Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-19292 | |
Entity Registrant Name | BLUEGREEN VACATIONS CORPORATION | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 03-0300793 | |
Entity Address, Address Line One | 4960 Conference Way North | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Boca Raton | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33431 | |
City Area Code | 561 | |
Local Phone Number | 912-8000 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | BXG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Central Index Key | 0000778946 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ 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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted cash | $ 40,478 | $ 35,728 |
Notes receivable, net | 401,564 | 409,349 |
Receivable backed notes payable - non-recourse | $ 364,933 | $ 355,833 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 72,484,293 | 72,484,293 |
Common stock, shares outstanding | 72,484,293 | 72,484,293 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Restricted cash | $ 18,297 | $ 20,469 |
Notes receivable, net | 269,082 | 292,021 |
Receivable backed notes payable - non-recourse | $ 325,317 | $ 341,532 |
Consolidated Statements Of Oper
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 |
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 Statement Of Share
Consolidated Statement Of Shareholder's Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member] | Non-controlling Interests [Member] | Total |
Beginning balance at Dec. 31, 2019 | $ 744 | $ 269,534 | $ 145,847 | $ 49,534 | $ 465,659 |
Beginning balance, shares at Dec. 31, 2019 | 74,362,693 | ||||
Net income | 201 | 736 | 937 | ||
Dividends to shareholders | (9,667) | (9,667) | |||
Stock repurchase, value | $ (19) | (11,722) | (11,741) | ||
Stock repurchase, shares | (1,878,400) | ||||
Ending balance at Mar. 31, 2020 | $ 725 | 257,812 | 136,381 | 50,270 | 445,188 |
Ending balance, shares at Mar. 31, 2020 | 72,484,293 | ||||
Beginning balance at Dec. 31, 2020 | $ 725 | 257,812 | 58,149 | 52,026 | $ 368,712 |
Beginning balance, shares at Dec. 31, 2020 | 72,484,293 | ||||
Net income | 5,057 | 2,166 | $ 7,223 | ||
Ending balance at Mar. 31, 2021 | $ 725 | $ 257,812 | $ 63,206 | $ 54,192 | $ 375,935 |
Ending balance, shares at Mar. 31, 2021 | 72,484,293 |
Consolidated Statements Of Cash
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 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization And Basis Of Presentation [Abstract] | |
Organization And Basis Of Presentation | 1. Organization and Basis of Financial Statement Presentation Bluegreen Vacations Corporation is referred to in this report together with its consolidated subsidiaries as “Bluegreen Vacations”, “Bluegreen”, “the Company”, “we”, “us” and “our”. Bluegreen has prepared the accompanying unaudited consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the financial information furnished herein reflects all adjustments consisting of normal recurring items necessary for a fair presentation of our financial position, results of operations, and cash flows for the interim periods reported in this Quarterly Report on Form 10-Q. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, actual results could differ from those estimates. Due to the unprecedented impact and uncertainties related to Coronavirus Disease 2019 (“COVID-19”) pandemic, including its potential future impact and other factors, the results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other future interim or annual periods. The accompanying financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K filed with the SEC on March 12, 2021 (the “2020 Annual Report on Form 10-K”). Our Business We are a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations. Our resort network includes 45 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (“Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 23 Club Associate Resorts (resorts in which owners in our Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Our Club Resorts and Club Associate Resorts are primarily located in high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach and Charleston, among others. Through our points-based system, the approximately 214,000 owners in our Vacation Club have the flexibility to stay at units available at any of our resorts and have access to over 11,300 other hotels and resorts through partnerships and exchange networks. The resorts in which we market, sell or manage VOIs were either developed or acquired by us, or were developed and are owned by third parties. We earn fees for providing sales and marketing services to third party developers. We also earn fees for providing management services to the Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, we provide financing to qualified VOI purchasers, which generates significant interest income. We derive a significant portion of our revenue from our capital-light business model, which utilizes our expertise and infrastructure to generate both VOI sales and recurring revenue from third parties without the significant capital investment generally associated with the development and acquisition of resorts. Our capital-light business activities include sales of VOIs owned by third-party developers pursuant to which we are paid a commission (“fee-based sales”) and sales of VOIs that we purchase under just-in-time (“JIT”) arrangements with third-party developers or from secondary market sources. In addition, as described above, we provide resort and resort developers with other fee-based services, including resort management, mortgage servicing, title services and construction management, and generate income through financing provided to qualified VOI purchasers in connection with VOI sales. Our operations and activities have been materially adversely impacted by the COVID-19 pandemic as discussed further below and elsewhere herein. Merger; Parent Company On May 5, 2021, Bluegreen Vacations Holding Corporation (“BVH”), formerly BBX Capital Corporation, which previously owned approximately 93 % of Bluegreen’s issued and outstanding common stock acquired all of the approximately 7 % of the outstanding shares of Bluegreen’s common stock not already beneficially owned by BVH through a statutory short-form merger under Florida law. In connection with the merger, Bluegreen’s shareholders (other than BVH) are entitled to receive 0.51 shares of BVH’s Class A Common Stock for each share of Bluegreen’s common stock that they held at the effective time of the merger. As a result of the completion of the merger, Bluegreen has become a wholly owned subsidiary of BVH and Bluegreen’s common stock is no longer publicly traded. Principles of Consolidation and Basis of Presentation Our unaudited consolidated financial statements include the accounts of all of our wholly owned subsidiaries, entities in which we hold a controlling financial interest, including Bluegreen/Big Cedar Vacations, LLC (a joint venture in which we are deemed to hold a controlling financial interest based on our 51 % equity interest, our active role as the day-to-day manager of its activities, and our majority voting control of its management committee (“Bluegreen/Big Cedar Vacations”), and variable interest entities (sometimes referred to herein as “VIEs”) of which we are the primary beneficiary, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Consolidations (Topic 810). We do not consolidate the statutory business trusts formed by us to issue trust preferred securities as these entities represent VIEs in which we are not the primary beneficiary. The statutory business trusts are accounted for under the equity method of accounting. All significant intercompany balances and transactions have been eliminated in consolidation. Continued Impact of COVID-19 on our Business We continue to be adversely affected by the economic impact of the COVID-19 pandemic. In response to the pandemic, we temporarily closed all of our VOI sales centers and marketing operations in the last week of March 2020 and took other measures with a goal of mitigating the impact of the pandemic and positioning the Company to navigate the pandemic successfully. By March 31, 2021, we were operating marketing kiosks at 105 Bass Pro Shops and Cabela’s stores, including 7 new Cabela’s locations opened during the three months ended March 31, 2021; had reactivated the Choice Hotels call transfer program; had reopened all of our resorts; and reopened all but two of our VOI sales centers. Further, resort occupancy rates were approximately 70 % at resorts with sales centers in the first quarter of 2021 compared to 66 % in the first quarter of 2020 and vacation packages sold were 15 % higher in the first quarter of 2021 compared to the first quarter of 2020. Although this trend of reduced travel for vacation packages sold prior to the COVID-19 pandemic still exists, we are encouraged by the eagerness of our owners to travel to our resorts and for the first quarter of 2021 we have sold 49,000 vacation packages compared to 43,000 in the first quarter of 2020. Use of Estimates Our financial statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing COVID-19 pandemic. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. As a result, our accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in, among other adjustments, future impairments of intangibles and long-lived assets, incremental credit losses on VOI notes receivable, a decrease in the carrying amount of our tax assets, or an increase in other obligations as of the time of a relevant measurement event. Reclassification of Prior Period Presentation Certain prior period balances were reclassified to conform to the current period presentation. The reclassification had no impact on our statements of operations and comprehensive income or statements of cash flows. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncement and guidance relevant to our operations which had not yet been adopted as of March 31, 2021: In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effect of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides relief for companies preparing for the discontinuation of LIBOR in response to the Financial Conduct Authority (the regulatory authority over LIBOR) plan for a phase out of regulatory oversight of LIBOR interest rate indices after 2021 to allow for an orderly transition to an alternate reference rate. The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to LIBOR for promissory notes or other contracts that are currently indexed to LIBOR. The ARRC has proposed a market transition plan to SOFR from LIBOR and organizations are currently working on transition plans as it relates to derivatives and cash markets exposed to LIBOR. Although our VOIs notes receivable from our borrowers are not indexed to LIBOR, as of March 31, 2021 we had $ 104.8 million of LIBOR indexed junior subordinated debentures, $ 66.7 million of LIBOR indexed receivable-backed notes payable and lines of credit and $ 108.1 million of LIBOR indexed l ines of credit and notes payable (which are not receivable-backed) that mature after 2021. Companies can apply ASU 2020-04 immediately. However, the guidance will only be available for a limited time, generally through December 31, 2022. We are evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on our results of operations, liquidity and consolidated financial statements. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue From Contracts With Cutomers | 3 . Revenue From Contracts with Customers We operate our business in the following two segments: ( i) Sales of VOIs and financing; and (ii) Resort operations and club management . The table below sets forth our disaggregated revenue by segment from contracts with customers (in thousands). For the Three Months Ended March 31, 2021 2020 Sales of VOIs (1) $ 55,931 $ 45,128 Fee-based sales commission revenue (1) 25,718 41,365 Resort and club management revenue (2) 24,928 25,029 Cost reimbursements (2) 16,608 19,120 Title fees and other (1) 2,274 2,723 Other revenue (2) 1,695 1,562 Revenue from customers 127,154 134,927 Interest income (3) 19,205 21,866 Other income, net — 133 Total revenue $ 146,359 $ 156,926 (1) Included in our sales of VOIs and financing segment described in Note 12. (2) Included in our resort operations and club management segment described in Note 12. (3) Interest income of $ 19.1 million and $ 20 .1 million for the three months ended March 31, 2021 and 2020, respectively, is included in our sales of VOIs and financing segment described in Note 12. |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Notes Receivable [Abstract] | |
