BOCA RATON, Fla.–(BUSINESS WIRE)–Bluegreen Vacations Corporation (NYSE: BXG) (“Bluegreen” or the “Company”) today reported its second quarter 2019 financial results.
2Q19 Highlights:
- (Loss) Earnings per Share (“EPS”) of $(0.15), compared to $0.36 in the prior year quarter.
- Net loss attributable to shareholders was $(11.2 million), compared to net earnings of $26.7 million in the prior year quarter.
- Included in this quarter’s results are expenses related to our settlement with Bass Pro of $39.1 million, or $0.39 per share
- Adjusted EBITDA of $28.7 million, compared to $41.9 million in the prior year quarter.
- Total revenue of $195.6 million, compared to $194.9 million in the prior year quarter.
- System-wide Sales of Vacation Ownership Interests (“VOIs”) of $163.6 million, compared to $172.0 million in the prior year quarter.
“We are pleased that during the quarter we came to a resolution of our differences with our long-time partner, Bass Pro Shops. The settlement agreement not only reinstated all of our marketing activities in Bass Pro retail stores, but resolved the issues which were delaying the expansion of our network into Cabela’s retail stores, which we believe positions us to reach an even broader audience,” said Shawn B. Pearson, Chief Executive Officer and President. “We also saw early indications of progress in our efforts to combat third-party exit firms as we realized lower default rates and provisions for loan losses in the quarter. We are eager to refocus our attention on enhancing engagement with our current owners and new owners, both through our existing sales channels as well as with new prospective marketing partners. Bluegreen offers attractive and affordable vacation options in popular, high-volume, ‘drive-to’ locations, which we believe will continue to resonate with consumers. We anticipate that our efforts will take some time to flow through to our results, but we are confident that the actions we are taking today will translate into enhanced performance over time.”
Financial Results
(dollars in millions, except per share data)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2019 |
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2018 |
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Change |
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2019 |
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2018 |
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Change |
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Total revenue |
$ |
195.6 |
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$ |
194.9 |
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0.3 |
% |
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$ |
364.4 |
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$ |
362.5 |
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0.5 |
% |
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(Loss) income before non-controlling interest and |
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(benefit) provision for income taxes |
$ |
(10.0) |
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$ |
39.4 |
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(125.4) |
% |
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$ |
12.2 |
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$ |
70.2 |
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(82.6) |
% |
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Net (loss) income attributable to shareholders |
$ |
(11.2) |
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$ |
26.7 |
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(141.9) |
% |
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$ |
4.0 |
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$ |
47.7 |
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(91.6) |
% |
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(Loss) earnings per share basic and diluted |
$ |
(0.15) |
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$ |
0.36 |
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(141.7) |
% |
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$ |
0.05 |
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$ |
0.64 |
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(92.2) |
% |
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Adjusted EBITDA |
$ |
28.7 |
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$ |
41.9 |
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(31.6) |
% |
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$ |
54.9 |
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$ |
75.2 |
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(27.0) |
% |
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Capital-light revenue(1) as a percentage of |
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total revenue |
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65.4% |
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70.0% |
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(460) |
bp |
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68.0% |
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72.3% |
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(430) |
bp |
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(1) |
Bluegreen’s “capital-light” revenue includes revenue from the sales of VOIs under fee-based sales and marketing arrangements, just-in-time inventory acquisition arrangements, and secondary market arrangements, as well as other fee-based services revenue and cost reimbursements revenue. |
Total revenue for the three months ended June 30, 2019 was $195.6 million, compared to $194.9 million in the prior year period, primarily due to increases in resort operations and club management revenue and interest income, and a decrease in the provision for loan loss, partially offset by a decrease in VOI sales as discussed more fully under “Segment Results” below. Adjusted EBITDA was $28.7 million in the second quarter of 2019 compared to $41.9 million in the second quarter of 2018, primarily due to lower VOI sales and higher cost of VOI sales and net carrying cost of inventory, partially offset by a lower provision for loan losses and higher profit on resort operations and club management operations.
In terms of segment results, decreased results in the Sales of VOIs and Financing segment were partially offset by growth in the Resort Operations and Club Management segment, as more fully described below.
