0000315858-23-000040.txt : 20230802 0000315858-23-000040.hdr.sgml : 20230802 20230802063248 ACCESSION NUMBER: 0000315858-23-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230802 DATE AS OF CHANGE: 20230802 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: 231133626 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-20230802x8k.htm 8-K bvh-20230802x8k
false000031585800003158582023-08-022023-08-02

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): August 2, 2023

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 2.02.    Results of Operations and Financial Condition

On August 2, 2023, Bluegreen Vacations Holding Corporation (the “Company”) issued a press release that included its financial results for the three and six months ended June 30, 2023, 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 August 2, 2023


‎

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: August 2, 2023

Bluegreen Vacations Holding Corporation

By:

/s/ Raymond S. Lopez

Raymond S. Lopez

Executive Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer

2

 EX-99.1 2 bvh-20230802xex99_1.htm EX-99.1 Exhibit 991 Q2 2023 BVH

Picture 1



BLUEGREEN VACATIONS

REPORTS FINANCIAL RESULTS FOR SECOND QUARTER 2023



BOCA RATON, Florida – August 2, 2023 – Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) (the “Company" or “Bluegreen”) reported today its financial results for the quarter ended June 30, 2023.  



Key Highlights as of and for the Quarter Ended June 30, 2023:

·

Net income attributable to shareholders increased 23%  to $21.9 million from $17.8 million in the prior year quarter. 

·

Diluted Earnings Per Share (“EPS”) increased 54%  to $1.34 from $0.87 in the prior year quarter.  

·

Total revenue increased 11% to $260.6 million from  $235.6 million in the prior year quarter.

·

System-wide sales of vacation ownership interests (“VOIs”) increased 1% to  $200.7 million from $198.5 million in the prior year quarter.(1)   

·

Number of guest tours increased 1% to 66,916 from 66,376 in the prior year quarter.

·

Vacation packages sold increased 17% to 47,114 compared to 40,395 in the prior year quarter.

·

Vacation packages outstanding of 166,686 as of June 30, 2023, compared to 165,240 as of December 31, 2022 and 184,782 outstanding as of June 30, 2022.

·

Adjusted EBITDA attributable to shareholders increased 17% to  $40.7 million from $34.7 million in the prior year quarter. (2)

·

In April 2023, Bluegreen/Big Cedar Vacations LLC, a joint venture between the Company and Bass Pro Shops, acquired Branson Cedars Resort, an 80-acre property adjacent to the joint venture’s Wilderness Club at Big Cedar Resort.

·

In May 2023, Bluegreen acquired an existing property in Nashville, Tennessee, to be converted into a 15-story timeshare resort.

·

In June 2023, Bluegreen completed a private offering and sale of approximately $214.6 million of VOI receivable-backed notes.

Key Highlights as of and for the Six Months Ended June 30, 2023:

·

Net income attributable to shareholders decreased 1% to $33.4 million from $33.8 million in the prior year period.  

·

Diluted Earnings Per Share (“EPS”) increased 26% to $2.05 from $1.63 in the prior year period.  

·

Total revenue increased 11% to $479.7 million from $430.6 million in the prior year period.

·

System-wide sales of vacation ownership interests (“VOIs”) increased 5% to $367.7 million from $350.1 million in the prior year period.(1)   

·

Number of guest tours increased 3% to 118,671 from 115,237 in the prior year period.

·

Vacation packages sold increased 7% to 87,894 compared to 82,385 in the prior year period.

·

Adjusted EBITDA attributable to shareholders increased 8% to $70.8 million from $65.7 million in the prior year period.(2)

·

Free cash flow was an outflow of $58.5 million in the six months ended June 30, 2023, compared to an inflow of $61.1 million for the six months ended June 30, 2022, primarily as a result of the acquisition and development of real estate, an increase in VOI notes receivable originations and timing of changes in working capital.(3)



(1)

See appendix for reconciliation of system-wides sales of VOIs to gross sales of VOIs for each respective period.

(2)

See appendix for reconciliation of Adjusted EBITDA attributable to shareholders to net income attributable to shareholders for each respective period.

(3)

See appendix for reconciliation of free cash flow to net cash provided by operating activities.

Alan B. Levan, Chairman and Chief Executive Officer of Bluegreen Vacations Holding Corporation, commented, “We continue to be excited by our overall performance, which drove a 17% increase in Adjusted EBITDA in the second quarter of 2023. We believe that the results in the second quarter reflect our dual focus on achieving growth while at the same time improving our profit margin. Not only did we achieve a second quarter record $200.7 million of system-wide sales, but we achieved this while also reducing our selling and marketing costs to 53% of system-wide sales in the second quarter of 2023 compared to 57% in the second quarter of 2022.  Our focus on improving the efficiency of our vacation package marketing programs drove marketing costs down, while also producing a 17% increase in vacation package sales in the second quarter of 2023 compared to the second quarter of 2022.  In addition, we realized lower sales commission expense as a percentage of system-wide sales during the 2023 quarter compared to the 2022 quarter.” 



1

 

 

“Our system-wide sales were 1% higher in the second quarter of 2023 as compared to the second quarter of 2022. This increase reflected the impact of a 1% increase in guest tours over the prior year quarter, at a consistent sales volume per guest of approximately $3,013. Had it not been for the out of service units in certain Florida properties because of hurricanes in 2022, we believe we would have achieved greater efficiencies and sales of VOIs and we expect to continue to increase efficiency as more of these units are returned to our system in the coming months.  We continue to improve our average sales price per transaction, which increased 4% to $21,456 during the 2023 quarter compared to the 2022 quarter.”



“Our sales of VOIs are driven by the success of our marketing programs, and Bluegreen’s marketing to new customers generally begins with the sale of a vacation package to a prospect. During the second quarter of 2023, we sold 47,114 vacation packages, a 17% increase from the 40,395 we sold in the second quarter of 2022.  This increase was despite closing or going ‘virtual’ at 52 marketing locations on January 1, 2023.  During the second quarter, we reopened four of these locations and are pleased with the early results.”



