0001814974 BBX Capital, Inc. false --12-31 Q2 2023 7,439 10,236 3,874 4,443 37,771 44,032 1,225 33 0.01 0.01 30,000,000 30,000,000 10,629,613 10,629,613 10,629,613 10,629,613 0.01 0.01 4,000,000 4,000,000 3,723,932 3,723,932 3,723,932 3,723,932 82 122 11 83 0 0 3 930,614 The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. The entities are consolidated in the Company's financial statements as of January 31, 2023. The gain is comprised of the remeasurement of the Company’s previously held 50% equity interest in the Altman Companies at fair value at the Acquisition Date. The Company pays an annual two percent fee in advance based on the amount of each letter of credit. For periods prior to the spin-off on September 30, 2020, the number of shares is based on the shares issued in connection with the spin-off. See Note 1 for further discussion. ABBX is the guarantor of the facility. BBX Capital is the guarantor of the line of credit. The carrying value of BBXRE’s investment at June 30, 2023 and December 31, 2022 includes $12.3 million and $11.6 million, respectively, related to BBXRE’s investment in the preferred equity associated with the Altis Ludlam Trail project, which is accounted for as a loan receivable. 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, DC 20549

 

FORM 10-Q

 

 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the Quarter Ended June 30, 2023

 

 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission File Number

000-56177

BBX Capital, Inc.

(Exact name of registrant as specified in its charter)

 

Florida

 

82-4669146

(State or other jurisdiction of incorporation or organization)

 

(I.R.S Employer Identification No.)

   

201 East Las Olas Boulevard, Suite 1900

  

Fort Lauderdale, Florida

 

33301

(Address of principal executive office)

 

(Zip Code)

 

 

(954) 940-4900

(Registrant's telephone number, including area code)

 

Securities Registered pursuant to Section 12(b) of the Act:

None

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒   No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐        

Accelerated filer

Non-accelerated filer ☐

Smaller reporting company

Emerging growth company

   

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes    No ☒

The number of shares outstanding of each of the registrant’s classes of common stock as of August 4, 2023 is as follows:

 

Class A Common Stock of $.01 par value, 11,423,543 shares outstanding.
Class B Common Stock of $.01 par value, 3,860,618 shares outstanding.

 

 

 

 

 

 

 

BBX Capital, Inc.

TABLE OF CONTENTS

 

Part I.

Item 1.

Financial Statements

 
     
 

Condensed Consolidated Statements of Financial Condition as of June 30, 2023 and December 31, 2022 - Unaudited

1

 

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2023 and 2022 - Unaudited

2

 

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2023 and 2022 - Unaudited

3

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 - Unaudited

5

 

Notes to Condensed Consolidated Financial Statements - Unaudited

7

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

60

Item 4.

Controls and Procedures

60

     

Part II.

OTHER INFORMATION

 
     

Item 1.

Legal Proceedings

60

Item 1A.

Risk Factors

60

Item 6.

Exhibits

61

 

Signatures

62

 

 

 

 

 

 

PART I FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

BBX Capital, Inc.

Condensed Consolidated Statements of Financial Condition - Unaudited

(In thousands, except share data)

 

  

June 30,

  

December 31,

 
  

2023

  

2022

 

ASSETS

        

Cash and cash equivalents ($7,439 in 2023 in variable interest entities (VIEs))

 $81,469   127,581 

Restricted cash ($10,236 in 2023 in VIEs)

  16,754   750 

Securities available for sale, at fair value

  61,436   18,548 

Trade accounts receivable, net

  20,790   19,665 

Construction contracts receivable, net

  10,760    

Trade inventory, net

  42,484   48,866 

Real estate ($3,874 in 2023 and $4,443 in 2022 held for sale and $37,771 in 2023 in VIEs)

  54,323   12,345 

Investments in and advances to unconsolidated real estate joint ventures ($44,032 in 2023 in VIEs)

  61,189   49,415 

Note receivable from Bluegreen Vacations Holding Corporation

  35,000   50,000 

Property and equipment, net

  39,421   35,140 

Goodwill

  52,291   18,414 

Intangible assets, net

  28,119   29,405 

Operating lease assets

  117,751   110,082 

Deferred tax asset, net

  2,506   4,259 

Contract assets

  33,598   16,918 

Other assets ($1,225 in 2023 in VIEs)

