Company profile

Ticker
BBX
Exchange
CEO
Alan B. Levan
Employees
Incorporated in
Location
Fiscal year end
Industry (SEC)
Former names
BFC Financial Corp
SEC CIK
IRS number
592022148

BBX stock data

(
)

Calendar

11 May 20
3 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 204.09M 234.21M 249.61M 245.69M
Net income -30.82M 8.59M 26.5M -7.62M
Diluted EPS
Net profit margin -15.10% 3.67% 10.62% -3.10%
Net change in cash 40.91M -12.21M 35.95M 36.55M
Cash on hand 397.52M 356.6M 368.82M 332.87M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 946.87M 945.9M 868.77M 822.15M
Net income 32.1M 55.79M 102.3M 42.6M
Diluted EPS
Net profit margin 3.39% 5.90% 11.78% 5.18%
Operating income*
Net change in cash -9.7M 3.78M 62.67M 100.96M
Cash on hand 356.6M 366.31M 362.53M 299.86M

Financial data from Bbx Capital earnings reports. *Asterisk values are approximate.

Date Owner Security Transaction Code $Price #Shares $Value #Remaining
15 May 20 Levan Alan B Class A Common Stock, par value $0.01 per share By will or laws of descent Aquire W 0 261 0 11,701
20 Mar 20 Levan Alan B Class A Common Stock, par value $0.01 per share Gift Dispose G 0 300 0 3,427,379
21 Jan 20 Seth M Wise Class A Common Stock, par value $0.01 per share Grant Aquire A 0 241,302 0 986,900
21 Jan 20 Raymond Scott Lopez Class A Common Stock, par value $0.01 per share Grant Aquire A 0 29,481 0 48,626
13F holders
Current Prev Q Change
Total holders 0 0 NaN%
Opened positions 0 0 NaN%
Closed positions 0 0 NaN%
Increased positions 0 0 NaN%
Reduced positions 0 0 NaN%
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Largest transactions
Shares Bought/sold Change