“We continue to see high demand for leisure travel and specifically for the Bluegreen Vacation Club, and we are pursuing a strategy to expand the offerings of vacation experiences for our owners in some of the most desirable locations in the country.  In April 2023, Bluegreen/Big Cedar Vacations LLC, our joint venture with Bass Pro Shops, acquired the Branson Cedars Resort in Branson, Missouri, an 80-acre property with existing “tiny home” cottages, cabins, treehouses, and resort amenities, and with future development planned. In May 2023, we acquired a 15-story hotel in the historic Printers Alley district of Nashville, Tennessee. These acquisitions are the latest new properties added by Bluegreen in the last year, in addition to adding Presidential Suites and other units at certain of our existing resorts.    While we expect that these expansion initiatives will in the future produce higher revenues and earnings, in the short-term the increased inventory carrying costs and start-up costs put pressure on our operating margin, as well as involve increased or higher acquisition and development expenditures which adversely impacted our free cash flow during 2023 to date.”



“Our strategy of increasing our note receivable portfolio from financed sales of VOIs is also contributing to Adjusted EBITDA.  Net interest spread, which is the excess of interest income from VOI notes receivable over the interest expense from pledging and selling those VOI notes receivable in the capital markets, increased 11% to $21.5 million in the second quarter of 2023 from $19.3 million in the second quarter of 2022.”



“We were also pleased that our Adjusted EBITDA at Resort Management and Club Operations increased by 11% in the second quarter of 2023, to a record $23.1 million from $20.9 million in the second quarter of 2022.  We believe that the results of this segment are important to our continued goal of generating recurring free cash flow and earnings.”



“We believe that, from a balance sheet perspective, we are well positioned to navigate uncertain economic conditions by virtue of our approximately $178.7 million of unrestricted cash on hand and $500.4 million of conditional availability under our lines of credit and receivable purchase facilities as of June 30, 2023. We also believe we have a level of protection from rising interest rates as 54% of our outstanding debt at June 30, 2023 bear interest rates that are currently fixed.  We were pleased to complete a private offering and sale of $214.6 million of VOI receivable-backed notes in June 2023, which we believe evidences our continued ability to raise capital in the securitization markets.  Our plan is to maintain what we believe to be a healthy balance sheet, while continuing our focus on growth and profitability over the long term.” Mr. Levan concluded.



# # #



Financial Results

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

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended June 30,

 

 

 

 

Six Months Ended June 30,

 

 

 



2023

 

2022

 

Q2 2023 vs Q2 2022 % Change

 

2023

 

2022

 

YTD 2023 vs YTD 2022 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

 260.6 

 

$

 235.6 

 

 11 

%

 

$

 479.7 

 

$

 430.6 

 

 11 

%

Income before non-controlling interest and provision for income taxes

$

 34.5 

 

$

 28.0 

 

 23 

%

 

$

 54.4 

 

$

 53.4 

 

 2 

%

Adjusted EBITDA Attributable to shareholders (1)

$

 40.7 

 

$

 34.7 

 

 17 

%

 

$

 70.8 

 

$

 65.7 

 

 8 

%



(1)

See Appendix for reconciliation of Bluegreen’s Adjusted EBITDA Attributable to shareholders to Net Income Attributable to shareholders.







Adjusted EBITDA Attributable to Shareholders was $40.7 million for the quarter ended June 30, 2023, including $41.4 million generated by the Sales of VOIs and Financing Segment and $23.1 million produced by the Resort Operations and Club Management segment, partially offset by $19.2 million of corporate overhead and other expenses and $4.6 million of Adjusted EBITDA attributable

2

 

 

to a third-party non-controlling interest in Bluegreen/Big Cedar Vacations LLC.  Please see the discussion of Segment Results below for further information.



Adjusted EBITDA Attributable to Shareholders was $70.8 million for the six months ended June 30, 2023, including $76.1 million generated by the Sales of VOIs and Financing Segment and $45.7 million produced by the Resort Operations and Club Management segment, partially offset by $42.4 million of corporate overhead and other expenses and $8.6 million of Adjusted EBITDA attributable to a third-party non-controlling interest in Bluegreen/Big Cedar Vacations LLC.  Please see the discussion of Segment Results below for further information.



Sales of VOIs and Financing Segment

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







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended June 30,

 

 

 

 

Six Months Ended June 30,

 

 

 



2023

 

2022

 

Q2 2023 vs Q2 2022 % Change

 

2023

 

2022

 

YTD 2023 vs YTD 2022 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

System-wide sales of VOIs

$

 200.7 

 

$

 198.5 

 

 1 

%

 

$

 367.7 

 

$

 350.1 

 

 5 

%

Segment adjusted EBITDA

$

 41.4 

 

$

 37.4 

 

 11 

%

 

$

 76.1 

 

$

 73.1 

 

 4 

%

Provision for loan losses

 

 16.3% 

 

 

 15.5% 

 

 80 

bp

 

 

 16.6% 

 

 

 15.1% 

 

 150 

bp

Cost of VOIs sold

 

 11.6% 

 

 

 12.6% 

 

 (100)

bp

 

 

 11.9% 

 

 

 12.4% 

 

 (50)

bp

Financing revenue, net of financing expense

$

 21.5 

 

$

 19.3 

 

 11 

%

 

$

 42.6 

 

$

 38.0 

 

 12 

%







Key Data Regarding Bluegreen’s System-wide sales of VOIs 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended June 30,

 

 

 

 

Six Months Ended June 30,

 

 

 



2023

 

2022

 

Q2 2023 vs Q2 2022 % Change

 

2023

 

2022

 

