BBX Capital Corporation

Financials

v3.10.0.1
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
[1]
ASSETS    
Cash and cash equivalents $ 369,512 $ 362,526
Restricted cash ($17,081 in 2018 and $19,488 in 2017 in variable interest entities ("VIEs")) 55,710 46,721
Notes receivable, net ($308,221 in 2018 and $279,188 in 2017 in VIEs) 439,484 426,858
Trade inventory 21,706 23,902
Vacation ownership interest ("VOI") inventory 325,532 281,291
Real estate ($20,684 in 2018 and $27,828 in 2017 held for sale) 52,579 68,536
Investments in unconsolidated real estate joint ventures 42,550 51,234
Property and equipment, net 133,267 111,929
Goodwill 39,482 39,482
Intangible assets, net 71,609 70,449
Other assets 126,336 122,753
Total assets 1,677,767 1,605,681
Liabilities:    
Accounts payable 26,677 31,370
Deferred income 15,509 16,893
Escrow deposits 31,957 21,079
Other liabilities 112,133 103,464
Receivable-backed notes payable - recourse 97,770 84,697
Receivable-backed notes payable - non-recourse (in VIEs) 335,680 336,421
Notes payable and other borrowings 197,177 144,114
Junior subordinated debentures 136,231 135,414
Deferred income taxes 68,453 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 9,390 13,974
Total liabilities 1,030,977 935,394
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interest 2,844 2,765
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares
Additional paid-in capital 175,896 229,379
Accumulated earnings 374,405 353,384
Accumulated other comprehensive income 1,507 1,708
Total shareholders' equity 552,740 585,468
Noncontrolling interests 91,206 82,054
Total equity 643,946 667,522
Total liabilities and equity 1,677,767 1,605,681
Class A Common Stock [Member]    
Equity:    
Common stock 794 857
Class B Common Stock [Member]    
Equity:    
Common stock $ 138 $ 140
[1] See Note 1 for a summary of adjustments.
v3.10.0.1
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues        
Total revenues $ 254,403 $ 240,896 [1] $ 715,692 $ 643,996 [1]
Costs and Expenses        
Cost of VOIs sold 11,237 6,444 [1] 19,838 11,352 [1]
Cost of other fee-based services 19,937 17,182 [1] 53,983 48,663 [1]
Cost reimbursements 16,900 14,097 [1] 47,157 40,660 [1]
Cost of trade sales 28,960 31,810 [1] 88,051 73,773 [1]
Cost of real estate inventory sold 4,655   11,283  
Interest expense 11,130 9,483 [1] 30,732 27,580 [1]
Recoveries from loan losses, net (443) (2,005) [1] (7,236) (6,098) [1]
Asset impairments, net 191 1,506 [1] 527 1,551 [1]
Net gains on cancellation of junior subordinated debentures [1]       (6,929)
Reimbursement of litigation costs and penalty [1]   (2,113)   (11,719)
Selling, general and administrative expenses 143,558 146,842 [1] 410,490 395,489 [1]
Total costs and expenses 236,125 223,246 [1] 654,825 574,322 [1]
Equity in net earnings of unconsolidated real estate joint ventures 373 2,105 [1] 1,165 8,428 [1]
Foreign exchange gain (loss) 76 (105) [1] 91 (312) [1]
Income before income taxes 18,727 19,650 [1] 62,123 77,790 [1]
Provision for income taxes (6,742) (8,126) [1] (21,997) (30,021) [1]
Net income 11,985 11,524 [1] 40,126 47,769 [1]
Less: Net income attributable to noncontrolling interests 5,806 3,398 [1] 16,324 9,488 [1]
Net income attributable to shareholders $ 6,179 $ 8,126 [1] $ 23,802 $ 38,281 [1]
Basic earnings per share $ 0.07 $ 0.08 [1] $ 0.25 $ 0.39 [1]
Diluted earnings per share $ 0.06 $ 0.08 [1] $ 0.24 $ 0.36 [1]
Basic weighted average number of common shares outstanding 93,193 98,073 [1] 95,722 98,408 [1]
Diluted weighted average number of common and common equivalent shares outstanding 96,576 106,021 [1] 98,971 105,802 [1]
Other comprehensive income, net of tax:        
Unrealized (losses) gains on securities available for sale $ (11) $ 16 [1] $ (11) $ 62 [1]
Foreign currency translation adjustments 65 418 [1] 62 301 [1]
Other comprehensive income, net 54 434 [1] 51 363 [1]
Comprehensive income, net of tax 12,039 11,958 [1] 40,177 48,132 [1]
Less: Comprehensive income attributable to noncontrolling interests 5,806 3,398 [1] 16,324 9,488 [1]
Comprehensive income attributable to shareholders $ 6,233 $ 8,560 [1] $ 23,853 $ 38,644 [1]
Class A Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.010 $ 0.0075 [1] $ 0.030 $ 0.0225 [1]
Class B Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.010 $ 0.0075 [1] $ 0.030 $ 0.0225 [1]
Sales Of VOIs [Member]        
Revenues        
Total revenues $ 70,698 $ 62,453 [1] $ 195,412 $ 176,094 [1]
Fee-Based Sales Commissions [Member]        
Revenues        
Total revenues 61,641 69,977 [1] 167,581 179,046 [1]
Other Fee-Based Services [Member]        
Revenues        
Total revenues 31,057 27,386 [1] 89,472 83,442 [1]
Cost Reimbursements [Member]        
Revenues        
Total revenues 16,900 14,097 [1] 47,157 40,660 [1]
Trade Sales [Member]        
Revenues        
Total revenues 43,803 44,718 [1] 126,114 96,369 [1]
Sales Of Real Estate Inventory [Member]        
Revenues        
Total revenues 7,478   17,138  
Interest Income [Member]        
Revenues        
Total revenues 21,157 21,035 [1] 63,738 63,065 [1]
Net (Losses) Gains On Sales Of Real Estate Assets [Member]        
Revenues        
Total revenues (4) (18) [1] 4,798 1,668 [1]
Other Revenue [Member]        
Revenues        
Total revenues $ 1,673 $ 1,248 [1] $ 4,282 $ 3,652 [1]
[1] See Note 1 for a summary of adjustments.
