Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

The table below sets forth our segment information for the three months ended March 31, 2021 (in thousands):

	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		‎Total
Revenue:
Sales of VOIs	$	55,931	$	—	$	—	$	—	$	55,931
Fee-based sales commission revenue		25,718		—		—		—		25,718
Other fee-based services revenue		2,274		26,623		—		—		28,897
Cost reimbursements		—		16,608		—		—		16,608
Mortgage servicing revenue		1,311		—		—		(1,311)		—
Interest income		19,128		—		77		—		19,205
Other income, net		—		—		—		—		—
Total revenue		104,362		43,231		77		(1,311)		146,359
Costs and expenses:
Cost of VOIs sold		5,169		—		—		—		5,169
Net carrying cost of VOI inventory		7,780		—		—		(7,780)		—
Cost of other fee-based services		719		8,586		—		7,780		17,085
Cost reimbursements		—		16,608		—		—		16,608
Selling, general and administrative expenses		65,654		—		24,655		(157)		90,152
Mortgage servicing expense		1,154		—		—		(1,154)		—
Interest expense		4,163		—		3,753		—		7,916
Other expense, net		—		—		214		—		214
Total costs and expenses		84,639		25,194		28,622		(1,311)		137,144
Income (loss) before non-controlling
interest and provision for income taxes	$	19,723	$	18,037	$	(28,545)	$	—	$	9,215
Add: Depreciation and amortization		1,405		196
Segment Adjusted EBITDA (1)	$	21,128	$	18,233

(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, 2020 (in thousands):

Revenue:	Sales of ‎VOIs and ‎financing		Resort ‎operations ‎and club ‎management		Corporate ‎and other		Elimination		‎Total
Sales of VOIs	$	45,128	$	—	$	—	$	—	$	45,128
Fee-based sales commission revenue		41,365		—		—		—		41,365
Other fee-based services revenue		2,723		26,591		—		—		29,314
Cost reimbursements		—		19,120		—		—		19,120
Mortgage servicing revenue		1,595		—		—		(1,595)		—
Interest income		20,148		—		1,718		—		21,866
Other income, net		—		—		133		—		133
Total revenue		110,959		45,711		1,851		(1,595)		156,926
Costs and expenses:
Cost of VOIs sold		4,099		—		—		—		4,099
Net carrying cost of VOI inventory		7,914		—		—		(7,914)		—
Cost of other fee-based services		1,470		12,327		—		7,914		21,711
Cost reimbursements		—		19,120		—		—		19,120
Selling, general and administrative expenses		83,138		—		19,234		(175)		102,197
Mortgage servicing expense		1,420		—		—		(1,420)		—
Interest expense		4,664		—		4,154		—		8,818
Total costs and expenses		102,705		31,447		23,388		(1,595)		155,945
Income (loss) before non-controlling
interest and provision for income taxes	$	8,254	$	14,264	$	(21,537)	$	—	$	981
Add: Depreciation and amortization		1,559		190
Add: Severence		2,563		1,134
Segment Adjusted EBITDA (1)	$	12,376	$	15,588

(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.