Bluegreen Vacations Corporation Reports Fourth Quarter and Full Year 2018 Results
BOCA RATON, Fla.–(BUSINESS WIRE)–Bluegreen Vacations Corporation (NYSE: BXG) (“Bluegreen” or the
“Company”) today reported its fourth quarter and full year 2018
financial results.
4Q18 Highlights:
-
Earnings Per Share (“EPS”) of $0.27, compared to $0.91 in the prior
year quarter. The fourth quarter of 2017 included a $0.66 per share
income tax benefit as a result of the impact of the Tax Cuts and Jobs
Act of 2017 (the “Tax Act”). -
Net income attributable to shareholders was $19.8 million, compared to
$66.4 million in the prior year quarter. The fourth quarter of 2017
included a $47.7 million income tax benefit as a result of the impact
of the Tax Act. -
Adjusted EBITDA of $31.7 million, compared to $35.5 million in the
prior year quarter. -
Total revenue of $173.7 million, compared to $177.9 million in the
prior year quarter. -
System-Wide Sales of Vacation Ownership Interests (VOIs) of $146.0
million, compared to $151.9 million in the prior year quarter. -
Completed a $117.7 million securitization of vacation ownership loans
with a fixed, weighted-average interest rate coupon of 4.02%.
Full Year 2018 Highlights:
-
EPS of $1.18, compared to $1.77 in the prior year. 2017 included a
$0.66 per share income tax benefit as a result of the impact of the
Tax Act. -
Net income attributable to shareholders was $88.0 million, compared to
$126.6 million in the prior year. The full year 2017 included a $47.7
million income tax benefit as a result of the impact of the Tax Act. -
Adjusted EBITDA of $141.8 million, compared to $150.3 million in the
prior year. -
Total revenue of $738.3 million, compared to $723.1 million in the
prior year, a 2.1% increase from the prior year. -
System-Wide Sales of VOIs of $624.1 million, compared to $619.3
million a 0.8% increase from the prior year. -
Expanded inventory sources through: (i) the acquisition of The Éilan
Hotel and Spa in San Antonio, Texas for approximately $34.3 million,
(ii) a fee-based service agreement at The Marquee in New Orleans,
Louisiana, and (iii) an exclusive agreement to acquire inventory at
The Manhattan Club, a residence-style boutique hotel in Midtown
Manhattan.
“In 2018 we continued to build our platform with a view toward
positioning Bluegreen Vacations for growth in the coming years,” said
Shawn B. Pearson, Chief Executive Officer and President. “To that end,
we upgraded our sales and inventory technology systems, expanded our
digital capabilities and made additions to our executive team who will
enhance our partnerships and marketing programs. We also increased our
resort network in highly attractive markets including San Antonio, New
Orleans and New York City and look forward to realizing the benefits as
our new sales centers open and mature. While we expect more significant
growth in the latter part of 2019, we anticipate that our early 2019
sales growth will be similar to that achieved in 2018. We believe that
our solid balance sheet, capital-light business model with attractive
cash flow and low leverage, along with ongoing demand for our vacation
ownership resorts, positions Bluegreen for solid long-term performance.”
Financial Results
(dollars in millions, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||
| 2018 | 2017 | Change | 2018 | 2017 | Change | |||||||||||||||
| Total revenue | $ | 173.7 | $ | 177.9 | (2.4 | ) | % | $ | 738.3 | $ | 723.1 | 2.1 | % | |||||||
| Income before non-controlling interest and provision for income taxes | $ | 26.2 | $ | 28.9 | (9.3 | ) | % | $ | 128.9 | $ | 137.0 | (5.9 | ) | % | ||||||
| Net income attributable to shareholders | $ | 19.8 | $ | 66.4 | (70.2 | ) | % | $ | 88.0 | $ | 126.6 | (30.5 | ) | % | ||||||
| Earnings per share basic and diluted | $ | 0.27 | $ | 0.91 | (70.3 | ) | % | $ | 1.18 | $ | 1.77 | (33.3 | ) | % | ||||||
| Adjusted EBITDA | $ | 31.7 | $ | 35.5 | (10.7 | ) | % | $ | 141.8 | $ | 150.3 | (5.7 | ) | % | ||||||
| Capital-light revenue(1) as a percentage of total revenue | 74.0% | 58.9% | 1,510 | bp | 71.0% | 69.0% | 200 | bp | ||||||||||||
|
(1) |
Bluegreen’s “capital-light” revenue includes revenue from the |
|
Total Revenue for the three months ended December 31, 2018 was $173.7
million, compared to $177.9 million in the prior year period, primarily
due to decreases in VOI sales and an increase in the provision for loan
losses as discussed more fully under “Segment Results” below. Adjusted
EBITDA was $31.7 million in the fourth quarter of 2018 compared to $35.5
million in the fourth quarter of 2017, primarily due to lower total
revenue and higher net carrying cost of inventory.
