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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 a blanket lien on BBX Sweet Holdings' assets.
The collateral consists of $7.7 million and $5.9 million of cash and cash equivalents held by Altman that is included in restricted cash in the Company's statement of financial condition as of September 30, 2024 and December 31, 2023, respectively.
The certificate of deposit had an original term of six months with an interest rate of 5.75%, and a current maturity date of January 5, 2025.
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 September 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 November 8, 2024 is as follows:
Class A Common Stock of $.01 par value, 10,389,013 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)
| | September 30, | | | December 31, | |
| | 2024 | | | 2023 | |
ASSETS | | | | | | | | |
Cash and cash equivalents ($2,685 in 2024 and $4,521 in 2023 in variable interest entities (VIEs)) | | $ | 93,366 | | | | 90,277 | |
Restricted cash ($10,130 in 2024 and $10,089 in 2023 in VIEs) | | | 30,005 | | | | 21,307 | |
Securities available for sale, at fair value | | | 8,256 | | | | 44,576 | |
Trade accounts receivable, net ($436 in 2024 and $385 in 2023 in VIEs) | | | 18,400 | | | | 18,341 | |
Construction contracts receivable, net | | | 15,341 | | | | 13,525 | |
Trade inventory, net | | | 33,395 | | | | 33,836 | |
Real estate ($1,384 in 2024 and $2,688 in 2023 held for sale, $78,526 in 2024 and $64,055 in 2023 of rental property under development in VIEs, $18,575 in 2024 and $0 in 2023 of rental properties in VIEs and $2,027 in predevelopment costs in 2024 and $0 in 2023 in VIEs) | | | 116,407 | | | | 80,654 | |
Investments in and advances to unconsolidated real estate joint ventures ($60,008 in 2024 and $39,821 in 2023 in VIEs) | | | 62,058 | | | | 44,076 | |
Note receivable from Bluegreen Vacations Holding Corporation | | | — | | | | 35,000 | |
Property and equipment, net | | | 38,834 | | | | 40,688 | |
Goodwill | | | 49,647 | | | | 49,647 | |
Intangible assets, net | | | 24,938 | | | | 26,839 | |
Operating lease assets | | | 112,227 | | | | 117,894 | |
Deferred tax asset, net | | | 7,207 | | | | 7,192 | |
Contract assets | | | 10,330 | | | | 30,799 | |
Other assets ($653 in 2024 and $990 in 2023 in VIEs) | | | 21,685 | | | | 19,591 | |
Total assets | | $ | 642,096 | | | | 674,242 | |
LIABILITIES AND EQUITY | | | | | | | | |
Liabilities: | | | | | | | | |
Accounts payable ($130 in 2024 and $16 in 2023 in VIEs) | | $ | 28,028 | | | | 31,012 | |
Accrued expenses ($634 in 2024 and $349 in 2023 in VIEs) | | | 32,447 | | | | 40,700 | |
Contract liabilities | | | 19,020 | | | | 28,641 | |
Other liabilities ($65 in 2024 and $1,833 in 2023 in VIEs) | | | 3,658 | | | | 4,774 | |
Operating lease liabilities | | | 132,368 | | | | 136,758 | |
Notes payable and other borrowings ($59,953 in 2024 and $27,321 in 2023 in VIEs) | | | 86,227 | | | | 60,805 | |
Total liabilities | | | 301,748 | | | | 302,690 | |
Commitments and contingencies (See Note 14) | | | | | | | | |
Redeemable noncontrolling interest | | | 5,065 | | | | 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 | | | 311,661 | | | | 311,847 | |
Accumulated deficit | | | (34,680 | ) | | | (1,755 | ) |
Accumulated other comprehensive income | | | 936 | | | | 1,313 | |
Total shareholders' equity | | | 278,051 | | | | 311,544 | |
Noncontrolling interests | | | 57,232 | | | | 54,968 | |
Total equity | | | 335,283 | | | | 366,512 | |
