Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen" or the
“Company") reported today its financial results for the quarter
ended September 30, 2020.
Third Quarter 2020
Highlights:
- Net income attributable to shareholders was $9.9 million in the
current year quarter compared to $20.3 million in the prior year
quarter.
- Earnings Per Share (“EPS”) was $0.14 in the current year
quarter, compared to $0.27 in the prior year quarter.
- Adjusted EBITDA attributable to shareholders decreased to $22.4
million in the current year quarter, compared to $37.0 million in
the prior year quarter.
- Total revenue decreased to $144.6 million in the current year
quarter from $202.7 million in the prior year quarter.
- System-wide sales of vacation ownership interests (“VOIs”)
decreased to $104.3 million in the current year quarter from $170.4
million in the prior year quarter.
- The current year quarter’s results were adversely affected by
the economic impact of the COVID-19 pandemic. In response to the
pandemic, we temporarily closed all of our VOI sales centers in the
last week of March 2020. By September 30, 2020, we recommenced our
marketing operations at 92 Bass Pro Shops and Cabela’s stores,
reactivated our Choice Hotels call transfer program, reopened all
of our resorts, and reopened all but one of our VOI sales centers.
Resort occupancy for the third quarter of 2020 was approximately
70%.
- Completed a private offering and sale of approximately $131.0
million of VOI receivable-backed Notes in October 2020.
Alan B. Levan, Chairman, President and Chief Executive Officer
of Bluegreen, commented, “After our growth had essentially stalled
in the periods prior to and including the third quarter of 2019, we
launched our “Bluegreen Renewal” initiative, with the internal
goals of revitalizing our sales and revenue growth and better
managing our expenses. We reorganized our team and put in place
processes which we believed would help us achieve operational
improvements quickly. We were encouraged by the results of our
efforts which included an upward trend in system-wide sales,
achieving 6.5% growth in the fourth quarter of 2019 and 16.5%
growth in system-wide sales through February 29, 2020, compared to
the comparable prior year period. Unfortunately, in March 2020 the
United States began to experience the impacts of the unprecedented
COVID-19 pandemic, which resulted in significant declines in our
occupancy and guest tours and closures of several of our resorts
and all of our sales and marketing operations. Our response to the
pandemic required us to prudently change our focus from pursuing
growth to dramatically reducing expenses during the crisis and
bolstering our liquidity, both of which we did immediately.”
Mr. Levan continued, “Beginning in the second quarter of 2020
and continuing in the third quarter, our focus has been on safely
reopening our resorts and our sales and marketing operations. In
that regard, we are pleased with the pace of the rebound in our
third quarter system-wide sales of VOIs, which at $104.3 million
were just 39% below the third quarter of 2019, despite the
continued impact of the COVID-19 pandemic. Further, the Company
returned to profitability in the third quarter, generating $22.4
million in consolidated adjusted EBITDA attributable to
shareholders and $9.9 million in net income attributable to
shareholders. It is our hope that, if conditions allow, we will
soon be able to return to the upward trend in sales and increased
profitability that we believe the Bluegreen Renewal initiative will
deliver. However, it goes without saying that this continues to be
an unprecedented event in the United States, and it is currently
impossible to predict the duration or severity of the pandemic or
if and when the economy and our business will return to
pre-pandemic levels. In the meantime, I would like to thank our
owners, guests and shareholders for their continued support, as
well as our management team and associates for their continued
excellence in delivering fun and safe vacations and supporting the
Company’s initiatives during these challenging times.”
Financial
Results
(dollars in millions, except per share
data)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
Change
2020
2019
Change
Total revenue
$
144.6
$
202.7
(28.7
)%
$
370.0
$
560.5
(34.0
)%
Income before non-controlling interest and
provision for income taxes
$
17.4
$
30.4
(42.7
)%
$
6.4
$
42.5
(85.0
)%
Net income attributable to
shareholders
$
9.9
$
20.3
(51.3
)%
$
1.3
$
24.3
(94.8
)%
Earnings per share basic and diluted
$
0.14
$
0.27
(48.1
)%
$
0.02
$
0.33
(93.9
)%
Adjusted EBITDA attributable to
shareholders(1)
$
22.4
$
37.0
(39.5
)%
$
29.3
$
91.8
(68.1
)%
Capital-light revenue(2) as a percentage
of total revenue
66.7%
70.2%
(350
)bp
70.1%
76.3%
(620
)bp
(1)
See Appendix for reconciliation of
Adjusted EBITDA Attributable to Shareholders to Net Income
Attributable to Shareholders
(2)
Bluegreen's "capital-light" revenue
includes revenue from sales of VOIs under fee-based sales and
marketing arrangements, just-in-time inventory acquisition
arrangements, and secondary market arrangements, as well as other
fee-based services revenue and cost reimbursements revenue.
Adjusted EBITDA was $22.4 million, including $27.3 million
generated from the Sales of VOIs and Financing Segment and $15.4
million produced by the Resort Operations and Club Management
segment, partially offset by $20.4 million spent on corporate
overhead and other expenses. Please see discussion of Segment
Results below for further information.
Segment
Results
Sales of VOIs and Financing
Segment
(dollars in millions, except per guest and
per transaction amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
Change
2020
2019
Change
System-wide sales of VOIs
$
104.3
$
170.4
(38.8
)%
$
254.8
$
463.6
(45.0
)%
Segment adjusted EBITDA
$
27.3
$
41.6
(34.3
)%
$
24.4
$
107.2
(77.2
)%
Sales offices
25
26
(3.8
)%
25
26
(3.8
)%
Sales offices selling to new prospects
18
19
(5.3
)%
18
19
(5.3
)%
Guest tours
36,268
65,875
(44.9
)%
83,022
179,180
(53.7
)%
Average sales price per transaction
$
17,094
$
14,799
15.5
%
$
16,324
$
15,290
6.8
%
Sale to tour conversion ratio
16.9%
17.6%
(70
)bp
18.9%
17.0%
190
bp
Sales volume per guest ("VPG")
$
2,889
$
2,609
10.7
%
$
3,079
$
2,605
18.2
%
Number of Bass Pro and Cabela's marketing
locations
92
75
22.7
%
92
75
22.7
%
Financing revenue, net of financing
expense
$
15,545
$
15,008
3.6
%
$
46,658
$
45,101
3.5
%
Selling and marketing expenses, as a % of
system-wide sales of VOIs
51.4%
51.8%
(40
)bp
61.1%
51.4%
970
bp
Provision for loan losses
16.7%
19.8%
(310
)bp
28.0%
17.5%
1,050
bp
Cost of VOIs sold
6.1%
4.7%
140
bp
7.7%
9.4%
(170
)bp
System-wide sales of VOIs
System-wide sales of VOIs were $104.3 million during the three
months ended September 30, 2020. As discussed above, all of the
Company’s VOI sales centers were temporarily closed on March 23,
2020 and remained closed until June 2020, when 21 of the Company’s
26 VOI sales centers were re-opened for sales to existing owners
with one of these sales centers also selling to new prospects.
