Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows - Unaudited

v3.23.2
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net (loss) income $ 128 $ 8,463
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Recoveries from loan losses, net (3,107) (3,937)
Depreciation, amortization and accretion 6,282 5,201
Net loss (gain) on sales of real estate and property and equipment 91 (2,117)
Equity in net earnings of unconsolidated real estate joint ventures (1,832) (20,686)
Return on investment in unconsolidated real estate joint ventures 2,464 22,698
Impairment losses 0 64
Share-based compensation expense 2,403 1,735
Provision (recovery) for excess and obsolete inventory 271 (967)
Changes in operating assets and liabilities:    
Deferred income tax asset, net 1,753 (470)
Trade accounts receivable (416) 6,006
Construction contracts receivable 4,024 0
Trade inventory 6,111 (13,512)
Real estate 1,230 2,513
Operating lease assets and operating lease liabilities 821 844
Contract assets 5,514 1,267
Other assets 9,268 (1,041)
Accounts payable (13,018) 2,950
Accrued expenses (15,276) (3,622)
Contract liabilities 2,991 0
Other liabilities (569) 213
Net cash (used in) provided by operating activities (7,944) 5,602
Investing activities:    
Return of investment in unconsolidated real estate joint ventures 2,353 3,861
Investments in unconsolidated real estate joint ventures (6,766) (4,647)
Purchases of securities available for sale (68,862) 0
Redemptions of securities available for sale 26,800 0
Proceeds from repayment of loans receivable 3,462 4,147
Proceeds from sales of real estate held-for-sale 0 3,937
Proceeds from sales of property and equipment 0 2,741
Proceeds from the repayment of Bluegreen Vacations note receivable 14,070 0
Additions to real estate held-for-sale and held-for-investment (9,299) (167)
Purchases of property and equipment (9,060) (5,950)
Cash acquired in the consolidation of real estate joint ventures 29,147 0
Cash paid for The Altman Companies acquisition, net of cash received (3,945) 0
Decrease in cash from other investing activities (9) (8)
Net cash (used in) provided by investing activities (22,109) 3,914
Financing activities:    
Repayments of notes payable and other borrowings (7,435) (14,336)
Proceeds from notes payable and other borrowings 5,501 4,990
Purchase and retirement of Class A and Class B Common Stock 0 (121)
Payments for debt issuance costs (109) 0
Contributions from noncontrolling interests 2,147 43
Distribution to noncontrolling interests (159) (251)
Net cash used in financing activities (55) (9,675)
Decrease in cash, cash equivalents and restricted cash (30,108) (159)
Cash, cash equivalents and restricted cash at beginning of period 128,331 119,045
Cash, cash equivalents and restricted cash at end of period 98,223 118,886
Supplemental cash flow information:    
Interest paid on borrowings, net of amounts capitalized 1,359 829
Income taxes paid 7,213 12,560
Supplementary disclosure of non-cash investing and financing activities:    
Construction funds receivable transferred to real estate 0 277
Assumption of Community Development District Bonds by homebuilders 954 2,189
Operating lease assets obtained in exchange for new operating lease liabilities 18,688 19,162
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 81,469 118,136
Restricted cash 16,754 750
Cash, cash equivalents and restricted cash at end of period 98,223 118,886
Other Investments in Real Estate Joint Ventures [Member]    
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Gain on the consolidation (10,882) 0
The Altman Companies, LLC [Member]    
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Gain on the consolidation $ (6,195) $ 0