Bluegreen Vacations Holding Corporation
Bluegreen Vacations — Q1 2023 Earnings Presentation
22 slides from Bluegreen Vacations's earnings presentation, May 25, 2023
Slide 1: Bluegreen Vacations Investor Presentation First Quarter 2023
BLUEGREEN VACATIONS INVESTOR PRESENTATION FIRST QUARTER 2023 MAY 2023
Slide 2: Forward-looking Statements
Forward-looking Statements Certain statements in this presentation 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 fac
Slide 3: Bluegreen Vacations
Bluegreen Vacations Bluegreen Vacations Holding Corporation (NYSE: BVH; OTCQX: BVHBB) (the “Company") 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,
Slide 4: First Quarter Overview
First Quarter Overview $0.71 Diluted Earnings Per Share (“EPS”) $30.1 Million(1) Adjusted EBITDA attributable to shareholders $166.9 Million(1) System-wide sales of VOIs 51,749 Number of guest tours 129 Marketing operations at 129 (gross) Bass Pro and Cabela’s(2) locations. $22.6 Million Resort oper
Slide 5: First Quarter Performance
First Quarter(1) Performance ($ In millions, except vacation packages data) System-Wide Sales of VOIs $151.5 $166.9 Q1 2022 Q1 2023 Total Revenue $195.1 $219.1 Q1 2022 Q1 2023 Adjusted EBITDA $31.1 $30.1 Q1 2022 Q1 2023 Vacation Packages Sold 41,990 40,780 Q1 2022 Q1 2023 For the three months ended
Slide 6: Multi-Channel Sales & Marketing
Multi-Channel Sales & Marketing 3/31/2022(1) 41,000+ Vacation Packages Sold ~49,000 Guest Tours (New Customer & Existing Owners) $151.5 Million System-Wide VOI Sales ~218,000 Vacation Club Owners Vacation Packages & Leads Tours Sales Owners In-House Tours 3/31/2023(2) 40,000+ Vacation Packages Sold
Slide 7: Strong Liquidity Position
Strong Liquidity Position ($ in millions) LIQUIDITY POSITION Unrestricted Cash $175.7 $166.7 12/31/2022 3/31/2023 Free Cash Flow(1) (3) $24.6 ($27.7) YTD 2022 YTD 2023 Availability (2) Under Credit Lines $430.5 $389.3 12/31/2022 3/31/2023 As of March 31, 2023, the Company had total availability(2) o
Slide 8: Strategic Relationships
Strategic Relationships Bluegreen has multiple channels intended to generate sales within our core demographic Bass Pro Shop Cabela’s One-way, exclusive in-store Bass Pro marketing relationship. Operation of 129 (gross) kiosks in Bass Pro and Cabela’s(1) stores. Choice Hotels Marketing to Choice cus
Slide 9: Extensive Network to Reach Target Customers
Extensive Network to Reach Target Customers\ Bluegreen Club Resorts (44) Bluegreen Club Resorts - Big Cedar JV (4) Bluegreen Club Associate Resorts (23) Bass Pro Shops with BXG (69) Cabela’s' with BXG (59)1 Percent of Owner Population by State 6-10% 4-5% 2-3% <2% bluegreen vacations 9
Slide 10: A Leading Operator of Drive-To Vacation Ownership Resorts
A Leading Operator of “Drive-To” Vacation Ownership Resorts Approximately 88% of owners live within a 4-hour drive to a Bluegreen resort Geographically diverse owner base Opportunities for growth in the western U S Bluegreen Club Resorts (44) Bluegreen Club Resorts - Big Cedar JV (4) Bluegreen Club
Slide 11: New Properties: Our Resort Network is Growing
NEW PROPERTIES Our Resort Network is Growing! Bluegreen’s Streamside Resort VAIL, CO Bluegreen’s Panama City Beach Resort and Spa PANAMA CITY BEACH, FL bluegreen vacations 11
Slide 12: Resort Expansions
RESORT EXPANSIONS The Club at Big Bear Village BIG BEAR LAKE , CA Mills Springs† SMOKY MOUNTAINS, TN MountainLoft™ GATLINBURG, TN The Fountains™ ORLANDO, FL †This resort is not yet constructed and its construction is anticipated, but not guaranteed. Resort design and planned amenities are subject to
Slide 13: Securitization History and Other Credit Facilities
Securitization History and Other Credit Facilities Recent Securitization History 2022-A 2020-A 2018-A 2017-A 2016-A 2015-A Initial Note Amount $172.00 $131.00 $117.70 $120.20 $130.50 $117.80 Advance Rate 88.30% 88.00% 87.20% 88.00% 90.00% 94.25% Weighted Avg. Interest Rate 4.60% 2.60% 4.02% 3.12% 3.