During the third quarter of 2020, we reopened all but one of our
VOI sales centers.
As a result, the sales mix for the third quarter of 2020 was
heavily weighted toward sales to existing owners at 67% of
system-wide sales of VOIs.
Fee-based sales commission revenue
Fee-based sales commission revenue was $22.1 million and was 67% of
third-party VOI sales during the current year quarter. Third-party
VOI sales were 32% of system-wide sales during the current year
quarter, which is lower than is typical. Third-party VOI sales tend
to occur more often at sales centers selling to new prospects,
which were more significantly impacted by the COVID-19
pandemic.
Financing Revenue, net of Financing
Expense Interest income on VOI notes receivable decreased
5.0% to $19.0 million in the third quarter of 2020 compared to the
third quarter of 2019, driven by lower notes receivable balances
primarily due to the temporary closure of VOI sales centers as a
result of the COVID-19 pandemic. Interest expense on
receivable-backed notes payable decreased 22.8% to $3.9 million in
the third quarter of 2020 compared to the third quarter of 2019,
primarily due to lower outstanding receivable-backed debt balances
and lower weighted-average cost of borrowings due to lower market
interest rates.
Cost of VOIs sold In the third
quarter of 2020, cost of VOIs sold represented 6% of sales of VOIs
compared to 5% in the third quarter of 2019. Cost of VOIs sold as a
percentage of sales of VOIs varies between periods based on the
relative costs of the specific VOIs sold in each period and the
size of the point packages of the VOIs sold.
Provision for Loan Losses The
provision for loan losses varies based on the amount of financed,
non fee-based sales during the period and changes in our estimates
of future notes receivable performance for existing and newly
originated loans. The provision for loan losses as a percentage of
gross sales of VOIs was 17% during the current year quarter
compared to 20% during the prior year quarter.
The provision for new loans generated during the third quarter
of 2020 was 24%, which was consistent with the prior year quarter.
However, the percentage of VOI sales that were financed during the
third quarter was 59%, compared to 60% in the prior year quarter,
which resulted in an overall lower provision as a percentage of
sales in the 2020 period. Additionally, in the first quarter of
2020, the Company recorded an additional allowance for loan losses
of $12.0 million, which included its estimate of customer defaults
expected as a result of the COVID–19 pandemic. The Company
attempted to provide assistance with mortgages on a case-by-case
basis with a view to mitigating defaults, however there is no
assurance that these efforts will be successful or that the
allowances for loan losses will prove to be adequate.
The Company continues to monitor and address the activity of
so-called third-party timeshare exit firms. Certain firms have
increased their activities during the COVID-19 pandemic and the
Company will continue to consider appropriate courses of action
regarding this industry-wide issue.
Net Carrying Cost of Inventory Net
carrying cost of inventory increased $2.7 million or 46% in the
third quarter of 2020 compared to the third quarter of 2019,
primarily due to decreased rentals of developer inventory and
decreased sampler stays due to decreased travel associated with the
COVID-19 pandemic and increased maintenance fees and developer
subsidies associated with our increase in VOI inventory as a result
of reduced sales during the period.
Selling and Marketing Expense
Selling and marketing expense were 51% of system-wide sales of VOIs
during the current year quarter as compared to 52% during the prior
year. The Company believes that its cost mitigation efforts during
this period of reduced sales, as well as a higher proportion of
sales to owners in the third quarter of 2020, helped maintain this
percentage at historical levels. As of September 30, 2020, the
Company had recommenced marketing operations at 87 Bass Pro and
Cabela’s locations and marketing operations commenced at 5 new
Cabela’s stores. These stores sell vacation packages to drive
marketing guests to its sales offices in the future. In addition,
the Company had restarted its call transfer marketing program with
Choice Hotels, although volumes of packages sold continue to be
adversely impacted by the COVID-19 pandemic. Additionally, in
October 2020, the Company reopened marketing operations at one
additional Bass Pro Shop that was open in March 2020 prior to the
pandemic and commenced marketing operations at 4 new Cabela’s
stores for a total of 97 Bass Pro Shops and Cabela’s stores.
General and Administrative Expense
General and Administrative Expense related to the Company’s sales
and marketing operations decreased $1.6 million or 21% as compared
to the third quarter of 2019, primarily due to the Company’s cost
mitigation efforts during this period of reduced sales.
Resort Operations and Club Management
Segment
(dollars in millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
% Change
2020
2019
% Change
Resort operations and club management
revenue
$
42.2
$
47.3
(10.8
)%
$
124.9
$
132.9
(6.0
)%
Segment adjusted EBITDA
$
15.4
$
15.5
(0.5
)%
$
49.4
$
45.0
9.9
%
Resorts managed
49
49
—
%
49
49
—
%
In the third quarter of 2020, resort operations and management
club revenue decreased by $5.1 million, or 11%, to $42.2 million
from $47.3 million in the prior year quarter, in part due to a
decrease in cost reimbursement revenue, which has no impact on
segment adjusted EBITDA. Net of cost reimbursement revenue, resort
operations and club management revenues decreased 10% as a result
of decreases in revenues from our Traveler Plus program, other
owner programs, resort retail operations and third-party rental
commissions largely, we believe, as a result of the COVID-19
pandemic. However, segment adjusted EBITDA was relatively flat at
$15.4 million and $15.5 million, respectively, driven primarily by
lower costs incurred during the third quarter of 2020 due to cost
mitigation activities implemented in the first quarter of 2020 and
lower Traveler Plus program costs, other owner programs and costs
of resort retail operations. Resort occupancy for the third quarter
of 2020 was approximately 70%.
