0000315858-21-000061.txt : 20210510 0000315858-21-000061.hdr.sgml : 20210510 20210510075521 ACCESSION NUMBER: 0000315858-21-000061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210510 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210510 DATE AS OF CHANGE: 20210510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bluegreen Vacations Holding Corp CENTRAL INDEX KEY: 0000315858 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 592022148 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09071 FILM NUMBER: 21905281 BUSINESS ADDRESS: STREET 1: 401 EAST LAS OLAS BLVD STREET 2: SUITE 800 CITY: FORT LAUDERDALE STATE: FL ZIP: 33301 BUSINESS PHONE: 954-940-4900 MAIL ADDRESS: STREET 1: P.O. BOX 39000 CITY: FORT LAUDERDALE STATE: FL ZIP: 33303 FORMER COMPANY: FORMER CONFORMED NAME: BBX Capital Corp DATE OF NAME CHANGE: 20170203 FORMER COMPANY: FORMER CONFORMED NAME: BFC FINANCIAL CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BANKATLANTIC FINANCIAL CORP DATE OF NAME CHANGE: 19920316 8-K 1 bvh-20210510x8k.htm 8-K bvh-20210510x8k
false000031585800003158582021-05-102021-05-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 10, 2021

BLUEGREEN VACATIONS HOLDING CORPORATION

(Exact name of registrant as specified in its charter)

Florida

001-09071

59-2022148

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

4960 Confrence Way North, Suite 100, Boca Raton, Florida

33301

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: 954-940-4900

BBX Capital Corporation

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $.01 par value

BVH

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.[ ]

Item 2.02.    Results of Operations and Financial Condition

On May 10, 2021, Bluegreen Vacations Holding Corporation (the “Company”) issued a press release that included its financial results for the three months ended March 31, 2021, a copy of which is attached hereto as Exhibit 99.1. The information in this report (including Exhibit 99.1) is being furnished pursuant to Items 2.02 and 9.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. This report shall not be deemed an admission as to the materiality of any information in the press release furnished herewith.

Item 9.01.    Financial Statements and Exhibits.

d) Exhibit.

99.1 - Press Release dated May 10, 2021


‎

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 10, 2021

Bluegreen Vacations Holding Corporation

By:

/s/ Raymond S. Lopez

Raymond S. Lopez

Chief Financial Officer

2

 EX-99.1 2 bvh-20210510xex99_1.htm EX-99.1 Exhibit 991 Q1 2021 BVH

Picture 1



BLUEGREEN VACATIONS HOLDING CORPORATION

REPORTS FINANCIAL RESULTS FOR FIRST QUARTER 2021



Boca Raton, FL – May 10, 2021 – Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) ("BVH" or the “Company") reported today its financial results for the quarter ended March 31, 2021. As a result of the previously disclosed spin-off of BVH’s other businesses and investments on September 30, 2020 (which are now reported as discontinued operations), the sole investment of BVH is its ownership of Bluegreen Vacations Corporation (“Bluegreen”), a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations. Prior to May 5, 2021, BVH beneficially owned approximately 93% of Bluegreen’s outstanding common stock. On May 5, 2021, BVH acquired all of the approximately 7% of the outstanding shares of Bluegreen’s common stock not previously owned by BVH through a statutory short-form merger under Florida law.



Key Consolidated BVH Highlights as of and during the Quarter Ending March 31, 2021:

(Since the above-mentioned merger did not occur until May 5, 2021, the following financial results only reflects BVH’s ownership interest of an approximate 93% of Bluegreen.)



·

Net income from continuing operations of $5.5 million. 

·

Earnings Per Share (“EPS”) from continuing operations of $0.15.

·

Total revenue of $146.4 million. 

·

Bluegreen’s System-wide sales of vacation ownership interests (“VOIs”) of $107.0 million.     

·

Adjusted EBITDA from continuing operations attributable to shareholders of $12.8 million.

·

Consolidated unrestricted cash of $199.2 million.

·

Total consolidated assets of $1.2 billion.

·

Total BVH shareholders’ equity of $190.9 million.

·

Fully diluted book value per share of $9.88. (1)



(1)

Fully diluted book value per share is BVH shareholders’ equity divided by the total number of shares of BVH’s Class A Common Stock and Class B Common Stock outstanding as of March 31, 2021.

“As we previously announced, the proposed short-form merger with Bluegreen Vacations Corporation was consummated on May 5, 2021. As a result of that merger, we believe BVH is now essentially a ‘pure play’ company in the timeshare space,” commented Alan B. Levan, Chairman and Chief Executive Officer of Bluegreen Vacations Holding Corporation. “We believe that the merger will end confusion in the market as the Company will now report on 100% of Bluegreen’s results and will address the inefficiencies of having two public companies reporting on the same business.”  



“We are encouraged by the overall improvements in the timeshare and leisure travel sectors during the first quarter of 2021. The vaccination rollouts and what we believe is greater optimism about the future appear to have had a positive impact on consumers and vacation travel. However, while we are mindful of the fact that the potential impact of the pandemic continues to be an issue, Bluegreen is continuing to focus on positioning the Company for growth and providing its owners with a safe and well-deserved vacation experience.”



“With that said, we are pleased with the performance and results delivered by Bluegreen during what appears to be the initial stage of the economic recovery. We are continuing to move forward with our previously announced ‘Bluegreen Renewal’ initiative, a company-wide effort to revitalize sales and revenue growth, combined with our expanding marketing alliances.  Under the leadership of the consolidated sales organization, we sold 49,000 vacation packages in the first quarter of 2021, compared to 43,000 in the first quarter of 2020.  



1

 

 

“We are also pleased with the expansion of our marketing activity into Cabela’s retail stores, where we opened seven new marketing kiosks during the first quarter of 2021. As of March 31, 2021, the total number of marketing kiosks at Bass Pro Shops and Cabela’s stores had increased to 105, up from 98 at December 31, 2020 and 89 at March 31, 2020. We believe we are on track to achieve our previously stated goal of having at least a combined 120 Bass Pro and Cabela’s marketing kiosks by year-end 2021.



“With regards to travel, we are encouraged by the enthusiasm of our owners to travel to our resorts. All of our resorts are open, and the overall average occupancy rates were approximately 70% at resorts with sales centers during the first quarter of 2021. The demand for resort stays from Bluegreen Vacation Club Owners has steadily improved and we believe our core strategy of primarily offering a ‘drive-to’ network of resorts has facilitated occupancy during the pandemic reopening. We are optimistic that this model will continue to serve as a growth driver.



“While unscientific, pent up demand, optimistic consumer sentiment, and additional positive market trends appear to be the controlling drivers of a broad wave through the recovery roll-out. We believe these market fundamentals benefit Bluegreen greatly and we are optimistic of productive improvements in VOI sales and vacation package sales going forward. In closing, we are continuing to focus on our ‘Bluegreen Renewal’ initiative, our pro-recovery efforts, and

expanding our marketing alliances. We believe that this focus, combined with market and consumer sentiments, will

continue to grow and drive sales and revenue growth to pre-pandemic levels and beyond as the economy and

markets migrate upwards towards pre-COVID levels.” Levan concluded.



For detailed information and financials, we invite readers to view the BVH and/or Bluegreen filings with the Securities and Exchange Commission at https://www.sec.gov, and press releases and other investor information at the companies’ respective websites www.BVHCorp.com and/or www.BluegreenVacations.com.



# # #



The following is a summary of the performance and results recorded by Bluegreen for the quarter ended March 31, 2021.



Bluegreen’s First Quarter 2021 Highlights:

(The following financials and results reflect 100% of Bluegreen’s performance for the quarter ended March 31, 2021.)



·

Net income attributable to shareholders of $5.1 million. 

·

Earnings Per Share (“EPS”) of $0.07.

·

Total revenue of $146.4 million. 

·

System-wide sales of vacation ownership interests (“VOIs”) of $107.0 million.     

·

Adjusted EBITDA attributable to shareholders of $14.6 million.



Due to the volatility of results during the periods as a result of the varying impact of the COVID-19 pandemic, the Company and Bluegreen have provided information for the first quarters of 2021, 2020 and 2019.



