Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

The table below sets forth our segment information for the year ended December 31, 2019 (in thousands):



	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		Total
Revenue:
Sales of VOIs	$	255,375	$	—	$	—	$	—	$	255,375
Fee-based sales commission revenue		207,832		—		—		—		207,832
Other fee-based services revenue		14,246		110,998		—		—		125,244
Cost reimbursements		—		63,889		—		—		63,889
Mortgage servicing revenue		6,223		—		—		(6,223)		—
Interest income		80,010		—		7,892		—		87,902
Other income, net		3,068		—		1,909		(4,977)		—
Total revenue		566,754		174,887		9,801		(11,200)		740,242

Costs and expenses:
Cost of VOIs sold		21,845		—		—		—		21,845
Net carrying cost of VOI inventory		23,816		—		—		(23,816)		—
Cost of other fee-based services		6,972		56,152		—		23,816		86,940
Cost reimbursements		—		63,889		—		—		63,889
Selling, general and administrative expenses		387,974		—		81,829		(947)		468,856
Mortgage servicing expense		5,276		—		—		(5,276)		—
Interest expense		20,503		—		19,035		—		39,538
Other expense, net		—		5,887		—		(4,977)		910
Total costs and expenses		466,386		125,928		100,864		(11,200)		681,978
Income (loss) before non-controlling interest
and provision for income taxes	$	100,368	$	48,959	$	(91,063)	$	—	$	58,264

Add:
Depreciation and amortization		6,118		1,294
Severance		1,416		238
Bass Pro Settlement		39,121		—
Loss on assets held for sale		58		5,887
Segment Adjusted EBITDA ⁽¹⁾	$	147,081	$	56,378

(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 year ended December 31, 2018 (in thousands):



	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		‎Total
Revenue:
Sales of VOIs	$	254,225	$	—	$	—	$	—	$	254,225
Fee-based sales commission revenue		216,422		—		—		—		216,422
Other fee-based services revenue		12,205		105,819		—		—		118,024
Cost reimbursements		—		62,534		—		—		62,534
Mortgage servicing revenue		5,951		—		—		(5,951)		—
Interest income		79,377		—		6,537		—		85,914
Other income, net		—		—		1,201		—		1,201
Total revenue		568,180		168,353		7,738		(5,951)		738,320

Costs and expenses:
Cost of VOIs sold		23,813		—		—		—		23,813
Net carrying cost of VOI inventory		11,358		—		—		(11,358)		—
Cost of other fee-based services		4,591		57,019		—		11,358		72,968
Cost reimbursements		—		62,534		—		—		62,534
Selling, general and administrative expenses		335,462		—		79,687		254		415,403
Mortgage servicing expense		6,205		—		—		(6,205)		—
Interest expense		19,514		—		15,195		—		34,709
Total costs and expenses		400,943		119,553		94,882		(5,951)		609,427
Income (loss) before non-controlling interest
and provision for income taxes	$	167,237	$	48,800	$	(87,144)	$	—	$	128,893

Add:
Depreciation and amortization		6,335		1,719
Severance		96		42
Segment Adjusted EBITDA ⁽¹⁾	$	173,668	$	50,561

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 year ended December 31, 2017 (in thousands):



	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		‎Total
Revenue:
Sales of VOIs	$	242,017	$	—	$	—	$	—	$	242,017
Fee-based sales commission revenue		229,389		—		—		—		229,389
Other fee-based services revenue		14,742		97,077		—		—		111,819
Cost reimbursements		—		52,639		—		—		52,639
Mortgage servicing revenue		5,206		—		—		(5,206)		—
Interest income		79,657		—		7,219		—		86,876
Other income, net		—		—		312		—		312
Total revenue		571,011		149,716		7,531		(5,206)		723,052

Costs and expenses:
Cost of VOIs sold		17,679		—		—		—		17,679
Net carrying cost of VOI inventory		4,220		—		—		(4,220)		—
Cost of other fee-based services		4,779		55,561		—		4,220		64,560
Cost reimbursements		—		52,639		—		—		52,639
Selling, general and administrative expenses		354,855		—		66,155		189		421,199
Mortgage servicing expense		5,395		—		—		(5,395)		—
Interest expense		17,809		—		12,168		—		29,977
Total costs and expenses		404,737		108,200		78,323		(5,206)		586,054
Income (loss) before non-controlling interest
and provision for income taxes	$	166,274	$	41,516	$	(70,792)	$	—	$	136,998

Add:
Depreciation and amortization		6,270		1,579
Severance		4,322		255
One-time payment to Bass-Pro		4,781		—
Segment Adjusted EBITDA ⁽¹⁾	$	181,647	$	43,350

(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.