Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 11, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-19292 | |
Entity Registrant Name | BLUEGREEN VACATIONS CORPORATION | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 03-0300793 | |
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 | Common Stock, $0.01 par value | |
Trading Symbol | BXG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 72,484,293 | |
Entity Central Index Key | 0000778946 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 241,525 | $ 190,009 |
Restricted cash ($17,456 and $22,534 in VIEs at March 31, 2020 and December 31, 2019, respectively) | 34,090 | 49,637 |
Notes receivable | 585,159 | 589,198 |
Less: Allowance for loan loss | (155,166) | (140,630) |
Notes receivable, net ($288,435 and $292,590 in VIEs at March 31, 2020 and December 31, 2019, respectively) | 429,993 | 448,568 |
Inventory | 347,293 | 346,937 |
Prepaid expenses | 27,805 | 10,501 |
Other assets | 43,674 | 52,731 |
Operating lease assets | 22,329 | 20,858 |
Intangible assets, net | 61,494 | 61,515 |
Loan to related party | 80,000 | 80,000 |
Property and equipment, net | 98,248 | 99,262 |
Total assets | 1,386,451 | 1,360,018 |
Liabilities | ||
Accounts payable | 14,664 | 16,653 |
Accrued liabilities and other | 79,553 | 103,948 |
Operating lease liabilities | 23,608 | 22,124 |
Deferred income | 15,343 | 18,074 |
Deferred income taxes | 92,328 | 92,504 |
Receivable-backed notes payable - recourse | 80,473 | 88,569 |
Receivable-backed notes payable - non-recourse (in VIEs) | 339,224 | 334,246 |
Lines-of-credit and notes payable | 223,785 | 146,160 |
Junior subordinated debentures | 72,285 | 72,081 |
Total liabilities | 941,263 | 894,359 |
Commitments and Contingencies -See Note 9 | ||
Shareholders' Equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 72,484,293 shares issued and outstanding at March 31, 2020 and 74,362,693 shares issued and outstanding at December 31, 2019 | 725 | 744 |
Additional paid-in capital | 257,812 | 269,534 |
Retained earnings | 136,381 | 145,847 |
Total Bluegreen Vacations Corporation shareholders' equity | 394,918 | 416,125 |
Non-controlling interest | 50,270 | 49,534 |
Total shareholders' equity | 445,188 | 465,659 |
Total liabilities and shareholders' equity | $ 1,386,451 | $ 1,360,018 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Restricted cash | $ 34,090 | $ 49,637 |
Notes receivable, net | $ 429,993 | $ 448,568 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 72,484,293 | 74,362,693 |
Common stock, shares outstanding | 72,484,293 | 74,362,693 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Restricted cash | $ 17,456 | $ 22,534 |
Notes receivable, net | $ 288,435 | $ 292,590 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenues: | |||
Provision for loan losses | $ (30,353) | $ (11,153) | |
Total revenue | 156,926 | 165,652 | |
Costs and expenses: | |||
Cost of VOIs sold | 4,099 | 3,848 | |
Cost of other fee-based services | 22,711 | 22,868 | |
Cost reimbursements | 19,120 | 17,044 | |
Selling, general and administrative expenses | 101,197 | 90,214 | |
Interest expense | 8,818 | 9,506 | |
Total costs and expenses | 155,945 | 143,480 | |
Income before non-controlling interest and provision for income taxes | 981 | 22,172 | |
Provision for income taxes | 44 | 5,303 | |
Net income | 937 | 16,869 | |
Less: Net income attributable to non-controlling interest | 736 | 1,716 | |
Net income attributable to Bluegreen Vacations Corporation shareholders | 201 | 15,153 | |
Comprehensive income attributable to Bluegreen Vacations Corporation Shareholders | $ 201 | $ 15,153 | |
Earnings per share attributable to Bluegreen Vacation Corporation shareholders - Basic and diluted | $ 0 | $ 0.20 | |
Weighted average number of common shares outstanding: | |||
Basic and diluted | 74,066 | 74,446 | |
Cash dividends declared per share | $ 0.13 | $ 0.17 | |
Gross Sales Of VOIs [Member] | |||
Revenues: | |||
Total revenue | $ 75,481 | $ 62,884 | |
Sales of VOIs [Member] | |||
Revenues: | |||
Total revenue | [1] | 45,128 | 51,731 |
Fee-Based Sales Commission Revenue [Member] | |||
Revenues: | |||
Total revenue | [1] | 41,365 | 45,212 |
Other Fee-Based Services Revenue [Member] | |||
Revenues: | |||
Total revenue | 29,314 | 29,568 | |
Cost Reimbursements [Member] | |||
Revenues: | |||
Total revenue | [2] | 19,120 | 17,044 |
Interest Income [Member] | |||
Revenues: | |||
Total revenue | [3] | 21,866 | 22,008 |
Other Income, Net [Member] | |||
Revenues: | |||
Total revenue | $ 133 | $ 89 | |
[1] | Included in our sales of VOIs and financing segment described in Note 12. | ||
[2] | Included in our resort operations and club management segment described in Note 12. (3) | ||
[3] | Interest income of $ 20.1 million and $ 20.0 million for the three months ended March 31, 2020 and 2019, respectively, is included in our sales of VOIs and financing segment described in Note 12. |
Consolidated Statement Of Share
Consolidated Statement Of Shareholder's Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member] | Non-controlling Interests [Member] | Total |
Beginning balance at Dec. 31, 2018 | $ 744 | $ 270,369 | $ 158,641 | $ 45,611 | $ 475,365 |
Beginning balance, shares at Dec. 31, 2018 | 74,445,923 | ||||
Net income | 15,153 | 1,716 | 16,869 | ||
Dividends to shareholders | (12,655) | (12,655) | |||
Ending balance at Mar. 31, 2019 | $ 744 | 270,369 | 161,139 | 47,327 | 479,579 |
Ending balance, shares at Mar. 31, 2019 | 74,445,923 | ||||
Beginning balance at Dec. 31, 2019 | $ 744 | 269,534 | 145,847 | 49,534 | $ 465,659 |
Beginning balance, shares at Dec. 31, 2019 | 74,362,693 | ||||
Net income | 201 | 736 | $ 937 | ||
Dividends to shareholders | (9,667) | (9,667) | |||
Stock repurchase, value | 19 | 11,722 | $ 11,741 | ||
Stock repurchase, shares | (1,878,400) | ||||
Ending balance at Mar. 31, 2020 | $ 725 | $ 257,812 | $ 136,381 | $ 50,270 | $ 445,188 |
Ending balance, shares at Mar. 31, 2020 | 72,484,293 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net income | $ 937 | $ 16,869 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 4,792 | 4,486 |
(Gain) Loss on disposal of property and equipment | (44) | 10 |
Provision for loan losses | 30,353 | 11,153 |
(Benefit) Provision for deferred income taxes | (176) | 2,281 |
Changes in operating assets and liabilities: | ||
Notes receivable | (11,778) | (7,698) |
Prepaid expenses and other assets | (8,452) | (9,048) |
Inventory | (356) | (8,237) |
Accounts payable, accrued liabilities and other, and deferred income | (29,102) | 1,126 |
Net cash (used in) provided by operating activities | (13,826) | 10,942 |
Investing activities: | ||
Purchases of property and equipment | (2,966) | (7,507) |
Proceeds from sale of property and equipment | 147 | |
Net cash used in investing activities | (2,819) | (7,507) |
Financing activities: | ||
Proceeds from borrowings collateralized by notes receivable | 32,568 | 13,487 |
Payments on borrowings collateralized by notes receivable | (36,059) | (34,968) |
Proceeds from borrowings collateralized by line-of-credit facilities and notes payable | 80,000 | |
Payments under line-of-credit facilities and notes payable | (2,411) | (8,168) |
Payments of debt issuance costs | (76) | (105) |
Repurchase and retirement of common stock | (11,741) | |
Dividends paid | (9,667) | (12,655) |
Net cash provided by (used in) financing activities | 52,614 | (42,409) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 35,969 | (38,974) |
Cash, cash equivalents and restricted cash at beginning of period | 239,646 | 273,134 |
Cash, cash equivalents and restricted cash at end of period | 275,615 | 234,160 |
Supplemental schedule of operating cash flow information: | ||
Interest paid, net of amounts capitalized | 8,317 | 8,271 |
Income taxes paid | $ 199 | $ 812 |
Organization And Basis Of Finan
Organization And Basis Of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 Corporation is referred to in this report together with its consolidated subsidiaries as “Bluegreen Vacations”, “Bluegreen”, “the Company”, “we”, “us” and “our”. Bluegreen 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, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the financial information furnished herein reflects all adjustments consisting of normal recurring items necessary for a fair presentation of our 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, among other things, the impact and potential future impact of the Coronavirus Disease 2019 (“ COVID-19”) pandemic (which is highly uncertain) and other factors, including, without limitation, seasonality, the results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or any other future interim or annual periods. The accompanying financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, included in our Annual Report on Form 10-K filed with the SEC on March 12, 2020 (the “2019 Annual Report on Form 10-K”). Our Business We are a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations. Our resort network includes 45 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (“Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 23 Club Associate Resorts (resorts in which owners in our Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Our Club Resorts and Club Associate Resorts are primarily located in high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach and Charleston, among others. Through our points-based system, the approximately 221,000 owners in our Vacation Club have the flexibility to stay at units available at any of our resorts and have access to over 11,350 other hotels and resorts through partnerships and exchange networks. The resorts in which we market, sell or manage VOIs were either developed or acquired by us, or were developed and are owned by third parties. We earn fees for providing sales and marketing services to third party developers. We also earn fees for providing management services to the Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, we provide financing to qualified VOI purchasers, which generates significant interest income. We derive a significant portion of our revenue from our capital-light business model, which utilizes our expertise and infrastructure to generate both VOI sales and recurring revenue from third parties without the significant capital investment generally associated with the development and acquisition of resorts. Our capital-light business activities include sales of VOIs owned by third-party developers pursuant to which we are paid a commission (“fee-based sales”) and sales of VOIs that we purchase under just-in-time (“JIT”) arrangements with third-party developers or from secondary market sources. In addition, as described above, we provide other fee-based services, including resort management, mortgage servicing, title services and construction management, and generate income through financing provided to qualified VOI purchasers in connection with VOI sales. All of our operations and activities have been impacted by the COVID-19 pandemic as discussed further herein. Principles of Consolidation and Basis of Presentation Our unaudited consolidated financial statements include the accounts of all of our wholly owned subsidiaries, entities in which we hold a controlling financial interest, including Bluegreen/Big Cedar Vacations, LLC (a joint venture in which we are deemed to hold a controlling financial interest based on our 51 % equity interest, our active role as the day-to-day manager of its activities, and our majority voting control of its management committee (“Bluegreen/Big Cedar Vacations”), and variable interest entities (sometimes referred to herein as “VIEs”) of which we are the primary beneficiary, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Consolidations (Topic 810). We do not consolidate the statutory business trusts formed by us to issue trust preferred securities as these entities represent VIEs in which we are not the primary beneficiary. The statutory business trusts are accounted for under the equity method of accounting. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates Our financial statements are prepared in conformity with GAAP, which requires us 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 our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our 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, our 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, a decrease in the carrying amount of our tax assets, or an increase in other obligations as of the time of a relevant measurement event. Reclassification of Prior Period Presentation Certain prior period balances were reclassified to conform to current period presentation. The reclassification had no impact on our statements of operations and comprehensive income or statements of cash flows. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan losses. Further, the standard requires that public entities disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). This standard became effective for us on January 1, 2020. We adopted this standard on January 1, 2020 using a modified retrospective method, which did not have a material impact on our consolidated financial statem ents and related disclosures and no cumulative adjustment was recorded primarily as our VOI notes receivable are recorded net of an allowance that is calculated in accordance with ASC 606, Revenue from Contracts with Customers . We also elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables, as our 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. In August 2018, the FASB issued ASU 2018-15, “Intangibles – Goodwill and Other – Internal–Use Software (Subtopic 350-40)” (“ASU 2018-15”), which requires a customer in a cloud computing arrangement that is a service contract (“CCA”) to follow internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. ASU 2018-15 also requires companies to present implementation costs related to a CCA in the same financial statement line items as the CCA service fees. We adopted this standard on January 1, 2020 and are applying the transition guidance as of the date of adoption prospectively, under the current period adjustment method. Upon adoption of the standard, we reclassified $ 1.9 million of capitalized implementation costs related to a CCA that was in the implementation phase as of January 1, 2020 from property and equipment to prepaid expenses. Accounting Standards Not Yet Adopted The FASB has issued the following accounting pronouncement and guidance relevant to our operations which had not yet been adopted as of March 31, 2020: 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 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 our VOIs notes receivable from our borrowers are not indexed to LIBOR, we currently have $ 110.8 million of LIBOR indexed junior subordinated debentures, $ 87.7 million of LIBOR indexed receivable-backed notes payable and lines of credit, and $ 225.2 million of LIBOR indexed l ines 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. We are evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on our results of operations, liquidity and consolidated financial statements. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue From Contracts With Cutomers | 3 . Revenue From Contracts with Customers We operate our business in the following two segments: ( i) Sales of VOIs and financing; and (ii) Resort operations and club management . The table below sets forth our disaggregated revenue by segment from contracts with customers (in thousands). For the Three Months Ended March 31, 2020 2019 Sales of VOIs (1) $ 45,128 $ 51,731 Fee-based sales commission revenue (1) 41,365 45,212 Resort and club management revenue (2) 25,029 25,436 Cost reimbursements (2) 19,120 17,044 Title fees and other (1) 2,723 2,728 Other revenue (2) 1,562 1,404 Revenue from customers 134,927 143,555 Interest income (3) 21,866 22,008 Other income, net 133 89 Total revenue $ 156,926 $ 165,652 (1) Included in our sales of VOIs and financing segment described in Note 12. (2) Included in our resort operations and club management segment described in Note 12. (3) Interest income of $ 20.1 million and $ 20.0 million for the three months ended March 31, 2020 and 2019, respectively, is included in our sales of VOIs and financing segment described in Note 12. Please refer to Note 12: Segment Reporting below for more details related to our segments. |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2020 | |
Notes Receivable [Abstract] | |
Notes Receivable | 4 . Notes Receivable The table below provides information relating to our notes receivable and our allowance for loan losses (dollars in thousands): As of March 31, December 31, 2020 2019 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 190,051 $ 203,872 VOI notes receivable - securitized 395,108 385,326 Gross VOI notes receivable 585,159 589,198 Allowance for loan losses - non-securitized ( 48,493 ) ( 47,894 ) Allowance for loan losses - securitized ( 106,673 ) ( 92,736 ) Allowance for loan losses ( 155,166 ) ( 140,630 ) VOI notes receivable, net $ 429,993 $ 448,568 Allowance as a % of Gross VOI notes receivable 27 % 24 % The weighted-average interest rate charged on our notes receivable secured by VOIs was 14.8 % and 14.9 % at March 31, 2020 and December 31, 2019, respectively . All of our VOI loans bear interest at fixed rates. Our VOI notes receivable are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee, and Wisconsin. Allowance for Loan Losses The activity in our allowance for loan losses was as follows (in thousands): For the Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 140,630 $ 134,133 Provision for loan losses 30,353 11,153 Less: Write-offs of uncollectible receivables ( 15,817 ) ( 8,460 ) Balance, end of period $ 155,166 $ 136,826 We monitor the credit quality of our receivables on an ongoing basis. We hold large amounts of homogeneous VOI notes receivable and assess 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. While the impact of COVID- 19 pandemic on our borrowers had not yet been reflected in our default or delinquency rates as of March 31, 2020, we believe that the COVID-19 pandemic will have a significant impact on our VOI notes receivable. Accordingly, as of March 31, 2020, we recorded an additional allowance for loan losses of $ 12.0 million, which includes our estimate of customer defaults as a result of the COVID – 19 pandemic based on our historical experience, forbearance requests received from our customers, and other factors, including but not limited to, the seasoning of the notes receivable and FICO scores of the customers. Additional information about our VOI notes receivable by year of origination is as follows as of March 31, 2020 (in thousands): Year of Origination 2020 2019 2018 2017 2016 2015 and Prior Total 701+ $ 29,174 $ 107,298 $ 70,649 $ 46,077 $ 34,472 $ 47,243 $ 334,913 601-700 13,575 53,165 42,097 30,816 28,094 45,316 213,063 <601 (1) 1,124 5,300 3,747 2,482 2,934 5,258 20,845 Other (2) — 1,161 3,603 3,289 2,831 5,454 16,338 Total by FICO score $ 43,873 $ 166,924 $ 120,096 $ 82,664 $ 68,331 $ 103,271 $ 585,159 Defaults $ — $ 2,703 4,174 $ 2,773 $ 2,269 $ 3,898 $ 15,817 Allowance for loan loss $ 9,674 $ 48,428 $ 34,740 $ 21,760 $ 19,057 $ 21,507 $ 155,166 Delinquency status: Current $ 43,810 $ 162,227 $ 113,764 $ 77,586 $ 64,054 $ 95,334 $ 556,775 31-60 days 63 1,196 1,190 1,073 708 1,192 5,422 61-90 days — 1,333 1,319 852 541 905 4,950 Over 91 days (2) — 2,168 3,823 3,153 3,028 5,840 18,012 Total $ 43,873 $ 166,924 $ 120,096 $ 82,664 $ 68,331 $ 103,271 $ 585,159 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 10.3 million related to VOI notes receivable that, as of March 31, 2020, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our 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: As of March 31, December 31, 2020 2019 FICO Score 701+ 59 % 59 % 601-700 37 37 <601 3 3 Other (1) 1 1 Total 100 % 100 % (1) VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). Our 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 March 31, 2020 and December 31, 2019, $ 18.0 million and $ 19.3 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, our VOI notes receivable are generally written off against the allowance for loan loss. Accrued interest was $ 5.2 million and $ 5.3 million as of March 31, 2020 and December 31, 2019, respectively, and is included within other assets in our unaudited consolidated balance sheets herein. The following table shows the delinquency status of our VOI notes receivable as of March 31, 2020 and December 31, 2019 (in thousands): As of March 31, December 31, 2020 2019 Current $ 556,775 $ 557,849 31-60 days 5,422 6,794 61-90 days 4,950 5,288 Over 91 days (1) 18,012 19,267 Total $ 585,159 $ 589,198 (1) Includes $ 10.3 million and $ 10.6 million as of March 31, 2020 and December 31, 2019, respectively, related to VOI notes receivable that, as of such date, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
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 for us 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, we generally retain a portion of the securities and continue 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 us; 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 March 31, 2020, we were in compliance with all material terms under our securitization transactions, and no trigger events had occurred but there is no assurance that compliance will be maintained in the future. 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. We base our quantitative analysis on the forecasted cash flows of the entity and we base our qualitative analysis on the structure of the entity, including our decision-making ability and authority with respect to the entity, and relevant financial agreements. We also use a qualitative analysis to determine if we must consolidate a VIE as the primary beneficiary. In accordance with applicable accounting guidance, we have determined these securitization entities to be VIEs of which we are the primary beneficiary and, therefore, we consolidate the entities into our financial statements. Under the terms of certain of our 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 by us of defaulted notes for the three months ended March 31, 2020 and 2019 were $ 4.3 million and $ 2.1 million, respectively. Our maximum exposure to loss relating to our 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 our consolidated VIEs are as follows (in thousands): As of March 31, December 31, 2020 2019 Restricted cash $ 17,456 $ 22,534 Securitized notes receivable, net 288,435 292,590 Receivable backed notes payable - non-recourse 339,224 334,246 The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2020 | |
Inventory [Abstract] | |
Inventory | 6. Inventory Our VOI inventory consists of the following (in thousands): As of March 31, December 31, 2020 2019 Completed VOI units $ 273,868 $ 269,847 Construction-in-progress — 3,946 Real estate held for future development 73,425 73,144 Total $ 347,293 $ 346,937 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt [Abstract] | |