Bluegreen’s Financial Results

(dollars in millions, except per share data)







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended March 31,



2021

 

2020

 

Q1 2021 vs Q1 2020 % Change

 

2019

 

Q1 2021 vs Q1 2019 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

 146.4 

 

$

 156.9 

 

 (6.7)

%

 

$

 165.7 

 

 (11.6)

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before non-controlling interest and provision for income taxes

$

 9.2 

 

$

 1.0 

 

 820.0 

%

 

$

 22.2 

 

 (58.6)

%

Net income attributable to shareholders

$

 5.1 

 

$

 0.2 

 

 2,450.0 

%

 

$

 15.2 

 

 (66.4)

%

Adjusted EBITDA Attributable to shareholders (1)

$

 14.6 

 

$

 11.1 

 

 31.5 

%

 

$

 26.2 

 

 (44.3)

%

Capital-light revenue(2) as a percentage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of total revenue

 

 67.1% 

 

 

 78.3% 

 

 (1,120)

bp

 

 

 69.5% 

 

 (240)

bp





2

 

 

(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 attributable to shareholders was $14.6 million, including $21.1 million generated from the Sales of VOIs and Financing Segment and $18.2 million produced by the Resort Operations and Club Management segment, partially offset by $22.5 million of corporate overhead and other expenses and $2.2 million of Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/ Big Cedar Vacations LLC.  Please see discussion of Segment Results below for further information.



Bluegreen’s Segment Results

(dollars in millions, except per guest and per transaction amounts)



Bluegreen’s Sales of VOIs and Financing Segment







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended March 31



2021

 

2020

 

Q1 2021 vs Q1 2020 % Change

 

2019

 

Q1 2021 vs Q1 2019 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of VOIs

$

 55.9 

 

$

 45.1 

 

 23.9 

%

 

$

 51.7 

 

 8.1 

%

Segment adjusted EBITDA

$

 21.1 

 

$

 12.4 

 

 70.2 

%

 

$

 30.2 

 

 (30.1)

%

Provision for loan losses

 

 18.0% 

 

 

 40.2% 

 

 (2,220)

bp

 

 

 17.7% 

 

 30 

bp

Cost of VOIs sold

 

 9.2% 

 

 

 9.1% 

 

 10 

bp

 

 

 7.4% 

 

 180 

bp

Financing revenue, net of financing expense

$

 15.1 

 

$

 15.7 

 

 (3.8)

%

 

$

 14.9 

 

 1.3 

%



Bluegreen’s System-wide sales of VOIs







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended March 31



2021

 

2020

 

Q1 2021 vs Q1 2020 % Change

 

2019

 

Q1 2021 vs Q1 2019 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

System-wide sales of VOIs

$

 107.0 

 

$

 137.4 

 

 (22.1)

%

 

$

 129.7 

 

 (17.5)

%

Sales offices (1)

 

 24 

 

 

 26 

 

 (7.7)

%

 

 

 26 

 

 (7.7)

%

Sales offices selling to new prospects

 

 18 

 

 

 18 

 

 —

%

 

 

 18 

 

 —

%

Total guest tours

 

 34,821 

 

 

 40,665 

 

 (14.4)

%

 

 

 48,138 

 

 (27.7)

%

Existing owner guest tours

 

 18,332 

 

 

 18,529 

 

 (1.1)

%

 

 

 20,074 

 

 (8.7)

%

New guest tours

 

 16,489 

 

 

 22,136 

 

 (25.5)

%

 

 

 28,064 

 

 (41.2)

%

Average sales price per transaction

$

 17,303 

 

$

 15,873 

 

 9.0 

%

 

$

 15,796 

 

 9.5 

%

Sales to tour conversion ratio

 

 17.8% 

 

 

 21.4% 

 

 (360)

bp

 

 

 17.1% 

 

 70 

bp

Sales volume per guest ("VPG")

$

 3,079 

 

$

 3,390 

 

 (9.2)

%

 

$

 2,705 

 

 13.8 

%

(1)

During the last week of March 2020, Bluegreen temporarily closed all of its VOI sales centers in response to the COVID-19 pandemic. All were reopened in 2020 with the exception of two sales centers that were consolidated and one that has not reopened.



System-wide sales of VOIs were $107.0 million during the three months ended March 31, 2021.  System-wide sales of VOIs depend on the number of guests who attend a timeshare sales presentation (a “guest tour”). The number of guest tours reflects the number of existing owner guests Bluegreen has staying at a resort with a sales center and the number of new guest arrivals who each agree to attend a sales presentation. Due to the COVID-19 pandemic and Bluegreen’s decision to temporarily cease marketing activities beginning in March 2020 and the resulting decrease in the vacation package pipeline, the number of guests and owners who traveled in the first quarter of 2021 was significantly lower than its experience prior to the pandemic. And while there is no assurance that this trend will continue during the latter part of the first quarter of 2021, Bluegreen experienced an increase in tours and the gap compared to pre-pandemic levels decreased, especially with respect to existing owners.  The sales mix for the first quarter of 2021 was heavily weighted toward sales to existing owners at 64% of system-wide sales of VOIs.



3

 

 

Bluegreen’s Fee-based sales commission revenue

Fee-based sales commission revenue was $25.7 million, approximately 66% of third-party VOI sales during the 2021 first quarter. Third-party VOI sales were 36% of system-wide sales during the quarter, which was lower than is typical due to a decrease in new guest tours as a result of the COVID-19 pandemic as discussed above. Bluegreen anticipates that third-party VOI sales will range between 30%-35% of system-wide sales during the remainder of 2021.



Bluegreen’s Selling and Marketing Expenses









 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended March 31



2021

 

2020

 

Q1 2021 vs Q1 2020 % Change

 

2019

 

Q1 2021 vs Q1 2019 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing expenses, as a
   % of system-wide sales of VOIs

 

 54.2% 

 

 

 54.7% 

 

 (50)

bp

 

 

 51.0% 

 

 320 

bp

Number of Bass Pro and Cabela's
 marketing locations (1)

 

 105 

 

 

 89 

 

 18.0 

%

 

 

69

 

 52.2 

%

Number of vacation packages
outstanding, beginning of the period (2)

 

 121,915 

 

 

 169,294 

 

 (28.0)

%

 

 

163,100

 

 (25.3)

%

Number of vacation packages sold

 

 49,374 

 

 

 42,917 

 

 15.0 

%

 

 

51,164

 

 (3.5)

%

Number of vacation packages
outstanding, end of the period (2) 

 

 132,142 

 

 

 172,828 

 

 (23.5)

%

 

 

173,894

 

 (24.0)

%



(1)

During the last week of March 2020, Bluegreen temporarily closed all of its marketing operations in response to the COVID-19 pandemic. 

(2)

Excludes vacation packages sold to customers more than one year prior to the period presented and vacation packages sold to customers who had already toured but purchased an additional vacation package.



Selling and marketing expenses were 54% of system-wide sales of VOIs during the 2021 first quarter as compared to 55% during the prior year quarter. During the first quarter of 2021, Bluegreen continued to expand its marketing and selling of mini-vacation packages by opening  marketing kiosks in 7 additional Cabela’s locations and began to experience increased call transfer activity through its program with Choice Hotels, albeit still below the pre-pandemic level.

These and other mini-vacation marketing programs resulted in the sale of over 49,000 vacation packages during the first quarter of 2021. This increase reflects an increase of 52% in vacation package sales through the Bass Pro/Cabela’s channel and growth in packages sold through other face-to-face venues,  partially offset by lower vacation package sales through the Choice program and other programs that were reduced or terminated. The active pipeline of frontline vacation packages increased to 132,142 at March 31, 2021 from 121,915 at December 31, 2020, based on new vacation package sales during the quarter and net of vacation packages used or expired. Historically, approximately 44% of vacation packages resulted in a timeshare tour at one of Bluegreen’s resorts with a sales center within twelve months of purchase. In addition to the active pipeline discussed above, Bluegreen also has a pipeline of 15,200 vacation packages from customers who have already toured but purchased an additional vacation package and over 100,000 vacation packages that were purchased over 12 months prior to March 31, 2021. Bluegreen has several programs in place to attempt to reactivate those vacation packages to promote future travel and in turn potential future VOI sales.



Bluegreen’s 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 18% during the first quarter of 2021. The 2020 period included a charge of $12.0 million related to an increase in the provision for loan loss related the COVID-19 pandemic.  The provision for new loans on VOIs generated during the first quarter of 2021 was 24%, which was consistent with the prior year quarter. 



The COVID-19 pandemic has had a material adverse impact on unemployment in the United States and economic conditions in general and the ongoing impact continues to be uncertain. Bluegreen believes that the COVID-19 pandemic will have less of an impact on the collectability of its VOI notes receivable going forward; however, there is no assurance that the allowance for loan losses will prove to be adequate.  



