Bluegreen Vacations Holding Corporation
Bluegreen Vacations — Investor Presentation (May 2023)
37 slides from Bluegreen Vacations's investor presentation, May 8, 2023
Slide 1: Bluegreen Investor Presentation May 2023
Bluegreen Investor Presentation May 2023 bluegreenvacations
Slide 2: Forward-looking Statements
bluegreenvacations 2 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 stateme
Slide 3: Bluegreen Vacations
bluegreenvacations 3 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
Slide 4: Important Notice
bluegreenvacations 4 Important: The attached materials are confidential. By accepting these materials, you agree to keep confidential the existence of and proposed terms of any contemplated transaction. Any attempt to copy, summarize or distribute these materials or any portion hereof in any form wi
Slide 5: Table of Contents
5 Table of Contents Our Business Our Financing Operations Our Liquidity Profile Appendix
Slide 6: Our Business
6 Our Business Section 1
Slide 7: Overview
bluegreenvacations 7 Overview 1994 Entered Vacation Ownership Industry $743.4 Million(2) System-Wide VOI Sales 46%(2) Sales to New Customers 46%(2) Sales to New Customers $139.8 Million(2)(3) Adjusted EBITDA ~243,000(2) Tours ~218,000(1) Vacation Club Owners 71 Resorts 48 Club Resorts 23 Associate R
Slide 8: A Leading Operator of "Drive-To" Vacation Ownership Resorts
bluegreenvacations 8 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 US Bluegreen Club Resorts (44) Bluegreen Club Resorts - Big Cedar JV
Slide 9: Our Resort Network is Growing!
bluegreenvacations 9 Our Resort Network is Growing! Bluegreen’s Streamside Resort VAIL, CO Bluegreen’s Panama City Beach Resort and Spa PANAMA CITY BEACH, FL
Slide 10: Resort Expansions
10 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
Slide 11: Bluegreen Vacation Club – Owner Benefits
bluegreenvacations 11 Bluegreen Vacation Club – Owner Benefits Basic Ownership(1) 100% of Owner Base OPTIONAL Traveler Plus™ Program $59 Annual Fee | 66% of Owner Base(3) 71 Quality Resorts in Popular Destinations The Bluegreen Vacation Network Provides Access to a Variety of Destinations and Resort
Slide 12: Differentiated Owner Base
bluegreenvacations 12 Differentiated Owner Base Owner Age at Purchase(1) Baby Boomer 24% Silent Gen 3% Other 16% Gen Z(3) 2% Millennial 26% Gen X 29% Average Customer Household Income(2) ($ in thousands) $125 $110 $90 $86 $71 Marriot Vacatiosn Worldwide Hilton Grand Vacations Travel+ Leisure bluegre
Slide 13: Value Proposition
bluegreenvacations 13 Value Proposition “Pre-paid” Vacations protect against inflation Diverse resort network with 5 different resort collections Total owners(1) 218,000+ New Owner sales to Millennial/GenX(2) >50% Average Owner tenure approximately 10 years(1) Resort Occupancy(1) Highlights Strong D
Slide 14: Strong Margins and Growing Sales
bluegreenvacations 14 Strong Margins and Growing Sales(1) (2) Adjusted EBITDA Margin to shareholders 23% 24% 21% 25% 23% 20% 13% 20% 19% 2014 2015 2016 2017 2018 2019 2020 2021 2022 System-Wide VOI Sales (in millions) $524 $553 $605 $619 $624 $619 $367 $618 $743 2014 2015 2016 2017 2018 2019 2020 20
Slide 15: Multi-Channel Sales & Marketing
bluegreenvacations 15 Multi-Channel Sales & Marketing 12/31/2021(1) 211,000+ Vacation Packages Sold(1) ~214,000 Guest Tours (New Customer & Existing Owners)(1) $617.6.0 Million System-Wide VOI Sales (1) ~217,000 Vacation Club Owners(1) Vacation Packages & Leads Tours Sales In-House Tours Owners 12/3