  15,835   21,453 

Total assets

 $673,726   562,841 

LIABILITIES AND EQUITY

        

Liabilities:

        

Accounts payable ($33 in 2023 in VIEs)

 $25,518   17,371 

Accrued expenses

  30,211   34,985 

Contract liabilities

  36,339   861 

Other liabilities

  3,277   5,297 

Operating lease liabilities

  135,686   126,842 

Notes payable and other borrowings

  37,839   38,543 

Total liabilities

  268,870   223,899 

Commitments and contingencies (See Note 14)

          

Redeemable noncontrolling interest

  9,778   4,414 

Equity:

        

Class A Common Stock of $0.01 par value; authorized 30,000,000 shares; issued and outstanding 10,629,613 in 2023 and 10,629,613 in 2022

  106   106 

Class B Common Stock of $0.01 par value; authorized 4,000,000 shares; issued and outstanding 3,723,932 in 2023 and 3,723,932 in 2022

  37   37 

Additional paid-in capital

  315,108   312,978 

Accumulated earnings

  19,864   20,358 

Accumulated other comprehensive income

  1,201   823 

Total shareholders' equity

  336,316   334,302 

Noncontrolling interests

  58,762   226 

Total equity

  395,078   334,528 

Total liabilities and equity

 $673,726   562,841 

 

See Notes to Condensed Consolidated Financial Statements - Unaudited

 

 

 

1

 

 

BBX Capital, Inc.

 

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income Unaudited

(In thousands, except per share data)

 

 

 

  

For the Three Months Ended

  

For the Six Months Ended

 
  

June 30,

  

June 30,

 
  

2023

  

2022

  

2023

  

2022

 

Revenues:

                

Trade sales

 $61,203   72,585   124,917   138,334 

Sales of real estate inventory

  4,445   8,737   6,217   15,207 

Revenue from construction contracts

  36,574      61,611    

Real estate development and property management fees

  2,636      4,247    

Interest income

  1,674   1,221   4,191   2,370 

Net gain on sales of real estate assets

           1,329 

Other revenue

  312   1,150   659   1,929 

Total revenues

  106,844   83,693   201,842   159,169 

Costs and expenses:

                

Cost of trade sales

  44,927   55,598   92,334   106,604 

Cost of real estate inventory sold

  959   3,878   1,537   6,113 

Cost of revenue from construction contracts

  38,129      62,318    

Interest expense

  700   509   1,435   1,045 

Recoveries from loan losses, net

  (2,507)  (3,289)  (3,107)  (3,937)

Impairment losses

           64 

Selling, general and administrative expenses

  34,306   30,061   68,084   57,425 

Total costs and expenses

  116,514   86,757   222,601   167,314 

Operating losses

  (9,670)  (3,064)  (20,759)  (8,145)

Equity in net earnings of unconsolidated real estate joint ventures

  728   19,154   1,832   20,686 

Gain on the consolidation of The Altman Companies

        6,195    

Gain on the consolidation of investment in real estate joint ventures

  27      10,882    

Other income

  716   103   2,887   1,087 

Foreign exchange (loss) gain

  (488)  357   (534)  168 

(Loss) income before income taxes

  (8,687)  16,550   503   13,796 

Benefit (provision) for income taxes

  1,292   (6,161)  (375)  (5,333)

Net (loss) income

  (7,395)  10,389   128   8,463 

Net (income) loss attributable to noncontrolling interests

  (606)  66   (226)  176 

Net (loss) income attributable to shareholders

 $(8,001)  10,455   (98)  8,639 

Basic (loss) earnings per share

 $(0.56)  0.68   (0.01)  0.56 

Diluted (loss) earnings per share

 $(0.56)  0.68   (0.01)  0.56 

Basic weighted average number of common shares outstanding

  14,354   15,471   14,354   15,473 

Diluted weighted average number of common shares outstanding

  14,354   15,471   14,354   15,491 

Net (loss) income

 $(7,395)  10,389   128   8,463 

Other comprehensive income (loss), net of tax:

                

Unrealized (loss) gain on securities available for sale

  (23)  (45)  4   (91)

Foreign currency translation adjustments

  363   (378)  374   (214)

Other comprehensive income (loss), net

  340   (423)  378   (305)

Comprehensive (loss) income, net of tax

  (7,055)  9,966   506   8,158 

Comprehensive (income) loss attributable to noncontrolling interests

  (606)  66   (226)  176 

Comprehensive (loss) income attributable to shareholders

 $(7,661)  10,032   280   8,334 

 

See Notes to Condensed Consolidated Financial Statements Unaudited

 

 

2

 

 

 

BBX Capital, Inc.

