8-K

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 9, 2022

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 Conference Way North, Suite 100, Boca Raton, Florida	33431
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 561-912-8000

Not applicable

(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 7.01 Regulation FD Disclosure

Attached as Exhibit 99.1 to this report are presentation materials which have been prepared by Bluegreen Vacations Holding Corporation (the “Company”) for use by the Company following the filing of this report. The Company does not undertake to update the attached presentation materials.

The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 7.01 of Form 8-K 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 should not be deemed admission as to the materiality of any information herein (including Exhibit 99.1).

Item 9.01.    Financial Statements and Exhibits.

d) Exhibit.

99.1 - Investor Presentation dated May 9, 2022

104- Cover page interactive Data File (embedded within the Inline XBRL document)

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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 9, 2022	Bluegreen Vacations Holding Corporation
	By:	/s/ Raymond S. Lopez
		Raymond S. Lopez
		Executive Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer

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EX-99.1

Exhibit 99.1

BLUEGREEN VACATIONSINVESTOR PRESENTATIONFIRST QUARTER 2022MAY 2022

Forward-looking StatementsCertain statements in this presentation 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 of1934, 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 beidentified by the use of words such as “believe”, “may”, “could”, “should”, “plans”, “anticipates”, “intends”, “estimates”, “expects”, and other words and phrases of similar import. Forward-lookingstatements 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 forwardlookingstatements. These risks and uncertainties include, without limitation, the risk that the Company is a holding company and, accordingly, will be largely dependent on dividends from Bluegreen tofund its expenses and obligations in future periods, and Bluegreen’s ability to pay dividends will depend on its results and may be limited by the terms of Bluegreen’s indebtedness; risks regarding theamount of shares, if any, which may be repurchased by the Company in the future, the value of any shares repurchased by the Company, the timing of any share repurchases, and the availability of fundsfor the repurchase of shares; risk that quarterly dividend payments may not be declared at the current level in the future, on a regular basis as anticipated, or at all; risks relating to Bluegreen’s business,operations and financial results; risks related to the COVID-19 pandemic and the recovery from the COVID-19 pandemic, including that the pandemic may continue to be prolonged and any recoveryfrom the pandemic may not favorably impact Bluegreen’s results to the extent anticipated or at all; competitive conditions; labor market conditions, including shortages of labor, and its impact onBluegreen’s operations and sales; risks relating to our liquidity and the availability of capital; the risk that our allowance for loan losses may not be adequate and, accordingly, may need to be furtherincreased in the future, including if Bluegreen’s default rates increase and exceed expectations, changes in general economic conditions, including increasing interest rates, inflationary trends and supplychain issues; and risks related to if Bluegreen’s efforts to address the actions of timeshare exit firms and the increase in default rates associated therewith are not successful, or otherwise; risks related toour indebtedness, including the potential for accelerated maturities and debt covenant violations; the impact of the COVID-19 pandemic and general economic conditions on Bluegreen’s consumers,including their income, their level of discretionary spending; the risk that our core strategy of primarily offering a ‘drive-to’ network of resorts will not continue to serve as a growth driver; the risk thatresort operations and club management segment may not continue to produce recurring EBITDA and free cash flow; 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 and sales efficiencies, that sales frommarketing alliances and other arrangements or otherwise may not continue as expected, that any future expansion into additional Bass Pro or Cabela’s stores may not meet Bluegreen’s expectations orgoals, and there is no assurance that Bluegreen will continue to have marketing operations at all of the Bass Pro and Cabela’s stores where it currently conducts marketing operations; the risk thatvacation package sales, including those in the pipeline, may not convert to tours and/or VOI sales at anticipated or historical rates; the risk that efforts to reactivate older vacation packages which havenot been used may not be successful; the risk that resort occupancies may not continue at historical levels or meet expectations; our and Bluegreen’s ability to successfully implement strategic plans andinitiatives, generate earnings and long-term growth, including that the Bluegreen Renewal initiative may not result in increased sales, revenues or efficiencies, or otherwise be successful; risks thatconstruction defects, structural failures or natural disasters at or in proximity to Bluegreen’s resorts, including the condominium collapse which occurred in close proximity to Bluegreen’s resort inSurfside, Florida and which has resulted in the temporary closure of such resort, may cause liabilities that are not adequately covered by insurance and closures of operations that may have a significantadverse impact on our results of operations and cash flow; risks related to expansion of the resort network in existing and to new locations, including that such expansion may not be successful, mayincrease the Company’s debt and decrease the Company’s free cash flow; risks related to the mix of sales to new customers and existing owners, including that the level of sales to new customers maynot be increased or maintained, or support net owner growth in the future; our expectations with respect to fee-based sales as a percentage of system-wide sales, cost of VOIs sold, selling and marketingexpense and general and administrative expenses directly attributable to sales and marketing operations for 2022 may not prove to be accurate, and costs may be greater than expected; and theadditional 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, 2021(including the “Risk Factors” section thereof), which was filed on March 4, 2022, and the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2022, which is expected to befiled on May 5, 2022. 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 futureresults.Bluegreen vacations 2