4

 

 

Bluegreen’s Financing Revenue, net of Financing Expense

Interest income on VOI notes receivable decreased 5.1% to $19.1 million in the first quarter of 2021 compared to the first quarter of 2020, primarily associated with lower notes receivable balances because of lower VOI sales reflecting the impact of the COVID-19 pandemic. Interest expense on receivable-backed notes payable decreased 10.7% to $4.2 million in the first quarter of 2021 compared to the first quarter of 2020, primarily due to lower outstanding receivable-backed debt balances and a lower weighted-average cost of borrowings due to lower market interest rates.



Bluegreen’s Resort Operations and Club Management Segment

(dollars in millions)



   

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended March 31,



2021

 

2020

 

Q1 2021 vs Q1 2020 % Change

 

2019

 

Q1 2021 vs Q1 2019 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resort operations and club management    revenue

$

 43.2 

 

$

 45.7 

 

 (5.4)

%

 

$

 43.9 

 

 (1.6)

%

Segment adjusted EBITDA

$

 18.2 

 

$

 15.6 

 

 17.0 

%

 

$

 14.1 

 

 29.1 

%

Resorts managed

 

 49 

 

 

 49 

 

 —

%

 

 

 49 

 

 —

%



In the first quarter of 2021, resort operations and management club revenue decreased by $2.5 million, or 5.4%, to $43.2 million from $45.7 million in the prior year quarter, due to a decrease in cost reimbursement revenue, which does not impact segment adjusted EBITDA. Net of cost reimbursement revenue, resort operations and club management revenues remained consistent between periods. However, segment adjusted EBITDA increased 17% to $18.2 million in the first quarter of 2021 from $15.6 million in the comparable prior year period, driven primarily by lower costs incurred during the first quarter of 2021 reflecting the steps taken to reduce costs in the first quarter of 2020.  





Additional Information

For more complete and detailed information regarding BVH and its financial results, please see BVH’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2020 and BVH’s Quarterly Report on Form 10-Q for the three months ended March 31, 2021, which is expected to be filed on or about May 10, 2021 and will be available on the SEC's website, www.sec.gov, and on BVH’s website, www.BVHCorp.com.



Non-GAAP Financial Measures

The Company refers to certain non-GAAP financial measures in this press release, including EBITDA, Adjusted EBITDA Attributable to Shareholders, System-wide Sales of VOIs, and Free Cash Flow. Please see the supplemental tables herein for how these terms are defined and for reconciliations of such measures to the most comparable GAAP financial measures.

About Bluegreen Vacations:

Bluegreen Vacations Holding Corporation (NYSE: BVH; OTCQX: BVHBB) is a Florida-based holding company whose sole investment is its ownership of 100% of Bluegreen Vacations Corporation. Bluegreen Vacations (formerly 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.  

For further information, please visit us at:

Bluegreen Vacations Holding Corporation: www.BVHCorp.com

Bluegreen Vacations: www.BluegreenVacations.com.



Bluegreen Vacations Holding Corporation Contact Info

Investor Relations: Leo Hinkley, Managing Director, Investor Relations Officer

Telephone: 954-399-7193

Email: Leo.Hinkley@BVHcorp.com 



Forward-Looking Statements

5

 

 

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 related to the merger pursuant to which BVH acquired all of the approximately 7% of Bluegreen’s common stock not previously beneficially owned by BVH, including that it may not result in the benefits anticipated; the risk that, while BVH has cash and cash equivalents expected to be sufficient to meet its obligations for approximately two years, BVH will be largely dependent on dividends from Bluegreen to fund its expenses and obligations in future periods, and Bluegreen’s ability to pay dividends will depend on its results, including continued recovery from the COVID-19 pandemic (which is not assured), and may be limited by the terms of Bluegreen’s indebtedness; risks relating to Bluegreen’s business and operations; risks related to the COVID-19 pandemic and the recovery from the COVID-19 pandemic, including that the pandemic may be prolonged and any recovery from the pandemic may not favorably impact Bluegreen’s results to the extent anticipated or at all; competitive conditions; our and Bluegreen’s liquidity and the availability of capital; risks that Bluegreen’s default rates may increase and exceed expectations, including due to the impact on consumers of the COVID-19 pandemic and if Bluegreen’s efforts to address the actions of timeshare exit firms and the increase in default rates associated therewith are not successful; risks related to our and Bluegreen’s indebtedness, including the potential for accelerated maturities and debt covenant violations; the impact of the COVID-19 pandemic on Bluegreen’s 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 Bluegreen’s 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 Bluegreen’s current or future marketing alliances and arrangements, including its marketing arrangements with Bass Pro and the Choice Hotels program, may not result in the benefits anticipated, including increased VOI sales, that sales from marketing alliances and other arrangements or otherwise  may not return to pre-pandemic levels, and that expansion into additional Cabela’s stores may not meet Bluegreen’s expectations or goals;  the risk that vacation package sales may not convert to tours and/or VOI sales at anticipated or historical rates; the risk that Bluegreen’s allowance for loan losses may not be adequate and, accordingly, may need to be further increased in the future; our and Bluegreen’s ability to successfully implement strategic plans and initiatives, generate earnings and long-term growth, including that the Bluegreen Renewal initiative may not result in increased vacation package sales or otherwise be successful; and the additional risks and uncertainties described in the Company's filings with the SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed on March 1, 2021 (including the “Risk Factors” section thereof), and the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2021, which is expected to be filed on or about May 10, 2021. The Company 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. The Company does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements. In addition, past performance may not be indicative of future results.

6

 

 

BLUEGREEN VACATIONS HOLDING CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

 

 

 







 

 

 

 

 

 



 

March 31,

 

December 31,



 

2021

 

2020

ASSETS 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 199,150 

 

$

 221,118 

Restricted cash ($18,297 and $20,469 in VIEs at March 31, 2021

 

 

 

 

 

 

and December 31, 2020, respectively)

 

 

 40,736 

 

 

 35,986 

Notes receivable

 

 

 544,806 

 

 

 551,393 

Less: Allowance for loan losses

 

 

 (143,242)

 

 

 (142,044)

Notes receivable, net ($269,082 and $292,021 in VIEs

 

 

 

 

 

 

at March 31, 2021 and December 31, 2020, respectively)

 

 

 401,564 

 

 

 409,349 

Vacation ownership interest ("VOI") inventory

 

 

 345,090 

 

 

 347,122 

Property and equipment, net

 

 

 90,257 

 

 

 90,049 

Intangible assets, net

 

 

 61,411 

 

 

 61,431 

Operating lease assets

 

 

 33,927 

 

 

 34,415 

Prepaid expenses

 

 

 25,990 

 

 

 9,367 

Other assets

 

 

 39,503 

 

 

 41,282 

Total assets

 

$

 1,237,628 

 

$

 1,250,119 



 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Accounts payable

 

$

 13,708 

 

$

 10,559 

Deferred income

 

 

 15,257 

 

 

 15,745 

Accrued liabilities and other

 

 

 101,930 

 

 

 93,971 

Receivable-backed notes payable - recourse

 

 

 35,975 

 

 

 38,500 

Receivable-backed notes payable - non-recourse ($325,317 and

 

 

 

 

 

 

$341,532 in VIEs at March 31, 2021 and December 31, 2020)

 

 

 364,933 

 

 

 355,833 

Note payable to BBX Capital, Inc.

 

 

 75,000 

 

 

 75,000 

Note payable and other borrowing

 

 

 111,450 

 

 

 138,386 

Junior subordinated debentures

 

 

 134,391 

 

 

 138,177 

Operating lease liabilities

 

 

 35,876 

 

 

 35,904 

Deferred income taxes

 

 

 80,874 

 

 

 85,314 

Total liabilities

 

 

 969,394 

 

 

 987,389 

Commitments and Contingencies  - See Note 9

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

Preferred stock of $0.01 par value; authorized 10,000,000 shares

 

 

 —

 

 

 —

Class A Common Stock of $0.01 par value; authorized 30,000,000 shares;

 

 

 

 

 

 

issued and outstanding 15,624,123 in 2021 and 15,624,091 in 2020

 

 

 156 

 

 

 156 

Class B Common Stock of $0.01 par value; authorized 4,000,000 shares;

 

 

 

 

 

 

issued and outstanding 3,693,564 in 2021 and 3,693,596 in 2020

 

 

 37 

 

 

 37 

Additional paid-in capital

 

 

 177,104 

 

 

 177,104 

Accumulated earnings

 

 

 13,560 

 

 

 10,586 

Total Bluegreen Vacations Holding shareholders' equity

 

 

 190,857 

 

 

 187,883 

Non-controlling interest

 

 

 77,377 

 

 

 74,847 

Total shareholders' equity

 

 

 268,234 

 

 

 262,730 

Total liabilities and shareholders' equity

 

$

 1,237,628 

 

$

 1,250,119 







7

 

 

