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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 September 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 November 5, 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

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4.

Controls and Procedures

55

PART II

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

56

Item 6.

Exhibits

58

SIGNATURES

59

 

2


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share data)

September 30,

December 31,

2020

2019

ASSETS

Cash and cash equivalents

$

193,103

$

190,009

Restricted cash ($15,135 and $22,534 in VIEs at September 30, 2020

and December 31, 2019, respectively)

35,312

49,637

Notes receivable

559,918

589,198

Less: Allowance for loan losses

(149,805)

(140,630)

Notes receivable, net ($271,539 and $292,590 in VIEs

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

410,113

448,568

Inventory

350,345

346,937

Prepaid expenses

13,577

10,501

Other assets

37,413

52,731

Operating lease assets

19,443

20,858

Intangible assets, net

61,452

61,515

Loan to related party

80,000

Property and equipment, net

93,046

99,262

Total assets

$

1,213,804

$

1,360,018

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Accounts payable

$

17,511

$

16,653

Accrued liabilities and other

92,934

103,948

Operating lease liabilities

20,880

22,124

Deferred income

14,635

18,074

Deferred income taxes

90,457

92,504

Receivable-backed notes payable - recourse

77,417

88,569

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

303,301

334,246

Lines-of-credit and notes payable

160,671

146,160

Junior subordinated debentures

72,710

72,081

Total liabilities

850,516

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 September 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

51,196

145,847

Total Bluegreen Vacations Corporation shareholders' equity

309,733

416,125

Non-controlling interest

53,555

49,534

Total shareholders' equity

363,288

465,659

Total liabilities and shareholders' equity

$

1,213,804

$

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 Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Revenue:

Gross sales of VOIs

$

71,149

$

82,729

$

157,530

$

225,834

Estimated uncollectible VOI notes receivable

(11,884)

(16,411)

(44,083)

(39,483)

Sales of VOIs

59,265

66,318

113,447

186,351

Fee-based sales commission revenue

22,119

60,478

64,619

161,033

Other fee-based services revenue

27,831

33,744

83,558

94,015

Cost reimbursements

15,684

17,883

46,654

48,933

Interest income

19,672

22,081

61,646

65,964

Other income, net

2,146

41

4,228

Total revenue

144,571

202,650

369,965

560,524

Costs and expenses:

Cost of VOIs sold

3,597

3,121

8,734

17,541

Cost of other fee-based services

20,861

22,872

61,107

63,913

Cost reimbursements

15,684

17,883

46,654

48,933

Selling, general and administrative expenses

79,350

118,033

222,427

357,666

Interest expense

7,319

10,388

24,677

29,955

Other expense, net

365

Total costs and expenses

127,176

172,297

363,599

518,008

Income before non-controlling interest

  and provision for income taxes

17,395

30,353

6,366

42,516

Provision for income taxes

4,850

7,778

1,073

9,124

Net income

12,545

22,575

5,293

33,392

Less: Net income attributable to
  non-controlling interest

2,644

2,248

4,021

9,095

Net income attributable to Bluegreen

 Vacations Corporation shareholders

$

9,901

$

20,327

$

1,272

$

24,297

Comprehensive income attributable to

Bluegreen Vacations Corporation

shareholders

$

9,901

$

20,327

$

1,272

$

24,297


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 Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

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

$

0.14

$

0.27

$

0.02

$

0.33

Weighted average number of common shares
  outstanding:

Basic and diluted

72,485

74,446

73,010

74,446

Cash dividends declared per share

$

1.19

$

0.17

$

1.31

$

0.51

See accompanying Notes to Consolidated Financial Statements - Unaudited

5


BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED STATEMENTS 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