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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 September 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 November 2, 2021 is as follows:

Class A Common Stock of $.01 par value, 13,101,493 shares outstanding.
Class B Common Stock of $.01 par value, 3,679,202 shares outstanding.


BBX Capital, Inc.

TABLE OF CONTENTS

Part I.

Item 1.

Financial Statements

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

1

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

2

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

3

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

34

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

58

Item 4.

Controls and Procedures

58

Part II.

OTHER INFORMATION

Item 1.

Legal Proceedings

58

Item 1A.

Risk Factors

58

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 5.

Other Information

60

Item 6.

Exhibits

60

Signatures

61


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,

2021

2020

ASSETS

Cash and cash equivalents

$

113,547

90,037

Restricted cash

1,450

350

Trade accounts receivable, net

30,502

29,507

Trade inventory

43,381

31,846

Real estate ($7,800 in 2021 and $9,031 in 2020 held for sale)

31,227

55,800

Investments in and advances to unconsolidated real estate joint ventures

49,051

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

29,953

7,803

Goodwill

18,222

8,277

Intangible assets, net

32,626

22,420

Operating lease assets

76,913

13,488

Deferred tax asset, net

6,472

7,424

Other assets

40,910

24,718

Total assets

$

549,254

447,656

LIABILITIES AND EQUITY

Liabilities:

Accounts payable

$

13,915

14,472

Accrued expenses

42,415

30,852

Other liabilities

5,902

5,455

Operating lease liabilities

88,091

14,141

Notes payable and other borrowings

66,475

73,483

Total liabilities

216,798

138,403

Commitments and contingencies (See Note 12)

 

 

Redeemable noncontrolling interest

1,147

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 13,101,493 in 2021 and 15,624,091 in 2020

131

156

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

issued and outstanding 3,679,202 in 2021 and 3,693,596 in 2020

37

37

Additional paid-in capital

310,588

310,588

Accumulated earnings (deficit)

18,475

(3,457)

Accumulated other comprehensive income

1,838

1,830

Total shareholders' equity

331,069

309,154

Noncontrolling interests

240

99

Total equity

331,309

309,253

Total liabilities and equity

$

549,254

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 Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Revenues:

Trade sales

$

67,453

35,692

159,899

99,628

Sales of real estate inventory

21,849

4,970

47,774

14,248

Interest income

1,506

387

4,823

586

Net gains on sales of real estate assets

129

164

438

130

Other revenue

854

992

2,450

2,398

Total revenues

91,791

42,205

215,384

116,990

Costs and expenses:

Cost of trade sales

50,614

27,981

125,074

81,030

Cost of real estate inventory sold

9,999

3,367

23,425

9,473

Interest expense

374

958

Recoveries from loan losses, net

(5,393)

(807)

(7,038)

(5,844)

Impairment losses

30,740

Selling, general and administrative expenses

22,670

18,110

49,907

53,148

Total costs and expenses

78,264

48,651

192,326

168,547

Operating income (losses)

13,527

(6,446)

23,058

(51,557)

Equity in net earnings (loss) of unconsolidated real estate joint ventures

11,820

(646)

15,992

50

Loss on the deconsolidation of IT'SUGAR, LLC

(3,326)

(3,326)

Gain on the consolidation of IT'SUGAR, LLC

15,890

Other income

60

81

252

192

Foreign exchange gain (loss)

292

(58)

788

214

Income (loss) from continuing operations before income taxes

25,699

(10,395)

55,980

(54,427)

(Provision) benefit for income taxes

(6,382)

1,633

(13,971)

10,847

Net income (loss) from continuing operations

19,317

(8,762)

42,009

(43,580)

Discontinued operations

Loss from operations

(91)

Benefit for income taxes

17

Loss from discontinued operations

(74)

Net income (loss)

19,317

(8,762)

42,009

(43,654)

Net (income) loss attributable to noncontrolling interests

(125)

510

(352)

4,822

Net income (loss) attributable to shareholders

$

19,192

(8,252)

41,657

(38,832)

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

$

1.13

(0.43)

2.27

(2.01)

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

Total basic and diluted loss per share

$

1.13

(0.43)

2.27

(2.01)

Weighted average number of common shares outstanding

17,027

19,318

18,373

19,318

Net income (loss)

$

19,317

(8,762)

42,009

(43,654)

Other comprehensive (loss) income, net of tax:

Unrealized (loss) gain on securities available for sale

(12)

15

19

Foreign currency translation adjustments

(332)

157

8

(198)

Other comprehensive (loss) income, net

(344)

172

8

(179)

Comprehensive income (loss), net of tax

18,973

(8,590)

42,017

(43,833)

Comprehensive (income) loss attributable to noncontrolling interests

(125)

510

(352)

4,822

Comprehensive income (loss) attributable to shareholders

$

18,848

(8,080)

41,665

(39,011)

See Notes to Condensed Consolidated Financial Statements – Unaudited


2


 

BBX Capital, Inc.

Condensed Consolidated Statements of Changes in Equity - Unaudited

For the Three Months Ended September 30, 2021 and 2020

(In thousands)

Shares of

Accumulated

Common Stock

Common

Other

Outstanding

Stock

Bluegreen

Additional

Comprehen-

Non-

Class

Class

Vacations

Paid-in

sive

controlling

Total

A

B

A

B

Equity

Capital

Income

Interests

Equity

Balance, June 30, 2020

$

242,932 

1,203 

278 

244,413 

Net loss excluding $484 of loss attributable to redeemable noncontrolling interest

(8,252)

(26)

(8,278)

Other comprehensive income