0001814974 BBX Capital, Inc. false --12-31 Q3 2023 3,550 10,369 3,874 4,443 53,605 39,453 1,223 301 0.01 0.01 30,000,000 30,000,000 10,630,176 10,630,176 10,629,613 10,629,613 0.01 0.01 4,000,000 4,000,000 3,723,369 3,723,369 3,723,932 3,723,932 84 173 90 0 0 3 39 930,614 776,552 0.5 1.5 In December 2022, the Company acquired the noncontrolling interest in IT'SUGAR II, LLC. The Company’s ownership percentage in each real estate joint venture represents BBX Capital Real Estate's percentage of the contributed capital in each venture, excluding amounts attributable to noncontrolling interests. 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. As of January 31, 2023, these entities are consolidated in the Company's financial statements. The carrying value of BBXRE’s investment at December 31, 2022 includes $11.6 million related to BBXRE’s investment in the preferred equity associated with the Altis Ludlam Trail project, which is accounted for as a loan receivable. The Company pays an annual two percent fee in advance based on the amount of each letter of credit. The provisional 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. ABBX is the guarantor of the facility. 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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 September 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 November 3, 2023 is as follows:

 

Class A Common Stock of $.01 par value, 11,296,307 shares outstanding.
Class B Common Stock of $.01 par value, 3,860,055 shares outstanding.

 

 

 

 

 

 

 

BBX Capital, Inc.

TABLE OF CONTENTS

 

Part I.

Item 1.

Financial Statements

 
     
 

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

1

 

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

2

 

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

3

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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)

 

  

September 30,

  

December 31,

 
  

2023

  

2022

 

ASSETS

        

Cash and cash equivalents ($3,550 in 2023 in variable interest entities (VIEs))

 $102,490   127,581 

Restricted cash ($10,369 in 2023 in VIEs)

  22,072   750 

Securities available for sale, at fair value

  44,899   18,548 

Trade accounts receivable, net

  20,098   19,665 

Construction contracts receivable, net

  13,743    

Trade inventory, net

  40,336   48,866 

Real estate ($3,874 in 2023 and $4,443 in 2022 held for sale and $53,605 in 2023 in VIEs)

  70,101   12,345 

Investments in and advances to unconsolidated real estate joint ventures ($39,453 in 2023 in VIEs)

  43,610   49,415 

Note receivable from Bluegreen Vacations Holding Corporation

  35,000   50,000 

Property and equipment, net

  38,564   35,140 

Goodwill

  49,614   18,414 

Intangible assets, net

  27,476   29,405 

Operating lease assets

  116,759   110,082 

Deferred tax asset, net

  2,734   4,259 

Contract assets

  32,719   16,918 

Other assets ($1,223 in 2023 in VIEs)

  20,790   21,453 

Total assets

 $681,005   562,841 

LIABILITIES AND EQUITY

        

Liabilities:

        

Accounts payable

 $43,920   17,371 

Accrued expenses ($301 in 2023 in VIEs)

  34,177   34,985 

Contract liabilities

  30,457   861 

Other liabilities

  3,600   5,297 

Operating lease liabilities

  134,719   126,842 

Notes payable and other borrowings ($5,358 in 2023 in VIEs)

  44,847   38,543 

Total liabilities

  291,720   223,899 

Commitments and contingencies (See Note 14)

          

Redeemable noncontrolling interest

  5,180   4,414 

Equity:

        

Class A Common Stock of $0.01 par value; authorized 30,000,000 shares; issued and outstanding 10,630,176 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 3,723,369 in 2023 and 3,723,932 in 2022

  37   37 

Additional paid-in capital

  316,346   312,978 

Accumulated earnings

  12,039   20,358 

Accumulated other comprehensive income

  851   823 

Total shareholders' equity

  329,379   334,302 

Noncontrolling interests

  54,726   226 

Total equity

  384,105   334,528 

Total liabilities and equity

 $681,005   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 Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Revenues:

                               

Trade sales

  $ 61,462       71,097       186,379       209,431  

Sales of real estate inventory

    2,712       1,606       8,929       16,813  

Revenue from construction contracts

    29,067             90,678        

Real estate development and property management fees

    5,002             9,249        

Interest income

    2,545       1,576       6,736       3,968  

Net gain on sales of real estate assets

    2,271             2,210       1,329  

Other revenue

    280       955       939       2,862  

Total revenues

    103,339       75,234       305,120       234,403  

Costs and expenses:

                               

Cost of trade sales

    45,307       54,057       137,641       160,661  

Cost of real estate inventory sold

    570       556       2,107       6,669  

Cost of revenue from construction contracts

    31,945             94,263        

Interest expense

    810       615       2,245       1,660  

Recoveries from loan losses, net

    (177 )     (278 )     (3,284 )     (4,215 )

Impairment losses

    349       311       349       375  

Selling, general and administrative expenses

    34,120       29,073       102,143       86,498  

Total costs and expenses

    112,924       84,334       335,464       251,648  

Operating losses

    (9,585 )     (9,100 )     (30,344 )     (17,245 )

Equity in net earnings of unconsolidated real estate joint ventures

    2,126       15,026       3,958       35,712  

(Loss) gain on the consolidation of The Altman Companies

    (2,393 )           3,802        

Gain on the consolidation of investment in real estate joint ventures

    1,135             12,017        

Other income (expense)

    1,155       (310 )     4,042       777  

Foreign exchange gain (loss)

    421       903       (113 )     1,071  

(Loss) income before income taxes

    (7,141 )     6,519       (6,638 )     20,315  

Benefit (provision) for income taxes

    606       (2,519 )     231       (7,852 )

Net (loss) income

    (6,535 )     4,000       (6,407 )     12,463  

Net (income) loss attributable to noncontrolling interests

    (1,290 )     24       (1,516 )     200  

Net (loss) income attributable to shareholders

  $ (7,825 )     4,024       (7,923 )     12,663  

Basic (loss) earnings per share

  $ (0.55 )     0.26       (0.55 )     0.82  

Diluted (loss) earnings per share

  $ (0.55 )     0.26       (0.56 )     0.82  

Basic weighted average number of common shares outstanding

    14,354       15,409       14,354       15,452  

Diluted weighted average number of common shares outstanding

    14,354       15,494       14,354       15,491  

Net (loss) income

  $ (6,535 )     4,000       (6,407 )     12,463  

Other comprehensive income (loss), net of tax:

                               

Unrealized loss on securities available for sale

    (12 )     (61 )     (8 )     (152 )

Foreign currency translation adjustments

    (338 )     (838 )     36       (1,052 )

Other comprehensive (loss) income, net

    (350 )     (899 )     28       (1,204 )

Comprehensive (loss) income, net of tax

    (6,885 )     3,101       (6,379 )     11,259  

Comprehensive (income) loss attributable to noncontrolling interests

    (1,290 )     24       (1,516 )     200  

Comprehensive (loss) income attributable to shareholders

  $ (8,175 )     3,125       (7,895 )     11,459  

 

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 September 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, June 30, 2022

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

Net income excluding $84 of income attributable to redeemable noncontrolling interest

                 4,024      (108)  3,916 

Other comprehensive loss

                    (899)     (899)

Accretion of redeemable noncontrolling interest

                 (270)        (270)

Contributions from noncontrolling interest

                       25   25 

Distributions to noncontrolling interests

                       (18)  (18)

Purchase and retirement of common stock

  (100)     (1)        (952)        (953)

Share-based compensation

              965            965 

Balance, September 30, 2022

  11,692   3,667  $117   37   313,264   20,241   632   629   334,920 

 

  

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, June 30, 2023

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

Net loss excluding $173 of income attributable to redeemable noncontrolling interest

                 (7,825)     1,117   (6,708)

Other comprehensive loss

                    (350)     (350)

Buyout of redeemable noncontrolling interest

              311            311 

Consolidation of real estate joint venture managing members

                       (434)  (434)

Contributions from noncontrolling interests

                       190   190 

Distributions to noncontrolling interests

              (197)        (5,314)  (5,511)

Conversion of common stock from Class B to Class A

  1   (1)                     

Share-based compensation

              1,124         405   1,529 

Balance, September 30, 2023

  10,630   3,723  $106   37   316,346   12,039   851   54,726   384,105 

 

See Notes to Condensed Consolidated Financial Statements - Unaudited

 

3

 

BBX Capital, Inc.