Corporate and Other
Adjusted EBITDA related to Corporate and Other was relatively
flat at $20.4 million and $20.1 million in the third quarter of
2020 and 2019, respectively. Further, Corporate General and
Administrative expenses decreased $1.9 million primarily due to
cost mitigation steps implemented in the first quarter of 2020.
Balance Sheet and Liquidity
As of September 30, 2020, unrestricted cash and cash equivalents
totaled $193.1 million. Excluding receivable-backed notes payable,
the Company’s net debt-to-EBITDA ratio as of September 30, 2020 was
0.68.
The Company had availability of approximately $182 million under
its receivable-backed purchase and credit facilities, and corporate
credit line as of September 30, 2020, subject to eligible
collateral and the terms of the facilities, as applicable. During
the third quarter of 2020, the Company repaid $60.0 million drawn
down under our line-of credit in March 2020 as a precautionary
measure to provide the Company liquidity due to COVID-19. Further,
in October 2020, the Company completed a private offering and sale
of approximately $131.0 million of VOI receivable-backed Notes (the
"2020-A Term Securitization"). As a result of the 2020-A Term
Securitization, availability under the Company’s receivable-backed
purchase and credit facilities and corporate credit line increased
$82.1 million as of October 8, 2020, subject to eligible collateral
and the terms of the facilities, as applicable.
Free cash flow, which the Company defines as cash flow from
operating activities, less capital expenditures, was $46.1 million
for the nine months ended September 30, 2020, compared to $31.8
million for the nine months ended September 30, 2019. The increase
in free cash flow was primarily due to a decrease in the settlement
payments made to Bass Pro pursuant to the agreement entered into in
June 2019. The Company paid Bass Pro a $20.0 million initial
settlement payment in June 2019, as compared to a $4.0 million
settlement installment payment made to Bass Pro in January 2020. In
addition, income tax payments decreased $14.8 million, spending on
the acquisition and development of inventory decreased $17.2
million and the purchase of property and equipment decreased $12.6
million during the 2020 period as compared to the 2019 period.
These increases in free cash flow were partially offset by lower
cash sales and down payments from customers associated with the
closure of VOI sales centers in response to the COVID-19
pandemic.
Non-GAAP Financial Measures
The Company refers to certain non-GAAP financial measures in this
press release, including system-wide sales of VOIs, adjusted EBITDA
attributable to shareholders and free cash flow. Please see the
supplemental tables and definitions attached herein for additional
information and reconciliation of such non-GAAP financial
measures.
About Bluegreen Vacations
Corporation: Bluegreen Vacations Corporation (NYSE: BXG)
is a leading vacation ownership company that markets and sells
vacation ownership interests and manages resorts in popular leisure
and urban destinations. The Bluegreen Vacation Club is a flexible,
points-based, deeded vacation ownership plan with 68 Club and Club
Associate Resorts and access to nearly 11,300 other hotels and
resorts through partnerships and exchange networks. Bluegreen
Vacations also offers a portfolio of comprehensive, fee-based
resort management, financial, and sales and marketing services to,
or on behalf of, third parties. Bluegreen Vacations Corporation is
approximately 93% owned by Bluegreen Vacations Holding Corporation
(NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation), a
Florida-based holding company. For further information about
Bluegreen Vacations Corporation, please visit
www.BluegreenVacations.com.
About Bluegreen Vacations Holding
Corporation: Bluegreen Vacations Holding Corporation
(NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation), is a
Florida-based holding company whose sole investment is its
approximate 93% ownership interest of Bluegreen Vacations
Corporation (NYSE: BXG). For further information, please visit
www.BVHcorp.com.
Forward-Looking
Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical fact, are forward-looking statements. Forward-looking
statements are based on current expectations of management and can
be identified by the use of words such as “believe”, “may”,
“could”, “should”, “plans”, “anticipates”, “intends”, “estimates”,
“expects”, and other words and phrases of similar impact.
Forward-looking statements involve risks, uncertainties and other
factors, many of which are beyond our control, that may cause
actual results or performance to differ from those set forth or
implied in the forward-looking statements. These risks and
uncertainties include, without limitation, risks relating to public
health issues, including in particular the COVID-19 pandemic and
the effects of the pandemic, including resort closures, travel and
business restrictions, volatility in the international and national
economy and credit markets, worker absenteeism, quarantines and
other health related restrictions; the length and severity of the
COVID-19 pandemic and our ability to successfully resume full
business operations thereafter; governmental and agency orders,
mandates and guidance in response to the COVID-19 pandemic and the
duration thereof, which is uncertain and will impact our ability to
fully utilize resorts and re-open sales centers and other marketing
activities; the pace of recovery following the COVID-19 pandemic;
the risk that resorts and sales operations, including those at Bass
Pro and Cabela’s store locations, may not reopen to the extent or
when expected, or may be subject to additional closures in the
future, particularly in locations where COVID-19 cases have
increased; competitive conditions; our liquidity and the
availability of capital; our ability to successfully implement our
strategic plans and initiatives to navigate the COVID-19 pandemic;
risks that default rates may increase and exceed the Company’s
expectations, including due to the impact on consumers of the
COVID-19 pandemic and if our efforts to address the actions of
timeshare exit firms and the increase in default rates associated
therewith are not successful; risks related to our indebtedness,
including the potential for accelerated maturities and debt
covenant violations; the risk of heightened litigation as a result
of actions taken in response to the COVID-19 pandemic; the impact
of the COVID-19 pandemic on our operations and our payment of
regular or special dividends in the future, including that despite
the special cash dividend declared during July 2020, we have
suspended the payment of regular quarterly cash dividends due to
the impact of the COVID-19 pandemic, and dividends may not be paid
at historical rates or at all; the impact of the COVID-19 pandemic
on consumers, including their income, their level of discretionary
spending both during and after the pandemic, and their views
towards travel and the vacation ownership industries; the risk that
our resort management fees and finance operations may not continue
to generate recurring sources of cash during or following the
pandemic to the extent anticipated or at all; risks that our
current or future marketing alliances may not be available to us in
the future; that the Company’s current strategy to reduce sales of
fee-based inventory may not result in EBITDA growth or otherwise
positively impact the Company and such strategy may change; our
ability to successfully implement our strategic plans and
initiatives, generate earnings and long-term growth; risks that the
Company’s costs, including costs of VOIs sold, will not be within
the expected ranges; risks that natural disasters, including
hurricanes, may result in declines in leisure travel or traffic at
locations where we have marketing operations, adversely impact the
availability of credit, or otherwise adversely impact the Company’s
financial condition and operating results; any damage to physical
assets or interruption of access to physical assets or operations
resulting from public health issues, such as the COVID-19 outbreak,
or from hurricanes, earthquakes, fires, floods, windstorms or other
natural disasters, which may increase in frequency or severity due
to climate change or other factors; and the additional risks and
uncertainties described in Bluegreen's filings with the Securities
and Exchange Commission, including, without limitation, those
described in the “Risk Factors” section of Bluegreen’s Annual
Report on Form 10-K for the year ended December 31, 2019, which was
filed on March 12, 2020, and the Company’s Quarterly Report on Form
10-Q for the three months ended September 30, 2020, which is
expected to be filed on or about November 9, 2020. Bluegreen
cautions that the foregoing factors are not exclusive. You should
not place undue reliance on any forward-looking statement, which
speaks only as of the date made. Bluegreen does not undertake, and
specifically disclaims any obligation, to update or supplement any
forward-looking statements.