BLUEGREEN VACATIONS HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)









 

 

 

 

 

 

 



 

Three Months Ended

 



 

March 31,

 



 

2021

 

2020

 

Revenue:

 

 

 

 

 

 

 

Gross sales of VOIs

 

$

 68,250 

 

$

 75,481 

 

Provision for loan losses

 

 

 (12,319)

 

 

 (30,353)

 

Sales of VOIs 

 

 

 55,931 

 

 

 45,128 

 

Fee-based sales commission revenue

 

 

 25,718 

 

 

 41,365 

 

Other fee-based services revenue

 

 

 28,897 

 

 

 29,314 

 

Cost reimbursements

 

 

 16,608 

 

 

 19,120 

 

Interest income

 

 

 19,261 

 

 

 21,200 

 

Other income, net

 

 

 —

 

 

 170 

 

Total revenues

 

 

 146,415 

 

 

 156,297 

 

Costs and Expenses:

 

 

 

 

 

 

 

Cost of VOIs sold

 

 

 5,169 

 

 

 4,099 

 

Cost of other fee-based services

 

 

 17,085 

 

 

 21,711 

 

Cost reimbursements

 

 

 16,608 

 

 

 19,120 

 

Interest expense

 

 

 9,735 

 

 

 9,898 

 

Selling, general and administrative expenses

 

 

 90,964 

 

 

 110,485 

 

Other expense, net

 

 

 161 

 

 

 —

 

Total costs and expenses

 

 

 139,722 

 

 

 165,313 

 

Income (loss) before income taxes

 

 

 6,693 

 

 

 (9,016)

 

(Provision) benefit for income taxes

 

 

 (1,189)

 

 

 1,453 

 

Net income (loss) from continuing operations

 

 

 5,504 

 

 

 (7,563)

 

Discontinued operations

 

 

 

 

 

 

 

Loss from operations

 

 

 —

 

 

 (27,629)

 

Benefit for income taxes

 

 

 —

 

 

 4,377 

 

Net loss from discontinued operations

 

 

 —

 

 

 (23,252)

 

Net income (loss)

 

 

 5,504 

 

 

 (30,815)

 

Less: Income attributable to noncontrolling interests - continuing operations

 

 

 2,530 

 

 

 951 

 

Less: Loss attributable to noncontrolling interests - discontinued operations

 

 

 —

 

 

 (3,456)

 

Net income (loss) attributable to shareholders

 

$

 2,974 

 

$

 (28,310)

 



 

 

 

 

 

 

 

Basic earnings (loss) per share from continuing operations

 

$

 0.15 

 

$

 (0.47)

 

Basic loss per share from discontinued operations

 

 

 —

 

 

 (1.08)

 

Basic earnings (loss) per share

 

$

 0.15 

 

$

 (1.55)

 

Diluted earnings (loss) per share from continuing operations

 

$

 0.15 

 

$

 (0.47)

 

Diluted loss per share from discontinued operations

 

 

 —

 

 

 (1.08)

 

Diluted  earnings (loss) per share

 

$

 0.15 

 

$

 (1.55)

 

Basic weighted average number of common shares outstanding

 

 

 19,318 

 

 

 18,298 

 

Diluted weighted average number of common and common equivalent shares outstanding (1)

 

 

 19,318 

 

 

 18,298 

 

Cash dividends declared per Class A common share

 

$

 —

 

$

 —

 

Cash dividends declared per Class B common share

 

$

 —

 

$

 —

 





(1)

Approximately 1,016,981 shares of unvested restricted stock awards were not included in the computation of diluted earnings per share as the shares were antidilutive due to a loss for the period.

8

 

 

 

BLUEGREEN VACATIONS HOLDING CORPORATION

ADJUSTED EBITDA RECONCILIATION











 

 

 

 

 

 



 

For the Three Months Ended March 31,



 

2021

 

2020

(in thousands)

 

 

 

 

 

 

Net income (loss) attributable to shareholders from continuing

operations

 

$

 2,974 

 

$

 (8,514)

Net income attributable to the non-controlling interest continuing operations

 

 

 2,530 

 

 

 951 

Net Income (loss)

 

 

 5,504 

 

 

 (7,563)

Add: Depreciation and amortization

 

 

 3,851 

 

 

 3,899 

Less: Interest income (other than interest earned on

 

 

 

 

 

 

VOI notes receivable)

 

 

 (133)

 

 

 (2,228)

Add: Interest expense - corporate and other

 

 

 5,572 

 

 

 6,434 

Add: Franchise taxes

 

 

 86 

 

 

 17 

Add: Provision (benefit) for income taxes

 

 

 1,189 

 

 

 (1,453)

EBITDA

 

 

 16,069 

 

 

 (894)

Loss on assets held for sale

 

 

 (24)

 

 

 (44)

Add: Severance and other

 

 

 —

 

 

 4,602 

Adjusted EBITDA

 

 

 16,045 

 

 

 3,664 

Adjusted EBITDA attributable to the non-controlling interest

 

 

 (3,239)

 

 

 (1,585)

Adjusted EBITDA attributable to shareholders

 

$

 12,806 

 

$

 2,079 







The Company defines 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 Bluegreen’s VOI notes receivable), income and franchise taxes and depreciation and amortization.  The Company defines Adjusted EBITDA as its EBITDA, adjusted to exclude amounts of loss (gain) on assets held for sale, and other items that the Company believes is not representative of ongoing operating results.  Accordingly, the Company excludes certain items such as severance charges net of employee retention tax credits and incremental costs associated with the COVID-19 pandemic. The Company defines Adjusted EBITDA Attributable to Shareholders as Adjusted EBITDA excluding amounts attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations (in which Bluegreen owns a 51% interest) and Bluegreen (in which it owns a 93% interest). For purposes of the EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Shareholders calculations for each period presented, no adjustments were made for interest income earned on Bluegreen’s 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 Bluegreen’s business.



The Company considers EBITDA, Adjusted EBITDA, Adjusted EBITDA Attributable to Shareholders to be indicators of its operating performance, and they are used by the Company to measure its ability to service debt, fund capital expenditures and expand its 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, Adjusted EBITDA and Adjusted EBITDA Attributable to Shareholders 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, Adjusted EBITDA and Adjusted EBITDA Attributable to Shareholders 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 the Company’s results as reported under GAAP. The limitations of using EBITDA, Adjusted EBITDA or Adjusted EBITDA Attributable to Shareholders as an analytical tool include, without limitation, that EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Shareholders do not reflect (i) changes in, or cash requirements for, the Company’s working capital needs; (ii) the Company’s interest expense, or the cash requirements necessary to service interest or principal payments on its indebtedness (other than as noted above); (iii) the Company’s tax expense or the cash requirements to pay its 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 the Company considers not to be indicative of its 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, Adjusted EBITDA and Adjusted EBITDA Attributable to Shareholders do not reflect any cash requirements for such replacements. In addition, the Company’s definition of Adjusted EBITDA or Adjusted EBITDA Attributable to Shareholders may not be comparable to definitions of Adjusted EBITDA, Adjusted EBITDA Attributable to Shareholders or other similarly titled measures used by other companies.



9

 

 

Due to the volatility of results during the periods as a result of the varying impact of the COVID-19 pandemic, the Company and Bluegreen have provided information for the first quarters of 2021, 2020 and 2019.



The following supplemental table presents System-wide Sales of VOIs  (1) and a reconciliation of Sales of VOIs to System-wide Sales of VOIs (unaudited) (in thousands):



BLUEGREEN VACATIONS HOLDING CORPORATION

SYSTEM-WIDE SALES OF VOIs RECONCILIATION





 

 

 

 

 

 

 

 

 



 

For the Three Months Ended March 31,

(in thousands)

 

2021

 

2020

 

2019

Gross sales of VOIs

 

$

 68,250 

 

$

 75,481 

 

$

 62,884 

Add: Fee-Based sales

 

 

 38,797 

 

 

 61,908 

 

 

 66,794 

System-wide sales of VOIs

 

$

 107,047 

 

$

 137,389 

 

$

 129,678 







(1) System-wide Sales of VOIs is a non-GAAP measure and represents all sales of VOIs, whether owned by Bluegreen or a third party immediately prior to the sale. Sales of VOIs owned by third parties are transacted as sales of VOIs in the Bluegreen Vacation Club through the same selling and marketing process it uses to sell its VOI inventory. Bluegreen considers system-wide sales of VOIs to be an important operating measure because it reflects all sales of VOIs by its sales and marketing operations without regard to whether Bluegreen or a third party owned such VOI inventory at the time of sale. System-wide sales of VOIs 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 results as reported under GAAP.