Condensed Consolidated Statements of Changes in Equity - Unaudited

 For the Three Months Ended June 30, 2023 and 2022

(In thousands)

 

  

Shares of

                  

Accumulated

         
  

Common Stock

  

Common

          

Other

         
  

Outstanding

  

Stock

  

Additional

      

Comprehen-

  

Non-

     
  

Class

  

Class

  

Paid-in

  

Accumulated

  

sive

  

controlling

  

Total

 
  

A

  

B

  

A

  

B

  

Capital

  

Earnings

  

Income

  

Interests

  

Equity

 

Balance, March 31, 2022

  11,808   3,667  $118   37   311,344   7,357   1,954   898   321,708 

Net income excluding $82 of income attributable to redeemable noncontrolling interest

                 10,455      (148)  10,307 

Other comprehensive loss

                    (423)     (423)

Accretion of redeemable noncontrolling interest

                 (252)        (252)

Distributions to noncontrolling interests

                       (20)  (20)

Purchase and retirement of common stock

  (16)              (121)        (121)

Share-based compensation

              955            955 

Balance, June 30, 2022

  11,792   3,667  $118   37   312,299   17,439   1,531   730   332,154 

 

  

Shares of

                             
  

Common Stock

  

Common

          

Accumulated

         
  

Outstanding

  

Stock

  

Additional

      

Other

  

Non-

     
  

Class

  

Class

  

Paid-in

  

Accumulated

  

Comprehensive

  

controlling

  

Total

 
  

A

  

B

  

A

  

B

  

Capital

  

Earnings

  

Income

  

Interests

  

Equity

 

Balance, March 31, 2023

  10,629   3,724  $106   37   313,995   27,361   861   56,749   399,109 

Net loss excluding $122 of income attributable to redeemable noncontrolling interest

                 (8,001)     484   (7,517)

Other comprehensive income

                    340      340 

Reversal of accretion of redeemable noncontrolling interest

                 504         504 

Contributions from noncontrolling interests

                       1,390   1,390 

Share-based compensation

              1,113         139   1,252 

Balance, June 30, 2023

  10,629   3,724  $106   37   315,108   19,864   1,201   58,762   395,078 

 

See Notes to Condensed Consolidated Financial Statements - Unaudited

 

3

 

BBX Capital, Inc.

Condensed Consolidated Statements of Changes in Equity - Unaudited

 For the Six Months Ended June 30, 2023 and 2022

(In thousands)

 

  

Shares of

                  

Accumulated

         
  

Common Stock

  

Common

          

Other

         
  

Outstanding

  

Stock

  

Additional

      

Comprehen-

  

Non-

     
  

Class

  

Class

  

Paid-in

  

Accumulated

  

sive

  

controlling

  

Total

 
  

A

  

B

  

A

  

B

  

Capital

  

Earnings

  

Income

  

Interests

  

Equity

 

Balance, December 31, 2021

  11,804   3,671  $118   37   310,588   9,226   1,836   1,143   322,948 

Net income excluding $11 of income attributable to redeemable noncontrolling interest

                 8,639      (187)  8,452 

Other comprehensive loss

                    (305)     (305)

Accretion of noncontrolling interest

                 (305)        (305)

Contributions from noncontrolling interest

                       25   25 

Distributions to noncontrolling interests

                       (251)  (251)

Purchase and retirement of common stock

  (16)              (121)        (121)

Conversion of common stock from Class B to Class A

  4   (4)                     

Share-based compensation

              1,711            1,711 

Balance, June 30, 2022

  11,792   3,667  $118   37   312,299   17,439   1,531   730   332,154 

 

  

Shares of

                             
  

Common Stock

  

Common

          

Accumulated

         
  

