Company Quick10K Filing
Bluegreen Vacations
Price9.25 EPS1
Shares74 P/E13
MCap689 P/FCF14
Net Debt-231 EBIT92
TEV457 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-07
10-K 2012-12-31 Filed 2013-04-01
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-28
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-31
10-Q 2010-09-30 Filed 2010-11-10
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-31
8-K 2020-07-22 Other Events
8-K 2020-06-30 Off-BS Arrangement
8-K 2020-06-22
8-K 2020-05-11
8-K 2020-04-22
8-K 2020-03-30
8-K 2020-03-09
8-K 2020-02-24
8-K 2020-01-08
8-K 2020-01-02
8-K 2019-11-26
8-K 2019-10-31
8-K 2019-10-28
8-K 2019-10-17
8-K 2019-09-09
8-K 2019-08-13
8-K 2019-08-06
8-K 2019-07-30
8-K 2019-06-20
8-K 2019-06-18
8-K 2019-05-30
8-K 2019-05-24
8-K 2019-05-14
8-K 2019-05-06
8-K 2019-04-19
8-K 2019-03-25
8-K 2019-03-04
8-K 2019-02-22
8-K 2019-02-22
8-K 2019-01-14
8-K 2018-11-28
8-K 2018-11-26
8-K 2018-11-06
8-K 2018-11-05
8-K 2018-10-29
8-K 2018-10-19
8-K 2018-08-20
8-K 2018-08-08
8-K 2018-08-02
8-K 2018-07-18
8-K 2018-05-16
8-K 2018-05-14
8-K 2018-05-10
8-K 2018-05-03
8-K 2018-04-20
8-K 2018-04-19
8-K 2018-04-12
8-K 2018-03-15
8-K 2018-03-06
8-K 2018-02-26
8-K 2018-01-11
8-K 2018-01-03

BXG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unrestricted Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 bxg-20200331xex31_1.htm
EX-31.2 bxg-20200331xex31_2.htm
EX-32.1 bxg-20200331xex32_1.htm
EX-32.2 bxg-20200331xex32_2.htm

Bluegreen Vacations Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.41.10.80.60.30.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 2020

OR

¨   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 001-19292

BLUEGREEN VACATIONS CORPORATION

(Exact name of registrant as specified in its charter)

Florida

03-0300793

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

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

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

Ding

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

BXG

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes x     No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes x     No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ¨

Accelerated filer  x

Non-accelerated filer  ¨

Smaller reporting company  ¨

Emerging growth company  x

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.     x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes ¨     No x

As of May 11, 2020, there were 72,484,293 shares of the registrant’s common stock, $.01 par value, outstanding.


BLUEGREEN VACATIONS CORPORATION

FORM 10-Q TABLE OF CONTENTS

 

2


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share data)

March 31,

December 31,

2020

2019

ASSETS

Cash and cash equivalents

$

241,525

$

190,009

Restricted cash ($17,456 and $22,534 in VIEs at March 31, 2020

and December 31, 2019, respectively)

34,090

49,637

Notes receivable

585,159

589,198

Less: Allowance for loan losses

(155,166)

(140,630)

Notes receivable, net ($288,435 and $292,590 in VIEs

at March 31, 2020 and December 31, 2019, respectively)

429,993

448,568

Inventory

347,293

346,937

Prepaid expenses

27,805

10,501

Other assets

43,674

52,731

Operating lease assets

22,329

20,858

Intangible assets, net

61,494

61,515

Loan to related party

80,000

80,000

Property and equipment, net

98,248

99,262

Total assets

$

1,386,451

$

1,360,018

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Accounts payable

$

14,664

$

16,653

Accrued liabilities and other

79,553

103,948

Operating lease liabilities

23,608

22,124

Deferred income

15,343

18,074

Deferred income taxes

92,328

92,504

Receivable-backed notes payable - recourse

80,473

88,569

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

339,224

334,246

Lines-of-credit and notes payable

223,785

146,160

Junior subordinated debentures

72,285

72,081

Total liabilities

941,263

894,359

Commitments and Contingencies - See Note 9

 

 

