BBX Capital Corporation

Financials

v3.19.2
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
[1]
ASSETS    
Cash and cash equivalents $ 332,871 $ 366,305
Restricted cash ($19,018 in 2019 and $28,400 in 2018 in variable interest entities ("VIEs")) 48,373 54,792
Notes receivable, net ($308,042 in 2019 and $341,975 in 2018 in VIEs) 440,854 439,167
Trade inventory 23,323 20,110
Vacation ownership interest ("VOI") inventory 342,220 334,149
Real estate ($13,024 in 2019 and $20,202 in 2018 held for sale) 53,564 54,956
Investments in unconsolidated real estate joint ventures 65,254 64,738
Property and equipment, net 134,107 139,628
Goodwill 37,248 37,248
Intangible assets, net 68,953 69,710
Operating lease assets 122,724  
Other assets 132,270 124,217
Total assets 1,801,761 1,705,020
Liabilities:    
Accounts payable 27,359 29,537
Deferred income 17,668 16,522
Escrow deposits 25,531 22,255
Other liabilities 115,711 104,441
Receivable-backed notes payable - recourse 86,820 76,674
Receivable-backed notes payable - non-recourse (in VIEs) 351,316 382,257
Notes payable and other borrowings 178,516 200,887
Junior subordinated debentures 136,829 136,425
Operating lease liabilities 137,643  
Deferred income taxes 80,271 86,363
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 10,000 shares in 2019 and 2018 with a stated value of $1,000 per share 9,642 9,472
Total liabilities 1,167,306 1,064,833
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interest 2,102 2,579
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares
Additional paid-in capital 166,015 161,684
Accumulated earnings 370,983 385,789
Accumulated other comprehensive income 1,479 1,215
Total shareholders' equity 539,405 549,620
Noncontrolling interests 92,948 87,988
Total equity 632,353 637,608
Total liabilities and equity 1,801,761 1,705,020
Class A Common Stock [Member]    
Equity:    
Common stock 780 784
Class B Common Stock [Member]    
Equity:    
Common stock $ 148 $ 148
[1] See Note 1 for a summary of adjustments.
v3.19.2
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Revenue from customers $ 220,151 $ 221,829 $ 418,461 $ 413,910
Interest income 21,518 20,664 [1] 42,933 42,581
Net gains on sales of real estate assets 9,664 733 [1] 10,996 4,802
Other revenue 2,960 1,562 [1] 4,303 2,611
Total revenues 251,333 243,226 [1] 472,390 461,293
Costs and Expenses        
Interest expense 11,661 10,403 [1] 22,809 19,602
Recoveries from loan losses, net (1,424) (1,999) [1] (2,385) (6,814)
Impairment losses 2,138 122 [1] 2,756 356
Selling, general and administrative expenses 177,968 142,047 [1] 299,961 266,935
Total costs and expenses 269,025 221,607 [1] 483,708 418,704
Equity in net earnings (losses) of unconsolidated real estate joint ventures 8,759 (488) [1] 8,742 792
Foreign exchange (loss) gain (29) (37) [1] (24) 15
(Loss) Income before income taxes (8,962) 21,094 [1] (2,600) 43,396
Benefit (provision) for income taxes 1,338 (8,655) [1] (386) (15,255)
Net (loss) income (7,624) 12,439 [1] (2,986) 28,141
Less: Net income attributable to noncontrolling interests 4,024 5,958 [1] 7,163 10,518
Net (loss) income attributable to shareholders $ (11,648) $ 6,481 [1] $ (10,149) $ 17,623
Basic (loss) earnings per share $ (0.12) $ 0.07 [1] $ (0.11) $ 0.18
Diluted (loss) earnings per share $ (0.12) $ 0.07 [1] $ (0.11) $ 0.18
Basic weighted average number of common shares outstanding 93,207 94,390 [1] 93,214 97,007
Diluted weighted average number of common and common equivalent shares outstanding 93,207 97,779 [1] 93,214 100,194
Other comprehensive income (loss), net of tax:        
Unrealized (losses) gains on securities available for sale $ 10   $ 38  
Foreign currency translation adjustments 125 $ 24 [1] 226 $ (4)
Other comprehensive (loss) income, net 135 24 [1] 264 (4)
Comprehensive (loss) income, net of tax (7,489) 12,463 [1] (2,722) 28,137
Less: Comprehensive income attributable to noncontrolling interests 4,024 5,958 [1] 7,163 10,518
Comprehensive (loss) income attributable to shareholders $ (11,513) $ 6,505 [1] $ (9,885) $ 17,619
Class A Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.0125 $ 0.010 [1] $ 0.0250 $ 0.020
Class B Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.0125 $ 0.010 [1] $ 0.0250 $ 0.020
Sales Of VOIs [Member]        
Revenues        
Revenue from customers $ 68,302 $ 68,573 [1] $ 120,033 $ 124,714
Costs and Expenses        
Total costs 10,572 6,789 [1] 14,420 8,601
Fee-Based Sales Commissions [Member]        
Revenues        
Revenue from customers 55,343 60,086 [1] 100,555 105,940
Other Fee-Based Services [Member]        
Revenues        
Revenue from customers 30,703 30,391 [1] 60,271 58,415
Costs and Expenses        
Total costs 19,924 16,634 [1] 42,792 34,045
Cost Reimbursements [Member]        
Revenues        
Revenue from customers 17,358 14,059 [1] 37,594 30,260
Costs and Expenses        
Total costs 17,358 14,059 [1] 37,594 30,260
Trade Sales [Member]        
Revenues        
Revenue from customers 45,061 43,908 [1] 91,045 82,311
Costs and Expenses        
Total costs 30,828 31,171 [1] 63,118 59,091
Sales Of Real Estate Inventory [Member]        
Revenues        
Revenue from customers 424 3,250 [1] 4,660 9,659
Costs and Expenses        
Total costs   2,381 [1] 2,643 6,628
Other Revenue [Member]        
Revenues        
Revenue from customers $ 5,020 $ 3,216 $ 7,767 $ 5,649
[1] See Note 1 for a summary of adjustments.