Outstanding

  

Stock

  

Additional

      

Other

  

Non-

     
  

Class

  

Class

  

Paid-in

  

Accumulated

  

Comprehensive

  

controlling

  

Total

 
  

A

  

B

  

A

  

B

  

Capital

  

Earnings

  

Income

  

Interests

  

Equity

 

Balance, At December 31, 2022

  10,629   3,724  $106   37   312,978   20,358   823   226   334,528 

Net loss excluding $83 of loss attributable to redeemable noncontrolling interest

                 (98)     309   211 

Other comprehensive income

                    378      378 

Accretion of redeemable noncontrolling interest

                 (900)        (900)

Reversal of accretion of redeemable noncontrolling interest

                 504         504 

Consolidation of real estate joint venture managing members

                       55,990   55,990 

Contributions from noncontrolling interests

                       2,147   2,147 

Distributions to noncontrolling interests

                       (159)  (159)

Share-based compensation

              2,130         249   2,379 

Balance, June 30, 2023

  10,629   3,724  $106   37   315,108   19,864   1,201   58,762   395,078 

 

See Notes to Condensed Consolidated Financial Statements - Unaudited

 

4

 

 

BBX Capital, Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(In thousands)

 

    For the Six Months Ended  
   

June 30,

 
   

2023

   

2022

 

Operating activities:

               

Net income

  $ 128       8,463  

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

               

Recoveries from loan losses, net

    (3,107 )     (3,937 )

Depreciation, amortization and accretion

    6,282       5,201  

Net loss (gain) on sales of real estate and property and equipment

    91       (2,117 )

Equity in net earnings of unconsolidated real estate joint ventures

    (1,832 )     (20,686 )

Return on investment in unconsolidated real estate joint ventures

    2,464       22,698  

Gain on the consolidation of real estate joint ventures

    (10,882 )      

Gain on the consolidation of The Altman Companies

    (6,195 )      

Impairment losses

          64  

Share-based compensation expense

    2,403       1,735  

Provision (recovery) for excess and obsolete inventory

    271       (967 )

Changes in operating assets and liabilities:

               

Deferred income tax asset, net

    1,753       (470 )

Trade accounts receivable

    (416 )     6,006  

Construction contracts receivable

    4,024        

Trade inventory

    6,111       (13,512 )

Real estate

    1,230       2,513  

Operating lease assets and operating lease liabilities

    821       844  

Contract assets

    5,514       1,267  

Other assets

    9,268       (1,041 )

Accounts payable

    (13,018 )     2,950  

Accrued expenses

    (15,276 )     (3,622 )

Contract liabilities

    2,991        

Other liabilities

    (569 )     213  

Net cash (used in) provided by operating activities

    (7,944 )     5,602  

Investing activities:

               

Return of investment in unconsolidated real estate joint ventures

    2,353       3,861  

Investments in unconsolidated real estate joint ventures

    (6,766 )     (4,647 )

Purchases of securities available for sale

    (68,862 )      

Redemptions of securities available for sale

    26,800        

Proceeds from repayment of loans receivable

    3,462       4,147  

Proceeds from sales of real estate held-for-sale

          3,937  

Proceeds from sales of property and equipment

          2,741  

Proceeds from the repayment of Bluegreen Vacations note receivable

    14,070        

Additions to real estate held-for-sale and held-for-investment

    (9,299 )     (167 )

Purchases of property and equipment

    (9,060 )     (5,950 )

Cash acquired in the consolidation of real estate joint ventures

    29,147        

Cash paid for The Altman Companies acquisition, net of cash received

    (3,945 )      

Decrease in cash from other investing activities

    (9 )     (8 )

Net cash (used in) provided by investing activities

    (22,109 )     3,914  

 

(Continued)                       

 

5

 

 

   

For the Six Months Ended

 
   

June 30,

 
   

2023

   

2022

 

Financing activities:

               

Repayments of notes payable and other borrowings

    (7,435 )     (14,336 )

Proceeds from notes payable and other borrowings

    5,501       4,990  

Purchase and retirement of Class A and Class B Common Stock

          (121 )

Payments for debt issuance costs

    (109 )      

Contributions from noncontrolling interests

    2,147       43  

Distribution to noncontrolling interests

    (159 )     (251 )