YTD 2023 vs YTD 2022 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

System-wide sales of VOIs

$

 200.7 

 

$

 198.5 

 

 1 

%

 

$

 367.7 

 

$

 350.1 

 

 5 

%

Number of total guest tours

 

 66,916 

 

 

 66,376 

 

 1 

%

 

 

 118,671 

 

 

 115,237 

 

 3 

%

Average sales price per transaction

$

 21,456 

 

$

 20,552 

 

 4 

%

 

$

 21,661 

 

$

 20,410 

 

 6 

%

Sales to tour conversion ratio

 

 14.0% 

 

 

 14.7% 

 

 (70)

bp

 

 

 14.3% 

 

 

 15.0% 

 

 (70)

bp

Sales volume per guest ("VPG")

$

 3,013 

 

$

 3,016 

 

 —

%

 

$

 3,105 

 

$

 3,056 

 

 2 

%

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

 

 53.1% 

 

 

 56.7% 

 

 (360)

bp

 

 

 54.2% 

 

 

 56.1% 

 

 (190)

bp

Provision for loan losses

 

 16.3% 

 

 

 15.5% 

 

 80 

bp

 

 

 16.6% 

 

 

 15.1% 

 

 150 

bp

Cost of VOIs sold

 

 11.6% 

 

 

 12.6% 

 

 (100)

bp

 

 

 11.9% 

 

 

 12.4% 

 

 (50)

bp







System-wide sales of VOIs increased 1% to $200.7 million during the three months ended June 30, 2023 from $198.5 million for the three months ended June 30, 2022.  The number of guest tours was 1% higher in the 2023 second quarter compared to the 2022 second quarter, while sales volume per guest, or VPG, was relatively consistent between the quarters.  The VPG performance in the second quarter of 2023 was driven by a 4% increase in average sales price per transaction, partially offset by a 70 basis-point decrease in the sale-to-tour conversion rate as we continued to focus on larger transaction sizes.



System-wide sales of VOIs increased 5% to $367.7 million during the six months ended June 30, 2023 from $350.1 million for the six months ended June 30, 2022.  The number of guest tours was 3% higher, while VPG was relatively flat in the six months ended June 30, 2023, as compared to the six months ended June 30, 2022.  The VPG performance in the six months ended June 30, 2023 was driven by a 6% increase in average sales price per transaction, partially offset by a 70 basis-point decrease in the sale-to-tour conversion rate.





Fee-based Sales Commission Revenue



VOI sales of third-party inventory, for which we earn a commission, represented 10% and 11% of System-wide Sales of VOIs during the three and six months ended June 30, 2023, respectively. Fee-based sales commission revenue on such sales was $13.9 million and $25.6 million during the three and six months ended June 30, 2023, respectively, which represented a commission rate of approximately 66% and 65% during those respective periods.



3

 

 

VOI sales of third-party inventory, for which we earn a commission, are expected to be between 9% and 12% of system-wide sales of VOIs for the remainder of 2023.



Provision for Loan Losses



The provision for loan losses as a percentage of gross sales of VOIs was approximately 16% during both the second quarter of 2023 and the second quarter of 2022. The provision for loan losses as a percentage of gross sales of VOIs was approximately 17% during the six months ended June 30, 2023, and 15% during the six months ended June 30, 2022. The increase in the provision for loan losses as a percentage of gross sales of VOIs during the first half of 2023 as compared to the comparable prior year period is primarily a result of a higher proportion of VOI sales that were financed by us, as we actively seek to grow our VOI notes receivable portfolio to generate additional interest income. 



The provision for loan losses is expected to be between 16%  and 18% of gross sales of VOIs during the remainder of 2023.



Cost of VOIs Sold



Cost of VOIs sold represented 12%  and 13% of sales of VOIs in the second quarters of 2023 and 2022 and 12% of sales of VOIs during both six months ended June 30, 2023 and 2022, respectively.



Cost of VOIs sold is expected to be between 11% and 13% of sales of VOIs for the remainder of 2023.



Net Carrying Cost of Inventory



The net carrying cost of inventory increased 18% to $4.7 million in the second quarter of 2023 from $4.0 million in the second quarter of 2022.  The net carrying cost of inventory increased 20% to $9.7 million for the six months ended June 30, 2023, from $8.1 million for the six months ended June 30, 2022.  The increase in net carrying cost of inventory reflects lower rental and sampler revenue, partially offset by lower maintenance fees and developer subsidies based on the timing of acquisitions of VOI inventory.  Recent and planned acquisitions of VOI inventory are expected to increase developer subsidies in the near future.



Selling and Marketing Expenses 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended June 30,

 

 

 

 

Six Months Ended June 30,

 

 

 



2023

 

2022

 

Q2 2023 vs Q2 2022 % Change

 

2023

 

2022

 

YTD 2023 vs YTD 2022 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 53.1% 

 

 

 56.7% 

 

 (360)

bp

 

 

 54.2% 

 

 

 56.1% 

 

 (190)

bp

Percentage of sales of VOIs to new customers

 

 44.8% 

 

 

 46.4% 

 

 (160)

bp

 

 

 42.1% 

 

 

 44.9% 

 

 (280)

bp

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

 

 130 

 

 

 128 

 

 2 

%

 

 

 130 

 

 

 128 

 

 2 

%

Number of total guest tours

 

 66,916 

 

 

 66,376 

 

 1 

%

 

 

 118,671 

 

 

 115,237 

 

 3 

%

Number of vacation packages sold

 

 47,114 

 

 

 40,395 

 

 17 

%

 

 

 87,894 

 

 

 82,385 

 

 7 

%

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

 

 166,686 

 

 

 184,782 

 

 (10)

%

 

 

 166,686 

 

 

 184,782 

 

 (10)

%



(1)

As of January 1, 2023, 23 of our Cabela’s marketing locations were converted to unmanned, virtual kiosks, 4 of which were reopened during June 2023.