Notes Receivable | 4 . Notes Receivable The table below provides information relating to our notes receivable and our allowance for loan losses (dollars in thousands): As of March 31, December 31, 2021 2020 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 179,389 $ 156,078 VOI notes receivable - securitized 365,417 395,315 Gross VOI notes receivable 544,806 551,393 Allowance for loan losses - non-securitized ( 46,907 ) ( 38,750 ) Allowance for loan losses - securitized ( 96,335 ) ( 103,294 ) Allowance for loan losses ( 143,242 ) ( 142,044 ) VOI notes receivable, net $ 401,564 $ 409,349 Allowance as a % of Gross VOI notes receivable 26 % 26 % The weighted-average interest rate charged on our notes receivable secured by VOIs was 15.1 % and 15.0 % at March 31, 2021 and December 31, 2020, respectively . All of our VOI loans bear interest at fixed rates. Our VOI notes receivable are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee, and Wisconsin. Allowance for Loan Losses The activity in our allowance for loan losses was as follows (in thousands): For the Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 142,044 $ 140,630 Provision for loan losses 12,319 30,353 Less: Write-offs of uncollectible receivables ( 11,121 ) ( 15,817 ) Balance, end of period $ 143,242 $ 155,166 We monitor the credit quality of our receivables on an ongoing basis. We hold large amounts of homogeneous VOI notes receivable and assess uncollectibility based on pools of receivables as we do not believe that there are significant concentrations of credit risk with any individual counterparty or groups of counterparties. In estimating loan losses, we do not use a single primary indicator of credit quality but instead evaluate our VOI notes receivable based upon a static pool analysis that incorporates the aging of the respective receivables, default trends and prepayment rates by origination year, as well as the FICO scores of the borrowers. The COVID-19 pandemic has had a material adverse impact on unemployment in the United States and economic conditions in general and the impact may continue for some time. In March 2020, we recorded an additional allowance of $ 12.0 million which included our estimate at that time of customer defaults as a result of changing economic factors related to the COVID-19 pandemic. We believe that the COVID-19 pandemic will continue to have an impact on the collectability of our VOI notes receivable. We continue to evaluate the impact of the COVID-19 pandemic on our default or delinquency rates as it is rapidly changing and highly uncertain. Our estimates may not prove to be correct and our allowance for loan losses may not prove to be adequate . Additional information about our VOI notes receivable by year of origination is as follows as of March 31, 2021 (in thousands): Year of Origination 2021 2020 2019 2018 2017 2016 and Prior Total 701+ $ 20,054 $ 64,272 $ 77,853 $ 51,834 $ 34,447 $ 56,733 $ 305,193 601-700 13,783 41,385 42,192 31,643 22,725 51,915 203,643 <601 (1) 718 3,744 4,272 2,821 1,996 5,602 19,153 Other (2) — 605 1,179 3,678 3,620 7,735 16,817 Total by FICO score $ 34,555 $ 110,006 $ 125,496 $ 89,976 $ 62,788 $ 121,985 $ 544,806 Defaults $ — $ 2,054 3,272 $ 2,780 $ 1,909 $ 1,106 $ 11,121 Allowance for loan loss $ 9,036 $ 33,497 $ 36,001 $ 25,168 $ 15,308 $ 24,232 $ 143,242 Delinquency status: Current $ 34,485 $ 105,915 $ 119,847 $ 83,452 $ 57,110 $ 110,863 $ 511,672 31-60 days 70 1,118 1,245 890 402 865 4,590 61-90 days — 1,015 1,302 667 738 912 4,634 Over 91 days (2) — 1,958 3,102 4,967 4,538 9,345 23,910 Total $ 34,555 $ 110,006 $ 125,496 $ 89,976 $ 62,788 $ 121,985 $ 544,806 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 13.1 million related to VOI notes receivable that, as of March 31, 2021, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. Additional information about our VOI notes receivable by year of origination is as follows as of December 31, 2020 (in thousands): Year of Origination 2020 2019 2018 2017 2016 2015 and Prior Total 701+ $ 70,874 $ 85,294 $ 56,490 $ 37,371 $ 27,638 $ 35,693 $ 313,360 601-700 42,095 44,672 34,181 24,700 22,656 34,779 203,083 <601 (1) 3,737 4,491 3,003 2,113 2,188 3,954 19,486 Other (2) 29 567 3,805 3,476 2,336 5,251 15,464 Total by FICO score $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 Defaults $ 1,678 $ 13,678 14,297 $ 9,331 $ 7,299 $ 9,244 $ 55,527 Allowance for loan loss $ 33,441 $ 37,845 $ 27,552 $ 16,794 $ 12,097 $ 14,315 $ 142,044 Delinquency status: Current $ 113,954 $ 129,817 $ 89,744 $ 61,279 $ 50,671 $ 71,646 $ 517,111 31-60 days 1,040 1,531 1,093 925 547 642 5,778 61-90 days 807 1,137 931 777 365 524 4,541 Over 91 days (2) 934 2,539 5,711 4,679 3,235 6,865 23,963 Total $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 11.4 million related to VOI notes receivable that, as of December 31,2020, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. The percentage of gross notes receivable outstanding by FICO score of the borrower at the time of origination were as follows: As of March 31, December 31, 2021 2020 FICO Score No Score (1) 1 % 1 % <600 3 3 601-699 38 37 700+ 58 59 Total 100 % 100 % (1) VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). Our notes receivable are carried at amortized cost less an allowance for loan losses. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent notes receivable when principal or interest payments are more than 90 days contractually past due and not resumed until such loans are less than 90 days past due. As of March 31, 2021 and December 31, 2020, $ 23.9 million and $ 24.0 million, respectively, of our VOI notes receivable were more than 90 days past due, and accordingly, consistent with our policy, were not accruing interest income. After approximately 127 days, our VOI notes receivable are generally written off against the allowance for loan loss. Accrued interest was $ 3.8 million and $ 3.9 million as of March 31, 2021 and December 31, 2020, respectively, and is included within other assets in our unaudited consolidated balance sheets herein. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5 . Variable Interest Entities We sell VOI notes receivable through special purpose finance entities. These transactions are generally structured as non-recourse to us and are designed to provide us liquidity and to transfer the economic risks and benefits of the notes receivable to third parties. In a securitization, various classes of debt securities are issued by the special purpose finance entities that are generally collateralized by a single tranche of transferred assets, which consist of VOI notes receivable. We service the securitized notes receivable for a fee pursuant to servicing agreements negotiated with third parties based on market conditions at the time of the securitization. In these securitizations, we generally retain a portion of the securities and continue to service the securitized notes receivable. Under these arrangements, the cash payments received from obligors on the receivables sold are generally applied monthly to pay fees to service providers, make interest and principal payments to investors, and fund required reserves, if any, with the remaining balance of such cash retained by us; however, to the extent the portfolio of receivables fails to satisfy specified performance criteria (as may occur due to, among other things, an increase in default rates or credit loss severity) or other trigger events occur, the funds received from obligors are required to be distributed on an accelerated basis to investors. Depending on the circumstances and the transaction, the application of the accelerated payment formula may be permanent or temporary until the trigger event is cured. As of March 31, 2021, we were in compliance with all terms under our securitization transactions, and no trigger events had occurred but there is no assurance that compliance will be maintained in the future. In accordance with applicable accounting guidance for the consolidation of VIEs, we analyze our variable interests, which may consist of loans, servicing rights, guarantees, and equity investments, to determine if an entity in which we have a variable interest is a VIE. The analysis includes a review of both quantitative and qualitative factors. We base our quantitative analysis on the forecasted cash flows of the entity and we base our qualitative analysis on the structure of the entity, including our decision-making ability and authority with respect to the entity, and relevant financial agreements. We also use a qualitative analysis to determine if we must consolidate a VIE as the primary beneficiary. In accordance with applicable accounting guidance, we have determined these securitization entities to be VIEs of which we are the primary beneficiary and, therefore, we consolidate the entities into our financial statements. Under the terms of certain of our VOI note sales, we have the right to repurchase or substitute a limited amount of defaulted notes for new notes at the outstanding principal balance plus accrued interest. Voluntary repurchases and substitutions by us of defaulted notes for the three months ended March 31, 2021 and 2020 were $ 3.8 million and $ 4.3 million, respectively. Our maximum exposure to loss relating to our non-recourse securitization entities is the difference between the outstanding VOI notes receivable and the notes payable, plus cash reserves and any additional residual interest in future cash flows from collateral. The assets and liabilities of our consolidated VIEs are as follows (in thousands): As of March 31, December 31, 2021 2020 Restricted cash $ 18,297 $ 20,469 Securitized notes receivable, net 269,082 292,021 Receivable backed notes payable - non-recourse 325,317 341,532 The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory [Abstract] | |
Inventory | 6. Inventory Our VOI inventory consists of the following (in thousands): As of March 31, December 31, 2021 2020 Completed VOI units $ 264,774 $ 268,686 Construction-in-progress 8,175 — Real estate held for future development 72,141 78,436 Total $ 345,090 $ 347,122 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt [Abstract] | |
Debt | 7. Debt Lines-of-Credit and Notes Payable We have outstanding borrowings with various financial institutions and other lenders. Financial data related to our lines of credit and notes payable (other than receivable-backed notes payable, which are discussed below) as of March 31, 2021 and December 31, 2020, were as follows (dollars in thousands): As of March 31, 2021 December 31, 2020 Balance Interest Rate Carrying Amount of Pledged Assets Balance Interest Rate Carrying Amount of Pledged Assets NBA Éilan Loan — — — 15,903 4.75 % 28,491 Fifth Third Syndicated LOC 20,000 2.50 % 37,488 30,000 2.25 % 50,822 Fifth Third Syndicated Term 92,500 2.51 % 173,383 93,750 2.25 % 158,817 Unamortized debt issuance costs ( 1,050 ) — — ( 1,267 ) — — Total $ 111,450 $ 210,871 $ 138,386 $ 238,130 NBA Éilan Loan . In March 2021, we repaid in full the outstanding balance at that time of $ 15.6 million on the NBA Éilan Loan. Accordingly, the related unamortized debt issuance costs of $ 0.2 million were written off during the first quarter of 2021. Except as described above, there were no new debt issuances or significant changes related to the above listed lines-of-credit or notes payable during the three ended months March 31, 2021. See Note 10 to our Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K for additional information regarding these lines-of-credit and notes payable. Receivable-Backed Notes Payable Financial data related to our receivable-backed notes payable facilities as of March 31, 2021 and December 31, 2020 was as follows (dollars in thousands): As of March 31, 2021 December 31, 2020 Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 10,000 3.40 % $ 13,799 $ 10,000 3.40 % $ 13,970 NBA Receivables Facility 15,975 3.00 % 21,616 19,877 3.32 % 26,220 Pacific Western Facility 10,000 3.04 % 13,661 8,623 3.15 % 13,131 Total 35,975 49,076 38,500 53,321 Receivable-backed notes payable - non-recourse: Liberty Bank Facility (1) $ 4,341 3.40 % $ 5,990 $ 2,316 3.40 % $ 3,235 NBA Receivables Facility (2) 24,752 3.00 % 33,492 11,985 3.32 % 15,809 Pacific Western Facility (3) 10,523 3.04 % 14,375 — — — KeyBank/DZ Purchase Facility 10,867 2.50 % 13,101 — — — Quorum Purchase Facility 27,130 4.75-5.10% 31,567 29,788 4.75-5.10% 34,651 2013 Term Securitization 10,294 3.20 % 11,855 11,922 3.20 % 13,483 2015 Term Securitization 20,340 3.02 % 22,181 22,560 3.02 % 24,475 2016 Term Securitization 32,684 3.35 % 36,973 35,700 3.35 % 40,221 2017 Term Securitization 47,750 3.12 % 54,725 51,470 3.12 % 58,907 2018 Term Securitization 66,947 4.02 % 78,320 72,486 4.02 % 84,454 2020 Term Securitization 114,744 2.60 % 129,713 123,600 2.60 % 139,052 Unamortized debt issuance costs ( 5,439 ) --- — ( 5,994 ) --- — Total 364,933 432,292 355,833 414,287 Total receivable-backed debt $ 400,908 $ 481,368 $ 394,333 $ 467,608 (1) Recourse on the Liberty Bank Facility is limited to $ 10.0 million, subject to certain