 51.00% | ||||
[1] | Prior to May 5, 2021, the Company beneficially owned approximately 93 % of Bluegreen’s outstanding common stock. As a result of the merger effected on May 5, 2021, Bluegreen is now a wholly owned subsidiary of the Company. | ||||
[2] | Bluegreen owns 51 % of Bluegreen/Big Cedar Vacations. |
Noncontrolling Interests (Sch_2
Noncontrolling Interests (Schedule Of Income Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | May 05, 2021 | ||
Noncontrolling Interest [Line Items] | |||||||
Net income attributable to noncontrolling interest - continuing operations | $ 4,190 | $ 3,358 | $ 11,098 | $ 4,314 | |||
Bluegreen [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Net income attributable to noncontrolling interest - continuing operations | [1] | 714 | 861 | 293 | |||
Bluegreen/Big Cedar Vacations, LLC [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Net income attributable to noncontrolling interest - continuing operations | [2] | $ 4,190 | $ 2,644 | $ 10,237 | $ 4,021 | ||
Bluegreen [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Percentage of ownership | 93.00% | 93.00% | 7.00% | 93.00% | |||
Bluegreen [Member] | Bluegreen/Big Cedar Vacations, LLC [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling interest ownership percentage by noncontrolling owner | 51.00% | 51.00% | |||||
[1] | Prior to May 5, 2021, the Company beneficially owned approximately 93 % of Bluegreen’s outstanding common stock. As a result of the merger effected on May 5, 2021, Bluegreen is now a wholly owned subsidiary of the Company. | ||||||
[2] | Bluegreen owns 51 % of Bluegreen/Big Cedar Vacations. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes [Abstract] | ||||
Effective income tax rate | 26.00% | (2.00%) | 27.00% | (0.70%) |
Recognized interest or penalties | $ 0 | $ 0 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 05, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||||||
Transition Services Agreement, written notice period for termination | 30 days | |||||
Dividends paid | $ 1,144,000 | |||||
Spin-off [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument, face amount | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | 75,000,000 | ||
Abdo Companies Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, purchases from related party | 38,000 | 77,000 | 115,000 | 230,000 | ||
Bluegreen [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consolidated Method Investment Ownership Percentage | 7.00% | |||||
Transition Services Agreement, reimbursement | 200,000 | 200,000 | ||||
BBX [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management services expenses | 100,000 | $ 700,000 | 600,000 | $ 1,300,000 | ||
Accrued service fees | $ 200,000 | $ 200,000 | $ 0 | |||
President And CEO [Member] | Class A and B Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percent of voting power | 79.00% | 79.00% |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 193,587 | $ 124,899 | $ 494,165 | $ 308,278 | |
Interest income | [1] | 20,931 | 19,345 | 59,787 | 59,963 |
Other income, net | 157 | 186 | |||
Total revenues | 214,518 | 144,244 | 554,109 | 368,427 | |
Selling, general and administrative expenses | 132,496 | 120,932 | 338,246 | 281,237 | |
Interest expense | 8,660 | 8,212 | 27,271 | 27,668 | |
Other expense, net | 121 | 339 | |||
Total costs and expenses | 179,226 | 169,625 | 480,551 | 425,400 | |
Income (loss) before income taxes | 35,292 | (25,381) | 73,558 | (56,973) | |
Corporate Expenses & Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 77 | 749 | 267 | 4,229 | |
Other income, net | 157 | 186 | |||
Total revenues | 77 | 749 | 424 | 4,415 | |
Selling, general and administrative expenses | 24,399 | 61,836 | 69,547 | 107,413 | |
Interest expense | 4,811 | 4,755 | 15,353 | 17,447 | |
Other expense, net | 121 | 339 | |||
Total costs and expenses | 29,331 | 66,930 | 84,900 | 124,860 | |
Income (loss) before income taxes | (29,254) | (66,181) | (84,476) | (120,445) | |
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | (453) | (2,524) | |||
Total revenues | (1,232) | (1,856) | (3,815) | (7,032) | |
Selling, general and administrative expenses | 76 | (406) | (252) | (1,145) | |
Mortgage servicing expense | (1,308) | (997) | (3,563) | (3,363) | |
Interest expense | (453) | (2,524) | |||
Total costs and expenses | (1,232) | (1,856) | (3,815) | (7,032) | |
Sales Of VOIs And Financing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 59,265 | ||||
Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 59,265 | ||||
Interest income | 20,854 | 19,049 | 59,520 | 58,258 | |
Total revenues | 168,784 | 103,117 | 424,249 | 246,185 | |
Selling, general and administrative expenses | 108,021 | 59,502 | 268,951 | 174,969 | |
Mortgage servicing expense | 1,308 | 997 | 3,563 | 3,363 | |
Interest expense | 3,849 | 3,910 | 11,918 | 12,745 | |
Total costs and expenses | 125,685 | 78,469 | 324,526 | 231,290 | |
Income (loss) before income taxes | 43,099 | 24,648 | 99,723 | 14,895 | |
Add: Depreciation and amortization | 1,515 | 1,405 | 4,351 | 4,447 | |
Add: Severance | 2,403 | 208 | 2,403 | 3,977 | |
Segment Adjusted EBITDA | 47,017 | 26,261 | 106,477 | 23,319 | |
Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 46,889 | 42,234 | 133,251 | 124,859 | |
Total costs and expenses | 25,442 | 26,082 | 74,940 | 76,282 | |
Income (loss) before income taxes | 21,447 | 16,152 | 58,311 | 48,577 | |
Add: Depreciation and amortization | 191 | 208 | 586 | 588 | |
Add: Severance | 114 | 1,347 | |||
Segment Adjusted EBITDA | 21,638 | 16,474 | 58,897 | 50,512 | |
Sales of VOIs [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [2] | 107,383 | 59,265 | 255,126 | 113,447 |
Interest income | 20,900 | 19,000 | 59,500 | 58,300 | |
Total costs and expenses | 7,482 | 3,597 | 19,675 | 8,734 | |
Sales of VOIs [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 107,383 | 255,126 | 113,447 | ||
Total costs and expenses | 7,482 | 3,597 | 19,675 | 8,734 | |
Fee-Based Sales Commission Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [2] | 35,585 | 22,119 | 96,921 | 64,619 |
Fee-Based Sales Commission Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 35,585 | 22,119 | 96,921 | 64,619 | |
Other Fee-Based Services Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 31,920 | 27,831 | 91,259 | 83,558 | |
Total costs and expenses | 11,768 | 20,861 | 44,500 | 61,107 | |
Other Fee-Based Services Revenue [Member] | Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total costs and expenses | 4,036 | 9,663 | 17,927 | 28,490 | |
Other Fee-Based Services Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 3,730 | 1,281 | 8,867 | 5,353 | |
Total costs and expenses | 989 | 800 | 2,492 | 2,989 | |
Other Fee-Based Services Revenue [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 28,190 | 26,550 | 82,392 | 78,205 | |
Total costs and expenses | 6,743 | 10,398 | 24,081 | 29,628 | |
Net Carrying Cost Of VOI Inventory [Member] | Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total costs and expenses | (4,036) | (9,663) | (17,927) | (28,490) | |
Net Carrying Cost Of VOI Inventory [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total costs and expenses | 4,036 | 9,663 | 17,927 | 28,490 | |
Cost Reimbursements [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 18,699 | 15,684 | 50,859 | 46,654 | |
Total costs and expenses | 18,699 | 15,684 | 50,859 | 46,654 | |
Cost Reimbursements [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 18,699 | 15,684 | 50,859 | 46,654 | |
Total costs and expenses | 18,699 | 15,684 | 50,859 | 46,654 | |
Mortgage Servicing Revenue [Member] | Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | (1,232) | (1,403) | (3,815) | (4,508) | |
Mortgage Servicing Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 1,232 | $ 1,403 | $ 3,815 | $ 4,508 | |
[1] | (3) Interest income of $ 20.9 million and $ 19.0 million for the three months ended September 30, 2021 and 2020, respectively, and $ 59.5 million and $ 58.3 million for the nine months ended September 30, 2021 and 2020, respectively, are included in the Company’s sales of VOIs and financing segment described in Note 15. | ||||
[2] | (1) Included in the Company’s sales of VOIs and financing segment described in Note 15 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Income (Loss) Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss on the deconsolidation of IT'SUGAR, LLC | $ (3,326) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax, Total | $ (5,516) | (41,593) |
BBX Capital, Inc. [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 42,125 | 116,990 |
Costs and expenses | 43,692 | 155,713 |
Equity in net earnings (losses) of unconsolidated real estate joint ventures | (646) | 50 |
Foreign exchanges (loss) gain | (59) | 214 |
Loss on the deconsolidation of IT'SUGAR, LLC | (3,326) | (3,326) |
