BBX Capital Corporation

Financials

v3.10.0.1
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
[1]
ASSETS    
Cash and cash equivalents $ 380,447 $ 362,526
Restricted cash ($20,959 in 2018 and $19,488 in 2017 in variable interest entities ("VIEs")) 54,471 46,721
Notes receivable, net ($296,016 in 2018 and $279,188 in 2017 in VIEs) 429,647 426,858
Trade inventory 21,280 23,902
Vacation ownership interest ("VOI") inventory 327,897 281,291
Real estate ($20,856 in 2018 and $27,828 in 2017 held for sale) 56,900 68,536
Investments in unconsolidated real estate joint ventures 41,801 51,234
Property and equipment, net 125,325 111,929
Goodwill 39,482 39,482
Intangible assets, net 71,761 70,449
Other assets 115,437 122,753
Total assets 1,664,448 1,605,681
Liabilities:    
Accounts payable 27,694 31,370
Deferred income 14,442 16,893
Escrow deposits 27,924 21,079
Other liabilities 87,701 103,464
Receivable-backed notes payable - recourse 101,582 84,697
Receivable-backed notes payable - non-recourse (in VIEs) 325,512 336,421
Notes payable and other borrowings 219,615 144,114
Junior subordinated debentures 135,974 135,414
Deferred income taxes 72,827 47,968
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 10,000 shares in 2018 and 15,000 shares in 2017 with a stated value of $1,000 per share 9,310 13,974
Total liabilities 1,022,581 935,394
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interest 2,590 2,765
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares:
Additional paid-in capital 176,050 229,379
Accumulated earnings 369,214 353,384
Accumulated other comprehensive income 1,452 1,708
Total shareholders' equity 547,648 585,468
Noncontrolling interests 91,629 82,054
Total equity 639,277 667,522
Total liabilities and equity 1,664,448 1,605,681
Class A Common Stock [Member]    
Equity:    
Common stock 793 857
Class B Common Stock [Member]    
Equity:    
Common stock $ 139 $ 140
[1] See Note 1 for a summary of adjustments.
v3.10.0.1
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Total revenues $ 243,226 $ 217,666 [1] $ 461,268 $ 403,100 [1]
Costs and Expenses        
Cost of VOIs sold 6,789 1,749 [1] 8,601 4,908 [1]
Cost of other fee-based services 16,634 15,374 [1] 34,045 31,481 [1]
Cost reimbursements 14,059 11,893 [1] 30,260 26,563 [1]
Cost of trade sales 31,655 22,299 [1] 59,091 41,895 [1]
Cost of real estate inventory sold 2,381   6,628  
Interest expense 10,403 9,273 [1] 19,594 18,097 [1]
Recoveries from loan losses, net (1,981) (999) [1] (6,794) (4,093) [1]
Asset impairments, net 104 58 [1] 336 45 [1]
Net gains on cancellation of junior subordinated debentures [1]       (6,929)
Reimbursements of litigation costs and penalty [1]       (9,606)
Selling, general and administrative expenses 141,563 135,410 [1] 266,918 248,716 [1]
Total costs and expenses 221,607 195,057 [1] 418,679 351,077 [1]
Equity in net (losses) earnings of unconsolidated real estate joint ventures (488) 3,087 [1] 792 6,323 [1]
Foreign exchange (loss) gain (37) (398) [1] 15 (207) [1]
Income before income taxes 21,094 25,298 [1] 43,396 58,139 [1]
Provision for income taxes (8,655) (9,131) [1] (15,255) (21,895) [1]
Net income 12,439 16,167 [1] 28,141 36,244 [1]
Less: Net income attributable to noncontrolling interests 5,958 3,453 [1] 10,518 6,090 [1]
Net income attributable to shareholders $ 6,481 $ 12,714 [1] $ 17,623 $ 30,154 [1]
Basic earnings per share $ 0.07 $ 0.13 [1] $ 0.18 $ 0.31 [1]
Diluted earnings per share $ 0.07 $ 0.12 [1] $ 0.18 $ 0.28 [1]
Basic weighted average number of common shares outstanding 94,390 98,240 [1] 97,007 98,579 [1]
Diluted weighted average number of common and common equivalent shares outstanding 97,779 106,173 [1] 100,194 106,061 [1]
Other comprehensive income, net of tax:        
Unrealized gains on securities available for sale [1]   $ 23   $ 46
Foreign currency translation adjustments $ 24 138 [1] $ (4) (117) [1]
Other comprehensive income (loss), net 24 161 [1] (4) (71) [1]
Comprehensive income, net of tax 12,463 16,328 [1] 28,137 36,173 [1]
Less: Comprehensive income attributable to noncontrolling interests 5,958 3,453 [1] 10,518 6,090 [1]
Comprehensive income attributable to shareholders $ 6,505 $ 12,875 [1] $ 17,619 $ 30,083 [1]
Class A Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.010 $ 0.0075 [1] $ 0.020 $ 0.0150 [1]
Class B Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.010 $ 0.0075 [1] $ 0.020 $ 0.0150 [1]
Sales Of VOIs [Member]        
Revenues        
Total revenues $ 68,573 $ 59,405 [1] $ 124,714 $ 113,641 [1]
Fee-Based Sales Commissions [Member]        
Revenues        
Total revenues 60,086 63,915 [1] 105,940 109,069 [1]
Other Fee-Based Services [Member]        
Revenues        
Total revenues 30,391 29,935 [1] 58,415 56,056 [1]
Cost Reimbursements [Member]        
Revenues        
Total revenues 14,059 11,893 [1] 30,260 26,563 [1]
Trade Sales [Member]        
Revenues        
Total revenues 43,908 28,313 [1] 82,286 51,652 [1]
Sales Of Real Estate Inventory [Member]        
Revenues        
Total revenues 3,250   9,659  
Interest Income [Member]        
Revenues        
Total revenues 20,664 20,875 [1] 42,581 42,030 [1]
Net Gains On Sales Of Real Estate Assets [Member]        
Revenues        
Total revenues 733 1,884 [1] 4,802 1,686 [1]
Other Revenue [Member]        
Revenues        
Total revenues $ 1,562 $ 1,446 [1] $ 2,611 $ 2,403 [1]
[1] See Note 1 for a summary of adjustments.
