BBX Capital Corporation

Financials

v3.19.1
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
[1]
ASSETS    
Cash and cash equivalents $ 296,317 $ 366,305
Restricted cash ($20,714 in 2019 and $28,400 in 2018 in variable interest entities ("VIEs")) 45,357 54,792
Notes receivable, net ($318,111 in 2019 and $341,975 in 2018 in VIEs) 435,629 439,167
Trade inventory 20,723 20,110
Vacation ownership interest ("VOI") inventory 342,386 334,149
Real estate ($19,766 in 2019 and $20,202 in 2018 held for sale) 53,616 54,956
Investments in unconsolidated real estate joint ventures 67,382 64,738
Property and equipment, net 143,391 139,628
Goodwill 37,248 37,248
Intangible assets, net 69,182 69,710
Operating lease assets 113,536  
Other assets 135,909 124,217
Total assets 1,760,676 1,705,020
Liabilities:    
Accounts payable 24,808 29,537
Deferred income 17,051 16,522
Escrow deposits 20,395 22,255
Other liabilities 91,159 104,441
Receivable-backed notes payable - recourse 74,744 76,674
Receivable-backed notes payable - non-recourse (in VIEs) 363,183 382,257
Notes payable and other borrowings 169,041 200,887
Junior subordinated debentures 136,623 136,425
Operating lease liabilities 124,472  
Deferred income taxes 86,576 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 9,556 9,472
Total liabilities 1,117,608 1,064,833
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interest 2,077 2,579
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares
Additional paid-in capital 164,733 161,684
Accumulated earnings 383,855 385,789
Accumulated other comprehensive income 1,344 1,215
Total shareholders' equity 550,864 549,620
Noncontrolling interests 90,127 87,988
Total equity 640,991 637,608
Total liabilities and equity 1,760,676 1,705,020
Class A Common Stock [Member]    
Equity:    
Common stock 784 784
Class B Common Stock [Member]    
Equity:    
Common stock $ 148 $ 148
[1] See Note 1 for a summary of adjustments.
v3.19.1
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues    
Revenue from customers $ 198,310 $ 192,077
Interest income 21,415 21,917 [1]
Net gains on sales of real estate assets 1,332 4,070 [1]
Other revenue 1,343 1,049 [1]
Total revenues 221,057 218,064 [1]
Costs and Expenses    
Interest expense 11,148 9,191 [1]
Recoveries from loan losses, net (961) (4,813) [1]
Impairment losses 618 232 [1]
Selling, general and administrative expenses 121,993 124,898 [1]
Total costs and expenses 214,683 197,094 [1]
Equity in net earnings of unconsolidated real estate joint ventures (17) 1,280 [1]
Foreign exchange gain (loss) 5 52 [1]
Income (loss) before income taxes 6,362 22,302 [1]
(Provision) benefit for income taxes (1,724) (6,600) [1]
Net income 4,638 15,702 [1]
Less: Net income attributable to noncontrolling interests 3,139 4,560 [1]
Net income attributable to shareholders $ 1,499 $ 11,142 [1]
Basic earnings per share $ 0.02 $ 0.11 [1]
Diluted earnings per share $ 0.02 $ 0.11 [1]
Basic weighted average number of common shares outstanding 93,220 99,652 [1]
Diluted weighted average number of common and common equivalent shares outstanding 94,487 102,628 [1]
Other comprehensive income, net of tax:    
Unrealized (losses) gains on securities available for sale $ 28  
Foreign currency translation adjustments 101 $ (28) [1]
Other comprehensive (loss) income, net 129 (28) [1]
Comprehensive income, net of tax 4,767 15,674 [1]
Less: Comprehensive income attributable to noncontrolling interests 3,139 4,560 [1]
Comprehensive income attributable to shareholders $ 1,628 $ 11,114 [1]
Class A Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share $ 0.0125 $ 0.010 [1]
Class B Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share $ 0.0125 $ 0.010 [1]
Sales Of VOIs [Member]    
Revenues    
Revenue from customers $ 51,731 $ 56,141 [1]
Costs and Expenses    
Total costs 3,848 1,812 [1]
Fee-Based Sales Commissions [Member]    
Revenues    
Revenue from customers 45,212 45,854 [1]
Other Fee-Based Services [Member]    
Revenues    
Revenue from customers 29,568 28,024 [1]
Costs and Expenses    
Total costs 22,868 17,411 [1]
Cost Reimbursements [Member]    
Revenues    
Revenue from customers 20,236 16,200 [1]
Costs and Expenses    
Total costs 20,236 16,200 [1]
Trade Sales [Member]    
Revenues    
Revenue from customers 45,984 38,400 [1]
Costs and Expenses    
Total costs 32,290 27,916 [1]
Sales Of Real Estate Inventory [Member]    
Revenues    
Revenue from customers 4,236 6,409 [1]
Costs and Expenses    
Total costs 2,643 4,247 [1]
Other Revenue [Member]    
Revenues    
Revenue from customers $ 2,747 $ 2,432
[1] See Note 1 for a summary of adjustments.
