Business Wire | Nov 9, 2020 04:10PM EST

Bluegreen Vacations Holding Corporation Reports Financial Results for the Third Quarter, 2020

Nov. 09, 2020

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Nov. 09, 2020--Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation) ("BVH" or the "Company") reported today its financial results for the quarter ended September 30, 2020.

Third Quarter 2020 Highlights:

* Total revenue from continuing operations decreased to $144.2 million in the quarter from $200.0 million for the third quarter of 2019.

* Net loss from continuing operations was $25.3 million in the quarter, compared to net income from continuing operations of $8.4 million for the third quarter of 2019.

* Diluted loss per share from continuing operations was $(1.53) in the quarter, compared to diluted earnings per share from continuing operations of $0.22 for the third quarter of 2019.

* Bluegreen's current year quarter's results were adversely affected by the economic impact of the COVID-19 pandemic. In response to the pandemic, during the last week of March 2020, Bluegreen temporarily closed all of its VOI sales centers, its retail marketing operations at Bass Pro Shops and Cabela's stores and outlet malls, and its Choice Hotels call transfer program. Bluegreen also canceled existing owner reservations through May 15, 2020 and new prospect guest tours through June 30, 2020, and closed, some of its Club and Club Associate Resorts in accordance with government mandates and advisories. By September 30, 2020, Bluegreen had recommenced its marketing operations in 92 Bass Pro Shops and Cabela's stores, reactivated its Choice Hotels call transfer program, reopened all of its resorts, and reopened all but one of its VOI sales centers. Resort occupancy for the third quarter of 2020 was approximately 70%.

* Balance Sheet at September 30, 2020: Unrestricted cash of $211.1 million. Total consolidated assets of $1.2 billion. Total shareholders' equity of $177.3 million. Fully diluted book value per share of $9.18. (1)

(1) Fully diluted book value per share is shareholders' equity divided by the number of BVH Class A and Class B common shares outstanding as of period end.

Alan B. Levan, Chairman, Chief Executive Officer, and President of BVH and Bluegreen, commented, "We are pleased to have completed the spin-off of BBX Capital, Inc. in September. We believe that as a 'pure play' holding company, we will be better positioned to adopt strategies and pursue objectives appropriate to maximize our value over the long-term by optimizing capital deployment and investment strategies to advance our interests, focused primarily on maximizing the value of our investment in Bluegreen for the benefit of our shareholders.

Bluegreen - Selected Financial Data (1)

Selected highlights of Bluegreen's financial results include the following:

(dollars in millions)





Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 Change 2020 2019 Change



Sales of vacationownership interests $ 59.3 $ 66.3 (10.6) % $ 113.4 $ 186.4 (39.1) %("VOIs")

System-wide sales $ 104.3 $ 170.4 (38.8) % $ 254.8 $ 463.6 (45.0) %of VOIs

Fee-based sales $ 22.1 $ 60.5 (63.4) % $ 64.6 $ 161.0 (59.9) %commissions

Other fee-based $ 27.8 $ 33.7 (17.5) % $ 83.6 $ 94.0 (11.1) %services revenue

Income beforenon-controllinginterest and $ 17.4 $ 30.4 (42.7) % $ 6.4 $ 42.5 (85.0) %

provision forincome taxes

Adjusted EBITDAattributable to $ 22.4 $ 37.0 (39.5) % $ 29.3 $ 91.8 (68.1) %Bluegreen'sshareholders^(2)

Free cash flow $ 41.6 $ 34.7 19.9 % $ 46.1 $ 31.8 45.0 %

(1)

This Selected Financial Data reflects the financial results of Bluegreen and does not adjust any of the applicable financial metrics, such as Adjusted EBITDA, to account for the noncontrolling interest in Bluegreen reflected in BVH's consolidated financial statements as a result of BVH's approximate 93% ownership interest in Bluegreen.

