Bluegreen Vacations : Presentation Q2 2020

BLUEGREEN VACATIONS

SECOND QUARTER 2020 RESULTS

August 10, 2020

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 public health issues, including in particular the COVID-19 pandemic and the effects of the pandemic, including resort closures, travel and business restrictions, volatility in the international and national economy and credit markets, worker absenteeism, quarantines and other health related restrictions; the length and severity of the COVID-19 pandemic and our ability to successfully resume full business operations thereafter; governmental and agency orders, mandates and guidance in response to the COVID-19 pandemic and the duration thereof, which is uncertain and will impact our ability to fully utilize resorts and re-open sales centers and other marketing activities; the pace of recovery following the COVID-19 pandemic; the risk that resorts and sales operations, including those at Bass Pro and Cabela's store locations, may not reopen to the extent or when expected, or may be subject to additional closures in the future, particularly in locations where COVID-19 cases have increased; competitive conditions; our liquidity and the availability of capital; our ability to successfully implement our strategic plans and initiatives to navigate the COVID-19 pandemic; risks that default rates may increase and exceed the Company's expectations, including due to the impact on consumers of the COVID-19 pandemic and if our efforts to address the actions of timeshare exit firms and the increase in default rates associated therewith are not successful; risks related to our indebtedness, including the potential for accelerated maturities and debt covenant violations; the risk of heightened litigation as a result of actions taken in response to the COVID-19 pandemic; the impact of the COVID-19 pandemic on our operations and our payment of regular or special dividends in the future, including that despite the special cash dividend declared during July 2020, we have suspended the payment of regular quarterly cash dividends due to the impact of the COVID-19 pandemic, and dividends may not be paid at historical rates or at all; the impact of the COVID-19 pandemic on consumers, including their income, their level of discretionary spending both during and after the pandemic, and their views towards travel and the vacation ownership industries; the risk that our resort management fees and finance operations may not continue to generate recurring sources of cash during or following the pandemic to the extent anticipated or at all; risks that our current or future marketing alliances may not be available to us in the future; that the Company's current strategy to reduce sales of fee-based inventory may not result in EBITDA growth or otherwise positively impact the Company and such strategy may change; our ability to successfully implement our strategic plans and initiatives, generate earnings and long-term growth; risks that the Company's costs, including costs of VOIs sold, will not be within the expected ranges; risks related to our indebtedness; risks that natural disasters, including hurricanes, may result in declines in leisure travel or traffic at locations where we have marketing operations, adversely impact the availability of credit, or otherwise adversely impact the Company's financial condition and operating results; any damage to physical assets or interruption of access to physical assets or operations resulting from public health issues, such as the COVID-19 outbreak, or from hurricanes, earthquakes, fires, floods, windstorms or other natural disasters, which may increase in frequency or severity due to climate change or other factors; 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, 2019, which was filed on March 12, 2020, and the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2020, which is expected to be filed on or about August 10, 2020. 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.

.

2

Bluegreen Vacations Overview

1994				69%(2)
Entered Vacation Ownership Industry				"Capital-Light" Revenue

68Resorts(1)				38%(2)
45 ClubResorts / 23 Club Associate Resorts				Salesto NewCustomers

~219,000(1)				$225.8Million(1)
VacationClubOwners				Revenue

~47,000(2)$6.9Million(2)(3)

Tours Annually	Adjusted EDITDA

1. Data as of June 30, 2020
2. For the six months ended June 30, 2020, 21 of the Company's 26 VOI sales centers had reopened for sales to existing customers and one was selling to new prospects. See the Company's disclosures in its Quarterly Report on Form 10-Q for the three months ended June 30, 2020.
3. See appendix for a reconciliation of Adjusted EBITDA to Net Loss of $8.6 million for the six months ended 6/30/20.

3

Second Quarter Highlights

Net loss attributable to shareholders was $(8.8) million in the second quarter compared to net

1 loss of $(11.2) million in the prior year quarter.

2 Loss Per Share ("EPS") of $(0.12), compared to $(0.15) in the prior year quarter.

3 Adjusted EBITDA (1) of a loss of $(4.1) million, compared to Adjusted EBITDA of $28.7 million in the prior year quarter.