v3.19.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities:    
Net income $ 4,638 $ 15,702 [1]
Adjustment to reconcile net income to net cash provided by operating activities:    
Recoveries from loan losses, net (961) (4,813)
Provision for notes receivable allowances 11,145 8,006
Depreciation, amortization and accretion, net 6,875 6,017
Share-based compensation expense 3,049 3,452
Net gains on sales of real estate held-for-sale (1,332) (4,070)
Equity in losses (earnings) of unconsolidated real estate joint ventures 17 (1,280) [1]
Return on investment in unconsolidated real estate joint ventures 277 2,058
Increase in deferred income tax 1,093 6,612
Impairment losses 618 232 [1]
Interest accretion on redeemable 5% cumulative preferred stock 209 446
Increase in notes receivable (7,607) (5,264)
Increase in VOI inventory (8,237) (9,673)
Increase in trade inventory (613) (685)
Decrease in real estate inventory 2,192 5,690
Increase in other assets (6,726) (6,353)
Decrease in other liabilities (11,203) (17,759)
Net cash provided by operating activities (6,566) (1,682)
Investing activities:    
Return of investment in unconsolidated real estate joint ventures 2,068 1,672
Investments in unconsolidated real estate joint ventures (4,920) (57)
Repayment of loans receivable 1,179 15,170
Proceeds from sales of real estate held-for-sale 1,936 11,943
Additions to real estate held-for-sale and held-for-investment (289) (193)
Purchases of property and equipment (9,693) (8,075)
Proceeds from the sale of property and equipment   280
Decrease in cash from other investing activities (42) (183)
Net cash (used in) provided by investing activities (9,761) 20,557
Financing activities:    
Repayments of notes payable and other borrowings (75,493) (53,906)
Proceeds from notes payable and other borrowings 14,791 26,866
Payments for debt issuance costs (115) (663)
Payments of interest on redeemable 5% cumulative preferred stock (125) (188)
Dividends paid on Common Stock (934) (779)
Distributions to noncontrolling interest (1,220) (1,121)
Net cash used in financing activities (63,096) (29,791)
Decrease in cash, cash equivalents and restricted cash (79,423) (10,916)
Cash, cash equivalents and restricted cash at beginning of period 421,097 409,247
Cash, cash equivalents and restricted cash at end of period 341,674 398,331
Supplemental cash flow information:    
Interest paid on borrowings 9,745 8,059
Income taxes paid 862 283
Supplementary disclosure of non-cash investing and financing activities:    
Construction funds receivable transferred to real estate 2,288 3,704
Operating lease assets recognized upon adoption of ASC 842 113,183  
Operating lease liability recognized upon adoption of ASU 842 123,240  
Operating lease assets obtained in exchange for new operating lease liabilities 5,864  
Reduction in redeemable 5% cumulative preferred stock   (4,862)
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock   (5,000)
Increase in other assets upon issuance of Community Development District Bonds 8,110  
Assumption of Community Development District Bonds by developer 1,035 1,792
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents, and restricted cash $ 421,097 $ 409,247
[1] See Note 1 for a summary of adjustments.