XML 36 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 32,103 $ 55,793 $ 102,303
Adjustment to reconcile net income to net cash provided by operating activities:      
Recoveries from loan losses, net (5,428) (8,653) (7,546)
Provision for notes receivable allowances 55,677 51,236 46,412
Depreciation, amortization and accretion, net 27,720 25,739 20,731
Share-based compensation expense 11,445 12,901 12,259
Net gains on sales of real estate and property and equipment (9,396) (4,563) (1,451)
Equity earnings of unconsolidated real estate joint ventures (37,898) (14,194) (12,541)
Return on investment in unconsolidated real estate joint ventures 39,043 17,679 12,852
Increase (decrease) in deferred income tax 2,072 27,444 (12,680)
Impairment losses 6,938 4,718 7,482
Net gains on cancellation of junior subordinated debentures     (6,929)
Interest accretion on redeemable 5% cumulative preferred stock 1,028 1,061 1,207
Increase in notes receivable (65,672) (63,545) (47,470)
Increase in VOI inventory (12,788) (32,022) (42,757)
(Increase) decrease in trade inventory (2,733) 3,882 (2,261)
(Increase) decrease in real estate inventory (7,445) 12,001 (273)
Net change in operating lease asset and operating lease liability 1,444    
Decrease (increase) in other assets 19,315 (1,607) (7,410)
Increase (decrease) in other liabilities 22,817 (1,231) 3,671
Net cash provided by operating activities 78,242 86,639 65,599
Investing activities:      
Return of investment in unconsolidated real estate joint ventures 31,442 12,080 6,440
Investments in unconsolidated real estate joint ventures (25,179) (29,070) (5,310)
Proceeds from repayment of loans receivable 6,171 19,394 11,168
Proceeds from sales of real estate held-for-sale 23,512 17,431 15,081
Proceeds from the sale of property and equipment 16,642 569 341
Additions to real estate held-for-sale and held-for-investment (600) (1,221) (1,642)
Purchases of property and equipment (35,588) (45,550) (22,045)
Cash paid for acquisition, net of cash received     (58,418)
Decrease in cash from other investing activities (81) (4,696) (380)
Net cash provided by (used in) investing activities 16,319 (31,063) (54,765)
Financing activities:      
Repayments of notes payable and other borrowings (258,198) (279,737) (233,132)
Proceeds from notes payable and other borrowings 200,781 336,951 246,771
Redemption of junior subordinated debentures     (11,438)
Payments for debt issuance costs (3,428) (1,121) (3,390)
Payments of interest of redeemable 5% cumulative preferred stock (500) (563) (750)
Payments to redeem redeemable 5% cumulative preferred stock (10,000)    
Purchase and retirement of Class A common stock (20,039) (77,147) (27,624)
Repurchase and retirement of subsidiaries' common stock (835) (4,000)  
Purchase of noncontrolling interest   (258)  
Proceeds from the exercise of stock options   245 63
Dividends paid on common stock (4,621) (3,812) (2,937)
Bluegreen initial public offering, net of offering costs     95,923
Distributions to noncontrolling interest (11,948) (14,284) (11,390)
Net cash (used in) provided by financing activities (108,788) (43,726) 52,096
(Decrease) increase in cash, cash equivalents and restricted cash (14,227) 11,850 62,930
Cash, cash equivalents and restricted cash at beginning of period 421,097 409,247 346,317
Cash, cash equivalents and restricted cash at end of period 406,870 421,097 409,247
Supplemental cash flow information:      
Interest paid on borrowings, net of amounts capitalized 40,306 37,424 29,980
Income taxes paid 11,381 3,801 4,015
Supplementary disclosure of non-cash investing and financing activities:      
Construction funds receivable transferred to real estate 18,318 14,548 11,276
Operating lease assets obtained in exchange for new operating lease liabilities 26,200    
Acquisition of VOI inventory, property and equipment for notes payable   24,258  
Loans receivable transferred to real estate 333 1,673 1,365
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock   (5,000)  
Reduction in redeemable 5% cumulative preferred stock   4,862  
Increase in other assets upon issuance of Community Development District Bonds 8,110 15,996  
Assumption of Community Development District Bonds by builders 1,035 5,572  
Reconciliation of cash, cash equivalents and restricted cash:      
Total cash, cash equivalents, and restricted cash $ 406,870 $ 421,097 $ 409,247