BLUEGREEN VACATIONSBluegreen Vacations Holding Corporation (NYSE: BVH; OTCQX: BVHBB) (the “Company") is a leading vacationownership company that markets and sells vacation ownership interests and manages resorts in popular leisureand urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership planwith 68 Club and Club Associate Resorts and access to nearly 11,300 other hotels and resorts through partnershipsand exchange networks. The Company also offers, through its subsidiaries, a portfolio of comprehensive, fee-basedresort management, financial, and sales and marketing services to, or on behalf of, third parties.3

First Quarter 2022 Commentary and HighlightsAfter producing encouraging results and achieving upward momentum throughout 2021, we were excited to begin 2022 building on the success of ourCompany-wide efforts to revitalize sales, grow revenue, and improve efficiency. Key highlights for the first quarter of 2022 versus the comparable quarterof 2021 include:• Net income attributable to shareholders increased 438% to $16.0 million from $3.0 million in the prior year quarter.• Diluted Earnings Per Share (“EPS”) increased 407% to $0.76 from $0.15 in the prior year quarter.• Total revenue increased 33% to $195.1 million from $146.4 million in the prior year quarter.• System-wide sales of VOIs increased 42% to $151.5 million from $107.0 million in the prior year quarter.• Vacation packages sold were 41,990 compared to 49,374 in the prior year quarter.• Vacation packages outstanding of 200,627 compared to 132,142 outstanding as of March 31, 2021.• Resort operations and club management segment adjusted EBITDA increased 13% to $20.6 million from $18.2 million in the prior year quarter.• Adjusted EBITDA attributable to shareholders increased 145% to $31.1 million from $12.7 million in the prior year quarter.• Free cash flow increased 211% to $24.6 million from $7.9 million in the prior year quarter.• During the first quarter of 2022 we experienced an overall occupancy rate of approximately 77% at resorts with sales centers, an increase from the 70%occupancy experienced during the first quarter of 2021. Overall, the demand for vacations by Bluegreen Vacation Club owners has been strong and webelieve our core strategy of primarily offering a ‘drive-to’ network of resorts will continue to serve as a growth driver.• During the first quarter of 2022 we expanded and extended our syndicated corporate credit line from a $225.0 million facility to a $300.0 million facility,with an improved interest rate structure.• Subsequent to quarter end, we completed a private offering and sale of approximately $172.0 million of VOI receivable-backed Notes in April 2022.Bluegreen vacations’4

First Quarter Highlights1 Net income attributable to shareholders of $16.0 million.2 Diluted EPS of $0.76.3 Adjusted EBITDA attributable to shareholders(1) of $31.1 million.4 System-wide sales of VOIs of $151.5 million.5 Resort Operations and Club Management Segment Adjusted EBITDA of $20.6 million.6 Marketing operations at 128 Bass Pro and Cabela’s locations.7 Sales volume per guest (“VPG”) of $3,110.8 Sold 41,990 vacation packages.9 Total revenue of $195.1million in the first quarter of 2022.See Appendix for reconciliation.Bluegreenvacations’5