(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 and purchased VOIs.

Selling and marketing expenses decreased 5% to $106.6 million in the second quarter of 2023 compared to $112.6 million in the second quarter of 2022, despite the 1% increase in system-wide sales during the 2023 quarter compared to the 2022 quarter.   As a percentage of system-wide sales, selling and marketing expenses decreased to 53% in the second quarter of 2023 compared to 57% in the second quarter of 2022.  The decrease in selling and marketing expenses as a percentage of system-wide sales was driven by decreases in our marketing costs and sales commissions expense and a higher proportion of sales to existing owners, which are generally more profitable than sales to new customers.  Sales to new owners increased to 55% of system-wide sales in the second quarter of 2023 from 54% in the second quarter of 2022. 



Selling and marketing expenses increased 1% to $199.1 million for the six months ended June 30, 2023, compared to $196.5 million for the six months ended June 30, 2022, primarily driven by the 5% increase in system-wide sales during the 2023 period compared to the 2022 period.   As a percentage of system-wide sales, selling and marketing expenses decreased to 54% for the six months ended June 30, 2023, compared to 56% for the six months ended June 30, 2022.  The decrease in selling and marketing expenses as a percentage of system-wide sales was driven by decreases in our marketing cost and sales commissions expense, both as a percentage of system-wide

4

 

 

sales.  Sales to existing owners, which are generally more profitable than sales to new customers, increased to 58% of system-wide sales for the six months ended June 30, 2023, from 55% for the six months ended June 30, 2022.    

Marketing expense decreased during the 2023 periods as a result of the previously disclosed transition of kiosks at certain Cabela’s stores to an unmanned, virtual format and exited certain kiosks at malls as of January 1, 2023.  The operation of fewer locations lowered overall costs and allowed us to focus on higher producing locations.  As a result, even with fewer locations, we increased the number of vacation packages sold in the second quarter and the first half of 2023 by 17% and 7%, respectively, over the prior periods. The active pipeline of vacation packages decreased to 166,686 at June 30, 2023 from 184,782 at June 30, 2022 based on vacation packages used or expired, net of new vacation package sales. During the second, third and fourth quarters of 2022, we reorganized our retail marketing operations temporarily reducing our package sales and pipeline of vacation packages.  While there is no assurance that this will continue to be the case, historically, approximately 40%-42% of vacation packages resulted in guest tours at one of Bluegreen’s resorts with a sales center within twelve months of purchase. In addition to this active pipeline, Bluegreen also has a pipeline of approximately 16,400 vacation packages held by customers who already toured and purchased a VOI who have indicated they would tour again.



Selling and marketing expenses are expected to be between 53% and 55% as a percentage of system-wide sales during the remainder of 2023.



General & Administrative Expenses from Sales & Marketing Operations



General and administrative expenses representing expenses directly attributable to sales and marketing operations increased 7% to $15.0 million during the second quarter of 2023 from $14.0 million during the second quarter of 2022 and increased 11% to $26.5 million during the six months ended June 30, 2023 from $23.9 million during the six months ended June 30, 2022.   As a percentage of system-wide sales of VOIs, general and administrative expenses attributable to sales and marketing operations were 7%  during each such periods.  



General and administrative expenses representing expenses directly attributable to sales and marketing operations as a percentage of sales are expected to be between 6% and 8% as a percentage of system-wide sales for the remainder of 2023.



Financing Revenue and Financing Expense



Interest income on VOI notes receivable increased 25% to $29.3 million in the second quarter of 2023 compared to $23.4 million in the second quarter of 2022.  Interest income on VOI notes receivable increased 26% to $57.2 million for the six months ended June 30, 2023, compared to $45.5 million for the six months ended June 30, 2022. The increase in interest income on VOI notes receivable reflects a higher balance of VOI notes receivable due to continued VOI sales growth and our efforts to increase the amount of VOI sales that we finance.



Interest expense on receivable-backed notes payable increased 90% to $7.8 million in the second quarter of 2023 compared to $4.1 million in the second quarter of 2022.   Interest expense on receivable-backed notes payable increased 95% to $14.6 million for the six months ended June 30, 2023, compared to $7.5 million for the six months ended June 30, 2022. The increase in interest expense on receivable-backed notes payable reflect higher outstanding receivable-backed notes payable and an increased weighted-average cost of borrowing, associated with increases in interest rates. 



Resort Operations and Club Management Segment

(dollars in millions)





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended June 30,

 

 

 

 

Six Months Ended June 30,

 

 

 



2023

 

2022

 

Q2 2023 vs Q2 2022 % Change

 

2023

 

2022

 

YTD 2023 vs YTD 2022 % Change



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resort operations and club management revenue

$

 59.1 

 

$

 45.5 

 

 30 

%

 

$

 110.7 

 

$

 91.7 

 

 21 

%

Segment Adjusted EBITDA

$

 23.1 

 

$

 20.9 

 

 11 

%

 

$

 45.7 

 

$

 41.5 

 

 10 

%

Resorts managed

 

 52 

 

 

 49 

 

 6 

%

 

 

 52 

 

 

 49 

 

 6 

%



The increases in Resort operations and club management revenue and Adjusted EBITDA in the second quarter 2023 and the six months ended June 30, 2023 compared to the comparable prior year periods, primarily reflect an increase in management fees,  higher reimbursed HOA resort operating costs and three additional resort management contracts, partially offset by higher labor costs of providing such services.  



5

 

 

Corporate Overhead, Administrative Expenses, Interest Expense and Other



Corporate General and Administrative Expenses



Corporate general and administrative expenses increased 15% to $25.7 million during the second quarter of 2023 from $22.3 million during the second quarter of 2022.  Corporate general and administrative expenses increased 10% to $52.4 million during the six months ended June 30, 2023, from $47.6 million during the six months ended June 30, 2022.  The increases in expenses during the 2023 periods as compared to the 2022 periods  were primarily associated with higher legal fees, insurance costs and information technology costs.