exceptions. (2) Recourse to Bluegreen/Big Cedar Vacations was reduced to $ 16.0 million as of March 31, 2021 and will be reduced by $ 1.3 million per month until it reaches a floor of $ 10.0 million. (3) Recourse on the Pacific Western Facility is limited to $10.0 million, subject to certain exceptions. There were no new debt issuances or significant changes related to the above listed facilities during the three months ended March 31, 2021. See Note 10 to our Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K for additional information regarding the receivable-backed notes payable facilities. Junior Subordinated Debentures Financial data relating to our junior subordinated debentures as of March 31, 2021 and December 31, 2020 was as follows (dollars in thousands): Trust Carrying Value as of March 31, 2021 (1) Initial Equity In Trust (2) Issue Date Interest Rate Interest Rate at March 31, 2021 Maturity Date Carrying Value as of December 31, 2020 (1) BST I $ 15,710 $ 374 3/15/2005 3-month LIBOR + 4.90% 5.10 % 3/30/2035 $ 15,238 BST II 12,949 300 5/4/2005 3-month LIBOR + 4.85% 5.06 % 7/30/2035 17,058 BST III 6,745 156 5/10/2005 3-month LIBOR + 4.85% 5.06 % 7/30/2035 6,898 BST IV 10,117 234 4/24/2006 3-month LIBOR + 4.85% 5.05 % 6/30/2036 10,159 BST V 10,117 234 7/21/2006 3-month LIBOR + 4.85% 5.05 % 9/30/2036 10,159 BST VI 13,490 312 2/26/2007 3-month LIBOR + 4.80% 5.01 % 4/30/2037 13,420 $ 69,128 $ 1,610 $ 72,932 (1) Amounts include purchase accounting adjustments which reduced the total carrying value by $ 35.6 million and $ 37.9 million as of March 31, 2021 and December 31, 2020, respectively. (2) Initial Equity in Trust is recorded as part of other assets in the unaudited Consolidated Balance Sheets. During February 2021, we purchased approximately $ 4.0 million of BST II trust preferred securities (par value of $ 6.1 million) for approximately $ 4.0 million and delivered such securities to the trust in exchange for the cancellation of par value of $ 6.1 million of our junior subordinated debentures held by BST II. Availability As of March 31, 2021, we were in compliance with all financial debt covenants under our debt instruments. As of March 31, 2021, we had availability of approximately $ 271.4 million under our receivable-backed purchase and credit facilities, inventory lines of credit and corporate credit line, subject to eligible collateral and the terms of the facilities, as applicable. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 8. Fair Value of Financial Instruments ASC 820 Fair Value Measurements and Disclosures (Topic 820) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability The carrying amounts of financial instruments included in the consolidated financial statements and their estimated fair values as of March 31, 2021 and December 31, 2020 were as follows (in thousands): As of March 31, 2021 As of December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 172,552 $ 172,552 $ 203,668 $ 203,668 Restricted cash $ 40,478 $ 40,478 $ 35,728 $ 35,728 Notes receivable, net $ 401,564 $ 545,870 $ 409,349 $ 549,819 Lines-of-credit, notes payable, and receivable- backed notes payable $ 512,358 $ 518,300 $ 532,719 $ 547,400 Junior subordinated debentures $ 69,128 $ 79,500 $ 72,932 $ 91,000 Cash and cash equivalents. The amounts reported in the unaudited consolidated balance sheets for cash and cash equivalents approximate fair value. Restricted cash. The amounts reported in the unaudited consolidated balance sheets for restricted cash approximate fair value. Notes receivable, net. The fair value of our notes receivable is estimated using Level 3 inputs and is based on estimated future cash flows considering contractual payments and estimates of prepayments and defaults, discounted at a market rate. Lines-of-credit, notes payable, and receivable-backed notes payable. The amounts reported in the unaudited consolidated balance sheets for our lines of credit, notes payable, and receivable-backed notes payable, approximate fair value for indebtedness that provides for variable interest rates. The fair value of our fixed-rate, receivable-backed notes payable was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. These obligations are to be satisfied using the proceeds from the consumer loans that secure the obligations. Junior subordinated debentures. The fair value of our junior subordinated debentures is estimated using Level 3 inputs based on the contractual cash flows discounted at a market rate or based on market price quotes from the over-the-counter bond market. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 9. Commitments and Contingencies Bluegreen Vacations Unlimited (“BVU”), our wholly owned subsidiary, has an exclusive marketing agreement with Bass Pro, a nationally-recognized retailer of fishing, marine, hunting, camping and sports gear, that provides us with the right to market and sell vacation packages at kiosks in each of Bass Pro’s retail locations and through other means. Pursuant to a settlement agreement we entered into with Bass Pro and its affiliates during June 2019, we paid Bass Pro $ 20.0 million and agreed to, among other things, make five annual payments to Bass Pro of $ 4.0 million in January of each year, commencing in 2020 . We made two annual payments of $ 4.0 million to Bass Pro during both January 2020 and 2021. As of March 31, 2021 and December 31, 2020, $ 10.9 million and $ 14.7 million was accrued in accrued liabilities and other in the consolidated balance sheets, for the remaining payments required by the settlement agreement. During the three months ended March 31, 2021 and 2020, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 13 % and 10 %, respectively, of our VOI sales volume. Subject to the terms and conditions of the settlement agreement, we will generally be required to pay the fixed annual fee with respect to at least 59 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. In January 2021, we paid $ 6.9 million for this fixed fee, of which $ 5.2 million was prepaid and is included in our unaudited consolidated balance sheet as of March 31, 2021. During the three months ended March 31, 2021 and 2020, we expensed $ 1.7 million and $ 1.4 million, respectively, for this fixed fee, which is included in selling, general and administrative expenses in our unaudited consolidated statements of operations and comprehensive income. 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 agreement, including as a result of a reduction of traffic in the stores in excess of 25 % year-over-year. As of March 31, 2021, we had sales and marketing operations at a total of 105 Bass Pro Shops and Cabela’s Stores. In December 2019, our President and Chief Executive Officer resigned. In connection with his resignation, we agreed to make payments totaling $ 3.5 million over a period of 18 months, $ 0.6 million of which remained payable as of March 31, 2021. In lieu of paying maintenance fees for unsold VOI inventory, we may enter into subsidy agreements with certain HOAs. During the three months ended March 31, 2021 and 2020 we made subsidy payments related to such subsidies of $ 1.6 million and $ 1.9 million, respectively, which are included in cost of other fee-based services in our unaudited consolidated statements of operations and comprehensive income. As of March 31, 2021, we had $ 4.7 million accrued for such subsidies, which is included in accrued liabilities and other in the unaudited consolidated balance sheet as of such date. As of December 31, 2020, we had no accrued liabilities for such subsidies. In the ordinary course of business, we become subject to claims or proceedings from time to time relating to the purchase, sale, marketing, or financing of VOIs or our other business activities. We are also subject to certain matters relating to the Bluegreen Communities’ business, substantially all of the assets of which were sold by us on May 4, 2012. Additionally, from time to time in the ordinary course of business, we become involved in disputes with existing and former employees, vendors, taxing jurisdictions and various other parties, and we also receive individual consumer complaints as well as complaints received through regulatory and consumer agencies, including Offices of State Attorneys General. We take these matters seriously and attempt to resolve any such issues as they arise. We may also become subject to litigation related to the COVID-19 pandemic, including with respect to any actions we take or may be required to take as a result thereof. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Management does not believe that the aggregate liability relating to known contingencies in excess of the aggregate amounts accrued will have a material impact on our results of operations or financial condition. However, litigation is inherently uncertain and the actual costs of resolving legal claims, including awards of damages, may be substantially higher than the amounts accrued for these claims and may have a material adverse impact on our results of operations or financial condition. Management is not at this time able to estimate a range of reasonably possible losses with respect to matters in which it is reasonably possible that a loss will occur. In certain matters, management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or range of loss. Frequently in these matters, the claims are broad and the plaintiffs have not quantified or factually supported their claim. On September 22, 2017, Stephen Potje, Tamela Potje, Sharon Davis, Beafus Davis, Matthew Baldwin, Tammy Baldwin, Arnor Lee, Angela Lee, Gretchen Brown, Paul Brown, Jeremy Estrada, Emily Estrada, Michael Oliver, Carrie Oliver, Russell Walters, Elaine Walters, and Mike Ericson, individually and on behalf of all other similarly situated , filed a purported class action lawsuit against us which asserts claims for alleged violations of the Florida Deceptive and Unfair Trade Practices Act and the Florida False Advertising Law. In the complaint, the plaintiffs alleged the making of false representations in connection with our sales of VOIs. The purported class action lawsuit was dismissed without prejudice after mediation. However, during April 2018, plaintiffs re-filed their individual claims in Palm Beach County Circuit Court. Subsequently, on October 15, 2019, the Court entered an order granting summary judgment in our favor and dismissed all claims. We have moved for reimbursement of our attorneys’ fees. Plaintiffs have appealed the summary judgement order. On February 28, 2018, Oscar Hernandez and Estella Michael filed a purported class action lawsuit in San Bernardino Superior Court against BVU. Plaintiffs sought to represent a class of approximately 660 hourly, non-exempt employees who worked in the state of California since March 1, 2014. The central claims in the complaint, as amended during June 2018, included alleged failures to pay overtime and wages at termination and to provide meal and rest periods, claims relating to non-compliant wage statements and unreimbursed business expenses, and a claim under the Private Attorney’s General Act. In April 2019, the parties mediated and agreed to settle the matter for an immaterial amount. Final approval of the settlement was entered by the court on January 21, 2021. Full payment was made in February 2021 and all obligations have been satisfied. On June 28, 2018, Melissa S. Landon, Edward P. Landon, Shane Auxier and Mu Hpare, individually and on behalf of all others similarly situated, filed a purported class action lawsuit against the Company and BVU asserting claims for alleged violations of the Wisconsin Timeshare Act, Wisconsin law prohibiting illegal referral selling, and Wisconsin law prohibiting illegal attorney’s fee provisions. Plaintiffs allegations include that we failed to disclose the identity of the seller of real property at the beginning of our initial contact with the purchaser; that we misrepresented who the seller of the real property was; that we misrepresented the buyer’s right to cancel; that we included an illegal attorney’s fee provision in the sales document(s); that we offered an illegal “today only” incentive to purchase; and that we utilized an illegal referral selling program to induce the sale of VOIs. Plaintiffs seek certification of a class consisting of all persons who, in Wisconsin, purchased from us one or more VOIs within six years prior to the filing of this lawsuit. Plaintiffs seek statutory damages, attorneys’ fees and injunctive relief. We moved to dismiss the case, and on November 27, 2019, the Court issued a ruling granting the motion in part. We have answered the remaining claims and discovery is ongoing. We believe the lawsuit is without merit and intend to vigorously defend the action. On January 7, 2019, Shehan Wijesinha filed a purported class action lawsuit alleging violations of the Telephone Consumer