FINANCIAL SCHEDULES
BLUEGREEN VACATIONS
CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
AND COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands, except for per
share data)
For the Three Months
Ended
For the Nine Months
Ended
September 30,
September 30,
2020
2019
2020
2019
Revenue:
Gross sales of VOIs
$
71,149
$
82,729
$
157,530
$
225,834
Estimated uncollectible VOI notes
receivable
(11,884
)
(16,411
)
(44,083
)
(39,483
)
Sales of VOIs
59,265
66,318
113,447
186,351
Fee-based sales commission revenue
22,119
60,478
64,619
161,033
Other fee-based services revenue
27,831
33,744
83,558
94,015
Cost reimbursements
15,684
17,883
46,654
48,933
Interest income
19,672
22,081
61,646
65,964
Other income, net
—
2,146
41
4,228
Total revenue
144,571
202,650
369,965
560,524
Costs and expenses:
Cost of VOIs sold
3,597
3,121
8,734
17,541
Cost of other fee-based services
20,861
22,872
61,107
63,913
Cost reimbursements
15,684
17,883
46,654
48,933
Selling, general and administrative
expenses
79,350
118,033
222,427
357,666
Interest expense
7,319
10,388
24,677
29,955
Other expense, net
365
—
—
—
Total costs and expenses
127,176
172,297
363,599
518,008
Income before non-controlling interest and
provision for income taxes
17,395
30,353
6,366
42,516
Provision for income taxes
4,850
7,778
1,073
9,124
Net income
12,545
22,575
5,293
33,392
Less: Net income attributable to
non-controlling interest
2,644
2,248
4,021
9,095
Net income attributable to Bluegreen
Vacations Corporation shareholders
$
9,901
$
20,327
$
1,272
$
24,297
Comprehensive income attributable to
Bluegreen Vacations Corporation shareholders
$
9,901
$
20,327
$
1,272
$
24,297
BLUEGREEN VACATIONS
CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
AND COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands, except for
share and per share data)
For the Three Months
Ended
For the Nine Months
Ended
September 30,
September 30,
2020
2019
2020
2019
Earnings per share attributable to
Bluegreen Vacations Corporation shareholders - Basic and
diluted
$
0.14
$
0.27
$
0.02
$
0.33
Weighted average number of common
shares outstanding:
Basic and diluted
72,485
74,446
73,010
74,446
Cash dividends declared per
share
$
1.19
$
0.17
$
1.31
$
0.51
BLUEGREEN VACATIONS
CORPORATION
CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
(In thousands)
For the Nine Months
Ended
September 30,
2020
2019
Operating activities:
Net income
$
5,293
$
33,392
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
14,307
14,069
Loss (gain) on disposal of property and
equipment
326
(1,926
)
Provision for loan losses
44,083
39,483
Benefit for deferred income taxes
(2,047
)
(6,563
)
Changes in operating assets and
liabilities:
Notes receivable
(5,628
)
(46,205
)
Prepaid expenses and other assets
12,473
(10,586
)
Inventory
(3,408
)
(12,672
)
Accounts payable, accrued liabilities and
other, and deferred income
(13,424
)
41,333
Net cash provided by operating
activities
51,975
50,325
Investing activities:
Purchases of property and equipment
(5,895
)
(18,502
)
Proceeds from sale of property and
equipment
167
3,249
Proceeds from repayment of related party
loan
80,000
—
Net cash provided by (used in) investing
activities
74,272
(15,253
)
Financing activities:
Proceeds from borrowings collateralized by
notes receivable
53,780
79,168
Payments on borrowings collateralized by
notes receivable
(96,863
)
(102,631
)
Proceeds from borrowings collateralized by
line-of-credit facilities and notes payable
80,000
20,386
Payments under line-of-credit facilities
and notes payable
(65,597
)
(35,731
)
Payments of debt issuance costs
(1,134
)
(255
)
Repurchase and retirement of common
stock
(11,741
)
—
Dividends paid
(95,923
)
(37,967
)
Net cash used in financing activities
(137,478
)
(77,030
)
Net decrease in cash, cash equivalents
and restricted cash
(11,231
)
(41,958
)
Cash, cash equivalents and restricted cash
at beginning of period
239,646
273,134
Cash, cash equivalents and restricted cash
at end of period
$
228,415
$
231,176
Supplemental schedule of operating cash
flow information:
Interest paid, net of amounts
capitalized
$
22,912
$
26,067
Income taxes paid
$
400
$
15,200
BLUEGREEN VACATIONS
CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except for per
share data)
September 30,
December 31,
2020
2019
ASSETS
Cash and cash equivalents
$
193,103
$
190,009
Restricted cash ($15,135 and $22,534 in
VIEs at September 30, 2020 and December 31, 2019, respectively)
35,312
49,637
Notes receivable
559,918
589,198
Less: Allowance for loan losses
(149,805
)
(140,630
)
Notes receivable, net ($271,539 and
$292,590 in VIEs at September 30, 2020 and December 31, 2019,
respectively)
410,113
448,568
Inventory
350,345