Interest Expense



Interest expense not related to receivable-backed debt was $10.0 million and $6.2 million during the second quarters of 2023 and 2022, respectively, and $19.6 million and $10.6 million during the six months ended June 30, 2023 and 2022, respectively.  These increases were primarily due to an increase in outstanding debt and a higher weighted-average cost of borrowing due to increased interest rates in the 2023 periods.



Securitization of Vacation Ownership Receivables



In June 2023, Bluegreen completed a private offering and sale of approximately $214.6 million of VOI receivable-backed notes.  The transaction consisted of the issuance of three tranches of notes (collectively, the “Notes”) with a weighted average coupon rate of approximately 6.32% and a maturity date in November 2038. The gross advance rate for the transaction was 85.5%. A portion of the proceeds from the Notes sale was used to pay down one of the Company’s receivable-backed debt facilities with the remainder of the proceeds expected to be used primarily for general corporate purposes.



Additional Information

For more complete and detailed information regarding the Company and its financial results, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 13, 2023, and its Quarterly Report on Form 10- Q for the three months ended June 30, 2023, which is expected to be filed with the SEC on or about August 2, 2023, and will be available on the SEC's website, https://www.sec.gov, and on the Company’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, 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 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 71 Club and Club Associate Resorts and access to nearly 11,400 other hotels and resorts through partnerships and exchange networks.    

For further information, please visit us at:

Bluegreen Vacations Holding Corporation: www.BVHCorp.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

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 import.  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, the risk that the Company is a holding company and, accordingly, 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 and may be limited by the terms of Bluegreen’s indebtedness; risks relating

6

 

 

to Bluegreen’s business, operations, financial results, business strategy and prospects; risks related to general economic conditions, including increasing interest rates, inflationary trends, a potential recession and supply chain issues, and our ability to successfully navigate any adverse condition; competitive conditions; labor market conditions, including costs and shortages of labor, and its impact on Bluegreen’s operations and sales; risks related to changes made to our vacation package programs and their impact on sales, including that the goal of improving the efficiency of Bluegreen’s marketing expenditures may not result in the benefits anticipated; risks related to our investments in sales and marketing efforts and infrastructure, including their impact on our cash flow and the risk that they may not result in the benefits anticipated; risks related to resort acquisitions and our pursuit of acquisition and development opportunities, including that acquired resorts may not open when planned, the costs and risks of development and renovation activities, including potential construction delays and environmental issues may be greater than anticipated, that we may not be successful in identifying or consummating acquisition or development opportunities in the future, and that acquired or developed resorts may not be successfully operated or result in the benefits anticipated; risks relating to our liquidity and the availability of capital;, that the Company may not realize the benefits of its securitizations to the extent anticipated or at all, and that the Company’s receivable loan portfolio won’t perform as anticipated; the risk that our allowance for loan losses may not be adequate and, accordingly, may need to be increased in the future, the risk that Bluegreen’s default rates will increase and exceed expectations; risks related to 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 to our indebtedness, including the potential for accelerated maturities and debt covenant violations; the impact of public health and general economic conditions, including inflation, on Bluegreen’s consumers, including their income and level of  discretionary spending, and on consumer traffic at retail locations; 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 that resort 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, NASCAR and the Choice Hotels program, may not be renewed and will expire pursuant to their terms and may not be profitable; the risk that vacation 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 have not been used may not be successful; the risk that resort occupancies may not continue at current or historical levels or meet expectations; our ability to successfully implement strategic plans and initiatives, generate earnings and long-term growth may not result in increased sales, revenues or efficiencies, or otherwise be successful; risks that construction defects, structural failures or natural disasters at or in proximity to Bluegreen’s resort; risks related to expansion of the resort network in existing and to new locations, including that such expansion may not be successful and may increase 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 may not be maintained, or support net owner growth in the future; risks regarding the amount of shares, if any, which may be repurchased by the Company in the future, the benefits to the Company, if any, of repurchasing shares, the timing of any share repurchases, and the availability of funds for the repurchase of shares; the 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; 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, 2022 (including the “Risk Factors” section thereof), which was filed on March 13, 2023, and the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2023, which is expected to be filed on August 2, 2023. 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.

7

 

 

 BLUEGREEN VACATIONS HOLDING CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)











 

 

 

 

 

 



 

June 30,

 

December 31,



 

2023

 

2022

ASSETS 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 178,740 

 

$

 175,683 

Restricted cash ($27,027 and $19,461 in VIEs at June 30, 2023

 

 

 

 

 

 

and December 31, 2022, respectively)

 

 

 52,213 

 

 

 50,845 

Notes receivable

 

 

 842,481 

 

 

 763,801 

Less: Allowance for loan losses

 

 

 (223,894)

 

 

 (211,311)

Notes receivable, net ($392,612 and $354,403 in VIEs

 

 

 

 

 

 

at June 30, 2023 and December 31, 2022, respectively)

 

 

 618,587 

 

 

 552,490 

Vacation ownership interest ("VOI") inventory

 

 

 447,963 

 

 

 389,864 

Property and equipment, net

 

 

 87,331 

 

 

 85,915 

Intangible assets, net

 

 

 61,293 

 

 

 61,293 

Operating lease assets

 

 

 20,911 

 

 

 22,963 

Prepaid expenses

 

 

 25,566 

 

 

 23,833 

Other assets

 

 

 32,979 

 

 

 35,499 

Total assets

 

$

 1,525,583 

 

$

 1,398,385 



 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Accounts payable

 

$

 25,843 

 

$

 21,389 

Deferred income

 

 

 16,828 

 

 

 15,675 

Accrued liabilities and other

 

 

 118,232 

 

 

 110,048 

Receivable-backed notes payable - recourse

 

 

 19,457 

 

 

 20,841 

Receivable-backed notes payable - non-recourse (in VIEs)

 

 

 505,468 

 

 

 440,781 

Note payable to BBX Capital, Inc.

