BBX Capital Corporation

Financials

v3.19.1
Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
[1]
ASSETS    
Cash and cash equivalents $ 366,305 $ 362,526
Restricted cash ($28,400 in 2018 and $19,488 in 2017 in variable interest entities ("VIEs")) 54,792 46,721
Notes receivable, net ($341,975 in 2018 and $279,188 in 2017 in VIEs) 439,167 426,858
Trade inventory 20,110 23,902
Vacation ownership interest ("VOI") inventory 334,149 281,291
Real estate ($20,202 in 2018 and $27,828 in 2017 held for sale) 54,956 68,536
Investments in unconsolidated real estate joint ventures 64,738 51,234
Property and equipment, net 139,628 111,929
Goodwill 37,248 39,482
Intangible assets, net 69,710 70,449
Other assets 124,217 122,753
Total assets 1,705,020 1,605,681
Liabilities:    
Accounts payable 29,537 31,370
Deferred income 16,522 16,893
Escrow deposits 22,255 21,079
Other liabilities 104,441 103,464
Receivable-backed notes payable - recourse 76,674 84,697
Receivable-backed notes payable - non-recourse (in VIEs) 382,257 336,421
Notes payable and other borrowings 200,887 144,114
Junior subordinated debentures 136,425 135,414
Deferred income taxes 86,363 47,968
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 10,000 shares in 2018 and 15,000 shares in 2017 with a stated value of $1,000 per share 9,472 13,974
Total liabilities 1,064,833 935,394
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interest 2,579 2,765
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares
Additional paid-in capital 161,684 228,331
Accumulated earnings 385,789 354,432
Accumulated other comprehensive income 1,215 1,708
Total shareholders' equity 549,620 585,468
Noncontrolling interests 87,988 82,054
Total equity 637,608 667,522
Total liabilities and equity 1,705,020 1,605,681
Class A Common Stock [Member]    
Equity:    
Common stock 784 857
Class B Common Stock [Member]    
Equity:    
Common stock $ 148 $ 140
[1] See Note 2 for a summary of adjustments.
v3.19.1
Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Revenues    
Revenue from customers $ 852,462 $ 777,949
Interest income 85,501 83,708 [1]
Net gains on sales of real estate assets 4,563 1,451
Other revenue 5,067 6,462 [1]
Total revenues 947,593 869,570 [1]
Costs and Expenses    
Interest expense 41,938 35,205 [1]
Recoveries from loan losses, net (8,603) (7,495) [1]
Impairment losses 4,668 7,431 [1]
Net gains on cancellation of junior subordinated debentures [1]   (6,929)
Reimbursement of litigation costs and penalty (600) (13,169) [1]
Selling, general and administrative expenses 537,941 533,478 [1]
Total costs and expenses 874,423 789,317 [1]
Equity in net earnings of unconsolidated real estate joint ventures 14,194 12,541 [1]
Foreign exchange gain (loss) 68 (193) [1]
Income (loss) before income taxes 87,432 92,601 [1]
(Provision) benefit for income taxes [2] (31,639) 9,702 [1]
Net income 55,793 102,303 [1]
Less: Net income attributable to noncontrolling interests 20,691 18,378 [1]
Net income attributable to shareholders $ 35,102 $ 83,925 [1]
Basic earnings per share $ 0.37 $ 0.85 [1]
Diluted earnings per share $ 0.36 $ 0.81 [1]
Basic weighted average number of common shares outstanding 95,298 98,745 [1]
Diluted weighted average number of common and common equivalent shares outstanding 97,860 103,916 [1]
Other comprehensive income, net of tax:    
Unrealized (losses) gains on securities available for sale $ (47) $ 135 [1]
Foreign currency translation adjustments (194) 406 [1]
Other comprehensive (loss) income, net (241) 541 [1]
Comprehensive income, net of tax 55,552 102,844 [1]
Less: Comprehensive income attributable to noncontrolling interests 20,691 18,378 [1]
Comprehensive income attributable to shareholders $ 34,861 $ 84,466 [1]
Class A Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share $ 0.040 $ 0.030 [1]
Class B Common Stock [Member]    
Costs and Expenses    
Cash dividends declared per common share $ 0.040 $ 0.030 [1]
Sales Of VOIs [Member]    
Revenues    
Revenue from customers $ 254,225 $ 242,017 [1]
Costs and Expenses    
Total costs 23,813 17,679 [1]
Fee-Based Sales Commissions [Member]    
Revenues    
Revenue from customers 216,422 229,389 [1]
Costs and Expenses    
Total costs 72,968  
Other Fee-Based Services [Member]    
Revenues    
Revenue from customers 118,024 111,819 [1]
Costs and Expenses    
Total costs 72,968 64,560 [1]
Cost Reimbursements [Member]    
Revenues    
Revenue from customers 62,534 52,639 [1]
Costs and Expenses    
Total costs 62,534 52,639 [1]
Trade Sales [Member]    
Revenues    
Revenue from customers 179,486 142,085 [1]
Costs and Expenses    
Total costs 125,648 105,918 [1]
Sales Of Real Estate Inventory [Member]    
Revenues    
Revenue from customers 21,771  
Costs and Expenses    
Total costs 14,116  
Net Gains (Losses) On Sales Of Real Estate Assets [Member]    
Revenues    
Total revenues 4,563 $ 1,451 [1]
Costs and Expenses    
Total costs $ 14,116  
[1] See Note 2 for a summary of adjustments.