Debt | 7. Debt Lines-of-Credit and Notes Payable We have outstanding borrowings with various financial institutions and other lenders. Financial data related to our lines of credit and notes payable (other than receivable-backed notes payable, which are discussed below) as of March 31, 2020 and December 31, 2019, were as follows (dollars in thousands): As of March 31, 2020 December 31, 2019 Balance Interest Rate Carrying Amount of Pledged Assets Balance Interest Rate Carrying Amount of Pledged Assets NBA Éilan Loan 17,659 4.77 % 28,625 18,820 4.95 % 31,259 Fifth Third Syndicated LOC 110,000 3.32 % 119,848 30,000 3.85 % 49,062 Fifth Third Syndicated Term 97,500 3.61 % 106,229 98,750 3.71 .% 161,497 Unamortized debt issuance costs ( 1,374 ) — — ( 1,410 ) — — Total $ 223,785 $ 254,702 $ 146,160 $ 241,818 Fifth Third Syndicated Line-of-Credit and Fifth Third Syndicated Term Loan. During March 2020, i n an effort to ensure adequate liquidity for a sustained period due to the effect of the COVID-19 pandemic , we drew down $ 60 million under our lines-of-credit to increase our cash position. As of March 31, 2020, outstanding borrowings under the facility totaled $ 207.5 million, including $ 97.5 million under the Fifth Third Syndicated Term Loan with an interest rate of 3.61 %, and $ 110.0 million under the Fifth Third Syndicated Line of Credit with an interest rate of 3.32 %. There were no new debt issuances or significant changes related to the above listed lines-of-credit or notes payable during the three ended months March 31, 2020. See Note 10 to our Consolidated Financial Statements included in our 2019 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 was as follows (dollars in thousands): As of March 31, 2020 December 31, 2019 Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 23,184 4.75 % $ 28,663 $ 25,860 4.75 % $ 31,681 NBA Receivables Facility 29,033 3.74 % 35,584 32,405 4.55 % 39,787 Pacific Western Facility 28,256 3.87 % 34,965 30,304 4.68 % 37,809 Total 80,473 99,212 88,569 109,277 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility $ 60,899 3.29 % $ 75,346 $ 31,708 3.99 % $ 39,448 Quorum Purchase Facility 39,092 4.75 - 5.50 % 45,280 44,525 4.75 - 5.50 % 49,981 2012 Term Securitization 7,352 2.94 % 8,237 8,638 2.94 % 9,878 2013 Term Securitization 16,523 3.20 % 17,896 18,219 3.20 % 19,995 2015 Term Securitization 28,750 3.02 % 30,809 31,188 3.02 % 33,765 2016 Term Securitization 44,217 3.35 % 49,286 48,529 3.35 % 54,067 2017 Term Securitization 60,846 3.12 % 69,703 65,333 3.12 % 74,219 2018 Term Securitization 86,297 4.02 % 98,550 91,231 4.02 % 103,974 Unamortized debt issuance costs ( 4,752 ) --- — ( 5,125 ) --- — Total 339,224 395,107 334,246 385,327 Total receivable-backed debt $ 419,697 $ 494,319 $ 422,815 $ 494,604 Liberty Bank Facility. Since 2008, we have maintained a revolving VOI notes receivable hypothecation facility with Liberty Bank (the “Liberty Bank Facility”) which provides for advances on eligible receivables pledged under the Liberty Bank Facility, subject to specified terms and conditions, during a revolving credit period. During March 2018, the Liberty Bank Facility was amended and restated to extend the revolving credit period from March 2018 to March 2020 (which was subsequently further extended as described below), extend the maturity date from November 2020 until March 2023, and amend the interest rate on borrowings as described below. Subject to its terms and conditions, the Liberty Bank Facility provides for advances of (i) 85 % of the unpaid principal balance of Qualified Timeshare Loans assigned to agent, and (ii) 60 % of the unpaid principal balance of Non-Conforming Qualified Timeshare Loans assigned to agent, during the revolving credit period of the facility. Maximum permitted outstanding borrowings under the Liberty Bank Facility are $ 50.0 million, subject to the terms of the facility. Through March 31, 2018, borrowings under the Liberty Bank Facility accrued interest at the Wall Street Journal (“WSJ”) Prime Rate plus 0.50 % per annum, subject to a 4.00 % floor. Pursuant to the March 2018 amendment to the Liberty Bank Facility, effective April 1, 2018, all borrowings outstanding under the facility accrue interest at the WSJ Prime Rate subject to a 4.00 % floor. 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. On February 11, 2020, the Liberty Bank Facility was amended solely to extend the revolving credit period from March 12, 2020 to June 10, 2020. Quorum Purchase Facility. Bluegreen/Big Cedar Vacations has a VOI notes receivable purchase facility (the “Quorum Purchase Facility”) with Quorum Federal Credit Union (“Quorum”), pursuant to which Quorum has agreed to purchase eligible VOI notes receivable in an amount of up to an aggregate $ 50.0 million purchase price, subject to certain conditions precedent and other terms of the facility. On March 17, 2020, the Quorum Purchase Facility was amended to extend the advance period to December 2020 from June 2020. The interest rate on each advance is set at the time of funding based on rates mutually agreed upon by all parties. The maturity of the Quorum Purchase Facility is December 2032. The Quorum Purchase Facility provides for an 85 % advance rate on eligible receivables sold under the facility, however Quorum can modify this advance rate on future purchases subject to the terms and conditions of the Quorum Purchase Facility. Except as described above, there were no new debt issuances or significant changes related to the above listed facilities during the three months ended March 31, 2020. See Note 10 to our Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K for additional information regarding the receivable-backed notes payable facilities. Junior Subordinated Debentures Financial data relating to our junior subordinated debentures was as follows (dollars in thousands): Trust Carrying Value as of March 31, 2020 (1) Initial Equity In Trust (2) Issue Date Interest Rate Interest Rate at March 31, 2020 Maturity Date Carrying Value as of December 31, 2019 (1) BST I $ 15,102 $ 355 3/15/2005 3-month LIBOR + 4.90% 6.27 % 3/30/2035 $ 15,059 BST II 16,909 401 5/4/2005 3-month LIBOR + 4.85% 6.62 % 7/30/2035 16,862 BST III 6,841 164 5/10/2005 3-month LIBOR + 4.85% 6.62 % 7/30/2035 6,823 BST IV 10,068 237 4/24/2006 3-month LIBOR + 4.85% 6.22 % 6/30/2036 10,040 BST V 10,068 237 7/21/2006 3-month LIBOR + 4.85% 6.22 % 9/30/2036 10,040 BST VI 13,297 311 2/26/2007 3-month LIBOR + 4.80% 6.57 % 4/30/2037 13,257 $ 72,285 $ 1,705 $ 72,081 (1) Amounts include purchase accounting adjustments which reduced the total carrying value by $ 38.5 million and $ 38.7 million as of March 31, 2020 and December 31, 2019, respectively. (2) Initial Equity in Trust is recorded as part of other assets in the unaudited Consolidated Balance Sheets. As of March 31, 2020, we were in compliance with all financial debt covenants under our debt instruments. As of March 31, 2020, we had availability of approximately $ 124.5 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. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
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 are as follows (in thousands): As of March 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 241,525 $ 241,525 $ 190,009 $ 190,009 Restricted cash $ 34,090 $ 34,090 $ 49,637 $ 49,637 Notes receivable, net $ 429,993 $ 535,513 $ 448,568 $ 587,000 Lines-of-credit, notes payable, and receivable- backed notes payable $ 643,482 $ 601,400 $ 568,975 $ 589,300 Junior subordinated debentures $ 72,285 $ 36,500 $ 72,081 $ 98,500 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 our 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. Lines-of-credit, notes payable, and receivable-backed notes payable. The amounts reported in the unaudited consolidated balance sheets for our 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 our 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 our 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 | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 9. Commitments and Contingencies Bluegreen Vacations Unlimited (“BVU”), our wholly owned subsidiary, has an exclusive marketing agreement with Bass Pro, a nationally-recognized retailer of fishing, marine, hunting, camping and sports gear, that provides us 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 we entered into with Bass Pro and its affiliates during June 2019, we 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. In June 2019, we accrued for the net present value of the settlement, plus attorney’s fees and costs, totaling approximately $ 39.1 million. The first $ 4.0 million annual payment was made during January 2020. As of March 31, 2020, $ 14.7 million was accrued for the remaining payments required by the settlement agreement, which are included in accrued liabilities and other in the consolidated balance sheet as of March 31, 2020. During most of the quarter ending March 31, 2020, Bluegreen was actively selling vacation packages in 68 of Bass Pro’s stores and 21 Cabela’s retail stores. During the three months ended March 31, 2020 and 2019, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 10 % and 12 %, respectively, of our VOI sales volume. In March 2020 as a result of the COVID-19 pandemic, we temporarily closed our retail marketing operations at Bass Pro Shops and Cabela’s stores. We are currently developing a plan to reopen these operations. In December 2019, our President and Chief Executive Officer resigned. In connection with his resignation, we agreed to make payments to him or on his behalf totaling $ 3.5 million over a period of 18 months, $ 2.9 million of which remained payable as of March 31, 2020. Additionally, during 2019, we entered into certain agreements with other executives related to their separation from Bluegreen or change in position. Pursuant to the terms of these agreements, we agreed to make payments totaling $ 2.5 million through November 2020. As of March 31, 2020, $ 1.0 million remained payable under these agreements. In lieu of paying maintenance fees for unsold VOI inventory, we may enter into subsidy agreements with certain HOAs. We paid $ 1.9 million in subsidy payments in connection with these arrangements during both of the three months ended March 31, 2020 and 2019. As of March 31, 2020, we had $ 3.3 million accrued for such subsidies, which is included in accrued liabilities and other in the unaudited Consolidated Balance Sheet as of such date. As of December 31, 2019, we had no accrued liabilities for such subsidies. In the ordinary course of business, we become subject to claims or proceedings from time to time relating to the purchase, sale, marketing, or financing of VOIs or our other business activities. We are also subject to certain matters relating to the Bluegreen Communities’ business, substantially all of the assets of which were sold by us on May 4, 2012. Additionally, from time to time in the ordinary course of business, we become involved in disputes with existing and former employees, vendors, taxing jurisdictions and various other parties, and we also receive individual consumer complaints, as well as complaints received through regulatory and consumer agencies, including Offices of State Attorneys General. We take these matters seriously and attempt to resolve any such issues as they arise. We may also become subject to litigation related to the COVID-19 pandemic, including with respect to any actions we take or may be required to take 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 in excess of the aggregate amounts accrued will have a material impact on our 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 our 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. 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 us 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 our sales of VOIs. The purported class action lawsuit was dismissed without prejudice after mediation. However, on or about April 24, 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. We have moved for reimbursement of our attorneys’ fees. Plaintiffs have appealed the summary judgment order. On February 28, 2018, Oscar Hernandez and Estella Michael filed purported class action litigation in San Bernardino Superior Court against BVU. The central claims in the complaint, as amended during June 2018, include alleged failures to pay overtime and wages at termination and to provide meal and rest periods, as well as claims relating to non-compliant wage statements and unreimbursed business expenses; and a claim under the Private Attorney’s General Act. Plaintiffs seek to represent a class of approximately 660 hourly, non-exempt employees who worked in the state of California since March 1, 2014. In April 2019, the parties mediated and agreed to settle the matter for an immaterial amount. It is expected that the court will approve the settlement and the dismissal of the lawsuit after the settlement documents are executed. 