(2)

See the supplemental tables included in this release for a reconciliation of Bluegreen's net income attributable to shareholders to Adjusted EBITDA

Additional Information

For more complete and detailed information regarding BVH and its financial results, please see BVH's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which will be filed with the SEC on or about November 9, 2020 and will be available on the SEC's website, www.sec.gov, and on BVH's website, www.BVHCorp.com.

Non-GAAP Financial Measures

The Company refers to certain non-GAAP financial measures in this press release, including EBITDA, Adjusted EBITDA, System-wide Sales of VOIs, and Free Cash Flow. Please see the supplemental tables herein for how these terms are defined and for reconciliations of such measures to the most comparable GAAP financial measures.

About Bluegreen Vacations Holding Corporation: Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation) is a Florida-based holding company whose sole investment is its approximate 93% ownership interest of Bluegreen Vacations Corporation (NYSE: BXG). For further information, please visit www.BVHcorp.com.

About Bluegreen Vacations Corporation: Bluegreen Vacations Corporation (NYSE: BXG) 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, points-based, deeded vacation ownership plan with 68 Club and Club Associate Resorts and access to nearly 11,300 other hotels and resorts through partnerships and exchange networks. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services to, or on behalf of, third parties. Bluegreen Vacations Corporation is approximately 93% owned by Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation), a Florida-based holding company. For further information about Bluegreen Vacations Corporation, please visit www.BluegreenVacations.com.

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 Bluegreen's 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 Bluegreen's 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 and Bluegreen's liquidity and the availability of capital; Bluegreen's ability to successfully implement its strategic plans and initiatives to navigate the COVID-19 pandemic; risks that Bluegreen's default rates may increase and exceed expectations, including due to the impact on consumers of the COVID-19 pandemic and if Bluegreen's efforts to address the actions of timeshare exit firms and the increase in default rates associated therewith are not successful; risks related to our and Bluegreen's 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 Bluegreen's operations and our and Bluegreen's payment of regular or special dividends in the future, including that, despite the special cash dividend declared by Bluegreen during July 2020, we and Bluegreen 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, and we are largely dependent on dividends from Bluegreen for cash flow; the impact of the COVID-19 pandemic on Bluegreen's 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 Bluegreen's 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 Bluegreen's current or future marketing alliances may not be available to them in the future; our and Bluegreen's ability to successfully implement strategic plans and initiatives, generate earnings and long-term growth; risks relating to our spin-off of BBX Capital, Inc. including that it may not result in the benefits expected to the extent anticipated or at all; risks relating to the Bluegreen Renewal initiative, including that it may not lead to increased sales or profitability when expected or at all; and the additional risks and uncertainties described in the Company's filings with the SEC, including, without limitation, those described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2019, which was filed on March 13, 2020 (other than those that were specific to the businesses of BBX Capital, which was spun-off on September 30, 2020), the risks and uncertainties relating to the Company described in the Company's subsequent filings with the SEC, including the Company's Definitive Proxy Statement on Schedule 14A related to the spin-off of BBX Capital, Inc. which was filed with the SEC on August 27, 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. The Company 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. The Company does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements.

^ This Selected Financial Data reflects the financial results of Bluegreen(1) and does not adjust any of the applicable financial metrics, such as Adjusted EBITDA, to account for the noncontrolling interest in Bluegreen reflected in BVH's consolidated financial statements as a result of BVH's approximate 93% ownership interest in Bluegreen.

^ See the supplemental tables included in this release for a reconciliation(2) of Bluegreen's net income attributable to shareholders to Adjusted EBITDA

Additional Information

For more complete and detailed information regarding BVH and its financial results, please see BVH's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which will be filed with the SEC on or about November 9, 2020 and will be available on the SEC's website, www.sec.gov, and on BVH's website, www.BVHCorp.com.

Non-GAAP Financial Measures

The Company refers to certain non-GAAP financial measures in this press release, including EBITDA, Adjusted EBITDA, System-wide Sales of VOIs, and Free Cash Flow. Please see the supplemental tables herein for how these terms are defined and for reconciliations of such measures to the most comparable GAAP financial measures.