	4	System-wide Sales of vacation ownership interests ("VOIs) decreased to $13.1
	million in the current year quarter from $163.6 million in the prior year quarter.
5	Resort Operations and Club Management revenue for the quarter decreased 11%
to $36.9 million compared to the prior year quarter; segment adjusted EBITDA
	increased 20% to $18.5 million(1) .

	The currentyear quarter's results were adversely effected by the economic impact of the COVID-19
6	pandemic and the steps taken by the Company in connection with the impact of the pandemic
which includedthe temporary closure of all of the Company's VOI sales centers in the last week of
	March 2020. As of June 30, 2020, 21 of the Company's 26 VOI sales centers had reopened for sales
	to existing owners and one was selling to new prospects. While most resorts had previously been

7 closed, at June 30, 2020, 67 out of 68 resorts had reopened and occupancy for June was approximately 60% at all resorts and 58% at resorts with on-site sales centers.

As of June 30, 2020, unrestricted cash and cash equivalents totaled $209.4 million and, excluding receivable-backed notes payable, the Company's net-debt-to-EBITDA ratio was 0.61.

(1) Seeappendix for reconciliation.

4

Second Quarter ( 1 ) Performance

($ in millions, except per share data)

System-Wide Sales of VOIs

$175	$163.6
$150
$125
$100		(92.0)%
$75
$50
$25		$13.1
$0	2Q 2019	2Q 2020

	Adjusted EBITDA (2)(3)
$35
$28.7
$30
$25
$20
	(114.3%)
$15
$10
$5
	$(4.1)
$0
-$5
-$10
2Q 2019	2Q 2020

$250

$200

$150

$100

$50

$0

$0.00 -$0.02-$0.04-$0.06-$0.08-$0.10-$0.12-$0.14-$0.16

Total Revenue

$192.2

(64.2)%

$68.8

2Q 2019

2Q2020

Loss Per Share(3)

20.0%	$(.12)
$(.15)
2Q 2019	2Q 2020

(1)	Three months ended 6/30/19 and 6/30/2020, respectively
(2)	See appendix for reconciliation to net loss of $(8.8) million and $(11.2) million for 2Q 2019 and 2Q 2020, respectively
(3)	2Q 2019 includes $39.1 million pretax charge, or $0.39 loss per share, related to the Company's settlement with Bass Pro Shops.	5

Year to Date ( 1 ) Performance

($ in millions, except per share data)

System-Wide Sales of VOIs

$325	$293.3
$300
$275
$250
$225		(48.7)%
$200
$175		$150.5
$150
$125
$100
$75
$50
$25
$0	YTD 2019	YTD 2020

Total Revenue

$400$357.9 $350

$300
$250	(36.9)%	$225.8

$200 $150 $100 $50 $0

YTD 2019

YTD 2020

					Earnings (Loss) Per Share(3)
	Adjusted EBITDA (2)(3)
$60				$0.06
$54.9
		$0.05
				$0.04
$50
		$0.02
$40				$0.00
	(87.4%)
		-$0.02
$30				(340.0)%
			-$0.04
$20				-$0.06
	$6.9	-$0.08
$10
		-$0.10
$0				-$0.12
			$(.12)
YTD 2019	YTD 2020	-$0.14
	YTD 2019	YTD 2020

1. Six months ended 6/30/19 and 6/30/2020, respectively
2. See appendix for reconciliation to net income (loss) of $4.0 million and $(8.6) million for the six months ended 6/30/2019 and 6/30/2020, respectively
3. 2020 includes $13.3 pretax, or $0.13 loss per share, due to the COVID-19 pandemic. 2020 and 2019 include $4.0 million pretax or $0.04 loss per share and $39.1 million pretax, or

$0.53 loss per share, respectively, related to the Company's settlement with Bass Pro Shops.

