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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

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

For the Quarter Ended June 30, 2021

[ ] 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 [X]  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 [X]  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 [X ]

Smaller reporting company [ ]

Emerging growth company[X]

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.[X]

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

YES [ ]  NO [ X ]

The number of shares outstanding of each of the registrant’s classes of common stock as of August 3, 2021 is as follows:

Class A Common Stock of $.01 par value, 13,624,209 shares outstanding.
Class B Common Stock of $.01 par value, 3,693,596 shares outstanding.


BBX Capital, Inc.

TABLE OF CONTENTS

Part I.

Item 1.

Financial Statements

Condensed Consolidated Statements of Financial Condition as of June 30, 2021 and December 31, 2020 - Unaudited

1

Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020 - Unaudited

2

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2021 and 2020 - Unaudited

3

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 - 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

53

Part II.

OTHER INFORMATION

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54

Item 6.

Exhibits

55

Signatures

56


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,

2021

2020

ASSETS

Cash and cash equivalents

$

101,851

90,037

Restricted cash

350

350

Trade accounts receivable, net

27,394

29,507

Trade inventory

42,564

31,846

Real estate ($8,264 in 2021 and $9,031 in 2020 held for sale)

40,639

55,800

Investments in and advances to unconsolidated real estate joint ventures

55,288

58,010

Investment in and advances to IT'SUGAR, LLC

22,976

Note receivable from Bluegreen Vacations Holding Corporation

75,000

75,000

Property and equipment, net

28,437

7,803

Goodwill

20,796

8,277

Intangible assets, net

31,321

22,420

Operating lease assets

70,615

13,488

Deferred tax asset, net

6,472

7,424

Other assets

35,932

24,718

Total assets

$

536,659

447,656

LIABILITIES AND EQUITY

Liabilities:

Accounts payable

$

18,117

14,472

Accrued expenses

40,161

30,852

Other liabilities

5,154

5,455

Operating lease liabilities

79,485

14,141

Notes payable and other borrowings

64,275

73,483

Total liabilities

207,192

138,403

Commitments and contingencies (See Note 11)

 

 

Redeemable noncontrolling interest

1,009

Equity:

Preferred stock of $0.01 par value; authorized 10,000,000 shares

Class A Common Stock of $0.01 par value; authorized 30,000,000 shares;

issued and outstanding 15,026,994 in 2021 and 15,624,091 in 2020

150

156

Class B Common Stock of $0.01 par value; authorized 4,000,000 shares;

issued and outstanding 3,693,596 in 2021 and 3,693,596 in 2020

37

37

Additional paid-in capital

306,827

310,588

Accumulated earnings (deficit)

19,008

(3,457)

Accumulated other comprehensive income

2,182

1,830

Total shareholders' equity

328,204

309,154

Noncontrolling interests

254

99

Total equity

328,458

309,253

Total liabilities and equity

$

536,659

447,656

 

See Notes to Condensed Consolidated Financial Statements - Unaudited


1


 

BBX Capital, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income - Unaudited

(In thousands, except share data)

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Revenues:

Trade sales

$

46,532

23,050

92,446

63,936

Sales of real estate inventory

12,390

2,839

25,925

9,278

Interest income

1,667

83

3,317

199

Net gains (losses) on sales of real estate assets

204

13

309

(34)

Other revenue

925

619

1,596

1,406

Total revenues

61,718

26,604

123,593

74,785

Costs and expenses:

Cost of trade sales

37,567

23,269

74,460

53,049

Cost of real estate inventory sold

5,568

1,474

13,426

6,106

Interest expense

294

584

Recoveries from loan losses, net

(1,137)

(1,525)

(1,645)

(5,037)

Impairment losses

3,305

30,740

Selling, general and administrative expenses

14,039

13,718

27,237

35,038

Total costs and expenses

56,331

40,241

114,062

119,896

Operating income (losses)

5,387

(13,637)

9,531

(45,111)

Equity in net earnings of unconsolidated real estate joint ventures

4,443

145

4,172

696

Other income

129

75

192

111

Gain on the consolidation of IT'SUGAR, LLC

15,890

15,890

Foreign exchange gain (loss)

976

(6)

496

272

Income (loss) from continuing operations before income taxes

26,825

(13,423)

30,281

(44,032)

(Provision) benefit for income taxes

(6,588)

3,306

(7,589)

9,214

Net income (loss) from continuing operations

20,237

(10,117)

22,692

(34,818)

Discontinued operations

Gain (loss) from operations

798

(91)

(Provision) benefit for income taxes

(194)

17

Income (loss) from discontinued operations

604

(74)

Net income (loss)

20,237

(9,513)

22,692

(34,892)

Net (income) loss attributable to noncontrolling interests

(117)

856

(227)

4,312

Net income (loss) attributable to shareholders

$

20,120

(8,657)

22,465

(30,580)

Basic and diluted earnings (loss) per share from continuing operations

$

1.07

(0.48)

1.18

(1.58)

Basic and diluted earnings per share from discontinued operations

0.03

Total basic and diluted earnings (loss) per share

$

1.07

(0.45)

1.18

(1.58)

Weighted average number of common shares outstanding

18,811

19,318

19,046

19,318

Net income (loss)

$

20,237

(9,513)

22,692

(34,892)

Other comprehensive income (loss), net of tax:

Unrealized gain on securities available for sale

14

41

12

4

Foreign currency translation adjustments

226

195

340

(355)

Other comprehensive income (loss), net

240

236

352

(351)

Comprehensive income (loss), net of tax

20,477

(9,277)

23,044

(35,243)

Comprehensive (income) loss attributable to noncontrolling interests

(117)

856

(227)

4,312

Comprehensive income (loss) attributable to shareholders

$

20,360

(8,421)

22,817

(30,931)

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, 2021 and 2020

(In thousands)

Shares of

Accumulated

Common Stock

Common

Other

Outstanding

Stock

Comprehen-

Non-

Class

Class

Parent

sive

controlling

Total

A

B

A

B

Equity

Income

Interests

Equity

Balance, March 31, 2020

$

160,655

967

288

161,910

Net loss excluding $846 of loss attributable to redeemable noncontrolling interest

(8,657)

(10)

(8,667)

Other comprehensive income

236

236

Accretion of redeemable noncontrolling interest

(697)

(697)

Net transfers from Parent

91,631