About Bluegreen Vacations Holding Corporation: Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation) is a Florida-based holding company whose sole investment is its approximate 93% ownership interest of Bluegreen Vacations Corporation (NYSE: BXG). For further information, please visit www.BVHcorp.com.

About Bluegreen Vacations Corporation: Bluegreen Vacations Corporation (NYSE: BXG) 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, points-based, deeded vacation ownership plan with 68 Club and Club Associate Resorts and access to nearly 11,300 other hotels and resorts through partnerships and exchange networks. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services to, or on behalf of, third parties. Bluegreen Vacations Corporation is approximately 93% owned by Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation), a Florida-based holding company. For further information about Bluegreen Vacations Corporation, please visit www.BluegreenVacations.com.

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 Bluegreen's 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 Bluegreen's 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 and Bluegreen's liquidity and the availability of capital; Bluegreen's ability to successfully implement its strategic plans and initiatives to navigate the COVID-19 pandemic; risks that Bluegreen's default rates may increase and exceed expectations, including due to the impact on consumers of the COVID-19 pandemic and if Bluegreen's efforts to address the actions of timeshare exit firms and the increase in default rates associated therewith are not successful; risks related to our and Bluegreen's 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 Bluegreen's operations and our and Bluegreen's payment of regular or special dividends in the future, including that, despite the special cash dividend declared by Bluegreen during July 2020, we and Bluegreen 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, and we are largely dependent on dividends from Bluegreen for cash flow; the impact of the COVID-19 pandemic on Bluegreen's 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 Bluegreen's 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 Bluegreen's current or future marketing alliances may not be available to them in the future; our and Bluegreen's ability to successfully implement strategic plans and initiatives, generate earnings and long-term growth; risks relating to our spin-off of BBX Capital, Inc. including that it may not result in the benefits expected to the extent anticipated or at all; risks relating to the Bluegreen Renewal initiative, including that it may not lead to increased sales or profitability when expected or at all; and the additional risks and uncertainties described in the Company's filings with the SEC, including, without limitation, those described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2019, which was filed on March 13, 2020 (other than those that were specific to the businesses of BBX Capital, which was spun-off on September 30, 2020), the risks and uncertainties relating to the Company described in the Company's subsequent filings with the SEC, including the Company's Definitive Proxy Statement on Schedule 14A related to the spin-off of BBX Capital, Inc. which was filed with the SEC on August 27, 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. The Company 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. The Company does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements.







Bluegreen Vacations Holding Corporation

Condensed Consolidated Statements of Financial Condition - Unaudited

(In thousands, except share data)



September December 30, 31,

2020 2019

ASSETS

Cash and cash equivalents $ 211,110 335,846

Restricted cash ($15,135 in 2020 and $22,534 in 35,672 49,8962019 in variable interest entities ("VIEs"))

Notes receivable 559,918 589,198

Less: Allowance for loan loss (149,805) (140,630)

Notes receivable, net ($271,539 in 2020 and 410,113 448,568$292,590 in 2019 in VIEs)

Vacation ownership interest ("VOI") inventory 350,345 346,937

Property and equipment, net 93,046 99,670

Intangible assets, net 61,452 61,515

Operating lease assets 19,667 21,498

Other assets 58,168 68,477

Discontinued operations total assets - 360,861

Total assets $ 1,239,573 1,793,268

LIABILITIES AND EQUITY

Liabilities:

Accounts payable $ 17,794 16,662

Deferred income 14,635 18,074

Escrow deposits 15,967 22,711

Other liabilities 78,278 99,320

Receivable-backed notes payable - recourse 77,417 88,569

Receivable-backed notes payable - non-recourse (in 303,301 334,246VIEs)

Note payable to BBX Capital, Inc. 75,000 -

Notes payable and other borrowings 160,671 146,160

Junior subordinated debentures 137,937 137,254

Operating lease liabilities 21,177 22,957

Deferred income taxes 84,224 89,855

Discontinued operations total liabilities - 173,381

Total liabilities 986,401 1,149,189

Commitments and contingencies

Redeemable noncontrolling interest - 4,009

Equity:

