Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

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



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

Sales of VOIs	$	59,265	$	—	$	—	$	—	$	59,265
Fee-based sales commission revenue		22,119		—		—		—		22,119
Other fee-based services revenue		1,281		26,550		—		—		27,831
Cost reimbursements		—		15,684		—		—		15,684
Mortgage servicing revenue		1,403		—		—		(1,403)		—
Interest income		19,049		—		623		—		19,672
Total revenue		103,117		42,234		623		(1,403)		144,571

Costs and expenses:

Cost of VOIs sold		3,597		—		—		—		3,597
Net carrying cost of VOI inventory		8,580		—		—		(8,580)		—
Cost of other fee-based services		800		11,481		—		8,580		20,861
Cost reimbursements		—		15,684		—		—		15,684
Selling, general and administrative expenses		59,502		—		20,254		(406)		79,350
Mortgage servicing expense		997		—		—		(997)		—
Interest expense		3,910		—		3,409		—		7,319
Other expense, net		—		—		365		—		365
Total costs and expenses		77,386		27,165		24,028		(1,403)		127,176
(Loss) Income before non-controlling interest ‎ and (benefit) provision for income taxes	$	25,731	$	15,069	$	(23,405)	$	—	$	17,395

Add: Depreciation and amortization		1,405		208
Add: Severance		208		114
Segment Adjusted EBITDA ⁽¹⁾	$	27,344	$	15,391

(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.

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



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

Sales of VOIs	$	66,318	$	—	$	—	$	—	$	66,318
Fee-based sales commission revenue		60,478		—		—		—		60,478
Other fee-based services revenue		4,289		29,455		—		—		33,744
Cost reimbursements		—		17,883		—		—		17,883
Mortgage servicing revenue		1,588		—		—		(1,588)		—
Interest income		20,043		—		2,038		—		22,081
Other income, net		537		—		1,609		—		2,146
Total revenue		153,253		47,338		3,647		(1,588)		202,650

Costs and expenses:

Cost of VOIs sold		3,121		—		—		—		3,121
Net carrying cost of VOI inventory		5,878		—		—		(5,878)		—
Cost of other fee-based services		2,442		14,552		—		5,878		22,872
Cost reimbursements		—		17,883		—		—		17,883
Selling, general and administrative expenses		95,672		—		22,388		(27)		118,033
Mortgage servicing expense		1,561		—		—		(1,561)		—
Interest expense		5,062		—		5,326		—		10,388
Total costs and expenses		113,736		32,435		27,714		(1,588)		172,297
(Loss) Income before non-controlling interest and (benefit) provision for income taxes	$	39,517	$	14,903	$	(24,067)	$	—	$	30,353

Add: Depreciation and amortization		1,507		321
Add: Severance		594		238
Segment Adjusted EBITDA ⁽¹⁾	$	41,618	$	15,462

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


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

Sales of VOIs	$	113,447	$	—	$	—	$	—	$	113,447
Fee-based sales commission revenue		64,619		—		—		—		64,619
Other fee-based services revenue		5,353		78,205		—		—		83,558
Cost reimbursements		—		46,654		—		—		46,654
Mortgage servicing revenue		4,508		—		—		(4,508)		—
Interest income		58,258		—		3,388		—		61,646
Other income, net		—		—		41		—		41
Total revenue		246,185		124,859		3,429		(4,508)		369,965

Costs and expenses:

Cost of VOIs sold		8,734		—		—		—		8,734
Net carrying cost of VOI inventory		27,407		—		—		(27,407)		—
Cost of other fee-based services		2,989		30,711		—		27,407		61,107
Cost reimbursements		—		46,654		—		—		46,654
Selling, general and administrative expenses		174,969		—		48,603		(1,145)		222,427
Mortgage servicing expense		3,363		—		—		(3,363)		—
Interest expense		12,745		—		11,932		—		24,677
Total costs and expenses		230,207		77,365		60,535		(4,508)		363,599
(Loss) Income before non-controlling interest ‎ and (benefit) provision for income taxes	$	15,978	$	47,494	$	(57,106)	$	—	$	6,366

Add: Depreciation and amortization		4,447		588
Add: Severance		3,977		1,347
Segment Adjusted EBITDA ⁽¹⁾	$	24,402	$	49,429

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


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

Sales of VOIs	$	186,351	$	—	$	—	$	—	$	186,351
Fee-based sales commission revenue		161,033		—		—		—		161,033
Other fee-based services revenue		10,092		83,923		—		—		94,015
Cost reimbursements		—		48,933		—		—		48,933
Mortgage servicing revenue		4,621		—		—		(4,621)		—
Interest income		59,985		—		5,979		—		65,964
Other income, net		537		—		3,691		—		4,228
Total revenue		422,619		132,856		9,670		(4,621)		560,524

Costs and expenses:

Cost of VOIs sold		17,541		—		—		—		17,541
Net carrying cost of VOI inventory		18,853		—		—		(18,853)		—
Cost of other fee-based services		4,832		40,228		—		18,853		63,913
Cost reimbursements		—		48,933		—		—		48,933
Selling, general and administrative expenses		299,028		—		59,145		(507)		357,666
Mortgage servicing expense		4,114		—		—		(4,114)		—
Interest expense		15,391		—		14,564		—		29,955
Total costs and expenses		359,759		89,161		73,709		(4,621)		518,008
Income (loss) before non-controlling interest ‎ and provision (benefit) for income taxes	$	62,860	$	43,695	$	(64,039)	$	—	$	42,516

Add: Depreciation and amortization		4,577		1,050
Add: Severance		594		238
Add: Bass Pro Settlement		39,121		—
Segment Adjusted EBITDA ⁽¹⁾	$	107,152	$	44,983