Bluegreen Vacations Corp (BXG) 10-K Annual Report March 2019

BOCA RATON, Florida (February 22, 2019) – Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen" or the “Company") today reported its fourth quarter and full year 2018 financial results.

4Q18 Highlights:

Earnings Per Share (“EPS”) of $0.27, compared to $0.91 in the prior year quarter. The fourth quarter of 2017 included a $0.66 per share income tax benefit as a result of the impact of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”).

Net income attributable to shareholders was $19.8 million, compared to $66.4 million in the prior year quarter. The fourth quarter of 2017 included a $47.7 million income tax benefit as a result of the impact of the Tax Act.

Adjusted EBITDA of $31.7 million, compared to $35.5 million in the prior year quarter.

Total revenue of $173.7 million, compared to $177.9 million in the prior year quarter.

System-Wide Sales of Vacation Ownership Interests (VOIs) of $146.0 million, compared to $151.9 million in the prior year quarter.

Completed a $117.7 million securitization of vacation ownership loans with a fixed, weighted-average interest rate coupon of 4.02%.

Full Year 2018 Highlights:

EPS of $1.18, compared to $1.77 in the prior year. 2017 included a $0.66 per share income tax benefit as a result of the impact of the Tax Act.

Net income attributable to shareholders was $88.0 million, compared to $126.6 million in the prior year. The full year 2017 included a $47.7 million income tax benefit as a result of the impact of the Tax Act.

Adjusted EBITDA of $141.8 million, compared to $150.3 million in the prior year.

Total revenue of $738.3 million, compared to $723.1 million in the prior year, a 2.1% increase from the prior year.

System-Wide Sales of VOIs of $624.1 million, compared to $619.3 million a 0.8% increase from the prior year.

Expanded inventory sources through: (i) the acquisition of The Éilan Hotel and Spa in San Antonio, Texas for approximately $34.3 million, (ii) a fee-based service agreement at The Marquee in New Orleans, Louisiana, and (iii) an exclusive agreement to acquire inventory at The Manhattan Club, a residence-style boutique hotel in Midtown Manhattan.

“In 2018 we continued to build our platform with a view toward positioning Bluegreen Vacations for growth in the coming years,” said Shawn B. Pearson, Chief Executive Officer and President. “To that end, we upgraded our sales and inventory technology systems, expanded our digital capabilities and made additions to our executive team who will enhance our partnerships and marketing programs. We also increased our resort network in highly attractive markets including San Antonio, New Orleans and New York City and look forward to realizing the benefits as our new sales centers open and mature. While we expect more significant growth in the latter part of 2019, we anticipate that our early 2019 sales growth will be similar to that achieved in 2018. We believe that our solid balance sheet, capital-light business model with attractive cash flow and low leverage, along with ongoing demand for our vacation ownership resorts, positions Bluegreen for solid long-term performance.”

The following information was filed by Bluegreen Vacations Corp (BXG) on Friday, February 22, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Bluegreen Vacations Corp provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: BXG
CIK: 778946
Form Type: 10-K Annual Report
Accession Number: 0000778946-19-000021
Submitted to the SEC: Thu Mar 07 2019 6:12:11 PM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Real Estate Agents And Managers For Others

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Bluegreen Vacations Corp (BXG) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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