Preferred stock of $0.01 par value; authorized - -10,000,000 shares

Class A Common Stock of $0.01 par value; authorized30,000,000 shares; issued and outstanding 156 15115,624,091 in 2020 and 15,106,067 in 2019

Class B Common Stock of $0.01 par value; authorized4,000,000 shares; issued and outstanding 3,693,596 37 32in 2020 and 3,191,571 in 2019

Additional paid-in capital 177,104 153,507

Accumulated earnings - 394,551

Accumulated other comprehensive income - 1,554

Total shareholders' equity 177,297 549,795

Noncontrolling interests 75,875 90,275

Total equity 253,172 640,070

Total liabilities and equity $ 1,239,573 1,793,268







Bluegreen Vacations Holding Corporation

Condensed Consolidated Statements of Operations and Comprehensive Income - Unaudited

(In thousands, except per share data)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2020

2019

2020

2019

Revenues:

Sales of VOIs

$

59,265

66,318

113,447

186,351

Fee-based sales commissions

22,119

60,478

64,619

161,033

Other fee-based services

27,831

33,744

83,558

94,015

Cost reimbursements

15,684

17,883

46,654

48,933

Interest income

19,346

21,586

59,963

63,969

Other revenue

-

28

-

70

Total revenues

144,245

200,037

368,241

554,371

Costs and Expenses:

Cost of VOIs sold

3,597

3,121

8,734

17,541

Cost of other fee-based services

20,861

22,872

61,107

63,913

Cost reimbursements

15,684

17,883

46,654

48,933

Interest expense

7,968

11,754

27,668

34,270

Selling, general and administrative expenses

120,933

130,032

281,237

394,280

Total costs and expenses

169,043

185,662

425,400

558,937

Other (expense) income

(339)

2,204

186

4,364

(Loss) income before income taxes

(25,137)

16,579

(56,973)

(202)

Provision for income taxes

(201)

(8,152)

(441)

(4,658)

Net (loss) income from continuing operations

(25,338)

8,427

(57,414)

(4,860)

Discontinued operations

(Loss) income from operations

(5,759)

24,603

(41,593)

38,785

Benefit (provision) for income taxes

8,623

(6,530)

9,067

(10,411)

Net income (loss) from discontinued operations

2,864

18,073

(32,526)

28,374

Net (loss) income

(22,474)

26,500

(89,940)

23,514

Less: Income attributable to noncontrolling interests - continuing operations

3,357

4,210

4,314

11,441

Less: (Loss) attributable to noncontrolling interests - discontinued operations

(509)

(98)

(4,822)

(166)

Net (loss) income attributable to shareholders

$

(25,322)

22,388

(89,432)

12,239

Basic (loss) earnings per share from continuing operations

$

(1.53)

0.23

(3.35)

(0.88)

Basic earnings (loss) per share from discontinued operations

0.18

0.98

(1.50)

1.53

Basic (loss) earnings per share

$

(1.35)

1.21

(4.85)

0.65

Diluted (loss) earnings per share from continuing operations

$

(1.53)

0.22

(3.35)

(0.88)

Diluted earnings (loss) per share from discontinued operations

0.18

0.97

(1.50)

1.53

Diluted (loss) earnings per share

$

(1.35)

1.19

(4.85)

0.65

Basic weighted average number of common shares outstanding

18,731

18,518

18,442

18,601

Diluted weighted average number of common and common equivalent shares outstanding

18,731

18,812

18,442

18,601

Cash dividends declared per Class A common share

$

-

0.0625

-

0.1875

Cash dividends declared per Class B common share

$

-

0.0625

-

0.1875

Net (loss) income

$

(22,474)

26,500

(89,940)

23,514

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

15

(75)

19

151

Unrealized gain (loss) on securities available for sale

157

16

(198)

54

Other comprehensive income (loss), net

172

(59)

(179)

205

Comprehensive (loss) income, net of tax

(22,302)

