| | |
Per Share
|
| |
Total
|
| ||||||
Initial public offering price
|
| | | $ | 14.00 | | | | | $ | 90,981,072 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 0.98 | | | | | $ | 6,368,675 | | |
Proceeds, before expenses, to us
|
| | | $ | 13.02 | | | | | $ | 48,652,133 | | |
Proceeds, before expenses, to the selling shareholder
|
| | | $ | 13.02 | | | | | $ | 35,960,264 | | |
|
Stifel
|
| |
Credit Suisse
|
|
| | |
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| | | | F-1 |
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Our VOI sales include:
•
Fee-based sales of VOIs owned by third-party developers pursuant to which we are paid a commission (generally in an amount equal to 65-75% of the VOI sales price);
•
JIT sales of VOIs we acquire from third-party developers in close proximity to when we intend to sell such VOIs;
•
Secondary market sales of VOIs we acquire from homeowners associations (“HOAs”) or other owners; and
•
Developed VOI sales, or sales of VOIs in resorts that we develop or acquire (excluding inventory acquired pursuant to JIT or secondary market arrangements).
|
|
| | |
For the Years Ended December 31,
|
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2016
|
| |
2015
|
| |
2017
|
| |
2016
|
| ||||||||||||
Consolidated Statement of Operations Data: | | | | | | ||||||||||||||||||||
Sales of VOIs
|
| | | $ | 266,142 | | | | | $ | 259,236 | | | | | $ | 172,839 | | | | | $ | 196,654 | | |
Fee-based sales commission revenue
|
| | | | 201,829 | | | | | | 173,659 | | | | | | 179,046 | | | | | | 153,718 | | |
Other fee-based services revenue
|
| | | | 103,448 | | | | | | 97,539 | | | | | | 83,442 | | | | | | 78,421 | | |
Interest income
|
| | | | 89,510 | | | | | | 84,331 | | | | | | 65,673 | | | | | | 66,931 | | |
Other income, net
|
| | | | 1,724 | | | | | | 2,883 | | | | | | — | | | | | | 597 | | |
Total revenues
|
| | | $ | 662,653 | | | | | $ | 617,648 | | | | | $ | 501,000 | | | | | $ | 496,321 | | |
Net income attributable to shareholder
|
| | | $ | 74,951 | | | | | $ | 70,304 | | | | | $ | 59,057 | | | | | $ | 49,383 | | |
Per Share Data: | | | | | | ||||||||||||||||||||
Basic diluted earnings attributable to shareholder
|
| | | $ | 749,510.00 | | | | | $ | 703,040.00 | | | | | $ | 590,570.00 | | | | | $ | 493,830.00 | | |
|
| | |
As of and for the Years Ended
December 31, |
| |
As of and for the Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2016
|
| |
2015
|
| |
2017
|
| |
2016
|
| ||||||||||||
Consolidated Balance Sheet Data: | | | | | | ||||||||||||||||||||
Notes receivable, net
|
| | | $ | 430,480 | | | | | $ | 415,598 | | | | | $ | 429,356 | | | | | $ | 424,533 | | |
Inventory
|
| | | | 238,534 | | | | | | 220,211 | | | | | | 269,241 | | | | | | 227,688 | | |
Total assets
|
| | | | 1,128,632 | | | | | | 1,083,151 | | | | | | 1,172,343 | | | | | | 1,114,426 | | |
Total debt obligations - non recourse
|
| | | | 327,358 | | | | | | 314,024 | | | | | | 347,308 | | | | | | 341,291 | | |
Total debt obligations - recourse
|
| | | | 255,057 | | | | | | 256,752 | | | | | | 237,722 | | | | | | 215,631 | | |
Total shareholder’s equity
|
| | | | 249,436 | | | | | | 244,485 | | | | | | 268,493 | | | | | | 248,868 | | |
Other Financial Data: | | | | | | ||||||||||||||||||||
System-wide sales of VOIs, net
|
| | | $ | 605,392 | | | | | $ | 552,723 | | | | | $ | 462,670 | | | | | $ | 459,391 | | |
Total Adjusted EBITDA
|
| | | $ | 137,880 | | | | | $ | 132,228 | | | | | $ | 113,003 | | | | | $ | 102,113 | | |
Adjusted EBITDA - sales of VOIs and
financing |
| | | $ | 169,068 | | | | | $ | 165,714 | | | | | $ | 135,656 | | | | | $ | 124,484 | | |
Adjusted EBITDA - resort operations and club
management |
| | | $ | 38,517 | | | | | $ | 35,628 | | | | | $ | 29,041 | | | | | $ | 29,139 | | |
Number of Bluegreen Vacation Club / Vacation Club Associate resorts at period end
|
| | | | 65 | | | | | | 65 | | | | | | 67 | | | | | | 65 | | |
Total number of sale transactions
|
| | | | 45,340 | | | | | | 43,576 | | | | | | 30,638 | | | | | | 35,422 | | |
Average sales volume per guest
|
| | | $ | 2,263 | | | | | $ | 2,381 | | | | | $ | 2,442 | | | | | $ | 2,241 | | |
| | |
For the Nine Months Ended September 30,
|
| |||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| ||||||
Adjusted EBITDA - sales of VOIs and financing
|
| | | $ | 135,656 | | | | | $ | 124,484 | | |
Adjusted EBITDA - resort operations and club management
|
| | | | 29,041 | | | | | | 29,139 | | |
Total Segment Adjusted EBITDA
|
| | | | 164,697 | | | | | | 153,623 | | |
Less: corporate and other
|
| | | | (51,694) | | | | | | (51,510) | | |
Total Adjusted EBITDA
|
| | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | |
For the Nine Months Ended
September 30, |
| |||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| ||||||
Net income attributable to shareholder
|
| | | $ | 59,057 | | | | | $ | 49,383 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | 9,398 | | | | | | 6,577 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/
Big Cedar Vacations |
| | | | (9,163) | | | | | | (6,516) | | |
Loss (gain) on assets held for sale
|
| | | | 44 | | | | | | (37) | | |
Add: one-time special bonus
|
| | | | — | | | | | | 10,000 | | |
Add: depreciation
|
| | | | 7,089 | | | | | | 7,132 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (5,487) | | | | | | (6,106) | | |
Add: interest expense - corporate and other
|
| | | | 10,415 | | | | | | 10,250 | | |
Add: franchise taxes
|
| | | | 127 | | | | | | 88 | | |
Add: provision for income taxes
|
| | | | 37,844 | | | | | | 31,342 | | |
Restructuring cost
|
| | | | 3,679 | | | | | | — | | |
Total Adjusted EBITDA
|
| | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
(dollars in thousands)
|
| |
2016
|
| |
2015
|
| ||||||
Adjusted EBITDA - sales of VOIs and financing
|
| | | $ | 169,068 | | | | | $ | 165,714 | | |
Adjusted EBITDA - resort operations and club management
|
| | | | 38,517 | | | | | | 35,628 | | |
Total Segment Adjusted EBITDA
|
| | | | 207,585 | | | | | | 201,342 | | |
Less: corporate and other
|
| | | | (69,705) | | | | | | (69,114) | | |
Total Adjusted EBITDA
|
| | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
(dollars in thousands)
|
| |
2016
|
| |
2015
|
| ||||||
Net income attributable to shareholder
|
| | | $ | 74,951 | | | | | $ | 70,304 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | 9,825 | | | | | | 11,705 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/
Big Cedar Vacations |
| | | | (9,705) | | | | | | (11,197) | | |
(Gain) loss on assets held for sale
|
| | | | (1,423) | | | | | | 56 | | |
Add: one-time special bonus
|
| | | | 10,000 | | | | | | — | | |
Add: depreciation
|
| | | | 9,536 | | | | | | 9,181 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (8,167) | | | | | | (5,652) | | |
Add: interest expense - corporate and other
|
| | | | 12,505 | | | | | | 15,390 | | |
Add: franchise taxes
|
| | | | 186 | | | | | | 130 | | |
Add: provision for income taxes
|
| | | | 40,172 | | | | | | 42,311 | | |
Total Adjusted EBITDA
|
| | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | |
For the Nine Months Ended
September 30, |
| |||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| ||||||
Gross sales of VOIs
|
| | | $ | 204,914 | | | | | $ | 233,628 | | |
Add: fee-based sales
|
| | | | 257,756 | | | | | | 225,763 | | |
System-wide sales of VOIs, net
|
| | | $ | 462,670 | | | | | $ | 459,391 | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
(dollars in thousands)
|
| |
2016
|
| |
2015
|
| ||||||
Gross sales of VOIs
|
| | | $ | 310,570 | | | | | $ | 301,324 | | |
Add: fee-based sales
|
| | | | 294,822 | | | | | | 251,399 | | |
System-wide sales of VOIs, net
|
| | | $ | 605,392 | | | | | $ | 552,723 | | |
|
| | |
For the three months ended
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
March 31,
2015 |
| |
June 30,
2015 |
| |
September 30,
2015 |
| |
December 31,
2015 |
| ||||||||||||
Sales of VOIs
|
| | | $ | 53,183 | | | | | $ | 59,732 | | | | | $ | 78,072 | | | | | $ | 68,249 | | |
Fee-based sales commission revenue
|
| | | | 32,600 | | | | | | 47,974 | | | | | | 51,029 | | | | | | 42,056 | | |
Interest income
|
| | | | 18,895 | | | | | | 21,420 | | | | | | 21,975 | | | | | | 22,041 | | |
Other fee-based services revenue
|
| | | | 23,753 | | | | | | 24,948 | | | | | | 24,785 | | | | | | 24,053 | | |
Other income, net
|
| | | | 891 | | | | | | 948 | | | | | | 936 | | | | | | 108 | | |
Total revenues (1)
|
| | | $ | 129,322 | | | | | $ | 155,022 | | | | | $ | 176,797 | | | | | $ | 156,507 | | |
|
| | |
For the three months ended
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
March 31,
2015 |
| |
June 30,
2015 |
| |
September 30,
2015 |
| |
December 31,
2015 |
| ||||||||||||
Net income attributable to shareholder
|
| | | $ | 13,264 | | | | | $ | 15,049 | | | | | $ | 23,250 | | | | | $ | 18,741 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | 2,786 | | | | | | 2,825 | | | | | | 3,732 | | | | | | 2,362 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | (2,700) | | | | | | (2,702) | | | | | | (3,576) | | | | | | (2,219) | | |
Loss on assets held for sale
|
| | | | 23 | | | | | | 14 | | | | | | 6 | | | | | | 13 | | |
Add: depreciation
|
| | | | 2,228 | | | | | | 2,265 | | | | | | 2,290 | | | | | | 2,398 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (8) | | | | | | (1,629) | | | | | | (2,004) | | | | | | (2,011) | | |
Add: interest expense – corporate and other
|
| | | | 3,863 | | | | | | 3,772 | | | | | | 3,310 | | | | | | 4,445 | | |
Add: franchise taxes
|
| | | | 52 | | | | | | 28 | | | | | | 21 | | | | | | 29 | | |
Add: provision for income taxes
|
| | | | 8,606 | | | | | | 9,920 | | | | | | 15,049 | | | | | | 8,736 | | |
Total Adjusted EBITDA
|
| | | $ | 28,114 | | | | | $ | 29,542 | | | | | $ | 42,078 | | | | | $ | 32,494 | | |
|
| | |
For the three months ended
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
March 31,
2015 |
| |
June 30,
2015 |
| |
September 30,
2015 |
| |
December 31,
2015 |
| ||||||||||||
Adjusted EBITDA – sales of VOIs and financing
|
| | | $ | 32,567 | | | | | $ | 39,456 | | | | | $ | 50,975 | | | | | $ | 42,716 | | |
Adjusted EBITDA – resort operations and club management
|
| | | | 9,385 | | | | | | 8,369 | | | | | | 9,639 | | | | | | 8,235 | | |
Total Segment Adjusted EBITDA
|
| | | | 41,952 | | | | | | 47,825 | | | | | | 60,614 | | | | | | 50,951 | | |
Less: corporate and other
|
| | | | (13,838) | | | | | | (18,283) | | | | | | (18,536) | | | | | | (18,457) | | |
Total Adjusted EBITDA
|
| | | $ | 28,114 | | | | | $ | 29,542 | | | | | $ | 42,078 | | | | | $ | 32,494 | | |
|
| | |
For the three months ended
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
March 31,
2015 |
| |
June 30,
2015 |
| |
September 30,
2015 |
| |
December 31,
2015 |
| ||||||||||||
System-wide sales of VOIs, net
|
| | | $ | 109,232 | | | | | $ | 139,873 | | | | | $ | 161,993 | | | | | $ | 141,625 | | |
|
| | |
For the three months ended
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
March 31,
2016 |
| |
June 30,
2016 |
| |
September 30,
2016 |
| |
December 31,
2016 |
| ||||||||||||
Sales of VOIs
|
| | | $ | 56,371 | | | | | $ | 68,542 | | | | | $ | 71,741 | | | | | $ | 69,488 | | |
Fee-based sales commission revenue
|
| | | | 40,147 | | | | | | 54,188 | | | | | | 59,383 | | | | | | 48,111 | | |
Interest income
|
| | | | 21,995 | | | | | | 22,237 | | | | | | 22,699 | | | | | | 22,579 | | |
Other fee-based services revenue
|
| | | | 25,555 | | | | | | 26,056 | | | | | | 26,810 | | | | | | 25,027 | | |
Other income (expense), net
|
| | | | 134 | | | | | | (48) | | | | | | 511 | | | | | | 1,127 | | |
Total revenues (1)
|
| | | $ | 144,202 | | | | | $ | 170,975 | | | | | $ | 181,144 | | | | | $ | 166,332 | | |
|
| | |
For the three months ended
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
March 31,
2016 |
| |
June 30,
2016 |
| |
September 30,
2016 |
| |
December 31,
2016 |
| ||||||||||||
Net income attributable to shareholder
|
| | | $ | 15,646 | | | | | $ | 11,101 | | | | | $ | 22,636 | | | | | $ | 25,568 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | 1,937 | | | | | | 2,865 | | | | | | 1,775 | | | | | | 3,248 | | |
Adjusted EBITDA attributable to the non-controlling
interest in Bluegreen/Big Cedar Vacations |
| | | | (1,894) | | | | | | (2,749) | | | | | | (1,873) | | | | | | (3,189) | | |
Loss (gain) on assets held for sale
|
| | | | 7 | | | | | | (114) | | | | | | 70 | | | | | | (1,386) | | |
Add: one-time special bonus
|
| | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | |
Add: depreciation
|
| | | | 2,356 | | | | | | 2,373 | | | | | | 2,407 | | | | | | 2,400 | | |
Less: interest income (other than interest earned on
VOI notes receivable) |
| | | | (2,020) | | | | | | (2,035) | | | | | | (2,051) | | | | | | (2,061) | | |
Add: interest expense - corporate and other
|
| | | | 2,592 | | | | | | 3,712 | | | | | | 3,946 | | | | | | 2,255 | | |
Add: franchise taxes
|
| | | | 52 | | | | | | 26 | | | | | | 10 | | | | | | 98 | | |
Add: provision for income taxes
|
| | | | 9,847 | | | | | | 7,028 | | | | | | 14,467 | | | | | | 8,830 | | |
Total Adjusted EBITDA
|
| | | $ | 28,523 | | | | | $ | 32,207 | | | | | $ | 41,387 | | | | | $ | 35,763 | | |
|
| | |
For the three months ended
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
March 31,
2016 |
| |
June 30,
2016 |
| |
September 30,
2016 |
| |
December 31,
2016 |
| ||||||||||||
Adjusted EBITDA – sales of VOIs and financing
|
| | | $ | 36,388 | | | | | $ | 42,245 | | | | | $ | 45,854 | | | | | $ | 44,581 | | |
Adjusted EBITDA – resort operations and club management
|
| | | | 10,998 | | | | | | 9,111 | | | | | | 9,030 | | | | | | 9,378 | | |
Total Segment Adjusted EBITDA
|
| | | | 47,386 | | | | | | 51,356 | | | | | | 54,884 | | | | | | 53,959 | | |
Less: corporate and other
|
| | | | (18,863) | | | | | | (19,149) | | | | | | (13,497) | | | | | | (18,196) | | |
Total Adjusted EBITDA
|
| | | $ | 28,523 | | | | | $ | 32,207 | | | | | $ | 41,387 | | | | | $ | 35,763 | | |
|
| | |
For the three months ended
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
March 31,
2016 |
| |
June 30,
2016 |
| |
September 30,
2016 |
| |
December 31,
2016 |
| ||||||||||||
System-wide sales of VOIs, net
|
| | | $ | 126,911 | | | | | $ | 159,744 | | | | | $ | 172,736 | | | | | $ | 146,001 | | |
|
| | |
For the three months ended
|
| |||||||||||||||
(dollars in thousands)
|
| |
March 31,
2017 |
| |
June 30,
2017 |
| |
September 30,
2017 |
| |||||||||
Sales of VOIs
|
| | | $ | 54,457 | | | | | $ | 56,695 | | | | | $ | 61,687 | | |
Fee-based sales commission revenue
|