Net cash used in financing activities

    (55 )     (9,675 )

Decrease in cash, cash equivalents and restricted cash

    (30,108 )     (159 )

Cash, cash equivalents and restricted cash at beginning of period

    128,331       119,045  

Cash, cash equivalents and restricted cash at end of period

  $ 98,223       118,886  
                 

Supplemental cash flow information:

               

Interest paid on borrowings, net of amounts capitalized

  $ 1,359       829  

Income taxes paid

    7,213       12,560  

Supplementary disclosure of non-cash investing and financing activities:

               

Construction funds receivable transferred to real estate

          277  

Assumption of Community Development District Bonds by homebuilders

    954       2,189  

Operating lease assets obtained in exchange for new operating lease liabilities

    18,688       19,162  

Reconciliation of cash, cash equivalents and restricted cash:

               

Cash and cash equivalents

    81,469       118,136  

Restricted cash

    16,754       750  

Total cash, cash equivalents and restricted cash

  $ 98,223       118,886  

 

See Notes to Condensed Consolidated Financial Statements - Unaudited

 

6

 

BBX Capital, Inc.

Notes to Condensed Consolidated Financial Statements - Unaudited

 

1. Organization and Basis of Financial Statement Presentation

 

Organization

 

BBX Capital, Inc. and its subsidiaries (the “Company” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” or “our”) is a Florida-based diversified holding company. BBX Capital, Inc. as a standalone entity without its subsidiaries is referred to as “BBX Capital.”

 

Principal Holdings

 

BBX Capital’s principal holdings are BBX Capital Real Estate, LLC (“BBX Capital Real Estate” or “BBXRE”), BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), and Renin Holdings, LLC (“Renin”).

 

BBX Capital Real Estate

 

BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, and commercial properties located primarily in Florida. Since November 2018, BBX Capital Real Estate has owned a 50% equity interest in The Altman Companies, LLC (the “Altman Companies”), a developer and manager of multifamily rental apartment communities. As further described in Note 2, in January 2023, BBX Capital Real Estate acquired the remaining equity interests in the Altman Companies. In addition, BBX Capital Real Estate manages the legacy assets acquired in connection with the Company’s sale of BankAtlantic in 2012, including portfolios of loans receivable, real estate properties, and judgments against past borrowers.

 

BBX Sweet Holdings

 

BBX Sweet Holdings is engaged in the ownership and management of operating businesses in the confectionery industry, including (i) IT’SUGAR, a specialty candy retailer whose products include bulk candy, candy in giant packaging, and licensed and novelty items and which operates in retail locations which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations throughout the United States and Canada, and (ii) Las Olas Confections and Snacks, a manufacturer and wholesaler of chocolate and other confectionery products which also operates several Hoffman’s Chocolates retail locations in South Florida.

 

Renin

 

Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing activities, Renin also sources various products and raw materials from China, Brazil, and certain other countries.

 

Other

 

In addition to its principal holdings, the Company has investments in other operating businesses, including (i) a restaurant located in South Florida that was acquired in 2018 through a loan foreclosure and (ii) an entity which provides risk management advisory services to the Company and its affiliates, including Bluegreen Vacations Holding Corporation ("Bluegreen Vacations"), and which, prior to February 2023, acted as an insurance agent for the Company, its affiliates, and other third parties. In February 2023, substantially all of the assets of its insurance agency business were sold to an unaffiliated third party. 

 

Basis of Financial Statement Presentation 

 

The condensed consolidated financial statements of the Company include the consolidated financial statements of BBX Capital and its wholly-owned subsidiaries, other entities in which BBX Capital or its wholly-owned subsidiaries hold controlling financial interests, and any variable interest entities (“VIEs”) in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. Inter-company accounts and transactions have been eliminated in consolidation.

 

7

 

The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. Also, these unaudited condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) filed with the SEC on March 15, 2023.