26,441

(90,119)

23,719

Less: Comprehensive income (loss) attributable to noncontrolling interests

2,848

4,112

(508)

11,275

Comprehensive (loss) income attributable to shareholders

$

(25,150)

22,329

(89,611)

12,444

The following supplemental table presents Bluegreen's System-wide sales of VOIs (1) and a reconciliation of Bluegreen's Sales of VOIs to its System-wide sales of VOIs (unaudited) (in thousands):



Bluegreen Vacations Holding Corporation

Condensed Consolidated Statements of Operations and Comprehensive Income -Unaudited

(In thousands, except per share data)



For the Three Months For the Nine Months Ended September 30, Ended September 30,

2020 2019 2020 2019

Revenues:

Sales of VOIs $ 59,265 66,318 113,447 186,351

Fee-based sales commissions 22,119 60,478 64,619 161,033

Other fee-based services 27,831 33,744 83,558 94,015

Cost reimbursements 15,684 17,883 46,654 48,933

Interest income 19,346 21,586 59,963 63,969

Other revenue - 28 - 70

Total revenues 144,245 200,037 368,241 554,371

Costs and Expenses:

Cost of VOIs sold 3,597 3,121 8,734 17,541

Cost of other fee-based 20,861 22,872 61,107 63,913services

Cost reimbursements 15,684 17,883 46,654 48,933

Interest expense 7,968 11,754 27,668 34,270

Selling, general and 120,933 130,032 281,237 394,280administrative expenses

Total costs and expenses 169,043 185,662 425,400 558,937

Other (expense) income (339) 2,204 186 4,364

(Loss) income before income (25,137) 16,579 (56,973) (202)taxes

Provision for income taxes (201) (8,152) (441) (4,658)

Net (loss) income from (25,338) 8,427 (57,414) (4,860)continuing operations

Discontinued operations

(Loss) income from (5,759) 24,603 (41,593) 38,785operations

Benefit (provision) for 8,623 (6,530) 9,067 (10,411)income taxes

Net income (loss) from 2,864 18,073 (32,526) 28,374discontinued operations

Net (loss) income (22,474) 26,500 (89,940) 23,514

Less: Income attributable tononcontrolling interests - 3,357 4,210 4,314 11,441continuing operations

Less: (Loss) attributable tononcontrolling interests - (509) (98) (4,822) (166)discontinued operations

Net (loss) income $ (25,322) 22,388 (89,432) 12,239attributable to shareholders

Basic (loss) earnings pershare from continuing $ (1.53) 0.23 (3.35) (0.88)operations

Basic earnings (loss) pershare from discontinued 0.18 0.98 (1.50) 1.53operations

Basic (loss) earnings per $ (1.35) 1.21 (4.85) 0.65share

Diluted (loss) earnings pershare from continuing $ (1.53) 0.22 (3.35) (0.88)operations

Diluted earnings (loss) pershare from discontinued 0.18 0.97 (1.50) 1.53operations

Diluted (loss) earnings per $ (1.35) 1.19 (4.85) 0.65share

Basic weighted averagenumber of common shares 18,731 18,518 18,442 18,601outstanding

Diluted weighted averagenumber of common and common 18,731 18,812 18,442 18,601equivalent sharesoutstanding

Cash dividends declared per $ - 0.0625 - 0.1875Class A common share

Cash dividends declared per $ - 0.0625 - 0.1875Class B common share



Net (loss) income $ (22,474) 26,500 (89,940) 23,514

Other comprehensive income (loss), net of tax:

Foreign currency translation 15 (75) 19 151adjustments

Unrealized gain (loss) onsecurities available for 157 16 (198) 54sale

Other comprehensive income 172 (59) (179) 205(loss), net

Comprehensive (loss) income, (22,302) 26,441 (90,119) 23,719net of tax

Less: Comprehensive income(loss) attributable to 2,848 4,112 (508) 11,275noncontrolling interests

Comprehensive (loss) income $ (25,150) 22,329 (89,611) 12,444attributable to shareholders

