BBX Capital Corporation

Financials

v3.20.1
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
[1]
ASSETS    
Cash and cash equivalents $ 397,518 $ 356,604
Restricted cash ($17,456 in 2020 and $22,534 in 2019 in variable interest entities ("VIEs")) 34,719 50,266
Notes receivable 585,159 589,198
Less: Allowance for loan losses (155,166) (140,630)
Notes receivable, net ($288,435 in 2020 and $292,590 in 2019 in VIEs) 429,993 448,568
Trade inventory 22,531 22,843
Vacation ownership interest ("VOI") inventory 347,293 346,937
Real estate ($11,348 in 2020 and $11,297 in 2019 held for sale) 63,098 65,818
Investments in unconsolidated real estate joint ventures 59,373 57,330
Property and equipment, net 129,536 129,686
Goodwill 14,864 37,248
Intangible assets, net 68,026 68,186
Operating lease assets 103,108 109,351
Other assets 106,437 98,134
Total assets 1,776,496 1,790,971
Liabilities:    
Accounts payable 27,821 25,957
Deferred income 15,343 18,074
Escrow deposits 12,900 22,711
Other liabilities 91,988 120,362
Receivable-backed notes payable - recourse 80,473 88,569
Receivable-backed notes payable - non-recourse (in VIEs) 339,224 334,246
Notes payable and other borrowings 265,689 188,731
Junior subordinated debentures 137,476 137,254
Operating lease liabilities 121,300 123,430
Deferred income taxes 81,492 87,558
Total liabilities 1,173,706 1,146,892
Commitments and contingencies (See Note 12)
Redeemable noncontrolling interest 1,863 4,009
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares
Additional paid-in capital 154,339 152,775
Accumulated earnings 365,690 394,551
Accumulated other comprehensive income 967 1,554
Total shareholders' equity 521,911 549,795
Noncontrolling interests 79,016 90,275
Total equity 600,927 640,070
Total liabilities and equity 1,776,496 1,790,971
Class A Common Stock [Member]    
Equity:    
Common stock 757 755
Class B Common Stock [Member]    
Equity:    
Common stock $ 158 $ 160
[1] See Note 1 for a summary of adjustments.
v3.20.1
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues    
Revenue from customers $ 182,243 $ 193,775
Interest income 21,316 21,415 [1]
Net (losses) gains on sales of real estate assets (47) 1,332 [1]
Other revenue 574 830 [1]
Total revenues 204,086 217,352 [1]
Costs and Expenses    
Interest expense 9,833 11,148 [1]
Recoveries from loan losses, net (3,512) (961) [1]
Impairment losses 28,283 618 [1]
Selling, general and administrative expenses 126,853 121,993 [1]
Total costs and expenses 241,791 211,491 [1]
Equity in net earnings (losses) of unconsolidated real estate joint ventures 551 (17) [1]
Other income 231 513 [1]
Foreign exchange gain 278 5 [1]
(Loss) income before income taxes (36,645) 6,362 [1]
Benefit (provision) for income taxes 5,830 (1,724) [1]
Net (loss) income (30,815) 4,638 [1]
Less: Net (loss) income attributable to noncontrolling interests (2,505) 3,139 [1]
Net (loss) income attributable to shareholders $ (28,310) $ 1,499 [1]
Basic (loss) earnings per share $ (0.31) $ 0.02 [1]
Diluted (loss) earnings per share $ (0.31) $ 0.02 [1]
Basic weighted average number of common shares outstanding 91,488 93,220 [1]
Diluted weighted average number of common and common equivalent shares outstanding 91,488 94,487 [1]
Other comprehensive (loss) income, net of tax:    
Unrealized (loss) gain on securities available for sale $ (37) $ 28 [1]
Foreign currency translation adjustments (550) 101 [1]
Other comprehensive (loss) income net (587) 129 [1]
Comprehensive (loss) income, net of tax (31,402) 4,767 [1]
Less: Comprehensive (loss) income attributable to noncontrolling interests (2,505) 3,139 [1]
Comprehensive (loss) income attributable to shareholders (28,897) $ 1,628 [1]
Class A Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share [1]   $ 0.0125
Class B Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share [1]   $ 0.0125
Sales Of VOIs [Member]    
Revenues    
Revenue from customers 45,128 $ 51,731 [1]
Costs and Expenses    
Total costs 4,099 3,848 [1]
