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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2020

OR

¨   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 001-19292

BLUEGREEN VACATIONS CORPORATION

(Exact name of registrant as specified in its charter)

Florida

03-0300793

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

4960 Conference Way North, Suite 100, Boca Raton, Florida 33431

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (561) 912-8000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common Stock, $0.01 par value

BXG

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes x     No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes x     No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ¨

Accelerated filer  x

Non-accelerated filer  ¨

Smaller reporting company  ¨

Emerging growth company  x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes ¨     No x

As of August 3, 2020, there were 72,484,293 shares of the registrant’s common stock, $.01 par value, outstanding.


BLUEGREEN VACATIONS CORPORATION

FORM 10-Q TABLE OF CONTENTS

Page

PART I

Item 1.

Financial Statements (Unaudited)

3

Consolidated Balance Sheets (Unaudited)

3

Consolidated Statements of Operations and Comprehensive Income (Unaudited)

4

Consolidated Statements of Shareholders’ Equity (Unaudited)

6

Consolidated Statements of Cash Flows (Unaudited)

7

Notes to Consolidated Financial Statements (Unaudited)

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

52

PART II

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 6.

Exhibits

55

SIGNATURES

56

 

2


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share data)

June 30,

December 31,

2020

2019

ASSETS

Cash and cash equivalents

$

209,427

$

190,009

Restricted cash ($16,372 and $22,534 in VIEs at June 30, 2020

and December 31, 2019, respectively)

24,829

49,637

Notes receivable

551,861

589,198

Less: Allowance for loan losses

(147,629)

(140,630)

Notes receivable, net ($288,358 and $292,590 in VIEs

at June 30, 2020 and December 31, 2019, respectively)

404,232

448,568

Inventory

350,270

346,937

Prepaid expenses

18,823

10,501

Other assets

28,633

52,731

Operating lease assets

20,834

20,858

Intangible assets, net

61,473

61,515

Loan to related party

80,000

80,000

Property and equipment, net

95,849

99,262

Total assets

$

1,294,370

$

1,360,018

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Accounts payable

$

12,641

$

16,653

Accrued liabilities and other

67,297

103,948

Operating lease liabilities

22,325

22,124

Deferred income

13,783

18,074

Deferred income taxes

87,118

92,504

Receivable-backed notes payable - recourse

74,599

88,569

Receivable-backed notes payable - non-recourse (in VIEs)

325,206

334,246

Lines-of-credit and notes payable

181,908

146,160

Junior subordinated debentures

72,494

72,081

Total liabilities

857,371

894,359

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 June 30, 2020 and 74,362,693 shares

725

744

issued and outstanding at December 31, 2019

Additional paid-in capital

257,812

269,534

Retained earnings

127,551

145,847

Total Bluegreen Vacations Corporation shareholders' equity

386,088

416,125

Non-controlling interest

50,911

49,534

Total shareholders' equity

436,999

465,659

Total liabilities and shareholders' equity

$

1,294,370

$

1,360,018

See accompanying Notes to Consolidated Financial Statements - Unaudited

3


BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (UNAUDITED)

(In thousands, except per share data)

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

2020

2019

2020

2019

Revenue:

Gross sales of VOIs

$

10,900

$

80,221

$

86,381

$

143,105

Estimated uncollectible VOI notes receivable

(1,846)

(11,919)

(32,199)

(23,072)

Sales of VOIs

9,054

68,302

54,182

120,033

Fee-based sales commission revenue

1,135

55,343

42,500

100,555

Other fee-based services revenue

26,413

30,703

55,727

60,271

Cost reimbursements

11,850

14,007

30,970

31,051

Interest income

20,108

21,875

41,974

43,883

Other income, net

273

1,993

406

2,082

Total revenue

68,833

192,223

225,759

357,875

Costs and expenses:

Cost of VOIs sold

1,038

10,572

5,137

14,420

Cost of other fee-based services

18,535

19,049

40,246

41,042

Cost reimbursements

11,850

14,007

30,970

31,051

Selling, general and administrative expenses

40,880

148,543

143,077

239,632

Interest expense

8,540

10,061

17,358

19,567

Total costs and expenses

80,843

202,232

236,788

345,712

(Loss) Income before non-controlling interest

  and (benefit) provision for income taxes

(12,010)

(10,009)

(11,029)

12,163

(Benefit) provision for income taxes

(3,821)

(3,957)

(3,777)

1,346

Net (loss) income

(8,189)

(6,052)

(7,252)

10,817

Less: Net income attributable to
  non-controlling interest

641

5,131

1,377

6,847

Net (loss) income attributable to Bluegreen

 Vacations Corporation shareholders

$

(8,830)

$

(11,183)

$

(8,629)

$

3,970

Comprehensive (loss) income attributable to

Bluegreen Vacations Corporation

shareholders

$

(8,830)

$

(11,183)

$

(8,629)

$

3,970


4


BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (UNAUDITED)

(In thousands, except per share data)

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

2020

2019

2020

2019

(Loss) Earnings per share attributable to
  Bluegreen Vacations Corporation
  shareholders - Basic and diluted

$

(0.12)

$

(0.15)

$

(0.12)

$

0.05

Weighted average number of common shares
  outstanding:

Basic and diluted

72,485

74,446

73,275

74,446

Cash dividends declared per share

$

$

0.17

$

0.13

$

0.34

See accompanying Notes to Consolidated Financial Statements - Unaudited

5


BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(In thousands, except share data)

Equity Attributable
to Bluegreen Vacations Corporation
Shareholders

Common
Shares
Issued

  

Total

Common
Stock

Additional
Paid-in-
Capital

Retained
Earnings

Equity
Attributable to
Non-Controlling
Interest

74,362,693

Balance at December 31, 2019

$

465,659

$

744

$

269,534

$

145,847

$

49,534

Net income

937

201

736

Dividends to shareholders

(9,667)

(9,667)

(1,878,400)

Stock repurchase

(11,741)

(19)

(11,722)

72,484,293

Balance at March 31, 2020

445,188

725

257,812

136,381

50,270

Net loss

(8,189)

(8,830)

641

72,484,293

Balance at June 30, 2020

$

436,999

$

725

$

257,812

$

127,551

$

50,911

Equity Attributable
to Bluegreen Vacations Corporation
Shareholders

Common
Shares
Issued

  

Total

Common
Stock

Additional
Paid-in-
Capital

Retained
Earnings

Equity
Attributable to
Non-Controlling
Interest

74,445,923

Balance at December 31, 2018

$

475,365

$

744

$