 

 

 35,000 

 

 

 50,000 

Note payable and other borrowings

 

 

 240,355 

 

 

 218,738 

Junior subordinated debentures

 

 

 136,591 

 

 

 136,011 

Operating lease liabilities

 

 

 25,472 

 

 

 27,716 

Deferred income taxes

 

 

 120,275 

 

 

 113,193 

Total liabilities

 

 

 1,243,521 

 

 

 1,154,392 

Commitments and Contingencies - See Note 9

 

 

 

 

 

 

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 12,204,198 in 2023 and 12,165,825 in 2022

 

 

 122 

 

 

 122 

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

 

 

 

 

 

 

issued and outstanding 3,664,117 in 2023 and 2022

 

 

 37 

 

 

 37 

Additional paid-in capital

 

 

 49,849 

 

 

 46,821 

Accumulated earnings

 

 

 151,277 

 

 

 124,680 

Total Bluegreen Vacations Holding Corporation equity

 

 

 201,285 

 

 

 171,660 

Non-controlling interest

 

 

 80,777 

 

 

 72,333 

Total equity

 

 

 282,062 

 

 

 243,993 

Total liabilities and equity

 

$

 1,525,583 

 

$

 1,398,385 





8

 

 

BLUEGREEN VACATIONS HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In thousands, except share data)











 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Six Months Ended



 

June 30,

 

June 30,



 

2023

 

2022

 

2023

 

2022

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Gross sales of VOIs

 

$

 179,685 

 

$

 170,787 

 

$

 328,544 

 

$

 286,395 

Provision for loan losses

 

 

 (29,324)

 

 

 (26,526)

 

 

 (54,570)

 

 

 (43,105)

Sales of VOIs 

 

 

 150,361 

 

 

 144,261 

 

 

 273,974 

 

 

 243,290 

Fee-based sales commission revenue

 

 

 13,881 

 

 

 18,850 

 

 

 25,572 

 

 

 42,934 

Other fee-based services revenue

 

 

 36,045 

 

 

 32,785 

 

 

 69,345 

 

 

 63,991 

Cost reimbursements

 

 

 26,300 

 

 

 16,168 

 

 

 47,669 

 

 

 34,232 

Interest income

 

 

 30,953 

 

 

 23,506 

 

 

 59,788 

 

 

 45,704 

Other income, net

 

 

 3,078 

 

 

 —

 

 

 3,342 

 

 

 473 

Total revenues

 

 

 260,618 

 

 

 235,570 

 

 

 479,690 

 

 

 430,624 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of VOIs sold

 

 

 17,387 

 

 

 18,221 

 

 

 32,717 

 

 

 30,063 

Cost of other fee-based services

 

 

 16,667 

 

 

 13,592 

 

 

 31,248 

 

 

 26,354 

Cost reimbursements

 

 

 26,300 

 

 

 16,168 

 

 

 47,669 

 

 

 34,232 

Interest expense

 

 

 17,741 

 

 

 10,356 

 

 

 34,210 

 

 

 18,114 

Selling, general and administrative expenses

 

 

 148,053 

 

 

 149,158 

 

 

 279,492 

 

 

 268,457 

Other expense, net

 

 

 —

 

 

 68 

 

 

 —

 

 

 —

Total costs and expenses

 

 

 226,148 

 

 

 207,563 

 

 

 425,336 

 

 

 377,220 

Income before income taxes

 

 

 34,470 

 

 

 28,007 

 

 

 54,354 

 

 

 53,404 

Provision for income taxes

 

 

 (8,019)

 

 

 (6,171)

 

 

 (12,498)

 

 

 (12,361)

Net income

 

 

 26,451 

 

 

 21,836 

 

 

 41,856 

 

 

 41,043 

Less: Income attributable to noncontrolling interests

 

 

 4,538 

 

 

 4,052 

 

 

 8,444 

 

 

 7,272 

Net income attributable to shareholders

 

$

 21,913 

 

$

 17,784 

 

$

 33,412 

 

$

 33,771 



 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to shareholders

 

$

 21,913 

 

$

 17,784 

 

$

 33,412 

 

$

 33,771 



 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share (1)

 

$

 1.38 

 

$

 0.88 

 

$

 2.11 

 

$

 1.65 

Diluted earnings per share (1)

 

$

 1.34 

 

$

 0.87 

 

$

 2.05 

 

$

 1.63 

Basic weighted average number of common shares outstanding

 

 

 15,868 

 

 

 20,226 

 

 

 15,864 

 

 

 20,500 

Diluted weighted average number of common and common equivalent shares outstanding

 

 

 16,310 

 

 

 20,389 

 

 

 16,278 

 

 

 20,678 

Cash dividend declared per Class A and B common shares

 

$

 0.20 

 

$

 0.15 

 

$

 0.40 

 

$

 0.15 







(1)

Basic and Diluted EPS are calculated the same for both Class A and B common shares.