Corporate & Other expenses were $19.0 million in the fourth quarter of
2018 compared to $18.8 million in the fourth quarter of 2017. The slight
year over year increase was due to a number of factors including ongoing
higher outside legal expenses in connection with our decision to
vigorously defend claims which the Company believes to be frivolous;
increased depreciation expense in connection with the acquisition of
information technology assets to support the Company’s growth; and
investor and public relations activities related expenses.
In terms of segment results, growth in the Company’s Resort Operations
and Club Management segment was offset by results in the Sales of VOI
and Financing segment, as more fully described below.
Segment Results
Sales of VOIs and Financing Segment
(dollars in millions, except per guest and per transaction amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||
| 2018 | 2017 | Change | 2018 | 2017 | Change | |||||||||||||||
| System-wide sales of VOIs | $ | 146.0 | $ | 151.9 | (3.9 | ) | % | $ | 624.1 | $ | 619.3 | 0.8 | % | |||||||
| Segment adjusted EBITDA | $ | 36.8 | $ | 44.5 | (17.3 | ) | % | $ | 173.7 | $ | 181.6 | (4.4 | ) | % | ||||||
| Number of total guest tours | 55,958 | 58,570 | (4.5 | ) | % | 238,141 | 252,257 | (5.6 | ) | % | ||||||||||
| Average sales price per transaction | $ | 16,085 | $ | 15,135 | 6.3 | % | $ | 15,692 | $ | 15,365 | 2.1 | % | ||||||||
| Sales to tour conversion ratio | 16.3% | 17.2% | (5.2 | ) | % | 16.8% | 16.1% | 4.3 | % | |||||||||||
| Sales volume per guest (“VPG”) | $ | 2,624 | $ | 2,601 | 0.9 | % | $ | 2,642 | $ | 2,479 | 6.6 | % | ||||||||
| Selling and marketing expenses, as a | ||||||||||||||||||||
| % of system-wide sales of VOIs | 50.5% | 51.1% | (60 | ) | bp | 49.3% | 51.6% | (230 | ) | bp | ||||||||||
| Provision for loan losses | 20.7% | 16.4% | 430 | bp | 16.8% | 16.1% | 70 | bp | ||||||||||||
| Cost of VOIs sold | 6.8% | 9.6% | (280 | ) | bp | 9.4% | 7.3% | 210 | bp | |||||||||||
During the fourth quarter of 2018, system-wide sales of VOIs were $146.0
million, compared to $151.9 million in the fourth quarter of 2017. The
decrease in sales reflected the decrease in guest tours, partially
offset by a slightly higher average sales volume per guest (“VPG”). For
the full year, system-wide sales of VOIs were up 0.8% to $624.1 million
compared to $619.3 million in 2017.
Average sales volume per guest and average sales price per transaction
increased 0.9% and 6.3%, respectively, during the fourth quarter of 2018
compared to the fourth quarter of 2017, while guest tours declined by
4.5% in the fourth quarter of 2018 and declined 5.6% for the full year
in the fourth quarter of 2018 compared to the comparable prior year
periods. We believe a key driver of these year over year changes is the
Company’s ongoing initiatives to screen the credit qualifications of
potential marketing guests which has resulted in improved efficiencies
in the sales process, at the cost of a lower number of tours.
Provision for loan losses increased to 20.7% of gross VOI sales,
compared to 16.4% in the prior year fourth quarter. The year over year
increase was driven primarily by continued attorney cease and desist
activity which resulted in required changes in estimated losses on prior
year period originations. The charge related to prior period
originations was approximately $3.7 million. The Company believes that
its zero-tolerance strategy and further steps to address this situation
in 2019, should ultimately result in a reduction of cease and desist
activity.
Fee-based sales commission revenue was $48.8 million in the fourth
quarter of 2018, compared to $50.3 million in the fourth quarter of
2017. The year over year change reflected lower sales of third-party VOI
inventory and slightly lower commission rates.