| | | | 45,154 | | | | | | 63,915 | | | | | | 69,977 | | |
Interest income
|
| | | | 22,386 | | | | | | 21,991 | | | | | | 21,296 | | |
Other fee-based services revenue
|
| | | | 26,121 | | | | | | 29,935 | | | | | | 27,386 | | |
Other income (expense), net
|
| | | | (245) | | | | | | 245 | | | | | | (119) | | |
Total revenues (1)
|
| | | $ | 147,873 | | | | | $ | 172,781 | | | | | $ | 180,227 | | |
|
| | |
For the three months ended
|
| |||||||||||||||
(dollars in thousands)
|
| |
March 31,
2017 |
| |
June 30,
2017 |
| |
September 30,
2017 |
| |||||||||
Net income attributable to shareholder
|
| | | $ | 17,487 | | | | | $ | 23,134 | | | | | $ | 18,436 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | 2,807 | | | | | | 3,481 | | | | | | 3,110 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | (2,719) | | | | | | (3,374) | | | | | | (3,070) | | |
Loss on assets held for sale
|
| | | | 22 | | | | | | 18 | | | | | | 4 | | |
Add: depreciation
|
| | | | 2,357 | | | | | | 2,312 | | | | | | 2,420 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (2,104) | | | | | | (2,091) | | | | | | (1,292) | | |
Add: interest expense – corporate and other
|
| | | | 3,339 | | | | | | 3,532 | | | | | | 3,544 | | |
Add: franchise taxes
|
| | | | 27 | | | | | | 28 | | | | | | 72 | | |
Add: provision for income taxes
|
| | | | 10,526 | | | | | | 14,798 | | | | | | 12,520 | | |
Restructuring cost
|
| | | | — | | | | | | 463 | | | | | | 3,216 | | |
Total Adjusted EBITDA
|
| | | $ | 31,742 | | | | | $ | 42,301 | | | | | $ | 38,960 | | |
|
| | |
For the three months ended
|
| |||||||||||||||
(dollars in thousands)
|
| |
March 31,
2017 |
| |
June 30,
2017 |
| |
September 30,
2017 |
| |||||||||
Adjusted EBITDA – sales of VOIs and financing
|
| | | $ | 39,209 | | | | | $ | 47,888 | | | | | $ | 48,561 | | |
Adjusted EBITDA – resort operations and club management
|
| | | | 9,606 | | | | | | 10,133 | | | | | | 9,300 | | |
Total Segment Adjusted EBITDA
|
| | | | 48,815 | | | | | | 58,021 | | | | | | 57,861 | | |
Less: corporate and other
|
| | | | (17,073) | | | | | | (15,720) | | | | | | (18,901) | | |
Total Adjusted EBITDA
|
| | | $ | 31,742 | | | | | $ | 42,301 | | | | | $ | 38,960 | | |
|
| | |
For the three months ended
|
| |||||||||||||||
(dollars in thousands)
|
| |
March 31,
2017 |
| |
June 30,
2017 |
| |
September 30,
2017 |
| |||||||||
System-wide sales of VOIs, net
|
| | | $ | 129,998 | | | | | $ | 162,487 | | | | | $ | 170,185 | | |
|
(dollars in thousands)
|
| |
Actual
|
| |
Pro forma
as adjusted |
| ||||||
Cash and cash equivalents
|
| | | $ | 124,002 | | | | | $ | 171,232 | | |
Total long-term debt
|
| | | $ | 585,030 | | | | | $ | 585,030 | | |
Shareholders’ equity: | | | | ||||||||||
Preferred stock, $0.01 par value per share: no shares authorized, issued and outstanding, actual; 10,000,000 shares authorized, no shares issued and outstanding, pro forma
|
| | | | — | | | | | | — | | |
Common stock, $0.01 par value per share: 100 shares authorized, issued and outstanding, actual; 100,000,000 shares authorized, 74,734,455 shares issued and outstanding, pro forma
|
| | | | — | | | | | | 37 | | |
Additional paid-in capital
|
| | | | 227,844 | | | | | | 275,037 | | |
Accumulated other comprehensive income
|
| | | | — | | | | | | — | | |
Retained earnings
|
| | | | 40,649 | | | | | | 40,649 | | |
Total shareholders’ equity
|
| | | | 268,493 | | | | | | 315,723 | | |
Total capitalization
|
| | | $ | 853,523 | | | | | $ | 900,753 | | |
|
|
Initial public offering price per share
|
| | | | | | | | | $ | 14.00 | | |
|
Pro forma net tangible book value per share as of September 30, 2017
|
| | | $ | 3.90 | | | | | | | | |
|
Increase in pro forma net tangible book value per share attributable to new investors purchasing shares in this offering
|
| | | | 0.43 | | | | | | | | |
|
Pro forma net tangible book value per share immediately following this offering
|
| | | | | | | | | | 4.33 | | |
|
Dilution in pro forma net tangible book value per share to investors in this offering
|
| | | | | | | | | $ | 9.67 | | |
| | |
Shares Purchased
|
| |
Total Consideration
(dollars in thousands) |
| |
Average Price
Per Share |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Existing shareholders
|
| | | | 70,997,732 | | | | | | 95.0% | | | | | $ | 227,844 | | | | | | 81.3% | | | | | $ | 3.21 | | |
Investors in this offering
|
| | | | 3,736,723 | | | | | | 5.0 | | | | | | 52,314 | | | | | | 18.7 | | | | | | 14.00 | | |
Total
|
| | | | 74,734,455 | | | | | | 100.0% | | | | | $ | 280,158 | | | | | | 100.0% | | | | | | 3.75 | | |
| | |
For the Years Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2016
|
| |
2015
|
| |
2017
|
| |
2016
|
| ||||||||||||
Consolidated Statement of Operations
Data: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sales of VOIs
|
| | | $ | 266,142 | | | | | $ | 259,236 | | | | | $ | 172,839 | | | | | $ | 196,654 | | |
Fee-based sales commission revenue
|
| | | | 201,829 | | | | | | 173,659 | | | | | | 179,046 | | | | | | 153,718 | | |
Other fee-based services revenue
|
| | | | 103,448 | | | | | | 97,539 | | | | | | 83,442 | | | | | | 78,421 | | |
Interest income
|
| | | | 89,510 | | | | | | 84,331 | | | | | | 65,673 | | | | | | 66,931 | | |
Other income, net
|
| | | | 1,724 | | | | | | 2,883 | | | | | | — | | | | | | 597 | | |
Total revenues
|
| | | $ | 662,653 | | | | | $ | 617,648 | | | | | $ | 501,000 | | | | | $ | 496,321 | | |
Net income attributable to shareholder
|
| | | $ | 74,951 | | | | | $ | 70,304 | | | | | $ | 59,057 | | | | | $ | 49,383 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic diluted earnings attributable to
shareholder |
| | | $ | 749,510.00 | | | | | $ | 703,040.00 | | | | | $ | 590,570.00 | | | | | $ | 493,830.00 | | |
|
| | |
As of December 31,
|
| |
As of September 30,
|
| | ||||||||||||||||||||
| | |
2016
|
| |
2015
|
| |
2017
|
| |
2016
|
| | ||||||||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Notes receivable, net
|
| | | $ | 430,480 | | | | | $ | 415,598 | | | | | $ | 429,356 | | | | | $ | 424,533 | | | | | |
Inventory
|
| | | | 238,534 | | | | | | 220,211 | | | | | | 269,241 | | | | | | 227,688 | | | | ||
Total assets
|
| | | | 1,128,632 | | | | | | 1,083,151 | | | | | | 1,172,343 | | | | | | 1,114,426 | | | | ||
Total debt obligations - non recourse
|
| | | | 327,358 | | | | | | 314,024 | | | | | | 347,308 | | | | | | 341,291 | | | | ||
Total debt obligations - recourse
|
| | | | 255,057 | | | | | | 256,752 | | | | | | 237,722 | | | | | | 215,631 | | | | ||
Total shareholder’s equity
|
| | | | 249,436 | | | | | | 244,485 | | | | | | 268,493 | | | | | | 248,868 | | | |
| | |
As of December 31,
|
| |
As of September 30,
|
| ||||||||||||||||||
| | |
2016
|
| |
2015
|
| |
2017
|
| |
2016
|
| ||||||||||||
Other Financial Data: | | | | | | ||||||||||||||||||||
System-wide sales of VOIs, net
|
| | | $ | 605,392 | | | | | $ | 552,723 | | | | | $ | 462,670 | | | | | $ | 459,391 | | |
Total Adjusted EBITDA
|
| | | $ | 137,880 | | | | | $ | 132,228 | | | | | $ | 113,003 | | | | | $ | 102,113 | | |
Adjusted EBITDA - sales of VOIs and financing
|
| | | $ | 169,068 | | | | | $ | 165,714 | | | | | $ | 135,656 | | | | | $ | 124,484 | | |
Adjusted EBITDA - resort operations
and club management |
| | | $ | 38,517 | | | | | $ | 35,628 | | | | | $ | 29,041 | | | | | $ | 29,139 | | |
Number of Bluegreen Vacation Club
/ Vacation Club Associate resorts at period end |
| | | | 65 | | | | | | 65 | | | | | | 67 | | | | | | 65 | | |
Total number of sale transactions
|
| | | | 45,340 | | | | | | 43,576 | | | | | | 30,638 | | | | | | 35,422 | | |
Average sales volume per guest
|
| | | $ | 2,263 | | | | | $ | 2,381 | | | | | $ | 2,442 | | | | | $ | 2,241 | | |
| | |
For the Nine Months Ended September 30,
|
| |||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| ||||||
Adjusted EBITDA - sales of VOIs and financing
|
| | | $ | 135,656 | | | | | $ | 124,484 | | |
Adjusted EBITDA - resort operations and club management
|
| | | | 29,041 | | | | | | 29,139 | | |
Total Segment Adjusted EBITDA
|
| | | | 164,697 | | | | | | 153,623 | | |
Less: Corporate and other
|
| | | | (51,694) | | | | | | (51,510) | | |
Total Adjusted EBITDA
|
| | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | |
For the Nine Months Ended September 30,
|
| |||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| ||||||
Net income attributable to shareholder
|
| | | $ | 59,057 | | | | | $ | 49,383 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | 9,398 | | | | | | 6,577 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | (9,163) | | | | | | (6,516) | | |
Loss (gain) on assets held for sale
|
| | | | 44 | | | | | | (37) | | |
Add: one-time special bonus
|
| | | | — | | | | | | 10,000 | | |
Add: depreciation
|
| | | | 7,089 | | | | | | 7,132 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (5,487) | | | | | | (6,106) | | |
Add: interest expense - corporate and other
|
| | | | 10,415 | | | | | | 10,250 | | |
Add: franchise taxes
|
| | | | 127 | | | | | | 88 | | |
Add: provision for income taxes
|
| | | | 37,844 | | | | | | 31,342 | | |
Restructuring cost
|
| | | | 3,679 | | | | | | — | | |
Total Adjusted EBITDA
|
| | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
(dollars in thousands)
|
| |
2016
|
| |
2015
|
| ||||||
Adjusted EBITDA - sales of VOIs and financing
|
| | | $ | 169,068 | | | | | $ | 165,714 | | |
Adjusted EBITDA - resort operations and club management
|
| | | | 38,517 | | | | | | 35,628 | | |
Total Segment Adjusted EBITDA
|
| | | | 207,585 | | | | | | 201,342 | | |
Less: Corporate and other
|
| | | | (69,705) | | | | | | (69,114) | | |
Total Adjusted EBITDA
|
| | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
(dollars in thousands)
|
| |
2016
|
| |
2015
|
| ||||||
Net income attributable to shareholder
|
| | | $ | 74,951 | | | | | $ | 70,304 | | |
Net income attributable to the non-controlling interest in Bluegreen/
Big Cedar Vacations |
| | | | 9,825 | | | | | | 11,705 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | (9,705) | | | | | | (11,197) | | |
Loss (gain) on assets held for sale
|
| | | | (1,423) | | | | | | 56 | | |
Add: one-time special bonus
|
| | | | 10,000 | | | | | | — | | |
Add: depreciation
|
| | | | 9,536 | | | | | | 9,181 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (8,167) | | | | | | (5,652) | | |
Add: interest expense - corporate and other
|
| | | | 12,505 | | | | | | 15,390 | | |
Add: franchise taxes
|
| | | | 186 | | | | | | 130 | | |
Add: provision for income taxes
|
| | | | 40,172 | | | | | | 42,311 | | |
Total Adjusted EBITDA
|
| | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | |
For the Nine Months Ended September 30,
|
| |||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| ||||||
Gross sales of VOIs
|
| | | $ | 204,914 | | | | | $ | 233,628 | | |
Add: fee-based sales
|
| | | | 257,756 | | | | | | 225,763 | | |
System-wide sales of VOIs, net
|
| | | $ | 462,670 | | | | | $ | 459,391 | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
(dollars in thousands)
|
| |
2016
|
| |
2015
|
| ||||||
Gross sales of VOIs
|
| | | $ | 310,570 | | | | | $ | 301,324 | | |
Add: fee-based sales
|
| | | | 294,822 | | | | | | 251,399 | | |
System-wide sales of VOIs, net
|
| | | $ | 605,392 | | | | | $ | 552,723 | | |
|
| | |
For the Nine Months Ended September 30,
|
| |||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| ||||||
Adjusted EBITDA – sales of VOIs and financing
|
| | | $ | 135,656 | | | | | $ | 124,484 | | |
Adjusted EBITDA – resort operations and club management
|
| | | | 29,041 | | | | | | 29,139 | | |
Total Segment Adjusted EBITDA
|
| | | | 164,697 | | | | | | 153,623 | | |
Less: corporate and other
|
| | | | (51,694) | | | | | | (51,510) | | |
Total Adjusted EBITDA
|
| | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | |
For the Nine Months Ended September 30,
|
| |||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| ||||||
Net income attributable to shareholder
|
| | | $ | 59,057 | | | | | $ | 49,383 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | 9,398 | | | | | | 6,577 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | (9,163) | | | | | | (6,516) | | |
Loss (gain) on assets held for sale
|
| | | | 44 | | | | | | (37) | | |
Add: one-time special bonus
|
| | | | — | | | | | | 10,000 | | |
Add: depreciation
|
| | | | 7,089 | | | | | | 7,132 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (5,487) | | | | | | (6,106) | | |
Add: interest expense – corporate and other
|
| | | | 10,415 | | | | | | 10,250 | | |
Add: franchise taxes
|
| | | | 127 | | | | | | 88 | | |
Add: provision for income taxes
|
| | | | 37,844 | | | | | | 31,342 | | |
Restructuring cost
|
| | | | 3,679 | | | | | | — | | |
Total Adjusted EBITDA
|
| | | $ | 113,003 | | | | | $ | 102,113 | | |
|
| | |
For the Nine Months Ended September 30,
|
| |||||||||||||||||||||
| | |
2017
|
| |
2016
|
| ||||||||||||||||||
| | |
Amount
|
| |
% of System-
wide sales of VOIs, net(5) |
| |
Amount
|
| |
% of System-
wide sales of VOIs, net(5) |
| ||||||||||||
(dollars in thousands)
|
| | | | | ||||||||||||||||||||
Developed sales(1)
|
| | | $ | 211,780 | | | | | | 46% | | | | | $ | 316,701 | | | | | | 69% | | |
Secondary Market sales
|
| | | | 117,711 | | | | | | 25 | | | | | | 106,410 | | | | | | 23 | | |
Fee-Based sales
|
| | | | 257,756 | | | | | | 56 | | | | | | 225,763 | | | | | | 49 | | |
JIT sales
|
| | | | 37,374 | | | | | | 8 | | | | | | 36,775 | | | | | | 8 | | |
Less: equity trade allowances(6)
|
| | | | (161,951) | | | | | | (35) | | | | | | (226,258) | | | | | | (49) | | |
System-wide sales of VOIs, net
|
| | | | 462,670 | | | | | | 100% | | | | | | 459,391 | | | | | | 100% | | |
Less: Fee-Based sales
|
| | | | (257,756) | | | | | | (56) | | | | | | (225,763) | | | | | | (49) | | |
Gross sales of VOIs
|
| | | | 204,914 | | | | | | 44 | | | | | | 233,628 | | | | | | 51 | | |
Estimated uncollectible VOI notes receivable(2)
|
| | | | (32,075) | | | | | | (16) | | | | | | (36,974) | | | | | | (16) | | |
Sales of VOIs
|
| | | | 172,839 | | | | | | 37 | | | | | | 196,654 | | | | | | 43 | | |
Cost of VOIs sold(3)
|
| | | | (10,737) | | | | | | (6) | | | | | | (19,410) | | | | | | (10) | | |
Gross profit(3)
|
| | | | 162,102 | | | | | | 94 | | | | | | 177,244 | | | | | | 90 | | |
Fee-Based sales commission revenue(4)
|
| | | | 179,046 | | | | | | 69 | | | | | | 153,718 | | | | | | 68 | | |
Financing revenue, net of financing expense
|
| | | | 46,232 | | | | | | 10 | | | | | | 44,155 | | | | | | 10 | | |
Other fee-based services – title operations, net
|
| | | | 7,249 | | | | | | 2 | | | | | | 6,422 | | | | | | 1 | | |