 

Use of Estimates

 

The preparation of financial statements prepared in conformity with GAAP require the Company to make estimates and assumptions, including assumptions about current and future economic and market conditions which affect reported amounts and related disclosures in the Company’s financial statements. Due to, among other things, the impact and potential future impact of the current inflationary and geopolitical environment, rising interest rates, labor shortages, supply chain issues, ongoing economic uncertainty, a possible recession, and pandemic and public health issues, actual conditions could materially differ from the Company’s expectations and estimates, which could materially affect the Company’s results of operations and financial condition. The severity, magnitude, and duration, as well as the economic consequences, of the above conditions are uncertain, rapidly changing, and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to changes in, and the impact of, such external factors. Such changes could result in, among other adjustments, future impairments of intangible assets, long-lived assets, and investments in unconsolidated subsidiaries and additional future reserves for inventory and receivables.

 

Significant Accounting Policies

 

Construction Contracts Receivable

 

Contracts receivable include billed and unbilled amounts for services provided to customers for which the Company has an unconditional right to payment. Billed and unbilled amounts for which payment is contingent on anything other than the passage of time are included in contract assets and contract liabilities on a contract-by-contract basis. When payment of the retainage is contingent upon the Company fulfilling its obligations under the contract, it does not meet the criteria to be included in contracts receivable until the contingent obligation is satisfied. The Company provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information, and existing economic conditions. The Company generally requires payment from its construction contract customers within a term of 30 days less an amount withheld for retainage. Retainage is paid in accordance with contract terms, which is generally upon reaching significant milestones or upon completion of the contract. 

 

Contract Assets and Contract Liabilities

 

The timing of when the Company bills its customers on construction and development contracts is generally dependent upon agreed-upon contractual terms, which may include the completion of certain phases of the work, or when services are provided. When billings occur subsequent to revenue recognition as a result of contingencies, such billings are recorded in unbilled revenue, which is included in contract assets. Additionally, the Company may receive advances or deposits from customers before revenue is recognized, resulting in deferred revenue, which is included in contract liabilities. Retainage for which the Company has an unconditional right to payment that is only subject to the passage of time are classified as contracts receivable. Retainage subject to conditions other than the passage of time do not meet the definition of a receivable and are therefore included in contract assets and contract liabilities. Contractor and development fees received from customers, but not yet billed or recognized as revenue are reflected as contract liabilities, and contractor and development fees recognized as revenue and not yet billed are reflected as contract assets. Retainage receivable and retainage payable subject to conditions, such as the completion of the project, are contract assets or contract liabilities. Uninstalled materials and deposits for materials are included in contract assets as the Company receives funds from the customer to purchase materials or to fund a deposit for the purchases of materials.   

 

Revenue from Construction Contracts

 

Revenue from construction contracts represents revenue earned from providing general contractor services to affiliated joint venture entities for the construction of multifamily apartment communities.

 

Revenue from construction contracts with these customers is recognized over time as work is completed due to the continuous transfer of control to the customer. The Company measures contract progress using the input method which recognizes revenue based on costs incurred to date relative to total estimated costs to complete the contract, subject to adjustments to exclude certain costs that do not depict progress toward the completion of the contract. These excluded costs include uninstalled materials, deposits for the purchase of materials, and insurance costs. Material costs are included in the measure of contract progress when installed. 

 

Cost of revenue from construction contracts earned include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, and repairs. Costs related to significant uninstalled materials, re-work, or scrap are generally excluded from the cost-to-cost measure of progress, as they are not proportionate to the Company’s progress in satisfying the performance obligation to its customers.

 

8

 

The Company’s construction contracts generally include retention provisions to provide assurance to customers that the Company will perform in accordance with the terms of the contracts. The amounts billed but not paid by customers pursuant to these retention provisions generally become due upon completion of the project and acceptance by the customers of the completed project. The retention provisions are not considered a significant financing component of the contracts.

 

The Company’s construction contracts give rise to several types of variable consideration, including contract modifications (unapproved change orders and claims), cost overruns, shared savings, and other terms that can either increase or decrease the transaction price for the contracts. The determination of the transaction price for contracts requires the Company to evaluate and include variable consideration to which the Company has an enforceable right to compensation or an obligation for a reduction in compensation, which can result in increases or decreases to a contract’s transaction price. The Company estimates variable consideration for its construction contracts as the most likely amount to which it expects to be entitled, or to pay in the case of cost overruns. The Company includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and the determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information that is reasonably available to the Company, including historic, current, and forecasted information. The effect of a change in variable consideration on the transaction price related to a performance obligation is recognized as an adjustment to revenue on a cumulative catch-up basis.