346,937
Prepaid expenses
13,577
10,501
Other assets
37,413
52,731
Operating lease assets
19,443
20,858
Intangible assets, net
61,452
61,515
Loan to related party
—
80,000
Property and equipment, net
93,046
99,262
Total assets
$
1,213,804
$
1,360,018
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities
Accounts payable
$
17,511
$
16,653
Accrued liabilities and other
92,934
103,948
Operating lease liabilities
20,880
22,124
Deferred income
14,635
18,074
Deferred income taxes
90,457
92,504
Receivable-backed notes payable -
recourse
77,417
88,569
Receivable-backed notes payable -
non-recourse (in VIEs)
303,301
334,246
Lines-of-credit and notes payable
160,671
146,160
Junior subordinated debentures
72,710
72,081
Total liabilities
850,516
894,359
Commitments and Contingencies
Shareholders' Equity
Common stock, $0.01 par value, 100,000,000
shares authorized; 72,484,293 shares issued and outstanding at
September 30, 2020 and 74,362,693 shares issued and outstanding at
December 31, 2019
725
744
Additional paid-in capital
257,812
269,534
Retained earnings
51,196
145,847
Total Bluegreen Vacations Corporation
shareholders' equity
309,733
416,125
Non-controlling interest
53,555
49,534
Total shareholders' equity
363,288
465,659
Total liabilities and shareholders'
equity
$
1,213,804
$
1,360,018
BLUEGREEN VACATIONS
CORPORATION
ADJUSTED EBITDA
RECONCILIATION
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in thousands)
2020
2019
2020
2019
Net income attributable to
shareholders
$
9,901
$
20,327
$
1,272
$
24,297
Net income attributable to the
non-controlling interest in Bluegreen/Big Cedar Vacations
2,644
2,248
4,021
9,095
Net Income
12,545
22,575
5,293
33,392
Add: Depreciation and amortization
3,891
3,585
11,680
10,453
Less: Interest income (other than interest
earned on VOI notes receivable)
(623
)
(1,799
)
(3,388
)
(5,437
)
Add: Interest expense - corporate and
other
3,409
5,326
11,932
14,564
Add: Franchise taxes
101
112
118
171
Add: Provision for income taxes
4,850
7,778
1,073
9,124
EBITDA
24,173
37,577
26,708
62,267
Loss (gain) on assets held for sale
283
(166
)
326
(2,146
)
Add: Severance, net of employee retention
credits
381
1,924
4,904
1,924
Add: COVID-19 incremental costs
282
—
1,756
—
Add: Bass Pro Settlement
—
—
—
39,121
Adjusted EBITDA
25,119
39,335
33,694
101,166
Adjusted EBITDA attributable to the
non-controlling interest in Bluegreen/Big Cedar Vacations
(2,757
)
(2,364
)
(4,438
)
(9,339
)
Adjusted EBITDA attributable to
shareholders
$
22,362
$
36,971
$
29,256
$
91,827
BLUEGREEN VACATIONS
CORPORATION
SEGMENT ADJUSTED EBITDA
SUMMARY
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in thousands)
2020
2019
2020
2019
Adjusted EBITDA - sales of VOIs and
financing
$
27,344
$
41,618
$
24,402
$
107,152
Adjusted EBITDA - resort operations and
club management
15,391
15,462
49,429
44,983
Total Segment Adjusted EBITDA
42,735
57,080
73,831
152,135
Less: corporate and other
(20,373
)
(20,109
)
(44,575
)
(60,308
)
Total Adjusted EBITDA attributable to
shareholders
$
22,362
$
36,971
$
29,256
$
91,827
BLUEGREEN VACATIONS
CORPORATION
SALES OF VOIs AND FINANCING
SEGMENT- ADJUSTED EBITDA
For the Three Months Ended
September 30,
2020
2019
Amount
% of System- wide sales of
VOIs (5)
Amount
% of System- wide sales of
VOIs (5)
(in thousands)
Developed VOI sales (1)
$
37,314
36
%
$
87,863
52
%
Secondary Market sales
24,076
23
72,081
42
Fee-Based sales
33,159
32
87,646
51
JIT sales
14,845
14
4,505
3
Less: Equity trade allowances (6)
(5,086
)
(5
)
(81,720
)
(48
)
System-wide sales of VOIs
104,308
100
%
170,375
100
%
Less: Fee-Based sales
(33,159
)
(32
)
(87,646
)
(51
)
Gross sales of VOIs
71,149
68
82,729
49
Provision for loan losses (2)
(11,884
)
(17
)
(16,411
)
(20
)
Sales of VOIs
59,265
57
66,318
39
Cost of VOIs sold (3)
(3,597
)
(6
)
(3,121
)
(5
)
Gross profit (3)
55,668
94
63,197
95
Fee-Based sales commission revenue (4)
22,119
67
60,478
69
Financing revenue, net of financing
expense
15,545
15
15,008
9
Other income, net
—
0
537
(1
)
Other fee-based services, title operations
and other, net
481
0
1,847
1
Net carrying cost of VOI inventory
(8,580
)
(8
)
(5,878
)
(3
)
Selling and marketing expenses
(53,613
)
(51
)
(88,232
)
(52
)
General and administrative expenses -
sales and marketing
(5,889
)
(6
)
(7,440
)
(4
)
Operating profit - sales of VOIs and
financing
25,731
25
%
39,517
23
%
Add: Depreciation and amortization
1,405
1,507
Add: Severance
208
594
Adjusted EBITDA - sales of VOI and
financing
$
27,344
$
41,618
(1)
Developed VOI sales represent sales of
VOIs acquired or developed by us as part of our developed VOI
business. Developed VOI sales do not include Secondary Market
sales, Fee-Based sales or JIT sales.