Net carrying cost of VOI inventory
|
| | | | (3,219) | | | | | | (1) | | | | | | (4,748) | | | | | | (1) | | |
Selling and marketing expenses
|
| | | | (241,184) | | | | | | (52) | | | | | | (238,064) | | | | | | (52) | | |
General and administrative expenses – sales and marketing
|
| | | | (22,257) | | | | | | (5) | | | | | | (19,023) | | | | | | (4) | | |
Operating profit - sales of VOIs and financing
|
| | | | 127,969 | | | | | | 28% | | | | | | 119,704 | | | | | | 26% | | |
Depreciation
|
| | | | 4,600 | | | | | | | | | | | | 4,780 | | | | | | | | |
Restructuring cost
|
| | | | 3,087 | | | | | | | | | | | | — | | | | | | | | |
Adjusted EBITDA - sales of VOIs and financing
|
| | | $ | 135,656 | | | | | | | | | | | $ | 124,484 | | | | | | | | |
|
| | |
For the Nine Months Ended
September 30, |
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
% Change
|
| |||||||||
Number of sales offices at period-end
|
| | |
|
23
|
| | | | | 23 | | | | | | 0 | | |
Number of active sales arrangements with third-party clients at period-end
|
| | |
|
14
|
| | | | | 15 | | | | | | (7) | | |
Total number of VOI sales transactions
|
| | |
|
30,638
|
| | | | | 35,422 | | | | | | (14) | | |
Average sales price per transaction
|
| | |
$
|
15,440
|
| | | | $ | 13,415 | | | | | | 15 | | |
Number of total guest tours
|
| | |
|
193,687
|
| | | | | 212,090 | | | | | | (9) | | |
Sale-to-tour conversion ratio – total marketing guests
|
| | |
|
15.8%
|
| | | | | 16.7% | | | | | | (5) | | |
Number of new guest tours
|
| | |
|
125,673
|
| | | | | 148,109 | | | | | | (15) | | |
Sale-to-tour conversion ratio – new marketing guests
|
| | |
|
13.1%
|
| | | | | 13.6% | | | | | | (4) | | |
Percentage of sales to existing owners
|
| | |
|
48.8%
|
| | | | | 45.6% | | | | | | 7 | | |
Average sales volume per guest
|
| | |
$
|
2,442
|
| | | | $ | 2,241 | | | | | | 9 | | |
| | |
Twelve Months Ended
September 30, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Average annual default rates
|
| | | | 8.1% | | | | | | 7.3% | | |
| | |
As of September 30,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Delinquency rates
|
| | | | 3.1% | | | | | | 2.9% | | |
| | |
For the Nine Months Ended September 30,
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
2017
|
| | | | | | | |
2016
|
| | | | | | | ||||||
Resort operations and club management revenue
|
| | | $ | 72,515 | | | | | | | | | | | $ | 68,003 | | | | | | | | |
Resort operations and club management expense
|
| | | | (44,653) | | | | | | | | | | | | (39,900) | | | | | | | | |
Operating profit – resort operations and club management
|
| | | | 27,862 | | | | | | 38% | | | | | | 28,103 | | | | | | 41% | | |
Depreciation | | | | | 1,179 | | | | | | | | | | | | 1,036 | | | | | | | | |
Adjusted EBITDA – resort operations and club management
|
| | | $ | 29,041 | | | | | | | | | | | $ | 29,139 | | | | | | | | |
|
| | |
For the Nine Months Ended September 30,
|
| |||||||||
(dollars in thousands)
|
| |
2017
|
| |
2016
|
| ||||||
General and administrative expenses – corporate and other
|
| | | $ | (44,741) | | | | | $ | (57,287) | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | (9,163) | | | | | | (6,516) | | |
Other income, net
|
| | | | (120) | | | | | | 597 | | |
Add: one-time special bonus
|
| | | | — | | | | | | 10,000 | | |
Add: financing revenue – corporate and other
|
| | | | 5,744 | | | | | | 6,435 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (5,487) | | | | | | (6,106) | | |
Franchise taxes
|
| | | | 127 | | | | | | 88 | | |
Loss (gain) on assets held for sale
|
| | | | 44 | | | | | | (37) | | |
Depreciation
|
| | | | 1,310 | | | | | | 1,316 | | |
Restructuring cost
|
| | | | 592 | | | | | | — | | |
Corporate and other
|
| | | $ | (51,694) | | | | | $ | (51,510) | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
(dollars in thousands)
|
| |
2016
|
| |
2015
|
| ||||||
Adjusted EBITDA - sales of VOIs and financing
|
| | | $ | 169,068 | | | | | $ | 165,714 | | |
Adjusted EBITDA - resort operations and club management
|
| | | | 38,517 | | | | | | 35,628 | | |
Total Segment Adjusted EBITDA
|
| | | | 207,585 | | | | | | 201,342 | | |
Less: Corporate and other
|
| | | | (69,705) | | | | | | (69,114) | | |
Total Adjusted EBITDA
|
| | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
(dollars in thousands)
|
| |
2016
|
| |
2015
|
| ||||||
Net income attributable to shareholder
|
| | | $ | 74,951 | | | | | $ | 70,304 | | |
Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | 9,825 | | | | | | 11,705 | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | (9,705) | | | | | | (11,197) | | |
Loss (gain) on assets held for sale
|
| | | | (1,423) | | | | | | 56 | | |
Add: one-time special bonus
|
| | | | 10,000 | | | | | | — | | |
Add: depreciation
|
| | | | 9,536 | | | | | | 9,181 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (8,167) | | | | | | (5,652) | | |
Add: interest expense - corporate and other
|
| | | | 12,505 | | | | | | 15,390 | | |
Add: franchise taxes
|
| | | | 186 | | | | | | 130 | | |
Add: provision for income taxes
|
| | | | 40,172 | | | | | | 42,311 | | |
Total Adjusted EBITDA
|
| | | $ | 137,880 | | | | | $ | 132,228 | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||||||||
| | |
Amount
|
| |
% of System-
wide sales of VOIs, net(5) |
| |
Amount
|
| |
% of System-
wide sales of VOIs, net(5) |
| ||||||||||||
(dollars in thousands)
|
| | | | | ||||||||||||||||||||
Developed sales (1)
|
| | | $ | 394,745 | | | | | | 65% | | | | | $ | 424,304 | | | | | | 77% | | |
Secondary Market sales
|
| | | | 164,991 | | | | | | 27 | | | | | | 138,487 | | | | | | 25 | | |
Fee-Based sales
|
| | | | 294,822 | | | | | | 49 | | | | | | 251,399 | | | | | | 45 | | |
JIT sales
|
| | | | 39,626 | | | | | | 7 | | | | | | 27,593 | | | | | | 5 | | |
Less: equity trade allowances (6)
|
| | | | (288,792) | | | | | | (48) | | | | | | (289,060) | | | | | | (52) | | |
System-wide sales of VOIs, net
|
| | | | 605,392 | | | | | | 100% | | | | | | 552,723 | | | | | | 100% | | |
Less: Fee-Based sales
|
| | | | (294,822) | | | | | | (49) | | | | | | (251,399) | | | | | | (45) | | |
Gross sales of VOIs
|
| | | | 310,570 | | | | | | 51 | | | | | | 301,324 | | | | | | 55 | | |
Estimated uncollectible VOI notes receivable (2)
|
| | | | (44,428) | | | | | | (14) | | | | | | (42,088) | | | | | | (14) | | |
Sales of VOIs
|
| | | | 266,142 | | | | | | 44 | | | | | | 259,236 | | | | | | 47 | | |
Cost of VOIs sold (3)
|
| | | | (27,346) | | | | | | (10) | | | | | | (22,884) | | | | | | (9) | | |
Gross profit (3)
|
| | | | 238,796 | | | | | | 90 | | | | | | 236,352 | | | | | | 91 | | |
Fee-Based sales commission revenue (4)
|
| | | | 201,829 | | | | | | 68 | | | | | | 173,659 | | | | | | 69 | | |
Financing revenue, net of financing expense
|
| | | | 60,290 | | | | | | 10 | | | | | | 55,131 | | | | | | 10 | | |
Other fee-based services - title operations, net
|
| | | | 8,722 | | | | | | 1 | | | | | | 9,387 | | | | | | 2 | | |
Net carrying cost of VOI inventory
|
| | | | (6,847) | | | | | | (1) | | | | | | (7,046) | | | | | | (1) | | |
Selling and marketing expenses
|
| | | | (314,039) | | | | | | (52) | | | | | | (284,351) | | | | | | (51) | | |
General and administrative expenses - sales and marketing
|
| | | | (26,024) | | | | | | (4) | | | | | | (23,403) | | | | | | (4) | | |
Operating profit - sales of VOIs and financing
|
| | | | 162,727 | | | | | | 27% | | | | | | 159,729 | | | | | | 29% | | |
Depreciation
|
| | | | 6,341 | | | | | | | | | | | | 5,985 | | | | | | | | |
Adjusted EBITDA - sales of VOIs and financing
|
| | | $ | 169,068 | | | | | | | | | | | $ | 165,714 | | | | | | | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2016
|
| |
2015
|
| |
% Change
|
| |||||||||
Number of sales offices at period-end
|
| | | | 23 | | | | | | 23 | | | | | | 0 | | |
Number of active sales arrangements with third-party clients at period-end
|
| | | | 18 | | | | | | 15 | | | | | | 20 | | |
Total number of VOI sales transactions
|
| | | | 45,340 | | | | | | 43,576 | | | | | | 4 | | |
Average sales price per transaction
|
| | | $ | 13,727 | | | | | $ | 12,962 | | | | | | 6 | | |
Number of total guest tours
|
| | | | 274,987 | | | | | | 237,208 | | | | | | 16 | | |
Sale-to-tour conversion ratio– total marketing guests
|
| | | | 16.5% | | | | | | 18.4% | | | | | | (10) | | |
Number of new guest tours
|
| | | | 190,235 | | | | | | 156,554 | | | | | | 22 | | |
Sale-to-tour conversion ratio– new marketing guests
|
| | | | 13.5% | | | | | | 14.9% | | | | | | (9) | | |
Percentage of sales to existing owners
|
| | | | 46.0% | | | | | | 48.2% | | | | | | (5) | | |
Average sales volume per guest
|
| | | $ | 2,263 | | | | | $ | 2,381 | | | | | | (5) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Average annual default rates
|
| | | | 7.5% | | | | | | 6.9% | | |
| | |
As of December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Delinquency rates
|
| | | | 3.3% | | | | | | 3.3% | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
2016
|
| | | | | | | |
2015
|
| | | | | | | ||||||
Resort operations and club management revenue
|
| | | $ | 89,610 | | | | | | | | | | | $ | 83,256 | | | | | | | | |
Resort operations and club management expense
|
| | | | (52,516) | | | | | | | | | | | | (49,000) | | | | | | | | |
Operating profit - resort operations and club management
|
| | | | 37,094 | | | | | | 41% | | | | | | 34,256 | | | | | | 41% | | |
Depreciation
|
| | | | 1,423 | | | | | | | | | | | | 1,372 | | | | | | | | |
Adjusted EBITDA - resort operations and club
management |
| | | $ | 38,517 | | | | | | | | | | | $ | 35,628 | | | | | | | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
(dollars in thousands)
|
| |
2016
|
| |
2015
|
| ||||||
General and administrative expenses - corporate and other
|
| | | $ | (72,652) | | | | | $ | (63,166) | | |
Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations
|
| | | | (9,705) | | | | | | (11,197) | | |
Other income, net
|
| | | | 1,724 | | | | | | 2,883 | | |
Add: one-time special bonus
|
| | | | 10,000 | | | | | | — | | |
Add: financing revenue -corporate and other
|
| | | | 8,560 | | | | | | 6,008 | | |
Less: interest income (other than interest earned on VOI notes receivable)
|
| | | | (8,167) | | | | | | (5,652) | | |
Franchise taxes
|
| | | | 186 | | | | | | 130 | | |
Loss (gain) on assets held for sale
|
| | | | (1,423) | | | | | | 56 | | |
Depreciation
|
| | | | 1,772 | | | | | | 1,824 | | |
Corporate and other
|
| | | $ | (69,705) | | | | | $ | (69,114) | | |
|
| | |
For the Nine Months Ended
September 30, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Net cash provided by operating activities
|
| | | $ | 33,666 | | | | | $ | 85,603 | | |
Net cash used in investing activities
|
| | | | (9,380) | | | | | | (7,012) | | |
Net cash used in financing activities
|
| | | | (44,406) | | | | | | (69,592) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | (20,120) | | | | | $ | 8,999 | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Net cash provided by operating activities
|
| | | $ | 112,476 | | | | | $ | 81,293 | | |
Net cash used in investing activities
|
| | | | (7,352) | | | | | | (88,925) | | |
Net cash used in financing activities
|
| | | | (76,526) | | | | | | (62,013) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 28,598 | | | | | $ | (69,645) | | |
|
| | |
Borrowing
Limit as of September 30, 2017 |
| |
Outstanding
Balance as of September 30, 2017 |
| |
Availability as of
September 30, 2017 |
| |
Advance Period
Expiration; Borrowing Maturity as of September 30, 2017 |
| |
Borrowing Rate;
Rate as of September 30, 2017 |
| |||||||||
Liberty Bank Facility
|
| | | $ | 50,000 | | | | | $ | 15,767 | | | | | $ | 34,233 | | | | January 2018; November 2020 |
| |
Prime Rate+0.50%;
floor of 4.00%; 4.75% |
|
NBA Receivables Facility
|
| | | | 50,000(2) | | | | | | 39,960(2) | | | | | | 10,040(2) | | | | September 2020; March 2025 |
| |
30-day LIBOR+2.75%
to 3.25%; floor of 3.50% to 4.00%; 3.99% and 4.48%(1) |
|
Pacific Western Bank Facility
|
| | | | 40,000 | | | | | | 17,688(3) | | | | | | 22,312(3) | | | | September 2018; September 2021 |
| |
30-day LIBOR+3.50%
to 4.50%; 5.50% |
|
KeyBank/DZ Purchase Facility
|
| | | | 80,000 | | | | | | 5,656 | | | | | | 74,344 | | | | December 2019; December 2022 |
| |
30-day LIBOR+2.75%;
3.98%(4) |
|
Quorum Purchase Facility
|
| | | | 50,000 | | | | | | 18,285 | | | | | | 31,715 | | | | June 2018; December 2030 |
| |
(5)
|
|
| | | | $ | 270,000 | | | | | $ | 97,356 | | | | | $ | 172,644 | | | | | | | | |
|
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||||||||
| | |
Less than
1 year |
| |
1 — 3
Years |
| |
4 — 5
Years |
| |
After 5
Years |
| |
Unamortized
Debt Issuance Costs |
| |
Total
|
| ||||||||||||||||||
Contractual Obligations | | | | | | | | ||||||||||||||||||||||||||||||
Receivable-backed notes payable
|
| | | $ | — | | | | | $ | 5,125 | | | | | $ | 105,049 | | | | | | 310,005 | | | | | $ | (5,190) | | | | | $ | 414,989 | | |
Lines-of-credit and notes payable
|
| | | | 7,496 | | | | | | 47,849 | | | | | | 45,214 | | | | | | — | | | | | | (2,177) | | | | | | 98,382 | | |
Jr. subordinated debentures (1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 110,827 | | | | | | — | | | | | | 110,827 | | |
Inventory purchase commitment
|
| | | | 8,873 | | | | | | 4,591 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,464 | | |
Noncancelable operating leases
|
| | | | 9,171 | | | | | | 9,142 | | | | | | 6,542 | | | | | | 17,338 | | | | | | — | | | | | | 42,193 | | |
Total contractual obligations
|
| | | | 25,540 | | | | | | 66,707 | | | | | | 156,805 | | | | | | 438,170 | | | | | | (7,367) | | | | | | 679,855 | | |
Interest Obligations (2) | | | | | | | | ||||||||||||||||||||||||||||||
Receivable-backed notes payable
|
| | | | 15,247 | | | | | | 30,399 | | | | | | 26,465 | | | | | | 84,529 | | | | | | — | | | | | | 156,640 | | |
Lines-of-credit and notes payable
|
| | | | 4,440 | | | | | | 6,129 | | | | | | 2,595 | | | | | | — | | | | | | — | | | | | | 13,164 | | |
Jr. subordinated debentures
|
| | | | 6,422 | | | | | | 12,845 | | | | | | 12,845 | | | | | | 90,700 | | | | | | — | | | | | | 122,812 | | |
Total contractual interest
|
| | | | 26,109 | | | | | | 49,373 | | | | | | 41,905 | | | | | | 175,229 | | | | | | — | | | | | | 292,616 | | |
Total contractual obligations
|
| | | $ | 51,649 | | | | | $ | 116,080 | | | | | $ | 198,710 | | | | | $ | 613,399 | | | | | $ | (7,367) | | | | | $ | 972,471 | | |
|
Activity
|
| |
Revenue is recognized when:
|
|
Fee-based sales commissions | | |
The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired.
