Segment Information |
The table below sets forth our segment information for the year ended December 31, 2017 (in thousands):
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Revenues:
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Sales of VOIs and financing
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Resort operations and club management
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Corporate and other
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Elimination
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Segment Total
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Sales of VOIs
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$
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239,662
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$
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—
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$
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—
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$
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—
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$
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239,662
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Fee-based sales commission revenue
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229,389
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—
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—
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—
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229,389
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Other fee-based services revenue
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14,742
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97,077
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—
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—
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111,819
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Mortgage servicing revenue
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5,206
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—
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—
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(5,206)
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—
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Interest income
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79,657
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—
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7,219
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—
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86,876
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Other income, net
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—
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—
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312
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—
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312
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Total revenues
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568,656
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97,077
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7,531
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(5,206)
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668,058
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Costs and expenses:
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Cost of VOIs sold
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17,439
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—
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—
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—
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17,439
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Net carrying cost of VOI inventory
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4,220
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—
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—
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(4,220)
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—
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Cost of other fee-based services
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4,779
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59,337
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—
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4,220
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68,336
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Selling, general and administrative expenses
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354,080
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—
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62,701
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|
189
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416,970
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Mortgage servicing expense
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5,395
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—
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—
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(5,395)
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—
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Interest expense
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17,809
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—
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12,168
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—
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|
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29,977
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Total costs and expenses
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403,722
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59,337
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74,869
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(5,206)
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532,722
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Income (loss) before non-controlling interest
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and provision for income taxes
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$
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164,934
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$
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37,740
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$
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(67,338)
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$
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—
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$
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135,336
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Add:
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Depreciation and amortization
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6,270
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1,579
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Corporate realignment cost
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4,322
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|
255
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One-time payment to Bass Pro
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4,781
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—
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Segment Adjusted EBITDA
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$
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180,307
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$
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39,574
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The table below sets forth our segment information for the year ended December 31, 2016 (in thousands):
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Revenues:
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Sales of VOIs and financing
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Resort operations and club management
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|
Corporate and other
|
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Elimination
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Segment Total
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Sales of VOIs
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$
|
266,142
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$
|
—
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|
$
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—
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|
$
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—
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$
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266,142
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Fee-based sales commission revenue
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201,829
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|
|
—
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|
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—
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|
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—
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201,829
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Other fee-based services revenue
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|
13,838
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89,610
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—
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—
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103,448
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Mortgage servicing revenue
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3,793
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—
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—
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(3,793)
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—
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Interest income
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80,950
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—
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8,560
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—
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89,510
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Other income, net
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—
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—
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1,724
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—
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1,724
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Total revenues
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566,552
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89,610
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10,284
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(3,793)
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662,653
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Costs and expenses:
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Cost of VOIs sold
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27,346
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—
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—
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—
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27,346
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Net carrying cost of VOI inventory
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6,847
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—
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—
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(6,847)
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—
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Cost of other fee-based services
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|
5,116
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52,516
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—
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|
6,847
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|
|
64,479
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Selling, general and administrative expenses
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|
340,063
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—
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72,652
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|
|
2,312
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|
|
415,027
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Mortgage servicing expense
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|
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6,105
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—
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—
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(6,105)
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—
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Interest expense
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|
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18,348
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|
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—
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|
|
12,505
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|
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—
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|
|
30,853
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Total costs and expenses
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403,825
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52,516
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85,157
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(3,793)
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537,705
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Income (loss) before non-controlling interest
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|
|
|
|
|
|
|
|
|
|
|
|
|
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and provision for income taxes
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|
$
|
162,727
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$
|
37,094
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$
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(74,873)
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$
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—
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$
|
124,948
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Add: Depreciation and amortization
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6,341
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|
1,423
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Segment Adjusted EBITDA
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$
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169,068
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$
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38,517
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The table below sets forth our segment information for the year ended December 31, 2015 (in thousands):
|
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|
|
|
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|
|
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|
|
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Revenues:
|
|
Sales of VOIs and financing
|
|
Resort operations and club management
|
|
Corporate and other
|
|
Elimination
|
|
Segment Total
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Sales of VOIs
|
|
$
|
259,236
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
259,236
|
Fee-based sales commission revenue
|
|
|
173,659
|
|
|
—
|
|
|
—
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|
|
—
|
|
|
173,659
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Other fee-based services revenue
|
|
|
14,283
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|
|
83,256
|
|
|
—
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|
|
—
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|
|
97,539
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Mortgage servicing revenue
|
|
|
2,660
|
|
|
—
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|
|
—
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(2,660)
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|
—
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Interest income
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|
|
78,323
|
|
|
—
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|
|
6,008
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|
|
—
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|
|
84,331
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Other income, net
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|
|
—
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|
|
—
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|
|
2,883
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|
|
—
|
|
|
2,883
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Total revenues
|
|
|
528,161
|
|
|
83,256
|
|
|
8,891
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(2,660)
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|
|
617,648
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|
|
|
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|
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Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cost of VOIs sold
|
|
|
22,884
|
|
|
—
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|
|
—
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|
|
—
|
|
|
22,884
|
Net carrying cost of VOI inventory
|
|
|
7,046
|
|
|
—
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|
|
—
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|
|
(7,046)
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|
|
—
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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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Add: Depreciation and amortization
|
|
|
5,985
|
|
|
1,372
|
|
|
|
|
|
|
|
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|
Segment Adjusted EBITDA
|
|
$
|
165,714
|
|
$
|
35,628
|
|
|
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