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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 collateral is $7.6 million and $5.9 million of cash and cash equivalents held by BBXRE that is included in restricted cash in the Company's statement of financial condition as of June 30, 2024 and December 31, 2023, respectively. The collateral is a blanket lien on BBX Sweet Holdings' assets. 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. 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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, 2024

 

 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 6, 2024 is as follows:

 

Class A Common Stock of $.01 par value, 10,486,944 shares outstanding.
Class B Common Stock of $.01 par value, 3,854,194 shares outstanding.

 

 

 

 

 

 

 

 

 

BBX Capital, Inc.

TABLE OF CONTENTS

 

Part I.

Item 1.

Financial Statements

 
     
 

Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023 - Unaudited

1

 

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2024 and 2023 - Unaudited

2

 

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 - Unaudited

3

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 - Unaudited

5

 

Notes to Condensed Consolidated Financial Statements - Unaudited

7

Item 2.

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

31

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

52

Item 4.

Controls and Procedures

52

     

Part II.

OTHER INFORMATION

 
     

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

52

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Item 6.

Exhibits

53

 

Signatures

54

 

 

 

 

 

 

 

 

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,

 
  

2024

  

2023

 

ASSETS

        

Cash and cash equivalents ($3,756 in 2024 and $4,521 in 2023 in variable interest entities (VIEs))

 $116,049   90,277 

Restricted cash ($10,186 in 2024 and $10,089 in 2023 in VIEs)

  25,729   21,307 

Securities available for sale, at fair value

  10,808   44,576 

Trade accounts receivable, net ($377 in 2024 and $385 in 2023 in VIEs)

  16,501   18,341 

Construction contracts receivable, net

  7,049   13,525 

Trade inventory, net

  33,850   33,836 

Real estate ($2,477 in 2024 and $2,688 in 2023 held for sale, and $88,925 in 2024 and $64,055 in 2023 rental property under development in VIEs and $1,690 in predevelopment costs in 2024 in VIEs)

  107,530   80,654 

Investments in and advances to unconsolidated real estate joint ventures ($46,168 in 2024 and $39,821 in 2023 in VIEs)

  48,172   44,076 

Note receivable from Bluegreen Vacations Holding Corporation

     35,000 

Property and equipment, net

  40,264   40,688 

Goodwill

  49,647   49,647 

Intangible assets, net

  25,582   26,839 

Operating lease assets

  118,001   117,894 

Deferred tax asset, net

  7,151   7,192 

Contract assets

  16,735   30,799 

Other assets ($1,406 in 2024 and $990 in 2023 in VIEs)

  22,582   19,591 

Total assets

 $645,650   674,242 

LIABILITIES AND EQUITY

        

Liabilities:

        

Accounts payable ($128 in 2024 and $16 in 2023 in VIEs)

 $24,260   31,012 

Accrued expenses ($539 in 2024 and $349 in 2023 in VIEs)

  32,822   40,700 

Contract liabilities

  21,844   28,641 

Other liabilities ($55 in 2024 and $1,833 in 2023 in VIEs)

  3,660   4,774 

Operating lease liabilities

  137,940   136,758 

Notes payable and other borrowings ($48,654 in 2024 and $27,321 in 2023 in VIEs)

  76,313   60,805 

Total liabilities

  296,839   302,690 

Commitments and contingencies (See Note 14)

          

Redeemable noncontrolling interest

  5,091   5,040 

Equity:

        

Class A Common Stock of $0.01 par value; authorized 30,000,000 shares; issued and outstanding 9,610,336 in 2024 and 10,110,336 in 2023

  96   101 

Class B Common Stock of $0.01 par value; authorized 4,000,000 shares; issued and outstanding 3,785,851 in 2024 and 3,785,851 in 2023

  38   38 

Additional paid-in capital

  310,228   311,847 

Accumulated deficit

  (24,770)  (1,755)

Accumulated other comprehensive income

  593   1,313 

Total shareholders' equity

  286,185   311,544 

Noncontrolling interests

  57,535   54,968 

Total equity

  343,720   366,512 

Total liabilities and equity

 $645,650   674,242 

 

(1)  BBX Capital's Class B Common Stock is convertible into its Class A Common Stock on a share for share basis at any time at the option of the holder.