|
|
Resort management and service fees | | | Management services are rendered(1). | |
Resort title fees | | |
Escrow amounts are released and title documents are completed.
|
|
Rental and sampler program | | |
Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “Cost of other fee-based services” in our Consolidated Statements of Income and Comprehensive Income.
|
|
| | |
As of
December 31, 2015 Prior to Reclassifcation |
| |
Reclassifications
|
| |
As adjusted
December 31, 2015 |
| |||||||||
Other assets
|
| | | $ | 58,777 | | | | | $ | (6,880) | | | | | $ | 51,897 | | |
Receivable-backed notes payable - non-recourse (in VIEs)
|
| | | | 318,929 | | | | | | (4,905) | | | | | | 314,024 | | |
Lines-of-credit and notes payable
|
| | | | 101,584 | | | | | | (1,975) | | | | | | 99,609 | | |
| | |
Club Resorts
|
| |
Location
|
| |
Total
Units(1) |
| |
Managed
by Us(2) |
| |
Fee-Based or
JIT sales(3) |
| |
Sales
center(7) |
|
1 | | | Cibola Vista Resort and Spa | | | Peoria, Arizona | | |
288
|
| |
✓
|
| |
✓
|
| |
✓
|
|
2 | | | La Cabana Beach Resort & Casino(4) | | | Oranjestad, Aruba | | |
449
|
| |
✓
|
| | | ||||
3 | | | The Club at Big Bear Village | | | Big Bear Lake, California | | |
38
|
| |
✓
|
| |
✓
|
| | ||
4 | | | The Innsbruck Aspen | | | Aspen, Colorado | | |
17
|
| |
✓
|
| |
✓
|
| | ||
5 | | | Via Roma Beach Resort | | | Bradenton Beach, Florida | | |
28
|
| |
✓
|
| | | ||||
6 | | | Daytona SeaBreeze | | | Daytona Beach Shores, Florida | | |
78
|
| |
✓
|
| | | | |
✓
|
|
7 | | | Resort Sixty-Six | | | Holmes Beach, Florida | | |
28
|
| |
✓
|
| | | ||||
8 | | | The Hammocks at Marathon | | | Marathon, Florida | | |
58
|
| |
✓
|
| | | | |
✓
|
|
9 | | | The Fountains | | | Orlando, Florida | | |
745
|
| |
✓
|
| |
✓
|
| |
✓
|
|
10 | | |
Orlando’s Sunshine Resort I & II
|
| | Orlando, Florida | | |
84
|
| |
✓
|
| | | ||||
11 | | | Casa del Mar Beach Resort | | | Ormond Beach, Florida | | |
118
|
| |
✓
|
| | | ||||
12 | | | Grande Villas at World Golf Village & The Resort at World Golf Village | | | St. Augustine, Florida | | |
214
|
| |
✓
|
| | | | |
✓
|
|
13 | | | Bluegreen at Tradewinds | | | St. Pete Beach, Florida | | |
162
|
| |
✓
|
| |
✓
|
| |
✓
|
|
14 | | | Solara Surfside | | | Surfside, Florida | | |
60
|
| |
✓
|
| | | | |
✓
|
|
15 | | | Studio Homes at Ellis Square | | | Savannah, Georgia | | |
28
|
| |
✓
|
| |
✓
|
| |
✓
|
|
16 | | | The Hotel Blake | | | Chicago, Illinois | | |
162
|
| |
✓
|
| |
✓
|
| | ||
17 | | | Bluegreen Club La Pension | | | New Orleans, Louisiana | | |
64
|
| |
✓
|
| | | | |
✓
|
|
18 | | | The Soundings Seaside Resort | | | Dennis Port, Massachusetts | | |
69
|
| |
✓
|
| |
✓
|
| | ||
19 | | | Mountain Run at Boyne | | | Boyne Falls, Michigan | | |
204
|
| |
✓
|
| |
✓
|
| |
✓
|
|
20 | | | The Falls Village | | | Branson, Missouri | | |
293
|
| |
✓
|
| | | | |
✓
|
|
| | |
Club Resorts
|
| |
Location
|
| |
Total
Units(1) |
| |
Managed
by Us(2) |
| |
Fee-Based or
JIT sales(3) |
| |
Sales
center(7) |
|
21 | | | Paradise Point Resort(5) | | | Hollister, Missouri | | |
150
|
| |
✓
|
| | | ||||
22 | | | Bluegreen Wilderness Club at Big Cedar(5) | | | Ridgedale, Missouri | | |
427
|
| |
✓
|
| |
✓
|
| | ||
23 | | | The Cliffs at Long Creek(5) | | | Ridgedale, Missouri | | |
62
|
| |
✓
|
| | | ||||
24 | | | Bluegreen Club 36 | | | Las Vegas, Nevada | | |
478
|
| |
✓
|
| | | | |
✓
|
|
25 | | | South Mountain Resort | | | Lincoln, New Hampshire | | |
110
|
| |
✓
|
| |
✓
|
| |
✓
|
|
26 | | | Blue Ridge Village | | | Banner Elk, North Carolina | | |
132
|
| |
✓
|
| | | ||||
27 | | | Club Lodges at Trillium | | | Cashiers, North Carolina | | |
30
|
| |
✓
|
| |
✓
|
| | ||
28 | | | The Suites at Hershey | | | Hershey, Pennsylvania | | |
78
|
| |
✓
|
| | | ||||
29 | | | The Lodge Alley Inn | | | Charleston, South Carolina | | |
90
|
| |
✓
|
| | | | |
✓
|
|
30 | | | King 583 | | | Charleston, South Carolina | | |
50
|
| |
✓
|
| |
✓
|
| | ||
31 | | | Carolina Grande | | | Myrtle Beach, South Carolina | | |
118
|
| |
✓
|
| | | | |
✓
|
|
32 | | | Harbour Lights | | | Myrtle Beach, South Carolina | | |
324
|
| |
✓
|
| | | ||||
33 | | | Horizon at 77th | | | Myrtle Beach, South Carolina | | |
88
|
| |
✓
|
| |
✓
|
| | ||
34 | | | SeaGlass Tower | | | Myrtle Beach, South Carolina | | |
136
|
| |
✓
|
| | | ||||
35 | | |
Shore Crest Vacation Villas I & II
|
| |
North Myrtle Beach, South Carolina
|
| |
240
|
| |
✓
|
| | | | |
✓
|
|
36 | | | MountainLoft I & II | | | Gatlinburg, Tennessee | | |
394
|
| |
✓
|
| | | | |
✓
|
|
37 | | | Laurel Crest | | | Pigeon Forge, Tennessee | | |
298
|
| |
✓
|
| | | ||||
38 | | | Shenandoah Crossing | | | Gordonsville, Virginia | | |
128
|
| |
✓
|
| | | | |
✓
|
|
39 | | | Bluegreen Wilderness Traveler at Shenandoah | | | Gordonsville, Virginia | | |
145
|
| |
✓
|
| | | ||||
40 | | | BG Patrick Henry Square | | | Williamsburg, Virginia | | |
91
|
| |
✓
|
| |
✓
|
| |
✓
|
|
41 | | | Parkside Williamsburg Resort | | | Williamsburg, Virginia | | |
89
|
| |
✓
|
| |
✓
|
| | ||
42 | | | Bluegreen Odyssey Dells | | | Wisconsin Dells, Wisconsin | | |
92
|
| |
✓
|
| | | ||||
43 | | | Christmas Mountain Village | | | Wisconsin Dells, Wisconsin | | |
381
|
| |
✓
|
| | | | |
✓
|
|
| | | | | | Total Units | | |
7,318
|
| | | |
| | |
Club Associate Resorts
|
| |
Location
|
| |
Managed
by Us(2) |
| |
Fee-Based or
JIT sales(3) |
|
1 | | | Paradise Isle Resort | | | Gulf Shores, Alabama | | | | ||||
2 | | | Shoreline Towers Resort | | | Gulf Shores, Alabama | | | | ||||
3 | | | Dolphin Beach Club | | | Daytona Beach Shores, Florida | | |
✓
|
| | ||
4 | | | Fantasy Island Resort II | | | Daytona Beach Shores, Florida | | |
✓
|
| | ||
5 | | |
Mariner’s Boathouse and Beach Resort
|
| | Fort Myers Beach, Florida | | | | ||||
6 | | | Tropical Sands Resort | | | Fort Myers Beach, Florida | | | | ||||
7 | | | Windward Passage Resort | | | Fort Myers Beach, Florida | | | | ||||
8 | | | Gulfstream Manor | | | Gulfstream, Florida | | |
✓
|
| | ||
9 | | | Outrigger Beach Club | | | Ormond Beach, Florida | | | | ||||
10 | | | Landmark Holiday Beach Resort | | | Panama City Beach, Florida | | | | ||||
11 | | | Ocean Towers Beach Club | | | Panama City Beach, Florida | | | | ||||
12 | | | Panama City Resort & Club | | | Panama City Beach, Florida | | | | ||||
13 | | | Surfrider Beach Club | | | Sanibel Island, Florida | | | | ||||
14 | | | Petit Crest Villas and Golf Club Villas at Big Canoe |
| | Marble Hill, Georgia | | | | ||||
15 | | | Pono Kai Resort | | | Kapaa (Kauai), Hawaii | | | | ||||
16 | | | The Breakers Resort | | | Dennis Port, Massachusetts | | |
✓
|
| |
✓
|
|
17 | | | Lake Condominiums at Big Sky | | | Big Sky, Montana | | | | ||||
18 | | | Foxrun Townhouses | | | Lake Lure, North Carolina | | | | ||||
19 | | | Sandcastle Village II | | | New Bern, North Carolina | | | | ||||
20 | | | Waterwood Townhouses | | | New Bern, North Carolina | | | | ||||
21 | | | Bluegreen at Atlantic Palace | | | Atlantic City, New Jersey | | | | ||||
22 | | | The Manhattan Club | | | New York, New York | | | | | |
✓
|
|
23 | | | Players Club | | |
Hilton Head Island, South Carolina
|
| | | ||||
24 | | | Blue Water Resort at Cable Beach(6) | | | Nassau, Bahamas | | |
✓
|
| |
✓
|
|
Inventory Source
|
| |
As of
December 31, 2015 |
| |
As of
December 31, 2016 |
| |
As of
September 30, 2017 |
| |||||||||
Owned completed VOI inventory
|
| | | $ | 580,767 | | | | | $ | 548,076 | | | | | $ | 764,309 | | |
Inventory accessible through fee-based and JIT arrangements
|
| | | | 402,116 | | | | | | 503,820 | | | | | | 478,397 | | |
Total
|
| | | $ | 982,883 | | | | | $ | 1,051,896 | | | | | $ | 1,242,706 | | |
|
| | |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2016 |
| |
Nine Months
Ended September 30, 2017 |
| |||||||||
Estimated retail sales value
|
| | | $ | 183,489 | | | | | $ | 169,848 | | | | | $ | 201,825 | | |
Cash purchase price
|
| | | $ | 6,669 | | | | | $ | 7,555 | | | | | $ | 10,721 | | |
FICO Score
|
| |
Pecentage of originated and
serviced VOI notes receivable (1) |
| |||
<600
|
| | | | 5.2% | | |
600-699
|
| | | | 42.9% | | |
700+
|
| | | | 51.9% | | |
Name
|
| |
Age
|
| |
Principal Position
|
|
Shawn B. Pearson | | |
40
|
| | President and Chief Executive Officer; Director | |
Anthony M. Puleo | | |
49
|
| | Executive Vice President, Chief Financial Officer and Treasurer; President, Bluegreen Treasury Services | |
David L. Pontius | | |
62
|
| | Executive Vice President and Chief Operating Officer; President, Bluegreen Services | |
Famous P. Rhodes | | |
42
|
| | Executive Vice President and Chief Marketing Officer | |
Ahmad M. Wardak | | |
45
|
| | Executive Vice President, Corporate Development and Innovation | |
Chanse W. Rivera | | |
47
|
| | Executive Vice President and Chief Information Officer | |
Susan J. Saturday | | |
57
|
| | Executive Vice President and Chief Human Resources Officer | |
Alan B. Levan | | |
73
|
| | Chairman of the Board of Directors | |
John E. Abdo | | |
74
|
| | Vice Chairman of the Board of Directors | |
James R. Allmand, III | | |
69
|
| | Director | |
Norman H. Becker | | |
79
|
| | Director | |
Lawrence A. Cirillo | | |
78
|
| | Director | |
Jarett S. Levan | | |
43
|
| | Director | |
Mark A. Nerenhausen | | |
63
|
| | Director | |
Arnold Sevell | | |
69
|
| | Director | |
Orlando Sharpe | | |
58
|
| | Director | |
Seth M. Wise | | |
47
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(4) |
| |
Non-Equity
Incentive Plan Compensation ($)(5) |
| |
All
Other Compensation ($) |
| |
Total
($) |
| ||||||||||||||||||
Anthony M. Puleo(1)
Executive Vice President, Chief Financial Officer and Treasurer; President, Bluegreen Treasury Services |
| | | | 2016 | | | | | | 475,000 | | | | | | 2,513,914 | | | | | | 926,715 | | | | | | 769 | | | | | | 3,916,398 | | |
David A. Bidgood(2)
Former Senior Vice President; Former President, Bluegreen Resorts Field Sales and Marketing |
| | | | 2016 | | | | | | 437,091 | | | | | | 2,905,972 | | | | | | 926,715 | | | | | | 7,614 | | | | | | 4,277,392 | | |
David L. Pontius(3)
Executive Vice President and Chief Operating Officer; President, Bluegreen Services |
| | | | 2016 | | | | | | 530,450 | | | | | | 2,707,303 | | | | | | 926,715 | | | | | | 12,792 | | | | | | 4,177,260 | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |||
James R Allmand III
|
| | | | 73,500 | | |
Norman H. Becker
|
| | | | 85,000 | | |
Lawrence A. Cirillo
|
| | | | 80,000 | | |
Mark A. Nerenhausen
|
| | | | 70,000 | | |
Arnold Sevell
|
| | | | 83,500 | | |
Orlando Sharpe
|
| | | | 80,000 | | |
| | |
Shares
Beneficially Owned Before this Offering |
| |
% of
Outstanding Shares and Total Voting Power Before this Offering |
| |
Number of
Shares Being Offered |
| |
Shares Beneficially
Owned After this Offering(3) |
| |
% of
Outstanding Shares and Total Voting Power After this Offering(3) |
| |||||||||||||||
Named Executive Officers and Directors: | | | | | | | |||||||||||||||||||||||||
Shawn B. Pearson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Anthony M. Puleo
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David L. Pontius
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David A. Bidgood
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alan B. Levan(1)(4)
|
| | | | 70,997,732 | | | | | | 100 | | | | | | — | | | | | | 68,235,807 | | | | | | 91.3 | | |
John E. Abdo(1)(4)
|
| | | | 70,997,732 | | | | | | 100 | | | | | | — | | | | | | 68,235,807 | | | | | | 91.3 | | |
James R. Allmand, III
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Norman H. Becker
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lawrence A. Cirillo
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jarett S. Levan(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mark A. Nerenhausen
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Orlando Sharpe
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Arnold Sevell
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Seth M. Wise(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All executive officers and directors as a group (17 persons)
|
| | | | 70,997,732 | | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | |
5% Shareholders (not included above): | | | | | | | |||||||||||||||||||||||||
Woodbridge Holdings, LLC(1)(4)
|
| | | | 70,997,732 | | | | | | 100 | | | | | | 2,761,925(2) | | | | | | 68,235,807 | | | | | | 91.3 | | |
Underwriters
|
| |
Number of Shares
|
| |||
Stifel, Nicolaus & Company, Incorporated
|
| | | | 2,696,939 | | |
Credit Suisse Securities (USA) LLC
|
| | | | 2,696,939 | | |
Merrill Lynch, Pierce, Fenner & Smith
Incorporated |
| | | | 649,865 | | |
SunTrust Robinson Humphrey, Inc.
