Bluegreen Vacations Holding Corporation
Bluegreen Vacations — Q4 2022 Earnings Presentation
22 slides from Bluegreen Vacations's earnings presentation, Apr 4, 2023
Slide 1: Bluegreen Vacations Investor Presentation Fourth Quarter 2022
BLUEGREEN VACATIONS INVESTOR PRESENTATION FOURTH QUARTER 2022 APRIL 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 fa
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: Fourth Quarter Highlights
Fourth Quarter Highlights 1. Net income attributable to shareholders of $7.6 million (1) . 2. Diluted Earnings Per Share (“EPS”) of $0.41(2). 3. Adjusted EBITDA attributable to shareholders(3) of $32.2 million. 4. System-wide sales of VOIs of $186.5 million. 5. Number of guest tours of 58,632. 6. Ma
Slide 5: Fourth Quarter Performance
Fourth Quarter(1) Performance System-Wide Sales of VOIs $166.6 $186.5 4Q 2021 4Q 2022 Total Revenue $203.0 $238.0 4Q 2021 4Q 2022 Adjusted EBITDA $31.0 $32.2 4Q 2021 4Q 2022 Vacation Packages Sold 53,721 46,002 4Q 2021 4Q 2022 For the three months ended 12/31/2021 and 12/31/2022. See Appendix for re
Slide 6: Year to Date Performance
Year to Date(1) Performance Year to Date(1) Performance System-Wide Sales of VOIs $617.6 $743.4 2021 2022 Total Revenue $757.1 $919.4 2021 2022 Adjusted EBITDA attributable to shareholders $122.0 $139.8 2021 2022 Vacation Packages Sold 211,364 168,982 2021 2022 For the years ended 12/31/2021 and 12/
Slide 7: Sales & Marketing Driven Business
Sales & Marketing Driven Business 12/31/20211 Vacatin Packages & Leads 12/31/20222 211,000 + 168,000 + Vacation Packages Vacation Packages Sold Sold ~ 214,000 Tours ~ 243,000 Guest Tours (New Custoemr & Existing Owners) Guest Tours (New Custoemr & Existing Owners) In-House Tours $617.6 Million Sasle
Slide 8: Liquidity Position
Liquidity Position ($ in millions) Liquidity Position Unrestricted Cash $140.2 $175.7 12/31/2021 12/31/2022 Free Cash Flow(1) (3) $63.4 ($28.0) YTD 2021 YTD 2022 Availability (2) Under Credit Lines $266.1 $430.5 12/31/2021 12/31/2022 Liquidity Profile As of December 31, 2022, the Company had total a
Slide 9: Strategic Relationships
Strategic Relationships Bluegreen has multiple channels intended to generate sales within our core demographic Bass Pro Shops Cabela’s Exclusive in-store Bass Pro marketing relationship Operation of 129 (gross) kiosks in Bass Pro and Cabela’s stores(1) Choice HOTELS Marketing to Choice customers, in
Slide 10: Extensive Network for Reaching Target Customers
Extensive Network for Reaching Target Customers Bluegreen Club Resorts (43) Bluegreen Club Resorts - Big Cedar JV (3) Bluegreen Owned Resorts (1) Bluegreen Club Associate Resorts (23) Bass Pro Shops’ with Bluegreen (69) Cabela’s with Bluegreen (59) Percent of Owner Population by State 6-10% 4-5% 2-3
Slide 11: A Leading Operator of Drive-To Vacation Ownership Resorts
A Leading Operator of “Drive-To” Vacation Ownership Resorts Approximately 88% of owners live within a 4-hour drive to a Bluegreen resort Geographically diverse owner base Opportunities for growth in the western U S Bluegreen Club Resorts (43) Bluegreen Club Resorts - Big Cedar JV (3) Bluegreen Owned
Slide 12: Securitizations and Other Credit Facilities
Securitizations and Other Credit Facilities ($ in millions) 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 $117.80 Advance Rate 88.30% 88.00% 87.20% 88.00% 90.00% 94.25% Weighted Avg. Interest Rate 4.60% 2.60% 4.02%
Slide 13: VOI Sales Finance Business
VOI Sales Finance Business Seller-financing provided for up to 90% of purchase price (down payment may include equity) Facilitates VOI sales and earns net interest spread Weighted average interest rate: 15.3% (1) In-house servicing team Net Interest Spread For the year ended 12/31/2022 ($ in million
Slide 14: Differentiated Owner Base
Differentiated Owner Base Avg. Customer Household Income (1) $125 $110 $90 $86 $71 MARIOTT VACATIONS WORLDWIDE Hilton Grand Vacations TRAVEL + LEISURE Bluegreen Vacations US Median Avg. Customer Household Income (1) Baby Boomer 24% Silent Gen 3% Unknown 16% Gen Z(3) 2% Millennial 26% Gen X 29% Gener
Slide 15: Sector Comparison
Sector Comparison Share data ($ in millions, except per share figures) Price YTD A % of 52-wk high Div. yield Marriott Vacations Worldwide (VAC) $132.90 (1.3%) 80.1% 2.2% Hilton Grand Vacations, Inc. (HGV)0> 42.47 10.2% 77.9% - Travel + Leisure Co. (TNL) 37.47 2.9% 62.5% 4.8% Bluegreen Vacations (BV
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 March 13, 2023, and the Annual Report on Form 10K 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) s Revenue: Gross sales of VOIs Provision for loan losses Sales of VOIs Fee-based sales commission revenue Other fee-based services revenue Cost reimbursements Interest income Other income
Slide 18: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Unaudited) (In thousands) For the Years Ended December 31. Operating activities: Net income (loss) Adjustment to reconcile net income (loss) to net cash provided by operating activities: Recoveries from loan losses, net, from discontinued operations Provision f
Slide 19: Consolidated Statements of Cash Flows (Continued)
Consolidated Statements of Cash Flows (Continued) (In thousands) Financing activities: Repayments of notes payable, line of credit facilities and other borrowings Proceeds from notes payable and other borrowings Redemption of junior subordinated debentures Payments for debt issuance costs Cash trans
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited) (In thousands, except share data) December 31, 2022 December 31, 2021 ASSETS Cash and cash equivalents Restricted cash ($19,461 and $15,956 in VIEs at December 31,2022 and 2021, respectively) S 175,683 $ 50,845 140,225 42,854 Notes receivable 763,801 609,429 L
Slide 21: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation(1) (in thousands) Nel cash (used in) provided by operating activities Purchase of property and equipment Free Cash Flow For the Twelve Months Ended December 31. 2022 2021 S (12.893) S 76,966 (15.098) (13.598) S (27.991) S 63.368 Free cash flow is a non-GAAP measure defi
Slide 22: Adjusted EBITDA Attributable to Shareholders Reconciliation
Adjusted EBITDA Attributable to Shareholders Reconciliation On thousands) Net income attributable to its shareholders Net income attributable to the non-controlling interest continuing operations Net Income Add: Depreciation and amortization Less: Interest income (other than interest earned on VOI n
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