Total liabilities and equity | | $ | 642,096 | | | | 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 Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade sales |
|
$ |
57,536 |
|
|
|
61,462 |
|
|
|
171,948 |
|
|
|
186,379 |
|
Sales of real estate inventory |
|
|
190 |
|
|
|
2,712 |
|
|
|
2,143 |
|
|
|
8,929 |
|
Revenue from construction contracts |
|
|
15,198 |
|
|
|
29,067 |
|
|
|
46,602 |
|
|
|
90,678 |
|
Real estate development and property management fees |
|
|
1,987 |
|
|
|
5,002 |
|
|
|
5,987 |
|
|
|
9,249 |
|
Interest income |
|
|
1,827 |
|
|
|
2,545 |
|
|
|
5,790 |
|
|
|
6,736 |
|
Net gain on sales of assets |
|
|
1,497 |
|
|
|
2,271 |
|
|
|
1,497 |
|
|
|
2,210 |
|
Lease income, net |
|
|
87 |
|
|
|
— |
|
|
|
189 |
|
|
|
— |
|
Other revenue |
|
|
126 |
|
|
|
280 |
|
|
|
481 |
|
|
|
939 |
|
Total revenues |
|
|
78,448 |
|
|
|
103,339 |
|
|
|
234,637 |
|
|
|
305,120 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of trade sales |
|
|
39,603 |
|
|
|
45,307 |
|
|
|
121,595 |
|
|
|
137,641 |
|
Cost of real estate inventory sold |
|
|
— |
|
|
|
570 |
|
|
|
321 |
|
|
|
2,107 |
|
Cost of revenue from construction contracts |
|
|
15,384 |
|
|
|
31,945 |
|
|
|
51,022 |
|
|
|
94,263 |
|
Interest expense |
|
|
686 |
|
|
|
810 |
|
|
|
2,194 |
|
|
|
2,245 |
|
Recoveries from loan losses, net |
|
|
(220 |
) |
|
|
(177 |
) |
|
|
(1,044 |
) |
|
|
(3,284 |
) |
Impairment losses |
|
|
11 |
|
|
|
349 |
|
|
|
229 |
|
|
|
349 |
|
Selling, general and administrative expenses |
|
|
34,247 |
|
|
|
34,120 |
|
|
|
102,966 |
|
|
|
102,143 |
|
Total costs and expenses |
|
|
89,711 |
|
|
|
112,924 |
|
|
|
277,283 |
|
|
|
335,464 |
|
Operating losses |
|
|
(11,263 |
) |
|
|
(9,585 |
) |
|
|
(42,646 |
) |
|
|
(30,344 |
) |
Equity in net (loss) earnings of unconsolidated real estate joint ventures |
|
|
(621 |
) |
|
|
2,126 |
|
|
|
1,096 |
|
|
|
3,958 |
|
(Loss) gain on the consolidation of Altman Living |
|
|
— |
|
|
|
(2,393 |
) |
|
|
— |
|
|
|
3,802 |
|
Gain on the consolidation of investment in real estate joint ventures |
|
|
— |
|
|
|
1,135 |
|
|
|
— |
|
|
|
12,017 |
|
Other (expense) income |
|
|
(419 |
) |
|
|
1,155 |
|
|
|
1,015 |
|
|
|
4,042 |
|
Foreign exchange (loss) gain |
|
|
(409 |
) |
|
|
421 |
|
|
|
297 |
|
|
|
(113 |
) |
Loss before income taxes |
|
|
(12,712 |
) |
|
|
(7,141 |
) |
|
|
(40,238 |
) |
|
|
(6,638 |
) |
Benefit for income taxes |
|
|
2,022 |
|
|
|
606 |
|
|
|
7,087 |
|
|
|
231 |
|
Net loss |
|
|
(10,690 |
) |
|
|
(6,535 |
) |
|
|
(33,151 |
) |
|
|
(6,407 |
) |
Net loss (income) attributable to noncontrolling interests |
|
|
780 |
|
|
|
(1,290 |
) |
|
|
226 |
|
|
|
(1,516 |
) |
Net loss attributable to shareholders |
|
$ |
(9,910 |
) |
|
|
(7,825 |
) |
|
|
(32,925 |
) |
|
|
(7,923 |
) |
Basic loss per share |
|
$ |
(0.74 |
) |
|
|
(0.55 |
) |
|
|
(2.42 |
) |
|
|
(0.55 |
) |
Diluted loss per share |
|
$ |
(0.74 |
) |
|
|
(0.55 |
) |
|
|
(2.42 |
) |
|
|
(0.56 |
) |
Basic weighted average number of common shares outstanding |
|
|
13,396 |
|
|
|
14,354 |
|
|
|
13,618 |
|
|
|
14,354 |
|
Diluted weighted average number of common shares outstanding |
|
|
13,396 |
|
|
|
14,354 |
|
|
|
13,618 |
|
|
|
14,354 |
|
Net loss |
|
$ |
(10,690 |
) |
|
|
(6,535 |
) |
|
|
(33,151 |
) |
|
|
(6,407 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on securities available for sale |
|
|
9 |
|
|
|
(12 |
) |
|
|
2 |
|
|
|
(8 |
) |
Foreign currency translation adjustments |
|
|
334 |
|
|
|
(338 |
) |
|
|
(379 |
) |
|
|
36 |
|
Other comprehensive income (loss), net |
|
|
343 |
|
|
|
(350 |
) |
|
|
(377 |
) |
|
|
28 |
|
Comprehensive loss, net of tax |
|
|
(10,347 |
) |
|
|
(6,885 |
) |
|