10

 

GRAPHIC 3 bvh-20210510xex99_1g001.jpg GRAPHIC begin 644 bvh-20210510xex99_1g001.jpg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end EX-101.SCH 4 bvh-20210510.xsd EX-101.SCH 00090 - Document - Document And Entity Informationlink:presentationLinklink:calculationLinklink:definitionLink EX-101.LAB 5 bvh-20210510_lab.xml EX-101.LAB EX-101.PRE 6 bvh-20210510_pre.xml EX-101.PRE XML 7 bvh-20210510x8k_htm.xml IDEA: XBRL DOCUMENT 0000315858 2021-05-10 2021-05-10 false 0000315858 8-K 2021-05-10 BLUEGREEN VACATIONS HOLDING CORPORATION FL 001-09071 59-2022148 4960 Confrence Way North Suite 100 Boca Raton FL 33301 954 940-4900 Class A Common Stock, $.01 par value BVH NYSE false false false false false XML 8 R1.htm IDEA: XBRL DOCUMENT v3.21.1
Document And Entity Information
May 10, 2021
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date May 10, 2021
Entity Registrant Name BLUEGREEN VACATIONS HOLDING CORPORATION
Entity Incorporation, State or Country Code FL
Entity File Number 001-09071
Entity Tax Identification Number 59-2022148
Entity Address, Address Line One 4960 Confrence Way North
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Boca Raton
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33301
City Area Code 954
Local Phone Number 940-4900
Title of 12(b) Security Class A Common Stock, $.01 par value
Trading Symbol BVH
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000315858
Amendment Flag false
EXCEL 9 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.21.1 html 1 95 1 false 0 0 false 0 false false R1.htm 00090 - Document - Document And Entity Information Sheet http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation Document And Entity Information Cover 1 false false All Reports Book All Reports bvh-20210510x8k.htm bvh-20210510.xsd bvh-20210510_lab.xml bvh-20210510_pre.xml bvh-20210510xex99_1.htm http://xbrl.sec.gov/dei/2019-01-31 true false JSON 14 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "bvh-20210510x8k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "definitionLink": { "remote": [ "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-eedm-def-2020-01-31.xml", "http://xbrl.fasb.org/srt/2020/elts/srt-eedm1-def-2020-01-31.xml" ] }, "inline": { "local": [ "bvh-20210510x8k.htm" ] }, "labelLink": { "local": [ "bvh-20210510_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "bvh-20210510_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "bvh-20210510.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-roles-2020-01-31.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-roles-2020-01-31.xsd", "https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "bbx", "nsuri": "http://bfcfinancial.com/20210510", "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "div", "body", "html" ], "baseRef": "bvh-20210510x8k.htm", "contextRef": "Duration_5_10_2021_To_5_10_2021", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "00090 - Document - Document And Entity Information", "role": "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation", "shortName": "Document And Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "div", "body", "html" ], "baseRef": "bvh-20210510x8k.htm", "contextRef": "Duration_5_10_2021_To_5_10_2021", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "bbx_DocumentAndEntityInformationAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Document and Entity Information", "label": "Document And Entity Information [Abstract]" } } }, "localname": "DocumentAndEntityInformationAbstract", "nsuri": "http://bfcfinancial.com/20210510", "xbrltype": "stringItemType" }, "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 15 0000315858-21-000061-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000315858-21-000061-xbrl.zip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