First Quarter (1) Performance($ In millions except vacation packages data)System-Wide Sales of VOIs$160$140$120$100$80$60$107.0$151.5$40$20$01Q 020211Q 02022Total Revenue$200$175$150$146.4$195.1$125$100$75$50$25$01Q 020211Q 02022Adjusted EBITDA(2)$35$30$25$20$15$12.7$31.1$10$5$01Q 020211Q 02022Vacation Packages Sold550005000045000400003500030000250002000015000$49,374$41,99010000500001Q 020211Q 02022(1) For the three months ended 3/31/2021 and 3/31/2022.(2) See Appendix for reconciliation to net income attributable to shareholders of $3.0 million and $16.0 million for the three months ended 3/31/2021 and 3/31/2022, respectively.Bluegreenvacations’ 6

Sales & Marketing Driven Business3/31/2021(1) $107.0 MillionSystem-Wide VOI Sales49,000+Vacation PackagesSold~35,000Guest Tours(New Customer &Existing Owners)~214,000Vacation Club OwnersVacation Packages & LeadsToursSales In-House ToursOwners3/31/2022(2)41,000+VacationPackages Sold~49,000Guest Tours(New Customer &Existing Owners)~218,000Vacation Club OwnersMarketing Mix by %of SalesSamplers3%ExistingOwners57%BassPro/Cabela's15%Choice5%Other NewCustomers20%New Customer SalesExisting Owner Sales(1) For the three months ended 3/31/21.(2) For the three months ended 3/31/22Bluegreenvacations’7

Liquidity Posi t ion($ in millions)Liquidity PositionUnrestrictedCash$140.2$179.3$0$20$40$60$80$100$120$140$160$180$20012/31/2021 3/31/2022Free Cash Flow(1) (3)$7.9$24.6$0$10$20$30YTD 2021 YTD 2022Availability (2)Under Credit Lines$266.1$310.2$240$260$280$300$32012/31/2021 3/31/2022Liquidity ProfileAs of March 31, 2022, the Company hadtotal availability(2) of $310.2 millionunder its $490.0million of credit andreceivable purchase facilities.(1) For the three months ended 3/31/21 & 3/31/22, respectively.(2) Subject to eligible collateral and the terms and conditions of each facility.(3) See the Appendix for a reconciliation of cash flow from operating activities to free cash flow, which is defined as cash fromoperating activities less capital expenditures.Bluegreenvactions’8

Strategic RelationshipsBluegreen has multiple channels intended to generate sales within our core demographicBass Pro Shops Cabela’sOne-way, exclusive in-storeBass Pro marketingrelationship• Operation of 128 kiosks inBass Pro and Cabela’s storesas of March 31, 2022CHOICE HOTELSMarketing to Choicecustomers, includingover 50 million ChoicePrivileges membersthrough a call transferprogram and outboundtelemarketing methodsbluegreenvacations’9

Extensive Network for Reaching Target CustomersSales of Bluegreen Vacation Packages at 128 LocationsBluegreen Club Resorts (42)Bluegreen Club Resorts – Big Cedar JV (3)Bluegreen Club Associate Resorts (23)Bass Pro Shops’ Locations (69)Cabela’s Locations (59)Note Through 03/31/2022 unless otherwise indicatedPercent of Owner Population by Sate6-10%4-5%2-3%<2%Bluegreenvacations’ 10

A Leading Operator of “Drive-To” Vacation Ownership ResortsApproximately88% of ownerslive withina4-hour driveto a BluegreenresortGeographicallydiverse ownerbaseOpportunitiesfor growth inthe western USBluegreen Club Results (42)Bluegreen Club Resorts – Big Cedar JV (3)Bluegreen Club Associate Results (23)Percent of Owner Population by State6-10%4-5%2-3%<2%(1) Resort and Owner data as of 12/31/21.(2) Club Resorts include resorts in which owners have the right to use a significant amount of the units in connection with their ownership.(3) Club Associate Resorts include resorts in which owners have the right to use a limited number of units in connection with their ownership.Bluegreenvacations’ 11

