BLUEGREEN GREEN VACATIO IONS NS SECON OND D QUARTER ER 2019 9 - PowerPoint PPT Presentation

We Provi vide de Advic ice e When n Your ur Busin iness ess Needs ds It Not t Just t When n You u Ask For It! BLUEGREEN GREEN VACATIO IONS NS SECON OND D QUARTER ER 2019 9 RE RESULTS TS AUGUS UST T 6, 2019

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 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 our ability to achieve increases in VOI sales including new owner sales; our ability to successfully implement our strategic plans and initiatives, generate earnings and long-term growth; risks that our marketing alliances will not contribute to growth or be profitable; the risk that our business relationship with Bass Pro under the revised terms of our marketing agreement with Bass Pro may not be as profitable as under the prior terms, or at all, or otherwise result in the benefits anticipated; risks that the increases in package sales may not continue and may not result in increased guest tours in the timeframe anticipated or at all; risks that dividend payments will not continue at current levels, if at all; risks that the Company’s costs, including costs of VOIs sold, for the remainder of 2019 will not be within the expected ranges; risks that the Company’s efforts to address the increase in default rates may not be successful and default rates may not decrease and may exceed the Company’s expectations; and the additional risks and uncertainties described in Bluegreen's filings with the Securities and Exchange Commission available to view on the SEC’s website, www.sec.gov and on Bluegreen’s website, ir.bluegrenvacations.com, 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, 2018 and those described in Bluegreen’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. 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. 1

BLUEGREEN VACATIONS OVERVIEW 1994 1994 Entered Vacation Ownership Industry 69 R 69 Resor esorts ts (1) 45 Club Resorts 24 Club Associate Resorts ~217,000 ~217,000 (1) Vacation Club Owners ~236,000 236,000 (2) Tours Annually 69% (2) 69% Capital-Light Revenue 47% 47% (2) Sales to New Customers $740 million $740 million (2) Revenue $122 $122 million million (2) (3) Solara Surfside | Miami Beach, Florida Adjusted EBITDA (1) Data as of 6/30/19. (2) LTM period ended 6/30/19. (3) See appendix for a reconciliation of Adjusted EBITDA to Net Income of $44.2 million for the LTM ended 6/30/19. 2

2Q19 HIGHLIGHTS Entered into a settlement with Bass Pro Shops; amended marketing agreement 1 provides for access to sell vacation packages in Bass Pro stores as well as expansion into at least 60 Cabela’s stores by the end of 2021 2 Total revenue increased by 0.3% to $195.6 million (Loss) earnings per diluted share was $(0.15) compared to $0.36 in the prior year 3 quarter; excluding the expense incurred or accrued in connection with the Bass Pro settlement, earnings per diluted share was $0.24 4 Resort Operations and Club Management revenue increased 9.1% year-over-year to $45.0 million; segment adjusted EBITDA increased 5.4% to $14.5 million (1) 5 System-wide VOI sales of $163.6 million compared to $172.0 million in prior year quarter 6 Provision for loan losses decreased 150 bps year-over-year to 14.9% (1) See appendix for reconciliation. 3 3

(1) PERFORMANCE SECOND QUARTER ($ in millions, except per share data) System em-Wi Wide de Sales of VO VOIs Tota tal l Reven venue ues $175 $196 $195.6 $172.0 $194.9 0.3 .3% $195 $170 (4.9 .9)% )% $194 $165 $193 $163.6 $192 $160 $191 $155 $190 2Q 2018 2Q 2019 2Q 2018 2Q 2019 Adju justed ed EBITD TDA (2) Earnin rnings Per r Share (3) 3) $45 $0.40 $0.36 $41.9 $40 $0.30 (31.6 .6)% )% $0.20 $35 (141.7 .7)% )% $0.10 $28.7 $30 $0.00 $25 -$0.10 $20 ($0.15) -$0.20 2Q 2018 2Q 2019 2Q 2018 2Q 2019 (1) Three months ended 6/30/19. (2) See appendix for reconciliations to net (loss) income of $(11.2) million and $26.7 million, respectively. (3) 2Q2019 includes net present value of expenses related to the Bass Pro settlement of $39.1 million, or $0.39 per share 4