Protection Act (the “TCPA”), specifically that BVU called plaintiff’s cell phone for telemarketing purposes using an automated dialing system, and that plaintiff did not give BVU his express written consent to do so. Plaintiffs seek certification of a class comprised of other persons in the United States who received similar calls from or on behalf of BVU without the person’s consent. Plaintiff seeks monetary damages, attorneys’ fees and injunctive relief. We believe the lawsuit is without merit and intend to vigorously defend the action. On July 15, 2019, the court entered an order staying this case pending a ruling from the Federal Communications Commission (“FCC”) clarifying the definition of an automatic telephone dialing system under the TCPA and the decision of the Eleventh Circuit in a separate action brought against a VOI company by a plaintiff alleging violations of the TCPA. On January 7, 2020, the Eleventh Circuit issued a ruling consistent with BVU’s position , and on June 26, 2020, the FCC also issued a favorable ruling. The case was stayed pending the United States Supreme Court’s decision in Facebook, Inc. v. Duguid, which issued a ruling favorable to our position on April 1, 2021. We believe the Facebook ruling disposes of the plaintiff’s claim and filings have been made with the court seeking dismissal of the case. On July 18, 2019, Eddie Boyd, et al. filed an action alleging that BVU and co-defendants violated the Missouri Merchandise Practices Act for allegedly making false statements and misrepresentations with respect to the sale of VOIs. Plaintiffs further have filed a purported class action allegation that BVU’s charging of an administrative processing fee constitutes the unauthorized practice of law, and have also asserted that we and our outside counsel engaged in abuse of process by filing a lawsuit against plaintiffs’ counsel (The Montgomery Law Firm). Plaintiffs seek monetary damages, attorneys’ fees and injunctive relief. On August 31, 2020, the court certified a class regarding the unauthorized practice of law claim and dismissed the claims regarding abuse of process. On January 11, 2021, the Court issued an order that the class members are not entitled to rescission of their contracts because they failed to plead fraud in the inducement. Discovery is ongoing. We believe the lawsuit is without merit and intend to move to decertify the class. On July 7, 2020, Robert Barban and approximately 172 other plaintiffs filed an action against our subsidiaries, Bluegreen Resorts Management, Inc. (“BRM”) and Vacation Trust, Inc. (“VTI”), seeking a financial review. Plaintiffs allege that the allocation system in place does not allow them to freely and easily use, occupy, and enjoy the accommodations and facilities. They also allege that BRM has unreasonably escalated operating costs and that VTI failed to protect the plaintiffs from these costs. On April 14, 2021, the court entered an order dismissing the case without prejudice. On July 14, 2020, Kenneth Johansen, individually and on behalf of all others similarly situated, filed a purported class action against BVU for alleged violations of the TCPA. Specifically, the named plaintiff alleges that he received numerous telemarketing calls from BVU while he was on the National Do Not Call Registry. We filed a motion to dismiss, and plaintiff in response filed an amended complaint on September 18, 2020. On February 18, 2021, plaintiff filed a motion for class certification seeking to certify a class of thousands of individual proposed class members. On April 15, 2021 a court ordered mediation was conducted at which time the parties were not able to resolve the lawsuit. Discovery is ongoing. We intend to oppose the class certification and we are vigorously defending this action. On August 30, 2020, over 100 VOI owners at The Manhattan Club (“TMC”) sued BVU and certain unaffiliated entities (the “Non-Bluegreen Defendants”). The complaint included claims arising out of alleged misrepresentations made during the sale of VOIs at TMC and certain post-sale operational practices, including allegedly charging owners excessive annual maintenance fees and implementing reservation policies that restrict the ability of VOI owners to use their points to access the resort while allowing the general public to make reservations. The plaintiffs assert in the complaint that Bluegreen acquired operational control of TMC from the Non-Bluegreen Defendants in 2018 and assumed joint liability for any prior wrongdoing by them. We believe this assertion to be erroneous and that the claims against BVU are without merit. On March 15, 2018, BVU entered into an Agreement for Purchase and Sale of Assets with T. Park Central, LLC, O. Park Central, LLC, and New York Urban Ownership Management, LLC, (collectively “New York Urban”) (“Purchase and Sale Agreement”), which provided for the purchase of The Manhattan Club inventory over a number of years and the management contract for The Manhattan Club Association, Inc. On October 7, 2019, New York Urban initiated arbitration proceedings against BVU alleging that The Manhattan Club Association, Inc. (of which BVU was a member) was obligated to pay an increased management fee to a New York Urban affiliate and that this higher amount would be the benchmark for BVU’s purchase of the management contract under the parties’ Purchase and Sale Agreement. New York Urban also sought damages in the arbitration proceedings in excess of $10 million for promissory estoppel and tortious interference. On November 19, 2019, the parties participated in mediation but did not resolve the matter. On November 20, 2019, New York Urban sent a letter to BVU advising that it was: (1) withdrawing its arbitration demand; (2) notifying the Board that it was not seeking to execute the proposed amendment to the Management Agreement that was originally sent to Bluegreen on April 24, 2019; and (3) was not going to pay itself a management fee for the 2020 operating year in an amount exceeding the 2019 operating year (i.e., $ 6.5 million). On November 21, 2019, BVU sent New York Urban a Notice of Termination of the Purchase and Sale Agreement. On November 25, 2019, New York Urban sent its own Notice of Termination and a separate letter containing an offer to compromise if BVU resigned its position on the Board and permited New York Urban to enforce its rights to the collateral. On November 29, 2019, BVU accepted the offer and on December 18, 2019, BVU provided New York Urban with resignations of its members on the Board of Directors. On April 2, 2021, New York Urban initiated new arbitration proceedings against BVU, alleging it is owed over $ 70 million for periodic inventory closings that have not occurred since the Purchase and Sale Agreement was terminated or that will not occur because of the termination. New York Urban also seeks over $ 50 million because, due to the Purchase and Sale Agreement’s termination, the closing on the management contract will not occur. We believe this new claim is without merit. Commencing in 2015, it came to our attention that our collection efforts with respect to our VOI notes receivable were being impacted by a then emerging, industry-wide trend involving the receipt of “cease and desist” letters from exit firms and their attorneys purporting to represent certain VOI owners. Following receipt of these letters, we are unable to contact the owners unless allowed by law. We believe these exit firms have encouraged such owners to become delinquent and ultimately default on their obligations and that such actions and our inability to contact the owners have been a material factor in the increase in our annual default rates. Our average annual default rates have increased from 6.9 % in 2015 to 9.6 % to date in 2021. We also estimate that approximately 11.9 % of the total delinquencies on our VOI notes receivable as of March 31, 2021 related to VOI notes receivable subject to this issue. We have in a number of cases pursued, and we may in the future pursue, legal action against the VOI owners, and as described below, against the exit firms. On November 13, 2019, we filed a lawsuit against timeshare exit firm The Montgomery Law Firm and certain of its affiliates. In the complaint, we alleged that through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, such firm and its affiliates made false statements about us and provided misleading information to the VOI owners and encouraged nonpayment by consumers. We believe the consumers are paying fees to the firm and its affiliates in exchange for illusory services. We have asserted claims under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference and other claims. Defendants’ motion to dismiss was denied. Discovery is ongoing. On November 13, 2020, we filed a lawsuit against timeshare exit firm, Carlsbad Law Group, LLP, and certain of its associated law firms and affiliates. On December 30, 2020, we filed a lawsuit against timeshare exit firm, The Molfetta Law Firm, and certain of its associated law firms and affiliates. In both of these actions, we make substantially the same claims against the timeshare exit firms and its associated law firms and affiliates as those made in our action against The Montgomery Law Firm described above. Discovery is ongoing in both actions. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes We file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. With certain exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2017 for federal returns and 2016 for state returns. Our effective income tax rate was approximately 28 % and 18 % during the three months ended March 31, 2021 and 2020, respectively. Effective income tax rates for interim periods are based upon our then current estimated annual rate. Our effective income tax rate varies based upon the estimate of taxable earnings as well as on the mix of taxable earnings in the various states in which we operate. As such, our effective tax rates for the 2021 and 2020 periods reflect an estimate of the effect of the COVID-19 pandemic on our annual taxable earnings, state taxes, non-deductible items and changes in valuation allowance on deferred tax assets for each respective year . Certain of our state filings are under routine examination. While there is no assurance as to the results of these audits, we do not currently anticipate any material adjustments in connection with these examinations. In May 2015, we entered into Agreement to Allocate Consolidated Income Tax Liability and Benefits with BVH, and its other subsidiaries at the time pursuant to which, among other customary terms and conditions, the parties agreed to file consolidated federal tax returns. Under the agreement, the parties calculate their respective income tax liabilities and attributes as if each of them was a separate filer. If any tax attributes are used by another party to the agreement to offset its tax liability, the party providing the benefit will receive an amount for the tax benefits realized. We paid BVH $ 11.2 million during the three months ended March 31, 2021 pursuant to the Agreement. We did not make or receive any payments under the Agreement during the three months ended March 31, 2020. The Agreement was terminated with respect to the subsidiaries of BVH other than Woodbridge Holdings Corporation, through which BVH holds its investment in us, in connection with BVH’s spin-off of the non-Woodbridge subsidiaries on September 30, 2020. As of March 31, 2020, we did no t have any significant amounts accrued for interest and penalties or recorded for uncertain tax positions. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions BVH may be deemed to be controlled by Alan B. Levan, Chairman, Chief Executive Officer and President of BVH and Bluegreen, John E. Abdo, Vice Chairman of BVH and Bluegreen, Jarett S. Levan, a director of BVH and Bluegreen, and former President of BVH, and Seth M. Wise, a director of Bluegreen, and former Executive Vice President and director of BVH. Together, they may be deemed to beneficially own shares of BVH’s Class A Common Stock and Class B Common Stock representing approximately 79 % of BVH’s total voting power. In addition, Raymond S. Lopez serves as our Chief Operating Officer and Chief Financial Officer and as BVH’s Chief Financial Officer. Mr. Alan Levan, Mr. Abdo and Mr. Lopez receive a significant portion of their compensation from us for their services on behalf of BVH and the Company. Mr. Alan Levan, Mr. Abdo, Mr. Jarett Levan and Mr. Wise may also be deemed to control BBX Capital Inc. (“BBX Capital”) and are executives and directors of that company. We paid or reimbursed BVH $ 0.1 million and $ 0.4 million during the three months ended March 31, 2021 and 2020, respectively, for management advisory, risk management, administrative and other services. We had accrued $ 0.3 million for the services described above as of March 31, 2020, with no such accrual as of March 31, 2021. BVH paid or reimbursed us $ 0.1 million for other shared services during the three months ended March 31, 2020, with no such payments or reimbursements during the three months ended March 31, 2021. As of March 31, 2021 and 2020, $ 0.2 million and $ 0.1 million, respectively was paid to us by BVH for these services. During the three months ended March 31, 2021 we paid BBX Capital, the former subsidiary of BVH which was spun-off on September 30, 2020, $ 0.2 million for administrative and other services, and $ 0.2 million was accrued for payment to BBX Capital for such services as of March 31, 2021. During the three months ended March 31, 2021, we paid Abdo Companies, Inc. $ 38,000 in exchange for certain management services. Mr. Abdo is the principal shareholder and Chief Executive Officer of Abdo Companies, Inc. See also Note 10: Income Taxes above for a description of the Agreement to Allocate Consolidated Income Tax Liability and Benefits and Note 1: Organization and Basis of Financial Statement Presentation above for a description of the statutory short-form merger effected on May 5, 2021 pursuant to which BVH acquired the approximately 7 % of Bluegreen’s outstanding common stock not previously beneficially owned by BVH and Bluegreen became a wholly owned subsidiary of BVH. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. We report our results of operations through two reportable segments: (i) sales of VOIs and financing; and (ii) resort operations and club management. Our sales of VOIs and financing segment includes our marketing and sales activities related to the VOIs that we own, our VOIs we acquire under just-in-time and secondary market inventory arrangements, our sales of VOIs through fee-for-service arrangements with third-party developers, our consumer financing activities in connection with sales of VOIs that we own, and our title services operations through a wholly owned subsidiary. Our resort operations and club management segment includes our provision of management services activities for our Vacation Club and for a majority of the HOAs of the resorts within our Vacation Club. In connection with those services, we also provide club reservation services, services to owners and billing and collections services to our Vacation Club and certain HOAs. Additionally, we generate revenue within our resort operations and club management segment from our Traveler Plus program, food and beverage and other retail operations, our third-party rental services activities, and management of construction activities for certain of our fee-based developer clients. The information provided for segment reporting is obtained from internal reports utilized by management. The presentation and allocation of results of operations may not reflect the actual economic costs of the segments as standalone businesses. Due to the nature of our business, assets are not allocated to a particular segment, and therefore management does not evaluate the balance sheet by segment. If a different basis of allocation were utilized, the relative contributions of the segments might differ but the relative trends in the segments’ operating results would, in management’s view, likely not be materially impacted. The table below sets forth our segment information for the three months ended March 31, 2021 (in thousands): Sales of VOIs and financing Resort operations and club management Corporate and other Elimination Total Revenue: Sales of VOIs $ 55,931 $ — $ — $ — $ 55,931 Fee-based sales commission revenue 25,718 — — — 25,718 Other fee-based services revenue 2,274 26,623 — — 28,897 Cost reimbursements — 16,608 — — 16,608 Mortgage servicing revenue 1,311 — — ( 1,311 ) — Interest income 19,128 — 77 — 19,205 Other income, net — — — — — Total revenue 104,362 43,231 77 ( 1,311 ) 146,359 Costs and expenses: Cost of VOIs sold 5,169 — — — 5,169 Net carrying cost of VOI inventory 7,780 — — ( 7,780 ) — Cost of other fee-based services 719 8,586 — 7,780 17,085 Cost reimbursements — 16,608 — — 16,608 Selling, general and administrative expenses 65,654 — 24,655 ( 157 ) 90,152 Mortgage servicing expense 1,154 — — ( 1,154 ) — Interest expense 4,163 — 3,753 — 7,916 Other expense, net — — 214 — 214 Total costs and expenses 84,639 25,194 28,622 ( 1,311 ) 137,144 Income (loss) before non-controlling interest and provision for income taxes $ 19,723 $ 18,037 $ ( 28,545 ) $ — $ 9,215 Add: Depreciation and amortization 1,405 196 Segment Adjusted EBITDA (1) $ 21,128 $ 18,233 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth our segment information for the three months ended March 31, 2020 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Corporate and other Elimination Total Sales of VOIs $ 45,128 $ — $ — $ — $ 45,128 Fee-based sales commission revenue 41,365 — — — 41,365 Other fee-based services revenue 2,723 26,591 — — 29,314 Cost reimbursements — 19,120 — — 19,120 Mortgage servicing revenue 1,595 — — ( 1,595 ) — Interest income 20,148 — 1,718 — 21,866 Other income, net — — 133 — 133 Total revenue 110,959 45,711 1,851 ( 1,595 ) 156,926 Costs and expenses: Cost of VOIs sold 4,099 — — — 4,099 Net carrying cost of VOI inventory 7,914 — — ( 7,914 ) — Cost of other fee-based services 1,470 12,327 — 7,914 21,711 Cost reimbursements — 19,120 — — 19,120 Selling, general and administrative expenses 83,138 — 19,234 ( 175 ) 102,197 Mortgage servicing expense 1,420 — — ( 1,420 ) — Interest expense 4,664 — 4,154 — 8,818 Total costs and expenses 102,705 31,447 23,388 ( 1,595 ) 155,945 Income (loss) before non-controlling interest and provision for income taxes $ 8,254 $ 14,264 $ ( 21,537 ) $ — $ 981 Add: Depreciation and amortization 1,559 190 Add: Severence 2,563 1,134 Segment Adjusted EBITDA (1) $ 12,376 $ 15,588 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, there were no subsequent events identified that required recognition or disclosure other than as disclosed in the footnotes herein. |
Organization And Basis Of Pre_2
Organization And Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Organization And Basis Of Presentation [Abstract] | |
Our Business | Our Business We are a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations. Our resort network includes 45 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (“Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 23 Club Associate Resorts (resorts in which owners in our Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Our Club Resorts and Club Associate Resorts are primarily located in high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach and Charleston, among others. Through our points-based system, the approximately 214,000 owners in our Vacation Club have the flexibility to stay at units available at any of our resorts and have access to over 11,300 other hotels and resorts through partnerships and exchange networks. The resorts in which we market, sell or manage VOIs were either developed or acquired by us, or were developed and are owned by third parties. We earn fees for providing sales and marketing services to third party developers. We also earn fees for providing management services to the Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, we provide financing to qualified VOI purchasers, which generates significant interest income. We derive a significant portion of our revenue from our capital-light business model, which utilizes our expertise and infrastructure to generate both VOI sales and recurring revenue from third parties without the significant capital investment generally associated with the development and acquisition of resorts. Our capital-light business activities include sales of VOIs owned by third-party developers pursuant to which we are paid a commission (“fee-based sales”) and sales of VOIs that we purchase under just-in-time (“JIT”) arrangements with third-party developers or from secondary market sources. In addition, as described above, we provide resort and resort developers with other fee-based services, including resort management, mortgage servicing, title services and construction management, and generate income through financing provided to qualified VOI purchasers in connection with VOI sales. Our operations and activities have been materially adversely impacted by the COVID-19 pandemic as discussed further below and elsewhere herein. |
Merger; Parent Company | Merger; Parent Company On May 5, 2021, Bluegreen Vacations Holding Corporation (“BVH”), formerly BBX Capital Corporation, which previously owned approximately 93 % of Bluegreen’s issued and outstanding common stock acquired all of the approximately 7 % of the outstanding shares of Bluegreen’s common stock not already beneficially owned by BVH through a statutory short-form merger under Florida law. In connection with the merger, Bluegreen’s shareholders (other than BVH) are entitled to receive 0.51 shares of BVH’s Class A Common Stock for each share of Bluegreen’s common stock that they held at the effective time of the merger. As a result of the completion of the merger, Bluegreen has become a wholly owned subsidiary of BVH and Bluegreen’s common stock is no longer publicly traded. |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation Our unaudited consolidated financial statements include the accounts of all of our wholly owned subsidiaries, entities in which we hold a controlling financial interest, including Bluegreen/Big Cedar Vacations, LLC (a joint venture in which we are deemed to hold a controlling financial interest based on our 51 % equity interest, our active role as the day-to-day manager of its activities, and our majority voting control of its management committee (“Bluegreen/Big Cedar Vacations”), and variable interest entities (sometimes referred to herein as “VIEs”) of which we are the primary beneficiary, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Consolidations (Topic 810). We do not consolidate the statutory business trusts formed by us to issue trust preferred securities as these entities represent VIEs in which we are not the primary beneficiary. The statutory business trusts are accounted for under the equity method of accounting. All significant intercompany balances and transactions have been eliminated in consolidation. |
Continued Impact Of COVID-19 On Our Business | Continued Impact of COVID-19 on our Business We continue to be adversely affected by the economic impact of the COVID-19 pandemic. In response to the pandemic, we temporarily closed all of our VOI sales centers and marketing operations in the last week of March 2020 and took other measures with a goal of mitigating the impact of the pandemic and positioning the Company to navigate the pandemic successfully. By March 31, 2021, we were operating marketing kiosks at 105 Bass Pro Shops and Cabela’s stores, including 7 new Cabela’s locations opened during the three months ended March 31, 2021; had reactivated the Choice Hotels call transfer program; had reopened all of our resorts; and reopened all but two of our VOI sales centers. Further, resort occupancy rates were approximately 70 % at resorts with sales centers in the first quarter of 2021 compared to 66 % in the first quarter of 2020 and vacation packages sold were 15 % higher in the first quarter of 2021 compared to the first quarter of 2020. Although this trend of reduced travel for vacation packages sold prior to the COVID-19 pandemic still exists, we are encouraged by the eagerness of our owners to travel to our resorts and for the first quarter of 2021 we have sold 49,000 vacation packages compared to 43,000 in the first quarter of 2020. |
Use Of Estimates | Use of Estimates Our financial statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing COVID-19 pandemic. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. As a result, our accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in, among other adjustments, future impairments of intangibles and long-lived assets, incremental credit losses on VOI notes receivable, a decrease in the carrying amount of our tax assets, or an increase in other obligations as of the time of a relevant measurement event. |