9

 

 

 

BLUEGREEN VACATIONS HOLDING CORPORATION

ADJUSTED EBITDA ATTRIBUTABLE TO SHAREHOLDERS RECONCILIATION 









 

 

 

 

 

 

 

 

 

 

 



For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,



 

2023

 

2022

 

 

 

2023

 

2022

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to shareholders

$

 21,913 

 

 17,784 

 

 

$

 

 33,412 

 

 33,771 

Net income attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations

 

 4,538 

 

 4,052 

 

 

 

 

 8,444 

 

 7,272 

Net Income

 

 26,451 

 

 21,836 

 

 

 

 

 41,856 

 

 41,043 

Add: Depreciation and amortization

 

 3,867 

 

 3,852 

 

 

 

 

 7,839 

 

 7,773 

Less: Interest income (other than interest earned on

 

 

 

 

 

 

 

 

 

 

 

VOI notes receivable)

 

 (1,677)

 

 (132)

 

 

 

 

 (2,550)

 

 (195)

Add: Interest expense - corporate and other

 

 9,980 

 

 6,241 

 

 

 

 

 19,605 

 

 10,603 

Add: Provision for income taxes

 

 8,019 

 

 6,171 

 

 

 

 

 12,498 

 

 12,361 

EBITDA

 

 46,640 

 

 37,968 

 

 

 

 

 79,248 

 

 71,585 

Add: Share-based compensation expense

 

 1,578 

 

 817 

 

 

 

 

 3,037 

 

 1,562 

Sale of vacant land and other assets

 

 (2,909)

 

 6 

 

 

 

 

 (2,927)

 

 (38)

Adjusted EBITDA

 

 45,309 

 

 38,791 

 

 

 

 

 79,358 

 

 73,109 

Adjusted EBITDA attributable to the non-controlling interest

 

 (4,597)

 

 (4,115)

 

 

 

 

 (8,560)

 

 (7,385)

Adjusted EBITDA attributable to shareholders

$

 40,712 

 

 34,676 

 

 

$

 

 70,798 

 

 65,724 



The Company defines EBITDA as earnings, or net income, before taking into account income tax, interest income (excluding interest earned on VOI notes receivable), interest expense (excluding interest expense incurred on debt secured by VOI notes receivable), and depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA, adjusted to exclude amounts of loss (gain) on assets held for sale, share-based compensation expense, and items that the Company believes are not representative of ongoing operating results. Adjusted EBITDA Attributable to Shareholders is Adjusted EBITDA excluding amounts attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations (in which Bluegreen owns a 51% interest). For purposes of the calculation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Shareholders, no adjustments were made for interest income earned on 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 the Company’s business.



The Company considers EBITDA, Adjusted EBITDA, and Adjusted EBITDA Attributable to Shareholders to be indicators of 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 or any other measure of financial performance or liquidity, including cash flow, derived in accordance with GAAP, or to any other method or analyzing 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, working capital needs; (ii) interest expense, or the cash requirements necessary to service interest or principal payments on indebtedness (other than as noted above); (iii) tax expense or the cash requirements to pay 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 does not believe to be indicative of future operations or performance. Further, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often have to be replaced in the future, and EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Shareholders do not reflect any cash that may be required 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.





10

 

 

BLUEGREEN VACATIONS HOLDING CORPORATION

SYSTEM-WIDE SALES OF VOIs RECONCILIATION (1)











 

 

 

 

 

 

 

 

 

 

 



For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

(in thousands)

2023

 

2022

 

2023

 

2022

Gross sales of VOIs

$

 179,685 

 

$

 170,787 

 

$

 328,544 

 

$

 286,395 

Add: Fee-Based sales

 

 21,022 

 

 

 27,760 

 

 

 39,109 

 

 

 63,697 

System-wide sales of VOIs

$

 200,707 

 

$

 198,547 

 

$

 367,653 

 

$

 350,092 



(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 Bluegreen uses to sell its VOI inventory. The Company 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.



BLUEGREEN VACATIONS HOLDING CORPORATION

FREE CASH FLOW RECONCILIATION (1)











 

 

 

 

 



For the Three Months Ended June 30,

(in thousands)

2023

 

2022

Net cash (used in) provided by operating activities

$

 (49,868)

 

$

 68,924 

Purchases of property and equipment

 

 (8,666)

 

 

 (7,867)

Free Cash Flow

$

 (58,534)

 

$

 61,057 



(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.



11

 

 

BLUEGREEN VACATIONS HOLDING CORPORATION

SALES OF VOIs AND FINANCING SEGMENT- ADJUSTED EBITDA













 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,



 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 



 

Amount

 

% of System-
wide sales
of VOIs (5)

 

Amount

 

% of
System-
wide sales
of VOIs (5)

 

Amount

 

% of System-
wide sales
of VOIs (5)

 

Amount

 

% of
System-
wide sales
of VOIs (5)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bluegreen owned VOI sales (1)

 

$

 179,685 

 

90

 

$

 170,787 

 

86

 

$

 328,544 

 

89

 

$

 286,395 

 

82

Fee-Based VOI sales

 

 

 21,022 

 

10

 

 

 27,760 

 

14

 

 

 39,109 

 

11

 

 

 63,697 

 

18

System-wide sales of VOIs

 

 

 200,707 

 

100

 

 

 198,547 

 

100

 

 

 367,653 

 

100

 

 

 350,092 

 

100

Less: Fee-Based sales

 

 

 (21,022)

 

(10)

 

 

 (27,760)

 

(14)

 

 

 (39,109)

 

(11)

 

 

 (63,697)

 

(18)

Gross sales of VOIs

 

 

 179,685 

 

90

 

 

 170,787 

 

86

 

 

 328,544 

 

89

 

 

 286,395 

 

82

Provision for loan losses (2)

 

 

 (29,324)

 

(16)

 

 

 (26,526)

 

(16)

 

 

 (54,570)

 

(17)

 

 

 (43,105)

 

(15)

Sales of VOIs

 

 

 150,361 

 

75

 

 

 144,261 

 

73

 

 

 273,974 

 

75

 

 

 243,290 

 

69

Cost of VOIs sold (3)

 

 

 (17,387)

 

(12)

 

 

 (18,221)

 

(13)

 

 

 (32,717)

 

(12)

 

 

 (30,063)

 

(12)

Gross profit (3)

 

 

 132,974 

 

88

 

 

 126,040 

 

87

 

 

 241,257 

 

88

 

 

 213,227 

 

88

Fee-Based sales commission revenue (4)

 