|
| | | | 454,905 | | |
Total
|
| | | | 6,498,648 | | |
|
| | |
Total
|
| |||||||||||||||
| | |
Per Share
|
| |
No Exercise
of Option |
| |
Full Exercise of
Option |
| |||||||||
Initial public offering price
|
| | | $ | 14.00 | | | | | $ | 90,981,072 | | | | | $ | 104,628,230 | | |
Underwriting discounts and commissions
|
| | | $ | 0.98 | | | | | $ | 6,368,675 | | | | | $ | 7,323,976 | | |
Proceeds, before expenses, to us
|
| | | $ | 13.02 | | | | | $ | 48,652,133 | | | | | $ | 48,652,133 | | |
Proceeds, before expenses, to the selling shareholder
|
| | | $ | 13.02 | | | | | $ | 35,960,264 | | | | | $ | 48,652,120 | | |
Unaudited Consolidated Financial Statements
|
| |
Page
|
||
| | | | F-2 | |
| | | | F-3 | |
| | | | F-4 | |
| | | | F-5 | |
| | | | F-7 |
Audited Consolidated Financial Statements
|
| |
Page
|
| |||
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-28 | | |
| | |
September 30,
2017 |
| |
December 31,
2016 |
| ||||||
ASSETS | | | | ||||||||||
Cash and cash equivalents
|
| | |
$
|
124,002
|
| | | | $ | 144,122 | | |
Restricted cash ($28,099 and $21,894 in VIEs at September 30, 2017 and December 31, 2016, respectively)
|
| | |
|
61,129
|
| | | | | 46,106 | | |
Notes receivable, net ($304,313 and $287,012 in VIEs at September 30, 2017 and
December 31, 2016, respectively) |
| | |
|
429,356
|
| | | | | 430,480 | | |
Inventory
|
| | |
|
269,241
|
| | | | | 238,534 | | |
Prepaid expenses
|
| | |
|
12,741
|
| | | | | 8,745 | | |
Other assets
|
| | |
|
61,613
|
| | | | | 48,099 | | |
Intangible assets, net
|
| | |
|
61,602
|
| | | | | 61,749 | | |
Loan to related party
|
| | |
|
80,000
|
| | | | | 80,000 | | |
Property and equipment, net
|
| | |
|
72,659
|
| | | | | 70,797 | | |
Total assets
|
| | |
$
|
1,172,343
|
| | | | $ | 1,128,632 | | |
LIABILITIES AND SHAREHOLDER’S EQUITY | | | | ||||||||||
Liabilities | | | | ||||||||||
Accounts payable
|
| | |
$
|
18,199
|
| | | | $ | 21,769 | | |
Accrued liabilities and other
|
| | |
|
93,906
|
| | | | | 70,947 | | |
Deferred income
|
| | |
|
40,498
|
| | | | | 37,015 | | |
Deferred income taxes
|
| | |
|
119,967
|
| | | | | 126,278 | | |
Receivable-backed notes payable – recourse
|
| | |
|
72,028
|
| | | | | 87,631 | | |
Receivable-backed notes payable – non-recourse (in VIEs)
|
| | |
|
347,308
|
| | | | | 327,358 | | |
Lines-of-credit and notes payable
|
| | |
|
95,594
|
| | | | | 98,382 | | |
Junior subordinated debentures
|
| | |
|
70,100
|
| | | | | 69,044 | | |
Total liabilities
|
| | |
|
857,600
|
| | | | | 838,424 | | |
Shareholder’s Equity | | | | ||||||||||
Common stock, $.01 par value, 100 shares authorized; 100 shares issued and outstanding at September 30, 2017 and December 31, 2016
|
| | |
|
—
|
| | | | | — | | |
Additional paid-in capital
|
| | |
|
227,844
|
| | | | | 227,844 | | |
Retained earnings
|
| | |
|
40,649
|
| | | | | 21,592 | | |
Total Bluegreen Corporation shareholder’s equity
|
| | |
|
268,493
|
| | | | | 249,436 | | |
Non-controlling interest
|
| | |
|
46,250
|
| | | | | 40,772 | | |
Total shareholder’s equity
|
| | |
|
314,743
|
| | | | | 290,208 | | |
Total liabilities and shareholder’s equity
|
| | |
$
|
1,172,343
|
| | | | $ | 1,128,632 | | |
|
| | |
For the Nine Months Ended
September 30, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Revenues: | | | | ||||||||||
Gross sales of VOIs
|
| | | $ | 204,914 | | | | | $ | 233,628 | | |
Estimated uncollectible VOI notes receivable
|
| | | | (32,075) | | | | | | (36,974) | | |
Sales of VOIs
|
| | | | 172,839 | | | | | | 196,654 | | |
Fee-based sales commission revenue
|
| | | | 179,046 | | | | | | 153,718 | | |
Other fee-based services revenue
|
| | | | 83,442 | | | | | | 78,421 | | |
Interest income
|
| | | | 65,673 | | | | | | 66,931 | | |
Other income, net
|
| | | | — | | | | | | 597 | | |
Total revenues
|
| | | | 501,000 | | | | | | 496,321 | | |
Costs and expenses: | | | | ||||||||||
Cost of VOIs sold
|
| | | | 10,737 | | | | | | 19,410 | | |
Cost of other fee-based services
|
| | | | 51,550 | | | | | | 48,644 | | |
Selling, general and administrative expenses
|
| | | | 308,515 | | | | | | 316,504 | | |
Interest expense
|
| | | | 23,779 | | | | | | 24,461 | | |
Other expense, net
|
| | | | 120 | | | | | | — | | |
Total costs and expenses
|
| | | | 394,701 | | | | | | 409,019 | | |
Income before non-controlling interest and provision for income taxes
|
| | | | 106,299 | | | | | | 87,302 | | |
Provision for income taxes
|
| | | | 37,844 | | | | | | 31,342 | | |
Net income
|
| | | | 68,455 | | | | | | 55,960 | | |
Less: Net income attributable to non-controlling interest
|
| | | | 9,398 | | | | | | 6,577 | | |
Net income attributable to Bluegreen Corporation Shareholder
|
| | | $ | 59,057 | | | | | $ | 49,383 | | |
Comprehensive income attributable to Bluegreen Corporation Shareholder
|
| | | $ | 59,057 | | | | | $ | 49,383 | | |
Earnings per share: | | | | ||||||||||
Basic and diluted
|
| | | $ | 590,570.00 | | | | | $ | 493,830.00 | | |
|
| | | | | | | | |
Equity Attributable to Bluegreen Shareholder
|
| |
Equity Attributable
to Non-Controlling Interest |
| ||||||||||||
| | |
Total
|
| |
Additional Paid-in-
Capital |
| |
Retained Earnings
|
| |||||||||||||||
Balance at December 31, 2016
|
| | | $ | 290,208 | | | | | $ | 227,844 | | | | | $ | 21,592 | | | | | $ | 40,772 | | |
Net income
|
| | | | 68,455 | | | | | | — | | | | | | 59,057 | | | | | | 9,398 | | |
Dividends
|
| | | | (40,000) | | | | | | — | | | | | | (40,000) | | | | | | — | | |
Member distribution to non-controlling interest holder
|
| | | | (3,920) | | | | | | — | | | | | | — | | | | | | (3,920) | | |
Balance at September 30, 2017
|
| | | $ | 314,743 | | | | | $ | 227,844 | | | | | $ | 40,649 | | | | | $ | 46,250 | | |
|
| | |
For the Nine Months Ended
September 30, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Operating activities: | | | | ||||||||||
Net income
|
| | |
$
|
68,455
|
| | | | $ | 55,960 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | ||||||||||
Depreciation and amortization
|
| | |
|
10,559
|
| | | | | 11,268 | | |
Loss on disposal of property and equipment
|
| | |
|
428
|
| | | | | — | | |
Provision for credit losses
|
| | |
|
32,066
|
| | | | | 36,896 | | |
(Benefit)/Provision for deferred income taxes
|
| | |
|
(6,311)
|
| | | | | 30,928 | | |
Changes in operating assets and liabilities:
|
| | | ||||||||||
Notes receivable
|
| | |
|
(30,942)
|
| | | | | (45,831) | | |
Prepaid expenses and other assets
|
| | |
|
(17,736)
|
| | | | | (5,770) | | |
Restricted cash
|
| | |
|
(15,023)
|
| | | | | (966) | | |
Inventory
|
| | |
|
(30,707)
|
| | | | | (7,477) | | |
Accounts payable, accrued liabilities and other, and deferred income
|
| | |
|
22,877
|
| | | | | 10,595 | | |
Net cash provided by operating activities
|
| | |
|
33,666
|
| | | | | 85,603 | | |
Investing activities: | | | | ||||||||||
Purchases of property and equipment
|
| | |
|
(9,380)
|
| | | | | (7,012) | | |
Net cash used in investing activities
|
| | |
|
(9,380)
|
| | | | | (7,012) | | |
Financing activities: | | | | ||||||||||
Proceeds from borrowings collateralized by notes receivable
|
| | |
|
170,030
|
| | | | | 200,380 | | |
Payments on borrowings collateralized by notes receivable
|
| | |
|
(164,331)
|
| | | | | (195,255) | | |
Proceeds from borrowings under line-of-credit facilities and notes payable
|
| | |
|
30,000
|
| | | | | 5,243 | | |
Payments under line-of-credit facilities and notes payable
|
| | |
|
(32,968)
|
| | | | | (25,148) | | |
Payments of debt issuance costs
|
| | |
|
(3,217)
|
| | | | | (2,462) | | |
Dividends paid
|
| | |
|
(40,000)
|
| | | | | (45,000) | | |
Distributions to non-controlling interest
|
| | |
|
(3,920)
|
| | | | | (7,350) | | |
Net cash used in financing activities
|
| | |
|
(44,406)
|
| | | | | (69,592) | | |
Net increase in cash and cash equivalents
|
| | |
|
(20,120)
|
| | | | | 8,999 | | |
Cash and cash equivalents at beginning of period
|
| | |
|
144,122
|
| | | | | 115,524 | | |
Cash and cash equivalents at end of period
|
| | |
$
|
124,002
|
| | | | $ | 124,523 | | |
|
| | |
For the Nine Months Ended
September 30, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Supplemental schedule of operating cash flow information: | | | | ||||||||||
Interest paid, net of amounts capitalized
|
| | |
$
|
19,715
|
| | | | $ | 21,566 | | |
Income taxes paid
|
| | |
$
|
41,087
|
| | | | $ | 21,362 | | |
|
| | |
As of
|
| |||||||||
| | |
September 30,
2017 |
| |
December 31,
2016 |
| ||||||
Notes receivable secured by VOIs: | | | | ||||||||||
VOI notes receivable - non-securitized
|
| | | $ | 149,893 | | | | | $ | 175,123 | | |
VOI notes receivable - securitized
|
| | | | 392,733 | | | | | | 369,259 | | |
| | | | | 542,626 | | | | | | 544,382 | | |
Allowance for credit losses - non-securitized
|
| | | | (26,100) | | | | | | (33,173) | | |
Allowance for credit losses - securitized
|
| | | | (88,420) | | | | | | (82,247) | | |
VOI notes receivable, net
|
| | | $ | 428,106 | | | | | $ | 428,962 | | |
Allowance as a % of VOI notes receivable
|
| | | | 21% | | | | | | 21% | | |
Notes receivable secured by homesites:(1) | | | | ||||||||||
Homesite notes receivable
|
| | | $ | 1,389 | | | | | $ | 1,688 | | |
Allowance for credit losses
|
| | | | (139) | | | | | | (170) | | |
Homesite notes receivable, net
|
| | | $ | 1,250 | | | | | $ | 1,518 | | |
Allowance as a % of homesite notes receivable
|
| | | | 10% | | | | | | 10% | | |
Total notes receivable: | | | | ||||||||||
Gross notes receivable
|
| | | $ | 544,015 | | | | | $ | 546,070 | | |
Allowance for credit losses
|
| | | | (114,659) | | | | | | (115,590) | | |
Notes receivable, net
|
| | | $ | 429,356 | | | | | $ | 430,480 | | |
Allowance as a % of gross notes receivable
|
| | | | 21% | | | | | | 21% | | |
|
|
Balance, December 31, 2016
|
| | | $ | 115,590 | | |
|
Provision for credit losses
|
| | | | 32,066 | | |
|
Less: Write-offs of uncollectible receivables
|
| | | | (32,997) | | |
|
Balance, September 30, 2017
|
| | | $ | 114,659 | | |
|
| | |
As of
|
| |||||||||
| | |
September 30,
2017 |
| |
December 31,
2016 |
| ||||||
Current
|
| | | $ | 520,296 | | | | | $ | 521,536 | | |
31-60 days
|
| | | | 6,039 | | | | | | 6,378 | | |
61-90 days
|
| | | | 5,341 | | | | | | 5,082 | | |
Over 91 days(1)
|
| | | | 10,950 | | | | | | 11,386 | | |
Total
|
| | | $ | 542,626 | | | | | $ | 544,382 | | |
|
| | |
As of
|
| |||||||||
| | |
September 30,
2017 |
| |
December 31,
2016 |
| ||||||
Restricted cash
|
| | | $ | 28,099 | | | | | $ | 21,894 | | |
Securitized notes receivable, net
|
| | | | 304,313 | | | | | | 287,012 | | |
Receivable backed notes payable - non-recourse
|
| | | | 347,308 | | | | | | 327,358 | | |
| | |
As of
|
| |||||||||
| | |
September 30,
2017 |
| |
December 31,
2016 |
| ||||||
Completed VOI units
|
| | | $ | 187,818 | | | | | $ | 156,401 | | |
Construction-in-progress
|
| | | | 15,876 | | | | | | 10,427 | | |
Real estate held for future development
|
| | | | 65,547 | | | | | | 71,706 | | |
| | | | $ | 269,241 | | | | | $ | 238,534 | | |
|
| | |
As of
|
| |||||||||||||||||||||||||||||||||
| | |
September 30, 2017
|
| |
December 31, 2016
|
| ||||||||||||||||||||||||||||||
| | |
Balance
|
| |
Interest Rate
|
| |
Carrying
Amount of Pledged Assets |
| |
Balance
|
| |
Interest Rate
|
| |
Carrying
Amount of Pledged Assets |
| ||||||||||||||||||
2013 Notes Payable
|
| | | $ | 48,000 | | | | | | 5.50% | | | | | $ | 29,645 | | | | | $ | 52,500 | | | | | | 5.50% | | | | | $ | 29,349 | | |
Pacific Western Term Loan
|
| | | | 1,387 | | | | | | 6.49% | | | | | | 9,560 | | | | | | 1,727 | | | | | | 6.02% | | | | | | 8,963 | | |
Fifth Third Bank Note Payable
|
| | | | 4,141 | | | | | | 4.24% | | | | | | 8,116 | | | | | | 4,326 | | | | | | 3.62% | | | | | | 9,157 | | |
NBA Line of Credit
|
| | | | — | | | | | | 4.75% | | | | | | 15,932 | | | | | | 2,006 | | | | | | 5.00% | | | | | | 8,230 | | |
Fifth Third Syndicated LOC
|
| | | | 20,000 | | | | | | 3.99% | | | | | | 69,689 | | | | | | 15,000 | | | | | | 3.46% | | | | | | 60,343 | | |
Fifth Third Syndicated Term
|
| | | | 24,063 | | | | | | 4.03% | | | | | | 22,359 | | | | | | 25,000 | | | | | | 3.46% | | | | | | 20,114 | | |
Unamortized debt issuance costs
|
| | | | (1,997) | | | | | | — | | | | | | — | | | | | | (2,177) | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 95,594 | | | | | | | | | | | $ | 155,301 | | | | | $ | 98,382 | | | | | | | | | | | $ | 136,156 | | |
|
| | |
As of
|
| |||||||||||||||||||||||||||
| | |
September 30, 2017
|
| |
December 31, 2016
|
| ||||||||||||||||||||||||
| | |
Debt
Balance |
| |
Interest Rate
|
| |
Principal
Balance of Pledged/ Secured Receivables |
| |
Debt
Balance |
| |
Interest Rate
|
| |
Principal
Balance of Pledged/ Secured Receivables |
| ||||||||||||
Recourse receivable-backed notes payable: | | | | | | | | ||||||||||||||||||||||||
Liberty Bank Facility
|
| | | $ | 15,767 | | | |
4.75%
|
| | | $ | 20,234 | | | | | $ | 32,674 | | | |
4.25%
|
| | | $ | 41,357 | | |
NBA Receivables Facility
|
| | | | 39,960 | | | |
4.00-4.50%
|
| | | | 51,583 | | | | | | 34,164 | | | |
3.50-4.00%
|
| | | | 40,763 | | |
Pacific Western Facility
|
| | | | 16,301 | | | |
5.50%
|
| | | | 21,609 | | | | | | 20,793 | | | |
5.14%
|
| | | | 27,712 | | |
Total
|
| | | $ | 72,028 | | | | | | | | $ | 93,426 | | | | | $ | 87,631 | | | | | | | | $ | 109,832 | | |
Non-recourse receivable-backed notes payable:
|
| | | | | | | ||||||||||||||||||||||||
KeyBank/DZ Purchase Facility
|
| | | $ | 5,656 | | | |
3.98%
|
| | | $ | 6,828 | | | | | $ | 31,417 | | | |
3.67%
|
| | | $ | 41,388 | | |
Quorum Purchase Facility
|
| | | | 18,285 | | | |
4.75%-6.90%
|
| | | | 20,926 | | | | | | 23,981 | | | |
4.75%-6.90%
|
| | | | 26,855 | | |
2010 Term Securitization
|
| | | | — | | | |
—
|
| | | | — | | | | | | 13,163 | | | |
5.54%
|
| | | | 16,191 | | |
2012 Term Securitization
|
| | | | 25,510 | | | |
2.94%
|
| | | | 28,293 | | | | | | 32,929 | | | |
2.94%
|
| | | | 36,174 | | |
2013 Term Securitization
|
| | | | 39,730 | | | |
3.20%
|
| | | | 42,255 | | | | | | 48,514 | | | |
3.20%
|
| | | | 51,157 | | |
2015 Term Securitization
|
| | | | 62,087 | | | |
3.02%
|
| | | | 66,077 | | | | | | 75,011 | | | |
3.02%
|
| | | | 78,980 | | |
2016 Term Securitization
|
| | | | 88,522 | | | |
3.35%
|
| | | | 96,624 | | | | | | 107,533 | | | |
3.35%
|
| | | | 117,249 | | |
2017 Term Securitization
|
| | | | 114,065 | | | |
3.12%
|
| | | | 125,881 | | | | | | — | | | |
—
|
| | | | — | | |
Unamortized debt issuance costs
|
| | | | (6,547) | | | |
—
|
| | | | — | | | | | | (5,190) | | | |
—
|
| | | | — | | |
Total
|
| | | $ | 347,308 | | | | | | | | $ | 386,884 | | | | | $ | 327,358 | | | | | | | | $ | 367,994 | | |
Total receivable-backed debt
|
| | | $ | 419,336 | | | | | | | | $ | 480,310 | | | | | $ | 414,989 | | | | | | | | $ | 477,826 | | |
|
Trust
|
| |
Carrying
Amount of Junior Subordinated Debentures(1) |