Reclassification Of Prior Period Presentation | Reclassification of Prior Period Presentation Certain prior period balances were reclassified to conform to the current period presentation. The reclassification had no impact on our statements of operations and comprehensive income or statements of cash flows. |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue Disaggregation | For the Three Months Ended March 31, 2021 2020 Sales of VOIs (1) $ 55,931 $ 45,128 Fee-based sales commission revenue (1) 25,718 41,365 Resort and club management revenue (2) 24,928 25,029 Cost reimbursements (2) 16,608 19,120 Title fees and other (1) 2,274 2,723 Other revenue (2) 1,695 1,562 Revenue from customers 127,154 134,927 Interest income (3) 19,205 21,866 Other income, net — 133 Total revenue $ 146,359 $ 156,926 (1) Included in our sales of VOIs and financing segment described in Note 12. (2) Included in our resort operations and club management segment described in Note 12. (3) Interest income of $ 19.1 million and $ 20 .1 million for the three months ended March 31, 2021 and 2020, respectively, is included in our sales of VOIs and financing segment described in Note 12. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | As of March 31, December 31, 2021 2020 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 179,389 $ 156,078 VOI notes receivable - securitized 365,417 395,315 Gross VOI notes receivable 544,806 551,393 Allowance for loan losses - non-securitized ( 46,907 ) ( 38,750 ) Allowance for loan losses - securitized ( 96,335 ) ( 103,294 ) Allowance for loan losses ( 143,242 ) ( 142,044 ) VOI notes receivable, net $ 401,564 $ 409,349 Allowance as a % of Gross VOI notes receivable 26 % 26 % |
Activity In The Allowance For Loan Losses | For the Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 142,044 $ 140,630 Provision for loan losses 12,319 30,353 Less: Write-offs of uncollectible receivables ( 11,121 ) ( 15,817 ) Balance, end of period $ 143,242 $ 155,166 |
Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination | Year of Origination 2021 2020 2019 2018 2017 2016 and Prior Total 701+ $ 20,054 $ 64,272 $ 77,853 $ 51,834 $ 34,447 $ 56,733 $ 305,193 601-700 13,783 41,385 42,192 31,643 22,725 51,915 203,643 <601 (1) 718 3,744 4,272 2,821 1,996 5,602 19,153 Other (2) — 605 1,179 3,678 3,620 7,735 16,817 Total by FICO score $ 34,555 $ 110,006 $ 125,496 $ 89,976 $ 62,788 $ 121,985 $ 544,806 Defaults $ — $ 2,054 3,272 $ 2,780 $ 1,909 $ 1,106 $ 11,121 Allowance for loan loss $ 9,036 $ 33,497 $ 36,001 $ 25,168 $ 15,308 $ 24,232 $ 143,242 Delinquency status: Current $ 34,485 $ 105,915 $ 119,847 $ 83,452 $ 57,110 $ 110,863 $ 511,672 31-60 days 70 1,118 1,245 890 402 865 4,590 61-90 days — 1,015 1,302 667 738 912 4,634 Over 91 days (2) — 1,958 3,102 4,967 4,538 9,345 23,910 Total $ 34,555 $ 110,006 $ 125,496 $ 89,976 $ 62,788 $ 121,985 $ 544,806 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 13.1 million related to VOI notes receivable that, as of March 31, 2021, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. Additional information about our VOI notes receivable by year of origination is as follows as of December 31, 2020 (in thousands): Year of Origination 2020 2019 2018 2017 2016 2015 and Prior Total 701+ $ 70,874 $ 85,294 $ 56,490 $ 37,371 $ 27,638 $ 35,693 $ 313,360 601-700 42,095 44,672 34,181 24,700 22,656 34,779 203,083 <601 (1) 3,737 4,491 3,003 2,113 2,188 3,954 19,486 Other (2) 29 567 3,805 3,476 2,336 5,251 15,464 Total by FICO score $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 Defaults $ 1,678 $ 13,678 14,297 $ 9,331 $ 7,299 $ 9,244 $ 55,527 Allowance for loan loss $ 33,441 $ 37,845 $ 27,552 $ 16,794 $ 12,097 $ 14,315 $ 142,044 Delinquency status: Current $ 113,954 $ 129,817 $ 89,744 $ 61,279 $ 50,671 $ 71,646 $ 517,111 31-60 days 1,040 1,531 1,093 925 547 642 5,778 61-90 days 807 1,137 931 777 365 524 4,541 Over 91 days (2) 934 2,539 5,711 4,679 3,235 6,865 23,963 Total $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 11.4 million related to VOI notes receivable that, as of December 31,2020, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of our receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Percentage Of Gross Notes Receivable Outstanding By FICO Score At Origination | As of March 31, December 31, 2021 2020 FICO Score No Score (1) 1 % 1 % <600 3 3 601-699 38 37 700+ 58 59 Total 100 % 100 % (1) VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | As of March 31, December 31, 2021 2020 Restricted cash $ 18,297 $ 20,469 Securitized notes receivable, net 269,082 292,021 Receivable backed notes payable - non-recourse 325,317 341,532 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory [Abstract] | |
Summary Of Inventory | As of March 31, December 31, 2021 2020 Completed VOI units $ 264,774 $ 268,686 Construction-in-progress 8,175 — Real estate held for future development 72,141 78,436 Total $ 345,090 $ 347,122 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt [Abstract] | |
Lines-Of-Credit And Notes Payable | As of March 31, 2021 December 31, 2020 Balance Interest Rate Carrying Amount of Pledged Assets Balance Interest Rate Carrying Amount of Pledged Assets NBA Éilan Loan — — — 15,903 4.75 % 28,491 Fifth Third Syndicated LOC 20,000 2.50 % 37,488 30,000 2.25 % 50,822 Fifth Third Syndicated Term 92,500 2.51 % 173,383 93,750 2.25 % 158,817 Unamortized debt issuance costs ( 1,050 ) — — ( 1,267 ) — — Total $ 111,450 $ 210,871 $ 138,386 $ 238,130 |
Receivable-Backed Notes Payable | Financial data related to our receivable-backed notes payable facilities as of March 31, 2021 and December 31, 2020 was as follows (dollars in thousands): As of March 31, 2021 December 31, 2020 Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 10,000 3.40 % $ 13,799 $ 10,000 3.40 % $ 13,970 NBA Receivables Facility 15,975 3.00 % 21,616 19,877 3.32 % 26,220 Pacific Western Facility 10,000 3.04 % 13,661 8,623 3.15 % 13,131 Total 35,975 49,076 38,500 53,321 Receivable-backed notes payable - non-recourse: Liberty Bank Facility (1) $ 4,341 3.40 % $ 5,990 $ 2,316 3.40 % $ 3,235 NBA Receivables Facility (2) 24,752 3.00 % 33,492 11,985 3.32 % 15,809 Pacific Western Facility (3) 10,523 3.04 % 14,375 — — — KeyBank/DZ Purchase Facility 10,867 2.50 % 13,101 — — — Quorum Purchase Facility 27,130 4.75-5.10% 31,567 29,788 4.75-5.10% 34,651 2013 Term Securitization 10,294 3.20 % 11,855 11,922 3.20 % 13,483 2015 Term Securitization 20,340 3.02 % 22,181 22,560 3.02 % 24,475 2016 Term Securitization 32,684 3.35 % 36,973 35,700 3.35 % 40,221 2017 Term Securitization 47,750 3.12 % 54,725 51,470 3.12 % 58,907 2018 Term Securitization 66,947 4.02 % 78,320 72,486 4.02 % 84,454 2020 Term Securitization 114,744 2.60 % 129,713 123,600 2.60 % 139,052 Unamortized debt issuance costs ( 5,439 ) --- — ( 5,994 ) --- — Total 364,933 432,292 355,833 414,287 Total receivable-backed debt $ 400,908 $ 481,368 $ 394,333 $ 467,608 (1) Recourse on the Liberty Bank Facility is limited to $ 10.0 million, subject to certain exceptions. (2) Recourse to Bluegreen/Big Cedar Vacations was reduced to $ 16.0 million as of March 31, 2021 and will be reduced by $ 1.3 million per month until it reaches a floor of $ 10.0 million. (3) Recourse on the Pacific Western Facility is limited to $10.0 million, subject to certain exceptions. |
Junior Subordinated Debentures Outstanding | Financial data relating to our junior subordinated debentures as of March 31, 2021 and December 31, 2020 was as follows (dollars in thousands): Trust Carrying Value as of March 31, 2021 (1) Initial Equity In Trust (2) Issue Date Interest Rate Interest Rate at March 31, 2021 Maturity Date Carrying Value as of December 31, 2020 (1) BST I $ 15,710 $ 374 3/15/2005 3-month LIBOR + 4.90% 5.10 % 3/30/2035 $ 15,238 BST II 12,949 300 5/4/2005 3-month LIBOR + 4.85% 5.06 % 7/30/2035 17,058 BST III 6,745 156 5/10/2005 3-month LIBOR + 4.85% 5.06 % 7/30/2035 6,898 BST IV 10,117 234 4/24/2006 3-month LIBOR + 4.85% 5.05 % 6/30/2036 10,159 BST V 10,117 234 7/21/2006 3-month LIBOR + 4.85% 5.05 % 9/30/2036 10,159 BST VI 13,490 312 2/26/2007 3-month LIBOR + 4.80% 5.01 % 4/30/2037 13,420 $ 69,128 $ 1,610 $ 72,932 (1) Amounts include purchase accounting adjustments which reduced the total carrying value by $ 35.6 million and $ 37.9 million as of March 31, 2021 and December 31, 2020, respectively. (2) Initial Equity in Trust is recorded as part of other assets in the unaudited Consolidated Balance Sheets. |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |
Carrying Amounts Of Financial Instruments | As of March 31, 2021 As of December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 172,552 $ 172,552 $ 203,668 $ 203,668 Restricted cash $ 40,478 $ 40,478 $ 35,728 $ 35,728 Notes receivable, net $ 401,564 $ 545,870 $ 409,349 $ 549,819 Lines-of-credit, notes payable, and receivable- backed notes payable $ 512,358 $ 518,300 $ 532,719 $ 547,400 Junior subordinated debentures $ 69,128 $ 79,500 $ 72,932 $ 91,000 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth our segment information for the three months ended March 31, 2021 (in thousands): Sales of VOIs and financing Resort operations and club management Corporate and other Elimination Total Revenue: Sales of VOIs $ 55,931 $ — $ — $ — $ 55,931 Fee-based sales commission revenue 25,718 — — — 25,718 Other fee-based services revenue 2,274 26,623 — — 28,897 Cost reimbursements — 16,608 — — 16,608 Mortgage servicing revenue 1,311 — — ( 1,311 ) — Interest income 19,128 — 77 — 19,205 Other income, net — — — — — Total revenue 104,362 43,231 77 ( 1,311 ) 146,359 Costs and expenses: Cost of VOIs sold 5,169 — — — 5,169 Net carrying cost of VOI inventory 7,780 — — ( 7,780 ) — Cost of other fee-based services 719 8,586 — 7,780 17,085 Cost reimbursements — 16,608 — — 16,608 Selling, general and administrative expenses 65,654 — 24,655 ( 157 ) 90,152 Mortgage servicing expense 1,154 — — ( 1,154 ) — Interest expense 4,163 — 3,753 — 7,916 Other expense, net — — 214 — 214 Total costs and expenses 84,639 25,194 28,622 ( 1,311 ) 137,144 Income (loss) before non-controlling interest and provision for income taxes $ 19,723 $ 18,037 $ ( 28,545 ) $ — $ 9,215 Add: Depreciation and amortization 1,405 196 Segment Adjusted EBITDA (1) $ 21,128 $ 18,233 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth our segment information for the three months ended March 31, 2020 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Corporate and other Elimination Total Sales of VOIs $ 45,128 $ — $ — $ — $ 45,128 Fee-based sales commission revenue 41,365 — — — 41,365 Other fee-based services revenue 2,723 26,591 — — 29,314 Cost reimbursements — 19,120 — — 19,120 Mortgage servicing revenue 1,595 — — ( 1,595 ) — Interest income 20,148 — 1,718 — 21,866 Other income, net — — 133 — 133 Total revenue 110,959 45,711 1,851 ( 1,595 ) 156,926 Costs and expenses: Cost of VOIs sold 4,099 — — — 4,099 Net carrying cost of VOI inventory 7,914 — — ( 7,914 ) — Cost of other fee-based services 1,470 12,327 — 7,914 21,711 Cost reimbursements — 19,120 — — 19,120 Selling, general and administrative expenses 83,138 — 19,234 ( 175 ) 102,197 Mortgage servicing expense 1,420 — — ( 1,420 ) — Interest expense 4,664 — 4,154 — 8,818 Total costs and expenses 102,705 31,447 23,388 ( 1,595 ) 155,945 Income (loss) before non-controlling interest and provision for income taxes $ 8,254 $ 14,264 $ ( 21,537 ) $ — $ 981 Add: Depreciation and amortization 1,559 190 Add: Severence 2,563 1,134 Segment Adjusted EBITDA (1) $ 12,376 $ 15,588 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. |
Organization And Basis Of Pre_3
Organization And Basis Of Presentation (Narrative) (Details) | Apr. 05, 2021 | Mar. 31, 2021USD ($)item | Mar. 31, 2020USD ($)item | Dec. 31, 2020USD ($) |
Segment Reporting Information [Line Items] | ||||
Number of resorts, owners right to most units | 45 | |||
Number of associated resorts, owners right to limited units | 23 | |||
Approximate number of owners in the resort club | 214,000 | |||
Number of additional other hotels owners can stay through program | 11,300 | |||
Repayments of lines of credit | $ | $ 27,153,000 | $ 2,411,000 | ||
Occupancy rate | 70.00% | 66.00% | ||
Increase in vacation packages sold, percent | 15.00% | |||
Number of vacation packages sold | 49,000 | 43,000 | ||
Prepaid expenses | $ | $ 25,880,000 | $ 9,320,000 | ||
Junior subordinated debentures | $ | 69,128,000 | $ 72,932,000 | ||
Lines of credit and notes payable | $ | $ 0 | |||
Cabela [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of stores open | 7 | |||
Bass Pro [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of stores open | 105 | |||
VOI Sales Offices [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of stores open | 2 | |||
Bluegreen/Big Cedar Vacations, LLC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of ownership interest | 51.00% | |||
Bluegreen [Member] | BVH [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 93.00% | |||
Percentage of ownership interest | 7.00% | |||
Subsequent Event [Member] | Bluegreen [Member] | BVH [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 7.00% | |||
Shares received per common share from merger | 0.51 | |||
Accounting Standards Update 2020-04 [Member] | LIBOR [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Junior subordinated debentures | $ | $ 104,800,000 | |||
LIBOR Indexed Receivable-backed Notes Payable And Lines Of Credit [Member] | Accounting Standards Update 2020-04 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Receivable-backed notes payable and lines of credit | $ | 66,700,000 | |||