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 the Company and BVU 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 we failed to disclose the identity of the seller of real property at the beginning of our initial contact with the purchaser; that we misrepresented who the seller of the real property was; that we misrepresented the buyer’s right to cancel; that we included an illegal attorney’s fee provision in the sales document(s); that we offered an illegal “today only” incentive to purchase; and that we utilize 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 us one or more VOIs within six years prior to the filing of this lawsuit. Plaintiffs seek statutory damages, attorneys’ fees and injunctive relief. We moved to dismiss the case, and on November 27, 2019, the Court issued a ruling granting the motion in part. We have answered the remaining claims. We believe the lawsuit is without merit and intend to vigorously defend 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. We believe the lawsuit is without merit and intend 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, but the case currently remains stayed. On January 7, 2019, Debbie Adair and thirty-four other timeshare purchasers filed a lawsuit against BVU and Bass Pro alleging violations of the Tennessee Consumer Protection Act, the Tennessee Time-share Act, the California Time-Share Act, fraudulent misrepresentation for failure to make certain required disclosures, fraudulent inducement for inducing purchasers to remain under contract past rescission, unauthorized practice of law, civil conspiracy, unjust enrichment, and breach of contract. We agreed to indemnify Bass Pro with respect to the claims brought against us in this proceeding. We filed a motion to dismiss. On April 6, 2020, the court granted our motion to dismiss, and on April 29, 2020, the court entered final judgment in our favor. 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. Plaintiffs seek monetary damages, attorneys’ fees and injunctive relief. We have moved to dismiss the action. We believe the lawsuit is without merit and intend to vigorously defend the action. Commencing in 2015, it came to our attention that our collection efforts with respect to our 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, we are unable to contact the owners unless allowed by law. We believe these exit firms have encouraged such owners to become delinquent and ultimately default on their obligations and that such actions and our inability to contact the owners are a primary contributor to the increase in our annual default rates. Our average annual default rates have increased from 6.9 % in 2015 to 9.3 % in 2020. We also estimate that approximately 10.0 % of the total delinquencies on our VOI notes receivable as of March 31, 2020 related to VOI notes receivable subject to this issue. We have in a number of cases pursued, and we may in the future pursue, legal action against the VOI owners, and as described below, against the exit firms. On December 21, 2018, we filed a lawsuit against timeshare exit firm Totten Franqui and certain of its affiliates (“TPEs”). In the complaint, we alleged that the TPEs, through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, made false statements about us and provided misleading information to the VOI owners. The TPEs have encouraged nonpayment by consumers and exacted fees for doing so. We believe the consumers are paying fees to the TPEs in exchange for illusory services. We have asserted claims against the TPEs under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference and other claims. During the course of the litigation, the TPEs and Totten Franqui filed for bankruptcy, which resulted in the litigation being stayed. We have reached settlements with the TPE principals and the bankruptcy trustee, and the paperwork is being finalized. The contemplated settlement includes findings of fact against the defendants regarding their business practices and a permanent injunction prohibiting the principals of the TPE, from working again in the VOI exit space. On November 13, 2019, we filed a lawsuit against timeshare exit firm The Montgomery Law Firm and certain of its affiliates (also included in “TPEs”). In the complaint, we alleged as discussed above, that the TPEs, through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, made false statements about us, provided misleading information to the VOI owners and encouraged nonpayment by consumers. We believe the consumers are paying fees to the TPEs in exchange for illusory services. We have asserted claims against the TPEs under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference and other claims. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes We file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. With certain exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2016 for federal returns and 2015 for state returns. Our effective income tax rate was approximately 18 % and 26 % during the three months ended March 31, 2020 and 2019, respectively. Effective income tax rates for interim periods are based upon our current estimated annual rate. Our 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 we operate. As such, our effective income tax rate for the three months ended March 31, 2020 reflects our current estimate of the COVID-19 pandemic on our 2020 annual taxable earnings, state taxes, non-deductible items and changes in valuation allowances on deferred tax assets. The Coronavirus Aid, Relief, and Economic Securities Act (“CARES Act”) was signed into law on March 27, 2020 in response to the COVID-19 pandemic providing for economic support and stimulus. As of March 31, 2020, we evaluated the income tax provisions of the CARES Act and determined there is no effect on either the March 31, 2020 tax rate or the computation of effective tax rate for the year. Subsequent to March 31, 2020, we will continue to review the relevant provisions of the CARES Act and intend to take advantage of certain provisions, including, but not limited to, the deferral of the employer portion of the tax withholding amounts and the employee retention tax credits. Certain of our state filings are under routine examination. While there is no assurance as to the results of these audits, we do not currently anticipate any material adjustments in connection with these examinations. We are party to an Agreement to Allocate Consolidated Income Tax Liability and Benefits with BBX Capital Corporation (“BBX Capital”), which owns approximately 93 % of our outstanding common stock and its other subsidiaries pursuant to which, among other customary terms and conditions, the parties agreed to file consolidated federal tax returns. Under the agreement, the parties calculate their respective income tax liabilities and attributes as if each of them was a separate filer. If any tax attributes are used by another party to the agreement to offset its tax liability, the party providing the benefit will receive an amount for the tax benefits realized. Pursuant to this agreement, we paid BBX Capital or its affiliated entities $ 2.3 million in April 2019. We did no t make or receive any payments under the agreement during the three months ended March 31, 2020 and do not anticipate any such payments during 2020. As of March 31, 2019, we did no t have any significant amounts accrued for interest and penalties or recorded for uncertain tax positions. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions BBX Capital may be deemed to be controlled by Alan B. Levan, Chairman and Chief Executive Officer of BBX Capital, and John E. Abdo, Vice Chairman of BBX Capital. Together, Messrs. Levan and Abdo may be deemed to beneficially own shares of BBX Capital’s Class A Common Stock and Class B Common Stock representing approximately 78 % of BBX Capital’s total voting power. Mr. Levan serves as our Chairman and Chief Executive Officer and Mr. Abdo serves as our Vice Chairman. Mr. Levan was appointed our President and Chief Executive Officer effective January 1, 2020. During 2019, we accrued $ 2.0 million of compensation for Mr. Levan for the performance of certain services for us in a non-executive capacity, all of which was paid during March 2020. In addition, Raymond S. Lopez serves as our Chief Financial Officer and Chief Operating Officer and as BBX Capital’s Chief Financial Officer. Mr. Levan and Mr. Lopez receive compensation from us and BBX Capital for their respective services to us and to BBX Capital, respectively. In April 2015, pursuant to a Loan Agreement and Promissory Note, our wholly owned subsidiary provided an $ 80.0 million loan to BBX Capital. Amounts outstanding bore interest at a rate of 6 % per annum until March 2020 when the loan was amended to reduce the interest rate to 4 % per annum effective April 2020. Payments of interest are required on a quarterly basis, with all outstanding amounts being due and payable on April 17, 2021, effective with the latest amendment. BBX Capital is permitted to prepay the loan in whole or in part at any time, and prepayments will be required, to the extent necessary, in order for us or our subsidiaries to remain in compliance with covenants under outstanding indebtedness. During both of the three months ended March 31, 2020 and 2019 , we recognized $ 1.2 million of interest income on the loan to BBX Capital. We paid or reimbursed BBX Capital or its affiliated entities $ 0.4 million during both of the three months ended March 31, 2020 and 2019 for management advisory, risk management, administrative and other services. We had accrued $ 0.3 million and $ 0.2 million for the services described above as of March 31, 2020 and December 31, 2019, respectively. BBX Capital or its affiliates paid or reimbursed us $ 0.1 million during both the three months ended March 31, 2020 and 2019 for other shared services. As of both March 31, 2020 and December 31, 2019, $ 0.1 million was due to us from BBX Capital for these services. See also the description of the Agreement to Allocate Consolidated Income Tax Liability and Benefits under Note 10: Income Taxes above. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. 