| |
Initial Equity
in the Trust(2) |
| |
Issue
Date |
| |
Beginning
Optional Redemption Date |
| |
Interest Rate
Following Beginning Optional Redemption Date |
| |
Interest Rate at
September 30, 2017 |
| |
Maturity
Date |
| ||||||||||||||||||
BST I
|
| | | $ | 14,661 | | | | | $ | 696 | | | | | | 3/15/2005 | | | | | | 3/30/2010 | | | |
3-month LIBOR + 4.90%
|
| | | | 6.20% | | | | | | 3/30/2035 | | |
BST II
|
| | | | 16,430 | | | | | | 774 | | | | | | 5/4/2005 | | | | | | 7/30/2010 | | | |
3-month LIBOR + 4.85%
|
| | | | 6.16% | | | | | | 7/30/2035 | | |
BST III
|
| | | | 6,664 | | | | | | 310 | | | | | | 5/10/2005 | | | | | | 7/30/2010 | | | |
3-month LIBOR + 4.85%
|
| | | | 6.16% | | | | | | 7/30/2035 | | |
BST IV
|
| | | | 9,735 | | | | | | 464 | | | | | | 4/24/2006 | | | | | | 6/30/2011 | | | |
3-month LIBOR + 4.85%
|
| | | | 6.15% | | | | | | 6/30/2036 | | |
BST V
|
| | | | 9,753 | | | | | | 464 | | | | | | 7/21/2006 | | | | | | 9/30/2011 | | | |
3-month LIBOR + 4.85%
|
| | | | 6.15% | | | | | | 9/30/2036 | | |
BST VI
|
| | | | 12,857 | | | | | | 619 | | | | | | 2/26/2007 | | | | | | 4/30/2012 | | | |
3-month LIBOR + 4.80%
|
| | | | 6.11% | | | | | | 4/30/2037 | | |
| | | | $ | 70,100 | | | | | $ | 3,327 | | | | | | | | ||||||||||||||||||||||
|
| | |
As of
|
| |||||||||||||||||||||
| | |
September 30, 2017
|
| |
December 31, 2016
|
| ||||||||||||||||||
| | |
Carrying
Amount |
| |
Estimated
Fair Value |
| |
Carrying
Amount |
| |
Estimated
Fair Value |
| ||||||||||||
Cash and cash equivalents
|
| | | $ | 124,002 | | | | | $ | 124,002 | | | | | $ | 144,122 | | | | | $ | 144,122 | | |
Restricted cash
|
| | | | 61,129 | | | | | | 61,129 | | | | | | 46,106 | | | | | | 46,106 | | |
Notes receivable, net
|
| | | | 429,356 | | | | | | 525,000 | | | | | | 430,480 | | | | | | 545,000 | | |
Lines-of-credit, notes payable, and receivable-backed notes payable
|
| | | | 514,930 | | | | | | 526,700 | | | | | | 513,371 | | | | | | 520,600 | | |
Junior subordinated debentures
|
| | | | 70,100 | | | | | | 96,000 | | | | | | 69,044 | | | | | | 90,000 | | |
| | |
Nine Months Ended September 30, 2017
|
| |||||||||||||||||||||||||||
| | |
Sales of VOIs
and financing |
| |
Resort
operations and club management |
| |
Corporate and
other |
| |
Elimination
|
| |
Segment Total
|
| |||||||||||||||
Revenues: | | | | | | | |||||||||||||||||||||||||
Sales of VOIs
|
| | | $ | 172,839 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 172,839 | | |
Fee-based sales commission revenue
|
| | | | 179,046 | | | | | | — | | | | | | — | | | | | | — | | | | | | 179,046 | | |
Other fee-based services revenue
|
| | | | 10,927 | | | | | | 72,515 | | | | | | — | | | | | | — | | | | | | 83,442 | | |
Mortgage servicing revenue
|
| | | | 3,783 | | | | | | — | | | | | | — | | | | | | (3,783) | | | | | | — | | |
Interest income
|
| | | | 59,929 | | | | | | — | | | | | | 5,744 | | | | | | — | | | | | | 65,673 | | |
Total revenues
|
| | | | 426,524 | | | | | | 72,515 | | | | | | 5,744 | | | | | | (3,783) | | | | | | 501,000 | | |
Costs and expenses: | | | | | | | |||||||||||||||||||||||||
Cost of VOIs sold
|
| | | | 10,737 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,737 | | |
Net carrying cost of VOI inventory
|
| | | | 3,219 | | | | | | — | | | | | | — | | | | | | (3,219) | | | | | | — | | |
Cost of other fee-based services
|
| | | | 3,678 | | | | | | 44,653 | | | | | | — | | | | | | 3,219 | | | | | | 51,550 | | |
Selling, general and administrative expenses
|
| | | | 263,441 | | | | | | — | | | | | | 44,741 | | | | | | 333 | | | | | | 308,515 | | |
Mortgage servicing expense
|
| | | | 4,116 | | | | | | — | | | | | | — | | | | | | (4,116) | | | | | | — | | |
Interest expense
|
| | | | 13,364 | | | | | | — | | | | | | 10,415 | | | | | | — | | | | | | 23,779 | | |
Other expense, net
|
| | | | | | | | | | | | | | | | 120 | | | | | | | | | | | | 120 | | |
Total costs and expenses
|
| | | | 298,555 | | | | | | 44,653 | | | | | | 55,276 | | | | | | (3,783) | | | | | | 394,701 | | |
Income (loss) before non-controlling interest and provision for income taxes
|
| | | $ | 127,969 | | | | | $ | 27,862 | | | | | $ | (49,532) | | | | | $ | — | | | | | $ | 106,299 | | |
Add: depreciation
|
| | | | 4,600 | | | | | | 1,179 | | | | | | |||||||||||||||
Add: Restructuring costs
|
| | | | 3,087 | | | | | | | | | | | | |||||||||||||||
Segment Adjusted EBITDA
|
| | | $ | 135,656 | | | | | $ | 29,041 | | | | | | |||||||||||||||
|
| | |
Nine Months Ended September 30, 2016
|
| |||||||||||||||||||||||||||
| | |
Sales of VOIs
and financing |
| |
Resort
operations and club management |
| |
Corporate and
other |
| |
Elimination
|
| |
Segment Total
|
| |||||||||||||||
Revenues: | | | | | | | |||||||||||||||||||||||||
Sales of VOIs
|
| | | $ | 196,654 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 196,654 | | |
Fee-based sales commission revenue
|
| | | | 153,718 | | | | | | — | | | | | | — | | | | | | — | | | | | | 153,718 | | |
Other fee-based services revenue
|
| | | | 10,418 | | | | | | 68,003 | | | | | | — | | | | | | — | | | | | | 78,421 | | |
Mortgage servicing revenue
|
| | | | 2,691 | | | | | | — | | | | | | — | | | | | | (2,691) | | | | | | — | | |
Interest income
|
| | | | 60,496 | | | | | | — | | | | | | 6,435 | | | | | | — | | | | | | 66,931 | | |
Other income, net
|
| | | | | | | | | | — | | | | | | 597 | | | | | | — | | | | | | 597 | | |
Total revenues
|
| | | | 423,977 | | | | | | 68,003 | | | | | | 7,032 | | | | | | (2,691) | | | | | | 496,321 | | |
Costs and expenses: | | | | | | | |||||||||||||||||||||||||
Cost of VOIs sold
|
| | | | 19,410 | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,410 | | |
Net carrying cost of VOI inventory
|
| | | | 4,748 | | | | | | — | | | | | | — | | | | | | (4,748) | | | | | | — | | |
Cost of other fee-based services
|
| | | | 3,996 | | | | | | 39,900 | | | | | | — | | | | | | 4,748 | | | | | | 48,644 | | |
Selling, general and administrative expenses
|
| | | | 257,087 | | | | | | — | | | | | | 57,287 | | | | | | 2,130 | | | | | | 316,504 | | |
Mortgage servicing expense
|
| | | | 4,821 | | | | | | — | | | | | | — | | | | | | (4,821) | | | | | | — | | |
Interest expense
|
| | | | 14,211 | | | | | | — | | | | | | 10,250 | | | | | | — | | | | | | 24,461 | | |
Total costs and expenses
|
| | | | 304,273 | | | | | | 39,900 | | | | | | 67,537 | | | | | | (2,691) | | | | | | 409,019 | | |
Income (loss) before non-controlling interest and provision for income taxes
|
| | | $ | 119,704 | | | | | $ | 28,103 | | | | | $ | (60,505) | | | | | $ | — | | | | | $ | 87,302 | | |
Add: depreciation
|
| | | | 4,780 | | | | | | 1,036 | | | | | | |||||||||||||||
Segment Adjusted EBITDA
|
| | | $ | 124,484 | | | | | $ | 29,139 | | | | | | |||||||||||||||
|
| | |
As of December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
ASSETS | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 144,122 | | | | | $ | 115,524 | | |
Restricted cash ($21,894 and $25,358 in VIEs at December 31, 2016 and December 31, 2015, respectively)
|
| | | | 46,106 | | | | | | 56,714 | | |
Notes receivable, net ($287,012 and $280,486 in VIEs at December 31, 2016 and
December 31, 2015, respectively) |
| | | | 430,480 | | | | | | 415,598 | | |
Inventory
|
| | | | 238,534 | | | | | | 220,211 | | |
Prepaid expenses
|
| | | | 8,745 | | | | | | 9,293 | | |
Other assets
|
| | | | 48,099 | | | | | | 51,897 | | |
Intangible assets, net
|
| | | | 61,749 | | | | | | 61,977 | | |
Loan to related party
|
| | | | 80,000 | | | | | | 80,000 | | |
Property and equipment, net
|
| | | | 70,797 | | | | | | 71,937 | | |
Total assets
|
| | | $ | 1,128,632 | | | | | $ | 1,083,151 | | |
LIABILITIES AND SHAREHOLDER’S EQUITY | | | | ||||||||||
Liabilities | | | | ||||||||||
Accounts payable
|
| | | $ | 21,769 | | | | | $ | 14,841 | | |
Accrued liabilities and other
|
| | | | 70,947 | | | | | | 69,874 | | |
Deferred income
|
| | | | 37,015 | | | | | | 28,847 | | |
Deferred income taxes
|
| | | | 126,278 | | | | | | 111,131 | | |
Receivable-backed notes payable - recourse
|
| | | | 87,631 | | | | | | 89,888 | | |
Receivable-backed notes payable - non-recourse (in VIEs)
|
| | | | 327,358 | | | | | | 314,024 | | |
Lines-of-credit and notes payable
|
| | | | 98,382 | | | | | | 99,609 | | |
Junior subordinated debentures
|
| | | | 69,044 | | | | | | 67,255 | | |
Total liabilities
|
| | | | 838,424 | | | | | | 795,469 | | |
Commitments and Contingencies - See Note 8 | | | | ||||||||||
Shareholder’s Equity | | | | ||||||||||
Common stock, $.01 par value, 100 shares authorized; 100 shares issued and outstanding at December 31, 2016 and December 31, 2015
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 227,844 | | | | | | 227,844 | | |
Retained earnings
|
| | | | 21,592 | | | | | | 16,641 | | |
Total Bluegreen Vacations Corporation shareholder’s equity
|
| | | | 249,436 | | | | | | 244,485 | | |
Non-controlling interest
|
| | | | 40,772 | | | | | | 43,197 | | |
Total shareholder’s equity
|
| | | | 290,208 | | | | | | 287,682 | | |
Total liabilities and shareholder’s equity
|
| | | $ | 1,128,632 | | | | | $ | 1,083,151 | | |
|
| | |
For the Years Ended December 31,
|
|||||||||
| | |
2016
|
| |
2015
|
||||||
Revenues: | | | | |||||||||
Gross sales of VOIs
|
| | | $ | 310,570 | | | | | $ | 301,324 | |
Estimated uncollectible VOI notes receivable
|
| | | | (44,428) | | | | | | (42,088) | |
Sales of VOIs
|
| | | | 266,142 | | | | | | 259,236 | |
Fee-based sales commission revenue
|
| | | | 201,829 | | | | | | 173,659 | |
Other fee-based services revenue
|
| | | | 103,448 | | | | | | 97,539 | |
Interest income
|
| | | | 89,510 | | | | | | 84,331 | |
Other income, net
|
| | | | 1,724 | | | | | | 2,883 | |
Total revenues
|
| | | | 662,653 | | | | | | 617,648 | |
Costs and expenses: | | | | |||||||||
Cost of VOIs sold
|
| | | | 27,346 | | | | | | 22,884 | |
Cost of other fee-based services
|
| | | | 64,479 | | | | | | 60,942 | |
Selling, general and administrative expenses
|
| | | | 415,027 | | | | | | 373,804 | |
Interest expense
|
| | | | 30,853 | | | | | | 35,698 | |
Total costs and expenses
|
| | | | 537,705 | | | | | | 493,328 | |
Income before non-controlling interest and provision for income taxes
|
| | | | 124,948 | | | | | | 124,320 | |
Provision for income taxes
|
| | | | 40,172 | | | | | | 42,311 | |
Net income
|
| | | | 84,776 | | | | | | 82,009 | |
Less: Net income attributable to non-controlling interest
|
| | | | 9,825 | | | | | | 11,705 | |
Net income attributable to Bluegreen Vacations Corporation Shareholder
|
| | | $ | 74,951 | | | | | $ | 70,304 | |
Comprehensive income attributable to Bluegreen Vacations Corporation Shareholder
|
| | | $ | 74,951 | | | | | $ | 70,304 | |
Earnings per share: | | | | |||||||||
Basic and diluted
|
| | | $ | 749,510.00 | | | | | $ | 703,040.00 | |
|
| | |
Total
|
| |
Equity Attributable to Bluegreen Shareholder
|
| |
Equity Attributable
to Non-Controlling Interest |
| |||||||||||||||
| | |
Additional Paid-in-
Capital |
| |
Retained Earnings
|
| ||||||||||||||||||
Balance at December 31, 2014
|
| | | $ | 271,833 | | | | | $ | 227,844 | | | | | $ | 737 | | | | | $ | 43,252 | | |
Net income
|
| | | | 82,009 | | | | | | — | | | | | | 70,304 | | | | | | 11,705 | | |
Member distribution to non-controlling interest holder
|
| | | | (11,760) | | | | | | — | | | | | | — | | | | | | (11,760) | | |
Dividends to shareholder
|
| | | | (54,400) | | | | | | — | | | | | | (54,400) | | | | | | — | | |
Balance at December 31, 2015
|
| | | | 287,682 | | | | | | 227,844 | | | | | | 16,641 | | | | | | 43,197 | | |
Net income
|
| | | | 84,776 | | | | | | — | | | | | | 74,951 | | | | | | 9,825 | | |
Member distribution to non-controlling interest holder
|
| | | | (12,250) | | | | | | — | | | | | | — | | | | | | (12,250) | | |
Dividends to shareholder
|
| | | | (70,000) | | | | | | — | | | | | | (70,000) | | | | | | — | | |
Balance at December 31, 2016
|
| | | $ | 290,208 | | | | | $ | 227,844 | | | | | $ | 21,592 | | | | | $ | 40,772 | | |
|
| | |
For the Years Ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Operating activities: | | | | ||||||||||
Net income
|
| | | $ | 84,776 | | | | | $ | 82,009 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | ||||||||||
Depreciation and amortization
|
| | | | 14,272 | | | | | | 14,862 | | |
Gain on disposal of property and equipment
|
| | | | (1,046) | | | | | | (163) | | |
Provision for credit losses
|
| | | | 44,337 | | | | | | 42,063 | | |
Provision for deferred income taxes
|
| | | | 15,147 | | | | | | 18,522 | | |
Changes in operating assets and liabilities: | | | | ||||||||||
Notes receivable
|
| | | | (59,219) | | | | | | (33,394) | | |
Prepaid expenses and other assets
|
| | | | 5,280 | | | | | | (14,971) | | |
Restricted cash
|
| | | | 10,608 | | | | | | (2,094) | | |
Inventory
|
| | | | (18,323) | | | | | | (25,498) | | |
Accounts payable, accrued liabilities and other, and deferred income
|
| | | | 16,644 | | | | | | (43) | | |
Net cash provided by operating activities
|
| | | | 112,476 | | | | | | 81,293 | | |
Investing activities: | | | | ||||||||||
Purchases of property and equipment
|
| | | | (9,605) | | | | | | (9,176) | | |
Proceeds from sale of property and equipment
|
| | | | 2,253 | | | | | | 251 | | |
Loan to related party
|
| | | | — | | | | | | (80,000) | | |
Net cash used in investing activities
|
| | | | (7,352) | | | | | | (88,925) | | |
Financing activities: | | | | ||||||||||
Proceeds from borrowings collateralized by notes receivable
|
| | | | 238,521 | | | | | | 220,762 | | |
Payments on borrowings collateralized by notes receivable
|
| | | | (227,163) | | | | | | (224,354) | | |
Proceeds from borrowings under line-of-credit facilities and notes payable
|
| | | | 45,243 | | | | | | 37,141 | | |
Payments under line-of-credit facilities and notes payable
|
| | | | (46,269) | | | | | | (25,618) | | |
Payments of debt issuance costs
|
| | | | (4,608) | | | | | | (3,784) | | |
Distributions to non-controlling interest
|
| | | | (12,250) | | | | | | (11,760) | | |
Dividends paid
|
| | | | (70,000) | | | | | | (54,400) | | |
Net cash used in financing activities
|
| | | | (76,526) | | | | | | (62,013) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 28,598 | | | | | | (69,645) | | |
Cash and cash equivalents at beginning of period
|
| | | | 115,524 | | | | | | 185,169 | | |
Cash and cash equivalents at end of period
|
| | | $ | 144,122 | | | | | $ | 115,524 | | |
|
| | |
Year Ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Supplemental schedule of operating cash flow information: | | | | ||||||||||
Interest paid, net of amounts capitalized
|
| | | $ | 27,511 | | | | | $ | 30,140 | | |
Income taxes paid
|
| | | $ | 26,769 | | | | | $ | 25,699 | | |
|
Activity
|
| |
Revenue is recognized when:
|
|
Fee-based sales commissions | | |
The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired.