v3.10.0.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Operating activities:                  
Net income $ 12,439 $ 16,167 [1] $ 28,141 $ 36,244 [1] $ 102,303 $ 42,596      
Adjustment to reconcile net income to net cash provided by operating activities:                  
Recoveries from loan losses and asset impairments, net     (6,458) (4,048)          
Provision for notes receivable allowances     21,447 22,546          
Depreciation, amortization and accretion, net     11,869 9,356          
Share-based compensation expense     7,072 6,732          
Net gains on sales of real estate held-for-sale and properties and equipment     (4,895) (1,686)          
Equity in earnings of unconsolidated real estate joint ventures 488 (3,087) [1] (792) (6,323) [1] (12,541) (12,178)      
Return on investment in unconsolidated real estate joint ventures     5,071 6,130          
Increase in deferred income tax     14,753 23,151          
Net gains on cancellation of junior subordinated debentures [1]       (6,929)          
Interest accretion on redeemable 5% cumulative preferred stock     649 598          
Increase in notes receivable     (24,236) (14,741)          
Increase in VOI inventory     (25,770) (26,351)          
Decrease (increase) in trade inventory     2,712 (6,330)          
Decrease (increase) in real estate inventory     5,810 (5,050)          
Increase in other assets     (16,820) (11,619)          
Decrease in other liabilities     (5,924) (4,260)          
Net cash provided by operating activities     12,629 17,420          
Investing activities:                  
Return of investment in unconsolidated real estate joint ventures     5,713 472          
Investments in unconsolidated real estate joint ventures     (533) (385)          
Repayment of loans receivable     17,367 5,830          
Proceeds from sales of loans and real estate held-for-sale     16,882 9,101          
Additions to real estate held-for-sale and held-for-investment     (594) (240)          
Purchases of property and equipment (11,998) (4,479) (20,073) (8,378)          
Proceeds from the sale of property and equipment     569            
Cash paid for acquisition, net of cash received       (58,484)          
Decrease in cash from other investing activities     (163) (24)          
Net cash provided by (used in) investing activities     19,168 (52,108)          
Financing activities:                  
Repayments of notes payable and other borrowings     (95,600) (149,450)          
Proceeds from notes payable and other borrowings     154,771 184,003          
Redemption of junior subordinated debentures       (11,438)          
Payments for debt issuance costs     (770) (2,839)          
Payments of interest on redeemable 5% cumulative preferred stock     (313) (375)          
Repurchase and retirement of Class A common stock     (60,124) (6,213)          
Purchase of noncontrolling interest     (258)            
Proceeds from the exercise of stock options     245 62          
Dividends paid on common stock     (1,835) (1,335)          
Distributions to noncontrolling interest     (2,242)            
Net cash (used in) provided by financing activities     (6,126) 12,415          
Increase (decrease) in cash, cash equivalents and restricted cash     25,671 (22,273)          
Cash, cash equivalents and restricted cash at beginning of period     409,247 346,317 346,317        
Cash, cash equivalents and restricted cash at end of period 434,918 324,044 434,918 324,044 409,247 346,317      
Supplemental cash flow information:                  
Interest paid on borrowings     17,709 16,006          
Income taxes paid     1,755 1,206          
Supplementary disclosure of non-cash investing and financing activities:                  
Construction funds receivable transferred to real estate     6,943            
Acquisition of VOI inventory, property and equipment for notes payable     24,258            
Loans receivable transferred to real estate     1,673 910          
Reduction in redeemable 5% cumulative preferred stock     4,862            
Reduction in note receivable from holder of redeemable cumulative preferred stock     (5,000)            
Decrease in deferred tax liabilities due to cumulative effect of excess tax benefits                 $ 3,054
Reconciliation of cash, cash equivalents and restricted cash                  
Cash and cash equivalents             $ 380,447 $ 362,526 [1] 254,068
Restricted cash             54,471 46,721 [1] 69,976
Total cash, cash equivalents, and restricted cash $ 434,918 $ 324,044 $ 409,247 $ 346,317 $ 346,317 $ 346,317 $ 434,918 $ 409,247 $ 324,044
[1] See Note 1 for a summary of adjustments.