YEAR TO DATE PERFORMANCE ($ in millions, except per share data) System em-Wi Wide de Sales of VO VOIs Tota tal l Reven venue ues $310 $370 $304.8 $300 $364.4 (3.8 .8)% )% $293.3 $365 $362.5 0.5 .5% $290 $360 $280 $355 $270 $260 $350 YTD 2018 YTD 2019 YTD 2018 YTD 2019 Adju justed ed EBITD TDA (3) Earnin rnings Per r Share (4) 4) $80 $0.70 $75.2 $0.64 $0.60 $70 (27.0 .0)% )% $0.50 $60 $54.9 (92.2 .2)% )% $0.40 $50 $0.30 $0.20 $40 $0.10 $0.05 $30 $0.00 YTD 2018 YTD 2019 YTD 2018 YTD 2019 (1) Six months ended 6/30/18. (2) Six months ended 6/30/19. (3) See appendix for reconciliations to net income of $4.0 million and $47.7 million, respectively. (4) 2Q2019 includes net present value of expenses related to the Bass Pro settlement of $39.1 million, or $0.39 per share 5

SECOND QUARTER RECURRING REVENUE MIX ($ in millions) Resort Operations and Club Financing Revenue: Interest Other Recurring Revenue Management Revenue Income $46 $20.5 $5.0 $45.0 $4.6 $4.6 (1.3 .3)% )% $4.5 $19.9 $20.0 $1.5 $4.0 $44 $1.5 $19.7 1.4 .4% $3.5 9.1 .1% $19.5 $3.0 $2.5 $42 $41.3 $2.0 $19.0 $3.2 $1.5 $3.0 $40 $1.0 $18.5 $0.5 $0.0 2Q 2018 2Q 2019 $38 $18.0 Title Revenue Mortgage Servicing Revenue 2Q 2018 2Q 2019 2Q 2018 2Q 2019 6

(1) RECURRING REVENUE MIX YEAR TO DATE ($ in millions) Resort Operations and Club Financing Revenue: Interest Other Recurring Revenue Management Revenue Income $42 $95 $10 $92.1 $8.8 $8.8 $9 0.3 .3% $90 $8 $2.9 $39.9 $3.0 11.2 .2% $40 $7 $39.3 $85 1.7 .7% $6 $82.8 $5 $4 $80 $38 $3 $5.9 $5.8 $2 $75 $1 $0 $36 $70 YTD 2018 YTD 2019 YTD 2018 YTD 2019 YTD 2018 YTD 2019 Title Revenue Mortgage Servicing Revenue (1) Six months ended 6/30/19. 7

FLEXIBLE BUSINESS MODEL Capital-light revenue was 69% of total revenue (1) Sales on behalf of Fee-Based Service clients were 51% of system-wide sales in TTM 2019 2019 (1) 2019 2018 (1) 2018 (1) (1) 2018 (1) 2018 (1) 2019 2019 (1) (1) 29% 31% 52% 51% 48% 49% 69% 71% Capital Light Developed Fee-Based Service Sales Other Sales Balanced sales mix between Realized 42% of sales in cash within new and existing customers 30 days of sale in TTM 2019 2018 (1) 2018 (1) 2019 (1) 2019 (1) 2018 2018 (1) 2019 9 (1) (1) 47% 50% 42% 42% 58% 50% 58% 53% New Customers Existing Customers Financed Cash (1) Trailing twelve month periods ended 6/30/18 and 6/30/19, respectively. 8

STRONG LIQUIDITY POSITION ($ in millions) LIQUID IDIT ITY Y PRO ROFI FILE LE LIQUID UIDIT ITY Y POSIT ITION ION As of June 30, 2019, Bluegreen had  total availability (2) of $150.6 million Avail ilab abil ility ity (2) 2) Unrestr tric icted ted Cash Free ree Cash Flow (1) 1) under its $365.0 million of credit and Under der Credit it Lines receivable purchase facilities $250 $10 $200 $193.3 $219.4 $8.1 Non-receivable-backed debt to $180  $200 equity ratio of 0.45:1 (2) at 6/30/19 vs $180.2 $160 0.43:1 at 12/31/18 $150.6 $5 $150 $140 Track record of producing free cash  $100 flow (“FCF”) and significant cash on $120 hand $0 $50 $100 YTD 2019 FCF and cash on • hand impacted by payment for $0 $80 Bass Pro settlement ($2.9) -$5 YTD 2018 YTD 2019 (1) Six months ended 6/30/19. (2) Subject to eligible collateral and terms and conditions of each facility. 9

APPENDIX For more information, see Earnings Release dated August 6, 2019 and Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on or about August 6, 2019. 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 and six months ended June 30, 2019. Please see the supplemental tables attached herein for additional information and reconciliation of such non-GAAP financial measures.