Segment Results
Sales of VOIs and Financing Segment
(dollars in millions, except per guest and per transaction amounts)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2019 |
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2018 |
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Change |
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2019 |
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2018 |
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Change |
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System-wide sales of VOIs |
$ |
163.6 |
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$ |
172.0 |
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(4.9) |
% |
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$ |
293.3 |
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$ |
304.8 |
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(3.8) |
% |
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Segment adjusted EBITDA |
$ |
36.2 |
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$ |
48.3 |
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(25.0) |
% |
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$ |
67.3 |
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$ |
92.0 |
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(26.8) |
% |
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Guest tours |
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65,167 |
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65,570 |
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(0.6) |
% |
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113,305 |
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115,767 |
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(2.1) |
% |
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Average sales price per transaction |
$ |
15,432 |
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$ |
15,442 |
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(0.1) |
% |
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$ |
15,591 |
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$ |
15,351 |
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1.6 |
% |
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Sales to tour conversion ratio |
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16.4% |
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17.1% |
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(4.1) |
% |
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16.7% |
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17.3% |
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(3.5) |
% |
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Sales volume per guest (“VPG”) |
$ |
2,528 |
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$ |
2,646 |
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(4.5) |
% |
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$ |
2,603 |
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$ |
2,653 |
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(1.9) |
% |
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Selling and marketing expenses, as a |
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% of system-wide sales of VOIs |
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50.7% |
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48.5% |
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220 |
bp |
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50.5% |
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48.9% |
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160 |
bp |
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Provision for loan losses |
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14.9% |
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16.4% |
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(150) |
bp |
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16.1% |
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14.7% |
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140 |
bp |
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Cost of VOIs sold |
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15.5% |
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9.9% |
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560 |
bp |
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12.0% |
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6.9% |
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510 |
bp |
During the second quarter of 2019, system-wide sales of VOIs were $163.6 million, compared to $172.0 million in the second quarter of 2018. The year over year change in sales was primarily driven by a lower sale-to-tour conversion ratio, which resulted in a lower average sales volume per guest (“VPG”), in part due to disruptions at sales offices related to the Bass Pro matter, which has subsequently been resolved as described under Bass Pro Settlement below. Package sales volumes in the second quarter of 2019 increased approximately 7% compared to the second quarter of 2018 following an 8% increase in the first quarter, and these increases are expected to result in increased guest tours over the next six to 18 months. However, the growth in package sales occurred in channels that are typically not as efficient as Bass Pro, in which the Company experienced a decrease in package sales during the quarter due to the period of time we were denied access to the Bass Pro stores.
Provision for loan losses decreased to 14.9% of gross VOI sales, compared to 16.4% in the prior year second quarter. As previously disclosed, the Company’s default rates in recent years have been adversely impacted by the actions of “timeshare exist firms” which had been encouraging some VOI owners to become delinquent and ultimately default on their obligations. The Company believes that the improvement in its default rates in the second quarter of 2019 compared to the second quarter of 2018 is in part due to its zero-tolerance strategy and ongoing steps to address this issue, which has resulted in a reduction of cease and desist letters received and a reduction in average annual default rates and correspondingly the provision for loan losses in the second quarter of 2019. The Company’s provision for loan losses has recently ranged between 14.9% and 20.7%, and expectations for the remainder of 2019 are below the midpoint of that range.
Fee-based sales commission revenue was $55.3 million in the second quarter of 2019, compared to $60.1 million in the second quarter of 2018. The period over period change reflected lower sales of third-party VOI inventory, due to lower system-wide sales as described above, as well as an average fee-based sales commission of 66% during the second quarter of 2019 as compared to 67% during the comparable prior year period.
In the second quarter of 2019, cost of VOIs sold represented 15.5% of sales of VOIs compared to 9.9% in the second quarter of 2018. Cost of VOIs sold as a percentage of sales of VOIs varies between periods based on the relative costs of the specific VOIs sold in each period and the size of the point packages of the VOIs sold. During the second quarter of 2018, the cost of sales benefited from VOI sales of relatively lower cost VOIs as to compared to the second quarter of 2019 where VOI sales were of relatively higher cost VOIs. Cost of VOIs sold is expected to range from 10% to 15% for the remainder of 2019.
Net carrying cost of inventory increased $3.6 million in the second quarter of 2019 compared to the second quarter of 2018, primarily due to the carrying cost associated with the Éilan Hotel and Spa, which was acquired in April 2018 and increased maintenance fees and developer subsidies associated with the increase in VOI inventory as well as decreased net operating profits from the Company’s sampler program.
Selling and marketing expense increased to 51% of system-wide sales of VOIs during the second quarter of 2019 as compared to 48% during the second quarter of 2018. The increase in selling and marketing expenses as a percentage of system-wide sales of VOIs is primarily attributable to higher costs per guest tour and a lower VPG, due in part to decreased sales associated with disruptions in the Company’s sales offices as a result of the recently resolved Bass Pro dispute, as well as changes in our yield management program during the 2019 period.
