BLUEGREEN VACATIONS CORP (BXG) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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Bluegreen Vacations Corporation Reports Fourth Quarter and Full Year 2017 Results



BOCA RATON, Florida (March 6, 2018) – Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen" or the “Company") today reported its fourth quarter and full year 2017 financial results.



Shawn B. Pearson, Chief Executive Officer and President said, “Following our successful initial public offering in November, we are  pleased to report our fourth quarter earnings, which included a 5% increase in system-wide sales of vacation ownership interests (“VOIs”), net, and $66.5 million of net income attributable to our shareholders.  We also continue to realize net new owner growth, which was  2% for the year ended December 31, 2017 as compared to December 31, 2016. Our Bluegreen Vacation Club offering, which delivers authentic local experiences to our owners and guests, continues to attract the differentiated and largest target demographic of middle America, with a focus on the Millennial generation. The vacation ownership industry is one of the fastest growing segments of the travel and tourism sector. We believe that we are well positioned to execute on our growth initiatives to provide long-term value for our shareholders with our flexible points-based vacation ownership product and a robust sales and marketing platform supported by our exclusive relationships with nationally-recognized brands such as Bass Pro Shops, Inc (“Bass Pro”) and Choice Hotels.”



Fourth Quarter 2017 Highlights:

·

Net income attributable to shareholders for the fourth quarter 2017 was $66.5 million, compared to $25.6 million for the same period in 2016;

·

EPS was $0.91, compared to $0.36 for the same period in 2016;

·

Total Adjusted EBITDA was $35.6 million, compared to $35.8 million for the same period in 2016;

·

Increased system-wide sales of VOIs, net by 5% to $154.0 million from $146.0 million during the fourth quarter of 2016;

·

Grew resort operations and club management revenue by 14% to $24.6 million from $21.6 million for the same period in 2016;

·

Capital-light revenue (1) was 67% of total revenue for the three months ended December 31, 2017, compared to 63% for the three months ended December 31, 2016;

·

Selling and marketing expenses, as a percentage of system-wide sales of VOIs, net, were 51% during the three months ended December 31, 2017, compared to 52% for the three months ended December 31, 2016;

·

Income tax benefit from the reduction of deferred tax liabilities as of December 31, 2017 as a result of the Tax Cuts and Jobs Act of 2017 was $47.7 million, or $0.66 per share.



Full Year 2017 Highlights:

·

Net income attributable to shareholders was $125.5 million for 2017, compared to net income of $75.0 million for 2016;

·

EPS was $1.76 for 2017, compared to $1.06 EPS for 2016;

·

Total Adjusted EBITDA grew 8% to $148.6 million for 2017, compared to $137.9 million for 2016;

·

Increased system-wide sales of VOIs, net by 2% to $616.7 million from $605.4 million during 2016;

·

Grew resort operations and club management revenue by 8% to $97.1 million from $89.6 million for 2016;

·

Capital-light revenue (1) was 67% of total revenue during 2017, compared to 60% for 2016;

·

Selling and marketing expenses, as a percentage of system-wide sales of VOIs, net, were 52% during 2017, which was consistent with 2016;

·

Income tax benefit from the reduction of deferred tax liabilities as of December 31, 2017 as a result of the Tax Cuts and Jobs Act of 2017 was $47.7 million, or $0.67 per share.

 


The following information was filed by BLUEGREEN VACATIONS CORP on Tuesday, March 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Exhibit 3.1 - ARTICLES OF INCORPORATION

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Exhibit 3.2 - ARTICLES OF INCORPORATION

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Exhibit 10.75 - MATERIAL CONTRACT

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Exhibit 21.1 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 32.1 - SECTION 1350 CERTIFICATION

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Exhibit 32.2 - SECTION 1350 CERTIFICATION

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0000778946-18-000017
  • Submitted to the SEC: Wednesday, March 7, 2018 4:24:29 PM EST
  • Accepted by the SEC: Wednesday, March 7, 2018
  • Fiscal Year ending: December 2017
  • Industry: Real Estate Agents And Managers For Others