BBX Capital Corporation

Financials

v3.8.0.1
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
[1]
ASSETS    
Cash and cash equivalents $ 349,945 $ 362,526
Restricted cash ($21,240 in 2018 and $19,488 in 2017 in variable interest entities ("VIEs")) 48,386 46,721
Notes receivable, net ($294,357 in 2018 and $279,188 in 2017 in VIEs) 424,117 426,858
Trade inventory 24,677 23,902
Vacation ownership interet ("VOI") inventory 290,964 281,291
Real estate ($23,806 in 2018 and $27,828 in 2017 held for sale) 59,479 68,536
Investments in unconsolidated real estate joint ventures 48,841 51,234
Property and equipment, net 114,865 111,929
Goodwill 39,482 39,482
Intangible assets, net 71,887 70,449
Other assets 109,626 122,753
Total assets 1,582,269 1,605,681
Liabilities:    
Accounts payable 29,147 31,370
Deferred income 15,151 16,893
Escrow deposits 22,093 21,079
Other liabilities 89,678 103,464
Receivable-backed notes payable - recourse 86,310 84,697
Receivable-backed notes payable - non-recourse (in VIEs) 327,024 336,421
Notes payable and other borrowings 125,324 144,114
Junior subordinated debentures 135,725 135,414 [2]
Deferred income taxes 54,598 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 9,232 13,974
Total liabilities 894,282 935,394
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interest 2,589 2,765
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares:
Additional paid-in capital 232,831 229,379
Accumulated earnings 363,724 353,384
Accumulated other comprehensive income 1,428 1,708
Total shareholders' equity 598,980 585,468
Noncontrolling interests 86,418 82,054
Total equity 685,398 667,522
Total liabilities and equity 1,582,269 1,605,681
Class A Common Stock [Member]    
Equity:    
Common stock 857 857
Class B Common Stock [Member]    
Equity:    
Common stock $ 140 $ 140
[1] See Note 1 for a summary of adjustments.
[2] LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly.
v3.8.0.1
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues    
Total revenues $ 218,042 $ 185,434 [1]
Costs and Expenses    
Cost of VOIs sold 1,812 3,159 [1]
Cost of other fee-based services 17,411 16,107 [1]
Cost reimbursements 16,200 14,670 [1]
Cost of trade sales 27,436 19,596 [1]
Costs of real estate inventory sold 4,247  
Interest expense 9,191 8,824 [1]
Recoveries from loan losses, net (4,813) (3,094) [1]
Asset impairments (recoveries), net 232 (13) [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 125,356 113,306 [1]
Total costs and expenses 197,072 156,020 [1]
Equity in net earnings of unconsolidated real estate joint ventures 1,280 3,236 [1]
Foreign exchange gain 52 191 [1]
Income before income taxes 22,302 32,841 [1]
Provision for income taxes (6,600) (12,764) [1]
Net income 15,702 20,077 [1]
Less: Net income attributable to noncontrolling interests 4,560 2,637 [1]
Net income attributable to shareholders $ 11,142 $ 17,440 [1]
Basic earnings per share $ 0.11 $ 0.18 [1]
Diluted earnings per share $ 0.11 $ 0.16 [1]
Basic weighted average number of common shares outstanding 99,652 98,921 [1]
Diluted weighted average number of common and common equivalent shares outstanding 102,628 105,866 [1]
Other comprehensive income, net of tax:    
Unrealized gains on securities available for sale [1]   $ 23
Foreign currency translation adjustments $ (28) (255) [1]
Other comprehensive income, net (28) (232) [1]
Comprehensive income, net of tax 15,674 19,845 [1]
Less: Comprehensive income attributable to noncontrolling interests 4,560 2,637 [1]
Comprehensive income attributable to shareholders $ 11,114 $ 17,208 [1]
Class A Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share $ 0.010 $ 0.0075 [1]
Class B Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share $ 0.010 $ 0.0075 [1]
Sales Of VOIs [Member]    
Revenues    
Total revenues $ 56,141 $ 54,236 [1]
Fee-Based Sales Commissions [Member]    
Revenues    
Total revenues 45,854 45,154 [1]
Other Fee-Based Services [Member]    
Revenues    
Total revenues 28,024 26,121 [1]
Cost Reimbursements [Member]    
Revenues    
Total revenues 16,200 14,670 [1]
Trade Sales [Member]    
Revenues    
Total revenues 38,378 23,339 [1]
Sales Of Real Estate Inventory [Member]    
Revenues    
Total revenues 6,409  
Interest Income [Member]    
Revenues    
Total revenues 21,917 21,155 [1]
Net Gains (Loss) On Sales Of Assets [Member]    
Revenues    
Total revenues 4,070 (198) [1]
Other Revenue [Member]    
Revenues    
Total revenues $ 1,049 $ 957 [1]
[1] See Note 1 for a summary of adjustments.
