Diamond Resorts Corp

CIK:0001514608|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $)	2 Months Ended	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Amortization of Financing Costs	$ 1,500,000	$ 1,200,000
Revenues:
Vacation Interest sales	98,340,000	58,687,000
Provision for uncollectible Vacation Interest sales revenue	(6,672,000)	(4,115,000)
Vacation Interest, net	91,668,000	54,572,000
Management and member services	31,587,000	27,280,000
Consolidated resort operations	8,620,000	8,534,000
Interest	13,255,000	13,656,000
Other	8,322,000	4,908,000
Total revenues	153,452,000	108,950,000
Costs and Expenses:
Vacation Interest cost of sales	17,846,000	8,231,000
Advertising, sales and marketing	50,359,000	34,819,000
Vacation Interest carrying cost, net	8,237,000	9,272,000
Management and member services	9,779,000	8,275,000
Consolidated resort operations	7,722,000	7,082,000
Loan portfolio	2,505,000	2,351,000
Other operating	368,000	1,158,000
General and administrative	22,800,000	20,760,000
Depreciation and amortization	6,254,000	3,805,000
Interest expense	24,842,000	21,931,000
Impairments and other write-offs	79,000	(11,000)
Gain on disposal of assets	(50,000)	(72,000)
Gain on bargain purchase from business combination	0	(51,000)
Total costs and expenses	150,741,000	117,550,000
Income (loss) before (benefit) provision for income taxes	2,711,000	(8,600,000)
(Benefit) provision for income taxes	438,000	975,000
Net income (loss)	2,273,000	(9,575,000)
Other comprehensive income:
Currency translation adjustments, net of tax of $0	(2,744,000)	1,991,000
Other	12,000	25,000
Total other comprehensive (loss) income, net of tax	(2,732,000)	2,016,000
Comprehensive income (loss)	$ (459,000)	$ (7,559,000)

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	2 Months Ended	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Operating Activities:
Net income (loss)	$ 2,273	$ (9,575)
Adjustments to reconcile net loss to net cash provided by operating activities:
Provision for uncollectible Vacation Interest sales revenue	6,672	4,115
Amortization of capitalized financing costs and original issue discounts	1,874	1,506
Amortization of capitalized loan origination costs and portfolio discounts	1,230	(248)
Depreciation and amortization	6,254	3,805
Impairments and other write-offs	79	(11)
Gain on disposal of assets	(50)	(72)
Gain on bargain purchase from business combination	0	(51)
(Gain) loss on foreign currency exchange	61	(29)
Gain on mortgage repurchase	0	(11)
Gain on insurance settlement	(2,203)	0
Changes in operating assets and liabilities excluding acquisitions:
Mortgages and contracts receivable	(16,058)	(634)
Due from related parties, net	2,089	4,589
Other receivables, net	12,193	12,226
Prepaid expenses and other assets, net	(64,407)	(60,054)
Unsold Vacation Interests, net	13,210	1,454
Accounts payable	(1,884)	(220)
Due to related parties, net	35,552	50,472
Accrued liabilities	(3,051)	(5,533)
Income taxes payable (receivable)	1,089	435
Deferred revenues	15,415	18,537
Net cash provided by operating activities	10,338	20,701
Investing activities:
Property and equipment capital expenditures	(2,524)	(1,885)
Proceeds from sale of assets	0	(219)
Net cash used in investing activities	(2,524)	(1,666)
Financing activities:
Changes in cash in escrow and restricted cash	(14,189)	(8,765)
Proceeds from issuance of securitization notes and Funding Facilities	127,680	30,607
Proceeds from issuance of notes payable	1,319	65
Payments on securitization notes and Funding Facilities	105,151	35,765
Payments on notes payable	(9,816)	(7,088)
Payments of debt issuance costs	(1,974)	(24)
Payments of costs related to issuance of common and preferred units	0	8
Net cash provided by financing activities	(2,131)	(20,978)
Net (decrease) increase in cash and cash equivalents	5,683	(1,943)
Effect of changes in exchange rates on cash and cash equivalents	(540)	237
Cash and cash equivalents, beginning of period		19,897
Cash and cash equivalents, end of period	26,204	18,191
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	32,689	32,054
Cash paid for taxes, net of tax refunds	(656)	549
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Insurance premiums financed through issuance of notes payable	5,914	6,043
Unsold vacation interests reclassified to assets held for sale	$ 0	$ 18

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 26,204	$ 21,061	$ 18,191	$ 19,897
Cash in escrow and restricted cash	56,381	42,311
Mortgages and contracts receivable, net of allowance of $80,901 and $84,098, respectively	320,967	312,932
Due from related parties, net	22,978	22,995
Other Receivables	35,737	46,049
Income tax receivable	29	927
Prepaid expenses and other assets, net	122,766	58,024	122,766
Unsold Vacation Interests, net	300,488	315,867	256,525
Property and equipment, net	55,055	55,120
Assets held for sale	4,886	5,224
Intangible assets, net	108,312	112,498
Total assets	1,053,803	993,008
LIABILITIES AND MEMBER CAPITAL (DEFICIT)
Accounts payable	13,524	15,719
Due to related parties, net	96,799	64,204
Accrued liabilities	100,020	106,451
Income taxes payable	855	701
Deferred revenues	108,443	93,833
Senior secured notes, net of unamortized original issue discount of $8,997 and $9,454, respectively	416,747	416,491
Securitization notes and Funding Facilities, net of unamortized original issue discount of $913 and $1,054, respectively	278,928	256,302
Notes Payable	137,545	137,906
Total liabilities	1,152,861	1,091,607
Member capital (deficit):
Member capital (authorized and issued 1,387.8 common units, no par value)	155,568	155,568
Accumulated deficit	(235,161)	(237,434)
Accumulated other comprehensive loss	(19,465)	(16,733)
Total member capital (deficit)	(99,058)	(98,599)
Total liabilities and member capital (deficit)	$ 1,053,803	$ 993,008