LIBOR Line Of Credit And Notes Payable [Member] | Accounting Standards Update 2020-04 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lines of credit and notes payable | $ | $ 108,100,000 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Narrative) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||||
Prepaid expenses | $ 25,880,000 | $ 9,320,000 | ||
Total shareholder's equity | 375,935,000 | 368,712,000 | $ 445,188,000 | $ 465,659,000 |
Junior subordinated debentures | 69,128,000 | $ 72,932,000 | ||
Lines of credit and notes payable | 0 | |||
Accounting Standards Update 2020-04 [Member] | LIBOR Indexed Receivable-backed Notes Payable And Lines Of Credit [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Receivable-backed notes payable and lines of credit | 66,700,000 | |||
Accounting Standards Update 2020-04 [Member] | LIBOR Line Of Credit And Notes Payable [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Lines of credit and notes payable | 108,100,000 | |||
Accounting Standards Update 2020-04 [Member] | LIBOR [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Junior subordinated debentures | $ 104,800,000 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Narrative) (Details) - segment | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | ||
Number of reportable segments | 2 | 2 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers (Revenue Disaggregation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 146,359 | $ 156,926 |
Sales of VOIs [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 55,931 | 45,128 |
Interest income | 19,100 | 20,000 |
Fee-Based Sales Commission Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 25,718 | 41,365 |
Resort And Club Management Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 24,928 | 25,029 |
Cost Reimbursements [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 16,608 | 19,120 |
Title Fees And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 2,274 | 2,723 |
Other Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 1,695 | 1,562 |
Revenue From Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 127,154 | 134,927 |
Interest Income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 19,205 | 21,866 |
Other Income, Net [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 55,931 | $ 133 |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Increase in allowance for loan losses | $ 12,000 | ||
Notes receivable | $ 544,806 | $ 551,393 | |
Accrued interest | $ 3,800 | $ 3,900 | |
Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Weighted-average interest rate | 15.10% | 15.00% | |
Over 91 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 23,910 | $ 23,963 |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross 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 |
Allowance as a % of gross notes receivable | 26.00% | 26.00% |
VOI Notes Receivable - Non-Securitized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross notes receivable | $ 179,389 | $ 156,078 |
Less: Allowance for loan loss | (46,907) | (38,750) |
VOI Notes Receivable - Securitized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross notes receivable | 365,417 | 395,315 |
Less: Allowance for loan loss | $ (96,335) | $ (103,294) |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | $ 142,044 | |
Balance, end of period | 143,242 | |
Bluegreens Vacation Ownership Interests [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | 142,044 | $ 140,630 |
Provision for loan losses | 12,319 | 30,353 |
Less: Write-offs of uncollectible receivables | (11,121) | (15,817) |
Balance, end of period | $ 143,242 | $ 155,166 |
Notes Receivable (Financing Rec
Notes Receivable (Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 544,806 | $ 551,393 |
VOI note receivable balance had not yet been charged off | 13,100 | 11,400 |
Defaults [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,678 | |
Fiscal Year Before Current | 2,054 | 13,678 |
Two Years Before Current | 3,272 | 14,297 |
Three Years Before Current | 2,780 | 9,331 |
Four Years Before Current | 1,909 | 7,299 |
More Than Five Years Before Current | 1,106 | 9,244 |
Total | 11,121 | 55,527 |
Allowance For Loan Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 9,036 | 33,441 |
Fiscal Year Before Current | 33,497 | 37,845 |
Two Years Before Current | 36,001 | 27,552 |
Three Years Before Current | 25,168 | 16,794 |
Four Years Before Current | 15,308 | 12,097 |
More Than Five Years Before Current | 24,232 | 14,315 |
Total | 143,242 | 142,044 |
Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 34,485 | 113,954 |
Fiscal Year Before Current | 105,915 | 129,817 |
Two Years Before Current | 119,847 | 89,744 |
Three Years Before Current | 83,452 | 61,279 |
Four Years Before Current | 57,110 | 50,671 |
More Than Five Years Before Current | 110,863 | 71,646 |
Total | 511,672 | 517,111 |
31-60 Days [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 70 | 1,040 |
Fiscal Year Before Current | 1,118 | 1,531 |
Two Years Before Current | 1,245 | 1,093 |
Three Years Before Current | 890 | 925 |
Four Years Before Current | 402 | 547 |
More Than Five Years Before Current | 865 | 642 |
Total | 4,590 | 5,778 |
61-90 Days [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 807 | |
Fiscal Year Before Current | 1,015 | 1,137 |
Two Years Before Current | 1,302 | 931 |
Three Years Before Current | 667 | 777 |
Four Years Before Current | 738 | 365 |
More Than Five Years Before Current | 912 | 524 |
Total | 4,634 | 4,541 |
Over 91 Days [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 934 | |
Fiscal Year Before Current | 1,958 | 2,539 |
Two Years Before Current | 3,102 | 5,711 |
Three Years Before Current | 4,967 | 4,679 |
Four Years Before Current | 4,538 | 3,235 |
More Than Five Years Before Current | 9,345 | 6,865 |
Total | 23,910 | 23,963 |
Total [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 34,555 | 116,735 |
Fiscal Year Before Current | 110,006 | 135,024 |
Two Years Before Current | 125,496 | 97,479 |
Three Years Before Current | 89,976 | 67,660 |
Four Years Before Current | 62,788 | 54,818 |
More Than Five Years Before Current | 121,985 | 79,677 |
Total | 544,806 | 551,393 |
701+ [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 20,054 | 70,874 |
Fiscal Year Before Current | 64,272 | 85,294 |
Two Years Before Current | 77,853 | 56,490 |
Three Years Before Current | 51,834 | 37,371 |
Four Years Before Current | 34,447 | 27,638 |
More Than Five Years Before Current | 56,733 | 35,693 |
Total | 305,193 | 313,360 |
601-700 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 13,783 | 42,095 |
Fiscal Year Before Current | 41,385 | 44,672 |
Two Years Before Current | 42,192 | 34,181 |
Three Years Before Current | 31,643 | 24,700 |
Four Years Before Current | 22,725 | 22,656 |
More Than Five Years Before Current | 51,915 | 34,779 |
Total | 203,643 | 203,083 |
Less Than 601 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 718 | 3,737 |
Fiscal Year Before Current | 3,744 | 4,491 |
Two Years Before Current | 4,272 | 3,003 |
Three Years Before Current | 2,821 | 2,113 |
Four Years Before Current | 1,996 | 2,188 |
More Than Five Years Before Current | 5,602 | 3,954 |
Total | 19,153 | 19,486 |
Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 29 | |
Fiscal Year Before Current | 605 | 567 |
Two Years Before Current | 1,179 | 3,805 |
Three Years Before Current | 3,678 | 3,476 |
Four Years Before Current | 3,620 | 2,336 |
More Than Five Years Before Current | 7,735 | 5,251 |
Total | 16,817 | 15,464 |
Total by FICO Score [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 34,555 | 116,735 |
Fiscal Year Before Current | 110,006 | 135,024 |
Two Years Before Current | 125,496 | 97,479 |
Three Years Before Current | 89,976 | 67,660 |
Four Years Before Current | 62,788 | 54,818 |
More Than Five Years Before Current | 121,985 | 79,677 |
Total | $ 544,806 | $ 551,393 |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding By FICO Score At Origination) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 100.00% | 100.00% |
No Score [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 1.00% | 1.00% |
Less Than 600 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 3.00% | 3.00% |
601-700 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 38.00% | 37.00% |
700+ [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 58.00% | 59.00% |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Variable Interest Entities [Abstract] | ||
Voluntary repurchases and substitutions | $ 3.8 | $ 4.3 |
Variable Interest Entities (Inf
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Restricted cash | $ 40,478 | $ 35,728 |
Securitized notes receivable, net | 401,564 | 409,349 |
Receivable backed notes payable - non-recourse | 364,933 | 355,833 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 18,297 | 20,469 |
Securitized notes receivable, net | 269,082 | 292,021 |
Receivable backed notes payable - non-recourse | $ 325,317 | $ 341,532 |
Inventory (Summary Of Inventory
Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory [Abstract] | ||
Completed VOI units | $ 264,774 | $ 268,686 |
Construction-in-progress | 8,175 | |
Real estate held for future development | 72,141 | 78,436 |
Total | $ 345,090 | $ 347,122 |
Debt (Lines-Of-Credit and Notes
Debt (Lines-Of-Credit and Notes Payable, Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 0 | $ 0 | |
Issuance of debt | 0 | 0 | |
Repayments of lines of credit | 27,153,000 | $ 2,411,000 | |
Proceeds from lines of credit | $ 80,000,000 | ||
NBA Eilan Loan [Member] | |||
Debt Instrument [Line Items] | |||
Written off unamortized debt issuance costs | $ 200,000 | ||
Repayment of credit facility | $ 15,600,000 |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |
Feb. 28, 2021 | Mar. 31, 2021 | |
Availablility of line of credits/credit facilities | $ 271.4 | |
Bluegreen Statutory Trust II [Member] | ||
Purchase of trust preferred securities | $ 4 | |
Par value of trust preferred securities | $ 6.1 |
Debt (Lines-Of-Credit And Not_2
Debt (Lines-Of-Credit And Notes Payable) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (5,439) | $ (5,994) |
Total | 111,450 | 138,386 |
Lines-Of-Credit And Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Balance | 111,450 | 138,386 |
Unamortized debt issuance costs | (1,050) | (1,267) |
Carrying Amount of Pledged Assets | 210,871 | 238,130 |
NBA Eilan Loan [Member] | Lines-Of-Credit And Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 15,903 | |
Interest Rate | 4.75% | |
Carrying Amount of Pledged Assets | $ 28,491 | |
Fifth Third Syndicated LOC [Member] | Lines-Of-Credit And Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 20,000 | $ 30,000 |
Interest Rate | 2.50% | 2.25% |
Carrying Amount of Pledged Assets | $ 37,488 | $ 50,822 |
Fifth Third Syndicated Term Loan [Member] | Lines-Of-Credit And Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 92,500 | $ 93,750 |
Interest Rate | 2.51% | 2.25% |
Carrying Amount of Pledged Assets | $ 173,383 | $ 158,817 |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 35,975 | $ 38,500 |
Unamortized debt issuance costs | (5,439) | (5,994) |
Receivable backed notes payable - non-recourse | 364,933 | 355,833 |
Total receivable-backed debt | 400,908 | 394,333 |
Principal Balance of Pledged/Secured Receivables | 481,368 | 467,608 |
Recourse limit | 16,000 | |
Per month reduction in recourse | 1,300 | |
Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | 35,975 | 38,500 |
Principal Balance of Pledged/Secured Receivables | 49,076 | 53,321 |
Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | 364,933 | 355,833 |
Principal Balance of Pledged/Secured Receivables | 432,292 | 414,287 |
Liberty Bank Facility [Member] | ||
Debt Instrument [Line Items] | ||
Recourse limit | 10,000 | |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 10,000 | $ 10,000 |
Interest Rate | 3.40% | 3.40% |
Principal Balance of Pledged/Secured Receivables | $ 13,799 | $ 13,970 |
Liberty Bank Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 4,341 | $ 2,316 |
Interest Rate | 3.40% | 3.40% |
Principal Balance of Pledged/Secured Receivables | $ 5,990 | $ 3,235 |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 15,975 | $ 19,877 |
Interest Rate | 3.00% | 3.32% |
Principal Balance of Pledged/Secured Receivables | $ 21,616 | $ 26,220 |
NBA Receivables Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 24,752 | $ 11,985 |
Interest Rate | 3.00% | 3.32% |
Principal Balance of Pledged/Secured Receivables | $ 33,492 | $ 15,809 |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 10,000 | $ 8,623 |
Interest Rate | 3.04% | 3.15% |
Principal Balance of Pledged/Secured Receivables | $ 13,661 | $ 13,131 |
Pacific Western Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 10,523 | |
Interest Rate | 3.04% | |
Principal Balance of Pledged/Secured Receivables | $ 14,375 | |
KeyBank/DZ Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 10,867 | |
Interest Rate | 2.50% | |