In the fourth quarter of 2018, cost of VOIs sold represented 6.8% of
sales of VOIs compared to 9.6% in the fourth quarter of 2017. During the
fourth quarter of 2018, cost of VOIs sold were comparatively lower as
result of a $3.6 million favorable GAAP adjustment relating to a price
increase implemented in 2018. Purchases of secondary market inventory
that were temporarily suspended in the third quarter of 2018 resumed
during the fourth quarter of 2018.
Financing revenue, net of financing expense, was $14.6 million in the
fourth quarter of 2018, compared to $15.4 million in the fourth quarter
of 2017. The year over year change reflected the Company’s higher cost
of borrowing, and lower weighted average interest rates on VOI notes
receivable as a result of the Company’s implementation of “risk-based
pricing” based on each customer’s FICO score.
Net carrying cost of inventory increased $3.3 million in the fourth
quarter of 2018 compared to the fourth quarter of 2017, primarily due to
the carrying cost associated with the Éilan Hotel and Spa, which was
acquired in April 2018.
Selling and marketing expenses in the fourth quarter of 2018 decreased
on an absolute basis and as a percentage of system-wide sales due in
part to a higher percentage of sales to the Company’s existing owners
and the reduction of certain fixed selling and marketing expenses in
connection with the corporate realignment initiative commenced during
the fourth quarter of 2017. Selling and marketing expenses in the fourth
quarter of 2017 included a $4.8 million, one-time payment to Bass Pro,
Inc. (“Bass Pro”) as well as $1.2 million of severance costs, both of
which were added back to Segment Adjusted EBITDA, with no such material
expenses in the fourth quarter of 2018.
The Company has continued to meet with Bass Pro’s leadership in an
effort to resolve the issues which arose between the parties in 2017 and
2018. Although the resolution of the outstanding issues with Bass Pro
has taken a great deal longer than the Company had hoped, the Company
believes it is diligently working towards a mutually beneficial
agreement. While there is no assurance that a resolution will be
reached, the Company remains optimistic that it will achieve a
resolution of the outstanding issues. The Company is hopeful that the
resolution will address the timing of entry into the Cabela’s stores and
an extension of the parties’ agreements. If reached, the resolution may
include a restructuring of the amount and timing of compensation paid to
Bass Pro. In the meantime, the Company continues to execute its vacation
package marketing strategy under its current agreement with Bass Pro,
including the recent opening of a Bluegreen kiosk in the new Bass Pro
location at the Silverton Casino in Las Vegas and to add another
in-store sales kiosk location in Rogers, Arkansas in the second quarter.
At Bluegreen/Big Cedar Vacations, LLC (the “Joint Venture”), the Joint
Venture has commenced construction of cabins at the Wilderness Club at
Big Cedar resort in the normal course of business.
Resort Operations and Club Management Segment
(dollars in millions)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
| 2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||
| Resort operations and club management revenue | $ | 41.1 | $ | 36.5 | 12.4 | % | $ | 168.4 | $ | 149.7 | 12.4 | % | ||||||
| Segment adjusted EBITDA | $ | 12.5 | $ | 11.4 | 9.5 | % | $ | 50.6 | $ | 43.4 | 16.6 | % | ||||||
| Resorts managed | 50 | 48 | 4.2 | % | 50 | 48 | 4.2 | % | ||||||||||
In the fourth quarter of 2018, resort operations and management club
revenue increased by $4.6 million, or 12.4%, to $41.1 million from the
prior year quarter. The increase was driven in part by the additional
resorts managed at the end of the fourth quarter of 2018 compared to
2017, as well as fee increases under certain management contracts.
Segment adjusted EBITDA grew by 9.5% to $12.5 million.
Acquisition Activity
During 2018, the Company completed three transactions which added
resorts to its network.
-
The Marquee in New Orleans, LA. In March, the Company entered into a
fee-based service agreement with Marquee Developer, LLC, owner and
developer, of The Marquee, which is expected to add 94 units of resort
inventory. The Marquee resort VOIs will be sold through The Bluegreen
Vacation Club, and will be available for Vacation Club guests in 2019.
The Company opened a 5,400 square foot sales office at The Marquee in
December 2018. -
The Éilan Hotel & Spa in San Antonio, Texas. In April the Company
acquired the Éilan Hotel & Spa for approximately $34.3 million, and
has opened a 11,320 square foot sales office at the Éilan Hotel & Spa.