 

Contract modifications can result from changes in contract specifications or requirements that either creates new or changes existing enforceable rights and obligations of the parties to the contract. The Company considers unapproved change orders to be contract modifications for which customers have agreed to changes in the scope of the contract but have not agreed to the price.

 

Real Estate Development and Management Fees

 

Development management fees represent revenue earned from providing oversight and consultation services to affiliated entities related to the development of multifamily apartment communities, while management fees represent revenue earned from the management of multifamily apartment communities for affiliated joint venture entities and third parties.

 

The Company recognizes development management fees for the performance of oversight and consultation services related to the development and construction of multifamily apartment communities from the inception of the development project to the completion of the construction, including securing construction financing, performing pre-development activities such as sourcing of land for acquisition, permitting and feasibility studies, overseeing construction activities, and managing the costs to complete the construction of the project. The Company’s development contracts are generally each accounted for as a single performance obligation, as the services performed are highly interrelated and not separately identifiable within the context of each contract. Customers simultaneously receive and consume the benefits provided by the Company’s performance as the Company performs under the contracts. Accordingly, the Company recognizes revenue related to development fees over time through the completion of the related development project, and the Company measures contract progress using the input method which results in the recognition of revenue based on the development costs for the project spent to date relative to the total estimated development budget, subject to adjustments to exclude certain development costs that do not depict progress toward the completion of the development project. These excluded costs include marketing costs, property taxes, and unused development contingencies.

 

The Company recognizes property management fees for the performance of management services related to the day-to-day operations of multifamily apartment communities for affiliated joint venture entities and third parties. The services performed include the leasing of residential units at the communities, collection of rents, arrangement for repairs and maintenance, staffing of on-site personnel, and reporting on the operations of the communities to the customers. The property management agreements pursuant to which such services are provided have terms of one year and are automatically renewed until terminated in writing by either party with thirty days notice. The Company’s property management contracts are generally each accounted for as a single performance obligation, as services provided are highly interrelated and an expected bundled service is to be provided to the Company’s customers. Customers simultaneously receive and consume the benefits provided by the Company’s performance as the Company performs under the contracts. Accordingly, the Company recognized management fees over time, on a daily basis, as services are performed.

 

Impact of Current Economic Issues 

 

The Company and the industries in which it operates have been impacted by economic trends in the U.S. and global economies, including (i) decreased consumer demand, (ii) disruptions in global supply chains, (iii) a general labor shortage and increases in wages, (iv) increased economic uncertainty, (v) inflationary pressures and higher costs to operate the Company’s businesses, including higher insurance costs, and (vi) rising interest rates. In light of the uncertain duration and impact of current economic trends, the Company has focused on maintaining significant liquidity. As of June 30, 2023, the Company’s consolidated cash and cash equivalent balances were $81.5 million, and its securities available for sale, which are primarily comprised of U.S. Treasury and federal agency securities with maturities of less than one year, were $61.4 million.

 

9

 

Current inflationary and economic trends have and may continue to adversely impact the Company's results of operations. The Federal Reserve has sought to address inflation through monetary policy, including the wind-down of quantitative easing and by increasing the Federal Funds rate. The Russian invasion of Ukraine and the related embargoes against Russia have worsened supply chain issues with the potential of further exacerbating inflationary trends. The recent bank failures and the banking liquidity crisis have increased the possibility that the United States and/or the global economy generally will experience a recession of an uncertain magnitude and duration. These conditions can negatively affect our operating results by resulting in, among other things: (i) higher interest expense on variable rate debt and any new debt, (ii) lower gross margins due to increased costs of manufactured or purchased inventory and shipping, (iii) a decline in the availability of debt and equity capital for new real estate investments and the number of real estate development projects meeting the Company’s investment criteria, (iv) higher overall operating expenses due to increases in labor and service costs, (v) a reduction in customer demand for our products, (vi) a shift in customer behavior as higher prices affect customer retention and higher consumer borrowing costs, including mortgage borrowings, affect customer demand, and (vii) increased risk of impairments as a result of declining valuations.