The following supplemental table presents Bluegreen's System-wide sales of VOIs (1) and a reconciliation of Bluegreen's Sales of VOIs to its System-wide sales of VOIs (unaudited) (in thousands):

BLUEGREEN VACATIONS CORPORATION

SYSTEM-WIDE SALES OF VOIs RECONCILIATION



For the Three Months For the Nine Months Ended Ended September 30, September 30,

(in thousands) 2020 2019 2020 2019

Gross sales of VOIs $ 71,149 $ 82,729 $ 157,530 $ 225,834

Add: Fee-Based sales 33,159 87,646 97,266 237,793

System-wide sales of $ 104,308 $ 170,375 $ 254,796 $ 463,627VOIs

(1) System-wide Sales of VOIs is a non-GAAP measure and represents all sales of VOIs, whether owned by Bluegreen or a third party immediately prior to the sale. Sales of VOIs owned by third parties are transacted as sales of VOIs in the Bluegreen Vacation Club through the same selling and marketing process it uses to sell its VOI inventory. Bluegreen considers system-wide sales of VOIs to be an important operating measure because it reflects all sales of VOIs by its sales and marketing operations without regard to whether Bluegreen or a third party owned such VOI inventory at the time of sale. System-wide sales of VOIs should not be considered as an alternative to sales of VOIs or any other measure of financial performance derived in accordance with GAAP or to any other method of analyzing results as reported under GAAP.

The following supplemental table presents Bluegreen's free cash flow (2) and a reconciliation of Bluegreen's cash flows from operating activities to its free cash flow (unaudited) (in thousands):

^(1) System-wide Sales of VOIs is a non-GAAP measure and represents all sales of VOIs, whether owned by Bluegreen or a third party immediately prior to the sale. Sales of VOIs owned by third parties are transacted as sales of VOIs in the Bluegreen Vacation Club through the same selling and marketing process it uses to sell its VOI inventory. Bluegreen considers system-wide sales of VOIs to be an important operating measure because it reflects all sales of VOIs by its sales and marketing operations without regard to whether Bluegreen or a third party owned such VOI inventory at the time of sale. System-wide sales of VOIs should not be considered as an alternative to sales of VOIs or any other measure of financial performance derived in accordance with GAAP or to any other method of analyzing results as reported under GAAP.

The following supplemental table presents Bluegreen's free cash flow (2) and a reconciliation of Bluegreen's cash flows from operating activities to its free cash flow (unaudited) (in thousands):

BLUEGREEN VACATIONS CORPORATION

FREE CASH FLOW RECONCILIATION



For the Nine Months Ended September 30,

(in thousands) 2020 2019

Net cash provided by operating $ 51,975 $ 50,325activities

Purchases of property and equipment (5,895) (18,502)

Free Cash Flow $ 46,080 $ 31,823

(2) Free cash flow is a non-GAAP measure and is defined as cash provided by operating activities less capital expenditures for property and equipment. Bluegreen focuses on the generation of free cash flow and considers free cash flow to be a useful supplemental measure of the its ability to generate cash flow from operations and is a supplemental measure of liquidity. Free cash flow should not be considered as an alternative to cash flow from operating activities as a measure of its liquidity. The Company's computation of free cash flow may differ from the methodology utilized by other companies. Investors are cautioned that the items excluded from free cash flow are a significant component in understanding and assessing the Company's financial performance.

The following supplemental table presents Bluegreen's EBITDA and Adjusted EBITDA (3) and a reconciliation of Bluegreen's net income attributable to shareholders to its EBITDA and Adjusted EBITDA(unaudited) (in thousands):



(2) Free cash flow is a non-GAAP measure and is defined as cash provided byoperating activities less capital expenditures for property and equipment.Bluegreen focuses on the generation of free cash flow and considers free cashflow to be a useful supplemental measure of the its ability to generate cashflow from operations and is a supplemental measure of liquidity. Free cash flowshould not be considered as an alternative to cash flow from operatingactivities as a measure of its liquidity. The Company's computation of freecash flow may differ from the methodology utilized by other companies.Investors are cautioned that the items excluded from free cash flow are asignificant component in understanding and assessing the Company's financialperformance.