Shareholders' Equity

Common stock, $0.01 par value, 100,000,000 shares authorized; 72,484,293

shares issued and outstanding at March 31, 2020 and 74,362,693 shares

issued and outstanding at December 31, 2019

725

744

Additional paid-in capital

257,812

269,534

Retained earnings

136,381

145,847

Total Bluegreen Vacations Corporation shareholders' equity

394,918

416,125

Non-controlling interest

50,270

49,534

Total shareholders' equity

445,188

465,659

Total liabilities and shareholders' equity

$

1,386,451

$

1,360,018

See accompanying Notes to Consolidated Financial Statements - Unaudited

3


BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (UNAUDITED)

(In thousands, except per share data)

For the Three Months Ended

March 31,

2020

2019

Revenue:

Gross sales of VOIs

$

75,481

$

62,884

Provision for loan losses

(30,353)

(11,153)

Sales of VOIs

45,128

51,731

Fee-based sales commission revenue

41,365

45,212

Other fee-based services revenue

29,314

29,568

Cost reimbursements

19,120

17,044

Interest income

21,866

22,008

Other income, net

133

89

Total revenue

156,926

165,652

Costs and expenses:

Cost of VOIs sold

4,099

3,848

Cost of other fee-based services

22,711

22,868

Cost reimbursements

19,120

17,044

Selling, general and administrative expenses

101,197

90,214

Interest expense

8,818

9,506

Total costs and expenses

155,945

143,480

Income before non-controlling interest and

  provision for income taxes

981

22,172

Provision for income taxes

44

5,303

Net income

937

16,869

Less: Net income attributable to
  non-controlling interest

736

1,716

Net income attributable to Bluegreen

 Vacations Corporation shareholders

$

201

$

15,153

Comprehensive income attributable to

Bluegreen Vacations Corporation

shareholders

$

201

$

15,153


4


BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (UNAUDITED)

(In thousands, except per share data)

For the Three Months Ended

March 31,

2020

2019

Earnings per share attributable to
  Bluegreen Vacations Corporation
  shareholders - Basic and diluted

$

0.00

$

0.20

Weighted average number of common shares
  outstanding:

Basic and diluted

74,066

74,446

Cash dividends declared per share

$

0.13

$

0.17

See accompanying Notes to Consolidated Financial Statements - Unaudited.


5


BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(In thousands, except share data)

Equity Attributable
to Bluegreen Vacations Corporation Shareholders

Common
Shares
Issued

  

Total

Common
Stock

Additional
Paid-in-
Capital

Retained
Earnings

Equity
Attributable to
Non-Controlling
Interest

74,362,693 

Balance at December 31, 2019

$

465,659 

$

744 

$

269,534 

$

145,847 

$

49,534 

Net income

937 

201 

736 

Dividends to shareholders

(9,667)

(9,667)

(1,878,400)

Stock repurchase

(11,741)

(19)

(11,722)

72,484,293 

Balance at March 31, 2020

$

445,188 

$

725 

$

257,812 

$

136,381 

$

50,270 

Equity Attributable
to Bluegreen Vacations Corporation Shareholders

Common
Shares
Issued

  

Total

Common
Stock

Additional
Paid-in-
Capital

Retained
Earnings

Equity
Attributable to
Non-Controlling
Interest

74,445,923 

Balance at December 31, 2018

$

475,365 

$

744 

$

270,369 

$

158,641 

$

45,611 

Net income

16,869 

15,153 

1,716 

Dividends to shareholders

(12,655)

(12,655)

74,445,923 

Balance at March 31, 2019

$

479,579 

$

744 

$

270,369 

$

161,139 

$

47,327 

See accompanying Notes to Consolidated Financial Statements - Unaudited.

6


BLUEGREEN VACATIONS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands)

For the Three Months Ended

March 31,

2020

2019

Operating activities:

Net income

$

937

$

16,869

Adjustments to reconcile net income to net cash (used in)

provided by operating activities:

Depreciation and amortization

4,792

4,486

(Gain) Loss on disposal of property and equipment

(44)

10

Provision for loan losses

30,353

11,153

(Benefit) Provision for deferred income taxes

(176)

2,281

Changes in operating assets and liabilities:

Notes receivable

(11,778)

(7,698)

Prepaid expenses and other assets

(8,452)

(9,048)

Inventory

(356)

(8,237)

Accounts payable, accrued liabilities and other, and

deferred income

(29,102)

1,126

Net cash (used in) provided by operating activities

(13,826)

10,942

Investing activities:

Purchases of property and equipment

(2,966)

(7,507)

Proceeds from sale of property and equipment

147

Net cash used in investing activities

(2,819)

(7,507)

Financing activities:

Proceeds from borrowings collateralized