Resort Operations and Club Management Segment
(dollars in millions)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2019 |
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2018 |
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% Change |
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2019 |
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2018 |
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% Change |
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Resort operations and club management revenue |
$ |
45.0 |
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$ |
41.3 |
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9.1 |
% |
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$ |
92.1 |
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$ |
82.8 |
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11.2 |
% |
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Segment adjusted EBITDA |
$ |
14.5 |
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$ |
13.8 |
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5.4 |
% |
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$ |
27.7 |
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$ |
25.8 |
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7.3 |
% |
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Resorts managed |
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49 |
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49 |
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— |
% |
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49 |
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49 |
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— |
% |
In the second quarter of 2019, resort operations and management club revenue increased by $3.7 million, or 9.1%, to $45.0 million from the prior year quarter. The increase was driven primarily by the full period of management fees in 2019 related to managed resorts added during 2018 and higher third-party rental commissions. Segment adjusted EBITDA grew by 5.4% to $14.5 million.
Bass Pro Settlement
As previously disclosed, on April 17, 2019, Bass Pro and its affiliates brought an action against the Company, alleging that the Company failed to pay certain commissions due it under the parties’ marketing agreement, amongst other alleged breaches. On May 24, 2019, the Company received notice from Bass Pro and its affiliates that it was terminating the marketing agreement based on the failure to cure the alleged breaches. Subsequently, the Company filed a counter claim against Bass Pro and its affiliates.
On June 13, 2019, the Company entered into a settlement agreement which resolved the action filed by Bass Pro and reinstated and amended the marketing agreement. Pursuant to the terms of the settlement agreement, Bass Pro agreed to reinstate the Company’s access to Bass Pro’s marketing channels, including Bass Pro and Cabela’s retail stores. Additionally, with no admission of any wrongdoing, the Company paid Bass Pro $20 million within 15 days after the execution of the settlement agreement; the Company agreed to pay Bass Pro $4 million on each January 1 from 2020 through 2024; and the Company agreed that Bass Pro would keep the remaining $1.5 million of an amount prepaid to them earlier in 2019 under the marketing agreement. Additionally, in lieu of the previous commission arrangement, the Company agreed to pay Bass Pro a fixed annual fee of $70,000 for each Bass Pro and Cabela’s retail store that it accesses (excluding retail stores which are designated to provide tours to Bluegreen/Big Cedar Vacations, or “Bluegreen/Big Cedar Feeder Stores”) plus $32 per net vacation package sold (less cancellations and refunds within 45 days of sale), excluding sales at Bluegreen/Big Cedar Feeder Stores. The fixed annual fee will be prorated for the remainder of 2019. Subject to the terms and conditions of the settlement agreement, the Company will generally be required to pay the fixed annual fee with respect to at least 60 Bass Pro retail stores and a minimum number of Cabela’s retail stores that increases over time to a total of at least 60 Cabela’s retail stores by the end of 2021. Notwithstanding the foregoing, the minimum number of Bass Pro and Cabela’s retail stores for purposes of the fixed annual fee may be reduced under certain circumstances set forth in the settlement agreement, including as a result of a reduction of traffic in the stores in excess of 25% year-over-year. The Company also agreed to contribute to the Wonders of Wildlife Foundation $5.00 per net package sold (less cancellations and refunds within 45 days of sale), subject to an annual minimum of $700,000 which was not prorated for 2019. The parties executed mutual waivers and releases and agreed to the dismissal of the litigation.
Balance Sheet and Liquidity
As of June 30, 2019, unrestricted cash and cash equivalents totaled $180.2 million. Bluegreen had availability of approximately $150.6 million under its receivable-backed purchase and credit facilities and corporate credit line as of June 30, 2019, subject to eligible collateral and the terms of the facilities, as applicable. Excluding receivable-backed notes payable, the Company’s net debt-to-EBITDA ratio as of June 30, 2019 was .23.
Free cash flow, which the Company defines as cash flow from operating activities, less capital expenditures, was $(2. 9) million for the six months ended June 30, 2019, compared to $8.1 million for the six months ended June 30, 2018. The decrease in free cash flow was primarily attributable to the $20.0 million payment to Bass Pro in June 2019, partially offset by decreased spending on the acquisition and development of inventory in the 2019 period.