The following supplemental table presents Bluegreen's EBITDA and Adjusted EBITDA (3) and a reconciliation of Bluegreen's net income attributable to shareholders to its EBITDA and Adjusted EBITDA(unaudited) (in thousands):

BLUEGREEN VACATIONS CORPORATION

ADJUSTED EBITDA RECONCILIATION





For the Three Months For the Nine Months Ended Ended September 30, September 30,

(in thousands) 2020 2019 2020 2019

Net income attributable to $ 9,901 $ 20,327 $ 1,272 $ 24,297shareholders

Net income attributable to thenon-controlling interest in 2,644 2,248 4,021 9,095Bluegreen/Big Cedar Vacations

Net Income 12,545 22,575 5,293 33,392

Add: Depreciation and 3,891 3,585 11,680 10,453amortization

Less: Interest income (other thaninterest (623) (1,799) (3,388) (5,437)earned on VOI notes receivable)

Add: Interest expense - corporate 3,409 5,326 11,932 14,564and other

Add: Franchise taxes 101 112 118 171

Add: Provision for income taxes 4,850 7,778 1,073 9,124

EBITDA 24,173 37,577 26,708 62,267

Loss (gain) on assets held for 283 (166) 326 (2,146)sale

Add: Severance, net of employee retention

credits 381 1,924 4,904 1,924

Add: COVID-19 incremental costs 282 - 1,756 -

Add: Bass Pro Settlement - - - 39,121

Adjusted EBITDA 25,119 39,335 33,694 101,166

Adjusted EBITDA attributable tothe (2,757) (2,364) (4,438) (9,339)non-controlling interestin Bluegreen/Big Cedar Vacations

Adjusted EBITDA attributable to $ 22,362 $ 36,971 $ 29,256 $ 91,827shareholders

(3) Bluegreen defines EBITDA as earnings or net income from continuing operations before taking into account interest income (excluding interest earned on Bluegreen's VOI notes receivable), interest expense (excluding interest expense incurred by Bluegreen on financings related to its receivable-backed notes payable), income and franchise taxes, and depreciation and amortization. For purposes of Bluegreen's EBITDA calculations, no adjustments were made for interest income earned on Bluegreen's VOI notes receivable or the interest expense incurred on debt that is secured by such notes receivable because they are both considered to be part of the operations of Bluegreen's business.

Bluegreen defines Adjusted EBITDA as EBITDA adjusted for amounts attributable to noncontrolling interests and items that Bluegreen believes are not representative of ongoing operating results. Accordingly, amounts paid, accrued, or incurred in connection with the Bass Pro settlement were excluded in the computation of Bluegreen's Adjusted EBITDA for the nine months ended September 30, 2019.

Bluegreen considers EBITDA and Adjusted EBITDA to be an indicator its operating performance, and they are used to measure its ability to service debt, fund capital expenditures, and expand its business. EBITDA is also used by companies, lenders, investors, and others because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. Additionally, the tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provision for income taxes can vary considerably among companies. EBITDA also excludes depreciation and amortization because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. These differences can result in considerable variability in the relative costs of productive assets and the related depreciation and amortization expense among companies.

Bluegreen considers Adjusted EBITDA to be a useful supplemental measure of its operating performance that facilitates the comparability of historical financial periods. EBITDA and Adjusted EBITDA should not be considered as an alternative to net income as an indicator of Bluegreen's financial performance or as an alternative to cash flow from operating activities as a measure of its liquidity. Bluegreen's computation of EBITDA and Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing Bluegreen's financial performance.

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CONTACT: Bluegreen Vacations Holding Corporation Investor Relations: Leo Hinkley, Managing Director, Investor Relations Officer Telephone: 954-399-7193 Email: Leo.Hinkley@BVHcorp.com