|
|
Resort management and service fees | | | Management services are rendered (1). | |
Resort title fees | | |
Escrow amounts are released and title documents are completed.
|
|
Rental and sampler program | | |
Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “Cost of other fee-based services” in Bluegreen’s Consolidated Statements of Income and Comprehensive Income.
|
|
| | |
As of December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Deferred sampler program income
|
| | | $ | 11,821 | | | | | $ | 10,024 | | |
Deferred VOI sales revenue
|
| | | | 21,126 | | | | | | 15,095 | | |
Other deferred income
|
| | | | 4,068 | | | | | | 3,728 | | |
Total
|
| | | $ | 37,015 | | | | | $ | 28,847 | | |
|
| | |
As reported at
or for the year ended December 31, 2016 |
| |
Effect of change
|
| |
As adjusted at
or for the year ended December 31, 2016 |
| |||||||||
Notes receivable, net
|
| | | | 430,579 | | | | | | (99) | | | | | | 430,480 | | |
Inventory
|
| | | | 275,430 | | | | | | (36,896) | | | | | | 238,534 | | |
Other assets
|
| | | | 50,179 | | | | | | (2,080) | | | | | | 48,099 | | |
Intangible assets, net
|
| | | | — | | | | | | 61,749 | | | | | | 61,749 | | |
Property and equipment, net
|
| | | | 78,579 | | | | | | (7,782) | | | | | | 70,797 | | |
Accrued liabilities and other
|
| | | | 72,458 | | | | | | (1,511) | | | | | | 70,947 | | |
Deferred income taxes
|
| | | | 103,020 | | | | | | 23,258 | | | | | | 126,278 | | |
Junior subordinated debentures
|
| | | | 108,555 | | | | | | (39,511) | | | | | | 69,044 | | |
Total Bluegreen Vacations Corporation shareholder’s
equity |
| | | | 213,252 | | | | | | 36,184 | | | | | | 249,436 | | |
Non-controlling interest
|
| | | | 44,298 | | | | | | (3,526) | | | | | | 40,772 | | |
Estimated uncollectible VOI notes receivable
|
| | | | (44,497) | | | | | | 69 | | | | | | (44,428) | | |
Interest income
|
| | | | 89,323 | | | | | | 187 | | | | | | 89,510 | | |
Other income, net
|
| | | | 341 | | | | | | 1,383 | | | | | | 1,724 | | |
Cost of VOIs sold
|
| | | | 37,875 | | | | | | (10,529) | | | | | | 27,346 | | |
Selling, general and administrative expenses
|
| | | | 414,495 | | | | | | 532 | | | | | | 415,027 | | |
Interest expense
|
| | | | 29,182 | | | | | | 1,671 | | | | | | 30,853 | | |
Income before non-controlling interest and provision
for income taxes |
| | | | 114,983 | | | | | | 9,965 | | | | | | 124,948 | | |
Provision for income taxes
|
| | | | 36,503 | | | | | | 3,669 | | | | | | 40,172 | | |
Net income
|
| | | | 78,480 | | | | | | 6,296 | | | | | | 84,776 | | |
Net income attributable to non-controlling interest
|
| | | | 9,694 | | | | | | 131 | | | | | | 9,825 | | |
Net income attributable to Bluegreen Vacations Corporation Shareholder
|
| | | | 68,786 | | | | | | 6,165 | | | | | | 74,951 | | |
| | |
As reported at
or for the year ended December 31, 2015 |
| |
Effect of change
|
| |
As adjusted at
or for the year ended December 31, 2015 |
| |||||||||
Notes receivable, net
|
| | | | 415,953 | | | | | | (355) | | | | | | 415,598 | | |
Inventory
|
| | | | 267,636 | | | | | | (47,425) | | | | | | 220,211 | | |
Other assets
|
| | | | 54,009 | | | | | | (2,112) | | | | | | 51,897 | | |
Intangible assets, net
|
| | | | — | | | | | | 61,977 | | | | | | 61,977 | | |
Property and equipment, net
|
| | | | 81,455 | | | | | | (9,518) | | | | | | 71,937 | | |
Accrued liabilities and other
|
| | | | 72,077 | | | | | | (2,203) | | | | | | 69,874 | | |
Deferred income taxes
|
| | | | 91,542 | | | | | | 19,589 | | | | | | 111,131 | | |
Junior subordinated debentures
|
| | | | 108,436 | | | | | | (41,181) | | | | | | 67,255 | | |
Total Bluegreen Vacations Corporation shareholder’s
equity |
| | | | 214,466 | | | | | | 30,019 | | | | | | 244,485 | | |
Non-controlling interest
|
| | | | 46,854 | | | | | | (3,657) | | | | | | 43,197 | | |
Estimated uncollectible VOI notes receivable
|
| | | | (41,449) | | | | | | (639) | | | | | | (42,088) | | |
Interest income
|
| | | | 85,475 | | | | | | (1,144) | | | | | | 84,331 | | |
Other income, net
|
| | | | 4,590 | | | | | | (1,707) | | | | | | 2,883 | | |
Cost of VOIs sold
|
| | | | 32,741 | | | | | | (9,857) | | | | | | 22,884 | | |
Selling, general and administrative expenses
|
| | | | 373,268 | | | | | | 536 | | | | | | 373,804 | | |
Interest expense
|
| | | | 33,564 | | | | | | 2,134 | | | | | | 35,698 | | |
Income before non-controlling interest and provision
for income taxes |
| | | | 120,623 | | | | | | 3,697 | | | | | | 124,320 | | |
Provision for income taxes
|
| | | | 41,156 | | | | | | 1,155 | | | | | | 42,311 | | |
Net income
|
| | | | 79,467 | | | | | | 2,542 | | | | | | 82,009 | | |
Net income attributable to non-controlling interest
|
| | | | 11,510 | | | | | | 195 | | | | | | 11,705 | | |
Net income attributable to Bluegreen Vacations Corporation Shareholder
|
| | | | 67,957 | | | | | | 2,347 | | | | | | 70,304 | | |
| | |
As of
December 31, 2015 Prior to Reclassifcation |
| |
Reclassifications
|
| |
As adjusted
December 31, 2015 |
| |||||||||
Other assets
|
| | | $ | 58,777 | | | | | $ | (6,880) | | | | | $ | 51,897 | | |
Receivable-backed notes payable - non-recourse (in VIEs)
|
| | | | 318,929 | | | | | | (4,905) | | | | | | 314,024 | | |
Lines-of-credit and notes payable
|
| | | | 101,584 | | | | | | (1,975) | | | | | | 99,609 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Notes receivable secured by VOIs: | | | | ||||||||||
VOI notes receivable - non-securitized
|
| | | $ | 175,123 | | | | | $ | 166,040 | | |
VOI notes receivable - securitized
|
| | | | 369,259 | | | | | | 357,845 | | |
| | | | | 544,382 | | | | | | 523,885 | | |
Allowance for credit losses - non-securitized
|
| | | | (33,173) | | | | | | (33,108) | | |
Allowance for credit losses - securitized
|
| | | | (82,247) | | | | | | (77,359) | | |
VOI notes receivable, net
|
| | | $ | 428,962 | | | | | $ | 413,418 | | |
Allowance as a % of VOI notes receivable
|
| | | | 21% | | | | | | 21% | | |
|
| | |
As of December 31,
|
|||||||||
| | |
2016
|
| |
2015
|
||||||
Notes receivable secured by homesites: (1) | | | | |||||||||
Homesite notes receivable
|
| | | $ | 1,688 | | | | | $ | 2,427 | |
Allowance for credit losses
|
| | | | (170) | | | | | | (247) | |
Homesite notes receivable, net
|
| | | $ | 1,518 | | | | | $ | 2,180 | |
Allowance as a % of homesite notes receivable
|
| | | | 10% | | | | | | 10% | |
Total notes receivable: | | | | |||||||||
Gross notes receivable
|
| | | $ | 546,070 | | | | | $ | 526,312 | |
Allowance for credit losses
|
| | | | (115,590) | | | | | | (110,714) | |
Notes receivable, net
|
| | | $ | 430,480 | | | | | $ | 415,598 | |
Allowance as a % of gross notes receivable
|
| | | | 21% | | | | | | 21% | |
|
|
2017
|
| | | $ | 72,371 | | |
|
2018
|
| | |
|
61,717
|
| |
|
2019
|
| | |
|
56,748
|
| |
|
2020
|
| | |
|
58,153
|
| |
|
2021
|
| | |
|
60,522
|
| |
|
Thereafter
|
| | |
|
236,559
|
| |
|
Total
|
| | |
$
|
546,070
|
| |
|
| | |
For the Year Ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Balance, beginning of year
|
| | | $ | 110,714 | | | | | $ | 102,566 | | |
Provision for credit losses
|
| | | | 44,337 | | | | | | 42,063 | | |
Less: Write-offs of uncollectible receivables
|
| | | | (39,461) | | | | | | (33,915) | | |
Balance, end of year
|
| | | $ | 115,590 | | | | | $ | 110,714 | | |
|
| | |
As of December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Current
|
| | | $ | 521,536 | | | | | $ | 501,738 | | |
31-60 days
|
| | | | 6,378 | | | | | | 6,889 | | |
61-90 days
|
| | | | 5,082 | | | | | | 4,869 | | |
Over 91 days (1)
|
| | | | 11,386 | | | | | | 10,389 | | |
Total
|
| | | $ | 544,382 | | | | | $ | 523,885 | | |
|
| | |
As of December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Restricted cash
|
| | | $ | 21,894 | | | | | $ | 25,358 | | |
Securitized notes receivable, net
|
| | | | 287,012 | | | | | | 280,486 | | |
Receivable backed notes payable - non-recourse
|
| | | | 327,358 | | | | | | 314,024 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Completed VOI units
|
| | | $ | 156,401 | | | | | $ | 149,072 | | |
Construction-in-progress
|
| | | | 10,427 | | | | | | 10,455 | | |
Real estate held for future development
|
| | | | 71,706 | | | | | | 60,684 | | |
| | | | $ | 238,534 | | | | | $ | 220,211 | | |
|
| | | | | |
As of December 31,
|
| |||||||||
| | |
Useful Lives
|
| |
2016
|
| |
2015
|
| ||||||
Office equipment, furniture and fixtures
|
| |
3-14 years
|
| | | $ | 50,524 | | | | | $ | 45,457 | | |
Land, buildings and building improvements
|
| |
3-31 years
|
| | | | 56,211 | | | | | | 58,015 | | |
Leasehold improvements
|
| |
3-14 years
|
| | | | 7,764 | | | | | | 8,037 | | |
Transportation and equipment
|
| |
5 years
|
| | | | 193 | | | | | | 211 | | |
| | | | | | | | 114,692 | | | | | | 111,720 | | |
Accumulated depreciation and amortization
|
| | | | | | | (43,895) | | | | | | (39,783) | | |
Total
|
| | | | | | $ | 70,797 | | | | | $ | 71,937 | | |
|
| | |
Lines-of-credit
and notes payable |
| |
Recourse
receivable-backed notes payable |
| |
Non-recourse
receivable-backed notes payable |
| |
Junior
subordinated debentures |
| |
Total
|
| |||||||||||||||
2017
|
| | | $ | 7,496 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7,496 | | |
2018
|
| | | | 20,373 | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,373 | | |
2019
|
| | | | 27,476 | | | | | | 5,125 | | | | | | — | | | | | | — | | | | | | 32,601 | | |
2020
|
| | | | 8,122 | | | | | | 41,385 | | | | | | 31,417 | | | | | | — | | | | | | 80,924 | | |
2021
|
| | | | 37,092 | | | | | | 32,247 | | | | | | — | | | | | | — | | | | | | 69,339 | | |
Thereafter
|
| | | | — | | | | | | 8,874 | | | | | | 301,131 | | | | | | 110,827 | | | | | | 420,832 | | |
Unamortized debt issuance
costs |
| | | | (2,177) | | | | | | — | | | | | | (5,190) | | | | | | — | | | | | | (7,367) | | |
Purchase accounting
adjustment |
| | | | — | | | | | | — | | | | | | — | | | | | | (41,783) | | | | | | (41,783) | | |
Total
|
| | | $ | 98,382 | | | | | $ | 87,631 | | | | | $ | 327,358 | | | | | $ | 69,044 | | | | | $ | 582,415 | | |
|
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||||||||||||||||||||
| | |
Balance
|
| |
Interest Rate
|
| |
Carrying
Amount of Pledged Assets |
| |
Balance
|
| |
Interest Rate
|
| |
Carrying
Amount of Pledged Assets |
| ||||||||||||||||||
2013 Notes Payable
|
| | | $ | 52,500 | | | | | | 5.50% | | | | | $ | 29,349 | | | | | $ | 58,500 | | | | | | 8.05% | | | | | $ | 30,411 | | |
Pacific Western Term Loan
|
| | | | 1,727 | | | | | | 6.02% | | | | | | 8,963 | | | | | | 3,791 | | | | | | 5.68% | | | | | | 10,868 | | |
Fifth Third Bank Note Payable
|
| | | | 4,326 | | | | | | 3.62% | | | | | | 9,157 | | | | | | 4,572 | | | | | | 3.50% | | | | | | 9,336 | | |
NBA Line of Credit
|
| | | | 2,006 | | | | | | 5.00% | | | | | | 8,230 | | | | | | 9,721 | | | | | | 5.50% | | | | | | 24,246 | | |
Fifth Third Syndicated LOC
|
| | | | 15,000 | | | | | | 3.46% | | | | | | 60,343 | | | | | | 25,000 | | | | | | 3.11% | | | | | | 54,312 | | |
Fifth Third Syndicated Term
|
| | | | 25,000 | | | | | | 3.46% | | | | | | 20,114 | | | | | | — | | | | | | — | | | | | | — | | |
Unamortized debt issuance costs
|
| | | | (2,177) | | | | | | — | | | | | | — | | | | | | (1,975) | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 98,382 | | | | | | | | | | | $ | 136,156 | | | | | $ | 99,609 | | | | | | | | | | | $ | 129,173 | | |
|
| | |
As of December 31,
|
| |||||||||||||||||||||||||||
| | |
2016
|
| |
2015
|
| ||||||||||||||||||||||||
