BBX Capital Corporation

Financials

v3.7.0.1
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 262,392 $ 299,861
Restricted cash ($21,781 in 2017 and $21,894 in 2016 in variable interest entities ("VIEs")) 50,495 46,456
Loans receivable, net 24,023 25,521
Notes receivable, net ($271,102 in 2017 and $287,111 in 2016 in VIEs) 425,002 430,480
Construction funds receivable 19,077 20,744
Inventory 279,542 268,514
Real estate held-for-sale, net 30,288 33,345
Real estate held-for-investment 12,037 12,029
Investments in unconsolidated real estate joint ventures 43,421 43,374
Property and equipment, net 96,149 95,998
Goodwill and intangible assets, net 74,995 75,186
Other assets 97,482 84,560
Total assets 1,414,903 1,436,068
Liabilities:    
Accounts payable 28,955 28,855
Deferred income 36,627 37,015
Escrow deposits 24,407 20,152
Other liabilities 80,301 95,611
Receivable-backed notes payable - recourse 84,312 87,631
Receivable-backed notes payable - non-recourse 308,718 327,358
Notes and mortgage notes payable and other borrowings 127,944 133,790
Junior subordinated debentures 134,398 152,367
Deferred income taxes 54,053 44,318
Shares subject to mandatory redemption 13,627 13,517
Total liabilities 893,342 940,614
Commitments and contingencies (See Note 8)
Preferred stock of $.01 par value; authorized 10,000,000 shares:    
Redeemable 5% Cumulative Preferred Stock of $.01 par value; authorized 15,000 shares; issued and outstanding 15,000 shares with a stated value of $1,000 per share
Equity:    
Additional paid-in capital 196,729 193,347
Accumulated earnings 279,271 259,110
Accumulated other comprehensive income 935 1,167
Total shareholder equity 477,915 454,604
Noncontrolling interests 43,646 40,850
Total equity 521,561 495,454
Total liabilities and equity 1,414,903 1,436,068
Class A Common Stock [Member]    
Equity:    
Common stock 848 848
Class B Common Stock [Member]    
Equity:    
Common stock $ 132 $ 132
v3.7.0.1
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues    
Sales of vacation ownership interests ("VOIs") $ 54,457 $ 56,370
Fee-based sales commission revenue 45,154 40,147
Other fee-based services revenue 26,120 25,555
Trade sales 23,513 20,962
Interest income 21,155 21,141
Net gains (losses) on sales of assets 295 (46)
Other revenue 1,132 1,618
Total revenues 171,826 165,747
Costs and Expenses    
Cost of sales of VOIs 3,318 3,916
Cost of other fee-based services 17,063 15,010
Cost of trade sales 18,073 15,047
Interest expense 8,824 9,067
Recoveries from loan losses, net (3,094) (1,748)
Assets recoveries, net (13) (37)
Net gains on cancellation of junior subordinated debentures (6,929)  
Litigation costs and penalty reimbursements (9,606)  
Selling, general and administrative expenses 114,195 112,055
Total costs and expenses 141,831 153,310
Equity in net earnings (losses) of unconsolidated real estate joint ventures 3,714 (342)
Foreign exchange gain 191 210
Other (expense) income, net (175) 155
Income before income taxes 33,725 12,460
Provision for income taxes (See Note 9) (13,054) (5,107)
Net income 20,671 7,353
Less: Net income attributable to noncontrolling interests 2,796 1,871
Net income attributable to shareholders $ 17,875 $ 5,482
Basic earnings per share $ 0.18 $ 0.06
Diluted earnings per share $ 0.17 $ 0.06
Basic weighted average number of common shares outstanding 98,921 86,839
Diluted weighted average number of common and common equivalent shares outstanding 105,866 87,013
Other comprehensive income, net of tax:    
Unrealized gains on securities available for sale $ 23 $ 25
Foreign currency translation adjustments (255) (148)
Other comprehensive loss, net (232) (123)
Comprehensive income, net of tax 20,439 7,230
Less: Comprehensive income attributable to noncontrolling interests 2,796 1,853
Total comprehensive income attributable to shareholders $ 17,643 $ 5,377
Class A Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share $ 0.0075 $ 0.00
Class B Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share $ 0.0075 $ 0.00
v3.7.0.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities:    
Net income $ 20,671 $ 7,353
Adjustment to reconcile net income to net cash (used in) provided by operating activities:    
Recoveries from loan losses and asset impairments, net (3,043) (2,314)
Provision for notes receivable allowances 9,350 10,485
Depreciation, amortization and accretion, net 3,220 2,599
Share-based compensation expense 3,382 1,639
Share-based compensation expense of subsidiaries   1,642
Net losses on sales of real estate, loans held-for-sale, and properties and equipment 155 46
Equity in (earnings) losses of unconsolidated real estate joint ventures (3,714) 342
Return on investment in unconsolidated real estate joint ventures 3,009  
Increase in deferred income tax 12,782 9,846
Gain realized on cancellation of junior subordinated debentures (6,929)  
Interest accretion on shares subject to mandatory redemption 298 289
Increase in restricted cash (4,039) (1,090)
Increase in notes receivable (3,784) (5,257)
(Increase) decrease in inventory (7,835) 1,864
Increase in other assets (13,227) (4,284)
Decrease in other liabilities (11,548) (5,276)
Net cash (used in) provided by operating activities (1,252) 17,884
Investing activities:    
Decrease in restricted cash   1,306
Return of unconsolidated real estate joint ventures investments 971  
Investments in unconsolidated real estate joint ventures (313) (301)
Repayment of loans receivable, net 3,991 4,065
Proceeds from sales of real estate held-for-sale 3,636 830
Additions to real estate held-for-sale (176) (169)
Additions to real estate held-for-investment (18) (1,558)
Purchases of property and equipment, net (3,899) (2,880)
Increase from other investing activities (22) (225)
Net cash provided by investing activities 4,170 1,068
Financing activities:    
Repayments of notes, mortgage notes payable and other borrowings (39,912) (125,729)
Proceeds from notes, mortgage notes payable and other borrowings 11,679 136,591
Redemption of junior subordinated debentures (11,438)  
Payments for debt issuance costs (24) (2,322)
Payments of interest on shares subject to mandatory redemption (188) (188)
Dividends paid on common stock (504)  
Net cash (used in) provided by financing activities (40,387) 8,352
(Decrease) increase in cash and cash equivalents (37,469) 27,304
Cash and cash equivalents at beginning of period 299,861 198,905
Cash and cash equivalents at end of period 262,392 226,209
Supplemental cash flow information:    
Interest paid on borrowings 7,822 8,757
Income taxes paid 307 481
Supplementary disclosure of non-cash investing and financing activities:    
Restricted cash received on securitization, pending provision of additional collateral   13,981
Loans transferred to real estate held-for-sale 601 826
Decrease in deferred tax liabilities due to cumulative effect of excess tax benefits 3,054  
Decrease in shareholders' accumulated other comprehensive income, net of taxes (232) (123)
Net increase in shareholders' equity from the effect of subsidiaries' capital transactions, net of taxes   1,333
Accumulated Other Comprehensive Income [Member]    
Supplementary disclosure of non-cash investing and financing activities:    
Decrease in shareholders' accumulated other comprehensive income, net of taxes $ (232) $ (105)