BBX Capital Corporation

Financials

v3.7.0.1
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 254,068 $ 299,861
Restricted cash ($38,711 in 2017 and $21,894 in 2016 in variable interest entities ("VIEs")) 69,976 46,456
Loans receivable, net 22,874 25,521
Notes receivable, net ($303,041 in 2017 and $287,111 in 2016 in VIEs) 423,677 430,480
Construction funds receivable 14,947 20,744
Inventory 313,106 268,514
Real estate held-for-sale, net 25,685 33,345
Real estate held-for-investment 13,345 12,029
Investments in unconsolidated real estate joint ventures 44,326 43,374
Property and equipment, net 117,497 95,998
Goodwill 39,714 6,731
Intangible assets, net 72,492 68,455
Other assets 102,481 84,560
Total assets 1,514,188 1,436,068
Liabilities:    
Accounts payable 30,022 28,855
Deferred income 38,807 37,015
Escrow deposits 27,270 20,152
Other liabilities 87,393 95,611
Receivable-backed notes payable - recourse 63,755 87,631
Receivable-backed notes payable - non-recourse 364,679 327,358
Notes and mortgage notes payable and other borrowings 153,366 133,790
Junior subordinated debentures 134,750 152,367
Deferred income taxes 64,364 44,318
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 13,740 13,517
Total liabilities 978,146 940,614
Commitments and contingencies (See Note 9)
Redeemable noncontrolling interest (See Note 2) 2,549  
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares:
Additional paid-in capital 193,936 193,347
Accumulated earnings 290,487 259,110
Accumulated other comprehensive income 1,096 1,167
Total shareholders' equity 486,491 454,604
Noncontrolling interests 47,002 40,850
Total equity 533,493 495,454
Total liabilities and equity 1,514,188 1,436,068
Class A Common Stock [Member]    
Equity:    
Common stock 840 848
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 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Sales of vacation ownership interests ("VOIs") $ 56,694 $ 68,542 $ 111,151 $ 124,912
Fee-based sales commission revenue 63,915 54,188 109,069 94,335
Other fee-based services revenue 29,936 26,056 56,056 51,611
Trade sales 28,442 21,250 51,955 42,212
Interest income 20,875 21,227 42,030 42,368
Net gains on sales of assets 1,884 337 2,179 291
Other revenue 1,120 1,519 2,252 3,137
Total revenues 202,866 193,119 374,692 358,866
Costs and Expenses        
Cost of sales of VOIs 1,135 9,666 4,453 13,582
Cost of other fee-based services 16,311 16,577 33,374 31,587
Cost of trade sales 20,392 18,959 38,465 34,006
Interest expense 9,273 9,738 18,097 18,805
Recoveries from loan losses, net (999) (6,287) (4,093) (8,035)
Asset impairments, net 58 1,759 45 1,722
Net gains on cancellation of junior subordinated debentures     (6,929)  
Litigation costs and penalty reimbursements     (9,606)  
Selling, general and administrative expenses 135,804 142,204 249,999 254,259
Total costs and expenses 181,974 192,616 323,805 345,926
Equity in net earnings of unconsolidated real estate joint ventures 3,455 1,655 7,169 1,313
Foreign exchange (loss) gain (398) 110 (207) 320
Other income, net 326 35 151 190
Income before income taxes 24,275 2,303 58,000 14,763
(Provision) benefit for income taxes (See Note 10) (8,779) 368 (21,833) (4,739)
Net income 15,496 2,671 36,167 10,024
Less: Net income attributable to noncontrolling interests 3,415 2,427 6,211 4,298
Net income attributable to shareholders $ 12,081 $ 244 $ 29,956 $ 5,726
Basic earnings per share $ 0.12 $ 0.00 $ 0.30 $ 0.07
Diluted earnings per share $ 0.11 $ 0.00 $ 0.28 $ 0.07
Basic weighted average number of common shares outstanding 98,240 85,946 98,579 86,392
Diluted weighted average number of common and common equivalent shares outstanding 106,173 86,145 106,061 86,577
Other comprehensive income, net of tax:        
Unrealized gains on securities available for sale $ 23 $ 41 $ 46 $ 66
Foreign currency translation adjustments 138 (42) (117) (190)
Other comprehensive income (loss), net 161 (1) (71) (124)
Comprehensive income, net of tax 15,657 2,670 36,096 9,900
Less: Comprehensive income attributable to noncontrolling interests 3,415 2,427 6,211 4,280