| | |
Debt
Balance |
| |
Interest Rate
|
| |
Principal
Balance of Pledged/ Secured Receivables |
| |
Debt Balance
|
| |
Interest Rate
|
| |
Principal
Balance of Pledged/ Secured Receivables |
| ||||||||||||
Recourse receivable-backed notes payable:
|
| | | | | | | ||||||||||||||||||||||||
Liberty Bank Facility
|
| | | $ | 32,674 | | | |
4.25%
|
| | | $ | 41,357 | | | | | $ | 46,547 | | | |
4.00%
|
| | | $ | 56,815 | | |
NBA Receivables Facility
|
| | | | 34,164 | | | |
3.50 - 4.00%
|
| | | | 40,763 | | | | | | 24,860 | | | |
4.00 - 4.50%
|
| | | | 29,947 | | |
Pacific Western Facility
|
| | | | 20,793 | | | |
5.14%
|
| | | | 27,712 | | | | | | 18,481 | | | |
4.93%
|
| | | | 23,596 | | |
Total
|
| | | $ | 87,631 | | | | | | | | $ | 109,832 | | | | | $ | 89,888 | | | | | | | | $ | 110,358 | | |
Non-recourse receivable-backed notes payable:
|
| | | | | | | ||||||||||||||||||||||||
BB&T/DZ Purchase Facility
|
| | | $ | 31,417 | | | |
3.67%
|
| | | $ | 41,388 | | | | | $ | 38,228 | | | |
3.33%
|
| | | $ | 50,224 | | |
Quorum Purchase Facility
|
| | | | 23,981 | | | |
4.75% - 6.90%
|
| | | | 26,855 | | | | | | 28,500 | | | |
4.75% - 6.90%
|
| | | | 32,303 | | |
2007 Term Securitization
|
| | | | — | | | |
—
|
| | | | — | | | | | | 17,642 | | | |
7.32%
|
| | | | 18,720 | | |
2008 Term Securitization
|
| | | | — | | | |
—
|
| | | | — | | | | | | 7,227 | | | |
7.88%
|
| | | | 7,726 | | |
2010 Term Securitization
|
| | | | 13,163 | | | |
5.54%
|
| | | | 16,191 | | | | | | 24,074 | | | |
5.54%
|
| | | | 28,159 | | |
2012 Term Securitization
|
| | | | 32,929 | | | |
2.94%
|
| | | | 36,174 | | | | | | 44,603 | | | |
2.94%
|
| | | | 49,091 | | |
2013 Term Securitization
|
| | | | 48,514 | | | |
3.20%
|
| | | | 51,157 | | | | | | 62,670 | | | |
3.20%
|
| | | | 66,020 | | |
2015 Term Securitization
|
| | | | 75,011 | | | |
3.02%
|
| | | | 78,980 | | | | | | 95,985 | | | |
3.02%
|
| | | | 100,142 | | |
2016 Term Securitization
|
| | | | 107,533 | | | |
3.35%
|
| | | | 117,249 | | | | | | — | | | |
—
|
| | | | — | | |
Unamortized debt issuance costs
|
| | | | (5,190) | | | |
—
|
| | | | — | | | | | | (4,905) | | | |
—
|
| | | | — | | |
Total
|
| | | | 327,358 | | | | | | | | | 367,994 | | | | | | 314,024 | | | | | | | | | 352,385 | | |
Total receivable-backed debt
|
| | | $ | 414,989 | | | | | | | | $ | 477,826 | | | | | $ | 403,912 | | | | | | | | $ | 462,743 | | |
|
Trust
|
| |
Outstanding
Amount of Junior Subordinated Debentures(1) |
| |
Initial Equity
In Trust(2) |
| |
Issue Date
|
| |
Beginning
Optional Redemption Date |
| |
Interest Rate
Following Beginning Optional Redemption Date |
| |
Interest Rate at
December 31, 2016 |
| |
Maturity Date
|
| ||||||||||||
BST I
|
| | | $ | 14,422 | | | | | $ | 696 | | | |
3/15/2005
|
| |
3/30/2010
|
| |
3-month LIBOR + 4.90%
|
| | | | 5.90% | | | |
3/30/2035
|
| |||
BST II
|
| | | | 16,164 | | | | | | 774 | | | |
5/4/2005
|
| |
7/30/2010
|
| |
3-month LIBOR + 4.85%
|
| | | | 5.74% | | | |
7/30/2035
|
| |||
BST III
|
| | | | 6,550 | | | | | | 310 | | | |
5/10/2005
|
| | | | 7/30/2010 | | | |
3-month LIBOR + 4.85%
|
| | | | 5.74% | | | |
7/30/2035
|
|
BST IV
|
| | | | 9,614 | | | | | | 464 | | | |
4/24/2006
|
| |
6/30/2011
|
| |
3-month LIBOR + 4.85%
|
| | | | 5.85% | | | |
6/30/2036
|
| |||
BST V
|
| | | | 9,614 | | | | | | 464 | | | |
7/21/2006
|
| |
9/30/2011
|
| |
3-month LIBOR + 4.85%
|
| | | | 5.85% | | | |
9/30/2036
|
| |||
BST VI
|
| | | | 12,680 | | | | | | 619 | | | |
2/26/2007
|
| |
4/30/2012
|
| |
3-month LIBOR + 4.80%
|
| | | | 5.69% | | | |
4/30/2037
|
| |||
| | | | $ | 69,044 | | | | | $ | 3,327 | | | | | | | | | | | | | | | | | | | | | | | |
|
| | |
As of December 31, 2016
|
| |
As of December 31, 2015
|
| ||||||||||||||||||
| | |
Carrying
Amount |
| |
Estimated
Fair Value |
| |
Carrying
Amount |
| |
Estimated
Fair Value |
| ||||||||||||
Cash and cash equivalents
|
| | | $ | 144,122 | | | | | $ | 144,122 | | | | | $ | 115,524 | | | | | $ | 115,524 | | |
Restricted cash
|
| | | | 46,106 | | | | | | 46,106 | | | | | | 56,714 | | | | | | 56,714 | | |
Notes receivable, net
|
| | | | 430,480 | | | | | | 545,000 | | | | | | 415,598 | | | | | | 495,000 | | |
Lines-of-credit, notes payable, and receivable- backed notes payable
|
| | | | 513,371 | | | | | | 520,600 | | | | | | 503,521 | | | | | | 509,200 | | |
Junior subordinated debentures
|
| | | | 69,044 | | | | | | 90,000 | | | | | | 67,255 | | | | | | 71,500 | | |
|
2017
|
| | | $ | 9,171 | | |
|
2018
|
| | | | 5,919 | | |
|
2019
|
| | | | 3,223 | | |
|
2020
|
| | | | 3,230 | | |
|
2021
|
| | | | 3,312 | | |
|
Thereafter
|
| | | | 17,338 | | |
|
Total future minimum lease payments
|
| | | $ | 42,193 | | |
|
| | |
Year Ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Federal: | | | | ||||||||||
Current
|
| | | $ | 22,262 | | | | | $ | 19,566 | | |
Deferred
|
| | | | 18,499 | | | | | | 18,608 | | |
| | | | $ | 40,761 | | | | | $ | 38,174 | | |
State and Other: | | | | ||||||||||
Current
|
| | | $ | 2,763 | | | | | $ | 4,223 | | |
Deferred
|
| | | | (3,352) | | | | | | (86) | | |
| | | | | (589) | | | | | | 4,137 | | |
Total
|
| | | $ | 40,172 | | | | | $ | 42,311 | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Income tax expense at statutory rate
|
| | | $ | 40,293 | | | | | $ | 39,416 | | |
Effect of state taxes, net of federal tax benefit
|
| | | | 1,796 | | | | | | 1,620 | | |
Effect of state rate changes on net deferred liabilities
|
| | | | (1,631) | | | | | | 1,335 | | |
Change in valuation allowance
|
| | | | (549) | | | | | | (47) | | |
Other
|
| | | | 263 | | | | | | (13) | | |
Total
|
| | | $ | 40,172 | | | | | $ | 42,311 | | |
|
| | |
As of December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Deferred federal and state tax liabilities (assets): | | | | ||||||||||
Installment sales treatment of VOI notes receivable
|
| | | $ | 152,074 | | | | | $ | 150,236 | | |
Deferred federal and state loss carryforwards/AMT credits (net of valuation
allowance of $2.2 million and $2.7 million as of December 31, 2016 and 2015 , respectively) |
| | | | (11,450) | | | | | | (23,283) | | |
Book reserves for loan losses and inventory
|
| | | | (40,714) | | | | | | (39,873) | | |
Tax under book depreciation
|
| | | | (2,924) | | | | | | (2,618) | | |
Deferral of VOI sales and costs under timeshare accounting rules
|
| | | | 8,718 | | | | | | 9,222 | | |
Real estate valuation
|
| | | | (13,463) | | | | | | (18,778) | | |
Intangible assets
|
| | | | 23,353 | | | | | | 23,503 | | |
Junior subordinated debentures
|
| | | | 16,349 | | | | | | 17,206 | | |
Other
|
| | | | (5,665) | | | | | | (4,484) | | |
Deferred income taxes
|
| | | $ | 126,278 | | | | | $ | 111,131 | | |
Total deferred federal and state tax liabilities
|
| | | $ | 200,494 | | | | | $ | 200,167 | | |
Total deferred federal and state tax assets
|
| | | | (74,216) | | | | | | (89,036) | | |
Deferred income taxes
|
| | | $ | 126,278 | | | | | $ | 111,131 | | |
|
| | |
December 31, 2016
|
| |||||||||||||||||||||||||||
| | |
Sales of VOIs
and financing |
| |
Resort
operations and club management |
| |
Corporate
and other |
| |
Elimination
|
| |
Segment
Total |
| |||||||||||||||
Revenues: | | | | | | | |||||||||||||||||||||||||
Sales of VOIs
|
| | | $ | 266,142 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 266,142 | | |
Fee-based sales commission revenue
|
| | | | 201,829 | | | | | | — | | | | | | — | | | | | | — | | | | | | 201,829 | | |
Other fee-based services revenue
|
| | | | 13,838 | | | | | | 89,610 | | | | | | — | | | | | | — | | | | | | 103,448 | | |
Mortgage servicing revenue
|
| | | | 3,793 | | | | | | — | | | | | | — | | | | | | (3,793) | | | | | | — | | |
Interest income
|
| | | | 80,950 | | | | | | — | | | | | | 8,560 | | | | | | — | | | | | | 89,510 | | |
Other income, net
|
| | | | — | | | | | | — | | | | | | 1,724 | | | | | | — | | | | | | 1,724 | | |
Total revenues
|
| | | | 566,552 | | | | | | 89,610 | | | | | | 10,284 | | | | | | (3,793) | | | | | | 662,653 | | |
Costs and expenses: | | | | | | | |||||||||||||||||||||||||
Cost of VOIs sold
|
| | | | 27,346 | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,346 | | |
Net carrying cost of VOI inventory
|
| | | | 6,847 | | | | | | — | | | | | | — | | | | | | (6,847) | | | | | | — | | |
Cost of other fee-based services
|
| | | | 5,116 | | | | | | 52,516 | | | | | | — | | | | | | 6,847 | | | | | | 64,479 | | |
Selling, general and administrative expenses
|
| | | | 340,063 | | | | | | — | | | | | | 72,652 | | | | | | 2,312 | | | | | | 415,027 | | |
Mortgage servicing expense
|
| | | | 6,105 | | | | | | — | | | | | | — | | | | | | (6,105) | | | | | | — | | |
Interest expense
|
| | | | 18,348 | | | | | | — | | | | | | 12,505 | | | | | | — | | | | | | 30,853 | | |
Total costs and expenses
|
| | | | 403,825 | | | | | | 52,516 | | | | | | 85,157 | | | | | | (3,793) | | | | | | 537,705 | | |
Income (loss) before non-controlling interest and
provision for income taxes |
| | | $ | 162,727 | | | | | $ | 37,094 | | | | | $ | (74,873) | | | | | $ | — | | | | | $ | 124,948 | | |
Add: depreciation
|
| | | | 6,341 | | | | | | 1,423 | | | | | | |||||||||||||||
Segment Adjusted EBITDA
|
| | | $ | 169,068 | | | | | $ | 38,517 | | | | | | |||||||||||||||
|
| | |
December 31, 2015
|
| |||||||||||||||||||||||||||
| | |
Sales of VOIs
and financing |
| |
Resort
operations and club management |
| |
Corporate
and other |
| |
Elimination
|
| |
Segment
Total |
| |||||||||||||||
Revenues: | | | | | | | |||||||||||||||||||||||||
Sales of VOIs
|
| | | $ | 259,236 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 259,236 | | |
Fee-based sales commission revenue
|
| | | | 173,659 | | | | | | — | | | | | | — | | | | | | — | | | | | | 173,659 | | |
Other fee-based services revenue
|
| | | | 14,283 | | | | | | 83,256 | | | | | | — | | | | | | — | | | | | | 97,539 | | |
Mortgage servicing revenue
|
| | | | 2,660 | | | | | | — | | | | | | — | | | | | | (2,660) | | | | | | — | | |
Interest income
|
| | | | 78,323 | | | | | | — | | | | | | 6,008 | | | | | | — | | | | | | 84,331 | | |
Other income, net
|
| | | | — | | | | | | — | | | | | | 2,883 | | | | | | — | | | | | | 2,883 | | |
Total revenues
|
| | | | 528,161 | | | | | | 83,256 | | | | | | 8,891 | | | | | | (2,660) | | | | | | 617,648 | | |
Costs and expenses: | | | | | | | |||||||||||||||||||||||||
Cost of VOIs sold
|
| | | | 22,884 | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,884 | | |
Net carrying cost of VOI inventory
|
| | | | 7,046 | | | | | | — | | | | | | — | | | | | | (7,046) | | | | | | — | | |
Cost of other fee-based services
|
| | | | 4,896 | | | | | | 49,000 | | | | | | — | | | | | | 7,046 | | | | | | 60,942 | | |
Selling, general and administrative expenses
|
| | | | 307,754 | | | | | | — | | | | | | 63,166 | | | | | | 2,884 | | | | | | 373,804 | | |
Mortgage servicing expense
|
| | | | 5,544 | | | | | | — | | | | | | — | | | | | | (5,544) | | | | | | — | | |
Interest expense
|
| | | | 20,308 | | | | | | — | | | | | | 15,390 | | | | | | — | | | | | | 35,698 | | |
Total costs and expenses
|
| | | | 368,432 | | | | | | 49,000 | | | | | | 78,556 | | | | | | (2,660) | | | | | | 493,328 | | |
Income (loss) before non-controlling interest and
provision for income taxes |
| | | $ | 159,729 | | | | | $ | 34,256 | | | | | $ | (69,665) | | | | | $ | — | | | | | $ | 124,320 | | |
Add: depreciation
|
| | | | 5,985 | | | | | | 1,372 | | | | | | |||||||||||||||
Segment Adjusted EBITDA
|
| | | $ | 165,714 | | | | | $ | 35,628 | | | | | | |||||||||||||||
|