 

BBXRE has experienced a significant increase in commodity and labor prices, which has resulted in higher development and construction costs, and disruptions in the supply chain for certain commodities and equipment have resulted in ongoing supply shortages of building materials, equipment, and appliances. These factors have impacted the timing of certain projects currently under construction and the commencement of construction of new projects. Furthermore, homebuilders have seen a general softening of demand, and the increase in mortgage rates have had an adverse impact on residential home sales. In addition, rising interest rates have increased the cost of the Company’s outstanding indebtedness and financing for new development projects. Increased rates have had an adverse impact on the availability of financing and the anticipated profitability of development projects, as (i) a majority of development costs are financed with third party debt and (ii) capitalization rates related to multifamily apartment communities are generally impacted by interest rates. BBXRE has also recently observed a decline in the number of potential investors interested in providing equity or debt financing for the development of new multifamily apartment developments and the acquisition of stabilized multifamily apartment communities. Such factors have begun to impact BBXRE’s results of operations, and we expect that they could continue to have an adverse impact on its operating results in future periods.

 

Similarly, as a result of inflationary pressures and ongoing disruptions in global supply chains, IT’SUGAR was experiencing significant increases in the cost of inventory and freight, as well as delays in its supply chain that were impacting its ability to maintain historical inventory levels at its retail locations. While IT’SUGAR was previously able to partially mitigate the impact of increased costs through increases in the prices of its products, IT’SUGAR has been required to slow the pace of increases in the prices of its products due to the recent decline in consumer demand, which has resulted in declines in its selling margins. Further, as a result of issues relating to maintaining appropriate inventory levels, IT’SUGAR increased the inventory levels at its retail locations in an effort to ensure that it can meet consumer demand. However, in light of current economic conditions, including a slowdown in consumer demand, increased inventory levels have increased the risk that IT’SUGAR may be unable to sell the products timely and the risk of inventory writedowns. IT’SUGAR has also experienced an increase in payroll costs as a result of shortages in available labor at certain of its retail locations.

 

Global supply chain disruptions and increases in commodity prices have also contributed to a significant increase in Renin’s costs related to shipping and raw materials, as well as delays in its supply chains, which have: (i) negatively impacted Renin’s product costs and gross margin, (ii) increased the risk that Renin will be unable to fulfill customer orders, and (iii) negatively impacted Renin’s working capital and cash flow due to increased inventory in transit, a prolonged period between when it is required to pay its suppliers and when it is paid by its customers, and an overall decline in its gross margin. While Renin has increased the price of many of its products, Renin’s gross margin has nonetheless been negatively impacted by these cost pressures. Additionally, the negotiation of increased prices with customers increases the risk that customers will pursue alternative sources for Renin’s products, which may result in Renin losing customers or require it to lower prices in an effort to retain customers. Increases in interest rates are also adversely impacting Renin’s results. In addition, as a result of issues relating to maintaining appropriate inventory levels, Renin increased its inventory levels in an effort to ensure that it can meet consumer demand. However, current economic conditions, including a slowdown in consumer demand, have increased the risk that Renin may be unable to timely sell such products and the risk of inventory writedowns. In addition, the impacts of these factors have negatively impacted Renin’s ability to comply with covenants under its credit facility with TD Bank, and based on its operating results, Renin is again not in compliance with certain of the financial covenants under the facility. Renin is currently in discussions with TD Bank to update or waive certain of the loan covenants under the credit facility. As a result of its noncompliance, Renin could lose availability under its revolving line of credit, be required to provide additional collateral, or be required to repay all or a portion of its borrowings with TD Bank, any of which would have a material adverse effect on the Company’s liquidity, financial position, and results of operations.

 

10

 

Recently Adopted and Future Adoption of Recently Issued Accounting Pronouncements

 

The Financial Accounting Standards Board ("FASB") has issued the following accounting pronouncements and guidance relevant to the Company's operations which were adopted as of January 1, 2023:

 

ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This standard is an update to Topic 805 requiring an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination as if the acquirer had originated the contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. This statement was effective for the Company on January 1, 2023, and interim periods within that fiscal year. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

 

There were no recent Standards Updates issued by the Financial Accounting Standards Board (“FASB”) that are relevant to the Company's operations. The Company has adopted all relevant FASB pronouncements and guidance as of June 30, 2023.