(2)
Percentages for provision for loan losses
are calculated as a percentage of gross sales of VOIs, which
excludes Fee-Based sales (and not as a percentage of system-wide
sales of VOIs).
(3)
Percentages for costs of VOIs sold and
gross profit are calculated as a percentage of sales of VOIs (and
not as a percentage of system-wide sales of VOIs).
(4)
Percentages for Fee-Based sales commission
revenue are calculated as a percentage of Fee-Based sales (and not
as a percentage of system-wide sales of VOIs).
(5)
Represents the applicable line item,
calculated as a percentage of system-wide sales of VOIs, unless
otherwise indicated in the above footnotes.
(6)
Equity trade allowances are amounts
granted to customers upon trading in their existing VOIs in
connection with the purchase of additional VOIs. Equity trade
allowances were generally eliminated in June 2020 with certain
exceptions.
BLUEGREEN VACATIONS
CORPORATION
SALES OF VOIs AND FINANCING
SEGMENT- ADJUSTED EBITDA
For the Nine Months Ended
September 30,
2020
2019
Amount
% of System- wide sales of
VOIs (5)
Amount
% of System- wide sales of
VOIs (5)
(in thousands)
Developed VOI sales (1)
$
128,396
49
%
$
255,288
55
%
Secondary Market sales
98,576
39
184,571
40
%
Fee-Based sales
97,266
39
237,793
51
JIT sales
20,453
8
9,157
2
Less: Equity trade allowances (6)
(89,895
)
(35
)
(223,182
)
(48
)
System-wide sales of VOIs
254,796
100
%
463,627
100
%
Less: Fee-Based sales
(97,266
)
(38
)
(237,793
)
(51
)
Gross sales of VOIs
157,530
62
225,834
49
Provision for loan losses (2)
(44,083
)
(28
)
(39,483
)
(17
)
Sales of VOIs
113,447
45
186,351
40
Cost of VOIs sold (3)
(8,734
)
(8
)
(17,541
)
(9
)
Gross profit (3)
104,713
92
168,810
91
Fee-Based sales commission revenue (4)
64,619
66
161,033
68
Financing revenue, net of financing
expense
46,658
18
45,101
10
Other income, net
—
0
537
0
Other fee-based services, title operations
and other, net
2,364
1
5,260
1
Net carrying cost of VOI inventory
(27,407
)
(11
)
(18,853
)
(4
)
Selling and marketing expenses
(155,597
)
(61
)
(238,205
)
(51
)
General and administrative expenses -
sales and marketing
(19,372
)
(8
)
(60,823
)
(13
)
Operating profit - sales of VOIs and
financing
15,978
6
%
62,860
14
%
Add: Depreciation and amortization
4,447
4,577
Add: Severance
3,977
594
Add: Bass Pro Settlement
—
39,121
Adjusted EBITDA - sales of VOIs and
financing
$
24,402
$
107,152
(1)
Developed VOI sales represent sales of
VOIs acquired or developed by us as part of our developed VOI
business. Developed VOI sales do not include Secondary Market
sales, Fee-Based sales or JIT sales.
(2)
Percentages for provision for loan losses
are calculated as a percentage of gross sales of VOIs, which
excludes Fee-Based sales (and not as a percentage of system-wide
sales of VOIs).
(3)
Percentages for costs of VOIs sold and
gross profit are calculated as a percentage of sales of VOIs (and
not as a percentage of system-wide sales of VOIs).
(4)
Percentages for Fee-Based sales commission
revenue are calculated as a percentage of Fee-Based sales (and not
as a percentage of system-wide sales of VOIs).
(5)
Represents the applicable line item,
calculated as a percentage of system-wide sales of VOIs, unless
otherwise indicated in the above footnotes.
(6)
Equity trade allowances are amounts
granted to customers upon trading in their existing VOIs in
connection with the purchase of additional VOIs. Equity trade
allowances were generally eliminated in June 2020 with certain
exceptions.
BLUEGREEN VACATIONS
CORPORATION
SALES OF VOIs AND FINANCING
SEGMENT
SALES AND MARKETING
DATA
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
Change
2020
2019
Change
Number of sales centers open at
period-end
25
26
(4
)%
25
26
(4
)%
Number Bass Pro and Cabela's marketing
locations at period-end
92
75
23
%
92
75
23
%
Number of active sales arrangements with
third-party clients at period-end
15
15
—
%
15
15
—
%
Total number of VOI sales transactions
6,130
11,613
(47
)%
15,657
30,530
(49
)%
Average sales price per transaction
$
17,094
$
14,799
16
%
$
16,324
$
15,290
7
%
Number of total guest tours
36,268
65,875
(45
)%
83,022
179,180
(54
)%
Sale-to-tour conversion ratio–total
marketing guests
16.9%
17.6%
(70
)bp
18.9%
17.0%
190
bp
Number of new guest tours
17,583
40,914
(57
)%
40,762
109,451
(63
)%
Sale-to-tour conversion ratio–new
marketing guests
12.4%
14.4%
(200
)bp
15.1%
14.0%
110
bp
Percentage of sales to existing owners
66.8%
52.5%
1,430
bp
63.9%
53.9%
1,000
bp
Average sales volume per guest
$
2,889
$
2,609
11
%
$
3,079
$
2,605
18
%
(1)
As previously described, during the last
week of March 2020 we temporarily closed all of our VOI sales
centers in response to the COVID-19 pandemic. As of September 30,
2020, 25 of our 26 sales centers were open.
