Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.19.1
Segment Reporting
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Segment Reporting

17.    Segment Reporting



Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. 



The information provided for segment reporting is obtained from internal reports utilized by management of the Company, and the presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ, but the relative trends in the segments’ operating results would, in managements view, likely not be materially impacted.



The Company’s reportable segments are its principal investments:  Bluegreen,  BBX Capital Real Estate,  Renin, and IT’SUGAR. See Note 1 for a description of these segments.



In the segment information for the three months ended March 31, 2019 and 2018, amounts set forth in the column entitled “Other” include the Company’s investments in various operating businesses, including its pizza restaurant operations as a franchisee of MOD Pizza, the remaining operating businesses in the confectionery industry, and a controlling financial interest in a restaurant acquired in connection with a loan receivable default. The amounts set forth in the column entitled “Reconciling Items and Eliminations” include corporate selling, general, and administrative expenses, interest expense associated with Woodbridge’s junior subordinated debentures and BBX Capital’s $50.0 million revolving line of credit, and elimination entries. 



The Company evaluates segment performance based on segment income before income taxes.

The table below sets forth the Company’s segment information as of and for the three months ended March 31, 2019 (in thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

Bluegreen

 

BBX Capital Real Estate

 

Renin

 

IT'SUGAR

 

Other

 

Reconciling Items and Eliminations

 

Segment Total

Sales of VOIs

$

51,731 

 

 -

 

 -

 

 -

 

 -

 

 -

 

51,731 

Fee-based sales commissions

 

45,212 

 

 -

 

 -

 

 -

 

 -

 

 -

 

45,212 

Other fee-based services

 

29,568 

 

 -

 

 -

 

 -

 

 -

 

 -

 

29,568 

Cost reimbursements

 

20,236 

 

 -

 

 -

 

 -

 

 -

 

 -

 

20,236 

Trade sales

 

 -

 

 -

 

19,343 

 

17,215 

 

9,435 

 

(9)

 

45,984 

Sales of real estate inventory

 

 -

 

4,236 

 

 -

 

 -

 

 -

 

 -

 

4,236 

Interest income

 

22,008 

 

202 

 

 -

 

 -

 

39 

 

(834)

 

21,415 

Net gains on sales of real estate assets

 

 -

 

1,332 

 

 -

 

 -

 

 -

 

 -

 

1,332 

Other revenue

 

89 

 

846 

 

 -

 

210 

 

470 

 

(272)

 

1,343 

Total revenues

 

168,844 

 

6,616 

 

19,343 

 

17,425 

 

9,944 

 

(1,115)

 

221,057 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of VOIs sold

 

3,848 

 

 -

 

 -

 

 -

 

 -

 

 -

 

3,848 

Cost of other fee-based services

 

22,868 

 

 -

 

 -

 

 -

 

 -

 

 -

 

22,868 

Cost reimbursements

 

20,236 

 

 -

 

 -

 

 -

 

 -

 

 -

 

20,236 

Cost of trade sales

 

 -

 

 -

 

15,117 

 

11,220 

 

5,962 

 

(9)

 

32,290 

Cost of real estate inventory sold

 

 -

 

2,643 

 

 -

 

 -

 

 -

 

 -

 

2,643 

Interest expense

 

9,506 

 

 -

 

140 

 

22 

 

22 

 

1,458 

 

11,148 

Recoveries from loan losses, net

 

 -

 

(961)

 

 -

 

 -

 

 -

 

 -

 

(961)

Impairment losses

 

 -

 

 -

 

 -

 

 -

 

618 

 

 -

 

618 

Selling, general and administrative expenses

 

90,214 

 

2,494 

 

3,035 

 

8,106 

 

6,041 

 

12,103 

 

121,993 

Total costs and expenses

 

146,672 

 

4,176 

 

18,292 

 

19,348 

 

12,643 

 

13,552 

 

214,683 

Equity in net losses of unconsolidated real estate joint ventures

 

 -

 

(17)

 

 -

 

 -

 

 -

 

 -

 

(17)

Foreign exchange gain

 

 -

 

 -

 

 

 -

 

 -

 

 -

 

Income (loss) before income taxes

 

22,172 

 

2,423 

 

1,056 

 

(1,923)

 

(2,699)

 

(14,667)

 

6,362 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

1,347,093 

 

175,195 

 

34,856 

 

140,565 

 

46,088 

 

16,879 

 

1,760,676 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures for property and equipment

$

7,507 

 

 

115 

 

1,220 

 

822 

 

26 

 

9,693 

Depreciation and amortization

$

3,365 

 

93 

 

298 

 

1,060 

 

585 

 

112 

 

5,513 

Debt accretion and amortization

$

1,121 

 

86 

 

 

56 

 

 

90 

 

1,362 

Cash and cash equivalents

$

189,875 

 

18,846 

 

 -

 

3,943 

 

8,295 

 

75,358 

 

296,317 

Equity method investments

$

 -

 

67,382 

 

 -

 

 -

 

 -

 

 -

 