|
(33,528 |
) |
|
|
(6,379 |
) |
Comprehensive loss (income) attributable to noncontrolling interests |
|
|
780 |
|
|
|
(1,290 |
) |
|
|
226 |
|
|
|
(1,516 |
) |
Comprehensive loss attributable to shareholders |
|
$ |
(9,567 |
) |
|
|
(8,175 |
) |
|
|
(33,302 |
) |
|
|
(7,895 |
) |
See Notes to Condensed Consolidated Financial Statements – Unaudited
BBX Capital, Inc.
Condensed Consolidated Statements of Changes in Equity - Unaudited
For the Three Months Ended September 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, 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 interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 190 | | | | 190 | |
Distribution 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 | |
| | 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, June 30, 2024 | | | 9,610 | | | | 3,786 | | | $ | 96 | | | | 38 | | | | 310,228 | | | | (24,770 | ) | | | 593 | | | | 57,535 | | | | 343,720 | |
Net loss excluding $65 of income attributable to redeemable noncontrolling interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | (9,910 | ) | | | — | | | | (845 | ) | | | (10,755 | ) |
Other comprehensive income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 343 | | | | — | | | | 343 | |
Contributions from noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 726 | | | | 726 | |
Distributions to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (418 | ) | | | (418 | ) |
Share-based compensation | | | — | | | | — | | | | — | | | | — | | | | 1,433 | | | | — | | | | — | | | | 234 | | | | 1,667 | |
Balance, September 30, 2024 | | | 9,610 | | | | 3,786 | | | $ | 96 | | | | 38 | | | | 311,661 | | | | (34,680 | ) | | | 936 | | | | 57,232 | | | | 335,283 | |
See Notes to Condensed Consolidated Financial Statements - Unaudited
BBX Capital, Inc.
Condensed Consolidated Statements of Changes in Equity - Unaudited
For the Nine Months Ended September 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 $90 of income attributable to redeemable noncontrolling interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | (7,923 | ) | | | — | | | | 1,426 | | | | (6,497 | ) |
Other comprehensive income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 28 | | | | — | | | | 28 | |
Accretion of 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 interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 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 | |
| | 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, December 31, 2023 | | | 10,110 | | | | 3,786 | | | $ | 101 | | | | 38 | | | | 311,847 | | | | (1,755 | ) | | | 1,313 | | | | 54,968 | | | | 366,512 | |
Net loss excluding $194 of income attributable to redeemable noncontrolling interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | (32,925 | ) | | | — | | | | (420 | ) | | | (33,345 | ) |
Other comprehensive loss | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (377 | ) | | | — | | | | (377 | ) |
Contributions from noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,586 | | | | 2,586 | |
Distributions to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (487 | ) | | | (487 | ) |
Purchase and retirement of common stock | | | (500 | ) | | | — | | | | (5 | ) | | | — | | | | (4,370 | ) | | | — | | | | — | | | | — | | | | (4,375 | ) |
Share-based compensation | | | — | | | | — | | | | — | | | | — | | | | 4,184 | | | | — | | | | — | | | | 585 | | | | 4,769 | |
Balance, September 30, 2024 | | | 9,610 | | | | 3,786 | | | $ | 96 | | | | 38 | | | | 311,661 | | | | (34,680 | ) | | | 936 | | | | 57,232 | | | | 335,283 | |
BBX Capital, Inc.