QI[" M(U(P"5;2!:SA.>-Y8#U3:<>J[TP,.Q%@L0<<=WA!(LX\!A; Y?> -D(>C8>I M\@S@Q9LA=1UZ1_F?']YHLQ\FYN/REY8?N_;RU^%X]?<8) R7OS9A@)8SA=FN M^!$%U;-7_( 1SSAE,C^P3"?C&9\U_CT=!T!1GI)P0(?,(*F$S,L4Q[OS MW3M* B?\!3(1>TG2"&4J^TH4!#^ KR88[D7*LZP_XRE]]/&Z& OVO"CP72V- M!S\" Y%3<',\K\+!<.*4!BS,!>_#\*GM8$R3EQQ&/-Y-(Y2Y:(Q7PYQ.L[.*,EK80X9M!,3$RY0C8N?EO2 97<&Z!SP2@:NP,$M M#&\:!V$,C,:O^?Q9M9'UK]C!^D03%"Q13',Z#?P'QEKWD?06H_+S1#5 P(F/ MZN=;OU@9*]B8.\>/0ZR5I!X%O\2!ISZR??7AA-CO'Z.QP4N/]G,(IG?@C M6*PZ%4[[#?L%9\EN9N4;+BN&(F-0(0L3:5SSX .%F=V9+I.4)]4=88Q>DT,Y M-2:41CP?,01SG:@SYLX6"1'=^ZQ,%.0(7YB6!8#8WN+/-IVBK?)8+0HL4ZCV M(.A,*N9>,KQN%"<57C@H+TR"U]EW8WHOCC!_D%39P0-SZ+A.](B/G0(5 MYZ]EH^-#PO'@ZV9E9',.H,@[7LSB[)9_1X/'5(HIN;C^>?7AU!C @V%:$\0)X&Q.@S9-=DE-6^YT^*)DM2(?KP[+%LZT\?_WT MR0OW(-U&YIV/*=;'M.Q[Q4136Y/,!& #7U-FBL#*DB)4VCN ;M@H."E)DK(5+DV8D#&G""M2TC(2K'B0347Q_0@M<7.&B>((YHL0:CLU*HZ&C$4U4^,6V; M81XV.VNV1D<(TS"1#Z,"VS-R6.(\H<)L\([W9&IFFD)C%P:4)=KP*@IZEN4@B=>5SK$[/T=]=#" M@Q5V4]7($OF()TBK[GC#BR= <3/. T%$M^XGH9\N=&@0DOXY]3KJU,U-H MLP,@SY,EXQEM6\PQ8OZ1T34[(YYVI-DM%JE*IV84V7T+RQ:R"$T!P$2VPH,( M6!SGL(4IF3^FS7S7]>_3DO\9/_*H?7;!?VYB*4YE"3JVGLQ3I/ ,!^>3KQ9S MR=%9*.Y7%V'> ])]X M3AK,+KA,DUQ5B*N&-N-;.3/?#&,6:#';Z?+S^HHGLQ,$RA/;;"%9Q;8YO%T@ M(&:[\=M[)Z19\9V#+! $AD, KIW.1([I<)@JG\E\&W 5^)89;DW3:OP+$UP4 M,^1WF-V,GT]A%'$&8K\E'T:\61\6;/F M91#K?-GD8(A7NL';D":W()3,6^6KO0?29R+$ 1F=F5@ XQB:X)<@$CM%P$EN M _\^&J]$<',@_AT><@_TGS]YA1\RI\XS0I#5-NY8S)' #%K-5>O%I ![,0P'>4YH_<\T[C . 8\S 0PU#^Z+4V-_%/AWN$ M$O\O( "&SN]+8A#9XE3+C+GUFHD3C(+>^CCS),0P@X2 ?-T8BYD:Y+_]F/!X M#/>271.4&'S &#$"M^8X"GS#L[&!=!8 I$R0(-\#LI@SA&RC,DQ ^7EA63K> MV?Y2%K;'K81)Q120P1FA]4&W%8"::SH,!#]FO%"V/3:>LD<#@>:5J.L'&C;( ME3<3>0W4)8P6XB49:P4@S;&XZL%$$H22N#Z[VI_5I0\UC?QW5>2_@I'_#,,R M,OZ,%+_EU>O@.+I)PX8_3O03]G<(2UGZ=W)GDO\&DKKF-*1GZ8Y.'I'BZ7L M[ ^?+CJ?P/UUAX%\^]9.%40(KF:W)X MY<9X^PA\XS/PJFV;>G.Y6.H=)=58EFK,RAJ)ZGITR$8?L[X>ZTZR91.30H)GNJMHJ*2>5M_:(7>TF_ MB*GYA5-[E_H1%G:,KS$8:$9'W^,L7R71RFX(0^4-BV=US<2*31&%V8AFT] , MH[_:1LB)!N42V^\4N\:P3>(,];UZ8?2UYJ#'<."+IJZUNP/?WJ1^Q,6HLZ=]@L0FY,) U7I#:[M:#RT0WR\7*/G79; MZ^OR0JQ:R*>BY(5N%C$49 MM-QN(U2%B%F&Y=V.F&7#K%=&NZ4UV\W78DB:TEJEM570VC)A$:AL4]/;[265 ME1,2%0#AA0-+3P-:&O%H1%Z]:'8'FMYO)J59 V!CTTAKL^1&4+5PQ(3M+"K5J(IZ)R MW8U F> -+("N0ES'0VA77F1ZMPZ>]VV&(8U"!L[DQF:"<4!JXULA6A[=Q):- MIKJ&UC8,:=%4A41-T;)*:ELF_D&=;3VCLW+B'VG@^@9D=#VE@1G!>(E+S3"% M1RIL);[%4%2NA5T^7MBJU=(&316V$EH\%97K;@3*S3F"J]6I$FP33"@W)A;I MU'1L0A^FU NI[+!,,.)+;7R@52SHPU4N94(HJ9H626U+35CI[6Z MS_@^M0>.>?)OQN M^S%6UTG:U5&$D[L/RX"R\1B8X59/ZS:?.8!7:;S2>'$UOA(*7B;* NWNZ)IA M5*JD71K78(/L_N.WAX\X:KD!ES3<*-8PK]%T1><"'6)%9RDB/(K*RFHHJR$U MG>4$@X*1=]L Q>>K\_=7GZ]^7%W>D/.O'\C-I_/OEY^N/W^X_'[S3W+YU]]7 M/_Y;;GPH&(.D7C4K1,NC5Z54B)9*+A4M1:2ETO%J8R]I0._6J,PQAX[K1([L MYU)*PR&I378MJ'QT8UX+*BM95E2N"I65Q:@K,!2,O!ORL.>6!3(2A61J/N)A MFZH"3A0+HF@I7OG; :E?>NU;2^OIJO!-*;IPM#Q"U=LA];K4DC==ZW14O9N M4ON!CF@04!N^L?P)E1ME2<,4J(EDEMK(K*4->JKUOH 0Z3NUJ'.'F<%3G!* )<^/Z#Q=>$H":OEQ M$*J0EOA&1%&Y%J;ZB W..F#'GW%HE7B*(9Z*RG4W J5VX^]K'?T9[TM.)">8 M4.Z-UV!VIREF(Z]>M)H=K67T6-Q+;@@G&*.DMM$5HN71+7&%:*GD4M%21%HJ M'57T V#89 MTB#]5G^ML)@@MD71LD)VNO0 6+>M#5KRMOBOD*PI6E9);TN-674Z6O\YI943 M,$D38]T G[[Z$9W%KB*?O'__7^3"G#J1Z6KDRK,:DL>LI.&3U):X%E0^NHT^ M7MJQU]'TYY(.2CS%$$]%Y;H;@3(AW#H+(">"$TPHM\%I\Q)ZF&/@W\,TY$9I M@O%":C-<(5H>W=B67DMO&%J[(R^PJI"L*5I626]+W538ZFNM?K=*6$@:Z+X! M)?V?V'/\@(0QSM?QS(C:Q*9#ZD5Q0&4_?%(:)DEMAFM!Y:,;Z",VA6BUM=;@ MF:U02C[%D$]%Y;I;@;(!G-%[IC&,G !.,*G< -.NIS0P(Q@O<:D9TFQ["+DA MFF!LD-H$5XB61S>T!]B6V.\]XQ$K45-J*RB[CKUTT&RM"5VX82Z4T&6#K;X.8.L9PZU,@1@2 MJDR!,@5EA['ZV%>@4@!N^UV(1E\0S/;#CTQWH<^IW("M0B9B-2U7JWAI-J)" M]%QM<@],S[)!UJ [T%H#>5%6A>1-Z6\5];?4;J?]GM;JJV-ZA(MM+3+]Y-V% M/YDXT83B^8A8U'X!]\)O>ZD0K14D,W MR-0,D"$Q?4/,.!K[ ;S)AC=ATQ#\EX0(WE01V[&525%9#"H?W?P70&72:AB= M>2W&VCJ1ON-,D8'X%CM35&&QA9%J@E&Y(I8HJ9( MEFAWPR,GV!5L8=XN!>V:84C."::B?8_X5O*U1##^2;UF5(B61U\: M*D1+B>12H<(2**FPG]0*7G%<)MBI3D\QFA.&,< NUO8VCL((/F#S$*.C=9MM MS6BV\/"GV5%/R=?ZP$B^UA4Z4ZM@Y6AY=..]*>!6;$VWT:E#?Q&%O13V.I3Z M'D5;Y012TN2D=@A]O=\J]-6N5N1+&L9*;;5K0>6C&_1:4+D2LJQ0GLJ[*G-1 MUZA<$0EO*>-U+:T[:&F=;GLA7)=\.^A6(UI7 ;525!:#R@(O$8>-_;6>Z=5> M$T%5<%'!19%MP3%47T[H)]CBM!6H.X>A1X[OF2Z9FHY]"FC-X@?%RPW8!..) MU):X0K0\NL$]<'JUU].,Y]K!5TKR%)I2*=9*I%C7::R<\$@:KWX[X&19\21V MV6&DU P\F(?:""L^ % MW&4UTR6?YE#NT81:IROO>? JVB6-6:@=>)/G8 =# MUSK5.E^^*HE-?LK#>S>FMP&E'OEI6B;&Q$+R"58&S'&&"TWJJ&I2)Q+2.'Z+ MT0H1\_B-1 \,S0:ZUN_(FXFL. (34XOE1%D'5>)2=;;?T_K]5I6@E#0A@:V MU5??