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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, 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 August 3, 2022 is as follows:

Class A Common Stock of $.01 par value, 12,364,183 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 June 30, 2022 and December 31, 2021 - Unaudited

1

Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 - Unaudited

2

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2022 and 2021 - Unaudited

3

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 - Unaudited

5

Notes to Condensed Consolidated Financial Statements - Unaudited

7

Item 2.

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

30

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

55

Item 4.

Controls and Procedures

55

Part II.

OTHER INFORMATION

Item 1.

Legal Proceedings

55

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

Signatures

58


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,

2022

2021

ASSETS

Cash and cash equivalents

$

118,136

118,045

Restricted cash

750

1,000

Trade accounts receivable, net

23,893

29,899

Trade inventory, net

56,374

41,895

Real estate ($5,099 in 2022 and $7,679 in 2021 held for sale)

16,004

22,868

Investments in and advances to unconsolidated real estate joint ventures

51,740

52,966

Note receivable from Bluegreen Vacations Holding Corporation

50,000

50,000

Property and equipment, net

30,888

30,611

Goodwill

18,414

18,414

Intangible assets, net

30,694

31,982

Operating lease assets

100,667

90,639

Deferred tax asset, net

4,246

3,776

Contingent purchase price receivable

18,658

19,925

Other assets

22,733

21,335

Total assets

$

543,197

533,355

LIABILITIES AND EQUITY

Liabilities:

Accounts payable

$

15,930

12,980

Accrued expenses

29,514

33,136

Other liabilities

5,433

5,002

Operating lease liabilities

115,100

103,262

Notes payable and other borrowings

43,564

54,883

Total liabilities

209,541

209,263

Commitments and contingencies (See Note 12)

 

 

Redeemable noncontrolling interest

1,502

1,144

Equity:

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

issued and outstanding 11,792,660 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

312,299

310,588

Accumulated earnings

17,439

9,226

Accumulated other comprehensive income

1,531

1,836

Total shareholders' equity

331,424

321,805

Noncontrolling interests

730

1,143

Total equity

332,154

322,948

Total liabilities and equity

$

543,197

533,355

 

See Notes to Condensed Consolidated Financial Statements - Unaudited


1


 

BBX Capital, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income – Unaudited

(In thousands, except per share data)

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

2022

2021

2022

2021

Revenues:

Trade sales

$

72,585

46,532

138,334

92,446

Sales of real estate inventory

8,737

12,390

15,207

25,925

Interest income

1,221

1,667

2,370

3,317

Net gains on sales of real estate assets

204

1,329

309

Other revenue

1,150

925

1,929

1,596

Total revenues

83,693

61,718

159,169

123,593

Costs and expenses:

Cost of trade sales

55,598

37,567

106,604

74,460

Cost of real estate inventory sold

3,878

5,568

6,113

13,426

Interest expense

509

294

1,045

584

Recoveries from loan losses, net

(3,289)

(1,137)

(3,937)

(1,645)

Impairment losses

64

Selling, general and administrative expenses

30,061

14,039

57,425

27,237

Total costs and expenses

86,757

56,331

167,314

114,062

Operating (losses) income

(3,064)

5,387

(8,145)

9,531

Equity in net earnings of unconsolidated real estate joint ventures

19,154

4,443

20,686

4,172

Other income

103

129

1,087

192

Gain on the consolidation of IT'SUGAR, LLC

15,890

15,890

Foreign exchange gain

357

976

168

496

Income before income taxes

16,550

26,825

13,796

30,281

Provision for income taxes

(6,161)

(6,588)

(5,333)

(7,589)

Net income

10,389

20,237

8,463

22,692

Net loss (income) attributable to noncontrolling interests

66

(117)

176

(227)

Net income attributable to shareholders

$

10,455

20,120

8,639

22,465

Basic earnings per share

$

0.68

1.07

0.56

1.18

Diluted earnings per share

$

0.68

1.07

0.56

1.18

Basic weighted average number of common shares outstanding

15,471

18,811

15,473

19,046

Diluted weighted average number of common shares outstanding

15,471

18,811

15,491

19,046

Net income

$

10,389

20,237

8,463

22,692

Other comprehensive (loss) income, net of tax:

Unrealized (loss) income on securities available for sale

(45)

14

(91)

12

Foreign currency translation adjustments

(378)

226

(214)

340

Other comprehensive (loss) income, net

(423)

240

(305)

352

Comprehensive income, net of tax

9,966

20,477

8,158

23,044

Comprehensive loss (income) attributable to noncontrolling interests

66

(117)

176

(227)

Comprehensive income attributable to shareholders

$

10,032

20,360

8,334

22,817

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, 2022 and 2021

(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

(Deficit) Earnings

Income

Interests

Equity

Balance, March 31, 2021

15,285 

3,694 

$

153 

37 

310,588 

(3,245)

1,942 

209 

309,684 

Net income excluding $72 of loss attributable to redeemable noncontrolling interest

20,120 

45 

20,165 

Other comprehensive income

240 

240 

Purchase and retirement of common stock

(258)

(3)

(1,628)

(1,631)

Balance, June 30, 2021

15,027 

3,694 

$

150 

37 

310,588 

15,247 

2,182 

254