Financial report summary

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Risks
  • BBX Capital relies on dividends from Bluegreen to fund operations.
  • BBX Capital’s acquisitions and investments may reduce earnings, require it to obtain additional financing and expose it to additional risks.
  • Substantial sales of BBX Capital’s Class A Common Stock or Class B Common Stock could adversely affect the market prices of such securities.
  • Alan B. Levan and John E. Abdo's control position may adversely affect the market price of BBX Capital's Class A Common Stock and Class B Common Stock.
  • Provisions in BBX Capital's Amended and Restated Articles of Incorporation and Bylaws, may make it difficult for a third party to acquire BBX Capital and could impact the price of BBX Capital's Class A Common Stock and Class B Common Stock.
  • Holders of BBX Capital’s Class A Common Stock and Class B Common Stock may not receive dividends in the amounts anticipated, when anticipated, or at all.
  • Bluegreen is subject to the business, financial and operating risks inherent to the vacation ownership industry, any of which could adversely impact its business, prospects and results.
  • Bluegreen’s business and operations, including its ability to market VOIs, may be adversely affected by general economic conditions and, conditions affecting the vacation ownership industry and the availability of financing.
  • Bluegreen’s business and properties are subject to extensive federal, state and local laws, regulations and policies. Changes in these laws, regulations and policies, as well as the cost of maintaining compliance with new or existing laws, regulations and policies and the imposition of additional taxes on operations, as well as new cell phone technologies that automatically identify or block marketing vendor calls, could adversely affect Bluegreen’s business. Further, jurisdictions are increasingly seeking to identify additional sources of tax revenue and results of audits of its tax returns or those of its subsidiaries may also have a material adverse impact on Bluegreen’s financial condition.
  • The vacation ownership and hospitality industries are highly competitive, and Bluegreen may not be able to compete successfully.
  • Bluegreen’s business and profitability may be impacted if financing is not available on favorable terms, or at all.
  • Bluegreen would suffer substantial losses and its liquidity position could be adversely impacted if an increasing number of customers to whom Bluegreen provides financing default on their obligations.
  • Bluegreen's existing indebtedness, or indebtedness that it may incur in the future, could adversely impact its financial condition and results of operations, and the terms of Bluegreen's indebtedness may limit its activities.
  • The ratings of third-party rating agencies could adversely impact Bluegreen’s ability to obtain, renew or extend credit facilities, or otherwise raise funds.
  • There are risks associated with Bluegreen’s strategic partnerships and arrangements.
  • Bluegreen’s future success depends on its ability to market its products and services successfully and efficiently, and Bluegreen’s marketing expenses have increased and may continue to increase in the future.
  • Bluegreen may not be able to develop or acquire VOI inventory or enter into and maintain fee-based service agreements or other arrangements to source VOI inventory, which may cause its business and results to be adversely impacted.
  • Bluegreen may not be successful in maintaining or expanding its capital-light business relationships, or its capital-light activities, including fee-based sales and marketing arrangements, and JIT and secondary market sales activities, and such activities may not be successful or profitable, which would have an adverse impact on Bluegreen’s results of operations and financial condition.
  • Bluegreen is subject to certain risks associated with its management of resort properties.
  • Bluegreen’s results of operations and financial condition may be materially and adversely impacted if Bluegreen does not continue to participate in exchange networks and other strategic alliances with third parties or if Bluegreen customers are not satisfied with the networks in which Bluegreen participate or our strategic alliances.
  • If maintenance fees at Bluegreen’s resorts and/or Vacation Club dues are required to be increased, Bluegreen’s products could become less attractive, defaults could increase and Bluegreen’s business could be harmed.
  • Bluegreen’s strategic transactions and relationships may not be successful and may divert its management’s attention and consume significant resources.
  • Bluegreen is dependent on the managers of resorts not managed, owned or operated by Bluegreen to ensure that those properties meet its customers’ expectations.
  • The resale market for VOIs could adversely affect Bluegreen’s business.
  • Bluegreen’s intellectual property rights, and the intellectual property rights of its business partners, are valuable, and the failure to protect those rights could adversely affect its business.
  • Some of BBXRE’s operations are through unconsolidated joint ventures with others, and we may be adversely impacted by a joint venture partner’s failure to fulfill its obligations.
  • A significant portion of BBXRE’s loans and real estate assets are located in Florida, and conditions in the Florida real estate market could adversely affect our earnings and financial condition.
  • BXRE’s inability to finance its real estate developments through Community Development District Bonds or obtain performance bonds or letters of credit could adversely affect our results of operations and liquidity.
  • In connection with the sale of BankAtlantic to BB&T during July 2012, we acquired nonperforming loans and foreclosed real estate, and our results of operations and financial condition may be adversely affected if these assets are monetized below their current book values.
  • Market demand for candy products could decline.
  • IT’SUGAR’s opening of new stores in high profile locations may reduce earnings, require additional financing and increase capital expenditures.
  • IT’SUGAR’s continued success is dependent on its ability to differentiate itself from other retailers in the confectionery industry.
  • BBX Capital’s strategic initiatives in connection with its investment in companies in the confectionery industry may not be successful.
  • A significant portion of Renin’s business relies on home improvement and new home construction activity, both of which are cyclical and outside of management’s control.
  • Renin’s operating results would be negatively impacted if it experiences increased commodity costs or a limited availability of commodities.
  • The Company’s technology requires updating, the cost involved in updating the technology may be significant, and the failure to keep pace with developments in technology could impair the Company's operations or competitive position.
  • Information technology failures and failure to maintain the integrity of the Company’s internal or customer data could result in faulty business decisions or operational inefficiencies, damage the Company's reputation and/or subject the Company to costs, fines, or lawsuits.
  • The tax impact resulting from the Tax Cuts and Jobs Act are based on interpretations and assumptions the Company has made. Any changes in interpretations and assumptions or the issuance of additional regulatory guidance may have a material adverse impact on our tax rate in fiscal years 2019 and beyond.
  • The Company’s insurance policies may not cover all potential losses.
  • Adverse outcomes in legal or other regulatory proceedings, including claims of non-compliance with applicable regulations or development-related defects could adversely affect the Company’s financial condition and operating results.
  • The Company’s business may be adversely impacted by negative publicity, including information spread through social media.
  • The loss of the services of key management and personnel could adversely affect the Company’s business.
  • Changes to and replacement of the LIBOR benchmark interest rate could adversely affect our results of operations and liquidity.
  • Public health risks such as the recent coronavirus outbreak could have a material adverse impact on our financial condition and operating results.
  • There are inherent uncertainties involved in estimates, judgments and assumptions used in the preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Any changes in estimates, judgments and assumptions used could have a material adverse effect on our financial condition and operating results.
Management Discussion
  • Sales of VOIs.    Sales of VOIs were $255.4 million and $254.2 million during the years ended December 31, 2019 and 2018, respectively. Sales of VOIs are impacted by the factors described below in system-wide sales of VOIs. Gross sales of VOIs were reduced by $55.7 million and $51.3 million during the years ended December 31, 2019 and 2018, respectively, for the provision for loan losses. The provision for loan losses varies based on the amount of financed, non-fee based sales during the period and changes in Bluegreen’s 
  • estimates of future notes receivable performance for existing loans. Bluegreen’s provision for loan losses as a percentage of gross sales of VOIs was 18% and 17% during the years ended December 31, 2019 and 2018, respectively. The percentage of Bluegreen’s sales which were realized in cash within 30 days from sale was  42% during both years ended December 31, 2019 and 2018. The increase in the provision for loan losses was primarily due to an increase in the average annual default rates, which Bluegreen believes is due in large part to the receipt of letters from attorneys who purport to represent certain VOI owners and who have encouraged such owners to become delinquent and ultimately default on their obligations. Defaults associated with such letters in 2019 increased 26% compared to 2018, with a significant portion of such increase attributable to default activity for Bluegreen’s resorts and owners located in Missouri, where Bluegreen believes certain attorneys are currently targeting its customers. See “Item 3. Legal Proceedings” for additional information regarding such letters and actions taken by Bluegreen in connection therewith. While Bluegreen believes its notes receivable are adequately reserved at this time, actual defaults may differ from the estimates and the reserve may not be adequate, whether due to actions by Bluegreen’s attorneys or otherwise. In addition to the factors described below impacting system-wide sales of VOIs, sales of VOIs are impacted by the proportion of system-wide sales of VOIs sold on behalf of third parties on a commission basis, which are not included in sales of VOIs.
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