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 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. We report our results of operations through two reportable segments: (i) sales of VOIs and financing; and (ii) resort operations and club management. Our sales of VOIs and financing segment includes our marketing and sales activities related to the VOIs that we own, our VOIs we acquire under just-in-time and secondary market inventory arrangements, our sales of VOIs through fee-for-service arrangements with third-party developers, our consumer financing activities in connection with sales of VOIs that we own, and our title services operations through a wholly owned subsidiary. Our resort operations and club management segment includes our provision of management services activities for our Vacation Club and for a majority of the HOAs of the resorts within our Vacation Club. In connection with those services, we also provide club reservation services, services to owners and billing and collections services to our Vacation Club and certain HOAs. Additionally, we generate revenue within our resort operations and club management segment from our Traveler Plus program, food and beverage and other retail operations, rental services activities, and management of construction activities for certain of our fee-based developer clients. The information provided for segment reporting is obtained from internal reports utilized by management. The presentation and allocation of results of operations may not reflect the actual economic costs of the segments as standalone businesses. Due to the nature of our 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 materially impacted. The table below sets forth our segment information for the three months ended March 31, 2020 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Corporate and other Elimination Total Sales of VOIs $ 45,128 $ — $ — $ — $ 45,128 Fee-based sales commission revenue 41,365 — — — 41,365 Other fee-based services revenue 2,723 26,591 — — 29,314 Cost reimbursements — 19,120 — — 19,120 Mortgage servicing revenue 1,595 — — ( 1,595 ) — Interest income 20,148 — 1,718 — 21,866 Other income, net — — 133 — 133 Total revenue 110,959 45,711 1,851 ( 1,595 ) 156,926 Costs and expenses: Cost of VOIs sold 4,099 — — — 4,099 Net carrying cost of VOI inventory 7,914 — — ( 7,914 ) — Cost of other fee-based services 1,470 13,327 — 7,914 22,711 Cost reimbursements — 19,120 — — 19,120 Selling, general and administrative expenses 82,138 — 19,234 ( 175 ) 101,197 Mortgage servicing expense 1,420 — — ( 1,420 ) — Interest expense 4,664 — 4,154 — 8,818 Total costs and expenses 101,705 32,447 23,388 ( 1,595 ) 155,945 Income (loss) before non-controlling interest and provision for income taxes $ 9,254 $ 13,264 $ ( 21,537 ) $ — $ 981 Add: Depreciation and amortization 1,559 190 Add: Severance 2,563 1,134 Segment Adjusted EBITDA (1) $ 13,376 $ 14,588 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth our segment information for the three months ended March 31, 2019 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Corporate and other Elimination Total Sales of VOIs $ 51,731 $ — $ — $ — $ 51,731 Fee-based sales commission revenue 45,212 — — — 45,212 Other fee-based services revenue 2,728 26,840 — — 29,568 Cost reimbursements — 17,044 — — 17,044 Mortgage servicing revenue 1,490 — — ( 1,490 ) — Interest income 20,017 — 1,991 — 22,008 Other income, net — — 89 — 89 Total revenue 121,178 43,884 2,080 ( 1,490 ) 165,652 Costs and expenses: Cost of VOIs sold 3,848 — — — 3,848 Net carrying cost of VOI inventory 7,687 — — ( 7,687 ) — Cost of other fee-based services 1,210 13,971 — 7,687 22,868 Cost reimbursements — 17,044 — — 17,044 Selling, general and administrative expenses 72,196 — 18,128 ( 110 ) 90,214 Mortgage servicing expense 1,380 — — ( 1,380 ) — Interest expense 5,262 — 4,244 — 9,506 Total costs and expenses 91,583 31,015 22,372 ( 1,490 ) 143,480 Income (loss) before non-controlling interest and provision for income taxes $ 29,595 $ 12,869 $ ( 20,292 ) $ — $ 22,172 Add: Depreciation and amortization 1,536 365 Segment Adjusted EBITDA (1) $ 31,131 $ 13,234 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events The COVID-19 pandemic has been, and continues to be, an unprecedented disruption in the U.S. economy generally and in the travel, hospitality and vacation ownership industries in particular. The impacts of the pandemic have included, among other things, government ordered travel restrictions and restrictions on business operations. Some of our Club and Club Associate Resorts were closed in accordance with government mandates and advisories. As a result, we temporarily closed all of our VOI sales centers, our retail marketing operations at Bass Pro Shops, Cabela’s stores and outlet malls and our Choice Hotels call transfer program. In connection with these closures and the impact on our operations, we took steps to mitigate our costs, including a reduction in workforce of over 970 positions and placed another 3,700 of our associates on temporary furlough and reduced work hours. We also suspended the payment of regular quarterly dividends, reduced our new inventory acquisition and development expenditures and drew down $ 60 million under our lines-of-credit and various receivable backed facilities. We will continue to monitor the course of the COVID-19 pandemic and plan to pursue the reopening of our resorts on May 16, 2020 and VOI sales centers and marketing operations beginning in June 2020 on a phased schedule subject to the restrictions of applicable government orders and the safety of our owners, guests and employees. Sustained adverse impact on our revenues, net income or other operating results due to the COVID-19 pandemic could result in failures to comply with various loan covenants in our outstanding indebtedness. While there is no assurance that we will be successful, we will seek waivers from our lenders where necessary. |
Organization And Basis Of Fin_2
Organization And Basis Of Financial Statement Presentation (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Our Business | Our Business We are a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations. Our resort network includes 45 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (“Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 23 Club Associate Resorts (resorts in which owners in our Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Our Club Resorts and Club Associate Resorts are primarily located in high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach and Charleston, among others. Through our points-based system, the approximately 221,000 owners in our Vacation Club have the flexibility to stay at units available at any of our resorts and have access to over 11,350 other hotels and resorts through partnerships and exchange networks. The resorts in which we market, sell or manage VOIs were either developed or acquired by us, or were developed and are owned by third parties. We earn fees for providing sales and marketing services to third party developers. We also earn fees for providing management services to the Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, we provide financing to qualified VOI purchasers, which generates significant interest income. We derive a significant portion of our revenue from our capital-light business model, which utilizes our expertise and infrastructure to generate both VOI sales and recurring revenue from third parties without the significant capital investment generally associated with the development and acquisition of resorts. Our capital-light business activities include sales of VOIs owned by third-party developers pursuant to which we are paid a commission (“fee-based sales”) and sales of VOIs that we purchase under just-in-time (“JIT”) arrangements with third-party developers or from secondary market sources. In addition, as described above, we provide other fee-based services, including resort management, mortgage servicing, title services and construction management, and generate income through financing provided to qualified VOI purchasers in connection with VOI sales. All of our operations and activities have been impacted by the COVID-19 pandemic as discussed further herein. |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation Our unaudited consolidated financial statements include the accounts of all of our wholly owned subsidiaries, entities in which we hold a controlling financial interest, including Bluegreen/Big Cedar Vacations, LLC (a joint venture in which we are deemed to hold a controlling financial interest based on our 51 % equity interest, our active role as the day-to-day manager of its activities, and our majority voting control of its management committee (“Bluegreen/Big Cedar Vacations”), and variable interest entities (sometimes referred to herein as “VIEs”) of which we are the primary beneficiary, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Consolidations (Topic 810). We do not consolidate the statutory business trusts formed by us to issue trust preferred securities as these entities represent VIEs in which we are not the primary beneficiary. The statutory business trusts are accounted for under the equity method of accounting. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use Of Estimates | Use of Estimates Our financial statements are prepared in conformity with GAAP, which requires us 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 our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our 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, our 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, a decrease in the carrying amount of our tax assets, or an increase in other obligations as of the time of a relevant measurement event. |
Reclassification Of Prior Period Presentation | Reclassification of Prior Period Presentation Certain prior period balances were reclassified to conform to current period presentation. The reclassification had no impact on our statements of operations and comprehensive income or statements of cash flows. |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan losses. Further, the standard requires that public entities disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). This standard became effective for us on January 1, 2020. We adopted this standard on January 1, 2020 using a modified retrospective method, which did not have a material impact on our consolidated financial statem ents and related disclosures and no cumulative adjustment was recorded primarily as our VOI notes receivable are recorded net of an allowance that is calculated in accordance with ASC 606, Revenue from Contracts with Customers . We also elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables, as our 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. In August 2018, the FASB issued ASU 2018-15, “Intangibles – Goodwill and Other – Internal–Use Software (Subtopic 350-40)” (“ASU 2018-15”), which requires a customer in a cloud computing arrangement that is a service contract (“CCA”) to follow internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. ASU 2018-15 also requires companies to present implementation costs related to a CCA in the same financial statement line items as the CCA service fees. We adopted this standard on January 1, 2020 and are applying the transition guidance as of the date of adoption prospectively, under the current period adjustment method. Upon adoption of the standard, we reclassified $ 1.9 million of capitalized implementation costs related to a CCA that was in the implementation phase as of January 1, 2020 from property and equipment to prepaid expenses. |
Accounting Standards Not Yet Adopted | Accounting Standards Not Yet Adopted The FASB has issued the following accounting pronouncement and guidance relevant to our operations which had not yet been adopted as of March 31, 2020: 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 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 our VOIs notes receivable from our borrowers are not indexed to LIBOR, we currently have $ 110.8 million of LIBOR indexed junior subordinated debentures, $ 87.7 million of LIBOR indexed receivable-backed notes payable and lines of credit, and $ 225.2 million of LIBOR indexed l ines 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. We are evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on our results of operations, liquidity and consolidated financial statements. |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue Disaggregation | For the Three Months Ended March 31, 2020 2019 Sales of VOIs (1) $ 45,128 $ 51,731 Fee-based sales commission revenue (1) 41,365 45,212 Resort and club management revenue (2) 25,029 25,436 Cost reimbursements (2) 19,120 17,044 Title fees and other (1) 2,723 2,728 Other revenue (2) 1,562 1,404 Revenue from customers 134,927 143,555 Interest income (3) 21,866 22,008 Other income, net 133 89 Total revenue $ 156,926 $ 165,652 (1) Included in our sales of VOIs and financing segment described in Note 12. (2) Included in our resort operations and club management segment described in Note 12. (3) Interest income of $ 20.1 million and $ 20.0 million for the three months ended March 31, 2020 and 2019, respectively, is included in our sales of VOIs and financing segment described in Note 12. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | As of March 31, December 31, 2020 2019 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 190,051 $ 203,872 VOI notes receivable - securitized 395,108 385,326 Gross VOI notes receivable 585,159 589,198 Allowance for loan losses - non-securitized ( 48,493 ) ( 47,894 ) Allowance for loan losses - securitized ( 106,673 ) ( 92,736 ) Allowance for loan losses ( 155,166 ) ( 140,630 ) VOI notes receivable, net $ 429,993 $ 448,568 Allowance as a % of Gross VOI notes receivable 27 % 24 % |
Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination | Year of Origination 2020 2019 2018 2017 2016 2015 and Prior Total 701+ $ 29,174 $ 107,298 $ 70,649 $ 46,077 $ 34,472 $ 47,243 $ 334,913 601-700 13,575 53,165 42,097 30,816 28,094 45,316 213,063 <601 (1) 1,124 5,300 3,747 2,482 2,934 5,258 20,845 Other (2) — 1,161 3,603 3,289 2,831 5,454 16,338 Total by FICO score $ 43,873 $ 166,924 $ 120,096 $ 82,664 $ 68,331 $ 103,271 $ 585,159 Defaults $ — $ 2,703 4,174 $ 2,773 $ 2,269 $ 3,898 $ 15,817 Allowance for loan loss $ 9,674 $ 48,428 $ 34,740 $ 21,760 $ 19,057 $ 21,507 $ 155,166 Delinquency status: Current $ 43,810 $ 162,227 $ 113,764 $ 77,586 $ 64,054 $ 95,334 $ 556,775 31-60 days 63 1,196 1,190 1,073 708 1,192 5,422 61-90 days — 1,333 1,319 852 541 905 4,950 Over 91 days (2) — 2,168 3,823 3,153 3,028 5,840 18,012 Total $ 43,873 $ 166,924 $ 120,096 $ 82,664 $ 68,331 $ 103,271 $ 585,159 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 10.3 million related to VOI notes receivable that, as of March 31, 2020, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Activity In The Allowance For Loan Losses | For the Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 140,630 $ 134,133 Provision for loan losses 30,353 11,153 Less: Write-offs of uncollectible receivables ( 15,817 ) ( 8,460 ) Balance, end of period $ 155,166 $ 136,826 |
Percentage Of Gross Notes Receivable Outstanding By FICO Score At Origination | As of March 31, December 31, 2020 2019 FICO Score 701+ 59 % 59 % 601-700 37 37 <601 3 3 Other (1) 1 1 Total 100 % 100 % (1) VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). |
Delinquency Status Of VOI Notes Receivable | As of March 31, December 31, 2020 2019 Current $ 556,775 $ 557,849 31-60 days 5,422 6,794 61-90 days 4,950 5,288 Over 91 days (1) 18,012 19,267 Total $ 585,159 $ 589,198 (1) Includes $ 10.3 million and $ 10.6 million as of March 31, 2020 and December 31, 2019, respectively, related to VOI notes receivable that, as of such date, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our 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) | 3 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | As of March 31, December 31, 2020 2019 Restricted cash $ 17,456 $ 22,534 Securitized notes receivable, net 288,435 292,590 Receivable backed notes payable - non-recourse 339,224 334,246 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory [Abstract] | |
Summary Of Inventory | As of March 31, December 31, 2020 2019 Completed VOI units $ 273,868 $ 269,847 Construction-in-progress — 3,946 Real estate held for future development 73,425 73,144 Total $ 347,293 $ 346,937 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt [Abstract] | |
Lines-Of-Credit And Notes Payable | As of March 31, 2020 December 31, 2019 Balance Interest Rate Carrying Amount of Pledged Assets Balance Interest Rate Carrying Amount of Pledged Assets NBA Éilan Loan 17,659 4.77 % 28,625 18,820 4.95 % 31,259 Fifth Third Syndicated LOC 110,000 3.32 % 119,848 30,000 3.85 % 49,062 Fifth Third Syndicated Term 97,500 3.61 % 106,229 98,750 3.71 .% 161,497 Unamortized debt issuance costs ( 1,374 ) — — ( 1,410 ) — — Total $ 223,785 $ 254,702 $ 146,160 $ 241,818 |
Receivable-Backed Notes Payable | As of March 31, 2020 December 31, 2019 Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 23,184 4.75 % $ 28,663 $ 25,860 4.75 % $ 31,681 NBA Receivables Facility 29,033 3.74 % 35,584 32,405 4.55 % 39,787 Pacific Western Facility 28,256 3.87 % 34,965 30,304 4.68 % 37,809 Total 80,473 99,212 88,569 109,277 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility $ 60,899 3.29 % $ 75,346 $ 31,708 3.99 % $ 39,448 Quorum Purchase Facility 39,092 4.75 - 5.50 % 45,280 44,525 4.75 - 5.50 % 49,981 2012 Term Securitization 7,352 2.94 % 8,237 8,638 2.94 % 9,878 2013 Term Securitization 16,523 3.20 % 17,896 18,219 3.20 % 19,995 2015 Term Securitization 28,750 3.02 % 30,809 31,188 3.02 % 33,765 2016 Term Securitization 44,217 3.35 % 49,286 48,529 3.35 % 54,067 2017 Term Securitization 60,846 3.12 % 69,703 65,333 3.12 % 74,219 2018 Term Securitization 86,297 4.02 % 98,550 91,231 4.02 % 103,974 Unamortized debt issuance costs ( 4,752 ) --- — ( 5,125 ) --- — Total 339,224 395,107 334,246 385,327 Total receivable-backed debt $ 419,697 $ 494,319 $ 422,815 $ 494,604 |
Junior Subordinated Debentures Outstanding | Financial data relating to our junior subordinated debentures was as follows (dollars in thousands): Trust Carrying Value as of March 31, 2020 (1) Initial Equity In Trust (2) Issue Date Interest Rate Interest Rate at March 31, 2020 Maturity Date Carrying Value as of December 31, 2019 (1) BST I $ 15,102 $ 355 3/15/2005 3-month LIBOR + 4.90% 6.27 % 3/30/2035 $ 15,059 BST II 16,909 401 5/4/2005 3-month LIBOR + 4.85% 6.62 % 7/30/2035 16,862 BST III 6,841 164 5/10/2005 3-month LIBOR + 4.85% 6.62 % 7/30/2035 6,823 BST IV 10,068 237 4/24/2006 3-month LIBOR + 4.85% 6.22 % 6/30/2036 10,040 BST V 10,068 237 7/21/2006 3-month LIBOR + 4.85% 6.22 % 9/30/2036 10,040 BST VI 13,297 311 2/26/2007 3-month LIBOR + 4.80% 6.57 % 4/30/2037 13,257 $ 72,285 $ 1,705 $ 72,081 (1) Amounts include purchase accounting adjustments which reduced the total carrying value by $ 38.5 million and $ 38.7 million as of March 31, 2020 and December 31, 2019, respectively. (2) Initial Equity in Trust is recorded as part of other assets in the unaudited Consolidated Balance Sheets. |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Carrying Amounts of Financial Instruments | As of March 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 241,525 $ 241,525 $ 190,009 $ 190,009 Restricted cash $ 34,090 $ 34,090 $ 49,637 $ 49,637 Notes receivable, net $ 429,993 $ 535,513 $ 448,568 $ 587,000 Lines-of-credit, notes payable, and receivable- backed notes payable $ 643,482 $ 601,400 $ 568,975 $ 589,300 Junior subordinated debentures $ 72,285 $ 36,500 $ 72,081 $ 98,500 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth our segment information for the three months ended March 31, 2020 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Corporate and other Elimination Total Sales of VOIs $ 45,128 $ — $ — $ — $ 45,128 Fee-based sales commission revenue 41,365 — — — 41,365 Other fee-based services revenue 2,723 26,591 — — 29,314 Cost reimbursements — 19,120 — — 19,120 Mortgage servicing revenue 1,595 — — ( 1,595 ) — Interest income 20,148 — 1,718 — 21,866 Other income, net — — 133 — 133 Total revenue 110,959 45,711 1,851 ( 1,595 ) 156,926 Costs and expenses: Cost of VOIs sold 4,099 — — — 4,099 Net carrying cost of VOI inventory 7,914 — — ( 7,914 ) — Cost of other fee-based services 1,470 13,327 — 7,914 22,711 Cost reimbursements — 19,120 — — 19,120 Selling, general and administrative expenses 82,138 — 19,234 ( 175 ) 101,197 Mortgage servicing expense 1,420 — — ( 1,420 ) — Interest expense 4,664 — 4,154 — 8,818 Total costs and expenses 101,705 32,447 23,388 ( 1,595 ) 155,945 Income (loss) before non-controlling interest and provision for income taxes $ 9,254 $ 13,264 $ ( 21,537 ) $ — $ 981 Add: Depreciation and amortization 1,559 190 Add: Severance 2,563 1,134 Segment Adjusted EBITDA (1) $ 13,376 $ 14,588 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth our segment information for the three months ended March 31, 2019 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Corporate and other Elimination Total Sales of VOIs $ 51,731 $ — $ — $ — $ 51,731 Fee-based sales commission revenue 45,212 — — — 45,212 Other fee-based services revenue 2,728 26,840 — — 29,568 Cost reimbursements — 17,044 — — 17,044 Mortgage servicing revenue 1,490 — — ( 1,490 ) — Interest income 20,017 — 1,991 — 22,008 Other income, net — — 89 — 89 Total revenue 121,178 43,884 2,080 ( 1,490 ) 165,652 Costs and expenses: Cost of VOIs sold 3,848 — — — 3,848 Net carrying cost of VOI inventory 7,687 — — ( 7,687 ) — Cost of other fee-based services 1,210 13,971 — 7,687 22,868 Cost reimbursements — 17,044 — — 17,044 Selling, general and administrative expenses 72,196 — 18,128 ( 110 ) 90,214 Mortgage servicing expense 1,380 — — ( 1,380 ) — Interest expense 5,262 — 4,244 — 9,506 Total costs and expenses 91,583 31,015 22,372 ( 1,490 ) 143,480 Income (loss) before non-controlling interest and provision for income taxes $ 29,595 $ 12,869 $ ( 20,292 ) $ — $ 22,172 Add: Depreciation and amortization 1,536 365 Segment Adjusted EBITDA (1) $ 31,131 $ 13,234 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. |
Organization And Basis Of Fin_3
Organization And Basis Of Financial Statement Presentation (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020item | |
Segment Reporting Information [Line Items] | |
Number of resorts, owners right to most units | 45 |
Number of associated resorts, owners right to limited units | 23 |
Approximate number of owners in the resort club | 221,000 |
Number of additional other hotels owners can stay through program | 11,350 |
BBX Capital [Member] | Bluegreen [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of ownership interest | 93.00% |
Bluegreen/Big Cedar Vacations, LLC [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of ownership interest | 51.00% |
Recently Issued Accounting Pr_3
Recently Issued Accounting Pronouncements (Narrative) (Details) - USD ($) | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | |||
Junior subordinated debentures | $ 72,285,000 | $ 72,081,000 | |
Lines of credit and notes payable | 0 | ||
Accounting Standards Update 2018-15 [Member] | Reclassification From Property And Equipment To Prepaid Expenses [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Reclassification | $ 1,900,000 | ||
Accounting Standards Update 2020-04 [Member] | Receivable-backed Notes Payable And Lines Of Credit [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Receivable-backed notes payable and lines of credit | 87,700,000 | ||
Accounting Standards Update 2020-04 [Member] | Line Of Credit And Notes Payable [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Lines of credit and notes payable | 225,200,000 | ||
Accounting Standards Update 2020-04 [Member] | LIBOR [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Junior subordinated debentures | $ 110,800,000 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Narrative) (Details) - segment | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contracts with Customers [Abstract] | ||
Number of reportable segments | 2 | 2 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers (Revenue Disaggregation) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 156,926 | $ 165,652 | |
Sales of VOIs [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 45,128 | 51,731 |
Interest income | 20,100 | 20,000 | |
Fee-Based Sales Commission Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 41,365 | 45,212 |
Resort And Club Management Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [2] | 25,029 | 25,436 |
Cost Reimbursements [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [2] | 19,120 | 17,044 |
Title Fees And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 2,723 | 2,728 |
Other Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [2] | 1,562 | 1,404 |
Revenue From Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 134,927 | 143,555 | |
Interest Income [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [3] | 21,866 | 22,008 |
Other Income, Net [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 133 | $ 89 | |
[1] | Included in our sales of VOIs and financing segment described in Note 12. | ||
[2] | Included in our resort operations and club management segment described in Note 12. (3) | ||
