Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

The table below sets forth our segment information for the year ended December 31, 2020 (in thousands):



	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		Total
Revenue:
Sales of VOIs	$	173,997	$	—	$	—	$	—	$	173,997
Fee-based sales commission revenue		89,965		—		—		—		89,965
Other fee-based services revenue		7,568		104,255		—		—		111,823
Cost reimbursements		—		64,305		—		—		64,305
Mortgage servicing revenue		5,873		—		—		(5,873)		—
Interest income		77,538		—		3,484		—		81,022
Other income, net		—		—		—		—		—
Total revenue		354,941		168,560		3,484		(5,873)		521,112

Costs and expenses:
Cost of VOIs sold		13,597		—		—		—		13,597
Net carrying cost of VOI inventory		34,626		—		—		(34,626)		—
Cost of other fee-based services		3,823		40,985		—		34,626		79,434
Cost reimbursements		—		64,305		—		—		64,305
Selling, general and administrative expenses		244,755		—		68,165		(1,295)		311,625
Mortgage servicing expense		4,578		—		—		(4,578)		—
Interest expense		16,950		—		15,030		—		31,980
Other expense, net		942		30		370		—		1,342
Total costs and expenses		319,271		105,320		83,565		(5,873)		502,283
Income (loss) before non-controlling interest
and provision for income taxes	$	35,670	$	63,240	$	(80,081)	$	—	$	18,829

Add: Depreciation and amortization		5,852		796
Add: Severance		4,445		1,369
Add: Loss on assets held for sale		942		30
Segment Adjusted EBITDA ⁽¹⁾	$	46,909	$	65,435

(1)See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of 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, 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		52,652		—		23,816		83,440
Cost reimbursements		—		63,889		—		—		63,889
Selling, general and administrative expenses		391,474		—		81,829		(947)		472,356
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		469,886		122,428		100,864		(11,200)		681,978
Income (loss) before non-controlling interest
and provision for income taxes	$	96,868	$	52,459	$	(91,063)	$	—	$	58,264

Add: Depreciation and amortization		6,118		1,294
Add: Severance		1,416		238
Add: Bass Pro Settlement		39,121		—
Add: Loss on assets held for sale		58		5,887
Segment Adjusted EBITDA ⁽¹⁾	$	143,581	$	59,878

‎

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		54,019		—		11,358		69,968
Cost reimbursements		—		62,534		—		—		62,534
Selling, general and administrative expenses		338,462		—		79,687		254		418,403
Mortgage servicing expense		6,205		—		—		(6,205)		—
Interest expense		19,514		—		15,195		—		34,709
Total costs and expenses		403,943		116,553		94,882		(5,951)		609,427
Income (loss) before non-controlling interest
and provision for income taxes	$	164,237	$	51,800	$	(87,144)	$	—	$	128,893

Add: Depreciation and amortization		6,335		1,719
Add: Severance		96		42
Segment Adjusted EBITDA ⁽¹⁾	$	170,668	$	53,561

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