Slide 16: Strategic Relationships
bluegreenvacations 16 Strategic Relationships Bluegreen has multiple channels intended to generate sales within our core demographic Bass Pro Shops Cabela’s One-way, exclusive in-store Bass Pro marketing relationship. Operation of 129 (gross) kiosks in Bass Pro and Cabela’s(1) stores. Choice Hotels
Slide 17: Extensive Network to Reach Target Customers
bluegreenvacations 17 Extensive Network to Reach Target Customers Bluegreen Club Resorts (44) Bluegreen Club Resorts - Big Cedar JV (4) Bluegreen Club Associate Resorts (23) Bass Pro Shops with BXG (69) Cabela’s' with BXG (59) Percent of Owner Population by state 6-10% 4-5% 2-3% < 2% Note: As of 3/1
Slide 18: Our Financing Operations
Our Financing Operations Section 2
Slide 19: VOI Sales Financing & Mortgage Servicing
bluegreenvacations 19 VOI Sales Financing & Mortgage Servicing VOI Notes Receivable Outstanding ($ in millions) $130 $199 $277 $352 $395 $421 $360 $325 $288 $524 $524 $544 $549 $572 $589 $551 $609 $764 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Slide 20: Bluegreen VOI Delinquency Performance
bluegreenvacations 20 Bluegreen VOI Delinquency Performance(1) (2) 31 Days Delinquent 60 Days Delinquent 90 Days Delinquent Total Delinquent As of 3/31/23. Excludes third party FBS loans serviced by Bluegreen and introductory products. Note: Loans are generally defaulted, and therefore no longer inc
Slide 21: Typical Collection Process – VOI
bluegreenvacations 21 Typical Collection Process – VOI 10 Days A reminder email is sent, and telephone contact generally initiated on delinquent accounts once an account is 10 days past due. 30 Days Letter mailed advising the borrower (if a U.S. resident) that if the loan is not brought current, the
Slide 22: Impact of Timeshare Exit Firms
bluegreenvacations 22 Impact of Timeshare Exit Firms Third-party firms and attorneys solicit and advise owners to stop paying their timeshare mortgages as a means of exiting their ownership, in most cases without the owner understanding the consequences. Industry-wide issue which resulted in increas
Slide 23: High Quality Loan Portfolio
bluegreenvacations 23 High Quality Loan Portfolio(1) Average FICO Score at Origination(2)(3) 671 722 727 720 716 712 714 711 716 724 7236 730 725 723 729 743 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD Annual Default Rate 9.0% 15.1% 11.6% 9.5% 7.9% 7.0% 6.9% 6
Slide 24: Bluegreen Collateral Comparison
bluegreenvacations 24 Bluegreen Collateral Comparison Bluegreen Marriott Travel + Leisure Hilton Holiday Inn Bluegreen Warehouse (Apr 2023) MVW 2023-1 SRFC 2023-1 HGVT 2022-2 HINTT 2022-A Aggregate Balance $229,620,854 $388,147,871 $273,972,712 $279,518,471 $206,506,343 Number of Loans 11,878 14,278
Slide 25: Our Liquidity Profile
Our Liquidity Profile Section 3
Slide 26: Securitization History and Other Credit Facilities
bluegreenvacations 26 Securitization History and Other Credit Facilities Recent Securitization History 2022-A 2020-A 2018-A 2017-A 2016-A 2015-A Initial Note Amount ($ in millions) $172.00 $131.00 $117.70 $120.20 $130.50 $117.80 Advance Rate 88.30% 88.00% 87.20% 88.00% 90.00% 94.25% Weighted Avg. In
Slide 27: Strong Liquidity Position
bluegreenvacations 27 Strong Liquidity Position ($ in millions) LIQUIDITY POSITION Unrestricted Cash $140.2 $175.7 12/31/2021 12/31/2022 Free Cash Flow(1)(3) $63.4 ($28.0) 2021 2022 Availability(2) Under Credit Lines $266.1 $430.5 12/31/2021 12/31/2022 As of December 31, 2022, the Company had total
