2024 Q2 Form 10-Q Financial Statement

#000150021724000027 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $110.9M $110.7M
YoY Change 1.07% 2.73%
Cost Of Revenue $40.35M $41.09M
YoY Change 1.38% 4.98%
Gross Profit $70.54M $69.61M
YoY Change 0.88% 1.45%
Gross Profit Margin 63.61% 62.88%
Selling, General & Admin $8.737M $9.871M
YoY Change 1.49% 3.83%
% of Gross Profit 12.39% 14.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.01M $30.22M
YoY Change 3.98% 1.06%
% of Gross Profit 43.96% 43.41%
Operating Expenses $39.75M $9.871M
YoY Change 3.42% 3.83%
Operating Profit $30.79M $30.55M
YoY Change -2.22% 2.8%
Interest Expense -$16.29M -$16.26M
YoY Change 2.4% -203.34%
% of Operating Profit -52.9% -53.21%
Other Income/Expense, Net $789.0K $10.33M
YoY Change -521.93% 54.65%
Pretax Income $15.29M $24.62M
YoY Change -0.67% 19.15%
Income Tax $201.0K $260.0K
% Of Pretax Income 1.31% 1.06%
Net Earnings $11.90M $24.62M
YoY Change -0.66% 19.15%
Net Earnings / Revenue 10.73% 22.24%
Basic Earnings Per Share $0.20 $0.32
Diluted Earnings Per Share $0.16 $0.32
COMMON SHARES
Basic Shares Outstanding 60.89M shares 60.90M shares
Diluted Shares Outstanding 76.49M shares 76.49M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.9M $98.55M
YoY Change 35.62% 12.85%
Cash & Equivalents $114.9M $98.55M
Short-Term Investments
Other Short-Term Assets $11.68M $10.30M
YoY Change 12.48% 11.53%
Inventory
Prepaid Expenses
Receivables $7.557M $7.606M
Other Receivables $0.00 $0.00
Total Short-Term Assets $122.4M $116.5M
YoY Change 19.51% 10.86%
LONG-TERM ASSETS
Property, Plant & Equipment $2.682B $2.712B
YoY Change -2.28% -1.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $971.0K $1.133M
YoY Change -40.06% -36.42%
Total Long-Term Assets $2.870B $2.872B
YoY Change -1.36% -1.49%
TOTAL ASSETS
Total Short-Term Assets $122.4M $116.5M
Total Long-Term Assets $2.870B $2.872B
Total Assets $2.993B $2.988B
YoY Change -0.65% -1.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $70.22M $65.29M
YoY Change 11.53% -0.99%
Accrued Expenses $21.98M $22.62M
YoY Change -10.28% -9.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $79.17M $96.77M
YoY Change -17.65% -3.11%
LONG-TERM LIABILITIES
Long-Term Debt $1.691B $1.690B
YoY Change 0.16% 0.16%
Other Long-Term Liabilities $77.13M $44.95M
YoY Change 51.05% -13.81%
Total Long-Term Liabilities $1.768B $1.735B
YoY Change 1.65% -0.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.17M $96.77M
Total Long-Term Liabilities $1.768B $1.735B
Total Liabilities $1.801B $1.833B
YoY Change 0.16% -0.42%
SHAREHOLDERS EQUITY
Retained Earnings -$289.5M -$281.2M
YoY Change 10.18% 10.32%
Common Stock $1.473B $1.471B
YoY Change 0.49% 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.192B $1.200B
YoY Change
Total Liabilities & Shareholders Equity $2.993B $2.988B
YoY Change -0.65% -1.06%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $11.90M $24.62M
YoY Change -0.66% 19.15%
Depreciation, Depletion And Amortization $31.01M $30.22M
YoY Change 3.98% 1.06%
Cash From Operating Activities $59.28M $54.78M
YoY Change 28.45% 5.41%
INVESTING ACTIVITIES
Capital Expenditures $15.68M $10.94M
YoY Change -21.19% -55.38%
Acquisitions
YoY Change
Other Investing Activities -$1.455M -$2.353M
YoY Change -58.4% 99.92%
Cash From Investing Activities -$17.13M -$13.29M
YoY Change -26.76% -48.27%
FINANCING ACTIVITIES
Cash Dividend Paid $25.82M
YoY Change 1.75%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.82M -$25.82M
YoY Change 1.75% -324.82%
NET CHANGE
Cash From Operating Activities 59.28M $54.78M
Cash From Investing Activities -17.13M -$13.29M
Cash From Financing Activities -25.82M -$25.82M
Net Change In Cash 16.33M $15.67M
YoY Change -723.41% -58.51%
FREE CASH FLOW
Cash From Operating Activities $59.28M $54.78M
Capital Expenditures $15.68M $10.94M
Free Cash Flow $43.61M $43.84M
YoY Change 66.06% 59.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.</span></div>
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CY2024Q1 us-gaap Number Of Operating Segments
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CY2024Q1 aat Number Of Rooms In Mixed Use Segment All Suite Hotel
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CY2024Q1 us-gaap Revenue Recognition Leases
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<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue Recognition and Accounts Receivable</span></div><div style="margin-top:4.5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks.</span></div>We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which require significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic conditions, the impact of tenant bankruptcies, the status of collectability of current cash rents receivable, tenants' recent and historical financial and operating results, changes in our tenants' credit ratings, communications between our operating personnel and tenants, the extent of security deposits and letters of credit held with respect to tenants, and the ability of tenants to perform under the terms of their lease agreement.
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
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