v3.10.0.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Operating activities:                  
Net income $ 11,985 $ 11,524 [1] $ 40,126 $ 47,769 [1] $ 102,303 $ 42,596      
Adjustment to reconcile net income to net cash provided by operating activities:                  
Recoveries from loan losses and asset impairments, net     (6,709) (4,547)          
Provision for notes receivable allowances     35,866 32,066          
Depreciation, amortization and accretion, net     18,550 15,066          
Share-based compensation expense     10,717 10,119          
Net gains on sales of real estate held-for-sale     (4,798) (1,668)          
Equity in earnings of unconsolidated real estate joint ventures (373) (2,105) [1] (1,165) (8,428) [1] (12,541) (12,178)      
Return on investment in unconsolidated real estate joint ventures     5,233 11,465          
Increase in deferred income tax     20,465 30,279          
Net gains on cancellation of junior subordinated debentures [1]       (6,929)          
Interest accretion on redeemable 5% cumulative preferred stock     854 901          
Increase in notes receivable     (48,492) (29,526)          
Increase in VOI inventory     (23,405) (30,707)          
Decrease (increase) in trade inventory     2,286 (5,613)          
Decrease (increase) in real estate inventory     9,990 (7,733)          
Increase in other assets     (24,705) (12,657)          
Increase in other liabilities     8,774 13,323          
Net cash provided by operating activities     43,587 53,180          
Investing activities:                  
Return of investment in unconsolidated real estate joint ventures     6,586 888          
Investments in unconsolidated real estate joint ventures     (1,755) (2,645)          
Repayment of loans receivable     17,930 9,522          
Proceeds from sales of real estate held-for-sale     17,121 10,601          
Additions to real estate held-for-sale and held-for-investment     (1,102) (933)          
Purchases of property and equipment (13,243) (5,780) (33,316) (14,158)          
Proceeds from the sale of property and equipment     569            
Cash paid for acquisition, net of cash received       (58,418)          
Decrease in cash from other investing activities     (5,072) (373)          
Net cash provided by (used in) investing activities     961 (55,516)          
Financing activities:                  
Repayments of notes payable and other borrowings     (152,204) (197,581)          
Proceeds from notes payable and other borrowings     196,439 206,884          
Redemption of junior subordinated debentures       (11,438)          
Payments for debt issuance costs     (1,131) (3,217)          
Payments of interest on redeemable 5% cumulative preferred stock     (438) (563)          
Repurchase and retirement of Class A common stock     (60,141) (6,213)          
Purchase of noncontrolling interest     (258)            
Proceeds from the exercise of stock options     245 62          
Dividends paid on common stock     (2,822) (2,136)          
Distributions to noncontrolling interest     (8,263) (3,920)          
Net cash used in financing activities     (28,573) (18,122)          
Increase (decrease) in cash, cash equivalents and restricted cash     15,975 (20,458)          
Cash, cash equivalents and restricted cash at beginning of period     409,247 346,317 346,317        
Cash, cash equivalents and restricted cash at end of period 425,222 325,859 425,222 325,859 409,247 346,317      
Supplemental cash flow information:                  
Interest paid on borrowings     27,807 21,392          
Income taxes paid     3,103 2,570          
Supplementary disclosure of non-cash investing and financing activities:                  
Construction funds receivable transferred to real estate     8,716 8,259          
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)            
Property and equipment transferred to real estate       6,181          
Decrease in deferred tax liabilities due to cumulative effect of excess tax benefits                 $ 3,054
Repurchase and retirement of shares of common stock in connection with share based compensation withholding tax obligations     3,782 4,028          
Reconciliation of cash, cash equivalents and restricted cash:                  
Cash and cash equivalents             $ 369,512 $ 362,526 [1] 264,380
Restricted cash             55,710 46,721 [1] 61,479
Total cash, cash equivalents, and restricted cash $ 425,222 $ 325,859 $ 409,247 $ 346,317 $ 346,317 $ 346,317 $ 425,222 $ 409,247 $ 325,859
[1] See Note 1 for a summary of adjustments.