Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

The table below sets forth our segment information for the three months ended June 30, 2020 (in thousands):



Revenue:	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		‎Total

Sales of VOIs	$	9,054	$	—	$	—	$	—	$	9,054
Fee-based sales commission revenue		1,135		—		—		—		1,135
Other fee-based services revenue		1,349		25,064		—		—		26,413
Cost reimbursements		—		11,850		—		—		11,850
Mortgage servicing revenue		1,510		—		—		(1,510)		—
Interest income		19,061		—		1,047		—		20,108
Other income, net		—		—		273		—		273
Total revenue		32,109		36,914		1,320		(1,510)		68,833

Costs and expenses:

Cost of VOIs sold		1,038		—		—		—		1,038
Net carrying cost of VOI inventory		10,913		—		—		(10,913)		—
Cost of other fee-based services		719		6,903		—		10,913		18,535
Cost reimbursements		—		11,850		—		—		11,850
Selling, general and administrative expenses		32,329		—		9,115		(564)		40,880
Mortgage servicing expense		946		—		—		(946)		—
Interest expense		4,171		—		4,369		—		8,540
Total costs and expenses		50,116		18,753		13,484		(1,510)		80,843
(Loss) Income before non-controlling interest ‎ and (benefit) provision for income taxes	$	(18,007)	$	18,161	$	(12,164)	$	—	$	(12,010)

Add: Depreciation and amortization		1,483		190
Add: Severance		1,206		99
Segment Adjusted EBITDA ⁽¹⁾	$	(15,318)	$	18,450

(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 June 30, 2019 (in thousands):



Revenue:	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		‎Total

Sales of VOIs	$	68,302	$	—	$	—	$	—	$	68,302
Fee-based sales commission revenue		55,343		—		—		—		55,343
Other fee-based services revenue		3,040		27,663		—		—		30,703
Cost reimbursements		—		14,007		—		—		14,007
Mortgage servicing revenue		1,544		—		—		(1,544)		—
Interest income		19,925		—		1,950		—		21,875
Other income, net		—		—		1,993		—		1,993
Total revenue		148,154		41,670		3,943		(1,544)		192,223

Costs and expenses:

Cost of VOIs sold		10,572		—		—		—		10,572
Net carrying cost of VOI inventory		5,288		—		—		(5,288)		—
Cost of other fee-based services		1,099		12,662		—		5,288		19,049
Cost reimbursements		—		14,007		—		—		14,007
Selling, general and administrative expenses		130,284		—		18,629		(370)		148,543
Mortgage servicing expense		1,174		—		—		(1,174)		—
Interest expense		5,070		—		4,991		—		10,061
Total costs and expenses		153,487		26,669		23,620		(1,544)		202,232
(Loss) Income before non-controlling interest and (benefit) provision for income taxes	$	(5,333)	$	15,001	$	(19,677)	$	—	$	(10,009)

Add: Depreciation and amortization		1,534		364
Add: Bass Pro Settlement		39,121		—
Segment Adjusted EBITDA ⁽¹⁾	$	35,322	$	15,365

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The table below sets forth our segment information for the six months ended June 30, 2020 (in thousands):


Revenue:	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		‎Total

Sales of VOIs	$	54,182	$	—	$	—	$	—	$	54,182
Fee-based sales commission revenue		42,500		—		—		—		42,500
Other fee-based services revenue		4,072		51,655		—		—		55,727
Cost reimbursements		—		30,970		—		—		30,970
Mortgage servicing revenue		3,105		—		—		(3,105)		—
Interest income		39,209		—		2,765		—		41,974
Other income, net		—		—		406		—		406
Total revenue		143,068		82,625		3,171		(3,105)		225,759

Costs and expenses:

Cost of VOIs sold		5,137		—		—		—		5,137
Net carrying cost of VOI inventory		18,827		—		—		(18,827)		—
Cost of other fee-based services		2,189		19,230		—		18,827		40,246
Cost reimbursements		—		30,970		—		—		30,970
Selling, general and administrative expenses		115,467		—		28,349		(739)		143,077
Mortgage servicing expense		2,366		—		—		(2,366)		—
Interest expense		8,835		—		8,523		—		17,358
Total costs and expenses		152,821		50,200		36,872		(3,105)		236,788
(Loss) Income before non-controlling interest ‎ and (benefit) provision for income taxes	$	(9,753)	$	32,425	$	(33,701)	$	—	$	(11,029)

Add: Depreciation and amortization		3,042		380
Add: Severance		3,769		1,233
Segment Adjusted EBITDA ⁽¹⁾	$	(2,942)	$	34,038

‎

The table below sets forth our segment information for the six months ended June 30, 2019 (in thousands):


Revenue:	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		‎Total

Sales of VOIs	$	120,033	$	—	$	—	$	—	$	120,033
Fee-based sales commission revenue		100,555		—		—		—		100,555
Other fee-based services revenue		5,768		54,503		—		—		60,271
Cost reimbursements		—		31,051		—		—		31,051
Mortgage servicing revenue		3,034		—		—		(3,034)		—
Interest income		39,942		—		3,941		—		43,883
Other income, net		—		—		2,082		—		2,082
Total revenue		269,332		85,554		6,023		(3,034)		357,875

Costs and expenses:

Cost of VOIs sold		14,420		—		—		—		14,420
Net carrying cost of VOI inventory		12,976		—		—		(12,976)		—
Cost of other fee-based services		2,309		25,757		—		12,976		41,042
Cost reimbursements		—		31,051		—		—		31,051
Selling, general and administrative expenses		203,355		—		36,757		(480)		239,632
Mortgage servicing expense		2,554		—		—		(2,554)		—
Interest expense		10,332		—		9,235		—		19,567
Total costs and expenses		245,946		56,808		45,992		(3,034)		345,712
Income (loss) before non-controlling interest ‎ and provision (benefit) for income taxes	$	23,386	$	28,746	$	(39,969)	$	—	$	12,163

Add: Depreciation and amortization		3,070		730
Add: Bass Pro Settlement		39,121		—
Segment Adjusted EBITDA ⁽¹⁾	$	65,577	$	29,476