Bluegreen Vacations Holding Corp (BVH) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Net income attributable to shareholders from continuing operations decreased 37% to $7.6 million from $12.2 million in the prior year quarter. Excluding the charge relating to exiting of certain marketing locations, net income attributable to shareholders from continuing operations decreased 5% to  $11.6 million during the fourth quarter of 2022.

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Diluted Earnings Per Share (“EPS”) from continuing operations decreased 30% to $0.41 from $0.59 in the prior year quarter.  Excluding the charge relating to exiting of certain marketing locations, diluted EPS from continuing operations increased 5% to  $0.61 during the fourth quarter of 2022.

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Total revenue increased 17% to $238.0 million from  $203.0 million in the prior year quarter.

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System-wide sales of vacation ownership interests (“VOIs”) increased 12% to $186.5 million from $166.6 million in the prior year quarter.(1)   

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Number of guest tours increased 1% to 58,632 from 57,796 in the prior year quarter.

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Vacation packages sold were 46,002 compared to 53,721 in the prior year quarter, a decrease we believe reflected the continued effects of a challenging labor market which affected staffing levels and resulted in increased turnover.

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Vacation packages outstanding of 165,240 as of December 31, 2022 compared to 187,244 outstanding as of December 31, 2021.

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Resort operations and club management segment Adjusted EBITDA increased 2% to $20.4 million from $20.0 million in the prior year quarter.

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Adjusted EBITDA attributable to shareholders increased 4% to  $32.2 million from $31.0 million in the prior year quarter.  (2)

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The Company completed a cash tender offer pursuant to which it purchased and retired 3,040,882 shares of its Class A Common Stock at a purchase price of $25.00 per share for an aggregate purchase price of $76.0 million.

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Diluted EPS from continuing operations increased 16% to $3.24 from $2.79 in the prior year.  Excluding the fourth quarter 2022 charge relating to exiting of certain marketing locations, diluted EPS from continuing operations increased 25% to  $3.47 during 2022.

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Total revenue increased 21% to $919.4 million from  $757.1 million in the prior year.  

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System-wide sales of VOIs increased 20% to  $743.4 million from $617.6 million in the prior year. (1)  

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Number of guest tours increased 14% to 243,448 from 213,599 in the prior year.

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Vacation packages sold were 168,982 compared to 211,364 in the prior year.

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Resort operations and club management segment adjusted EBITDA increased 6% to $83.8 million from $78.9 million in the prior year.

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Adjusted EBITDA attributable to shareholders increased 15% to $139.8 million from $122.0 million in the prior year. (2)

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Free cash flow was an outflow of $28.0 million compared to an inflow of $63.4 million in 2021, primarily as a result of our $78.0 million acquisition of our newest resort, Bayside Resort & Spa in Panama City Beach, Florida.  (3)

(1)

See appendix for reconciliation of system-wides sales of VOIs to gross sales of VOIs for each respective period.

(2)

See appendix for reconciliation of Adjusted EBITDA attributable to shareholders to net income attributable to shareholders for each respective period.

(3)

See appendix for reconciliation of free cash flow to net cash provided by operating activities.