Slide 14: VOI Sales Finance Business
VOI Sales Finance Business Seller-financing provided for up to 90% of purchase price (down payment may include equity) Facilitates VOI sales and earns net interest spread Weighted average interest rate: 15.3% (1) In-house servicing team Net Interest Spread For the quarter ended 3/31/2023 ($ in milli
Slide 15: Sector Comparison
Sector Comparison I($ in millions, except per share figures) Price Share YTD A price data % of 52-wk high Div. yield Market cap Enterprise value EV / 2022A EBITDA (1) EV / 2023E EBITDA (,) EV / 2024E EBITDA <1> Net debt / 2022E EBITDA ,1> Marriott Vacations Worldwide (VAC) $129.82 (3.5%) 78.3% 2.2%
Slide 16: For additional information, please contact
For additional information, please contact: Leo Hinkley, Investor Relations Officer, Managing Director Telephone: 954-399-7193 Email: Leo.Hinkley@BVHCorp.com Thank you! APPENDIX For more information, see the Earnings Release dated May 4, 2023, and the Quarterly Report on Form 10Q filed with the Secu
Slide 17: Consolidated Statements of Operations and Comprehensive Income
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share data) For the Three Months Ended March 31, 2023 2022 Revenue: Gross sales of VOIs Provision for loan losses S 1 /IS QCO $ 115.607 (16,579) (25,246) Sales of VOIs 123.613 99.028 Fee-based sales
Slide 18: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Unaudited) (In thousands) For the Three Mouths Ended March 31, 2023 2022 Operating activities: Net income Adjustment to reconcile net income to net cash S i i n $ i y,zuo provided by operating activities: Provision for loan losses 25,246 16,579 Depreciation and
Slide 19: Consolidated Statements of Cash Flows (Continued)
Consolidated Statements of Cash Flows (Continued) (In thousands) Supplemental cash flow information: Interest paid on borrowings, net of amounts capitalized Income taxes paid Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents Restricted cash Total cash, cash equi
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited) (In thousands, except share data) ASSETS Cash and cash equivalents Restricted cash ($22,116 and $19,461 in VIEs at March 31, 2023 and December 31, 2022, respectively) Notes receivable Less: Allowance for loan losses Notes receivable, net ($373,270 and $354,403
Slide 21: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation(1) (in thousands) Net cash (used in) provided by operating activities Purchases of property and equipment Free Cash Flow For the Three Months Ended March 31, 2023 2022 $ (23.748) $ 29.492 (3,924) (4,895) s $ 24.597 Free cash flow is a non-GAAP measure defined as cash pr
Slide 22: Adjusted EBITDA Attributable to Shareholders Reconciliation
Adjusted EBITDA Attributable to Shareholders Reconciliation (in thousands) For the Three Months Ended March 31, 2023 2022 Net income attributable to shareholders $ 11,499 15,988 Net income attributable to the non-controlling interest in BluegreenBig Cedar Vacations 3,906 3,220 Net Income 15,405 19,2
Bluegreen Vacations Holding — Q1 2023 Earnings Presentation on 6ix