 

 

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,

 
  

2024

  

2023

  

2024

  

2023

 

Revenues:

                

Trade sales

 $55,967   61,203   114,412   124,917 

Sales of real estate inventory

  629   4,445   1,953   6,217 

Revenue from construction contracts

  14,957   36,574   31,404   61,611 

Real estate development and property management fees

  1,734   2,636   4,000   4,247 

Interest income

  1,867   1,674   3,963   4,191 

Other revenue

  68   312   457   659 

Total revenues

  75,222   106,844   156,189   201,842 

Costs and expenses:

                

Cost of trade sales

  40,441   44,927   81,992   92,334 

Cost of real estate inventory sold

     959   321   1,537 

Cost of revenue from construction contracts

  15,432   38,129   35,638   62,318 

Interest expense

  639   700   1,508   1,435 

Recoveries from loan losses, net

  (247)  (2,507)  (824)  (3,107)

Impairment losses

  218      218    

Selling, general and administrative expenses

  33,306   34,306   68,719   68,084 

Total costs and expenses

  89,789   116,514   187,572   222,601 

Operating losses

  (14,567)  (9,670)  (31,383)  (20,759)

Equity in net earnings of unconsolidated real estate joint ventures

  1,676   728   1,717   1,832 

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

  489   716   1,434   2,887 

Foreign exchange gain (loss)

  235   (488)  706   (534)

(Loss) income before income taxes

  (12,167)  (8,687)  (27,526)  503 

Benefit (provision) for income taxes

  2,358   1,292   5,065   (375)

Net (loss) income

  (9,809)  (7,395)  (22,461)  128 

Net income attributable to noncontrolling interests

  (170)  (606)  (554)  (226)

Net loss attributable to shareholders

 $(9,979)  (8,001)  (23,015)  (98)

Basic loss per share

 $(0.74)  (0.56)  (1.68)  (0.01)

Diluted loss per share

 $(0.74)  (0.56)  (1.68)  (0.01)

Basic weighted average number of common shares outstanding

  13,561   14,354   13,729   14,354 

Diluted weighted average number of common shares outstanding

  13,561   14,354   13,729   14,354 

Net (loss) income

 $(9,809)  (7,395)  (22,461)  128 

Other comprehensive (loss) income, net of tax:

                

Unrealized (loss) gain on securities available for sale

     (23)  (7)  4 

Foreign currency translation adjustments

  (167)  363   (713)  374 

Other comprehensive (loss) income, net

  (167)  340   (720)  378 

Comprehensive (loss) income, net of tax

  (9,976)  (7,055)  (23,181)  506 

Comprehensive income attributable to noncontrolling interests

  (170)  (606)  (554)  (226)

Comprehensive (loss) income attributable to shareholders

 $(10,146)  (7,661)  (23,735)  280 

 

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, 2024 and 2023

(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, 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 interest

                       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 

 

  

Shares of

                             
  

Common Stock

  

Common

          

Accumulated

         
  

Outstanding

  

Stock

  

Additional

      

Other

  

Non-

     
  

Class

  

Class

  

Paid-in

  

Accumulated

  

Comprehensive

  

controlling

  

Total

 
  

A

  

B

  

A

  

B

  

Capital

  

Deficit

  

Income

  

Interests

  

Equity

 

Balance, March 31, 2024

  10,110   3,786  $101   38   313,190   (14,791)  760   56,215   355,513 

Net loss excluding $65 of income attributable to redeemable noncontrolling interest

                 (9,979)     105   (9,874)

Other comprehensive loss

                    (167)     (167)

Contributions from noncontrolling interests

                       1,207   1,207 

Purchase and retirement of common stock

  (500)     (5)     (4,370)           (4,375)

Share-based compensation

              1,408         8   1,416 

Balance, June 30, 2024

  9,610   3,786  $96   38   310,228   (24,770)  593   57,535   343,720 

 

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, 2024 and 2023

(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, 2022

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

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

                 (98)     309   211 

Other comprehensive income

                    378      378 

Accretion of 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 interest

                       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 

 

  

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, 2023

  10,110   3,786  $101   38   311,847   (1,755)  1,313   54,968   366,512 

Net loss excluding $129 of income attributable to redeemable noncontrolling interest

                 (23,015)     425   (22,590)

Other comprehensive loss

                    (720)     (720)

Contributions from noncontrolling interests

                       1,860   1,860 

Distributions to noncontrolling interests

                       (69)  (69)

Purchase and retirement of common stock from common stock

  (500)     (5)     (4,370)           (4,375)

Share-based compensation

              2,751         351   3,102 

Balance, June 30, 2024

  9,610   3,786  $96   38   310,228   (24,770)  593   57,535   343,720 

 

4

 

 

BBX Capital, Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(In thousands)

 

    For the Six Months Ended  
   

June 30,

 
   

2024

   

2023

 

Operating activities:

               

Net (loss) income

  $ (22,461 )     128  

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

               

Recoveries from loan losses, net

    (824 )     (3,107 )

Depreciation, amortization and accretion

    5,450       6,282  

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

    (501 )     91  

Equity in net earnings of unconsolidated real estate joint ventures

    (1,717 )     (1,832 )