Securitizations and Other Credit Facilities($ in millions)Recent Securitization History2022-A 2020-A 2018-A 2017-A 2016-A 2015-AInitial Note Amount $172.00 $131.00 $117.70 $120.20 $130.50 $117.80Advance Rate 88.30% 88.00% 87.20% 88.00% 90.00% 94.25%Weighted Avg. Interest Rate 4.60% 2.60% 4.02% 3.12% 3.35% 3.02%Stated Maturity 2037 2036 2034 2032 2031 2030Weighted Avg. FICO Score 730 726 718 713 707 708Securitization HistoryTerm Securitization Initial Note Amount Outstanding (1)2020-A $131 $852018-A 118 502017-A 120 342016-A 131 222015-A 118 132013-A 111 52012-A 100 02010-A 108 0BXG Legacy 2010 27 02008-A 60 02007-A 177 02006-B 139 02006-A (GE) 125 02005-A 204 02004-B 157 02004-A (GE) 39 02002-A 170 0~$310 Million of Available Credit Facility Liquidity (1)Corporate Credit Line$40$160$200Key Bank/DZ Purchase Facility (3)$55$25$80Liberty Bank Facility (3)$20$20$40Quorum Purchase Facility (3)$18$32$50NBA Facility (3)$25$45$70Pacifi Western Bank Facility (3)$21$29$50OutstandingAvailable (2)(1) As of 3/31/22.(2) Subject to eligible collateral, if applicable, and terms and conditions of each facility.(3) Facilities for the financing of the Company’s VOI notes receivable.Bluegreenvacations’12

VOI Sales Finance Business• Seller-financing provided for up to 90% ofpurchaseprice (down payment may includeequity)• Facilitates VOI sales and earns net interestspread• Weighted average interest rate: 15.3%(1)• In-house servicing teamNet Interest SpreadFor the three months ended 3/31/2022($ in millions)22-3019Interest Income on VOI Notes Receivable Portfolio-Interest Expense on Receivable Backed Debt+Net Mortgage Servicing=Financing RevenueFICO Profiles as of 3/31/2022(2)601-699 39%<600(2) 3%700+ 58%Average FICO score of 730(3)Average Annual Default Rate9.64%As of3/31/2022 8.19% As of3/31/2021 (1) As of 3/31/2022. Rate depends on FICO score, down payment, existing ownership and ACH participation. (2) Includes obligors with no FICO score (primarily foreign buyers). (3) Weighted-average FICO score for 2022 originations as of 3/31/22 after a 30-day, “same as cash” period from the point of sale. Bluegreenvacations 13

Differentiated Owner Base Avg. Customer Household Income(1) ($ in thousands) $130 $150 $90 $83 $68 Owner Age at Purchase(2) Baby Boomer 30% Silent Gen 5% Unknown 8% Millennial 26% Gen X 31% Generation US Adult Population Millennial 22% GenX 20% Baby Boomer 21% SilentGen 7% (1) Above: VAC, HGV and TNL data from 2021, 2019 and 2018 investor presentations, respectively, issued by each. Bluegreen internal data from 2021. US Median income from US Census Bureau (2020). (2) Represents owner age at time of purchase for sales to new owners 1/1/19-12/31/21. US Adult Population from US Census Bureau (2020). Bluegreenvacations’ 14

Sector Comparison Share price data YTD change % of 52-wkhigh Div. yield Market cap Enterprise value EV / 2022E EBITDA (pre-SBC) EV / 2023E EBITDA (pre-SBC) Net debt / 2022E EBITDA (pre-SBC) VAC(4) Marriott Vacations Worldwide $149.33 (11.6%) 81.4% 1.4% $6,503 $8,943 9.8x 8.7x 2.7x TNL(1)(4) Travel + Leisure Co. 55.48 0.4% 82.4% 2.9% 4,906 8,230 9.4x 8.3x 3.8x HGV(2)(4) Hilton Grand Vacations, Inc. 46.83 (10.1%) 83.1% - 5,717 8,259 8.9x 7.6x 2.7x BVH(3)(4)(5) Bluegreen Vacations Holding Corp. 26.30 (25.1%) 72.9% - 572 783 5.5x 5.1x 1.5x Mean $69.49 (11.6%) 80.0% 1.1% $4,425 $6,554 8.4x 7.4x 2.7x Median $51.16 (10.9%) 81.9% 0.7% $5,312 $8,245 9.1x 7.9x 2.7x Source: VAC, TNL HGV and BVH financials as of Q4 2021; FactSet and SNL as of 4/29/2022. Note: HGV reported suspension of quarterly dividend. (1) Formerly Wyndham Destinations, Inc. (NYSE: WYND), Travel + Leisure Co. is now listed at NYSE under the ticker symbol “TNL”, following the acquisition of the Travel + Leisure brand in January 2021. (2) HGV merger with Diamond was completed on August 2, 2021. HGV financials include 59 days of Diamond results. HGV consensus reflects post-Diamond merger EBITDA. (3) On May 5, 2021, Bluegreen Vacations Holding Corporation (“BVH”) and Bluegreen Vacations Corporation (“BXG”) completed a short-form merger. (4) Third party data has been derived from the appropriate company’s public filings. We do not conform or take any responsibility for the accuracy of such information. (5) On April 18, 2022 BVH announced a quarterly dividend of $0.15 on its Class A and Class B Common Stock. Pre-SBC refers to pre-Stock Based Compensation expense. Bluegreenvacations’ 15