Other income | 82 | 192 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax, Total | (5,516) | (41,593) |
BBX Capital, Inc. [Member] | Trade Sales [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 35,692 | 99,628 |
Costs and expenses | 27,981 | 80,154 |
BBX Capital, Inc. [Member] | Sales Of Real Estate Inventory [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 4,970 | 14,248 |
Costs and expenses | 3,367 | 9,473 |
BBX Capital, Inc. [Member] | Interest Income [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 366 | 586 |
BBX Capital, Inc. [Member] | Net Gains (Losses) On Sales Of Real Estate Assets [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 164 | 130 |
BBX Capital, Inc. [Member] | Other Revenue [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 933 | 2,398 |
BBX Capital, Inc. [Member] | Recoveries From Loan Losses, Net [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Costs and expenses | (807) | (5,844) |
BBX Capital, Inc. [Member] | Impairment Losses [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Costs and expenses | 31,588 | |
BBX Capital, Inc. [Member] | Selling, General And Administrative Expenses [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Costs and expenses | $ 13,151 | $ 40,342 |
Discontinued Operations (Summ_2
Discontinued Operations (Summary Of Cash Flows Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | |||
Net (loss) income | $ 2,410 | $ (32,526) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Recoveries from loan losses, net, from discontinued operations | (5,844) | ||
Provision for loan losses | $ 51,514 | 44,083 | |
Depreciation, amortization and accretion, net | 15,091 | 19,829 | |
Share-based compensation expense | 608 | 25,417 | |
Net losses on sales of real estate and property and equipment | 507 | ||
Equity earnings of unconsolidated real estate joint ventures | (49) | ||
Return on investment in unconsolidated real estate joint ventures | 3,933 | ||
Loss on the deconsolidation of IT'SUGAR, LLC | 3,326 | ||
Decrease in deferred income tax liability | (1,802) | (12,016) | |
Impairment losses | 31,588 | ||
Decrease in trade inventory | 5,560 | (3,408) | |
Increase in trade receivables | (78,902) | (5,628) | |
Trade inventory | 279 | ||
Decrease in real estate inventory | 925 | ||
Prepaid expense and other assets | (7,852) | 7,111 | |
Accounts payable, accrued liabilities and other, and deferred income | 45,112 | (16,952) | |
Investing activities: | |||
Return of investment in unconsolidated real estate joint ventures | 4,631 | ||
Investments in unconsolidated real estate joint ventures | (14,009) | ||
Proceeds from repayment of loans receivable | 6,127 | ||
Proceeds from sales of real estate | 2,151 | ||
Proceeds from sale of property and equipment | 167 | ||
Additions to real estate | (70) | ||
Purchases of property and equipment | $ (11,478) | (9,970) | |
Decrease in cash from other investing activities | (1,210) | ||
BBX Capital, Inc. [Member] | |||
Operating activities: | |||
Net (loss) income | (32,526) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Recoveries from loan losses, net, from discontinued operations | (5,844) | ||
Depreciation, amortization and accretion, net | 5,468 | ||
Net losses on sales of real estate and property and equipment | (130) | ||
Equity earnings of unconsolidated real estate joint ventures | (49) | ||
Return on investment in unconsolidated real estate joint ventures | 3,933 | ||
Loss on the deconsolidation of IT'SUGAR, LLC | $ 3,326 | 3,326 | |
Decrease in deferred income tax liability | (9,066) | ||
Impairment losses | 31,588 | ||
Decrease in trade inventory | (279) | ||
Trade inventory | (2,336) | ||
Decrease in real estate inventory | 925 | ||
Net change in operating lease assets and liabilities | (964) | ||
Prepaid expense and other assets | (1,388) | ||
Accounts payable, accrued liabilities and other, and deferred income | 6,512 | ||
Net cash provided by (used in) operating activities | (830) | ||
Investing activities: | |||
Return of investment in unconsolidated real estate joint ventures | 4,631 | ||
Investments in unconsolidated real estate joint ventures | (14,009) | ||
Proceeds from repayment of loans receivable | 5,960 | ||
Proceeds from sales of real estate | 2,151 | ||
Additions to real estate | (70) | ||
Purchases of property and equipment | (4,032) | ||
Decrease in cash from other investing activities | (1,065) | ||
Net cash used in investing activities | $ (6,434) |