Return on investment in unconsolidated real estate joint ventures

    3,432       2,464  

Gain on the consolidation of real estate joint ventures

          (10,882 )

Gain on the consolidation of The Altman Companies

          (6,195 )

Impairment losses

    218        

Share-based compensation expense

    3,102       2,403  

Provision for excess and obsolete inventory

    423       271  

Change in deferred income tax asset, net

    41       1,753  

Changes in operating assets and liabilities:

               

Trade accounts receivable

    1,840       (416 )

Construction contracts receivable

    6,476       4,024  

Trade inventory

    (498 )     6,111  

Real estate

    (2,610 )     1,230  

Operating lease assets

    10,869       10,365  

Operating lease liabilities

    (10,913 )     (9,544 )

Contract assets

    14,319       5,514  

Other assets

    3,572       9,268  

Accounts payable

    (11,648 )     (13,018 )

Accrued expenses

    (7,878 )     (15,276 )

Contract liabilities

    (10,633 )     2,991  

Other liabilities

    (1,827 )     (569 )

Net cash used in operating activities

    (21,768 )     (7,944 )

Investing activities:

               

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

    401       2,353  

Investments in unconsolidated real estate joint ventures

    (6,212 )     (6,766 )

Purchases of securities available for sale

    (9,831 )     (68,862 )

Redemptions of securities available for sale

    44,251       26,800  

Proceeds from repayment of loans receivable

    857       3,462  

Proceeds from the repayment of Bluegreen Vacations Holding Corporation note

    35,000       14,070  

Proceeds from sales of assets

    306        

Proceeds from sale of real estate held for sale

    260        

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

    (16,376 )     (9,299 )

Purchases of property and equipment

    (3,955 )     (9,060 )

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

    (5,008 )     (9 )

Net cash provided by (used in) investing activities

    39,693       (22,109 )

 

(Continued)                       

 

 

5

 

 

   

For the Six Months Ended

 
   

June 30,

 
   

2024

   

2023

 

Financing activities:

               

Repayments of notes payable and other borrowings

    (8,271 )     (7,435 )

Proceeds from notes payable and other borrowings

    23,877       5,501  

Payments for debt issuance costs

    (675 )     (109 )

Purchase and retirement of common stock

    (4,375 )      

Contributions from noncontrolling interests

    1,860       2,147  

Distributions to noncontrolling interests

    (147 )     (159 )

Net cash provided by (used in) financing activities

    12,269       (55 )

Increase (decrease) in cash, cash equivalents and restricted cash

    30,194       (30,108 )

Cash, cash equivalents and restricted cash at beginning of period

    111,584       128,331  

Cash, cash equivalents and restricted cash at end of period

  $ 141,778       98,223  
                 

Supplemental cash flow information:

               

Interest paid on borrowings, net of amounts capitalized

  $ 1,685       1,359  

Income taxes paid

    485       7,213  

Supplementary disclosure of non-cash investing and financing activities:

               

Miscellaneous receivable from sale of assets

    255        

Additions to real estate held for investment and property and equipment accrued not paid

    8,732       4,403  

Inventory transferred in sale of assets

    61        

Assumption of Community Development District Bonds by homebuilders

    134       954  

Operating lease assets obtained in exchange for new operating lease liabilities

    12,457       18,688  

Reconciliation of cash, cash equivalents and restricted cash:

               

Cash and cash equivalents

    116,049       81,469  

Restricted cash

    25,729       16,754  

Total cash, cash equivalents and restricted cash

  $ 141,778       98,223  

 

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. (referred to together with its subsidiaries as the “Company,” “we,” “us,” or “our,” and without its subsidiaries as “BBX Capital”) is a Florida-based diversified holding company whose principal holdings are BBX Capital Real Estate LLC (“BBX Capital Real Estate” or “BBXRE”), BBX Sweet Holdings, LLC (“BBX Sweet Holdings” or “BBXSH”), and Renin Holdings, LLC (“Renin”).

 

Principal Holdings

 

The Company’s principal holdings are BBX Capital Real Estate, BBX Sweet Holdings, and Renin.   