v3.8.0.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Operating activities:              
Net income $ 15,702 $ 20,077 [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 (4,581) (3,107)          
Provision for notes receivable allowances 8,006 9,199          
Depreciation, amortization and accretion, net 6,017 4,434          
Share-based compensation expense 3,452 3,382          
Net (gains) losses on sales of real estate held-for-sale and properties and equipment (4,070) 198          
Equity in earnings of unconsolidated real estate joint ventures (1,280) (3,236) [1] (12,541) (12,178)      
Return on investment in unconsolidated real estate joint ventures 2,058 3,009          
Increase in deferred income tax 6,612 12,492          
Net gains realized on cancellation of junior subordinated debentures [1]   (6,929)          
Interest accretion on redeemable 5% cumulative preferred stock 446 298          
Increase in notes receivable (5,264) (3,872)          
Increase in VOI inventory (9,673) (6,664)          
Increase in trade inventory (685) (2,966)          
Decrease (increase) in real estate inventory 5,690 (1,395)          
Increase in other assets (6,353) (10,091)          
Decrease in other liabilities (17,759) (12,042)          
Net cash (used in) provided by operating activities (1,682) 2,787          
Investing activities:              
Return of investment in unconsolidated real estate joint ventures 1,672 971          
Investments in unconsolidated real estate joint ventures (57) (313)          
Repayment of loans receivable 15,170 3,991          
Proceeds from sale of loans and real estate held-for-sale 11,943 3,636          
Additions to real estate held-for-sale and held-for-investment (193) (194)          
Purchases of property and equipment (8,075) (3,899)          
Proceeds from the sale of property and equipment 280            
Decrease in cash from other investing activities (183) (22)          
Net cash provided by investing activities 20,557 4,170          
Financing activities:              
Repayments of notes payable and other borrowings (53,906) (39,912)          
Proceeds from notes payable and other borrowings 26,866 11,679          
Redemption of junior subordinated debentures   (11,438)          
Payments for debt issuance costs (663) (24)          
Payments of interest on redeemable 5% cumulative preferred stock (188) (188)          
Dividends paid on common stock (779) (504)          
Distributions to noncontrolling interest (1,121)            
Net cash used in financing activities (29,791) (40,387)          
Decrease in cash, cash equivalents and restricted cash (10,916) (33,430)          
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 398,331 312,887 409,247 346,317      
Supplemental cash flow information:              
Interest paid on borrowings (8,059) (7,822)          
Income taxes paid (283) (307)          
Income tax refunded          
Supplementary disclosure of non-cash investing and financing activities:              
Construction funds receivable transferred to real estate 3,704            
Loans receivable transferred to real estate 668 601          
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         $ 349,945 $ 362,526 [1] 262,392
Restricted cash         48,386 46,721 [1] 50,495
Total cash, cash equivalents, and restricted cash $ 409,247 $ 346,317 $ 346,317 $ 346,317 $ 398,331 $ 409,247 $ 312,887
[1] See Note 1 for a summary of adjustments.