The Éilan is a 165-guest room, boutique hotel featuring a
10-treatment-room spa, resort-style pools, a state-of-the-art fitness
center, tennis courts and virtual golf. -
The Manhattan Club in New York City. In July, the Company entered into
an exclusive agreement to acquire the remaining VOI inventory at The
Manhattan Club under Bluegreen’s “capital-light” Secondary Market
program through periodic purchases over time. The Manhattan Club is 31
stories, boasts a modern fitness center, business center, Owners’
lounge and 296 penthouse, one-bedroom – two bath suites, and executive
suites.
Balance Sheet and Liquidity
As of December 31, 2018, unrestricted cash and cash equivalents totaled
$219.4 million. Bluegreen had availability of approximately $193.3
million under its receivable-backed purchase and credit facilities,
inventory lines of credit and corporate credit line as of December 31,
2018, subject to eligible collateral and the terms of the facilities, as
applicable. The Company’s net debt-to-EBITDA as of December 31, 2018 was
only 0.17x (excluding receivable-backed notes payable).
In October, the Company completed a $117.7 million securitization of
investment-grade vacation ownership loan-backed notes with a fixed,
weighted-average interest rate coupon of 4.02%. Proceeds from the notes
sale were primarily used to pay down the balance on certain of the
Company’s receivable-backed debt facilities and the remainder was used
for general corporate purposes.
Free cash flow, which the Company defines as cash flow from operating
activities, less capital expenditures, was $44.3 million for the year
ended December 31, 2018, compared to $51.9 million for the year ended
December 31, 2017. The decrease in free cash flow was primarily
attributable to sales office expansions, increased information
technology spending, acquisition and development of traditional
inventory, and decreased working capital, partially offset by lower
income tax payments and lower purchases of secondary market and
just-in-time inventories.
In November, the Company’s Board of Directors approved a share
repurchase program which authorizes the repurchase of up to 3,000,000
shares of the Company’s Common Stock at an aggregate cost of no more
than $35.0 million. The program authorizes the Company, in management’s
discretion, to repurchase shares from time to time subject to market
conditions and other factors. Through December 31, 2018, the Company had
repurchased 288,532 shares for a total cost of $4.0 million.
Dividend
On January 14, 2019, Bluegreen’s Board of Directors declared a quarterly
common stock cash dividend of $0.17 per share. The dividend is payable
February 15, 2019 to shareholders of record as of the close of trading
on January 31, 2019. This dividend represents a 13.3% increase in the
Company’s 2018 quarterly dividend rate of $0.15 per share.
Fourth Quarter 2018 Webcast
The Company has provided a pre-recorded business update and management
presentation via webcast link, indicated below, in the Investor
Relations section of its website at ir.bluegreenvacations.com. A
transcript will also be available simultaneously with the webcast. The
webcast and supplemental management presentation can be accessed on the
Investor Relations section of Bluegreen Vacations’ website at ir.bluegreenvacations.com.
The pre-recorded presentation can also be accessed at 1-844-512-2921
(domestic) and 1-412-317-6671 (international) and entering pin number
1132845. The business update via dial-in will be available through
midnight Friday, March 22, 2019. A transcript will also be available
simultaneously with the webcast.
Forward-Looking Statements:
Certain statements in this press release are “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. All statements, other than statements of historical
fact, are forward-looking statements. Forward-looking statements are
based on current expectations of management and can be identified by the
use of words such as “believe”, “may”, “could”, “should”, “plans”,
“anticipates”, “intends”, “estimates”, “expects”, and other words and
phrases of similar impact. Forward-looking statements involve risks,
uncertainties and other factors, many of which are beyond our control,
that may cause actual results or performance to differ from those set
forth or implied in the forward-looking statements. These risks and
uncertainties include, without limitation, risks relating to our ability
to successfully implement our strategic plans and initiatives; generate
earnings and long-term growth; improve our digital capabilities,
including our virtual reality technology; complete sales office
expansions when planned or at all and that such expansions will be
profitable; and risks that our marketing alliances will not contribute
to growth or be profitable or that issues with our strategic partners
will not be successfully resolved; dividend payments and stock buyback
activity will continue at current levels, if at all, and the additional
risks and uncertainties described in Bluegreen’s filings with the
Securities and Exchange Commission, including, without limitation, those
described in the “Risk Factors” section of Bluegreen’s Annual Report on
Form 10-K for the year ended December 31, 2018 which is expected to be
filed on or about March 1, 2019. Bluegreen cautions that the foregoing
factors are not exclusive. You should not place undue reliance on any
forward-looking statement, which speaks only as of the date made.
