Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.2
Segment Reporting
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting 16. Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system, or regulatory environment.

The information provided for segment reporting is obtained from internal reports utilized by the Company’s CODM, and the presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ, but the relative trends in the segments’ operating results would, in management’s view, likely not be materially impacted.

The Company’s three reportable segments are its principal holdings: BBX Capital Real Estate, BBX Sweet Holdings, and Renin. See Note 1 for a description of the Company’s principal holdings.

In the segment information for the three and nine months ended September 30, 2021 and 2020, amounts set forth in the column entitled “Other” include the Company’s investments in various operating businesses, including a controlling financial interest in a restaurant acquired in connection with a loan receivable default.

The amounts set forth in the column entitled “Reconciling Items and Eliminations” include unallocated corporate general and administrative expenses and interest income on the $75.0 million note receivable from Bluegreen Vacations.

The Company evaluates segment performance based on segment income or loss before income taxes.


The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2021 (in thousands):

Revenues:

BBX Capital Real Estate

BBX Sweet Holdings

Renin

Other

Reconciling Items and Eliminations

Segment Total

Trade sales

$

32,810 

33,410 

1,233 

67,453

Sales of real estate inventory

21,849

21,849

Interest income

490

1,016

1,506

Net gains on sales of real estate assets

129

129

Other revenue

316

672 

(134)

854

Total revenues

22,784

32,810 

33,410 

1,905 

882 

91,791

Costs and expenses:

Cost of trade sales

19,682

30,432

500 

50,614

Cost of real estate inventory sold

9,999 

9,999  

Interest expense

185 

448 

(259)

374  

Recoveries from loan losses, net

(5,393)

(5,393)

Selling, general and administrative expenses

2,088 

12,563

3,545 

1,293 

3,181 

22,670

Total costs and expenses

6,694 

32,430

34,425

1,793 

2,922 

78,264

Operating income (losses)

16,090

380

(1,015)

112 

(2,040)

13,527

Equity in net earnings of unconsolidated real estate joint ventures

11,820

11,820

Other income

14 

33

13 

60

Foreign exchange gain

292

292

Income (loss) from continuing operations before income taxes

$

27,924

413

(723)

112 

(2,027)

25,699

Total assets

$

185,047

140,248

107,164

7,265 

109,530

549,254

Expenditures for property and equipment

$

2,825 

196 

60 

71 

3,152 

Depreciation and amortization

$

1,456

959

20 

17 

2,452 

Debt accretion and amortization

$

100 

9 

31 

140

Cash and cash equivalents

$

72,197 

6,028

1,188 

2,256 

31,878 

113,547

Real estate equity method investments

$

49,051 

49,051

Goodwill

$

14,082

4,140 

18,222

Notes payable and other borrowings

$

12,367 

14,429 

50,648 

31 

(11,000)

66,475 


The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2020 (in thousands):

BBX Capital Real Estate

BBX Sweet Holdings

Renin

Other

Reconciling Items and Eliminations

Segment Total

Revenues:

Trade sales

$

15,166 

19,662 

864 

35,692 

Sales of real estate inventory

4,970 

4,970 

Interest income

419 

2 

(34)

387 

Net gains on sales of real estate assets

164 

164 

Other revenue

329 

77 

610 

(24)

992 

Total revenues

5,882 

15,245 

19,662 

1,474 

(58)

42,205 

Costs and expenses:

Cost of trade sales

11,678 

15,927 

376 

27,981 

Cost of real estate inventory sold

3,367 

3,367 

Interest expense

54 

53 

4 

(111)

Recoveries from loan losses, net

(807)

(807)

Selling, general and administrative expenses

1,715 

8,483 

2,135 

1,036 

4,741 

18,110 

Total costs and expenses

4,275 

20,215 

18,115 

1,416 

4,630 

48,651 

Operating income (losses)

1,607 

(4,970)

1,547 

58 

(4,688)

(6,446)

Equity in net loss of unconsolidated real estate joint ventures

(646)

(646)

Loss on the deconsolidation of IT'SUGAR, LLC

(3,326)

(3,326)

Other income

81 

81 

Foreign exchange loss

(58)

(58)

Income (loss) from continuing operations before income taxes

$

961 

(8,215)

1,489 

58 

(4,688)

(10,395)

Total assets

$

160,442 

26,108 

36,894 

6,707 

157,296 

387,447 

Expenditures for property and equipment

$

196 

247 

15 

458 

Depreciation and amortization

$

1,323 

260 

26 

1,609 

Debt accretion and amortization

$

70 

5 

4 

79 

Cash and cash equivalents

$

24,066 

610 

1,168 

941 

69,807 

96,592 

Real estate equity method investments

$

60,648 

60,648 

Goodwill

$

Notes payable and other borrowings

$

29,597 

1,427 

4,929 

47 

36,000 


The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2021 (in thousands):

BBX Capital Real Estate

BBX Sweet Holdings

Renin

Other

Reconciling Items and Eliminations

Segment Total

Revenues:

Trade sales

$

47,990

106,479

5,430

159,899

Sales of real estate inventory

47,774

47,774

Interest income

1,465

36 

3,322

4,823

Net gains on sales of real estate assets

438

438

Other revenue

1,152

1,677

(379)

2,450

Total revenues

50,829

48,026

106,479

7,107

2,943

215,384

Costs and expenses:

Cost of trade sales

30,066

93,450

1,558

125,074

Cost of real estate inventory sold

23,425

23,425

Interest expense

251

1,287

1 

(581)

958

Recoveries from loan losses, net

(7,038)

(7,038)

Selling, general and administrative expenses

5,709

17,724

11,653

4,277

10,544

49,907

Total costs and expenses

22,096

48,041

106,390

5,836

9,963

192,326

Operating income (losses)

28,733

(15)

89

1,271

(7,020)

23,058

Equity in net earnings of unconsolidated real estate joint ventures

15,992

15,992

Other (expense) income

(14)

78

(1)

189

252

Gain on the consolidation of IT'SUGAR, LLC

15,890

15,890

Foreign exchange gain

788

788

Income (loss) from continuing operations before income taxes

$

44,711

15,953

877

1,270

(6,831)

55,980

Expenditures for property and equipment

$

2,844

1,797

162

451

5,254

Depreciation and amortization

$

1,852

2,222

90

84

4,248

Debt accretion and amortization

$

479

11

92

582


The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2020 (in thousands):