Bluegreen Vacations Holding Corporation
Bluegreen Vacations — Q2 2023 Earnings Presentation
24 slides from Bluegreen Vacations's earnings presentation, Aug 17, 2023
Slide 1: Bluegreen Vacations Investor Presentation Second Quarter 2023
BLUEGREEN VACATIONS INVESTOR PRESENTATION SECOND QUARTER 2023 AUGUST 2023
Slide 2: Forward Looking Statements
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 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: Second Quarter Overview
Second Quarter Overview $21.9 Million Net income attributable to shareholders $1.34 Diluted Earnings Per Share (“EPS”) $40.7 Million(1) Adjusted EBITDA attributable to shareholders $200.7 Million(1) System-wide sales of VOIs 66,916 Number of guest tours 130 Marketing operations at 130 (gross) Bass P
Slide 5: Second Quarter Performance
Second Quarter(1) Performance ($ In millions, except vacation packages data) System-Wide Sales of VOIs $198.5 $200.7 2Q 2022 2Q 2023 Total Revenue $235.6 $260.6 2Q 2022 2Q 2023 Adjusted EBITDA $34.7 $40.7 2Q 2022 2Q 2023 Vacation Packages Sold $40,395 $47,114 2Q 2022 2Q 2023 For the three months end
Slide 6: Year-to-Date Performance
Year-to-Date(1) Performance ($ In millions, except vacation packages data) System-Wide Sales of VOIs $350.1 $367.7 2Q 2022 2Q 2023 System-Wide Sales of VOIs $430.6 $479.7 2Q 2022 2Q 2023 Adjusted EBITDA $65.7 $70.8 2Q 2022 2Q 2023 Vacation Packages Sold 82,385 7,894 2Q 2022 2Q 2023 For the six month
Slide 7: Multi-Channel Sales & Marketing
Multi-Channel Sales & Marketing 6/30/2022(1) 40,000+ Vacation Packages Sold ~66,000 Guest Tours (New Customer & Existing Owners) $198.5 Million System-Wide VOI Sales ~217,000 Vacation Club Owners Vacation Packages & Leads Tours Sales Owners In-House Tours 6/30/2023(2) 47,000+ Vacation Packages Sold
Slide 8: Strong Liquidity Position
Strong Liquidity Position ($ in millions) LIQUIDITY POSITION Unrestricted Cash $175.7 $178.7 Free Cash Flow(1) (3) $61.1 ($58.5) Availability (2) Under Credit Lines $430.5 $500.4 As of June 30, 2023, the Company had total availability(2) of $500.4 million under its receivable-backed purchase and cre
Slide 9: Strategic Relationships
Strategic Relationships Bass Pro Shops Cabela’s One-way, exclusive in-store Bass Pro marketing relationship. Operation of 130 (gross) kiosks in Bass Pro and Cabela’s(1) stores. CHOICE HOTELS Marketing to Choice customers, including over 50 million Choice Privileges members through a call transfer pr
Slide 10: Extensive Network to Reach Target Customers
Extensive Network to Reach Target Customers Bluegreen Club Resorts (44) Bluegreen Club Resorts - Big Cedar JV (4) Bluegreen Owned Resorts (1) Bluegreen Club Associate Resorts (23) Bass Pro Shops' with Bluegreen (71) Cabela’s* with Bluegreen (40) 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 (44) Bluegreen Club Resorts - Big Cedar JV (4) Bluegreen Owned
Slide 12: Our Resort Network is Growing! New Properties
NEW PROPERTIES Our Resort Network is Growing! Bluegreen’s Streamside Resort VAIL, CO Bluegreen’s Panama City Beach Resort and Spa PANAMA CITY BEACH, FL Bluegreen’s Downtown Nashville Resort NASHVILLE, TN Branson Cedars Resort BRANSON, MO Bluegreenvacations 12
Slide 13: Resort Expansions
RESORT EXPANSIONS The Club at Big Bear Village BIG BEAR LAKE , CA Mills Springs† SMOKY MOUNTAINS, TN MountainLoft™ GATLINBURG, TN The Fountains™ ORLANDO, FL †This resort is not yet constructed and its construction is anticipated, but not guaranteed. Resort design and planned amenities are subject to
Slide 14: Securitization History and Other Credit Facilities