Bluegreen does not undertake, and specifically disclaims any obligation,
to update or supplement any forward-looking statements.
Non-GAAP Financial Measures:
The Company refers to certain non-GAAP financial measures in this press
release, including system-wide sales of VOIs, Adjusted EBITDA, adjusted
EPS and free cash flow. Please see the supplemental tables and
definitions attached herein for additional information and
reconciliation of such non-GAAP financial measures.
About Bluegreen Vacations Corporation:
Bluegreen Vacations Corporation (NYSE: BXG) is a leading vacation
ownership company that markets and sells vacation ownership interests
(VOIs) and manages resorts in top leisure and urban destinations. The
Bluegreen Vacation Club is a flexible, points-based, deeded vacation
ownership plan with approximately 216,000 owners, 69 Club and Club
Associate Resorts and access to more than 11,000 other hotels and
resorts through partnerships and exchange networks as of December 31,
2018. Bluegreen Vacations also offers a portfolio of comprehensive,
fee-based resort management, financial, and sales and marketing
services, to or on behalf of third parties. Bluegreen is approximately
90% owned by BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), a
diversified holding company. For further information, visit www.BluegreenVacations.com.
About BBX Capital Corporation:
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), is a Florida-based
diversified holding company whose activities include its 90% ownership
interest in Bluegreen Vacations Corporation (NYSE: BXG) as well as its
real estate and middle market divisions. For additional information,
please visit www.BBXCapital.com.
|
BLUEGREEN VACATIONS CORPORATION CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In thousands, except for per share data) |
||||||||||||||||
| For the Three Months Ended | ||||||||||||||||
| December 31, | For the Years Ended | |||||||||||||||
| Unaudited | December 31, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Revenue: | ||||||||||||||||
| Gross sales of VOIs | $ | 74,192 | $ | 78,829 | $ | 305,530 | $ | 288,414 | ||||||||
| Provision for loan losses | (15,379 | ) | (12,906 | ) | (51,305 | ) | (46,397 | ) | ||||||||
| Sales of VOIs | 58,813 | 65,923 | 254,225 | 242,017 | ||||||||||||
| Fee-based sales commission revenue | 48,841 | 50,343 | 216,422 | 229,389 | ||||||||||||
| Other fee-based services revenue | 28,552 | 28,377 | 118,024 | 111,819 | ||||||||||||
| Cost reimbursements | 15,375 | 11,979 | 62,534 | 52,639 | ||||||||||||
| Interest income | 22,143 | 21,203 | 85,914 | 86,876 | ||||||||||||
| Other income, net | — | 432 | 1,201 | 312 | ||||||||||||
| Total revenue | 173,724 | 178,257 | 738,320 | 723,052 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of VOIs sold | 3,975 | 6,327 | 23,813 | 17,679 | ||||||||||||
| Cost of other fee-based services | 18,986 | 15,897 | 72,968 | 64,560 | ||||||||||||
| Cost reimbursements | 15,375 | 11,979 | 62,534 | 52,639 | ||||||||||||
| Selling, general and administrative expenses | 99,867 | 108,942 | 415,403 | 421,199 | ||||||||||||
| Interest expense | 9,239 | 6,198 | 34,709 | 29,977 | ||||||||||||
| Other expense, net | 68 | — | — | — | ||||||||||||
| Total costs and expenses | 147,510 | 149,343 | 609,427 | 586,054 | ||||||||||||
| Income before non-controlling interest and | ||||||||||||||||
| provision for income taxes | 26,214 | 28,914 | 128,893 | 136,998 | ||||||||||||
| Provision (benefit) for income taxes | 3,544 | (40,832 | ) | 28,541 | (2,345 | ) | ||||||||||
| Net income | 22,670 | 69,746 | 100,352 | 139,343 | ||||||||||||
|
Less: Net income attributable to |
2,881 | 3,342 | 12,390 | 12,760 | ||||||||||||
| Net income attributable to Bluegreen | ||||||||||||||||
| Vacations Corporation shareholders | $ | 19,789 | $ | 66,404 | $ | 87,962 | $ | 126,583 | ||||||||
