$CBL
CBL & ASSOCIATES PROPERTIES INC

2022 Q1 Form 10-Q Financial Statement

#000156459022020402 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $140.1M $133.2M
YoY Change 5.19% -20.52%
Cost Of Revenue $48.35M $49.13M
YoY Change -1.61% -11.25%
Gross Profit $91.76M $84.05M
YoY Change 9.17% -25.1%
Gross Profit Margin 65.49% 63.11%
Selling, General & Admin $18.07M $12.61M
YoY Change 43.31% -29.29%
% of Gross Profit 19.7% 15.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.94M $48.11M
YoY Change 43.3% -13.94%
% of Gross Profit 75.14% 57.24%
Operating Expenses $87.02M $60.72M
YoY Change 43.3% -17.83%
Operating Profit $4.740M $23.33M
YoY Change -79.68% -39.12%
Interest Expense $90.66M $24.13M
YoY Change 275.71% -48.65%
% of Operating Profit 1912.64% 103.45%
Other Income/Expense, Net -$48.04M $4.718M
YoY Change -1118.31% -110.73%
Pretax Income -$42.42M -$27.53M
YoY Change 54.1% -80.16%
Income Tax $801.0K $751.0K
% Of Pretax Income
Net Earnings -$43.22M -$26.76M
YoY Change 61.5% -78.18%
Net Earnings / Revenue -30.85% -20.09%
Basic Earnings Per Share -$1.45
Diluted Earnings Per Share -$1.454M -$136.2K
COMMON SHARES
Basic Shares Outstanding 31.81M
Diluted Shares Outstanding 28.00K

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $185.7M $84.66M
YoY Change 119.41% -46.8%
Cash & Equivalents $185.7M $84.65M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $21.82M $80.59M
Other Receivables $5.356M $8.026M
Total Short-Term Assets $212.9M $173.3M
YoY Change 22.88% -28.23%
LONG-TERM ASSETS
Property, Plant & Equipment $1.725B $3.431B
YoY Change -49.71% -11.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $250.7M $504.6M
YoY Change -50.32% 68.3%
Other Assets $59.42M $83.51M
YoY Change -28.85% 221.09%
Total Long-Term Assets $2.636B $4.107B
YoY Change -35.81% -8.33%
TOTAL ASSETS
Total Short-Term Assets $212.9M $173.3M
Total Long-Term Assets $2.636B $4.107B
Total Assets $2.849B $4.280B
YoY Change -33.43% -9.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $159.5M $185.7M
YoY Change -14.1% -9.61%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $159.5M $185.7M
YoY Change -14.1% -9.61%
LONG-TERM LIABILITIES
Long-Term Debt $2.035B $1.037B
YoY Change 96.25% -72.64%
Other Long-Term Liabilities $141.4M $2.551B
YoY Change -94.46%
Total Long-Term Liabilities $2.176B $3.588B
YoY Change -39.35% -5.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $159.5M $185.7M
Total Long-Term Liabilities $2.176B $3.588B
Total Liabilities $2.339B $3.775B
YoY Change -38.05% -5.52%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $510.8M $505.5M
YoY Change
Total Liabilities & Shareholders Equity $2.849B $4.280B
YoY Change -33.43% -9.34%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$43.22M -$26.76M
YoY Change 61.5% -78.18%
Depreciation, Depletion And Amortization $68.94M $48.11M
YoY Change 43.3% -13.94%
Cash From Operating Activities $42.43M $62.77M
YoY Change -32.4% 62.08%
INVESTING ACTIVITIES
Capital Expenditures -$5.762M -$6.865M
YoY Change -16.07% -69.84%
Acquisitions
YoY Change
Other Investing Activities $471.0K $364.0K
YoY Change 29.4% 25.52%
Cash From Investing Activities -$2.442M -$2.564M
YoY Change -4.76% -98.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -31.03M -13.76M
YoY Change 125.47% -105.29%
NET CHANGE
Cash From Operating Activities 42.43M 62.77M
Cash From Investing Activities -2.442M -2.564M
Cash From Financing Activities -31.03M -13.76M
Net Change In Cash 8.962M 46.45M
YoY Change -80.7% -63.16%
FREE CASH FLOW
Cash From Operating Activities $42.43M $62.77M
Capital Expenditures -$5.762M -$6.865M
Free Cash Flow $48.19M $69.63M
YoY Change -30.79% 13.25%