Total comprehensive income attributable to shareholders $ 12,242 $ 243 $ 29,885 $ 5,620
Class A Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.0075 $ 0.005 $ 0.015 $ 0.005
Class B Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.0075 $ 0.005 $ 0.015 $ 0.005
v3.7.0.1
Condensed Consolidated Statements Of Cash Flows
$ in Thousands
6 Months Ended
Jun. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Operating activities:    
Net income $ 36,167 $ 10,024
Adjustment to reconcile net income to net cash provided by operating activities:    
Recoveries from loan losses and asset impairments, net (4,148) (4,485)
Provision for notes receivable allowances 21,553 23,993
Depreciation, amortization and accretion, net 8,727 5,766
Share-based compensation expense 6,732 3,277
Share-based compensation expense of subsidiaries   3,281
Net gains on sales of real estate, loans held-for-sale, and properties and equipment (1,708) (291)
Equity in earnings of unconsolidated real estate joint ventures (7,169) (1,313)
Return on investment in unconsolidated real estate joint ventures 6,130 1,313
Increase in deferred income tax 23,089 16,106
Net gains realized on cancellation of junior subordinated debentures (6,929)  
Interest accretion on shares subject to mandatory redemption 598 580
Increase in restricted cash (8,942) (329)
Increase in notes receivable (14,703) (26,132)
(Increase) decrease in inventory (30,867) 7,242
Increase in other assets (16,285) (7,152)
(Decrease) increase in other liabilities (3,767) 12,664
Net cash provided by operating activities 8,478 44,544
Investing activities:    
Decrease in restricted cash   1,306
Return of unconsolidated real estate joint ventures investments 472 994
Investments in unconsolidated real estate joint ventures (385) (785)
Repayment of loans receivable, net 5,830 26,360
Proceeds from sales of real estate held-for-sale 9,101 11,042
Additions to real estate held-for-sale (180) (225)
Additions to real estate held-for-investment (60) (1,816)
Purchases of property and equipment, net (8,378) (6,103)
Cash paid for acquisitions, net of cash received (58,484)  
Increase from other investing activities (24) (323)
Net cash (used in) provided by investing activities (52,108) 30,450
Financing activities:    
Repayments of notes, mortgage notes payable and other borrowings (149,450) (169,414)
Proceeds from notes, mortgage notes payable and other borrowings 169,425 172,290
Redemption of junior subordinated debentures (11,438)  
Payments for debt issuance costs (2,839) (2,448)
Payments of interest on shares subject to mandatory redemption (375) (375)
Proceeds from the exercise of stock options 62 10
Dividends paid on common stock (1,335)  
Retirement of Class A Common Stock (6,213) (3,029)
Net cash used in financing activities (2,163) (2,966)
(Decrease) increase in cash and cash equivalents (45,793) 72,028
Cash and cash equivalents at beginning of period 299,861 198,905
Cash and cash equivalents at end of period 254,068 270,933
Supplemental cash flow information:    
Interest paid on borrowings 16,006 16,599
Income taxes paid 1,206 592
Supplementary disclosure of non-cash investing and financing activities:    
Restricted cash to be received on securitization, pending provision of additional collateral 14,578  
Loans receivable transferred to real estate held-for-sale 910 3,663
Loans held-for-sale transferred to loans receivable   16,078
Real estate held-for-investment transferred to real estate held-for-sale   3,040
Real estate held-for-sale transferred to property and equipment   6,557
Real estate held-for-sale transferred to real estate held-for-investment 1,276  
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 (71) (124)
Net increase in shareholders' equity from the effect of subsidiaries' capital transactions, net of taxes   2,695
Accumulated Other Comprehensive Income [Member]    
Supplementary disclosure of non-cash investing and financing activities:    
Decrease in shareholders' accumulated other comprehensive income, net of taxes $ (71) $ (106)