| Comprehensive income attributable to | ||||||||||||||||
| Bluegreen Vacations Corporation | ||||||||||||||||
| shareholders | $ | 19,789 | $ | 66,404 | $ | 87,962 | $ | 126,583 | ||||||||
|
BLUEGREEN VACATIONS CORPORATION CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In thousands, except for per share data) |
||||||||||||
| For the Three Months Ended | ||||||||||||
| December 31, | For the Years Ended | |||||||||||
| Unaudited | December 31, | |||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||
|
Earnings per share attributable to Bluegreen Vacations Corporation shareholders – Basic and diluted (1) |
$ | 0.27 | $ | 0.91 | $ | 1.18 | $ | 1.77 | ||||
|
Weighted average number of common shares outstanding: |
||||||||||||
| Basic and diluted (1) | 74,644 | 72,804 | 74,712 | 71,448 | ||||||||
| Cash dividends declared per share (1) | $ | 0.15 | $ | — | $ | 0.60 | $ | 0.56 | ||||
|
(1) |
The number of shares outstanding for the purposes of |
|
BLUEGREEN VACATIONS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOW (In thousands) |
||||||||
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2018 | 2017 | |||||||
| Operating activities: | ||||||||
| Net income | $ | 100,352 | $ | 139,343 | ||||
| Adjustments to reconcile net income to net cash provided | ||||||||
| by operating activities: | ||||||||
| Depreciation and amortization | 16,604 | 14,110 | ||||||
| Loss on disposal of property and equipment | 179 | 524 | ||||||
| Provision for loan losses | 51,236 | 46,412 | ||||||
| Provision (benefit) for deferred income taxes | 2,090 | (42,022 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Notes receivable | (63,545 | ) | (47,470 | ) | ||||
| Prepaid expenses and other assets | 2,704 | (7,103 | ) | |||||
| Inventory | (32,022 | ) | (42,757 | ) | ||||
|
Accounts payable, accrued liabilities and other, and |
||||||||
| deferred income | (764 | ) | 4,933 | |||||
| Net cash provided by operating activities | 76,834 | 65,970 | ||||||
| Investing activities: | ||||||||
| Purchases of property and equipment | (32,539 | ) | (14,115 | ) | ||||
| Net cash used in investing activities | (32,539 | ) | (14,115 | ) | ||||
| Financing activities: | ||||||||
| Proceeds from borrowings collateralized | ||||||||
| by notes receivable | 254,494 | 203,001 | ||||||
| Payments on borrowings collateralized by notes receivable | (216,023 | ) | (195,919 | ) | ||||
| Proceeds from borrowings under line-of-credit facilities | ||||||||
| and notes payable | 51,736 | 36,426 | ||||||
| Payments under line-of-credit facilities and notes payable | (43,066 | ) | (34,851 | ) | ||||
| Payments of debt issuance costs | (3,010 | ) | (3,390 | ) | ||||
| Gross proceeds from public offering | — | 48,652 | ||||||
| Payments of public offering costs | — | (1,383 | ) | |||||
| Repurchase and retirement of common stock | (4,000 | ) | — | |||||
| Distributions to non-controlling interest | (9,800 | ) | (11,270 | ) | ||||
| Dividends paid | (44,841 | ) | (40,000 | ) | ||||
| Net cash (used in) provided by financing activities | (14,510 | ) | 1,266 | |||||
| Net increase in cash and cash equivalents | ||||||||
| and restricted cash | 29,785 | 53,121 | ||||||
| Cash, cash equivalents and restricted cash at the beginning of period | 243,349 | 190,228 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 273,134 | $ | 243,349 | ||||
| Supplemental schedule of operating cash flow information: | ||||||||
| Interest paid, net of amounts capitalized | $ | 30,260 | $ | 26,244 | ||||
| Income taxes paid | $ | 25,355 | $ | 41,035 | ||||
|
Supplemental schedule of non-cash investing and financing activities: |
||||||||
| Acquisition of inventory, property, and equipment for notes payable | $ | 24,258 | $ | — | ||||
Contacts
Bluegreen Vacations Corporation
Investor Relations:
Nikki
Sacks, 203-682-8263
or
Evelyn Infurna, 203-682-8265
Email:
bluegreenvac@icrinc.com