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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, 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 [X]

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 3, 2022 is as follows:

Class A Common Stock of $.01 par value, 12,210,631 shares outstanding.
Class B Common Stock of $.01 par value, 3,860,618 shares outstanding.


BBX Capital, Inc.

TABLE OF CONTENTS

Part I.

Item 1.

Financial Statements

Condensed Consolidated Statements of Financial Condition as of September 30, 2022 and December 31, 2021 - Unaudited

1

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

2

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

3

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

33

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

60

Item 4.

Controls and Procedures

60

Part II.

OTHER INFORMATION

Item 1.

Legal Proceedings

60

Item 1A.

Risk Factors

60

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 6.

Exhibits

61

Signatures

62


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,

2022

2021

ASSETS

Cash and cash equivalents

$

98,533

118,045

Restricted cash

750

1,000

Securities available for sale, at fair value

38,140

5,552

Trade accounts receivable, net

23,526

29,899

Trade inventory, net

54,496

41,895

Real estate ($4,804 in 2022 and $7,679 in 2021 held for sale)

17,710

22,868

Investments in and advances to unconsolidated real estate joint ventures

46,640

52,966

Note receivable from Bluegreen Vacations Holding Corporation

50,000

50,000

Property and equipment, net

32,508

30,611

Goodwill

18,414

18,414

Intangible assets, net

30,049

31,982

Operating lease assets

99,898

90,639

Deferred tax asset, net

4,646

3,776

Contingent purchase price receivable

14,648

19,925

Other assets

15,808

15,783

Total assets

$

545,766

533,355

LIABILITIES AND EQUITY

Liabilities:

Accounts payable

$

18,497

12,980

Accrued expenses

25,970

33,136

Other liabilities

5,473

5,002

Operating lease liabilities

114,820

103,262

Notes payable and other borrowings

44,218

54,883

Total liabilities

208,978

209,263

Commitments and contingencies (See Note 13)

 

 

Redeemable noncontrolling interest

1,868

1,144

Equity:

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

issued and outstanding 11,692,660 in 2022 and 11,803,842 in 2021

117

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

313,264

310,588

Accumulated earnings

20,241

9,226

Accumulated other comprehensive income

632

1,836

Total shareholders' equity

334,291

321,805

Noncontrolling interests

629

1,143

Total equity

334,920

322,948

Total liabilities and equity

$

545,766

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 Nine Months Ended

September 30,

September 30,

2022

2021

2022

2021

Revenues:

Trade sales

$

71,097

67,453

209,431

159,899

Sales of real estate inventory

1,606

21,849

16,813

47,774

Interest income

1,576

1,506

3,968

4,823

Net gains on sales of real estate assets

129

1,329

438

Other revenue

955

854

2,862

2,450

Total revenues

75,234

91,791

234,403

215,384

Costs and expenses:

Cost of trade sales

54,057

50,614

160,661

125,074

Cost of real estate inventory sold

556

9,999

6,669

23,425

Interest expense

615

374

1,660

958

Recoveries from loan losses, net

(278)

(5,393)

(4,215)

(7,038)

Impairment losses

311

375

Selling, general and administrative expenses

29,073

22,670

86,498

49,907

Total costs and expenses

84,334

78,264

251,648

192,326

Operating (losses) income

(9,100)

13,527

(17,245)

23,058

Equity in net earnings of unconsolidated real estate joint ventures

15,026

11,820

35,712

15,992

Other (expense) income

(310)

60

777

252

Gain on the consolidation of IT'SUGAR, LLC

15,890

Foreign exchange gain

903

292

1,071

788

Income before income taxes

6,519

25,699

20,315

55,980

Provision for income taxes

(2,519)

(6,382)

(7,852)

(13,971)

Net income

4,000

19,317

12,463

42,009

Net loss (income) attributable to noncontrolling interests

24

(125)

200

(352)

Net income attributable to shareholders

$

4,024

19,192

12,663

41,657

Basic earnings per share

$

0.26

1.13

0.82

2.27

Diluted earnings per share

$

0.26

1.13

0.82

2.27

Basic weighted average number of common shares outstanding

15,409

17,027

15,452

18,373

Diluted weighted average number of common shares outstanding

15,494

17,027

15,491

18,373

Net income

$

4,000

19,317

12,463

42,009

Other comprehensive (loss) income, net of tax:

Unrealized loss on securities available for sale

(61)

(12)

(152)

Foreign currency translation adjustments

(838)

(332)

(1,052)

8

Other comprehensive (loss) income, net

(899)

(344)

(1,204)

8

Comprehensive income, net of tax

3,101

18,973

11,259

42,017

Comprehensive loss (income) attributable to noncontrolling interests

24

(125)

200

(352)

Comprehensive income attributable to shareholders

$

3,125

18,848

11,459

41,665

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, 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

Earnings

Income

Interests

Equity

Balance, June 30, 2021

15,027 

3,694 

$

150 

37 

310,588 

15,247 

2,182 

254 

328,458 

Net income excluding $139 of income attributable to redeemable noncontrolling interest

19,192 

(14)

19,178 

Other comprehensive loss

(344)

(344)

Purchase and retirement of common stock from tender offer

(1,403)

(