Dividend
On July 30, 2019, Bluegreen’s Board of Directors declared a quarterly common stock cash dividend of $0.17 per share. The dividend is payable on August 27, 2019 to shareholders of record as of the close of trading on August 13, 2019.
Second Quarter 2019 Webcast
The Company has provided a pre-recorded business update and management presentation via webcast link, indicated below, in the Investor Relations section of its website at ir.bluegreenvacations.com. A transcript will also be available simultaneously with the webcast. The webcast and supplemental management presentation can be accessed on the Investor Relations section of Bluegreen Vacations’ website at ir.bluegreenvacations.com. The pre-recorded presentation can also be accessed at 1-844-512-2921 (domestic) and 1-412-317-6671 (international) and entering pin number 1135129. The business update via dial-in will be available through midnight Sunday, September 1, 2019. A transcript will also be available simultaneously with the webcast.
Forward-Looking Statements:
Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are based on current expectations of management and can be identified by the use of words such as “believe”, “may”, “could”, “should”, “plans”, “anticipates”, “intends”, “estimates”, “expects”, and other words and phrases of similar impact. Forward-looking statements involve risks, uncertainties and other factors, many of which are beyond our control, that may cause actual results or performance to differ from those set forth or implied in the forward-looking statements. These risks and uncertainties include, without limitation, risks relating to our ability to achieve increases in VOI sales including new owner sales; our ability to successfully implement our strategic plans and initiatives, generate earnings and long-term growth; risks that our marketing alliances will not contribute to growth or be profitable; the risk that our business relationship with Bass Pro under the revised terms of our marketing agreement with Bass Pro may not be as profitable as under the prior terms, or at all, or otherwise result in the benefits anticipated; risks that the increases in package sales may not continue and may not result in increased guest tours in the timeframe anticipated or at all; risks that dividend payments will not continue at current levels, if at all; risks that the Company’s costs, including costs of VOIs sold, for the remainder of 2019 will not be within the expected ranges; risks that the Company’s efforts to address the increase in default rates may not be successful and default rates may not decrease and may exceed the Company’s expectations; and the additional risks and uncertainties described in Bluegreen’s filings with the Securities and Exchange Commission, including, without limitation, those described in the “Risk Factors” section of Bluegreen’s Annual Report on Form 10-K for the year ended December 31, 2018 and those described in Bluegreen’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, which is expected to be filed on or about August 6, 2019. Bluegreen cautions that the foregoing factors are not exclusive. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. Bluegreen does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements.
Non-GAAP Financial Measures:
The Company refers to certain non-GAAP financial measures in this press release, including system-wide sales of VOIs, Adjusted EBITDA and free cash flow. Please see the supplemental tables and definitions attached herein for additional information and reconciliation of such non-GAAP financial measures.
About Bluegreen Vacations Corporation:
Bluegreen Vacations Corporation (NYSE: BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with approximately 217,000 owners, 69 Club and Club Associate Resorts and access to more than 11,300 other hotels and resorts through partnerships and exchange networks as of June 30, 2019. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is approximately 90% owned by BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com.
About BBX Capital Corporation:
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) is a Florida-based diversified holding company whose principal investments include Bluegreen Vacations Corporation (NYSE: BXG), BBX Capital Real Estate, Renin Holdings, and IT’SUGAR. For additional information, please visit www.BBXCapital.com.
