Annual report pursuant to Section 13 and 15(d)

Revenue From Contract With Customers (Tables)

v3.10.0.1
Revenue From Contract With Customers (Tables)
12 Months Ended
Dec. 31, 2018
Revenue from Contracts with Customers [Abstract]  
Summary Of Impacts From ASU Adoption







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

As of and for the Year ended December 31, 2017



 

Initially
As Reported

 

ASC 606 Adjustment

 

As Adjusted

Balance Sheet:

 

 

 

 

 

 

 

 

 

Notes receivable, net

 

$

431,801 

 

$

(4,943)

 

$

426,858 

Deferred income

 

 

36,311 

 

 

(19,418)

 

 

16,893 

Deferred income taxes

 

 

83,628 

 

 

5,338 

 

 

88,966 

Total shareholders' equity

 

$

424,517 

 

$

9,137 

 

$

433,654 



 

 

 

 

 

 

 

 

 

Income Statement:

 

 

 

 

 

 

 

 

 

Sales of VOIs

 

$

239,662 

 

$

2,355 

 

$

242,017 

Reimbursement revenue

 

 

 —

 

 

52,639 

 

 

52,639 

Cost of reimbursement

 

 

 —

 

 

52,639 

 

 

52,639 

Cost of VOIs sold

 

 

17,439 

 

 

240 

 

 

17,679 

Selling, general and administrative expenses

 

 

420,746 

 

 

453 

 

 

421,199 

Income before non-controlling interest and provision
  for income taxes

 

 

135,336 

 

 

1,662 

 

 

136,998 

Provision for income taxes

 

 

(2,974)

 

 

629 

 

 

(2,345)

Net income

 

 

138,310 

 

 

1,033 

 

 

139,343 

   Less: Net income attributable to non-controlling interest

 

 

12,784 

 

 

(24)

 

 

12,760 

Net income attributable to Bluegreen Vacations Corporation
  shareholders

 

$

125,526 

 

$

1,057 

 

$

126,583 

Basic and diluted earnings per share

 

$

1.76 

 

$

0.01 

 

$

1.77 







 

 

 

 

 

 

 

 

 



 

As of and for the Year ended December 31, 2016



 

Initially
As Reported

 

ASC 606 Adjustment

 

As Adjusted

Balance Sheet:

 

 

 

 

 

 

 

 

 

Notes receivable, net

 

$

430,480 

 

$

(4,680)

 

$

425,800 

Deferred income

 

 

37,015 

 

 

(17,493)

 

 

19,522 

Deferred income taxes

 

 

126,278 

 

 

4,711 

 

 

130,989 

Total shareholders' equity

 

$

290,208 

 

$

8,104 

 

$

298,312 



 

 

 

 

 

 

 

 

 

Income Statement:

 

 

 

 

 

 

 

 

 

Sales of VOIs

 

$

266,142 

 

$

7,731 

 

$

273,873 

Reimbursement revenue

 

 

 —

 

 

49,557 

 

 

49,557 

Cost of reimbursement

 

 

 —

 

 

49,557 

 

 

49,557 

Cost of VOIs sold

 

 

27,346 

 

 

1,483 

 

 

28,829 

Selling, general and administrative expenses

 

 

418,357 

 

 

1,573 

 

 

419,930 

Income before non-controlling interest and provision
  for income taxes

 

 

124,948 

 

 

4,675 

 

 

129,623 

Provision for income taxes

 

 

40,172 

 

 

1,448 

 

 

41,620 

Net income

 

 

84,776 

 

 

3,227 

 

 

88,003 

   Less: Net income attributable to non-controlling interest

 

 

9,825 

 

 

301 

 

 

10,126 

Net income attributable to Bluegreen Vacations Corporation
  shareholders

 

 

74,951 

 

 

2,926 

 

 

77,877 

Basic and diluted earnings per share

 

$

1.06 

 

$

0.04 

 

$

1.10 



Revenue Disaggregation







 

 

 

 

 

 

 

 

 

 



 

For the Years Ended

 



 

December 31,

 



 

2018

 

2017

 

2016

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Sales of VOIs (1)

 

$

254,225 

 

$

242,017 

 

$

273,873 

 

Fee-based sales commission revenue (1)

 

 

216,422 

 

 

229,389 

 

 

201,829 

 

Resort and club management revenue (2)

 

 

99,535 

 

 

91,080 

 

 

84,318 

 

Cost reimbursements (2)

 

 

62,534 

 

 

52,639 

 

 

49,557 

 

Title fees (1)

 

 

12,205 

 

 

14,742 

 

 

13,838 

 

Other revenue (2)

 

 

6,284 

 

 

5,997 

 

 

5,292 

 

Revenue from customers

 

 

651,205 

 

 

635,864 

 

 

628,707 

 

Interest income (1)

 

 

85,914 

 

 

86,876 

 

 

89,510 

 

Other income, net

 

 

1,201 

 

 

312 

 

 

1,724 

 

Total revenue

 

$

738,320 

 

$

723,052 

 

$

719,941 

 



(1) Included in our sales of VOIs and financing segment described in Note 16. 

(2) Included in our resort operations and club management segment described in Note 16.