Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income (loss) $ 27,642 $ 47,066 $ (47,090)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Recoveries from loan losses, net (4,835) (7,774) (8,876)
Depreciation, amortization and accretion 10,663 7,329 6,532
Net gains on sales of real estate and property and equipment (24,401) (696) (255)
Equity in net earnings of unconsolidated real estate joint ventures (38,414) (18,154) (465)
Return on investment in unconsolidated real estate joint ventures 45,107 20,573 4,910
Loss on the deconsolidation of IT'SUGAR, LLC 0 0 3,326
Gain on the consolidation of IT'SUGAR, LLC 0 (15,890) 0
Impairment losses 549 38 30,772
Share-based compensation expense 3,397 0 0
(Recovery) provision for excess and obsolete inventory (2,389) 2,340 712
Changes in operating assets and liabilities:      
Deferred income tax asset, net (483) 3,648 (4,737)
Trade receivables 10,234 192 (7,975)
Trade inventory (4,582) (9,838) (3,957)
Real estate inventory 4,068 25,879 3,482
Operating lease asset and operating lease liability 1,820 1,944 (621)
Contingent purchase price receivable 3,007 (16,990) (1,658)
Other assets (1,018) 4,701 (5,144)
Accounts payable 4,093 (51) (1,253)
Due/from to Bluegreen Vacations 0 0 (1,362)
Accrued expenses 1,849 (6,161) 27,668
Other liabilities 29 (328) (192)
Net cash provided by (used in) operating activities 36,336 37,828 (6,183)
Investing activities:      
Return of investment in unconsolidated real estate joint ventures 11,727 19,243 7,567
Investments in unconsolidated real estate joint ventures (12,982) (16,618) (14,276)
Loan funding to IT'SUGAR, LLC, net 0 222 (3,947)
Purchases of securities available for sale, at fair value (34,032) 0 (5,000)
Redemptions of securities available for sale 21,172 0 0
Proceeds from repayment of loans receivable 5,079 8,844 9,296
Proceeds from repayment of Bluegreen Vacations note receivable 0 25,000 0
Proceeds from sales of real estate held-for-sale 27,282 2,439 2,608
Proceeds from sales of property and equipment 2,741 0 0
Additions to real estate held-for-sale and held-for-investment (656) (565) (91)
Purchases of property and equipment (14,739) (8,526) (5,345)
Decrease in cash from other investing activities (5,014) (163) (1,078)
Net cash provided by (used in) investing activities 578 36,785 (52,399)
Financing activities:      
Repayments of notes payable and other borrowings (15,804) (22,096) (16,459)
Proceeds from notes payable and other borrowings 3,355 9,359 50,136
Purchase and retirement of stock (1,074) (22,835) 0
Purchase and retirement of common stock for withholding taxes on vesting of restricted stock awards (519)
Payments for debt issuance costs 0 0 (216)
Contributions from noncontrolling interests 86 1,048 0
Acquisition of noncontrolling interests (1,240) 0 0
Distribution to noncontrolling interests (288) 0 (54)
Net transfers from Bluegreen Vacations 0 0 94,275
Net cash (used in) provided by financing activities (27,628) (45,955) 127,682
Increase (decrease) in cash, cash equivalents and restricted cash 9,286 28,658 69,100
Cash, cash equivalents and restricted cash at beginning of period 119,045 90,387 21,287
Cash, cash equivalents and restricted cash at end of period 128,331 119,045 90,387
Supplemental cash flow information:      
Interest paid on borrowings, net of amounts capitalized 2,025 2,503 0
Income taxes paid 14,953 10,628 330
Supplementary disclosure of non-cash investing and financing activities:      
Bluegreen Vacations Holding Corporation note receivable 0 0 75,000
Construction funds receivable transferred to real estate 450 861 0
Increase in other assets upon issuance of Community Development District Bonds 0 0 827
Assumption of Community Development District Bonds by homebuilders 4,257 6,684 4,170
Operating lease assets obtained in exchange for new operating lease liabilities 40,046 32,867 4,721
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 127,581 118,045 90,037
Restricted cash 750 1,000 350
Cash, cash equivalents and restricted cash at end of period 128,331 119,045 90,387
IT’SUGAR [Member]      
Investing activities:      
Less: cash acquired 0 (6,909) 0
Colonial Elegance, Inc [Member]      
Investing activities:      
Cash paid for acquisition, net of cash received 0 0 (42,133)
Tender Offer [Member]      
Financing activities:      
Purchase and retirement of stock $ (12,144) $ (11,431) $ 0