6

S e co n d Quarter(1) Recurring Revenue Mix

($ in millions)
Resort Operations and Club
	Financing Revenue: Interest
Management Revenue		Income(2)

$44			$19.9
$20.0

			$19.5		(4.3)%
$42	$41.7				$19.1
	$19.0
$40			$18.5
		$18.0
	(11.4)%
$38			$17.5
		$17.0
	.9
		$16.5
$36
		$16.0
			$15.5
$34			$15.0
2Q 2019	2Q 2020	2Q 2019	2Q 2020

1. Three months ended 6/30/19 and 6/30/20, respectively
2. Represents interest income from the financing of VOI sales.

Other Recurring Revenue

$5.0

$4.5			$4.6
$4.0
$1.5			(37.6)%
$3.5
$3.0						$2.9
$2.5
			$1.5
$2.0
$1.5			$3.0
$1.0
			$1.3
$0.5
$0.0
2Q 2019	2Q 2020
			Title Revenue			Mortgage Servicing Revenue

7

Year to Date (1) Recurring Revenue Mix

($ in millions)
Resort Operations and Club
	Financing Revenue: Interest
Management Revenue		Income(2)

$43.0

Other Recurring Revenue

$10.0

$39.9

$39.2

$9.0 $8.8

$87			$38.0
$85.6
	(3.4)%	$33.0
$83		$82.6
	$28.0

$79

$23.0

$75			$18.0
YTD 2019	YTD 2020

1. Six months ended 6/30/19 and 6/30/20, respectively
2. Represents interest income from the financing of VOI sales.

(1.8)%

YTD 2019

YTD 2020

$8.0	$3.0	(18.5)%
	$7.2
$7.0
$6.0
	$3.1
$5.0
$4.0
$3.0
$5.8
$2.0		$4.1
$1.0
$0.0
YTD 2019	YTD 2020

Title Revenue Mortgage Servicing Revenue

8

Strong Liquidity Position

($ in millions)

Liquidity Position

Liquidity Profile

	Unrestricted Cash	Free CashFlow(1)(3)
$215			$5		$4.5	$240
$210	$209.4				$220
					$200
$205
					$180
$200
$0			$160
$195
					$140
$190.0
$190						$120
$185				($2.9)		$100
$180			-$5			$80
		YTD 2019	YTD 2020

Availability(2)

Under CreditLines

$220.2

$158.5

• As of June 30, 2020 Bluegreen hadtotal availability(2) of $158.5 million under its $405.0 million of credit and receivable purchasefacilities
• Non-receivable-backeddebt to equity ratio of 0.58:1 at 6/30/20vs 0.47:1 at 12/31/19
• In June 2020, Bluegreen amended its revolving timeshare receivables hypothecation facility with Liberty Bank, extending the revolving credit period until June 2021 and the maturity of the facility to June 2024. Maximum permitted outstanding borrowings were reduced from $50 million to $40 million.
• In July 2020, Bluegreen declared a special cash dividend of $1.19 per share payable August 21, 2020 to shareholders of record as of the close of trading on August 6, 2020. Bluegreen obtained an undertaking

1. Six months ended 6/30/19 & 6/30/2020, respectively
2. Subject to eligible collateral and the terms and conditions of each facility.
3. Seethe supplemental tables for areconciliation of cashflow from operating activities to free cashflow, which is defined ascashfrom operating activities less capital expenditures.

by BBX Capital Corporation to utilize the proceeds of the special dividend to repay BBX Capital's outstanding $80 million debt

owed to Bluegreen.

9

APPENDIX

For more information, see Earnings Release dated August 10, 2020 and the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on or about August 10, 2020. Further, the Company refers to certain non-GAAP financial measures, including system-wide sales of VOIs, Adjusted EBITDA, and free cash flow, which are defined in the Company's Earnings Release and Quarterly Report on Form 10-Q for the three months ended June 30, 2020. Please see the supplemental tables attached herein for additional information and reconciliation of such non-GAAP financial measures.

