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 THI HIRD RD QUAR ARTER ER 2019 9 RE RESULTS TS OCTOBER BER 31, 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 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; 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 September 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 ~219,000 ~219,000 (1) Vacation Club Owners ~235,000 235,000 (2) Tours Annually 69% (2) 69% Capital-Light Revenue 46% 46% (2) Sales to New Customers $744 million $744 million (2) Revenue $124 $124 million million (2) (3) Solara Surfside | Miami Beach, Florida Adjusted EBITDA (1) Data as of 9/30/19. (2) LTM period ended 9/30/19. (3) See appendix for a reconciliation of Adjusted EBITDA to Net Income of $44.1 million for the LTM ended 9/30/19. 2
3Q19 HIGHLIGHTS Total revenue for the quarter increased by 1.8% to $205.9 million compared to the 1 prior year quarter, primarily due to growth in other fee-based revenues offsetting the decline in VOI sales 2 Earnings per diluted share for the quarter was $0.27, flat to the prior year quarter Adjusted EBITDA for the quarter increased 5.9% to $37.0 million (1) compared to the 3 prior year quarter, due to higher gross margin Resort Operations and Club Management revenue for the quarter increased 13.7% 4 to $50.6 million compared to the prior year quarter; segment adjusted EBITDA increased 19.4% to $14.6 million (1) System-wide VOI sales for the quarter decreased 1.7% to $170.4 (1) million compared 5 to the prior year quarter due to lower average sales price per transaction and lower tours Commenced vacation package sales operations in one new Bass Pro store and seven new Cabela’s stores, and resumed sales in all prior Bass Pro locations. Total package 6 sales volumes in the third quarter of 2019 increased approximately 8% compared to the third quarter of 2018 Made several changes and additions to the executive management team with a view 7 to positioning the Company for future growth 3 (1) See appendix for reconciliation. 3
THIRD QUARTER PERFORMANCE ($ in millions, except per share data) System em-Wi Wide de Sales of VOIs Tota tal Reve venu nues es $174 $210 $173.3 $205.9 $205 (1.7 .7)% )% $172 $202.2 1.8 .8% $200 $170.4 $170 $195 $168 $190 3Q 2018 3Q 2019 3Q 2018 3Q 2019 Adjust usted ed EBITDA Earnin rnings Per r Share $40 $0.30 $0.27 $0.27 0.0 .0% $38 $0.25 $37.0 $0.20 $36 5.9% $34.9 $0.15 $34 $0.10 $32 $0.05 $30 $0.00 3Q 2018 3Q 2019 3Q 2018 3Q 2019 (1) Three months ended 9/30/18. (2) Three months ended 9/30/19. 4
YEAR TO DATE PERFORMANCE ($ in millions, except per share data) System em-Wi Wide de Sales of VOIs Tota tal Reve venu nues es $500 $580 $570.3 $478.1 $570 1.0 .0% $564.7 $480 $560 (3.0 .0)% )% $463.6 $550 $460 $540 $440 $530 $520 $420 $510 $400 $500 YTD 2018 YTD 2019 YTD 2018 YTD 2019 (4) Adjust usted ed EBITDA (3) Earnin rnings Per r Share $120 $1.00 $110.1 $0.91 $110 $100 (16.6 .6)% )% $0.80 $91.8 $90 (63.7 .7)% )% $0.60 $80 $70 $0.40 $60 $0.33 $50 $0.20 $40 $30 $0.00 YTD 2018 YTD 2019 YTD 2018 YTD 2019 (1) Nine months ended 9/30/18. (2) Nine months ended 9/30/19. (3) See appendix for reconciliations to net income of $68.2 million and $24.3 million, respectively. (4) Includes net present value of expenses related to the Bass Pro settlement of $39.1 million, or $0.39 per share 5
