BBX Capital Corporation

Financials

v3.19.3
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
[1]
ASSETS    
Cash and cash equivalents $ 368,818 $ 366,305
Restricted cash ($19,185 in 2019 and $28,400 in 2018 in variable interest entities ("VIEs")) 48,597 54,792
Notes receivable, net ($299,374 in 2019 and $341,975 in 2018 in VIEs) 445,706 439,167
Trade inventory 25,126 20,110
Vacation ownership interest ("VOI") inventory 346,821 334,149
Real estate ($12,075 in 2019 and $20,202 in 2018 held for sale) 59,574 54,956
Investments in unconsolidated real estate joint ventures 53,739 64,738
Property and equipment, net 131,422 139,628
Goodwill 37,248 37,248
Intangible assets, net 68,342 69,710
Operating lease assets 110,435  
Other assets 121,610 124,217
Total assets 1,817,438 1,705,020
Liabilities:    
Accounts payable 29,206 29,537
Deferred income 20,323 16,522
Escrow deposits 25,149 22,255
Other liabilities 128,318 104,441
Receivable-backed notes payable - recourse 94,904 76,674
Receivable-backed notes payable - non-recourse (in VIEs) 341,856 382,257
Notes payable and other borrowings 161,420 200,887
Junior subordinated debentures 137,038 136,425
Operating lease liabilities 124,129  
Deferred income taxes 90,695 86,363
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 10,000 shares in 2019 and 2018 with a stated value of $1,000 per share 9,730 9,472
Total liabilities 1,162,768 1,064,833
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interest 2,229 2,579
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares
Additional paid-in capital 162,183 161,684
Accumulated earnings 392,167 385,789
Accumulated other comprehensive income 1,420 1,215
Total shareholders' equity 556,684 549,620
Noncontrolling interests 95,757 87,988
Total equity 652,441 637,608
Total liabilities and equity 1,817,438 1,705,020
Class A Common Stock [Member]    
Equity:    
Common stock 766 784
Class B Common Stock [Member]    
Equity:    
Common stock $ 148 $ 148
[1] See Note 1 for a summary of adjustments.
v3.19.3
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Revenue from customers $ 232,918 $ 233,246 $ 651,379 $ 647,152
Interest income 21,797 21,157 [1] 64,730 63,738
Net gains on sales of real estate assets 399   11,395 4,802
Other revenue 3,237 1,669 [1] 7,540 4,278
Total revenues 255,114 254,403 [1] 727,504 715,692
Costs and Expenses        
Interest expense 11,870 11,130 [1] 34,679 30,869
Recoveries from loan losses, net (1,821) (443) [1] (4,206) (7,258)
Impairment losses 4,030 193 [1] 6,786 549
Selling, general and administrative expenses 148,549 143,559 [1] 448,510 410,359
Total costs and expenses 242,466 236,125 [1] 726,174 654,825
Equity in net earnings of unconsolidated real estate joint ventures 28,534 373 [1] 37,276 1,165
Foreign exchange gain (loss)   76 [1] (24) 91
Income before income taxes 41,182 18,727 [1] 38,582 62,123
Provision for income taxes (14,682) (6,742) [1] (15,068) (21,997)
Net income 26,500 11,985 [1] 23,514 40,126
Less: Net income attributable to noncontrolling interests 4,112 5,806 [1] 11,275 16,324
Net income attributable to shareholders $ 22,388 $ 6,179 [1] $ 12,239 $ 23,802
Basic earnings per share $ 0.24 $ 0.07 [1] $ 0.13 $ 0.25
Diluted earnings per share $ 0.24 $ 0.06 [1] $ 0.13 $ 0.24
Basic weighted average number of common shares outstanding 92,587 93,193 [1] 93,002 95,722
Diluted weighted average number of common and common equivalent shares outstanding 94,059 96,576 [1] 94,306 98,971
Other comprehensive income (loss), net of tax:        
Unrealized gain (loss) on securities available for sale $ 16 $ (11) [1] $ 54 $ (11)
Foreign currency translation adjustments (75) 66 [1] 151 62
Other comprehensive (loss) income, net (59) 55 [1] 205 51
Comprehensive income, net of tax 26,441 12,040 [1] 23,719 40,177
Less: Comprehensive income attributable to noncontrolling interests 4,112 5,806 [1] 11,275 16,324
Comprehensive income attributable to shareholders $ 22,329 $ 6,234 [1] $ 12,444 $ 23,853
Class A Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.0125 $ 0.010 [1] $ 0.0375 $ 0.030
Class B Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.0125 $ 0.010 [1] $ 0.0375 $ 0.030
Sales Of VOIs [Member]        
Revenues        
Revenue from customers $ 66,318 $ 70,698 [1] $ 186,351 $ 195,412
Costs and Expenses        
Total costs 3,121 11,237 [1] 17,541 19,838
Fee-Based Sales Commissions [Member]        
Revenues        
Revenue from customers 60,478 61,641 [1] 161,033 167,581
Other Fee-Based Services [Member]        
Revenues        
Revenue from customers 33,744 31,057 [1] 94,015 89,472
Costs and Expenses        
Total costs 23,746 19,937 [1] 66,538 53,983
Cost Reimbursements [Member]        
Revenues        
Revenue from customers 21,111 16,900 [1] 58,705 47,157
Costs and Expenses        
Total costs 21,111 16,900 [1] 58,705 47,157
Trade Sales [Member]        
Revenues        
Revenue from customers 47,660 43,803 [1] 138,705 126,114
Costs and Expenses        
Total costs 31,860 28,957 [1] 94,978 88,045
Sales Of Real Estate Inventory [Member]        
Revenues        
Revenue from customers 370 7,478 [1] 5,030 17,138
Costs and Expenses        
Total costs   4,655 [1] 2,643 11,283
Other [Member]        
Revenues        
Revenue from customers $ 5,527 $ 3,491 $ 13,294 $ 9,138
[1] See Note 1 for a summary of adjustments.