For additional information, please contact: Leo Hinkley, Investor Relations Officer, Managing Director Telephone: 954-940-5336 Email: Leo.Hinkley@BVHCorp.com Thank you! APPENDIX For more information, see the Earnings Release dated May 5, 2022, and the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. Further, the Company refers to certain non-GAAP financial measures, including system-wide sales of VOIs, Adjusted EBITDA attributable to shareholders, and free cash flow, which are defined in the Company’s Earnings Release and Annual Report on Form 10-K for the year ended December 31, 2021. Please see the supplemental tables attached herein for additional information and reconciliation of such non-GAAP financial measures. 16

Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share data) For the Three Months Ended March 31, 2022 2021 Revenue: Gross sales of VOIs $ 115,607 $ 68,250 Provision for loan losses (16,579) (12,319) Sales of VOIs 99,028 55,931 Fee-based sales commission revenue 24,084 25,718 Other fee-based services revenue 31,207 28,897 Cost reimbursements 18,064 16,608 Interest income 22,198 19,261 Other income, net 548 — Total revenues 195,129 146,415 Costs and Expenses: Cost of VOIs sold 11,841 5,169 Cost of other fee-based services 12,765 17,085 Cost reimbursements 18,064 16,608 Interest expense 7,759 9,735 Selling, general and administrative expenses 119,302 90,964 Other expense, net — 161 Total costs and expenses 169,731 139,722 Income before income taxes 25,398 6,693 Provision for income taxes (6,190) (1,189) Net income 19,208 5,504 Less: Income attributable to noncontrolling interests 3,220 2,530 Net income attributable to shareholders $ 15,988 $ 2,974 Comprehensive income attributable to shareholders $ 15,988 $ 2,974 Basic earnings per share (1) $ 0.77 $ 0.15 Diluted earnings per share (1) $ 0.76 $ 0.15 Basic weighted average number of common shares outstanding 20,778 19,318 Diluted weighted average number of common and common equivalent shares outstanding 20,971 19,318 Cash dividends declared per Class A and B common shares $ — $ — (1) Basic and Diluted EPS are calculated the same for both Class A and B common shares. Bluegreenvacations’ 17

Consolidated Statements of Cash Flows (Unaudited) (In thousands) For the Three Months Ended March 31, 2022 2021 Operating activities: Net income $ 19,208 $ 5,504 Adjustment to reconcile net income to net cash provided by operating activities: Provision for loan losses 16,579 12,319 Depreciation and amortization 4,810 5,189 Share-based compensation expense 745 — Net losses on sales of real estate and property and equipment 5 11 Increase (Decrease) in deferred income tax liability 5,273 (4,440) Changes in operating assets and liabilities: Notes receivable (23,874) (4,534) VOI inventory 7,898 2,032 Prepaids expense and other assets (6,976) (15,192) Accounts payable, accrued liabilities and other, and deferred income 5,824 11,080 Net cash provided by operating activities $ 29,492 $ 11,969 Investing activities: Purchases of property and equipment (4,895) (4,049) Net cash used in investing activities $ (4,895) $ (4,049) Financing activities: Repayments of notes payable and other borrowings $ (33,970) $ (63,484) Proceeds from notes payable and other borrowings 58,397 42,350 Redemption of junior subordinated debentures — (4,004) Payments for debt issuance costs (1,697) — Purchase and retirement of common stock (4,702) — Net cash provided by (used in) financing activities $ 18,028 $ (25,138) Net increase (decrease) in cash and cash equivalents and restricted cash 42,625 (17,218) Cash, cash equivalents and restricted cash at beginning of period 183,079 257,104 Cash, cash equivalents and restricted cash at end of period $ 225,704 $ 239,886 Supplemental cash flow information: Interest paid on borrowings, net of amounts capitalized $ 5,951 $ 1,818 Income taxes paid 704 228 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents 179,274 199,150 Restricted cash 46,430 40,736 Total cash, cash equivalents and restricted cash $ 225,704 $ 239,886 Bluegreenvacations’ 18