Condensed Consolidated Statements of Changes in Equity - Unaudited

 For the Nine Months Ended September 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 $95 of income attributable to redeemable noncontrolling interest

                 12,663      (295)  12,368 

Other comprehensive loss

                    (1,204)     (1,204)

Accretion of noncontrolling interest

                 (575)        (575)

Contributions from noncontrolling interest

                       50   50 

Distributions to noncontrolling interests

                       (269)  (269)

Purchase and retirement of common stock

  (116)     (1)        (1,073)        (1,074)

Conversion of common stock from Class B to Class A

  4   (4)                     

Share-based compensation

              2,676            2,676 

Balance, September 30, 2022

  11,692   3,667  $117   37   313,264   20,241   632   629   334,920 

 

  

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, December 31, 2022

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

Net loss excluding $90 of income attributable to redeemable noncontrolling interest

                 (7,923)     1,426   (6,497)

Other comprehensive income

                    28      28 

Accretion of redeemable noncontrolling interest

                 (900)        (900)

Reversal of accretion of redeemable noncontrolling interest

                 504         504 

Consolidation of real estate joint venture managing members

                       55,556   55,556 

Contributions from noncontrolling interests

                       2,337   2,337 

Distributions to noncontrolling interests

              (197)        (5,473)  (5,670)

Buyout of redeemable noncontrolling interest

              311            311 

Conversion of common stock from Class B to Class A

  1   (1)                     

Share-based compensation

              3,254         654   3,908 

Balance, September 30, 2023

  10,630   3,723  $106   37   316,346   12,039   851   54,726   384,105 

 

See Notes to Condensed Consolidated Financial Statements - Unaudited

 

4

 

 

BBX Capital, Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(In thousands)

 

    For the Nine Months Ended  
   

September 30,

 
   

2023

   

2022

 

Operating activities:

               

Net (loss) income

  $ (6,407 )     12,463  

Adjustments to reconcile net income to net cash provided by operating activities:

               

Recoveries from loan losses, net

    (3,284 )     (4,215 )

Depreciation, amortization and accretion

    8,542       7,705  

Net gain on sales of real estate and property and equipment

    (2,209 )     (1,592 )

Equity in net earnings of unconsolidated real estate joint ventures

    (3,958 )     (35,712 )

Return on investment in unconsolidated real estate joint ventures

    7,455       38,197  

Gain on the consolidation of real estate joint ventures

    (12,017 )      

Gain on the consolidation of The Altman Companies

    (3,802 )      

Impairment losses

    349       375  

Share-based compensation expense

    3,976       2,712  

Recovery for excess and obsolete inventory

    (392 )     (1,012 )

Changes in operating assets and liabilities:

               

Deferred income tax asset, net

    1,525       (870 )

Trade accounts receivable

    283       6,373  

Construction contracts receivable

    978        

Trade inventory

    8,922       (11,589 )

Real estate

    (2,995 )     580  

Operating lease assets and operating lease liabilities

    734       964  

Contract assets

    6,393       5,277  

Other assets

    5,569       (561 )

Accounts payable

    9,769       5,517  

Accrued expenses

    (10,915 )     (7,166 )

Contract liabilities

    (963 )      

Other liabilities

    (2,129 )     (525 )

Net cash provided by operating activities

    5,424       16,921  

Investing activities:

               

Return of investment in and advances to unconsolidated real estate joint ventures

    21,188       10,648  

Investments in unconsolidated real estate joint ventures

    (10,752 )     (5,623 )

Purchases of securities available for sale

    (95,008 )     (32,809 )

Redemptions of securities available for sale

    70,229       230  

Proceeds from repayment of loans receivable

    3,622       4,442  

Proceeds from sales of real estate held-for-sale

    3,176       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

    (29,345 )     (382 )

Purchases of property and equipment

    (10,925 )     (10,061 )

Cash acquired in the consolidation of real estate joint ventures

    29,147        

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

    (3,975 )      

Decrease in cash from other investing activities

    (14 )     (10 )

Net cash used in investing activities

    (8,587 )     (26,887 )

 

(Continued)                       

 

5

 

 

   

For the Nine Months Ended

 
   

September 30,

 
   

2023

   

2022

 

Financing activities:

               

Repayments of notes payable and other borrowings

    (5,317 )     (15,049 )

Proceeds from notes payable and other borrowings

    11,334