Annual report pursuant to Section 13 and 15(d)

Segment Reporting (Tables)

v3.20.1
Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment Information The table below sets forth our segment information for the year ended December 31, 2019 (in thousands):

Sales of
VOIs and
financing

Resort
operations
and club
management

Corporate
and other

Elimination

Total

Revenue:

Sales of VOIs

$

255,375 

$

$

$

$

255,375 

Fee-based sales commission revenue

207,832 

207,832 

Other fee-based services revenue

14,246 

110,998 

125,244 

Cost reimbursements

63,889 

63,889 

Mortgage servicing revenue

6,223 

(6,223)

Interest income

80,010 

7,892 

87,902 

Other income, net

3,068 

1,909 

(4,977)

Total revenue

566,754 

174,887 

9,801 

(11,200)

740,242 

Costs and expenses:

Cost of VOIs sold

21,845 

21,845 

Net carrying cost of VOI inventory

23,816 

(23,816)

Cost of other fee-based services

6,972 

56,152 

23,816 

86,940 

Cost reimbursements

63,889 

63,889 

Selling, general and administrative expenses

387,974 

81,829 

(947)

468,856 

Mortgage servicing expense

5,276 

(5,276)

Interest expense

20,503 

19,035 

39,538 

Other expense, net

5,887 

(4,977)

910 

Total costs and expenses

466,386 

125,928 

100,864 

(11,200)

681,978 

Income (loss) before non-controlling interest

and provision for income taxes

$

100,368 

$

48,959 

$

(91,063)

$

$

58,264 

Add:

Depreciation and amortization

6,118 

1,294 

Severance

1,416 

238 

Bass Pro Settlement

39,121 

Loss on assets held for sale

58 

5,887 

Segment Adjusted EBITDA (1)

$

147,081 

$

56,378 

 

(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 year ended December 31, 2018 (in thousands):

Sales of
VOIs and
financing

Resort
operations
and club
management

Corporate
and other

Elimination


Total

Revenue:

Sales of VOIs

$

254,225 

$

$

$

$

254,225 

Fee-based sales commission revenue

216,422 

216,422 

Other fee-based services revenue

12,205 

105,819 

118,024 

Cost reimbursements

62,534 

62,534 

Mortgage servicing revenue

5,951 

(5,951)

Interest income

79,377 

6,537 

85,914 

Other income, net

1,201 

1,201 

Total revenue

568,180 

168,353 

7,738 

(5,951)

738,320 

Costs and expenses:

Cost of VOIs sold

23,813 

23,813 

Net carrying cost of VOI inventory

11,358 

(11,358)

Cost of other fee-based services

4,591 

57,019 

11,358 

72,968 

Cost reimbursements

62,534 

62,534 

Selling, general and administrative expenses

335,462 

79,687 

254 

415,403 

Mortgage servicing expense

6,205 

(6,205)

Interest expense

19,514 

15,195 

34,709 

Total costs and expenses

400,943 

119,553 

94,882 

(5,951)

609,427 

Income (loss) before non-controlling interest

and provision for income taxes

$

167,237 

$

48,800 

$

(87,144)

$

$

128,893 

Add:

Depreciation and amortization

6,335 

1,719 

Severance

96 

42 

Segment Adjusted EBITDA (1)

$

173,668 

$

50,561 

 

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 year ended December 31, 2017 (in thousands):

Sales of
VOIs and
financing

Resort
operations
and club
management

Corporate
and other

Elimination


Total

Revenue:

Sales of VOIs

$

242,017 

$

$

$

$

242,017 

Fee-based sales commission revenue

229,389 

229,389 

Other fee-based services revenue

14,742 

97,077 

111,819 

Cost reimbursements

52,639 

52,639 

Mortgage servicing revenue

5,206 

(5,206)

Interest income

79,657 

7,219 

86,876 

Other income, net

312 

312 

Total revenue

571,011 

149,716 

7,531 

(5,206)

723,052 

Costs and expenses:

Cost of VOIs sold

17,679 

17,679 

Net carrying cost of VOI inventory

4,220 

(4,220)

Cost of other fee-based services

4,779 

55,561 

4,220 

64,560 

Cost reimbursements

52,639 

52,639 

Selling, general and administrative expenses

354,855 

66,155 

189 

421,199 

Mortgage servicing expense

5,395 

(5,395)

Interest expense

17,809 

12,168 

29,977 

Total costs and expenses

404,737 

108,200 

78,323 

(5,206)

586,054 

Income (loss) before non-controlling interest

and provision for income taxes

$

166,274 

$

41,516 

$

(70,792)

$

$

136,998 

Add:

Depreciation and amortization

6,270 

1,579 

Severance

4,322 

255 

One-time payment to Bass-Pro

4,781 

Segment Adjusted EBITDA (1)

$

181,647 

$

43,350 

(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.