Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2017

The table below sets forth our segment information for the year ended December 31, 2017 (in thousands):



Revenues:	Sales of VOIs and financing		Resort operations and club management		Corporate and other		Elimination		Segment Total

Sales of VOIs	$	239,662	$	—	$	—	$	—	$	239,662
Fee-based sales commission revenue		229,389		—		—		—		229,389
Other fee-based services revenue		14,742		97,077		—		—		111,819
Mortgage servicing revenue		5,206		—		—		(5,206)		—
Interest income		79,657		—		7,219		—		86,876
Other income, net		—		—		312		—		312
Total revenues		568,656		97,077		7,531		(5,206)		668,058

Costs and expenses:

Cost of VOIs sold		17,439		—		—		—		17,439
Net carrying cost of VOI inventory		4,220		—		—		(4,220)		—
Cost of other fee-based services		4,779		59,337		—		4,220		68,336
Selling, general and administrative expenses		354,080		—		62,701		189		416,970
Mortgage servicing expense		5,395		—		—		(5,395)		—
Interest expense		17,809		—		12,168		—		29,977
Total costs and expenses		403,722		59,337		74,869		(5,206)		532,722
Income (loss) before non-controlling interest
and provision for income taxes	$	164,934	$	37,740	$	(67,338)	$	—	$	135,336

Add:
Depreciation and amortization		6,270		1,579
Corporate realignment cost		4,322		255
One-time payment to Bass Pro		4,781		—
Segment Adjusted EBITDA	$	180,307	$	39,574

The table below sets forth our segment information for the year ended December 31, 2016 (in thousands):



Revenues:	Sales of VOIs and financing		Resort operations and club management		Corporate and other		Elimination		Segment Total

Sales of VOIs	$	266,142	$	—	$	—	$	—	$	266,142
Fee-based sales commission revenue		201,829		—		—		—		201,829
Other fee-based services revenue		13,838		89,610		—		—		103,448
Mortgage servicing revenue		3,793		—		—		(3,793)		—
Interest income		80,950		—		8,560		—		89,510
Other income, net		—		—		1,724		—		1,724
Total revenues		566,552		89,610		10,284		(3,793)		662,653

Costs and expenses:

Cost of VOIs sold		27,346		—		—		—		27,346
Net carrying cost of VOI inventory		6,847		—		—		(6,847)		—
Cost of other fee-based services		5,116		52,516		—		6,847		64,479
Selling, general and administrative expenses		340,063		—		72,652		2,312		415,027
Mortgage servicing expense		6,105		—		—		(6,105)		—
Interest expense		18,348		—		12,505		—		30,853
Total costs and expenses		403,825		52,516		85,157		(3,793)		537,705
Income (loss) before non-controlling interest
and provision for income taxes	$	162,727	$	37,094	$	(74,873)	$	—	$	124,948

Add: Depreciation and amortization		6,341		1,423
Segment Adjusted EBITDA	$	169,068	$	38,517

The table below sets forth our segment information for the year ended December 31, 2015 (in thousands):


Revenues:	Sales of VOIs and financing		Resort operations and club management		Corporate and other		Elimination		Segment Total

Sales of VOIs	$	259,236	$	—	$	—	$	—	$	259,236
Fee-based sales commission revenue		173,659		—		—		—		173,659
Other fee-based services revenue		14,283		83,256		—		—		97,539
Mortgage servicing revenue		2,660		—		—		(2,660)		—
Interest income		78,323		—		6,008		—		84,331
Other income, net		—		—		2,883		—		2,883
Total revenues		528,161		83,256		8,891		(2,660)		617,648

Costs and expenses:

Cost of VOIs sold		22,884		—		—		—		22,884
Net carrying cost of VOI inventory		7,046		—		—		(7,046)		—
Cost of other fee-based services		4,896		49,000		—		7,046		60,942
Selling, general and administrative expenses		307,754		—		63,166		2,884		373,804
Mortgage servicing expense		5,544		—		—		(5,544)		—
Interest expense		20,308		—		15,390		—		35,698
Total costs and expenses		368,432		49,000		78,556		(2,660)		493,328
Income (loss) before non-controlling interest
and provision for income taxes		$ 159,729		$ 34,256	$	(69,665)		$ -		$ 124,320

Add: Depreciation and amortization		5,985		1,372
Segment Adjusted EBITDA	$	165,714	$	35,628