Securitization History and Other Credit Facilities Recent Securitization History 2023-A 2022-A 2020-A 2018-A 2017-A 2016-A 2015-A Initial Note Amount $214.60 $172.00 $131.00 $117.70 $120.20 $130.50 $117.80 Advance Rate 85.5% 88.30% 88.00% 87.20% 88.00% 90.00% 94.25% Weighted Avg. Interest Rate 6.32%
Slide 15: VOI Sales Finance Business
VOI Sales Finance Business Seller-financing provided for up to 90% of purchase price (down payment may include equity) Facilitates VOI sales and earns net interest spread Weighted average interest rate: 15.2% (1) In-house servicing team Net Interest Spread For the quarter ended 6/30/2023 ($ in milli
Slide 16: Differentiated Owner Base
Differentiated Owner Base Owner Age at Purchase(1) Baby Boomer 25% Silent Gen & Prior 2% Gen Z(2) 1% Millennial 34% Gen X 38% Average Customer Household Income(3) ($ in thousands) $125 $109 $90 $86 $71 Marriot Vacations worldwide Hilton Grand Vacations Travel + Leisure bluegreenvacations US Median G
Slide 17: Sector Comparison
Sector Comparison Share price data Market Enterprise EV/2022A EV/2023E EV/2024E Net debt / 2022A ($ in millions, except per share figures) Price YTD A % of 52-wk high Div. yield value EBITDA'1' EBITDA<1) EBITDA EBITDA Marriott Vacations Worldwide (VAC) $109.23 (18.8%) 65.9% 2.6% $4,095 $6,894 7.1X 7
Slide 18: For additional information, please contact
For additional information, please contact: Leo Hinkley, Investor Relations Officer, Managing Director Telephone: 954-399-7193 Email: [email protected] Thank you! APPENDIX For more information, see the Earnings Release dated August 2, 2023, and the Quarterly Report on Form 10Q filed with the S
Slide 19: Consolidated Statements of Operations and Comprehensive Income
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share data) (In thousands, except per share data) Revenue: Gross sales of VOIs Provision for loan losses Sales of VOIs Fee-based sales commission revenue Other fee-based services revenue Cost reimbur
Slide 20: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Unaudited) (In thousands) F or the Six Months Ended June 30, 2023 2022 Operating activities: $ 41,856 $ .4 1 A .4 O Net income Adjustment to reconcile net income to net cash 41.U43 provided by operating activities: X r X w Provision for loan losses 54,570 43.10
Slide 21: Consolidated Statements of Cash Flows (Continued)
Consolidated Statements of Cash Flows (Continued) (In thousands) For the Six Months Ended June 30, 2023 2022 Supplemental cash flow information: Interest paid on borrowings, net of amounts capitalized Income taxes paid S 29,643 $ 15.444 4,851 5.174 Supplemental schedule of non-cash investing activit
Slide 22: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited) (In thousands, except share data) June30, December 31, 2023 2022 ASSETS Cash and cash equivalents Restricted cash (S27:027 and S19:461 in VIEs at June 30, 2023 and December 31: 2022, respectively) Notes receivable Less: Allowance for loan losses c $ 1 7C < O Q
Slide 23: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation(1) (in thousands) Net cash (used in) provided by operating activities Purchases of property and equipment Free Cash Flow For the Six Months Ended June 30, (in thousands) 2023 2022 Net cash (used in) provided by operating activities $ (49,868) $ 68,924 Purchases of prope
Slide 24: Adjusted EBITDA Attributable to Shareholders Reconciliation
Adjusted EBITDA Attributable to Shareholders Reconciliation For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Net income attributable to shareholders $ 21,913 17,784 $ 33,412 33,771 Net income attributable to the non-controlling interest in Blue
Bluegreen Vacations Holding — Q2 2023 Earnings Presentation on 6ix