 

BBX Capital Real Estate

 

BBX Capital Real Estate is primarily engaged in the acquisition, development, and sale of multifamily rental apartment communities, warehouse and logistics facilities, and single-family master-planned housing communities located primarily in Florida. As part of its real estate development activities, BBX Capital Real Estate invests in developments primarily through joint ventures in which it serves as the managing member, and BBX Capital Real Estate also generates fees from various services related to these developments, including acquisition, development management, general contractor, and property management services. Since November 2018, BBX Capital Real Estate has owned a 50% equity interest in The Altman Companies, LLC (the “Altman Companies”), a development and manager of multifamily apartment communities, and in January 2023, BBX Capital Real Estate acquired the remaining equity interests in the Altman Companies. In 2021, BBX Capital Real Estate also established BBX Logistics Properties, LLC ("BBX Logistics"), a developer of warehouse and logistics facilities. 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 in over 100 retail locations in the United States and one location in Canada whose products include bulk candy, candy in giant packaging, and licensed and novelty items, and (ii) Las Olas Confections and Snacks, a manufacturer and wholesaler of chocolate and other confectionery products. Through August 2023, the Company owned over 90% of the equity interests in IT'SUGAR. In August 2023, the Company acquired the remaining equity interest in IT’SUGAR, and IT’SUGAR became a wholly-owned subsidiary of the Company. 

 

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 certain 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 a restaurant located in South Florida that was acquired in 2018 through a loan foreclosure, and an entity which provides risk management advisory services to the Company and its affiliates and previously acted as an insurance agent. Through  January 2024, the Company's affiliates included Bluegreen Vacations Holdings Corporation ("BVH"), and the entity provided risk management advisory services to BVH. However, in January 2024, BVH was acquired by Hilton Grand Vacations Inc. ("HGV"), and although the Company's risk management entity temporarily provided transition services related to risk management to BVH and HGV following the acquisition in January 2024, the Company is no longer providing such risk management advisory services to BVH or HGV. The fees earned by the entity for services provided to the Company are eliminated in consolidation.

 

 

7

 

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 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. 

 

In November 2018, BBX Capital Real Estate acquired a 50% equity interest in the Altman Companies, and Mr. Joel Altman continued to own the remaining 50% equity interest. On January 31, 2023 (the “Acquisition Date”), BBXRE acquired the remaining 50% equity interests in the Altman Companies, and the Altman Companies became a wholly-owned subsidiary of the Company. Prior to the Acquisition Date, the Company accounted for its investment in the Altman Companies under the equity method of accounting. However, as of and subsequent to the Acquisition Date, the Company has consolidated the Altman Companies in its consolidated financial statements. As a result, the Company's statement of operations and comprehensive (loss) income, statement of changes in equity, and statement of cash flows for the three and six months ended June 30, 2023 reflect the activities of the Altman Companies under the equity method of accounting for the one month ended January 31, 2023 and include the activities of the Altman Companies and its subsidiaries on a consolidated basis from February 1, 2023 to June 30, 2023.

 

In the Company’s opinion, the financial information furnished herein reflects all adjustments consisting of normal recurring items necessary for a fair presentation of its financial position, results of operations, and cash flows for the interim periods reported in this Quarterly Report on Form 10-Q. 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, 2023 (the “2023 Annual Report”) filed with the SEC on March 15, 2024.

 

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, and actual results could differ materially from those estimates.

 

Due to, among other things, the impact of the inflationary and geopolitical environment, including the impact of interest rates, decreased consumer demand, labor shortages, supply chain issues, and economic uncertainty, actual conditions could materially differ from the Company’s expectations and estimates, which would materially affect the Company’s results of operations and financial condition. The severity, magnitude, and duration, as well as the economic consequences of these 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.

 

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) higher interest rates. In light of the uncertain duration and impact of current economic trends, the Company has maintained significant liquidity.  As of June 30, 2024, the Company’s consolidated cash and cash equivalent balances were $116.0 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 $10.8 million.

 

8

 

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 as well as piracy in shipping lanes have resulted in supply chain issues, with the conflict in the Middle East further exacerbating inflationary trends and supply chain disruptions. We believe the 525 basis point increase in the federal funds rate since March 2022 and the wind-down of quantitative easing during 2023 created economic uncertainty which negatively affected our operating results by, among other things: (i) increasing interest expense on variable rate debt and any new debt, (ii) decreasing gross margins due to increased costs of manufactured or purchased inventory and shipping, (iii) reducing 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) increasing overall operating expenses due to increases in labor and service costs, (v) decreasing customer demand for our products, (vi) shifting customer behavior as consumers experience higher borrowing costs, including mortgage borrowings, and (vii) increasing the risk of impairments as a result of declining valuations. Recent anticipated decreases in interest rates have to date not resulted in long term changes and market volatility and the potential impact of the November elections has created uncertainty regarding future consumer sentiment.

 

While we have taken steps to increase the prices of our products, we do not believe that future increases will be accepted by our consumers, and any such increases could negatively impact customer retention and our gross margin. There is no assurance that the Company’s operating subsidiaries will be able to increase prices in response to increasing costs or maintain current price levels which could have a material adverse effect on the Company's results of operations and financial condition.   

 

BBXRE's real estate assets are primarily located in Florida, and economic conditions in the Florida real estate market c