BBX Capital Corporation

Financials

v3.8.0.1
Condensed Consolidated Statements Of Financial Condition - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 264,380 $ 299,861
Restricted cash ($28,099 in 2017 and $21,894 in 2016 in variable interest entities ("VIEs")) 61,479 46,456
Loans receivable, net 21,042 25,521
Notes receivable, net ($304,313 in 2017 and $287,111 in 2016 in VIEs) 429,356 430,480
Construction funds receivable 12,485 20,744
Inventory 320,453 268,514
Real estate held-for-sale, net 30,029 33,345
Real estate held-for-investment 13,399 12,029
Investments in unconsolidated real estate joint ventures 43,286 43,374
Property and equipment, net 111,502 95,998
Goodwill 41,016 6,731
Intangible assets, net 72,145 68,455
Other assets 104,670 84,560
Total assets 1,525,242 1,436,068
Liabilities:    
Accounts payable 27,882 28,855
Deferred income 40,498 37,015
Escrow deposits 28,488 20,152
Other liabilities 108,121 95,611
Receivable-backed notes payable - recourse 72,028 87,631
Receivable-backed notes payable - non-recourse (in VIEs) 347,308 327,358
Notes payable and other borrowings 137,783 133,790
Junior subordinated debentures 135,112 152,367
Deferred income taxes 71,560 44,318
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 15,000 shares with a stated value of $1,000 per share 13,856 13,517
Total liabilities 982,636 940,614
Commitments and contingencies (See Note 10)
Redeemable noncontrolling interest (See Note 2) 2,739  
Equity:    
Preferred stock of $.01 par value; authorized 10,000,000 shares:
Additional paid-in capital 193,296 193,347
Accumulated earnings 297,922 259,110
Accumulated other comprehensive income 1,530 1,167
Total shareholders' equity 493,719 454,604
Noncontrolling interests 46,148 40,850
Total equity 539,867 495,454
Total liabilities and equity 1,525,242 1,436,068
Class A Common Stock [Member]    
Equity:    
Common stock 840 848
Class B Common Stock [Member]    
Equity:    
Common stock $ 131 $ 132
v3.8.0.1
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Sales of vacation ownership interests ("VOIs") $ 61,687 $ 71,741 $ 172,839 $ 196,654
Fee-based sales commission revenue 69,977 59,383 179,046 153,718
Other fee-based services revenue 27,386 26,810 83,442 78,421
Trade sales 44,880 22,078 96,835 64,290
Interest income 21,035 22,096 63,065 64,464
Net (losses) gains on sales of assets (18) 5,035 2,161 5,326
Other revenue 1,332 2,021 3,584 5,158
Total revenues 226,279 209,164 600,972 568,031
Costs and Expenses        
Cost of sales of VOIs 6,284 5,827 10,737 19,410
Cost of other fee-based services 18,176 17,057 51,550 48,644
Cost of trade sales 28,988 16,674 67,453 50,680
Interest expense 9,480 9,517 27,577 28,322
Recoveries from loan losses, net (2,005) (10,944) (6,098) (18,979)
Asset impairments (recoveries), net 1,506 (30) 1,551 1,692
Net gains on cancellation of junior subordinated debentures     (6,929)  
Litigation costs and penalty reimbursements (2,113)   (11,719)  
Selling, general and administrative expenses 148,536 133,584 398,535 387,843
Total costs and expenses 208,852 171,685 532,657 517,612
Equity in net earnings of unconsolidated real estate joint ventures 2,451 4,480 9,620 5,793
Foreign exchange (loss) gain (105) 5 (312) 325
Other (loss) income, net (87) 531 64 721
Income before income taxes 19,686 42,495 77,687 57,258
Provision for income taxes (See Note 9) (8,195) (19,118) (30,028) (23,857)
Net income 11,491 23,377 47,659 33,401
Less: Net income attributable to noncontrolling interests 3,256 5,602 9,467 9,900
Net income attributable to shareholders $ 8,235 $ 17,775 $ 38,192 $ 23,501
Basic earnings per share $ 0.08 $ 0.21 $ 0.39 $ 0.27
Diluted earnings per share $ 0.08 $ 0.21 $ 0.36 $ 0.27
Basic weighted average number of common shares outstanding 98,073 85,864 98,408 86,215
Diluted weighted average number of common and common equivalent shares outstanding 106,021 86,573 105,802 86,632
Other comprehensive income, net of tax:        
Unrealized gains (losses) on securities available for sale $ 16 $ (9) $ 62 $ 57
Foreign currency translation adjustments 418 568 301 378
Other comprehensive income, net 434 559 363 435
Comprehensive income, net of tax 11,925 23,936 48,022 33,836
Less: Comprehensive income attributable to noncontrolling interests 3,256 5,686 9,467 9,966
Total comprehensive income attributable to shareholders $ 8,669 $ 18,250 $ 38,555 $ 23,870
Class A Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.0075 $ 0.005 $ 0.0225 $ 0.010
Class B Common Stock [Member]        
