Segment Information |
The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2021 (in thousands):
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Revenues: |
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|
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: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
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|
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|
|
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: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
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|
(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):
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBX Capital Real Estate |
|
BBX Sweet Holdings |
|
Renin |
|
Other |
|
Reconciling Items and Eliminations |
Segment Total |
Revenues: |
| |