Consolidated Balance Sheets (Unaudited) (In thousands, except share data) March 31, December 31, 2022 2021 ASSETS Cash and cash equivalents $ 179,274 $ 140,225 Restricted cash ($16,238 and $15,956 in VIEs at March 31, 2022 and December 31, 2021, respectively) 46,430 42,854 Notes receivable 621,020 609,429 Less: Allowance for loan losses (167,403) (163,107) Notes receivable, net ($241,460 and $248,873 in VIEs at March 31, 2022 and December 31, 2021, respectively) 453,617 446,322 Vacation ownership interest ("VOI") inventory 326,707 334,605 Property and equipment, net 88,841 87,852 Intangible assets, net 61,327 61,348 Operating lease assets 31,927 33,467 Prepaid expenses 33,546 25,855 Other assets 37,459 37,984 Total assets $ 1,259,128 $ 1,210,512 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Accounts payable $ 15,560 $ 14,614 Deferred income 12,772 13,690 Accrued liabilities and other 105,894 100,131 Receivable-backed notes payable - recourse 22,500 22,500 Receivable-backed notes payable - non-recourse (in VIEs) 323,043 340,154 Note payable to BBX Capital, Inc. 50,000 50,000 Note payable and other borrowing 137,787 97,125 Junior subordinated debentures 135,197 134,940 Operating lease liabilities 36,363 37,870 Deferred income taxes 100,961 95,688 Total liabilities 940,077 906,712 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 16,967,261 in 2022 and 17,118,392 in 2021 169 171 Class B Common Stock of $0.01 par value; authorized 4,000,000 shares; issued and outstanding 3,664,311 in 2022 and 3,664,412 in 2021 37 37 Additional paid-in capital 169,954 173,909 Accumulated earnings 85,304 69,316 Total Bluegreen Vacations Holding Corporation shareholders' equity 255,464 243,433 Non-controlling interest 63,587 60,367 Total shareholders' equity 319,051 303,800 Total liabilities and shareholders' equity $ 1,259,128 $ 1,210,512 Bluegreenvacations’ 19

Free Cash Flow Reconciliation(1) For the Three Months Ended March 31, (in thousands) 2022 2021 Net cash provided by operating activities $ 29,492 $ 11,969 Purchases of property and equipment (4,895) (4,049) Free Cash Flow $ 24,597 $ 7,920 (1) Free cash flow is a non-GAAP measure defined as cash provided by operating activities less capital expenditures for property and equipment. The Company focuses on the generation of free cash flow and considers free cash flow to be a useful supplemental measure of its 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. The Company’s computation of free cash flow may differ from the methodology used by other companies. Investors are cautioned that items excluded from free cash flow are a significant component in understanding and assessing the Company’s financial performance. Bluegreenvacations’ 20

Adjusted EBITDA Attributable to Shareholders Reconciliation For the Three Months Ended March 31, 2022 2021 (in thousands) Net income attributable to shareholders $ 15,988 $ 2,974 Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations 3,220 2,530 Net Income 19,208 5,504 Add: Depreciation and amortization 3,922 3,851 Less: Interest income (other than interest earned on VOI notes receivable) (62) (133) Add: Interest expense - corporate and other 4,364 5,572 Add: Provision for income taxes 6,190 1,189 EBITDA 33,622 15,983 Add: Share-based compensation expense 746 — Add: gain on assets held for sale (44) (24) Adjusted EBITDA 34,324 15,959 Adjusted EBITDA attributable to the non-controlling interest (3,269) (3,239) Adjusted EBITDA attributable to shareholders $ 31,055 $ 12,720 Bluegreenvacations’ 21

XML

Document And Entity Information	May 09, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	May 09, 2022
Entity File Number	001-09071
Entity Registrant Name	BLUEGREEN VACATIONS HOLDING CORPORATION
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-2022148
Entity Address, Address Line One	4960 Conference 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	33431
City Area Code	561
Local Phone Number	912-8000
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