BLUEGREEN VACATIONS CORP

CIK:0000778946|SEC Filings

Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenue	$ 146,359	$ 156,926
Costs and expenses:
Selling, general and administrative expenses	90,152	102,197
Interest expense	7,916	8,818
Other expense, net	214
Total costs and expenses	137,144	155,945
Income before non-controlling interest and provision for income taxes	9,215	981
Provision for income taxes	1,992	44
Net income	7,223	937
Less: Net income attributable to non-controlling interest	2,166	736
Net income attributable to Bluegreen Vacations Corporation shareholders	5,057	201
Comprehensive income attributable to Bluegreen Vacations Corporation shareholders	$ 5,057	$ 201
Earnings per share attributable to Bluegreen Vacations Corporation shareholders - Basic and diluted	$ 0.07	$ 0.00
Weighted average number of common shares outstanding:
Basic and diluted	72,484	74,066
Cash dividends declared per share		$ 0.13
Gross Sales Of VOIs [Member]
Revenues:
Total revenue	$ 68,250	$ 75,481
Costs and expenses:
Cost of VOIs sold	5,169	4,099
Estimated Uncollectible VOI Notes Receivable [Member]
Revenues:
Total revenue	12,319	30,353
Sales of VOIs [Member]
Revenues:
Total revenue	55,931	45,128
Costs and expenses:
Cost of VOIs sold		4,099
Total costs and expenses	5,169
Fee-Based Sales Commission Revenue [Member]
Revenues:
Total revenue	25,718	41,365
Other Fee-Based Services Revenue [Member]
Revenues:
Total revenue	28,897	29,314
Costs and expenses:
Cost of VOIs sold	17,085	21,711
Total costs and expenses	17,085
Cost Reimbursements [Member]
Revenues:
Total revenue	16,608	19,120
Costs and expenses:
Cost of VOIs sold	16,608	19,120
Total costs and expenses	16,608
Interest Income [Member]
Revenues:
Total revenue	19,205	21,866
Other Income, Net [Member]
Revenues:
Total revenue	$ 55,931	$ 133

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income	$ 7,223	$ 937
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,171	4,792
Loss (gain) on disposal of property and equipment	11	(44)
Provision for loan losses	12,319	30,353
Benefit for deferred income taxes	(1,542)	(176)
Changes in operating assets and liabilities:
Notes receivable	(4,534)	(11,778)
Prepaid expenses and other assets	(19,993)	(8,452)
Inventory	2,032	(356)
Accounts payable, accrued liabilities and other, and deferred income	2,134	(29,102)
Net cash provided by operating activities	2,821	(13,826)
Investing activities:
Purchases of property and equipment	(4,049)	(2,966)
Proceeds from sale of property and equipment		147
Net cash used in investing activities	(4,049)	(2,819)
Financing activities:
Proceeds from borrowings collateralized by notes receivable	42,350	32,568
Payments on borrowings collateralized by notes receivable	(36,331)	(36,059)
Proceeds from borrowings collateralized by line-of-credit facilities and notes payable		80,000
Payments under line-of-credit facilities and notes payable	(27,153)	(2,411)
Redemption of junior subordinated debentures	(4,004)
Payments of debt issuance costs		(76)
Repurchase and retirement of common stock		(11,741)
Dividends paid		(9,667)
Net cash (used in) provided by financing activities	(25,138)	52,614
Net (decrease) increase in cash and cash equivalents and restricted cash	(26,366)	35,969
Cash, cash equivalents and restricted cash at beginning of period	239,396	239,646
Cash, cash equivalents and restricted cash at end of period	213,030	275,615
Supplemental schedule of operating cash flow information:
Interest paid, net of amounts capitalized	6,760	8,317
Income taxes paid	$ 10,126	$ 199

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 172,552	$ 203,668
Restricted cash ($18,297 and $20,469 in VIEs at March 31, 2021 and December 31, 2020, respectively)	40,478	35,728
Notes receivable	544,806	551,393
Less: Allowance for loan loss	(143,242)	(142,044)
Notes receivable, net ($269,082 and $292,021 in VIEs at March 31, 2021 and December 31, 2020, respectively)	401,564	409,349
Inventory	345,090	347,122
Prepaid expenses	25,880	9,320
Other assets	34,463	31,378
Operating lease assets	33,927	34,325
Intangible assets, net	61,411	61,431
Property and equipment, net	90,257	90,049
Total assets	1,205,622	1,222,370
Liabilities
Accounts payable	13,577	10,604
Accrued liabilities and other	97,629	98,471
Operating lease liabilities	35,876	35,783
Deferred income	15,257	15,745
Deferred income taxes	85,862	87,404
Receivable-backed notes payable - recourse	35,975	38,500
Receivable-backed notes payable - non-recourse ($325,317 and $341,532 in VIEs at March 31, 2021 and December 31, 2020)	364,933	355,833
Lines-of-credit and notes payable	111,450	138,386
Junior subordinated debentures	69,128	72,932
Total liabilities	829,687	853,658
Commitments and Contingencies -See Note 9
Shareholders' Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 72,484,293 shares issued and outstanding at March 31, 2021 and December 31, 2020	725	725
Additional paid-in capital	257,812	257,812
Retained earnings	63,206	58,149
Total Bluegreen Vacations Corporation shareholders' equity	321,743	316,686
Non-controlling interest	54,192	52,026
Total shareholders' equity	375,935	368,712
Total liabilities and shareholders' equity	$ 1,205,622	$ 1,222,370