Annual report pursuant to Section 13 and 15(d)

Segment Reporting (Details)

v3.20.1
Segment Reporting (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 31, 2018
USD ($)
Dec. 31, 2019
USD ($)
segment
Dec. 31, 2018
USD ($)
segment
Dec. 31, 2017
USD ($)
segment
Segment Reporting Information [Line Items]                      
Total revenue $ 179,718 [1] $ 202,649 [1] $ 192,223 [1] $ 165,652 [1] $ 173,656 $ 202,205 $ 194,937 $ 167,522 $ 740,242 [1] $ 738,320 $ 723,052
Cost of VOIs sold                 21,845 23,813 17,679
Cost of other fee-based services                 86,940 72,968 64,560
Cost reimbursements                 63,889 62,534 52,639
Selling, general and administrative expenses                 468,856 415,403 421,199
Interest expense                 39,538 34,709 29,977
Other expense, net                 910    
Total costs and expenses 163,970 [1] 172,296 [1] 202,232 [1] 143,480 [1] 147,442 169,689 155,557 136,739 681,978 [1] 609,427 586,054
Income before non-controlling interest and provision for income taxes $ 15,748 $ 30,353 $ (10,009) $ 22,172 $ 26,214 $ 32,516 $ 39,380 $ 30,783 58,264 128,893 136,998
Add: Depreciation and amortization                 $ 18,992 $ 16,604 $ 14,110
Number of reportable segments | segment                 2 2 2
Corporate Expenses & Other [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 $ 9,801 $ 7,738 $ 7,531
Selling, general and administrative expenses                 81,829 79,687 66,155
Interest expense                 19,035 15,195 12,168
Total costs and expenses                 100,864 94,882 78,323
Income before non-controlling interest and provision for income taxes                 (91,063) (87,144) (70,792)
Eliminations [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 (11,200) (5,951) (5,206)
Net carrying cost of VOI inventory                 (23,816) (11,358) (4,220)
Cost of other fee-based services                 23,816 11,358 4,220
Selling, general and administrative expenses                 (947) 254 189
Mortgage servicing expense                 (5,276) (6,205) (5,395)
Other expense, net                 (4,977)    
Total costs and expenses                 (11,200) (5,951) (5,206)
Sales Of VOIs And Financing [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 566,754 568,180 571,011
Cost of VOIs sold                 21,845 23,813 17,679
Net carrying cost of VOI inventory                 23,816 11,358 4,220
Cost of other fee-based services                 6,972 4,591 4,779
Selling, general and administrative expenses                 387,974 335,462 354,855
Mortgage servicing expense                 5,276 6,205 5,395
Interest expense                 20,503 19,514 17,809
Total costs and expenses                 466,386 400,943 404,737
Income before non-controlling interest and provision for income taxes                 100,368 167,237 166,274
Add: Depreciation and amortization                 6,118 6,335 6,270
Add: Severance                 1,416 96 4,322
Add: Bass Pro Settlement                 39,121    
Loss on assets held for sale                 58    
One-time payment to Bass Pro                     4,781
Segment Adjusted EBITDA [2]                 147,081 173,668 181,647
Resort Operations And Club Management [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 174,887 168,353 149,716
Cost of other fee-based services                 56,152 57,019 55,561
Cost reimbursements                 63,889 62,534 52,639
Other expense, net                 5,887    
Total costs and expenses                 125,928 119,553 108,200
Income before non-controlling interest and provision for income taxes                 48,959 48,800 41,516
Add: Depreciation and amortization                 1,294 1,719 1,579
Add: Severance                 238 42 255
Loss on assets held for sale                 5,887    
Segment Adjusted EBITDA [2]                 56,378 50,561 43,350
Sales of VOIs [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue [3]                 255,375 254,225 242,017
Sales of VOIs [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 255,375 254,225 242,017
Fee-Based Sales Commission Revenue [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue [3]                 207,832 216,422 229,389
Fee-Based Sales Commission Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 207,832 216,422 229,389
Other Fee-Based Services Revenue [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 125,244 118,024 111,819
Other Fee-Based Services Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 14,246 12,205 14,742
Other Fee-Based Services Revenue [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 110,998 105,819 97,077
Cost Reimbursements [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue [4]                 63,889 62,534 52,639
Cost Reimbursements [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 63,889 62,534 52,639
Mortgage Servicing Revenue [Member] | Eliminations [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 (6,223) (5,951) (5,206)
Mortgage Servicing Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 6,223 5,951 5,206
Interest Income [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue [3]                 87,902 85,914 86,876
Interest Income [Member] | Corporate Expenses & Other [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 7,892 6,537 7,219
Interest Income [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 80,010 79,377 79,657
Other Income, Net [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                   1,201 312
Other Income, Net [Member] | Corporate Expenses & Other [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 1,909 $ 1,201 $ 312
Other Income, Net [Member] | Eliminations [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 (4,977)    
Other Income, Net [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member]                      
Segment Reporting Information [Line Items]                      
Total revenue                 $ 3,068    
[1] During the fourth quarter of 2019, the prior 2019 quarterly revenue and operating expense amounts were reclassified for consistency to conform to the fourth quarter 2019 presentation.
[2] 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.
[3] Interest income of $80.0 million is included in our sales of VOIs and financing segment described in Note 17.
[4] Included in our resort operations and club management segment described in Note 17.