Fee-Based Sales Commissions [Member]    
Revenues    
Revenue from customers 41,365 45,212 [1]
Other Fee-Based Services [Member]    
Revenues    
Revenue from customers 29,314 29,568 [1]
Costs and Expenses    
Total costs 22,711 22,868 [1]
Cost Reimbursements [Member]    
Revenues    
Revenue from customers 19,120 17,044 [1]
Interest income 21,316 21,415
Costs and Expenses    
Total costs 19,120 17,044 [1]
Trade Sales [Member]    
Revenues    
Revenue from customers 40,877 45,984 [1]
Net (losses) gains on sales of real estate assets (47) 1,332
Costs and Expenses    
Total costs 29,772 32,290 [1]
Sales Of Real Estate Inventory [Member]    
Revenues    
Revenue from customers 6,439 4,236 [1]
Other revenue 574 830
Costs and Expenses    
Total costs 4,632 2,643 [1]
Other [Member]    
Revenues    
Revenue from customers $ 1,562 $ 1,404
[1] See Note 1 for a summary of adjustments.
v3.20.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net (loss) income $ (30,815) $ 4,638 [1]
Adjustment to reconcile net income to net cash used in operating activities:    
Recoveries from loan losses, net (3,512) (961)
Provision for notes receivable allowances 30,353 11,145
Depreciation, amortization and accretion, net 6,902 6,875
Share-based compensation expense 2,731 3,049
Net losses (gains) on sales of real estate and property and equipment 3 (1,332)
Equity (earnings) losses of unconsolidated real estate joint ventures (551) 17 [1]
Return on investment in unconsolidated real estate joint ventures 1,430 277
(Decrease) increase in deferred income tax (6,052) 1,093
Impairment losses 28,283 618 [1]
Interest accretion on redeemable 5% cumulative preferred stock   209
Increase in notes receivable (11,184) (7,607)
Increase in VOI inventory (356) (8,237)
Decrease (increase) in trade inventory 312 (613)
Decrease in real estate inventory 1,241 2,192
Net change in operating lease asset and operating lease liability 294  
Increase in other assets (10,582) (6,726)
Decrease in other liabilities (38,491) (11,203)
Net cash used in operating activities (29,994) (6,566)
Investing activities:    
Return of investment in unconsolidated real estate joint ventures   2,068
Investments in unconsolidated real estate joint ventures (2,922) (4,920)
Proceeds from repayment of loans receivable 3,909 1,179
Proceeds from sales of real estate held-for-sale 100 1,936
Additions to real estate held-for-sale and held-for-investment (51) (289)
Purchases of property and equipment (6,549) (9,693)
Decrease in cash from other investing activities   (42)
Net cash used in investing activities (5,513) (9,761)
Financing activities:    
Repayments of notes payable and other borrowings (44,076) (75,493)
Proceeds from notes payable and other borrowings 118,943 14,791
Payments for debt issuance costs (185) (115)
Payments of interest of redeemable 5% cumulative preferred stock   (125)
Purchase and retirement of subsidiary common stock (11,741)  
Dividends paid on common stock (1,144) (934)
Distributions to noncontrolling interests (923) (1,220)
Net cash provided by (used in) financing activities 60,874 (63,096)
Increase (decrease) in cash, cash equivalents and restricted cash 25,367 (79,423)
Cash, cash equivalents and restricted cash at beginning of period 406,870 421,097
Cash, cash equivalents and restricted cash at end of period 432,237 341,674
Supplemental cash flow information:    
Interest paid on borrowings, net of amounts capitalized 9,095 9,745
Income taxes paid 217 862
Supplementary disclosure of non-cash investing and financing activities:    
Construction funds receivable transferred to real estate   2,288
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 3,139 5,864
Increase in other assets upon issuance of Community Development District Bonds 185 8,110
Assumption of Community Development District Bonds by builders 1,532 1,035
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents, and restricted cash $ 432,237 $ 341,674
[1] See Note 1 for a summary of adjustments.