Facts In Submission

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14055000
CY2022Q1 cbl Cash Paid For Reorganization Items
CashPaidForReorganizationItems
3156000
CY2021Q1 cbl Cash Paid For Reorganization Items
CashPaidForReorganizationItems
12044000
CY2022Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
24
CY2022Q1 cbl Number Of Regional Malls Open Air Centers Owned
NumberOfRegionalMallsOpenAirCentersOwned
50
CY2022Q1 cbl Number Of Outlet Centers Owned
NumberOfOutletCentersOwned
5
CY2022Q1 cbl Number Of Lifestyle Centers Owned
NumberOfLifestyleCentersOwned
5
CY2022Q1 cbl Number Of Open Air Centers Owned
NumberOfOpenAirCentersOwned
29
CY2022Q1 cbl Number Of Other Properties Owned
NumberOfOtherPropertiesOwned
5
CY2022Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
94
CY2022Q1 cbl Fresh Start Reporting Description
FreshStartReportingDescription
Upon the Company’s emergence from the Chapter 11 Cases (defined below), the Company adopted fresh start accounting, which resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. As a result of the application of fresh start accounting and the effects of the implementation of the third amended joint chapter 11 plan of CBL & Associates Properties, Inc. and its affiliated debtors (with technical modifications) (as modified at Docket No. 1521) (the “Plan”), the condensed consolidated financial statements after November 1, 2021 (the “Effective Date”) are not comparable with the condensed consolidated financial statements on or before that date.
CY2022Q1 cbl Short Term Property Level Debt And Related Obligation
ShortTermPropertyLevelDebtAndRelatedObligation
1150000000
CY2022Q1 cbl Mortgage Debt Obligation
MortgageDebtObligation
200000000
CY2022Q1 cbl Remaining Short Term Property Level Debt And Related Obligation
RemainingShortTermPropertyLevelDebtAndRelatedObligation
900000000
CY2021Q4 us-gaap Assets
Assets
2945979000
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
135332000
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
128175000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3943000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4116000
CY2022Q1 us-gaap Revenues
Revenues
140102000
CY2021Q1 us-gaap Revenues
Revenues
133184000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
22877000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
50967000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
47352000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
121196000
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
95648000
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
71227000
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
39684000
CY2021Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
56948000
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
135332000
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
128175000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
266243000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
311345000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
253351000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
196536000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
145634000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
99328000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
225650000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
1498087000
CY2022Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1854171000
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2059094000
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
38500000
CY2021Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
57182000
CY2021Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
57182000
CY2021Q1 cbl Number Of Malls With Impairment
NumberOfMallsWithImpairment
3
CY2022Q1 cbl Number Of Entities Equity Method Of Accounting
NumberOfEntitiesEquityMethodOfAccounting
27
CY2022Q1 cbl Numberof Joint Venture Entities
NumberofJointVentureEntities
14
CY2022Q1 us-gaap Secured Debt
SecuredDebt
395593000
CY2022Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.1000
CY2021Q4 us-gaap Secured Debt
SecuredDebt
395395000
CY2021Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.1000
CY2022Q1 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
847208000
CY2021Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
1066927000
CY2022Q1 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
930997000
CY2021Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
947002000
CY2021Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
-299000
CY2022Q1 cbl Long Term Debt Net Excluding Deferred Financing Costs
LongTermDebtNetExcludingDeferredFinancingCosts
1778205000
CY2022Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0426
CY2021Q4 cbl Long Term Debt Net Excluding Deferred Financing Costs
LongTermDebtNetExcludingDeferredFinancingCosts
2013929000
CY2021Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0456
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2928000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1567000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
135808000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
199153000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
1639469000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
1813209000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
409393000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
215407000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
111867000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
785230000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
137616000
CY2022Q1 cbl Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
395000000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2054513000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
409393000
CY2022Q1 us-gaap Revenues
Revenues
140102000
CY2022Q1 cbl Property Operating Expenses
PropertyOperatingExpenses
48345000
CY2022Q1 us-gaap Interest Expense
InterestExpense
90659000
CY2022Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
16000
CY2022Q1 cbl Segment Profit Loss
SegmentProfitLoss
1114000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
68943000
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
18074000
CY2022Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
81000
CY2022Q1 us-gaap Investment Income Net
InvestmentIncomeNet
155000
CY2022Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
36250000
CY2022Q1 us-gaap Reorganization Items
ReorganizationItems
1571000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
801000
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
8566000
CY2022Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-43223000
CY2022Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
5830000
CY2021Q1 us-gaap Revenues
Revenues
133184000
CY2021Q1 cbl Property Operating Expenses
PropertyOperatingExpenses
49134000
CY2021Q1 us-gaap Interest Expense
InterestExpense
24130000
CY2021Q1 cbl Segment Profit Loss
SegmentProfitLoss
59621000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
48112000
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12612000
CY2021Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
858000
CY2021Q1 us-gaap Investment Income Net
InvestmentIncomeNet
776000
CY2021Q1 us-gaap Reorganization Items
ReorganizationItems
22933000
CY2021Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
57182000
CY2021Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
55131000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
751000
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-3076000
CY2021Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-28280000
CY2021Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
4128000
CY2022Q1 us-gaap Assets
Assets
2849324000
CY2022Q1 cbl Environmental Liability Insurance Maximum Coverage Per Incident
EnvironmentalLiabilityInsuranceMaximumCoveragePerIncident
10000
CY2022Q1 cbl Environmental Liability Insurance Annual Coverage Limit.
EnvironmentalLiabilityInsuranceAnnualCoverageLimit.
50000
CY2022Q1 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
726000
CY2021Q4 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
732000
CY2022Q1 cbl Additions To Real Estate Assets Accrued But Not Yet Paid
AdditionsToRealEstateAssetsAccruedButNotYetPaid
11177000
CY2021Q1 cbl Additions To Real Estate Assets Accrued But Not Yet Paid
AdditionsToRealEstateAssetsAccruedButNotYetPaid
3190000

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