 

 13,881 

 

66

 

 

 18,850 

 

68

 

 

 25,572 

 

65

 

 

 42,934 

 

67

Financing revenue, net of financing expense

 

 

 21,515 

 

11

 

 

 19,259 

 

10

 

 

 42,633 

 

12

 

 

 37,998 

 

11

Other expense

 

 

 (845)

 

0

 

 

 (358)

 

0

 

 

 (1,545)

 

0

 

 

 (510)

 

0

Other fee-based services, title operations and other, net

 

 

 1,120 

 

1

 

 

 2,467 

 

1

 

 

 2,407 

 

1

 

 

 4,598 

 

1

Net carrying cost of VOI inventory

 

 

 (4,719)

 

(2)

 

 

 (4,013)

 

(2)

 

 

 (9,699)

 

(3)

 

 

 (8,067)

 

(2)

Selling and marketing expenses

 

 

 (106,598)

 

(53)

 

 

 (112,571)

 

(57)

 

 

 (199,125)

 

(54)

 

 

 (196,457)

 

(56)

General and administrative expenses - sales and marketing

 

 

 (14,957)

 

(7)

 

 

 (13,971)

 

(7)

 

 

 (26,455)

 

(7)

 

 

 (23,932)

 

(7)

Operating profit - sales of VOIs and financing

 

 

 42,371 

 

21%

 

 

 35,703 

 

18%

 

 

 75,045 

 

20%

 

 

 69,791 

 

20%

Add: Depreciation and amortization

 

 

 1,897 

 

 

 

 

 1,665 

 

 

 

 

 3,931 

 

 

 

 

 3,314 

 

 

Sale of vacant land and other assets

 

 

 (2,912)

 

 

 

 

 —

 

 

 

 

 (2,893)

 

 

 

 

 —

 

 

Adjusted EBITDA - sales of VOIs and financing

 

$

 41,356 

 

 

 

$

 37,368 

 

 

 

$

 76,083 

 

 

 

$

 73,105 

 

 



(1)

Bluegreen owned sales represent sales of VOIs acquired or developed by Bluegreen.

(2)

Percentages for provision for loan losses are calculated as a percentage of gross sales of VOIs, which excludes Fee-Based sales (and not as a percentage of system-wide sales of VOIs).

(3)

Percentages for costs of VOIs sold and gross profit are calculated as a percentage of sales of VOIs (and not as a percentage of system-wide sales of VOIs).

(4)

Percentages for Fee-Based sales commission revenue are calculated as a percentage of Fee-Based sales (and not as a percentage of system-wide sales of VOIs).

(5)

Represents the applicable line item, calculated as a percentage of system-wide sales of VOIs unless otherwise indicated in the above footnotes.



12

 

GRAPHIC 3 bvh-20230802xex99_1g001.jpg GRAPHIC begin 644 bvh-20230802xex99_1g001.jpg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end EX-101.SCH 4 bvh-20230802.xsd EX-101.SCH 00090 - Document - Document And Entity Informationlink:presentationLinklink:calculationLinklink:definitionLink EX-101.LAB 5 bvh-20230802_lab.xml EX-101.LAB EX-101.PRE 6 bvh-20230802_pre.xml EX-101.PRE XML 7 R1.htm IDEA: XBRL DOCUMENT v3.23.2
Document And Entity Information
Aug. 02, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 02, 2023
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
XML 8 bvh-20230802x8k_htm.xml IDEA: XBRL DOCUMENT 0000315858 2023-08-02 2023-08-02 false 0000315858 8-K 2023-08-02 BLUEGREEN VACATIONS HOLDING CORPORATION FL 001-09071 59-2022148 4960 Conference Way North Suite 100 Boca Raton FL 33431 561 912-8000 Class A Common Stock, $.01 par value BVH NYSE false false false false 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 3.23.2 html 1 23 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-20230802x8k.htm bvh-20230802.xsd bvh-20230802_lab.xml bvh-20230802_pre.xml bvh-20230802xex99_1.htm http://xbrl.sec.gov/dei/2022 true false JSON 14 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "bvh-20230802x8k.htm": { "axisCustom": 0, "axisStandard": 0, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2022": 23 }, "contextCount": 1, "dts": { "inline": { "local": [ "bvh-20230802x8k.htm" ] }, "labelLink": { "local": [ "bvh-20230802_lab.xml" ] }, "presentationLink": { "local": [ "bvh-20230802_pre.xml" ] }, "schema": { "local": [ "bvh-20230802.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "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", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-roles-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-types-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-roles-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-types-2022.xsd", "https://xbrl.sec.gov/country/2022/country-2022.xsd", "https://xbrl.sec.gov/dei/2022/dei-2022.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2022": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 23, "memberCustom": 0, "memberStandard": 0, "nsprefix": "bvh", "nsuri": "http://bfcfinancial.com/20230802", "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "div", "body", "html" ], "baseRef": "bvh-20230802x8k.htm", "contextRef": "Duration_8_2_2023_To_8_2_2023", "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", "menuCat": "Cover", "order": "1", "role": "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation", "shortName": "Document And Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "div", "body", "html" ], "baseRef": "bvh-20230802x8k.htm", "contextRef": "Duration_8_2_2023_To_8_2_2023", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "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/2022", "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/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2022", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2022", "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/2022", "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/2022", "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/2022", "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/2022", "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/2022", "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/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r1" ], "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/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r1" ], "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/2022", "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/2022", "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/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r1" ], "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/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r1" ], "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/2022", "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/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "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 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "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 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/2022", "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/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "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/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r5" ], "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/2022", "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/2022", "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/2022", "presentation": [ "http://bfcfinancial.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425", "role": "http://www.xbrl.org/2003/role/presentationRef" } }, "version": "2.2" } ZIP 15 0000315858-23-000040-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000315858-23-000040-xbrl.zip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end