[3] | Interest income of $ 20.1 million and $ 20.0 million for the three months ended March 31, 2020 and 2019, respectively, is included in our sales of VOIs and financing segment described in Note 12. |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Increase in allowance for loan losses | $ 12,000 | ||
Notes receivable | 585,159 | $ 589,198 | |
Accrued interest | $ 5,200 | $ 5,300 | |
Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Weighted-average interest rate | 14.80% | 14.90% | |
Over 91 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | [1] | $ 18,012 | $ 19,267 |
[1] | Includes $ 10.3 million and $ 10.6 million as of March 31, 2020 and December 31, 2019, respectively, related to VOI notes receivable that, as of such date, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our 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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | $ 585,159 | $ 589,198 | ||
Less: Allowance for loan loss | (155,166) | (140,630) | $ (136,826) | $ (134,133) |
Notes receivable, net ($288,435 and $292,590 in VIEs at March 31, 2020 and December 31, 2019, respectively) | 429,993 | 448,568 | ||
Notes Receivable Secured By VOIs [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Less: Allowance for loan loss | $ (155,166) | $ (140,630) | ||
Allowance as a % of gross notes receivable | 27.00% | 24.00% | ||
VOI Notes Receivable - Non-Securitized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | $ 190,051 | $ 203,872 | ||
Less: Allowance for loan loss | (48,493) | (47,894) | ||
VOI Notes Receivable - Securitized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | 395,108 | 385,326 | ||
Less: Allowance for loan loss | $ (106,673) | $ (92,736) |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Notes Receivable [Abstract] | ||
Balance, beginning of period | $ 140,630 | $ 134,133 |
Provision for loan losses | 30,353 | 11,153 |
Less: Write-offs of uncollectible receivables | (15,817) | (8,460) |
Balance, end of period | $ 155,166 | $ 136,826 |
Notes Receivable (Financing Rec
Notes Receivable (Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | $ 43,873 | ||
2019 | 166,924 | ||
2018 | 120,096 | ||
2017 | 82,664 | ||
2016 | 68,331 | ||
2015 And Prior | 103,271 | ||
Total | 585,159 | $ 589,198 | |
VOI note receivable balance had not yet been charged off | 10,300 | 10,600 | |
Current [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 43,810 | ||
2019 | 162,227 | ||
2018 | 113,764 | ||
2017 | 77,586 | ||
2016 | 64,054 | ||
2015 And Prior | 95,334 | ||
Total | 556,775 | 557,849 | |
31-60 Days [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 63 | ||
2019 | 1,196 | ||
2018 | 1,190 | ||
2017 | 1,073 | ||
2016 | 708 | ||
2015 And Prior | 1,192 | ||
Total | 5,422 | 6,794 | |
61-90 Days [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2019 | 1,333 | ||
2018 | 1,319 | ||
2017 | 852 | ||
2016 | 541 | ||
2015 And Prior | 905 | ||
Total | 4,950 | 5,288 | |
Over 91 Days [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2019 | [1] | 2,168 | |
2018 | [1] | 3,823 | |
2017 | [1] | 3,153 | |
2016 | [1] | 3,028 | |
2015 And Prior | [1] | 5,840 | |
Total | [1] | 18,012 | $ 19,267 |
Defaults [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2019 | 2,703 | ||
2018 | 4,174 | ||
2017 | 2,773 | ||
2016 | 2,269 | ||
2015 And Prior | 3,898 | ||
Total | 15,817 | ||
Allowance For Loan Loss [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 9,674 | ||
2019 | 48,428 | ||
2018 | 34,740 | ||
2017 | 21,760 | ||
2016 | 19,057 | ||
2015 And Prior | 21,507 | ||
Total | 155,166 | ||
701+ [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 29,174 | ||
2019 | 107,298 | ||
2018 | 70,649 | ||
2017 | 46,077 | ||
2016 | 34,472 | ||
2015 And Prior | 47,243 | ||
Total | 334,913 | ||
601-700 [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 13,575 | ||
2019 | 53,165 | ||
2018 | 42,097 | ||
2017 | 30,816 | ||
2016 | 28,094 | ||
2015 And Prior | 45,316 | ||
Total | 213,063 | ||
Less Than 601 [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | [2] | 1,124 | |
2019 | [2] | 5,300 | |
2018 | [2] | 3,747 | |
2017 | [2] | 2,482 | |
2016 | [2] | 2,934 | |
2015 And Prior | [2] | 5,258 | |
Total | [2] | 20,845 | |
Other [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2019 | [1] | 1,161 | |
2018 | [1] | 3,603 | |
2017 | [1] | 3,289 | |
2016 | [1] | 2,831 | |
2015 And Prior | [1] | 5,454 | |
Total | [1] | $ 16,338 | |
[1] | Includes $ 10.3 million and $ 10.6 million as of March 31, 2020 and December 31, 2019, respectively, related to VOI notes receivable that, as of such date, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. | ||
[2] | Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding By FICO Score At Origination) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | 100.00% | 100.00% | |
701+ [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | 59.00% | 59.00% | |
601-700 [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | 37.00% | 37.00% | |
Less Than 601 [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | 3.00% | 3.00% | |
Other [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percentage of gross notes receivable outstanding | [1] | 1.00% | 1.00% |
[1] | 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 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 585,159 | $ 589,198 | |
VOI note receivable balance had not yet been charged off | 10,300 | 10,600 | |
Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 556,775 | 557,849 | |
31-60 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 5,422 | 6,794 | |
61-90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 4,950 | 5,288 | |
Over 91 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | [1] | $ 18,012 | $ 19,267 |
[1] | Includes $ 10.3 million and $ 10.6 million as of March 31, 2020 and December 31, 2019, respectively, related to VOI notes receivable that, as of such date, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our 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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Variable Interest Entities [Abstract] | ||
Voluntary repurchases and substitutions | $ 4.3 | $ 2.1 |
Variable Interest Entities (Inf
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Restricted cash | $ 34,090 | $ 49,637 |
Securitized notes receivable, net | 429,993 | 448,568 |
Receivable backed notes payable - non-recourse | 339,224 | 334,246 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 17,456 | 22,534 |
Securitized notes receivable, net | 288,435 | 292,590 |
Receivable backed notes payable - non-recourse | $ 339,224 | $ 334,246 |
Inventory (Summary Of Inventory
Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory [Abstract] | ||
Completed VOI units | $ 273,868 | $ 269,847 |
Construction-in-progress | 3,946 | |
Real estate held for future development | 73,425 | 73,144 |
Total | $ 347,293 | $ 346,937 |
Debt (Lines-Of-Credit and Notes
Debt (Lines-Of-Credit and Notes Payable, Narrative) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 0 | |
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit, outstanding | 60,000,000 | |
Balance | 207,500,000 | |
Fifth Third Syndicated LOC [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 110,000,000 | $ 30,000,000 |
Interest rate | 3.32% | 3.85% |
Fifth Third Syndicated Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 97,500,000 | $ 98,750,000 |
Interest rate | 3.61% | 3.71% |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) - USD ($) | Apr. 01, 2018 | Mar. 31, 2020 | Mar. 31, 2018 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Receivable backed notes payable - non-recourse | $ 339,224,000 | $ 334,246,000 | ||
Notes payable and other borrowings | 0 | |||
Liberty Bank Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 50,000,000 | |||
Percent of future advances of unpaid principal balance of qualified teimeshare loans to agents | 85.00% | |||
Percent of future advances of unpaid principal balance of non-conforming qualified timeshare loans to agents | 60.00% | |||
Liberty Bank Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective yield rate | 4.00% | |||
Liberty Bank Facility [Member] | Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on rate | 4.00% | 0.50% | ||
Quorum Purchase Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 50,000,000 | |||
Gross advance rate | 85.00% |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Debt [Abstract] | |
Availablility of line of credits/credit facilities | $ 124.5 |
Debt (Lines-Of-Credit And Not_2
Debt (Lines-Of-Credit And Notes Payable) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total | $ 223,785 | $ 146,160 |
Carrying Amount of Pledged Assets | 254,702 | 241,818 |
Lines-Of-Credit And Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (1,374) | (1,410) |
NBA Eilan Loan [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 17,659 | $ 18,820 |
Interest Rate | 4.77% | 4.95% |
Carrying Amount of Pledged Assets | $ 28,625 | $ 31,259 |
Fifth Third Syndicated LOC [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 110,000 | $ 30,000 |
Interest Rate | 3.32% | 3.85% |
Carrying Amount of Pledged Assets | $ 119,848 | $ 49,062 |
Fifth Third Syndicated Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 97,500 | $ 98,750 |
Interest Rate | 3.61% | 3.71% |
Carrying Amount of Pledged Assets | $ 106,229 | $ 161,497 |
Debt (Receivable-Backed Notes_2
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 80,473 | $ 88,569 |
Receivable backed notes payable - non-recourse | 339,224 | 334,246 |
Total receivable-backed debt | 419,697 | 422,815 |
Principal Balance of Pledged/Secured Receivables | 494,319 | 494,604 |
Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | 80,473 | 88,569 |
Principal Balance of Pledged/Secured Receivables | 99,212 | 109,277 |
Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (4,752) | (5,125) |
Receivable backed notes payable - non-recourse | 339,224 | 334,246 |
Principal Balance of Pledged/Secured Receivables | 395,107 | 385,327 |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 23,184 | $ 25,860 |
Interest Rate | 4.75% | 4.75% |
Principal Balance of Pledged/Secured Receivables | $ 28,663 | $ 31,681 |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 29,033 | $ 32,405 |
Interest Rate | 3.74% | 4.55% |
Principal Balance of Pledged/Secured Receivables | $ 35,584 | $ 39,787 |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 28,256 | $ 30,304 |
Interest Rate | 3.87% | 4.68% |
Principal Balance of Pledged/Secured Receivables | $ 34,965 | $ 37,809 |
KeyBank/DZ Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 60,899 | $ 31,708 |
Interest Rate | 3.29% | 3.99% |
Principal Balance of Pledged/Secured Receivables | $ 75,346 | $ 39,448 |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | 39,092 | 44,525 |
Principal Balance of Pledged/Secured Receivables | 45,280 | 49,981 |
2012 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 7,352 | $ 8,638 |
Interest Rate | 2.94% | 2.94% |
Principal Balance of Pledged/Secured Receivables | $ 8,237 | $ 9,878 |
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 16,523 | $ 18,219 |
Interest Rate | 3.20% | 3.20% |
Principal Balance of Pledged/Secured Receivables | $ 17,896 | $ 19,995 |
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 28,750 | $ 31,188 |
Interest Rate | 3.02% | 3.02% |
Principal Balance of Pledged/Secured Receivables | $ 30,809 | $ 33,765 |
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 44,217 | $ 48,529 |
Interest Rate | 3.35% | 3.35% |
Principal Balance of Pledged/Secured Receivables | $ 49,286 | $ 54,067 |
2017 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 60,846 | $ 65,333 |
Interest Rate | 3.12% | 3.12% |
Principal Balance of Pledged/Secured Receivables | $ 69,703 | $ 74,219 |
2018 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 86,297 | $ 91,231 |
Interest Rate | 4.02% | 4.02% |
Principal Balance of Pledged/Secured Receivables | $ 98,550 | $ 103,974 |
Minimum [Member] | Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.75% | 4.75% |
Maximum [Member] | Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.50% | 5.50% |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |||
