Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

The table below sets forth our segment information for the three months ended March 31, 2018 (in thousands):

Revenues:	Sales of VOIs and financing		Resort operations and club management		Corporate and other		Elimination		Total
Sales of VOIs	$	56,141	$	—	$	—	$	—	$	56,141
Fee-based sales commission revenue		45,854		—		—		—		45,854
Other fee-based services revenue		2,689		25,335		—		—		28,024
Cost reimbursements		—		16,200		—		—		16,200
Mortgage servicing revenue		1,445		—		—		(1,445)		—
Interest income		19,590		—		1,532		—		21,122
Other income, net		—		—		181		—		181
Total revenues		125,719		41,535		1,713		(1,445)		167,522
Costs and expenses:
Cost of VOIs sold		1,812		—		—		—		1,812
Net carrying cost of VOI inventory		2,517		—		—		(2,517)		—
Cost of other fee-based services		1,242		13,652		—		2,517		17,411
Cost reimbursements		—		16,200		—		—		16,200
Selling, general and administrative expenses		71,816		—		21,592		141		93,549
Mortgage servicing expense		1,586		—		—		(1,586)		—
Interest expense		4,711		—		3,056		—		7,767
Total costs and expenses		83,684		29,852		24,648		(1,445)		136,739
Income (loss) before non-controlling interest
and provision for income taxes	$	42,035	$	11,683	$	(22,935)	$	—	$	30,783
Add: Depreciation and amortization		1,667		395
Segment Adjusted EBITDA (1)	$	43,702	$	12,078

(1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including, how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income.

The table below sets forth our segment information for the three months ended March 31, 2017 in thousands):

Revenues:	Sales of VOIs and financing		Resort operations and club management		Corporate and other		Elimination		Total
Sales of VOIs	$	54,236	$	—	$	—	$	—	$	54,236
Fee-based sales commission revenue		45,154		—		—		—		45,154
Other fee-based services revenue		2,817		23,304		—		—		26,121
Cost reimbursements		—		14,670		—		—		14,670
Mortgage servicing revenue		1,161		—		—		(1,161)		—
Interest income		20,197		—		2,189		—		22,386
Other income, net		—		—		—		—		—
Total revenues		123,565		37,974		2,189		(1,161)		162,567
Costs and expenses:
Cost of VOIs sold		3,159		—		—		—		3,159
Net carrying cost of VOI inventory		1,674		—		—		(1,674)		—
Cost of other fee-based services		1,286		13,147		—		1,674		16,107
Cost reimbursements		—		14,670		—		—		14,670
Selling, general and administrative expenses		74,006		—		15,499		330		89,835
Mortgage servicing expense		1,491		—		—		(1,491)		—
Interest expense		4,306		—		3,338		—		7,644
Other expense, net		—		—		245		—		245
Total costs and expenses		85,922		27,817		19,082		(1,161)		131,660
Income (loss) before non-controlling interest
and provision for income taxes	$	37,643	$	10,157	$	(16,893)	$	—	$	30,907
Add: Depreciation and amortization		1,518		405
Segment Adjusted EBITDA (1)	$	39,161	$	10,562

See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including, how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income.