BLUEGREEN VACATIONS
CORPORATION
RESORT OPERATIONS AND CLUB
MANAGEMENT SEGMENT- ADJUSTED EBITDA
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in thousands)
2020
2019
2020
2019
Resort operations and club management
revenue
$
42,234
$
47,338
$
124,859
$
132,856
Resort operations and club management
expense
(27,165
)
(32,435
)
(77,365
)
(89,161
)
Operating profit - resort operations and
club management
15,069
36
%
14,903
31
%
47,494
38
%
43,695
33
%
Add: Depreciation and amortization
208
321
588
1,050
Add: Severance
114
238
1,347
238
Adjusted EBITDA - resort operations and
club management
$
15,391
$
15,462
$
49,429
$
44,983
BLUEGREEN VACATIONS
CORPORATION
CORPORATE AND OTHER - ADJUSTED
EBITDA
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(dollars in thousands)
2020
2019
2020
2019
General and administrative expenses -
corporate and other
$
(20,254
)
$
(22,149
)
$
(48,603
)
$
(58,603
)
Adjusted EBITDA attributable to the
non-controlling interest in Bluegreen/Big Cedar Vacations
(2,757
)
(2,364
)
(4,438
)
(9,339
)
Other (expense) income, net
(365
)
1,609
41
3,691
Franchise taxes
101
112
118
171
Loss (gain) on assets held for sale
283
(166
)
326
(2,146
)
Add: Depreciation and amortization
2,278
1,757
6,645
4,826
Add: Severance
59
1,092
1,782
1,092
Less: Employee Retention credit related to
severance
—
—
(2,202
)
—
Add: COVID-19 incremental costs
282
—
1,756
—
Adjusted EBITDA - Corporate and other
$
(20,373
)
$
(20,109
)
$
(44,575
)
$
(60,308
)
BLUEGREEN VACATIONS
CORPORATION
FREE CASH FLOW
RECONCILIATION
For the Nine Months Ended
September 30,
(in thousands)
2020
2019
Net cash provided by operating
activities
$
51,975
$
50,325
Purchases of property and equipment
(5,895
)
(18,502
)
Free Cash Flow
$
46,080
$
31,823
BLUEGREEN VACATIONS
CORPORATION
OTHER FINANCIAL DATA
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in thousands)
2020
2019
2020
2019
Financing Interest Income
$
19,049
$
20,043
$
58,258
$
59,985
Financing Interest Expense
(3,910
)
(5,062
)
(12,745
)
(15,391
)
Non-Financing Interest Income
623
2,038
3,388
5,979
Non-Financing Interest Expense
(3,409
)
(5,326
)
(11,932
)
(14,564
)
Mortgage Servicing Income
1,403
1,588
4,508
4,621
Mortgage Servicing Expense
(997
)
(1,561
)
(3,363
)
(4,114
)
BLUEGREEN VACATIONS
CORPORATION
SYSTEM-WIDE SALES OF VOIs
RECONCILIATION
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in thousands)
2020
2019
2020
2019
Gross sales of VOIs
$
71,149
$
82,729
$
157,530
$
225,834
Add: Fee-Based sales
33,159
87,646
97,266
237,793
System-wide sales of VOIs
$
104,308
$
170,375
$
254,796
$
463,627
BLUEGREEN VACATIONS CORPORATION
DEFINITIONS
Principal Components Affecting our Results of
Operations
Principal Components of Revenues
Fee-Based Sales. Represent sales of third-party VOIs where we
are paid a commission.
JIT Sales. Represent sales of VOIs acquired from third parties
in close proximity to when we intend to sell such VOIs.
Secondary Market Sales. Represent sales of VOIs acquired from
HOAs or other owners, typically in connection with maintenance fee
defaults. This inventory is generally purchased at a greater
discount to retail price compared to developed VOI sales and VOIs
purchased by us for sale as part of our JIT sales activities.
Developed VOI Sales. Represent sales of VOIs in resorts that we
have developed or acquired (not including inventory acquired
through JIT and secondary market arrangements).
Financing Revenue. Represents revenue from the financing of VOI
sales, which includes interest income and loan servicing fees. We
also earn fees from providing mortgage servicing to certain
third-party developers relating to VOIs sold by them.
Resort Operations and Club Management Revenue. Represents
recurring fees from managing the Vacation Club and transaction fees
for Traveler Plus and other member services. We also earn recurring
management fees under our management agreements with HOAs for
day-to-day management services, including oversight of housekeeping
services, maintenance, and certain accounting and administrative
functions.
Other Fee-Based Services. Represents revenue earned from various
other services that generally produce recurring, predictable and
long-term revenue, such as title services.
Principal Components of Expenses
Cost of VOIs Sold. Represents the cost at which our owned VOIs
sold during the period were relieved from inventory. In addition to
inventory from our VOI business, our owned VOIs also include those
that were acquired by us under JIT and secondary market
arrangements. Compared to the cost of our developed VOI inventory,
VOIs acquired in connection with JIT arrangements typically have a
relatively higher associated cost of sales as a percentage of sales
while those acquired in connection with secondary market
arrangements typically have a lower cost of sales as a percentage
of sales as secondary market inventory is generally obtained from
HOAs at a significant discount to retail price. Cost of VOIs sold
as a percentage of sales of VOIs varies between periods based on
the relative costs of the specific VOIs sold in each period and the
size of the point packages of the VOIs sold (primarily due to
offered volume discounts, and taking into account consideration of
cumulative sales to existing owners). Additionally, the effect of
changes in estimates under the relative sales value method,
including estimates of projected sales, future defaults, upgrades
and incremental revenue from the resale of repossessed VOI
inventory, are reflected on a retrospective basis in the period the
change occurs. Cost of sales will typically be favorably impacted
in periods where a significant amount of secondary market VOI
inventory is acquired or actual defaults and equity trades are
higher and the resulting change in estimate is recognized. While we
believe that there is additional inventory that can be obtained
through the secondary market at favorable prices to us in the
future, there can be no assurance that such inventory will be
available as expected.
Net Carrying Cost of VOI Inventory. Represents the maintenance
fees and developer subsidies for unsold VOI inventory paid or
accrued to the HOAs that maintain the resorts. We attempt to offset
this expense, to the extent possible, by generating revenue from
renting our VOIs and through utilizing them in our sampler
programs. We net such revenue from this expense item.
Selling and Marketing Expense. Represents costs incurred to sell
and market VOIs, including costs relating to marketing and
incentive programs, tours, and related wages and sales commissions.
Revenues from vacation package sales are netted against selling and
marketing expenses.
Financing Expense. Represents financing interest expense related
to our receivable-backed debt, amortization of the related debt
issuance costs and expenses incurred in providing financing and
servicing loans, including administrative costs associated with
mortgage servicing activities for our loans and the loans of
certain third-party developers. Mortgage servicing activities
include, amongst other things, payment processing, reporting and
collection services.