Debt Instrument [Line Items] | |||||
Carrying Value | $ 72,285 | $ 72,081 | |||
Junior subordinated debenture, purchase accounting adjustment | 38,500 | $ 38,700 | |||
Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Value | 72,285 | 72,081 | [1] | ||
Initial Equity In Trust | [2] | $ 1,705 | |||
Bluegreen Statutory Trust I [Member] | |||||
Debt Instrument [Line Items] | |||||
Issue Date | Mar. 15, 2005 | ||||
Interest Rate Terms | 3-month LIBOR+ 4.90% | ||||
Interest Rate | 6.27% | ||||
Maturity Date | Mar. 30, 2035 | ||||
Bluegreen Statutory Trust I [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Value | $ 15,102 | 15,059 | [1] | ||
Initial Equity In Trust | [2] | $ 355 | |||
Bluegreen Statutory Trust II [Member] | |||||
Debt Instrument [Line Items] | |||||
Issue Date | May 4, 2005 | ||||
Interest Rate Terms | 3-month LIBOR + 4.85% | ||||
Interest Rate | 6.62% | ||||
Maturity Date | Jul. 30, 2035 | ||||
Bluegreen Statutory Trust II [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Value | $ 16,909 | 16,862 | [1] | ||
Initial Equity In Trust | [2] | $ 401 | |||
Bluegreen Statutory Trust III [Member] | |||||
Debt Instrument [Line Items] | |||||
Issue Date | May 10, 2005 | ||||
Interest Rate Terms | 3-month LIBOR + 4.85% | ||||
Interest Rate | 6.62% | ||||
Maturity Date | Jul. 30, 2035 | ||||
Bluegreen Statutory Trust III [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Value | $ 6,841 | 6,823 | [1] | ||
Initial Equity In Trust | [2] | $ 164 | |||
Bluegreen Statutory Trust IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Issue Date | Apr. 24, 2006 | ||||
Interest Rate Terms | 3-month LIBOR+ 4.85% | ||||
Interest Rate | 6.22% | ||||
Maturity Date | Jun. 30, 2036 | ||||
Bluegreen Statutory Trust IV [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Value | $ 10,068 | 10,040 | [1] | ||
Initial Equity In Trust | [2] | $ 237 | |||
Bluegreen Statutory Trust V [Member] | |||||
Debt Instrument [Line Items] | |||||
Issue Date | Jul. 21, 2006 | ||||
Interest Rate Terms | 3-month LIBOR+ 4.85% | ||||
Interest Rate | 6.22% | ||||
Maturity Date | Sep. 30, 2036 | ||||
Bluegreen Statutory Trust V [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Value | $ 10,068 | 10,040 | [1] | ||
Initial Equity In Trust | [2] | $ 237 | |||
Bluegreen Statutory Trust VI [Member] | |||||
Debt Instrument [Line Items] | |||||
Issue Date | Feb. 26, 2007 | ||||
Interest Rate Terms | 3-month LIBOR+ 4.80% | ||||
Interest Rate | 6.57% | ||||
Maturity Date | Apr. 30, 2037 | ||||
Bluegreen Statutory Trust VI [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Value | $ 13,297 | $ 13,257 | [1] | ||
Initial Equity In Trust | [2] | $ 311 | |||
[1] | Amounts include purchase accounting adjustments which reduced the total carrying value by $ 38.5 million and $ 38.7 million as of March 31, 2020 and December 31, 2019, respectively. | ||||
[2] | Initial Equity in Trust is recorded as part of other assets in the unaudited Consolidated Balance Sheets. |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 241,525 | $ 190,009 |
Restricted cash | 34,090 | 49,637 |
Notes receivable, net | 429,993 | 448,568 |
Lines-of-credit, notes payable, and receivable-backed notes payable | 643,482 | 568,975 |
Junior subordinated debentures | 72,285 | 72,081 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 241,525 | 190,009 |
Restricted cash | 34,090 | 49,637 |
Notes receivable, net | 535,513 | 587,000 |
Lines-of-credit, notes payable, and receivable-backed notes payable | 601,400 | 589,300 |
Junior subordinated debentures | $ 36,500 | $ 98,500 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Feb. 28, 2018item | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($)item | Mar. 31, 2020USD ($)store | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2015 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Payments to subsidies | $ 1,900,000 | $ 1,900,000 | |||||
Accrued liabilities and other | $ 103,948,000 | 79,553,000 | $ 103,948,000 | ||||
Inventory purchased | $ 356,000 | $ 8,237,000 | |||||
Required period VOIs to be purchased, legal settlement | 6 years | ||||||
Average annual default rates | 9.30% | 6.90% | |||||
Number of non-exempt employees represented | item | 660 | ||||||
Subsidies To Certain HOAs [Member] | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Accrued liabilities and other | 0 | $ 3,300,000 | 0 | ||||
Executive [Member] | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Severance expense | $ 2,500,000 | ||||||
Amount of future payment | 1,000,000 | ||||||
Former CEO [Member] | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Severance expense | $ 3,500,000 | ||||||
Amount of future payment | 2,900,000 | ||||||
Period of future payment | 18 months | ||||||
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 | |||||
Payments for legal settlements | $ 39,100,000 | ||||||
Accrued claims | $ 14,700,000 | ||||||
Number of stores vacation packages are sold | store | 68 | ||||||
Percent of volume sales from agreement | 10.00% | 12.00% | |||||
Cabela [Member] | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Number of stores vacation packages are sold | store | 21 | ||||||
Notes Receivable Secured By VOIs [Member] | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Average annual default rates | 10.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate | 18.00% | 26.00% | |
Agreement to Allocate Consolidated income tax liability and benefits payments | $ 2,300,000 | $ 0 | |
Recognized interest or penalties | $ 0 | ||
Bluegreen [Member] | BBX Capital [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Percentage of ownership interest | 93.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Apr. 30, 2020 | Dec. 31, 2019 | Apr. 30, 2015 | |
Related Party Transaction [Line Items] | |||||
Due from related party | $ 80,000 | $ 80,000 | |||
Dividends paid | $ 9,667 | $ 12,655 | |||
BBX Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loan, fixed rate per annum | 6.00% | ||||
Due from related party | $ 100 | 100 | |||
Due to related parties | $ 80,000 | ||||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | BBX Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percent of voting power | 78.00% | ||||
Alan B. Levan, Chairman of BBX Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued service fees | 2,000 | ||||
BBX Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interst income from loan | $ 1,200 | 1,200 | |||
Management services expenses | 400 | 400 | |||
Accrued service fees | 300 | ||||
Revenue from Related Parties | $ 100 | $ 100 | |||
BBX Capital [Member] | Subsequent Event [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loan, fixed rate per annum | 4.00% | ||||
BBX Capital [Member] | BBX Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued service fees | $ 200 | ||||
Bluegreen [Member] | BBX Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 93.00% |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($)segment | Mar. 31, 2019USD ($) | Dec. 31, 2019segment | ||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 156,926 | $ 165,652 | ||
Cost of VOIs sold | 4,099 | 3,848 | ||
Cost of other fee-based services | 22,711 | 22,868 | ||
Cost reimbursements | 19,120 | 17,044 | ||
Selling, general and administrative expenses | 101,197 | 90,214 | ||
Interest expense | 8,818 | 9,506 | ||
Total costs and expenses | 155,945 | 143,480 | ||
Income before non-controlling interest and provision for income taxes | 981 | 22,172 | ||
Add: Depreciation and amortization | $ 4,792 | 4,486 | ||
Number of reportable segments | segment | 2 | 2 | ||
Corporate Expenses & Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 1,851 | 2,080 | ||
Selling, general and administrative expenses | 19,234 | 18,128 | ||
Interest expense | 4,154 | 4,244 | ||
Total costs and expenses | 23,388 | 22,372 | ||
Income before non-controlling interest and provision for income taxes | (21,537) | (20,292) | ||
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | (1,595) | (1,490) | ||
Net carrying cost of VOI inventory | (7,914) | (7,687) | ||
Cost of other fee-based services | 7,914 | 7,687 | ||
Selling, general and administrative expenses | (175) | (110) | ||
Mortgage servicing expense | (1,420) | (1,380) | ||
Total costs and expenses | (1,595) | (1,490) | ||
Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 110,959 | 121,178 | ||
Cost of VOIs sold | 4,099 | 3,848 | ||
Net carrying cost of VOI inventory | 7,914 | 7,687 | ||
Cost of other fee-based services | 1,470 | 1,210 | ||
Selling, general and administrative expenses | 82,138 | 72,196 | ||
Mortgage servicing expense | 1,420 | 1,380 | ||
Interest expense | 4,664 | 5,262 | ||
Total costs and expenses | 101,705 | 91,583 | ||
Income before non-controlling interest and provision for income taxes | 9,254 | 29,595 | ||
Add: Depreciation and amortization | 1,559 | 1,536 | ||
Add: Severance | 2,563 | |||
Segment Adjusted EBITDA | [1] | 13,376 | 31,131 | |
Resort Operations And Club Management [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 45,711 | 43,884 | ||
Cost of other fee-based services | 13,327 | 13,971 | ||
Cost reimbursements | 19,120 | 17,044 | ||
Total costs and expenses | 32,447 | 31,015 | ||
Income before non-controlling interest and provision for income taxes | 13,264 | 12,869 | ||
Add: Depreciation and amortization | 190 | 365 | ||
Add: Severance | 1,134 | |||
Segment Adjusted EBITDA | [1] | 14,588 | 13,234 | |
Sales of VOIs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | [2] | 45,128 | 51,731 | |
Sales of VOIs [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 45,128 | 51,731 | ||
Fee-Based Sales Commission Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | [2] | 41,365 | 45,212 | |
Fee-Based Sales Commission Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 41,365 | 45,212 | ||
Other Fee-Based Services Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 29,314 | 29,568 | ||
Other Fee-Based Services Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 2,723 | 2,728 | ||
Other Fee-Based Services Revenue [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 26,591 | 26,840 | ||
Cost Reimbursements [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | [3] | 19,120 | 17,044 | |
Cost Reimbursements [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 19,120 | 17,044 | ||
Mortgage Servicing Revenue [Member] | Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | (1,595) | (1,490) | ||
Mortgage Servicing Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,595 | 1,490 | ||
Interest Income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | [4] | 21,866 | 22,008 | |
Interest Income [Member] | Corporate Expenses & Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,718 | 1,991 | ||
Interest Income [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 20,148 | 20,017 | ||
Other Income, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 133 | 89 | ||
Other Income, Net [Member] | Corporate Expenses & Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 133 | $ 89 | ||
[1] | See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. | |||
[2] | Included in our sales of VOIs and financing segment described in Note 12. | |||
[3] | Included in our resort operations and club management segment described in Note 12. (3) | |||
[4] | Interest income of $ 20.1 million and $ 20.0 million for the three months ended March 31, 2020 and 2019, respectively, is included in our sales of VOIs and financing segment described in Note 12. |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)item | |
Subsequent Event [Line Items] | |
Number of reduced workforce | 970 |
Number of associates on temporary furlogh and reduced work hours | 3,700 |
Bluegreen [Member] | BBX Capital [Member] | |
Subsequent Event [Line Items] | |
Percentage of ownership interest | 93.00% |
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | |
Subsequent Event [Line Items] | |
Line of credit, outstanding | $ | $ 60 |