THIRD QUARTER RECURRING REVENUE MIX ($ in millions) Resort Operations and Club Financing Revenue: Interest Other Recurring Revenue Management Revenue Income $54 $20.5 $6.0 $20.0 $20.0 $5.0 $4.9 $50.6 $51 $20.0 0.2 .2% $5.0 1.4 .4% $1.5 $1.6 $4.0 $48 $19.5 13.7 .7% $3.0 $44.5 $45 $19.0 $2.0 $3.5 $3.4 $1.0 $42 $18.5 $0.0 3Q 2018 3Q 2019 $39 $18.0 Title Revenue Mortgage Servicing Revenue 3Q 2018 3Q 2019 3Q 2018 3Q 2019 6
(1) RECURRING REVENUE MIX YEAR TO DATE ($ in millions) Resort Operations and Club Financing Revenue: Interest Other Recurring Revenue Management Revenue Income $62 $145 $60.0 $142.6 $59.3 $16 $60 1.2 .2% $58 $13.7 $13.8 $140 $14 0.7 .7% $56 $12 $4.4 $54 12.1 .1% $4.6 $135 $52 $10 $50 $130 $8 $48 $127.3 $46 $6 $125 $44 $9.4 $9.2 $4 $42 $120 $40 $2 $38 $0 $36 $115 YTD 2018 YTD 2019 YTD 2018 YTD 2019 YTD 2018 YTD 2019 Title Revenue Mortgage Servicing Revenue (1) Nine months ended 9/30/19. 7
FLEXIBLE BUSINESS MODEL Capital-light revenue was 69% of total revenue (1) Sales on behalf of Fee-Based Service clients were 51% of system-wide sales (1) 2019 (1) 2019 2018 (1) 2018 1) 1) 2018 (1) 2018 1) 2019 2019 (1) 1) 31% 30% 51% 51% 49% 49% 69% 70% Capital Light Developed Fee-Based Service Sales Other Sales Sales mix leans toward Realized 42% of sales in cash within existing customers 30 days of sale (1) 2018 (1) 2018 1) 2019 (1) 2019 1) 2018 2018 (1) 2019 9 (1) 1) 46% 49% 42% 42% 58% 51% 58% 54% New Customers Existing Customers Financed Cash (1) Trailing twelve month periods ended 9/30/18 and 9/30/19, respectively. 8
STRONG LIQUIDITY POSITION ($ in millions) LIQUID IDIT ITY Y PROFI ROFILE LE LIQUID IDIT ITY Y POSIT ITIO ION As of September 30, 2019, Bluegreen had total availability (2) of $131.2 Avail ilab abil ility ity (2) 2) Unrestr tric icted ted Cash Free ree Cash Flow (1) 1) Unde der r Credit it Lines nes million under its $365.0 million of credit and receivable purchase $250 $35 $200 facilities $193.3 $31.8 $219.4 October 2019 expansion of $30 • $180 $200 corporate credit line resulted in $183.2 $25 an additional availability of $95 $160 $21.4 million $150 $20 Non-receivable-backed debt to $140 $131.2 equity ratio of 0.41:1 (2) at 9/30/19 vs $15 $100 0.43:1 at 12/31/18 $120 $10 $50 $100 Track record of producing free cash $5 flow (“FCF”) (3) and significant cash on $0 $0 $80 hand 12/31/2018 9/30/2019 YTD 2018 YTD 2019 12/31/2018 9/30/2019 YTD 2019 FCF and cash on • hand impacted by payment for Bass Pro settlement (1) Nine months ended 9/30/19 and 9/30/18 (2) Subject to eligible collateral and terms and conditions of each facility. (3) See the supplemental tables for a reconciliation of cash flow from operating activities to free cash flow, which is defined as cash provided by operating activities less capital expenditures for property and equipment. 9
APPENDIX For more information, see Earnings Release dated October 31, 2019 and Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on or about October 31, 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 nine months ended September 30, 2019. Please see the supplemental tables attached herein for additional information and reconciliation of such non-GAAP financial measures.
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