Condensed Consolidated Statements of Cash Flows - Unaudited
(In thousands)
|
|
For the Nine Months Ended |
|
|
|
September 30, |
|
|
|
2024 |
|
|
2023 |
|
Operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(33,151 |
) |
|
|
(6,407 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
Recoveries from loan losses, net |
|
|
(1,044 |
) |
|
|
(3,284 |
) |
Depreciation, amortization and accretion |
|
|
8,202 |
|
|
|
8,542 |
|
Net gain on sales of real estate and property and equipment |
|
|
(1,997 |
) |
|
|
(2,209 |
) |
Equity in net earnings of unconsolidated real estate joint ventures |
|
|
(1,096 |
) |
|
|
(3,958 |
) |
Return on investment in unconsolidated real estate joint ventures |
|
|
3,447 |
|
|
|
7,455 |
|
Gain on the consolidation of real estate joint ventures |
|
|
— |
|
|
|
(12,017 |
) |
Gain on the consolidation of Altman Living |
|
|
— |
|
|
|
(3,802 |
) |
Impairment losses |
|
|
229 |
|
|
|
349 |
|
Share-based compensation expense |
|
|
4,769 |
|
|
|
3,976 |
|
Provision for excess and obsolete inventory |
|
|
(154 |
) |
|
|
(392 |
) |
Change in deferred income tax asset, net |
|
|
(15 |
) |
|
|
1,525 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
|
(59 |
) |
|
|
283 |
|
Construction contracts receivable |
|
|
(1,816 |
) |
|
|
978 |
|
Trade inventory |
|
|
534 |
|
|
|
8,922 |
|
Real estate |
|
|
(4,407 |
) |
|
|
(2,995 |
) |
Operating lease assets |
|
|
16,367 |
|
|
|
15,690 |
|
Operating lease liabilities |
|
|
(16,235 |
) |
|
|
(14,956 |
) |
Contract assets |
|
|
20,724 |
|
|
|
6,393 |
|
Other assets |
|
|
4,819 |
|
|
|
5,569 |
|
Accounts payable |
|
|
(6,019 |
) |
|
|
9,769 |
|
Accrued expenses |
|
|
(7,478 |
) |
|
|
(10,915 |
) |
Contract liabilities |
|
|
(13,492 |
) |
|
|
(963 |
) |
Other liabilities |
|
|
(1,495 |
) |
|
|
(2,129 |
) |
Net cash (used in) provided by operating activities |
|
|
(29,367 |
) |
|
|
5,424 |
|
Investing activities: |
|
|
|
|
|
|
|
|
Return of investment in and advances to unconsolidated real estate joint ventures |
|
|
401 |
|
|
|
21,188 |
|
Investments in unconsolidated real estate joint ventures |
|
|
(20,734 |
) |
|
|
(10,752 |
) |
Purchases of securities available for sale |
|
|
(17,211 |
) |
|
|
(95,008 |
) |
Redemptions of securities available for sale |
|
|
54,250 |
|
|
|
70,229 |
|
Proceeds from repayment of loans receivable |
|
|
1,108 |
|
|
|
3,622 |
|
Proceeds from the repayment of Bluegreen Vacations Holding Corporation note |
|
|
35,000 |
|
|
|
14,070 |
|
Proceeds from sales of assets |
|
|
336 |
|
|
|
— |
|
Proceeds from sale of real estate held for sale |
|
|
2,850 |
|
|
|
3,176 |
|
Additions to real estate held-for-sale and held-for-investment |
|
|
(26,246 |
) |
|
|
(29,345 |
) |
Purchases of property and equipment |
|
|
(5,004 |
) |
|
|
(10,925 |
) |
Cash acquired in the consolidation of real estate joint ventures |
|
|
— |
|
|
|
29,147 |
|
Cash paid for Altman Living acquisition, net of cash received |
|
|
— |
|
|
|
(3,975 |
) |
Decrease in cash from other investing activities |
|
|
(5,184 |
) |
|
|
(14 |
) |
Net cash provided by (used in) investing activities |
|