Consolidated Statements of Operations and Comprehensive Income

(Inthousands)

		For the Three Months Ended				For the Six Months Ended
			June 30,				June 30,
Revenue:	2020			2019				2020			2019
Gross sales of VOIs	$		10,900		$	80,221	$	86,381		$	143,105
Estimated uncollectible VOI notes receivable			(1,846)		(11,919)			(32,199)		(23,072)
Sales of VOIs			9,054			68,302			54,182			120,033
Fee-based sales commission revenue			1,135			55,343			42,500			100,555
Other fee-based services revenue			26,413			30,703			55,727			60,271
Cost reimbursements			11,850			14,007			30,970			31,051
Interest income			20,108			21,875			41,974			43,883
Other income, net			273			1,993			406			2,082
Total revenue			68,833			192,223			225,759			357,875
Costs and expenses:
Cost of VOIs sold			1,038			10,572			5,137			14,420
Cost of other fee-based services			18,535			19,049			40,246			41,042
Cost reimbursements			11,850			14,007			30,970			31,051
Selling, general and administrative expenses			40,880			148,543			143,077			239,632
Interest expense			8,540			10,061			17,358			19,567
Total costs and expenses			80,843			202,232			236,788			345,712
(Loss) Income before non-controlling interest
and (benefit) provision for income taxes			(12,010)		(10,009)			(11,029)		12,163
(Benefit) provision for income taxes			(3,821)			(3,957)			(3,777)			1,346
Net (loss) income			(8,189)		(6,052)			(7,252)		10,817
Less: Net income attributable to			641			5,131			1,377			6,847
non-controlling interest
Net (loss) income attributable to Bluegreen
Vacations Corporation shareholders	$		(8,830)	$	(11,183)	$	(8,629)	$	3,970
Comprehensive (loss) income attributable to
Bluegreen Vacations Corporation
shareholders	$		(8,830)	$	(11,183)	$	(8,629)	$	3,970
												11

Consolidated Statements of Operations and Comprehensive Income

(Inthousands)

			For the Three Months Ended			For the Six Months Ended
			June 30,					June 30,
			2020			2019				2020			2019
(Loss) Earnings per share attributable to
Bluegreen Vacations Corporation
shareholders - Basic and diluted	$	(0.12)	$	(0.15)			$	(0.12)	$	0.05
Weighted average number of common shares
outstanding:
Basic and diluted			72,485			74,446				73,275			74,446
Cash dividends declared per share	$	-	$	0.17		$	0.13	$	0.34

12

Consolidated Statements of Cash Flows

(Inthousands)

				For the Six Months Ended
				June 30,
	2020							2019
Operating activities:
Net (loss) income	$		(7,252)	$	10,817
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization				9,535						9,056
Loss (gain) on disposal of property and equipment				43						(1,945)
Provision for loan losses				32,199						23,072
Benefit for deferred income taxes				(5,386)						(10,041)
Changes in operating assets and liabilities:
Notes receivable				12,137						(24,905)
Prepaid expenses and other assets				15,783						(11,528)
Inventory				(3,333)						(8,071)
Accounts payable, accrued liabilities and other, and
deferred income				(44,729)						25,157
Net cash provided by operating activities				8,997						11,612
Investing activities:
Purchases of property and equipment				(4,542)						(14,516)
Proceeds from sale of property and equipment				165						1,820
Net cash used in investing activities				(4,377)						(12,696)
Financing activities:
Proceeds from borrowings collateralized
by notes receivable				42,418						45,095
Payments on borrowings collateralized by notes receivable				(66,115)						(66,769)
Proceeds from borrowings collateralized
by line-of-credit facilities and notes payable				80,000						20,386
Payments under line-of-credit facilities and notes payable				(44,324)						(17,407)
Payments of debt issuance costs				(581)						(132)
Repurchase and retirement of common stock				(11,741)						-
Dividends paid				(9,667)						(25,312)
Net cash used in financing activities				(10,010)						(44,139)
Net decrease in cash and cash equivalents
and restricted cash				(5,390)						(45,223)
Cash, cash equivalents and restricted cash at beginning of period				239,646						273,134
Cash, cash equivalents and restricted cash at end of period	$		234,256
	$	227,911
Supplemental schedule of operating cash flow information:
Interest paid, net of amounts capitalized	$		16,423	$	16,871
Income taxes paid	$		241	$	14,357
Supplemental schedule of non-cash investing and financing activities:											13
Acquisition of inventory, property, and equipment for notes payable	$		-	$	-

Consolidated Balance Sheets

(In thousands except share and per sharedata)