v3.19.3
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income $ 23,514 $ 40,126
Adjustment to reconcile net income to net cash provided by operating activities:    
Recoveries from loan losses, net (4,206) (7,258)
Provision for notes receivable allowances 39,462 35,866
Depreciation, amortization and accretion, net 21,150 18,557
Share-based compensation expense 9,379 10,717
Net gains on sales of real estate (11,395) (4,798)
Equity earnings of unconsolidated real estate joint ventures (37,276) (1,165)
Return on investment in unconsolidated real estate joint ventures 38,020 5,233
Increase in deferred income tax 5,210 20,465
Impairment losses 6,786 549
Interest accretion on redeemable 5% cumulative preferred stock 633 854
Increase in notes receivable (46,001) (48,492)
Increase in VOI inventory (12,672) (23,405)
(Increase) decrease in trade inventory (5,016) 2,286
(Increase) decrease in real estate inventory (2,865) 9,990
Net change in operating lease asset and operating lease liability 1,134  
Increase in other assets (3,852) (24,712)
Increase in other liabilities 38,389 8,774
Net cash provided by operating activities 60,394 43,587
Investing activities:    
Return of investment in unconsolidated real estate joint ventures 30,331 6,586
Investments in unconsolidated real estate joint ventures (20,076) (1,755)
Proceeds from repayment of loans receivable 4,766 17,930
Proceeds from sales of real estate held-for-sale 20,374 17,121
Proceeds from the sale of property and equipment 15,011 569
Additions to real estate held-for-sale and held-for-investment (438) (1,102)
Purchases of property and equipment (26,286) (33,316)
Decrease in cash from other investing activities (73) (5,072)
Net cash provided by investing activities 23,609 961
Financing activities:    
Repayments of notes payable and other borrowings (171,061) (152,204)
Proceeds from notes payable and other borrowings 99,921 196,439
Payments for debt issuance costs (351) (1,131)
Payments of interest on redeemable 5% cumulative preferred stock (375) (438)
Purchase and retirement of Class A common stock (8,898) (60,141)
Purchase of noncontrolling interest   (258)
Proceeds from the exercise of stock options   245
Dividends paid on common stock (3,257) (2,822)
Distributions to noncontrolling interest (3,664) (8,263)
Net cash used in financing activities (87,685) (28,573)
(Decrease) increase in cash, cash equivalents and restricted cash (3,682) 15,975
Cash, cash equivalents and restricted cash at beginning of period 421,097 409,247
Cash, cash equivalents and restricted cash at end of period 417,415 425,222
Supplemental cash flow information:    
Interest paid on borrowings, net of amounts capitalized 30,252 27,807
Income taxes paid 10,873 3,103
Supplementary disclosure of non-cash investing and financing activities:    
Construction funds receivable transferred to real estate 15,890 8,716
Operating lease assets obtained in exchange for new operating lease liabilities 21,700  
Acquisition of VOI inventory, property and equipment for notes payable   24,258
Loans receivable transferred to real estate 333 1,673
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock   (5,000)
Reduction in redeemable 5% cumulative preferred stock   4,862
Increase in other assets upon issuance of Community Development District Bonds 8,110  
Assumption of Community Development District Bonds by builders 1,035 4,573
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents, and restricted cash $ 421,097 $ 409,247