BBX Capital Inc. Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

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



Revenues:		BBX Capital Real Estate	BBX Sweet Holdings		Renin		Other		Reconciling Items and Eliminations		Segment Total
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)
Impairment losses		—		—		—		—		—		—
Selling, general and administrative expenses		1,715		8,483		2,135		280		5,497		18,110
Total costs and expenses		4,275		20,215		18,115		660		5,386		48,651
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) before income taxes	$	961		(8,215)		1,489		814		(5,444)		(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 three months ended September 30, 2019 (in thousands):



		BBX Capital Real Estate	BBX Sweet Holdings	Renin	Other	Reconciling Items and Eliminations	Segment Total
Revenues:
Trade sales	$	—	28,051	16,442	1,111	(1)	45,603
Sales of real estate inventory		370	—	—	—	—	370
Interest income		166	12	—	—	—	178
Net gains on sales of real estate assets		399	—	—	—	—	399
Other revenue		197	115	—	888	(58)	1,142
Total revenues		1,132	28,178	16,442	1,999	(59)	47,692
Costs and expenses:
Cost of trade sales		—	17,229	12,983	493	(1)	30,704
Cost of real estate inventory sold		—	—	—	—	—	—
Interest expense		—	45	131	8	(66)	118
Recoveries from loan losses, net		(1,821)	—	—	—	—	(1,821)
Impairment losses		37	—	—	—	—	37
Selling, general and administrative expenses		2,336	11,086	2,849	1,612	5,311	23,194
Total costs and expenses		552	28,360	15,963	2,113	5,244	52,232
Equity in net earnings of unconsolidated real estate joint ventures		28,534	—	—	—	—	28,534
Other income		—	67	—	—	—	67
Foreign exchange gain		—	—	1	—	—	1
Income (loss) before income taxes	$	29,114	(115)	480	(114)	(5,303)	24,062
Total assets	$	147,712	166,311	32,103	8,491	1,864	356,481
Expenditures for property and equipment	$	1	3,801	79	174	—	4,055
Depreciation and amortization	$	—	1,519	303	193	—	2,015
Debt accretion and amortization	$	22	55	6	2	—	85
Cash and cash equivalents	$	21,781	3,629	—	525	—	25,935
Real estate equity method investments	$	53,739	—	—	—	—	53,739
Goodwill	$	—	35,521	—	1,727	—	37,248
Notes payable and other borrowings	$	32,009	1,867	8,394	400	—	42,670

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:
Trade sales	$	—		41,743		54,283		3,602		—		99,628
Sales of real estate inventory		14,248		—		—		—		—		14,248
Interest income		604		29		—		—		(47)		586
Net gains on sales of real estate assets		130		—		—		—		—		130
Other revenue		1,116		281		—		1,083		(82)		2,398
Total revenues		16,098		42,053		54,283		4,685		(129)		116,990
Costs and expenses:
Cost of trade sales		—		35,493		44,054		607		—		80,154
Cost of real estate inventory sold		9,473		—		—		—		—		9,473
Interest expense		—		170		238		9		(417)		—
Recoveries from loan losses, net		(5,844)		—		—		—		—		(5,844)
Impairment losses		2,710		25,303		—		2,727		—		30,740
Selling, general and administrative expenses		5,176		25,123		6,788		3,572		13,365		54,024
Total costs and expenses		11,515		86,089		51,080		6,915		12,948		168,547
Equity in net earnings of unconsolidated real estate joint ventures		50		—		—		—		—		50
Loss on the deconsolidation of IT'SUGAR, LLC		—		(3,326)		—		—		—		(3,326)
Other income (expense)		—		195		(3)		—		—		192
Foreign exchange gain		—		—		214		—		—		214
Income (loss) before income taxes	$	4,633		(47,167)		3,414		(2,230)		(13,077)		(54,427)
Expenditures for property and equipment	$	—		3,120		852		60		—		4,032
Depreciation and amortization	$	—		4,108		880		77		—		5,065
Debt accretion and amortization	$	223		167		13		—		—		403

The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2019 (in thousands):



	BBX Capital Real Estate		BBX Sweet Holdings		Renin		Other		Reconciling Items and Eliminations		Segment Total
Revenues:
Trade sales	$	—		76,039		51,124		5,514		—		132,677
Sales of real estate inventory		5,030		—		—		—		—		5,030
Interest income		631		43		—		—		—		674
Net gains on sales of real estate assets		11,395		—		—		—		—		11,395
Other revenue		1,321		210		—		1,751		(230)		3,052
Total revenues		18,377		76,292		51,124		7,265		(230)		152,828
Costs and expenses:
Cost of trade sales		—		48,862		40,989		1,994		—		91,845
Cost of real estate inventory sold		2,643		—		—		—		—		2,643
Interest expense		—		143		387		11		(132)		409
Recoveries from loan losses, net		(4,206)		—		—		—		—		(4,206)
Impairment losses		37		—		—		—		—		37
Selling, general and administrative expenses		6,709		31,860		8,326		5,136		16,473		68,504
Total costs and expenses		5,183		80,865		49,702		7,141		16,341		159,232
Equity in net earnings of unconsolidated real estate joint ventures		37,276		—		—		—		—		37,276
Other income		171		292		152		6		—		621
Foreign exchange loss		—		—		(23)		—		—		(23)
Income (loss) before income taxes	$	50,641		(4,281)		1,551		130		(16,571)		31,470
Expenditures for property and equipment	$	4		6,387		284		548		—		7,223
Depreciation and amortization	$	93		4,252		897		260		—		5,502
Debt accretion and amortization	$	133		167		23		3		—		326