Slide 28: Contractual Obligations as of December 31, 2022
bluegreenvacations 28 Contractual Obligations as of December 31, 2022 ($ in millions) Jr. Subordinated Debentures'* Notes Payable 8 Other Contractual Obligations? * Receivable-Backed Debt* 171 106 59 22 26 5 137 325 < 1 YEAR 1-3 YEARS 4-5 YEARS > 5 YEARS Amounts do not include purchase accounting ad
Slide 29: Appendix
Appendix Section 4 For more information, see the Earnings Release for the year ended December 31, 2022, dated March 13, 2023, and the 2022 Annual Report on Form 10K filed with the Securities and Exchange Commission. Note that the Company refers to certain non-GAAP financial measures, including syste
Slide 30: A Sample of Our Resorts
bluegreenvacations A SAMPLE OF Our Resorts Wilderness Club ™ at Big Cedar® | Ridgedale, MO Shenandoah Crossing ™ | Gordonsville, VA The Lodge Alley Inn ™ | Charleston, SC The Fountains | Orlando, FL The Innsbruck Inn | Aspen, CO
Slide 31: Éilan Hotel & Spa | San Antonio, TX La Cabana Beach Resort & Casino
Éilan Hotel & Spa | San Antonio, TX La Cabana Beach Resort & Casino | Aruba Christmas Mountain Village ™ | Wisconsin Dells, WI Cibola Vista Resort & Spa | Peoria, AZ Bluegreen Club la Pension ™ | New Orleans, LA
Slide 32: The Club at Big Bear Village | Big Bear Lake, CA The Soundings Seaside
The Club at Big Bear Village | Big Bear Lake, CA The Soundings Seaside Resort | Dennis Port, MA The Marquee | New Orleans, LA MountainLoft ™ | Gatlinburg, TN Bluegreen Club 36 ™ | Las Vegas, NV Grande Villas at World Golf Villas® | St. Augustine, FL
Slide 33: Consolidated Statements Of Operations and Comprehensive Income (Loss)
bluegreenvacations 33 Consolidated Statements Of Operations and Comprehensive Income (Loss) (In thousands, except per share data) For the Three Months Ended December 31, For the Years Ended December 31, 2022 2021 2022 2021 Revenue: Gross sales of VOIs $ 163,861 $ 119,918 $ 636,156 $ 426,556 Provisio
Slide 34: Free Cash Flow Reconciliation
bluegreenvacations 34 Free Cash Flow(1) Reconciliation For the Twelve Months Ended December 31, (in thousands) 2022 2021 Net cash (used in) provided by operating activities $ (12,893) $ Purchases of property and equipment (15,098) Free Cash Flow $ (27,991) $ Free cash flow is a non-GAAP measure defi
Slide 35: Contractual Obligations as of December 31, 2022
bluegreenvacations 35 Contractual Obligations as of December 31, 2022 Payments Due by Period Contractual Obligations Less than 1 year 1-3 Years 4-5 Years After 5 Years Unamortized Debt Issuance Costs Total Receivable-backed notes payable $ — S 4.630 S 136.836 S 325.287 $ (5.131)$ 461.622 Bluegreen n
Slide 36: Adjusted EBITDA Reconciliation
bluegreenvacations 36 Adjusted EBITDA Reconciliation For the Three Months Ended December 31, For the Year Ended December 31, (in thousands) 2022 2021 2022 2021 Net income attributable to its shareholders $ 7,649 $ 13,131 $ 64,385 $ 57,830 Net income attributable to the non-controlling interest conti
Slide 37: Club Configuration
bluegreenvacations 37 Club Configuration Bluegreen Vacation Club -‘Trust’architecture provides for the retention of voting rights once inventory is sold, management control and recovery of the underlying collateral for non-performing consumer loans or assessments without necessity of judicial proces
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