Resort Operations and Club Management Expense. Represents costs
incurred to manage resorts and the Vacation Club, including payroll
and related costs and other administrative costs to the extent not
reimbursed by the Vacation Club or HOAs.
General and Administrative Expense. Primarily represents
compensation expense for personnel supporting our business and
operations, severance payments, professional fees (including
consulting, audit and legal fees), and administrative and related
expenses.
Key Business and Financial Metrics and Terms Used by
Management
Sales of VOIs. Represent sales of our owned VOIs, including
developed VOIs and those acquired through JIT and secondary market
arrangements, reduced by equity trade allowances and an estimate of
uncollectible VOI notes receivable. In addition to the factors
impacting system-wide sales of VOIs (as described below), sales of
VOIs are impacted by the proportion of system-wide sales of VOIs
sold on behalf of third-parties on a commission basis, which are
not included in sales of VOIs.
System-wide Sales of VOIs. Represents all sales of VOIs, whether
owned by us or a third party immediately prior to the sale. Sales
of VOIs owned by third parties are transacted as sales of VOIs in
our Vacation Club through the same selling and marketing process we
use to sell our VOI inventory. We consider system-wide sales of
VOIs to be an important operating measure because it reflects all
sales of VOIs by our sales and marketing operations without regard
to whether we or a third party owned such VOI inventory at the time
of sale. System-wide sales of VOIs is not a recognized term under
GAAP and should not be considered as an alternative to sales of
VOIs or any other measure of financial performance derived in
accordance with GAAP or to any other method of analyzing our
results as reported under GAAP.
Guest Tours. Represents the number of sales presentations given
at our sales centers during the period.
Sale to Tour Conversion Ratio. Represents the rate at which
guest tours are converted to sales of VOIs and is calculated by
dividing guest tours by the number of VOI sales transactions.
Average Sales Volume Per Guest (“VPG”). Represents the sales
attributable to tours at our sales locations and is calculated by
dividing VOI sales by guest tours. We consider VPG to be an
important operating measure because it measures the effectiveness
of our sales process, combining the average transaction price with
the sale-to-tour conversion ratio.
EBITDA and Adjusted EBITDA. We define EBITDA as earnings, or net
income, before taking into account interest income (excluding
interest earned on VOI notes receivable), interest expense
(excluding interest expense incurred on debt secured by our VOI
notes receivable), income and franchise taxes and depreciation and
amortization. We define Adjusted EBITDA as our EBITDA further
adjusted to exclude amounts attributable to the non-controlling
interest in Bluegreen/Big Cedar Vacations (in which we own a 51%
interest), loss (gain) on assets held for sale, and other items
that we believe are not representative of ongoing operating
results. Accordingly, we exclude severance charges net of employee
retention tax credits, incremental costs associated with the
COVID-19 pandemic, and amounts paid, accrued or incurred in
connection with the Bass Pro settlement in June 2019 in the
computation of Adjusted EBITDA. For purposes of the EBITDA and
Adjusted EBITDA calculations for each period presented, no
adjustments were made for interest income earned on our VOI notes
receivable or the interest expense incurred on debt that is secured
by such notes receivable because they are both considered to be
part of the ordinary operations of our business.
We consider our total EBITDA, Adjusted EBITDA and our Segment
Adjusted EBITDA to be indicators of our operating performance, and
they are used by us to measure our ability to service debt, fund
capital expenditures and expand our business. EBITDA and Adjusted
EBITDA are also used by companies, lenders, investors and others
because they exclude certain items that can vary widely across
different industries or among companies within the same industry.
For example, interest expense can be dependent on a company’s
capital structure, debt levels and credit ratings. Accordingly, the
impact of interest expense on earnings can vary significantly among
companies. The tax positions of companies can also vary because of
their differing abilities to take advantage of tax benefits and
because of the tax policies of the jurisdictions in which they
operate. As a result, effective tax rates and provision for income
taxes can vary considerably among companies. EBITDA and Adjusted
EBITDA also exclude depreciation and amortization because companies
utilize productive assets of different ages and use different
methods of both acquiring and depreciating productive assets. These
differences can result in considerable variability in the relative
costs of productive assets and the depreciation and amortization
expense among companies.
EBITDA and Adjusted EBITDA are not recognized terms under GAAP
and should not be considered as an alternative to net income (loss)
or any other measure of financial performance or liquidity,
including cash flow, derived in accordance with GAAP, or to any
other method or analyzing our results as reported under GAAP. The
limitations of using EBITDA or Adjusted EBITDA as an analytical
tool include, without limitation, that EBITDA and Adjusted EBITDA
do not reflect (i) changes in, or cash requirements for, our
working capital needs; (ii) our interest expense, or the cash
requirements necessary to service interest or principal payments on
our indebtedness (other than as noted above); (iii) our tax expense
or the cash requirements to pay our taxes; (iv) historical cash
expenditures or future requirements for capital expenditures or
contractual commitments; or (v) the effect on earnings or changes
resulting from matters that we consider not to be indicative of our
future operations or performance. Further, although depreciation
and amortization are non-cash charges, the assets being depreciated
and amortized will often have to be replaced in the future, and
EBITDA and Adjusted EBITDA do not reflect any cash requirements for
such replacements. In addition, our definition of Adjusted EBITDA
may not be comparable to definitions of Adjusted EBITDA or other
similarly titled measures used by other companies.
Free Cash Flow. Defined as cash provided by operating activities
less capital expenditures for property and equipment. We consider
free cash flow to be a useful supplemental measure of our ability
to generate cash flow from operations and is a supplemental measure
of liquidity. Free cash flow should not be considered as an
alternative to cash flow from operating activities as a measure of
liquidity. Our computation of free cash flow may differ from the
methodology utilized by other companies. Investors are cautioned
that the items excluded from free cash flow are a significant
component in understanding and assessing Company’s financial
performance.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201109005913/en/
Investor Relations: Leo Hinkley, Managing Director, Investor
Relations Officer Telephone: 954-940-5336 Email:
Leo.Hinkley@BluegreenVacations.com
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