@^EX4>"[+L(H]A8:1G)#)VEXI1QB"0@MN$=\4##6ZVFMGKQ83,7)I#$+ MAO#I(B3J5B8P&A"G:HHNB==R*FH9=K?9K>O-5NJ9NSH M&$ R79834E7I@-1FMZGU6L_4&<@)G:J_JW+YB'G< M;[P)9S]^G'.6_,Q!'%>6.E+ MI\,R(?(R+"/CSTCQ6V:]B45=-UGE_SC13]C?X=2TTK^3.Y.E"DCJFM.0GJ4? MWO!'PNCT!CSV#2<$7Q(SH&&+T$3Z)*%0IQE'ODQ@:,G/.'GW_O/?EW]^O[S\ M2GZ>7YS_N+K^>D/R6($5C_IT_?G#U=<_=[W]XOK[M^OO; A+&.V0].P7Y;3. MG]EGHG$!M+W^?/7A_,?E!W+S _[SY?+KCQMR_9%[-[BL?.4;.>8DSID4E%X[)SURWQ(NQ5H[&2XP/0N"5>/4'5: RVHB5: M3\FJT1AL15MR5_G(--XI1*%P=@D)4 6TA5 (1F,8.CBR0.3.R09Z@^LJ.2 4 M+_B]5)HW#B@E7^"R<4@N/9O:^^J(6C34HB$JV=6B(2IGA%TTBME46+EUXXL9 M6&/.M):AJ35#K1E5)7N.B#[^=H;G"3B66D6.:-+R+B+-G1:1 V^CDH/D^ZTB M>)1:"8IQR"Y0R$(57!PB1MON:,9> M[?8K%:,]O 60$S4+IOE;8>./E)X.S9#:2;F$Y4\F3LABM@$O6)8;*0O&&Z%B MM36FY=&K& Z+;)L=K6?LLZ[)(GA2XEE\4&W0J+7T9@&9#3'HS2XNHL1KFWVM/^A) MBVJEC]9(@'?K8A!J65';'&@MHRTM1I9>_^5$SX(I_E88^<(/(\##SF08!R&= M4"]2I;2B6&%%RPI!W,,"6:.K=745GE5PM5HJ7.'PK#'0C.8^FS]5>+:R %,: MGW,KZ'F%3Z4 /QW/\B MK;#O#S\RW;0T5_(B!&DX)%8WA6(.0:H>I8MOJ% HI0\<%6YWM;:QST86^6V# ME$A7&'FMEF4HN*]"L9:A5$/0Z6K-O:KU57RXANA9,.W?+]*#Y;LA,3V;7#Y, MJ1?24/+3X 3CCECXN,;$/'Y/,4F,&MI)0 M4DX *XUCN_U&M*2C+FJ]+3>.E89)4B.)6E!9U0.GW70UHSM0<5^!<8U!J S--'^RC_BK:6T.P+)C>[P2)_6?ZF,F-D 7CC-0XN$*T/#K:/7 U M0T_3^_(6,TBR=DD 7:NEPA5NU- TM)XA[ZF[DFBLG&A3&O^SWCW"I&&3U*"T M%E0^.EP5)3@K><]?)KW^RPF8!5/\W?J745YZ*_D) MP(*Q0FKH6R%:'AW@'A;&#K1>2X5C%5:ME@97.!P[T/H#><_7E41AY027TOB; M6\'.&^K"][<:N:4>#4R7[?XR[8GC.6$4F)%S1U-$JL*TXEMG1>5:H%A1PK0# M71MT]SGA2'YA5=!7&83C@^)CA6D-76OO57"DXK0UA-*":?X.37432*RZZHID MA5577;%1[BXM,0]<=2#O^1"2+%BJL:WLT+3DWMA-D7ICE]P*6T6+*PMQI7%[ M=^BJ:\W:A*G(L#3KP/'[A]6"S,?O+"9*;-AH#;1>LRDMH)8^-B1#Q[&ZV(0C M]R(3QB9T.UK+:*EXL0+3$L/7R"O7#\/79$A'?D"3,]E(9#[ ".4& MSX+Q1JCX<8UI>?02B<,N;%VM.]AG69-%[J0$M$)24@8-KG"A[ZN!IAO=UQ)B M4$F454ZD*8T_NA4&??4M\.^'3FSHH5UC]FP@IZ\2[F_^5%/[P04 M7"40+(W8" 6/U3%,XA9>B!(Q>F5H1G^PVSHMOTVH&]Q6%D'<(HYCE1AK[8X* M&"L8+[,;OA4T_DJC%!HG0>-1X$^(!8]PO!AF1?PIQ9UYOB=YW85@7)*[NJ)" MQ#Q^#<5A,6Y'Z^CR;J*39"&3H1JB6CI\Y)J'U*P,^I6&54"%;1641:QVDCS+41))%I_&QJR?J8BU$[151'4D^-LJ6 MGL9RXF_!S,16*/NS'X8\U%L5B"T8-Z2&'Q6BY='A\C;;T0V1MJ-O+,@J>'^Z M+"(O.AHY-JZNEO&H%A5_LE8"ZR0=&U,4MTPMC)(JA3Y"3IO:ZU>3Y4B*^@NL>^]=2FR.PM+ MVU4L Q&,/6+5(->^_21;WD89)8P%B16Z(TK9![0Y_T@2(9MOK5Q2*( MV_BX5$S"S0Z8)&P'%PT-.53\+H2VWHJ7 )1Q;ERP>%/PVM4Y+EQ;\2K+( MJ:+CX^/8JA0=#SK[G'JI(KB5Q:0%NP+BH%6VU6X+K%K)RH=:1"!4G;*L(%?5 M*=>OBD+ZV).J4Q;)(-6U3OE52VMWI#S;1'H#("?0%TSM]UL1E_LG/T7ZX=@, MZ!CNI8'D&%XPQ@E5I-&$WVT_1IY+6G>XGQZ\V$NT"R_FV($=AXY;#WKR%FU( MLCX>H32CXG:@<+4OMF)C%[4OMUJYK[4,749P+(F*RPF!I?&)]SRQ[[>'CS@I MN6&O-,PJ%A"OL:6*S@5&KJ6DL^BPK@HV0W0:+T%G*259!HOQ!"1+26?1I?G8 M>%MZ&LN)Q 4S%-MUM#-#QR+4##R809C&GZBCXPY5."U6]+DJ==:O]$:[IP+/"N[*Z3'O (19[[@GZ%?54BMDK$H7 M52VUJJ46WR35#:DK@Z1JJ9^"=J.A]V4$[=+KOYQP7C"MWV]!W!#.EGN!%(Q3 MJG9:(,%7M=,JJA*IV4,7E>I=!I@NY0M[211<#D!KS0.\%:FX(/CQA&U M:UC*(0T_56VU 'IS<"0M$)\4Q*Y/,$H57U<&E0O$%E5N4DEC(2>0E]E&I'"] M-@4G@C%+]K*2"I%3A.(152)2,2,B'?866.:E,"%'+_=011T2:ZR< +@:[O/& M)2S!RLE"QOZ_HA4>TC!4]MH/:0@M5BQ;)$:I8'9]XE-R5))4PZA4K\;D>(78 M%TY0;L@O%,K H3^8LQQ>K2)WQ1M3'06D9?6I@LR>IVC,J.VJMRP249HE5* M&WVM.=A')%GA\2F ME@N0W6:%(A>N&8;D?"$F+3>H%HQUTD-GP>@I5A&(R/Q0Y=ERF"$%TZMEA$3? M EFRS6F*9'-*-C$JTE]9#T":P$#9OL'["OD&TC!5>J]!&DK7WI]0O<(E]S2D M#Q%*XH-4PZ15T#LIQH(IOT49K&T]&OA@@J0"(P!"\V^.H_5KA6GIX'@^].GS M RZE1"G?8#,9/B8$ZX8.1']BCEA=T%O&E.5?WA#VPRF\SH^C,S)R'JC]YH18 MU'43R?OC1.=_AU/32OY^AVXK:M7B _ML>'/R9;Z>SX$+,@Z824]6-T'Q3DCR M&8G\1$N)T6_H&3V8OVBA$,KHO%S+K?/ ,=TGYB0OQW J&:%(-6.!?1D3BO\: M^L+T\0GE#A=MX[P.+-'.::J<]C+?])5LPV_GG];R;X%E668*QJ?-6K8QQXX/ M?KH2G4^G@?_@3,R(NH_$T'2CJPWZQJP,<$1B[XZ&6$@(?T>!8^'',/*M7\2\ M-P,[)/2R[17$XA2Z<>=:B/,6A)^_Z^2Z; MZ?V<:,=:A=GO4',$%9Z9[;SZ&L%PN@);R17B9$IN@2#) SEV3>.8$KKM! M11Z#JTZ#\'\N_Q4[T2/.V=P(5=BJL[3,Z+V&WG]9LK"CJ*?CQS#J_WQT_7L^ MZCT/;OG\]^6?WR\OOY*?YQ?G/ZZNO]Z03]>?/UQ]_9-<7'__=OV=?9D7S"U2 MIMOH]@Y!F;TH'[VP+9 M5&]KCD-Z5GZ MX4WJM>AZ UTM3B\>0,B"TI490.8*+0RM,Q O1F'&D2] J&^[*'A>2=DYE#0H MM%UE==A49.R[V):@BL:KPMC]KJ)QV7*L*SDNF<;-AJ'DN&1;T55R?(2",(4( M2T@K*A HA$(P&L/0P=\"(G=.-M!;+]X [7V:]Y8$+SW^M'<(ZF.2,_@Q#B@E M7^#R<4@N/8U<O3&7E5EFYIMXT M]M,+^;VZ0W!)J85L:J'OL;:K>'9YU?CLMS,G@K=92WQ[Q0I)_#@T/3OTYHI(N>);2LBJ^"V;#1>&=Q6@GR Z+8B<>/J4W.J%W5PU\64A5WN*YPN%E,0:Y: M48B85#[R_F[ARDJ>;<:ZCAN94K*5F^^6VRXVM4&OO7/710'1M)C27;5B$3&I M?,@-U0)6EQS(9+SJ:QVCO71(F)QP6MKC #*(^2E4QG0XS/(4P6[@NRZV^F># MH&&40<"D*DA2,"LD&EZL\PGKA<.Z+<]7+QV]=5JZM.BM0J)6!D:KK]Z6@*W$ MTMM!QUBMM7*"J"(:^Z3_SAMS".4M(-RZR@8HY89,TKATE4M;5X_,0B:N#^0+ M=[2.KL)G0HNGD.GHZI%9R(3TH2)B/:W3;=4N(B8>2CNW[3/R@4X#:CF\/16> MA6E._"!R_I=](3=L$XPWHD6ZZDK+H^ M/85X *T=#%2<2W30])F&X1FY2A.