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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 March 31, 2022

[ ] 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 [X]

Non-accelerated filer [ ]

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 May 4, 2022 is as follows:

Class A Common Stock of $.01 par value, 12,379,965 shares outstanding.
Class B Common Stock of $.01 par value, 3,871,866 shares outstanding.


BBX Capital, Inc.

TABLE OF CONTENTS

Part I.

Item 1.

Financial Statements

Condensed Consolidated Statements of Financial Condition as of March 31, 2022 and December 31, 2021 - Unaudited

1

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three Months Ended March 31, 2022 and 2021 - Unaudited

2

Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2022 and 2021 - Unaudited

3

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 - Unaudited

4

Notes to Condensed Consolidated Financial Statements - Unaudited

6

Item 2.

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

25

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

47

Item 4.

Controls and Procedures

47

Part II.

OTHER INFORMATION

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

48

Item 5.

Other Information

48

Item 6.

Exhibits

49

Signatures

50


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BBX Capital, Inc.

Condensed Consolidated Statements of Financial Condition - Unaudited

(In thousands, except share data)

March 31,

December 31,

2022

2021

ASSETS

Cash and cash equivalents

$

114,632

118,045

Restricted cash

1,000

1,000

Trade accounts receivable, net

30,673

29,899

Trade inventory, net

48,353

41,895

Real estate ($5,075 in 2022 and $7,679 in 2021 held for sale)

19,069

22,868

Investments in and advances to unconsolidated real estate joint ventures

53,666

52,966

Note receivable from Bluegreen Vacations Holding Corporation

50,000

50,000

Property and equipment, net

28,736

30,611

Goodwill

18,414

18,414

Intangible assets, net

31,338

31,982

Operating lease assets

91,690

90,639

Deferred tax asset, net

4,056

3,776

Contingent purchase price receivable

19,283

19,925

Other assets

21,462

21,335

Total assets

$

532,372

533,355

LIABILITIES AND EQUITY

Liabilities:

Accounts payable

$

13,229

12,980

Accrued expenses

30,301

33,136

Other liabilities

5,479

5,002

Operating lease liabilities

104,943

103,262

Notes payable and other borrowings

55,575

54,883

Total liabilities

209,527

209,263

Commitments and contingencies (See Note 12)

 

 

Redeemable noncontrolling interest

1,137

1,144

Equity:

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

issued and outstanding 11,808,442 in 2022 and 11,803,842 in 2021

118

118

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

issued and outstanding 3,666,837 in 2022 and 3,671,437 in 2021

37

37

Additional paid-in capital

311,344

310,588

Accumulated earnings

7,357

9,226

Accumulated other comprehensive income

1,954

1,836

Total shareholders' equity

320,810

321,805

Noncontrolling interests

898

1,143

Total equity

321,708

322,948

Total liabilities and equity

$

532,372

533,355

 

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 share data)

For the Three Months Ended

March 31,

2022

2021

Revenues:

Trade sales

$

65,749

45,914

Sales of real estate inventory

6,470

13,535

Interest income

1,149

1,650

Net gains on sales of real estate assets

1,329

105

Other revenue

779

671

Total revenues

75,476

61,875

Costs and expenses:

Cost of trade sales

51,006

36,893

Cost of real estate inventory sold

2,235

7,858

Interest expense

536

290

Recoveries from loan losses, net

(648)

(508)

Impairment losses

64

Selling, general and administrative expenses

27,364

13,198

Total costs and expenses

80,557

57,731

Operating (losses) income

(5,081)

4,144

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

1,532

(271)

Other income

984

63

Foreign exchange loss

(189)

(480)

(Loss) income before income taxes

(2,754)

3,456

Benefit (provision) for income taxes

828

(1,001)

Net (loss) income

(1,926)

2,455

Net loss (income) attributable to noncontrolling interests

110

(110)

Net (loss) income attributable to shareholders

$

(1,816)

2,345

Basic (loss) earnings per share

$

(0.12)

0.12

Diluted (loss) earnings per share

$

(0.12)

0.12

Basic weighted average number of common shares outstanding

15,475

19,282

Diluted weighted average number of common shares outstanding

15,475

19,282

Net (loss) income

$

(1,926)

2,455

Other comprehensive income, net of tax:

Unrealized loss on securities available for sale

(46)

(2)

Foreign currency translation adjustments

164

114

Other comprehensive income, net

118

112

Comprehensive (loss) income, net of tax

(1,808)

2,567

Comprehensive loss (income) attributable to noncontrolling interests

110

(110)

Comprehensive (loss) income attributable to shareholders

$

(1,698)

2,457

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 March 31, 2022 and 2021

(In thousands)

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, 2020

15,624 

3,694 

$

156 

37 

310,588 

(3,457)

1,830 

99 

309,253 

Net income

2,345 

110 

2,455 

Other comprehensive income

112 

112 

Purchase and retirement of common stock

(339)

(3)

(2,133)

(2,136)

Balance, March 31, 2021

15,285 

3,694 

$

153 

37 

308,455 

(1,112)

1,942 

209 

309,684 

Share 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, 2021

11,804 

3,671 

$

118 

37 

310,588 

9,226 

1,836 

1,143 

322,948 

Net loss excluding $71 of loss attributable to redeemable noncontrolling interest

(1,816)

(39)

(1,855)

Other comprehensive income

118 

118 

Accretion of noncontrolling interest

(53)

(53)

Contributions from noncontrolling interest

25 

25 

Distributions to noncontrolling interests

(231)

(231)

Conversion of common stock from Class B to Class A

4 

(4)

Share-based compensation

756 

756 

Balance, March 31, 2022