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BLUEGREEN VACATIONS CORPORATION |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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AND COMPREHENSIVE INCOME (UNAUDITED) |
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(In thousands, except for per share data) |
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, |
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June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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Revenue: |
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Gross sales of VOIs |
|
$ |
80,221 |
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$ |
82,027 |
|
$ |
143,105 |
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$ |
146,187 |
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Estimated uncollectible VOI notes receivable |
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(11,919) |
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(13,454) |
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(23,072) |
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(21,473) |
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Sales of VOIs |
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68,302 |
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|
68,573 |
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|
120,033 |
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124,714 |
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Fee-based sales commission revenue |
|
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55,343 |
|
|
60,086 |
|
|
100,555 |
|
|
105,940 |
|
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Other fee-based services revenue |
|
|
30,703 |
|
|
30,391 |
|
|
60,271 |
|
|
58,415 |
|
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Cost reimbursements |
|
|
17,358 |
|
|
14,059 |
|
|
37,594 |
|
|
30,260 |
|
|
Interest income |
|
|
21,875 |
|
|
21,118 |
|
|
43,883 |
|
|
42,240 |
|
|
Other income, net |
|
|
1,993 |
|
|
710 |
|
|
2,082 |
|
|
891 |
|
|
Total revenue |
|
|
195,574 |
|
|
194,937 |
|
|
364,418 |
|
|
362,460 |
|
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Costs and expenses: |
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Cost of VOIs sold |
|
|
10,572 |
|
|
6,789 |
|
|
14,420 |
|
|
8,601 |
|
|
Cost of other fee-based services |
|
|
19,924 |
|
|
16,634 |
|
|
42,792 |
|
|
34,045 |
|
|
Cost reimbursements |
|
|
17,358 |
|
|
14,059 |
|
|
37,594 |
|
|
30,260 |
|
|
Selling, general and administrative expenses |
|
|
147,668 |
|
|
109,580 |
|
|
237,882 |
|
|
203,129 |
|
|
Interest expense |
|
|
10,061 |
|
|
8,495 |
|
|
19,567 |
|
|
16,262 |
|
|
Total costs and expenses |
|
|
205,583 |
|
|
155,557 |
|
|
352,255 |
|
|
292,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and (benefit) provision for income taxes |
|
|
(10,009) |
|
|
39,380 |
|
|
12,163 |
|
|
70,163 |
|
|
(Benefit) provision for income taxes |
|
|
(3,957) |
|
|
9,353 |
|
|
1,346 |
|
|
16,554 |
|
|
Net (loss) income |
|
|
(6,052) |
|
|
30,027 |
|
|
10,817 |
|
|
53,609 |
|
|
Less: Net income attributable to |
|
|
5,131 |
|
|
3,317 |
|
|
6,847 |
|
|
5,924 |
|
|
non-controlling interest |
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Net (loss) income attributable to Bluegreen |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacations Corporation shareholders |
|
$ |
(11,183) |
|
$ |
26,710 |
|
$ |
3,970 |
|
$ |
47,685 |
|
|
|
|
|
|
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|
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|
|
|
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|
Comprehensive (loss) income attributable to |
|
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|
|
|
|
|
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|
|
|
|
Bluegreen Vacations Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders |
|
$ |
(11,183) |
|
$ |
26,710 |
|
$ |
3,970 |
|
$ |
47,685 |
|
|
|
|
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|
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|
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|
BLUEGREEN VACATIONS CORPORATION |
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|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||
|
AND COMPREHENSIVE INCOME (UNAUDITED) |
|||||||||||||
|
(In thousands, except for share and per share data) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
||||||||
|
|
|
June 30, |
|
June 30, |
|
||||||||
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
||||
|
(Loss) Earnings per share attributable to |
|
$ |
(0.15) |
|
$ |
0.36 |
|
$ |
0.05 |
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
74,446 |
|
|
74,734 |
|
|
74,446 |
|
|
74,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share |
|
$ |
0.17 |
|
$ |
0.15 |
|
$ |
0.34 |
|
$ |
0.30 |
|
|
BLUEGREEN VACATIONS CORPORATION |
||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||||