$:1F>'XTI;JTUO7GR$#M\4IO(#J.DX:/4 M *L65#XZ]*H%E8\.X>I!Y6.#NUI0^>BPKP)4EA,^;I\,[0H)&']>7\',(AA) M0"WJW&'=F>3Y4&DD7P+<5R%:'AW=E9ZY,%K+>0L)\%B%9.SHJ*M"M#PZMBI= M7YM:L]FO2*91&B"Z?0YR%DVC#U/JA92<$LL/IGY@1I3E)%ET36[,) W[I$93 MM:#RT7'642O(>DUI4YNUD,ZC([1:4/GHV.UX-J"KM5O/5)'*B>P$$\OM\=O' MP/2LL0/ +3(?J-H?*8J1.#H&KO-N75 M(_/Q.U$[;;8GTPY!@]X@PI%%(QM2U670K-%TJ-UJ2AE^B1;44E87+'Q[1FVTN MVV\)$%,(Z(!L+J MVQ+[Z G$_#'O5L/HS$/?RQ9U([$/?'84X8SYQV\/3=UHOY'[F/4*R?SQLY(5 M(N;Q%BN(U.K5VPXN.X^U SM+S(RVMV1K(F!^MD* 5'CRKN=X6'3X346\-K=/O M5"2U*8U[4"@,"\=F0,<@&C10NR_%MRJ%!].:\+OMQR@-E=MYM96BO-A+^@N/ MOA7*E]+C;TVMK\O;.D,:@18J_J8L1S&6H^B G526HZGIO4T'/L$'1"M 7]NY MX]\<1S"VDHI__/;P$2F8" >?R/3@P^_G&_W\#DS[JKG(,9[)P61DY>$46N;*I"'SRJ_A(]B?'>S>FMP&E'J\X&[PI@L3/3IN1#*MC1XLM#=EW]KJC74V"AQQPN#FDL" $4D?:V;2S_RD) 1N@]23Y MD.RD ES'20TD<1'G]:$?5^3*8K,BU24I5_GU;V9V>=F4=5$*I;! V]@A=W?N M:SD#BK$RZ.0#5[KAC(K_0DU="#10CUML& %&;3YQT7,G=0]Q!9Q<)W[@%_B_ MJD"1Z-K7;#UR!I>!G["'381U16 Q"> !YV/":PKVS5 3>,4<8J( $R-.P1=YH6(CSS M38;V $-G<"+=Q*E($8++$-O06C$5M$OB*H-7BJ5(E/ 5#*#X-^ V9PI[\D?] M.&QA6IUK./-+F2-(UW935_;O2+D!:&%]K,2I)Q;0BE ?M"SUKD7BPDXC4TI M&EP/']";39)^Z\^[K*=XBDT9V(0"-)7F5A,R8P9^-8.) M-* FY0@H2WFWTUV,1CGR'GB5WD]O_1*XF7BZ;C=;E^0;$*)G5;(,Z MC7DD3@9_ C'JQLK5R),24F?/="($#O$2"F/'%N E9O?G1#H$]^R07,WR9$8) MDX:U?5!FWS$^$@I4?H1VBWVXOOZ#%@U&?B0=>G0@LM$41]8"T8.W/,V$L$5: M0&-'F,<_)H/@S4RN/O95@%&'$'AYP(XRZW7AT](%"0)U/:-:DUNLRF**+Z(%S.ON-ZI?IQ9<9X)N.-V%5B M @(*D*84T:9%NF,W3*-5]%0>YRI3 'O5Y!Z2%3$5@H&3\( O#27 M"*>_2C, MG,'23D)IC.GXAB^'$NP..W*/,5'MH?IU/:(N,8,2J&B%3I _Y1<"RB3ID^^ M^J:96'LJGA!.\ 8@ ] J>^CGCI 59VQ>8M\38+D"M/<9GS]Y'_-I8!!M=X*R MSF?ZG5*R5>6X^N"/@K\H''3WV9'6&<#26'FD)!.HNH$_%<=$L2J3#/VSQ&V= M1RP@$1"A,L@GAQ$Q.SUF(Q?C)%(Z=.YPM0*_/J)* MT1@4%KWS!O_N"/9#!&GO-N?EXYM&X6AMC+([5/Z8C7D84C:CBL7F:J6-4(7G MDCZFQEL5OC.\E,W[JJPG L%II% 56.CB@,E['"WPH+5#Y9T0ZYK2JHXNC2,^ M$,A(R2*H5](UJ'8I): H%!X;<>U.#9#; 2Q;^SNXF#ZX3D]MR^:B[U1H9'7F MW1R)?MMD=P"ZX[C:%:BL;J1B*QT2N7!3)VD,&C3QB.&L*GXJW28HV&?%I"F< M2ENC )PMR17$T*$;2GC;^-%!DGC2SU4F;-OS2ZV9X^>/$+,@//5KHPULE;F: M_=9QI\^N7K=:O^ R)M?E#2]>TC\-1B0$(B,-F;E@KXF$@(Y4/P5KPA_% MR4 )_NV$@_I65UP^\5F0WKG:$0>_1,2R!%L@9OCXR4A?TF^WSW_YT6I#OX)_ M=X6.GVL#+.^BY)K)U,>L&.7)0 ?'$;4345H.'] %=QWKQMDVDQ_%M"5=34DR MPH6WB;1A-W;JV54),MZ4'77(;)-+$<:)4K+AKH+ Z)^(*W(G89-.J].V\+\M M6@S-WK[H\"IJ[04'QB3*T)?2?T)2!]%D(N,;9=H2FZL8 7N8@;4>GV#A8RG? MIM%_6.XQ+G5._L_[NQ7=FW/ X%0H2LX83 $$8#MR4DJFQ_01/=K:!NVMK;S4 M71Y3SN*4Q/1L$'D>>W@/60239[4+2K*CR.,1.,/".<8K4TL"@?%% ) LQ0F MFZN]D;155<-V/:*E[$KV8[1&_[>/_[W]\.7V]C/[\_KF^NO=_>>'Y8.<_%*_ MWW]\=_?YP[JOW]Q_^>/^"QUA;['Y\-?#U]M/)_^[>W?+'JX_WCZP^_=:<+[< MWMQ_OKG[>$< LH-@\#D!P5MM8VPAI?DL]==&JT$_!^!TQ#^;-\VGE>"=2CX) MQ%7\AS<:"_J;SL_35UMR;-UK]9 M;S=[O1K+V^Y4U*X[[^R$EUMG-9:WC>6S9JO6&+7&. 0LMTZ;Y[7&V$%?G&ZM M,7:@,>I09D,LK]=64<>0RP.93_5=-"^ZNR@GK!S(;Q2V[0$V%@@;\' PX0!F MK_$ZQ&?=9J=4P=MJ5]CK2 G!/L$#HX#=>EA/^L25 M/6*G;>L51OV9);FH-GA$=V=,COVXEO"( U9\-VV( M6Q#P[W(21_6)4IH,G#?/7CKQM0QL+@.M38=;%H2P^R,#^V8("K+EM1!L+ 3M MRRWYI7E?H-FSH7)LBK M0:R7T+Y&@$SU?,F6SA<]JW/>6KL9O/&:]YG7RB]@58-S]@#U"XS2H4MU:4+< M/;?.>NT-)CJ<_]1"7%A3J@:C[ 'JMRW$!96H:M"F;$OB'D8*&J=B M.5?LO1 GOW'\0(^BE#KMO/O[>#M/,%0>Q:5?K:G@V,#3GM6][&X8(1PX'Y1^ MD:T6M>J*6GD6OVU=MGH;NNT'3O;2+WS5DK7UVUX5D*P+L%E;\*4/.5#+?M)9 M%P(J6PCX08,9)\ MVK5.>W-FM=8E@9V7!&I)KG)1H-*2W+FT+KISL@1[-G5Y#YL;;=!R!5FOG!MQ M:W8(R3!;42^%1; P_+?W0HMTFY>=BO0LB_M3IC^=+=<3B6!H]%=LY;3)5BOV M=MIDJS4&MZT_T#2?-\CWB7*Q(1PV<:7V]W&W>NPQE4PKQ6D3,I]NL-C32% # M3O_)T_TXTVYPV':>A2-7.31Y;,;<\5@XV/]5SK QMNY6KX>C2-%\=J!DP70% MG%F!O69#Q;V VZ%NQ1_DX5BGN[;NO;K.>RFT\<1&=B.C 1Q:4>/<9/1+(/3@ M1\0HB.TW$0_&P ;BS VQGVF@NX@#DG&L">".(F_6\+2(PDP./H7^:/G^DA''?'5^*1*QHX M%W/&*PRA:4R==7/0,A[J,2Z@K/ '\$P=P+#,#.! M8<&@@STQMP7IG%=MUD_:0+;=6NZYGZN#+*QJ%OO/P'=F?5Q[%(YE__]02P$" M% ,4 " #I/JI2*_;K(C8# !5"@ $ @ $ 8G9H M+3(P,C$P-3$P+GAS9%!+ 0(4 Q0 ( .D^JE*QS"L1Y@4 (0Y 4 M " 60# !B=F@M,C R,3 U,3!?;&%B+GAM;%!+ 0(4 Q0 ( M .D^JE+]# P2A@0 -(K 4 " 7P) !B=F@M,C R,3 U M,3!?<')E+GAM;%!+ 0(4 Q0 ( .D^JE+NJ4SK6A, *K\ 3 M " 30. !B=F@M,C R,3 U,3!X.&LN:'1M4$L! A0#% @ Z3ZJ M4N9D"*D'=0 RB<) !< ( !OR$ &)V:"TR,#(Q,#4Q,'AE ?>#DY7S$N:'1M4$L%!@ % 4 2 $ /N6 $! end