Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

The table below sets forth our segment information for the three months ended March 31, 2019 (in thousands):

Revenue:	Sales of VOIs and financing		Resort operations and club management		Corporate and other		Elimination		Total
Sales of VOIs	$	51,731	$	—	$	—	$	—	$	51,731
Fee-based sales commission revenue		45,212		—		—		—		45,212
Other fee-based services revenue		2,728		26,840		—		—		29,568
Cost reimbursements		—		20,236		—		—		20,236
Mortgage servicing revenue		1,490		—		—		(1,490)		—
Interest income		20,017		—		1,991		—		22,008
Other income, net		—		—		89		—		89
Total revenue		121,178		47,076		2,080		(1,490)		168,844
Costs and expenses:
Cost of VOIs sold		3,848		—		—		—		3,848
Net carrying cost of VOI inventory		7,687		—		—		(7,687)		—
Cost of other fee-based services		1,210		13,971		—		7,687		22,868
Cost reimbursements		—		20,236		—		—		20,236
Selling, general and administrative expenses		72,196		—		18,128		(110)		90,214
Mortgage servicing expense		1,380		—		—		(1,380)		—
Interest expense		5,262		—		4,244		—		9,506
Total costs and expenses		91,583		34,207		22,372		(1,490)		146,672
Income (loss) before non-controlling interest   and provision for income taxes	$	29,595	$	12,869	$	(20,292)	$	—	$	22,172
Add: Depreciation and amortization		1,536		365
Segment Adjusted EBITDA (1)	$	31,131	$	13,234

(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, 2018 (in thousands):

Revenue:	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 revenue		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.