v3.19.2
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net (loss) income $ (2,986) $ 28,141
Adjustment to reconcile net (loss) income to net cash provided by operating activities:    
Recoveries from loan losses, net (2,385) (6,814)
Provision for notes receivable allowances 23,055 21,447
Depreciation, amortization and accretion, net 13,691 11,861
Share-based compensation expense 6,210 7,072
Net gains on sales of real estate assets (12,960) (4,895)
Equity earnings of unconsolidated real estate joint ventures (8,742) (792)
Return on investment in unconsolidated real estate joint ventures 8,277 5,071
(Decrease) increase in deferred income tax (5,214) 14,753
Impairment losses 2,756 356
Interest accretion on redeemable 5% cumulative preferred stock 420 649
Increase in notes receivable (24,742) (24,236)
Increase in VOI inventory (8,071) (25,770)
(Increase) decrease in trade inventory (3,213) 2,712
(Increase) decrease in real estate inventory (2,657) 5,810
Net change in operating lease asset and operating lease liability 1,185  
Increase in other assets (4,048) (16,812)
Increase (decrease) in other liabilities 21,718 (5,924)
Net cash provided by operating activities 2,294 12,629
Investing activities:    
Return of investment in unconsolidated real estate joint ventures 14,059 5,713
Investments in unconsolidated real estate joint ventures (13,944) (533)
Repayment of loans receivable 2,492 17,367
Proceeds from sales of real estate held-for-sale 18,966 16,882
Proceeds from the sale of property and equipment 13,544 569
Additions to real estate held-for-sale and held-for-investment (474) (594)
Purchases of property and equipment (18,244) (20,073)
Decrease in cash from other investing activities (64) (163)
Net cash provided by investing activities 16,335 19,168
Financing activities:    
Repayments of notes payable and other borrowings (117,882) (95,600)
Proceeds from notes payable and other borrowings 66,224 154,771
Payments for debt issuance costs (149) (770)
Payments of interest on redeemable 5% cumulative preferred stock (250) (313)
Repurchase and retirement of Class A common stock (1,883) (60,124)
Purchase of noncontrolling interest   (258)
Proceeds from the exercise of stock options   245
Dividends paid on Common Stock (2,099) (1,835)
Distributions to noncontrolling interest (2,443) (2,242)
Net cash used in financing activities (58,482) (6,126)
(Decrease) increase in cash, cash equivalents and restricted cash (39,853) 25,671
Cash, cash equivalents and restricted cash at beginning of period 421,097 409,247
Cash, cash equivalents and restricted cash at end of period 381,244 434,918
Supplemental cash flow information:    
Interest paid on borrowings 19,724 17,709
Income taxes paid 9,840 1,755
Supplementary disclosure of non-cash investing and financing activities:    
Construction funds receivable transferred to real estate 9,183 6,943
Operating lease assets recognized upon adoption of ASC 842 113,183  
Operating lease liability recognized upon adoption of ASU 842 123,240  
Operating lease assets obtained in exchange for new operating lease liabilities 20,791  
Acquisition of VOI inventory, property and equipment for notes payable   24,258
Loans receivable transferred to real estate 333 1,673
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock   (5,000)
Reduction in redeemable 5% cumulative preferred stock   4,862
Increase in other assets upon issuance of Community Development District Bonds 8,110  
Assumption of Community Development District Bonds by developer 1,035 2,776
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents, and restricted cash $ 421,097 $ 409,247