67,382 

Goodwill

$

 -

 

 -

 

 -

 

35,167 

 

2,081 

 

 -

 

37,248 

Receivable-backed notes payable

$

437,927 

 

 -

 

 -

 

 -

 

 -

 

 -

 

437,927 

Notes payable and other borrowings

$

125,436 

 

31,959 

 

8,059 

 

2,106 

 

1,481 

 

 -

 

169,041 

Junior subordinated debentures

$

71,504 

 

 -

 

 -

 

 -

 

 -

 

65,119 

 

136,623 



The table below sets forth the Company’s segment information as of and for the three months ended March  31, 2018 (in thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Bluegreen

 

BBX Capital Real Estate

 

Renin

 

IT'SUGAR

 

Other

 

Reconciling Items and Eliminations

 

Segment Total

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of VOIs

$

56,141 

 

 -

 

 -

 

 -

 

 -

 

 -

 

56,141 

Fee-based sales commissions

 

45,854 

 

 -

 

 -

 

 -

 

 -

 

 -

 

45,854 

Other fee-based services

 

28,024 

 

 -

 

 -

 

 -

 

 -

 

 -

 

28,024 

Cost reimbursements

 

16,200 

 

 -

 

 -

 

 -

 

 -

 

 -

 

16,200 

Trade sales

 

 -

 

 -

 

14,985 

 

16,681 

 

6,736 

 

(2)

 

38,400 

Sales of real estate inventory

 

 -

 

6,409 

 

 -

 

 -

 

 -

 

 -

 

6,409 

Interest income

 

21,122 

 

1,534 

 

 -

 

 

31 

 

(771)

 

21,917 

Net gains on sales of real estate assets

 

 -

 

4,069 

 

 

 -

 

 -

 

 -

 

4,070 

Other revenue

 

181 

 

739 

 

 -

 

18 

 

304 

 

(193)

 

1,049 

Total revenues

 

167,522 

 

12,751 

 

14,986 

 

16,700 

 

7,071 

 

(966)

 

218,064 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of VOIs sold

 

1,812 

 

 -

 

 -

 

 -

 

 -

 

 -

 

1,812 

Cost of other fee-based services

 

17,411 

 

 -

 

 -

 

 -

 

 -

 

 -

 

17,411 

Cost reimbursements

 

16,200 

 

 -

 

 -

 

 -

 

 -

 

 -

 

16,200 

Cost of trade sales

 

 -

 

 -

 

12,150 

 

10,559 

 

5,209 

 

(2)

 

27,916 

Cost of real estate inventory sold

 

 -

 

4,247 

 

 -

 

 -

 

 -

 

 -

 

4,247 

Interest expense

 

7,767 

 

 -

 

158 

 

 -

 

89 

 

1,177 

 

9,191 

Recoveries from loan losses, net

 

 -

 

(4,813)

 

 -

 

 -

 

 -

 

 -

 

(4,813)

Impairment losses

 

 -

 

45 

 

 -

 

 -

 

187 

 

 -

 

232 

Selling, general and administrative expenses

 

93,549 

 

2,485 

 

2,760 

 

8,075 

 

5,081 

 

12,948 

 

124,898 

Total costs and expenses

 

136,739 

 

1,964 

 

15,068 

 

18,634 

 

10,566 

 

14,123 

 

197,094 

Equity in net earnings of unconsolidated real estate joint ventures

 

 -

 

1,280 

 

 -

 

 -

 

 -

 

 -

 

1,280 

Foreign exchange loss

 

 -

 

 -

 

52 

 

 -

 

 -

 

 -

 

52 

Income (loss) before income taxes

$

30,783 

 

12,067 

 

(30)

 

(1,934)

 

(3,495)

 

(15,089)

 

22,302 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

1,217,976 

 

138,345 

 

35,330 

 

70,238 

 

33,724 

 

86,601 

 

1,582,214 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures for property and equipment

 

5,462 

 

23 

 

107 

 

1,089 

 

1,392 

 

 

8,075 

Depreciation and amortization

 

2,927 

 

101 

 

285 

 

1,094 

 

375 

 

142 

 

4,924 

Debt accretion and amortization

 

1,019 

 

 -

 

 

45 

 

25 

 

 -

 

1,093 

Cash and cash equivalents

 

167,845 

 

6,421 

 

 -

 

4,903 

 

8,954 

 

161,822 

 

349,945 

Equity method investments

 

 -

 

48,841 

 

 -

 

 -

 

_-

 

 -

 

48,841 

Goodwill

 

 -

 

 -

 

 -

 

35,167 

 

4,315 

 

 -

 

39,482 

Receivable-backed notes payable

 

413,334 

 

 -

 

 -

 

 -

 

 -

 

 -

 

413,334 

Notes payable and other borrowings

 

83,764 

 

20,858 

 

13,689 

 

 -

 

7,013 

 

 -

 

125,324 

Junior subordinated debentures

 

70,677 

 

 -

 

 -

 

 -

 

 -

 

65,048 

 

135,725