			June 30,				December 31,
	2019				2019
ASSETS
Cash and cash equivalents	$		209,427	$	190,009
Restricted cash ($16,372 and $22,534 in VIEs at June 30, 2020
and December 31, 2019, respectively)				24,829			49,637
Notes receivable				551,861			589,198
Less: Allowance for loan losses				(147,629)			(140,630)
Notes receivable, net ($288,358 and $292,590 in VIEs
at June 30, 2020 and December 31, 2019, respectively)				404,232			448,568
Inventory				350,270			346,937
Prepaid expenses				18,823			10,501
Other assets				28,633			52,731
Operating lease assets				20,834			20,858
Intangible assets, net				61,473			61,515
Loan to related party				80,000			80,000
Property and equipment, net				95,849			99,262
Total assets	$		1,294,370	$	1,360,018
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts payable	$		12,641	$	16,653
Accrued liabilities and other				67,297			103,948
Operating lease liabilities				22,325			22,124
Deferred income				13,783			18,074
Deferred income taxes				87,118			92,504
Receivable-backed notes payable - recourse				74,599			88,569
Receivable-backed notes payable - non-recourse (in VIEs)				325,206			334,246
Lines-of-credit and notes payable				181,908			146,160
Junior subordinated debentures				72,494			72,081
Total liabilities				857,371			894,359
Commitments and Contingencies
Shareholders' Equity
Common stock, $.01 par value, 100,000,000 shares authorized; 72,484,293
shares issued and outstanding at June 30, 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				127,551			145,847
Total Bluegreen Vacations Corporation shareholders' equity				386,088			416,125
Non-controlling interest				50,911			49,534
Total shareholders' equity				436,999			465,659	14
Total liabilities and shareholders' equity	$		1,294,370	$	1,360,018

Free Cash Flow Reconciliation

			For the Six Months Ended June 30,
(in thousands)			2020			2019
Net cash provided by operating activities	$	8,997	$	11,612
Purchases of property and equipment			(4,542)			(14,516)
Free Cash Flow	$	4,455	$	(2,904)

15

Adjusted EBITDA Reconciliation

			For the Three Months Ended			For the Six Months Ended
(in thousands)			June 30,				June 30,
		2020				2019			2020				2019
			(8,830)							(8,629)
Net income attributable to shareholders	$	$		(11,183)	$	$		3,970
Net income attributable to the
non-controlling interest in			641							1,377
Bluegreen/Big Cedar Vacations						5,131						6,847
Adjusted EBITDA attributable to the
non-controlling interest			(775)							(1,681)
in Bluegreen/Big Cedar Vacations						(5,193)						(6,974)
Loss (gain) on assets held for sale			87				(1,989)			43				(1,980)
Add: Depreciation and amortization			3,890				3,504			7,789				6,870
Less: Interest income (other than interest			(1,047)							(2,765)
earned on VOI notes receivable)						(1,792)						(3,638)
Add: Interest expense - corporate and other			4,369				4,991			8,523				9,235
Add: Franchise taxes			-				25			17				60
Add: (Benefit) provision for income taxes			(3,821)				(3,957)			(3,777)				1,346
Add: Severance			2,229				-			6,725				-
Less: Employee Retention credit related to severance			(2,202)				-			(2,202)				-
Add: COVID-19 incremental costs			1,368				-			1,474				-
Add: Bass Pro Settlement			-				39,121			-				39,121
Total Adjusted EBITDA	$	(4,091)	$		28,658	$	6,894	$		54,857

16

Other Financial Data

		For the Three Months Ended June 30,			For the Six Months Ended June 30,
(in thousands)		2020			2019			2020			2019
Financing Interest Income	$	19,061	$	19,925	$	39,209	$	39,942
Financing Interest Expense		(4,171)			(5,070)			(8,835)			(10,332)
Non-Financing Interest Income		1,047			1,950			2,765			3,941
Non-Financing Interest Expense		(4,369)			(4,991)			(8,523)			(9,235)
Mortgage Servicing Income		1,510			1,544			3,105			3,034
Mortgage Servicing Expense		(946)			(1,174)			(2,366)			(2,554)
Title Revenue		1,349			3,040			4,072			5,768
Title Expense		(719)			(1,099)			(2,189)			(2,309)

17