Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

v3.20.1
Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Segment Information The table below sets forth our segment information for the three months ended March 31, 2020 (in thousands):

Revenue:

Sales of
VOIs and
financing

Resort
operations
and club
management

Corporate
and other

Elimination


Total

Sales of VOIs

$

45,128

$

$

$

$

45,128

Fee-based sales commission revenue

41,365

41,365

Other fee-based services revenue

2,723

26,591

29,314

Cost reimbursements

19,120

19,120

Mortgage servicing revenue

1,595

(1,595)

Interest income

20,148

1,718

21,866

Other income, net

133

133

Total revenue

110,959

45,711

1,851

(1,595)

156,926

Costs and expenses:

Cost of VOIs sold

4,099

4,099

Net carrying cost of VOI inventory

7,914

(7,914)

Cost of other fee-based services

1,470

13,327

7,914

22,711

Cost reimbursements

19,120

19,120

Selling, general and administrative expenses

82,138

19,234

(175)

101,197

Mortgage servicing expense

1,420

(1,420)

Interest expense

4,664

4,154

8,818

Total costs and expenses

101,705

32,447

23,388

(1,595)

155,945

Income (loss) before non-controlling

interest and provision for income taxes

$

9,254

$

13,264

$

(21,537)

$

$

981

Add: Depreciation and amortization

1,559

190

Add: Severance

2,563

1,134

Segment Adjusted EBITDA (1)

$

13,376

$

14,588

(1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income.

The table below sets forth our segment information for the three months ended March 31, 2019 (in thousands):

Revenue:

Sales of
VOIs and
financing

Resort
operations
and club
management

Corporate
and other

Elimination


Total

Sales of VOIs

$

51,731

$

$

$

$

51,731

Fee-based sales commission revenue

45,212

45,212

Other fee-based services revenue

2,728

26,840

29,568

Cost reimbursements

17,044

17,044

Mortgage servicing revenue

1,490

(1,490)

Interest income

20,017

1,991

22,008

Other income, net

89

89

Total revenue

121,178

43,884

2,080

(1,490)

165,652

Costs and expenses:

Cost of VOIs sold

3,848

3,848

Net carrying cost of VOI inventory

7,687

(7,687)

Cost of other fee-based services

1,210

13,971

7,687

22,868

Cost reimbursements

17,044

17,044

Selling, general and administrative expenses

72,196

18,128

(110)

90,214

Mortgage servicing expense

1,380

(1,380)

Interest expense

5,262

4,244

9,506

Total costs and expenses

91,583

31,015

22,372

(1,490)

143,480

Income (loss) before non-controlling

interest and provision for income taxes

$

29,595

$

12,869

$

(20,292)

$

$

22,172

Add: Depreciation and amortization

1,536

365

Segment Adjusted EBITDA (1)

$

31,131

$

13,234

 

(1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA including, how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income.