BLUEGREEN VACATIONS

THIRD QUARTER 2020 RESULTS

November 9, 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; 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 reducing sales of fee-based inventory in favor of developed inventory may not 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 September 30, 2020, which is expected to be filed on or about November 9, 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.

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Bluegreen Vacations Overview

1994

70%(2)

Entered Vacation Ownership Industry

"Capital-Light" Revenue

68Resorts(1)

36%(2)

45 ClubResorts / 23 Club Associate Resorts

Sales ofVOIsto NewCustomers

~218,000(1)

$370.0Million(2)

VacationClubOwners

Revenue

~83,000(2)$29.3Million(2)(3)

GuestTours

Adjusted EDITDA attributable to shareholders

  1. Data as of September 30, 2020
  2. For the nine months ended September 30, 2020. Note that all sales and marketing operations were closed during April and May 2020 in response to the COVID-19 pandemic. See the Company's disclosures in its Quarterly Report on Form 10-Q for the three months ended September 30, 2020. "Capital-light" includes the sales of VOIs under fee-based sales and marketing arrangements, just-in-time inventory acquisition arrangements and secondary market arrangements, as well as other fee-based services revenue and cost reimbursements revenue.
  3. See appendix for a reconciliation of Adjusted EBITDA attributable to shareholders to Net Income attributable to shareholders of $1.3 million for the nine months ended September 30,32020.

Third Quarter Highlights

Net income attributable to shareholders was $9.9 million in the current year quarter, compared

1 to $20.3 million in the prior year quarter.

Earnings Per Share ("EPS") of $0.14 in the current year quarter, compared to $0.27

2 in the prior year quarter.

Adjusted EBITDA attributable to shareholders (1) decreased to $22.4 million in the

3 current year quarter, compared to $37.0 million in the prior year quarter.

System-wide Sales of vacation ownership interests ("VOIs") decreased to $104.3

4 million in the current year quarter from $170.4 million in the prior year quarter

Resort Operations and Club Management revenue for the quarter decreased 11%

5 to $42.2 million compared to the prior year quarter; segment adjusted EBITDA decreased 0.5% to $15.4 million(1) .

The currentyear quarter's results were adversely affected by the economic impact of the COVID-19 pandemic. In response to the pandemic, we temporarily closed all of our VOI sales centers in the

6 last week of March 2020. By September 30, 2020, we recommenced our marketing operations at 92 Bass Pro Shops and Cabela's stores, reactivated our Choice Hotels call transferprogram, reopened all of our resorts, and reopened all but one of our VOI sales centers. Resort occupancy for the third quarterof 2020 was approximately 70%.

7 Completed a private offering and sale of approximately $131.0 million of VOI receivable-backed Notes in October 2020.

(1) Seeappendix for reconciliation.

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Bluegreen Vacations Corporation published this content on 09 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2020 21:15:41 UTC