BLUEGREEN VACATIONS FOURTH QUARTER 2019 RESULTS March 9, 2020 - PowerPoint PPT Presentation

BLUEGREEN VACATIONS FOURTH QUARTER 2019 RESULTS March 9, 2020

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 be achieved 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; the risk that revenue sources will not be recurring; risks that public health issues, such as the recent coronavirus outbreak, and natural disasters, including hurricanes, may result in declines in leisure travel and 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 recent coronavirus 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 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, 2019 filed on or before March 16, 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. 2

Bluegreen Vacations Overview 1994 68% (1) Entered Vacation OwnershipIndustry “Capital-Light” Revenue 68Resorts 45% (1) 45 Club Resorts / 23 Club AssociateResorts Sales to NewCustomers ~220,000 (1) $740Million (1) V acation Club Owners Revenue ~236,000 (1) $122Million (1)(2) T ours Annually Adjusted EDITDA (1) Data as of or for the year ended 12/31/19 3 (2) See appendix for a reconciliation of Adjusted EBITDA to Net Income of $34.9 million for the year ended 12/31/19.

4Q19 Highlights Total revenue for the quarter increased by 5.9% to $183.9million compared to the prior year quarter, primarily due to increases in VOI sales and growth in resort operations and club 1 management revenues partially offset by a decrease in fee-based service commission revenue. Earningsper sharefor the quarter of $0.14 compared to $0.27 in the prior year quarter. 2 Adjusted EBITDA (1) of $30.0 millionfor the quarter compared to $31.7 million in the prior year quarter. 3 System-wide VOI sales for the quarter increased 6.5% to $155.5 million compared to the prior year quarter, primarily due to improved sales-to-tour conversion 4 ratio, which increased the average sales volume per guest (“VPG”), and an increased number or guest tours. Resort Operations and Club Management revenue for the quarter increased 2.3% 5 to $42.0million compared to the prior year quarter; segment adjusted EBITDA increased 12.0% to $14.0 million (1) . 6 Total package sales volumes in the fourth quarter of 2019 increased approximately 5% compared to the fourth quarter of2018. Alan B. Levan named President & Chief Executive Officer (“CEO”), Raymond S. Lopez appointed Chief 7 Operating Officer (“COO”) in addition to his duties as Chief Financial Officer (“CFO”) and Dusty Tonkin joined the Company as Chief Sales Officer (“CSO”). (1) See appendix for reconciliation. 4

Fourth Quarter Performance ($ in millions, except per share data) System-Wi Sy Wide Sales of VOIs To Total Revenue $186 $183.9 $160 $184 $155.5 $182 $156 $180 $152 $178 5.9% 6.5% $176 $173.7 $148 $174 $146.0 $172 $144 $170 $140 $168 4Q 2018 4Q 2019 4Q 2018 4Q 2019 Ea Earnings Per Share (3 (3) Adjusted EBITD Ad TDA A (2 (2) $0.30 $35 $0.27 $34 $0.25 $33 $31.7 $32 $0.20 ( 48.1)% (5.4%) $31 $30.0 $0.14 $30 $0.15 $29 $0.10 $28 $27 $0.05 $26 $25 $0.00 4Q 2018 4Q 2019 4Q 2018 4Q 2019 (1) Three months ended 12/31/18 and 12/31/19, respectively (2) See appendix for reconciliation to net income of $19.8 million and $10.6 million for 4Q 2018 and 4Q 2019, respectively (3) 4Q 2019 includes a $5.6 million pretax charge, or $0.06 loss per share, on the transfer of certain resort amenities to a homeowners association and $4.3 million in pretax charges, or $0.05 loss per share for severance payments for certain executive and associates. 5

Annual Performance ($ in millions except per share data) System-Wide Sales of VOIs TotalRevenues $741 $740.2 $627 $740 $624.1 0.3% $623 $739 (0.8)% $738.3 $619.1 $619 $738 $737 $615 2018 2019 2018 2019 AdjustedEBITDA Earnings PerShare (2) (1) $144 $141.8 $1.40 $140 $1.18 $1.20 $136 $1.00 (14.1)% $132 (60.2)% $128 $0.80 $121.8 $124 $0.60 $0.47 $120 $0.40 $116 $0.20 $112 $0.00 $108 2018 2019 2018 2019 (1) See appendix for reconciliations to net income of $88.0 million and $34.9 million for 2018 and 2019, respectively. (2) Includes a pretax charge for the net present value of expenses related to the Bass Pro settlement of $39.1 million, or $0.39 loss per share, a $5.6 million pretax charge, or $0.06 loss per share, on the transfer of certain resort amenities to a homeowners association and $6.3 million in pretax charges, or $0.06 loss per charge, for severance payments for certain executives and associates. 6

Fourth Quarter Recurring Revenue Mix ($ in millions) Resort Oper ati ons and Club Financing Revenue: Interest Other Recurring Revenue Management Revenue Income (2) $44 $20.5 $7.0 $20.1 $6.0 $5.8 $20.0 (0.3%) $20.0 $5.0 29.9% $1.6 $4.4 $19.5 $4.0 $42.0 $1.6 $42 $3.0 $19.0 2.3% $41.1 $4.2 $2.0 $2.9 $18.5 $1.0 $0.0 $40 $18.0 4Q 2018 4Q 2019 4Q 2018 4Q 2019 4Q 2018 4Q 2019 Title Revenue Mortgage Servicing Revenue (1) Three months ended 12/31/18 and 12/31/19, respectively (2) Represents interest income from the financing of VOI sales. 7

Annual Recurring Revenue Mix ($ in millions) Resort Operations and Club Financing Revenue: Interest Other Recurring Revenue Income (1) Management Revenue $180 $82 $25 $80.0 $79.4 0.8% $78 $174.9 $20.5 $175 $20 12.7% $18.2 $74 3.9% $6.2 $170 $6.0 $168.4 $70 $15 $165 $66 $10 $62 $160 $14.2 $12.2 $58 $5 $155 $54 $0 $150 $50 2018 2019 2018 2019 2018 2019 Title Revenue Mortgage Servicing Revenue (1) Represents interest income from the financing of VOI sales. 8

Flexible Business Model Capital-light revenue was 68 % of total revenue Sales on behalf of Fee-Based Service clients were 50% of system-wide sales 2018 2019 2018 2019 29% 32% 51% 50% 49% 50% 68% 71% Capital Light Developed Fee-Based Service Sales OtherSales Sales mix between new and existing customers Realized 42% of sales in cash within 30 days of sale 2018 2019 2018 2019 48% 42% 45% 42% 52% 58% 58% 55% New Customers ExistingCustomers Financed Cash 9