Costs and Expenses        
Cash dividends declared per common share $ 0.0075 $ 0.005 $ 0.0225 $ 0.010
v3.8.0.1
Condensed Consolidated Statements Of Cash Flows
$ in Thousands
9 Months Ended
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Operating activities:    
Net income $ 47,659 $ 33,401
Adjustment to reconcile net income to net cash provided by operating activities:    
Recoveries from loan losses and asset impairments, net (5,097) (15,939)
Provision for notes receivable allowances 32,066 36,897
Depreciation, amortization and accretion, net 15,528 13,995
Share-based compensation expense 10,119 4,936
Share-based compensation expense of subsidiaries   4,921
Net gains on sales of real estate, loans held-for-sale, and properties and equipment (1,732) (5,326)
Equity in earnings of unconsolidated real estate joint ventures (9,620) (5,793)
Return on investment in unconsolidated real estate joint ventures 11,465 3,402
Increase in deferred income tax 30,272 29,749
Impairment of goodwill   457
Net gains realized on cancellation of junior subordinated debentures (6,929)  
Interest accretion on shares subject to mandatory redemption 901 874
Increase in restricted cash (15,023) (966)
Increase in notes receivable (30,942) (45,695)
Increase in inventory (36,320) (10,902)
Increase in other assets (18,003) (8,980)
Increase in other liabilities 13,813 26,077
Net cash provided by operating activities 38,157 61,108
Investing activities:    
Decrease in restricted cash   1,306
Return of investment in unconsolidated real estate joint ventures 888 4,388
Investments in unconsolidated real estate joint ventures (2,645) (2,353)
Repayment of loans receivable, net 9,522 42,025
Proceeds from sales of real estate held-for-sale 10,601 20,788
Additions to real estate held-for-sale (809)  
Additions to real estate held-for-investment (124) (2,319)
Purchases of property and equipment, net (14,158) (8,928)
Cash paid for acquisitions, net of cash received (58,418)  
Increase in intangible assets (31) (540)
Increase from other investing activities (342) (224)
Net cash (used in) provided by investing activities (55,516) 54,143
Financing activities:    
Repayments of notes, mortgage notes payable and other borrowings (197,581) (225,657)
Proceeds from notes, mortgage notes payable and other borrowings 206,884 205,950
Redemption of junior subordinated debentures (11,438)  
Payments for debt issuance costs (3,217) (2,462)
Payments of interest on shares subject to mandatory redemption (563) (563)
Proceeds from the exercise of stock options 62 10
Dividends paid on common stock (2,136) (418)
Repurchase and retirement of common stock (6,213) (3,029)
Distributions to noncontrolling interest (3,920) (7,350)
Net cash used in financing activities (18,122) (33,519)
(Decrease) increase in cash and cash equivalents (35,481) 81,732
Cash and cash equivalents at beginning of period 299,861 198,905
Cash and cash equivalents at end of period 264,380 280,637
Supplemental cash flow information:    
Interest paid on borrowings 21,392 24,786
Income taxes paid 2,570 987
Supplementary disclosure of non-cash investing and financing activities:    
Construction funds receivable transferred to inventory 8,259  
Mortgage payable assumed upon foreclosure 164  
Loans receivable transferred to real estate held-for-sale 1,055 4,612
Loans held-for-sale transferred to loans receivable   16,078
Real estate held-for-investment transferred to real estate held-for-sale   11,582
Real estate held-for-sale transferred to property and equipment   6,557
Real estate held-for-sale transferred to real estate held-for-investment 1,276  
Property and equipment transferred to real estate held-for-sale 6,181  
Repayment of note payable with restricted time deposit   995
Decrease in deferred tax liabilities due to cumulative effect of excess tax benefits 3,054  
Increase in investment in subsidiary from the issuance of BBX Capital's common stock   898
Decrease in shareholders' accumulated other comprehensive income, net of taxes 363 435
Net increase in shareholders' equity from the effect of subsidiaries' capital transactions, net of taxes   1,386
Repurchase and retirement of shares of common stock in connection with share based compensation withholding tax obligations 4,028 3,388
Accumulated Other Comprehensive Income [Member]    
Supplementary disclosure of non-cash investing and financing activities:    
Decrease in shareholders' accumulated other comprehensive income, net of taxes $ 363 $ 369