[2] Expected tax is computed based upon income before income taxes.
v3.19.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities:      
Net income $ 55,793 $ 102,303 [1] $ 42,596 [1]
Adjustment to reconcile net income to net cash provided by operating activities:      
Recoveries from loan losses, net (8,603) (7,495) [1] (20,508) [1]
Provision for notes receivable allowances 51,236 46,412 [1] 45,544 [1]
Depreciation, amortization and accretion, net 25,739 20,731 [1] 17,670 [1]
Share-based compensation expense 12,901 12,259 [1] 6,350 [1]
Share-based compensation expense of subsidiaries [1]     6,099
Net gains on sales of real estate held-for-sale (4,563) (1,451) [1] (3,213) [1]
Equity in earnings of unconsolidated real estate joint ventures (14,194) (12,541) [1] (12,178) [1]
Return on investment in unconsolidated real estate joint ventures 17,679 12,852 [1] 13,267 [1]
Increase (decrease) in deferred income tax 27,444 (12,680) [1] 35,715 [1]
Impairment losses 4,668 7,431 [1] 4,656 [1]
Net gains on cancellation of junior subordinated debentures [1]   (6,929)  
Interest accretion on redeemable 5% cumulative preferred stock 1,061 1,207 [1] 1,169 [1]
Increase in notes receivable (63,545) (47,470) [1] (59,219) [1]
Increase in VOI inventory (32,022) (42,757) [1] (18,323) [1]
Decrease (increase) in trade inventory 3,882 (2,261) [1] (1,834) [1]
Decrease (increase) in real estate inventory 12,001 (273) [1]  
(Increase) decrease in other assets (1,607) (7,410) [1] 6,090 [1]
(Decrease) increase in other liabilities (1,231) 3,671 [1] 17,282 [1]
Net cash provided by operating activities 86,639 65,599 [1] 81,163 [1]
Investing activities:      
Return of investment in unconsolidated real estate joint ventures 12,080 6,440 [1] 3,321 [1]
Investments in unconsolidated real estate joint ventures (29,070) (5,310) [1] (3,370) [1]
Repayment of loans receivable 19,394 11,168 [1] 46,454 [1]
Proceeds from sales of real estate held-for-sale 17,431 15,081 [1] 23,606 [1]
Additions to real estate held-for-sale and held-for-investment (1,221) (1,642) [1] (8,176) [1]
Purchases of property and equipment (45,550) (22,045) [1] (12,939) [1]
Proceeds from the sale of property and equipment 569 341 [1] 2,321 [1]
Cash paid for acquisition, net of cash received [1]   (58,418)  
Decrease in cash from other investing activities (4,696) (380) [1] (2,019) [1]
Net cash (used in) provided by investing activities (31,063) (54,765) [1] 49,198 [1]
Financing activities:      
Repayments of notes payable and other borrowings (279,737) (233,132) [1] (281,177) [1]
Proceeds from notes payable and other borrowings 336,951 246,771 [1] 285,682 [1]
Redemption of junior subordinated debentures [1]   (11,438)  
Payments for debt issuance costs (1,121) (3,390) [1] (4,608) [1]
Payments of interest on redeemable 5% cumulative preferred stock (563) (750) [1] (750) [1]
Repurchase and retirement of Common stock (77,147) (27,624) [1] (7,320) [1]
Repurchase and retirement of subsidiaries' common stock (4,000)   (4,151) [1]
Purchase of BCC noncontrolling interest [1]     (16,894)
Purchase of noncontrolling interest (258)    
Proceeds from the exercise of stock options 245 63 [1] 10 [1]
Dividends paid on Common Stock (3,812) (2,937) [1] (856) [1]
Bluegreen initial public offering, net of offering costs [1]   95,923  
Distributions to noncontrolling interest (14,284) (11,390) [1] (12,250) [1]
Net cash (used in) provided by financing activities (43,726) 52,096 [1] (42,314) [1]
Increase in cash, cash equivalents and restricted cash 11,850 62,930 [1] 88,047 [1]
Cash, cash equivalents and restricted cash at beginning of period [1] 409,247 346,317 258,270
Cash, cash equivalents and restricted cash at end of period 421,097 409,247 [1] 346,317 [1]
Supplemental cash flow information:      
Interest paid on borrowings 37,424 29,980 [1] 32,139 [1]
Income taxes paid 3,801 4,015 [1] 2,203 [1]
Income tax refunded [1]     (2,695)
Supplementary disclosure of non-cash investing and financing activities:      
Construction funds receivable transferred to real estate 14,548 11,276 [1]  
Loans receivable transferred to real estate 1,673 1,365 [1] 4,807 [1]
Loans held-for-sale transferred to loans receivable [1]     16,078
Acquisition of VOI inventory, property and equipment for notes payable 24,258    
Reduction in redeemable 5% cumulative preferred stock 4,862    
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock (5,000)    
Real estate transferred to property and equipment [1]     6,557
Property and equipment transferred to real estate [1]   6,181  
Increase in other assets upon issuance of Community Development District Bonds 15,996   20,743 [1]
Assumption of Community Development District Bonds by developer 5,572    
Issuance of common stock to acquire BCC noncontrolling interest [1]     48,487
Reconciliation of cash, cash equivalents and restricted cash:      
Total cash, cash equivalents, and restricted cash [1] $ 409,247 $ 346,317 $ 258,270
[1] See Note 2 for a summary of adjustments.