Principal Balance of Pledged/Secured Receivables | $ 13,101 | |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | 27,130 | 29,788 |
Principal Balance of Pledged/Secured Receivables | 31,567 | 34,651 |
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 10,294 | $ 11,922 |
Interest Rate | 3.20% | 3.20% |
Principal Balance of Pledged/Secured Receivables | $ 11,855 | $ 13,483 |
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 20,340 | $ 22,560 |
Interest Rate | 3.02% | 3.02% |
Principal Balance of Pledged/Secured Receivables | $ 22,181 | $ 24,475 |
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 32,684 | $ 35,700 |
Interest Rate | 3.35% | 3.35% |
Principal Balance of Pledged/Secured Receivables | $ 36,973 | $ 40,221 |
2017 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 47,750 | $ 51,470 |
Interest Rate | 3.12% | 3.12% |
Principal Balance of Pledged/Secured Receivables | $ 54,725 | $ 58,907 |
2018 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 66,947 | $ 72,486 |
Interest Rate | 4.02% | 4.02% |
Principal Balance of Pledged/Secured Receivables | $ 78,320 | $ 84,454 |
2020 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total receivable-backed debt | $ 114,744 | $ 123,600 |
Interest Rate | 2.60% | 2.60% |
Principal Balance of Pledged/Secured Receivables | $ 129,713 | $ 139,052 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Recourse limit | $ 10,000 |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | |||
Carrying Value | $ 69,128 | $ 72,932 | |
Junior subordinated debenture, purchase accounting adjustment | 35,600 | $ 37,900 | |
Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | 69,128 | 72,932 | |
Initial Equity In Trust | $ 1,610 | ||
Bluegreen Statutory Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Mar. 15, 2005 | ||
Interest Rate Terms | 3-month LIBOR+ 4.90% | ||
Interest Rate | 5.10% | ||
Maturity Date | Mar. 30, 2035 | ||
Bluegreen Statutory Trust I [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 15,710 | 15,238 | |
Initial Equity In Trust | $ 374 | ||
Bluegreen Statutory Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | May 4, 2005 | ||
Interest Rate Terms | 3-month LIBOR + 4.85% | ||
Interest Rate | 5.06% | ||
Maturity Date | Jul. 30, 2035 | ||
Bluegreen Statutory Trust II [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 12,949 | 17,058 | |
Initial Equity In Trust | $ 300 | ||
Bluegreen Statutory Trust III [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | May 10, 2005 | ||
Interest Rate Terms | 3-month LIBOR + 4.85% | ||
Interest Rate | 5.06% | ||
Maturity Date | Jul. 30, 2035 | ||
Bluegreen Statutory Trust III [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 6,745 | 6,898 | |
Initial Equity In Trust | $ 156 | ||
Bluegreen Statutory Trust IV [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Apr. 24, 2006 | ||
Interest Rate Terms | 3-month LIBOR+ 4.85% | ||
Interest Rate | 5.05% | ||
Maturity Date | Jun. 30, 2036 | ||
Bluegreen Statutory Trust IV [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 10,117 | 10,159 | |
Initial Equity In Trust | $ 234 | ||
Bluegreen Statutory Trust V [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Jul. 21, 2006 | ||
Interest Rate Terms | 3-month LIBOR+ 4.85% | ||
Interest Rate | 5.05% | ||
Maturity Date | Sep. 30, 2036 | ||
Bluegreen Statutory Trust V [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 10,117 | 10,159 | |
Initial Equity In Trust | $ 234 | ||
Bluegreen Statutory Trust VI [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Feb. 26, 2007 | ||
Interest Rate Terms | 3-month LIBOR+ 4.80% | ||
Interest Rate | 5.01% | ||
Maturity Date | Apr. 30, 2037 | ||
Bluegreen Statutory Trust VI [Member] | Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 13,490 | $ 13,420 | |
Initial Equity In Trust | $ 312 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 172,552 | $ 203,668 |
Restricted cash | 40,478 | 35,728 |
Notes receivable, net | 401,564 | 409,349 |
Lines-of-credit, notes payable, and receivable-backed notes payable | 512,358 | 532,719 |
Junior subordinated debentures | 69,128 | 72,932 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 172,552 | 203,668 |
Restricted cash | 40,478 | 35,728 |
Notes receivable, net | 545,870 | 549,819 |
Lines-of-credit, notes payable, and receivable-backed notes payable | 518,300 | 547,400 |
Junior subordinated debentures | $ 79,500 | $ 91,000 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Apr. 02, 2021USD ($) | Feb. 28, 2018item | Jan. 31, 2021USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($)item | Mar. 31, 2021USD ($)item | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2015 | Dec. 31, 2020USD ($) | Aug. 30, 2020item | Jul. 07, 2020plaintiff |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Annual fee for each store assessed | $ 6,900,000 | |||||||||||
Fixed fee prepaid | $ 5,200,000 | |||||||||||
Payments for legal settlements | 1,700,000 | $ 1,400,000 | ||||||||||
Payments to subsidies | 1,600,000 | 1,900,000 | ||||||||||
Accrued liabilities and other | 97,629,000 | $ 98,471,000 | ||||||||||
Inventory purchased | $ (2,032,000) | $ 356,000 | ||||||||||
Required period VOIs to be purchased, legal settlement | 6 years | |||||||||||
Average annual default rates | 9.60% | 6.90% | ||||||||||
Reduction of traffic in stores percentage | 25.00% | |||||||||||
Number of non-exempt employees represented | item | 660 | |||||||||||
Subsidies To Certain HOAs [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Accrued liabilities and other | $ 4,700,000 | 0 | ||||||||||
Former CEO [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Severance expense | $ 3,500,000 | |||||||||||
Amount of future payment | 600,000 | |||||||||||
Period of future payment | 18 months | |||||||||||
Bass Pro [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Litigation settlement | $ 20,000,000 | |||||||||||
Settlement agreement, number of annual payments | item | 5 | |||||||||||
Settlement agreement, payment amount | $ 4,000,000 | 4,000,000 | ||||||||||
Accrued claims | $ 10,900,000 | $ 14,700,000 | ||||||||||
Number of stores vacation packages are sold | item | 59 | |||||||||||
Percent of volume sales from agreement | 13.00% | 10.00% | ||||||||||
Cabela [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Number of stores vacation packages are sold | item | 60 | |||||||||||
Bass Pro And Cabela [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Number of stores open | item | 105 | |||||||||||
Robert Barban [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Number of plaintiffs | plaintiff | 172 | |||||||||||
The Manhattan Club [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Litigation settlement | $ 6,500,000 | |||||||||||
Number of VOI owners | item | 100 | |||||||||||
New York Urban [Member] | Subsequent Event [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Litigation settlement | $ 70,000,000 | |||||||||||
New York Urban [Member] | Purchase Commitment [Member] | Subsequent Event [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Litigation settlement | $ 50,000,000 | |||||||||||
Notes Receivable Secured By VOIs [Member] | ||||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||||
Average annual default rates | 11.90% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Effective income tax rate | 28.00% | 18.00% |
Recognized interest or penalties | $ 0 | |
BVH [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Payment to related party | $ 11,200,000 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Dividends paid | $ 9,667,000 | |
Abdo Companies Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Management services expenses | $ 38,000 | |
BVH [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued service fees | 0 | 300,000 |
Revenue from related parties | 200,000 | 100,000 |
Amounts paid for other shared services between affiliates | 0 | 100,000 |
Related party transaction, purchases from related party | $ 100,000 | $ 400,000 |
BVH [Member] | Class A and B Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Percent of voting power | 79.00% | |
BBX [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued service fees | $ 200,000 | |
Related party transaction, purchases from related party | $ 200,000 | |
Bluegreen/Big Cedar Vacations, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership interest | 51.00% | |
Bluegreen [Member] | BVH [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership interest | 7.00% |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020segment | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 146,359 | $ 156,926 | |
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 | |
Add: Depreciation and amortization | $ 5,171 | 4,792 | |
Number of reportable segments | segment | 2 | 2 | |
Corporate Expenses & Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 77 | 1,851 | |
Selling, general and administrative expenses | 24,655 | 19,234 | |
Interest expense | 3,753 | 4,154 | |
Other expense, net | 214 | ||
Total costs and expenses | 28,622 | 23,388 | |
Income before non-controlling interest and provision for income taxes | (28,545) | (21,537) | |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | (1,311) | (1,595) | |
Selling, general and administrative expenses | (157) | (175) | |
Mortgage servicing expense | (1,154) | (1,420) | |
Total costs and expenses | (1,311) | (1,595) | |
Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 104,362 | 110,959 | |
Selling, general and administrative expenses | 65,654 | 83,138 | |
Mortgage servicing expense | 1,154 | 1,420 | |
Interest expense | 4,163 | 4,664 | |
Total costs and expenses | 84,639 | 102,705 | |
Income before non-controlling interest and provision for income taxes | 19,723 | 8,254 | |
Add: Depreciation and amortization | 1,405 | 1,559 | |
Add: Severance | 2,563 | ||
Segment Adjusted EBITDA | 21,128 | 12,376 | |
Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 43,231 | 45,711 | |
Total costs and expenses | 25,194 | 31,447 | |
Income before non-controlling interest and provision for income taxes | 18,037 | 14,264 | |
Add: Depreciation and amortization | 196 | 190 | |
Add: Severance | 1,134 | ||
Segment Adjusted EBITDA | 18,233 | 15,588 | |
Sales of VOIs [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 55,931 | 45,128 | |
Cost of VOIs sold | 4,099 | ||
Total costs and expenses | 5,169 | ||
Sales of VOIs [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 45,128 | ||
Cost of VOIs sold | 4,099 | ||
Total costs and expenses | 5,169 | ||
Net Carrying Cost Of VOI Inventory [Member] | Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of VOIs sold | (7,914) | ||
Total costs and expenses | (7,780) | ||
Net Carrying Cost Of VOI Inventory [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of VOIs sold | 7,914 | ||
Total costs and expenses | 7,780 | ||
Fee-Based Sales Commission Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 25,718 | 41,365 | |
Fee-Based Sales Commission Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 25,718 | 41,365 | |
Other Fee-Based Services Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 28,897 | 29,314 | |
Cost of VOIs sold | 17,085 | 21,711 | |
Total costs and expenses | 17,085 | ||
Other Fee-Based Services Revenue [Member] | Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | (1,311) | ||
Cost of VOIs sold | 7,914 | ||
Total costs and expenses | 7,780 | ||
Other Fee-Based Services Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,311 | 2,723 | |
Cost of VOIs sold | 1,470 | ||
Total costs and expenses | 719 | ||
Other Fee-Based Services Revenue [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 26,591 | ||
Cost of VOIs sold | 12,327 | ||
Total costs and expenses | 8,586 | ||
Cost Reimbursements [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 16,608 | 19,120 | |
Cost of VOIs sold | 16,608 | 19,120 | |
Total costs and expenses | 16,608 | ||
Cost Reimbursements [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 16,608 | 19,120 | |
Cost of VOIs sold | 19,120 | ||
Total costs and expenses | 16,608 | ||
Mortgage Servicing Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 28,897 | ||
Mortgage Servicing Revenue [Member] | Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | (1,595) | ||
Mortgage Servicing Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 2,274 | 1,595 | |
Mortgage Servicing Revenue [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 26,623 | ||
Interest Income [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 19,205 | 21,866 | |
Interest Income [Member] | Corporate Expenses & Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 77 | 1,718 | |
Interest Income [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 19,128 | 20,148 | |
Other Income, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 55,931 | 133 | |
Other Income, Net [Member] | Corporate Expenses & Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 133 | ||
Other Income, Net [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 55,931 |