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As of December 31, 2023, pledged assets consisted of 6 lots in Phase 3 of the Beacon Lake Community Development.
The Company pays an annual two percent fee in advance based on the amount of each letter of credit.
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.
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.
Represents the aggregate assets, liabilities, and noncontrolling interests of the consolidated real estate joint ventures sponsored by the Altman Companies or BBX Logistics, as described above. These real estate joint ventures have similar economic characteristics, financing arrangements, and organizational structures.
BBX Capital is the guarantor of the line of credit.
As of December 31, 2023, the collateral was a blanket lien on Renin’s assets and the Company’s ownership interest in Renin.
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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.
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
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
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
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 | |
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)
|
|
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
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.
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.
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