|
(In thousands) |
||||||
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
||||
|
|
|
June 30, |
||||
|
|
|
2019 |
|
2018 |
||
|
Operating activities: |
|
|
|
|
|
|
|
Net income |
|
$ |
10,817 |
|
$ |
53,609 |
|
Adjustments to reconcile net income to net cash provided |
|
|
|
|
|
|
|
by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
9,056 |
|
|
7,597 |
|
Gain on disposal of property and equipment |
|
|
(1,945) |
|
|
— |
|
Provision for loan losses |
|
|
23,055 |
|
|
21,447 |
|
(Benefit) provision for deferred income taxes |
|
|
(10,041) |
|
|
2,215 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Notes receivable |
|
|
(24,742) |
|
|
(24,236) |
|
Prepaid expenses and other assets |
|
|
(11,674) |
|
|
(16,122) |
|
Inventory |
|
|
(8,071) |
|
|
(25,770) |
|
Accounts payable, accrued liabilities and other, and |
|
|
|
|
|
|
|
deferred income |
|
|
25,157 |
|
|
4,475 |
|
Net cash provided by operating activities |
|
|
11,612 |
|
|
23,215 |
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(14,516) |
|
|
(15,105) |
|
Proceeds from sale of property and equipment |
|
|
1,820 |
|
|
— |
|
Net cash used in investing activities |
|
|
(12,696) |
|
|
(15,105) |
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
Proceeds from borrowings collateralized |
|
|
|
|
|
|
|
by notes receivable |
|
|
45,095 |
|
|
73,706 |
|
Payments on borrowings collateralized by notes receivable |
|
|
(66,769) |
|
|
(68,531) |
|
Proceeds from borrowings collateralized |
|
|
|
|
|
|
|
by line-of-credit facilities and notes payable |
|
|
20,386 |
|
|
50,042 |
|
Payments under line-of-credit facilities and notes payable |
|
|
(17,407) |
|
|
(24,671) |
|
Payments of debt issuance costs |
|
|
(132) |
|
|
(187) |
|
Dividends paid |
|
|
(25,312) |
|
|
(22,420) |
|
Net cash (used in) provided by financing activities |
|
|
(44,139) |
|
|
7,939 |
|
Net (decrease) increase in cash and cash equivalents |
|
|
|
|
|
|
|
and restricted cash |
|
|
(45,223) |
|
|
16,049 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
273,134 |
|
|
243,349 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
227,911 |
|
$ |
259,398 |
|
|
|
|
|
|
|
|
|
Supplemental schedule of operating cash flow information: |
|
|
|
|
|
|
|
Interest paid, net of amounts capitalized |
|
$ |
16,871 |
|
$ |
14,250 |
|
Income taxes paid |
|
$ |
14,357 |
|
$ |
14,618 |
|
Supplemental schedule of non-cash investing and financing activities: |
|
|
|
|
|
|
|
Acquisition of inventory, property, and equipment for notes payable |
|
$ |
— |
|
$ |
24,258 |
|
BLUEGREEN VACATIONS CORPORATION |
||||||
|
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||
|
(In thousands, except for per share data) |
||||||
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
||
|
|
|
2019 |
|
2018 |
||
|
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
180,166 |
|
$ |
219,408 |
|
Restricted cash ($19,018 and $28,400 in VIEs at June 30, 2019 |
|
|
|
|
|
|
|
and December 31, 2018, respectively) |
|
|
47,745 |
|
|
53,726 |
|
Notes receivable, net ($308,042 and $341,975 in VIEs |
|
|
|
|
|
|
|
at June 30, 2019 and December 31, 2018, respectively) |
|
|
440,854 |
|
|
439,167 |
|
Inventory |
|
|
342,220 |
|
|
334,149 |
|
Prepaid expenses |
|
|
14,946 |
|
|
10,097 |
|
Other assets |
|
|
57,970 |
|
|
49,796 |
|
Operating lease assets |
|
|
23,395 |
|
|
— |
|
Intangible assets, net |
|
|
61,556 |
|
|
61,845 |
|
Loan to related party |
|
|
80,000 |
|
|
80,000 |
|
Property and equipment, net |
|
|
102,361 |
|
|
98,279 |
|
Total assets |
|
$ |
1,351,213 |
|
$ |
1,346,467 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
18,270 |
|
$ |
19,515 |
|
Accrued liabilities and other |
|
|
102,183 |
|
|
80,364 |
|
Operating lease liabilities |
|
|
24,584 |
|
|
— |
|
Deferred income |
|
|
17,668 |
|
|
16,522 |
|
Deferred income taxes |
|
|
81,015 |
|
|
91,056 |
|
Receivable-backed notes payable – recourse |
|
|
86,820 |
|
|
76,674 |
|
Receivable-backed notes payable – non-recourse (in VIEs) |
|
|
351,316 |
|
|
382,257 |
|
Lines-of-credit and notes payable |
|
|
136,796 |
|
|
133,391 |
|
Junior subordinated debentures |
|
|
71,691 |
|
|
71,323 |
|
Total liabilities |
|
|
890,343 |
|
|
871,102 |
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Common stock, $.01 par value, 100,000,000 shares authorized; 74,445,923 |
|
|
|
|
|
|
|
shares issued and outstanding at June 30, 2019 and December 31, 2018 |
|
|
744 |
|
|
744 |
|
Additional paid-in capital |
|
|
270,369 |
|
|
270,369 |
|
Retained earnings |
|
|
137,299 |
|
|
158,641 |
|
Total Bluegreen Vacations Corporation shareholders’ equity |
|
|
408,412 |
|
|
429,754 |
|
Non-controlling interest |
|
|
52,458 |
|
|
45,611 |
|
Total shareholders’ equity |
|
|
460,870 |
|
|
475,365 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,351,213 |
|
$ |
1,346,467 |
Contacts
Bluegreen Vacations Corporation
Investor Relations:
Nikki Sacks, 203-682-8263
or
Evelyn Infurna, 203-682-8265
Email: [email protected]
