Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows - Unaudited

v3.23.3
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net (loss) income $ (6,407) $ 12,463
Adjustments to reconcile net income to net cash provided by operating activities:    
Recoveries from loan losses, net (3,284) (4,215)
Depreciation, amortization and accretion 8,542 7,705
Net gain on sales of real estate and property and equipment (2,209) (1,592)
Equity in net earnings of unconsolidated real estate joint ventures (3,958) (35,712)
Return on investment in unconsolidated real estate joint ventures 7,455 38,197
Impairment losses 349 375
Share-based compensation expense 3,976 2,712
Recovery for excess and obsolete inventory (392) (1,012)
Changes in operating assets and liabilities:    
Deferred income tax asset, net 1,525 (870)
Trade accounts receivable 283 6,373
Construction contracts receivable 978 0
Trade inventory 8,922 (11,589)
Real estate (2,995) 580
Operating lease assets and operating lease liabilities 734 964
Contract assets 6,393 5,277
Other assets 5,569 (561)
Accounts payable 9,769 5,517
Accrued expenses (10,915) (7,166)
Contract liabilities (963) 0
Other liabilities (2,129) (525)
Net cash provided by operating activities 5,424 16,921
Investing activities:    
Return of investment in and advances to unconsolidated real estate joint ventures 21,188 10,648
Investments in unconsolidated real estate joint ventures (10,752) (5,623)
Purchases of securities available for sale (95,008) (32,809)
Redemptions of securities available for sale 70,229 230
Proceeds from repayment of loans receivable 3,622 4,442
Proceeds from sales of real estate held-for-sale 3,176 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 (29,345) (382)
Purchases of property and equipment (10,925) (10,061)
Cash acquired in the consolidation of real estate joint ventures 29,147 0
Cash paid for The Altman Companies acquisition, net of cash received (3,975) 0
Decrease in cash from other investing activities (14) (10)
Net cash used in investing activities (8,587) (26,887)
Financing activities:    
Repayments of notes payable and other borrowings (5,317) (15,049)
Proceeds from notes payable and other borrowings 11,334 6,528
Purchase and retirement of Class A and Class B Common Stock 0 (1,074)
Payments for debt issuance costs (30) 0
Buyout of IT'SUGAR redeemable noncontrolling interest (3,278) 0
Contributions from noncontrolling interests 2,355 68
Distribution to noncontrolling interests (5,670) (269)
Net cash used in financing activities (606) (9,796)
Decrease in cash, cash equivalents and restricted cash (3,769) (19,762)
Cash, cash equivalents and restricted cash at beginning of period 128,331 119,045
Cash, cash equivalents and restricted cash at end of period 124,562 99,283
Supplemental cash flow information:    
Interest paid on borrowings, net of amounts capitalized 2,128 1,397
Income taxes paid 7,503 11,763
Supplementary disclosure of non-cash investing and financing activities:    
Construction funds receivable transferred to real estate 0 349
Assumption of Community Development District Bonds by homebuilders 1,286 2,391
Increase in accrued expenses for the buyout of IT'SUGAR redeemable noncontrolling interest 1,244 0
Operating lease assets obtained in exchange for new operating lease liabilities 23,133 23,646
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 102,490 98,533
Restricted cash 22,072 750
Cash, cash equivalents and restricted cash at end of period 124,562 99,283
Other Investments in Real Estate Joint Ventures [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on the consolidation (12,017) 0
The Altman Companies, LLC [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on the consolidation $ (3,802) $ 0