Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.21.1
Discontinued Operations
3 Months Ended
Mar. 31, 2021
Discontinued Operations [Abstract]  
Discontinued Operations 14. Discontinued Operations

On September 30, 2020, BVH completed the spin-off its formerly wholly owned subsidiary, BBX Capital. BVH continues to hold its investment in Bluegreen, and BBX Capital became a separate public company as a result of the spin-off and holds all of the other businesses and investments previously owned by BVH, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin. BVH no longer holds any interest in BBX Capital.

BBX Capital and its subsidiaries’ operations are presented as discontinued operations in the Company’s financial statements.

As of March 31, 2021 and December 31, 2020, there were no carrying amounts of major classes of assets and liabilities included as part of discontinued operations.


The major components of loss from discontinued operations are as follows (in thousands):

For the Three Months Ended
March 31,

2021

2020

Revenues:

Trade sales

$

$

40,877

Sales of real estate inventory

6,439

Interest income

116

Net gains on sales of real estate assets

(46)

Other revenue

598

Total revenues

47,984

Costs and Expenses:

Cost of trade sales

29,772

Cost of real estate inventory sold

4,632

Interest expense

(65)

Recoveries from loan losses, net

(3,512)

Impairment losses

28,283

Selling, general and administrative expenses

17,368

Total costs and expenses

76,478

Equity in net earnings (losses) of unconsolidated real estate joint ventures

551

Foreign exchanges gain

278

Other income

36

(Loss) income from discontinued operations before income taxes

$

$

(27,629)

The major components of the statement of cash flows from discontinued operations are as follows (in thousands):

For the Three Months Ended
March 31,

2021

2020

Operating activities:

Net (loss)

$

$

(23,252)

Adjustment to reconcile net loss to net cash used in operating activities:

Recoveries from loan losses, net

(3,512)

Depreciation, amortization and accretion, net

1,951

Net losses on sales of real estate and property and equipment

47

Equity earnings of unconsolidated real estate joint ventures

(551)

Return on investment in unconsolidated real estate joint ventures

1,430

Increase in deferred income tax asset

(4,377)

Impairment losses

28,283

Decrease in trade inventory

312

Increase in trade receivables

(1,734)

Decrease in real estate inventory

1,241

Net change in operating lease assets and liabilities

321

Increase in other assets

(325)

Decrease in other liabilities

(1,047)

Net cash used in operating activities

$

$

(1,213)

Investing activities:

Investments in unconsolidated real estate joint ventures

(2,922)

Proceeds from repayment of loans receivable

3,909

Additions to real estate

(51)

Purchases of property and equipment

(3,548)

Decrease in cash from other investing activities

(47)

Net cash used in investing activities

$

$

(2,659)